PYSFX Fees and Costs — Payden Securitized Income Fund, Investor Class
Data updated: 2026-09-23
The net expense ratio is 0.66%: a 0.50% management fee plus 1.27% other expenses, less a 1.12% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $70 in broker commissions, 0.0001% of average net assets, and portfolio turnover was 29%.
PYSFX Fees and Expenses
Annual operating expenses and sales charges of PYSFX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 1.27% |
| Gross expense ratio | 1.78% |
| Fee waiver | −1.12% |
| Net expense ratio | 0.66% |
| 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 |
PYSFX Costs Over Time
On $10,000 invested in PYSFX, assuming 5% a year before costs, total costs come to $416 over 5 years, cutting the return by 0.69% 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 0.66%) | $69 | $217 | $378 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $69 | $228 | $416 |
| Value after costs | $10,431 | $11,349 | $12,347 |
| Impact on return, per year | 0.69% | 0.69% | 0.69% |
PYSFX 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): 0.0001%
- Total broker commissions: $70
- Bought from dealers (principal trades, not a cost): $162.7M
- Portfolio turnover (prospectus): 29%
- Securities lending: none during the year
PYSFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $70 | 100.00% |
PYSFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $41.0M | 28.94% |
| CitiGroup Global Markets Inc. | $21.1M | 14.93% |
| BOFA SECURITIES, INC. | $17.0M | 12.03% |
| WELLS FARGO SECURITIES, LLC | $13.0M | 9.19% |
| MORGAN STANLEY & CO. LLC | $10.3M | 7.30% |
| GOLDMAN SACHS & CO. LLC | $8.7M | 6.12% |
| AMHERST PIERPONT | $8.5M | 5.98% |
| DEUTSCHE BANK SECURITIES, INC. | $8.2M | 5.79% |
| BARCLAYS CAPITAL, INC. | $7.0M | 4.94% |
| BNP PARIBAS SECURITIES CORP. | $6.8M | 4.79% |
Payden Securitized 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 |
|---|---|---|---|
| PYSCX | SI Class | 0.56% | — |
| PYSFX | Investor Class | 0.66% | — |
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.