# EDGAR Filing Document

**Accession Number:** 0001598735
**File Stem:** 0001752724-25-205425
**Filing Date:** 2025-8
**Character Count:** 39430
**Document Hash:** 8afc8f775fb7486daafd7a373961f38e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205425.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205425

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMPAX FUNDS SERIES TRUST III
- **CENTRAL INDEX KEY:** 0001598735

**ORGANIZATION NAME:**
- **EIN:** 261109604
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22935
- **FILM NUMBER:** 251256436

**BUSINESS ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801
- **BUSINESS PHONE:** 603-431-8022

**MAIL ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD FUNDS SERIES TRUST III
- **DATE OF NAME CHANGE:** 20140130

## Series and Classes Contracts Data

### Impax Ellevate Global Women's Leadership Fund (Series ID: S000045528)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000141747 | Institutional Class | PXWIX           |
| C000141748 | Investor Class      | PXWEX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** IMPAX FUNDS SERIES TRUST III

- **b. Investment Company Act file number:** 811-22935

- **c. CIK number of Registrant:** 0001598735

- **d. LEI of Registrant:** 549300J0TL6WZJ1A7C04

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 30 Penhallow St., Suite 100

  - **City:** Portsmouth

  - **State:** NH

  - **Foreign country:** US

  - **Zip / Postal Code:** 03801

  - **Telephone number:** 603-431-8022

**Item A.2. Information about the Series.**

- **a. Name of Series:** Impax Ellevate Global Women's Leadership Fund

- **b. EDGAR series identifier (if any):** S000045528

- **c. LEI of Series:** 549300J0TL6WZJ1A7C04

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $703519074.73

**Total Liabilities:** $328806.04

**Net Assets:** $703190268.69

**Cash Not Reported:** $3032582.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000141747 | 1.17%                | 6.02%                | 3.56%                |
| Class ID C000141748 | 1.15%                | 5.98%                | 3.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1199303.60              | $4100840.72                                |
| Month 2  | $19979.64                | $38000797.17                               |
| Month 3  | $26902436.68             | $-3426872.32                               |

