PYABX Fees and Costs — Payden Absolute Return Bond Fund
Data updated: 2026-09-23
The net expense ratio is 0.96%: a 0.50% management fee, a 0.25% 12b-1 fee plus 0.27% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $202K in broker commissions, 0.0323% of average net assets, and portfolio turnover was 104%.
PYABX Fees and Expenses
Annual operating expenses and sales charges of PYABX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.96% |
| 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 | Yes |
PYABX Costs Over Time
On $10,000 invested in PYABX, assuming 5% a year before costs, total costs come to $621 over 5 years, cutting the return by 1.04% 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 0.96%) | $101 | $315 | $546 |
| Trading costs (broker commissions) | $3 | $11 | $18 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $341 | $621 |
| Value after costs | $10,396 | $11,235 | $12,142 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
PYABX 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): 0.0323%
- Total broker commissions: $202K
- Bought from dealers (principal trades, not a cost): $2.8B
- Portfolio turnover (prospectus): 104%
- Securities on loan, average value: $2.8M
- Net income from securities lending: $18K (0.003% of average net assets)
PYABX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $193K | 95.66% |
| MORGAN STANLEY & CO. LLC | $8K | 4.09% |
| J.P. MORGAN SECURITIES LLC | $351 | 0.17% |
| UBS SECURITIES LLC | $143 | 0.07% |
PYABX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $462.3M | 22.46% |
| J.P. Morgan Securities LLC | $324.2M | 15.75% |
| GOLDMAN SACHS & CO. LLC | $241.4M | 11.73% |
| CitiGroup Global Markets Inc. | $196.6M | 9.55% |
| BMO CAPITAL MARKETS CORP. | $183.6M | 8.92% |
| MORGAN STANLEY & CO. LLC | $151.9M | 7.38% |
| WELLS FARGO SECURITIES, LLC | $147.4M | 7.16% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $131.7M | 6.40% |
| BARCLAYS CAPITAL, INC. | $114.6M | 5.57% |
| RBC CAPITAL MARKETS, LLC | $104.3M | 5.07% |
Payden Absolute Return Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PYAIX | Payden Absolute Return Fund (SI Class) | 0.48% | — |
| PYARX | Investor Class | 0.71% | — |
| PYABX | Payden Absolute Return Fund (Adviser Class) | 0.96% | — |
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.