# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0001193125-26-090702
**Filing Date:** 2026-3
**Character Count:** 482527
**Document Hash:** 23bb05a1ed532ea7c84a033313e7b684
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-090702.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-090702

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 178

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **CENTRAL INDEX KEY:** 0000885709

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-46973
- **FILM NUMBER:** 26720022

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 2136251900

**MAIL ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDENFUNDS
- **DATE OF NAME CHANGE:** 20010423

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **DATE OF NAME CHANGE:** 19940104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** P&R INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Payden Limited Maturity Fund (Series ID: S000011751)

---

|  |  |  |
|:---|:---|:---|
| Class Name                              | Ticker Symbol | Class ID   |
| Payden Limited Maturity Fund (SI Class) | PYLSX         | C000228770 |

---

### Payden Low Duration Fund (Series ID: S000011755)

---

|  |  |  |
|:---|:---|:---|
| Class Name                          | Ticker Symbol | Class ID   |
| Payden Low Duration Fund (SI Class) | PYLDX         | C000236135 |

---

### Payden Core Bond Fund (Series ID: S000011761)

---

|  |  |  |
|:---|:---|:---|
| Class Name                       | Ticker Symbol | Class ID   |
| Payden Core Bond Fund (SI Class) | PYCSX         | C000198612 |

---

### Payden Emerging Markets Bond Fund (Series ID: S000011762)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                   | Ticker Symbol | Class ID   |
| Payden Emerging Markets Bond Fund (SI Class) | PYEIX         | C000115587 |

---

### Payden Global Fixed Income Fund (Series ID: S000011763)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                 | Ticker Symbol | Class ID   |
| Payden Global Fixed Income Fund (SI Class) | PYGIX         | C000228771 |

---

### Payden Equity Income Fund (Series ID: S000011766)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| Payden Equity Income Fund (SI Class) | PYVSX         | C000146917 |

---

### Payden High Income Fund (Series ID: S000011767)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| Payden High Income Fund (SI Class) | PYCHX         | C000236136 |

---

### Payden Corporate Bond Fund (Series ID: S000025162)

---

|  |  |  |
|:---|:---|:---|
| Class Name                            | Ticker Symbol | Class ID   |
| Payden Corporate Bond Fund (SI Class) | PYCTX         | C000236137 |

---

### Payden Emerging Markets Local Bond Fund (Series ID: S000033934)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                         | Ticker Symbol | Class ID   |
| Payden Emerging Markets Local Bond Fund (SI Class) | PYILX         | C000236138 |

---

### Payden Floating Rate Fund (Series ID: S000042521)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| Payden Floating Rate Fund (SI Class) | PYFIX         | C000136207 |

---

### Payden Emerging Markets Corporate Bond Fund (Series ID: S000042522)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                             | Ticker Symbol | Class ID   |
| Payden Emerging Markets Corporate Bond Fund (SI Class) | PYCIX         | C000136209 |

---

### Payden Strategic Income Fund (Series ID: S000045226)

---

|  |  |  |
|:---|:---|:---|
| Class Name                              | Ticker Symbol | Class ID   |
| Payden Strategic Income Fund (SI Class) | PYSIX         | C000140808 |

---

### Payden Absolute Return Bond Fund (Series ID: S000047032)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                  | Ticker Symbol | Class ID   |
| Payden Absolute Return Bond Fund (SI Class) | PYAIX         | C000146996 |

---

### Payden Securitized Income Fund (Series ID: S000076847)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                | Ticker Symbol | Class ID   |
| Payden Securitized Income Fund (SI Class) | PYSCX         | C000236945 |

---

## Series and Classes Contracts Data

### Payden Limited Maturity Fund (Series ID: S000011751)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000228770 | Payden Limited Maturity Fund (SI Class) | PYLSX           |

### Payden Low Duration Fund (Series ID: S000011755)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000236135 | Payden Low Duration Fund (SI Class) | PYLDX           |

### Payden Core Bond Fund (Series ID: S000011761)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000198612 | Payden Core Bond Fund (SI Class) | PYCSX           |

### Payden Emerging Markets Bond Fund (Series ID: S000011762)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000115587 | Payden Emerging Markets Bond Fund (SI Class) | PYEIX           |

### Payden Global Fixed Income Fund (Series ID: S000011763)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000228771 | Payden Global Fixed Income Fund (SI Class) | PYGIX           |

### Payden Equity Income Fund (Series ID: S000011766)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000146917 | Payden Equity Income Fund (SI Class) | PYVSX           |

### Payden High Income Fund (Series ID: S000011767)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000236136 | Payden High Income Fund (SI Class) | PYCHX           |

### Payden Corporate Bond Fund (Series ID: S000025162)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000236137 | Payden Corporate Bond Fund (SI Class) | PYCTX           |

### Payden Emerging Markets Local Bond Fund (Series ID: S000033934)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000236138 | Payden Emerging Markets Local Bond Fund (SI Class) | PYILX           |

### Payden Floating Rate Fund (Series ID: S000042521)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000136207 | Payden Floating Rate Fund (SI Class) | PYFIX           |

### Payden Emerging Markets Corporate Bond Fund (Series ID: S000042522)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000136209 | Payden Emerging Markets Corporate Bond Fund (SI Class) | PYCIX           |

### Payden Strategic Income Fund (Series ID: S000045226)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000140808 | Payden Strategic Income Fund (SI Class) | PYSIX           |

### Payden Absolute Return Bond Fund (Series ID: S000047032)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000146996 | Payden Absolute Return Bond Fund (SI Class) | PYAIX           |

### Payden Securitized Income Fund (Series ID: S000076847)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000236945 | Payden Securitized Income Fund (SI Class) | PYSCX           |

?xml version='1.0' encoding='ASCII'? Payden Funds

------

![LOGO](g71339g1logo_03pro.jpg)

## PROSPECTUS
FEBRUARY 28, 2026

» U.S. BOND FUNDS

Payden Limited Maturity Fund (SI Class — Ticker Symbol PYLSX)

Payden Low Duration Fund (SI Class — Ticker Symbol PYLDX)

Payden Core Bond Fund (SI Class — Ticker Symbol PYCSX)

Payden Strategic Income Fund (SI Class — Ticker Symbol PYSIX)

Payden Absolute Return Bond Fund (SI Class — Ticker Symbol PYAIX)

Payden Corporate Bond Fund (SI Class — Ticker Symbol PYCTX)

Payden High Income Fund (SI Class — Ticker Symbol PYCHX)

Payden Securitized Income Fund (SI Class — Ticker Symbol PYSCX)

