Centerstone Investors Fund

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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	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: 05/12/25

	NAV	Change $	Return	YTD
Centerstone Investors Fund Class I	13.24	0.05	0.38%	11.64%

	NAV	Change $	Return	YTD
Centerstone Investors Fund Class A	13.16	0.05	0.38%	11.43%

	NAV	Change $	Return	YTD
Centerstone Investors Fund Class A w/Load	13.85	0.05	-4.64%	5.87%

	NAV	Change $	Return	YTD
Centerstone Investors Fund Class C	12.91	0.05	0.39%	11.20%

As of: 04/30/25

	1 Month	YTD	1 Year	3 Year	5 Year	Since Inception
Centerstone Investors Fund Class A	2.06%	9.31%	6.91%	3.76%	7.85%	4.38%

As of: 04/30/25

	1 Month	YTD	1 Year	3 Year	5 Year	Since Inception
Centerstone Investors Fund Class A w/Load	-3.08%	3.86%	1.55%	2.00%	6.74%	3.78%

As of: 04/30/25

	1 Month	YTD	1 Year	3 Year	5 Year	Since Inception
Centerstone Investors Fund Class I	2.12%	9.44%	7.19%	4.04%	8.11%	4.65%

As of: 04/30/25

	1 Month	YTD	1 Year	3 Year	5 Year	Since Inception
Centerstone Investors Fund Class C	2.01%	9.04%	6.14%	2.98%	7.05%	3.65%

As of: 03/31/25

	1Q25	YTD	1 Year	3 Year	5 Year	Since Inception
Centerstone Investors Fund Class A	7.11%	7.11%	2.67%	1.68%	9.53%	4.18%

As of: 03/31/25

	1Q25	YTD	1 Year	3 Year	5 Year	Since Inception
Centerstone Investors Fund Class A w/Load	1.77%	1.77%	-2.45%	-0.05%	8.42%	3.58%

As of: 03/31/25

	1Q25	YTD	1 Year	3 Year	5 Year	Since Inception
Centerstone Investors Fund Class I	7.17%	7.17%	2.89%	1.91%	9.80%	4.44%

As of: 03/31/25

	1Q25	YTD	1 Year	3 Year	5 Year	Since Inception
Centerstone Investors Fund Class C	6.89%	6.89%	1.93%	0.92%	8.71%	3.45%

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. Gold & Gold-Related (US)	6.50%	6. Chevron (US)	2.41%
2. Air Liquide (FRA)	3.90%	7. Tencent	2.39%
3. Oversea-Chinese Banking (SGP)	3.53%	8. Credit Agricole (FRA)	2.39%
4. Henry Schein (US)	2.79%	9. Banco Santander (ESP)	2.19%
5. O'Reilly Automotive (US)	2.71%	10. T. Hasegawa (JPN)	2.05%
		Total	30.86

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	5.25%	6. O'Reilly Automotive (US)	2.12%
2. Air Liquide (FRA)	3.74%	7. Tencent	2.01%
3. Oversea-Chinese Banking (SGP)	2.73%	8. Chevron (US)	1.97%
4. Henry Schein (US)	2.36%	9. Banco Santander (ESPECIALLY)	1.96%
5. Credit Agricole (FRA)	2.14%	10. T. Hasegawa (JPN)	1.91%
		Total	26.19

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	5.32%	6. Henry Schein (US)	2.43%
2. Not Yet Disclosed	4.72%	7. O'Reilly Automotive (US)	2.27%
3. Air Liquide (FRA)	3.90%	8. Credit Agricole (FRA)	2.23%
4. Oversea-Chinese Banking (SGP)	2.89%	9. Banco Santander (ESP)	2.07%
5. Chevron (US)	2.44%	10. T. Hasegawa (JPN)	2.03%
		Total	30.30

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	4.70%	6. Henry Schein (US)	2.64%
2. Not Yet Disclosed	4.44%	7. Oversea-Chinese Banking (SGP)	2.50%
3. Air Liquide (FRA)	3.95%	8. Chevron (US)	2.28%
4. Coast Capital Midas Fund LP^ (CAN)	3.43%	9. Not Yet Disclosed	2.25%
5. O'Reilly Automotive (US)	3.34%	10. Dollar General (US)	2.22%
		Total	31.75

* Holdings in cash, cash equivalents and short term instruments have been excluded.

