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: 02/06/23
NAV Change $ Return YTD
Centerstone Investors Fund Class I 12.28 -0.13 -1.05% 7.06%
NAV Change $ Return YTD
Centerstone Investors Fund Class A 12.21 -0.12 -0.97% 7.11%
NAV Change $ Return YTD
Centerstone Investors Fund Class A w/Load 12.85 -0.12 -5.93% 1.75%
NAV Change $ Return YTD
Centerstone Investors Fund Class C 11.97 -0.12 -0.99% 6.97%

Performance

As of: 01/31/23
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class A 7.28% 7.28% -1.83% 3.73% 2.22% 4.52%
As of: 01/31/23
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class A w/Load 1.92% 1.92% -6.76% 1.96% 1.17% 3.72%
As of: 01/31/23
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class I 7.24% 7.24% -1.59% 4.01% 2.46% 4.78%
As of: 01/31/23
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class C 7.15% 7.15% -2.57% 2.97% 1.45% 3.81%
As of: 12/31/22
4Q22 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class A 10.84% -11.29% -11.29% 0.42% 1.36% 3.48%
As of: 12/31/22
4Q22 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class A w/Load 5.31% -15.74% -15.74% -1.28% 0.32% 2.68%
As of: 12/31/22
4Q22 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class I 10.98% -11.03% -11.03% 0.67% 1.61% 3.75%
As of: 12/31/22
4Q22 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class C 10.74% -11.89% -11.89% -0.31% 0.61% 2.79%
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) 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%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.54% 6. 3M (US) 2.55%
2. Air Liquide (FRA) 3.38% 7. ISS (DNK) 2.53%
3. Fraport (DEU) 2.79% 8. Ubisoft Entertainment (FRA) 2.47%
4. Henry Schein (US) 2.71% 9. O'Reilly Automotive (US) 2.38%
5. Perrigo (US) 2.58% 10. Wartsila (FIN) 2.16%
Total 28.09%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.44% 6. Henry Schein (US) 2.70%
2. Air Liquide (FRA) 3.16% 7. 3M (US) 2.56%
3. Ubisoft Entertainment (FRA) 3.07% 8. ICL Group (ISR) 2.49%
4. Fraport (DEU) 2.92% 9. CDK Global (US) 2.18%
5. ISS (DNK) 2.85% 10. Gudang Garamm (IDN) 2.15%
Total 28.52%

Sector Allocation

As of: 12/31/22
Industrials 19.04%
Materials 12.00%
Consumer Discretionary 10.64%
Financials 9.25%
Health Care 6.32%
Communication Services 6.26%
Gold 5.39%
Information Technology 4.43%
Energy 3.97%
Consumer Staples 3.31%
Reserve Management 19.39%
Total
100%

Asset Allocation

As of: 12/31/22
Foreign Equity 48.25%
US Equity 23.97%
Gold 5.39%
High Yield 3.00%
Reserve Management 19.39%
Money Market 11.10%
Treasury Bill 8.29%
Total
100%

Market Cap Allocation*

As of: 12/31/22
Micro/Small 48.90%
Mid 15.99%
Large 35.11%
Total
100%

Region Allocation

As of: 12/31/22
26% United States
24% Europe
19% Reserve Management
10% Asia Ex-Japan
5% Gold
5% Japan
11% Other

Portfolio Characteristics

As of: 12/31/22
Total Net Assets $180.4M
Number of Equity Holdings 70
Number of Fixed Income Holdings 4
Active ShareC 97.30%
3 Year Standard DeviationE 19.88
Weighted Market CapitalizationF 36.1B
Median Market CapitalizationG 6.7B
Price to BookH 1.65
Price to EarningsI 13.71
Hedge Flexible Currency Hedging Strategy
Dividend Frequency Annual
Portfolio Turnover 11.95%
Morningstar Category World Allocation
Morningstar Investment Category Mid Value
Lipper Classification Flexible Portfolio
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 1.17%
Net Total Expense Ratio1 1.16%
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 1.42%
Net Total Expense Ratio2 1.41%
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 2.17%
Net Total Expense Ratio2 2.16%

Distributions

Capital Gains Distributions

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%

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