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NAV / Daily Prices
NAV ($)
10.02
NAV Change ($)
0.00
Change %
0.00%
MTD Return
-0.40%
YTD Return
Statistics
30-Day SEC YieldA
4.79%
30-Day SEC Yield (Unsubsidized)B
4.54%
Average Maturity
2.39 Years
Effective DurationC
1.22 Years
Expenses
Total Fund Operating Expenses
1.78%D
With Expense Cap
0.66%
| Total Returns | Month-End (02/28/2026) | Quarter-End (12/31/2025) |
| YTD | 1.09% | 4.44% |
| 1 Year | - | - |
| 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 0.65%. This agreement has a one-year term ending February 28, 2027. Please note that the 0.65% 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.
Credit
Percent of Portfolio
AAA
52%
AA
8%
A
11%
BBB
12%
BB and Below
3%
Unrated
14%
| - |
| - |
| 5 Year | - | - |
| 10 Year | - | - |
| Since Inception | 5.58% | 4.44% |
*From inception 03/05/2025 through 31/12/2025.
DividendsG
Dividend
$0.0388
Dividend Reinvest NAV
$10.06
Record Date
02/25/2026
Ex Date
02/26/2026
Payable Date
02/26/2026
Dividends Paid
Monthly
Capital GainsG
Short Term
$0.0004
Long Term
$0.0010
Reinvest NAV
$10.06
Record Date
12/22/2025
Ex Date
12/23/2025
Payable Date
12/23/2025
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
03/05/2025
Share Class Inception Date
03/05/2025
Share Class
Investor Class
Ticker
PYSFX
CUSIP
70432T859
Fund Total Net Assets
As of 02/28/2026
$116.2 Million
Sales Charge
None
Benchmark
ICE BofA U.S. 1-Month Treasury Bill Index
Appropriate for investors seeking access to broad securitized markets underutilized in traditional fixed-income strategies, current income, and reduced correlations to core fixed-income asset classes.
The Payden Securitized Income Fund seeks a high level of total return combined with current income generation over a full market cycle. The Fund seeks to benefit from various risk premiums found within the securitized debt markets, capturing value through sector allocation, issue, and security selection. The Fund employs a research orientated, value-driven approach to investment, and aims to diversify credit risk and access sectors with the strongest fundamentals during each point of a credit cycle.
The Fund comprises primarily investment-grade securitized bonds including commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), collateralized loan obligations (CLOs), agency and non-agency residential mortgage-backed securities (RMBS), backed by extensive in-house research.
The Fund has the flexibility to invest in below-investment-grade securities.
The Fund aims to achieve relatively low interest rate sensitivity.
Risk management is a part of the Fund’s strategy, but there is no guarantee or implication that negative returns will be avoided.
Data as of 02/28/2026
Data as of 02/28/2026
In February, securitized markets (and the Fund) generated positive total returns and outperformed U.S. Treasuries and investment-grade corporate bonds. U.S. interest rates moved lower during the month amid a flight-to-quality rally driven by geopolitical tensions and renewed equity-market volatility.
Economic reports signaled a moderating economic outlook with lukewarm employment conditions. Investors remained generally willing to take on risk in mortgage-related investments with corporate collateralized loan obligations (CLOs) facing pressure due to concerns about the impact of artificial intelligence (AI) on the software industry.
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%.
Risk premiums held steady for commercial and residential mortgage-backed securities as demand remained sufficient to absorb an active supply calendar. For corporate CLOs, risk premiums remain anchored for senior-rated bonds, but trading was weaker for lower-rated options on fundamental concerns. The Fund opportunistically reduced exposure to mezzanine CLOs ahead of the uptick in volatility.
The investment backdrop remains constructive for fixed-income and securitized credit. Our outlook continues to anticipate more Fed rate cuts than currently priced into markets, supported by further progress on inflation and our assessment that labor market conditions are softer than headline data suggest. Expectations for lower interest rates, combined with a base case that avoids a broad economic downturn, should support consumer and real estate fundamentals.
In our view, securitized bonds continue to offer attractive relative value compared to corporate credit, providing both a yield advantage and diversification benefits. A broadening investor base should help support an active and well-absorbed issuance calendar in 2026.
Relative value remains favorable within the mortgage complex, especially in an environment of lower interest rates. Portfolio positioning continues to emphasize higher-quality assets, reflecting a preference for resilient collateral in the context of a historically flat securitized credit curve.
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. If a security is unrated by Moody’s, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations (NRSROs).
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.
Extension Risk: Rising interest rates can cause the average maturity of the Fund’s holdings of mortgage-backed securities to lengthen unexpectedly due to a drop in prepayments. This would increase the sensitivity of the Fund to rising rates, and could cause certain of the Fund’s investments to decline in value more than they would have declined due to the rise in interest rates alone.
0.68%
70432T859
Fund Total Net Assets
As of 02/28/2026
$116.2 Million
Sales Charge
None
Benchmark
ICE BofA U.S. 1-Month Treasury Bill Index
Appropriate for investors seeking access to broad securitized markets underutilized in traditional fixed-income strategies, current income, and reduced correlations to core fixed-income asset classes.
The Payden Securitized Income Fund seeks a high level of total return combined with current income generation over a full market cycle. The Fund seeks to benefit from various risk premiums found within the securitized debt markets, capturing value through sector allocation, issue, and security selection. The Fund employs a research orientated, value-driven approach to investment, and aims to diversify credit risk and access sectors with the strongest fundamentals during each point of a credit cycle.
The Fund comprises primarily investment-grade securitized bonds including commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), collateralized loan obligations (CLOs), agency and non-agency residential mortgage-backed securities (RMBS), backed by extensive in-house research.
The Fund has the flexibility to invest in below-investment-grade securities.
The Fund aims to achieve relatively low interest rate sensitivity.
Risk management is a part of the Fund’s strategy, but there is no guarantee or implication that negative returns will be avoided.
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|
| Month-End (02/28/2026) | 1.09% | - | - | - | - | 5.58% |
| Quarter-End (12/31/2025) | 4.44% | - | - | - | - | 4.44% |
Investment MinimumH
Investor Class - Regular Account
$5,000
SI Class
$10,000,000
Investor Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Duration
Percent of Portfolio
0-1 yr
59%
1-3 yrs
25%
3-5 yrs
16%
Credit
Percent of Portfolio
AAA
52%
AA
8%
A
11%
BBB
12%
BB and Below
3%
Unrated
14%
Sector
Percent of Portfolio
Commercial MBS
33%
Residential MBS
30%
Asset Backed
20%
Corporate CLO
17%