| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR OPPORTUNITY FUND | |
| JANUARY 31, 2024 (UNAUDITED) | ||
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 98.5% | ||||||||
| Shares | Value | |||||||
AEROSPACE/DEFENSE EQUIPMENT — 5.6% | ||||||||
Airbus ADR | 184,000 | $ | 7,304,800 | |||||
RTX | 139,000 | 12,665,680 | ||||||
|
|
| ||||||
| 19,970,480 | ||||||||
|
|
| ||||||
AIR FREIGHT & LOGISTICS — 2.6% | ||||||||
United Parcel Service, Cl B | 67,000 | 9,507,300 | ||||||
|
|
| ||||||
AIRLINES — 2.2% | ||||||||
Delta Air Lines | 200,000 | 7,828,000 | ||||||
|
|
| ||||||
BANKS — 4.8% | ||||||||
JPMorgan Chase | 52,000 | 9,066,720 | ||||||
PNC Financial Services Group | 54,000 | 8,165,340 | ||||||
|
|
| ||||||
| 17,232,060 | ||||||||
|
|
| ||||||
BEVERAGES — 3.0% | ||||||||
Constellation Brands, Cl A | 44,000 | 10,783,520 | ||||||
|
|
| ||||||
BROADLINE RETAIL — 3.0% | ||||||||
Amazon.com * | 70,000 | 10,864,000 | ||||||
|
|
| ||||||
CAPITAL MARKETS — 7.8% | ||||||||
CME Group, Cl A | 45,000 | 9,262,800 | ||||||
Goldman Sachs Group | 27,800 | 10,675,478 | ||||||
Intercontinental Exchange | 62,000 | 7,894,460 | ||||||
|
|
| ||||||
| 27,832,738 | ||||||||
|
|
| ||||||
CHEMICALS — 4.9% | ||||||||
Corteva | 138,000 | 6,276,240 | ||||||
PPG Industries | 80,000 | 11,283,200 | ||||||
|
|
| ||||||
| 17,559,440 | ||||||||
|
|
| ||||||
CONSUMER FINANCE — 3.2% | ||||||||
American Express | 58,000 | 11,642,920 | ||||||
|
|
| ||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.8% | ||||||||
Sysco | 126,000 | 10,197,180 | ||||||
|
|
| ||||||
ELECTRICAL EQUIPMENT — 2.0% | ||||||||
Rockwell Automation | 28,000 | 7,091,840 | ||||||
|
|
| ||||||
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 3.0% | ||||||||
TE Connectivity | 74,000 | 10,522,060 | ||||||
|
|
| ||||||
FINANCIAL SERVICES — 2.1% | ||||||||
Mastercard, Cl A | 17,000 | 7,636,910 | ||||||
|
|
| ||||||
GROUND TRANSPORTATION — 4.8% | ||||||||
Uber Technologies * | 81,000 | 5,286,870 | ||||||
Union Pacific | 49,000 | 11,952,570 | ||||||
|
|
| ||||||
| 17,239,440 | ||||||||
|
|
| ||||||
HEALTH CARE EQUIPMENT & SERVICES — 3.0% | ||||||||
Medtronic | 124,000 | 10,854,960 | ||||||
|
|
| ||||||
HEALTH CARE PROVIDERS & SERVICES — 6.1% | ||||||||
Centene * | 146,000 | 10,995,260 | ||||||
Laboratory Corp of America Holdings | 49,000 | 10,892,700 | ||||||
|
|
| ||||||
| 21,887,960 | ||||||||
|
|
| ||||||
HOUSEHOLD PRODUCTS — 2.8% | ||||||||
Colgate-Palmolive | 119,000 | 10,019,800 | ||||||
|
|
| ||||||
INSURANCE — 3.0% | ||||||||
Chubb | 44,000 | 10,780,000 | ||||||
|
|
| ||||||
INTERACTIVE MEDIA & SERVICES — 2.8% | ||||||||
Alphabet, Cl A * | 72,000 | 10,087,200 | ||||||
|
|
| ||||||
LIFE SCIENCES TOOLS & SERVICES — 2.3% | ||||||||
Waters * | 26,000 | 8,260,460 | ||||||
|
|
| ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR OPPORTUNITY FUND | |
