PYAYX Fees and Costs — Payden Corporate Bond Fund, (Adviser Class)
Data updated: 2026-09-23
The net expense ratio is 0.91%: a 0.35% management fee, a 0.25% 12b-1 fee plus 0.30% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $16K in broker commissions, 0.0042% of average net assets, and portfolio turnover was 31%.
PYAYX Fees and Expenses
Annual operating expenses and sales charges of PYAYX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.30% |
| Gross expense ratio | 0.91% |
| Fee waiver | — |
| Net expense ratio | 0.91% |
| 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 |
PYAYX Costs Over Time
On $10,000 invested in PYAYX, assuming 5% a year before costs, total costs come to $573 over 5 years, cutting the return by 0.96% 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 0.91%) | $96 | $298 | $518 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $15 | $52 |
| Total costs | $96 | $315 | $573 |
| Value after costs | $10,404 | $11,262 | $12,190 |
| Impact on return, per year | 0.96% | 0.96% | 0.96% |
PYAYX 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): 0.0042%
- Total broker commissions: $16K
- Bought from dealers (principal trades, not a cost): $324.9M
- Portfolio turnover (prospectus): 31%
- Securities on loan, average value: $6.3M
- Net income from securities lending: $49K (0.013% of average net assets)
PYAYX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $16K | 97.98% |
| J.P. MORGAN SECURITIES LLC | $173 | 1.07% |
| UBS SECURITIES LLC | $153 | 0.95% |
PYAYX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $59.1M | 22.36% |
| J.P. Morgan Securities LLC | $39.8M | 15.07% |
| MORGAN STANLEY & CO. LLC | $35.0M | 13.24% |
| GOLDMAN SACHS & CO. LLC | $32.6M | 12.34% |
| WELLS FARGO SECURITIES, LLC | $27.1M | 10.24% |
| BARCLAYS CAPITAL, INC. | $21.6M | 8.16% |
| PERSHING LLC | $18.9M | 7.14% |
| CitiGroup Global Markets Inc. | $14.2M | 5.36% |
| MIZUHO SECURITIES USA LLC | $9.2M | 3.47% |
| JEFFERIES LLC | $6.9M | 2.62% |
Payden Corporate 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 |
|---|---|---|---|
| PYCTX | (SI Class) | 0.56% | — |
| PYACX | (Investor Class) | 0.66% | — |
| PYAYX | (Adviser Class) | 0.91% | — |
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.