UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-02064 |
|
IMPAX FUNDS SERIES TRUST I |
(Exact name of Registrant as specified in charter) |
|
30 Penhallow Street, Suite 100, Portsmouth, NH | | 03801 |
(Address of principal executive offices) | | (Zip code) |
|
Impax Asset Management LLC
30 Penhallow Street, Suite 100, Portsmouth, NH 03801
Attn.: Edward Farrington |
(Name and address of agent for service) |
|
Registrant’s telephone number, including area code: | 800-767-1729 | |
|
Date of fiscal year end: | December 31 | |
|
Date of reporting period: | June 30, 2024 | |
| | | | | | | | |
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
This semi-annual shareholder report contains important information about the Impax Core Bond Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/CB. You can find additional information about the Fund at https://impaxam.com/CB. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PXBIX
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $23 | 0.47% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $879,240,523 |
| Total Number of Portfolio Holdings | 488 |
| Portfolio Turnover Rate | 62% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| U.S. Treasury Bonds, 4.625%, 5/15/44 | 5.1% |
| U.S. Treasury Notes, 4.625%, 4/30/29 | 3.8% |
| U.S. Treasury Bonds, 4.625%, 5/15/54 | 3.5% |
| U.S. Treasury Notes, 4.500%, 5/15/27 | 2.8% |
| U.S. Treasury Notes, 4.625%, 5/31/31 | 0.9% |
| International Bank for Reconstruction & Development, 1.625%, 1/15/25 | 0.9% |
| U.S. Treasury Notes, 0.375%, 7/15/27 | 0.6% |
| Kreditanstalt fuer Wiederaufbau, 0.625%, 1/22/26 | 0.6% |
| International Bank for Reconstruction & Development, 0.625%, 4/22/25 | 0.5% |
| Kreditanstalt fuer Wiederaufbau, 4.125%, 7/15/33 | 0.5% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 2.0% |
| Community Investment Notes | 0.0%Footnote Reference# |
| Municipal Bonds | 1.0% |
| Foreign Government and Agency Securities | 3.0% |
| Asset-Backed Securities | 5.3% |
| Supranational | 9.9% |
| U.S. Government and Agency Securities | 18.8% |
| Mortgage-Backed Securities | 30.0% |
| Corporate Bonds | 30.0% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Footnote# | Less than 0.05%. |
Credit Quality Allocation as of June 30, 2024
| U.S. Government | 19.8% |
| AAA | 12.6% |
| AA+ | 3.6% |
| AA | 0.4% |
| AA- | 1.3% |
| A+ | 0.9% |
| A | 5.3% |
| A- | 5.7% |
| BBB+ | 5.6% |
| BBB | 4.2% |
| BBB- | 2.9% |
| BB+ | 1.7% |
| BB | 1.0% |
| BB- | 0.4% |
| B+ | 0.2% |
| NR | 34.5% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Bonds | 82.4% |
| Supranational | 9.9% |
| Foreign Bonds | 5.6% |
| Cash & Cash Equivalents | 1.9% |
| Community Investment Notes | 0.1% |
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PXBIX
Impax Asset Management
(800) 372-7827
https://impaxam.com/CB
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/CB.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Core Bond Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/CB. You can find additional information about the Fund at https://impaxam.com/CB. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $36 | 0.72% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $879,240,523 |
| Total Number of Portfolio Holdings | 488 |
| Portfolio Turnover Rate | 62% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| U.S. Treasury Bonds, 4.625%, 5/15/44 | 5.1% |
| U.S. Treasury Notes, 4.625%, 4/30/29 | 3.8% |
| U.S. Treasury Bonds, 4.625%, 5/15/54 | 3.5% |
| U.S. Treasury Notes, 4.500%, 5/15/27 | 2.8% |
| U.S. Treasury Notes, 4.625%, 5/31/31 | 0.9% |
| International Bank for Reconstruction & Development, 1.625%, 1/15/25 | 0.9% |
| U.S. Treasury Notes, 0.375%, 7/15/27 | 0.6% |
| Kreditanstalt fuer Wiederaufbau, 0.625%, 1/22/26 | 0.6% |
| International Bank for Reconstruction & Development, 0.625%, 4/22/25 | 0.5% |
| Kreditanstalt fuer Wiederaufbau, 4.125%, 7/15/33 | 0.5% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 2.0% |
| Community Investment Notes | 0.0%Footnote Reference# |
| Municipal Bonds | 1.0% |
| Foreign Government and Agency Securities | 3.0% |
| Asset-Backed Securities | 5.3% |
| Supranational | 9.9% |
| U.S. Government and Agency Securities | 18.8% |
| Mortgage-Backed Securities | 30.0% |
| Corporate Bonds | 30.0% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Footnote# | Less than 0.05%. |
Credit Quality Allocation as of June 30, 2024
| U.S. Government | 19.8% |
| AAA | 12.6% |
| AA+ | 3.6% |
| AA | 0.4% |
| AA- | 1.3% |
| A+ | 0.9% |
| A | 5.3% |
| A- | 5.7% |
| BBB+ | 5.6% |
| BBB | 4.2% |
| BBB- | 2.9% |
| BB+ | 1.7% |
| BB | 1.0% |
| BB- | 0.4% |
| B+ | 0.2% |
| NR | 34.5% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Bonds | 82.4% |
| Supranational | 9.9% |
| Foreign Bonds | 5.6% |
| Cash & Cash Equivalents | 1.9% |
| Community Investment Notes | 0.1% |
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/CB
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/CB.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GEM. You can find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax Global Environmental Markets Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $58 | 1.14% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $2,424,706,177 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 13% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Microsoft Corp. | 4.8% |
| Waste Management, Inc. | 3.9% |
| Agilent Technologies, Inc. | 3.7% |
| Linde plc | 3.6% |
| Schneider Electric SE | 3.5% |
| Air Liquide SA | 3.4% |
| Republic Services, Inc., A | 3.2% |
| American Water Works Co., Inc. | 3.0% |
| Texas Instruments, Inc. | 3.0% |
| TE Connectivity Ltd. | 2.6% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
| Clean and Efficient Transport | 4.9% |
| Sustainable Food | 12.1% |
| Circular Economy | 12.5% |
| Water | 15.8% |
| New Energy | 23.4% |
| Smart Environment | 30.1% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
| Luxembourg | 1.4% |
| Netherlands | 1.7% |
| Japan | 1.8% |
| Ireland | 1.8% |
| United Kingdom | 3.3% |
| Taiwan | 3.9% |
| Switzerland | 4.2% |
| Germany | 5.1% |
| France | 5.7% |
| United States | 69.9% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 70.2% |
| Foreign Stocks | 28.8% |
| Cash & Cash Equivalents | 1.0% |
Impax Global Environmental Markets Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/GEM
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GEM.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GEM. You can find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PGINX
Impax Global Environmental Markets Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $46 | 0.89% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $2,424,706,177 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 13% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Microsoft Corp. | 4.8% |
| Waste Management, Inc. | 3.9% |
| Agilent Technologies, Inc. | 3.7% |
| Linde plc | 3.6% |
| Schneider Electric SE | 3.5% |
| Air Liquide SA | 3.4% |
| Republic Services, Inc., A | 3.2% |
| American Water Works Co., Inc. | 3.0% |
| Texas Instruments, Inc. | 3.0% |
| TE Connectivity Ltd. | 2.6% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
| Clean and Efficient Transport | 4.9% |
| Sustainable Food | 12.1% |
| Circular Economy | 12.5% |
| Water | 15.8% |
| New Energy | 23.4% |
| Smart Environment | 30.1% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
| Luxembourg | 1.4% |
| Netherlands | 1.7% |
| Japan | 1.8% |
| Ireland | 1.8% |
| United Kingdom | 3.3% |
| Taiwan | 3.9% |
| Switzerland | 4.2% |
| Germany | 5.1% |
| France | 5.7% |
| United States | 69.9% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 70.2% |
| Foreign Stocks | 28.8% |
| Cash & Cash Equivalents | 1.0% |
Impax Global Environmental Markets Fund
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PGINX
Impax Asset Management
(800) 372-7827
https://impaxam.com/GEM
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GEM.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GEM. You can find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax Global Environmental Markets Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $58 | 1.14% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $2,424,706,177 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 13% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Microsoft Corp. | 4.8% |
| Waste Management, Inc. | 3.9% |
| Agilent Technologies, Inc. | 3.7% |
| Linde plc | 3.6% |
| Schneider Electric SE | 3.5% |
| Air Liquide SA | 3.4% |
| Republic Services, Inc., A | 3.2% |
| American Water Works Co., Inc. | 3.0% |
| Texas Instruments, Inc. | 3.0% |
| TE Connectivity Ltd. | 2.6% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
| Clean and Efficient Transport | 4.9% |
| Sustainable Food | 12.1% |
| Circular Economy | 12.5% |
| Water | 15.8% |
| New Energy | 23.4% |
| Smart Environment | 30.1% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
| Luxembourg | 1.4% |
| Netherlands | 1.7% |
| Japan | 1.8% |
| Ireland | 1.8% |
| United Kingdom | 3.3% |
| Taiwan | 3.9% |
| Switzerland | 4.2% |
| Germany | 5.1% |
| France | 5.7% |
| United States | 69.9% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 70.2% |
| Foreign Stocks | 28.8% |
| Cash & Cash Equivalents | 1.0% |
Impax Global Environmental Markets Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/GEM
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GEM.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Global Opportunities Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GO. You can find additional information about the Fund at https://impaxam.com/GO. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PXGOX
Impax Global Opportunities Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $50 | 0.98% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $127,221,078 |
| Total Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 15% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Microsoft Corp. | 5.1% |
| Alcon, Inc. | 4.1% |
| Mastercard, Inc., A | 4.0% |
| Linde plc | 3.7% |
| Schneider Electric SE | 3.5% |
| Thermo Fisher Scientific, Inc. | 3.3% |
| Marsh & McLennan Cos., Inc. | 3.0% |
| Boston Scientific Corp. | 3.0% |
| Cintas Corp. | 3.0% |
| Applied Materials, Inc. | 3.0% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.6% |
| Communication Services | 1.7% |
| Consumer Discretionary | 1.8% |
| Consumer Staples | 7.4% |
| Materials | 8.2% |
| Industrials | 13.5% |
| Health Care | 19.1% |
| Financials | 22.7% |
| Information Technology | 24.0% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.6% |
OthersFootnote Reference‡ | 1.3% |
| Ireland | 1.6% |
| Bermuda | 2.0% |
| Germany | 2.0% |
| Hong Kong | 2.3% |
| India | 2.5% |
| Netherlands | 4.1% |
| Japan | 4.2% |
| Switzerland | 7.4% |
| United Kingdom | 7.6% |
| United States | 63.4% |
| Footnote | Description |
Footnote‡ | Included additional countries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 63.4% |
| Foreign Stocks | 34.9% |
| Cash & Cash Equivalents | 1.7% |
Impax Global Opportunities Fund
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PXGOX
Impax Asset Management
(800) 372-7827
https://impaxam.com/GO
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GO.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Global Opportunities Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GO. You can find additional information about the Fund at https://impaxam.com/GO. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax Global Opportunities Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $63 | 1.23% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $127,221,078 |
| Total Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 15% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Microsoft Corp. | 5.1% |
| Alcon, Inc. | 4.1% |
| Mastercard, Inc., A | 4.0% |
| Linde plc | 3.7% |
| Schneider Electric SE | 3.5% |
| Thermo Fisher Scientific, Inc. | 3.3% |
| Marsh & McLennan Cos., Inc. | 3.0% |
| Boston Scientific Corp. | 3.0% |
| Cintas Corp. | 3.0% |
| Applied Materials, Inc. | 3.0% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.6% |
| Communication Services | 1.7% |
| Consumer Discretionary | 1.8% |
| Consumer Staples | 7.4% |
| Materials | 8.2% |
| Industrials | 13.5% |
| Health Care | 19.1% |
| Financials | 22.7% |
| Information Technology | 24.0% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.6% |
OthersFootnote Reference‡ | 1.3% |
| Ireland | 1.6% |
| Bermuda | 2.0% |
| Germany | 2.0% |
| Hong Kong | 2.3% |
| India | 2.5% |
| Netherlands | 4.1% |
| Japan | 4.2% |
| Switzerland | 7.4% |
| United Kingdom | 7.6% |
| United States | 63.4% |
| Footnote | Description |
Footnote‡ | Included additional countries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 63.4% |
| Foreign Stocks | 34.9% |
| Cash & Cash Equivalents | 1.7% |
Impax Global Opportunities Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/GO
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GO.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Global Social Leaders Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSL. You can find additional information about the Fund at https://impaxam.com/GSL. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | IGSIX
Impax Global Social Leaders Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $50 | 0.98% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $1,709,961 |
| Total Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 18% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| NVIDIA Corp. | 4.9% |
| Intuit, Inc. | 4.2% |
| eBay, Inc. | 3.8% |
| Halma plc | 3.8% |
| Alcon, Inc. | 3.4% |
| MercadoLibre, Inc. | 3.1% |
| IQVIA Holdings, Inc. | 3.0% |
| Legal & General Group plc | 3.0% |
| ServiceNow, Inc. | 3.0% |
| Recruit Holdings Co. Ltd. | 2.8% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.0% |
| Communication Services | 1.3% |
| Utilities | 4.2% |
| Real Estate | 6.4% |
| Industrials | 8.2% |
| Consumer Staples | 11.2% |
| Financials | 14.4% |
| Consumer Discretionary | 15.3% |
| Health Care | 17.8% |
| Information Technology | 18.2% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.0% |
OthersFootnote Reference‡ | 14.2% |
| Ireland | 2.2% |
| India | 2.3% |
| France | 2.6% |
| Japan | 2.8% |
| Brazil | 3.1% |
| Switzerland | 3.4% |
| Hong Kong | 3.7% |
| Netherlands | 4.4% |
| United Kingdom | 10.2% |
| United States | 48.1% |
| Footnote | Description |
Footnote‡ | Included additional countries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| Foreign Stocks | 47.4% |
| U.S. Stocks | 46.7% |
| Cash & Cash Equivalents | 5.9% |
Impax Global Social Leaders Fund
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: IGSIX
Impax Asset Management
(800) 372-7827
https://impaxam.com/GSL
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GSL.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Global Social Leaders Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSL. You can find additional information about the Fund at https://impaxam.com/GSL. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax Global Social Leaders Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $62 | 1.23% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $1,709,961 |
| Total Number of Portfolio Holdings | 44 |
| Portfolio Turnover Rate | 18% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| NVIDIA Corp. | 4.9% |
| Intuit, Inc. | 4.2% |
| eBay, Inc. | 3.8% |
| Halma plc | 3.8% |
| Alcon, Inc. | 3.4% |
| MercadoLibre, Inc. | 3.1% |
| IQVIA Holdings, Inc. | 3.0% |
| Legal & General Group plc | 3.0% |
| ServiceNow, Inc. | 3.0% |
| Recruit Holdings Co. Ltd. | 2.8% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.0% |
| Communication Services | 1.3% |
| Utilities | 4.2% |
| Real Estate | 6.4% |
| Industrials | 8.2% |
| Consumer Staples | 11.2% |
| Financials | 14.4% |
| Consumer Discretionary | 15.3% |
| Health Care | 17.8% |
| Information Technology | 18.2% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.0% |
OthersFootnote Reference‡ | 14.2% |
| Ireland | 2.2% |
| India | 2.3% |
| France | 2.6% |
| Japan | 2.8% |
| Brazil | 3.1% |
| Switzerland | 3.4% |
| Hong Kong | 3.7% |
| Netherlands | 4.4% |
| United Kingdom | 10.2% |
| United States | 48.1% |
| Footnote | Description |
Footnote‡ | Included additional countries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| Foreign Stocks | 47.4% |
| U.S. Stocks | 46.7% |
| Cash & Cash Equivalents | 5.9% |
Impax Global Social Leaders Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/GSL
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GSL.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Global Sustainable Infrastructure Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSI. You can find additional information about the Fund at https://impaxam.com/GSI. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PXDIX
Impax Global Sustainable Infrastructure Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $29 | 0.58% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $91,319,933 |
| Total Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 11% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Waste Management, Inc. | 4.4% |
| SSE plc | 4.3% |
| Elisa OYJ | 4.1% |
| National Grid plc | 3.7% |
| American Water Works Co., Inc. | 3.6% |
| Tele2 AB, B | 3.6% |
| Severn Trent plc | 3.6% |
| Canadian Pacific Kansas City Ltd. | 3.5% |
| Koninklijke KPN NV | 3.4% |
| Northland Power, Inc. | 3.4% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.1% |
| Energy | 0.9% |
| Materials | 1.7% |
| Consumer Staples | 2.2% |
| Health Care | 3.0% |
| Financials | 4.4% |
| Information Technology | 7.7% |
| Real Estate | 8.2% |
| Communication Services | 15.7% |
| Industrials | 26.1% |
| Utilities | 29.0% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.1% |
OthersFootnote Reference‡ | 9.1% |
| Japan | 3.1% |
| France | 3.4% |
| Netherlands | 3.4% |
| Switzerland | 3.6% |
| Sweden | 3.6% |
| Germany | 3.9% |
| Finland | 5.0% |
| Canada | 6.9% |
| United Kingdom | 16.4% |
| United States | 40.5% |
| Footnote | Description |
Footnote‡ | Included additional countries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| Foreign Stocks | 58.3% |
| U.S. Stocks | 40.6% |
| Cash & Cash Equivalents | 1.1% |
Impax Global Sustainable Infrastructure Fund
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PXDIX
Impax Asset Management
(800) 372-7827
https://impaxam.com/GSI
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GSI.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Global Sustainable Infrastructure Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSI. You can find additional information about the Fund at https://impaxam.com/GSI. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax Global Sustainable Infrastructure Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $42 | 0.83% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $91,319,933 |
| Total Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 11% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Waste Management, Inc. | 4.4% |
| SSE plc | 4.3% |
| Elisa OYJ | 4.1% |
| National Grid plc | 3.7% |
| American Water Works Co., Inc. | 3.6% |
| Tele2 AB, B | 3.6% |
| Severn Trent plc | 3.6% |
| Canadian Pacific Kansas City Ltd. | 3.5% |
| Koninklijke KPN NV | 3.4% |
| Northland Power, Inc. | 3.4% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.1% |
| Energy | 0.9% |
| Materials | 1.7% |
| Consumer Staples | 2.2% |
| Health Care | 3.0% |
| Financials | 4.4% |
| Information Technology | 7.7% |
| Real Estate | 8.2% |
| Communication Services | 15.7% |
| Industrials | 26.1% |
| Utilities | 29.0% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.1% |
OthersFootnote Reference‡ | 9.1% |
| Japan | 3.1% |
| France | 3.4% |
| Netherlands | 3.4% |
| Switzerland | 3.6% |
| Sweden | 3.6% |
| Germany | 3.9% |
| Finland | 5.0% |
| Canada | 6.9% |
| United Kingdom | 16.4% |
| United States | 40.5% |
| Footnote | Description |
Footnote‡ | Included additional countries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| Foreign Stocks | 58.3% |
| U.S. Stocks | 40.6% |
| Cash & Cash Equivalents | 1.1% |
Impax Global Sustainable Infrastructure Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/GSI
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GSI.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/HYB. You can find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax High Yield Bond Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $46 | 0.93% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $531,742,145 |
| Total Number of Portfolio Holdings | 225 |
| Portfolio Turnover Rate | 28% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 3/01/30 | 1.5% |
| Darling Ingredients, Inc., 6.000%, 6/15/30 | 1.1% |
| Liberty Mutual Group, Inc., 4.125%, 12/15/51 | 1.1% |
| Avantor Funding, Inc., 4.625%, 7/15/28 | 1.0% |
| Interface, Inc., 5.500%, 12/01/28 | 1.0% |
| Bank of America Corp., 4.300%, 1/28/25 | 1.0% |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 7.000%, 1/15/31 | 0.9% |
| Medline Borrower LP, Refinancing CME Term Loan, 8.094%, 10/23/28 | 0.9% |
| Graphic Packaging International LLC, 3.750%, 2/01/30 | 0.9% |
| Iron Mountain, Inc., 4.875%, 9/15/29 | 0.9% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.2% |
| Others | 19.7% |
| Telecommunications | 5.2% |
| Consumer Goods | 6.1% |
| Retail | 6.2% |
| Real Estate | 6.7% |
| Services | 7.7% |
| Basic Industry | 8.0% |
| Capital Goods | 8.4% |
| Technology & Electronics | 8.6% |
| Media | 9.8% |
| Healthcare | 10.4% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Credit Quality Allocation as of June 30, 2024
| A | 0.6% |
| BBB | 0.2% |
| BBB- | 6.0% |
| BB+ | 16.9% |
| BB | 16.6% |
| BB- | 19.6% |
| B+ | 14.9% |
| B | 9.5% |
| B- | 8.0% |
| CCC+ | 0.3% |
| CCC- | 0.1% |
| NR | 7.3% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Bonds | 82.4% |
| Foreign Bonds | 8.8% |
| Loans | 5.1% |
| Cash & Cash Equivalents | 3.3% |
| U.S. Stocks | 0.2% |
| Community Investment Notes | 0.2% |
| Foreign Stocks | 0.0%Footnote Reference# |
| Footnote | Description |
Footnote# | Less than 0.05%. |
Impax High Yield Bond Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/HYB
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/HYB.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/HYB. You can find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PXHIX
Impax High Yield Bond Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $34 | 0.68% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $531,742,145 |
| Total Number of Portfolio Holdings | 225 |
| Portfolio Turnover Rate | 28% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 3/01/30 | 1.5% |
| Darling Ingredients, Inc., 6.000%, 6/15/30 | 1.1% |
| Liberty Mutual Group, Inc., 4.125%, 12/15/51 | 1.1% |
| Avantor Funding, Inc., 4.625%, 7/15/28 | 1.0% |
| Interface, Inc., 5.500%, 12/01/28 | 1.0% |
| Bank of America Corp., 4.300%, 1/28/25 | 1.0% |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 7.000%, 1/15/31 | 0.9% |
| Medline Borrower LP, Refinancing CME Term Loan, 8.094%, 10/23/28 | 0.9% |
| Graphic Packaging International LLC, 3.750%, 2/01/30 | 0.9% |
| Iron Mountain, Inc., 4.875%, 9/15/29 | 0.9% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.2% |
| Others | 19.7% |
| Telecommunications | 5.2% |
| Consumer Goods | 6.1% |
| Retail | 6.2% |
| Real Estate | 6.7% |
| Services | 7.7% |
| Basic Industry | 8.0% |
| Capital Goods | 8.4% |
| Technology & Electronics | 8.6% |
| Media | 9.8% |
| Healthcare | 10.4% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Credit Quality Allocation as of June 30, 2024
| A | 0.6% |
| BBB | 0.2% |
| BBB- | 6.0% |
| BB+ | 16.9% |
| BB | 16.6% |
| BB- | 19.6% |
| B+ | 14.9% |
| B | 9.5% |
| B- | 8.0% |
| CCC+ | 0.3% |
| CCC- | 0.1% |
| NR | 7.3% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Bonds | 82.4% |
| Foreign Bonds | 8.8% |
| Loans | 5.1% |
| Cash & Cash Equivalents | 3.3% |
| U.S. Stocks | 0.2% |
| Community Investment Notes | 0.2% |
| Foreign Stocks | 0.0%Footnote Reference# |
| Footnote | Description |
Footnote# | Less than 0.05%. |
Impax High Yield Bond Fund
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PXHIX
Impax Asset Management
(800) 372-7827
https://impaxam.com/HYB
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/HYB.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/HYB. You can find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax High Yield Bond Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $46 | 0.93% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $531,742,145 |
| Total Number of Portfolio Holdings | 225 |
| Portfolio Turnover Rate | 28% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 3/01/30 | 1.5% |
| Darling Ingredients, Inc., 6.000%, 6/15/30 | 1.1% |
| Liberty Mutual Group, Inc., 4.125%, 12/15/51 | 1.1% |
| Avantor Funding, Inc., 4.625%, 7/15/28 | 1.0% |
| Interface, Inc., 5.500%, 12/01/28 | 1.0% |
| Bank of America Corp., 4.300%, 1/28/25 | 1.0% |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 7.000%, 1/15/31 | 0.9% |
| Medline Borrower LP, Refinancing CME Term Loan, 8.094%, 10/23/28 | 0.9% |
| Graphic Packaging International LLC, 3.750%, 2/01/30 | 0.9% |
| Iron Mountain, Inc., 4.875%, 9/15/29 | 0.9% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.2% |
| Others | 19.7% |
| Telecommunications | 5.2% |
| Consumer Goods | 6.1% |
| Retail | 6.2% |
| Real Estate | 6.7% |
| Services | 7.7% |
| Basic Industry | 8.0% |
| Capital Goods | 8.4% |
| Technology & Electronics | 8.6% |
| Media | 9.8% |
| Healthcare | 10.4% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Credit Quality Allocation as of June 30, 2024
| A | 0.6% |
| BBB | 0.2% |
| BBB- | 6.0% |
| BB+ | 16.9% |
| BB | 16.6% |
| BB- | 19.6% |
| B+ | 14.9% |
| B | 9.5% |
| B- | 8.0% |
| CCC+ | 0.3% |
| CCC- | 0.1% |
| NR | 7.3% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Bonds | 82.4% |
| Foreign Bonds | 8.8% |
| Loans | 5.1% |
| Cash & Cash Equivalents | 3.3% |
| U.S. Stocks | 0.2% |
| Community Investment Notes | 0.2% |
| Foreign Stocks | 0.0%Footnote Reference# |
| Footnote | Description |
Footnote# | Less than 0.05%. |
Impax High Yield Bond Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/HYB
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/HYB.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax International Sustainable Economy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/ISE. You can find additional information about the Fund at https://impaxam.com/ISE. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PXNIX
Impax International Sustainable Economy Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $23 | 0.45% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $1,194,853,792 |
| Total Number of Portfolio Holdings | 142 |
| Portfolio Turnover Rate | 27% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Novo Nordisk A/S, B | 3.4% |
| ASML Holding NV | 3.0% |
| AstraZeneca plc | 2.7% |
| Novartis AG | 2.7% |
| HSBC Holdings plc | 2.4% |
| Schneider Electric SE | 2.2% |
| CSL Ltd. | 2.0% |
| BNP Paribas SA | 1.9% |
| RELX plc | 1.9% |
| Tokyo Electron Ltd. | 1.9% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 0.9% |
| Real Estate | 1.0% |
| Materials | 3.4% |
| Utilities | 3.6% |
| Communication Services | 6.0% |
| Consumer Staples | 7.1% |
| Consumer Discretionary | 7.4% |
| Information Technology | 12.4% |
| Health Care | 15.4% |
| Industrials | 19.1% |
| Financials | 23.7% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 0.9% |
OthersFootnote Reference‡ | 16.6% |
| Sweden | 3.5% |
| Netherlands | 4.6% |
| Denmark | 4.6% |
| Australia | 5.0% |
| United States | 5.5% |
| Germany | 6.5% |
| France | 8.2% |
| Switzerland | 8.7% |
| United Kingdom | 14.3% |
| Japan | 21.6% |
| Footnote | Description |
Footnote‡ | Included additional countries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| Foreign Stocks | 94.0% |
| U.S. Stocks | 5.6% |
| Cash & Cash Equivalents | 0.4% |
Impax International Sustainable Economy Fund
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PXNIX
Impax Asset Management
(800) 372-7827
https://impaxam.com/ISE
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/ISE.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax International Sustainable Economy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/ISE. You can find additional information about the Fund at https://impaxam.com/ISE. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax International Sustainable Economy Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $36 | 0.70% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $1,194,853,792 |
| Total Number of Portfolio Holdings | 142 |
| Portfolio Turnover Rate | 27% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Novo Nordisk A/S, B | 3.4% |
| ASML Holding NV | 3.0% |
| AstraZeneca plc | 2.7% |
| Novartis AG | 2.7% |
| HSBC Holdings plc | 2.4% |
| Schneider Electric SE | 2.2% |
| CSL Ltd. | 2.0% |
| BNP Paribas SA | 1.9% |
| RELX plc | 1.9% |
| Tokyo Electron Ltd. | 1.9% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 0.9% |
| Real Estate | 1.0% |
| Materials | 3.4% |
| Utilities | 3.6% |
| Communication Services | 6.0% |
| Consumer Staples | 7.1% |
| Consumer Discretionary | 7.4% |
| Information Technology | 12.4% |
| Health Care | 15.4% |
| Industrials | 19.1% |
| Financials | 23.7% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Geographical Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 0.9% |
OthersFootnote Reference‡ | 16.6% |
| Sweden | 3.5% |
| Netherlands | 4.6% |
| Denmark | 4.6% |
| Australia | 5.0% |
| United States | 5.5% |
| Germany | 6.5% |
| France | 8.2% |
| Switzerland | 8.7% |
| United Kingdom | 14.3% |
| Japan | 21.6% |
| Footnote | Description |
Footnote‡ | Included additional countries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| Foreign Stocks | 94.0% |
| U.S. Stocks | 5.6% |
| Cash & Cash Equivalents | 0.4% |
Impax International Sustainable Economy Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/ISE
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/ISE.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Large Cap Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/LC. You can find additional information about the Fund at https://impaxam.com/LC. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PXLIX
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $38 | 0.73% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $1,492,863,028 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 17% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Microsoft Corp. | 7.9% |
| Alphabet, Inc., A | 5.4% |
| NVIDIA Corp. | 4.7% |
| Apple, Inc. | 3.7% |
| ServiceNow, Inc. | 2.6% |
| Oracle Corp. | 2.6% |
| Merck & Co., Inc. | 2.5% |
| JPMorgan Chase & Co. | 2.4% |
| Walt Disney Co. (The) | 2.2% |
| Procter & Gamble Co. (The) | 2.1% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
| Utilities | 1.3% |
| Real Estate | 3.8% |
| Materials | 3.8% |
| Consumer Discretionary | 7.0% |
| Consumer Staples | 7.3% |
| Industrials | 7.4% |
| Communication Services | 8.8% |
| Financials | 13.6% |
| Health Care | 13.6% |
| Information Technology | 32.2% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Industry Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
OthersFootnote Reference† | 37.9% |
| Food Products | 2.9% |
| Specialty Retail | 3.6% |
| Health Care Equipment & Supplies | 3.8% |
| Financial Services | 4.0% |
| Life Sciences Tools & Services | 5.0% |
| Technology Hardware, Storage & Peripherals | 5.0% |
| Banks | 5.3% |
| Interactive Media & Services | 5.4% |
| Semiconductors & Semiconductor Equipment | 9.4% |
| Software | 16.5% |
| Footnote | Description |
Footnote† | Included additional industries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 97.4% |
| Foreign Stocks | 1.4% |
| Cash & Cash Equivalents | 1.2% |
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PXLIX
Impax Asset Management
(800) 372-7827
https://impaxam.com/LC
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/LC.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Large Cap Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/LC. You can find additional information about the Fund at https://impaxam.com/LC. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $51 | 0.98% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $1,492,863,028 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 17% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Microsoft Corp. | 7.9% |
| Alphabet, Inc., A | 5.4% |
| NVIDIA Corp. | 4.7% |
| Apple, Inc. | 3.7% |
| ServiceNow, Inc. | 2.6% |
| Oracle Corp. | 2.6% |
| Merck & Co., Inc. | 2.5% |
| JPMorgan Chase & Co. | 2.4% |
| Walt Disney Co. (The) | 2.2% |
| Procter & Gamble Co. (The) | 2.1% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
| Utilities | 1.3% |
| Real Estate | 3.8% |
| Materials | 3.8% |
| Consumer Discretionary | 7.0% |
| Consumer Staples | 7.3% |
| Industrials | 7.4% |
| Communication Services | 8.8% |
| Financials | 13.6% |
| Health Care | 13.6% |
| Information Technology | 32.2% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Industry Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.2% |
OthersFootnote Reference† | 37.9% |
| Food Products | 2.9% |
| Specialty Retail | 3.6% |
| Health Care Equipment & Supplies | 3.8% |
| Financial Services | 4.0% |
| Life Sciences Tools & Services | 5.0% |
| Technology Hardware, Storage & Peripherals | 5.0% |
| Banks | 5.3% |
| Interactive Media & Services | 5.4% |
| Semiconductors & Semiconductor Equipment | 9.4% |
| Software | 16.5% |
| Footnote | Description |
Footnote† | Included additional industries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 97.4% |
| Foreign Stocks | 1.4% |
| Cash & Cash Equivalents | 1.2% |
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/LC
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/LC.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SC. You can find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $57 | 1.14% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $667,096,037 |
| Total Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 21% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Victory Capital Holdings, Inc., A | 4.8% |
| Ligand Pharmaceuticals, Inc. | 3.6% |
| Onto Innovation, Inc. | 3.5% |
| Brightsphere Investment Group, Inc. | 3.5% |
| US Foods Holding Corp. | 2.6% |
| Voya Financial, Inc. | 2.6% |
| Roivant Sciences Ltd. | 2.5% |
| Element Solutions, Inc. | 2.3% |
| Stericycle, Inc. | 2.2% |
| Arcosa, Inc. | 2.1% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.6% |
| Communication Services | 2.2% |
| Materials | 4.7% |
| Consumer Discretionary | 7.3% |
| Consumer Staples | 7.4% |
| Real Estate | 8.4% |
| Information Technology | 13.5% |
| Financials | 14.5% |
| Industrials | 18.9% |
| Health Care | 19.5% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Industry Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.6% |
OthersFootnote Reference† | 47.5% |
| Food Products | 3.6% |
| Health Care Equipment & Supplies | 3.7% |
| Consumer Staples Distribution & Retail | 3.8% |
| Commercial Services & Supplies | 4.1% |
| Building Products | 4.3% |
| Biotechnology | 4.6% |
| Communications Equipment | 4.8% |
| Software | 5.2% |
| Pharmaceuticals | 6.5% |
| Capital Markets | 8.3% |
| Footnote | Description |
Footnote† | Included additional industries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 94.3% |
| Foreign Stocks | 2.9% |
| Cash & Cash Equivalents | 2.8% |
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/SC
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/SC.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SC. You can find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PXSIX
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $45 | 0.89% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $667,096,037 |
| Total Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 21% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Victory Capital Holdings, Inc., A | 4.8% |
| Ligand Pharmaceuticals, Inc. | 3.6% |
| Onto Innovation, Inc. | 3.5% |
| Brightsphere Investment Group, Inc. | 3.5% |
| US Foods Holding Corp. | 2.6% |
| Voya Financial, Inc. | 2.6% |
| Roivant Sciences Ltd. | 2.5% |
| Element Solutions, Inc. | 2.3% |
| Stericycle, Inc. | 2.2% |
| Arcosa, Inc. | 2.1% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.6% |
| Communication Services | 2.2% |
| Materials | 4.7% |
| Consumer Discretionary | 7.3% |
| Consumer Staples | 7.4% |
| Real Estate | 8.4% |
| Information Technology | 13.5% |
| Financials | 14.5% |
| Industrials | 18.9% |
| Health Care | 19.5% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Industry Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.6% |
OthersFootnote Reference† | 47.5% |
| Food Products | 3.6% |
| Health Care Equipment & Supplies | 3.7% |
| Consumer Staples Distribution & Retail | 3.8% |
| Commercial Services & Supplies | 4.1% |
| Building Products | 4.3% |
| Biotechnology | 4.6% |
| Communications Equipment | 4.8% |
| Software | 5.2% |
| Pharmaceuticals | 6.5% |
| Capital Markets | 8.3% |
| Footnote | Description |
Footnote† | Included additional industries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 94.3% |
| Foreign Stocks | 2.9% |
| Cash & Cash Equivalents | 2.8% |
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PXSIX
Impax Asset Management
(800) 372-7827
https://impaxam.com/SC
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/SC.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SC. You can find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $57 | 1.14% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $667,096,037 |
| Total Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 21% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| Victory Capital Holdings, Inc., A | 4.8% |
| Ligand Pharmaceuticals, Inc. | 3.6% |
| Onto Innovation, Inc. | 3.5% |
| Brightsphere Investment Group, Inc. | 3.5% |
| US Foods Holding Corp. | 2.6% |
| Voya Financial, Inc. | 2.6% |
| Roivant Sciences Ltd. | 2.5% |
| Element Solutions, Inc. | 2.3% |
| Stericycle, Inc. | 2.2% |
| Arcosa, Inc. | 2.1% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.6% |
| Communication Services | 2.2% |
| Materials | 4.7% |
| Consumer Discretionary | 7.3% |
| Consumer Staples | 7.4% |
| Real Estate | 8.4% |
| Information Technology | 13.5% |
| Financials | 14.5% |
| Industrials | 18.9% |
| Health Care | 19.5% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Industry Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 3.6% |
OthersFootnote Reference† | 47.5% |
| Food Products | 3.6% |
| Health Care Equipment & Supplies | 3.7% |
| Consumer Staples Distribution & Retail | 3.8% |
| Commercial Services & Supplies | 4.1% |
| Building Products | 4.3% |
| Biotechnology | 4.6% |
| Communications Equipment | 4.8% |
| Software | 5.2% |
| Pharmaceuticals | 6.5% |
| Capital Markets | 8.3% |
| Footnote | Description |
Footnote† | Included additional industries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 94.3% |
| Foreign Stocks | 2.9% |
| Cash & Cash Equivalents | 2.8% |
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/SC
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/SC.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Sustainable Allocation Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SA. You can find additional information about the Fund at https://impaxam.com/SA. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PAXIX
Impax Sustainable Allocation Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $3 | 0.05% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $2,309,344,491 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 1% |
Affiliated Investment Companies as of June 30, 2024
| Impax Large Cap Fund | 41.4% |
| Impax Core Bond Fund | 34.4% |
| Impax International Sustainable Economy Fund | 4.7% |
| Impax High Yield Bond Fund | 4.5% |
| Impax Small Cap Fund | 3.9% |
| Impax Global Opportunities Fund | 3.0% |
| Impax Global Environmental Markets Fund | 2.8% |
| Impax Ellevate Global Women's Leadership Fund | 2.6% |
| Impax Global Sustainable Infrastructure Fund | 2.5% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| Affiliated Investment Companies | 99.8% |
| Cash & Cash Equivalents | 0.2% |
Impax Sustainable Allocation Fund
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PAXIX
Impax Asset Management
(800) 372-7827
https://impaxam.com/SA
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/SA.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax Sustainable Allocation Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SA. You can find additional information about the Fund at https://impaxam.com/SA. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax Sustainable Allocation Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $15 | 0.30% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $2,309,344,491 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 1% |
Affiliated Investment Companies as of June 30, 2024
| Impax Large Cap Fund | 41.4% |
| Impax Core Bond Fund | 34.4% |
| Impax International Sustainable Economy Fund | 4.7% |
| Impax High Yield Bond Fund | 4.5% |
| Impax Small Cap Fund | 3.9% |
| Impax Global Opportunities Fund | 3.0% |
| Impax Global Environmental Markets Fund | 2.8% |
| Impax Ellevate Global Women's Leadership Fund | 2.6% |
| Impax Global Sustainable Infrastructure Fund | 2.5% |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| Affiliated Investment Companies | 99.8% |
| Cash & Cash Equivalents | 0.2% |
Impax Sustainable Allocation Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/SA
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/SA.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/USSE. You can find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax US Sustainable Economy Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $38 | 0.71% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $324,058,221 |
| Total Number of Portfolio Holdings | 146 |
| Portfolio Turnover Rate | 23% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.3% |
| Apple, Inc. | 5.9% |
| Mastercard, Inc., A | 2.2% |
| Verizon Communications, Inc. | 1.8% |
| Union Pacific Corp. | 1.8% |
| Progressive Corp. (The) | 1.7% |
| Johnson & Johnson | 1.7% |
| Texas Instruments, Inc. | 1.7% |
| Eli Lilly & Co. | 1.7% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.0% |
| Utilities | 1.3% |
| Consumer Staples | 2.4% |
| Real Estate | 3.5% |
| Materials | 3.9% |
| Communication Services | 4.8% |
| Consumer Discretionary | 5.3% |
| Financials | 11.8% |
| Industrials | 13.7% |
| Health Care | 16.6% |
| Information Technology | 35.7% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Industry Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.0% |
OthersFootnote Reference† | 37.7% |
| Chemicals | 2.8% |
| Life Sciences Tools & Services | 3.0% |
| Building Products | 3.5% |
| Financial Services | 3.6% |
| Electrical Equipment | 3.6% |
| Insurance | 4.6% |
| Technology Hardware, Storage & Peripherals | 6.6% |
| Pharmaceuticals | 7.3% |
| Software | 12.5% |
| Semiconductors & Semiconductor Equipment | 13.8% |
| Footnote | Description |
Footnote† | Included additional industries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 99.0% |
| Cash & Cash Equivalents | 1.0% |
Impax US Sustainable Economy Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/USSE
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/USSE.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/USSE. You can find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Institutional Class | PWGIX
Impax US Sustainable Economy Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Class | $24 | 0.46% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $324,058,221 |
| Total Number of Portfolio Holdings | 146 |
| Portfolio Turnover Rate | 23% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.3% |
| Apple, Inc. | 5.9% |
| Mastercard, Inc., A | 2.2% |
| Verizon Communications, Inc. | 1.8% |
| Union Pacific Corp. | 1.8% |
| Progressive Corp. (The) | 1.7% |
| Johnson & Johnson | 1.7% |
| Texas Instruments, Inc. | 1.7% |
| Eli Lilly & Co. | 1.7% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.0% |
| Utilities | 1.3% |
| Consumer Staples | 2.4% |
| Real Estate | 3.5% |
| Materials | 3.9% |
| Communication Services | 4.8% |
| Consumer Discretionary | 5.3% |
| Financials | 11.8% |
| Industrials | 13.7% |
| Health Care | 16.6% |
| Information Technology | 35.7% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Industry Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.0% |
OthersFootnote Reference† | 37.7% |
| Chemicals | 2.8% |
| Life Sciences Tools & Services | 3.0% |
| Building Products | 3.5% |
| Financial Services | 3.6% |
| Electrical Equipment | 3.6% |
| Insurance | 4.6% |
| Technology Hardware, Storage & Peripherals | 6.6% |
| Pharmaceuticals | 7.3% |
| Software | 12.5% |
| Semiconductors & Semiconductor Equipment | 13.8% |
| Footnote | Description |
Footnote† | Included additional industries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 99.0% |
| Cash & Cash Equivalents | 1.0% |
Impax US Sustainable Economy Fund
Semi-annual Shareholder Report
June 30, 2024
Institutional Class: PWGIX
Impax Asset Management
(800) 372-7827
https://impaxam.com/USSE
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/USSE.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
This semi-annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/USSE. You can find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.
Semi-annual Shareholder Report
June 30, 2024
Impax US Sustainable Economy Fund
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $38 | 0.71% |
Key Fund Statistics as of June 30, 2024
| Net Assets | $324,058,221 |
| Total Number of Portfolio Holdings | 146 |
| Portfolio Turnover Rate | 23% |
Top Ten Holdings as of June 30, 2024Footnote Reference*
| Company | Percent of Net Assets |
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.3% |
| Apple, Inc. | 5.9% |
| Mastercard, Inc., A | 2.2% |
| Verizon Communications, Inc. | 1.8% |
| Union Pacific Corp. | 1.8% |
| Progressive Corp. (The) | 1.7% |
| Johnson & Johnson | 1.7% |
| Texas Instruments, Inc. | 1.7% |
| Eli Lilly & Co. | 1.7% |
| Footnote | Description |
Footnote* | Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change. |
Sector Diversification as of June 30, 2024Footnote Reference *
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.0% |
| Utilities | 1.3% |
| Consumer Staples | 2.4% |
| Real Estate | 3.5% |
| Materials | 3.9% |
| Communication Services | 4.8% |
| Consumer Discretionary | 5.3% |
| Financials | 11.8% |
| Industrials | 13.7% |
| Health Care | 16.6% |
| Information Technology | 35.7% |
| Footnote | Description |
Footnote * | May include companies representing multiple industries within a single “Sector”. |
Industry Diversification as of June 30, 2024
| Value | Value |
|---|
| Other assets and liabilities (net) | 1.0% |
OthersFootnote Reference† | 37.7% |
| Chemicals | 2.8% |
| Life Sciences Tools & Services | 3.0% |
| Building Products | 3.5% |
| Financial Services | 3.6% |
| Electrical Equipment | 3.6% |
| Insurance | 4.6% |
| Technology Hardware, Storage & Peripherals | 6.6% |
| Pharmaceuticals | 7.3% |
| Software | 12.5% |
| Semiconductors & Semiconductor Equipment | 13.8% |
| Footnote | Description |
Footnote† | Included additional industries outside the top 10 listed above. |
Asset Allocation as of June 30, 2024
| Value | Value |
|---|
| U.S. Stocks | 99.0% |
| Cash & Cash Equivalents | 1.0% |
Impax US Sustainable Economy Fund
Semi-annual Shareholder Report
June 30, 2024
Impax Asset Management
(800) 372-7827
https://impaxam.com/USSE
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/USSE.
