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| Purchase
Mutual Funds Print
this page (PDF) |
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| March 31, 2008 |
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| Symbol |
PYOBX |
| NAV($) |
$9.20 |
| Daily NAV
change ($) |
$0.02 |
| YTD Return |
0.40% |
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| Year to date** |
-0.03% |
| 1 Year trailing |
4.17% |
| 3 Year trailing |
3.88% |
| 5 Year trailing |
3.45% |
| 10 Year trailing |
5.25% |
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| 1997 |
8.83% |
| 1998 |
8.85% |
| 1999 |
-2.51% |
| 2000 |
10.18% |
| 2001 |
8.48% |
| 2002 |
10.32% |
| 2003 |
5.62% |
| 2004 |
4.10% |
| 2005 |
1.85% |
| 2006 |
2.37% |
| 2007 |
5.62% |
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| Inception Date |
12/9/96 |
| Total net assets |
$42.03
mil |
| Effective duration |
5.25
years |
| Average maturity |
8.00
years |
| Average credit |
AA |
| Capital gains
paid |
Annually |
| Dividends paid |
Monthly |
| Last distribution |
$0.035* |
| SEC yield |
4.32% |
| Min. Purchase |
$5,000 |
| Min. Purchase
(IRA) |
$2,000 |
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Opportunity for
higher returns, utilizing a global reach and diversification |
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High average credit
quality |
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Risk management
limits exposure of individual issues |
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| The Payden Opportunity Bond Fund
searches for investment opportunities across the entire
spectrum of fixed-income securities. The fund invests
in government and corporate bonds, with up to 25% of
its assets in high-yield, non-dollar and emerging-market
securities up to 20% in equity securities of US or foreign
companies. The fund aims to minimize risk by limiting
exposure of individual issues. |
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Intermediate-term bond with
high yield and emerging markets-
Appropriate for investors that seek diversification via
high-yield and emerging-market bond allocations as part
of a core fixed-income portfolio. |
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| High-yield, emerging-market and
non-dollar bonds can play an integral role in providing
the opportunity for greater performance within the fixed-income
market. They can also lead to higher long-term returns
and greater diversification in an investment portfolio.
An allocation to the Payden Opportunity Bond Fund is
designed to offset the volatility of equity portfolios,
while providing a source of income. |
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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 longer-term
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 mortgage-backed 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
- E*TRADE
- Fidelity Funds Network
- 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. 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. 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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