Impax Global Environmental Markets Fund Class A PXEAX

Impax announced the upcoming departure of Luciano Lilloy, co-portfolio manager of the Impax Leaders and Climate strategies. He has decided to leave the firm for a different role at another investment management company, stepping away from his current day-to-day focus on active portfolio management. Lilloy joined Impax as an intern in 2017 and became an analyst later that same year. He was named co-portfolio manager of the Impax Leaders strategy in October 2025 and of the Impax Climate strategy in March 2026. He will leave the firm in mid-September 2026 but will already step down from both strategies effective Aug. 31, 2026. The two strategies will continue to be managed by Fotis Chatzimichalakis and Sanjeev Lakhani, the remaining portfolio managers, who are also responsible for managing the Impax Specialists strategy. Lilloy’s departure marks another change in leadership across Impax’s ecology-focused strategies. Earlier, Bruce Jenkyn-Jones stepped down from the Impax Climate strategy in June 2024, while Jon Forster relinquished his portfolio management responsibilities to focus on his analyst role in December 2025. Meanwhile, the Impax Leaders strategy lost Hubert Aarts following his retirement in October 2025, and David Winborne and Siddharth Jha left the firm in March 2026. Finally, Jenkyn-Jones and Forster also stepped down from the Impax Specialists strategy at the end of 2025. The leadership of Impax’s ecology-focused strategies, which include the Specialists strategy alongside the two currently affected strategies, has been in flux over the past two years, more so than we would typically like to see. However, we believe the strategies remain in capable hands with Chatzimichalakis and Lakhani at the helm. In addition, they continue to benefit from a well-resourced broader team that supports them in stock selection and thematic research. We therefore reaffirm the People Pillar rating of Above Average. A comprehensive review of the Climate, Leaders, and Specialists strategies is scheduled for the fourth quarter of 2026.