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    811-22935
 
IMPAX FUNDS SERIES TRUST III
(Exact name of Registrant as specified in charter)
 
30 Penhallow Street, Suite 100, Portsmouth, NH                                                                                03801
(Address of principal executive offices)                                                                                                (Zip code)
 
Impax Asset Management LLC
30 Penhallow Street, Suite 100, Portsmouth, NH  03801
Attn.:  Edward Farrington
(Name and address of agent for service)
 
Registrant’s telephone number, including area code:                    800-767-1729
 
Date of fiscal year end:    December 31
 
Date of reporting period:    June 30, 2026
 
 
 
 
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, 100 F Street, NE, Washington, DC 20549-1090.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.
 
 
Item 1. Reports to Stockholders
 
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Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Women's Leadership Fund (the "Fund") (formerly known as Impax Ellevate Global Women's Leadership Fund) for the period of January 1, 2026 to June 30, 2026. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://impaxam.com/GWL. You can also request this information by contacting us at (800) 372-7827.

Image

Semi-annual Shareholder Report

June 30, 2026

Investor Class | PXWEX

Impax Global Women's Leadership Fund

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

(based on a hypothetical $10,000 investment) 

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class
$40
0.78%
FootnoteDescription
Footnote*
Annualized.

Key Fund Statistics as of June 30, 2026

Table Summary
Net Assets
$651,845,760
Total Number of Portfolio Holdings
107
Portfolio Turnover Rate
12%

Top Ten Holdings as of June 30, 2026Footnote Reference*

Table Summary
Company
Percent of Net Assets
NVIDIA Corp.
5.9%
Apple, Inc.
4.7%
Microsoft Corp.
3.3%
Amazon.com, Inc.
2.0%
Alphabet, Inc., A
1.9%
JPMorgan Chase & Co.
1.9%
Eli Lilly & Co.
1.9%
Johnson & Johnson
1.7%
Intel Corp.
1.6%
Lam Research Corp.
1.6%
FootnoteDescription
Footnote*
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change.

Sector Diversification as of June 30, 2026Footnote Reference *Footnote Reference ^

Group By Industry Chart
Table Summary
Value
Value
Other assets and liabilities (net)
1.3%
Utilities
2.2%
Materials
3.4%
Consumer Staples
6.1%
Communication Services
8.5%
Industrials
8.5%
Consumer Discretionary
10.0%
Health Care
11.5%
Financials
18.1%
Information Technology
30.4%
FootnoteDescription
Footnote *
May include companies representing multiple industries within a single “Sector”.
Footnote ^
Percent of Net Assets.

Geographical Diversification as of June 30, 2026Footnote Reference ^

Group By Country Chart
Table Summary
Value
Value
Other assets and liabilities (net)
1.3%
OthersFootnote Reference‡
1.0%
Norway
0.8%
Japan
0.8%
Italy
0.9%
Germany
1.0%
Finland
1.2%
Canada
4.7%
Australia
5.2%
France
5.9%
United Kingdom
5.9%
United States
71.3%
FootnoteDescription
Footnote ^
Percent of Net Assets.
Footnote‡
Includes additional countries outside the top 10 listed above.

Asset Allocation as of June 30, 2026Footnote Reference ^

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Stocks
71.4%
Foreign Stocks
27.5%
Cash & Cash Equivalents
1.1%
FootnoteDescription
Footnote ^
Percent of Total Investments.
Image

Impax Global Women's Leadership Fund

Semi-annual Shareholder Report

June 30, 2026

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

Investor Class: PXWEX

  • Impax Asset Management

  • (800) 767-1729

  • https://impaxam.com/GWL

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

Material Fund Changes

On December 4, 2025, the Fund's Board approved a name change for the Fund from Impax Ellevate Global Women's Leadership Fund to Impax Global Women's Leadership Fund. This change became effective on May 1, 2026.

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 semi-annual shareholder report contains important information about the Impax Global Women's Leadership Fund (the "Fund") (formerly known as Impax Ellevate Global Women's Leadership Fund) for the period of January 1, 2026 to June 30, 2026. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://impaxam.com/GWL. You can also request this information by contacting us at (800) 372-7827.

Image

Semi-annual Shareholder Report

June 30, 2026

Institutional Class | PXWIX

Impax Global Women's Leadership Fund

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

(based on a hypothetical $10,000 investment) 

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class
$27
0.53%
FootnoteDescription
Footnote*
Annualized.

Key Fund Statistics as of June 30, 2026

Table Summary
Net Assets
$651,845,760
Total Number of Portfolio Holdings
107
Portfolio Turnover Rate
12%

Top Ten Holdings as of June 30, 2026Footnote Reference*

Table Summary
Company
Percent of Net Assets
NVIDIA Corp.
5.9%
Apple, Inc.
4.7%
Microsoft Corp.
3.3%
Amazon.com, Inc.
2.0%
Alphabet, Inc., A
1.9%
JPMorgan Chase & Co.
1.9%
Eli Lilly & Co.
1.9%
Johnson & Johnson
1.7%
Intel Corp.
1.6%
Lam Research Corp.
1.6%
FootnoteDescription
Footnote*
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change.

Sector Diversification as of June 30, 2026Footnote Reference *Footnote Reference ^

Group By Industry Chart
Table Summary
Value
Value
Other assets and liabilities (net)
1.3%
Utilities
2.2%
Materials
3.4%
Consumer Staples
6.1%
Communication Services
8.5%
Industrials
8.5%
Consumer Discretionary
10.0%
Health Care
11.5%
Financials
18.1%
Information Technology
30.4%
FootnoteDescription
Footnote *
May include companies representing multiple industries within a single “Sector”.
Footnote ^
Percent of Net Assets.

Geographical Diversification as of June 30, 2026Footnote Reference ^

Group By Country Chart
Table Summary
Value
Value
Other assets and liabilities (net)
1.3%
OthersFootnote Reference‡
1.0%
Norway
0.8%
Japan
0.8%
Italy
0.9%
Germany
1.0%
Finland
1.2%
Canada
4.7%
Australia
5.2%
France
5.9%
United Kingdom
5.9%
United States
71.3%
FootnoteDescription
Footnote ^
Percent of Net Assets.
Footnote‡
Includes additional countries outside the top 10 listed above.

Asset Allocation as of June 30, 2026Footnote Reference ^

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Stocks
71.4%
Foreign Stocks
27.5%
Cash & Cash Equivalents
1.1%
FootnoteDescription
Footnote ^
Percent of Total Investments.
Image

Impax Global Women's Leadership Fund

Semi-annual Shareholder Report

June 30, 2026

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

Institutional Class: PXWIX

  • Impax Asset Management

  • (800) 767-1729

  • https://impaxam.com/GWL

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

Material Fund Changes

On December 4, 2025, the Fund's Board approved a name change for the Fund from Impax Ellevate Global Women's Leadership Fund to Impax Global Women's Leadership Fund. This change became effective on May 1, 2026.

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.
 
This disclosure is not required for the semi-annual report filing.
 
Item 3. Audit Committee Financial Expert.
 
This disclosure is not required for the semi-annual report filing.
 
Item 4. Principal Accountant Fees and Services.
 
This disclosure is not required for the semi-annual report filing.
 
Item 5. Audit Committee of Listed Registrants.
 
Not applicable.
 
Item 6. Schedule of Investments.
 
