Centre Funds - Performance
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FUNDAMENTALLY-DRIVEN SPECIALIST ACTIVE FUNDS

Performance

  As of 01/31/2017 As of 12/31/2016
  Total Return % Since Inception
  Annualized
Fund NameTicker1 MO3 MOYTD1 Year3 Year5 Year10 YearAnnualizedCumulative
Centre American Select Equity Fund - InvestorDHAMX2.88%3.36%2.88%9.39%4.58%10.36%-10.63%66.16%
S&P 500 Total Return Index1.90%7.76%1.90%20.04%8.87%14.66%-14.84%100.51%
Centre American Select Equity Fund - InstitutionalDHANX2.98%3.55%2.98%9.57%---4.49%13.79%
S&P 500 Total Return Index1.90%7.76%1.90%20.04%---9.12%29.28%
Centre Active U.S. Treasury Fund - InvestorDHTRX0.36%-2.48%0.36%-2.55%---0.57%1.68%
Centre Active U.S. Treasury Fund - InstitutionalDHTUX0.38%-2.29%0.38%-2.25%---0.85%2.52%
Bloomberg Barclays U.S. Treasury Index0.23%-2.55%0.23%-0.85%---2.09%6.29%
Centre Active U.S. Tax Exempt Fund - InvestorDHBRX0.36%-2.21%0.36%-1.96%1.99%1.25%2.72%4.54%229.60%
Bloomberg Barclays Prerefunded Municipal Bond Index0.56%-0.34%0.56%0.00%0.94%0.97%2.71%2.10%74.86%
Bloomberg Barclays U.S. Municipal Index0.66%-1.96%0.66%-0.28%4.14%3.28%4.25%5.78%351.67%
Centre Active U.S. Tax Exempt Fund - InstitutionalDHBIX0.39%-2.16%0.39%-1.72%2.25%1.39%-1.87%12.21%
Bloomberg Barclays Prerefunded Municipal Bond Index0.56%-0.34%0.56%0.00%0.94%0.97%-1.28%8.22%
Bloomberg Barclays U.S. Municipal Index0.66%-1.96%0.66%-0.28%4.14%3.28%-3.60%24.63%

Returns for periods greater than one year are annualized.
The Centre Active U.S. Tax Exempt Fund acquired the ISI Managed Municipal Fund as of 3/17/2015.
YTD - Year to Date

Related Info as of 01/27/2017

Fund Name Ticker Inception Date Gross Expense Ratio Net Expense Ratio
Centre American Select Equity Fund - Investor Class DHAMX 12/21/2011 1.36% 1.05%1
Centre American Select Equity Fund - Institutional Class DHANX 01/21/2014 1.13% 0.95%1
Centre Active U.S. Treasury Fund - Investor Class DHTRX 01/21/2014 1.09% 0.85%2
Centre Active U.S. Treasury Fund - Institutional Class DHTUX 01/21/2014 0.84% 0.60%2
Centre Active U.S. Tax Exempt Fund - Investor Class DHBRX 03/17/2015 1.20% 0.95%3
Centre Active U.S. Tax Exempt Fund - Institutional Class DHBIX 03/17/2015 0.94% 0.70%3

Performance data quoted represent past performance. Past performance is no guarantee of future results and investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. Call 1-855-298-4236 or (if applicable) visit www.centrefunds.com for current month end performance. Total return includes reinvestment of dividends and capital gains. Performance data quoted does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted.

1The investment adviser to the Fund, Centre Asset Management, LLC (the “Adviser” or “Centre”), has entered into a written expense limitation agreement (the “Expense Limitation Agreement”), under which it has agreed to limit through January 31, 2018 the total operating expenses of the Fund including (but not limited to) investment advisory fees of the Adviser and distribution/service (Rule 12b-1) fees, and shareholder service fees, but excluding interest, taxes, litigation, brokerage and extraordinary expenses incurred by the Fund in the fiscal year, to an annual rate of 1.05% of the average daily net assets of the Investor Class shares and 0.95% of the average daily net assets of the Institutional Class shares. To the extent the Fund incurs any interest, taxes, litigation, brokerage or extraordinary expenses, and such expenses are included in the calculation of Total Annual Fund Operating Expenses, the Fund’s Total Annual Fund Operating Expenses (before fee waiver and/or expense reimbursements) would be higher. After January 31, 2018, the Expense Limitation Agreement may be terminated by the Adviser or the Trust, with respect to the Fund, without payment of penalty, provided that the terminating party provides 90 days’ prior written notice of such termination to the other party. The Adviser may request repayment by the Fund of any expense waived or reimbursed by the Adviser pursuant to the Expense Limitation Agreement in the first, second and third fiscal years following the fiscal year in which the waiver or reimbursement occurs, provided that the total annual Fund operating expenses for the applicable following year, after giving effect to the repayment, do not exceed the expense limitation in effect at the time the waiver or reimbursement is made (or any lower expense limitation or limitations to which the parties may otherwise agree).