For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.
Item 2. Code of Ethics.
This disclosure is not required for the semi-annual report filing.
Item 3. Audit Committee Financial Expert.
This disclosure is not required for the semi-annual report filing.
Item 4. Principal Accountant Fees and Services.
This disclosure is not required for the semi-annual report filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
The Registrant’s “Schedule I – Investments in securities of unaffiliated issuers” as of the close of the reporting period is included under Item 7 of this Form N-CSR.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
IMPAX
LARGE
CAP
FUND
IMPAX
SMALL
CAP
FUND
IMPAX
US
SUSTAINABLE
ECONOMY
FUND
IMPAX
GLOBAL
SUSTAINABLE
INFRASTRUCTURE
FUND
IMPAX
GLOBAL
OPPORTUNITIES
FUND
IMPAX
GLOBAL
ENVIRONMENTAL
MARKETS
FUND
IMPAX
GLOBAL
SOCIAL
LEADERS
FUND
IMPAX
ELLEVATE
GLOBAL
WOMEN’S
LEADERSHIP
FUND
IMPAX
INTERNATIONAL
SUSTAINABLE
ECONOMY
FUND
IMPAX
CORE
BOND
FUND
IMPAX
HIGH
YIELD
BOND
FUND
IMPAX
SUSTAINABLE
ALLOCATION
FUND
SEMI-ANNUAL
REPORT
June
30,
2024
Schedule
of
Investments
2
Statements
of
Assets
and
Liabilities
37
Statements
of
Operations
42
Statements
of
Changes
in
Net
Assets
45
Financial
Highlights
55
Notes
to
Financial
Statements
83
Item
8.
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies.
100
Item
9.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies
100
Item
10.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies.
100
Item
11.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract.
100
Account
Options
and
Services
106
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
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
Large
Cap
Fund
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.8%
Communication
Services
8.8%
Alphabet,
Inc.
,
A
............
445,571
$
81,160,758
T-Mobile
US,
Inc.
...........
100,429
17,693,581
Walt
Disney
Co.
(The)
........
335,320
33,293,923
132,148,262
Consumer
Discretionary
7.0%
a
Aptiv
plc
..................
377,349
26,572,916
Hilton
Worldwide
Holdings,
Inc.
.
109,361
23,862,570
Lowe's
Cos.,
Inc.
............
97,798
21,560,547
b
Tractor
Supply
Co.
..........
52,437
14,157,990
a
Ulta
Beauty,
Inc.
............
46,749
18,039,037
104,193,060
Consumer
Staples
7.3%
Colgate-Palmolive
Co.
.......
117,302
11,382,986
General
Mills,
Inc.
...........
232,938
14,735,658
McCormick
&
Co.,
Inc.
.......
404,880
28,722,187
Procter
&
Gamble
Co.
(The)
...
194,399
32,060,283
Target
Corp.
...............
152,455
22,569,438
109,470,552
Financials
13.6%
Citizens
Financial
Group,
Inc.
..
611,994
22,050,144
CME
Group,
Inc.
............
142,272
27,970,675
JPMorgan
Chase
&
Co.
.......
178,964
36,197,259
KeyCorp
..................
1,439,981
20,462,130
MSCI,
Inc.
,
A
...............
31,570
15,208,848
RenaissanceRe
Holdings
Ltd.
..
94,434
21,106,943
Visa,
Inc.
,
A
................
121,121
31,790,629
Voya
Financial,
Inc.
..........
402,243
28,619,589
203,406,217
Health
Care
13.6%
Abbott
Laboratories
..........
233,041
24,215,290
a
Align
Technology,
Inc.
........
61,360
14,814,145
a
Avantor,
Inc.
...............
974,481
20,658,997
Baxter
International,
Inc.
......
526,708
17,618,383
CVS
Health
Corp.
...........
341,646
20,177,613
b
Danaher
Corp.
.............
94,732
23,668,790
a
IQVIA
Holdings,
Inc.
.........
140,306
29,666,301
Merck
&
Co.,
Inc.
...........
297,318
36,807,968
a
Vertex
Pharmaceuticals,
Inc.
...
31,771
14,891,703
202,519,190
Industrials
7.4%
Ferguson
plc
...............
75,123
14,547,569
Stanley
Black
&
Decker,
Inc.
...
253,115
20,221,357
Trane
Technologies
plc
.......
89,122
29,314,900
United
Parcel
Service,
Inc.
,
B
..
177,641
24,310,171
Xylem,
Inc.
................
158,275
21,466,838
109,860,835
c
Information
Technology
32.2%
Apple,
Inc.
................
262,210
55,226,670
Applied
Materials,
Inc.
........
132,977
31,381,242
Dell
Technologies,
Inc.
,
C
.....
140,826
19,421,314
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
c
Information
Technology
(continued)
a,b
Enphase
Energy,
Inc.
........
133,493
$
13,310,587
Marvell
Technology,
Inc.
......
365,503
25,548,660
Microsoft
Corp.
.............
264,468
118,203,973
NVIDIA
Corp.
..............
571,360
70,585,814
Oracle
Corp.
...............
273,170
38,571,604
a
Palo
Alto
Networks,
Inc.
......
70,859
24,021,910
Salesforce,
Inc.
.............
105,374
27,091,655
a
ServiceNow,
Inc.
............
49,390
38,853,631
TE
Connectivity
Ltd.
.........
123,976
18,649,710
480,866,770
Materials
3.8%
Avery
Dennison
Corp.
........
83,507
18,258,806
Crown
Holdings,
Inc.
.........
228,546
17,001,537
PPG
Industries,
Inc.
.........
165,632
20,851,412
56,111,755
Real
Estate
3.8%
Alexandria
Real
Estate
Equities,
Inc.
,
REIT
...............
131,541
15,386,351
Prologis,
Inc.
,
REIT
..........
203,923
22,902,592
Weyerhaeuser
Co.
,
REIT
.....
668,262
18,971,958
57,260,901
Utilities
1.3%
American
Water
Works
Co.,
Inc.
152,471
19,693,154
Total
Common
Stocks
(Cost
$
997,775,562
)
..............
1,475,530,696
Money
Market
1.2%
d,e
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
17,211,441
17,211,441
(Cost
$17,211,441)
a
Total
Investments
100
.0
%
(Cost
$
1,014,987,003
)
............
$1,492,742,137
f
Other
Assets,
less
Liabilities
0.0
%
.
120,891
Net
Assets
100.0%
...............
$1,492,863,028
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
June
30,
2024.
The
total
market
value
of
securities
on
loan
as
of
June
30,
2024
was
$6,382,194.
c
Broad
industry
sectors
used
for
financial
reporting.
d
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
e
Institutional
Class
shares.
f
Rounds
to
less
than
0.05%.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
Small
Cap
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
96.4%
Communication
Services
2.2%
a
QuinStreet,
Inc.
.............
372,895
$
6,186,328
a
TechTarget,
Inc.
............
281,387
8,770,833
14,957,161
Consumer
Discretionary
7.3%
Autoliv,
Inc.
................
55,000
5,884,450
b
Carter's,
Inc.
...............
102,826
6,372,127
Columbia
Sportswear
Co.
.....
50,515
3,994,726
a
Etsy,
Inc.
..................
100,000
5,898,000
a
National
Vision
Holdings,
Inc.
..
255,669
3,346,707
a
Planet
Fitness,
Inc.
,
A
........
134,271
9,881,003
a
Visteon
Corp.
..............
57,500
6,135,250
b
Wyndham
Hotels
&
Resorts,
Inc.
100,000
7,400,000
48,912,263
Consumer
Staples
7.4%
a
BJ's
Wholesale
Club
Holdings,
Inc.
....................
89,955
7,901,647
a
Darling
Ingredients,
Inc.
......
218,294
8,022,304
a
Freshpet,
Inc.
..............
50,000
6,469,500
a
Simply
Good
Foods
Co.
(The)
..
258,620
9,343,941
a
US
Foods
Holding
Corp.
......
335,000
17,748,300
49,485,692
Financials
14.5%
Brightsphere
Investment
Group,
Inc.
....................
1,048,818
23,252,295
Eastern
Bankshares,
Inc.
.....
750,000
10,485,000
RenaissanceRe
Holdings
Ltd.
..
60,000
13,410,600
Victory
Capital
Holdings,
Inc.
,
A
.
675,000
32,217,750
Voya
Financial,
Inc.
..........
241,040
17,149,996
96,515,641
Health
Care
19.5%
Chemed
Corp.
.............
20,000
10,851,600
a
CryoPort,
Inc.
..............
637,375
4,404,261
a
Cytokinetics,
Inc.
............
125,000
6,772,500
a
Enovis
Corp.
...............
210,630
9,520,476
a
Health
Catalyst,
Inc.
.........
2,194,274
14,021,411
a
Inspire
Medical
Systems,
Inc.
..
60,000
8,029,800
a
Ligand
Pharmaceuticals,
Inc.
...
280,208
23,610,326
a
Neurocrine
Biosciences,
Inc.
...
50,000
6,883,500
a,b
OmniAb,
Inc.
...............
761,387
2,855,201
a,b
Pacira
BioSciences,
Inc.
......
260,027
7,439,373
a
Prestige
Consumer
Healthcare,
Inc.
....................
170,000
11,704,500
a
Roivant
Sciences
Ltd.
........
1,600,000
16,912,000
a
SI-BONE,
Inc.
..............
536,917
6,942,337
129,947,285
Industrials
18.9%
AAON,
Inc.
................
90,000
7,851,600
Advanced
Drainage
Systems,
Inc.
31,489
5,050,521
Arcosa,
Inc.
...............
170,000
14,179,700
a
AZEK
Co.,
Inc.
(The)
,
A
.......
259,349
10,926,373
a
Casella
Waste
Systems,
Inc.
,
A
.
60,000
5,953,200
a
Dycom
Industries,
Inc.
........
34,000
5,737,840
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Industrials
(continued)
Enpro,
Inc.
................
70,000
$
10,189,900
a
Gates
Industrial
Corp.
plc
.....
512,713
8,105,993
a
Generac
Holdings,
Inc.
.......
75,000
9,916,500
Herc
Holdings,
Inc.
..........
55,000
7,330,950
a
Huron
Consulting
Group,
Inc.
..
69,000
6,796,500
MSA
Safety,
Inc.
............
35,089
6,585,854
a
Stericycle,
Inc.
.............
252,906
14,701,426
Tecnoglass,
Inc.
............
100,000
5,018,000
a
Verra
Mobility
Corp.
,
A
........
288,661
7,851,579
126,195,936
Information
Technology
13.5%
a
8x8,
Inc.
..................
3,330,000
7,392,600
A10
Networks,
Inc.
..........
550,000
7,617,500
a
Ciena
Corp.
...............
276,064
13,300,764
a
Enfusion,
Inc.
,
A
............
540,000
4,600,800
a
Extreme
Networks,
Inc.
.......
900,178
12,107,394
a
NetScout
Systems,
Inc.
.......
375,000
6,858,750
a
Onto
Innovation,
Inc.
.........
107,057
23,505,435
a
Sprout
Social,
Inc.
,
A
.........
128,724
4,592,872
a
Workiva,
Inc.
,
A
.............
136,086
9,932,917
89,909,032
Materials
4.7%
Element
Solutions,
Inc.
.......
561,946
15,239,975
Graphic
Packaging
Holding
Co.
.
483,585
12,674,763
TriMas
Corp.
...............
129,569
3,311,784
31,226,522
Real
Estate
8.4%
b
Agree
Realty
Corp.
,
REIT
.....
210,000
13,007,400
Americold
Realty
Trust,
Inc.
,
REIT
390,000
9,960,600
Healthcare
Realty
Trust,
Inc.
,
A
,
REIT
...................
706,352
11,640,681
Rayonier,
Inc.
,
REIT
.........
421,676
12,266,555
Terreno
Realty
Corp.
,
REIT
....
150,000
8,877,000
55,752,236
Total
Common
Stocks
(Cost
$
603,954,204
)
..............
642,901,768
Money
Market
2.7%
c,d
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
18,230,026
18,230,026
(Cost
$18,230,026)
Schedule
of
Investments
(Unaudited)
Impax
Small
Cap
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
a
e
Securities
Purchased
With
Cash
Collateral
From
Securities
Lending
0.0%
c,d
Invesco
Government
&
Agency
Portfolio
,
5.240
%
..........
22,134
$
22,134
(Cost
$22,134)
a
Total
Investments
99
.1
%
(Cost
$
622,206,364
)
.............
$661,153,928
e
Payable
Upon
Return
Of
Securities
Loaned
(0.0)
%
...................
(22,134)
Other
Assets,
less
Liabilities
0
.9
%
.
5,964,243
Net
Assets
100.0%
...............
$667,096,037
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
June
30,
2024.
The
total
market
value
of
securities
on
loan
as
of
June
30,
2024
was
$12,321,991.
c
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
d
Institutional
Class
shares.
e
Rounds
to
less
than
0.05%.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
US
Sustainable
Economy
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
99.0%
Communication
Services
4.8%
Alphabet,
Inc.
,
C
............
3,800
$
696,996
Cable
One,
Inc.
.............
1,800
637,200
Comcast
Corp.
,
A
...........
17,500
685,300
Electronic
Arts,
Inc.
..........
11,788
1,642,422
a,b
Netflix,
Inc.
................
1,200
809,856
a
Pinterest,
Inc.
,
A
............
40,000
1,762,800
a
Spotify
Technology
SA
........
2,477
777,258
Verizon
Communications,
Inc.
..
141,169
5,821,809
Walt
Disney
Co.
(The)
........
28,300
2,809,907
15,643,548
Consumer
Discretionary
5.3%
a
Aptiv
plc
..................
13,594
957,289
Best
Buy
Co.,
Inc.
...........
14,523
1,224,144
Brunswick
Corp.
............
8,679
631,571
Hasbro,
Inc.
...............
12,755
746,167
Home
Depot,
Inc.
(The)
.......
5,111
1,759,410
Kohl's
Corp.
...............
30,000
689,700
b
Lear
Corp.
................
7,976
910,939
Lowe's
Cos.,
Inc.
............
8,221
1,812,402
Macy's,
Inc.
................
41,000
787,200
a
Planet
Fitness,
Inc.
,
A
........
8,932
657,306
a
Royal
Caribbean
Cruises
Ltd.
..
25,000
3,985,750
Tractor
Supply
Co.
..........
3,066
827,820
Vail
Resorts,
Inc.
............
5,028
905,694
b
VF
Corp.
..................
51,600
696,600
b
Williams-Sonoma,
Inc.
.......
2,125
600,036
17,192,028
Consumer
Staples
2.4%
Casey's
General
Stores,
Inc.
...
5,803
2,214,192
Costco
Wholesale
Corp.
......
800
679,992
General
Mills,
Inc.
...........
40,835
2,583,222
Kimberly-Clark
Corp.
.........
17,434
2,409,379
7,886,785
Financials
11.8%
Allstate
Corp.
(The)
..........
4,100
654,606
Annaly
Capital
Management,
Inc.
,
REIT
...................
45,000
857,700
Bank
of
America
Corp.
.......
18,500
735,745
Bank
of
New
York
Mellon
Corp.
(The)
...................
41,558
2,488,909
Citigroup,
Inc.
..............
10,700
679,022
Fifth
Third
Bancorp
..........
25,100
915,899
Hartford
Financial
Services
Group,
Inc.
(The)
..........
36,489
3,668,604
Huntington
Bancshares,
Inc.
...
52,000
685,360
Invesco
Ltd.
...............
56,500
845,240
JPMorgan
Chase
&
Co.
.......
3,600
728,136
LPL
Financial
Holdings,
Inc.
...
2,297
641,552
Mastercard,
Inc.
,
A
..........
16,193
7,143,704
MetLife,
Inc.
...............
58,453
4,102,816
a
PayPal
Holdings,
Inc.
........
13,647
791,935
PNC
Financial
Services
Group,
Inc.
(The)
................
5,634
875,974
Progressive
Corp.
(The)
......
26,748
5,555,827
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Financials
(continued)
Prudential
Financial,
Inc.
......
8,039
$
942,091
S&P
Global,
Inc.
............
2,200
981,200
Truist
Financial
Corp.
........
26,000
1,010,100
b
Visa,
Inc.
,
A
................
14,328
3,760,670
38,065,090
Health
Care
16.6%
AbbVie,
Inc.
...............
3,800
651,776
Agilent
Technologies,
Inc.
.....
17,592
2,280,451
Amgen,
Inc.
...............
7,403
2,313,067
Bristol-Myers
Squibb
Co.
......
77,504
3,218,741
a
Centene
Corp.
.............
9,500
629,850
a
Edwards
Lifesciences
Corp.
...
7,800
720,486
Elevance
Health,
Inc.
........
9,079
4,919,547
Eli
Lilly
&
Co.
..............
5,952
5,388,822
Gilead
Sciences,
Inc.
........
56,100
3,849,021
a,b
IDEXX
Laboratories,
Inc.
......
7,545
3,675,924
a
Illumina,
Inc.
...............
6,250
652,375
a
Integra
LifeSciences
Holdings
Corp.
...................
22,105
644,140
a
Intuitive
Surgical,
Inc.
........
3,423
1,522,722
a
IQVIA
Holdings,
Inc.
.........
3,200
676,608
Johnson
&
Johnson
.........
37,654
5,503,509
McKesson
Corp.
............
1,100
642,444
Merck
&
Co.,
Inc.
...........
40,936
5,067,877
a
Mettler-Toledo
International,
Inc.
2,838
3,966,360
a
Regeneron
Pharmaceuticals,
Inc.
700
735,721
Thermo
Fisher
Scientific,
Inc.
..
1,200
663,600
a
Vertex
Pharmaceuticals,
Inc.
...
1,400
656,208
a
Waters
Corp.
..............
2,292
664,955
West
Pharmaceutical
Services,
Inc.
....................
1,965
647,251
Zoetis,
Inc.
,
A
..............
23,856
4,135,676
53,827,131
Industrials
13.7%
Acuity
Brands,
Inc.
..........
3,576
863,389
Avis
Budget
Group,
Inc.
......
6,101
637,677
Carrier
Global
Corp.
.........
39,090
2,465,797
a,b
Dayforce,
Inc.
..............
18,400
912,640
Emerson
Electric
Co.
........
38,170
4,204,807
Flowserve
Corp.
............
17,831
857,671
Fortune
Brands
Innovations,
Inc.
13,400
870,196
a
GXO
Logistics,
Inc.
..........
19,022
960,611
Illinois
Tool
Works,
Inc.
.......
3,201
758,509
Johnson
Controls
International
plc
29,114
1,935,208
b
Lennox
International,
Inc.
.....
4,563
2,441,114
nVent
Electric
plc
...........
17,789
1,362,815
Otis
Worldwide
Corp.
........
14,524
1,398,080
Owens
Corning
.............
3,700
642,764
Pentair
plc
................
8,300
636,361
Republic
Services,
Inc.
,
A
.....
25,982
5,049,342
Rockwell
Automation,
Inc.
.....
19,357
5,328,595
Tetra
Tech,
Inc.
.............
3,138
641,658
Trane
Technologies
plc
.......
8,984
2,955,107
Union
Pacific
Corp.
..........
25,700
5,814,882
United
Parcel
Service,
Inc.
,
B
..
13,970
1,911,795
Schedule
of
Investments
(Unaudited)
Impax
US
Sustainable
Economy
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Industrials
(continued)
Verisk
Analytics,
Inc.
,
A
.......
3,600
$
970,380
WW
Grainger,
Inc.
...........
741
668,560
44,287,958
c
Information
Technology
35.7%
Accenture
plc
,
A
............
5,776
1,752,496
a
Adobe,
Inc.
................
1,416
786,645
a
Advanced
Micro
Devices,
Inc.
..
4,700
762,387
Analog
Devices,
Inc.
.........
13,954
3,185,140
a
ANSYS,
Inc.
...............
8,132
2,614,438
Apple,
Inc.
................
90,942
19,154,204
Applied
Materials,
Inc.
........
18,111
4,274,015
a
Aspen
Technology,
Inc.
.......
3,267
648,924
a
Atlassian
Corp.
,
A
...........
5,416
957,982
a
Autodesk,
Inc.
..............
12,362
3,058,977
Avnet,
Inc.
................
12,158
626,016
Broadcom,
Inc.
.............
2,300
3,692,719
a
Dropbox,
Inc.
,
A
............
30,900
694,323
a
Gartner,
Inc.
...............
1,905
855,459
a
Globant
SA
................
6,422
1,144,786
Hewlett
Packard
Enterprise
Co.
.
28,400
601,228
HP,
Inc.
...................
42,968
1,504,739
a
HubSpot,
Inc.
..............
5,291
3,120,579
Intel
Corp.
.................
52,653
1,630,664
International
Business
Machines
Corp.
...................
12,176
2,105,839
Intuit,
Inc.
.................
1,768
1,161,947
Jabil,
Inc.
.................
5,008
544,820
a
Keysight
Technologies,
Inc.
....
7,947
1,086,752
Lam
Research
Corp.
.........
1,825
1,943,351
Microsoft
Corp.
.............
45,543
20,355,444
a
NCR
Voyix
Corp.
............
53,763
663,973
NVIDIA
Corp.
..............
175,650
21,699,801
QUALCOMM,
Inc.
...........
11,186
2,228,028
Salesforce,
Inc.
.............
7,849
2,017,978
a
ServiceNow,
Inc.
............
3,937
3,097,120
a
Teradata
Corp.
.............
19,437
671,743
Texas
Instruments,
Inc.
.......
28,061
5,458,706
a
Trimble,
Inc.
...............
14,295
799,376
a
Workday,
Inc.
,
A
............
3,100
693,036
115,593,635
Materials
3.9%
Ecolab,
Inc.
................
20,478
4,873,764
b
Graphic
Packaging
Holding
Co.
.
91,643
2,401,963
International
Flavors
&
Fragrances,
Inc.
...........
20,443
1,946,378
Martin
Marietta
Materials,
Inc.
..
2,055
1,113,399
PPG
Industries,
Inc.
.........
12,701
1,598,929
Sherwin-Williams
Co.
(The)
....
2,176
649,384
12,583,817
Real
Estate
3.5%
Alexandria
Real
Estate
Equities,
Inc.
,
REIT
...............
12,000
1,403,640
b
American
Tower
Corp.
,
REIT
...
4,400
855,272
a
CBRE
Group,
Inc.
,
A
.........
39,133
3,487,142
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
(continued)
Prologis,
Inc.
,
REIT
..........
24,014
$
2,697,012
Rayonier,
Inc.
,
REIT
.........
21,502
625,493
SBA
Communications
Corp.
,
A
,
REIT
...................
3,400
667,420
b
Ventas,
Inc.
,
REIT
...........
16,100
825,286
Weyerhaeuser
Co.
,
REIT
.....
28,700
814,793
11,376,058
Utilities
1.3%
American
Water
Works
Co.,
Inc.
25,273
3,264,261
Edison
International
.........
12,800
919,168
4,183,429
Total
Common
Stocks
(Cost
$
210,711,497
)
..............
320,639,479
Money
Market
1.0%
d,e
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
3,322,990
3,322,990
(Cost
$3,322,990)
a
Total
Investments
100
.0
%
(Cost
$
214,034,487
)
.............
$323,962,469
f
Other
Assets,
less
Liabilities
0.0
%
.
95,752
Net
Assets
100.0%
...............
$324,058,221
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
June
30,
2024.
The
total
market
value
of
securities
on
loan
as
of
June
30,
2024
was
$15,766,829.
c
Broad
industry
sectors
used
for
financial
reporting.
d
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
e
Institutional
Class
shares.
f
Rounds
to
less
than
0.05%.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
Global
Sustainable
Infrastructure
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.9%
Communication
Services
15.7%
Elisa
OYJ
.................
81,125
$
3,714,133
KDDI
Corp.
................
108,200
2,866,381
Koninklijke
KPN
NV
.........
812,474
3,113,998
Tele2
AB
,
B
................
324,953
3,280,202
Vodacom
Group
Ltd.
.........
260,035
1,395,251
14,369,965
Consumer
Staples
2.2%
Sysco
Corp.
...............
27,611
1,971,149
Energy
0.9%
Neste
OYJ
................
47,001
838,709
Financials
4.4%
Hannover
Rueck
SE
.........
9,055
2,292,167
Partners
Group
Holding
AG
....
1,351
1,730,032
4,022,199
Health
Care
3.0%
Chemed
Corp.
.............
5,034
2,731,348
a
Industrials
26.1%
AECOM
..................
10,663
939,837
Brambles
Ltd.
..............
99,005
955,391
Canadian
Pacific
Kansas
City
Ltd.
40,251
3,169,945
Hubbell,
Inc.
,
B
.............
7,450
2,722,826
Otis
Worldwide
Corp.
........
19,279
1,855,797
Pentair
plc
................
14,035
1,076,063
Schneider
Electric
SE
........
9,457
2,267,275
Spirax
Group
plc
............
12,510
1,340,816
Trane
Technologies
plc
.......
5,788
1,903,847
Voltronic
Power
Technology
Corp.
29,000
1,716,986
Waste
Management,
Inc.
......
19,009
4,055,380
Watsco,
Inc.
...............
3,892
1,802,930
23,807,093
Information
Technology
7.7%
KLA
Corp.
.................
2,991
2,466,109
Microsoft
Corp.
.............
4,364
1,950,490
Nemetschek
SE
............
13,108
1,279,693
b,c
SolarEdge
Technologies,
Inc.
..
18,895
477,288
Xinyi
Solar
Holdings
Ltd.
......
1,711,389
859,459
7,033,039
Materials
1.7%
Sika
AG
..................
5,516
1,574,596
Real
Estate
8.2%
c
American
Tower
Corp.
,
REIT
...
14,742
2,865,550
Prologis,
Inc.
,
REIT
..........
15,024
1,687,346
Welltower,
Inc.
,
REIT
.........
28,161
2,935,784
7,488,680
a
Utilities
29.0%
American
Water
Works
Co.,
Inc.
25,719
3,321,866
Iberdrola
SA
...............
145,569
1,888,746
National
Grid
plc
............
304,317
3,398,046
Northland
Power,
Inc.
........
178,971
3,076,933
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
a
Utilities
(continued)
b
Orsted
A/S
,
Reg
S
...........
27,906
$
1,482,408
Severn
Trent
plc
............
108,269
3,258,824
SSE
plc
..................
173,917
3,927,671
United
Utilities
Group
plc
......
245,043
3,044,077
Veolia
Environnement
SA
.....
102,296
3,064,057
26,462,628
Total
Common
Stocks
(Cost
$
87,158,422
)
...............
90,299,406
Money
Market
0.6%
d,e
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
525,940
525,940
(Cost
$525,940)
Securities
Purchased
With
Cash
Collateral
From
Securities
Lending
0.5%
d,e
Invesco
Government
&
Agency
Portfolio
,
5.240
%
..........
501,636
501,636
(Cost
$501,636)
a
Total
Investments
100
.0
%
(Cost
$
88,185,998
)
..............
$91,326,982
Payable
Upon
Return
Of
Securities
Loaned
(
0
.5
)
%
...................
(501,636)
Other
Assets,
less
Liabilities
0
.5
%
.
494,587
Net
Assets
100.0%
...............
$91,319,933
a
Broad
industry
sectors
used
for
financial
reporting.
b
Non-income
producing
security.
c
Security
or
partial
position
of
this
security
was
on
loan
as
of
June
30,
2024.
The
total
market
value
of
securities
on
loan
as
of
June
30,
2024
was
$3,342,618.
d
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
e
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited)
Impax
Global
Sustainable
Infrastructure
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
Australia
....................
$
955,391
1.0%
Canada
.....................
6,246,878
6.9%
China
......................
859,459
1.0%
Denmark
....................
1,482,408
1.6%
Finland
.....................
4,552,841
5.0%
France
.....................
3,064,057
3.4%
Germany
...................
3,571,861
3.9%
Japan
......................
2,866,381
3.1%
Netherlands
.................
3,113,998
3.4%
South
Africa
.................
1,395,251
1.5%
Spain
......................
1,888,746
2.1%
Sweden
....................
3,280,202
3.6%
Switzerland
..................
3,304,628
3.6%
Taiwan
.....................
1,716,986
1.9%
United
Kingdom
..............
14,969,434
16.4%
United
States
................
37,030,885
40.5%
Money
Market
................
525,940
0.6%
Other
assets
and
liabilities
(net)
494,587
0.5%
Total
$91,319,933
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
Global
Opportunities
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.4%
Communication
Services
1.7%
KDDI
Corp.
................
81,900
$
2,169,654
Consumer
Discretionary
1.8%
a
Aptiv
plc
..................
31,698
2,232,173
Consumer
Staples
7.4%
Haleon
plc
................
787,314
3,203,358
Jeronimo
Martins
SGPS
SA
...
85,456
1,670,150
Kerry
Group
plc
,
A
...........
25,013
2,027,032
Unilever
plc
................
45,693
2,506,547
9,407,087
Financials
22.7%
AIA
Group
Ltd.
.............
431,200
2,917,391
Hannover
Rueck
SE
.........
10,192
2,579,986
HDFC
Bank
Ltd.
,
ADR
........
49,349
3,174,621
Legal
&
General
Group
plc
....
1,238,089
3,545,351
Marsh
&
McLennan
Cos.,
Inc.
..
18,410
3,879,355
Mastercard,
Inc.
,
A
..........
11,448
5,050,400
MSCI,
Inc.
,
A
...............
5,422
2,612,049
RenaissanceRe
Holdings
Ltd.
..
11,352
2,537,286
Visa,
Inc.
,
A
................
9,986
2,621,025
28,917,464
Health
Care
19.1%
Alcon,
Inc.
.................
58,129
5,167,198
Becton
Dickinson
&
Co.
.......
10,257
2,397,163
a
Boston
Scientific
Corp.
.......
49,893
3,842,260
Cooper
Cos.,
Inc.
(The)
.......
25,072
2,188,786
Danaher
Corp.
.............
12,045
3,009,443
a
IQVIA
Holdings,
Inc.
.........
16,193
3,423,848
Thermo
Fisher
Scientific,
Inc.
..
7,693
4,254,229
24,282,927
Industrials
13.5%
Ashtead
Group
plc
..........
30,756
2,050,616
Cintas
Corp.
...............
5,483
3,839,525
Hubbell,
Inc.
,
B
.............
3,331
1,217,414
Schneider
Electric
SE
........
18,442
4,421,390
b
United
Rentals,
Inc.
..........
3,549
2,295,245
Wolters
Kluwer
NV
..........
20,390
3,367,169
17,191,359
Information
Technology
24.0%
Analog
Devices,
Inc.
.........
15,920
3,633,899
Applied
Materials,
Inc.
........
16,002
3,776,312
ASML
Holding
NV
...........
1,921
1,957,819
a
Cadence
Design
Systems,
Inc.
.
9,795
3,014,411
Keyence
Corp.
.............
7,150
3,129,399
Microsoft
Corp.
.............
14,469
6,466,920
NVIDIA
Corp.
..............
21,690
2,679,583
b
Oracle
Corp.
...............
20,397
2,880,056
TE
Connectivity
Ltd.
.........
19,567
2,943,464
30,481,863
Materials
8.2%
Croda
International
plc
.......
31,224
1,553,365
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Materials
(continued)
DSM-Firmenich
AG
..........
20,916
$
2,355,249
Linde
plc
..................
10,855
4,763,283
Sika
AG
..................
6,331
1,807,246
10,479,143
Total
Common
Stocks
(Cost
$
96,211,933
)
...............
125,161,670
Money
Market
1.7%
c,d
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
2,128,477
2,128,477
(Cost
$2,128,477)
a
Total
Investments
100
.1
%
(Cost
$
98,340,410
)
..............
$127,290,147
Other
Assets,
less
Liabilities
(
0
.1
)
%
(69,069)
Net
Assets
100.0%
...............
$127,221,078
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
June
30,
2024.
The
total
market
value
of
securities
on
loan
as
of
June
30,
2024
was
$3,526,645.
c
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
d
Institutional
Class
shares.
ADR
American
Depositary
Receipt
Schedule
of
Investments
(Unaudited)
Impax
Global
Opportunities
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
Bermuda
....................
$
2,537,286
2.0%
Germany
...................
2,579,986
2.0%
Hong
Kong
..................
2,917,391
2.3%
India
......................
3,174,621
2.5%
Ireland
.....................
2,027,032
1.6%
Japan
......................
5,299,054
4.2%
Netherlands
.................
5,324,987
4.1%
Portugal
....................
1,670,150
1.3%
Switzerland
..................
9,329,693
7.4%
United
Kingdom
..............
9,655,880
7.6%
United
States
................
80,645,590
63.4%
Money
Market
................
2,128,477
1.7%
Other
assets
and
liabilities
(net)
(69,069)
-0.1%
Total
$127,221,078
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
Global
Environmental
Markets
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
Common
Stocks
98.3%
CIRCULAR
ECONOMY
12.5%
General
Waste
Management
7.1%
Republic
Services,
Inc.
,
A
.......
394,400
$
76,647,696
Waste
Management,
Inc.
........
446,340
95,222,176
171,869,872
Recycled,
Recyclable
Products
&
Biomaterials
1.6%
Croda
International
plc
.........
763,781
37,997,396
Resource
Circularity
&
Efficiency
3.8%
STERIS
plc
..................
217,431
47,734,802
a
United
Rentals,
Inc.
............
69,529
44,966,490
92,701,292
CLEAN
AND
EFFICIENT
TRANSPORT
4.9%
Advanced
Road
Vehicles
&
Devices
4.1%
b
Aptiv
plc
....................
541,674
38,144,683
TE
Connectivity
Ltd.
...........
418,582
62,967,291
101,111,974
E-Bikes
&
Bicycles
0.8%
Shimano,
Inc.
................
121,500
18,777,078
NEW
ENERGY
23.4%
Buildings
Energy
Efficiency
5.7%
Carrier
Global
Corp.
...........
870,581
54,916,250
Sika
AG
....................
170,461
48,659,757
Trane
Technologies
plc
.........
113,426
37,309,214
140,885,221
Industrial
Energy
Efficiency
12.3%
Air
Liquide
SA
................
476,383
82,217,704
Cognex
Corp.
................
1,193,802
55,822,182
Delta
Electronics,
Inc.
..........
3,193,475
38,090,196
Keyence
Corp.
...............
54,000
23,634,624
Siemens
AG
.................
296,995
55,278,323
Spirax
Group
plc
..............
388,931
41,685,436
296,728,465
Smart
&
Efficient
Grids
5.4%
Hubbell,
Inc.
,
B
...............
126,948
46,396,955
Schneider
Electric
SE
..........
350,773
84,096,307
130,493,262
SMART
ENVIRONMENT
30.1%
Cloud
Computing
7.0%
Microsoft
Corp.
...............
263,068
117,578,243
NVIDIA
Corp.
................
426,651
52,708,465
170,286,708
Efficient
IT
15.2%
b
ANSYS,
Inc.
.................
152,382
48,990,813
Applied
Materials,
Inc.
..........
251,010
59,235,850
ASML
Holding
NV
.............
40,258
41,029,598
b
Autodesk,
Inc.
................
222,214
54,986,854
MediaTek,
Inc.
...............
1,277,000
54,998,352
b
Synopsys,
Inc.
...............
62,498
37,190,060
Texas
Instruments,
Inc.
.........
368,025
71,591,903
368,023,430
a
a
Shares/
Principal
a
Value
a
Common
Stocks
(continued)
Environmental
Testing
&
Monitoring
7.9%
Agilent
Technologies,
Inc.
.......
687,419
$
89,110,125
Veralto
Corp.
.................
490,464
46,824,598
b
Waters
Corp.
................
191,171
55,462,531
191,397,254
SUSTAINABLE
FOOD
12.1%
Food
Safety
&
Packaging
5.3%
Crown
Holdings,
Inc.
...........
431,646
32,110,146
Eurofins
Scientific
SE
..........
691,618
34,628,576
b
Mettler-Toledo
International,
Inc.
..
44,655
62,409,381
129,148,103
Sustainable
Agriculture
4.5%
DSM-Firmenich
AG
............
476,260
53,629,330
International
Flavors
&
Fragrances,
Inc.
......................
127,195
12,110,236
Kerry
Group
plc
,
A
.............
542,850
43,992,104
109,731,670
Technology
&
Logistics
2.3%
GEA
Group
AG
...............
1,309,320
54,432,936
WATER
15.3%
Water
Distribution
&
Infrastructure
4.0%
Ferguson
plc
.................
241,999
46,412,244
IDEX
Corp.
..................
252,028
50,708,034
97,120,278
Water
Treatment
6.0%
Linde
plc
....................
196,777
86,347,715
Pentair
plc
..................
740,812
56,798,056
143,145,771
Water
Utilities
5.3%
a
American
Water
Works
Co.,
Inc.
..
569,830
73,599,243
Veolia
Environnement
SA
.......
1,874,973
56,160,790
129,760,033
Total
Common
Stocks
(Cost
$
1,708,943,584
)
.............
2,383,610,743
a
Preferred
Stocks
0.5%
WATER
0.5%
Water
Treatment
0.5%
Sartorius
AG
,
0.340
%
..........
46,988
10,999,235
(Cost
$12,056,699)
Total
Long
Term
Investments
(Cost
$
1,721,000,283
)
.............
2,394,609,978
a
Schedule
of
Investments
(Unaudited)
Impax
Global
Environmental
Markets
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Money
Market
Funds
1.0%
c,d
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
(Cost
$
23,651,181
)
..........
23,651,181
$
23,651,181
a
Total
Investments
99
.8
%
(Cost
$
1,744,651,464
)
.............
$2,418,261,159
Other
Assets,
less
Liabilities
0
.2
%
..
6,445,018
Net
Assets
100.0%
................
$2,424,706,177
a
Security
or
partial
position
of
this
security
was
on
loan
as
of
June
30,
2024.
The
total
market
value
of
securities
on
loan
as
of
June
30,
2024
was
$12,839,817.
b
Non-income
producing
security.
c
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
d
Institutional
Class
shares.
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
France
.....................
$
138,378,495
5.7%
Germany
...................
120,710,495
5.1%
Ireland
.....................
43,992,104
1.8%
Japan
......................
42,411,703
1.8%
Luxembourg
.................
34,628,576
1.4%
Netherlands
.................
41,029,598
1.7%
Switzerland
..................
102,289,087
4.2%
Taiwan
.....................
93,088,548
3.9%
United
Kingdom
..............
79,682,832
3.3%
United
States
................
1,698,398,540
69.9%
Money
Market
................
23,651,181
1.0%
Other
assets
and
liabilities
(net)
6,445,018
0.2%
Total
$2,424,706,177
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
Global
Social
Leaders
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
95.2%
Communication
Services
1.3%
Vodacom
Group
Ltd.
.........
4,209
$
22,584
Consumer
Discretionary
15.3%
Autoliv,
Inc.
................
238
25,464
a
Bright
Horizons
Family
Solutions,
Inc.
....................
274
30,162
a
Duolingo,
Inc.
,
A
............
154
32,135
eBay,
Inc.
.................
1,219
65,485
Home
Depot,
Inc.
(The)
.......
77
26,506
a
MercadoLibre,
Inc.
..........
32
52,589
a
Mobileye
Global,
Inc.
,
A
.......
1,039
29,180
261,521
Consumer
Staples
11.2%
Colgate-Palmolive
Co.
.......
315
30,568
Danone
SA
................
717
43,916
Haleon
plc
................
9,039
36,777
Jeronimo
Martins
SGPS
SA
...
876
17,120
Kerry
Group
plc
,
A
...........
464
37,602
Wal-Mart
de
Mexico
SAB
de
CV
7,700
26,204
192,187
Financials
14.4%
a
Adyen
NV
,
Reg
S
...........
26
30,880
AIA
Group
Ltd.
.............
5,700
38,565
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
.................
78,200
21,927
HDFC
Bank
Ltd.
,
ADR
........
606
38,984
Legal
&
General
Group
plc
....
17,937
51,364
Prudential
plc
..............
2,764
25,061
Voya
Financial,
Inc.
..........
548
38,990
245,771
Health
Care
16.0%
Abbott
Laboratories
..........
304
31,588
Alcon,
Inc.
.................
647
57,513
a
Align
Technology,
Inc.
........
74
17,866
a
Intuitive
Surgical,
Inc.
........
88
39,147
a
IQVIA
Holdings,
Inc.
.........
245
51,803
Novo
Nordisk
A/S
,
B
.........
237
33,911
Thermo
Fisher
Scientific,
Inc.
..
76
42,028
273,856
Industrials
8.2%
Experian
plc
...............
1,009
46,875
Recruit
Holdings
Co.
Ltd.
.....
900
48,426
Wolters
Kluwer
NV
..........
268
44,257
139,558
Information
Technology
18.2%
Halma
plc
.................
1,893
64,524
Intuit,
Inc.
.................
110
72,293
NVIDIA
Corp.
..............
678
83,760
a
Palo
Alto
Networks,
Inc.
......
117
39,664
a
ServiceNow,
Inc.
............
65
51,134
311,375
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
6.4%
b
American
Tower
Corp.
,
REIT
...
246
$
47,817
UNITE
Group
plc
(The)
,
REIT
..
1,993
22,484
Ventas,
Inc.
,
REIT
...........
373
19,120
Welltower,
Inc.
,
REIT
.........
186
19,391
108,812
Utilities
4.2%
Iberdrola
SA
...............
2,740
35,551
Severn
Trent
plc
............
1,211
36,451
72,002
Total
Common
Stocks
(Cost
$
1,511,437
)
................
1,627,666
Preferred
Stocks
1.8%
Health
Care
1.8%
Sartorius
AG
,
0.340
%
........
129
30,197
(Cost
$30,287)
Total
Long
Term
Investments
(Cost
$
1,541,724
)
................
1,657,863
a
Money
Market
6.1%
c,d
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
103,679
103,679
(Cost
$103,679)
a
Total
Investments
103
.1
%
(Cost
$
1,645,403
)
...............
$1,761,542
Other
Assets,
less
Liabilities
(
3
.1
)
%
(51,581)
Net
Assets
100.0%
...............
$1,709,961
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
June
30,
2024.
The
total
market
value
of
securities
on
loan
as
of
June
30,
2024
was
$45,874.
c
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
d
Institutional
Class
shares.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited)
Impax
Global
Social
Leaders
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
Brazil
......................
$
52,589
3.1%
Denmark
....................
33,911
2.0%
France
.....................
43,916
2.6%
Germany
...................
30,197
1.8%
Hong
Kong
..................
63,626
3.7%
India
......................
38,984
2.3%
Indonesia
...................
21,927
1.3%
Ireland
.....................
37,602
2.2%
Israel
......................
29,180
1.7%
Japan
......................
48,426
2.8%
Mexico
.....................
26,204
1.5%
Netherlands
.................
75,137
4.4%
Portugal
....................
17,121
1.0%
South
Africa
.................
22,584
1.3%
Spain
......................
35,551
2.1%
Sweden
....................
25,464
1.5%
Switzerland
..................
57,513
3.4%
United
Kingdom
..............
174,822
10.2%
United
States
................
823,109
48.1%
Money
Market
................
103,679
6.1%
Other
assets
and
liabilities
(net)
(51,581)
-3.1%
Total
$1,709,961
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
Ellevate
Global
Women’s
Leadership
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
99.6%
Communication
Services
8.3%
Alphabet,
Inc.
,
A
............
30,094
$
5,481,622
Alphabet,
Inc.
,
C
............
14,845
2,722,870
Auto
Trader
Group
plc
,
Reg
S
..
753,221
7,581,300
Deutsche
Telekom
AG
........
96,349
2,421,780
a,b
Netflix,
Inc.
................
16,649
11,236,077
Omnicom
Group,
Inc.
........
83,108
7,454,788
Orange
SA
................
221,111
2,217,856
Publicis
Groupe
SA
..........
27,856
2,958,837
Spark
New
Zealand
Ltd.
......
2,593,067
6,570,458
Vodafone
Group
plc
.........
