Trillium Mutual Funds | |||||||
Trillium ESG Global Equity Fund | |||||||
SCHEDULE OF INVESTMENTS at March 31, 2023 (Unaudited) | |||||||
Shares | Value | ||||||
COMMON STOCKS: 96.9% | |||||||
Automobiles & Components: 1.6% | |||||||
57,391 | Aptiv PLC (Ireland) (a) | $ | 6,438,696 | ||||
221,639 | Cie Generale des Etablissements Michelin SCA (France) | 6,775,153 | |||||
13,213,849 | |||||||
Banks: 5.9% | |||||||
15,634,958 | Bank Rakyat Indonesia Persero Tbk PT (Indonesia) | 4,953,980 | |||||
34,201 | Credicorp Ltd. - ADR (Peru) | 4,527,870 | |||||
362,197 | DNB Bank ASA (Norway) | 6,481,785 | |||||
7,082,353 | Equity Group Holdings Ltd. (Kenya) | 2,432,053 | |||||
697,367 | Grupo Financiero Banorte SAB de CV (Mexico) | 5,871,505 | |||||
234,152 | Hang Seng Bank Ltd. (Hong Kong) | 3,328,548 | |||||
87,922 | HDFC Bank Ltd. - ADR (India) | 5,861,760 | |||||
109,860 | KBC Group NV (Belgium) | 7,548,597 | |||||
37,788 | PNC Financial Services Group, Inc. (United States) | 4,802,855 | |||||
143,477 | Sumitomo Mitsui Trust Holdings, Inc. (Japan) | 4,929,294 | |||||
50,738,247 | |||||||
Capital Goods: 7.9% | |||||||
256,091 | Assa Abloy AB - Class B (Sweden) | 6,134,016 | |||||
457,960 | Atlas Copco AB (Sweden) | 5,801,595 | |||||
62,980 | Ferguson PLC (Switzerland) | 8,326,652 | |||||
41,125 | Generac Holdings, Inc. (United States) (a) | 4,441,911 | |||||
124,875 | Kurita Water Industries Ltd. (Japan) | 5,720,153 | |||||
98,182 | Nidec Corp. (Japan) | 5,109,491 | |||||
145,229 | Prysmian SpA (Italy) | 6,098,295 | |||||
48,966 | Quanta Services, Inc. (United States) | 8,159,694 | |||||
21,438 | Rockwell Automation, Inc. (United States) | 6,290,981 | |||||
35,786 | Trane Technologies PLC - ADR (Ireland) | 6,583,908 | |||||
46,046 | Xylem, Inc. (United States) | 4,821,016 | |||||
67,487,712 | |||||||
Commercial & Professional Services: 2.0% | |||||||
57,224 | Intertek Group (United Kingdom) | 2,866,032 | |||||
202,954 | Recruit Holdings Co. Ltd. (Japan) | 5,583,070 | |||||
52,136 | Waste Management, Inc. (United States) | 8,507,031 | |||||
16,956,133 | |||||||
Consumer Durables & Apparel: 2.1% | |||||||
7,841 | Kering SA (France) | 5,115,711 | |||||
235,406 | Levi Strauss & Co. - Class A (United States) | 4,291,451 | |||||
71,739 | Nike, Inc. - Class B (United States) | 8,798,071 | |||||
18,205,233 | |||||||
Consumer Services: 2.0% | |||||||
46,811 | Bright Horizons Family Solutions, Inc. (United States) (a) | 3,603,979 | |||||
35,418 | Marriott International, Inc. - Class A (United States) | 5,880,805 | |||||
72,156 | Starbucks Corp. (United States) | 7,513,604 | |||||
16,998,388 | |||||||
Diversified Financials: 3.1% | |||||||
137,972 | Bank of New York Mellon Corp. (United States) | 6,269,448 | |||||
60,311 | Intercontinental Exchange, Inc. (United States) | 6,289,834 | |||||
26,360 | LPL Financial Holdings, Inc. (United States) | 5,335,264 | |||||
15,349 | MSCI, Inc. (United States) | 8,590,682 | |||||
26,485,228 | |||||||
Food & Staples Retailing: 1.4% | |||||||
204,956 | Jeronimo Martins, SGPS, SA (Portugal) | 4,810,922 | |||||
217,552 | Koninklijke Ahold Delhaize NV (Netherlands) | 7,432,724 | |||||
12,243,646 | |||||||
Food, Beverage & Tobacco: 3.6% | |||||||
81,319 | Darling Ingredients, Inc. (United States) (a) | 4,749,030 | |||||
67,151 | Kerry Group PLC - Class A (Ireland) | 6,696,681 | |||||
87,755 | McCormick & Co., Inc. (United States) | 7,302,093 | |||||
101,435 | Nestle SA (Switzerland) | 12,368,027 | |||||
