# EDGAR Filing Document

**Accession Number:** 0001517238
**File Stem:** 0001398344-25-011366
**Filing Date:** 2025-6
**Character Count:** 142512
**Document Hash:** bf8bba6ca3bebffbb194e99cbb8691d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011366.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001398344-25-011366

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Centre Funds
- **CENTRAL INDEX KEY:** 0001517238

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22545
- **FILM NUMBER:** 251026810

**BUSINESS ADDRESS:**
- **STREET 1:** 48 WALL STREET
- **STREET 2:** SUITE 1100
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 215.988.9188

**MAIL ADDRESS:**
- **STREET 1:** 48 WALL STREET
- **STREET 2:** SUITE 1100
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Drexel Hamilton Mutual Funds
- **DATE OF NAME CHANGE:** 20110401

## Series and Classes Contracts Data

### Centre American Select Equity Fund (Series ID: S000035644)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000109113 | Investor Class      | DHAMX           |
| C000136015 | Institutional Class | DHANX           |

### Centre Global Infrastructure Fund (Series ID: S000055251)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000173735 | Investor Class      | DHIVX           |
| C000173736 | Institutional Class | DHINX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number: 811-22545</u>

CENTRE FUNDS

(Exact name of registrant as specified in charter)

<u>48 Wall Street, Suite 1100, New York, New York 10005</u>

(Address of principal executive offices) (Zip code)

James A. Abate

48 Wall Street, Suite 1100

<u>New York, New York 10005</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(212) 918-4705</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>October 1, 2024 – March 31, 2025</u>

Item 1. **Reports to Stockholders.**

(a) **# CENTRE AMERICAN SELECT EQUITY FUND
INSTITUTIONAL : DHANX

Semi-Annual Shareholder Report \| March 31, 2025

![Image](if0a8edf9e16eb371e3f031b0.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Centre American Select Equity Fund - Institutional (the "Fund") for the period of October 1, 2024 to March 31, 2025.This report describes changes to the Fund that occurred during the reporting period.

You can find additional information about the Fund at https://horizonmutualfunds.com/case-fund. You can also request this information by contacting us at 855.298.4236.

## WHAT WERE THE FUND'S COST FOR THE LAST SIX MONTHS?
(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 | $51 | 1.03%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
The Fund returned -7.83% for the 6 months ended March 31, 2025. This is in contrast to the S&P 500 Total Return Index, which had a -1.97% return for the same time period. Within the period, the Fund lagged the post-election market rally materially but outperformed relatively during the drawdown that began in mid-February. The strongest contributors to performance within the Fund over the six-month period ended March 31, 2025, included investments within the Energy sector: Kinder Morgan and EQT; the Healthcare Sector: Jazz Pharmaceuticals and Bristol-Myers Squibb; the Communications sector: Paramount Global; and Consumer Staples sector: Altria Group. Stock investments that contributed negatively to the Fund's relative performance over the period were Biogen, International Flavors & Fragrances, FMC Corp., Estee Lauder, and Generac. Sectoral Biases, particularly the Fund's overweight posture in Health Care and underweight posture in Financials, contributed negatively as well as the impact from hedging instruments, namely a position in long duration US Treasuries as the inverse correlation between stocks and bonds reversed itself as worries over inflation from the imposition of tariffs overcame the concerns of economic slowdown and a historically low equity risk premium.

The Fund emphasized 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 focuses on special situation stocks in the Industrials sector. The Fund's portfolio is designed to be relatively defensive with companies that have high barriers to entry. The Fund's adviser continues to believe that the 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 it sees the most opportunity, is most consistent with financial theory, empirical evidence, and the current environment.

## TOTAL RETURN BASED ON $250,000 INVESTMENT\*
![Growth of 10K Chart](i7ea06a84e4c1698367c02b9f.jpg)

---

| | | |
|:---|:---|:---|
| | Institutional - $763,452 | S&P 500 Total Return Index - $812,046 |
| 3/31/2015 | $250000 | $250000 |
| 9/30/2015 | $241529 | $234554 |
| 3/31/2016 | $258998 | $254457 |
| 9/30/2016 | $267478 | $270747 |
| 3/31/2017 | $286034 | $298153 |
| 9/30/2017 | $310803 | $321132 |
| 3/31/2018 | $338035 | $339870 |
| 9/30/2018 | $368472 | $378647 |
| 3/31/2019 | $356427 | $372146 |
| 9/30/2019 | $351481 | $394755 |
| 3/31/2020 | $338309 | $346178 |
| 9/30/2020 | $437299 | $454556 |
| 3/31/2021 | $535125 | $541255 |
| 9/30/2021 | $569258 | $590946 |
| 3/31/2022 | $718761 | $625938 |
| 9/30/2022 | $579405 | $499514 |
| 3/31/2023 | $645543 | $577563 |
| 9/30/2023 | $661158 | $607496 |
| 3/31/2024 | $771543 | $750146 |
| 9/30/2024 | $828288 | $828330 |
| 3/31/2025 | $763452 | $812046 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund for the past ten years. 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 presented below 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 | 6 Month | 1 Year | 5 Year | 10 Year |
| Institutional (Incep. January 21, 2014) | -7.83% | -1.05% | 17.68% | 11.81% |
| S&P 500 Total Return Index | -1.97% | 8.25% | 18.59% | 12.50% |

---

### FUND STATISTICS
* Total Net Asset$334,999,578

* # of Portfolio Holdings45

* Portfolio Turnover Rate (Institutional)70%

* Advisory Fees Paid$1,445,705

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)
![Group By Sector Chart](ia0e75f97b60f2731e9114fc2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Information Technology - | 23.79% |
| Health Care - | 21.56% |
| Consumer Staples - | 14.01% |
| Communication Services - | 10.65% |
| Materials - | 9.05% |
| Consumer Discretionary - | 7.78% |
| Industrials - | 6.26% |
| Financials - | 5.88% |
| Energy - | 1.11% |
| Cash, Cash Equivalents, & Other Net Assets - | (0.09)% |

---

### TOP TEN HOLDINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Apple, Inc. | 7.15% |
| Microsoft Corp. | 5.53% |
| NVIDIA Corp. | 5.29% |
| Amazon.com, Inc. | 3.88% |
| Alphabet, Inc. | 3.70% |
| Paramount Global | 3.26% |
| Medtronic PLC | 3.04% |
| Altria Group, Inc. | 2.85% |
| Meta Platforms, Inc. | 2.83% |
| Tyson Foods, Inc. | 2.64% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2025 or upon request at 855.298.4236.

A special meeting of shareholders of the Fund was held on April 16, 2025 during which shareholders approved the reorganization of the Fund into a newly created series of the Horizon Funds (the "Acquiring Fund"). On April 17, 2025, the Fund's assets were transferred to the Acquiring Fund in exchange for (a) the Acquiring Fund shares equal in value to the Fund shares and (b) the Acquiring Fund's assumption of all Fund liabilities, followed by a class-by-class distribution of the Acquired Fund's shares to the Fund's shareholders.

Fund Name: include notice if Fund Name changed.

Objective: include notice if objective or goal changed.

Expenses: include if annual operating expenses, shareholder fees, or maximum account fee, including the termination or introduction of an expense reimbursement or fee waiver arrangement has changed.

Expenses: include if annual operating expenses, shareholder fees, or maximum account fee, including the termination or introduction of an expense reimbursement or fee waiver arrangement has changed.

Strategy: include if principle investment strategy changed.

Risk: include if risks of investing in Fund has changed.

Advisor: include if investment advisor changed.

