Magellan Core ESG Fund

Responsible Investing Approach

The Fund excludes companies whose activities, as assessed by Magellan, may have wide-ranging detrimental impacts on society. These exclusions encompass companies with material exposures to the production of tobacco products, gambling, as well as companies involved in the production of alcohol, adult entertainment and handguns. Materiality is normally assessed as greater than 5% or 10% of a company's revenues exposed to the exclusionary activity. Revenues are sourced from MSCI ESG Manager. Companies are reviewed for the materiality of their exposures to environmental, social and governance issues, with assessments incorporated into their perspectives on business risks. Magellan overlay their proprietary low carbon framework to deliver a portfolio with meaningfully lower carbon intensity than broader equity markets.