UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

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

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

PAX LARGE CAP FUND

PAX SMALL CAP FUND

PAX US SUSTAINABLE
ECONOMY FUND

PAX GLOBAL SUSTAINABLE
INFRASTRUCTURE FUND

PAX GLOBAL OPPORTUNITIES
FUND

PAX GLOBAL ENVIRONMENTAL MARKETS FUND

PAX ELLEVATE GLOBAL WOMEN’S LEADERSHIP FUND

PAX INTERNATIONAL SUSTAINABLE ECONOMY FUND

PAX CORE BOND FUND

PAX HIGH YIELD BOND FUND

PAX SUSTAINABLE ALLOCATION
FUND

SEMI-ANNUAL
REPORT

June 30, 2022

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Blended Index for the Pax Sustainable Allocation Fund is composed of 60% S&P 500 Index and 40% Bloomberg US Aggregate Bond Index.

Bloomberg US Aggregate Bond Index is a broad-based index, maintained by Bloomberg L.P. often used to represent investment grade bonds being traded in the United States.

FTSE Environmental Opportunities Index Series measures the performance of global companies that have significant involvement in environmental business activities, including renewable and alternative energy, energy efficiency, water technology, waste and pollution control and food, agriculture and forestry. The FTSE Environmental Opportunities Index Series requires companies to have at least 20% of their business derived from environmental markets and technologies. The FTSE Environmental Opportunities Index Series is published by a joint venture of Impax Asset Management, Ltd. (“Impax”) with FTSE International. Impax is also the sub-adviser to the Pax Global Environmental Markets Fund.

ICE BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index tracks the performance of BB- and B rated fixed income securities publicly issued in the major domestic or Eurobond markets, with total index allocation to an individual issuer limited to 2%.

Impax Global Women’s Leadership Index is a customized market capitalization-weighted index created and licensed by Impax Asset Management (“IAM”) consisting of equity securities of issuers organized or operating in countries around the world that demonstrate a commitment to advancing and empowering women through gender diversity on their boards, in management and through other policies and programs, and an understanding of the potential business advantages associated with greater gender diversity, as rated by the IAM Gender Analytics team, with final approval by the IAM Women’s Index Committee. In addition, the companies comprising the Women’s Index meet certain environmental, social and governance (ESG) or sustainability thresholds, as rated by MSCI ESG Research.

Impax Sustainability Lens is a proprietary tool designed to facilitate a systematic review of the economic opportunities and risks associated with the transition to a more sustainable economy. The tool highlights sub-industries with transition tailwinds and headwinds, assisting the investment team in identifying companies that the Adviser believes present attractive opportunities and lower risks.

Lipper Core Bond Funds Index tracks the results of the 30 largest mutual funds in the Lipper Core Bond Funds Index Average. The Lipper Core Bond Funds Index Average is a total return performance average of mutual funds tracked by Lipper, Inc. that invest at least 85% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high-yield, global and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years.

Lipper Global Infrastructure Funds Index tracks the results of the 10 largest mutual funds in the Lipper Global Infrastructure Fund Index Average. The Lipper Global Infrastructure Funds Index Average is a total return performance average of mutual funds tracked by Lipper, Inc. that, by portfolio practice, invest predominantly across energy, industrials, utilities and materials sectors. Funds must contain a diverse mix of listed & liquid equities that reflect companies which engaged in core infrastructure activities. These generally include large geographic projects leading to the construction of energy supplies, utilities, education, health, social and transportation facilities.

Lipper Global Multi-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Global Multi-Cap Core Funds Index Average. The Global Multi-Cap Core Funds Index Average is a total return performance average of mutual funds tracked by Lipper, Inc. that, by portfolio

practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap core funds typically have average characteristics compared to the MSCI World Index.

Lipper Global Multi-Cap Growth Funds Index tracks the results of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) above 400% of the 75th market capitalization Glossary of Terms 3 percentile of the S&P/Citigroup World Broad Market Index. Multi-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup BMI. One cannot invest directly in an index.

Lipper High Yield Bond Funds Index tracks the results of the 30 largest mutual funds in the Lipper High Yield Bond Funds Average. The Lipper High Yield Bond Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions and tend to invest in lower grade debt issues.

Lipper International Large-Cap Core Funds Index tracks the results of funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper’s international large-cap floor. International large-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI.

Lipper Large-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Large Cap Core Funds Index Average. The Lipper Large Cap Core Funds Index Average is a total return performance average of mutual funds tracked by Lipper, Inc. that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have average characteristics compared to the S&P 500 Index.

Lipper Multi-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Multi-Cap Core Funds Index Average. The Lipper Multi-Cap Core Funds Index Average is a total return performance average of mutual funds tracked by Lipper, Inc. that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. These funds typically have average characteristics compared to the S&P SuperComposite 1500 Index.

Lipper Small-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Small-Cap Core Funds Average. The Lipper Small-Cap Core Funds Average is a total return performance average of the mutual funds tracked by Lipper, Inc. that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

Morningstar Allocation – 50% to 70% Equity seeks to provide both capital appreciation and income by investing in three major areas: stocks, bonds and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash.

MSCI All-Country World Index (“ACWI”) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 48 country indices comprising 23 developed and 25 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE (Net) Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and United Kingdom.

MSCI EAFE ESG Leaders Index is a free float-adjusted market capitalization weighted index designed to measure the performance of equity securities of issuers organized or operating in developed market countries around the world excluding the U.S. and Canada that have high environmental, social and governance (ESG) ratings relative to their sector and industry group peers, as rated by MSCI ESG Research annually. MSCI ESG Research evaluates companies’ ESG characteristics and derives corresponding ESG scores and ratings. Companies are ranked by ESG score against their sector peers to determine their eligibility for the MSCI ESG indices. MSCI ESG Research identifies the highest-rated companies in each peer group to meet the float-adjusted market capitalization sector targets. The rating system is based on general and industry-specific ESG criteria, assigning ratings on a 7-point scale from AAA (highest) to CCC (lowest).

MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

Russell 1000 Index measures the performance of the 1,000 largest U.S. companies, as measured by market capitalization. It is a subset of the Russell 3000 Index, which measures the largest 3,000 companies. The Russell 1000 Index is comprised of over 90% of the total market capitalization of all listed U.S stocks.

Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

The S&P 500 Index is an unmanaged index of large capitalization common stocks.

The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities.

Performance for the MSCI ACWI Index, the MSCI EAFE Index, the MSCI EAFE ESG Leaders Index, the MSCI World Index, the S&P Global Infrastructure Index and the Impax Global Women’s Leadership Index are shown “net”, which includes dividend reinvestments after deduction of foreign withholding tax.

Securities Indices above assume reinvestment of all distributions and interest payments, have no policy of sustainable investing and do not take into account brokerage fees or expenses.

Lipper Indices above are not what are typically considered to be an “index” because they track the performance of other mutual funds rather than changes in the value of a group of securities, a securities index or some other traditional economic indicator.

