Final Letter from Abhay - Centerstone Investors

1Q 2026

Dear Fellow Shareholders,

I am writing to mark this final communication to shareholders of Centerstone Investors.

As previously communicated, effective January 9, 2026, all outstanding shares of Centerstone Investors Fund, including my shares, will be formally converted into shares of FPA Crescent Fund, in accordance with the approved transaction. As a result, Centerstone Investors Fund will no longer exist as a separate investment vehicle, and shareholders will participate directly through their ownership of FPA Crescent shares. Please feel free to contact Mike Furlong at mfurlong@fpa.com / 949-466-1602 or Ashwin Paranandi at aparanandi@fpa.com / 310-996-5424. You can also visit https://fpa.com/fund/fpa-crescent-fund/ for more information.

I would like to again express my sincere gratitude for the trust you placed in Centerstone over the years. Serving as a steward of your capital has been a privilege. The partnership we shared—grounded in patience, discipline, and a long-term perspective—was central to everything we sought to accomplish.

FPA Crescent’s investment philosophy and structure reflect many of the same principles that guided Centerstone, and I believe shareholders are well positioned going forward under its management and governance.

On behalf of everyone involved with Centerstone Investors, thank you for your confidence, engagement, and support. It has been an honor to work on your behalf.

With sincere appreciation,

Abhay

The Centerstone Investors Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. FPA Crescent Fund is distributed by Distribution Services, LLC, Member FINRA. Centerstone Investors, LLC is not affiliated with Northern Lights Distributors, LLC. Distribution Services, LLC and FPA are not affiliated.

Investment entails risk, including possible loss of principal.

Please feel free to contact Mike Furlong at mfurlong@fpa.com / 949-466-1602 or Ashwin Paranandi at aparanandi@fpa.com / 310-996-5424.

You can also visit https://fpa.com/fund/fpa-crescent-fund/ for more information.