Sustainable, Responsible &/or ESG Policy:

The proposed Fund is a clear expression of the firm’s top-down, bottom-up investment philosophy and commitment to sustainable investing. The Fund is a diverse, actively managed portfolio of global fixed-income securities, selected according to PIMCO’s internal ESG screening process. The Fund invests primarily in a diversified portfolio of investment grade bonds from around the world, on the basis of PIMCO’s ESG exclusions, evaluation and engagement decisions.

The primary investment objective of the Fund is to seek to maximise total return, consistent with preservation of capital and prudent investment management while seeking to provide positive social and environmental outcomes.

Additionally, in line with the rest of our solutions that follow sustainability strategies and guidelines, this portfolio also aims at:

• Avoiding issuers and sectors fundamentally at odds with ESG practices
• Achieving a meaningful exposure to ESG-labelled bonds (Green, Social, Sustainability and Sustainability-linked Bonds)
• Active monitoring of the Fund’s carbon profile
• Engagement activity on sustainability issues with portfolio companies

Sustainability Philosophy
At PIMCO, we define ESG Integration as the integration of material ESG factors into investment research. We believe incorporating ESG factors should be part of a robust investment process. We recognize that ESG factors are increasingly material inputs into our understanding of global economies, markets, industries and business models. Whether climate change, income inequality, shifting consumer preferences, regulatory risks, human capital management or unethical conduct, ESG factors are important considerations when evaluating long-term investment opportunities. These factors are evaluated across markets and asset classes, where applicable. Our commitment to ESG integration was one of the main drivers that led PIMCO to become a signatory to the Principles of Responsible Investment (PRI) in September 2011.

The integration of ESG factors into PIMCO’s investment process seeks to account for material ESG risks in both top-down macro positioning and bottom-up security evaluation. To the extent that ESG risks are material for particular sectors, issuers, etc., our fundamental credit views will reflect this. While ESG scores play a role in security selection for portfolios that follow sustainability strategies and guidelines, they are not a criterion for security selection in portfolios that do not follow sustainability strategies and guidelines. Additionally, integrating material ESG factors into the evaluation process does not mean that ESG information is the sole consideration for an investment decision; instead, PIMCO’s portfolio managers and analyst teams evaluate a variety of factors, which can include ESG considerations, to make investment decisions. By integrating material ESG factors into the evaluation process, PIMCO is increasing the total amount of information assessed to generate a more holistic view of an investment, in efforts to deliver the best performance outcomes for our clients.

In addition to the firm wide integration of material ESG risks, The PIMCO GIS Global Investment Grade Credit ESG Fund seeks to promote environmental and social characteristics. As part of PIMCO’s ESG fund solutions, it follows our “3 E” implementation process:

• Exclude: We exclude issuers fundamentally misaligned with sustainability practices – both by their governing terms and in practice. Our exclusions process is overseen by the PIMCO ESG Exclusions Group.
• Evaluate: Using our proprietary and independent ESG scoring system, we seek to optimize portfolios that follow sustainability strategies and guidelines to emphasize companies in each industry with leading ESG practices or those who are progressing toward their ESG objectives, limited carbon footprint and high quality ESG labeled bond frameworks. Members of PIMCO’s global research team are responsible for assigning ESG scores to each of the issuers under their coverage in collaboration with our dedicated ESG analysts and ESG scores are augmented by insights from PIMCO’s engagement activities.
• Engage: Our final building block is constructive and collaborative engagement with issuers to influence ESG practices over time. We believe that allocating capital toward issuers willing to improve the sustainability of their business practices has the potential to benefit a strategy’s investment outcomes rather than simply excluding issuers with poor sustainability metrics and favouring those with strong metrics. As such, PIMCO portfolios that follow sustainability strategies and guidelines seek to overweight issuers that demonstrate a clear willingness to move toward better ESG-related practices, consistent with meeting the SDGs.

Ultimately, the Fund’s investments are governed by its prospectus, applicable laws and regulations.

Process:

ESG Integration: Firm-Wide Assets

At the firm level, PIMCO integrates material ESG factors into the investment research process where applicable to assess issuer risks. Our process emphasizes rigorous analysis of broad secular trends, which are at the core of both global ESG trends and long-term asset returns. Additionally, many ESG risks are idiosyncratic to the sector, and the specific issuer – sometimes the specific security. For this reason, our investment process evaluates relevant ESG risk factors from both the top-down (i.e. macro) and bottom-up (i.e. security specific) where applicable. In addition to the belief that ESG integration is essential to optimizing outcomes over the long-term, PIMCO has developed a robust platform specialized in supporting investment solutions with sustainability objectives.

