NPORT-EX 2 foresight.htm

Cromwell Foresight Global Sustainable Infrastructure Fund
  
Schedule of Investments
  
as of March 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 67.7%
Shares
  
Value
  
Digital Infrastructure - 9.5%
      
Cellnex Telecom SA(a)
    
64,470
    
$
2,283,028
  
Chorus Ltd.
    
145,837
      
670,818
  
Cordiant Digital Infrastructure Ltd.(a)
    
1,387,131
      
1,121,466
  
             
4,075,312
  
                 
Diversified Infrastructure - 21.9%
          
3i Infrastructure PLC
    
542,648
      
2,238,155
  
BBGI Global Infrastructure SA
    
290,436
      
477,026
  
HICL Infrastructure PLC
    
335,716
      
535,086
  
Infratil Ltd.
    
344,633
      
2,244,876
  
International Public Partnerships Ltd.
    
577,216
      
904,122
  
Sequoia Economic Infrastructure Income Fund Ltd.
    
1,014,558
      
1,037,904
  
Transurban Group
    
222,767
      
1,934,758
  
             
9,371,927
  
                 
Renewables - 36.3%
          
Boralex, Inc. - Class A
    
97,758
      
2,067,492
  
Brookfield Renewable Partners LP
    
90,340
      
2,102,872
  
Clearway Energy, Inc. - Class C
    
67,649
      
1,559,309
  
Encavis AG(b)
    
79,758
      
1,451,222
  
Greencoat Renewables PLC
    
1,275,127
      
1,172,944
  
Greencoat UK Wind PLC
    
569,580
      
1,001,921
  
Innergex Renewable Energy, Inc.
    
283,757
      
1,675,388
  
Northland Power, Inc.
    
102,806
      
1,681,210
  
Octopus Renewables Infrastructure Trust PLC
    
867,459
      
780,351
  
Renewables Infrastructure Group Ltd.
    
982,107
      
1,249,705
  
Scatec ASA(a)(b)
    
121,189
      
807,255
  
             
15,549,669
  
TOTAL COMMON STOCKS (Cost $33,635,112)
      
28,996,908
  
                 
REAL ESTATE INVESTMENT TRUSTS - 26.1%
Shares
  
Value
  
Digital Infrastructure - 12.7%
          
American Tower Corp.
    
9,810
      
1,938,357
  
Crown Castle, Inc.
    
9,011
      
953,634
  
Digital Realty Trust, Inc.
    
6,856
      
987,538
  
Equinix, Inc.
    
1,912
      
1,578,031
  
             
5,457,560
  
                 
Government Facilities - 4.1%
          
Easterly Government Properties, Inc.
    
154,987
      
1,783,901
  
                 
Health Care - 9.3%
          
Assura PLC
    
1,271,474
      
679,294
  
Healthcare Realty Trust, Inc.
    
105,129
      
1,487,575
  
Healthpeak Properties, Inc.
    
95,134
      
1,783,763
  
             
3,950,632
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $12,647,871)
      
11,192,093
  
                 
TOTAL INVESTMENTS - 93.8% (Cost $46,282,983)
      
40,189,001
  
Other Assets in Excess of Liabilities - 6.2%
      
2,659,530
  
TOTAL NET ASSETS - 100.0%
          
$
42,848,531
  
                 
Percentages are stated as a percent of net assets.
          

AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
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 March 31, 2024, the value of these securities total $4,211,749 or 9.8% of the Fund’s net assets.
(b)
Non-income producing security.
Summary of Fair Value Exposure at March 31, 2024

FASB Accounting Standards Codification, “Fair Value Measurements” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad Levels listed below:

Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of March 31, 2024:

Cromwell Foresight Global Sustainable Infrastructure Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
13,116,710
    
$
15,880,198
    
$
–
    
$
28,996,908
  
  Real Estate Investment Trusts
    
10,512,799
      
679,294
      
–
      
11,192,093
  
Total Assets
  
$
23,629,509
    
$
16,559,492
    
$
–
    
$
40,189,001
  
                                 
   
Refer to the Schedule of Investments for industry classifications.