^ OceanaGold Corp (a security traded on the Canadian Securities Exchange) is the main underlying holding of Coast Capital Midas Fund LP.

The security holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of areas in which the Fund may invest, and may not be representative of the Fund’s current or future investments. Portfolio holdings are subject to change and should not be considered investment advice.

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	5.74%	6. Henry Schein (US)	2.59%
2. Air Liquide (FRA)	3.61%	7. Oversea-Chinese Banking (SGP)	2.42%
3. Coast Capital Midas Fund LP^ (CAN)	2.92%	8. Chevron (US)	2.11%
4. O'Reilly Automotive (US)	2.76%	9. TC Energy (CAN)	2.10%
5. FLEETCOR Technologies (US)	2.68%	10. Julius Baer (CHE)	2.06%
		Total	28.99

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	4.94%	6. Henry Schein (US)	2.44%
2. Air Liquide (FRA)	3.02%	7. FLEETCOR Technologies (US)	2.32%
3. Coast Capital Midas Fund LP^ (CAN)	2.86%	8. Chevron (US)	2.29%
4. O'Reilly Automotive (US)	2.53%	9. Oversea-Chinese Banking (SGP)	2.21%
5. Wartsila (FIN)	2.47%	10. ISS (DNK)	2.06%
		Total	27.14

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	4.70%	6. Henry Schein (US)	2.44%
2. Air Liquide (FRA)	2.92%	7. O'Reilly Automotive (US)	2.43%
3. Coast Capital Midas Fund LP^ (CAN)	2.63%	8. Wartsila (FIN)	2.24%
4. ISS (DNK)	2.58%	9. FLEETCOR Technologies (US)	2.09%
5. SoftwareONE (CHE)	2.56%	10. Oversea-Chinese Banking (SGP)	1.96%
		Total	26.55

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	4.87%	6. Wartsila (FIN)	2.41%
2. Air Liquide (FRA)	3.49%	7. O'Reilly Automotive (US)	2.18%
3. Coast Capital Midas Fund LP^ (CAN)	3.25%	8. Eiffage (FRA)	1.81%
4. ISS (DNK)	2.51%	9. Meko (SWE)	1.75%
5. Henry Schein (US)	2.47%	10. Grainger (US)	1.73%
		Total	26.47

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	5.39%	6. O'Reilly Automotive (US)	2.03%
2. Air Liquide (FRA)	2.78%	7. Wartsila (FIN)	1.92%
3. Coast Capital Midas Fund LP^ (CAN)	2.77%	8. Eiffage (FRA)	1.54%
4. ISS (DNK)	2.54%	9. Megacable (MEX)	1.54%
5. Henry Schein (US)	2.32%	10. PHI Group (US)	1.43%
		Total	24.26

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	6.92%	6. Coast Capital Midas Fund LP^ (CAN)	2.44%
2. Perrigo (US)	3.25%	7. O'Reilly Automotive (US)	2.28%
3. Air Liquide (FRA)	3.24%	8. Loomis (SWE)	2.00%
4. Henry Schein (US)	2.76%	9. PHI Group (US)	1.96%
5. ISS (DNK)	2.68%	10. TC Energy (CAN)	1.88%
		Total	29.41%

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	6.14%	6. Ubisoft Entertainment (FRA)	2.73%
2. Perrigo (US)	3.97%	7. ISS (DNK)	2.56%
3. CDK Global (US)	3.79%	8. Gudang Garamm (IDN)	2.33%
4. Air Liquide (FRA)	3.52%	9. Coast Capital Midas Fund LP^ (CAN)	2.32%
5. Henry Schein (US)	2.98%	10. 3M (US)	2.22%
		Total	32.56%

% of Portfolio		% of Portfolio
1. Gold & Gold-Related (US)	5.01%	6. ISS (DNK)	2.47%
2. Air Liquide (FRA)	3.57%	7. Ubisoft Entertainment (FRA)	2.32%
3. Perrigo (US)	3.20%	8. ICL Group (ISR)	2.31%
4. Henry Schein (US)	3.18%	9. 3M (US)	2.23%
5. CDK Global (US)	2.56%	10. Gudang Garamm (IDN)	2.15%
		Total	29.00%

