US Funds

Payden U.S. Government Fund (PYUSX)

$9.51

NAV ($)

$0.06

NAV change ($) as of 8/1/2025

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden U.S. Government Fund seeks to provide income while avoiding the volatility of longer-maturity bond funds and the credit risk involved in non-government issuers. The fund is comprised of U.S. Treasuries, government agency debentures and agency mortgage-backed securities. Average portfolio maturity is less than five years.

Role In Portfolio

Short-Term Government Bond – Appropriate for investors who seek exposure to short-term securities issued by the U.S. Government and its agencies.

Fund Highlights
No corporate credit risk.
The average maturity ranges between 3-5 years. Shorter average maturities generally provide less price sensitivity to changes in rates.
Ideal for investors with a short-to-intermediate horizon who seek the safety of government securities.
The value of an investment will generally fall when interest rates rise.

Fund Snapshot - 06/30/2025
Fund Inception Date Jan 3, 1995
Share Class Inception Date Jan 3, 1995
Ticker PYUSX
CUSIP 704329796
Fund Total Net Assets $67.3 million
Benchmark ICE BofA 1-5 Year U.S. Treasury Index

Net Expense Ratio 0.43%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA Account $2,000
Additional Investment - All Classes$250

Payden U.S. Government Fund (PYUSX) Morningstar average:
Short Government
Net Expense Ratio 0.43% 0.82%

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.

Portfolio Characteristics - 06/30/2025
Fund Inception Date Jan 3, 1995
Share Class Inception Date Jan 3, 1995
Total Net Assets $67.3 million
Average Duration 2.5 years
Average Maturity 2.4 years
30-Day SEC Yield 3.58%
30-Day SEC Yield (unsubsidized) 3.36%
Duration Breakdown
Years Percent of Portfolio
0-11%
1-369%
3-525%
5-75%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
U.S. Treasuries57%
Mortgage-Backed43%
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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2025) 3.41% 5.83% 3.17% 0.88% 1.42% 3.49%
Month-end (6/30/2025) 3.41% 5.83% 3.17% 0.88% 1.42% 3.49%
Yearly Returns
20243.40%
20233.94%
2022-5.62%
2021-1.14%
20204.54%
20194.25%
20180.48%
20170.81%
20160.78%
20150.46%
Expenses
Total Annual Operating Expense 0.66%
Net or Actual Operating Expense 0.43%

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.

Fund Commentary - 06/30/2025

MARKET
The Federal Reserve (Fed) left its target rate unchanged at 4.25% to 4.5% in June, maintaining a cautious, data-dependent stance as it gauges the economic impact of new tariffs. While recent inflation data has eased, it remains above target. The Fed has expressed some concern that pass-through effects from tariffs could push prices higher over the summer.
Geopolitical risk made headlines with a US/Israel preemptive attack against Iran’s nuclear capabilities; however, markets so far have been remarkably sanguine in their overall response
In Washington, debate over the “Big Beautiful Budget Bill” intensified. Concerns that increased spending could lead to higher budget deficits contributed to a steepening of the U.S. Treasury yield curve. Yields on 2- to 3-year U.S. Treasuries declined by 15-20 basis points (bps) to 3.72%, 10-year rates rose modestly to 3.75%, and 30-year maturities increased by 20 bps, ending the quarter around 3.75%.
Markets are currently pricing in two to three rate cuts by year-end, slightly more than they were earlier in the year, but consistent with softening growth indicators and concerns about policy-induced demand destruction
Agency mortgage markets outperformed equivalent-duration U.S. Treasuries over the past month. Mortgages had previously lagged their corporate and asset-backed brethren in rebounding from the tariff-induced sell-off early in the quarter and remain at attractive valuations

OUTLOOK
The impact of the tariffs places the Fed in a challenging position of weighing short-term inflation increases against longer-term growth and employment weakness.
In the near term, we view the Fed in a “wait and see” mode, as they assess the full impact of tariffs. We anticipate more rate cuts than are currently priced into the market, as we expect tariffs to impact growth more than inflation over time.
We continue to favor an overweight position in agency mortgage-backed securities for their additional yield and return potential relative to U.S. Treasury securities
The Fund’s duration is positioned neutral to slightly longer than its benchmark, which we believe will provide additional return as the Fed moves toward a more “neutral” policy stance and lower yields.

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.