Two Roads Shared Trust’s August 31, 2026 prospectus materials list a 0.65% management fee for the Holbrook Total Return Fund, alongside fee-waiver and recoupment information. The disclosures matter to investors because they show how adviser charges, voluntary waivers and net fees were recorded across the trust’s three Holbrook funds.

Key Highlights

  • Holbrook Structured Income Fund carried a 1.00% management fee and $5,320,450 in adviser fees earned for the year ended April 30, 2026.
  • Holbrook Income Fund reported $23,588,981 in adviser fees earned for the year ended April 30, 2026.
  • Holbrook Total Return Fund recorded $109,774 in adviser fees earned and a $193,991 amount subject to recoupment for the year ended April 30, 2026.

The August 31, 2026 Statement of Additional Information for Two Roads Shared Trust lists a 0.80% management fee for the Holbrook Income Fund. The filing sets out adviser fees earned, voluntary waivers, net fees earned and amounts subject to recoupment for the funds. The information applies to the prospectus dated August 31, 2026. The filing covers fee records for fiscal years ended April 30, 2024, April 30, 2025 and April 30, 2026 where provided.

Holbrook Fee Schedules

Holbrook Income Fund recorded $23,588,981 ($23.6 million) in adviser fees earned for the year ended April 30, 2026, against a 0.80% management fee. The fund reported $35,157 in advisory fees waived or reimbursed and $25,553,824 in net fees earned by the adviser. The table also listed $0 in expense reimbursements and $0 subject to recoupment. For the year ended April 30, 2025, the same fund recorded $14,127,596 in adviser fees earned under the 0.80% management fee. Advisory fees waived were $0, net fees earned were $14,127,596, expense reimbursements were $0 and the amount subject to recoupment was $0. The April 30, 2024 table showed $10,674,023 in adviser fees earned, $185,071 in advisory fees waived, $10,488,952 in net fees earned, $0 in expense reimbursements and $0 subject to recoupment.

Structured Income Fund Terms

Holbrook Structured Income Fund carried a 1.00% management fee. Adviser fees earned reached $5,320,450 for the year ended April 30, 2026, while advisory fees waived were $99,372 and net fees earned were $5,221,078. The fund’s April 30, 2025 records showed $4,397,480 in adviser fees earned, $0 in advisory fees waived and $4,664,422 in net fees earned. For the year ended April 30, 2024, adviser fees earned were $675,816. Advisory fees waived were $51,234, net fees earned were $624,582, expense reimbursements were $0 and the amount subject to recoupment was $51,234.

Total Return Fund Disclosure

Holbrook Total Return Fund’s table covers the year ended April 30, 2026 and lists a 0.65% management fee. Adviser fees earned were $109,774, while advisory fees waived were $193,991. Net fees earned were $0, expense reimbursements were $0 and the amount subject to recoupment was $193,991. The filing states that the voluntary Waiver and/or reimbursement for the Income and Structured Income funds’ investments in the Total Return Fund will fluctuate with their daily allocations. The fee disclosures identify the three funds’ stated management fees and show how adviser earnings, waivers and recoupment amounts were recorded in the covered periods.