Holbrook Total Return Class I is capped at 1.15% through September 2027
Two Roads Shared Trust's September 8, 2026 summaries put Holbrook Total Return Class I at 1.15% after waiver through September 1, 2027; Holbrook Income Fund Class I lists 1.05% with no waiver.
The Holbrook Total Return Fund, a Two Roads Shared Trust bond fund, lists Class A total annual operating expenses of 7.25% before any waiver. A contractual waiver from adviser Holbrook Holdings Inc. brings that to 1.40%, and Class I to 1.15%, through at least September 1, 2027.
The Holbrook Income Fund, another series of the trust, lists no waiver and no expense cap in its summary. The two filings put these annual costs on each class.
The adviser collects 0.80% of average daily net assets on the Income Fund and 0.65% on Total Return. On Total Return, other expenses run 6.35% on Class A and 1.65% on Class I. Class A of Total Return still carries a 2.25% maximum sales charge on purchases; Income Fund Class A carries 1.25%.
The Income Fund seeks current income, with capital preservation in a rising interest rate environment as a secondary aim; Total Return seeks current income and the opportunity for capital appreciation, and its managers intend a dollar-weighted average effective duration of no less than one year and no more than eight under normal conditions.
Two Roads Shared Trust filed both Form 497K summaries on Tuesday, September 8, the short form of the August 31 prospectus, which the trust certified on September 3 would not have differed from Post-Effective Amendment No. 435.
The Total Return waiver may be ended by the fund's board on 60 days' written notice, and the adviser may recoup waived fees for three years if expenses stay within the cap. The funds' August 31 statement of additional information still lists contractual Income Fund limits of 1.30% on Class I, 1.55% on Class A, and 1.80% on Investor Class through at least September 1, 2027, each above the gross ratios in the summary, so none of them currently reduces what shareholders pay.
Frequently asked
Why does Total Return Class A show a 7.25% gross expense ratio?
Other expenses on that class run 6.35%, on top of the adviser's 0.65% management fee.
Does the Income Fund have an expense cap?
Its summary lists no waiver and no cap, and the contractual limits in the statement of additional information all sit above the fund's gross ratios, so none of them reduces what shareholders pay.
Can the Total Return waiver go away?
The fund's board can end it on 60 days' written notice, and the adviser may recoup waived fees for three years if expenses stay within the cap.
What do the two funds aim to do?
The Income Fund seeks current income with capital preservation in a rising rate environment as a secondary aim, while Total Return seeks current income plus the opportunity for capital appreciation.