# EDGAR Filing Document

**Accession Number:** 0000076721
**File Stem:** 0000076721-26-000002
**Filing Date:** 2026-2
**Character Count:** 601142
**Document Hash:** d8b5b07cf64988692ce9c42c78db6975
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000076721-26-000002.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000076721-26-000002

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMPAX FUNDS SERIES TRUST I
- **CENTRAL INDEX KEY:** 0000076721

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02064
- **FILM NUMBER:** 26693426

**BUSINESS ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801-3852
- **BUSINESS PHONE:** 800-767-1729

**MAIL ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801-3852

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD FUNDS SERIES TRUST I
- **DATE OF NAME CHANGE:** 20070831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD BALANCED FUND
- **DATE OF NAME CHANGE:** 20061113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD BALANCED FUND INC
- **DATE OF NAME CHANGE:** 20040624

## Series and Classes Contracts Data

### Impax Sustainable Allocation Fund (Series ID: S000011971)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000043250 | Investor Class      | PAXWX           |
| C000043251 | Institutional Class | PAXIX           |

### Impax High Yield Bond Fund (Series ID: S000015758)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000043226 | Investor Class      | PAXHX           |
| C000043227 | Institutional Class | PXHIX           |
| C000128847 | Class A             | PXHAX           |

### Impax US Sustainable Economy Fund (Series ID: S000015763)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000043241 | Investor Class      | PXWGX           |
| C000043242 | Institutional Class | PWGIX           |
| C000128848 | Class A             | PXGAX           |

### Impax Global Environmental Markets Fund (Series ID: S000021458)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000061357 | Investor Class      | PGRNX           |
| C000061358 | Institutional Class | PGINX           |
| C000128849 | Class A             | PXEAX           |

### Impax Small Cap Fund (Series ID: S000021459)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000061360 | Investor Class      | PXSCX           |
| C000061361 | Institutional Class | PXSIX           |
| C000128850 | Class A             | PXSAX           |

### Impax International Sustainable Economy Fund (Series ID: S000044216)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000137561 | Institutional Class | PXNIX           |
| C000137562 | Investor Class      | PXINX           |

### Impax Large Cap Fund (Series ID: S000055844)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000175860 | Institutional Class | PXLIX           |
| C000175861 | Investor Class      | PAXLX           |

### Impax Core Bond Fund (Series ID: S000055845)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000175862 | Institutional Class | PXBIX           |
| C000175863 | Investor Class      | PAXBX           |

### Impax Global Sustainable Infrastructure Fund (Series ID: S000055846)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000175864 | Institutional Class | PXDIX           |
| C000175865 | Investor Class      | PAXDX           |

### Impax Global Opportunities Fund (Series ID: S000062224)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000201507 | Institutional Class | PXGOX           |
| C000201508 | Investor Class      | PAXGX           |

### IMPAX GLOBAL SOCIAL LEADERS FUND (Series ID: S000083017)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246501 | Investor Class      | IGSLX           |
| C000246502 | Institutional Class | IGSIX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-02064

<u>IMPAX FUNDS SERIES TRUST I</u>

(Exact name of Registrant as specified in charter)

<u>30 Penhallow Street, Suite 100, Portsmouth, NH</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>03801</u>

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Impax Asset Management LLC

30 Penhallow Street, Suite 100, Portsmouth, NH 03801

<u>Attn.: Edward Farrington</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>800-767-1729</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date of fiscal year end: <u>December 31</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date of reporting period: <u>December 31, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

**Item 1. Reports to Stockholders**

# Fund Overview
This annual shareholder report contains important information about the Impax Large Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/LC. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PAXLX

#### Impax Large Cap Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$104 | &nbsp;&nbsp;0.98% |

---

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

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](id61ef457be30562ad715549a.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Large Cap Fund Investor Class $30,239** | **S&P 500 Index $35,295** |
| **12/16/2016** | 10000.0 | 10000 |
| **12/31/2016** | 9916.67 | 9922 |
| **06/30/2017** | 10769.51 | 10849 |
| **12/31/2017** | 11964.6 | 12088 |
| **06/30/2018** | 12338.22 | 12408 |
| **12/31/2018** | 11365.39 | 11558 |
| **06/30/2019** | 13483.86 | 13701 |
| **12/31/2019** | 15326.77 | 15197 |
| **06/30/2020** | 15019.61 | 14729 |
| **12/31/2020** | 18966.84 | 17994 |
| **06/30/2021** | 22625.41 | 20738 |
| **12/31/2021** | 24764.43 | 23159 |
| **06/30/2022** | 19862.91 | 18536 |
| **12/31/2022** | 19814.71 | 18964 |
| **06/30/2023** | 22087.41 | 22168 |
| **12/31/2023** | 23757.55 | 23950 |
| **06/30/2024** | 25935.28 | 27612 |
| **12/31/2024** | 27018.28 | 29942 |
| **06/30/2025** | 28463.5 | 31799 |
| **12/31/2025** | 30238.8 | 35295 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $934105723 |
| Total Number of Portfolio Holdings | 43 |
| Total Investment Advisory Fees Paid During the Reporting Period | $7140304 |
| Portfolio Turnover Rate | 60% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i64e34f0567d9bc9c46beeb63.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Industry Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](ia9d387837f154a614e631676.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional industries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](ib939f6f7151f882afa04c357.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 99.5% |
| Cash & Cash Equivalents | 0.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Large Cap Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/LC](ib07d345cb8f41455b3fb1091.jpg)

Investor Class: PAXLX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/LC

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Large Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/LC. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PXLIX

#### Impax Large Cap Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$78 | &nbsp;&nbsp;0.73% |

---

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

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](i013aef2f6518049c7f63dee3.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Large Cap Fund (Institutional Class) $772,681** | **S&P 500 Index $882,386** |
| **12/16/2016** | $250000 | $250000 |
| **12/31/2016** | $247917 | $248050 |
| **06/30/2017** | $269424 | $271222 |
| **12/31/2017** | $299883 | $302203 |
| **06/30/2018** | $309562 | $310208 |
| **12/31/2018** | $285513 | $288954 |
| **06/30/2019** | $339044 | $342523 |
| **12/31/2019** | $386113 | $379935 |
| **06/30/2020** | $378959 | $368230 |
| **12/31/2020** | $478731 | $449838 |
| **06/30/2021** | $571720 | $518446 |
| **12/31/2021** | $626754 | $578966 |
| **06/30/2022** | $503379 | $463409 |
| **12/31/2022** | $502816 | $474110 |
| **06/30/2023** | $560957 | $554209 |
| **12/31/2023** | $603996 | $598742 |
| **06/30/2024** | $660364 | $690302 |
| **12/31/2024** | $688682 | $748546 |
| **06/30/2025** | $726453 | $794977 |
| **12/31/2025** | $772681 | $882386 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $934105723 |
| Total Number of Portfolio Holdings | 43 |
| Total Investment Advisory Fees Paid During the Reporting Period | $7140304 |
| Portfolio Turnover Rate | 60% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i64e34f0567d9bc9c46beeb63.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Industry Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](ia9d387837f154a614e631676.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional industries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](ib939f6f7151f882afa04c357.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 99.5% |
| Cash & Cash Equivalents | 0.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Large Cap Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/LC](ib07d345cb8f41455b3fb1091.jpg)

Institutional Class: PXLIX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/LC

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PXSCX

#### Impax Small Cap Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$122 | &nbsp;&nbsp;1.16% |

---

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

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

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](i019d6548f1bcbb9c76c3902b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax Small Cap Fund Investor Class $21,619** | **S&P 500 Index $39,827** | **Russell 2000 Index $25,047** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $11790 | $11196 | $12131 |
| **12/31/2017** | $12824 | $13640 | $13908 |
| **12/31/2018** | $10798 | $13042 | $12376 |
| **12/31/2019** | $13313 | $17149 | $15535 |
| **12/31/2020** | $14880 | $20304 | $18636 |
| **12/31/2021** | $19371 | $26132 | $21397 |
| **12/31/2022** | $14921 | $21399 | $17024 |
| **12/31/2023** | $16938 | $27025 | $19906 |
| **12/31/2024** | $19395 | $33786 | $22203 |
| **12/31/2025** | $21619 | $39827 | $25047 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $746359994 |
| Total Number of Portfolio Holdings | 64 |
| Total Investment Advisory Fees Paid During the Reporting Period | $5202774 |
| Portfolio Turnover Rate | 36% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](ic0bca413dcdc54fd48e02f88.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Industry Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](ia4d9e1bcd3e797b8c0aa1d92.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional industries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i36ca7544a6dc3767f3fe80cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 97.2% |
| Foreign Stocks | 1.8% |
| Cash & Cash Equivalents | 1.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Small Cap Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/SC](ia7380870aa8dfecd4f26cc53.jpg)

Investor Class: PXSCX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/SC

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Class A \| PXSAX

#### Impax Small Cap Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$122 | &nbsp;&nbsp;1.16% |

---

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

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

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](i4314ea67ed930ac6f362b451.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax Small Cap Fund Class A $20,420** | **S&P 500 Index $39,827** | **Russell 2000 Index $25,047** |
| **12/31/2015** | $9452 | $10000 | $10000 |
| **12/31/2016** | $11139 | $11196 | $12131 |
| **12/31/2017** | $12119 | $13640 | $13908 |
| **12/31/2018** | $10202 | $13042 | $12376 |
| **12/31/2019** | $12576 | $17149 | $15535 |
| **12/31/2020** | $14052 | $20304 | $18636 |
| **12/31/2021** | $18309 | $26132 | $21397 |
| **12/31/2022** | $14092 | $21399 | $17024 |
| **12/31/2023** | $16003 | $27025 | $19906 |
| **12/31/2024** | $18322 | $33786 | $22203 |
| **12/31/2025** | $20420 | $39827 | $25047 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $746359994 |
| Total Number of Portfolio Holdings | 64 |
| Total Investment Advisory Fees Paid During the Reporting Period | $5202774 |
| Portfolio Turnover Rate | 36% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](ic0bca413dcdc54fd48e02f88.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Industry Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](ia4d9e1bcd3e797b8c0aa1d92.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional industries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i36ca7544a6dc3767f3fe80cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 97.2% |
| Foreign Stocks | 1.8% |
| Cash & Cash Equivalents | 1.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Small Cap Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/SC](ia7380870aa8dfecd4f26cc53.jpg)

Class A: PXSAX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/SC

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PXSIX

#### Impax Small Cap Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$96 | &nbsp;&nbsp;0.91% |

---

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

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

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](i6a72233a872e101df3516d27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax Small Cap Fund (Institutional Class) $554,061** | **S&P 500 Index $995,685** | **Russell 2000 Index $626,170** |
| **12/31/2015** | $250000 | $250000 | $250000 |
| **12/31/2016** | $295431 | $279900 | $303270 |
| **12/31/2017** | $322319 | $341006 | $347691 |
| **12/31/2018** | $272079 | $326055 | $309396 |
| **12/31/2019** | $336172 | $428719 | $388369 |
| **12/31/2020** | $376709 | $507598 | $465891 |
| **12/31/2021** | $491769 | $653306 | $534931 |
| **12/31/2022** | $379635 | $534986 | $425610 |
| **12/31/2023** | $431971 | $675621 | $497661 |
| **12/31/2024** | $495854 | $844660 | $555081 |
| **12/31/2025** | $554061 | $995685 | $626170 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $746359994 |
| Total Number of Portfolio Holdings | 64 |
| Total Investment Advisory Fees Paid During the Reporting Period | $5202774 |
| Portfolio Turnover Rate | 36% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](ic0bca413dcdc54fd48e02f88.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Industry Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](ia4d9e1bcd3e797b8c0aa1d92.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional industries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i36ca7544a6dc3767f3fe80cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 97.2% |
| Foreign Stocks | 1.8% |
| Cash & Cash Equivalents | 1.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Small Cap Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/SC](ia7380870aa8dfecd4f26cc53.jpg)

Institutional Class: PXSIX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/SC

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PXWGX

#### Impax US Sustainable Economy Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$76 | &nbsp;&nbsp;0.70% |

---

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](ic921b1555f597093e55df853.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax US Sustainable Economy Fund Investor Class $32,858** | **S&P 500 Index $39,827** | **Russell 1000 Index $39,030** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $10626 | $11196 | $11205 |
| **12/31/2017** | $12953 | $13640 | $13636 |
| **12/31/2018** | $12378 | $13042 | $12983 |
| **12/31/2019** | $15736 | $17149 | $17063 |
| **12/31/2020** | $17836 | $20304 | $20640 |
| **12/31/2021** | $23190 | $26132 | $26101 |
| **12/31/2022** | $18958 | $21399 | $21108 |
| **12/31/2023** | $23581 | $27025 | $26708 |
| **12/31/2024** | $28395 | $33786 | $33255 |
| **12/31/2025** | $32858 | $39827 | $39030 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $554024138 |
| Total Number of Portfolio Holdings | 130 |
| Total Investment Advisory Fees Paid During the Reporting Period | $2094602 |
| Portfolio Turnover Rate | 52% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](iee2078cf6e4fa292edd688e1.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Industry Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i761797b2b7df855832fb5b76.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional industries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i1067cba299567ed6073d4282.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 99.2% |
| Cash & Cash Equivalents | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax US Sustainable Economy Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/USSE](if9157bb664673042760fcb07.jpg)

Investor Class: PXWGX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/USSE

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Class A \| PXGAX

#### Impax US Sustainable Economy Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$76 | &nbsp;&nbsp;0.70% |

---

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](i88ad0f3b67dffd8459dbb248.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax US Sustainable Economy Fund Class A $31,044** | **S&P 500 Index $39,827** | **Russell 1000 Index $39,030** |
| **12/31/2015** | $9450 | $10000 | $10000 |
| **12/31/2016** | $10039 | $11196 | $11205 |
| **12/31/2017** | $12244 | $13640 | $13636 |
| **12/31/2018** | $11701 | $13042 | $12983 |
| **12/31/2019** | $14870 | $17149 | $17063 |
| **12/31/2020** | $16852 | $20304 | $20640 |
| **12/31/2021** | $21906 | $26132 | $26101 |
| **12/31/2022** | $17911 | $21399 | $21108 |
| **12/31/2023** | $22280 | $27025 | $26708 |
| **12/31/2024** | $26820 | $33786 | $33255 |
| **12/31/2025** | $31044 | $39827 | $39030 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $554024138 |
| Total Number of Portfolio Holdings | 130 |
| Total Investment Advisory Fees Paid During the Reporting Period | $2094602 |
| Portfolio Turnover Rate | 52% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](iee2078cf6e4fa292edd688e1.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Industry Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i761797b2b7df855832fb5b76.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional industries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i1067cba299567ed6073d4282.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 99.2% |
| Cash & Cash Equivalents | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax US Sustainable Economy Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/USSE](if9157bb664673042760fcb07.jpg)

Class A: PXGAX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/USSE

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PWGIX

#### Impax US Sustainable Economy Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$49 | &nbsp;&nbsp;0.45% |

---

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](ic29cf80359911be9c868dd47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax US Sustainable Economy Fund (Institutional Class) $841,735** | **S&P 500 Index $995,685** | **Russell 1000 Index $975,745** |
| **12/31/2015** | $250000 | $250000 | $250000 |
| **12/31/2016** | $266235 | $279900 | $280135 |
| **12/31/2017** | $325380 | $341006 | $340888 |
| **12/31/2018** | $311842 | $326055 | $324579 |
| **12/31/2019** | $397349 | $428719 | $426582 |
| **12/31/2020** | $451276 | $507598 | $516007 |
| **12/31/2021** | $588223 | $653306 | $652517 |
| **12/31/2022** | $482312 | $534986 | $527711 |
| **12/31/2023** | $601199 | $675621 | $667708 |
| **12/31/2024** | $725614 | $844660 | $831370 |
| **12/31/2025** | $841735 | $995685 | $975745 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $554024138 |
| Total Number of Portfolio Holdings | 130 |
| Total Investment Advisory Fees Paid During the Reporting Period | $2094602 |
| Portfolio Turnover Rate | 52% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](iee2078cf6e4fa292edd688e1.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Industry Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i761797b2b7df855832fb5b76.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional industries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i1067cba299567ed6073d4282.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 99.2% |
| Cash & Cash Equivalents | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax US Sustainable Economy Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/USSE](if9157bb664673042760fcb07.jpg)

Institutional Class: PWGIX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/USSE

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Global Sustainable Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.**This report describes changes to the Fund that occurred during the reporting period.** For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSI. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PAXDX

#### Impax Global Sustainable Infrastructure Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$98 | &nbsp;&nbsp;0.90% |

---

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

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](ic4b0a846248f51176fb156bc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax Global Sustainable Infrastructure Fund Investor Class $20,437** | **MSCI ACWI Index (Net) $28,084** | **FTSE Global Infrastructure Opportunities Index $20,484** |
| **12/16/2016** | 10000.0 | 10000 | 10000 |
| **12/31/2016** | 9910.99 | 9997 | 10056 |
| **06/30/2017** | 10581.68 | 11144 | 10923 |
| **12/31/2017** | 11817.64 | 12394 | 11702 |
| **06/30/2018** | 11917.24 | 12340 | 11202 |
| **12/31/2018** | 11319.9 | 11227 | 10663 |
| **06/30/2019** | 12983.69 | 13049 | 12154 |
| **12/31/2019** | 14246.03 | 14213 | 12965 |
| **06/30/2020** | 13672.18 | 13324 | 11437 |
| **12/31/2020** | 16275.44 | 16523 | 13443 |
| **06/30/2021** | 17969.73 | 18556 | 14994 |
| **12/31/2021** | 18531.89 | 19586 | 15389 |
| **06/30/2022** | 16094.06 | 15633 | 13965 |
| **12/31/2022** | 16041.71 | 15989 | 13998 |
| **06/30/2023** | 17282.52 | 18217 | 14660 |
| **12/31/2023** | 17537.67 | 19539 | 15419 |
| **06/30/2024** | 17632.02 | 21747 | 15691 |
| **12/31/2024** | 17264.9 | 22956 | 16694 |
| **06/30/2025** | 20408.42 | 25263 | 19217 |
| **12/31/2025** | 20436.98 | 28084 | 20484 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $97518798 |
| Total Number of Portfolio Holdings | 41 |
| Total Investment Advisory Fees Paid During the Reporting Period | $629302 |
| Portfolio Turnover Rate | 53% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](ic8d273caac31e0178a83a452.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](ia72092b8cdf5fe25bec2bc6f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 1.3% |
| Others<sup>Footnote Reference‡</sup> | 11.4% |
| Belgium | 2.7% |
| France | 3.0% |
| Singapore | 3.5% |
| Sweden | 3.6% |
| Spain | 4.0% |
| Taiwan | 4.2% |
| Germany | 5.1% |
| Canada | 6.5% |
| United Kingdom | 8.2% |
| United States | 46.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>‡</sup> | Includes additional countries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i214b8399ba53a4832ac3eaf1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Stocks | 52.4% |
| U.S. Stocks | 46.6% |
| Cash & Cash Equivalents | 1.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Global Sustainable Infrastructure Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GSI](ibb05049ebd26643bf7ebcca1.jpg)

Investor Class: PAXDX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/GSI

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

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Global Sustainable Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.**This report describes changes to the Fund that occurred during the reporting period.** For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSI. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PXDIX

#### Impax Global Sustainable Infrastructure Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$71 | &nbsp;&nbsp;0.65% |

---

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

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](if0173cda2a51a592d8e227a3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax Global Sustainable Infrastructure Fund (Institutional Class) $522,814** | **MSCI ACWI Index (Net) $702,109** | **FTSE Global Infrastructure Opportunities Index $512,112** |
| **12/16/2016** | $250000 | $250000 | $250000 |
| **12/31/2016** | $247775 | $249928 | $251398 |
| **06/30/2017** | $264962 | $278612 | $273071 |
| **12/31/2017** | $295943 | $309841 | $292562 |
| **06/30/2018** | $299201 | $308500 | $280055 |
| **12/31/2018** | $284567 | $280672 | $266585 |
| **06/30/2019** | $326936 | $326215 | $303838 |
| **12/31/2019** | $359075 | $355323 | $324127 |
| **06/30/2020** | $345028 | $333107 | $285914 |
| **12/31/2020** | $411294 | $413080 | $336079 |
| **06/30/2021** | $454460 | $463900 | $374859 |
| **12/31/2021** | $469518 | $489655 | $384716 |
| **06/30/2022** | $408071 | $390834 | $349136 |
| **12/31/2022** | $407286 | $399734 | $349954 |
| **06/30/2023** | $439642 | $455435 | $366488 |
| **12/31/2023** | $446172 | $488483 | $385478 |
| **06/30/2024** | $449065 | $543685 | $392285 |
| **12/31/2024** | $440384 | $573912 | $417358 |
| **06/30/2025** | $521269 | $631587 | $480424 |
| **12/31/2025** | $522814 | $702109 | $512112 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $97518798 |
| Total Number of Portfolio Holdings | 41 |
| Total Investment Advisory Fees Paid During the Reporting Period | $629302 |
| Portfolio Turnover Rate | 53% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](ic8d273caac31e0178a83a452.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](ia72092b8cdf5fe25bec2bc6f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 1.3% |
| Others<sup>Footnote Reference‡</sup> | 11.4% |
| Belgium | 2.7% |
| France | 3.0% |
| Singapore | 3.5% |
| Sweden | 3.6% |
| Spain | 4.0% |
| Taiwan | 4.2% |
| Germany | 5.1% |
| Canada | 6.5% |
| United Kingdom | 8.2% |
| United States | 46.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>‡</sup> | Includes additional countries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i214b8399ba53a4832ac3eaf1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Stocks | 52.4% |
| U.S. Stocks | 46.6% |
| Cash & Cash Equivalents | 1.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Global Sustainable Infrastructure Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GSI](ibb05049ebd26643bf7ebcca1.jpg)

Institutional Class: PXDIX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/GSI

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

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Global Opportunities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/GO. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PAXGX

#### Impax Global Opportunities Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$129 | &nbsp;&nbsp;1.23% |

---

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

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

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](ifbd49ba974ff689e0928a6f7.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Global Opportunities Fund Investor Class $19,428** | **MSCI ACW Index (Net) $22,935** |
| **06/27/2018** | 10000.0 | 10000 |
| **06/30/2018** | 9970.0 | 10077 |
| **12/31/2018** | 9180.0 | 9168 |
| **06/30/2019** | 11510.63 | 10656 |
| **12/31/2019** | 12255.84 | 11607 |
| **06/30/2020** | 11981.0 | 10881 |
| **12/31/2020** | 15045.19 | 13493 |
| **06/30/2021** | 16328.04 | 15154 |
| **12/31/2021** | 17857.73 | 15995 |
| **06/30/2022** | 13657.95 | 12767 |
| **12/31/2022** | 14525.56 | 13058 |
| **06/30/2023** | 16312.23 | 14877 |
| **12/31/2023** | 16726.95 | 15957 |
| **06/30/2024** | 17627.31 | 17760 |
| **12/31/2024** | 17754.1 | 18747 |
| **06/30/2025** | 19245.27 | 20631 |
| **12/31/2025** | 19427.62 | 22935 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $126672725 |
| Total Number of Portfolio Holdings | 39 |
| Total Investment Advisory Fees Paid During the Reporting Period | $889484 |
| Portfolio Turnover Rate | 49% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i78639fc53e9aef6762454de3.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i95561823ac9754e776e3c218.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i10c2155a2d680e0f5f55d1b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 68.0% |
| Foreign Stocks | 30.6% |
| Cash & Cash Equivalents | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Global Opportunities Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GO](i8dd9ab1772819132d9d484c0.jpg)

Investor Class: PAXGX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/GO

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Global Opportunities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/GO. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PXGOX

#### Impax Global Opportunities Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$103 | &nbsp;&nbsp;0.98% |

---

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

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

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](idc11289be7ea6ae072cc157d.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Global Opportunities Fund (Institutional Class) $493,822** | **MSCI ACW Index (Net) $573,369** |
| **06/27/2018** | $250000 | $250000 |
| **06/30/2018** | $249250 | $251932 |
| **12/31/2018** | $229500 | $229204 |
| **06/30/2019** | $287933 | $266400 |
| **12/31/2019** | $306895 | $290169 |
| **06/30/2020** | $300523 | $272027 |
| **12/31/2020** | $377840 | $337336 |
| **06/30/2021** | $410562 | $378839 |
| **12/31/2021** | $449488 | $399870 |
| **06/30/2022** | $344328 | $319170 |
| **12/31/2022** | $366380 | $326438 |
| **06/30/2023** | $412216 | $371925 |
| **12/31/2023** | $423176 | $398913 |
| **06/30/2024** | $446579 | $443994 |
| **12/31/2024** | $450307 | $468678 |
| **06/30/2025** | $488694 | $515778 |
| **12/31/2025** | $493822 | $573369 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $126672725 |
| Total Number of Portfolio Holdings | 39 |
| Total Investment Advisory Fees Paid During the Reporting Period | $889484 |
| Portfolio Turnover Rate | 49% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i78639fc53e9aef6762454de3.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i95561823ac9754e776e3c218.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i10c2155a2d680e0f5f55d1b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 68.0% |
| Foreign Stocks | 30.6% |
| Cash & Cash Equivalents | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Global Opportunities Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GO](i8dd9ab1772819132d9d484c0.jpg)

Institutional Class: PXGOX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/GO

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PGRNX

#### Impax Global Environmental Markets Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$126 | &nbsp;&nbsp;1.18% |

---

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

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](i7d0017164675a098a9c24b19.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Global Environmental Markets Fund Investor Class $25,245** | **MSCI ACWI Index (Net) $30,302** |
| **12/31/2015** | $10000 | $10000 |
| **12/31/2016** | $11062 | $10786 |
| **12/31/2017** | $13985 | $13372 |
| **12/31/2018** | $11983 | $12113 |
| **12/31/2019** | $15308 | $15335 |
| **12/31/2020** | $19243 | $17828 |
| **12/31/2021** | $23467 | $21133 |
| **12/31/2022** | $18159 | $17252 |
| **12/31/2023** | $21165 | $21082 |
| **12/31/2024** | $22196 | $24769 |
| **12/31/2025** | $25245 | $30302 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $1671517691 |
| Total Number of Portfolio Holdings | 45 |
| Total Investment Advisory Fees Paid During the Reporting Period | $15493973 |
| Portfolio Turnover Rate | 39% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i44119af6cf63b52aa64c711b.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i6d8e4492b6ad20cb707442ab.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i3e63a7282ead68f717f7c739.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 65.8% |
| Foreign Stocks | 32.9% |
| Cash & Cash Equivalents | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Global Environmental Markets Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GEM](i81a0bf39855ae105053fab59.jpg)

Investor Class: PGRNX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/GEM

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Class A \| PXEAX

#### Impax Global Environmental Markets Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$126 | &nbsp;&nbsp;1.18% |

---

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

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](i31519c6b3c2475d608a2b675.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Global Environmental Markets Fund Class A $23,862** | **MSCI ACWI Index (Net) $30,302** |
| **12/31/2015** | $9454 | $10000 |
| **12/31/2016** | $10458 | $10786 |
| **12/31/2017** | $13224 | $13372 |
| **12/31/2018** | $11329 | $12113 |
| **12/31/2019** | $14475 | $15335 |
| **12/31/2020** | $18192 | $17828 |
| **12/31/2021** | $22175 | $21133 |
| **12/31/2022** | $17168 | $17252 |
| **12/31/2023** | $20014 | $21082 |
| **12/31/2024** | $20982 | $24769 |
| **12/31/2025** | $23862 | $30302 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $1671517691 |
| Total Number of Portfolio Holdings | 45 |
| Total Investment Advisory Fees Paid During the Reporting Period | $15493973 |
| Portfolio Turnover Rate | 39% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i44119af6cf63b52aa64c711b.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i6d8e4492b6ad20cb707442ab.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i3e63a7282ead68f717f7c739.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 65.8% |
| Foreign Stocks | 32.9% |
| Cash & Cash Equivalents | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Global Environmental Markets Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GEM](i81a0bf39855ae105053fab59.jpg)

Class A: PXEAX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/GEM

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PGINX

#### Impax Global Environmental Markets Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$100 | &nbsp;&nbsp;0.93% |

---

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

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](i611aef8f00eb83d0815bc82b.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Global Environmental Markets Fund (Institutional Class) $647,132** | **MSCI ACWI Index (Net) $757,542** |
| **12/31/2015** | $250000 | $250000 |
| **12/31/2016** | $277277 | $269661 |
| **12/31/2017** | $351551 | $334304 |
| **12/31/2018** | $301738 | $302831 |
| **12/31/2019** | $386726 | $383377 |
| **12/31/2020** | $487257 | $445694 |
| **12/31/2021** | $595561 | $528314 |
| **12/31/2022** | $462230 | $431294 |
| **12/31/2023** | $540128 | $527050 |
| **12/31/2024** | $567794 | $619224 |
| **12/31/2025** | $647132 | $757542 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $1671517691 |
| Total Number of Portfolio Holdings | 45 |
| Total Investment Advisory Fees Paid During the Reporting Period | $15493973 |
| Portfolio Turnover Rate | 39% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i44119af6cf63b52aa64c711b.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i6d8e4492b6ad20cb707442ab.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i3e63a7282ead68f717f7c739.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 65.8% |
| Foreign Stocks | 32.9% |
| Cash & Cash Equivalents | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Global Environmental Markets Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GEM](i81a0bf39855ae105053fab59.jpg)

Institutional Class: PGINX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/GEM

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Global Social Leaders Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/GSL. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| IGSLX

#### Impax Global Social Leaders Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$128 | &nbsp;&nbsp;1.23% |

---

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

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](i98bdc7c39141383be2dc0d55.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Global Social Leaders Fund Investor Class $12,448** | **MSCI ACWI Index (Net) $15,064** |
| **11/30/2023** | 10000.0 | 10000 |
| **12/31/2023** | 10530.0 | 10480 |
| **06/30/2024** | 11007.3 | 11665 |
| **12/31/2024** | 11436.66 | 12313 |
| **06/30/2025** | 12809.27 | 13551 |
| **12/31/2025** | 12447.72 | 15064 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $2491554 |
| Total Number of Portfolio Holdings | 42 |
| Total Investment Advisory Fees Paid During the Reporting Period | $- |
| Portfolio Turnover Rate | 26% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i14385a203ae36d1f39aa4e1c.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i7a840197e12a6875d9e50b97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 3.7% |
| Others<sup>Footnote Reference‡</sup> | 7.4% |
| Sweden | 2.3% |
| Brazil | 2.5% |
| Japan | 2.9% |
| China | 3.0% |
| Spain | 3.2% |
| France | 3.3% |
| Netherlands | 3.9% |
| Hong Kong | 3.9% |
| United Kingdom | 6.1% |
| United States | 57.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>‡</sup> | Includes additional countries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i9291c37aa73c2a5c37e454f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 56.8% |
| Foreign Stocks | 37.9% |
| Cash & Cash Equivalents | 5.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Global Social Leaders Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GSL](icde4ef62861e787bbf04d594.jpg)

Investor Class: IGSLX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/GSL

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Global Social Leaders Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/GSL. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| IGSIX

#### Impax Global Social Leaders Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$102 | &nbsp;&nbsp;0.98% |

---

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

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](ie2eacfcd7c7d1604cecc7e67.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Global Social Leaders Fund (Institutional Class) $313,035** | **MSCI ACWI Index (Net) $376,592** |
| **11/30/2023** | $250000 | $250000 |
| **12/31/2023** | $263500 | $262008 |
| **06/30/2024** | $275591 | $291617 |
| **12/31/2024** | $286889 | $307830 |
| **06/30/2025** | $321319 | $338766 |
| **12/31/2025** | $313035 | $376592 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $2491554 |
| Total Number of Portfolio Holdings | 42 |
| Total Investment Advisory Fees Paid During the Reporting Period | $- |
| Portfolio Turnover Rate | 26% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i14385a203ae36d1f39aa4e1c.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](i7a840197e12a6875d9e50b97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 3.7% |
| Others<sup>Footnote Reference‡</sup> | 7.4% |
| Sweden | 2.3% |
| Brazil | 2.5% |
| Japan | 2.9% |
| China | 3.0% |
| Spain | 3.2% |
| France | 3.3% |
| Netherlands | 3.9% |
| Hong Kong | 3.9% |
| United Kingdom | 6.1% |
| United States | 57.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>‡</sup> | Includes additional countries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i9291c37aa73c2a5c37e454f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Stocks | 56.8% |
| Foreign Stocks | 37.9% |
| Cash & Cash Equivalents | 5.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Global Social Leaders Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GSL](icde4ef62861e787bbf04d594.jpg)

Institutional Class: IGSIX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/GSL

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax International Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/ISE. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PXINX

#### Impax International Sustainable Economy Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$79 | &nbsp;&nbsp;0.69% |

---

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](id06ac31e32f1b3551770eb14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax International Sustainable Economy Fund Investor Class $20,752** | **MSCI EAFE Index (Net) $21,564** | **MSCI EAFE ESG Leaders Index (Net) $20,505** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $9815 | $10100 | $9955 |
| **12/31/2017** | $12074 | $12628 | $12281 |
| **12/31/2018** | $10487 | $10691 | $10634 |
| **12/31/2019** | $12876 | $13044 | $13173 |
| **12/31/2020** | $14228 | $14064 | $14551 |
| **12/31/2021** | $15777 | $15648 | $16193 |
| **12/31/2022** | $12937 | $13386 | $13441 |
| **12/31/2023** | $15385 | $15828 | $15972 |
| **12/31/2024** | $16134 | $16433 | $16330 |
| **12/31/2025** | $20752 | $21564 | $20505 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $1596207609 |
| Total Number of Portfolio Holdings | 131 |
| Total Investment Advisory Fees Paid During the Reporting Period | $6326359 |
| Portfolio Turnover Rate | 52% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](ic019e89311e97402e0923841.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](ie2ac0a0c7de2fbbe8280554f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 2.1% |
| Others<sup>Footnote Reference‡</sup> | 10.9% |
| Spain | 3.9% |
| Switzerland | 4.9% |
| Italy | 5.0% |
| Netherlands | 5.1% |
| Australia | 5.9% |
| United States | 7.8% |
| France | 8.8% |
| Germany | 9.5% |
| United Kingdom | 13.8% |
| Japan | 22.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>‡</sup> | Includes additional countries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i1533ed20d58ded2226202cac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Stocks | 90.7% |
| U.S. Stocks | 7.8% |
| Cash & Cash Equivalents | 1.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax International Sustainable Economy Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/ISE](i894331ce0e6b6768dde468db.jpg)

Investor Class: PXINX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/ISE

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax International Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/ISE. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PXNIX

#### Impax International Sustainable Economy Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$50 | &nbsp;&nbsp;0.44% |

---

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](i44c5fb3b8ee9d5c0fe2e08b5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax International Sustainable Economy Fund (Institutional Class) $531,463** | **MSCI EAFE Index (Net) $539,090** | **MSCI EAFE ESG Leaders Index (Net) $512,623** |
| **12/31/2015** | $250000 | $250000 | $250000 |
| **12/31/2016** | $245920 | $252500 | $248875 |
| **12/31/2017** | $303320 | $315712 | $307036 |
| **12/31/2018** | $264181 | $267269 | $265849 |
| **12/31/2019** | $324966 | $326107 | $329333 |
| **12/31/2020** | $359989 | $351595 | $363763 |
| **12/31/2021** | $400279 | $391196 | $404831 |
| **12/31/2022** | $329047 | $334662 | $336037 |
| **12/31/2023** | $392501 | $395697 | $399288 |
| **12/31/2024** | $412275 | $410825 | $408253 |
| **12/31/2025** | $531463 | $539090 | $512623 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $1596207609 |
| Total Number of Portfolio Holdings | 131 |
| Total Investment Advisory Fees Paid During the Reporting Period | $6326359 |
| Portfolio Turnover Rate | 52% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](ic019e89311e97402e0923841.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |

---

# Geographical Diversification as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Country Chart](ie2ac0a0c7de2fbbe8280554f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 2.1% |
| Others<sup>Footnote Reference‡</sup> | 10.9% |
| Spain | 3.9% |
| Switzerland | 4.9% |
| Italy | 5.0% |
| Netherlands | 5.1% |
| Australia | 5.9% |
| United States | 7.8% |
| France | 8.8% |
| Germany | 9.5% |
| United Kingdom | 13.8% |
| Japan | 22.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>‡</sup> | Includes additional countries outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i1533ed20d58ded2226202cac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Stocks | 90.7% |
| U.S. Stocks | 7.8% |
| Cash & Cash Equivalents | 1.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax International Sustainable Economy Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/ISE](i894331ce0e6b6768dde468db.jpg)

Institutional Class: PXNIX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/ISE

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/CB. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PAXBX

#### Impax Core Bond Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$75 | &nbsp;&nbsp;0.73% |

---

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](ib72c544cebba8ef95edb66ff.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Core Bond Fund Investor Class $11,543** | **Bloomberg US Aggregate Bond Index $12,017** |
| **12/16/2016** | 10000.0 | 10000 |
| **12/31/2016** | 10087.34 | 10111 |
| **06/30/2017** | 10274.83 | 10341 |
| **12/31/2017** | 10345.83 | 10469 |
| **06/30/2018** | 10185.65 | 10300 |
| **12/31/2018** | 10321.23 | 10470 |
| **06/30/2019** | 10900.26 | 11110 |
| **12/31/2019** | 11124.47 | 11383 |
| **06/30/2020** | 11747.42 | 12081 |
| **12/31/2020** | 11890.96 | 12237 |
| **06/30/2021** | 11711.35 | 12041 |
| **12/31/2021** | 11697.36 | 12049 |
| **06/30/2022** | 10486.09 | 10802 |
| **12/31/2022** | 10158.39 | 10481 |
| **06/30/2023** | 10381.93 | 10701 |
| **12/31/2023** | 10702.79 | 11061 |
| **06/30/2024** | 10656.27 | 10982 |
| **12/31/2024** | 10844.92 | 11199 |
| **06/30/2025** | 11219.19 | 11649 |
| **12/31/2025** | 11543.16 | 12017 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $857297525 |
| Total Number of Portfolio Holdings | 417 |
| Total Investment Advisory Fees Paid During the Reporting Period | $3364883 |
| Portfolio Turnover Rate | 137% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i1fce40583252366ce7ec23ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 2.3% |
| Community Investment Notes | 0.0%<sup>Footnote Reference#</sup> |
| Municipal Bonds | 1.0% |
| Foreign Government and Agency Securities | 1.5% |
| Supranational | 5.6% |
| Asset-Backed Securities | 5.9% |
| U.S. Government and Agency Securities | 21.5% |
| Corporate Bonds | 31.0% |
| Mortgage-Backed Securities | 31.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>#</sup> | Less than 0.05%. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i28e662cc7e28ccca41a6a046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Bonds | 88.8% |
| Supranational | 5.7% |
| Foreign Bonds | 4.0% |
| Cash & Cash Equivalents | 1.5% |
| Community Investment Notes | 0.0%<sup>Footnote Reference#</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |
| Footnote<sup>#</sup> | Less than 0.05%. |

---

# Credit Quality Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup><sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Bonds. |
| Footnote<sup>\*</sup> | 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. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Core Bond Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/CB](i5ba9e160c508fd77c5c4d42a.jpg)

Investor Class: PAXBX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/CB

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/CB. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PXBIX

#### Impax Core Bond Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$50 | &nbsp;&nbsp;0.48% |

---

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](i48cd6cdadb94c6a5dfc1a997.jpg)

---

| | | |
|:---|:---|:---|
| | **Impax Core Bond Fund (Institutional Class) $295,245** | **Bloomberg US Aggregate Bond Index $300,415** |
| **12/16/2016** | $250000 | $250000 |
| **12/31/2016** | $252320 | $252775 |
| **06/30/2017** | $257320 | $258522 |
| **12/31/2017** | $259426 | $261728 |
| **06/30/2018** | $255725 | $257496 |
| **12/31/2018** | $259454 | $261758 |
| **06/30/2019** | $274597 | $277759 |
| **12/31/2019** | $280320 | $284574 |
| **06/30/2020** | $296383 | $302033 |
| **12/31/2020** | $300382 | $305936 |
| **06/30/2021** | $296213 | $301028 |
| **12/31/2021** | $296232 | $301219 |
| **06/30/2022** | $265883 | $270045 |
| **12/31/2022** | $257899 | $262030 |
| **06/30/2023** | $263597 | $267513 |
| **12/31/2023** | $272394 | $276517 |
| **06/30/2024** | $271236 | $274550 |
| **12/31/2024** | $276382 | $279974 |
| **06/30/2025** | $286599 | $291233 |
| **12/31/2025** | $295245 | $300415 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $857297525 |
| Total Number of Portfolio Holdings | 417 |
| Total Investment Advisory Fees Paid During the Reporting Period | $3364883 |
| Portfolio Turnover Rate | 137% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i1fce40583252366ce7ec23ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 2.3% |
| Community Investment Notes | 0.0%<sup>Footnote Reference#</sup> |
| Municipal Bonds | 1.0% |
| Foreign Government and Agency Securities | 1.5% |
| Supranational | 5.6% |
| Asset-Backed Securities | 5.9% |
| U.S. Government and Agency Securities | 21.5% |
| Corporate Bonds | 31.0% |
| Mortgage-Backed Securities | 31.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>#</sup> | Less than 0.05%. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i28e662cc7e28ccca41a6a046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Bonds | 88.8% |
| Supranational | 5.7% |
| Foreign Bonds | 4.0% |
| Cash & Cash Equivalents | 1.5% |
| Community Investment Notes | 0.0%<sup>Footnote Reference#</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |
| Footnote<sup>#</sup> | Less than 0.05%. |

---

# Credit Quality Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup><sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Bonds. |
| Footnote<sup>\*</sup> | 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. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Core Bond Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/CB](i5ba9e160c508fd77c5c4d42a.jpg)

Institutional Class: PXBIX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/CB

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PAXHX

#### Impax High Yield Bond Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$99 | &nbsp;&nbsp;0.95% |

---

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](ia7f537f8bdd7ab0806ec4438.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax High Yield Bond Fund Investor Class $16,585** | **Bloomberg US Aggregate Bond Index $12,199** | **ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index $17,980** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **12/31/2016** | $11381 | $10265 | $11476 |
| **12/31/2017** | $12106 | $10628 | $12276 |
| **12/31/2018** | $11735 | $10630 | $12026 |
| **12/31/2019** | $13391 | $11556 | $13840 |
| **12/31/2020** | $14435 | $12424 | $14715 |
| **12/31/2021** | $14862 | $12232 | $15388 |
| **12/31/2022** | $12946 | $10641 | $13758 |
| **12/31/2023** | $14382 | $11229 | $15485 |
| **12/31/2024** | $15254 | $11369 | $16543 |
| **12/31/2025** | $16585 | $12199 | $17980 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $535826692 |
| Total Number of Portfolio Holdings | 215 |
| Total Investment Advisory Fees Paid During the Reporting Period | $2642451 |
| Portfolio Turnover Rate | 84% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i13b56b690626b9f19baeb737.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 3.1% |
| Others<sup>Footnote Reference†</sup> | 24.4% |
| Insurance | 5.1% |
| Services | 5.8% |
| Capital Goods | 6.1% |
| Real Estate | 6.3% |
| Financial Services | 6.4% |
| Healthcare | 6.6% |
| Basic Industry | 7.7% |
| Technology & Electronics | 7.8% |
| Telecommunications | 8.9% |
| Media | 11.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional sectors outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i99d068fd8ac88bc4fea28287.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

# Credit Quality Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup><sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Bonds. |
| Footnote<sup>\*</sup> | 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. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax High Yield Bond Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/HYB](i7f8ce5b38e474d8ad6a041ef.jpg)

Investor Class: PAXHX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/HYB

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Class A \| PXHAX

#### Impax High Yield Bond Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$99 | &nbsp;&nbsp;0.95% |

---

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](i3b2c35c865f0e94d04c1977d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax High Yield Bond Fund Class A $15,852** | **Bloomberg US Aggregate Bond Index $12,199** | **ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index $17,980** |
| **12/31/2015** | $9557 | $10000 | $10000 |
| **12/31/2016** | $10876 | $10265 | $11476 |
| **12/31/2017** | $11568 | $10628 | $12276 |
| **12/31/2018** | $11215 | $10630 | $12026 |
| **12/31/2019** | $12796 | $11556 | $13840 |
| **12/31/2020** | $13793 | $12424 | $14715 |
| **12/31/2021** | $14221 | $12232 | $15388 |
| **12/31/2022** | $12374 | $10641 | $13758 |
| **12/31/2023** | $13746 | $11229 | $15485 |
| **12/31/2024** | $14579 | $11369 | $16543 |
| **12/31/2025** | $15852 | $12199 | $17980 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $535826692 |
| Total Number of Portfolio Holdings | 215 |
| Total Investment Advisory Fees Paid During the Reporting Period | $2642451 |
| Portfolio Turnover Rate | 84% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i13b56b690626b9f19baeb737.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 3.1% |
| Others<sup>Footnote Reference†</sup> | 24.4% |
| Insurance | 5.1% |
| Services | 5.8% |
| Capital Goods | 6.1% |
| Real Estate | 6.3% |
| Financial Services | 6.4% |
| Healthcare | 6.6% |
| Basic Industry | 7.7% |
| Technology & Electronics | 7.8% |
| Telecommunications | 8.9% |
| Media | 11.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional sectors outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i99d068fd8ac88bc4fea28287.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

# Credit Quality Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup><sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Bonds. |
| Footnote<sup>\*</sup> | 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. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax High Yield Bond Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/HYB](i7f8ce5b38e474d8ad6a041ef.jpg)

Class A: PXHAX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/HYB

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PXHIX

#### Impax High Yield Bond Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$73 | &nbsp;&nbsp;0.70% |

---

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](i6fbb49879a54c4b1adf64ae6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Impax High Yield Bond Fund (Institutional Class) $425,060** | **Bloomberg US Aggregate Bond Index $304,983** | **ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index $449,498** |
| **12/31/2015** | $250000 | $250000 | $250000 |
| **12/31/2016** | $284891 | $256619 | $286889 |
| **12/31/2017** | $303799 | $265708 | $306910 |
| **12/31/2018** | $295583 | $265738 | $300655 |
| **12/31/2019** | $337729 | $288901 | $346010 |
| **12/31/2020** | $365008 | $310588 | $367864 |
| **12/31/2021** | $377269 | $305799 | $384696 |
| **12/31/2022** | $329271 | $266014 | $343953 |
| **12/31/2023** | $366767 | $280721 | $387128 |
| **12/31/2024** | $389965 | $284231 | $413577 |
| **12/31/2025** | $425060 | $304983 | $449498 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $535826692 |
| Total Number of Portfolio Holdings | 215 |
| Total Investment Advisory Fees Paid During the Reporting Period | $2642451 |
| Portfolio Turnover Rate | 84% |

---

# Top Ten Holdings as of December 31, 2025<sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |

---

# Sector Diversification as of December 31, 2025<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i13b56b690626b9f19baeb737.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets and liabilities (net) | 3.1% |
| Others<sup>Footnote Reference†</sup> | 24.4% |
| Insurance | 5.1% |
| Services | 5.8% |
| Capital Goods | 6.1% |
| Real Estate | 6.3% |
| Financial Services | 6.4% |
| Healthcare | 6.6% |
| Basic Industry | 7.7% |
| Technology & Electronics | 7.8% |
| Telecommunications | 8.9% |
| Media | 11.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>\*</sup> | May include companies representing multiple industries within a single "Sector". |
| Footnote <sup>^</sup> | Percent of Net Assets. |
| Footnote<sup>†</sup> | Includes additional sectors outside the top 10 listed above. |

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Asset Type Chart](i99d068fd8ac88bc4fea28287.jpg)

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

# Credit Quality Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup><sup>**Footnote Reference \***</sup>

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Net Bonds. |
| Footnote<sup>\*</sup> | 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. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax High Yield Bond Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/HYB](i7f8ce5b38e474d8ad6a041ef.jpg)

Institutional Class: PXHIX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/HYB

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Sustainable Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/SA. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Investor Class \| PAXWX

#### Impax Sustainable Allocation Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$32 | &nbsp;&nbsp;0.30% |

---

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

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

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

# Total Returns Based on a Hypothetical $10,000 Investment is displayed
![Growth of 10K Chart](ib07f2603b71d6da7d9ad2119.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Impax Sustainable Allocation Fund Investor Class $20,970** | **S&P 500 Index $39,827** | **Blended Index $25,428** | **Morningstar Moderate Allocation $18,649** |
| **12/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2016** | $10581 | $11196 | $10831 | $9807 |
| **12/31/2017** | $11974 | $13640 | $12370 | $10527 |
| **12/31/2018** | $11486 | $13042 | $12079 | $11917 |
| **12/31/2019** | $13878 | $17149 | $14758 | $11231 |
| **12/31/2020** | $16133 | $20304 | $16932 | $13391 |
| **12/31/2021** | $18602 | $26132 | $19617 | $14960 |
| **12/31/2022** | $15548 | $21399 | $16520 | $17038 |
| **12/31/2023** | $17596 | $27025 | $19439 | $14714 |
| **12/31/2024** | $18915 | $33786 | $22364 | $16742 |
| **12/31/2025** | $20970 | $39827 | $25428 | $18649 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $2388985431 |
| Total Number of Portfolio Holdings | 11 |
| Total Investment Advisory Fees Paid During the Reporting Period | $1150813 |
| Portfolio Turnover Rate | 13% |

---

# Affiliated Investment Companies as of December 31, 2025

---

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

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i9e3c62d78de30548ed795ab9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Investment Companies | 98.6% |
| Cash & Cash Equivalents | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Sustainable Allocation Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/SA](i512055a66cc27c9296feef25.jpg)

Investor Class: PAXWX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/SA

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

# Fund Overview
This annual shareholder report contains important information about the Impax Sustainable Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://impaxam.com/SA. You can also request this information by contacting us at (800) 372-7827.

