Payden Cash Reserves Money Market Fund
NAV / Daily Prices
NAV ($)
1.00
NAV Change ($)
0.00
Change %
0.00%
MTD Return
0.11%
YTD Return
0.42%
Statistics
7-Day SEC YieldA
3.48%
7-Day SEC Yield (Unsubsidized)B
3.34%
Average Maturity
27.00 Years
Effective Duration
0.10 Years
Expenses
Total Fund Operating Expenses
0.38%C
With Expense Cap
0.25%
| Total Returns | Month-End (01/31/2026) | Quarter-End (12/31/2025) |
| YTD | 0.30% | 4.09% |
| 1 Year | 4.04% | 4.09% |
| 3 Year | 4.65% | 4.66% |
| 5 Year | 3.12% | 3.06% |
| 10 Year | 2.02% | 1.99% |
| Since Inception | 2.14% | 2.13% |
Yearly Returns
2025
4.09%
2024
5.07%
2023
4.85%
2022
1.37%
2021
0.01%
2020
0.32%
2019
2.00%
2018
1.63%
2017
0.65%
2016
0.12%
Past performance is no guarantee of future results.
DividendsG
Dividend
$0.0030
Dividend Reinvest NAV
$1.00
Record Date
01/30/2026
Ex Date
01/30/2026
Payable Date
01/30/2026
Dividends Paid
Monthly, with Daily Accural
Capital GainsG
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Investment Minimum
Investor Class - Regular Account
$5,000
Investor Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Fund Snapshot
Fund Inception Date
12/17/1997
Share Class Inception Date
12/17/1997
Share Class
Investor Class
Ticker
PBHXX
CUSIP
704329598
Fund Total Net Assets
As of 01/31/2026
$335.5 Million
Sales Charge
None
Benchmark
Lipper U.S. Govt Money Market Funds
Date as of
Role in Portfolio
Money Market – Appropriate for investors who require maximum portfolio liquidity and stability of principal.
Investment Strategy
The Payden Cash Reserves Money Market Fund seeks to provide current income and daily liquidity while maintaining a stable share price of $1.00. The Fund invests at least 99.5% of its total assets in cash, U.S. government debt securities and repurchase agreements that are fully collateralized by cash or U.S. government securities. It may invest up to 0.5% of its total assets in bank, corporate, mortgage-backed, and asset-backed debt securities of U.S. and foreign issuers.
Why Investors Choose This Fund?
Low annual expense ratio.F
Seeks to maintain a stable share price of $1.00.
Sector Allocation
Sector
Percent of Portfolio
Money Markets
50%
Repurchase Agreements
30%
Government/Gov't Related
17%
Mortgage-Backed
3%
Market
U.S. interest rates moved slightly higher over the past month as markets priced in the potential for fewer near-term rate cuts. After three consecutive cuts in the second half of 2025, the Federal Reserve (Fed) elected to keep the federal funds rate unchanged at 3.50%-3.75% at its January meeting, citing stabilizing labor markets and inflation that remains above its 2.0% target. Despite the pause, markets continue to price in a couple of cuts by the end of 2026.
Our view remains that rate cuts may ultimately be more aggressive than markets expect, as we anticipate further progress on inflation and believe labor-market conditions appear weaker than current economic data reflects. Markets have also grown more sensitive to policy signals following the news of Kevin Warsh's nomination for Fed Chair, with Fed independence top of mind for the marketplace. We view the prospective chair as a qualified elite insider, aligned with the administration’s policy, but likely to uphold the Fed’s institutional credibility.
The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the U.S. – ended the month lower, closing at 3.68%. At month-end, the 3-month term SOFR rate was 3.66%, and the 3-month U.S. Treasury bill closed at 3.66%.
Outlook
We continue to position investment portfolios longer compared to their respective benchmarks. As the year moves on, we expect lower interest rates due primarily to softening employment and continued progress toward lower inflation.
A. The 7-day SEC yield represents the annualized income earned by the fund over a 7-day period. The yield reflects the deduction of the fund’s operating expenses. Yields will fluctuate and are not a guarantee of future results.
B. Represents a 7-day SEC Yield without adjusting for fee waivers or expense reimbursements.
C. Payden & Rygel has contractually agreed to limit Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement to 0.25%. This agreement has a one-year term ending February 28, 2026. Please note that the 0.25% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses.
D. 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, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
E. Returns less than one year are not annualized.
F. Expenses are lower than 61% of the funds reporting expense ratios included in the Morningstar U.S. Money Market - Taxable Category as of March 2025.
G. Why do Payden mutual fund shareholders receive a distribution? Mutual funds are required by the IRS to distribute substantially all realized profits they earn to shareholders on at least an annual basis. If a fund has net gains from the sale of securities, or if it earns dividends or interest from securities, the fund must distribute those earnings to its shareholders. All distributions are taxable, unless an investor's shares are held in a tax-deferred or tax-exempt account such as an IRA. Payden shareholders have the option to receive their distributions in cash or to automatically reinvest the distribution back into the Fund. This information is not intended to provide tax advice. Please consult a qualified tax professional for advice specific to your circumstances. Dividends shown are historical and not guaranteed. Amounts may vary and do not predict future income.
H. The minimum initial investment may be modified for certain financial intermediaries that submit trades on behalf of underlying investors. Payden Funds’ distributor may lower or waive the minimum initial investment for certain categories of investors at their discretion.
For more information and to obtain a prospectus or summary prospectus, visit payden.com or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the Fund, which is contained in these documents.
An investment in the money market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.