Sep
CENTERSTONE INVESTORS FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 82.7% | |||||||
Bermuda - 1.1% | |||||||
2,460,413 | PAX Global Technology Ltd. | $ 1,906,310 | |||||
Canada - 4.7% | |||||||
16,894 | Franco-Nevada Corporation | 1,872,024 | |||||
109,400 | Quebecor, Inc., Class B(a) | 2,602,540 | |||||
89,847 | TC Energy Corporation(a) | 3,509,877 | |||||
7,984,441 | |||||||
Chile - 0.4% | |||||||
102,546,552 | Vina San Pedro Tarapaca S.A.(b) | 644,171 | |||||
Denmark - 1.3% | |||||||
118,157 | ISS A/S | 2,256,631 | |||||
Finland - 1.5% | |||||||
174,741 | Wartsila OYJ Abp(a) | 2,531,989 | |||||
France - 11.0% | |||||||
31,542 | Air Liquide S.A. | 6,132,895 | |||||
36,000 | BNP Paribas S.A. | 2,487,568 | |||||
140,974 | Cie Plastic Omnium S.A. | 1,867,618 | |||||
9,154 | Eiffage S.A. | 980,483 | |||||
6,701 | Remy Cointreau S.A. | 850,756 | |||||
11,100 | Schneider Electric S.E. | 2,227,598 | |||||
22,063 | Sodexo S.A. | 2,426,492 | |||||
101,440 | Worldline S.A.(c) | 1,754,874 | |||||
18,728,284 | |||||||
Germany - 0.7% | |||||||
18,864 | Fraport A.G. Frankfurt Airport Services Worldwide(c) | 1,140,420 | |||||
Indonesia - 0.4% | |||||||
567,665 | Gudang Garam Tbk P.T. | 749,402 | |||||
Ireland - 2.8% | |||||||
71,853 | Perrigo Company plc | 2,312,230 |
CENTERSTONE INVESTORS FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 82.7% (Continued) | |||||||
Ireland - 2.8% (Continued) | |||||||
115,120 | Ryanair Holdings plc(c) | $ 2,424,281 | |||||
4,736,511 | |||||||
Israel - 0.9% | |||||||
303,478 | ICL Group Ltd. | 1,537,373 | |||||
Japan - 8.4% | |||||||
71,980 | FANUC Corporation | 2,117,254 | |||||
32,000 | Hitachi Ltd. | 2,308,331 | |||||
175,751 | Nagaileben Company Ltd. | 2,969,386 | |||||
67,105 | Sekisui Jushi Corporation | 1,183,268 | |||||
15,102 | Shimano, Inc.(a) | 2,338,917 | |||||
150,100 | T Hasegawa Company Ltd. | 3,305,745 | |||||
14,222,901 | |||||||
Korea (Republic Of) - 0.9% | |||||||
33,748 | S-1 Corporation | 1,562,805 | |||||
Luxembourg - 1.8% | |||||||
45,982 | Eurofins Scientific S.E. | 2,994,059 | |||||
Mexico - 1.6% | |||||||
1,190,351 | Megacable Holdings S.A.B. de C.V. | 2,653,372 | |||||
Netherlands - 1.1% | |||||||
9,033 | Heineken N.V. | 916,862 | |||||
29,460 | Koninklijke Vopak N.V. | 990,023 | |||||
1,906,885 | |||||||
Singapore - 3.8% | |||||||
416,469 | Oversea-Chinese Banking Corporation Ltd. | 4,102,645 | |||||
315,000 | Singapore Exchange Ltd. | 2,346,400 | |||||
6,449,045 | |||||||
Spain - 2.5% | |||||||
685,000 | Banco Santander S.A. | 2,858,200 | |||||
53,818 | Cia de Distribucion Integral Logista Holdings S.A. | 1,454,476 | |||||
4,312,676 |
CENTERSTONE INVESTORS FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 82.7% (Continued) | |||||||
Sweden - 4.2% | |||||||
59,774 | Loomis A.B. | $ 1,586,215 | |||||
281,837 | MEKO A.B. | 3,057,589 | |||||
180,000 | Skandinaviska Enskilda Banken A.B. | 2,477,569 | |||||
7,121,373 | |||||||
Switzerland - 7.3% | |||||||
1,408 | Barry Callebaut A.G. | 2,375,460 | |||||
62,308 | Julius Baer Group Ltd. | 3,492,916 | |||||
30,000 | Nestle S.A. | 3,478,029 | |||||
155,950 | Softwareone Holding A.G. | 3,040,828 | |||||