| JANUARY 31, 2024 (UNAUDITED) | ||
COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
MULTI-UTILITIES — 2.6% | ||||||||
Sempra | 128,000 | $ | 9,159,680 | |||||
|
|
| ||||||
OIL, GAS & CONSUMABLE FUELS — 9.4% | ||||||||
Cenovus Energy | 605,000 | 9,788,900 | ||||||
Chevron | 71,000 | 10,467,530 | ||||||
ConocoPhillips | 60,000 | 6,712,200 | ||||||
Williams | 190,000 | 6,585,400 | ||||||
|
|
| ||||||
| 33,554,030 | ||||||||
|
|
| ||||||
PHARMACEUTICALS — 5.3% | ||||||||
Bristol-Myers Squibb | 175,000 | 8,552,250 | ||||||
Johnson & Johnson | 65,000 | 10,328,500 | ||||||
|
|
| ||||||
| 18,880,750 | ||||||||
|
|
| ||||||
SEMI-CONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.4% | ||||||||
Applied Materials | 42,000 | 6,900,600 | ||||||
Marvell Technology | 131,000 | 8,868,700 | ||||||
Texas Instruments | 68,000 | 10,888,160 | ||||||
|
|
| ||||||
| 26,657,460 | ||||||||
|
|
| ||||||
SPECIALTY RETAIL — 2.0% | ||||||||
TJX | 76,000 | 7,213,160 | ||||||
|
|
| ||||||
TOTAL COMMON STOCK | 353,263,348 | |||||||
|
|
| ||||||
SHORT-TERM INVESTMENT — 1.2% | ||||||||
First American Treasury Obligation Fund 5.372% (A) | 4,125,285 | 4,125,285 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS— 99.7% | $ | 357,388,633 | ||||||
|
|
| ||||||
Percentages are based on Net Assets of $358,573,141.
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of January 31, 2024. |
ADR — American Depository Receipt
Cl — Class
CMB-QH-007-3300
2
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL EQUITY FUND | |
| JANUARY 31, 2024 (UNAUDITED) | ||
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 94.9% | ||||||||
| Shares | Value | |||||||
AUSTRALIA — 2.0% | ||||||||
Santos | 677,000 | $ | 3,421,528 | |||||
|
|
| ||||||
BELGIUM — 4.8% | ||||||||
KBC Group | 68,000 | 4,435,731 | ||||||
UCB | 37,000 | 3,480,416 | ||||||
|
|
| ||||||
| 7,916,147 | ||||||||
|
|
| ||||||
CANADA — 4.1% | ||||||||
Agnico Eagle Mines | 62,000 | 3,047,920 | ||||||
Suncor Energy | 114,700 | 3,798,864 | ||||||
|
|
| ||||||
| 6,846,784 | ||||||||
|
|
| ||||||
FRANCE — 9.4% | ||||||||
Air Liquide | 11,100 | 2,077,172 | ||||||
Airbus | 15,000 | 2,389,279 | ||||||
Capgemini | 21,500 | 4,779,889 | ||||||
LVMH Moet Hennessy Louis Vuitton | 4,100 | 3,411,428 | ||||||
TotalEnergies | 46,400 | 3,010,214 | ||||||
|
|
| ||||||
| 15,667,982 | ||||||||
|
|
| ||||||
GERMANY — 11.3% | ||||||||
Deutsche Post | 98,000 | 4,693,606 | ||||||
Knorr-Bremse | 49,000 | 3,026,529 | ||||||
Merck KGaA | 14,000 | 2,297,049 | ||||||
Puma | 53,000 | 2,132,912 | ||||||
RWE | 83,000 | 3,064,816 | ||||||
SAP | 21,000 | 3,638,163 | ||||||
|
|
| ||||||
| 18,853,075 | ||||||||
|
|
| ||||||
HONG KONG — 1.7% | ||||||||
AIA Group | 360,000 | 2,823,271 | ||||||
|
|
| ||||||
IRELAND — 1.9% | ||||||||
Bank of Ireland Group | 336,000 | 3,089,837 | ||||||
|
|
| ||||||
JAPAN — 20.6% | ||||||||
