UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment
Company Act file number: 811-22545
CENTRE
FUNDS
(Exact
name of registrant as specified in charter)
48
Wall Street, Suite 1100, New York, New York 10005
(Address
of principal executive offices) (Zip code)
James
A. Abate
48
Wall Street, Suite 1100
New
York, New York 10005
(Name
and address of agent for service)
Registrant’s
telephone number, including area code: (212) 918-4705
Date
of fiscal year end: September 30
Date
of reporting period: October 1, 2023 – September 30, 2024
Item
1. Reports to Stockholders.
(a)
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CENTRE AMERICAN SELECT EQUITY FUND
Annual Shareholder Report | September 30, 2024
This annual shareholder report contains important information about Centre American Select Equity Fund - Institutional (the "Fund") for the period of October 1, 2023 to September 30, 2024.
This report describes changes to the Fund that occurred during the September 30, 2024 annual reporting period.
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhamx-dhanx. You can also request this information by contacting us at 855.298.4236.
WHAT WERE THE FUND'S COST FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
Centre American Select Equity Fund - Institutional | $103 | 1.03% |
HOW DID THE FUND PERFORM LAST YEAR?
The Fund returned 25.28% for the 12 months ended September 30, 2024. This is in contrast to the S&P 500 Total Return Index, which had a 36.35% return for the same time period.
The strongest contributors to performance within the American Select Equity Fund over the one-year period ended September 30, 2024, included investments within the Consumer Discretionary sector: Hasbro, MercadoLibre, and Amazon; and the Information Technology sector: Nvidia. Stock investments that contributed negatively to the Fund’s relative performance over the period were in the Consumer Staples sector and included Kraft Heinz, PepsiCo, Tyson Foods, Estee Lauder, Molson Coors, and Boston Beer. Sectoral Biases, particularly our overweight posture in Consumer Staples and Health Care, contributed negatively as well as the impact from hedging instruments, namely put options on the S&P 500 Index, as the put option positions were affected negatively from the rise in the S&P 500 Index and corresponding sharp fall in implied volatility.
In the Fund, we continue to emphasize more idiosyncratic risk-oriented companies that are less influenced by a pervasive market effect and have historically demonstrated defensiveness during economic and financial market stress, as they produce and sell goods that are considered essential, in the Consumer Staples and Health Care sectors, with a particular emphasis on cash flow stability and dividend yield. Within cyclical or economically-sensitive segments, the Fund maintains limited exposure and focused on special situation stocks in the Industrials sector and Natural Gas industry. The Fund’s portfolio is designed to be relatively defensive with companies that have high barriers to entry. We continue to believe that our bottom-up focus, which allows flexibility and pragmatism to search for the best opportunities within the universe of large-capitalization equity securities, and tilting towards industries and sectors where we see the most opportunity, is most consistent with financial theory, empirical evidence, and the current environment.
TOTAL RETURN BASED ON $250,000 INVESTMENT
| Institutional - $841,168 | S&P 500 Total Return Index - $952,346 |
|---|
9/30/2014 | $250,000 | $250,000 |
3/31/2015 | $253,888 | $264,825 |
9/30/2015 | $245,285 | $248,463 |
3/31/2016 | $263,025 | $269,546 |
9/30/2016 | $271,638 | $286,802 |
3/31/2017 | $290,482 | $315,833 |
9/30/2017 | $315,636 | $340,175 |
3/31/2018 | $343,292 | $360,024 |
9/30/2018 | $374,202 | $401,101 |
3/31/2019 | $361,969 | $394,214 |
9/30/2019 | $356,946 | $418,163 |
3/31/2020 | $343,569 | $366,706 |
9/30/2020 | $444,099 | $481,512 |
3/31/2021 | $543,446 | $573,351 |
9/30/2021 | $578,110 | $625,989 |
3/31/2022 | $729,938 | $663,057 |
9/30/2022 | $588,414 | $529,135 |
3/31/2023 | $655,582 | $611,812 |
9/30/2023 | $671,439 | $643,520 |
3/31/2024 | $783,541 | $794,629 |
9/30/2024 | $841,168 | $877,449 |
The chart above represents historical performance of a hypothetical investment of $250,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
AVERAGE ANNUAL TOTAL RETURNS
Institutional | 1 Year | 5 Year | 10 Year |
|---|
Institutional (Incep. January 21, 2014) | 25.28% | 18.70% | 12.90% |
S&P 500 Total Return Index | 36.35% | 15.98% | 13.38% |
- Total Net Asset$419,879,067
- # of Portfolio Holdings36
- Portfolio Turnover Rate (Institutional)81%
- Advisory Fees Paid$2,831,147
Past performance does not guarantee future results. Call 855.298.4236 for current month-end performance.
WHAT DID THE FUND INVEST IN?
SECTOR WEIGHTINGS (as a % of Net Assets)
Value | Value |
|---|
Consumer Staples - | 23.59% |
Health Care - | 19.18% |
Information Technology - | 14.31% |
Bonds - | 9.71% |
Communication Services - | 9.01% |
Materials - | 7.99% |
Consumer Discretionary - | 6.27% |
Energy - | 5.47% |
Financials - | 2.25% |
Industrials - | 2.20% |
Cash, Cash Equivalents,
& Other Net Assets - | 0.02% |
TOP TEN HOLDINGS (as a % of Net Assets)
Top 10 | Top 10 |
|---|
iShares 20+ Year Treasury Bond ETF | 9.53% |
NVIDIA Corp. | 6.24% |
Microsoft Corp. | 4.36% |
Alphabet, Inc. | 3.80% |
Apple, Inc. | 3.70% |
Amazon.com, Inc. | 3.62% |
Johnson & Johnson | 3.20% |
International Flavors & Fragrances, Inc. | 3.14% |
McCormick & Co., Inc. | 3.05% |
Medtronic PLC | 2.90% |
This is a summary of certain changes of the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus available on January 30, 2024, or the Fund's next prospectus, which we expect to be available on January 29, 2025, or by calling us at 1-855-298-4236.
Effective January 29, 2024, the Fund's adviser contractually agreed to reduce its advisory fee and/or reimburse other expenses of the Fund, until at least January 29, 2025, to the extent necessary to limit the total operating expenses of the Fund to an annual rate of 0.95% of the average daily net assets ("Expense Limitation") of the Institutional Class shares. Prior to January 29, 2024, the Expense Limitation was 0.90% for the Fund's Institutional Class shares.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 855.298.4236.
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.centrefunds.com/resources/dhamx-dhanx.
Distributor, ALPS Distributors, Inc.
CENTRE AMERICAN SELECT EQUITY FUND - INSTITUTIONAL : DHANX
Annual Shareholder Report | September 30, 2024
CENTRE AMERICAN SELECT EQUITY FUND
Annual Shareholder Report | September 30, 2024
This annual shareholder report contains important information about Centre American Select Equity Fund - Investor (the "Fund") for the period of October 1, 2023 to September 30, 2024.
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhamx-dhanx. You can also request this information by contacting us at 855.298.4236.
WHAT WERE THE FUND'S COST FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
Centre American Select Equity Fund - Investor | $134 | 1.34% |
HOW DID THE FUND PERFORM LAST YEAR?
The Fund returned 24.88% for the 12 months ended September 30, 2024. This is in contrast to the S&P 500 Total Return Index, which had a 36.35% return for the same time period.
The strongest contributors to performance within the American Select Equity Fund over the one-year period ended September 30, 2024, included investments within the Consumer Discretionary sector: Hasbro, MercadoLibre, and Amazon; and the Information Technology sector: Nvidia. Stock investments that contributed negatively to the Fund’s relative performance over the period were in the Consumer Staples sector and included Kraft Heinz, PepsiCo, Tyson Foods, Estee Lauder, Molson Coors, and Boston Beer. Sectoral Biases, particularly our overweight posture in Consumer Staples and Health Care, contributed negatively as well as the impact from hedging instruments, namely put options on the S&P 500 Index, as the put option positions were affected negatively from the rise in the S&P 500 Index and corresponding sharp fall in implied volatility.
In the Fund, we continue to emphasize more idiosyncratic risk-oriented companies that are less influenced by a pervasive market effect and have historically demonstrated defensiveness during economic and financial market stress, as they produce and sell goods that are considered essential, in the Consumer Staples and Health Care sectors, with a particular emphasis on cash flow stability and dividend yield. Within cyclical or economically-sensitive segments, the Fund maintains limited exposure and focused on special situation stocks in the Industrials sector and Natural Gas industry. The Fund’s portfolio is designed to be relatively defensive with companies that have high barriers to entry. We continue to believe that our bottom-up focus, which allows flexibility and pragmatism to search for the best opportunities within the universe of large-capitalization equity securities, and tilting towards industries and sectors where we see the most opportunity, is most consistent with financial theory, empirical evidence, and the current environment.
TOTAL RETURN BASED ON $10,000 INVESTMENT
| Investor - $32,506 | S&P 500 Total Return Index - $35,098 |
|---|
9/30/2014 | $10,000 | $10,000 |
3/31/2015 | $10,145 | $10,593 |
9/30/2015 | $9,793 | $9,939 |
3/31/2016 | $10,500 | $10,782 |
9/30/2016 | $10,844 | $11,472 |
3/31/2017 | $11,575 | $12,633 |
9/30/2017 | $12,578 | $13,607 |
3/31/2018 | $13,666 | $14,401 |
9/30/2018 | $14,854 | $16,044 |
3/31/2019 | $14,334 | $15,769 |
9/30/2019 | $14,093 | $16,727 |
3/31/2020 | $13,528 | $14,668 |
9/30/2020 | $17,450 | $19,260 |
3/31/2021 | $21,295 | $22,934 |
9/30/2021 | $22,616 | $25,040 |
3/31/2022 | $28,458 | $26,522 |
9/30/2022 | $22,895 | $21,165 |
3/31/2023 | $25,470 | $24,472 |
9/30/2023 | $26,031 | $25,741 |
3/31/2024 | $30,318 | $31,785 |
9/30/2024 | $32,506 | $35,098 |
The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
AVERAGE ANNUAL TOTAL RETURNS
Investor | 1 Year | 5 Year | 10 Year |
|---|
Investor (Incep. December 21, 2011) | 24.88% | 18.19% | 12.51% |
S&P 500 Total Return Index | 36.35% | 15.98% | 13.38% |
- Total Net Asset$419,879,067
- # of Portfolio Holdings36
- Portfolio Turnover Rate (Investor)81%
- Advisory Fees Paid$2,831,147
Past performance does not guarantee future results. Call 855.298.4236 for current month-end performance.
WHAT DID THE FUND INVEST IN?
SECTOR WEIGHTINGS (as a % of Net Assets)
Value | Value |
|---|
Consumer Staples - | 23.59% |
Health Care - | 19.18% |
Information Technology - | 14.31% |
Bonds - | 9.71% |
Communication Services - | 9.01% |
Materials - | 7.99% |
Consumer Discretionary - | 6.27% |
Energy - | 5.47% |
Financials - | 2.25% |
Industrials - | 2.20% |
Cash, Cash Equivalents,
& Other Net Assets - | 0.02% |
TOP TEN HOLDINGS (as a % of Net Assets)
Top 10 | Top 10 |
|---|
iShares 20+ Year Treasury Bond ETF | 9.53% |
NVIDIA Corp. | 6.24% |
Microsoft Corp. | 4.36% |
Alphabet, Inc. | 3.80% |
Apple, Inc. | 3.70% |
Amazon.com, Inc. | 3.62% |
Johnson & Johnson | 3.20% |
International Flavors & Fragrances, Inc. | 3.14% |
McCormick & Co., Inc. | 3.05% |
Medtronic PLC | 2.90% |
There have been no material Fund changes during the reporting period.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 855.298.4236.
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.centrefunds.com/resources/dhamx-dhanx.
Distributor, ALPS Distributors, Inc.
CENTRE AMERICAN SELECT EQUITY FUND - INVESTOR : DHAMX
Annual Shareholder Report | September 30, 2024
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CENTRE GLOBAL INFRASTRUCTURE FUND
Annual Shareholder Report | September 30, 2024
This annual shareholder report contains important information about Centre Global Infrastructure Fund - Institutional (the "Fund") for the period of October 1, 2023 to September 30, 2024.
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhivx-dhinx. You can also request this information by contacting us at 855.298.4236.
WHAT WERE THE FUND'S COST FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
Centre Global Infrastructure Fund - Institutional | $139 | 1.18% |
HOW DID THE FUND PERFORM LAST YEAR?
The Fund returned 35.21% for the 12 months ended September 30, 2024. This is in contrast to the S&P Global Infrastructure Index, which had a 29.67% return for the same time period.
During the period, investments providing the strongest contribution to the Global Infrastructure Fund’s performance within the Utilities sector included: Constellation Energy, NextEra Energy, Public Service Enterprise Group, and Southern Company; within the Communications sector: KT Corp., Verizon Communications, T-Mobile, AT&T, and Deutsche Telekom; and within the Energy sector included: Kinder Morgan, Williams, and Enbridge. Stocks that contributed negatively to the Infrastructure Fund’s performance included Flowserve, Kirby, and Pearson PLC.
In the Energy sector, the secular opportunity for green energy and ESG awareness remains intact despite recent setbacks in autos and wind power generation. However, the cyclical opportunities due to elevated oil & gas prices are profound resulting from supply constraints being imposed at the same time demand is rising. In particular, the value of legacy pipeline assets will increase dramatically, especially those used for natural gas liquefaction and export. In the Utilities sector, we see potential further transformation of the sector from being historically a “bond proxy” to growth industry as demand for electricity increases, as well as remaining an excellent inflation hedge from regulated power generation assets. In the Communications sector, we expect tax and R&D incentives to be most impactful, raising returns on incremental capital investments.
In the Infrastructure Fund, diversification across regions and developed countries as well as being balanced across the Telecommunication, Utilities, Energy, Transportation, and Social Infrastructure sectors should aid in returns and risk management. Centre believes its disciplined, high‐conviction approach to stock selection, with a cognizance of risk management, seems positioned to perform well relative to less risk aware and less historically appreciative strategies.
TOTAL RETURN BASED ON $250,000 INVESTMENT
| Institutional - $363,927 | MSCI World Index - $466,238 | S&P Global Infrastructure Index - $355,549 |
|---|
1/29/2018 | $250,000 | $250,000 | $250,000 |
3/31/2018 | $234,007 | $232,238 | $233,545 |
9/30/2018 | $248,049 | $248,033 | $234,505 |
3/31/2019 | $255,434 | $241,559 | $252,680 |
9/30/2019 | $269,351 | $252,566 | $266,100 |
3/31/2020 | $215,115 | $216,462 | $197,315 |
9/30/2020 | $238,903 | $278,851 | $227,273 |
3/31/2021 | $279,590 | $333,424 | $268,327 |
9/30/2021 | $282,733 | $359,219 | $277,561 |
3/31/2022 | $301,070 | $367,167 | $310,893 |
9/30/2022 | $253,014 | $288,694 | $258,920 |
3/31/2023 | $284,283 | $341,384 | $297,666 |
9/30/2023 | $269,162 | $352,073 | $274,185 |
3/31/2024 | $310,097 | $427,099 | $306,991 |
9/30/2024 | $363,927 | $466,238 | $355,549 |
The chart above represents historical performance of a hypothetical investment of $250,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
AVERAGE ANNUAL TOTAL RETURNS
Institutional | 1 Year | 5 Year | Since Inception |
|---|
Institutional (Incep. January 29, 2018) | 35.21% | 6.20% | 5.79% |
S&P Global Infrastructure Index | 29.67% | 5.97% | 5.42% |
MSCI World Index | 32.43% | 13.04% | 9.80% |
- Total Net Asset$30,588,951
- # of Portfolio Holdings49
- Portfolio Turnover Rate (Institutional)10%
- Advisory Fees Paid$161,690
Past performance does not guarantee future results. Call 855.298.4236 for current month-end performance.
WHAT DID THE FUND INVEST IN?
COUNTRY WEIGHTINGS (as a % of Net Assets)
Value | Value |
|---|
United States - | 58.46% |
Canada - | 10.75% |
Japan - | 6.75% |
Spain - | 5.46% |
Germany - | 4.46% |
Italy - | 3.23% |
United Kingdom - | 2.34% |
Australia - | 2.02% |
South Korea - | 1.64% |
New Zealand - | 1.48% |
France - | 1.45% |
Singapore - | 0.74% |
Switzerland - | 0.63% |
Netherlands - | 0.59% |
INDUSTRY WEIGHTINGS (as a % of Net Assets)
Industry | Industry |
|---|
Oil, Gas & Consumable Fuels | 27.47% |
Diversified Telecommunication Services | 23.70% |
Electric Utilities | 20.04% |
Wireless Telecommunication Services | 10.94% |
Multi-Utilities | 6.39% |
Health Care Providers & Services | 6.25% |
Transportation Infrastructure | 3.27% |
Electrical Equipment | 1.68% |
Money Market - | 0.33% |
Cash, Cash Equivalents,
& Other Net Assets - | (0.07)% |
TOP TEN HOLDINGS (as a % of Net Assets)
Top 10 | Top 10 |
|---|
Verizon Communications, Inc. | 6.86% |
AT&T, Inc. | 5.72% |
Enbridge, Inc. | 5.57% |
HCA Healthcare, Inc. | 5.18% |
T-Mobile US, Inc. | 4.27% |
Kinder Morgan, Inc. | 4.11% |
The Williams Cos., Inc. | 3.82% |
Deutsche Telekom AG | 3.70% |
ONEOK, Inc. | 3.68% |
NextEra Energy, Inc. | 3.49% |
There have been no material Fund changes during the reporting period.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 855.298.4236.
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhivx-dhinx. You can also request this information by contacting us at 855.298.4236.
Distributor, ALPS Distributors, Inc.
CENTRE GLOBAL INFRASTRUCTURE FUND - INSTITUTIONAL : DHINX
Annual Shareholder Report | September 30, 2024
CENTRE GLOBAL INFRASTRUCTURE FUND
Annual Shareholder Report | September 30, 2024
This annual shareholder report contains important information about Centre Global Infrastructure Fund - Investor (the "Fund") for the period of October 1, 2023 to September 30, 2024.
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhivx-dhinx. You can also request this information by contacting us at 855.298.4236.
WHAT WERE THE FUND'S COST FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
Centre Global Infrastructure Fund - Investor | $184 | 1.57% |
HOW DID THE FUND PERFORM LAST YEAR?
The Fund returned 34.80% for the 12 months ended September 30, 2024. This is in contrast to the S&P Global Infrastructure Index, which had a 29.67% return for the same time period.
During the period, investments providing the strongest contribution to the Global Infrastructure Fund’s performance within the Utilities sector included: Constellation Energy, NextEra Energy, Public Service Enterprise Group, and Southern Company; within the Communications sector: KT Corp., Verizon Communications, T-Mobile, AT&T, and Deutsche Telekom; and within the Energy sector included: Kinder Morgan, Williams, and Enbridge. Stocks that contributed negatively to the Infrastructure Fund’s performance included Flowserve, Kirby, and Pearson PLC.
In the Energy sector, the secular opportunity for green energy and ESG awareness remains intact despite recent setbacks in autos and wind power generation. However, the cyclical opportunities due to elevated oil & gas prices are profound resulting from supply constraints being imposed at the same time demand is rising. In particular, the value of legacy pipeline assets will increase dramatically, especially those used for natural gas liquefaction and export. In the Utilities sector, we see potential further transformation of the sector from being historically a “bond proxy” to growth industry as demand for electricity increases, as well as remaining an excellent inflation hedge from regulated power generation assets. In the Communications sector, we expect tax and R&D incentives to be most impactful, raising returns on incremental capital investments.
In the Infrastructure Fund, diversification across regions and developed countries as well as being balanced across the Telecommunication, Utilities, Energy, Transportation, and Social Infrastructure sectors should aid in returns and risk management. Centre believes its disciplined, high‐conviction approach to stock selection, with a cognizance of risk management, seems positioned to perform well relative to less risk aware and less historically appreciative strategies.