Diversification does not eliminate the risk of experiencing investment losses.

One cannot invest directly in any index.

Dear fellow shareholders,

Over the first six months of 2022, US equity markets rapidly declined, punishing investors across the spectrum. The S&P 500 Index of large cap US stocks delivered a return of -20.0% in the first six months of 2022, its worst first half in more than 50 years. Global equities were down as well, with the MSCI ACWI returning -20.2% and the MSCI World Index of developed market stocks down -20.5% percent, the worst six-month start to a year since 1975.

While bond markets have historically provided shelter during such storms, this has not been the case during the market sell-off of 2022. Through June 30, the Bloomberg US Aggregate Bond Index returned (-10.4) percent, its worst first-half performance since 1976. June inflation was at 9.1%, a 40-year high.

US and global economies have been roiled by a series of setbacks including interest rate hikes to tame inflation, supply chain interruptions, labor shortages, food and energy shortages, war in Europe, Covid-related lockdowns in China and a somewhat bleak geopolitical landscape, all of which have sapped investor confidence.

Seeking to tame inflation, the Federal Reserve has raised interest rates by 1.5 percentage points over the first half of 2022 and is expected to continue implementing rate hikes in the second half of the year, joined by other central banks. As I write in mid-July, the economic consensus seems to be that it will be extremely difficult for the central banks to engineer a soft landing and that a recession appears to be on the near-term horizon. The most optimistic scenario at the moment may simply be that the recession is short-lived.

Impax-managed investment portfolios, including the Pax World Funds, have not escaped the market downturn so it has been a challenging six months for our investors as well. Our investment strategies typically invest in higher quality stocks which have been particularly hard hit during the market downturn. Additionally, the relative performance of Impax-managed portfolios has been negatively affected by a surging energy sector, as most of our portfolios – and each of the Pax World Funds – are fossil fuel-free¹.

We continue to believe that our core investment thesis of investing in the transition to a more sustainable economy will play out favorably over the medium- to long-

term. We believe that businesses and capital markets will be shaped profoundly by global sustainability challenges over the next few decades. Some parts of the global economy, including certain sectors and industries, will face headwinds while others will enjoy tailwinds. Some companies will be well-positioned to benefit from the sustainability transition while laggards that fail to adjust will be left behind. We believe there will be clear investment risks but also enormous investment opportunities. At Impax, we seek to deliver superior risk-adjusted returns by avoiding or mitigating those risks while taking advantage of those opportunities.

We also continue to engage with the companies held in our investment portfolios to improve their environmental, social and governance performance. Last year, Impax undertook 204 company engagements on environmental issues including climate change, pollution and resource depletion; human capital issues such as diversity, equity, inclusion, environmental justice and health and safety; and corporate governance. Some 47% of these engagements resulted in progress and milestones achieved². We filed shareholder resolutions on racial justice and pay equity. We engaged in public policy advocacy on issues including net zero emissions, greening the financial system, biodiversity loss and human capital management. In voting our proxies, we were pleased that ShareAction’s Voting Matters 2021 report³ ranked Impax 1st out of 65 asset managers on shareholder proposals covering environment, social and executive pay issues.

We no doubt live at a delicate historical moment. Deep political, social and cultural divisions – on issues ranging from guns to abortion to the continued viability of our democracy itself – are playing out in ways that we could never have imagined even a few years ago. We have yet to emerge from a global pandemic after two-and-a-half long years. Extreme weather events spurred by climate change are becoming more frequent, more costly and more lethal. We are witnessing a widespread loss of faith in governmental and other societal institutions that in turn yields a wave of cynicism and distrust.

And yet a delicate historic moment need not be a pessimistic historic moment. Our work at Impax proves that investors can make a difference, that companies can change, that capital markets can deliver improved social and environmental outcomes, and that progress is possible. As investors, and as citizens, there may be no better time than now to remind ourselves that this is the case.

The road ahead will be fraught with risk and instability, but it will also be brimming with opportunity and promise. The transition to a more sustainable economy – and a more equitable society – will not be easy. All periods of historic transformation are disruptive. Change never comes in a straight line, nor is it inevitable. We must bring it into being.

At Impax, on behalf of our clients and investors, we remain focused on and committed to that important work.

Sincerely,

Joseph F. Keefe

President

Impax Asset Management Group plc includes Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd., Impax Asset Management Ireland Ltd, Impax Asset Management LLC, and Impax Asset Management (Hong Kong) Limited (together, “Impax”). Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd and Impax Asset Management LLC are registered as investment advisers with the U.S. Securities and Exchange Commission (“SEC”), pursuant the Investment Advisers Act of 1940 (“Advisers Act”). Registration with the SEC does not imply a certain level of skill or training. Copies of the most recently filed Form ADV for Impax and additional information about registered investment advisers is available through the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

The views, opinions, and forecasts included or expressed herein are as of the date indicated and are subject to change without notice. You should not assume that such information, views and forward-looking statements would remain the same after the date indicated.

The information presented herein is provided for general informational purposes only and is not intended to provide legal, tax, investment, or financial planning advice. It does not constitute an offer, invitation, solicitation, recommendation, or advice to buy or sell any securities, financial instruments, investments; to follow a particular investment strategy; to engage in any other transaction; or to engage Impax to provide investment advisory or other services.

Certain content (including data) contained within may include, or be based on, data obtained from statistical services, company reports or communications, or other third-party sources, that Impax believes are reliable. However, Impax has generally not verified this information where Impax believes the third-party source is reliable and, therefore, there is a risk that information from such third-party sources are inaccurate or incomplete. You should not rely on the information presented here as a basis for investment decisions.

IMPAX is a U.S. registered trademark of Impax Asset Management Group plc.

The S&P 500 Index is an unmanaged index of large capitalization common stocks.

Bloomberg US Aggregate Bond Index is a broad-based index, maintained by Bloomberg L.P. often used to represent investment grade bonds being traded in the United States.

The MSCI ACWI (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 50 country indexes comprising 23 developed and 27 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States. The emerging market country indexes included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Performance for the MSCI ACWI Index is shown “net,” which includes dividend reinvestments after deduction of foreign withholding tax.

One cannot invest directly in an index.

“First they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you.”

Nicholas Klein, 1919

Sustainable investing can now be understood to be in the “attack and burn” phase of Nicholas Klein’s articulation of the journey that pioneers must often endure on the path to acceptance.

After years on the fringes of the financial system, we are delighted that investment strategies that integrate sustainability-related risks and opportunities are in the mainstream. With greater profile inevitably comes scrutiny and criticism, however. While the former is much needed, we believe the latter is often misplaced.

Until recently, many people did not think a worldview that embraces sustainability could be integrated into their financial plans without undermining investment returns. This idea has been thoroughly refuted through numerous financial and academic studies looking at empirical long-term outcomes.

