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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PYTEX |
| NAV($) |
$9.88 |
| Daily NAV
change ($) |
$0.01 |
| YTD Return |
1.56% |
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| Year to date** |
0.66% |
| 1 Year trailing |
3.30% |
| 3 Year trailing |
3.55% |
| 5 Year trailing |
3.01% |
| 10 Year trailing |
4.18% |
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| 1996 |
2.36% |
| 1997 |
7.67% |
| 1998 |
5.09% |
| 1999 |
-0.95% |
| 2000 |
9.44% |
| 2001 |
3.93% |
| 2002 |
9.50% |
| 2003 |
3.69% |
| 2004 |
2.81% |
| 2005 |
1.58% |
| 2006 |
3.76% |
| 2007 |
3.40% |
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| Inception Date |
12/21/93 |
| Total net assets |
$12.45
mil |
| Effective duration |
4.66
years |
| Average maturity |
6.60
years |
| Average credit |
AA |
| Capital gains
paid |
Annually |
| Dividends paid |
Monthly |
| Last distribution |
$0.028* |
| SEC yield |
2.92% |
| Min. Purchase |
$5,000 |
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| Total Fund Operating
Expenses |
0.60% |
| Fee Waiver or
Expense Reimbursement |
0.05% |
| Net Annual Fund
Operating Expenses |
0.55%* |
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*The Adviser has contractually agreed that, for so long
as it is the investment adviser to the Fund, Total Annual
Fund Operating Expenses (excluding interest and taxes)
will not exceed 0.60%. The Adviser has also contractually
agreed to limit Net Annual Fund Operating Expenses (excluding
interest and taxes) to 0.55%. This agreement has a one-year
term, renewable annually on February 27th. |
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Income exempt from
Federal taxes |
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Price sensitivity
is generally less than longer-term bond funds |
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Portfolio diversification
tool |
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High credit quality |
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No loads or 12b-1
fees |
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| The Payden Tax Exempt Bond Fund
invests in intermediate-maturity municipal bonds that
are exempt from federal income tax. The fund seeks to
provide attractive current income while preserving capital.
To achieve this objective, the fund invests in the intermediate
portion of the maturity spectrum. |
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Tax Exempt bond-
Appropriate for US taxpayers that would like to balance
their portfolios with intermediate-term municipal bonds
that are exempt from Federal taxes. |
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| Investors are increasingly
looking for opportunities to balance their portfolios
with holdings that are exempt from Federal income tax.
Municipal bonds, one of the most popular investment vehicles
today, offer an excellent solution for tax conscious
investors due to their potential for compelling yields
versus taxable alternatives. An individual’s tax
bracket is a means to determine the appropriate percentage
of tax-exempt bonds in a portfolio. |
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| The municipal bond
market was volatile in the first quarter of 2008. The
Federal Reserve’s rate cuts bolstered bond prices
in January, but February brought a wave of forced-selling
from leveraged accounts causing a sharp drop in market
value. By the close of February, municipals became highly
undervalued relative to taxable products and caught the
attention of cross-over buyers. In early March, a variety
of investors emerged and the market made a substantial
recovery. The yield curve steepened significantly with
10-year and shorter maturities posting positive total
returns while longer bond detracted from performance.
The fund returned 0.66%. |
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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
- Linsco Private Ledger
- Pershing
- TD Waterhouse Securities
- Trust Company of America
- Schwab Marketplace
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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. Income from municipal securities
may be subject to the federal alternative minimum tax.
The Paydenfunds are distributed through Payden & Rygel
Distributors, member FINRA. |
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