Centre Funds NPORTP Centre American Select Equity Fund (Dec 2023 report)

CENTRE AMERICAN SELECT EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2023 (Unaudited)
	Shares		Value
COMMON STOCKS (99.48%)
Communication Services (5.89%)
Interactive Media & Services (5.89%)
Alphabet, Inc., Class A^(a)		57,234	$	7,995,017
Alphabet, Inc., Class C^(a)		48,570		6,844,970
Meta Platforms, Inc., Class A^(a)		21,388		7,570,497
				22,410,484
Total Communication Services				22,410,484

Consumer Discretionary (13.05%)
Automobiles (1.74%)
Tesla, Inc.^(a)		26,681		6,629,695

Broadline Retail (8.24%)
Amazon.com, Inc.^(a)		151,712		23,051,121
MercadoLibre, Inc.^(a)		5,252		8,253,728
				31,304,849
Leisure Products (2.18%)
Hasbro, Inc.		162,167		8,280,247

Specialty Retail (0.89%)
The Home Depot, Inc.		9,765		3,384,061

Total Consumer Discretionary				49,598,852

Consumer Staples (28.08%)
Beverages (7.29%)
Boston Beer Co., Inc., Class A^(a)		22,623		7,818,283
Molson Coors Beverage Co., Class B		148,847		9,110,925
PepsiCo, Inc.		63,497		10,784,330
				27,713,538
Consumer Staples Distribution & Retail (0.74%)
Costco Wholesale Corp.		4,268		2,817,221

Food Products (9.52%)
Conagra Brands, Inc.		322,366		9,239,010
Ingredion, Inc.		87,570		9,503,972
Kraft Heinz Co.		262,280		9,699,114
TreeHouse Foods, Inc.^(a)		186,708		7,739,047
				36,181,143
Household Products (7.95%)
Clorox Co.		67,824		9,671,024
Colgate-Palmolive Co.		115,885		9,237,193
Kimberly-Clark Corp.		65,560		7,966,196
Procter & Gamble Co.		22,935		3,360,895
				30,235,308
Tobacco (2.58%)
Altria Group, Inc.		242,997		9,802,499

Total Consumer Staples				106,749,709

Energy (5.87%)
Oil, Gas & Consumable Fuels (5.87%)
Chevron Corp.		17,179		2,562,420
Exxon Mobil Corp.		39,237		3,922,915
Kinder Morgan, Inc.		447,077		7,886,438

	Shares		Value
Energy (continued)
The Williams Cos., Inc.	227,961	$	7,939,882
			22,311,655
Total Energy			22,311,655

Financials (4.87%)
Banks (1.26%)
JPMorgan Chase & Co.	28,103		4,780,321

Financial Services (3.61%)
Berkshire Hathaway, Inc., Class B^(a)	17,585		6,271,866
Mastercard, Inc., Class A	8,055		3,435,538
Visa, Inc., Class A	15,528		4,042,715
			13,750,119
Total Financials			18,530,440

Health Care (12.68%)
Biotechnology (0.70%)
AbbVie, Inc.	17,151		2,657,890

Health Care Equipment & Supplies (5.41%)
Medtronic PLC	129,918		10,702,645
Zimmer Biomet Holdings, Inc.	81,132		9,873,764
			20,576,409
Health Care Providers & Services (1.24%)
UnitedHealth Group, Inc.	8,991		4,733,492

Pharmaceuticals (5.33%)
Eli Lilly & Co.	7,719		4,499,559
Johnson & Johnson	83,425		13,076,035
Merck & Co., Inc.	24,488		2,669,682
			20,245,276
Total Health Care			48,213,067

Industrials (4.63%)
Machinery (2.50%)
Flowserve Corp.	230,800		9,513,576

Marine Transportation (2.13%)
Kirby Corp.^(a)	102,898		8,075,435

Total Industrials			17,589,011

Information Technology (24.41%)
Communications Equipment (2.57%)
F5 Networks, Inc.^(a)	54,512		9,756,558

