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PORTFOLIO OF INVESTMENTS – as of September 30, 2020 (Unaudited)

Mirova International Sustainable Equity Fund

 

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Description

    Value (†)  
 

Common Stocks – 91.4% of Net Assets

  
  

Australia – 2.1%

 

  26,199      Brambles Ltd.    $ 198,930  
  72,076      Stockland      196,899  
     

 

 

  
            395,829  
     

 

 

  
  

Belgium – 3.5%

 

  9,100      KBC Group NV      456,329  
  4,788      Umicore S.A.      199,155  
     

 

 

  
        655,484  
     

 

 

  
  

Denmark – 16.4%

 

  3,466      Chr. Hansen Holding A/S      384,747  
  1,864      Coloplast A/S, Series B      295,423  
  9,863      Novo Nordisk A/S, Class B      683,354  
  5,602      Orsted A/S, 144A      772,294  
  5,923      Vestas Wind Systems A/S      957,195  
     

 

 

  
        3,093,013  
     

 

 

  
  

France – 14.2%

 

  1,740      Air Liquide S.A.      275,807  
  18,102      Credit Agricole S.A.(a)      157,938  
  6,203      Danone S.A.      401,799  
  1,649      Dassault Systemes SE      307,674  
  1,832      EssilorLuxottica S.A.(a)      249,402  
  848      L’Oreal S.A.      275,963  
  1,904      Orpea(a)      216,326  
  14,669      Suez S.A.      271,040  
  9,644      Valeo S.A.      296,150  
  2,700      Worldline S.A., 144A(a)      221,084  
     

 

 

  
        2,673,183  
     

 

 

  
  

Germany – 7.0%

 

  1,409      Allianz SE, (Registered)      270,429  
  4,402      SAP SE      685,471  
  2,567      Symrise AG      354,560  
     

 

 

  
        1,310,460  
     

 

 

  
  

Hong Kong – 3.3%

 

  62,000      AIA Group Ltd.      616,286  
     

 

 

  
  

Ireland – 4.5%

 

  6,140      Kingspan Group PLC(a)      558,778  
  7,311      Smurfit Kappa Group PLC      286,869  
     

 

 

  
        845,647  
     

 

 

  
  

Japan – 11.5%

 

  3,400      Kao Corp.      255,240  
  26,900      Kubota Corp.      481,973  
  17,500      Sekisui House Ltd.      310,113  
  800      Shimano, Inc.      157,916  

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Description

    Value (†)  
 

Common Stocks – continued

  
  

Japan – continued

 

  9,000      Takeda Pharmaceutical Co. Ltd.    $ 321,686  
  11,400      Terumo Corp.      453,888  
  3,600      West Japan Railway Co.      177,870  
     

 

 

  
        2,158,686  
     

 

 

  
  

Netherlands – 9.0%

 

  578      Adyen NV, 144A(a)      1,066,111  
  1,702      ASML Holding NV      628,673  
     

 

 

  
        1,694,784  
     

 

 

  
  

Norway – 0.6%

 

  6,695      Telenor ASA      112,401  
     

 

 

  
  

Switzerland – 1.6%

 

  507      Geberit AG, (Registered)      299,953  
     

 

 

  
  

Taiwan – 4.8%

 

  11,090      Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR      899,066  
     

 

 

  
  

United Kingdom – 12.9%

 

  4,229      Croda International PLC      341,135  
  15,106      Halma PLC      456,380  
  5,442      Johnson Matthey PLC      165,371  
  25,124      Land Securities Group PLC      169,144  
  155,379      Legal & General Group PLC      379,041  
  21,761      Prudential PLC      312,234  
  1,644      Spirax-Sarco Engineering PLC      234,108  
  5,990      Unilever NV      363,757  
     

 

 

  
        2,421,170  
     

 

 

  
   Total Common Stocks
(Identified Cost $13,305,809)		      17,175,962  
     

 

 

  

Principal
Amount

              
 

Short-Term Investments – 1.9%

  
  $354,841      Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2020 at 0.000% to be repurchased at $354,841 on 10/01/2020 collateralized by $362,000 U.S. Treasury Note, 0.250% due 9/30/2025 valued at $361,972 including accrued interest(b)
(Identified Cost $354,841)		      354,841  
     

 

 

  
   Total Investments – 93.3%
(Identified Cost $13,660,650)		      17,530,803  
   Other assets less liabilities – 6.7%      1,257,087  
     

 

 

  
   Net Assets – 100.0%    $ 18,787,890  
     

 

 

  

(†)

Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

As of September 30, 2020, securities held by the Fund were fair valued as follows:

 

Equity securities1

   

Percentage of Net Assets

$15,504,602

    82.5%

 

1 

Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

(a)

Non-income producing security.

(b)

The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of September 30, 2020, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

 

144A

All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2020, the value of Rule 144A holdings amounted to $2,059,489 or 11.0% of net assets.

ADR

An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Fair Value Measurements

In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

 

  •  

Level 1 — quoted prices in active markets for identical assets or liabilities;

 

  •  

Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

 

  •  

Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2020, at value:

Asset Valuation Inputs

 

Description

    Level 1      Level 2      Level 3      Total  

Common Stocks

            

Australia

    $ —        $ 395,829      $ —        $ 395,829  

Belgium

      —          655,484        —          655,484  

Denmark

      772,294        2,320,719        —          3,093,013  

France

      —          2,673,183        —          2,673,183  

Germany

      —          1,310,460        —          1,310,460  

Hong Kong

      —          616,286        —          616,286  

Ireland

      —          845,647        —          845,647  

Japan

      —          2,158,686        —          2,158,686  

Netherlands

      —          1,694,784        —          1,694,784  

Norway

      —          112,401        —          112,401  

Switzerland

      —          299,953        —          299,953  

Taiwan

      899,066        —          —          899,066  

United Kingdom

      —          2,421,170        —          2,421,170  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stocks

      1,671,360        15,504,602        —          17,175,962  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments

      —          354,841        —          354,841  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,671,360      $ 15,859,443      $ —        $ 17,530,803  
  

 

 

     

 

 

     

 

 

     

 

 

  

Industry Summary at September 30, 2020 (Unaudited)

 

Chemicals

      9.2 % 

Insurance

      8.4  

Semiconductors & Semiconductor Equipment

      8.1  

IT Services

      6.9  

Pharmaceuticals

      5.3  

Software

      5.3  

Electrical Equipment

      5.1  

Personal Products

      4.8  

Building Products

      4.6  

Electric Utilities

      4.1  

Health Care Equipment & Supplies

      4.0  

Machinery

      3.9  

Banks

      3.2  

Electronic Equipment, Instruments & Components

      2.4  

Food Products

      2.1  

Other Investments, less than 2% each

      14.0  

Short-Term Investments

      1.9  
  

 

 

  

Total Investments

      93.3  

Other assets less liabilities

      6.7  
  

 

 

  

Net Assets

      100.0 % 
  

 

 

  

Currency Exposure Summary at September 30, 2020 (Unaudited)

 

Euro

      40.1 % 

Danish Krone

      16.4  

Japanese Yen

      11.5  

British Pound

      11.0  

United States Dollar

      6.7  

Hong Kong Dollar

      3.3  

Australian Dollar

      2.1  

Other, less than 2% each

      2.2  
  

 

 

  

Total Investments

      93.3  

Other assets less liabilities

      6.7  
  

 

 

  

Net Assets

      100.0 %