TOTAL RETURN BASED ON $10,000 INVESTMENT
| Investor - $14,244 | MSCI World Index - $18,650 | S&P Global Infrastructure Index - $14,222 |
|---|
1/29/2018 | $10,000 | $10,000 | $10,000 |
3/31/2018 | $9,355 | $9,290 | $9,342 |
9/30/2018 | $9,882 | $9,921 | $9,380 |
3/31/2019 | $10,173 | $9,662 | $10,107 |
9/30/2019 | $10,713 | $10,103 | $10,644 |
3/31/2020 | $8,546 | $8,658 | $7,893 |
9/30/2020 | $9,481 | $11,154 | $9,091 |
3/31/2021 | $11,096 | $13,337 | $10,733 |
9/30/2021 | $11,188 | $14,369 | $11,102 |
3/31/2022 | $11,891 | $14,687 | $12,436 |
9/30/2022 | $9,983 | $11,548 | $10,357 |
3/31/2023 | $11,195 | $13,655 | $11,907 |
9/30/2023 | $10,567 | $14,083 | $10,967 |
3/31/2024 | $12,163 | $17,084 | $12,280 |
9/30/2024 | $14,244 | $18,650 | $14,222 |
The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
AVERAGE ANNUAL TOTAL RETURNS
Investor | 1 Year | 5 Year | Since Inception |
|---|
Investor (Incep. January 29, 2018) | 34.80% | 5.86% | 5.45% |
S&P Global Infrastructure Index | 29.67% | 5.97% | 5.42% |
MSCI World Index | 32.43% | 13.04% | 9.80% |
- Total Net Asset$30,588,951
- # of Portfolio Holdings49
- Portfolio Turnover Rate (Investor)10%
- Advisory Fees Paid$161,690
Past performance does not guarantee future results. Call 855.298.4236 for current month-end performance.
WHAT DID THE FUND INVEST IN?
COUNTRY WEIGHTINGS (as a % of Net Assets)
Value | Value |
|---|
United States - | 58.46% |
Canada - | 10.75% |
Japan - | 6.75% |
Spain - | 5.46% |
Germany - | 4.46% |
Italy - | 3.23% |
United Kingdom - | 2.34% |
Australia - | 2.02% |
South Korea - | 1.64% |
New Zealand - | 1.48% |
France - | 1.45% |
Singapore - | 0.74% |
Switzerland - | 0.63% |
Netherlands - | 0.59% |
INDUSTRY WEIGHTINGS (as a % of Net Assets)
Industry | Industry |
|---|
Oil, Gas & Consumable Fuels | 27.47% |
Diversified Telecommunication Services | 23.70% |
Electric Utilities | 20.04% |
Wireless Telecommunication Services | 10.94% |
Multi-Utilities | 6.39% |
Health Care Providers & Services | 6.25% |
Transportation Infrastructure | 3.27% |
Electrical Equipment | 1.68% |
Money Market - | 0.33% |
Cash, Cash Equivalents,
& Other Net Assets - | (0.07)% |
TOP TEN HOLDINGS (as a % of Net Assets)
Top 10 | Top 10 |
|---|
Verizon Communications, Inc. | 6.86% |
AT&T, Inc. | 5.72% |
Enbridge, Inc. | 5.57% |
HCA Healthcare, Inc. | 5.18% |
T-Mobile US, Inc. | 4.27% |
Kinder Morgan, Inc. | 4.11% |
The Williams Cos., Inc. | 3.82% |
Deutsche Telekom AG | 3.70% |
ONEOK, Inc. | 3.68% |
NextEra Energy, Inc. | 3.49% |
There have been no material Fund changes during the reporting period.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 855.298.4236.
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhivx-dhinx. You can also request this information by contacting us at 855.298.4236.
Distributor, ALPS Distributors, Inc.
CENTRE GLOBAL INFRASTRUCTURE FUND - INVESTOR : DHIVX
Annual Shareholder Report | September 30, 2024
|
(b) |
Not Applicable
to the Registrant |
Item
2. Code of Ethics.
|
(a) |
The
Registrant, as of the of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal
executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions
on behalf of the Registrant. |
|
(c) |
During
the period covered by this report, no amendments were made to the provisions of the code of ethics adopted on Item 2(a) above. |
|
(d) |
During
the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above
were granted. |
|
(f) |
The
Registrant’s Code of Ethics is attached as an Exhibit to this report. |
Item
3. Audit Committee Financial Expert.
The
Board of Trustees of the Registrant has determined that the Registrant has at least one audit committee financial expert serving on its
audit committee. The Board of Trustees has designated Dr. Aloke Ghosh as the Trust's "audit committee financial expert," as defined
in Form N-CSR under the 1940 Act, based on the Board's review of his qualifications. Dr. Ghosh is “independent” as defined
in paragraph (a)(2) of Item 3 to Form N-CSR.
Item
4. Principal Accountant Fees and Services.
|
(a) |
Audit
Fees: For the Registrant’s fiscal years ended September 30, 2024 and September 30, 2023, the aggregate fees billed
for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements were
$26,500 and $25,000, respectively. |
|
(b) |
Audit-Related
Fees: For the Registrant’s fiscal years ended September 30, 2024 and September 30, 2023, the aggregate fees billed
for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s
annual financial statements and are not reported under paragraph (a) of this Item were $0 and $0, respectively. |
|
(c) |
Tax
Fees: For the Registrant’s fiscal years ended September 30, 2024 and September 30, 2023, the aggregate fees billed
for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $6,000 and $5,000,
respectively. The fiscal years 2024 and 2023 tax fees were for services for dividend calculation, excise tax preparation and tax
return preparation. |
|
(d) |
All
Other Fees: For the Registrant’s fiscal years ended September 30, 2024 and September 30, 2023, the aggregate fees billed
by the principal accountant for services other than the services reported in paragraphs (a) through (c) of this item were $0 and $0,
respectively. |
| (e)(1) |
Audit Committee Pre-Approval
Policies and Procedures: All services to be performed by the Registrant's principal accountant must be pre-approved by the
Registrant's audit committee. |
| (e)(2) |
No services described in paragraphs (b) through (d) were approved
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
|
(g) |
The
aggregate non-audit fees billed by the Registrant’s principal accountant for the fiscal years ended September 30, 2024 and September
30, 2023 were $0 and $0, respectively. |
Item
5. Audit Committee of Listed Registrants.
Not
applicable to the Registrant.
Item
6. Schedule of Investments.
|
(a) |
The
Registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12)
is included in Item 7 of this Form N-CSR. |
|
(b) |
Not
applicable to the Registrant. |
Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
TABLE
OF CONTENTS
| |
PAGE |
|
ITEM 7 –
FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES |
1 |
|
SCHEDULES
OF INVESTMENTS |
2 |
|
Centre American
Select Equity Fund |
2 |
|
Centre Global
Infrastructure Fund |
4 |
|
STATEMENTS
OF ASSETS AND LIABILITIES |
6 |
|
STATEMENTS
OF OPERATIONS |
7 |
|
STATEMENTS
OF CHANGES IN NET ASSETS |
8 |
|
Centre American
Select Equity Fund |
8 |
|
Centre Global
Infrastructure Fund |
9 |
|
FINANCIAL
HIGHLIGHTS |
10 |
|
Centre American
Select Equity Fund |
10 |
|
Centre Global
Infrastructure Fund |
12 |
|
NOTES TO
FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS |
14 |
|
REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
22 |
|
TAX DESIGNATIONS |
23 |
Centre
Funds
ITEM
7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies
| Annual
Report | September 30, 2024 |
1 |
| Centre
American Select Equity Fund |
Schedule
of Investments |
September
30, 2024
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (90.26%) |
|
|
|
|
|
|
|
|
| Communication Services (9.01%) |
|
|
|
|
|
|
|
|
| Interactive Media & Services (6.47%) |
| Alphabet, Inc., Class A |
|
|
52,013 |
|
|
$ |
8,626,356 |
|
| Alphabet, Inc., Class C |
|
|
43,912 |
|
|
|
7,341,647 |
|
| Meta Platforms, Inc., Class A |
|
|
19,601 |
|
|
|
11,220,397 |
|
| |
|
|
|
|
|
|
27,188,400 |
|
| Media (2.54%) |
| Paramount Global, Class B |
|
|
1,002,960 |
|
|
|
10,651,435 |
|
| |
|
|
|
|
|
|
|
|
| Total Communication
Services |
|
|
|
|
|
|
37,839,835 |
|
| |
|
|
|
|
|
|
|
|
| Consumer Discretionary (6.27%) |
|
|
|
|
|
|
|
|
| Broadline Retail (3.62%) |
| Amazon.com,
Inc.(a) |
|
|
81,544 |
|
|
|
15,194,094 |
|
| |
|
|
|
|
|
|
|
|
| Leisure Products (2.65%) |
| Hasbro, Inc. |
|
|
153,685 |
|
|
|
11,114,499 |
|
| |
|
|
|
|
|
|
|
|
| Total Consumer
Discretionary |
|
|
|
|
|
|
26,308,593 |
|
| |
|
|
|
|
|
|
|
|
| Consumer Staples (23.59%) |
|
|
|
|
|
|
|
|
| Beverages (4.76%) |
| Molson Coors Beverage Co., Class B |
|
|
142,207 |
|
|
|
8,179,747 |
|
| PepsiCo, Inc. |
|
|
69,339 |
|
|
|
11,791,097 |
|
| |
|
|
|
|
|
|
19,970,844 |
|
| Food Products (9.47%) |
| Conagra Brands, Inc. |
|
|
257,075 |
|
|
|
8,360,079 |
|
| Kraft Heinz Co. |
|
|
248,582 |
|
|
|
8,727,714 |
|
| McCormick & Co., Inc. |
|
|
155,700 |
|
|
|
12,814,110 |
|
| Tyson Foods, Inc., Class A |
|
|
165,597 |
|
|
|
9,862,957 |
|
| |
|
|
|
|
|
|
39,764,860 |
|
| Household Products (7.05%) |
| Clorox Co. |
|
|
67,116 |
|
|
|
10,933,867 |
|
| Colgate-Palmolive Co. |
|
|
90,141 |
|
|
|
9,357,537 |
|
| Kimberly-Clark Corp. |
|
|
65,606 |
|
|
|
9,334,422 |
|
| |
|
|
|
|
|
|
29,625,826 |
|
| Tobacco (2.31%) |
|
|
|
|
|
|
|
|
| Altria Group, Inc. |
|
|
190,053 |
|
|
|
9,700,305 |
|
| |
|
|
|
|
|
|
|
|
| Total Consumer
Staples |
|
|
|
|
|
|
99,061,835 |
|
| |
|
|
|
|
|
|
|
|
| Energy (5.46%) |
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels (5.46%) |
| EQT Corp. |
|
|
313,122 |
|
|
|
11,472,790 |
|
| Kinder Morgan, Inc. |
|
|
519,486 |
|
|
|
11,475,446 |
|
| |
|
|
|
|
|
|
22,948,236 |
|
| Total Energy |
|
|
|
|
|
|
22,948,236 |
|
| |
|
|
|
|
|
|
|
|
| Financials (2.25%) |
|
|
|
|
|
|
|
|
| Capital Markets (2.25%) |
| Morgan Stanley |
|
|
90,578 |
|
|
|
9,441,851 |
|
| |
|
|
|
|
|
|
|
|
| Total Financials |
|
|
|
|
|
|
9,441,851 |
|
| |
|
|
|
|
|
|
|
|
| Health Care (19.18%) |
|
|
|
|
|
|
|
|
| Biotechnology (4.26%) |
| Biogen,
Inc.(a) |
|
|
44,840 |
|
|
|
8,691,786 |
|
| |
|
Shares |
|
|
Value |
|
| Health Care (continued) |
|
|
|
|
|
|
|
|
| Incyte
Corp.(a) |
|
|
139,125 |
|
|
$ |
9,196,162 |
|
| |
|
|
|
|
|
|
17,887,948 |
|
| Health Care Equipment & Supplies
(5.17%) |
| Baxter International, Inc. |
|
|
250,588 |
|
|
|
9,514,826 |
|
| Medtronic PLC |
|
|
135,148 |
|
|
|
12,167,375 |
|
| |
|
|
|
|
|
|
21,682,201 |
|
| Pharmaceuticals (9.75%) |
|
|
|
|
|
|
|
|
| Bristol-Myers Squibb Co. |
|
|
184,018 |
|
|
|
9,521,092 |
|
| Eli Lilly & Co. |
|
|
7,029 |
|
|
|
6,227,272 |
|
| Johnson & Johnson |
|
|
82,954 |
|
|
|
13,443,526 |
|
| Pfizer, Inc. |
|
|
406,166 |
|
|
|
11,754,444 |
|
| |
|
|
|
|
|
|
40,946,334 |
|
| Total Health
Care |
|
|
|
|
|
|
80,516,483 |
|
| |
|
|
|
|
|
|
|
|
| Industrials (2.20%) |
|
|
|
|
|
|
|
|
| Electrical Equipment (2.20%) |
| Generac
Holdings, Inc.(a) |
|
|
58,237 |
|
|
|
9,252,694 |
|
| |
|
|
|
|
|
|
|
|
| Total Industrials |
|
|
|
|
|
|
9,252,694 |
|
| |
|
|
|
|
|
|
|
|
| Information Technology (14.31%) |
|
|
|
|
|
|
|
|
| Semiconductors & Semiconductor Equipment
(6.25%) |
| NVIDIA Corp. |
|
|
215,888 |
|
|
|
26,217,439 |
|
| |
|
|
|
|
|
|
|
|
| Software (4.36%) |
|
|
|
|
|
|
|
|
| Microsoft Corp. |
|
|
42,560 |
|
|
|
18,313,568 |
|
| |
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals
(3.70%) |
| Apple, Inc. |
|
|
66,747 |
|
|
|
15,552,051 |
|
| |
|
|
|
|
|
|
|
|
| Total Information
Technology |
|
|
|
|
|
|
60,083,058 |
|
| |
|
|
|
|
|
|
|
|
| Materials (7.99%) |
|
|
|
|
|
|
|
|
| Chemicals (5.43%) |
|
|
|
|
|
|
|
|
| FMC Corp. |
|
|
145,912 |
|
|
|
9,621,437 |
|
| International Flavors & Fragrances, Inc. |
|
|
125,724 |
|
|
|
13,192,219 |
|
| |
|
|
|
|
|
|
22,813,656 |
|
| Metals & Mining (2.56%) |
|
|
|
|
|
|
|
|
| Barrick Gold Corp. |
|
|
539,585 |
|
|
|
10,732,346 |
|
| |
|
|
|
|
|
|
|
|
| Total Materials |
|
|
|
|
|
|
33,546,002 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
| (Cost $274,809,473) |
|
|
|
|
|
|
378,998,587 |
|
| |
|
|
|
|
|
|
|
|
| EXCHANGE TRADED FUNDS (9.53%) |
| iShares 20+ Year Treasury Bond ETF |
|
|
407,655 |
|
|
|
39,990,955 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL EXCHANGE TRADED FUNDS |
| (Cost $37,597,246) |
|
|
|
|
|
|
39,990,955 |
|
See
Notes to Financial Statements and Financial Highlights.
| Centre
American Select Equity Fund |
Schedule
of Investments |
September
30, 2024
| |
|
|
|
|
Shares |
|
|
Value |
|
| Materials (continued) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
7-Day
Yield |
|
|
Shares |
|
|
Value |
|
| SHORT TERM INVESTMENTS (0.18%) |
| Money Market Fund (0.18%) |
|
|
|
|
|
|
|
|
|
|
|
|
| First American Treasury Obligations |
|
|
5.210 |
% |
|
|
769,771 |
|
|
$ |
769,771 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT TERM INVESTMENTS |
| (Cost $769,771) |
|
|
|
|
|
|
|
|
|
|
769,771 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS (99.97%) |
| (Cost $313,176,490) |
|
|
|
|
|
|
|
|
|
$ |
419,759,313 |
|
| Other
Assets In Excess Of Liabilities (0.03%) |
|
|
|
119,754 |
|
| NET ASSETS (100.00%) |
|
|
|
|
|
|
|
|
|
$ |
419,879,067 |
|
|
(a) |
Non-income producing security. |
See
Notes to Financial Statements and Financial Highlights.
| Annual
Report | September 30, 2024 |
3 |
| Centre
Global Infrastructure Fund |
Schedule
of Investments |
September
30, 2024
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS (99.74%) |
|
|
|
|
|
|
|
|
| ASIA
(12.64%) |
|
|
|
|
|
|
|
|
| Australia (2.02%) |
|
|
|
|
|
|
|
|
| Transportation Infrastructure (2.02%) |
| Transurban Group |
|
|
68,139 |
|
|
$ |
618,525 |
|
| |
|
|
|
|
|
|
|
|
| Total Australia |
|
|
|
|
|
|
618,525 |
|
| |
|
|
|
|
|
|
|
|
| Japan (6.75%) |
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services
(1.14%) |
| Nippon Telegraph & Telephone Corp. |
|
|
341,300 |
|
|
|
348,602 |
|
| |
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services (5.61%) |
| KDDI Corp. |
|
|
18,000 |
|
|
|
575,349 |
|
| SoftBank Corp. |
|
|
309,000 |
|
|
|
402,469 |
|
| SoftBank Group Corp. |
|
|
12,600 |
|
|
|
738,773 |
|
| |
|
|
|
|
|
|
1,716,591 |
|
| Total Japan |
|
|
|
|
|
|
2,065,193 |
|
| |
|
|
|
|
|
|
|
|
| New Zealand (1.49%) |
|
|
|
|
|
|
|
|
| Electric Utilities (1.49%) |
|
|
|
|
|
|
|
|
| Mercury NZ, Ltd. |
|
|
110,751 |
|
|
|
453,822 |
|
| |
|
|
|
|
|
|
|
|
| Total New
Zealand |
|
|
|
|
|
|
453,822 |
|
| |
|
|
|
|
|
|
|
|
| Singapore (0.74%) |
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services
(0.74%) |
| Singapore Telecommunications, Ltd. |
|
|
89,300 |
|
|
|
225,117 |
|
| |
|
|
|
|
|
|
|
|
| Total Singapore |
|
|
|
|
|
|
225,117 |
|
| |
|
|
|
|
|
|
|
|
| South Korea (1.64%) |
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services
(1.64%) |
| KT Corp., ADR |
|
|
32,626 |
|
|
|
501,788 |
|
| |
|
|
|
|
|
|
|
|
| Total South
Korea |
|
|
|
|
|
|
501,788 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL ASIA |
|
|
|
|
|
|
|
|
| (Cost $3,378,108) |
|
|
|
|
|
|
3,864,445 |
|
| |
|
|
|
|
|
|
|
|
| EUROPE
(18.17%) |
|
|
|
|
|
|
|
|
| France (1.45%) |
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services
(0.85%) |
| Orange SA |
|
|
22,663 |
|
|
|
259,464 |
|
| |
|
|
|
|
|
|
|
|
| Multi-Utilities (0.60%) |
|
|
|
|
|
|
|
|
| Engie SA |
|
|
10,639 |
|
|
|
183,741 |
|
| |
|
|
|
|
|
|
|
|
| Total France |
|
|
|
|
|
|
443,205 |
|
| |
|
|
|
|
|
|
|
|
| Germany (4.46%) |
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services
(3.70%) |
| Deutsche Telekom AG |
|
|
38,573 |
|
|
|
1,133,123 |
|
| |
|
|
|
|
|
|
|
|
| Multi-Utilities (0.76%) |
|
|
|
|
|
|
|
|
| E.ON SE |
|
|
15,630 |
|
|
|
232,358 |
|
| |
|
|
|
|
|
|
|
|
| Total Germany |
|
|
|
|
|
|
1,365,481 |
|
| |
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
| Great Britain (2.34%) |
|
|
|
|
|
|
|
|
| Multi-Utilities (1.28%) |
|
|
|
|
|
|
|
|
| National Grid PLC |
|
|
28,343 |
|
|
$ |
390,300 |
|
| |
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services (1.06%) |
| Vodafone Group PLC |
|
|
323,543 |
|
|
|
324,594 |
|
| |
|
|
|
|
|
|
|
|
| Total Great
Britain |
|
|
|
|
|
|
714,894 |
|
| |
|
|
|
|
|
|
|
|
| Italy (3.24%) |
|
|
|
|
|
|
|
|
| Electric Utilities (3.24%) |
|
|
|
|
|
|
|
|
| Enel SpA |
|
|
123,896 |
|
|
|
989,541 |
|
| |
|
|
|
|
|
|
|
|
| Total Italy |
|
|
|
|
|
|
989,541 |
|
| |
|
|
|
|
|
|
|
|
| Netherlands (0.59%) |
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services
(0.59%) |
| Koninklijke KPN NV |
|
|
44,546 |
|
|
|
181,933 |
|
| |
|
|
|
|
|
|
|
|
| Total Netherlands |
|
|
|
|
|
|
181,933 |
|
| |
|
|
|
|
|
|
|
|
| Spain (5.46%) |
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services
(1.84%) |
| Cellnex
Telecom SA(a)(b) |
|
|
6,731 |
|
|
|
272,956 |
|
| Telefonica SA |
|
|
59,055 |
|
|
|
288,981 |
|
| |
|
|
|
|
|
|
561,937 |
|
| Electric Utilities (2.37%) |
|
|
|
|
|
|
|
|
| Iberdrola SA |
|
|
46,952 |
|
|
|
725,957 |
|
| |
|
|
|
|
|
|
|
|
| Transportation Infrastructure (1.25%) |
| Aena
SME SA(a)(b) |
|
|
1,743 |
|
|
|
383,388 |
|
| |
|
|
|
|
|
|
|
|
| Total Spain |
|
|
|
|
|
|
1,671,282 |
|
| |
|
|
|
|
|
|
|
|
| Switzerland (0.63%) |
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services
(0.63%) |
| Swisscom AG |
|
|
294 |
|
|
|
191,924 |
|
| |
|
|
|
|
|
|
|
|
| Total Switzerland |
|
|
|
|
|
|
191,924 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL EUROPE |
|
|
|
|
|
|
|
|
| (Cost $4,243,667) |
|
|
|
|
|
|
5,558,260 |
|
| |
|
|
|
|
|
|
|
|
| NORTH
AMERICA (68.93%) |
|
|
|
|
|
|
|
|
| Canada (10.75%) |
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels (10.75%) |
| Enbridge, Inc. |
|
|
41,913 |
|
|
|
1,702,614 |
|
| Pembina Pipeline Corp. |
|
|
13,146 |
|
|
|
541,898 |
|
| TC Energy Corp. |
|
|
21,934 |
|
|
|
1,042,654 |
|
| |
|
|
|
|
|
|
3,287,166 |
|
| Total Canada |
|
|
|
|
|
|
3,287,166 |
|
| |
|
|
|
|
|
|
|
|
| United States (58.18%) |
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services
(12.57%) |
| AT&T, Inc. |
|
|
79,472 |
|
|
|
1,748,384 |
|
| Verizon Communications, Inc. |
|
|
46,710 |
|
|
|
2,097,746 |
|
| |
|
|
|
|
|
|
3,846,130 |
|
See
Notes to Financial Statements and Financial Highlights.
