TRILLIUM ESG GLOBAL EQUITY FUND
TRILLIUM ESG SMALL/MID CAP FUND
For the Six Months Ended
December 31, 2020
The information provided herein represents the opinion of the Portfolio Managers of the Trillium ESG Global Equity Fund and Trillium ESG Small/Mid Cap Fund (the “Funds”) and is not intended to be a
forecast of future events, a guarantee of future results, nor investment advice.
Past performance does not guarantee future results.
Mutual fund investing involves risk. Principal loss is possible. The Funds 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 Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater
volatility. The Funds’ environmental policy could cause them to make or avoid investments that could result in the portfolios underperforming similar funds that do not have an environmental policy. There are no assurances that the Funds will achieve
their objective and/or strategy.
The Funds’ holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please see the Schedules of Investments in the report for complete portfolio holdings.
The sectors and/or the industries, as applicable, are determined using the Global Industry Classifications Standard (GICS®). GICS® was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Funds’ administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services.
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 mutual fund
relative to the return of the benchmark index is a mutual fund’s alpha.
Basis points (bps) are units of measure for interest rates and other percentages, commonly used to describe the percentage change in interest rates, bond yields, and other financial instruments. One basis point is
equal to 1/100th of 1%, or 0.01% (0.0001).
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 46 country indices comprising 23 developed and 23 emerging market country indices. 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 1000® Index combines the S&P MidCap 400®
and the S&P SmallCap 600® to form a benchmark for the mid- to small-cap segment of the U.S. equity market.
An investment cannot be made directly in an index.
Must be preceded or accompanied by a prospectus.
The Funds are distributed by Quasar Distributors, LLC.
Earnings growth is not representative of the Funds’ future performance.
Diversification does not assure a profit, nor does it protect against a loss in a declining market.
Table of Contents
Trillium ESG Global Equity Fund
A Message to Our Shareholders