First Sentier Global Listed Infrastructure Fund | |||||||
Schedule of Investments | |||||||
at July 31, 2021 (Unaudited) | |||||||
Shares | Value | ||||||
COMMON STOCKS: 84.46% | |||||||
Airport Services - 6.87% | |||||||
14,911 | Aena SME SA*^ | $ | 2,374,537 | ||||
7,644 | Flughafen Zurich AG*^ | 1,228,295 | |||||
51,280 | Grupo Aeroportuario del Sureste SAB de CV - Class B^ | 927,851 | |||||
4,530,683 | |||||||
Construction & Engineering - 2.85% | |||||||
6,448 | Eiffage SA^ | 657,341 | |||||
11,557 | VINCI SA^ | 1,223,596 | |||||
1,880,937 | |||||||
Electric Utilities - 29.23% | |||||||
25,295 | Alliant Energy Corp. | 1,480,516 | |||||
91,500 | CLP Holdings Ltd.^ | 943,496 | |||||
12,929 | Duke Energy Corp. | 1,358,967 | |||||
36,500 | Emera, Inc.^ | 1,702,417 | |||||
16,548 | Evergy, Inc. | 1,079,261 | |||||
23,457 | Eversource Energy | 2,023,635 | |||||
19,016 | Exelon Corp. | 889,949 | |||||
37,398 | First Energy Corp. | 1,433,091 | |||||
42,439 | NextEra Energy, Inc. | 3,305,998 | |||||
14,530 | Pinnacle West Capital Corp. | 1,213,981 | |||||
95,208 | SSE plc^ | 1,908,882 | |||||
28,167 | Xcel Energy, Inc. | 1,922,398 | |||||
19,262,591 | |||||||
Environmental & Facilities Services - 1.55% | |||||||
8,614 | Republic Services, Inc. | 1,019,553 | |||||
Gas Utilities - 7.03% | |||||||
10,009 | Atmos Energy Corp. | 986,787 | |||||
430,000 | China Gas Holdings Ltd.^ | 1,323,880 | |||||
39,176 | Rubis SCA^ | 1,571,559 | |||||
39,700 | Tokyo Gas Co. Ltd.^ | 751,470 | |||||
4,633,696 | |||||||
Highways & Railtracks - 11.54% | |||||||
79,561 | Atlantia SpA*^ | 1,443,120 | |||||
299,200 | CCR SA^ | 743,943 | |||||
1,100,000 | Jiangsu Expressway Co. Ltd. - Class H^ | 1,175,283 | |||||
102,297 | Promotora y Operadora de Infraestructura SAB de CV^ | 772,588 | |||||
329,323 | Transurban Group^ | 3,473,620 | |||||
7,608,554 | |||||||
Integrated Telecommunication Services - 1.63% | |||||||
94,982 | Infrastrutture Wireless Italiane SpA^ | 1,072,938 | |||||
Multi-Utilities - 7.45% | |||||||
9,060 | Avista Corp. | 388,040 | |||||
41,817 | CenterPoint Energy, Inc. | 1,064,661 | |||||
41,353 | Dominion Energy, Inc. | 3,096,099 | |||||
85,377 | Hera SpA^ | 362,807 | |||||
4,911,607 | |||||||
Oil & Gas Storage & Transportation - 4.29% | |||||||
11,899 | Cheniere Energy, Inc.* | 1,010,582 | |||||
54,900 | Pembina Pipeline Corp.^ | 1,814,745 | |||||
2,825,327 | |||||||
Railroads - 7.41% | |||||||
441,603 | Aurizon Holdings Ltd.^ | 1,253,224 | |||||
56,050 | CSX Corp. | 1,811,536 | |||||
7,047 | Norfolk Southern Corp. | 1,816,928 | |||||
4,881,688 | |||||||
Water Utilities - 4.61% | |||||||
17,492 | Essential Utilities, Inc. | 859,207 | |||||
718,000 | Guangdong Investment Ltd.^ | 1,004,685 | |||||
30,195 | Severn Trent plc^ | 1,173,734 | |||||
3,037,626 | |||||||
TOTAL COMMON STOCKS (Cost $52,053,297) | 55,665,200 | ||||||
MLP INVESTMENTS: 2.97% | |||||||
Oil & Gas Storage & Transportation - 2.97% | |||||||
55,656 | Enterprise Products Partners, LP | 1,256,156 | |||||
15,094 | Magellan Midstream Partners, LP | 703,381 | |||||
TOTAL MLP INVESTMENTS (Cost $1,494,216) | 1,959,537 | ||||||
REITs: 10.54% | |||||||
Real Estate - 10.54% | |||||||
14,883 | American Tower Corp. | 4,208,912 | |||||
4,367 | CyrusOne, Inc. | 311,236 | |||||
7,118 | SBA Communications Corp. | 2,427,167 | |||||
TOTAL REITs (Cost $5,762,426) | 6,947,315 | ||||||
Total Investments in Securities (Cost $59,309,939): 97.97% | 64,572,052 | ||||||
Other Assets in Excess of Liabilities: 2.03% | 1,339,082 | ||||||
Net Assets: 100.00% | $ | 65,911,134 | |||||
* Non-income producing security. | |||||||
^ Foreign issuer. | |||||||
LP | Limited Partnership | ||||||
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. | ||||||
AG | Aktiengesellschaft is the German term for a public limited company. | ||||||
SCA | Societe en commandite par actions is the French term for a limited share 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 | 56.15% | ||
Australia | 7.17% | ||
China | 6.75% | ||
Canada | 5.33% | ||
France | 5.24% | ||
United Kingdom | 4.68% | ||
Italy | 4.37% | ||
Spain | 3.60% | ||
Mexico | 2.58% | ||
Switzerland | 1.86% | ||
Japan | 1.14% | ||
Brazil | 1.13% | ||
100.00% | |||
First Sentier Global Listed Infrastructure Fund | ||||||||
Summary of Fair Value Disclosure at July 31, 2021 (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, 2021: | ||||||||
First Sentier Global Listed Infrastructure Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | - | $ | 1,072,938 | $ | - | $ | 1,072,938 | ||||||||
Energy | 2,825,327 | - | - | 2,825,327 | ||||||||||||
Industrials | 7,092,399 | 12,829,016 | - | 19,921,415 | ||||||||||||
Utilities | 22,805,007 | 9,040,513 | - | 31,845,520 | ||||||||||||
Total Common Stocks | 32,722,733 | 22,942,467 | - | 55,665,200 | ||||||||||||
MLP Investments | 1,959,537 | - | - | 1,959,537 | ||||||||||||
REITs | 6,947,315 | - | - | 6,947,315 | ||||||||||||
Total Investments in Securities | $ | 41,629,585 | $ | 22,942,467 | $ | - | $ | 64,572,052 | ||||||||
Refer to the Fund’s schedule of investments for a detailed break-out of holdings by industry classification. |