Centerstone Investors Fund

At A Glance

Objective

Seeks to generate long-term growth of capital by investing across the globe

Universe

Global investments across industries, market capitalizations and capital structure

Focus

Invest in global equities and fixed income, with a bottom-up value approach. Weightings will vary depending on opportunities

Tickers

Class I

CENTX

Class A

CETAX

Class C

CENNX

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: 04/25/18
NAV Change $ Return YTD
Centerstone Investors Fund Class I 11.66 -0.01 -0.09% 0.52%
NAV Change $ Return YTD
Centerstone Investors Fund Class A 11.61 -0.02 -0.17% 0.43%
NAV Change $ Return YTD
Centerstone Investors Fund Class A w/Load 12.22 -0.02 -5.15% -4.60%
NAV Change $ Return YTD
Centerstone Investors Fund Class C 11.53 -0.01 -0.09% 0.26%

Performance

As of: 03/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone Investors Fund Class A -0.09% -0.43% -0.43% 9.49% 8.52%
MSCI ACWI IndexA -2.21% -1.03% -1.03% 14.76% 15.30%
MSCI World IndexB -2.24% -1.34% -1.34% 13.52% 14.34%
As of: 03/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone Investors Fund Class A w/Load -5.11% -5.42% -5.42% 4.00% 5.63%
MSCI ACWI IndexA -2.21% -1.03% -1.03% 14.76% 15.30%
MSCI World IndexB -2.24% -1.34% -1.34% 13.52% 14.34%
As of: 03/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone Investors Fund Class I -0.09% -0.43% -0.43% 9.82% 8.83%
MSCI ACWI IndexA -2.21% -1.03% -1.03% 14.76% 15.30%
MSCI World IndexB -2.24% -1.34% -1.34% 13.52% 14.34%
As of: 03/31/18
1 Month 3 Month YTD 1 Year Since Inception
Centerstone Investors Fund Class C -0.17% -0.61% -0.61% 8.74% 7.99%
MSCI ACWI IndexA -2.21% -1.03% -1.03% 14.76% 15.30%
MSCI World IndexB -2.24% -1.34% -1.34% 13.52% 14.34%
As of: 03/31/18
1Q18 YTD 1 Year Since Inception
Centerstone Investors Fund Class A -0.43% -0.43% 9.49% 8.52%
MSCI ACWI IndexA -1.03% -1.03% 14.76% 15.30%
MSCI World IndexB -1.34% -1.34% 13.52% 14.34%
As of: 03/31/18
1Q18 YTD 1 Year Since Inception
Centerstone Investors Fund Class A w/Load -5.42% -5.42% 4.00% 5.63%
MSCI ACWI IndexA -1.03% -1.03% 14.76% 15.30%
MSCI World IndexB -1.34% -1.34% 13.52% 14.34%
As of: 03/31/18
1Q18 YTD 1 Year Since Inception
Centerstone Investors Fund Class I -0.43% -0.43% 9.82% 8.83%
MSCI ACWI IndexA -1.03% -1.03% 14.76% 15.30%
MSCI World IndexB -1.34% -1.34% 13.52% 14.34%
As of: 03/31/18
1Q18 YTD 1 Year Since Inception
Centerstone Investors Fund Class C -0.61% -0.61% 8.74% 7.99%
MSCI ACWI IndexA -1.03% -1.03% 14.76% 15.30%
MSCI World IndexB -1.34% -1.34% 13.52% 14.34%
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 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 Investors 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. Without these waivers, the Fund’s total annual operating expenses would be 2.58%, 3.89% and 2.45% respectively. 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 Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index is not available for direct investment.
B – The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. 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) 4.85% 6. Air Liquide (FRA) 1.72%
2. Target (US) 2.17% 7. Tapestry (US) 1.70%
3. Grainger (US) 2.04% 8. Vopak (NLD) 1.68%
4. Mosaic (US) 1.75% 9. TransCanada (CAN) 1.60%
5. Colgate-Palmolive (US) 1.73% 10. Matas (DNK) 1.51%
Total 20.75%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.91% 6. TransCanada (CAN) 1.67%
2. Grainger (US) 1.98% 7. Ichiyoshi Securities (JPN) 1.61%
3. Air Liquide (FRA) 1.85% 8. ICA Gruppen (SWE) 1.53%
4. Mosaic (US) 1.78% 9. CVS Health (US) 1.52%
5. Colgate-Palmolive (US) 1.72% 10. Target (US) 1.47%
Total 20.04%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 2.95% 6. Mosaic (US) 1.79%
2. Grainger (US) 2.54% 7. ICA Gruppen (SWE) 1.75%
3. Air Liquide (FRA) 1.88% 8. TransCanada (CAN) 1.74%
4. 3M (US) 1.85% 9. Coach (US) 1.54%
5. Colgate-Palmolive (US) 1.80% 10. Target (US) 1.53%
Total 19.37%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 2.27% 6. TransCanada (CAN) 1.60%
2. Schneider Electric (FRA) 1.87% 7. Loomis (SWE) 1.60%
3. Air Liquide (FRA) 1.78% 8. ICA Gruppen (SWE) 1.58%
4. Colgate-Palmolive (US) 1.74% 9. Xilinx 2.125% 3/15/2019 (US) 1.52%
5. 3M (US) 1.67% 10. Siam City Cement (THA) 1.50%
Total 17.13%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 2.59% 6. 3M (US) 1.81%
2. Loomis (SWE) 2.11% 7. TransCanada (CAN) 1.64%
3. Schneider Electric (FRA) 2.01% 8. ICA Gruppen (SWE) 1.57%
4. Colgate-Palmolive (US) 1.97% 9. CVS Health (US) 1.54%
5. Air Liquide (FRA) 1.97% 10. Nagaileben (JPN) 1.44%
Total 18.65%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 2.97% 6. 3M (US) 1.66%
2. Loomis (SWE) 2.29% 7. TransCanada (CAN) 1.65%
3. Schneider Electric (FRA) 2.28% 8. Monmouth Real Estate Investment (US) 1.60%
4. Colgate-Palmolive (US) 1.90% 9. Nagaileben (JPN) 1.55%
5. Air Liquide (FRA) 1.82% 10. Matas (DNK) 1.49%
Total 19.21%

