DHTUX — Centre Active U.S. Treasury Fund

DHTUX Fund Overview

DHTUX — Centre Active U.S. Treasury Fund is a US mutual fund managed by Centre Funds, categorised as Treasury / Sovereign Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Centre Funds
• Category: Treasury / Sovereign Bond
• Assets under management: $24.68M
• Ticker: DHTUX
• SEC CIK: 0001517238
• SEC series ID: S000043829
• Share class ID: C000136011

DHTUX Investment Objective and Strategy

Centre Active U.S. Treasury Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Centre Funds.

Investment objective

"The Centre Active U.S. Treasury Fund (the ""Fund"") seeks to maximize investors' total return through capital appreciation and current income."

Principal investment strategy

"The Fund's goal is to maximize investors' total return through capital appreciation and current income. This investment objective may be changed without shareholder approval. Under normal market conditions, the Fund will invest at least 80% of its assets in U.S. Treasury securities, including Treasury bonds (long-term government securities which pay interest every six months with various maturities), Treasury bills (short-term government securities with maturities ranging from a few days to 52 weeks), Treasury notes (government securities that are issued with various maturities and pay interest every six months), and Treasury Inflation-Protected Securities (""TIPS""). U.S. Treasury securities are fixed-rate debt obligations of the U.S. Treasury. TIPS are debt securities issued by the U.S.

Treasury whose values are periodically adjusted to reflect a measure of inflation. TIPS pay interest every six months and are issued with maturities of 5, 10, and 30 years. The Fund seeks to achieve its investment objective primarily by using an active interest rate management strategy that aims to capture general cyclical interest rate trends while allowing for the potential to benefit from short-term deviations. This strategy involves the use of a proprietary fundamentally-driven interest rate forecasting process designed to forecast interest rates on a monthly basis. The Adviser's investment strategy with respect to the Fund focuses primarily on interest rates, the anticipated direction of interest rates month-over-month, duration, and management of duration. In managing the Fund, the portfolio manager utilizes a highly disciplined approach that is statistically based and employed to forecast the interest rate outlook.

This investment methodology is based on the basic economic theory of interest rate behavior and combines measures of economic growth ( e.g ., employment growth), inflationary expectations ( e.g ., the behavior of precious metals prices) and certain market based factors ( e.g ., interest rate trends). The Adviser seeks to identify both the cyclical path of interest rates as well as short term deviations away from the cyclical path. In selecting investments for the Fund, the Adviser considers yield and a security's potential for capital appreciation resulting from changes in interest rates. The Adviser utilizes a fundamentally-driven interest rate forecasting process designed to forecast interest rates on a monthly basis. The Adviser's investment approach seeks to manage and take advantage of short-term deviations from the general trend in rates.

The Adviser reviews the Fund's portfolio on a monthly basis and adjusts it, as appropriate, based on the Adviser's interest rate outlook. The Adviser also assesses the relative yields available on securities with different maturities and future changes in interest rates. The Adviser may select securities with varying maturities. If the market environment is defensive characterized by an expectation of rising interest rates, the Fund may invest primarily in securities with shorter-term maturities, cash or cash equivalents, as well as sell U.S. exchange-traded futures contracts on bond indices or U.S. Treasury notes and bonds to shorten the duration of the portfolio. Conversely, in an aggressive market environment of low inflation, characterized by declining interest rates, the Fund may invest primarily in securities with longer-term maturities, as well as purchase U.S.

exchange-traded futures contracts on bond indices or U.S. Treasury notes and bonds to lengthen the duration of the portfolio."

DHTUX Costs and Fees

DHTUX costs about $67 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.67%
• Gross expense ratio: 1.13%
• Portfolio turnover: 9%
• Brokerage commissions: 0.65 bps of average net assets (SEC N-CEN)

DHTUX Cashflows

Over the 12 months to 2020-06, Centre Active U.S. Treasury Fund had net outflows of $7.78M, from monthly SEC N-PORT filings.

DHTUX Debt Constituents

No individual debt constituents are reported in Centre Active U.S. Treasury Fund's latest SEC N-PORT filing.

DHTUX Prospectus and SEC Filings

Official Centre Active U.S. Treasury Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-18
• Prospectus (485BPOS) — filed 2019-02-11
• Prospectus (485BPOS) — filed 2018-02-12
• Portfolio holdings (N-PORT) — filed 2020-08-19
• Portfolio holdings (N-PORT) — filed 2020-05-29
• Annual census (N-CEN) — filed 2019-12-09
• Annual census (N-CEN) — filed 2018-12-12

Related Funds

Other Treasury / Sovereign Bond funds tracked on ABC INVEST:

• Goldman Sachs Government Income Fund (GSOIX)
• Defiance Treasury Enhanced Options Income ETF (TLTY)
• Virtus Stone Harbor EMD Sovereign MACS (VMAMX)
• Yorktown Treasury Advanced Total Return Fund (AATRX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.