» U.S. LOAN FUND

Payden Floating Rate Fund (SI Class — Ticker Symbol PYFIX)

» GLOBAL BOND FUNDS

Payden Global Fixed Income Fund (SI Class — Ticker Symbol PYGIX)

Payden Emerging Markets Bond Fund (SI Class — Ticker Symbol PYEIX)

Payden Emerging Markets Local Bond Fund (SI Class — Ticker Symbol PYILX)

Payden Emerging Markets Corporate Bond Fund (SI Class — Ticker Symbol PYCIX)

» U.S. Equity Fund

Payden Equity Income Fund (SI Class — Ticker Symbol PYVSX)

The U.S. Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

------

![LOGO](g71339g1g02a02.jpg)

table of contents

---

| | |
|:---|:---|
|  **[» Fund Summaries](#toc87457_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[› U.S. Bond Funds](#toc87457_2)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Limited Maturity Fund](#toc87457_3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Low Duration Fund](#toc87457_4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Core Bond Fund](#toc87457_5) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Strategic Income Fund](#toc87457_6) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Absolute Return Bond Fund](#toc87457_7) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Corporate Bond Fund](#toc87457_8) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden High Income Fund](#toc87457_9) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Securitized Income Fund](#toc87457_9a) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[› U.S. Loan Fund](#toc87457_10)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Floating Rate Fund](#toc87457_11) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[› Global Bond Funds](#toc87457_12)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Global Fixed Income Fund](#toc87457_100a) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Emerging Markets Bond Fund](#toc87457_13) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Emerging Markets Local Bond Fund](#toc87457_14) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Emerging Markets Corporate Bond Fund](#toc87457_15) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[› U.S. Equity Fund](#toc87457_16)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payden Equity Income Fund](#toc87457_17) | 55 |
|  **[» More About Investment Strategies, Related Risks<br>and Disclosure of Portfolio Holdings](#toc87457_18)** | 59 |
|  **[» Management of the Funds](#toc87457_19)** | 64 |
|  **[» Shareholder Information](#toc87457_20)** | 67 |
|  [Pricing of Fund Shares: Net Asset Value](#toc87457_21) | 67 |
|  [How to Purchase Shares](#toc87457_22) | 68 |
|  [How to Redeem Shares](#toc87457_23) | 70 |
|  [Cost Basis Reporting](#toc87457_24) | 71 |
|  [Market Timing Activities](#toc87457_25) | 71 |
|  [Dividends and Distributions](#toc87457_26) | 72 |
|  [Tax Information](#toc87457_27) | 72 |
|  [General Information](#toc87457_28) | 72 |
|  [Appendix A: Description of Ratings](#toc87457_29) | 73 |
|  [Appendix B: Financial Highlights](#toc87457_31) | 78 |

---

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 1

PAYDEN LIMITED MATURITY FUND

#### INVESTMENT OBJECTIVE:
The Fund seeks a total return that, over time, is greater than returns of money market funds and is consistent with preservation of capital.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.23% |
|  **Total Annual Fund Operating Expenses** | **0.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>1</sup> | 0.26% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.25%** |

---

<sup>1</sup> Payden & Rygel ("Payden" or the "Adviser") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.25%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific 

*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 the Fund's operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the first year). 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** |
| $26 | $137 | $259 | $615 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 60% of the average value of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:

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| | |
|:---|:---|
| ª | The Fund invests in a wide variety of debt instruments and income-producing securities payable primarily in U.S. dollars. 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; (3) U.S. and foreign mortgage-related securities, including collateralized mortgage-backed obligations, credit risk transfer securities and commercial mortgage-backed obligations, and U.S. and foreign asset-backed debt securities, including collateralized debt obligations and collateralized loan obligations; (4) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax; and (5) convertible bonds and preferred stock.  |

---

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| | |
|:---|:---|
| ª | The Fund invests at least 90% of its total assets in investment grade debt securities, but may invest up to 10% of its total assets in debt securities rated below investment grade. The overall average credit quality of the Fund will remain investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality.  |

---

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| | |
|:---|:---|
| ª | The Fund invests in debt securities of any maturity, although under normal market conditions the Fund's maximum average portfolio maturity (on a dollar-weighted basis) is two and one-half years. In calculating the Fund's average portfolio maturity, the Fund uses a security's stated maturity, or if applicable, an earlier date based on the Adviser's belief that the security may be subject, for example, to a call, a put, a refunding, a prepayment, a redemption provision, an adjustable coupon rate, or the like, that will cause the security to be repaid earlier.  |

---

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2 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN LIMITED MATURITY FUND (continued)

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| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

---

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| | |
|:---|:---|
| ª | The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging currency exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short.  |

---

#### 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.* As with most bond funds, 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

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| | |
|:---|:---|
| 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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.  |

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| | |
|:---|:---|
| ª | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.  |

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| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal.  |

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| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's 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.  |

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Prospectus FUND SUMMARIES – U.S. BOND FUNDS 3

PAYDEN LIMITED MATURITY FUND (continued)

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| | |
|:---|:---|
| ª | *Mortgage-Backed/Asset-Backed Securities.* Investing in mortgage-backed and asset-backed securities poses additional risks, principally driven by changes in interest rates. When interest rates increase the market values of mortgage-backed securities decline. At the same time, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of increasing interest rates on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, many mortgage-backed securities may be prepaid prior to maturity and when interest rates decline, while the value of such securities may increase, the rate of prepayment also tends to increase, which shortens the effective duration of the securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations, or that the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Investments in asset-backed securities are subject to similar risks.  |

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| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

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| | |
|:---|:---|
| ª | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.  |

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|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

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|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

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| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Cybersecurity Risk.* Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

------

4 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN LIMITED MATURITY FUND (continued)

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, as well as an additional market index with characteristics that are similar to those of the Fund, the ICE BofA U.S. 3-Month Treasury Bill 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at *payden.com*. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g49k92.jpg)

Since inception, the Fund's best quarter was 3rdQ 2024 (1.92%), and the worst quarter was 1stQ 2022 (–0.60%).

---

| | | |
|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **Since<br> Inception<br> (6/30/21)** |
|  Payden Limited Maturity Fund |  |  |
|  Before Taxes | 5.24% | 4.02% |
|  After Taxes on Distributions | 3.12% | 2.42% |
|  After Taxes on Distributions and Sale of Fund Shares | 3.07% | 2.39% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | –0.03% |
|  ICE BofA U.S. 3-Month Treasury Bill Index | 4.18% | 3.51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (The returns for the indices are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Managers.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Adam Congdon, Director (12 years), Nigel Jenkins, Managing Director (20 years), Kerry Rapanot, Managing Director (24 years), and Mary Beth Syal, Managing Director (35 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus beginning on page 58.

