Fund Overview Fund Overview Share Class I NAV | as of 03/31/2023 $36.49 +$0.43 (+1.19%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 308 Global Large-Stock Growth funds as of 02/28/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 12/30/1985 to 02/28/2023 = $327,000.46 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized. The MSCI All Country World Index replaced the Russell 3000® Growth Index as the Fund’s benchmark on March 19, 2021 because the Investment Manager and Subadviser believe the new benchmark is more representative of the Fund’s current investment strategies. Also, the previous secondary and tertiary benchmarks, the Russell 3000 Index and the S&P 500 Index, were removed. The benchmarks are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. The Russell 3000 Growth Index is a widely unmanaged index of market activity based on the aggregate performance of a selected portfolio of publicly trade common stocks and we have included the results of such index to give you a perspective of the historical performance of the U.S. equity market. View Performance Read Important Investment Disclosures Objective A high-conviction, global equity portfolio seeking alpha-generating impact opportunities by investing in social and environmental solutions providers whose products and services can facilitate the transition to a more just, sustainable world. Why Consider Seeks to maximize total return by investing in a diversified portfolio of global equities Utilizes an ESG strategy to invest and engage with companies whose products & services enable the transition to a sustainable and just world A high conviction global equity portfolio of investments aligned with UN Sustainable Development Goals (SDG) Documents Fact Sheet Commentary Summary Prospectus Prospectus Annual Report Semi-Annual Report SAI 2022 Year End Distributions View All Documents Corné Biemans PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Matt Zalosh, CFA PARTNER AND CHIEF INVESTMENT OFFICER, INTERNATIONAL STRATEGIES See Our Approach Read Bio Praveen Abichandani, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Liz Su, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Boston Common Global Impact Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Boston Common Global Impact Fund is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 02/28/2023 Overall Rating (of 308) 3 Years (of 308) 5 Years (of 270) 10 Years (of 176) Category Global Large-Stock Growth Read Important Investment Disclosures Corné Biemans PARTNER AND PORTFOLIO MANAGER Corné is a member of the International/Global and U.S. Portfolio Construction teams. Before joining Boston Common, he was a senior global equity portfolio manager for BNP Paribas Investment Partners. Corné managed global equity mandates and the BNP Paribas (Fortis) Equity World Finance Fund for eight years, for which he received several Lipper awards. He started his career at Rabobank Group as an international economist in 1991. Four years later, he joined Fortis Investments as an international fixed income portfolio manager before moving to a position as equity analyst for European equities. Between 1999 and 2003 he was co-portfolio manager of global equity mutual fund Fortis OBAM. In 2003 he moved to Boston to help set up Fortis Investments’ global equities capabilities. Corné brings over 20 years of international investment experience to the firm. Corné earned a master’s degree in monetary economics from Tilburg University in the Netherlands. He is a member of the CFA Institute and the Boston Security Analysts Society. Matt Zalosh, CFA PARTNER AND CHIEF INVESTMENT OFFICER, INTERNATIONAL STRATEGIES Matt is the Chief Investment Officer of Boston Common’s international equity strategies. In this capacity, he works closely with analyst and portfolio construction teams to create internationally focused portfolios. He also communicates key aspects of these strategies, including ESG and impact criteria, security and sector positioning, macroeconomic outlook, and performance, with clients and prospects. On the research side, Matt currently serves as a healthcare analyst, where he focuses primarily on pharmaceuticals and biotech. He previously