Trillium ESG Small/
Mid Cap FUnd

Strategies >Mutual Funds>ESG Small/MidCap 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
Documents
Strategy Overview

The Trillium ESG Small/Mid Cap Fund integrates Trillium’s environmental, social and governance (ESG) criteria and financial analysis process to identify small and mid-sized companies positioned to deliver long-term risk adjusted performance.

Investment Process

Trillium seeks to identify individual companies that satisfy Trillium’s proprietary fundamental and ESG criteria analysis and screening process.  In conducting fundamental research, Trillium combines fundamental investment considerations with proprietary ESG criteria analysis and screening. Trillium believes that this integrated approach provides insight into how a company behaves commercially and how it deals with existing and emerging ESG risks and opportunities.

Contact Information

Individual Investors: 866-209-1962

Financial Advisors:

Tom Simunovic
Tom Simunovic
Regional Sales Consultant (Eastern U.S.)
tsimunovic@trilliuminvest.com617-532-6673

Portfolio Managers

Laura McGonagle, CFA
Lead Portfolio Manager
Bio >
Mitali Prasad, CFA
Portfolio Manager
Bio >
Overview
Index
Russell 2500®1
Number of Holdings
69
Vehicle Type
Mutual Fund
Separate Account
Institutional
Symbol
TSMDX
Inception Date
08/31/2015
Minimum Investment
$100,000
Morningstar Sustainability Rating
Sustainability Rating:

Based on 100% of AUM out of a universe of 1,608. US Equity Mid Cap Category. Sustainability Rating as of 02/29/2024. Applicable for all share classes. Data is based on long positions only.

Shareholder Services:

Perpetual Americas Funds Trust
Trillium Funds
c/o The Northern Trust Company
P.O. Box 4766
Chicago, Illinois 60680-4766

(866) 260-9549

Advisors:

Trillium Asset Management
1 Congress Street
Suite 3101
Boston, MA 02114

(800) 548-5684

Portfolio
Portfolio Characteristics
as of 9/30/24
Fund Assets
$38.97 million
Number of Holdings
69
Initial Position Sizes
0-5%
Tracking Error (3 years)
4-5%
Asset Allocation
     Equities
98.1%
     Cash
2.1%
Weighed Average Market Cap ($ bil)
     Portfolio
$10.9
    Russell 2500
$7.4
Harmonic Avg fwd P/E (x)
    Portfolio
20.9
    Russell 2500
20.4
Weighted Harmonic Avg P/B (x)
    Portfolio
3.3
    Russell 2500
2.3
Sector Weightings
as of 9/30/24
Portfolio
Russell 2500®
Industrials
20.5%
18.8%
Financials
15.2%
16.1%
Information Technology
13.4%
12.8%
Consumer Discretionary
12.4%
13.3%
Health Care
11.7%
12.8%
Real Estate
8.3%
7.3%
Consumer Staples
7.0%
3.2%
Materials
5.8%
6.1%
Communication Services
2.0%
2.4%
Utilities
1.9%
2.6%
Energy
0.0%
4.5%
Performance
Return %; as of 9/30/24
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
5.53%
7.65%
20.22%
1.29%
7.75%
7.71%
S&P 1000
7.93%
12.28%
26.56%
6.43%
11.32%
10.67%
Russell 25001
8.75%
11.30%
26.17%
3.47%
10.43%
9.90%
Expense Ratios
Gross
1.05%*
Net
0.97%*

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. Prior to October 30, 2023, the Fund imposed 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.

* Effective October 30, 2023, Perpetual Americas Funds Services, as investment adviser to the Fund, has contractually agreed to waive fees and reimburse expenses to the extent that the Gross Expense Ratio (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceeds 0.97% for Institutional Shares until January 28, 2025.

1 Effective October 30, 2023, the Fund’s primary benchmark was changed to the Russell 2500® Index. Trillium believes that the Russell 2500® Index reflects the Fund’s investment portfolio of small and mid-sized companies and is more widely used in the marketplace, as well as more familiar to investors, than the S&P 1000® Index.

