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FUNDAMENTALLY-DRIVEN SPECIALIST ACTIVE FUNDS

Performance

  As of 03/31/2014 As of 03/31/2014
  Total Return %Since Inception Total
Return%
Since Inception
Fund NameTicker1 MO3 MO1 YearYTDAnnualizedCumulative1 YearAnnualized
Centre American Select Equity Fund - InvestorDHAMX-0.35%1.59%18.08%1.59%18.65%47.60%18.08%18.65%
S&P 500 Total Return Index0.84%1.81%21.86%1.81%22.32%58.19%21.86%22.32%
Centre American Select Equity Fund - InstitutionalDHANX-0.26%--0.88%-0.88%--
S&P 500 Total Return Index0.84%--1.99%-1.99%--
Centre Global Select Equity Fund - InvestorDHGRX-0.25%---0.58%--0.58%--
MSCI All Country World Index0.50%--1.59%-1.59%--
Centre Global Select Equity Fund - InstitutionalDHGLX-0.25%-1.64%10.22%-1.64%13.92%34.54%10.22%13.92%
MSCI All Country World Index0.50%1.21%17.17%1.21%18.80%48.03%17.17%18.80%
Centre Active U.S. Treasury Fund - InvestorDHTRX-0.79%--0.70%-0.70%--
Centre Active U.S. Treasury Fund - InstitutionalDHTUX-0.69%--0.80%-0.80%--
Barclays Capital U.S. Treasury Bond Index-0.29%--0.63%-0.63%--
Centre Multi-Asset Real Return Fund - InvestorDHMRX-0.81%1.13%3.68%1.13%3.04%4.51%3.68%3.04%
Consumer Price Index   * * * * * * * *
Centre Multi-Asset Real Return Fund - InstitutionalDHMUX-0.91%1.03%3.26%1.03%2.38%2.83%3.26%2.38%
Consumer Price Index   * * * * * * * *

YTD - Year to Date
*Performance data not available at time of production. The CPI Index is available after the 15th of each month.

Related Info as of 01/17/2014

Fund Name Ticker Inception Date Gross Expense Ratio Net Expense Ratio
Centre American Select Equity Fund - Investor Class DHAMX 12/21/2011 1.53% 1.05%1
Centre American Select Equity Fund - Institutional Class DHANX 01/21/2014 1.28% 0.95%1
Centre Global Select Equity Fund - Investor Class DHGRX 01/21/2014 2.45% 1.45%2
Centre Global Select Equity Fund - Institutional Class DHGLX 12/21/2011 2.20% 1.25%2
Centre Active U.S. Treasury Fund - Investor Class DHTRX 01/21/2014 2.28% 0.85%3
Centre Active U.S. Treasury Fund - Institutional Class DHTUX 01/21/2014 2.03% 0.60%3
Centre Multi-Asset Real Return Fund - Investor Class DHMRX 01/22/2013 2.17% 1.93%4
Centre Multi-Asset Real Return Fund - Institutional Class DHMUX 10/09/2012 1.92% 1.68%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 entered into a written expense limitation agreement (the Expense Limitation Agreement), under which it has agreed to reduce its advisory fees and/or reimburse other expenses of the Fund for a period of two years from January 11, 2013, to the extent necessary to limit the current 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, 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. The Expense Limitation Agreement may not be terminated and will remain in place through the end of the two-year period beginning after January 11, 2013. The Adviser may recoup any waived or reimbursed amount pursuant to the agreement in the first, second and third fiscal years following the fiscal year in which any such reimbursement or waiver occurs, if the total annual 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 under which it has agreed to limit through October 31, 2015 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, but excluding interest, taxes, litigation, brokerage, other expenditures which are capitalized in accordance with generally accepted accounting principles and extraordinary expenses) to an annual rate of 1.45% of the average daily net assets of the Investor Class shares, and 1.25% 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. The expense limitation agreement may be terminated by the Adviser or the Trust, with respect to the Fund, at any time and without payment of penalty, provided that the terminating party provides 90 days prior written notice of such termination to the other party, and such termination will not be effective before October 31, 2015 (unless otherwise specifically agreed upon). In addition, any termination sought by the Trust must be authorized by resolution of a majority of the Trustees who are not "interested persons" (as defined by the Investment Company Act 1940, as amended) of the Trust or by vote of a majority of the outstanding shares of the Fund. The Adviser may recoup any waived amount, including organizational fees, from the Fund pursuant to this agreement if such reimbursement does not cause the Fund to exceed the then existing expense limitation at the time the waiver or reimbursement is made and the reimbursement is made within three fiscal years after the year in which the Adviser incurred the expense.

3The 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 reduce its advisory fees and/or reimburse other expenses of the Fund, for at least an initial period of not less than two years beginning November 4, 2013 and until the next following effective date of the Post-Effective Amendment to the registration statement of Centre Funds (formerly, Drexel Hamilton Mutual Funds) (the "Trust") relating to the Fund incorporating the Fund's financial statements for the Fund's fiscal year (the "Initial Term"), to the extent necessary to limit the current 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, 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 0.85% for Investor Class shares of the Fund and 0.60% for Institutional Class shares of the Fund. 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 (such as litigation and other expenses not incurred in the ordinary course of the Fund's business), the Fund's Total Annual Fund Operating Expenses (before fee waiver and/or expense reimbursements) would be higher. Unless sooner terminated, the Expense Limitation Agreement will remain in effect for the Initial Term and from year to year thereafter. The Expense Limitation Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust (the "Board" or the "Trustees"), 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, which consent will not be unreasonably withheld. 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 receive reimbursement of any amount waived pursuant to the Expense Limitation Agreement in first, second, and third fiscal years following the fiscal year in which any such reimbursement occurs, provided that the reimbursement does not cause the Fund to exceed the then-existing expense limitation for that class at the time such reimbursement is to be paid by the Fund.

4The 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 reduce its advisory fees and/or reimburse other expenses of the Fund, for at least 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 the Fund's fiscal year (the "Initial Term"), to the extent necessary to limit the current 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, 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. Unless sooner terminated, the Expense Limitation Agreement will remain in effect for the Initial Term and from year to year thereafter. The Expense Limitation Agreement may be terminated at any time, and 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, which consent will not be unreasonably withheld. 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, provided that the reimbursement does not cause the Fund to exceed the then-existing expense limitation for that class at the time such reimbursement is to be paid by the Fund.

The S&P 500 Index is the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Consumer Price Index (CPI) is an economic measure that tracks the weighted average of prices of a basket of consumer goods and services. Changes in CPI are used to assess price changes associated with the cost of living. The U.S. Treasury Index includes public obligations of the U.S. Treasury. Treasury bills are excluded by the maturity constraint but are part of a separate Short Treasury Index. In addition, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly into an index.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-855-298-4236 or download the prospectus. Read the prospectus carefully before you invest.
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.
The Centre Active U.S. Treasury Fund is new and has limited operating history.

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