We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mhi Hospitality Corp. (MM) | NASDAQ:MDH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.047 | 0 | 01:00:00 |
PAYDEN EMERGING MARKETS BOND FUND | Summary Prospectus | |
Adviser Class PYEWX | February 28, 2013 |
Before you invest, you may want to review the Funds prospectus, which contains more information about the Fund and its risks. You can find the Funds prospectus and other information about the Fund online at www.payden.com/prospectus . You can also get this information at no cost by calling 800-572-9336, or by sending an e-mail to payden@umb.com. The Funds prospectus and statement of additional information, both dated February 28, 2013, are incorporated by reference into this summary prospectus.
INVESTMENT OBJECTIVE: |
The Fund seeks a high level of total return.
FEES AND EXPENSES: |
The following table shows the fees and expenses you may pay if you buy and hold shares of this Fund.
Example of Fund Expenses: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that there is no change in the Funds Total Annual Fund Operating Expenses. Although your actual expenses may be higher or lower, based on these assumptions your expenses would be:
1 Year |
3 Years | 5 Years | 10 Years | |||||||||
$105 |
$ | 328 | $ | 569 | $ | 1,259 |
Portfolio Turnover. The Fund incurs transaction costs when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 74% of the average value of its long-term holdings.
PRINCIPAL INVESTMENT STRATEGIES: |
ª |
The Fund invests in a wide variety of debt instruments and income-producing securities. These include (1) debt securities issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities, political subdivisions of foreign governments (such as provinces and municipalities), and supranational organizations (such as the World Bank); (2) debt securities, loans and commercial paper issued by U.S. and foreign companies; and (3) convertible bonds and preferred stock. |
1 | Payden Mutual Funds |
PAYDEN EMERGING MARKETS BOND FUND
ª |
Under normal market conditions, the Fund invests at least 80% of its total assets in debt securities and similar debt instruments issued by governments, agencies and instrumentalities of emerging market countries (or economically linked with such securities), and other issuers organized or headquartered in emerging market countries. Generally, an emerging market country is any country which the World Bank, the International Finance Corporation or the United Nations defines as having an emerging or developing economy. |
ª |
The Fund may invest up to 20% of its total assets in other debt securities and similar debt instruments, including those of issuers located in countries with developed securities markets. |
ª |
Under normal market conditions, the Fund invests a substantial portion of its total assets in debt securities of issuers whose securities are rated below investment grade (commonly called junk bonds). Investment grade debt securities are rated within the four highest grades by at least one of the major rating agencies, such as Standard & Poors (at least BBB-), Moodys (at least Baa3) or Fitch (at least BBB-), or are securities that the Funds adviser, Payden & Rygel (Payden), determines to be of comparable quality. |
ª |
The Fund invests a majority of its assets in debt securities payable in U.S. dollars, but will also invest in debt securities payable in foreign currencies. The Fund may hedge this foreign currency exposure to the U.S. dollar. |
ª |
The Fund invests in debt securities of any maturity, and there is no limit on the Funds minimum or maximum average portfolio maturity. |
ª |
The Fund is non-diversified, which means that Payden may from time to time invest a larger percentage of the Funds assets in securities of a limited number of issuers. |
PRINCIPAL INVESTMENT RISKS: |
Depending on the circumstances, there is always the risk that you could lose all or a portion of your investment in the Fund. The following risks could also affect the value of your investment in the Fund:
ª |
Interest Rates. Because the Fund invests principally in debt securities, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns decline. When interest rates fall, the prices of these securities usually increase. Generally, the market price of debt securities with longer maturities will fluctuate more in response to changes in interest rates than the market price of shorter-term securities. |
ª |
Credit Risk. Debt securities are also subject to credit risk. Credit risk is the risk that the issuer of a debt security will be unable to make interest or principal payments on time. A debt securitys credit rating reflects the credit risk associated with the debt obligation. Generally, higher-rated debt securities involve lower credit risk than lower-rated debt securities. Credit risk is often higher for corporate, mortgage-backed, asset-backed and foreign government debt securities than for U.S. Government debt securities. |
ª |
Foreign Investments. Investing in foreign securities poses additional risks. The performance of foreign securities can be adversely affected by the different political, regulatory and economic environments in countries where the Fund invests, and fluctuations in foreign currency exchange rates may also adversely affect the value of foreign securities. |
ª |
Emerging Markets. The risks of foreign investing are heightened for securities of issuers in emerging markets countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in foreign developed markets, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets. |
ª |
Below Investment Grade Credit. Below investment grade securities (commonly called junk bonds) are speculative and involve a greater risk of default and price change due to changes in the issuers creditworthiness. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline more significantly in periods of general economic difficulty. |
ª |
Diversification. The Fund is non-diversified, which means that compared with diversified funds, the Fund may invest a greater percentage of its assets in a particular issuer. Accordingly, events that affect a few or even one of the Funds investments may have a greater impact on the value of the Funds shares than they would if the Fund were diversified. |
Payden Mutual Funds | 2 |
PAYDEN EMERGING MARKETS BOND FUND
PAST FUND PERFORMANCE: |
The information in the bar chart and table below provides some indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year and by showing how the Funds average annual returns over time compare with those of a broad measure of market performance, the J.P. Morgan EMBI Global Diversified Index.