Updated Phone Number: 855.298.4236

Updated Email: centrefunds@alpsinc.com

Updated Website: www.centrefunds.com

## 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.

## Householding
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
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://horizonmutualfunds.com/case-fund.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://horizonmutualfunds.com/case-fund](ib7583d7b0c128846fdc5b760.jpg)

## CONTACT US
Phone: 855-298-4236

CENTRE AMERICAN SELECT EQUITY FUND - INSTITUTIONAL : DHANX

Semi-Annual Shareholder Report \| March 31, 2025

![Image](if0a8edf9e16eb371e3f031b0.jpg)

156287203–SA–03312025

# CENTRE AMERICAN SELECT EQUITY FUND
INVESTOR : DHAMX

Semi-Annual Shareholder Report \| March 31, 2025

![Image](i66cdfaf16ddfbced1c4e7a98.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Centre American Select Equity Fund - Investor (the "Fund") for the period of October 1, 2024 to March 31, 2025.This report describes changes to the Fund that occurred during the reporting period.

You can find additional information about the Fund at https://horizonmutualfunds.com/case-fund. You can also request this information by contacting us at 855.298.4236.

## WHAT WERE THE FUND'S COST FOR THE LAST SIX MONTHS?
(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 | $66 | 1.33%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
The Fund returned -7.93% for the 6 months ended March 31, 2025. This is in contrast to the S&P 500 Total Return Index, which had a -1.97% return for the same time period. Within the period, the Fund lagged the post-election market rally materially but outperformed relatively during the drawdown that began in mid-February. The strongest contributors to performance within the Fund over the six-month period ended March 31, 2025, included investments within the Energy sector: Kinder Morgan and EQT; the Healthcare Sector: Jazz Pharmaceuticals and Bristol-Myers Squibb; the Communications sector: Paramount Global; and Consumer Staples sector: Altria Group. Stock investments that contributed negatively to the Fund's relative performance over the period were Biogen, International Flavors & Fragrances, FMC Corp., Estee Lauder, and Generac. Sectoral Biases, particularly the Fund's overweight posture in Health Care and underweight posture in Financials, contributed negatively as well as the impact from hedging instruments, namely a position in long duration US Treasuries as the inverse correlation between stocks and bonds reversed itself as worries over inflation from the imposition of tariffs overcame the concerns of economic slowdown and a historically low equity risk premium.

The Fund emphasized 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 focuses on special situation stocks in the Industrials sector. The Fund's portfolio is designed to be relatively defensive with companies that have high barriers to entry. The Fund's adviser continues to believe that the 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 it sees the most opportunity, is most consistent with financial theory, empirical evidence, and the current environment.

## TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](idccd1efe437e39eb706bd4e0.jpg)

---

| | | |
|:---|:---|:---|
| | Investor - $29,498 | S&P 500 Total Return Index - $32,482 |
| 3/31/2015 | $10000 | $10000 |
| 9/30/2015 | $9653 | $9382 |
| 3/31/2016 | $10349 | $10178 |
| 9/30/2016 | $10689 | $10830 |
| 3/31/2017 | $11410 | $11926 |
| 9/30/2017 | $12398 | $12845 |
| 3/31/2018 | $13471 | $13595 |
| 9/30/2018 | $14642 | $15146 |
| 3/31/2019 | $14129 | $14886 |
| 9/30/2019 | $13892 | $15790 |
| 3/31/2020 | $13335 | $13847 |
| 9/30/2020 | $17201 | $18182 |
| 3/31/2021 | $20990 | $21650 |
| 9/30/2021 | $22292 | $23638 |
| 3/31/2022 | $28051 | $25038 |
| 9/30/2022 | $22567 | $19981 |
| 3/31/2023 | $25106 | $23103 |
| 9/30/2023 | $25658 | $24300 |
| 3/31/2024 | $29884 | $30006 |
| 9/30/2024 | $32041 | $33133 |
| 3/31/2025 | $29498 | $32482 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund for the past ten years. 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 presented below 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 | 6 Month | 1 Year | 5 Year | 10 Year |
| Investor (Incep. December 21, 2011) | -7.93% | -1.29% | 17.21% | 11.42% |
| S&P 500 Total Return Index | -1.97% | 8.25% | 18.59% | 12.50% |

---

### FUND STATISTICS
* Total Net Asset$334,999,578

* # of Portfolio Holdings45

* Portfolio Turnover Rate (Investor)70%

* Advisory Fees Paid$1,445,705

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)
![Group By Sector Chart](i27005ef2aec034795d2fcb6b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Information Technology - | 23.79% |
| Health Care - | 21.56% |
| Consumer Staples - | 14.01% |
| Communication Services - | 10.65% |
| Materials - | 9.05% |
| Consumer Discretionary - | 7.78% |
| Industrials - | 6.26% |
| Financials - | 5.88% |
| Energy - | 1.11% |
| Cash, Cash Equivalents, & Other Net Assets - | (0.09)% |

---

### TOP TEN HOLDINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Apple, Inc. | 7.15% |
| Microsoft Corp. | 5.53% |
| NVIDIA Corp. | 5.29% |
| Amazon.com, Inc. | 3.88% |
| Alphabet, Inc. | 3.70% |
| Paramount Global | 3.26% |
| Medtronic PLC | 3.04% |
| Altria Group, Inc. | 2.85% |
| Meta Platforms, Inc. | 2.83% |
| Tyson Foods, Inc. | 2.64% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2025 or upon request at 855.298.4236.

A special meeting of shareholders of the Fund was held on April 16, 2025 during which shareholders approved the reorganization of the Fund into a newly created series of the Horizon Funds (the "Acquiring Fund"). On April 17, 2025, the Fund's assets were transferred to the Acquiring Fund in exchange for (a) the Acquiring Fund shares equal in value to the Fund shares and (b) the Acquiring Fund's assumption of all Fund liabilities, followed by a class-by-class distribution of the Acquired Fund's shares to the Fund's shareholders.

Fund Name: include notice if Fund Name changed.

Objective: include notice if objective or goal changed.

Expenses: include if annual operating expenses, shareholder fees, or maximum account fee, including the termination or introduction of an expense reimbursement or fee waiver arrangement has changed.

Expenses: include if annual operating expenses, shareholder fees, or maximum account fee, including the termination or introduction of an expense reimbursement or fee waiver arrangement has changed.

Strategy: include if principle investment strategy changed.

Risk: include if risks of investing in Fund has changed.

Advisor: include if investment advisor changed.

Updated Phone Number: 855.298.4236

Updated Email: centrefunds@alpsinc.com

Updated Website: www.centrefunds.com

## 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.

## Householding
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
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://horizonmutualfunds.com/case-fund.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://horizonmutualfunds.com/case-fund](ic3180fd118debf2971995ea3.jpg)

## CONTACT US
Phone: 855-298-4236

CENTRE AMERICAN SELECT EQUITY FUND - INVESTOR : DHAMX

Semi-Annual Shareholder Report \| March 31, 2025

![Image](i66cdfaf16ddfbced1c4e7a98.jpg)

156287104–SA–03312025**

**# CENTRE GLOBAL INFRASTRUCTURE FUND
INSTITUTIONAL : DHINX

Semi-Annual Shareholder Report \| March 31, 2025

![Image](ic74619869a9aafef5f1edda8.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Centre Global Infrastructure Fund - Institutional (the "Fund") for the period of October 1, 2024 to March 31, 2025.This report describes changes to the Fund that occurred during the reporting period.

You can find additional information about the Fund at https://horizonmutualfunds.com/cgi-fund. You can also request this information by contacting us at 855.298.4236.

