# EDGAR Filing Document

**Accession Number:** 0001598735
**File Stem:** 0002071691-25-005486
**Filing Date:** 2025-11
**Character Count:** 40169
**Document Hash:** e530362966285b68348c8f18eb3592f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-005486.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002071691-25-005486

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**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:** 251507412

**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:** 2025-09-30

**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:** $709878318.61

**Total Liabilities:** $2765742.26

**Net Assets:** $707112576.35

**Cash Not Reported:** $572.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000141747 | 0.63%                | 2.14%                | 1.56%                |
| Class ID C000141748 | 0.64%                | 2.07%                | 1.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2119182.77              | $1900163.96                                |
| Month 2  | $1729373.72              | $12083236.94                               |
| Month 3  | $10909289.89             | $-524020.82                                |

### 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      | $1841749.01   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                             | Oracle Corp.                                            | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     33078 | NS      | $9302856.72   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                | Orange SA                                               | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |    204939 | NS      | $3324310.45   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Canada                  | National Bank of Canada                                 | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |     66516 | NS      | $7065502.82   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class A                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     30360 | NS      | $7380516.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings, Inc.                    | PayPal Holdings, Inc.                                   | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     56992 | NS      | $3821883.52   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                             | NVIDIA Corp.                                            | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    251501 | NS      | $46925056.58  | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                         | Amazon.com, Inc.                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     83399 | NS      | $18311918.43  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                 | Bristol-Myers Squibb Co.                                | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    119358 | NS      | $5383045.80   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                          | Eli Lilly & Co.                                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     13196 | NS      | $10068548.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp.                            | Stryker Corp.                                           | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      5984 | NS      | $2212105.28   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                    | Deckers Outdoor Corp.                                   | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     20240 | NS      | $2051728.80   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class C                                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     23485 | NS      | $5719771.75   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins, Inc.                            | Cummins, Inc.                                           | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     16880 | NS      | $7129605.60   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit, Inc.                             | Intuit, Inc.                                            | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     10926 | NS      | $7461474.66   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.             | Marriott International, Inc., Class A                   | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     26127 | NS      | $6804515.88   | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Biogen, Inc.                             | Biogen, Inc.                                            | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     33056 | NS      | $4630484.48   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma plc                                | Halma plc                                               | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               | CORP              | GB        |    148702 | NS      | $6922192.64   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                           | Fortescue Ltd.                                          | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |    357543 | NS      | $4427973.47   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                  | GSK plc                                                 | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    346371 | NS      | $7437270.78   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Apple, Inc.                              | Apple, Inc.                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    129227 | NS      | $32905071.01  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group plc                       | Vodafone Group plc                                      | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |   3702161 | NS      | $4305256.60   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Veralto Corp.                            | Veralto Corp.                                           | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     65907 | NS      | $7026345.27   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                     | American Express Co.                                    | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     17311 | NS      | $5750021.76   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                     | Edison International                                    | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    107714 | NS      | $5954429.92   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     59047 | NS      | $10948494.74  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                        | Merck & Co., Inc.                                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     35859 | NS      | $3009645.87   | 0.43%             |  |  |  | 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        |     58925 | NS      | $6384615.97   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                | Kering SA                                               | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |     13558 | NS      | $4543249.91   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Lululemon Athletica, Inc.                | Lululemon Athletica, Inc.                               | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     28740 | NS      | $5113708.20   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.               | Prudential Financial, Inc.                              | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     62666 | NS      | $6500970.84   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.           | Hewlett Packard Enterprise Co.                          | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    278767 | NS      | $6846517.52   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                       | Publicis Groupe SA                                      | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |     58321 | NS      | $5612422.15   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Progressive Corp. (The)                  | Progressive Corp. (The)                                 | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     27072 | NS      | $6685430.40   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                      | General Mills, Inc.                                     | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     89499 | NS      | $4512539.58   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                   | AXA SA                                                  | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |     59530 | NS      | $2854761.90   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                    | Schneider Electric SE                                   | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     29889 | NS      | $8412920.23   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| American Water Works Co., Inc.           | American Water Works Co., Inc.                          | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     43397 | NS      | $6040428.43   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The)                | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     10186 | NS      | $2046672.98   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA                 | Hermes International SCA                                | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               | CORP              | FR        |      2459 | NS      | $6046778.61   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                                | Amundi SA                                               | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |     26037 | NS      | $2069279.23   | 0.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WW Grainger, Inc.                        | WW Grainger, Inc.                                       | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      6404 | NS      | $6102755.84   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Westpac Banking Corp.                    | Westpac Banking Corp.                                   | CUSIP: N/A<br>LEI: EN5TNI6CI43VEPAMHL14       | Long             | EC               | CORP              | AU        |    301861 | NS      | $7777403.46   | 1.10%             |  |  |  | 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      | $2847504.77   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd.                  | Aristocrat Leisure Ltd.                                 | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |    150478 | NS      | $6966149.75   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                        | Wolters Kluwer NV                                       | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |     38920 | NS      | $5312576.66   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Autodesk, Inc.                           | Autodesk, Inc.                                          | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     23746 | NS      | $7543391.82   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                          | Citigroup, Inc.                                         | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     79944 | NS      | $8114316.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma, Inc.                    | Williams-Sonoma, Inc.                                   | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     34039 | NS      | $6652922.55   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global, Inc.                         | S&P Global, Inc.                                        | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      5280 | NS      | $2569828.80   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                     | Otis Worldwide Corp.                                    | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     69023 | NS      | $6310772.89   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                           | Broadcom, Inc.                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     54413 | NS      | $17951392.83  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec, Inc.                            | Stantec, Inc.                                           | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |     48827 | NS      | $5265821.97   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                      | Societe Generale SA                                     | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |     66095 | NS      | $4400361.92   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Willis Towers Watson plc                 | Willis Towers Watson plc                                | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |     18299 | NS      | $6321389.55   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd.                      | Qantas Airways Ltd.                                     | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |    855684 | NS      | $6183004.02   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Hang Seng Bank Ltd.                      | Hang Seng Bank Ltd.                                     | CUSIP: N/A<br>LEI: 5493009Z5F07LWZYMK62       | Long             | EC               | CORP              | HK        |    420300 | NS      | $6395672.12   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Ulta Beauty, Inc.                        | Ulta Beauty, Inc.                                       | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     13707 | NS      | $7494302.25   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                    | Cardinal Health, Inc.                                   | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     40480 | NS      | $6353740.80   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo plc                               | Diageo plc                                              | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |    140968 | NS      | $3373038.13   | 0.48%             |  |  |  | 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        |  13880211 | NS      | $13880210.59  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                      | Cisco Systems, Inc.                                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    117565 | NS      | $8043797.30   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                          | Starbucks Corp.                                         | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     78740 | NS      | $6661404.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Co.                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     44821 | NS      | $14137888.03  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                     | Royal Bank of Canada                                    | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     37261 | NS      | $5491827.49   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HP, Inc.                                 | HP, Inc.                                                | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    221857 | NS      | $6041166.11   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.             | Vertex Pharmaceuticals, Inc.                            | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      4622 | NS      | $1810160.08   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid plc                        | National Grid plc                                       | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |    227516 | NS      | $3269102.44   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                               | Allianz SE                                              | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      7035 | NS      | $2959812.02   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Target Corp.                             | Target Corp.                                            | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     69222 | NS      | $6209213.40   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio, Inc.                             | Twilio, Inc., Class A                                   | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     65636 | NS      | $6569507.24   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp.                            | Insulet Corp.                                           | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      6409 | NS      | $1978650.57   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Accor SA                                 | Accor SA                                                | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |     40216 | NS      | $1910678.00   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Life Financial, Inc.                 | Sun Life Financial, Inc.                                | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |    101941 | NS      | $6121440.95   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                      | Coca-Cola Co. (The)                                     | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    120284 | NS      | $7977234.88   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                         | ServiceNow, Inc.                                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2458 | NS      | $2262048.24   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)               | Procter & Gamble Co. (The)                              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     57291 | NS      | $8802762.15   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVT AND AGCY LEX                | INVESCO GOVERNMENT & AGENCY PORTFOLIO OPEN-END FUND USD | CUSIP: 825252885<br>LEI: O37NHJVF7S22I1ONOU83 | Long             | STIV             | RF                | US        |   2433475 | PA      | $2433475.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered plc                   | Standard Chartered plc                                  | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |    354580 | NS      | $6881534.79   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                    | Walt Disney Co. (The)                                   | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     70729 | NS      | $8098470.50   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                          | AstraZeneca plc                                         | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     58895 | NS      | $9022779.68   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp.                          | Microsoft Corp.                                         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     67662 | NS      | $35045532.90  | 4.96%             |  |  |  | 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        |     58795 | NS      | $6406303.20   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                   | Yara International ASA                                  | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |     66154 | NS      | $2424807.22   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Tapestry, Inc.                           | Tapestry, Inc.                                          | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     59742 | NS      | $6763989.24   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Woolworths Group Ltd.                    | Woolworths Group Ltd.                                   | CUSIP: N/A<br>LEI: QNWEWQBS7HP85QHXQL92       | Long             | EC               | CORP              | AU        |    315859 | NS      | $5574304.20   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| BT Group plc                             | BT Group plc                                            | CUSIP: N/A<br>LEI: 213800LRO7NS5CYQMN21       | Long             | EC               | CORP              | GB        |    786840 | NS      | $2024301.29   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                    | Elevance Health, Inc.                                   | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     16016 | NS      | $5175089.92   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                       | State Street Corp.                                      | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     64603 | NS      | $7494594.03   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                    | Gilead Sciences, Inc.                                   | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     71005 | NS      | $7881555.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                      | Deutsche Telekom AG                                     | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    162103 | NS      | $5522763.23   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                           | Synopsys, Inc.                                          | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     16218 | NS      | $8001799.02   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture plc                            | Accenture plc, Class A                                  | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     24958 | NS      | $6154642.80   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                               | L'Oreal SA                                              | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               | CORP              | FR        |      5914 | NS      | $2569556.85   | 0.36%             |  |  |  | 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      | $1944295.53   | 0.27%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                        | NatWest Group plc                                       | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               | CORP              | GB        |    300482 | NS      | $2122410.58   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Texas Instruments, Inc.                  | Texas Instruments, Inc.                                 | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     11714 | NS      | $2152213.22   | 0.30%             |  |  |  | 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        |    244810 | NS      | $4576406.68   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce       | Canadian Imperial Bank of Commerce                      | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |     48140 | NS      | $3846841.56   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                             | DNB Bank ASA                                            | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    232136 | NS      | $6327098.49   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                         | Pernod Ricard SA                                        | CUSIP: N/A<br>LEI: 52990097YFPX9J0H5D87       | Long             | EC               | CORP              | FR        |     43221 | NS      | $4255134.03   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva plc                                | Aviva plc                                               | CUSIP: N/A<br>LEI: YF0Y5B0IB8SM0ZFG9G81       | Long             | EC               | CORP              | GB        |    345246 | NS      | $3193801.55   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis, Inc.                             | Zoetis, Inc., Class A                                   | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     44125 | NS      | $6456370.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                               | eBay, Inc.                                              | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     47183 | NS      | $4291293.85   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co., Inc.                       | Best Buy Co., Inc.                                      | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     65599 | NS      | $4960596.38   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** Daniel Saltus

**Name of Signer:** Daniel Saltus

**Title:** Treasurer