NAV change ($) as of 4/20/2021
The Payden Limited Maturity Fund seeks to outperform current money market rates by utilizing short-term securities that are primarily investment-grade. The fund is primarily comprised of U.S. Government securities, investment-grade corporate bonds, mortgage- and asset-backed securities and money markets. The maximum average portfolio maturity is two and one-half years.
Ultra Short-Term Bond – Appropriate for investors who desire yields greater than money market funds while maintaining a high degree of liquidity, but can tolerate fluctuations in the net asset value (NAV).
|Invests primarily in high-quality, short-term securities|
|Low annual expense ratio|
|No loads or 12b-1 fees (other fees apply)|
|Seeks to earn a higher yield than a traditional money market fund|
|The value of an investment will generally fall when interest rates rise|
|Fund Inception Date||May 2, 1994|
|Fund Total Net Assets||$2.1 billion|
|Benchmark||ICE BOFA 3-MONTH US TREASURY BILL INDEX|
|Net Expense Ratio||0.25%|
|Investor Class - Regular Account||$5,000|
|Investor Class - IRA Account||$2,000|
|Payden Limited Maturity Fund (PYLMX)||Morningstar average:
|Net Expense Ratio||0.25%||0.56%|
(A) Expenses are lower than 86% of the Morningstar US Ultra Short Bond Category as of May 2016.
(B) This is not a money market fund. The share price will fluctuate.
|Fund Inception Date||May 2, 1994|
|Total Net Assets||$2.1 billion|
|Average Duration||0.6 years|
|Average Maturity||1.2 years|
|30-Day SEC Yield (04/16/21)||0.34%|
|30-Day SEC Yield (unsubsidized)||0.11%|
|Years||Percent of Portfolio|
|Credit Quality||Percent of Portfolio|
|Sector||Percent of Portfolio|
|Number of funds|
|Category: Ultrashort Bond||5 Year||154|
|Criterion: Risk-Adjusted Return||10 Year||75|
|YTD||1 Year||3 Year||5 Year||10 Year||Since Inception|
|Total Annual Operating Expense||0.54%|
|Net or Actual Operating Expense||0.25%|
(A) An overall rating is based on a weighted average of the fund’s ratings for the three-, five- and ten-year periods, if applicable. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars and the next 22.5% receive four stars. Highly rated funds are defined as those that have a four or five star Morningstar rating. Data provided by Morningstar, Inc. Although gathered from reliable sources, data completeness and accuracy cannot be guaranteed. Morningstar is a registered trademark of Morningstar, Inc. and is not affiliated with Paydenfunds
|U.S. Treasury yields were mixed in March, with the yield for the one-year U.S. Treasury note slightly lower by 0.01% and yield for the two-year maturity U.S. Treasury note increasing by 0.03%.|
|The Secured Overnight Financing Rate (SOFR) closed March at 0.01%, unchanged from February month-end. Three-month LIBOR increased 0.01%, providing a nominal yield of 0.19%. The three-month U.S. Treasury bill decreased 0.02% over the month.|
|Total U.S. investment-grade corporate issuance was $179 billion in March, eclipsing both January and February levels.|
|We remain constructive on short-dated credit, as income will likely be a key driver of total return going forward.|
|Short-dated U.S. Treasuries remained insulated from the move higher in yield experienced by longer maturities. A highly accommodative Federal Reserve (Fed) reaffirmed its commitment to the bond purchase program and keeping the Fed Funds rate secured near zero and a second fiscal stimulus was passed, bringing $1.9 trillion in relief. Fed Chair Powell reiterated that cyclical price increases are likely transitory, continuing to refrain from raising rates or adjusting bond purchases in response to market pricing of longer-term interest rates, while monitoring markets for any signs of tightening financial conditions.|
|We continue to diversify credit exposure by investing in corporates, asset-backed and mortgage-backed security sectors, to maintain diversified sources of high-quality income. We suspect broader themes of fiscal spending, inflation tolerance, and a highly accommodative Fed along with growing expectations of a strong economic recovery will continue to steer U.S. Treasury curves steeper. As such, we reduced exposure to securities that might be negatively impacted by a rise in longer maturity interest rates and increased our holdings of credit securities with maturities shorter than two years.|
For more information about our funds, please contact us at:
Advisors and Institutions
Payden Mutual Funds
PO Box 1611
Milwaukee, WI 53201-1611
Payden Mutual Funds
235 W Galena St
Milwaukee, WI 53212-3948
Payden & Rygel provides superior solutions by employing a staff whose education, experience and vision have made the firm a leader in the field. We welcome the opportunity to speak with talented and motivated individuals who wish to meet this challenge.