Chugai Pharmaceutical | 112,000 | 4,028,665 | ||||||
Fuji Electric | 78,000 | 3,906,243 | ||||||
Hitachi | 50,400 | 3,958,937 | ||||||
Mitsubishi Estate | 266,000 | 3,685,675 | ||||||
Murata Manufacturing | 120,000 | 2,423,055 | ||||||
NIDEC CORP | 75,000 | 2,797,261 | ||||||
Nintendo | 73,000 | 4,078,577 | ||||||
Sony Group | 31,900 | 3,128,382 | ||||||
Terumo | 111,300 | 3,767,722 | ||||||
Tokyo Electron Ltd. | 13,700 | 2,542,343 | ||||||
|
|
| ||||||
| 34,316,860 | ||||||||
|
|
| ||||||
NETHERLANDS — 2.3% | ||||||||
ING Groep | 268,000 | 3,807,854 | ||||||
|
|
| ||||||
NORWAY — 1.7% | ||||||||
Equinor ADR | 97,000 | 2,780,990 | ||||||
|
|
| ||||||
SINGAPORE — 3.6% | ||||||||
DBS Group Holdings | 125,000 | 2,960,663 | ||||||
Singapore Telecommunications | 1,709,000 | 3,049,783 | ||||||
|
|
| ||||||
| 6,010,446 | ||||||||
|
|
| ||||||
SWITZERLAND — 6.2% | ||||||||
Nestle | 26,000 | 2,962,716 | ||||||
Novartis | 27,000 | 2,792,172 | ||||||
Roche Holding | 16,000 | 4,555,462 | ||||||
|
|
| ||||||
| 10,310,350 | ||||||||
|
|
| ||||||
TAIWAN — 2.2% | ||||||||
Taiwan Semiconductor Manufacturing ADR | 32,000 | 3,614,720 | ||||||
|
|
| ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL EQUITY FUND | |
| JANUARY 31, 2024 (UNAUDITED) | ||
COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
UNITED KINGDOM — 21.6% | ||||||||
BAE Systems | 188,000 | $ | 2,800,533 | |||||
Barclays | 1,968,000 | 3,657,186 | ||||||
Bunzl | 104,000 | 4,226,533 | ||||||
Compass Group | 125,000 | 3,442,968 | ||||||
Diageo | 103,000 | 3,720,136 | ||||||
GSK | 189,000 | 3,737,988 | ||||||
Haleon | 753,000 | 3,058,506 | ||||||
Intertek Group | 66,000 | 3,746,200 | ||||||
London Stock Exchange Group | 36,100 | 4,083,413 | ||||||
SSE | 159,000 | 3,386,370 | ||||||
|
|
| ||||||
| 35,859,833 | ||||||||
|
|
| ||||||
UNITED STATES — 1.5% | ||||||||
CNH Industrial | 208,000 | 2,496,000 | ||||||
|
|
| ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $139,861,160) | 157,815,677 | |||||||
|
|
| ||||||
SHORT-TERM INVESTMENT — 1.2% | ||||||||
First American Treasury Obligation Fund 5.372% (A) | ||||||||
(Cost $1,948,895) | 1,948,895 | 1,948,895 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS — 96.1% | ||||||||
(Cost $141,810,055) | $ | 159,764,572 | ||||||
|
|
| ||||||
Percentages are based on Net Assets of $166,174,742. |
| (A) | The rate reported is the 7-day effective yield as of January 31, 2024. |
ADR — American Depositary Receipt
Ltd. — Limited
CMB-QH-008-3300
2
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMALL CAP FUND | |
| JANUARY 31, 2024 (UNAUDITED) | ||
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 99.3% | ||||||||
| Shares | Value | |||||||
AEROSPACE & DEFENSE — 1.3% | ||||||||
Mercury Systems * | 41,000 | $ | 1,216,060 | |||||
|
|
| ||||||
AIR FREIGHT & LOGISTICS — 2.3% | ||||||||
Hub Group, Cl A * | 49,000 | 2,218,720 | ||||||