2,683,842
2,374,768
Walt
Disney
Co.
(The)
........
96,340
9,565,599
WPP
plc
..................
248,777
2,277,971
62,863,926
Consumer
Discretionary
12.9%
Accor
SA
.................
54,065
2,212,286
a
Amazon.com,
Inc.
...........
117,196
22,648,127
Bath
&
Body
Works,
Inc.
......
165,937
6,479,840
Best
Buy
Co.,
Inc.
...........
95,467
8,046,913
Cie
Generale
des
Etablissements
Michelin
SCA
.............
59,368
2,294,639
a
Deckers
Outdoor
Corp.
.......
4,178
4,044,095
a
Expedia
Group,
Inc.
.........
20,643
2,600,812
H
&
M
Hennes
&
Mauritz
AB
,
B
.
157,237
2,490,652
Hasbro,
Inc.
...............
41,067
2,402,419
Hermes
International
SCA
.....
973
2,247,265
InterContinental
Hotels
Group
plc
22,626
2,377,459
La
Francaise
des
Jeux
SAEM
,
Reg
S
..................
65,177
2,219,933
a
Lululemon
Athletica,
Inc.
......
25,489
7,613,564
Marriott
International,
Inc.
,
A
...
30,684
7,418,471
McDonald's
Corp.
...........
13,726
3,497,934
Next
plc
..................
19,957
2,277,455
Pearson
plc
...............
183,586
2,292,472
Starbucks
Corp.
............
109,441
8,519,982
a
Ulta
Beauty,
Inc.
............
15,230
5,876,800
97,561,118
Consumer
Staples
7.6%
b
Clorox
Co.
(The)
............
53,172
7,256,383
Coca-Cola
Co.
(The)
.........
166,433
10,593,460
Coles
Group
Ltd.
............
207,766
2,353,699
Diageo
plc
................
237,745
7,463,769
Estee
Lauder
Cos.,
Inc.
(The)
,
A
68,810
7,321,384
General
Mills,
Inc.
...........
113,266
7,165,207
Heineken
Holding
NV
........
29,843
2,352,217
J
Sainsbury
plc
.............
711,824
2,293,394
L'Oreal
SA
................
4,858
2,138,324
Procter
&
Gamble
Co.
(The)
...
48,316
7,968,275
56,906,112
Financials
17.9%
Admiral
Group
plc
...........
215,929
7,135,381
Allianz
SE
.................
8,100
2,249,620
American
Express
Co.
.......
11,768
2,724,881
ASR
Nederland
NV
..........
48,439
2,306,115
Aviva
plc
..................
386,521
2,328,135
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Financials
(continued)
AXA
SA
...................
68,552
$
2,246,533
Canadian
Imperial
Bank
of
Commerce
...............
47,253
2,246,853
Citigroup,
Inc.
..............
147,492
9,359,842
DNB
Bank
ASA
.............
385,576
7,565,342
Gjensidige
Forsikring
ASA
.....
154,228
2,752,512
Hargreaves
Lansdown
plc
.....
253,015
3,606,590
JPMorgan
Chase
&
Co.
.......
73,390
14,843,862
Lloyds
Banking
Group
plc
.....
3,571,499
2,463,319
M&G
plc
..................
2,789,338
7,170,887
National
Bank
of
Canada
.....
101,575
8,056,652
NN
Group
NV
..............
53,226
2,473,863
Progressive
Corp.
(The)
......
25,676
5,333,162
Royal
Bank
of
Canada
.......
25,561
2,721,362
S&P
Global,
Inc.
............
6,165
2,749,590
Societe
Generale
SA
.........
296,045
6,960,336
Standard
Chartered
plc
.......
839,459
7,579,866
Sun
Life
Financial,
Inc.
.......
58,476
2,867,271
Toronto-Dominion
Bank
(The)
..
41,373
2,274,222
UniCredit
SpA
..............
62,309
2,305,809
b
Visa,
Inc.
,
A
................
30,907
8,112,160
Westpac
Banking
Corp.
.......
379,045
6,863,425
Willis
Towers
Watson
plc
......
29,252
7,668,119
134,965,709
Health
Care
13.8%
AstraZeneca
plc
............
29,795
4,637,087
a
Biogen,
Inc.
...............
27,625
6,404,028
Bristol-Myers
Squibb
Co.
......
174,142
7,232,117
Cardinal
Health,
Inc.
.........
71,509
7,030,765
Elevance
Health,
Inc.
........
14,791
8,014,651
Eli
Lilly
&
Co.
..............
16,009
14,494,228
a
Genmab
A/S
...............
8,753
2,193,445
Gilead
Sciences,
Inc.
........
119,621
8,207,197
GSK
plc
..................
111,373
2,142,173
Johnson
&
Johnson
.........
79,152
11,568,856
Merck
&
Co.,
Inc.
...........
47,719
5,907,612
Novo
Nordisk
A/S
,
B
.........
62,350
8,921,342
Pfizer,
Inc.
.................
125,650
3,515,687
Stryker
Corp.
..............
6,865
2,335,816
a
Vertex
Pharmaceuticals,
Inc.
...
5,497
2,576,554
Zoetis,
Inc.
,
A
..............
49,414
8,566,411
103,747,969
Industrials
8.2%
Auckland
International
Airport
Ltd.
1,535,211
7,134,790
Booz
Allen
Hamilton
Holding
Corp.
,
A
.................
49,584
7,630,978
Cummins,
Inc.
..............
28,271
7,829,088
Metso
OYJ
................
658,787
7,001,843
Otis
Worldwide
Corp.
........
83,061
7,995,452
Schneider
Electric
SE
........
37,385
8,962,892
Stantec,
Inc.
...............
89,884
7,524,882
Wolters
Kluwer
NV
..........
48,953
8,084,012
62,163,937
Schedule
of
Investments
(Unaudited)
Impax
Ellevate
Global
Women’s
Leadership
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
c
Information
Technology
26.4%
Accenture
plc
,
A
............
31,973
$
9,700,928
Apple,
Inc.
................
161,679
34,052,831
a
Autodesk,
Inc.
..............
34,064
8,429,137
Broadcom,
Inc.
.............
9,840
15,798,415
CDW
Corp.
................
31,751
7,107,144
Cisco
Systems,
Inc.
.........
209,338
9,945,648
Halma
plc
.................
225,627
7,690,623
Intuit,
Inc.
.................
15,514
10,195,956
Microsoft
Corp.
.............
79,324
35,453,862
NVIDIA
Corp.
..............
308,370
38,096,030
Salesforce,
Inc.
.............
18,675
4,801,343
SAP
SE
..................
20,252
4,068,132
a
ServiceNow,
Inc.
............
3,941
3,100,266
Texas
Instruments,
Inc.
.......
16,105
3,132,906
a
Xero
Ltd.
..................
87,761
7,936,797
199,510,018
Materials
3.2%
BlueScope
Steel
Ltd.
.........
504,587
6,849,588
Fortescue
Ltd.
..............
546,550
7,780,936
Norsk
Hydro
ASA
...........
396,140
2,469,728
Yara
International
ASA
.......
238,372
6,869,396
23,969,648
Utilities
1.3%
Edison
International
.........
109,015
7,828,367
Severn
Trent
plc
............
72,410
2,179,492
10,007,859
Total
Common
Stocks
(Cost
$
594,521,296
)
..............
751,696,296
Money
Market
1.0%
d,e
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
7,654,126
7,654,126
(Cost
$7,654,126)
a
Total
Investments
100
.6
%
(Cost
$
602,175,422
)
.............
$759,350,422
Other
Assets,
less
Liabilities
(
0
.6
)
%
(4,551,868)
Net
Assets
100.0%
...............
$754,798,554
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
June
30,
2024.
The
total
market
value
of
securities
on
loan
as
of
June
30,
2024
was
$21,266,906.
c
Broad
industry
sectors
used
for
financial
reporting.
d
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
e
Institutional
Class
shares.
Schedule
of
Investments
(Unaudited)
Impax
Ellevate
Global
Women’s
Leadership
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
Australia
....................
$
23,847,649
3.2%
Brazil
......................
6,869,395
0.9%
Canada
.....................
25,691,243
3.5%
Denmark
....................
11,114,786
1.5%
Finland
.....................
7,001,843
0.9%
France
.....................
25,496,010
3.4%
Germany
...................
8,739,533
1.1%
Italy
.......................
2,305,808
0.3%
Netherlands
.................
15,216,207
2.0%
New
Zealand
................
21,642,046
2.9%
Norway
.....................
12,787,582
1.7%
Sweden
....................
2,490,652
0.3%
United
Kingdom
..............
73,729,967
9.6%
United
States
................
514,763,575
68.3%
Money
Market
................
7,654,126
1.0%
Other
assets
and
liabilities
(net)
(4,551,868)
-0.6%
Total
$754,798,554
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
International
Sustainable
Economy
Fund
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.5%
Australia
5.0%
ANZ
Group
Holdings
Ltd.
.......
724,720
$
13,615,823
Aristocrat
Leisure
Ltd.
..........
302,618
10,021,357
Coles
Group
Ltd.
..............
207,838
2,354,515
Goodman
Group
,
REIT
.........
142,672
3,291,428
QBE
Insurance
Group
Ltd.
......
1,282,759
14,807,682
REA
Group
Ltd.
...............
47,995
6,266,934
Suncorp
Group
Ltd.
............
352,059
4,071,211
Transurban
Group
.............
836,250
6,897,036
61,325,986
Austria
1.2%
Mondi
plc
...................
172,280
3,306,976
Verbund
AG
.................
129,199
10,222,529
13,529,505
Belgium
0.9%
Ageas
SA/NV
................
51,357
2,343,254
KBC
Group
NV
...............
126,103
8,885,529
11,228,783
Brazil
0.2%
Yara
International
ASA
.........
82,141
2,367,136
China
0.6%
Prosus
NV
..................
202,993
7,218,124
Denmark
4.6%
AP
Moller
-
Maersk
A/S
,
A
.......
1,444
2,450,204
Novo
Nordisk
A/S
,
B
...........
283,987
40,634,243
a
Orsted
A/S
,
Reg
S
.............
47,804
2,539,418
ROCKWOOL
A/S
,
B
...........
16,129
6,538,362
a
Vestas
Wind
Systems
A/S
.......
138,574
3,213,249
55,375,476
Finland
2.1%
Nokia
OYJ
..................
4,332,007
16,487,897
Wartsila
OYJ
Abp
.............
455,229
8,825,197
25,313,094
France
8.2%
AXA
SA
.....................
244,454
8,011,058
BNP
Paribas
SA
..............
356,363
22,790,164
Carrefour
SA
.................
906,458
12,844,743
Cie
Generale
des
Etablissements
Michelin
SCA
...............
122,737
4,743,921
Credit
Agricole
SA
.............
774,715
10,578,436
Danone
SA
..................
85,685
5,248,188
Dassault
Systemes
SE
.........
443,081
16,660,278
Hermes
International
SCA
.......
1,035
2,390,462
L'Oreal
SA
..................
12,686
5,583,940
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.......................
10,949
8,406,545
97,257,735
Germany
5.9%
Beiersdorf
AG
................
16,311
2,387,374
Commerzbank
AG
.............
632,658
9,596,310
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Germany
(continued)
Deutsche
Boerse
AG
...........
15,036
$
3,073,307
Heidelberg
Materials
AG
........
117,388
12,134,884
Henkel
AG
&
Co.
KGaA
.........
30,178
2,374,318
Knorr-Bremse
AG
.............
65,498
5,006,335
Merck
KGaA
.................
108,623
17,963,566
Muenchener
Rueckversicherungs-
Gesellschaft
AG
.............
30,615
15,306,132
Puma
SE
...................
54,391
2,498,180
70,340,406
Hong
Kong
2.4%
AIA
Group
Ltd.
...............
2,416,600
16,350,111
Hang
Seng
Bank
Ltd.
..........
523,200
6,726,443
MTR
Corp.
Ltd.
...............
1,360,280
4,293,626
27,370,180
Ireland
0.9%
Kingspan
Group
plc
...........
121,649
10,338,668
Italy
2.6%
Assicurazioni
Generali
SpA
......
777,924
19,365,620
Intesa
Sanpaolo
SpA
...........
1,675,363
6,226,342
Moncler
SpA
.................
56,652
3,475,255
Poste
Italiane
SpA
,
Reg
S
.......
196,630
2,502,027
31,569,244
Japan
21.6%
Aeon
Co.
Ltd.
................
109,300
2,339,347
Astellas
Pharma,
Inc.
..........
876,900
8,651,273
Brother
Industries
Ltd.
..........
134,000
2,367,003
Concordia
Financial
Group
Ltd.
...
404,500
2,396,045
Dai
Nippon
Printing
Co.
Ltd.
.....
71,800
2,422,576
Daifuku
Co.
Ltd.
..............
186,400
3,500,951
Daiichi
Sankyo
Co.
Ltd.
.........
116,900
4,062,713
Daiwa
House
Industry
Co.
Ltd.
...
93,200
2,372,861
FANUC
Corp.
................
303,900
8,342,884
FUJIFILM
Holdings
Corp.
.......
209,600
4,916,524
Fujitsu
Ltd.
..................
1,156,000
18,130,107
Hitachi
Ltd.
..................
743,500
16,740,889
Hoya
Corp.
..................
27,900
3,262,608
KDDI
Corp.
..................
775,200
20,536,217
MatsukiyoCocokara
&
Co.
.......
284,300
4,082,659
Mazda
Motor
Corp.
............
240,000
2,313,842
Mitsubishi
Chemical
Group
Corp.
.
437,500
2,437,657
Mitsubishi
Estate
Co.
Ltd.
.......
207,600
3,268,334
Mitsui
Fudosan
Co.
Ltd.
........
272,400
2,507,147
Mizuho
Financial
Group,
Inc.
.....
183,500
3,862,197
MS&AD
Insurance
Group
Holdings,
Inc.
......................
112,500
2,511,677
NEC
Corp.
..................
150,400
12,401,469
Nomura
Research
Institute
Ltd.
...
124,000
3,504,703
Oriental
Land
Co.
Ltd.
..........
335,300
9,369,665
ORIX
Corp.
..................
562,000
12,456,102
Recruit
Holdings
Co.
Ltd.
.......
217,700
11,713,821
Renesas
Electronics
Corp.
......
196,200
3,720,864
Secom
Co.
Ltd.
...............
39,500
2,339,349
Sekisui
Chemical
Co.
Ltd.
.......
249,400
3,462,322
Schedule
of
Investments
(Unaudited)
Impax
International
Sustainable
Economy
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Japan
(continued)
Shiseido
Co.
Ltd.
.............
79,900
$
2,277,084
SoftBank
Corp.
...............
1,585,500
19,390,694
Sompo
Holdings,
Inc.
..........
182,400
3,907,683
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
64,100
4,302,708
Sumitomo
Mitsui
Trust
Holdings,
Inc.
......................
102,500
2,355,572
T&D
Holdings,
Inc.
............
138,400
2,417,442
Tokio
Marine
Holdings,
Inc.
......
65,600
2,465,186
Tokyo
Electron
Ltd.
............
101,900
22,305,953
TOTO
Ltd.
..................
121,600
2,864,814
Unicharm
Corp.
...............
108,600
3,489,886
West
Japan
Railway
Co.
........
128,200
2,392,147
Yamaha
Motor
Co.
Ltd.
.........
837,300
7,784,213
Yamato
Holdings
Co.
Ltd.
.......
211,800
2,334,014
Yokogawa
Electric
Corp.
........
120,000
2,914,330
261,195,532
Netherlands
4.6%
ASML
Holding
NV
.............
34,983
35,653,496
ING
Groep
NV
...............
221,054
3,798,296
Koninklijke
Ahold
Delhaize
NV
....
286,608
8,434,041
Universal
Music
Group
NV
......
141,071
4,196,617
Wolters
Kluwer
NV
............
14,924
2,464,523
54,546,973
New
Zealand
0.7%
Spark
New
Zealand
Ltd.
........
958,454
2,428,584
a
Xero
Ltd.
....................
69,215
6,259,562
8,688,146
Norway
0.6%
Norsk
Hydro
ASA
.............
599,692
3,738,770
Telenor
ASA
.................
251,372
2,865,222
6,603,992
Singapore
1.3%
Keppel
Ltd.
..................
890,200
4,231,573
Singapore
Exchange
Ltd.
.......
338,700
2,361,895
United
Overseas
Bank
Ltd.
......
439,100
10,128,424
16,721,892
Spain
3.1%
Amadeus
IT
Group
SA
.........
263,951
17,564,466
Iberdrola
SA
.................
1,521,024
19,735,169
37,299,635
Sweden
3.5%
Alfa
Laval
AB
................
73,361
3,212,600
Assa
Abloy
AB
,
B
.............
239,914
6,794,496
Atlas
Copco
AB
,
A
.............
684,860
12,859,107
Atlas
Copco
AB
,
B
.............
498,810
8,054,433
Epiroc
AB
,
B
.................
321,347
5,898,588
Nibe
Industrier
AB
,
B
...........
741,838
3,128,735
39,947,959
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Switzerland
8.7%
ABB
Ltd.
....................
400,109
$
22,186,413
Banque
Cantonale
Vaudoise
.....
21,883
2,321,843
DSM-Firmenich
AG
............
24,230
2,728,423
Givaudan
SA
.................
774
3,666,143
Kuehne
+
Nagel
International
AG
.
20,301
5,842,266
Lonza
Group
AG
..............
13,110
7,137,149
Novartis
AG
.................
297,122
31,635,075
Sika
AG
....................
34,865
9,952,555
Sonova
Holding
AG
............
46,911
14,451,714
Swisscom
AG
................
5,710
3,210,822
103,132,403
United
Kingdom
14.3%
3i
Group
plc
.................
112,769
4,346,220
Associated
British
Foods
plc
.....
132,279
4,130,262
AstraZeneca
plc
..............
206,710
32,170,910
Auto
Trader
Group
plc
,
Reg
S
....
267,903
2,696,490
BT
Group
plc
................
4,308,322
7,638,021
Burberry
Group
plc
............
219,591
2,438,575
HSBC
Holdings
plc
............
3,258,908
28,130,929
J
Sainsbury
plc
...............
1,595,492
5,140,445
Lloyds
Banking
Group
plc
.......
24,414,921
16,839,356
National
Grid
plc
..............
930,191
10,386,643
Reckitt
Benckiser
Group
plc
.....
98,519
5,329,804
RELX
plc
...................
494,308
22,648,645
Sage
Group
plc
(The)
..........
233,379
3,197,366
Spirax
Group
plc
..............
34,090
3,653,750
Tesco
plc
...................
4,904,336
18,944,333
Vodafone
Group
plc
...........
2,649,118
2,344,043
170,035,792
United
States
5.5%
CSL
Ltd.
....................
123,490
24,216,054
Schneider
Electric
SE
..........
112,157
26,889,155
Swiss
Re
AG
.................
120,332
14,918,399
66,023,608
Total
Common
Stocks
(Cost
$
979,728,811
)
...............
1,177,430,269
Preferred
Stocks
0.6%
Germany
0.6%
Bayerische
Motoren
Werke
AG
,
7.300
%
...................
74,835
6,607,953
(Cost
$7,508,085)
Total
Long
Term
Investments
(Cost
$
987,236,896
)
...............
1,184,038,222
a
Schedule
of
Investments
(Unaudited)
Impax
International
Sustainable
Economy
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Money
Market
0.4%
b,c
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
..............
4,916,612
$
4,916,612
(Cost
$4,916,612)
a
Total
Investments
99
.5
%
(Cost
$
992,153,508
)
..............
$1,188,954,834
Other
Assets,
less
Liabilities
0
.5
%
..
5,898,958
Net
Assets
100.0%
................
$1,194,853,792
a
Non-income
producing
security.
b
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
c
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Summary
Of
Investments
By
Sector
Sector
Value
Percent
of
Net
Assets
Communication
Services
........
$
71,573,644
6.0%
Consumer
Discretionary
........
88,294,880
7.4%
Consumer
Staples
............
84,960,940
7.1%
Financials
...................
283,769,422
23.7%
Health
Care
.................
184,185,305
15.4%
Industrials
...................
228,078,406
19.1%
Information
Technology
.........
148,519,552
12.4%
Materials
....................
40,332,544
3.4%
Real
Estate
..................
11,439,770
1.0%
Utilities
.....................
42,883,759
3.6%
Money
Market
................
4,916,612
0.4%
Other
assets
and
liabilities
(net)
5,898,958
0.5%
Total
$1,194,853,792
100.0%
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
Core
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
BONDS:
98.0%
a
Community
Investment
Notes
0.0
%
a
Financials
0.0%
b
,c
CEI
Investments
LLC
,
4.000
%,
10/31/24
................
310,612
$
310,612
c
Envest
Microfinance
Cooperative
,
b
5.460
%,
10/24/24
.........
150,000
150,000
4.000
%,
4/20/26
..........
250,000
240,923
701,535
Total
Community
Investment
Notes
(Cost
$
710,612
)
.................
701,535
Corporate
Bonds
30
.0
%
Communication
Services
2.6%
AT&T,
Inc.
,
d
5.400
%,
2/15/34
..........
2,250,000
2,251,035
4.350
%,
6/15/45
..........
2,500,000
2,076,877
4.750
%,
5/15/46
..........
775,000
670,951
3.500
%,
9/15/53
..........
1,000,000
679,367
d
,e
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
144A,
4.750
%,
3/01/30
...........
1,750,000
1,516,842
e
Cogent
Communications
Group,
Inc.
,
144A,
7.000
%,
6/15/27
..
370,000
366,892
Comcast
Corp.
,
4.600
%,
10/15/38
.........
2,750,000
2,504,724
5.350
%,
5/15/53
..........
800,000
767,433
Discovery
Communications
LLC
,
3.950
%,
3/20/28
...........
1,500,000
1,402,317
Sprint
Capital
Corp.
,
8.750
%,
3/15/32
.................
2,000,000
2,407,394
d
T-Mobile
USA,
Inc.
,
4.375
%,
4/15/40
.................
2,500,000
2,167,576
Verizon
Communications,
Inc.
,
4.500
%,
8/10/33
..........
2,000,000
1,881,201
4.812
%,
3/15/39
..........
2,750,000
2,551,858
d
2.650
%,
11/20/40
.........
600,000
413,520
3.400
%,
3/22/41
..........
600,000
459,088
Warnermedia
Holdings,
Inc.
,
6.412
%,
3/15/26
...........
500,000
500,031
22,617,106
Consumer
Discretionary
1.3%
e
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
144A,
6.125
%,
6/15/29
.................
1,000,000
1,004,360
Amazon.com,
Inc.
,
2.875
%,
5/12/41
..........
800,000
588,521
2.500
%,
6/03/50
..........
1,000,000
612,102
American
University
(The)
,
2019
,
3.672
%,
4/01/49
...........
1,000,000
775,790
Aptiv
plc
/
Aptiv
Corp.
,
3.250
%,
3/01/32
.................
750,000
650,593
e
Expedia
Group,
Inc.
,
144A,
6.250
%,
5/01/25
...........
1,000,000
1,001,752
Ford
Motor
Co.
,
3.250
%,
2/12/32
1,100,000
909,642
a
a
Shares/
Principal
a
Value
a
a
a
a
Consumer
Discretionary
(continued)
e
IHO
Verwaltungs
GmbH
,
144A,
PIK,
6.375
%,
5/15/29
.......
1,000,000
$
989,371
Lowe's
Cos.,
Inc.
,
4.800
%,
4/01/26
..........
1,250,000
1,240,013
5.000
%,
4/15/33
..........
1,000,000
985,157
2.800
%,
9/15/41
..........
750,000
515,144
5.750
%,
7/01/53
..........
750,000
739,559
Massachusetts
Institute
of
Technology
,
3.067
%,
4/01/52
.
700,000
497,919
Toyota
Motor
Corp.
,
5.275
%,
7/13/26
.................
500,000
501,712
11,011,635
Consumer
Staples
1.9%
e
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
144A,
4.625
%,
1/15/27
.....
1,000,000
966,808
144A,
6.500
%,
2/15/28
.....
1,000,000
1,005,586
e
Bacardi
Ltd.
/
Bacardi-Martini
BV
,
144A,
5.250
%,
1/15/29
......
1,500,000
1,480,999
Church
&
Dwight
Co.,
Inc.
,
3.950
%,
8/01/47
...........
1,500,000
1,183,530
Conagra
Brands,
Inc.
,
5.300
%,
11/01/38
................
2,250,000
2,119,228
e
Darling
Ingredients,
Inc.
,
144A,
6.000
%,
6/15/30
...........
1,500,000
1,475,837
Haleon
US
Capital
LLC
,
3.625
%,
3/24/32
.................
1,750,000
1,568,483
J
M
Smucker
Co.
(The)
,
4.250
%,
3/15/35
.................
1,500,000
1,345,052
e
Kraft
Heinz
Foods
Co.
,
144A,
7.125
%,
8/01/39
...........
2,000,000
2,254,382
e
Nestle
Capital
Corp.
,
144A,
5.100
%,
3/12/54
...........
1,000,000
956,067
e
Post
Holdings,
Inc.
,
144A,
6.250
%,
2/15/32
...........
1,000,000
1,002,549
Procter
&
Gamble
Co.
(The)
,
4.550
%,
1/29/34
...........
1,000,000
981,745
16,340,266
Financials
9.4%
Aflac,
Inc.
,
1.125
%,
3/15/26
..........
1,500,000
1,401,029
3.600
%,
4/01/30
..........
1,000,000
929,822
Assured
Guaranty
US
Holdings,
Inc.
,
6.125
%,
9/15/28
..........
750,000
772,918
3.150
%,
6/15/31
..........
1,000,000
867,876
Bank
of
America
Corp.
,
0.981%
to
9/24/24,
FRN
thereafter
,
9/25/25
.........
2,000,000
1,977,730
2.572%
to
10/19/31,
FRN
thereafter
,
10/20/32
........
3,750,000
3,109,536
5.872%
to
9/14/33,
FRN
thereafter
,
9/15/34
.........
1,000,000
1,029,088
d
5.468%
to
1/22/34,
FRN
thereafter
,
1/23/35
.........
1,000,000
999,356
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
Financials
(continued)
Bank
of
America
Corp.,
(continued)
4.083%
to
3/19/50,
FRN
thereafter
,
3/20/51
.........
1,000,000
$
799,226
Bank
of
Montreal
,
5.717
%,
9/25/28
.................
2,500,000
2,551,400
Bank
of
New
York
Mellon
Corp.
(The)
,
6.317%
to
10/24/28,
FRN
thereafter
,
10/25/29
........
1,000,000
1,045,498
5.834%
to
10/24/32,
FRN
thereafter
,
10/25/33
........
1,000,000
1,035,801
Block,
Inc.
,
3.500
%,
6/01/31
..........
1,000,000
863,415
e
144A,
6.500
%,
5/15/32
.....
1,000,000
1,014,640
BlueHub
Loan
Fund,
Inc.
,
2020
,
2.890
%,
1/01/27
...........
1,000,000
893,015
c
Calvert
Impact
Capital,
Inc.
,
3.000
%,
3/14/25
...........
1,000,000
1,000,000
Chubb
INA
Holdings
LLC
,
5.000
%,
3/15/34
..........
2,000,000
1,981,045
2.850
%,
12/15/51
.........
250,000
164,229
Citigroup,
Inc.
,
1.281%
to
11/02/24,
FRN
thereafter
,
11/03/25
........
1,500,000
1,476,722
2.014%
to
1/24/25,
FRN
thereafter
,
1/25/26
.........
2,000,000
1,957,329
d
Citizens
Financial
Group,
Inc.
,
5.841%
to
1/22/29,
FRN
thereafter
,
1/23/30
.........
1,500,000
1,495,612
Fiserv,
Inc.
,
5.625
%,
8/21/33
...
1,750,000
1,765,600
Ford
Motor
Credit
Co.
LLC
,
4.950
%,
5/28/27
...........
500,000
488,298
Goldman
Sachs
Group,
Inc.
(The)
,
0.855%
to
2/11/25,
FRN
thereafter
,
2/12/26
.........
500,000
485,009
5.851%
to
4/24/34,
FRN
thereafter
,
4/25/35
.........
2,000,000
2,049,458
3.21%
to
4/21/41,
FRN
thereafter
,
4/22/42
.........
750,000
554,912
e
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
,
144A,
6.375
%,
7/01/34
......
1,000,000
979,909
e
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
144A,
8.000
%,
6/15/27
.................
2,000,000
2,081,776
ING
Groep
NV
,
3.869%
to
3/27/25,
FRN
thereafter
,
3/28/26
1,500,000
1,478,455
John
Deere
Capital
Corp.
,
2.000
%,
6/17/31
...........
1,750,000
1,444,562
JPMorgan
Chase
&
Co.
,
0.768%
to
8/08/24,
FRN
thereafter
,
8/09/25
.........
2,000,000
1,989,123
2.947%
to
2/23/27,
FRN
thereafter
,
2/24/28
.........
1,000,000
942,107
5.581%
to
4/21/29,
FRN
thereafter
,
4/22/30
.........
1,000,000
1,016,070
a
a
Shares/
Principal
a
Value
a
a
a
a
Financials
(continued)
JPMorgan
Chase
&
Co.,
(continued)
5.336%
to
1/22/34,
FRN
thereafter
,
1/23/35
.........
1,000,000
$
994,445
d
5.766%
to
4/21/34,
FRN
thereafter
,
4/22/35
.........
1,000,000
1,026,391
3.964%
to
11/14/47,
FRN
thereafter
,
11/15/48
........
1,000,000
795,079
M&T
Bank
Corp.
,
7.413%
to
10/29/28,
FRN
thereafter
,
10/30/29
................
1,000,000
1,052,479
MetLife,
Inc.
,
4.875
%,
11/13/43
.........
1,000,000
912,114
5.250
%,
1/15/54
..........
1,000,000
951,953
e
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
0.950
%,
7/02/25
.................
3,000,000
2,870,900
Morgan
Stanley
,
5.652%
to
4/12/27,
FRN
thereafter
,
4/13/28
.........
2,000,000
2,020,266
5.831%
to
4/18/34,
FRN
thereafter
,
4/19/35
.........
1,000,000
1,025,456
4.457%
to
4/21/38,
FRN
thereafter
,
4/22/39
.........
1,000,000
894,399
6.375
%,
7/24/42
..........
1,000,000
1,100,500
Nasdaq,
Inc.
,
5.350
%,
6/28/28
..........
500,000
504,695
5.550
%,
2/15/34
..........
1,000,000
1,001,850
National
Bank
of
Canada
,
5.600
%,
12/18/28
..........
2,000,000
2,021,899
OneMain
Finance
Corp.
,
3.500
%,
1/15/27
.................
1,000,000
937,797
PNC
Financial
Services
Group,
Inc.
(The)
,
6.615%
to
10/19/26,
FRN
thereafter
,
10/20/27
....
2,000,000
2,049,096
Principal
Financial
Group,
Inc.
,
5.375
%,
3/15/33
..........
2,000,000
1,998,134
5.500
%,
3/15/53
..........
1,000,000
958,744
Progressive
Corp.
(The)
,
3.200
%,
3/26/30
.................
1,500,000
1,367,226
Prudential
Financial,
Inc.
,
1.500
%,
3/10/26
..........
250,000
235,218
5.800
%,
11/16/41
.........
1,000,000
1,005,460
Royal
Bank
of
Canada
,
3.970
%,
7/26/24
..........
1,000,000
998,826
4.950
%,
4/25/25
..........
2,000,000
1,990,818
5.150
%,
2/01/34
..........
2,000,000
1,985,361
Toronto-Dominion
Bank
(The)
,
4.456
%,
6/08/32
...........
2,800,000
2,639,762
Travelers
Cos.,
Inc.
(The)
,
6.250
%,
6/15/37
..........
1,000,000
1,080,058
5.450
%,
5/25/53
..........
1,000,000
1,001,830
Truist
Financial
Corp.
,
5.122%
to
1/25/33,
FRN
thereafter
,
1/26/34
2,000,000
1,916,406
Unum
Group
,
6.000
%,
6/15/54
.
1,000,000
961,349
e
USAA
Capital
Corp.
,
144A,
2.125
%,
5/01/30
...........
1,000,000
853,698
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
Financials
(continued)
c
,e
WLB
Asset
VI
Pte.
Ltd.
,
144A,
7.250
%,
12/21/27
..........
1,000,000
$
1,041,489
82,834,264
Health
Care
3.4%
AbbVie,
Inc.
,
4.800
%,
3/15/29
..........
1,000,000
996,342
4.250
%,
11/21/49
.........
1,500,000
1,250,932
5.400
%,
3/15/54
..........
500,000
494,772
Agilent
Technologies,
Inc.
,
2.300
%,
3/12/31
...........
2,000,000
1,668,292
Amgen,
Inc.
,
4.200
%,
3/01/33
..........
500,000
463,451
6.400
%,
2/01/39
..........
2,000,000
2,138,812
e
Avantor
Funding,
Inc.
,
144A,
4.625
%,
7/15/28
...........
1,000,000
952,469
Becton
Dickinson
&
Co.
,
5.110
%,
2/08/34
..........
1,000,000
985,608
4.669
%,
6/06/47
..........
1,000,000
872,503
CVS
Health
Corp.
,
5.125
%,
7/20/45
..........
1,000,000
880,830
5.875
%,
6/01/53
..........
1,000,000
958,939
Elevance
Health,
Inc.
,
2.375
%,
1/15/25
..........
1,000,000
982,865
1.500
%,
3/15/26
..........
500,000
469,169
2.250
%,
5/15/30
..........
1,000,000
857,197
5.650
%,
6/15/54
..........
1,500,000
1,484,958
HCA,
Inc.
,
5.450
%,
4/01/31
..........
1,500,000
1,499,342
7.500
%,
11/06/33
.........
1,000,000
1,111,311
e
HealthEquity,
Inc.
,
144A,
4.500
%,
10/01/29
................
1,000,000
935,930
Kaiser
Foundation
Hospitals
,
2021
,
2.810
%,
6/01/41
......
1,000,000
723,460
Laboratory
Corp.
of
America
Holdings
,
1.550
%,
6/01/26
...
1,000,000
929,539
Merck
&
Co.,
Inc.
,
2.350
%,
6/24/40
.................
1,000,000
682,931
Novant
Health,
Inc.
,
2.637
%,
11/01/36
................
1,500,000
1,135,774
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
4.650
%,
5/19/25
.......
1,000,000
993,174
Seattle
Children's
Hospital
,
2021
,
1.208
%,
10/01/27
..........
1,000,000
866,580
e
Solventum
Corp.
,
144A,
5.600
%,
3/23/34
.................
1,500,000
1,473,894
UnitedHealth
Group,
Inc.
,
2.750
%,
5/15/40
..........
500,000
359,490
5.375
%,
4/15/54
..........
1,500,000
1,458,226
Zoetis,
Inc.
,
3.000
%,
9/12/27
..........
1,000,000
938,211
3.900
%,
8/20/28
..........
1,000,000
955,055
29,520,056
Industrials
3.4%
AGCO
Corp.
,
5.800
%,
3/21/34
.
1,500,000
1,494,969
a
a
Shares/
Principal
a
Value
a
a
a
a
Industrials
(continued)
American
Museum
of
Natural
History
(The)
,
2021
,
3.121
%,
7/15/52
.................
750,000
$
512,648
Burlington
Northern
Santa
Fe
LLC
,
5.500
%,
3/15/55
......
1,000,000
1,002,555
California
Endowment
(The)
,
2021
,
2.498
%,
4/01/51
......
1,000,000
613,516
Capital
Impact
Partners
,
c
2.300
%,
10/15/24
.........
500,000
494,437
6.000
%,
3/15/25
..........
500,000
498,203
Carrier
Global
Corp.
,
3.377
%,
4/05/40
.................
500,000
387,111
e
Clean
Harbors,
Inc.
,
144A,
6.375
%,
2/01/31
...........
1,000,000
1,003,490
CNH
Industrial
Capital
LLC
,
5.500
%,
1/12/29
...........
1,000,000
1,010,955
Concentrix
Corp.
,
6.600
%,
8/02/28
.................
2,000,000
2,025,069
Cummins,
Inc.
,
7.125
%,
3/01/28
1,000,000
1,072,940
Doris
Duke
Charitable
Foundation
(The)
,
2020
,
2.345
%,
7/01/50
.
1,000,000
592,441
e
Esab
Corp.
,
144A,
6.250
%,
4/15/29
.................
1,000,000
1,007,247
Ford
Foundation
(The)
,
2020
,
2.415
%,
6/01/50
...........
750,000
451,092
e
Genesee
&
Wyoming,
Inc.
,
144A,
6.250
%,
4/15/32
...........
1,000,000
997,503
IDEX
Corp.
,
3.000
%,
5/01/30
..
1,250,000
1,103,049
c
Local
Initiatives
Support
Corp.
,
1.000
%,
11/15/25
..........
1,000,000
905,696
Nature
Conservancy
(The)
,
A
,
1.861
%,
7/01/33
........
266,000
192,740
A
,
3.957
%,
3/01/52
........
750,000
615,176
Norfolk
Southern
Corp.
,
2.300
%,
5/15/31
..........
1,500,000
1,260,707
5.350
%,
8/01/54
..........
1,000,000
954,422
nVent
Finance
SARL
,
2.750
%,
11/15/31
................
1,500,000
1,235,480
Owens
Corning
,
4.400
%,
1/30/48
625,000
504,027
Pentair
Finance
SARL
,
5.900
%,
7/15/32
.................
1,705,000
1,744,673
Raza
Development
Fund,
Inc.
,
3.534
%,
7/01/34
...........
1,000,000
823,483
Republic
Services,
Inc.
,
5.200
%,
11/15/34
................
2,000,000
1,986,320
Rockwell
Automation,
Inc.
,
1.750
%,
8/15/31
...........
1,000,000
807,517
c
Tesla
Energy
Operations,
Inc.
,
4.700
%,
5/29/25
...........
2,000,000
1,916,504
Union
Pacific
Corp.
,
3.200
%,
5/20/41
..........
1,000,000
757,020
4.950
%,
5/15/53
..........
1,000,000
932,514
e
WK
Kellogg
Foundation
Trust
,
144A,
2.443
%,
10/01/50
.....
1,000,000
615,580
Xylem,
Inc.
,
2.250
%,
1/30/31
..........
700,000
587,777
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
Industrials
(continued)
Xylem,
Inc.,
(continued)
4.375
%,
11/01/46
.........
283,000
$
235,005
30,341,866
Information
Technology
1.7%
e
Broadcom,
Inc.
,
144A,
4.926
%,
5/15/37
.................
2,000,000
1,881,990
Cisco
Systems,
Inc.
,
5.900
%,
2/15/39
.................
2,500,000
2,660,137
Crowdstrike
Holdings,
Inc.
,
3.000
%,
2/15/29
...........
1,000,000
902,461
Hewlett
Packard
Enterprise
Co.
,
6.200
%,
10/15/35
.........
1,250,000
1,318,508
6.350
%,
10/15/45
.........
1,000,000
1,051,390
e
Insight
Enterprises,
Inc.
,
144A,
6.625
%,
5/15/32
...........
1,000,000
1,016,209
KLA
Corp.
,
4.700
%,
2/01/34
...
2,000,000
1,944,597
d
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
5.000
%,
1/15/33
2,300,000
2,243,906
d
QUALCOMM,
Inc.
,
6.000
%,
5/20/53
.................
1,000,000
1,079,570
Vontier
Corp.
,
2.950
%,
4/01/31
.
1,250,000
1,043,361
15,142,129
Materials
0.4%
Ball
Corp.
,
6.875
%,
3/15/28
....
1,000,000
1,027,371
Dow
Chemical
Co.
(The)
,
5.600
%,
2/15/54
.................
500,000
481,347
e
Graphic
Packaging
International
LLC
,
144A,
3.750
%,
2/01/30
.
1,000,000
894,985
e
Sealed
Air
Corp.
,
144A,
6.500
%,
7/15/32
.................
1,000,000
995,223
Steel
Dynamics,
Inc.
,
3.250
%,
10/15/50
................
750,000
494,894
3,893,820
Real
Estate
1.9%
d
Alexandria
Real
Estate
Equities,
Inc.
,
5.250
%,
5/15/36
.......
2,000,000
1,926,161
American
Tower
Corp.
,
5.900
%,
11/15/33
................
3,250,000
3,329,889
Century
Housing
Corp.
,
6.100
%,
10/15/24
.........
500,000
500,560
4.500
%,
2/15/26
..........
1,000,000
967,956
Kimco
Realty
OP
LLC
,
4.600
%,
2/01/33
.................
2,750,000
2,580,619
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
,
5.750
%,
7/15/34
...........
1,000,000
988,165
Prologis
LP
,
5.125
%,
1/15/34
...
3,000,000
2,966,193
Welltower
OP
LLC
,
3.850
%,
6/15/32
..........
1,086,000
978,625
6.500
%,
3/15/41
..........
2,321,000
2,506,951
16,745,119
a
a
Shares/
Principal
a
Value
a
a
a
a
Utilities
4.0%
AES
Corp.
(The)
,
5.450
%,
6/01/28
..........
1,000,000
$
998,110
2.450
%,
1/15/31
..........
1,000,000
823,756
American
Water
Capital
Corp.
,
2.800
%,
5/01/30
...........
3,000,000
2,642,877
Avangrid,
Inc.
,
3.200
%,
4/15/25
.
1,000,000
979,340
e
Clearway
Energy
Operating
LLC
,
144A,
3.750
%,
2/15/31
......
2,000,000
1,746,521
Consolidated
Edison
Co.
of
New
York,
Inc.
,
20A
,
3.350
%,
4/01/30
1,000,000
918,649
DTE
Electric
Co.
,
3.950
%,
3/01/49
..........
1,000,000
788,923
A
,
1.900
%,
4/01/28
........
1,500,000
1,345,473
Florida
Power
&
Light
Co.
,
5.600
%,
6/15/54
...........
1,000,000
1,010,892
Georgia
Power
Co.
,
A
,
3.250
%,
3/15/51
.................
1,000,000
680,785
e
Leeward
Renewable
Energy
Operations
LLC
,
144A,
4.250
%,
7/01/29
.................
1,500,000
1,341,951
MidAmerican
Energy
Co.
,
3.100
%,
5/01/27
..........
1,000,000
954,221
3.650
%,
4/15/29
..........
1,000,000
946,099
2.700
%,
8/01/52
..........
2,000,000
1,205,479
e
Niagara
Mohawk
Power
Corp.
,
144A,
5.783
%,
9/16/52
......
2,000,000
1,959,623
Northern
States
Power
Co.
,
5.400
%,
3/15/54
...........
2,000,000
1,930,005
NSTAR
Electric
Co.
,
3.250
%,
5/15/29
.................
3,000,000
2,788,961
e
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.
,
144A,
4.500
%,
8/15/28
......
1,000,000
926,597
PG&E
Energy
Recovery
Funding
LLC
,
A-3
,
2.822
%,
7/15/46
...
750,000
530,585
PG&E
Recovery
Funding
LLC
,
A-2
,
5.256
%,
1/15/38
......
1,000,000
1,007,206
A-3
,
5.536
%,
7/15/47
......
2,625,000
2,661,330
SCE
Recovery
Funding
LLC
,
A-1
,
4.697
%,
6/15/40
......
2,122,630
2,064,401
A-2
,
2.943
%,
11/15/42
......
1,450,000
1,174,829
A-2
,
5.112
%,
12/15/47
......
880,000
842,203
Southern
Power
Co.
,
4.150
%,
12/01/25
.........
1,000,000
982,730
0.900
%,
1/15/26
..........
500,000
466,216
Southwestern
Public
Service
Co.
,
8
,
3.150
%,
5/01/50
.........
1,500,000
958,642
Union
Electric
Co.
,
2.150
%,
3/15/32
.................
1,000,000
804,264
35,480,668
Total
Corporate
Bonds
(Cost
$
277,070,068
)
..............
263,926,929
Foreign
Government
and
Agency
Securities
3.0%
e
BNG
Bank
NV
,
144A,
0.500
%,
11/24/25
................
250,000
234,815
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
e
Caisse
d'Amortissement
de
la
Dette
Sociale
,
144A,
1.375
%,
1/20/31
.................
3,000,000
$
2,462,101
e
Kommunalbanken
A/S
,
144A,
0.500
%,
10/21/24
.....
500,000
492,830
144A,
4.625
%,
10/24/25
.....