After-tax returns for the Fund are calculated using the highest individual Federal marginal income tax rates for each year and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. They also may not be relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Updated performance information for the Fund may be found on the Funds Internet site at payden.com . Past performance (before and after taxes) is no guarantee of future results.
Year by Year Total Returns
During the three-year period, the Funds best quarter was 3rdQ 2010 (8.41%), and the worst quarter was 3rdQ 2011 (3.82%).
Average Annual Returns Through 12/31/12 | 1 Year |
Inception
(11/2/09) |
||||||
Payden Emerging Markets Bond Fund |
||||||||
Before Taxes |
19.03 | % | 12.13 | % | ||||
After Taxes on Distributions |
16.49 | % | 9.85 | % | ||||
After Taxes on Distributions and Sale of Fund Shares |
12.62 | % | 9.14 | % | ||||
J.P. Morgan EMBI Global Diversified Index |
17.44 | % | 12.09 | % |
(The returns for the index are before any deduction for taxes, fees or expenses.)
MANAGEMENT: |
Investment Adviser. Payden & Rygel is the Funds investment adviser.
Portfolio Manager. Kristin Ceva, Chartered Financial Analyst (CFA), is a Managing Principal and portfolio manager. Ms. Ceva has been with Payden since 1998. Arthur Hovsepian, CFA, is a Senior Vice President and portfolio manager. Mr. Hovsepian has been with Payden since 2004. Vladimir Milev, CFA, is a Senior Vice President and portfolio manager. Mr. Milev has been with Payden since 2003.
3 | Payden Mutual Funds |
PAYDEN EMERGING MARKETS BOND FUND
PURCHASE AND SALE OF FUND SHARES: |
The minimum initial and subsequent investment amounts for the Adviser Class of each of the Funds for each type of account are as follows:
ACCOUNT TYPE |
INITIAL
INVESTMENT |
ADDITIONAL
INVESTMENT |
||||||
Regular |
$ | 5,000 | $ | 250 | ||||
Tax-Sheltered |
$ | 2,000 | $ | 250 | ||||
Electronic Investment |
||||||||
Set schedule |
$ | 2,000 | $ | 250 | ||||
No set schedule |
$ | 5,000 | $ | 250 | ||||
Automatic Exchange |
NA | $ | 250 |
You may redeem shares by contacting the Funds in writing, at Payden Mutual Funds, P.O. Box 1611, Milwaukee, WI 53201-1611, by calling 1-800-572-9336, via the Funds Internet site at payden.com or through a financial intermediary. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.
TAX INFORMATION: |
The Funds distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Tax-deferred amounts may be subject to tax later.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES: |
If you purchase any Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your financial intermediarys Internet site for more information.
Payden Mutual Funds | 4 |
1 Year Mhi Hospitality Corp. (MM) Chart |
1 Month Mhi Hospitality Corp. (MM) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions