PYRLX Fees and Costs — Payden High Income Fund, (Adviser Class)
Data updated: 2026-09-23
The net expense ratio is 0.86%: a 0.35% management fee, a 0.25% 12b-1 fee plus 0.25% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $17K in broker commissions, 0.0019% of average net assets, and portfolio turnover was 70%.
PYRLX Fees and Expenses
Annual operating expenses and sales charges of PYRLX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.25% |
| Gross expense ratio | 0.86% |
| Fee waiver | — |
| Net expense ratio | 0.86% |
| 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 |
PYRLX Costs Over Time
On $10,000 invested in PYRLX, assuming 5% a year before costs, total costs come to $541 over 5 years, cutting the return by 0.90% 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 0.86%) | $90 | $282 | $490 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $14 | $50 |
| Total costs | $90 | $297 | $541 |
| Value after costs | $10,410 | $11,279 | $12,222 |
| Impact on return, per year | 0.90% | 0.90% | 0.90% |
PYRLX 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): 0.0019%
- Total broker commissions: $17K
- Bought from dealers (principal trades, not a cost): $1.4B
- Portfolio turnover (prospectus): 70%
- Securities on loan, average value: $30.8M
- Net income from securities lending: $407K (0.044% of average net assets)
PYRLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $11K | 64.28% |
| J.P. MORGAN SECURITIES LLC | $3K | 17.36% |
| BARCLAYS CAPITAL, INC. | $3K | 17.36% |
| INSTINET LLC | $171 | 0.99% |
PYRLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $224.5M | 19.47% |
| GOLDMAN SACHS & CO. LLC | $216.0M | 18.74% |
| MORGAN STANLEY & CO. LLC | $132.9M | 11.53% |
| BOFA SECURITIES, INC. | $126.1M | 10.94% |
| BARCLAYS CAPITAL, INC. | $115.0M | 9.98% |
| CitiGroup Global Markets Inc. | $98.1M | 8.51% |
| WELLS FARGO SECURITIES, LLC | $77.0M | 6.68% |
| JEFFERIES LLC | $67.3M | 5.84% |
| PERSHING LLC | $51.8M | 4.50% |
| RBC CAPITAL MARKETS, LLC | $44.0M | 3.82% |
Payden High Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PYCHX | (SI Class) | 0.56% | — |
| PYHRX | (Investor Class) | 0.61% | — |
| PYRLX | (Adviser Class) | 0.86% | — |
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.