NPORT-EX 2 smid.htm TRILLIUM ESG SMALL/MID CAP FUND PART F 3/31/23

Trillium Mutual Funds
  
Trillium ESG Small/Mid Cap Fund
  
SCHEDULE OF INVESTMENTS at March 31, 2023 (Unaudited)
  
           
Shares
  
 
  
Value
  
COMMON STOCKS: 99.7%
      
Banks: 5.1%
      
 
20,318
  
Columbia Banking System, Inc.
  
$
435,212
  
 
10,930
  
East West Bancorp, Inc.
    
606,615
  
 
7,175
  
Live Oak Bancshares, Inc.
    
174,855
  
 
9,723
  
Sandy Spring Bancorp, Inc.
    
252,604
  
 
17,240
  
Webster Financial Corp.
    
679,600
  
           
2,148,886
  
Capital Goods: 13.9%
        
 
6,543
  
AO Smith Corp.
    
452,448
  
 
10,347
  
Hexcel Corp.
    
706,183
  
 
5,527
  
Lincoln Electric Holdings, Inc.
    
934,616
  
 
4,645
  
Middleby Corp. (a)
    
681,003
  
 
8,325
  
Quanta Services, Inc.
    
1,387,278
  
 
3,746
  
Trex Co. Inc. (a)
    
182,318
  
 
8,624
  
Wabtec Corp.
    
871,541
  
 
5,652
  
Xylem, Inc.
    
591,764
  
           
5,807,151
  
Commercial & Professional Services: 4.6%
        
 
5,020
  
ManpowerGroup, Inc.
    
414,301
  
 
5,911
  
MSA Safety, Inc.
    
789,118
  
 
4,761
  
Tetra Tech, Inc.
    
699,439
  
           
1,902,858
  
Consumer Durables & Apparel: 4.8%
        
 
2,964
  
Deckers Outdoor Corp. (a)
    
1,332,466
  
 
19,421
  
Levi Strauss & Co. - Class A
    
354,045
  
 
2,772
  
Meritage Homes Corp.
    
323,659
  
           
2,010,170
  
Consumer Services: 2.8%
        
 
7,342
  
Bright Horizons Family Solutions, Inc. (a)
    
565,261
  
 
9,023
  
InterContinental Hotels Group PLC - ADR
    
600,932
  
           
1,166,193
  
Diversified Financials: 3.1%
        
 
4,021
  
LPL Financial Holdings, Inc.
    
813,851
  
 
7,892
  
Stifel Financial Corp.
    
466,338
  
           
1,280,189
  
Food & Staples Retailing: 2.6%
        
 
14,526
  
BJ's Wholesale Club Holdings, Inc. (a)
    
1,104,993
  
               
Food, Beverage & Tobacco: 4.3%
        
 
5,661
  
Darling Ingredients, Inc. (a)
    
330,602
  
 
5,410
  
Freshpet, Inc. (a)
    
358,088
  
 
10,430
  
Lamb Weston Holdings, Inc.
    
1,090,143
  
           
1,778,833
  
Health Care Equipment & Services: 6.6%
        
 
4,978
  
AMN Healthcare Services, Inc. (a)
    
412,975
  
 
12,403
  
Merit Medical Systems, Inc. (a)
    
917,202
  
 
16,232
  
Omnicell, Inc. (a)
    
952,331
  
 
1,682
  
Penumbra, Inc. (a)
    
468,757
  
           
2,751,265
  
Household & Personal Products: 1.1%
        
 
5,311
  
Church & Dwight Co., Inc.
    
469,546
  
               
Insurance: 3.6%
        
 
5,586
  
Hanover Insurance Group, Inc.
    
717,800
  
 
11,995
  
Horace Mann Educators Corp.
    
401,593
  
 
2,955
  
Reinsurance Group America, Inc.
    
392,306
  
           
1,511,699
  
Materials: 6.1%
        
 
4,628
  
AptarGroup, Inc.
    
546,983
  
 
11,712
  
Ball Corp.
    
645,449
  
 
7,608
  
Ingevity Corp. (a)
    
544,124
  
 
4,986
  
Sensient Technologies Corp.
    
381,728
  
 
7,250
  
Sonoco Products Co.
    
