Portfolio

*The maturity distribution chart above shows the breakdown of the portfolio by Maturity buckets. For example, 8.76% of the portfolio has a maturity of 1 year or less and 71.11 of the portfolio has a maturity between 1-3 years.

**Subsidized and Unsubsidized 30-Day SEC Yield as of 10.31.2023 were as follows:

HOBIX 7.79% HOBEX 7.30% HOBAX 7.45%

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.

Capital Structure: The particular combination of debt and equity used by a company to finance its overall operations and growth.

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.

5868-NLD-11/6/2023