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

Annual Shareholder Report

December 31, 2025

Institutional Class \| PAXIX

#### Impax Sustainable Allocation Fund

# What were the Fund's costs for the year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$5 | &nbsp;&nbsp;0.05% |

---

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

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

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

# Total Returns Based on a Hypothetical $250,000 Investment is displayed
![Growth of 10K Chart](i93e7c231d7d6da938af3e1ab.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Impax Sustainable Allocation Fund (Institutional Class) $537,626** | **S&P 500 Index $995,685** | **Blended Index $635,690** | **Morningstar Moderate Allocation $466,213** |
| **12/31/2015** | $250000 | $250000 | $250000 | $250000 |
| **12/31/2016** | $265260 | $279900 | $270764 | $245175 |
| **12/31/2017** | $300859 | $341006 | $309240 | $263171 |
| **12/31/2018** | $289275 | $326055 | $301983 | $297936 |
| **12/31/2019** | $350521 | $428719 | $368960 | $280775 |
| **12/31/2020** | $408335 | $507598 | $423304 | $334768 |
| **12/31/2021** | $472216 | $653306 | $490426 | $374002 |
| **12/31/2022** | $395612 | $534986 | $413006 | $425951 |
| **12/31/2023** | $448763 | $675621 | $485979 | $367852 |
| **12/31/2024** | $483683 | $844660 | $559088 | $418541 |
| **12/31/2025** | $537626 | $995685 | $635690 | $466213 |

---

# Average Annual Total Returns as of December 31, 2025

---

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

---

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

# Key Fund Statistics as of December 31, 2025

---

| | |
|:---|:---|
| Net Assets | $2388985431 |
| Total Number of Portfolio Holdings | 11 |
| Total Investment Advisory Fees Paid During the Reporting Period | $1150813 |
| Portfolio Turnover Rate | 13% |

---

# Affiliated Investment Companies as of December 31, 2025

---

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

---

# Asset Allocation as of December 31, 2025<sup>**Footnote Reference ^**</sup>
![Group By Industry Chart](i9e3c62d78de30548ed795ab9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Investment Companies | 98.6% |
| Cash & Cash Equivalents | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote <sup>^</sup> | Percent of Total Investments. |

---

![Image](ic3bcfb8bdb05d53e083fb398.jpg)

#### Impax Sustainable Allocation Fund
Annual Shareholder Report

December 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/SA](i512055a66cc27c9296feef25.jpg)

Institutional Class: PAXIX

* Impax Asset Management

* (800) 767-1729

* https://impaxam.com/SA

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

# **Householding** 
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 767-1729.

**Item 2. Code of Ethics.**

As of December 31, 2025, the Registrant has adopted a "code of ethics," as such term is defined in paragraph (b) of this Item 2, that applies to all officers of the Registrant, including Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or by a third party. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

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

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2025 and 2024 were $388,923 and $373,964, respectively.

(b) Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 and $0 for the fiscal years ended December 31, 2025 and 2024, respectively.

(c) Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the fiscal years ended December 31, 2025 and 2024 were $166,566 and $160,100, respectively. Fees disclosed under this category are for professional services related to review and execution of federal, state and excise tax returns and advice concerning tax compliance and planning.

(d) All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, are $11,749 and $16,989 for the fiscal years ended December 31, 2025 and 2024, respectively

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

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

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, or to the Registrant's investment adviser, or to any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant totaled $0 and $0 for the fiscal years ended December 31, 2025 and 2024, respectively.

(h) Not Applicable

(i) Not Applicable

(j) Not Applicable

 

**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

ANNUAL

REPORT

December

31,

2025

www.impaxam.com

Annual

Report

Schedule

of

Investments

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

Statements

of

Assets

and

Liabilities

Statements

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Item

8. Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Item

9. Proxy

Disclosures

for

Open-End

Management

Investment

Companies

Item

10. Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Item

11. Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract.

Account

Options

and

Services

#### 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

Penhallow

Street,

Suite

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.

Chase

Metrotech

Center,

Floor

16,

Brooklyn,

NY

11245

Table

of

Contents

Schedule

of

Investments,

December

31,

2025

#### Impax

#### Large

#### Cap

#### Fund
www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.6%

#### Communication

#### Services

#### 6.3%
Alphabet,

Inc.

,

A

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

142,993

$

44,756,809

a

Netflix,

Inc.

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

148,508

13,924,110

58,680,919

#### Consumer

#### Discretionary

#### 12.6%
a

Amazon.com,

Inc.

...........

227,204

52,443,227

a

Aptiv

plc

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

172,687

13,139,754

a

DoorDash,

Inc.

,

A

...........

57,103

12,932,687

eBay,

Inc.

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

261,408

22,768,637

a

Ulta

Beauty,

Inc.

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

27,279

16,504,068

117,788,373

#### Consumer

#### Staples

#### 3.7%
Colgate-Palmolive

Co.

.......

260,928

20,618,531

McCormick

&

Co.,

Inc.

.......

204,277

13,913,306

34,531,837

#### Financials

#### 13.5%
Citizens

Financial

Group,

Inc.

..

325,341

19,003,168

CME

Group,

Inc.

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

54,518

14,887,776

JPMorgan

Chase

&

Co.

.......

81,269

26,186,497

Mastercard,

Inc.

,

A

..........

64,259

36,684,178

Pinnacle

Financial

Partners,

Inc.

151,090

14,415,497

Progressive

Corp.

(The)

......

63,685

14,502,348

125,679,464

#### Health

#### Care

#### 11.2%
Agilent

Technologies,

Inc.

.....

175,131

23,830,075

a

Boston

Scientific

Corp.

.......

173,508

16,543,988

Danaher

Corp.

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

134,174

30,715,112

Eli

Lilly

&

Co.

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

8,652

9,298,132

Gilead

Sciences,

Inc.

........

126,553

15,533,115

Revvity,

Inc.

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

91,408

8,843,724

104,764,146

#### Industrials

#### 13.7%
GE

Vernova,

Inc.

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

13,639

8,914,041

Hubbell,

Inc.

,

B

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

36,197

16,075,450

a

QXO,

Inc.

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

561,186

10,825,278

Trane

Technologies

plc

.......

43,490

16,926,308

a

Uber

Technologies,

Inc.

.......

265,223

21,671,371

Union

Pacific

Corp.

..........

57,265

13,246,540

United

Rentals,

Inc.

..........

13,736

11,116,819

WW

Grainger,

Inc.

...........

15,036

15,172,076

Xylem,

Inc.

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

102,159

13,912,013

127,859,896

#### b

#### Information

#### Technology

#### 32.0%
Apple,

Inc.

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

120,459

32,747,984

Marvell

Technology,

Inc.

......

160,972

13,679,401

Microsoft

Corp.

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

177,170

85,682,955

NVIDIA

Corp.

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

551,622

102,877,502

Oracle

Corp.

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

89,451

17,434,894

a

Palo

Alto

Networks,

Inc.

......

47,872

8,818,022

a

ServiceNow,

Inc.

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

126,120

19,320,323

a

Tyler

Technologies,

Inc.

.......

39,919

18,121,230

298,682,311

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Materials

#### 1.7%
Linde

plc

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

37,330

$

15,917,139

#### Real

#### Estate

#### 3.1%
American

Tower

Corp.

,

REIT

...

91,615

16,084,845

Ventas,

Inc.

,

REIT

...........

161,739

12,515,364

28,600,209

#### Utilities

#### 1.8%
American

Water

Works

Co.,

Inc.

131,293

17,133,737

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 622,706,577

####)
..............

#### 929,638,031

#### Money

#### Market

#### 0.5%
c,d

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

.

5,084,578

#### 5,084,578

#### (Cost

#### $5,084,578)

#### a

#### Total

#### Investments

#### 100

#### .1

#### %

#### (Cost

#### $

#### 627,791,155

####)
.............

#### $934,722,609

#### Other

#### Assets,

#### less

#### Liabilities

#### (#### 0

#### .1

####)

#### %

#### (616,886)

#### Net

#### Assets

#### 100.0%

#### ...............

#### $934,105,723
a

Non-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. d

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments,

December

31,

2025

#### Impax

#### Small

#### Cap

#### Fund
www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.0%

#### Communication

#### Services

#### 0.9%
a

TechTarget,

Inc.

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

1,238,887

$

6,689,990

#### Consumer

#### Discretionary

#### 8.3%
Autoliv,

Inc.

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

45,000

5,341,500

Columbia

Sportswear

Co.

.....

90,515

4,986,471

a

Planet

Fitness,

Inc.

,

A

........

194,271

21,072,576

a

Rivian

Automotive,

Inc.

,

A

.....

450,000

8,869,500

Visteon

Corp.

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

40,000

3,804,000

a

Warby

Parker,

Inc.

,

A

.........

385,000

8,389,150

Wyndham

Hotels

&

Resorts,

Inc.

120,000

9,067,200

61,530,397

#### Consumer

#### Staples

#### 5.9%
a

BJ's

Wholesale

Club

Holdings,

Inc.

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

119,955

10,799,549

a

Freshpet,

Inc.

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

140,000

8,530,200

a

US

Foods

Holding

Corp.

......

230,000

17,323,600

a

Vital

Farms,

Inc.

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

238,915

7,630,945

44,284,294

#### Financials

#### 22.1%
Acadian

Asset

Management,

Inc.

845,451

39,736,197

Ameris

Bancorp

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

100,000

7,427,000

Cullen/Frost

Bankers,

Inc.

.....

115,000

14,562,450

Eastern

Bankshares,

Inc.

.....

1,275,000

23,498,250

Pinnacle

Financial

Partners,

Inc.

215,000

20,513,150

RenaissanceRe

Holdings

Ltd.

..

27,500

7,731,900

Victory

Capital

Holdings,

Inc.

,

A

.

650,000

41,008,500

Voya

Financial,

Inc.

..........

140,000

10,428,600

164,906,047

#### Health

#### Care

#### 23.9%
Bio-Techne

Corp.

...........

195,000

11,467,950

a

Crinetics

Pharmaceuticals,

Inc.

.

275,000

12,801,250

a

Cytokinetics,

Inc.

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

100,000

6,354,000

a

Enovis

Corp.

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

424,130

11,298,823

a

GeneDx

Holdings

Corp.

,

A

.....

60,000

7,803,600

a

Health

Catalyst,

Inc.

.........

2,750,000

6,572,500

a

Ligand

Pharmaceuticals,

Inc.

...

165,208

31,235,877

a

Merit

Medical

Systems,

Inc.

....

100,000

8,814,000

a

Neurocrine

Biosciences,

Inc.

...

75,000

10,637,250

a

Pacira

BioSciences,

Inc.

......

750,027

19,410,699

a

Prestige

Consumer

Healthcare,

Inc.

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

130,000

8,019,700

a

Roivant

Sciences

Ltd.

........

550,000

11,935,000

a

SI-BONE,

Inc.

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

1,200,010

23,664,197

a

Travere

Therapeutics,

Inc.

.....

225,000

8,597,250

178,612,096

#### Industrials

#### 18.4%
Advanced

Drainage

Systems,

Inc.

56,489

8,181,302

Arcosa,

Inc.

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

156,500

16,639,080

a,b

Array

Technologies,

Inc.

......

1,250,000

11,525,000

a

Casella

Waste

Systems,

Inc.

,

A

.

80,000

7,835,200

a

Dycom

Industries,

Inc.

........

43,000

14,529,700

Enpro,

Inc.

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

48,000

10,278,240

a

Gates

Industrial

Corp.

plc

.....

472,713

10,149,148

a

Generac

Holdings,

Inc.

.......

45,000

6,136,650

a

Lyft,

Inc.

,

A

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

775,000

15,011,750

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Industrials
(continued)

a

Modine

Manufacturing

Co.

....

40,000

$

5,340,400

MSA

Safety,

Inc.

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

35,000

5,604,900

a

QXO,

Inc.

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

675,000

13,020,750

a

Trex

Co.,

Inc.

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

225,000

7,893,000

WillScot

Holdings

Corp.

.......

275,000

5,178,250

137,323,370

#### Information

#### Technology

#### 11.3%
a

8x8,

Inc.

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

2,000,000

3,940,000

A10

Networks,

Inc.

..........

360,000

6,368,400

a

Ciena

Corp.

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

31,239

7,305,865

a

Extreme

Networks,

Inc.

.......

945,178

15,737,214

a

Mitek

Systems,

Inc.

..........

1,295,000

13,662,250

a

NetScout

Systems,

Inc.

.......

522,000

14,125,320

a

Onto

Innovation,

Inc.

.........

74,057

11,690,638

a

Workiva,

Inc.

,

A

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

136,086

11,737,417

84,567,104

#### Materials

#### 3.7%
Element

Solutions,

Inc.

.......

591,946

14,792,730

Graphic

Packaging

Holding

Co.

.

300,000

4,518,000

TriMas

Corp.

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

230,000

8,153,500

27,464,230

#### Real

#### Estate

#### 4.5%
b

Agree

Realty

Corp.

,

REIT

.....

200,000

14,406,000

a

Howard

Hughes

Holdings,

Inc.

.

55,707

4,443,748

Rayonier,

Inc.

,

REIT

.........

333,499

7,220,253

Terreno

Realty

Corp.

,

REIT

....

120,000

7,045,200

33,115,201

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 608,467,214

####)
..............

#### 738,492,729

#### Money

#### Market

#### 1.0%
c,d

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

.

7,713,469

#### 7,713,469

#### (Cost

#### $7,713,469)

#### a

#### Total

#### Investments

#### 100

#### .0

#### %

#### (Cost

#### $

#### 616,180,683

####)
.............

#### $746,206,198

#### e

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### 153,796

#### Net

#### Assets

#### 100.0%

#### ...............

#### $746,359,994
a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2025. The

total

market

value

of

securities

on

loan

as

of

December

31,

2025

was

$18,550,541.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. d

Institutional

Class

shares.

e

Rounds

to

less

than

0.05%.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments,

December

31,

2025

#### Impax

#### US

#### Sustainable

#### Economy

#### Fund
www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.2%

#### Communication

#### Services

#### 6.2%
Alphabet,

Inc.

,

A

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

58,475

$

18,302,675

Alphabet,

Inc.

,

C

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

33,019

10,361,362

AT&T,

Inc.

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

56,329

1,399,213

Comcast

Corp.

,

A

...........

41,028

1,226,327

a

Pinterest,

Inc.

,

A

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

41,243

1,067,781

Verizon

Communications,

Inc.

..

44,601

1,816,599

34,173,957

#### Consumer

#### Discretionary

#### 6.8%
a

Amazon.com,

Inc.

...........

74,668

17,234,868

a

Aptiv

plc

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

53,562

4,075,533

Best

Buy

Co.,

Inc.

...........

14,856

994,312

BorgWarner,

Inc.

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

36,776

1,657,127

a

Deckers

Outdoor

Corp.

.......

9,952

1,031,724

eBay,

Inc.

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

17,490

1,523,379

Home

Depot,

Inc.

(The)

.......

11,724

4,034,228

Lear

Corp.

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

17,264

1,978,454

Lowe's

Cos.,

Inc.

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

6,286

1,515,932

Macy's,

Inc.

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

127,683

2,815,410

Starbucks

Corp.

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

12,605

1,061,467

37,922,434

#### Consumer

#### Staples

#### 1.3%
Campbell's

Co.

(The)

........

46,337

1,291,412

Clorox

Co.

(The)

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

15,372

1,549,959

Colgate-Palmolive

Co.

.......

13,200

1,043,064

General

Mills,

Inc.

...........

49,272

2,291,148

Procter

&

Gamble

Co.

(The)

...

8,663

1,241,495

7,417,078

#### Financials

#### 17.3%
Allstate

Corp.

(The)

..........

6,378

1,327,581

American

Express

Co.

.......

3,395

1,255,980

Bank

of

America

Corp.

.......

20,517

1,128,435

Bank

of

New

York

Mellon

Corp.

(The)

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

51,797

6,013,114

Blackrock,

Inc.

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

940

1,006,120

Citigroup,

Inc.

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

60,286

7,034,773

CME

Group,

Inc.

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

3,947

1,077,847

Fifth

Third

Bancorp

..........

37,103

1,736,791

Hartford

Insurance

Group,

Inc.

(The)

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

36,451

5,022,948

JPMorgan

Chase

&

Co.

.......

18,789

6,054,192

Lincoln

National

Corp.

........

26,095

1,162,010

LPL

Financial

Holdings,

Inc.

...

9,836

3,513,124

Mastercard,

Inc.

,

A

..........

21,033

12,007,319

MetLife,

Inc.

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

63,211

4,989,876

Moody's

Corp.

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

2,380

1,215,823

PNC

Financial

Services

Group,

Inc.

(The)

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

5,763

1,202,911

Principal

Financial

Group,

Inc.

..

13,450

1,186,425

Progressive

Corp.

(The)

......

30,532

6,952,747

Regions

Financial

Corp.

......

45,022

1,220,096

S&P

Global,

Inc.

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

14,512

7,583,826

State

Street

Corp.

...........

63,381

8,176,783

Unum

Group

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

13,829

1,071,747

Visa,

Inc.

,

A

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

35,441

12,429,513

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financials
(continued)

Wells

Fargo

&

Co.

...........

12,628

$

1,176,930

95,546,911

#### Health

#### Care

#### 14.4%
AbbVie,

Inc.

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

5,332

1,218,309

Agilent

Technologies,

Inc.

.....

7,786

1,059,441

Amgen,

Inc.

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

17,735

5,804,843

Bristol-Myers

Squibb

Co.

......

28,686

1,547,323

Cardinal

Health,

Inc.

.........

5,445

1,118,948

Cencora,

Inc.

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

4,008

1,353,702

a

Edwards

Lifesciences

Corp.

...

22,632

1,929,378

Elevance

Health,

Inc.

........

12,278

4,304,053

Eli

Lilly

&

Co.

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

10,730

11,531,316

Gilead

Sciences,

Inc.

........

74,134

9,099,207

a

IDEXX

Laboratories,

Inc.

......

8,646

5,849,278

a

Insulet

Corp.

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

3,258

926,054

Johnson

&

Johnson

.........

58,137

12,031,452

McKesson

Corp.

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

1,336

1,095,907

Merck

&

Co.,

Inc.

...........

72,691

7,651,455

a

Mettler-Toledo

International,

Inc.

3,242

4,519,964

ResMed,

Inc.

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

3,869

931,926

a

Waters

Corp.

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

4,995

1,897,251

Zoetis,

Inc.

,

A

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

47,814

6,015,957

79,885,764

#### Industrials

#### 8.9%
AGCO

Corp.

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

10,003

1,043,513

Broadridge

Financial

Solutions,

Inc.

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

6,403

1,428,958

Cummins,

Inc.

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

3,403

1,737,061

Emerson

Electric

Co.

........

42,357

5,621,621

ITT,

Inc.

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

6,597

1,144,646

Lennox

International,

Inc.

.....

8,467

4,111,406

Lincoln

Electric

Holdings,

Inc.

..

5,372

1,287,346

Republic

Services,

Inc.

,

A

.....

29,778

6,310,852

Rockwell

Automation,

Inc.

.....

6,487

2,523,897

Stanley

Black

&

Decker,

Inc.

...

14,942

1,109,892

Timken

Co.

(The)

...........

14,134

1,189,093

Trane

Technologies

plc

.......

12,842

4,998,106

Union

Pacific

Corp.

..........

36,625

8,472,095

Veralto

Corp.

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

21,223

2,117,631

Verisk

Analytics,

Inc.

,

A

.......

5,160

1,154,240

Waste

Management,

Inc.

......

4,819

1,058,783

WESCO

International,

Inc.

....

5,117

1,251,823

WW

Grainger,

Inc.

...........

1,167

1,177,561

Xylem,

Inc.

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

11,541

1,571,653

49,310,177

#### b

#### Information

#### Technology

#### 37.9%
Accenture

plc

,

A

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

5,771

1,548,359

a

Adobe,

Inc.

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

12,358

4,325,176

a

Advanced

Micro

Devices,

Inc.

..

52,068

11,150,883

Amphenol

Corp.

,

A

..........

8,531

1,152,879

Analog

Devices,

Inc.

.........

19,688

5,339,386

Apple,

Inc.

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

117,567

31,961,765

Applied

Materials,

Inc.

........

23,996

6,166,732

a

Arista

Networks,

Inc.

.........

11,930

1,563,188

a

Autodesk,

Inc.

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

12,350

3,655,723

Broadcom,

Inc.

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

65,373

22,625,595

Schedule

of

Investments

#### Impax

#### US

#### Sustainable

#### Economy

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### b

#### Information

#### Technology
(continued)

a

Cadence

Design

Systems,

Inc.

.

5,044

$

1,576,654

Cisco

Systems,

Inc.

.........

16,115

1,241,338

a

Fortinet,

Inc.

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

13,327

1,058,297

Gen

Digital,

Inc.

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

38,973

1,059,676

Hewlett

Packard

Enterprise

Co.

.

70,515

1,693,770

a

Intel

Corp.

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

29,969

1,105,856

Intuit,

Inc.

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

1,767

1,170,496

c

KLA

Corp.

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

1,135

1,379,116

Lam

Research

Corp.

.........

12,513

2,141,975

Micron

Technology,

Inc.

.......

23,203

6,622,368

Microsoft

Corp.

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

64,425

31,157,219

Motorola

Solutions,

Inc.

.......

3,776

1,447,416

NetApp,

Inc.

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

9,895

1,059,656

NVIDIA

Corp.

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

253,721

47,318,967

Oracle

Corp.

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

45,875

8,941,496

a

Palo

Alto

Networks,

Inc.

......

7,624

1,404,341

QUALCOMM,

Inc.

...........

33,751

5,773,109

a

ServiceNow,

Inc.

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

19,665

3,012,481

Texas

Instruments,

Inc.

.......

8,016

1,390,696

210,044,613

#### Materials

#### 2.3%
Albemarle

Corp.

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

12,901

1,824,717

a

Axalta

Coating

Systems

Ltd.

...

41,672

1,346,422

CRH

plc

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

13,537

1,689,418

Ecolab,

Inc.

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

11,555

3,033,419

Linde

plc

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

9,353

3,988,026

Sherwin-Williams

Co.

(The)

....

3,284

1,064,114

12,946,116

#### Real

#### Estate

#### 2.0%
a

CBRE

Group,

Inc.

,

A

.........

8,377

1,346,938

Prologis,

Inc.

,

REIT

..........

36,625

4,675,547

Rayonier,

Inc.

,

REIT

.........

54,754

1,185,424

Regency

Centers

Corp.

,

REIT

..

14,896

1,028,271

SBA

Communications

Corp.

,

A

,

REIT

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

5,372

1,039,106

Weyerhaeuser

Co.

,

REIT

.....

67,781

1,605,732

10,881,018

#### Utilities

#### 2.1%
American

Water

Works

Co.,

Inc.

50,815

6,631,357

Edison

International

.........

61,827

3,710,857

PG&E

Corp.

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

68,888

1,107,030

11,449,244

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 369,981,393

####)
..............

#### 549,577,312

#### Money

#### Market

#### 0.8%
d,e

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

.

4,516,689

#### 4,516,689

#### (Cost

#### $4,516,689)
a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### f

#### Securities

#### Purchased

#### With

#### Cash

#### Collateral

#### From

#### Securities

#### Lending

#### 0.0%
d,e

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

,

3.741 %

..........

126,875

#### $

#### 126,875

#### (Cost

#### $126,875)

#### a

#### Total

#### Investments

#### 100

#### .0

#### %

#### (Cost

#### $

#### 374,624,957

####)
.............

#### $554,220,876

#### f

#### Payable

#### Upon

#### Return

#### Of

#### Securities

#### Loaned

#### (0.0)

#### %
...................

#### (126,875)

#### f

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### (69,863)

#### Net

#### Assets

#### 100.0%

#### ...............

#### $554,024,138
a

Non-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2025. The

total

market

value

of

securities

on

loan

as

of

December

31,

2025

was

$124,365.

d

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. e

Institutional

Class

shares.

f

Rounds

to

less

than

0.05%.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments,

December

31,

2025

#### Impax

#### Global

#### Sustainable

#### Infrastructure

#### Fund
www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.7%

#### Communication

#### Services

#### 11.4%
Elisa

OYJ

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

44,483

$

1,971,299

KDDI

Corp.

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

115,200

1,993,848

Koninklijke

KPN

NV

.........

208,886

976,065

Tele2

AB

,

B

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

211,320

3,541,004

Vodacom

Group

Ltd.

.........

305,737

2,608,919

11,091,135

#### Financials

#### 1.6%
Hannover

Rueck

SE

.........

4,972

1,547,193

#### Health

#### Care

#### 2.1%
Chemed

Corp.

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

4,794

2,051,161

#### a

#### Industrials

#### 29.3%
AECOM

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

18,807

1,792,871

Canadian

Pacific

Kansas

City

Ltd.

23,582

1,736,156

b

Clean

Harbors,

Inc.

..........

10,273

2,408,813

Otis

Worldwide

Corp.

........

27,748

2,423,788

Schneider

Electric

SE

........

6,200

1,696,167

b

Siemens

Energy

AG

.........

17,258

2,421,100

Tetra

Tech,

Inc.

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

55,548

1,863,080

Trane

Technologies

plc

.......

2,880

1,120,896

Union

Pacific

Corp.

..........

16,009

3,703,202

Waste

Connections,

Inc.

......

22,408

3,929,467

Waste

Management,

Inc.

......

13,798

3,031,558

Westinghouse

Air

Brake

Technologies

Corp.

........

11,331

2,418,602

28,545,700

#### Information

#### Technology

#### 6.7%
Delta

Electronics,

Inc.

........

32,000

976,127

Infineon

Technologies

AG

.....

23,560

1,027,946

Microsoft

Corp.

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

2,999

1,450,376

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.

10,227

3,107,883

6,562,332

#### Materials

#### 2.3%
Linde

plc

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

5,238

2,233,431

#### Real

#### Estate

#### 12.0%
American

Tower

Corp.

,

REIT

...

11,034

1,937,239

Digital

Realty

Trust,

Inc.

,

REIT

..

21,491

3,324,872

Keppel

DC

REIT

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

1,959,656

3,426,753

Welltower,

Inc.

,

REIT

.........

15,970

2,964,192

11,653,056

#### a

#### Utilities

#### 33.3%
American

Water

Works

Co.,

Inc.

27,269

3,558,604

China

Longyuan

Power

Group

Corp.

Ltd.

,

H

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

1,705,000

1,455,988

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

,

ADR

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

84,315

2,010,906

Elia

Group

SA/NV

...........

20,692

2,662,704

Hydro

One

Ltd.

,

Reg

S

.......

63,951

2,545,833

Iberdrola

SA

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

180,232

3,902,635

National

Grid

plc

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

190,400

2,920,447

NextEra

Energy,

Inc.

.........

42,030

3,374,168

Northland

Power,

Inc.

........

157,822

2,052,474

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### a

#### Utilities
(continued)

Severn

Trent

plc

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

54,132

$

2,032,714

SSE

plc

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

103,611

3,037,659

Veolia

Environnement

SA

.....

85,228

2,965,721

32,519,853

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 83,109,218

####)
...............

#### 96,203,861

#### Money

#### Market

#### 1.0%
c,d

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

.

1,023,413

#### 1,023,413

#### (Cost

#### $1,023,413)

#### a

#### Total

#### Investments

#### 99

#### .7

#### %

#### (Cost

#### $

#### 84,132,631

####)
..............

#### $97,227,274

#### Other

#### Assets,

#### less

#### Liabilities

#### 0

#### .3

#### %

#### 291,524

#### Net

#### Assets

#### 100.0%

#### ...............

#### $97,518,798
a

Broad

industry

sectors

used

for

financial

reporting.

b

Non-income

producing

security.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. d

Institutional

Class

shares.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

#### Impax

#### Global

#### Sustainable

#### Infrastructure

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Summary

#### Of

#### Investments

#### by

#### Country
Country

Value

Percent

of

Net

Assets

Belgium

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

$

2,662,704

2.7%

Brazil

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

2,010,905

2.1%

Canada

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

6,334,462

6.5%

China

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

1,455,988

1.5%

Finland

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

1,971,299

2.0%

France

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

2,965,721

3.0%

Germany

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

4,996,239

5.1%

Japan

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

1,993,848

2.1%

Netherlands

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

976,065

1.0%

Singapore

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

3,426,753

3.5%

South

Africa

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

2,608,919

2.7%

Spain

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

3,902,635

4.0%

Sweden

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

3,541,004

3.6%

Taiwan

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

4,084,010

4.2%

United

Kingdom

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

7,990,820

8.2%

United

States

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

45,282,489

46.5%

Money

Market

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

1,023,413

1.0%

Other

assets

and

liabilities

(net)

291,524

0.3%

Total

$97,518,798

100.0%

Schedule

of

Investments,

December

31,

2025

#### Impax

#### Global

#### Opportunities

#### Fund
www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.4%

#### Communication

#### Services

#### 1.4%
KDDI

Corp.

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

104,100

$

1,801,732

#### Consumer

#### Discretionary

#### 5.1%
a

Aptiv

plc

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

39,529

3,007,761

eBay,

Inc.

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

39,508

3,441,147

6,448,908

#### Consumer

#### Staples

#### 3.6%
Jeronimo

Martins

SGPS

SA

...

97,780

2,326,807

Kerry

Group

plc

,

A

...........

24,475

2,236,592

4,563,399

#### Financials

#### 20.3%
Citizens

Financial

Group,

Inc.

..

48,593

2,838,317

Cullen/Frost

Bankers,

Inc.

.....

28,407

3,597,179

HDFC

Bank

Ltd.

,

ADR

........

71,195

2,601,465

KBC

Group

NV

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

30,546

3,978,190

London

Stock

Exchange

Group

plc

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

25,651

3,085,521

Marsh

&

McLennan

Cos.,

Inc.

..

14,965

2,776,307

Mastercard,

Inc.

,

A

..........

7,898

4,508,810

RenaissanceRe

Holdings

Ltd.

..

8,215

2,309,729

25,695,518

#### Health

#### Care

#### 16.9%
Alcon

AG

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

31,483

2,491,190

a

Boston

Scientific

Corp.

.......

52,977

5,051,357

Danaher

Corp.

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

11,049

2,529,337

Haleon

plc

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

498,485

2,519,035

a

Intuitive

Surgical,

Inc.

........

6,669

3,777,055

Thermo

Fisher

Scientific,

Inc.

..

5,197

3,011,402

Zoetis,

Inc.

,

A

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

16,603

2,088,989

21,468,365

#### Industrials

#### 15.0%
Ashtead

Group

plc

..........

44,620

3,042,156

Cintas

Corp.

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

17,225

3,239,506

Hubbell,

Inc.

,

B

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

7,631

3,389,004

Recruit

Holdings

Co.

Ltd.

.....

45,000

2,528,621

Schneider

Electric

SE

........

12,468

3,410,936

Xylem,

Inc.

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

25,190

3,430,374

19,040,597

#### b

#### Information

#### Technology

#### 32.9%
Applied

Materials,

Inc.

........

7,492

1,925,369

a

Cadence

Design

Systems,

Inc.

.

9,872

3,085,790

Keyence

Corp.

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

8,150

2,948,059

Marvell

Technology,

Inc.

......

21,296

1,809,734

MediaTek,

Inc.

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

71,000

3,223,768

Microsoft

Corp.

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

18,455

8,925,207

NVIDIA

Corp.

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

32,182

6,001,943

a

ServiceNow,

Inc.

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

13,835

2,119,384

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......

125,000

6,144,661

TE

Connectivity

plc

..........

10,807

2,458,700

a

Tyler

Technologies,

Inc.

.......

6,584

2,988,807

41,631,422

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Materials

#### 3.2%
Linde

plc

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

9,393

$

4,005,081

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 95,079,463

####)
...............

#### 124,655,022

#### Money

#### Market

#### 1.4%
c,d

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

.

1,757,081

#### 1,757,081

#### (Cost

#### $1,757,081)

#### a

#### Total

#### Investments

#### 99

#### .8

#### %

#### (Cost

#### $

#### 96,836,544

####)
..............

#### $126,412,103

#### Other

#### Assets,

#### less

#### Liabilities

#### 0

#### .2

#### %

#### 260,622

#### Net

#### Assets

#### 100.0%

#### ...............

#### $126,672,725
a

Non-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. d

Institutional

Class

shares.

ADR

American

Depositary

Receipt

Schedule

of

Investments

#### Impax

#### Global

#### Opportunities

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Summary

#### Of

#### Investments

#### by

#### Country
Country

Value

Percent

of

Net

Assets

Belgium

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

$

3,978,190

3.1%

Bermuda

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

2,309,729

1.8%

India

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

2,601,465

2.1%

Ireland

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

2,236,591

1.8%

Japan

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

7,278,412

5.7%

Portugal

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

2,326,807

1.8%

Switzerland

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

2,458,701

1.9%

Taiwan

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

9,368,429

7.5%

United

Kingdom

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

6,127,677

4.8%

United

States

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

85,969,021

67.9%

Money

Market

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

1,757,081

1.4%

Other

assets

and

liabilities

(net)

260,622

0.2%

Total

$126,672,725

100.0%

Schedule

of

Investments,

December

31,

2025

#### Impax

#### Global

#### Environmental

#### Markets

#### Fund
www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

#### Common

#### Stocks

#### 98.6%

#### DIGITAL

#### INFRASTRUCTURE

#### 23.0%

#### Cloud

#### Computing

#### 8.5%
Microsoft

Corp.

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

198,939

$

96,210,879

NVIDIA

Corp.

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

242,181

45,166,757

141,377,636

#### Efficient

#### IT

#### 14.5%
Applied

Materials,

Inc.

..........

153,118

39,349,795

a

Autodesk,

Inc.

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

63,987

18,940,792

Marvell

Technology,

Inc.

........

451,347

38,355,468

MediaTek,

Inc.

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

729,000

33,100,384

a

Synopsys,

Inc.

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

83,284

39,120,160

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

........

1,496,000

73,539,299

242,405,898

#### ENERGY

#### MANAGEMENT

#### &

#### EFFICIENCY

#### 25.5%

#### Buildings

#### Energy

#### Efficiency

#### 6.0%
A

O

Smith

Corp.

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

414,784

27,740,754

Carrier

Global

Corp.

...........

560,762

29,630,664

Sika

AG

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

128,182

26,024,216

Trane

Technologies

plc

.........

38,822

15,109,522

98,505,156

#### Industrial

#### Energy

#### Efficiency

#### 12.7%
Air

Liquide

SA

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

321,134

60,358,409

Keyence

Corp.

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

68,600

24,814,335

Linde

plc

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

181,529

77,402,150

Spirax

Group

plc

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

347,160

31,729,394

Texas

Instruments,

Inc.

.........

110,822

19,226,509

213,530,797

#### Smart

#### &

#### Efficient

#### Grids

#### 6.8%
Hubbell,

Inc.

,

B

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

99,691

44,273,770

a

Itron,

Inc.

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

206,783

19,201,869

Schneider

Electric

SE

..........

186,893

51,129,301

114,604,940

#### ENVIRONMENTAL

#### SERVICES

#### &

#### RESOURCES

#### 11.4%

#### Environmental

#### Testing

#### &

#### Monitoring

#### 8.2%
Agilent

Technologies,

Inc.

.......

592,205

80,581,334

Veralto

Corp.

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

342,583

34,182,932

a

Waters

Corp.

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

59,077

22,439,217

137,203,483

#### Finance

#### &

#### Investment

#### 3.2%
RenaissanceRe

Holdings

Ltd.

....

187,925

52,836,993

#### INDUSTRIALS

#### 2.0%

#### Building

#### Products

#### 0.8%
AAON,

Inc.

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

177,171

13,509,289

#### Electrical

#### Equipment

#### 1.2%
a

Siemens

Energy

AG

...........

146,106

20,497,003

#### INFORMATION

#### TECHNOLOGY

#### 1.1%

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.1%
Infineon

Technologies

AG

.......

434,499

18,957,609

#### RESOURCE

#### EFFICIENCY

#### &

#### WASTE

#### MANAGEMENT

#### 8.9%

#### General

#### Waste

#### Management

#### 4.7%
Republic

Services,

Inc.

,

A

.......

141,349

29,956,093

a

a

#### Shares/

#### Principal
a

#### Value
a

#### Common

#### Stocks
(continued)

#### General

#### Waste

#### Management
(continued)

Waste

Management,

Inc.

........

221,770

$

48,725,087

78,681,180

#### Resource

#### Circularity

#### &

#### Efficiency

#### 4.2%
Ashtead

Group

plc

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

499,530

34,057,557

eBay,

Inc.

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

410,342

35,740,788

69,798,345

#### SUSTAINABLE

#### FOOD

#### &

#### AGRICULTURE

#### 7.5%

#### Sustainable

#### Agriculture

#### 6.1%
DSM-Firmenich

AG

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

300,663

24,254,444

Kerry

Group

plc

,

A

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

534,264

48,822,492

Zoetis,

Inc.

,

A

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

230,601

29,014,218

102,091,154

#### Technology

#### &

#### Logistics

#### 1.4%
GEA

Group

AG

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

337,968

22,840,639

#### TRANSPORT

#### SOLUTIONS

#### 9.2%

#### Advanced

#### Road

#### Vehicles

#### &

#### Devices

#### 6.1%
Amphenol

Corp.

,

A

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

309,882

41,877,454

a

Aptiv

plc

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

443,667

33,758,622

TE

Connectivity

plc

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

117,315

26,690,336

102,326,412

#### Railways

#### 3.1%
Union

Pacific

Corp.

