The Fund seeks to achieve income and growth through investment primarily in high yield below investment grade debt securities, of issuers based in OECD countries. The Fund may also invest in investment grade securities. Payden & Rygel Global Limited (the "Investment Manager ") will actively select, purchase and sell securities with the aim of meeting the investment objectives of the Fund. The Fund will invest primarily in debt securities issued by corporations located in OECD member states but may also invest in debt securities issued by governments, government agencies and supranationals based in Europe and the U.S. The Fund may use derivatives with the aim of managing interest rate and currency risk more efficiently. The Fund may also use derivatives for both hedging purposes and for taking investment positions. These may include short positions where the Fund seeks to benefit from the sale of an asset that it does not physically own. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 12 month