| Centre
Global Infrastructure Fund |
Schedule
of Investments |
September
30, 2024
| |
|
|
|
|
Shares |
|
|
Value |
|
| Electric Utilities (12.94%) |
|
|
|
|
|
|
|
|
|
|
|
|
| American Electric Power Co., Inc. |
|
|
|
|
|
|
3,141 |
|
|
$ |
322,266 |
|
| Constellation Energy Corp. |
|
|
|
|
|
|
1,940 |
|
|
|
504,439 |
|
| Duke Energy Corp. |
|
|
|
|
|
|
4,832 |
|
|
|
557,130 |
|
| Edison International |
|
|
|
|
|
|
2,233 |
|
|
|
194,472 |
|
| Exelon Corp. |
|
|
|
|
|
|
6,224 |
|
|
|
252,383 |
|
| NextEra Energy, Inc. |
|
|
|
|
|
|
12,634 |
|
|
|
1,067,952 |
|
| PG&E Corp. |
|
|
|
|
|
|
12,152 |
|
|
|
240,245 |
|
| The Southern Co. |
|
|
|
|
|
|
6,582 |
|
|
|
593,565 |
|
| Xcel Energy, Inc. |
|
|
|
|
|
|
3,470 |
|
|
|
226,591 |
|
| |
|
|
|
|
|
|
|
|
|
|
3,959,043 |
|
| Electrical Equipment (1.68%) |
| Generac
Holdings, Inc.(c) |
|
|
|
|
|
|
3,233 |
|
|
|
513,659 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services (6.25%) |
| HCA Healthcare, Inc. |
|
|
|
|
|
|
3,900 |
|
|
|
1,585,077 |
|
| Universal Health Services, Inc., Class B |
|
|
|
|
|
|
1,428 |
|
|
|
327,026 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,912,103 |
|
| Multi-Utilities (3.75%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Edison, Inc. |
|
|
|
|
|
|
2,139 |
|
|
|
222,734 |
|
| Dominion Energy, Inc. |
|
|
|
|
|
|
5,112 |
|
|
|
295,422 |
|
| Public Service Enterprise Group, Inc. |
|
|
|
|
|
|
3,228 |
|
|
|
287,970 |
|
| Sempra Energy |
|
|
|
|
|
|
4,076 |
|
|
|
340,876 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,147,002 |
|
| Oil, Gas & Consumable Fuels (16.72%) |
| Cheniere Energy, Inc. |
|
|
|
|
|
|
4,999 |
|
|
|
899,020 |
|
| Kinder Morgan, Inc. |
|
|
|
|
|
|
56,856 |
|
|
|
1,255,949 |
|
| ONEOK, Inc. |
|
|
|
|
|
|
12,342 |
|
|
|
1,124,727 |
|
| Targa Resources Corp. |
|
|
|
|
|
|
4,489 |
|
|
|
664,417 |
|
| The Williams Cos., Inc. |
|
|
|
|
|
|
25,605 |
|
|
|
1,168,868 |
|
| |
|
|
|
|
|
|
|
|
|
|
5,112,981 |
|
| Wireless Telecommunication Services (4.27%) |
| T-Mobile US, Inc. |
|
|
|
|
|
|
6,335 |
|
|
|
1,307,291 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total United States |
|
|
|
|
|
|
|
|
|
|
17,798,209 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL NORTH AMERICA |
| (Cost $13,965,371) |
|
|
|
|
|
|
|
|
|
|
21,085,375 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS |
| (Cost $21,587,146) |
|
|
|
|
|
|
|
|
|
|
30,508,080 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
7-Day
Yield |
|
|
Shares |
|
|
Value |
|
| SHORT TERM INVESTMENTS (0.33%) |
| Money Market Fund (0.33%) |
|
|
|
|
|
|
|
|
|
|
|
|
| First American Treasury Obligations |
|
|
5.210 |
% |
|
|
101,064 |
|
|
|
101,064 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT TERM INVESTMENTS |
| (Cost $101,064) |
|
|
|
|
|
|
|
|
|
|
101,064 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Value |
|
| TOTAL INVESTMENTS (100.07%) |
| (Cost $21,688,210) |
|
|
|
|
|
|
|
|
|
$ |
30,609,144 |
|
| Liabilities in Excess of Other
Assets (-0.07%) |
|
|
|
(20,193 |
) |
| NET ASSETS (100.00%) |
|
|
|
|
|
|
|
|
|
$ |
30,588,951 |
|
|
(a) |
Security was purchased pursuant
to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional
buyers. As of September 30, 2024, these securities had a total aggregate market value of $656,344, representing 2.15% of net assets. |
|
(b) |
Securities were purchased pursuant
to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside the United States from registration.
Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to Securities Act
of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's
Board of Trustees. At period end, the aggregate market value of those securities was $656,344, representing 2.15% of net assets. |
|
(c) |
Non-income producing security. |
See
Notes to Financial Statements and Financial Highlights.
| Annual
Report | September 30, 2024 |
5 |
|
Centre
Funds |
Statements
of Assets and Liabilities
|
September 30, 2024
| |
|
|
|
|
|
|
|
|
|
Centre American
Select Equity Fund |
|
|
Centre Global
Infrastructure Fund |
|
| ASSETS: |
|
|
|
|
|
|
|
|
| Investments, at value |
|
$ |
419,759,313 |
|
|
$ |
30,609,144 |
|
| Foreign currency, at value (Cost $– and $2,943, respectively) |
|
|
– |
|
|
|
3,038 |
|
| Receivable for dividends |
|
|
636,342 |
|
|
|
72,088 |
|
| Deposit with broker for options |
|
|
100,767 |
|
|
|
– |
|
| Receivable for fund shares sold |
|
|
30,136 |
|
|
|
1,000 |
|
| Prepaid and other assets |
|
|
20,305 |
|
|
|
1,280 |
|
| Total Assets |
|
|
420,546,863 |
|
|
|
30,686,550 |
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
| Payable to investment adviser |
|
|
263,251 |
|
|
|
2,987 |
|
| Payable to administrator |
|
|
58,587 |
|
|
|
1,835 |
|
| Payable to transfer agent |
|
|
23,129 |
|
|
|
7,816 |
|
| Payable for fund shares redeemed |
|
|
101,122 |
|
|
|
437 |
|
| Accrued 12b-1 and service fees |
|
|
73,244 |
|
|
|
14,977 |
|
| Payable for custodian fees |
|
|
11,424 |
|
|
|
4,236 |
|
| Payable for printing |
|
|
31,861 |
|
|
|
– |
|
| Payable for legal and audit fees |
|
|
23,374 |
|
|
|
16,095 |
|
| Payable to trustees |
|
|
22,968 |
|
|
|
1,549 |
|
| Payable under the Chief Compliance Officer Services Agreement |
|
|
10,664 |
|
|
|
872 |
|
| Other payables |
|
|
48,172 |
|
|
|
46,795 |
|
| Total Liabilities |
|
|
667,796 |
|
|
|
97,599 |
|
| NET ASSETS |
|
$ |
419,879,067 |
|
|
$ |
30,588,951 |
|
| NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
| Paid-in capital |
|
$ |
279,148,678 |
|
|
$ |
49,811,766 |
|
| Total distributable earnings/(accumulated deficit) |
|
|
140,730,389 |
|
|
|
(19,222,815 |
) |
| NET ASSETS |
|
$ |
419,879,067 |
|
|
$ |
30,588,951 |
|
| INVESTMENTS, AT COST |
|
$ |
313,176,490 |
|
|
$ |
21,688,210 |
|
| PRICING OF SHARES |
|
|
|
|
|
|
|
|
| Investor Class |
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
215,958,605 |
|
|
$ |
26,798,066 |
|
| Shares outstanding |
|
|
12,318,435 |
|
|
|
2,215,352 |
|
| Net Asset Value, offering and redemption price per share |
|
$ |
17.53 |
|
|
$ |
12.10 |
|
| Institutional Class |
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
203,920,462 |
|
|
$ |
3,790,885 |
|
| Shares outstanding |
|
|
11,265,563 |
|
|
|
314,039 |
|
| Net Asset Value, offering and redemption price per share |
|
$ |
18.10 |
|
|
$ |
12.07 |
|
See
Notes to Financial Statements and Financial Highlights.
|
Centre
Funds |
Statements
of Operations
|
For
the Year Ended September 30, 2024
| |
|
Centre American
Select Equity Fund |
|
|
Centre Global
Infrastructure Fund |
|
| INVESTMENT INCOME: |
|
|
|
|
|
|
| Dividends |
|
$ |
7,680,003 |
|
|
$ |
1,277,317 |
|
| Foreign taxes withheld |
|
|
(8,094 |
) |
|
|
(86,018 |
) |
| Total Investment Income |
|
|
7,671,909 |
|
|
|
1,191,299 |
|
| |
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
2,915,501 |
|
|
|
242,099 |
|
| Administration fees |
|
|
283,452 |
|
|
|
29,653 |
|
| Transfer agent fees |
|
|
134,478 |
|
|
|
44,138 |
|
| Custodian fees |
|
|
67,785 |
|
|
|
17,401 |
|
| Legal fees |
|
|
52,752 |
|
|
|
3,961 |
|
| Audit and tax fees |
|
|
15,500 |
|
|
|
15,559 |
|
| Trustees' fees and expenses |
|
|
96,207 |
|
|
|
8,254 |
|
| Registration/filing fees |
|
|
66,521 |
|
|
|
52,985 |
|
| 12b-1 fees (Investor Class) |
|
|
514,290 |
|
|
|
62,117 |
|
| Shareholder service fees |
|
|
|
|
|
|
|
|
| Investor Class |
|
|
226,288 |
|
|
|
17,393 |
|
| Institutional Class |
|
|
141,987 |
|
|
|
1,883 |
|
| Printing fees |
|
|
64,012 |
|
|
|
5,481 |
|
| Chief Compliance Officer services fees |
|
|
68,204 |
|
|
|
5,183 |
|
| Recoupment of previously waived fees - Investor class |
|
|
46,180 |
|
|
|
– |
|
| Miscellaneous expenses |
|
|
32,346 |
|
|
|
7,417 |
|
| Total expenses before waivers |
|
|
4,725,503 |
|
|
|
513,524 |
|
| Fees waived/reimbursed by investment adviser (Investor Class) (Note 5) |
|
|
– |
|
|
|
(66,332 |
) |
| Fees waived/reimbursed by investment adviser (Institutional Class) (Note
5) |
|
|
(84,354 |
) |
|
|
(14,077 |
) |
| Net Expenses |
|
|
4,641,149 |
|
|
|
433,115 |
|
| Net Investment Income |
|
|
3,030,760 |
|
|
|
758,184 |
|
| REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, DERIVATIVES AND FOREIGN
CURRENCIES: |
|
|
|
|
|
|
|
|
| Net realized gain on investments and derivatives |
|
|
41,908,292 |
|
|
|
553,272 |
|
| Net realized loss on foreign currencies |
|
|
– |
|
|
|
(7,752 |
) |
| Total realized gain |
|
|
41,908,292 |
|
|
|
545,520 |
|
| Net change in unrealized appreciation on investments and derivatives |
|
|
41,678,496 |
|
|
|
7,230,574 |
|
| Net change in unrealized appreciation on foreign currencies |
|
|
– |
|
|
|
4,048 |
|
| Total change in unrealized appreciation |
|
|
41,678,496 |
|
|
|
7,234,622 |
|
| NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, DERIVATIVES AND FOREIGN
CURRENCIES: |
|
|
83,586,788 |
|
|
|
7,780,142 |
|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
86,617,548 |
|
|
$ |
8,538,326 |
|
See
Notes to Financial Statements and Financial Highlights.
| Annual
Report | September 30, 2024 |
7 |
|
Centre
American Select Equity Fund |
Statements
of Changes in Net Assets |
| |
|
For The
Year Ended
September
30, 2024 |
|
|
For The
Year Ended
September
30, 2023 |
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
3,030,760 |
|
|
$ |
2,228,318 |
|
| Net realized gain |
|
|
41,908,292 |
|
|
|
4,647,641 |
|
| Net change in unrealized appreciation |
|
|
41,678,496 |
|
|
|
41,900,268 |
|
| Net increase in net assets resulting from operations |
|
|
86,617,548 |
|
|
|
48,776,227 |
|
| DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
| Investor |
|
|
(5,126,535 |
) |
|
|
(3,010,568 |
) |
| Institutional |
|
|
(4,505,366 |
) |
|
|
(1,781,935 |
) |
| Total distributions |
|
|
(9,631,901 |
) |
|
|
(4,792,503 |
) |
| CAPITAL SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
| Investor Class |
|
|
|
|
|
|
|
|
| Proceeds from sale of shares |
|
|
14,418,918 |
|
|
|
57,188,009 |
|
| Shares issued in reinvestment of distributions |
|
|
4,900,829 |
|
|
|
2,912,852 |
|
| Cost of shares redeemed |
|
|
(53,255,305 |
) |
|
|
(123,800,290 |
) |
| Redemption fees |
|
|
8,303 |
|
|
|
87,031 |
|
| Net decrease from capital share transactions |
|
|
(33,927,255 |
) |
|
|
(63,612,398 |
) |
| Institutional Class |
|
|
|
|
|
|
|
|
| Proceeds from sale of shares |
|
|
76,702,160 |
|
|
|
153,571,169 |
|
| Shares issued in reinvestment of distributions |
|
|
4,204,322 |
|
|
|
1,715,622 |
|
| Cost of shares redeemed |
|
|
(83,985,615 |
) |
|
|
(98,299,656 |
) |
| Redemption fees |
|
|
6,864 |
|
|
|
28,546 |
|
| Net increase/(decrease) from capital share transactions |
|
|
(3,072,269 |
) |
|
|
57,015,681 |
|
| Net increase in net assets |
|
|
39,986,123 |
|
|
|
37,387,007 |
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
379,892,944 |
|
|
|
342,505,937 |
|
| End of period |
|
$ |
419,879,067 |
|
|
$ |
379,892,944 |
|
| |
|
|
|
|
|
|
| OTHER INFORMATION: |
|
|
|
|
|
|
| Share Transactions: |
|
|
|
|
|
|
| Investor Class |
|
|
|
|
|
|
|
|
| Beginning shares |
|
|
14,565,719 |
|
|
|
18,950,131 |
|
| Shares sold |
|
|
904,354 |
|
|
|
4,083,896 |
|
| Shares issued in reinvestment of dividends |
|
|
326,070 |
|
|
|
219,507 |
|
| Shares redeemed |
|
|
(3,477,708 |
) |
|
|
(8,687,815 |
) |
| Ending shares |
|
|
12,318,435 |
|
|
|
14,565,719 |
|
|
Institutional
Class
|
|
|
|
|
|
|
|
|
| Beginning shares |
|
|
11,477,969 |
|
|
|
7,521,817 |
|
| Shares sold |
|
|
4,778,669 |
|
|
|
10,570,779 |
|
| Shares issued in reinvestment of dividends |
|
|
271,422 |
|
|
|
125,963 |
|
| Shares redeemed |
|
|
(5,262,497 |
) |
|
|
(6,740,590 |
) |
| Ending shares |
|
|
11,265,563 |
|
|
|
11,477,969 |
|
See
Notes to Financial Statements and Financial Highlights.
|
Centre
Global Infrastructure Fund |
Statements
of Changes in Net Assets |
| |
|
For The
Year Ended
September 30, 2024 |
|
|
For The
Year Ended
September 30, 2023 |
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
| Net
investment income |
|
$ |
758,184 |
|
|
$ |
649,345 |
|
| Net realized gain |
|
|
545,520 |
|
|
|
133,568 |
|
| Net change in unrealized appreciation |
|
|
7,234,622 |
|
|
|
1,377,063 |
|
| Net increase in net assets resulting from operations |
|
|
8,538,326 |
|
|
|
2,159,976 |
|
| DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
| Investor |
|
|
(610,559 |
) |
|
|
(462,866 |
) |
| Institutional |
|
|
(111,731 |
) |
|
|
(84,955 |
) |
| Total distributions |
|
|
(722,290 |
) |
|
|
(547,821 |
) |
| CAPITAL SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
| Investor Class |
|
|
|
|
|
|
|
|
| Proceeds from sale of shares |
|
|
192,650 |
|
|
|
178,584 |
|
| Shares issued in reinvestment of distributions |
|
|
481,992 |
|
|
|
363,361 |
|
| Cost of shares redeemed |
|
|
(4,915,739 |
) |
|
|
(4,947,770 |
) |
| Net decrease from capital share transactions |
|
|
(4,241,097 |
) |
|
|
(4,405,826 |
) |
| Institutional Class |
|
|
|
|
|
|
|
|
| Proceeds from sale of shares |
|
|
409,278 |
|
|
|
445,392 |
|
| Shares issued in reinvestment of distributions |
|
|
104,610 |
|
|
|
80,242 |
|
| Cost of shares redeemed |
|
|
(1,260,297 |
) |
|
|
(1,731,473 |
) |
| Redemption fees |
|
|
– |
|
|
|
164 |
|
| Net decrease from capital share transactions |
|
|
(746,409 |
) |
|
|
(1,205,675 |
) |
| Net increase/(decrease) in net assets |
|
|
2,828,530 |
|
|
|
(3,999,345 |
) |
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
27,760,421 |
|
|
|
31,759,766 |
|
| End of period |
|
$ |
30,588,951 |
|
|
$ |
27,760,421 |
|
| |
|
|
|
|
|
|
| OTHER INFORMATION: |
|
|
|
|
|
|
| Share Transactions: |
|
|
|
|
|
|
| Investor Class |
|
|
|
|
|
|
|
|
| Beginning shares |
|
|
2,630,385 |
|
|
|
3,085,768 |
|
| Shares sold |
|
|
17,628 |
|
|
|
18,398 |
|
| Shares issued in reinvestment of dividends |
|
|
46,426 |
|
|
|
37,554 |
|
| Shares redeemed |
|
|
(479,086 |
) |
|
|
(511,334 |
) |
| Ending shares |
|
|
2,215,353 |
|
|
|
2,630,385 |
|
| Institutional Class |
|
|
|
|
|
|
|
|
| Beginning shares |
|
|
385,820 |
|
|
|
507,023 |
|
| Shares sold |
|
|
40,107 |
|
|
|
46,499 |
|
| Shares issued in reinvestment of dividends |
|
|
10,072 |
|
|
|
8,288 |
|
| Shares redeemed |
|
|
(121,960 |
) |
|
|
(175,990 |
) |
| Ending shares |
|
|
314,039 |
|
|
|
385,820 |
|
See
Notes to Financial Statements and Financial Highlights.