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

221,154

51,157,343

#### WATER

#### INFRASTRUCTURE

#### &

#### TECHNOLOGIES

#### 10.0%

#### Water

#### Distribution

#### &

#### Infrastructure

#### 5.5%
Ferguson

Enterprises,

Inc.

......

92,396

20,485,248

IDEX

Corp.

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

161,277

28,697,629

Xylem,

Inc.

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

320,195

43,604,155

92,787,032

#### Water

#### Treatment

#### 1.4%
Pentair

plc

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

221,310

23,047,223

#### Water

#### Utilities

#### 3.1%
Veolia

Environnement

SA

.......

1,454,520

50,613,657

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 1,158,563,478

####)
.............

#### 1,646,771,789
—

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.2%
b,c

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

#### (Cost

#### $

#### 20,855,540

####)
..........

20,855,540

#### 20,855,540

#### a

#### Total

#### Investments

#### 99

#### .8

#### %

#### (Cost

#### $

#### 1,179,419,018

####)
.............

#### $1,667,627,329

#### Other

#### Assets,

#### less

#### Liabilities

#### 0

#### .2

#### %
..

#### 3,890,362

#### Net

#### Assets

#### 100.0%

#### ................

#### $1,671,517,691
a

Non-income

producing

security.

b

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. c

Institutional

Class

shares.

Schedule

of

Investments

#### Impax

#### Global

#### Environmental

#### Markets

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Summary

#### Of

#### Investments

#### by

#### Country
Country

Value

Percent

of

Net

Assets

Bermuda

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

$

52,836,993

3.2%

France

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

110,972,064

6.7%

Germany

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

62,295,252

3.7%

Ireland

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

48,822,493

2.9%

Japan

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

24,814,335

1.5%

Switzerland

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

76,968,995

4.7%

Taiwan

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

106,639,683

6.4%

United

Kingdom

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

65,786,950

3.9%

United

States

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

1,097,635,024

65.6%

Money

Market

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

20,855,540

1.2%

Other

assets

and

liabilities

(net)

3,890,362

0.2%

Total

$1,671,517,691

100.0%

Schedule

of

Investments,

December

31,

2025

#### Impax

#### Global

#### Social

#### Leaders

#### Fund
www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 96.3%

#### Communication

#### Services

#### 3.0%
a

Netflix,

Inc.

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

$

27,190

Vodacom

Group

Ltd.

.........

5,588

47,684

74,874

#### Consumer

#### Discretionary

#### 16.4%
Autoliv,

Inc.

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

57,332

a

Bright

Horizons

Family

Solutions,

Inc.

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

47,962

a

Duolingo,

Inc.

,

A

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

16,146

eBay,

Inc.

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

1,063

92,587

a

MercadoLibre,

Inc.

..........

62,442

a

On

Holding

AG

,

A

...........

1,198

55,683

Trip.com

Group

Ltd.

.........

1,050

75,287

407,439

#### Consumer

#### Staples

#### 5.1%
Colgate-Palmolive

Co.

.......

555

43,856

Danone

SA

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

920

82,983

126,839

#### Financials

#### 22.8%
a

Adyen

NV

,

Reg

S

...........

62,890

AIA

Group

Ltd.

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

4,900

50,436

Banco

Bilbao

Vizcaya

Argentaria

SA

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

3,408

79,942

HDFC

Bank

Ltd.

,

ADR

........

1,481

54,116

Mastercard,

Inc.

,

A

..........

108,467

Pinnacle

Financial

Partners,

Inc.

641

61,158

Progressive

Corp.

(The)

......

41,901

Prudential

plc

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

3,118

47,964

Voya

Financial,

Inc.

..........

838

62,423

569,297

#### Health

#### Care

#### 12.8%
Agilent

Technologies,

Inc.

.....

64,089

Alcon

AG

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

549

43,441

a

Boston

Scientific

Corp.

.......

41,668

Gilead

Sciences,

Inc.

........

35,226

Haleon

plc

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

11,101

56,098

a

Intuitive

Surgical,

Inc.

........

54,937

Novo

Nordisk

A/S

,

B

.........

24,700

320,159

#### Industrials

#### 7.5%
Experian

plc

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

1,743

78,586

Recruit

Holdings

Co.

Ltd.

.....

1,300

73,049

Wolters

Kluwer

NV

..........

35,216

186,851

#### Information

#### Technology

#### 23.9%
a

Autodesk,

Inc.

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

49,434

Bentley

Systems,

Inc.

,

B

......

1,036

39,539

Halma

plc

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

2,613

124,026

Intuit,

Inc.

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

66,904

NVIDIA

Corp.

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

1,044

194,706

a

Palo

Alto

Networks,

Inc.

......

34,629

a

ServiceNow,

Inc.

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

50,553

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Information

#### Technology
(continued)

a

Tyler

Technologies,

Inc.

.......

$

34,954

594,745

#### Real

#### Estate

#### 4.8%
American

Tower

Corp.

,

REIT

...

39,152

UNITE

Group

plc

(The)

,

REIT

..

3,609

27,171

Ventas,

Inc.

,

REIT

...........

675

52,232

118,555

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,040,050

####)
................

#### 2,398,759

#### Money

#### Market

#### 5.4%
b,c

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

.

134,158

#### 134,158

#### (Cost

#### $134,158)

#### a

#### Total

#### Investments

#### 101

#### .7

#### %

#### (Cost

#### $

#### 2,174,208

####)
...............

#### $2,532,917

#### Other

#### Assets,

#### less

#### Liabilities

#### (#### 1

#### .7

####)

#### %

#### (41,363)

#### Net

#### Assets

#### 100.0%

#### ...............

#### $2,491,554
a

Non-income

producing

security.

b

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. c

Institutional

Class

shares.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

#### Impax

#### Global

#### Social

#### Leaders

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Summary

#### Of

#### Investments

#### by

#### Country
Country

Value

Percent

of

Net

Assets

Brazil

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

$

62,442

2.5%

China

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

75,287

3.0%

Denmark

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

24,700

1.0%

France

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

82,983

3.3%

Hong

Kong

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

98,400

3.9%

India

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

54,116

2.2%

Japan

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

73,049

2.9%

Netherlands

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

98,106

3.9%

South

Africa

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

47,684

1.9%

Spain

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

79,942

3.2%

Sweden

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

57,332

2.3%

Switzerland

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

55,683

2.3%

United

Kingdom

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

151,197

6.1%

United

States

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

1,437,838

57.8%

Money

Market

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

134,158

5.4%

Other

assets

and

liabilities

(net)

(41,363)

-1.7%

Total

$2,491,554

100.0%

Schedule

of

Investments,

December

31,

2025

#### Impax

#### Ellevate

#### Global

#### Women's

#### Leadership

#### Fund
www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.9%

#### Communication

#### Services

#### 8.1%
Alphabet,

Inc.

,

A

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

39,896

$

12,487,448

Alphabet,

Inc.

,

C

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

31,611

9,919,532

Auto

Trader

Group

plc

,

Reg

S

..

183,022

1,443,927

BT

Group

plc

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

786,840

1,949,350

Deutsche

Telekom

AG

........

157,530

5,127,768

Koninklijke

KPN

NV

.........

462,788

2,162,477

Orange

SA

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

204,939

3,419,728

Publicis

Groupe

SA

..........

56,676

5,885,673

Telstra

Group

Ltd.

...........

666,678

2,163,079

Vodafone

Group

plc

.........

3,597,703

4,795,773

Walt

Disney

Co.

(The)

........

68,734

7,819,867

57,174,622

#### Consumer

#### Discretionary

#### 11.3%
a

Amazon.com,

Inc.

...........

77,231

17,826,459

Aristocrat

Leisure

Ltd.

........

146,233

5,661,322

Best

Buy

Co.,

Inc.

...........

63,749

4,266,720

a

Deckers

Outdoor

Corp.

.......

20,240

2,098,281

eBay,

Inc.

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

45,852

3,993,709

Hermes

International

SCA

.....

2,859

7,098,470

Kering

SA

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

18,473

6,455,165

a

Lululemon

Athletica,

Inc.

......

27,930

5,804,133

Marriott

International,

Inc.

,

A

...

25,390

7,876,994

Starbucks

Corp.

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

76,519

6,443,665

a

Ulta

Beauty,

Inc.

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

11,458

6,932,205

Williams-Sonoma,

Inc.

.......

33,079

5,907,579

80,364,702

#### Consumer

#### Staples

#### 6.0%
Coca-Cola

Co.

(The)

.........

116,891

8,171,850

Diageo

plc

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

140,968

3,037,566

General

Mills,

Inc.

...........

86,974

4,044,291

JDE

Peet's

NV

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

57,388

2,146,191

Jeronimo

Martins

SGPS

SA

...

90,960

2,164,516

L'Oreal

SA

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

5,914

2,538,975

Procter

&

Gamble

Co.

(The)

...

55,675

7,978,784

Target

Corp.

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

67,269

6,575,545

Woolworths

Group

Ltd.

.......

306,947

6,005,419

42,663,137

#### Financials

#### 20.0%
Allianz

SE

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

7,035

3,252,824

American

Express

Co.

.......

16,823

6,223,669

Amundi

SA

,

Reg

S

..........

26,037

2,151,953

Aviva

plc

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

345,246

3,174,510

AXA

SA

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

59,530

2,856,312

Banco

Bilbao

Vizcaya

Argentaria

SA

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

93,007

2,181,686

Bank

of

New

York

Mellon

Corp.

(The)

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

57,137

6,633,034

Canadian

Imperial

Bank

of

Commerce

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

46,782

4,241,073

Citigroup,

Inc.

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

77,689

9,065,529

DNB

Bank

ASA

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

225,587

6,285,029

Hang

Seng

Bank

Ltd.

........

339,900

6,705,403

JPMorgan

Chase

&

Co.

.......

43,557

14,034,937

National

Bank

of

Canada

.....

55,598

6,991,928

NatWest

Group

plc

..........

300,482

2,635,913

PayPal

Holdings,

Inc.

........

42,809

2,499,189

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financials
(continued)

PNC

Financial

Services

Group,

Inc.

(The)

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

10,186

$

2,126,124

Progressive

Corp.

(The)

......

9,094

2,070,886

Prudential

Financial,

Inc.

......

60,898

6,874,166

Royal

Bank

of

Canada

.......

36,210

6,173,019

Societe

Generale

SA

.........

64,231

5,170,854

Standard

Chartered

plc

.......

294,804

7,193,348

State

Street

Corp.

...........

53,436

6,893,778

Sun

Life

Financial,

Inc.

.......

99,065

6,184,029

UniCredit

SpA

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

76,116

6,304,437

Westpac

Banking

Corp.

.......

293,344

7,527,655

Willis

Towers

Watson

plc

......

17,783

5,843,494

141,294,779

#### Health

#### Care

#### 11.9%
a

Biogen,

Inc.

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

32,124

5,653,503

Bristol-Myers

Squibb

Co.

......

115,991

6,256,555

Cardinal

Health,

Inc.

.........

35,236

7,240,998

Elevance

Health,

Inc.

........

15,565

5,456,311

Eli

Lilly

&

Co.

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

12,824

13,781,696

Gilead

Sciences,

Inc.

........

69,002

8,469,306

GSK

plc

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

301,350

7,388,263

a

Insulet

Corp.

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

6,409

1,821,694

Johnson

&

Johnson

.........

50,260

10,401,307

Koninklijke

Philips

NV

........

80,567

2,193,775

Merck

&

Co.,

Inc.

...........

35,859

3,774,518

Orion

OYJ

,

B

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

29,701

2,215,922

Stryker

Corp.

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

5,984

2,103,196

a

Vertex

Pharmaceuticals,

Inc.

...

4,622

2,095,430

Zoetis,

Inc.

,

A

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

42,880

5,395,162

84,247,636

#### Industrials

#### 8.7%
Cie

de

Saint-Gobain

SA

......

57,263

5,823,184

Cummins,

Inc.

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

13,935

7,113,121

Metso

OYJ

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

388,787

6,764,570

Otis

Worldwide

Corp.

........

67,076

5,859,089

Qantas

Airways

Ltd.

.........

831,541

5,744,856

Schneider

Electric

SE

........

29,046

7,946,267

Stantec,

Inc.

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

47,450

4,477,596

Thomson

Reuters

Corp.

......

11,861

1,565,249

Veralto

Corp.

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

64,048

6,390,709

Wolters

Kluwer

NV

..........

37,822

3,917,471

WW

Grainger,

Inc.

...........

6,224

6,280,327

61,882,439

#### b

#### Information

#### Technology

#### 29.0%
Accenture

plc

,

A

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

24,254

6,507,348

Apple,

Inc.

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

125,581

34,140,451

a

Autodesk,

Inc.

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

23,076

6,830,727

Broadcom,

Inc.

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

55,563

19,230,354

Cisco

Systems,

Inc.

.........

114,248

8,800,523

Hewlett

Packard

Enterprise

Co.

.

270,902

6,507,066

HP,

Inc.

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

215,598

4,803,523

Intuit,

Inc.

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

10,618

7,033,576

Lam

Research

Corp.

.........

31,667

5,420,757

Microsoft

Corp.

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

65,753

31,799,466

NVIDIA

Corp.

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

240,657

44,882,530

Oracle

Corp.

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

32,145

6,265,382

Schedule

of

Investments

#### Impax

#### Ellevate

#### Global

#### Women's

#### Leadership

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### b

#### Information

#### Technology
(continued)

Seagate

Technology

Holdings

plc

24,323

$

6,698,311

a

ServiceNow,

Inc.

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

12,290

1,882,705

a

Synopsys,

Inc.

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

15,761

7,403,257

a

Twilio,

Inc.

,

A

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

50,494

7,182,267

205,388,243

#### Materials

#### 1.4%
Fortescue

Ltd.

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

347,455

5,080,659

Rio

Tinto

Ltd.

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

23,010

2,244,756

Yara

International

ASA

.......

66,154

2,707,155

10,032,570

#### Utilities

#### 2.5%
American

Water

Works

Co.,

Inc.

42,173

5,503,577

Edison

International

.........

104,675

6,282,593

Iberdrola

SA

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

100,453

2,175,149

National

Grid

plc

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

227,516

3,489,750

17,451,069

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 486,241,431

####)
..............

#### 700,499,197

#### Money

#### Market

#### 0.9%
c,d

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

.

6,306,135

#### 6,306,135

#### (Cost

#### $6,306,135)

#### a

#### Total

#### Investments

#### 99

#### .8

#### %

#### (Cost

#### $

#### 492,547,566

####)
.............

#### $706,805,332

#### Other

#### Assets,

#### less

#### Liabilities

#### 0

#### .2

#### %

#### 1,308,090

#### Net

#### Assets

#### 100.0%

#### ...............

#### $708,113,422
a

Non-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. d

Institutional

Class

shares.

Schedule

of

Investments

#### Impax

#### Ellevate

#### Global

#### Women's

#### Leadership

#### Fund
(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Summary

#### Of

#### Investments

#### by

#### Country
Country

Value

Percent

of

Net

Assets

Australia

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

$

34,427,747

4.8%

Brazil

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

2,707,155

0.4%

Canada

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

29,632,895

4.2%

Finland

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

8,980,492

1.3%

France

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

41,400,313

5.8%

Germany

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

8,380,592

1.2%

Hong

Kong

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

6,705,403

0.9%

Italy

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

6,304,437

0.9%

Netherlands

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

10,419,914

1.5%

Norway

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

6,285,029

0.9%

Portugal

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

2,164,516

0.3%

Spain

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

4,356,834

0.6%

United

Kingdom

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

27,720,137

3.9%

United

States

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

511,013,733

72.2%

Money

Market

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

6,306,135

0.9%

Other

assets

and

liabilities

(net)

1,308,090

0.2%

Total

$708,113,422

100.0%

Schedule

of

Investments,

December

31,

2025

#### Impax

#### International

#### Sustainable

#### Economy

#### Fund
www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 97.9%

#### Australia

#### 5.8%
ANZ

Group

Holdings

Ltd.

.......

710,845

$

17,186,534

Aristocrat

Leisure

Ltd.

..........

362,989

14,052,900

Brambles

Ltd.

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

283,412

4,327,791

Coles

Group

Ltd.

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

421,985

6,031,544

Commonwealth

Bank

of

Australia

.

59,300

6,329,626

CSL

Ltd.

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

71,200

8,193,802

Goodman

Group

,

REIT

.........

315,181

6,485,848

QBE

Insurance

Group

Ltd.

......

1,277,155

16,908,824

REA

Group

Ltd.

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

47,995

5,850,831

Suncorp

Group

Ltd.

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

307,102

3,605,098

Westpac

Banking

Corp.

.........

124,395

3,192,166

92,164,964

#### Belgium

#### 1.2%
KBC

Group

NV

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

124,419

16,203,836

Syensqo

SA

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

40,011

3,204,810

19,408,646

#### Denmark

#### 1.6%
Novo

Nordisk

A/S

,

B

...........

278,550

14,127,632

a

Orsted

A/S

,

Reg

S

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

317,473

6,060,362

Tryg

A/S

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

228,526

5,976,276

26,164,270

#### Finland

#### 1.2%
Kone

OYJ

,

B

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

45,599

3,230,368

Nokia

OYJ

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

632,461

4,077,522

Sampo

OYJ

,

A

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

1,009,272

12,210,995

19,518,885

#### France

#### 8.9%
Air

Liquide

SA

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

28,062

5,274,364

AXA

SA

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

580,024

27,830,157

BNP

Paribas

SA

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

291,859

27,611,917

Carrefour

SA

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

847,519

14,141,347

Credit

Agricole

SA

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

775,499

15,965,879

Danone

SA

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

85,685

7,728,709

Dassault

Systemes

SE

.........

523,204

14,617,406

Hermes

International

SCA

.......

2,187

5,429,995

L'Oreal

SA

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

33,837

14,526,765

Pernod

Ricard

SA

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

35,113

3,006,598

Unibail-Rodamco-Westfield

,

REIT

.

58,593

6,371,807

142,504,944

#### Germany

#### 9.5%
Allianz

SE

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

40,741

18,837,713

E.ON

SE

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

171,362

3,244,726

Fresenius

SE

&

Co.

KGaA

.......

56,331

3,227,304

GEA

Group

AG

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

152,303

10,292,980

Hannover

Rueck

SE

...........

10,371

3,227,262

Infineon

Technologies

AG

.......

614,459

26,809,437

Mercedes-Benz

Group

AG

......

340,843

23,627,950

Merck

KGaA

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

55,114

7,866,050

Muenchener

Rueckversicherungs-

Gesellschaft

AG

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

30,029

19,761,677

Siemens

AG

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

123,532

34,598,422

151,493,521

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Hong

#### Kong

#### 2.1%
AIA

Group

Ltd.

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

2,370,400

$

24,398,749

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

63,800

3,338,102

MTR

Corp.

Ltd.

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

1,405,999

5,384,876

33,121,727

#### Ireland

#### 0.5%
AIB

Group

plc

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

327,295

3,498,898

Bank

of

Ireland

Group

plc

.......

205,472

3,929,715

7,428,613

#### Italy

#### 5.0%
BPER

Banca

SpA

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

1,166,363

15,760,456

Enel

SpA

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

845,089

8,786,673

Generali

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

600,091

25,076,854

Intesa

Sanpaolo

SpA

...........

3,333,538

23,035,100

a

Telecom

Italia

SpA

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

6,005,135

3,607,606

UniCredit

SpA

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

38,085

3,154,455

79,421,144

#### Japan

#### 22.5%
Ajinomoto

Co.,

Inc.

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

254,700

5,384,359

Astellas

Pharma,

Inc.

..........

987,300

13,140,486

Bridgestone

Corp.

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

137,200

3,086,902

Chugai

Pharmaceutical

Co.

Ltd.

..

123,000

6,452,773

Daifuku

Co.

Ltd.

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

186,400

5,867,068

Daiichi

Sankyo

Co.

Ltd.

.........

1,090,200

23,149,912

Daiwa

House

Industry

Co.

Ltd.

...

93,200

3,095,994

FANUC

Corp.

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

303,900

11,826,498

Fujitsu

Ltd.

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

983,600

27,032,195

Hitachi

Ltd.

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

1,058,000

33,180,543

Kajima

Corp.

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

101,300

3,777,225

Kao

Corp.

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

112,400

4,486,059

KDDI

Corp.

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

1,397,100

24,180,593

Komatsu

Ltd.

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

297,800

9,449,927

Mitsubishi

Estate

Co.

Ltd.

.......

207,600

5,043,667

NEC

Corp.

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

737,700

24,960,454

Nitto

Denko

Corp.

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

155,200

3,695,268

Nomura

Holdings,

Inc.

..........

488,400

4,068,601

Nomura

Research

Institute

Ltd.

...

124,000

4,718,773

Obayashi

Corp.

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

151,500

3,170,579

Panasonic

Holdings

Corp.

.......

295,500

3,830,874

Recruit

Holdings

Co.

Ltd.

.......

328,400

18,453,315

Sekisui

Chemical

Co.

Ltd.

.......

249,400

4,194,226

SoftBank

Corp.

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

13,537,800

18,586,831

Sompo

Holdings,

Inc.

..........

182,400

6,191,060

Sony

Group

Corp.

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

1,267,400

32,510,063

Sumitomo

Electric

Industries

Ltd.

.

177,400

7,145,191

Takeda

Pharmaceutical

Co.

Ltd.

..

109,500

3,401,647

Tokio

Marine

Holdings,

Inc.

......

137,900

5,097,626

Tokyo

Electron

Ltd.

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

143,300

31,916,833

Yokogawa

Electric

Corp.

........

250,000

8,017,642

359,113,184

#### Netherlands

#### 5.0%
ASML

Holding

NV

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

48,671

52,443,984

ASR

Nederland

NV

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

44,731

3,182,646

ING

Groep

NV

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

221,054

6,213,437

Koninklijke

Ahold

Delhaize

NV

....

256,461

10,516,669

Schedule

of

Investments

#### Impax

#### International

#### Sustainable

#### Economy

#### Fund
(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Netherlands
(continued)

Wolters

Kluwer

NV

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

79,672

$

8,252,148

80,608,884

#### Norway

#### 0.3%
Norsk

Hydro

ASA

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

599,692

4,629,127

#### Portugal

#### 1.3%
EDP

SA

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

3,163,419

14,570,041

Jeronimo

Martins

SGPS

SA

.....

266,009

6,330,043

20,900,084

#### Singapore

#### 1.7%
DBS

Group

Holdings

Ltd.

.......

76,100

3,333,534

United

Overseas

Bank

Ltd.

......

850,300

23,158,373

26,491,907

#### Spain

#### 3.9%
Acciona

SA

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

15,008

3,266,331

ACS

Actividades

de

Construccion

y

Servicios

SA

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

73,715

7,317,344

Banco

Bilbao

Vizcaya

Argentaria

SA

157,398

3,692,119

Banco

de

Sabadell

SA

.........

1,585,175

6,246,937

CaixaBank

SA

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

590,538

7,219,992

Iberdrola

SA

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

1,578,195

34,173,280

61,916,003

#### Sweden

#### 1.2%
Assa

Abloy

AB

,

B

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

239,914

9,268,083

Skanska

AB

,

B

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

119,445

3,254,678

SKF

AB

,

B

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

128,933

3,412,706

Svenska

Handelsbanken

AB

,

A

...

226,103

3,275,677

19,211,144

#### Switzerland

#### 4.8%
ABB

Ltd.

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

392,449

28,930,379

Logitech

International

SA

.......

134,105

13,614,078

SGS

SA

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

56,908

6,527,788

Sika

AG

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

34,865

7,078,485

Sonova

Holding

AG

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

46,911

12,134,317

Zurich

Insurance

Group

AG

......

12,172

9,210,585

77,495,632

#### United

#### Kingdom

#### 13.7%
3i

Group

plc

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

173,002

7,585,937

AstraZeneca

plc

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

235,683

43,615,342

Auto

Trader

Group

plc

,

Reg

S

....

544,937

4,299,205

Barratt

Redrow

plc

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

2,027,020

10,413,185

HSBC

Holdings

plc

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

2,798,302

44,033,915

J

Sainsbury

plc

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

1,637,389

7,173,135

Legal

&

General

Group

plc

......

1,772,888

6,239,848

National

Grid

plc

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

1,115,773

17,114,264

Reckitt

Benckiser

Group

plc

.....

142,835

11,558,115

RELX

plc

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

550,984

22,197,392

Schroders

plc

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

599,632

3,277,868

Segro

plc

,

REIT

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

345,503

3,347,279

SSE

plc

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

501,656

14,707,508

Tesco

plc

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

2,310,885

13,742,439

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### United

#### Kingdom
(continued)

United

Utilities

Group

plc

........

195,104

$

3,134,626

Vodafone

Group

plc

...........

4,581,492

6,107,173

218,547,231

#### United

#### States

#### 7.7%
Experian

plc

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

168,348

7,590,236

GSK

plc

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

297,858

7,302,649

Holcim

AG

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

138,029

13,437,167

Novartis

AG

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

310,886

42,838,845

Schneider

Electric

SE

..........

108,982

29,814,779

Swiss

Re

AG

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

133,197

22,189,243

123,172,919

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 1,165,496,762

####)
.............

#### 1,563,312,829

#### Money

#### Market

#### 1.5%
b,c

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

...

23,537,355

#### 23,537,355

#### (Cost

#### $23,537,355)

#### a

#### Total

#### Investments

#### 99

#### .4

#### %

#### (Cost

#### $

#### 1,189,034,117

####)
.............

#### $1,586,850,184

#### Other

#### Assets,

#### less

#### Liabilities

#### 0

#### .6

#### %
..

#### 9,357,425

#### Net

#### Assets

#### 100.0%

#### ................

#### $1,596,207,609
a

Non-income

producing

security.

b

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. c

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

#### Impax

#### International

#### Sustainable

#### Economy

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Summary

#### Of

#### Investments

#### by

#### Sector
Sector

Value

Percent

of

Net

Assets

Communication

Services

........

$

62,632,238

3.9%

Consumer

Discretionary

........

100,097,058

6.3%

Consumer

Staples

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

104,625,781

6.6%

Financials

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

461,257,689

28.9%

Health

Care

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

185,450,761

11.6%

Industrials

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

274,319,350

17.2%

Information

Technology

.........

208,208,325

13.0%

Materials

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

37,319,221

2.3%

Real

Estate

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

24,344,595

1.5%

Utilities

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

105,057,811

6.6%

Money

Market

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

23,537,355

1.5%

Other

assets

and

liabilities

(net)

9,357,425

0.6%

Total

$1,596,207,609

100.0%

Schedule

of

Investments,

December

31,

2025

#### Impax

#### Core

#### Bond

#### Fund
www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### BONDS:

#### 97.7%

#### a

#### Community

#### Investment

#### Notes

#### 0.0%

#### a

#### Financials

#### 0.0%
b

Envest

Microfinance

Cooperative

,

4.000 %,

4/20/26

...........

250,000

$

249,275

#### Total

#### Community

#### Investment

#### Notes

#### (Cost

#### $250,000)

#### .................

#### 249,275

#### Corporate

#### Bonds

#### 31.0%

#### Communication

#### Services

#### 5.3%
Alphabet,

Inc.

,

4.700%,

11/15/35

.........

2,000,000

2,001,273

5.250%,

5/15/55

..........

2,000,000

1,916,969

AT&T,

Inc.

,

5.400%,

2/15/34

..........

3,750,000

3,889,450

5.375%,

8/15/35

..........

3,000,000

3,075,375

4.350%,

6/15/45

..........

3,250,000

2,684,055

4.750%,

5/15/46

..........

775,000

673,286

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

6.384 %,

10/23/35

1,400,000

1,446,086

c

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

144A,

7.000 %,

6/15/27

......

500,000

502,029

Fox

Corp.

,

6.500 %,

10/13/33

...

4,000,000

4,419,014

c,d

Sirius

XM

Radio

LLC

,

144A,

4.125 %,

7/01/30

...........

2,000,000

1,903,475

Sprint

Capital

Corp.

,

8.750 %,

3/15/32

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

5,000,000

6,050,093

T-Mobile

USA,

Inc.

,

5.300 %,

5/15/35

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

4,500,000

4,615,774

c,d

Uniti

Group

LP

/

Uniti

Group

Finance

2019,

Inc.

/

CSL

Capital

LLC

,

144A,

4.750 %,

4/15/28

.

2,000,000

1,991,374

Verizon

Communications,

Inc.

,

4.750%,

1/15/33

..........

2,000,000

1,999,026

5.250%,

4/02/35

..........

2,500,000

2,541,875

4.812%,

3/15/39

..........

3,500,000

3,323,979

2.650%,

11/20/40

.........

600,000

428,803

3.400%,

3/22/41

..........

600,000

470,391

Walt

Disney

Co.

(The)

,

4.750 %,

9/15/44

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

1,500,000

1,372,746

45,305,073

#### Consumer

#### Discretionary

#### 2.1%
c

Allison

Transmission,

Inc.

,

144A,

4.750%,

10/01/27

....

1,000,000

999,254

144A,

5.875%,

6/01/29

.....

1,000,000

1,018,348

Amazon.com,

Inc.

,

4.350%,

3/20/33

..........

3,000,000

2,991,101

d

4.650%,

11/20/35

.........

800,000

797,078

5.450%,

11/20/55

.........

1,000,000

976,732

American

University

(The)

,

2019

,

3.672 %,

4/01/49

...........

1,000,000

755,043

Aptiv

Swiss

Holdings

Ltd.

,

5.150 %,

9/13/34

...........

1,300,000

1,312,324

c

Gap,

Inc.

(The)

,

144A,

3.625 %,

10/01/29

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

1,000,000

949,418

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Consumer

#### Discretionary
(continued)

c

Gates

Corp.

,

144A,

6.875 %,

7/01/29

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

2,000,000

$

2,079,460

Lowe's

Cos.,

Inc.

,

4.250%,

3/15/31

..........

2,250,000

2,241,198

5.750%,

7/01/53

..........

750,000

743,070

Massachusetts

Institute

of

Technology

,

3.067 %,

4/01/52

.

700,000

465,011

Toyota

Motor

Corp.

,

5.275 %,

7/13/26

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

500,000

503,186

c

William

Carter

Co.

(The)

,

144A,

7.375 %,

2/15/31

...........

2,000,000

2,070,304

17,901,527

#### Consumer

#### Staples

#### 1.2%
c

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

144A,

4.625%,

1/15/27

.....

1,000,000

999,962

144A,

5.500%,

3/31/31

.....

393,000

397,635

Church

&

Dwight

Co.,

Inc.

,

3.950 %,

8/01/47

...........

1,500,000

1,200,600

c

Energizer

Holdings,

Inc.

,

144A,

6.000 %,

9/15/33

...........

1,000,000

960,454

Haleon

US

Capital

LLC

,

3.625 %,

3/24/32

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

2,250,000

2,143,612

Kraft

Heinz

Foods

Co.

,

5.200 %,

7/15/45

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

2,000,000

1,835,322

Kroger

Co.

(The)

,

5.500 %,

9/15/54

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

2,000,000

1,906,645

Walmart,

Inc.

,

4.500 %,

9/09/52

.

1,000,000

885,078

10,329,308

#### Financials

#### 9.0%
c

Park

Funding

Trust

,

144A,

5.740 %,

2/15/55

...........

1,000,000

996,745

ACE

Capital

Trust

II

,

9.700 %,

4/01/30

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

500,000

599,687

Aon

North

America,

Inc.

,

5.450 %,

3/01/34

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

2,000,000

2,079,097

Assured

Guaranty

US

Holdings,

Inc.

,

6.125%,

9/15/28

..........

750,000

788,722

3.150%,

6/15/31

..........

1,000,000

944,517

c

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance,

Inc.

(The)

,

144A,

7.125 %,

5/15/31

...........

2,000,000

2,073,655

Bank

of

America

Corp.

,

5.872%

to

9/14/33,

FRN

thereafter,

9/15/34

.........

6,000,000

6,405,170

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

.........

2,000,000

2,084,116

5.875%,

2/07/42

..........

2,500,000

2,659,902

Bank

of

Montreal

,

4.64%

to

9/09/29,

FRN

thereafter

,

9/10/30

2,000,000

2,026,488

Barclays

plc

,

Junior

Sub.

Bond

,

7.625%

to

9/14/35,

FRN

thereafter

,

Perpetual

.......

2,000,000

2,142,204

Schedule

of

Investments

#### Impax

#### Core

#### Bond

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Financials
(continued)

c

Block,

Inc.

,

144A,

5.625 %,

8/15/30

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

393,000

$

401,195

BlueHub

Loan

Fund,

Inc.

,

2020

,

2.890 %,

1/01/27

...........

1,000,000

974,537

Chubb

INA

Holdings

LLC

,

4.900%,

8/15/35

..........

1,000,000

1,004,768

4.350%,

11/03/45

.........

250,000

218,474

Citigroup,

Inc.

,

2.572%

to

6/02/30,

FRN

thereafter

,

6/03/31

.....

2,000,000

1,853,828

Citizens

Financial

Group,

Inc.

,

5.841%

to

1/22/29,

FRN

thereafter,

1/23/30

.........

2,000,000

2,086,406

5.253%

to

3/04/30,

FRN

thereafter,

3/05/31

.........

2,500,000

2,569,672

c

Corebridge

Global

Funding

,

144A,

4.250 %,

8/21/28

...........

399,000

400,254

Goldman

Sachs

Group,

Inc.

(The)

,

4.692%

to

10/22/29,

FRN

thereafter,

10/23/30

........

1,000,000

1,013,924

4.939%

to

10/20/35,

FRN

thereafter,

10/21/36

........

2,000,000

1,986,206

c

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

144A,

8.000 %,

6/15/27

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

405,000

420,618

JPMorgan

Chase

&

Co.

,

5.581%

to

4/21/29,

FRN

thereafter,

4/22/30

.........

2,000,000

2,087,088

4.603%

to

10/21/29,

FRN

thereafter,

10/22/30

........

500,000

507,140

5.766%

to

4/21/34,

FRN

thereafter,

4/22/35

.........

2,500,000

2,665,479

5.294%

to

7/21/34,

FRN

thereafter,

7/22/35

.........

3,000,000

3,096,107

Sub.

Bond,

5.576%

to

7/22/35,

FRN

thereafter,

7/23/36

.....

1,000,000

1,034,831

M&T

Bank

Corp.

,

6.082%

to

3/12/31,

FRN

thereafter

,

3/13/32

2,000,000

2,125,495

MetLife,

Inc.

,

4.875 %,

11/13/43

.

1,000,000

934,541

Morgan

Stanley

,

5.424%

to

7/20/33,

FRN

thereafter,

7/21/34

.........

5,000,000

5,203,285

5.664%

to

4/16/35,

FRN

thereafter,

4/17/36

.........

500,000

525,148

Morgan

Stanley

Bank

NA

,

4.968%

to

7/13/27,

FRN

thereafter

,

7/14/28

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

1,000,000

1,014,197

Nasdaq,

Inc.

,

5.350 %,

6/28/28

.

1,319,000

1,361,566

NatWest

Group

plc

,

4.964%

to

8/14/29,

FRN

thereafter

,

8/15/30

1,000,000

1,020,968

OneMain

Finance

Corp.

,

3.500 %,

1/15/27

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

2,000,000

1,981,840

PNC

Financial

Services

Group,

Inc.

(The)

,

5.575%

to

1/28/35,

FRN

thereafter

,

1/29/36

.....

2,600,000

2,712,415

Principal

Financial

Group,

Inc.

,

5.375 %,

3/15/33

...........

1,000,000

1,047,227

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Financials
(continued)

Prudential

Financial,

Inc.

,

5.800%,

11/16/41

.........

1,000,000

$

1,016,161

Junior

Sub.

Bond,

4.5%

to

9/14/27,

FRN

thereafter,

9/15/47

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

1,000,000

990,662

c

Ryan

Specialty

LLC

,

144A,

5.875 %,

8/01/32

...........

1,000,000

1,022,408

Travelers

Cos.,

Inc.

(The)

,

5.450%,

5/25/53

..........

1,000,000

986,109

5.700%,

7/24/55

..........

250,000

255,522

Unum

Group

,

6.000 %,

6/15/54

.

1,000,000

992,898

Wells

Fargo

&

Co.

,

5.499%

to

1/22/34,

FRN

thereafter

,

1/23/35

6,250,000

6,524,666

c

WLB

Asset

VI

Pte

.

Ltd.

,

144A,

7.250 %,

12/21/27

..........

987,888

1,032,081

c

WLB

Asset

VII

Pte.

Ltd.

,

144A,

5.880 %,

7/30/29

...........

1,000,000

1,004,852

76,872,871

#### Health

#### Care

#### 2.6%
AbbVie,

Inc.

,

5.050%,

3/15/34

..........

1,000,000

1,028,022

4.250%,

11/21/49

.........

500,000

412,098

5.400%,

3/15/54

..........

500,000

486,521

Agilent

Technologies,

Inc.

,

4.750 %,

9/09/34

...........

1,000,000

998,641

Amgen,

Inc.

,

4.200%,

3/01/33

..........

500,000

488,947

6.400%,

2/01/39

..........

2,000,000

2,217,273

c

Avantor

Funding,

Inc.

,

144A,

4.625 %,

7/15/28

...........

2,000,000

1,990,693

CVS

Health

Corp.

,

5.125%,

2/21/30

..........

2,000,000

2,055,341

4.780%,

3/25/38

..........

1,000,000

944,339

Elevance

Health,

Inc.

,

4.000%,

9/15/28

..........

1,000,000

998,883

5.375%,

6/15/34

..........

1,000,000

1,033,756

5.650%,

6/15/54

..........

1,000,000

977,331

HCA,

Inc.

,

5.500%,

3/01/32

..........

1,500,000

1,563,755

4.600%,

11/15/32

.........

750,000

743,425

7.500%,

11/06/33

.........

1,000,000

1,152,898

c

IQVIA,

Inc.

,

144A,

5.000 %,

10/15/26

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

1,000,000

999,966

Kaiser

Foundation

Hospitals

,

2021

,

2.810 %,

6/01/41

......

1,000,000

743,964

Laboratory

Corp.

of

America

Holdings

,

4.350 %,

4/01/30

...

1,500,000

1,502,785

c

Roche

Holdings,

Inc.

,

144A,

4.075 %,

12/02/30

..........

1,000,000

997,805

Seattle

Children's

Hospital

,

2021

,

1.208 %,

10/01/27

..........

1,000,000

951,056

22,287,499

#### Industrials

#### 2.7%
AGCO

Corp.

,

5.450 %,

3/21/27

.

2,000,000

2,028,091

Schedule

of

Investments

#### Impax

#### Core

#### Bond

#### Fund
(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Industrials
(continued)

American

Museum

of

Natural

History

(The)

,

2021

,

3.121 %,

7/15/52

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

750,000

$

504,795

Burlington

Northern

Santa

Fe

LLC

,

5.500%,

3/15/55

..........

250,000

246,821

5.550%,

3/15/56

..........

750,000

739,862

California

Endowment

(The)

,

2021

,

2.498 %,

4/01/51

......

1,000,000

593,023

Capital

Impact

Partners

,

4.800 %,

3/15/26

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

500,000

501,008

Carrier

Global

Corp.

,

3.377 %,

4/05/40

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

1,000,000

808,972

c

Clean

Harbors,

Inc.

,

144A,

6.375 %,

2/01/31

...........

2,000,000

2,062,008

CNH

Industrial

Capital

LLC

,

5.100 %,

4/20/29

...........

1,500,000

1,533,343

Deere

&

Co.

,

5.450 %,

1/16/35

..

1,000,000

1,055,110

c

Esab

Corp.

,

144A,

6.250 %,

4/15/29

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

2,000,000

2,058,934

Howmet

Aerospace,

Inc.

,

4.550%,

11/15/32

.........

1,000,000

1,004,799

5.950%,

2/01/37

..........

1,500,000

1,623,469

Local

Initiatives

Support

Corp.

,

4.600 %,

7/15/26

...........

500,000

501,805

Nature

Conservancy

(The)

,

A,

1.861%,

7/01/33

........

266,000

214,420

A,

3.957%,

3/01/52

........

750,000

586,322

nVent

Finance

SARL

,

2.750 %,

11/15/31

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

1,000,000

902,721

Pentair

Finance

SARL

,

5.900 %,

7/15/32

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

1,705,000

1,810,093

Republic

Services,

Inc.

,

6.200 %,

3/01/40

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

1,500,000

1,659,364

Uber

Technologies,

Inc.

,

4.800 %,

9/15/34

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

2,000,000

2,000,771

c

WK

Kellogg

Foundation

Trust

,

144A,

2.443 %,

10/01/50

.....

1,000,000

600,813

23,036,544

#### Information

#### Technology

#### 1.8%
Apple,

Inc.

,

4.750%,

5/12/35

..........

2,000,000

2,050,238

2.650%,

2/08/51

..........

3,000,000

1,858,018

Cisco

Systems,

Inc.

,

5.900 %,

2/15/39

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

3,500,000

3,767,049

Hewlett

Packard

Enterprise

Co.

,

4.400 %,

10/15/30

..........

2,500,000

2,493,098

c

Open

Text

Corp.

,

144A,

6.900 %,

12/01/27

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

2,000,000

2,082,141

c

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

144A,

5.875 %,

7/15/30

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

2,000,000

2,064,232

d

Twilio,

Inc.

,

3.875 %,

3/15/31

...

1,000,000

956,338

15,271,114

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Materials

#### 0.5%
Steel

Dynamics,

Inc.

,

5.250%,

5/15/35

..........

1,500,000

$

1,534,891

5.750%,

5/15/55

..........

500,000

498,493

Vulcan

Materials

Co.

,

5.350 %,

12/01/34

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

2,000,000

2,074,020

4,107,404

#### Real

#### Estate

#### 1.1%
Brixmor

Operating

Partnership

LP

,

5.200 %,

4/01/32

...........

1,500,000

1,536,950

Century

Housing

Corp.

,

4.500%,

2/15/26

..........

1,000,000

999,981

4.650%,

3/15/26

..........

500,000

500,511

4.150%,

12/15/28

.........

500,000

500,135

Equinix

Europe

Financing

Corp.

LLC

,

4.600 %,

11/15/30

......

875,000

877,841

Kimco

Realty

OP

LLC

,

4.850 %,

3/01/35

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

2,750,000

2,739,240

Welltower

OP

LLC

,

6.500 %,

3/15/41

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

2,549,000

2,848,313

10,002,971

#### Utilities

#### 4.7%
AES

Corp.

(The)

,

5.450 %,

6/01/28

1,000,000

1,023,531

Ameren

Corp.

,

5.375 %,

3/15/35

1,000,000

1,028,171

American

Electric

Power

Co.,

Inc.

,

C

,

Junior

Sub.

Bond

,

5.8%

to

3/14/31,

FRN

thereafter

,

3/15/56

1,000,000

993,205

American

Water

Capital

Corp.

,

5.250 %,

3/01/35

...........

2,500,000

2,578,606

Consolidated

Edison

Co.

of

New

York,

Inc.

,

5.125 %,

3/15/35

..

2,000,000

2,045,854

DTE

Electric

Co.

,

5.250 %,

5/15/35

1,500,000

1,542,534

DTE

Energy

Co.

,

4.875%,

6/01/28

..........

750,000

763,733

5.050%,

10/01/35

.........

1,000,000

1,001,182

Essential

Utilities,

Inc.

,

5.250 %,

8/15/35

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

2,750,000

2,809,888

Florida

Power

&

Light

Co.

,

5.600 %,

6/15/54

...........

1,000,000

1,005,366

MidAmerican

Energy

Co.

,

3.650 %,

4/15/29

...........

1,000,000

988,584

c

Niagara

Mohawk

Power

Corp.

,

144A,

4.647 %,

10/03/30

.....

2,000,000

2,015,531

NiSource,

Inc.

,

5.350%,

7/15/35

..........

