ESG Global Equity FUnd

Strategies >Mutual Funds>ESG Global Equity Fund

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 been searching the globe for companies that meet a dual mandate: environmental leadership and financial quality. Join the individual and institutional investors who share our vision of investing for a more sustainable future.

Trillium ESG Global Equity Fund Wins Two “Wealth for Good Awards”
ESG Global Equity Fund 20 Years
Overview
Portfolio
Performance
Documents
Strategy 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.

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

Matthew W. Patsky, CFA
Matthew W. Patsky, CFA
Lead Portfolio Manager
Bio >
Laura McGonagle, CFA
Laura McGonagle, CFA
Portfolio Manager
Bio >
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

For Advisors:

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

(800) 548-5684

Overview
Style
Global Equity
Index
MSCI ACWI
Number of Holdings
88
Vehicle Type
Mutual Fund
Separate Account
Investor
Symbol
PORTX
CUSIP
46653M583
Inception Date
09/30/1999
Minimum Investment (Standard Account)
N/A
Minimum Investment (Retirement Account)
N/A
Overall Morningstar Rating
Morningstar Sustainability Rating

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

Based on 100% of AUM out of a universe of 8,252. Global Equity Large Cap Category. Sustainability Rating as of 02/29/2024. 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 2 stars out of 338 funds, 5-year rating of 4 stars out of 300 funds, 10-year rating of 4 stars out of 202 funds as of 03/31/2024.

Institutional
Symbol
PORIX
CUSIP
46653M591
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 100% of AUM out of a universe of 8,252. Global Equity Large Cap Category. Sustainability Rating as of 02/29/2024. 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 2 stars out of 338 funds, 5-year rating of 4 stars out of 300 funds, 10-year rating of 4 stars out of 202 funds as of 03/31/2024.

Portfolio
Portfolio Characteristics
as of 9/30/24
Fund Assets
$958 million
Number of Holdings
88
Asset Allocation
     Equities
98.5%
     Cash
1.4%
One year turnover
12.6%
Average three year turnover
10.7%
Average five year turnover
11.45%
Weighed Average Market Cap ($ bil)
     Portfolio
$606.9
    MSCI ACWI
$649.3
Weighted Harmonic Avg Fwd P/E (x)
    Portfolio
19.1
    MSCI ACWI
17.8
Weighted Harmonic Avg P/B (x)
    Portfolio
4.1
    MSCI ACWI
3.1
Sector Weightings
as of 9/30/24
Portfolio
MSCI 
ACWI
Information Tech.
25.0%
24.5%
Financials
16.0%
16.2%
Industrials
12.4%
10.6%
Consumer Discretionary
10.6%
10.6%
Health Care
10.5%
10.9%
Consumer Staples
8.9%
6.4%
Comm. Svcs.
5.6%
7.8%
Materials
4.1%
4.1%
Real Estate
3.8%
2.2%
Utilities
1.8%
2.7%
Energy
0.0%
4.0%
Top Ten Countries
as of 9/30/24
Portfolio
MSCI 
ACWI
United States
58.52%
64.15%
Japan
5.86%
5.01%
France
4.30%
2.55%
United Kingdom
4.12%
3.36%
Switzerland
3.72%
2.22%
Germany
2.92%
2.01%
Taiwan
2.36%
1.86%
Australia
2.30%
1.74%
Italy
2.16%
0.62%
Sweden
1.72%
0.75%
Performance
Return %; as of 9/30/24
Performance Data is best viewed in landscape on your mobile device.
Quarter
YTD
1 Year
3 Year
5 Year
10 Year
SINCE INCEPTION
Investor - PORTX
4.69%
12.33%
26.11%
3.49%
11.35%
9.78%
6.97%
Institutional - PORIX
4.75%
12.52%
26.39%
3.76%
11.65%
10.08%
7.09%
MSCI ACWI (NR)
6.61%
18.66%
31.76%
8.09%
12.19%
9.39%
-
Investor (PORTX)
Institutional (PORIX)
MSCI ACWI (NR)
10 Year Standard Deviation
14.95
14.95
14.78
10 Year Alpha
0.46
0.73
N/A
10 Year Information Ratio
0.12
0.20
N/A
Net Expense Ratio (%)1
1.24
0.99
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.

1 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.

No items found.
Month End HoldingsQuarter-End Performance (9/30/24)Factsheet (9/30/24)Quarterly Commentary2024 Year-End Estimated Capital Gain Distribution
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Prospectus		Statement of
Additional
Information		ProspectusAnnual
Report		Semi-
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Year-End Distributions (2024)

2024 Year-End Estimated Capital Gain DistributionPDF Icon
Statutory Documents
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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
Tom Simunovic
Regional Sales Consultant (Eastern U.S.)
tsimunovic@trilliuminvest.com617-532-6673

Portfolio Managers

Matthew W. Patsky, CFA
Matthew W. Patsky, CFA
Lead Portfolio Manager
Bio >
Laura McGonagle, CFA
Laura McGonagle, CFA
Portfolio Manager
Bio >
Laura McGonagle, CFA
John Quealy, CPA
Portfolio Manager
Bio >
Patrick Wollenberg, CEFA
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.

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 (866) 260-9549, 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 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. 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

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 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.

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.

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