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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PYMRX |
| NAV($) |
$9.49 |
| Daily NAV
change ($) |
$0.16 |
| YTD Return |
-13.70% |
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* Total Annual Fund Operating
Expenses include all direct operating expenses
of the Fund, as well as 0.01% of fees and expenses incurred
indirectly by the Fund through its investment in
other mutual funds. The Adviser has contractually agreed
that, for so long as it is the investment adviser to the
Fund, direct Total Annual Fund Operating Expenses (excluding
interest and taxes) will not exceed 0.60%. |
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Provides exposure
to the S&P 500 Index |
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Large-cap equity
complement to an overall portfolio asset allocation
strategy |
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No loads or 12b-1
fees |
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Low expense ratio
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Strong risk controls |
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| This actively managed fund employs
an enhanced index strategy. The fund seeks to outperform
the S&P 500 Index (a market-weighted group of 500
large cap US stocks) by limiting deviations from index
returns. The fund invests in a combination of US equity
derivatives and short-term bonds. Bond investments are
made in government, corporate, mortgage-, and asset-backed
securities. |
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| Enhanced equity index-Appropriate
for investors who seek exposure to the broad large-cap US
equity market. |
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* Total Annual Fund Operating
Expenses include all direct operating expenses of
the Fund, as well as 0.01% of fees and expenses incurred
indirectly by the Fund through its investment in
other mutual funds. The Adviser has contractually agreed
that, for so long as it is the investment adviser to the
Fund, direct Total Annual Fund Operating Expenses (excluding
interest and taxes) will not exceed 0.60%. |
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| The success of this enhanced equity
index strategy depends on the active management of the
bonds in the fund. Payden & Rygel pioneered the management
of short-term bonds to beat money-market returns. This
expertise is applied in this strategy and seeks to provide
added value over the stock index. |
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| The US equity markets returned -9.4%
and started the year with one of the worst quarters since
June 2002. The credit market and banking liquidity crisis
stoked the equity sell-off, threatening prospects for
economic growth. The Federal Reserve initiated several
plans to provide liquidity in attempts to calm the markets,
including a 2% reduction in short-term interest rates
and new facilities to enable banking institutions to
borrow directly from the government. Markets have since
stabilized from earlier volatility in the quarter as
investors have once again begun to focus on corporate
earnings and economic data. Bond markets have been slower
to recover, however, since the debt markets have been
the source of the crisis. The fund maintains its focus
on quality yield instruments and continues to look for
opportunities in market dislocations. |
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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
- Datalynx
- E*TRADE
- Fidelity Funds Network
- HarrisDirect
- Linsco Private Ledger
- Pershing
- TD Waterhouse Securities
- Trust Company of America
- Schwab Marketplace
- Vanguard |
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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,
visit our Web site at payden.com or call 800 572-9336.
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. 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.
Investing in high-yield securities offers different rewards
and challenges from investing in investment-grade securities,
including higher volatility, greater credit risk, and the
issuers’ more speculative nature. The Paydenfunds
are distributed through Payden & Rygel Distributors,
member FINRA. |
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