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NAV / Daily Prices
NAV ($)
9.79
NAV Change ($)
0.01
Change %
0.10%
MTD Return
-2.10%
YTD Return
Statistics
30-Day SEC YieldA
4.62%
30-Day SEC Yield (Unsubsidized)B
4.54%
Average Maturity
11.21 Years
Effective DurationC
7.27 Years
Expenses
Total Fund Operating Expenses
0.66%D
With Expense Cap
0.56%
| Total Returns | Month-End (02/28/2026) | Quarter-End (12/31/2025) |
| YTD | 1.54% | 7.48% |
| 1 Year | 6.23% | 7.48% |
| 3 Year |
The 30-day SEC yield represents the dividends and interest earned for a 30-day period, annualized, and divided by the net asset values per share at the end of the period. The SEC yield is computed under a standardized formula which assumes all portfolio securities are held to maturity. This value may differ from the actual distribution rate of the fund.
Represents a 30-day SEC yield without adjusting for fee waivers or expense reimbursements.
Effective duration is a measure of the Fund’s price sensitivity to changes in interest rates.
Total Annual Fund Operating Expenses include all direct operating expenses of the Fund, as well as 0.01% Acquired Fund Fees and Expenses incurred indirectly by the Fund through its investment in other mutual funds. Payden & Rygel has contractually agreed to limit Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement to 0.55%. This agreement has a one-year term ending February 28, 2027. Please note that the 0.55% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses.
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, select this link or call 800 572-9336.
Returns less than one year are not annualized.
Duration
Percent of Portfolio
0-1 yr
5%
1-3 yrs
16%
3-5 yrs
22%
5-7 yrs
18%
7-10 yrs
13%
10+ yrs
Sector
Percent of Portfolio
Financial Institutions
38%
Industrials
35%
Mortgage-Backed
11%
Utilities
9%
Asset-Backed
3%
26%
Other
4%
| 6.57% |
| 6.44% |
| 5 Year | - | - |
| 10 Year | - | - |
| Since Inception | 1.97% | 1.65% |
*From inception 02/28/2022 through 31/12/2022.
DividendsG
Dividend
$0.0358
Dividend Reinvest NAV
$10.00
Record Date
02/25/2026
Ex Date
02/26/2026
Payable Date
02/26/2026
Dividends Paid
Monthly
Capital GainsG
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Investor Class - Regular Account
$100,000
Adviser Class - Regular Account
$5,000
SI Class
$10,000,000
Investor Class - IRA Account
$100,000
Adviser Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Fund Inception Date
03/12/2009
Share Class Inception Date
02/28/2022
Share Class
SI Class
Ticker
PYCTX
CUSIP
70432T800
Fund Total Net Assets
As of 02/28/2026
$397.0 Million
Sales Charge
None
Benchmark
Bloomberg U.S. Corporate Bond Index
Appropriate as a fixed-income holding for investors seeking a dedicated corporate bond strategy.
The Payden Corporate Bond Fund’s strategy is to purchase investment-grade corporate bonds of companies that have leading market positions, strong cash flow generation, stable management teams and predictable earnings. The strategy’s focus is on bottom-up credit selection with an emphasis placed on adding issues with a near-term catalyst to outperform. Our credit research process looks to capitalize on opportunities in the corporate bond market across sectors and maturities; including the early identification of potential rising stars - companies that we believe will be upgraded to investment grade in the near term. A forward-looking approach is taken to credit analysis. A priority is placed on assessing a company’s future trajectory and the corresponding risk and opportunities for bondholders under various scenarios. Up to 20% of fund assets may be below investment grade.
The Fund is a well-diversified portfolio of U.S. dollar investment-grade corporate securities backed by extensive in-house credit research.
It invests in credits across the full maturity spectrum and its duration and curve positioning are actively managed.
The Fund has the flexibility to opportunistically invest in below investment-grade securities and emerging-market debt.
No loads (other fees apply).
Data as of 02/28/2026
Data as of 02/28/2026
In February, data showed that the U.S. economy grew at a solid pace, the labor market stayed weak, and inflation moderated. All eyes were on artificial intelligence (AI) disruption, as investors scrutinized which sectors might benefit from the productivity surge and which could see margins, business models, and credit quality pressured by rapid technological change. U.S. Treasury yields fell broadly on the month, with the 2-year yield falling 0.15% to 3.38%, while the 10-year yield fell by 0.30% to 3.94%. Corporate yields over similar-maturity U.S. Treasuries rose 0.11% to 0.84% for the 1- to 30-year maturities. As a result, the overall yield on 1- to 30-year corporate bonds fell 0.11% to 4.73%.