(a) A complete series of schedules of investments 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
ETF
(formerly
IMPAX
GLOBAL
INFRASTRUCTURE
ETF)
IMPAX
GLOBAL
OPPORTUNITIES
FUND
IMPAX
GLOBAL
ENVIRONMENTAL
MARKETS
FUND
IMPAX
GLOBAL
WOMEN’S
LEADERSHIP
FUND
(formerly
IMPAX
ELLEVATE
GLOBAL
WOMEN’S
LEADERSHIP
FUND)
IMPAX
INTERNATIONAL
SUSTAINABLE
ECONOMY
FUND
IMPAX
CORE
BOND
FUND
IMPAX
HIGH
YIELD
BOND
FUND
IMPAX
SUSTAINABLE
ALLOCATION
FUND
SEMI-ANNUAL
REPORT
June
30,
2026
www.impaxam.com
Semiannual
Report
1
Schedule
of
Investments
(Unaudited)
Impax
Large
Cap
Fund
2
Impax
Small
Cap
Fund
3
Impax
US
Sustainable
Economy
Fund
4
Impax
Global
Sustainable
Infrastructure
ETF
(formerly
Impax
Global
Infrastructure
ETF)
6
Impax
Global
Opportunities
Fund
8
Impax
Global
Environmental
Markets
Fund
10
Impax
Global
Women’s
Leadership
Fund
(formerly
Impax
Ellevate
Global
Women’s
Leadership
Fund)
12
Impax
International
Sustainable
Economy
Fund
15
Impax
Core
Bond
Fund
19
Impax
High
Yield
Bond
Fund
27
Impax
Sustainable
Allocation
Fund
33
Statements
of
Assets
and
Liabilities
34
Statements
of
Operations
39
Statements
of
Changes
in
Net
Assets
42
Financial
Highlights
53
Notes
to
Financial
Statements
78
Item
8.
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies.
97
Item
9.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies
97
Item
10.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies.
97
Item
11.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract.
97
Account
Options
and
Services
103
For
More
Information
General
Fund
Information
800.767.1729
Shareholder
Account
Information
800.372.7827
Account
Inquiries
Impax
Funds
P.O.
Box
534463
Pittsburgh,
PA
15253-4463
Investment
Adviser
Impax
Asset
Management
LLC
30
Penhallow
Street,
Suite
100
Portsmouth,
NH
03801
Transfer
and
Dividend
Disbursing
Agent
BNY
Mellon
Investment
Servicing
(U.S.)
Inc.
P.O.
Box
534463
Pittsburgh,
PA
15253-4463
Custodian
JP
Morgan
Chase
Bank,
N.A.
4
Chase
Metrotech
Center,
Floor
16,
Brooklyn,
NY
11245
Table
of
Contents
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
Large
Cap
Fund
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
97.7%
Communication
Services
7.3%
Alphabet,
Inc.,
A
............
58,340
$
20,848,966
a
Netflix,
Inc.
................
83,217
5,941,694
26,790,660
Consumer
Discretionary
12.5%
a
Amazon.com,
Inc.
...........
92,697
22,093,403
a
Aptiv
plc
..................
70,455
4,324,528
a
DoorDash,
Inc.,
A
...........
33,230
6,131,932
a
On
Holding
AG,
A
...........
156,586
5,546,276
a
Ulta
Beauty,
Inc.
............
16,398
7,395,170
45,491,309
Consumer
Staples
2.1%
Colgate-Palmolive
Co.
.......
82,936
7,603,572
Financials
11.8%
CME
Group,
Inc.
............
24,552
5,421,818
Mastercard,
Inc.,
A
..........
29,569
15,186,638
Pinnacle
Financial
Partners,
Inc.
86,399
8,715,931
Progressive
Corp.
(The)
......
37,396
8,169,156
Wells
Fargo
&
Co.
...........
65,665
5,426,556
42,920,099
Health
Care
10.4%
Agilent
Technologies,
Inc.
.....
71,452
9,490,969
a
Boston
Scientific
Corp.
.......
128,568
5,487,282
Danaher
Corp.
.............
45,982
8,758,652
Gilead
Sciences,
Inc.
........
79,719
10,071,699
a
Waters
Corp.
..............
11,059
4,147,567
37,956,169
Industrials
14.2%
a
Dycom
Industries,
Inc.
........
8,987
4,543,737
GE
Vernova
,
Inc.
............
5,565
6,538,096
a
QXO,
Inc.
.................
317,818
5,491,895
a
Uber
Technologies,
Inc.
.......
137,775
9,941,844
Union
Pacific
Corp.
..........
23,364
6,355,008
United
Rentals,
Inc.
..........
4,480
5,075,347
Waste
Connections,
Inc.
......
54,869
9,146,114
Xylem,
Inc.
................
41,680
4,926,993
52,019,034
b
Information
Technology
33.7%
Apple,
Inc.
................
24,747
7,160,792
Broadcom,
Inc.
.............
47,650
17,999,787
KLA
Corp.
.................
26,981
8,140,438
Marvell
Technology,
Inc.
......
12,123
3,611,320
Microsoft
Corp.
.............
65,909
24,585,375
NVIDIA
Corp.
..............
186,896
37,396,021
Oracle
Corp.
...............
55,591
8,146,861
TE
Connectivity
plc
..........
45,090
9,090,595
a
Tyler
Technologies,
Inc.
.......
23,599
6,901,764
123,032,953
Materials
2.2%
Linde
plc
..................
15,231
7,903,975
Real
Estate
1.6%
Ventas,
Inc.,
REIT
...........
65,988
5,859,734
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Utilities
1.9%
American
Water
Works
Co.,
Inc.
53,566
$
7,048,214
Total
Common
Stocks
(Cost
$263,204,523)
..............
356,625,719
Money
Market
2.6%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
.
9,614,324
9,614,324
(Cost
$9,614,324)
a
Total
Investments
100.3%
(Cost
$272,818,847)
.............
$366,240,043
Other
Assets,
less
Liabilities
(0.3)%
(1,011,980)
Net
Assets
100.0%
...............
$365,228,063
a
Non-income
producing
security.
b
Broad
industry
sectors
used
for
financial
reporting.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
d
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
Small
Cap
Fund
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.2%
Communication
Services
0.5%
a
TechTarget,
Inc.
............
1,238,887
$
4,459,993
Consumer
Discretionary
9.3%
Autoliv,
Inc.
................
60,000
6,970,200
Columbia
Sportswear
Co.
.....
90,515
5,595,637
a
Dutch
Bros,
Inc.,
A
..........
195,000
14,002,950
Meritage
Homes
Corp.
.......
106,961
8,968,680
a
Planet
Fitness,
Inc.,
A
........
194,271
10,135,118
a
Rivian
Automotive,
Inc.,
A
.....
850,000
14,747,500
a
Warby
Parker,
Inc.,
A
.........
425,000
12,894,500
Wyndham
Hotels
&
Resorts,
Inc.
180,000
15,157,800
88,472,385
Consumer
Staples
4.7%
a
BJ's
Wholesale
Club
Holdings,
Inc.
....................
164,955
14,387,375
a
Freshpet,
Inc.
..............
200,000
11,824,000
a
US
Foods
Holding
Corp.
......
180,000
18,405,000
44,616,375
Financials
17.7%
Acadian
Asset
Management,
Inc.
350,000
25,032,000
Ameris
Bancorp
............
100,000
9,026,000
Cullen/Frost
Bankers,
Inc.
.....
95,000
14,679,400
Eastern
Bankshares,
Inc.
.....
1,275,000
28,356,000
Pinnacle
Financial
Partners,
Inc.
285,000
28,750,800
Victory
Capital
Holdings,
Inc.,
A
.
525,000
44,131,500
Voya
Financial,
Inc.
..........
200,000
18,106,000
168,081,700
Health
Care
23.2%
Bio-Techne
Corp.
...........
195,000
13,776,750
a
Crinetics
Pharmaceuticals,
Inc.
.
435,000
16,277,700
a
Cytokinetics,
Inc.
............
165,000
14,056,350
a
Enovis
Corp.
...............
424,130
8,779,491
a
Health
Catalyst,
Inc.
.........
4,000,000
7,960,000
a
Ligand
Pharmaceuticals,
Inc.
...
130,000
41,091,700
a
Merit
Medical
Systems,
Inc.
....
97,558
6,764,672
a
Neurocrine
Biosciences,
Inc.
...
160,000
26,965,600
a
Pacira
BioSciences,
Inc.
......
750,027
19,028,185
a
Roivant
Sciences
Ltd.
........
300,000
10,617,000
a
SI-BONE,
Inc.
..............
1,425,010
23,256,163
a
Travere
Therapeutics,
Inc.
.....
300,000
17,043,000
a
UFP
Technologies,
Inc.
.......
55,500
14,714,715
220,331,326
Industrials
18.3%
Advanced
Drainage
Systems,
Inc.
56,489
8,866,513
AECOM
..................
172,500
12,040,500
Arcosa,
Inc.
...............
136,500
19,832,085
a
Array
Technologies,
Inc.
......
1,250,000
9,262,500
a
Casella
Waste
Systems,
Inc.,
A
.
80,000
7,757,600
a
Dycom
Industries,
Inc.
........
28,750
14,535,713
Enpro,
Inc.
................
53,800
20,278,834
a
Gates
Industrial
Corp.
plc
.....
752,713
21,053,383
a
Generac
Holdings,
Inc.
.......
45,000
13,176,450
a
Lyft,
Inc.,
A
................
1,000,000
14,610,000
a
Modine
Manufacturing
Co.
....
32,000
8,544,640
MSA
Safety,
Inc.
............
35,000
6,110,300
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Industrials
(continued)
a
QXO,
Inc.
.................
1,000,000
$
17,280,000
173,348,518
Information
Technology
18.9%
a
8x8,
Inc.
..................
2,000,000
3,420,000
A10
Networks,
Inc.
..........
410,000
15,317,600
Badger
Meter,
Inc.
...........
115,500
17,137,890
a
Extreme
Networks,
Inc.
.......
593,678
19,217,357
a
Harmonic,
Inc.
.............
475,000
7,756,750
a
Mitek
Systems,
Inc.
..........
1,358,524
27,347,088
a
NetScout
Systems,
Inc.
.......
470,000
20,468,500
a
Onto
Innovation,
Inc.
.........
59,057
22,350,121
a
Teradata
Corp.
.............
684,529
23,718,930
a
Workiva,
Inc.,
A
.............
162,086
7,862,792
a
Zebra
Technologies
Corp.,
A
...
57,500
15,137,450
179,734,478
Materials
1.9%
Element
Solutions,
Inc.
.......
366,946
17,521,672
Real
Estate
3.7%
Agree
Realty
Corp.,
REIT
.....
260,000
19,692,400
a
National
Healthcare
Properties,
Inc.,
A,
REIT
.............
547,518
8,021,139
Terreno
Realty
Corp.,
REIT
....
120,000
7,772,400
35,485,939
Total
Common
Stocks
(Cost
$683,003,458)
..............
932,052,386
Money
Market
3.0%
b,c
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
.
28,805,592
28,805,592
(Cost
$28,805,592)
a
Total
Investments
101.2%
(Cost
$711,809,050)
.............
$960,857,978
Other
Assets,
less
Liabilities
(1.2)%
(11,617,767)
Net
Assets
100.0%
...............
$949,240,211
a
Non-income
producing
security.
b
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
c
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
US
Sustainable
Economy
Fund
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
99.1%
Communication
Services
5.6%
Alphabet,
Inc.,
A
............
70,472
$
25,184,579
Alphabet,
Inc.,
C
............
54,616
19,297,471
AT&T,
Inc.
.................
307,574
6,366,782
Verizon
Communications,
Inc.
..
248,982
10,541,898
61,390,730
Consumer
Discretionary
5.5%
a
Amazon.com,
Inc.
...........
83,748
19,960,498
a
Aptiv
plc
..................
34,034
2,089,007
Best
Buy
Co.,
Inc.
...........
27,595
2,093,909
BorgWarner,
Inc.
............
38,449
2,553,014
a
Deckers
Outdoor
Corp.
.......
16,983
1,686,242
eBay,
Inc.
.................
28,078
3,137,717
General
Motors
Co.
..........
20,475
1,578,213
Home
Depot,
Inc.
(The)
.......
12,090
4,263,901
Lear
Corp.
................
50,519
6,772,577
Lowe's
Cos.,
Inc.
............
11,454
2,525,492
Macy's,
Inc.
................
169,357
3,988,357
a
Tesla,
Inc.
.................
20,426
8,591,176
59,240,103
Consumer
Staples
0.7%
Clorox
Co.
(The)
............
23,004
2,195,502
Colgate-Palmolive
Co.
.......
22,918
2,101,122
Procter
&
Gamble
Co.
(The)
...
14,447
2,118,508
Walmart,
Inc.
..............
12,585
1,425,377
7,840,509
Financials
15.6%
Allstate
Corp.
(The)
..........
10,879
2,588,549
American
Express
Co.
.......
6,063
2,050,810
Bank
of
America
Corp.
.......
37,840
2,156,123
Bank
of
New
York
Mellon
Corp.
(The)
...................
53,415
7,724,343
Blackrock,
Inc.
.............
1,778
1,709,654
Citigroup,
Inc.
..............
117,056
16,383,158
Fifth
Third
Bancorp
..........
54,911
3,095,333
Hartford
Insurance
Group,
Inc.
(The)
...................
81,973
10,863,062
JPMorgan
Chase
&
Co.
.......
19,376
6,342,346
Lincoln
National
Corp.
........
48,957
1,730,630
LPL
Financial
Holdings,
Inc.
...
10,143
2,857,080
Mastercard,
Inc.,
A
..........
39,483
20,278,469
MetLife,
Inc.
...............
75,869
6,419,276
Moody's
Corp.
..............
4,421
2,002,359
Nasdaq,
Inc.
...............
132,763
10,464,380
PNC
Financial
Services
Group,
Inc.
(The)
................
9,754
2,401,630
Principal
Financial
Group,
Inc.
..
23,119
2,491,766
Progressive
Corp.
(The)
......
54,049
11,807,004
Regions
Financial
Corp.
......
75,914
2,292,603
S&P
Global,
Inc.
............
16,967
6,909,980
State
Street
Corp.
...........
79,650
13,508,640
Synchrony
Financial
.........
24,004
1,825,504
T
Rowe
Price
Group,
Inc.
.....
26,457
3,007,896
Travelers
Cos.,
Inc.
(The)
.....
5,543
1,829,855
Unum
Group
...............
26,177
2,340,224
US
Bancorp
...............
28,694
1,733,118
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Financials
(continued)
Visa,
Inc.,
A
................
65,587
$
22,502,244
169,316,036
Health
Care
13.9%
Abbott
Laboratories
..........
77,054
6,991,880
AbbVie,
Inc.
...............
43,138
10,855,246
Agilent
Technologies,
Inc.
.....
15,224
2,022,204
Amgen,
Inc.
...............
18,289
6,622,813
Cencora,
Inc.
..............
6,598
1,867,102
a
Centene
Corp.
.............
40,624
2,607,655
Cigna
Group
(The)
..........
50,630
13,957,678
Danaher
Corp.
.............
7,954
1,515,078
a
Edwards
Lifesciences
Corp.
...
34,534
3,123,946
Elevance
Health,
Inc.
........
17,070
6,601,481
Eli
Lilly
&
Co.
..............
12,140
14,561,080
GE
HealthCare
Technologies,
Inc.
19,852
1,270,726
Gilead
Sciences,
Inc.
........
76,449
9,658,567
a
IDEXX
Laboratories,
Inc.
......
10,234
5,387,587
a
Intuitive
Surgical,
Inc.
........
3,326
1,322,684
Johnson
&
Johnson
.........
91,936
23,348,986
Merck
&
Co.,
Inc.
...........
148,818
19,123,113
a
Mettler-Toledo
International,
Inc.
3,343
4,270,716
ResMed,
Inc.
..............
7,081
1,379,945
a
Waters
Corp.
..............
28,149
10,557,001
Zoetis,
Inc.,
A
..............
49,307
3,543,201
150,588,689
Industrials
6.3%
AGCO
Corp.
...............
16,715
2,000,786
Broadridge
Financial
Solutions,
Inc.
....................
11,620
1,591,359
Emerson
Electric
Co.
........
49,183
7,040,546
Hubbell,
Inc.,
B
.............
3,186
1,666,915
Lennox
International,
Inc.
.....
8,732
5,002,999
Owens
Corning
.............
12,580
1,999,717
Republic
Services,
Inc.,
A
.....
34,515
7,354,456
Rockwell
Automation,
Inc.
.....
6,690
3,312,085
Stanley
Black
&
Decker,
Inc.
...
25,062
2,358,835
Trane
Technologies
plc
.......
20,125
9,884,595
Union
Pacific
Corp.
..........
37,769
10,273,168
Veralto
Corp.
...............
31,420
2,786,326
Verisk
Analytics,
Inc.,
A
.......
10,161
1,824,204
WW
Grainger,
Inc.
...........
6,662
9,062,985
Xylem,
Inc.
................
18,750
2,216,438
68,375,414
b
Information
Technology
41.2%
Accenture
plc,
A
............
21,748
2,706,321
a
Adobe,
Inc.
................
49,407
10,129,423
a
Advanced
Micro
Devices,
Inc.
..
40,947
23,786,522
Analog
Devices,
Inc.
.........
24,064
9,557,499
Apple,
Inc.
................
232,284
67,213,698
Applied
Materials,
Inc.
........
35,651
25,775,673
a
Autodesk,
Inc.
..............
12,736
2,476,133
Broadcom,
Inc.
.............
69,799
26,366,572
a
Cadence
Design
Systems,
Inc.
.
8,208
3,080,627
Cisco
Systems,
Inc.
.........
27,846
3,270,791
a
Gartner,
Inc.
...............
63,667
8,252,516
Gen
Digital,
Inc.
............
76,303
1,899,182
Schedule
of
Investments
(Unaudited)
Impax
US
Sustainable
Economy
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
b
Information
Technology
(continued)
Hewlett
Packard
Enterprise
Co.
.
114,105
$
5,147,277
a
Intel
Corp.
.................
117,641
16,426,213
International
Business
Machines
Corp.
...................
6,489
1,824,772
Intuit,
Inc.
.................
4,580
1,195,380
KLA
Corp.
.................
75,921
22,906,125
Lam
Research
Corp.
.........
41,857
18,137,894
Marvell
Technology,
Inc.
......
7,684
2,288,987
Micron
Technology,
Inc.
.......
25,474
29,404,383
Microsoft
Corp.
.............
98,727
36,827,145
NetApp,
Inc.
...............
18,819
2,912,428
NVIDIA
Corp.
..............
443,248
88,689,492
Oracle
Corp.
...............
81,744
11,979,583
a
Palo
Alto
Networks,
Inc.
......
13,633
4,649,126
QUALCOMM,
Inc.
...........
84,686
15,649,126
a
ServiceNow,
Inc.
............
28,772
2,856,484
Texas
Instruments,
Inc.
.......
8,380
2,497,827
447,907,199
Materials
3.4%
Albemarle
Corp.
............
18,325
2,474,425
a
Axalta
Coating
Systems
Ltd.
...
68,480
2,343,386
CRH
plc
..................
21,096
2,257,272
Ecolab,
Inc.
................
52,478
14,620,895
Linde
plc
..................
27,005
14,013,975
Southern
Copper
Corp.
.......
8,509
1,482,778
37,192,731
Real
Estate
3.0%
a
CBRE
Group,
Inc.,
A
.........
14,668
1,975,633
Equinix,
Inc.,
REIT
..........
13,339
13,904,440
Prologis,
Inc.,
REIT
..........
43,743
5,925,864
Rayonier,
Inc.,
REIT
.........
95,351
2,029,069
Regency
Centers
Corp.,
REIT
..
26,880
2,143,411
SBA
Communications
Corp.,
A,
REIT
...................
9,986
1,762,130
Ventas,
Inc.,
REIT
...........
20,351
1,807,169
Weyerhaeuser
Co.,
REIT
.....
104,967
2,512,910
32,060,626
Utilities
3.9%
American
Electric
Power
Co.,
Inc.
31,582
4,320,733
American
Water
Works
Co.,
Inc.
52,401
6,894,924
Consolidated
Edison,
Inc.
.....
15,238
1,685,780
Edison
International
.........
186,560
13,889,392
PG&E
Corp.
...............
815,554
13,717,618
WEC
Energy
Group,
Inc.
......
15,297
1,786,231
42,294,678
Total
Common
Stocks
(Cost
$801,858,113)
..............
1,076,206,715
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Money
Market
0.8%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
.
9,121,377
$
9,121,377
(Cost
$9,121,377)
a
Total
Investments
99.9%
(Cost
$810,979,490)
.............
$1,085,328,092
Other
Assets,
less
Liabilities
0.1%
1,559,949
Net
Assets
100.0%
...............
$1,086,888,041
a
Non-income
producing
security.
b
Broad
industry
sectors
used
for
financial
reporting.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
d
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
Global
Sustainable
Infrastructure
ETF
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
97.7%
Communication
Services
11.8%
Deutsche
Telekom
AG
........
138,461
$
3,773,202
Elisa
OYJ
.................
83,588
3,508,951
KDDI
Corp.
................
70,184
1,184,877
Tele2
AB,
B
................
147,093
2,558,410
Vodacom
Group
Ltd.
.........
315,226
2,920,748
13,946,188
a
Industrials
28.5%
Advanced
Drainage
Systems,
Inc.
15,926
2,499,745
AECOM
..................
25,478
1,778,364
Contemporary
Amperex
Technology
Co.
Ltd.,
A
......
40,900
2,368,926
East
Japan
Railway
Co.
......
99,880
2,093,490
Otis
Worldwide
Corp.
........
32,537
2,329,649
Siemens
Energy
AG
.........
13,087
2,479,242
Tetra
Tech,
Inc.
.............
104,144
3,008,720
Trane
Technologies
plc
.......
3,258
1,600,199
Union
Pacific
Corp.
..........
23,023
6,262,256
Waste
Connections,
Inc.
......
19,445
3,241,287
Waste
Management,
Inc.
......
11,895
2,651,158
Westinghouse
Air
Brake
Technologies
Corp.
........
12,972
3,497,251
33,810,287
Information
Technology
5.9%
Delta
Electronics,
Inc.
........
32,000
1,958,784
Microsoft
Corp.
.............
4,765
1,777,440
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.
6,718
3,208,315
6,944,539
Materials
3.4%
Linde
plc
..................
3,989
2,070,052
Vulcan
Materials
Co.
.........
6,724
1,983,647
4,053,699
Real
Estate
12.0%
American
Tower
Corp.,
REIT
...
12,492
2,043,316
Digital
Realty
Trust,
Inc.,
REIT
..
21,243
3,814,818
Keppel
DC
REIT
............
2,691,493
4,660,054
Welltower,
Inc.,
REIT
.........
16,081
3,649,905
14,168,093
a
Utilities
36.1%
American
Water
Works
Co.,
Inc.
44,524
5,858,468
China
Longyuan
Power
Group
Corp.
Ltd.,
H
.............
2,354,000
1,500,730
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP,
ADR
...................
423,490
2,447,772
Elia
Group
SA/NV
...........
23,340
3,728,226
Hydro
One
Ltd.,
Reg
S
.......
87,862
3,624,133
Iberdrola
SA
...............
211,792
5,285,139
National
Grid
plc
............
276,129
4,571,066
NextEra
Energy,
Inc.
.........
47,646
4,181,890
Ormat
Technologies,
Inc.
......
18,896
2,057,774
Severn
Trent
plc
............
61,368
2,406,231
SSE
plc
..................
108,445
3,504,110
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
a
Utilities
(continued)
Veolia
Environnement
SA
.....
87,916
$
3,660,501
42,826,040
Total
Common
Stocks
(Cost
$97,855,610)
...............
115,748,846
Money
Market
2.0%
b,c
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
.
2,380,635
2,380,635
(Cost
$2,380,635)
a
Total
Investments
99.7%
(Cost
$100,236,245)
.............
$118,129,481
Other
Assets,
less
Liabilities
0.3%
366,717
Net
Assets
100.0%
...............
$118,496,198
a
Broad
industry
sectors
used
for
financial
reporting.
b
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
c
Institutional
Class
shares.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited)
Impax
Global
Sustainable
Infrastructure
ETF
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
Summary
Of
Investments
by
Country
Country
Value
Percent
of
Net
Assets
Belgium
....................
$
3,728,226
3.1%
Brazil
......................
2,447,772
2.1%
Canada
.....................
3,624,133
3.1%
China
......................
3,869,656
3.3%
Finland
.....................
3,508,951
3.0%
France
.....................
3,660,501
3.1%
Germany
...................
6,252,444
5.3%
Japan
......................
3,278,367
2.8%
Singapore
...................
4,660,054
4.0%
South
Africa
.................
2,920,748
2.5%
Spain
......................
5,285,139
4.5%
Sweden
....................
2,558,410
2.1%
Taiwan
.....................
5,167,099
4.4%
United
Kingdom
..............
10,481,407
8.8%
United
States
................
54,305,939
45.6%
Money
Market
................
2,380,635
2.0%
Other
assets
and
liabilities
(net)
366,717
0.3%
Total
$118,496,198
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
Global
Opportunities
Fund
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
97.9%
Communication
Services
1.3%
KDDI
Corp.
................
77,700
$
1,305,182
Consumer
Discretionary
6.4%
a
Aptiv
plc
..................
29,466
1,808,623
eBay,
Inc.
.................
13,149
1,469,401
a
MercadoLibre,
Inc.
..........
899
1,525,954
a
On
Holding
AG,
A
...........
38,130
1,350,564
6,154,542
Consumer
Staples
3.5%
Danone
SA
................
24,203
1,978,312
Jeronimo
Martins
SGPS
SA
...
72,886
1,395,920
3,374,232
Financials
21.2%
a
Adyen
NV,
Reg
S
...........
2,308
2,165,175
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
84,620
2,130,462
Citizens
Financial
Group,
Inc.
..
36,222
2,538,076
HDFC
Bank
Ltd.,
ADR
........
53,070
1,370,798
London
Stock
Exchange
Group
plc
.....................
15,118
1,634,491
Marsh
&
McLennan
Cos.,
Inc.
..
11,156
1,859,370
Mastercard,
Inc.,
A
..........
7,707
3,958,315
Pinnacle
Financial
Partners,
Inc.
24,361
2,457,538
RenaissanceRe
Holdings
Ltd.
..
7,440
2,357,736
20,471,961
Health
Care
9.8%
Alcon
AG
.................
18,242
1,230,057
a
Boston
Scientific
Corp.
.......
32,973
1,407,288
Haleon
plc
................
371,568
1,712,240
Hoya
Corp.
................
8,600
1,387,192
a
Intuitive
Surgical,
Inc.
........
4,474
1,779,220
Thermo
Fisher
Scientific,
Inc.
..
3,875
1,942,770
9,458,767
Industrials
15.5%
Cintas
Corp.
...............
10,671
1,814,924
Hubbell,
Inc.,
B
.............
4,486
2,347,075
Schneider
Electric
SE
........
9,296
3,041,891
Siemens
Energy
AG
.........
10,647
2,029,760
Sunbelt
Rentals
Holdings,
Inc.
..
23,709
1,729,533
Veralto
Corp.
...............
19,857
1,760,919
Xylem,
Inc.
................
18,777
2,219,629
14,943,731
b
Information
Technology
34.9%
Applied
Materials,
Inc.
........
5,323
3,848,529
ASML
Holding
NV
...........
1,244
2,463,339
a
Cadence
Design
Systems,
Inc.
.
6,116
2,295,457
Infineon
Technologies
AG
.....
20,427
1,924,263
Keyence
Corp.
.............
6,150
3,108,747
Microsoft
Corp.
.............
12,618
4,706,766
NVIDIA
Corp.
..............
32,757
6,554,348
a
ServiceNow,
Inc.
............
13,716
1,361,725
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......
54,000
4,260,075
TE
Connectivity
plc
..........
10,340
2,084,648
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
b
Information
Technology
(continued)
a
Tyler
Technologies,
Inc.
.......
3,756
$
1,098,480
33,706,377
Materials
3.2%
Linde
plc
..................
5,891
3,057,075
Utilities
2.1%
American
Water
Works
Co.,
Inc.
15,376
2,023,174
Total
Common
Stocks
(Cost
$70,011,320)
...............
94,495,041
Money
Market
1.7%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
.
1,679,260
1,679,260
(Cost
$1,679,260)
a
Total
Investments
99.6%
(Cost
$71,690,580)
..............
$96,174,301
Other
Assets,
less
Liabilities
0.4%
359,991
Net
Assets
100.0%
...............
$96,534,292
a
Non-income
producing
security.
b
Broad
industry
sectors
used
for
financial
reporting.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
d
Institutional
Class
shares.
ADR
American
Depositary
Receipt
Schedule
of
Investments
(Unaudited)
Impax
Global
Opportunities
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
Summary
Of
Investments
by
Country
Country
Value
Percent
of
Net
Assets
Bermuda
....................
$
2,357,736
2.4%
Brazil
......................
1,525,954
1.6%
France
.....................
1,978,313
2.1%
Germany
...................
3,954,023
4.1%
India
......................
1,370,798
1.4%
Japan
......................
5,801,121
5.9%
Netherlands
.................
4,628,514
4.8%
Portugal
....................
1,395,920
1.4%
Spain
......................
2,130,462
2.2%
Switzerland
..................
3,435,212
3.6%
Taiwan
.....................
4,260,075
4.4%
United
Kingdom
..............
1,634,491
1.7%
United
States
................
60,022,422
62.3%
Money
Market
................
1,679,260
1.7%
Other
assets
and
liabilities
(net)
359,991
0.4%
Total
$96,534,292
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
Global
Environmental
Markets
Fund
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Shares/
Principal
a
Value
a
Common
Stocks
98.5%
ALTERNATIVE
ENERGY
1.6%
Renewable
Energy
Developers
&
IPPs
1.6%
NextEra
Energy,
Inc.
...........
318,577
$
27,961,503
DIGITAL
INFRASTRUCTURE
30.5%
Cloud
Computing
13.8%
Amphenol
Corp.,
A
............
390,303
68,818,225
Microsoft
Corp.
...............
204,238
76,184,859
NVIDIA
Corp.
................
486,617
97,367,195
242,370,279
Efficient
IT
16.7%
ASML
Holding
NV
.............
31,573
62,520,095
a
Autodesk,
Inc.
................
106,879
20,779,415
Hoya
Corp.
..................
154,200
24,872,673
Marvell
Technology,
Inc.
........
112,721
33,578,459
SK
hynix,
Inc.
................
24,983
44,084,566
a
Synopsys,
Inc.
...............
85,343
38,068,952
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
........
877,000
69,186,777
293,090,937
ENERGY
MANAGEMENT
&
EFFICIENCY
24.9%
Buildings
Energy
Efficiency
2.4%
Sika
AG
....................
116,446
24,013,032
Trane
Technologies
plc
.........
35,269
17,322,722
41,335,754
Industrial
Energy
Efficiency
10.7%
Air
Liquide
SA
................
271,302
53,725,108
Keyence
Corp.
...............
88,800
44,887,277
Linde
plc
....................
117,331
60,887,749
Spirax
Group
plc
..............
315,373
28,611,797
188,111,931
Smart
&
Efficient
Grids
11.8%
Hubbell,
Inc.,
B
...............
58,710
30,717,072
Iberdrola
SA
.................
1,061,281
26,414,836
a
Itron,
Inc.
...................
326,040
28,212,241
Prysmian
SpA
................
191,688
32,269,373
Schneider
Electric
SE
..........
169,782
55,557,048
Siemens
Energy
AG
...........
180,690
34,447,016
207,617,586
ENVIRONMENTAL
SERVICES
&
RESOURCES
6.8%
Environmental
Testing
&
Monitoring
4.9%
Agilent
Technologies,
Inc.
.......
390,844
51,915,808
Veralto
Corp.
.................
374,395
33,201,349
85,117,157
Finance
&
Investment
1.9%
RenaissanceRe
Holdings
Ltd.
....
108,128
34,265,763
RESOURCE
EFFICIENCY
&
WASTE
MANAGEMENT
9.2%
General
Waste
Management
4.3%
Waste
Connections,
Inc.
........
450,686
75,124,849
Resource
Circularity
&
Efficiency
4.9%
Cintas
Corp.
.................
188,312
32,028,105
a
QXO,
Inc.
...................
1,178,393
20,362,631
Sunbelt
Rentals
Holdings,
Inc.
....
453,792
33,103,394
85,494,130
a
a
Shares/
Principal
a
Value
a
Common
Stocks
(continued)
SUSTAINABLE
FOOD
&
AGRICULTURE
4.6%
Sustainable
Agriculture
2.6%
Kerry
Group
plc,
A
.............
485,345
$
44,521,001
Technology
&
Logistics
2.0%
Deere
&
Co.
.................
56,091
35,580,204
TRANSPORT
SOLUTIONS
8.5%
Advanced
Road
Vehicles
&
Devices
4.9%
a
Aptiv
plc
....................
579,492
35,569,219
Infineon
Technologies
AG
.......
307,670
28,983,113
TE
Connectivity
plc
............
106,575
21,486,586
86,038,918
Railways
3.6%
Union
Pacific
Corp.
............
150,656
40,978,432
Westinghouse
Air
Brake
Technologies
Corp.
..........
85,179
22,964,258
63,942,690
WATER
INFRASTRUCTURE
&
TECHNOLOGIES
12.4%
Water
Distribution
&
Infrastructure
2.7%
Ferguson
Enterprises,
Inc.
......
83,938
20,032,496
Xylem,
Inc.
..................
219,975
26,003,245
46,035,741
Water
Efficiency
4.8%
KLA
Corp.
...................
281,128
84,819,129
Water
Utilities
4.9%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP,
ADR
.....................
5,509,582
31,845,384
Veolia
Environnement
SA
.......
1,321,336
55,061,742
86,907,126
Total
Common
Stocks
(Cost
$1,245,958,209)
.............
1,728,334,698
—
a
a
a
a
Money
Market
Funds
1.5%
b,c
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
(Cost
$26,188,543)
..........
26,188,543
26,188,543
a
Total
Investments
100.0%
(Cost
$1,272,146,752)
.............
$1,754,523,241
d
Other
Assets,
less
Liabilities
(0.0)%
(258,765)
Net
Assets
100.0%
................
$1,754,264,476
a
Non-income
producing
security.
b
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
c
Institutional
Class
shares.
d
Rounds
to
less
than
0.05%.
ADR
American
Depositary
Receipt
Schedule
of
Investments
(Unaudited)
Impax
Global
Environmental
Markets
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Summary
Of
Investments
by
Country
Country
Value
Percent
of
Net
Assets
Bermuda
....................
$
34,265,763
1.9%
Brazil
......................
31,845,384
1.8%
France
.....................
108,786,849
6.2%
Germany
...................
63,430,128
3.7%
Ireland
.....................
44,521,001
2.6%
Italy
.......................
32,269,373
1.8%
Japan
......................
69,759,951
3.9%
Netherlands
.................
62,520,095
3.6%
South
Korea
.................
44,084,566
2.5%
Spain
......................
26,414,836
1.5%
Switzerland
..................
45,499,618
2.6%
Taiwan
.....................
69,186,777
3.9%
United
Kingdom
..............
28,611,797
1.6%
United
States
................
1,067,138,560
60.9%
Money
Market
................
26,188,543
1.5%
Other
assets
and
liabilities
(net)
(258,765)
0.0%
*
Total
$1,754,264,476
100.0%
*
Rounds
to
less
than
0.05%.
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
Global
Women’s
Leadership
Fund
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.7%
Communication
Services
8.5%
Alphabet,
Inc.,
A
............
34,870
$
12,461,492
Alphabet,
Inc.,
C
............
24,752
8,745,624
BT
Group
plc
..............
2,535,385
6,396,211
Deutsche
Telekom
AG
........
137,682
3,753,803
Orange
SA
................
285,657
5,387,145
Publicis
Groupe
SA
..........
49,536
4,895,291
Telstra
Group
Ltd.
...........
596,188
2,090,754
Vodafone
Group
plc
.........
4,744,937
6,280,221
Walt
Disney
Co.
(The)
........
60,075
5,782,219
55,792,760
Consumer
Discretionary
10.0%
a
Amazon.com,
Inc.
...........
53,614
12,778,361
Aristocrat
Leisure
Ltd.
........
127,808
5,416,181
Best
Buy
Co.,
Inc.
...........
55,718
4,227,882
a
Deckers
Outdoor
Corp.
.......
18,100
1,797,149
eBay,
Inc.
.................
40,075
4,478,381
Hermes
International
SCA
.....
2,500
4,571,737
Kering
SA
.................
19,470
5,507,417
a
Lululemon
Athletica,
Inc.
......
24,662
2,815,907
Marriott
International,
Inc.,
A
...
18,334
6,794,397
Starbucks
Corp.
............
66,879
6,834,365
a
Ulta
Beauty,
Inc.
............
7,524
3,393,173
Williams-Sonoma,
Inc.
.......
27,886
6,500,227
65,115,177
Consumer
Staples
6.1%
Coca-Cola
Co.
(The)
.........
96,730
7,861,247
Coles
Group
Ltd.
............
115,268
1,941,514
Diageo
plc
................
126,063
2,538,921
L'Oreal
SA
................
5,289
2,318,470
Procter
&
Gamble
Co.
(The)
...
48,661
7,135,649
Shiseido
Co.
Ltd.
...........
335,500
5,415,300
Target
Corp.
...............
48,197
6,295,010
Woolworths
Group
Ltd.
.......
222,556
6,149,199
39,655,310
Financials
18.1%
Allianz
SE
.................
6,213
2,940,911
American
Express
Co.
.......
14,705
4,973,966
Amundi
SA,
Reg
S
..........
20,185
1,937,639
Aviva
plc
..................
304,847
2,628,327
AXA
SA
...................
52,565
2,634,003
Bank
of
New
York
Mellon
Corp.
(The)
...................
48,386
6,997,099
Canadian
Imperial
Bank
of
Commerce
...............
40,889
4,708,614
Citigroup,
Inc.
..............
55,620
7,784,575
DNB
Bank
ASA
.............
173,853
5,175,996
JPMorgan
Chase
&
Co.
.......
37,053
12,128,559
National
Bank
of
Canada
.....
44,192
6,976,930
NatWest
Group
plc
..........
268,711
2,371,093
PayPal
Holdings,
Inc.
........
38,283
1,653,060
Progressive
Corp.
(The)
......
8,133
1,776,654
Prudential
Financial,
Inc.
......
53,225
5,744,574
Royal
Bank
of
Canada
.......
31,649
6,553,625
Societe
Generale
SA
.........
56,139
4,968,872
Standard
Chartered
plc
.......
257,659
6,967,763
State
Street
Corp.
...........
39,713
6,735,325
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Financials
(continued)
Sun
Life
Financial,
Inc.
.......
86,584
$
6,797,905
UniCredit
SpA
..............
66,527
5,962,068
Westpac
Banking
Corp.
.......
221,369
5,393,803
Willis
Towers
Watson
plc
......
15,544
4,062,735
117,874,096
Health
Care
11.5%
AstraZeneca
plc
............
9,482
1,770,330
Bristol-Myers
Squibb
Co.
......
101,377
5,841,343
Cardinal
Health,
Inc.
.........
27,980
6,646,929
Elevance
Health,
Inc.
........
17,057
6,596,454
Eli
Lilly
&
Co.
..............
10,098
12,111,844
Gilead
Sciences,
Inc.
........
48,534
6,131,785
GSK
plc
..................
235,419
6,180,432
a
Intuitive
Surgical,
Inc.
........
3,720
1,479,370
Johnson
&
Johnson
.........
42,421
10,773,661
Koninklijke
Philips
NV
........
74,724
2,032,093
Merck
&
Co.,
Inc.
...........
55,376
7,115,816
Sanofi
SA
.................
19,456
1,663,559
Stryker
Corp.
..............
5,352
1,685,024
a
Vertex
Pharmaceuticals,
Inc.
...
4,134
2,053,482
Zoetis,
Inc.,
A
..............
37,864
2,720,907
74,803,029
Industrials
8.5%
Canadian
National
Railway
Co.
.
20,344
2,427,796
Cie
de
Saint-Gobain
SA
......
66,202
6,003,355
Cummins,
Inc.
..............
10,116
7,214,832
Metso
OYJ
................
329,127
5,723,195
Otis
Worldwide
Corp.
........
58,626
4,197,622
Qantas
Airways
Ltd.
.........
689,362
5,064,941
Schneider
Electric
SE
........
23,648
7,738,235
Stantec,
Inc.
...............
41,898
2,889,803
Veralto
Corp.
...............
55,979
4,964,218
Wolters
Kluwer
NV
..........
33,397
2,159,439
WW
Grainger,
Inc.
...........
5,060
6,883,624
55,267,060
b
Information
Technology
30.4%
Accenture
plc,
A
............
55,833
6,947,858
a
Advanced
Micro
Devices,
Inc.
..
6,501
3,776,496
Apple,
Inc.
................
105,983
30,667,241
a
Autodesk,
Inc.
..............
35,023
6,809,172
Broadcom,
Inc.
.............
24,868
9,393,887
Cisco
Systems,
Inc.
.........
81,437
9,565,590
Hewlett
Packard
Enterprise
Co.
.
139,585
6,296,679
a
Intel
Corp.
.................
76,337
10,658,935
Intuit,
Inc.
.................
15,123
3,947,103
Lam
Research
Corp.
.........
24,586
10,653,851
Micron
Technology,
Inc.
.......
4,795
5,534,821
Microsoft
Corp.
.............
56,827
21,197,608
Nokia
OYJ
................
175,255
2,337,241
NVIDIA
Corp.
..............
193,133
38,643,982
Oracle
Corp.
...............
28,097
4,117,615
QUALCOMM,
Inc.
...........
31,739
5,865,050
Seagate
Technology
Holdings
plc
6,756
6,519,540
a
ServiceNow,
Inc.
............
16,477
1,635,837
a
Synopsys,
Inc.
.............
13,777
6,145,506
Schedule
of
Investments
(Unaudited)
Impax
Global
Women’s
Leadership
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
b
Information
Technology
(continued)
a
Twilio,
Inc.,
A
...............
35,064
$
7,234,755
197,948,767
Materials
3.4%
Fortescue
Ltd.
..............
408,338
5,435,096
Freeport-McMoRan,
Inc.
......
72,471
4,557,701
Newmont
Corp.
.............
77,030
7,194,602
Rio
Tinto
Ltd.
..............
20,319
2,444,779
Yara
International
ASA
.......
54,600
2,401,190
22,033,368
Utilities
2.2%
American
Water
Works
Co.,
Inc.
36,861
4,850,170
Edison
International
.........
88,794
6,610,713
National
Grid
plc
............
198,849
3,279,762
14,740,645
Total
Common
Stocks
(Cost
$430,946,913)
..............
643,230,212
Money
Market
1.1%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
.
7,362,458
7,362,458
(Cost
$7,362,458)
a
Total
Investments
99.8%
(Cost
$438,309,371)
.............
$650,592,670
Other
Assets,
less
Liabilities
0.2%
1,253,090
Net
Assets
100.0%
...............
$651,845,760
a
Non-income
producing
security.
b
Broad
industry
sectors
used
for
financial
reporting.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
d
Institutional
Class
shares.
Schedule
of
Investments
(Unaudited)
Impax
Global
Women’s
Leadership
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Summary
Of
Investments
by
Country
Country
Value
Percent
of
Net
Assets
Australia
....................
$
33,936,267
5.2%
Brazil
......................
2,401,190
0.4%
Canada
.....................
30,354,672
4.7%
Finland
.....................
8,060,436
1.2%
France
.....................
38,223,928
5.9%
Germany
...................
6,694,715
1.0%
Italy
.......................
5,962,067
0.9%
Japan
......................
5,415,300
0.8%
Netherlands
.................
4,191,533
0.6%
Norway
.....................
5,175,996
0.8%
United
Kingdom
..............
38,413,060
5.9%
United
States
................
464,401,048
71.3%
Money
Market
................
7,362,458
1.1%
Other
assets
and
liabilities
(net)
1,253,090
0.2%
Total
$651,845,760
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
International
Sustainable
Economy
Fund
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.3%
Australia
6.4%
ANZ
Group
Holdings
Ltd.
.....
725,013
$
17,693,508
Aristocrat
Leisure
Ltd.
........
370,224
15,689,161
Brambles
Ltd.
..............
1,183,284
15,976,804
Coles
Group
Ltd.
............
430,396
7,249,365
Commonwealth
Bank
of
Australia
102,073
11,632,675
CSL
Ltd.
..................
72,619
5,793,893
Goodman
Group
,
REIT
.......
321,463
6,935,957
QBE
Insurance
Group
Ltd.
....
1,302,611
22,659,103
Scentre
Group
,
REIT
.........
1,282,831
3,419,505
Suncorp
Group
Ltd.
..........
307,102
4,097,092
Telstra
Group
Ltd.
...........
1,832,425
6,426,078
Westpac
Banking
Corp.
.......
124,395
3,030,967
120,604,108
Austria
0.3%
Erste
Group
Bank
AG
........
39,113
5,234,803
Belgium
0.9%
KBC
Group
NV
.............
126,898
17,331,944
Denmark
1.6%
Novo
Nordisk
A/S
,
B
.........
241,269
11,587,416
a
Orsted
A/S
,
Reg
S
...........
548,018
12,319,248
Tryg
A/S
..................
233,081
5,305,625
29,212,289
Finland
1.0%
Nokia
OYJ
................
645,067
8,602,762
Sampo
OYJ
,
A
.............
1,029,389
10,810,588
19,413,350
France
8.1%
Air
Liquide
SA
..............
31,483
6,234,483
AXA
SA
...................
591,585
29,643,995
BNP
Paribas
SA
............
276,891
32,338,975
Carrefour
SA
...............
864,411
16,047,775
Credit
Agricole
SA
...........
790,956
15,908,564
Dassault
Systemes
SE
.......
533,632
10,884,633
Hermes
International
SCA
.....
2,187
3,999,355
Legrand
SA
................
85,619
14,507,654
L'Oreal
SA
................
34,511
15,128,134
Unibail-Rodamco-Westfield
,
REIT
59,760
6,993,539
151,687,107
Germany
8.7%
Allianz
SE
.................
41,553
19,669,032
E.ON
SE
..................
171,362
3,523,870
GEA
Group
AG
.............
155,338
10,666,425
Infineon
Technologies
AG
.....
348,291
32,809,690
Mercedes-Benz
Group
AG
....
263,073
13,232,230
Merck
KGaA
...............
56,212
9,423,644
Muenchener
Rueckversicherungs-
Gesellschaft
AG
...........
30,627
17,103,973
Siemens
AG
...............
125,994
40,507,991
Siemens
Energy
AG
.........
81,571
15,550,819
162,487,674
Hong
Kong
1.6%
AIA
Group
Ltd.
.............
1,867,200
17,094,655
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Hong
Kong
(continued)
Hong
Kong
Exchanges
&
Clearing
Ltd.
.............
166,400
$
7,742,086
MTR
Corp.
Ltd.
.............
1,433,999
5,592,674
30,429,415
Ireland
0.4%
AIB
Group
plc
..............
327,295
3,846,530
Bank
of
Ireland
Group
plc
.....
205,472
4,093,613
7,940,143
Israel
1.0%
a
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
................
534,639
18,113,569
Italy
5.6%
BPER
Banca
SpA
...........
1,067,587
16,772,973
Enel
SpA
.................
2,545,791
29,201,212
Generali
..................
540,997
26,375,173
Intesa
Sanpaolo
SpA
.........
3,399,983
23,369,066
a
Telecom
Italia
SpA
..........
612,482
5,576,791
UniCredit
SpA
..............
38,085
3,413,131
104,708,346
Japan
23.4%
Advantest
Corp.
............
122,500
25,201,735
Astellas
Pharma,
Inc.
........
1,507,600
20,166,661
Bridgestone
Corp.
...........
137,200
2,892,946
Chugai
Pharmaceutical
Co.
Ltd.
125,400
5,792,628
Daifuku
Co.
Ltd.
............
190,100
8,421,440
Daiichi
Sankyo
Co.
Ltd.
.......
1,616,300
25,990,525
FANUC
Corp.
..............
86,300
3,973,780
Fujitsu
Ltd.
................
1,003,200
19,933,588
Hitachi
Ltd.
................
1,024,700
28,359,699
Kajima
Corp.
...............
101,300
3,692,687
Kao
Corp.
.................
1,149,200
22,775,631
KDDI
Corp.
................
1,424,900
23,935,057
Mitsubishi
Estate
Co.
Ltd.
.....
207,600
5,294,048
Mitsubishi
UFJ
Financial
Group,
Inc.
....................
315,000
6,275,724
Mizuho
Financial
Group,
Inc.
...
155,700
7,478,086
Murata
Manufacturing
Co.
Ltd.
.
302,200
21,693,369
NEC
Corp.
................
752,400
18,164,672
Nitto
Denko
Corp.
...........
155,200
3,053,371
Nomura
Holdings,
Inc.
........
488,400
4,288,119
Nomura
Research
Institute
Ltd.
.
124,000
3,478,695
Obayashi
Corp.
.............
151,500
3,061,594
Panasonic
Holdings
Corp.
.....
301,300
8,476,590
Recruit
Holdings
Co.
Ltd.
.....
455,600
31,700,180
Renesas
Electronics
Corp.
....
116,700
3,602,395
Sekisui
Chemical
Co.
Ltd.
.....
249,400
3,999,241
SoftBank
Corp.
.............
13,807,600
17,631,335
SoftBank
Group
Corp.
........
159,400
5,912,671
Sompo
Holdings,
Inc.
........
186,000
7,066,193
Sony
Group
Corp.
...........
1,668,000
33,566,939
Sumitomo
Electric
Industries
Ltd.
171,200
3,176,980
Takeda
Pharmaceutical
Co.
Ltd.
109,500
3,490,274
Tokio
Marine
Holdings,
Inc.
....
140,600
6,182,015
Tokyo
Electron
Ltd.
..........
75,200
36,461,033
Toyota
Motor
Corp.
..........
228,800
3,832,973
Schedule
of
Investments
(Unaudited)
Impax
International
Sustainable
Economy
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Japan
(continued)
Yokogawa
Electric
Corp.
......
254,900
$
8,958,000
437,980,874
Netherlands
6.2%
ASM
International
NV
........
3,461
3,980,086
ASML
Holding
NV
...........
39,665
78,543,679
ING
Groep
NV
.............
225,460
7,114,011
Koninklijke
Ahold
Delhaize
NV
..
261,572
10,526,278
Wolters
Kluwer
NV
..........
238,598
15,427,671
115,591,725
New
Zealand
0.2%
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
....................
175,658
3,902,144
Norway
0.9%
Norsk
Hydro
ASA
...........
1,783,402
16,137,619
Portugal
1.1%
EDP
SA
..................
3,764,675
19,666,358
Singapore
1.5%
DBS
Group
Holdings
Ltd.
.....
76,100
3,853,309
United
Overseas
Bank
Ltd.
....
807,500
24,866,828
