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FUNDAMENTALLY-DRIVEN SPECIALIST ACTIVE FUNDS

Performance

  As of 02/28/2015 As of 12/31/2014
  Total Return% Since Inception
Fund NameTicker1 MO3 MOYTD1 Year3 Year5 YearAnnualizedCumulative
Centre American Select Equity Fund - InvestorDHAMX4.10%1.12%2.30%9.38%45.29%-16.40%58.35%
S&P 500 Total Return Index5.75%2.31%2.57%15.51%64.30%-20.68%76.65%
Centre American Select Equity Fund - InstitutionalDHANX4.19%1.22%2.39%9.48%---8.15%
S&P 500 Total Return Index5.75%2.31%2.57%15.51%---13.89%
Centre Global Select Equity Fund - InvestorDHGRX4.20%-0.13%4.73%-2.96%----7.65%
MSCI All Country World Index ex-USA5.36%1.46%5.22%1.31%----2.87%
Centre Global Select Equity Fund - InstitutionalDHGLX4.20%-0.11%4.72%-2.77%16.67%-7.72%25.23%
MSCI All Country World Index ex-USA5.36%1.46%5.22%1.31%22.38%-10.00%33.43%
Centre Active U.S. Treasury Fund - InvestorDHTRX-1.47%-0.74%0.00%0.24%---1.74%
Centre Active U.S. Treasury Fund - InstitutionalDHTUX-1.47%-0.71%0.00%0.46%---1.97%
Barclays Capital U.S. Treasury Bond Index-1.54%1.15%1.00%4.40%---4.32%
Centre Active U.S. Tax Exempt Fund - InvestorDHBRX-0.69%0.39%0.19%2.51%3.35%13.84%4.86%225.11%
Barclays Capital Prerefunded Municipal Bond Index-0.38%0.21%0.31%1.30%3.49%9.61%2.23%73.14%
Barclays Capital General Obligation Index-1.00%1.07%0.65%5.29%9.79%25.54%5.99%324.35%
Centre Active U.S. Tax Exempt Fund - InstitutionalDHBIX-0.67%0.45%0.24%2.78%3.47%-2.31%10.13%
Barclays Capital Prerefunded Municipal Bond Index-0.38%0.21%0.31%1.30%3.49%-1.65%7.15%
Barclays Capital General Obligation Index-1.00%1.07%0.65%5.29%9.79%-4.05%18.41%
Centre Multi-Asset Real Return Fund - InvestorDHMRX1.79%0.09%2.22%0.40%--0.99%1.92%
Consumer Price Index0.43%-0.61%-0.04%-0.02%--1.13%2.20%
Centre Multi-Asset Real Return Fund - InstitutionalDHMUX1.78%0.16%2.32%0.66%--1.62%3.66%
Consumer Price Index0.43%-0.61%-0.04%-0.02%--0.66%1.48%

The Centre Active U.S. Tax Exempt Fund aquired the ISI Managed Mutual Fund as of 3/17/2015.
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 01/28/2015

Fund Name Ticker Inception Date Gross Expense Ratio Net Expense Ratio
Centre American Select Equity Fund - Investor Class DHAMX 12/21/2011 1.43% 1.05%1
Centre American Select Equity Fund - Institutional Class DHANX 01/21/2014 1.26% 0.95%1
Centre Global Select Equity Fund - Investor Class DHGRX 01/21/2014 2.69% 1.45%2
Centre Global Select Equity Fund - Institutional Class DHGLX 12/21/2011 1.95% 1.25%2
Centre Active U.S. Treasury Fund - Investor Class DHTRX 01/21/2014 2.16% 0.92%3
Centre Active U.S. Treasury Fund - Institutional Class DHTUX 01/21/2014 1.93% 0.67%3
Centre Active U.S. Tax Exempt Fund - Investor Class DHBRX 02/26/1990 0.92% 0.92%4
Centre Active U.S. Tax Exempt Fund - Institutional Class DHBIX 10/07/2010 0.67% 0.67%4
Centre Multi-Asset Real Return Fund - Investor Class DHMRX 01/22/2013 2.02% 2.02%5
Centre Multi-Asset Real Return Fund - Institutional Class DHMUX 10/09/2012 1.77% 1.77%5

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, 2016 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 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 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. 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 under which it has agreed to limit through January 31, 2016 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. 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, dated and effective as of November 4, 2013 (the "Expense Limitation Agreement") under which it has agreed to limit through at least January 31, 2016 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, 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. 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. 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 thenexisting expense limitation for that class at the time the waiver or reimbursement was made.

4The investment adviser to the Fund, Centre Asset Management, LLC (the "Adviser" or "Centre"), has entered into a written expense limitation agreement dated December 8, 2014 (the "Expense Limitation Agreement"), under which it has agreed to reduce its advisory fees and/or reimburse other expenses of the Fund, for an initial period of not less than two years from the date of the closing of the reorganization of the Acquired Fund into the Fund (the "Reorganization") 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 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 any taxes, leverage interest, 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 0.95% 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. 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. 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 or waiver was made.

5The investment adviser to the Fund, Centre Asset Management, LLC (the "Adviser" or "Centre"), has contractually 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 until January 31, 2016 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 exclusive of any front-end or contingent deferred sales loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, 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, except that, if an acquired fund is an underlying fund managed by the Adviser and such acquired fund is not subject to an effective expense limitation or fee waiver agreement at any time during the term of the Expense Limitation Agreement, then, for that time, the operating expenses of each class of shares of the Fund shall not exclude the amount of advisory fees included in such acquired fund's fees and expenses to which the Fund would otherwise be subject, to an annual rate of 1.25% of the average daily net assets of the Investor Class shares and 1.00% of the average daily net assets of the Institutional Class shares. 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. The Adviser may receive reimbursement of any amount waived pursuant to the Expense Limitation Agreement, provided that the reimbursement does not cause the Fund to exceed the thenexisting expense limitation for that class at the time suchreimbursement 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 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 American Select Equity Fund Prospectus, Centre Active U.S. Treasury Fund Prospectus, Centre Active U.S. Tax Exempt Fund Prospectus, or Centre Multi-Asset Real Return Fund Prospectus. Read the prospectus carefully before you invest. Click here for fund holdings. Holdings are subject to change.
The Centre Active U.S. Tax Exempt Fund is newly organized and has a limited operating history.
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.

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