## WHAT WERE THE FUND'S COST FOR THE LAST SIX MONTHS?
(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 | $66 | 1.18%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## TOTAL RETURN BASED ON $250,000 INVESTMENT\*
![Growth of 10K Chart](i6adb5d54900d9b6f78b6ca6a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Institutional - $388,872 | MSCI World Index - $457,160 | S&P Global Infrastructure Index - $361,478 |
| 1/29/2018 | $250000 | $250000 | $250000 |
| 3/31/2018 | $234007 | $232238 | $233545 |
| 9/30/2018 | $248049 | $248033 | $234505 |
| 3/31/2019 | $255434 | $241559 | $252680 |
| 9/30/2019 | $269351 | $252566 | $266100 |
| 3/31/2020 | $215115 | $216462 | $197315 |
| 9/30/2020 | $238903 | $278851 | $227273 |
| 3/31/2021 | $279590 | $333424 | $268327 |
| 9/30/2021 | $282733 | $359219 | $277561 |
| 3/31/2022 | $301070 | $367167 | $310893 |
| 9/30/2022 | $253014 | $288694 | $258920 |
| 3/31/2023 | $284283 | $341384 | $297666 |
| 9/30/2023 | $269162 | $352073 | $274185 |
| 3/31/2024 | $310097 | $427099 | $306991 |
| 9/30/2024 | $363927 | $466238 | $355549 |
| 3/31/2025 | $388872 | $457160 | $361478 |

---

The chart above represents historical performance of a hypothetical investment of $250,000 in the Fund since inception. 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 presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
The Fund returned +6.85% for the 6 months ended March 31, 2025. This is in contrast to the MSCI World Index, which had a -1.95% return for the same time period and the S&P Global Infrastructure Index, which had a +1.67% return. During the period, investments providing the strongest contribution to the Fund's performance within the Utilities sector included: Enel SPA, Iberdrola SA, Duke Energy, and Exelon; within the Communications sector: T-Mobile, AT&T, Deutsche Telekom, and Orange SA; and within the Energy sector included: Targa Resources, Kinder Morgan, Oneok, Williams, and Cheniere. Stocks that contributed negatively to the Fund's performance included HCA Healthcare, Generac, Entergy, and Vestas Wind Systems.

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 stable oil & gas prices remain strong 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, the Fund's adviser sees 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, the Fund's adviser expects tax and R&D incentives to be most impactful, raising returns on incremental capital investments.

In the developed countries as well as being balanced across the Telecommunication, Utilities, Energy, Transportation, and Social Infrastructure sectors should aid in returns and risk management. The Fund's adviser 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.

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional | 6 Month | 1 Year | 5 Year | Since Inception |
| Institutional (Incep. January 29, 2018) | 6.85% | 25.40% | 12.57% | 6.36% |
| S&P Global Infrastructure Index | 1.67% | 17.75% | 12.87% | 5.28% |
| MSCI World Index | -1.95% | 7.04% | 16.13% | 8.79% |

---

### FUND STATISTICS
* Total Net Asset$36,876,536

* # of Portfolio Holdings54

* Portfolio Turnover Rate (Institutional)8%

* Advisory Fees Paid$115,779

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)
![Group By Country Chart](ia804c2490e5ee5b548b69f30.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| United States - | 58.54% |
| Canada - | 11.83% |
| Japan - | 7.10% |
| Spain - | 5.22% |
| Germany - | 5.14% |
| Italy - | 2.92% |
| United Kingdom - | 2.67% |
| Australia - | 1.75% |
| France - | 1.58% |
| Denmark - | 1.26% |
| Singapore - | 0.68% |
| Netherlands - | 0.56% |
| Switzerland - | 0.53% |

---

### INDUSTRY WEIGHTINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| Industry | Industry.1 |
| Oil, Gas & Consumable Fuels | 27.49% |
| Diversified Telecommunication Services | 24.29% |
| Electric Utilities | 17.70% |
| Wireless Telecommunication Services | 12.11% |
| Multi-Utilities | 7.61% |
| Health Care Providers & Services | 3.98% |
| Transportation Infrastructure | 3.01% |
| Electrical Equipment | 2.50% |
| Water Utilities | 0.55% |
| Diversified Consumer Services | 0.54% |
| Cash, Cash Equivalents, & Other Net Assets | 0.22% |

---

### TOP TEN HOLDINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| AT&T, Inc. | 6.74% |
| Verizon Communications, Inc. | 6.36% |
| Enbridge, Inc. | 5.58% |
| T-Mobile US, Inc. | 5.07% |
| Deutsche Telekom AG | 4.42% |
| The Williams Cos., Inc. | 4.25% |
| HCA Healthcare, Inc. | 3.98% |
| Kinder Morgan, Inc. | 3.50% |
| ONEOK, Inc. | 3.49% |
| Cheniere Energy, Inc. | 3.25% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2025 or upon request at 855.298.4236.

A special meeting of shareholders of the Fund was held on April 16, 2025 during which shareholders approved the reorganization of the Fund into a newly created series of the Horizon Funds (the "Acquiring Fund"). On April 17, 2025, the Fund's assets were transferred to the Acquiring Fund in exchange for (a) the Acquiring Fund shares equal in value to the Fund shares and (b) the Acquiring Fund's assumption of all Fund liabilities, followed by a class-by-class distribution of the Acquired Fund's shares to the Fund's shareholders.

Fund Name: include notice if Fund Name changed.

Objective: include notice if objective or goal changed.

Expenses: include if annual operating expenses, shareholder fees, or maximum account fee, including the termination or introduction of an expense reimbursement or fee waiver arrangement has changed.

Expenses: include if annual operating expenses, shareholder fees, or maximum account fee, including the termination or introduction of an expense reimbursement or fee waiver arrangement has changed.

Strategy: include if principle investment strategy changed.

Risk: include if risks of investing in Fund has changed.

Advisor: include if investment advisor changed.

Updated Phone Number: 855.298.4236

Updated Email: centrefunds@alpsinc.com

Updated Website: www.centrefunds.com

## 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.

## Householding
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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://horizonmutualfunds.com/cgi-fund](i379a2a3f6bfe7a13658bcc7c.jpg)

You can find additional information about the Fund at https://horizonmutualfunds.com/cgi-fund. You can also request this information by contacting us at 855.298.4236.

CONTACT US

Phone: 855-298-4236

![Image](ic74619869a9aafef5f1edda8.jpg)

CENTRE GLOBAL INFRASTRUCTURE FUND - INSTITUTIONAL : DHINX

Semi-Annual Shareholder Report \| March 31, 2025

156287831–SA–03312025

# CENTRE GLOBAL INFRASTRUCTURE FUND
INVESTOR : DHIVX

Semi-Annual Shareholder Report \| March 31, 2025

![Image](i69c8576696489c032328bbf4.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Centre Global Infrastructure Fund - Investor (the "Fund") for the period of October 1, 2024 to March 31, 2025.This report describes changes to the Fund that occurred during the reporting period.

You can find additional information about the Fund at https://horizonmutualfunds.com/cgi-fund. You can also request this information by contacting us at 855.298.4236.

## WHAT WERE THE FUND'S COST FOR THE LAST SIX MONTHS?
(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 | $88 | 1.57%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](ib2b07e517e9f7744651311fa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Investor - $15,191 | MSCI World Index - $18,286 | S&P Global Infrastructure Index - $14,459 |
| 1/29/2018 | $10000 | $10000 | $10000 |
| 3/31/2018 | $9355 | $9290 | $9342 |
| 9/30/2018 | $9882 | $9921 | $9380 |
| 3/31/2019 | $10173 | $9662 | $10107 |
| 9/30/2019 | $10713 | $10103 | $10644 |
| 3/31/2020 | $8546 | $8658 | $7893 |
| 9/30/2020 | $9481 | $11154 | $9091 |
| 3/31/2021 | $11096 | $13337 | $10733 |
| 9/30/2021 | $11188 | $14369 | $11102 |
| 3/31/2022 | $11891 | $14687 | $12436 |
| 9/30/2022 | $9983 | $11548 | $10357 |
| 3/31/2023 | $11195 | $13655 | $11907 |
| 9/30/2023 | $10567 | $14083 | $10967 |
| 3/31/2024 | $12163 | $17084 | $12280 |
| 9/30/2024 | $14244 | $18650 | $14222 |
| 3/31/2025 | $15191 | $18286 | $14459 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund past ten years. 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 presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
The Fund returned +6.64% for the 6 months ended March 31, 2025. This is in contrast to the MSCI World Index, which had a -1.95% return for the same time period and the S&P Global Infrastructure Index, which had a +1.67% return. During the period, investments providing the strongest contribution to the Fund's performance within the Utilities sector included: Enel SPA, Iberdrola SA, Duke Energy, and Exelon; within the Communications sector: T-Mobile, AT&T, Deutsche Telekom, and Orange SA; and within the Energy sector included: Targa Resources, Kinder Morgan, Oneok, Williams, and Cheniere. Stocks that contributed negatively to the Fund's performance included HCA Healthcare, Generac, Entergy, and Vestas Wind Systems.