From the top-down, the first and most important step in PIMCO’s process is to identify the major long-term themes that will impact the global economy and financial markets. PIMCO believes that such analysis is fundamental to making sound investment decisions. The firm’s annual Secular Forums are devoted to identifying and analyzing these longer-term trends and the analysis of ESG-related issues fits directly into that process. Similarly, periodic updates at the firm’s Cyclical Forums further address near-term sustainability related themes and potential investment implications.

Concurrently, the firm’s global research teams aim to evaluate material ESG-related issues as part of their bottom-up analysis of an issuer.

PIMCO aims to consider relevant risks and opportunities that could affect particular issuers or industries where appropriate. We consider how ESG factors may impact the issuer more broadly, and the potential effect on valuations. This can include an issuers’ impact on the environment and society, and how that impact may in turn affect the view of the issuer from relevant stakeholders including their investors, regulators, customers and labor force. To facilitate the integration of ESG risk factors in our analysis and help to monitor ESG related risks, we are continually enhancing our proprietary research with specific ESG related attributes and dedicated scoring. In addition to the ESG team working alongside analysts across asset classes, we also host training sessions on available ESG frameworks, scoring methodologies, ESG systems, data and tools.

ESG data and analysis, both internal and external, are readily available to all portfolio managers, traders and research analysts across the firm, which enables portfolio managers to make trading decisions that incorporate the material ESG characteristics of a given issuer.

ESG Investment Process: Portfolios that follow Sustainability Strategies and Guidelines

While material environmental, social, and governance considerations are incorporated into PIMCO’s broad investment processes, for those clients that want greater ESG orientation in their portfolio, our mandates that follow sustainability strategies and guidelines further utilize three building blocks of PIMCO’s ESG process – exclusions, evaluations, and engagement:

• Exclude: PIMCO’s separately managed portfolios that follow sustainability strategies and guidelines typically start with client-driven exclusions list. In the case of PIMCO sponsored funds that follow sustainability strategies and guidelines, we exclude issuers determined by PIMCO to be fundamentally misaligned with sustainability practices, including issuers focused on tobacco manufacturing, the production of controversial weapons, pornographic material and the production or distribution of coal. These core exclusions are supplemented by sovereign exclusions and a dynamic list of issuers excluded, for example, due to business practices determined in PIMCO’s judgment to be misaligned with relevant sustainable investment guidelines and restrictions and/or a failure to demonstrate a willingness to improve practices or unresponsiveness to PIMCO’s active engagement efforts. Issuers that do not meet relevant investment guidelines and restrictions are coded into our in-house compliance system, and portfolio managers, account managers, and our compliance teams closely monitor accounts to ensure compliance with applicable requirements.
• Evaluate: As well as seeking to exclude issuers lagging on ESG/sustainability progress, PIMCO portfolios that follow sustainability strategies and guidelines emphasize issuers with leading ESG practices or those who are progressing toward their ESG objectives in portfolio construction. These are identified through a proprietary ESG scoring system, which considers how an issuer currently fares relative to its peers in the industry, and the issuer’s ESG momentum. The result of this is that issuers already incorporating sound ESG practices are more likely to be candidates for our portfolios that follow sustainability strategies and guidelines.
• Engage: Our final building block is constructive and collaborative engagement with issuers to influence ESG practices over time. We believe that allocating capital toward issuers willing to improve the sustainability of their business practices has the potential to benefit a strategy’s investment outcomes rather than simply excluding issuers with poor sustainability metrics and favoring those with strong metrics. As such, PIMCO portfolios that follow sustainability strategies and guidelines seek to overweight issuers that demonstrate a clear willingness to move toward better ESG-related practices, consistent with meeting the SDGs.

ESG Exclusions

Please refer to the below for an overview of our exclusions criteria for the Fund. Moreover, the Fund may invest in index derivatives, such as credit default swap indices, which may provide indirect exposure to excluded issuers as outlined herein.

