# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0001193125-23-053662
**Filing Date:** 2023-2
**Character Count:** 12682
**Document Hash:** 3558524d65c02699d7db1f76ddd37685
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-053662.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-053662

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **CENTRAL INDEX KEY:** 0000885709
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-46973
- **FILM NUMBER:** 23684528

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 2136251900

**MAIL ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDENFUNDS
- **DATE OF NAME CHANGE:** 20010423

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **DATE OF NAME CHANGE:** 19940104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** P&R INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Payden Cash Reserves Money Market Fund (Series ID: S000011750)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000032175 | Payden Cash Reserves Money Market Fund (Investor Class) | PBHXX           |

![LOGO](g405550logo_01sumpro.jpg)

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| | |
|:---|:---|
| **PAYDEN CASH RESERVES MONEY MARKET FUND** | **Summary Prospectus** |
| **Investor Class PBHXX** | **February 28, 2023** |

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Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund online at *www.payden.com/prospectus*. You can also get this information at no cost by calling 800-572-9336, or by sending an e-mail to *payden@umb.com.* The Fund's prospectus and statement of additional information, both dated February 28, 2023, are incorporated by reference into this summary prospectus.

**INVESTMENT OBJECTIVE:**

The Fund seeks to provide investors with liquidity, a stable share price, and as high a level of current income as is consistent with preservation of principal and liquidity.

**FEES AND EXPENSES:**

The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.22% |
|  **Total Annual Fund Operating Expenses** | **0.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>1</sup> | 0.12% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.25%** |

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<sup>1</sup> Payden & Rygel ("Payden") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.25%. This agreement has a one-year term ending February 28, 2024; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. 

*Example of Fund Expenses:* This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the first year). Although your actual expenses may be higher or lower, based on these assumptions your expenses would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $26 | $107 | $196 | $456 |

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**PRINCIPAL INVESTMENT STRATEGIES:**

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| | |
|:---|:---|
| ª | The Fund invests at least 99.5% of its total assets in cash, Government Securities, and repurchase agreements collateralized by cash or Government Securities. "Government Securities" generally means any security issued or guaranteed as to principal or interest by the U.S. Government or certain of its agencies or instrumentalities; or any certificate of deposit for any of the foregoing.  |

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| | |
|:---|:---|
| 1 | **Payden Mutual Funds** |

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**PAYDEN CASH RESERVES MONEY MARKET FUND** 

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| | |
|:---|:---|
| ª | The Fund intends to be a "government money market fund," as defined by Rule 2a-7 under the Investment Company Act of 1940, as amended, that seeks to maintain a stable price of $1.00 per share by using the amortized cost method to value portfolio securities and rounding the share value to the nearest cent. The Fund does not currently intend to impose liquidity fees or redemption gates on Fund redemptions; however, the Fund's Board of Trustees may reserve the ability to subject the Fund to a liquidity fee and/or redemption gate in the future, after providing prior notice to Fund shareholders.  |

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| | |
|:---|:---|
| ª | The Fund maintains a dollar-weighted average portfolio maturity of 60 days or less, and a dollar-weighted average portfolio life (portfolio maturity measured without reference to any maturity shortening provisions of adjustable rate securities by reference to their interest rate reset date) of 120 days or less. In addition, the Fund only purchases securities that mature within 397 days of the date of purchase (with certain exemptions permitted by applicable regulations).  |

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**PRINCIPAL INVESTMENT RISKS:**

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| | |
|:---|:---|
| ª | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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.  |

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ª The primary risks of the debt securities in which the Fund invests are interest rate risk and credit risk.

ª *Interest Rates.* Interest rate risk is the risk that the value of the Fund's debt securities will fluctuate with changes in interest rates. For example, a decline in short-term interest rates would lower the Fund's yield and the return on your investment.

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| | |
|:---|:---|
| ª | *Credit Risk.* Credit risk is the risk that the issuer of a debt security will be unable to make interest or principal payments on time and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. Generally, credit risk is often higher for bank, corporate, mortgage-backed, asset-backed and foreign government debt securities than for Government securities.  |

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| | |
|:---|:---|
| ª | *Low Yields*. Recently, money market funds have experienced historically low yields on securities they can hold. Therefore, it is possible that the Fund may not be able to maintain a positive yield. In addition, inflation may outpace and diminish investment returns over time.  |

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ª *Repurchase Agreement Risk.* If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, the Fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value.

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| | |
|:---|:---|
| ª | *Government Securities Risk.* Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.  |

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ª *Management Risk.* The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

ª *No Government Guarantee.* An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

**PAST FUND PERFORMANCE:**

The information in the bar chart and table below provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns over time compare with those of a broad measure of market performance, the Lipper Government Money Market Average.

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| | |
|:---|:---|
| **Payden Mutual Funds** | 2.0 |

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**PAYDEN CASH RESERVES MONEY MARKET FUND** 

Updated performance information for the Fund may be found on the Fund's Internet site at *payden.com*. Past performance (before and after taxes) is no guarantee of future results.

**<u>Year by Year Total Returns</u>**

![LOGO](g405550g94d84.jpg)

During the ten-year period, the Fund's best quarter was 4thQ 2022 (0.81%), and the worst quarter was 1stQ 2022 (0.00%).

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| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Returns Through 12/31/22</u>** | **1 Year** | **5 Years** | **10 Years** |
|  **Payden Cash Reserves Money Market Fund** | 1.37% | 1.06% | 0.61% |
|  Lipper Government Money Market Average | 1.25% | 0.86% | 0.47% |

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Call 1-800-572-9336 between 8:00 a.m. and 5:00 p.m. (Pacific Time) for the Fund's current 7-day yield.

**MANAGEMENT:**

*Investment Adviser*. Payden & Rygel is the Fund's investment adviser.

**PURCHASE AND SALE OF FUND SHARES:**

The minimum initial and additional investment amounts for each type of account are as follows:

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| | | |
|:---|:---|:---|
| **ACCOUNT TYPE** | **INITIAL<br>INVESTMENT** | **ADDITIONAL<br>INVESTMENT** |
|  Regular | $5000 | $250 |
|  Tax-Sheltered | $2000 | $250 |
|  Electronic Investment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Set schedule | $2000 | $250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No set schedule | $5000 | $250 |
|  Automatic Exchange | NA | $250 |

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You may redeem shares by contacting the Fund in writing, at Payden Mutual Funds, P.O. Box 1611, Milwaukee, WI 53201-1611, by calling 1-800-572-9336, via the Fund's Internet site at *payden.com*, or through a financial intermediary. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.

**TAX INFORMATION:**<br>

The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions generally will be taxed when withdrawn from the tax-deferred arrangement.

3. **Payden Mutual Funds**

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**PAYDEN CASH RESERVES MONEY MARKET FUND** 

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES:**<br>

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Internet site for more information.

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| | |
|:---|:---|
| **Payden Mutual Funds** | 4.0 |

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