Centre Funds NPORT-P Centre American Select Equity Fund (Dec 2024 report)

CENTRE AMERICAN SELECT EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2024 (Unaudited)

	Shares		Value
COMMON STOCKS (90.54%)
Communication Services (11.25%)
Diversified Telecommunication Services (1.66%)
TELUS Corp.		472,726	$	6,410,165
Interactive Media & Services (6.92%)
Alphabet, Inc., Class A		46,954		8,888,392
Alphabet, Inc., Class C		39,638		7,548,661
Meta Platforms, Inc., Class A		17,695		10,360,599
				26,797,652
Media (2.67%)
Paramount Global, Class B		986,927		10,323,256
Total Communication Services				43,531,073
Consumer Discretionary (8.37%)
Automobiles (2.19%)
Tesla, Inc.(a)		20,973		8,469,736
Broadline Retail (4.17%)
Amazon.com, Inc.(a)		73,612		16,149,737
Leisure Products (2.01%)
Hasbro, Inc.		138,734		7,756,618
Total Consumer Discretionary				32,376,091
Consumer Staples (18.21%)
Beverages (2.40%)
PepsiCo, Inc.		61,232		9,310,938
Food Products (4.99%)
McCormick & Co., Inc.		140,561		10,716,370
Tyson Foods, Inc., Class A		149,479		8,586,074
				19,302,444
Household Products (6.46%)
Clorox Co.		60,587		9,839,934
Colgate-Palmolive Co.		81,370		7,397,347
Kimberly-Clark Corp.		59,222		7,760,451
				24,997,732
Personal Care Products (2.04%)
Estee Lauder Cos., Inc., Class A		105,613		7,918,863
Tobacco (2.32%)
Altria Group, Inc.		171,565		8,971,134
Total Consumer Staples				70,501,111
Energy (2.21%)
Oil, Gas & Consumable Fuels (2.21%)
Kinder Morgan, Inc.		312,748		8,569,295
Total Energy				8,569,295

	Shares		Value
Health Care (19.12%)
Biotechnology (4.12%)
Biogen, Inc.(a)		47,545	$	7,270,581
Incyte Corp.(a)		125,592		8,674,640
				15,945,221
Health Care Equipment & Supplies (6.22%)
Baxter International, Inc.		226,208		6,596,225
Becton Dickinson & Co.		34,097		7,735,587
Medtronic PLC		121,997		9,745,120
				24,076,932
Pharmaceuticals (8.78%)
Eli Lilly & Co.		6,346		4,899,112
Jazz Pharmaceuticals PLC(a)		69,932		8,612,126
Johnson & Johnson		74,418		10,762,331
Pfizer, Inc.		366,655		9,727,357
				34,000,926
Total Health Care				74,023,079
Industrials (6.25%)
Aerospace & Defense (1.87%)
Hexcel Corp.		115,665		7,252,195
Air Freight & Logistics (2.27%)
United Parcel Service, Inc., Class B		69,698		8,788,918
Electrical Equipment (2.11%)
Generac Holdings, Inc.(a)		52,574		8,151,599
Total Industrials				24,192,712
Information Technology (20.95%)
IT Services (2.09%)
EPAM Systems, Inc.(a)		34,547		8,077,780
Semiconductors & Semiconductor Equipment (6.76%)
NVIDIA Corp.		194,891		26,171,912
Software (4.61%)
Microsoft Corp.		42,340		17,846,310
Technology Hardware, Storage & Peripherals (7.49%)
Apple, Inc.		115,790		28,996,132
Total Information Technology				81,092,134
Materials (4.18%)
Chemicals (4.18%)
FMC Corp.		132,839		6,457,304
International Flavors & Fragrances, Inc.		115,049		9,727,393
				16,184,697
Total Materials				16,184,697
TOTAL COMMON STOCKS
(Cost $267,371,769)				350,470,192

	Shares		Value
EXCHANGE TRADED FUNDS (9.51%)
Materials (continued)
iShares 20+ Year Treasury Bond ETF		421,331	$	36,794,836
TOTAL EXCHANGE TRADED FUNDS
(Cost $38,493,433)				36,794,836

	7-Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.01%)
Money Market Fund (0.01%)
First American Treasury Obligations		4.400	%		31,137		31,137
TOTAL SHORT TERM INVESTMENTS
(Cost $31,137)							31,137
TOTAL INVESTMENTS (100.06%)
(Cost $305,896,339)						$	387,296,165
Liabilities in Excess of Other Assets (-0.06%)							(219,706	)
NET ASSETS (100.00%)						$	387,076,459

^(a) Non-income producing security.

See Notes to Quarterly Schedule of Investments.