|
|
| ||||||
AUTO COMPONENTS — 4.5% | ||||||||
Atmus Filtration Technologies * | 89,000 | 1,987,370 | ||||||
Gentex | 69,500 | 2,302,535 | ||||||
|
|
| ||||||
| 4,289,905 | ||||||||
|
|
| ||||||
BANKS — 9.4% | ||||||||
Prosperity Bancshares | 32,200 | 2,057,902 | ||||||
Texas Capital Bancshares * | 40,500 | 2,470,500 | ||||||
United Bankshares | 62,300 | 2,233,455 | ||||||
United Community Banks | 81,600 | 2,230,944 | ||||||
|
|
| ||||||
| 8,992,801 | ||||||||
|
|
| ||||||
BEVERAGES — 1.7% | ||||||||
Duckhorn Portfolio * | 189,000 | 1,631,070 | ||||||
|
|
| ||||||
BIOTECHNOLOGY — 2.1% | ||||||||
Exelixis * | 90,000 | 1,958,400 | ||||||
|
|
| ||||||
CHEMICALS — 2.1% | ||||||||
Cabot | 28,300 | 2,040,430 | ||||||
|
|
| ||||||
COMMERCIAL SERVICES & SUPPLIES — 1.4% | ||||||||
Healthcare Services Group * | 143,000 | 1,349,920 | ||||||
|
|
| ||||||
DIVERSIFIED CONSUMER SERVICES — 2.1% | ||||||||
Frontdoor * | 61,500 | 2,014,740 | ||||||
|
|
| ||||||
ELECTRIC UTILITIES — 2.3% | ||||||||
IDACORP | 24,000 | 2,221,920 | ||||||
|
|
| ||||||
ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3% | ||||||||
Advanced Energy Industries | 21,000 | 2,187,780 | ||||||
|
|
| ||||||
HEALTH CARE EQUIPMENT & SERVICES — 2.3% | ||||||||
Globus Medical, Cl A * | 42,000 | 2,217,180 | ||||||
|
|
| ||||||
HEALTH CARE PROVIDERS & SERVICES — 11.5% | ||||||||
Addus HomeCare * | 28,000 | 2,424,800 | ||||||
AMN Healthcare Services * | 35,300 | 2,612,553 | ||||||
HealthEquity * | 35,300 | 2,667,974 | ||||||
Innovage Holding * | 286,000 | 1,512,940 | ||||||
US Physical Therapy | 19,500 | 1,799,070 | ||||||
|
|
| ||||||
| 11,017,337 | ||||||||
|
|
| ||||||
HEALTH CARE TECHNOLOGY — 2.3% | ||||||||
HealthStream | 84,000 | 2,236,080 | ||||||
|
|
| ||||||
HOTELS, RESTAURANTS & LEISURE — 2.5% | ||||||||
Monarch Casino & Resort | 35,300 | 2,433,229 | ||||||
|
|
| ||||||
INDUSTRIAL REITS — 2.1% | ||||||||
Innovative Industrial Properties, Cl A | 21,500 | 2,004,445 | ||||||
|
|
| ||||||
INSURANCE — 9.7% | ||||||||
Axis Capital Holdings | 42,200 | 2,511,744 | ||||||
First American Financial | 40,200 | 2,426,070 | ||||||
Reinsurance Group of America, Cl A | 11,700 | 2,034,513 | ||||||
RenaissanceRe Holdings | 9,800 | 2,242,534 | ||||||
|
|
| ||||||
| 9,214,861 | ||||||||
|
|
| ||||||
LEISURE PRODUCTS — 1.9% | ||||||||
Johnson Outdoors, Cl A | 40,000 | 1,790,400 | ||||||
|
|
| ||||||
MACHINERY — 2.4% | ||||||||
Alamo Group | 10,800 | 2,292,624 | ||||||
|
|
| ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMALL CAP FUND | |
| JANUARY 31, 2024 (UNAUDITED) | ||
COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
MULTI-UTILITIES — 2.3% | ||||||||
Avista | 64,000 | $ | 2,176,640 | |||||
|
|
| ||||||
OIL, GAS & CONSUMABLE FUELS — 2.2% | ||||||||
Magnolia Oil & Gas, Cl A | 102,500 | 2,113,550 | ||||||
|
|
| ||||||
PROFESSIONAL SERVICES — 11.4% | ||||||||
