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HOLBROOK STRUCTURED INCOME FUND

The Fund's investment objective is to seek high current income and the opportunity for capital appreciation to produce a high total return.

TOTAL ASSETS

$______

AS OF 1/01/2024

OVERVIEW

The Holbrook Structured Income Fund seeks to deploy capital opportunistically across securitized credit with a specific focus on collateralized loan obligations, mortgage-backed securities (residential and commercial), other collateralized debt obligations, asset backed securities, and other structured or securitized securities.

The Holbrook Structured Income Fund aims to give investors exposure to all asset classes within securitized credit, with a focus on the four largest sectors:

1. Collateralized Loan Obligations ("CLOs")
2. Residential Mortgage-Backed Securities ("RMBS")
3. Commercial Mortgage-Backed Securities ("CMBS")
4. Asset Backed Securities ("ABS")

The Fund was launched on May 1st, 2022 and has three share classes:
1. Institutional HOSIX
2. Investor HOSTX
3. A Share HOSAX

PERFORMANCE

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Gross expense ratio for Class I is 2.36%, Investor Class is 2.86%, and Class A is 2.61%.  There is a fee waiver until September 1, 2024 of 0.10% so fees will not exceed 1.75% Class A, 1.50% Class I and 2.00% Investor Class. Maximum Sales Charge imposed on Class A purchases is 2.25%.

*Fund Inception is 5.2.2022 and performance is annualized. 

The performance data quoted 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. For performance information current to the most recent month-end, please call toll-free 1-877-345-8646.

Important Risk Information

A Fund’s performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call toll-free 1-877-345-8646.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities.

Bloomberg US Aggregate Bond Index:   The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).

Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing.  The prospectus contains this and other important information about the Fund.  For a current Prospectus, call 1-877-345-8646 or go to www.holbrookholdings.com

The Holbrook Structured Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Holbrook Holdings Inc. is not affiliated with Northern Lights, Distributors, LLC.

5015-NLD-1/8/2024

COMMENTARY

PORTFOLIO

Portfolio.png

**The maturity distribution chart above shows the breakdown of the portfolio by Maturity buckets. For example, 21.47% of the portfolio has a maturity of 1 year or less and 35.53% of the portfolio has a maturity between 1-3 years.

**Subsidized and Unsubsidized 30-Day SEC Yield as of 12.31.2023 were as follows:

HOSIX: 10.60%

HOSTX: 10.05%

HOSAX 10.11%

NOTE: No amount of diversification or non-correlation can ensure profits or prevent losses

Yield to Maturity: The rate of return anticipated on a bond if it is held until maturity date.

Yield to Worst: The lowest potential yield that can be received on a bond without the issuer actually defaulting.

30 Day SEC Yield: SEC Yield is computed in accordance with SEC standards measuring the net investment income per share over a specified 30-day period expressed as a percentage of the maximum offering price of the Fund’s shares at the end of the period.

Effective Duration: A bond’s sensitivity to interest rates, incorporating the embedded option features, such as call provisions. Bonds with longer durations experience greater price volatility than bonds with shorter durations.

Bond Ratings: Bond ratings are assigned by a rating agency such as Standard & Poors, Moodys, Fitch, Egan Jones, KBRA, or DBRS. The ratings breakdown above utilizes ratings from all ratings agencies – depending which rating agency rated the bond deal. In the event that two rating agencies have rated the same bond deal, the higher credit rating is used. A bond rating evaluates the quality and safety of a bond, examining the issuer’s financial strength and the likelihood that it will be able to meet scheduled repayments. Ratings range from AAA (best) to D (worst). Bonds receiving a rating of BB or below are not considered investment grade because of the relative potential for issuer default.

Coupon: A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity.

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing.  The prospectus contains this and other important information about the Fund.  For a current Prospectus, call 1-877-345-8646 or go to www.holbrookholdings.com

The Holbrook Structured Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Holbrook Holdings Inc. is not affiliated with Northern Lights, Distributors, LLC.

5015-NLD-1/8/2024

DISTRIBUTIONS

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Shareholders should consult their tax advisors and/or call your state’s tax inquiry center to determine how this information may apply to your particular tax situation.

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing.  The prospectus contains this and other important information about the Fund.  For a current Prospectus, call 1-877-345-8646 or go to www.holbrookholdings.com

The Holbrook Structured Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Holbrook Holdings Inc. is not affiliated with Northern Lights, Distributors, LLC.

5015-NLD-1/8/2024

FUND DOCUMENTS

Annual Report

HOLBROOK STRUCTURED INCOME FUND

Semi-Annual Report

HOLBROOK STRUCTURED INCOME FUND

Fact Sheet

HOLBROOK STRUCTURED INCOME FUND, Q4 2023

Prospectus

HOLBROOK STRUCTURED INCOME FUND

Summary Prospectus

HOLBROOK STRUCTURED INCOME FUND

Statement of Additional Information

HOLBROOK STRUCTURED INCOME FUND

XBRL Files

HOLBROOK STRUCTURED INCOME FUND

Portfolio Holdings

JANUARY 31, 2023

Portfolio Holdings

JULY 31, 2023

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing.  The prospectus contains this and other important information about the Fund.  For a current Prospectus, call 1-877-345-8646 or go to www.holbrookholdings.com

The Holbrook Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Holbrook Holdings Inc. is not affiliated with Northern Lights, Distributors, LLC.

6426-NLD-05092022

Investments in mutual funds involve risk including possible loss of principal. There is no guarantee that any investment strategy will achieve its objectives, generate profits, or avoid losses. The Fund invests in closed end investment companies or funds. The shares of many closed end funds, after their initial public offering, frequently trade at a price per share that is less than the net asset value per share, the difference representing the “market discount” of such shares.

 

The Fund may be adversely affected by new (or revised) laws or regulations that may be imposed by government regulators or self-regulatory organizations that supervise the financial markets. CLO debt securities are limited recourse obligations of their issuers and may be subject to redemption. Holders of the CLO debt being redeemed will be repaid earlier than the stated maturity of the debt. The timing of redemptions may adversely affect the returns on CLO debt. The CLO manager may not find suitable assets in which to invest during the Reinvestment Period or to replace assets that the manager has determined are no longer suitable for investment.

 

The value of securities issued by the U.S. Government generally fluctuates in response to inflationary concerns and may differ in their interest rates, maturities, times of issuance and other characteristics.

 

The risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligations. The risk that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign (non-U.S.) currencies. The derivative instruments in which the Fund may invest for hedging purposes may be more volatile than other instruments.

 

The Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. These risks could affect the value of a particular investment by the Fund. Investment in or exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. When the Fund invests in other investment companies, including ETFs, it will bear additional expenses.

 

The risk that investment strategies employed by the Fund’s adviser in selecting investments for the Fund may not result in an increase in the value of your investment. The Adviser’s use of computer trading modeling systems may perform differently than expected as a result of the factors used in the models.

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing.  The prospectus contains this and other important information about the Fund.  For a current Prospectus, call 1-877-345-8646 or go to www.holbrookholdings.com

 

The Holbrook Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Holbrook Holdings Inc. is not affiliated with Northern Lights, Distributors, LLC.

6426-NLD-05092022

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing.  The prospectus contains this and other important information about the Fund.  For a current Prospectus, call 1-877-345-8646 or go to www.holbrookholdings.com

 

The Holbrook Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Holbrook Holdings Inc. is not affiliated with Northern Lights, Distributors, LLC.

6437-NLD-5/3/2018

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