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 5

PAYDEN LOW DURATION FUND

#### INVESTMENT OBJECTIVE:
The Fund seeks a high level of total return that is consistent with preservation of capital.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.26% |
|  **Total Annual Fund Operating Expenses** | **0.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>1</sup> | 0.16% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.38%** |

---

<sup>1</sup> Payden & Rygel ("Payden" or the "Adviser") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.38%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 the Fund's operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the first year). 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** |
| $39 | $157 | $286 | $662 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's 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 payable primarily in U.S. dollars. 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; (3) U.S. and foreign mortgage-related securities, including collateralized mortgage-backed obligations, credit risk transfer securities and commercial mortgage-backed obligations, and U.S. and foreign asset-backed debt securities, including collateralized loan obligations; (4) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax; and (5) convertible bonds and preferred stock.  |

---

---

| | |
|:---|:---|
| ª | The Fund invests at least 75% of its total assets in investment grade debt securities, but may invest up to 25% of its total assets in debt securities rated below investment grade. The overall average credit quality of the Fund will remain investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality.  |

---

---

| | |
|:---|:---|
| ª | The Fund invests in debt securities of any maturity, although under normal market conditions the Fund's maximum average portfolio maturity (on a dollar-weighted basis) is four years. In calculating the Fund's average portfolio maturity, the Fund uses a security's stated maturity, or if applicable, an earlier date based on the Adviser's belief that the security may be subject, for example, to a call, a put, a refunding, a prepayment, a redemption provision, an adjustable coupon rate, or the like, that will cause the security to be repaid earlier.  |

---

------

6 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN LOW DURATION FUND (continued)

---

| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

---

---

| | |
|:---|:---|
| ª | The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging currency exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short.  |

---

#### 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.* As with most bond funds, 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

---

---

| | |
|:---|:---|
| 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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 | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.  |

---

---

| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal.  |

---

---

| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's 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.  |

---

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 7

PAYDEN LOW DURATION FUND (continued)

---

| | |
|:---|:---|
| ª | *Mortgage-Backed/Asset-Backed Securities.* Investing in mortgage-backed and asset-backed securities poses additional risks, principally driven by changes in interest rates. When interest rates increase the market values of mortgage-backed securities decline. At the same time, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of increasing interest rates on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, many mortgage-backed securities may be prepaid prior to maturity and when interest rates decline, while the value of such securities may increase, the rate of prepayment also tends to increase, which shortens the effective duration of the securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations, or that the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Investments in asset-backed securities are subject to similar risks.  |

---

---

| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

---

| | |
|:---|:---|
| ª | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.  |

---

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| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

---

| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

---

---

| | |
|:---|:---|
| ª | *Redemption Risk.* The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk.* The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Cybersecurity Risk.* Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

------

8 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN LOW DURATION FUND (continued)

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, as well as an additional market index with characteristics that are similar to those of the Fund, the ICE BofA 1-3 Year U.S. Treasury 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g02j80.jpg)

Since inception, the Fund's best quarter was 3rdQ 2024 (2.90%), and the worst quarter was 2ndQ 2022 (–1.05%).

---

| | | |
|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **Since<br> Inception<br> (2/28/22)** |
|  Payden Low Duration Fund |  |  |
|  Before Taxes | 5.76% | 3.66% |
|  After Taxes on Distributions | 3.89% | 2.12% |
|  After Taxes on Distributions and Sale of Fund Shares | 3.38% | 2.12% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | 1.00% |
|  ICE BofA 1-3 Year U.S. Treasury Index | 5.10% | 2.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (The returns for the indices are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Managers.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Adam Congdon, Director (12 years), Nigel Jenkins, Managing Director (20 years), Brian Matthews, Managing Director (40 years), Kerry Rapanot, Managing Director (24 years), and Mary Beth Syal, Managing Director (35 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus beginning on page 58.

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 9

PAYDEN CORE BOND FUND

#### INVESTMENT OBJECTIVE:
The Fund seeks a high level of total return that is consistent with preservation of capital.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>1</sup> | 0.02% |
|  **Total Annual Fund Operating Expenses** | **0.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>2</sup> | 0.11% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.44%** |

---

<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratios of expenses to average net assets given in the Financial Highlights in this Prospectus and in the Fund's financial statements, which reflect the Fund's operating expenses but not Acquired Fund Fees and Expenses.

<sup>2</sup> Payden & Rygel ("Payden") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.42%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 the Fund's operating expenses remain the same (inclusive of Acquired Fund Fees and 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** |
| $45 | $165 | $296 | $679 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 64% of the average value of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:

---

| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests at least 80% of its total assets in a wide variety of debt instruments and income-producing securities payable primarily in U.S. dollars. 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; (3) U.S. and foreign mortgage-backed and asset-backed debt securities; (4) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax; and (5) convertible bonds and preferred stock.  |

---

---

| | |
|:---|:---|
| ª | The Fund invests at least 75% of its total assets in investment grade debt securities, but may invest up to 25% of its total assets in debt securities rated below investment grade. The overall average credit quality of the Fund will remain investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality.  |

---

ª The Fund invests in debt securities of any maturity, and there is no limit on the Fund's minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal.

---

| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

---

------

10 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN CORE BOND FUND (continued)

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| | |
|:---|:---|
| ª | The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging current exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short.  |

---

#### 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.* As with most bond funds, 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

---

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| | |
|:---|:---|
| ª | *Extension Risk.* Rising interest rates can cause the average maturity of the Fund's holdings of mortgage-backed securities to lengthen unexpectedly due to a drop in prepayments. This would increase the sensitivity of the Fund to rising rates, and could cause certain of the Fund's investments to decline in value more than they would have declined due to the rise in interest rates alone.  |

---

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| | |
|:---|:---|
| 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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 | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.  |

---

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| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal.  |

---

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| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's creditworthiness. The market prices of these debt securities fluctuate more than the market prices of investment grade debt securities and may decline more significantly in periods of general economic difficulty.  |

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Prospectus FUND SUMMARIES – U.S. BOND FUNDS 11

PAYDEN CORE BOND FUND (continued)

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| | |
|:---|:---|
| ª | *Mortgage-Backed/Asset-Backed Securities.* Investing in mortgage-backed and asset-backed securities poses additional risks, principally driven by changes in interest rates. When interest rates increase the market values of mortgage-backed securities decline. At the same time, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of increasing interest rates on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, many mortgage-backed securities may be prepaid prior to maturity and when interest rates decline, while the value of such securities may increase, the rate of prepayment also tends to increase, which shortens the effective duration of the securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations, or that the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Investments in asset-backed securities are subject to similar risks.  |

---

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| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

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| | |
|:---|:---|
| ª | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of the Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.  |

---

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| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

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| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

---

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| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

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| | |
|:---|:---|
| ª | *Cybersecurity Risk.* Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

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12 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN CORE BOND FUND (continued)

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg U.S. Aggregate Bond 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g08t94.jpg)

Since inception, the Fund's best quarter was 4thQ 2023 (7.19%), and the worst quarter was 2ndQ 2022 (–5.71%).