31,115,831 | |||||||
Health Care Equipment & Services: 5.6% | |||||||
97,020 | Alcon, Inc. (Switzerland) | 6,887,210 | |||||
39,456 | Cochlear Ltd. (Australia) | 6,281,404 | |||||
45,713 | Coloplast A/S - Class B (Denmark) | 6,018,908 | |||||
106,273 | CVS Health Corp. (United States) | 7,897,147 | |||||
106,210 | Edwards Lifesciences Corp. (United States) (a) | 8,786,753 | |||||
43,210 | Straumann Holding AG (Switzerland) | 6,480,838 | |||||
84,752 | Sysmex Corp. (Japan) | 5,562,408 | |||||
47,914,668 | |||||||
Household & Personal Products: 3.6% | |||||||
145,730 | Essity AB - Class B (Sweden) | 4,162,618 | |||||
119,036 | Kao Corp. (Japan) | 4,633,510 | |||||
18,007 | L'Oreal (France) | 8,046,331 | |||||
5,983 | L'Oreal SA (France) | 2,673,471 | |||||
222,974 | Unilever PLC (United Kingdom) | 11,542,485 | |||||
31,058,415 | |||||||
Insurance: 3.2% | |||||||
649,236 | AIA Group Ltd. (Hong Kong) | 6,808,771 | |||||
34,284 | Allianz SE (Germany) | 7,914,018 | |||||
949,287 | Aviva PLC (United Kingdom) | 4,741,793 | |||||
45,462 | The Travelers Companies, Inc. (United States) | 7,792,641 | |||||
27,257,223 | |||||||
Materials: 5.0% | |||||||
45,938 | Air Liquide SA (France) | 7,689,536 | |||||
142,222 | Ball Corp. (United States) | 7,837,855 | |||||
86,003 | Croda International PLC (United Kingdom) | 6,912,326 | |||||
45,546 | Ecolab, Inc. (United States) | 7,539,229 | |||||
874,462 | Klabin SA (Brazil) | 3,122,801 | |||||
33,117 | Koninklijke DSM NV (Netherlands) | 3,919,228 | |||||
20,854 | Sika AG (Switzerland) | 5,849,452 | |||||
42,870,427 | |||||||
Media & Entertainment: 3.5% | |||||||
225,226 | Alphabet, Inc. - Class A (United States) (a) | 23,362,693 | |||||
66,113 | The Walt Disney Co. (United States) (a) | 6,619,895 | |||||
29,982,588 | |||||||
Pharmaceuticals, Biotechnology & Life Sciences: 8.1% | |||||||
24,525 | CSL Ltd. (Australia) | 4,749,762 | |||||
125,543 | Dechra Pharmaceuticals PLC (United Kingdom) | 4,110,190 | |||||
89,423 | Gilead Sciences, Inc. (United States) | 7,419,426 | |||||
107,274 | Merck & Co., Inc. (United States) | 11,412,881 | |||||
41,208 | Merck KGaA (Germany) | 7,682,641 | |||||
89,312 | Novo-Nordisk A/S - Class B (Denmark) | 14,184,655 | |||||
15,015 | Thermo Fisher Scientific, Inc. (United States) | 8,654,196 | |||||
36,937 | Roche Holdings AG (Switzerland) | 10,554,475 | |||||
68,768,226 | |||||||
Real Estate: 2.7% | |||||||
34,618 | American Tower Corp. - REIT (United States) | 7,073,842 | |||||
2,289,383 | Capitaland Ltd. (Singapore) | 6,351,934 | |||||
227,228 | Daiwa House Industry Co. Ltd. (Japan) | 5,353,778 | |||||
29,613 | Jones Lang LaSalle, Inc. (United States) (a) | 4,308,395 | |||||
23,087,949 | |||||||
Retailing: 4.9% | |||||||
273,358 | Industria de Diseno Textil SA (Spain) | 9,183,561 | |||||
68,544 | Target Corp. (United States) | 11,352,943 | |||||
122,039 | The TJX Companies, Inc. (United States) | 9,562,976 | |||||
35,369 | Tractor Supply Co. (United States) | 8,313,130 | |||||
197,782 | WH Smith PLC (United Kingdom) | 3,661,022 | |||||
42,073,632 | |||||||
Semiconductors & Semiconductor Equipment: 6.0% | |||||||
83,667 | Applied Materials, Inc. (United States) | 10,276,818 | |||||
249,834 | Infineon Technologies AG (Germany) | 10,259,528 | |||||
48,550 | NVIDIA Corp. (United States) | 13,485,733 | |||||
126,608 | Taiwan Semiconductor Manufacturing Co. Ltd. SA - ADR (Taiwan) | 11,777,076 | |||||
31,372 | Texas Instruments, Inc. (United States) | 5,835,506 | |||||
51,634,661 | |||||||