Yet over the past few months, in particular, critics have sought to undermine the integrity of sustainable investing as a concept, levelling broad accusations at the investment community under the banner of ‘greenwashing’. Some of these criticisms, which have even come from former prominent practitioners of sustainable investing in some cases, are legitimate. Not all investors who claim to invest sustainably have been able to convince their clients and regulators of the authenticity of their commitment.

Regulatory authorities are now looking into the appropriate use of sustainability-related terms in the promotion of investment products. The EU has published a taxonomy of terms that define which funds can be classified as ‘sustainable’. The SEC meanwhile has proposed new rules that would compel investors who say they practice sustainable investing to report on how they integrate or employ sustainability criteria in portfolio decisions, engagement and proxy voting.

We believe these proposals and rules are necessary to protect both individual investors and bona fide sustainable investment managers. Those who can demonstrate that they have the tools, resources, people and controls to incorporate sustainability considerations into their portfolio decision-making, and in their engagement and proxy voting activities, should have nothing to worry about.

There is no single definition of what meets sustainability criteria, because “sustainability” is a term that encompasses dozens of individual factors. But differences of opinion in ratings that encompass numerous factors are nothing new in finance: you won’t find all investors agreeing on what makes a stock good value on financial grounds either. But authentic sustainable investors can articulate how they conceptualize sustainability and what exceeds or falls short of a sustainability threshold. Proxy voting records, which are public in the US (and are published on many investors’ websites, including our own), also attest to investors’ commitment to sustainability. Finally, more investors, including Impax, are transparent about their corporate engagement programs: the issues, the companies, and their accomplishments.

No monuments will be built to those who have been at the vanguard of the sustainable investing movement. But it is vital, for investors as well as for the planet and its people, that the industry’s gradual incorporation of sustainability-related risks and opportunities is a necessary and welcome development in finance. Not only are the challenges facing global society too important to ignore, but they can carry material risks to portfolios that must be understood and navigated.

We believe the opportunities for those who do so successfully could be significant and that the transition to a more sustainable economy will drive enormous changes in the global economy over the coming decades. We will continue to invest in companies and assets that we believe are well positioned to benefit from this transition.

Impax Asset Management Group plc includes Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd., Impax Asset Management Ireland Ltd, Impax Asset Management LLC, and Impax Asset Management (Hong Kong) Limited (together, “Impax”). Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd and Impax Asset Management LLC are registered as investment advisers with the U.S. Securities and Exchange Commission (“SEC”), pursuant the Investment Advisers Act of 1940 (“Advisers Act”). Registration with the SEC does not imply a certain level of skill or training. Copies of the most recently filed Form ADV for Impax and additional information about registered investment advisers is available through the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

The views, opinions, and forecasts included or expressed herein are as of the date indicated and are subject to change without notice. You should not assume that such information, views and forward-looking statements would remain the same after the date indicated.

The information presented herein is provided for general informational purposes only and is not intended to provide legal, tax, investment, or financial planning advice. It does not constitute an offer, invitation, solicitation, recommendation, or advice to buy or sell any securities, financial instruments, investments; to follow a particular investment strategy; to engage in any other transaction; or to engage Impax to provide investment advisory or other services.

Certain content (including data) contained within may include, or be based on, data obtained from statistical services, company reports or communications, or other third-party sources, that Impax believes are reliable. However, Impax has generally not verified this information where Impax believes the third-party source is reliable and, therefore, there is a risk that information from such third-party sources are inaccurate or incomplete. You should not rely on the information presented here as a basis for investment decisions.

IMPAX is a U.S. registered trademark of Impax Asset Management Group plc.

Exp: 08/23

Commentary The portfolio manager commentaries in this report provide insight from the respective fund managers in an effort to help you examine your fund. The views expressed therein are those of the portfolio managers and are for the period covered by this report. Such commentary does not necessarily represent the views of the Board of Trustees of your fund. The views expressed herein are subject to change at any time based upon market and/or other conditions and Impax Asset Management LLC and the funds disclaim any responsibility to update such views The commentaries should not be relied upon as investment advice.

Historical performance Historical performance can be evaluated in several ways Each fund’s portfolio highlights provide total and average annual total returns. A comparison of this historical data to an appropriate benchmark is also provided. These performance figures include changes in a fund’s share price, plus reinvestment of any dividends (generally income) and any capital gains (generally profits the fund earns when it sells securities that have grown in value). Past performance does not guarantee future results.

The Funds’ distributor, Foreside Financial Services, LLC, is not affiliated with Impax Asset Management LLC or Impax Asset Management, Ltd.

How did the Pax Large Cap Fund (the Fund) perform for the period?

For the six-month period ended June 30, 2022, the Institutional Class and Investor Class shares of the Fund, respectively, had total returns of -19.68% and -19.79%, compared to -19.96% for the S&P 500 Index and –19.66% for the Lipper Large-Cap Core Funds Index.

What factors contributed to the Fund’s performance?

Positive stock selection was the primary contributor to the Fund’s outperformance during the period, offset slightly by negative sector allocation, which was driven largely by the Fund’s zero weight in the Energy sector. Sectors that contributed to performance were Health Care, Communication Services, and Information Technology, while the Energy, Industrials and Financial sectors detracted from the Fund’s overall relative performance.

Can you discuss any significant changes to the Fund’s positioning throughout the period?

The portfolio managers increased exposure to the Communication Services, Materials, and Information Technology sectors during the period, while reducing exposure to Health Care and Real Estate. At the end of the quarter, the Materials sector became the largest overweight sector, and Energy was the most underweight sector.

What portfolio holdings contributed positively to performance?

T-Mobile, Vertex Pharmaceuticals, Bristol-Myers Squibb and Merck were significant contributors to performance in the first half of 2022. T-Mobile has strong recurring revenues and a long history of gaining market share, which we believe should provide management with the flexibility to execute on a significant share repurchase program over the next 36 months. Vertex has seen good results from its dominant position in Cystic Fibrosis (CF) therapy and is developing a strong pipeline for several novel therapies. Bristol-Myers is benefiting from a flight to safety revaluation, and the team has used this relative strength to reduce exposure to the company and diversify into companies with more durable

revenue characteristics. Merck has also benefited from the rotation into large cap pharmaceuticals. Merck’s diversified revenue base remains attractive, with a leading oncology business, paired with sizeable franchises in Animal Health and Vaccine categories.

What portfolio holdings detracted from performance?

Aptiv, Stanley Black & Decker, Applied Materials, and Trane detracted from performance in the period. Aptiv was weak as supply chain issues and inflation around input costs weighed on global automotive output expectations for the remainder of 2022.

Stanley Black & Decker is well positioned for the move from gas to electric tools, but short-term supply chain challenges and weaker global construction markets have weighed on shares.

Applied Materials saw production shortfalls because of COVID-related supply chain issues, which the company expects to continue in the short term. Long-term demand for semiconductor manufacturing equipment remains strong.

Trane has been weak this year due to supply chain bottlenecks, but the investment team is confident that the company’s long-term leadership positioning as a resource efficiency leader will lead to its continued success.

