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 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: 09/24/21
NAV Change $ Return YTD
Centerstone Investors Fund Class I 13.35 -0.04 -0.30% 11.25%
NAV Change $ Return YTD
Centerstone Investors Fund Class A 13.29 -0.03 -0.23% 11.12%
NAV Change $ Return YTD
Centerstone Investors Fund Class A w/Load 13.99 -0.03 -5.21% 5.56%
NAV Change $ Return YTD
Centerstone Investors Fund Class C 13.06 -0.03 -0.23% 10.40%

Performance

As of: 08/31/21
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class A -0.73% 13.21% 27.11% 6.70% 6.86% 7.25%
MSCI ACWI IndexA 2.50% 15.91% 28.64% 14.34% 14.29% 14.41%
MSCI World IndexB 2.49% 17.94% 29.76% 14.96% 14.83% 14.79%
As of: 08/31/21
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class A w/Load -5.71% 7.55% 20.79% 4.89% 5.77% 6.22%
MSCI ACWI IndexA 2.50% 15.91% 28.64% 14.34% 14.29% 14.41%
MSCI World IndexB 2.49% 17.94% 29.76% 14.96% 14.83% 14.79%
As of: 08/31/21
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class I -0.66% 13.42% 27.49% 6.98% 7.14% 7.53%
MSCI ACWI IndexA 2.50% 15.91% 28.64% 14.34% 14.29% 14.41%
MSCI World IndexB 2.49% 17.94% 29.76% 14.96% 14.83% 14.79%
As of: 08/31/21
1 Month YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class C -0.75% -2.70% 12.60% 26.26% 5.90% 6.55%
MSCI ACWI IndexA 2.50% 4.57% 15.91% 28.64% 14.34% 14.41%
MSCI World IndexB 2.49% 5.88% 17.94% 29.76% 14.96% 14.79%
As of: 06/30/21
2Q21 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class A 5.15% 14.46% 37.52% 8.17% 7.72% 7.73%
MSCI ACWI IndexA 7.39% 12.30% 39.27% 14.57% 14.61% 14.22%
MSCI World IndexB 7.74% 13.05% 39.04% 14.99% 14.83% 14.37%
As of: 06/30/21
2Q21 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class A w/Load -0.15% 8.74% 30.59% 6.34% 0.00% 6.65%
MSCI ACWI IndexA 7.39% 12.30% 39.27% 14.57% 14.61% 14.22%
MSCI World IndexB 7.74% 13.05% 39.04% 14.99% 14.83% 14.37%
As of: 06/30/21
2Q21 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class I 5.13% 14.50% 37.81% 8.40% 7.99% 7.99%
MSCI ACWI IndexA 7.39% 12.30% 39.27% 14.57% 14.61% 14.22%
MSCI World IndexB 7.74% 13.05% 39.04% 14.99% 14.83% 14.37%
As of: 06/30/21
2Q21 YTD 1 Year 3 Year 5 Year Since Inception
Centerstone Investors Fund Class C 4.90% 13.95% 36.44% 7.35% 6.99% 7.02%
MSCI ACWI IndexA 7.39% 12.30% 39.27% 14.57% 14.61% 14.22%
MSCI World IndexB 7.74% 13.05% 39.04% 14.99% 14.83% 14.37%
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.

A – The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index is not available for direct investment.

B – The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The index is not available for direct investment.

Both indices provide total returns in US dollars with net dividends reinvested.

Investors are not able to invest directly in the indices referenced in the illustration above and unmanaged index returns do not reflect any fees, expenses or sales charges. The referenced indices are shown for general market comparisons.