2The investment adviser to the Fund, Centre Asset Management, LLC (the “Adviser” or “Centre”), has entered into a written expense limitation agreement, dated and effective as of November 4, 2013 (the “Expense Limitation Agreement”), under which it has agreed to limit through at least January 31, 2018 the total operating expenses of each class of shares of the Fund including (but not limited to) investment advisory fees of the Adviser and distribution/service (Rule 12b-1) fees, and shareholder service fees, but excluding, as applicable, any front-end or contingent deferred sales loads, taxes, leverage interest, brokerage commissions, 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), and acquired fund fees and expenses, to an annual rate of 0.85% 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. To the extent the Fund incurs any front-end or contingent deferred sales loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, and such expenses are included in the calculation of Total Annual Fund Operating Expenses, the Fund’s Total Annual Fund Operating Expenses (before fee waiver and/or expense reimbursements) would be higher. After January 31, 2018, the Expense Limitation Agreement may be terminated, without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fund, upon 60 days’ written notice to the Adviser. The Expense Limitation Agreement may not be terminated by the Adviser without the consent of the Board. The Expense Limitation Agreement will automatically terminate if the investment advisory agreement between the Adviser and the Trust, on behalf of the Fund, (the “Advisory Agreement”) is terminated, with such termination effective upon the effective date of the Advisory Agreement’s termination. The Adviser may recoup any waived or reimbursed amount pursuant to the Expense Limitation Agreement in the first, second and third fiscal years following the fiscal year in which any such reimbursement or waiver occurs. The Adviser has agreed that the reimbursement will not cause the Fund to exceed the then-existing expense limitation for that class at the time the waiver or reimbursement was made.

3The investment adviser to the Fund, Centre Asset Management, LLC (the “Adviser” or “Centre”), has entered into a written expense limitation agreement, dated and effective as of November 4, 2013 (the “Expense Limitation Agreement”), under which it has agreed to limit through at least January 31, 2018 the total operating expenses of each class of shares of the Fund including (but not limited to) investment advisory fees of the Adviser and distribution/service (Rule 12b-1) fees, and shareholder service fees, but excluding, as applicable, any front-end or contingent deferred sales loads, taxes, leverage interest, brokerage commissions, 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), and acquired fund fees and expenses, to an annual rate of 0.95% 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. To the extent the Fund incurs any front-end or contingent deferred sales loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, and such expenses are included in the calculation of Total Annual Fund Operating Expenses, the Fund’s Total Annual Fund Operating Expenses (before fee waiver and/or expense reimbursements) would be higher. After January 31, 2018, the Expense Limitation Agreement may be terminated, without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fund, upon 60 days’ written notice to the Adviser. The Expense Limitation Agreement may not be terminated by the Adviser without the consent of the Board. The Expense Limitation Agreement will automatically terminate if the investment advisory agreement between the Adviser and the Trust, on behalf of the Fund, (the “Advisory Agreement”) is terminated, with such termination effective upon the effective date of the Advisory Agreement’s termination. The Adviser may recoup any waived or reimbursed amount pursuant to the Expense Limitation Agreement in the first, second and third fiscal years following the fiscal year in which any such reimbursement or waiver occurs. The Adviser has agreed that the reimbursement will not cause the Fund to exceed the then-existing expense limitation for that class at the time the waiver or reimbursement 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.

The S&P 500 Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices.

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, or Centre Active U.S. Tax Exempt Fund Prospectus. Read the prospectus carefully before you invest. Click here for fund holdings. Holdings are subject to change.
Dividend Yield - How much a security pays out in dividends relative to its price.
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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