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **5 Years** | **Since<br> Inception<br> (1/22/18)** |
|  Payden Core Bond Fund |  |  |  |
|  Before Taxes | 7.70% | 0.26% | 2.07% |
|  After Taxes on Distributions | 5.56% | –1.22% | 0.96% |
|  After Taxes on Distributions and Sale of Fund Shares | 4.52% | –1.22% | 0.96% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | –0.36% | 1.87% |

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(The returns for the index are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Managers.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Timothy Crawmer, Director (8 years), Nigel Jenkins, Managing Director (20 years), Brian Matthews, Managing Director (40 years), Laura Lake, Managing Director (4 years), and Mary Beth Syal, Managing Director (35 years).

For important information about the purchase and sale of Fund shares, tax information and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information" and "Payments to Broker-Dealers and Other Financial Intermediaries" sections of this Prospectus beginning on page 58.

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 13

PAYDEN STRATEGIC INCOME FUND

#### INVESTMENT OBJECTIVE:
The Fund seeks a high level of total return combined with income generation that is consistent with preservation of capital.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
|  **Total Annual Fund Operating Expenses** | **0.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>2</sup> | 0.39% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.56%** |

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<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratios of expenses to average net assets given in the Financial Highlights in this Prospectus and in the Fund's financial statements, which reflect the Fund's operating expenses but not Acquired Fund Fees and Expenses.

<sup>2</sup> Payden & Rygel ("Payden") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.55%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver."

*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 operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the first year). Although your actual expenses may be higher or lower, based on these assumptions your expenses would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $57 | $264 | $487 | $1131 |

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*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 53% of the average value of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:
ª The Fund invests in a wide variety of securities across many asset classes in an unconstrained fashion. It seeks opportunities by employing a flexible approach that evaluates security attractiveness on a global basis and across currencies.

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| | |
|:---|:---|
| ª | The Fund will invest in income-producing securities and equity related securities payable in U.S. dollars and other currencies. 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; (3) U.S. and foreign mortgage-related securities, including collateralized mortgage-backed obligations, credit risk transfer securities and commercial mortgage-backed obligations; (4) U.S. and foreign asset-backed debt securities, including collateralized debt obligations and collateralized loan obligations; (5) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax; (6) convertible bonds and preferred stock; and (7) equity securities and equity related securities such as common stock and master limited partnerships. |

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| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds). |

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ª The Fund will invest in both developed and emerging markets.

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| | |
|:---|:---|
| ª | The Fund invests in both investment grade debt securities and securities rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality. |

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14 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN STRATEGIC INCOME FUND (continued)

ª In evaluating preferred stocks, convertible bonds, equity securities and equity-related securities such as common equity and master limited partnerships, Payden seeks instruments consistent with the income generating focus of the Fund.

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| | |
|:---|:---|
| ª | The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging current exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short. |

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|:---|:---|
| ª | The Fund invests in debt securities of any maturity, and there is no limit on the Fund's minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal. There may be circumstances when the duration of the Fund is negative to protect against rising interest rates. Duration is an analytic measure of the Fund's sensitivity to interest rate movements. |

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#### 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:

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| | |
|:---|:---|
| ª | *Interest Rates*. As with most funds that invest 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields. |

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| | |
|:---|:---|
| ª | *Credit Risk.* Debt instruments 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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. |

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| | |
|:---|:---|
| ª | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected. |

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| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal. |

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| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's creditworthiness. The market prices of these debt securities fluctuate more than the market prices of investment grade debt securities and may decline more significantly in periods of general economic difficulty. |

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Prospectus FUND SUMMARIES – U.S. BOND FUNDS 15

PAYDEN STRATEGIC INCOME FUND (continued)

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| | |
|:---|:---|
| ª | *Mortgage-Backed/Asset-Backed Securities*. Investing in mortgage-backed and asset-backed securities poses additional risks, principally driven by changes in interest rates. When interest rates increase the market values of mortgage-backed securities decline. At the same time, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of increasing interest rates on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, many mortgage-backed securities may be prepaid prior to maturity and when interest rates decline, while the value of such securities may increase, the rate of prepayment also tends to increase, which shortens the effective duration of the securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations, or that the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Investments in asset-backed securities are subject to similar risks. |

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| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities. |

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| | |
|:---|:---|
| ª | *Emerging Markets.* The risks of foreign investing are heightened for securities of issuers in emerging market 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. |

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| | |
|:---|:---|
| ª | *Equity Securities.* Investing in equity securities poses certain risks, including a sudden decline in a holding's share price, or an overall decline in the stock market. The value of the Fund's investment in any such securities will fluctuate on a day-to-day basis with movements in the stock market, as well as in response to the activities of individual companies whose equity securities the Fund owns. Moreover, purchasing stocks perceived to be undervalued brings additional risks. For example, the issuing company's condition may worsen instead of improve, or the pace and extent of any improvement may be less than expected. |

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| | |
|:---|:---|
| ª | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) to tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. |

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| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares. |

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| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others. |

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| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs. |

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ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

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16 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN STRATEGIC INCOME FUND (continued)

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| | |
|:---|:---|
| ª | *Cybersecurity Risk*. Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents. |

---

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg U.S. Aggregate Bond 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g12d30.jpg)

During the ten-year period, the Fund's best quarter was 2ndQ 2020 (8.57%), and the worst quarter was 1stQ 2020 (–7.12%).

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
|  Payden Strategic Income Fund |  |  |  |
|  Before Taxes | 6.96% | 2.91% | 3.69% |
|  After Taxes on Distributions | 4.68% | 1.09% | 2.10% |
|  After Taxes on Distributions and Sale of Fund Shares | 4.08% | 1.09% | 2.10% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

(The returns for the index are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Manager.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Kristin Ceva, Managing Director (28 years), Timothy Crawmer, Director (8 years), Nigel Jenkins, Managing Director (20 years), Laura Lake, Managing Director (4 years), and Natalie Trevithick, Managing Director (14 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus beginning on page 58.

