I use St. Croix Premier rods, one a 5'6" UL matched with a Shimano Spirex as my trout and panfish rod., but have landed most other species with it too.Have used it for years, but put together these days will be over your budget by about $50. You may be able to find the rod on sale somewhere, and a used reel should get you close. Have read good reviews about the Shimano Syncopate which can be had for $30, which gets you closer to your limit.