### Schedule of Portfolio Investments

| Name                                         | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Thomson Reuters Corp.                        | Thomson Reuters Corp.                        | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |     11861 | NS      | $2385178.07   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                    | Orange SA                                    | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |    207855 | NS      | $3165255.32   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Canada                      | National Bank of Canada                      | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |     68501 | NS      | $7068669.37   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                               | Alphabet, Inc., Class A                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     24329 | NS      | $4287499.67   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings, Inc.                        | PayPal Holdings, Inc.                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     58693 | NS      | $4362063.76   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp.                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    280289 | NS      | $44282859.11  | 6.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     85888 | NS      | $18842968.32  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    122921 | NS      | $5690013.09   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp.                                 | Waters Corp.                                 | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      5950 | NS      | $2076788.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Co.                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     13589 | NS      | $10593033.17  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp.                                | Stryker Corp.                                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      5984 | NS      | $2367449.92   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                        | Deckers Outdoor Corp.                        | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     20240 | NS      | $2086136.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                               | Alphabet, Inc., Class C                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     12218 | NS      | $2167351.02   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins, Inc.                                | Cummins, Inc.                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     21727 | NS      | $7115592.50   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit, Inc.                                 | Intuit, Inc.                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     11251 | NS      | $8861625.13   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                 | Marriott International, Inc., Class A        | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     26906 | NS      | $7350988.26   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen, Inc.                                 | Biogen, Inc.                                 | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     33526 | NS      | $4210530.34   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma plc                                    | Halma plc                                    | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               | CORP              | GB        |    153142 | NS      | $6731222.49   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                               | Fortescue Ltd.                               | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |    591057 | NS      | $5941442.58   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                      | GSK plc                                      | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    356713 | NS      | $6801257.56   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    133085 | NS      | $27305049.45  | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group plc                           | Vodafone Group plc                           | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |   3754848 | NS      | $4019384.10   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Veralto Corp.                                | Veralto Corp.                                | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     67874 | NS      | $6851880.30   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                         | American Express Co.                         | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     15823 | NS      | $5047220.54   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                         | Edison International                         | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    110929 | NS      | $5723936.40   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     60809 | NS      | $9288574.75   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                            | Merck & Co., Inc.                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     36369 | NS      | $2878970.04   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain SA                       | Cie de Saint-Gobain SA                       | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |     60683 | NS      | $7128750.32   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                    | Kering SA                                    | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |     31687 | NS      | $6903191.26   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Lululemon Athletica, Inc.                    | Lululemon Athletica, Inc.                    | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     29598 | NS      | $7031892.84   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                   | Prudential Financial, Inc.                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     64536 | NS      | $6933747.84   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.               | Hewlett Packard Enterprise Co.               | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    374660 | NS      | $7661797.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                           | Publicis Groupe SA                           | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |     60061 | NS      | $6783575.53   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Progressive Corp. (The)                      | Progressive Corp. (The)                      | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     27880 | NS      | $7440056.80   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                          | General Mills, Inc.                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     90772 | NS      | $4702897.32   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                       | AXA SA                                       | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |     60377 | NS      | $2964815.08   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                        | Schneider Electric SE                        | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     30781 | NS      | $8264233.60   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| American Water Works Co., Inc.               | American Water Works Co., Inc.               | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     44692 | NS      | $6217104.12   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA                     | Hermes International SCA                     | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               | CORP              | FR        |      2531 | NS      | $6861201.34   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                                    | Amundi SA                                    | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |     26037 | NS      | $2110449.94   | 0.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WW Grainger, Inc.                            | WW Grainger, Inc.                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      6595 | NS      | $6860382.80   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Westpac Banking Corp.                        | Westpac Banking Corp.                        | CUSIP: N/A<br>LEI: EN5TNI6CI43VEPAMHL14       | Long             | EC               | CORP              | AU        |    310873 | NS      | $6928279.77   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                             | Novo Nordisk A/S, Class B                    | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     51139 | NS      | $3543628.42   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd.                      | Aristocrat Leisure Ltd.                      | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |    154970 | NS      | $6639657.65   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                            | Wolters Kluwer NV                            | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |     40081 | NS      | $6703070.70   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Autodesk, Inc.                               | Autodesk, Inc.                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     24454 | NS      | $7570224.78   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    100089 | NS      | $8519575.68   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma, Inc.                        | Williams-Sonoma, Inc.                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     12874 | NS      | $2103225.38   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global, Inc.                             | S&P Global, Inc.                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      5355 | NS      | $2823637.95   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                         | Otis Worldwide Corp.                         | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     71083 | NS      | $7038638.66   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                               | Broadcom, Inc.                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     67801 | NS      | $18689345.65  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec, Inc.                                | Stantec, Inc.                                | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |     50284 | NS      | $5471327.54   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS, Inc.                                  | ANSYS, Inc.                                  | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |      6527 | NS      | $2292412.94   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc                     | Willis Towers Watson plc                     | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |     18844 | NS      | $5775686.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Hang Seng Bank Ltd.                          | Hang Seng Bank Ltd.                          | CUSIP: N/A<br>LEI: 5493009Z5F07LWZYMK62       | Long             | EC               | CORP              | HK        |    432700 | NS      | $6493169.84   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Ulta Beauty, Inc.                            | Ulta Beauty, Inc.                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     14116 | NS      | $6603747.12   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                        | Cardinal Health, Inc.                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     41688 | NS      | $7003584.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo plc                                   | Diageo plc                                   | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |    142974 | NS      | $3605247.70   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund             | JPMorgan Prime Money Market Fund             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   4043847 | NS      | $4043847.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                          | Cisco Systems, Inc.                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    121075 | NS      | $8400183.50   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                              | Starbucks Corp.                              | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     81090 | NS      | $7430276.70   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                          | Fifth Third Bancorp                          | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    160017 | NS      | $6581499.21   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co.                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     52363 | NS      | $15180557.33  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                         | Royal Bank of Canada                         | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     38373 | NS      | $5057317.65   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HP, Inc.                                     | HP, Inc.                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    228481 | NS      | $5588645.26   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                 | Vertex Pharmaceuticals, Inc.                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      4622 | NS      | $2057714.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid plc                            | National Grid plc                            | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |    230753 | NS      | $3387145.54   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                   | Allianz SE                                   | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      7135 | NS      | $2895622.34   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Target Corp.                                 | Target Corp.                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     71288 | NS      | $7032561.20   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Accor SA                                     | Accor SA                                     | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |     40216 | NS      | $2107658.34   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Life Financial, Inc.                     | Sun Life Financial, Inc.                     | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |    104984 | NS      | $6985570.21   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                          | Coca-Cola Co. (The)                          | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    123874 | NS      | $8764085.50   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                             | ServiceNow, Inc.                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2458 | NS      | $2527020.64   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                   | Procter & Gamble Co. (The)                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     59001 | NS      | $9400039.32   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered plc                       | Standard Chartered plc                       | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |    423776 | NS      | $7012877.26   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Estee Lauder Cos., Inc. (The)                | Estee Lauder Cos., Inc. (The), Class A       | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |     82971 | NS      | $6704056.80   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA | Cie Generale des Etablissements Michelin SCA | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |     72607 | NS      | $2700560.51   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                        | Walt Disney Co. (The)                        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     72840 | NS      | $9032888.40   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                              | AstraZeneca plc                              | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     60653 | NS      | $8441027.52   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp.                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     69681 | NS      | $34660026.21  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp. (The)          | Bank of New York Mellon Corp. (The)          | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     60549 | NS      | $5516619.39   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp.                                    | CDW Corp.                                    | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     37693 | NS      | $6731592.87   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                       | Yara International ASA                       | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |     66154 | NS      | $2441259.73   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Woolworths Group Ltd.                        | Woolworths Group Ltd.                        | CUSIP: N/A<br>LEI: QNWEWQBS7HP85QHXQL92       | Long             | EC               | CORP              | AU        |    325290 | NS      | $6663178.49   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                        | Elevance Health, Inc.                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     16493 | NS      | $6415117.28   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                           | State Street Corp.                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     66531 | NS      | $7074906.54   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pearson plc                                  | Pearson plc                                  | CUSIP: N/A<br>LEI: 2138004JBXWWJKIURC57       | Long             | EC               | CORP              | GB        |    139019 | NS      | $2047889.63   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                        | Gilead Sciences, Inc.                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     73124 | NS      | $8107257.88   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                          | Deutsche Telekom AG                          | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    166942 | NS      | $6110678.27   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corp.                             | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      9594 | NS      | $2803078.98   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture plc                                | Accenture plc, Class A                       | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     25703 | NS      | $7682369.67   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                   | L'Oreal SA                                   | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               | CORP              | FR        |      5998 | NS      | $2569264.32   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group plc                        | Auto Trader Group plc                        | CUSIP: N/A<br>LEI: 213800QLK9BZILB1DI86       | Long             | EC               | CORP              | GB        |    183022 | NS      | $2073052.97   | 0.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.            | Booz Allen Hamilton Holding Corp., Class A   | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     20189 | NS      | $2102280.57   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments, Inc.                      | Texas Instruments, Inc.                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     11714 | NS      | $2432060.68   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                             | Salesforce, Inc.                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     15850 | NS      | $4322136.50   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| H & M Hennes & Mauritz AB                    | H & M Hennes & Mauritz AB, Class B           | CUSIP: N/A<br>LEI: 529900O5RR7R39FRDM42       | Long             | EC               | CORP              | SE        |    153234 | NS      | $2158167.97   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Xero Ltd.                                    | Xero Ltd.                                    | CUSIP: N/A<br>LEI: 254900UG5D8YST164N14       | Long             | EC               | CORP              | NZ        |     52266 | NS      | $6184597.30   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce           | Canadian Imperial Bank of Commerce           | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |    101725 | NS      | $7220663.48   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                                 | DNB Bank ASA                                 | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    239067 | NS      | $6611297.07   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                             | Pernod Ricard SA                             | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |     44511 | NS      | $4440032.10   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva plc                                    | Aviva plc                                    | CUSIP: N/A<br>LEI: YF0Y5B0IB8SM0ZFG9G81       | Long             | EC               | CORP              | GB        |    350159 | NS      | $2976958.19   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis, Inc.                                 | Zoetis, Inc., Class A                        | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     45441 | NS      | $7086523.95   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                                   | eBay, Inc.                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     47854 | NS      | $3563208.84   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co., Inc.                           | Best Buy Co., Inc.                           | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     67557 | NS      | $4535101.41   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** IMPAX FUNDS SERIES TRUST III

**Signature:** Daniel Saltus

**Name of Signer:** Daniel Saltus

**Title:** Treasurer