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 17

PAYDEN ABSOLUTE RETURN BOND FUND

#### INVESTMENT OBJECTIVE:
The Fund seeks a high level of total return that is consistent with preservation of capital.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
|  **Total Annual Fund Operating Expenses** | **0.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>2</sup> | 0.31% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.48%** |

---

<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratios of expenses to average net assets given in the Financial Highlights in this Prospectus and in the Fund's financial statements, which reflect the Fund's operating expenses but not Acquired Fund Fees and Expenses.

<sup>2</sup> Payden & Rygel ("Payden") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.47%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the first year). 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** |
| $49 | $221 | $408 | $949 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 176% of the average value of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:

---

| | |
|:---|:---|
| ª | The Fund's absolute return strategy seeks to have positive absolute returns over the long term, regardless of different market environments. To achieve this goal, the Fund seeks to provide total return, whether through price appreciation, or income, or a combination of both. It seeks opportunities by employing a flexible approach that evaluates security attractiveness globally, both inside and outside the U.S. Downside risk protection is a part of the strategy, but there is no guarantee or implication that negative returns will be avoided.  |

---

---

| | |
|:---|:---|
| ª | Under normal market conditions, the Fund will invest at least 80% of its investable assets (net assets plus borrowing for investment purposes, if any) in bonds or investments that provide exposure to bonds. Investments in "bonds" may include, but are not limited to (1) debt securities issued or guaranteed by the U.S. Government, and foreign governments and their agencies an instrumentalities, political subdivisions of foreign governments (such as provinces and municipalities), and supranational organizations (such as the World Bank); (2) debt securities and commercial paper issued by U.S. and foreign companies; (3) U.S. and foreign mortgage-related securities, including collateralized mortgage-backed obligations, credit risk transfer securities and commercial mortgage-backed obligations; (4) U.S. and foreign asset-backed debt securities, including collateralized debt obligations and collateralized loan obligations; (5) loans, including floating rate loans; and (6) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax.  |

---

------

18 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN ABSOLUTE RETURN BOND FUND (continued)

ª The Fund may also invest in (1) convertible bonds, contingent convertible bonds and preferred stock; (2) real estate investment trusts; and (3) master limited partnerships. In evaluating these types of investments, Payden seeks instruments consistent with the income generating focus of the Fund.

---

| | |
|:---|:---|
| ª | The Fund invests in both investment grade debt securities and securities rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality.  |

---

---

| | |
|:---|:---|
| ª | The Fund will invest in both developed and emerging markets. In making these investments, the Fund invests in securities payable in U.S. dollars and foreign currencies. The Fund may hedge this foreign currency exposure to the U.S. dollar. However, the Fund may also choose to have currency exposure through outright currency purchases unrelated to a foreign currency-denominated security.  |

---

---

| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

---

---

| | |
|:---|:---|
| ª | The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging currency exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short.  |

---

---

| | |
|:---|:---|
| ª | The Fund invests in debt securities of any maturity, and there is no limit on the Fund's minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal. In addition, there may be circumstances when the duration of the Fund is negative to protect against rising interest rates. Duration is an analytic measure of the Fund's sensitivity to interest rate movements. The absolute return nature of the Fund will generally lead to durations that are between negative 2 years and positive 5 years.  |

---

#### 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 | *Absolute Return Strategy Risk*. As indicated in the Fund's Principal Investment Strategies, the absolute return strategy seeks to have positive absolute returns over the long term through price appreciation or income or a combination of both. In seeking to achieve that goal, the Fund seeks opportunities by employing a flexible approach that evaluates security attractiveness globally. However, while downside risk protection is a part of the strategy, there is no guarantee that negative returns will be avoided. The performance of absolute return strategies is designed to be independent of longer term movements in the stock and bond markets. But, interest rate levels and currency valuations will not always respond as expected and portfolio securities may remain over- or under-valued. Similarly, absolute return strategies may not generate current income when interest rates decline.  |

---

---

| | |
|:---|:---|
| ª | *Interest Rates.* As with most funds that invest 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

---

---

| | |
|:---|:---|
| ª | *Credit Risk.* Debt instruments 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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 | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff  |

---

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 19

PAYDEN ABSOLUTE RETURN BOND FUND (continued)

arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected. <br>

---

| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal.  |

---

---

| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's creditworthiness. The market prices of these debt securities fluctuate more than the market prices of investment grade debt securities and may decline more significantly in periods of general economic difficulty.  |

---

---

| | |
|:---|:---|
| ª | *Mortgage-Backed/Asset-Backed Securities*. Investing in mortgage-backed and asset-backed securities poses additional risks, principally driven by changes in interest rates. When interest rates increase the market values of mortgage-backed securities decline. At the same time, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of increasing interest rates on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, many mortgage-backed securities may be prepaid prior to maturity and when interest rates decline, while the value of such securities may increase, the rate of prepayment also tends to increase, which shortens the effective duration of the securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations, or that the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Investments in asset-backed securities are subject to similar risks.  |

---

---

| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

---

| | |
|:---|:---|
| ª | *Emerging Markets.* The risks of foreign investing are heightened for securities of issuers in emerging market 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 | *Equity Securities.* Investing in equity securities poses certain risks, including a sudden decline in a holding's share price, or an overall decline in the stock market. The value of the Fund's investment in any such securities will fluctuate on a day-to-day basis with movements in the stock market, as well as in response to the activities of individual companies whose equity securities the Fund owns. Moreover, purchasing stocks perceived to be undervalued brings additional risks. For example, the issuing company's condition may worsen instead of improve, or the pace and extent of any improvement may be less than expected.  |

---

---

| | |
|:---|:---|
| ª | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to  |

---

------

20 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN ABSOLUTE RETURN BOND FUND (continued)

wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. <br>

---

| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

---

| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

---

---

| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Cybersecurity Risk*. Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, as well as an additional market index with characteristics that are similar to those of the Fund, the ICE BofA U.S. 1-Month Treasury Bill 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g87n22.jpg)

During the ten-year period, the Fund's best quarter was 2ndQ 2020 (8.90%), and the worst quarter was 1stQ 2020 (–8.98%).