covered financial services. Matt is a member of Boston Common’s Board of Directors. From 1997 to 2001, Matt worked at Dodge & Cox in San Francisco, where he covered banks and REITs and helped the firm launch its international mutual fund. He began his career at State Street Research and Management in Boston in 1995. Matt received his AB cum laude in economics and international studies from Colby College and has an MA in international relations from Johns Hopkins’ School of Advanced International Studies (SAIS), where he specialized in emerging markets and worked on development consulting projects in Mexico and Ecuador. Matt has lived in Spain and has traveled extensively throughout Europe, Latin America, and Asia. Matt lives on Massachusetts’ North Shore with his wife and two daughters. He enjoys traveling, hiking, reading, and tennis and currently serves on the board of MicroLoan Foundation USA. Praveen Abichandani, CFA PARTNER AND PORTFOLIO MANAGER Praveen is a founding member of and current contributor to Boston Common’s international ESG strategy. He is also a part of the U.S. portfolio construction teams. He brings over 25 years of investment analysis experience in equity research, as well as in telecom- and media-related corporate development. Praveen uses this professional experience to help clients grow their assets while encouraging portfolio companies to incorporate greater ESG-integrated thoughtfulness into their operations. He is a member of BCAM’s Board of Directors. Before joining Boston Common, Praveen served as an equity analyst at Fidelity Investments, Citigroup Asset Management, and a hedge fund. While at Fidelity, Praveen managed the Select Industrial Equipment fund for two years and the Select Advisor Electronics fund for a year. At Citigroup, Praveen covered the global semiconductor industry. During his business development career at Cox Communications and GTE Wireless, Praveen worked extensively on projects in Mexico. He also worked in Japan and Germany early in his career. Praveen received his MBA from the University of Texas at Austin and his BS in chemical engineering from Osmania University in India. He is a CFA® charterholder. Beyond investing, Praveen enjoys spending time with his family, taking long walks, working out, reading, and streaming the occasional movie. Liz Su, CFA PARTNER AND PORTFOLIO MANAGER Liz is the lead portfolio manager of Boston Common’s Emerging Markets (EM) strategies. In this capacity, she works with analysts to create sustainability-focused EM portfolios, helps grow the firm’s EM research capabilities, oversees overall portfolio positioning, and communicates with clients and prospects. She also has research responsibilities focusing on the global consumer staples sector. With over 15 years of investment experience spanning EM and Global equities, fixed income, and quantitative research, Liz is passionate about investing in EM companies that can enable the transition to a more inclusive and sustainable future. Prior to joining Boston Common, Liz was an analyst and portfolio manager at Batterymarch Financial Management, where she most recently served as the head of Asia ex Japan on the Emerging Market Equities team. She played an instrumental role in launching an Asia ex Japan long-short fund and a Global Equity fund. She also gained asset allocation experience with Standish Mellon Asset Management. She began her career in economic and strategy consulting in 2000.Liz earned a BA in international finance from Wuhan University (China), an MA in economics from Tufts University, and an MBA from the MIT Sloan School of Management. She is a CFA® charterholder and a member of the Boston Security Analysts Society. Outside of investing, she volunteers as a Girl Scout troop leader and enjoys tennis, yoga, and traditional Chinese dance. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized. The MSCI All Country World Index replaced the Russell 3000® Growth Index as the Fund’s benchmark on March 19, 2021 because the Investment Manager and Subadviser believe the new benchmark is more representative of the Fund’s current investment strategies. Also, the previous secondary and tertiary benchmarks, the Russell 3000 Index and the S&P 500 Index, were removed. The benchmarks are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. The Russell 3000 Growth Index is a widely unmanaged index of market activity based on the aggregate performance of a selected portfolio of publicly trade common stocks and we have included the results of such index to give you a perspective of the historical performance of the U.S. equity market. Expense Ratios Gross Expense Ratio: 0.95% Net Expense Ratio: 0.93% Expense Cap Expiration Date: 02/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 15, 2022 $0.160300 $0.160300 — — Dec 15, 2021 $0.291100 $0.095200 — $0.195900 Mar 24, 2021 $20.283200 — $16.488200 $3.795000 Dec 16, 2020 $8.642900 — $0.259400 $8.383500 Dec 16, 2019 $5.357400 — — $5.357400 Oct 30, 2008 $0.114500 — $0.114500 — Dec 28, 2007 $0.806360 — $0.196940 $0.609420 Oct 30, 2007 $4.416160 — $1.642140 $2.774020 Dec 28, 2006 $0.179100 — — $0.179100 Oct 26, 2006 $0.067520 — — $0.067520 Oct 27, 2000 $16.106670 — $6.505760 $9.600910 Dec 21, 1999 $1.643040 — $0.245000 $1.398040 Oct 27, 1999 $1.477710 — — $1.477710 Oct 26, 1998 $0.337585 $0.264391 — $0.073194 Oct 27, 1997 $7.023427 — $2.660094 $4.363333 Dec 27, 1996 $0.278871 — $0.221060 $0.057811 Oct 25, 1996 $1.068505 — $0.125950 $0.942555 Oct 26, 1995 $3.844860 — $3.101620 $0.743240 Oct 25, 1994 $1.452550 — — $1.452550 Dec 30, 1993 $0.225000 — $0.063000 $0.162000 Oct 25, 1993 $2.647630 — $1.369810 $1.277820 Dec 30, 1992 $0.285200 — — $0.285200 Oct 23, 1992 $0.267010 $0.010630 — $0.256380 Dec 30, 1991 $0.110000 $0.030000 $0.065000 $0.015000 Oct 24, 1991 $2.132950 $0.097100 $1.083850 $0.952000 Dec 28, 1990 $0.170000 $0.170000 — — Oct 24, 1990 $1.106300 $0.110250 — $0.996050 Dec 28, 1989 $0.170000 — $0.165000 $0.005000 Oct 24, 1989 $0.546000 $0.033400 — $0.512600 Oct 24, 1988 $0.038000 $0.038000 — — Dec 29, 1987 $0.018700 — — $0.018700 Oct 23, 1987 $0.862600 — — $0.862600 Oct 23, 1986 $0.029520 $0.029520 — — From: To: Risk & Return Stats As of: 02/28/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -1.76 0.78 2.22 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 23.23 21.36 17.46 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.28 0.25 0.55 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 118.07 126.03 132.96 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 112.90 106.68 100.87 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.11 1.10 1.07 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 88.22 81.88 77.41 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 8.26 9.26 8.35 View All Characteristics & Stats All Characteristics & Stats Boston Common Global Impact Fund (BRWIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI ACWI Index Fund Assets (Mil.$) $578 Number of Holdings 57 2,885 Weighted Avg. Market Cap (Mil.$) $41,386 $273,407 Median Market Cap (Mil.$) $22,813 $10,977 Weighted Avg. P/E (1-yr Forward EPS) 14.39 14.42 Weighted Avg. P/E (Trailing EPS) 15.80 15.61 PEG Ratio 1.73 1.35 Weighted Avg. P/B 2.48 2.36 EPS Growth (Trailing 3-yr %) 13.01% 16.57% EPS Growth (Trailing 5-yr %) 12.00% 14.51% Forward EPS Growth (1-yr %) 6.62% 4.46% Forward EPS Growth (Long Term %) 9.61% 10.40% Revenue Growth (Trailing 5-yr %) 9.87% 9.04% Return on Equity 17.92% 20.84% Weighted Avg. Dividend Yield 1.73% 2.33% Debt to Equity 72.96 100.87 Trailing 12-Months Portfolio Turnover 28.09% As of: 12/31/2022 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -1.76 0.78 2.22 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 23.23 21.36 17.46 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.28 0.25 0.55 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 118.07 126.03 132.96 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 112.90 106.68 100.87 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.11 1.10 1.07 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 88.22 81.88 77.41 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 8.26 9.26 8.35 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -0.18 0.08 0.30 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 5.80 4.78 8.98 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -35.02 -35.02 -35.02 As of: 02/28/2023 Market Cap Fund MSCI