28,720,137
Spain
4.0%
Acciona
SA
................
15,008
4,754,931
ACS
Actividades
de
Construccion
y
Servicios
SA
............
23,992
3,528,188
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
157,398
3,962,779
Banco
de
Sabadell
SA
.......
898,581
3,184,066
Banco
Santander
SA
.........
440,443
6,113,286
CaixaBank
SA
..............
602,308
8,533,601
Endesa
SA
................
205,892
9,354,946
Iberdrola
SA
...............
1,396,122
34,748,887
74,180,684
Sweden
0.3%
Assa
Abloy
AB
,
B
...........
88,890
3,140,560
Svenska
Handelsbanken
AB
,
A
.
226,103
3,327,176
6,467,736
Switzerland
4.6%
ABB
Ltd.
..................
342,050
37,207,972
Logitech
International
SA
.....
157,081
14,735,544
SGS
SA
..................
58,042
6,730,722
Sika
AG
..................
35,559
7,332,836
Sonova
Holding
AG
..........
47,846
11,355,913
Zurich
Insurance
Group
AG
....
12,414
9,181,803
86,544,790
United
Kingdom
13.8%
3i
Group
plc
...............
176,450
5,802,364
AstraZeneca
plc
............
62,634
11,694,038
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
United
Kingdom
(continued)
Autotrader
Group
plc
,
Reg
S
...
544,937
$
3,608,477
Aviva
plc
..................
2,388,484
20,593,011
Barratt
Redrow
plc
..........
2,067,423
7,710,174
Diageo
plc
................
533,868
10,752,154
GSK
plc
..................
799,604
20,991,926
HSBC
Holdings
plc
..........
2,614,149
49,431,714
J
Sainsbury
plc
.............
894,444
3,795,669
Legal
&
General
Group
plc
....
1,808,225
6,855,649
National
Grid
plc
............
1,138,012
18,770,062
Reckitt
Benckiser
Group
plc
...
139,854
9,109,194
RELX
plc
.................
561,966
17,760,837
Schroders
plc
..............
599,632
4,673,872
Segro
plc
,
REIT
............
345,503
4,008,046
SSE
plc
..................
511,655
16,507,284
Tesco
plc
.................
2,356,946
14,368,181
United
Utilities
Group
plc
......
681,818
11,830,924
Vodafone
Group
plc
.........
14,549,980
19,257,809
257,521,385
United
States
6.7%
Experian
plc
...............
171,703
5,787,011
Holcim
AG
................
140,780
12,693,110
Novartis
AG
...............
289,316
45,217,896
Roche
Holding
AG
..........
7,765
3,192,086
Schneider
Electric
SE
........
111,154
36,372,455
Swiss
Re
AG
...............
135,851
21,593,503
124,856,061
Total
Common
Stocks
(Cost
$
1,369,607,904
)
............
1,838,732,261
b
Rights
0.0%
b
Spain
0.0%
a
ACS
Actividades
de
Construccion
y
Servicios
SA
,
7/13/26
.....
23,992
50,358
Total
Rights
(Cost
$
51,259
)
...................
50,358
Total
Long
Term
Investments
(Cost
$
1,369,659,163
)
............
1,838,782,619
a
Money
Market
0.9%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.616
%
.
17,110,066
17,110,066
(Cost
$17,110,066)
a
Total
Investments
99
.2
%
(Cost
$
1,386,769,229
)
............
$1,855,892,685
Other
Assets,
less
Liabilities
0
.8
%
.
13,842,298
Net
Assets
100.0%
...............
$1,869,734,983
Schedule
of
Investments
(Unaudited)
Impax
International
Sustainable
Economy
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
Non-income
producing
security.
b
Rounds
to
less
than
0.05%.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
d
Institutional
Class
shares.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited)
Impax
International
Sustainable
Economy
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Summary
Of
Investments
by
Sector
Sector
Value
Percent
of
Net
Assets
Communication
Services
........
$
82,348,218
4.4%
Consumer
Discretionary
........
92,577,349
5.0%
Consumer
Staples
............
109,752,381
5.9%
Financials
...................
525,545,182
28.0%
Health
Care
.................
196,712,612
10.5%
Industrials
...................
312,016,761
16.7%
Information
Technology
.........
287,049,880
15.4%
Materials
....................
45,451,418
2.4%
Real
Estate
..................
26,651,096
1.4%
Utilities
.....................
160,677,722
8.6%
Money
Market
................
17,110,066
0.9%
Other
assets
and
liabilities
(net)
13,842,298
0.8%
Total
$1,869,734,983
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
Core
Bond
Fund
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Shares/
Principal
a
Value
a
a
a
a
BONDS:
98.6%
Corporate
Bonds
29.8%
Communication
Services
4.0%
Alphabet,
Inc.
,
4.700%,
11/15/35
.........
2,000,000
$
1,960,228
5.250%,
5/15/55
..........
1,000,000
935,820
a
APLD
ComputeCo
LLC
,
144A,
9.250
%,
12/15/30
..........
2,000,000
2,158,709
AT&T,
Inc.
,
5.250
%,
10/30/36
..
10,775,000
10,585,220
a
Black
Pearl
Compute
LLC
,
144A,
6.125
%,
2/15/31
...........
1,125,000
1,140,823
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
6.100
%,
6/01/29
2,000,000
2,049,267
Fox
Corp.
,
6.500
%,
10/13/33
...
2,000,000
2,129,497
a
Nexstar
Media,
Inc.
,
144A,
6.500
%,
9/15/33
...........
1,000,000
1,000,602
a
Sirius
XM
Radio
LLC
,
144A,
4.125
%,
7/01/30
...........
2,000,000
1,883,739
a
Space
Exploration
Technologies
Corp.
,
144A,
5.875
%,
7/15/36
1,000,000
987,334
a
SV
RNO
Property
Owner
1
LLC
,
144A,
5.875
%,
3/01/31
......
1,000,000
986,218
Verizon
Communications,
Inc.
,
4.750%,
1/15/33
..........
2,000,000
1,969,574
5.250%,
4/02/35
..........
2,500,000
2,500,199
4.812%,
3/15/39
..........
3,500,000
3,257,859
Walt
Disney
Co.
(The)
,
4.750
%,
9/15/44
.................
2,500,000
2,247,420
35,792,509
Consumer
Discretionary
1.2%
a
Allison
Transmission,
Inc.
,
144A,
4.750%,
10/01/27
....
1,000,000
998,082
144A,
5.875%,
6/01/29
.....
1,000,000
1,008,213
Amazon.com,
Inc.
,
4.550%,
3/13/33
..........
500,000
492,044
4.350%,
3/20/33
..........
1,500,000
1,460,540
5.800%,
3/13/56
..........
1,000,000
994,318
a
Gap,
Inc.
(The)
,
144A,
3.625
%,
10/01/29
................
1,000,000
942,912
a
Gates
Corp.
,
144A,
6.875
%,
7/01/29
.................
1,000,000
1,024,028
Lowe's
Cos.,
Inc.
,
4.250%,
3/15/31
..........
1,250,000
1,225,072
5.750%,
7/01/53
..........
750,000
736,116
Massachusetts
Institute
of
Technology
,
3.067
%,
4/01/52
.
700,000
472,060
PulteGroup,
Inc.
,
6.375
%,
5/15/33
1,000,000
1,074,299
Toyota
Motor
Corp.
,
5.275
%,
7/13/26
.................
500,000
500,170
10,927,854
Consumer
Staples
1.1%
a
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
144A,
5.500%,
3/31/31
.....
393,000
384,489
144A,
5.625%,
3/31/32
.....
1,000,000
967,347
a
a
Shares/
Principal
a
Value
a
a
a
a
Consumer
Staples
(continued)
Anheuser-Busch
InBev
Worldwide,
Inc.
,
8.200
%,
1/15/39
.................
2,250,000
$
2,827,805
Church
&
Dwight
Co.,
Inc.
,
3.950
%,
8/01/47
...........
1,500,000
1,188,517
Kraft
Heinz
Foods
Co.
,
6.875
%,
1/26/39
.................
1,000,000
1,096,533
Kroger
Co.
(The)
,
6.900
%,
4/15/38
.................
2,000,000
2,245,224
Walmart,
Inc.
,
4.500
%,
9/09/52
.
1,000,000
867,391
9,577,306
Financials
8.6%
a
200
Park
Funding
Trust
,
144A,
5.740
%,
2/15/55
...........
1,000,000
979,352
Aon
North
America,
Inc.
,
5.450
%,
3/01/34
.................
2,000,000
2,041,024
Assured
Guaranty
US
Holdings,
Inc.
,
6.125%,
9/15/28
..........
750,000
771,692
3.150%,
6/15/31
..........
1,000,000
928,041
a
Baldwin
Insurance
Group
Holdings
LLC
/
Baldwin
Insurance
Group
Holdings
Finance,
Inc.
(The)
,
144A,
7.125
%,
5/15/31
...........
1,000,000
1,005,063
Bank
of
America
Corp.
,
5.872%
to
9/14/33,
FRN
thereafter,
9/15/34
.........
6,000,000
6,273,350
5.468%
to
1/22/34,
FRN
thereafter,
1/23/35
.........
2,000,000
2,039,899
5.875%,
2/07/42
..........
2,500,000
2,599,050
Barclays
plc
,
Junior
Sub.
Bond
,
7.625%
to
9/14/35,
FRN
thereafter
,
Perpetual
.......
1,000,000
1,045,734
BlueHub
Loan
Fund,
Inc.
,
2020
,
2.890
%,
1/01/27
...........
1,000,000
985,313
Chubb
INA
Holdings
LLC
,
4.900%,
8/15/35
..........
1,000,000
986,441
4.350%,
11/03/45
.........
250,000
214,465
Citizens
Financial
Group,
Inc.
,
6.645%
to
4/24/34,
FRN
thereafter
,
4/25/35
.........
2,250,000
2,428,388
a
Corebridge
Global
Funding
,
144A,
4.550
%,
1/09/31
...........
1,000,000
984,098
Goldman
Sachs
Group,
Inc.
(The)
,
4.516%
to
1/20/31,
FRN
thereafter,
1/21/32
.........
2,000,000
1,962,655
5.094%
to
4/19/33,
FRN
thereafter,
4/20/34
.........
1,000,000
996,272
Sub.
Bond,
5.387%
to
2/01/36,
FRN
thereafter,
2/02/41
.....
2,000,000
1,948,956
a
HA
Sustainable
Infrastructure
Capital,
Inc.
,
144A,
5.950
%,
7/15/33
.................
1,600,000
1,607,393
HSBC
Holdings
plc
,
Junior
Sub.
Bond
,
7.05%
to
12/04/30,
FRN
thereafter
,
Perpetual
.......
1,000,000
1,027,008
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Shares/
Principal
a
Value
a
a
a
a
Financials
(continued)
a
Intesa
Sanpaolo
SpA
,
Sub.
Bond
,
144A,
4.95%
to
5/31/41,
FRN
thereafter
,
6/01/42
.........
1,500,000
$
1,310,096
JPMorgan
Chase
&
Co.
,
4.347%
to
1/21/31,
FRN
thereafter,
1/22/32
.........
3,800,000
3,723,416
5.766%
to
4/21/34,
FRN
thereafter,
4/22/35
.........
2,500,000
2,601,337
5.294%
to
7/21/34,
FRN
thereafter,
7/22/35
.........
3,000,000
3,032,370
Sub.
Bond,
5.576%
to
7/22/35,
FRN
thereafter,
7/23/36
.....
1,000,000
1,015,612
M&T
Bank
Corp.
,
6.082%
to
3/12/31,
FRN
thereafter
,
3/13/32
4,250,000
4,438,473
MetLife,
Inc.
,
Sub.
Bond
,
5.85%
to
3/14/36,
FRN
thereafter
,
3/15/56
1,750,000
1,727,273
Morgan
Stanley
,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
.........
5,000,000
4,903,924
5.424%
to
7/20/33,
FRN
thereafter,
7/21/34
.........
5,000,000
5,079,450
Nasdaq,
Inc.
,
5.350
%,
6/28/28
.
1,319,000
1,336,976
OneMain
Finance
Corp.
,
3.500
%,
1/15/27
.................
2,000,000
1,984,016
PNC
Financial
Services
Group,
Inc.
(The)
,
5.575%
to
1/28/35,
FRN
thereafter
,
1/29/36
.....
1,300,000
1,333,346
Principal
Financial
Group,
Inc.
,
5.375
%,
3/15/33
...........
1,000,000
1,021,604
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
4.5%
to
9/14/27,
FRN
thereafter
,
9/15/47
.....
1,000,000
988,318
Travelers
Cos.,
Inc.
(The)
,
5.350%,
11/01/40
.........
1,000,000
999,542
5.450%,
5/25/53
..........
1,000,000
971,243
5.700%,
7/24/55
..........
250,000
251,594
a
UBS
Group
AG
,
Junior
Sub.
Bond
,
144A,
7%
to
7/07/36,
FRN
thereafter
,
Perpetual
.......
2,000,000
2,022,966
Unum
Group
,
6.000
%,
6/15/54
.
1,000,000
982,945
Wells
Fargo
&
Co.
,
4.844%
to
5/19/31,
FRN
thereafter,
5/20/32
.........
889,000
886,185
5.499%
to
1/22/34,
FRN
thereafter,
1/23/35
.........
3,250,000
3,313,823
a
WLB
Asset
VI
Pte.
Ltd.
,
144A,
7.250
%,
12/21/27
..........
987,888
1,019,084
a
WLB
Asset
VII
Pte.
Ltd.
,
144A,
5.880
%,
7/30/29
...........
925,000
923,943
76,691,730
Health
Care
3.0%
AbbVie,
Inc.
,
5.200
%,
3/15/35
..
2,000,000
2,033,312
Agilent
Technologies,
Inc.
,
4.750
%,
9/09/34
...........
1,000,000
984,628
Amgen,
Inc.
,
4.850%,
2/19/36
..........
1,000,000
980,050
a
a
Shares/
Principal
a
Value
a
a
a
a
Health
Care
(continued)
Amgen,
Inc.,
(continued)
6.400%,
2/01/39
..........
2,000,000
$
2,164,038
Augusta
SpinCo
Corp.
,
5.245
%,
3/23/36
.................
2,700,000
2,703,156
a
Avantor
Funding,
Inc.
,
144A,
4.625
%,
7/15/28
...........
2,000,000
1,980,065
CVS
Health
Corp.
,
5.125%,
2/21/30
..........
1,000,000
1,011,475
4.780%,
3/25/38
..........
2,000,000
1,875,942
Elevance
Health,
Inc.
,
4.000%,
9/15/28
..........
1,000,000
988,826
5.375%,
6/15/34
..........
1,000,000
1,015,864
5.650%,
6/15/54
..........
1,000,000
962,316
GE
HealthCare
Technologies,
Inc.
,
5.500
%,
6/15/35
.......
2,000,000
2,033,880
HCA,
Inc.
,
5.500%,
3/01/32
..........
1,500,000
1,533,255
5.000%,
5/15/33
..........
1,200,000
1,188,099
7.500%,
11/06/33
.........
1,000,000
1,124,599
a
Horseshoe
Funding
Trust
I
,
144A,
6.062
%,
2/15/36
...........
1,000,000
1,016,249
Humana,
Inc.
,
Junior
Sub.
Bond
,
6.625%
to
9/14/31,
FRN
thereafter
,
9/15/56
.........
800,000
797,873
a
IQVIA,
Inc.
,
144A,
5.000
%,
10/15/26
................
1,000,000
999,962
a
Roche
Holdings,
Inc.
,
144A,
4.075
%,
12/02/30
..........
1,000,000
980,631
26,374,220
Industrials
2.8%
AGCO
Corp.
,
5.450
%,
3/21/27
.
2,000,000
2,011,467
American
Museum
of
Natural
History
(The)
,
2021
,
3.121
%,
7/15/52
.................
750,000
512,054
ATI,
Inc.
,
5.875
%,
6/15/33
.....
2,000,000
2,028,974
Burlington
Northern
Santa
Fe
LLC
,
5.750%,
5/01/40
..........
1,500,000
1,568,098
5.500%,
3/15/55
..........
250,000
242,956
5.550%,
3/15/56
..........
750,000
735,043
California
Endowment
(The)
,
2021
,
2.498
%,
4/01/51
......
1,000,000
603,765
a
Clean
Harbors,
Inc.
,
144A,
6.375
%,
2/01/31
...........
2,000,000
2,029,628
Deere
&
Co.
,
7.125%,
3/03/31
..........
1,000,000
1,105,958
5.450%,
1/16/35
..........
2,500,000
2,585,776
a
Esab
Corp.
,
144A,
6.250
%,
4/15/29
.................
1,000,000
1,015,871
Howmet
Aerospace,
Inc.
,
5.950
%,
2/01/37
.................
3,000,000
3,184,392
Local
Initiatives
Support
Corp.
,
4.600
%,
7/15/26
...........
500,000
500,094
Nature
Conservancy
(The)
,
A,
1.861%,
7/01/33
........
266,000
213,266
A,
3.957%,
3/01/52
........
750,000
589,396
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Shares/
Principal
a
Value
a
a
a
a
Industrials
(continued)
Republic
Services,
Inc.
,
6.200
%,
3/01/40
.................
3,500,000
$
3,792,389
Veralto
Corp.
,
4.850
%,
1/15/32
.
1,200,000
1,198,399
Xylem,
Inc.
,
5.450
%,
6/01/36
...
889,000
905,962
24,823,488
Information
Technology
1.8%
Apple,
Inc.
,
2.650
%,
2/08/51
...
3,000,000
1,823,451
a
Ciena
Corp.
,
144A,
4.000
%,
1/31/30
.................
1,000,000
955,084
Cisco
Systems,
Inc.
,
5.900
%,
2/15/39
.................
3,500,000
3,714,692
Hewlett
Packard
Enterprise
Co.
,
4.400
%,
10/15/30
..........
2,500,000
2,455,031
a
Kioxia
Holdings
Corp.
,
144A,
6.250
%,
7/24/30
...........
1,000,000
1,031,774
NVIDIA
Corp.
,
4.950
%,
6/15/36
.
2,000,000
1,983,235
Oracle
Corp.
,
5.700
%,
2/04/36
.
800,000
775,045
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
5.875
%,
7/15/30
...
2,000,000
2,036,744
Tyco
Electronics
Group
SA
,
7.125
%,
10/01/37
..........
1,500,000
1,720,998
16,496,054
Materials
0.5%
Steel
Dynamics,
Inc.
,
5.250
%,
5/15/35
.................
1,500,000
1,506,264
Vulcan
Materials
Co.
,
4.700
%,
3/01/48
.................
2,991,000
2,631,367
4,137,631
Real
Estate
1.6%
American
Tower
Corp.
,
3.700
%,
10/15/49
................
1,500,000
1,097,615
Brixmor
Operating
Partnership
LP
,
5.375
%,
6/15/36
...........
4,525,000
4,518,360
Century
Housing
Corp.
,
4.150
%,
12/15/28
................
500,000
494,573
Kimco
Realty
OP
LLC
,
4.850
%,
3/01/35
.................
4,500,000
4,408,820
Welltower
OP
LLC
,
6.500
%,
3/15/41
.................
3,199,000
3,551,836
14,071,204
Utilities
5.2%
Ameren
Corp.
,
5.375
%,
3/15/35
1,000,000
1,011,976
American
Electric
Power
Co.,
Inc.
,
C
,
Junior
Sub.
Bond
,
5.8%
to
3/14/31,
FRN
thereafter
,
3/15/56
1,000,000
994,940
American
Water
Capital
Corp.
,
5.200
%,
4/01/36
...........
2,500,000
2,499,732
Consolidated
Edison
Co.
of
New
York,
Inc.
,
5.150%,
6/15/36
..........
1,000,000
997,604
5.875%,
6/15/56
..........
1,000,000
1,005,988
a
a
Shares/
Principal
a
Value
a
a
a
a
Utilities
(continued)
Constellation
Energy
Generation
LLC
,
3.900%,
1/08/28
..........
1,000,000
$
991,716
4.800%,
1/15/32
..........
1,000,000
991,845
DTE
Electric
Co.
,
A
,
4.850
%,
3/01/36
.................
1,500,000
1,466,618
DTE
Energy
Co.
,
5.050
%,
10/01/35
................
1,750,000
1,720,368
Duke
Energy
Corp.
,
5.450%,
6/15/34
..........
2,000,000
2,043,603
4.950%,
9/15/35
..........
1,000,000
979,039
Essential
Utilities,
Inc.
,
5.250%,
8/15/35
..........
2,750,000
2,751,025
5.125%,
3/15/36
..........
917,000
904,322
Eversource
Energy
,
A
,
Junior
Sub.
Bond
,
6.1%
to
8/14/31,
FRN
thereafter
,
8/15/56
.........
1,500,000
1,497,585
Florida
Power
&
Light
Co.
,
5.600
%,
6/15/54
...........
1,000,000
981,861
a
ITC
Holdings
Corp.
,
144A,
4.875
%,
4/15/31
...........
2,000,000
1,993,221
MidAmerican
Energy
Co.
,
3.650
%,
4/15/29
...........
1,000,000
977,890
a
Niagara
Mohawk
Power
Corp.
,
144A,
4.647
%,
10/03/30
.....
2,000,000
1,987,470
NiSource,
Inc.
,
5.300%,
5/18/36
..........
2,000,000
2,002,289
Junior
Sub.
Bond,
6.375%
to
3/30/35,
FRN
thereafter,
3/31/55
.................
1,000,000
1,034,455
Northern
States
Power
Co.
,
5.400
%,
3/15/54
...........
2,000,000
1,920,553
NSTAR
Electric
Co.
,
5.200%,
3/01/35
..........
2,000,000
2,015,677
5.200%,
5/15/36
..........
500,000
502,263
PG&E
Recovery
Funding
LLC
,
A-2,
5.256%,
1/15/38
......
1,000,000
1,018,253
A-3,
5.536%,
7/15/47
......
1,500,000
1,485,325
PPL
Electric
Utilities
Corp.
,
5.550
%,
8/15/55
...........
750,000
734,195
SCE
Recovery
Funding
LLC
,
A-1,
4.697%,
6/15/40
......
1,928,298
1,902,374
A-2,
5.112%,
12/15/47
......
880,000
820,236
Southern
Co.
Gas
Capital
Corp.
,
6.05%
to
9/14/31,
FRN
thereafter
,
9/15/56
.........
1,000,000
1,001,632
Southern
Power
Co.
,
4.800
%,
6/15/31
.................
1,000,000
997,526
Southwestern
Public
Service
Co.
,
6.000
%,
6/01/54
...........
1,000,000
1,010,772
Union
Electric
Co.
,
5.250%,
4/15/35
..........
1,000,000
1,010,909
5.125%,
3/15/55
..........
1,500,000
1,369,474
5.750%,
9/15/56
..........
500,000
499,153
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Shares/
Principal
a
Value
a
a
a
a
Utilities
(continued)
a
Vistra
Operations
Co.
LLC
,
144A,
5.250
%,
4/30/33
...........
889,000
$
882,716
46,004,605
Total
Corporate
Bonds
(Cost
$267,503,200)
..............
264,896,601
Foreign
Government
and
Agency
Securities
1.7%
a
Caisse
d'Amortissement
de
la
Dette
Sociale
,
144A,
4.000
%,
3/03/33
.................
3,000,000
2,895,490
Export-Import
Bank
of
Korea
,
3.750
%,
1/13/29
...........
800,000
789,704
a
Kommunalbanken
A/S
,
144A,
1.125%,
10/26/26
.....
1,500,000
1,486,880
144A,
4.125%,
8/29/30
......
1,000,000
996,227
144A,
3.750%,
1/14/31
......
800,000
783,908
a
Kommuninvest
I
Sverige
AB
,
144A,
4.000
%,
11/29/28
.....
1,000,000
995,377
Kreditanstalt
fuer
Wiederaufbau
,
4.625%,
3/18/30
...........
3,000,000
3,046,414
3.750%,
7/15/30
...........
600,000
590,563
4.125%,
7/22/31
...........
2,769,000
2,757,771
a
Ontario
Teachers'
Finance
Trust
,
144A,
1.250
%,
9/27/30
......
1,000,000
882,130
Total
Foreign
Government
and
Agency
Securities
(Cost
$15,494,550)
...............
15,224,464
U.S.
Government
and
Agency
Securities
25.8%
FFCB
Funding
Corp.
,
1.000%,
10/07/26
..........
3,000,000
2,976,998
2.020%,
4/01/31
...........
780,000
701,968
FHLB
,
2.000
%,
3/25/30
.......
1,666,667
1,536,397
U.S.
Treasury
Bonds
,
5.000%,
5/15/46
...........
41,000,000
41,310,703
Index
Linked,
1.000%,
2/15/48
1,000,000
961,683
1.875%,
11/15/51
..........
17,000,000
9,346,016
4.750%,
2/15/56
...........
28,000,000
27,205,937
U.S.
Treasury
Notes
,
3.500%,
1/31/28
...........
54,000,000
53,447,343
3.875%,
5/15/29
...........
55,000,000
54,581,054
4.125%,
5/31/31
...........
31,000,000
30,891,016
4.250%,
5/31/33
...........
3,000,000
2,989,219
United
States
International
Development
Finance
Corp.
,
3.520%,
9/20/32
...........
892,857
859,883
b
FRN,
3.860%,
(3-month
U.S.
Treasury
Bill
Rate),
9/15/26
..
83,333
83,333
1.650%,
4/15/28
...........
500,000
483,842
1.440%,
4/15/28
...........
1,000,000
965,157
a
a
Shares/
Principal
a
Value
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
United
States
International
Development
Finance
Corp.,
(continued)
3.130%,
4/15/28
...........
1,000,000
$
982,729
Total
U.S.
Government
and
Agency
Securities
(Cost
$230,642,805)
..............
229,323,278
Asset-Backed
Securities
5.4%
Financials
5.4%
a
ALLO
Issuer
LLC
,
2026-1A
,
A2
,
144A,
5.607
%,
6/20/56
.
.....
1,000,000
1,012,232
a
Aqua
Finance
Issuer
Trust
,
2025-
B
,
A
,
144A,
4.790
%,
5/17/51
.
.
1,450,048
1,442,900
a
CCG
Receivables
Trust
,
2025-2,
D,
144A,
5.080%,
8/15/34
.................
1,000,000
989,427
2026-1,
D,
144A,
5.700%,
1/17/34
.................
1,500,000
1,502,517
a
College
Ave
Student
Loans
LLC
,
2024-B
,
A1A
,
144A,
5.690
%,
8/25/54
.
.................
1,775,891
1,797,769
a
Compass
Datacenters
Issuer
II
LLC
,
2025-2A
,
A1
,
144A,
4.926
%,
11/25/50
.
.........
1,778,000
1,741,994
a
Compass
Datacenters
Issuer
III
LLC
,
2026-1A
,
A21
,
144A,
4.897
%,
2/25/56
.
..........
2,667,000
2,637,638
a
Dell
Equipment
Finance
Trust
,
2025-1,
D,
144A,
5.640%,
8/22/31
.................
2,555,000
2,583,895
2025-2,
D,
144A,
4.830%,
3/22/32
.................
500,000
496,953
2026-1A,
D,
144A,
5.190%,
11/22/32
................
1,000,000
997,707
a
Foundation
Finance
Trust
,
2023-1A,
A,
144A,
5.670%,
12/15/43
................
1,100,344
1,114,509
2023-2A,
A,
144A,
6.530%,
6/15/49
.................
379,791
390,384
2023-2A,
C,
144A,
7.310%,
6/15/49
.................
1,009,555
1,042,277
2025-2A,
A,
144A,
4.670%,
4/15/52
.................
955,093
947,712
a
GreenSky
Home
Improvement
Issuer
Trust
,
2025-3A
,
C
,
144A,
4.860
%,
12/27/60
.
.........
2,500,000
2,478,062
a
HPEFS
Equipment
Trust
,
2025-
2A
,
D
,
144A,
4.770
%,
5/20/33
.
1,000,000
987,820
a
MetroNet
Infrastructure
Issuer
LLC
,
2025-2A,
A2,
144A,
5.400%,
8/20/55
.................
1,000,000
1,003,836
2025-2A,
B,
144A,
5.590%,
8/20/55
.................
1,000,000
997,258
2025-4A,
A2,
144A,
5.163%,
12/20/55
................
1,000,000
997,883
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Shares/
Principal
a
Value
a
a
a
a
Asset-Backed
Securities
(continued)
Financials
(continued)
a
MetroNet
Infrastructure
Issuer
LLC,
(continued)
2026-1A,
A2,
144A,
5.273%,
4/20/56
.................
1,500,000
$
1,502,918
a
Mill
City
Solar
Loan
Ltd.
,
2019-
2GS
,
A
,
144A,
3.690
%,
7/20/43
.
341,052
307,897
a
Mosaic
Solar
Loan
Trust
,
2017-2A,
A,
144A,
3.820%,
6/22/43
.................
282,042
265,575
2018-1A,
A,
144A,
4.010%,
6/22/43
.................
756,228
710,819
2020-2A,
A,
144A,
1.440%,
8/20/46
.................
523,830
440,918
2020-2A,
C,
144A,
3.000%,
8/20/46
.................
359,032
308,185
a
Navient
Refinance
Loan
Trust
,
2026-A,
A,
144A,
4.500%,
1/18/56
.................
1,607,651
1,586,466
2026-A,
C,
144A,
5.570%,
1/18/56
.................
1,600,000
1,559,658
2026-B,
A,
144A,
5.070%,
6/15/56
.................
1,778,000
1,779,628
a,b
OCP
CLO
Ltd.
,
2021-21A
,
AR
,
144A,
FRN
,
4.855
%,
(
3-month
SOFR
+
1.180
%
),
1/20/38
.
...
1,000,000
1,002,219
a
PACEWell
5
Trust
,
2021-1
,
A
,
144A,
2.628
%,
10/10/59
.
....
603,612
503,594
a,b
Palmer
Square
CLO
Ltd.
,
2021-
4A
,
A1R
,
144A,
FRN
,
4.993
%,
(
3-month
SOFR
+
1.320
%
),
7/15/38
.
.................
2,500,000
2,505,545
SBA
Small
Business
Investment
Cos.
,
2023-10B,
1,
5.688%,
9/10/33
815,658
844,706
2025-10A,
1,
4.963%,
3/10/35
1,483,242
1,498,409
a
SoFi
Consumer
Loan
Program
Trust
,
2026-2
,
D
,
144A,
5.370
%,
3/25/36
.
.................
2,000,000
1,988,263
a
Sunrun
Athena
Issuer
LLC
,
2018-
1
,
A
,
144A,
5.310
%,
4/30/49
.
.
720,963
696,513
a
Switch
ABS
Issuer
LLC
,
2026-1A
,
A21
,
144A,
5.609
%,
3/27/56
.
.
2,000,000
2,010,559
a
VB-S1
Issuer
LLC
,
2026-1A,
C2,
144A,
4.693%,
3/15/56
.................
2,250,000
2,201,273
2026-1A,
D,
144A,
5.193%,
3/15/56
.................
1,000,000
983,407
a
Vivint
Solar
Financing
V
LLC
,
2018-1A
,
A
,
144A,
4.730
%,
4/30/48
.
.................
778,143
762,038
48,621,363
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$49,049,164)
...............
48,621,363
a
a
Shares/
Principal
a
Value
a
a
a
a
Mortgage-Backed
Securities
29.7%
Commercial
Mortgage-Backed
Securities
3.4%
a,b
BX
Commercial
Mortgage
Trust,
2026-CSMO,
A,
144A,
FRN,
5.025%,
(1-month
SOFR
+
1.400%),
2/15/43
..........
2,500,000
$
2,508,910
a,b
Durst
Commercial
Mortgage
Trust,
2025-151,
D,
144A,
FRN,
7.018%,
8/10/42
...........
2,750,000
2,833,633
b
FHLMC,
Multi-class
Certificates,
2024-P016,
A2,
FRN,
4.769%,
9/25/33
.................
2,000,000
1,989,582
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
KG04,
A2,
1.487%,
11/25/30
.
2,000,000
1,765,651
b
KG07,
A2,
FRN,
3.123%,
8/25/32
.................
1,750,000
1,619,040
b
KSG4,
A2,
FRN,
3.400%,
8/25/32
.................
2,000,000
1,873,866
FNMA,
ACES
,
b
2018-M13,
A2,
FRN,
3.893%,
9/25/30
.................
1,122,907
1,095,334
b
2019-M1,
A2,
FRN,
3.679%,
9/25/28
.................
1,427,588
1,403,320
2019-M9,
A2,
2.937%,
6/25/29
976,587
942,373
b
2021-M1S,
A2,
FRN,
1.413%,
12/25/30
................
2,331,989
2,059,673
b
2023-M1S,
A2,
FRN,
4.647%,
4/25/33
.................
2,499,592
2,488,016
GNMA
,
b
2013-101,
AF,
FRN,
2.817%,
9/16/50
.................
180,870
179,218
b
2014-164,
AN,
FRN,
3.114%,
3/16/55
.................
450,242
401,570
2019-H02,
JA,
3.500%,
12/20/68
................
2,156,791
2,058,063
a,b
MAD
Commercial
Mortgage
Trust,
2025-11MD,
B,
144A,
FRN,
5.265%,
10/15/42
..........
2,000,000
1,994,289
a,b
PLYM
Commercial
Mortgage
Trust,
2026-IND,
B,
144A,
FRN,
5.075%,
(1-month
SOFR
+
1.450%),
3/15/43
..........
1,750,000
1,753,165
a
SLG
Office
Trust,
2021-OVA,
A,
144A,
2.585%,
7/15/41
......
1,500,000
1,337,303
a,b
VRTX
Trust,
2025-HQ,
C,
144A,
FRN,
6.119%,
8/05/42
......
2,000,000
1,970,920
30,273,926
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
5.5%
FHLMC
Gold
Pool,
20
Year,
3.000%,
3/01/35
...........
1,692,497
1,602,289
FHLMC
Pool,
30
Year,
4.500%,
3/01/49
.................
2,180,299
2,121,834
FHLMC
Pool,
30
Year,
2.500%,
7/01/50
.................
3,052,864
2,581,314
FHLMC
Pool,
30
Year,
2.000%,
2/01/51
.................
1,956,995
1,598,781
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Shares/
Principal
a
Value
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
30
Year,
4.000%,
8/01/51
.................
2,198,549
$
2,070,485
FHLMC
Pool,
30
Year,
3.000%,
4/01/52
.................
3,742,027
3,297,097
FHLMC
Pool,
30
Year,
4.000%,
8/01/52
.................
1,968,837
1,857,863
FHLMC
Pool,
30
Year,
5.500%,
9/01/52
.................
3,074,426
3,120,348
FHLMC
Pool,
30
Year,
5.500%,
11/01/52
................
2,757,543
2,805,170
FHLMC
Pool,
30
Year,
5.500%,
3/01/53
.................
2,074,724
2,106,450
FHLMC
Pool,
30
Year,
4.500%,
4/01/53
.................
1,474,618
1,424,564
FHLMC
Pool,
30
Year,
3.000%,
6/01/53
.................
2,450,196
2,178,737
FHLMC
Pool,
30
Year,
6.000%,
6/01/53
.................
2,083,290
2,153,861
FHLMC
Pool,
30
Year,
6.500%,
6/01/53
.................
1,208,428
1,266,783
FHLMC
Pool,
30
Year,
4.500%,
7/01/53
.................
2,761,771
2,668,027
FHLMC
Pool,
30
Year,
5.000%,
8/01/53
.................
2,550,502
2,520,374
FHLMC
Pool,
30
Year,
5.500%,
1/01/54
.................
2,433,231
2,457,176
FHLMC
Pool,
30
Year,
5.000%,
3/01/54
.................
2,383,482
2,351,330
FHLMC
Pool,
30
Year,
5.500%,
4/01/54
.................
1,579,589
1,592,722
FHLMC
Pool,
30
Year,
6.000%,
7/01/54
.................
828,090
854,868
FHLMC
Pool,
30
Year,
5.000%,
10/01/54
................
2,662,094
2,640,315
FHLMC
Pool,
30
Year,
6.000%,
10/01/54
................
1,034,258
1,059,520
FHLMC
Pool,
30
Year,
6.000%,
1/01/55
.................
2,523,203
2,582,908
48,912,816
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
12.4%
FNMA,
15
Year,
2.000%,
3/01/36
1,465,420
1,340,054
FNMA,
20
Year,
3.000%,
10/01/36
2,263,984
2,133,635
FNMA,
20
Year,
2.000%,
11/01/40
1,595,049
1,392,937
FNMA,
20
Year,
2.000%,
12/01/40
1,839,451
1,609,477
FNMA,
20
Year,
2.500%,
12/01/40
1,656,503
1,487,888
FNMA,
20
Year,
3.000%,
1/01/42
1,773,918
1,617,098
FNMA,
20
Year,
4.500%,
4/01/46
2,696,733
2,633,998
FNMA,
30
Year,
3.500%,
7/01/43
2,537,239
2,371,332
FNMA,
30
Year,
3.000%,
11/01/46
2,030,144
1,821,747
FNMA,
30
Year,
2.500%,
2/01/47
2,290,372
1,951,433
FNMA,
30
Year,
3.500%,
9/01/49
3,284,165
3,015,084
FNMA,
30
Year,
3.500%,
1/01/50
1,920,941
1,772,246
FNMA,
30
Year,
2.500%,
8/01/50
1,280,420
1,092,582
FNMA,
30
Year,
2.500%,
9/01/50
6,641,133
5,620,600
FNMA,
30
Year,
2.000%,
10/01/50
2,524,119
2,028,413
a
a
Shares/
Principal
a
Value
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
FNMA,
30
Year,
1.500%,
11/01/50
1,774,641
$
1,368,826
FNMA,
30
Year,
2.500%,
11/01/50
1,347,028
1,141,616
FNMA,
30
Year,
2.500%,
12/01/50
1,705,120
1,458,102
FNMA,
30
Year,
1.500%,
1/01/51
3,514,465
2,698,321
FNMA,
30
Year,
2.500%,
1/01/51
1,326,988
1,120,492
FNMA,
30
Year,
2.500%,
5/01/51
1,362,470
1,149,167
FNMA,
30
Year,
2.500%,
7/01/51
6,146,220
5,194,292
FNMA,
30
Year,
2.000%,
9/01/51
2,301,336
1,846,949
FNMA,
30
Year,
2.000%,
10/01/51
2,074,161
1,684,052
FNMA,
30
Year,
2.500%,
11/01/51
2,326,131
1,959,783
FNMA,
30
Year,
2.500%,
2/01/52
2,815,308
2,370,014
FNMA,
30
Year,
3.000%,
4/01/52
5,502,697
4,835,615
FNMA,
30
Year,
3.500%,
4/01/52
5,318,663
4,836,935
FNMA,
30
Year,
3.000%,
6/01/52
2,403,280
2,117,831
FNMA,
30
Year,
3.500%,
6/01/52
2,855,944
2,610,462
FNMA,
30
Year,
3.500%,
7/01/52
2,854,772
2,607,970
FNMA,
30
Year,
4.000%,
7/01/52
5,446,282
5,127,638
FNMA,
30
Year,
4.500%,
7/01/52
2,286,426
2,208,613
FNMA,
30
Year,
4.500%,
8/01/52
2,472,059
2,399,393
FNMA,
30
Year,
5.000%,
9/01/52
1,985,309
1,967,646
FNMA,
30
Year,
4.500%,
10/01/52
2,080,285
2,014,037
FNMA,
30
Year,
3.500%,
4/01/53
2,588,441
2,362,235
FNMA,
30
Year,
5.500%,
5/01/53
2,133,948
2,169,689
FNMA,
30
Year,
4.000%,
6/01/53
2,468,803
2,336,423
FNMA,
30
Year,
4.000%,
7/01/53
2,651,620
2,488,273
FNMA,
30
Year,
4.000%,
2/01/54
3,472,841
3,255,022
FNMA,
30
Year,
6.000%,
2/01/54
2,088,929
2,166,575
FNMA,
30
Year,
5.000%,
11/01/54
3,534,402
3,505,128
FNMA,
30
Year,
4.500%,
12/01/54
2,895,284
2,783,763
FNMA,
30
Year,
5.000%,
1/01/56
2,983,420
2,936,514
FNMA,
30
Year,
5.000%,
3/01/56
1,967,493
1,952,519
110,562,419
Government
National
Mortgage
Association
(GNMA)
Adjust-
able
Rate
0.2%
b
GNMA
II,
3.507%,
2/20/74
.....
2,155,184
1,999,627
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
2.4%
GNMA
I,
3.020%,
9/15/41
.....
1,409,201
1,233,756
GNMA
II,
Single-family,
30
Year,
3.000%,
10/20/51
..........
2,739,900
2,437,022
GNMA
II,
Single-family,
30
Year,
2.000%,
7/20/52
...........
2,528,410
2,078,730
GNMA
II,
Single-family,
30
Year,
2.500%,
7/20/52
...........
1,370,802
1,173,949
GNMA
II,
Single-family,
30
Year,
2.500%,
8/20/52
...........
4,124,544
3,544,722
GNMA
II,
Single-family,
30
Year,
2.500%,
2/20/53
...........
3,559,805
3,054,081
GNMA
II,
Single-family,
30
Year,
2.500%,
4/20/53
...........
2,891,988
2,480,252
GNMA
II,
Single-family,
30
Year,
3.000%,
6/20/53
...........
3,841,873
3,430,862
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
a
Shares/
Principal
a
Value
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
3.000%,
7/20/53
...........
2,163,831
$
1,931,691
21,365,065
Residential
Mortgage-Backed
Securities
5.8%
a
Angel
Oak
Mortgage
Trust
,
b
2022-2,
A1,
144A,
FRN,
4.076%,
1/25/67
...........
1,268,659
1,199,516
2022-5,
A1,
144A,
4.500%,
5/25/67
.................
1,295,892
1,294,423
b
2026-3,
A1,
144A,
FRN,
5.512%,
6/25/71
...........
3,000,000
3,003,232
a
AOMT,
Inc.,
2024-6,
A3,
144A,
4.650%,
11/25/67
..........
1,592,923
1,559,895
a
Brean
Asset-Backed
Securities
Trust,
2026-RM14,
A1,
144A,
4.250%,
1/25/66
...........
2,000,000
1,930,931
a,b
COLT
Mortgage
Loan
Trust,
2026-
3,
A1,
144A,
FRN,
5.119%,
5/25/71
.................
1,487,864
1,478,219
a,b
FARM
Mortgage
Trust
,
2024-1,
A,
144A,
FRN,
4.676%,
10/01/53
................
1,616,777
1,512,587
2024-2,
A,
144A,
FRN,
5.155%,
8/01/54
.................
1,219,663
1,118,795
2025-1,
A,
144A,
FRN,
5.220%,
8/01/55
.................
930,498
885,753
2025-2,
A,
144A,
FRN,
5.290%,
9/25/54
.................
1,812,390
1,733,123
a,b
FHLMC
STACR
REMIC
Trust
,
2020-HQA2,
M2,
144A,
FRN,
6.842%,
(30-day
SOFR
Average
+
3.214%),
3/25/50
........
471,521
480,153
2024-DNA1,
A1,
144A,
FRN,
4.978%,
(30-day
SOFR
Average
+
1.350%),
2/25/44
........
1,075,230
1,079,170
2024-DNA2,
M1,
144A,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.200%),
5/25/44
........
633,190
633,903
2025-DNA1,
A1,
144A,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.950%),
1/25/45
........
644,000
644,779
a,b
FNMA
Connecticut
Avenue
Securities
Trust
,
2021-R01,
1B1,
144A,
FRN,
6.728%,
(30-day
SOFR
Average
+
3.100%),
10/25/41
........
1,249,000
1,257,304
2023-R06,
1M1,
144A,
FRN,
5.328%,
(30-day
SOFR
Average
+
1.700%),
7/25/43
........
354,562
355,287
2025-R02,
1A1,
144A,
FRN,
4.628%,
(30-day
SOFR
Average
+
1.000%),
2/25/45
........
844,747
846,109
a
a
Shares/
Principal
a
Value
a
a
a
a
Mortgage-Backed
Securities
(continued)
Residential
Mortgage-Backed
Securities
(continued)
a,b
J.P.
Morgan
Mortgage
Trust
,
2022-7,
B2,
144A,
FRN,
3.694%,
12/25/52
..........
2,695,840
$
2,339,507
2023-2,
B3,
144A,
FRN,
5.520%,
7/25/53
...........
1,401,012
1,336,139
a,b
New
Residential
Mortgage
Loan
Trust,
2019-2A,
B5A,
144A,
FRN,
4.181%,
12/25/57
.....
2,101,529
1,958,835
a
OBX
Trust
,
b
2025-NQM13,
A1,
144A,
FRN,
5.441%,
5/25/65
...........
1,621,772
1,623,525
b
2025-NQM15,
A1,
144A,
FRN,
5.143%,
7/27/65
...........
1,467,387
1,463,697
b
2025-NQM20,
A1,
144A,
FRN,
5.021%,
10/25/65
..........
845,008
838,794
2026-NQM8,
A2,
144A,
5.498%,
5/25/66
.................
2,000,000
1,997,665
a,b
PMT
Loan
Trust
,
2025-CNF1,
A2,
144A,
FRN,
5.000%,
10/25/56
..........
2,164,257
2,116,025
2025-INV11,
A2,
144A,
FRN,
5.500%,
11/25/56
..........
959,364
959,971
2025-INV6,
A2,
144A,
FRN,
6.000%,
6/25/56
...........
1,771,934
1,798,173
2026-CNF3,
A6,
144A,
FRN,
5.000%,
4/25/57
...........
1,949,416
1,927,508
a,b
Sequoia
Mortgage
Trust
,
2021-4,
A4,
144A,
FRN,
2.500%,
6/25/51
...........
1,178,695
1,055,210
2024-2,
A19,
144A,
FRN,
5.915%,
3/25/54
...........
896,727
892,565
2024-3,
A19,
144A,
FRN,
5.997%,
4/25/54
...........
908,586
916,635
2025-11,
B2,
144A,
FRN,
6.151%,
11/25/55
..........
2,976,044
3,005,096
2025-13,
A19,
144A,
FRN,
5.500%,
1/25/56
...........
676,826
670,619
a
Towd
Point
Mortgage
Trust,
2023-
1,
A1,
144A,
3.750%,
1/25/63
.
779,289
741,990
a
Verus
Securitization
Trust
,
2025-8,
A3,
144A,
5.224%,
9/25/70
.................
1,714,120
1,698,520
b
2026-1,
A1,
144A,
FRN,
4.863%,
1/25/71
...........
1,195,821
1,184,895
2026-1,
A2,
144A,
5.117%,
1/25/71
.................
1,434,985
1,425,850
50,964,398
Total
Mortgage-Backed
Securities
(Cost
$275,722,044)
..............
264,078,251
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Shares/
Principal
a
Value
a
a
a
a
Municipal
Bonds
0.7%
California
0.5%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue
,
2022
,
4.190
%,
6/01/37
.................
1,750,000
$
1,637,122
State
of
California
,
GO
,
7.550
%,
4/01/39
.................
2,000,000
2,376,471
4,013,593
Massachusetts
0.2%
Commonwealth
of
Massachusetts
,
COVID-19
Recovery
Assessment
,
Revenue
,
2022
A
,
3.881
%,
1/15/31
...........
2,000,000
1,960,561
Total
Municipal
Bonds
(Cost
$6,413,042)
................
5,974,154
Supranational
5.5%
Asian
Development
Bank
,
4.000
%,
1/12/33
...........
3,000,000
2,948,340
Council
of
Europe
Development
Bank
,
3.625%,
5/08/28
...........
1,000,000
990,336
4.000%,
5/21/29
...........
2,000,000
1,991,233
European
Investment
Bank
,
3.750%,
5/15/29
...........
870,000
859,485
4.500%,
3/14/30
...........
2,000,000
2,020,975
3.750%,
3/13/31
...........
1,714,000
1,681,581
4.625%,
2/12/35
...........
500,000
508,271
Inter-American
Development
Bank
,
1.500%,
1/13/27
...........
2,000,000
1,973,616
0.625%,
9/16/27
...........
600,000
575,190
4.500%,
2/15/30
...........
4,000,000
4,040,022
4.375%,
7/16/35
...........
2,000,000
1,992,118
Inter-American
Investment
Corp.
,
4.250
%,
4/01/30
...........
2,500,000
2,497,956
International
Bank
for
Reconstruction
&
Development
,
3.125%,
6/15/27
...........
2,000,000
1,981,527
0.750%,
11/24/27
..........
1,000,000
954,135
4.625%,
8/01/28
...........
550,000
555,086
4.625%,
1/15/32
...........
5,600,000
5,699,918
1.745%,
7/31/33
...........
3,200,000
3,283,320
2.410%,
11/02/40
..........
3,500,000
3,533,854
b
FRN,
4.790%,
3/31/28
......
4,500,000
4,484,812
b
FRN,
4.008%,
(SOFR
Index
+
0.370%),
2/11/31
..........
1,000,000
1,003,417
a
International
Development
Association
,
144A,
4.375%,
6/11/29
......
800,000
803,559
144A,
4.500%,
2/12/35
......
1,000,000
1,004,744
International
Finance
Corp.
,
4.375%,
1/15/27
...........
1,000,000
1,001,601
4.250%,
7/02/29
...........
2,000,000
2,004,002
a
a
Shares/
Principal
a
Value
a
a
a
a
Supranational
(continued)
Nordic
Investment
Bank
,
3.750
%,
5/09/30
.................
1,000,000
$
982,389
Total
Supranational
(Cost
$49,447,758)
...............
49,371,487
Total
Long
Term
Investments
(Cost
$894,272,563)
..............
877,489,598
a
Money
Market
0.9%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
.
7,651,918
7,651,918
(Cost
$7,651,918)
a
Total
Investments
99.5%
(Cost
$901,924,481)
.............
$885,141,516
Other
Assets,
less
Liabilities
0.5%
4,530,633
Net
Assets
100.0%
...............
$889,672,149
a
Security
purchased
pursuant
to
Rule
144A
of
the
Securities
Act
of
1933
and
may
be
resold
only
to
qualified
institutional
buyers.
b
Rate
shown
reflects
the
accrual
rate
as
of
June
30,
2026
on
securities
with
variable
or
step
rates.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
d
Institutional
Class
shares.
ACES
Alternative
Credit
Enhancement
Structure
FRN
Floating
Rate
Note
LP
Limited
Partnership
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
Schedule
of
Investments
(Unaudited),
June
30,
2026
Impax
High
Yield
Bond
Fund
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
0.1%
Telecommunications
0.1%
a,b,c
Digicel
Holdings
Bermuda
Ltd.
.
24,783
$
669,141
(Cost
$44,161)
d
Preferred
Stocks
0.0%
d
Telecommunications
0.0%
a,b,c
Digicel
Holdings
Bermuda
Ltd.
.
1,328
13,944
(Cost
$8,925)
BONDS:
95.7%
Corporate
Bonds
92.1%
Automotive
3.8%
American
Axle
&
Manufacturing,
Inc.
,
5.000%,
10/01/29
.........
1,000,000
970,793
e
144A,
6.375%,
10/15/32
....
3,000,000
2,991,224
e
144A,
7.750%,
10/15/33
....
2,000,000
1,977,084
Dana,
Inc.
,
4.500
%,
2/15/32
...
2,000,000
2,002,774
e
Dorman
Products,
Inc.
,
144A,
6.250
%,
6/15/34
...........
2,000,000
2,025,480
e
Garrett
Motion
Holdings,
Inc.
/
Garrett
LX
I
SARL
,
144A,
7.750
%,
5/31/32
...........
3,000,000
3,151,992
e
IHO
Verwaltungs
GmbH
,
144A,
PIK,
6.375
%,
5/15/29
.......
2,000,000
2,020,580
e
Nissan
Motor
Co.
Ltd.
,
144A,
7.500
%,
7/17/30
...........
3,000,000
3,094,563
e
ZF
North
America
Capital,
Inc.
,
144A,
6.750
%,
4/23/30
......
2,000,000
1,984,921
20,219,411
Banking
1.8%
Banco
Santander
SA
,
Junior
Sub.
Bond
,
7.25%
to
6/02/36,
FRN
thereafter
,
Perpetual
.......
1,600,000
1,627,104
Barclays
plc
,
Junior
Sub.
Bond
,
7.625%
to
9/14/35,
FRN
thereafter
,
Perpetual
.......
2,000,000
2,091,468
e
BNP
Paribas
SA
,
Junior
Sub.
Bond
,
144A,
7.2%
to
4/16/36,
FRN
thereafter
,
Perpetual
...
2,000,000
2,013,400
JPMorgan
Chase
&
Co.
,
PP
,
Junior
Sub.
Bond
,
6.1%
to
6/30/31,
FRN
thereafter
,
Perpetual
................
2,000,000
2,025,930
PNC
Financial
Services
Group,
Inc.
(The)
,
V
,
Junior
Sub.
Bond
,
6.2%
to
9/14/27,
FRN
thereafter
,
Perpetual
................
2,000,000
2,028,722
9,786,624
Basic
Industry
6.9%
e
Beazer
Homes
USA,
Inc.
,
144A,
8.000
%,
1/15/32
...........
3,000,000
3,015,562
e
Champion
Iron
Canada,
Inc.
,
144A,
7.875
%,
7/15/32
......
2,000,000
2,072,642
Cleveland-Cliffs,
Inc.
,
6.250%,
10/01/40
.........
2,000,000
1,595,994
e
144A,
7.000%,
3/15/32
.....
2,000,000
1,986,691
a
a
Shares/
Principal
a
Value
a
a
a
a
Basic
Industry
(continued)
e
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
144A,
6.125
%,
6/15/28
.................
4,300,000
$
4,294,935
e
Hybar
LLC
,
144A,
7.375
%,
7/01/34
.................
2,000,000
2,012,206
e
INEOS
Finance
plc
,
144A,
7.500
%,
4/15/29
...........
1,000,000
973,040
e
JW
Aluminum
Continuous
Cast
Co.
,
144A,
10.250
%,
4/01/30
.
1,500,000
1,587,773
e
Knife
River
Corp.
,
144A,
7.750
%,
5/01/31
.................
2,675,000
2,777,188
e
Limak
Cimento
Sanayi
ve
Ticaret
A/S
,
144A,
9.750
%,
7/25/29
..
1,000,000
1,011,608
e
Maxam
Prill
SARL
,
144A,
7.750
%,
7/15/30
.................
2,000,000
2,061,794
e
Mineral
Resources
Ltd.
,
144A,
7.000%,
4/01/31
.....
2,000,000
2,071,661
144A,
6.000%,
5/01/32
.....
1,448,000
1,433,357
144A,
6.250%,
5/01/34
.....
2,000,000
1,967,864
e
Nickel
Industries
Ltd.
,
144A,
9.000
%,
9/30/30
...........
2,000,000
2,053,210
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
4.750
%,
2/15/28
2,000,000
1,981,947
e
Standard
Building
Solutions,
Inc.
,
144A,
6.500
%,
8/15/32
......
2,000,000
2,013,388
e
Standard
Industries,
Inc.
,
144A,
4.375
%,
7/15/30
...........
1,875,000
1,782,170
36,693,030
Capital
Goods
7.1%
ATI,
Inc.
,
7.250%,
8/15/30
..........
1,000,000
1,038,948
5.125%,
10/01/31
.........
1,800,000
1,788,323
e
ATS
Corp.
,
144A,
4.125
%,
12/15/28
................
3,900,000
3,805,957
e
CANPACK
Group,
Inc.
/
CANPACK
SA
,
144A,
6.000
%,
5/15/31
.................
2,000,000
2,012,720
e
Columbus
McKinnon
Corp.
,
144A,
7.125
%,
2/01/33
...........
2,000,000
2,005,858
Crown
Americas
LLC
,
5.875
%,
6/01/33
.................
3,500,000
3,526,896
e
Enpro,
Inc.
,
144A,
6.125
%,
6/01/33
.................
2,775,000
2,818,287
e
Esab
Corp.
,
144A,
6.250%,
4/15/29
.....
3,000,000
3,047,613
144A,
5.625%,
4/01/31
.....
2,750,000
2,759,859
e
Gates
Corp.
,
144A,
6.875
%,
7/01/29
.................
2,000,000
2,048,056
e
Graphic
Packaging
International
LLC
,
144A,
3.750%,
2/01/30
.....
1,500,000
1,410,643
144A,
6.375%,
7/15/32
.....
2,000,000
2,020,370
e
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9.250
%,
10/01/31
................
2,000,000
2,152,376
e
Mauser
Packaging
Solutions
Holding
Co.
,
144A,
7.875
%,
4/15/30
.................
1,500,000
1,534,283
e
OI
European
Group
BV
,
144A,
4.750
%,
2/15/30
...........
2,000,000
1,901,060
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Shares/
Principal
a
Value
a
a
a
a
Capital
Goods
(continued)
e
Owens-Brockway
Glass
Container,
Inc.
,
144A,
9.500
%,
6/01/33
.................
2,000,000
$
2,050,260
e
Terex
Corp.
,
144A,
6.250
%,
10/15/32
................
2,000,000
2,027,058
37,948,567
Consumer
Goods
5.0%
e
BellRing
Brands,
Inc.
,
144A,
7.000
%,
3/15/30
...........
2,500,000
2,501,431
e
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
144A,
6.375
%,
4/15/34
.................
3,000,000
3,046,665
e
Energizer
Holdings,
Inc.
,
144A,
6.000
%,
9/15/33
...........
2,500,000
2,408,516
e
KeHE
Distributors
LLC
/
KeHE
Finance
Corp.
/
NextWave
Distribution,
Inc.
,
144A,
7.125
%,
4/30/33
.................
3,000,000
3,057,726
e
Land
O'
Lakes,
Inc.
,
Junior
Sub.
Bond
,
144A,
7.000
%,
Perpetual
3,685,000
3,270,438
e
Performance
Food
Group,
Inc.
,
144A,
6.125%,
9/15/32
.....
2,000,000
2,026,962
144A,
5.625%,
3/01/34
.....
2,500,000
2,455,466
e
Post
Holdings,
Inc.
,
144A,
4.625%,
4/15/30
.....
2,000,000
1,933,321
144A,
4.500%,
9/15/31
.....
2,000,000
1,877,137
e
