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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PYSBX |
| NAV($) |
$10.01 |
| Daily NAV
change ($) |
$0.01 |
| YTD Return |
1.60% |
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Number
of funds |
| Overall |
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383 |
| 3 Year |
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383 |
| 5 Year |
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291 |
| 10 Year |
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164 |
Category: Short-term
bond |
| Criterion: Risk-adjusted
return |
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| Year to
date* |
1.51% |
| 1 Year trailing |
5.98% |
| 3 Year trailing |
4.44% |
| 5 Year trailing |
3.14% |
| 10 Year trailing |
4.76% |
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| 1994 |
0.38% |
| 1995 |
11.43% |
| 1996 |
3.66% |
| 1997 |
5.84% |
| 1998 |
6.46% |
| 1999 |
2.68% |
| 2000 |
8.51% |
| 2001 |
8.70% |
| 2002 |
6.24% |
| 2003 |
2.38% |
| 2004 |
1.20% |
| 2005 |
1.31% |
| 2006 |
4.23% |
| 2007 |
5.91% |
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| Inception Date |
1/1/94 |
| Total net assets |
$368.64
mil |
| Effective duration |
2.35
years |
| Average credit |
AAA |
| Capital gains
paid |
Annually |
| Dividends paid |
Monthly |
| Last distribution |
$0.028* |
| SEC yield |
2.87% |
| Min. Purchase |
$5,000 |
| Min. Purchase
(IRA) |
$2,000 |
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Invests primarily
in investment-quality, short-term securities |
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Less volatility
than a typical core bond fund due to its shorter
maturity |
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Low annual expense
ratio |
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| The Payden Short Bond Fund primarily
invests in short-term investment-grade US government,
corporate, asset-backed and mortgage-backed securities.
The fund seeks to provide higher income than money market
alternatives while avoiding the volatility of longer
maturity bond funds. |
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| Short-term bond-
Appropriate for investors with
time horizons between one- and fouryears that desire
high average credit quality and the potential for returns
greater than cash alternatives. |
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| The Payden Short Bond Fund typically
offers greater yields than traditional short-term investments
such as money market funds while providing less interest
rate volatility than longer maturity core bond funds.
However, net asset value is not held at $1.00. |
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| The Payden Short
Bond Fund was well-positioned to benefit 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 caused investors to shun non-Treasury
assets. The US Federal Reserve responded with 2.25%
in rate cuts and three new lending programs created
to lessen the credit crunch.
Early in the quarter we
reduced the fund’s assetbacked and mortgage-related
holdings and increased the holdings of Treasury and
agency securities. For most of the quarter the fund
was structured with a longer average maturity than
its Merrill Lynch 1-3 Year Treasury benchmark. As interest
rates fell sharply during the period, this longer maturity
positioning enhanced returns. By mid-March we felt
the flight to quality had run its course and we made
an allocation to GNMA securities.
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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
- 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. A money market fund attempts
to preserve the net asset value at $1.00 per share, while
the Short Bond Fund does not explicitly seek this objective.
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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