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 Ultimus Fund Solutions, LLC
Auditor Cohen & Company, Ltd.
Custodian State Street Bank and Trust Company
Legal Counsel Thompson Hine LLP

Performance

Daily Performance

As of: 04/12/24
NAV Change $ Return YTD
Centerstone International Fund Class I 9.66 -0.18 -1.83% -1.93%
NAV Change $ Return YTD
Centerstone International Fund Class A 9.80 -0.18 -1.80% -2.00%
NAV Change $ Return YTD
Centerstone International Fund Class A w/Load 10.32 -0.18 -6.76% -6.93%
NAV Change $ Return YTD
Centerstone International Fund Class C 9.57 -0.18 -1.85% -2.25%

Performance

As of: 03/31/24
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class A 2.87% 0.20% -1.40% -2.03% -0.19% 1.75%
As of: 03/31/24
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class A w/Load -2.24% -4.84% -6.34% -3.68% -1.22% 1.09%
As of: 03/31/24
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class I 2.92% 0.30% -1.12% -1.78% 0.06% 1.99%
As of: 03/31/24
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class C 2.84% 0.00% -2.10% -2.77% -0.93% 1.05%
As of: 03/31/24
1Q24 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class A 0.20% 0.20% -1.40% -2.03% -0.19% 1.75%
As of: 03/31/24
1Q24 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class A w/Load -4.84% -4.84% -6.34% -3.68% -1.22% 1.09%
As of: 03/31/24
1Q24 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class I 0.30% 0.30% -1.12% -1.78% 0.06% 1.99%
As of: 03/31/24
1Q24 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone International Fund Class C 0.00% 0.00% -2.10% -2.77% -0.93% 1.05%
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. VSPT Wine Group (CHL) 5.43% 6. TC Energy (CAN) 3.35%
2. Air Liquide (FRA) 3.96% 7. Barry Callebaut (CHE) 3.28%
3. Nestle (CHE) 3.81% 8. SoftwareONE (CHE) 3.27%
4. Ryanair (IRL) 3.43% 9. Sodexo (FRA) 3.23%
5. Oversea-Chinese Banking (SGP) 3.35% 10. Meko (SWE) 3.05%
Total 36.16
% of Portfolio % of Portfolio
1. Coast Capital Midas Fund LP^ (CAN) 8.99% 6. Air Liquide (FRA) 3.02%
2. Gold & Gold-Related (US) 7.32% 7. Wartsila (FIN) 3.00%
3. VSPT Wine Group (CHL) 3.69% 8. SoftwareONE (CHE) 2.90%
4. Nestle (CHE) 3.27% 9. Sodexo (FRA) 2.86%
5. Bangkok Bank (THA) 3.04% 10. Oversea-Chinese Banking (SGP) 2.81%
Total 40.90
% of Portfolio % of Portfolio
1. Coast Capital Midas Fund LP^ (CAN) 8.11% 6. Nestle (CHE) 3.10%
2. Gold & Gold-Related (US) 6.81% 7. Bangkok Bank (THA) 2.89%
3. SoftwareONE (CHE) 4.16% 8. Air Liquide (FRA) 2.87%
4. VSPT Wine Group (CHL) 3.68% 9. Sodexo (FRA) 2.73%
5. ISS (DNK) 3.41% 10. Eiffage (FRA) 2.72%
Total 40.48
% of Portfolio % of Portfolio
1. Coast Capital Midas Fund LP^ (CAN) 9.37% 6. Wartsila (FIN) 3.01%
2. Gold & Gold-Related (US) 6.61% 7. SoftwareONE (CHE) 2.82%
3. VSPT Wine Group (CHL) 3.80% 8. Eiffage (FRA) 2.67%
4. Air Liquide (FRA) 3.57% 9. Worldline (FRA) 2.56%
5. ISS (DNK) 3.48% 10. Sodexo (FRA) 2.52%
Total 40.41
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 8.49% 6. Wartsila (FIN) 3.05%
2. Coast Capital Midas Fund LP^ (CAN) 7.78% 7. Eiffage (FRA) 2.97%
3. ISS (DNK) 4.13% 8. SoftwareONE (CHE) 2.92%
4. VSPT Wine Group (CHL) 3.67% 9. Vopak (NLD) 2.70%
5. Air Liquide (FRA) 3.14% 10. Meko (SWE) 2.62%
Total 41.47%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 7.55% 6. Perrigo (US) 3.70%
2. Coast Capital Midas Fund LP^ (CAN) 4.37% 7. Eiffage (FRA) 3.59%
3. ISS (DNK) 4.13% 8. TC Energy (CAN) 3.40%
4. Air Liquide (FRA) 3.92% 9. Genting (MYS) 3.26%
5. Loomis (SWE) 3.82% 10. Megacable (MEX) 3.02%
Total 40.76%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 6.35% 6. ISS (DNK) 3.71%
2. Perrigo (US) 4.61% 7. ICL Group (ISR) 3.64%
3. TC Energy (CAN) 4.09% 8. Loomis (SWE) 3.51%
4. Air Liquide (FRA) 4.00% 9. Eiffage (FRA) 3.50%
5. Coast Capital Midas Fund LP^ (CAN) 3.96% 10. Ubisoft Entertainment (FRA) 3.45%
Total 40.82%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 6.23% 6. Eiffage (FRA) 3.82%
2. Air Liquide (FRA) 4.62% 7. Coast Capital Midas Fund LP^ 3.82%
3. ICL Group (ISR) 4.32% 8. Perrigo (US) 3.8%
4. TC Energy (CAN) 4.08% 9. Vopak (NLD) 3.42%
5. ISS (DNK) 4.04% 10. Siam City Cement (THA) 3.38%
Total 41.53%

