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 Thompson Hine LLP

Performance

Daily Performance

As of: 12/02/21
NAV Change $ Return YTD
Centerstone International Fund Class I 10.78 0.08 0.75% 1.41%
NAV Change $ Return YTD
Centerstone International Fund Class A 10.75 0.07 0.66% 1.13%
NAV Change $ Return YTD
Centerstone International Fund Class A w/Load 11.32 0.07 -4.36% -3.93%
NAV Change $ Return YTD
Centerstone International Fund Class C 10.56 0.07 0.67% 0.48%

Performance

As of: 11/30/21
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class A -7.10% 0.94% 4.47% 0.97% 2.82% 2.71%
As of: 11/30/21
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class A w/Load -11.76% -4.11% -0.73% -0.74% 1.78% 1.76%
As of: 11/30/21
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class I -7.17% 1.13% 4.71% 1.21% 3.09% 2.93%
As of: 11/30/21
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class C -7.22% 0.19% 3.64% 0.17% 2.05% 2.00%
As of: 09/30/21
3Q21 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class A -5.79% 5.64% 24.27% 0.52% 2.88% 3.66%
As of: 09/30/21
3Q21 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class A w/Load -10.52% 0.36% 18.03% -1.20% 1.84% 2.68%
As of: 09/30/21
v
3Q21 YTD 1 Year 3 Year 5 YearSince Inception
Centerstone International Fund Class I -5.78% 5.83% 24.65% 0.76% 3.13% 3.89%
As of: 09/30/21
3Q21 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class C -6.04% 5.04% 23.35% -0.25% 2.12% 2.96%
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. 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.

Portfolio

Top 10 Holdings*

% of Portfolio % of Portfolio
1. Fraport (DEU) 5.76% 6. Air Liquide (FRA) 4.16%
2. ICL Group (ISR) 4.86% 7. Coast Capital Mercury Fund LP (GBR)^ 4.14%
3. ISS (DNK) 4.44% 8. Vopak (NLD) 4.11%
4. Gold & Gold-Related (US) 4.41% 9. TC Energy (CAN) 3.63%
5. Wartsila (FIN) 4.28% 10. Siam City Cement (THA) 3.40%
Total 43.19%
% of Portfolio % of Portfolio
1. Fraport (DEU) 6.19% 6. Vopak (NLD) 4.39%
2. ICL Group (ISR) 5.32% 7. Air Liquide (FRA) 4.21%
3. Wartsila (FIN) 4.94% 8. Gold & Gold-Related (US) 4.13%
4. Genting (MYS) 4.63% 9. Coast Capital Mercury Fund LP (GBR)** 3.63%
5. ISS (DNK) 4.57% 10. Ubisoft Entertainment (FRA) 3.63%
Total 45.64%
% of Portfolio % of Portfolio
1. Fraport (DEU) 6.07% 6. Ubisoft Entertainment (FRA) 4.00%
2. ICL Group (ISR) 5.34% 7. Air Liquide (FRA) 3.99%
3. Genting (MYS) 4.81% 8. ISS (DNK) 3.68%
4. Coast Capital Mercury Fund LP (GBR)** 4.15% 9. Mekonomen (SWE) 3.65%
5. Gold & Gold-Related (US) 4.04% 10. Siam City Cement (THA) 3.57%
Total 43.30%
% of Portfolio % of Portfolio
1. ICL Group (ISR) 5.55% 6. Kerry Logistics (HKG) 3.54%
2. Fraport (DEU) 5.32% 7. Vopak (NLD) 3.43%
3. Gold & Gold-Related (US) 4.53% 8. Wartsila (FIN) 3.40%
4. Genting (MYS) 4.37% 9. Coast Capital Mercury Fund LP (GBR)** 3.36%
5. Air Liquide (FRA) 4.03% 10. Siam City Cement (THA) 3.05%
Total 40.58%

Sector Allocation

As of: 09/30/21
Industrials 32.63%
Materials 17.11%
Consumer Discretionary 9.86%
Energy 7.74%
Communication Services 7.14%
Consumer Staples 6.81%
Health Care 4.86%
Gold 4.41%
Financials 3.10%
Information Technology 2.45%
Reserve Management 3.89%
Total
100%

Asset Allocation

As of: 09/30/21
Foreign Equity 91.70%
Gold 4.41%
Reserve Management 3.89%
Money Market 3.89%
Total
100%

Market Cap Allocation*

As of: 09/30/21
Micro/Small 56.55%
Mid 22.36%
Large 21.09%
Total
100%

Region Allocation

As of: 09/30/21
46% Europe
18% Asia ex-Japan
8% Japan
4% Gold
3% Reserve Management
21% Other