ASGN * | 25,500 | 2,366,910 | ||||||
Forrester Research * | 71,000 | 1,809,080 | ||||||
Insperity | 19,500 | 2,236,455 | ||||||
NV5 Global * | 22,000 | 2,307,580 | ||||||
WNS Holdings ADR * | 31,750 | 2,201,862 | ||||||
|
|
| ||||||
| 10,921,887 | ||||||||
|
|
| ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.1% | ||||||||
Marcus & Millichap | 52,596 | 2,003,382 | ||||||
|
|
| ||||||
RETAIL REITS — 2.1% | ||||||||
NETSTREIT | 111,000 | 2,016,870 | ||||||
|
|
| ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.0% | ||||||||
Diodes * | 28,800 | 1,938,816 | ||||||
Rambus * | 36,000 | 2,467,080 | ||||||
Tower Semiconductor * | 69,200 | 1,996,420 | ||||||
Universal Display | 12,700 | 2,156,079 | ||||||
|
|
| ||||||
| 8,558,395 | ||||||||
|
|
| ||||||
SOFTWARE — 4.0% | ||||||||
Cerence * | 54,000 | 1,081,080 | ||||||
Envestnet * | 54,000 | 2,759,400 | ||||||
|
|
| ||||||
| 3,840,480 | ||||||||
|
|
| ||||||
TOTAL COMMON STOCK | 94,959,106 | |||||||
|
|
| ||||||
SHORT-TERM INVESTMENT — 5.1% | ||||||||
First American Treasury Obligation Fund 5.372% (A) | 4,900,670 | 4,900,670 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS— 104.4% (Cost $93,141,353) | $ | 99,859,776 | ||||||
|
|
| ||||||
Percentages are based on Net Assets of $95,645,380. |
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of January 31, 2024. |
ADR — American Depositary Receipt
Cl — Class
REIT — Real Estate Investment Trust
CMB-QH-009-3300
2
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMID FUND | |
| JANUARY 31, 2024 (UNAUDITED) | ||
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 96.9% | ||||||||
| Shares | Value | |||||||
AEROSPACE & DEFENSE — 1.5% | ||||||||
Mercury Systems * | 91,210 | $ | 2,705,288 | |||||
|
|
| ||||||
AIR FREIGHT & LOGISTICS — 2.6% | ||||||||
Expeditors International of Washington | 37,690 | 4,761,378 | ||||||
|
|
| ||||||
AUTO COMPONENTS — 2.9% | ||||||||
Gentex | 158,140 | 5,239,178 | ||||||
|
|
| ||||||
BANKS — 2.5% | ||||||||
BOK Financial | 53,290 | 4,467,834 | ||||||
|
|
| ||||||
BIOTECHNOLOGY — 1.9% | ||||||||
Incyte * | 57,720 | 3,392,204 | ||||||
|
|
| ||||||
BUILDING PRODUCTS — 2.5% | ||||||||
Masco | 69,000 | 4,643,010 | ||||||
|
|
| ||||||
CAPITAL MARKETS — 2.5% | ||||||||
Cboe Global Markets | 25,250 | 4,642,212 | ||||||
|
|
| ||||||
CONTAINERS & PACKAGING — 2.4% | ||||||||
Packaging Corp of America | 27,000 | 4,478,760 | ||||||
|
|
| ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.4% | ||||||||
IPG Photonics * | 39,890 | 3,904,832 | ||||||
Littelfuse | 17,150 | 4,148,585 | ||||||
|
|
| ||||||
| 8,053,417 | ||||||||
|
|
| ||||||
FINANCIAL SERVICES — 5.2% | ||||||||
Euronet Worldwide * | 51,000 | 5,082,150 | ||||||
WEX * | 21,810 | 4,457,746 | ||||||
|
|
| ||||||
| 9,539,896 | ||||||||
|
|
| ||||||
FOOD PRODUCT — 2.3% | ||||||||
Lamb Weston Holdings | 40,990 | 4,199,016 | ||||||