• Sovereigns - Excludes sovereigns that rank poorly in transparency and corruption indices including Transparency International and World Bank.
• Global norms - Excludes issuers in violation of UN Global Compact Principles and UN Guiding Principles of Business and Human Rights.
• Weapons - Excludes issuers principally engaged in the manufacture of ‘military equipment’ as defined below:
  • Controversial weapons: The Fund excludes companies involved in the production or manufacturing of controversial weapons such as biological weapons, cluster munitions, and landmines.
  • Conventional weapons: The Fund excludes companies that manufacture conventional weapons. The exclusion restricts companies that produce weapons systems, components, and support systems and services.
  • Nuclear weapons: Lastly, the Fund excludes companies that produce or manufacture delivery platforms, support systems, and other components for nuclear weapons.
• Adult entertainment - Excludes any issuer principally engaged in the production or trade of pornographic materials.
• Alcohol - Excludes any issuer principally engaged in the production of alcoholic beverages.
• Gambling - Excludes any issuer principally engaged in the operation of gambling casinos.
• Fossil fuels - Excludes businesses that are principally engaged in the generation of energy from thermal coal as well as thermal coal mining. We also exclude businesses involved in oil extraction and production and oil sands. We further exclude other businesses involved in oil-related activities. However, ESG Fixed Income Securities (as further described in the section of the Prospectus entitled “ESG Fixed Income Securities”) from issuers involved in fossil fuel related sectors as described above, may be permitted.
• Tobacco - Excludes issuers principally engaged in the manufacture of tobacco.

Please consider the above information as confidential. The above list should not be considered as exhaustive and might be subject to change.

ESG Evaluation

PIMCO has developed proprietary scoring frameworks across asset classes over the past decade. Our enhanced research process incorporates a detailed ESG asset assessment that complements the traditional ratings assigned by analysts. We have proprietary ESG scores for corporate issuers, sovereigns, securitized issuers and municipal issuers, in addition to PIMCO’s proprietary ESG labeled bond scoring framework to evaluate green, social and sustainability bond issuances.

Provided below are details on how PIMCO incorporates ESG into different asset types.

1) ESG Investing in Corporates

PIMCO’s team of credit research analysts generally assess the ESG profile of the issuers that they cover relative to peers with a goal of separating leading issuers from issuers who are not as advanced on their sustainability journey. Using industry-specific frameworks, analysts review their companies’ ESG performance based on information available in public filings, recent news and controversies, as well as through regular engagement with company management teams to assign separate scores for “E”, “S”, and “G.” In determining the efficacy of an issuer’s ESG practices, PIMCO will use its own proprietary assessments of material ESG issues. In the end, PIMCO’s resulting assessments are proprietary and distinct from those provided by ESG rating providers. To facilitate the integration of ESG risk factors in our analysis and help to monitor ESG related risks, we are continually enhancing our proprietary research with specific ESG related attributes and dedicated scoring. In addition, we have hosted training sessions for our analysts on available scoring methodologies, ESG systems, data and tools.

Scores seek to distinguish between “Leading Practice” issuers and those that raise “Significant Concerns.” They also include a forward-looking ESG trend assessment, which recognizes companies whose ESG performance is significantly improving or deteriorating.

These factors are combined to create a proprietary ESG score in which the relative weighting of the E, S, and G pillars, and the trend assessment, is based on the company’s business profile and differences in industry dynamics. For example, the environmental pillar has the highest weight for issuers in extractive industries (e.g. oil, gas and mining), the social pillar has the highest weight for pharmaceutical issuers, and the governance pillar has the highest weight for financial issuers. As the ESG landscape has evolved over time, the investment team continues to evolve and refine this approach accordingly.

Since 2016, PIMCO credit analysts have scored over 4,000 parent issuers on ESG performance. ESG issues are highlighted in their credit research notes, alongside PIMCO’s internal credit ratings and recommendations for portfolio managers to consider when they are evaluating investments for all PIMCO portfolios, including accounts that do not follow sustainability strategies and guidelines. ESG scores are updated regularly whenever relevant new information becomes available.

ESG data and analysis, both internal and external, are available to all portfolio managers, traders and research analysts across the firm.

2) ESG Investing in Sovereign Debt Markets

PIMCO’s in-depth, bottom-up sovereign risk analysis assesses financial, macroeconomic and ESG variables. ESG criteria have been an integral part of PIMCO’s sovereign ratings analysis since 2011 when we explicitly included variables that measure ESG factors into the PIMCO sovereign ratings model.

More recently, we have developed a standalone ESG scoring framework that both provides valuable input into our sovereign risk scenario assessments and serves as an input for relative value decisions in portfolios that follow sustainability strategies and guidelines. In addition to the traditional financial metrics used in sovereign credit analysis, we explicitly score the sovereign on each ESG component and compile a combined sovereign ESG score.

3) ESG Investing in Structured Products

Agency and Non-Agency MBS

With PIMCO’s access to vast loan-level mortgage data, we developed a proprietary responsible investing scoring model for mortgages, based on a scale from 1 (weakest) to 5 (best), consistent with other PIMCO ESG scoring frameworks used for corporate credits, sovereigns and others.

PIMCO’s philosophy of responsible mortgage investing focuses on four objectives:

• Support homeownership. Homeownership is a key path to savings and wealth building for many across the world. Connecting borrowers with capital markets is an established and efficient way to ease the path to homeownership. Not all mortgages are used for homeownership; some mortgages are used for vacation home purchases or investment properties.
• Increase access for underserved communities. PIMCO believes a focus on underserved communities and lower income borrowers is a way to magnify the social benefit of home lending without sacrificing on loan quality.
• Promote responsible lending. It is critical to focus on ensuring borrowers are not put at added risk of financial distress due to burdensome debt loads.
• Discourage predatory lending. A governance-focused way to encourage good lending practices is to penalize or exclude lenders and servicers who engage in practices that are detrimental to homeowners (and in many cases detrimental to bondholders as well).

The mortgage market is not homogenous; there are agency mortgages and non-agency residential mortgages. We have built analytical frameworks for each part of the market.

For agency mortgage-backed securities (MBS), our ESG research model is based on pool-level characteristics and data we have collected over decades of studying mortgages. For non-government-guaranteed mortgages (non-agency MBS), our quantitative analysis is loan-level-based and again draws on a huge set of data PIMCO’s mortgage team has gathered since before the financial crisis.

Commercial Mortgage Backed Securities

In order to analyze Agency and Non-Agency CMBS, PIMCO developed a framework with a focus on Environmental criteria, specifically on industry standard Silver / Gold / Platinum LEED and Green certifications on properties to differentiate sustainably built structures. From a Social standpoint, analysts have been evaluating the health and safety measures taken post-COVID for the tenants, and from the Governance side, we are looking at the underlying ESG scores of the owners of the building.

Similar to the residential side, green securitizations remain a small part of the market issue by Fannie Mae and Freddie Mac. However, in their annual outlooks, there is an explicit shift to target more green loans, and so we expect Green labeled Agency CMBS to be a growing marketing going forward. We also look to promote underserved communities and affordable lending, such as through low-income multifamily loans issued by Fannie Mae and Freddie Mac.

Asset Backed Securities

Given the heterogeneous nature of ABS, we have developed a framework to make sure we are approaching analysis in the same manner across various ABS subsectors. PIMCO’s proprietary framework focuses on each pillar of E/S/G, leveraging the Social framework constructed for Non-Agency MBS and expanding upon it with the addition of Environmental and Governance criteria.

For the Environmental criteria, our framework emphasizes ABS that are promoting investment in renewable energy production, storage, and utilization. We look to capture the positive impact of electric vehicles, solar panels, power storage, and other green energy focused endeavors. On the Social side, our goal is to improve affordability and home ownership through responsible lending. We look to encourage responsible lending to consumers and small businesses, and identify and limit investment in predatory lending practices. Lastly, for Governance, we aim to avoid those with high risk servicer behavior such as recent servicer headline risk.

Collateralized Loan Obligations

For PIMCO’s CLO analysis, our analysts map existing loan-level ESG scoring to CLO collateral to produce CLO trust-level scoring. We supplement loan scoring with sector scoring for unscored CLO holdings. Here, we look to leverage the bottom-up ESG research of PIMCO credit analysts and the bank loan team to evaluate each loan collateralizing the transaction on all three metrics (E/S/G). With this loan-level analysis, PIMCO discourages overly-aggressive management and non-transparent structures when selecting what will be included in a portfolio that follows sustainability strategies and guidelines. Further, as CLOs are not a static pool of loans, we continue to monitor the underlying loans over time and are working to create pools that have positive ESG scores and stay that way.

4) ESG Investing in the U.S. Municipal Bond Market

We consider issuer-level ESG factors across municipal bond issuers to better understand the risks and opportunities inherent in our bond selections. The municipal market is vast and diverse, with issuers ranging from states and cities to enterprises such as higher education institutions, airports, and continuing care facilities. Analysts use proprietary frameworks to evaluate material ESG risks specific to each municipal sector, as well as identify ESG leaders within each sector.