500,000
496,959
144A,
1.125
%,
10/26/26
.....
1,500,000
1,380,712
144A,
1.125
%,
6/14/30
......
1,000,000
820,132
Kreditanstalt
fuer
Wiederaufbau
,
0.500
%,
9/20/24
...........
1,000,000
989,333
2.000
%,
5/02/25
...........
3,000,000
2,922,698
3.125
%,
6/10/25
...........
2,000,000
1,963,363
0.375
%,
7/18/25
...........
1,000,000
952,617
0.625
%,
1/22/26
...........
5,000,000
4,681,754
1.000
%,
10/01/26
..........
1,500,000
1,383,850
4.750
%,
10/29/30
..........
2,000,000
2,036,787
4.125
%,
7/15/33
...........
4,500,000
4,383,142
e
Ontario
Teachers'
Finance
Trust
,
144A,
1.250
%,
9/27/30
......
1,000,000
813,552
Total
Foreign
Government
and
Agency
Securities
(Cost
$
27,367,389
)
...............
26,014,645
U.S.
Government
and
Agency
Securities
18.8%
FFCB
Funding
Corp.
,
1.000
%,
10/07/26
..........
3,000,000
2,758,130
2.500
%,
4/14/36
...........
3,000,000
2,351,259
FHLB
,
0.520
%,
2/12/26
.......
500,000
465,654
U.S.
Treasury
Bonds
,
5.000
%,
5/15/37
...........
2,000,000
2,124,453
d
4.625
%,
5/15/44
...........
45,000,000
44,922,656
Index
Linked,
1.000
%,
2/15/48
1,000,000
974,590
4.625
%,
5/15/54
...........
30,000,000
30,419,531
U.S.
Treasury
Notes
,
Index
Linked,
0.625
%,
1/15/26
3,000,000
3,830,437
4.500
%,
5/15/27
...........
25,000,000
24,969,727
Index
Linked,
0.375
%,
7/15/27
4,000,000
4,866,519
4.625
%,
4/30/29
...........
33,000,000
33,384,141
4.625
%,
5/31/31
...........
8,000,000
8,131,250
United
States
International
Development
Finance
Corp.
,
3.520
%,
9/20/32
...........
1,214,286
1,155,820
FRN,
5.500
%,
(
3-month
U.S.
Treasury
Bill
Rate
),
9/15/26
..
750,000
750,000
1.650
%,
4/15/28
...........
500,000
452,841
FRN,
5.490
%,
(
3-month
U.S.
Treasury
Bill
Rate
),
3/15/30
..
1,642,857
1,642,857
1.440
%,
4/15/28
...........
1,000,000
899,776
3.130
%,
4/15/28
...........
1,000,000
946,781
Total
U.S.
Government
and
Agency
Securities
(Cost
$
165,665,155
)
..............
165,046,422
a
a
Shares/
Principal
a
Value
a
a
a
a
Asset-Backed
Securities
5.3%
Consumer
Staples
0.1%
CVS
Pass-Through
Trust
,
6.036
%,
12/10/28
.
.........
315,333
$
316,196
Financials
4.7%
e
College
Ave
Student
Loans
LLC
,
2021-B
,
A2
,
144A,
1.760
%,
6/25/52
.................
301,805
268,057
2024-B
,
A1A
,
144A,
5.690
%,
8/25/54
.................
1,750,000
1,760,409
e
FHF
Issuer
Trust
,
2024-1A
,
A2
,
144A,
5.690
%,
2/15/30
.
.....
833,000
832,446
e
Foundation
Finance
Trust
,
2019-1A
,
A
,
144A,
3.860
%,
11/15/34
................
9,160
9,148
2023-1A
,
A
,
144A,
5.670
%,
12/15/43
................
1,788,702
1,774,087
2023-2A
,
A
,
144A,
6.530
%,
6/15/49
.................
677,228
687,042
e
Frontier
Issuer
LLC
,
2023-1
,
A2
,
144A,
6.600
%,
8/20/53
.................
1,000,000
1,008,039
2024-1
,
A2
,
144A,
6.190
%,
6/20/54
.................
1,750,000
1,755,177
e
GoodLeap
Sustainable
Home
Solutions
Trust
,
2022-2CS
,
A
,
144A,
4.000
%,
4/20/49
.
.....
2,212,614
1,973,478
e
HPEFS
Equipment
Trust
,
2024-
1A
,
D
,
144A,
5.820
%,
11/20/31
.
1,500,000
1,501,910
e
Loanpal
Solar
Loan
Ltd.
,
2021-1GS
,
A
,
144A,
2.290
%,
1/20/48
.................
773,901
623,157
2021-2GS
,
A
,
144A,
2.220
%,
3/20/48
.................
503,610
396,103
e
Mill
City
Solar
Loan
Ltd.
,
2019-1A
,
A
,
144A,
4.340
%,
3/20/43
.................
404,745
372,626
2019-2GS
,
A
,
144A,
3.690
%,
7/20/43
.................
441,609
392,548
e
Mosaic
Solar
Loan
Trust
,
2017-1A
,
A
,
144A,
4.450
%,
6/20/42
.................
322,588
309,288
2017-2A
,
A
,
144A,
3.820
%,
6/22/43
.................
404,089
377,278
2018-1A
,
A
,
144A,
4.010
%,
6/22/43
.................
1,070,294
986,640
2019-1A
,
A
,
144A,
4.370
%,
12/21/43
................
476,863
443,083
2019-2A
,
A
,
144A,
2.880
%,
9/20/40
.................
336,686
294,894
2020-1A
,
A
,
144A,
2.100
%,
4/20/46
.................
356,187
308,077
2020-2A
,
A
,
144A,
1.440
%,
8/20/46
.................
743,438
624,218
2020-2A
,
C
,
144A,
3.000
%,
8/20/46
.................
557,849
514,776
2021-1A
,
A
,
144A,
1.510
%,
12/20/46
................
693,319
573,578
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
Asset-Backed
Securities
(continued)
Financials
(continued)
e
Mosaic
Solar
Loan
Trust,
(continued)
2021-2A
,
B
,
144A,
2.090
%,
4/22/47
.................
644,565
$
487,154
2022-3A
,
A
,
144A,
6.100
%,
6/20/53
.................
1,995,179
2,016,134
e
OneMain
Financial
Issuance
Trust
,
2024-1A
,
A
,
144A,
5.790
%,
5/14/41
.
..........
1,250,000
1,279,863
e
PACEWell
5
Trust
,
2021-1
,
A
,
144A,
2.628
%,
10/10/59
.
....
1,018,396
790,609
SBA
Small
Business
Investment
Cos.
,
2023-10A
,
1
,
5.168
%,
3/10/33
958,649
960,397
2023-10B
,
1
,
5.688
%,
9/10/33
1,098,609
1,125,508
2024-10A
,
1
,
5.035
%,
3/10/34
750,000
747,039
e
Service
Experts
Issuer
LLC
,
2021-1A
,
A
,
144A,
2.670
%,
2/02/32
.................
710,467
672,102
2024-1A
,
A
,
144A,
6.390
%,
11/20/35
................
1,500,000
1,511,092
e
SoFi
Professional
Loan
Program
LLC
,
2017-D
,
BFX
,
144A,
3.610
%,
9/25/40
.................
1,900,000
1,734,070
2017-F
,
BFX
,
144A,
3.620
%,
1/25/41
.................
1,800,000
1,643,740
2018-B
,
BFX
,
144A,
3.830
%,
8/25/47
.................
500,000
459,010
e
Sunnova
Helios
II
Issuer
LLC
,
2019-AA
,
A
,
144A,
3.750
%,
6/20/46
.................
1,372,496
1,248,592
2021-B
,
A
,
144A,
1.620
%,
7/20/48
.................
1,989,213
1,710,282
e
Sunnova
Helios
VII
Issuer
LLC
,
2021-C
,
B
,
144A,
2.330
%,
10/20/48
.
................
836,164
663,071
e
Sunnova
Sol
Issuer
LLC
,
2020-
1A
,
A
,
144A,
3.350
%,
2/01/55
.
869,080
746,352
e
Sunrun
Athena
Issuer
LLC
,
2018-
1
,
A
,
144A,
5.310
%,
4/30/49
.
.
866,525
815,239
e
Sunrun
Atlas
Issuer
LLC
,
2019-2
,
A
,
144A,
3.610
%,
2/01/55
.
...
865,515
790,711
e
Tesla
Auto
Lease
Trust
,
2023-B
,
B
,
144A,
6.570
%,
8/20/27
.................
1,400,000
1,414,765
2024-A
,
B
,
144A,
5.550
%,
5/22/28
.................
750,000
746,687
e
Tricon
American
Homes
Trust
,
2020-SFR2
,
A
,
144A,
1.482
%,
11/17/39
.
................
1,233,100
1,091,695
e
Vivint
Solar
Financing
V
LLC
,
2018-1A
,
A
,
144A,
4.730
%,
4/30/48
.
.................
864,293
797,057
41,237,228
a
a
a
a
a
a
a
Shares/
Principal
a
Value
a
a
a
a
Asset-Backed
Securities
(continued)
Industrials
0.2%
e
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
2023-8A
,
A
,
144A,
6.020
%,
2/20/30
.
..........
1,750,000
$
1,796,680
Real
Estate
0.2%
e
SBA
Tower
Trust
,
144A,
1.840
%,
4/15/27
.
.................
2,000,000
1,800,338
Utilities
0.1%
e
Sunnova
Helios
IV
Issuer
LLC
,
2020-AA
,
A
,
144A,
2.980
%,
6/20/47
.
.................
676,747
598,634
e
Sunnova
Helios
V
Issuer
LLC
,
2021-A
,
A
,
144A,
1.800
%,
2/20/48
.
.................
386,545
309,362
907,996
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
49,100,508
)
...............
46,058,438
Commercial
Mortgage-Backed
Securities
3.5%
Financials
3.5%
FHLMC,
Multi-class
Certificates
,
2021-P009
,
A1
,
1.132
%,
1/25/31
.................
1,403,865
1,239,222
2021-P011
,
A1
,
1.204
%,
9/25/31
424,304
374,800
2024-P016
,
A2
,
FRN
,
4.606
%,
9/25/33
.................
2,000,000
1,952,162
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
KG01
,
A10
,
2.939
%,
4/25/29
.
3,000,000
2,770,773
KG02
,
A2
,
2.412
%,
8/25/29
..
2,000,000
1,798,972
KG04
,
A2
,
1.487
%,
11/25/30
.
2,000,000
1,651,326
KG07
,
A2
,
FRN
,
3.123
%,
8/25/32
.................
1,750,000
1,558,366
KSG1
,
A2
,
1.503
%,
9/25/30
..
651,000
542,055
KSG4
,
A2
,
FRN
,
3.400
%,
8/25/32
.................
2,000,000
1,814,308
FNMA,
REMIC
,
2017-M2
,
A2
,
FRN
,
2.919
%,
2/25/27
.................
1,678,266
1,597,663
2018-M13
,
A2
,
FRN
,
3.863
%,
9/25/30
.................
1,318,958
1,252,033
2018-M2
,
A2
,
FRN
,
3.002
%,
1/25/28
.................
1,693,290
1,596,513
2018-M4
,
A2
,
FRN
,
3.166
%,
3/25/28
.................
1,006,399
950,072
2018-M8
,
A2
,
FRN
,
3.412
%,
6/25/28
.................
1,805,889
1,712,754
2019-M1
,
A2
,
FRN
,
3.665
%,
9/25/28
.................
1,709,067
1,632,136
2019-M9
,
A2
,
2.937
%,
6/25/29
1,646,080
1,521,472
2021-M1S
,
A2
,
FRN
,
1.429
%,
12/25/30
................
2,700,000
2,212,157
2023-M1S
,
A2
,
FRN
,
4.651
%,
4/25/33
.................
2,500,000
2,445,853
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financials
(continued)
GNMA
,
2013-101
,
AF
,
FRN
,
2.829
%,
9/16/50
.................
495,057
$
479,045
2014-164
,
AN
,
FRN
,
3.101
%,
3/16/55
.................
565,563
496,000
e
SLG
Office
Trust
,
2021-OVA
,
A
,
144A,
2.585
%,
7/15/41
......
1,500,000
1,226,398
30,824,080
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
33,782,507
)
...............
30,824,080
Mortgage-Backed
Securities
23.6%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
6.1%
FHLMC
Gold
Pool,
20
Year
,
3.000
%,
3/01/35
...........
2,411,190
2,238,850
FHLMC
Pool,
15
Year
,
4.000
%,
7/01/37
.................
1,468,102
1,423,288
FHLMC
Pool,
30
Year
,
3.000
%,
12/01/49
................
1,543,667
1,333,137
FHLMC
Pool,
30
Year
,
2.000
%,
2/01/51
.................
2,297,785
1,831,182
FHLMC
Pool,
30
Year
,
2.500
%,
4/01/51
.................
2,437,473
1,993,168
FHLMC
Pool,
30
Year
,
4.000
%,
8/01/51
.................
3,004,063
2,765,916
FHLMC
Pool,
30
Year
,
3.000
%,
4/01/52
.................
4,419,138
3,773,484
FHLMC
Pool,
30
Year
,
4.000
%,
8/01/52
.................
2,441,591
2,247,625
FHLMC
Pool,
30
Year
,
4.500
%,
8/01/52
.................
1,757,054
1,672,291
FHLMC
Pool,
30
Year
,
5.500
%,
9/01/52
.................
3,536,355
3,513,010
FHLMC
Pool,
30
Year
,
5.500
%,
11/01/52
................
3,554,954
3,520,785
FHLMC
Pool,
30
Year
,
3.000
%,
1/01/53
.................
2,721,377
2,318,678
FHLMC
Pool,
30
Year
,
5.500
%,
3/01/53
.................
5,529,663
5,473,839
FHLMC
Pool,
30
Year
,
3.000
%,
6/01/53
.................
2,894,757
2,496,010
FHLMC
Pool,
30
Year
,
6.000
%,
6/01/53
.................
2,804,563
2,841,883
FHLMC
Pool,
30
Year
,
6.500
%,
6/01/53
.................
1,797,032
1,838,562
FHLMC
Pool,
30
Year
,
5.000
%,
8/01/53
.................
2,888,293
2,793,272
FHLMC
Pool,
30
Year
,
5.500
%,
9/01/53
.................
3,840,611
3,808,557
FHLMC
Pool,
30
Year
,
5.500
%,
1/01/54
.................
2,982,172
2,943,525
FHLMC
Pool,
30
Year
,
5.000
%,
3/01/54
.................
2,960,958
2,862,579
53,689,641
a
a
Shares/
Principal
a
Value
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
15.8%
FNMA,
15
Year
,
2.000
%,
3/01/36
1,978,083
$
1,752,367
FNMA,
15
Year
,
4.000
%,
8/01/37
1,534,844
1,495,745
FNMA,
20
Year
,
2.000
%,
11/01/40
1,543,003
1,304,191
FNMA,
20
Year
,
2.000
%,
12/01/40
3,635,139
3,072,476
FNMA,
20
Year
,
2.500
%,
12/01/40
2,152,719
1,878,679
FNMA,
20
Year
,
3.000
%,
1/01/42
2,262,830
2,009,349
FNMA,
30
Year
,
4.000
%,
2/01/41
1,223,587
1,139,699
FNMA,
30
Year
,
4.000
%,
1/01/42
1,180,659
1,114,691
FNMA,
30
Year
,
3.500
%,
7/01/43
3,147,953
2,878,560
FNMA,
30
Year
,
3.000
%,
11/01/46
2,444,956
2,138,268
FNMA,
30
Year
,
3.500
%,
9/01/49
4,015,579
3,601,247
FNMA,
30
Year
,
4.000
%,
9/01/49
2,225,558
2,055,305
FNMA,
30
Year
,
3.500
%,
1/01/50
2,333,133
2,092,402
FNMA,
30
Year
,
2.500
%,
3/01/50
1,492,229
1,235,933
FNMA,
30
Year
,
2.500
%,
8/01/50
1,563,179
1,305,391
FNMA,
30
Year
,
2.500
%,
9/01/50
5,260,330
4,335,223
FNMA,
30
Year
,
2.000
%,
10/01/50
2,944,818
2,309,754
FNMA,
30
Year
,
1.500
%,
11/01/50
2,159,003
1,627,045
FNMA,
30
Year
,
2.500
%,
11/01/50
1,628,269
1,344,492
FNMA,
30
Year
,
2.000
%,
12/01/50
1,459,564
1,158,802
FNMA,
30
Year
,
2.500
%,
12/01/50
3,345,281
2,779,372
FNMA,
30
Year
,
1.500
%,
1/01/51
3,976,782
2,977,448
FNMA,
30
Year
,
2.500
%,
1/01/51
1,467,831
1,208,489
FNMA,
30
Year
,
2.500
%,
5/01/51
1,492,120
1,227,320
FNMA,
30
Year
,
2.500
%,
7/01/51
7,277,821
5,992,466
FNMA,
30
Year
,
2.000
%,
9/01/51
2,623,397
2,063,139
FNMA,
30
Year
,
2.000
%,
10/01/51
2,447,273
1,933,465
FNMA,
30
Year
,
2.500
%,
10/01/51
2,378,403
1,951,394
FNMA,
30
Year
,
2.500
%,
11/01/51
2,627,121
2,154,227
FNMA,
30
Year
,
3.500
%,
1/01/52
2,216,557
1,966,020
FNMA,
30
Year
,
2.500
%,
2/01/52
3,330,151
2,728,717
FNMA,
30
Year
,
3.000
%,
2/01/52
2,574,086
2,193,069
FNMA,
30
Year
,
3.500
%,
4/01/52
6,092,964
5,399,754
FNMA,
30
Year
,
2.500
%,
5/01/52
1,503,624
1,237,581
FNMA,
30
Year
,
3.000
%,
6/01/52
2,843,402
2,428,369
FNMA,
30
Year
,
3.500
%,
6/01/52
3,476,088
3,090,962
FNMA,
30
Year
,
3.500
%,
7/01/52
3,503,878
3,121,693
FNMA,
30
Year
,
4.000
%,
7/01/52
6,953,826
6,375,207
FNMA,
30
Year
,
4.500
%,
7/01/52
2,747,739
2,594,907
FNMA,
30
Year
,
4.500
%,
8/01/52
2,841,017
2,704,464
FNMA,
30
Year
,
5.000
%,
9/01/52
2,774,575
2,686,460
FNMA,
30
Year
,
4.500
%,
10/01/52
2,622,693
2,490,318
FNMA,
30
Year
,
6.000
%,
11/01/52
2,583,319
2,600,419
FNMA,
30
Year
,
5.000
%,
12/01/52
2,802,426
2,711,413
FNMA,
30
Year
,
4.500
%,
1/01/53
2,806,232
2,648,001
FNMA,
30
Year
,
6.000
%,
2/01/53
2,594,307
2,623,461
FNMA,
30
Year
,
5.000
%,
3/01/53
1,711,623
1,666,589
FNMA,
30
Year
,
3.500
%,
4/01/53
2,909,114
2,583,594
FNMA,
30
Year
,
5.500
%,
5/01/53
9,164,874
9,083,000
FNMA,
30
Year
,
5.500
%,
7/01/53
1,858,797
1,845,695
FNMA,
30
Year
,
5.500
%,
8/01/53
2,790,079
2,766,974
FNMA,
30
Year
,
5.500
%,
11/01/53
2,893,729
2,858,158
FNMA,
30
Year
,
4.000
%,
2/01/54
3,983,688
3,649,045
FNMA,
30
Year
,
6.000
%,
2/01/54
2,948,017
2,975,669
139,166,478
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.7%
GNMA
I
,
3.020
%,
9/15/41
.....
1,546,481
$
1,383,434
GNMA
II,
Single-family,
30
Year
,
2.500
%,
7/20/52
...........
1,691,831
1,424,414
GNMA
II,
Single-family,
30
Year
,
2.500
%,
8/20/52
...........
5,163,808
4,344,985
GNMA
II,
Single-family,
30
Year
,
2.500
%,
4/20/53
...........
3,606,287
3,036,153
GNMA
II,
Single-family,
30
Year
,
3.000
%,
6/20/53
...........
4,966,873
4,330,609
14,519,595
Total
Mortgage-Backed
Securities
(Cost
$
225,458,666
)
..............
207,375,714
Residential
Mortgage-Backed
Securities
2.9%
Financials
2.9%
e
Angel
Oak
Mortgage
Trust
,
2022-2
,
A1
,
144A,
FRN
,
3.353
%,
1/25/67
...........
1,536,411
1,415,065
2022-5
,
A1
,
144A,
4.500
%,
5/25/67
.................
1,631,019
1,591,886
e
Connecticut
Avenue
Securities
Trust
,
2021-R01
,
1B1
,
144A,
FRN
,
8.435
%,
(
30-day
SOFR
Average
+
3.100
%
),
10/25/41
........
1,000,000
1,030,572
2021-R01
,
1M2
,
144A,
FRN
,
6.885
%,
(
30-day
SOFR
Average
+
1.550
%
),
10/25/41
........
609,783
612,700
2022-R08
,
1M1
,
144A,
FRN
,
7.885
%,
(
30-day
SOFR
Average
+
2.550
%
),
7/25/42
........
1,651,004
1,699,062
2023-R01
,
1M1
,
144A,
FRN
,
7.735
%,
(
30-day
SOFR
Average
+
2.400
%
),
12/25/42
........
1,247,228
1,284,767
2023-R06
,
1M1
,
144A,
FRN
,
7.035
%,
(
30-day
SOFR
Average
+
1.700
%
),
7/25/43
........
1,173,289
1,184,600
e
FARM
Mortgage
Trust
,
2024-1
,
A
,
144A,
FRN
,
4.721
%,
10/01/53
1,973,491
1,870,891
e
FHLMC
STACR
REMIC
Trust
,
2020-HQA2
,
M2
,
144A,
FRN
,
8.550
%,
(
30-day
SOFR
Average
+
3.214
%
),
3/25/50
........
884,390
913,637
2022-DNA1
,
M1B
,
144A,
FRN
,
7.185
%,
(
30-day
SOFR
Average
+
1.850
%
),
1/25/42
........
1,100,000
1,113,665
2024-DNA2
,
M1
,
144A,
FRN
,
6.535
%,
(
30-day
SOFR
Average
+
1.200
%
),
5/25/44
........
1,684,898
1,688,729
e
Flagstar
Mortgage
Trust
,
2021-5INV
,
A5
,
144A,
FRN
,
2.500
%,
7/25/51
...........
677,485
588,962
2021-6INV
,
A6
,
144A,
FRN
,
2.500
%,
8/25/51
...........
1,393,209
1,205,875
a
a
Shares/
Principal
a
Value
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financials
(continued)
e
FNMA
Connecticut
Avenue
Securities
,
2021-R02
,
2M2
,
144A,
FRN
,
7.335
%,
(
30-day
SOFR
Average
+
2.000
%
),
11/25/41
................
1,500,000
$
1,512,813
e
Mello
Mortgage
Capital
Acceptance
,
2021-INV1
,
A4
,
144A,
FRN
,
2.500
%,
6/25/51
.
731,525
632,669
e
New
Residential
Mortgage
Loan
Trust
,
2019-2A
,
A1
,
144A,
FRN
,
4.250
%,
12/25/57
..........
715,496
684,320
2019-5A
,
A1B
,
144A,
FRN
,
3.500
%,
8/25/59
...........
403,582
372,423
e
Sequoia
Mortgage
Trust
,
2018-CH1
,
A19
,
144A,
FRN
,
4.000
%,
3/25/48
...........
57,956
52,937
2021-4
,
A4
,
144A,
FRN
,
2.500
%,
6/25/51
...........
1,483,532
1,279,132
2024-2
,
A19
,
144A,
FRN
,
6.000
%,
12/25/53
..........
1,858,308
1,823,779
2024-3
,
A19
,
144A,
FRN
,
6.000
%,
4/25/54
...........
1,875,521
1,840,672
e
Towd
Point
Mortgage
Trust
,
2023-
1
,
A1
,
144A,
3.750
%,
1/25/63
.
1,040,105
981,297
25,380,453
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
26,150,668
)
...............
25,380,453
Municipal
Bonds
1.0%
California
0.4%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue
,
2022
,
4.190
%,
6/01/37
.................
1,750,000
1,595,661
State
of
California
,
GO
,
7.550
%,
4/01/39
.................
2,000,000
2,381,110
3,976,771
Massachusetts
0.4%
Commonwealth
of
Massachusetts
,
COVID-19
Recovery
Assessment
,
Revenue
,
2022
A
,
3.881
%,
1/15/31
...........
2,000,000
1,909,336
University
of
Massachusetts
Building
Authority
,
Revenue
,
2010-2
,
5.450
%,
11/01/40
...
1,225,000
1,208,530
3,117,866
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
Municipal
Bonds
(continued)
Oregon
0.2%
State
of
Oregon
,
GO
,
2022
B
,
4.721
%,
5/01/42
...........
2,000,000
$
1,888,500
Total
Municipal
Bonds
(Cost
$
10,001,790
)
...............
8,983,137
Supranational
9.9%
Council
of
Europe
Development
Bank
,
3.000
%,
6/16/25
......
1,000,000
979,359
European
Bank
for
Reconstruction
&
Development
,
1.625
%,
9/27/24
...........
3,000,000
2,972,734
0.500
%,
11/25/25
..........
3,000,000
2,818,942
4.250
%,
3/13/34
...........
1,000,000
980,426
European
Investment
Bank
,
2.750
%,
8/15/25
...........
2,000,000
1,949,508
1.375
%,
3/15/27
...........
2,000,000
1,835,680
3.875
%,
3/15/28
...........
1,000,000
977,837
1.750
%,
3/15/29
...........
800,000
709,010
0.750
%,
9/23/30
...........
1,000,000
803,461
3.750
%,
2/14/33
...........
3,000,000
2,852,912
Inter-American
Development
Bank
,
0.340
%,
10/15/24
..........
4,000,000
3,940,251
1.750
%,
3/14/25
...........
3,000,000
2,926,305
0.625
%,
7/15/25
...........
3,000,000
2,863,881
0.875
%,
4/20/26
...........
2,000,000
1,863,472
1.500
%,
1/13/27
...........
2,000,000
1,850,066
0.625
%,
9/16/27
...........
600,000
529,502
3.500
%,
9/14/29
...........
4,500,000
4,301,329
1.125
%,
1/13/31
...........
3,250,000
2,637,480
3.500
%,
4/12/33
...........
2,000,000
1,859,708
Inter-American
Investment
Corp.
,
2.625
%,
4/22/25
...........
1,000,000
978,638
International
Bank
for
Reconstruction
&
Development
,
1.625
%,
1/15/25
...........
8,000,000
7,841,215
0.625
%,
4/22/25
...........
5,000,000
4,820,199
0.500
%,
10/28/25
..........
500,000
471,378
3.125
%,
6/15/27
...........
2,000,000
1,919,596
0.750
%,
11/24/27
..........
1,000,000
881,028
Zero
Cpn.,
3/31/28
.........
4,500,000
4,168,777
1.375
%,
4/20/28
...........
1,500,000
1,336,334
4.625
%,
8/01/28
...........
550,000
552,776
3.875
%,
2/14/30
...........
1,000,000
971,696
4.000
%,
7/25/30
...........
3,000,000
2,930,156
4.000
%,
1/10/31
...........
1,000,000
974,423
4.500
%,
4/10/31
...........
2,000,000
2,006,081
2.750
%,
5/31/36
...........
2,000,000
1,591,032
FRN
,
5.718
%,
(
SOFR
Index
+
0.370
%
),
2/11/31
..........
2,000,000
1,992,402
e
International
Development
Association
,
144A,
0.375
%,
9/23/25
......
3,200,000
3,021,733
144A,
4.375
%,
6/11/29
......
800,000
795,691
International
Finance
Corp.
,
0.375
%,
7/16/25
...........
1,000,000
951,972
a
a
Shares/
Principal
a
Value
a
a
a
a
Supranational
(continued)
International
Finance
Corp.,
(continued)
0.750
%,
10/08/26
..........
2,250,000
$
2,060,952
4.375
%,
1/15/27
...........
1,000,000
993,237
4.250
%,
7/02/29
...........
2,000,000
2,002,515
Nordic
Investment
Bank
,
0.375
%,
9/20/24
...........
1,500,000
1,483,401
0.375
%,
9/11/25
...........
3,000,000
2,837,953
Total
Supranational
(Cost
$
91,515,198
)
...............
87,235,048
Total
Long
Term
Investments
(Cost
$
906,822,561
)
..............
861,546,401
a
a
Certificates
of
Deposit
0
.1
%
c
Walden
Mutual
Bank
,
4.935
%,
11/13/24
................
500,000
498,892
(Cost
$500,000)
—
—
Money
Market
1.8%
f,g
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
16,224,580
16,224,580
(Cost
$16,224,580)
a
Securities
Purchased
With
Cash
Collateral
From
Securities
Lending
0.0%
f,g
Invesco
Government
&
Agency
Portfolio
,
5.240
%
..........
323,350
323,350
(Cost
$323,350)
a
Total
Investments
99
.9
%
(Cost
$
923,870,491
)
.............
$878,593,223
a
Payable
Upon
Return
Of
Securities
Loaned
(0.0)
%
...................
(323,350)
Other
Assets,
less
Liabilities
0
.1
%
.
970,650
Net
Assets
100.0%
...............
$879,240,523
a
Rounds
to
less
than
0.05%.
b
Security
valued
using
significant
unobservable
inputs.
c
Illiquid
security.
d
Security
or
partial
position
of
this
security
was
on
loan
as
of
June
30,
2024.
The
total
market
value
of
securities
on
loan
as
of
June
30,
2024
was
$13,479,460.
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
represents
annualized
7-day
yield
as
of
June
30,
2024.
g
Institutional
Class
shares.
LP
Limited
Partnership
PIK
Payment
In
Kind
SOFR
Secured
Overnight
Financing
Rate
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
High
Yield
Bond
Fund
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
0.3%
Healthcare
0.3%
a
Avantor,
Inc.
...............
60,790
$
1,288,748
b
Telecommunications
0.0%
a,c,d
Digicel
Holdings
Bermuda
Ltd.
.
24,783
44,114
Total
Common
Stocks
(Cost
$
1,044,539
)
................
1,332,862
b
Preferred
Stocks
0.0%
b
Telecommunications
0.0%
a,c,d
Digicel
Holdings
Bermuda
Ltd.
.
3,735
38,171
(Cost
$25,102)
BONDS:
96.5%
Community
Investment
Notes
0
.1
%
Community
Investment
Notes
0.1%
c
,d
CEI
Investments
LLC
,
FRN
,
4.000
%,
9/30/24
...........
531,476
531,476
c
Envest
Microfinance
Cooperative
,
d
5.460
%,
10/24/24
.........
150,000
150,000
4.000
%,
4/20/26
..........
250,000
240,923
922,399
Total
Community
Investment
Notes
(Cost
$
931,476
)
.................
922,399
Corporate
Bonds
90
.8
%
Automotive
5.1%
e
Allison
Transmission,
Inc.
,
144A,
4.750
%,
10/01/27
....
1,200,000
1,160,610
144A,
5.875
%,
6/01/29
.....
1,925,000
1,900,079
144A,
3.750
%,
1/30/31
.....
1,200,000
1,053,176
Dana,
Inc.
,
4.500
%,
2/15/32
...
3,650,000
3,137,440
Ford
Motor
Co.
,
3.250
%,
2/12/32
3,850,000
3,183,747
Ford
Motor
Credit
Co.
LLC
,
3.664
%,
9/08/24
..........
3,000,000
2,985,946
5.125
%,
6/16/25
..........
3,750,000
3,722,865
e
Garrett
Motion
Holdings,
Inc.
/
Garrett
LX
I
SARL
,
144A,
7.750
%,
5/31/32
...........
2,000,000
2,028,514
e
IHO
Verwaltungs
GmbH
,
144A,
PIK,
6.375
%,
5/15/29
.......
3,750,000
3,710,141
e
ZF
North
America
Capital,
Inc.
,
144A,
4.750
%,
4/29/25
.....
1,000,000
988,127
144A,
6.875
%,
4/14/28
.....
1,575,000
1,606,825
144A,
7.125
%,
4/14/30
.....
1,800,000
1,865,471
27,342,941
Banking
0.4%
PNC
Financial
Services
Group,
Inc.
(The)
,
V
,
Junior
Sub.
Bond
,
6.2%
to
9/14/27,
FRN
thereafter
,
Perpetual
................
2,000,000
1,997,219
a
a
Shares/
Principal
a
Value
a
a
a
a
Basic
Industry
7.4%
e
Advanced
Drainage
Systems,
Inc.
,
144A,
5.000
%,
9/30/27
.....
1,600,000
$
1,566,274
144A,
6.375
%,
6/15/30
.....
2,450,000
2,461,172
e
Alcoa
Nederland
Holding
BV
,
144A,
7.125
%,
3/15/31
......
2,000,000
2,057,473
ATI,
Inc.
,
7.250
%,
8/15/30
..........
2,000,000
2,067,344
5.125
%,
10/01/31
.........
1,800,000
1,665,831
e
Avient
Corp.
,
144A,
7.125
%,
8/01/30
.................
2,060,000
2,101,754
e
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
144A,
6.125
%,
6/15/28
.................
3,800,000
3,654,172
e
Dycom
Industries,
Inc.
,
144A,
4.500
%,
4/15/29
...........
1,450,000
1,359,133
e
Interface,
Inc.
,
144A,
5.500
%,
12/01/28
................
5,455,000
5,143,115
e
Knife
River
Corp.
,
144A,
7.750
%,
5/01/31
.................
3,000,000
3,138,697
Mercer
International,
Inc.
,
5.500
%,
1/15/26
..........
1,075,000
1,044,143
e
144A,
12.875
%,
10/01/28
...
1,800,000
1,938,490
e
Novelis
Corp.
,
144A,
4.750
%,
1/30/30
.................
2,300,000
2,135,952
e
Olympus
Water
US
Holding
Corp.
,
144A,
4.250
%,
10/01/28
....
1,975,000
1,799,068
144A,
9.750
%,
11/15/28
....
1,000,000
1,059,221
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
4.750
%,
2/15/28
2,100,000
1,987,291
e
Standard
Industries,
Inc.
,
144A,
5.000
%,
2/15/27
.....
2,700,000
2,627,013
144A,
4.375
%,
7/15/30
.....
1,875,000
1,695,660
39,501,803
Capital
Goods
8.4%
e
ATS
Corp.
,
144A,
4.125
%,
12/15/28
................
3,150,000
2,876,009
Ball
Corp.
,
6.875
%,
3/15/28
..........
1,100,000
1,130,108
6.000
%,
6/15/29
..........
1,800,000
1,811,920
e
Chart
Industries,
Inc.
,
144A,
7.500
%,
1/01/30
...........
2,000,000
2,069,232
e
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
144A,
6.625
%,
12/15/30
................
2,500,000
2,522,630
e
EnerSys
,
144A,
6.625
%,
1/15/32
3,000,000
3,053,058
e
Esab
Corp.
,
144A,
6.250
%,
4/15/29
.................
3,000,000
3,021,741
e
Gates
Corp.
,
144A,
6.875
%,
7/01/29
.................
3,000,000
3,056,070
e
GrafTech
Finance,
Inc.
,
144A,
4.625
%,
12/15/28
..........
2,850,000
1,810,077
e
Graphic
Packaging
International
LLC
,
144A,
3.750
%,
2/01/30
.
5,400,000
4,832,918
Howmet
Aerospace,
Inc.
,
5.900
%,
2/01/27
..........
1,075,000
1,088,917
6.750
%,
1/15/28
..........
2,025,000
2,123,298
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
Capital
Goods
(continued)
e
Owens-Brockway
Glass
Container,
Inc.
,
144A,
6.625
%,
5/13/27
.....
1,875,000
$
1,873,146
144A,
7.250
%,
5/15/31
.....
2,500,000
2,498,785
Regal
Rexnord
Corp.
,
6.050
%,
4/15/28
..........
1,550,000
1,569,206
6.400
%,
4/15/33
..........
3,450,000
3,532,066
e
Sealed
Air
Corp.
,
144A,
6.500
%,
7/15/32
.................
3,000,000
2,985,671
e
Terex
Corp.
,
144A,
5.000
%,
5/15/29
.................
3,150,000
2,991,569
44,846,421
Consumer
Goods
5.1%
e
BellRing
Brands,
Inc.
,
144A,
7.000
%,
3/15/30
...........
3,000,000
3,077,364
e
Darling
Ingredients,
Inc.
,
144A,
6.000
%,
6/15/30
...........
5,800,000
5,706,572
e
Lamb
Weston
Holdings,
Inc.
,
144A,
4.125
%,
1/31/30
.....
2,100,000
1,908,338
144A,
4.375
%,
1/31/32
.....
2,100,000
1,874,249
e
Land
O'
Lakes,
Inc.
,
Junior
Sub.
Bond
,
144A,
7.000
%,
Perpetual
3,685,000
2,892,725
Newell
Brands,
Inc.
,
4.875
%,
6/01/25
..........
1,200,000
1,183,635
6.375
%,
9/15/27
..........
2,275,000
2,250,591
e
Post
Holdings,
Inc.
,
144A,
5.500
%,
12/15/29
....
2,500,000
2,413,844
144A,
4.500
%,
9/15/31
.....
2,000,000
1,793,944
144A,
6.250
%,
2/15/32
.....
2,000,000
2,005,098
e
United
Natural
Foods,
Inc.
,
144A,
6.750
%,
10/15/28
..........
2,000,000
1,807,492
26,913,852
Financial
Services
2.7%
Ally
Financial,
Inc.
,
Sub.
Bond
,
5.750
%,
11/20/25
3,000,000
2,982,488
Sub.
Bond
,
6.700
%,
2/14/33
.
2,000,000
1,989,582
Block,
Inc.
,
2.750
%,
6/01/26
..........
1,075,000
1,016,329
3.500
%,
6/01/31
..........
1,500,000
1,295,123
e
144A,
6.500
%,
5/15/32
.....
2,000,000
2,029,280
OneMain
Finance
Corp.
,
3.500
%,
1/15/27
..........
1,450,000
1,359,806
6.625
%,
1/15/28
..........
1,125,000
1,130,103
e
PennyMac
Financial
Services,
Inc.
,
144A,
4.250
%,
2/15/29
.....
1,075,000
978,583
144A,
5.750
%,
9/15/31
.....
1,475,000
1,382,523
14,163,817
Healthcare
8.8%
e
AdaptHealth
LLC
,
144A,
6.125
%,
8/01/28
.....
2,075,000
1,983,168
144A,
4.625
%,
8/01/29
.....
2,000,000
1,735,162
e
Avantor
Funding,
Inc.
,
144A,
4.625
%,
7/15/28
.....
5,600,000
5,333,825
a
a
Shares/
Principal
a
Value
a
a
a
a
Healthcare
(continued)
e
Avantor
Funding,
Inc.,
(continued)
144A,
3.875
%,
11/01/29
....
2,100,000
$
1,911,352
Centene
Corp.
,
4.250
%,
12/15/27
.........
1,075,000
1,027,288
4.625
%,
12/15/29
.........
1,000,000
946,555
e
Cheplapharm
Arzneimittel
GmbH
,
144A,
5.500
%,
1/15/28
......
2,525,000
2,340,654
e
Concentra
Escrow
Issuer
Corp.
,
144A,
6.875
%,
7/15/32
......
450,000
456,485
Encompass
Health
Corp.
,
4.750
%,
2/01/30
...........
2,875,000
2,692,082
e
Endo
Finance
Holdings,
Inc.
,
144A,
8.500
%,
4/15/31
......
3,000,000
3,099,681
HCA,
Inc.
,
7.500
%,
11/06/33
...
3,100,000
3,445,064
e
HealthEquity,
Inc.
,
144A,
4.500
%,
10/01/29
................
3,000,000
2,807,791
e
IQVIA,
Inc.
,
144A,
5.000
%,
5/15/27
.................
2,750,000
2,685,510
e
Medline
Borrower
LP
,
144A,
5.250
%,
10/01/29
..........
1,975,000
1,886,326
e
Neogen
Food
Safety
Corp.
,
144A,
8.625
%,
7/20/30
...........
3,000,000
3,243,816
e
Pediatrix
Medical
Group,
Inc.
,
144A,
5.375
%,
2/15/30
......
2,000,000
1,770,220
e
Prestige
Brands,
Inc.
,
144A,
5.125
%,
1/15/28
...........
2,175,000
2,117,085
Tenet
Healthcare
Corp.
,
5.125
%,
11/01/27
.........
3,600,000
3,526,213
6.125
%,
6/15/30
..........
3,925,000
3,903,403
46,911,680
Insurance
4.0%
e
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
144A,
7.000
%,
1/15/31
......
5,000,000
5,055,221
e
Baldwin
Insurance
Group
Holdings
LLC
/
Baldwin
Insurance
Group
Holdings
Finance,
Inc.
(The)
,
144A,
7.125
%,
5/15/31
...........
3,000,000
3,037,211
e
Howden
UK
Refinance
plc
/
Howden
UK
Refinance
2
plc
/
Howden
US
Refinance
LLC
,
144A,
7.250
%,
2/15/31
......
2,750,000
2,731,574
e
HUB
International
Ltd.
,
144A,
7.250
%,
6/15/30
.....
2,900,000
2,974,982
144A,
7.375
%,
1/31/32
.....
2,000,000
2,029,414
e
Liberty
Mutual
Group,
Inc.
,
144A,
4.125%
to
12/14/26,
FRN
thereafter
,
12/15/51
........
6,000,000
5,621,462
21,449,864
Leisure
2.4%
e
Hilton
Domestic
Operating
Co.,
Inc.
,
144A,
6.125
%,
4/01/32
..
4,000,000
4,021,904
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
Leisure
(continued)
e
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
,
144A,
4.875
%,
5/15/29
...........
3,600,000
$
3,379,272
e
Viking
Cruises
Ltd.
,
144A,
9.125
%,
7/15/31
...........
2,000,000
2,167,749
e
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
144A,
5.625
%,
2/15/29
..
3,150,000
3,083,620
12,652,545
Media
9.4%
e
AMC
Networks,
Inc.
,
144A,
10.250
%,
1/15/29
..........
2,000,000
1,972,270
e
Cars.com,
Inc.
,
144A,
6.375
%,
11/01/28
................
4,050,000
3,982,774
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
4.500
%,
5/01/32
..........
2,000,000
1,612,193
e
144A,
5.125
%,
5/01/27
.....
1,075,000
1,033,028
e
144A,
5.375
%,
6/01/29
.....
3,275,000
2,982,508
e
144A,
4.750
%,
3/01/30
.....
9,375,000
8,125,937
e
144A,
7.375
%,
3/01/31
.....
2,000,000
1,973,260
Cimpress
plc
,
7.000
%,
6/15/26
.
1,925,000
1,925,472
e
Clear
Channel
Outdoor
Holdings,
Inc.
,
144A,
5.125
%,
8/15/27
..
3,000,000
2,867,835
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
144A,
5.875
%,
8/15/27
......
4,500,000
4,236,396
e
Gray
Television,
Inc.
,
144A,
10.500
%,
7/15/29
....
2,000,000
2,012,719
144A,
4.750
%,
10/15/30
....
1,500,000
901,487
144A,
5.375
%,
11/15/31
....
1,500,000
851,544
e
Nexstar
Media,
Inc.
,
144A,
5.625
%,
7/15/27
...........
3,000,000
2,852,302
e
Sirius
XM
Radio,
Inc.
,
144A,
4.000
%,
7/15/28
.....
2,500,000
2,260,621
144A,
5.500
%,
7/01/29
.....
2,075,000
1,950,745
144A,
4.125
%,
7/01/30
.....
2,025,000
1,731,256
TEGNA,
Inc.
,
5.000
%,
9/15/29
.
3,000,000
2,652,054
e
Univision
Communications,
Inc.
,
144A,
8.000
%,
8/15/28
.....
2,000,000
1,952,266
144A,
8.500
%,
7/31/31
.....
2,000,000
1,944,279
49,820,946
Pfd-Banking
1.0%
Bank
of
America
Corp.
,
MM
,
Junior
Sub.
Bond
,
4.300%
to
1/27/25,
FRN
thereafter
,
Perpetual
................
5,200,000
5,117,555
Real
Estate
6.7%
e
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
144A,
10.500
%,
1/15/28
..........
1,679,173
1,722,983
e
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
,
144A,
6.375
%,
7/01/34
......
2,000,000
1,959,819
a
a
Shares/
Principal
a
Value
a
a
a
a
Real
Estate
(continued)
e
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
144A,
6.000
%,
4/15/25
.....
1,475,000
$
1,474,792
144A,
3.375
%,
6/15/26
.....
3,250,000
3,067,697
144A,
8.000
%,
6/15/27
.....
3,000,000
3,122,664
e
Iron
Mountain,
Inc.
,
144A,
5.000
%,
7/15/28
.....
1,925,000
1,845,582
144A,
4.875
%,
9/15/29
.....
5,050,000
4,762,720
Kennedy-Wilson,
Inc.
,
4.750
%,
2/01/30
..........
4,000,000
3,324,089
5.000
%,
3/01/31
..........
1,500,000
1,227,989
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
5.250
%,
8/01/26
.................
1,500,000
1,364,397
e
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
144A,
4.625
%,
3/15/30
......
2,500,000
2,254,831
e
Rithm
Capital
Corp.
,
144A,
6.250
%,
10/15/25
....
2,500,000
2,491,507
144A,
8.000
%,
4/01/29
.....
3,000,000
2,914,825
e
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
,
144A,
10.500
%,
2/15/28
....
1,550,000
1,519,546
144A,
4.750
%,
4/15/28
.....
3,075,000
2,517,892
35,571,333
Retail
6.2%
e
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
144A,
6.125
%,
6/15/29
.....
2,000,000
2,008,719
Secured
Bond
,
144A,
4.000
%,
10/15/30
................
2,000,000
1,761,881
e
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
144A,
4.625
%,
1/15/27
.....
2,200,000
2,126,978
144A,
6.500
%,
2/15/28
.....
2,000,000
2,011,172
144A,
3.500
%,
3/15/29
.....
1,175,000
1,057,902
Bath
&
Body
Works,
Inc.
,
6.950
%,
3/01/33
..........
2,400,000
2,338,700
e
144A,
6.625
%,
10/01/30
....
2,750,000
2,761,047
e
Crocs,
Inc.
,
144A,
4.250
%,
3/15/29
.....
2,600,000
2,372,531
144A,
4.125
%,
8/15/31
.....
3,500,000
3,051,388
e
Macy's
Retail
Holdings
LLC
,
144A,
6.700
%,
7/15/34
......
3,200,000
2,744,591
New
Albertsons
LP
,
7.750
%,
6/15/26
.................
1,025,000
1,048,396
Safeway,
Inc.
,
7.250
%,
2/01/31
.
2,925,000
3,128,021
e
Velocity
Vehicle
Group
LLC
,
144A,
8.000
%,
6/01/29
...........
3,000,000
3,088,605
e
Victoria's
Secret
&
Co.
,
144A,
4.625
%,
7/15/29
...........
4,125,000
3,433,016
32,932,947
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
Services
7.4%
e
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
,
144A,
6.125
%,
10/15/26
..........
2,650,000
$
2,618,911
e
Albion
Financing
2
SARL
,
144A,
8.750
%,
4/15/27
...........
1,550,000
1,563,528
e
Camelot
Finance
SA
,
144A,
4.500
%,
11/01/26
..........
2,175,000
2,105,253
e
Clean
Harbors,
Inc.
,
144A,
6.375
%,
2/01/31
...........
2,500,000
2,508,725
e
GPD
Cos.,
Inc.
,
144A,
10.125
%,
4/01/26
.................
2,000,000
1,913,958
e
GYP
Holdings
III
Corp.
,
144A,
4.625
%,
5/01/29
...........
1,925,000
1,783,843
e
Herc
Holdings,
Inc.
,
144A,
6.625
%,
6/15/29
...........
2,000,000
2,029,495
e
Maxim
Crane
Works
Holdings
Capital
LLC
,
Secured
Note
,
144A,
11.500
%,
9/01/28
.....
3,200,000
3,303,660
e
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.500
%,
4/15/29
.
3,900,000
3,616,635
e
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
144A,
5.750
%,
4/15/26
.....
2,050,000
2,036,136
Secured
Note
,
144A,
6.250
%,
1/15/28
.................
2,000,000
1,972,836
e
Staples,
Inc.
,
144A,
10.750
%,
9/01/29
.................
2,000,000
1,903,154
United
Rentals
North
America,
Inc.
,
5.250
%,
1/15/30
.......
3,550,000
3,443,180
e
WASH
Multifamily
Acquisition,
Inc.
,
144A,
5.750
%,
4/15/26
..
4,050,000
3,962,955
e
Williams
Scotsman,
Inc.
,
144A,
4.625
%,
8/15/28
.....
3,000,000
2,839,418
144A,
7.375
%,
10/01/31
....
1,800,000
1,853,520
39,455,207
Technology
&
Electronics
7.6%
e
Ciena
Corp.
,
144A,
4.000
%,
1/31/30
.................
2,300,000
2,081,203
e
Coherent
Corp.
,
144A,
5.000
%,
12/15/29
................
3,300,000
3,126,469
Crowdstrike
Holdings,
Inc.
,
3.000
%,
2/15/29
...........
2,000,000
1,804,922
e
Entegris,
Inc.
,
144A,
4.750
%,
4/15/29
.....
1,000,000
957,527
144A,
5.950
%,
6/15/30
.....
2,125,000
2,105,277
e
Gen
Digital,
Inc.
,
144A,
6.750
%,
9/30/27
.................
2,000,000
2,027,114
e
Imola
Merger
Corp.
,
144A,
4.750
%,
5/15/29
...........
3,625,000
3,391,792
e
Insight
Enterprises,
Inc.
,
144A,
6.625
%,
5/15/32
...........
1,800,000
1,829,176
e
NCR
Voyix
Corp.
,
144A,
5.125
%,
4/15/29
.................
4,000,000
3,770,606
Nokia
OYJ
,
6.625
%,
5/15/39
...
3,025,000
3,020,155
e
Open
Text
Corp.
,
144A,
3.875
%,
12/01/29
................
3,375,000
3,028,578
e
PTC,
Inc.
,
144A,
4.000
%,
2/15/28
3,000,000
2,827,510
a
a
Shares/
Principal
a
Value
a
a
a
a
Technology
&
Electronics
(continued)
e
Sensata
Technologies
BV
,
144A,
5.875
%,
9/01/30
...........
2,675,000
$
2,621,307
e
SS&C
Technologies,
Inc.
,
144A,
5.500
%,
9/30/27
...........
2,000,000
1,970,752
e
VM
Consolidated,
Inc.
,
144A,
5.500
%,
4/15/29
...........
3,500,000
3,341,402
e
ZoomInfo
Technologies
LLC
/
ZoomInfo
Finance
Corp.
,
144A,
3.875
%,
2/01/29
...........
3,000,000
2,727,302
40,631,092
Telecommunications
4.4%
e
Altice
Financing
SA
,
144A,
5.750
%,
8/15/29
...........
2,000,000
1,455,364
e
Cogent
Communications
Group,
Inc.
,
144A,
7.000
%,
6/15/27
..
3,379,000
3,350,620
e
Cogent
Communications
Group,
Inc.
/
Cogent
Communications
Finance,
Inc.
,
144A,
7.000
%,
6/15/27
.................
1,000,000
990,554
Digicel
Intermediate
Holdings
Ltd.
/
Digicel
International
Finance
Ltd.
/
DIFL
US
LLC
,
PIK,
12.000
%,
5/25/27
..........
1,004,753
993,604
e
Frontier
Communications
Holdings
LLC
,
144A,
5.000
%,
5/01/28
.
2,725,000
2,570,001
c
,e
,f
Ligado
Networks
LLC
,
144A,
15.500
%,
12/31/49
.........
3,034,777
447,630
e
Lumen
Technologies,
Inc.
,
144A,
4.000
%,
2/15/27
...........
900,000
463,923
e
Sable
International
Finance
Ltd.
,
144A,
5.750
%,
9/07/27
......
3,564,000
3,424,934
Sprint
Capital
Corp.
,
6.875
%,
11/15/28
.........
1,000,000
1,060,822
8.750
%,
3/15/32
..........
1,950,000
2,347,209
e
Telecom
Italia
Capital
SA
,
144A,
7.200
%,
7/18/36
...........
1,217,000
1,256,224
e
Virgin
Media
Secured
Finance
plc
,
144A,
5.500
%,
5/15/29
......
2,575,000
2,356,011
e
Vmed
O2
UK
Financing
I
plc
,
144A,
4.750
%,
7/15/31
......
1,000,000
844,740
e
VZ
Secured
Financing
BV
,
144A,
5.000
%,
1/15/32
...........
1,975,000
1,686,237
23,247,873
Transportation
1.2%
BNSF
Funding
Trust
I
,
6.613%
to
1/14/26,
FRN
thereafter
,
12/15/55
................
3,325,000
3,339,097
e
Genesee
&
Wyoming,
Inc.
,
144A,
6.250
%,
4/15/32
...........
3,000,000
2,992,510
6,331,607
Utility
2.6%
e
Clearway
Energy
Operating
LLC
,
144A,
4.750
%,
3/15/28
.....
2,175,000
2,079,821
144A,
3.750
%,
2/15/31
.....
1,925,000
1,681,026
144A,
3.750
%,
1/15/32
.....
1,150,000
979,604
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
Utility
(continued)
e
Leeward
Renewable
Energy
Operations
LLC
,
144A,
4.250
%,
7/01/29
.................
3,000,000
$
2,683,901
e
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.
,
144A,
4.500
%,
8/15/28
......
3,150,000
2,918,780
e
TerraForm
Power
Operating
LLC
,
144A,
5.000
%,
1/31/28
.....
1,525,000
1,458,142
144A,
4.750
%,
1/15/30
.....
2,025,000
1,847,633
13,648,907
Total
Corporate
Bonds
(Cost
$
498,578,820
)
..............
482,537,609
Asset-Backed
Securities
0.6%
Telecommunications
0.6%
e
Frontier
Issuer
LLC
,
2024-1
,
B
,
144A,
7.020
%,
6/20/54
.................
2,000,000
2,001,471
2024-1
,
C
,
144A,
11.160
%,
6/20/54
.................
1,000,000
1,005,966
3,007,437
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
2,996,376
)
................
3,007,437
Loans
5.0%
Basic
Industry
0.6%
g
LBM
Acquisition
LLC
,
Class
First
Lien,
Initial
CME
Term
Loan
,
9.194
%
(
1-month
SOFR
+
3.750
%
),
12/17/27
........
3,345,612
3,344,224
Consumer
Goods
1.0%
g
Osmosis
Buyer
Ltd.
,
Class
2022
Refinancing
CME
Term
Loan,
B
,
9.329
%
(
1-month
SOFR
+
4.000
%
),
7/31/28
..........
1,965,000
1,970,718
g
United
Natural
Foods,
Inc.
,
Class
2024
CME
Term
Loan
,
10.094
%
(
1-month
SOFR
+
4.750
%
),
5/01/31
.................
3,000,000
3,013,755
4,984,473
a
a
a
a
a
Healthcare
1.3%
g
Medline
Borrower
LP
,
Class
Refinancing
CME
Term
Loan
,
8.094
%
(
1-month
SOFR
+
2.750
%
),
10/23/28
.........
4,978,407
4,993,964
g
Star
Parent,
Inc.
,
Class
CME
Term
Loan
,
9.309
%
(
3-month
SOFR
+
4.000
%
),
9/27/30
..........
1,995,000
1,995,788
6,989,752
a
a
a
a
a
a
a
Shares/
Principal
a
Value
a
a
a
a
Loans
(continued)
Media
0.4%
g
Cimpress
plc
,
Class
2024
Refinancing
CME
Term
Loan,
B1
,
8.344
%
(
1-month
SOFR
+
3.000
%
),
5/17/28
..........
1,989,885
$
1,996,103
Services
0.3%
g
Staples,
Inc.
,
Class
Closing
Date
CME
Term
Loan
,
11.084
%
(
3-month
SOFR
+
5.750
%
),
9/04/29
.................
2,000,000
1,839,500
Technology
&
Electronics
1.0%
g
Diebold
Nixdorf,
Inc.
,
Class
CME
Term
Loan
,
12.826
%
(
1-month
SOFR
+
7.500
%
),
8/11/28
...
1,582,778
1,639,988
g
McAfee
Corp.
,
Class
First
Amendment
CME
Term
Loan,
B1
,
8.579
%
(
3-month
SOFR
+
3.250
%
),
3/01/29
..........
3,959,924
3,960,854
5,600,842
a
a
a
a
a
Telecommunications
0.2%
g
Digicel
International
Finance
Ltd.
,
Class
First
Lien,
Initial
Term
Loan,
B
,
10.750
%
(
3-month
USD
LIBOR
+
2.250
%
),
5/28/25
969,000
935,085
Transportation
0.2%
g
SkyMiles
IP
Ltd.
(Delta
Air
Lines,
Inc.)
,
Class
Initial
CME
Term
Loan
,
9.075
%
(
3-month
SOFR
+
3.750
%
),
10/20/27
.........
1,239,368
1,270,842
Total
Loans
(Cost
$
26,875,588
)
...............
26,960,821
Total
Long
Term
Investments
(Cost
$
530,451,901
)
..............
514,799,299
a
a
Certificates
of
Deposit
0
.2
%
c
Shared
Interest,
Inc.
,
0.550
%,
9/30/24
.................
500,000
500,000
c
Walden
Mutual
Bank
,
4.935
%,
11/13/24
................
500,000
498,892
—
—
Total
Certificates
of
Deposit
(Cost
$
1,000,001
)
................
998,892
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Money
Market
3.1%
h,i
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
16,286,780
$
16,286,780
(Cost
$16,286,780)
a
Total
Investments
100
.1
%
(Cost
$
547,738,682
)
.............
$532,084,971
Other
Assets,
less
Liabilities
(
0
.1
)
%
(342,826)
Net
Assets
100.0%
...............
$531,742,145
a
Non-income
producing
security.
b
Rounds
to
less
than
0.05%.
c
Illiquid
security.
d
Security
valued
using
significant
unobservable
inputs.
e
Security
purchased
pursuant
to
Rule
144A
of
the
Securities
Act
of
1933
and
may
be
resold
only
to
qualified
institutional
buyers.
f
Security
is
currently
in
default.
g
Rate
shown
reflects
the
accrual
rate
as
of
June
30,
2024
on
securities
with
variable
or
step
rates.
h
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
i
Institutional
Class
shares.
CME
Chicago
Mercantile
Exchange
LIBOR
London
Interbank
Offer
Rate
LP
Limited
Partnership
PIK
Payment
In
Kind
SOFR
Secured
Overnight
Financing
Rate
Schedule
of
Investments
(Unaudited),
June
30,
2024
Impax
Sustainable
Allocation
Fund
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Affiliated
Investment
Companies
99.8%
a
Impax
Core
Bond
Fund
,
Class
Institutional
..............
91,509,263
$
794,300,402
a
Impax
Ellevate
Global
Women's
Leadership
Fund
,
Class
Institutional
..............
1,831,785
60,229,096
a
Impax
Global
Environmental
Markets
Fund
,
Class
Institutional
..............
2,670,796
63,805,324
a
Impax
Global
Opportunities
Fund
,
Class
Institutional
..........
4,111,502
68,415,387
a
Impax
Global
Sustainable
Infrastructure
Fund
,
Class
Institutional
..............
6,478,412
58,888,761
a
Impax
High
Yield
Bond
Fund
,
Class
Institutional
..........
17,686,742
105,059,246
a
Impax
International
Sustainable
Economy
Fund
,
Class
Institutional
..............
10,387,242
109,689,279
a
Impax
Large
Cap
Fund
,
Class
Institutional
..............
66,142,520
956,420,833
a
Impax
Small
Cap
Fund
,
Class
Institutional
..............
5,399,693
89,256,922
2,306,065,250
Total
Affiliated
Investment
Companies
(Cost
$
1,992,920,031
)
............
2,306,065,250
Money
Market
0.2%
a,b
JPMorgan
Prime
Money
Market
Fund
,
5.530
%
............
4,131,940
4,131,940
(Cost
$4,131,940)
a
Total
Investments
100
.0
%
(Cost
$
1,997,051,971
)
............
$2,310,197,190
c
Other
Assets,
less
Liabilities
(0.0)
%
(852,699)
Net
Assets
100.0%
...............
$2,309,344,491
a
Institutional
Class
shares.
b
Rate
shown
represents
annualized
7-day
yield
as
of
June
30,
2024.
c
Rounds
to
less
than
0.05%.
Statements
of
Assets
and
Liabilities
June
30,
2024
(Unaudited)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
Large
Cap
Fund
Small
Cap
Fund
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
Fund
Assets:
Investments,
at
cost
-
Note
A
...............
$1,014,987,003
$622,206,364
$214,034,487
$88,185,998
Investments
in
unaffiliated
issuers,
at
value
....
$1,492,742,137
$661,153,928
$323,962,469
$91,326,982
Total
investments,
at
value
-
Note
A
1
1,492,742,137
661,153,928
323,962,469
91,326,982
Receivables:
Capital
stock
sold
......................
733,489
810,468
28,425
3,354
Dividends
and
interest
-
Note
A
............
708,852
328,036
251,208
375,219
Investment
securities
sold
................
—
10,515,763
—
—
Investment
Adviser
reimbursement
.........
—
—
44,840
—
Other
...............................
7,136
2,470
828
168,079
Total
assets
.......................
1,494,191,614
672,810,665
324,287,770
91,873,634
Liabilities:
Collateral
on
securities
loaned,
at
value
.......
—
22,134
—
501,636
Payables:
Capital
stock
reacquired
.................
296,224
284,687
22,078
189
Investment
securities
purchased
...........
—
4,799,561
—
—
Payable
to
bank
.......................
—
—
—
1,203
Payable
to
foreign
banks
(cost
$
—
,
$
—
,
$
—
and
$
18
)
..................................
—
—
—
18
Accrued
expenses:
......................
Investment
advisory
fees
-
Note
B
..........
796,113
413,494
163,630
49,267
Distribution
expense
....................
13,094
21,005
43,657
1,316
Transfer
agent
fees
.....................
74,774
75,714
—
—
Printing
and
other
shareholder
communication
fees
................................
14,660
23,955
—
—
Custodian
fees
........................
20,989
10,682
—
—
Legal
and
audit
fees
....................
63,277
46,391
—
—
Other
accrued
expenses
.................
49,455
17,005
184
72
Total
liabilities
......................
1,328,586
5,714,628
229,549
553,701
Net
assets,
at
value
..............
$1,492,863,028
$667,096,037
$324,058,221
$91,319,933
Net
assets
consist
of:
Paid-in
capital
..........................
$903,670,148
$591,843,730
$175,848,961
$98,477,453
Total
distributable
earnings
(losses)
..........
589,192,880
75,252,307
148,209,260
(7,157,520)
Net
assets,
at
value
..............
$1,492,863,028
$667,096,037
$324,058,221
$91,319,933
1
Investments
at
market
value
include
securities
loaned.
At
June
30,
2024,
the
Impax
Large
Cap
Fund,
Impax
Small
Cap
Fund,
Impax
US
Sustainable
Economy
Fund
and
Impax
Global
Sustainable
Infrastructure
Fund
had
total
market
values
of
securities
on
loan
of
$6,382,194,
$12,321,991,
$15,766,829
and
$3,342,618
respectively.
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(Unaudited)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Global
Social
Leaders
Fund
Global
Women’s
Leadership
Fund
Assets:
Investments,
at
cost
-
Note
A
...............
$98,340,410
$1,744,651,464
$1,645,403
$602,175,422
Investments
in
unaffiliated
issuers,
at
value
....
$127,290,147
$2,418,261,159
$1,761,542
$759,350,422
Total
investments,
at
value
-
Note
A
1
127,290,147
2,418,261,159
1,761,542
759,350,422
Cash
.................................
—
2
—
—
Foreign
currency,
at
value
(cost
$
454
,
$
5,448
,
$
–
and
$
–
,
respectively)
.....................
454
5,451
—
—
Receivables:
Capital
stock
sold
......................
39,212
1,093,923
20
436,893
Dividends
and
interest
-
Note
A
............
12,370
1,119,064
2,248
786,626
Investment
securities
sold
................
—
5,835,542
2,673
—
Investment
Adviser
reimbursement
.........
11,677
—
21,479
—
Other
...............................
107,355
2,635,803
44
686,129
Total
assets
.......................
127,461,215
2,428,950,944
1,788,006
761,260,070
Liabilities:
Payables:
Capital
stock
reacquired
.................
3,230
1,860,452
—
6,068,181
Investment
securities
purchased
...........
96,600
24,560
23,047
—
Payable
to
bank
.......................
—
—
—
19,531
Payable
to
foreign
banks
(cost
$
—
,
$
—
,
$
—
and
$
16,477
)
..............................
—
—
—
16,486
Accrued
expenses:
......................
Investment
advisory
fees
-
Note
B
..........
83,961
1,489,855
1,115
328,834
Distribution
expense
....................
1,667
40,443
11
28,196
Transfer
agent
fees
.....................
8,414
554,895
692
—
Printing
and
other
shareholder
communication
fees
................................
1,985
44,266
1,947
—
Custodian
fees
........................
1,514
96,547
14,002
—
Legal
and
audit
fees
....................
38,261
87,097
30,338
—
Other
accrued
expenses
.................
4,505
46,652
6,893
288
Total
liabilities
......................
240,137
4,244,767
78,045
6,461,516
Net
assets,
at
value
..............
$127,221,078
$2,424,706,177
$1,709,961
$754,798,554
Net
assets
consist
of:
Paid-in
capital
..........................
$98,726,364
$1,745,957,458
$1,563,708
$562,487,355
Total
distributable
earnings
(losses)
..........
28,494,714
678,748,719
146,253
192,311,199
Net
assets,
at
value
..............
$127,221,078
$2,424,706,177
$1,709,961
$754,798,554
1
Investments
at
market
value
include
securities
loaned.
At
June
30,
2024,
the
Impax
Global
Opportunities
Fund,
Impax
Global
Environmental
Markets
Fund,
Impax
Global
Social
Leaders
Fund
and
Impax
Ellevate
Global
Women's
Leadership
Fund
had
total
market
values
of
securities
on
loan
of
$3,526,645,
$12,839,817,
$45,874
and
$21,266,906
respectively.
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(Unaudited)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
International
Sustainable
Economy
Fund
Core
Bond
Fund
High
Yield
Bond
Fund
Sustainable
Allocation
Fund
Assets:
Investments,
at
cost
-
Note
A
...............
$992,153,508
$923,870,491
$547,738,682
$1,997,051,971
Investments
in
unaffiliated
issuers,
at
value
....
$1,188,954,834
$878,593,223
$532,084,971
$4,131,940
Investments
in
affiliated
issuers,
at
value
.....
—
—
—
2,306,065,250
Total
investments,
at
value
-
Note
A
1
1,188,954,834
878,593,223
532,084,971
2,310,197,190
Cash
.................................
188,371
—
72,903
—
Foreign
currency,
at
value
(cost
$
477,182
,
$
–
,
$
–
and
$
–
,
respectively)
.....................
477,183
—
—
—
Receivables:
Capital
stock
sold
......................
1,364,114
2,770,772
2,759,710
193,489
Dividends
and
interest
-
Note
A
............
1,409,508
6,113,236
7,726,137
3,009,409
Investment
securities
sold
................
16,450,901
1,232,306
1,010,632
—
Due
from
custodian
.....................
2,360,376
—
—
—
Other
...............................
4,829,573
28,530
—
—
Total
assets
.......................
1,216,034,860
888,738,067
543,654,353
2,313,400,088
Liabilities:
Collateral
on
securities
loaned,
at
value
.......
—
323,350
—
—
Payables:
Capital
stock
reacquired
.................
309,715
186,826
656,909
725,085
Investment
securities
purchased
...........
20,407,458
5,782,546
8,359,176
2,952,759
Dividend
payable
-
Note
A
................
—
2,726,605
2,428,701
—
Payable
to
bank
.......................
—
43,201
—
947
Accrued
expenses:
......................
Investment
advisory
fees
-
Note
B
..........
445,001
288,239
217,499
95,284
Distribution
expense
....................
18,894
2,465
26,635
281,522
Transfer
agent
fees
.....................
—
8,134
120,740
—
Printing
and
other
shareholder
communication
fees
................................
—
6,322
26,419
—
Custodian
fees
........................
—
38,275
20,078
—
Legal
and
audit
fees
....................
—
56,473
50,378
—
Other
accrued
expenses
.................
—
35,108
5,673
—
Total
liabilities
......................
21,181,068
9,497,544
11,912,208
4,055,597
Net
assets,
at
value
..............
$1,194,853,792
$879,240,523
$531,742,145
$2,309,344,491
Net
assets
consist
of:
Paid-in
capital
..........................
$1,000,684,329
$996,006,019
$684,677,767
$1,876,817,035
Total
distributable
earnings
(losses)
..........
194,169,463
(116,765,496)
(152,935,622)
432,527,456
Net
assets,
at
value
..............
$1,194,853,792
$879,240,523
$531,742,145
$2,309,344,491
1
Investments
at
market
value
include
securities
loaned.
At
June
30,
2024,
the
Impax
Core
Bond
Fund
had
total
market
values
of
securities
on
loan
of
$13,479,460
respectively.
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(Unaudited)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Large
Cap
Fund
Small
Cap
Fund
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
Fund
Investor
Class:
Net
assets,
at
value
....................
$63,398,746
$90,310,538
$201,533,419
$6,398,362
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
4,400,250
5,567,031
7,935,786
707,295
Net
asset
value
per
share
................
$14.41
$16.22
$25.40
$9.05
Class
A:
Net
assets,
at
value
....................
$11,426,693
$10,418,840
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
706,855
412,140
Net
asset
value
per
share
................
$16.17
$25.28
Institutional
Class:
Net
assets,
at
value
....................
$1,429,464,282
$565,358,806
$112,105,962
$84,921,571
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
98,860,714
34,206,469
4,220,203
9,339,258
Net
asset
value
per
share
................
$14.46
$16.53
$26.56
$9.09
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Global
Social
Leaders
Fund
Global
Women’s
Leadership
Fund
Investor
Class:
Net
assets,
at
value
....................
$8,050,404
$174,841,433
$54,344
$136,915,747
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
486,903
7,391,416
4,963
4,199,907
Net
asset
value
per
share
................
$16.53
$23.65
$10.95
$32.60
Class
A:
Net
assets,
at
value
....................
$18,963,843
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
803,032
Net
asset
value
per
share
................
$23.62
Institutional
Class:
Net
assets,
at
value
....................
$119,170,674
$2,230,900,901
$1,655,617
$617,882,807
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
7,161,348
93,369,926
151,024
18,794,415
Net
asset
value
per
share
................
$16.64
$23.89
$10.96
$32.88
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(Unaudited)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
International
Sustainable
Economy
Fund
Core
Bond
Fund
High
Yield
Bond
Fund
Sustainable
Allocation
Fund
Investor
Class:
Net
assets,
at
value
....................
$90,954,243
$11,916,322
$125,357,180
$1,356,682,433
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
8,419,158
1,371,939
21,049,867
53,197,262
Net
asset
value
per
share
................
$10.80
$8.69
$5.96
$25.50
Class
A:
Net
assets,
at
value
....................
$4,273,619
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
716,100
Net
asset
value
per
share
................
$5.97
Institutional
Class:
Net
assets,
at
value
....................
$1,103,899,549
$867,324,201
$402,111,346
$952,662,058
Capital
Shares
outstanding
(unlimited/
authorized)
...........................
104,541,364
99,890,714
67,725,522
36,527,218
Net
asset
value
per
share
................
$10.56
$8.68
$5.94
$26.08
Statements
of
Operations
For
the
period
ended
June
30,
2024
(Unaudited)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Large
Cap
Fund
Small
Cap
Fund
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$
–
,
$
–
,
$
–
and
$
105,840
,
respectively)
...................
$10,355,375
$2,957,374
$2,424,861
$1,488,177
Interest
...............................
363,616
647,842
71,700
27,898
Income
from
securities
lending
-
Note
A
.......
39,680
2,452
73,351
1,156
Other
income
-
Note
B
....................
622,582
164,422
23,169
12,983
Total
investment
income
................
11,381,253
3,772,090
2,593,081
1,530,214
Expenses:
Investment
advisory
fees
-
Note
B
...........
4,802,700
2,541,465
953,022
300,151
Distribution
expenses
Investor
Class
-
Note
B
...
74,687
116,651
243,802
7,916
Distribution
expenses
Class
A
-
Note
B
........
14,303
12,228
Transfer
agent
fees
-
Note
A
................
261,747
261,261
—
—
Printing
and
other
shareholder
communication
fees
..................................
31,819
36,703
—
—
Custodian
fees
..........................
52,107
31,941
—
—
Legal
fees
and
related
expenses
............
65,047
43,697
—
—
Trustees’
fees
and
expenses
-
Note
B
........
58,521
30,294
—
—
Compliance
expense
.....................
12,156
11,174
—
—
Audit
fees
.............................
27,863
20,995
—
—
Registration
and
filing
fees
.................
26,542
27,492
—
—
Other
expenses
.........................
37,881
19,556
14,657
227
Total
Expenses
......................
5,451,070
3,155,532
1,223,709
308,294
Less:
Advisory
fee
waiver
-
Note
B
........
—
—
(264,820)
(30,691)
Net
expenses
...........................
5,451,070
3,155,532
958,889
277,603
Net
investment
income
...............
5,930,183
616,558
1,634,192
1,252,611
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
-
Note
A
and
C
Net
realized
gain
(loss)
on:
Investments
in
unaffiliated
issuers
...........
101,652,583
44,835,790
21,351,861
(39,705)
Foreign
currency
transactions
..............
—
(1,361)
—
(22,331)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
unaffiliated
issuers
...........
24,509,243
(33,742,457)
17,014,905
(594,481)
Foreign
currency
translation
................
—
(7)
—
(6,843)
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
....
126,161,826
11,091,965
38,366,766
(663,360)
Net
increase
in
net
assets
resulting
from
operations
.....................
$132,092,009
$11,708,523
$40,000,958
$589,251
Statements
of
Operations
(continued)
For
the
period
ended
June
30,
2024
(Unaudited)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Global
Social
Leaders
Fund
Global
Women’s
Leadership
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$
55,268
,
$
1,674,057
,
$
1,255
and
$
594,380
,
respectively)
.
$1,012,609
$19,600,894
$15,310
$9,478,876
Interest
...............................
42,151
502,846
2,398
136,414
Income
from
securities
lending
-
Note
A
.......
1,453
17,601
15
10,908
Other
income
-
Note
B
....................
16,558
396,349
18
11,686
Total
investment
income
................
1,072,771
20,517,690
17,741
9,637,884
Expenses:
Investment
advisory
fees
-
Note
B
...........
496,506
9,100,926
6,489
2,053,641
Distribution
expenses
Investor
Class
-
Note
B
...
9,877
221,348
36
170,656
Distribution
expenses
Class
A
-
Note
B
........
23,315
Transfer
agent
fees
-
Note
A
................
33,529
1,305,431
599
—
Printing
and
other
shareholder
communication
fees
..................................
4,491
86,570
2,408
—
Custodian
fees
..........................
24,455
123,905
12,757
—
Legal
fees
and
related
expenses
............
29,239
91,733
18,246
—
Trustees’
fees
and
expenses
-
Note
B
........
19,009
92,062
19,176
—
Compliance
expense
.....................
10,449
13,387
9,928
—
Audit
fees
.............................
19,166
37,809
23,934
—
Registration
and
filing
fees
.................
24,256
25,778
18,802
—
Other
expenses
.........................
3,074
67,900
1,698
2,111
Total
Expenses
......................
674,051
11,190,164
114,073
2,226,408
Less:
Advisory
fee
waiver
-
Note
B
........
—
—
(6,303)
—
Expenses
assumed
by
Adviser
-
Note
B
..
(55,654)
—
(99,782)
—
Net
expenses
...........................
618,397
11,190,164
7,988
2,226,408
Net
investment
income
...............
454,374
9,327,526
9,753
7,411,476
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
-
Note
A
and
C
Net
realized
gain
(loss)
on:
Investments
in
unaffiliated
issuers
...........
2,917,672
50,706,783
17,865
63,122,054
Foreign
currency
transactions
..............
(1,703)
(151,096)
89
(392,971)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
unaffiliated
issuers
...........
3,323,653
82,564,349
47,986
(30,393,818)
Foreign
currency
translation
................
(3,413)
(78,871)
45
(28,607)
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
....
6,236,209
133,041,165
65,985
32,306,658
Net
increase
in
net
assets
resulting
from
operations
.....................
$6,690,583
$142,368,691
$75,738
$39,718,134
Statements
of
Operations
(continued)
For
the
period
ended
June
30,
2024
(Unaudited)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
International
Sustainable
Economy
Fund
Core
Bond
Fund
High
Yield
Bond
Fund
Sustainable
Allocation
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$
2,663,092
,
$
–
,
$
–
and
$
–
,
respectively)
...................
$23,812,838
$—
$—
$—
Dividends
from
affiliates
-
Note
C
.........
—
—
—
26,099,073
Interest
...............................
277,553
18,041,049
17,297,439
825,143
Income
from
securities
lending
-
Note
A
.......
1,347
204,100
—
—
Other
income
-
Note
B
....................
—
—
—
17,088
Total
investment
income
................
24,091,738
18,245,149
17,297,439
26,941,304
Expenses:
Investment
advisory
fees
-
Note
B
...........
2,612,100
1,731,658
1,346,722
574,897
Distribution
expenses
Investor
Class
-
Note
B
...
111,270
14,776
157,707
1,710,233
Distribution
expenses
Class
A
-
Note
B
........
5,334
Transfer
agent
fees
-
Note
A
................
—
42,441
251,243
—
Printing
and
other
shareholder
communication
fees
..................................
—
6,209
34,494
—
Custodian
fees
..........................
—
48,022
34,992
—
Legal
fees
and
related
expenses
............
—
50,045
41,629
—
Trustees’
fees
and
expenses
-
Note
B
........
—
38,119
26,235
—
Compliance
expense
.....................
—
11,441
11,040
—
Audit
fees
.............................
—
26,917
24,932
—
Registration
and
filing
fees
.................
—
21,742
34,897
—
Other
expenses
.........................
268
45,753
14,834
—
Total
Expenses
......................
2,723,638
2,037,123
1,984,059
2,285,130
Net
investment
income
...............
21,368,100
16,208,026
15,313,380
24,656,174
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
-
Note
A
and
C
Net
realized
gain
(loss)
on:
Investments
in
unaffiliated
issuers
...........
30,723,688
(6,222,839)
(23,566,482)
1,561
Investment
in
affiliated
issuers
..............
—
—
—
(1,383,472)
Foreign
currency
transactions
..............
(149,637)
—
—
—
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
in
unaffiliated
issuers
...........
32,146,840
(13,559,942)
17,674,077
—
Investment
in
affiliated
issuers
..............
—
—
—
76,335,752
Foreign
currency
translation
................
(177,820)
—
—
—
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
....
62,543,071
(19,782,781)
(5,892,405)
74,953,841
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........
$83,911,171
$(3,574,755)
$9,420,975
$99,610,015
Statements
of
Changes
in
Net
Assets
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
Large
Cap
Fund
Small
Cap
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$5,930,183
$13,082,859
$616,558
$659,015
Net
realized
gain
on
investments
and
foreign
currency
transactions
......
101,652,583
58,474,609
44,834,429
2,154,442
Change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
translations
......
24,509,243
183,776,190
(33,742,464)
78,626,869
Net
increase
in
net
assets
resulting
from
operations
.............
132,092,009
255,333,658
11,708,523
81,440,326
Distributions
from
distributable
earning
-
Investor
Class
...................
(192,935)
(2,433,954)
—
—
Distributions
from
distributable
earning
-
Institutional
Class
................
(5,885,387)
(60,477,023)
(578,490)
—
Total
distributions
to
shareholders
.....
(6,078,322)
(62,910,977)
(578,490)
—
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
9,666,858
17,968,575
3,266,119
9,382,454
Proceeds
from
reinvestment
of
distributions
....................
180,670
2,401,686
Cost
of
shares
redeemed
............
(9,696,922)
(26,614,761)
(11,088,234)
(17,883,023)
Net
increase
(decrease)
from
Investor
Class
transactions
...............
150,606
(6,244,500)
(7,822,115)
(8,500,569)
Class
A
Proceeds
from
shares
sold
...........
1,429,763
2,193,054
Proceeds
from
reinvestment
of
distributions
....................
—
—
Cost
of
shares
redeemed
............
(1,895,513)
(2,790,350)
Net
decrease
from
Class
A
transactions
.
(465,750)
(597,296)
Institutional
Class
Proceeds
from
shares
sold
...........
50,905,217
176,720,304
52,876,587
102,357,823
Proceeds
from
reinvestment
of
distributions
....................
5,852,944
60,184,489
520,027
—
Cost
of
shares
redeemed
............
(133,235,897)
(328,560,947)
(66,169,734)
(86,155,697)
Net
increase
(decrease)
from
Institutional
Class
transactions
...............
(76,477,736)
(91,656,154)
(12,773,120)
16,202,126
Net
increase
(decrease)
from
capital
share
transactions
......................
(76,327,130)
(97,900,654)
(21,060,985)
7,104,261
Net
increase
(decrease)
in
net
assets
.....................
49,686,557
94,522,027
(9,930,952)
88,544,587
Net
assets
Beginning
of
period
................
1,443,176,471
1,348,654,444
677,026,989
588,482,402
End
of
period
.....................
$1,492,863,028
$1,443,176,471
$667,096,037
$677,026,989
Statements
of
Changes
in
Net
Assets
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Large
Cap
Fund
Small
Cap
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
684,448
1,446,865
200,796
652,136
Shares
issued
in
reinvestment
of
distributions
.......................
12,460
182,891
—
—
Shares
redeemed
...................
(694,358)
(2,148,988)
(682,213)
(1,224,041)
Net
increase
(decrease)
in
shares
outstanding
........................
2,550
(519,232)
(481,417)
(571,905)
Class
A
Shares
sold
.......................
88,346
146,843
Shares
issued
in
reinvestment
of
distributions
.......................
—
—
Shares
redeemed
...................
(117,024)
(188,832)
Net
decrease
in
shares
outstanding
......
(28,678)
(41,989)
Institutional
Class
Shares
sold
.......................
3,688,986
14,210,925
3,182,605
6,812,596
Shares
issued
in
reinvestment
of
distributions
.......................
402,264
4,571,897
31,574
—
Shares
redeemed
...................
(9,492,200)
(26,264,830)
(3,989,133)
(5,742,838)
Net
increase
(decrease)
in
shares
outstanding
........................
(5,400,950)
(7,482,008)
(774,954)
1,069,758
Statements
of
Changes
in
Net
Assets
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$1,634,192
$3,056,781
$1,252,611
$2,872,082
Net
realized
gain
(loss)
on
investments
and
foreign
currency
transactions
...
21,351,861
31,863,235
(62,036)
(4,077,850)
Change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
translations
......
17,014,905
23,907,560
(601,324)
10,599,611
Net
increase
in
net
assets
resulting
from
operations
.............
40,000,958
58,827,576
589,251
9,393,843
Distributions
from
distributable
earning
-
Investor
Class
...................
(1,918,748)
(10,495,477)
(70,179)
(154,056)
Distributions
from
distributable
earning
-
Class
A
........................
(100,354)
(546,355)
Distributions
from
distributable
earning
-
Institutional
Class
................
(1,142,319)
(5,287,617)
(1,027,535)
(2,553,737)
Total
distributions
to
shareholders
.....
(3,161,421)
(16,329,449)
(1,097,714)
(2,707,793)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
5,509,152
5,506,365
467,437
1,997,170
Proceeds
from
reinvestment
of
distributions
....................
1,876,137
10,349,644
69,116
151,757
Cost
of
shares
redeemed
............
(15,130,541)
(16,948,583)
(550,139)
(1,890,947)
Net
increase
(decrease)
from
Investor
Class
transactions
...............
(7,745,252)
(1,092,574)
(13,586)
257,980
Class
A
Proceeds
from
shares
sold
...........
306,479
738,543
Proceeds
from
reinvestment
of
distributions
....................
81,481
450,961
Cost
of
shares
redeemed
............
(611,219)
(1,284,508)
Net
decrease
from
Class
A
transactions
.
(223,259)
(95,004)
Institutional
Class
Proceeds
from
shares
sold
...........
9,495,854
9,043,257
2,896,520
7,572,671
Proceeds
from
reinvestment
of
distributions
....................
1,096,740
5,103,388
988,579
2,469,828
Cost
of
shares
redeemed
............
(5,377,263)
(14,021,496)
(5,947,877)
(29,919,577)
Net
increase
(decrease)
from
Institutional
Class
transactions
...............
5,215,331
125,149
(2,062,778)
(19,877,078)
Net
decrease
from
capital
share
transactions
......................
(2,753,180)
(1,062,429)
(2,076,364)
(19,619,098)
Net
increase
(decrease)
in
net
assets
.....................
34,086,357
41,435,698
(2,584,827)
(12,933,048)
Net
assets
Beginning
of
period
................
289,971,864
248,536,166
93,904,760
106,837,808
End
of
period
.....................
$324,058,221
$289,971,864
$91,319,933
$93,904,760
Statements
of
Changes
in
Net
Assets
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
US
Sustainable
Economy
Fund
Global
Sustainable
Infrastructure
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
226,993
256,134
51,313
227,170
Shares
issued
in
reinvestment
of
distributions
.......................
73,435
465,242
7,545
16,898
Shares
redeemed
...................
(613,989)
(798,637)
(60,385)
(217,030)
Net
increase
(decrease)
in
shares
outstanding
........................
(313,561)
(77,261)
(1,527)
27,038
Class
A
Shares
sold
.......................
12,764
35,337
Shares
issued
in
reinvestment
of
distributions
.......................
3,207
20,365
Shares
redeemed
...................
(26,399)
(59,112)
Net
decrease
in
shares
outstanding
......
(10,428)
(3,410)
Institutional
Class
Shares
sold
.......................
363,283
402,658
316,257
857,951
Shares
issued
in
reinvestment
of
distributions
.......................
41,076
219,657
107,337
273,787
Shares
redeemed
...................
(213,245)
(623,954)
(650,921)
(3,346,794)
Net
increase
(decrease)
in
shares
outstanding
........................
191,114
(1,639)
(227,327)
(2,215,056)
Statements
of
Changes
in
Net
Assets
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$454,374
$434,752
$9,327,526
$15,609,422
Net
realized
gain
on
investments
and
foreign
currency
transactions
......
2,915,969
2,027,767
50,555,687
47,580,610
Change
in
unrealized
appreciation
on
investments
and
foreign
currency
translations
...................
3,320,240
14,115,946
82,485,478
295,865,601
Net
increase
in
net
assets
resulting
from
operations
.............
6,690,583
16,578,465
142,368,691
359,055,633
Distributions
from
distributable
earning
-
Investor
Class
...................
(22,955)
(14,860)
(742,659)
(1,165,858)
Distributions
from
distributable
earning
-
Class
A
........................
(81,115)
(121,806)
Distributions
from
distributable
earning
-
Institutional
Class
................
(473,240)
(379,048)
(11,962,223)
(17,275,428)
Total
distributions
to
shareholders
.....
(496,195)
(393,908)
(12,785,997)
(18,563,092)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
1,056,953
2,874,168
3,993,158
11,801,181
Proceeds
from
reinvestment
of
distributions
....................
22,425
14,541
704,885
1,109,598
Cost
of
shares
redeemed
............
(1,043,057)
(1,394,501)
(16,349,874)
(27,944,829)
Net
increase
(decrease)
from
Investor
Class
transactions
...............
36,321
1,494,208
(11,651,831)
(15,034,050)
Class
A
Proceeds
from
shares
sold
...........
1,068,972
2,279,083
Proceeds
from
reinvestment
of
distributions
....................
73,299
110,885
Cost
of
shares
redeemed
............
(2,383,206)
(3,025,083)
Net
decrease
from
Class
A
transactions
.
(1,240,935)
(635,115)
Institutional
Class
Proceeds
from
shares
sold
...........
5,530,937
15,063,023
141,758,314
430,361,238
Proceeds
from
reinvestment
of
distributions
....................
455,907
374,782
11,108,480
16,046,237
Cost
of
shares
redeemed
............
(7,128,155)
(15,725,149)
(291,276,022)
(533,482,046)
Net
decrease
from
Institutional
Class
transactions
....................