2,000,000

2,045,651

Junior

Sub.

Bond,

6.375%

to

3/30/35,

FRN

thereafter,

3/31/55

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

1,000,000

1,036,228

Northern

States

Power

Co.

,

5.400 %,

3/15/54

...........

2,000,000

1,948,476

NSTAR

Electric

Co.

,

4.850%,

3/01/30

..........

1,000,000

1,021,662

5.200%,

3/01/35

..........

2,000,000

2,044,095

PG&E

Energy

Recovery

Funding

LLC

,

,

2.822 %,

7/15/46

...

750,000

548,741

Schedule

of

Investments

#### Impax

#### Core

#### Bond

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Utilities
(continued)

PG&E

Recovery

Funding

LLC

,

A-2,

5.256%,

1/15/38

......

1,000,000

$

1,027,432

A-3,

5.536%,

7/15/47

......

2,625,000

2,643,416

PPL

Electric

Utilities

Corp.

,

5.550 %,

8/15/55

...........

750,000

749,026

SCE

Recovery

Funding

LLC

,

5.541%,

9/15/50

..........

750,000

743,166

A-1,

4.697%,

6/15/40

......

1,978,585

1,972,382

A-2,

2.943%,

11/15/42

......

1,450,000

1,226,164

A-2,

5.112%,

12/15/47

......

880,000

832,544

Southern

Power

Co.

,

A

,

4.250 %,

10/01/30

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

1,000,000

997,818

Southwestern

Public

Service

Co.

,

6.000 %,

6/01/54

...........

1,000,000

1,026,122

Union

Electric

Co.

,

5.250%,

4/15/35

..........

1,000,000

1,032,226

5.125%,

3/15/55

..........

1,500,000

1,377,431

40,068,765

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $265,070,018)

#### ..............

#### 265,183,076

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 1.5%
c

Caisse

d'Amortissement

de

la

Dette

Sociale

,

144A,

1.375 %,

1/20/31

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

3,000,000

2,640,529

c

Kommunalbanken

A/S

,

144A,

1.125%,

10/26/26

.....

1,500,000

1,469,305

144A,

1.125%,

6/14/30

......

1,000,000

891,184

144A,

4.125%,

8/29/30

......

1,000,000

1,013,951

e

144A,

FRN,

4.104%,

(SOFR

Index

+

0.410%),

4/09/29

....

1,000,000

1,002,449

c

Kommuninvest

I

Sverige

AB

,

144A,

4.000 %,

11/29/28

.....

1,000,000

1,010,438

Kreditanstalt

fuer

Wiederaufbau

,

4.625%,

3/18/30

...........

3,000,000

3,109,799

3.750%,

7/15/30

...........

600,000

601,802

c

Ontario

Teachers'

Finance

Trust

,

144A,

1.250 %,

9/27/30

......

1,000,000

886,009

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $12,892,457)

#### ...............

#### 12,625,466

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 21.5%
FFCB

Funding

Corp.

,

1.000%,

10/07/26

..........

3,000,000

2,943,429

4.410%,

1/28/27

...........

2,000,000

1,998,107

1.850%,

3/28/30

...........

1,095,000

1,006,871

2.020%,

4/01/31

...........

780,000

710,894

1.880%,

6/16/31

...........

1,220,000

1,096,411

2.500%,

4/14/36

...........

3,000,000

2,497,927

FHLB

,

0.520%,

2/12/26

...........

500,000

498,124

2.000%,

3/25/30

...........

1,666,667

1,552,078

U.S.

Treasury

Bonds

,

4.875%,

8/15/45

...........

35,000,000

35,350,000

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

U.S.

Treasury

Bonds,

(continued)

Index

Linked,

1.000%,

2/15/48

1,000,000

$

965,617

1.875%,

11/15/51

..........

17,000,000

9,402,461

4.625%,

11/15/55

..........

21,000,000

20,235,469

U.S.

Treasury

Notes

,

3.375%,

11/30/27

..........

23,000,000

22,957,324

3.500%,

10/15/28

..........

38,000,000

37,965,859

3.625%,

10/31/30

..........

30,000,000

29,878,125

3.750%,

10/31/32

..........

9,000,000

8,901,563

4.000%,

11/15/35

..........

3,000,000

2,957,109

United

States

International

Development

Finance

Corp.

,

3.520%,

9/20/32

...........

964,286

943,466

e

FRN,

4.000%,

(3-month

U.S.

Treasury

Bill

Rate),

9/15/26

..

250,000

250,000

1.650%,

4/15/28

...........

500,000

481,248

1.440%,

4/15/28

...........

1,000,000

958,988

3.130%,

4/15/28

...........

1,000,000

984,437

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $185,517,543)

#### ..............

#### 184,535,507

#### Asset-Backed

#### Securities

#### 5.9%

#### Financials

#### 5.9%
c,e

AGL

CLO

Ltd.

,

2022-23A

,

A1R

,

144A,

FRN

,

5.034 %,

(3-month

SOFR

+

1.150 %),

4/20/38

.

...

2,600,000

2,592,067

c

Aqua

Finance

Issuer

Trust

,

2025-

B

,

A

,

144A,

4.790 %,

5/17/51

.

.

1,692,843

1,706,020

c

CCG

Receivables

Trust

,

2025-2

,

D

,

144A,

5.080 %,

8/15/34

.

...

1,000,000

1,004,012

c,e

CIFC

Funding

Ltd.

,

2019-5A

,

A1R2

,

144A,

FRN

,

5.359 %,

(3-month

SOFR

+

1.270 %),

10/15/38

.

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

2,360,000

2,362,417

c

College

Ave

Student

Loans

LLC

,

2024-B

,

A1A

,

144A,

5.690 %,

8/25/54

.

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

2,078,704

2,139,776

c

Compass

Datacenters

Issuer

II

LLC

,

2025-2A

,

A1

,

144A,

4.926 %,

11/25/50

.

.........

1,778,000

1,777,086

c

Dell

Equipment

Finance

Trust

,

2025-1,

D,

144A,

5.640%,

8/22/31

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

2,555,000

2,608,788

2025-2,

D,

144A,

4.830%,

3/22/32

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

500,000

501,615

c,e

Elmwood

CLO

IX

Ltd.

,

2021-

2A

,

AR

,

144A,

FRN

,

5.024 %,

(3-month

SOFR

+

1.140 %),

4/20/38

.

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

2,000,000

1,997,940

c

Foundation

Finance

Trust

,

2023-1A,

A,

144A,

5.670%,

12/15/43

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

1,259,338

1,291,986

2023-2A,

A,

144A,

6.530%,

6/15/49

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

433,409

452,638

2023-2A,

C,

144A,

7.310%,

6/15/49

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

1,152,079

1,202,463

Schedule

of

Investments

#### Impax

#### Core

#### Bond

#### Fund
(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financials
(continued)

c

Foundation

Finance

Trust,

(continued)

2025-2A,

A,

144A,

4.670%,

4/15/52

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

1,252,199

$

1,259,867

c

Frontier

Issuer

LLC

,

2023-1,

A2,

144A,

6.600%,

8/20/53

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

1,000,000

1,009,472

2023-1,

B,

144A,

8.300%,

8/20/53

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

1,750,000

1,780,856

2024-1,

A2,

144A,

6.190%,

6/20/54

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

1,890,000

1,951,079

c

GreenSky

Home

Improvement

Issuer

Trust

,

2025-3A

,

C

,

144A,

4.860 %,

12/27/60

.

.........

2,500,000

2,507,092

c

HPEFS

Equipment

Trust

,

2025-

2A

,

D

,

144A,

4.770 %,

5/20/33

.

1,000,000

1,000,383

c

MetroNet

Infrastructure

Issuer

LLC

,

2025-2A,

A2,

144A,

5.400%,

8/20/55

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

2,250,000

2,284,878

2025-2A,

B,

144A,

5.590%,

8/20/55

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

1,000,000

1,009,293

2025-4A,

A2,

144A,

5.163%,

12/20/55

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

1,000,000

1,004,178

c

Mill

City

Solar

Loan

Ltd.

,

2019-

2GS

,

A

,

144A,

3.690 %,

7/20/43

.

364,891

333,350

c

Mosaic

Solar

Loan

Trust

,

2017-1A,

A,

144A,

4.450%,

6/20/42

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

230,364

226,723

2017-2A,

A,

144A,

3.820%,

6/22/43

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

308,266

291,977

2018-1A,

A,

144A,

4.010%,

6/22/43

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

832,727

786,674

2019-1A,

A,

144A,

4.370%,

12/21/43

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

370,172

350,722

2019-2A,

A,

144A,

2.880%,

9/20/40

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

282,461

251,879

2020-1A,

A,

144A,

2.100%,

4/20/46

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

279,019

247,560

2020-2A,

A,

144A,

1.440%,

8/20/46

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

574,628

488,570

2020-2A,

C,

144A,

3.000%,

8/20/46

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

370,645

331,669

2021-1A,

A,

144A,

1.510%,

12/20/46

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

561,940

472,685

c,e

OCP

CLO

Ltd.

,

2021-21A

,

AR

,

144A,

FRN

,

5.064 %,

(3-month

SOFR

+

1.180 %),

1/20/38

.

...

1,000,000

994,103

c

PACEWell

Trust

,

2021-1

,

A

,

144A,

2.628 %,

10/10/59

.

....

772,893

631,064

c,e

Palmer

Square

CLO

Ltd.

,

2021-

4A

,

A1R

,

144A,

FRN

,

5.225 %,

(3-month

SOFR

+

1.320 %),

7/15/38

.

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

2,500,000

2,503,805

SBA

Small

Business

Investment

Cos.

,

2023-10A,

1,

5.168%,

3/10/33

854,938

873,621

2023-10B,

1,

5.688%,

9/10/33

950,941

978,987

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financials
(continued)

SBA

Small

Business

Investment

Cos.,

(continued)

2025-10A,

1,

4.963%,

3/10/35

1,500,000

$

1,523,491

c

SoFi

Professional

Loan

Program

LLC

,

2018-B

,

BFX

,

144A,

3.830 %,

8/25/47

.

..........

489,506

477,536

c

Sunrun

Athena

Issuer

LLC

,

2018-

,

A

,

144A,

5.310 %,

4/30/49

.

.

758,088

739,383

c

Sunrun

Atlas

Issuer

LLC

,

2019-2

,

A

,

144A,

3.610 %,

2/01/55

.

...

1,613,906

1,557,432

c

Tesla

Auto

Lease

Trust

,

2023-B

,

B

,

144A,

6.570 %,

8/20/27

.

...

1,400,000

1,403,680

c

Tricon

American

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.482 %,

11/17/39

.

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

1,171,809

1,118,073

c

Vivint

Solar

Financing

V

LLC

,

2018-1A

,

A

,

144A,

4.730 %,

4/30/48

.

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

801,844

775,058

50,801,948

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $51,030,296)

#### ...............

#### 50,801,948

#### Mortgage-Backed

#### Securities

#### 31.2%

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.0%
c,e

Durst

Commercial

Mortgage

Trust,

2025-151,

D,

144A,

FRN,

6.791%,

8/10/42

...........

2,750,000

2,847,134

e

FHLMC,

Multi-class

Certificates,

2024-P016,

A2,

FRN,

4.769%,

9/25/33

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

2,000,000

2,021,690

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KG01,

A10,

2.939%,

4/25/29

.

3,000,000

2,902,770

KG02,

A2,

2.412%,

8/25/29

..

2,000,000

1,899,885

KG04,

A2,

1.487%,

11/25/30

.

2,000,000

1,774,870

e

KG07,

A2,

FRN,

3.123%,

8/25/32

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

1,750,000

1,640,114

e

KSG4,

A2,

FRN,

3.400%,

8/25/32

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

2,000,000

1,896,749

FNMA,

ACES

,

e

2018-M13,

A2,

FRN,

3.750%,

9/25/30

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

1,214,512

1,201,686

e

2019-M1,

A2,

FRN,

3.560%,

9/25/28

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

1,437,436

1,426,402

2019-M9,

A2,

2.937%,

6/25/29

1,124,588

1,095,126

e

2021-M1S,

A2,

FRN,

1.382%,

12/25/30

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

2,700,000

2,385,608

e

2023-M1S,

A2,

FRN,

4.498%,

4/25/33

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

2,500,000

2,518,014

GNMA

,

e

2013-101,

AF,

FRN,

2.832%,

9/16/50

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

335,859

330,480

e

2014-164,

AN,

FRN,

3.113%,

3/16/55

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

458,604

415,861

Schedule

of

Investments

#### Impax

#### Core

#### Bond

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

GNMA,

(continued)

2019-H02,

JA,

3.500%,

12/20/68

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

2,183,788

$

2,112,352

c,e

MAD

Commercial

Mortgage

Trust,

2025-11MD,

B,

144A,

FRN,

5.095%,

10/15/42

..........

2,000,000

2,003,815

c,e

RFR

Trust,

2025-SGRM,

B,

144A,

FRN,

5.670%,

3/11/41

......

2,000,000

2,048,237

c

SLG

Office

Trust,

2021-OVA,

A,

144A,

2.585%,

7/15/41

......

1,500,000

1,342,694

c,e

VRTX

Trust,

2025-HQ,

C,

144A,

FRN,

5.921%,

8/05/42

......

2,000,000

2,029,267

33,892,754

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 6.2%
FHLMC

Gold

Pool,

Year,

3.000%,

3/01/35

...........

1,876,437

1,797,901

FHLMC

Pool,

Year,

4.500%,

3/01/49

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

2,246,433

2,224,921

FHLMC

Pool,

Year,

3.000%,

12/01/49

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

1,392,795

1,249,102

FHLMC

Pool,

Year,

2.500%,

7/01/50

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

3,142,655

2,687,625

FHLMC

Pool,

Year,

2.000%,

2/01/51

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

2,042,939

1,686,188

FHLMC

Pool,

Year,

2.500%,

4/01/51

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

2,161,881

1,835,171

FHLMC

Pool,

Year,

4.000%,

8/01/51

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

2,338,750

2,235,421

FHLMC

Pool,

Year,

3.000%,

4/01/52

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

3,929,004

3,510,433

FHLMC

Pool,

Year,

4.000%,

8/01/52

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

2,051,536

1,967,312

FHLMC

Pool,

Year,

5.500%,

9/01/52

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

3,128,464

3,197,159

FHLMC

Pool,

Year,

5.500%,

11/01/52

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

2,931,222

3,009,992

FHLMC

Pool,

Year,

5.500%,

3/01/53

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

2,263,145

2,316,554

FHLMC

Pool,

Year,

4.500%,

4/01/53

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

1,558,056

1,527,747

FHLMC

Pool,

Year,

3.000%,

6/01/53

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

2,548,085

2,295,110

FHLMC

Pool,

Year,

6.000%,

6/01/53

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

2,316,813

2,401,818

FHLMC

Pool,

Year,

6.500%,

6/01/53

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

1,425,689

1,502,327

FHLMC

Pool,

Year,

4.500%,

7/01/53

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

2,901,359

2,844,618

FHLMC

Pool,

Year,

5.000%,

8/01/53

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

2,645,030

2,644,957

FHLMC

Pool,

Year,

5.500%,

1/01/54

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

2,582,060

2,627,086

FHLMC

Pool,

Year,

5.000%,

3/01/54

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

2,563,475

2,560,760

FHLMC

Pool,

Year,

6.000%,

7/01/54

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

933,511

965,388

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate
(continued)

FHLMC

Pool,

Year,

5.000%,

10/01/54

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

2,776,976

$

2,793,154

FHLMC

Pool,

Year,

6.000%,

1/01/55

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

3,090,985

3,176,814

53,057,558

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 13.4%
FNMA,

Year,

2.000%,

3/01/36

1,584,324

1,471,619

FNMA,

Year,

3.000%,

10/01/36

2,433,047

2,321,128

FNMA,

Year,

2.000%,

11/01/40

1,659,618

1,454,026

FNMA,

Year,

2.000%,

12/01/40

1,923,103

1,685,470

FNMA,

Year,

2.500%,

12/01/40

1,760,288

1,602,307

FNMA,

Year,

3.000%,

1/01/42

1,902,157

1,773,066

FNMA,

Year,

3.500%,

7/01/43

2,661,103

2,546,849

FNMA,

Year,

3.000%,

11/01/46

2,138,381

1,947,474

FNMA,

Year,

2.500%,

2/01/47

2,353,702

2,026,889

FNMA,

Year,

3.500%,

9/01/49

3,463,582

3,238,386

FNMA,

Year,

3.500%,

1/01/50

1,994,665

1,879,102

FNMA,

Year,

2.500%,

8/01/50

1,349,200

1,165,103

FNMA,

Year,

2.500%,

9/01/50

6,917,217

5,922,458

FNMA,

Year,

2.000%,

10/01/50

2,636,340

2,143,777

FNMA,

Year,

1.500%,

11/01/50

1,872,906

1,456,115

FNMA,

Year,

2.500%,

11/01/50

1,412,000

1,210,475

FNMA,

Year,

2.500%,

12/01/50

1,749,682

1,511,280

FNMA,

Year,

1.500%,

1/01/51

3,625,467

2,800,180

FNMA,

Year,

2.500%,

1/01/51

1,367,158

1,167,476

FNMA,

Year,

2.500%,

5/01/51

1,381,243

1,178,203

FNMA,

Year,

2.500%,

7/01/51

6,404,522

5,470,541

FNMA,

Year,

2.000%,

9/01/51

2,379,590

1,929,778

FNMA,

Year,

2.000%,

10/01/51

2,147,278

1,763,938

FNMA,

Year,

2.500%,

11/01/51

2,426,033

2,066,384

FNMA,

Year,

2.500%,

2/01/52

2,914,416

2,480,396

FNMA,

Year,

3.000%,

4/01/52

5,704,367

5,083,364

FNMA,

Year,

3.500%,

4/01/52

5,450,586

5,055,190

FNMA,

Year,

3.000%,

6/01/52

2,508,287

2,241,386

FNMA,

Year,

3.500%,

6/01/52

3,010,297

2,803,228

FNMA,

Year,

3.500%,

7/01/52

3,007,837

2,822,552

FNMA,

Year,

4.000%,

7/01/52

5,816,506

5,567,009

FNMA,

Year,

4.500%,

7/01/52

2,343,110

2,302,328

FNMA,

Year,

4.500%,

8/01/52

2,546,920

2,515,631

FNMA,

Year,

5.000%,

9/01/52

2,195,862

2,205,197

FNMA,

Year,

4.500%,

10/01/52

2,186,978

2,156,322

FNMA,

Year,

3.500%,

4/01/53

2,664,413

2,477,144

FNMA,

Year,

5.500%,

5/01/53

5,480,053

5,595,648

FNMA,

Year,

4.000%,

6/01/53

2,720,695

2,597,375

FNMA,

Year,

4.000%,

7/01/53

2,768,831

2,642,463

FNMA,

Year,

4.000%,

2/01/54

3,550,294

3,378,899

FNMA,

Year,

6.000%,

2/01/54

2,373,138

2,467,327

FNMA,

Year,

5.000%,

11/01/54

3,717,903

3,741,240

FNMA,

Year,

4.500%,

12/01/54

2,919,287

2,853,825

FNMA,

Year,

6.000%,

8/01/55

2,369,316

2,434,493

115,153,041

Schedule

of

Investments

#### Impax

#### Core

#### Bond

#### Fund
(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Adjust-

#### able

#### Rate

#### 0.3%
e

GNMA

II,

3.58%,

2/20/74

......

2,347,288

$

2,218,357

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 2.3%
GNMA

I,

3.020%,

9/15/41

.....

1,444,382

1,270,771

GNMA

II,

Single-family,

Year,

2.000%,

7/20/52

...........

2,640,080

2,191,955

GNMA

II,

Single-family,

Year,

2.500%,

7/20/52

...........

1,437,233

1,242,381

GNMA

II,

Single-family,

Year,

2.500%,

8/20/52

...........

4,310,347

3,739,055

GNMA

II,

Single-family,

Year,

2.500%,

2/20/53

...........

3,716,148

3,217,545

GNMA

II,

Single-family,

Year,

2.500%,

4/20/53

...........

3,034,812

2,626,531

GNMA

II,

Single-family,

Year,

3.000%,

6/20/53

...........

4,074,611

3,669,150

GNMA

II,

Single-family,

Year,

3.000%,

7/20/53

...........

2,269,406

2,048,621

20,006,009

#### Residential

#### Mortgage-Backed

#### Securities

#### 5.0%
c

Angel

Oak

Mortgage

Trust

,

e

2022-2,

A1,

144A,

FRN,

3.353%,

1/25/67

...........

1,325,797

1,271,769

2022-5,

A1,

144A,

4.500%,

5/25/67

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

1,395,420

1,389,443

c

AOMT,

Inc.,

2024-6,

A3,

144A,

4.650%,

11/25/67

..........

1,705,399

1,691,640

c,e

FARM

Mortgage

Trust

,

2024-1,

A,

144A,

FRN,

4.684%,

10/01/53

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

1,696,663

1,656,906

2024-2,

A,

144A,

FRN,

5.184%,

8/01/54

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

1,351,450

1,342,372

2025-1,

A,

144A,

FRN,

5.220%,

8/01/55

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

1,012,799

999,823

2025-2,

A,

144A,

FRN,

5.290%,

9/25/54

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

2,000,000

1,999,782

c,e

FHLMC

STACR

REMIC

Trust

,

2020-HQA2,

M2,

144A,

FRN,

7.089%,

(30-day

SOFR

Average

+

3.214%),

3/25/50

........

565,685

578,139

2024-DNA1,

A1,

144A,

FRN,

5.224%,

(30-day

SOFR

Average

+

1.350%),

2/25/44

........

1,174,295

1,177,818

2024-DNA2,

M1,

144A,

FRN,

5.074%,

(30-day

SOFR

Average

+

1.200%),

5/25/44

........

975,497

977,182

2025-DNA1,

A1,

144A,

FRN,

4.824%,

(30-day

SOFR

Average

+

0.950%),

1/25/45

........

770,000

770,407

c,e

Flagstar

Mortgage

Trust

,

2021-5INV,

A5,

144A,

FRN,

2.500%,

7/25/51

...........

571,509

517,813

2021-6INV,

A6,

144A,

FRN,

2.500%,

8/25/51

...........

1,184,797

1,071,526

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

c,e

FNMA

Connecticut

Avenue

Securities

Trust

,

2021-R01,

1B1,

144A,

FRN,

6.974%,

(30-day

SOFR

Average

+

3.100%),

10/25/41

........

1,249,000

$

1,269,537

2023-R01,

1M1,

144A,

FRN,

6.274%,

(30-day

SOFR

Average

+

2.400%),

12/25/42

........

897,970

916,228

2023-R06,

1M1,

144A,

FRN,

5.574%,

(30-day

SOFR

Average

+

1.700%),

7/25/43

........

558,261

560,576

2025-R02,

1A1,

144A,

FRN,

4.874%,

(30-day

SOFR

Average

+

1.000%),

2/25/45

........

1,055,375

1,057,446

c,e

J.P.

Morgan

Mortgage

Trust

,

2022-7,

B2,

144A,

FRN,

3.690%,

12/25/52

..........

2,736,793

2,403,302

2023-2,

B3,

144A,

FRN,

5.599%,

7/25/53

...........

1,415,698

1,354,739

c,e

Mello

Mortgage

Capital

Acceptance,

2021-INV1,

A4,

144A,

FRN,

2.500%,

6/25/51

.

649,683

585,461

c,e

New

Residential

Mortgage

Loan

Trust

,

2019-2A,

A1,

144A,

FRN,

4.250%,

12/25/57

..........

542,866

535,109

2019-2A,

B5A,

144A,

FRN,

4.213%,

12/25/57

..........

2,280,401

2,130,477

2019-5A,

A1B,

144A,

FRN,

3.500%,

8/25/59

...........

312,762

297,415

c

OBX

Trust

,

e

2025-NQM13,

A1,

144A,

FRN,

5.441%,

5/25/65

...........

1,993,325

2,012,167

2025-NQM15,

A1,

144A,

5.143%,

7/27/65

...........

1,880,476

1,890,066

e

2025-NQM20,

A1,

144A,

FRN,

5.021%,

10/25/65

..........

976,327

979,747

c,e

PMT

Loan

Trust

,

2025-CNF1,

A2,

144A,

FRN,

5.000%,

10/25/56

..........

2,412,279

2,389,874

2025-INV11,

A2,

144A,

FRN,

5.500%,

11/25/56

..........

1,085,696

1,096,137

2025-INV6,

A2,

144A,

FRN,

6.000%,

6/25/56

...........

2,173,427

2,214,252

c,e

Sequoia

Mortgage

Trust

,

2021-4,

A4,

144A,

FRN,

2.500%,

6/25/51

...........

1,268,388

1,128,065

2024-2,

A19,

144A,

FRN,

6.000%,

3/25/54

...........

1,053,340

1,068,375

2024-3,

A19,

144A,

FRN,

6.000%,

4/25/54

...........

1,151,828

1,168,269

Schedule

of

Investments

#### Impax

#### Core

#### Bond

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

c

Towd

Point

Mortgage

Trust,

2023-

1,

A1,

144A,

3.750%,

1/25/63

.

829,324

$

807,257

c

Verus

Securitization

Trust,

2025-8,

A3,

144A,

5.224%,

9/25/70

...

1,924,047

1,924,955

43,234,074

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $276,907,174)

#### ..............

#### 267,561,793

#### Municipal

#### Bonds

#### 1.0%

#### California

#### 0.5%
California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.190 %,

6/01/37

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

1,750,000

1,673,464

State

of

California

,

GO

,

7.550 %,

4/01/39

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

2,000,000

2,429,728

4,103,192

#### Massachusetts

#### 0.4%
Commonwealth

of

Massachusetts

,

Recovery

Assessment

,

Revenue

,

2022

A

,

3.881 %,

1/15/31

...........

2,000,000

1,986,868

University

of

Massachusetts

Building

Authority

,

Revenue

,

2010-2

,

5.450 %,

11/01/40

...

1,225,000

1,255,244

3,242,112

#### New

#### York

#### 0.1%
City

of

New

York

,

GO

,

2026

,

5.392 %,

10/01/55

..........

1,500,000

1,451,533

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $9,396,228)

#### ................

#### 8,796,837

#### Supranational

#### 5.6%
Asian

Development

Bank

,

4.000 %,

1/12/33

...........

3,000,000

2,997,682

Council

of

Europe

Development

Bank

,

3.625 %,

5/08/28

......

1,000,000

1,001,036

European

Investment

Bank

,

3.875%,

6/15/28

...........

1,000,000

1,007,776

1.750%,

3/15/29

...........

800,000

755,410

4.500%,

3/14/30

...........

2,000,000

2,060,874

4.625%,

2/12/35

...........

500,000

517,191

Inter-American

Development

Bank

,

0.875%,

4/20/26

...........

2,000,000

1,982,869

1.500%,

1/13/27

...........

2,000,000

1,957,035

0.625%,

9/16/27

...........

600,000

571,206

4.500%,

2/15/30

...........

4,000,000

4,118,603

4.375%,

7/16/35

...........

2,000,000

2,024,662

Inter-American

Investment

Corp.

,

4.250 %,

4/01/30

...........

2,500,000

2,539,638

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Supranational
(continued)

International

Bank

for

Reconstruction

&

Development

,

3.125%,

6/15/27

...........

2,000,000

$

1,987,879

0.750%,

11/24/27

..........

1,000,000

949,439

4.625%,

8/01/28

...........

550,000

564,142

4.625%,

1/15/32

...........

5,600,000

5,808,885

1.745%,

7/31/33

...........

3,200,000

3,305,569

2.750%,

5/31/36

...........

2,000,000

1,664,939

e

FRN,

4.185%,

3/31/28

......

4,500,000

4,484,835

e

FRN,

4.049%,

(SOFR

Index

+

0.370%),

2/11/31

..........

2,000,000

1,997,109

c

International

Development

Association

,

144A,

4.375%,

6/11/29

......

800,000

818,017

144A,

4.500%,

2/12/35

......

1,000,000

1,019,654

International

Finance

Corp.

,

4.375%,

1/15/27

...........

1,000,000

1,007,241

4.250%,

7/02/29

...........

2,000,000

2,040,195

Nordic

Investment

Bank

,

3.750 %,

5/09/30

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

1,000,000

1,000,544

#### Total

#### Supranational

#### (Cost

#### $48,068,769)

#### ...............

#### 48,182,430

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $849,132,485)
..............

#### 837,936,332

#### a

#### Money

#### Market

#### 1.5%
f,g

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund,

3.705%

.

12,576,776

#### 12,576,776

#### (Cost

#### $12,576,776)

#### Securities

#### Purchased

#### With

#### Cash

#### Collateral

#### From

#### Securities

#### Lending

#### 0.1%
f,g

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio,

3.741%

..........

810,775

#### 810,775

#### (Cost

#### $810,775)

#### a

#### Total

#### Investments

#### 99.3%

#### (Cost

#### $862,520,036)
.............

#### $851,323,883

#### Payable

#### Upon

#### Return

#### Of

#### Securities

#### Loaned

#### (0.1)%

#### ...................

#### (810,775)

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.8%

#### 6,784,417

#### Net

#### Assets

#### 100.0%

#### ...............

#### $857,297,525
a

Rounds

to

less

than

0.05%.

b

Illiquid

security.

c

Security

purchased

pursuant

to

Rule

144A

of

the

Securities

Act

of

1933

and

may

be

resold

only

to

qualified

institutional

buyers.

d

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2025. The

total

market

value

of

securities

on

loan

as

of

December

31,

2025

was

$1,891,515.

Schedule

of

Investments

#### Impax

#### Core

#### Bond

#### Fund
(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

e

Rate

shown

reflects

the

accrual

rate

as

of

December

31,

2025

on

securities

with

variable

or

step

rates.

f

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. g

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,

December

31,

2025

#### Impax

#### High

#### Yield

#### Bond

#### Fund
www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 0.0%

#### a

#### Telecommunications

#### 0.0%
b,c,d

Digicel

Holdings

Bermuda

Ltd.

.

24,783

$

421,311

#### (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:

#### 96.9%

#### a

#### Community

#### Investment

#### Notes
0.0 #### %

#### a

#### Community

#### Investment

#### Notes

#### 0.0%
c

Envest

Microfinance

Cooperative

,

4.000 %,

4/20/26

...........

250,000

249,275

#### Total

#### Community

#### Investment

#### Notes

#### (Cost

#### $

#### 250,000

####)
.................

#### 249,275

#### Corporate

#### Bonds

#### 93

#### .1

#### %

#### Automotive

#### 2.8%
e

Allison

Transmission,

Inc.

,

144A,

5.875 %,

6/01/29

...........

2,000,000

2,036,696

American

Axle

&

Manufacturing,

Inc.

,

5.000 %,

10/01/29

.........

2,000,000

1,927,924

e

144A,

6.375 %,

10/15/32

....

2,000,000

2,037,857

e

144A,

7.750 %,

10/15/33

....

1,000,000

1,019,139

e

Garrett

Motion

Holdings,

Inc.

/

Garrett

LX

I

SARL

,

144A,

7.750 %,

5/31/32

...........

2,000,000

2,127,138

e

IHO

Verwaltungs

GmbH

,

144A,

PIK,

6.375 %,

5/15/29

.......

2,000,000

2,024,794

e

Nissan

Motor

Co.

Ltd.

,

144A,

7.500 %,

7/17/30

...........

2,000,000

2,100,471

e

ZF

North

America

Capital,

Inc.

,

144A,

6.750 %,

4/23/30

......

2,000,000

1,977,703

15,251,722

#### Banking

#### 1.0%
Barclays

plc

,

Junior

Sub.

Bond

,

7.625%

to

9/14/35,

FRN

thereafter

,

Perpetual

.......

3,000,000

3,213,306

PNC

Financial

Services

Group,

Inc.

(The)

,

V

,

Junior

Sub.

Bond

,

6.2%

to

9/14/27,

FRN

thereafter

,

Perpetual

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

2,000,000

2,034,428

5,247,734

#### Basic

#### Industry

#### 7.7%
ATI,

Inc.

,

7.250 %,

8/15/30

..........

1,000,000

1,057,067

5.125 %,

10/01/31

.........

1,800,000

1,802,909

e

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

,

144A,

4.875 %,

2/15/30

.

4,000,000

3,729,316

e

Champion

Iron

Canada,

Inc.

,

144A,

7.875 %,

7/15/32

......

2,000,000

2,131,420

e

Cleveland-Cliffs,

Inc.

,

144A,

7.000 %,

3/15/32

.....

2,000,000

2,052,501

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Basic

#### Industry
(continued)

e

Cleveland-Cliffs,

Inc.,

(continued)

144A,

7.375 %,

5/01/33

.....

1,000,000

$

1,040,903

e

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

144A,

6.125 %,

6/15/28

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

4,300,000

4,326,127

e

K. Hovnanian

Enterprises,

Inc.

,

144A,

8.375 %,

10/01/33

.....

3,000,000

3,051,178

e

Knife

River

Corp.

,

144A,

7.750 %,

5/01/31

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

2,675,000

2,813,825

e

Magnera

Corp.

,

144A,

7.250 %,

11/15/31

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

3,000,000

2,948,115

e

Maxam

Prill

SARL

,

144A,

7.750 %,

7/15/30

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

2,000,000

2,077,934

e

Mercer

International,

Inc.

,

144A,

12.875 %,

10/01/28

.........

2,300,000

1,785,877

e

Mineral

Resources

Ltd.

,

144A,

7.000 %,

4/01/31

...........

2,000,000

2,087,408

e

Nickel

Industries

Ltd.

,

144A,

9.000 %,

9/30/30

...........

2,000,000

2,076,136

e

Novelis

Corp.

,

144A,

4.750 %,

1/30/30

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

2,300,000

2,223,399

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

4.750 %,

2/15/28

2,000,000

1,986,960

e

Standard

Building

Solutions,

Inc.

,

144A,

6.500 %,

8/15/32

......

2,000,000

2,060,492

e

Standard

Industries,

Inc.

,

144A,

4.375 %,

7/15/30

...........

1,875,000

1,810,098

41,061,665

#### Capital

#### Goods

#### 6.1%
e

ATS

Corp.

,

144A,

4.125 %,

12/15/28

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

3,900,000

3,819,866

e

Clydesdale

Acquisition

Holdings,

Inc.

,

144A,

6.750 %,

4/15/32

..

2,000,000

2,057,889

e

Crown

Americas

LLC

,

144A,

5.875 %,

6/01/33

...........

3,500,000

3,582,544

e

Enpro,

Inc.

,

144A,

6.125 %,

6/01/33

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

2,775,000

2,870,449

e

Esab

Corp.

,

144A,

6.250 %,

4/15/29

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

3,000,000

3,088,401

e

Gates

Corp.

,

144A,

6.875 %,

7/01/29

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

2,000,000

2,079,460

e

Graphic

Packaging

International

LLC

,

144A,

3.750 %,

2/01/30

.....

2,400,000

2,278,421

144A,

6.375 %,

7/15/32

.....

2,000,000

2,039,844

e

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9.250 %,

10/01/31

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

2,000,000

2,150,700

e

Owens-Brockway

Glass

Container,

Inc.

,

144A,

7.375 %,

6/01/32

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

3,000,000

3,047,289

e

Sealed

Air

Corp.

,

144A,

6.500 %,

7/15/32

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

3,500,000

3,639,521

e

Terex

Corp.

,

144A,

6.250 %,

10/15/32

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

2,000,000

2,053,412

32,707,796

#### Communication

#### Services

#### 1.9%
e

APLD

ComputeCo

LLC

,

144A,

9.250 %,

12/15/30

..........

2,590,000

2,542,539

Schedule

of

Investments

#### Impax

#### High

#### Yield

#### Bond

#### Fund
(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Communication

#### Services
(continued)

e

Cipher

Compute

LLC

,

144A,

7.125 %,

11/15/30

..........

3,000,000

$

3,059,199

e

Turkcell

Iletisim

Hizmetleri

A/S

,

144A,

7.450 %,

1/24/30

......

2,000,000

2,107,419

e

WULF

Compute

LLC

,

144A,

7.750 %,

10/15/30

..........

2,500,000

2,577,521

10,286,678

#### Consumer

#### Discretionary

#### 1.7%
e

Getty

Images,

Inc.

,

144A,

10.500 %,

11/15/30

.........

2,000,000

2,018,046

e

Michaels

Cos.,

Inc.

(The)

,

144A,

5.250 %,

5/01/28

.....

2,000,000

1,925,025

144A,

7.875 %,

5/01/29

.....

2,000,000

1,848,912

e

William

Carter

Co.

(The)

,

144A,

7.375 %,

2/15/31

...........

3,000,000

3,105,456

8,897,439

#### Consumer

#### Goods

#### 3.4%
e

BellRing

Brands,

Inc.

,

144A,

7.000 %,

3/15/30

...........

3,000,000

3,103,954

e

Energizer

Holdings,

Inc.

,

144A,

6.000 %,

9/15/33

...........

2,500,000

2,401,136

e

Land

O'

Lakes,

Inc.

,

Junior

Sub.

Bond

,

144A,

7.000 %,

Perpetual

3,685,000

3,288,863

e

Performance

Food

Group,

Inc.

,

144A,

6.125 %,

9/15/32

......

2,000,000

2,064,316

e

Post

Holdings,

Inc.

,

144A,

4.500 %,

9/15/31

.....

2,000,000

1,897,824

144A,

6.250 %,

2/15/32

.....

3,000,000

3,086,174

e

Viking

Baked

Goods

Acquisition

Corp.

,

144A,

8.625 %,

11/01/31

2,500,000

2,514,280

18,356,547

#### Financial

#### Services

#### 6.4%
e

Azorra

Finance

Ltd.

,

144A,

7.750 %,

4/15/30

.....

2,500,000

2,649,460

144A,

7.250 %,

1/15/31

.....

2,000,000

2,103,575

Block,

Inc.

,

6.500 %,

5/15/32

..........

3,000,000

3,121,545

e

144A,

6.000 %,

8/15/33

.....

1,000,000

1,027,169

Goldman

Sachs

Group,

Inc.

(The)

,

Junior

Sub.

Bond

,

6.85%

to

2/09/30,

FRN

thereafter

,

Perpetual

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

3,000,000

3,131,818

HA

Sustainable

Infrastructure

Capital,

Inc.

,

6.375 %,

7/01/34

3,500,000

3,566,984

e

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

144A,

8.000 %,

6/15/27

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

810,000

841,236

OneMain

Finance

Corp.

,

6.625 %,

1/15/28

..........

1,125,000

1,158,289

7.125 %,

11/15/31

.........

1,000,000

1,044,578

e

Osaic

Holdings,

Inc.

,

144A,

6.750 %,

8/01/32

.....

1,175,000

1,228,086

144A,

8.000 %,

8/01/33

.....

1,175,000

1,228,441

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Financial

#### Services
(continued)

e

Provident

Funding

Associates

LP

/

PFG

Finance

Corp.

,

144A,

9.750 %,

9/15/29

...........

3,000,000

$

3,166,542

e

Rocket

Cos.,

Inc.

,

144A,

6.125 %,

8/01/30

.....

2,000,000

2,068,508

144A,

6.375 %,

8/01/33

.....

2,500,000

2,609,673

e

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

144A,

6.750 %,

8/15/32

......

2,000,000

2,066,174

e

TrueNoord

Capital

DAC

,

144A,

8.750 %,

3/01/30

...........

3,000,000

3,182,307

34,194,385

#### Financials

#### 1.1%
e

Asurion

LLC

and

Asurion

Co-

Issuer,

Inc.

,

144A,

8.000 %,

12/31/32

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

2,765,000

2,870,420

e

Jefferies

Finance

LLC

/

JFIN

Co-Issuer

Corp.

,

144A,

5.000 %,

8/15/28

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

3,000,000

2,890,618

5,761,038

#### Healthcare

#### 6.4%
e

Acadia

Healthcare

Co.,

Inc.

,

144A,

7.375 %,

3/15/33

......

3,000,000

3,033,762

e

Avantor

Funding,

Inc.

,

144A,

4.625 %,

7/15/28

...........

5,600,000

5,573,940

CVS

Health

Corp.

,

6.125 %,

9/15/39

..........

2,500,000

2,596,218

Junior

Sub.

Bond

,

6.75%

to

12/09/34,

FRN

thereafter

,

12/10/54

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

3,000,000

3,134,760

Dentsply

Sirona,

Inc.

,

Junior

Sub.

Bond

,

8.375%

to

9/11/30,

FRN

thereafter

,

9/12/55

.........

4,000,000

3,747,881

e

HAH

Group

Holding

Co.

LLC

,

144A,

9.750 %,

10/01/31

.....

3,000,000

2,823,387

e

IQVIA,

Inc.

,

144A,

5.000 %,

5/15/27

.....

2,750,000

2,751,297

144A,

6.250 %,

6/01/32

.....

2,250,000

2,353,878

e

Neogen

Food

Safety

Corp.

,

144A,

8.625 %,

7/20/30

...........

3,000,000

3,214,522

e

Paradigm

Parent

LLC

and

Paradigm

Parent

Co-Issuer,

Inc.

,

144A,

8.750 %,

4/17/32

..

2,000,000

1,813,720

Tenet

Healthcare

Corp.

,

5.125 %,

11/01/27

.........

2,000,000

2,011,313

e

144A,

6.000 %,

11/15/33

....

1,000,000

1,030,219

34,084,897

#### Industrials

#### 1.2%
e

Deluxe

Corp.

,

144A,

8.000 %,

6/01/29

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

2,000,000

2,040,814

e

Limak

Cimento

Sanayi

ve

Ticaret

A/S

,

144A,

9.750 %,

7/25/29

..

2,000,000

2,024,335

Schedule

of

Investments

#### Impax

#### High

#### Yield

#### Bond

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Industrials
(continued)

e

Rand

Parent

LLC

,

144A,

8.500 %,

2/15/30

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

2,000,000

$

2,085,116

6,150,265

#### Insurance

#### 5.1%
e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

144A,

7.000 %,

1/15/31

......

3,000,000

3,114,496

e

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance,

Inc.

(The)

,

144A,

7.125 %,

5/15/31

...........

3,500,000

3,628,895

e

Howden

UK

Refinance

plc

/

Howden

UK

Refinance

plc

/

Howden

US

Refinance

LLC

,

144A,

7.250 %,

2/15/31

......

3,750,000

3,864,165

e

HUB

International

Ltd.

,

144A,

7.250 %,

6/15/30

.....

2,900,000

3,046,392

144A,

7.375 %,

1/31/32

.....

1,500,000

1,575,269

e

Liberty

Mutual

Group,

Inc.

,

144A,

4.125%

to

12/14/26,

FRN

thereafter

,

12/15/51

........

6,000,000

5,917,512

e

Nassau

Cos.

of

New

York

(The)

,

144A,

7.875 %,

7/15/30

......

2,108,000

2,013,987

e

Ryan

Specialty

LLC

,

144A,

5.875 %,

8/01/32

...........

4,308,000

4,404,533

27,565,249

#### Leisure

#### 3.4%
e

Hilton

Domestic

Operating

Co.,

Inc.

,

144A,

6.125 %,

4/01/32

..

5,000,000

5,180,565

e

Marriott

Ownership

Resorts,

Inc.

,

144A,

6.500 %,

10/01/33

.....

2,000,000

1,924,281

e

NCL

Corp.

Ltd.

,

144A,

6.750 %,

2/01/32

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

6,000,000

6,147,224

e

Viking

Cruises

Ltd.

,

144A,

5.875 %,

10/15/33

..........

3,000,000

3,047,859

e

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

144A,

5.625 %,

2/15/29

..

2,000,000

2,009,984

18,309,913

#### Media

#### 11.2%
e

AMC

Networks,

Inc.

