Trillium Asset Management, LLC (“Trillium”, “the firm” or “we”) was founded in 1982 and provides investment management services to individuals and institutions. Trillium is a subsidiary of Perpetual Limited (“Perpetual”), an Australian-listed diversified financial services firm, and a part of Perpetual’s multi-boutique global asset management business. The firm is dedicated to serving the long-term financial, environmental and social goals of these clients. We believe that examining environmental, social, and governance (ESG) factors as an integrated part of the investment process can lower portfolio risk and help identify the best-managed companies. Trillium manages equity, fixed income, and balanced separate accounts for individuals, high net worth individuals, trusts, pension and profit-sharing plans, charitable institutions, for-profit and non-profit institutional clients, foundations, endowments, registered mutual funds, pooled investment vehicles, and private investment funds. Each client can impose reasonable restrictions on the management of their accounts, including restricting securities or types of securities. Trillium observes the investment policies, limitations and restrictions of the clients for which it advises. Trillium serves as investment sub-adviser to the Trillium ESG Global Equity Fund and the Trillium ESG Small/Mid Cap Fund (“the Funds”) that are distributed by Perpetual Americas Funds Distributors, LLC. JOHCM (USA) Inc serves as investment 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. In addition to working directly with clients, Trillium participates in wrap fee programs, but does not sponsor such programs. Trillium provides a different level of service to these clients, depending on the program. Some clients accessing Trillium through a wrap program will have limited access to Trillium’s full range of products, and limited ability to direct Trillium to customize their account. Trillium receives a portion of the wrap fee for management services. Trillium acts as a “Model Manager” for clients, and separately managed account (“SMA”) and Unified Managed Account (“UMA”) platforms.

Trillium manages the model portfolios in accordance with its investment management philosophy and policies as set forth in each investment agreement. Trillium does not have direct relationships with the underlying clients of the platforms. Platform sponsors are responsible for assuring implementation of a client’s particular investment objectives and restrictions in accordance with Rule 3a-4 of the Investment Company Act. Investment advisory services represent 100% of total revenue as of December 31, 2022. Trillium publishes “Investing for a Better World”, a periodic newsletter. The newsletter is distributed free of charge to Trillium’s investment advisory clients and to prospective clients and advisors. It is also available through our website at www.trilliuminvest.com. Trillium hires Chicago Clearing Corporation ("CCC") to assist in processing claims and obtaining distributions from securities class action settlements for advisory clients. CCC receives a fee of 15% of the pro rata share of any such distribution. Trillium conducts an ongoing enterprise risk assessment to evaluate risks associated with its businesses and operations. Senior Management, with input from the department heads, is responsible for assessing Trillium’s level of risk. Senior Management periodically coordinates and oversees an assessment of Trillium’s business risk. Services to Registered Investment Companies Trillium provides sub-advisory investment management services to the Trillium ESG Global Equity Fund and the Trillium ESG Small/Mid Cap Fund. Each fund follows a strategy using the same or a similar approach used for certain separately managed accounts. We also provide sub-advisory investment management services to other investment companies registered with the SEC under the Investment Company Act of 1940. Services to Other Pooled Investment Vehicles (“Pooled Funds”) Trillium provides sub-advisory investment management services to pooled funds registered in Australia and to a UCITS fund registered Ireland. The Pooled Funds follow the Global Equity Strategy and the Sustainable Opportunities Strategy. using the same or a similar approach used for certain managed accounts. The Pooled Funds are not available for United States Investors. Services to Private Funds Trillium provides discretionary investment advisory service to a private fund of private funds (“Private Fund”) for which Trillium Impact GP, LLC (“General Partner”) serves as general partner. The General Partner, an affiliate of the firm, offers the Private Fund to institutions and eligible high net worth individuals. The Private Fund invests in a mix of private funds and is managed according to the objectives and policies described in its offering document (discussed more fully in Item 8). Regulatory Assets Under Management (“RAUM”) December 31, 2023 Type of Services RAUM (U.S. Dollars) Total Number of Accounts Discretionary $ 4,957,884,523 2,205 Non-Discretionary $ 8,122,192 2 Total $ 4,966,006,715 2,207