Level 1				Level 2				Level 3				Total
Assets:
Common Stocks		$	76,375,253			$	33,821,022			$	-			$	110,196,275
Real Estate Investment Trusts			7,561,606				-				-				7,561,606
Total Assets		$	83,936,859			$	33,821,022			$	-			$	117,757,881

		Level 1				Level 2				Level 3				Total
Assets:
Common Stocks		$	2,334,317			$	80,776			$	-			$	2,415,093
Real Estate Investment Trusts			344,483				-				-				344,483
Total Assets		$	2,678,800			$	80,776			$	-			$	2,759,576

		10/31/2024				10/31/2025				10/31/2026				4/30/2027				Total
Global Listed Fund		$	105,376			$	210,284			$	213,175			$	107,974			$	636,809
American Listed Fund			105,300				234,985				236,102				119,380				695,767

	Global Listed Fund				American Listed Fund
Cost of investments (a)		$	119,078,442			$	2,852,405
Gross unrealized appreciation		$	3,390,058			$	59,949
Gross unrealized depreciation			(16,323,400	)			(369,780	)
Net unrealized depreciation (a)			(12,933,342	)			(309,831	)
Net unrealized appreciation/(depreciation)   on foreign currency			(2,842	)			(10	)
Undistributed ordinary income			2,014,210				38,835
Undistributed long-term capital gain			-				25,260
Total distributable earnings			2,014,210				64,095
Other accumulated earnings/(losses)			(376,490	)			-
Total accumulated earnings/(losses)		$	(11,298,464	)		$	(245,746	)

First Sentier Funds

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As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service fees; and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (11/1/23 – 4/30/24).

Actual Expenses

For each Fund, two lines are presented in the tables below, with the first line providing information about actual account values and actual expenses.  Although the Funds charge no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Funds’ transfer agent.  The Example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees.  You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each Fund, the second line provides information about hypothetical account values and hypothetical expenses based on the respective Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as redemption fees or exchange fees. Therefore, the second line of the table for each Fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

First Sentier Global Listed Infrastructure Fund

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	11/1/23	4/30/24	11/1/23 – 4/30/24
Actual	$1,000.00	$1,113.40	$5.04
Hypothetical	$1,000.00	$1,020.14	$4.82
(5% return before expenses)

*Expenses are equal to the Fund’s annualized expense ratio of 0.96%, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year)/366 days to reflect the one-half year expense.

First Sentier American Listed Infrastructure Fund

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	11/1/23	4/30/24	11/1/23 – 4/30/24
Actual	$1,000.00	$1,116.60	$3.95
Hypothetical	$1,000.00	$1,021.13	$3.77
(5% return before expenses)

*Expenses are equal to the Fund’s annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year)/366 days to reflect the one-half year expense.