Payden & Rygel (P&R) offers advisory services based on one or more of four basic strategies: domestic fixed income, global fixed income, domestic equity, and global equity. Portfolios are customized based on each client's unique investment objective and risk tolerance, among other things. The firm's Domestic Fixed Income Strategy invests in a wide variety of debt securities, including: securities issued or guaranteed by the US government or its agencies or foreign governments or their agencies; debt securities issued by US or foreign companies; US or foreign mortgage-backed and asset-backed securities; municipal debt securities issued by states of local governmental organizations; dividend-paying convertible stock; and convertible bonds and preferred stock. All securities in the portfolio are payable in US dollars. There are variable elements hat depend on individual client requirements, such as the maturity of individual securities, average portfolio maturity, and the allocation of investment-grade securities versus investment-grade securities.P&R's Global Fixed Income Strategy includes a similar wide variety of debt instruments as in the Domestic Fixed Income strategy, but securities may be issued anywhere in the world. Securities may be payable either in US dollars or in one or more foreign currencies. In addition to the variable elements of the Domestic Strategy, P&R considers whether the currency exposure for securities payable in one or more foreign currencies will be hedged to the US dollar. Similarly, the portfolio could include emerging markets securities. P&R's US Large-Cap Value Equity Strategy invests primarily in large-cap value stocks, defined as stocks with above average dividend yields and large market-caps and other income producing securities, such as exchanged-traded common and preferred stocks, REITs and MLPs. The firm uses quantitative techniques to identify large-cap stocks with above average dividend yields. Fundamental analysis is then conducted to identify individual companies capable of maintaining or increasing their dividend. Investments are mainly in US securities, but, on occasion, may include investments in foreign securities, including emerging markets securities. P&R may also invest from time-to-time in ETFs, or other broad equity market derivative instruments, as a means to efficiently add specific sector, country or style exposure.