February saw companies issuing $193 billion of new corporate bonds, bringing year-to-date totals to $411 billion, up 19% versus this same time last year.
During the month, the Fund continued to selectively participate in newly issued bonds across a broad range of sectors, including bonds from high-quality banks and large technology companies such as Oracle and Alphabet. At the same time, the Fund reduced holdings that appeared relatively expensive in various sectors such as technology, while also reducing exposure to longer-maturity utility bonds that have performed well. Duration remains modestly long relative to the benchmark.
Volatility picked up in corporate markets, sparked by AI-related concerns that initially impacted software companies, before spreading more broadly. Within investment-grade corporates, business development companies were hit hardest amid worries about their underlying investments in technology. Pressure then extended to parts of the insurance sector over private credit holdings, which also weighed on the banking sector. The onset of the war in Iran has, so far, had a limited impact on USD credit markets.
Given expectations for another month of heavy supply, along with lower underlying U.S. Treasury yields, we would not be surprised to see investors demand bigger new issue concessions. We still believe there is healthy demand for corporates, but investors are likely to be more discerning going forward. This environment is likely to present both increased risks and opportunities, making careful credit selection essential as we expect to see greater dispersion across sectors and individual issuers in the year ahead.
Mutual funds are required by the IRS to distribute substantially all realized profits they earn to shareholders on at least an annual basis. If a fund has net gains from the sale of securities, or if it earns dividends or interest from securities, the fund must distribute those earnings to its shareholders. All distributions are taxable, unless an investor's shares are held in a tax-deferred or tax-exempt account such as an IRA. Payden shareholders have the option to receive their distributions in cash or to automatically reinvest the distribution back into the Fund. This information is not intended to provide tax advice. Please consult a qualified tax professional for advice specific to your circumstances. Dividends shown are historical and not guaranteed. Amounts may vary and do not predict future income.
The minimum initial investment may be modified for certain financial intermediaries that submit trades on behalf of underlying investors. Payden Funds’ distributor may lower or waive the minimum initial investment for certain categories of investors at their discretion.
Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
For more information and to obtain a prospectus or summary prospectus, click on the respective link below the Fund name at the top of this page, or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses, and other important information about the Fund, which is contained in these documents. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Interest Rate Risk: As with most funds that invest in debt securities, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase.
Foreign Securities Risk: Investment in foreign securities entails certain risks from investing in domestic securities, including changes in exchange rates, political changes, differences in reporting standards, and, for emerging-market securities, higher volatility.
-0.59%
Capital GainsG
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
70432T800
Fund Total Net Assets
As of 02/28/2026
$397.0 Million
Sales Charge
None
Benchmark
Bloomberg U.S. Corporate Bond Index
Appropriate as a fixed-income holding for investors seeking a dedicated corporate bond strategy.
The Payden Corporate Bond Fund’s strategy is to purchase investment-grade corporate bonds of companies that have leading market positions, strong cash flow generation, stable management teams and predictable earnings. The strategy’s focus is on bottom-up credit selection with an emphasis placed on adding issues with a near-term catalyst to outperform. Our credit research process looks to capitalize on opportunities in the corporate bond market across sectors and maturities; including the early identification of potential rising stars - companies that we believe will be upgraded to investment grade in the near term. A forward-looking approach is taken to credit analysis. A priority is placed on assessing a company’s future trajectory and the corresponding risk and opportunities for bondholders under various scenarios. Up to 20% of fund assets may be below investment grade.
The Fund is a well-diversified portfolio of U.S. dollar investment-grade corporate securities backed by extensive in-house credit research.
It invests in credits across the full maturity spectrum and its duration and curve positioning are actively managed.
The Fund has the flexibility to opportunistically invest in below investment-grade securities and emerging-market debt.
No loads (other fees apply).
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|
| Month-End (02/28/2026) | 1.54% | 6.23% | 6.57% | - | - | 1.97% |
| Quarter-End (12/31/2025) | 7.48% | 7.48% | 6.44% | - | - | 1.65% |
Investment MinimumH
Investor Class - Regular Account
$100,000
Adviser Class - Regular Account
$5,000
SI Class
$10,000,000
Investor Class - IRA Account
$100,000
Adviser Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Duration
Percent of Portfolio
0-1 yr
5%
1-3 yrs
16%
3-5 yrs
22%
5-7 yrs
18%
7-10 yrs
13%
10+ yrs
26%
Credit
Percent of Portfolio
AAA
12%
AA
11%
A
31%
BBB
40%
BB
5%
Unrated
1%
Sector
Percent of Portfolio
Financial Institutions
38%
Industrials
35%
Mortgage-Backed
11%
Utilities
9%
Asset-Backed
3%
Other
4%