,

144A,

10.250 %,

1/15/29

....

2,000,000

2,098,584

144A,

10.500 %,

7/15/32

....

1,000,000

1,105,656

e

Cars.com,

Inc.

,

144A,

6.375 %,

11/01/28

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

2,500,000

2,505,030

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

4.500 %,

5/01/32

..........

2,000,000

1,796,364

e

144A,

5.125 %,

5/01/27

.....

2,000,000

1,998,411

e

144A,

5.375 %,

6/01/29

.....

3,275,000

3,240,284

e

144A,

4.750 %,

3/01/30

.....

5,500,000

5,256,177

e

144A,

4.250 %,

1/15/34

.....

3,000,000

2,553,673

e

Cimpress

plc

,

144A,

7.375 %,

9/15/32

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

3,000,000

3,063,761

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Media
(continued)

e

Deluxe

Corp.

,

144A,

8.125 %,

9/15/29

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

2,000,000

$

2,109,458

e

Directv

Financing

LLC

,

144A,

8.875 %,

2/01/30

...........

1,000,000

1,013,044

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

144A,

5.875 %,

8/15/27

.....

820,000

825,273

144A,

10.000 %,

2/15/31

....

4,000,000

4,090,407

e

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875 %,

8/15/30

.

2,500,000

2,498,670

e

Gray

Media,

Inc.

,

Secured

Note

,

144A,

9.625 %,

7/15/32

......

3,000,000

3,115,570

e

Midcontinent

Communications

,

144A,

8.000 %,

8/15/32

......

4,000,000

4,099,500

e

Nexstar

Media,

Inc.

,

144A,

4.750 %,

11/01/28

..........

2,000,000

1,986,550

e

RR

Donnelley

&

Sons

Co.

,

144A,

9.500 %,

8/01/29

...........

4,000,000

4,136,980

e

Sirius

XM

Radio

LLC

,

144A,

5.500 %,

7/01/29

.....

1,000,000

1,008,762

144A,

4.125 %,

7/01/30

.....

4,000,000

3,806,950

e

Univision

Communications,

Inc.

,

144A,

8.000 %,

8/15/28

.....

2,000,000

2,072,880

144A,

8.500 %,

7/31/31

.....

1,500,000

1,568,181

144A,

9.375 %,

8/01/32

.....

1,000,000

1,075,528

Warnermedia

Holdings,

Inc.

,

4.279 %,

3/15/32

..........

1,000,000

879,070

5.050 %,

3/15/42

..........

3,000,000

2,118,750

60,023,513

#### Real

#### Estate

#### 6.2%
e

EF

Holdco,

Inc.

/

EF

Cayman

Holdings

Ltd.

/

Ellington

Financial

REIT

TRS

LLC

/

EF

Cayman

Non-MTM

Ltd.

,

144A,

7.375 %,

9/30/30

...........

3,000,000

3,027,207

e

Five

Point

Operating

Co.

LP

,

144A,

8.000 %,

10/01/30

.....

3,000,000

3,138,765

e

Iron

Mountain,

Inc.

,

144A,

5.000 %,

7/15/28

.....

1,000,000

1,000,851

144A,

4.875 %,

9/15/29

.....

2,500,000

2,468,145

Kennedy-Wilson,

Inc.

,

4.750 %,

2/01/30

..........

4,500,000

4,245,080

5.000 %,

3/01/31

..........

1,500,000

1,411,922

e

Millrose

Properties,

Inc.

,

144A,

6.375 %,

8/01/30

.....

2,000,000

2,047,738

144A,

6.250 %,

9/15/32

.....

1,000,000

1,009,758

e

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

144A,

4.625 %,

3/15/30

......

3,500,000

3,425,477

e

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

144A,

6.375 %,

10/15/29

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

3,000,000

3,081,711

e

Rithm

Capital

Corp.

,

144A,

8.000 %,

4/01/29

.....

3,000,000

3,082,278

144A,

8.000 %,

7/15/30

.....

2,000,000

2,047,166

Schedule

of

Investments

#### Impax

#### High

#### Yield

#### Bond

#### Fund
(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Real

#### Estate
(continued)

e

Uniti

Group

LP

/

Uniti

Group

Finance

2019,

Inc.

/

CSL

Capital

LLC

,

144A,

8.625 %,

6/15/32

.

3,000,000

$

2,957,523

32,943,621

#### Retail

#### 4.0%
e

Advance

Auto

Parts,

Inc.

,

144A,

7.375 %,

8/01/33

...........

1,000,000

1,004,680

e

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

144A,

3.500 %,

3/15/29

.....

1,175,000

1,129,983

144A,

6.250 %,

3/15/33

.....

2,200,000

2,264,099

e

Global

Auto

Holdings

Ltd.

/

AAG

FH

UK

Ltd.

,

144A,

8.375 %,

1/15/29

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

2,000,000

1,971,150

e

Macy's

Retail

Holdings

LLC

,

144A,

7.375 %,

8/01/33

.....

1,000,000

1,061,207

144A,

6.700 %,

7/15/34

.....

2,000,000

1,933,374

New

Albertsons

LP

,

7.750 %,

6/15/26

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

1,025,000

1,039,704

e

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

144A,

7.500 %,

9/15/32

.....

2,000,000

2,037,779

144A,

10.000 %,

9/15/33

....

2,000,000

2,062,174

Safeway,

Inc.

,

7.250 %,

2/01/31

.

2,925,000

3,177,197

e

Under

Armour,

Inc.

,

144A,

7.250 %,

7/15/30

...........

2,000,000

2,006,941

e

Victoria's

Secret

&

Co.

,

144A,

4.625 %,

7/15/29

...........

2,000,000

1,941,425

21,629,713

#### Services

#### 5.8%
e

Albion

Financing

SARL

/

Aggreko

Holdings,

Inc.

,

144A,

7.000 %,

5/21/30

...........

3,000,000

3,143,267

e

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

,

144A,

8.375 %,

6/15/32

...........

2,000,000

2,066,533

e

Clean

Harbors,

Inc.

,

144A,

6.375 %,

2/01/31

...........

2,500,000

2,577,510

e

Herc

Holdings,

Inc.

,

144A,

7.250 %,

6/15/33

...........

3,000,000

3,182,922

e

Imola

Merger

Corp.

,

144A,

4.750 %,

5/15/29

...........

2,500,000

2,469,649

e

Maxim

Crane

Works

Holdings

Capital

LLC

,

Secured

Note

,

144A,

11.500 %,

9/01/28

.....

1,700,000

1,810,500

e

Neptune

Bidco

US,

Inc.

,

144A,

9.290 %,

4/15/29

...........

3,500,000

3,508,098

e

NESCO

Holdings

II,

Inc.

,

Secured

Note

,

144A,

5.500 %,

4/15/29

.

2,000,000

1,971,714

e

Resideo

Funding,

Inc.

,

144A,

6.500 %,

7/15/32

...........

4,000,000

4,099,132

United

Rentals

North

America,

Inc.

,

5.250 %,

1/15/30

.......

4,300,000

4,361,762

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Services
(continued)

e

Williams

Scotsman,

Inc.

,

144A,

6.625 %,

4/15/30

...........

2,000,000

$

2,074,208

31,265,295

#### Technology

#### &

#### Electronics

#### 7.8%
e

ams-OSRAM

AG

,

144A,

12.250 %,

3/30/29

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

2,500,000

2,667,932

e

Cloud

Software

Group,

Inc.

,

144A,

6.500 %,

3/31/29

.....

2,000,000

2,027,496

144A,

8.250 %,

6/30/32

.....

1,500,000

1,568,385

e

Coherent

Corp.

,

144A,

5.000 %,

12/15/29

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

3,000,000

2,992,399

e

CoreWeave,

Inc.

,

144A,

9.250 %,

6/01/30

.....

2,000,000

1,861,615

144A,

9.000 %,

2/01/31

.....

1,000,000

917,770

e

Diebold

Nixdorf,

Inc.

,

144A,

7.750 %,

3/31/30

...........

1,500,000

1,599,999

e

Entegris,

Inc.

,

144A,

5.950 %,

6/15/30

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

2,125,000

2,169,105

e

ION

Platform

Finance

US,

Inc.

,

144A,

7.875 %,

9/30/32

......

3,000,000

2,850,322

e

Kioxia

Holdings

Corp.

,

144A,

6.250 %,

7/24/30

.....

1,270,000

1,307,764

144A,

6.625 %,

7/24/33

.....

1,250,000

1,300,970

e

McAfee

Corp.

,

144A,

7.375 %,

2/15/30

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

2,000,000

1,746,285

e

NCR

Voyix

Corp.

,

144A,

5.125 %,

4/15/29

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

2,000,000

1,991,985

e

Open

Text

Corp.

,

144A,

3.875 %,

12/01/29

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

2,500,000

2,376,013

e

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

144A,

4.091 %,

6/01/29

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

3,000,000

2,942,768

e

Sensata

Technologies

BV

,

144A,

5.875 %,

9/01/30

...........

3,500,000

3,556,693

e

Unisys

Corp.

,

144A,

10.625 %,

1/15/31

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

4,000,000

4,100,932

e

VM

Consolidated,

Inc.

,

144A,

5.500 %,

4/15/29

...........

2,000,000

2,002,660

e

Xerox

Corp.

,

144A,

10.250 %,

10/15/30

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

2,125,000

2,043,716

42,024,809

#### Telecommunications

#### 6.8%
e

C&W

Senior

Finance

Ltd.

,

144A,

9.000 %,

1/15/33

...........

1,000,000

1,031,586

e

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

144A,

7.000 %,

6/15/27

......

4,500,000

4,518,257

e

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

144A,

9.000 %,

9/15/29

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

1,000,000

1,061,989

e

Digicel

International

Finance

Ltd.

/

DIFL

US

LLC

,

144A,

8.625 %,

8/01/32

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

2,000,000

2,076,544

EchoStar

Corp.

,

10.750 %,

11/30/29

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

3,500,000

3,873,034

e

Fibercop

SpA

,

144A,

7.200 %,

7/18/36

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

3,000,000

2,993,250

Schedule

of

Investments

#### Impax

#### High

#### Yield

#### Bond

#### Fund
(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Telecommunications
(continued)

e

Frontier

Communications

Holdings

LLC

,

144A,

5.000 %,

5/01/28

.

4,000,000

$

4,010,759

Hughes

Satellite

Systems

Corp.

,

6.625 %,

8/01/26

...........

1,000,000

914,243

e

Millicom

International

Cellular

SA

,

144A,

7.375 %,

4/02/32

......

2,750,000

2,860,256

e

Sable

International

Finance

Ltd.

,

144A,

7.125 %,

10/15/32

.....

2,000,000

2,028,624

e

Viasat,

Inc.

,

144A,

7.500 %,

5/30/31

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

1,500,000

1,428,069

e

Virgin

Media

Secured

Finance

plc

,

144A,

5.500 %,

5/15/29

......

4,000,000

3,943,206

e

VZ

Secured

Financing

BV

,

144A,

5.000 %,

1/15/32

...........

2,975,000

2,694,556

e

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

,

144A,

8.250 %,

10/01/31

3,000,000

3,152,129

36,586,502

#### Transportation

#### 1.9%
BNSF

Funding

Trust

I

,

6.613%

to

1/14/26,

FRN

thereafter

,

12/15/55

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

3,325,000

3,343,956

e

Genesee

&

Wyoming,

Inc.

,

144A,

6.250 %,

4/15/32

...........

1,500,000

1,548,755

e

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

144A,

9.875 %,

9/20/31

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

2,000,000

2,016,672

e

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

144A,

7.125 %,

8/01/32

3,250,000

3,405,568

10,314,951

#### Utility

#### 1.2%
e

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.

,

144A,

4.500 %,

8/15/28

......

3,150,000

3,108,700

e

XPLR

Infrastructure

Operating

Partners

LP

,

144A,

8.375 %,

1/15/31

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

3,000,000

3,154,308

6,263,008

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 487,641,766

####)
..............

#### 498,926,740

#### Asset-Backed

#### Securities

#### 1.1%

#### Real

#### Estate

#### 0.1%
e

Uniti

Fiber

ABS

Issuer

LLC

,

2025-

1A

,

B

,

144A,

6.369 %,

4/20/55

.

500,000

511,952

#### Telecommunications

#### 1.0%
e

Frontier

Issuer

LLC

,

2023-1

,

B

,

144A,

8.300 %,

8/20/53

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

2,000,000

2,035,264

2024-1

,

B

,

144A,

7.020 %,

6/20/54

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

2,000,000

2,086,187

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Telecommunications
(continued)

e

MetroNet

Infrastructure

Issuer

LLC

,

2025-2A

,

C

,

144A,

7.830 %,

8/20/55

.

..........

1,000,000

$

1,029,320

5,150,771

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 5,525,726

####)
................

#### 5,662,723

#### Loans

#### 2.7%

#### Consumer

#### Goods

#### 0.8%
f

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

6.861 %

(1-month

SOFR

+

3%;

3-month

SOFR

+

3%),

7/31/28

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

2,937,837

2,947,620

f

United

Natural

Foods,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

8.466 %

(1-month

SOFR

+

4.750 %),

5/01/31

..........

1,483,320

1,495,928

4,443,548

a

a

a

a

a

#### Healthcare

#### 0.2%
f

1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

9.966 %

(1-month

SOFR

+

6.250 %),

10/08/30

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

995,000

974,359

#### Media

#### 0.6%
f

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.831 %

(1-month

SOFR

+

4.000 %),

8/23/28

..........

3,000,000

3,011,790

#### Telecommunications

#### 1.1%
f

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan

,

8.216 %

(1-month

SOFR

+

4.500 %),

9/13/29

..........

1,994,924

1,994,644

f

Lumen

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.181 %

(1-month

SOFR

+

2.350 %),

4/16/29

..........

3,954,422

3,939,355

5,933,999

a

a

a

a

a

#### Total

#### Loans

#### (Cost

#### $

#### 14,140,974

####)
...............

#### 14,363,696

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 507,611,552

####)
..............

#### 519,637,689

#### a
Schedule

of

Investments

#### Impax

#### High

#### Yield

#### Bond

#### Fund
(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares/

#### Principal
a

#### Value
a

#### a
a

#### Money

#### Market

#### 1.8%
g,h

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

.

9,383,724

#### $

#### 9,383,724

#### (Cost

#### $9,383,724)

#### a

#### Total

#### Investments

#### 98

#### .7

#### %

#### (Cost

#### $

#### 516,995,276

####)
.............

#### $529,021,413

#### Other

#### Assets,

#### less

#### Liabilities

#### 1

#### .3

#### %

#### 6,805,279

#### Net

#### Assets

#### 100.0%

#### ...............

#### $535,826,692
a

Rounds

to

less

than

0.05%.

b

Non-income

producing

security.

c

Illiquid

security.

d

Security

valued

using

significant

unobservable

inputs.

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

December

31,

2025

on

securities

with

variable

or

step

rates.

g

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. h

Institutional

Class

shares.

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

LP

Limited

Partnership

PIK

Payment

In

Kind

SOFR

Secured

Overnight

Financing

Rate

Schedule

of

Investments,

December

31,

2025

#### Impax

#### Sustainable

#### Allocation

#### Fund
www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares/

#### Principal
a

#### Value
a

a

#### a
a

#### Affiliated

#### Investment

#### Companies

#### 98.4%
a

Impax

Core

Bond

Fund

,

Class

Institutional

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

83,756,883

$

746,273,828

a

Impax

Ellevate

Global

Women's

Leadership

Fund

,

Class

Institutional

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

2,077,563

72,569,263

a

Impax

Global

Environmental

Markets

Fund

,

Class

Institutional

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

3,299,192

69,250,035

a

Impax

Global

Opportunities

Fund

,

Class

Institutional

..........

4,270,155

71,695,897

a

Impax

Global

Sustainable

Infrastructure

Fund

,

Class

Institutional

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

6,411,413

65,524,645

a

Impax

High

Yield

Bond

Fund

,

Class

Institutional

..........

19,378,474

119,565,185

a

Impax

International

Sustainable

Economy

Fund

,

Class

Institutional

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

9,680,974

118,204,698

a

Impax

Large

Cap

Fund

,

Class

Institutional

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

70,759,205

784,719,589

a,b

Impax

Small

Cap

Fund

,

Class

Institutional

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

6,410,734

119,816,615

a

Impax

US

Sustainable

Economy

Fund

,

Class

Institutional

.....

6,721,559

181,683,743

2,349,303,498

#### Total

#### Affiliated

#### Investment

#### Companies

#### (Cost

#### $

#### 2,169,544,734

####)
............

#### 2,349,303,498

#### Money

#### Market

#### 1.4%
a,c

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund

,

3.705 %

.

34,602,840

#### 34,602,840

#### (Cost

#### $34,602,840)

#### a

#### Total

#### Investments

#### 99

#### .8

#### %

#### (Cost

#### $

#### 2,204,147,574

####)
............

#### $2,383,906,338

#### Other

#### Assets,

#### less

#### Liabilities

#### 0

#### .2

#### %

#### 5,079,093

#### Net

#### Assets

#### 100.0%

#### ...............

#### $2,388,985,431
a

Institutional

Class

shares.

b

Non-income

producing

security.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

December

31,

2025. Financial

Statements

Statements

of

Assets

and

Liabilities

December

31,

2025

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### Large

#### Cap

#### Fund

#### Small

#### Cap

#### Fund

#### US

#### Sustainable

#### Economy

#### Fund

#### Global

#### Sustainable

#### Infrastructure

#### Fund
Assets:

Investments,

at

cost

-

Note

A

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

$627,791,155

$616,180,683

$374,624,957

$84,132,631

Investments

in

unaffiliated

issuers,

at

value

....

$934,722,609

$746,206,198

$554,220,876

$97,227,274

Total

investments,

at

value

-

Note

A

934,722,609

746,206,198

554,220,876

97,227,274

Cash

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

—

—

—

9,978

Receivables:

Capital

stock

sold

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

269,281

1,542,858

139,880

20,357

Dividends

and

interest

-

Note

A

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

423,176

245,435

306,231

239,447

Investment

Adviser

reimbursement

.........

—

—

56,267

—

Other

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

5,234

185,974

Total

assets

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

935,415,439

747,999,725

554,723,529

97,683,030

Liabilities:

Collateral

on

securities

loaned,

at

value

.......

—

—

126,875

—

Payables:

Capital

stock

reacquired

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

527,917

131,496

255,117

108,616

Investment

securities

purchased

...........

—

779,773

—

—

Payable

to

bank

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

—

Payable

to

foreign

banks

(cost

$—,

$—,

$—

and

$241)

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

—

—

—

Accrued

expenses:

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

Investment

advisory

fees

-

Note

B

..........

524,080

486,195

268,737

54,150

Distribution

expense

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

9,160

24,793

48,592

1,221

Transfer

agent

fees

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

82,575

75,547

—

—

Printing

and

other

shareholder

communication

fees

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

44,135

56,319

—

—

Custodian

fees

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

39,893

30,570

—

—

Legal

and

audit

fees

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

48,386

31,493

—

—

Other

accrued

expenses

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

33,563

23,544

Total

liabilities

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

1,309,716

1,639,731

699,391

164,232

Net

assets,

at

value

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

$934,105,723

$746,359,994

$554,024,138

$97,518,798

Net

assets

consist

of:

Paid-in

capital

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

$617,005,476

$593,299,812

$369,700,607

$93,404,268

Total

distributable

earnings

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

317,100,247

153,060,182

184,323,531

4,114,530

Net

assets,

at

value

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

$934,105,723

$746,359,994

$554,024,138

$97,518,798

*1*

*Investments* 

*at* 

*market* 

*value* 

*include* 

*securities* 

*loaned.* 

*At* 

*December* 

*31,* 

*2025,* 

*the* 

*Impax* 

*Small* 

*Cap* 

*Fund* 

*and* 

*Impax* 

*US* 

*Sustainable* 

*Economy* 

*Fund* 

*had* 

*total* 

*market* 

*values* 

*of* 

*securities* 

*on* 

*loan* 

*of* 

*$18,550,541* 

*and* 

*$124,365* 

*respectively.*

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### Global

#### Opportunities

#### Fund

#### Global

#### Environmental

#### Markets

#### Fund

#### Global

#### Social

#### Leaders

#### Fund

#### Global

#### Women's

#### Leadership

#### Fund
Assets:

Investments,

at

cost

-

Note

A

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

$96,836,544

$1,179,419,018

$2,174,208

$492,547,566

Investments

in

unaffiliated

issuers,

at

value

....

$126,412,103

$1,667,627,329

$2,532,917

$706,805,332

Total

investments,

at

value

-

Note

A

126,412,103

1,667,627,329

2,532,917

706,805,332

Cash

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

—

—

—

58,005

Foreign

currency,

at

value

(cost

$1,817,

$736,390,

$0

and

$574,

respectively)

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

1,836

736,081

—

574

Receivables:

Capital

stock

sold

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

273,957

3,704,427

2,454

308,996

Dividends

and

interest

-

Note

A

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

23,330

367,930

1,435

636,631

Investment

securities

sold

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

—

224,038

—

183,700

Investment

Adviser

reimbursement

.........

6,547

—

18,966

—

Other

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

135,470

2,487,081

—

625,401

Total

assets

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

126,853,243

1,675,146,886

2,555,772

708,618,639

Liabilities:

Payables:

Capital

stock

reacquired

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

—

1,669,664

—

154,794

Investment

securities

purchased

...........

—

—

—

Payable

to

bank

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

—

—

—

Accrued

expenses:

......................

Investment

advisory

fees

-

Note

B

..........

85,645

1,141,435

1,678

320,625

Distribution

expense

....................

1,642

36,411

29,660

Transfer

agent

fees

.....................

7,879

412,998

—

Printing

and

other

shareholder

communication

fees

................................

3,656

145,635

953

—

Custodian

fees

........................

22,645

89,298

15,583

—

Legal

and

audit

fees

....................

31,285

63,172

37,722

—

Other

accrued

expenses

.................

27,766

70,210

8,092

Total

liabilities

......................

180,518

3,629,195

64,218

505,217

Net

assets,

at

value

..............

$126,672,725

$1,671,517,691

$2,491,554

$708,113,422

Net

assets

consist

of:

Paid-in

capital

..........................

$96,780,212

$1,169,649,661

$2,167,186

$472,412,671

Total

distributable

earnings

.................

29,892,513

501,868,030

324,368

235,700,751

Net

assets,

at

value

..............

$126,672,725

$1,671,517,691

$2,491,554

$708,113,422

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### International

#### Sustainable

#### Economy

#### Fund

#### Core

#### Bond

#### Fund

#### High

#### Yield

#### Bond

#### Fund

#### Sustainable

#### Allocation

#### Fund
Assets:

Investments,

at

cost

-

Note

A

...............

$1,189,034,117

$862,520,036

$516,995,276

$2,204,147,574

Investments

in

unaffiliated

issuers,

at

value

....

$1,586,850,184

$851,323,883

$529,021,413

$34,602,840

Investments

in

affiliated

issuers,

at

value

.....

—

—

—

2,349,303,498

Total

investments,

at

value

-

Note

A

1,586,850,184

851,323,883

529,021,413

2,383,906,338

Cash

.................................

—

—

208,415

703

Foreign

currency,

at

value

(cost

$4,448,

$–,

$–

and

$–

,

respectively)

.....................

4,448

—

—

—

Receivables:

Capital

stock

sold

......................

2,926,928

3,889,807

3,171,037

6,078,924

Dividends

and

interest

-

Note

A

............

975,524

7,380,898

9,712,210

3,949,652

Investment

securities

sold

................

287,284

—

5,076

—

Other

...............................

6,163,699

747

—

—

Total

assets

.......................

1,597,208,067

862,595,335

542,118,151

2,393,935,617

Liabilities:

Collateral

on

securities

loaned,

at

value

.......

—

810,775

—

—

Payables:

Capital

stock

reacquired

.................

383,585

246,099

865,724

674,236

Investment

securities

purchased

...........

—

—

2,000,000

3,892,381

Dividend

payable

-

Note

A

................

—

3,717,280

2,913,882

—

Payable

to

bank

.......................

82,986

—

—

Accrued

expenses:

......................

Investment

advisory

fees

-

Note

B

..........

590,721

290,769

226,022

100,661

Distribution

expense

....................

25,748

3,353

25,840

282,908

Transfer

agent

fees

.....................

—

15,875

73,239

—

Printing

and

other

shareholder

communication

fees

................................

—

4,990

79,103

—

Custodian

fees

........................

—

59,750

46,299

—

Legal

and

audit

fees

....................

—

40,339

38,241

—

Other

accrued

expenses

.................

25,594

23,109

—

Total

liabilities

......................

1,000,458

5,297,810

6,291,459

4,950,186

Net

assets,

at

value

..............

$1,596,207,609

$857,297,525

$535,826,692

$2,388,985,431

Net

assets

consist

of:

Paid-in

capital

..........................

$1,198,702,116

$952,317,055

$668,609,671

$1,898,902,072

Total

distributable

earnings

(losses)

..........

397,505,493

(95,019,530)

(132,782,979)

490,083,359

Net

assets,

at

value

..............

$1,596,207,609

$857,297,525

$535,826,692

$2,388,985,431

*Investments* 

*at* 

*market* 

*value* 

*include* 

*securities* 

*loaned.* 

*At* 

*December* 

*31,* 

*2025,* 

*the* 

*Impax* 

*Core* 

*Bond* 

*Fund* 

*had* 

*total* 

*market* 

*values* 

*of* 

*securities* 

*on* 

*loan* 

*of* 

*$1,891,515.*

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### Large

#### Cap

#### Fund

#### Small

#### Cap

#### Fund

#### US

#### Sustainable

#### Economy

#### Fund

#### Global

#### Sustainable

#### Infrastructure

#### Fund

#### Investor

#### Class:
Net

assets,

at

value

....................

$41,134,211

$101,379,912

$217,981,130

$4,943,409

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

3,733,820

5,561,032

8,515,517

485,985

Net

asset

value

per

share

................

$11.02

$18.23

$25.60

$10.17

#### Class

#### A:
Net

assets,

at

value

....................

$13,520,592

$10,153,013

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

744,545

398,805

Net

asset

value

per

share

................

$18.16

$25.46

#### Institutional

#### Class:
Net

assets,

at

value

....................

$892,971,512

$631,459,490

$325,889,995

$92,575,389

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

80,516,223

33,785,973

12,054,829

9,055,226

Net

asset

value

per

share

................

$11.09

$18.69

$27.03

$10.22

#### Global

#### Opportunities

#### Fund

#### Global

#### Environmental

#### Markets

#### Fund

#### Global

#### Social

#### Leaders

#### Fund

#### Global

#### Women's

#### Leadership

#### Fund

#### Investor

#### Class:
Net

assets,

at

value

....................

$7,723,889

$149,513,896

$603,347

$139,014,756

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

464,521

7,237,975

50,054

4,019,564

Net

asset

value

per

share

................

$16.63

$20.66

$12.05

$34.58

#### Class

#### A:
Net

assets,

at

value

....................

$17,731,905

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

860,369

Net

asset

value

per

share

................

$20.61

#### Institutional

#### Class:
Net

assets,

at

value

....................

$118,948,836

$1,504,271,890

$1,888,207

$569,098,666

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

7,083,547

71,658,600

156,345

16,290,538

Net

asset

value

per

share

................

$16.79

$20.99

$12.08

$34.93

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### International

#### Sustainable

#### Economy

#### Fund

#### Core

#### Bond

#### Fund

#### High

#### Yield

#### Bond

#### Fund

#### Sustainable

#### Allocation

#### Fund

#### Investor

#### Class:
Net

assets,

at

value

....................

$122,645,834

$15,802,702

$115,414,128

$1,320,794,647

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

9,797,942

1,773,548

18,636,510

50,625,291

Net

asset

value

per

share

................

$12.52

$8.91

$6.19

$26.09

#### Class

#### A:
Net

assets,

at

value

....................

$6,358,405

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

1,025,630

Net

asset

value

per

share

................

$6.20

#### Institutional

#### Class:
Net

assets,

at

value

....................

$1,473,561,775

$841,494,823

$414,054,159

$1,068,190,784

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

120,661,381

94,472,387

67,115,095

39,819,674

Net

asset

value

per

share

................

$12.21

$8.91

$6.17

$26.83

Financial

Statements

Statements

of

Operations

For

the

Year

Ended

December

31,

2025

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### Large

#### Cap

#### Fund

#### Small

#### Cap

#### Fund

#### US

#### Sustainable

#### Economy

#### Fund

#### Global

#### Sustainable

#### Infrastructure

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$

–

,

$

–

,

$

–

and

$

160,057

,

respectively)

...................

$12,079,607

$5,535,307

$6,204,992

$2,533,443

Interest

...............................

1,025,730

638,056

111,972

70,027

Income

from

securities

lending

-

Note

A

.......

24,803

26,342

12,273

Other

income

...........................

583,933

92,074

71,795

31,520

Total

investment

income

................

13,714,073

6,291,779

6,401,032

2,635,243

Expenses:

Investment

advisory

fees

-

Note

B

...........

7,140,304

5,202,774

2,723,497

629,302

Distribution

expenses

Investor

Class

-

Note

B

...

125,707

228,642

512,281

15,683

Distribution

expenses

Class

A

-

Note

B

........

31,314

24,804

Transfer

agent

fees

-

Note

A

................

325,345

604,103

—

—

Printing

and

other

shareholder

communication

fees

..................................

66,091

76,172

—

—

Custodian

fees

..........................

93,278

74,529

—

—

Legal

fees

and

related

expenses

............

95,642

72,779

—

—

Trustees'

fees

and

expenses

-

Note

B

........

117,351

98,673

—

—

Compliance

expense

.....................

22,473

21,489

—

—

Audit

fees

.............................

61,472

48,818

—

—

Registration

and

filing

fees

.................

51,004

65,526

—

—

Other

expenses

.........................

64,815

29,657

2,455

Total

Expenses

......................

8,163,482

6,554,476

3,263,037

645,036

Less:

Advisory

fee

waiver

-

Note

B

........

—

—

(628,895)

—

Net

investment

income

...............

5,550,591

(262,697)

3,766,890

1,990,207

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

221,699,943

58,429,451

20,646,775

(311,673)

Foreign

currency

transactions

..............

—

—

—

(15,110)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

(132,075,211)

16,957,681

65,922,005

14,540,214

Foreign

currency

translation

................

—

—

25,311

Net

realized

and

unrealized

gain

on

investments

and

foreign

currency

....

89,624,732

75,387,192

86,568,780

14,238,742

Net

increase

in

net

assets

resulting

from

operations

.....................

$95,175,323

$75,124,495

$90,335,670

$16,228,949

Financial

Statements

Statements

of

Operations

(continued)

For

the

Year

Ended

December

31,

2025

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### Global

#### Opportunities

#### Fund

#### Global

#### Environmental

#### Markets

#### Fund

#### Global

#### Social

#### Leaders

#### Fund

#### Global

#### Women's

#### Leadership

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$

50,772

,

$

569,865

,

$

1,889

and

$

289,026

,

respectively)

..

$1,406,287

$28,143,810

$28,402

$13,851,239

Interest

...............................

80,107

1,003,252

3,893

187,132

Income

from

securities

lending

-

Note

A

.......

2,144

1,874

8,973

Other

income

...........................

55,725

997,143

73,168

Total

investment

income

................

1,544,263

30,146,079

32,752

14,120,512

Expenses:

Investment

advisory

fees

-

Note

B

...........

1,020,184

15,493,973

17,181

3,704,511

Distribution

expenses

Investor

Class

-

Note

B

...

19,447

391,518

740

339,146

Distribution

expenses

Class

A

-

Note

B

........

45,614

Transfer

agent

fees

-

Note

A

................

65,614

2,523,216

550

—

Printing

and

other

shareholder

communication

fees

..................................

4,460

206,442

—

Custodian

fees

..........................

59,045

215,278

43,503

—

Legal

fees

and

related

expenses

............

46,574

140,114

41,178

—

Trustees'

fees

and

expenses

-

Note

B

........

61,981

183,430

53,305

—

Compliance

expense

.....................

20,146

24,616

19,850

—

Audit

fees

.............................

48,819

84,399

51,579

—

Registration

and

filing

fees

.................

43,195

67,296

31,309

—

Other

expenses

.........................

10,826

87,673

2,200

1,794

Total

Expenses

......................

1,400,291

19,463,569

261,431

4,045,451

Less:

Advisory

fee

waiver

-

Note

B

........

—

—

(14,224)

—

Expenses

assumed

by

Adviser

-

Note

B

..

(130,700)

—

(225,419)

—

Net

expenses

...........................

1,269,591

19,463,569

21,788

4,045,451

Net

investment

income

...............

274,672

10,682,510

10,964

10,075,061

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

8,967,759

350,558,175

(19,435)

69,430,328

Foreign

currency

transactions

..............

(2,469)

(464,472)

(40) (45,692)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

2,607,864

(90,815,555)

173,478

32,215,475

Foreign

currency

translation

................

12,633

290,933

81,156

Net

realized

and

unrealized

gain

on

investments

and

foreign

currency

....

11,585,787

259,569,081

154,023

101,681,267

Net

increase

in

net

assets

resulting

from

operations

.....................

$11,860,459

$270,251,591

$164,987

$111,756,328

Financial

Statements

Statements

of

Operations

(continued)

For

the

Year

Ended

December

31,

2025

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### International

#### Sustainable

#### Economy

#### Fund

#### Core

#### Bond

#### Fund

#### High

#### Yield

#### Bond

#### Fund

#### Sustainable

#### Allocation

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$

2,379,828

,

$

–

,

$

–

and

$

–

,

respectively)

...................

$40,592,077

$48,655

$72,566

$7,512

Dividends

from

affiliates

-

Note

C

.........

—

—

—

48,317,506

Interest

...............................

728,186

37,558,258

36,272,334

1,243,992

Income

from

securities

lending

-

Note

A

.......

641

49,420

—

—

Other

income

...........................

—

—

—

Total

investment

income

................

41,320,904

37,656,333

36,344,900

49,569,128

Expenses:

Investment

advisory

fees

-

Note

B

...........

6,326,359

3,364,883

2,642,451

1,150,813

Distribution

expenses

Investor

Class

-

Note

B

...

276,738

36,834

301,046

3,301,728

Distribution

expenses

Class

A

-

Note

B

........

14,435

Transfer

agent

fees

-

Note

A

................

—

122,100

494,500

—

Printing

and

other

shareholder

communication

fees

..................................

—

2,666

108,966

—

Custodian

fees

..........................

—

160,304

121,371

—

Legal

fees

and

related

expenses

............

—

79,840

64,997

—

Trustees'

fees

and

expenses

-

Note

B

........

—

106,526

87,250

—

Compliance

expense

.....................

—

21,728

21,058

—

Audit

fees

.............................

—

61,266

58,095

—

Registration

and

filing

fees

.................

—

44,183

55,177

—

Other

expenses

.........................

64,294

22,859

—

Total

Expenses

......................

6,603,216

4,064,624

3,992,205

4,452,541

Net

investment

income

...............

34,717,688

33,591,709

32,352,695

45,116,587

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

76,738,260

(12,433,546)

(2,176,228)

4,759

Investment

in

affiliated

issuers

..............

—

—

—

1,697,410

Capital

gain

distributions

from

affiliated

issuers

—

—

—

218,051,351

Foreign

currency

transactions

..............

85,949

—

—

—

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

246,476,472

33,632,405

15,256,804

—

Investment

in

affiliated

issuers

..............

—

—

—

(25,868,250)

Foreign

currency

translation

................

677,826

—

—

—

Net

realized

and

unrealized

gain

on

investments

and

foreign

currency

....

323,978,507

21,198,859

13,080,576

193,885,270

Net

increase

in

net

assets

resulting

from

operations

.....................

$358,696,195

$54,790,568

$45,433,271

$239,001,857

Financial

Statements

Statements

of

Changes

in

Net

Assets

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### Large

#### Cap

#### Fund

#### Small

#### Cap

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Increase
(decrease)

#### in

#### net

#### assets:
Operations:

Investment

income,

net

............

$5,550,591

$11,625,863

$(262,697)

$1,162,986

Net

realized

gain

on

investments

and

foreign

currency

transactions

......

221,699,943

195,868,488

58,429,451

54,026,773

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

(132,075,211)

(14,239,226)

16,957,741

40,377,741

Net

increase

in

net

assets

resulting

from

operations

.............

95,175,323

193,255,125

75,124,495

95,567,500

Distributions

from

distributable

earning

-

Investor

Class

...................

(10,069,560)

(10,658,577)

(6,229,128)

(4,647,968)

Distributions

from

distributable

earning

-

Class

A

........................

(832,589)

(635,017)

Distributions

from

distributable

earning

-

Institutional

Class

................

(206,747,897)

(207,033,360)

(38,064,700)

(30,933,503)

Total

distributions

to

shareholders

.....

(216,817,457)

(217,691,937)

(45,126,417)

(36,216,488)

From

capital

share

transactions:

#### Investor

#### Class
Proceeds

from

shares

sold

...........

16,719,893

24,458,719

18,414,283

6,455,538

Proceeds

from

reinvestment

of

distributions

....................

9,127,038

10,039,151

5,701,065

4,385,003

Cost

of

shares

redeemed

............

(42,859,854)

(24,323,141)

(19,955,665)

(22,472,529)

Net

increase

(decrease)

from

Investor

Class

transactions

#### ...............
(17,012,923)

10,174,729

4,159,683

(11,631,988)

#### Class

#### A
Proceeds

from

shares

sold

...........

1,757,394

2,444,209

Proceeds

from

reinvestment

of

distributions

....................

768,289

585,865

Cost

of

shares

redeemed

............

(2,341,324)

(2,980,996)

Net

increase

from

Class

A

transactions

#### .
184,359

49,078

#### Institutional

#### Class
Proceeds

from

shares

sold

...........

36,365,735

80,243,884

80,319,999

94,998,836

Proceeds

from

reinvestment

of

distributions

....................

204,581,720

206,059,271

34,907,219

28,184,856

Cost

of

shares

redeemed

............

(537,271,376)

(346,132,842)

(129,206,836)

(121,981,291)

Net

increase

(decrease)

from

Institutional

Class

transactions

#### ...............
(296,323,921)

(59,829,687)

(13,979,618)

1,202,401

Net

decrease

from

capital

share

transactions

......................

(313,336,844)

(49,654,958)

(9,635,576)

(10,380,509)

Net

increase

(decrease)

in

net

assets

.....................

(434,978,978)

(74,091,770)

20,362,502

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

.....................

$934,105,723

$1,369,084,701

$746,359,994

$725,997,492

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### Large

#### Cap

#### Fund

#### Small

#### Cap

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### of

#### Beneficial

#### Interest:

#### Investor

#### Class
Shares

sold

.......................

1,311,592

1,689,447

1,066,455

381,373

Shares

issued

in

reinvestment

of

distributions

.......................

822,932

782,053

303,087

250,429

Shares

redeemed

...................

(3,558,441)

(1,711,463)

(1,160,379)

(1,328,381)

Net

increase

(decrease)

in

shares

outstanding

........................

(1,423,917)

760,037

209,163

(696,579)

#### A
Shares

sold

.......................

101,119

145,694

Shares

issued

in

reinvestment

of

distributions

.......................

40,997

33,593

Shares

redeemed

...................

(134,635)

(177,756)

Net

increase

in

shares

outstanding

......

7,481

1,531

#### Institutional

#### Class
Shares

sold

.......................

2,872,796

5,677,742

4,412,522

5,469,591

Shares

issued

in

reinvestment

of

distributions

.......................

18,310,942

15,970,408

1,810,540

1,578,824

Shares

redeemed

...................

(42,633,306)

(23,944,023)

(7,382,030)

(7,084,897)

Net

decrease

in

shares

outstanding

......

(21,449,568)

(2,295,873)

(1,158,968)

(36,482)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### US

#### Sustainable

#### Economy

#### Fund

#### Global

#### Sustainable

#### Infrastructure

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Increase
(decrease)

#### in

#### net

#### assets:
Operations:

Investment

income,

net

............

$3,766,890

$3,084,266

$1,990,207

$2,114,925

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

20,646,775

34,721,252

(326,783)

1,964,415

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

65,922,005

20,760,837

14,565,525

(5,191,913)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

90,335,670

58,566,355

16,228,949

(1,112,573)

Distributions

from

distributable

earning

-

Investor

Class

...................

(11,244,626)

(29,508,948)

(125,210)

(124,160)

Distributions

from

distributable

earning

-

Class

A

........................

(522,572)

(1,566,010)

Distributions

from

distributable

earning

-

Institutional

Class

................

(16,651,990)

(16,454,071)

(2,229,896)

(1,901,231)

Total

distributions

to

shareholders

.....

(28,419,188)

(47,529,029)

(2,355,106)

(2,025,391)

From

capital

share

transactions:

#### Investor

#### Class
Proceeds

from

shares

sold

...........

5,830,316

8,778,548

1,624,006

747,843

Proceeds

from

reinvestment

of

distributions

....................

11,022,456

29,022,463

121,436

122,249

Cost

of

shares

redeemed

............

(24,521,240)

(24,300,572)

(3,486,227)

(1,338,380)

Net

increase

(decrease)

from

Investor

Class

transactions

#### ...............
(7,668,468)

13,500,439

(1,740,785)

(468,288)

#### Class

#### A
Proceeds

from

shares

sold

...........

640,739

957,083

Proceeds

from

reinvestment

of

distributions

....................

514,938

1,533,712

Cost

of

shares

redeemed

............

(2,789,095)

(1,336,829)

Net

increase

(decrease)

from

Class

A

transactions

#### ....................
(1,633,418)

1,153,966

#### Institutional

#### Class
Proceeds

from

shares

sold

...........

181,431,405

18,514,675

5,563,675

4,276,306

Proceeds

from

reinvestment

of

distributions

....................

16,033,893

15,951,421

2,206,093

1,831,039

Cost

of

shares

redeemed

............

(32,547,166)

(13,638,281)

(10,623,734)

(8,166,147)

Net

increase

(decrease)

from

Institutional

Class

transactions

#### ...............
164,918,132

20,827,815

(2,853,966)

(2,058,802)

Net

increase

(decrease)

from

capital

share

transactions

......................

155,616,246

35,482,220

(4,594,751)

(2,527,090)

Net

increase

(decrease)

in

net

assets

.....................

217,532,728

46,519,546

9,279,092

(5,665,054)

Net

assets

Beginning

of

period

................

336,491,410

289,971,864

88,239,706

93,904,760

End

of

period

.....................

$554,024,138

$336,491,410

$97,518,798

$88,239,706

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### US

#### Sustainable

#### Economy

#### Fund

#### Global

#### Sustainable

#### Infrastructure

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### of

#### Beneficial

#### Interest:

#### Investor

#### Class
Shares

sold

.......................

244,388

351,785

164,501

80,957

Shares

issued

in

reinvestment

of

distributions

.......................

431,337

1,229,582

12,038

13,583

Shares

redeemed

...................

(1,026,447)

(964,475)

(349,874)

(144,042)

Net

increase

(decrease)

in

shares

outstanding

........................

(350,722)

616,892

(173,335)

(49,502)

#### A
Shares

sold

.......................

27,842

37,284

Shares

issued

in

reinvestment

of

distributions

.......................

20,261

65,374

Shares

redeemed

...................

(120,647)

(53,877)

Net

increase

(decrease)

in

shares

outstanding

........................

(72,544)

48,781

#### Institutional

#### Class
Shares

sold

.......................

7,906,684

691,123

553,331

460,494

Shares

issued

in

reinvestment

of

distributions

.......................

595,518

641,994

217,538

202,638

Shares

redeemed

...................

(1,287,823)

(521,756)

(1,062,441)

(882,919)

Net

increase

(decrease)

in

shares

outstanding

........................

