Centerstone International Fund

At A Glance

Objective

Seeks to generate long-term growth of capital by investing across international markets, including developed and emerging

Universe

Non-US investments across industries, market capitalizations and capital structure

Focus

Invest majority of assets in foreign equities with flexibility to invest in fixed income, with a bottom-up value approach

Tickers

Class I

CINTX

Class A

CSIAX

Class C

CSINX

Portfolio Manager

Abhay Deshpande, CFA

Chief Investment Officer

Independent Service Providers

Transfer Agent Gemini Fund Services, LLC
Auditor Cohen & Company, Ltd.
Custodian State Street Bank and Trust Company
Legal Counsel Alston & Bird, LLP

Performance

Daily Performance

As of: 08/15/18
NAV Change $ Return YTD
Centerstone International Fund Class I 11.34 -0.13 -1.13% -5.58%
NAV Change $ Return YTD
Centerstone International Fund Class A 11.32 -0.13 -1.14% -5.67%
NAV Change $ Return YTD
Centerstone International Fund Class A w/Load 11.92 -0.13 -6.06% -10.37%
NAV Change $ Return YTD
Centerstone International Fund Class C 11.19 -0.12 -1.06% -6.12%

Performance

As of: 07/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone International Fund Class A 2.71% -1.67% -2.08% 1.60% 8.52%
MSCI ACWI ex-US IndexA 2.39% -1.85% -1.46% 5.94% 12.52%
MSCI EAFE IndexB 2.46% -1.07% -0.36% 6.40% 11.58%
As of: 07/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone International Fund Class A w/Load -2.41% -6.60% -6.97% -3.49% 6.05%
MSCI ACWI ex-US IndexA 2.39% -1.85% -1.46% 5.94% 12.52%
MSCI EAFE IndexB 2.46% -1.07% -0.36% 6.40% 11.58%
As of: 07/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone International Fund Class I 2.71% -1.59% -2.00% 1.77% 8.70%
MSCI ACWI ex-US IndexA 2.39% -1.85% -1.46% 5.94% 12.52%
MSCI EAFE IndexB 2.46% -1.07% -0.36% 6.40% 11.58%
As of: 07/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone International Fund Class C 2.56% -1.94% -2.60% 0.75% 7.88%
MSCI ACWI ex-US IndexA 2.39% -1.85% -1.46% 5.94% 12.52%
MSCI EAFE IndexB 2.46% -1.07% -0.36% 6.40% 11.58%
As of: 06/30/18
2Q18 YTD 1 Year Since Inception
Centerstone International Fund Class A -3.13% -4.67% 0.90% 7.53%
MSCI ACWI ex-US IndexA -2.61% -3.77% 7.28% 11.81%
MSCI EAFE IndexB -1.24% -2.75% 6.84% 10.81%
As of: 06/30/18
2Q18 YTD 1 Year Since Inception
Centerstone International Fund Class A w/Load -7.96% -9.42% -4.18% 4.99%
MSCI ACWI ex-US IndexA -2.61% -3.77% 7.28% 11.81%
MSCI EAFE IndexB -1.24% -2.75% 6.84% 10.81%
As of: 06/30/18
2Q18 YTD 1 Year Since Inception
Centerstone International Fund Class I -3.13% -4.58% 1.15% 7.72%
MSCI ACWI ex-US IndexA -2.61% -3.77% 7.28% 11.81%
MSCI EAFE IndexB -1.24% -2.75% 6.84% 10.81%
As of: 06/30/18
2Q18 YTD 1 Year Since Inception
Centerstone International Fund Class C -3.33% -5.03% 0.20% 6.95%
MSCI ACWI ex-US IndexA -2.61% -3.77% 7.28% 11.81%
MSCI EAFE IndexB -1.24% -2.75% 6.84% 10.81%
Class A Maximum Sales Charge is 5.00%.
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s total annual operating expenses, including acquired fund fees of 0.02%, gross of any fee waivers or expense reimbursements, is 3.19%, 3.92% and 2.93%, for Class A, Class C and Class I shares, respectively. The Fund’s investment advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until March 31, 2019, to ensure that the net annual Fund operating expenses will not exceed 1.35%, 2.10% and 1.10% of the International Fund’s average net assets, for Class A, Class C and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Please review the Fund’s prospectus for more information regarding the Fund’s fees and expenses. For performance information current to the most recent month-end, please call toll-free 877.314.9006.