| Annual
Report | September 30, 2024 |
9 |
| Centre American Select Equity Fund |
Financial Highlights |
| Investor Class |
For a share outstanding throughout the periods presented. |
| |
|
For the
Year Ended
September 30,
2024 |
|
|
For the
Year Ended
September 30,
2023 |
|
|
For the
Year Ended
September 30,
2022 |
|
|
For the
Year Ended
September 30,
2021 |
|
|
For the
Year Ended
September 30,
2020 |
|
| NET ASSET VALUE, BEGINNING OF PERIOD |
|
$ |
14.40 |
|
|
$ |
12.84 |
|
|
$ |
14.73 |
|
|
$ |
11.88 |
|
|
$ |
10.55 |
|
| INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income(a) |
|
|
0.10 |
|
|
|
0.06 |
|
|
|
0.11 |
|
|
|
0.02 |
|
|
|
0.10 |
|
| Net realized and unrealized gain
on investments |
|
|
3.42 |
|
|
|
1.67 |
|
|
|
0.27 |
|
|
|
3.40 |
|
|
|
2.25 |
|
| Total income from investment operations |
|
|
3.52 |
|
|
|
1.73 |
|
|
|
0.38 |
|
|
|
3.42 |
|
|
|
2.35 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.17 |
) |
|
|
(0.05 |
) |
|
|
(0.14 |
) |
|
|
(0.11 |
) |
|
|
(0.02 |
) |
| Net realized gains on investments |
|
|
(0.22 |
) |
|
|
(0.13 |
) |
|
|
(2.15 |
) |
|
|
(0.46 |
) |
|
|
(1.00 |
) |
| Total distributions |
|
|
(0.39 |
) |
|
|
(0.18 |
) |
|
|
(2.29 |
) |
|
|
(0.57 |
) |
|
|
(1.02 |
) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 4) |
|
|
0.00 |
(b) |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.00 |
(b) |
|
|
0.00 |
(b) |
| NET INCREASE/(DECREASE) IN NET ASSET VALUE |
|
|
3.13 |
|
|
|
1.56 |
|
|
|
(1.89 |
) |
|
|
2.85 |
|
|
|
1.33 |
|
| NET ASSET VALUE, END OF PERIOD |
|
$ |
17.53 |
|
|
$ |
14.40 |
|
|
$ |
12.84 |
|
|
$ |
14.73 |
|
|
$ |
11.88 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Return(c) |
|
|
24.88 |
% |
|
|
13.70 |
% |
|
|
1.23 |
% |
|
|
29.60 |
% |
|
|
23.82 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
215,959 |
|
|
$ |
209,752 |
|
|
$ |
243,353 |
|
|
$ |
138,985 |
|
|
$ |
151,342 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RATIOS TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income including reimbursement/waiver |
|
|
0.63 |
% |
|
|
0.43 |
% |
|
|
0.78 |
% |
|
|
0.17 |
% |
|
|
0.93 |
% |
| Operating expenses excluding reimbursement/waiver |
|
|
1.34 |
% |
|
|
1.36 |
% |
|
|
1.46 |
% |
|
|
1.44 |
% |
|
|
1.56 |
% |
| Operating expenses including reimbursement/waiver |
|
|
1.34 |
% |
|
|
1.36 |
% |
|
|
1.46 |
% |
|
|
1.46 |
% |
|
|
1.47 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO TURNOVER RATE |
|
|
81 |
% |
|
|
93 |
% |
|
|
138 |
% |
|
|
86 |
% |
|
|
94 |
% |
| (a) |
Calculated using the average
shares method. |
| (b) |
Less than $0.005 per share. |
| (c) |
Total
returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes
that a shareholder would pay on fund distributions or the redemption of fund shares. |
See
Notes to Financial Statements and Financial Highlights.
| Centre American Select Equity Fund |
Financial Highlights |
| Institutional Class |
For a share outstanding
throughout the periods presented. |
| |
|
For the
Year Ended
September 30,
2024 |
|
|
For the
Year Ended
September 30,
2023 |
|
|
For the
Year Ended
September 30,
2022 |
|
|
For the
Year Ended
September 30,
2021 |
|
|
For the
Year Ended
September 30,
2020 |
|
| NET ASSET VALUE, BEGINNING OF PERIOD |
|
$ |
14.82 |
|
|
$ |
13.18 |
|
|
$ |
15.01 |
|
|
$ |
12.06 |
|
|
$ |
10.66 |
|
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income(a) |
|
|
0.16 |
|
|
|
0.12 |
|
|
|
0.18 |
|
|
|
0.09 |
|
|
|
0.20 |
|
| Net realized and unrealized gain
on investments |
|
|
3.52 |
|
|
|
1.72 |
|
|
|
0.30 |
|
|
|
3.45 |
|
|
|
2.23 |
|
| Total income from investment operations |
|
|
3.68 |
|
|
|
1.84 |
|
|
|
0.48 |
|
|
|
3.54 |
|
|
|
2.43 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.18 |
) |
|
|
(0.07 |
) |
|
|
(0.16 |
) |
|
|
(0.13 |
) |
|
|
(0.03 |
) |
| Net realized gains on investments |
|
|
(0.22 |
) |
|
|
(0.13 |
) |
|
|
(2.15 |
) |
|
|
(0.46 |
) |
|
|
(1.00 |
) |
| Total distributions |
|
|
(0.40 |
) |
|
|
(0.20 |
) |
|
|
(2.31 |
) |
|
|
(0.59 |
) |
|
|
(1.03 |
) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 4) |
|
|
0.00 |
(b) |
|
|
0.00 |
(b) |
|
|
0.00 |
(b) |
|
|
0.00 |
(b) |
|
|
0.00 |
(b) |
| NET INCREASE/(DECREASE) IN NET ASSET VALUE |
|
|
3.28 |
|
|
|
1.64 |
|
|
|
(1.83 |
) |
|
|
2.95 |
|
|
|
1.40 |
|
| NET ASSET VALUE, END OF PERIOD |
|
$ |
18.10 |
|
|
$ |
14.82 |
|
|
$ |
13.18 |
|
|
$ |
15.01 |
|
|
$ |
12.06 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(c) |
|
|
25.28 |
% |
|
|
14.11 |
% |
|
|
1.78 |
% |
|
|
30.18 |
% |
|
|
24.42 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
203,920 |
|
|
$ |
170,141 |
|
|
$ |
99,153 |
|
|
$ |
15,861 |
|
|
$ |
11,682 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RATIOS TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income including reimbursement/waiver |
|
|
0.95 |
% |
|
|
0.81 |
% |
|
|
1.24 |
% |
|
|
0.65 |
% |
|
|
1.73 |
% |
| Operating expenses excluding reimbursement/waiver |
|
|
1.08 |
% |
|
|
1.08 |
% |
|
|
1.05 |
% |
|
|
1.16 |
% |
|
|
1.26 |
% |
| Operating expenses including reimbursement/waiver |
|
|
1.03 |
%(d) |
|
|
0.98 |
% |
|
|
0.98 |
% |
|
|
0.98 |
% |
|
|
0.99 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO TURNOVER RATE |
|
|
81 |
% |
|
|
93 |
% |
|
|
138 |
% |
|
|
86 |
% |
|
|
94 |
% |
| (a) |
Calculated using the average
shares method. |
| (b) |
Less than $0.005 per share. |
| (c) |
Total
returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes
that a shareholder would pay on fund distributions or the redemption of fund shares. |
| (d) |
Effective
January 30, 2024, the net expense limitation changed from 0.90% to 0.95%, excluding, among other fees and expenses, 12B-1 fees and shareholder
service fees. |
See
Notes to Financial Statements and Financial Highlights.
| Annual
Report | September 30, 2024 |
11 |
| Centre Global Infrastructure Fund |
Financial Highlights |
| Investor Class |
For a share outstanding throughout the periods presented. |
| |
|
For the
Year Ended
September 30,
2024 |
|
|
For the
Year Ended
September 30,
2023 |
|
|
For the
Year Ended
September 30,
2022 |
|
|
For the
Year Ended
September 30,
2021 |
|
|
For the
Year Ended
September 30,
2020 |
|
| NET ASSET VALUE, BEGINNING OF PERIOD |
|
$ |
9.20 |
|
|
$ |
8.84 |
|
|
$ |
10.14 |
|
|
$ |
8.76 |
|
|
$ |
10.18 |
|
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income(a) |
|
|
0.27 |
|
|
|
0.19 |
|
|
|
0.19 |
|
|
|
0.18 |
|
|
|
0.25 |
|
| Net realized and unrealized gain/(loss)
on investments |
|
|
2.89 |
|
|
|
0.33 |
|
|
|
(1.25 |
) |
|
|
1.39 |
|
|
|
(1.41 |
) |
| Total income/(loss) from investment
operations |
|
|
3.16 |
|
|
|
0.52 |
|
|
|
(1.06 |
) |
|
|
1.57 |
|
|
|
(1.16 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.26 |
) |
|
|
(0.16 |
) |
|
|
(0.24 |
) |
|
|
(0.19 |
) |
|
|
(0.26 |
) |
| Tax return of capital |
|
|
– |
|
|
|
– |
|
|
|
(0.00 |
)(b) |
|
|
– |
|
|
|
– |
|
| Total distributions |
|
|
(0.26 |
) |
|
|
(0.16 |
) |
|
|
(0.24 |
) |
|
|
(0.19 |
) |
|
|
(0.26 |
) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 4) |
|
|
– |
|
|
|
– |
|
|
|
0.00 |
(c) |
|
|
0.00 |
(c) |
|
|
0.00 |
(c) |
| NET INCREASE/(DECREASE) IN NET ASSET VALUE |
|
|
2.90 |
|
|
|
0.36 |
|
|
|
(1.30 |
) |
|
|
1.38 |
|
|
|
(1.42 |
) |
| NET ASSET VALUE, END OF PERIOD |
|
$ |
12.10 |
|
|
$ |
9.20 |
|
|
$ |
8.84 |
|
|
$ |
10.14 |
|
|
$ |
8.76 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(d) |
|
|
34.80 |
% |
|
|
5.85 |
% |
|
|
(10.77 |
%) |
|
|
18.00 |
% |
|
|
(11.49 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
26,798 |
|
|
$ |
24,208 |
|
|
$ |
27,275 |
|
|
$ |
34,594 |
|
|
$ |
35,527 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RATIOS TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income including reimbursement/waiver |
|
|
2.61 |
% |
|
|
1.98 |
% |
|
|
1.89 |
% |
|
|
1.79 |
% |
|
|
2.62 |
% |
| Operating expenses excluding reimbursement/waiver |
|
|
1.84 |
% |
|
|
1.76 |
% |
|
|
1.75 |
% |
|
|
1.74 |
% |
|
|
1.89 |
% |
| Operating expenses including reimbursement/waiver |
|
|
1.57 |
% |
|
|
1.57 |
% |
|
|
1.57 |
% |
|
|
1.50 |
%(e) |
|
|
1.28 |
%(f) |
| PORTFOLIO TURNOVER RATE |
|
|
10 |
% |
|
|
18 |
% |
|
|
39 |
% |
|
|
25 |
% |
|
|
75 |
% |
| (a) |
Calculated using the average
shares method. |
| (b) |
Less than $(0.005) per share. |
| (c) |
Less than $0.005 per share. |
| (d) |
Total returns are for the period
indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns
shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
| (e) |
Effective January 28, 2021, the
net expense limitation changed from 1.05% to 1.25%, excluding, among other fees and expenses, 12B-1 fees and shareholder service fees. |
| (f) |
Effective July 21, 2020, the
net expense limitation changed from 1.25% to 1.05%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. |
See
Notes to Financial Statements and Financial Highlights.
| Centre Global Infrastructure Fund |
Financial Highlights |
| Institutional Class |
For a share outstanding
throughout the periods presented. |
| |
|
For the
Year Ended
September 30,
2024 |
|
|
For the
Year Ended
September 30,
2023 |
|
|
For the
Year Ended
September 30,
2022 |
|
|
For the
Year Ended
September 30,
2021 |
|
|
For the
Year Ended
September 30,
2020 |
|
| NET ASSET VALUE, BEGINNING OF PERIOD |
|
$ |
9.21 |
|
|
$ |
8.84 |
|
|
$ |
10.15 |
|
|
$ |
8.77 |
|
|
$ |
10.20 |
|
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income(a) |
|
|
0.31 |
|
|
|
0.23 |
|
|
|
0.23 |
|
|
|
0.21 |
|
|
|
0.26 |
|
| Net realized
and unrealized gain/(loss) on investments |
|
|
2.88 |
|
|
|
0.34 |
|
|
|
(1.26 |
) |
|
|
1.40 |
|
|
|
(1.40 |
) |
| Total income/(loss)
from investment operations |
|
|
3.19 |
|
|
|
0.57 |
|
|
|
(1.03 |
) |
|
|
1.61 |
|
|
|
(1.14 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.33 |
) |
|
|
(0.20 |
) |
|
|
(0.28 |
) |
|
|
(0.23 |
) |
|
|
(0.29 |
) |
| Tax return of capital |
|
|
– |
|
|
|
– |
|
|
|
(0.00 |
)(b) |
|
|
– |
|
|
|
– |
|
| Total distributions |
|
|
(0.33 |
) |
|
|
(0.20 |
) |
|
|
(0.28 |
) |
|
|
(0.23 |
) |
|
|
(0.29 |
) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL
(NOTE 4) |
|
|
– |
|
|
|
0.00 |
(c) |
|
|
0.00 |
(c) |
|
|
0.00 |
(c) |
|
|
0.00 |
(c) |
| NET INCREASE/(DECREASE) IN NET ASSET
VALUE |
|
|
2.86 |
|
|
|
0.37 |
|
|
|
(1.31 |
) |
|
|
1.38 |
|
|
|
(1.43 |
) |
| NET ASSET VALUE, END OF PERIOD |
|
$ |
12.07 |
|
|
$ |
9.21 |
|
|
$ |
8.84 |
|
|
$ |
10.15 |
|
|
$ |
8.77 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(d) |
|
|
35.21 |
% |
|
|
6.38 |
% |
|
|
(10.51 |
%) |
|
|
18.35 |
% |
|
|
(11.30 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
3,791 |
|
|
$ |
3,553 |
|
|
$ |
4,484 |
|
|
$ |
5,932 |
|
|
$ |
6,243 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RATIOS TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income including reimbursement/waiver |
|
|
2.99 |
% |
|
|
2.36 |
% |
|
|
2.28 |
% |
|
|
2.10 |
% |
|
|
2.60 |
% |
| Operating expenses excluding reimbursement/waiver |
|
|
1.57 |
% |
|
|
1.48 |
% |
|
|
1.51 |
% |
|
|
1.51 |
% |
|
|
1.63 |
% |
| Operating expenses including reimbursement/waiver |
|
|
1.18 |
% |
|
|
1.18 |
% |
|
|
1.18 |
% |
|
|
1.20 |
% |
|
|
1.02 |
%(e) |
| PORTFOLIO TURNOVER RATE |
|
|
10 |
% |
|
|
18 |
% |
|
|
39 |
% |
|
|
25 |
% |
|
|
75 |
% |
| (a) |
Calculated using the average
shares method. |
| (b) |
Less than $(0.005) per share. |
| (c) |
Less than $0.005 per share. |
| (d) |
Total returns are for the period
indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns
shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
| (e) |
Effective July 21, 2020, the
net expense limitation changed from 1.00% to 1.10%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. |
See
Notes to Financial Statements and Financial Highlights.
| Annual
Report | September 30, 2024 |
13 |
| Centre
Funds |
Notes
to Financial Statements and Financial Highlights |
September
30, 2024
1.
ORGANIZATION
Centre
Funds (the “Trust”) was organized on March 17, 2011, as a Delaware statutory trust and is registered as an open-end management
investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). Prior to January 17, 2014, the Trust
was known as Drexel Hamilton Mutual Funds. The Trust currently offers shares of beneficial interest (“shares”) of Centre American
Select Equity Fund (the “American Select Equity Fund") and Centre Global Infrastructure Fund (the “Infrastructure Fund”)
(each individually a "Fund" and collectively, the “Funds”). The affairs of the Trust are overseen by a Board of Trustees
(the “Board” or the “Trustees”). The Declaration of Trust permits the Trustees to create additional series of
the Trust and share classes.
Information
in the accompanying Funds’ financial statements and financial highlights pertain to the Investor Class and Institutional Class shares
offered by each of the Funds. All classes of shares have identical rights to earnings, assets, and voting privileges, except for class-specific
expenses and exclusive rights to vote on matters affecting only individual classes.
2.
SIGNIFICANT ACCOUNTING POLICIES
The
following is a summary of significant accounting policies followed by the Funds in the preparation of the Financial Statements and Financial
Highlights. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting
Standards Board Accounting Standard Codification Topic 946 Financial Services – Investment Companies, including Accounting
Standards Update 2013-08.
|
(a) |
The Funds present
or record their investments at fair value. Portfolio securities traded on a securities exchange or quoted by NASDAQ are valued at the
last sale price on the principal exchange on which they are traded at the time the securities are valued, or, if not traded on that day,
are valued at the closing bid price. In the case of portfolio securities listed on the NASDAQ, valuation is determined by using the NASDAQ
Official Closing Price. Securities traded in the OTC market and not quoted by NASDAQ are valued at their last sale price or, if there
is no available price, the last bid price quoted by brokers that make markets in the securities as of the close of regular trading hours
on the day the securities are being valued. Foreign securities are valued on the basis of quotations from the primary market in which
they are traded, and are translated from the local currency into U.S. dollars using exchange rates as of the close of regular trading
(normally 4:00 p.m. Eastern time) on the New York Stock Exchange (the “Exchange”) or using methods determined by the Board.
Short-term instruments with maturities of 60 days or less are valued at the price supplied by an approved independent pricing source.
Options contracts listed for trading on a securities exchange or board of trade shall be valued at the mean of the highest bid and lowest
asked quotation across the exchanges on which the option is traded. Futures contracts are ordinarily valued at the closing settlement
price on the exchange on which they are primarily traded or based upon the current settlement price for a like instrument acquired on
the day on which the instrument is being valued. Securities and other assets for which quotations are not readily available or deemed
unreliable are valued at their fair value using methods determined by the Board. Fair valuation of a particular security is an inherently
subjective process, with no single standard to utilize when determining a security’s fair value. As such, different mutual funds
could reasonably arrive at a different fair value price for the same security. In each case where a security is fair valued, consideration
is given to the facts and circumstances relevant to the particular situation. This consideration includes reviewing various factors set
forth in the pricing procedures adopted by the Board and other factors as warranted. In making a fair value determination, factors that
may be considered, among others, may include: the type and structure of the security; unusual events or circumstances relating to the
security’s issuer; general market conditions; prior day’s valuation; fundamental analytical data; size of the holding; cost
of the security on the date of purchase; nature and duration of any restriction on disposition; trading activities; and prices of similar
securities or financial instruments. If a Fund invests in shares of other open-end mutual funds, including Money Market Funds, (each,
an “Underlying Fund”), the Fund calculates the net asset value of its shares using the reported net asset value of the applicable
Underlying Fund. For each Underlying Fund, the net asset value per share for a class of shares is determined as of the close of the Exchange
on each day the Exchange is open by dividing the value of the Underlying Fund’s net assets attributable to that class by the number
of outstanding shares of that class on that day. |
|
(b) |
The per share net
asset value (the “NAV”) of each Fund is calculated as of the close of regular trading on the Exchange (normally 4:00 p.m.
