IPG PHOTONICS CORP COMMON STOCK

0001752724-24-075103.txt : 20240401 0001752724-24-075103.hdr.sgml : 20240401 20240401105046 ACCESSION NUMBER: 0001752724-24-075103 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240401 DATE AS OF CHANGE: 20240401 PERIOD START: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS' INNER CIRCLE FUND CENTRAL INDEX KEY: 0000878719 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06400 FILM NUMBER: 24806344 BUSINESS ADDRESS: STREET 1: 1 FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19087 BUSINESS PHONE: 8009327781 MAIL ADDRESS: STREET 1: 1 FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: ADVISORS INNER CIRCLE FUND DATE OF NAME CHANGE: 19920929

0000878719 S000032898 CAMBIAR SMID FUND

C000101540 INVESTOR CLASS SHARES CAMMX

C000148331 INSTITUTIONAL CLASS SHARES CAMUX

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YG3575C4DSHJPA5KET68 EURONET WORLDWIDE INC COMMON STOCK 298736109 51000.00000000 NS USD 5082150.00000000 2.777219443390 Long EC US N 1 N N N MAGNOLIA OIL & GAS CORPORATION N/A MAGNOLIA OIL & GAS CORP - A COMMON STOCK 559663109 219690.00000000 NS USD 4530007.80000000 2.475492801446 Long EC US N 1 N N N TARGA RESOURCES CORP. 5493003QENHHS261UR94 TARGA RESOURCES CORP COMMON STOCK 87612G101 47390.00000000 NS USD 4026254.40000000 2.200208967408 Long EC US N 1 N N N MAXIMUS, INC. 549300DQCDS8HJ7QF202 MAXIMUS INC COMMON STOCK 577933104 55270.00000000 NS USD 4483502.40000000 2.450079206589 Long EC US N 1 N N N MERCURY SYSTEMS, INC. 549300P3B84SGK7HH679 MERCURY SYSTEMS INC COMMON STOCK 589378108 91210.00000000 NS USD 2705288.60000000 1.478346782346 Long EC US N 1 N N N QUEST DIAGNOSTICS INCORPORATED 8MCWUBXQ0WE04KMXBX50 QUEST DIAGNOSTICS INC COMMON STOCK 74834L100 31850.00000000 NS USD 4090495.50000000 2.235314509745 Long EC US N 1 N N N ARCH CAPITAL GROUP LTD. 549300AYR4P8AFKDCE43 ARCH CAPITAL GROUP LTD COMMON STOCK G0450A105 64690.00000000 NS USD 5332396.70000000 2.913970621707 Long EC US N 1 N N N NNN REIT, INC. 5493008JKH5SOTI0JS97 NNN REIT INC REIT 637417106 111000.00000000 NS USD 4477740.00000000 2.446930254015 Long EC US N 1 N N N FIDELITY NATIONAL FINANCIAL, INC. 549300CAZYIH39SYQ287 FIDELITY NATIONAL FINANCIAL COMMON STOCK 31620R303 105360.00000000 NS USD 5271160.80000000 2.880507317374 Long EC US N 1 N N N BOK FINANCIAL CORPORATION GRI2NT5QHYW751NMR949 BOK FINANCIAL CORPORATION COMMON STOCK 05561Q201 53290.00000000 NS USD 4467833.60000000 2.441516748571 Long EC US N 1 N N N THE TORO COMPANY YJKE4YIT6BWQHVEW0D14 TORO CO COMMON STOCK 891092108 44690.00000000 NS USD 4132931.20000000 2.258504154114 Long EC US N 1 N N N PACKAGING CORPORATION OF AMERICA 549300XZP8MFZFY8TJ84 PACKAGING CORP OF AMERICA COMMON STOCK 695156109 27000.00000000 NS USD 4478760.00000000 2.447487648786 Long EC US N 1 N N N Amdocs Limited 549300HQV672RJ7RQV66 AMDOCS LTD COMMON STOCK G02602103 45810.00000000 NS USD 4199860.80000000 2.295078868843 Long EC US N 1 N N N DENTSPLY SIRONA INC. 9NHEHR1SOZCYXDO8HO28 DENTSPLY SIRONA INC COMMON STOCK 24906P109 138000.00000000 NS USD 4795500.00000000 2.620575118951 Long EC US N 1 N N N CBOE GLOBAL MARKETS, INC. 529900RLNSGA90UPEH54 CBOE GLOBAL MARKETS INC COMMON STOCK 12503M108 25250.00000000 NS USD 4642212.50000000 2.536808794575 Long EC US N 1 N N N INCYTE CORPORATION 549300Z4WN6JVZ3T4680 INCYTE CORP COMMON STOCK 45337C102 57720.00000000 NS USD 3392204.40000000 1.853722541765 Long EC US N 1 N N N HEALTHEQUITY, INC. 529900LRJU1RAFQHM467 