Centre Global Select Equity Fund
Large Capitalization Foreign (non-U.S.) Stock Fund
Concentrated Portfolio
Differentiated Regional GDP-Driven Portfolio Construction
Actively Managed to Seek Long Term Alpha
Fund Profile: Summary
Investment Objective:
 The Fund seeks to generate long-term capital growth
Investment Strategy Highlights:
 An international equity fund for investors seeking higher growth through overseas market exposure, without
suffering the excessive volatility associated with dedicated emerging markets funds
 Invests in a diversified portfolio of large capitalization foreign (non-U.S.) blue chip equity securities
 High conviction investment ideas – What we believe are the best 80 to 100 stocks of global (non-US)
companies, concentrated in the top 40 names
 We consider these the best blue chips of developed markets plus emerging blue chips from the developing
world
 Bottom Up Fundamental Stock Selection Process driven by Economic Value Added (EVA) investment
philosophy
 Stock selection is combined with portfolio construction process that is focused on GDP-driven regional
weightings rather than market capitalization; regional weights determined by economic footprint rather than
market capitalization
 Two sources of potential excess return – stock selection alpha and portfolio construction “smart beta”
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Fund Profile: Fund Manager
Xavier Smith, MBA, CFA is Investment Director and Fund Manager at Centre Asset
Management, LLC and is responsible for the firm's Global Select Equity strategy. Prior
to joining Centre Asset Management, Mr. Smith was a Managing Director at
Guggenheim Global Trading in New York where he was a Portfolio Manager
responsible for the European Industrials Fundamental Equity Long/Short Portfolio.
Before Guggenheim, Mr. Smith worked at Calypso Capital Management in New York
as the Sector Head for the Global Industrials Sector where he was responsible for
generating long and short fundamental equity investments for the fund. Prior to
Calypso, Mr. Smith was an Executive Director at Goldman Sachs Asset Management in
London, England. At Goldman Sachs, Mr. Smith was an Equity Analyst covering the
Consumer Products, Healthcare, Industrials, and Technology sectors. Mr. Smith worked
on Goldman Sachs' institutional UK, Pan-European, and Global portfolios. Mr. Smith
joined Goldman Sachs after attaining his MBA from the Wharton School at the
University of Pennsylvania. Prior to business school, Mr. Smith worked in information
technology consulting at Ernst & Young. Mr. Smith graduated with honors from Tulane
University and earned a degree in Economics. Mr. Smith is a CFA charter holder.
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Fund Profile: Characteristics
Style: Foreign Large Cap Core/Blend
Regional Weightings
Region
# of Stocks Held
Weight %
Asia Pacific
32
42.0
Western Europe
25
34.5
Central Asia
5
7.5
North America
6
7.0
South & Central America
6
4.7
Eastern Europe
3
2.4
Africa/Middle East
2
1.8
Market Cap Definitions
Giant
> $40 billion
Large
$8 billion - $40 billion
Mid
$1 billion
Small
$500 million - $1 billion
Micro
< $500 million
Source: Morningstar (as of 31-Dec-2014)
Source: Centre Asset Management (as of 27-Feb-2014)
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Differentiated Fundamental Approach

Concentrated Portfolio: Invests in high conviction investment ideas – the best 80 to 100 stocks
of global (ex-U.S.) blue chip companies, concentrated in the top 40 names.

High Emerging Market Exposure: Fund has a material exposure to Emerging Market regions.
Current exposure is roughly 40 percent (normal range of exposure is approximately 35% to 50%).

Improved Stock Selection Through EVA: Historically, high Economic Value Added (EVA®)
companies have outperformed low EVA ones. By targeting companies with attractive EVA
profiles, Global Select Equity narrows its focus to high quality companies that make wise capital
allocation decisions. Additionally, EVA facilitates cross-border comparisons between the best
emerging market names and developed market blue-chip firms because it standardizes accounting
across nations. Quite simply, EVA is the profit earned by the firm less the cost of financing the
firm's capital. The idea is that value is created when the return on the firm's economic capital
employed is greater than the cost of that capital.