Semiconductors & Semiconductor Equipment (4.35%)
Broadcom, Inc.	4,266		4,761,922
NVIDIA Corp.	23,807		11,789,703
			16,551,625
Software (10.32%)
Adobe Systems, Inc.^(a)	4,390		2,619,074
Intuit, Inc.	15,499		9,687,340
Microsoft Corp.	71,599		26,924,088
			39,230,502

	Shares		Value
Information Technology (continued)
Technology Hardware, Storage & Peripherals (7.17%)
Apple, Inc.	141,680	$	27,277,650

Total Information Technology			92,816,335

TOTAL COMMON STOCKS
(Cost $290,865,664)			378,219,553

Expiration Date	Exercise Price		Contracts		Notional Value		Value
PURCHASED OPTIONS (0.36%)
Puts
S&P 500® Index:
6/20/2024	$	3,675		800	$	381,586,400		1,380,000

Total Puts								1,380,000

TOTAL PURCHASED OPTIONS
(Cost $2,058,851)								1,380,000

TOTAL INVESTMENTS (99.84%)
(Cost $292,924,515)							$	379,599,553
Other Assets In Excess Of Liabilities (0.16%)								589,318
NET ASSETS (100.00%)							$	380,188,871

^(a)

Non-income producing security.

See Notes to Quarterly Schedule of Investments.

CENTRE GLOBAL INFRASTRUCTURE FUND
SCHEDULE OF INVESTMENTS
December 31, 2023 (Unaudited)
	Shares		Value
COMMON STOCKS (99.91%)
*ASIA (15.00%)*
Australia (2.54%)
Transportation Infrastructure (2.54%)
Transurban Group		78,344	$	731,942

Total Australia				731,942

Japan (7.07%)
Diversified Telecommunication Services (1.61%)
Nippon Telegraph & Telephone Corp.		380,000		464,355

Wireless Telecommunication Services (5.46%)
KDDI Corp.		18,300		582,225
SoftBank Corp.		34,600		431,764
SoftBank Group Corp.		12,600		562,353
				1,576,342
Total Japan				2,040,697

New Zealand (3.10%)
Diversified Telecommunication Services (1.31%)
Spark New Zealand, Ltd.		115,445		378,029

Electric Utilities (1.79%)
Mercury NZ, Ltd.		123,757		516,339

Total New Zealand				894,368

Singapore (0.64%)
Diversified Telecommunications (0.64%)
Singapore Telecommunications, Ltd.^(a)		99,400		186,034

Total Singapore				186,034

South Korea (1.65%)
Diversified Telecommunication Services (1.65%)
KT Corp., ADR		35,426		476,126

Total South Korea				476,126

TOTAL ASIA
(Cost $4,031,638)				4,329,167

*EUROPE (16.55%)*
France (1.67%)
Diversified Telecommunication Services (0.89%)
Orange SA		22,663		257,793

Multi-Utilities (0.78%)
Engie SA		12,711		223,366

Total France				481,159

	Shares		Value
Germany (3.93%)
Diversified Telecommunication Services (3.21%)
Deutsche Telekom AG		38,573	$	926,171

Multi-Utilities (0.72%)
E.ON SE		15,630		209,645

Total Germany				1,135,816

Great Britain (2.09%)
Multi-Utilities (1.11%)
National Grid PLC		23,804		321,015

Wireless Telecommunication Services (0.98%)
Vodafone Group PLC		323,543		282,744

Total Great Britain				603,759

Italy (3.38%)
Electric Utilities (3.38%)
Enel SpA		131,445		976,580

Total Italy				976,580

Spain (4.85%)
Diversified Telecommunication Services (1.72%)
Cellnex Telecom SA^(b)(c)		6,731		264,978
Telefonica SA		59,055		230,394
				495,372
Electric Utilities (2.04%)
Iberdrola SA		44,838		587,551

Transportation Infrastructure (1.09%)
Aena SME SA^(b)(c)		1,743		315,758

Total Spain				1,398,681

Switzerland (0.63%)
Diversified Telecommunication Services (0.63%)
Swisscom AG		302		181,692