HEALTHEQUITY INC COMMON STOCK 42226A107 65730.00000000 NS USD 4967873.40000000 2.714771228472 Long EC US N 1 N N N LITTELFUSE, INC. 549300MY7HLQFYTPCX75 LITTELFUSE INC COMMON STOCK 537008104 17150.00000000 NS USD 4148585.00000000 2.267058415150 Long EC US N 1 N N N N/A N/A FIRST AMERICAN TREASURY OBLIGATIONS FUND CLASS X 31846V328 5454476.02000000 PA USD 5454476.02000000 2.980682753608 Long STIV US N 2 N N N BRUKER CORPORATION LEBZ6VLQ6I8XB1NHVY15 BRUKER CORP COMMON STOCK 116794108 71020.00000000 NS USD 5078640.20000000 2.775301458914 Long EC US N 1 N N N ULTA BEAUTY, INC. 529900CIV6HN8M28YM82 ULTA BEAUTY INC COMMON STOCK 90384S303 10600.00000000 NS USD 5321730.00000000 2.908141638573 Long EC US N 1 N N N EPAM SYSTEMS, INC. 549300XCR4R530HJP604 EPAM SYSTEMS INC COMMON STOCK 29414B104 19950.00000000 NS USD 5548294.50000000 3.031951312546 Long EC US N 1 N N N GENTEX CORPORATION 549300S3UD8XV1MN0287 GENTEX CORP COMMON STOCK 371901109 158140.00000000 NS USD 5239178.20000000 2.863029931117 Long EC US N 1 N N N LINCOLN ELECTRIC HOLDINGS, INC. BIMGBY40SIN95O01BN93 LINCOLN ELECTRIC HOLDINGS COMMON STOCK 533900106 25580.00000000 NS USD 5684387.60000000 3.106321491197 Long EC US N 1 N N N J. B. HUNT TRANSPORT SERVICES, INC. 549300XCD1MPI1C5GK90 HUNT (JB) TRANSPRT SVCS INC COMMON STOCK 445658107 25800.00000000 NS USD 5185284.00000000 2.833578612260 Long EC US N 1 N N N LAMB WESTON HOLDINGS, INC. 5493005SMYID1D2OY946 LAMB WESTON HOLDINGS INC COMMON STOCK 513272104 40990.00000000 NS USD 4199015.60000000 2.294616996235 Long EC US N 1 N N N REINSURANCE GROUP OF AMERICA, INCORPORATED LORM1GNEU1DKEW527V90 REINSURANCE GROUP OF AMERICA COMMON STOCK 759351604 31490.00000000 NS USD 5475796.10000000 2.992333440957 Long EC US N 1 N N N DOLBY LABORATORIES, INC. 549300X04FB2QPCJ5J24 DOLBY LABORATORIES INC-CL A COMMON STOCK 25659T107 58120.00000000 NS USD 4834421.60000000 2.641844429044 Long EC US N 1 N N N Essential Utilities, Inc. 549300ILTEOF3E3QY357 ESSENTIAL UTILITIES INC COMMON STOCK 29670G102 125000.00000000 NS USD 4482500.00000000 2.449531429610 Long EC US N 1 N N N AMERICAN FINANCIAL GROUP, INC. 549300AFOM7IVKIU1G39 AMERICAN FINANCIAL GROUP INC COMMON STOCK 025932104 40000.00000000 NS USD 4816000.00000000 2.631777660904 Long EC US N 1 N N N 2024-01-31 THE ADVISORS' INNER CIRCLE FUND Andy Metzger Andy Metzger CFO XXXX NPORT-EX 2 d750216d8k.htm SCHEDULE F HTML


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


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 (Cost $271,849,151)				353,263,348

SHORT-TERM INVESTMENT — 1.2%

First American Treasury Obligation Fund 5.372% (A) (Cost $4,125,285)		4,125,285		4,125,285

TOTAL INVESTMENTS— 99.7% (Cost $275,974,436)			$	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


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


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


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


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 (Cost $88,240,683)				94,959,106

SHORT-TERM INVESTMENT — 5.1%

First American Treasury Obligation Fund 5.372% (A) (Cost $4,900,670)		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


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


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 (Cost $151,256,739)				177,384,536

SHORT-TERM INVESTMENT — 3.0%

First American Treasury Obligation Fund 5.372% (A) (Cost $5,454,476)		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