442,250
  
           
2,560,534
  
Media & Entertainment: 1.6%
        
 
17,631
  
The New York Times Co. - Class A
    
685,493
  
               
Pharmaceuticals, Biotechnology & Life Sciences: 2.0%
        
 
5,161
  
Azenta, Inc. (a)
    
230,284
  
 
11,671
  
NanoString Technologies, Inc. (a)
    
115,543
  
 
13,228
  
Syneos Health, Inc. (a)
    
471,181
  
           
817,008
  
Real Estate: 6.3%
        
 
4,495
  
Boston Properties, Inc. - REIT
    
243,270
  
 
5,694
  
Camden Property Trust - REIT
    
596,959
  
 
3,921
  
EastGroup Properties, Inc. - REIT
    
648,220
  
 
2,281
  
Federal Realty Investment Trust - REIT
    
225,431
  
 
3,297
  
Jones Lang LaSalle, Inc. (a)
    
479,681
  
 
12,195
  
LTC Properties, Inc. - REIT
    
428,410
  
           
2,621,971
  
Retailing: 7.6%
        
 
4,528
  
Burlington Stores, Inc. (a)
    
915,109
  
 
5,278
  
Etsy, Inc. (a)
    
587,600
  
 
7,591
  
LKQ Corp.
    
430,865
  
 
5,285
  
Tractor Supply Co.
    
1,242,185
  
           
3,175,759
  
Semiconductors & Semiconductor Equipment: 7.2%
        
 
22,118
  
Allegro MicroSystems, Inc. (a)
    
1,061,442
  
 
2,697
  
First Solar, Inc. (a)
    
586,598
  
 
2,247
  
SolarEdge Technologies, Inc. (a)
    
682,976
  
 
10,780
  
Wolfspeed, Inc. (a)
    
700,161
  
           
3,031,177
  
Software & Services: 6.0%
        
 
8,241
  
Blackbaud, Inc. (a)
    
571,101
  
 
5,677
  
CyberArk Software Ltd. (a)
    
840,083
  
 
2,572
  
Jack Henry & Associates, Inc.
    
387,652
  
 
3,530
  
Paylocity Holding Corp. (a)
    
701,693
  
           
2,500,529
  
Technology Hardware & Equipment: 4.8%
        
 
7,267
  
IPG Photonics Corp. (a)
    
896,094
  
 
2,680
  
Rogers Corp. (a)
    
437,992
  
 
12,469
  
Trimble, Inc. (a)
    
653,625
  
           
1,987,711
  
Transportation: 2.4%
        
 
5,661
  
JB Hunt Transport Services, Inc.
    
993,279
  
               
Utilities: 3.2%
        
 
8,599
  
Avista Corp.
    
365,028
  
 
7,342
  
Essential Utilities, Inc.
    
320,478
  
 
7,916
  
Ormat Technologies, Inc.
    
671,039
  
           
1,356,545
  
TOTAL COMMON STOCKS
        
(Cost $41,037,039)
    
41,661,789
  
               
SHORT-TERM INVESTMENTS: 0.3%
        
Money Market Funds: 0.3%
        
 
106,561
  
Invesco - Government & Agency Portfolio - Institutional Class, 4.730% (b)
    
106,561
  
TOTAL SHORT-TERM INVESTMENTS
        
(Cost $106,561)
    
106,561
  
               
TOTAL INVESTMENTS IN SECURITIES: 100.0%
        
(Cost $41,143,600)
    
41,768,350
  
Liabilities in Excess of Other Assets: 0.0% (c)
    
(11,150
)
TOTAL NET ASSETS: 100.0%
  
$
41,757,200
  

 
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)
Does not round to 0.1% or (0.1%), as applicable.
  
       
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 the Fund's administrator, U.S. Bancorp Fund Services, LLC.


Summary of Fair Value Disclosure at March 31, 2023 (Unaudited)
      
         
The Trillium ESG Small/Mid Cap Fund (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.
      
                       
   
Level 1
    
Level 2
    
Level 3
    
Total
Common Stocks
  
$
41,661,789
    
$
–
    
$
–
    
$
41,661,789
Short-Term Investments
    
106,561
      
–
       –      
106,561
Total Investments in Securities
  
$
41,768,350
    
$
–
    
$
–
    
$
41,768,350