Viking
Baked
Goods
Acquisition
Corp.
,
144A,
8.625%,
11/01/31
....
3,000,000
3,039,918
JUL,
144A,
8.625%,
11/01/31
857,000
868,403
26,485,983
Financial
Services
8.8%
e
Azorra
Finance
Ltd.
,
144A,
7.750%,
4/15/30
.....
2,500,000
2,595,218
144A,
7.250%,
1/15/31
.....
2,000,000
2,056,618
Block,
Inc.
,
6.500%,
5/15/32
..........
1,000,000
1,021,416
e
144A,
6.000%,
8/15/33
.....
1,000,000
1,007,475
e
Burford
Capital
Global
Finance
LLC
,
144A,
6.250%,
4/15/28
.....
500,000
494,324
144A,
9.250%,
7/01/31
.....
2,000,000
1,949,020
e
Diebold
Nixdorf,
Inc.
,
144A,
7.750
%,
3/31/30
...........
1,500,000
1,565,882
e
Freedom
Mortgage
Holdings
LLC
,
144A,
7.875
%,
4/01/33
......
3,000,000
2,928,165
Goldman
Sachs
Group,
Inc.
(The)
,
Z
,
Junior
Sub.
Bond
,
6.85%
to
2/09/30,
FRN
thereafter
,
Perpetual
................
3,000,000
3,085,961
e
Jefferies
Finance
LLC
/
JFIN
Co-Issuer
Corp.
,
144A,
5.000
%,
8/15/28
.................
3,000,000
2,898,920
OneMain
Finance
Corp.
,
6.625%,
1/15/28
..........
1,125,000
1,142,203
7.125%,
11/15/31
.........
1,000,000
1,021,070
a
a
Shares/
Principal
a
Value
a
a
a
a
Financial
Services
(continued)
e
Osaic
Holdings,
Inc.
,
144A,
6.750
%,
8/01/32
...........
1,175,000
$
1,177,685
e
Provident
Funding
Associates
LP
/
PFG
Finance
Corp.
,
144A,
9.750
%,
9/15/29
...........
3,000,000
3,136,596
e
Rocket
Cos.,
Inc.
,
144A,
6.125%,
8/01/30
.....
2,000,000
2,035,294
144A,
6.375%,
8/01/33
.....
4,500,000
4,581,965
144A,
6.500%,
6/15/34
.....
1,200,000
1,232,315
e
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
,
144A,
6.750
%,
8/15/32
......
2,500,000
2,506,529
e
TrueNoord
Capital
DAC
,
144A,
8.750
%,
3/01/30
...........
3,000,000
3,112,680
e
UBS
Group
AG
,
Junior
Sub.
Bond
,
144A,
7%
to
7/07/36,
FRN
thereafter
,
Perpetual
.......
2,000,000
2,022,966
e
UWM
Holdings
LLC
,
144A,
6.250
%,
3/15/31
...........
3,000,000
2,676,010
e
Velocity
Commercial
Capital
LLC
,
144A,
9.375
%,
2/15/31
......
2,500,000
2,593,255
46,841,567
Healthcare
6.4%
e
AMN
Healthcare,
Inc.
,
144A,
6.500
%,
1/15/31
...........
3,000,000
3,019,998
e
Avantor
Funding,
Inc.
,
144A,
4.625
%,
7/15/28
...........
3,000,000
2,970,098
CVS
Health
Corp.
,
6.125%,
9/15/39
..........
2,500,000
2,604,293
Junior
Sub.
Bond,
6.75%
to
12/09/34,
FRN
thereafter,
12/10/54
................
3,000,000
3,126,765
Dentsply
Sirona,
Inc.
,
Junior
Sub.
Bond
,
8.375%
to
9/11/30,
FRN
thereafter
,
9/12/55
.........
3,000,000
3,004,482
e
HAH
Group
Holding
Co.
LLC
,
144A,
9.750
%,
10/01/31
.....
1,450,000
1,299,229
Humana,
Inc.
,
Junior
Sub.
Bond
,
6.625%
to
9/14/31,
FRN
thereafter
,
9/15/56
.........
4,000,000
3,989,364
e
IQVIA,
Inc.
,
144A,
5.000%,
5/15/27
.....
2,750,000
2,749,926
144A,
6.250%,
6/01/32
.....
2,250,000
2,290,339
e
Neogen
Food
Safety
Corp.
,
144A,
8.625
%,
7/20/30
...........
3,000,000
3,161,958
e
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
144A,
6.750%,
5/15/34
.....
1,000,000
1,056,112
144A,
7.875%,
5/15/34
.....
1,000,000
1,071,822
Tenet
Healthcare
Corp.
,
5.125%,
11/01/27
.........
3,000,000
3,001,561
e
144A,
6.000%,
11/15/33
....
1,000,000
1,009,463
34,355,410
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
a
Shares/
Principal
a
Value
a
a
a
a
Insurance
3.1%
e
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
144A,
7.000
%,
1/15/31
......
3,000,000
$
3,050,319
e
Baldwin
Insurance
Group
Holdings
LLC
/
Baldwin
Insurance
Group
Holdings
Finance,
Inc.
(The)
,
144A,
7.125
%,
5/15/31
...........
3,500,000
3,517,721
e
Howden
UK
Refinance
plc
/
Howden
UK
Refinance
2
plc
/
Howden
US
Refinance
LLC
,
144A,
7.250
%,
2/15/31
......
1,750,000
1,696,500
e
Liberty
Mutual
Group,
Inc.
,
144A,
4.125%
to
12/14/26,
FRN
thereafter
,
12/15/51
........
6,000,000
5,958,424
e
Ryan
Specialty
LLC
,
144A,
5.875
%,
8/01/32
...........
2,500,000
2,461,131
16,684,095
Leisure
4.0%
e
A&K
Travel
Group
Holdings
Ltd.
,
144A,
7.500
%,
5/15/33
......
2,000,000
2,020,251
e
Gaia
Purchaser,
Inc.
,
144A,
7.625
%,
7/15/33
...........
2,000,000
2,024,175
e
Hilton
Domestic
Operating
Co.,
Inc.
,
144A,
6.125
%,
4/01/32
..
5,000,000
5,069,455
e
Marriott
Ownership
Resorts,
Inc.
,
144A,
4.500%,
6/15/29
.....
1,500,000
1,448,291
144A,
6.500%,
10/01/33
....
2,000,000
1,988,848
e
NCL
Corp.
Ltd.
,
144A,
6.750
%,
2/01/32
.................
2,000,000
1,996,913
e
Viking
Cruises
Ltd.
,
144A,
5.875
%,
10/15/33
..........
2,000,000
2,004,112
e
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
144A,
5.625
%,
2/15/29
..
2,000,000
2,000,872
e
Wyndham
Hotels
&
Resorts,
Inc.
,
144A,
5.625
%,
3/01/33
......
3,000,000
2,962,727
21,515,644
Media
11.5%
e
AMC
Global
Media,
Inc.
,
144A,
10.500
%,
7/15/32
..........
2,629,000
2,704,116
e
Cars.com,
Inc.
,
144A,
6.375
%,
11/01/28
................
1,000,000
992,581
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
4.500%,
5/01/32
..........
2,000,000
1,767,038
e
144A,
5.125%,
5/01/27
.....
616,000
615,069
e
144A,
5.375%,
6/01/29
.....
3,275,000
3,205,541
e
144A,
4.750%,
3/01/30
.....
5,500,000
5,217,692
e
Cimpress
plc
,
144A,
7.375
%,
9/15/32
.................
2,000,000
2,023,562
e
Deluxe
Corp.
,
144A,
8.000%,
6/01/29
.....
2,000,000
2,015,914
144A,
8.125%,
9/15/29
.....
2,500,000
2,591,275
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
144A,
5.875%,
8/15/27
.....
125,000
124,893
144A,
10.000%,
2/15/31
....
2,000,000
2,076,710
a
a
Shares/
Principal
a
Value
a
a
a
a
Media
(continued)
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.,
(continued)
144A,
9.250%,
6/01/32
.....
1,000,000
$
1,016,776
Discovery
Communications
LLC
,
3.950
%,
3/20/28
...........
1,000,000
985,625
Discovery
Global
Holdings,
Inc.
,
4.279%,
3/15/32
..........
1,000,000
897,970
5.050%,
3/15/42
..........
1,500,000
1,100,730
e
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%,
8/15/30
.
2,500,000
2,190,260
e
Getty
Images,
Inc.
,
144A,
10.500
%,
11/15/30
.........
2,000,000
1,669,207
e
Gray
Media,
Inc.
,
Secured
Note
,
144A,
9.625
%,
7/15/32
......
4,000,000
3,864,120
e
Midcontinent
Communications
,
144A,
8.000
%,
8/15/32
......
3,000,000
2,632,497
e
Nexstar
Media,
Inc.
,
144A,
4.750%,
11/01/28
....
2,000,000
1,960,275
144A,
6.500%,
9/15/33
.....
2,750,000
2,751,657
144A,
7.250%,
4/15/34
.....
1,500,000
1,497,667
e
OAK-Eagle
Acquireco,
Inc.
,
144A,
7.250%,
7/01/33
.....
1,846,000
1,932,118
144A,
8.750%,
7/01/34
.....
2,000,000
2,123,844
Paramount
Global
,
4.850%,
7/01/42
..........
1,000,000
676,613
4.900%,
8/15/44
..........
2,000,000
1,322,948
6.25%
to
2/27/27,
FRN
thereafter,
2/28/57
.........
1,000,000
816,250
e
RR
Donnelley
&
Sons
Co.
,
144A,
9.500%,
8/01/29
.....
3,500,000
3,632,286
144A,
PIK,
11.000%,
6/01/31
.
2,000,000
1,932,776
e
Scripps
Escrow
II,
Inc.
,
144A,
5.375
%,
1/15/31
...........
1,000,000
602,300
e
Sirius
XM
Radio
LLC
,
144A,
4.125
%,
7/01/30
...........
3,000,000
2,825,608
e
Univision
Communications,
Inc.
,
144A,
8.500
%,
7/31/31
......
1,500,000
1,507,630
61,273,548
Real
Estate
3.8%
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
2,989,364
e
Five
Point
Operating
Co.
LP
,
144A,
8.000
%,
10/01/30
.....
2,036,000
2,085,764
e
Iron
Mountain,
Inc.
,
144A,
5.000%,
7/15/28
.....
1,000,000
996,702
144A,
6.250%,
1/15/35
.....
2,000,000
2,010,296
e
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
144A,
4.625%,
3/15/30
.....
2,000,000
1,940,969
144A,
7.375%,
2/15/31
.....
2,000,000
2,086,058
e
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
144A,
6.375
%,
10/15/29
................
3,000,000
3,052,995
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Shares/
Principal
a
Value
a
a
a
a
Real
Estate
(continued)
e
Rithm
Capital
Corp.
,
144A,
8.000%,
4/01/29
.....
3,000,000
$
3,014,475
144A,
8.000%,
7/15/30
.....
2,000,000
1,996,442
20,173,065
Retail
5.6%
e
Advance
Auto
Parts,
Inc.
,
144A,
7.375
%,
8/01/33
...........
2,000,000
2,074,270
e
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
144A,
3.500%,
3/15/29
.....
1,175,000
1,116,855
144A,
6.250%,
3/15/33
.....
2,200,000
2,181,873
e
Gee
Automotive
Holdings
LLC
,
144A,
7.250
%,
3/01/31
......
2,000,000
2,027,942
e
Global
Auto
Holdings
Ltd.
/
AAG
FH
UK
Ltd.
,
144A,
8.375%,
1/15/29
.....
2,000,000
1,971,760
144A,
8.750%,
1/15/32
.....
2,000,000
1,898,009
e
Macy's
Retail
Holdings
LLC
,
144A,
7.375%,
8/01/33
.....
1,000,000
1,051,174
144A,
6.700%,
7/15/34
.....
2,000,000
1,941,491
e
Michaels
Cos.,
Inc.
(The)
,
144A,
8.500%,
3/15/33
.....
2,500,000
2,477,712
Secured
Note,
144A,
11.000%,
3/15/34
.................
1,500,000
1,470,262
Nordstrom,
Inc.
,
4.000
%,
3/15/27
1,000,000
994,620
e
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
144A,
7.500%,
9/15/32
.....
2,000,000
2,001,876
144A,
10.000%,
9/15/33
....
1,000,000
1,002,302
e
Photo
Holdings
LLC
,
144A,
12.000
%,
7/01/31
..........
2,000,000
2,062,195
Safeway,
Inc.
,
7.250
%,
2/01/31
.
2,925,000
3,081,338
e
Under
Armour,
Inc.
,
144A,
7.250
%,
7/15/30
...........
708,000
715,205
e
Wayfair
LLC
,
144A,
7.125
%,
5/31/34
.................
1,675,000
1,723,367
29,792,251
Services
6.0%
e
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
,
144A,
7.000
%,
5/21/30
...........
3,000,000
3,108,327
e
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
,
144A,
5.750%,
7/15/27
.....
538,000
539,894
144A,
8.000%,
2/15/31
.....
1,000,000
1,010,630
e
Clean
Harbors,
Inc.
,
144A,
6.375
%,
2/01/31
...........
2,500,000
2,537,035
e
Conduent
Business
Services
LLC
/
Conduent
State
&
Local
Solutions,
Inc.
,
144A,
6.000
%,
11/01/29
................
500,000
422,273
e
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
7.125
%,
7/01/34
.................
3,000,000
2,951,365
a
a
Shares/
Principal
a
Value
a
a
a
a
Services
(continued)
e
Herc
Holdings,
Inc.
,
144A,
7.250
%,
6/15/33
...........
1,500,000
$
1,564,885
e
Ingram
Micro,
Inc.
,
144A,
4.750
%,
5/15/29
.................
2,500,000
2,456,820
e
Neptune
Bidco
US,
Inc.
,
144A,
9.290%,
4/15/29
.....
2,500,000
2,551,532
144A,
10.375%,
5/15/31
....
2,000,000
2,074,450
e
Resideo
Funding,
Inc.
,
144A,
6.500
%,
7/15/32
...........
2,000,000
2,012,496
e
Synergy
Infrastructure
Holdings
LLC
,
Secured
Note
,
144A,
7.000
%,
7/15/34
...........
2,000,000
2,029,829
United
Rentals
North
America,
Inc.
,
5.250
%,
1/15/30
.......
3,000,000
3,003,825
e
VM
Consolidated,
Inc.
,
144A,
5.500
%,
4/15/29
...........
710,000
626,932
e
WESCO
Distribution,
Inc.
,
144A,
5.500
%,
4/15/34
...........
3,000,000
2,975,197
e
Williams
Scotsman,
Inc.
,
144A,
6.625
%,
4/15/30
...........
2,000,000
2,061,894
31,927,384
Technology
&
Electronics
4.5%
e
Black
Pearl
Compute
LLC
,
144A,
6.125
%,
2/15/31
...........
2,000,000
2,028,130
e
Coherent
Corp.
,
144A,
5.000
%,
12/15/29
................
1,500,000
1,477,703
e
Core
Scientific
Finance
I
LLC
,
144A,
7.750
%,
5/15/31
......
1,357,000
1,377,085
e
Entegris,
Inc.
,
144A,
5.950
%,
6/15/30
.................
2,125,000
2,148,757
e
Kioxia
Holdings
Corp.
,
144A,
6.250%,
7/24/30
.....
1,270,000
1,310,352
144A,
6.625%,
7/24/33
.....
1,250,000
1,307,786
e
NCR
Voyix
Corp.
,
144A,
5.125
%,
4/15/29
.................
2,000,000
1,952,255
e
Open
Text
Corp.
,
144A,
3.875
%,
12/01/29
................
3,500,000
3,220,803
e
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
144A,
4.091
%,
6/01/29
.................
3,000,000
2,921,459
e
Sensata
Technologies
BV
,
144A,
5.875
%,
9/01/30
...........
3,500,000
3,521,753
e
WULF
Compute
LLC
,
144A,
7.750
%,
10/15/30
..........
2,500,000
2,627,407
23,893,490
Telecommunications
9.7%
e
Africell
Holding
Ltd.
,
144A,
10.500
%,
10/23/29
.........
1,000,000
1,027,193
e
APLD
ComputeCo
LLC
,
144A,
9.250
%,
12/15/30
..........
2,350,000
2,536,483
e
C&W
Senior
Finance
Ltd.
,
144A,
9.000
%,
1/15/33
...........
2,000,000
2,022,410
e
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
144A,
7.000
%,
6/15/27
......
4,500,000
4,472,932
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
a
a
Shares/
Principal
a
Value
a
a
a
a
Telecommunications
(continued)
e
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
144A,
9.000
%,
9/15/29
.................
1,000,000
$
1,053,494
e
CoreWeave,
Inc.
,
144A,
9.250
%,
6/01/30
.................
3,000,000
3,021,691
e
Digicel
International
Finance
Ltd.
/
DIFL
US
LLC
,
144A,
8.625
%,
8/01/32
.................
4,000,000
4,121,600
EchoStar
Corp.
,
10.750
%,
11/30/29
................
2,500,000
2,702,999
e
Edged
Compute
LLC
,
144A,
7.500
%,
4/30/31
...........
2,000,000
1,950,765
e
Fibercop
SpA
,
144A,
7.200
%,
7/18/36
.................
3,000,000
3,083,848
e
Meridian
Arc
Holdco
LLC
,
144A,
6.250
%,
4/30/31
...........
1,212,000
1,215,509
e
Millicom
International
Cellular
SA
,
144A,
7.375
%,
4/02/32
......
2,000,000
2,067,048
e
Sable
International
Finance
Ltd.
,
144A,
7.125
%,
10/15/32
.....
3,000,000
2,981,113
e
SV
RNO
Property
Owner
1
LLC
,
144A,
5.875
%,
3/01/31
......
2,000,000
1,972,437
e
Turkcell
Iletisim
Hizmetleri
A/S
,
144A,
7.450
%,
1/24/30
......
2,000,000
2,054,092
e
Uniti
Group
LP
/
Uniti
Group
Finance
2019,
Inc.
/
CSL
Capital
LLC
,
144A,
8.625
%,
6/15/32
.
2,000,000
2,088,121
e
Viasat,
Inc.
,
144A,
7.500
%,
5/30/31
.................
1,000,000
1,011,110
e
Virgin
Media
Secured
Finance
plc
,
144A,
5.500
%,
5/15/29
......
4,000,000
3,799,613
e
VZ
Secured
Financing
BV
,
144A,
5.000
%,
1/15/32
...........
2,975,000
2,606,651
e
Windstream
Services
LLC
/
Windstream
Escrow
Finance
Corp.
,
144A,
8.250
%,
10/01/31
3,000,000
3,165,270
e
Yondr
JK
1
LLC
,
144A,
6.875
%,
6/30/31
.................
1,052,000
1,055,425
e
Ziggo
Bond
Co.
BV
,
144A,
5.125
%,
2/28/30
...........
2,000,000
1,760,627
51,770,431
Transportation
1.6%
e
GB
AIT
Buyer,
Inc.
,
144A,
8.750
%,
4/30/34
.................
3,000,000
3,011,728
e
Genesee
&
Wyoming,
Inc.
,
144A,
6.250
%,
4/15/32
...........
1,500,000
1,523,373
e
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP
,
144A,
9.875
%,
9/20/31
.................
1,000,000
907,068
e
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
144A,
7.125
%,
8/01/32
3,250,000
3,339,264
8,781,433
Utility
2.5%
e
Long
Ridge
Energy
LLC
,
144A,
8.750
%,
2/15/32
...........
1,674,000
1,767,852
e
MSU
Green
Energy
,
144A,
9.750
%,
6/16/36
...........
1,500,000
1,487,475
a
a
Shares/
Principal
a
Value
a
a
a
a
Utility
(continued)
e
NRG
Energy,
Inc.
,
144A,
6.000%,
2/01/33
.....
2,000,000
$
2,011,450
144A,
6.000%,
1/15/36
.....
2,000,000
1,994,759
e
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.
,
144A,
4.500
%,
8/15/28
......
3,150,000
3,085,932
e
XPLR
Infrastructure
Operating
Partners
LP
,
144A,
8.375
%,
1/15/31
.................
3,000,000
3,201,105
13,548,573
Total
Corporate
Bonds
(Cost
$486,741,224)
..............
491,690,506
Foreign
Government
and
Agency
Securities
0.4%
e
Telecommunications
co.
Telekom
Srbija
AD
Belgrade
,
144A,
7.250
%,
5/18/31
...........
2,000,000
1,996,406
Total
Foreign
Government
and
Agency
Securities
(Cost
$2,001,417)
................
1,996,406
Asset-Backed
Securities
0.7%
Telecommunications
0.7%
e
ALLO
Issuer
LLC
,
2026-1A,
B,
144A,
6.046%,
6/20/56
.................
1,000,000
1,010,800
2026-1A,
C,
144A,
7.456%,
6/20/56
.................
1,750,000
1,768,327
e
MetroNet
Infrastructure
Issuer
LLC
,
2025-2A
,
C
,
144A,
7.830
%,
8/20/55
.
..........
1,000,000
1,020,912
3,800,039
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$3,749,811)
................
3,800,039
Loans
2.5%
Basic
Industry
0.1%
f
Bond
US
Bidco
1,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
7.311
%
(
12-month
SOFR
+
3.500
%
),
5/06/33
.................
500,000
502,187
Capital
Goods
0.3%
f
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan
,
7.232
%
(
3-month
SOFR
+
3.500
%
),
2/03/33
..........
1,766,049
1,764,945
Consumer
Staples
0.3%
f
United
Natural
Foods,
Inc.,
CME
Term
Loan,
B
,
7.644
%
(
1-month
SOFR
+
4.000
%
),
5/01/31
...
1,473,686
1,473,686
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
www.impaxam.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
a
a
Shares/
Principal
a
Value
a
a
a
a
Loans
(continued)
Healthcare
0.2%
f
1261229
BC
Ltd.,
First
Lien,
Initial
CME
Term
Loan
,
9.894
%
(
1-month
SOFR
+
6.250
%
),
10/08/30
................
992,500
$
964,740
Media
0.9%
f
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.735
%
(
1-month
SOFR
+
4.000
%
),
8/23/28
..........
3,000,000
3,007,770
f
EW
Scripps
Co.
(The),
First
Lien,
CME
Term
Loan,
B3
,
7.104
%
(
1-month
SOFR
+
3.350
%
),
11/30/29
.........
1,878,919
1,797,891
4,805,661
a
a
a
a
a
Retail
0.3%
f
Men's
Wearhouse,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.414
%
(
3-month
SOFR
+
5.750
%
),
1/28/31
.................
1,507,692
1,523,576
Telecommunications
0.4%
f
Connect
Finco
SARL,
First
Lien,
Amendment
No.
4
CME
Term
Loan
,
8.144
%
(
1-month
SOFR
+
4.500
%
),
9/13/29
..........
1,989,848
1,998,145
Total
Loans
(Cost
$13,022,473)
...............
13,032,940
Total
Long
Term
Investments
(Cost
$505,568,011)
..............
511,202,976
a
Money
Market
4.1%
g,h
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
.
21,834,044
21,834,044
(Cost
$21,834,044)
a
Total
Investments
99.9%
(Cost
$527,402,055)
.............
$533,037,020
Other
Assets,
less
Liabilities
0.1%
574,166
Net
Assets
100.0%
...............
$533,611,186
a
Non-income
producing
security.
b
Illiquid
security.
c
Security
valued
using
significant
unobservable
inputs.
d
Rounds
to
less
than
0.05%.
e
Security
purchased
pursuant
to
Rule
144A
of
the
Securities
Act
of
1933
and
may
be
resold
only
to
qualified
institutional
buyers.
f
Rate
shown
reflects
the
accrual
rate
as
of
June
30,
2026
on
securities
with
variable
or
step
rates.
g
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
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
(Unaudited),
June
30,
2026
Impax
Sustainable
Allocation
Fund
www.impaxam.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Affiliated
Investment
Companies
96.2%
a
Impax
Core
Bond
Fund,
Class
Institutional
..............
88,209,807
$
775,364,205
a
Impax
Global
Environmental
Markets
Fund,
Class
Institutional
..............
2,151,904
54,507,739
a
Impax
Global
Opportunities
Fund,
Class
Institutional
..........
2,862,409
50,607,397
Impax
Global
Sustainable
Infrastructure
ETF
.........
2,755,857
71,813,500
a
Impax
High
Yield
Bond
Fund,
Class
Institutional
..........
19,991,211
121,946,389
a
Impax
International
Sustainable
Economy
Fund,
Class
Institutional
..............
15,867,390
211,194,955
a
Impax
Large
Cap
Fund,
Class
Institutional
..............
22,226,003
248,042,196
a,b
Impax
Small
Cap
Fund,
Class
Institutional
..............
6,410,734
147,703,308
a
Impax
US
Sustainable
Economy
Fund,
Class
Institutional
.....
20,616,416
624,265,084
2,305,444,773
Total
Affiliated
Investment
Companies
(Cost
$2,073,143,637)
............
2,305,444,773
Money
Market
3.9%
a,c
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.616%
.
92,388,370
92,388,370
(Cost
$92,388,370)
a
Total
Investments
100.1%
(Cost
$2,165,532,007)
............
$2,397,833,143
Other
Assets,
less
Liabilities
(
0.1)%
(2,045,068)
Net
Assets
100.0%
...............
$2,395,788,075
a
Institutional
Class
shares.
b
Non-income
producing
security.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
June
30,
2026.
Financial
Statements
Statements
of
Assets
and
Liabilities
June
30,
2026
(Unaudited)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
34
Large
Cap
Fund
Small
Cap
Fund
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
ETF
1,2
Assets:
Investments,
at
cost
-
Note
A
...............
$272,818,847
$711,809,050
$810,979,490
$100,236,245
Investments
in
unaffiliated
issuers,
at
value
....
$366,240,043
$960,857,978
$1,085,328,092
$118,129,481
Total
investments,
at
value
-
Note
A
366,240,043
960,857,978
1,085,328,092
118,129,481
Cash
.................................
—
—
—
—
Foreign
currency,
at
value
(cost
$–,
$–,
$–
and
$2,092,
respectively)
.....................
—
—
—
2,092
Receivables:
Capital
stock
sold
......................
227,382
1,344,421
1,596,030
—
Dividends
and
interest
-
Note
A
............
122,719
194,537
479,608
196,068
Investment
securities
sold
................
22,935,397
7,239,122
—
—
Other
...............................
—
—
—
231,807
Total
assets
.......................
389,525,541
969,636,058
1,087,403,730
118,559,448
Liabilities:
Payables:
Capital
stock
reacquired
.................
150,675
663,977
43,406
—
Investment
securities
purchased
...........
23,562,779
18,987,783
—
—
Payable
to
bank
.......................
—
—
—
6,440
Accrued
expenses:
......................
Investment
advisory
fees
-
Note
B
..........
297,583
534,067
423,760
56,810
Distribution
expense
....................
7,399
25,805
48,523
—
Transfer
agent
fees
.....................
100,585
71,896
—
—
Printing
and
other
shareholder
communication
fees
................................
46,142
47,555
—
—
Custodian
fees
........................
38,607
30,093
—
—
Legal
and
audit
fees
....................
54,169
30,181
—
—
Other
accrued
expenses
.................
39,539
4,490
—
—
Total
liabilities
......................
24,297,478
20,395,847
515,689
63,250
Net
assets,
at
value
..............
$365,228,063
$949,240,211
$1,086,888,041
$118,496,198
Net
assets
consist
of:
Paid-in
capital
..........................
$57,487,892
$620,321,235
$801,306,115
$105,894,371
Total
distributable
earnings
.................
307,740,171
328,918,976
285,581,926
12,601,827
Net
assets,
at
value
..............
$365,228,063
$949,240,211
$1,086,888,041
$118,496,198
1
Impax
Global
Sustainable
Infrastructure
ETF
was
known
as
Impax
Global
Infrastructure
ETF
prior
to
May
1,
2026.
2
The
Impax
Global
Sustainable
Infrastructure
ETF
acquired
all
the
assets
and
liabilities
of
the
Global
Sustainable
Infrastructure
Fund
("Predecessor
Fund"),
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
February
2,
2026
("Reorganization").
The
Fund
commenced
operations
as
an
exchange-traded
fund
("ETF")
as
of
that
date
and,
as
result
of
the
Reorganization,
adopted
the
financial
history
of
Institutional
Class
Shares
of
the
Predecessor
Fund.
See
Notes
to
Financial
Statements
for
further
information
on
the
Reorganization.
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2026
(Unaudited)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
35
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Global
Women’s
Leadership
Fund
1
International
Sustainable
Economy
Fund
Assets:
Investments,
at
cost
-
Note
A
...............
$71,690,580
$1,272,146,752
$438,309,371
$1,386,769,229
Investments
in
unaffiliated
issuers,
at
value
....
$96,174,301
$1,754,523,241
$650,592,670
$1,855,892,685
Total
investments,
at
value
-
Note
A
96,174,301
1,754,523,241
650,592,670
1,855,892,685
Cash
.................................
—
—
—
191,379
Foreign
currency,
at
value
(cost
$398,701,
$688,
$–
and
$–,
respectively)
...................
393,422
688
—
—
Receivables:
Capital
stock
sold
......................
50
983,311
572,525
5,169,000
Dividends
and
interest
-
Note
A
............
18,665
649,568
678,897
2,780,076
Due
from
custodian
.....................
—
—
438,743
—
Other
...............................
130,110
2,501,273
600,328
7,274,474
Total
assets
.......................
96,716,548
1,758,658,081
652,883,163
1,871,307,614
Liabilities:
Payables:
Capital
stock
reacquired
.................
49,798
2,129,917
279,450
645,293
Investment
securities
purchased
...........
—
—
438,743
—
Payable
to
bank
.......................
10,122
245,326
4,085
—
Payable
to
foreign
banks
(cost
$—,
$—,
$515
and
$260,976)
.............................
—
—
515
261,055
Accrued
expenses:
......................
Investment
advisory
fees
-
Note
B
..........
54,663
1,115,527
285,113
639,116
Distribution
expense
....................
1,571
37,607
29,497
27,167
Transfer
agent
fees
.....................
12,979
539,288
—
—
Printing
and
other
shareholder
communication
fees
................................
—
142,802
—
—
Custodian
fees
........................
18,198
81,784
—
—
Legal
and
audit
fees
....................
27,905
71,618
—
—
Other
accrued
expenses
.................
7,020
29,736
—
—
Total
liabilities
......................
182,256
4,393,605
1,037,403
1,572,631
Net
assets,
at
value
..............
$96,534,292
$1,754,264,476
$651,845,760
$1,869,734,983
Net
assets
consist
of:
Paid-in
capital
..........................
$61,963,893
$933,378,204
$366,588,654
$1,324,316,451
Total
distributable
earnings
.................
34,570,399
820,886,272
285,257,106
545,418,532
Net
assets,
at
value
..............
$96,534,292
$1,754,264,476
$651,845,760
$1,869,734,983
1
Impax
Global
Women's
Leadership
Fund
was
known
as
Impax
Ellevate
Global
Women's
Leadership
Fund
prior
to
May
1,
2026.
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2026
(Unaudited)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
36
Core
Bond
Fund
High
Yield
Bond
Fund
Sustainable
Allocation
Fund
Assets:
Investments,
at
cost
-
Note
A
................................
$901,924,481
$527,402,055
$2,165,532,007
Investments
in
unaffiliated
issuers,
at
value
.....................
$885,141,516
$533,037,020
$92,388,370
Investments
in
affiliated
issuers,
at
value
......................
—
—
2,305,444,773
Total
investments,
at
value
-
Note
A
885,141,516
533,037,020
2,397,833,143
Cash
..................................................
8,715
361,905
—
Receivables:
Capital
stock
sold
.......................................
3,455,972
3,017,497
144,150
Dividends
and
interest
-
Note
A
.............................
7,910,764
9,164,227
3,558,842
Investment
securities
sold
.................................
—
3,121,416
—
Due
from
custodian
......................................
—
835,494
—
Total
assets
........................................
896,516,967
549,537,559
2,401,536,135
Liabilities:
Payables:
Capital
stock
reacquired
..................................
188,234
869,115
1,950,433
Investment
securities
purchased
............................
2,999,949
11,883,530
3,432,641
Dividend
payable
-
Note
A
.................................
3,233,371
2,684,127
—
Accrued
expenses:
.......................................
Investment
advisory
fees
-
Note
B
...........................
285,213
218,833
98,225
Distribution
expense
.....................................
3,201
23,600
266,761
Transfer
agent
fees
......................................
17,804
85,372
—
Printing
and
other
shareholder
communication
fees
..............
558
68,016
—
Custodian
fees
.........................................
59,089
44,925
—
Legal
and
audit
fees
.....................................
39,873
36,239
—
Other
accrued
expenses
..................................
17,526
12,616
—
Total
liabilities
.......................................
6,844,818
15,926,373
5,748,060
Net
assets,
at
value
...............................
$889,672,149
$533,611,186
$2,395,788,075
Net
assets
consist
of:
Paid-in
capital
...........................................
$996,054,684
$672,190,980
$1,831,527,660
Total
distributable
earnings
(losses)
...........................
(106,382,535)
(138,579,794)
564,260,415
Net
assets,
at
value
...............................
$889,672,149
$533,611,186
$2,395,788,075
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2026
(Unaudited)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
37
Large
Cap
Fund
Small
Cap
Fund
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
ETF
1,2
Investor
Class:
Net
assets,
at
value
....................
$35,042,444
$117,794,727
$222,172,890
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
3,163,431
5,246,365
7,749,868
Net
asset
value
per
share
................
$11.08
$22.45
$28.67
Class
A:
Net
assets,
at
value
....................
$15,464,968
$9,303,632
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
691,437
326,290
Net
asset
value
per
share
................
$22.37
$28.51
Institutional
Class:
Net
assets,
at
value
....................
$330,185,619
$815,980,516
$855,411,519
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
29,609,968
35,404,983
28,245,591
Net
asset
value
per
share
................
$11.15
$23.05
$30.28
ETF:
Net
assets,
at
value
....................
$118,496,198
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
4,567,357
Net
asset
value
per
share
................
$25.94
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Global
Women’s
Leadership
Fund
3
International
Sustainable
Economy
Fund
Investor
Class:
Net
assets,
at
value
....................
$7,768,871
$167,478,431
$141,602,291
$133,587,043
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
443,710
6,721,213
3,795,143
9,786,906
Net
asset
value
per
share
................
$17.51
$24.92
$37.31
$13.65
Class
A:
Net
assets,
at
value
....................
$19,939,871
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
802,041
Net
asset
value
per
share
................
$24.86
Institutional
Class:
Net
assets,
at
value
....................
$88,765,421
$1,566,846,174
$510,243,469
$1,736,147,940
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
5,019,503
61,862,648
13,535,575
130,407,232
Net
asset
value
per
share
................
$17.68
$25.33
$37.70
$13.31
1
Impax
Global
Sustainable
Infrastructure
ETF
was
known
as
Impax
Global
Infrastructure
ETF
prior
to
May
1,
2026.
2
The
Impax
Global
Sustainable
Infrastructure
ETF
acquired
all
the
assets
and
liabilities
of
the
Global
Sustainable
Infrastructure
Fund
("Predecessor
Fund"),
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
February
2,
2026
("Reorganization").
The
Fund
commenced
operations
as
an
exchange-traded
fund
("ETF")
as
of
that
date
and,
as
result
of
the
Reorganization,
adopted
the
financial
history
of
Institutional
Class
Shares
of
the
Predecessor
Fund.
See
Notes
to
Financial
Statements
for
further
information
on
the
Reorganization.
3
Impax
Global
Women's
Leadership
Fund
was
known
as
Impax
Ellevate
Global
Women's
Leadership
Fund
prior
to
May
1,
2026.
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2026
(Unaudited)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
38
Core
Bond
Fund
High
Yield
Bond
Fund
Sustainable
Allocation
Fund
Investor
Class:
Net
assets,
at
value
.....................................
$15,292,823
$110,253,979
$1,286,406,092
Capital
Shares
outstanding
(unlimited/authorized)
...............
1,739,293
17,997,171
47,801,703
Net
asset
value
per
share
.................................
$8.79
$6.13
$26.91
Class
A:
Net
assets,
at
value
.....................................
$4,124,591
Capital
Shares
outstanding
(unlimited/authorized)
...............
672,717
Net
asset
value
per
share
.................................
$6.13
Institutional
Class:
Net
assets,
at
value
.....................................
$874,379,326
$419,232,616
$1,109,381,983
Capital
Shares
outstanding
(unlimited/authorized)
...............
99,475,763
68,693,573
40,069,055
Net
asset
value
per
share
.................................
$8.79
$6.10
$27.69
Financial
Statements
Statements
of
Operations
For
the
period
ended
June
30,
2026
(Unaudited)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
39
Large
Cap
Fund
Small
Cap
Fund
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
ETF
1,2
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$9,508,
$–,
$–
and
$33,366,
respectively)
.................
$3,905,528
$2,793,471
$5,672,179
$1,360,758
Interest
...............................
232,493
410,339
107,206
29,769
Income
from
securities
lending
-
Note
A
.......
787
4,074
1,808
—
Other
income
...........................
837,752
—
—
15,501
Total
investment
income
................
4,976,560
3,207,884
5,781,193
1,406,028
Expenses:
Investment
advisory
fees
-
Note
B
...........
2,222,007
2,966,657
2,100,537
329,083
Distribution
expenses
Investor
Class
-
Note
B
...
46,808
130,557
271,288
—
Distribution
expenses
Class
A
-
Note
B
........
—
17,273
11,808
—
Distribution
expenses
ETF
-
Note
B
..........
—
—
—
935
Transfer
agent
fees
-
Note
A
................
99,634
328,604
—
—
Printing
and
other
shareholder
communication
fees
..................................
11,494
17,750
—
—
Custodian
fees
..........................
44,806
40,319
—
—
Legal
fees
and
related
expenses
............
48,906
42,709
—
—
Trustees’
fees
and
expenses
-
Note
B
........
42,892
43,323
—
—
Compliance
expense
.....................
8,733
8,603
—
—
Audit
fees
.............................
25,952
21,444
—
—
Registration
and
filing
fees
.................
27,094
60,108
—
—
Other
expenses
.........................
23,530
14,993
362
—
Total
Expenses
......................
2,601,856
3,692,340
2,383,995
330,018
Less:
Advisory
fee
waiver
-
Note
B
........
—
—
(217,809)
—
Net
investment
income
...............
2,374,704
(484,456)
3,615,007
1,076,010
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
-
Note
A
and
C
Net
realized
gain
(loss)
on:
Investments
in
unaffiliated
issuers
...........
204,988,236
57,319,883
6,531,945
3,722,862
Foreign
currency
transactions
..............
—
(78)
—
11,735
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
unaffiliated
issuers
...........
(213,510,258)
119,023,413
94,752,683
4,798,593
Foreign
currency
translation
................
—
32
—
(12,887)
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
....
(8,522,022)
176,343,250
101,284,628
8,520,303
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........
$(6,147,318)
$175,858,794
$104,899,635
$9,596,313
1
Impax
Global
Sustainable
Infrastructure
ETF
was
known
as
Impax
Global
Infrastructure
ETF
prior
to
May
1,
2026.
2
The
Impax
Global
Sustainable
Infrastructure
ETF
acquired
all
the
assets
and
liabilities
of
the
Global
Sustainable
Infrastructure
Fund
("Predecessor
Fund"),
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
February
2,
2026
("Reorganization").
The
Fund
commenced
operations
as
an
exchange-traded
fund
("ETF")
as
of
that
date
and,
as
result
of
the
Reorganization,
adopted
the
financial
history
of
Institutional
Class
Shares
of
the
Predecessor
Fund.
See
Notes
to
Financial
Statements
for
further
information
on
the
Reorganization.
Financial
Statements
Statements
of
Operations
(continued)
For
the
period
ended
June
30,
2026
(Unaudited)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
40
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Global
Women’s
Leadership
Fund
1
International
Sustainable
Economy
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$36,043,
$354,124,
$–
and
$2,836,119,
respectively)
....
$705,801
$12,845,562
$7,299,500
$34,568,211
Interest
...............................
35,851
548,510
75,856
393,011
Income
from
securities
lending
-
Note
A
.......
166
187
456
61
Other
income
...........................
29,530
403,959
268,809
—
Total
investment
income
................
771,348
13,798,218
7,644,621
34,961,283
Expenses:
Investment
advisory
fees
-
Note
B
...........
395,031
6,487,574
1,721,825
3,669,477
Distribution
expenses
Investor
Class
-
Note
B
...
9,452
192,261
172,430
159,362
Distribution
expenses
Class
A
-
Note
B
........
—
22,505
—
—
Transfer
agent
fees
-
Note
A
................
38,297
1,057,000
—
—
Printing
and
other
shareholder
communication
fees
..................................
3,387
41,526
—
—
Custodian
fees
..........................
26,175
101,352
—
—
Legal
fees
and
related
expenses
............
26,665
75,205
—
—
Trustees’
fees
and
expenses
-
Note
B
........
26,340
68,211
—
—
Compliance
expense
.....................
7,867
9,653
—
—
Audit
fees
.............................
20,934
35,120
—
—
Registration
and
filing
fees
.................
22,408
47,568
—
—
Other
expenses
.........................
4,013
43,973
91
13
Total
Expenses
......................
580,569
8,181,948
1,894,346
3,828,852
Expenses
assumed
by
Adviser
-
Note
B
..
(48,594)
—
—
—
Net
investment
income
...............
239,373
5,616,270
5,750,275
31,132,431
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
-
Note
A
and
C
Net
realized
gain
(loss)
on:
Investments
in
unaffiliated
issuers
...........
9,815,946
325,113,548
51,458,420
76,080,855
Foreign
currency
transactions
..............
(11,476)
(312,527)
(44,238)
(184,659)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
unaffiliated
issuers
...........
(5,091,838)
(5,831,822)
(1,974,467)
71,307,389
Foreign
currency
translation
................
(9,622)
(66,224)
(34,558)
(249,234)
Net
realized
and
unrealized
gain
on
investments
and
foreign
currency
....
4,703,010
318,902,975
49,405,157
146,954,351
Net
increase
in
net
assets
resulting
from
operations
.....................
$4,942,383
$324,519,245
$55,155,432
$178,086,782
1
Impax
Global
Women's
Leadership
Fund
was
known
as
Impax
Ellevate
Global
Women's
Leadership
Fund
prior
to
May
1,
2026.
Financial
Statements
Statements
of
Operations
(continued)
For
the
period
ended
June
30,
2026
(Unaudited)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
41
Core
Bond
Fund
High
Yield
Bond
Fund
Sustainable
Allocation
Fund
Investment
income:
Dividends:
..............................................
$32,135
$34,524
$2,514
Dividends
from
affiliates
-
Note
C
..........................
—
—
27,337,389
Interest
................................................
19,470,623
18,716,168
1,050,011
Income
from
securities
lending
-
Note
A
........................
3,238
—
—
Total
investment
income
.................................
19,505,996
18,750,692
28,389,914
Expenses:
Investment
advisory
fees
-
Note
B
............................
1,706,070
1,321,939
588,008
Distribution
expenses
Investor
Class
-
Note
B
....................
19,709
139,981
1,614,074
Distribution
expenses
Class
A
-
Note
B
.........................
—
6,264
—
Transfer
agent
fees
-
Note
A
.................................
63,551
253,918
—
Printing
and
other
shareholder
communication
fees
...............
1,217
10,211
—
Custodian
fees
...........................................
73,218
54,180
—
Legal
fees
and
related
expenses
.............................
46,067
37,447
—
Trustees’
fees
and
expenses
-
Note
B
.........................
46,575
37,825
—
Compliance
expense
......................................
8,651
8,340
—
Audit
fees
..............................................
27,141
24,829
—
Registration
and
filing
fees
..................................
26,950
47,667
—
Other
expenses
..........................................
17,813
11,232
—
Total
Expenses
.......................................
2,036,962
1,953,833
2,202,082
Net
investment
income
................................
17,469,034
16,796,859
26,187,832
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
-
Note
A
and
C
Net
realized
gain
(loss)
on:
Investments
in
unaffiliated
issuers
............................
(5,787,987)
254,133
—
Investment
in
affiliated
issuers
...............................
—
—
42,777,090
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
unaffiliated
issuers
............................
(5,586,812)
(6,391,172)
—
Investment
in
affiliated
issuers
...............................
—
—
52,542,372
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
.....................
(11,374,799)
(6,137,039)
95,319,462
Net
increase
in
net
assets
resulting
from
operations
..........
$6,094,235
$10,659,820
$121,507,294
Financial
Statements
Statements
of
Changes
in
Net
Assets
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
42
Large
Cap
Fund
Small
Cap
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$2,374,704
$5,550,591
$(484,456)
$(262,697)
Net
realized
gain
on
investments
and
foreign
currency
transactions
......
204,988,236
221,699,943
57,319,805
58,429,451
Change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
translations
......
(213,510,258)
(132,075,211)
119,023,445
16,957,741
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
(6,147,318)
95,175,323
175,858,794
75,124,495
Distributions
from
distributable
earning
-
Investor
Class
...................
(144,663)
(10,069,560)
(6,229,128)
Distributions
from
distributable
earning
-
Class
A
........................
(832,589)
Distributions
from
distributable
earning
-
Institutional
Class
................
(3,068,095)
(206,747,897)
(38,064,700)
Total
distributions
to
shareholders
.....
(3,212,758)
(216,817,457)
—
(45,126,417)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
2,172,872
16,719,893
5,938,770
18,414,283
Proceeds
from
reinvestment
of
distributions
....................
141,323
9,127,038
5,701,065
Cost
of
shares
redeemed
............
(8,542,228)
(42,859,854)
(12,167,808)
(19,955,665)
Net
increase
(decrease)
from
Investor
Class
transactions
...............
(6,228,033)
(17,012,923)
(6,229,038)
4,159,683
Class
A
Proceeds
from
shares
sold
...........
682,131
1,757,394
Proceeds
from
reinvestment
of
distributions
....................
768,289
Cost
of
shares
redeemed
............
(1,673,654)
(2,341,324)
Net
increase
(decrease)
from
Class
A
transactions
....................
(991,523)
184,359
Institutional
Class
Proceeds
from
shares
sold
...........
6,770,066
36,365,735
85,734,878
80,319,999
Proceeds
from
reinvestment
of
distributions
....................
3,030,840
204,581,720
34,907,219
Cost
of
shares
redeemed
............
(563,090,457)
(537,271,376)
(51,492,894)
(129,206,836)
Net
increase
(decrease)
from
Institutional
Class
transactions
...............
(553,289,551)
(296,323,921)
34,241,984
(13,979,618)
Net
increase
(decrease)
from
capital
share
transactions
......................
(559,517,584)
(313,336,844)
27,021,423
(9,635,576)
Net
increase
(decrease)
in
net
assets
.....................
(568,877,660)
(434,978,978)
202,880,217
20,362,502
Net
assets
Beginning
of
period
................
934,105,723
1,369,084,701
746,359,994
725,997,492
End
of
period
.....................
$365,228,063
$934,105,723
$949,240,211
$746,359,994
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
43
Large
Cap
Fund
Small
Cap
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
198,869
1,311,592
307,845
1,066,455
Shares
issued
in
reinvestment
of
distributions
.......................
12,918
822,932
303,087
Shares
redeemed
...................
(782,176)
(3,558,441)
(622,512)
(1,160,379)
Net
increase
(decrease)
in
shares
outstanding
........................
(570,389)
(1,423,917)
(314,667)
209,163
Class
A
Shares
sold
.......................
35,559
101,119
Shares
issued
in
reinvestment
of
distributions
.......................
40,997
Shares
redeemed
...................
(88,667)
(134,635)
Net
increase
(decrease)
in
shares
outstanding
