BWDTX Fees and Costs — Boyd Watterson Limited Duration Enhanced Income Fund, Class I2
Data updated: 2026-09-11
The net expense ratio is 0.41%: a 0.40% management fee plus 0.22% other expenses, less a 0.21% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 17%.
BWDTX Fees and Expenses
Annual operating expenses and sales charges of BWDTX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | — |
| Other expenses | 0.22% |
| Gross expense ratio | 0.62% |
| Fee waiver | −0.21% |
| Net expense ratio | 0.41% |
| 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 | Yes |
| Waived fees subject to recoupment | Yes |
BWDTX Costs Over Time
On $10,000 invested in BWDTX, assuming 5% a year before costs, total costs come to $260 over 5 years, cutting the return by 0.43% 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 0.41%) | $43 | $135 | $236 |
| Lost growth on money paid in costs | $0 | $7 | $24 |
| Total costs | $43 | $142 | $260 |
| Value after costs | $10,457 | $11,434 | $12,503 |
| Impact on return, per year | 0.43% | 0.43% | 0.43% |
BWDTX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $380.1M
- Portfolio turnover (prospectus): 17%
- Securities lending: none during the year
BWDTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo Bank | $110.9M | 29.18% |
| JPMorgan Chase | $75.0M | 19.74% |
| Bank of America Merrill Lynch | $55.6M | 14.63% |
| Morgan Stanley Smith Barney | $37.3M | 9.83% |
| Goldman Sachs | $32.1M | 8.45% |
| Royal Bank of Canada Capital Markets | $24.2M | 6.36% |
| Citadel Securities | $13.7M | 3.60% |
| Citigroup | $12.4M | 3.25% |
| Bank of Montreal | $9.7M | 2.55% |
| Truist Securities | $9.2M | 2.42% |
Boyd Watterson Limited Duration Enhanced 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 |
|---|---|---|---|
| BWDTX | Class I2 | 0.41% | none |
| BWDIX | Class I | 0.60% | none |
| BWDAX | Class A | 0.86% | 2.25% |
| BWDCX | Class C | 1.60% | 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.