12,387,233 | |||||||
United Kingdom - 0.7% | |||||||
565,176 | Firstgroup plc | 1,260,862 | |||||
United States - 25.6% | |||||||
20,926 | Brunswick Corporation | 2,024,591 | |||||
4,113 | Carlisle Companies, Inc. | 1,285,025 | |||||
13,937 | CarMax, Inc.(c) | 1,069,525 | |||||
24,000 | Chevron Corporation | 3,579,840 | |||||
23,637 | Dollar General Corporation | 3,213,450 | |||||
16,457 | Emerson Electric Company | 1,601,760 | |||||
63,327 | Envista Holdings Corporation(c) | 1,523,648 | |||||
16,100 | FleetCor Technologies, Inc.(c) | 4,550,021 | |||||
58,155 | Henry Schein, Inc.(c) | 4,402,915 | |||||
6,694 | McDonald's Corporation | 1,984,838 | |||||
4,500 | Meta Platforms, Inc., Class A(c) | 1,592,820 | |||||
4,927 | O'Reilly Automotive, Inc.(c) | 4,681,045 | |||||
16,108 | Ross Stores, Inc. | 2,229,186 | |||||
22,495 | Scotts Miracle-Gro Company (The)(a) | 1,434,056 | |||||
42,312 | Sonoco Products Company | 2,363,971 | |||||
14,500 | Walmart, Inc. | 2,285,925 | |||||
12,500 | Walt Disney Company (The)(c) | 1,128,625 | |||||
3,122 | WW Grainger, Inc. | 2,587,170 | |||||
43,538,411 |
CENTERSTONE INVESTORS FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 82.7% (Continued) | |||||||
TOTAL COMMON STOCKS (Cost $122,484,113) | $ 140,625,154 | ||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 5.7% | |||||||
United States - 5.7% | |||||||
51,027 | SPDR Gold Shares(c) | 9,754,832 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $6,330,010) | 9,754,832 | ||||||
Shares | Coupon Rate (%) | Fair Value | |||||
PREFERRED STOCKS — 1.6% | |||||||
Germany - 1.6% | |||||||
31,137 | Dr Ing hc F Porsche A.G. | 1.0100 | 2,746,574 | ||||
TOTAL PREFERRED STOCKS (Cost $2,804,232) | 2,746,574 | ||||||
Shares | Fair Value | ||||||
PRIVATE INVESTMENT FUNDS — 2.9% | |||||||
United States - 2.9% | |||||||
2,691,200 | Coast Capital Midas Fund LP(b),(c),(d),(e),(f) | 4,957,190 | |||||
TOTAL PRIVATE INVESTMENT FUNDS (Cost $4,800,000) | 4,957,190 | ||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 2.6% | |||||||
Ireland — 1.4% | |||||||
2,500,000 USD | Perrigo Finance Unlimited Company | 3.9000 | 12/15/24 | 2,425,445 | |||
United States — 1.2% | |||||||
2,000,000 USD | Bath & Body Works, Inc. | 6.6940 | 01/15/27 | 2,042,118 | |||
TOTAL CORPORATE BONDS (Cost $4,470,904) | 4,467,563 | ||||||
CENTERSTONE INVESTORS FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS — 4.2% | |||||||
MONEY MARKET FUNDS - 4.2% | |||||||
7,076,584 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.25% (Cost $7,076,584)(g) | $ 7,076,584 | |||||
TOTAL INVESTMENTS - 99.7% (Cost $147,965,843) | $ 169,627,897 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3% | 538,773 | ||||||
NET ASSETS - 100.0% | $ 170,166,670 | ||||||
A.B. | - Aktiebolag |
A.G. | - Aktiengesellschaft |
A/S | - Anonim Sirketi |
LP | - Limited Partnership |
Ltd. | - Limited Company |
N.V. | - Naamioze Vennootschap |
OYJ | - Julkinen osakeyhtiö |
PLC | - Public Limited Company |
P.T. | - Perseroan Terbatas |
S.A. | - Société Anonyme |
S.E. | - Société Européene |
SPDR | - Standard & Poor's Depositary Receipt |