7,214,379

811,361

(291,572)

(219,787)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### Global

#### Opportunities

#### Fund

#### Global

#### Environmental

#### Markets

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Increase
(decrease)

#### in

#### net

#### assets:
Operations:

Investment

income,

net

............

$274,672

$465,645

$10,682,510

$12,118,257

Net

realized

gain

on

investments

and

foreign

currency

transactions

......

8,965,290

5,761,312

350,093,703

130,849,397

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

2,620,497

1,336,233

(90,524,622)

(12,166,248)

Net

increase

in

net

assets

resulting

from

operations

.............

11,860,459

7,563,190

270,251,591

130,801,406

Distributions

from

distributable

earning

-

Investor

Class

...................

(506,157)

(218,609)

(29,972,489)

(7,426,368)

Distributions

from

distributable

earning

-

Class

A

........................

(3,583,124)

(818,064)

Distributions

from

distributable

earning

-

Institutional

Class

................

(7,732,423)

(3,374,273)

(308,378,797)

(98,172,152)

Total

distributions

to

shareholders

.....

(8,238,580)

(3,592,882)

(341,934,410)

(106,416,584)

From

capital

share

transactions:

#### Investor

#### Class
Proceeds

from

shares

sold

...........

780,641

1,719,780

7,554,165

8,190,983

Proceeds

from

reinvestment

of

distributions

....................

477,324

209,394

29,047,659

7,147,897

Cost

of

shares

redeemed

............

(1,648,642)

(1,864,636)

(37,864,025)

(33,370,783)

Net

increase

(decrease)

from

Investor

Class

transactions

#### ...............
(390,677)

64,538

(1,262,201)

(18,031,903)

#### Class

#### A
Proceeds

from

shares

sold

...........

1,728,825

2,333,493

Proceeds

from

reinvestment

of

distributions

....................

3,310,897

760,749

Cost

of

shares

redeemed

............

(3,899,515)

(4,608,085)

Net

increase

(decrease)

from

Class

A

transactions

#### ....................
1,140,207

(1,513,843)

#### Institutional

#### Class
Proceeds

from

shares

sold

...........

12,627,970

15,390,881

201,745,097

319,771,375

Proceeds

from

reinvestment

of

distributions

....................

7,530,756

3,287,781

283,242,620

91,998,475

Cost

of

shares

redeemed

............

(22,712,897)

(18,849,494)

(1,023,513,121)

(581,186,495)

Net

decrease

from

Institutional

Class

transactions

#### ....................
(2,554,171)

(170,832)

(538,525,404)

(169,416,645)

Net

decrease

from

capital

share

transactions

......................

(2,944,848)

(106,294)

(538,647,398)

(188,962,391)

Net

increase

(decrease)

in

net

assets

.....................

677,031

3,864,014

(610,330,217)

(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

.....................

$126,672,725

$125,995,694

$1,671,517,691

$2,281,847,908

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### Global

#### Opportunities

#### Fund

#### Global

#### Environmental

#### Markets

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### of

#### Beneficial

#### Interest:

#### Investor

#### Class
Shares

sold

.......................

45,391

104,228

319,599

346,289

Shares

issued

in

reinvestment

of

distributions

.......................

28,625

12,787

1,397,032

313,579

Shares

redeemed

...................

(99,080)

(112,188)

(1,628,405)

(1,399,731)

Net

increase

(decrease)

in

shares

outstanding

........................

(25,064)

4,827

88,226

(739,863)

#### A
Shares

sold

.......................

72,235

98,099

Shares

issued

in

reinvestment

of

distributions

.......................

159,622

33,437

Shares

redeemed

...................

(165,713)

(196,694)

Net

increase

(decrease)

in

shares

outstanding

........................

66,144

(65,158)

#### Institutional

#### Class
Shares

sold

.......................

736,982

889,118

8,409,880

13,323,985

Shares

issued

in

reinvestment

of

distributions

.......................

446,982

199,055

13,390,500

3,985,963

Shares

redeemed

...................

(1,310,696)

(1,109,673)

(42,470,838)

(24,102,281)

Net

decrease

in

shares

outstanding

......

(126,732)

(21,500)

(20,670,458)

(6,792,333)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### Global

#### Social

#### Leaders

#### Fund

#### Global

#### Women's

#### Leadership

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Increase
(decrease)

#### in

#### net

#### assets:
Operations:

Investment

income,

net

............

$10,964

$13,270

$10,075,061

$12,121,796

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

(19,475)

13,426

69,384,636

84,049,848

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

173,498

117,110

32,296,631

(5,570,264)

Net

increase

in

net

assets

resulting

from

operations

.............

164,987

143,806

111,756,328

90,601,380

Distributions

from

distributable

earning

-

Investor

Class

...................

(658) (2,188)

(12,754,414)

(12,476,824)

Distributions

from

distributable

earning

-

Institutional

Class

................

(9,972)

(51,925)

(53,907,494)

(55,223,742)

Total

distributions

to

shareholders

.....

(10,630)

(54,113)

(66,661,908)

(67,700,566)

From

capital

share

transactions:

#### Investor

#### Class
Proceeds

from

shares

sold

...........

523,028

96,682

6,519,055

8,659,276

Proceeds

from

reinvestment

of

distributions

....................

654

2,186

12,044,513

11,774,946

Cost

of

shares

redeemed

............

(20,382)

(8,458)

(26,687,795)

(23,477,040)

Net

increase

(decrease)

from

Investor

Class

transactions

#### ...............
503,300

90,410

(8,124,227)

(3,042,818)

#### Institutional

#### Class
Proceeds

from

shares

sold

...........

12,300

2,500

46,487,609

57,517,696

Proceeds

from

reinvestment

of

distributions

....................

8,489

49,272

48,287,177

49,813,790

Cost

of

shares

redeemed

............

(1,585)

(152,182,397)

(232,111,629)

Net

increase

(decrease)

from

Institutional

Class

transactions

#### ...............
20,789

50,187

(57,407,611)

(124,780,143)

Net

increase

(decrease)

from

capital

share

transactions

......................

524,089

140,597

(65,531,838)

(127,822,961)

Net

increase

(decrease)

in

net

assets

.....................

678,446

230,290

(20,437,418)

(104,922,147)

Net

assets

Beginning

of

period

................

1,813,108

1,582,818

728,550,840

833,472,987

End

of

period

.....................

$2,491,554

$1,813,108

$708,113,422

$728,550,840

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### Global

#### Social

#### Leaders

#### Fund

#### Global

#### Women's

#### Leadership

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### of

#### Beneficial

#### Interest:

#### Investor

#### Class
Shares

sold

.......................

43,293

8,762

192,308

262,956

Shares

issued

in

reinvestment

of

distributions

.......................

348,755

361,238

Shares

redeemed

...................

(1,696)

(752) (791,297)

(709,396)

Net

increase

(decrease)

in

shares

outstanding

........................

41,652

8,206

(250,234)

(85,202)

#### Institutional

#### Class
Shares

sold

.......................

1,082

1,370,841

1,726,448

Shares

issued

in

reinvestment

of

distributions

.......................

706

4,419

1,385,043

1,514,612

Shares

redeemed

...................

(144) (4,525,848)

(6,970,769)

Net

increase

(decrease)

in

shares

outstanding

........................

1,788

4,514

(1,769,964)

(3,729,709)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### International

#### Sustainable

#### Economy

#### Fund

#### Core

#### Bond

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Increase
(decrease)

#### in

#### net

#### assets:
Operations:

Investment

income,

net

............

$34,717,688

$30,023,134

$33,591,709

$32,974,290

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

76,824,209

39,759,261

(12,433,546)

(6,316,373)

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

247,154,298

(13,609,138)

33,632,405

(13,111,232)

Net

increase

in

net

assets

resulting

from

operations

.............

358,696,195

56,173,257

54,790,568

13,546,685

Distributions

from

distributable

earning

-

Investor

Class

...................

(7,852,289)

(2,846,375)

(554,451)

(426,881)

Distributions

from

distributable

earning

-

Institutional

Class

................

(100,642,239)

(38,290,694)

(33,125,994)

(32,164,241)

Total

distributions

to

shareholders

.....

(108,494,528)

(41,137,069)

(33,680,445)

(32,591,122)

From

capital

share

transactions:

#### Investor

#### Class
Proceeds

from

shares

sold

...........

39,296,427

29,582,926

5,471,248

2,644,757

Proceeds

from

reinvestment

of

distributions

....................

7,718,051

2,782,881

547,316

420,817

Cost

of

shares

redeemed

............

(37,014,046)

(28,471,080)

(3,289,592)

(1,995,869)

Net

increase

from

Investor

Class

transactions

#### ....................
10,000,432

3,894,727

2,728,972

1,069,705

#### Institutional

#### Class
Proceeds

from

shares

sold

...........

305,138,136

242,292,306

30,147,723

31,023,844

Proceeds

from

reinvestment

of

distributions

....................

89,029,784

34,196,322

33,103,911

32,139,783

Cost

of

shares

redeemed

............

(283,466,556)

(205,837,635)

(65,194,276)

(106,126,112)

Net

increase

(decrease)

from

Institutional

Class

transactions

#### ...............
110,701,364

70,650,993

(1,942,642)

(42,962,485)

Net

increase

(decrease)

from

capital

share

transactions

......................

120,701,796

74,545,720

786,330

(41,892,780)

Net

increase

(decrease)

in

net

assets

.....................

370,903,463

89,581,908

21,896,453

(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

.....................

$1,596,207,609

$1,225,304,146

$857,297,525

$835,401,072

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### International

#### Sustainable

#### Economy

#### Fund

#### Core

#### Bond

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### of

#### Beneficial

#### Interest:

#### Investor

#### Class
Shares

sold

.......................

3,340,825

2,712,668

621,241

302,540

Shares

issued

in

reinvestment

of

distributions

.......................

626,114

261,478

61,844

47,948

Shares

redeemed

...................

(3,114,429)

(2,623,070)

(374,555)

(228,129)

Net

increase

in

shares

outstanding

......

852,510

351,076

308,530

122,359

#### Institutional

#### Class
Shares

sold

.......................

26,225,259

23,010,763

3,432,050

3,533,613

Shares

issued

in

reinvestment

of

distributions

.......................

7,404,097

3,289,155

3,742,583

3,664,867

Shares

redeemed

...................

(24,318,831)

(19,549,571)

(7,438,577)

(12,064,273)

Net

increase

(decrease)

in

shares

outstanding

........................

9,310,525

6,750,347

(263,944)

(4,865,793)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

#### High

#### Yield

#### Bond

#### Fund

#### Sustainable

#### Allocation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Increase
(decrease)

#### in

#### net

#### assets:
Operations:

Investment

income,

net

............

$32,352,695

$30,643,753

$45,116,587

$47,194,667

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

(2,176,228)

(28,337,498)

219,753,520

154,790,479

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

15,256,804

30,097,121

(25,868,250)

(31,182,453)

Net

increase

in

net

assets

resulting

from

operations

.............

45,433,271

32,403,376

239,001,857

170,802,693

Distributions

from

distributable

earning

-

Investor

Class

...................

(7,143,391)

(7,028,433)

(119,855,756)

(49,450,416)

Distributions

from

distributable

earning

-

Class

A

........................

(342,436)

(242,200)

Distributions

from

distributable

earning

-

Institutional

Class

................

(24,881,804)

(23,776,319)

(93,326,244)

(35,498,005)

Total

distributions

to

shareholders

.....

(32,367,631)

(31,046,952)

(213,182,000)

(84,948,421)

From

capital

share

transactions:

#### Investor

#### Class
Proceeds

from

shares

sold

...........

18,630,418

36,114,697

24,222,825

25,087,500

Proceeds

from

reinvestment

of

distributions

....................

6,881,449

6,780,935

116,250,281

47,955,255

Cost

of

shares

redeemed

............

(36,322,194)

(51,064,614)

(171,935,166)

(159,207,569)

Net

decrease

from

Investor

Class

transactions

#### ....................
(10,810,327)

(8,168,982)

(31,462,060)

(86,164,814)

#### Class

#### A
Proceeds

from

shares

sold

...........

2,575,800

1,049,016

Proceeds

from

reinvestment

of

distributions

....................

246,565

221,905

Cost

of

shares

redeemed

............

(995,658)

(1,219,494)

Net

increase

from

Class

A

transactions

#### .
1,826,707

51,427

#### Institutional

#### Class
Proceeds

from

shares

sold

...........

72,725,036

66,472,637

138,919,717

103,649,295

Proceeds

from

reinvestment

of

distributions

....................

22,493,759

21,217,319

90,371,355

34,300,051

Cost

of

shares

redeemed

............

(104,717,067)

(103,027,378)

(137,671,158)

(133,945,754)

Net

increase

(decrease)

from

Institutional

Class

transactions

#### ...............
(9,498,272)

(15,337,422)

91,619,914

4,003,592

Net

increase

(decrease)

from

capital

share

transactions

......................

(18,481,892)

(23,454,977)

60,157,854

(82,161,222)

Net

increase

(decrease)

in

net

assets

.....................

(5,416,252)

(22,098,553)

85,977,711

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

.....................

$535,826,692

$541,242,944

$2,388,985,431

$2,303,007,720

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

#### High

#### Yield

#### Bond

#### Fund

#### Sustainable

#### Allocation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### of

#### Beneficial

#### Interest:

#### Investor

#### Class
Shares

sold

.......................

3,065,349

6,052,884

910,878

968,288

Shares

issued

in

reinvestment

of

distributions

.......................

1,124,534

1,128,265

4,418,981

1,862,353

Shares

redeemed

...................

(5,979,481)

(8,537,234)

(6,457,811)

(6,119,449)

Net

decrease

in

shares

outstanding

......

(1,789,598)

(1,356,085)

(1,127,952)

(3,288,808)

#### A
Shares

sold

.......................

427,726

174,799

Shares

issued

in

reinvestment

of

distributions

.......................

40,229

36,830

Shares

redeemed

...................

(162,928)

(203,259)

Net

increase

in

shares

outstanding

......

305,027

8,370

#### Institutional

#### Class
Shares

sold

.......................

11,948,179

11,060,148

4,981,144

3,882,704

Shares

issued

in

reinvestment

of

distributions

.......................

3,688,690

3,541,201

3,343,461

1,301,749

Shares

redeemed

...................

(17,261,735)

(17,216,324)

(5,058,572)

(5,045,148)

Net

increase

(decrease)

in

shares

outstanding

........................

(1,624,866)

(2,614,975)

3,266,033

139,305

Financial

Highlights

#### Impax

#### Large

#### Cap

#### Fund
www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$12.73

$13.24

$11.52

$14.82

$12.02

Net

investment

income

.........................

0.04 0.08 0.09 0.06 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.49 1.75 2.20 (3.02)

3.63 Total

from

investment

operations

....................

1.53 1.83 2.29 (2.96)

3.66 Distributions

to

shareholders

From

net

investment

income

.....................

0.04 0.10 0.10 0.08 0.03 From

net

realized

gains

.........................

3.20 2.24 0.47 0.26 0.83 Total

distributions

...............................

3.24 2.34 0.57 0.34 0.86 Net

asset

value,

end

of

year

.......................

$11.02

$12.73

$13.24

$11.52

$14.82

Total

return

...................................

11.92%

13.72%

19.90%

(19.99)%

30.57%

Net

assets,

end

of

period

(in

$000's)

.................

$41,134

$65,658

$58,218

$56,667

$57,965

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.98%

0.98%

0.98%

0.97%

0.97%

Net

investment

income

...........................

0.28%

0.57%

0.71%

0.49%

0.22%

Total

expenses

excluding

reimbursements

and

waivers

...

0.98%

0.98%

0.98%

0.97%

0.97%

Portfolio

Turnover

...............................

60%

36%

44%

34%

25%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Large

#### Cap

#### Fund
(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$12.78

$13.28

$11.56

$14.87

$12.05

Net

investment

income

.........................

0.07 0.12 0.12 0.09 0.07 Net

realized

and

unrealized

gains

(losses)

...........

1.50 1.75 2.20 (3.03)

3.64 Total

from

investment

operations

....................

1.57 1.87 2.32 (2.94)

3.71 Distributions

to

shareholders

From

net

investment

income

.....................

0.06 0.13 0.13 0.11 0.06 From

net

realized

gains

.........................

3.20 2.24 0.47 0.26 0.83 Total

distributions

...............................

3.26 2.37 0.60 0.37 0.89 Net

asset

value,

end

of

year

.......................

$11.09

$12.78

$13.28

$11.56

$14.87

Total

return

...................................

12.20%

14.02%

20.12%

(19.77)%

30.92%

Net

assets,

end

of

period

(in

$000's)

.................

$892,972

$1,303,427

$1,384,959

$1,291,988

$1,511,547

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.73%

0.73%

0.73%

0.72%

0.71%

Net

investment

income

...........................

0.52%

0.81%

0.96%

0.73%

0.47%

Total

expenses

excluding

reimbursements

and

waivers

...

0.73%

0.73%

0.73%

0.72%

0.71%

Portfolio

Turnover

...............................

60%

36%

44%

34%

25%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Small

#### Cap

#### Fund
www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$17.38

$15.96

$14.06

$18.72

$15.78

Net

investment

income

(loss)

....................

(0.04)

(0.01)

(0.02)

(0.03)

0.08 Net

realized

and

unrealized

gains

(losses)

...........

2.07 2.33 1.92 (4.28)

4.66 Total

from

investment

operations

....................

2.03 2.32 1.90 (4.31)

4.74 Distributions

to

shareholders

From

net

investment

income

.....................

—

—

—

—

0.04 From

net

realized

gains

.........................

1.18 0.90 —

0.35 1.76 Total

distributions

...............................

1.18 0.90 —

0.35 1.80 Net

asset

value,

end

of

year

.......................

$18.23

$17.38

$15.96

$14.06

$18.72

Total

return

...................................

11.47%

14.51%

13.51%

(22.97)%

30.26%

Net

assets,

end

of

period

(in

$000's)

.................

$101,380

$93,020

$96,548

$93,090

$125,234

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

1.16%

1.15%

1.16%

1.16%

1.15%

Net

investment

income

(loss)

......................

(0.25)%

(0.05)%

(0.11)%

(0.23)%

0.44%

Total

expenses

excluding

reimbursements

and

waivers

...

1.16%

1.15%

1.16%

1.16%

1.15%

Portfolio

Turnover

...............................

36%

48%

43%

38%

44%

Based

on

average

shares

outstanding

during

the

period.

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.

In

2022

the

Adviser

reimbursed

the

Fund

losses

related

to

a

trading

error

in

the

amount

of

$63,091.

Before

the

reimbursement

by

the

Adviser,

total

return

for

Investor

Class

shares

would

have

remained

the

same

at

(22.97%).

The

Net

Investment

Income

for

Investor

Class

shares

would

have

been

(0.24%).

Financial

Highlights

#### Impax

#### Small

#### Cap

#### Fund
(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A
Net

asset

value,

beginning

of

year

...................

$17.32

$15.91

$14.01

$18.66

$15.73

Net

investment

income

(loss)

....................

(0.04)

(0.01)

(0.02)

(0.03)

0.08 Net

realized

and

unrealized

gains

(losses)

...........

2.06 2.32 1.92 (4.27)

4.65 Total

from

investment

operations

....................

2.02 2.31 1.90 (4.30)

4.73 Distributions

to

shareholders

From

net

investment

income

.....................

—

—

—

—

0.04 From

net

realized

gains

.........................

1.18 0.90 —

0.35 1.76 Total

distributions

...............................

1.18 0.90 —

0.35 1.80 Net

asset

value,

end

of

year

.......................

$18.16

$17.32

$15.91

$14.01

$18.66

Total

return

...................................

11.45%

14.49%

13.56%

(23.03)%

30.29%

Net

assets,

end

of

period

(in

$000's)

.................

$13,521

$12,763

$11,700

$10,895

$14,305

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

1.16%

1.15%

1.16%

1.16%

1.15%

Net

investment

income

(loss)

......................

(0.25)%

(0.05)%

(0.10)%

(0.23)%

0.44%

Total

expenses

excluding

reimbursements

and

waivers

...

1.16%

1.15%

1.16%

1.16%

1.15%

Portfolio

Turnover

...............................

36%

48%

43%

38%

44%

Based

on

average

shares

outstanding

during

the

period.

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.

In

2022

the

Adviser

reimbursed

the

Fund

losses

related

to

a

trading

error

in

the

amount

of

$63,091.

Before

the

reimbursement

by

the

Adviser,

total

return

for

Class

A

shares

would

have

remained

the

same

at

(23.03%).

The

Net

Investment

Income

for

Class

A

shares

would

have

been

(0.22%).

Financial

Highlights

#### Impax

#### Small

#### Cap

#### Fund
(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$17.75

$16.26

$14.29

$18.99

$15.99

Net

investment

income

(loss)

....................

(0.00)

0.04 0.02 0.01 0.14 Net

realized

and

unrealized

gains

(losses)

...........

2.12 2.37 1.95 (4.34)

4.71 Total

from

investment

operations

....................

2.12 2.41 1.97 (4.33)

4.85 Distributions

to

shareholders

From

net

investment

income

.....................

—

0.02 —

0.02 0.09 From

net

realized

gains

.........................

1.18 0.90 —

0.35 1.76 Total

distributions

...............................

1.18 0.92 —

0.37 1.85 Net

asset

value,

end

of

year

.......................

$18.69

$17.75

$16.26

$14.29

$18.99

Total

return

...................................

11.74%

14.79%

13.79%

(22.80)%

30.54%

Net

assets,

end

of

period

(in

$000's)

.................

$631,459

$620,214

$568,779

$484,498

$603,123

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.91%

0.90%

0.91%

0.91%

0.90%

Net

investment

income

(loss)

......................

(0.00)%

0.21%

0.15%

0.03%

0.73%

Total

expenses

excluding

reimbursements

and

waivers

...

0.91%

0.90%

0.91%

0.91%

0.90%

Portfolio

Turnover

...............................

36%

48%

43%

38%

44%

Based

on

average

shares

outstanding

during

the

period.

Less

than

$0.005

per

share.

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.

Rounds

to

less

than

0.005%.

In

2022

the

Adviser

reimbursed

the

Fund

losses

related

to

a

trading

error

in

the

amount

of

$63,091.

Before

the

reimbursement

by

the

Adviser,

total

return

for

Institutional

Class

shares

would

have

remained

the

same

at

(22.80%).

The

Net

Investment

Income

for

Institutional

Class

shares

would

have

been

0.02%.

Financial

Highlights

#### Impax

#### US

#### Sustainable

#### Economy

#### Fund
www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$23.32

$22.51

$19.19

$25.28

$23.78

Net

investment

income

.........................

0.16 0.22 0.23 0.22 0.20 Net

realized

and

unrealized

gains

(losses)

...........

3.50 4.39 4.42 (4.84)

6.83 Total

from

investment

operations

....................

3.66 4.61 4.65 (4.62)

7.03 Distributions

to

shareholders

From

net

investment

income

.....................

0.23 0.49 0.10 0.37 0.20 From

net

realized

gains

.........................

1.15 3.31 1.23 1.06 5.33 Tax

return

of

capital

............................

—

—

—

0.04 —

Total

distributions

...............................

1.38 3.80 1.33 1.47 5.53 Net

asset

value,

end

of

year

.......................

$25.60

$23.32

$22.51

$19.19

$25.28

Total

return

...................................

15.71%

20.41%

24.39%

(18.25)%

30.02%

Net

assets,

end

of

period

(in

$000's)

.................

$217,981

$206,720

$185,687

$159,822

$205,407

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.70%

0.71%

0.70%

0.70%

0.74%

Net

investment

income

...........................

0.68%

0.87%

1.06%

1.01%

0.74%

Total

expenses

excluding

reimbursements

and

waivers

...

0.84%

0.88%

0.88%

0.88%

0.88%

Portfolio

Turnover

...............................

52%

45%

43%

37%

47%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### US

#### Sustainable

#### Economy

#### Fund
(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A
Net

asset

value,

beginning

of

year

...................

$23.19

$22.41

$19.11

$25.18

$23.71

Net

investment

income

.........................

0.16 0.22 0.22 0.22 0.20 Net

realized

and

unrealized

gains

(losses)

...........

3.49 4.36 4.42 (4.82)

6.80 Total

from

investment

operations

....................

3.65 4.58 4.64 (4.60)

7.00 Distributions

to

shareholders

From

net

investment

income

.....................

0.23 0.49 0.11 0.37 0.20 From

net

realized

gains

.........................

1.15 3.31 1.23 1.06 5.33 Tax

return

of

capital

............................

—

—

—

0.04 —

Total

distributions

...............................

1.38 3.80 1.34 1.47 5.53 Net

asset

value,

end

of

year

.......................

$25.46

$23.19

$22.41

$19.11

$25.18

Total

return

...................................

15.75%

20.37%

24.39%

(18.24)%

29.99%

Net

assets,

end

of

period

(in

$000's)

.................

$10,153

$10,932

$9,469

$8,142

$10,150

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.70%

0.71%

0.70%

0.70%

0.74%

Net

investment

income

...........................

0.68%

0.87%

1.06%

1.01%

0.74%

Total

expenses

excluding

reimbursements

and

waivers

...

0.84%

0.87%

0.88%

0.88%

0.88%

Portfolio

Turnover

...............................

52%

45%

43%

37%

47%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### US

#### Sustainable

#### Economy

#### Fund
(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$24.55

$23.53

$19.99

$26.25

$24.52

Net

investment

income

.........................

0.24 0.30 0.29 0.28 0.28 Net

realized

and

unrealized

gains

(losses)

...........

3.68 4.58 4.61 (5.02)

7.05 Total

from

investment

operations

....................

3.92 4.88 4.90 (4.74)

7.33 Distributions

to

shareholders

From

net

investment

income

.....................

0.29 0.55 0.13 0.42 0.27 From

net

realized

gains

.........................

1.15 3.31 1.23 1.06 5.33 Tax

return

of

capital

............................

—

—

—

0.04 —

Total

distributions

...............................

1.44 3.86 1.36 1.52 5.60 Net

asset

value,

end

of

year

.......................

$27.03

$24.55

$23.53

$19.99

$26.25

Total

return

...................................

16.00%

20.69%

24.65%

(18.01)%

30.35%

Net

assets,

end

of

period

(in

$000's)

.................

$325,890

$118,840

$94,815

$80,572

$98,866

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.45%

0.46%

0.45%

0.45%

0.49%

Net

investment

income

...........................

0.92%

1.12%

1.31%

1.27%

0.99%

Total

expenses

excluding

reimbursements

and

waivers

...

0.58%

0.62%

0.63%

0.63%

0.63%

Portfolio

Turnover

...............................

52%

45%

43%

37%

47%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Global

#### Sustainable

#### Infrastructure

#### Fund
www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$8.78

$9.10

$8.53

$10.11

$14.17

Net

investment

income

.........................

0.18 0.19 0.22 0.24 0.41 Net

realized

and

unrealized

gains

(losses)

...........

1.43 (0.33)

0.57 (1.61)

1.48 Total

from

investment

operations

....................

1.61 (0.14)

0.79 (1.37)

1.89 Distributions

to

shareholders

From

net

investment

income

.....................

0.22 0.18 0.22 0.21 0.32 From

net

realized

gains

.........................

—

—

—

—

5.63 Total

distributions

...............................

0.22 0.18 0.22 0.21 5.95 Net

asset

value,

end

of

year

.......................

$10.17

$8.78

$9.10

$8.53

$10.11

Total

return

...................................

18.37%

(1.56)%

9.33%

(13.44)%

13.98%

Net

assets,

end

of

period

(in

$000's)

.................

$4,943

$5,787

$6,448

$5,816

$5,432

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.90%

0.87%

0.80%

0.80%

0.83%

Net

investment

income

...........................

1.83%

2.01%

2.45%

2.64%

2.70%

Total

expenses

excluding

reimbursements

and

waivers

...

0.90%

0.90%

0.90%

0.90%

0.90%

Portfolio

Turnover

...............................

53%

34%

89%

54%

127%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Global

#### Sustainable

#### Infrastructure

#### Fund
(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$8.82

$9.14

$8.57

$10.16

$14.21

Net

investment

income

.........................

0.21 0.21 0.24 0.26 0.43 Net

realized

and

unrealized

gains

(losses)

...........

1.44 (0.32)

0.57 (1.62)

1.51 Total

from

investment

operations

....................

1.65 (0.11)

0.81 (1.36)

1.94 Distributions

to

shareholders

From

net

investment

income

.....................

0.25 0.21 0.24 0.23 0.36 From

net

realized

gains

.........................

—

—

—

—

5.63 Total

distributions

...............................

0.25 0.21 0.24 0.23 5.99 Net

asset

value,

end

of

year

.......................

$10.22

$8.82

$9.14

$8.57

$10.16

Total

return

...................................

18.72%

(1.30)%

9.55%

(13.25)%

14.27%

Net

assets,

end

of

period

(in

$000's)

.................

$92,575

$82,453

$87,457

$101,022

$92,244

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.65%

0.62%

0.55%

0.55%

0.58%

Net

investment

income

...........................

2.07%

2.26%

2.69%

2.89%

2.81%

Total

expenses

excluding

reimbursements

and

waivers

...

0.65%

0.65%

0.65%

0.65%

0.65%

Portfolio

Turnover

...............................

53%

34%

89%

54%

127%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Global

#### Opportunities

#### Fund
www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$16.24

$15.73

$13.69

$17.09

$14.66

Net

investment

income

(loss)

....................

(0.00)

0.02 0.02 0.01 (0.02)

Net

realized

and

unrealized

gains

(losses)

...........

1.53 0.95 2.05 (3.20)

2.76 Total

from

investment

operations

....................

1.53 0.97 2.07 (3.19)

2.74 Distributions

to

shareholders

From

net

investment

income

.....................

0.02 0.05 0.03 0.03 —

From

net

realized

gains

.........................

1.12 0.41 —

0.18 0.31 Total

distributions

...............................

1.14 0.46 0.03 0.21 0.31 Net

asset

value,

end

of

year

.......................

$16.63

$16.24

$15.73

$13.69

$17.09

Total

return

...................................

9.43%

6.14%

15.16%

(18.66)%

18.69%

Net

assets,

end

of

period

(in

$000's)

.................

$7,724

$7,952

$7,627

$5,260

$5,784

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

1.23%

1.23%

1.23%

1.23%

1.21%

Net

investment

income

(loss)

......................

(0.02)%

0.14%

0.12%

0.09%

(0.15)%

Total

expenses

excluding

reimbursements

and

waivers

...

1.33%

1.33%

1.33%

1.33%

1.32%

Portfolio

Turnover

...............................

49%

32%

33%

38%

30%

Based

on

average

shares

outstanding

during

the

period.

Less

than

$0.005

per

share.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Global

#### Opportunities

#### Fund
(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$16.37

$15.83

$13.75

$17.15

$14.69

Net

investment

income

.........................

0.04 0.06 0.06 0.05 0.02 Net

realized

and

unrealized

gains

(losses)

...........

1.54 0.96 2.07 (3.22)

2.76 Total

from

investment

operations

....................

1.58 1.02 2.13 (3.17)

2.78 Distributions

to

shareholders

From

net

investment

income

.....................

0.04 0.07 0.05 0.05 0.01 From

net

realized

gains

.........................

1.12 0.41 —

0.18 0.31 Total

distributions

...............................

1.16 0.48 0.05 0.23 0.32 Net

asset

value,

end

of

year

.......................

$16.79

$16.37

$15.83

$13.75

$17.15

Total

return

...................................

9.66%

6.41%

15.50%

(18.49)%

18.96%

Net

assets,

end

of

period

(in

$000's)

.................

$118,949

$118,044

$114,505

$99,480

$137,236

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.98%

0.98%

0.98%

0.98%

0.96%

Net

investment

income

...........................

0.23%

0.37%

0.39%

0.34%

0.11%

Total

expenses

excluding

reimbursements

and

waivers

...

1.08%

1.08%

1.08%

1.08%

1.07%

Portfolio

Turnover

...............................

49%

32%

33%

38%

30%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Global

#### Environmental

#### Markets

#### Fund
www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$22.51

$22.47

$19.41

$25.22

$21.08

Net

investment

income

.........................

0.07 0.06 0.09 0.07 0.14 Net

realized

and

unrealized

gains

(losses)

...........

3.03 1.04 3.11 (5.78)

4.48 Total

from

investment

operations

....................

3.10 1.10 3.20 (5.71)

4.62 Distributions

to

shareholders

From

net

investment

income

.....................

0.13 0.10 0.14 0.04 0.13 From

net

realized

gains

.........................

4.82 0.96 —

0.06 0.35 Total

distributions

...............................

4.95 1.06 0.14 0.10 0.48 Net

asset

value,

end

of

year

.......................

$20.66

$22.51

$22.47

$19.41

$25.22

Total

return

...................................

13.74%

4.87%

16.55%

(22.62)%

21.95%

Net

assets,

end

of

period

(in

$000's)

.................

$149,514

$160,953

$177,310

$167,290

$227,902

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

1.18%

1.14%

1.16%

1.16%

1.15%

Net

investment

income

...........................

0.28%

0.26%

0.44%

0.37%

0.61%

Total

expenses

excluding

reimbursements

and

waivers

...

1.18%

1.14%

1.16%

1.16%

1.15%

Portfolio

Turnover

...............................

39%

30%

26%

35%

18%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Global

#### Environmental

#### Markets

#### Fund
(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A
Net

asset

value,

beginning

of

year

...................

$22.47

$22.44

$19.38

$25.17

$21.05

Net

investment

income

.........................

0.07 0.06 0.09 0.07 0.14 Net

realized

and

unrealized

gains

(losses)

...........

3.02 1.03 3.11 (5.76)

4.46 Total

from

investment

operations

....................

3.09 1.09 3.20 (5.69)

4.60 Distributions

to

shareholders

From

net

investment

income

.....................

0.13 0.10 0.14 0.04 0.13 From

net

realized

gains

.........................

4.82 0.96 —

0.06 0.35 Total

distributions

...............................

4.95 1.06 0.14 0.10 0.48 Net

asset

value,

end

of

year

.......................

$20.61

$22.47

$22.44

$19.38

$25.17

Total

return

...................................

13.72%

4.84%

16.58%

(22.58)%

21.89%

Net

assets,

end

of

period

(in

$000's)

.................

$17,732

$17,848

$19,283

$17,292

$22,613

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

1.18%

1.14%

1.16%

1.16%

1.15%

Net

investment

income

...........................

0.28%

0.26%

0.43%

0.36%

0.61%

Total

expenses

excluding

reimbursements

and

waivers

...

1.18%

1.14%

1.16%

1.16%

1.15%

Portfolio

Turnover

...............................

39%

30%

26%

35%

18%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Global

#### Environmental

#### Markets

#### Fund
(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$22.78

$22.70

$19.58

$25.40

$21.23

Net

investment

income

.........................

0.13 0.12 0.14 0.12 0.21 Net

realized

and

unrealized

gains

(losses)

...........

3.06 1.05 3.15 (5.82)

4.49 Total

from

investment

operations

....................

3.19 1.17 3.29 (5.70)

4.70 Distributions

to

shareholders

From

net

investment

income

.....................

0.16 0.13 0.17 0.06 0.18 From

net

realized

gains

.........................

4.82 0.96 —

0.06 0.35 Total

distributions

...............................

4.98 1.09 0.17 0.12 0.53 Net

asset

value,

end

of

year

.......................

$20.99

$22.78

$22.70

$19.58

$25.40

Total

return

...................................

13.97%

5.12%

16.85%

(22.39)%

22.23%

Net

assets,

end

of

period

(in

$000's)

.................

$1,504,272

$2,103,047

$2,249,833

$2,024,095

$2,495,005

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.93%

0.89%

0.91%

0.91%

0.90%

Net

investment

income

...........................

0.55%

0.51%

0.69%

0.63%

0.87%

Total

expenses

excluding

reimbursements

and

waivers

...

0.93%

0.89%

0.91%

0.91%

0.90%

Portfolio

Turnover

...............................

39%

30%

26%

35%

18%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Global

#### Social

#### Leaders

#### Fund
www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### Period

#### Ended

#### December

#### 31,

#### 2023

#### 1

#### 2025

#### 2024

#### Investor

#### Class
Net

asset

value,

beginning

of

year

............................................

$11.11

$10.53

$10.00

Net

investment

income

..................................................

0.02 0.06 0.00 3

Net

realized

and

unrealized

gains

...........................................

0.96 0.85 0.53 Total

from

investment

operations

.............................................

0.98 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

year

................................................

$12.05

$11.11

$10.53

Total

return

............................................................

8.84%

8.61%

5.30%

Net

assets,

end

of

period

(in

$000's)

..........................................

$603

$93

$2

#### Ratios

#### to

#### average

#### net

#### assets

#### 5
Net

expenses

including

reimbursements

and

waivers

.............................

1.23%

1.23%

1.23%

Net

investment

income

....................................................

0.16%

0.50%

0.10%

Total

expenses

excluding

reimbursements

and

waivers

............................

11.61%

14.95%

25.89%

Portfolio

Turnover

........................................................

26%

30%

13%

For

the

period

from

November

30,

2023

(commencement

of

operations)

through

December

31,

2023. 2

Based

on

average

shares

outstanding

during

the

period.

Less

than

$0.005

per

share.

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.

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

Not

annualized.

Financial

Highlights

#### Impax

#### Global

#### Social

#### Leaders

#### Fund
(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### Period

#### Ended

#### December

#### 31,

#### 2023

#### 1

#### 2025

#### 2024

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

............................................

$11.13

$10.54

$10.00

Net

investment

income

..................................................

0.07 0.09 0.01 Net

realized

and

unrealized

gains

...........................................

0.94 0.84 0.53 Total

from

investment

operations

.............................................

1.01 0.93 0.54 Distributions

to

shareholders

From

net

investment

income

..............................................

0.06 0.11 —

From

net

realized

gains

..................................................

—

0.23 —

Total

distributions

........................................................

0.06 0.34 —

Net

asset

value,

end

of

year

................................................

$12.08

$11.13

$10.54

Total

return

............................................................

9.11%

8.88%

5.40%

Net

assets,

end

of

period

(in

$000's)

..........................................

$1,888

$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

....................................................

0.57%

0.78%

0.56%

Total

expenses

excluding

reimbursements

and

waivers

............................

12.26%

14.70%

25.64%

Portfolio

Turnover

........................................................

26%

30%

13%

For

the

period

from

November

30,

2023

(commencement

of

operations)

through

December

31,

2023. 2

Based

on

average

shares

outstanding

during

the

period.

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.

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

Not

annualized.

Financial

Highlights

#### Impax

#### Ellevate

#### Global

#### Women's

#### Leadership

#### Fund
www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$32.39

$31.66

$27.26

$35.14

$30.34

Net

investment

income

.........................

0.42 0.45 0.57 0.42 0.39 Net

realized

and

unrealized

gains

(losses)

...........

5.17 3.35 4.34 (7.45)

4.84 Total

from

investment

operations

....................

5.59 3.80 4.91 (7.03)

5.23 Distributions

to

shareholders

From

net

investment

income

.....................

0.59 0.76 0.51 0.24 0.43 From

net

realized

gains

.........................

2.81 2.31 —

0.61 —

Total

distributions

...............................

3.40 3.07 0.51 0.85 0.43 Net

asset

value,

end

of

year

.......................

$34.58

$32.39

$31.66

$27.26

$35.14

Total

return

...................................

17.36%

12.08%

18.14%

(19.98)%

17.27%

Net

assets,

end

of

period

(in

$000's)

.................

$139,015

$138,288

$137,887

$123,060

$160,749

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.78%

0.77%

0.77%

0.77%

0.76%

Net

investment

income

...........................

1.23%

1.36%

1.95%

1.42%

1.18%

Total

expenses

excluding

reimbursements

and

waivers

...

0.78%

0.77%

0.77%

0.77%

0.76%

Portfolio

Turnover

...............................

38%

63%

32%

45%

43%

Based

on

average

shares

outstanding

during

the

period.

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.

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. Financial

Highlights

#### Impax

#### Ellevate

#### Global

#### Women's

#### Leadership

#### Fund
(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$32.68

$31.92

$27.45

$35.33

$30.50

Net

investment

income

.........................

0.51 0.54 0.64 0.49 0.48 Net

realized

and

unrealized

gains

(losses)

...........

5.22 3.37 4.37 (7.48)

4.86 Total

from

investment

operations

....................

5.73 3.91 5.01 (6.99)

5.34 Distributions

to

shareholders

From

net

investment

income

.....................

0.67 0.84 0.54 0.28 0.51 From

net

realized

gains

.........................

2.81 2.31 —

0.61 —

Total

distributions

...............................

3.48 3.15 0.54 0.89 0.51 Net

asset

value,

end

of

year

.......................

$34.93

$32.68

$31.92

$27.45

$35.33

Total

return

...................................

17.67%

12.35%

18.41%

(19.76)%

17.56%

Net

assets,

end

of

period

(in

$000's)

.................

$569,099

$590,263

$695,585

$648,037

$854,540

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.53%

0.52%

0.52%

0.52%

0.51%

Net

investment

income

...........................

1.48%

1.61%

2.20%

1.67%

1.43%

Total

expenses

excluding

reimbursements

and

waivers

...

0.53%

0.52%

0.52%

0.52%

0.51%

Portfolio

Turnover

...............................

38%

63%

32%

45%

43%

Based

on

average

shares

outstanding

during

the

period.

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.

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. Financial

Highlights

#### Impax

#### International

#### Sustainable

#### Economy

#### Fund
www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$10.41

$10.24

$8.80

$10.99

$10.35

Net

investment

income

.........................

0.26 0.24 0.23 0.21 0.22 Net

realized

and

unrealized

gains

(losses)

...........

2.70 0.26 1.42 (2.19)

0.90 Total

from

investment

operations

....................

2.96 0.50 1.65 (1.98)

1.12 Distributions

to

shareholders

From

net

investment

income

.....................

0.31 0.25 0.21 0.21 0.23 From

net

realized

gains

.........................

0.54 0.08 —

—

0.25 Total

distributions

...............................

0.85 0.33 0.21 0.21 0.48 Net

asset

value,

end

of

year

.......................

$12.52

$10.41

$10.24

$8.80

$10.99

Total

return

...................................

28.62%

4.87%

18.92%

(18.00)%

10.88%

Net

assets,

end

of

period

(in

$000's)

.................

$122,646

$93,094

$88,042

$81,939

$90,993

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.69%

0.70%

0.70%

0.72%

0.72%

Net

investment

income

...........................

2.20%

2.22%

2.44%

2.30%

1.98%

Total

expenses

excluding

reimbursements

and

waivers

...

0.69%

0.70%

0.70%

0.72%

0.72%

Portfolio

Turnover

...............................

52%

46%

56%

51%

55%

Based

on

average

shares

outstanding

during

the

period.

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.

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. Financial

Highlights

#### Impax

#### International

#### Sustainable

#### Economy

#### Fund
(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$10.17

$10.02

$8.61

$10.76

$10.14

Net

investment

income

.........................

0.28 0.26 0.24 0.23 0.24 Net

realized

and

unrealized

gains

(losses)

...........

2.63 0.25 1.41 (2.15)

0.89 Total

from

investment

operations

....................

2.91 0.51 1.65 (1.92)

1.13 Distributions

to

shareholders

From

net

investment

income

.....................

0.33 0.28 0.24 0.23 0.26 From

net

realized

gains

.........................

0.54 0.08 —

—

0.25 Total

distributions

...............................

0.87 0.36 0.24 0.23 0.51 Net

asset

value,

end

of

year

.......................

$12.21

$10.17

$10.02

$8.61

$10.76

Total

return

...................................

28.91%

5.04%

19.28%

(17.80)%

11.19%

Net

assets,

end

of

period

(in

$000's)

.................

