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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PBHXX |
| NAV($) |
$1.00 |
| Daily NAV
change ($) |
$0.00 |
| YTD Return |
1.42% |
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| Year to
date* |
0.82% |
| 1 Year trailing |
4.59% |
| 3 Year trailing |
4.39% |
| 5 Year trailing |
3.10% |
| Since inception |
3.67% |
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| 1998 |
5.25% |
| 1999 |
5.06% |
| 2000 |
6.25% |
| 2001 |
4.08% |
| 2002 |
1.69% |
| 2003 |
0.95% |
| 2004 |
1.16% |
| 2005 |
2.98% |
| 2006 |
4.87% |
| 2007 |
5.04% |
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| Inception
Date |
12/17/97 |
| Total net
assets |
$1.34
bil |
| Average maturity |
69
days |
| Average credit |
AAA |
| Dividends
paid |
Monthly |
| Last distribution |
$0.002* |
| SEC yield
(7-day) |
2.24% |
| Min. Purchase |
$5,000 |
| Min. Purchase
(IRA) |
$2,000 |
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| Total Fund
Operating Expenses |
0.36% |
| Fee Waiver
or Expense Reimbursement |
0.11% |
| Net Annual
Fund Operating Expenses |
0.25%* |
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* The Adviser has contractually agreed
to limit Net Annual Fund Operating Expenses (excluding
interest and taxes) to 0.25%. This agreement has a one-year
term, renewable annually on February 27th. |
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• Invests in high quality,
short-term securities
• High average credit quality
• Seeks to maintain a stable share price of $1.00
• Low expense allows for greater income
• Free, unlimited check writingA
•No investments in asset-backed
commercial paper
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| The Payden Cash Reserves Money Market
Fund seeks to provide current income and daily liquidity
while maintaining a stable share price of $1.00. The
fund invests in at least 80% of its assets in high quality
government debt securities of US and foreign issuers,
and may invest up to 20% of its total assets in high-quality
corporate and bank debt securities of US and foreign
issuers. Securities are denominated in US dollars and
have a minimum short-term rating of A1/P1 by a nationally
recognized rating agency at the time of purchase. |
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| Money market—
Appropriate for investors that require maximum portfolio
liquidity and stability of principal. |
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| The Payden Cash Reserves Money Market
Fund is a liquid investment that offers the potential
for added yield to cash balances that may be needed in
the short-term. Its low expense ratio (0.25% compared
to 0.90% industry average)B, allows investors to receive
the benefit of increased yield at a low cost. Every basis
point saved in fund expense is a basis point that can
be added to fund performance. |
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The Payden Cash Reserves
Money Market Fund was well-positioned to protect shareholders
from the changes in the bond market during the first
quarter. The global flight to quality intensified as
the lack of liquidity in the capital markets manifested
itself in a broad deleveraging of risk. The US Federal
Reserve responded with 2.25% in rate cuts and three new
lending programs.
The fund was structured with an average
days to maturity of 25 days. The fund’s allocation
to US government-sponsored agency notes was increased
during the period as yields in this area became attractive
in the wake of heavy agency issuance. The fund’s
government focus provided a high level of safety through
this stressed environment. |
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800 572-9336 |
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Prospectus/Applications |
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Through the following
mutual fund marketplaces: |
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-
Ameritrade
- Trust Company of America
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Quoted performance data represent
past performance, which does not guarantee future results.
The yield quotation more closely reflects the current
earnings of the money market fund than he total return
quotation. For the most recent month-end performance,
which may be higher or lower than that quoted, visit our
Web site at payden.com or call 800 572-9336.
An investment in the money market fund is not insured
or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. Although the fund seeks
to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the
fund. For more information and to obtain a prospectus,
visit our Web site at payden.com or call 800 572-9336.
Before investing, investors should consider investment
objectives, risks, charges, expenses and other important
information, which are contained in this document; read
the prospectus carefully before investing. Past performance
is no guarantee of future results. The Paydenfunds are
distributed through Payden & Rygel Distributors,
member FINRA.
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