Eastern time) each day the Exchange is open. The per share NAV is calculated by deducting from the Fund’s assets, the Fund’s
liabilities, and then dividing the resulting net assets by the total number of shares outstanding, rounded to the nearest cent. The purchase
price and redemption price per share is equal to the next determined NAV per share. Redemption of shares of American Select Equity Fund
and Infrastructure Fund are subject to a redemption fee of 2% if redeemed within 90 days of purchase. |
|
(c) |
The Trust treats
each Fund as a separate entity for Federal income tax purposes. Each Fund intends to continue to qualify each year as a “regulated
investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). By so qualifying,
each Fund will not be subject to Federal income taxes to the extent that it distributes substantially all of its taxable or tax-exempt
income, if any, for its tax year ending September 30. In addition, by distributing in each calendar year substantially all of its net
investment income, capital gains and certain other amounts, if any, each Fund will not be subject to a Federal excise tax. Therefore,
no provision is made by the Funds for Federal income or excise taxes. Withholding taxes on foreign dividends are paid or provided for
in accordance with the applicable country’s tax rules and rates. |
| Centre
Funds |
Notes to Financial
Statements and Financial Highlights |
September
30, 2024
As
of and during the year ended September 30, 2024, the Funds did not have a liability for any unrecognized tax benefits in the accompanying
financial statements and financial highlights. The Funds recognize the interest and penalties, if any, related to the unrecognized tax
benefits as income tax expense in the Statements of Operations. During the year ended September 30, 2024, the Funds did not incur any
interest or penalties.
|
(d) |
Net realized gains
and losses on investments are computed on the identified cost basis. Dividend income is recognized on the ex-dividend date or for certain
foreign securities, as soon as information is available, and interest income is recognized on an accrual basis. The Funds amortize premium
and accrete discount on investments utilizing the effective interest method. Foreign dividend income may be subject to foreign withholding
taxes. |
|
(e) |
A restricted security
is a security that has been purchased through a private offering and cannot be resold to the general public without prior registration
under the Securities Act of 1933, as amended (the “1933 Act”), or pursuant to the resale limitations provided by Rule 144
under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined
pursuant to guidelines established by the Board. Not all restricted securities are considered to be illiquid. As of September 30, 2024,
the Funds did not hold any illiquid or restricted securities. |
|
(f) |
The accompanying
financial statements and financial highlights were prepared in accordance with GAAP, which require the use of estimates and assumptions
made by management. These may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and financial highlights and the reported amounts of increases and decreases in net assets from
operations during the reporting period. Actual results could differ from those estimates. |
|
(g) |
Each Fund bears
expenses incurred specifically by such Fund, as well as its pro rata portion of Trust expenses, which may be allocated on the basis of
relative net assets or the nature of the services performed relative to applicability to each Fund. Expenses that are specific to a Fund
or class of shares of a Fund are charged directly to that Fund or share class. All of the realized and unrealized gains and losses and
net investment income of a Fund, other than class-specific expenses, are allocated daily to each class in proportion to its average daily
net assets. Fees payable under the distribution (Rule 12b-1) plan and shareholder services plan are charged to each respective fund or
share class. |
|
(h) |
The Funds intend
to distribute to shareholders all of their net income and/or capital gains on an annual basis. Income and capital gains distributions
are determined in accordance with income tax regulations, which may differ from GAAP. Distributions to shareholders are recorded on the
ex-dividend date. |
|
(i) |
A Fund may directly
purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with
investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency,
less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities
of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S.
issuers. |
|
(j) |
The Fund’s
investments in infrastructure-related companies may result in a relatively large percentage of its assets invested in issuers within a
specific industry or sector. To the extent that the Fund’s investments are focused in such a sector, the Fund will be subject to
the market or economic factors affecting such sector, including adverse economic, business, political, regulatory or environmental developments,
to a greater extent than if the Fund’s investments were more diversified among various different sectors. |
|
(k) |
The books and records
of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies
are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses
on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is not included in net realized
and net change in unrealized gains or losses on foreign currencies. |
|
(l) |
Idle cash may be
swept into various overnight demand deposits and is classified as cash and cash equivalents on the Statements of Assets and Liabilities.
The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight
are available on the next business day. |
3.
FAIR VALUE MEASUREMENTS
The
Funds normally use third-party pricing services to obtain market quotations for their portfolio investments. Securities and other assets
for which representative market quotations are not readily available or which cannot be accurately valued using the Trust’s normal
pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees. Fair value pricing may
be used, for example, in situations where (i) an exchange-traded portfolio security is so thinly traded that there have been no transactions
for that security over an extended period of time or the validity of a market quotation received is questionable; (ii) the exchange on
which the portfolio security is principally traded closes early; or (iii) trading of the portfolio security is halted during the day and
does not resume prior to the NAV calculation.
| Annual Report | September
30, 2024 |
15 |
| Centre
Funds |
Notes to Financial
Statements and Financial Highlights |
September
30, 2024
The
inputs used in determining the fair value of each Fund’s investments are summarized into three levels, as described in the following
hierarchy:
| Level
1 - |
Unadjusted quoted
prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date. |
| Level
2 - |
Quoted prices which
are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable
(either directly or indirectly). |
| Level
3 - |
Significant unobservable
prices or inputs (including the oversight of the Board and Centre Asset Management, LLC (the “Adviser”) in determining the
fair value of investments) where there is little or no market activity for the asset or liability at measurement date. |
The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The
following is a summary of each Fund’s investments in the fair value hierarchy as of September 30, 2024:
Centre
American Select Equity Fund
| Investments
in Securities at Value(a) |
|
Level
1 -
Quoted Prices |
|
|
Level
2 -
Other Significant Observable Inputs |
|
|
Level
3 - Significant Unobservable Inputs |
|
|
Total |
|
| Common Stocks |
|
$ |
378,998,587 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
378,998,587 |
|
| Exchange Traded Funds |
|
|
39,990,955 |
|
|
|
– |
|
|
|
– |
|
|
|
39,990,955 |
|
| Short Term Investments |
|
|
769,771 |
|
|
|
– |
|
|
|
– |
|
|
|
769,771 |
|
| Total |
|
$ |
419,759,313 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
419,759,313 |
|
Centre
Global Infrastructure Fund
| Investments
in Securities at Value(a) |
|
Level 1 -
Quoted Prices |
|
|
Level
2 -
Other Significant Observable
Inputs |
|
|
Level
3 - Significant Unobservable Inputs |
|
|
Total |
|
| Common Stocks |
|
$ |
30,508,080 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
30,508,080 |
|
| Short Term Investments |
|
|
101,064 |
|
|
|
– |
|
|
|
– |
|
|
|
101,064 |
|
| Total |
|
$ |
30,609,144 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
30,609,144 |
|
| (a) |
For detailed
descriptions of sectors, industries, and countries, see the accompanying Schedules of Investments. |
Derivative
Financial Instruments
A
Fund may invest its assets in derivatives and other instruments to help manage interest rate exposure, protect the Fund’s assets,
or enhance returns. A Fund may also be exposed to certain exchange-traded derivative products, such as exchange-traded futures and options
that are fully collateralized by cash or securities, for temporary cash management or investment transition purposes, or to hedge the
risks of existing positions or overall capital protection.
Derivative
Risk: One or both Funds may use derivatives, such as exchange-traded options and futures that are related to stock market or bond
indexes, foreign exchange, fixed income or other securities or be exposed to exchange-traded derivative products. Loss may result from
a Fund’s investments in exchange-traded futures and options. The value of derivatives in which a Fund may invest may rise or fall
more rapidly than other investments. Other risks of investments in derivatives include imperfect correlation between the value of these
instruments and the underlying assets; risks of default by the other party to the derivative transactions; risk that the transactions
may result in losses that offset gains in portfolio positions; and risks that the derivative transactions may not be liquid. Derivatives,
such as exchange-traded futures and options, contain “inherent” leverage because derivative contracts may give rise to an
obligation on the part of a Fund for future payment or liabilities that are larger than the initial margin or premiums required to establish
such positions. Combined with the volatility of derivatives prices, the leveraged nature of derivatives trading could cause a Fund to
sustain large and sudden losses. The use of derivatives, such as futures and options, can lead to losses, including those magnified by
leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Correlation risk is the risk that changes
in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Certain derivative instruments may
be difficult to sell when the Adviser believes it would be appropriate to do so.
Derivatives
may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses
in excess of their cost. This use of embedded leverage may allow a Fund to increase its market value exposure relative to its net assets
and can substantially increase the volatility of the Fund’s performance.
| Centre
Funds |
Notes to Financial
Statements and Financial Highlights |
September
30, 2024
Additional
associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivatives
held by a Fund. Typically, a Fund may attempt to increase or decrease exposure to the risks associated with the securities or other traditional
investments in which it invests. The risks associated with a Fund’s use of derivative instruments, including but not limited to
volatility risk, correlation risk, segregation risk, and hedging risks, are additional risks that a Fund does not typically seek to increase
or decrease exposure to. Examples of these associated risks are liquidity risk, which is the risk that a Fund will not be able to sell
the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill
its obligation to the Fund.
Option
Writing/Purchasing
A
Fund may write or purchase option contracts to adjust risk and return of its overall investment positions, subject to any restrictions
set forth in the Fund’s prospectus. When a Fund writes or purchases an option, an amount equal to the premium received or paid by
the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased.
Premiums received or paid from writing or purchasing options that expire unexercised are treated by a Fund on the expiration date as realized
gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction,
including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is
netted to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or loss on investment transactions.
Risks from entering into option transactions arise from, among other things, the potential inability of counterparties to meet the terms.
Futures
A
Fund may use futures subject to any restrictions set forth in the Fund’s prospectus. A Fund may also be exposed to exchange-traded
futures that are fully collateralized by cash or securities, for temporary cash management or investment transition purposes, or to hedge
the risks of existing positions. To the extent that the Fund uses derivatives for temporary cash management, investment transition purposes,
managing duration or to hedge the risks of existing positions, the Fund will be subject to the risks associated with such transactions.
During the year ended September 30, 2024, the Funds did not invest in futures contracts, and no options were held as of September 30,
2024.
| Risk
Exposure |
|
Derivatives
Statements of Assets and Liabilities Location |
|
Fair
Value |
|
| Centre
American Select Equity Fund |
|
|
|
|
|
|
| Equity
Contracts (Purchased Options) |
|
Investments,
at value |
|
$ |
– |
|
The
effect of derivative instruments on the Statements of Operations for year ended September 30, 2024 (Net realized gain/(loss) on purchased
options contracts are included in Net realized gain/(loss) on investments within the Statements of Operations):
| Derivatives |
|
Location
of Gains/(Loss) On Derivatives
Recognized In Income |
|
Realized
Gain/(Loss) on Derivatives
Recognized in Income |
|
|
Change
in Unrealized Gain/(Loss) on
Derivatives Recognized in Income |
|
| Centre American Select
Equity Fund |
|
|
|
|
|
| Equity
Contracts (Purchased Options) |
|
Net
realized gain/(loss) on investments/Net change in unrealized appreciation/(depreciation) on investments |
|
$ |
(4,962,257 |
) |
|
$ |
(965,496 |
) |
| |
|
|
|
$ |
(4,962,257 |
) |
|
$ |
(965,496 |
) |
Volume
of Derivative Instruments for the Funds during the year ended September 30, 2024, was as follows:
| Derivative Type |
|
Unit of Measurement |
|
Monthly Average |
|
| Centre American Select Equity Fund |
|
|
|
|
|
| Purchased Option Contracts |
|
Notional value of contracts outstanding |
|
$ |
384,196,956 |
|
During
the ordinary course of business, the Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements
(“netting agreements”). Generally, the right to offset in netting agreements allows the Funds to offset any exposure to a
specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreement. Generally, the
Funds manage their cash collateral and securities collateral on a counterparty basis. The Funds do not have an offsetting agreement with
the counterparty for option contracts.
| Annual Report | September
30, 2024 |
17 |
| Centre
Funds |
Notes to Financial
Statements and Financial Highlights |
September
30, 2024
4.
BENEFICIAL INTEREST TRANSACTIONS
On
September 30, 2024, there was an unlimited number of shares of beneficial interest authorized for each Fund. Transactions in shares of
beneficial interest are shown in the Statements of Changes in Net Assets.
Shares
of American Select Equity Fund and Infrastructure Fund that are redeemed within 90 days of purchase may incur a 2% redemption fee deducted
from the redemption amount. For the year ended September 30, 2024, redemption fees retained by the Funds are disclosed in the Statements
of Changes in Net Assets.
Beneficial
Ownership: The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a
presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of September 30, 2024, the following entities owned beneficially
more than 25% of each Fund’s outstanding shares. The shares may be held under omnibus accounts (whereby the transactions of two
or more shareholders are combined and carried in the name of the originating broker rather than designated separately). Any transaction
by these investors could have a material impact on the Fund class.
| Fund |
Shareholder
Name |
Percentage |
| Centre American Select Equity Fund |
Charles Schwab & Co. Inc. |
40.38% |
5.
INVESTMENT ADVISORY AGREEMENTS AND RELATED-PARTY TRANSACTIONS
The
Adviser serves as the investment adviser to each Fund pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund.
As
compensation for the investment advisory services provided to the Funds, the Adviser is entitled to receive monthly compensation, subject
to waivers, based on each Fund’s average daily net assets at the annual rate of:
| Fund |
Management
Fee Rate |
| Centre American Select Equity Fund (total net
assets less than or equal to $1 billion) |
0.75% |
| Centre American Select Equity Fund (total net
assets over $1 billion) |
0.70% |
| Centre Global Infrastructure Fund |
0.85% |
American
Select Equity Fund
The
Adviser has contractually agreed to reduce its advisory fees and/or reimburse other expenses of the Fund for not less than one year and
until the next following effective date of the post-effective amendment to the registration statement of Centre Funds relating to the
Fund (on or about January 29, 2025) to the extent necessary to limit the total operating expenses of the Fund including (but not limited
to) investment advisory fees of the Adviser, but excluding, as applicable, any front-end or contingent deferred sales loads, taxes, leverage
interest, distribution/service (Rule 12b-1) fees, shareholder services fees, brokerage commissions, 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 this 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), 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, 0.90% of the average daily net assets of the Institutional Class shares prior to January 29, 2024,
and 0.95% of the average daily net assets of the Institutional Class shares after January 29, 2024 (the “Expense Limitation Agreement”).
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”), on behalf of the Fund, 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. During the year ended September 30, 2024 the Institutional class recouped
$46,180 of previously waived expenses.
Infrastructure
Fund
The
Adviser has contractually agreed to reduce its advisory fees and/or reimburse other expenses of the Fund for an initial period of not
less than one year and until the next following effective date of the post-effective amendment to the registration statement of Centre
Funds relating to the Fund (on or about January 29, 2025) incorporating the Fund’s financial statements and financial highlights
for that fiscal year to the extent necessary to limit the total operating expenses of the Fund, including (but not limited to) investment
advisory fees of the Adviser, but excluding, as applicable, any front-end or contingent deferred sales loads, taxes, leverage interest,
distribution/service (Rule 12b-1) fees, shareholder services fees, brokerage commissions, 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 this 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), 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 1.25% 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, and without payment of any penalty, by the Board, on behalf of the Fund,
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.
| Centre
Funds |
Notes to Financial
Statements and Financial Highlights |
September
30, 2024
During
the year ended September 30, 2024, the fee waivers and/or reimbursements were as follows:
| Fund |
|
Fees
Waived and/or
Reimbursed by Adviser |
|
| Centre American Select Equity Fund |
|
|
|
|
| Investor |
|
$ |
– |
|
| Institutional |
|
|
84,354 |
|
| Centre Global Infrastructure Fund |
|
|
|
|
| Investor |
|
|
66,332 |
|
| Institutional |
|
|
14,077 |
|
As
of September 30, 2024, the balances of recoupable expenses for each Fund were as follows:
| Fund |
|
Expires 2025 |
|
|
Expires 2026 |
|
|
Expires 2027 |
|
|
Total |
|
| Centre American Select Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investor |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
| Institutional |
|
|
18,268 |
|
|
|
157,103 |
|
|
|
84,354 |
|
|
|
259,725 |
|
| Centre Global Infrastructure Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investor |
|
$ |
59,517 |
|
|
$ |
53,814 |
|
|
$ |
66,332 |
|
|
$ |
179,663 |
|
| Institutional |
|
|
18,326 |
|
|
|
12,739 |
|
|
|
14,077 |
|
|
|
45,142 |
|
ALPS
Fund Services, Inc. (“ALPS”) serves as administrator to the Funds. ALPS receives a monthly fee paid by the Funds subject to
a minimum monthly fee and is reimbursed for certain out-of-pocket expenses. Pursuant to an administrative agreement with the Trust, ALPS
provides operational services to the Funds including, but not limited to fund accounting and fund administration services and general
assistance in each Fund’s operations.
ALPS,
pursuant to a transfer agency and services agreement with the Trust, serves as transfer agent for the Funds. Under the transfer agency
and services agreement, ALPS receives an annual minimum fee per Fund and a fee based upon each shareholder account and its account activity
and is reimbursed for certain out-of-pocket expenses.
ALPS,
pursuant to a chief compliance officer services agreement with the Trust, provides chief compliance officer services to the Funds. Additionally,
ALPS provides services in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule
38a-1 under the 1940 Act. ALPS receives an annual fee for these services and is reimbursed for certain out-of-pocket expenses, pursuant
to the chief compliance officer services agreement.
The
Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “Plan”). The Plan permits the Trust, on behalf of
Investor Class shares of the Funds, to pay up to 0.25% per year to one or more entities for services rendered and expenses borne in connection
with providing shareholder or distribution services with respect to the Investor class shares of each Fund.
The
Trust has also adopted a shareholder services plan for certain non-distribution shareholder services provided by financial intermediaries.
With respect to each Fund, the shareholder services plan authorizes annual payment of up to 0.15% of the average daily net assets attributable
to Investor Class shares of the Fund, and up to 0.10% of the average daily net assets attributable to Institutional Class shares of the
Fund.
ALPS
Distributors, Inc. (the “Distributor”) acts as the principal underwriter of the Funds pursuant to a distribution agreement
with the Trust. No payments were retained by the Distributor by the Funds during the year ended September 30, 2024.
Officers
of the Trust and Trustees who are “interested persons” of the Trust or the Adviser receive no salary or fees from the Trust.
Each Trustee who is not an “interested person” receives an annual retainer of $30,000 paid quarterly. The Trust reimburses
each Trustee and Officer for his or her travel and other expenses relating to attendance at Board meetings.
| Annual Report | September
30, 2024 |
19 |
| Centre
Funds |
Notes to Financial
Statements and Financial Highlights |
September
30, 2024
One
Trustee is an officer of the Trust, and serves as Managing Director and Chief Investment Officer of the Adviser.
6.
FEDERAL INCOME TAX AND TAX BASIS INFORMATION
As
of and during the year ended September 30, 2024, no Fund had a liability for any unrecognized tax benefits. The Funds file U.S. Federal,
state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be
extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a
provision for income taxes.
Components
of Distributable Earnings on a Tax Basis: At September 30, 2024, permanent differences in book and tax accounting were reclassified.
These differences had no effect on net assets and were primarily attributed to C-corporation character reclassifications and non-deductible
excise tax paid.
| Fund |
|
Paid-in Capital |
|
|
Total Distributable Earnings |
|
| Centre American Select Equity Fund |
|
$ |
(7,073 |
) |
|
$ |
7,073 |
|
| Centre Global Infrastructure Fund |
|
|
6,769 |
|
|
|
(6,769 |
) |
As
of September 30, 2024, the components of distributable earnings on a tax basis were as follows:
| Fund |
|
Accumulated
Capital
Gains/(Losses) and
Other (Losses) |
|
|
Ordinary
Income
Undistributed |
|
|
Net
Unrealized
Appreciation/
(Depreciation) |
|
|
Other
Cumulative
Effect of Timing
Differences |
|
|
Total
Accumulated
Earnings/(Deficit) |
|
| Centre
American Select Equity Fund |
|
$ |
36,249,132 |
|
|
$ |
380,773 |
|
|
$ |
104,101,359 |
|
|
$ |
(875 |
) |
|
$ |
140,730,389 |
|
| Centre
Global Infrastructure Fund |
|
|
(27,412,836 |
) |
|
|
146,824 |
|
|
|
8,043,197 |
|
|
|
– |
|
|
|
(19,222,815 |
) |
Under
current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.
