PYCLX Fees and Costs — Payden California Municipal Social Impact Fund, (Adviser Class)
Data updated: 2026-09-23
The net expense ratio is 0.70%: a 0.32% management fee, a 0.25% 12b-1 fee plus 0.31% other expenses, less a 0.18% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4K in broker commissions, 0.0020% of average net assets, and portfolio turnover was 105%.
PYCLX Fees and Expenses
Annual operating expenses and sales charges of PYCLX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.32% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.31% |
| Gross expense ratio | 0.88% |
| Fee waiver | −0.18% |
| Net expense ratio | 0.70% |
| 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 |
PYCLX Costs Over Time
On $10,000 invested in PYCLX, assuming 5% a year before costs, total costs come to $442 over 5 years, cutting the return by 0.74% 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 0.70%) | $74 | $230 | $400 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $11 | $40 |
| Total costs | $74 | $242 | $442 |
| Value after costs | $10,426 | $11,334 | $12,321 |
| Impact on return, per year | 0.74% | 0.74% | 0.74% |
PYCLX 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): 0.0020%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $344.0M
- Portfolio turnover (prospectus): 105%
- Securities lending: none during the year
PYCLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $4K | 100.00% |
PYCLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $51.8M | 18.46% |
| WELLS FARGO SECURITIES, LLC | $38.2M | 13.61% |
| BOFA SECURITIES, INC. | $36.7M | 13.07% |
| J.P. Morgan Securities LLC | $35.0M | 12.46% |
| MORGAN STANLEY & CO. LLC | $31.4M | 11.19% |
| RAYMOND JAMES & ASSOCIATES, INC. | $22.3M | 7.95% |
| GOLDMAN SACHS & CO. LLC | $20.4M | 7.28% |
| RBC CAPITAL MARKETS, LLC | $17.1M | 6.10% |
| PNC INVESTMENTS | $16.3M | 5.79% |
| BARCLAYS CAPITAL, INC. | $11.5M | 4.10% |
Payden California Municipal Social Impact Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PYCRX | (Investor Class) | 0.45% | — |
| PYCLX | (Adviser Class) | 0.70% | — |
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.