(1,141,311)
(287,344)
(138,409,228)
(87,074,571)
Net
increase
(decrease)
from
capital
share
transactions
......................
(1,104,990)
1,206,864
(151,301,994)
(102,743,736)
Net
increase
(decrease)
in
net
assets
.....................
5,089,398
17,391,421
(21,719,300)
237,748,805
Net
assets
Beginning
of
period
................
122,131,680
104,740,259
2,446,425,477
2,208,676,672
End
of
period
.....................
$127,221,078
$122,131,680
$2,424,706,177
$2,446,425,477
Statements
of
Changes
in
Net
Assets
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Global
Opportunities
Fund
Global
Environmental
Markets
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
65,096
193,824
172,955
569,716
Shares
issued
in
reinvestment
of
distributions
.......................
1,337
964
29,370
52,538
Shares
redeemed
...................
(64,288)
(94,374)
(700,521)
(1,349,313)
Net
increase
(decrease)
in
shares
outstanding
........................
2,145
100,414
(498,196)
(727,059)
Class
A
Shares
sold
.......................
45,881
107,937
Shares
issued
in
reinvestment
of
distributions
.......................
3,059
5,260
Shares
redeemed
...................
(105,291)
(145,875)
Net
decrease
in
shares
outstanding
......
(56,351)
(32,678)
Institutional
Class
Shares
sold
.......................
334,258
1,019,972
6,077,074
20,887,675
Shares
issued
in
reinvestment
of
distributions
.......................
27,009
24,738
458,271
753,344
Shares
redeemed
...................
(431,698)
(1,045,531)
(12,286,810)
(25,888,175)
Net
decrease
in
shares
outstanding
......
(70,431)
(821)
(5,751,465)
(4,247,156)
Statements
of
Changes
in
Net
Assets
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
Global
Social
Leaders
Fund
Global
Women’s
Leadership
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
1
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$9,753
$730
$7,411,476
$17,213,036
Net
realized
gain
on
investments
and
foreign
currency
transactions
......
17,954
11,484
62,729,083
1,644,726
Change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
translations
......
48,031
68,104
(30,422,425)
115,753,552
Net
increase
in
net
assets
resulting
from
operations
.............
75,738
80,318
39,718,134
134,611,314
Distributions
from
distributable
earning
-
Investor
Class
...................
(281)
—
(2,597,149)
(2,236,408)
Distributions
from
distributable
earning
-
Institutional
Class
................
(9,522)
—
(12,515,303)
(12,284,755)
Total
distributions
to
shareholders
.....
(9,803)
—
(15,112,452)
(14,521,163)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
52,359
2,000
4,559,108
9,049,641
Proceeds
from
reinvestment
of
distributions
....................
280
—
2,451,089
2,125,123
Cost
of
shares
redeemed
............
(2,028)
—
(12,019,105)
(15,662,661)
Net
increase
(decrease)
from
Investor
Class
transactions
...............
50,611
2,000
(5,008,908)
(4,487,897)
Institutional
Class
Proceeds
from
shares
sold
...........
2,500
1,500,500
30,823,103
77,271,261
Proceeds
from
reinvestment
of
distributions
....................
8,097
—
10,873,799
11,089,075
Cost
of
shares
redeemed
............
—
—
(139,968,109)
(141,586,581)
Net
increase
(decrease)
from
Institutional
Class
transactions
...............
10,597
1,500,500
(98,271,207)
(53,226,245)
Net
increase
(decrease)
from
capital
share
transactions
......................
61,208
1,502,500
(103,280,115)
(57,714,142)
Net
increase
(decrease)
in
net
assets
.....................
127,143
1,582,818
(78,674,433)
62,376,009
Net
assets
Beginning
of
period
................
1,582,818
—
833,472,987
771,096,978
End
of
period
.....................
$1,709,961
$1,582,818
$754,798,554
$833,472,987
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
4,933
196
142,016
305,425
Shares
issued
in
reinvestment
of
distributions
.......................
26
—
74,615
72,332
Shares
redeemed
...................
(192)
—
(371,724)
(536,671)
Net
increase
(decrease)
in
shares
outstanding
........................
4,767
196
(155,093)
(158,914)
Institutional
Class
Shares
sold
.......................
239
150,043
945,566
2,634,666
Shares
issued
in
reinvestment
of
distributions
.......................
742
—
328,216
374,884
Shares
redeemed
...................
—
—
(4,269,578)
(4,830,605)
Net
increase
(decrease)
in
shares
outstanding
........................
981
150,043
(2,995,796)
(1,821,055)
1
For
the
period
November
30,
2023
(commencement
of
operations)
to
December
31,
2023.
Statements
of
Changes
in
Net
Assets
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
International
Sustainable
Economy
Fund
Core
Bond
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$21,368,100
$26,351,376
$16,208,026
$26,843,481
Net
realized
gain
(loss)
on
investments
and
foreign
currency
transactions
...
30,574,051
13,521,314
(6,222,839)
(34,327,063)
Change
in
unrealized
appreciation
(depreciation)
on
investments
and
foreign
currency
translations
......
31,969,020
130,912,287
(13,559,942)
54,314,513
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
83,911,171
170,784,977
(3,574,755)
46,830,931
Distributions
from
distributable
earning
-
Investor
Class
...................
(1,536,851)
(1,881,323)
(205,282)
(348,254)
Distributions
from
distributable
earning
-
Institutional
Class
................
(20,472,495)
(24,395,730)
(15,900,243)
(26,643,485)
Total
distributions
to
shareholders
.....
(22,009,346)
(26,277,053)
(16,105,525)
(26,991,739)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
7,397,141
15,657,230
1,338,888
1,937,326
Proceeds
from
reinvestment
of
distributions
....................
1,497,408
1,835,216
202,308
342,714
Cost
of
shares
redeemed
............
(10,663,828)
(24,354,546)
(1,293,389)
(2,647,733)
Net
increase
(decrease)
from
Investor
Class
transactions
...............
(1,769,279)
(6,862,100)
247,807
(367,693)
Institutional
Class
Proceeds
from
shares
sold
...........
87,407,742
317,581,544
11,557,112
80,487,309
Proceeds
from
reinvestment
of
distributions
....................
18,334,131
21,741,020
15,885,444
26,624,724
Cost
of
shares
redeemed
............
(106,742,865)
(167,131,042)
(25,107,849)
(29,894,603)
Net
increase
(decrease)
from
Institutional
Class
transactions
...............
(1,000,992)
172,191,522
2,334,707
77,217,430
Net
increase
(decrease)
from
capital
share
transactions
......................
(2,770,271)
165,329,422
2,582,514
76,849,737
Net
increase
(decrease)
in
net
assets
.....................
59,131,554
309,837,346
(17,097,766)
96,688,929
Net
assets
Beginning
of
period
................
1,135,722,238
825,884,892
896,338,289
799,649,360
End
of
period
.....................
$1,194,853,792
$1,135,722,238
$879,240,523
$896,338,289
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
699,579
1,632,660
154,758
219,989
Shares
issued
in
reinvestment
of
distributions
.......................
137,756
187,653
23,279
39,409
Shares
redeemed
...................
(1,012,533)
(2,536,509)
(148,757)
(303,303)
Net
increase
(decrease)
in
shares
outstanding
........................
(175,198)
(716,196)
29,280
(43,905)
Institutional
Class
Shares
sold
.......................
8,487,542
33,749,031
1,325,018
9,223,481
Shares
issued
in
reinvestment
of
distributions
.......................
1,726,378
2,268,195
1,828,754
3,065,212
Shares
redeemed
...................
(10,273,065)
(17,833,583)
(2,865,182)
(3,441,961)
Net
increase
(decrease)
in
shares
outstanding
........................
(59,145)
18,183,643
288,590
8,846,732
Statements
of
Changes
in
Net
Assets
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
High
Yield
Bond
Fund
Sustainable
Allocation
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Investment
income,
net
............
$15,313,380
$33,569,533
$24,656,174
$42,470,600
Net
realized
gain
(loss)
on
investments
and
foreign
currency
transactions
...
(23,566,482)
(31,167,670)
(1,381,911)
38,893,816
Change
in
unrealized
appreciation
on
investments
and
foreign
currency
translations
...................
17,674,077
58,038,234
76,335,752
195,735,869
Net
increase
in
net
assets
resulting
from
operations
.............
9,420,975
60,440,097
99,610,015
277,100,285
Distributions
from
distributable
earning
-
Investor
Class
...................
(3,430,915)
(7,542,543)
(26,308,960)
(45,872,248)
Distributions
from
distributable
earning
-
Class
A
........................
(115,965)
(254,040)
Distributions
from
distributable
earning
-
Institutional
Class
................
(11,604,674)
(25,583,018)
(19,182,829)
(31,260,658)
Total
distributions
to
shareholders
.....
(15,151,554)
(33,379,601)
(45,491,789)
(77,132,906)
From
capital
share
transactions:
Investor
Class
Proceeds
from
shares
sold
...........
31,421,257
57,534,255
13,524,711
29,864,960
Proceeds
from
reinvestment
of
distributions
....................
3,308,585
7,273,144
25,460,842
44,535,448
Cost
of
shares
redeemed
............
(39,101,340)
(77,799,598)
(86,497,103)
(121,185,568)
Net
decrease
from
Investor
Class
transactions
....................
(4,371,498)
(12,992,199)
(47,511,550)
(46,785,160)
Class
A
Proceeds
from
shares
sold
...........
757,346
1,324,300
Proceeds
from
reinvestment
of
distributions
....................
106,245
235,341
Cost
of
shares
redeemed
............
(839,136)
(2,519,498)
Net
increase
(decrease)
from
Class
A
transactions
....................
24,455
(959,857)
Institutional
Class
Proceeds
from
shares
sold
...........
25,277,907
101,930,431
49,483,985
101,111,466
Proceeds
from
reinvestment
of
distributions
....................
10,498,067
23,041,969
18,486,205
30,216,167
Cost
of
shares
redeemed
............
(57,297,704)
(161,330,997)
(64,547,045)
(130,125,953)
Net
increase
(decrease)
from
Institutional
Class
transactions
...............
(21,521,730)
(36,358,597)
3,423,145
1,201,680
Net
decrease
from
capital
share
transactions
......................
(25,868,773)
(50,310,653)
(44,088,405)
(45,583,480)
Net
increase
(decrease)
in
net
assets
.....................
(31,599,352)
(23,250,157)
10,029,821
154,383,899
Net
assets
Beginning
of
period
................
563,341,497
586,591,654
2,299,314,670
2,144,930,771
End
of
period
.....................
$531,742,145
$563,341,497
$2,309,344,491
$2,299,314,670
Statements
of
Changes
in
Net
Assets
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
High
Yield
Bond
Fund
Sustainable
Allocation
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Shares
of
Beneficial
Interest:
Investor
Class
Shares
sold
.......................
5,279,136
9,926,021
531,606
1,261,704
Shares
issued
in
reinvestment
of
distributions
.......................
556,335
1,251,751
996,511
1,815,685
Shares
redeemed
...................
(6,567,797)
(13,418,558)
(3,372,906)
(5,080,036)
Net
decrease
in
shares
outstanding
......
(732,326)
(2,240,786)
(1,844,789)
(2,002,647)
Class
A
Shares
sold
.......................
126,710
226,293
Shares
issued
in
reinvestment
of
distributions
.......................
17,822
40,397
Shares
redeemed
...................
(140,665)
(426,883)
Net
increase
(decrease)
in
shares
outstanding
........................
3,867
(160,193)
Institutional
Class
Shares
sold
.......................
4,255,948
17,630,654
1,887,255
4,129,846
Shares
issued
in
reinvestment
of
distributions
.......................
1,769,713
3,977,547
707,471
1,207,066
Shares
redeemed
...................
(9,655,075)
(27,952,309)
(2,481,844)
(5,304,628)
Net
increase
(decrease)
in
shares
outstanding
........................
(3,629,414)
(6,344,108)
112,882
32,284
Financial
Highlights
Impax
Large
Cap
Fund
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$13.24
$11.52
$14.82
$12.02
$10.38
$7.97
Net
investment
income
1
.............
0.04
0.09
0.06
0.03
0.06
0.07
Net
realized
and
unrealized
gains
(losses)
1.17
2.20
(3.02)
3.63
2.38
2.71
Total
from
investment
operations
........
1.21
2.29
(2.96)
3.66
2.44
2.78
Distributions
to
shareholders
From
net
investment
income
.........
0.04
0.10
0.08
0.03
0.07
0.07
From
net
realized
gains
.............
—
0.47
0.26
0.83
0.73
0.30
Total
distributions
...................
0.04
0.57
0.34
0.86
0.80
0.37
Net
asset
value,
end
of
period
..........
$14.41
$13.24
$11.52
$14.82
$12.02
$10.38
Total
return
2
.......................
9.17%
19.90%
(19.99)%
30.57%
23.75%
34.85%
Net
assets,
end
of
period
(in
$000’s)
.....
$63,399
$58,218
$56,667
$57,965
$21,351
$3,271
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.98%
0.98%
0.97%
0.97%
0.95%
0.95%
Net
investment
income
...............
0.57%
0.71%
0.49%
0.22%
0.51%
0.74%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.98%
0.98%
0.97%
0.97%
0.95%
0.95%
Portfolio
Turnover
4
..................
17%
44%
34%
25%
43%
37%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
Large
Cap
Fund
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$13.28
$11.56
$14.87
$12.05
$10.40
$7.98
Net
investment
income
1
.............
0.06
0.12
0.09
0.07
0.09
0.09
Net
realized
and
unrealized
gains
(losses)
1.18
2.20
(3.03)
3.64
2.38
2.72
Total
from
investment
operations
........
1.24
2.32
(2.94)
3.71
2.47
2.81
Distributions
to
shareholders
From
net
investment
income
.........
0.06
0.13
0.11
0.06
0.09
0.09
From
net
realized
gains
.............
—
0.47
0.26
0.83
0.73
0.30
Total
distributions
...................
0.06
0.60
0.37
0.89
0.82
0.39
Net
asset
value,
end
of
period
..........
$14.46
$13.28
$11.56
$14.87
$12.05
$10.40
Total
return
2
.......................
9.33%
20.12%
(19.77)%
30.92%
23.99%
35.23%
Net
assets,
end
of
period
(in
$000’s)
.....
$1,429,464
$1,384,959
$1,291,988
$1,511,547
$1,020,242
$763,004
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.73%
0.73%
0.72%
0.71%
0.70%
0.70%
Net
investment
income
...............
0.81%
0.96%
0.73%
0.47%
0.84%
1.00%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.73%
0.73%
0.72%
0.71%
0.70%
0.70%
Portfolio
Turnover
4
..................
17%
44%
34%
25%
43%
37%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Small
Cap
Fund
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$15.96
$14.06
$18.72
$15.78
$14.67
$12.01
Net
investment
income
(loss)
1
........
0.00
2
(0.02)
(0.03)
0.08
(0.03)
0.13
Net
realized
and
unrealized
gains
(losses)
0.26
1.92
(4.28)
4.66
1.75
2.66
Total
from
investment
operations
........
0.26
1.90
(4.31)
4.74
1.72
2.79
Distributions
to
shareholders
From
net
investment
income
.........
—
—
—
0.04
—
0.13
From
net
realized
gains
.............
—
—
0.35
1.76
0.61
—
Total
distributions
...................
—
—
0.35
1.80
0.61
0.13
Net
asset
value,
end
of
period
..........
$16.22
$15.96
$14.06
$18.72
$15.78
$14.67
Total
return
3
.......................
1.63%
13.51%
(22.97)%
30.26%
11.77%
23.29%
Net
assets,
end
of
period
(in
$000’s)
.....
$90,311
$96,548
$93,090
$125,234
$102,582
$110,520
Ratios
to
average
net
assets
4
Net
expenses
including
reimbursements
and
waivers
...........................
1.14%
1.16%
1.16%
1.15%
1.19%
1.20%
Net
investment
income
(loss)
..........
(0.04)%
(0.11)%
(0.23)%
5
0.44%
(0.23)%
0.93%
Total
expenses
excluding
reimbursements
and
waivers
.......................
1.14%
1.16%
1.16%
1.15%
1.19%
1.20%
Portfolio
Turnover
6
..................
21%
43%
38%
44%
73%
78%
1
Based
on
average
shares
outstanding
during
the
period.
2
Less
than
$0.05
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
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%).
6
Not
annualized.
Impax
Small
Cap
Fund
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Net
asset
value,
beginning
of
period
.....
$15.91
$14.01
$18.66
$15.73
$14.63
$11.98
Net
investment
income
(loss)
1
........
0.00
2
(0.02)
(0.03)
0.08
(0.03)
0.12
Net
realized
and
unrealized
gains
(losses)
0.26
1.92
(4.27)
4.65
1.74
2.66
Total
from
investment
operations
........
0.26
1.90
(4.30)
4.73
1.71
2.78
Distributions
to
shareholders
From
net
investment
income
.........
—
—
—
0.04
—
0.13
From
net
realized
gains
.............
—
—
0.35
1.76
0.61
—
Total
distributions
...................
—
—
0.35
1.80
0.61
0.13
Net
asset
value,
end
of
period
..........
$16.17
$15.91
$14.01
$18.66
$15.73
$14.63
Total
return
3
.......................
1.57%
13.56%
(23.03)%
30.29%
11.73%
23.27%
Net
assets,
end
of
period
(in
$000’s)
.....
$11,427
$11,700
$10,895
$14,305
$10,948
$12,445
Ratios
to
average
net
assets
4
Net
expenses
including
reimbursements
and
waivers
...........................
1.14%
1.16%
1.16%
1.15%
1.19%
1.20%
Net
investment
income
(loss)
..........
(0.03)%
(0.10)%
(0.23)%
5
0.44%
(0.23)%
0.90%
Total
expenses
excluding
reimbursements
and
waivers
.......................
1.14%
1.16%
1.16%
1.15%
1.19%
1.20%
Portfolio
Turnover
6
..................
21%
43%
38%
44%
73%
78%
1
Based
on
average
shares
outstanding
during
the
period.
2
Less
than
$0.05
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
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%).
6
Not
annualized.
Impax
Small
Cap
Fund
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$16.26
$14.29
$18.99
$15.99
$14.82
$12.12
Net
investment
income
1
.............
0.02
0.02
0.01
0.14
—
0.15
Net
realized
and
unrealized
gains
(losses)
0.27
1.95
(4.34)
4.71
1.78
2.70
Total
from
investment
operations
........
0.29
1.97
(4.33)
4.85
1.78
2.85
Distributions
to
shareholders
From
net
investment
income
.........
0.02
—
0.02
0.09
—
0.15
From
net
realized
gains
.............
—
—
0.35
1.76
0.61
—
Total
distributions
...................
0.02
—
0.37
1.85
0.61
0.15
Net
asset
value,
end
of
period
..........
$16.53
$16.26
$14.29
$18.99
$15.99
$14.82
Total
return
2
.......................
1.76%
13.79%
(22.80)%
30.54%
12.06%
23.56%
Net
assets,
end
of
period
(in
$000’s)
.....
$565,359
$568,779
$484,498
$603,123
$352,709
$308,145
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.89%
0.91%
0.91%
0.90%
0.94%
0.95%
Net
investment
income
...............
0.22%
0.15%
0.03%
4
0.73%
0.02%
1.08%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.89%
0.91%
0.91%
0.90%
0.94%
0.95%
Portfolio
Turnover
5
..................
21%
43%
38%
44%
73%
78%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
In
2022
the
Adviser
reimbursed
the
Fund
losses
related
to
a
trading
error
in
the
amount
of
$63,091.
Before
the
reimbursement
by
the
Adviser,
total
return
for
Institutional
Class
shares
would
have
remained
the
same
at
(22.80%).
The
Net
Investment
Income
for
Institutional
Class
shares
would
have
been
0.02%.
5
Not
annualized.
Financial
Highlights
Impax
US
Sustainable
Economy
Fund
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$22.51
$19.19
$25.28
$23.78
$21.41
$17.42
Net
investment
income
1
.............
0.12
0.23
0.22
0.20
0.23
0.28
Net
realized
and
unrealized
gains
(losses)
3.01
4.42
(4.84)
6.83
2.60
4.43
Total
from
investment
operations
........
3.13
4.65
(4.62)
7.03
2.83
4.71
Distributions
to
shareholders
From
net
investment
income
.........
0.24
0.10
0.37
0.20
0.22
0.28
From
net
realized
gains
.............
—
1.23
1.06
5.33
0.24
0.44
Tax
return
of
capital
................
—
—
0.04
—
—
—
Total
distributions
...................
0.24
1.33
1.47
5.53
0.46
0.72
Net
asset
value,
end
of
period
..........
$25.40
$22.51
$19.19
$25.28
$23.78
$21.41
Total
return
2
.......................
13.92%
24.39%
(18.25)%
30.02%
13.34%
27.13%
Net
assets,
end
of
period
(in
$000’s)
.....
$201,533
$185,687
$159,822
$205,407
$170,315
$161,021
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.71%
0.70%
0.70%
0.74%
0.90%
0.90%
Net
investment
income
...............
0.98%
1.06%
1.01%
0.74%
1.10%
1.43%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.88%
0.88%
0.88%
0.88%
0.90%
0.90%
Portfolio
Turnover
4
..................
23%
43%
37%
47%
65%
49%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
US
Sustainable
Economy
Fund
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Net
asset
value,
beginning
of
period
.....
$22.41
$19.11
$25.18
$23.71
$21.35
$17.38
Net
investment
income
1
.............
0.12
0.22
0.22
0.20
0.23
0.28
Net
realized
and
unrealized
gains
(losses)
3.00
4.42
(4.82)
6.80
2.59
4.41
Total
from
investment
operations
........
3.12
4.64
(4.60)
7.00
2.82
4.69
Distributions
to
shareholders
From
net
investment
income
.........
0.25
0.11
0.37
0.20
0.22
0.28
From
net
realized
gains
.............
—
1.23
1.06
5.33
0.24
0.44
Tax
return
of
capital
................
—
—
0.04
—
—
—
Total
distributions
...................
0.25
1.34
1.47
5.53
0.46
0.72
Net
asset
value,
end
of
period
..........
$25.28
$22.41
$19.11
$25.18
$23.71
$21.35
Total
return
2
.......................
13.89%
24.39%
(18.24)%
29.99%
13.33%
27.08%
Net
assets,
end
of
period
(in
$000’s)
.....
$10,419
$9,469
$8,142
$10,150
$6,599
$6,659
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.71%
0.70%
0.70%
0.74%
0.90%
0.90%
Net
investment
income
...............
0.98%
1.06%
1.01%
0.74%
1.11%
1.43%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.88%
0.88%
0.88%
0.88%
0.90%
0.90%
Portfolio
Turnover
4
..................
23%
43%
37%
47%
65%
49%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
US
Sustainable
Economy
Fund
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$23.53
$19.99
$26.25
$24.52
$22.07
$17.94
Net
investment
income
1
.............
0.16
0.29
0.28
0.28
0.29
0.34
Net
realized
and
unrealized
gains
(losses)
3.14
4.61
(5.02)
7.05
2.67
4.56
Total
from
investment
operations
........
3.30
4.90
(4.74)
7.33
2.96
4.90
Distributions
to
shareholders
From
net
investment
income
.........
0.27
0.13
0.42
0.27
0.27
0.33
From
net
realized
gains
.............
—
1.23
1.06
5.33
0.24
0.44
Tax
return
of
capital
................
—
—
0.04
—
—
—
Total
distributions
...................
0.27
1.36
1.52
5.60
0.51
0.77
Net
asset
value,
end
of
period
..........
$26.56
$23.53
$19.99
$26.25
$24.52
$22.07
Total
return
2
.......................
14.03%
24.65%
(18.01)%
30.35%
13.57%
27.42%
Net
assets,
end
of
period
(in
$000’s)
.....
$112,106
$94,815
$80,572
$98,866
$79,301
$72,736
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.46%
0.45%
0.45%
0.49%
0.65%
0.65%
Net
investment
income
...............
1.23%
1.31%
1.27%
0.99%
1.35%
1.68%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.63%
0.63%
0.63%
0.63%
0.65%
0.65%
Portfolio
Turnover
4
..................
23%
43%
37%
47%
65%
49%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Global
Sustainable
Infrastructure
Fund
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$9.10
$8.53
$10.11
$14.17
$12.78
$10.64
Net
investment
income
1
.............
0.11
0.22
0.24
0.41
0.23
0.25
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.57
(1.61)
1.48
1.56
2.49
Total
from
investment
operations
........
0.05
0.79
(1.37)
1.89
1.79
2.74
Distributions
to
shareholders
From
net
investment
income
.........
0.10
0.22
0.21
0.32
0.21
0.25
From
net
realized
gains
.............
—
—
—
5.63
0.19
0.35
Total
distributions
...................
0.10
0.22
0.21
5.95
0.40
0.60
Net
asset
value,
end
of
period
..........
$9.05
$9.10
$8.53
$10.11
$14.17
$12.78
Total
return
2
.......................
0.54%
9.33%
(13.44)%
13.98%
14.25%
25.85%
Net
assets,
end
of
period
(in
$000’s)
.....
$6,398
$6,448
$5,816
$5,432
$4,014
$2,859
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.83%
0.80%
0.80%
0.83%
0.90%
0.90%
Net
investment
income
...............
2.49%
2.45%
2.64%
2.70%
1.80%
2.03%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
Portfolio
Turnover
4
..................
11%
89%
54%
127%
93%
50%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
Global
Sustainable
Infrastructure
Fund
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$9.14
$8.57
$10.16
$14.21
$12.81
$10.66
Net
investment
income
1
.............
0.12
0.24
0.26
0.43
0.26
0.28
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.57
(1.62)
1.51
1.57
2.50
Total
from
investment
operations
........
0.06
0.81
(1.36)
1.94
1.83
2.78
Distributions
to
shareholders
From
net
investment
income
.........
0.11
0.24
0.23
0.36
0.24
0.28
From
net
realized
gains
.............
—
—
—
5.63
0.19
0.35
Total
distributions
...................
0.11
0.24
0.23
5.99
0.43
0.63
Net
asset
value,
end
of
period
..........
$9.09
$9.14
$8.57
$10.16
$14.21
$12.81
Total
return
2
.......................
0.65%
9.55%
(13.25)%
14.27%
14.54%
26.18%
Net
assets,
end
of
period
(in
$000’s)
.....
$84,922
$87,457
$101,022
$92,244
$136,036
$130,001
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.58%
0.55%
0.55%
0.58%
0.65%
0.65%
Net
investment
income
...............
2.73%
2.69%
2.89%
2.81%
2.06%
2.28%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.65%
0.65%
0.65%
0.65%
0.65%
0.65%
Portfolio
Turnover
4
..................
11%
89%
54%
127%
93%
50%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Global
Opportunities
Fund
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$15.73
$13.69
$17.09
$14.66
$12.04
$9.18
Net
investment
income
(loss)
1
........
0.04
0.02
0.01
(0.02)
(0.01)
0.02
Net
realized
and
unrealized
gains
(losses)
0.81
2.05
(3.20)
2.76
2.75
3.05
Total
from
investment
operations
........
0.85
2.07
(3.19)
2.74
2.74
3.07
Distributions
to
shareholders
From
net
investment
income
.........
0.05
0.03
0.03
—
—
0.03
From
net
realized
gains
.............
—
—
0.18
0.31
0.12
0.18
Total
distributions
...................
0.05
0.03
0.21
0.31
0.12
0.21
Net
asset
value,
end
of
period
..........
$16.53
$15.73
$13.69
$17.09
$14.66
$12.04
Total
return
2
.......................
5.38%
15.16%
(18.66)%
18.69%
22.76%
33.51%
Net
assets,
end
of
period
(in
$000’s)
.....
$8,050
$7,627
$5,260
$5,784
$3,401
$1,683
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
1.23%
1.23%
1.23%
1.21%
1.18%
1.19%
Net
investment
income
(loss)
..........
0.51%
0.12%
0.09%
(0.15)%
(0.06)%
0.17%
Total
expenses
excluding
reimbursements
and
waivers
.......................
1.32%
1.33%
1.33%
1.32%
1.56%
1.68%
Portfolio
Turnover
4
..................
15%
33%
38%
30%
34%
29%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
Global
Opportunities
Fund
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$15.83
$13.75
$17.15
$14.69
$12.04
$9.18
Net
investment
income
1
.............
0.06
0.06
0.05
0.02
0.02
0.06
Net
realized
and
unrealized
gains
(losses)
0.82
2.07
(3.22)
2.76
2.76
3.03
Total
from
investment
operations
........
0.88
2.13
(3.17)
2.78
2.78
3.09
Distributions
to
shareholders
From
net
investment
income
.........
0.07
0.05
0.05
0.01
0.01
0.05
From
net
realized
gains
.............
—
—
0.18
0.31
0.12
0.18
Total
distributions
...................
0.07
0.05
0.23
0.32
0.13
0.23
Net
asset
value,
end
of
period
..........
$16.64
$15.83
$13.75
$17.15
$14.69
$12.04
Total
return
2
.......................
5.53%
15.50%
(18.49)%
18.96%
23.12%
33.72%
Net
assets,
end
of
period
(in
$000’s)
.....
$119,171
$114,505
$99,480
$137,236
$65,644
$40,392
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.98%
0.98%
0.98%
0.96%
0.94%
0.92%
Net
investment
income
...............
0.75%
0.39%
0.34%
0.11%
0.17%
0.51%
Total
expenses
excluding
reimbursements
and
waivers
.......................
1.07%
1.08%
1.08%
1.07%
1.31%
1.42%
Portfolio
Turnover
4
..................
15%
33%
38%
30%
34%
29%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Global
Environmental
Markets
Fund
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$22.47
$19.41
$25.22
$21.08
$16.85
$13.28
Net
investment
income
1
.............
0.06
0.09
0.07
0.14
0.09
0.12
Net
realized
and
unrealized
gains
(losses)
1.22
3.11
(5.78)
4.48
4.22
3.56
Total
from
investment
operations
........
1.28
3.20
(5.71)
4.62
4.31
3.68
Distributions
to
shareholders
From
net
investment
income
.........
0.10
0.14
0.04
0.13
0.08
0.11
From
net
realized
gains
.............
—
—
0.06
0.35
—
—
Total
distributions
...................
0.10
0.14
0.10
0.48
0.08
0.11
Net
asset
value,
end
of
period
..........
$23.65
$22.47
$19.41
$25.22
$21.08
$16.85
Total
return
2
.......................
5.69%
16.55%
(22.62)%
21.95%
25.71%
27.75%
Net
assets,
end
of
period
(in
$000’s)
.....
$174,841
$177,310
$167,290
$227,902
$175,040
$152,209
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
1.14%
1.16%
1.16%
1.15%
1.20%
1.22%
Net
investment
income
...............
0.53%
0.44%
0.37%
0.61%
0.55%
0.78%
Total
expenses
excluding
reimbursements
and
waivers
.......................
1.14%
1.16%
1.16%
1.15%
1.20%
1.22%
Portfolio
Turnover
4
..................
13%
26%
35%
18%
25%
14%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
Global
Environmental
Markets
Fund
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Net
asset
value,
beginning
of
period
.....
$22.44
$19.38
$25.17
$21.05
$16.83
$13.26
Net
investment
income
1
.............
0.06
0.09
0.07
0.14
0.09
0.12
Net
realized
and
unrealized
gains
(losses)
1.22
3.11
(5.76)
4.46
4.21
3.56
Total
from
investment
operations
........
1.28
3.20
(5.69)
4.60
4.30
3.68
Distributions
to
shareholders
From
net
investment
income
.........
0.10
0.14
0.04
0.13
0.08
0.11
From
net
realized
gains
.............
—
—
0.06
0.35
—
—
Total
distributions
...................
0.10
0.14
0.10
0.48
0.08
0.11
Net
asset
value,
end
of
period
..........
$23.62
$22.44
$19.38
$25.17
$21.05
$16.83
Total
return
2
.......................
5.70%
16.58%
(22.58)%
21.89%
25.68%
27.77%
Net
assets,
end
of
period
(in
$000’s)
.....
$18,964
$19,283
$17,292
$22,613
$16,651
$13,700
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
1.14%
1.16%
1.16%
1.15%
1.20%
1.22%
Net
investment
income
...............
0.53%
0.43%
0.36%
0.61%
0.54%
0.78%
Total
expenses
excluding
reimbursements
and
waivers
.......................
1.14%
1.16%
1.16%
1.15%
1.20%
1.22%
Portfolio
Turnover
4
..................
13%
26%
35%
18%
25%
14%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
Global
Environmental
Markets
Fund
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$22.70
$19.58
$25.40
$21.23
$16.97
$13.36
Net
investment
income
1
.............
0.09
0.14
0.12
0.21
0.14
0.16
Net
realized
and
unrealized
gains
(losses)
1.23
3.15
(5.82)
4.49
4.25
3.60
Total
from
investment
operations
........
1.32
3.29
(5.70)
4.70
4.39
3.76
Distributions
to
shareholders
From
net
investment
income
.........
0.13
0.17
0.06
0.18
0.13
0.15
From
net
realized
gains
.............
—
—
0.06
0.35
—
—
Total
distributions
...................
0.13
0.17
0.12
0.53
0.13
0.15
Net
asset
value,
end
of
period
..........
$23.89
$22.70
$19.58
$25.40
$21.23
$16.97
Total
return
2
.......................
5.80%
16.85%
(22.39)%
22.23%
26.00%
28.17%
Net
assets,
end
of
period
(in
$000’s)
.....
$2,230,901
$2,249,833
$2,024,095
$2,495,005
$1,437,952
$802,292
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.89%
0.91%
0.91%
0.90%
0.95%
0.97%
Net
investment
income
...............
0.78%
0.69%
0.63%
0.87%
0.78%
1.01%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.89%
0.91%
0.91%
0.90%
0.95%
0.97%
Portfolio
Turnover
4
..................
13%
26%
35%
18%
25%
14%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Global
Social
Leaders
Fund
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Period
Ended
December
31,
2023
1
Investor
Class
Net
asset
value,
beginning
of
period
......................................................
$10.53
$10.00
Net
investment
income
2
..............................................................
0.08
0.00
3
Net
realized
and
unrealized
gains
.......................................................
0.40
0.53
Total
from
investment
operations
.........................................................
0.48
0.53
Distributions
to
shareholders
From
net
investment
income
..........................................................
0.06
—
Total
distributions
....................................................................
0.06
—
Net
asset
value,
end
of
period
...........................................................
$10.95
$10.53
Total
return
4
........................................................................
4.53%
5.30%
Net
assets,
end
of
period
(in
$000’s)
......................................................
$54
$2
Ratios
to
average
net
assets
5
Net
expenses
including
reimbursements
and
waivers
.........................................
1.23%
1.23%
Net
investment
income
................................................................
1.45%
0.10%
Total
expenses
excluding
reimbursements
and
waivers
........................................
14.88%
25.89%
Portfolio
Turnover
6
...................................................................
18%
13%
1
For
the
period
November
30,
2023
(commencement
of
operations)
to
December
31,
2023.
2
Based
on
average
shares
outstanding
during
the
period.
3
Less
than
$0.05
per
share.
4
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
5
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
6
Not
annualized.
Impax
Global
Social
Leaders
Fund
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Period
Ended
December
31,
2023
1
Institutional
Class
Net
asset
value,
beginning
of
period
......................................................
$10.54
$10.00
Net
investment
income
2
..............................................................
0.06
0.01
Net
realized
and
unrealized
gains
.......................................................
0.42
0.53
Total
from
investment
operations
.........................................................
0.48
0.54
Distributions
to
shareholders
From
net
investment
income
..........................................................
0.06
—
Total
distributions
....................................................................
0.06
—
Net
asset
value,
end
of
period
...........................................................
$10.96
$10.54
Total
return
3
........................................................................
4.59%
5.40%
Net
assets,
end
of
period
(in
$000’s)
......................................................
$1,656
$1,581
Ratios
to
average
net
assets
4
Net
expenses
including
reimbursements
and
waivers
.........................................
0.98%
0.98%
Net
investment
income
................................................................
1.20%
0.56%
Total
expenses
excluding
reimbursements
and
waivers
........................................
14.04%
25.64%
Portfolio
Turnover
5
...................................................................
18%
13%
1
For
the
period
November
30,
2023
(commencement
of
operations)
to
December
31,
2023.
2
Based
on
average
shares
outstanding
during
the
period.
3
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
4
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
5
Not
annualized.
Financial
Highlights
Impax
Ellevate
Global
Women’s
Leadership
Fund
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$31.66
$27.26
$35.14
$30.34
$27.00
$22.02
Net
investment
income
1
.............
0.27
0.57
0.42
0.39
0.33
0.47
Net
realized
and
unrealized
gains
(losses)
1.30
4.34
(7.45)
4.84
3.32
5.33
Total
from
investment
operations
........
1.57
4.91
(7.03)
5.23
3.65
5.80
Distributions
to
shareholders
From
net
investment
income
.........
0.63
0.51
0.24
0.43
0.31
0.44
From
net
realized
gains
.............
—
—
0.61
—
—
0.38
Total
distributions
...................
0.63
0.51
0.85
0.43
0.31
0.82
Net
asset
value,
end
of
period
..........
$32.60
$31.66
$27.26
$35.14
$30.34
$27.00
Total
return
2
.......................
4.93%
18.14%
(19.98)%
17.27%
13.67%
26.42%
Net
assets,
end
of
period
(in
$000’s)
.....
$136,916
$137,887
$123,060
$160,749
$130,255
$118,713
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.77%
0.77%
0.77%
0.76%
0.78%
0.80%
Net
investment
income
...............
1.69%
1.95%
1.42%
1.18%
1.27%
1.87%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.77%
0.77%
0.77%
0.76%
0.78%
0.80%
Portfolio
Turnover
4
..................
46%
32%
45%
43%
5
69%
5
66%
5
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
5
To
manage
cash
flows,
minimize
trading
costs
and
equitize
cash
balances
in
between
trading
blocks
of
securities,
the
Global
Women’s
Leadership
Fund
utilized
one
or
more
exchange-traded
funds
(ETFs),
the
combination
of
which
is
intended
to
track
the
Fund’s
broad-based
benchmark.
These
investments
are
frequent
and
short-term,
however,
the
Fund
is
required
to
include
such
ETF
investment
activity
in
the
calculation
of
its
portfolio
turnover.
Had
such
transactions
been
excluded,
the
portfolio
turnover
would
have
been
26%
for
the
year
ended
December
31,
2021,
37% for
the
year
ended
December
31,
2020,
and
25%
for
the
year
ended
December
31,
2019.
Impax
Ellevate
Global
Women’s
Leadership
Fund
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$31.92
$27.45
$35.33
$30.50
$27.14
$22.12
Net
investment
income
1
.............
0.31
0.64
0.49
0.48
0.40
0.53
Net
realized
and
unrealized
gains
(losses)
1.31
4.37
(7.48)
4.86
3.34
5.37
Total
from
investment
operations
........
1.62
5.01
(6.99)
5.34
3.74
5.90
Distributions
to
shareholders
From
net
investment
income
.........
0.66
0.54
0.28
0.51
0.38
0.50
From
net
realized
gains
.............
—
—
0.61
—
—
0.38
Total
distributions
...................
0.66
0.54
0.89
0.51
0.38
0.88
Net
asset
value,
end
of
period
..........
$32.88
$31.92
$27.45
$35.33
$30.50
$27.14
Total
return
2
.......................
5.07%
18.41%
(19.76)%
17.56%
13.94%
26.77%
Net
assets,
end
of
period
(in
$000’s)
.....
$617,883
$695,585
$648,037
$854,540
$619,168
$346,142
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.52%
0.52%
0.52%
0.51%
0.53%
0.55%
Net
investment
income
...............
1.92%
2.20%
1.67%
1.43%
1.52%
2.07%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.52%
0.52%
0.52%
0.51%
0.53%
0.55%
Portfolio
Turnover
4
..................
46%
32%
45%
43%
5
69%
5
66%
5
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
5
To
manage
cash
flows,
minimize
trading
costs
and
equitize
cash
balances
in
between
trading
blocks
of
securities,
the
Global
Women’s
Leadership
Fund
utilized
one
or
more
exchange-traded
funds
(ETFs),
the
combination
of
which
is
intended
to
track
the
Fund’s
broad-based
benchmark.
These
investments
are
frequent
and
short-term,
however,
the
Fund
is
required
to
include
such
ETF
investment
activity
in
the
calculation
of
its
portfolio
turnover.
Had
such
transactions
been
excluded,
the
portfolio
turnover
would
have
been
26%
for
the
year
ended
December
31,
2021,
37% for
the
year
ended
December
31,
2020,
and
25%
for
the
year
ended
December
31,
2019.
Financial
Highlights
Impax
International
Sustainable
Economy
Fund
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$10.24
$8.80
$10.99
$10.35
$9.53
$7.95
Net
investment
income
1
.............
0.18
0.23
0.21
0.22
0.17
0.21
Net
realized
and
unrealized
gains
(losses)
0.57
1.42
(2.19)
0.90
0.81
1.59
Total
from
investment
operations
........
0.75
1.65
(1.98)
1.12
0.98
1.80
Distributions
to
shareholders
From
net
investment
income
.........
0.19
0.21
0.21
0.23
0.16
0.22
From
net
realized
gains
.............
—
—
—
0.25
—
—
Total
distributions
...................
0.19
0.21
0.21
0.48
0.16
0.22
Net
asset
value,
end
of
period
..........
$10.80
$10.24
$8.80
$10.99
$10.35
$9.53
Total
return
2
.......................
7.27%
18.92%
(18.00)%
10.88%
10.51%
22.78%
Net
assets,
end
of
period
(in
$000’s)
.....
$90,954
$88,042
$81,939
$90,993
$77,963
$84,855
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.70%
0.70%
0.72%
0.72%
0.75%
0.80%
Net
investment
income
...............
3.40%
2.44%
2.30%
1.98%
1.91%
2.40%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.70%
0.70%
0.72%
0.72%
0.75%
0.80%
Portfolio
Turnover
4
..................
27%
56%
51%
55%
5
43%
5
31%
5
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
5
To
manage
cash
flows,
minimize
trading
costs
and
equitize
cash
balances
in
between
trading
blocks
of
securities,
the
International
Sustainable
Economy
Fund
utilized
one
or
more
exchange-traded
funds
(ETFs)
which
have
an
investment
objective
that
tracks
the
Fund’s
broad-based
benchmark.
These
investments
are
frequent
and
short-term,
however,
the
Fund
is
required
to
include
such
ETF
investment
activity
in
the
calculation
of
its
portfolio
turnover.
Had
such
transactions
been
excluded,
the
portfolio
turnover
would
have
been
41%
for
the
year
ended
December
31,
2021,
27% for
the
year
ended
December
31,
2020,
and
19%
for
the
year
ended
December
31,
2019.
Impax
International
Sustainable
Economy
Fund
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$10.02
$8.61
$10.76
$10.14
$9.34
$7.80
Net
investment
income
1
.............
0.19
0.24
0.23
0.24
0.19
0.23
Net
realized
and
unrealized
gains
(losses)
0.55
1.41
(2.15)
0.89
0.79
1.55
Total
from
investment
operations
........
0.74
1.65
(1.92)
1.13
0.98
1.78
Distributions
to
shareholders
From
net
investment
income
.........
0.20
0.24
0.23
0.26
0.18
0.24
From
net
realized
gains
.............
—
—
—
0.25
—
—
Total
distributions
...................
0.20
0.24
0.23
0.51
0.18
0.24
Net
asset
value,
end
of
period
..........
$10.56
$10.02
$8.61
$10.76
$10.14
$9.34
Total
return
2
.......................
7.35%
19.28%
(17.80)%
11.19%
10.78%
23.01%
Net
assets,
end
of
period
(in
$000’s)
.....
$1,103,900
$1,047,680
$743,946
$787,829
$623,014
$559,939
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.45%
0.45%
0.47%
0.47%
0.50%
0.55%
Net
investment
income
...............
3.68%
2.62%
2.57%
2.22%
2.15%
2.63%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.45%
0.45%
0.47%
0.47%
0.50%
0.55%
Portfolio
Turnover
4
..................
27%
56%
51%
55%
5
43%
5
31%
5
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
5
To
manage
cash
flows,
minimize
trading
costs
and
equitize
cash
balances
in
between
trading
blocks
of
securities,
the
International
Sustainable
Economy
Fund
utilized
one
or
more
exchange-traded
funds
(ETFs)
which
have
an
investment
objective
that
tracks
the
Fund’s
broad-based
benchmark.