As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:
| Fund |
|
Short-Term |
|
|
Long-Term |
|
| Centre Global Infrastructure Fund |
|
$ |
12,780,185 |
|
|
$ |
14,632,651 |
|
The
Global Infrastructure Fund used capital loss carryovers during year ended September 30, 2024 in the amount of $446,095.
Distributions
to Shareholders: The Centre American Select Equity Fund normally pays dividends and net investment income, if any, on an annual basis
and the Centre Global Infrastructure Fund, intends to make monthly income distributions. Each Fund normally distributes capital gains,
if any, on an annual basis. Income dividend distributions are derived from interest and other income each Fund receives from its investments,
including distributions of short term capital gains. Capital gain distributions are derived from gains realized when each Fund sells a
security it has owned for more than one year. Each Fund may make additional distributions and dividends at other times if the Adviser
believes doing so may be necessary for each Fund to avoid or reduce taxes. Net investment income/ (loss) and net realized gain/ (loss)
may differ for financial statement and tax purposes. The amounts and characteristics of tax basis distributable earnings/ (accumulated
losses) are finalized at fiscal year-end.
The
tax character of distributions paid for the fiscal year ended September 30, 2024 were as follows:
| Distributions Paid From: |
|
Ordinary
Income |
|
|
Long-Term
Capital Gains |
|
| Centre American Select Equity Fund |
|
$ |
4,322,671 |
|
|
$ |
5,309,230 |
|
| Centre Global Infrastructure Fund |
|
|
722,290 |
|
|
|
– |
|
| Centre
Funds |
Notes to Financial
Statements and Financial Highlights |
September
30, 2024
The
tax character of distributions paid for the fiscal year ended September 30, 2023 were as follows:
| Distributions Paid From: |
|
Ordinary
Income |
|
|
Long-Term
Capital Gains |
|
| Centre American Select Equity Fund |
|
$ |
1,332,413 |
|
|
$ |
3,460,090 |
|
| Centre Global Infrastructure Fund |
|
|
547,821 |
|
|
|
– |
|
Unrealized
Appreciation and Depreciation on Investments: The amount of net unrealized appreciation/(depreciation) and the cost of investment
securities for tax purposes, including short-term securities at September 30, 2024 are displayed in the table below. The difference between
book and tax basis unrealized appreciation/(depreciation) for the Funds is primarily attributable to wash sales, and the tax treatment
of Passive Foreign Investment Companies.
Net
unrealized appreciation/depreciation of investments based on federal tax cost were as follows:
| |
|
Tax Cost of
Investments |
|
|
Gross Unrealized
Appreciation |
|
|
Gross Unrealized
Depreciation |
|
|
Net Appreciation of
Foreign Currency |
|
|
Net Tax Unrealized
Appreciation/(Depreciation)
on Investments |
|
| Centre American Select Equity Fund |
|
$ |
315,657,954 |
|
|
$ |
106,381,435 |
|
|
$ |
(2,280,076 |
) |
|
$ |
– |
|
|
$ |
104,101,359 |
|
| Centre Global Infrastructure Fund |
|
|
22,566,035 |
|
|
|
9,407,642 |
|
|
|
(1,364,533 |
) |
|
|
88 |
|
|
|
8,043,197 |
|
7.
PURCHASES AND SALES OF INVESTMENT SECURITIES
For
the year ended September 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any U.S.
Government Obligations, short-term securities, and purchased options and futures) were as follows:
| Fund |
|
Purchases of Securities |
|
|
Proceeds
From Sales of Securities |
|
| Centre American Select Equity Fund |
|
$ |
313,517,724 |
|
|
$ |
359,399,170 |
|
| Centre Global Infrastructure Fund |
|
|
2,759,220 |
|
|
|
7,716,342 |
|
8.
INDEMNIFICATIONS
Under
the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities relating to their duties
to the Trust. Additionally, in the ordinary course of business, the Trust enters into contracts with service providers that may contain
general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Trust that have not yet occurred.
9.
SUBSEQUENT EVENTS
The
Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements
and financial highlights were issued. Based on this evaluation, no adjustments were required to the financial statements and financial
highlights as of September 30, 2024.
At
a meeting held on November 15, 2024, the Board of the Funds approved an Agreement and Plan of Reorganization (the “Reorganization
Agreement”), which provides for the reorganization of the Centre American Select Equity Fund and Centre Global Infrastructure Fund
into newly created series (each an “Acquiring Fund” and together the “Acquiring Funds”) of the Horizon Funds (the
“Reorganization”).
Subject
to approval by the Funds shareholders, each Reorganization will: (i) provide for the transfer of all of the assets of the applicable Fund
to the corresponding Acquiring Fund in exchange for shares of that Acquiring Fund; (ii) the assumption of all of the liabilities of such
Fund by the corresponding Acquiring Fund, and (iii) the distribution of the Acquiring Fund’s shares to shareholders in complete
liquidation of such Acquired Fund. The Reorganization of each Fund is not expected to result in the recognition of a gain or loss by the
Fund or its shareholders for federal income tax purposes. No sales charges or redemption fees will be imposed in connection with the Reorganizations.
If approved by shareholders, the Funds’ sole portfolio manager, Mr. James A. Abate, is expected to join Horizon Investments, LLC
and continue to serve as portfolio manager of each Fund. In addition, the principal investment strategies of each Acquiring Fund are the
same as the principal investment strategies of each Fund.
A
joint meeting of shareholders of the Funds expected to be held during the first quarter of 2025. In advance of the meeting, shareholders
of record will receive a combined Proxy Statement/Prospectus which will contain additional information about the Reorganizations, including
but not limited to: a comparison of each Acquired Fund and corresponding Fund (including investment strategies, fees and expenses, which
are expected to be substantially the same), the terms of the Reorganization Agreement, the Board’s consideration in approving the
Reorganization Agreement, the tax-free treatment of the Reorganization, the joint shareholder meeting voting instructions and a proxy.
| Annual Report | September
30, 2024 |
21 |
| Centre
Funds |
Report of Independent
Registered Public Accounting Firm |
To
the Shareholders and Board of Trustees of
Centre
Funds
Opinion
on the Financial Statements
We
have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Centre Funds comprising
Centre American Select Equity Fund and Centre Global Infrastructure Fund (the “Funds”) as of September 30, 2024, the related
statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then
ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as
the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial
position of each of the Funds as of September 30, 2024, the results of their operations for the year then ended, the changes in net assets
for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended,
in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30,
2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide
a reasonable basis for our opinion.
We
have served as the Funds’ auditor since 2015.
COHEN
& COMPANY, LTD.
Milwaukee,
Wisconsin
November
25, 2024
| Centre
Funds |
Tax Designations |
September
30, 2024 (Unaudited)
PROXY
VOTING GUIDELINES AND RECORDS
A
description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information
regarding how the Funds voted proxies during the most recent 12-month period ended June 30, is available without charge, upon request,
by (1) calling the Funds at 1-855-298-4236 and (2) on the U.S. Securities and Exchange Commission’s (“SEC”) website
at http://www.sec.gov.
PORTFOLIO
HOLDINGS DISCLOSURE POLICY
The
Trust files, with regard to each Fund, with the SEC a complete schedule of investments for the first and third quarters of each fiscal
year as an exhibit to its reports on Form N-PORT. The Funds’ first and third fiscal quarters end on December 31 and June 30. Form
N-PORT reports are available on the SEC’s website at http://www.sec.gov. You may also obtain copies by calling the Funds at 1-855-298-4236.
TAX
DESIGNATIONS
Qualified
Dividend Income
The
percentage of ordinary income dividends distributed during the calendar year ended December 31, 2023, are designated as qualified dividend
income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code in the following percentages:
| |
Amount |
| Centre American Select Equity Fund |
100.00% |
| Centre Global Infrastructure Fund |
100.00% |
Dividends
Received Deduction
For
corporate shareholders, the following ordinary dividends paid during the calendar year ended December 31, 2023, qualify for the corporate
dividends received deduction:
| |
Amount |
| Centre American Select Equity Fund |
100.00% |
| Centre Global Infrastructure Fund |
89.15% |
Pursuant
to Section 852(b)(3) of the Internal Revenue Code, the following amounts were designated as long-term capital gain dividends:
| |
Amount |
| Centre American Select Equity Fund |
$ 5,309,230 |
| Annual Report | September
30, 2024 |
23 |
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Item
9. Proxy Disclosures for Open-End Management Investment Companies.
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration
Paid to Directors, Officers, and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of
this report.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Section
15 of the 1940 Act requires that the Investment Advisory Agreements be approved by a majority of the Board, including a majority of the
Independent Trustees. At an in-person meeting held on September 6, 2024, the Board requested, and Centre provided, both written and oral
reports containing information and data related to the following: (i) the nature, extent, and quality of the services provided by Centre
to the Funds; (ii) the investment performance of the Funds and Centre; (iii) the costs of the services to be provided and the profits
to be realized by Centre from the relationship with the Funds; (iv) the extent to which economies of scale will be realized as the Funds
grow; and (v) whether the fee level reflects these economies of scale to the benefit of each Fund’s shareholders. The following
is a summary of the Board’s deliberations and conclusions reached.
Nature,
Extent, and Quality of Services
The
Trustees reviewed and discussed information concerning the nature, extent, and quality of advisory services provided by the Adviser to
the Funds pursuant to the Advisory Agreements, including information concerning the Adviser’s investment philosophy. They discussed
the Adviser’s disciplined, fundamental stock selection process to evaluate the value of a company, the bottom-up research conducted
by the Adviser. The Trustees discussed the Adviser’s active management style, moving in and out of sectors, and from value to growth,
based on its research. They considered the Adviser’s emphasis on position sizing to mitigate risk. The Trustees considered the investment
personnel responsible for the day-to-day management of each Fund’s portfolio and such personnel’s experience in the investment
industry. The Trustees also considered information it received from the Trust’s Chief Compliance Officer regarding the Adviser’s
compliance policies and procedures, its adherence to those policies and procedures, and the Adviser’s compliance resources. They
discussed the Adviser’s commitment to the Funds and the resources dedicated to servicing the Funds. The Trustees concluded that
the nature and extent of the services provided by the Adviser as the investment adviser to the Funds were of high quality, appropriate
and sufficient to support the renewal of the Advisory Agreements.
Performance
The
Trustees considered information regarding each Fund’s performance, including information comparing performance to the applicable
benchmark, an Adviser selected peer group, its Morningstar category, and another fund managed by the Adviser for various time periods
as of June 30, 2024. The Trustees also considered the respective investment strategy of each Fund, the positive absolute performance of
both Funds and the risk metrics provided by the Adviser, including standard deviation and maximum drawdown. They discussed the strong
relative performance of the Equity Fund over the past three, five, and ten-year periods, even though it has underperformed over the past
one-year period. The Trustees considered the 5-star rating of the Equity Fund. They noted that the Infrastructure Fund had outperformed
over the one-year, while having mixed results in the three and five-year periods. The Trustees discussed the change in analyst in 2020,
and the improved performance based on the Morningstar data. They considered data provided regarding the maximum drawdown and standard
deviation of each Fund, which confirmed the strength of the Adviser’s management philosophy. Mr. Abate responded to additional questions
regarding the impact of the long-dated options by the Equity Fund’s performance. Based on the foregoing, the Board determined that
the performance of each Fund was acceptable.
Profitability
The
Trustees then analyzed whether the Adviser reaped excessive profits from the management of either of the Funds. The Trustees reviewed
the gross advisory fee profit for the Equity Fund as well as the amount of any fee waiver or expense reimbursements paid by the Adviser.
The Trustees then reviewed the gross advisory fee profits of the Infrastructure Fund. They considered the amount of any fee waivers or
expense reimbursements, the Adviser’s overhead costs and other benefits provided by the Adviser, including soft dollars, to form
their conclusion. The Trustees then concluded that the Adviser’s profitability from each Fund was not unreasonable.
Economies
of Scale
The
Trustees considered information concerning potential economies of scale for each Fund, noting that the Funds (through January 29, 2025)
each benefit from an expense limitation agreement covering most operating expenses, including the advisory fees charged to the Fund, but
excluding expenses such as fees payable by the Funds pursuant to the Trust’s Rule 12b-1 Plan and Shareholder Services Plan. They
also noted the Equity Fund’s fee breakpoint at $1 billion of assets under management. The Trustees also considered current asset
levels and expectations for growth, and concluded that it was unlikely that the Adviser had achieved material economies of scale in managing
either Fund, and the Board would reevaluate the issue of economies of scale at the next renewal.
Comparisons
of the Advisory Fees and Select Expense Ratios
The
Trustees reviewed and discussed the advisory fees payable to the Adviser under each Advisory Agreement for the services it provided thereunder
and the net expense ratios of the Investor Class shares of each Fund. The Trustees reviewed, with respect to each Fund, a comparison of
the expense ratio of the Fund’s Investor Class shares compared to the applicable Morningstar category average expense ratio of similarly
situated funds determined by Morningstar. The Trustees discussed the advisory fees and expense information included in the Board materials
with respect to each Fund and considered whether the advisory fees were reasonable in light of the active management strategy provided
by the Adviser to the Funds and the quality of the services provided. They noted that the fee paid by the Infrastructure Fund of 0.85%
was slightly above the average fees of the peer group of 0.84%, while the fees paid by the Equity Fund of 0.75% were higher than the peer
group average of 0.58%, but well within the range of those comparable fees. They discussed fees charged by the Adviser for other funds
with similar strategies and considered the Adviser’s rational for fee differentials.
After
reviewing all of the information presented to them, the Trustees concluded that the advisory fees payable to the Adviser by the Funds
under the Advisory Agreements were not unreasonable in light of the services provided.
Conclusion
The
Trustees, including a majority of the Independent Trustees, concluded, based on their consideration of the foregoing and their evaluation
of all of the information reviewed by the Trustees, that renewal of the Advisory Agreements was in the best interest of the Funds and
their respective shareholders.
Item
12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not
applicable to the Registrant.
Item
13. Portfolio Managers of Closed-End Management Investment Companies.
Not
applicable to the Registrant.
Item
14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not
applicable to the Registrant.
Item
15. Submission of Matters to a Vote of Security Holders.
There
have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item
16. Controls and Procedures.
|
(a) |
The
Registrant’s principal executive officer and principal financial officer have evaluated the Registrant’s disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have
concluded that the Registrant’s disclosure controls and procedures were effective as of that date. |
|
(b) |
There
was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
Act of 1940, as amended) during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the Registrant’s internal control over financial reporting. |
Item
17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not
applicable to the Registrant.
Item
18. Recovery of Erroneously Awarded Compensation.
Item
19. Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CENTRE
FUNDS
| By: |
/s/
James A. Abate |
|
| |
James A. Abate |
|
| |
President (Principal
Executive Officer) |
| |
|
|
| Date: |
December 6,
2024 |
|
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: |
/s/
James A. Abate |
|
| |
James A. Abate |
|
| |
President (Principal
Executive Officer) |
| |
|
|
| Date: |
December 6,
2024 |
|
| By: |
/s/
James A. Abate |
|
| |
James A. Abate |
|
| |
Treasurer (Principal
Financial Officer) |
| |
|
|
| Date: |
December 6,
2024 |
|
XXXI. SUPPLEMENTAL CODE OF ETHICS FOR
PRINCIPAL EXECUTIVE & FINANCIAL OFFICERS
| I. | Covered Officers/Purpose of the Supplemental Code |
This Supplemental Code of Ethics (this “Supplemental
Code”) for the Trust applies to the Trust’s Principal Executive Officer, Principal Financial Officer and Principal Accounting
Officer(s) (the “Covered Officers”) for the purpose of promoting:
| • | honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships; |
| • | full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust; |
| • | compliance with applicable laws and governmental rules and regulations; |
| • | the prompt internal reporting of violations of the Supplemental Code to an appropriate person or persons
identified in the Supplemental Code; and |
| • | accountability for adherence to the Supplemental Code. |
| II. | Covered Officers Should Handle Ethically Actual and Apparent
Conflicts of Interest |
Overview. A “conflict of interest”
occurs when a Covered Officer’s private interest in any material respect interferes with the interests of, or his service to, the
Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits
as a result of his position with the Trust.
Certain conflicts of interest arise out
of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment
Company Act and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually
engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest
of the Trust) with the Trust because of their status as “affiliated persons” of the Trust. The Trust’s and the investment
adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This
Supplemental Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of
the parameters of this Supplemental Code.
Although typically not presenting an opportunity
for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment
adviser/administrator of which the Covered Officers are also officers or employees. As a result, this Supplemental Code recognizes that
the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser/administrator, or for
both), be involved in establishing policies and implementing decisions that may have different effects on the adviser/administrator and
the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust
and the adviser/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust.
Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will
be deemed to have been handled ethically. In addition, it is recognized by the Trust’s Board (“Board”) that the Covered
Officers may also be officers or employees of one or more investment companies covered by other Supplemental Codes.
Other conflicts of interest are covered
by the Supplemental Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment
Advisers Act. The following list provides examples of conflicts of interest under the Supplemental Code, but Covered Officers should keep
in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not
be placed improperly before the interest of the Trust.
Each Covered Officer must:
| • | not use his personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust; |
| • | not cause the Trust to take action, or fail to take action, for the individual personal benefit of the
Covered Officer to the detriment of the Trust; |
| • | not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to
trade personally or cause others to trade personally in contemplation of the market effect of such transactions; |
| • | report at least annually any affiliations or other relationships related to conflicts of interest that
the Trust’s Trustees and Officers Questionnaire covers. |
There are some conflict of interest situations
that should always be discussed with the Audit Committee of the Trust if such situations might have a material adverse effect on the Trust.
Examples of these include:
| • | service as a trustee on the board of any public company; |
| • | the receipt of non-nominal gifts; |
| • | the receipt of entertainment from any company with which the Trust has current or prospective business
dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to
time and place, and not so frequent as to raise any questions of impropriety; |
| • | any ownership interest in, or any consulting or employment relationship with, any of the Trust’s
service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; |
| • | a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust
for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares
other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership. |
| III. | Disclosure and Compliance |
| • | each Covered Officer should familiarize himself with the disclosure requirements generally applicable
to the Trust; |
| • | each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Trust to others, whether within or outside the Trust, including to the Trust’s trustees and auditors, and to governmental regulators
and self-regulatory organizations; |
| • | each Covered Officer should, to the extent appropriate within his area of responsibility, consult with
other officers and employees of the Trust and the adviser/administrator with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust;
and |
| • | it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations. |
| IV. | Reporting and Accountability |
Each Covered Officer must:
| • | upon adoption of the Supplemental Code (or thereafter as applicable, upon becoming a Covered Officer),
affirm in writing to the Board that he has received, read, and understands the Supplemental Code; |
| • | annually thereafter affirm to the Board that he has complied with the requirements of the Supplemental
Code; |
| • | not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons
for reports of potential violations that are made in good faith; and |
| • | notify the Audit Committee for the Trust promptly if he knows of any material violation of this Supplemental
Code. |
The Audit Committee is responsible for applying
this Supplemental Code to specific situations in which questions are presented under it and has the authority to interpret this Supplemental
Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.
