NPORT-EX 2 emerging.htm EMG MKT HTML

Boston Common ESG Impact Emerging Markets Fund
    
Schedule of Investments
    
June 30, 2023 (Unaudited)
    
     
Shares
  
 
  
Value
COMMON STOCKS - 93.2%
    
Communication Services - 8.0%
    
 
116,014
  
Advanced Info Service PLC
  
$
729,689
 
78,974
  
Bharti Airtel Ltd. 1
    
847,130
 
27,997
  
SK Telecom Company Ltd. - ADR
    
546,221
 
2,451,693
  
Telkom Indonesia Persero Tbk PT
    
655,883
 
9,050
  
Tencent Holdings Ltd.
    
383,731
           
3,162,654
Consumer Discretionary - 17.7%
      
 
152,715
  
Alibaba Group Holding Ltd. 1
    
1,589,737
 
23,709
  
BYD Company Ltd. - Class H
    
760,221
 
6,974
  
Coway Company Ltd.
    
233,047
 
32,425
  
Giant Manufacturing Company Ltd.
    
240,614
 
115,824
  
Lojas Renner SA
    
485,241
 
519
  
MercadoLibre, Inc. 1
    
614,807
 
97,099
  
Midea Group Company Ltd. - Class A
    
789,289
 
8,385
  
Naspers Ltd. - Class N
    
1,514,845
 
20,385
  
Trip.com Group Ltd. - ADR 1
    
713,475
           
6,941,276
Consumer Staples - 9.1%
      
 
38,150
  
Clicks Group Ltd.
    
529,625
 
5,164
  
Dino Polska SA 1
    
603,328
 
76,279
  
Hengan International Group Company Ltd.
    
321,627
 
364,740
  
Kimberly-Clark de Mexico - Class A
    
813,777
 
1,508
  
LG Household & Health Care Ltd.
    
526,994
 
125,491
  
Raia Drogasil SA
    
773,936
           
3,569,287
Financials - 17.5%
      
 
64,187
  
Axis Bank Ltd.
    
774,503
 
226,934
  
BDO Unibank, Inc.
    
568,261
 
159,607
  
China Merchants Bank Company Ltd. - Class H
    
727,982
 
22,570
  
HDFC Bank Ltd. - ADR
    
1,573,129
 
138,071
  
Kasikornbank PCL - NVDR
    
507,557
 
10,454
  
OTP Bank Nyrt
    
371,644
 
171,263
  
Ping An Insurance (Group) Company of China Ltd. - Class H
    
1,093,843
 
3,447,950
  
PT Bank Rakyat Indonesia (Persero) Tbk.
    
1,258,818
           
6,875,737
Health Care - 7.4%
      
 
129,635
  
Biocon Ltd.
    
420,093
 
1,176,949
  
China Traditional Chinese Medicine Holdings Company Ltd.
    
549,607
 
500,125
  
Hapvida Participacoes e Investimentos SA 1
    
458,533
 
5,682,757
  
PT Kalbe Farma Tbk.
    
777,696
 
17,186
  
Shenzhen Mindray Bio-Medical Electronics Company Ltd. - Class A
    
711,189
           
2,917,118
Industrials - 8.1%
      
 
22,152
  
AirTAC International Group
    
732,094
 
40,825
  
Shenzhen Inovance Technology Company Ltd. - Class A
    
361,858
 
24,800
  
Sungrow Power Supply Company Ltd.
    
399,484
 
27,287
  
Voltas Ltd.
    
253,155
 
100,939
  
WEG SA
    
797,275
 
440,936
  
Weichai Power Company Ltd. - Class H
    
648,737
           
3,192,603
Information Technology - 20.7%
      
 
684,389
  
Chinasoft International Ltd.
    
431,616
 
125,346
  
Delta Electronics, Inc.
    
1,389,126
 
36,875
  
Infosys Ltd. - ADR
    
592,581
 
25,401
  
SK Hynix, Inc.
    