Portfolio Characteristics

As of: 09/30/21
Total Net Assets $63.7M
Number of Equity Holdings 38
Number of Fixed Income Holdings 0
Active ShareC 98.54%
3 Year Standard DeviationE 19.99
Weighted Market CapitalizationF 15.7B
Median Market CapitalizationG 6.3B
Price to BookH 1.75
Price to EarningsI 18.08
Hedge Flexible Currency Hedging Strategy
Dividend Frequency Annual
Portfolio Turnover 22.87%*
Morningstar Category Foreign Large Blend
Morningstar Investment Category Mid Value
Lipper Classification International Multi-Cap Core
Inception Date May 3, 2016

Fees & Expenses

Shareholder Fees

Minimum Investment $2,500
Maximum Sales Load None
Maximum CDSC None
Distribution & Service (12b-1) Fees None
Redemption Fees1 2.00%
Management Fees 0.90%
Total Operating Expenses 1.51%
Net Total Expense Ratio2 1.17%
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 1.76%
Net Total Expense Ratio3 1.42%
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 2.51%
Net Total Expense Ratio3 2.17%

Distributions

Capital Gains Distributions

Record Date 12/2/2020
Ex Date 12/3/2020
Pay Date 12/4/2020
Ordinary Income ($/Share) $0.0504
Total Ordinary Income Distribution (% of NAV) 0.476%
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Total Capital Gains Distribution (% of Nav) 0.000%
Record Date 12/2/2020
Ex Date 12/3/2020
Pay Date 12/4/2020
Ordinary Income ($/Share) $0.0757
Total Ordinary Income Distribution (% of NAV) 0.714%
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Total Capital Gains Distribution (% of Nav) 0.000%
Record Date 12/2/2020
Ex Date 12/3/2020
Pay Date 12/4/2020
Ordinary Income ($/Share) $0.0000
Total Ordinary Income Distribution (% of NAV) 0.000%
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Total Capital Gains Distribution (% of Nav) 0.000%
Record Date 12/3/2019
Ex Date 12/4/2019
Pay Date 12/5/2019
Ordinary Income ($/Share) $0.187
Total Ordinary Income Distribution (% of Nav) 1.676%
Short-Term Capital Gains ($/Share) $0.003
Long-Term Capital Gains ($/Share) $0.013
Total Capital Gains Distribution ($/Share) $0.016
Total Capital Gains Distribution (% of Nav) 0.144%
Record Date 12/3/2019
Ex Date 12/4/2019
Pay Date 12/5/2019
Ordinary Income ($/Share) $0.218
Total Ordinary Income Distribution (% of Nav) 1.950%
Short-Term Capital Gains ($/Share) $0.003
Long-Term Capital Gains ($/Share) $0.013
Total Capital Gains Distribution ($/Share) $0.016
Total Capital Gains Distribution (% of Nav) 0.143%
Record Date 12/3/2019
Ex Date 12/4/2019
Pay Date 12/5/2019
Ordinary Income ($/Share) $0.103
Total Ordinary Income Distribution (% of Nav) 0.941%
Short-Term Capital Gains ($/Share) $0.003
Long-Term Capital Gains ($/Share) $0.013
Total Capital Gains Distribution ($/Share) $0.016
Total Capital Gains Distribution (% of Nav) 0.146%
Record Date 12/3/2018
Ex Date 12/4/2018
Pay Date 12/5/2018
Ordinary Income ($/Share) $0.125
Total Ordinary Income Distribution (% of Nav) 1.172%
Short-Term Capital Gains ($/Share) $0.037
Long-Term Capital Gains ($/Share) $0.199
Total Capital Gains Distribution ($/Share) $0.236
Total Capital Gains Distribution (% of Nav) 2.221%
Record Date 12/3/2018
Ex Date 12/4/2018
Pay Date 12/5/2018
Ordinary Income ($/Share) $0.155
Total Ordinary Income Distribution (% of Nav) 1.458%
Short-Term Capital Gains ($/Share) $0.037
Long-Term Capital Gains ($/Share) $0.199
Total Capital Gains Distribution ($/Share) $0.236
Total Capital Gains Distribution (% of Nav) 2.221%
Record Date 12/3/2018
Ex Date 12/4/2018
Pay Date 12/5/2018
Ordinary Income ($/Share) $0.050
Total Ordinary Income Distribution (% of Nav) 0.475%
Short-Term Capital Gains ($/Share) $0.037
Long-Term Capital Gains ($/Share) $0.199
Total Capital Gains Distribution ($/Share) $0.236
Total Capital Gains Distribution (% of Nav) 2.238%
Record Date 12/4/2017
Ex Date 12/5/2017
Pay Date 12/6/2017
Ordinary Income ($/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%

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