The Trust will follow these procedures in
investigating and enforcing this Supplemental Code:
| • | the compliance officer of the investment adviser to the Trust (or such other Trust officer or other investigator
as the Audit Committee may from time to time designate) (the “Investigator”), shall take appropriate action to investigate
any potential violations reported to him; |
| • | if, after such investigation, the Investigator believes that no violation has occurred, the Investigator
is not required to take any further action; |
| • | any matter that the Investigator believes is a violation will be reported to the Audit Committee; |
| • | if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation
to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies
and procedures; notification to appropriate personnel of the investment adviser/administrator or its board; or a recommendation to dismiss
the Covered Officer; |
| • | the Board will be responsible for granting waivers, as appropriate; and |
| • | any changes to or waivers of this Supplemental Code will, to the extent required, be disclosed as provided
by SEC rules. |
Any potential violation of this Supplemental
Code by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Trust officer or
other investigator to investigate the matter.
| V. | Other Policies and Procedures |
This Supplemental Code shall be the sole
Supplemental Code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable
to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust’s adviser, principal
underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject
to this Supplemental Code, they are superseded by this Supplemental Code to the extent that they overlap or conflict with the provisions
of this Supplemental Code. The Trust’s and its investment adviser’s and principal underwriter’s Supplemental Codes of
ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are
not part of this Supplemental Code.
Any amendments to this Supplemental Code
must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.
All reports and records prepared or maintained
pursuant to this Supplemental Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise
required by law or regulation or this Supplemental Code, such matters shall not be disclosed to anyone other than the Board and the Audit
Committee.
The Supplemental Code is intended solely
for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or
legal conclusion.
Exhibit
99.Cert
I,
James A. Abate, President and Principal Executive Officer of Centre Funds (the “Registrant”), certify that:
| |
1. |
I have reviewed this report on Form N-CSR of
the Registrant; |
| |
2. |
Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
| |
3. |
Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement
of cash flows) of the Registrant as of, and for, the periods presented in this report; |
| |
4. |
The Registrant’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the Registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to
the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and |
| (d) | Disclosed
in this report any change in the Registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control
over financial reporting; and |
| |
5. |
The Registrant’s other certifying officer
and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees
(or persons performing the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the
Registrant’s ability to record, process, summarize, and report financial information;
and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have
a significant role in the Registrant’s internal control over financial reporting. |
| By: |
/s/
James A. Abate |
|
| |
James
A. Abate |
|
| |
President (Principal Executive Officer) |
| |
|
|
| Date: |
December
6, 2024 |
|
I,
James A. Abate, Treasurer and Principal Financial Officer, of the Centre Funds (the “Registrant”), certify that:
| 1. | I
have reviewed this report on Form N-CSR of the Registrant; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results
of operations, changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report; |
| 4. | The
Registrant’s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to
the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and |
| (d) | Disclosed
in this report any change in the Registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control
over financial reporting; and |
| 5. | The
Registrant’s other certifying officer and I have disclosed to the Registrant’s
auditors and the audit committee of the Registrant’s board of trustees (or persons
performing the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the
Registrant’s ability to record, process, summarize, and report financial information;
and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have
a significant role in the Registrant’s internal control over financial reporting. |
| By: |
/s/
James A. Abate |
|
| |
James
A. Abate |
|
| |
Treasurer (Principal Financial Officer) |
| |
|
|
| Date: |
December
6, 2024 |
|
Exhibit
99.906 Cert
This
certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the
report on Form N-CSR for the period ended September 30, 2024 of the Centre Funds (the “Registrant”).
I,
James A. Abate, the President and Principal Executive Officer of the Company, certify that:
| (i) | the
Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as
applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
| (ii) | the
information contained in the Form N-CSR fairly presents, in all material respects, the
financial condition and results of operations of the Registrant. |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise
adopting the signature that appears in typed form within the electronic form of this written statement required by Section 906,
has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission
or its staff upon request.
| Dated: |
December
6, 2024 |
|
| |
|
|
| By: |
/s/
James A. Abate |
|
| |
James
A. Abate |
|
| |
President (Principal Executive Officer) |
This
certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the
report on Form N-CSR for the period ended September 30, 2024 of the Centre Funds (the “Registrant”).
I,
James A. Abate, Treasurer and Principal Financial Officer of the Company, certify that:
| (i) | the
Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as
applicable of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
| (ii) | the
information contained in the Form N-CSR fairly presents, in all material respects, the
financial condition and results of operations of the Registrant. |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise
adopting the signature that appears in typed form within the electronic form of this written statement required by Section 906,
has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission
or its staff upon request.
| Dated: |
December
6, 2024 |
|
| |
|
|
| By: |
/s/
James A. Abate |
|
| |
James
A. Abate |
|
| |
Treasurer (Principal Financial Officer) |
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-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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-Name Form N-1A
-Section 27A
-Subsection d
-Paragraph 2
-Subparagraph instruction
-Clause 7
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v3.24.3
Shareholder Report
|
12 Months Ended |
|
Sep. 30, 2024
USD ($)
Holding
|
|---|
| Shareholder Report [Line Items] |
|
| Document Type |
N-CSR
|
| Amendment Flag |
false
|
| Registrant Name |
CENTRE FUNDS
|
| Entity Central Index Key |
0001517238
|
| Entity Investment Company Type |
N-1A
|
| Document Period End Date |
Sep. 30, 2024
|
| C000136015 |
|
| Shareholder Report [Line Items] |
|
| Fund Name |
CENTRE AMERICAN SELECT EQUITY FUND
|
| Class Name |
INSTITUTIONAL
|
| Trading Symbol |
DHANX
|
| Annual or Semi-Annual Statement [Text Block] |
This annual shareholder report contains important information about Centre American Select Equity Fund - Institutional (the "Fund") for the period of October 1, 2023 to September 30, 2024.
|
| Shareholder Report Annual or Semi-Annual |
Annual Shareholder Report
|
| Additional Information [Text Block] |
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhamx-dhanx. You can also request this information by contacting us at 855.298.4236.
|
| Additional Information Phone Number |
855.298.4236
|
| Additional Information Website |
<span style="box-sizing: border-box; color: rgb(88, 89, 91); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 12px; margin: 0px; overflow: visible; text-align: left;">https://www.centrefunds.com/resources/dhamx-dhanx</span>
|
| Expenses [Text Block] |
WHAT WERE THE FUND'S COST FOR THE LAST YEAR? (based on a hypothetical $10,000 investment) Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
Centre American Select Equity Fund - Institutional | $103 | 1.03% |
|
| Expenses Paid, Amount |
$ 103
|
| Expense Ratio, Percent |
1.03%
|
| Factors Affecting Performance [Text Block] |
HOW DID THE FUND PERFORM LAST YEAR?The Fund returned 25.28% for the 12 months ended September 30, 2024. This is in contrast to the S&P 500 Total Return Index, which had a 36.35% return for the same time period. The strongest contributors to performance within the American Select Equity Fund over the one-year period ended September 30, 2024, included investments within the Consumer Discretionary sector: Hasbro, MercadoLibre, and Amazon; and the Information Technology sector: Nvidia. Stock investments that contributed negatively to the Fund’s relative performance over the period were in the Consumer Staples sector and included Kraft Heinz, PepsiCo, Tyson Foods, Estee Lauder, Molson Coors, and Boston Beer. Sectoral Biases, particularly our overweight posture in Consumer Staples and Health Care, contributed negatively as well as the impact from hedging instruments, namely put options on the S&P 500 Index, as the put option positions were affected negatively from the rise in the S&P 500 Index and corresponding sharp fall in implied volatility. In the Fund, we continue to emphasize more idiosyncratic risk-oriented companies that are less influenced by a pervasive market effect and have historically demonstrated defensiveness during economic and financial market stress, as they produce and sell goods that are considered essential, in the Consumer Staples and Health Care sectors, with a particular emphasis on cash flow stability and dividend yield. Within cyclical or economically-sensitive segments, the Fund maintains limited exposure and focused on special situation stocks in the Industrials sector and Natural Gas industry. The Fund’s portfolio is designed to be relatively defensive with companies that have high barriers to entry. We continue to believe that our bottom-up focus, which allows flexibility and pragmatism to search for the best opportunities within the universe of large-capitalization equity securities, and tilting towards industries and sectors where we see the most opportunity, is most consistent with financial theory, empirical evidence, and the current environment. |
| Line Graph [Table Text Block] |
| Institutional - $841,168 | S&P 500 Total Return Index - $952,346 |
|---|
9/30/2014 | $250,000 | $250,000 | 3/31/2015 | $253,888 | $264,825 | 9/30/2015 | $245,285 | $248,463 | 3/31/2016 | $263,025 | $269,546 | 9/30/2016 | $271,638 | $286,802 | 3/31/2017 | $290,482 | $315,833 | 9/30/2017 | $315,636 | $340,175 | 3/31/2018 | $343,292 | $360,024 | 9/30/2018 | $374,202 | $401,101 | 3/31/2019 | $361,969 | $394,214 | 9/30/2019 | $356,946 | $418,163 | 3/31/2020 | $343,569 | $366,706 | 9/30/2020 | $444,099 | $481,512 | 3/31/2021 | $543,446 | $573,351 | 9/30/2021 | $578,110 | $625,989 | 3/31/2022 | $729,938 | $663,057 | 9/30/2022 | $588,414 | $529,135 | 3/31/2023 | $655,582 | $611,812 | 9/30/2023 | $671,439 | $643,520 | 3/31/2024 | $783,541 | $794,629 | 9/30/2024 | $841,168 | $877,449 |
|
| Average Annual Return [Table Text Block] |
AVERAGE ANNUAL TOTAL RETURNS Institutional | 1 Year | 5 Year | 10 Year |
|---|
Institutional (Incep. January 21, 2014) | 25.28% | 18.70% | 12.90% | S&P 500 Total Return Index | 36.35% | 15.98% | 13.38% |
|
| Material Change Date |
Sep. 30, 2024
|
| AssetsNet |
$ 419,879,067
|
| Holdings Count | Holding |
36
|
| Advisory Fees Paid, Amount |
$ 2,831,147
|
| InvestmentCompanyPortfolioTurnover |
81.00%
|
| Additional Fund Statistics [Text Block] |
- Total Net Asset$419,879,067
- # of Portfolio Holdings36
- Portfolio Turnover Rate (Institutional)81%
- Advisory Fees Paid$2,831,147
|
| Holdings [Text Block] |
SECTOR WEIGHTINGS (as a % of Net Assets)Value | Value |
|---|
Consumer Staples - | 23.59% | Health Care - | 19.18% | Information Technology - | 14.31% | Bonds - | 9.71% | Communication Services - | 9.01% | Materials - | 7.99% | Consumer Discretionary - | 6.27% | Energy - | 5.47% | Financials - | 2.25% | Industrials - | 2.20% | Cash, Cash Equivalents,
& Other Net Assets - | 0.02% |
|
| Largest Holdings [Text Block] |
TOP TEN HOLDINGS (as a % of Net Assets)Top 10 | Top 10 |
|---|
iShares 20+ Year Treasury Bond ETF | 9.53% | NVIDIA Corp. | 6.24% | Microsoft Corp. | 4.36% | Alphabet, Inc. | 3.80% | Apple, Inc. | 3.70% | Amazon.com, Inc. | 3.62% | Johnson & Johnson | 3.20% | International Flavors & Fragrances, Inc. | 3.14% | McCormick & Co., Inc. | 3.05% | Medtronic PLC | 2.90% |
|
| Material Fund Change [Text Block] |
This is a summary of certain changes of the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus available on January 30, 2024, or the Fund's next prospectus, which we expect to be available on January 29, 2025, or by calling us at 1-855-298-4236. Effective January 29, 2024, the Fund's adviser contractually agreed to reduce its advisory fee and/or reimburse other expenses of the Fund, until at least January 29, 2025, to the extent necessary to limit the total operating expenses of the Fund to an annual rate of 0.95% of the average daily net assets ("Expense Limitation") of the Institutional Class shares. Prior to January 29, 2024, the Expense Limitation was 0.90% for the Fund's Institutional Class shares. |
| C000109113 |
|
| Shareholder Report [Line Items] |
|
| Fund Name |
CENTRE AMERICAN SELECT EQUITY FUND
|
| Class Name |
INVESTOR
|
| Trading Symbol |
DHAMX
|
| Annual or Semi-Annual Statement [Text Block] |
This annual shareholder report contains important information about Centre American Select Equity Fund - Investor (the "Fund") for the period of October 1, 2023 to September 30, 2024.
|
| Shareholder Report Annual or Semi-Annual |
Annual Shareholder Report
|
| Additional Information [Text Block] |
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhamx-dhanx. You can also request this information by contacting us at 855.298.4236.
|
| Additional Information Phone Number |
855.298.4236
|
| Additional Information Website |
<span style="box-sizing: border-box; color: rgb(88, 89, 91); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 400; grid-area: auto; line-height: 12px; margin: 0px; overflow: visible; text-align: left;">https://www.centrefunds.com/resources/dhamx-dhanx</span>
|
| Expenses [Text Block] |
WHAT WERE THE FUND'S COST FOR THE LAST YEAR? (based on a hypothetical $10,000 investment) Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
Centre American Select Equity Fund - Investor | $134 | 1.34% |
|
| Expenses Paid, Amount |
$ 134
|
| Expense Ratio, Percent |
1.34%
|
| Factors Affecting Performance [Text Block] |
HOW DID THE FUND PERFORM LAST YEAR?The Fund returned 24.88% for the 12 months ended September 30, 2024. This is in contrast to the S&P 500 Total Return Index, which had a 36.35% return for the same time period. The strongest contributors to performance within the American Select Equity Fund over the one-year period ended September 30, 2024, included investments within the Consumer Discretionary sector: Hasbro, MercadoLibre, and Amazon; and the Information Technology sector: Nvidia. Stock investments that contributed negatively to the Fund’s relative performance over the period were in the Consumer Staples sector and included Kraft Heinz, PepsiCo, Tyson Foods, Estee Lauder, Molson Coors, and Boston Beer. Sectoral Biases, particularly our overweight posture in Consumer Staples and Health Care, contributed negatively as well as the impact from hedging instruments, namely put options on the S&P 500 Index, as the put option positions were affected negatively from the rise in the S&P 500 Index and corresponding sharp fall in implied volatility. In the Fund, we continue to emphasize more idiosyncratic risk-oriented companies that are less influenced by a pervasive market effect and have historically demonstrated defensiveness during economic and financial market stress, as they produce and sell goods that are considered essential, in the Consumer Staples and Health Care sectors, with a particular emphasis on cash flow stability and dividend yield. Within cyclical or economically-sensitive segments, the Fund maintains limited exposure and focused on special situation stocks in the Industrials sector and Natural Gas industry. The Fund’s portfolio is designed to be relatively defensive with companies that have high barriers to entry. We continue to believe that our bottom-up focus, which allows flexibility and pragmatism to search for the best opportunities within the universe of large-capitalization equity securities, and tilting towards industries and sectors where we see the most opportunity, is most consistent with financial theory, empirical evidence, and the current environment. |
| Line Graph [Table Text Block] |
| Investor - $32,506 | S&P 500 Total Return Index - $35,098 |
|---|
9/30/2014 | $10,000 | $10,000 | 3/31/2015 | $10,145 | $10,593 | 9/30/2015 | $9,793 | $9,939 | 3/31/2016 | $10,500 | $10,782 | 9/30/2016 | $10,844 | $11,472 | 3/31/2017 | $11,575 | $12,633 | 9/30/2017 | $12,578 | $13,607 | 3/31/2018 | $13,666 | $14,401 | 9/30/2018 | $14,854 | $16,044 | 3/31/2019 | $14,334 | $15,769 | 9/30/2019 | $14,093 | $16,727 | 3/31/2020 | $13,528 | $14,668 | 9/30/2020 | $17,450 | $19,260 | 3/31/2021 | $21,295 | $22,934 | 9/30/2021 | $22,616 | $25,040 | 3/31/2022 | $28,458 | $26,522 | 9/30/2022 | $22,895 | $21,165 | 3/31/2023 | $25,470 | $24,472 | 9/30/2023 | $26,031 | $25,741 | 3/31/2024 | $30,318 | $31,785 | 9/30/2024 | $32,506 | $35,098 |
|
| Average Annual Return [Table Text Block] |
AVERAGE ANNUAL TOTAL RETURNS Investor | 1 Year | 5 Year | 10 Year |
|---|
Investor (Incep. December 21, 2011) | 24.88% | 18.19% | 12.51% | S&P 500 Total Return Index | 36.35% | 15.98% | 13.38% |
|
| AssetsNet |
$ 419,879,067
|
| Holdings Count | Holding |
36
|
| Advisory Fees Paid, Amount |
$ 2,831,147
|
| InvestmentCompanyPortfolioTurnover |
81.00%
|
| Additional Fund Statistics [Text Block] |
- Total Net Asset$419,879,067
- # of Portfolio Holdings36
- Portfolio Turnover Rate (Investor)81%
- Advisory Fees Paid$2,831,147
|
| Holdings [Text Block] |
SECTOR WEIGHTINGS (as a % of Net Assets)Value | Value |
|---|
Consumer Staples - | 23.59% | Health Care - | 19.18% | Information Technology - | 14.31% | Bonds - | 9.71% | Communication Services - | 9.01% | Materials - | 7.99% | Consumer Discretionary - | 6.27% | Energy - | 5.47% | Financials - | 2.25% | Industrials - | 2.20% | Cash, Cash Equivalents,
& Other Net Assets - | 0.02% |
|
| Largest Holdings [Text Block] |
TOP TEN HOLDINGS (as a % of Net Assets)Top 10 | Top 10 |
|---|
iShares 20+ Year Treasury Bond ETF | 9.53% | NVIDIA Corp. | 6.24% | Microsoft Corp. | 4.36% | Alphabet, Inc. | 3.80% | Apple, Inc. | 3.70% | Amazon.com, Inc. | 3.62% | Johnson & Johnson | 3.20% | International Flavors & Fragrances, Inc. | 3.14% | McCormick & Co., Inc. | 3.05% | Medtronic PLC | 2.90% |
|
| Material Fund Change [Text Block] |
There have been no material Fund changes during the reporting period. |
| C000173736 |
|
| Shareholder Report [Line Items] |
|
| Fund Name |
CENTRE GLOBAL INFRASTRUCTURE FUND
|
| Class Name |
INSTITUTIONAL
|
| Trading Symbol |
DHINX
|
| Annual or Semi-Annual Statement [Text Block] |
This annual shareholder report contains important information about Centre Global Infrastructure Fund - Institutional (the "Fund") for the period of October 1, 2023 to September 30, 2024.
|
| Shareholder Report Annual or Semi-Annual |
Annual Shareholder Report
|
| Additional Information [Text Block] |
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhivx-dhinx. You can also request this information by contacting us at 855.298.4236.
