Boston Common ESG Impact International Fund | |
Schedule of Investments | |
June 30, 2024 (Unaudited) | |
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COMMON STOCKS - 98.2% | | Shares | | | Value | |
Communication Services - 3.3% | | | | |
Deutsche Telekom AG | | | 547,059 | | | $ | 13,750,608 | |
| | | | | | | | |
Consumer Discretionary - 9.7% | | | | | |
BYD Co. Ltd. - Class H | | | 206,500 | | | | 6,132,811 | |
Cie Financiere Richemont SA | | | 36,500 | | | | 5,704,328 | |
Industria de Diseno Textil SA | | | 196,050 | | | | 9,728,668 | |
Mercedes-Benz Group AG | | | 76,960 | | | | 5,326,522 | |
Prosus NV - Class N | | | 153,740 | | | | 5,466,764 | |
Sony Group Corp. | | | 85,961 | | | | 7,325,697 | |
| | | | | | | 39,684,790 | |
| | | | | | | | |
Consumer Staples - 8.1% | | | | | |
Ajinomoto Co., Inc. | | | 148,800 | | | | 5,237,050 | |
Kerry Group PLC - Class A | | | 51,837 | | | | 4,200,829 | |
Koninklijke Ahold Delhaize NV | | | 196,101 | | | | 5,770,685 | |
L'Oreal SA | | | 17,030 | | | | 7,496,023 | |
Unilever PLC - ADR | | | 189,869 | | | | 10,440,896 | |
| | | | | | | 33,145,483 | |
| | | | | | | | |
Financials - 20.4% | | | | | |
AIA Group Ltd. | | | 675,550 | | | | 4,570,602 | |
AXA SA | | | 294,576 | | | | 9,653,622 | |
Hannover Rueck SE | | | 29,975 | | | | 7,587,824 | |
ING Groep NV | | | 476,681 | | | | 8,190,651 | |
Intesa Sanpaolo SpA | | | 1,532,180 | | | | 5,694,218 | |
Macquarie Group Ltd. | | | 67,277 | | | | 9,154,448 | |
Mitsubishi UFJ Financial Group, Inc. | | | 813,900 | | | | 8,783,631 | |
ORIX Corp. | | | 475,147 | | | | 10,531,102 | |
Oversea-Chinese Banking Corp. Ltd. | | | 1,066,665 | | | | 11,327,329 | |
PT Bank Rakyat Indonesia (Persero) Tbk. | | | 12,865,146 | | | | 3,607,342 | |
T&D Holdings, Inc. | | | 270,700 | | | | 4,728,334 | |
| | | | | | | 83,829,103 | |
| | | | | | | | |
Health Care - 17.8% | | | | | |
AstraZeneca PLC | | | 78,949 | | | | 12,287,022 | |
ConvaTec Group PLC (a) | | | 1,801,451 | | | | 5,337,169 | |
CSL Ltd. | | | 37,970 | | | | 7,445,792 | |
Eisai Co. Ltd. | | | 80,017 | | | | 3,293,792 | |
Gerresheimer AG | | | 37,720 | | | | 4,053,514 | |
Hoya Corp. | | | 59,724 | | | | 6,984,086 | |
Kyowa Kirin Co. Ltd. | | | 244,600 | | | | 4,192,600 | |
Novartis AG - ADR | | | 84,934 | | | | 9,042,074 | |
Novo Nordisk AS - Class B | | | 95,570 | | | | 13,674,621 | |
Roche Holding AG - ADR | | | 201,031 | | | | 6,969,745 | |
| | | | | | | 73,280,415 | |
| | | | | | | | |
Industrials - 20.0% | | | | | |
Ashtead Group PLC | | | 75,110 | | | | 5,007,841 | |
Assa Abloy AB - Class B | | | 217,786 | | | | 6,167,819 | |
Atlas Copco AB - Class B | | | 397,592 | | | | 6,420,036 | |
Daikin Industries | | | 28,471 | | | | 3,963,610 | |
Ferguson PLC | | | 1 | | | | 192 | |
Keisei Electric Railway Co. Ltd. | | | 150,800 | | | | 4,876,607 | |
Kurita Water Industries Ltd. | | | 152,937 | | | | 6,498,597 | |
Mitsubishi Electric Corp. | | | 250,900 | | | | 4,020,702 | |
Prysmian SpA | | | 175,226 | | | | 10,817,930 | |
RELX PLC | | | 115,330 | | | | 5,284,271 | |
Rexel SA | | | 170,540 | | | | 4,411,625 | |
Schneider Electric SE | | | 51,625 | | | | 12,376,876 | |
Spirax Group PLC | | | 38,311 | | | | 4,106,137 | |
Vestas Wind Systems AS (b) | | | 195,221 | | | | 4,526,778 | |