........................
(53,108)
7,481
Institutional
Class
Shares
sold
.......................
622,037
2,872,796
4,199,548
4,412,522
Shares
issued
in
reinvestment
of
distributions
.......................
275,031
18,310,942
1,810,540
Shares
redeemed
...................
(51,803,323)
(42,633,306)
(2,580,538)
(7,382,030)
Net
increase
(decrease)
in
shares
outstanding
........................
(50,906,255)
(21,449,568)
1,619,010
(1,158,968)
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
44
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
ETF
1,2,3
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$3,615,007
$3,766,890
$1,076,010
$1,990,207
Net
realized
gain
(loss)
on
investments
and
foreign
currency
transactions
...
6,531,945
20,646,775
3,734,597
(326,783)
Change
in
unrealized
appreciation
on
investments
and
foreign
currency
translations
...................
94,752,683
65,922,005
4,785,706
14,565,525
Net
increase
in
net
assets
resulting
from
operations
.............
104,899,635
90,335,670
9,596,313
16,228,949
Distributions
from
distributable
earning
-
Investor
Class
...................
(664,984)
(11,244,626)
(125,210)
Distributions
from
distributable
earning
-
Class
A
........................
(27,543)
(522,572)
Distributions
from
distributable
earning
-
Institutional
Class
................
(2,948,713)
(16,651,990)
(2,229,896)
Distributions
from
distributable
earning
-
ETF
..........................
(1,109,016)
Total
distributions
to
shareholders
.....
(3,641,240)
(28,419,188)
(1,109,016)
(2,355,106)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
3,521,271
5,830,316
62,511
1,624,006
Proceeds
from
reinvestment
of
distributions
....................
648,652
11,022,456
121,436
Cost
of
shares
redeemed
............
(25,124,003)
(24,521,240)
(1,675,192)
(3,486,227)
Net
decrease
from
Investor
Class
transactions
....................
(20,954,080)
(7,668,468)
(1,612,681)
(1,740,785)
Class
A
Proceeds
from
shares
sold
...........
46,776
640,739
Proceeds
from
reinvestment
of
distributions
....................
27,444
514,938
Cost
of
shares
redeemed
............
(1,973,384)
(2,789,095)
Net
decrease
from
Class
A
transactions
.
(1,899,164)
(1,633,418)
Institutional
Class
Proceeds
from
shares
sold
...........
464,401,842
181,431,405
Proceeds
from
reinvestment
of
distributions
....................
2,887,072
16,033,893
Cost
of
shares
redeemed
............
(12,830,162)
(32,547,166)
Net
increase
from
Institutional
Class
transactions
....................
454,458,752
164,918,132
ETF
Proceeds
from
shares
sold
...........
14,391,553
5,563,675
Proceeds
from
reinvestment
of
distributions
....................
2,206,093
Cost
of
shares
redeemed
............
(288,769)
(10,623,734)
Net
increase
(decrease)
from
ETF
transactions
....................
14,102,784
(2,853,966)
Net
increase
(decrease)
from
capital
share
transactions
......................
431,605,508
155,616,246
12,490,103
(4,594,751)
Net
increase
in
net
assets
.......
532,863,903
217,532,728
20,977,400
9,279,092
Net
assets
Beginning
of
period
................
554,024,138
336,491,410
97,518,798
88,239,706
End
of
period
.....................
$1,086,888,041
$554,024,138
$118,496,198
$97,518,798
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
45
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
ETF
1,2,3
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
134,589
244,388
2,582
164,501
Shares
issued
in
reinvestment
of
distributions
.......................
22,736
431,337
12,038
Shares
redeemed
...................
(922,974)
(1,026,447)
(68,533)
(349,874)
Net
decrease
in
shares
outstanding
......
(765,649)
(350,722)
(65,951)
(173,335)
Class
A
Shares
sold
.......................
1,766
27,842
Shares
issued
in
reinvestment
of
distributions
.......................
967
20,261
Shares
redeemed
...................
(75,248)
(120,647)
Net
decrease
in
shares
outstanding
......
(72,515)
(72,544)
Institutional
Class
Shares
sold
.......................
16,550,932
7,906,684
Shares
issued
in
reinvestment
of
distributions
.......................
95,789
595,518
Shares
redeemed
...................
(455,959)
(1,287,823)
Net
increase
in
shares
outstanding
......
16,190,762
7,214,379
ETF
Shares
sold
.......................
545,075
553,331
Shares
issued
in
reinvestment
of
distributions
.......................
217,538
Shares
redeemed
...................
(11,872)
(1,062,441)
Net
increase
(decrease)
in
shares
outstanding
........................
533,203
(291,572)
1
Impax
Global
Sustainable
Infrastructure
ETF
was
known
as
Impax
Global
Infrastructure
ETF
prior
to
May
1,
2026.
2
The
Impax
Global
Sustainable
Infrastructure
ETF
acquired
all
the
assets
and
liabilities
of
the
Global
Sustainable
Infrastructure
Fund
("Predecessor
Fund"),
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
February
2,
2026
("Reorganization").
The
Fund
commenced
operations
as
an
exchange-traded
fund
("ETF")
as
of
that
date
and,
as
result
of
the
Reorganization,
adopted
the
financial
history
of
Institutional
Class
Shares
of
the
Predecessor
Fund.
See
Notes
to
Financial
Statements
for
further
information
on
the
Reorganization.
3
Capital
share
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
E
to
the
Financial
Statements.
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
46
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$239,373
$274,672
$5,616,270
$10,682,510
Net
realized
gain
on
investments
and
foreign
currency
transactions
......
9,804,470
8,965,290
324,801,021
350,093,703
Change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
translations
......
(5,101,460)
2,620,497
(5,898,046)
(90,524,622)
Net
increase
in
net
assets
resulting
from
operations
.............
4,942,383
11,860,459
324,519,245
270,251,591
Distributions
from
distributable
earning
-
Investor
Class
...................
(13,478)
(506,157)
(348,964)
(29,972,489)
Distributions
from
distributable
earning
-
Class
A
........................
(42,130)
(3,583,124)
Distributions
from
distributable
earning
-
Institutional
Class
................
(251,019)
(7,732,423)
(5,109,909)
(308,378,797)
Total
distributions
to
shareholders
.....
(264,497)
(8,238,580)
(5,501,003)
(341,934,410)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
526,037
780,641
3,336,611
7,554,165
Proceeds
from
reinvestment
of
distributions
....................
14,014
477,324
336,171
29,047,659
Cost
of
shares
redeemed
............
(885,897)
(1,648,642)
(15,260,651)
(37,864,025)
Net
decrease
from
Investor
Class
transactions
....................
(345,846)
(390,677)
(11,587,869)
(1,262,201)
Class
A
Proceeds
from
shares
sold
...........
1,126,355
1,728,825
Proceeds
from
reinvestment
of
distributions
....................
39,824
3,310,897
Cost
of
shares
redeemed
............
(2,459,906)
(3,899,515)
Net
increase
(decrease)
from
Class
A
transactions
....................
(1,293,727)
1,140,207
Institutional
Class
Proceeds
from
shares
sold
...........
1,936,747
12,627,970
103,503,027
201,745,097
Proceeds
from
reinvestment
of
distributions
....................
236,093
7,530,756
4,692,365
283,242,620
Cost
of
shares
redeemed
............
(36,643,313)
(22,712,897)
(331,585,253)
(1,023,513,121)
Net
decrease
from
Institutional
Class
transactions
....................
(34,470,473)
(2,554,171)
(223,389,861)
(538,525,404)
Net
decrease
from
capital
share
transactions
......................
(34,816,319)
(2,944,848)
(236,271,457)
(538,647,398)
Net
increase
(decrease)
in
net
assets
.....................
(30,138,433)
677,031
82,746,785
(610,330,217)
Net
assets
Beginning
of
period
................
126,672,725
125,995,694
1,671,517,691
2,281,847,908
End
of
period
.....................
$96,534,292
$126,672,725
$1,754,264,476
$1,671,517,691
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
47
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
31,400
45,391
151,168
319,599
Shares
issued
in
reinvestment
of
distributions
.......................
811
28,625
13,638
1,397,032
Shares
redeemed
...................
(53,022)
(99,080)
(681,568)
(1,628,405)
Net
increase
(decrease)
in
shares
outstanding
........................
(20,811)
(25,064)
(516,762)
88,226
Class
A
Shares
sold
.......................
51,065
72,235
Shares
issued
in
reinvestment
of
distributions
.......................
1,619
159,622
Shares
redeemed
...................
(111,012)
(165,713)
Net
increase
(decrease)
in
shares
outstanding
........................
(58,328)
66,144
Institutional
Class
Shares
sold
.......................
114,677
736,982
4,572,310
8,409,880
Shares
issued
in
reinvestment
of
distributions
.......................
13,483
446,982
187,245
13,390,500
Shares
redeemed
...................
(2,192,204)
(1,310,696)
(14,555,507)
(42,470,838)
Net
decrease
in
shares
outstanding
......
(2,064,044)
(126,732)
(9,795,952)
(20,670,458)
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
48
Global
Women’s
Leadership
Fund
1
International
Sustainable
Economy
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$5,750,275
$10,075,061
$31,132,431
$34,717,688
Net
realized
gain
on
investments
and
foreign
currency
transactions
......
51,414,182
69,384,636
75,896,196
76,824,209
Change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
translations
......
(2,009,025)
32,296,631
71,058,155
247,154,298
Net
increase
in
net
assets
resulting
from
operations
.............
55,155,432
111,756,328
178,086,782
358,696,195
Distributions
from
distributable
earning
-
Investor
Class
...................
(1,097,981)
(12,754,414)
(2,026,600)
(7,852,289)
Distributions
from
distributable
earning
-
Institutional
Class
................
(4,501,096)
(53,907,494)
(28,147,143)
(100,642,239)
Total
distributions
to
shareholders
.....
(5,599,077)
(66,661,908)
(30,173,743)
(108,494,528)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
3,457,686
6,519,055
13,463,559
39,296,427
Proceeds
from
reinvestment
of
distributions
....................
1,031,092
12,044,513
1,986,983
7,718,051
Cost
of
shares
redeemed
............
(12,496,624)
(26,687,795)
(15,690,019)
(37,014,046)
Net
increase
(decrease)
from
Investor
Class
transactions
...............
(8,007,846)
(8,124,227)
(239,477)
10,000,432
Institutional
Class
Proceeds
from
shares
sold
...........
22,394,986
46,487,609
234,566,025
305,138,136
Proceeds
from
reinvestment
of
distributions
....................
3,749,716
48,287,177
24,593,200
89,029,784
Cost
of
shares
redeemed
............
(123,960,873)
(152,182,397)
(133,305,413)
(283,466,556)
Net
increase
(decrease)
from
Institutional
Class
transactions
...............
(97,816,171)
(57,407,611)
125,853,812
110,701,364
Net
increase
(decrease)
from
capital
share
transactions
......................
(105,824,017)
(65,531,838)
125,614,335
120,701,796
Net
increase
(decrease)
in
net
assets
.....................
(56,267,662)
(20,437,418)
273,527,374
370,903,463
Net
assets
Beginning
of
period
................
708,113,422
728,550,840
1,596,207,609
1,225,304,146
End
of
period
.....................
$651,845,760
$708,113,422
$1,869,734,983
$1,596,207,609
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
49
Global
Women’s
Leadership
Fund
1
International
Sustainable
Economy
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
98,033
192,308
1,031,816
3,340,825
Shares
issued
in
reinvestment
of
distributions
.......................
27,547
348,755
145,673
626,114
Shares
redeemed
...................
(350,001)
(791,297)
(1,188,525)
(3,114,429)
Net
increase
(decrease)
in
shares
outstanding
........................
(224,421)
(250,234)
(11,036)
852,510
Institutional
Class
Shares
sold
.......................
616,626
1,370,841
18,291,568
26,225,259
Shares
issued
in
reinvestment
of
distributions
.......................
99,147
1,385,043
1,847,723
7,404,097
Shares
redeemed
...................
(3,470,736)
(4,525,848)
(10,393,440)
(24,318,831)
Net
increase
(decrease)
in
shares
outstanding
........................
(2,754,963)
(1,769,964)
9,745,851
9,310,525
1
Impax
Global
Women's
Leadership
Fund
was
known
as
Impax
Ellevate
Global
Women's
Leadership
Fund
prior
to
May
1,
2026.
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
50
Core
Bond
Fund
High
Yield
Bond
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$17,469,034
$33,591,709
$16,796,859
$32,352,695
Net
realized
gain
(loss)
on
investments
and
foreign
currency
transactions
...
(5,787,987)
(12,433,546)
254,133
(2,176,228)
Change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
translations
......
(5,586,812)
33,632,405
(6,391,172)
15,256,804
Net
increase
in
net
assets
resulting
from
operations
.............
6,094,235
54,790,568
10,659,820
45,433,271
Distributions
from
distributable
earning
-
Investor
Class
...................
(303,107)
(554,451)
(3,376,213)
(7,143,391)
Distributions
from
distributable
earning
-
Class
A
........................
(151,267)
(342,436)
Distributions
from
distributable
earning
-
Institutional
Class
................
(17,154,133)
(33,125,994)
(12,929,155)
(24,881,804)
Total
distributions
to
shareholders
.....
(17,457,240)
(33,680,445)
(16,456,635)
(32,367,631)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
1,181,546
5,471,248
5,340,494
18,630,418
Proceeds
from
reinvestment
of
distributions
....................
298,519
547,316
3,241,869
6,881,449
Cost
of
shares
redeemed
............
(1,770,673)
(3,289,592)
(12,522,858)
(36,322,194)
Net
increase
(decrease)
from
Investor
Class
transactions
...............
(290,608)
2,728,972
(3,940,495)
(10,810,327)
Class
A
Proceeds
from
shares
sold
...........
48,924
2,575,800
Proceeds
from
reinvestment
of
distributions
....................
117,366
246,565
Cost
of
shares
redeemed
............
(2,316,747)
(995,658)
Net
increase
(decrease)
from
Class
A
transactions
....................
(2,150,457)
1,826,707
Institutional
Class
Proceeds
from
shares
sold
...........
36,496,522
30,147,723
25,809,574
72,725,036
Proceeds
from
reinvestment
of
distributions
....................
17,142,160
33,103,911
11,752,881
22,493,759
Cost
of
shares
redeemed
............
(9,610,445)
(65,194,276)
(27,890,194)
(104,717,067)
Net
increase
(decrease)
from
Institutional
Class
transactions
...............
44,028,237
(1,942,642)
9,672,261
(9,498,272)
Net
increase
(decrease)
from
capital
share
transactions
......................
43,737,629
786,330
3,581,309
(18,481,892)
Net
increase
(decrease)
in
net
assets
.....................
32,374,624
21,896,453
(2,215,506)
(5,416,252)
Net
assets
Beginning
of
period
................
857,297,525
835,401,072
535,826,692
541,242,944
End
of
period
.....................
$889,672,149
$857,297,525
$533,611,186
$535,826,692
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
51
Core
Bond
Fund
High
Yield
Bond
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
132,982
621,241
869,884
3,065,349
Shares
issued
in
reinvestment
of
distributions
.......................
33,717
61,844
528,500
1,124,534
Shares
redeemed
...................
(200,954)
(374,555)
(2,037,723)
(5,979,481)
Net
increase
(decrease)
in
shares
outstanding
........................
(34,255)
308,530
(639,339)
(1,789,598)
Class
A
Shares
sold
.......................
7,963
427,726
Shares
issued
in
reinvestment
of
distributions
.......................
19,118
40,229
Shares
redeemed
...................
(379,994)
(162,928)
Net
increase
(decrease)
in
shares
outstanding
........................
(352,913)
305,027
Institutional
Class
Shares
sold
.......................
4,145,838
3,432,050
4,214,283
11,948,179
Shares
issued
in
reinvestment
of
distributions
.......................
1,936,966
3,742,583
1,923,894
3,688,690
Shares
redeemed
...................
(1,079,428)
(7,438,577)
(4,559,699)
(17,261,735)
Net
increase
(decrease)
in
shares
outstanding
........................
5,003,376
(263,944)
1,578,478
(1,624,866)
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
52
Sustainable
Allocation
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
.................................................
$26,187,832
$45,116,587
Net
realized
gain
on
investments
and
foreign
currency
transactions
................
42,777,090
219,753,520
Change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
translations
........................................................
52,542,372
(25,868,250)
Net
increase
in
net
assets
resulting
from
operations
........................
121,507,294
239,001,857
Distributions
from
distributable
earning
-
Investor
Class
..........................
(25,007,229)
(119,855,756)
Distributions
from
distributable
earning
-
Institutional
Class
........................
(22,323,009)
(93,326,244)
Total
distributions
to
shareholders
..........................................
(47,330,238)
(213,182,000)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
................................................
13,106,238
24,222,825
Proceeds
from
reinvestment
of
distributions
...................................
24,118,341
116,250,281
Cost
of
shares
redeemed
.................................................
(112,405,324)
(171,935,166)
Net
decrease
from
Investor
Class
transactions
.................................
(75,180,745)
(31,462,060)
Institutional
Class
Proceeds
from
shares
sold
................................................
70,322,539
138,919,717
Proceeds
from
reinvestment
of
distributions
...................................
21,509,954
90,371,355
Cost
of
shares
redeemed
.................................................
(84,026,160)
(137,671,158)
Net
increase
from
Institutional
Class
transactions
...............................
7,806,333
91,619,914
Net
increase
(decrease)
from
capital
share
transactions
..........................
(67,374,412)
60,157,854
Net
increase
in
net
assets
............................................
6,802,644
85,977,711
Net
assets
Beginning
of
period
.....................................................
2,388,985,431
2,303,007,720
End
of
period
..........................................................
$2,395,788,075
$2,388,985,431
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
............................................................
498,372
910,878
Shares
issued
in
reinvestment
of
distributions
...................................
903,648
4,418,981
Shares
redeemed
........................................................
(4,225,608)
(6,457,811)
Net
decrease
in
shares
outstanding
...........................................
(2,823,588)
(1,127,952)
Institutional
Class
Shares
sold
............................................................
2,559,390
4,981,144
Shares
issued
in
reinvestment
of
distributions
...................................
783,320
3,343,461
Shares
redeemed
........................................................
(3,093,329)
(5,058,572)
Net
increase
in
shares
outstanding
...........................................
249,381
3,266,033
Financial
Highlights
Impax
Large
Cap
Fund
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
53
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$11.02
$12.73
$13.24
$11.52
$14.82
$12.02
Net
investment
income
1
.............
0.02
0.04
0.08
0.09
0.06
0.03
Net
realized
and
unrealized
gains
(losses)
0.09
1.49
1.75
2.20
(3.02)
3.63
Total
from
investment
operations
........
0.11
1.53
1.83
2.29
(2.96)
3.66
Distributions
to
shareholders
From
net
investment
income
.........
0.05
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
...................
0.05
3.24
2.34
0.57
0.34
0.86
Net
asset
value,
end
of
period
..........
$11.08
$11.02
$12.73
$13.24
$11.52
$14.82
Total
return
2
.......................
0.96%
11.92%
13.72%
19.90%
(19.99)%
30.57%
Net
assets,
end
of
period
(in
$000’s)
.....
$35,042
$41,134
$65,658
$58,218
$56,667
$57,965
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
1.00%
0.98%
0.98%
0.98%
0.97%
0.97%
Net
investment
income
...............
0.46%
0.28%
0.57%
0.71%
0.49%
0.22%
Total
expenses
excluding
reimbursements
and
waivers
......................
1.00%
0.98%
0.98%
0.98%
0.97%
0.97%
Portfolio
Turnover
...................
25%
4
60%
36%
44%
34%
25%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Large
Cap
Fund
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
54
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$11.09
$12.78
$13.28
$11.56
$14.87
$12.05
Net
investment
income
1
.............
0.04
0.07
0.12
0.12
0.09
0.07
Net
realized
and
unrealized
gains
(losses)
0.08
1.50
1.75
2.20
(3.03)
3.64
Total
from
investment
operations
........
0.12
1.57
1.87
2.32
(2.94)
3.71
Distributions
to
shareholders
From
net
investment
income
.........
0.06
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
...................
0.06
3.26
2.37
0.60
0.37
0.89
Net
asset
value,
end
of
period
..........
$11.15
$11.09
$12.78
$13.28
$11.56
$14.87
Total
return
2
.......................
1.08%
12.20%
14.02%
20.12%
(19.77)%
30.92%
Net
assets,
end
of
period
(in
$000’s)
.....
$330,186
$892,972
$1,303,427
$1,384,959
$1,291,988
$1,511,547
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.75%
0.73%
0.73%
0.73%
0.72%
0.71%
Net
investment
income
...............
0.71%
0.52%
0.81%
0.96%
0.73%
0.47%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.75%
0.73%
0.73%
0.73%
0.72%
0.71%
Portfolio
Turnover
...................
25%
4
60%
36%
44%
34%
25%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Small
Cap
Fund
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
55
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$18.23
$17.38
$15.96
$14.06
$18.72
$15.78
Net
investment
income
(loss)
1
........
(0.03)
(0.04)
(0.01)
(0.02)
(0.03)
0.08
Net
realized
and
unrealized
gains
(losses)
4.25
2.07
2.33
1.92
(4.28)
4.66
Total
from
investment
operations
........
4.22
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
period
..........
$22.45
$18.23
$17.38
$15.96
$14.06
$18.72
Total
return
2
.......................
23.15%
11.47%
14.51%
13.51%
(22.97)%
30.26%
Net
assets,
end
of
period
(in
$000’s)
.....
$117,795
$101,380
$93,020
$96,548
$93,090
$125,234
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
1.14%
1.16%
1.15%
1.16%
1.16%
1.15%
Net
investment
income
(loss)
..........
(0.34)%
(0.25)%
(0.05)%
(0.11)%
(0.23)%
4
0.44%
Total
expenses
excluding
reimbursements
and
waivers
......................
1.14%
1.16%
1.15%
1.16%
1.16%
1.15%
Portfolio
Turnover
...................
27%
5
36%
48%
43%
38%
44%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
In
2022
the
Adviser
reimbursed
the
Fund
losses
related
to
a
trading
error
in
the
amount
of
$63,091.
Before
the
reimbursement
by
the
Adviser,
total
return
for
Investor
Class
shares
would
have
remained
the
same
at
(22.97%).
The
Net
Investment
Income
for
Investor
Class
shares
would
have
been
(0.24%).
5
Not
annualized.
Financial
Highlights
Impax
Small
Cap
Fund
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
56
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
A
Net
asset
value,
beginning
of
period
.....
$18.16
$17.32
$15.91
$14.01
$18.66
$15.73
Net
investment
income
(loss)
1
........
(0.03)
(0.04)
(0.01)
(0.02)
(0.03)
0.08
Net
realized
and
unrealized
gains
(losses)
4.24
2.06
2.32
1.92
(4.27)
4.65
Total
from
investment
operations
........
4.21
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
period
..........
$22.37
$18.16
$17.32
$15.91
$14.01
$18.66
Total
return
2
.......................
23.18%
11.45%
14.49%
13.56%
(23.03)%
30.29%
Net
assets,
end
of
period
(in
$000’s)
.....
$15,465
$13,521
$12,763
$11,700
$10,895
$14,305
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
1.14%
1.16%
1.15%
1.16%
1.16%
1.15%
Net
investment
income
(loss)
..........
(0.34)%
(0.25)%
(0.05)%
(0.10)%
(0.23)%
4
0.44%
Total
expenses
excluding
reimbursements
and
waivers
......................
1.14%
1.16%
1.15%
1.16%
1.16%
1.15%
Portfolio
Turnover
...................
27%
5
36%
48%
43%
38%
44%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
In
2022
the
Adviser
reimbursed
the
Fund
losses
related
to
a
trading
error
in
the
amount
of
$63,091.
Before
the
reimbursement
by
the
Adviser,
total
return
for
Class
A
shares
would
have
remained
the
same
at
(23.03%).
The
Net
Investment
Income
for
Class
A
shares
would
have
been
(0.22%).
5
Not
annualized.
Financial
Highlights
Impax
Small
Cap
Fund
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
57
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$18.69
$17.75
$16.26
$14.29
$18.99
$15.99
Net
investment
income
(loss)
1
........
(0.01)
(0.00)
2
0.04
0.02
0.01
0.14
Net
realized
and
unrealized
gains
(losses)
4.37
2.12
2.37
1.95
(4.34)
4.71
Total
from
investment
operations
........
4.36
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
period
..........
$23.05
$18.69
$17.75
$16.26
$14.29
$18.99
Total
return
3
.......................
23.33%
11.74%
14.79%
13.79%
(22.80)%
30.54%
Net
assets,
end
of
period
(in
$000’s)
.....
$815,981
$631,459
$620,214
$568,779
$484,498
$603,123
Ratios
to
average
net
assets
4
Net
expenses
including
reimbursements
and
waivers
.........................
0.90%
0.91%
0.90%
0.91%
0.91%
0.90%
Net
investment
income
(loss)
..........
(0.08)%
(0.00)%
5
0.21%
0.15%
0.03%
6
0.73%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.90%
0.91%
0.90%
0.91%
0.91%
0.90%
Portfolio
Turnover
...................
27%
7
36%
48%
43%
38%
44%
1
Based
on
average
shares
outstanding
during
the
period.
2
Less
than
$0.005
per
share.
3
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
4
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
5
Rounds
to
less
than
0.005%.
6
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%.
7
Not
annualized.
Financial
Highlights
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US
Sustainable
Economy
Fund
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Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
58
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$25.60
$23.32
$22.51
$19.19
$25.28
$23.78
Net
investment
income
1
.............
0.10
0.16
0.22
0.23
0.22
0.20
Net
realized
and
unrealized
gains
(losses)
3.06
3.50
4.39
4.42
(4.84)
6.83
Total
from
investment
operations
........
3.16
3.66
4.61
4.65
(4.62)
7.03
Distributions
to
shareholders
From
net
investment
income
.........
0.09
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
...................
0.09
1.38
3.80
1.33
1.47
5.53
Net
asset
value,
end
of
period
..........
$28.67
$25.60
$23.32
$22.51
$19.19
$25.28
Total
return
2
.......................
12.33%
15.71%
20.41%
24.39%
(18.25)%
30.02%
Net
assets,
end
of
period
(in
$000’s)
.....
$222,173
$217,981
$206,720
$185,687
$159,822
$205,407
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.72%
0.70%
0.71%
0.70%
0.70%
0.74%
Net
investment
income
...............
0.77%
0.68%
0.87%
1.06%
1.01%
0.74%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.79%
0.84%
0.88%
0.88%
0.88%
0.88%
Portfolio
Turnover
...................
15%
4
52%
45%
43%
37%
47%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
US
Sustainable
Economy
Fund
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
59
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
A
Net
asset
value,
beginning
of
period
.....
$25.46
$23.19
$22.41
$19.11
$25.18
$23.71
Net
investment
income
1
.............
0.10
0.16
0.22
0.22
0.22
0.20
Net
realized
and
unrealized
gains
(losses)
3.03
3.49
4.36
4.42
(4.82)
6.80
Total
from
investment
operations
........
3.13
3.65
4.58
4.64
(4.60)
7.00
Distributions
to
shareholders
From
net
investment
income
.........
0.08
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
...................
0.08
1.38
3.80
1.34
1.47
5.53
Net
asset
value,
end
of
period
..........
$28.51
$25.46
$23.19
$22.41
$19.11
$25.18
Total
return
2
.......................
12.31%
15.75%
20.37%
24.39%
(18.24)%
29.99%
Net
assets,
end
of
period
(in
$000’s)
.....
$9,304
$10,153
$10,932
$9,469
$8,142
$10,150
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.72%
0.70%
0.71%
0.70%
0.70%
0.74%
Net
investment
income
...............
0.78%
0.68%
0.87%
1.06%
1.01%
0.74%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.79%
0.84%
0.87%
0.88%
0.88%
0.88%
Portfolio
Turnover
...................
15%
4
52%
45%
43%
37%
47%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
US
Sustainable
Economy
Fund
(continued)
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Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
60
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$27.03
$24.55
$23.53
$19.99
$26.25
$24.52
Net
investment
income
1
.............
0.14
0.24
0.30
0.29
0.28
0.28
Net
realized
and
unrealized
gains
(losses)
3.23
3.68
4.58
4.61
(5.02)
7.05
Total
from
investment
operations
........
3.37
3.92
4.88
4.90
(4.74)
7.33
Distributions
to
shareholders
From
net
investment
income
.........
0.12
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
...................
0.12
1.44
3.86
1.36
1.52
5.60
Net
asset
value,
end
of
period
..........
$30.28
$27.03
$24.55
$23.53
$19.99
$26.25
Total
return
2
.......................
12.46%
16.00%
20.69%
24.65%
(18.01)%
30.35%
Net
assets,
end
of
period
(in
$000’s)
.....
$855,412
$325,890
$118,840
$94,815
$80,572
$98,866
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.48%
0.45%
0.46%
0.45%
0.45%
0.49%
Net
investment
income
...............
0.98%
0.92%
1.12%
1.31%
1.27%
0.99%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.53%
0.58%
0.62%
0.63%
0.63%
0.63%
Portfolio
Turnover
...................
15%
4
52%
45%
43%
37%
47%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Global
Sustainable
Infrastructure
ETF
(formerly
Impax
Global
Infrastructure
ETF)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
61
a
Six
Months
Ended
June
30,
2026
(unaudited)
1
Year
Ended
December
31,
2025
2024
2023
2022
2021
ETF
Net
asset
value,
beginning
of
period
2
.....
$23.78
$20.52
$21.26
$19.94
$23.64
$33.06
Net
investment
income
3
.............
0.26
0.49
0.49
0.56
0.60
1.00
Net
realized
and
unrealized
gains
(losses)
2.15
3.35
(0.74)
1.32
(3.76)
3.52
Total
from
investment
operations
........
2.41
3.84
(0.25)
1.88
(3.16)
4.52
Distributions
to
shareholders
From
net
investment
income
.........
0.25
0.58
0.49
0.56
0.54
0.84
From
net
realized
gains
.............
—
—
—
—
—
13.10
Total
distributions
...................
0.25
0.58
0.49
0.56
0.54
13.94
Net
asset
value,
end
of
period
..........
$25.94
$23.78
$20.52
$21.26
$19.94
$23.64
Total
return
4
.......................
10.16%
18.72%
(1.30)%
9.55%
(13.25)%
14.27%
Net
assets,
end
of
period
(in
$000’s)
.....
$118,496
$92,575
$82,453
$87,457
$101,022
$92,244
Ratios
to
average
net
assets
5
Net
expenses
including
reimbursements
and
waivers
.........................
0.61%
0.65%
0.62%
0.55%
0.55%
0.58%
Net
investment
income
...............
2.00%
2.07%
2.26%
2.69%
2.89%
2.81%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.61%
0.65%
0.65%
0.65%
0.65%
0.65%
Portfolio
Turnover
...................
29%
6
53%
34%
89%
54%
127%
1
The
Fund
acquired
all
the
assets
and
liabilities
of
the
Global
Sustainable
Infrastructure
Fund
("Predecessor
Fund"),
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
February
2,
2026
("Reorganization").
The
Fund
commenced
operations
as
an
exchange-traded
fund
("ETF")
as
of
that
date
and,
as
result
of
the
Reorganization,
adopted
the
financial
history
of
Institutional
Class
Shares
of
the
Predecessor
Fund.
See
Notes
to
Financial
Statements
for
further
information
on
the
Reorganization.
For
the
fiscal
years
ended
December
31,
2021,
2022,
2023,
2024,
and
2025,
the
information
presented
was
audited
by
the
independent
registered
public
accounting
firm
of
the
Predecessor
Fund.
2
The
net
asset
value
and
other
share
amounts
have
been
restated
for
periods
prior
to
the
Reorganization
to
reflect
the
share
conversion
ratios
of
0.429836
for
the
Institutional
Class
and
0.427674
for
the
Investor
Class
of
the
Predecessor
Fund
as
of
the
close
of
February
2,
2026.
Note
G
further
describes
the
changes
in
capital
structure
associated
with
the
Reorganization.
All
financial
information
prior
to
the
Reorganization
is
that
of
the
Predecessor
Fund.
3
Based
on
average
shares
outstanding
during
the
period.
4
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
5
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
6
Not
annualized.
Financial
Highlights
Impax
Global
Opportunities
Fund
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
62
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$16.63
$16.24
$15.73
$13.69
$17.09
$14.66
Net
investment
income
(loss)
1
........
0.02
(0.00)
2
0.02
0.02
0.01
(0.02)
Net
realized
and
unrealized
gains
(losses)
0.89
1.53
0.95
2.05
(3.20)
2.76
Total
from
investment
operations
........
0.91
1.53
0.97
2.07
(3.19)
2.74
Distributions
to
shareholders
From
net
investment
income
.........
0.03
0.02
0.05
0.03
0.03
—
From
net
realized
gains
.............
—
1.12
0.41
—
0.18
0.31
Total
distributions
...................
0.03
1.14
0.46
0.03
0.21
0.31
Net
asset
value,
end
of
period
..........
$17.51
$16.63
$16.24
$15.73
$13.69
$17.09
Total
return
3
.......................
5.48%
9.43%
6.14%
15.16%
(18.66)%
18.69%
Net
assets,
end
of
period
(in
$000’s)
.....
$7,769
$7,724
$7,952
$7,627
$5,260
$5,784
Ratios
to
average
net
assets
4
Net
expenses
including
reimbursements
and
waivers
.........................
1.27%
1.23%
1.23%
1.23%
1.23%
1.21%
Net
investment
income
(loss)
..........
0.28%
(0.02)%
0.14%
0.12%
0.09%
(0.15)%
Total
expenses
excluding
reimbursements
and
waivers
......................
1.37%
1.33%
1.33%
1.33%
1.33%
1.32%
Portfolio
Turnover
...................
30%
5
49%
32%
33%
38%
30%
1
Based
on
average
shares
outstanding
during
the
period.
2
Less
than
$0.005
per
share.
3
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
4
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
5
Not
annualized.
Financial
Highlights
Impax
Global
Opportunities
Fund
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
63
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$16.79
$16.37
$15.83
$13.75
$17.15
$14.69
Net
investment
income
1
.............
0.04
0.04
0.06
0.06
0.05
0.02
Net
realized
and
unrealized
gains
(losses)
0.90
1.54
0.96
2.07
(3.22)
2.76
Total
from
investment
operations
........
0.94
1.58
1.02
2.13
(3.17)
2.78
Distributions
to
shareholders
From
net
investment
income
.........
0.05
0.04
0.07
0.05
0.05
0.01
From
net
realized
gains
.............
—
1.12
0.41
—
0.18
0.31
Total
distributions
...................
0.05
1.16
0.48
0.05
0.23
0.32
Net
asset
value,
end
of
period
..........
$17.68
$16.79
$16.37
$15.83
$13.75
$17.15
Total
return
2
.......................
5.60%
9.66%
6.41%
15.50%
(18.49)%
18.96%
Net
assets,
end
of
period
(in
$000’s)
.....
$88,765
$118,949
$118,044
$114,505
$99,480
$137,236
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
1.02%
0.98%
0.98%
0.98%
0.98%
0.96%
Net
investment
income
...............
0.48%
0.23%
0.37%
0.39%
0.34%
0.11%
Total
expenses
excluding
reimbursements
and
waivers
......................
1.11%
1.08%
1.08%
1.08%
1.08%
1.07%
Portfolio
Turnover
...................
30%
4
49%
32%
33%
38%
30%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Global
Environmental
Markets
Fund
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
64
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$20.66
$22.51
$22.47
$19.41
$25.22
$21.08
Net
investment
income
1
.............
0.05
0.07
0.06
0.09
0.07
0.14
Net
realized
and
unrealized
gains
(losses)
4.26
3.03
1.04
3.11
(5.78)
4.48
Total
from
investment
operations
........
4.31
3.10
1.10
3.20
(5.71)
4.62
Distributions
to
shareholders
From
net
investment
income
.........
0.05
0.13
0.10
0.14
0.04
0.13
From
net
realized
gains
.............
—
4.82
0.96
—
0.06
0.35
Total
distributions
...................
0.05
4.95
1.06
0.14
0.10
0.48
Net
asset
value,
end
of
period
..........
$24.92
$20.66
$22.51
$22.47
$19.41
$25.22
Total
return
2
.......................
20.87%
13.74%
4.87%
16.55%
(22.62)%
21.95%
Net
assets,
end
of
period
(in
$000’s)
.....
$167,478
$149,514
$160,953
$177,310
$167,290
$227,902
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
1.20%
1.18%
1.14%
1.16%
1.16%
1.15%
Net
investment
income
...............
0.46%
0.28%
0.26%
0.44%
0.37%
0.61%
Total
expenses
excluding
reimbursements
and
waivers
......................
1.20%
1.18%
1.14%
1.16%
1.16%
1.15%
Portfolio
Turnover
...................
46%
4
39%
30%
26%
35%
18%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Global
Environmental
Markets
Fund
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
65
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
A
Net
asset
value,
beginning
of
period
.....
$20.61
$22.47
$22.44
$19.38
$25.17
$21.05
Net
investment
income
1
.............
0.05
0.07
0.06
0.09
0.07
0.14
Net
realized
and
unrealized
gains
(losses)
4.25
3.02
1.03
3.11
(5.76)
4.46
Total
from
investment
operations
........
4.30
3.09
1.09
3.20
(5.69)
4.60
Distributions
to
shareholders
From
net
investment
income
.........
0.05
0.13
0.10
0.14
0.04
0.13
From
net
realized
gains
.............
—
4.82
0.96
—
0.06
0.35
Total
distributions
...................
0.05
4.95
1.06
0.14
0.10
0.48
Net
asset
value,
end
of
period
..........
$24.86
$20.61
$22.47
$22.44
$19.38
$25.17
Total
return
2
.......................
20.88%
13.72%
4.84%
16.58%
(22.58)%
21.89%
Net
assets,
end
of
period
(in
$000’s)
.....
$19,940
$17,732
$17,848
$19,283
$17,292
$22,613
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
1.20%
1.18%
1.14%
1.16%
1.16%
1.15%
Net
investment
income
...............
0.46%
0.28%
0.26%
0.43%
0.36%
0.61%
Total
expenses
excluding
reimbursements
and
waivers
......................
1.20%
1.18%
1.14%
1.16%
1.16%
1.15%
Portfolio
Turnover
...................
46%
4
39%
30%
26%
35%
18%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Global
Environmental
Markets
Fund
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
66
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$20.99
$22.78
$22.70
$19.58
$25.40
$21.23
Net
investment
income
1
.............
0.08
0.13
0.12
0.14
0.12
0.21
Net
realized
and
unrealized
gains
(losses)
4.34
3.06
1.05
3.15
(5.82)
4.49
Total
from
investment
operations
........
4.42
3.19
1.17
3.29
(5.70)
4.70
Distributions
to
shareholders
From
net
investment
income
.........
0.08
0.16
0.13
0.17
0.06
0.18
From
net
realized
gains
.............
—
4.82
0.96
—
0.06
0.35
Total
distributions
...................
0.08
4.98
1.09
0.17
0.12
0.53
Net
asset
value,
end
of
period
..........
$25.33
$20.99
$22.78
$22.70
$19.58
$25.40
Total
return
2
.......................
21.06%
13.97%
5.12%
16.85%
(22.39)%
22.23%
Net
assets,
end
of
period
(in
$000’s)
.....
$1,566,846
$1,504,272
$2,103,047
$2,249,833
$2,024,095
$2,495,005
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.95%
0.93%
0.89%
0.91%
0.91%
0.90%
Net
investment
income
...............
0.69%
0.55%
0.51%
0.69%
0.63%
0.87%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.95%
0.93%
0.89%
0.91%
0.91%
0.90%
Portfolio
Turnover
...................
46%
4
39%
30%
26%
35%
18%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Global
Women’s
Leadership
Fund
(formerly
Ellevate
Global
Women’s
Leadership
Fund)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
67
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$34.58
$32.39
$31.66
$27.26
$35.14
$30.34
Net
investment
income
1
.............
0.28
0.42
0.45
0.57
0.42
0.39
Net
realized
and
unrealized
gains
(losses)
2.74
5.17
3.35
4.34
(7.45)
4.84
Total
from
investment
operations
........
3.02
5.59
3.80
4.91
(7.03)
5.23
Distributions
to
shareholders
From
net
investment
income
.........
0.29
0.59
0.76
0.51
0.24
0.43
From
net
realized
gains
.............
—
2.81
2.31
—
0.61
—
Total
distributions
...................
0.29
3.40
3.07
0.51
0.85
0.43
Net
asset
value,
end
of
period
..........
$37.31
$34.58
$32.39
$31.66
$27.26
$35.14
Total
return
2
.......................
8.73%
17.36%
12.08%
18.14%
(19.98)%
17.27%
Net
assets,
end
of
period
(in
$000’s)
.....
$141,602
$139,015
$138,288
$137,887
$123,060
$160,749
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.78%
0.78%
0.77%
0.77%
0.77%
0.76%
Net
investment
income
...............
1.59%
1.23%
1.36%
1.95%
1.42%
1.18%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.78%
0.78%
0.77%
0.77%
0.77%
0.76%
Portfolio
Turnover
...................
12%
4
38%
63%
32%
45%
43%
5
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
5
To
manage
cash
flows,
minimize
trading
costs
and
equitize
cash
balances
in
between
trading
blocks
of
securities,
the
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
Global
Women’s
Leadership
Fund
(formerly
Ellevate
Global
Women’s
Leadership
Fund)
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
68
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$34.93
$32.68
$31.92
$27.45
$35.33
$30.50
Net
investment
income
1
.............
0.32
0.51
0.54
0.64
0.49
0.48
Net
realized
and
unrealized
gains
(losses)
2.78
5.22
3.37
4.37
(7.48)
4.86
Total
from
investment
operations
........
3.10
5.73
3.91
5.01
(6.99)
5.34
Distributions
to
shareholders
From
net
investment
income
.........
0.33
0.67
0.84
0.54
0.28
0.51
From
net
realized
gains
.............
—
2.81
2.31
—
0.61
—
Total
distributions
...................
0.33
3.48
3.15
0.54
0.89
0.51
Net
asset
value,
end
of
period
..........
$37.70
$34.93
$32.68
$31.92
$27.45
$35.33
Total
return
2
.......................
8.88%
17.67%
12.35%
18.41%
(19.76)%
17.56%
Net
assets,
end
of
period
(in
$000’s)
.....
$510,243
$569,099
$590,263
$695,585
$648,037
$854,540
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.53%
0.53%
0.52%
0.52%
0.52%
0.51%
Net
investment
income
...............
1.81%
1.48%
1.61%
2.20%
1.67%
1.43%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.53%
0.53%
0.52%
0.52%
0.52%
0.51%
Portfolio
Turnover
...................
12%
4
38%
63%
32%
45%
43%
5
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
5
To
manage
cash
flows,
minimize
trading
costs
and
equitize
cash
balances
in
between
trading
blocks
of
securities,
the
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
Semiannual
Report
69
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$12.52
$10.41
$10.24
$8.80
$10.99
$10.35
Net
investment
income
1
.............
0.22
0.26
0.24
0.23
0.21
0.22
Net
realized
and
unrealized
gains
(losses)
1.12
2.70
0.26
1.42
(2.19)
0.90
Total
from
investment
operations
........
1.34
2.96
0.50
1.65
(1.98)
1.12
Distributions
to
shareholders
From
net
investment