Portfolio Highlights (Unaudited)

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

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

May include companies representing multiple industries within a single “Sector”.

How did the Pax Small Cap Fund (the Fund) perform for the period?

For six-month period ended June 30, 2022, the Investor Class, Class A and Institutional Class shares of the Fund had total returns of –26.14%, -26.15% and -26.04%, respectively, compared to -23.43% for the Russell 2000 Index and –19.21% for the Lipper Small-Cap Core Funds Index.

What factors contributed to the Fund’s performance?

Small Cap stocks sold off in a highly volatile period for asset prices as the short-term prospects for continued economic growth became less likely. Persistent high inflation has led the Federal Reserve to increased base rates, and further rate hikes are anticipated before year end. Oil prices have continued to rise, as have many soft commodities, partly due to the ongoing crisis in Ukraine, and global supply disruptions have also contributed to inflation due to Covid related restrictions in China.

Among the largest detractors to relative performance was the Energy sector due to the Fund’s avoidance of the sector given that it is a fossil fuel-free portfolio. Despite the benchmark holding only a modest weight in Energy, this sector was responsible for more than half of the Fund’s underperformance during the period, as commodity prices surged. Stock selection in Industrials was also challenged as firms with more cyclical growth characteristics saw more weakness in share prices.

Can you discuss any significant changes to the Fund’s positioning throughout the period?

Over the course of the last six months, the portfolio managers have increased exposure to Real Estate and Financials, with offsetting reductions in exposure to Health Care and Industrials. The largest sector overweight is in Financials, and the

largest sector underweight is in Energy - an outcome of the fossil-fuel-free nature of the portfolio. The investment team continues to focus efforts on underlying stock selection while minimizing outsized sector bets.

What portfolio holdings contributed positively to performance?

Natus Medical is a medical device company that develops, manufactures, and markets screening products. The company’s products identify and monitor common medical disorders that may occur between conception to a baby’s first birthday. On April 18, 2022, Natus announced it was in the process of being acquired by AchiMed at a substantial premium.

Vocera Communications provides instant voice communication solutions. The company offers software applications, hands-free wearable voice-controlled communication badges, smartphones, and other wireless devices to medical facilities worldwide. On June 7, 2022 Stryker announced it was acquiring Vocera at a 27% premium to its preannouncement price.

What portfolio holdings detracted from performance?

AZEK, Inc., the 2nd largest US player in residential composite decking, rail and trim products, declined 63.80% in the period. The company reported solid earnings, but reduced guidance due to some temporary inflationary pressures that we believe will likely abate in 2023. Despite strong results, sentiment has become negative towards companies with exposure to residential construction, as expectations for a more challenging economic environment take shape.

Vertiv Holdings Company, a supplier of thermal and power management products and services for data centers and other end markets, was down 67.08% on a year-to-date basis. The shares sold off sharply in February as the company reported poor Q4 results and issued FY2022 guidance that was well below consensus due to poor execution on price/cost and supply chain constraints. Longer term demand remains solid as Vertiv is the #1 or #2 player in several key markets. The portfolio managers expect that once Vertiv has been able to pass on price increases, margins should improve.

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

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

May include companies representing multiple industries within a single “Sector”.

How did the Pax US Sustainable Economy Fund (the Fund) perform for the period?

For the six-month period ended June 30, 2022, the Pax US Sustainable Economy Fund’s Investor Class, Class A, and Institutional Class shares had total returns of -19.88%, -19.88% and -19.76%, respectively, compared to -20.94% for the Russell 1000 Index and –20.35% for the Lipper Multi-Cap Core Funds Index.

What is the investment objective and strategy of the Fund?

The US Sustainable Economy Fund’s investment objective is to seek long-term growth of capital. The Fund uses a systematic strategy to invest in US companies that we believe are positioned to benefit from the transition to a more sustainable economy.

What contributed positively/negatively to performance?

The Fund harvests three systematic exposures which we believe drive returns in the transition to a more sustainable economy: the Impax Sustainability Lens (“the Lens”), The Impax Systematic ESG Rating, and Smart Carbon^TM.

Sustainability Lens

We believe the Lens is a central tool to guide the Fund to identify sub-industries that will benefit from the transition to a more sustainable economy over the long-term. Over the reporting period, exposure to the Lens has been a headwind, as High Opportunity/Low-Risk areas of the market underperformed High-Risk/Low-Opportunity areas of the market by roughly 17%. High-Risk industries related to oil and gas delivered strong performance over most of the reporting period as inflation and the conflict in Ukraine were headline issues, but their outperformance tempered as market participants shifted their attention to the risk of an economic slowdown. The negative performance of the Lens was offset by positive stock selection driven by higher rated ESG companies.

Pharmaceuticals, a High Opportunity industry as identified by the Lens, saw positive returns in the last few months of the period led by what we identify as leaders Bristol-Myers Squibb and Eli Lilly. In addition, the Fund benefited from the Lens-driven underweights to areas of the market that posted weaker returns, such as like Internet & Direct Retail Marketing, Automobile Manufacturing and Movies & Entertainment.

ESG Rating

We believe that stocks with low ESG ratings, as determined by the Impax Systematic ESG Rating, tend to have higher volatility ratings and lower risk-adjusted returns over time. As a result, we believe that securities with high ESG ratings will be better positioned to benefit from the transition to a more sustainable economy than the broad index.

The Fund’s overall positioning towards securities with higher ESG ratings has been a key driver of excess return this year as securities with ESG scores ranked in the top half of the investment universe have outperformed higher risk securities with lower ESG scores. There were a few standout performers with high ESG ratings, including Bristol-Myers Squibb, Metlife and Verizon. In addition, avoiding or underweighting what we identify as laggards, such as Meta Platforms, Tesla and Twilio added to the Fund’s performance.

SmartCarbon^TM Attribution

Not owning traditional Energy companies has been a consistent headwind to the Fund in 2022, although this detractor was less prevalent in the second quarter. The Fund’s SmartCarbon^TM framework, which replaces the traditional energy exposure with companies that are focused on reducing energy consumption through energy efficient solutions, also detracted from performance. The Information Technology and Industrials sectors, which contain many of our energy efficiency names, were broadly challenged during the reporting period as growth and cyclical exposure was punished.

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

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

May include companies representing multiple industries within a single “Sector”.

How did the Pax Global Sustainable Infrastructure (the Fund) perform for the period?

For the six-month period ended June 30, 2022, the Fund’s Institutional Class and Investor Class shares had total returns of -13.09% and -13.15%, respectively, compared to -0.94% for the Fund’s primary benchmark, the S&P Global Infrastructure Index and –5.42% for the Lipper Global Infrastructure Index. Most of this underperformance came during the first quarter when traditional oil & gas companies dramatically outperformed the rest of the market. However, both the Fund and its primary benchmark significantly outperformed broad global equities as measured by the MSCI ACWI (Net) Index, which was down -20% for the same period, demonstrating, in our view, the diversification benefits provided by public equity infrastructure investments.