Portfolio

Top 10 Holdings*

% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.36% 6. Gudang Garamm (IDN) 2.84%
2. ICL Group (ISR) 3.34% 7. 3M (US) 2.82%
3. Ubisoft Entertainment (FRA) 3.25% 8. Genting (MYS) 2.78%
4. Fraport (DEU) 2.95% 9. Air Liquide (FRA) 2.72%
5. ISS (DNK) 2.92% 10. Henry Schein (US) 2.56%
Total 30.54%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 4.64% 6. Fraport (DEU) 2.92%
2. Mohawk Industries (US) 4.02% 7. Ubisoft Entertainment (FRA) 2.84%
3. ICL Group (ISR) 3.19% 8. O’Reilly Automotive (US) 2.83%
4. Genting (MYS) 3.15% 9. Air Liquide (FRA) 2.81%
5. 3M (US) 3.02% 10. Mekonomen (SWE) 2.79%
Total 32.21%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 5.94% 6. 3M (US) 3.14%
2. Mohawk Industries (US) 4.27% 7. Genting (MYS) 2.59%
3. ICL Group (ISR) 3.80% 8. Fraport (DEU) 2.50%
4. Air Liquide (FRA) 3.23% 9. Emerson Electric (US) 2.34%
5. Kerry Logistics (HKG) 3.17% 10. Grainger (US) 2.23%
Total 33.21%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 6.36% 6. ICL Group (ISR) 2.84%
2. Air Liquide (FRA) 4.50% 7. Vopak (NLD) 2.83%
3. Mohawk Industries (US) 3.81% 8. O' Reilly Automotive (US) 2.83%
4. Kerry Logistics (HKG) 3.50% 9. TC Energy (CAN) 2.57%
5. Brenntag (DEU) 3.22% 10. Grainger (US) 2.10%
Total 34.56%
% of Portfolio % of Portfolio
1. Gold & Gold-Related (US) 5.72% 6. O’Reilly Automotive (US) 2.46%
2. Air Liquide (FRA) 3.90% 7. Kerry Logistics (HKG) 2.45%
3. TC Energy (CAN) 2.73% 8. Perrigo (IRL) 2.37%
4. Brenntag (DEU) 2.55% 9. Colgate-Palmolive (US) 2.34%
5. Vopak (NLD) 2.53% 10. Genting (MYS) 2.32%
Total 29.37%

Sector Allocations

As of: 06/30/21
Industrials 23.00%
Consumer Discretionary 15.77%
Materials 15.30%
Health Care 6.29%
Consumer Staples 5.50%
Energy 4.58%
Gold 4.36%
Communication Services 4.04%
Financials 2.88%
Real Estate 1.37%
Information Technology 1.10%
Reserve Management 15.81%
Total
100%

Asset Allocation

As of: 06/30/21
Foreign Equity 58.50%
US Equity 21.33%
Gold 4.36%
Reserve Management 15.81%
Money Market 15.81%
Total
100%

Market Cap Allocation*

As of: 06/30/21
> $10 billion 43.82%
$2 billion - $10 billion 48.34%
$300 million - $2 billion 7.84%
Total
100%

Region Allocation

As of: 06/30/21
25% Europe
21% United States
14% Asia ex-Japan
5% Japan
4% Gold
16% Reserve Management
15% Other

Portfolio Characteristics

As of: 06/30/21
Total Net Assets $301.2M
Number of Equity Holdings 56
Number of Fixed Income Holdings 0
Active ShareC 98.48%
3 Year Beta vs MSCI ACWI IndexD 1.00
3 Year Standard DeviationE 18.72
Weighted Market CapitalizationF 31.5B
Median Market CapitalizationG 9.1B
Price to BookH 1.85
Price to EarningsI 21.94
Hedge Flexible Currency Hedging Strategy
Dividend Frequency Annual
Portfolio Turnover 34.65%*
Morningstar Category World Allocation
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
Redemption Fees1 2.00%
Management Fees 0.90%
Total Operating Expenses 1.22%
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 1.47%
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 2.22%
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) $0.0531
Total Ordinary Income Distribution (% of NAV) 0.450%
Short-Term Capital Gains ($/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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