ESG Global Equity FUnd

ESG Global Equity Fund

ESG Global Equity is designed to address the risks and opportunities created by the increasing constraints on natural capital.

Trillium ESG Global Equity Fund Wins Two “Wealth for Good Awards”

Investment Overview

Daily Prices

Key Documents

Investment Overview

The Trillium ESG Global Equity Fund is designed to invest primarily in companies Trillium believes are leaders in managing risks and opportunities related to environmental, social and governance (ESG) criteria, have above average growth potential, and are reasonably valued.

Investment Process

Trillium believes that the best long-term investments for the Fund are found in companies that have above-average financial characteristics and growth potential, while also contributing towards the goals of a sustainable global economy. Trillium believes that a company’s sound understanding of sustainability principles can demonstrate the qualities of innovation and leadership that support the creation of a distinct competitive advantage and the building of long-term value.  The Fund does not invest in companies that are primarily engaged in fossil fuel production based on a company’s total gross revenue unless the company demonstrates a plan to transition to a low carbon business model that Trillium finds credible.

Strategy Summary

Asset Class

-

Investment Style

-

Portfolio Benchmark

-

Class I Shares

-

Daily Prices

As of XX/XX/XX

Fund	As at Noon	Share Class	Currency	Domicile	ISIN Number	NAV Per Share	Change	KIID
ESG Global Equity Fund	XX/XX/XXXX	A EUR  ACCUMULATING	-	-	IE000GYEUSB5	-	-
ESG Global Equity Fund	XX/XX/XXXX	A EUR  DISTRIBUTING	-	-	IE000H0DVFN2	-	-
ESG Global Equity Fund	XX/XX/XXXX	A GBP  ACCUMULATING	-	-	IE000BR6Z0L3	-	-
ESG Global Equity Fund	XX/XX/XXXX	A GBP  DISTRIBUTING	-	-	IE000V4X1BE2	-	-
ESG Global Equity Fund	XX/XX/XXXX	A USD  ACCUMULATING	-	-	IE000RN70C63	-	-
ESG Global Equity Fund	XX/XX/XXXX	A USD  DISTRIBUTING	-	-	IE000N4RCKR7	-	-
ESG Global Equity Fund	XX/XX/XXXX	I EUR  ACCUMULATING	-	-	IE0004JEGI62	-	-
ESG Global Equity Fund	XX/XX/XXXX	I EUR  DISTRIBUTING	-	-	IE000MR2KFP5	-	-
ESG Global Equity Fund	XX/XX/XXXX	I GBP  ACCUMULATING	-	-	IE000DO9N8A3	-	-
ESG Global Equity Fund	XX/XX/XXXX	I GBP  DISTRIBUTING	-	-	IE000H962EX7	-	-
ESG Global Equity Fund	XX/XX/XXXX	I USD  ACCUMULATING	-	-	IE000WY28UX5	-	-
ESG Global Equity Fund	XX/XX/XXXX	I USD  DISTRIBUTING	-	-	IE0005DLYUR0	-	-
ESG Global Equity Fund	XX/XX/XXXX	S USD  ACCUMULATING	-	-	IE000PFKWHM8	-	-
ESG Global Equity Fund	XX/XX/XXXX	S USD  DISTRIBUTING	-	-	IE000T9R4KH7	-	-

Daily Prices

Fund	As at Noon	Share Class	Currency	Domicile	ISIN Number	NAV Per Share	Change	KID
ESG Global Equity Fund		A EUR  ACCUMULATING			IE000GYEUSB5
ESG Global Equity Fund		A EUR  DISTRIBUTING			IE000H0DVFN2
ESG Global Equity Fund		A GBP  ACCUMULATING			IE000BR6Z0L3
ESG Global Equity Fund		A GBP  DISTRIBUTING			IE000V4X1BE2
ESG Global Equity Fund		A USD  ACCUMULATING			IE000RN70C63
ESG Global Equity Fund		A USD  DISTRIBUTING			IE000N4RCKR7
ESG Global Equity Fund		I EUR  ACCUMULATING			IE0004JEGI62
ESG Global Equity Fund		I EUR  DISTRIBUTING			IE000MR2KFP5
ESG Global Equity Fund		I GBP  ACCUMULATING			IE000DO9N8A3
ESG Global Equity Fund		I GBP  DISTRIBUTING			IE000H962EX7
ESG Global Equity Fund		I USD  ACCUMULATING			IE000WY28UX5
ESG Global Equity Fund		I USD  DISTRIBUTING			IE0005DLYUR0
ESG Global Equity Fund		S USD  ACCUMULATING			IE000PFKWHM8
ESG Global Equity Fund		S USD  DISTRIBUTING			IE000T9R4KH7

Key Documents

Prospectus

Fund Supplement

Application Form

Remuneration Policy

Instrument of Incorporation

Umbrella Fund Reports and Accounts

Semi-Annual Report

Annual Report

Overview

Portfolio

Performance

Impact

Documents

Strategy Overview

The Trillium ESG Global Equity Fund is designed to address the risks and opportunities created by the increasing constraints on natural capital.

