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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PYCRX |
| NAV($) |
$10.01 |
| Daily NAV
change ($) |
$0.02 |
| YTD Return |
1.50% |
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| Year to date** |
0.19% |
| 1 Year trailing |
3.20% |
| 3 Year trailing |
3.50% |
| 5 Year trailing |
2.99% |
| Since inception |
3.92% |
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| 1999 |
-1.22% |
| 2000 |
10.74% |
| 2001 |
3.80% |
| 2002 |
7.93% |
| 2003 |
3.27% |
| 2004 |
2.99% |
| 2005 |
1.68% |
| 2006 |
3.70% |
| 2007 |
3.69% |
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| Inception Date |
12/17/98 |
| Total net assets |
$44.96
mil |
| Effective duration |
5.93
years |
| Average maturity |
8.54
years |
| Average credit |
AA |
| Capital gains
paid |
Annually |
| Dividends paid |
Monthly |
| Last distribution |
$0.030* |
| SEC yield |
3.38% |
| 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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• Income
is exempt from Federal and California State taxes
• Portfolio diversification tool
• Price sensitivity is generally less than
longer-term bond funds
• No loads or 12b-1 fees
• High credit quality |
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| The Payden California Municipal
Income Fund invests in intermediate-maturity municipal
bonds that are exempt from Federal, state, and local
taxes for California residents. The fund seeks to provide
attractive current income while preserving capital. Holdings
are diversified across sectors and issuers to provide
a high overall average credit quality and to ensure liquidity. |
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| California municipal bond—
Appropriate for California taxpayers that would like to
shelter income from state and Federal taxes and/or wish
to balance the price volatility of their equity holdings. |
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*The Adviser has 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 February 27.
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| Investors are increasingly looking
for opportunities to balance their portfolios with holdings
that are exempt from Federal and state income tax. Municipal
bonds, one of the most popular investment vehicles today,
offer an excellent solution for tax conscious investors
due to their 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.
Those with higher marginal tax rates may benefit from
tax-exempt bonds. |
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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’s focus
on higher quality sectors such as general obligation
and essential service revenue bonds enhanced performance
as credit premiums widened. The Fund returned 0.19%. |
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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
- E*TRADE
- Linsco Private Ledger
- Pershing
- TD Waterhouse Securities
- Trust Company of America
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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 month-end
recent 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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