income
.........
0.21
0.31
0.25
0.21
0.21
0.23
From
net
realized
gains
.............
—
0.54
0.08
—
—
0.25
Total
distributions
...................
0.21
0.85
0.33
0.21
0.21
0.48
Net
asset
value,
end
of
period
..........
$13.65
$12.52
$10.41
$10.24
$8.80
$10.99
Total
return
2
.......................
10.70%
28.62%
4.87%
18.92%
(18.00)%
10.88%
Net
assets,
end
of
period
(in
$000’s)
.....
$133,587
$122,646
$93,094
$88,042
$81,939
$90,993
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.68%
0.69%
0.70%
0.70%
0.72%
0.72%
Net
investment
income
...............
3.42%
2.20%
2.22%
2.44%
2.30%
1.98%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.68%
0.69%
0.70%
0.70%
0.72%
0.72%
Portfolio
Turnover
...................
19%
4
52%
46%
56%
51%
55%
5
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
5
To
manage
cash
flows,
minimize
trading
costs
and
equitize
cash
balances
in
between
trading
blocks
of
securities,
the
International
Sustainable
Economy
Fund
utilized
one
or
more
exchange-traded
funds
(ETFs)
which
have
an
investment
objective
that
tracks
the
Fund’s
broad-based
benchmark.
These
investments
are
frequent
and
short-term,
however,
the
Fund
is
required
to
include
such
ETF
investment
activity
in
the
calculation
of
its
portfolio
turnover.
Had
such
transactions
been
excluded,
the
portfolio
turnover
would
have
been
41%
for
the
year
ended
December
31,
2021.
Financial
Highlights
Impax
International
Sustainable
Economy
Fund
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
70
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$12.21
$10.17
$10.02
$8.61
$10.76
$10.14
Net
investment
income
1
.............
0.23
0.28
0.26
0.24
0.23
0.24
Net
realized
and
unrealized
gains
(losses)
1.09
2.63
0.25
1.41
(2.15)
0.89
Total
from
investment
operations
........
1.32
2.91
0.51
1.65
(1.92)
1.13
Distributions
to
shareholders
From
net
investment
income
.........
0.22
0.33
0.28
0.24
0.23
0.26
From
net
realized
gains
.............
—
0.54
0.08
—
—
0.25
Total
distributions
...................
0.22
0.87
0.36
0.24
0.23
0.51
Net
asset
value,
end
of
period
..........
$13.31
$12.21
$10.17
$10.02
$8.61
$10.76
Total
return
2
.......................
10.85%
28.91%
5.04%
19.28%
(17.80)%
11.19%
Net
assets,
end
of
period
(in
$000’s)
.....
$1,736,148
$1,473,562
$1,132,210
$1,047,680
$743,946
$787,829
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.43%
0.44%
0.45%
0.45%
0.47%
0.47%
Net
investment
income
...............
3.69%
2.42%
2.48%
2.62%
2.57%
2.22%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.43%
0.44%
0.45%
0.45%
0.47%
0.47%
Portfolio
Turnover
...................
19%
4
52%
46%
56%
51%
55%
5
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
5
To
manage
cash
flows,
minimize
trading
costs
and
equitize
cash
balances
in
between
trading
blocks
of
securities,
the
International
Sustainable
Economy
Fund
utilized
one
or
more
exchange-traded
funds
(ETFs)
which
have
an
investment
objective
that
tracks
the
Fund’s
broad-based
benchmark.
These
investments
are
frequent
and
short-term,
however,
the
Fund
is
required
to
include
such
ETF
investment
activity
in
the
calculation
of
its
portfolio
turnover.
Had
such
transactions
been
excluded,
the
portfolio
turnover
would
have
been
41%
for
the
year
ended
December
31,
2021.
Financial
Highlights
Impax
Core
Bond
Fund
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
71
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$8.91
$8.69
$8.88
$8.68
$10.21
$10.56
Net
investment
income
1
.............
0.17
0.33
0.31
0.25
0.18
0.14
Net
realized
and
unrealized
gains
(losses)
(0.12)
0.22
(0.19)
0.21
(1.52)
(0.31)
Total
from
investment
operations
........
0.05
0.55
0.12
0.46
(1.34)
(0.17)
Distributions
to
shareholders
From
net
investment
income
.........
0.17
0.33
0.31
0.26
0.19
0.16
From
net
realized
gains
.............
—
—
—
—
—
0.02
Total
distributions
...................
0.17
0.33
0.31
0.26
0.19
0.18
Net
asset
value,
end
of
period
..........
$8.79
$8.91
$8.69
$8.88
$8.68
$10.21
Total
return
2
.......................
0.55%
6.44%
1.33%
5.36%
(13.16)%
(1.63)%
Net
assets,
end
of
period
(in
$000’s)
.....
$15,293
$15,803
$12,726
$11,926
$12,029
$14,076
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.72%
0.73%
0.72%
0.72%
0.71%
0.71%
Net
investment
income
...............
3.85%
3.75%
3.53%
2.92%
1.99%
1.35%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.72%
0.73%
0.72%
0.72%
0.71%
0.71%
Portfolio
Turnover
...................
64%
4
137%
124%
79%
70%
48%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Core
Bond
Fund
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
72
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$8.91
$8.68
$8.88
$8.68
$10.21
$10.56
Net
investment
income
1
.............
0.18
0.35
0.33
0.28
0.21
0.16
Net
realized
and
unrealized
gains
(losses)
(0.12)
0.23
(0.20)
0.20
(1.52)
(0.30)
Total
from
investment
operations
........
0.06
0.58
0.13
0.48
(1.31)
(0.14)
Distributions
to
shareholders
From
net
investment
income
.........
0.18
0.35
0.33
0.28
0.22
0.19
From
net
realized
gains
.............
—
—
—
—
—
0.02
Total
distributions
...................
0.18
0.35
0.33
0.28
0.22
0.21
Net
asset
value,
end
of
period
..........
$8.79
$8.91
$8.68
$8.88
$8.68
$10.21
Total
return
2
.......................
0.68%
6.82%
1.46%
5.62%
(12.94)%
(1.38)%
Net
assets,
end
of
period
(in
$000’s)
.....
$874,379
$841,495
$822,675
$884,413
$787,620
$771,495
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.47%
0.48%
0.47%
0.47%
0.46%
0.46%
Net
investment
income
...............
4.10%
4.00%
3.78%
3.19%
2.26%
1.60%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.47%
0.48%
0.47%
0.47%
0.46%
0.46%
Portfolio
Turnover
...................
64%
4
137%
124%
79%
70%
48%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
High
Yield
Bond
Fund
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
73
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$6.19
$6.04
$6.02
$5.73
$6.90
$6.97
Net
investment
income
1
.............
0.19
0.36
0.33
0.33
0.29
0.27
Net
realized
and
unrealized
gains
(losses)
(0.07)
0.15
0.02
0.29
(1.17)
(0.07)
Total
from
investment
operations
........
0.12
0.51
0.35
0.62
(0.88)
0.20
Distributions
to
shareholders
From
net
investment
income
.........
0.18
0.36
0.33
0.33
0.29
0.27
Total
distributions
...................
0.18
0.36
0.33
0.33
0.29
0.27
Net
asset
value,
end
of
period
..........
$6.13
$6.19
$6.04
$6.02
$5.73
$6.90
Total
return
2
.......................
2.03%
8.72%
6.06%
11.09%
(12.89)%
2.96%
Net
assets,
end
of
period
(in
$000’s)
.....
$110,254
$115,414
$123,274
$131,044
$137,689
$172,881
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.93%
0.95%
0.93%
0.93%
0.92%
0.93%
Net
investment
income
...............
6.16%
5.93%
5.49%
5.63%
4.70%
3.86%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.93%
0.95%
0.93%
0.93%
0.92%
0.93%
Portfolio
Turnover
...................
44%
4
84%
61%
29%
35%
51%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
High
Yield
Bond
Fund
(continued)
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
74
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
A
Net
asset
value,
beginning
of
period
.....
$6.20
$6.05
$6.03
$5.74
$6.92
$6.98
Net
investment
income
1
.............
0.19
0.36
0.33
0.33
0.29
0.27
Net
realized
and
unrealized
gains
(losses)
(0.08)
0.15
0.03
0.29
(1.18)
(0.06)
Total
from
investment
operations
........
0.11
0.51
0.36
0.62
(0.89)
0.21
Distributions
to
shareholders
From
net
investment
income
.........
0.18
0.36
0.34
0.33
0.29
0.27
Total
distributions
...................
0.18
0.36
0.34
0.33
0.29
0.27
Net
asset
value,
end
of
period
..........
$6.13
$6.20
$6.05
$6.03
$5.74
$6.92
Total
return
2
.......................
1.87%
8.73%
6.06%
11.08%
(12.99)%
3.11%
Net
assets,
end
of
period
(in
$000’s)
.....
$4,125
$6,358
$4,358
$4,294
$5,011
$7,102
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.93%
0.95%
0.93%
0.93%
0.92%
0.93%
Net
investment
income
...............
6.17%
5.92%
5.49%
5.63%
4.68%
3.85%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.93%
0.95%
0.93%
0.93%
0.92%
0.93%
Portfolio
Turnover
...................
44%
4
84%
61%
29%
35%
51%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
High
Yield
Bond
Fund
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
75
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$6.17
$6.02
$6.00
$5.71
$6.88
$6.94
Net
investment
income
1
.............
0.19
0.38
0.34
0.34
0.30
0.28
Net
realized
and
unrealized
gains
(losses)
(0.07)
0.15
0.03
0.29
(1.17)
(0.04)
Total
from
investment
operations
........
0.12
0.53
0.37
0.63
(0.87)
0.24
Distributions
to
shareholders
From
net
investment
income
.........
0.19
0.38
0.35
0.34
0.30
0.30
Total
distributions
...................
0.19
0.38
0.35
0.34
0.30
0.30
Net
asset
value,
end
of
period
..........
$6.10
$6.17
$6.02
$6.00
$5.71
$6.88
Total
return
2
.......................
1.99%
9.00%
6.33%
11.39%
(12.72)%
3.36%
Net
assets,
end
of
period
(in
$000’s)
.....
$419,233
$414,054
$413,611
$428,004
$443,891
$560,469
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
.........................
0.68%
0.70%
0.68%
0.68%
0.67%
0.69%
Net
investment
income
...............
6.41%
6.18%
5.74%
5.89%
4.95%
4.08%
Total
expenses
excluding
reimbursements
and
waivers
......................
0.68%
0.70%
0.68%
0.68%
0.67%
0.69%
Portfolio
Turnover
...................
44%
4
84%
61%
29%
35%
51%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Sustainable
Allocation
Fund
www.impaxam.com
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
76
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Investor
Class
Net
asset
value,
beginning
of
period
.....
$26.09
$25.82
$24.92
$22.78
$28.98
$26.36
Net
investment
income
1
.............
0.27
0.49
0.50
0.43
0.33
0.23
Net
realized
and
unrealized
gains
(losses)
1.08
2.30
1.36
2.55
(5.11)
3.79
Total
from
investment
operations
........
1.35
2.79
1.86
2.98
(4.78)
4.02
Distributions
to
shareholders
From
net
investment
income
.........
0.53
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
...................
0.53
2.52
0.96
0.84
1.42
1.40
Net
asset
value,
end
of
period
..........
$26.91
$26.09
$25.82
$24.92
$22.78
$28.98
Total
return
2
.......................
5.20%
10.86%
7.50%
13.17%
(16.42)%
15.31%
Net
assets,
end
of
period
(in
$000’s)
.....
$1,286,406
$1,320,795
$1,336,213
$1,371,707
$1,299,467
$1,652,892
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
4
.........................
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
Net
investment
income
...............
2.10%
1.85%
1.92%
1.82%
1.29%
0.80%
Total
expenses
excluding
reimbursements
and
waivers
4
.....................
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
Portfolio
Turnover
...................
22%
5
13%
9%
7%
4%
4%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
The
expense
ratio
of
the
Sustainable
Allocation
Fund
does
not
include
indirect
expenses
of
the
underlying
funds
the
Fund
invests
in.
Indirect
expenses
of
the
underlying
funds
were
0.59%
for
the
period
ended
June
30,
2026.
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.
5
Not
annualized.
Financial
Highlights
Impax
Sustainable
Allocation
Fund
(continued)
www.impaxam.com
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
77
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$26.83
$26.45
$25.47
$23.24
$29.54
$26.83
Net
investment
income
1
.............
0.32
0.58
0.58
0.50
0.40
0.32
Net
realized
and
unrealized
gains
(losses)
1.11
2.35
1.39
2.60
(5.22)
3.86
Total
from
investment
operations
........
1.43
2.93
1.97
3.10
(4.82)
4.18
Distributions
to
shareholders
From
net
investment
income
.........
0.57
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
...................
0.57
2.55
0.99
0.87
1.48
1.47
Net
asset
value,
end
of
period
..........
$27.69
$26.83
$26.45
$25.47
$23.24
$29.54
Total
return
2
.......................
5.33%
11.15%
7.78%
13.44%
(16.22)%
15.64%
Net
assets,
end
of
period
(in
$000’s)
.....
$1,109,382
$1,068,191
$966,794
$927,608
$845,463
$974,940
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
4
.........................
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Net
investment
income
...............
2.38%
2.11%
2.18%
2.07%
1.56%
1.10%
Total
expenses
excluding
reimbursements
and
waivers
4
.....................
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Portfolio
Turnover
...................
22%
5
13%
9%
7%
4%
4%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
The
expense
ratio
of
the
Sustainable
Allocation
Fund
does
not
include
indirect
expenses
of
the
underlying
funds
the
Fund
invests
in.
Indirect
expenses
of
the
underlying
funds
were
0.59%
for
the
period
ended
June
30,
2026.
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.
5
Not
annualized.
Notes
to
Financial
Statements
(Unaudited)
June
30,
2026
78
www.impaxam.com
Semiannual
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
June
30,
2026,
Trust
I
offered ten
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 ETF
(the
“Global
Sustainable
Infrastructure
ETF”)
(formerly
Impax
Global
Infrastructure
ETF),
Impax
Global
Opportunities
Fund
(the
“Global
Opportunities
Fund”),
Impax
Global
Environmental
Markets
Fund
(the
“Global
Environmental
Markets
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”). On
September
11,
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.
On
March
11,
2026,
the
Board
approved
the
termination
and
liquidation
of
the
Impax
Global
Social
Leaders
Fund,
effective
May
1,
2026.
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
Global
Women’s
Leadership
Fund
(the
“Global
Women’s
Leadership
Fund”)
(formerly
Impax
Ellevate
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
Opportunities
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.
Global
Sustainable
Infrastructure
ETF
is
listed
and
traded
on
NYSE
Arca,
Inc.
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
a
Corporate/Issuer
Resilience
(formerly
“ESG”),
or
sustainability
perspective.
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
adhere
to
the
Impax
Funds’
fossil
fuel
policy.
For
additional
information
on
the
fossil
fuel
policy
of
all
Funds
(other
than
the
Global
Sustainable
Infrastructure
ETF),
please
refer
to
"Corporate
and
Issuer
Resilience
(formerly
"ESG")
Criteria—Fossil
Fuel
Policy"
in
the
back
of
the
Prospectus.
For
additional
information
on
the
fossil
fuel
policy
of
the
Global
Sustainable
Infrastructure
ETF,
please
refer
to
"Sustainable
Investing—Corporate
Resilience
(formerly
"ESG")
Criteria—Fossil
Fuel
Policy"
in
the
back
of
the
Prospectus.
79
www.impaxam.com
Semiannual
Report
June
30,
2026
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.
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
ETF’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
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 Corporate
Resilience
80
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to
Financial
Statements
(Unaudited),
continued
June
30,
2026
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). 
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. 
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30,
2026
Accounting
Estimates
The
preparation
of
financial
statements
in
conformity
with
U.S.
generally
accepted
accounting
principles
(“GAAP”)
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Funds
apply
Investment
Company
accounting
and
reporting
guidance.
Valuation
of
Investments
 For
purposes
of
calculating
the
net
asset
value
(“NAV”),
determined
ordinarily
as
of
the
close
of
regular
trading
(normally
4:00
p.m.
Eastern
time)
(the
“NYSE
Close”)
on
the
New
York
Stock
Exchange
(“NYSE”)
on
each
day
that
the
NYSE
is
open
for
trading,
the
Funds
normally
use
pricing
data
for
domestic
equity
securities
received
shortly
after
the
NYSE
Close
and
do
not
normally
take
into
account
trading,
clearances
or
settlements
that
take
place
after
the
NYSE
Close.
U.S.
fixed
income
and
non-U.S.
securities
are
normally
priced
using
data
reflecting
the
earlier
closing
of
the
principal
markets
for
those
securities,
subject
to
possible
fair
value
adjustments.
Information
that
becomes
known
to
the
Funds
or
their
agents
after
NAV
has
been
calculated
on
a
particular
day
will
not
generally
be
used
to
retroactively
adjust
the
price
of
a
security
or
NAV
determined
earlier
that
day. 
For
the
purpose
of
these
financial
statements,
fair
values
for
various
types
of
securities
and
other
instruments
are
determined
on
the
basis
of
closing
prices
or
last
sales
prices
on
an
exchange
or
other
market,
or
based
on
quotes
or
other
market
information
obtained
from
quotation
reporting
systems,
established
market
makers
or
pricing
services.
Short-term
investments
having
a
maturity
of
60
days
or
less
are
generally
valued
at
amortized
cost,
which
approximates
fair
value. 
Investments
denominated
in
currencies
other
than
the
U.S.
dollar
are
converted
to
U.S.
dollars
using
exchange
rates
obtained
from
pricing
services.
As
a
result,
the
NAV
of
a
Fund’s
shares
may
be
affected
by
changes
in
the
value
of
currencies
in
relation
to
the
U.S.
dollar. 
If
market
quotations
are
not
readily
available
(including
in
cases
when
available
market
quotations
are
deemed
to
be
unreliable),
the
Funds’
investments
will
be
valued
as
determined
in
good
faith
pursuant
to
policies
and
procedures
approved
by
the
Boards
of
Trustees
of
the
Trusts
(the
“Boards”
or
“Boards
of
Trustees”)
(so
called
“fair
value
pricing”).
Fair
value
pricing
may
require
subjective
determinations
about
the
value
of
a
security
or
other
asset,
and
fair
values
used
to
determine
a
Fund’s
NAV
may
differ
from
quoted
or
published
prices,
or
from
prices
that
are
used
by
others,
for
the
same
investments.
Also,
the
use
of
fair
value
pricing
may
not
always
result
in
adjustments
to
the
prices
of
securities
or
other
assets
held
by
a
Fund.
The
Boards
have
designated
the
Adviser,
through
its
Best
Execution
and
Valuation
Committee,
to
manage
and
implement
the
day-to-day
valuation
of
the
Funds’
portfolio
investments,
in
accordance
with
policies
and
procedures
approved
by
the
Boards.
In
addition,
pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
has
designated
the
Adviser,
through
its
Best
Execution
and
Valuation
Committee,
as
the
“valuation
designee”
to
make
fair
value
determinations
for
all
of
the
Funds’
investments
for
which
market
quotations
are
not
readily
available. 
The
Funds
may
determine
that
market
quotations
are
not
readily
available
due
to
events
relating
to
a
single
issuer
(e.g.,
corporate
actions
or
announcements)
or
events
relating
to
multiple
issuers
(e.g.,
governmental
actions
or
natural
disasters).
The
Funds
may
determine
the
fair
value
of
investments
based
on
information
provided
by
pricing
services
and
other
third-
party
vendors,
which
may
recommend
fair
value
prices
or
adjustments
with
reference
to
other
securities,
indices
or
assets.
In
considering
whether
fair
value
pricing
is
required
and
in
determining
fair
values,
the
Funds
may,
among
other
things,
consider
significant
events
(which
may
be
considered
to
include
changes
in
the
value
of
U.S.
securities
or
securities
indices)
that
occur
after
the
close
of
the
relevant
market
and
the
usual
time
of
valuation.
At
June
30,
2026, 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
$683,085,
representing 0.13% 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
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Report
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2026
of
the
closing
of
the
local
market’s
exchange
and
the
close
of
the
NYSE.
Generally,
if
there
has
been
a
movement
in
the
U.S.
market
that
exceeds
a
specified
threshold,
the
Funds
will
assess
whether
the
closing
price
on
the
local
exchange
is
still
appropriate.
Although
the
threshold
may
be
revised
from
time
to
time
and
the
number
of
days
on
which
fair
value
prices
will
be
used
will
depend
on
market
activity,
it
is
possible
that
fair
value
prices
will
be
used
by
the
Funds
to
a
significant
extent.
The
value
determined
for
an
investment
using
the
Funds’
fair
value
pricing
procedures
may
differ
from
recent
market
prices
for
the
investment. 
Fair
Value
Measurements
 Fair
value
is
defined
as
the
price
that
the
Fund
would
receive
upon
selling
an
investment
in
an
orderly
transaction
between
market
participants.
The
three-tier
hierarchy
of
inputs
is
summarized
in
the
three
broad
Levels
listed
below.
•
Level
1
–
unadjusted
quoted
prices
in
active
markets
for
identical
investments
•
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
•
Level
3
–
significant
unobservable
inputs
(including
the
Funds’
own
assumptions
in
determining
the
fair
value
of
investments) 
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
general
summary
of
valuation
inputs
and
classifications
for
different
categories
of
securities. 
Equity
Securities
 Equity
securities,
including
common
stocks,
preferred
stocks
and
exchange-traded
funds,
for
which
market
quotations
are
readily
available,
are
generally
categorized
as
Level
1
in
the
hierarchy.
Non-U.S.
equity
securities
may
also
be
valued
at
official
close,
or
may
be
valued
based
on
the
fair
value
pricing
procedures
noted
above.
When
third-party
fair
value
pricing
of
foreign
securities
methods
are
applied,
they
are
generally
categorized
as
Level
2.
To
the
extent
that
inputs
for
equity
securities
are
unobservable,
values
are
categorized
as
Level
3
in
the
hierarchy.
Fixed
Income
Securities
Fixed
income
securities,
including
Corporate
Bonds
(both
investment-grade
and
high-yield),
U.S.
Treasury
Obligations,
Government
Bonds,
Mortgage-Backed
and
Asset-Backed
Securities,
Bank
Loans
and
Municipal
Bonds,
are
valued
at
evaluated
prices
received
from
independent
pricing
services,
which
are
evaluated
using
various
inputs
and
techniques
which
may
include
trade
activity,
broker-dealer
quotes,
yield
curves,
coupon
rates,
default
rates,
cash
flows,
models
and
other
inputs,
and
are
generally
categorized
as
Level
2
in
the
hierarchy.
To
the
extent
that
inputs
for
fixed
income
securities
are
unobservable,
values
are
categorized
as
Level
3
in
the
hierarchy. 
Affiliated
and
Unaffiliated
Investment
Companies
 Investments
in
mutual
funds
are
valued
at
the
Funds’
closing
net
asset
value
and
are
generally
categorized
as
Level
1. 
Short-Term
Investments
 Short-term
securities,
including
repurchase
agreements,
with
remaining
maturities
of
60
days
or
less,
which
are
valued
at
amortized
cost,
are
generally
categorized
as
Level
2
in
the
hierarchy. 
The
following
is
a
summary
of
the
inputs
used
to
value
the
Funds’
net
assets
as
of
June
30,
2026:
Level
1
Level
2
Level
3
Totals
Large
Cap
Fund
Common
Stocks
$
356,625,719
$
—
$
—
$
356,625,719
Cash
Equivalents
9,614,324
—
—
9,614,324
Total
$
366,240,043
$
—
$
—
$
366,240,043
83
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June
30,
2026
Level
1
Level
2
Level
3
Totals
Small
Cap
Fund
Common
Stocks
$
932,052,386
$
—
$
—
$
932,052,386
Cash
Equivalents
28,805,592
—
—
28,805,592
Total
$
960,857,978
$
—
$
—
$
960,857,978
US
Sustainable
Economy
Fund
Common
Stocks
$
1,076,206,715
$
—
$
—
$
1,076,206,715
Cash
Equivalents
9,121,377
—
—
9,121,377
Total
$
1,085,328,092
$
—
$
—
$
1,085,328,092
Global
Sustainable
Infrastructure
ETF
Common
Stocks
$
115,748,846
$
—
$
—
$
115,748,846
Cash
Equivalents
2,380,635
—
—
2,380,635
Total
$
118,129,481
$
—
$
—
$
118,129,481
Global
Opportunities
Fund
Common
Stocks
$
60,998,401
$
33,496,640
$
—
$
94,495,041
Cash
Equivalents
1,679,260
—
—
1,679,260
Total
$
62,677,661
$
33,496,640
$
—
$
96,174,301
Global
Environmental
Markets
Fund
Common
Stocks
$
1,046,043,355
$
682,291,343
$
—
$
1,728,334,698
Cash
Equivalents
26,188,543
—
—
26,188,543
Total
$
1,072,231,898
$
682,291,343
$
—
$
1,754,523,241
Global
Women’s
Leadership
Fund
Common
Stocks
$
485,353,928
$
157,876,284
$
—
$
643,230,212
Cash
Equivalents
7,362,458
—
—
7,362,458
Total
$
492,716,386
$
157,876,284
$
—
$
650,592,670
International
Sustainable
Economy
Fund
Common
Stocks
$
28,639,847
$
1,810,092,414
$
—
$
1,838,732,261
Rights
50,358
—
—
50,358
Cash
Equivalents
17,110,066
—
—
17,110,066
Total
$
45,800,271
$
1,810,092,414
$
—
$
1,855,892,685
Core
Bond
Fund
Corporate
Bonds
$
—
$
264,896,601
$
—
$
264,896,601
Foreign
Government
and
Agency
Securities
—
15,224,464
—
15,224,464
U.S.
Government
and
Agency
Securities
—
229,323,278
—
229,323,278
Asset-Backed
Securities
—
48,621,363
—
48,621,363
Mortgage-Backed
Securities
—
264,078,251
—
264,078,251
Municipal
Bonds
—
5,974,154
—
5,974,154
Supranational
—
49,371,487
—
49,371,487
Cash
Equivalents
7,651,918
—
—
7,651,918
Total
$
7,651,918
$
877,489,598
$
—
$
885,141,516
High
Yield
Bond
Fund
Common
Stocks
$
—
$
—
$
669,141
$
669,141
Preferred
Stocks
—
—
13,944
13,944
Corporate
Bonds
—
491,690,506
—
491,690,506
Foreign
Government
and
Agency
Securities
—
1,996,406
—
1,996,406
84
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Semiannual
Report
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2026
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 one
Fund
for
Level
3
fair
value
measurements.
Investment
Transactions
 Investment
transactions
are
recorded
as
of
the
date
of
purchase,
sale
or
maturity.
Net
realized
gains
and
losses
from
the
sale
or
disposition
of
securities
are
determined
on
the
identified
cost
basis,
which
is
also
used
for
federal
income
tax
purposes.
Corporate
actions
(including
cash
dividends)
are
recorded
net
of
foreign
tax
withholdings. 
Investment
Income
 Dividend
income
is
recorded
on
the
ex-dividend
date.
Interest
income
is
recorded
on
the
accrual
basis
and
includes
accretion
of
discount
and
amortization
of
premiums,
if
any.
The
value
of
additional
securities
received
as
dividend
payments
is
recorded
as
income
and
as
an
increase
to
the
cost
basis
of
such
securities.
The
Funds
amortize
purchase
price
premium
and
accrete
discount
on
bonds,
if
any,
over
the
remaining
life
of
the
bonds
using
the
effective
interest
method
of
amortization;
for
callable
bonds,
the
premium
amortization
period
is
to
the
earliest
call
date.
Distributions
to
Shareholders
 Distributions
to
shareholders
are
recorded
by
each
of
the
Funds
on
the
ex-dividend
dates.
The
Funds
(except
Core
Bond
Fund
and
High
Yield
Bond
Fund)
expect
to
pay
dividends
of
net
investment
income,
if
any,
semiannually
and
to
make
distributions
of
capital
gains,
if
any,
at
least
annually. 
The Core
Bond
Fund
and
High
Yield
Bond
Fund
expect
to
pay
dividends
of
net
investment
income,
if
any,
monthly
and
to
make
distributions
of
capital
gains,
if
any,
at
least
annually.
A
shareholder
begins
earning
dividends
on
the
Core
Bond
Fund
and
High
Yield
Bond
Fund
shares
the
day
after
the
Funds
receive
his
or
her
purchase
payment.
Income
and
capital
gains
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
U.S.
generally
accepted
accounting
principles.
Class
Accounting
Expenses
directly
attributable
to
a
class
of
shares,
such
as
12b-1
distribution
fees,
are
charged
to
that
class.
Each
Fund
(other
than
Global
Sustainable
Infrastructure
ETF)
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
Level
1
Level
2
Level
3
Totals
Asset-Backed
Securities
—
3,800,039
—
3,800,039
Loans
—
13,032,940
—
13,032,940
Cash
Equivalents
21,834,044
—
—
21,834,044
Total
$
21,834,044
$
510,519,891
$
683,085
$
533,037,020
Sustainable
Allocation
Fund
Management
Investment
Companies
$
2,305,444,773
$
—
$
—
$
2,305,444,773
Cash
Equivalents
92,388,370
—
—
92,388,370
Total
$
2,397,833,143
$
—
$
—
$
2,397,833,143
See
Schedules
of
Investments
for
additional
detailed
industry
classifications.
85
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Semiannual
Report
June
30,
2026
income
(which
includes
short-term
capital
gains)
and
net
capital
gains
that
it
distributes
to
shareholders.
Each
Fund
expects
to
distribute
all
or
substantially
all
of
its
income
and
gains
to
shareholders
every
year.
Therefore,
no
federal
income
or
excise
tax
provision
is
required.
The
Funds
are
treated
as
separate
entities
for
federal
income
tax
purposes.
Foreign
Currency
Transactions
The
accounting
records
of
the
Funds
are
maintained
in
U.S.
dollars.
In
addition,
purchases
and
sales
of
investment
securities,
dividend
and
interest
income,
and
certain
expenses
are
translated
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Net
realized
and
unrealized
foreign
currency
exchange
gains
or
losses
occurring
during
the
holding
period
of
investment
securities
are
a
component
of
realized
gain
(loss)
on
investment
transactions
and
unrealized
appreciation
(depreciation)
on
investments,
respectively. 
Non-U.S.Securities
 Non-U.S.
markets
can
be
significantly
more
volatile
than
domestic
markets,
causing
the
prices
of
some
Fund
investments
to
fluctuate
significantly,
rapidly
and
unpredictably.
Non-U.S.
securities
may
be
less
liquid
than
domestic
securities;
consequently,
a
Fund
may
at
times
be
unable
to
sell
non-U.S.
securities
at
desirable
times
or
prices.
Other
risks
related
to
non-U.S.
securities
include
delays
in
the
settlement
of
transactions;
less
publicly
available
information
about
issuers;
different
reporting,
accounting
and
auditing
standards;
the
effect
of
political,
social,
diplomatic
or
economic
events;
seizure,
expropriation
or
nationalization
of
the
issuer
or
its
assets;
fluctuation
in
foreign
currency
exchange
rates
and
the
possible
imposition
of
currency
exchange
controls.
If
a
Fund
invests
substantially
in
securities
of
non-U.S.
issuers
tied
economically
to
a
particular
country
or
geographic
region,
it
will
be
subject
to
the
risks
associated
with
such
country
or
geographic
region
to
a
greater
extent
than
a
fund
that
is
more
diversified
across
countries
or
geographic
regions.
Redemption
Fee
(High
Yield
Bond
Fund
Only)
 Generally,
a
redemption
of
shares
of
the
High
Yield
Bond
Fund
is
subject
to
a
redemption
fee
of
2.00%
of
the
net
asset
value
of
the
shares
redeemed
or
exchanged
if
such
redemption
occurs
within
30
days
after
purchase
of
such
shares.
The
redemption
fee
applies
to
exchanges
for
shares
of
other
Impax
Funds
as
well
as
to
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
 Prior
to March
31,
2026,
the
Funds lent
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 were
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 was
invested
in
government
money
market
funds. Borrowers
may have
also
pledged non-cash
collateral
within
the
guidelines
for
acceptable
forms
of
non-cash
collateral
approved
by
the
Boards
of
Trustees.
A
portion
of
the
income
generated
upon
investment
of
the
collateral was
remitted
to
the
borrower
and
the
remainder was
allocated
between
the
Funds
and
the
lending
agent.
The
Funds
recorded
security
lending
income
net
of
such
allocation.
The
Funds
continued
to
receive
dividends
on
the
securities
loaned,
which
were
accounted
for
in
the
same
manner
as
other
dividend
and
interest
income.
Effective
April
31,
2026,
the
Funds
determined
to
conclude
the
securities
lending
program. 
Segment
Reporting
The
Funds
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
("ASU
2023-07").
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Funds'
financial
position
or
the
results
of
its
operations.
An
operating
segment
is
defined
in
Topic
280
as
a
component
of
a
public
entity
that
engages
in
business
activities
from
which
it
may
recognize
revenues
and
incur
expenses,
has
operating
results
that
are
regularly
reviewed
by
the
public
entity's
chief
operating
decision
86
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Semiannual
Report
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2026
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 
NOTE
B—Investment
Advisory
Fee
and
Transactions
with
Affiliated
and
Other
Parties 
Each
of
Trust
I
and
Trust
III
have
entered
into
an
Investment
Advisory
Contract
(the
“Management
Contract”)
with
Impax
Asset
Management
LLC
(“IAM”)
(the
“Adviser”).
Pursuant
to
the
terms
of
the
Management
Contract,
the
Adviser,
subject
to
the
supervision
of
the
Boards
of
Trustees
of
the
Trusts,
is
responsible
for
managing
the
assets
of
the
Funds
in
accordance
with
the
Funds’
investment
objectives,
investment
programs
and
policies.
Pursuant
to
the
Management
Contract,
the
Adviser
has
contracted
to
furnish
the
Funds
continuously
with
an
investment
program,
determining
what
investments
to
purchase,
sell
and
exchange
for
the
Funds
and
what
assets
to
hold
uninvested.
The
Adviser
also
has
contracted
to
provide
office
space
and
certain
management
and
administrative
facilities
for
the
Funds.
In
return
for
such
services,
the
Funds
pay
an
advisory
fee
to
the
Adviser
at
the
following
annual
rates
(expressed
as
a
percentage
of
the
average
daily
net
assets
of
such
Fund):
*
The
management
fee
is
a
unified
fee
that
includes
all
of
the
operating
costs
and
expenses
of
the
Fund
(other
than
taxes,
charges
of
governmental
agencies,
interest,
brokerage
commissions
incurred
in
connection
with
portfolio
transactions,
distribution
and/or
service
fees
payable
under
a
plan
pursuant
to
Rule
12b-1
under
the
Investment
Company
Act
of
1940,
acquired
fund
fees
and
expenses
and
extraordinary
expenses),
including
accounting
expenses,
administrator,
transfer
agent,
custodian
fees,
legal
fees
and
other
expenses.
1
The
management
fee
is
0.65%
based
on
average
net
assets
up
to
$2
billion;
0.62%
for
assets
of
$2
billion
to
$3
billion;
0.58%
for
assets
of
$3
billion
to
$4
billion;
and
0.55%
for
assets
over
$4
billion.
2
The
management
fee
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.
Fund
Annual
Rate
Large
Cap
Fund
1
0.65%
Small
Cap
Fund
0.75%
US
Sustainable
Economy
Fund
2
0.48%
*
Global
Sustainable
Infrastructure
ETF
3,4
0.61%
*
Global
Opportunities
Fund
5
0.77%
Global
Environmental
Markets
Fund
6
0.77%
Global
Women’s
Leadership
Fund
7
0.53%
*
International
Sustainable
Economy
Fund
8
0.43%
*
Core
Bond
Fund
0.40%
High
Yield
Bond
Fund
0.50%
Sustainable
Allocation
Fund
0.05%
*
87
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Report
June
30,
2026
3
The
investment
advisory
contract
between
Impax
Funds
Series
Trust
I
(the
“Trust”)
and
Impax
Asset
Management
LLC
(“IAM”
or
the
“Adviser”)
provides
that
the
Adviser
will
pay
all
of
the
operating
costs
and
expenses
of
the
Fund
(other
than
taxes,
charges
of
governmental
agencies,
interest,
brokerage
commissions
incurred
in
connection
with
portfolio
transactions,
distribution
and/or
service
fees
payable
under
a
plan
pursuant
to
Rule
12b-1
under
the
Investment
Company
Act
of
1940,
acquired
fund
fees
and
expenses
and
extraordinary
expenses).
4
The
management
fee
is
0.60%
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.
5
Prior
to
May
1,
2026,
the
management
fee
was
0.80%
for
all
assets.
6
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.
7
The
management
fee
is
0.55%
based
on
average
net
assets
up
to
$375
million;
0.50%
for
assets
of
$375
million
to
$750
million;
and
0.45%
for
assets
over
$750
million.
8
The
management
fee is
0.48%
based
on
average
net
assets
up
to
$600
million;
0.45%
for
assets
of
$600
million
to
$750
million;
and
0.40%
for
assets
over
$750
million.
For
the
period ended
June
30,
2026,
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:
1
Prior
to
May
1,
2026,
the
Adviser
had
contractually
agreed
to
waive
a
portion
of
its
management
fee.
This
fee
waiver
terminated
on
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.
Fund
Amount
Large
Cap
Fund
$
2,222,007
Small
Cap
Fund
2,966,657
US
Sustainable
Economy
Fund
2,100,537
Global
Sustainable
Infrastructure
ETF
329,083
Global
Opportunities
Fund
395,031
Global
Environmental
Markets
Fund
6,487,574
Global
Women’s
Leadership
Fund
1,721,825
International
Sustainable
Economy
Fund
3,669,477
Core
Bond
Fund
1,706,070
High
Yield
Bond
Fund
1,321,939
Sustainable
Allocation
Fund
588,008
Expense
Caps
by
Class
Fund
Investor
Class
Class
A
Institutional
Class
ETF
US
Sustainable
Economy
Fund
1,2
0.72%
0.72%
0.48%
Global
Sustainable
Infrastructure
ETF
2
0.61%
Global
Women’s
Leadership
Fund
2
0.78%
0.53%
International
Sustainable
Economy
Fund
2
0.68%
0.43%
Sustainable
Allocation
Fund
2
0.30%
0.05%
88
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Semiannual
Report
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2026
Such
expenses
include
(i)
management
and
distribution
fees;
(ii)
the
fees
of
affiliated
and
unaffiliated
Trustees;
(iii)
the
fees
of
the
Funds’
custodian
and
transfer
agent;
(iv)
the
fees
of
the
Funds’
legal
counsel
and
independent
registered
public
accounting
firm;
(v)
the
reimbursement
of
organizational
expenses;
and
(vi)
expenses
related
to
shareholder
communications
including
all
expenses
of
shareholders’
and
Boards
of
Trustees’
meetings
and
of
preparing,
printing
and
mailing
reports,
proxy
statements
and
prospectuses
to
shareholders.
For
the period
ended June
30,
2026,
the
dollar
amounts
of
expense
reimbursements
were
as
follows:
In
addition,
the
Adviser
waived
its
management
fee for
the
following
Fund:
Pursuant
to
a
sub-advisory
agreement,
Impax
Asset
Management
Ltd.
(the
“Sub-Adviser”)
assists
in
the
management
of
the
Global
Environmental
Markets
Fund’s
and
Global
Opportunities
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
each
of
the
Funds
(other
than
Global
Sustainable
Infrastructure
ETF)
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.
Total
expenses
reimbursed
by
Advisor
Fund
Investor
Class
Institutional
Class
Global
Opportunities
Fund
*
$
3,593
$
45,001
*
Prior
to
May
1,
2026,
the
Adviser
had
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
exceeded
the
expense
caps
indicated.
The
reimbursement
arrangement
terminated
on
May
1,
2026.
Fund
Amount
US
Sustainable
Economy
Fund
*
$
217,809
*
Prior
to
May
1,
2026,
the
Adviser
had
contractually
agreed
to
waive
a
portion
of
its
management
fee.
This
fee
waiver
was
terminated
on
May
1,
2026.
89
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Report
June
30,
2026
NOTE
C—Investment
Information 
Purchases
and
proceeds
from
sales
of
investments
for
the
Funds
for
the period
ended June
30,
2026
were
as
follows:
For
federal
income
tax
purposes,
the
identified
cost
of
investments
owned
at June
30,
2026
as
well
as
the
gross
unrealized
appreciation
(depreciation)
of
investments
and
resulting
net
unrealized
appreciation
(depreciation)
as
of June
30,
2026
were
as
follows
for
the
Funds:
At June
30,
2026 the
following
Funds
had
unrealized
foreign
currency
gains
(losses):
Purchases
Sales
Fund
Investments
1
U.S.
Gov’t
Bonds
Investments
1
U.S.
Gov’t
Bonds
Large
Cap
Fund
$
163,997,444
$
—
$
728,481,821
$
—
Small
Cap
Fund
227,781,070
—
210,564,709
—
US
Sustainable
Economy
Fund
542,304,488
—
116,953,467
—
Global
Sustainable
Infrastructure
ETF
30,506,023
—
32,760,339
—
Global
Opportunities
Fund
30,200,070
—
65,084,041
—
Global
Environmental
Markets
Fund
755,226,765
—
992,945,448
—
Global
Women’s
Leadership
Fund
80,477,359
—
187,228,132
—
International
Sustainable
Economy
Fund
446,428,111
—
318,400,367
—
Core
Bond
Fund
175,741,304
370,167,539
228,311,021
317,597,822
High
Yield
Bond
Fund
225,128,503
—
226,630,324
—
Sustainable
Allocation
Fund
514,637,613
—
653,815,801
—
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
$
272,818,847
$
105,528,230
$
12,107,034
$
93,421,196
Small
Cap
Fund
711,809,050
324,279,441
75,230,513
249,048,928
US
Sustainable
Economy
Fund
810,979,490
300,270,558
25,921,956
274,348,602
Global
Sustainable
Infrastructure
ETF
100,236,245
21,834,363
3,941,127
17,893,236
Global
Opportunities
Fund
71,690,580
27,914,963
3,431,242
24,483,721
Global
Environmental
Markets
Fund
1,272,146,752
522,628,514
40,252,025
482,376,489
Global
Women’s
Leadership
Fund
438,309,371
235,086,899
22,803,600
212,283,299
International
Sustainable
Economy
Fund
1,386,769,229
535,350,825
66,227,369
469,123,456
Core
Bond
Fund
901,924,481
2,569,851
19,352,816
(16,782,965)
High
Yield
Bond
Fund
527,402,055
9,551,875
3,916,910
5,634,965
Sustainable
Allocation
Fund
2,165,532,007
308,963,493
76,662,357
232,301,136
Fund
Amount
Global
Sustainable
Infrastructure
ETF
$
310
Global
Opportunities
Fund
725
Global
Environmental
Markets
Fund
86,377
Global
Women’s
Leadership
Fund
17,013
International
Sustainable
Economy
Fund
201,834
90
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Semiannual
Report
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2026
Netting
Agreements
 During
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
netting
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
a
Fund
to
offset
any
exposure
to
a
specific
counterparty
with
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreement.
Generally,
a
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
As
of June
30,
2026,
there
is
no
collateral
held
at
the
counterparty
that
would
be
offset
by
a
master
netting
agreement
that
the
Funds
have
with
the
counterparty.
The
Funds
did
not
hold
any
derivative
instruments
as
of June
30,
2026.
Affiliated
Investments
The
term
“affiliated
company”
includes
other
investment
companies
that
are
managed
by
a
Fund’s
Adviser.
At June
30,
2026,
the
Sustainable
Allocation
Fund
held
the
following
investments
in
affiliated
Funds:
1
Includes
realized
capital
gain
distributions
from
an
affiliated
fund,
if
any.
Fund
Shares
Held
at
12/31/2025
Gross
Additions
Gross
Reductions
Shares
Held
at
6/30/2026
Sustainable
Allocation
Fund
Large
Cap
Fund
70,759,205
237,914
48,771,116
22,226,003
Small
Cap
Fund
6,410,734
—
—
6,410,734
US
Sustainable
Economy
Fund
6,721,559
13,894,857
—
20,616,416
Global
Sustainable
Infrastructure
ETF
6,411,413
1
3,655,557
*
2,755,857
Global
Opportunities
Fund
4,270,155
8,184
1,415,930
2,862,409
Global
Environmental
Markets
Fund
3,299,192
6,730
1,154,018
2,151,904
Global
Women's
Leadership
Fund
2,077,563
—
2,077,563
–
International
Sustainable
Economy
Fund
9,680,974
6,186,416
—
15,867,390
Core
Bond
Fund
83,756,883
4,452,924
—
88,209,807
High
Yield
Fund
19,378,474
612,737
—
19,991,211
*
The
Fund
acquired
all
the
assets
and
liabilities
of
the
Impax
Global
Sustainable
Infrastructure
Fund
("Predecessor
Fund")
in
a
Reorganization
that
commenced
as
of
the
close
of
business
on
January
30,
2026
and
was
completed
as
of
the
close
of
business
on
February
2,
2026
("Reorganization").
As
a
result,
all
financial
information
prior
to
the