(a) | Security, or a portion of the security, is out on loan at December 31, 2023. Total loaned securities had a value of $9,547,824 at December 31, 2023. The loaned securities were secured with non-cash collateral of $10,135,149. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Fund at the Fund’s custodian. The Fund cannot pledge or resell the collateral. |
(b) | Illiquid security. The total fair value of these securities as of December 31, 2023 was $5,601,361, representing 3.3% of net assets. |
(c) | Non-income producing security. |
(d) | The value of this security has been determined in good faith under policies of the Board of Trustees. |
(e) | Investment is valued using net asset value (or its equivalent) as a practical expedient. Total value of all such securities as December 31, 2023, amounted to $4,957,190, which represents approximately 2.9% of the net assets of the Fund. OceanaGold Corporation (a security traded on the Toronto Stock Exchange) is the only underlying holding of Coast Capital Midas Fund LP. |
(f) | Restricted security. |
(g) | Rate disclosed is the seven day effective yield as of December 31, 2023. |
CENTERSTONE INTERNATIONAL FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 86.8% | |||||||
Bermuda - 1.9% | |||||||
248,587 | PAX Global Technology Ltd. | $ 192,603 | |||||
Canada - 5.3% | |||||||
8,980 | Quebecor, Inc., Class B(a) | 213,627 | |||||
8,347 | TC Energy Corporation(a) | 326,076 | |||||
539,703 | |||||||
Chile - 5.2% | |||||||
84,677,397 | Vina San Pedro Tarapaca S.A.(b) | 531,922 | |||||
Denmark - 1.5% | |||||||
7,828 | ISS A/S | 149,504 | |||||
Finland - 1.5% | |||||||
10,711 | Wartsila OYJ Abp(a) | 155,202 | |||||
France - 14.5% | |||||||
2,011 | Air Liquide S.A. | 391,010 | |||||
3,000 | BNP Paribas S.A. | 207,297 | |||||
5,000 | Cie Plastic Omnium S.A. | 66,240 | |||||
712 | Eiffage S.A. | 76,262 | |||||
449 | Remy Cointreau S.A. | 57,005 | |||||
1,030 | Schneider Electric S.E. | 206,705 | |||||
2,894 | Sodexo S.A. | 318,282 | |||||
10,005 | Worldline S.A.(c) | 173,083 | |||||
1,495,884 | |||||||
Germany - 0.9% | |||||||
1,480 | Fraport A.G. Frankfurt Airport Services Worldwide(c) | 89,473 | |||||
Indonesia - 0.5% | |||||||
37,111 | Gudang Garam Tbk P.T. | 48,992 | |||||
Ireland - 5.0% | |||||||
5,307 | Perrigo Company plc | 170,779 |
CENTERSTONE INTERNATIONAL FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 86.8% (Continued) | |||||||
Ireland - 5.0% (Continued) | |||||||
16,064 | Ryanair Holdings plc(c) | $ 338,288 | |||||
509,067 | |||||||
Israel - 1.7% | |||||||
34,127 | ICL Group Ltd. | 172,882 | |||||
Japan - 10.7% | |||||||
4,420 | FANUC Corporation | 130,012 | |||||
2,500 | Hitachi Ltd. | 180,338 | |||||
16,324 | Nagaileben Company Ltd. | 275,800 | |||||
10,845 | Sekisui Jushi Corporation | 191,231 | |||||
688 | Shimano, Inc.(a) | 106,554 | |||||
9,900 | T Hasegawa Company Ltd.(a) | 218,034 | |||||
1,101,969 | |||||||
Korea (Republic Of) - 2.3% | |||||||
5,173 | S-1 Corporation | 239,552 | |||||
Luxembourg - 2.5% | |||||||
3,936 | Eurofins Scientific S.E. | 256,288 | |||||
Mexico - 2.1% | |||||||
94,587 | Megacable Holdings S.A.B. de C.V. | 210,841 | |||||
Netherlands - 1.4% | |||||||
