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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PYGNX |
| NAV($) |
$9.80 |
| Daily
NAV change ($) |
$0.05 |
| YTD
Return |
2.26% |
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Number
of funds |
| Overall |
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361 |
| 3 Year |
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361 |
| 5 Year |
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340 |
Category: Intermediate government
bond |
| Criterion: Risk-adjusted
return |
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| Year to date** |
2.40% |
| 1 Year trailing |
7.27% |
| 3 Year trailing |
5.38% |
| 5 Year trailing |
4.39% |
| Since inception |
6.23% |
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| 2000 |
11.23% |
| 2001 |
7.69% |
| 2002 |
9.93% |
| 2003 |
3.05% |
| 2004 |
4.19% |
| 2005 |
2.95% |
| 2006 |
4.40% |
| 2007 |
6.22% |
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| Inception Date |
8/27/99 |
| Total net assets |
$194.90
mil |
| Effective duration |
3.70
years |
| Average maturity |
5.10
years |
| Average credit |
AAA |
| Capital gains
paid |
Annually |
| Dividends paid |
Monthly |
| Last distribution |
$0.041* |
| SEC yield |
4.76% |
| Min. Purchase |
$5,000 |
| Min. Purchase
(IRA) |
$2,000 |
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Yields generally
exceed intermediate-maturity Treasuries and other
intermediate fixed-income funds |
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High average credit
quality |
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100% invested in
securities issued by the U.S. Government |
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Offers daily liquidity
and one of the lowest expense ratios of all GNMA funds |
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Free, unlimited
check writing A |
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| The Payden GNMA Fund invests at
least 80% of its assets in mortgage-backed securities
that are guaranteed by the full faith and credit of the
US Government. The fund invests in a range of mortgage-backed
security pools with coupons between 4.50% and 9.00%.
The balance of the fund’s assets is invested in
other obligations guaranteed by the US Government or
its agencies. The fund strives to maintain an intermediate
maturity of between three and seven years. |
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| GNMA bond- Appropriate
for investors that seek safety of principal, higher yields
and diversification through debt issued by the Government
National Mortgage Association. |
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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 0.50%. |
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| The Payden GNMA Fund offers an attractive
yield with an intermediate average life. All holdings
in the Fund are issued by the US government or its agencies.
While share values will fluctuate as interest rates move
up and down, there is no corporate credit risk associated
with the portfolio’s holdings. |
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| The GNMA market, like the mortgage
market in general, has been through one of the most turbulent
periods ever over the past few months. Agency mortgage
yields approached their highest yields ever relative
to Treasuries as investment banks and large hedge funds
all sought to sell securities in order to raise capital
and diminish their risk exposure. GNMA securities did
quite well over this period as the explicit guarantee
and flight to quality supported the GNMA market. Current
coupon yields on GNMA 30-year securities are just over
5.0% |
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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
- Fidelity Funds Network
- Harrisdirect
- Linsco Private Ledger
- Pershing
- TD Waterhouse Securities
- Trust Company of America
- Schwab Marketplace |
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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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