Trillium ESG Small/
Mid Cap FUnd

The Trillium ESG Small/Mid Cap Fund invests in small and mid cap stocks that are well-diversified across economic sectors and meet Trillium’s sustainability criteria.

Overview

Portfolio

Performance

Impact

Documents

Strategy Overview

Invests in small and mid cap stocks that are well-diversified across economic sectors and meet Trillium’s sustainability criteria.

Investment Process

Fundamental equity analysts, who divide coverage by sector, are responsible for providing in-depth analysis of companies and generating new buy ideas consistent with the strategy’s high quality approach, including a rigorous integrated review of financial and Environmental, Social and Governance (ESG) factors. The Investment Management Committee, comprised of portfolio managers and analysts, meets periodically to review and approve recommendations to the buy-list recommended by the analysts. A strategy team, headed by the lead Portfolio Manager, rebalances the portfolio on at least a quarterly basis to identify the best subset of names from the buy-list at that particular point of time. The team leverages an optimization process that helps monitor and control portfolio characteristic exposures while overweighting companies based on a proprietary alpha score that includes an analyst rating. In this sense, the strategy is fundamentally driven, but quantitatively assisted.

Contact Information

Individual Investors: 866-209-1962

Financial Advisors:

Tom Simunovic

Regional Sales Consultant (Eastern U.S.)

tsimunovic@trilliuminvest.com617-532-6673

Portfolio Managers

Laura McGonagle, CFA

Lead Portfolio Manager

Bio >

Elizabeth Levy, CFA

Portfolio Manager

Bio >

Mitali Prasad, CFA

Portfolio Manager

Bio >

Overview

Index

S&P 1000

Number of Holdings

69

Institutional

Symbol

TSMDX

Inception Date

08/31/2015

Minimum Investment

$100,000

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

Advisors:

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

(800) 548-5684

Portfolio

Portfolio Characteristics

as of 3/31/23

Fund Assets

$41.76 million

Number of Holdings

69

Initial Position Sizes

0-5%

Tracking Error Range (3 years)

4-5%

Sector Deviation +/-

<3%

Asset Allocation

     Equities

99.8%

     Cash

0.1%

Weighed Average Market Cap ($ bil)

     Portfolio

$10.1

    S&P 1000

$5.5

Harmonic Avg fwd P/E (x)

    Portfolio

18.9

    S&P 1000

14.1

Weighted Harmonic Avg P/B (x)

    Portfolio

3.1

    S&P 1000

2.0

Sector Weightings

as of 3/31/23

Portfolio

S&P 1000

Industrials

20.8%

20.5%

Financials

12.8%

15.1%

Consumer Discretionary

15.2%

14.8%

Information Technology

17.1%

11.3%

Health Care

8.5%

9.9%

Consumer Staples

8.0%

4.7%

Real Estate

6.3%

7.5%

Materials

6.1%

6.6%

Utilities

3.2%

3.4%

Communication Services

1.6%

2.1%

Energy

0.0%

4.1%

Performance

Return %; as of 3/31/23

.

Quarter

YTD

1 Year

3 Year

5 Year

Since Inception
(8/31/15)

Fund

6.09%

-6.86%

-2.26%

2.71%

6.82%

5.64%

S&P 1000

4.30%

-10.59%

-3.97%

1.94%

7.85%

7.01%

Russell 2500

5.88%

-5.82%

2.22%

4.45%

8.97%

7.84%

.

Quarter

YTD

1 Year

3 Year

5 Year

Since Inception
(8/31/15)

Fund

4.94%

4.94%

-6.66%

20.11%

6.36%

7.66%

S&P 1000

3.43%

3.43%

-6.24%

21.98%

7.26%

9.49%

Russell 2500

3.39%

3.39%

-10.39%

19.42%

6.65%

8.57%

Gross Expense Ratio

Fund

1.36%*

Performance data quoted represents past performance; past performance does not guarantee future results. The Russell 2500 is provided as supplemental information. 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. The fund imposes a redemption fee of 2.00% on shares held for 90 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced. Performance data current to the most recent month end may be obtained by calling 800-853-1311.

*Total Annual Fund Operating Expenses Ratio after Fee Waiver and/or Expense Reimbursement for TSMDX is 0.98%. This is what the investor has paid. Trillium Asset Management, as advisor to TSMDX, has contractually agreed to reduce our fees to 0.98% through October 31, 2023.

Environmental Impact & Analysis

Contact Us for Information

Documents

Fund Documents

Month End Holdings

Quarter-End Performance - March 31, 2023

Fact Sheet - March 31, 2023

Quarterly Commentary

Schedule of Investments - March 31, 2022

Schedule of Investments - September 30, 2022

No items found.

Statutory Documents

Trillium ESG Funds Prospectus

SMID Summary Prospectus

Statement of Additional Information

Annual Report

Semi-Annual Report - Current

2022 Year-End Distributions

ESG SMID Fund Schedule of Investments - September 30, 2022

ESG GE Fund Schedule of Investments - September 30, 2022

Application: For IRAs

Application: For Corporations or other Organizations

Application: For Coverdell Education accounts for minors

Application: For Mutual Fund Accounts

Form: IRA Transfer or Direct Rollover

Form: Certification of Beneficial Owners

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. 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 Russell 2500 is a market cap weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of United States-based listed equities.

The S&P Indices are widely recognized, unmanaged indices of common stock. The S&P 1000 combines the S&P MidCap 400 and the S&P Small Cap 600, to form a benchmark for the small-mid cap universe of the U.S. equity market. 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 S&P 400 Index serves as a barometer for the U.S. mid-cap equities sector. The S&P 600 Index covers a broad range of small cap stocks in theUnited States.

An investment cannot be made directly in an index.

‍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 866-209-1962, or visiting 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.References to other mutual funds should not to be considered an offer to buy or sell these securities.

Mutual fund investing involves risk. Principal loss is possible.

‍Trillium’s ESG Small/Mid Cap Fund may invest in foreign securities, which are subject to the risks of currency fluctuations, political and economic instability and differences in accounting methods. Investing in foreign securities is riskier than investing in domestic securities. The Fund invests in smaller and medium companies, which involve additional risks such as limited liquidity and greater volatility. Trillium’s ESG Small/Mid Cap Fund environmental policy could cause it to make or avoid investments that could result in the portfolio under performing similar funds that do not have an environmental policy. There are no assurances that the fund will achieve its objective and/or strategy. Diversification does not assure a profit or protect against a loss in a declining market.

Trillium Asset Management is the advisor to the Trillum ESG Small/Mid Cap Fund which 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 Small/Mid Cap 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.