Reorganization
reflects
the
Predecessor
Fund's
Institutional
Class
shares.
Fund
Value
at
12/31/2025
Dividend
Income
Realized
Gains/
Losses
1
Net
change
in
Unrealized
Appreciation/
Depreciation
Value
at
6/30/2026
Sustainable
Allocation
Fund
Large
Cap
Fund
$
784,719,589
$
2,621,816
$
24,052,705
$
(33,351,914)
$
248,042,196
Small
Cap
Fund
119,816,615
—
—
27,886,693
147,703,308
US
Sustainable
Economy
Fund
181,683,743
2,055,106
—
54,526,234
624,265,084
Global
Sustainable
Infrastructure
ETF
65,524,645
699,803
(7)
6,288,835
71,813,500
Global
Opportunities
Fund
71,695,897
143,299
1,979,724
788,477
50,607,397
Global
Environmental
Markets
Fund
69,250,035
168,643
1,459,729
9,629,332
54,507,739
Global
Women's
Leadership
Fund
72,569,263
—
15,284,939
(14,038,402)
—
International
Sustainable
Economy
Fund
118,204,698
2,688,549
—
12,301,709
211,194,955
Core
Bond
Fund
746,273,828
15,217,034
—
(10,126,657)
775,364,205
High
Yield
Fund
119,565,185
3,743,139
—
(1,361,935)
121,946,389
Total
$
2,349,303,498
$
27,337,389
$
42,777,090
$
52,542,372
$
2,305,444,773
91
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Report
June
30,
2026
The
Funds
are
permitted
to
purchase
and
sell
securities
(“cross-trade”)
from
and
to
other
Funds
within
the
Trusts
or
other
accounts
managed
by
the
Adviser
pursuant
to
“Cross-Trading”
Procedures
adopted
by
the
Trusts’
Boards
of
Trustees.
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
respective
Fund
from
or
to
another
Fund
or
account
that
is
or
could
be
considered
an
affiliate
of
the
Fund
under
certain
limited
circumstances
by
virtue
of
having
a
common
investment
adviser
complies
with
Rule
17a-7
of
the
1940
Act.
Further,
as
defined
under
these
procedures,
each
cross-trade
is
effected
at
the
current
market
price
to
save
costs
where
allowed.
The
Funds
did
not
engage
in
cross
trades
during
the period
ended June
30,
2026. 
Restricted
and
Illiquid
Securities
The
Funds
may
purchase
certain
restricted
securities
and
limited
amounts
of
illiquid
securities.
The
Funds
may
invest
in
securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933
(“the
Act”)
which
are
restricted
from
sale
to
the
public
and
may
only
be
sold
to
a
qualified
institutional
buyer.
The
Funds
do
not
have
the
right
to
demand
that
such
securities
be
registered.
The
value
of
such
securities
is
determined
by
valuations
supplied
by
a
pricing
service
or,
if
not
available,
in
good
faith
pursuant
to
policies
and
procedures
approved
by
the
Boards.
At June
30,
2026,
the
Core
Bond
Fund
held
$157,696,343
or
17.73%
of
net
assets
and
the High
Yield
Bond
Fund
held
$437,460,981
or 81.98% of
net
assets in
securities
exempt
from
registration
under
Rule
144A
of
the
Act.
At June
30,
2026,
the High
Yield
Bond
Fund
held
$683,085
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 2026
and 2025
was
as
follows:
Security
Acquisition
Date
Range
Cost
Market
Value
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
669,141
Distributions
paid
in
2026
Distributions
paid
in
2025
Fund
Ordinary
income
Tax
Return
of
capital
Long
term
capital
gains
Ordinary
income
Tax
Return
of
capital
Long-term
capital
gains
Large
Cap
Fund
$
3,212,758
$
—
$
—
$
4,539,016
$
—
$
212,278,441
Small
Cap
Fund
—
—
—
7,087,736
—
38,038,681
US
Sustainable
Economy
Fund
3,641,240
—
—
10,449,149
—
17,970,039
Global
Sustainable
Infrastructure
ETF
1,109,016
—
—
2,355,106
—
—
Global
Opportunities
Fund
264,497
—
—
299,761
—
7,938,819
Global
Environmental
Markets
Fund
5,501,003
—
—
12,521,524
—
329,412,886
92
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Semiannual
Report
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2026
As
of June
30,
2026,
for
federal
income
tax
purposes,
the
following
Funds
had
capital
loss
carryforwards
available
to
offset
future
gains,
if
any,
to
the
extent
provided
by
the
Treasury
regulations:
The
Global
Sustainable
Infrastructure
ETF,
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.
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
period ended
June
30,
2026,
no
provision
for
federal
income
tax
is
necessary
and,
therefore,
the
Funds
did
not
have
a
liability
for
any
unrecognized
tax
expenses.
Note
E—Issuance
and
Redemption
of
ETF
Shares 
The
Global
Sustainable
Infrastructure
ETF
is
an
exchange-traded
fund
(commonly
referred
to
as
an
“ETF”).
The
ETF
will
issue
and
redeem
shares
at
NAV
only
in
large
blocks
of
shares
(each
block
of
shares
is
called
a
“Creation
Unit”).
Creation
Units
are
issued
and
redeemed
for
cash
and/or
in-kind
for
securities.
Individual
shares
of
the
ETF
may
only
be
bought
and
sold
in
the
secondary
market
through
a
broker-dealer.
Because
ETF
shares
trade
at
market
prices
rather
than
at
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
An
investor
may
incur
costs
attributable
to
the
difference
between
the
highest
price
a
buyer
is
willing
to
pay
to
purchase
shares
of
the
ETF
(bid)
and
the
lowest
price
a
seller
is
willing
to
accept
for
shares
of
the
ETF
(ask)
when
buying
or
selling
shares
in
the
secondary
market
(the
“bid-ask
spread”).
The
consideration
for
purchase
of
a
Creation
Unit
of
the
ETF
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
(the
“Deposit
Securities”)
per
each
Creation
Unit,
and
the
deposit
of
a
specified
cash
component
(the
"Cash
Component").
Notwithstanding
the
foregoing,
the
Trust
reserves
the
right
to
permit
or
require
the
substitution
of
Deposit
Cash
to
be
added
to
the
Cash
Component
to
replace
any
Deposit
Security.
When
accepting
purchases
of
Creation
Units
for
all
or
a
portion
of
Deposit
Cash,
the
ETF
may
incur
additional
costs
associated
with
the
acquisition
of
Deposit
Securities
that
would
otherwise
be
provided
by
an
in-kind
purchaser.
Distributions
paid
in
2026
Distributions
paid
in
2025
Fund
Ordinary
income
Tax
Return
of
capital
Long
term
capital
gains
Ordinary
income
Tax
Return
of
capital
Long-term
capital
gains
Global
Women’s
Leadership
Fund
$
5,599,077
$
—
$
—
$
15,153,769
$
—
$
51,508,139
International
Sustainable
Economy
Fund
30,173,743
—
—
58,510,952
—
49,983,576
Core
Bond
Fund
17,457,240
—
—
33,680,445
—
—
High
Yield
Bond
Fund
16,456,635
—
—
32,367,631
—
—
Sustainable
Allocation
Fund
47,330,238
—
—
78,286,675
—
134,895,325
No
Expiration
Fund
Short-term
Long-term
Global
Sustainable
Infrastructure
ETF
$
361,708
$
8,130,661
Core
Bond
Fund
36,131,373
48,800,457
High
Yield
Bond
Fund
32,133,699
111,411,480
NOTE
D—Tax
Information 
93
www.impaxam.com
Semiannual
Report
June
30,
2026
A
fixed
purchase
(i.e.,
creation)
transaction
fee,
payable
to
the
ETF’s
custodian,
may
be
imposed
for
the
transfer
and
other
transaction
costs
associated
with
the
purchase
of
Creation
Units
(“Creation
Order
Costs”).
The
current
standard
fixed
creation
transaction
fee
for
the
ETF,
which
is
the
same
for
each
creation
transaction
regardless
of
the
number
of
Creation
Units
created
in
the
transaction,
is
$300.
The
ETF
may
adjust
the
standard
fixed
creation
transaction
fee
from
time
to
time.
The
standard
fixed
creation
fee
may
be
reduced
or
waived
on
certain
orders
if
the
ETF’s
custodian
has
determined
to
waive
some
or
all
of
the
Creation
Order
Costs
associated
with
the
order
or
another
party,
such
as
the
Adviser,
has
agreed
to
pay
such
fee.
In
addition,
a
variable
fee
may
be
imposed
for
cash
purchases,
non-standard
orders,
or
partial
cash
purchases
of
Creation
Units.
The
variable
charge
is
primarily
designed
to
cover
non-standard
charges,
e.g.,
brokerage,
taxes,
foreign
exchange,
execution,
market
impact,
and
other
costs
and
expenses,
related
to
the
execution
of
trades
resulting
from
such
transaction.
In
all
cases,
such
fees
will
be
limited
in
accordance
with
the
requirements
of
the
SEC
applicable
to
management
investment
companies
offering
redeemable
securities.
The
ETF
may
determine
to
not
charge
a
variable
fee
on
certain
orders
when
the
Adviser
has
determined
that
doing
so
is
in
the
best
interests
of
ETF
shareholders,
e.g.,
for
creation
orders
that
facilitate
adjustments
of
the
ETF’s
portfolio
in
a
more
efficient
manner
than
could
be
achieved
without
such
order.
Investors
who
use
the
services
of
a
broker
or
other
such
intermediary
may
be
charged
a
fee
for
such
services.
Investors
are
responsible
for
the
fixed
costs
of
transferring
the
ETF
Securities
(as
defined
below)
from
the
Trust
to
their
account
or
on
their
order.
Shares
may
be
redeemed
only
in
Creation
Units
at
their
NAV
next
determined
after
receipt
of
a
redemption
request
in
proper
form
by
the
ETF
through
the
transfer
agent
and
only
on
a
day
that
the
NYSE
Arca,
Inc.,
the
Trust
and
the
Fund's
custodian
are
open
for
business
(a
"Business
Day").
Except
upon
liquidation
of
the
ETF,
the
Trust
will
not
redeem
Shares
in
amounts
less
than
Creation
Units.
Investors
must
accumulate
enough
Shares
in
the
secondary
market
to
constitute
a
Creation
Unit
to
have
such
Shares
redeemed
by
the
Trust.
There
can
be
no
assurance,
however,
that
there
will
be
sufficient
liquidity
in
the
public
trading
market
at
any
time
to
permit
assembly
of
a
Creation
Unit.
Investors
should
expect
to
incur
brokerage
and
other
costs
in
connection
with
assembling
a
sufficient
number
of
Shares
to
constitute
a
redeemable
Creation
Unit.
Redemption
proceeds
for
a
Creation
Unit
are
paid
either
in-kind
or
in
cash,
or
combination
thereof,
as
determined
by
the
Trust.
With
respect
to
in-kind
redemptions
of
the
ETF,
redemption
proceeds
for
a
Creation
Unit
will
consist
of
ETF
Securities
-
as
announced
by
the
custodian
on
the
Business
Day
of
the
request
for
redemption
received
in
proper
form
plus
cash
in
an
amount
equal
to
the
difference
between
the
NAV
of
Shares
being
redeemed,
as
next
determined
after
a
receipt
of
a
request
in
proper
form,
and
the
value
of
the
ETF
Securities
(the
“Cash
Redemption
Amount”),
less
a
fixed
redemption
transaction
fee,
as
applicable,
as
set
forth
below.
In
the
event
that
the
ETF
Securities
have
a
value
greater
than
the
NAV
of
Shares,
a
compensating
cash
payment
equal
to
the
differential
is
required
to
be
made
by
or
through
an
Authorized
Participant
by
the
redeeming
shareholder.
Notwithstanding
the
foregoing,
at
the
Trust’s
discretion,
an
Authorized
Participant
may
receive
the
corresponding
cash
value
of
the
securities
in
lieu
of
the
in-kind
securities
value
representing
one
or
more
ETF
Securities.
A
fixed
redemption
transaction
fee,
payable
to
the
ETF’s
custodian,
may
be
imposed
for
the
transfer
and
other
transaction
costs
associated
with
the
redemption
of
Creation
Units
(“Redemption
Order
Costs”).
The
current
standard
fixed
redemption
transaction
fee
for
the
ETF,
which
is
the
same
for
each
redemption
transaction
regardless
of
the
number
of
Creation
Units
redeemed
in
the
transaction,
is
$300.
The
ETF
may
adjust
the
standard
fixed
redemption
transaction
fee
from
time
to
time.
The
standard
fixed
redemption
fee
may
be
reduced
or
waived
on
certain
orders
if
the
ETF’s
custodian
has
determined
to
waive
some
or
all
of
the
Redemption
Order
Costs
associated
with
the
order
or
another
party,
such
as
the
Adviser,
has
agreed
to
pay
such
fee.
In
addition,
a
variable
fee
may
be
imposed
for
cash
redemptions,
non-standard
orders,
or
partial
cash
redemptions
(when
cash
redemptions
are
available)
of
Creation
Units.
The
variable
charge
is
primarily
designed
to
cover
non-standard
charges,
e.g.,
brokerage,
taxes,
foreign
exchange,
execution,
market
impact,
and
other
costs
and
expenses,
related
to
the
execution
Note
E—Issuance
and
Redemption
of
ETF
Shares 
94
www.impaxam.com
Semiannual
Report
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2026
of
trades
resulting
from
such
transaction.
In
all
cases,
such
fees
will
be
limited
in
accordance
with
the
requirements
of
the
SEC
applicable
to
management
investment
companies
offering
redeemable
securities.
The
ETF
may
determine
to
not
charge
a
variable
fee
on
certain
orders
when
the
Adviser
has
determined
that
doing
so
is
in
the
best
interests
of
ETF
shareholders,
e.g.,
for
redemption
orders
that
facilitate
adjustments
of
the
ETF’s
portfolio
in
a
more
efficient
manner
than
could
be
achieved
without
such
order.
Investors
who
use
the
services
of
a
broker
or
other
such
intermediary
may
be
charged
a
fee
for
such
services.
Investors
are
responsible
for
the
fixed
costs
of
transferring
the
ETF
Securities
from
the
Trust
to
their
account
or
on
their
order.
Transaction
fees
assessed
during
the
period
ended
June
30,
2026,
which
are
included
in
the
proceeds
from
shares
issued
on
the
Statements
of
Changes
in
Net
Assets,
were
$4,344.
Note
F—
In-Kind
Transactions
During
the
period
ended
June
30,
2026,
the
ETF
did
not
deliver
portfolio
securities
in
exchange
for
the
redemption
of
shares
(in-kind
redemptions).
In
addition,
during
the
period,
the
ETF
received
securities
in
exchange
for
subscriptions
of
shares
(in-kind
purchases).
For
the
period
ended
June
30,
2026,
the
fair
value
of
the
securities
received
for
subscriptions
were
$13,279,808.
NOTE
G—Fund
Reorganization 
On
February
2,
2026,
Impax
Global
Sustainable
Infrastructure
ETF
acquired
all
of
the
assets
and
assumed
all
of
the
liabilities
of
Impax
Global
Sustainable
Infrastructure
Fund
("Predecessor
Fund")
pursuant
to
an
agreement
and
plan
of
reorganization
approved
by
the Board
of
Trustees
of
the
Trust
on
September
11,
2025
(the
“Reorganization”).
The
Reorganization
was
accomplished
by
a
tax-free
exchange
as
follows:
As
of
the
close
of
business
on
January
30,
2026, 9,371,508 Institutional
Class
and
Investor
Class
shares
of
the
Predecessor
Fund,
valued
at
$100,687,327,
were
outstanding. Immediately
following the
Reorganization,
the
Acquiring
Fund
had 4,027,356
shares
outstanding
valued
at
$100,683,900.
The
investment
portfolio
of
the
Predecessor
Fund,
with
a
value
of
$100,480,370
and
identified
cost
of
$82,761,263,
was
the
principal
asset
acquired
by
the
Acquiring
Fund.
For
financial
reporting
purposes,
assets
received,
and
shares
issued
by
the
Acquiring
Fund
were
recorded
at
fair
value;
however,
the
cost
basis
of
the
investments
received
from
the
Predecessor
Fund
was
carried
forward
to
align
ongoing
reporting
of
the
Acquiring
Fund’s
realized
and
unrealized
gains
and
losses
with
amounts
distributable
to
shareholders
for
tax
purposes.
Historical
share
transaction
and
per
share
information
for
the
Predecessor
Fund
was
retroactively
adjusted
to
reflect
the
change
in
capital
structure
due
to
the
Reorganization.
Because
the
combined
investment
portfolios
have
been
managed
as
a
single
integrated
portfolio
since
the
Reorganization,
it is
not
practicable
to
separate
the
amounts
of
revenue
and
earnings
of
the
Predecessor
Fund
that
have
been
reflected
in
the
statement
of
operations
since
February
2,
2026
for
the
Acquiring
Fund.
Before
Reorganization
Predecessor
Fund
After
Reorganization
Impax
Global
Sustainable
Infrastructure
ETF
Net
Assets
$100,687,327
$100,683,872
Shares
Outstanding
9,371,508
4,027,356
Net
Asset
Value
Per
Share
$10.74
$25.00
Net
Unrealized
Appreciation
17,719,108
17,719,108
Note
E—Issuance
and
Redemption
of
ETF
Shares 
95
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30,
2026
Note
H—Subsequent
Events 
The
Registrant
has evaluated
all
subsequent
events
for
potential
recognition
or
disclosure
in
these
financial
statements
through  August
26,
2026,
the
date
the
financial
statements
were
available
to
be
issued.
No
subsequent
events
were
identified. 
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Report
June
30,
2026
Proxy
Voting
(Unaudited)
You
may
obtain
a
description
of
the
Funds’
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
their
portfolio
securities,
without
charge,
upon
request
by
contacting
the
Funds
at
800.767.1729
or
on
the
SEC’s
website
at
www.sec.gov.
The
information
regarding
how
the
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
is
available
without
charge,
upon
request,
by
telephoning
Impax
(toll-free)
at
800.767.1729
or
visiting
Impax’s
website
at
www.impaxam.com
and
will
be
available
without
charge
by
visiting
the
SEC’s
website
at
www.sec.gov.
Portfolio
Holdings
(Unaudited)
Each
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
for
the
first
and
third
quarters
of
each
fiscal
year
(or
as
an
exhibit
to
its
reports
Form
N-PORT).
Each
Fund’s
Forms
N-PORT
are
available
on
the
SEC’s
web
site
at
www.sec.gov.
97
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30,
2026
Item
8.
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies.
None.
Item
9.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies.
None.
Item
10.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies.
              This
information
is
disclosed
as
part
of
the
financial
statements
included
in
Item
7.
Item
11.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract.
Board
Approval
of
Advisory
and
Sub-Advisory
Agreements
Review
Process
. 
The
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”)
requires
that
the
Trustees
of
Impax
Funds
Series
Trust
I
and
Impax
Funds
Series
Trust
III
(each
a
“Trust”
and
together,
the
“Trusts”
and
each
series
thereof,
a
“Fund”)
request
and
evaluate,
and
that
Impax
Asset
Management
LLC
(the
“Adviser”)
furnish,
such
information
as
may
reasonably
be
necessary
for
the
Trustees
of
the
Trusts
to
evaluate
the
terms
of
the
Trusts’
management
contracts
(“Management
Contracts”).
Similarly,
the
1940
Act
requires
that
the
Trustees
request
and
evaluate,
and
that
Impax
Asset
Management
Ltd.
(the
“Subadviser”)
furnish,
such
information
as
may
reasonably
be
necessary
for
the
Trustees
to
evaluate
the
terms
of
its
subadvisory
contract
(the
“Subadvisory
Contract”)
between
the
Adviser
and
the
Subadviser.
The
Trustees
who
are
not
“interested
persons”
(as
defined
in
Section
2(a)(19)
of
the
1940
Act)
of
the
Trusts
(the
“Independent
Trustees”)
met
in
March,
May
and
June
of
2026
for
the
purpose
of
considering
the
Management
Contracts
and
the
Subadvisory
Contract
(the
“contract
review
meetings”).
In
addition,
the
Trustees
of
each
Trust
consider
matters
bearing
on
the
relevant
Trust
and
its
investment
management
and
other
arrangements
at
their
regular
meetings
throughout
the
year,
including
reviews
of
investment
results
and
performance
data
at
each
regular
meeting
and
periodic
presentations
from
the
Adviser
and
the
Subadviser.
During
the
course
of
the
contract
review
meetings,
the
Trustees
met
and
discussed
the
Management
Contracts
and
the
Subadvisory
Contract
with
representatives
of
the
Adviser.
The
Independent
Trustees
were
assisted
in
their
evaluation
of
the
Management
Contracts
and
the
Subadvisory
Contract
by
independent
legal
counsel,
from
whom
they
received
assistance
and
advice,
including
a
written
memorandum
regarding
the
legal
standards
applicable
to
the
consideration
of
advisory
arrangements,
and
with
whom
they
met
separately
from
management.
The
Independent
Trustees
requested
additional
information,
to
which
management
responded.
In
their
deliberations,
the
Trustees
did
not
identify
any
particular
information
that
was
all-important
or
controlling.
Some
of
the
factors
that
figured
particularly
in
the
Trustees’
deliberations
are
described
below,
although
individual
Trustees
may
have
evaluated
the
information
presented
differently
from
one
another,
or
given
different
weights
to
various
factors
in
reaching
their
unanimous
conclusion.
The
Trustees’
conclusions
were
based,
in
part,
on
their
consideration
of
these
arrangements
during
the
course
of
the
year
and
in
prior
years.
The
Trustees
evaluated
the
information
available
to
them
on
a
Fund-by-Fund
basis,
and
their
determinations
were
made
separately
in
respect
of
each
Fund;
however,
they
also
took
into
account
the
common
interests
of
all
the
Funds
in
their
review.
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2026
Nature,
Extent,
and
Quality
of
Services.
In
considering
the
Management
Contracts
and
the
Subadvisory
Contract,
the
Trustees,
including
the
Independent
Trustees,
evaluated
the
nature,
extent,
and
quality
of
the
advisory
services
provided
to
each
Trust
by
the
Adviser
and,
with
respect
to
Impax
Global
Opportunities
Fund
and
Impax
Global
Environmental
Markets
Fund,
the
Subadviser.
They
considered
the
terms
of
the
relevant
Management
Contract
and
the
Subadvisory
Contract,
as
applicable,
and
received
and
considered
information
provided
by
management
that
described,
among
other
matters:
●
the
nature
and
scope
of
the
advisory
services
provided
to
the
Funds
and
information
regarding
the
experience,
qualifications,
and
adequacy
of
the
personnel
providing
those
services;
●
the
investment
program
used
by
the
Adviser
and
the
Subadviser
to
manage
the
Funds;
●
possible
conflicts
of
interest
and
fall-out
benefits;
●
brokerage
practices;
●
the
compliance
functions
of
the
Adviser
and
the
Subadviser;
and
●
financial
results,
assets
under
management,
and
other
information
relating
to
the
financial
resources
of
the
Adviser.
In
addition
to
considering
the
Funds’
investment
performance
(see
below),
the
Trustees
of
each
Trust
considered,
among
other
matters,
the
general
oversight
of
the
Funds
by
the
Adviser.
They
took
into
account
information
concerning
the
investment
philosophies
and
processes
used
by
the
Adviser
and
the
Subadviser
in
managing
the
Funds
as
well
as
their
in-house
investment
and
sustainable
research
capabilities.
They
also
considered
various
investment
resources
available
to
the
Adviser
and
the
Subadviser,
including
research
services
acquired
with
“soft
dollars”
available
to
the
Adviser
and
the
Subadviser
as
a
result
of
securities
transactions
effected
for
Impax
Large
Cap
Fund
and
Impax
Small
Cap
Fund.
The
Trustees
considered,
among
other
matters,
that
the
Adviser
provides
the
Trusts
with
office
space
and
personnel,
and
provides
oversight
and
coordination
of
the
services
provided
by
the
Funds’
third-party
service
providers.
These
services
include
accounting,
bookkeeping,
tax,
legal,
audit,
custody
and
transfer
agency
services,
and
preparation
of
prospectuses,
shareholder
reports
and
other
regulatory
filings.
They
took
into
account
the
Adviser’s
compliance
and
operational
functions,
as
well
as
the
resources
being
devoted
by
the
Adviser
to
such
functions.
The
Trustees
concluded,
within
the
context
of
their
overall
conclusions
regarding
the
Management
Contracts
and
the
Subadvisory
Contract,
that
the
scope
of
the
services
provided
to
each
Fund
under
the
relevant
Management
Contract,
and
to
each
of
Impax
Global
Opportunities
Fund
and
Impax
Global
Environmental
Markets
Fund
by
the
Subadviser,
was
consistent
with
such
Fund’s
operational
requirements;
that
the
Adviser
has
the
capabilities,
resources,
and
personnel
necessary
to
provide
the
advisory
services
currently
required
by
each
Fund;
and
that,
overall,
the
nature,
extent,
and
quality
of
the
services
provided
by
the
Adviser
and
the
Subadviser
were
sufficient
to
warrant
approval
of
the
Management
Contracts
and
the
Subadvisory
Contract.
Fund
Performance
.
In
connection
with
the
contract
review
meetings,
the
Trustees,
including
the
Independent
Trustees,
reviewed
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”)
regarding
the
total
return
investment
performance
of
the
Funds,
comparing
each
Fund’s
investment
results
with
those
of
other
mutual
funds
within
their
Broadridge
peer
group
over
the
one-,
three-,
five-
and
ten-year
periods
(to
the
extent
the
Fund
had
been
in
existence)
ended
December
31,
2025.
The
Trustees,
including
the
Independent
Trustees,
considered
the
methodology
employed
by
Broadridge
to
identify
peer
groups,
including
the
extent
to
which
such
peer
groups
included
other
mutual
funds
that
employ
sustainable
or
socially
responsible
investing
practices
and
the
extent
to
which
the
peer
group
pursued
investment
strategies
similar
to
those
of
the
relevant
Fund.
The
Independent
Trustees
considered
factors
significantly
affecting
Fund
performance.
The
Independent
Trustees
considered
information
regarding
market
concentration
in
technology
companies,
including
artificial
intelligence
companies,
and
the
impact
on
each
Fund’s
performance
of
an
underweight
to
such
stocks.
The
Independent
Trustees
considered
that
each
Fund
has
a
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2026
fossil
fuel
policy
1
,
which
generally
limits
investments
by
the
Funds
in
fossil
fuel
companies,
and
the
then-pending
changes
to
such
policy
for
Impax
High
Yield
Bond
Fund
and
Impax
Core
Bond
Fund
(together,
the
“Fixed
Income
Funds”)
2
.
The
Independent
Trustees
also
considered
that
the
domestic
energy
sector
had
outperformed
the
broader
U.S.
market
in
2023
and
2024.
With
respect
to
the
Fixed
Income
Funds,
the
Independent
Trustees
considered
the
impact
on
each
Fund’s
performance
of
an
underweight
to
the
energy
sector.
In
considering
the
total
return
performance
information
of
each
Fund,
as
compared
to
other
mutual
funds
in
its
Broadridge
peer
group:
Impax
Sustainable
Allocation
Fund
The
Independent
Trustees
considered
that
the
Sustainable
Allocation
Fund
had
outperformed
its
peer
group
for
the
one-year
period,
but
underperformed
its
peer
group
for
the
three-,
five-
and
ten-year
periods.
Impax
Small
Cap
Fund
The
Independent
Trustees
considered
that
the
Small
Cap
Fund
had
outperformed
its
peer
group
for
the
one-,
three-
and
five-
year
periods
and
performed
in
line
with
its
peer
group
for
the
ten-year
period.
Impax
International
Sustainable
Economy
Fund
The
Independent
Trustees
considered
that
the
International
Sustainable
Economy
Fund
had
underperformed
its
peer
group
for
the
one-,
three-,
five-
and
ten-year
periods.
The
Independent
Trustees
also
noted
that
because
the
Fund’s
name
and
strategy
changed
on
March
31,
2021,
the
Fund’s
performance
for
periods
prior
to
March
31,
2021
may
not
be
representative
of
the
performance
that
it
would
have
achieved
had
it
been
following
its
current
investment
strategy.
Impax
Core
Bond
Fund
The
Independent
Trustees
considered
that
the
Core
Bond
Fund
had
underperformed
its
peer
group
for
the
one-
and
three-year
periods
and
performed
in
line
with
its
peer
group
for
the
five-year
period.
Impax
Large
Cap
Fund
The
Independent
Trustees
considered
that
the
Large
Cap
Fund
had
underperformed
its
peer
group
for
the
one-,
three-
and
five-year
periods.
Impax
Global
Environmental
Markets
Fund
The
Independent
Trustees
considered
that
the
Global
Environmental
Markets
Fund
had
outperformed
its
peer
group
for
the
three-year
period,
performed
in
line
with
its
peer
group
for
the
ten-year
period,
but
underperformed
its
peer
group
for
the
one-
and
five-year
periods.
Impax
Global
Women’s
Leadership
Fund
The
Independent
Trustees
considered
that
the
Global
Women’s
Leadership
Fund
had
underperformed
its
peer
group
for
the
one-,
three-,
five-
and
ten-year
periods.
The
Independent
Trustees
noted
that
the
Fund’s
strategy
had
changed
on
March
28,
2024.
1
Under
normal
market
conditions,
and
as
a
result
of
the
Adviser’s
focus
on
the
risks
and
opportunities
accompanying
the
transition
to
a
more
sustainable
economy,
each
Fund
adheres
to
the
Impax
Funds’
fossil
fuel
policy,
under
which
each
Fund
will
not
invest
in
securities
of
companies
that
the
Adviser
determines
derive
revenues
or
profits
from
fossil
fuel
exploration
and
production,
or
derive
significant
(more
than
5%)
revenues
or
profits
from
fossil
fuel
refining,
processing,
storage,
transportation
and
distribution
(unless
the
Adviser
determines
that
the
company
has
credible
plans
for
climate
risk
mitigation
aligned
with
the
transition
to
net
zero).
2
The
Fixed
Income
Funds
will
not
invest
in
the
following
categories
of
companies
as
the
Adviser
believes
these
activities
face
the
most
significant
climate
transition
risks:
(1)
companies
deriving
>1%
of
revenues
from
thermal
coal
mining;
(2)
oil
sands
producers
(extraction
and
processing);
and
(3)
arctic
exploration
and
production
companies.
The
Fixed
Income
Funds
may
invest
in
companies
if
the
Adviser
determines
that
they
do
not
fall
within
one
or
more
of
the
excluded
categories
and
have
demonstrated
strong
environmental
management
systems
or
initiatives,
are
transparent
about
their
emissions
records
and
have
policies
and
procedures
aligned
with
the
transition
to
a
more
sustainable
economy,
including:
(1)
issuers
of
green
labeled
bonds
or
that
are
sustainability-linked,
including
transition
bonds;
(2)
issuers
deriving
revenue
from
fossil
fuel
exploration
and
production;
and
(3)
issuers
deriving
>
5%
of
revenues
from
fossil
fuel
refining,
processing,
storage,
transportation,
distribution
and
utility
power
generation.
In
addition
to
this
policy,
the
Adviser
intends
to
limit
each
Fixed
Income
Fund’s
aggregate
exposure
to
fossil
fuel
issuers
at
or
below
the
energy
sector
weight
in
the
ICE
BofA
Merrill
Lynch
US
High
Yield-Cash
Pay-BB-B
(Constrained
2%)
Index
and
the
Bloomberg
US
Aggregate
Bond
Index
for
Impax
High
Yield
Bond
Fund
and
Impax
Core
Bond
Fund,
respectively.
100
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Report
June
30,
2026
Impax
High
Yield
Bond
Fund
The
Independent
Trustees
considered
that
the
High
Yield
Bond
Fund
had
outperformed
its
peer
group
for
the
one-year
period,
but
underperformed
its
peer
group
for
the
three-,
five-
and
ten-year
periods.
Impax
Global
Opportunities
Fund
The
Independent
Trustees
considered
that
the
Global
Opportunities
Fund
had
underperformed
its
peer
group
for
the
one-,
three-
and
five-year
periods.
Impax
US
Sustainable
Economy
Fund
The
Independent
Trustees
considered
that
the
US
Sustainable
Economy
Fund
had
performed
in
line
with
its
peer
group
for
the
one-year
period,
but
underperformed
its
peer
group
for
the
three-year
period.
The
Independent
Trustees
noted
that
because
the
name
and
strategy
of
the
US
Sustainable
Economy
Fund
had
changed
on
March
31,
2021,
the
Fund’s
performance
for
periods
prior
to
March
31,
2021
may
not
be
representative
of
the
performance
that
it
would
have
achieved
had
it
been
following
its
current
investment
strategy.
Impax
Global
Sustainable
Infrastructure
ETF
The
Independent
Trustees
considered
that
the
Global
Sustainable
Infrastructure
ETF
had
outperformed
its
peer
group
for
the
one-year
period,
but
underperformed
its
peer
group
for
the
three-year
period.
The
Independent
Trustees
noted
that
because
the
name
and
strategy
of
the
Global
Sustainable
Infrastructure
ETF
had
changed
on
March
31,
2021
and
December
15,
2023,
the
ETF’s
performance
for
periods
prior
to
December
15,
2023
may
not
be
representative
of
the
performance
that
it
would
have
achieved
had
it
been
following
its
current
investment
strategy.
The
Independent
Trustees
also
noted
that
Global
Sustainable
Infrastructure
Fund
had
reorganized
with
and
into
the
Global
Sustainable
Infrastructure
ETF
as
of
February
2,
2026.
For
those
Funds
that
the
Board
identified
as
having
underperformed
their
peer
group
to
an
extent,
or
over
a
period
of
time,
that
the
Board
felt
warranted
additional
inquiry,
the
Board
discussed
with
the
Adviser
each
such
Fund’s
performance,
potential
reasons
for
the
relative
performance,
and,
if
necessary,
steps
that
the
Adviser
had
taken,
or
intended
to
take,
to
improve
performance,
including
(i)
the
addition
of
resources
to
the
Adviser’s
fixed
income
team,
including
the
onboarding
of
a
new
Head
of
Fixed
Income
and
the
Adviser’s
plan
to
continue
to
invest
in
that
team,
(ii)
the
addition
of
resources
to
the
Adviser’s
equity
research
team
and
the
Adviser’s
plan
to
continue
to
invest
in
that
team,
(iii)
the
expansion
of
the
Adviser’s
quantitative
research
group
to
support
the
Funds’
fundamental
and
systematic
research
processes,
(iv)
changes
to
the
portfolio
management
teams
of
each
of
Impax
Large
Cap
Fund,
Impax
Global
Environmental
Markets
Fund,
Impax
Global
Opportunities
Fund
and
Impax
Sustainable
Allocation
Fund,
(v)
changes
to
the
oversight
of
the
portfolio
management
teams,
(vi)
adjustments
to
the
investment
process
for
the
equity
Funds
to
more
closely
align
stock
selection
to
the
highest
conviction
ideas,
and
(vi)
the
2024
changes
to
the
principal
investment
strategy
of
the
Global
Women’s
Leadership
Fund.
In
addition
to
the
information
reviewed
by
the
Trustees
at
the
contract
review
meetings,
the
Trustees
receive,
during
the
year,
detailed
comparative
performance
information
for
each
Fund
including
performance
relative
to
one
or
more
selected
securities
indices
or
other
benchmarks.
Based
on
this
and
other
information,
the
Trustees
concluded,
within
the
context
of
their
overall
conclusions
regarding
the
Management
Contracts
and
the
Subadvisory
Contract,
that
the
relevant
performance
record
and
process
in
managing
each
Fund
were
sufficient
to
support
approval
of
the
Management
Contracts
and
the
Subadvisory
Contract.
Fees
and
Other
Expenses.
The
Trustees,
including
the
Independent
Trustees,
considered
the
advisory
fees
paid
by
each
Fund
to
the
Adviser,
and
the
subadvisory
fees
paid
to
the
Subadviser
by
the
Adviser
with
respect
to
the
Global
Opportunities
and
Global
Environmental
Markets
Funds,
as
well
as
each
Fund’s
distribution
and
service
(Rule
12b-1)
fees,
“other
expenses”
and
total
expenses.
In
doing
so,
the
Trustees
reviewed
both
information
provided
by
management
and
information
prepared
101
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Report
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30,
2026
by
Broadridge
regarding
the
expenses
of
each
Fund
relative
to
those
of
each
Fund’s
Broadridge
peer
group.
The
Independent
Trustees
considered
that
the
total
expenses
of
each
of
the
Funds
(after
giving
effect
to
the
expense
reimbursements
and
fee
reduction
described
below,
if
applicable),
other
than
Global
Opportunities
Fund
and
Large
Cap
Fund,
were
at
or
below
the
median
total
expenses
of
its
respective
peer
group.
The
Independent
Trustees
also
considered
that
the
advisory
fees
of
all
Funds
other
than
the
Core
Bond
Fund
and
the
US
Sustainable
Economy
Fund
(for
which
advisory
fees
were
slightly
above
the
median)
(after
giving
effect
to
the
expense
reimbursements
described
below,
where
applicable)
were
at
or
below
the
median
combined
management
and
administrative
fees
of
their
peer
groups.
In
connection
with
their
review,
the
Trustees
considered
that,
effective
May
1,
2026,
the
Adviser
had
reduced
the
rate
of
fees
payable
under
the
Management
Contract
with
respect
to
Global
Opportunities
Fund.
The
Independent
Trustees
also
considered
that,
under
the
Management
Contracts
with
respect
to
the
US
Sustainable
Economy
Fund,
the
Global
Women’s
Leadership
Fund,
the
International
Sustainable
Economy
Fund,
the
Sustainable
Allocation
Fund
and
the
Global
Sustainable
Infrastructure
ETF,
the
Adviser
was
obligated
to
pay
all
of
the
operating
costs
and
expenses
of
the
Funds
(other
than
taxes,
charges
of
governmental
agencies,
interest,
brokerage
commissions
incurred
in
connection
with
portfolio
transactions,
distribution
and/or
service
fees
payable
under
a
plan
pursuant
to
Rule
12b-1
under
the
1940
Act,
acquired
fund
fees
and
expenses
and
extraordinary
expenses),
including
accounting
expenses,
administrator,
transfer
agent,
and
custodian
fees,
legal
fees
and
other
expenses.
The
Trustees
considered
the
expenses
indirectly
borne
by
the
Sustainable
Allocation
Fund
through
its
investment
in
other
Funds,
and
the
extent
to
which
the
services
provided
by
the
Adviser
to
the
Sustainable
Allocation
Fund
were
distinct
from,
and
not
duplicative
of,
the
services
it
provides
to
such
other
Funds.
Based
on
this
and
other
information,
the
Trustees
concluded,
within
the
context
of
their
overall
conclusions
regarding
the
Management
Contracts
and
the
Subadvisory
Contract,
that
the
fees
and
expenses
to
be
charged
represented
reasonable
compensation
to
the
Adviser
and
the
Subadviser
in
light
of
the
services
provided.
Costs
of
Services
Provided
and
Profitability.
The
Trustees,
including
the
Independent
Trustees,
reviewed
information
regarding
the
cost
of
services
provided
by
the
Adviser
and
the
estimated
profitability
to
the
Adviser
and
the
Subadviser
of
their
relationships
with
the
Funds,
including
a
profitability
report
prepared
by
management
detailing
the
costs
of
services
provided
to
each
Fund
by
the
Adviser
and
the
Subadviser,
and
the
estimated
profitability
to
each
of
the
Adviser
and
the
Subadviser,
for
the
fiscal
year
ended
September
30,
2025,
of
its
advisory
and
subadvisory
relationship
with
each
applicable
Fund.
The
Trustees
recognized
that
the
Adviser
and
the
Subadviser
should,
in
the
abstract,
be
entitled
to
earn
a
reasonable
level
of
profit
for
the
services
provided
to
each
Fund,
and
that
it
is
difficult
to
make
comparisons
of
profitability
from
mutual
fund
advisory
contracts
because
comparative
information
is
not
generally
available
and
is
affected
by
numerous
factors,
including
the
structure
of
the
particular
adviser,
the
types
of
funds
it
manages,
its
business
mix,
numerous
assumptions
about
cost
allocations
and
each
adviser’s
capital
structure
and
cost
of
capital.
The
Trustees
of
each
Trust
concluded
that,
taking
all
of
the
foregoing
into
account,
they
were
satisfied
that
the
level
of
profitability
of
each
of
the
Adviser
and
the
Subadviser
from
its
relationship
with
the
relevant
Funds
was
not
excessive.
Possible
Fall-Out
Benefits.
The
Trustees,
including
the
Independent
Trustees,
considered
information
regarding
the
direct
and
indirect
benefits
to
the
Adviser
and
the
Subadviser
from
their
relationships
with
the
respective
Funds,
including
reputational
and
other
“fall
out”
benefits.
During
the
course
of
the
year,
the
Trustees
received
presentations
from
the
Adviser
about
its
trading
practices
and
brokerage
arrangements,
including
its
policies
with
respect
to
research
purchased
with
credits
generated
in
connection
with
trades
executed
for
the
Large
Cap
and
Small
Cap
Funds
(soft
dollar
arrangements),
and
the
Trustees
accepted
the
representation
of
the
Adviser
that
it
fulfills
its
fiduciary
obligation
of
seeking
best
execution
when
engaging
in
portfolio
transactions
for
the
Funds.
The
Trustees
considered
the
receipt
of
these
benefits
in
light
of
the
Adviser’s
profitability
and
concluded
that
such
benefits
were
not
excessive.
102
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Semiannual
Report
June
30,
2026
Possible
Economies
of
Scale.
The
Trustees,
including
the
Independent
Trustees,
considered
the
extent
to
which
the
Adviser
and
the
Subadviser,
as
applicable,
may
realize
economies
of
scale
or
other
efficiencies
in
managing
and
supporting
the
Funds.
They
noted
that
as
assets
increase,
certain
fixed
costs
may
be
spread
across
a
larger
asset
base,
and
it
was
noted
that
any
economies
of
scale
or
other
efficiencies
might
be
realized
(if
at
all)
across
a
variety
of
products
and
services,
including
the
Funds,
and
not
only
in
respect
of
a
single
Fund.
The
Independent
Trustees
also
noted
that
the
Adviser
agreed
to
waive
a
portion
of
its
management
fee
for
the
US
Sustainable
Economy
Fund.
Based
on
these
observations,
the
Independent
Trustees
concluded
that
the
Funds’
overall
fee
arrangements
represent
an
appropriate
sharing
at
the
present
time
between
Fund
shareholders
and
the
Adviser
and
the
Subadviser
(where
applicable)
of
any
economies
of
scale
or
other
efficiencies
in
the
management
of
each
Fund
at
current
asset
levels.
Conclusions.
Based
on
their
evaluation
of
factors
that
they
deemed
to
be
material,
including
those
factors
described
above,
the
Board
of
Trustees
of
each
Trust,
including
the
Independent
Trustees,
unanimously
concluded
that
the
continuation
of
the
Management
Contracts
with
respect
to
each
Fund
and
the
continuation
of
the
Subadvisory
Contract
for
the
applicable
Funds,
was
in
the
best
interests
of
the
Funds
and
that
the
Management
Contracts
and
the
Subadvisory
Contract
should
be
approved.
103
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Semiannual
Report
Account
Options
and
Services
June
30,
2026
At
Impax,
we
are
pleased
to
offer
a
variety
of
account
options
and
shareholder
services
to
help
meet
your
investment
needs.
Types
of
Accounts
Services
Regular
Accounts
Individual,
business
and
trust
accounts
are
available
for
all
Impax
Funds.
Traditional
IRA
Contributions
to
an
IRA
may
be
tax-
deductible.
Taxes
are
paid
only
when
funds
are
withdrawn,
when
investors
may
be
in
a
lower
tax
bracket.
Roth
IRA
Contributions
to
a
Roth
IRA
are
not
deductible,
but
after
five
years
some
types
of
withdrawals
are
tax-free.
SIMPLE
IRA
This
is
an
easy-to
maintain
retirement
plan
designed
for
small
businesses.
SEP
IRA
This
is
an
employer
funded
retirement
plan
popular
with
small
businesses
and
self-employed
persons.
Coverdell
Education
Savings
Account
&
Uniform
Transfers/Gifts
to
Minors
Act
(UTMA/UGMA)
These
plans
provide
excellent
ways
to
save
for
a
child’s
education.
Services
Automatic
Investment
Plan
You
may
arrange
to
have
a
fixed
amount
automatically
deducted
from
your
checking
or
savings
account
and
invested
in
your
Impax
account
on
a
monthly
or
quarterly
basis.
Automatic
investment
plans
do
not
assure
a
profit
and
do
not
protect
against
loss
in
declining
markets.
Online
Account
Access
Impax
shareholders
can
view
account
balances
and
recent
transaction
history,
purchase
and
redeem
shares
or
make
exchanges
between
different
Impax
Funds.
www.impaxam.com
Learn
all
about
Impax
Funds
through
our
web
site.
You
can
check
Fund
performance,
read
about
our
portfolio
managers,
view
Connection—our
quarterly
newsletter,
and
see
how
we
voted
on
various
proxies
for
the
companies
in
our
portfolios.
Please
note
that
the
information
contained
herein
does
not
constitute
tax
advice.
Always
consult
your
tax
advisor
before
making
any
tax-related
investment
decisions.
This
semi-annual report
is
intended
for
shareholders
of
the
Impax
Funds
only,
and
is
not
authorized
for
distribution
to
other
persons
unless
accompanied
or
preceded
by
a
prospectus.
Please
consider
the
Funds’
investment
objectives,
risks
and
charges
and
expenses
carefully
before
investing.
The
Funds’
prospectus
contains
this
and
other
information
about
the
Funds
and
may
be
obtained
by
calling
800.767.1729,
emailing
impaxfunds@impaxam.com
or
visiting
www.impaxam.com.
Distributor:
Foreside
Financial
Services,
LLC
Member
of
FINRA
8/26
.
30
Penhallow
Street,
Suite
1
00
Portsmouth
NH
03801
800.767.1729
www.impaxam.com
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable.
 
