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| Purchase
Mutual Funds Print
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| March 31, 2008 |
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| Symbol |
PYHRX |
| NAV($) |
$7.41 |
| Daily NAV
change ($) |
-$0.02 |
| YTD Return |
-1.96% |
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| Year to date** |
-2.42% |
| 1 Year trailing |
-2.29% |
| 3 Year trailing |
4.46% |
| 5 Year trailing |
6.45% |
| Since inception |
4.75% |
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| 1998 |
6.35% |
| 1999 |
3.17% |
| 2000 |
-1.71% |
| 2001 |
4.60% |
| 2002 |
2.13% |
| 2003 |
18.65% |
| 2004 |
8.30% |
| 2005 |
2.36% |
| 2006 |
8.84% |
| 2007 |
2.64% |
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| Inception
Date |
12/30/97 |
| Total net assets |
$183.61
mil |
| Effective duration |
4.51
years |
| Average maturity |
6.61
years |
| Average credit |
BB- |
| Capital gains
paid |
Annually |
| Dividends paid |
Monthly |
| Last distribution |
0.050 |
| SEC yield |
8.59% |
Redemption Fee
(investments less than one month) |
2.00% |
| Min. Purchase |
$5,000 |
| Min. Purchase
(IRA) |
$2,000 |
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Potential for capital
appreciation |
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Focuses on upper-tier
high-yield bonds and employs strong risk controls |
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Cash bond defaults
have never occurred in the portfolio, rare among
high-yield bond funds today |
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Portfolio diversification
tool |
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| The Payden High Income Fund invests
in global growth companies whose high-yield bonds yield
a premium to US Treasury bonds. The fund invests in the
higher quality segment of the market and looks for companies
with superior management teams and value-added products. |
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| High-yield bond-
Appropriate for investors that seek higher yields, diversification
and equity-like returns without the volatility of the equity
markets. |
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| The high-yield bond market has undergone
significant changes over the past decade. In the late
1980s high-yield bonds, also called “junk bonds,” were
mainly issued by companies that attracted investors through
higher-yielding securities. Today, it is more than a
$900 billion market comprised of numerous global growth
companies with promising futures. |
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The high-yield market faced its
most challenging quarter since the beginning of 2005,
as the growing credit crunch and increased risk-aversion
led to a sell-off in risk products such as high yield.
The continuing problems in the subprime mortgage and
structured finance markets and the related write-downs
at the banks and brokers had a quasicontagion impact
on high yield in the first quarter of 2008, despite the
high-yield market having minimal direct exposure to the
subprime market. Unlike other markets, the high-yield
market remained “open for business” and liquidity
in the market was available. Market fundamentals still
remain relatively healthy in terms of low default rates
and solid earnings for the average high-yield rated company.
The relative outperformance of the
High Income Fund in 2008 has been due to overweight positions
in industries such as energy, healthcare and utilities.
Based on our expectations of a further slowing in the
US economy and problems related to the mortgage sector,
we maintained a more defensive posture in the portfolio
entering 2008. |
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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
- Bank One
- 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. Investing in high-yield securities
offers different rewards and challenges from investing
in investment-grade securities, including higher volatility,
greater credit risk, and the issuers’ more speculative
nature. The Paydenfunds are distributed through Payden & Rygel
Distributors, member FINRA. |
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