HOBEX Fees and Costs — Holbrook Income Fund, Investor Class
Data updated: 2026-09-25
The net expense ratio is 1.55%: a 0.80% management fee, a 0.50% 12b-1 fee plus 0.24% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $192K in broker commissions, 0.0065% of average net assets, and portfolio turnover was 49%.
HOBEX Fees and Expenses
Annual operating expenses and sales charges of HOBEX. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.24% |
| Gross expense ratio | 1.55% |
| Fee waiver | — |
| Net expense ratio | 1.55% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
HOBEX Costs Over Time
On $10,000 invested in HOBEX, assuming 5% a year before costs, total costs come to $963 over 5 years, cutting the return by 1.63% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.55%) | $163 | $505 | $870 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $25 | $89 |
| Total costs | $163 | $532 | $963 |
| Value after costs | $10,337 | $11,044 | $11,800 |
| Impact on return, per year | 1.63% | 1.63% | 1.63% |
HOBEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0065%
- Total broker commissions: $192K
- Bought from dealers (principal trades, not a cost): $5.0B
- Portfolio turnover (prospectus): 49%
- Securities lending: none during the year
HOBEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| LADENBURG THALMANN | $74K | 38.85% |
| SEAPORT GROUP | $56K | 29.21% |
| LUCID Capital Markets LLC | $45K | 23.58% |
| B RILEY & CO | $16K | 8.35% |
HOBEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANNEY MONTGOMERY SCOTT | $1.3B | 29.95% |
| SEAPORT GROUP | $584.6M | 13.78% |
| RAYMOND JAMES | $491.5M | 11.59% |
| HUNTINGTON BANK | $485.7M | 11.45% |
| BNP PARIBAS | $343.5M | 8.10% |
| CITADEL SECURITIES | $341.1M | 8.04% |
| IMPERIAL CAPITAL | $213.4M | 5.03% |
| US BANCORP | $206.2M | 4.86% |
| OPPENHEIMER & CO | $162.0M | 3.82% |
| PERFORMANCE TRUST CAPITAL PARTERS | $143.7M | 3.39% |
Holbrook Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HOBIX | Class I | 1.05% | none |
| HOBAX | Class A | 1.30% | 1.25% |
| HOBEX | Investor Class | 1.55% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.