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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PYCBX |
| NAV($) |
$10.10 |
| Daily NAV
change ($) |
$0.01 |
| YTD Return |
0.79% |
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Expense
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| Year to
date* |
0.83% |
| 1 Year trailing |
5.09% |
| 3 Year trailing |
4.00% |
| 5 Year trailing |
3.53% |
| 10 Year trailing |
5.39% |
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| 1995 |
19.71% |
| 1996 |
1.74% |
| 1997 |
9.00% |
| 1998 |
8.08% |
| 1999 |
-2.29% |
| 2000 |
10.33% |
| 2001 |
9.55% |
| 2002 |
11.53% |
| 2003 |
4.03% |
| 2004 |
4.50% |
| 2005 |
1.92% |
| 2006 |
2,21% |
| 2007 |
5.55% |
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| Inception
Date |
1/1/94 |
| Total net
assets |
$522.48
mil |
| Effective duration |
5.25
years |
| Average maturity |
7.80
years |
| Average credit
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AA |
| Capital gains
paid |
Annually |
| Dividends
paid |
Monthly |
| Last distribution |
$0.038* |
| SEC yield |
4.02% |
| Min. Purchase |
$5,000 |
| Min. Purchase
(IRA) |
$2,000 |
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High credit-quality
orientation driven by extensive credit research |
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Diversified portfolio
holdings |
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High average credit
quality |
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Low expense ratio |
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No loads or 12b-1
fees |
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| The Payden Core Bond Fund employs
a disciplined investment strategy that focuses on solid
investment-grade corporate and government bonds. Fund
holdings include 75 to 100 securities chosen from approximately
750 issuers in the Lehman Aggregate Bond Index, which
tracks investment-grade bonds (rated BBB or above). |
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| Intermediate-term bond-
Appropriate as a core fixed-income holding for investors
with time horizons greater than three years. |
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| The definition of a core bond fund
in today’s market environment varies greatly. There
is no longer a standard template for what a core bond
fund should look like and many funds tend to take on
more risk than one might expect. Because Paydenfunds
offers a wide range of fixed-income funds, the firm’s
core bond fund remains focused on investment-grade credits
and sectors such as government, corporate and mortgage-backed
securities. |
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| The first quarter of
2008 was characterized by a general decline in Treasury
yields, with a more pronounced decline for shorter maturities
that were more directly tied to Fed activity as opposed
to 10- and 30-year maturities which were tied to longerterm
inflation expectations. This meant that the two-Year
Treasury declined by 1.46% while the 30-Year Treasury
only declined 0.16%. This Treasury rally did not really
tell the whole story as there continued to be pricing
pressure on many different types of bonds, particularly
commercial mortgagebacked securities and other structured
product. Illiquidity was still a key concern in the first
quarter, exacerbated by hedge fund and collateralized
debt obligation funds that were forced to sell bonds
in order to raise capital for their investors. |
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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
- Schwab OneSource
- TD Waterhouse Securities
- Trust Company of America
- 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. The Paydenfunds
are distributed through Payden & Rygel Distributors,
member FINRA. |
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