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 stable oil & gas prices remain strong 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, sees 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, the Fund's adviser expects tax and R&D incentives to be most impactful, raising returns on incremental capital investments.

In the 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. The Fund's adviser 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.

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investor | 6 Month | 1 Year | 5 Year | Since Inception |
| Investor (Incep. January 29, 2018) | 6.64% | 24.89% | 12.19% | 6.01% |
| S&P Global Infrastructure Index | 1.67% | 17.75% | 12.87% | 5.28% |
| MSCI World Index | -1.95% | 7.04% | 16.13% | 8.79% |

---

### FUND STATISTICS
* Total Net Asset$36,876,536

* # of Portfolio Holdings54

* Portfolio Turnover Rate (Investor)8%

* Advisory Fees Paid$115,779

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)
![Group By Country Chart](i459fb4839e3d09c21579494c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| United States - | 58.54% |
| Canada - | 11.83% |
| Japan - | 7.10% |
| Spain - | 5.22% |
| Germany - | 5.14% |
| Italy - | 2.92% |
| United Kingdom - | 2.67% |
| Australia - | 1.75% |
| France - | 1.58% |
| Denmark - | 1.26% |
| Singapore - | 0.68% |
| Netherlands - | 0.56% |
| Switzerland - | 0.53% |

---

### INDUSTRY WEIGHTINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| Industry | Industry.1 |
| Oil, Gas & Consumable Fuels | 27.49% |
| Diversified Telecommunication Services | 24.29% |
| Electric Utilities | 17.70% |
| Wireless Telecommunication Services | 12.11% |
| Multi-Utilities | 7.61% |
| Health Care Providers & Services | 3.98% |
| Transportation Infrastructure | 3.01% |
| Electrical Equipment | 2.50% |
| Water Utilities | 0.55% |
| Diversified Consumer Services | 0.54% |
| Cash, Cash Equivalents, & Other Net Assets | 0.22% |

---

### TOP TEN HOLDINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| AT&T, Inc. | 6.74% |
| Verizon Communications, Inc. | 6.36% |
| Enbridge, Inc. | 5.58% |
| T-Mobile US, Inc. | 5.07% |
| Deutsche Telekom AG | 4.42% |
| The Williams Cos., Inc. | 4.25% |
| HCA Healthcare, Inc. | 3.98% |
| Kinder Morgan, Inc. | 3.50% |
| ONEOK, Inc. | 3.49% |
| Cheniere Energy, Inc. | 3.25% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2025 or upon request at 855.298.4236.

A special meeting of shareholders of the Fund was held on April 16, 2025 during which shareholders approved the reorganization of the Fund into a newly created series of the Horizon Funds (the "Acquiring Fund"). On April 17, 2025, the Fund's assets were transferred to the Acquiring Fund in exchange for (a) the Acquiring Fund shares equal in value to the Fund shares and (b) the Acquiring Fund's assumption of all Fund liabilities, followed by a class-by-class distribution of the Acquired Fund's shares to the Fund's shareholders.

Fund Name: include notice if Fund Name changed.

Objective: include notice if objective or goal changed.

Expenses: include if annual operating expenses, shareholder fees, or maximum account fee, including the termination or introduction of an expense reimbursement or fee waiver arrangement has changed.

Expenses: include if annual operating expenses, shareholder fees, or maximum account fee, including the termination or introduction of an expense reimbursement or fee waiver arrangement has changed.

Strategy: include if principle investment strategy changed.

Risk: include if risks of investing in Fund has changed.

Advisor: include if investment advisor changed.

Updated Phone Number: 855.298.4236

Updated Email: centrefunds@alpsinc.com

Updated Website: www.centrefunds.com

## 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.

## Householding
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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://horizonmutualfunds.com/cgi-fund](i74e8ff0619a18dd11dbaeee3.jpg)

You can find additional information about the Fund at https://horizonmutualfunds.com/cgi-fund. You can also request this information by contacting us at 855.298.4236.

CONTACT US

Phone: 855-298-4236

![Image](i69c8576696489c032328bbf4.jpg)

CENTRE GLOBAL INFRASTRUCTURE FUND - INVESTOR : DHIVX

Semi-Annual Shareholder Report \| March 31, 2025

156287849–SA–03312025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable to the Registrant

Item 2. **Code of Ethics.**

Not applicable to semi-annual report.

Item 3. **Audit Committee Financial Expert.**

Not applicable to semi-annual report.

Item 4. **Principal Accountant Fees and Services.**

Not applicable to semi-annual report.

Item 5. **Audit Committee of Listed Registrants.** 

Not applicable to the Registrant.

Item 6. **Schedule of Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

Item 7. **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](fp0093153-1_01.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **PAGE** |
| **ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END** |  |
| &nbsp;&nbsp;&nbsp;**MANAGEMENT INVESTMENT COMPANIES** | **1** |
| &nbsp;&nbsp;&nbsp;**SCHEDULES OF INVESTMENTS** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centre American Select Equity Fund | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centre Global Infrastructure Fund | 4 |
| &nbsp;&nbsp;&nbsp;**STATEMENTS OF ASSETS AND LIABILITIES** | **6** |
| &nbsp;&nbsp;&nbsp;**STATEMENTS OF OPERATIONS** | **7** |
| &nbsp;&nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centre American Select Equity Fund | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centre Global Infrastructure Fund | 9 |
| &nbsp;&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centre American Select Equity Fund | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centre Global Infrastructure Fund | 12 |
| **NOTES TO FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS** | **14** |
| **TAX DESIGNATIONS** | **22** |

---

Centre Funds

ITEM 7 – Financial Statements and Financial Highlights

for Open-End Management Investment Companies

Semi-Annual Report \| March 31, 2025 1

Centre American Select Equity Fund Schedule of Investments

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (100.09%)** |  |  |
| ***Communication Services (10.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment (0.85%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 3063 | $2856339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Interactive Media & Services (6.53%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 43302 | 6696221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 36554 | 5710832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 16428 | 9468442 |
|  |  | 21875495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Media (3.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Global, Class B | 914103 | 10932672 |
| ***Total Communication Services*** |  | 35664506 |
| ***Consumer Discretionary (7.78%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automobiles (1.53%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 19797 | 5130591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Broadline Retail (3.88%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 68349 | 13004081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Products (2.37%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 128805 | 7920219 |
| ***Total Consumer Discretionary*** |  | 26054891 |
| ***Consumer Staples (14.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Staples Distribution & Retail (0.89%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 3151 | 2980153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food Products (5.08%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 99092 | 8156262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 138785 | 8855871 |
|  |  | 17012133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products (5.19%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | 48648 | 7163418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 78164 | 7323967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 17028 | 2901912 |
|  |  | 17389297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco (2.85%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 159287 | 9560406 |
| ***Total Consumer Staples*** |  | 46941989 |
| ***Energy (1.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil, Gas & Consumable Fuels (1.11%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 31395 | 3733807 |
| ***Total Energy*** |  | 3733807 |
| ***Financials (5.88%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banks (1.51%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 20685 | 5074031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Services (4.37%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B(a) | 13034 | 6941648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 5914 | 3241581 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ***Financials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 12687 | $4446286 |
|  |  | 14629515 |
| ***Total Financials*** |  | 19703546 |
| ***Health Care (21.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotechnology (8.83%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 26660 | 8305923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(a)</sup> | 52160 | 7137574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 116605 | 7060433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 11189 | 7096400 |
|  |  | 29600330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Equipment & Supplies (3.04%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 113261 | 10177633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Providers & Services (1.05%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 6718 | 3518552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Pharmaceuticals (8.64%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 5853 | 4834051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> | 64821 | 8047527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 17511 | 2904024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 50539 | 4536381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 340422 | 8626294 |
|  |  | 28948277 |
| ***Total Health Care*** |  | 72244792 |
| ***Industrials (6.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense (2.12%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corp. | 129844 | 7110258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Air Freight & Logistics (2.29%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B, Class B | 69694 | 7665643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment (1.85%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc.<sup>(a)</sup> | 48922 | 6195971 |
| ***Total Industrials*** |  | 20971872 |
| ***Information Technology (23.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors & Semiconductor Equipment (8.72%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 26257 | 4396210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 81479 | 7079710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 163608 | 17731835 |
|  |  | 29207755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software (7.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe Systems, Inc.<sup>(a)</sup> | 20875 | 8006189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 49371 | 18533379 |
|  |  | 26539568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware, Storage & Peripherals (7.15%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 107759 | 23936507 |
| ***Total Information Technology*** |  | 79683830 |
| ***Materials (9.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals (6.65%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 84354 | 6592265 |