ACWI Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.01% Market Cap ($mm) 1,500 - 2,500 3.55% 0.12% Market Cap ($mm) 2,500 - 5,000 13.00% 1.58% Market Cap ($mm) 5,000 - 10,000 6.29% 5.39% Market Cap ($mm) 10,000 - 25,000 28.75% 15.00% Market Cap ($mm) 25,000 - 50,000 22.98% 17.17% Market Cap ($mm) 50,000 - 100,000 13.12% 15.82% Market Cap ($mm) 100,000 - 200,000 12.32% 16.00% Market Cap ($mm) 200,000 - 0.00% 28.90% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund MSCI ACWI Index P/E 0-10 13.91% 16.29% P/E 10-15 22.18% 13.77% P/E 15-20 10.56% 13.53% P/E 20-25 14.14% 14.63% P/E 25-Above 37.09% 38.05% P/E – NA 2.12% 3.72% As of: 12/31/2022 Growth Characteristics Fund MSCI ACWI Index EPS Growth (Trailing 3-yr %) - Negative 28.03% 17.19% EPS Growth (Trailing 3-yr %) 0 - 5 8.85% 7.42% EPS Growth (Trailing 3-yr %) 5 - 10 10.69% 8.23% EPS Growth (Trailing 3-yr %) 10 - 15 9.06% 13.94% EPS Growth (Trailing 3-yr %) 15 - 20 8.24% 7.48% EPS Growth (Trailing 3-yr %) Above 20 33.57% 39.88% EPS Growth (Trailing 3-yr %) - NA 1.56% 5.86% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Xylem Inc 2.89% Bank Rakyat Indonesia Persero Tbk PT ADR 2.77% McCormick & Co Inc 2.65% Schneider Electric SE 2.53% KB Home 2.52% ORIX Corp 2.51% Gilead Sciences Inc 2.43% Carrier Global Corp 2.39% Sprouts Farmers Market Inc 2.36% Intuit Inc 2.30% % in Top 10 Holdings 25.35% View Holding Details Holding Details Boston Common Global Impact Fund (BRWIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Xylem Inc 2.89% Bank Rakyat Indonesia Persero Tbk PT ADR 2.77% McCormick & Co Inc 2.65% Schneider Electric SE 2.53% KB Home 2.52% ORIX Corp 2.51% Gilead Sciences Inc 2.43% Carrier Global Corp 2.39% Sprouts Farmers Market Inc 2.36% Intuit Inc 2.30% % in Top 10 Holdings 25.35% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 8591 ORIX Corp Financials S JP JPY 906,100 17.92 $16,240,035 2.74% SU Schneider Electric SE Industrials S FR EUR 100,674 160.46 $16,153,862 2.73% BKRKY Bank Rakyat Indonesia Persero Tbk PT ADR Financials S ID USD 1,017,479 15.47 $15,735,313 2.66% CARR Carrier Global Corp Industrials S US USD 335,247 45.03 $15,096,172 2.55% XYL Xylem Inc Industrials S US USD 146,480 102.65 $15,036,172 2.54% BLD TopBuild Corp Consumer Discretionary S US USD 66,670 207.59 $13,840,025 2.34% MKC McCormick & Co Inc Consumer Staples S US USD 184,420 74.32 $13,706,094 2.32% 6370 Kurita Water Industries Ltd Industrials S JP JPY 300,500 45.18 $13,576,650 2.29% CRM Salesforce Inc Information Technology S US USD 82,270 163.61 $13,460,195 2.27% INTU Intuit Inc Information Technology S US USD 32,709 407.18 $13,318,451 2.25% PYPL PayPal Holdings Inc Information Technology S US USD 177,175 73.60 $13,040,080 2.20% SFM Sprouts Farmers Market Inc Consumer Staples S US USD 421,010 30.29 $12,752,393 2.16% GILD Gilead Sciences Inc Health Care S US USD 158,336 80.53 $12,750,798 2.15% ENPH Enphase Energy Inc Information Technology S US USD 59,438 210.53 $12,513,482 2.11% LKQ LKQ Corp Consumer Discretionary S US USD 217,932 57.29 $12,485,324 2.11% KBH KB Home Consumer Discretionary S US USD 347,971 35.27 $12,272,937 2.07% 1211 BYD Co Ltd Consumer Discretionary S CN HKD 438,000 26.88 $11,775,304 1.99% IFX Infineon Technologies AG Information Technology S DE EUR 328,365 35.38 $11,616,379 1.96% BRG Borregaard ASA Materials S NO NOK 680,886 16.95 $11,543,396 1.95% DSM Koninklijke DSM NV Materials S NL EUR 90,252 123.23 $11,121,762 1.88% TLKM Telkom Indonesia Persero Tbk PT Communication Services S ID IDR 43,065,000 0.25 $10,970,204 1.85% HDB HDFC Bank Ltd ADR Financials S IN USD 160,149 67.64 $10,832,478 1.83% REGN Regeneron Pharmaceuticals Inc Health Care S US USD 14,185 760.42 $10,786,558 1.82% AMAT Applied Materials Inc Information Technology S US USD 92,571 116.15 $10,752,122 1.82% ADBE Adobe Inc Information Technology S US USD 32,656 323.95 $10,578,911 1.79% CSL CSL Ltd Health Care S AU AUD 52,382 198.97 $10,422,303 1.76% BDEV Barratt Developments PLC Consumer Discretionary S GB GBP 1,817,955 5.62 $10,221,412 1.73% MQG Macquarie Group Ltd Financials S AU AUD 80,380 126.98 $10,206,856 1.73% AWK American Water Works Co Inc Utilities S US USD 72,103 140.38 $10,121,819 1.71% WY Weyerhaeuser Co Real Estate