Investment Process

The Trillium ESG Global Equity Fund is designed to address the risks and opportunities created by the increasing constraints on natural capital. Since 1999, we have searched the globe for companies that meet a dual mandate: environmental leadership and financial quality. Our rigorous selection criteria is fossil fuel free and integrates financial and ESG (environmental, social, and governance) research to seek high quality growth companies at a reasonable price, resulting in an equity portfolio that seeks positive risk-adjusted return.

Contact Information

Individual Investors: 866-209-1962

Financial Advisors:

Tom Simunovic

Regional Sales Consultant (Eastern U.S.)

tsimunovic@trilliuminvest.com617-532-6673

Portfolio Managers

Matthew W. Patsky, CFA

Lead Portfolio Manager

Bio >

Laura McGonagle, CFA

Portfolio Manager

Bio >

John Quealy, CPA

Portfolio Manager

Bio >

Patrick Wollenberg, CEFA

Portfolio Manager

Bio >

Shareholder Services:

Trillium Asset Management Family of Funds
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
‍
(866) 209-1962
info@trilliuminvest.com

For Advisors:

Trillium Asset Management
Two Financial Center
60 South Street
Suite 1100
Boston, MA 02111

(800) 548-5684

Overview

Style

Global Equity

Index

MSCI ACWI

Number of Holdings

109

Retail

Symbol

PORTX

CUSIP

742935588

Inception Date

09/30/1999

Minimum Investment (Standard Account)

$5,000

Minimum Investment (Retirement Account)

$1,000

Overall Morningstar Rating

Morningstar Sustainability Rating

(Registered Investment Advisors may aggregate client accounts to meet the minimum)

Based on 98.93% of AUM out of a universe of 7,907. Global Equity Large Cap Category. Sustainability Rating as of 05/31/2023. Applicable for all share classes. Data is based on long positions only. Sustainalytics provides company-level analysis used in the calculation of Morningstar’s Sustainability Score.

In the Morningstar World Large Stock category, PORTX received an overall rating of 4 stars based on risk-adjusted returns, 3-year rating of 3 stars out of 339 funds, 5-year rating of 4 stars out of 290 funds, 10-year rating of 4 stars out of 187 funds as of 06/30/2023.

Institutional

Symbol

PORIX

CUSIP

742935356

Inception Date

03/30/07

Minimum Investment

$100,000

Overall Morningstar Rating

Morningstar Sustainability Rating

(Registered Investment Advisors may aggregate client accounts to meet the minimum)

Based on 98.93% of AUM out of a universe of 7,907. Global Equity Large Cap Category. Sustainability Rating as of 05/31/2023. Applicable for all share classes. Data is based on long positions only. Sustainalytics provides company-level analysis used in the calculation of Morningstar’s Sustainability Score.

In the Morningstar World Large Stock category, PORIX received an overall rating of 4 stars based on risk-adjusted returns, 3-year rating of 3 stars out of 339 funds, 5-year rating of 5 stars out of 290 funds, 10-year rating of 4 stars out of 187 funds as of 06/30/2023.

Portfolio

Portfolio Characteristics

as of 6/30/23

Fund Assets

$893.9 million

Number of Holdings

109

Asset Allocation

     Equities

99.03%

     Cash

0.7%

One year turnover

10.0%

Average three year turnover

9.07%

Average five year turnover

10.84%

Weighed Average Market Cap ($ bil)

     Portfolio

$448.1

    MSCI ACWI

$439.7

Weighted Harmonic Avg Fwd P/E (x)

    Portfolio

18.0

    MSCI ACWI

16.1

Weighted Harmonic Avg P/B (x)

    Portfolio

3.7

    MSCI ACWI

2.7

Sector Weightings

as of 6/30/23

Portfolio

MSCI 
ACWI

Information Tech.

23.4%

22.1%

Financials

14.1%

15.4%

Industrials

13.2%

10.5%

Health Care

13.1%

11.8%

Consumer Staples

10.2%

7.3%

Consumer Discretionary

9.6%

11.3%

Materials

5.1%

4.6%

Comm. Svcs.

5.0%

7.3%

Real Estate

2.9%

2.3%

Utilities

2.4%

2.8%

Energy

0.0%

4.6%

Top Ten Countries

as of 6/30/23

Portfolio

MSCI 
ACWI

United States

51.1%

62.1%

Switzerland

5.7%

2.5%

France

4.9%

3.0%

Japan

4.3%

5.5%

United Kingdom

4.2%

3.6%

Germany

3.5%

2.1%

Ireland

3.2%

0.2%

Spain

2.5%

0.6%

Sweden

1.9%

0.8%

Denmark

1.9%

0.7%

Performance

Return %; as of 6/30/23

Performance Data is best viewed in landscape on your mobile device.

