PYVLX Fees and Costs — Payden Equity Income Fund, (Investor Class)
Data updated: 2026-09-23
The net expense ratio is 0.76%: a 0.50% management fee plus 0.26% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $731K in broker commissions, 0.0713% of average net assets, and portfolio turnover was 167%.
PYVLX Fees and Expenses
Annual operating expenses and sales charges of PYVLX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.26% |
| Gross expense ratio | 0.76% |
| Fee waiver | — |
| Net expense ratio | 0.76% |
| 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 |
PYVLX Costs Over Time
On $10,000 invested in PYVLX, assuming 5% a year before costs, total costs come to $522 over 5 years, cutting the return by 0.87% 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 0.76%) | $80 | $249 | $433 |
| Trading costs (broker commissions) | $7 | $23 | $41 |
| Lost growth on money paid in costs | $0 | $13 | $48 |
| Total costs | $87 | $286 | $522 |
| Value after costs | $10,413 | $11,290 | $12,241 |
| Impact on return, per year | 0.87% | 0.87% | 0.87% |
PYVLX 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): 0.0713%
- Total broker commissions: $731K
- Bought from dealers (principal trades, not a cost): $16.3M
- Portfolio turnover (prospectus): 167%
- Securities on loan, average value: $3K
- Net income from securities lending: $19 (0.000% of average net assets)
PYVLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $264K | 36.13% |
| GOLDMAN SACHS & CO. LLC | $184K | 25.12% |
| BARCLAYS CAPITAL, INC. | $105K | 14.42% |
| INSTINET LLC | $95K | 12.95% |
| MORGAN STANLEY & CO. LLC | $83K | 11.38% |
PYVLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $10.6M | 65.04% |
| BOFA SECURITIES, INC. | $5.7M | 34.96% |
Payden Equity 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 |
|---|---|---|---|
| PYVSX | (SI Class) | 0.65% | — |
| PYVLX | (Investor Class) | 0.76% | — |
| PYVAX | (Advisor Class) | 1.01% | — |
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.