Sector Allocation

As of: 12/31/23
Industrials 23.48%
Financials 15.71%
Consumer Staples 14.20%
Consumer Discretionary 9.97%
Materials 7.93%
Health Care 7.12%
Information Technology 5.22%
Communication Services 4.32%
Energy 4.22%
Reserve Management 7.83%
Total
100%

Asset Allocation

As of: 12/31/23
Foreign Equity 92.17%
Reserve Management 7.83%
Money Market 7.83%
Total
100%

Market Cap Allocation*

As of: 12/31/23
Micro/Small 47.02%
Mid 14.90%
Large 38.08%
Total
100%

Region Allocation

As of: 12/31/23
56% Europe
12% Asia Ex-Japan
9% Japan
8% Reserve Management
15% Other

Portfolio Characteristics

As of: 12/31/23
Total Net Assets $10.2M
Total Fund Net Assets $253.2M
Total Strategy Assets $479.0M
Number of Equity Holdings 43
Number of Fixed Income Holdings 0
Active ShareC 98.57%
Weighted Market CapitalizationF 34.3B
Median Market CapitalizationG 6.6B
Price to BookH 1.49
Price to EarningsI 13.82
Hedge Flexible Currency Hedging Strategy
Dividend Frequency Annual
Portfolio Turnover 7.22%
Morningstar Category Foreign Large Blend
Morningstar Investment Category Mid Blend
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
Management Fees 0.90%
Total Operating Expenses 1.78%
Net Total Expense Ratio1 1.22%
Minimum Investment $2,500
Maximum Sales Load 5.00%
Maximum CDSC 1.00%1
Distribution & Service (12b-1) Fees 0.25%
Management Fees 0.90%
Total Operating Expenses 2.03%
Net Total Expense Ratio2 1.47%
Minimum Investment $2,500
Maximum Sales Load None
Maximum CDSC 1.00%1
Distribution & Service (12b-1) Fees 1.00%
Management Fees 0.90%
Total Operating Expenses 2.78%
Net Total Expense Ratio2 2.22%

Distributions

Capital Gains Distributions

Record Date 12/1/2023
Ex Date 12/4/2023
Pay Date 12/5/2023
Ordinary Income ($/Share) $0.2558
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Record Date 12/1/2023
Ex Date 12/4/2023
Pay Date 12/5/2023
Ordinary Income ($/Share) $0.2850
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Record Date 12/1/2023
Ex Date 12/4/2023
Pay Date 12/5/2023
Ordinary Income ($/Share) $0.1802
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Record Date 12/2/2022
Ex Date 12/5/2022
Pay Date 12/6/2022
Ordinary Income ($/Share) $0.1026
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Record Date 12/2/2022
Ex Date 12/5/2022
Pay Date 12/6/2022
Ordinary Income ($/Share) $0.2627
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Record Date 12/2/2022
Ex Date 12/5/2022
Pay Date 12/6/2022
Ordinary Income ($/Share) $0.1481
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Record Date 12/3/2021
Ex Date 12/6/2021
Pay Date 12/7/2021
Ordinary Income ($/Share) $0.2187
Total Ordinary Income Distribution (% of NAV) 2.048%
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Total Capital Gains Distribution (% of Nav) 0.000%
Record Date 12/3/2021
Ex Date 12/6/2021
Pay Date 12/7/2021
Ordinary Income ($/Share) $0.2475
Total Ordinary Income Distribution (% of NAV) 2.313%
Short-Term Capital Gains ($/Share) $0.000
Long-Term Capital Gains ($/Share) $0.000
Total Capital Gains Distribution ($/Share) $0.000
Total Capital Gains Distribution (% of Nav) 0.000%
Record Date 12/3/2021
Ex Date 12/6/2021
Pay Date 12/7/2021
Ordinary Income ($/Share) $0.1139
Total Ordinary Income Distribution (% of NAV) 1.086%
Short-Term Capital Gains ($/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) $0.0504
Total Ordinary Income Distribution (% of NAV) 0.476%
Short-Term Capital Gains ($/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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