What is the investment objective of the Fund?

The Global Sustainable Infrastructure Fund’s investment objective is capital appreciation and income. The Fund uses a systematic process to construct a portfolio of companies that Impax believes are providing the infrastructure driving the transition to a more sustainable economy. The portfolio has significant weight in companies providing vital resources in a sustainable fashion, including those we classify as New Energy (renewable energy generation, more efficient energy use and distribution) as well as Water Infrastructure. The Fund also invests in Social and Economic Infrastructure that is essential to meeting basic needs (e.g., education, health care) and enhancing the collection, transmission and processing of information.

What contributed positively to performance?

The Fund’s higher quality profile, driven by its investment process, added to relative results, as higher quality companies outperformed during the first six months of 2022. Avoiding traditional transportation and utility names also contributed modestly to performance during this period, with benefits coming from avoiding names like Aena, Auckland Airport, Fraport AG and Flughafen Zurich.

In the second quarter, the Fund received strong relative results from its diversifying Communications & Data holdings, driven particularly by Telecomm holdings.

What detracted from performance?

Given the macro environment, the Fund’s focus on sustainable infrastructure lagged traditional infrastructure. Holdings within our sustainable universe: New Energy, Water, Sustainable Mass Transport and Renewable Utility companies trailed their traditional infrastructure counterparts, creating the Fund’s largest headwind. Not owning traditional energy names, particularly those within North America, such as Cheniere Energy, Williams Companies and Enbridge Inc, represented large individual contributors to the Fund’s underperformance relative to the benchmark.

New Energy broadly underperformed Traditional Energy companies, however Schneider Electric and Taiwan Semiconductor were among the largest detractors in this space. Similarly, Fund holdings in Water Utilities, such as Veolia, and Renewable Utilities, such as Meridian Energy, Ltd. trailed Traditional Utilities.

Portfolio Highlights (Unaudited)

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

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

May include companies representing multiple industries within a single “Sector”.

How did the Pax Global Opportunities Fund (the Fund) perform for the period?

For the six-month period ended June 30, 2022, the Investor Class and Institutional Class shares of the Fund, respectively, had total returns of -23.52 and -23.40%, compared to -20.18% for the MSCI ACWI (Net) Index and –29.66% for the Lipper Global Multi-Cap Growth Funds Index.

What factors contributed to the Fund’s performance?

Year-to-date, global stock markets have fallen as investors adjusted to the end of quantitative easing, persistent inflation, heighted geo-political tensions and a slower outlook for global growth. During this period, the Fund has underperformed versus the MSCI ACWI (Net) Index, as the steepening yield curve and the sharp upward move in oil and commodity prices led to a dramatic rotation out of quality and growth and into more value-oriented sectors such as Energy, a sector where the Fund has no exposure, due to its fossil fuel-free approach. Stock selection has been the largest detractor - names which performed well last year in Health Care, Materials, and Industrials have been de-rated. On the positive side, stock selection in Information Technology and Communication Services was positive. The sector allocation effect was slightly positive; the lack of exposure to Energy was offset by positives from the underweight to Consumer Discretionary and overweight to the Health Care sector. Currency effects were a headwind to performance. The Fund remains focused on holdings with strong margins and capital returns, and importantly, balance sheets that are better placed to navigate inflationary challenges, supply disruptions and slowing economic momentum.

Can you discuss any significant changes to the Fund’s positioning throughout the period?

The market volatility has provided opportunities to resize positions, as well as find attractive entry points for areas of the market the team has been monitoring. The Fund has maintained overweight positions in Health Care, Industrials and Materials and underweight positions in Consumer Discretionary, Energy, and Information Technology.

What portfolio holdings contributed positively to performance relative to the MSCI ACWI?

Stocks with less economic sensitivity, and those supported by good earnings performed better over this period. Vertex Pharmaceuticals (Biotechnology, US), a drug development company, produced strong financial results with an improving outlook for pipeline assets, thus allowing for upgrades to earnings estimates, and an improved competitive outlook for its key cystic fibrosis franchise. AIA (Life & Health Insurance, Hong Kong) has benefitted recently from easing concerns on the negative growth impact from Covid restrictions in China, as mobility in the region has started to recover. The company has delivered solid results relative to peers, with weakness in China offset by growth in Hong Kong and Macau. The company announced a well-received share buy-back earlier in the year, demonstrating the firm’s resilience and balance sheet strength, while management remains focused on key targets such as a mainland China expansion. KDDI Corp (Wireless Telecommunication Services, Japan) shares rose due to the relative defensiveness of the company’s domestic Japanese telecom operations amid global uncertainty and news of a share buy-back. The company produced positive full year earnings and guided for continued growth, supported by its data services platform which includes finance & energy payments services.

What portfolio holdings detracted from performance relative to the MSCI ACWI?

Market rotation away from Covid beneficiaries and supply chain issues were among the biggest headwinds to performance. Evotec (Life Sciences Tools & Services, Germany) suffered from the market rotation away from highly valued growth orientated stocks and news that milestone payments would be less than expected following the decision by partner Bayer AG to return the rights to one of Evotec’s development assets. In addition, the stock was impacted by negative sentiment towards drug discovery stocks in general. The portfolio managers remain comfortable and confident in the operational outlook of the company. Aptiv (Auto Parts & Equipment, US) experienced headwinds due to continuing supply chain

issues and negative sentiment given its exposure to car manufactures mainly in Europe, which may be impacted by the Ukraine conflict. The portfolio managers regard the company as a key beneficiary of electrification and automation of vehicles and recent results were ahead of expectations, with management reaffirming full year guidance. Keyence (Electronic Equipment & Industrials, Japan) has underperformed as investors continue to reduce exposure to high quality growth companies in the face of rising interest rates, the risk of slower economic growth, and lower capex spending. The company reported strong results in early February, demonstrating that superior supply chain disruption management enabled faster growth than factory automation peers during the period.

Portfolio Highlights (Unaudited)

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

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

May include companies representing multiple industries within a single “Sector”.

How did the Pax Global Environmental Markets Fund (the Fund) perform for the period?

For the six-month period ended June 30, 2022, the Investor Class, Class A, and Institutional Class shares of the Fund, respectively, had total returns of -29.11, -29.09%, and -29.01% compared to -20.18% for the MSCI ACWI (Net) Index and -24.80% for the FTSE Environmental Opportunities Index Series (“FTSE EOAS”).

What factors contributed to the Fund’s performance?

Returns for the Fund declined over the period, as concerns over inflation, rising interest rates and slowing economic growth affected parts of the equity market to which the portfolio is particularly exposed. The Fund’s strategy focuses on companies providing solutions to environmental and sustainability challenges, and these companies often operate in parts of the economy with more cyclical sensitivity, such as Digital Infrastructure and Energy Management & Efficiency. In addition, the market rotation away from companies with quality and growth characteristics led to selling of some holdings that had performed very well in previous periods.