|
|
| ||||||
GAS UTILITIES — 2.6% | ||||||||
Atmos Energy | 41,740 | 4,755,856 | ||||||
|
|
| ||||||
GROUND TRANSPORTATION — 2.8% | ||||||||
JB Hunt Transport Services | 25,800 | 5,185,284 | ||||||
|
|
| ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 2.6% | ||||||||
Dentsply Sirona | 138,000 | 4,795,500 | ||||||
|
|
| ||||||
HEALTH CARE PROVIDERS & SERVICES — 7.4% | ||||||||
HealthEquity * | 65,730 | 4,967,873 | ||||||
Molina Healthcare * | 12,500 | 4,455,500 | ||||||
Quest Diagnostics | 31,850 | 4,090,496 | ||||||
|
|
| ||||||
| 13,513,869 | ||||||||
|
|
| ||||||
INDUSTRIAL REITS — 2.4% | ||||||||
Americold Realty Trust | 160,000 | 4,400,000 | ||||||
|
|
| ||||||
INSURANCE — 11.4% | ||||||||
American Financial Group | 40,000 | 4,816,000 | ||||||
Arch Capital Group * | 64,690 | 5,332,397 | ||||||
Fidelity National Financial | 105,360 | 5,271,161 | ||||||
Reinsurance Group of America, Cl A | 31,490 | 5,475,796 | ||||||
|
|
| ||||||
| 20,895,354 | ||||||||
|
|
| ||||||
IT SERVICES — 5.3% | ||||||||
Amdocs | 45,810 | 4,199,861 | ||||||
EPAM Systems * | 19,950 | 5,548,294 | ||||||
|
|
| ||||||
| 9,748,155 | ||||||||
|
|
| ||||||
LIFE SCIENCES TOOLS & SERVICES — 8.7% | ||||||||
Bruker | 71,020 | 5,078,640 | ||||||
Charles River Laboratories International * | 25,500 | 5,515,140 | ||||||
Waters * | 17,000 | 5,401,070 | ||||||
|
|
| ||||||
| 15,994,850 | ||||||||
|
|
| ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMID FUND | |
| JANUARY 31, 2024 (UNAUDITED) | ||
COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
MACHINERY — 5.4% | ||||||||
Lincoln Electric Holdings | 25,580 | $ | 5,684,388 | |||||
Toro | 44,690 | 4,132,931 | ||||||
|
|
| ||||||
| 9,817,319 | ||||||||
|
|
| ||||||
OIL, GAS & CONSUMABLE FUELS — 4.7% | ||||||||
Magnolia Oil & Gas, Cl A | 219,690 | 4,530,008 | ||||||
Targa Resources | 47,390 | 4,026,254 | ||||||
|
|
| ||||||
| 8,556,262 | ||||||||
|
|
| ||||||
PROFESSIONAL SERVICES — 2.5% | ||||||||
Maximus | 55,270 | 4,483,502 | ||||||
|
|
| ||||||
RETAIL REITS — 2.4% | ||||||||
NNN REIT | 111,000 | 4,477,740 | ||||||
|
|
| ||||||
SOFTWARE — 2.7% | ||||||||
Dolby Laboratories, Cl A | 58,120 | 4,834,422 | ||||||
|
|
| ||||||
SPECIALTY RETAIL — 2.9% | ||||||||
Ulta Beauty * | 10,600 | 5,321,730 | ||||||
|
|
| ||||||
WATER UTILITIES — 2.4% | ||||||||
Essential Utilities | 125,000 | 4,482,500 | ||||||
|
|
| ||||||
TOTAL COMMON STOCK | 177,384,536 | |||||||
|
|
| ||||||
SHORT-TERM INVESTMENT — 3.0% | ||||||||
First American Treasury Obligation Fund 5.372% (A) | 5,454,476 | 5,454,476 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS— 99.9% (Cost $156,711,215) | $ | 182,839,012 | ||||||
|
|
| ||||||
Percentages are based on Net Assets of $182,994,182. |
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of January 31, 2024. |
Cl — Class
REIT — Real Estate Investment Trust
CMB-QH-011-2600
2