$1,473,562

$1,132,210

$1,047,680

$743,946

$787,829

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.44%

0.45%

0.45%

0.47%

0.47%

Net

investment

income

...........................

2.42%

2.48%

2.62%

2.57%

2.22%

Total

expenses

excluding

reimbursements

and

waivers

...

0.44%

0.45%

0.45%

0.47%

0.47%

Portfolio

Turnover

...............................

52%

46%

56%

51%

55%

Based

on

average

shares

outstanding

during

the

period.

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.

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. Financial

Highlights

#### Impax

#### Core

#### Bond

#### Fund
www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$8.69

$8.88

$8.68

$10.21

$10.56

Net

investment

income

.........................

0.33 0.31 0.25 0.18 0.14 Net

realized

and

unrealized

gains

(losses)

...........

0.22 (0.19)

0.21 (1.52)

(0.31)

Total

from

investment

operations

....................

0.55 0.12 0.46 (1.34)

(0.17)

Distributions

to

shareholders

From

net

investment

income

.....................

0.33 0.31 0.26 0.19 0.16 From

net

realized

gains

.........................

—

—

—

—

0.02 Total

distributions

...............................

0.33 0.31 0.26 0.19 0.18 Net

asset

value,

end

of

year

.......................

$8.91

$8.69

$8.88

$8.68

$10.21

Total

return

...................................

6.44%

1.33%

5.36%

(13.16)%

(1.63)%

Net

assets,

end

of

period

(in

$000's)

.................

$15,803

$12,726

$11,926

$12,029

$14,076

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.73%

0.72%

0.72%

0.71%

0.71%

Net

investment

income

...........................

3.75%

3.53%

2.92%

1.99%

1.35%

Total

expenses

excluding

reimbursements

and

waivers

...

0.73%

0.72%

0.72%

0.71%

0.71%

Portfolio

Turnover

...............................

137%

124%

79%

70%

48%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Core

#### Bond

#### Fund
(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$8.68

$8.88

$8.68

$10.21

$10.56

Net

investment

income

.........................

0.35 0.33 0.28 0.21 0.16 Net

realized

and

unrealized

gains

(losses)

...........

0.23 (0.20)

0.20 (1.52)

(0.30)

Total

from

investment

operations

....................

0.58 0.13 0.48 (1.31)

(0.14)

Distributions

to

shareholders

From

net

investment

income

.....................

0.35 0.33 0.28 0.22 0.19 From

net

realized

gains

.........................

—

—

—

—

0.02 Total

distributions

...............................

0.35 0.33 0.28 0.22 0.21 Net

asset

value,

end

of

year

.......................

$8.91

$8.68

$8.88

$8.68

$10.21

Total

return

...................................

6.82%

1.46%

5.62%

(12.94)%

(1.38)%

Net

assets,

end

of

period

(in

$000's)

.................

$841,495

$822,675

$884,413

$787,620

$771,495

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.48%

0.47%

0.47%

0.46%

0.46%

Net

investment

income

...........................

4.00%

3.78%

3.19%

2.26%

1.60%

Total

expenses

excluding

reimbursements

and

waivers

...

0.48%

0.47%

0.47%

0.46%

0.46%

Portfolio

Turnover

...............................

137%

124%

79%

70%

48%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### High

#### Yield

#### Bond

#### Fund
www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$6.04

$6.02

$5.73

$6.90

$6.97

Net

investment

income

.........................

0.36 0.33 0.33 0.29 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.15 0.02 0.29 (1.17)

(0.07)

Total

from

investment

operations

....................

0.51 0.35 0.62 (0.88)

0.20 Distributions

to

shareholders

From

net

investment

income

.....................

0.36 0.33 0.33 0.29 0.27 Total

distributions

...............................

0.36 0.33 0.33 0.29 0.27 Net

asset

value,

end

of

year

.......................

$6.19

$6.04

$6.02

$5.73

$6.90

Total

return

...................................

8.72%

6.06%

11.09%

(12.89)%

2.96%

Net

assets,

end

of

period

(in

$000's)

.................

$115,414

$123,274

$131,044

$137,689

$172,881

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.95%

0.93%

0.93%

0.92%

0.93%

Net

investment

income

...........................

5.93%

5.49%

5.63%

4.70%

3.86%

Total

expenses

excluding

reimbursements

and

waivers

...

0.95%

0.93%

0.93%

0.92%

0.93%

Portfolio

Turnover

...............................

84%

61%

29%

35%

51%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### High

#### Yield

#### Bond

#### Fund
(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A
Net

asset

value,

beginning

of

year

...................

$6.05

$6.03

$5.74

$6.92

$6.98

Net

investment

income

.........................

0.36 0.33 0.33 0.29 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.15 0.03 0.29 (1.18)

(0.06)

Total

from

investment

operations

....................

0.51 0.36 0.62 (0.89)

0.21 Distributions

to

shareholders

From

net

investment

income

.....................

0.36 0.34 0.33 0.29 0.27 Total

distributions

...............................

0.36 0.34 0.33 0.29 0.27 Net

asset

value,

end

of

year

.......................

$6.20

$6.05

$6.03

$5.74

$6.92

Total

return

...................................

8.73%

6.06%

11.08%

(12.99)%

3.11%

Net

assets,

end

of

period

(in

$000's)

.................

$6,358

$4,358

$4,294

$5,011

$7,102

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.95%

0.93%

0.93%

0.92%

0.93%

Net

investment

income

...........................

5.92%

5.49%

5.63%

4.68%

3.85%

Total

expenses

excluding

reimbursements

and

waivers

...

0.95%

0.93%

0.93%

0.92%

0.93%

Portfolio

Turnover

...............................

84%

61%

29%

35%

51%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### High

#### Yield

#### Bond

#### Fund
(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$6.02

$6.00

$5.71

$6.88

$6.94

Net

investment

income

.........................

0.38 0.34 0.34 0.30 0.28 Net

realized

and

unrealized

gains

(losses)

...........

0.15 0.03 0.29 (1.17)

(0.04)

Total

from

investment

operations

....................

0.53 0.37 0.63 (0.87)

0.24 Distributions

to

shareholders

From

net

investment

income

.....................

0.38 0.35 0.34 0.30 0.30 Total

distributions

...............................

0.38 0.35 0.34 0.30 0.30 Net

asset

value,

end

of

year

.......................

$6.17

$6.02

$6.00

$5.71

$6.88

Total

return

...................................

9.00%

6.33%

11.39%

(12.72)%

3.36%

Net

assets,

end

of

period

(in

$000's)

.................

$414,054

$413,611

$428,004

$443,891

$560,469

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.70%

0.68%

0.68%

0.67%

0.69%

Net

investment

income

...........................

6.18%

5.74%

5.89%

4.95%

4.08%

Total

expenses

excluding

reimbursements

and

waivers

...

0.70%

0.68%

0.68%

0.67%

0.69%

Portfolio

Turnover

...............................

84%

61%

29%

35%

51%

Based

on

average

shares

outstanding

during

the

period.

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

#### Impax

#### Sustainable

#### Allocation

#### Fund
www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Investor

#### Class
Net

asset

value,

beginning

of

year

...................

$25.82

$24.92

$22.78

$28.98

$26.36

Net

investment

income

.........................

0.49 0.50 0.43 0.33 0.23 Net

realized

and

unrealized

gains

(losses)

...........

2.30 1.36 2.55 (5.11)

3.79 Total

from

investment

operations

....................

2.79 1.86 2.98 (4.78)

4.02 Distributions

to

shareholders

From

net

investment

income

.....................

0.54 0.51 0.34 0.29 0.23 From

net

realized

gains

.........................

1.98 0.45 0.50 1.13 1.17 Total

distributions

...............................

2.52 0.96 0.84 1.42 1.40 Net

asset

value,

end

of

year

.......................

$26.09

$25.82

$24.92

$22.78

$28.98

Total

return

...................................

10.86%

7.50%

13.17%

(16.42)%

15.31%

Net

assets,

end

of

period

(in

$000's)

.................

$1,320,795

$1,336,213

$1,371,707

$1,299,467

$1,652,892

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.30%

0.30%

0.30%

0.30%

0.30%

Net

investment

income

...........................

1.85%

1.92%

1.82%

1.29%

0.80%

Total

expenses

excluding

reimbursements

and

waivers

..

0.30%

0.30%

0.30%

0.30%

0.30%

Portfolio

Turnover

...............................

13%

9%

7%

4%

4%

Based

on

average

shares

outstanding

during

the

period.

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.

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

0.64%

for

the

year

ended

December

31,

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

and

0.59%

for

the

year

ended

December

31,

2021. Financial

Highlights

#### Impax

#### Sustainable

#### Allocation

#### Fund
(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Institutional

#### Class
Net

asset

value,

beginning

of

year

...................

$26.45

$25.47

$23.24

$29.54

$26.83

Net

investment

income

.........................

0.58 0.58 0.50 0.40 0.32 Net

realized

and

unrealized

gains

(losses)

...........

2.35 1.39 2.60 (5.22)

3.86 Total

from

investment

operations

....................

2.93 1.97 3.10 (4.82)

4.18 Distributions

to

shareholders

From

net

investment

income

.....................

0.57 0.54 0.37 0.35 0.30 From

net

realized

gains

.........................

1.98 0.45 0.50 1.13 1.17 Total

distributions

...............................

2.55 0.99 0.87 1.48 1.47 Net

asset

value,

end

of

year

.......................

$26.83

$26.45

$25.47

$23.24

$29.54

Total

return

...................................

11.15%

7.78%

13.44%

(16.22)%

15.64%

Net

assets,

end

of

period

(in

$000's)

.................

$1,068,191

$966,794

$927,608

$845,463

$974,940

#### Ratios

#### to

#### average

#### net

#### assets
Net

expenses

including

reimbursements

and

waivers

....

0.05%

0.05%

0.05%

0.05%

0.05%

Net

investment

income

...........................

2.11%

2.18%

2.07%

1.56%

1.10%

Total

expenses

excluding

reimbursements

and

waivers

..

0.05%

0.05%

0.05%

0.05%

0.05%

Portfolio

Turnover

...............................

13%

9%

7%

4%

4%

Based

on

average

shares

outstanding

during

the

period.

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.

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

0.64%

for

the

year

ended

December

31,

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

and

0.59%

for

the

year

ended

December

31,

2021. #### Notes

#### to

#### Financial

#### Statements
December

31,

2025

www.impaxam.com

Annual

Report

#### Impax

#### Funds

#### Series

#### Trust

#### I

#### and

#### Impax

#### Funds

#### Series

#### Trust

#### III

#### NOTE

#### A—Organization

#### and

#### Summary

#### of

#### Significant

#### Accounting

#### Policies
Organization

Impax

Funds

Series

Trust

I

("Trust

I"),

which

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

is

an

open-end

management

investment

company

organized

under

the

laws

of

the

Commonwealth

of

Massachusetts

on

May

25,

2006. As

of

December

31,

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.

www.impaxam.com

Annual

Report

December

31,

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-U.S.

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

www.impaxam.com

Annual

Report

#### Notes

#### to

#### Financial

#### Statements,

#### continued
December

31,

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

Leadership

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).

www.impaxam.com

Annual

Report

December

31,

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

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

www.impaxam.com

Annual

Report

#### Notes

#### to

#### Financial

#### Statements,

#### continued
December

31,

2025

after

the

close

of

the

relevant

market

and

the

usual

time

of

valuation.

At

December

31,

2025, two

securities

were

fair

valued

in

good

faith

pursuant

to

policies

and

procedures

approved

by

the

Boards

of

Trustees.

The

High

Yield

Bond

Fund

held two

securities

fair

valued

at

$435,255,

representing 0.08% 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

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments

• Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

• Level

–

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

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

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

in

the

hierarchy.

To

the

extent

that

inputs

for

fixed

income

securities

are

unobservable,

values

are

categorized

as

Level

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

days

or

less,

which

are

valued

at

amortized

cost,

are

generally

categorized

as

Level

in

the

hierarchy.

www.impaxam.com

Annual

Report

December

31,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025:

Level

Level

Level

Totals

#### Large

#### Cap

#### Fund
Common

Stocks

$

929,638,031

$

—

$

—

$

929,638,031

Cash

Equivalents

5,084,578

—

—

5,084,578

Total

$

934,722,609

$

—

$

—

$

934,722,609

#### Small

#### Cap

#### Fund
Common

Stocks

$

738,492,729

$

—

$

—

$

738,492,729

Cash

Equivalents

7,713,469

—

—

7,713,469

Total

$

746,206,198

$

—

$

—

$

746,206,198

#### US

#### Sustainable

#### Economy

#### Fund
Common

Stocks

$

549,577,312

$

—

$

—

$

549,577,312

Cash

Equivalents

4,643,564

—

—

4,643,564

Total

$

554,220,876

$

—

$

—

$

554,220,876

#### Global

#### Sustainable

#### Infrastructure

#### Fund
Common

Stocks

$

57,648,493

$

38,555,368

$

—

$

96,203,861

Cash

Equivalents

1,023,413

—

—

1,023,413

Total

$

58,671,906

$

38,555,368

$

—

$

97,227,274

#### Global

#### Opportunities

#### Fund
Common

Stocks

$

84,917,754

$

39,737,268

$

—

$

124,655,022

Cash

Equivalents

1,757,081

—

—

1,757,081

Total

$

86,674,835

$

39,737,268

$

—

$

126,412,103

#### Global

#### Environmental

#### Markets

#### Fund
Common

Stocks

$

1,105,547,802

$

541,223,987

$

—

$

1,646,771,789

Cash

Equivalents

20,855,540

—

—

20,855,540

Total

$

1,126,403,342

$

541,223,987

$

—

$

1,667,627,329

#### Global

#### Social

#### Leaders

#### Fund
Common

Stocks

$

1,536,970

$

861,789

$

—

$

2,398,759

Cash

Equivalents

134,158

—

—

134,158

Total

$

1,671,128

$

861,789

$

—

$

2,532,917

#### Global

#### Women's

#### Leadership

#### Fund
Common

Stocks

$

525,312,096

$

175,187,101

$

—

$

700,499,197

Cash

Equivalents

6,306,135

—

—

6,306,135

Total

$

531,618,231

$

175,187,101

$

—

$

706,805,332

#### International

#### Sustainable

#### Economy

#### Fund
Common

Stocks

$

13,700,923

$

1,549,611,906

$

—

$

1,563,312,829

Cash

Equivalents

23,537,355

—

—

23,537,355

Total

$

37,238,278

$

1,549,611,906

$

—

$

1,586,850,184

#### Core

#### Bond

#### Fund
Community

Investment

Notes

$

—

$

249,275

$

—

$

249,275

Corporate

Bonds

—

265,183,076

—

265,183,076

Foreign

Government

and

Agency

Securities

—

12,625,466

—

12,625,466

www.impaxam.com

Annual

Report

#### Notes

#### to

#### Financial

#### Statements,

#### continued
December

31,

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

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.

#### 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.

Level

Level

Level

Totals

U.S.

Government

and

Agency

Securities

—

184,535,507

—

184,535,507

Asset-Backed

Securities

—

50,801,948

—

50,801,948

Mortgage-Backed

Securities

—

267,561,793

—

267,561,793

Municipal

Bonds

—

8,796,837

—

8,796,837

Supranational

—

48,182,430

—

48,182,430

Cash

Equivalents

13,387,551

—

—

13,387,551

Total

$

13,387,551

$

837,936,332

$

—

$

851,323,883

#### High

#### Yield

#### Bond

#### Fund
Common

Stocks

$

—

$

—

$

421,311

$

421,311

Preferred

Stocks

—

—

13,944

13,944

Community

Investment

Notes

—

249,275

—

249,275

Corporate

Bonds

—

498,926,740

—

498,926,740

Asset-Backed

Securities

—

5,662,723

—

5,662,723

Loans

—

14,363,696

—

14,363,696

Cash

Equivalents

9,383,724

—

—

9,383,724

Total

$

9,383,724

$

519,202,434

$

435,255

$

529,021,413

#### Sustainable

#### Allocation

#### Fund
Management

Investment

Companies

$

2,349,303,498

$

—

$

—

$

2,349,303,498

Cash

Equivalents

34,602,840

—

—

34,602,840

Total

$

2,383,906,338

$

—

$

—

$

2,383,906,338

*See* 

*Schedules* 

*of* 

*Investments* 

*for* 

*additional* 

*detailed* 

*industry* 

*classifications.*

www.impaxam.com

Annual

Report

December

31,

2025

#### 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

days

after

purchase

of

such

shares.

The

redemption

fee

applies

to

exchanges

for

shares

of

other

Impax

Funds

as

well

as

to

redemptions

for

cash.

In

cases

when

redeeming

shareholders

hold

shares

purchased

on

different

dates,

the

first-in/first-out

method

will

be

used

to

determine

which

shares

are

being

redeemed,

and

therefore

whether

a

redemption

fee

will

be

imposed.

Redemption

fees

are

deducted

from

the

amount

to

be

received

in

connection

with

a

redemption

or

exchange

and

are

paid

to

the

High

Yield

Bond

Fund

for

the

purpose

of

offsetting

any

costs

associated

with

short-term

trading

in

shares

of

the

Fund.

The

redemption

fee

is

not

a

sales

charge

(load);

it

is

retained

by

the

Fund

and

does

not

benefit

the

Adviser,

the

Distributor

or

any

third

party.

There

is

no

assurance

that

the

use

of

redemption

fees

will

be

successful

in

discouraging

frequent

short-term

trading

in

Fund

shares.

#### Securities

#### Lending
The

Funds

may

lend

their

securities

pursuant

to

a

securities

lending

agreement

(Lending

Agreement)

with J.P.

Morgan

Chase Bank, N.A.

Initial

security

loans

made

pursuant

to

the

Lending

Agreement

are

required

to

be

secured

by

collateral

not

less

than

the

percentage

specified

in

the

agreement,

ranging

from

102%

to

105%,

depending

on

the

types

of

securities.

Cash

collateral

received

is

invested

in

government

money

market

funds. Borrowers

may

also

pledge

non-

cash

collateral

within

the

guidelines

for

acceptable

forms

of

non-cash

collateral

approved

by

the

Boards

of

Trustees.

As

of December

31,

2025,

non-cash

collateral

consisted

of

common

stock,

U.S.

Treasuries,

short-term

U.S.

Government

agency

obligations

and

sovereign

debt.

www.impaxam.com

Annual

Report

#### Notes

#### to

#### Financial

#### Statements,

#### continued
December

31,

2025

The

Funds

have

the

right

under

the

Lending

Agreement

to

recover

the

securities

from

the

borrower

on

demand.

The

primary

risk

associated

with

securities

lending

is

if

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned

because

of

insolvency

or

other

reasons.

The

Funds

could

experience

delays

and

costs

in

recovering

securities

loaned

or

in

gaining

access

to

the

collateral.

In

the

event

the

borrower

fails

to

return

loaned

securities

and

the

collateral

received

is

insufficient

to

cover

the

value

of

the

loaned

securities

and

provided

such

collateral

shortfall

is

not

the

result

of

investment

losses,

the

lending

agent

has

agreed

to

pay

the

amount

of

the

shortfall

to

the

Funds,

or

at

the

discretion

of

the

lending

agent,

replace

the

loaned

securities.

A

portion

of

the

income

generated

upon

investment

of

the

collateral

is

remitted

to

the

borrower

and

the

remainder

is

allocated

between

the

Funds

and

the

lending

agent.

The

Funds

record

security

lending

income

net

of

such

allocation.

The

Funds

continue

to

receive

dividends

on

the

securities

loaned,

which

are

accounted

for

in

the

same

manner

as

other

dividend

and

interest

income.

As

of

December

31,

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

Small

Cap

Fund

and US

Sustainable

Economy

Fund

all

of

the

securities

on

loan

at December

31,

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

December

31,

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

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity's

chief

operating

decision

maker

(CODM)

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

The

management

committee

of

the

Funds'

adviser

acts

as

the

Funds'

CODM.

The

Funds

represent

single

operating

segments,

as

the

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds'

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

single

investment

objective

which

is

executed

by

the

Funds'

portfolio

managers

as

a

team.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

(i.e.,

changes

in

net

assets

resulting

from

operations,

subscriptions

and

redemptions),

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Funds'

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Funds'

single

segment,

is

consistent

with

that

presented

within

the

Funds'

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

statement

of

assets

and

liabilities

as

"total

assets",

significant

segment

expenses

are

listed

on

the

accompanying

statement

of

operations,

and

other

information

about

the

segment's

performance,

including

total

return,

portfolio

turnover

and

expense

ratios

are

reflected

within

the

Financial

Highlights

Fund

Market

Value

of

Securities

Loaned

Payable

on

Collateral

Due

to

Broker

Non-Cash

Collateral

Value

\*

Over

(Under)

Collateralized

Small

Cap

Fund

$

18,550,541

$

—

$

18,955,136

$

404,595

US

Sustainable

Economy

Fund

124,365

126,875

—

2,510

Core

Bond

Fund

1,891,515

810,775

1,121,609

40,869

www.impaxam.com

Annual

Report

December

31,

2025

#### 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.* 

*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.* 

*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.* 

*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.* 

*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.* 

Fund

Annual

Rate

Large

Cap

Fund

0.65%

Small

Cap

Fund

0.75%

US

Sustainable

Economy

Fund

0.45%\*

Global

Sustainable

Infrastructure

Fund

0.65%\*

Global

Opportunities

Fund

0.80%

Global

Environmental

Markets

Fund

0.76%

Global

Social

Leaders

Fund

0.80%

Global

Women's

Leadership

Fund

0.53%\*

International

Sustainable

Economy

Fund

0.44%\*

Core

Bond

Fund

0.40%

High

Yield

Bond

Fund

0.50%

Sustainable

Allocation

Fund

0.05%\*

www.impaxam.com

Annual

Report

#### Notes

#### to

#### Financial

#### Statements,

#### continued
December

31,

2025

*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.* 

*The* 

*management* 

*fee is* 

*0.48%* 

*based* 

*on* 

*average* 

*net* 

*assets* 

*up* 

*to* 

*$600* 

*million;* 

*0.45%* 

*for* 

*assets* 

*of* 

*$600* 

*million* 

*to* 

*$750* 

*million;* 

*and* 

*0.40%* 

*for* 

*assets* 

*over* 

*$750* 

*million.*

For

the

year ended

December

31,

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:

*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.* 

*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. Fund

Amount

Large

Cap

Fund

$

7,140,304

Small

Cap

Fund

5,202,774

US

Sustainable

Economy

Fund

2,723,497

Global

Sustainable

Infrastructure

Fund

629,302

Global

Opportunities

Fund

1,020,184

Global

Environmental

Markets

Fund

15,493,973

Global

Social

Leaders

Fund

17,181

Global

Women's

Leadership

Fund

3,704,511

International

Sustainable

Economy

Fund

6,326,359

Core

Bond

Fund

3,364,883

High

Yield

Bond

Fund

2,642,451

Sustainable

Allocation

Fund

1,150,813

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

0.90%

0.65%

Global

Opportunities

Fund

1.23%

0.98%

Global

Social

Leaders

Fund

1.23%

0.98%

Global

Women's

Leadership

Fund

0.78%

0.53%

International

Sustainable

Economy

Fund

0.69%

0.44%

Sustainable

Allocation

Fund

0.30%

0.05%

www.impaxam.com

Annual

Report

December

31,

2025

*The* 

*Adviser* 

*has* 

*contractually* 

*agreed* 

*to* 

*reimburse* 

*expenses* 

*(other* 

*than* 

*interest,* 

*commissions,* 

*taxes,* 

*extraordinary* 

*expenses* 

*and* 

*acquired* 

*fund* 

*fees* 

*and* 

*expenses,* 

*if* 

*any)* 

*to* 

*the* 

*extent* 

*that* 

*they* 

*exceed* 

*the* 

*expense* 

*caps* 

*indicated.* 

*The* 

*reimbursement* 

*arrangement* 

*may* 

*not* 

*be* 

*amended* 

*or* 

*terminated* 

*without* 

*the* 

*approval* 

*of* 

*the* 

*Funds'* 

*Board* 

*of* 

*Trustees* 

*before* 

*May* 

*1,* 

2027. Such

expenses

include

(i) management

and

distribution

fees;

(ii) the

fees

of

affiliated

and

unaffiliated

Trustees;

(iii) the

fees

of

the

Funds'

custodian

and

transfer

agent;

(iv) the

fees

of

the

Funds'

legal

counsel

and

independent

registered

public

accounting

firm;

(v) the

reimbursement

of

organizational

expenses;

and

(vi) expenses

related

to

shareholder

communications

including

all

expenses

of

shareholders'

and

Boards

of

Trustees'

meetings

and

of

preparing,

printing

and

mailing

reports,

proxy

statements

and

prospectuses

to

shareholders.

For

the year

ended December

31,

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.

The

Trusts

have

adopted

a

plan

("Plan")

pursuant

to

Rule

12b-1

under

the

1940

Act

that

allows

the

Funds

to

pay

distribution

fees

for

the

sale

and

distribution

of

certain

shares

as

described

below

and

for

personal

services

rendered

to

the

Fund

shareholders

in

connection

with

the

maintenance

of

shareholder

accounts.

Under

the

Plan,

each

Fund

will

pay

its

Distributor

a

distribution

fee

equal

to

0.25%

of

the

annual

average

daily

net

assets

attributable

to

the

Investor

Class

shares

and

Class

A

shares.

The

Distributor

may

pay

all

or

any

portion

of

the

distribution

fee

to

securities

dealers

or

other

organizations

(including,

but

not

limited

to,

any

affiliate

of

the

Distributor)

as

commissions,

asset-based

sales

charges

or

other

compensation

with

respect

to

the

sale

of

indicated

shares

of

such

Fund,

or

for

providing

personal

services

to

investors

in

the

indicated

shares

of

such

Fund

and/or

the

maintenance

of

shareholder

accounts,

and

may

retain

all

or

any

portion

of

the

distribution

fee

as

compensation

for

the

Distributor's

services

as

principal

underwriter

of

the

indicated

shares

of

such

Fund.

Several

individuals

who

are

officers

and/or

Trustees

of

the

Trusts

are

also

employees

of

the

Adviser.

#### NOTE

#### C—Investment

#### Information
Purchases

and

proceeds

from

sales

of

investments

for

the

Funds

for

the year

ended December

31,

2025

were

as

follows:

Total

expenses

reimbursed

by

Advisor

Fund

Investor

Class

Institutional

Class

Global

Opportunities

Fund

$

7,951

$

122,749

Global

Social

Leaders

Fund

28,840

196,579

Fund

Amount

US

Sustainable

Economy

Fund

$

628,895

Global

Social

Leaders

Fund

14,224

Purchases

Sales

Fund

Investments

U.S.

Gov't

Bonds

Investments

U.S.

Gov't

Bonds

Large

Cap

Fund

$

649,822,987

$

—

$

1,171,397,165

$

—

Small

Cap

Fund

242,684,490

—

302,753,406

—

www.impaxam.com

Annual

Report

#### Notes

#### to

#### Financial

#### Statements,

#### continued
December

31,

2025

For

federal

income

tax

purposes,

the

identified

cost

of

investments

owned

at December

31,

2025

as

well

as

the

gross

unrealized

appreciation

(depreciation)

of

investments

and

resulting

net

unrealized

appreciation

(depreciation)

as

of December

31,

2025

were

as

follows

for

the

Funds:

At December

31,

2025 the

following

Funds

had

unrealized

foreign

currency

gains

(losses):

Purchases

Sales

Fund

Investments

U.S.

Gov't

Bonds

Investments

U.S.

Gov't

Bonds

US

Sustainable

Economy

Fund

$

375,052,372

$

—

$

242,989,182

$

—

Global

Sustainable

Infrastructure

Fund

49,838,655

—

54,142,412

—

Global

Opportunities

Fund

61,494,477

—

73,202,612

—

Global

Environmental

Markets

Fund

772,881,029

—

1,647,785,644

—

Global

Social

Leaders

Fund

1,031,754

—

542,007

—

Global

Women's

Leadership

Fund

263,058,164

—

382,780,803

—

International

Sustainable

Economy

Fund

777,090,338

—

732,825,541

—

Core

Bond

Fund

456,921,045

686,484,180

470,685,895

676,419,238

High

Yield

Bond

Fund

431,692,349

—

457,870,661

—

Sustainable

Allocation

Fund

416,363,783

—

307,000,001

—

*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

$

631,316,186

$

326,075,927

$

22,669,504

$

303,406,423

Small

Cap

Fund

616,207,939

206,514,219

76,515,960

129,998,259

US

Sustainable

Economy

Fund

374,869,395

190,054,186

10,702,705

179,351,481

Global

Sustainable

Infrastructure

Fund

84,499,713

14,998,799

2,271,238

12,727,561

Global

Opportunities

Fund

97,583,199

32,392,677

3,563,773

28,828,904

Global

Environmental

Markets

Fund

1,190,058,598

527,065,173

49,496,442

477,568,731

Global

Social

Leaders

Fund

2,174,067

468,905

110,055

358,850

Global

Women's

Leadership

Fund

494,218,509

231,732,938

19,146,115

212,586,823

International

Sustainable

Economy

Fund

1,192,635,737

429,622,778

35,408,331

394,214,447

Core

Bond

Fund

862,524,634

7,611,055

18,811,806

(11,200,751)

High

Yield

Bond

Fund

517,997,690

15,185,340

4,161,617

11,023,723

Sustainable

Allocation

Fund

2,119,704,319

337,191,813

72,989,794

264,202,019

Fund

Amount

Small

Cap

Fund

$

(32) Global

Sustainable

Infrastructure

Fund

13,197

Global

Opportunities

Fund

10,347

Global

Environmental

Markets

Fund

152,599

Global

Social

Leaders

Fund

Global

Women's

Leadership

Fund

51,571

International

Sustainable

Economy

Fund

451,068

www.impaxam.com

Annual

Report

December

31,

2025

#### Netting

#### Agreements
During

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

netting

agreements

or

other

similar

arrangements

("netting

agreements").

Generally,

the

right

to

offset

in

netting

agreements

allows

a

Fund

to

offset

any

exposure

to

a

specific

counterparty

with

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreement.

Generally,

a

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

As

of December

31,

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 December

31,

2025. #### Affiliated

#### Investments
The

term

"affiliated

company"

includes

other

investment

companies

that

are

managed

by

a

Fund's

Adviser.

At December

31,

2025,

the

Sustainable

Allocation

Fund

held

the

following

investments

in

affiliated

Funds:

*Includes* 

*realized* 

*capital* 

*gain* 

*distributions* 

*from* 

*an* 

*affiliated* 

*fund,* 

*if* 

*any.*

Fund

Shares

Held

at

12/31/2024

Gross

Additions

Gross

Reductions

Shares

Held

at

12/31/2025

#### Sustainable

#### Allocation

#### Fund
Large

Cap

Fund

74,884,780

16,037,059

20,162,634

70,759,205

Small

Cap

Fund

6,320,888

369,644

279,798

6,410,734

US

Sustainable

Economy

Fund

—

6,988,938

267,379

6,721,559

Global

Sustainable

Infrastructure

Fund

6,547,668

157,000

293,255

6,411,413

Global

Opportunities

Fund

4,214,207

276,943

220,995

4,270,155

Global

Environmental

Markets

Fund

2,782,977

632,674

116,459

3,299,192

Global

Women's

Leadership

Fund

1,970,528

191,328

84,293

2,077,563

International

Sustainable

Economy

Fund

9,428,525

671,560

419,111

9,680,974

Core

Bond

Fund

84,651,569

3,332,255

4,226,941

83,756,883

High

Yield

Fund

18,221,512

1,156,962

—

19,378,474

Fund

Value

at

12/31/2024

Dividend

Income

Realized

Gains/

Losses

Net

change

in

Unrealized

Appreciation/

Depreciation

Value

at

12/31/2025

#### Sustainable

#### Allocation

#### Fund
Large

Cap

Fund

$

957,027,489

$

3,267,898

$

180,803,725

$

(116,379,523)

$

784,719,589

Small

Cap

Fund

112,195,771

—

6,690,248

5,930,596

119,816,615

US

Sustainable

Economy

Fund

—

1,844,861

8,309,182

28,529,700

181,683,743

Global

Sustainable

Infrastructure

Fund

57,750,434

1,592,126

54,734

9,127,351

65,524,645

Global

Opportunities

Fund

68,986,564

184,541

4,705,812

1,818,981

71,695,897

Global

Environmental

Markets

Fund

63,396,210

427,524

13,234,621

(4,808,321)

69,250,035

Global

Women's

Leadership

Fund

64,396,865

1,315,131

5,561,890

4,295,377

72,569,263

International

Sustainable

Economy

Fund

95,888,097

3,149,849

5,657,957

18,508,795

118,204,698

Core

Bond

Fund

734,775,623

29,479,026

(5,269,408)

24,293,661

746,273,828

High

Yield

Fund

109,693,503

7,056,550

—

2,815,133

119,565,185

Total

$

2,264,110,556

$

48,317,506

$

219,748,761

$

(25,868,250)

$

2,349,303,498

www.impaxam.com

Annual

Report

#### Notes

#### to

#### Financial

#### Statements,

#### continued
December

31,

2025

The

Funds

are

permitted

to

purchase

and

sell

securities

("cross-trade")

from

and

to

other

Funds

within

the

Trusts

or

other

accounts

managed

by

the

Adviser

pursuant

to

"Cross-Trading"

Procedures

adopted

by

the

Trusts'

Boards

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

respective

Fund

from

or

to

another

Fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser

complies

with

Rule

17a-7

of

the

1940

Act.

Further,

as

defined

under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

The

Funds

did

not

engage

in

cross

trades

during

the year

ended December

31,

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 December

31,

2025,

the

Core

Bond

Fund

held

$147,778,250

or

17.24%

of

net

assets

and

the High

Yield

Bond

Fund

held

$441,892,401

or

82.47%

of

net

assets in

securities

exempt

from

registration

under

Rule

144A

of

the

Act.

At December

31,

2025,

the Core

Bond

Fund

held

$249,275 of

illiquid

securities,

representing

0.03%

of

net

assets

and

High

Yield

Bond

Fund

held

$684,530

of

illiquid

securities,

representing

0.13%

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.

#### 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:

Security

Acquisition

Date

Range

Cost

Market

Value

#### Core

#### Bond

#### Fund
Envest

Microfinance

Cooperative,

4.000%,

4/20/2026

04/20/22-04/20/22

$

250,000

$

249,275

#### High

#### Yield

#### Bond

#### Fund
Digicel

Holdings

Bermuda

Ltd.,

Preferred

Stocks

01/29/24-01/29/24

8,925

13,944

Digicel

Holdings

Bermuda

Ltd.,

Common

Stocks

01/29/24-01/29/24

44,161

421,311

Envest

Microfinance

Cooperative,

4.000%,

4/20/2026

04/20/22-04/20/22

250,000

249,275

www.impaxam.com

Annual

Report

December

31,

2025

For

the

year

ended December

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

are

as

follows:

As

of December

31,

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:

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

$

—

$

212,278,441

$

51,639,928

$

—

$

166,052,009

Small

Cap

Fund

7,087,736

—

38,038,681

16,720,693

—

19,495,795

US

Sustainable

Economy

Fund

10,449,149

—

17,970,039

11,188,524

—

36,340,505

Global

Sustainable

Infrastructure

Fund

2,355,106

—

—

2,025,391

—

—

Global

Opportunities

Fund

299,761

—

7,938,819

496,195

—

3,096,687

Global

Environmental

Markets

Fund

12,521,524

—

329,412,886

12,785,996

—

93,630,588

Global

Social

Leaders

Fund

10,630

—

—

54,076

—

Global

Women's

Leadership

Fund

15,153,769

—

51,508,139

18,721,747

—

48,978,819

International

Sustainable

Economy

Fund

58,510,952

—

49,983,576

41,137,069

—

—

Core

Bond

Fund

33,680,445

—

—

32,591,122

—

—

High

Yield

Bond

Fund

32,367,631

—

—

31,046,952

—

—

Sustainable

Allocation

Fund

78,286,675

—

134,895,325

49,296,554

—

35,651,867

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gain

Other

Temporary

Differences

Net

U

nrealized

Appreciation

(Depreciation)

Large

Cap

Fund

$

849,965

$

12,843,859

$

–

$

303,406,423

Small

Cap

Fund

17,635,341

5,426,614

–

129,998,227

US

Sustainable

Economy

Fund

1,609,774

3,362,275

–

179,351,482

Global

Sustainable

Infrastructure

Fund

–

–

(8,626,228)

12,740,758

Global

Opportunities

Fund

48,503

1,004,759

–

28,839,251

Global

Environmental

Markets

Fund

7,993,466

16,202,265

(49,029)

477,721,328

Global

Social

Leaders

Fund

–

(34,614)

358,85

Global

Women's

Leadership

Fund

992,494

22,069,584

–

212,638,673

International

Sustainable

Economy

Fund

2,728,308

2,630,047

(2,518,378)

394,665,516

Core

Bond

Fund

1,113,051

–

(84,931,830)

(11,200,751)

High

Yield

Bond

Fund

–

–

(143,806,701)

11,023,722

Sustainable

Allocation

Fund

21,721,567

204,159,773

–

264,202,019

No

Expiration

Fund

Short-term

Long-term

Global

Sustainable

Infrastructure

Fund

$

361,708

$

8,130,661

Global

Social

Leaders

Fund

30,209

4,405

Core

Bond

Fund

36,131,373

48,800,457

High

Yield

Bond

Fund

32,133,699

111,411,480

#### NOTE

#### D—Tax

#### Information

www.impaxam.com

Annual

Report

#### Notes

#### to

#### Financial

#### Statements,

#### continued
December

31,

2025

The

Global

Sustainable

Infrastructure

Fund,

Global

Environmental

Markets

Fund

and

International

Sustainable

Economy

Fund

incurred

late-year

ordinary

losses

of

$133,859,

$49,029

and

$2,518,378,

respectively.

These

losses

are

treated

for

federal

income

tax

purposes

as

if

they

had

occurred

on

January

1,

2026. For

the

year

ended December

31,

2025,

the

Funds

recorded

the

following

reclassifications:

For

financial

reporting

purposes,

the

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Reclassifications

are

primarily

due

to

tax

treatment

of

gain

(loss)

on

foreign

currency

transactions

and

tax

treatment

related

to

REITs,

Passive

Foreign

Investment

Companies,

paydowns

and

bond

amortization

adjustments.

Distributions

received

from

REITs

may

be

classified

as

dividends,

capital

gains

and/or

return

of

capital.

#### 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

2022

through

2025).

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

tax

liabilities

as

income

tax

expense

in

the

Statement

of

Operations.

Management

has

concluded

that,

as

of

and

during

the

year ended

December

31,

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
On October

1,

2025,

the

Board

approved

a

proposal

to

reorganize

the

Impax

Global

Sustainable

Infrastructure

Fund

(the

"Target

Fund")

with

and

into

Impax

Global

Infrastructure

ETF

(the

"Acquiring

Fund"),

a

newly

organized

series

of

the

Trust

that

operates

as

an

exchange-traded

fund

("ETF")

(the

"Reorganization").

Upon

completion

of

the

Reorganization

on

February

2,

2026,

all

of

the

Target

Fund's

assets

were

transferred

to

the

Acquiring

Fund,

and

ETF

shares

of

the

Acquiring

Fund

were

distributed

to

the

Target

Fund's

shareholders

in

complete

liquidation

of

the

Target

Fund.

Fund

Undistributed

Net

Investment

Income

Accumulated

Net

Realized

Gain/

(Loss)

Paid

In

Capital

Large

Cap

Fund

$

(161,610)

$

161,610

$

–

Small

Cap

Fund

262,697

(262,697)

–

US

Sustainable

Economy

Fund

1,492,689

(1,492,689)

–

Global

Sustainable

Infrastructure

Fund

(40,633)

40,633

–

Global

Opportunities

Fund

30,055

(30,055)

–

Global

Environmental

Markets

Fund

(265,939)

265,939

–

Global

Social

Leaders

Fund

(205) 205

–

Global

Women's

Leadership

Fund

1,648,871

(1,648,871)

–

International

Sustainable

Economy

Fund

5,503,041

(5,503,041)

–

Core

Bond

Fund

253,064

(253,064)

–

High

Yield

Bond

Fund

(74,996)

74,996

–

Sustainable

Allocation

Fund

(247) –

#### NOTE

#### D—Tax

#### Information

Annual

Report

Report

of

Independent

Registered

Public

Accounting

Firm

December

31,

2025

To

the

Boards

of

Trustees

and

Shareholders

of

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III:

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Impax

Funds

Series

Trust

I

("Trust

I")

(comprising

Impax

Sustainable

Allocation

Fund,

Impax

US

Sustainable

Economy

Fund,

Impax

Small

Cap

Fund,

Impax

High

Yield

Bond

Fund,

Impax

Global

Environmental

Markets

Fund,

Impax

International

Sustainable

Economy

Fund,

Impax

Core

Bond

Fund,

Impax

Large

Cap

Fund,

Impax

Global

Opportunities

Fund,

Impax

Global

Sustainable

Infrastructure

Fund,

and

Impax

Global

Social

Leaders

Fund)

and

Impax

Funds

Series

Trust

III

("Trust

III")

(comprising

Impax

Ellevate

Global

Women's

Leadership

Fund)

(Trust

I

and

Trust

III

collectively,

the

"Trusts")

(all

funds

comprising

the

Trusts

collectively,

the

"Funds"),

including

the

schedules

of

investments,

as

of

December

31,

2025,

and

the

related

statements

of

operations,

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

at

December

31,

2025,

the

results

of

their

operations,

changes

in

net

assets

and

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Trusts'

management.

Our

responsibility

is

to

express

an

opinion

on

each

of

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Trusts

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

#### Funds

#### comprising

#### Trust

#### I

#### Statement

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights
Impax

Sustainable

Allocation

Fund

Impax

US

Sustainable

Economy

Fund

Impax

Small

Cap

Fund

Impax

High

Yield

Bond

Fund

Impax

Global

Environmental

Markets

Fund

Impax

International

Sustainable

Economy

Fund

Impax

Large

Cap

Fund

Impax

Global

Sustainable

Infrastructure

Fund

Impax

Core

Bond

Fund

Impax

Global

Opportunities

Fund

For

the

year

ended

December

31,

2025

For

each

of

the

two

years

in

the

period

ended

December

31,

2025

For

each

of

the

five

years

in

the

period

ended

December

31,

2025

Impax

Global

Social

Leaders

Fund

For

the

year

ended

December

31,

2025

For

each

of

the

two

years

in

the

period

ended

December

31,

2025

For

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

period

from

November

30,

2023

(commencement

of

operations)

through

December

31,

2023

#### Fund

#### comprising

#### Trust

#### III

#### Statement

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights
Impax

Ellevate

Global

Women's

Leadership

Fund

For

the

year

ended

December

31,

2025

For

each

of

the

two

years

in

the

period

ended

December

31,

2025

For

each

of

the

five

years

in

the

period

ended

December

31,

2025

Annual

Report

December

31,

2025

![](epub4559193684049920.jpg)

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trusts

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trusts'

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trusts'

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

the

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III

since

2003

.

Boston,

Massachusetts

February

23,

2026

www.impaxam.com

Annual

Report

December

31,

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

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.

Annual

Report

December

31,

2025

Federal

Tax

Information

(Unaudited)

The

percentages

of

ordinary

income

distributed

by

each

of

the

Funds

that

is

Qualified

Dividend

Income

(QDI)

and

that

qualifies

for

corporate

Dividends

Received

Deduction

(DRD)

are

as

follows:

For

the

fiscal

year

ended

December

31,

2025

the

International

Sustainable

Economy

Fund

earned

foreign

source

income

totaling

$43,806,341

and

paid

$2,386,913

foreign

taxes

which

it

intends

to

pass

through

to

its

shareholders.