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 21

PAYDEN ABSOLUTE RETURN BOND FUND (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
|  Payden Absolute Return Bond Fund |  |  |  |
|  Before Taxes | 6.07% | 3.76% | 3.62% |
|  After Taxes on Distributions | 3.15% | 1.74% | 1.97% |
|  After Taxes on Distributions and Sale of Fund Shares | 3.15% | 1.74% | 1.97% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
|  ICE BofA U.S. 1-Month Treasury Bill Index | 4.25% | 3.17% | 2.11% |

---

(The returns for the indices are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Manager.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Kristin Ceva, Managing Director (28 years), Nigel Jenkins, Managing Director (20 years), Brian Matthews, Managing Director (40 years), Alec Small, Senior Vice President (9 years), and Eric Souders, Managing Director (12 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus beginning on page 58.

PAYDEN CORPORATE BOND FUND

#### INVESTMENT OBJECTIVE:
The Fund seeks a high level of total return that is consistent with preservation of capital.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses <sup>1</sup> | 0.01% |
|  **Total Annual Fund Operating Expenses** | **0.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement <sup>2</sup> | 0.10% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.56%** |

---

<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratios of expenses to average net assets given in the Financial Highlights in this Prospectus and in the Fund's financial statements, which reflect the Fund's operating expenses but not Acquired Fund Fees and Expenses.

<sup>2</sup> Payden & Rygel ("Payden") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.55%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 the Fund's operating expenses

------

22 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN CORPORATE BOND FUND (continued)

remain the same (inclusive of Acquired Fund Fees and Expenses and taking into account the contractual fee waiver or expense reimbursement for the first year). 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** |
| $57 | $201 | $358 | $813 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 42% 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, loans and commercial paper issued by U.S. and foreign companies; (2) 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); (3) U.S. and foreign mortgage-backed and asset-backed securities; (4) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax; and (5) convertible bonds and preferred stock.  |

---

---

| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests at least 80% of its total assets in corporate bonds or similar corporate debt instruments. In addition, in order to gain exposure to corporate debt markets, the Fund may use derivatives to a significant extent, including in particular, credit default swaps with respect to individual corporate names and with respect to various credit indices.  |

---

---

| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests at least 65% of its total assets in securities rated investment grade at the time of purchase, and may invest up to 35% of its total assets in securities rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality.  |

---

---

| | |
|:---|:---|
| ª | The Fund may invest up to 25% of its total assets in securities of issuers organized or headquartered in emerging market countries.  |

---

---

| | |
|:---|:---|
| ª | The Fund may invest up to 20% of its total assets in equity securities of U.S. or foreign issuers, and may use derivatives to gain exposure to such equity markets.  |

---

---

| | |
|:---|:---|
| ª | The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging currency exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short.  |

---

---

| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

---

ª 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.

ª The Fund invests in debt securities of any maturity and there is no limit on the Fund's minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal.

#### 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.* As with most bond funds, 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

---

---

| | |
|:---|:---|
| 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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.  |

---

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 23

PAYDEN CORPORATE BOND FUND (continued)

---

| | |
|:---|:---|
| ª | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.  |

---

---

| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal.  |

---

---

| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's 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 | *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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

---

| | |
|:---|:---|
| ª | *Emerging Markets.* The risks of foreign investing are heightened for securities of issuers in emerging market 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 | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. As noted above in the Principal Investment Strategies discussion, the Fund expects in particular to use credit default swaps. A principal risk of credit default swaps is the credit risk of the issuer, which is similar to a principal risk of owning a traditional bond.  |

---

------

24 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN CORPORATE BOND FUND (continued)

---

| | |
|:---|:---|
| ª | *Equity Securities.* Investing in equity securities poses certain risks, including a sudden decline in a holding's share price, or an overall decline in the stock market. The value of the Fund's investment in any such securities will fluctuate on a day-to-day basis with movements in the stock market, as well as in response to the activities of individual companies whose equity securities the Fund owns. Moreover, purchasing stocks perceived to be undervalued brings additional risks. For example, the issuing company's condition may worsen instead of improve, or the pace and extent of any improvement may be less than expected.  |

---

---

| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

---

| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

---

---

| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Cybersecurity Risk.* Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, as well as an additional market index with characteristics that are similar to those of the Fund, the Bloomberg U.S. Corporate Bond 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g17h25.jpg)

Since inception, the Fund's best quarter was 4thQ 2023 (8.39%), and the worst quarter was 2ndQ 2022 (-7.63%).

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 25

PAYDEN CORPORATE BOND FUND (continued)

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| | | |
|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **Since<br> Inception<br> (02/28/22)** |
|  Payden Corporate Bond Fund |  |  |
|  Before Taxes | 7.48% | 1.65% |
|  After Taxes on Distributions | 5.46% | –0.11% |
|  After Taxes on Distributions and Sale of Fund Shares | 4.39% | –0.11% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | 1.00% |
|  Bloomberg U.S. Corporate Bond Index | 7.77% | 1.84% |

---

(The returns for the indices are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Managers.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Timothy Crawmer, Director (8 years), Alfred Giles III, Managing Director (13 years), Laura Lake, Managing Director (4 years), and Natalie Trevithick, Managing Director (14 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus beginning on page 58.

PAYDEN HIGH INCOME FUND

#### INVESTMENT OBJECTIVE:
The Fund seeks high current income while providing for capital appreciation by investing primarily in a diversified portfolio of below investment grade bonds.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
|  **Total Annual Fund Operating Expenses** | **0.61%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>2</sup> | 0.05% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.56%** |

---

<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratios of expenses to average net assets given in the Financial Highlights in this Prospectus and in the Fund's financial statements, which reflect the Fund's operating expenses but not Acquired Fund Fees and Expenses.

<sup>2</sup> Payden & Rygel ("Payden") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.55%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 the Fund's operating expenses

------

26 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN HIGH INCOME FUND (continued)

remain the same (inclusive of Acquired Fund Fees and 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** |
| $57 | $190 | $335 | $757 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 78% of the average value of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:

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| | |
|:---|:---|
| ª | The Fund invests in a wide variety of debt instruments and income-producing securities. These include (1) debt securities, loans and commercial paper issued by U.S. and foreign companies; (2) 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); (3) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax; and (4) convertible bonds and preferred stock.  |

---

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| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests at least 80% of its total assets in corporate debt securities rated below investment grade (commonly called "high yield"). Below investment grade debt securities are rated below the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality.  |

---

---

| | |
|:---|:---|
| ª | The Fund emphasizes investments in debt securities of (1) issuers with credit ratings at the mid to high quality end of the high yield bond spectrum, which Payden believes have stable to improving business prospects; (2) issuers Payden believes have reasonable prospects for improved operating results and improved credit ratings.  |

---

---

| | |
|:---|:---|
| ª | The Fund may invest up to 30% of its total assets in securities of issuers organized or headquartered in emerging market countries.  |

---

---

| | |
|:---|:---|
| ª | The Fund may invest up to 20% of its total assets in equity securities of U.S. or foreign issuers.  |

---

---

| | |
|:---|:---|
| ª | The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging currency exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short.  |

---

---

| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

---

ª The Fund primarily invests in debt securities payable in U.S. dollars and may invest 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 Fund's minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal.