S US USD 323,682 31.25 $10,115,063 1.71% SQM Sociedad Quimica y Minera de Chile SA ADR Materials S CL USD 110,700 88.75 $9,824,625 1.66% AZEK AZEK Co Inc, Class A Industrials S US USD 407,700 24.09 $9,821,493 1.66% ECL Ecolab Inc Materials S US USD 61,515 159.37 $9,803,646 1.66% HASI Hannon Armstrong Sustainable Infrastructure Capital Inc Financials S US USD 309,320 31.41 $9,715,741 1.64% KYGA Kerry Group PLC Consumer Staples S IE EUR 100,473 95.74 $9,619,774 1.63% SPX Spirax-Sarco Engineering PLC Industrials S GB GBP 68,025 140.44 $9,553,510 1.61% 6367 Daikin Industries Ltd Industrials S JP JPY 53,000 170.99 $9,062,718 1.53% ORSTED Orsted AS 144A Utilities S DK DKK 102,013 87.04 $8,879,523 1.50% WAB Westinghouse Air Brake Technologies Corp Industrials S US USD 84,754 104.33 $8,842,385 1.49% 6861 Keyence Corp Information Technology S JP JPY 20,400 432.23 $8,817,438 1.49% FSLR First Solar Inc Information Technology S US USD 51,183 169.14 $8,657,093 1.46% SOON Sonova Holding AG Health Care S CH CHF 32,845 245.94 $8,077,790 1.37% 968 Xinyi Solar Holdings Ltd Information Technology S CN HKD 7,300,000 1.07 $7,805,706 1.32% 2318 Ping An Insurance Group Co of China Ltd, Class H Financials S CN HKD 1,142,000 6.83 $7,795,904 1.32% BNTX BioNTech SE ADR Health Care S DE USD 59,780 130.05 $7,774,389 1.31% 7309 Shimano Inc Consumer Discretionary S JP JPY 49,800 155.50 $7,743,902 1.31% BIIB Biogen Inc Health Care S US USD 28,649 269.86 $7,731,219 1.31% 7741 Hoya Corp Health Care S JP JPY 76,200 99.00 $7,544,006 1.27% VWS Vestas Wind Systems A/S Industrials S DK DKK 235,608 28.53 $6,723,065 1.14% CRDA Croda International Plc Materials S GB GBP 84,089 78.86 $6,631,429 1.12% TOM TOMRA Systems ASA Industrials S NO NOK 409,410 15.95 $6,530,446 1.10% CIEN Ciena Corp Information Technology S US USD 122,480 48.22 $5,905,986 1.00% VNA Vonovia SE Real Estate S DE EUR 232,428 25.15 $5,845,350 0.99% NZYMB Novozymes A/S Materials S DK DKK 116,078 48.16 $5,590,772 0.94% 570 China Traditional Chinese Medicine Holdings Co Ltd Health Care S HK HKD 10,741,000 0.52 $5,573,043 0.94% DNR Industrie De Nora SpA Industrials S IT EUR 280,000 19.85 $5,559,368 0.94% Cash & Equivalents Cash C US USD - - $13,217,501 2.23% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Gilead Sciences Inc 1 2.67% 39.97% Xylem Inc 2 3.03% 26.81% China Traditional Chinese Medicine Holdings Co Ltd 3 1.64% 30.31% Vestas Wind Systems A/S 4 1.20% 55.45% KB Home 5 2.41% 23.34% Schneider Electric SE 6 2.48% 21.78% Infineon Technologies AG 7 1.72% 36.38% Borregaard ASA 8 1.73% 30.75% Carrier Global Corp 9 2.55% 16.68% Adobe Inc 10 1.88% 22.29% As of: 12/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return PayPal Holdings Inc 20 2.44% -17.25% Pagseguro Digital Ltd, Class A 19 1.20% -33.94% TopBuild Corp 18 2.23% -5.03% Sociedad Quimica y Minera de Chile SA ADR 17 1.59% -10.16% Salesforce Inc 16 2.16% -7.82% Telkom Indonesia Persero Tbk PT 15 0.57% -6.32% TOMRA Systems ASA 14 1.23% -4.78% Hannon Armstrong Sustainable Infrastructure Capital Inc 13 1.58% -1.46% BYD Co Ltd 12 1.84% -0.36% Daikin Industries Ltd 11 1.61% -0.61% As of: 12/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 12/31/2022 View Allocation Details Allocation Details Boston Common Global Impact Fund (BRWIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI Index Information Technology 19.77% 20.00% Industrials 18.41% 10.16% Health Care 13.50% 13.37% Consumer Discretionary 12.39% 10.43% Financials 11.64% 15.19% Materials 8.72% 4.98% Consumer Staples 6.72% 7.75% Utilities 3.72% 3.18% Real Estate 2.75% 2.59% Communication Services 1.79% 6.78% Cash & Other 0.58% 0.00% Energy 0.00% 5.58% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 99.42% Bonds 0.00% Cash and Other 0.58% As of: 12/31/2022 Country Fund MSCI ACWI Index United States 47.62% 60.37% Japan 11.30% 5.56% China 4.93% 3.63% Indonesia 4.57% 0.21% Germany 4.35% 2.06% United Kingdom 4.28% 3.87% Denmark 3.91% 0.75% Norway 3.02% 0.20% Australia 3.00% 2.01% France 2.53% 3.00% India 1.90% 1.62% Ireland 1.72% 0.18% Netherlands 1.63% 1.08% Chile 1.53% 0.06% Switzerland 1.42% 2.57% % in Top 15 Countries 97.71% 87.17% As of: 12/31/2022 Region Fund MSCI ACWI Index Developed 85.63% 