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Mutual Funds Print
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| March 31, 2008 |
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| Symbol |
PYGFX |
| NAV($) |
$8.55 |
| Daily NAV
change ($) |
$0.02 |
| YTD Return |
-1.10% |
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| Year to
date* |
1.30% |
| 1 Year trailing |
4.54% |
| 3 Year trailing |
4.17% |
| 5 Year trailing |
3.63% |
| 10 Year trailing |
5.07% |
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| 1993 |
13.15% |
| 1994 |
-3.01% |
| 1995 |
17.97% |
| 1996 |
5.75% |
| 1997 |
9.09% |
| 1998 |
11.66% |
| 1999 |
-0.53% |
| 2000 |
9.74% |
| 2001 |
5.57% |
| 2002 |
7.80% |
| 2003 |
3.07% |
| 2004 |
3.74% |
| 2005 |
5.00% |
| 2006 |
2.03% |
| 2007 |
4.33% |
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| Inception Date |
9/1/92 |
| Total net assets |
$98.15
mil |
| Effective duration |
6.33
years |
| Average maturity |
8.39
years |
| Average credit |
AA+ |
| Capital gains
paid |
Annually |
| Dividends paid |
Monthly |
| Last distribution |
$0.035* |
| SEC yield |
3.32% |
| Min. Purchase |
$5,000 |
| Min. Purchase
(IRA) |
$2,000 |
| Currency Hedging |
98.6% |
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Maintains one of
the lowest management fees in its peer group with
no loads or 12b-1 fees |
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Currency exposure
is routinely hedged back to U.S. dollar, removing
one source of price volatility |
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| The Payden Global Fixed Income Fund
invests in bonds of all maturities issued by governments,
agencies and corporations around the world and may invest
up to 20% of its assets in equity securities of US or
foreign companies. The fund purchases securities issued
in the major industrialized countries as well as those
that have strong ties to the world’s major economies. |
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| Global bond- Appropriate
for investors with longer time horizons that seek diversification
via sovereign and corporate debt of issuers in the developed
markets of the world. |
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| The question is not necessarily
one of timing, but of appropriateness for one’s
investment needs. The Payden Global Fixed Income Fund
offers a diversified, high-quality strategy that may
be an appropriate long-term holding in any investor’s
bond portfolio. The fund is actively managed, putting
the investor in the markets with the best fundamentals,
without having to time an asset allocation shift. The
fund’s goal is to deliver the highest bond-market
performance, regardless of country borders. |
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| Government bond yields fell in all
major markets in the first quarter as the escalation
in credit market turmoil fuelled a continued flight to
quality. Mounting fears of a US recession and the Federal
Reserve’s aggressive efforts to stabilize markets
and bolster growth with aggressive rate cuts, fuelled
the rally. The Bank of England also cut its benchmark
policy rate by 25 basis points to 5.25% and further easing
is expected in both markets. Over this period, the fund’s
long duration positions in the US and Canada added to
performance, as did our overweight allocation to Europe
to Geman bonds at the expense of the other European countries.
Currency positions helped returns thanks to continued
short US dollar positions against a basket of Asian and
emerging market currencies. However, these gains were
more than outweighed by the adverse impact of the fund’s
holdings of high yield and emerging market debt, as the
flight to quality continued and credit underperformed
comparable maturity government securities. |
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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
- Harrisdirect
- Linsco Private Ledger
- Pershing
- TD Waterhouse Securities
- Trust Company of America
- Schwab Marketplace
- 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. Investment in foreign securities
offers different rewards and challenges from investing
in domestic securities, including changes in exchange rates,
political changes, and differences in reporting standards,
and for emerging-market securities, higher volatility.The
Paydenfunds are distributed through Payden & Rygel
Distributors, member FINRA. |
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