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FUNDAMENTALLY-DRIVEN SPECIALIST ACTIVE FUNDS

Centre American Select Equity Fund

Investment Objective

Seeks long-term growth of capital

  • Invests in a diversified portfolio of equity securities of large capitalization American blue-chip companies
  • Bottom up fundamental stock selection driven by Economic Value Added investment philosophy
  • High conviction portfolio of best 45 to 75 stocks of American companies concentrated in the top 20 names
  • Focused on delivering risk adjusted returns
  • Stock selection is combined with quantitative portfolio construction and risk management for optimal stock position sizing within sector/industry emphasis and risk parameters
  • The Fund may employ hedges and other capital protective strategies when deemed appropriate and may try to enhance returns by writing (selling) out of the money call options on stocks held

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Centre Active U.S. Treasury Fund

Investment Objective

Seeks to maximize investors' total return through capital appreciation and current income

  • Proprietary fundamentally-driven active interest rate forecasting process
  • Active duration management
  • Invests in a portfolio of U.S. Treasury securities across the maturity spectrum
  • Total return primarily driven by price appreciation of Treasury securities and secondarily by the income generation ability of these securities

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Centre Active U.S. Tax Exempt Fund

Investment Objective

Seeks to maximize investor's total return through capital appreciation and current income exempt from federal income tax.

  • Proprietary fundamentally-driven active interest rate forecasting process
  • Active duration management
  • Core portfolio of high quality and highly rated municipal bond securities to provide tax advantaged income
  • Total return primarily driven by price appreciation of Municipal securities and secondarily by the income generation ability of these securities

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Centre Global Infrastructure Fund

Investment Objective

Seeks long-term growth of capital and current income

  • Invests in global opportunity set of companies that are owners or operators of infrastructure assets
  • Bottom up fundamental stock selection driven by Economic Value Added investment philosophy
  • Broad global investment universe with many companies having stable and attractive yields
  • Diversified across regions and developed countries
  • Balanced across Telecommunication Infrastructure; Utilities; and the Energy, Transportation, and Social Infrastructure sectors

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1The investment adviser to the Fund, Centre Asset Management, LLC (the “Adviser” or “Centre”), has agreed, pursuant to an amended and restated written expense limitation agreement (the “Expense Limitation Agreement”), to reduce its advisory fees and/or reimburse other expenses of the Fund through at least October 31, 2019 to the extent necessary to limit the current operating expenses of the Fund including, as applicable , investment advisory fees , but excluding, as applicable, any taxes, leverage interest, distribution / service (Rule 12b-1) fees , shareholder services fees, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) to an annual rate of 1 .10 % of the average daily net assets of the Investor Class shares and 0 .90 % of the average daily net assets of the Institutional Class shares. The Expense Limitation Agreement may be terminated at any time by the Board of Trustees of the Trust (the “Board”) upon 60 days’ written notice to the Adviser , but may not be terminated by the Adviser without the consent of the Board. No recoupment will be made more than three years after the date that the applicable amount was initially waived or reimbursed by the Adviser , and the recoupment may not cause the Fund to exceed the then-existing expense limitation for that class at the time such waiver or reimbursement was made.

2The investment adviser to the Fund, Centre Asset Management, LLC (the “Adviser” or “Centre”), has agreed, pursuant to an amended and restated written expense limitation agreement (the “Expense Limitation Agreement”), to reduce its advisory fees and/or reimburse other expenses of the Fund through at least October 31, 2019 to the extent necessary to limit the current operating expenses of the Fund, including, as applicable , investment advisory fees, but excluding, as applicable, any taxes, leverage interest , distribution / service (Rule 12b-1) fees , shareholder service fees, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of the Fund’s business), to an annual rate of 0. 80 % of the average daily net assets of the Investor Class shares and 0.60% of the average daily net assets of the Institutional Class shares. The Expense Limitation Agreement may be terminated at any time by the Board of Trustees of the Trust (the “Board”) , upon 60 days’ written notice to the Adviser, but may not be terminated by the Adviser without the consent of the Board. No recoupment will be made more than three years after the date that the applicable amount was initially waived or reimbursed by the Adviser, and the recoupment may not cause the Fund to exceed the then-existing expense limitation for that class at the time such waiver or reimbursement was made.

3The investment adviser to the Fund, Centre Asset Management, LLC (the “Adviser” or “Centre”), has agreed, pursuant to an amended and restated written expense limitation agreement (the “Expense Limitation Agreement”), to reduce its advisory fees and/or reimburse other expenses of the Fund through at least October 31, 2019 to the extent necessary to limit the current operating expenses of the Fund, including, as applicable , investment advisory fees, but excluding, as applicable, any taxes, leverage interest, distribution / service (Rule 12b-1) fees , shareholder services fees , brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) to an annual rate of 0. 90 % of the average daily net assets of the Investor Class shares and 0.70% of the average daily net assets of the Institutional Class shares. The Expense Limitation Agreement may be terminated at any time by the Board of Trustees of the Trust ( the “Board”) upon 60 days’ written notice to the Adviser, but may not be terminated by the Adviser without the consent of the Board. No recoupment will be made more than three years after the date that the applicable amount was initially waived or reimbursed by the Adviser, and the recoupment may not cause the Fund to exceed the then-existing expense limitation for that class at the time such reimbursement or waiver was made.

4The investment adviser to the Fund, Centre Asset Management, LLC (the “Adviser” or “Centre”), has agreed, pursuant to a written expense limitation agreement (the “Expense Limitation Agreement”), to reduce its advisory fees and/or reimburse other expenses of the Fund for an initial period of not less than two years and until the next following effective date of the post-effective amendment to the registration statement of the Trust relating to the Fund incorporating the Fund’s financial statements for that fiscal year (the “Initial Term”) to the extent necessary to limit the current operating expenses of the Fund, including, as applicable, investment advisory fees, but excluding, as applicable, any taxes, leverage interest, distribution/service (Rule 12b-1) fees, shareholder services fees, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) to an annual rate of 1.30% of the average daily net assets of the Investor Class shares and 1.10% of the average daily net assets of the Institutional Class shares. The Expense Limitation Agreement may be terminated at any time by the Board of Trustees of the Trust (the “Board”), upon 60 days’ written notice to the Adviser, but may not be terminated by the Adviser without the consent of the Board. No recoupment will be made more than three years after the date that the applicable amount was initially waived or reimbursed by the Adviser, and the recoupment may not cause the Fund to exceed the then-existing expense limitation for that class at the time such reimbursement or waiver was made.

The Bloomberg Barclays U.S. Municipal Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

The Bloomberg Barclays Prerefunded Municipal Bond Index includes bonds that have been refinanced by their issuers, and their principal and interest are secured by Treasury obligations backed by the full faith and credit of the U.S. government.

The Bloomberg Barclays U.S. Treasury Index is an unmanaged index and measures US dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index.

An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. To obtain a prospectus containing this and other information, please call 1-855-298-4236 or download the Centre American Select Equity Fund Prospectus, Centre Active U.S. Treasury Fund Prospectus, Centre Active U.S. Tax Exempt Fund Prospectus, or Centre Global Infrastructure Fund Prospectus. Read the prospectus carefully before you invest. Click here for fund holdings. Holdings are subject to change.
An investment in the Funds involves risk, including loss of principal.
Centre Funds are distributed by ALPS Distributors, Inc. Centre Asset Management, LLC is not affiliated to ALPS Distributors, Inc.
Diversification does not eliminate the risk of experiencing investment losses.

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