Performance
Return %; as of 6/30/23
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
3.07%
8.16%
13.37%
13.15%
6.13%
7.82%
S&P 1000
4.41%
7.99%
15.20%
15.35%
7.00%
9.78%
Russell 25001
5.22%
8.79%
13.58%
12.29%
6.55%
8.99%
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. Prior to October 30, 2023, the Fund imposed 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.

*Effective October 30, 2023, JOHCM (USA) Inc, as investment adviser to the Fund, has contractually agreed to waive fees and reimburse expenses to the extent that the Gross Expense Ratio (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceeds 0.97% for Institutional Shares until January 28, 2025.
‍
1 Effective October 30, 2023, the Fund’s primary benchmark was changed to the Russell 2500® Index.  Trillium believes that the Russell 2500® Index reflects the Fund’s investment portfolio of small and mid-sized companies and is more widely used in the marketplace, as well as more familiar to investors, than the S&P 1000® Index.

Environmental Impact & Analysis
Contact Us for Information
Month End HoldingsQuarter-End Performance (9/30/24)Factsheet (9/30/24)Quarterly Commentary2024 Year-End Estimated Capital Gain Distribution
Fund Documents
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Prospectus		Statement of
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Information		ProspectusAnnual
Report		Semi-
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2024 Year-End Estimated Capital Gain DistributionPDF Icon
Statutory Documents
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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
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
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
Morningstar Sustainability Rating
Suatinability Rating:

Based on 100% of AUM out of a universe of 1,577.  US Equity Mid Cap Category. Sustainability Rating as of 03/31/2023. Applicable for all share classes. Data is based on long positions only.

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 6/30/23
Fund Assets
$43.81 million
Number of Holdings
66
Initial Position Sizes
0-5%
Tracking Error Range (3 years)
4-5%
Sector Deviation +/-
<3%
Asset Allocation
     Equities
98.1%
     Cash
2.0%
Weighed Average Market Cap ($ bil)
     Portfolio
$10.7
    S&P 1000
$5.9
Harmonic Avg fwd P/E (x)
    Portfolio
18.9
    S&P 1000
14.5
Weighted Harmonic Avg P/B (x)
    Portfolio
3.1
    S&P 1000
0.1
Sector Weightings
as of 6/30/23
Portfolio
S&P 1000
Industrials
24.0%
21.4%
Consumer Discretionary
13.4%
14.6%
Information Technology
13.4%
11.5%
Financials
12.3%
14.3%
Health Care
10.8%
9.9%
Consumer Staples
8.0%
4.5%
Real Estate
6.1%
7.5%
Materials
5.5%
6.9%
Utilities
2.9%
3.0%
Communication Services
1.6%
2.2%
Energy
0.0%
4.4%
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.

Performance
Return %; as of 6/30/23
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
3.07%
8.16%
13.37%
13.15%
6.13%
7.82%
S&P 1000
4.41%
7.99%
15.20%
15.35%
7.00%
9.78%
Russell 2500
5.22%
8.79%
13.58%
12.29%
6.55%
8.99%
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

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) 260-9549, 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 ESG Small/Mid Cap Fund is distributed by Perpetual Americas Funds Distributors, LLC

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.

INVESTMENT PRODUCTS:  NOT FDIC INSURED   ●   NO BANK GUARANTEE   ●  MAY LOSE VALUE

The Trillium ESG Global Equity Fund and the Trillium ESG Small/Mid Cap Fund are distributed by Perpetual Americas Funds Distributors, LLC. JOHCM (USA) Inc serves as investment adviser to the Funds and Trillium Asset Management serves as investment sub-adviser to the Funds.

The Trillium ESG Global Equity Fund and Trillium ESG Small/Mid Cap Fund reorganized into newly established series of Perpetual Americas Funds Trust on October 30, 2023 following shareholder approval (the “Reorganization”).  Following the Reorganization, each Fund assumed the financial and performance history of its corresponding predecessor fund, the Trillium ESG Global Equity Fund and Trillium ESG Small/Mid Cap Fund, respectively, each previously a series of Professionally Managed Portfolios.
‍
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) 260-9549.
‍
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 S&P 1000® Index combines the S&P MidCap 400® and the S&P SmallCap 600® to form an investable benchmark for the mid- to small-cap segment of the United States equity market.

The Russell 2500 Index 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 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.

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 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.

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.

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