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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PYGSX |
| NAV($) |
$9.85 |
| Daily NAV
change ($) |
$0.00 |
| YTD Return |
-0.90% |
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| Year to date** |
-1.00% |
| 1 Year trailing |
1.73% |
| 3 Year trailing |
3.36% |
| 5 Year trailing |
3.20% |
| 10 Year trailing |
4.57% |
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| 1997 |
6.58% |
| 1998 |
7.83% |
| 1999 |
2.27% |
| 2000 |
6.94% |
| 2001 |
6.17% |
| 2002 |
7.20% |
| 2003 |
5.01% |
| 2004 |
2.54% |
| 2005 |
2.35% |
| 2006 |
4.23% |
| 2007 |
4.28% |
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| Inception Date |
9/18/96 |
| Total net assets |
$77.47
mil |
| Effective duration |
1.74
years |
| Average maturity |
2.55
years |
| Average credit |
AA+ |
| Capital gains
paid |
Annually |
| Dividends paid |
Monthly |
| Last distribution |
0.039* |
| SEC yield |
3.86% |
| Min. Purchase |
$5,000 |
| Min. Purchase
(IRA) |
$2,000 |
| Currency Hedging |
99% |
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No loads or 12b-1
fees |
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Primarily dollar-pay
bonds |
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Low interest rate
sensitivity than a typical core bond |
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| The Payden Global Short Bond Fund
generally invests in bonds of five-year maturities or
less, issued by governments and corporations around the
world. While the average credit quality is investment-grade
(BBB or above), the fund may invest up to 35% of its
assets in securities that are rated below investment
grade and up to 20% in equity securities of US or foreign
companies. The fund invests in credit markets to seek
higher returns over time. |
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| Short-term global bond-
Appropriate for investors with time horizons between one
and four years that desire higher yields and diversification
from sovereign and corporate debt of global issuers. |
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| The Payden Global Short Bond Fund
seeks the highest bond market performance by targeting
investments where the economic and business climates
are beneficial for bonds, regardless of country borders.
We look for opportunities in short-maturity government
and corporate markets in the United States, Asia, Europe
and Latin America. The fund is diversified with global
bonds across a variety of sectors and credit qualities,
and seeks to achieve higher returns than other short
bond funds by taking advantage of credit and yieldcurve
opportunities. |
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The capital markets experienced stress
and dislocation throughout the first quarter as banks
and brokerage firms struggled to deal with a funding
crisis brought on by deleveraging and a global flight
to quality ensued. The Federal Reserve aggressively lowered
interest rates and continued to provide funding vehicles
for market participants in an effort to alleviate the
stresses. The fund was not immune to these stresses,
and the non-Treasury securities held within the fund
had a negative impact on performance.
Early in the quarter
we reduced the fund’s assetbacked and mortgage-related
holdings and increased the holdings of Treasury and Agency
securities. For most of the quarter the fund was structured
with a longer average maturity than its Merrill Lynch
1-3 Year Treasury benchmark. As interest rates fell sharply
during the period, this longer maturity positioning enhanced
returns. By mid-March we felt the flight to quality had
run its course and we made an allocation to GNMA securities.
We also added a 15% allocation to non-US dollar bonds
to benefit from the yield curve differentials between
the US and European government bonds. |
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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
- 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.
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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