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Boston Common ESG Impact International Fund
   
Schedule of Investments
   
June 30, 2023 (Unaudited)
   
     
Shares
 
 
 
Value
COMMON STOCKS - 97.4%
   
Communication Services - 4.3%
   
 
166,300
 
Cellnex Telecom SA
 
$
6,719,165
 
719,759
 
Deutsche Telekom AG
   
15,704,113
           
22,423,278
Consumer Discretionary - 10.1%
     
 
68,020
 
Alibaba Group Holding Ltd. - ADR 1
   
5,669,467
 
984,016
 
Barratt Developments PLC
   
5,171,724
 
187,538
 
Burberry Group PLC
   
5,060,441
 
208,000
 
BYD Company Ltd. - Class H
   
6,669,449
 
289,660
 
Industria de Diseno Textil SA
   
11,235,303
 
25,933
 
Shimano, Inc.
   
4,341,375
 
77,961
 
Sony Group Corp.
   
7,037,556
 
173,430
 
Yamaha Corp.
   
6,680,668
           
51,865,983
Consumer Staples - 12.3%
     
 
313,088
 
Essity AB - Class B
   
8,338,058
 
86,937
 
Kerry Group PLC - Class A
   
8,485,340
 
406,441
 
Koninklijke Ahold Delhaize NV
   
13,856,837
 
26,200
 
L’Oreal SA
   
12,221,704
 
121,457
 
Shiseido Company Ltd.
   
5,505,613
 
284,079
 
Unilever NV - ADR
   
14,809,038
           
63,216,590
Financials - 18.8%
     
 
891,350
 
AIA Group Ltd.
   
9,052,996
 
345,516
 
AXA SA
   
10,210,478
 
31,995
 
Hannover Rück SE
   
6,792,506
 
963,651
 
ING Groep NV
   
12,991,587
 
11,744,921
 
Lloyds Banking Group PLC
   
6,510,794
 
85,347
 
Macquarie Group Ltd.
   
10,155,280
 
563,747
 
ORIX Corp.
   
10,280,602
 
1,587,665
 
Oversea-Chinese Banking Corp. Ltd.
   
14,442,970
 
16,965,546
 
PT Bank Rakyat Indonesia (Persero) Tbk.
   
6,193,979
 
234,505
 
Sampo Oyj - Class A
   
10,532,219
           
97,163,411
Health Care - 15.4%
     
 
104,449
 
AstraZeneca PLC
   
14,973,241
 
37,808
 
BioNTech SE - ADR 1
   
4,080,617
 
2,368,591
 
ConvaTec Group PLC
   
6,177,465
 
112,453
 
Dechra Pharmaceuticals PLC
   
5,266,017
 
84,517
 
Eisai Company Ltd.
   
5,728,062
 
67,724
 
Hoya Corp.
   
8,104,278
 
109,364
 
Novartis AG - ADR
   
11,035,921
 
57,040
 
Novo Nordisk A/S - Class B
   
9,214,233
 
391,961
 
Roche Holding Ltd. - ADR
   
14,972,910
           
79,552,744
Industrials - 17.9%
     
 
356,366
 
Assa Abloy AB - Class B
   
8,565,957
 
680,782
 
Atlas Copco AB - Class B
   
8,488,319
 
63,471
 
Daikin Industries
   
13,005,544
 
1
 
Ferguson PLC
   
158
 
193,037
 
Kurita Water Industries Ltd.
   
7,411,151
 
232,676
 
Prysmian SpA
   
9,731,393
 
291,850
 
Rexel SA
   
7,212,778
 
89,115
 
Schneider Electric SE
   
16,190,161
 
49,981
 
Spirax-Sarco Engineering PLC
   
6,587,719
 
265,351
 
Vestas Wind Systems A/S
   
7,054,974
 
397,688
 
Volvo AB - Class B
   
8,230,163
           
92,478,317
Information Technology - 8.7%
     
 
326,632
 
Infineon Technologies AG
   
13,451,475
 
20,824
 
Keyence Corp.
   
