Impax Global Emerging Markets Opportunities Fund - X USD ACC Fonds

The investment objective of the Fund is to generate long-term capital growth through an actively-managed portfolio of equities from issuers across emerging market countries. The Fund is actively managed and is not managed in reference to a benchmark. At least 80% of the Net Asset Value ('NAV') will be invested in emerging market companies. These investments will be made on a 'long-only' basis and will be predominantly in equity securities. Some of the Fund's investments may be issued with warrants, which give the Fund the right, but not the obligation, to buy the underlying shares at a particular price. The Fund may invest up to 10% in warrants. The Fund may invest up to 10% in convertible bonds. A convertible bond is a hybrid security comprising both debt and equity features. The holders of a convertible bond receive regular payments and have the option to convert the convertible bond into shares of common stock of the issuer, at a predetermined price. The Fund may also invest, on a 'long only' basis in shares of other companies (including real estate investment trusts ('REITs'). Up to 10% of the NAV of the Fund may be invested in REITs. The Fund may also, subject to the investment restrictions set out in the prospectus and the Fund's supplement, invest in cash, cash equivalents and exchange traded or money market funds for treasury or liquidity purposes.