#### 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.* As with most bond funds, 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

---

---

| | |
|:---|:---|
| 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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.  |

---

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 27

PAYDEN HIGH INCOME FUND (continued)

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| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities (commonly called "high yield") are speculative and involve a greater risk of default and price change due to changes in the issuer's 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 | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.  |

---

---

| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal.  |

---

---

| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

---

| | |
|:---|:---|
| ª | *Emerging Markets.* The risks of foreign investing are heightened for securities of issuers in emerging market 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 | *Equity Securities.* Investing in equity securities poses certain risks, including a sudden decline in a holding's share price, or an overall decline in the stock market. The value of the Fund's investment in any such securities will fluctuate on a day-to-day basis with movements in the stock market, as well as in response to the activities of individual companies whose equity securities the Fund owns.  |

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| | |
|:---|:---|
| ª | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund  |

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28 FUND SUMMARIES – U.S. BOND FUNDS Payden Funds

PAYDEN HIGH INCOME FUND (continued)

shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.

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| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

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| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

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| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Cybersecurity Risk.* Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, as well as an additional market index with characteristics that are similar to those of the Fund, the ICE BofA BB-B U.S. Cash Pay High Yield Constrained 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g03k92.jpg)

Since inception, the Fund's best quarter was 4thQ 2023 (7.29%), and the worst quarter was 2ndQ 2022 (-9.72%).

------

Prospectus FUND SUMMARIES – U.S. BOND FUNDS 29

PAYDEN HIGH INCOME FUND (continued)

---

| | | |
|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **Since<br> Inception<br> (2/28/22)** |
|  **Payden High Income Fund** |  |  |
|  Before Taxes | 8.88% | 6.29% |
|  After Taxes on Distributions | 5.85% | 3.36% |
|  After Taxes on Distributions and Sale of Fund Shares | 5.32% | 3.36% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | 1.00% |
|  ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index | 8.68% | 5.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (The returns for the indices are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Managers.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Nicholas Burns III, Senior Vice President (11 years), Timothy Crawmer, Director (8 years), Daniel Dupont, Senior Vice President (8 years), Jordan Lopez, Managing Director (21 years), and Natalie Trevithick, Managing Director (14 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus beginning on page 58.

------

30 FUND SUMMARY Payden Mutual Funds

PAYDEN SECURITIZED INCOME FUND

#### INVESTMENT OBJECTIVE:
The Fund seeks a high level of total return combined with income generation that is consistent with preservation of capital.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
|  **Total Annual Fund Operating Expenses** | **1.09%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>2</sup> | 0.53% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.56%** |

---

<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratios of expenses to average net assets given in the Financial Highlights in this Prospectus and in the Fund's financial statements, which reflect the Fund's operating expenses but not Acquired Fund Fees and Expenses.

<sup>2</sup> Payden & Rygel ("Payden") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.55%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the first year). 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** |
| $57 | $294 | $549 | $1281 |

---

*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 Fund's performance. During the period from March 5, 2025 (commencement of operations) to the end of the most recent fiscal year, the fund's portfolio turnover rate was 29% of the average of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:

---

| | |
|:---|:---|
| ª | The Fund seeks to provide total return, whether through price appreciation, or income, or a combination of both. It seeks opportunities by employing a flexible approach that evaluates security attractiveness globally, both inside and outside the United States. Downside risk protection is a part of the strategy, but there is no guarantee or implication that negative returns will be avoided.  |

---

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| | |
|:---|:---|
| ª | Under normal market conditions, the Fund will invest at least 80% of its investable assets (net assets plus borrowing for investment purposes, if any) in securitized credit securities. Securitized credit securities include but not limited to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), agency and non-agency residential mortgage-backed securities (RMBS), and collateralized loan obligations (CLOs). These securities may be fixed rate or adjustable-rate securities. The Fund may also invest in other fixed-income instruments, which include bonds, debt instruments and other similar instruments issued by various U.S. and non-U.S. public or private sector entities.  |

---

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| | |
|:---|:---|
| ª | The Fund's adviser, Payden & Rygel ("Payden" or the "Adviser"), uses a research oriented, value-driven approach to investment and seeks to diversify credit risk and access sectors with the strongest fundamentals over the course of a credit cycle. The Adviser seeks to add value at different points in the credit cycle by capitalizing on inefficiencies within and among the financing markets for assets, including cyclical opportunities, and opportunities driven by regulation. In general, the Fund seeks to benefit from various risk premiums found within the securitized debt markets, capturing value through security selection, sector rotation and issue specific selection.  |

---

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Prospectus FUND SUMMARY 31

PAYDEN SECURITIZED INCOME FUND (continued)

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| | |
|:---|:---|
| ª | The Fund invests in both investment grade debt securities and securities rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), or are securities that the Adviser, determines to be of comparable quality. Below investment grade debt securities, commonly referred to as "high-yield bonds" or "junk bonds" are considered to be speculative and involve a greater risk of default or price changes due to changes in the issuer's creditworthiness than higher-rated securities.  |

---

ª The Fund will invest globally. In making these investments, the Fund invests in securities payable in U.S. dollars and foreign currencies. The Fund may hedge this foreign currency exposure to the U.S. dollar.

---

| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

---

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| | |
|:---|:---|
| ª | The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging currency exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds.  |

---

ª The Fund invests in debt securities of any maturity, and there is no limit on the Fund's minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal.