Can you discuss any significant changes to the Fund’s positioning throughout the period?

The team took advantage of the volatility in the markets to exit some positions with lower conviction or stronger performance and buy shares of what we believe are high quality companies at much more attractive valuations. The portfolio marginally reduced its underweight in Consumer Discretionary and moved overweight Information Technology. Industrials, Materials and Utilities remain the active sector exposures, while Financials, Consumer Discretionary, and Consumer Staples remain the largest underweights vs the MSCI ACWI (Net) Index.

In thematic terms, the portfolio added to Resource Efficiency and Waste Management and Digital Infrastructure, reducing in Sustainable Food, and Water Infrastructure & Technologies. Regional exposure remained consistent, relative to the MSCI ACWI (Net) Index as the portfolio is overweight Europe, and underweight Asia and North America. The portfolio continues to maintain balanced exposure to cyclical and defensive oriented business models, and currently has a slight tilt toward those with more defensive characteristics.

What portfolio holdings contributed positively to performance relative to the MSCI ACWI?

Companies that performed better over the period were better able to manage inflationary pressures or operate in parts of the market that typically behave more defensively during market drawdowns. Republic Services (General Waste Management, US) shares rose due to the durable nature of the waste management industry. The company’s ability to manage inflation and pass higher costs onto customers made this an attractive stock in a volatile market. Westrock (Food Safety & Packaging, US) serves as another example of resilient pricing power, with resulting margin improvement. In addition, investors have responded positively to actions by Westrock’s new management team such as closing lower-returning assets. Pennon (Water Utilities, United Kingdom) reported a solid business update focused on the company’s ability to drive returns by managing financing and spending costs. The water utility also announced additional investment for improving coastal and river water quality.

What portfolio holdings detracted from performance relative to the MSCI ACWI?

The strategy’s exposure to Energy Management & Efficiency detracted, as some companies were de-rated on concerns of lower economic growth. Schneider Electric (Smart & Efficient Grids, Germany) saw its shares de-rated as investors focused on the company’s exposure to Europe and related potential geo-political risks, and its exposure to China, where Covid related restrictions have impacted many companies in the industrial space. The portfolio managers believe Schneider remains well positioned to benefit from increased focus on energy efficiency solutions. Names in Digital Infrastructure were similarly hurt by concerns over the outlook for growth. Ansys (Efficient IT, US), which provides computer-aided design and engineering software solutions, was impacted by deteriorating sentiment despite good earnings. Investors were concerned about a potential slowdown driven by supply chain constraints impacting manufacturing generally, coupled with specific concerns about growth in Europe due to geo-political risks related to the conflict in Ukraine. Geopolitical risks have also affected other

stocks, particularly those exposed more heavily to Europe. GEA (Technology & Logistics, Germany) is a farm technology company supplying equipment into the food processing industry. GEA’s products enable energy efficiency, food waste reduction and production optimization. Despite solid results, the stock sold off with German-listed Industrials peers on geopolitical concerns related to the Russian-Ukraine conflict.

Portfolio Highlights (Unaudited)

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

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.

Geographical Diversification

Sector Diversification

May include companies representing multiple industries within a single “Sector”.

How did the Pax Ellevate Global Women’s Leadership Fund (the Fund) perform for the period?

For the six-month period ended June 30, 2022, the Investor Class and Institutional Class shares of the Fund had total returns of -21.97% and -21.89%, respectively, compared to -22.16% for the Impax Global Women’s Leadership Index (Women’s Index), -20.51% for the MSCI World (Net) Index (World Index) and -20.24% for the Lipper Global Multi-Cap Core Funds Index.

Year-to-date, global stock markets have fallen as investors adjusted to the end of quantitative easing, persistent inflation, heightened geo-political tensions and a slower outlook for global growth. During this period, the Fund underperformed versus the World Index as the steepening yield curve and the sharp upward move in oil and commodity prices led to a dramatic rotation out of quality and growth sectors and into more value-oriented sectors such as Energy, a sector where the Fund has no exposure, due to its fossil fuel-free approach.

What is the investment objective of the Fund?

The Fund seeks investment returns that closely correspond to, or exceed the price and yield performance, before fees and expenses, of the Women’s Index. The Fund pursues a systematic strategy, investing in the companies comprising the Women’s Index, the first index of the highest-rated companies in the world for gender-diverse leadership, as rated by the Impax Gender Analytics Team.¹

The Fund tilts the portfolio toward Women’s Index companies with the most favorable gender leadership characteristics seeking to capture the increased investment return we believe gender-diverse leadership will deliver over time. The Fund exceeds global markets on key gender characteristics including greater representation of women on boards and in senior management. As of June 30, 2022 women hold 42% of the board seats and 35% of senior management positions in companies in the Fund, compared to 32% and 24%, respectively, within the World Index. In addition, as of June 30, 2022, 97% percent of companies in the Fund have three or more women on the board and 99% have two or more women on the board, compared with 66% and 84%, respectively, for companies in the World Index. 42% of companies in the Fund have

a woman CEO or CFO, compared with 19% of companies in the World Index. In addition, 53% of companies in the Fund have disclosed pay equity analysis, compared to 31% of companies in the World Index.

What contributed positively and negatively to performance?

During the first six months of the year, the Fund’s lower volatility and higher quality profile, driven by its gender leadership focus, added meaningfully over the reporting period as volatility factors underperformed, and quality factors outperformed. In addition, companies with higher Impax Gender Scores² outperformed the broader market producing a positive allocation effect during the period, this was offset by security selection within the higher gender score companies.

From a sector perspective, Health Care produced strong relative performance during the reporting period, driven by strong stock specific results and its overweight allocation relative to the benchmark. Within Pharmaceuticals, Johnson & Johnson, Merck, Eli Lilly, AstraZeneca and Bristol-Myer-Squibb were standout performers. In addition, within Communication Services, Omnicom and Verizon outperformed during the first six months of the year, and not owning Meta and Alphabet, companies that underperformed and fall outside of the Fund’s investment universe, helped to contribute to relative performance.

Conversely, the largest relative detractor during the reporting period was the Fund’s avoidance of traditional Energy, which outperformed all other sectors during the reporting period. The Materials sector also detracted during the first half of the year, driven by the underperformance of DSM and Celanese. Additionally, the Fund’s underweight to Metals & Mining companies was a drag on performance as those companies outperformed during the reporting period.

ones with the lowest gender scores) with the strongest gender profiles will be overweight and conversely, the lowest-ranking companies (or ones with the highest gender scores) with the weakest gender profiles, will be underweight relative to the MSCI World Index.

Portfolio Highlights (Unaudited)

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

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

May include companies representing multiple industries within a single “Sector”.

Geographical Diversification

How did the Pax International Sustainable Economy Fund (the Fund) perform for the period?

For the six-month period ended June 30, 2022, the Pax International Sustainable Economy Fund’s Investor Class and Institutional Class shares had total returns of –21.26%, and –21.14%, respectively, compared to -19.57% for the MSCI EAFE (Net) Index (EAFE Index), -21.20% for the MSCI EAFE ESG Leaders (Net) Index and –17.70% for the Lipper International Large-Cap Core Funds Index.