Volvo AB - Class B | | | 149,098 | | | | 3,830,989 | |
| | | | | | | 82,310,010 | |
| | | | | | | | |
Information Technology - 12.9% | | | | | |
ASML Holding NV | | | 11,090 | | | | 11,302,560 | |
Infineon Technologies AG | | | 85,592 | | | | 3,141,254 | |
Keyence Corp. | | | 15,724 | | | | 6,882,052 | |
Murata Manufacturing Co. Ltd. | | | 306,200 | | | | 6,340,905 | |
Sage Group PLC | | | 303,590 | | | | 4,159,261 | |
Samsung Electronics Co. Ltd. | | | 65,940 | | | | 3,880,821 | |
SAP SE - ADR | | | 40,596 | | | | 8,188,619 | |
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | | | 28,350 | | | | 4,927,514 | |
TDK Corp. | | | 65,289 | | | | 4,014,741 | |
| | | | | | | 52,837,727 | |
| | | | | | | | |
Materials - 2.1% | | | | | |
DSM-Firmenich AG | | | 45,320 | | | | 5,103,268 | |
James Hardie Industries PLC (b) | | | 107,900 | | | | 3,377,003 | |
| | | | | | | 8,480,271 | |
| | | | | | | | |
Utilities - 3.9% | | | | | |
SSE PLC | | | 440,095 | | | | 9,938,884 | |
Veolia Environnement SA | | | 198,840 | | | | 5,955,828 | |
| | | | | | | 15,894,712 | |
TOTAL COMMON STOCKS (Cost $307,089,985) | | | | 403,213,119 | |
| | | | | | | | |
REAL ESTATE INVESTMENT TRUSTS - 0.9% | | Shares | | | Value | |
Mirvac Group | | | 2,951,519 | | | | 3,672,211 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,907,818) | | | | 3,672,211 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS - 0.7% | | | | | | | | |
Money Market Funds - 0.7% | | Shares | | | | | |
First American Treasury Obligations Fund - Class X, 5.23% (c) | | | 2,861,799 | | | | 2,861,799 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,861,799) | | | | 2,861,799 | |
| | | | | | | | |
TOTAL INVESTMENTS - 99.8% (Cost $315,859,602) | | | | 409,747,129 | |
Other Assets in Excess of Liabilities - 0.2% | | | | 744,847 | |
TOTAL NET ASSETS - 100.0% | | | | | | $ | 410,491,976 | |
Percentages are stated as a percent of net assets. | |
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The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
ADR - American Depositary Receipt |
AG - Aktiengesellschaft |
NV - Naamloze Vennootschap |
PLC - Public Limited Company |
SA - Sociedad Anónima |
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $5,337,169 or 1.3% of the Fund’s net assets. |
(b) | Non-income producing security. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
Summary of Fair Value Disclosure as of June 30, 2024 (Unaudited)
Boston Common ESG Impact International Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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 speeds, 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 fair valuation hierarchy of the Fund’s securities as of June 30, 2024:
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments: | | | | | | | | | | | | |
Common Stocks | | $ | 39,568,848 | | | $ | 363,644,271 | | | $ | – | | | $ | 403,213,119 | |
Real Estate Investment Trusts | | | – | | | | 3,672,211 | | | | – | | | | 3,672,211 | |
Money Market Funds | | | 2,861,799 | | | | – | | | | – | | | | 2,861,799 | |
Total Investments | | $ | 42,430,647 | | | $ | 367,316,482 | | | $ | – | | | $ | 409,747,129 | |
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Refer to the Schedule of Investments for additional information. | |