CENTRE GLOBAL INFRASTRUCTURE FUND

SCHEDULE OF INVESTMENTS

December 31, 2024 (Unaudited)

	Shares		Value
COMMON STOCKS (100.25%)
ASIA (12.08%)
Australia (1.93%)
Transportation Infrastructure (1.93%)
Transurban Group		74,363	$	616,301
Total Australia				616,301
Japan (8.23%)
Diversified Telecommunication Services (1.15%)
Nippon Telegraph & Telephone Corp.		366,200		367,724
Wireless Telecommunication Services (7.08%)
KDDI Corp.		33,200		1,063,869
SoftBank Corp.		347,600		439,402
SoftBank Group Corp.		12,900		753,036
				2,256,307
Total Japan				2,624,031
New Zealand (1.25%)
Electric Utilities (1.25%)
Mercury NZ, Ltd.		121,391		397,322
Total New Zealand				397,322
Singapore (0.67%)
Diversified Telecommunication Services (0.67%)
Singapore Telecommunications, Ltd.		95,100		214,482
Total Singapore				214,482
TOTAL ASIA
(Cost $3,636,782)				3,852,136
EUROPE (17.19%)
France (1.39%)
Diversified Telecommunication Services (0.78%)
Orange SA		24,897		248,302
Multi-Utilities (0.61%)
Engie SA		12,354		195,921
Total France				444,223
Germany (4.63%)
Diversified Telecommunication Services (4.00%)
Deutsche Telekom AG		42,628		1,275,674
Multi-Utilities (0.63%)
E.ON SE		17,177		200,080
Total Germany				1,475,754

	Shares		Value
Great Britain (2.16%)
Multi-Utilities (1.21%)
National Grid PLC		32,504	$	386,570
Wireless Telecommunication Services (0.95%)
Vodafone Group PLC		355,427		303,905
Total Great Britain				690,475
Italy (2.88%)
Electric Utilities (2.88%)
Enel SpA		128,610		917,358
Total Italy				917,358
Netherlands (0.54%)
Diversified Telecommunication Services (0.54%)
Koninklijke KPN NV		47,062		171,353
Total Netherlands				171,353
Spain (5.02%)
Diversified Telecommunication Services (1.56%)
Cellnex Telecom SA(a)(b)		7,384		233,363
Telefonica SA		64,820		264,345
				497,708
Electric Utilities (2.23%)
Iberdrola SA		51,576		710,553
Transportation Infrastructure (1.23%)
Aena SME SA(a)(b)		1,916		391,778
Total Spain				1,600,039
Switzerland (0.57%)
Diversified Telecommunication Services (0.57%)
Swisscom AG		325		180,665
Total Switzerland				180,665
TOTAL EUROPE
(Cost $4,741,649)				5,479,867
NORTH AMERICA (70.98%)
Canada (12.74%)
Diversified Telecommunication Services (1.59%)
TELUS Corp.		37,517		508,683
Oil, Gas & Consumable Fuels (11.15%)
Enbridge, Inc.		45,180		1,917,585
Pembina Pipeline Corp.		14,775		545,897
TC Energy Corp.		23,386		1,089,866
				3,553,348
Total Canada				4,062,031
United States (58.24%)
Diversified Telecommunication Services (12.53%)
AT&T, Inc.		86,283		1,964,664
Verizon Communications, Inc.		50,715		2,028,093
				3,992,757

	Shares		Value
Electric Utilities (12.19%)
American Electric Power Co., Inc.		3,408	$	314,320
Constellation Energy Corp.		2,103		470,462
Duke Energy Corp.		5,240		564,558
Edison International		2,432		194,171
Exelon Corp.		6,734		253,468
NextEra Energy, Inc.		13,709		982,798
PG&E Corp.		13,137		265,105
The Southern Co.		7,142		587,929
Xcel Energy, Inc.		3,754		253,470
				3,886,281
Electrical Equipment (1.72%)
Generac Holdings, Inc.(c)		3,525		546,551
Health Care Providers & Services (3.94%)
HCA Healthcare, Inc.		4,185		1,256,128
Multi-Utilities (3.73%)
Consolidated Edison, Inc.		2,308		205,943
Dominion Energy, Inc.		5,544		298,600
Public Service Enterprise Group, Inc.		3,492		295,039
Sempra Energy		4,422		387,898
				1,187,480
Oil, Gas & Consumable Fuels (19.37%)
Cheniere Energy, Inc.		5,090		1,093,688
Kinder Morgan, Inc.		57,947		1,587,748
ONEOK, Inc.		12,342		1,239,137
Targa Resources Corp.		4,868		868,938
The Williams Cos., Inc.		25,605		1,385,742
				6,175,253
Wireless Telecommunication Services (4.76%)
T-Mobile US, Inc.		6,878		1,518,181
Total United States				18,562,631
TOTAL NORTH AMERICA
(Cost $15,736,654)				22,624,662
TOTAL COMMON STOCKS
(Cost $24,115,085)				31,956,665

	7-Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.21%)
Money Market Fund (1.21%)
First American Treasury Obligations		4.400	%		385,732		385,732
TOTAL SHORT TERM INVESTMENTS
(Cost $385,732)							385,732
							Value
TOTAL INVESTMENTS (101.46%)
(Cost $24,500,817)						$	32,342,397
Liabilities in Excess of Other Assets (-1.46%)							(466,189	)
NET ASSETS (100.00%)						$	31,876,208

(a)	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, 2024, these securities had a total aggregate market value of $625,141, representing 1.96% of net assets.
(b)	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 $625,141, representing 1.96% of net assets.
(c)	Non-income producing security.

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	$	350,470,192	$	–	$	–	$	350,470,192
Exchange Traded Funds		36,794,836		–		–		36,794,836
Short Term Investments		31,137		–		–		31,137
Total	$	387,296,165	$	–	$	–	$	387,296,165

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	$	31,956,665	$	–	$	–	$	31,956,665
Short Term Investments		385,732		–		–		385,732
Total	$	32,342,397	$	–	$	–	$	32,342,397

^(a) For detailed descriptions of sectors, industries and countries, see the accompanying Schedule of Investments.