Fund Description

Incepted in September 1996, Payden & Rygel serves as the investment adviser to the fund. The fund seeks a high level of total return that is consistent with preservation of capital. Under normal market conditions, the fund invests at least 65% of its total assets in debt securities of issuers organized or headquartered in at least three countries, one of which may be the United States. The fund invests in debt securities payable in U.S. dollars and in foreign currencies. The fund may hedge this foreign currency exposure to the U.S. dollar. The fund invests in debt securities of any maturity. Under normal market conditions, the fund's maximum average portfolio maturity (on a dollar-weighted basis) is three years. The fund declares and distributes dividends to shareholders monthly. The fund distributes any net realized capital gains from the sale of portfolio securities at least once yearly.