Software & Services: 10.5% | |||||||
28,529 | Accenture PLC - Class A (Ireland) | 8,153,873 | |||||
25,275 | Adobe Systems, Inc. (United States) (a) | 9,740,227 | |||||
84,835 | Amadeus IT Holding SA (Spain) (a) | 5,691,058 | |||||
182,684 | Dassault Systemes SE (France) | 7,535,938 | |||||
117,118 | Microsoft Corp. (United States) | 33,765,120 | |||||
108,632 | PayPal Holdings, Inc. (United States) (a) | 8,249,514 | |||||
42,126 | SAP SE (Germany) | 5,319,295 | |||||
50,384 | Visa, Inc. - Class A (United States) | 11,359,577 | |||||
89,814,602 | |||||||
Technology Hardware & Equipment: 7.5% | |||||||
261,930 | Apple, Inc. (United States) | 43,192,257 | |||||
135,887 | Cisco Systems, Inc. (United States) | 7,103,493 | |||||
50,780 | IPG Photonics Corp. (United States) (a) | 6,261,682 | |||||
13,013 | Samsung SDI Co. Ltd. (Republic of Korea) | 7,391,890 | |||||
63,949,322 | |||||||
Telecommunication Services: 1.4% | |||||||
138,472 | BCE, Inc. (Canada) | 6,202,808 | |||||
136,888 | Verizon Communications, Inc. (United States) | 5,323,574 | |||||
11,526,382 | |||||||
Transportation: 2.8% | |||||||
90,591 | Canadian Pacific Railway Ltd. (Canada) | 6,975,809 | |||||
18,602 | Kuehne + Nagel International AG (Switzerland) | 5,540,331 | |||||
60,311 | United Parcel Service, Inc. - Class B (United States) | 11,699,731 | |||||
24,215,871 | |||||||
Utilities: 2.5% | |||||||
46,745 | American Water Works Co., Inc. (United States) | 6,847,675 | |||||
270,605 | EDP Renovaveis SA (Spain) | 6,198,490 | |||||
718,222 | Interconexion Electrica SA ESP (Colombia) | 2,336,497 | |||||
707,794 | Terna Rete Elettrica Nazionale SpA (Italy) | 5,809,164 | |||||
21,191,826 | |||||||
TOTAL COMMON STOCKS | |||||||
(Cost $573,737,620) | 828,790,059 | ||||||
PREFERRED STOCKS: 0.5% | |||||||
Banks: 0.5% | |||||||
855,621 | Itau Unibanco Holding SA - ADR (Brazil) (c) | 4,166,875 | |||||
TOTAL PREFERRED STOCKS | |||||||
(Cost $4,406,508) | 4,166,875 | ||||||
SHORT-TERM INVESTMENTS: 2.2% | |||||||
Money Market Funds: 2.2% | |||||||
18,505,336 | Invesco - Government & Agency Portfolio - Institutional Class, 4.730% (b) | 18,505,336 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Cost $18,505,336) | 18,505,336 | ||||||
TOTAL INVESTMENTS IN SECURITIES: 99.6% | |||||||
(Cost $596,649,464) | 851,462,270 | ||||||
Other Assets in Excess of Liabilities: 0.4% | 3,098,642 | ||||||
TOTAL NET ASSETS: 100.0% | $ | 854,560,912 |
ADR | American Depositary Receipt | ||
REIT | Real Estate Investment Trust | ||
(a) | Non-income producing security. | ||
(b) | Annualized seven-day effective yield as of March 31, 2023. | ||
(c) | There is currently no dividend rate available. | ||
The Global Industry Classifications Standard (GICS®) sector and industry classifications was developed by and is the exclsuive 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 Trillium ESG Global Equity Fund (the "Fund"). |
Country | Portfolio Holdings | Percent of Total Net Assets | ||||||||
Australia | 11,031,166 | 1.3 | % | |||||||
Belgium | 7,548,597 | 0.9 | % | |||||||
Brazil | 7,289,676 | 0.8 | % | |||||||
Canada | 13,178,617 | 1.5 | % | |||||||
Colombia | 2,336,497 | 0.3 | % | |||||||
Denmark | 20,203,563 | 2.4 | % | |||||||
France | 37,836,140 | 4.4 | % | |||||||
Germany | 31,175,482 | 3.6 | % | |||||||
Hong Kong | 10,137,319 | 1.2 | % | |||||||
India | 5,861,760 | 0.7 | % | |||||||
Indonesia | 4,953,980 | 0.6 | % | |||||||
Credicorp Ltd. - ADR (Peru) | 27,873,158 | 3.3 | % | |||||||