591 | Heineken N.V. | 59,987 | |||||
2,555 | Koninklijke Vopak N.V. | 85,863 | |||||
145,850 | |||||||
Singapore - 5.5% | |||||||
33,601 | Oversea-Chinese Banking Corp Ltd. | 331,004 | |||||
30,500 | Singapore Exchange Ltd. | 227,191 | |||||
558,195 | |||||||
Spain - 4.3% | |||||||
50,000 | Banco Santander S.A. | 208,628 | |||||
8,679 | Cia de Distribucion Integral Logista Holdings S.A. | 234,557 | |||||
443,185 |
CENTERSTONE INTERNATIONAL FUND | ||||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||
December 31, 2023 | ||||||||
Shares | Fair Value | |||||||
COMMON STOCKS — 86.8% (Continued) | ||||||||
Sweden - 6.6% | ||||||||
6,934 | Loomis A.B. | $ 184,007 | ||||||
27,745 | MEKO A.B. | 300,999 | ||||||
14,000 | Skandinaviska Enskilda Banken A.B. | 192,700 | ||||||
677,706 | ||||||||
Switzerland - 12.0% | ||||||||
192 | Barry Callebaut A.G. | 323,926 | ||||||
3,750 | Julius Baer Group Ltd. | 210,221 | ||||||
3,250 | Nestle S.A. | 376,786 | ||||||
16,568 | Softwareone Holding A.G. | 323,055 | ||||||
1,233,988 | ||||||||
United Kingdom - 1.4% | ||||||||
62,141 | Firstgroup plc | 138,632 | ||||||
TOTAL COMMON STOCKS (Cost $8,405,249) | 8,891,438 | |||||||
Shares | Coupon Rate (%) | Fair Value | ||||||
PREFERRED STOCKS — 1.9% | ||||||||
Germany - 1.9% | ||||||||
2,177 | Dr Ing hc F Porsche A.G. | 1.0100 | 192,032 | |||||
TOTAL PREFERRED STOCKS (Cost $196,063) | 192,032 | |||||||
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 7.8% | ||||||||
COLLATERAL FOR SECURITIES LOANED - 0.3% | ||||||||
27,335 | State Street Navigator Securities Lending Government Money Market Portfolio, Trust Class, 5.36% (Cost $27,335)(d),(e) | 27,335 | ||||||
MONEY MARKET FUNDS - 7.5% | ||||||||
771,336 | State Street Institutional Treasury Plus Money Market Fund Trust Class, Trust Class, 5.25% (Cost $771,336)(d) | 771,336 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $798,671) | 798,671 |
CENTERSTONE INTERNATIONAL FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
December 31, 2023 | |||||||
Shares | Fair Value | ||||||
TOTAL INVESTMENTS - 96.5% (Cost $9,399,983) | $ 9,882,141 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 3.5% | 354,277 | ||||||
NET ASSETS - 100.0% | $ 10,236,418 | ||||||
A.B. | - Aktiebolag |
A/S | - Anonim Sirketi |
Ltd. | - Limited Company |
N.V. | - Naamioze Vennootschap |
OYJ | - Julkinen osakeyhtiö |
PLC | - Public Limited Company |
P.T. | - Perseroan Terbatas |
S.A. | - Société Anonyme |
S.E. | - Société Européene |
(a) | Security, or a portion of the security, is out on loan at December 31, 2023. Total loaned securities had a value of $891,011 at December 31, 2023. |
(b) | Illiquid security. The total fair value of these securities as of December 31, 2023 was $531,922, representing 5.2% of net assets. |
(c) | Non-income producing security. |
(d) | Rate disclosed is the seven day effective yield as of December 31, 2023. |
(e) | The loaned securities were secured with short-term investment cash collateral of $27,335 and noncash collateral of $922,788. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Fund at the Fund’s custodian. The Fund cannot pledge or resell the collateral. |