PYCEX Fees and Costs — Payden Emerging Markets Corporate Bond Fund, (Investor Class)
Data updated: 2026-09-23
The net expense ratio is 0.96%: a 0.80% management fee plus 0.50% other expenses, less a 0.35% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $6K in broker commissions, 0.0075% of average net assets, and portfolio turnover was 132%.
PYCEX Fees and Expenses
Annual operating expenses and sales charges of PYCEX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | 0.50% |
| Gross expense ratio | 1.31% |
| Fee waiver | −0.35% |
| 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 |
PYCEX Costs Over Time
On $10,000 invested in PYCEX, assuming 5% a year before costs, total costs come to $606 over 5 years, cutting the return by 1.02% 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) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $102 | $333 | $606 |
| Value after costs | $10,398 | $11,243 | $12,157 |
| Impact on return, per year | 1.02% | 1.02% | 1.02% |
PYCEX 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): 0.0075%
- Total broker commissions: $6K
- Bought from dealers (principal trades, not a cost): $208.2M
- Portfolio turnover (prospectus): 132%
- Securities on loan, average value: $2.5M
- Net income from securities lending: $26K (0.032% of average net assets)
PYCEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $3K | 50.82% |
| MORGAN STANLEY & CO. LLC | $3K | 42.77% |
| UBS SECURITIES LLC | $352 | 5.79% |
| J.P. MORGAN SECURITIES LLC | $38 | 0.62% |
PYCEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $35.3M | 21.40% |
| J.P. Morgan Securities LLC | $23.3M | 14.16% |
| GOLDMAN SACHS & CO. LLC | $19.0M | 11.51% |
| CitiGroup Global Markets Inc. | $18.1M | 11.01% |
| HSBC SECURITIES (USA), INC. | $17.1M | 10.38% |
| MORGAN STANLEY & CO. LLC | $16.2M | 9.81% |
| BARCLAYS CAPITAL, INC. | $12.3M | 7.44% |
| JEFFERIES LLC | $9.7M | 5.91% |
| WELLS FARGO SECURITIES, LLC | $7.1M | 4.31% |
| DEUTSCHE BANK SECURITIES, INC. | $6.7M | 4.08% |
Payden Emerging Markets 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 |
|---|---|---|---|
| PYCIX | (SI Class) | 0.86% | — |
| PYCEX | (Investor 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.