---

*See Notes to Financial Statements and Financial Highlights.*

2 centrefunds.com

Centre American Select Equity Fund Schedule of Investments

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ***Materials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMC Corp. | 175421 | $7401012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 106866 | 8293870 |
|  |  | 22287147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining (2.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Steel Corp. | 190057 | 8031809 |
| ***Total Materials*** |  | 30318956 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $275,116,602)** |  | 335318189 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day**<br>**Yield** |<br>**Shares** |<br>**Value** |
| **SHORT TERM INVESTMENTS (0.27%)** |  |  |  |
| ***Money Market Fund (0.27%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Treasury Obligations | 4.254% | 888152 | 888152 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $888,152)** |  |  | 888152 |
| **TOTAL INVESTMENTS (100.36%)** |  |  |  |
| **(Cost $276,004,754)** |  |  | $336206341 |
| **Liabilities in Excess of Other Assets (-0.36%)** |  |  | (1206763) |
| **NET ASSETS (100.00%)** |  |  | $334999578 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 3

Centre Global Infrastructure Fund Schedule of Investments

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (99.78%)** |  |  |
| **ASIA (*9.53%*)** |  |  |
| ***Australia (1.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation Infrastructure (1.75%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transurban Group | 77212 | $646015 |
| ***Total Australia*** |  | 646015 |
| ***Japan (7.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Telecommunication Services (1.00%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | 379900 | 366501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wireless Telecommunication Services (6.10%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KDDI Corp. | 68800 | 1082296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank Corp. | 362700 | 503945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank Group Corp. | 13300 | 663182 |
|  |  | 2249423 |
| ***Total Japan*** |  | 2615924 |
| ***Singapore (0.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Telecommunication Services (0.68%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | 98600 | 251720 |
| ***Total Singapore*** |  | 251720 |
| **TOTAL ASIA** |  |  |
| **(Cost $3,348,908)** |  | 3513659 |
| **EUROPE (*19.88%*)** |  |  |
| ***Denmark (1.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment (1.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | 33757 | 463752 |
| ***Total Denmark*** |  | 463752 |
| ***France (1.58%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Telecommunication Services (0.90%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 25709 | 333452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Multi-Utilities (0.68%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engie SA | 12823 | 250065 |
| ***Total France*** |  | 583517 |
| ***Germany (5.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Telecommunication Services (4.42%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 44021 | 1628874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Multi-Utilities (0.72%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.ON SE | 17737 | 267740 |
| ***Total Germany*** |  | 1896614 |
| ***Great Britain (2.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Consumer Services (0.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pearson PLC | 12729 | 200273 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Multi-Utilities (1.19%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | 33740 | $439979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wireless Telecommunication Services (0.94%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 367017 | 345616 |
| ***Total Great Britain*** |  | 985868 |
| ***Italy (2.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities (2.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel SpA | 132861 | 1077042 |
| ***Total Italy*** |  | 1077042 |
| ***Netherlands (0.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Telecommunication Services (0.56%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 48853 | 206915 |
| ***Total Netherlands*** |  | 206915 |
| ***Spain (5.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Telecommunication Services (1.59%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cellnex Telecom SA<sup>(a)(b)</sup> | 7625 | 270681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonica SA | 66934 | 315125 |
|  |  | 585806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities (2.37%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola SA | 54147 | 874727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation Infrastructure (1.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aena SME SA<sup>(a)(b)</sup> | 1979 | 463502 |
| ***Total Spain*** |  | 1924035 |
| ***Switzerland (0.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Telecommunication Services (0.53%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swisscom AG | 336 | 193503 |
| ***Total Switzerland*** |  | 193503 |
| **TOTAL EUROPE** |  |  |
| **(Cost $5,631,705)** |  | 7331246 |
| **NORTH AMERICA (*70.37%*)** |  |  |
| ***Canada (11.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Telecommunication Services (1.51%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELUS Corp. | 38797 | 556457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil, Gas & Consumable Fuels (10.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 46477 | 2056996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 15311 | 612419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | 24060 | 1136248 |
|  |  | 3805663 |
| ***Total Canada*** |  | 4362120 |
| ***United States (58.54%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Telecommunication Services (13.10%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 87946 | 2487113 |

---

*See Notes to Financial Statements and Financial Highlights.*

4 centrefunds.com

Centre Global Infrastructure Fund Schedule of Investments

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 51688 | $2344568 |
|  |  | 4831681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities (12.41%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 3750 | 409763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 2203 | 444191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | 5489 | 669493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | 2902 | 248092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | 7047 | 324726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 14561 | 1032229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | 15535 | 266891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | 5325 | 192286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Southern Co. | 7736 | 711325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 3929 | 278134 |
|  |  | 4577130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment (1.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc.<sup>(c)</sup> | 3601 | 456067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Providers & Services (3.98%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 4247 | 1467551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Multi-Utilities (5.02%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. | 1874 | 188149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 2413 | 266854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 5808 | 325654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | 1469 | 203119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 3655 | 300806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy | 4633 | 330611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 2165 | 235942 |
|  |  | 1851135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil, Gas & Consumable Fuels (17.17%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 5175 | 1197495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 45193 | 1289356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 12957 | 1285594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 4956 | 993529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Williams Cos., Inc. | 26199 | 1565652 |
|  |  | 6331626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Water Utilities (0.55%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 1379 | 203430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wireless Telecommunication Services (5.07%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 7009 | 1869370 |
| ***Total United States*** |  | 21587990 |
| **TOTAL NORTH AMERICA** |  |  |
| **(Cost $17,238,091)** |  | 25950110 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $26,218,704)** |  | 36795015 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day**<br>**Yield** |<br>**Shares** |<br>**Value** |
| **SHORT TERM INVESTMENTS (0.18%)** |  |  |  |
| ***Money Market Fund (0.18%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Treasury Obligations | 4.254% | 67702 | $67702 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $67,702)** |  |  | 67702 |

---

---

| | |
|:---|:---|
| | **Value** |
| **TOTAL INVESTMENTS (99.96%)** |  |
| **(Cost $26,286,406)** | $36862717 |
| **Other Assets In Excess Of Liabilities (0.04%)** | 13819 |
| **NET ASSETS (100.00%)** | $36876536 |

---

*<sup>(a)</sup>* *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 March 31, 2025, these securities had a total aggregate market value of $734,183, representing 1.99% of net assets.*

*<sup>(b)</sup>* *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 $734,183, representing 1.99% of net assets.*