What is the investment objective and strategy of the Fund?

The International Sustainable Economy Fund’s investment objective is to seek long-term growth of capital. The Fund uses a systematic strategy to invest in non-US developed market companies that we believe are positioned to benefit from the transition to a more sustainable economy.

What contributed positively/negatively to performance?

The strategy integrates the Lens, a proprietary tool that helps the investment managers to systematically overweight the portfolio toward sub-industries that we identify as high opportunity in the context of the transition to a more sustainable economy while simultaneously removing exposure to sub-industries classified as low opportunity and high risk. The Fund is also constructed to provide higher exposure to companies with favorable environmental, social and governance (ESG) ratings relative to their sector and industry peers, as determined by MSCI¹. Lastly, the strategy is fossil fuel-free, utilizing SmartCarbon^TM a proprietary tool that replaces Energy sector holdings with energy efficiency stocks. The Fund’s optimization process applies appropriate constraints at the sector, region, country and security levels to create a diversified portfolio of approximately 200-300 stocks.

Sustainability Lens

We believe the Lens is a central tool to guide the Fund to identify sub-industries that will benefit from the transition to a more sustainable economy over the long-term. This year, exposure to the Lens has been a headwind, as High-Opportunity/Low-Risk areas of the market underperformed High-Risk/Low-Opportunity areas of the market by roughly 17%. High-Risk industries related to oil and gas delivered strong performance over most of the reporting period as inflation and the conflict in Ukraine were headline issues, but their outperformance tempered as market participants shifted their attention to the risk of an economic slowdown. The negative performance of the Lens was offset by positive stock selection driven by the Impax Systematic ESG Rating.

Pharmaceuticals, a High Opportunity industry as identified by the Lens, saw positive returns in the last few months of the period led by what we identify as leaders Bristol-Myers Squibb and Eli Lilly. In addition, the Fund benefited from the Lens driven underweights to areas of the market that posted weaker returns such as Internet & Direct Retail Marketing, Automobile Manufacturing and Movies & Entertainment.

ESG Rating

We believe that stocks with low ESG ratings, as determined by the MSCI ESG Rating, tend to have higher volatility ratings and lower risk-adjusted returns over time. As a result, we tilt exposure towards securities with high ESG ratings which we believe are better positioned to benefit from the transition to a more sustainable economy than the broad index.

The Fund’s allocation towards securities with higher ESG ratings has been positive this year as securities with MSCI ESG scores in the top tier of the universe (where the portfolio allocated most of its capital) have outperformed what we identify as ESG laggards. There were a few standout performers with high ESG ratings, including Vodaphone Group PLC, Kajima Corporation, and AstraZeneca. In addition, avoiding and underweighting what we identify as ESG laggards, like Shin Etsu Chemical Co Ltd, Shiseido Company Limited, and Hong Kong & China Gas company also added to the Fund’s performance.

SmartCarbon^TM Attribution

Not owning traditional Energy companies has been a consistent headwind to the Fund in 2022, although this detractor was less prevalent in the second quarter. The Fund’s SmartCarbon^TM framework, which replaces the traditional energy exposure with companies that are focused on reducing energy consumption through energy

efficient solutions, also detracted from performance. Exposure in the Information Technology and Industrials sectors, which play a prevalent role in energy efficiency, were broadly challenged during this period as growth and cyclical exposure was punished.

Portfolio Highlights (Unaudited)

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

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

May include companies representing multiple industries within a single “Sector”.

Geographical Diversification

How did the Pax Core Bond Fund (the Fund) perform for the period?

For the six-month period ended June 30, 2022, the Investor Class and Institutional Class shares of the Fund had total returns of -10.36% and -10.24%, respectively, compared to -10.35% for the Bloomberg US Aggregate Bond Index and -10.91% for the Lipper Core Bond Funds Index.

What factors contributed to the Fund’s performance?

The Fund benefited from both security selection and allocation across multiple asset classes. Two of the biggest contributors were selection within Government-Related and the allocation to Asset-Backed-Securities (ABS).

The majority of the Fund’s Government-Related holdings are short-dated highly rated Supranational Bonds (“Supranationals”). These securities were much less impacted by rising rates and widening spreads.

ABS holdings also benefited from being shorter duration and were one of the few sectors that had a positive excess return during the period. Similar to Supranationals, ABS were less impacted by rising rates.

Lastly, an allocation to Cash (average 2.5% position during the period) was a positive contributor with fixed income markets ending the period in negative territory.

Can you discuss any significant changes to the Fund’s positioning throughout the period?

Since the beginning of the year the Portfolio Manager has trimmed back exposure to Corporate securities, especially riskier credits, due to expectations of rising rates and slowing earnings. While the Fund is still overweight versus the benchmark, the overweight is lower and the credit rating is higher than in the past.

The Portfolio Manager has added to Agency Mortgage-Backed Securities (MBS). For the last year the Fund has been underweight the sector due to the Portfolio Manager’s view that quantitative tightening would have a negative impact on the sector. The Portfolio Manager now believes that much of the negative impact has been priced into the market, and therefore have been slowing adding to this sector.

The Portfolio Manager believes that this positioning should provide some stability while markets are volatile.

What portfolio holdings contributed positively to performance?

The Fund’s top contributors were short-dated Supranational Issuers. Holdings such as European Investment Bank (EIB) 3.25%, 2024, International Bank for Reconstruction & Development (IBRD) 1.625%, 2025 and Inter-American Development Bank (IADB) 0.25%, 2023 contributed strongly to performance.

What portfolio holdings detracted from performance?

Long-dated Investment Grade issuers and High Yield issuers were among the largest detractors. Holdings such as Starbucks 4.45%, 2049, Ford Motor Company 3.25%, 2032 and Altice Holdings 10.5%, 2027 negatively impacted performance.

Portfolio Highlights (Unaudited)

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable.

Holdings are subject to change.

Fixed Income Sector Diversification

Credit Quality*

How did the Pax High Yield Bond Fund (the Fund) perform for the period?

For the six-month period ended June 30, 2022, the Investor Class, Class A, and Institutional Class shares of the Fund had total returns of -15.14%, -15.09%, and -15.09%, respectively, compared to -13.64% for the BofA Merrill Lynch US High Yield—Cash Pay—BB-B (Constrained 2%) Index (the Index) and -13.03% for the Lipper High Yield Bond Funds Index.

The Fund’s underperformance during this period was driven primarily by negative credit selection as well as the lack of Energy sector exposure. Our exposure to lower rated (CCC) credits was an additional headwind as this part of the market was notably weak given the uncertain economic outlook.

What factors contributed to the Fund’s performance?