Smart Beta-Enhanced Global Growth Exposure: Utilizing a smart beta approach to portfolio
construction that focuses on Gross Domestic Product (GDP) weights instead of market
capitalization as guideposts for regional and country weightings, Global Select Equity is
structured to tilt towards the world’s fastest growing economies as well as
avoiding/underweighting overvalued markets, e.g., Japan in 1990. Over the last 40 years, GDPweighted indices have materially outperformed market cap-weighted indices and also have higher
exposure to developed market powerhouses like Germany, Hong Kong, and Israel.
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EVA Advantage: High EVA Companies Outperform Low EVA Companies
EVA Returns Spreads (1998-2014)
Small Cap – Market capitalization $0.5 Billion to $5 Billion
Large Cap – Market capitalization > $5 Billion
All Cap – Any market capitalization
Source: Compounded log returns from EVA Dimensions Equity Research performance report January. As of 31-Dec-2014.
The performance information quoted above represents past performance, which is not a guarantee of future results
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Underinvestment highlights few opportunities for creating shareholder
wealth or short-termism by management at the expense of long-term
investment for growth
Shareholder wealth is maximized by internal growth and related,
strategic acquisitions
GDF Suez
Kone
SAP
China Merchant Bank
Novo Nordisk
Tata Motors
0%
5%
10%
15%
20%
25%
30% 35%
Excess Returns Relative to Capital Growth Rate ("Economically" Profitable Reinvestment)
QUADRANT I (- +)
QUADRANT II (+ +)
"Dead Money"
"Stable or High Growth"
AVOID
POTENTIAL BUY
QUADRANT III (+ -)
"Empire Building"
AVOID
Stock repurchases, dividends, debt pay-down and other measures of wise
contraction (asset sales & restructuring) create shareholder wealth
Inefficient growth and wealth destruction - excessive capital
spending at cycle peak, empire building M&A transactions - nonrelated, non-strategic or overpriced acquisitions
-20%
-15%
-10%
-5%
QUADRANT IV(- -)
"Wise Contraction or Cyclical Restructuring"
POTENTIAL BUY
-30%
-25%
BHP Billiton
Michelin
Iberdrola
Vale
Intesa Sanpaolo
Bridgestone
-35%
Excess Return on Invested Capital (Operating Return Less Required Return)
Investment Process: EVA-driven Stock Selection
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
Invested Capital Growth Rate
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Selected Position: Tata Motors
High Growth Firm With Higher Quality than Global Peers

Higher Profitability: 10% margins vs. 8% at peers. Return on Capital (ROC) 14% vs. 6% at peers

Faster Growth: 11% sales growth vs. 3% at peers

Lower Leverage: 0.6x net debt/EBITDA vs. 3x for peers

Peers: Honda, Toyota, Volkswagen (owns Audi), Hyundai, Daimler (owns Mercedes)
TATA vs. Peers Comparison
16.0%
14.0%
14.0%
12.0%
11.0%
10.0%
10.0%
8.0%
8.0%
6.0%
6.0%
4.0%
3.0%
2.0%
0.0%
Sales Growth
Operating Margins
TATA Peers
Return on Capital
Tata Motors was 1.14% of the Fund’s portfolio as of 31-Dec-2014
Source: Bloomberg as of 13-Mar-2015. Past performance is not a guarantee of future results
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Smart Beta Advantage: GDP Adjusted World Ex-U.S.A. Index Outperforms
Market Cap Weighted World Ex-U.S.A. Benchmark
Cumulative Total Return MSCI ACWI Ex-U.S.A. GDP Weighted Index vs. MSCI ACWI Ex-U.S.A.
Market Cap Weighted Index From 30-Jun-2000 to 27-Feb-2015
$3.0
2.5
2.0
1.5
1.0
0.5
0.0
2000
2001
2002
2003
2004
2005
2006
MSCI ACWI EX-USA
2007
2008
2009
2010
2011
2012
2013
2014
MSCI ACWI EX-USA GDP
Source: Bloomberg as of 27-Feb-2015. Past performance is not a guarantee of future results
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Smart Beta Advantage: Risk and Return
 Over the long term, investors were rewarded for the higher risk of GDP indices
 Return/risk metric for GDP index historically favorable to market cap based index
Index Return and Risk Metrics 30-Jun-2000 to 27-Feb-2015
Performance Metric
MSCWI ACWI Ex-U.S.A. GDP Index
MSCI ACWI Ex-U.S.A. Index
Annualized Return
5.22%
1.50%
Annualized Risk
19.40%
17.9%
0.27x
0.08x
Return/Risk
All information is historical and not indicative of future results and subject to change. Reader should not assume that an investment in the
securities mentioned was or would be profitable in the future. This information is not a recommendation to buy or sell. Past performance does not
guarantee future results.
Source: Bloomberg as of 27-Feb-2015. Risk is defined as standard deviation
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Smart Beta Advantage: Attractive Fundamentals
 Profitability and cash generation metrics are currently higher for MSCI ACWI
Ex-U.S.A. GDP index
 Valuation metrics are currently lower for MSCI ACWI Ex U.S.A. GDP index
constituents
Index Fundamentals (same constituents, differing weights—economic footprint vs. market cap)
Fundamental Metric
MSCWI ACWI Ex-U.S.A GDP Index
MSCI ACWI Ex-U.S.A. Index
Operating Margin
11.1%
10.1%
Return on Capital
4.8%
4.6%
Free Cash Flow Growth 2015
47.3%
41.9%
Leverage (Net Debt/EBITDA)
1.7x
1.8x
Price to Earnings 2015
13.6x
15.5x
Price to Sales 2015
1.05x
1.11x
Source: Bloomberg, MSCI as of 10-Mar-2015
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Smart Beta Advantage: Warren Buffett and GDP
 “Probably the best single measure of where valuations stand at any given moment”
—Warren Buffet on Market Cap to GDP ratio
 International markets currently more favorable than United States
 Potentially highlights ability to avoid/underweight overvalued markets
Market Cap and GDP Ratios For Selected Countries
Market Cap to GDP Ratio
2014 GDP
($ Trillion)
March 2015 Market Cap
($ Trillion)
United States
1.4x
17.4
24.6
Japan
1.0x
4.8
4.8
India
0.8x
2.0
1.7
France
0.7x
2.9
2.0
China
0.5x
10.4
5.5
Germany
0.5x
3.8
1.9
Country
Source: Bloomberg, International Monetary Fund as of 10-Mar-2015. Warren Buffet quote Fortune 10-Dec-2001
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Portfolio Construction: “Smart Beta” - GDP-driven Regional Weightings for
Portfolio Construction Ensures a Mix of Developed and Developing Blue Chips
Centre Global Select
Equity Fund
Region
MSCI ACWI Ex-U.S.A.
MSCI ACWI Ex-U.S.A.
(Market Capitalization
(GDP Based Weight)
Weight)
Americas
11.7%
10.3%
10.6%
Europe, Middle East
& Africa (EMEA)
38.8%
51.0%
40.5%
Asia Pacific
49.5%
38.7%
48.9%
MSCI ACWI ExMSCI ACWI Ex-U.S.A.
U.S.A. (Market
(GDP Based Weight)
Capitalization Weight)
Source: MSCI, World Bank and Centre Asset Management as of 27-Feb-2015
Centre Global
Select Equity Fund
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Investment Outlook and Key Observations From
Bottoms Up Data
Europe Getting Ahead of Itself:

Region with highest number of stocks with negative business operations momentum but positive
relative stock price performance

European companies have seen a lack of margin progression since Euro Crisis

European market multiples have expanded materially

ECB (European Central Bank) quantitative easing speculation driving current outperformance
Investors Underestimating Asian Reforms:

Region with highest number of stocks with positive business operations momentum but negative
relative stock price performance

Japanese margin progression

Chinese local debt reform
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Outlook: Aggregate Japanese Margins Need Momentum For Market Strength
To Continue
Nikkei 225 Index - Operating Margins vs. Enterprise Value to Sales
Enterprise Value/Sales is a valuation measure that compares the enterprise value (equity and debt) of a company to the company's sales
Source: Bloomberg as of 9-Mar-2015
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Outlook: Aggregate Chinese Margin Progression and Valuations Look
Favorable
Hong Kong Hang Seng China Index - Operating Margins vs. Enterprise Value to Sales
Enterprise Value/Sales is a valuation measure that compares the enterprise value (equity and debt) of a company to the company's sales
Source: Bloomberg as of 9-Mar-2015
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Outlook: Aggregate European Margin Progression Has Lagged Other
Regions and Improvement, If It Occurs, Is Priced In
MSCI Pan Europe Index - Operating Margins vs. Enterprise Value to Sales
Enterprise Value/Sales is a valuation measure that compares the enterprise value (equity and debt) of a company to the company's sales
Source: Bloomberg as of 9-Mar-2015
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Holdings And Sector Allocation
Top 10 Active Weights
%
Top 10 Weights
%
Infosys Ltd-Sp ADR
2.3%
China Mobile Ltd
2.8%
Financials
26.8%
China Mobile Ltd
2.3%
Intesa Sanpaolo
2.5%
Information Technology
13.1%
Intesa Sanpaolo
2.3%
Infosys Ltd-Sp ADR
2.3%
Industrials
11.0%
Lenovo Group Ltd
1.9%
Tencent Holdings Ltd
2.2%
Consumer Discretionary
9.1%
Hdfc Bank Ltd- ADR
1.9%
Novo Nordisk A/S-B
2.1%
Telecommunication Services
8.0%
Bridgestone Corp
1.7%
Zurich Insurance Group AG
2.0%
Consumer Staples
7.9%
Zurich Insurance Group AG
1.7%
Lenovo Group Ltd
2.0%
Health Care
6.0%
Iberdrola SA
1.7%
Hdfc Bank Ltd- ADR
1.9%
Energy
6.0%
Tencent Holdings Ltd
1.7%
Iberdrola SA
1.9%
Utilities
5.5%
Securitas Ab-B SHS
1.7%
Bridgestone Corp
1.9%
Materials
5.0%
Sector Allocation
%
Source: Bloomberg as of 27-Feb-2015. Holdings are subject to change.
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Disclosures
The statements and opinions expressed are those of Xavier Smith and are as of the date of this brochure. All information is historical and not indicative of
future results and subject to change. Reader should not assume that an investment in the securities mentioned was or would be profitable in the future. This
information is not a recommendation to buy or sell. Past performance does not guarantee future results.
Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus
containing this and other most current information regarding the fund, please go to our website www.centrefunds.com or call 1-855-298-4236.Read
the prospectus carefully before you invest.
Important Risk Disclosure: There is no assurance that this investment philosophy will consistently lead to successful investing. An Investment in the Funds
involves risk, including loss of principle. Foreign investing involves special risks such as currency fluctuations and political uncertainty. Investing in
emerging markets typically involves greater risks due to the smaller size and less liquid nature of those markets. The fund is subject to risks including
undervalued securities risk, portfolio turnover risk (which may result in tax consequences) and political/economic risk. Funds focusing on a single sector may
experience greater price volatility.
Centre Global Select Equity Fund is distributed by ALPS Distributors, Inc. Centre Asset Management, LLC and ALPS Distributors, Inc. are not affiliated.