Italy | 11,907,459 | 1.4 | % | |||||||
Japan | 36,891,704 | 4.3 | % | |||||||
Kenya | 2,432,053 | 0.3 | % | |||||||
Mexico | 5,871,505 | 0.7 | % | |||||||
Netherlands | 11,351,952 | 1.3 | % | |||||||
Norway | 6,481,785 | 0.8 | % | |||||||
Peru | 4,527,870 | 0.5 | % | |||||||
Portugal | 4,810,922 | 0.5 | % | |||||||
Republic of Korea | 7,391,890 | 0.9 | % | |||||||
Singapore | 6,351,934 | 0.7 | % | |||||||
Spain | 21,073,109 | 2.5 | % | |||||||
Sweden | 16,098,229 | 1.9 | % | |||||||
Switzerland | 56,006,985 | 6.5 | % | |||||||
Taiwan, Province of China | 11,777,076 | 1.4 | % | |||||||
United Kingdom | 33,833,848 | 4.0 | % | |||||||
United States | 435,227,994 | 50.9 | % | |||||||
Other Assets in Excess of Liabilities: | 3,098,642 | 0.4 | % | |||||||
$ | 854,560,912 | 100.0 | % |
Summary of Fair Value Disclosure at March 31, 2023 (Unaudited) | ||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP (Generally Accepted Accounting Principles) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | ||||
• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. | ||||
• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023. |
Common Stocks | Level 1 | Credicorp Ltd. - ADR (Peru) | Level 3 | Total | ||||||||||||
Automobiles & Components | $ | 6,438,696 | $ | 6,775,153 | $ | – | $ | 13,213,849 | ||||||||
Banks | 23,496,043 | 27,242,204 | – | 50,738,247 | ||||||||||||
Capital Goods | 30,297,510 | 37,190,202 | – | 67,487,712 | ||||||||||||
Commercial & Professional Services | 8,507,031 | 8,449,102 | – | 16,956,133 | ||||||||||||
Consumer Durables & Apparel | 13,089,522 | 5,115,711 | – | 18,205,233 | ||||||||||||
Consumer Services | 16,998,388 | – | – | 16,998,388 | ||||||||||||
Diversified Financials | 26,485,228 | – | – | 26,485,228 | ||||||||||||
Food & Staples Retailing | – | 12,243,646 | – | 12,243,646 | ||||||||||||
Food, Beverage & Tobacco | 12,051,123 | 19,064,708 | – | 31,115,831 | ||||||||||||
Health Care Equipment & Services | 16,683,900 | 31,230,768 | – | 47,914,668 | ||||||||||||
Household & Personal Products | – | 31,058,415 | – | 31,058,415 | ||||||||||||
Insurance | 7,792,641 | 19,464,582 | – | 27,257,223 | ||||||||||||
Materials | 18,499,885 | 24,370,542 | – | 42,870,427 | ||||||||||||
Media & Entertainment | 29,982,588 | – | – | 29,982,588 | ||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 27,486,503 | 41,281,723 | – | 68,768,226 | ||||||||||||
Real Estate | 11,382,237 | 11,705,712 | – | 23,087,949 | ||||||||||||
Retailing | 29,229,049 | 12,844,583 | – | 42,073,632 | ||||||||||||
Semiconductors & Semiconductor Equipment | 41,375,133 | 10,259,528 | – | 51,634,661 | ||||||||||||
Software & Services | 71,268,311 | 18,546,291 | – | 89,814,602 | ||||||||||||
Technology Hardware & Equipment | 56,557,432 | 7,391,890 | – | 63,949,322 | ||||||||||||
Telecommunication Services | 11,526,382 | – | – | 11,526,382 | ||||||||||||
Transportation | 18,675,540 | 5,540,331 | – | 24,215,871 | ||||||||||||
Utilities | 9,184,172 | 12,007,654 | – | 21,191,826 | ||||||||||||
Total Common Stocks | $ | 487,007,314 | $ | 341,782,745 | $ | – | $ | 828,790,059 | ||||||||
Preferred Stocks | ||||||||||||||||
Banks | $ | 4,166,875 | $ | – | $ | – | $ | 4,166,875 | ||||||||
Total Preferred Stocks | $ | 4,166,875 | $ | – | $ | – | $ | 4,166,875 | ||||||||
Short-Term Investments | $ | 18,505,336 | $ | – | $ | – | $ | 18,505,336 | ||||||||
Total Investments in Securities | $ | 509,679,525 | $ | 341,782,745 | $ | – | $ | 851,462,270 | ||||||||