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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PYUSX |
| NAV($) |
$10.85 |
| Daily NAV
change ($) |
$0.01 |
| YTD Return |
2.88% |
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Number
of funds |
| Overall |
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140 |
| 3
Year |
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140 |
| 5 Year |
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131 |
| 10 Year |
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102 |
Category: Short government |
| Criterion: Risk-adjusted
return |
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| Year to date** |
3.70% |
| 1 Year trailing |
9.43% |
| 3 Year trailing |
5.43% |
| 5 Year trailing |
3.53% |
| 10 Year trailing |
5.10% |
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| 1995 |
14.73% |
| 1996 |
2.97% |
| 1997 |
6.59% |
| 1998 |
7.79% |
| 1999 |
1.78% |
| 2000 |
8.86% |
| 2001 |
8.49% |
| 2002 |
8.20% |
| 2003 |
1.15% |
| 2004 |
1.44% |
| 2005 |
1.03% |
| 2006 |
4.01% |
| 2007 |
7.07% |
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| Inception Date |
1/1/95 |
| Total net assets |
$65.13
mil |
| Effective duration |
2.35
years |
| Average credit |
AAA |
| Capital gains
paid |
Annually |
| Dividends paid |
Monthly |
| Last distribution |
$0.028* |
| SEC yield |
2.30% |
| Min. Purchase |
$5,000 |
| Min. Purchase
(IRA) |
$2,000 |
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Provides protection
from credit risk |
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Ideal for investors
who have a short to intermediate time horizon and
seek safety, yet can afford to be more aggressive
than a typical money market vehicle |
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| The Payden US Government
Fund purchases US Treasuries, government agency debentures
and agency mortgage securities with an average maturity
of zero to five years. This fund seeks to provide income
while avoiding the volatility of longer maturity bond
funds. |
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Short-term government bond-
Appropriate for investors that seek exposure to short-term
(1 to 5 year maturities) securities issued by the
US Government and its agencies. |
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Payden U.S.
Government Fund |
Morningstar average:
Short government
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| Total Expense
ratio |
0.60%* |
1.06% |
| Net Expense
ratio |
0.60% |
0.92% |
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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%. |
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US Treasuries: bills, notes and
bonds that are debt obligations backed by the full-faith
of the US Government.
Agency debentures: US credit agencies
that are sponsored by the US Government.
Mortgage-backed
securities: "pools" of mortgage loans that
are packaged for resale to investors. |
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The Payden US Government
Fund was wellpositioned 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 manifested itself in a broad deleveraging
of risk. The US Federal Reserve responded with 2.25%
in rate cuts and three new lending programs intended
to ease the credit crunch.
The fund was structured with
a longer average maturity than its Merrill Lynch 1-5
Year Treasury benchmark for most of the quarter. As interest
rates fell sharply during the period, this longer maturity
positioning enhanced returns. By mid-March we reduced
the allocation to Treasury securities in favor of GNMA
securities as the relationship between these two asset
classes had moved dramatically in favor of the GNMAs.
While the holdings of the fund’s agency and mortgage-backed
securities failed to keep pace with the benchmark, the
Government focus proved to be the most desirable portion
of the fixed income market. |
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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
- Fidelity Funds Network
- HarrisDirect
- Linsco Private Ledger
- Pershing
- TD Waterhouse Securities
- Trust Company of America
- 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. The Paydenfunds are distributed through
Payden & Rygel Distributors, member FINRA. |
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