|
| Additional Information Phone Number |
855.298.4236
|
| Additional Information Website |
https://www.centrefunds.com/resources/dhivx-dhinx
|
| Expenses [Text Block] |
WHAT WERE THE FUND'S COST FOR THE LAST YEAR? (based on a hypothetical $10,000 investment) Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
Centre Global Infrastructure Fund - Institutional | $139 | 1.18% |
|
| Expenses Paid, Amount |
$ 139
|
| Expense Ratio, Percent |
1.18%
|
| Factors Affecting Performance [Text Block] |
HOW DID THE FUND PERFORM LAST YEAR?The Fund returned 35.21% for the 12 months ended September 30, 2024. This is in contrast to the S&P Global Infrastructure Index, which had a 29.67% return for the same time period. During the period, investments providing the strongest contribution to the Global Infrastructure Fund’s performance within the Utilities sector included: Constellation Energy, NextEra Energy, Public Service Enterprise Group, and Southern Company; within the Communications sector: KT Corp., Verizon Communications, T-Mobile, AT&T, and Deutsche Telekom; and within the Energy sector included: Kinder Morgan, Williams, and Enbridge. Stocks that contributed negatively to the Infrastructure Fund’s performance included Flowserve, Kirby, and Pearson PLC. In the Energy sector, the secular opportunity for green energy and ESG awareness remains intact despite recent setbacks in autos and wind power generation. However, the cyclical opportunities due to elevated oil & gas prices are profound resulting from supply constraints being imposed at the same time demand is rising. In particular, the value of legacy pipeline assets will increase dramatically, especially those used for natural gas liquefaction and export. In the Utilities sector, we see potential further transformation of the sector from being historically a “bond proxy” to growth industry as demand for electricity increases, as well as remaining an excellent inflation hedge from regulated power generation assets. In the Communications sector, we expect tax and R&D incentives to be most impactful, raising returns on incremental capital investments. In the Infrastructure Fund, diversification across regions and developed countries as well as being balanced across the Telecommunication, Utilities, Energy, Transportation, and Social Infrastructure sectors should aid in returns and risk management. Centre believes its disciplined, high‐conviction approach to stock selection, with a cognizance of risk management, seems positioned to perform well relative to less risk aware and less historically appreciative strategies. |
| Line Graph [Table Text Block] |
| Institutional - $363,927 | MSCI World Index - $466,238 | S&P Global Infrastructure Index - $355,549 |
|---|
1/29/2018 | $250,000 | $250,000 | $250,000 | 3/31/2018 | $234,007 | $232,238 | $233,545 | 9/30/2018 | $248,049 | $248,033 | $234,505 | 3/31/2019 | $255,434 | $241,559 | $252,680 | 9/30/2019 | $269,351 | $252,566 | $266,100 | 3/31/2020 | $215,115 | $216,462 | $197,315 | 9/30/2020 | $238,903 | $278,851 | $227,273 | 3/31/2021 | $279,590 | $333,424 | $268,327 | 9/30/2021 | $282,733 | $359,219 | $277,561 | 3/31/2022 | $301,070 | $367,167 | $310,893 | 9/30/2022 | $253,014 | $288,694 | $258,920 | 3/31/2023 | $284,283 | $341,384 | $297,666 | 9/30/2023 | $269,162 | $352,073 | $274,185 | 3/31/2024 | $310,097 | $427,099 | $306,991 | 9/30/2024 | $363,927 | $466,238 | $355,549 |
|
| Average Annual Return [Table Text Block] |
AVERAGE ANNUAL TOTAL RETURNS Institutional | 1 Year | 5 Year | Since Inception |
|---|
Institutional (Incep. January 29, 2018) | 35.21% | 6.20% | 5.79% | S&P Global Infrastructure Index | 29.67% | 5.97% | 5.42% | MSCI World Index | 32.43% | 13.04% | 9.80% |
|
| AssetsNet |
$ 30,588,951
|
| Holdings Count | Holding |
49
|
| Advisory Fees Paid, Amount |
$ 161,690
|
| InvestmentCompanyPortfolioTurnover |
10.00%
|
| Additional Fund Statistics [Text Block] |
- Total Net Asset$30,588,951
- # of Portfolio Holdings49
- Portfolio Turnover Rate (Institutional)10%
- Advisory Fees Paid$161,690
|
| Holdings [Text Block] |
COUNTRY WEIGHTINGS (as a % of Net Assets)Value | Value |
|---|
United States - | 58.46% | Canada - | 10.75% | Japan - | 6.75% | Spain - | 5.46% | Germany - | 4.46% | Italy - | 3.23% | United Kingdom - | 2.34% | Australia - | 2.02% | South Korea - | 1.64% | New Zealand - | 1.48% | France - | 1.45% | Singapore - | 0.74% | Switzerland - | 0.63% | Netherlands - | 0.59% |
|
| Largest Holdings [Text Block] |
TOP TEN HOLDINGS (as a % of Net Assets)Top 10 | Top 10 |
|---|
Verizon Communications, Inc. | 6.86% | AT&T, Inc. | 5.72% | Enbridge, Inc. | 5.57% | HCA Healthcare, Inc. | 5.18% | T-Mobile US, Inc. | 4.27% | Kinder Morgan, Inc. | 4.11% | The Williams Cos., Inc. | 3.82% | Deutsche Telekom AG | 3.70% | ONEOK, Inc. | 3.68% | NextEra Energy, Inc. | 3.49% |
|
| Material Fund Change [Text Block] |
There have been no material Fund changes during the reporting period. |
| C000173735 |
|
| Shareholder Report [Line Items] |
|
| Fund Name |
CENTRE GLOBAL INFRASTRUCTURE FUND
|
| Class Name |
INVESTOR
|
| Trading Symbol |
DHIVX
|
| Annual or Semi-Annual Statement [Text Block] |
This annual shareholder report contains important information about Centre Global Infrastructure Fund - Investor (the "Fund") for the period of October 1, 2023 to September 30, 2024.
|
| Shareholder Report Annual or Semi-Annual |
Annual Shareholder Report
|
| Additional Information [Text Block] |
You can find additional information about the Fund at https://www.centrefunds.com/resources/dhivx-dhinx. You can also request this information by contacting us at 855.298.4236.
|
| Additional Information Phone Number |
855.298.4236
|
| Additional Information Website |
https://www.centrefunds.com/resources/dhivx-dhinx
|
| Expenses [Text Block] |
WHAT WERE THE FUND'S COST FOR THE LAST YEAR? (based on a hypothetical $10,000 investment) Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
Centre Global Infrastructure Fund - Investor | $184 | 1.57% |
|
| Expenses Paid, Amount |
$ 184
|
| Expense Ratio, Percent |
1.57%
|
| Factors Affecting Performance [Text Block] |
HOW DID THE FUND PERFORM LAST YEAR?The Fund returned 34.80% for the 12 months ended September 30, 2024. This is in contrast to the S&P Global Infrastructure Index, which had a 29.67% return for the same time period. During the period, investments providing the strongest contribution to the Global Infrastructure Fund’s performance within the Utilities sector included: Constellation Energy, NextEra Energy, Public Service Enterprise Group, and Southern Company; within the Communications sector: KT Corp., Verizon Communications, T-Mobile, AT&T, and Deutsche Telekom; and within the Energy sector included: Kinder Morgan, Williams, and Enbridge. Stocks that contributed negatively to the Infrastructure Fund’s performance included Flowserve, Kirby, and Pearson PLC. In the Energy sector, the secular opportunity for green energy and ESG awareness remains intact despite recent setbacks in autos and wind power generation. However, the cyclical opportunities due to elevated oil & gas prices are profound resulting from supply constraints being imposed at the same time demand is rising. In particular, the value of legacy pipeline assets will increase dramatically, especially those used for natural gas liquefaction and export. In the Utilities sector, we see potential further transformation of the sector from being historically a “bond proxy” to growth industry as demand for electricity increases, as well as remaining an excellent inflation hedge from regulated power generation assets. In the Communications sector, we expect tax and R&D incentives to be most impactful, raising returns on incremental capital investments. In the Infrastructure Fund, diversification across regions and developed countries as well as being balanced across the Telecommunication, Utilities, Energy, Transportation, and Social Infrastructure sectors should aid in returns and risk management. Centre believes its disciplined, high‐conviction approach to stock selection, with a cognizance of risk management, seems positioned to perform well relative to less risk aware and less historically appreciative strategies. |
| Line Graph [Table Text Block] |
| Investor - $14,244 | MSCI World Index - $18,650 | S&P Global Infrastructure Index - $14,222 |
|---|
1/29/2018 | $10,000 | $10,000 | $10,000 | 3/31/2018 | $9,355 | $9,290 | $9,342 | 9/30/2018 | $9,882 | $9,921 | $9,380 | 3/31/2019 | $10,173 | $9,662 | $10,107 | 9/30/2019 | $10,713 | $10,103 | $10,644 | 3/31/2020 | $8,546 | $8,658 | $7,893 | 9/30/2020 | $9,481 | $11,154 | $9,091 | 3/31/2021 | $11,096 | $13,337 | $10,733 | 9/30/2021 | $11,188 | $14,369 | $11,102 | 3/31/2022 | $11,891 | $14,687 | $12,436 | 9/30/2022 | $9,983 | $11,548 | $10,357 | 3/31/2023 | $11,195 | $13,655 | $11,907 | 9/30/2023 | $10,567 | $14,083 | $10,967 | 3/31/2024 | $12,163 | $17,084 | $12,280 | 9/30/2024 | $14,244 | $18,650 | $14,222 |
|
| Average Annual Return [Table Text Block] |
AVERAGE ANNUAL TOTAL RETURNS Investor | 1 Year | 5 Year | Since Inception |
|---|
Investor (Incep. January 29, 2018) | 34.80% | 5.86% | 5.45% | S&P Global Infrastructure Index | 29.67% | 5.97% | 5.42% | MSCI World Index | 32.43% | 13.04% | 9.80% |
|
| AssetsNet |
$ 30,588,951
|
| Holdings Count | Holding |
49
|
| Advisory Fees Paid, Amount |
$ 161,690
|
| InvestmentCompanyPortfolioTurnover |
10.00%
|
| Additional Fund Statistics [Text Block] |
- Total Net Asset$30,588,951
- # of Portfolio Holdings49
- Portfolio Turnover Rate (Investor)10%
- Advisory Fees Paid$161,690
|
| Holdings [Text Block] |
COUNTRY WEIGHTINGS (as a % of Net Assets)Value | Value |
|---|
United States - | 58.46% | Canada - | 10.75% | Japan - | 6.75% | Spain - | 5.46% | Germany - | 4.46% | Italy - | 3.23% | United Kingdom - | 2.34% | Australia - | 2.02% | South Korea - | 1.64% | New Zealand - | 1.48% | France - | 1.45% | Singapore - | 0.74% | Switzerland - | 0.63% | Netherlands - | 0.59% |
|
| Largest Holdings [Text Block] |
TOP TEN HOLDINGS (as a % of Net Assets)Top 10 | Top 10 |
|---|
Verizon Communications, Inc. | 6.86% | AT&T, Inc. | 5.72% | Enbridge, Inc. | 5.57% | HCA Healthcare, Inc. | 5.18% | T-Mobile US, Inc. | 4.27% | Kinder Morgan, Inc. | 4.11% | The Williams Cos., Inc. | 3.82% | Deutsche Telekom AG | 3.70% | ONEOK, Inc. | 3.68% | NextEra Energy, Inc. | 3.49% |
|
| Material Fund Change [Text Block] |
There have been no material Fund changes during the reporting period. |
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v3.24.3
Shareholder Report, Line Graph (Details) - USD ($)
|
6 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Mar. 31, 2018 |
Jan. 29, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2014 |
| C000136015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
Institutional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 841,168
|
$ 783,541
|
$ 671,439
|
$ 655,582
|
$ 588,414
|
$ 729,938
|
$ 578,110
|
$ 543,446
|
$ 444,099
|
$ 343,569
|
$ 356,946
|
$ 361,969
|
$ 374,202
|
$ 343,292
|
|
$ 315,636
|
$ 290,482
|
$ 271,638
|
$ 263,025
|
$ 245,285
|
$ 253,888
|
$ 250,000
|
| C000109113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
Investor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 32,506
|
30,318
|
26,031
|
25,470
|
22,895
|
28,458
|
22,616
|
21,295
|
17,450
|
13,528
|
14,093
|
14,334
|
14,854
|
13,666
|
|
12,578
|
11,575
|
10,844
|
10,500
|
9,793
|
10,145
|
10,000
|
| C000173736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
Institutional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 363,927
|
310,097
|
269,162
|
284,283
|
253,014
|
301,070
|
282,733
|
279,590
|
238,903
|
215,115
|
269,351
|
255,434
|
248,049
|
234,007
|
$ 250,000
|
|
|
|
|
|
|
|
| C000173735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
Investor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 14,244
|
12,163
|
10,567
|
11,195
|
9,983
|
11,891
|
11,188
|
11,096
|
9,481
|
8,546
|
10,713
|
10,173
|
9,882
|
9,355
|
10,000
|
|
|
|
|
|
|
|
| S&P 500 Total Return Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
S&P 500 Total Return Index
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 877,449
|
794,629
|
643,520
|
611,812
|
529,135
|
663,057
|
625,989
|
573,351
|
481,512
|
366,706
|
418,163
|
394,214
|
401,101
|
360,024
|
|
340,175
|
315,833
|
286,802
|
269,546
|
248,463
|
264,825
|
250,000
|
| S&P 500 Total Return Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
S&P 500 Total Return Index
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 35,098
|
31,785
|
25,741
|
24,472
|
21,165
|
26,522
|
25,040
|
22,934
|
19,260
|
14,668
|
16,727
|
15,769
|
16,044
|
14,401
|
|
$ 13,607
|
$ 12,633
|
$ 11,472
|
$ 10,782
|
$ 9,939
|
$ 10,593
|
$ 10,000
|
| MSCI World Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
MSCI World Index
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 466,238
|
427,099
|
352,073
|
341,384
|
288,694
|
367,167
|
359,219
|
333,424
|
278,851
|
216,462
|
252,566
|
241,559
|
248,033
|
232,238
|
250,000
|
|
|
|
|
|
|
|
| MSCI World Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
MSCI World Index
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 18,650
|
17,084
|
14,083
|
13,655
|
11,548
|
14,687
|
14,369
|
13,337
|
11,154
|
8,658
|
10,103
|
9,662
|
9,921
|
9,290
|
10,000
|
|
|
|
|
|
|
|
| S&P Global Infrastructure Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
S&P Global Infrastructure Index
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 355,549
|
306,991
|
274,185
|
297,666
|
258,920
|
310,893
|
277,561
|
268,327
|
227,273
|
197,315
|
266,100
|
252,680
|
234,505
|
233,545
|
250,000
|
|
|
|
|
|
|
|
| S&P Global Infrastructure Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Line Graph and Table Measure Name |
S&P Global Infrastructure Index
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Account Value |
$ 14,222
|
$ 12,280
|
$ 10,967
|
$ 11,907
|
$ 10,357
|
$ 12,436
|
$ 11,102
|
$ 10,733
|
$ 9,091
|
$ 7,893
|
$ 10,644
|
$ 10,107
|
$ 9,380
|
$ 9,342
|
$ 10,000
|
|
|
|
|
|
|
|
| X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form N-1A
-Section 27A
-Subsection d
-Paragraph 2
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v3.24.3
Shareholder Report, Average Annual Return (Details)
|
6 Months Ended |
12 Months Ended |
60 Months Ended |
80 Months Ended |
120 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2024 |
| C000136015 |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
Institutional
|
|
|
|
|
| C000109113 |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
Investor
|
|
|
|
|
| C000173736 |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
Institutional
|
|
|
|
|
| C000173735 |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
Investor
|
|
|
|
|
| Without Sales Load [Member] | C000136015 |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Average Annual Return, Percent |
|
25.28%
|
18.70%
|
|
12.90%
|
| Without Sales Load [Member] | C000109113 |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Average Annual Return, Percent |
|
24.88%
|
18.19%
|
|
12.51%
|
| Without Sales Load [Member] | C000173736 |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Average Annual Return, Percent |
|
35.21%
|
6.20%
|
5.79%
|
|
| Without Sales Load [Member] | C000173735 |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Average Annual Return, Percent |
|
34.80%
|
5.86%
|
5.45%
|
|
| S&P 500 Total Return Index |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
S&P 500 Total Return Index
|
|
|
|
|
| Average Annual Return, Percent |
|
36.35%
|
15.98%
|
|
13.38%
|
| S&P 500 Total Return Index |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
S&P 500 Total Return Index
|
|
|
|
|
| Average Annual Return, Percent |
|
36.35%
|
15.98%
|
|
13.38%
|
| MSCI World Index |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
MSCI World Index
|
|
|
|
|
| Average Annual Return, Percent |
|
32.43%
|
13.04%
|
9.80%
|
|
| MSCI World Index |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
MSCI World Index
|
|
|
|
|
| Average Annual Return, Percent |
|
32.43%
|
13.04%
|
9.80%
|
|
| S&P Global Infrastructure Index |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
S&P Global Infrastructure Index
|
|
|
|
|
| Average Annual Return, Percent |
|
29.67%
|
5.97%
|
5.42%
|
|
| S&P Global Infrastructure Index |
|
|
|
|
|
| Average Annual Return [Line Items] |
|
|
|
|
|
| Line Graph and Table Measure Name |
S&P Global Infrastructure Index
|
|
|
|
|
| Average Annual Return, Percent |
|
29.67%
|
5.97%
|
5.42%
|
|
| X |
- References
+ Details
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-Section 27A
-Subsection d
-Paragraph 2
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|
v3.24.3
Shareholder Report, Holdings (Details)
|
Sep. 30, 2024 |
| C000136015 | iShares 20+ Year Treasury Bond ETF |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
9.53%
|
| C000136015 | NVIDIA Corp. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
6.24%
|
| C000136015 | Microsoft Corp. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
4.36%
|
| C000136015 | Alphabet, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.80%
|
| C000136015 | Apple, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.70%
|
| C000136015 | Amazon.com, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.62%
|
| C000136015 | Johnson & Johnson |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.20%
|
| C000136015 | International Flavors & Fragrances, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.14%
|
| C000136015 | McCormick & Co., Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.05%
|
| C000136015 | Medtronic PLC |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
2.90%
|
| C000136015 | Consumer Staples |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
23.59%
|
| C000136015 | Health Care |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
19.18%
|
| C000136015 | Information Technology |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
14.31%
|
| C000136015 | Communication Services |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
9.01%
|
| C000136015 | Materials |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
7.99%
|
| C000136015 | Consumer Discretionary |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
6.27%
|
| C000136015 | Energy |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
5.47%
|
| C000136015 | Financials |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
2.25%
|
| C000136015 | Industrials |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
2.20%
|
| C000136015 | Sector: Other Assets and Liabilities |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
0.02%
|
| C000109113 | iShares 20+ Year Treasury Bond ETF |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
9.53%
|
| C000109113 | NVIDIA Corp. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
6.24%
|
| C000109113 | Microsoft Corp. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
4.36%
|
| C000109113 | Alphabet, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.80%
|
| C000109113 | Apple, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.70%
|
| C000109113 | Amazon.com, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.62%
|
| C000109113 | Johnson & Johnson |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.20%
|
| C000109113 | International Flavors & Fragrances, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.14%
|
| C000109113 | McCormick & Co., Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.05%
|
| C000109113 | Medtronic PLC |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
2.90%
|
| C000109113 | Consumer Staples |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
23.59%
|
| C000109113 | Health Care |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
19.18%
|
| C000109113 | Information Technology |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
14.31%
|
| C000109113 | Communication Services |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
9.01%
|
| C000109113 | Materials |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
7.99%
|
| C000109113 | Consumer Discretionary |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
6.27%
|
| C000109113 | Energy |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
5.47%
|
| C000109113 | Financials |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
2.25%
|
| C000109113 | Industrials |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
2.20%
|
| C000109113 | Sector: Other Assets and Liabilities |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
0.02%
|
| C000173736 | Verizon Communications, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
6.86%
|
| C000173736 | AT&T, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
5.72%
|
| C000173736 | Enbridge, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
5.57%
|
| C000173736 | HCA Healthcare, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
5.18%
|
| C000173736 | T-Mobile US, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
4.27%
|
| C000173736 | Kinder Morgan, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
4.11%
|
| C000173736 | The Williams Cos., Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.82%
|
| C000173736 | Deutsche Telekom AG |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.70%
|
| C000173736 | ONEOK, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.68%
|
| C000173736 | NextEra Energy, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.49%
|
| C000173736 | Oil, Gas & Consumable Fuels |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
27.47%
|
| C000173736 | Diversified Telecommunication Services |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
23.70%
|
| C000173736 | Electric Utilities |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
20.04%
|
| C000173736 | Wireless Telecommunication Services |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
10.94%
|
| C000173736 | Multi-Utilities |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
6.39%
|
| C000173736 | Health Care Providers & Services |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
6.25%
|
| C000173736 | Transportation Infrastructure |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.27%
|
| C000173736 | Electrical Equipment |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
1.68%
|
| C000173736 | Industry: Other Assets and Liabilities |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
(0.07%)
|
| C000173736 | France |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
1.45%
|
| C000173736 | Singapore |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
0.74%
|
| C000173736 | Switzerland |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
0.63%
|
| C000173736 | Netherlands |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
0.59%
|
| C000173736 | United States |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
58.46%
|
| C000173736 | Canada |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
10.75%
|
| C000173736 | Japan |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
6.75%
|
| C000173736 | Spain |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
5.46%
|
| C000173736 | Germany |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
4.46%
|
| C000173736 | Italy |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
3.23%
|
| C000173736 | United Kingdom |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
2.34%
|
| C000173736 | Australia |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
2.02%
|
| C000173736 | South Korea |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
1.64%
|
| C000173736 | New Zealand |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
1.48%
|
| C000173735 | Verizon Communications, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
6.86%
|
| C000173735 | AT&T, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
5.72%
|
| C000173735 | Enbridge, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
5.57%
|
| C000173735 | HCA Healthcare, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
5.18%
|
| C000173735 | T-Mobile US, Inc. |
|
| Holdings [Line Items] |
|
| Percent of Net Asset Value |
4.27%
|
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2.02%
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1.64%
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|
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