Centre Funds - Performance
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FUNDAMENTALLY-DRIVEN SPECIALIST ACTIVE FUNDS

Performance

 
  As of 06/30/2018 As of 06/30/2018
  Total Return % Since Inception
  Annualized
Fund NameTicker1 MO3 MOYTD1 Year3 Year5 Year10 YearAnnualizedCumulative
Centre American Select Equity Fund - InvestorDHAMX0.00%3.43%5.53%17.89%12.25%11.79%-12.81%119.54%
S&P 500 Total Return Index0.62%3.43%2.65%14.37%11.93%13.42%-15.13%150.76%
Centre American Select Equity Fund - InstitutionalDHANX0.00%3.59%5.69%18.09%12.45%--9.71%50.86%
S&P 500 Total Return Index0.62%3.43%2.65%14.37%11.93%--11.43%61.67%
Centre Active U.S. Treasury Fund - InvestorDHTRX0.67%0.05%0.58%0.90%0.48%--0.70%3.15%
Bloomberg Barclays U.S. Treasury Index0.02%0.10%-1.08%-0.65%1.02%--1.66%7.57%
Centre Active U.S. Treasury Fund - InstitutionalDHTUX0.59%0.06%0.69%1.24%0.76%--0.97%4.38%
Bloomberg Barclays U.S. Treasury Index0.02%0.10%-1.08%-0.65%1.02%--1.66%7.57%
Centre Active U.S. Tax Exempt Fund - InvestorDHBRX0.42%0.79%-0.56%0.16%1.07%1.62%2.49%4.37%235.92%
Bloomberg Barclays Prerefunded Municipal Bond Index0.35%0.63%0.59%0.43%0.94%1.14%2.26%2.06%78.31%
Bloomberg Barclays U.S. Municipal Index0.09%0.87%-0.25%1.56%2.85%3.53%4.43%5.65%375.09%
Centre Active U.S. Tax Exempt Fund - InstitutionalDHBIX0.46%0.91%-0.37%0.49%1.36%1.78%-1.81%14.89%
Bloomberg Barclays Prerefunded Municipal Bond Index0.35%0.63%0.59%0.43%0.94%1.14%-1.28%10.36%
Bloomberg Barclays U.S. Municipal Index0.09%0.87%-0.25%1.56%2.85%3.53%-3.57%31.10%
Centre Global Infrastructure FundDHIVX2.74%4.49%-2.24%------2.24%
MSCI World Index-0.05%1.73%-5.49%------5.49%
Centre Global Infrastructure FundDHINX2.78%4.76%-1.94%------1.94%
MSCI World Index-0.05%1.73%-5.49%------5.49%

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 01/29/2018

Fund Name Ticker Inception Date Gross Expense Ratio Net Expense Ratio
Centre American Select Equity Fund - Investor Class DHAMX 12/21/2011 1.46% 1.45%1
Centre American Select Equity Fund - Institutional Class DHANX 01/21/2014 1.18% 0.93%1
Centre Active U.S. Treasury Fund - Investor Class DHTRX 01/21/2014 1.15% 1.10%2
Centre Active U.S. Treasury Fund - Institutional Class DHTUX 01/21/2014 0.89% 0.62%2
Centre Active U.S. Tax Exempt Fund - Investor Class DHBRX 03/17/2015 1.26% 1.19%3
Centre Active U.S. Tax Exempt Fund - Institutional Class DHBIX 03/17/2015 1.00% 0.73%3
Centre Global Infrastructure Fund - Investor Class DHIVX 01/29/2018 8.44% 1.70%4
Centre Global Infrastructure Fund - Institutional Class DHINX 01/29/2018 8.14% 1.20%4

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 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.

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

The MSCI World Index and the MSCI World Infrastructure Index are widely recognized, unmanaged indices 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, 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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