.

Quarter

YTD

1 Year

3 Year

5 Year

10 Year

20 Year

Class A - PORTX

5.64%

14.48%

16.36%

11.74%

9.72%

9.44%

8.66%

Class I - PORIX

5.71%

14.63%

16.69%

12.06%

10.03%

9.74%

-

MSCI ACWI (NR)

6.18%

13.93%

16.53%

10.99%

8.10%

8.75%

8.17%

Class A (PORTX)

Class I (PORIX)

MSCI ACWI (NR)

10 Year Standard Deviation

14.53

14.54

14.50

10 Year Alpha

0.80

1.08

N/A

10 Year Information Ratio

0.20

0.30

N/A

Gross Expense Ratio (%)

1.30

1.01

N/A

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-853-1311.

Documents

Fund Documents

Monthly Holdings

Quarter-End Performance - June 30, 2024

Fund Fact Sheet - June 30, 2024

Quarterly Commentary

Schedule of Investments - March 31, 2023

Schedule of Investments - September 30, 2022

Statutory Documents

Coverdell Education Savings Account Application

Institutional Funds New Account Application

IRA Account Application

IRA Beneficiary Designation Form

IRA Rollover/Transfer Form

New Account Application

2023 Capital Gain Distributions Notice

Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund’s alpha. Information Ratio is a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio measures a portfolio manager’s ability to generate excess returns relative to a benchmark. Price to Earnings is the ratio of a company’s stock price to the company’s earnings per share, which is used in valuing companies. Standard deviation is a measure of the dispersion of a set of data from its mean. The Weighted Average Market Capitalization is a stock market index weighted by the market capitalization of each stock in the index. The Weighted Harmonic Avg P/B is the weighted average of the price/book ratios of all the stocks in a portfolio.The Weighted Harmonic Avg fwd P/E is the ratio of the portfolio’s total market value to the total earnings of the portfolio.

The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 44 country indices comprising 23 developed and 21 emerging market country indices. An investment cannot be made directly in an index. Returns reported reflect the net total return index, which reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

‍The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and it may be obtained by calling 800-853-1311, or visiting www.trilliuminvest.com. Read it carefully before investing. Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

‍Mutual fund investing involves risk. Principal loss is possible. Trillium ESG Global Equity Fund may invest in foreign securities, which are subject to the risks of currency fluctuations, political and economic instability and differences in accounting methods. These risks are greater for investments in emerging markets. Investing in foreign securities is riskier than investing in domestic securities. The fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. Trillium ESG Global Equity Fund’s environmental policy could cause it to make or avoid investments that could result in the portfolio underperforming similar funds that do not have an environmental policy. There are no assurances that the fund will achieve its objective and/or strategy.

‍Trillium ESG Global Equity Fund is distributed by Quasar Distributors, LLC

The Trillium ESG Global Equity Fund and the Trillium ESG Small/Mid Cap Fund are distributed by Quasar Distributors, LLC. Trillium Asset Management is the advisor to the Funds.

The Trillium ESG Small/Mid Cap Fund summary prospectus and statutory prospectus and The Trillium ESG Global Equity Fund summary prospectus and statutory prospectus contain more complete information including risks, fees and expenses related to ongoing investment in the Funds. Read carefully before you invest or send money. You may also obtain a hard copy of the statutory prospectus and/or summary prospectus by calling 866-209-1962.
‍
Mutual fund investing involves risk. Principal loss is possible. The Funds invest in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. The Funds may invest in smaller and medium sized companies, which involve additional risks such as limited liquidity and greater volatility. The environmental policy of the Funds could cause it to make or avoid investments that could result in the portfolio underperforming similar funds that do not have an environmental policy. There are no assurances that the Funds will achieve their objective and/or strategy. Diversification does not assure a profit or protect against a loss in a declining market. Earnings growth is not a measure of the Fund’s future performance.

‍The MSCI ACWI (All Country World Index) is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International (MSCI), and is comprised of stocks from both developed and emerging markets.

‍The Trillium ESG Global Equity Fund and the Trillium ESG Small/Mid Cap Fund are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Please click here for Trillium ESG Global Equity Fund holdings. Current and future portfolio holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Opinions expressed as those of the Funds, are subject to change, are not guaranteed and should not be considered investment advice.

Return on Invested Capital (ROIC): A calculation used to assess a company’s efficiency at allocating the capital under its control to profitable investments. Return on invested capital gives a sense of how well a company is using its money to generate returns.

‍Cash Flow: The sum of the after-tax profit of a business plus depreciation and other non-cash charges.

The Morningstar Sustainability Rating is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the fund’s Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five-step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of company-level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, then Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Please visit http://morningstar.com/company/sustainability for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five- year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.