These
investments
are
frequent
and
short-term,
however,
the
Fund
is
required
to
include
such
ETF
investment
activity
in
the
calculation
of
its
portfolio
turnover.
Had
such
transactions
been
excluded,
the
portfolio
turnover
would
have
been
41%
for
the
year
ended
December
31,
2021,
27% for
the
year
ended
December
31,
2020,
and
19%
for
the
year
ended
December
31,
2019.
Financial
Highlights
Impax
Core
Bond
Fund
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$8.88
$8.68
$10.21
$10.56
$10.29
$9.78
Net
investment
income
1
.............
0.15
0.25
0.18
0.14
0.17
0.23
Net
realized
and
unrealized
gains
(losses)
(0.19)
0.21
(1.52)
(0.31)
0.53
0.53
Total
from
investment
operations
........
(0.04)
0.46
(1.34)
(0.17)
0.70
0.76
Distributions
to
shareholders
From
net
investment
income
.........
0.15
0.26
0.19
0.16
0.19
0.25
From
net
realized
gains
.............
—
—
—
0.02
0.24
—
Total
distributions
...................
0.15
0.26
0.19
0.18
0.43
0.25
Net
asset
value,
end
of
period
..........
$8.69
$8.88
$8.68
$10.21
$10.56
$10.29
Total
return
2
.......................
(0.43)%
5.36%
(13.16)%
(1.63)%
6.89%
7.78%
Net
assets,
end
of
period
(in
$000’s)
.....
$11,916
$11,926
$12,029
$14,076
$14,101
$7,401
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.72%
0.72%
0.71%
0.71%
0.72%
0.71%
Net
investment
income
...............
3.50%
2.92%
1.99%
1.35%
1.58%
2.30%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.72%
0.72%
0.71%
0.71%
0.72%
0.71%
Portfolio
Turnover
4
..................
62%
79%
70%
48%
79%
63%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
Core
Bond
Fund
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$8.88
$8.68
$10.21
$10.56
$10.29
$9.78
Net
investment
income
1
.............
0.16
0.28
0.21
0.16
0.20
0.26
Net
realized
and
unrealized
gains
(losses)
(0.20)
0.20
(1.52)
(0.30)
0.53
0.52
Total
from
investment
operations
........
(0.04)
0.48
(1.31)
(0.14)
0.73
0.78
Distributions
to
shareholders
From
net
investment
income
.........
0.16
0.28
0.22
0.19
0.22
0.27
From
net
realized
gains
.............
—
—
—
0.02
0.24
—
Total
distributions
...................
0.16
0.28
0.22
0.21
0.46
0.27
Net
asset
value,
end
of
period
..........
$8.68
$8.88
$8.68
$10.21
$10.56
$10.29
Total
return
2
.......................
(0.42)%
5.62%
(12.94)%
(1.38)%
7.16%
8.04%
Net
assets,
end
of
period
(in
$000’s)
.....
$867,324
$884,413
$787,620
$771,495
$746,615
$702,291
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.47%
0.47%
0.46%
0.46%
0.46%
0.46%
Net
investment
income
...............
3.75%
3.19%
2.26%
1.60%
1.86%
2.55%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.47%
0.47%
0.46%
0.46%
0.46%
0.46%
Portfolio
Turnover
4
..................
62%
79%
70%
48%
79%
63%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
High
Yield
Bond
Fund
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$6.02
$5.73
$6.90
$6.97
$6.79
$6.25
Net
investment
income
1
.............
0.16
0.33
0.29
0.27
0.32
0.33
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.29
(1.17)
(0.07)
0.18
0.54
Total
from
investment
operations
........
0.10
0.62
(0.88)
0.20
0.50
0.87
Distributions
to
shareholders
From
net
investment
income
.........
0.16
0.33
0.29
0.27
0.32
0.33
Total
distributions
...................
0.16
0.33
0.29
0.27
0.32
0.33
Net
asset
value,
end
of
period
..........
$5.96
$6.02
$5.73
$6.90
$6.97
$6.79
Total
return
2
.......................
1.72%
11.09%
(12.89)%
2.96%
7.80%
14.11%
Net
assets,
end
of
period
(in
$000’s)
.....
$125,357
$131,044
$137,689
$172,881
$171,838
$183,631
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.93%
0.93%
0.92%
0.93%
0.96%
0.96%
Net
investment
income
...............
5.50%
5.63%
4.70%
3.86%
4.87%
4.94%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.93%
0.93%
0.92%
0.93%
0.96%
0.96%
Portfolio
Turnover
4
..................
28%
29%
35%
51%
97%
90%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
High
Yield
Bond
Fund
(continued)
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Net
asset
value,
beginning
of
period
.....
$6.03
$5.74
$6.92
$6.98
$6.80
$6.26
Net
investment
income
1
.............
0.16
0.33
0.29
0.27
0.32
0.33
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.29
(1.18)
(0.06)
0.19
0.54
Total
from
investment
operations
........
0.10
0.62
(0.89)
0.21
0.51
0.87
Distributions
to
shareholders
From
net
investment
income
.........
0.16
0.33
0.29
0.27
0.33
0.33
Total
distributions
...................
0.16
0.33
0.29
0.27
0.33
0.33
Net
asset
value,
end
of
period
..........
$5.97
$6.03
$5.74
$6.92
$6.98
$6.80
Total
return
2
.......................
1.71%
11.08%
(12.99)%
3.11%
7.79%
14.10%
Net
assets,
end
of
period
(in
$000’s)
.....
$4,274
$4,294
$5,011
$7,102
$6,177
$5,827
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.93%
0.93%
0.92%
0.93%
0.96%
0.96%
Net
investment
income
...............
5.50%
5.63%
4.68%
3.85%
4.87%
4.95%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.93%
0.93%
0.92%
0.93%
0.96%
0.96%
Portfolio
Turnover
4
..................
28%
29%
35%
51%
97%
90%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Impax
High
Yield
Bond
Fund
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$6.00
$5.71
$6.88
$6.94
$6.76
$6.23
Net
investment
income
1
.............
0.17
0.34
0.30
0.28
0.33
0.34
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.29
(1.17)
(0.04)
0.19
0.53
Total
from
investment
operations
........
0.11
0.63
(0.87)
0.24
0.52
0.87
Distributions
to
shareholders
From
net
investment
income
.........
0.17
0.34
0.30
0.30
0.34
0.34
Total
distributions
...................
0.17
0.34
0.30
0.30
0.34
0.34
Net
asset
value,
end
of
period
..........
$5.94
$6.00
$5.71
$6.88
$6.94
$6.76
Total
return
2
.......................
1.83%
11.39%
(12.72)%
3.36%
8.08%
14.26%
Net
assets,
end
of
period
(in
$000’s)
.....
$402,111
$428,004
$443,891
$560,469
$294,313
$186,350
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
...........................
0.68%
0.68%
0.67%
0.69%
0.72%
0.71%
Net
investment
income
...............
5.75%
5.89%
4.95%
4.08%
5.07%
5.21%
Total
expenses
excluding
reimbursements
and
waivers
.......................
0.68%
0.68%
0.67%
0.69%
0.72%
0.71%
Portfolio
Turnover
4
..................
28%
29%
35%
51%
97%
90%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
Not
annualized.
Financial
Highlights
Impax
Sustainable
Allocation
Fund
SEE
NOTES
TO
FINANCIAL
STATEMENTS
Semiannual
Report
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Investor
Class
Net
asset
value,
beginning
of
period
.....
$24.92
$22.78
$28.98
$26.36
$23.35
$21.14
Net
investment
income
1
.............
0.26
0.43
0.33
0.23
0.26
0.36
Net
realized
and
unrealized
gains
(losses)
0.82
2.55
(5.11)
3.79
3.49
4.02
Total
from
investment
operations
........
1.08
2.98
(4.78)
4.02
3.75
4.38
Distributions
to
shareholders
From
net
investment
income
.........
0.50
0.34
0.29
0.23
0.26
0.37
From
net
realized
gains
.............
—
0.50
1.13
1.17
0.48
1.80
Total
distributions
...................
0.50
0.84
1.42
1.40
0.74
2.17
Net
asset
value,
end
of
period
..........
$25.50
$24.92
$22.78
$28.98
$26.36
$23.35
Total
return
2
.......................
4.34%
13.17%
(16.42)%
15.31%
16.24%
20.83%
Net
assets,
end
of
period
(in
$000’s)
.....
$1,356,682
$1,371,707
$1,299,467
$1,652,892
$1,518,966
$1,523,009
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
4
..........................
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
Net
investment
income
...............
2.03%
1.82%
1.29%
0.80%
1.08%
1.56%
Total
expenses
excluding
reimbursements
and
waivers
4
.......................
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
Portfolio
Turnover
5
..................
1%
7%
4%
4%
13%
8%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
The
expense
ratio
of
the
Sustainable
Allocation
Fund
does
not
include
indirect
expenses
of
the
underlying
funds
the
Fund
invests
in.
Indirect
expenses
of
the
underlying
funds
were
0.62%
for
the
period
ended
June
30,
2024,
0.62%
for
the
year
ended
December
31,
2023,
0.60%
for
the
year
ended
December
31,
2022,
0.59%
for
the
year
ended
December
31,
2021,
0.57%
for
the
year
ended
December
31,
2020,
and
0.62%
for
the
year
ended
December
31,
2019.
5
Not
annualized.
Impax
Sustainable
Allocation
Fund
(continued)
Semiannual
Report
SEE
NOTES
TO
FINANCIAL
STATEMENTS
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Institutional
Class
Net
asset
value,
beginning
of
period
.....
$25.47
$23.24
$29.54
$26.83
$23.76
$21.47
Net
investment
income
1
.............
0.30
0.50
0.40
0.32
0.33
0.43
Net
realized
and
unrealized
gains
(losses)
0.84
2.60
(5.22)
3.86
3.54
4.09
Total
from
investment
operations
........
1.14
3.10
(4.82)
4.18
3.87
4.52
Distributions
to
shareholders
From
net
investment
income
.........
0.53
0.37
0.35
0.30
0.32
0.43
From
net
realized
gains
.............
—
0.50
1.13
1.17
0.48
1.80
Total
distributions
...................
0.53
0.87
1.48
1.47
0.80
2.23
Net
asset
value,
end
of
period
..........
$26.08
$25.47
$23.24
$29.54
$26.83
$23.76
Total
return
2
.......................
4.49%
13.44%
(16.22)%
15.64%
16.49%
21.17%
Net
assets,
end
of
period
(in
$000’s)
.....
$952,662
$927,608
$845,463
$974,940
$657,906
$374,838
Ratios
to
average
net
assets
3
Net
expenses
including
reimbursements
and
waivers
4
..........................
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Net
investment
income
...............
2.30%
2.07%
1.56%
1.10%
1.36%
1.80%
Total
expenses
excluding
reimbursements
and
waivers
4
.......................
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Portfolio
Turnover
5
..................
1%
7%
4%
4%
13%
8%
1
Based
on
average
shares
outstanding
during
the
period.
2
Total
return
represents
aggregate
total
return
for
the
period
indicated,
includes
reinvestment
of
all
dividends
and
distributions,
and
does
not
reflect
the
deduction
of
any
applicable
sales
charges.
Total
returns
for
periods
of
less
than
one
year
have
not
been
annualized.
3
Ratios
representing
periods
of
less
than
one
year
have
been
annualized.
4
The
expense
ratio
of
the
Sustainable
Allocation
Fund
does
not
include
indirect
expenses
of
the
underlying
funds
the
Fund
invests
in.
Indirect
expenses
of
the
underlying
funds
were
0.62%
for
the
period
ended
June
30,
2024,
0.62%
for
the
year
ended
December
31,
2023,
0.60%
for
the
year
ended
December
31,
2022,
0.59%
for
the
year
ended
December
31,
2021,
0.57%
for
the
year
ended
December
31,
2020,
and
0.62%
for
the
year
ended
December
31,
2019.
5
Not
annualized.
Notes
to
Financial
Statements
(Unaudited)
June
30,
2024
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,
2024
,
Trust
I
offered eleven
investment
funds:
Impax
Large
Cap
Fund
(the
“Large
Cap
Fund”),
Impax
Small
Cap
Fund
(the
“Small
Cap
Fund”),
Impax
US
Sustainable
Economy
Fund
(the
“US
Sustainable
Economy
Fund”),
Impax
Global
Sustainable
Infrastructure
Fund
(the
“Global
Sustainable
Infrastructure
Fund”),
Impax
Global
Opportunities
Fund
(the
“Global
Opportunities
Fund”),
Impax
Global
Environmental
Markets
Fund
(the
“Global
Environmental
Markets
Fund”),
Impax
Global
Social
Leaders
Fund
(the
"Global
Social
Leaders
Fund"),
Impax
International
Sustainable
Economy
Fund
(the
“International
Sustainable
Economy
Fund”),
Impax
Core
Bond
Fund
(the
“Core
Bond
Fund”),
Impax
High
Yield
Bond
Fund
(the
“High
Yield
Bond
Fund”),
and
Impax
Sustainable
Allocation
Fund
(the
“Sustainable
Allocation
Fund”).
Impax
Funds
Series
Trust
III
(“Trust
III”)
is
an
open-end
management
investment
company
that
was
organized
under
the
laws
of
the
Commonwealth
of
Massachusetts
on
December
4,
2013
and
registered
under
the
1940
Act.
Impax
Ellevate
Global
Women’s
Leadership
Fund
(the
“Global
Women’s
Leadership
Fund”)
is
a
diversified
series
of
Trust
III.
These
financial
statements
relate
to
all
funds
(each
a
“Fund”,
collectively,
the
“Funds”)
offered
under
both
Trust
I
and
Trust
III
(each
a
“Trust”,
collectively,
the
“Trusts”).
The
Large
Cap
Fund,
Global
Sustainable
Infrastructure
Fund,
Global
Opportunities
Fund,
Global
Social
Leaders
Fund,
Global
Women’s
Leadership
Fund,
International
Sustainable
Economy
Fund,
Core
Bond
Fund
and
Sustainable
Allocation
Fund
each
offer
two
classes
of
shares—Investor
Class
shares
and
Institutional
Class
shares.
The
Small
Cap
Fund,
US
Sustainable
Economy
Fund,
Global
Environmental
Markets
Fund
and
High
Yield
Bond
Fund
each
offer
three
classes
of
shares—Investor
Class
shares,
Class
A
shares
and
Institutional
Class
shares.
Although
all
share
classes
generally
have
identical
voting,
dividend
and
liquidation
rights,
each
class
votes
separately
when
required
by
law.
Different
share
classes
pay
different
distribution
amounts
to
the
extent
the
expenses
of
such
classes
differ,
and
distributions
in
liquidation
will
be
proportional
to
the
net
asset
value
of
each
share
class.
Each
share
class
has
its
own
expense
structure
and
sales
charges,
as
applicable.
The
Funds
seek
to
avoid
investing
in
issuers
that
their
investment
adviser
has
determined have
significant
involvement in
the
manufacture
or
sale
of
weapons
or
manufacture
of
tobacco
products
or
engage
in
business
practices
that
their
investment
adviser
determines
to
be
sub-standard
from
an
Environmental,
Social
and
Governance
(ESG)
or
sustainability
perspective
in
relation
to
their
industry,
sector,
asset
class
or
universe
peers.
The
Funds
will
not
invest
in
securities
of
companies
that
the
Adviser
determines
derive
revenues
or
profits
from
fossil
fuel
exploration
and
production,
or
derive
significant
(more
than
5%)
revenues
or
profits
from
fossil
fuel
refining,
processing,
storage,
transportation
and
distribution.
However,
a
company
that
derives
significant
revenues
or
profits
from
fossil
fuel
refining,
processing,
storage,
transportation
and
distribution
may
be
included
in
the
Fund’s
portfolio
if
the
Adviser
determines
that
such
company
has
credible
plans
for
climate
risk
mitigation
aligned
with
the
transition
to
net
zero.
The
Large
Cap
Fund’s
investment
objective
is
to
seek
long-term
growth
of
capital.
The
Fund
seeks
to
achieve
this
objective
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
assets
in
equity
securities
(such
as
common
stocks,
securities
convertible
into
common
or
preferred
stocks
and
warrants)
of
companies
that,
when
purchased,
have
capitalizations
within
the
range
of
the
Standard
&
Poor’s
500
Index
as
measured
by
market
capitalization.
The
Small
Cap
Fund’s
investment
objective
is
to
seek
long-term
growth
of
capital.
The
Fund
seeks
to
achieve
this
objective
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
assets
in
equity
securities
(such
as
common
stocks,
securities
convertible
into
common
or
preferred
stocks
and
warrants)
of
companies
that,
when
purchased,
have
capitalizations
within
the
range
of
the
Russell
2000
Index
as
measured
by
market
capitalization.
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2024
The
US
Sustainable
Economy
Fund’s
investment
objective
is
to
seek
long-term
growth
of
capital.
The
Fund
seeks
to
achieve
this
objective
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
assets
in
large-capitalization
U.S.
equity
securities.
The
Fund
also
may
invest
up
to
20%
of
its
assets
in
non-US
issuers,
including
emerging
market
investments
and
American
depository
receipts
(ADRs).
The
Global
Sustainable
Infrastructure
Fund’s
investment
objective
is
capital
appreciation
and
income.
The
Fund
seeks
to
achieve
its
investment
objective
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
assets
in
equity
securities
of
companies
that
the
Adviser
determines
derive
significant
revenues
(i.e.,
at
least
20%
of
revenues)
from
owning,
operating,
developing
or
distributing
sustainable
infrastructure-related
goods,
services
or
assets.
The
Global
Opportunities
Fund’s
investment
objective
is
to
seek
long-term
growth
of
capital
by
investing
in
companies
benefiting
from
the
transition
to
a
more
sustainable
global
economy.
The
Fund
seeks
to
achieve
this
objective
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
net
assets
in
companies
that
its
Adviser
or
Sub-Adviser
believe
will
benefit
from
the
transition
to
a
more
sustainable
global
economy
-
the
shift
away
from
a
depletive
economy
to
one
that
preserves
ecological
and
societal
balance
for
the
benefit
of
future
generations.
The
Fund
seeks
to
invest
in
companies
with
durable
business
models
that
are
well-positioned
to
benefit
from
or
avoid
the
risks
associated
with
this
transition.
Under
normal
market
conditions,
the
Global
Opportunities
Fund
will
invest
primarily
in
equity
securities
(such
as
common
stocks,
preferred
stocks
and
securities
convertible
into
common
or
preferred
stocks)
of
companies
located
around
the
world,
including
at
least
40%
of
its
net
assets
in
securities
of
companies
organized
or
located
outside
the
United
States
or
doing
a
substantial
amount
of
business
outside
the
United
States,
including
those
located
in
emerging
markets.
The
Global
Environmental
Markets
Fund's
investment
objective
is
to
seek
long
term
growth
of
capital
by
investing
in
innovative
companies
around
the
world
whose
businesses
and
technologies
focus
on
environmental
markets,
including
alternative
energy
and
energy
management
&
efficiency;
transportation
solutions;
water
infrastructure
&
technologies;
environmental
services
&
resources;
resource
efficiency
&
waste
management;
digital
infrastructure;
and
sustainable
food
&
agriculture.
The
Fund
seeks
to
achieve
this
objective
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
net
assets
in
the
foregoing
companies
and
will
invest
primarily
in
equity
securities
(such
as
common
stocks,
preferred
stocks
and
securities
convertible
into
common
and
preferred
stocks)
of
companies
located
around
the
world,
including
at
least
40%
of
its
net
assets
in
securities
of
companies
organized
or
located
outside
the
United
States
or
doing
a
substantial
amount
of
business
outside
the
United
States,
including
those
located
in
emerging
markets.
The
Global
Social
Leaders
Fund’s
investment
objective
is
to
seek
long
term
growth
of
capital.
The
Fund
seeks
to
achieve
this
objective
by
investing,
under
normal
market
conditions, at
least
80%
of
its
net
assets
(plus
any
borrowings
for
investment
purposes)
in
equity
securities
of
companies
that
the
Fund’s
Sub-Adviser
has
determined
are
“social
leaders.”
To
identify
social
leaders,
the
Fund’s
Sub-Adviser
identifies
a
universe
of
companies
that
it
has
determined
(1)
derive
significant
revenues
(i.e.,
at
least
20%
of
revenues)
from
“social
markets,”
meaning
products
or
services
that
address
societal
challenges,
including
meeting
basic
needs,
such
as
food,
water,
and
shelter,
or
essential
services,
such
as
transportation
and
utilities;
broadening
economic
participation
by
enabling
access
to
education,
jobs,
financial
services
and/or
digital
services;
or
improving
quality
of
life
through
accessible
and
affordable
health
care
and
wellness;
and
(2)
also
demonstrate
positive
behaviors
through
policies
and
programs
that
foster
diverse,
inclusive
and
equitable
workplace
cultures.
From
this
universe,
the
Fund’s
Sub-Adviser
selects
portfolio
companies
for
the
Fund
that
it
determines
to
be
social
leaders
on
a
company-by-company
basis
primarily
through
the
use
of
fundamental
financial
analysis,
which
includes
an
analysis
of
ESG
factors
that
the
Fund’s
Sub-Adviser
has
determined
are
financially
material.
The
Fund
is
not
constrained
by
any
particular
investment
style,
and
may
therefore
invest
in
“growth”
stocks,
“value”
stocks
or
a
combination
of
both.
Additionally,
it
may
buy
stocks
in
any
sector
or
industry,
and
it
is
not
limited
to
investing
in
securities
of
a
specific
market
capitalization.
The
Global
Women's
Leadership
Fund's
investment
objective
is
to
seek
long-term
growth
of
capital.
The
Fund
seeks
to
achieve
this
objective
by
investing
at
least
80%
of
its
net
assets
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
the
companies
comprising
the
MSCI
World
Index
according
to
the
Adviser's
proprietary
gender
leadership
score;
(2)
excluding
companies
ranking
in
the
bottom
50%
of
the
MSCI
World
Index
based
on
gender
leadership
scores;
(3)
excluding
companies
that
fail
to
meet
certain
ESG
or
sustainability
criteria;
and
(4)
applying
quantitative
screens
consisting
of
valuation
and
quality
metrics.
Under
normal
market
conditions,
the
Fund
will
invest
primarily
in
equity
securities
(such
as
common
stocks,
preferred
stocks
and
securities
convertible
into
common
and
preferred
stocks)
of
companies
located
around
the
world,
including
at
least
40%
of
its
net
assets
(unless
market
conditions
are
not
deemed
favorable,
in
which
case
the
Global
Women's
Fund
would
normally
invest
at
least
30%
of
its
assets)
in
securities
of
companies
organized
or
located
outside
the
United
States
or
doing
a
substantial
amount
of
business
outside
the
United
States.
The
Fund
is
not
constrained
by
any
particular
investment
style,
and
may
therefore
invest
in
“growth”
stocks,
“value”
stocks
or
a
combination
of
both.
Additionally,
it
may
buy
stocks
in
any
sector
or
industry,
and
it
is
not
limited
to
investing
in
securities
of
a
specific
market
capitalization.
The
International
Sustainable
Economy
Fund’s
investment
objective
is
to
seek
long-term
growth
of
capital.
The
Fund
seeks
to
achieve
this
objective
by
investing,
under
normal
circumstances,
more
than
80%
of
its
assets
in
large-capitalization
equity
securities
in
non-U.S.
developed
markets,
including
American
depositary
receipts,
Global
depositary
receipts
and
Euro
depositary
receipts.
The
Fund
may
take
significant
positions
in
one
or
more
non-U.S.
developed
markets,
including
the
Asia
and
Pacific
region
and
the
European
Union.
The
Core
Bond
Fund’s
investment
objective
is
to
seek
income
and
conservation
of
principal.
The
Fund
seeks
to
achieve
this
objective
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
assets
in
bonds,
which
include
debt
obligations
such
as
mortgage-related
securities,
securities
issued
by
the
United
States
government
or
its
agencies
and
instrumentalities,
municipal
bonds,
corporate
bonds
and
high-impact
bonds
(which
provide
financing
to
support
solutions
to
global
sustainability
challenges)
across
the
spectrum
of
issuers,
each
of
which
is,
at
the
time
of
purchase,
rated
at
least
investment
grade
(rated
BBB-
or
higher
by
Standard
&
Poor’s
Ratings
Group
or
Baa3
or
higher
by
Moody’s
Investors
Service)
or
unrated
and
determined
by
the
Adviser
to
be
of
comparable
quality.
The
High
Yield
Bond
Fund’s
primary
investment
objective
is
to
seek
high
current income.
As
a
secondary
investment
objective,
the
High
Yield
Bond
Fund
seeks
capital
appreciation.
The
Fund
seeks
to
achieve
this
objective
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
assets
in
high-yield,
fixed
income
securities
(such
as
bonds,
notes
or
debentures)
that
are
rated
below
BBB-
by
Standard
&
Poor’s
Ratings
Group
or
below
Baa3
by
Moody’s
Investors
Service,
similarly
rated
by
another
major
rating
service,
or
unrated
and
determined
by
the
High
Yield
Bond
Fund’s
investment
adviser
to
be
of
comparable
quality.
These
fixed
income
securities
are
commonly
referred
to
as
“junk
bonds”.
The
Sustainable
Allocation
Fund’s
primary
investment
objective
is
to
seek
income
and
conservation
of
principal.
As
a
secondary
investment
objective,
the
Fund
seeks
long-term
growth
of
capital.
The
Fund
uses
a
team
approach
to
allocate
among
multiple
funds
managed
by
the
Adviser
(“Underlying
Funds”)
in
order
to
seek
to
achieve
its
investment
objectives.
The
Adviser
will
allocate
the
Fund’s
assets
among
Underlying
Funds
in
its
sole
discretion.
The
Fund
seeks
to
achieve
its
investment
objectives,
under
normal
market
conditions,
by
investing
(indirectly
through
the
use
of
Underlying
Funds)
approximately
50%-75%
of
its
assets
in
equity
securities
(such
as
common
stocks,
preferred
stocks
and
securities
convertible
into
common
or
preferred
stocks)
and
25%-50%
of
its
assets
in
debt
securities
(including
but
not
limited
to
debt
securities
convertible
into
equity
securities).
Under
the
Trusts’
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trusts.
Additionally,
in
the
normal
course
of
business,
the
Trusts
enter
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trusts’
maximum
exposure
under
these
arrangements
is
unknown
as
this
could
involve
future
claims
that
may
be
made
against
the
Trusts
that
have
not
yet
occurred.
However,
based
on
experience,
the
Trusts
expect
this
risk
of
loss
to
be
remote.
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2024
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,
2024,
three
securities
were
fair
valued
in
good
faith
pursuant
to
policies
and
procedures
approved
by
the
Boards
of
Trustees.
The
Core
Bond
Fund
held
two
securities
fair
valued
at
$460,612,
representing 0.05%
of
the
Fund’s
net
asset
value
and
the
High
Yield
Bond
Fund
held four
securities
fair
valued
at
$763,761,
representing 0.14% of
the
Fund’s
net
assets.
For
those
Funds
that
invest
in
non-U.S.
securities,
investors
should
be
aware
that
many
securities
markets
and
exchanges
outside
the
U.S.
close
prior
to
the
close
of
the
NYSE,
and
the
closing
prices
for
securities
in
such
markets
or
on
such
exchanges
may
not
fully
reflect
events
that
occur
after
such
close
but
before
the
close
of
the
NYSE.
As
a
result,
the
Funds’
fair
value
pricing
procedures
require
the
Funds
to
consider
changes
in
the
fair
value
of
non-U.S.
securities
between
the
time
of
the
closing
of
the
local
market’s
exchange
and
the
close
of
the
NYSE.
Generally,
if
there
has
been
a
movement
in
the
U.S.
market
that
exceeds
a
specified
threshold,
the
Funds
will
assess
whether
the
closing
price
on
the
local
exchange
is
still
appropriate.
Although
the
threshold
may
be
revised
from
time
to
time
and
the
number
of
days
on
which
fair
value
prices
will
be
used
will
depend
on
market
activity,
it
is
possible
that
fair
value
prices
will
be
used
by
the
Funds
to
a
significant
extent.
The
value
determined
for
an
investment
using
the
Funds’
fair
value
pricing
procedures
may
differ
from
recent
market
prices
for
the
investment.
Fair
Value
Measurements
Fair
value
is
defined
as
the
price
that
the
Fund
would
receive
upon
selling
an
investment
in
an
orderly
transaction
between
market
participants.
The
three-tier
hierarchy
of
inputs
is
summarized
in
the
three
broad
Levels
listed
below.
•
Level
1
–
unadjusted
quoted
prices
in
active
markets
for
identical
investments
•
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
•
Level
3
–
significant
unobservable
inputs
(including
the
Funds’
own
assumptions
in
determining
the
fair
value
of
investments)
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
general
summary
of
valuation
inputs
and
classifications
for
different
categories
of
securities.
Equity
Securities
Equity
securities,
including
common
stocks,
preferred
stocks
and
exchange-traded
funds,
for
which
market
quotations
are
readily
available,
are
generally
categorized
as
Level
1
in
the
hierarchy.
Non-U.S.
equity
securities
may
also
be
valued
at
official
close,
or
may
be
valued
based
on
the
fair
value
pricing
procedures
noted
above.
When
third-party
fair
value
pricing
of
foreign
securities
methods
are
applied,
they
are
generally
categorized
as
Level
2.
To
the
extent
that
inputs
for
equity
securities
are
unobservable,
values
are
categorized
as
Level
3
in
the
hierarchy.
Fixed
Income
Securities
Fixed
income
securities,
including
Corporate
Bonds
(both
investment-grade
and
high-yield),
U.S.
Treasury
Obligations,
Government
Bonds,
Mortgage-Backed
and
Asset-Backed
Securities,
Bank
Loans
and
Municipal
Bonds,
are
valued
at
evaluated
prices
received
from
independent
pricing
services,
which
are
evaluated
using
various
inputs
and
techniques
which
may
include
trade
activity,
broker-dealer
quotes,
yield
curves,
coupon
rates,
default
rates,
cash
flows,
models
and
other
inputs,
and
are
generally
categorized
as
Level
2
in
the
hierarchy.
To
the
extent
that
inputs
for
fixed
income
securities
are
unobservable,
values
are
categorized
as
Level
3
in
the
hierarchy.
Affiliated
and
Unaffiliated
Investment
Companies
Investments
in
mutual
funds
are
valued
at
the
Funds’
closing
net
asset
value
and
are
generally
categorized
as
Level
1.
Short-Term
Investments
Short-term
securities,
including
repurchase
agreements,
with
remaining
maturities
of
60
days
or
less,
which
are
valued
at
amortized
cost,
are
generally
categorized
as
Level
2
in
the
hierarchy.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Funds’
net
assets
as
of
June
30,
2024:
Level
1
Level
2
Level
3
Totals
Large
Cap
Fund
Common
Stocks
$
1,475,530,696
$
—
$
—
$
1,475,530,696
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2024
Level
1
Level
2
Level
3
Totals
Cash
Equivalents
17,211,441
—
—
17,211,441
Total
$
1,492,742,137
$
—
$
—
$
1,492,742,137
Small
Cap
Fund
Common
Stocks
$
642,901,768
$
—
$
—
$
642,901,768
Cash
Equivalents
18,252,160
—
—
18,252,160
Total
$
661,153,928
$
—
$
—
$
661,153,928
US
Sustainable
Economy
Fund
Common
Stocks
$
320,639,479
$
—
$
—
$
320,639,479
Cash
Equivalents
3,322,990
—
—
3,322,990
Total
$
323,962,469
$
—
$
—
$
323,962,469
Global
Sustainable
Infrastructure
Fund
Common
Stocks
$
41,010,487
$
49,288,919
$
—
$
90,299,406
Cash
Equivalents
1,027,576
—
—
1,027,576
Total
$
42,038,063
$
49,288,919
$
—
$
91,326,982
Global
Opportunities
Fund
Common
Stocks
$
78,732,749
$
46,428,921
$
—
$
125,161,670
Cash
Equivalents
2,128,477
—
—
2,128,477
Total
$
80,861,226
$
46,428,921
$
—
$
127,290,147
Global
Environmental
Markets
Fund
Common
Stocks
$
1,567,889,990
$
815,720,753
$
—
$
2,383,610,743
Preferred
Stocks
—
10,999,235
—
10,999,235
Cash
Equivalents
23,651,181
—
—
23,651,181
Total
$
1,591,541,171
$
826,719,988
$
—
$
2,418,261,159
Global
Social
Leaders
Fund
Common
Stocks
$
911,878
$
715,788
$
—
$
1,627,666
Preferred
Stocks
—
30,197
—
30,197
Cash
Equivalents
103,679
—
—
103,679
Total
$
1,015,557
$
745,985
$
—
$
1,761,542
Global
Women’s
Leadership
Fund
Common
Stocks
$
543,055,001
$
208,641,295
$
—
$
751,696,296
Cash
Equivalents
7,654,126
—
—
7,654,126
Total
$
550,709,127
$
208,641,295
$
—
$
759,350,422
International
Sustainable
Economy
Fund
Common
Stocks
$
8,600,782
$
1,168,829,487
$
—
$
1,177,430,269
Preferred
Stocks
—
6,607,953
—
6,607,953
Cash
Equivalents
4,916,612
—
—
4,916,612
Total
$
13,517,394
$
1,175,437,440
$
—
$
1,188,954,834
Core
Bond
Fund
Community
Investment
Notes
$
—
$
240,923
$
460,612
$
701,535
Corporate
Bonds
—
263,926,929
—
263,926,929
Foreign
Government
and
Agency
Securities
—
26,014,645
—
26,014,645
Significant
unobservable
inputs
were
used
by
two
Funds
for
Level
3
fair
value
measurements.
Prices
are
determined
using
significant
unobservable
inputs.
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.
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.
Level
1
Level
2
Level
3
Totals
U.S.
Government
and
Agency
Securities
—
165,046,422
—
165,046,422
Asset-Backed
Securities
—
46,058,438
—
46,058,438
Mortgage-Backed
Securities
—
263,580,247
—
263,580,247
Municipal
Bonds
—
8,983,137
—
8,983,137
Supranational
—
87,235,048
—
87,235,048
Certificates
of
Deposit
—
498,892
—
498,892
Cash
Equivalents
16,547,930
—
—
16,547,930
Total
$
16,547,930
$
861,584,681
$
460,612
$
878,593,223
High
Yield
Bond
Fund
Common
Stocks
$
1,288,748
$
—
$
44,114
$
1,332,862
Preferred
Stocks
—
—
38,171
38,171
Community
Investment
Notes
—
240,923
681,476
922,399
Corporate
Bonds
—
482,537,609
—
482,537,609
Asset-Backed
Securities
—
3,007,437
—
3,007,437
Loans
—
26,960,821
—
26,960,821
Certificates
of
Deposit
—
998,892
—
998,892
Cash
Equivalents
16,286,780
—
—
16,286,780
Total
$
17,575,528
$
513,745,682
$
763,761
$
532,084,971
Sustainable
Allocation
Fund
Management
Investment
Companies
$
2,306,065,250
$
—
$
—
$
2,306,065,250
Cash
Equivalents
4,131,940
—
—
4,131,940
Total
$
2,310,197,190
$
—
$
—
$
2,310,197,190
See
Schedules
of
Investments
for
additional
detailed
industry
classifications.
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2024
The Core
Bond
Fund
and
High
Yield
Bond
Fund
expect
to
pay
dividends
of
net
investment
income,
if
any,
monthly
and
to
make
distributions
of
capital
gains,
if
any,
at
least
annually.
A
shareholder
begins
earning
dividends
on
the
Core
Bond
Fund
and
High
Yield
Bond
Fund
shares
the
day
after
the
Funds
receive
his
or
her
purchase
payment.
Income
and
capital
gains
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
U.S.
generally
accepted
accounting
principles.
Class
Accounting
Expenses
directly
attributable
to
a
class
of
shares,
such
as
12b-1
distribution
fees,
are
charged
to
that
class.
Each
Fund
has
adopted
a
12b-1
plan,
applicable
to
certain
classes
of
each
of
the
Funds.
Expenses
of
the
Funds
that
are
directly
identifiable
to
a
specific
Fund,
such
as
transfer
agent
fees,
custody
fees
and
registration
fees,
are
applied
to
that
Fund.
Expenses
that
are
not
readily
identifiable
to
a
specific
Fund,
such
as
printing
expense,
Trustees’
fees
and
legal
fees,
are
allocated
in
such
a
manner
as
deemed
equitable,
taking
into
consideration
the
nature
and
type
of
expense
and
the
relative
net
assets
of
the
Funds.
Investment
income,
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class
of
shares.
Federal
Income
Taxes
Each
of
the
Funds
has
elected
to
be
treated
and
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended.
If
a
Fund
so
qualifies
and
satisfies
certain
distribution
requirements,
such
Fund
will
ordinarily
not
be
subject
to
federal
income
tax
on
its
net
investment
income
(which
includes
short-term
capital
gains)
and
net
capital
gains
that
it
distributes
to
shareholders.
Each
Fund
expects
to
distribute
all
or
substantially
all
of
its
income
and
gains
to
shareholders
every
year.
Therefore,
no
federal
income
or
excise
tax
provision
is
required.
The
Funds
are
treated
as
separate
entities
for
federal
income
tax
purposes.
Foreign
Currency
Transactions
The
accounting
records
of
the
Funds
are
maintained
in
U.S.
dollars.
In
addition,
purchases
and
sales
of
investment
securities,
dividend
and
interest
income,
and
certain
expenses
are
translated
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Net
realized
and
unrealized
foreign
currency
exchange
gains
or
losses
occurring
during
the
holding
period
of
investment
securities
are
a
component
of
realized
gain
(loss)
on
investment
transactions
and
unrealized
appreciation
(depreciation)
on
investments,
respectively.
Non-U.S.Securities
Non-U.S.
markets
can
be
significantly
more
volatile
than
domestic
markets,
causing
the
prices
of
some
Fund
investments
to
fluctuate
significantly,
rapidly
and
unpredictably.
Non-U.S.
securities
may
be
less
liquid
than
domestic
securities;
consequently,
a
Fund
may
at
times
be
unable
to
sell
non-U.S.
securities
at
desirable
times
or
prices.
Other
risks
related
to
non-U.S.
securities
include
delays
in
the
settlement
of
transactions;
less
publicly
available
information
about
issuers;
different
reporting,
accounting
and
auditing
standards;
the
effect
of
political,
social,
diplomatic
or
economic
events;
seizure,
expropriation
or
nationalization
of
the
issuer
or
its
assets;
fluctuation
in
foreign
currency
exchange
rates
and
the
possible
imposition
of
currency
exchange
controls.
If
a
Fund
invests
substantially
in
securities
of
non-U.S.
issuers
tied
economically
to
a
particular
country
or
geographic
region,
it
will
be
subject
to
the
risks
associated
with
such
country
or
geographic
region
to
a
greater
extent
than
a
fund
that
is
more
diversified
across
countries
or
geographic
regions.
Securities
Lending
The
Funds
may
lend
their
securities
pursuant
to
a
securities
lending
agreement
(Lending
Agreement)
with J.P.
Morgan
Chase Bank, N.A.
Initial
security
loans
made
pursuant
to
the
Lending
Agreement
are
required
to
be
secured
by
collateral
not
less
than
the
percentage
specified
in
the
agreement,
ranging
from
102%
to
105%,
depending
on
the
types
of
securities.
Cash
collateral
received
is
invested
in
government
money
market
funds. Borrowers
may
also
pledge
non-cash
collateral
within
the
guidelines
for
acceptable
forms
of
non-cash
collateral
approved
by
the
Boards
of
Trustees.
At
June
30,
2024
,
non-cash
collateral
consisted
of
common
stock,
U.S.
Treasuries,
short-term
U.S.
Government
agency
obligations
and
sovereign
debt.
The
Funds
have
the
right
under
the
Lending
Agreement
to
recover
the
securities
from
the
borrower
on
demand.
The
primary
risk
associated
with
securities
lending
is
if
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned
because
of
insolvency
or
other
reasons.
The
Funds
could
experience
delays
and
costs
in
recovering
securities
loaned
or
in
gaining
access
to
the
collateral.
In
the
event
the
borrower
fails
to
return
loaned
securities
and
the
collateral
received
is
insufficient
to
cover
the
value
of
the
loaned
securities
and
provided
such
collateral
shortfall
is
not
the
result
of
investment
losses,
the
lending
agent
has
agreed
to
pay
the
amount
of
the
shortfall
to
the
Funds,
or
at
the
discretion
of
the
lending
agent,
replace
the
loaned
securities.
A
portion
of
the
income
generated
upon
investment
of
the
collateral
is
remitted
to
the
borrower
and
the
remainder
is
allocated
between
the
Funds
and
the
lending
agent.
The
Funds
record
security
lending
income
net
of
such
allocation.
The
Funds
continue
to
receive
dividends
on
the
securities
loaned,
which
are
accounted
for
in
the
same
manner
as
other
dividend
and
interest
income.
As
of
June
30,
2024,
the
value
of
securities
loaned,
payable
for
collateral
due
to
brokers
and
non-cash
collateral
pledged
by
brokers
were
as
follows:
*
Non-cash
collateral
is
not
included
in
the
financial
statements.
For
the
Large
Cap
Fund,
Small
Cap
Fund,
US
Sustainable
Economy
Fund,
Global
Sustainable
Infrastructure
Fund,
Global
Opportunities
Fund,
Global
Environmental
Markets
Fund,
Global
Social
Leaders
Fund
and
Global
Women’s
Leadership
Fund all
of
the
securities
on
loan
at June
30,
2024
are
classified
as
Common
Stocks
in
each
Fund’s
Schedule
of
Investments.
For
the
Core
Bond
Fund
all
of
the
securities
on
loan
on
June
30,
2024 are
classified
as
Corporate
Bonds
and
U.S.
Treasury
Notes
on
the
Fund's
Schedule
of
Investments.
NOTE
B—Investment
Advisory
Fee
and
Transactions
with
Affiliated
and
Other
Parties
Each
of
Trust
I
and
Trust
III
have
entered
into
an
Investment
Advisory
Contract
(the
“Management
Contract”)
with
Impax
Asset
Management
LLC
(“IAM”)
(the
“Adviser”).
Pursuant
to
the
terms
of
the
Management
Contract,
the
Adviser,
subject
to
the
supervision
of
the
Boards
of
Trustees
of
the
Trusts,
is
responsible
for
managing
the
assets
of
the
Funds
in
accordance
with
the
Funds’
investment
objectives,
investment
programs
and
policies.
Pursuant
to
the
Management
Contract,
the
Adviser
has
contracted
to
furnish
the
Funds
continuously
with
an
investment
program,
determining
what
investments
to
purchase,
sell
and
exchange
for
the
Funds
and
what
assets
to
hold
uninvested.
The
Adviser
also
has
contracted
to
provide
office
space
and
certain
management
and
administrative
facilities
for
the
Funds.
In
return
for
such
services,
the
Funds
pay
an
advisory
fee
to
the
Adviser
at
the
following
annual
rates
(expressed
as
a
percentage
of
the
average
daily
net
assets
of
such
Fund):
Fund
Market
Value
of
Securities
Loaned
Payable
on
Collateral
Due
to
Broker
Non-Cash
Collateral
Value
*
Over
(Under)
Collateralized
Large
Cap
Fund
$
6,382,194
$
—
$
6,714,083
$
331,889
Small
Cap
Fund
12,321,991
22,134
14,793,142
2,493,285
US
Sustainable
Economy
Fund
15,766,829
—
16,467,078
700,249
Global
Sustainable
Infrastructure
Fund
3,342,618
501,636
2,923,959
82,977
Global
Opportunities
Fund
3,526,645
—
3,601,051
74,406
Global
Environmental
Markets
Fund
12,839,817
—
13,102,421
262,604
Global
Social
Leaders
Fund
45,874
—
46,812
938
Global
Women’s
Leadership
Fund
21,266,906
—
21,716,275
449,369
Core
Bond
Fund
13,479,460
323,350
13,431,660
275,550
Fund
Annual
Rate
Large
Cap
Fund
1
0.65%
Small
Cap
Fund
0.75%
US
Sustainable
Economy
Fund
2
0.45%
*
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2024
*
The
management
fee
is
a
unified
fee
that
includes
all
of
the
operating
costs
and
expenses
of
the
Fund
(other
than
taxes,
charges
of
governmental
agencies,
interest,
brokerage
commissions
incurred
in
connection
with
portfolio
transactions,
distribution
and/or
service
fees
payable
under
a
plan
pursuant
to
Rule
12b-1
under
the
Investment
Company
Act
of
1940,
acquired
fund
fees
and
expenses
and
extraordinary
expenses),
including
accounting
expenses,
administrator,
transfer
agent,
custodian
fees,
legal
fees
and
other
expenses.
