NPORT-EX 2 global2.htm

First Sentier Global Listed Infrastructure Fund
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 92.3%
  
Shares
    
Value
 
Airport Services - 9.9%
        
Aeroports de Paris SA
    
18,697
    
$
2,269,341
  
Beijing Capital International Airport Co. Ltd. - Class H (a)
    
3,844,000
      
1,492,429
  
Flughafen Zurich AG
    
14,201
      
4,002,365
  
Grupo Aeroportuario del Pacifico SAB de CV - Class B
    
171,200
      
3,940,731
  
Japan Airport Terminal Co. Ltd.
    
65,400
      
1,986,175
  
             
13,691,041
  
                 
Construction & Engineering - 0.9%
          
Vinci SA
    
8,643
      
1,200,590
  
                 
Electric Utilities - 23.9%
          
American Electric Power Co., Inc.
    
62,427
      
7,062,991
  
Duke Energy Corp.
    
52,391
      
6,372,841
  
Evergy, Inc.
    
51,891
      
3,673,883
  
Eversource Energy
    
52,297
      
3,456,832
  
NextEra Energy, Inc.
    
69,156
      
4,914,225
  
PG&E Corp.
    
146,222
      
2,050,032
  
Xcel Energy, Inc.
    
75,965
      
5,578,870
  
             
33,109,674
  
                 
Gas Utilities - 2.2%
          
ENN Energy Holdings Ltd.
    
206,700
      
1,684,610
  
UGI Corp.
    
38,902
      
1,407,474
  
             
3,092,084
  
                 
Highways & Railtracks - 12.9%
          
Atlas Arteria Ltd.
    
845,257
      
2,792,034
  
Getlink SE
    
248,312
      
4,503,370
  
Motiva Infraestrutura de Mobilidade SA
    
1,033,509
      
2,268,365
  
Promotora y Operadora de Infraestructura SAB de CV
    
198,807
      
2,349,959
  
Transurban Group
    
668,787
      
5,918,636
  
             
17,832,364
  
                 
Independent Power Producers & Energy Traders - 2.1%
          
AES Corp.
    
51,681
      
679,605
  
RWE AG
    
53,463
      
2,193,334
  
             
2,872,939
  
                 
Integrated Telecommunication Services - 2.3%
          
China Tower Corp. Ltd. (b)
    
1,229,216
      
1,720,061
  
Infrastrutture Wireless Italiane SpA (b)
    
124,877
      
1,476,336
  
             
3,196,397
  
                 
Multi-Utilities - 14.5%
          
Dominion Energy, Inc.
    
64,877
      
3,792,061
  
Hera SpA
    
463,032
      
1,981,299
  
National Grid PLC
    
395,331
      
5,555,246
  
Public Service Enterprise Group, Inc.
    
39,412
      
3,538,803
  
Sempra Energy
    
63,700
      
5,203,016
  
             
20,070,425
  
                 
Oil & Gas Storage & Transportation - 9.2%
          
Cheniere Energy, Inc.
    
20,086
      
4,737,886
  
DT Midstream, Inc.
    
11,121
      
1,142,460
  
ONEOK, Inc.
    
60,005
      
4,927,011
  
Targa Resources Corp.
    
11,759
      
1,956,815
  
             
12,764,172
  
                 
Rail Transportation - 12.3%
          
Canadian Pacific Kansas City Ltd.
    
27,500
      
2,022,409
  
CSX Corp.
    
145,564
      
5,173,345
  
Norfolk Southern Corp.
    
25,168
      
6,996,704
  
Rumo SA
    
464,900
      
1,377,377
  
West Japan Railway Co.
    
63,000
      
1,379,337
  
             
16,949,172
  
                 
Water Utilities - 2.1%
          
Severn Trent PLC
    
71,652
      
2,512,655
  
United Utilities Group PLC
    
28,044
      
418,638
  
             
2,931,293
  
TOTAL COMMON STOCKS (Cost $116,718,434)
      
127,710,151
  
                 
REAL ESTATE INVESTMENT TRUSTS - 5.4%
                
Data Center REITs - 1.0%
          
Equinix, Inc.
    
1,780
      
1,397,603
  
                 
Telecom Tower REITs - 4.4%
          
American Tower Corp.
    
3,060
      
637,673
  
Crown Castle, Inc.
    
24,317
      
2,555,474
  
SBA Communications Corp.
    
13,046
      
2,931,697
  
             
6,124,844
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,441,907)
      
7,522,447
  
                 
TOTAL INVESTMENTS - 97.7% (Cost $124,160,341)
      
135,232,598
  
Other Assets in Excess of Liabilities - 2.3%
      
3,208,683
  
TOTAL NET ASSETS - 100.0%
          
$
138,441,281
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
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.
  

REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
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 July 31, 2025, the value of these securities total $3,196,397 or 2.3% of the Fund’s net assets.
Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
First Sentier Global Listed Infrastructure Fund (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
84,623,695
    
$
43,086,456
    
$
–
    
$
127,710,151
  
  Real Estate Investment Trusts
    
7,522,447
      
–
      
–
      
7,522,447
  
Total Investments
  
$
92,146,142
    
$
43,086,456
    
$
–
    
$
135,232,598
  
   


Allocation of Portfolio Holdings by Country as of July 31, 2025
        
(% of Net Assets)
        
United States
  
$
80,187,301
      
57.9
%
Australia
    
8,710,670
      
6.3
  
United Kingdom
    
8,486,539
      
6.1
  
France
    
7,973,301
      
5.8
  
Mexico
    
6,290,690
      
4.6
  
China
    
4,897,100
      
3.5
  
Switzerland
    
4,002,365
      
2.9
  
Brazil
    
3,645,742
      
2.6
  
Italy
    
3,457,635
      
2.5
  
Japan
    
3,365,512
      
2.4
  
Germany
    
2,193,334
      
1.6
  
Canada
    
2,022,409
      
1.5
  
Other Assets in Excess of Liabilities
    
3,208,683
      
2.3
  
   
$
138,441,281
      
100.0
%