The Fund’s performance was characterized by negative credit selection in a number of sectors, specifically Capital Goods, Services, Technology and Media. Sector allocation was neutral overall in the period but the lack of Energy exposure detracted by almost 40 basis points. Offsetting the negative credit selection mentioned above, there was positive credit selection in the Consumer Goods, Transportation and Telecommunications sectors. The average cash balance for the Fund was approximately 3% during the period.

Can you discuss any significant changes to the Fund’s positioning throughout the period?

During the first half of 2022, the Fund increased its exposure to the Capital Goods, Telecommunications and Automotive sectors where the Portfolio Managers have found relative value and have taken advantage of attractive new issues. The Fund decreased its exposure to the Basic Industry, Healthcare and Media sectors as many positions in these sectors tend to be more cyclical and the Portfolio Managers believe these merit a lower weighting given the current market backdrop.

By credit rating, the Fund’s exposure to BB and B rated bonds during the 6-month period has been stable, both at approximately 40%. The Fund’s CCC rated exposure has also been consistent at approximately 9% as the Portfolio Managers continue to find attractive opportunities in this rating category.

The duration of the Fund, as measured by Factset, was 4.4 years on June 30, 2022, up from 3.9 years at December 30, 2021. The benchmark’s duration at the same dates was 4.5 years and 4.1 years, respectively.

What portfolio holdings contributed positively to performance?

USG Corp., a building materials manufacturer, performed very well. The company was purchased a few years ago by a large investment grade company and the bonds were finally called after a long period of uncertainty.

Meritor, a heavy-duty truck axle supplier, announced an agreement to be acquired by Cummins Inc (A+ rated) resulting in strong outperformance for the BB- rated Meritor bonds.

Mileage Plus Holdings, a securitization of United Airlines frequent flyer loyalty points, outperformed meaningfully given its high collateral value and defensive characteristics. This security also has a floating rate coupon which has helped offset rising interest rates.

What portfolio holdings detracted from performance?

Diebold, an ATM machine manufacturer, was a significant drag as the company is facing operational headwinds and has a near term maturity which is putting additional pressure on the company.

Endo International, a pharmaceutical company, also underperformed as they are facing new competition for several of their drugs.

Ardagh, a global packaging company, performed poorly in the period due to concerns about a stretched balance sheet combined with high exposure to Europe. As a large core holding, the Portfolio Managers have confidence in the company’s ability to manage the debt load and the management team’s operational experience in difficult environments.

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Top Ten Holdings

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.

Credit Quality*

Sector Diversification

May include companies representing multiple industries within a single “Sector”.

How did the Pax Sustainable Allocation Fund (the Fund) perform for the period?

The Investor Class and Institutional Class shares of the Fund had total returns of -16.36% and -16.28%, respectively, compared to -19.96% for the S&P 500 Index and -16.11% for the 60% S&P 500 Index / 40% Bloomberg US Aggregate Bond Index blend (the Blended Index) and -14.43% for the Morningstar Allocation--50% to 70% Equity category average.

Relative to peers in the Morningstar Allocation--50% to 70% Equity category, the Fund’s institutional share class ranked in the top 66th percentile for the six-month period, and ranked in the top 15th, 19th, and 26th percentile for the 3, 5- and 10-year periods, respectively, ended June 30, 2022.

What factors contributed to the Fund’s performance?

Equity and bond markets both sold off significantly over the reporting period creating a challenging environment for investors diversified across asset classes. US and International equities were comparably negative, with the S&P 500 and MSCI EAFE indices down 19.96% and 19.57%, respectively, as concerns over slower economic growth, inflation, Fed interest rate hikes and Russia’s invasion of Ukraine all contributed to pressure global equities during the period. While bonds outperformed equities, the Bloomberg US Aggregate Bond Index still declined by 10.35%.

Across equity markets, the Energy sector was the dominant positive contributor to returns, as the sector benefited from rising oil prices that were exacerbated by the Russian invasion of Ukraine. While we believe the avoidance of traditional energy stocks focused on fossil fuels better position our funds over the long run as we transition to a lower carbon economy, the surge in oil prices was a significant headwind to all underlying equity funds held in the Fund, as all Pax World Funds adhere to a fossil fuel-free approach.

Asset allocation had an overall neutral impact on performance relative to the Blended Index. The Fund’s underweight to bonds detracted, as bonds outperformed equities during the reporting period. The Fund’s cash allocation was a positive contributor to performance in this period where both equity and bond markets were significantly negative. The Fund was positioned near its neutral equity position, which resulted in a negligible negative contribution to performance.

Can you discuss any significant changes to the Fund’s positioning throughout the period?

After the rise in interest rates in the first quarter and the bounce in equities in March, we lowered the equity allocation in early April and increased our allocation to fixed income in both April and May. At quarter end, the Fund was just below its 60% neutral equity target, with a modest underweight to fixed income and a small allocation to cash.

What portfolio holdings contributed positively and negatively to performance?

While underperforming its infrastructure benchmark, the Pax Global Sustainable Infrastructure Fund’s defensive characteristics relative to the broad market helped mitigate some of the losses within the Sustainable Allocation Fund’s equity allocation, providing a small boost to performance relative to the Fund’s benchmark.

Relative to the Fund’s benchmark, the Pax Large Cap Fund, which represents the core component of the US Equity allocation, delivered a small positive addition to Fund performance as it marginally outperformed the S&P 500 Index, driven by positive stock selection that offset slightly negative sector allocation, which was driven largely by the Fund’s zero weight in the Energy sector.

The Pax Global Environmental Markets Fund detracted from performance, as its focus on companies that provide solutions to environmental and sustainability challenges often operate in parts of the economy with more cyclical sensitivity, and over the reporting period underperformed in the overall negative market environment.

The Pax High Yield Bond Fund detracted from performance as high yield bonds underperformed investment grade bonds and the Pax High Yield Bond Fund lagged its benchmark largely due to no Energy exposure.

Portfolio Highlights (Unaudited)

Returns—Period ended June 30, 2022

See ‘Glossary of Terms’ for descriptions of benchmarks.

These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Manager Allocations

Examples As a shareholder of the Funds, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses The examples on the next page are intended to help you understand your ongoing costs (in dollars) of investing in each of the Funds and compare these costs with the ongoing costs of investing in other mutual funds For more information, see the relevant Fund’s prospectus or talk to your financial adviser

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period beginning on January 1, 2022 and ending on June 30, 2022.

Please note that Individual Retirement Account (IRA), Coverdell Education Savings, Roth IRA, SEP-IRA, SIMPLE IRA, and 403(b)(7) accounts are charged an annual custodial fee of fifteen dollars If you are invested in one of these account types, you should add an additional $750 to the estimated expenses paid during the period

Actual Expenses For each Fund, the first table on the next page provides information about actual account values and actual expenses You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period For the Fund, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 86), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period

Hypothetical Examples for Comparison Purposes For each Fund, the second table on the following pages provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period You may use this information to compare the ongoing costs of investing in the Funds and other funds To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds In addition, if these transactional costs were included, our costs would have been higher

Pax Large Cap Fund