If you are interested in a career with Payden & Rygel, please submit your resume to the firm's human resources department at firstname.lastname@example.org.
Payden & Rygel has developed a Business Continuity Plan to ensure that all critical functions continue in the event of a disruption in normal operations.
The firm has configured data replication servers and related infrastructure in its Boston, Massachusetts office. Data on critical Los Angeles servers is replicated to corresponding servers in the Boston location on a live basis throughout each day. In addition, other servers and databases are backed up, sent electronically to Boston, and restored at the end of each day. The firm has established a dedicated high-speed connection between the Los Angeles and Boston offices to facilitate the secure transmission of data backups.
A number of individuals from the Trading, Portfolio Operations, Information Technology, Compliance and Portfolio Management departments have been selected to connect remotely to the Boston office to complete their daily responsibilities, in the event of a disruption to normal business operations. The firm has implemented a VMWare virtual environment for each of these individuals so that they each have their own remote desktop in Boston to which they securely connect using a laptop or desktop computer with an Internet connection. Our expectation is that routine business operations will resume within 24 hours of a business continuity event. In addition, the Boston office has capacity to accommodate additional employees if a physical relocation of selected Los Angeles employees is necessary.
The firm uses a third-party hosted mass notification system to quickly communicate with all employees in the event of a disruption in operations. The system allows management to compose a text or voice message notifying employees of the event, which is then sent automatically to employees' mobile phones, home phones, and e-mail addresses. Employees indicate their receipt of the message from their phone or mobile device, which allows management to immediately review summary reports of the employees who are aware of the disruption. Additional instructions and updates can then be sent to all staff, as necessary under the circumstances.
In the event that our Business Continuity Plan is activated and Los Angeles office phone lines are down, the Los Angeles phone numbers are re-directed to the Boston office. Boston-based staff will direct callers to the mobile phones of key portfolio professionals, as necessary. All key investment personnel have access to firm e-mail on mobile devices. E-mail delivery to Payden & Rygel addresses is not dependent on the availability of either Los Angeles or Boston servers. Finally, Boston-based staff has access to portfolio management and reporting information independent of Los Angeles technology availability.
The transfer agent for the Paydenfunds is not located in Payden & Rygel's offices. The transfer agent for all of the funds maintains all shareholder records and will continue to receive all shareholder calls related to their accounts.
On at least a quarterly basis, several employees from the departments specified above will remotely connect to the Boston office to test the infrastructure by conducting their daily job responsibilities, including the execution, ticketing, settlement and processing of securities trades.
The Business Continuity Plan was developed and is monitored by a committee of senior managers, including the heads of the Trading, Portfolio Operations, Compliance and Information Technology departments. The committee meets regularly to discuss any necessary updates to the Plan and coordinates ongoing tests of the Boston location by a team of employees from various departments. The committee also solicits feedback from personnel based on the ongoing tests and promptly makes adjustments to the Plan and the Boston office resources, as necessary.
Updates to the Business Continuity Plan will be posted on this website page and a copy of the Plan may also be obtained by written request.
Since 2013, Payden & Rygel has been a signatory of the United Nations Principles for Responsible Investment.
As such, from environmental, social, and governance (ESG) considerations or strict exclusionary guidelines, to sustainable corporate practices and extensive community outreach, Payden & Rygel has a long history of responsible investing. As a firm, we embed ESG considerations in all aspects of our investment process. Whether in the sovereign, quasi-sovereign, or corporate research process, evaluating environmental, social and governance issues is part of sound fundamental analysis.
We also have a history of working closely with clients to ensure their portfolios are customized to meet specific social or ethical exclusions. In fact, a significant portion of our client accounts have some ethical or social exclusions which are monitored by our dedicated Compliance Group and proprietary information technology systems.
At the corporate level, Payden & Rygel is conscious of the sustainability and environmental impact of its operations. Payden & Rygel continually works on growing our business while minimizing its impact on the environment.
Please Click here for Payden & Rygel’s ESG policy document.
Issuer Engagement Information:
Issuer Engagement Policy Payden & Rygel Global Limited
Issuer Engagement Policy Payden Global Funds PLC
Payden & Rygel respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner and in compliance with applicable legal and regulatory requirements.