Fund

QDI%

DRD%

Large

Cap

Fund

100.00%

100.00%

Small

Cap

Fund

54.32%

36.44%

US

Sustainable

Economy

Fund

52.70%

32.72%

Global

Sustainable

Infrastructure

Fund

92.91%

13.20%

Global

Opportunities

Fund

100.00%

100.00%

Global

Environmental

Markets

Fund

100.00%

75.11%

Global

Social

Leaders

Fund

100.00%

41.88%

Global

Women's

Leadership

Fund

86.92%

43.02%

International

Sustainable

Economy

Fund

70.43%

0.00%

Core

Bond

Fund

0.00%

0.00%

High

Yield

Bond

Fund

0.00%

0.00%

Sustainable

Allocation

Fund

4.60%

2.42%

www.impaxam.com

Annual

Report

December

31,

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

#### Review

#### Process

#### .
The

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

requires

that

both

the

full

Board

of

Trustees

(the

"Trustees")

of

Impax

Funds

Series

Trust

I

(the

"Trust")

and

a

majority

of

the

Trustees

who

are

not

"interested

persons"

(as

defined

in

Section

2(a)(19)

of

the

1940

Act)

of

the

Trust

(the

"Independent

Trustees"),

voting

separately,

approve

any

new

investment

advisory

contract

or

subadvisory

contract,

or

any

amendment

thereof,

for

any

series

of

the

Trust.

The

1940

Act

also

requires

that

the

Trustees

request

and

evaluate,

and

that

Impax

Asset

Management LLC (the

"Adviser")

furnish,

such

information

as

may

reasonably

be

necessary

for

the

Trustees

to

evaluate

the

terms

of

the

amended

and

restated

advisory

contract

between

the

Trust

and

the

Adviser

(the

"Management

Contract")

with

respect

to

Impax

Global

Infrastructure

ETF

(the

"Fund").

The

Independent

Trustees

met

in

March,

June,

August

and

September

of

2025

for

the

purpose

of

considering

the

approval

of

the

Management

Contract

(the

"contract

review

meetings").

During

the

course

of

the

contract

review

meetings,

the

Trustees

met

and

discussed

the

Management

Contract

with

representatives

of

the

Adviser.

The

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Management

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,

including

in

connection

with

the

proposed

Reorganization

(as

defined

below),

and

discussed

with

management

information

that

was

provided.

In

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

that

was

all-important

or

controlling.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently

from

one

another

or

given

different

weights

to

various

factors

in

reaching

their

conclusion.

The

Trustees'

conclusions

were

based,

in

part,

on

information

they

receive

and

consider

throughout

the

year,

both

in

connection

with

the

general

oversight

of

the

Impax

Funds

and

on

the

information

they

had

obtained

from

the

Adviser

at

other

meetings,

including

in

connection

with

their

approval

on

June

11-12,

2025

of

the

continuation

of

the

Management

Contract

for

all

of

the

Impax

Funds,

including

the

Fund

(the

"2025

annual

contract

review

process").

The

Trustees

also

considered

the

fact

that

the

changes

to

the

Management

Contract

were

being

proposed

in

connection

with

the

reorganization

of

Impax

Global

Sustainable

Infrastructure

Fund

(the

"Target

Fund"),

a

series

of

the

Trust,

with

and

into

the

Fund,

a

newly

organized

series

of

the

Trust

(the

"Reorganization").

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Services

#### .
In

considering

the

Management

Contract,

the

Trustees,

including

the

Independent

Trustees,

evaluated

the

nature,

extent,

and

quality

of

the

advisory

services

to

be

provided

to

the

Fund

by

the

Adviser.

They

considered

the

terms

of

the

Management

Contract

and

received

and

considered

information

provided

by

management

that

described,

among

other

matters:

www.impaxam.com

Annual

Report

December

31,

2025

● the

nature

and

scope

of

the

advisory

services

to

be

provided

to

the

Fund

and

information

regarding

the

experience,

qualifications

and

adequacy

of

the

personnel

providing

those

services;

● the

investment

program

to

be

used

by

the

Adviser

to

manage

the

Fund;

● possible

conflicts

of

interest

and

fall-out

benefits;

● brokerage

practices;

● the

compliance

functions

of

the

Adviser;

and

● financial

results,

assets

under

management

and

other

information

relating

to

the

financial

resources

of

the

Adviser.

The

Trustees

considered,

among

other

matters,

the

general

oversight

of

the

Fund

to

be

provided

by

the

Adviser.

They

also

took

into

account

information

concerning

the

investment

philosophies

and

processes

to

be

used

by

the

Adviser

in

managing

the

Fund

as

well

as

its

in-house

investment

and

sustainable

research

capabilities.

The

Trustees

considered,

among

other

matters,

that

the

Adviser

provides

the

Trust

with

office

space

and

personnel

and

provides

oversight

and

coordination

of

the

services

to

be

provided

by

the

Fund's

third-party

service

providers.

These

services

include

accounting,

administration,

bookkeeping,

tax,

legal,

audit,

custody

and

transfer

agency

services,

and

preparation

of

prospectuses,

shareholder

reports

and

other

regulatory

filings.

The

Trustees

also

took

into

account

the

Adviser's

compliance

and

operational

functions,

as

well

as

the

resources

being

devoted

by

the

Adviser

to

such

functions.

The

Trustees

concluded,

within

the

context

of

their

overall

conclusions

regarding

the

Management

Contract,

that

the

scope

of

the

services

to

be

provided

to

the

Fund

under

the

Management

Contract

was

consistent

with

the

Fund's

operational

requirements;

that

the

Adviser

has

the

capabilities,

resources

and

personnel

necessary

to

provide

the

advisory

services

currently

required

by

the

Fund;

and

that,

overall,

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

the

Adviser

to

the

Fund

were

sufficient

to

warrant

approval

of

the

Management

Contract.

#### Fund

#### Performance

#### .
Because

the

Fund

is

expected

to

be

the

survivor

of

the

Reorganization

for

performance

and

accounting

purposes,

the

Trustees

considered

the

Fund's

performance

information

provided

in

connection

with

the

2025

annual

contract

review

process,

as

well

as

other

performance

information

they

receive

and

consider

throughout

the

year.

The

Trustees

also

considered

the

Adviser's

performance

and

reputation

generally,

the

Adviser's

historical

responsiveness

to

Trustee

concerns

about

performance

and

the

Adviser's

willingness

to

take

steps

intended

to

improve

performance.

Based

on

this

and

other

information,

the

Trustees

concluded,

within

the

context

of

their

overall

conclusions

regarding

the

Management

Contract,

that

the

performance

record

of

the

Adviser

was

sufficient

to

support

approval

of

the

Management

Contract.

#### Fees

#### and

#### Other

#### Expenses

#### .
The

Trustees,

including

the

Independent

Trustees,

considered

the

proposed

advisory

fees

to

be

paid

by

the

Fund

to

the

Adviser,

as

well

as

the

Fund's

anticipated

"other

expenses"

and

total

expenses.

In

doing

so,

the

Trustees

noted

that

the

Fund

would

retain

the

Target

Fund's

unified

fee

structure

as

well

as

the

Target

Fund's

fee

schedule,

except

that

the

Fund's

first

breakpoint

would

be

set

at

basis

points

(instead

of

basis

points)

for

average

net

assets

up

to

$150

million.

The

Trustees

also

reviewed

information

provided

by

the

Adviser

regarding

the

proposed

expenses

of

the

Fund

relative

to

those

of

an

Adviser-selected

peer

group.

The

Independent

Trustees

considered

that

the

proposed

expense

ratio

of

the

Fund

was

above

the

average

expense

ratio

of

active

ETF

peers

and

below

the

average

expense

ratio

of

U.S.

fund

infrastructure

peers.

Based

on

this

and

other

information,

the

Trustees

concluded,

within

the

context

of

their

overall

conclusions

regarding

the

Management

Contract,

that

the

fees

and

expenses

to

be

charged

represented

reasonable

compensation

to

the

Adviser

in

light

of

the

services

to

be

provided

to

the

Fund.

#### Costs

#### of

#### Services

#### Provided

#### and

#### Profitability

#### .
The

Trustees,

including

the

Independent

Trustees,

considered

the

cost

of

services

to

be

provided

by

the

Adviser

and

the

anticipated

profitability

to

the

Adviser

of

its

relationship

with

the

Fund.

The

Trustees

recognized

that

the

Adviser

should,

in

the

abstract,

be

entitled

to

earn

a

reasonable

level

of

profit

for

the

services

to

be

provided

to

the

Fund,

and

that

it

is

difficult

to

make

comparisons

of

profitability

from

mutual

fund

advisory

contracts

because

www.impaxam.com

Annual

Report

December

31,

2025

comparative

information

is

not

generally

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

about

cost

allocations

and

the

Adviser's

capital

structure

and

cost

of

capital.

The

Trustees

concluded

that,

taking

all

of

the

foregoing

into

account,

they

were

satisfied

that

the

anticipated

level

of

profitability

of

the

Adviser

from

its

relationship

with

the

Fund

was

not

excessive.

#### Possible

#### Fall-Out

#### Benefits

#### .
The

Trustees,

including

the

Independent

Trustees,

considered

information

regarding

the

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Fund,

including

reputational

and

other

"fall

out"

benefits.

The

Trustees

considered

the

receipt

of

these

benefits

in

light

of

the

Adviser's

anticipated

profitability

and

concluded

that

such

benefits

were

not

excessive.

#### Possible

#### Economies

#### of

#### Scale

#### .
The

Trustees,

including

the

Independent

Trustees,

considered

whether

the

Fund

would

benefit

from

economies

of

scale.

The

Trustees

considered

information

regarding

the

proposed

fee

arrangement

for

the

Fund.

In

this

regard,

the

Independent

Trustees

took

into

account

that

management

fees

decline

as

Fund

assets

exceed

various

breakpoints,

all

of

which

have

not

been

surpassed.

The

Trustees

concluded

that

the

Fund's

proposed

fee

arrangement

represents

an

appropriate

sharing

at

the

present

time

between

Fund

shareholders

and

the

Adviser

of

any

economies

of

scale

or

other

efficiencies

in

the

management

of

the

Fund

at

asset

levels

anticipated

in

the

near

term.

#### Conclusions

#### .
Based

on

their

evaluation

of

factors

that

they

deemed

to

be

material,

including

those

factors

described

above,

the

Board

of

Trustees,

including

the

Independent

Trustees,

concluded

that

the

approval

of

the

Management

Contract

with

respect

to

the

Fund

was

in

the

best

interests

of

the

Fund

and

that

the

Management

Contract

should

be

approved.

#### Account

#### Options

#### and

#### Services
December

31,

2025

www.impaxam.com

Annual

Report

At

Impax,

we

are

pleased

to

offer

a

variety

of

account

options

and

shareholder

services

to

help

meet

your

investment

needs.

#### Types

#### of

#### Accounts

#### Services

#### Regular

#### Accounts
Individual,

business

and

trust

accounts

are

available

for

all

Impax

Funds.

#### Traditional

#### IRA
Contributions

to

an

IRA

may

be

tax-

deductible.

Taxes

are

paid

only

when

funds

are

withdrawn,

when

investors

may

be

in

a

lower

tax

bracket.

#### Roth

#### IRA
Contributions

to

a

Roth

IRA

are

not

deductible,

but

after

five

years

some

types

of

withdrawals

are

tax-free.

#### SIMPLE

#### IRA
This

is

an

easy-to

maintain

retirement

plan

designed

for

small

businesses.

#### SEP

#### IRA
This

is

an

employer

funded

retirement

plan

popular

with

small

businesses

and

self-employed

persons.

#### Coverdell

#### Education

#### Savings

#### Account

#### &

#### Uniform

#### Transfers/Gifts

#### to

#### Minors

#### Act

#### (UTMA/UGMA)
These

plans

provide

excellent

ways

to

save

for

a

child's

education.

#### Services

#### Automatic

#### Investment

#### Plan
You

may

arrange

to

have

a

fixed

amount

automatically

deducted

from

your

checking

or

savings

account

and

invested

in

your

Impax

account

on

a

monthly

or

quarterly

basis.

Automatic

investment

plans

do

not

assure

a

profit

and

do

not

protect

against

loss

in

declining

markets.

#### Online

#### Account

#### Access
Impax

shareholders

can

view

account

balances

and

recent

transaction

history,

purchase

and

redeem

shares

or

make

exchanges

between

different

Impax

Funds.

#### www.impaxam.com
Learn

all

about

Impax

Funds

through

our

web

site.

You

can

check

Fund

performance,

read

about

our

portfolio

managers,

view

Connection—our

quarterly

newsletter,

and

see

how

we

voted

on

various

proxies

for

the

companies

in

our

portfolios.

#### Please

#### note

#### that

#### the

#### information

#### contained

#### herein

#### does

#### not

#### constitute

#### tax

#### advice.

#### Always

#### consult

#### your

#### tax

#### advisor

#### before

#### making

#### any

#### tax-related

#### investment

#### decisions.
This

annual report

is

intended

for

shareholders

of

the

Impax

Funds

only,

and

is

not

authorized

for

distribution

to

other

persons

unless

accompanied

or

preceded

by

a

prospectus.

Please

consider

the

Funds'

investment

objectives,

risks

and

charges

and

expenses

carefully

before

investing.

The

Funds'

prospectus

contains

this

and

other

information

about

the

Funds

and

may

be

obtained

by

calling

800.767.1729,

emailing

impaxfunds@impaxam.com

or

visiting

www.impaxam.com.

#### Distributor:

#### Foreside

#### Financial

#### Services,

#### LLC

#### Member

#### of

#### FINRA

#### 2/26
.

Penhallow

Street,

Suite

Portsmouth

NH

03801

800.767.1729 www.impaxam.com

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

This information is included in materials filed under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

See attached for the ETF.

**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.](ex99code.htm)

(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.](ex99cert.htm)

(a)(4) Not applicable.

(a)(5) There has been no change to the Registrant's independent public accountant during the reporting period.

[(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.](ex99906.htm)

**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.

<u>(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impax Funds Series Trust I</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>By (Signature and Title)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Edward Farrington</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edward Farrington, President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Date&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/23/26</u>

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.

<u>By (Signature and Title)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Edward Farrington</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edward Farrington, President (Principal Executive Officer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Date&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/23/26</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>By (Signature and Title)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Daniel Saltus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daniel Saltus, Treasurer (Principal Financial Officer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Date&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/23/26</u>

## Ex-99.Cert

**CERTIFICATION**

I, Edward Farrington, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Impax Funds Series Trust I;

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>Date:</u> <u>&nbsp;&nbsp;&nbsp;&nbsp; 2/23/26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Edward Farrington&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edward Farrington, President (Principal Executive Officer)

**CERTIFICATION**

I, Daniel Saltus, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Impax Funds Series Trust I;

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>Date:</u> <u>&nbsp;&nbsp;&nbsp;&nbsp; 2/23/26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>/s/ Daniel Saltus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daniel Saltus, Treasurer (Principal Financial Officer)

## Ex-99.Code

![](word40282498269184.jpg)

Code of Ethics

Date: February 2025

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Introduction

This Code of Ethics (the "Code") is applicable to Impax Asset Management Group plc, Impax Asset Management Limited, Impax Asset Management (AIFM) Limited, Impax Asset Management LLC, Impax Asset Management (Hong Kong) Limited, Impax Asset Management (Ireland) Limited, Impax Asset Management Japan Limited and the Impax US Funds (collectively, "Impax" or the "Group"), and has been adopted in accordance with the rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940.[\[1\]](#_ftn1) 

Impax has an obligation to establish, maintain and enforce written policies and procedures reasonably designed to prevent:

● &nbsp;&nbsp;&nbsp;&nbsp; conflicts of interest between employees and the Group or the Group's clients;

● &nbsp;&nbsp;&nbsp;&nbsp; the misuse of material, non-public information ("MNPI"); and

● &nbsp;&nbsp;&nbsp;&nbsp; breach of fiduciary obligations to its clients.

Impax has established and maintains a standard of business conduct consistent with the firm's fiduciary obligation to its clients. All employees of the Group are required to comply with the Code and the laws of their respective jurisdictions of employment.

Supervised Persons will receive a copy of the Code when hired and thereafter on an annual basis. Supervised Persons are required to provide a written acknowledgement of receipt of the Code. The written acknowledgement requirement can be satisfied by electronically attesting to having read and understood the Code via the ComplianceAlpha platform.

A **Supervised Person** means any partner, officer, director (or other person occupying a similar status or performing similar functions)[\[2\]](#_ftn2), or an employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the firm.

For the avoidance of doubt, contractors, consultants, and interns who will be with Impax for more than 120 days are also deemed as Supervised Persons. Impax defines all Supervised Persons as Access Persons for purposes of the Code. Supervised/Access Persons are deemed to be subject to Impax's supervision and control under the Code.

Supervised Persons are required to report to Compliance any violations of this Code of which they have knowledge.

1.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Fiduciary Responsibility and Business Conduct

This Code is based on the overriding principle that Supervised Persons act as fiduciaries for the investments of clients of Impax and the shareholders in the Impax Funds[\[3\]](#_ftn3) (collectively, "Impax clients"). Accordingly, Supervised Persons must conduct their business activities at all times in accordance with US federal securities laws (and local laws) and the following standards:

**Clients and shareholders' interests come first**

- In the course of fulfilling their duties and responsibilities, Supervised Persons must at all times place the interests of Impax clients first. In particular, Supervised Persons must avoid serving their own personal interests ahead of the interests of Impax clients.

**Conflicts of interest**

- Supervised Persons must seek to avoid any situation involving an actual or potential conflict of interest, including the declaration of any outside business activities, or possible impropriety with respect to their duties and responsibilities to Impax clients. Supervised persons are required to disclose, in writing, any conflicts of interest upon commencement of employment and attest to this on an annual basis thereafter. Conflicts, actual or potential, should be disclosed to Compliance as soon as possible. To the extent that a conflict cannot be avoided reasonable steps are taken to mitigate any such conflict, including by making appropriate disclosures.

**Compromising situations must be avoided** - Supervised Persons must not take advantage of their position of trust and responsibility at Impax. Supervised Persons must avoid any situation that might compromise or call into question their exercise of full independent judgment in the best interest of Impax clients.

The remainder of this Code sets forth specific rules and procedures which are consistent with the aforementioned fiduciary responsibilities and standards of business conduct. Supervised Persons are required to report any violations of this Code to Compliance.

1.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlawful Actions with Respect to Impax clients

No Supervised Person shall, directly or indirectly:

● &nbsp;&nbsp;&nbsp;&nbsp; Employ any device, scheme or artifice to defraud a client;

● &nbsp;&nbsp;&nbsp;&nbsp; Make to any client any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made to such client, in light of the circumstances under which they are made, not misleading;

● &nbsp;&nbsp;&nbsp;&nbsp; Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on any client;

● &nbsp;&nbsp;&nbsp;&nbsp; Engage in any manipulative practice with respect to a client; or

● &nbsp;&nbsp;&nbsp;&nbsp; Take inappropriate advantage of their positions or information that they have received or to which they have access.

1.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts and Hospitality Policy

Conflicts of interest occur when personal interests interfere, or may appear to interfere, with Impax's responsibilities to its clients. Therefore, disclosure and/or pre-approval limits have been agreed by the Executive Committee to minimise the perception of bribery or corruption. You may be required to declare hospitality and gifts over a certain value in ComplianceAlpha.

**<u>Hospitality</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **USA[**\[4\]**](#_ftn4)**<br> *US$* <br>| &nbsp;&nbsp; **Ireland**<br> *€* | &nbsp;&nbsp; <br> **UK**<br> ***£***<br>| &nbsp;&nbsp; **Hong Kong**<br> *HK$* | &nbsp;&nbsp; **Japan**<br> *JP¥* |
| &nbsp;&nbsp; Not required to declare | &nbsp;&nbsp; <30 | &nbsp;&nbsp; <25 | &nbsp;&nbsp; <25 | &nbsp;&nbsp; <250 | &nbsp;&nbsp; <5000 |
| &nbsp;&nbsp; Declare  | &nbsp;&nbsp; See footnote 4 | &nbsp;&nbsp; 25-50 | &nbsp;&nbsp; 25-50 | &nbsp;&nbsp; 250-500 | &nbsp;&nbsp; 5000-10k |
| &nbsp;&nbsp; Received or given: Approval required from line manager | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 50-100 | &nbsp;&nbsp; 50-100 | &nbsp;&nbsp; 500 -1000 | &nbsp;&nbsp; 10k-20k |
| &nbsp;&nbsp; Pre-approval required from line manager and Compliance | &nbsp;&nbsp; N/A | &nbsp;&nbsp; >100 | &nbsp;&nbsp; >100 | &nbsp;&nbsp; >1000 | &nbsp;&nbsp; >20k |

---

**Note:** Attendance at sporting events, concerts or other similar hospitality are not permissible for employees in the UK. ***Irrespective of the cost, employees based in other jurisdictions must declare all sporting and concert related events.***

**<u>Gifts</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **USA**<br> *US$*<br>| &nbsp;&nbsp; **Ireland**<br> *€* | &nbsp;&nbsp; <br> **UK**<br> ***£***<br>| &nbsp;&nbsp; **Hong Kong**<br> *HK$* | &nbsp;&nbsp; **Japan**<br> *JP¥* |
| &nbsp;&nbsp; Not required to declare | &nbsp;&nbsp; <30 | &nbsp;&nbsp; <25 | &nbsp;&nbsp; <25 | &nbsp;&nbsp; <250 | &nbsp;&nbsp; <5000 |
| &nbsp;&nbsp; Received or given: Approval required from line manager and Compliance | &nbsp;&nbsp; 30-100 | &nbsp;&nbsp; 25-100 | &nbsp;&nbsp; 25-100 | &nbsp;&nbsp; 250-1000 | &nbsp;&nbsp; 5000-16k |
| &nbsp;&nbsp; Approval required from Chief Compliance Officer | &nbsp;&nbsp; >100 | &nbsp;&nbsp; >100 | &nbsp;&nbsp; >100 | &nbsp;&nbsp; >1000 | &nbsp;&nbsp; <br>>16k |

---

As charitable donations could be perceived as a bribe, donations made on behalf of Impax or reimbursed to the employee by Impax must also be declared in ComplianceAlpha.

Please refer to the Gifts and Hospitality Policy and Procedures, which can be found in the Policy Library, for more information in this regard.

1.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outside Business Activities

Outside Business Activities ("OBAs") refers to any activity (whether paid or voluntary) that a Supervised Person may be engaged in outside of their employment with Impax, including, but not limited to, service as an officer, director, partner, employee, consultant or independent contractor with any for profit or non-profit organization. Upon joining the Firm employees are required to disclose all OBAs. Approval must be sought, via ComplianceAlpha, prior to engaging in a new OBA.

1.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insider Trading

Court and SEC administrative decisions interpreting the anti-fraud provisions of the federal securities laws generally make it unlawful for any person to trade securities for themselves or their clients while in possession of material non-public information or selectively to disclose such information to others who may trade based on that information. Violations of these provisions could result in civil and criminal penalties, including fines and jail sentences, as well as dismissal by the Group. Although there are exceptions to these prohibitions, these exceptions are limited.

**"Non-public"** information is any information that has not been disclosed generally to the marketplace. Information received about a company that is not yet in general circulation should be considered non-public. As a general rule, one should be able to evidence that the information is widely available; for example, its publication in The Wall Street Journal or in other major news publications, to show that the information is public.

**"Material"** information is any detail about a company, or the market for the company's securities, that is likely to be considered important by reasonable investors, including reasonable speculative investors, in determining whether to trade. Information that affects the price of the company's securities is likely to be deemed material.

While it is not possible to identify in advance all information that will be deemed to be material, such information could include earnings, dividend actions, mergers or acquisitions, major discoveries, major new products, significant advances in research, major personnel changes, labour negotiations, price changes or major marketing changes, government investigations, or significant litigation.

Material non-public information might be inadvertently disclosed to you by a company director, officer or employee. It also might be disclosed to you by persons with business relationships with the company. In such a case, you should immediately report the facts to Compliance for a decision regarding appropriate steps.

In addition, whenever you receive information about a company, you should refrain from trading while in possession of that information unless you first determine that the information is publicly available, or Compliance otherwise determines that it would be permissible to trade on the basis of such information. You should also refrain from disclosing the information to others, such as family, relatives, business, or social acquaintances, who do not need to know it for legitimate business reasons. If you have any questions at all as to whether the information is material and non-public, you should consult Compliance.

**Supervised Persons should not make a determination of whether non-public information is material. Supervised Persons must contact Compliance with respect to such non-public information prior to engaging in any trading, recommended trading, or divulging of the information.**

Supervised Persons shall not disclose any non-public information (whether or not it is material) relating to the Group or its securities transactions to any person outside Impax, unless such disclosure has been authorized by Impax. Material, non-public information should be kept confidential and may not be communicated to any person except members of the Boards of Directors of Impax legal entities, the Compliance or Legal departments or other firm employees who a Board of Directors or Chief Compliance Officer determines need such information to carry out their professional responsibilities. Such person must treat the information confidentially and the information must be secured.

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance Procedures

2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Pre-clearance

The following pre-clearance policies and procedures have been established to aid all Supervised Persons in their duty to detect and prevent insider trading. Furthermore, the procedures will help ensure that Supervised Persons do not unknowingly engage in trading practices that appear to be abusive or unethical.

***Note: Employees based in Japan should read the Code in conjunction with the Impax Asset Management Japan Limited Personal Account Dealing Policy*.**

**Pre-Clearance.** All Supervised Persons must obtain clearance prior to effecting any Covered Security transaction for any account in which they, their family members (including spouse/partner (whether or not recognized by law), minor children, related adults living in the same household of the Supervised Person), or trust for which they are trustees, or for which they have a beneficial interest are parties. Pre-clearance is also required for any account(s) a Supervised Person manages/advises on the behalf of others (collectively, "Related Persons").

**Requests for Pre-Clearance.** All requests for pre-clearance must be made electronically to meet record keeping requirements. All clearance or denial of clearance decisions will be delivered electronically. Trade requests will be addressed by Compliance in a reasonable amount of time. **Supervised Persons should not expect immediate or same day response to trade clearance requests and should plan accordingly**. Supervised Persons must not enquire as to why requests are not approved, the rationale for which are confidential and not disclosed.

Trade requests will generally be denied if the security:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Has been held for less than 30 days (6 months for employees in Japan)

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May be traded or recommended for trade on behalf of Impax clients in the next 2 business days (i.e.,48 hours)

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Is on the Restricted List (Items on the Restricted List may change, as determined by Compliance and such changes may be communicated to staff in certain instances, as deemed permissible and/or informative).

The above is intended to set forth common reasons that a trade request may be denied and is not an exhaustive list.

**72/48 Hour Rule.** Clearance will be effective for a period not longer than 72 hours (i.e., 3 business days). Nonetheless, all efforts should be made to execute the trade when pre-clearance is granted. Clearance to trade, however, will not be granted if Impax traded or intends to trade a security on behalf of any client within a 48-hour period before or after clearance is requested. Intention to trade may be indicated by a recommendation by Impax investment team that a security be traded on behalf of a client, or a pending order on the Impax trade blotter. However, the 48-hour blackout period may not be applicable in all cases.

**Short Term Trading.** Supervised Persons are prohibited from transacting in the opposite direction of the same security, in the same account, within 30 calendar days of the initial purchase or sale. In limited instances, such as personal financial emergency, exceptions may be granted by Compliance. This Short-Term Trading prohibition shall be administered on a "First In First Out" basis.

**Exceptions to Pre-Clearance Requirements.** Purchases or sales of Covered Securities that are non-discretionary on the part of the Supervised Person do not require pre-clearance. Examples include:

● &nbsp;&nbsp;&nbsp;&nbsp; Mergers, recapitalizations, or similar transactions;

● &nbsp;&nbsp;&nbsp;&nbsp; The acquisition of securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities;

● &nbsp;&nbsp;&nbsp;&nbsp; Exercise of an option or a single transaction to satisfy an option obligation, as long as the original option transaction was properly pre-cleared;

● &nbsp;&nbsp;&nbsp;&nbsp; Purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders of a class of securities to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

● &nbsp;&nbsp;&nbsp;&nbsp; Regularly scheduled and matching contributions to and withdrawals from a mutual fund or collective trust in a benefit plan;

● &nbsp;&nbsp;&nbsp;&nbsp; Pension arrangements where you do not have investment discretion and where you are not permitted to invest directly in securities (note transactions <u>in private self-invested pension plans must be pre-cleared</u>);

● &nbsp;&nbsp;&nbsp;&nbsp; Periodic purchases and reinvestments in and withdrawals from a dividend reinvestment plan when the transactions are not subject to the discretion of the buyer or seller;

● &nbsp;&nbsp;&nbsp;&nbsp; Acquisition of securities by gift or inheritance, although transactions in such securities after their acquisition must be pre-cleared;

● &nbsp;&nbsp;&nbsp;&nbsp; Bona fide gifts of securities by you, unless you have reason to believe the recipient intends to sell the securities while possessing Material Non-Public Information;

● &nbsp;&nbsp;&nbsp;&nbsp; Acceptance or vesting and any related stock withholding of stock options, restricted stock, restricted stock units, phantom stock units, or other grants issued under incentive compensation plans;

● &nbsp;&nbsp;&nbsp;&nbsp; Rebalancing or changes in allocation to a Savings Plan (e.g., 401(k) plan) except in the case of security transactions in a self-directed brokerage account or other similar structure within the aforementioned plan; and

● &nbsp;&nbsp;&nbsp;&nbsp; Standard automatic investments in Impax managed funds (e.g., on a bi-monthly/monthly basis purchases of Impax fund shares are automatically executed).[<sup><sup>

\[5\]</sup></sup>](#_ftn5)

**Note: Pre-clearance request for dealing in Impax Asset Management Group plc shares (i.e., IPX) is not granted via the compliance system. All inquiries regarding trading in IPX shares should be directed to Impax's General Counsel.** 

**Please contact Compliance, in advance, if you and/or your related person acquire or intend to sell non-IPX related vested shares**.

**Confidentiality.** Requests for clearance will be kept confidential by Compliance; however, depending on the transaction, information may be shared on a need-to-know basis only.

Certain high-risk trading activities, if used in a Supervised Person's personal trading portfolio, are risky not only because of the nature of the securities transactions themselves, but also because of the potential that action necessary to close out the transactions may become prohibited during the pendency of the transactions. Examples of such activities include short sales of common stock and trading in derivative instruments.

Supervised Persons should understand that short sales and trading in derivative instruments involve special risks, including risks that subsequent trading could be prohibited. For example, if Impax becomes aware of material, non-public information about the issuer of the underlying securities, employees may find themselves "frozen" in a position in a derivative security or short position. Impax will not bear any losses resulting in personal accounts as a consequence of the implementation of this policy.

2.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting Requirements for Supervised Persons

To ensure that Supervised Persons do not engage in abusive or unethical trading practices, each Supervised Person and his/her Related Persons must submit to Compliance a complete list of all Covered Security holdings and transactions (excluding cash and physical assets such as property) beneficially held, directly or indirectly. Transactions over which such a person does not have any direct or indirect control should not be included, so long as the identity of the account (i.e., account name, number and broker) is disclosed to Compliance, along with evidence to substantiate the account's independence.

**Initial Holdings Report** – Each Supervised Person must file an Initial Holdings Report with Compliance within ten (10) calendar days of becoming a Supervised Person.

The Initial Holdings Report shall include:

● &nbsp;&nbsp;&nbsp;&nbsp; The title and type of security, as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each security held, unless otherwise exempt by this Code, in which the Supervised Person had any direct or indirect beneficial ownership when the person became a Supervised Person.

● &nbsp;&nbsp;&nbsp;&nbsp; The name of any broker, dealer or bank with whom the Supervised Person maintained an account in which any securities were held for the direct or indirect benefit of the Supervised Person as of the date the person became a Supervised Person; and

● &nbsp;&nbsp;&nbsp;&nbsp; The date that the report was submitted by the Supervised Person.

**Note: The information in the Initial Holdings Report must be no older than 45 days prior to becoming a Supervised Person. Account statements may be utilized to satisfy the above requirements.**

**Quarterly Transaction Report** – Each Supervised Person must file a completed Quarterly Transaction Report with Compliance within thirty (30) days after the end of the calendar quarter in which the transactions to which the report relates were effected.

The Quarterly Transaction Report shall include:

● &nbsp;&nbsp;&nbsp;&nbsp; The date of the transaction, the title, as applicable the exchange ticker symbol or CUSIP number, the interest rate, and maturity date (if applicable), the number of shares and the principal amount of each security;

● &nbsp;&nbsp;&nbsp;&nbsp; The nature of the transaction (i.e., purchase sale, etc);

● &nbsp;&nbsp;&nbsp;&nbsp; The price of the security at which the transaction was effected;

● &nbsp;&nbsp;&nbsp;&nbsp; The name of the broker, dealer or bank with or through which the transaction was effected; and

● &nbsp;&nbsp;&nbsp;&nbsp; The date on which the Report was submitted by the Supervised Person.

**Annual Holdings Report** – Annually, each Supervised Person must file a completed Annual Holdings Report with Compliance. This report must be current as of no more than forty-five (45) days before the submission of the report, which shall be no later than 14th February each year.

The Annual Holdings Report shall include:

● &nbsp;&nbsp;&nbsp;&nbsp; The title and number of shares (to equity securities) and principal amount (for debt securities) of each Covered Security in which the Supervised Person had any direct or indirect beneficial ownership;

● &nbsp;&nbsp;&nbsp;&nbsp; The name of any broker, dealer or bank in which the Supervised Person maintains an account where securities are held in the direct or indirect benefit of the Supervised Person; and

● &nbsp;&nbsp;&nbsp;&nbsp; The date that the report was submitted by the Supervised Person.

The above reports are issued and submitted via the compliance system.

2.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supervised Persons with no Broker Feed

In order to ensure that the provisions of this Code are observed, where a broker account is maintained but a broker feed has not been established, the Supervised Person must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct their broker, dealer, transfer agent, or bank to supply Compliance, on a timely and confidential basis, duplicate copies of monthly statements for all Covered Securities, via email at ComplianceOversight@impaxam.com.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where applicable, create a ***Transaction*** of the executed trade in the compliance system as soon as practical (i.e., by end of day) and attach the confirmation statement to evidence the executed transaction; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attach their monthly brokerage statements to their Quarterly Transaction Report attestation.

Repeated failure to comply with the above, and in a timely manner, may be deemed as a breach of this Code.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibited Transactions for Supervised Persons

No Supervised Person shall engage in any act, practice or course of conduct, which would violate the provisions of any applicable federal securities law, such as:

● &nbsp;&nbsp;&nbsp;&nbsp; Disclose to other persons the trading activities engaged in or intended for any Impax client

● &nbsp;&nbsp;&nbsp;&nbsp; Directly or indirectly acquire any beneficial interest in securities in an initial public offering ("IPO") or in a private placement without prior, documented approval from Compliance

● &nbsp;&nbsp;&nbsp;&nbsp; Make any purchase or sale including a "put" or "call" or a short sale of a security, in anticipation of its being approved for purchase or sale by any Impax client

● &nbsp;&nbsp;&nbsp;&nbsp; Execute a principal or cross trade with a client of Impax

● &nbsp;&nbsp;&nbsp;&nbsp; Sell short any security recommended by Impax for purchase

● &nbsp;&nbsp;&nbsp;&nbsp; Execute a transaction in a "covered security" without pre-clearance

**Note: As Contract For Differences ("CFD") trading is not permitted in some jurisdictions, trading in CFDs is prohibited globally. Spread betting and limit orders are also prohibited.**

The prohibitions of this Section 3 shall **not** apply to:

● &nbsp;&nbsp;&nbsp;&nbsp; Purchases or sales effected in any account/securities over which the Supervised Person has no direct or indirect influence or control

● &nbsp;&nbsp;&nbsp;&nbsp; Purchases or sales which are non-discretionary on the part of either the Supervised Person or the Trust

● &nbsp;&nbsp;&nbsp;&nbsp; Purchases which are part of an automatic investment plan

● &nbsp;&nbsp;&nbsp;&nbsp; Purchases affected upon the exercise of rights issued by an issuer pro-rata to all holders of its securities to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanctions

All Supervised Persons of Impax are required to promptly report any violations of this Code of Ethics to Compliance. Breaches of the Code of Ethics will be escalated to the Compliance Committee and the Conduct Committee. The Conduct Committee may take disciplinary action against employees, including financial penalties, such as a reduction of bonus, or suspension or termination of employment. Breaches of the Code of Ethics and Disciplinary Action may be reported to relevant regulator(s) and may be disclosed to future employers when requesting a reference from Impax.

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings

Impax clients will not acquire or hold securities of which the Impax Funds' officers, directors or employees hold a material amount. Holdings of ten percent (10%) or more will be construed as material holdings.

6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting

No less frequently than annually, Compliance will furnish to the Impax US Funds' Boards, and the Boards must consider, a written report that, (1) describes any issues arising under the Code of Ethics or procedures since the last report to the Funds' Board, including, but not limited to, information about material violations of the Code of Ethics or procedures and any sanctions imposed in response to the material violations; and, (2) certifies that the Impax US Funds and the Funds' Adviser have adopted procedures reasonably necessary to prevent Supervised Persons from violating the Code of Ethics.

7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitions

**Access Person** – Any Supervised Person.[\[6\]](#_ftn6)

**Beneficial Ownership** – Shall be defined and interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities and Exchange Act of 1934 and the rules and regulations thereunder. In general terms, beneficial ownership includes situations where the "access person" has the right to enjoy some economic benefit from the ownership of the security regardless of who is the registered owner. This includes:

● &nbsp;&nbsp;&nbsp;&nbsp; Securities held by a member of the "access person's" immediate family[\[7\]](#_ftn7) sharing the same household, including adoptive relationships and any other relationship (whether or not recognized by law) which the Chief Compliance Officer determines could lead to possible conflicts of interest, diversions of corporate opportunity, or appearances of impropriety.

● &nbsp;&nbsp;&nbsp;&nbsp; Securities held by the partnership or limited partnership of which the "access person" is a general partner.

● &nbsp;&nbsp;&nbsp;&nbsp; Securities held in trust in which the "access person" has an interest.

● &nbsp;&nbsp;&nbsp;&nbsp; Securities that the "access person" has a right to acquire through the exercise or conversion of any derivative security, whether or not presently exercisable.

**Compliance** – The global Compliance Department at Impax.

**Control** – The power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. There is a presumption of control on the part of any person who owns beneficially twenty-five percent (25%) of the voting securities of the company.

**Covered Securities** – A security as defined in section 2(a)(36) of the Investment Company Act of 1940. Securities subject to the pre-clearance requirement include:

● &nbsp;&nbsp;&nbsp;&nbsp; Any note/bond or other forms of securitized debt, including depositary receipts in respect of such securities;

● &nbsp;&nbsp;&nbsp;&nbsp; Stock/shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares;

● &nbsp;&nbsp;&nbsp;&nbsp; Investment funds or products managed by Impax;

● &nbsp;&nbsp;&nbsp;&nbsp; Close ended funds;

● &nbsp;&nbsp;&nbsp;&nbsp; Investment trusts (e.g., those traded on the London Stock Exchange);

● &nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offering (IPO);

● &nbsp;&nbsp;&nbsp;&nbsp; Single-Stock Exchange Traded Funds (ETFs) and Single-Stock Exchange Traded Products (ETPs);

● &nbsp;&nbsp;&nbsp;&nbsp; Private placements (including Crowdfunding investments where the employee has discretion);

● &nbsp;&nbsp;&nbsp;&nbsp; Private funds, limited partnerships, unregulated collective investment schemes and similar vehicles;

● &nbsp;&nbsp;&nbsp;&nbsp; Limited offerings;

● &nbsp;&nbsp;&nbsp;&nbsp; Treasury stocks;

● &nbsp;&nbsp;&nbsp;&nbsp; Options for hedging purposes only (options on individual securities are prohibited);

● &nbsp;&nbsp;&nbsp;&nbsp; Futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances, or other derivative instruments, financial indices or financial measures which may be settled physically or in cash;

● &nbsp;&nbsp;&nbsp;&nbsp; Evidence of indebtedness (including promissory note);

● &nbsp;&nbsp;&nbsp;&nbsp; Direct investments in any Impax Funds (i.e., Impax US Funds, Impax Irish Funds and/or Impax Private Funds); or

● &nbsp;&nbsp;&nbsp;&nbsp; Shares of a mutual fund which the Supervised Person advises or sub-advises and shares of any mutual fund advised by an affiliate of Impax if under common control.

The following are not Covered Securities and are exempt from the reporting requirement:

● &nbsp;&nbsp;&nbsp;&nbsp; Any securities held in accounts over which Impax and the individual have no direct or indirect influence or control (Compliance will require that Supervised Persons provide information to substantiate independence);

● &nbsp;&nbsp;&nbsp;&nbsp; Direct government obligations (excluding those governments on sanction lists);

● &nbsp;&nbsp;&nbsp;&nbsp; Certain Money Market Instruments;

● &nbsp;&nbsp;&nbsp;&nbsp; Share of open-end investment companies (excluding the Impax US Funds and the Impax Irish Funds).

Policy Control:

---

| | |
|:---|:---|
| &nbsp;&nbsp; POLICY OWNER: | &nbsp;&nbsp; John Boese (Chief Compliance Officer, North America) |
| &nbsp;&nbsp; ADDITIONAL REVIEWERS: | &nbsp;&nbsp; Compliance Committee; Compliance Oversight |
| &nbsp;&nbsp; EFFECTIVE DATE: | &nbsp;&nbsp; February 2025 |
| &nbsp;&nbsp; NEXT REVIEW DATE: | &nbsp;&nbsp; January 2026 |

---

------

[\[1\]](#_ftnref1) Both Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17j-1 under the Investment Company Act of 1940 require a written Code of Ethics. This Code of Ethics combines both rules into a single document for better ease of use and understanding.

[\[2\]](#_ftnref2) The Code does not apply to Non-Executive Directors.

[\[3\]](#_ftnref3)

Impax Funds includes the Impax US Funds, Impax Irish Funds, and the Impax Private Funds.

[\[4\]](#_ftnref4)

US employees only need to declare hospitality received. Hospitality must not be lavish or excessive.

[\[5\]](#_ftnref5) Pre-clearance is required if you or a related person are directing the transaction.

[<sup><sup>

\[6\]</sup></sup>](#_ftnref6)Rule 17j-1 under the Investment Company Act defines Access Person to be:

(i) Any advisory person of a Fund or of a Fund's adviser. If an investment adviser's primary business is advising Funds or other advisory clients, all of the investment adviser's directors, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser. All of the Fund's directors, officers, and general partners are presumed to by Access Persons of the Fund.

(ii) Any director, officer or general partner of a principal underwriter who, in the ordinary course of business makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by a Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Covered Securities.

Rule 204A-1 under the Investment Advisers Act defines an Access Person to be:

(i) Any supervised persons:

a. Who have access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any reportable fund, or

b. Who is involved in making securities recommendations to clients, or who has access to such recommendations that are non-public.

[\[7\]](#_ftnref7)

The term "immediate" family member means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and includes adoptive relationships.

## Exhibit 99.906

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the attached Report on Form N-CSR for Impax Funds Series Trust I (the "Registrant"), each of the undersigned officers hereby certifies, to the best of such officer's knowledge, that:

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Form N-CSR of the Registrant for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Form N-CSR of the Registrant for the period ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: 2/23/26

/s/ Edward Farrington&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Edward Farrington

President (Principal Executive Officer)

/s/ Daniel Saltus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Daniel Saltus

Treasurer (Principal Financial Officer)