Sector Allocation

As of: 12/31/2024

	Financials	20.33%
	Industrials	14.40%
	Consumer Discretionary	11.32%
	Materials	10.48%
	Communication Services	7.81%
	Gold	6.50%
	Health Care	6.38%
	Consumer Staples	5.84%
	Energy	4.45%
	Information Technology	0.36%
	Reserve Management	12.13%

Total

100%

Asset Allocation

As of: 12/31/2024

Foreign Equity

57.70%

US Equity

23.67%

Gold

6.50%

Reserve Management

12.13%

Money Market

12.13%

Total

100%

Market Cap Allocation^*

As of: 12/31/2024

	Micro/Small	19.25%
	Mid	14.99%
	Large	65.76%

Total

100%

Region Allocation

As of: 12/31/2024

31^% Europe

24^% United States

11^% Asia Ex-Japan

8^% Other

8^% Japan

7^% Gold

12^% Reserve Management

Portfolio Characteristics

As of: 12/31/2024

Total Net Assets $115.7M

Total Strategy Assets $167.0M

Total Firm Assets $411.0M

Number of Equity Holdings 60

Number of Fixed Income Holdings 0

Active Share^C 96.42%

Weighted Market Capitalization^F 80.4B

Median Market Capitalization^G 16.6B

Price to Book^H 1.63

Price to Earnings^I 15.73

Hedge Flexible Currency Hedging Strategy

Dividend Frequency Annual

Portfolio Turnover^‡ 36.42%

Morningstar Category Global Allocation

Morningstar Investment Category Large Blend

Inception Date May 3, 2016

‡ As of March 31, 2024.

C – Active Share is a measure of the percentage of stock holdings in a portfolio that differ from the benchmark index. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index). Active share values over 100% are possible when there are short positions in the portfolio.

F – Weighted Market Capitalization is the market capitalization (market price multiplied by the number of shares outstanding) weighted to the data set’s composition.

G – Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio.

H – Price To Book is the ratio used to compare a stock’s market value to its book value. It is calculated by dividing the prior day’s closing price of the stock by the most recent available book value per share.

I – Price To Earnings is the ratio for valuing a company that measures its current share price relative to its per-share earnings. It is calculated by dividing market value per share by earnings per share.

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	1.23%
Net Total Expense Ratio¹	1.18%

1 – Centerstone Investors, LLC (the “Adviser”) has contractually agreed to waive its fees and reimburse expenses of the Investors Fund, at least until August 1, 2025 so that the Total Annual Operating Expenses After Fee Waiver and Reimbursement (excluding: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 1.35%, 2.10% and 1.10% of average daily net assets attributable to Class A, Class C, and Class I shares, respectively. Acquired fees are estimated to be 0.08% and are included in net total expense ratio. Please see the current prospectus for additional information.

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	1.48%
Net Total Expense Ratio²	1.43%

1 – A maximum contingent deferred sales charge (“CDSC”) of 1.00% may apply to certain redemptions of Class A shares made within the first 18 months of their purchase when an initial sales charge was not paid on the purchase.

2 – Centerstone Investors, LLC (the “Adviser”) has contractually agreed to waive its fees and reimburse expenses of the Investors Fund, at least until August 1, 2025 so that the Total Annual Operating Expenses After Fee Waiver and Reimbursement (excluding: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 1.35%, 2.10% and 1.10% of average daily net assets attributable to Class A, Class C, and Class I shares, respectively. Acquired fees are estimated to be 0.08% and are included in net total expense ratio. Please see the current prospectus for additional information.

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	2.23%
Net Total Expense Ratio²	2.18%

1 – If you redeem Class C shares within 12 months after purchase, you will be charged a contingent deferred sales charge (“CDSC”) of up to 1.00%. The charge will apply to the lesser of the original cost of the Class C shares being redeemed or the proceeds of your redemption. Please see the current prospectus for additional information.

