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NAV / Daily Prices
NAV ($)
7.75
NAV Change ($)
0.00
Change %
0.00%
MTD Return
-1.69%
YTD Return
Statistics
30-Day SEC YieldA
3.95%
30-Day SEC Yield (Unsubsidized)B
3.72%
Average Maturity
6.27 Years
Effective DurationC
5.14 Years
Expenses
Total Fund Operating Expenses
0.66%D
With Expense Cap
0.45%
| Total Returns | Month-End (02/28/2026) | Quarter-End (12/31/2025) |
| YTD | 2.44% | 7.52% |
| 1 Year | 7.05% | 7.52% |
| 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.
Payden & Rygel ("Payden") has contractually agreed that, for so long as it is the investment adviser to the Fund, Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement will not exceed 0.50%. Please note that the 0.50% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses. Payden has contractually agreed to further waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Further One-Year Fee Waiver or Expense Reimbursement exceed 0.45%. This agreement has a one-year term ending February 28, 2027. Please note that the 0.45% 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.
GNMA Coupon
Percent of Portfolio
2.0%
12%
2.5%
17%
3.0%
13%
3.5%
11%
4.0%
6%
4.5%
6%
5.0%
10%
5.5%
13%
6.0% and Above
12%
| 4.90% |
| 4.25% |
| 5 Year | 0.07% | -0.55% |
| 10 Year | 1.13% | 1.04% |
| Since Inception | 3.75% | 3.68% |
DividendsG
Dividend
$0.0247
Dividend Reinvest NAV
$7.90
Record Date
02/27/2026
Ex Date
02/27/2026
Payable Date
02/27/2026
Dividends Paid
Monthly, with Daily Accural
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
Investor Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Fund Inception Date
08/27/1999
Share Class Inception Date
08/27/1999
Share Class
Investor Class
Ticker
PYGNX
CUSIP
704329473
Fund Total Net Assets
As of 02/28/2026
$85.1 Million
Sales Charge
None
Benchmark
ICE BofA U.S. GNMA Mortgage Backed Securities Index
Appropriate for investors who seek higher yields and diversification through debt issued by the Government National Mortgage Association.
The Payden GNMA Fund invests at least 80% of its assets in mortgage-backed securities that are guaranteed by the full faith and credit of the U.S. government. The Fund invests in a range of mortgage-backed security pools. The balance of the Fund’s assets is invested in other obligations guaranteed by the U.S. government or its agencies.
Yields generally exceed intermediate-maturity U.S. Treasuries.
100% invested in securities issued by the U.S. government or its agencies.
While share values will fluctuate as interest rates move up and down, there is no corporate credit risk associated with the portfolio's holdings.
Data as of 02/28/2026
Data as of 02/28/2026
In February, the Ginnie Mae (GNMA) mortgage market (and the Fund) delivered a second consecutive month of strong performance, outperforming more credit-sensitive fixed-income sectors. U.S. interest rates moved lower during the month amid a flight-to-quality rally driven by geopolitical tensions and renewed equity-market volatility related to the impact of artificial intelligence (AI) on broad segments of the global economy.
The 10-year U.S. Treasury yield moved below the 4% level, while the 2-year U.S. Treasury yield declined to approximately 3.4%, effectively pricing in one to two 25-basis-point rate cuts. Although there was no Federal Reserve (Fed) meeting during the month, economic data broadly supported a continued policy pause. The nomination of Kevin Warsh as Fed Chair generated meaningful market discussion regarding the future path of rates, balance sheet policy, and Federal Open Market Committee (FOMC) leadership style. The markets are currently pricing a year-end federal funds rate near 3%.
Agency mortgage risk premiums held generally steady versus U.S. Treasuries, as demand remained sufficient to absorb supply. We expect issuance to increase in the coming months as primary mortgage rates dipped below 6%, for the first time since September 2022, prompting a modest pickup in refinance activity. Money managers continue to serve as the marginal buyer, with expectations for incremental support from the government-sponsored enterprises (GSEs), including Fannie Mae and Freddie Mac, as well as domestic banks.
We remain constructive on the outlook for fixed-income and GNMA bonds. We continue to anticipate more Fed rate cuts than currently priced into the market, supported by further progress on inflation and our assessment that labor market conditions are softer than headline data suggest.
In our view, GNMA bonds continue to offer attractive relative value compared to U.S. Treasuries, and in an uncertain economic environment, they provide a compelling alternative to corporate credit.
The Payden GNMA Fund is positioned with a longer duration than its benchmark, while underweighting the highest coupons to mitigate prepayment (call) risk. The Fund also holds allocations to adjustable-rate mortgages (ARM) and collateralized mortgage obligations (CMO) floating-rate bonds, that have witnessed increased demand from financial institutions. Additionally, we continue to prioritize securities with stable prepayment behavior, such as seasoned, low loan balance, and manufactured housing (mobile home) pools.
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.
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.
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.
0.71%
DividendsG
Dividend
$0.0247
Dividend Reinvest NAV
$7.90
Record Date
02/27/2026
Ex Date
02/27/2026
Payable Date
02/27/2026
Dividends Paid
Monthly, with Daily Accural
Capital GainsG
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
704329473
Fund Total Net Assets
As of 02/28/2026
$85.1 Million
Sales Charge
None
Benchmark
ICE BofA U.S. GNMA Mortgage Backed Securities Index
Appropriate for investors who seek higher yields and diversification through debt issued by the Government National Mortgage Association.
The Payden GNMA Fund invests at least 80% of its assets in mortgage-backed securities that are guaranteed by the full faith and credit of the U.S. government. The Fund invests in a range of mortgage-backed security pools. The balance of the Fund’s assets is invested in other obligations guaranteed by the U.S. government or its agencies.
Yields generally exceed intermediate-maturity U.S. Treasuries.
100% invested in securities issued by the U.S. government or its agencies.
While share values will fluctuate as interest rates move up and down, there is no corporate credit risk associated with the portfolio's holdings.
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|
| Month-End (02/28/2026) | 2.44% | 7.05% | 4.90% | 0.07% | 1.13% | 3.75% |
| Quarter-End (12/31/2025) | 7.52% | 7.52% | 4.25% | -0.55% | 1.04% | 3.68% |
Investment MinimumH
Investor Class - Regular Account
$5,000
Investor Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Duration
Percent of Portfolio
0-1 yr
1%
1-3 yrs
23%
3-5 yrs
19%
5-7 yrs
44%
7-10 yrs
13%
GNMA Coupon
Percent of Portfolio
2.0%
12%
2.5%
17%
3.0%
13%
3.5%
11%
4.0%
6%
4.5%
6%
5.0%
10%
5.5%
13%
6.0% and Above
12%