9,894,663
 
80,306
 
SAP SE - ADR
   
10,986,664
 
158,089
 
TDK Corp.
   
6,166,238
 
115,918
 
Worldline SA 1
   
4,244,932
           
44,743,972
Materials - 3.3%
     
 
100,478
 
Croda International PLC
   
7,182,640
 
43,970
 
DSM-Firmenich AG
   
4,731,806
 
9,910
 
LG Chem Ltd.
   
5,044,803
           
16,959,249
Real Estate - 2.1%
     
 
3,137,416
 
Hang Lung Properties Ltd.
   
4,855,044
 
3,895,959
 
Mirvac Group - REIT
   
5,883,299
           
10,738,343
Utilities - 4.5%
     
 
85,499
 
Orsted A/S
   
8,105,504
 
645,475
 
SSE PLC
   
15,136,481
           
23,241,985
             
TOTAL COMMON STOCKS (Cost $445,747,100)
   
502,383,872
           
SHORT-TERM INVESTMENTS - 2.3%
     
Money Market Funds - 2.3%
     
 
11,794,009
 
First American Treasury Obligations Fund - Class X, 5.035% 2
   
11,794,009
             
TOTAL SHORT-TERM INVESTMENTS (Cost $11,794,009)
   
11,794,009
           
TOTAL INVESTMENTS - 99.7% (Cost $457,541,109)
   
514,177,881
Other Assets in Excess of Liabilities - 0.3%
   
1,674,269
NET ASSETS - 100.0%
 
$
515,852,150

 
ADR 
American Depositary Receipt
 
 
REIT 
Real Estate Investment Trust
 
 

Non-income producing security.
 
 
2
Annualized seven-day effective yield as of June 30, 2023.
 
 
 
 
 
 
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services, LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
 


 
Country Allocation at June 30, 2023 (Unaudited)
 
 
 
 
 
Country
% of Net Assets 1
 
United Kingdom
16.8%
 
Japan
16.3%
 
Germany
9.9%
 
France
9.7%
 
Sweden
6.5%
 
Switzerland
6.0%
 
Netherlands
5.2%
 
Denmark
4.7%
 
Spain
3.5%
 
Australia
3.1%
 
Singapore
2.8%
 
Hong Kong
2.7%
 
China
2.4%
 
Finland
2.0%
 
Italy
1.9%
 
Ireland
1.7%
 
Indonesia
1.2%
 
Republic of Korea
1.0%
 
 
 
 
1 Excludes short-term investments and other assets in excess of liabilities.
 



Boston Common ESG Impact International Fund
Summary of Fair Value Exposure at June 30, 2023 (Unaudited)
 
 
 
 
 
The Boston Common ESG Impact International Fund (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP 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 June 30, 2023:

 
 
Level 1
   
Level 2
   
Level 3
   
Total
Common Stocks
                     
Communication Services
 
$
-
   
$
22,423,278
   
$
-
   
$
22,423,278
Consumer Discretionary
   
5,669,467
     
46,196,516
     
-
     
51,865,983
Consumer Staples
   
14,809,038
     
48,407,552
     
-
     
63,216,590
Financials
   
-
     
97,163,411
     
-
     
97,163,411
Health Care
   
30,089,449
     
49,463,295
     
-
     
79,552,744
Industrials
   
-
     
92,478,317
     
-
     
92,478,317
Information Technology
   
10,986,664
     
33,757,308
     
-
     
44,743,972
Materials
   
4,731,806
     
12,227,443
     
-
     
16,959,249
Real Estate
   
-
     
10,738,343
     
-
     
10,738,343
Utilities
   
-
     
23,241,985
     
-
     
23,241,985
Total Common Stocks
   
66,286,424
     
436,097,448
     
-
     
502,383,872
Short-Term Investments
   
11,794,009
     
-
     
-
     
11,794,009
Total Investments in Securities
 
$
78,080,433
   
$
436,097,448
   
$
-
   
$
514,177,881