OWCAX Fees and Costs — Old Westbury California Municipal Bond Fund
Data updated: 2026-09-22
The net expense ratio is 0.57%: a 0.45% management fee plus 0.31% other expenses, less a 0.19% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 24%.
OWCAX Fees and Expenses
Annual operating expenses and sales charges of OWCAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | — |
| Other expenses | 0.31% |
| Gross expense ratio | 0.76% |
| Fee waiver | −0.19% |
| Net expense ratio | 0.57% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
OWCAX Costs Over Time
On $10,000 invested in OWCAX, assuming 5% a year before costs, total costs come to $360 over 5 years, cutting the return by 0.60% 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 0.57%) | $60 | $188 | $327 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $60 | $197 | $360 |
| Value after costs | $10,440 | $11,379 | $12,403 |
| Impact on return, per year | 0.60% | 0.60% | 0.60% |
OWCAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $184.7M
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
OWCAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $37.8M | 23.62% |
| BARCLAYS CAPITAL, INC. | $20.2M | 12.60% |
| J.P. Morgan Securities LLC | $19.6M | 12.21% |
| JEFFERIES LLC | $17.4M | 10.86% |
| Merrill Lynch Pierce Fenner & Smith Inc | $16.6M | 10.37% |
| BMO CAPITAL MARKETS CORP. | $15.5M | 9.67% |
| RAYMOND JAMES & ASSOCIATES, INC. | $12.1M | 7.53% |
| BOFA SECURITIES, INC. | $7.7M | 4.82% |
| WELLS FARGO SECURITIES, LLC | $7.7M | 4.80% |
| RBC DOMINION SECURITIES, INC. | $5.6M | 3.52% |
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.