Total Switzerland				181,692

TOTAL EUROPE
(Cost $4,024,130)				4,777,687

*NORTH AMERICA (68.36%)*
Canada (11.63%)
Oil, Gas & Consumable Fuels (10.98%)
Enbridge, Inc.		46,678		1,680,345
Pembina Pipeline Corp.		14,827		510,477
TC Energy Corp.		25,052		978,598
				3,169,420
Wireless Telecommunication Services (0.65%)
Rogers Communications, Inc., Class B		3,986		186,598

Total Canada				3,356,018

	Shares		Value
United States (56.73%)
Diversified Telecommunication Services (11.89%)
AT&T, Inc.		88,120	$	1,478,653
Verizon Communications, Inc.		51,817		1,953,501
				3,432,154
Electric Utilities (11.08%)
American Electric Power Co., Inc.		3,585		291,174
Constellation Energy Corp.		2,218		259,262
Duke Energy Corp.		5,524		536,049
Exelon Corp.		6,894		247,494
NextEra Energy, Inc.		14,140		858,864
PG&E Corp.		13,365		240,971
The Southern Co.		7,513		526,811
Xcel Energy, Inc.		3,843		237,920
				3,198,545
Health Care Providers & Services (5.31%)
HCA Healthcare, Inc.		4,818		1,304,136
Universal Health Services, Inc., Class B		1,501		228,813
				1,532,949
Machinery (2.03%)
Flowserve Corp.		14,218		586,066

Marine Transportation (1.63%)
Kirby Corp.^(a)		6,000		470,880

Multi-Utilities (3.68%)
Consolidated Edison, Inc.		2,428		220,875
Dominion Energy, Inc.		5,839		274,433
Public Service Enterprise Group, Inc.		3,584		219,162
Sempra Energy		4,655		347,868
				1,062,338
Oil, Gas & Consumable Fuels (17.06%)
Cheniere Energy, Inc.		5,653		965,024
Kinder Morgan, Inc.		67,784		1,195,710
ONEOK, Inc.		13,755		965,876
Targa Resources Corp.		5,128		445,469
The Williams Cos., Inc.		38,830		1,352,449
				4,924,528
Wireless Telecommunication Services (4.05%)
T-Mobile US, Inc.		7,286		1,168,164

Total United States				16,375,624

TOTAL NORTH AMERICA
(Cost $17,010,116)				19,731,642

TOTAL COMMON STOCKS
(Cost $25,065,884)				28,838,496

7-Day Yield

Value

SHORT TERM INVESTMENTS (0.17%)

Money Market Fund (0.17%)

First American Treasury Obligations

5.190

50,935

TOTAL SHORT TERM INVESTMENTS

(Cost $50,935)

50,935

		Value
TOTAL INVESTMENTS (100.08%)
(Cost $25,116,819)	$	28,889,431
Liabilities in Excess of Other Assets (-0.08%)		(24,113	)
NET ASSETS (100.00%)	$	28,865,318

^(a)	Non-income producing security.
^(b)	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of December 31, 2023, these securities had a total aggregate market value of $580,736, representing 2.01% of net assets.
^(c)	Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. At period end, the aggregate market value of those securities was $580,736, representing 2.01% of net assets.

See Notes to Quarterly Schedule of Investments.

Centre American Select Equity Fund
Investments in Securities at Value^(a)		Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	378,219,553	$	–	$	–	$	378,219,553
Purchased Options		1,380,000		–		–		1,380,000
Total	$	379,599,553	$	–	$	–	$	379,599,553

Centre Global Infrastructure Fund
Investments in Securities at Value^(a)		Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	28,838,496	$	–	$	–	$	28,838,496
Short Term Investments		50,935		–		–		50,935
Total	$	28,889,431	$	–	$	–	$	28,889,431

^(a)

For detailed descriptions of sectors, industries and countries, see the accompanying Schedule of Investments.

Centre Funds NPORT-PCentre American Select Equity Fund (Dec 2023 report)