*<sup>(c)</sup>* *Non-income producing security.*

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 5

Centre Funds Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Centre American**<br>**Select Equity Fund** | **Centre Global**<br>**Infrastructure Fund** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $336206341 | $36862717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $– and $8,356, respectively) |  | 8350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for dividends | 561168 | 85679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit with broker for options | 25262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 42287 | 35281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other assets | 34682 | 9234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 336869740 | 37001261 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | 224509 | 25102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to administrator | 28388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to transfer agent | 9341 | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 1455447 | 56472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued 12b-1 and service fees | 43096 | 16594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for custodian fees | 15723 | 5444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for printing | 34049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 9986 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to trustees | 7555 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable under the Chief Compliance Officer Services Agreement | 5531 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables | 36275 | 7915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1870162 | 124725 |
| **NET ASSETS** | $334999578 | $36876536 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $267853926 | $54341797 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated deficit) | 67145652 | (17465261) |
| **NET ASSETS** | $334999578 | $36876536 |
| **INVESTMENTS, AT COST** | $276004754 | $26286406 |
| **PRICING OF SHARES** |  |  |
| **Investor Class** |  |  |
| Net Assets | $165111409 | $26980845 |
| Shares outstanding | 11500546 | 2121163 |
| Net Asset Value, offering and redemption price per share | $14.36 | $12.72 |
| **Institutional Class** |  |  |
| Net Assets | $169888169 | $9895691 |
| Shares outstanding | 11407973 | 779511 |
| Net Asset Value, offering and redemption price per share | $14.89 | $12.69 |

---

*See Notes to Financial Statements and Financial Highlights.*

6 centrefunds.com

Centre Funds Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Centre American**<br>**Select Equity Fund** | **Centre Global**<br>**Infrastructure Fund** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $3998076 | $590627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | (39351) | (33053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 3958725 | 557574 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 1468448 | 142573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 143045 | 16993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 68775 | 23075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 31606 | 8100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 26310 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 8602 | 8585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 55058 | 4275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration/filing fees | 24730 | 16866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12b-1 fees (Investor Class) | 242160 | 33131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 106551 | 9277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 79144 | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | 31244 | 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer services fees | 36135 | 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 9168 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waivers | 2330976 | 276853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived/reimbursed by investment adviser (Investor Class) (Note 5) |  | (17316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived/reimbursed by investment adviser (Institutional Class) (Note 5) | (22743) | (9478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 2308233 | 250059 |
| **Net Investment Income** | 1650492 | 307515 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, DERIVATIVES AND FOREIGN CURRENCIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments and derivatives | 14312535 | 306376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on foreign currencies | (2011) | (10631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain | 14310524 | 295745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and derivatives | (46381236) | 1655377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on foreign currencies | 148 | (307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in unrealized appreciation/(depreciation) | (46381088) | 1655070 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, DERIVATIVES AND FOREIGN CURRENCIES:** | (32070564) | 1950815 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(30420072) | $2258330 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 7

Centre American Select Equity Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For The**<br>**Six Months Ended**<br>**March 31, 2025**<br>**(Unaudited)** |<br>**For The**<br>**Year Ended**<br>**September 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1650492 | $3030760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 14310524 | 41908292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (46381088) | 41678496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (30420072) | 86617548 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | (21186708) | (5126535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (21977957) | (4505366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (43164665) | (9631901) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4792309 | 14418918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 20788015 | 4900829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (40269436) | (53255305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 8286 | 8303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (14680826) | (33927255) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 27200732 | 76702160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 20718522 | 4204322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (44531886) | (83985615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | (1294) | 6864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease)/increase from capital share transactions | 3386074 | (3072268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (84879489) | 39986123 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 419879067 | 379892944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $334999578 | $419879067 |
| **OTHER INFORMATION:** |  |  |
| **Share Transactions:** |  |  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 12318436 | 14565719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 291016 | 904354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of dividends | 1354268 | 326070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2463174) | (3477708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending shares | 11500546 | 12318436 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 11265562 | 11477969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1603393 | 4778669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of dividends | 1302233 | 271422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2763215) | (5262497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending shares | 11407973 | 11265562 |

---

*See Notes to Financial Statements and Financial Highlights.*

8 centrefunds.com

Centre Global Infrastructure Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For The**<br>**Six Months Ended**<br>**March 31, 2025**<br>**(Unaudited)** |<br>**For The**<br>**Year Ended**<br>**September 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $307515 | $758184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 295745 | 545520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 1655070 | 7234622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2258330 | 8538326 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | (380023) | (610559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (120753) | (111731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (500776) | (722290) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 506271 | 192650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 313527 | 481992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1992374) | (4915739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 1205 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (1171371) | (4241098) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 6637023 | 409278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 116498 | 104610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1052173) | (1260297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 54 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 5701402 | (746409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets | 6287585 | 2828530 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 30588951 | 27760421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $36876536 | $30588951 |
| **OTHER INFORMATION:** |  |  |
| **Share Transactions:** |  |  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 2215353 | 2630385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 41570 | 17628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of dividends | 25701 | 46426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (161461) | (479086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending shares | 2121163 | 2215353 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 314039 | 385820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 544374 | 40107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of dividends | 9537 | 10072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (88439) | (121960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending shares | 779511 | 314039 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 9

Centre American Select Equity Fund Financial Highlights

Investor Class For a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> March 31,<br> 2025<br> (Unaudited)** | **<br> For the<br> Year Ended<br> September 30,<br> 2024** | **<br> For the<br> Year Ended<br> September 30,<br> 2023** | **<br> For the<br> Year Ended<br> September 30,<br> 2022** | **<br> For the<br> Year Ended<br> September 30,<br> 2021** | **<br> For the<br> Year Ended<br> September 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $17.53 | $14.40 | $12.84 | $14.73 | $11.88 | $10.55 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.06 | 0.10 | 0.06 | 0.11 | 0.02 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.33) | 3.42 | 1.67 | 0.27 | 3.40 | 2.25 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.27) | 3.52 | 1.73 | 0.38 | 3.42 | 2.35 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.17) | (0.05) | (0.14) | (0.11) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (1.71) | (0.22) | (0.13) | (2.15) | (0.46) | (1.00) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.90) | (0.39) | (0.18) | (2.29) | (0.57) | (1.02) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 4)** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.01 | 0.02 | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (3.17) | 3.13 | 1.56 | (1.89) | 2.85 | 1.33 |
| **NET ASSET VALUE, END OF PERIOD** | $14.36 | $17.53 | $14.40 | $12.84 | $14.73 | $11.88 |
| **Total Return<sup>(c)</sup>** | (7.93 %) | 24.88% | 13.70% | 1.23% | 29.60% | 23.82% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $165111 | $215959 | $209752 | $243353 | $138985 | $151342 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver<sup>(d)</sup> | 0.68 %<sup>(e)</sup> | 0.63% | 0.43% | 0.78% | 0.17% | 0.93% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver<sup>(d)</sup> | 1.33 %<sup>(e)</sup> | 1.34% | 1.36% | 1.46% | 1.44% | 1.56% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver<sup>(d)</sup> | 1.33 %<sup>(e)</sup> | 1.34% | 1.36% | 1.46% | 1.46% | 1.47% |
| **PORTFOLIO TURNOVER RATE** | 70 %<sup>(f)</sup> | 81% | 93% | 138% | 86% | 94% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 per share.*

*<sup>(c)</sup>* *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.*

*<sup>(d)</sup>* *Does not reflect the proportion of shares of expenses and income of underlying fund in which the Fund invests.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements and Financial Highlights.*

