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NAV / Daily Prices
NAV ($)
9.78
NAV Change ($)
0.05
Change %
0.51%
MTD Return
-1.21%
YTD Return
Statistics
30-Day SEC YieldA
7.68%
30-Day SEC Yield (Unsubsidized)B
7.69%
Average Maturity
8.26 Years
Effective DurationC
5.88 Years
Expenses
Total Fund Operating Expenses
1.10%D
With Expense Cap
0.99%
| Total ReturnsF | Quarter-End (03/31/2026) | Month-End (05/31/2026) |
| YTD | -3.00% | 1.00% |
| 1 Year | 11.96% | 11.60% |
| 3 Years |
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.
Payden & Rygel has contractually agreed to limit Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement to 0.99%. This agreement has a one-year term ending February 28, 2027. Please note that the 0.99% 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.
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.
Top-10 Country
Percent of Portfolio
Mexico
10.1%
Brazil
9.9%
S.Africa
9.4%
Supranational
8.0%
Indonesia
6.7%
Peru
6.7%
China
6.3%
Malaysia
5.9%
Colombia
5.2%
Poland
5.2%
| 6.06% |
| 7.84% |
| 5 Years | 2.18% | 1.98% |
| 10 Years | 2.43% | 3.13% |
| Since Inception | 0.63% | 0.91% |
| Returns less than one year are not annualized. All returns are net of fees. |
DividendsG
Dividend
$0.0474
Dividend Reinvest NAV
$9.87
Record Date
05/27/2026
Ex Date
05/28/2026
Payable Date
05/28/2026
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
$5,000
SI Class
$10,000,000
Investor Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Fund Inception Date
11/02/2011
Share Class Inception Date
11/02/2011
Share Class
Investor Class
Ticker
PYELX
CUSIP
704329275
Fund Total Net Assets
As of 05/31/2026
$119.4 Million
Sales Charge
None
Benchmark
J.P. Morgan GBI-EM Global Diversified Composite Index
Appropriate for investors with long investment time horizons who seek diversification via local-currency sovereign bonds issued by emerging-market countries.
The Payden Emerging Markets Local Bond Fund invests in a diversified portfolio of emerging-market sovereign and corporate bonds. The Fund invests in countries that are identified through extensive analysis of their macroeconomic variables, sovereign credit ratios, political stability, and the quality of the country’s business environment. The Fund maintains geographic diversification across Latin America, Europe and Asia. Most of our investments are local-currency denominated, although we can also take advantage of attractive opportunities in U.S. dollar-denominated investments.
Sovereign focus.
Managed by Payden & Rygel with over 25 years of experience managing emerging-market portfolios.
Exposure to the fast-growing local currency segment of emerging markets.
Pure bond strategy - limited use of credit default swaps or distressed debt.
Data as of 05/31/2026
Data as of 05/31/2026
Emerging-market (EM) debt indices demonstrated resilience to the ongoing geopolitical uncertainty in May. Yields on hard-currency sovereign and corporate credit declined modestly by 0.10% and 0.05%, respectively, versus similar-maturity U.S. Treasuries. High-yield-rated EM government bonds generally outperformed investment-grade bonds, although within corporates, performance was similar between rating categories. In local-currency bond markets, interest rates eased moderately, while EM currencies finished the month roughly unchanged against the U.S. dollar.
Heading into the U.S./Israel conflict with Iran, EM fundamentals were on a solid footing. Growth was steady, inflation was moderate, interest rates were firmly above inflation, and most countries had limited external financing needs, supported by elevated foreign-currency reserves. The primary economic effect of the conflict has been higher energy prices, which are putting upward pressure on inflation and may keep growth subdued relative to prior expectations. However, assuming that tanker transit through the Strait of Hormuz can gradually return to normal, the economic effects should be manageable.
Prior to the energy price shock, EM central banks were easing monetary policy, though they remained prudent by maintaining a gap between policy rates and inflation. This approach has served policymakers well, and it may allow central banks to be relatively patient regarding the path of future policy. Combining the view that energy prices will continue to moderate from recent peaks with an expectation that EM currencies should resume appreciation against the U.S. dollar, we do not expect inflation to rise significantly in most countries.
Renewed interest in diversification has been favorable for EM assets; investor flows and primary markets have demonstrated resilience to the current geopolitical volatility. Over the long term, structural forces continue to benefit EM debt, including stronger growth prospects relative to developed markets and a widening set of investment opportunities across nearly 90 countries, spanning sovereign, corporate, and local-market bonds. In our view, EM debt offers value as a strategic allocation, with attractive yields that can generate income over time.
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, select this link or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses, and other important information, which is contained in these documents; read the prospectus carefully before investing. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
General Risk Disclosures
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.
High-Yield Securities Risk: Investment in high-yield securities entails certain risks from investing in investment-grade securities, including higher volatility, greater credit risk, and the issues’ more speculative nature.
-0.23%
DividendsG
Dividend
$0.0474
Dividend Reinvest NAV
$9.87
Record Date
05/27/2026
Ex Date
05/28/2026
Payable Date
05/28/2026
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
704329275
Fund Total Net Assets
As of 05/31/2026
$119.4 Million
Sales Charge
None
Benchmark
J.P. Morgan GBI-EM Global Diversified Composite Index
Appropriate for investors with long investment time horizons who seek diversification via local-currency sovereign bonds issued by emerging-market countries.
The Payden Emerging Markets Local Bond Fund invests in a diversified portfolio of emerging-market sovereign and corporate bonds. The Fund invests in countries that are identified through extensive analysis of their macroeconomic variables, sovereign credit ratios, political stability, and the quality of the country’s business environment. The Fund maintains geographic diversification across Latin America, Europe and Asia. Most of our investments are local-currency denominated, although we can also take advantage of attractive opportunities in U.S. dollar-denominated investments.
Sovereign focus.
Managed by Payden & Rygel with over 25 years of experience managing emerging-market portfolios.
Exposure to the fast-growing local currency segment of emerging markets.
Pure bond strategy - limited use of credit default swaps or distressed debt.
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-End (03/31/2026) | -3.00% | 11.96% | 6.06% | 2.18% | 2.43% | 0.63% |
| Month-End (05/31/2026) | 1.00% | 11.60% | 7.84% | 1.98% | 3.13% | 0.91% |
Investment MinimumH
Investor Class - Regular Account
$5,000
SI Class
$10,000,000
Investor Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Credit
Percent of Portfolio
AAA
8%
AA
5%
A
24%
BBB
37%
BB
22%
B
4%
Sector
Percent of Portfolio
Government/Gov't Related
94%
Corporates
5%
Money Markets
1%
Top-10 Country
Percent of Portfolio
Mexico
10.1%
Brazil
9.9%
S.Africa
9.4%
Supranational
8.0%
Indonesia
6.7%
Peru
6.7%
China
6.3%
Malaysia
5.9%
Colombia
5.2%
Poland
5.2%