US Impact Equity Strategy 2024 Annual Impact Report

This document is an annual impact report for the US Impact Equity Strategy, issued in November 2025. It presents an aggregated overview of the representative portfolio associated with this strategy, which includes various fund vehicles that may differ in investor bases and asset values. The report aims to illustrate how the strategy is deployed and provides case studies that demonstrate the outcomes of impact investments. It discusses the evolving landscape of impact investing, emphasizing the importance of addressing environmental, social, and governance factors. The report outlines the approach of identifying and investing in companies that can achieve financial success while contributing positively to society and the environment. Additionally, it highlights the significance of active ownership and engagement in promoting impactful practices among invested companies. The document also includes details on the measurement of impact outcomes and the alignment of portfolio holdings with specific impact pillars.