10 centrefunds.com

Centre American Select Equity Fund Financial Highlights

Institutional Class For a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> March 31,<br> 2025<br> (Unaudited)** | **<br> For the<br> Year Ended<br> September 30,<br> 2024** | **<br> For the<br> Year Ended<br> September 30,<br> 2023** | **<br> For the<br> Year Ended<br> September 30,<br> 2022** | **<br> For the<br> Year Ended<br> September 30,<br> 2021** | **<br> For the<br> Year Ended<br> September 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.10 | $14.82 | $13.18 | $15.01 | $12.06 | $10.66 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.08 | 0.16 | 0.12 | 0.18 | 0.09 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.37) | 3.52 | 1.72 | 0.30 | 3.45 | 2.23 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.29) | 3.68 | 1.84 | 0.48 | 3.54 | 2.43 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.18) | (0.07) | (0.16) | (0.13) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (1.71) | (0.22) | (0.13) | (2.15) | (0.46) | (1.00) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.92) | (0.40) | (0.20) | (2.31) | (0.59) | (1.03) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 4)** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (3.21) | 3.28 | 1.64 | (1.83) | 2.95 | 1.40 |
| **NET ASSET VALUE, END OF PERIOD** | $14.89 | $18.10 | $14.82 | $13.18 | $15.01 | $12.06 |
| **Total Return<sup>(c)</sup>** | (7.83 %) | 25.28% | 14.11% | 1.78% | 30.18% | 24.42% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $169888 | $203920 | $170141 | $99153 | $15861 | $11682 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver<sup>(d)</sup> | 1.00 %<sup>(e)</sup> | 0.95% | 0.81% | 1.24% | 0.65% | 1.73% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver<sup>(d)</sup> | 1.05 %<sup>(e)</sup> | 1.05% | 1.08% | 1.05% | 1.16% | 1.26% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver<sup>(d)</sup> | 1.03 %<sup>(e)</sup> | 1.03% | 0.98% | 0.98% | 0.98% | 0.99% |
| **PORTFOLIO TURNOVER RATE** | 70 %<sup>(f)</sup> | 81% | 93% | 138% | 86% | 94% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 per share.*

*<sup>(c)</sup>* *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.*

*<sup>(d)</sup>* *Does not reflect the proportion of shares of expenses and income of underlying fund in which the Fund invests.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 11

Centre Global Infrastructure Fund Financial Highlights

Investor Class For a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> March 31,<br> 2025<br> (Unaudited)** | **<br> For the<br> Year Ended<br> September 30,<br> 2024** | **<br> For the<br> Year Ended<br> September 30,<br> 2023** | **<br> For the<br> Year Ended<br> September 30,<br> 2022** | **<br> For the<br> Year Ended<br> September 30,<br> 2021** | **<br> For the<br> Year Ended<br> September 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $12.10 | $9.20 | $8.84 | $10.14 | $8.76 | $10.18 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.11 | 0.27 | 0.19 | 0.19 | 0.18 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.69 | 2.89 | 0.33 | (1.25) | 1.39 | (1.41) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.80 | 3.16 | 0.52 | (1.06) | 1.57 | (1.16) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.26) | (0.16) | (0.24) | (0.19) | (0.26) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.26) | (0.16) | (0.24) | (0.19) | (0.26) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 4)** | 0.00 <sup>(c)</sup> | – | – | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 0.62 | 2.90 | 0.36 | (1.30) | 1.38 | (1.42) |
| **NET ASSET VALUE, END OF PERIOD** | $12.72 | $12.10 | $9.20 | $8.84 | $10.14 | $8.76 |
| **Total Return<sup>(d)</sup>** | 6.64% | 34.80% | 5.85% | (10.77 %) | 18.00% | (11.49 %) |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $26981 | $26798 | $24208 | $27275 | $34594 | $35527 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver | 1.74 %<sup>(e)</sup> | 2.61% | 1.98% | 1.89% | 1.79% | 2.62% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.70 %<sup>(e)</sup> | 1.84% | 1.76% | 1.75% | 1.74% | 1.89% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.57 %<sup>(e)</sup> | 1.57% | 1.57% | 1.57% | 1.50 %<sup>(f)</sup> | 1.28 %<sup>(g)</sup> |
| **PORTFOLIO TURNOVER RATE** | 8 %<sup>(h)</sup> | 10% | 18% | 39% | 25% | 75% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $(0.005) per share.*

*<sup>(c)</sup>* *Less than $0.005 per share.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *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.*

*<sup>(g)</sup>* *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.*

*<sup>(h)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements and Financial Highlights.*

12 centrefunds.com

Centre Global Infrastructure Fund Financial Highlights

Institutional Class For a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> March 31,<br> 2025**<br>**(Unaudited)** | **For the<br>Year Ended<br>September 30,**<br>**2024** | **For the<br>Year Ended<br>September 30,**<br>**2023** | **For the<br>Year Ended<br>September 30,**<br>**2022** | **For the<br>Year Ended<br>September 30,**<br>**2021** | **For the<br>Year Ended<br>September 30,**<br>**2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $12.07 | $9.21 | $8.84 | $10.15 | $8.77 | $10.20 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.13 | 0.31 | 0.23 | 0.23 | 0.21 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.69 | 2.88 | 0.34 | (1.26) | 1.40 | (1.40) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.82 | 3.19 | 0.57 | (1.03) | 1.61 | (1.14) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.33) | (0.20) | (0.28) | (0.23) | (0.29) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.33) | (0.20) | (0.28) | (0.23) | (0.29) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 4)** | 0.00 <sup>(c)</sup> | – | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 0.62 | 2.86 | 0.37 | (1.31) | 1.38 | (1.43) |
| **NET ASSET VALUE, END OF PERIOD** | $12.69 | $12.07 | $9.21 | $8.84 | $10.15 | $8.77 |
| **Total Return<sup>(d)</sup>** | 6.85% | 35.21% | 6.38% | (10.51 %) | 18.35% | (11.30 %) |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $9896 | $3791 | $3553 | $4484 | $5932 | $6243 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver | 2.16 %<sup>(e)</sup> | 2.99% | 2.36% | 2.28% | 2.10% | 2.60% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.45 %<sup>(e)</sup> | 1.57% | 1.48% | 1.51% | 1.51% | 1.63% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.18 %<sup>(e)</sup> | 1.18% | 1.18% | 1.18% | 1.20% | 1.02 %<sup>(f)</sup> |
| **PORTFOLIO TURNOVER RATE** | 8 %<sup>(g)</sup> | 10% | 18% | 39% | 25% | 75% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $(0.005) per share.*

*<sup>(c)</sup>* *Less than $0.005 per share.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *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.*

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 13

Centre Funds Notes to Financial Statements and Financial Highlights

March 31, 2025 (Unaudited)

**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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 ("NAV") of its shares using the reported NAV
 of the applicable Underlying Fund. For each Underlying Fund, the NAV 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The per share 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

14 centrefunds.com

Centre Funds Notes to Financial Statements and Financial Highlights

March 31, 2025 (Unaudited)

As of and during the six-months ended March 31, 2025, 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 six-month period ended March 31, 2025, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 March 31, 2025, the Funds did not hold any illiquid or restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(j) A 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 a 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Semi-Annual Report \| March 31, 2025 15

Centre Funds Notes to Financial Statements and Financial Highlights

March 31, 2025 (Unaudited)

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 March 31, 2025:

**Centre American Select Equity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value*<sup>(a)</sup>*** | **Level 1 -** <br> **Quoted Prices** | **Level 2 -**<br> **Other Significant Observable Inputs** | **Level 3 -** <br> **Significant Unobservable Inputs** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $335318189 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $335318189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Investments | 888152 | – | – | 888152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $336206341 | $– | $– | $336206341 |

---

**Centre Global Infrastructure Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value*(a)*** | **Level 1 -** <br> **Quoted Prices** | **Level 2 -** <br> **Other Significant Observable Inputs** | **Level 3 -** <br> **Significant Unobservable Inputs** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $36795015 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $36795015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Investments | 67702 | – | – | 67702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $36862717 | $– | $– | $36862717 |

---

*<sup>(a)</sup>* *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.

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.

16 centrefunds.com

Centre Funds Notes to Financial Statements and Financial Highlights

March 31, 2025 (Unaudited)

**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 a 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 six-month period ended March 31, 2025, the Funds did not invest in futures contracts, and no options were held as of March 31, 2025.

