Impax Core Bond Fund Institutional Class PXBIX Strategy

The investment seeks income and conservation of principal. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds, which include debt obligations such as mortgage-related securities, securities issued by the United States government or its agencies and instrumentalities, municipal bonds, corporate bonds and high-impact bonds across the spectrum of issuers, each of which is, at the time of purchase, rated at least investment grade or unrated and determined by the adviser to be of comparable quality. It also may have a small allocation of high yield bonds.