A – The MSCI ACWI ex-US Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed and emerging markets, excluding the US. The index is not available for direct investment.

B – The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the market performance of developed markets, excluding the US & Canada. The index is not available for direct investment.

Both indices provide total returns in US dollars with net dividends reinvested.

Investors are not able to invest directly in the indices referenced in the illustration above and unmanaged index returns do not reflect any fees, expenses or sales charges. The referenced indices are shown for general market comparisons.

Portfolio

Top 10 Holdings*

% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.35% 6. Loomis (SWE) 2.18%
2. Kerry Logistics (HKG) 2.65% 7. ICA Gruppen (SWE) 2.11%
3. Air Liquide (FRA) 2.62% 8. BMW (DEU) 1.90%
4. Vopak (NLD) 2.62% 9. Mitsubishi Estate (JPN) 1.81%
5. TransCanada (CAN) 2.43% 10. Hamburger Hafen (DEU) 1.79%
Total 24.46%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.94% 6. Matas (DNK) 2.31%
2. Air Liquide (FRA) 2.83% 7. Kerry Logistics (HKG) 2.24%
3. Mosaic (US) 2.63% 8. ICA Gruppen (SWE) 2.15%
4. Vopak (NLD) 2.55% 9. Loomis (SWE) 1.98%
5. TransCanada (CAN) 2.32% 10. Indocement (IDN) 1.91%
Total 25.86%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.93% 6. ICA Gruppen (SWE) 2.23%
2. Air Liquide (FRA) 3.26% 7. Loomis (SWE) 2.10%
3. Mosaic (US) 2.60% 8. Richemont (CHE) 2.06%
4. TransCanada (CAN) 2.52% 9. Schneider Electric (FRA) 1.91%
5. Ichiyoshi Securities (JPN) 2.49% 10. Metro (CAN) 1.89%
Total 25.99%
% of Portfolio % of Portfolio
1. Air Liquide (FRA) 3.25% 6. Schneider Electric (FRA) 2.54%
2. ICA Gruppen (SWE) 3.08% 7. Ichiyoshi Securities (JPN) 2.28%
3. Gold & Gold-Related (US) 2.92% 8. Siam City Cement (THA) 2.28%
4. Mosaic (US) 2.69% 9. Swatch Group (CHE) 2.07%
5. TransCanada (CAN) 2.59% 10. Loomis (SWE) 1.99%
Total 25.69%
% of Portfolio % of Portfolio
1. Air Liquide (FRA) 3.19% 6. Siam City Cement (THA) 2.36%
2. Schneider Electric (FRA) 2.94% 7. Nagaileben (JPN) 2.35%
3. ICA Gruppen (SWE) 2.86% 8. TransCanada (CAN) 2.33%
4. Gold & Gold-Related (US) 2.50% 9. Richemont (CHE) 2.16%
5. Loomis (SWE) 2.39% 10. Swatch Group (CHE) 2.14%
Total 25.22%
% of Portfolio % of Portfolio
1. Schneider Electric (FRA) 3.68% 6. Gold & Gold-Related (US) 2.63%
2. Loomis (SWE) 3.64% 7. Swatch Group (CHE) 2.11%
3. Air Liquide (FRA) 3.53% 8. Richemont (CHE) 2.06%
4. ICA Gruppen (SWE) 2.91% 9. Danone (FRA) 1.94%
5. Nagaileben (JPN) 2.83% 10. Novartis (CHE) 1.90%
Total 27.23%
% of Portfolio % of Portfolio
1. Loomis (SWE) 4.21% 6. Nagaileben (JPN) 2.84%
2. Schneider Electric (FRA) 4.15% 7. ICA Gruppen (SWE) 2.73%
3. Air Liquide (FRA) 3.31% 8. Matas (DNK) 2.28%
4. TransCanada (CAN) 3.02% 9. Danone (FRA) 2.10%
5. Gold & Gold-Related (US) 2.97% 10. Richemont (CHE) 2.10%
Total 29.71%

Sector Allocation*

As of: 03/31/18
Industrials 17.40%
Consumer Discretionary 16.94%
Consumer Staples 11.20%
Materials 11.00%
Financials 6.03%
Real Estate 5.54%
Health Care 5.41%
Energy 5.05%
Gold 4.35%
Information Technology 0.89%
Reserve Management 16.19%
Total
100%