Sector Allocation*

As of: 12/31/17
Industrials 17.26%
Consumer Discretionary 17.16%
Consumer Staples 10.32%
Materials 8.92%
Gold 4.84%
Financials 4.20%
Real Estate 3.88%
Health Care 3.69%
Energy 3.52%
Information Technology 0.45%
Reserve Management 25.76%
Total
100%

Asset Allocation*

As of: 12/31/17
Foreign Equity 46.44%
US Equity 21.39%
Gold 4.84%
High Yield 1.57%
Reserve Management 25.76%
Treasury Notes 13.08%
Money Market 6.64%
Short-Term Corporates 6.04%
Total
100%

Market Cap Allocation**

As of: 12/31/17
> $10 billion 55.96%
$2 billion - $10 billion 30.18%
$300 million - $2 billion 13.86%
Total
100%

Region Allocation*

As of: 12/31/17
26% Europe
23% United States
9% Asia ex-Japan
5% Japan
5% Gold
26% Reserve Management
6% Other

Portfolio Characteristics

As of: 12/31/17
Total Net Assets $239.8M
Number of Equity Holdings 77
Number of Fixed Income Holdings 26
Weighted Market CapitalizationC 32.2B
Median Market CapitalizationD 12.6B
Price to BookE 2.19
Price to EarningsF 18.45
Hedge Flexible Currency Hedging Strategy
Dividend Frequency Annual
Portfolio Turnover 14.26%*
Morningstar Category World Allocation
Lipper Classification Flexible Portfolio
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%
Net Total Expense Ratio2 1.13%
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%
Net Total Expense Ratio3 1.38%
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%
Net Total Expense Ratio3 2.13%

Distributions

Capital Gains Distributions

Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/Share) $0.038
Total Ordinary Income Distribution (% of Nav) 0.334%
Short-Term Capital Gains ($/Share) $0.071
Long-Term Capital Gains ($/Share) $0.007
Total Capital Gains Distribution ($/Share) $0.078
Total Capital Gains Distribution (% of Nav) 0.685%
Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/Share) $0.055
Total Ordinary Income Distribution (% of Nav) 0.482%
Short-Term Capital Gains ($/Share) $0.071
Long-Term Capital Gains ($/Share) $0.007
Total Capital Gains Distribution ($/Share) $0.078
Total Capital Gains Distribution (% of Nav) 0.683%
Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/Share) $0.007
Total Ordinary Income Distribution (% of Nav) 0.062%
Short-Term Capital Gains ($/Share) $0.071
Long-Term Capital Gains ($/Share) $0.007
Total Capital Gains Distribution ($/Share) $0.078
Total Capital Gains Distribution (% of Nav) 0.688%
Record Date 12/14/2016
Ex Date 12/15/2016
Pay Date 12/16/2016
Ordinary Income ($/Share) $0.049
Total Ordinary Income Distribution (% of Nav) 0.476%
Short-Term Capital Gains ($/Share) $0.006
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.006
Total Capital Gains Distribution (% of Nav) 0.061%
Record Date 12/14/2016
Ex Date 12/15/2016
Pay Date 12/16/2016
Ordinary Income ($/Share) $0.054
Total Ordinary Income Distribution (% of Nav) 0.520%
Short-Term Capital Gains ($/Share) $0.006
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.006
Total Capital Gains Distribution (% of Nav) 0.061%
Record Date 12/14/2016
Ex Date 12/15/2016
Pay Date 12/16/2016
Ordinary Income ($/Share) $0.052
Total Ordinary Income Distribution (% of Nav) 0.501%
Short-Term Capital Gains ($/Share) $0.006
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.006
Total Capital Gains Distribution (% of Nav) 0.061%