2,231,844
 
26,169
  
Taiwan Semiconductor Manufacturing Company Ltd. - ADR
    
2,640,976
 
80,483
  
Win Semiconductors Corp.
    
426,287
 
377,311
  
Xinyi Solar Holdings Ltd.
    
438,057
           
8,150,487
Materials - 3.0%
      
 
1,224
  
LG Chem Ltd.
    
623,092
 
36,493
  
Mondi PLC
    
557,916
           
1,181,008
Real Estate - 1.7%
      
 
378,541
  
Growthpoint Properties Ltd. - REIT
    
234,511
 
171,165
  
Longfor Group Holdings Ltd.
    
417,975
           
652,486
             
TOTAL COMMON STOCKS (Cost $38,001,080)
    
36,642,656
             
PREFERRED STOCKS - 3.7%
      
Financials - 3.7%
      
 
26,548
  
Bancolombia SA - ADR
    
708,301
 
127,065
  
Itau Unibanco Holding SA - ADR
    
749,683
             
TOTAL PREFERRED STOCKS (Cost $1,417,714)
    
1,457,984
           
SHORT-TERM INVESTMENTS - 2.7%
      
MONEY MARKET FUNDS - 2.7%
      
 
1,043,821
  
First American Treasury Obligations Fund - Class X, 5.035% 2
    
1,043,821
             
TOTAL SHORT-TERM INVESTMENTS (Cost $1,043,821)
    
1,043,821
           
TOTAL INVESTMENTS - 99.6% (Cost $40,462,615)
    
39,144,461
Other Assets in Excess of Liabilities - 0.4%
    
143,979
NET ASSETS - 100.0%
  
$
39,288,440

 
ADR 
American Depositary Receipt
 
 
NVDR 
Non-Voting Depository Receipt
 
 
REIT 
Real Estate Investment Trust
 
 
1 
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
 
China
26.8%
 
Taiwan
11.9%
 
India
11.4%
 
Republic of Korea
10.6%
 
Brazil
8.3%
 
Indonesia
6.9%
 
South Africa
5.8%
 
Thailand
3.1%
 
Mexico
2.1%
 
Colombia
1.8%
 
United States
1.6%
 
Poland
1.5%
 
Philippines
1.4%
 
United Kingdom
1.4%
 
Hong Kong
1.4%
 
Hungary
0.9%
 
 
 
 
1 Excludes short-term investments and other assets in excess of liabilities.
 

 
Boston Common ESG Impact Emerging Markets Fund
Summary of Fair Value Exposure at June 30, 2023 (Unaudited)
 
 
 
 
  
The Boston Common ESG Impact Emerging Markets 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
  
$
546,221
    
$
2,616,433
    
$
-
    
$
3,162,654
Consumer Discretionary
    
1,813,523
      
5,127,753
      
-
      
6,941,276
Consumer Staples
    
2,117,339
      
1,451,948
      
-
      
3,569,287
Financials
    
1,573,129
      
5,302,608
      
-
      
6,875,737
Health Care
    
458,533
      
2,458,585
      
-
      
2,917,118
Industrials
    
797,275
      
2,395,328
      
-
      
3,192,603
Information Technology
    
3,233,557
      
4,916,930
      
-
      
8,150,487
Materials
    
-
      
1,181,008
      
-
      
1,181,008
Real Estate
    
234,511
      
417,975
      
-
      
652,486
Total Common Stocks
    
10,774,088
      
25,868,568
      
-
      
36,642,656
Preferred Stocks
                              
Financials
    
1,457,984
      
-
      
-
      
1,457,984
Total Preferred Stocks
    
1,457,984
      
-
      
-
      
1,457,984
Short-Term Investments
    
1,043,821
      
-
      
-
      
1,043,821
Total Investments in Securities
  
$
13,275,893
    
$
25,868,568
    
$
-
    
$
39,144,461