Asset Allocation*

As of: 03/31/18
Foreign Equity 77.73%
US Equity 1.73%
Gold 4.35%
Reserve Management 16.19%
Treasury Notes 12.19%
Money Market 3.93%
Short-Term Corporates 0.07%
Total
100%

Market Cap Allocation**

As of: 03/31/18
> $10 billion 43.71%
$2 billion - $10 billion 40.30%
$300 million - $2 billion 15.99%
Total
100%

Region Allocation*

As of: 03/31/18
43% Europe
16% Asia ex-Japan
9% Japan
4% Gold
2% United States
16% Reserve Management
10% Other

Portfolio Characteristics

As of: 03/31/18
Total Net Assets $163.9M
Number of Equity Holdings 63
Number of Fixed Income Holdings 1
Active ShareC 94.13%
Weighted Market CapitalizationD 27.4B
Median Market CapitalizationE 9.1B
Price to BookF 1.80
Price to EarningsG 15.22
Hedge Flexible currency hedging strategy
Dividend Frequency Annual
Portfolio Turnover 14.12%*
Morningstar Category Foreign Large Blend
Lipper Classification International Multi-Cap Core
Inception Date May 3, 2016

Fees & Expenses

Shareholder Fees

Minimum Investment $100,000
Maximum Sales Load None
Maximum CDSC None
Distribution & Service (12b-1) Fees None
Redemption Fees1 2.00%
Management Fees 0.90%
Total Operating Expenses 2.93%
Net Total Expense Ratio2 1.12%
Minimum Investment $2,500
Maximum Sales Load 5.00%
Maximum CDSC 1.00%1
Distribution & Service (12b-1) Fees 0.25%
Redemption Fees2 2.00%
Management Fees 0.90%
Total Operating Expenses 3.19%
Net Total Expense Ratio3 1.37%
Minimum Investment $2,500
Maximum Sales Load None
Maximum CDSC 1.00%1
Distribution & Service (12b-1) Fees 1.00%
Redemption Fees2 2.00%
Management Fees 0.90%
Total Operating Expenses 3.92%
Net Total Expense Ratio3 2.12%

Distributions

Capital Gains Distributions

Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/Share) $0.010
Total Ordinary Income Distribution (% of Nav) 0.085%
Short-Term Capital Gains ($/Share) $0.152
Long-Term Capital Gains ($/Share) $0.017
Total Capital Gains Distribution ($/Share) $0.169
Total Capital Gains Distribution (% of Nav) 1.430%
Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/Share) $0.030
Total Ordinary Income Distribution (% of Nav) 0.254%
Short-Term Capital Gains ($/Share) $0.152
Long-Term Capital Gains ($/Share) $0.017
Total Capital Gains Distribution ($/Share) $0.169
Total Capital Gains Distribution (% of Nav) 1.430%
Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/Share) $0.000
Total Ordinary Income Distribution (% of Nav) 0.000%
Short-Term Capital Gains ($/Share) $0.152
Long-Term Capital Gains ($/Share) $0.017
Total Capital Gains Distribution ($/Share) $0.169
Total Capital Gains Distribution (% of Nav) 1.440%
Record Date 12/14/2016
Ex Date 12/15/2016
Pay Date 12/16/2016
Ordinary Income ($/Share) $0.059
Total Ordinary Income Distribution (% of Nav) 0.577%
Short-Term Capital Gains ($/Share) $0.014
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.014
Total Capital Gains Distribution (% of Nav) 0.139%
Record Date 12/14/2016
Ex Date 12/15/2016
Pay Date 12/16/2016
Ordinary Income ($/Share) $0.064
Total Ordinary Income Distribution (% of Nav) 0.623%
Short-Term Capital Gains ($/Share) $0.014
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.014
Total Capital Gains Distribution (% of Nav) 0.139%
Record Date 12/14/2016
Ex Date 12/15/2016
Pay Date 12/16/2016
Ordinary Income ($/Share) $0.054
Total Ordinary Income Distribution (% of Nav) 0.531%
Short-Term Capital Gains ($/Share) $0.014
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.014
Total Capital Gains Distribution (% of Nav) 0.139%