Payden Limited Maturity Fund (PYLMX)
$9.56
NAV ($)
$0.00
NAV change ($) as of 11/28/2025
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
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.
Role In Portfolio
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).
Fund Highlights
| Invests primarily in high-quality, short-term securities. | |
| Low annual expense ratio. | |
| No loads (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 Snapshot - 10/31/2025
| Fund Inception Date | Apr 29, 1994 |
| Share Class Inception Date | Apr 29, 1994 |
| Ticker | PYLMX |
| CUSIP | 704329606 |
| Fund Total Net Assets | $2.1 billion |
| Benchmark | ICE BofA U.S. 3-Month Treasury Bill Index |
| Net Expense Ratio | 0.30% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $100,000 |
| Investor Class - IRA Account | $100,000 |
| Adviser Class - Regular Account | $5,000 |
| Adviser Class - IRA Account | $2,000 |
| SI Class | $10,000,000 |
| Additional Investment - All Classes | $250 |
| Payden Limited Maturity Fund (PYLMX) | Morningstar average: Ultrashort Bond |
|
|---|---|---|
| Net Expense Ratio | 0.30% | 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.
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
Portfolio Characteristics - 10/31/2025
| Fund Inception Date | Apr 29, 1994 |
| Share Class Inception Date | Apr 29, 1994 |
| Total Net Assets | $2.1 billion |
| Average Duration | 0.8 years |
| Average Maturity | 1.4 years |
| 30-Day SEC Yield | 4.50% |
| 30-Day SEC Yield (unsubsidized) | 4.28% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 66% |
| 1-3 | 33% |
| 3-5 | 1% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 38% |
| AA | 27% |
| A | 19% |
| BBB | 10% |
| BB | 4% |
| Unrated | 2% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 39% |
| Asset-Backed | 26% |
| Mortgage-Backed | 20% |
| Money Markets | 13% |
| Government/Gov't Related | 2% |
| Total | 100% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
209 |
| 3 Year | |
209 | |
| Category: Ultrashort Bond | 5 Year | |
183 |
| 10 Year | |
110 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (9/30/2025) | 3.98% | 5.23% | 5.80% | 3.51% | 2.68% | 2.91% |
| Month-end (11/30/2025) | 4.67% | 5.11% | 5.83% | 3.57% | 2.75% | 2.91% |
Yearly Returns
| 2024 | 6.07% |
| 2023 | 6.22% |
| 2022 | 0.55% |
| 2021 | 0.31% |
| 2020 | 1.84% |
| 2019 | 3.35% |
| 2018 | 1.78% |
| 2017 | 1.64% |
| 2016 | 1.34% |
| 2015 | 0.30% |
Expenses
| Total Annual Operating Expense | 0.52% |
| Net or Actual Operating Expense | 0.30% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an
overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.
@ 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Fund Commentary - 10/31/2025
| MARKET | |
| In October, both the second longest government shutdown in U.S. history and the second federal funds rate cut this year occurred. The Federal Reserve (Fed) cut the target range by 25 basis points (bps) from 4.00%-4.25% to 3.75%-4.00%. The catalyst for the rate cut was weaker employment which offset inflation risks in the Fed’s dual mandate objective. | |
| While the cut in rates was widely expected, comments by Fed Chairman Powell chilled the market as he shared that further rate cuts this year were not a forgone conclusion. The market responded by reducing the probability of another rate cut in December from 100% to 50%. U.S. Treasury rates moved higher though they were lower on the month. Money market yields moved lower by 15-20 bps to reflect the cut in overnight rates. | |
| The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the U.S. – ended the month higher, closing at 4.22%. At month-end, the 3-month term SOFR rate was 3.89%, and the 3-month U.S. Treasury bill closed at 3.82%. | |
| Corporate and securitized credit markets generally performed well over the month. Risk premiums were broadly unchanged, remaining narrow, but not without narratives of risk. Bankruptcy filings by used auto dealer and subprime auto securitization platform Tricolor, along with auto parts supplier First Brands, provided examples for investors to assess whether they were idiosyncratic stresses or part of a larger, more systemic risk to the marketplace. Additionally, markets took notice of the largest high-grade corporate deal ever brought to market. Meta financed their Artificial Intelligence data center with a $27 billion off-balance-sheet deal, executed in both the public and private markets. The deal reflects investors’ low perception of risk and the increasing convergence of public and private markets. | |
| OUTLOOK | |
| With narrow risk premiums in both the corporate and securitized markets, we are targeting higher-quality issuers without taking on extra risk to earn slightly higher returns. However, with solid economic growth expectations as the backdrop, we are not reducing our overall risk exposure to the corporate and securitized markets. | |
| We continue to position the Fund with slightly more duration than the benchmark, as we believe current policy rates remain above our estimate of neutral, which should provide room for rates to fall further. The timing, pace, and magnitude of cuts continue to be important for investors to gauge over the rest of the year. | |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.