88.76% Europe & Middle East 22.87% 16.56% North America 47.62% 63.43% Pacific 15.14% 8.77% Emerging 13.79% 11.24% Asia 11.40% 8.80% Latin America 2.39% 0.95% Europe & Middle East 0.00% 1.06% Africa 0.00% 0.42% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 0.58% 0.00% As of: 12/31/2022 Industry Fund MSCI ACWI Index Biotechnology 8.94% 1.97% Chemicals 8.72% 2.33% Machinery 8.11% 1.88% Semiconductors & Semiconductor Equipment 7.90% 4.64% Household Durables 6.27% 0.52% Software 6.23% 5.62% Building Products 5.39% 0.58% Banks 4.67% 7.26% Food Products 4.36% 1.81% Electrical Equipment 3.72% 0.92% % in Top 10 Industries 64.31% 27.53% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach Boston Common Global Impact Fund Our rigorous research process draws upon information from both traditional and unconventional sources to form a holistic understanding of corporate performance. We integrate comprehensive ESG criteria with financial research to identify sustainable companies that possess long term drivers of success: Visionary management teams with the potential to capitalize on new market opportunities and revenue streams. Productivity and efficiency improvements capable of supporting higher profit margins. The avoidance of unanticipated costs stemming from inadequate attention to ESG risks. As a result, relative to market benchmarks, our process seeks to enhance portfolio quality, return potential, and risk reduction over the long term. We use shareholder leverage to influence corporate and industry practices globally, often in collaboration with coalitions of shareowners and activist organizations. We develop our engagement policy as long-term, global investors and our engagement priorities build on our investment themes of doing more with fewer resources, treating people as assets, and supporting better governance. We believe investors with a deep and long-term understanding of prosperity can use ESG analysis and direct engagement to provide the critical checks and balances that financial markets require to function as efficient and socially beneficial distributors of capital. We have access to high-level management, including, in some cases, board members and CEOs. Over the years, our team has built up a network of contacts at non-governmental organizations around the world. These organizations serve as invaluable sounding boards for us on shareowner engagement issues, and have partnered with us on numerous shareholder initiatives. Through company dialogue and the shareholder proposal process, we bring client concerns to management and actively promote change. We use our voice as assertive, engaged stewards of our investments to challenge companies across all industries to re-direct capital financing capacity, R&D efforts, and ingenuity toward a more sustainable world. Boston Common Global Impact Fund Introduction An introduction to Boston Common Asset Management and the AMG Boston Common Global Impact Fund View Webcast What Critics Get Wrong—and Right—About ESG Investing Sustainable investing is under a microscope. Everywhere, it seems, investment managers are talking about their approach to environmental, social, and governance (ESG) investing. Read Blog About About Boston Common Asset Management Background Boston Common Asset Management (BCAM) is a diverse, women-led, sustainable investor and innovator dedicated to the pursuit of financial return and social change. An active, global equity ESG investment manager and a leader in impactful shareowner engagement since its founding in 2003, BCAM is majority women- and employee-owned. BCAM is headquartered in Boston, with offices in San Francisco. Learn More More Products From Boston Common Asset Management BCAIX Boston Common ESG Impact International Fund A high-conviction, international equity portfolio targeting long-term capital appreciation by seeking alpha-generating, ESG impact opportunities and investing in companies whose products and services help facilitate the transition to a more just, sustainable world. View Fund Details Read Important Investment Disclosures Founded 2003 Headquarters Boston, MA Affiliate Since 2021 Discover how the boutique advantage helps generate alpha. Learn More About AMG