1
Effective
November
15,
2022,
the
management
fee
is
0.65%
based
on
average
net
assets
up
to
$2
billion;
0.62%
for
assets
of
$2
billion
to
$3
billion;
0.58%
for
assets
of
$3
billion
to
$4
billion;
and
0.55%
for
assets
over
$4
billion.
2
Management
contractually
agreed
to
waive
a
portion
of
its
management
fee.
This
fee
waiver
may
not
be
amended
or
terminated
without
the
approval
of
the
Fund’s
Board
of
Trustees
before May
1,
2025.
The
gross
management
fee
(before
waiver)
is
0.65%
based
on
average
net
assets
up
to
$225
million;
0.55%
for
assets
of
$225
million
to
$375
million;
0.50%
for
assets
of
$375
million
to
$500
million;
and
0.45%
for
assets
over
$500
million.
3
The
management
fee
is
0.65%
based
on
average
net
assets
up
to
$150
million;
0.55%
for
assets
of
$150
million
to
$375
million;
0.50%
for
assets
of
$375
million
to
$500
million;
and
0.45%
for
assets
over
$500
million.
4
The
management
fee
is
0.80%
based
on
average
net
assets
up
to
$1
billion;
0.75%
for
assets
of
$1
billion
to
$1.5
billion;
0.70%
for
assets
of
$1.5
billion
to
$2
billion;
0.65%
for
assets
of
$2
billion
to
$3
billion;
and
0.60%
for
assets
over
$3
billion.
5
The
Global
Social
Leaders
Fund’s
investment
adviser
has
contractually
agreed
to
reimburse
expenses
(other
than
interest,
commissions,
taxes,
extraordinary
expenses
and
Acquired
Fund
Fees
and
Expenses,
if
any)
allocable
to
Institutional
Class
and
Investor
Class
shares
of
the
Fund
to
the
extent
such
expenses
exceed
0.98%
and
1.23%
of
the
average
daily
net
assets
of
Institutional
Class
and
Investor
Class
shares,
respectively.
This
reimbursement
arrangement
may
not
be
amended
or
terminated
without
the
approval
of
the
Fund’s
Board
of
Trustees
before
May
1,
2027.
6
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.
7
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,
2024,
the
Funds
incurred
the
following
advisory
fees:
Fund
Annual
Rate
Global
Sustainable
Infrastructure
Fund
3
0.58%
*
Global
Opportunities
Fund
0.80%
Global
Environmental
Markets
Fund
4
0.74%
Global
Social
Leaders
Fund
5
0.80%
Global
Women’s
Leadership
Fund
6
0.52%
*
International
Sustainable
Economy
Fund
7
0.45%
*
Core
Bond
Fund
0.40%
High
Yield
Bond
Fund
0.50%
Sustainable
Allocation
Fund
0.05%
*
Fund
Amount
Large
Cap
Fund
$
4,802,700
Small
Cap
Fund
2,541,465
US
Sustainable
Economy
Fund
953,022
Global
Sustainable
Infrastructure
Fund
300,151
Global
Opportunities
Fund
496,506
The
Adviser
has
contractually
agreed
to
reimburse
the
Funds
or
limit
expenses
of
the
Funds
to
the
extent
that
each
Fund’s
respective
expenses
exceed,
on
an
annual
basis,
the
following
percentages
of
average
daily
net
assets:
1
The
Adviser
has
contractually
agreed
to
waive
a
portion
of
its
management
fee.
This
fee
waiver
may
not
be
amended
or
terminated
without
the
approval
of
the
Funds’
Board
of
Trustees
before
May
1,
2025.
2
The
Adviser
has
contractually
agreed
to
waive
a
portion
of
its
management
fee.
This
fee
waiver
was
terminated
on
May
1,
2024.
3
Expense
caps
for
funds
represent
their
respective
unified
management
fees
plus
distribution
and/or
service
fees
payable
under
a
plan
pursuant
to
Rule
12b-1,
as
applicable
to
particular
classes
of
shares.
4
The
Adviser
has
contractually
agreed
to
reimburse
expenses
(other
than
interest,
commissions,
taxes,
extraordinary
expenses
and
acquired
fund
fees
and
expenses,
if
any)
to
the
extent
that
they
exceed
the
expense
caps
indicated.
The
reimbursement
arrangement
may
not
be
amended
or
terminated
without
the
approval
of
the
Funds’
Board
of
Trustees
before
May
1,
2025.
5
The
Adviser
has
contractually
agreed
to
reimburse
expenses
(other
than
interest,
commissions,
taxes,
extraordinary
expenses
and
acquired
fund
fees
and
expenses,
if
any)
to
the
extent
that
they
exceed
the
expense
caps
indicated.
The
reimbursement
arrangement
may
not
be
amended
or
terminated
without
the
approval
of
the
Funds’
Board
of
Trustees
before
May
1,
2027.
Such
expenses
include
(i)
management
and
distribution
fees;
(ii)
the
fees
of
affiliated
and
unaffiliated
Trustees;
(iii)
the
fees
of
the
Funds’
custodian
and
transfer
agent;
(iv)
the
fees
of
the
Funds’
legal
counsel
and
independent
registered
public
accounting
firm;
(v)
the
reimbursement
of
organizational
expenses;
and
(vi)
expenses
related
to
shareholder
communications
including
all
expenses
of
shareholders’
and
Boards
of
Trustees’
meetings
and
of
preparing,
printing
and
mailing
reports,
proxy
statements
and
prospectuses
to
shareholders.
For
the period
ended June
30,
2024,
the
dollar
amounts
of
expense
reimbursements
were
as
follows:
Fund
Amount
Global
Environmental
Markets
Fund
9,100,926
Global
Social
Leaders
Fund
6,489
Global
Women’s
Leadership
Fund
2,053,641
International
Sustainable
Economy
Fund
2,612,100
Core
Bond
Fund
1,731,658
High
Yield
Bond
Fund
1,346,722
Sustainable
Allocation
Fund
574,897
Expense
Caps
by
Class
Fund
Investor
Class
Class
A
Institutional
Class
US
Sustainable
Economy
Fund
1,3
0.70%
0.70%
0.45%
Global
Sustainable
Infrastructure
Fund
2,3
0.83%
—%
0.58%
Global
Opportunities
Fund
4
1.23%
—%
0.98%
Global
Social
Leaders
Fund
5
1.23%
—%
0.98%
Global
Women’s
Leadership
Fund
3
0.77%
—%
0.52%
International
Sustainable
Economy
Fund
3
0.70%
—%
0.45%
Sustainable
Allocation
Fund
3
0.30%
—%
0.05%
Total
expenses
reimbursed
by
Advisor
Fund
Investor
Class
Institutional
Class
Global
Opportunities
Fund
$
3,542
$
52,112
Global
Social
Leaders
Fund
1,856
97,926
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2024
In
addition,
the
Adviser
waived
$264,820,
$30,691
and
$6,303
of
its
management
fee
from
the
US
Sustainable
Economy
Fund,
Global
Sustainable
Infrastructure
Fund
and
Global
Social
Leaders
Fund,
respectively.
Pursuant
to
a
sub-advisory
agreement,
Impax
Asset
Management
Ltd.
(the
“Sub-Adviser”)
assists
in
the
management
of
the
Global
Environmental
Markets
Fund’s,
Global
Opportunities
Fund’s
and
Global
Social
Leaders
Fund's
portfolios
of
securities.
The
Sub-Adviser
makes
decisions
with
respect
to
the
purchase
and
sale
of
investments,
subject
to
the
general
control
of
the
Board
of
the
Fund
and
the
determination
of
IAM
that
the
contemplated
investments
satisfy
the
sustainable
investing
criteria
applied
to
the
Funds.
As
compensation
for
its
sub-advisory
services,
the
Sub-Adviser
receives
a
fee
from
the
Adviser,
computed
separately
for
the
applicable
Fund,
stated
as
an
annual
percentage
of
the
Fund’s
net
assets.
The
Trusts
have
adopted
a
plan
(“Plan”)
pursuant
to
Rule
12b-1
under
the
1940
Act
that
allows
the
Funds
to
pay
distribution
fees
for
the
sale
and
distribution
of
certain
shares
as
described
below
and
for
personal
services
rendered
to
the
Fund
shareholders
in
connection
with
the
maintenance
of
shareholder
accounts.
Under
the
Plan,
each
Fund
will
pay
its
Distributor
a
distribution
fee
equal
to
0.25%
of
the
annual
average
daily
net
assets
attributable
to
the
Investor
Class
shares
and
Class
A
shares.
The
Distributor
may
pay
all
or
any
portion
of
the
distribution
fee
to
securities
dealers
or
other
organizations
(including,
but
not
limited
to,
any
affiliate
of
the
Distributor)
as
commissions,
asset-based
sales
charges
or
other
compensation
with
respect
to
the
sale
of
indicated
shares
of
such
Fund,
or
for
providing
personal
services
to
investors
in
the
indicated
shares
of
such
Fund
and/or
the
maintenance
of
shareholder
accounts,
and
may
retain
all
or
any
portion
of
the
distribution
fee
as
compensation
for
the
Distributor’s
services
as
principal
underwriter
of
the
indicated
shares
of
such
Fund.
Several
individuals
who
are
officers
and/or
Trustees
of
the
Trusts
are
also
employees
of
the
Adviser.
NOTE
C—Investment
Information
Purchases
and
proceeds
from
sales
of
investments
for
the
Funds
for
the period
ended June
30,
2024
were
as
follows:
Purchases
Sales
Fund
Investments
1
U.S.
Gov’t
Bonds
Investments
1
U.S.
Gov’t
Bonds
Large
Cap
Fund
$
248,711,092
$
—
$
324,548,063
$
—
Small
Cap
Fund
138,825,864
—
152,480,891
—
US
Sustainable
Economy
Fund
69,763,584
—
73,744,439
—
Global
Sustainable
Infrastructure
Fund
10,375,441
—
11,381,846
—
Global
Opportunities
Fund
18,494,013
—
19,539,913
—
Global
Environmental
Markets
Fund
318,093,614
—
456,497,904
—
Global
Social
Leaders
Fund
358,606
—
278,129
—
Global
Women’s
Leadership
Fund
362,845,944
—
468,012,784
—
International
Sustainable
Economy
Fund
319,682,881
—
315,241,853
—
Core
Bond
Fund
204,685,673
328,416,797
208,526,897
320,320,703
High
Yield
Bond
Fund
147,229,585
—
174,174,413
—
Sustainable
Allocation
Fund
26,098,070
—
76,000,000
—
1
Excluding
short-term
investments
and
U.S.
Government
Bonds
For
federal
income
tax
purposes,
the
identified
cost
of
investments
owned
at June
30,
2024
as
well
as
the
gross
unrealized
appreciation
(depreciation)
of
investments
and
resulting
net
unrealized
appreciation
(depreciation)
as
of June
30,
2024
were
as
follows
for
the
Funds:
At June
30,
2024 the
Small
Cap
Fund,
Global
Sustainable
Infrastructure
Fund,
Global
Opportunities
Fund,
Global
Environmental
Markets
Fund,
Global
Social
Leaders
Fund, Global
Women’s
Leadership
Fund
and
International
Sustainable
Economy
Fund
had
unrealized
foreign
currency
gains
(losses)
of
$(27);
$(8,080);
$(320);
$(72,439);
$(5);
$(14,456);
and
$(110,331),
respectively.
Netting
Agreements
During
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
netting
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
a
Fund
to
offset
any
exposure
to
a
specific
counterparty
with
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreement.
Generally,
a
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
As
of
June
30,
2024
,
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,
2024
.
Affiliated
Investments
The
term
“affiliated
company”
includes
other
investment
companies
that
are
managed
by
a
Fund’s
Adviser.
At
June
30,
2024
,
the
Sustainable
Allocation
Fund
held
the
following
investments
in
affiliated
Funds:
Fund
Identified
cost
of
investments
for
Federal
income
tax
basis
Gross
unrealized
appreciation
Gross
unrealized
depreciation
Net
unrealized
appreciation
(depreciation)
Large
Cap
Fund
$
1,014,987,003
$
521,500,727
$
43,745,593
$
477,755,134
Small
Cap
Fund
622,206,364
126,738,948
87,791,384
38,947,564
US
Sustainable
Economy
Fund
214,034,487
117,572,061
7,644,079
109,927,982
Global
Sustainable
Infrastructure
Fund
88,185,998
9,601,939
6,460,955
3,140,984
Global
Opportunities
Fund
98,340,410
33,584,041
4,634,304
28,949,737
Global
Environmental
Markets
Fund
1,744,651,464
732,902,809
59,293,114
673,609,695
Global
Social
Leaders
Fund
1,645,403
177,985
61,846
116,139
Global
Women’s
Leadership
Fund
602,175,422
179,160,720
21,985,720
157,175,000
International
Sustainable
Economy
Fund
992,153,508
237,084,785
40,283,459
196,801,326
Core
Bond
Fund
923,870,491
4,078,463
49,355,731
(
45,277,268
)
High
Yield
Bond
Fund
547,738,682
4,906,565
20,560,276
(
15,653,711
)
Sustainable
Allocation
Fund
1,997,051,971
426,086,075
112,940,856
313,145,219
Fund
Shares
Held
at
12/31/2023
Gross
Additions
Gross
Reductions
Shares
Held
at
6/30/2024
Sustainable
Allocation
Fund
Large
Cap
Fund
67,987,617
270,389
2,115,486
66,142,520
Small
Cap
Fund
5,641,695
5,522
247,524
5,399,693
Global
Sustainable
Infrastructure
Fund
6,401,468
76,944
—
6,478,412
Global
Opportunities
Fund
4,095,396
16,106
—
4,111,502
Global
Environmental
Markets
Fund
2,656,703
14,093
—
2,670,796
Global
Women's
Leadership
Fund
2,095,600
36,035
299,850
1,831,785
International
Sustainable
Economy
Fund
11,559,969
189,786
1,362,513
10,387,242
Core
Bond
Fund
91,989,678
1,683,346
2,163,761
91,509,263
High
Yield
Fund
17,194,651
492,091
—
17,686,742
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2024
1
Includes
realized
capital
gain
distributions
from
an
affiliated
fund,
if
any.
The
Funds
are
permitted
to
purchase
and
sell
securities
(“cross-trade”)
from
and
to
other
Funds
within
the
Trusts
or
other
accounts
managed
by
the
Adviser
pursuant
to
“Cross-Trading”
Procedures
adopted
by
the
Trusts’
Boards
of
Trustees.
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
respective
Fund
from
or
to
another
Fund
or
account
that
is
or
could
be
considered
an
affiliate
of
the
Fund
under
certain
limited
circumstances
by
virtue
of
having
a
common
investment
adviser
complies
with
Rule
17a-7
of
the
1940
Act.
Further,
as
defined
under
these
procedures,
each
cross-trade
is
effected
at
the
current
market
price
to
save
costs
where
allowed.
The
Funds
did
not
engage
in
cross
trades
during
the period
ended June
30,
2024.
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,
2024
,
the
Core
Bond
Fund
held
$120,647,743
or
13.72%
of
net
assets
and
the High
Yield
Bond
Fund
held
$384,001,588
or
72.22%
of
net
assets in
securities
exempt
from
registration
under
Rule
144A
of
the
Act.
At June
30,
2024,
the Core
Bond
Fund
held
$6,558,553
of
illiquid
securities,
representing
0.75%
of
net
assets
and
High
Yield
Bond
Fund
held
$2,451,206
of
illiquid
securities,
representing
0.46%
of
net
assets.
The
Fund
will
classify
as
“illiquid”
all
securities
that
the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
Illiquid
investments
may
include
restricted
securities,
repurchase
agreements
that
mature
in
more
than
seven
days
or
that
have
a
notice
or
demand
feature
more
than
seven
days,
certain
over-the-counter
option
contracts
and
participation
interests
in
loans.
Because
illiquid
securities
trade
less
frequently
and
in
smaller
volume
than
liquid
securities,
the
Fund
may
experience
difficulty
in
closing
out
positions
at
prevailing
market
prices.
Fund
Value
at
12/31/2023
Dividend
Income
Realized
Gains/
Losses
1
Net
change
in
Unrealized
Appreciation/
Depreciation
Value
at
6/30/2024
Sustainable
Allocation
Fund
Large
Cap
Fund
$
902,875,554
$
3,934,147
$
1,012,126
$
77,599,006
$
956,420,833
Small
Cap
Fund
91,733,966
90,951
(
606,436
)
2,038,441
89,256,922
Global
Sustainable
Infrastructure
Fund
58,509,418
708,649
—
(
329,307
)
58,888,761
Global
Opportunities
Fund
64,830,125
271,857
—
3,313,406
68,415,387
Global
Environmental
Markets
Fund
60,307,152
341,628
—
3,156,544
63,805,324
Global
Women's
Leadership
Fund
66,891,544
1,193,856
61,279
2,082,417
60,229,096
International
Sustainable
Economy
Fund
115,830,889
2,015,527
2,493,341
3,349,521
109,689,279
Core
Bond
Fund
816,868,344
14,623,562
(
4,343,782
)
(
13,846,714
)
794,300,402
High
Yield
Fund
103,167,907
2,918,896
—
(
1,027,562
)
105,059,246
Total
$
2,281,014,899
$
26,099,073
$
(
1,383,472
)
$
76,335,752
$
2,306,065,250
Security
Acquisition
Date
Range
Cost
Market
Value
Core
Bond
Fund
Calvert
Impact
Capital,
Inc.,
3.000%,
3/14/2025
03/13/20-03/13/20
$
1,000,000
$
1,000,000
Capital
Impact
Partners,
2.300%,
10/15/2024
10/21/19-10/21/19
500,000
494,437
CEI
Investments
LLC,
4.000%,
10/31/2024
11/01/23-11/01/23
310,612
310,612
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 2024
and 2023
was
as
follows:
Security
Acquisition
Date
Range
Cost
Market
Value
Core
Bond
Fund
(continued)
Envest
Microfinance
Cooperative,
5.460%,
10/24/2024
10/25/23-10/25/23
$
150,000
$
150,000
Envest
Microfinance
Cooperative,
4.000%,
4/20/2026
04/20/22-04/20/22
250,000
240,923
Local
Initiatives
Support
Corp.,
1.000%,
11/15/2025
11/23/20-11/23/20
1,000,000
905,696
Tesla
Energy
Operations,
Inc.,
4.700%,
5/29/2025
05/26/15-05/26/15
1,997,596
1,916,504
Walden
Mutual
Bank,
4.935%,
11/13/2024
11/10/23-11/10/23
500,000
498,892
WLB
Asset
VI
Pte.
Ltd.,
7.250%,
12/21/2027
12/08/23-12/08/23
1,000,000
1,041,489
High
Yield
Bond
Fund
CEI
Investments
LLC,
4.000%,
9/30/2024
10/01/23-10/01/23
531,476
531,476
Digicel
Holdings
Bermuda
Ltd.
01/29/24-01/29/24
25,102
38,171
Digicel
Holdings
Bermuda
Ltd.
01/29/24-01/29/24
44,161
44,114
Envest
Microfinance
Cooperative,
4.000%,
4/20/2026
04/20/22-04/20/22
250,000
240,923
Envest
Microfinance
Cooperative,
5.460%,
10/24/2024
10/25/23-10/25/23
150,000
150,000
Ligado
Networks
LLC,
15.500%,
12/31/2049
05/04/23-05/04/23
3,052,686
447,630
Shared
Interest,
Inc.,
0.550%,
9/30/2024
09/30/21-09/30/21
500,000
500,000
Walden
Mutual
Bank,
4.935%,
11/13/2024
11/10/23-11/10/23
500,000
498,892
Distributions
paid
in
2024
Distributions
paid
in
2023
Fund
Ordinary
income
Tax
Return
of
capital
Long
term
capital
gains
Ordinary
income
Tax
Return
of
capital
Long-term
capital
gains
Large
Cap
Fund
$
6,078,322
$
—
$
—
$
15,248,262
$
—
$
47,662,715
Small
Cap
Fund
578,490
—
—
—
—
—
US
Sustainable
Economy
Fund
3,161,421
—
—
1,401,814
—
14,927,635
Global
Sustainable
Infrastructure
Fund
1,097,714
—
—
2,707,793
—
—
Global
Opportunities
Fund
496,195
—
—
393,908
—
—
Global
Environmental
Markets
Fund
12,785,997
—
—
18,563,092
—
—
Global
Social
Leaders
Fund
9,803
—
—
—
—
—
Global
Women’s
Leadership
Fund
15,112,452
—
—
14,521,163
—
—
International
Sustainable
Economy
Fund
22,009,346
—
—
26,277,053
—
—
Core
Bond
Fund
16,105,525
—
—
26,991,739
—
—
High
Yield
Bond
Fund
15,151,554
—
—
33,379,601
—
—
Sustainable
Allocation
Fund
45,491,789
—
—
33,944,169
—
43,188,737
Notes
to
Financial
Statements
(Unaudited),
continued
June
30,
2024
As
of
June
30,
2024
,
for
federal
income
tax
purposes,
the
following
Funds
had
capital
loss
carryforwards
available
to
offset
future
gains,
if
any,
to
the
extent
provided
by
the
Treasury
regulations:
The
Global
Sustainable
Infrastructure
Fund
incurred
late-year
ordinary
losses
of
$94,381.
These
losses
are
treated
for
federal
income
tax
purposes
as
if
they
had
occurred
on
January
1,
2024
.
Uncertain
Tax
Positions
Management
has
analyzed
the
Funds’
tax
positions
taken
for
all
open
tax
years
which
remain
subject
to
examination
by
the
Funds’
major
tax
jurisdictions
(years
2020
through
2023).
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
tax
liabilities
as
income
tax
expense
in
the
Statement
of
Operations.
Management
has
concluded
that,
as
of
and
during
the
period
ended
June
30,
2024
,
no
provision
for
federal
income
tax
is
necessary
and,
therefore,
the
Funds
did
not
have
a
liability
for
any
unrecognized
tax
expenses.
Note
E—Subsequent
Events
The
Registrant
has evaluated
all
subsequent
events
for
potential
recognition
or
disclosure
in
these
financial
statements
through
August
22,
2024,
the
date
the
financial
statements
were
available
to
be
issued.
No
subsequent
events
were
identified.
No
Expiration
Fund
Short-term
Long-term
Small
Cap
Fund
$
–
$
6,371,214
Global
Sustainable
Infrastructure
Fund
1,880,743
8,106,317
Global
Opportunities
Fund
1,833,875
491,099
Global
Environmental
Markets
Fund
29,075,432
–
Global
Women’s
Leadership
Fund
24,966,572
–
International
Sustainable
Economy
Fund
9,744,242
20,087,826
Core
Bond
Fund
38,517,951
27,122,430
High
Yield
Bond
Fund
32,791,646
80,923,710
Proxy
Voting
(Unaudited)
You
may
obtain
a
description
of
the
Funds’
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
their
portfolio
securities,
without
charge,
upon
request
by
contacting
the
Funds
at
800.767.1729
or
on
the
SEC’s
website
at
www.sec.gov.
The
information
regarding
how
the
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
is
available
without
charge,
upon
request,
by
telephoning
Impax
(toll-free)
at
800.767.1729
or
visiting
Impax’s
website
at
www.impaxam.com
and
will
be
available
without
charge
by
visiting
the
SEC’s
website
at
www.sec.gov.
Portfolio
Holdings
(Unaudited)
Each
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
for
the
first
and
third
quarters
of
each
fiscal
year
(or
as
an
exhibit
to
its
reports
Form
N-PORT).
Each
Fund’s
Forms
N-PORT
are
available
on
the
SEC’s
web
site
at
www.sec.gov.
Tailored
Shareholder
Reports
(Unaudited)
The
SEC
has
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
transmit
concise
and
visually
engaging
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
funds’
shareholder
reports
but,
instead,
will
need
to
be
made
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
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.
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
2024
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.
Nature,
Extent,
and
Quality
of
Services.
In
considering
the
Management
Contracts
and
the
Subadvisory
Contract,
the
Trustees,
including
the
Independent
Trustees,
evaluated
the
nature,
extent,
and
quality
of
the
advisory
services
provided
to
each
Trust
by
the
Adviser
and,
with
respect
to
Impax
Global
Opportunities
Fund,
Impax
Global
Social
Leaders
Fund
and
Impax
Global
Environmental
Markets
Fund,
the
Subadviser.
They
considered
the
terms
of
the
relevant
Management
Contract
and
the
Subadvisory
Contract,
as
applicable,
and
received
and
considered
information
provided
by
management
that
described,
among
other
matters:
●
the
nature
and
scope
of
the
advisory
services
provided
to
the
Funds
and
information
regarding
the
experience,
qualifications,
and
adequacy
of
the
personnel
providing
those
services;
●
the
investment
program
used
by
the
Adviser
and
the
Subadviser
to
manage
the
Funds;
●
possible
conflicts
of
interest
and
fall-out
benefits;
●
brokerage
practices;
●
the
compliance
functions
of
the
Adviser
and
the
Subadviser;
and
●
financial
results,
assets
under
management,
and
other
information
relating
to
the
financial
resources
of
the
Adviser.
In
addition
to
considering
the
Funds’
investment
performance
(see
below),
the
Trustees
of
each
Trust
considered,
among
other
matters,
the
general
oversight
of
the
Funds
by
the
Adviser.
They
took
into
account
information
concerning
the
investment
philosophies
and
processes
used
by
the
Adviser
and
the
Subadviser
in
managing
the
Funds
as
well
as
their
in-house
investment
and
sustainable
research
capabilities.
They
also
considered
various
investment
resources
available
to
the
Adviser
and
the
Subadviser,
including
research
services
acquired
with
“soft
dollars”
available
to
the
Adviser
and
the
Subadviser
as
a
result
of
securities
transactions
effected
for
Impax
Large
Cap
Fund
and
Impax
Small
Cap
Fund.
The
Trustees
considered,
among
other
matters,
that
the
Adviser
provides
the
Trusts
with
office
space
and
personnel,
and
provides
oversight
and
coordination
of
the
services
provided
by
the
Funds’
third-party
service
providers.
These
services
include
accounting,
bookkeeping,
tax,
legal,
audit,
custody
and
transfer
agency
services,
and
preparation
of
prospectuses,
shareholder
reports
and
other
regulatory
filings.
The
Trustees
also
considered
recent
changes
in
the
scope
of
services
overseen
by
the
Adviser,
including
certain
tax
and
accounting
services,
which
previously
had
been
voluntarily
provided
directly
by
the
Adviser.
They
took
into
account
the
Adviser’s
compliance
and
operational
functions,
as
well
as
the
resources
being
devoted
by
the
Adviser
to
such
functions.
The
Trustees
concluded,
within
the
context
of
their
overall
conclusions
regarding
the
Management
Contracts
and
the
Subadvisory
Contract,
that
the
scope
of
the
services
provided
to
each
Fund
under
the
relevant
Management
Contract,
and
to
each
of
Impax
Global
Opportunities
Fund,
Impax
Global
Social
Leaders
Fund
and
Impax
Global
Environmental
Markets
Fund
by
the
Subadviser,
was
consistent
with
such
Fund’s
operational
requirements;
that
the
Adviser
has
the
capabilities,
resources,
and
personnel
necessary
to
provide
the
advisory
services
currently
required
by
each
Fund;
and
that,
overall,
the
nature,
extent,
and
quality
of
the
services
provided
by
the
Adviser
and
the
Subadviser
were
sufficient
to
warrant
approval
of
the
Management
Contracts
and
the
Subadvisory
Contract.
Fund
Performance
.
In
connection
with
the
contract
review
meetings,
the
Trustees,
including
the
Independent
Trustees,
reviewed
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”)
regarding
the
total
return
investment
performance
of
the
Funds,
comparing
each
Fund’s
investment
results
with
those
of
other
mutual
funds
within
their
Broadridge
peer
group
over
the
one-,
three-,
five-
and
ten-year
periods
(to
the
extent
the
Fund
had
been
in
existence)
ended
December
31,
2023.
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.
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).
The
Independent
Trustees
considered
factors
significantly
affecting
Fund
performance.
The
Independent
Trustees
considered
that
each
Fund
has
a
fossil
fuel
policy,
1
which
generally
limits
investments
by
the
Funds
in
fossil
fuel
companies,
and
that
the
domestic
energy
sector
had
significantly
outperformed
the
broader
U.S.
market
in
2022.
The
Independent
Trustees
considered
information
regarding
the
impact
on
each
Fund’s
performance
of
an
underweight
to
fossil
fuel
companies
relative
to
its
benchmark.
In
addition,
for
the
equity
Funds,
the
Independent
Trustees
considered
information
regarding
market
concentration
in
the
“magnificent
7”
stocks
and
the
impact
on
each
Fund’s
performance
of
an
underweight
to
such
stocks.
In
considering
the
total
return
performance
information
of
each
Fund,
as
compared
to
other
mutual
funds
in
its
Broadridge
peer
group:
Impax
Sustainable
Allocation
Fund
The
Independent
Trustees
considered
that
the
Sustainable
Allocation
Fund
had
underperformed
its
peer
group
for
the
one-,
three-
and
ten-year
periods
and
performed
in
line
with
its
peer
group
for
the
five-year
period.
Impax
Small
Cap
Fund
The
Independent
Trustees
considered
that
the
Small
Cap
Fund
had
outperformed
its
peer
group
for
the
one-year
period,
but
underperformed
its
peer
group
for
the
three-,
five-
and
ten-year
periods.
Impax
International
Sustainable
Economy
Fund
The
Independent
Trustees
considered
that
the
International
Sustainable
Economy
Fund
had
outperformed
its
peer
group
for
the
one-year
period,
but
underperformed
its
peer
group
for
the
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
outperformed
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
outperformed
its
peer
group
for
the
five-year
period,
but
underperformed
its
peer
group
for
the
one-
and
three-year
periods.
Impax
Global
Environmental
Markets
Fund
The
Independent
Trustees
considered
that
the
Global
Environmental
Markets
Fund
had
outperformed
its
peer
group
for
the
one-,
three-,
and
ten-year
periods,
but
underperformed
its
peer
group
for
the
five-year
period.
Impax
Ellevate
Global
Women’s
Leadership
Fund
The
Independent
Trustees
considered
that
the
Global
Women’s
Leadership
Fund
had
underperformed
its
peer
group
for
the
one-,
three-,
and
five-year
periods.
The
Independent
Trustees
also
noted
that
the
Fund’s
strategy
had
changed
on
March
28,
2024.
Impax
High
Yield
Bond
Fund
The
Independent
Trustees
considered
that
the
High
Yield
Bond
Fund
had
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
outperformed
its
peer
group
for
the
three-year
period,
underperformed
its
peer
group
for
the
one-year
period,
and
performed
in-line
with
its
peer
group
for
the
five-year
period.
Impax
US
Sustainable
Economy
Fund
The
Independent
Trustees
considered
that
the
US
Sustainable
Economy
Fund
had
underperformed
its
peer
group
for
the
one-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
Fund
The
Independent
Trustees
considered
that
the
Global
Sustainable
Infrastructure
Fund
had
outperformed
its
peer
group
for
the
one-year
period.
The
Independent
Trustees
also
noted
that
because
the
name
and
strategy
of
the
Global
Sustainable
Infrastructure
Fund
had
changed
on
March
31,
2021
and
December
15,
2023,
the
Fund’s
performance
for
periods
prior
to
December
15,
2023
may
not
be
representative
of
the
performance
that
it
would
have
achieved
had
it
been
following
its
current
investment
strategy.
Impax
Global
Social
Leaders
Fund
The
Independent
Trustees
considered
that
the
Global
Social
Leaders
Fund
commenced
investment
operations
on
November
30,
2023
and
had
less
than
a
full
calendar
year
of
performance
information.
The
Independent
Trustees
considered
that
each
Fund’s
performance
was
generally
consistent
with
the
Adviser’s
expectations
in
light
of
the
Fund’s
investment
strategy
and
market
conditions.
For
Funds
that
had
underperformed
their
peer
group
over
longer
periods,
the
Independent
Trustees
considered
the
steps
taken
and
proposed
to
be
taken
by
the
Adviser
to
improve
Fund
performance,
including
(i)
the
2021
changes
to
the
name
and
principal
investment
strategies
of
the
US
Sustainable
Economy,
the
Global
Sustainable
Infrastructure
and
the
International
Sustainable
Economy
Funds,
(ii)
the
addition
of
resources
to
the
Adviser’s
fixed
income
team,
and
the
Adviser’s
plan
to
continue
to
invest
in
that
team,
and
(iii)
the
2024
changes
to
the
principal
investment
strategy
of
the
Global
Women’s
Leadership
Fund.
In
addition
to
the
information
reviewed
by
the
Trustees
at
the
contract
review
meetings,
the
Trustees
receive,
during
the
year,
detailed
comparative
performance
information
for
each
Fund
including
performance
relative
to
one
or
more
selected
securities
indices
or
other
benchmarks.
Based
on
this
and
other
information,
the
Trustees
concluded,
within
the
context
of
their
overall
conclusions
regarding
the
Management
Contracts
and
the
Subadvisory
Contract,
that
the
relevant
performance
record
and
process
in
managing
each
Fund
were
sufficient
to
support
approval
of
the
Management
Contracts
and
the
Subadvisory
Contract.
Fees
and
Other
Expenses.
The
Trustees,
including
the
Independent
Trustees,
considered
the
advisory
fees
paid
by
each
Fund
to
the
Adviser,
and
the
subadvisory
fees
paid
to
the
Subadviser
by
the
Adviser
with
respect
to
the
Global
Opportunities,
Global
Social
Leaders
and
Global
Environmental
Markets
Funds,
as
well
as
each
Fund’s
distribution
and
service
(Rule
12b-1)
fees,
“other
expenses”
and
total
expenses.
In
doing
so,
the
Trustees
reviewed
both
information
provided
by
management
and
information
prepared
by
Broadridge
regarding
the
expenses
of
each
Fund
relative
to
those
of
each
Fund’s
Broadridge
peer
group.
The
Independent
Trustees
considered
that
the
total
expenses
of
each
of
the
Funds
(after
giving
effect
to
the
expense
reimbursements
and
fee
reduction
described
below,
if
applicable),
other
than
the
Global
Opportunities
Fund,
the
Large
Cap
Fund,
the
Global
Social
Leaders
Fund
and
the
Global
Environmental
Markets
Fund,
were
below
the
median
total
expenses
of
its
respective
peer
group.
The
Independent
Trustees
also
considered
that
the
advisory
fees
of
all
Funds
other
than
the
Large
Cap
Fund,
Global
Environmental
Markets
Fund
and
US
Sustainable
Economy
Fund
(for
which
advisory
fees
were
slightly
above
the
median)
(after
giving
effect
to
the
expense
reimbursements
described
below,
where
applicable)
were
at
or
below
the
median
combined
management
and
administrative
fees
of
their
peer
groups.
In
connection
with
their
review,
the
Trustees
considered
the
Adviser’s
agreement
to
reimburse
each
of
the
Global
Social
Leaders
Fund
and
Global
Opportunities
Fund
to
the
extent
such
Fund’s
total
operating
expenses
(other
than
interest,
commissions,
taxes,
extraordinary
expenses
and
acquired
fund
fees
and
expenses,
if
any)
exceed
a
percentage
of
average
daily
net
assets
per
annum
of
each
share
class
as
follows:
0.98%
for
Institutional
Class
shares
and
1.23%
for
Investor
Class
shares
before
May
1,
2027
(with
respect
to
Global
Social
Leaders
Fund)
and
May
1,
2025
(with
respect
to
Global
Opportunities
Fund).
The
Independent
Trustees
considered
the
Adviser’s
agreement
to
waive
a
portion
of
its
management
fee
for
the
US
Sustainable
Economy
Fund.
The
Independent
Trustees
also
noted
that,
under
the
Management
Contracts
with
respect
to
the
US
Sustainable
Economy,
the
Global
Sustainable
Infrastructure,
the
Global
Women’s
Leadership,
the
International
Sustainable
Economy
and
the
Sustainable
Allocation
Funds,
the
Adviser
was
obligated
to
pay
all
of
the
operating
costs
and
expenses
of
the
Fund
(other
than
taxes,
charges
of
governmental
agencies,
interest,
brokerage
commissions
incurred
in
connection
with
portfolio
transactions,
distribution
and/or
service
fees
payable
under
a
plan
pursuant
to
Rule
12b-1
under
the
1940
Act,
acquired
fund
fees
and
expenses
and
extraordinary
expenses),
including
accounting
expenses,
administrator,
transfer
agent,
and
custodian
fees,
legal
fees
and
other
expenses.
The
Trustees
considered
the
expenses
indirectly
borne
by
the
Sustainable
Allocation
Fund
through
its
investment
in
other
Funds,
and
the
extent
to
which
the
services
provided
by
the
Adviser
to
the
Sustainable
Allocation
Fund
were
distinct
from,
and
not
duplicative
of,
the
services
it
provides
to
such
other
Funds.
Based
on
this
and
other
information,
the
Trustees
concluded,
within
the
context
of
their
overall
conclusions
regarding
the
Management
Contracts
and
the
Subadvisory
Contract,
that
the
fees
and
expenses
to
be
charged
represented
reasonable
compensation
to
the
Adviser
and
the
Subadviser
in
light
of
the
services
provided.
Costs
of
Services
Provided
and
Profitability.
The
Trustees,
including
the
Independent
Trustees,
reviewed
information
regarding
the
cost
of
services
provided
by
the
Adviser
and
the
estimated
profitability
to
the
Adviser
and
the
Subadviser
of
their
relationships
with
the
Funds,
including
a
profitability
report
prepared
by
management
detailing
the
costs
of
services
provided
to
each
Fund
by
the
Adviser
and
the
Subadviser,
and
the
estimated
profitability
to
each
of
the
Adviser
and
the
Subadviser,
for
the
years
ended
December
31,
2023
and
September
30,
2023,
respectively,
of
its
advisory
and
subadvisory
relationship
with
each
applicable
Fund.
The
Trustees
recognized
that
the
Adviser
and
the
Subadviser
should,
in
the
abstract,
be
entitled
to
earn
a
reasonable
level
of
profit
for
the
services
provided
to
each
Fund,
and
that
it
is
difficult
to
make
comparisons
of
profitability
from
mutual
fund
advisory
contracts
because
comparative
information
is
not
generally
available
and
is
affected
by
numerous
factors,
including
the
structure
of
the
particular
adviser,
the
types
of
funds
it
manages,
its
business
mix,
numerous
assumptions
about
cost
allocations
and
each
adviser’s
capital
structure
and
cost
of
capital.
The
Trustees
of
each
Trust
concluded
that,
taking
all
of
the
foregoing
into
account,
they
were
satisfied
that
the
level
of
profitability
of
each
of
the
Adviser
and
the
Subadviser
from
its
relationship
with
the
relevant
Funds
was
not
excessive.
Possible
Fall-Out
Benefits.
The
Trustees,
including
the
Independent
Trustees,
considered
information
regarding
the
direct
and
indirect
benefits
to
the
Adviser
and
the
Subadviser
from
their
relationships
with
the
respective
Funds,
including
reputational
and
other
“fall
out”
benefits.
During
the
course
of
the
year,
the
Trustees
received
presentations
from
the
Adviser
about
its
trading
practices
and
brokerage
arrangements,
including
its
policies
with
respect
to
research
purchased
with
credits
generated
in
connection
with
trades
executed
for
the
Large
Cap
and
Small
Cap
Funds
(soft
dollar
arrangements),
and
the
Trustees
accepted
the
representation
of
the
Adviser
that
it
fulfills
its
fiduciary
obligation
of
seeking
best
execution
when
engaging
in
portfolio
transactions
for
the
Funds.
The
Trustees
considered
the
receipt
of
these
benefits
in
light
of
the
Adviser’s
profitability,
and
concluded
that
such
benefits
were
not
excessive.
Possible
Economies
of
Scale.
The
Trustees,
including
the
Independent
Trustees,
considered
the
extent
to
which
the
Adviser
and
the
Subadviser,
as
applicable,
may
realize
economies
of
scale
or
other
efficiencies
in
managing
and
supporting
the
Funds.
They
noted
that
as
assets
increase,
certain
fixed
costs
may
be
spread
across
a
larger
asset
base,
and
it
was
noted
that
any
economies
of
scale
or
other
efficiencies
might
be
realized
(if
at
all)
across
a
variety
of
products
and
services,
including
the
Funds,
and
not
only
in
respect
of
a
single
Fund.
The
Independent
Trustees
also
noted
that
the
Adviser
agreed
to
waive
a
portion
of
its
management
fee
for
the
US
Sustainable
Economy
Fund.
Based
on
these
observations,
the
Independent
Trustees
concluded
that
the
Funds’
overall
fee
arrangements
represent
an
appropriate
sharing
at
the
present
time
between
Fund
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.
Account
Options
and
Services
June
30,
2024
At
Impax,
we
are
pleased
to
offer
a
variety
of
account
options
and
shareholder
services
to
help
meet
your
investment
needs.
Types
of
Accounts
Services
Regular
Accounts
Individual,
business
and
trust
accounts
are
available
for
all
Impax
Funds.
Traditional
IRA
Contributions
to
an
IRA
may
be
tax-
deductible.
Taxes
are
paid
only
when
funds
are
withdrawn,
when
investors
may
be
in
a
lower
tax
bracket.
Roth
IRA
Contributions
to
a
Roth
IRA
are
not
deductible,
but
after
five
years
some
types
of
withdrawals
are
tax-free.
SIMPLE
IRA
This
is
an
easy-to
maintain
retirement
plan
designed
for
small
businesses.
SEP
IRA
This
is
an
employer
funded
retirement
plan
popular
with
small
businesses
and
self-employed
persons.
Education
Savings
Account
&
Uniform
Gift
to
Minors
Account
(UGMA)
These
plans
provide
excellent
ways
to
save
for
a
child’s
education.
Services
Automatic
Investment
Plan
You
may
arrange
to
have
a
fixed
amount
automatically
deducted
from
your
checking
or
savings
account
and
invested
in
your
Impax
account
on
a
monthly
or
quarterly
basis.
Automatic
investment
plans
do
not
assure
a
profit
and
do
not
protect
against
loss
in
declining
markets.
Online
Account
Access
Utilizing
a
unique
ID
number
and
PIN,
you
can
access
your
Impax
account
balances
or
histories;
purchase
or
redeem
fund
shares;
or
make
exchanges
between
different
Impax
Funds.
www.impaxam.com
Learn
all
about
Impax
Funds
through
our
web
site.
You
can
check
Fund
performance,
read
about
our
portfolio
managers,
view
Connection—our
quarterly
newsletter,
and
see
how
we
voted
on
various
proxies
for
the
companies
in
our
portfolios.
Please
note
that
the
information
contained
herein
does
not
constitute
tax
advice.
Always
consult
your
tax
advisor
before
making
any
tax-related
investment
decisions.
This
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
8/24
.
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 Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.
Item 16. Controls and Procedures.
(a) It is the conclusion of the Registrant’s principal executive officer and principal financial officer (or persons performing similar functions), based on an evaluation of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) (the “Disclosure Controls”) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of the Disclosure Controls are effective to reasonably ensure that information required to be disclosed by the Registrant in this report on Form N-CSR has been recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report on Form N-CSR that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable. Item 19. Exhibits.
| (a) | (1) | | The Registrant’s code of ethics, or any amendment thereto, that is the subject of the disclosure required by Item 2 of Form N-CSR is filed with the Registrant’s annual Form N-CSR. |
| | | | |
| | (2) | | |
| | | | |
| | (3) | | Not applicable. |
| | (4) | | Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | | Impax Funds Series Trust I |
| | |
| By (Signature and Title) | | /s/ Edward Farrington |
| | Edward Farrington, President |
| | |
| Date | | 8/27/2024 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
|
By (Signature and Title) | | /s/ Edward Farrington |
| | Edward Farrington, President (Principal Executive Officer) |
| | |
Date | | 8/27/2024 |
| | |
| By (Signature and Title) | | /s/ Daniel Saltus |
| | Daniel Saltus, Treasurer (Principal Financial Officer) |
| | |
| Date | | 8/27/2024 |