Analysts review municipal issuers’ exposure to ESG factors through information available in public filings, recent news, and third-party data sources. These factors are then combined to create a proprietary ESG score utilizing the relative weighting of the E, S, and G pillars, and the expected trend going forward for that issuer. Issuers who have significant exposure to material ESG risks and lack mitigating factors to combat those risks would typically have lower ESG scores, while issuers who are exposed to fewer risks and are leaders in making progress on ESG issues, such as through greenhouse gas reduction measures, would typically have higher ESG scores.

Environmental risk includes exposure to physical climate risks as well as risks associated with the transition off fossil fuels, such as significant tax base reliance on the fossil fuel industry. Additional environmental risks could include exposure to water stress or environmental compliance concerns for sewer utilities. Typical social risks involve vulnerability of the tax base, which could be due to factors like a declining population or high poverty levels for cities and counties, or low graduation rates for higher education sectors. Governance risks generally include an assessment of how the issuer has managed its long-term liabilities such as debt and pensions, as well as overall management practices.

5) ESG Labeled Bond Scoring Framework

ESG labeled bonds, including green, social, and sustainability bonds, need to fit PIMCO’s credit selection and portfolio construction process of top-down drivers (sector and regional selection, expectations on global growth and technical factors), bottom-up drivers (credit strength, business model, covenants etc.) and valuation to qualify for investment. ESG Bonds refer to green, social, sustainability or sustainability linked bonds based on issuer as explained by the issuer through use of a framework and/or legal documentation. Labeled bonds are often verified by a third party that certified the bond will fund projects with eligible benefits or includes sustainability-linked covenants. Green Bonds are any type of bond instrument where the proceeds will be exclusively applied to finance or re-finance, in part or in full, new and/or existing eligible Green Projects. Social Bonds are use-of-proceeds bonds earmarked to finance new and existing projects or activities with positive social impacts. Sustainability Bonds are use-of-proceeds bonds earmarked to finance new and existing projects or activities with positive environmental and social impacts. Sustainability-Linked Bonds (SLBs) are structurally linked to the issuer’s achievement of climate or broader sustainability goals, such as through a step-up in coupon if key performance indicators (KPIs) are not met. We look to invest in ESG labeled bonds that have attractive valuations that are in line to comparable (by coupon, maturity, seniority etc.) non-ESG bonds issued by the same company, given the strong focus on environmental sustainability objectives. We assess sustainable bond instruments both prior to and after issuance, mapping them across a spectrum based on strategic fit, potential impact, red flags, and reporting, resulting in PIMCO’s score for ESG bonds. PIMCO’s ESG labeled bond scores aid the investment process and security selection, allowing for stronger differentiation among sustainable bond issuers and frameworks.

Building off of PIMCO’s standard issuer-level ESG score, which incorporates a peer assessment and trend analysis, PIMCO’s ESG bond score contributes a positive adjustment to the issuer ESG score for a potentially higher PIMCO ESG score. The magnitude of the adjustment is dependent on the quality of the ESG bond per PIMCO’s proprietary ESG Bond Framework assessment.

Engagement
As a leading fixed income manager, PIMCO has the scale and access to engage issuers on matters that we believe are essential when pursuing compelling risk-adjusted returns. We believe PIMCO’s size, history, and involvement across industry initiatives, provides a platform to engage with issuers all who are both leading and continuing to evolve in their approach to sustainability. This extends beyond corporates, into structured credit, sovereigns, municipals, and alternatives, where applicable.

PIMCO aims to work across the variety of market participants seeking a more resilient and sustainable future. We use our platform to collaborate with civil society, multilateral organizations, academic researchers and scientific and policy experts. We view these forums as important areas of dialogue and industry innovation as we face secular shifts globally. These multifaceted efforts provide a distinctive market perspective that is unique to PIMCO.

We view our relationships with issuers as partnerships, and pursue outcomes which ultimately seek to benefit our clients through risk mitigation or performance improvement at the Issuer. We believe that working with issuers to support enhancing their operational practices and address negative externalities can have a significant impact – especially for issuers with higher exposure to ESG related risks.

At PIMCO, the purpose of our engagement is to gain investment insights and pursue outcomes aimed at reducing risks and/or generating opportunities, ultimately for the benefit of our clients. We prioritize issuers across the platform where we have meaningful financial and ESG risk exposure, focusing on what we believe to be material topics.

