First Sentier Global Listed Infrastructure Fund | |||||||
Schedule of Investments | |||||||
at July 31, 2023 (Unaudited) | |||||||
Shares | Value | ||||||
COMMON STOCKS: 91.46% | |||||||
Airport Services - 8.05% | |||||||
11,586 | Aena SME SA^ | $ | 1,850,203 | ||||
1,518,000 | Beijing Capital International Airport Co., Ltd. ^ | 992,713 | |||||
15,227 | Flughafen Zurich AG*^ | 3,223,515 | |||||
127,675 | Grupo Aeroportuario del Sureste SAB de CV - Class B^ | 3,622,325 | |||||
9,688,756 | |||||||
Construction & Engineering - 1.91% | |||||||
19,552 | VINCI SA^ | 2,296,342 | |||||
Electric Utilities - 35.22% | |||||||
78,933 | Alliant Energy Corp. | 4,241,859 | |||||
64,398 | Duke Energy Corp. | 6,028,941 | |||||
71,700 | Emera, Inc.^ | 2,908,454 | |||||
40,025 | Entergy Corp. | 4,110,567 | |||||
31,967 | Evergy, Inc. | 1,917,061 | |||||
75,444 | FirstEnergy Corp. | 2,971,739 | |||||
64,570 | NextEra Energy, Inc. | 4,732,981 | |||||
18,559 | Pinnacle West Capital Corp. | 1,537,056 | |||||
127,888 | PPL Corp. | 3,520,757 | |||||
68,504 | Southern Co. | 4,955,579 | |||||
114,602 | SSE plc^ | 2,478,058 | |||||
47,461 | Xcel Energy, Inc. | 2,977,229 | |||||
42,380,281 | |||||||
Environmental & Facilities Services - 0.82% | |||||||
6,545 | Republic Services, Inc. | 989,015 | |||||
Gas Utilities - 5.21% | |||||||
92,700 | AltaGas Ltd.^ | 1,829,887 | |||||
258,700 | ENN Energy Holdings Ltd.^ | 3,144,447 | |||||
52,643 | Rubis SCA^ | 1,298,095 | |||||
6,272,429 | |||||||
Highways & Railtracks - 15.79% | |||||||
803,181 | Atlas Arteria Ltd.^ | 3,395,169 | |||||
679,300 | CCR SA^ | 1,906,278 | |||||
133,443 | Getlink S.E.^ | 2,345,587 | |||||
1,566,000 | Jiangsu Expressway Co. Ltd. - Class H^ | 1,436,065 | |||||
194,597 | Promotora y Operadora de Infraestructura SAB de CV^ | 2,024,181 | |||||
817,308 | Transurban Group^ | 7,891,147 | |||||
18,998,427 | |||||||
Integrated Telecommunication Services - 1.09% | |||||||
104,970 | Infrastrutture Wireless Italiane SpA^ | 1,316,414 | |||||
Multi-Utilities - 6.05% | |||||||
76,869 | CenterPoint Energy, Inc. | 2,312,988 | |||||
66,493 | Dominion Energy, Inc. | 3,560,700 | |||||
452,226 | Hera SpA^ | 1,404,185 | |||||
7,277,873 | |||||||
Oil & Gas Storage & Transportation - 7.94% | |||||||
24,602 | Cheniere Energy, Inc. | 3,982,080 | |||||
47,706 | DT Midstream, Inc. | 2,553,225 | |||||
36,801 | Targa Resources Corp. | 3,017,314 | |||||
9,552,619 | |||||||
Rail Transportation - 8.32% | |||||||
103,494 | CSX Corp. | 3,448,420 | |||||
19,947 | Union Pacific Corp. | 4,628,103 | |||||
47,200 | West Japan Railway Co.^ | 1,939,181 | |||||
10,015,704 | |||||||
Water Utilities - 1.06% | |||||||
1,466,000 | Guangdong Investment Ltd.^ | 1,269,142 | |||||
TOTAL COMMON STOCKS (Cost $107,813,578) | 110,057,002 | ||||||
REITs: 7.30% | |||||||
Real Estate - 7.30% | |||||||
25,756 | American Tower Corp. | 4,901,624 | |||||
35,843 | Crown Castle International Corp. | 3,881,439 | |||||
TOTAL REITs (Cost $10,175,627) | 8,783,063 | ||||||
Total Investments in Securities (Cost $117,989,205): 98.76% | 118,840,065 | ||||||
Other Assets in Excess of Liabilities: 1.24% | 1,494,004 | ||||||
Net Assets: 100.00% | $ | 120,334,069 | |||||
* Non-income producing security. | ||||
^ Foreign issuer. | ||||
AG | Aktiengesellschaft is the German term for a public limited company. | |||
Ltd. | Company is incorporated and shareholders have limited liability. | |||
plc | Public Limited Company is a publicly traded company which signifies that shareholders have limited liability. | |||
REIT | Real Estate Investment Trust | |||
SA | An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability. | |||
SAB de CV | Sociedad Anonima de Capital Variable which is the most formal business structure in Mexico. | |||
SpA | Società per Azioni is the Italian term for a limited share company. | |||
SCA | Societe en commandite par actions is the French term for a limited share company. | |||
S.E. | Company is a European company. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC. | |||
Country Allocation | |||
Country | % of Net Assets | ||
United States | 59.64% | ||
Australia | 9.38% | ||
China | 5.68% | ||
France | 4.94% | ||
Mexico | 4.69% | ||
Canada | 3.94% | ||
Switzerland | 2.68% | ||
Italy | 2.26% | ||
United Kingdom | 2.06% | ||
Japan | 1.61% | ||
Brazil | 1.58% | ||
Spain | 1.54% | ||
100.00% |
First Sentier Global Listed Infrastructure Fund | ||||||||
Summary of Fair Value Disclosure at July 31, 2023 (Unaudited) | ||||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United | ||||||||
States of America ("U.S. GAAP") establish 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 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 inputs used to value the Fund's investments as of July 31, 2023: |
First Sentier Global Listed Infrastructure Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | - | $ | 1,316,414 | $ | - | $ | 1,316,414 | ||||||||
Energy | 9,552,619 | - | - | 9,552,619 | ||||||||||||
Industrials | 16,618,322 | 25,369,922 | - | 41,988,244 | ||||||||||||
Utilities | 47,605,798 | 9,593,927 | - | 57,199,725 | ||||||||||||
Total Common Stocks | 73,776,739 | 36,280,263 | - | 110,057,002 | ||||||||||||
REITs | 8,783,063 | - | - | 8,783,063 | ||||||||||||
Total Investments in Securities | $ | 82,559,802 | $ | 36,280,263 | $ | - | $ | 118,840,065 |
Refer to the Fund’s schedule of investments for a detailed break-out of holdings by industry classification. |