Distributions

Capital Gains Distributions

Record Date	12/1/2023
Ex Date	12/4/2023
Pay Date	12/5/2023
Ordinary Income ($/Share)	$0.1538
Short-Term Capital Gains ($/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)	$0.1909
Short-Term Capital Gains ($/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)	$0.0547
Short-Term Capital Gains ($/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)	$0.000
Short-Term Capital Gains ($/Share)	$0.000
Long-Term Capital Gains ($/Share)	$0.1976
Total Capital Gains Distribution ($/Share)	$0.1976

Record Date	12/2/2022
Ex Date	12/5/2022
Pay Date	12/6/2022
Ordinary Income ($/Share)	$0.000
Short-Term Capital Gains ($/Share)	$0.000
Long-Term Capital Gains ($/Share)	$0.1976
Total Capital Gains Distribution ($/Share)	$0.1976

Record Date	12/2/2022
Ex Date	12/5/2022
Pay Date	12/6/2022
Ordinary Income ($/Share)	$0.000
Short-Term Capital Gains ($/Share)	$0.000
Long-Term Capital Gains ($/Share)	$0.1976
Total Capital Gains Distribution ($/Share)	$0.1976

Record Date	12/3/2021
Ex Date	12/6/2021
Pay Date	12/7/2021
Ordinary Income ($/Share)	$0.1317
Total Ordinary Income Distribution (% of NAV)	1.031%
Short-Term Capital Gains ($/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)	$0.1651
Total Ordinary Income Distribution (% of NAV)	1.287%
Short-Term Capital Gains ($/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)	$0.0311
Total Ordinary Income Distribution (% of NAV)	0.248%
Short-Term Capital Gains ($/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)	$0.0531
Total Ordinary Income Distribution (% of NAV)	0.450%
Short-Term Capital Gains ($/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)	$0.0830
Total Ordinary Income Distribution (% of NAV)	0.699%
Short-Term Capital Gains ($/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)	$0.135
Total Ordinary Income Distribution (% of Nav)	1.172%
Short-Term Capital Gains ($/Share)	$0.042
Long-Term Capital Gains ($/Share)	$0.048
Total Capital Gains Distribution ($/Share)	$0.090
Total Capital Gains Distribution (% of Nav)	0.785%

Record Date	12/3/2019
Ex Date	12/4/2019
Pay Date	12/5/2019
Ordinary Income ($/Share)	$0.163
Total Ordinary Income Distribution (% of Nav)	1.406%
Short-Term Capital Gains ($/Share)	$0.042
Long-Term Capital Gains ($/Share)	$0.048
Total Capital Gains Distribution ($/Share)	$0.090
Total Capital Gains Distribution (% of Nav)	0.781%

Record Date	12/3/2019
Ex Date	12/4/2019
Pay Date	12/5/2019
Ordinary Income ($/Share)	$0.052
Total Ordinary Income Distribution (% of Nav)	0.457%
Short-Term Capital Gains ($/Share)	$0.042
Long-Term Capital Gains ($/Share)	$0.048
Total Capital Gains Distribution ($/Share)	$0.090
Total Capital Gains Distribution (% of Nav)	0.797%

Record Date	12/3/2018
Ex Date	12/4/2018
Pay Date	12/5/2018
Ordinary Income ($/Share)	$0.095
Total Ordinary Income Distribution (% of Nav)	0.872%
Short-Term Capital Gains ($/Share)	$0.090
Long-Term Capital Gains ($/Share)	$0.142
Total Capital Gains Distribution ($/Share)	$0.233
Total Capital Gains Distribution (% of Nav)	2.127%

Record Date	12/3/2018
Ex Date	12/4/2018
Pay Date	12/5/2018
Ordinary Income ($/Share)	$0.120
Total Ordinary Income Distribution (% of Nav)	1.085%
Short-Term Capital Gains ($/Share)	$0.090
Long-Term Capital Gains ($/Share)	$0.142
Total Capital Gains Distribution ($/Share)	$0.233
Total Capital Gains Distribution (% of Nav)	2.102%

Record Date	12/3/2018
Ex Date	12/4/2018
Pay Date	12/5/2018
Ordinary Income ($/Share)	$0.042
Total Ordinary Income Distribution (% of Nav)	0.389%
Short-Term Capital Gains ($/Share)	$0.090
Long-Term Capital Gains ($/Share)	$0.142
Total Capital Gains Distribution ($/Share)	$0.233
Total Capital Gains Distribution (% of Nav)	2.145%

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%

Record Date: Date which investors must own shares of the fund, as of market close, in order to receive the distribution

Ex Date: Date which the distribution amount is deducted from a fund’s net asset value (NAV)

Pay Date: Date which the declared distribution is scheduled to be paid

Ordinary Income: Generally refers to dividends and interest paid on the securities held in the fund, minus expenses

Short-Term Capital Gains: Net gains from the sale of securities held for one year or less

Long-Term Capital Gains: Net gains from the sale of securities held for more than one year

Documents

An investment in the Fund entails risk including possible loss of principal. There can be no assurance that the Fund will achieve its investment objective.

Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.

Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. Foreign common stocks and currency strategies will subject the Fund to currency trading risks that include market risk, credit risk and country risk. There can be no assurance that the Fund’s currency hedging strategy will reduce risk or that hedging transactions will be either available or cost effective. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

Investments in private funds are subject to the risks of such funds’ underlying investments, which will vary depending on the industries and business lines in which such private funds invest. These risks include additional illiquidity risk, foreign investing risk, currency risk, interest rate risk, default risk, valuation risk and derivatives risk. Generally, little public information exists for private investments, and there is a risk a Fund may not have sufficient information to make a fully informed investment decision.

Gold and other precious metals prices can be influenced by a variety of economic, financial and political factors, especially inflation: when inflation is low or expected to fall, prices tend to be weak. Any market price movements, regulatory or technological changes, or economic conditions affecting gold-related investments may have an impact on a Fund’s performance. Additionally, there are certain considerations related to gold and other direct precious metal investments, including custody and transaction costs that may be higher than those involving securities.

Large-Cap company risk is the risk that established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Investments in lesser-known, small and medium capitalization companies may be more vulnerable than larger, more established organizations.

In general, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The Fund may invest, directly or indirectly, in “junk bonds.” Such securities are speculative investments that carry greater risks than higher quality debt securities.

The value of the Funds portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Funds invests, as well as economic, political, or social events in the United States or abroad. The impact of the coronavirus (COVID-19), and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time.

Our value strategy may not meet its investment objective and you could lose money by investing in the Centerstone Funds. Value investing involves the risk that such securities may not reach their expected market value, causing the Funds to underperform other equity funds that use different investing styles.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Centerstone Investors Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-877-314-9006. The prospectus should be read carefully before investing. For further information about the Centerstone Funds, please call 1-877-314-9006. The Centerstone Investors Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Centerstone Investors, LLC is not affiliated with Northern Lights Distributors, LLC. 5833-NLD-11/03/2017 5960-NLD-12/13/2017 5190-NLD-02/09/2018 6412-NLD-05/01/2018 7406-NLD-08/20/2018 5256-NLD-10/25/2018 5382-NLD-12/6/2018 5118-NLD-1/28/2019 3322-NLD-4/25/2019 6656-NLD-07/23/2019 5663-NLD-8/9/2019 5811-NLD-10/10/2019 9038-NLD-12/10/2019 5054-NLD-1/10/2020 5470-NLD-4/9/2020 5903-NLD-7/9/2020 7266-NLD-10/8/2020 7515-NLD-12/14/2020 8040-NLD-2/18/2021 5063-NLD-2/19/2021 6132-NLD-04/15/2021 6353-NLD-07/13/2021 6598-NLD-10152021 6798-NLD-12082021 6077-NLD-01/18/2022 6316-NLD-04/11/2022 6679-NLD-07182022 4054-NLD-1/20/2023 7309-NLD 04/21/2023 7609-NLD 07/20/2023 5856-NLD-10/30/2023 5926-NLD-12/8/2023 5105-NLD-1/26/2024 5320-NLD-4/23/2024

At A Glance

Objective

Universe

Focus

Related Information

Tickers

CENTX

CETAX

CENNX

Portfolio Manager

Abhay Deshpande, CFA

Independent Service Providers

Performance

Daily Performance

Performance

Portfolio

Top 10 Holdings*

Sector Allocation

Asset Allocation

Market Cap Allocation*

Region Allocation

Portfolio Characteristics

Fees & Expenses

Shareholder Fees

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Capital Gains Distributions

Documents

Top 10 Holdings^*

Market Cap Allocation^*