To meet those expectations, we must collect and maintain certain personal information that is required by state and federal agencies, such as name, address and tax ID. We may collect or capture nonpublic information about you from the following sources:
Payden & Rygel clients have the right to: (i) be informed, at or before the point of collection, of the categories of personal information to be collected and the purposes for which the categories of personal information shall be used; and (ii) be informed of (a) the categories of personal information Payden & Rygel has collected about them; (b) the specific pieces of personal information Payden & Rygel has collected about them; (c) the categories of sources from which Payden & Rygel has collected the personal information; (d) the business or commercial purpose for collecting the personal information; and (e) the categories of third parties with whom Payden & Rygel share personal information about any client.
We do not disclose any nonpublic personal and account information about our clients, or former clients, to anyone, except as permitted by law.
In this regard, we may disclose such information to our affiliates, including Payden & Rygel Global Limited; Treasury Plus, Inc.; and Payden & Rygel Distributors. We also may disclose such information to unaffiliated third parties who are service providers to Payden & Rygel, such as broker-dealers, transfer agents or custodians. In each case, such disclosure is permitted by law, and the recipients are permitted to use it only as needed to provide agreed services to you. Finally, we may also disclose information to appropriate government agencies, and to others, as required by law or to prevent fraud.
We do not sell personal information collected, nor make that personal information available on-line. To change your personal information, call Payden & Rygel at (213) 625-1900 and request to speak to your Payden & Rygel representative.
We limit access to your personal and account information to those employees who need to know that information so that we can provide products and services to you. We also maintain physical, electronic and procedural safeguards to protect your nonpublic personal and account information. Finally, when we dispose of such information, we have in place policies and procedures to assure that such information is properly stored and shredded in the case of documentary material and erased in the case of electronic media so that in either case the information cannot be practicably read or reconstructed.
As required by U.S. federal law, Payden & Rygel will update this information at least annually.
Revised: August 4, 2020
This website is for information purposes only. It is not intended to be a solicitation, offering or recommendation of any security, investment management service or investment advisory service. Nor does Payden & Rygel intend to provide investment, tax or legal advice through this website. In particular, Payden & Rygel does not represent that the securities, products or services discussed on this website are suitable or appropriate for all investors.
The information on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Payden & Rygel to any registration requirement within such jurisdiction or country.
The reliability and accuracy of the material on this website cannot be assured because of possible technical malfunctions and unauthorized tampering. In addition, the material on this website, including any opinions expressed herein, is subject to change without notice. Past performance is not a guarantee of future results.
No part of this website may be reproduced in any of form, or referred to in any other publication without the express written consent of Payden & Rygel. Any links to other Internet sites ("hyperlinks") are included only as a convenience for visitors to this website. Payden & Rygel assumes no liability for the content or presentation of such hyperlink sites.
KIIDs can be requested by email from KIIDRequest@payden.com.
Prospectus APPENDIX B
The Funds respect your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner and in compliance with applicable legal and regulatory requirements.
Payden & Rygel clients have the right to: (i) be informed, at or before the point of collection, of the categories of personal information to be collected and the purposes for which the categories of personal information shall be used; and (ii) be informed of (a) the categories of personal information Payden & Rygel has collected about them; (b) the specific pieces of personal information Payden & Rygel has collected about them; (c) the categories of sources from which Payden & Rygel has collected the personal information; (d) the business or commercial purpose for collecting the personal information; and (e) the categories of third parties with whom Payden & Rygel share personal information.
We do not disclose any nonpublic personal and account information about our customers, or former customers, to anyone, except as permitted by law.
In this regard, we may disclose such information to our affiliates, including the Funds’ investment adviser, Payden & Rygel; administrator, Treasury Plus, Inc.; and distributor, Payden & Rygel Distributors. We also may disclose such information to unaffiliated third parties who are service providers to you or to the Funds, such as broker-dealers, transfer agents, custodians, or our mail processing firm. In each case, such disclosure is permitted by law, and the recipients are permitted to use it only as needed to provide agreed services to you. Finally, we may also disclose information to appropriate government agencies, and to others, as required by law or to prevent fraud.
We do not sell personal information collected, nor make that personal information available on-line. To change your personal information, call Paydenfund Shareholder Services at 800-572-9366 and request the forms necessary to make any such changes.
As required by U.S. federal law, Payden & Rygel will update this information at least annually.
Revised: July 2020