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable.
 
Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
Not applicable.
 
Item 15.  Submission of Matters to a Vote of Security Holders.
 
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.
 
Item 16. Controls and Procedures.
 
(a) It is the conclusion of the Registrant’s principal executive officer and principal financial officer (or persons performing similar functions), based on an evaluation of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) (the “Disclosure Controls”) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of the Disclosure Controls are effective to reasonably ensure that information required to be disclosed by the Registrant in this report on Form N-CSR has been recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
  
(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report on Form N-CSR that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
 
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
 
Not applicable.
 
Item 18. Recovery of Erroneously Awarded Compensation.
 
Not applicable.
 
Item 19. Exhibits.
 
(a)(1) The Registrant’s code of ethics, or any amendment thereto, that is the subject of the disclosure required by Item 2 of Form N-CSR is filed with the Registrant’s annual Form N-CSR.
 
(a)(2) Not Applicable
 
(a)(3) Certifications of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached
 
(a)(4) Not applicable.
 
(a)(5) There has been no change to the Registrant’s independent public accountant during the reporting period
 
(b) Certification of the principal executive officer and principal financial officer of the Registrant required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are attached
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)                           Impax Funds Series Trust III
                                                    
By (Signature and Title)        /s/ Edward Farrington
                                                   Edward Farrington, President
                                                    
Date             8/26/26
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)        /s/ Edward Farrington
                                                   Edward Farrington, President (Principal Executive Officer)
                                                    
Date             8/26/26
                       
By (Signature and Title)        /s/ Daniel Saltus
                                                   Daniel Saltus, Treasurer (Principal Financial Officer)
                                                    
Date             8/26/26
                                                  
 
 
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

ex99cert.htm

ex99906.htm

imp-20260630.xsd

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IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: primary-document_htm.xml