We believe that active management can greatly benefit from engagement, particularly when it comes to mitigating potential regulatory and long-term ESG risks. By offering best practices for issuers to consider, we aim to enhance their risk management strategies and strive to increase their competitive advantage, strengthen their credibility through increased transparency, and avoid potential controversies. We hold the view that consistent issuer engagement is essential for a thorough understanding of the investment’s risk-reward scenario, which is critical to making informed buy or sell decisions.

In terms of our approach: our engagement is designed to leverage the full scale of our global team of 80+ credit analysts and build upon our firm's decades of experience working constructively with issuers. Our engagement structure is built on two key mechanisms: bilateral engagement and collaborative engagement.
Our bilateral engagements, conducted by our credit research analysts, portfolio managers, and ESG analysts, allow us to address ESG risks platform wide. We remain guided by three key principles:

• Think like a treasurer: We seek to identify issuers which can benefit from engagement, then develop a set of core engagement objectives tailored to each issuer.
• Engage like a partner: We believe that successful bondholder engagement is based on collaboration, productive dialogue and mutual agreement on objectives.
• Hold to account as a lender: Our engagement process measures progress against an issuer’s stated target or industry benchmarks. At the outset of the process, we determine appropriate remedies if underperformance is material and are willing to divest if necessary.

In practice, topics that PIMCO analysts discuss with issuers can be guided by:

• Addressing material ESG risks: We look to engage regularly with issuers to focus on ESG factors which may be material to risks and opportunities for the company, such as supply chain management, climate strategy and target setting.
• Expanding ESG-labeled bond universe: We seek to engage with issuers to encourage new ESG bonds, such as green, social, sustainability and sustainability-linked bond issuance utilizing our published best practice guidance for corporate, sovereign and municipal sustainable bond issuance.
• Improving data quality and disclosure: We work closely with issuers to improve the ESG-related data and increase their ESG disclosures.
• Thematic engagement priorities: PIMCO’s thematic engagement priorities include decarbonization and transition plans, physical risks from climate change, nature, human rights, workforce management, balance sheet management and internal controls and critical risk management.

PIMCO’s ESG analyst team leads our engagement efforts, in coordination with the broader credit research team. Members of the ESG analyst team include Grover Burthey, Head of ESG Portfolio Management and the ESG analyst team, Samuel Mary, ESG integration analyst and climate specialist, and Meredith Block, ESG research analyst. Our goal is to holistically integrate engagement activity into the ongoing discussions led by our credit research and portfolio management teams while broadening the scope of questions beyond credit-specific considerations to include sustainability concerns as well.

In this regard, engagement at PIMCO is designed to leverage the full scale of our global team of credit analysts and build upon our firm’s decades of experience working collaboratively with issuers to encourage business practices which are favorable to our investment objectives.

Portfolio Construction
Portfolio managers at PIMCO use the ESG assessments of our credit analysts and multiple proprietary ESG tools as additional inputs into their portfolio investment decisions. The combination of ESG considerations with financial valuations and credit fundamentals results in our decision to invest, add/reduce or even divest from a company.

External Research
At PIMCO we regularly evaluate ESG data providers which may add additional input into our in-house analysis conducted by our credit, sovereign and mortgage analyst teams. The firm relies primarily on internal research for decision-making; however, PIMCO also screens substantial amounts of external data sets. PIMCO currently utilizes MSCI as our primary external data provider but we also use Reprisk, TruCost, Bloomberg, CDP, SBTi, TPI, risQ, Maplecroft, Haver, and Freedom House, among other sources. ESG data generally flows directly into our proprietary IT systems, enabling portfolio managers and credit analysts to use this information efficiently. Further, data in our systems is not only limited to subscriptions to data providers. We also look at data and rankings available across different platforms including data sourced from the NGO sector. Examples of sources here include: Forest 500; Forest and Finance; Sustainability Policy Transparency Toolkit (SPOTT); the Ocean Health Index; and Exploring Natural Capital Opportunities, Risks and Exposure (ENCORE). We have also reviewed data sets from the Natural History Museum, Global Forest Watch, Yale and the World Bank.

Dialshifter

This fund is helping to ‘shift the dial from brown to green’ by…

… excluding industries and issuers misaligned with sustainability principles, including those involved in the fossil fuel industry; emphasizing issuers with “best-in-class” environmental, social, and governance (ESG) practices through a proprietary ESG scoring system; allocating meaningfully to green, social, and sustainability bonds; actively managing the portfolio’s carbon emissions and carbon intensity profile; and engaging proactively and collaboratively with corporate issuers to influence environmental, social, and governance (ESG) practices.

SDR Labelling:

Not eligible to use label