Centre Global Select Equity Fund Top 10 Holdings (as of 31-Dec-2014 and subject to change); excluding cash:
Holding
China Mobile HK Ltd
Intesa Sanpaolo
China Pacific Ins. H Shares
Infosys Tech Ltd ADR
Zurich Financial Svs
China Merchants Bank H Shares
Iberdrola SA
Shaw Communications DL
Tencent Holdings Ltd
Bridgestone Corp
Weight
2.46%
2.23%
2.10%
2.07%
2.01%
1.98%
1.96%
1.91%
1.87%
1.77%
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Disclosures
Definitions
1.MSCI All Country World Index (ACWI) -MSCI All Country World Index is a free float adjusted market capitalization weighted index that is
designed to measure the equity market performance of developed and emerging markets. You cannot invest directly into an index. You cannot
directly invest in an index.
2.MSCI All Country World Index (ACWI ex-USA) – Similar to MSCI ACWI but doesn’t have U.S. based companies as constituents. Includes
both developed and emerging markets
3.HSCEI Index: Hong Kong Stock Exchange Hang Seng China Enterprises Index. Free float capitalization weighted index of H-Shares listed on
the Hong Kong Stock Exchange
4.Nikkei 225 Index: Price weighted average of 225 top rated Japanese companies.
5.MSCI Pan Europe Index: An index of 201 European and United Kingdom companies. Created to serve as the basis for derivative contracts,
exchange traded funds and other passive investment produces. Comprises large and liquid securities.
6.Alpha - A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its riskadjusted performance to a benchmark index.
7.Beta - A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.
8.GDP - Gross Domestic Product is the monetary value of all the finished goods and services produced within a country's borders in a specific
time period
9.Blue Chip - A nationally recognized well-established and financially sound company. Blue chips generally sell high quality, widely accepted
products and services. Blue chip companies are known to weather downturns and operate profitably in the face of adverse economic conditions,
which helps to contribute to their long record of stable and reliable growth.
10.Economic Value Added - An estimate of a firm's economic profit - being the value created in excess of the required return of the company's
investors (being shareholders and debt holders). Quite simply, EVA is the profit earned by the firm less the cost of financing the firm's capital.
The idea is that value is created when the return on the firm's economic capital employed is greater than the cost of that capital
11.M&A – Mergers and Acquisitions
DRX000347 Exp. 06/30/2015
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Definitions
12. Net Debt/EBITDA – Ratio of Net Debt (interest bearing liabilities less cash). The ratio is used as an indicator and measure of leverage and
shows how many periods would the company need to pay off its debt using its cash operating earnings (EBITDA).
13. Return on Capital – A measure of company’s efficiency with capital budget allocation. Often compared relative to its marginal cost of capital
(WACC) to determine whether the company is generating
14. Free Cash Flow growth – Free Cash Flow is operating cash flow available for distribution to capital providers of the company after capital
expenditures and investment in net working capital have been made and deducted.
15. P/E – Price to earnings ratio is a valuation ratio that indicates how much an investor is paying for a dollar of company net income earnings.
16. Price to Sales – Price to sales ratio is a valuation ratio that indicates how much an investor is paying for a dollar of company revenue
17. Market Cap to GDP ratio – Market capitalization of a region divided by GDP of the region. The ratio is often used as a fundamental valuation
indicator.
18. Quantitative Easing – Unconventional monetary policy that involves the central bank buying/selling government securities in order to lower
interest rates and borrowing costs to promote economic growth
19. Standard Deviation – A statistical measure of dispersion of a data set from its mean. Commonly used as a measure of risk and variability
when applied to investment returns.
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