---

| | | |
|:---|:---|:---|
| <br>**Risk Exposure** | **Derivatives**<br>**Statements of Assets and Liabilities Location** |<br>**Fair Value** |
| **Centre American Select Equity Fund** |  |  |
| Equity Contracts (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $|

---

The effect of derivative instruments on the Statements of Operations for six-month period ended March 31, 2025 (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** <br> **Recognized In Income** | **Realized Gain/(Loss) on Derivatives** <br> **Recognized in Income** | **Change in Unrealized Gain/(Loss) on** <br> **Derivatives Recognized in Income** |
| **Centre American Select Equity Fund** | **Centre American Select Equity Fund** |  |  |
| Equity Contracts (Purchased Options) | Net realized gain/(loss) on investments/Net change in unrealized appreciation/(depreciation) on investments | $2858411 | $– |
|  |  | $2858411 | $– |

---

Volume of Derivative Instruments for the Funds during the six-month period ended March 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measurement** | **Monthly Average** |
| **Centre American Select Equity Fund** |  |  |
| Purchased Option Contracts | Notional value of contracts outstanding | $366448167 |

---

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.

Semi-Annual Report \| March 31, 2025 17

Centre Funds Notes to Financial Statements and Financial Highlights

March 31, 2025 (Unaudited)

**4. BENEFICIAL INTEREST TRANSACTIONS**

On March 31, 2025, 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 six-month period ended March 31, 2025, 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 March 31, 2025, 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 a Fund class.

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder Name** | **Percentage** |
| Centre American Select Equity Fund | Charles Schwab & Co. Inc. | 41.72% |

---

**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, 2026) 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.

**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, 2026) 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.

18 centrefunds.com

Centre Funds Notes to Financial Statements and Financial Highlights

March 31, 2025 (Unaudited)

During the six-month period ended March 31, 2025, the fee waivers and/or reimbursements were as follows:

---

| | |
|:---|:---|
| <br>**Fund** | **Fees Waived and/or Reimbursed**<br>**by Adviser** |
| Centre American Select Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Investor | $– |
| &nbsp;&nbsp;&nbsp;Institutional | 22743 |
| Centre Global Infrastructure Fund |  |
| &nbsp;&nbsp;&nbsp;Investor | 17316 |
| &nbsp;&nbsp;&nbsp;Institutional | 9478 |

---

As of March 31, 2025, the balances of recoupable expenses for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires 2025** | **Expires 2026** | **Expires 2027** | **Expires 2028** | **Total** |
| Centre American Select Equity Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional | 2128 | 112170 | 81129 | 22743 | 218170 |
| Centre Global Infrastructure Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | $17237 | $48479 | $66332 | $17477 | $149525 |
| &nbsp;&nbsp;&nbsp;Institutional | 6307 | 12126 | 14077 | 9478 | 41988 |

---

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 six-month period ended March 31, 2025.

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.

One Trustee is an officer of the Trust, and serves as Managing Director and Chief Investment Officer of the Adviser.

Semi-Annual Report \| March 31, 2025 19

Centre Funds Notes to Financial Statements and Financial Highlights

March 31, 2025 (Unaudited)

**6. FEDERAL INCOME TAX AND TAX BASIS INFORMATION**

As of and during the six-month period ended March 31, 2025, 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.

As of September 30, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Accumulated**<br> **Capital**<br> **Gains/(Losses) and**<br> **Other (Losses)** | **Ordinary Income**<br> **Undistributed** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Other Cumulative**<br> **Effect of Timing**<br> **Differences** | **Total Accumulated**<br> **Earnings/(Deficit)** |
| Centre American Select Equity Fund | $36249132 | $380773 | $104101359 | $(875) | $140730389 |
| Centre Global Infrastructure Fund | (27412836) | 146824 | 8043197 |  | (19222815) |

---

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 | $12780185 | $14632651 |

---

**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 | $4322671 | $5309230 |
| Centre Global Infrastructure Fund | 722290 |  |

---

**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 March 31, 2025 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, mark-to-market on options and certain other investments.

Net unrealized appreciation/depreciation of investments based on federal tax cost were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Tax Cost of** <br> **Investments** | **Gross Unrealized** <br> **Appreciation** | **Gross Unrealized** <br> **Depreciation** | **Net Tax Unrealized** <br> **Appreciation/(Depreciation)** <br> **on Investments** |
| Centre American Select Equity Fund | $278413061 | $75261165 | $(17467885) | $57793280 |
| Centre Global Infrastructure Fund | 27061971 | 10569984 | (769238) | 9800746 |

---

20 centrefunds.com

Centre Funds Notes to Financial Statements and Financial Highlights

March 31, 2025 (Unaudited)

**7. PURCHASES AND SALES OF INVESTMENT SECURITIES**

For the six-month period ended March 31, 2025, 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 | $271539424 | $320255928 |
| Centre Global Infrastructure Fund | 7109628 | 2762812 |

---

**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 March 31, 2025.

At a meeting held on November 15, 2024, the Board approved Agreements and Plans of Reorganization, which provides for the reorganization into newly created series (each an "Acquiring Fund") of the Horizon Funds (the "Reorganizations").

A special joint meeting of shareholders of the Funds was held on April 16, 2025, during which shareholders approved the Reorganizations on behalf of each Fund. On April 17, 2025, each Fund's assets were transferred to the respective Acquiring Fund in exchange for (a) the Acquiring Fund shares equal in value to the Fund shares and (b) the Acquiring Fund's assumption of all Fund liabilities, followed by a class-by-class distribution of the Acquired Fund's shares to the Fund's shareholders.

Semi-Annual Report \| March 31, 2025 21

Centre Funds Tax Designations

March 31, 2025 (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; (2) on the Funds' websites at https://horizonmutualfunds.com/case-fund and https://horizonmutualfunds.com/cgi-fund; and (3) on the U.S. Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**TAX DESIGNATIONS**

**Qualified Dividend Income**

The percentage of ordinary income dividends distributed during the calendar year ended December 31, 2024 are designated as qualified dividend income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code in the following percentages:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Amount** |
| Centre American Select Equity Fund | &nbsp;&nbsp;100.00% |
| Centre Global Infrastructure Fund | &nbsp;&nbsp;100.00% |

---

**Dividends Received Deduction**

For corporate shareholders, the following ordinary dividends paid during the calendar year ended December 31, 2024 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| | **Amount** |
| Centre American Select Equity Fund | 100.00% |
| Centre Global Infrastructure Fund | 44.70% |

---

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 | $5309230 |

---

22 centrefunds.com

![](fp0093153-1_02.jpg)

Item 8. **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

Item 9. **Proxy Disclosures for Open-End Management Investment Companies.**

None.

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.**

Not applicable.

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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

Item 19. **Exhibits.**

(a)(1) Not applicable to the semi-annual report.

(a)(2) Not applicable to the semi-annual report.

---

| | |
|:---|:---|
| (a)(3) | [A separate certification for the Registrant's Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), is attached hereto as Ex 99.Cert.](fp0093153-1_ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications by the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.906Cert.](fp0093153-1_ex99906cert.htm)

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: | June 5, 2025 |

---

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: | June 5, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ James A. Abate |
|  | James A. Abate |
|  | Treasurer (Principal Financial Officer) |
| Date: | June 5, 2025 |

---

## Ex-99.Cert

**Exhibit 99.Cert**

I, James A. Abate, President and Principal Executive Officer of Centre Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | June 5, 2025 |

---

I, James A. Abate, Treasurer and Principal Financial Officer, of the Centre Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | June 5, 2025 |

---

## Exhibit 99.906

**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 March 31, 2025 of the Centre Funds (the "Registrant").

I, James A. Abate, the President and Principal Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | June 5, 2025 |
| 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 March 31, 2025 of the Centre Funds (the "Registrant").

I, James A. Abate, Treasurer and Principal Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | June 5, 2025 |
| By: | /s/ James A. Abate |
|  | James A. Abate |
|  | Treasurer (Principal Financial Officer) |

---