#### 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.* As with most funds that invest 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

---

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| | |
|:---|:---|
| ª | *Extension Risk.* Rising interest rates can cause the average maturity of the Fund's holdings of mortgage-backed securities to lengthen unexpectedly due to a drop in prepayments. This would increase the sensitivity of the Fund to rising rates, and could cause certain of the Fund's investments to decline in value more than they would have declined due to the rise in interest rates alone.  |

---

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| | |
|:---|:---|
| ª | *Credit Risk.* Debt instruments 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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 | *Market Events Risk.* The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.  |

---

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| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional  |

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32 FUND SUMMARY Payden Mutual Funds

PAYDEN SECURITIZED INCOME FUND (continued)

market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal. <br>

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| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's creditworthiness. The market prices of these debt securities fluctuate more than the market prices of investment grade debt securities and may decline more significantly in periods of general economic difficulty.  |

---

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| | |
|:---|:---|
| ª | *Mortgage-Backed/Asset-Backed Securities*. Investing in mortgage-backed and asset-backed securities poses additional risks, principally driven by changes in interest rates. When interest rates increase the market values of mortgage-backed securities decline. At the same time, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of increasing interest rates on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, many mortgage-backed securities may be prepaid prior to maturity and when interest rates decline, while the value of such securities may increase, the rate of prepayment also tends to increase, which shortens the effective duration of the securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations, or that the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Investments in asset-backed securities are subject to similar risks.  |

---

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| | |
|:---|:---|
| ª | *Collateralized Loan Obligations Risk*. In addition to the normal interest rate, liquidity, credit, default and other risks of debt instruments, collateralized loan obligations carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Fund may invest in collateralized loan obligations that are subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.  |

---

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| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

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| | |
|:---|:---|
| ª | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.  |

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| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

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| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

---

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| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

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Prospectus FUND SUMMARY 33

PAYDEN SECURITIZED INCOME FUND (continued)

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

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| | |
|:---|:---|
| ª | *Non-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 Fund's investments may have a greater impact on the value of the Fund's shares than they would if the Fund were diversified.  |

---

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| | |
|:---|:---|
| ª | *Cybersecurity Risk*. Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### PAST FUND PERFORMANCE:
Performance information for the Fund has not been presented because the Fund has not been in operation for a full calendar year.

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Manager.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Gary Greenberg, Director (31 years), Amy Marshall, Senior Vice President (15 years), Laura Lake, Managing Director (4 years), and Josip Zdrilic, Director (7 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus beginning on page 58.

U.S. LOAN FUND

PAYDEN FLOATING RATE FUND

#### INVESTMENT OBJECTIVE:
The Fund's investment objective is to seek a high level of current income through floating rate debt instruments, with a secondary objective of long-term capital appreciation.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses <sup>1</sup> | 0.01% |
|  **Total Annual Fund Operating Expenses** | **0.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement <sup>2</sup> | 0.37% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.61%** |

---

<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratios of expenses to average net assets given in the Financial Highlights in this Prospectus and in the Fund's financial statements, which reflect the Fund's operating expenses but not Acquired Fund Fees and Expenses.

<sup>2</sup> Payden & Rygel ("Payden") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.60%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

------

34 FUND SUMMARIES – U.S. LOAN FUND Payden Funds

PAYDEN FLOATING RATE FUND (continued)

*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 the Fund's operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the first year). 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** |
| $62 | $275 | $506 | $1168 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 86% of the average value of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:

---

| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests at least 80% of its total assets in income producing floating rate loans and other floating rate debt instruments. Floating rate loans are typically debt obligations with interest rates that adjust or "float" periodically, often on a daily, monthly, quarterly, or semiannual basis by reference to a base lending rate plus a premium.  |

---

---

| | |
|:---|:---|
| ª | The Fund invests primarily in senior floating rate loans of domestic and foreign borrowers. The reason these loans are called "senior" is because loans are considered senior in a borrower's capital structure in that no debt is ahead of the loans in terms of priority of payment. Where an instrument ranks in priority of payment is referred to as seniority. Based on this ranking, a corporate issuer in the event of a default will direct payments such that the senior most creditors are paid first, while the most junior equity holders are paid last. In a typical structure, senior secured and unsecured creditors will be first in right of payment, followed by subordinate bond holders, junior bondholders, preferred shareholders and common shareholders. Loans are typically senior, secured debt instruments and rank highest in the capital structure of corporations. Thus, throughout this discussion, the floating rate loans in which the Fund invests are referred to as "Senior Loans."  |

---

---

| | |
|:---|:---|
| ª | The Fund invests in Senior Loans that are syndicated loans. These loans are structured by a syndicator, such as a bank or other lender, which also markets the loans to potential investors, such as the Fund. The Fund may invest in Senior Loans in one of three ways. First, much like an initial public offering of equity securities, the Fund could be one of the initial investors in the Senior Loan and thus would invest directly as a signatory to the original loan agreement. Second, the Fund could also invest directly in the Senior Loan by assignment from an original lender. Third, the Fund may invest indirectly in the Senior Loan through a loan participation agreement.  |

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| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests a substantial portion of its total assets in Senior Loans and other debt instruments that are rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality.  |

---

---

| | |
|:---|:---|
| ª | Payden seeks to maintain broad borrower and industry diversification among the Fund's Senior Loans. When selecting Senior Loans, Payden seeks to implement a systematic risk-weighted approach that utilizes fundamental analysis of risk/return characteristics. Senior Loans may be sold if, in Payden's opinion, the risk-return profile deteriorates or to pursue more attractive investment opportunities.  |

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---

| | |
|:---|:---|
| ª | The Fund may also invest in secured and unsecured subordinated loans, second lien loans and subordinated bridge loans, other floating rate debt securities, fixed income debt obligations and money market instruments. Money market holdings with a remaining maturity of less than 60 days are deemed floating rate assets.  |

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| | |
|:---|:---|
| ª | To the extent the Fund invests in assets that are denominated in a currency other than the U.S. dollar, the Fund may engage in foreign currency exchange contracts and other currency strategies to convert such foreign currencies into U.S. dollars to hedge against fluctuations in currency exchange rates.  |

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| | |
|:---|:---|
| ª | To the extent the Fund invests in fixed rate Senior Loans, other fixed rate loans or other fixed rate debt instruments, the Fund may engage in interest rate swaps in which it pays a fixed rate of interest to a counterparty and receives a floating rate of interest from the counterparty to hedge against fluctuations in interest rates. In addition, the notional amount of the Fund's investments in interest rate swaps will be the amount that is counted toward satisfaction of the Fund's policy of investing 80% of its total assets in floating rate loans or other floating rate debt instruments.  |

---

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| | |
|:---|:---|
| ª | The Fund may invest up to 20% of its assets in fixed rate fixed income securities in which the Fund has not entered into any interest rate swaps. Such fixed rate fixed income securities include, but are not limited to, corporate bonds, preferred securities, convertible securities, asset-backed securities, mortgage-backed securities and U.S. Government debt securities.  |

---

ª The Fund's investments in any floating rate and fixed income securities may be of any maturity.

------

Prospectus FUND SUMMARIES – U.S. LOAN FUND 35

PAYDEN FLOATING RATE FUND (continued)

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| | |
|:---|:---|
| ª | The Fund may invest up to 20% of its total assets in equity securities of U.S. or foreign issuers.  |

---

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| | |
|:---|:---|
| ª | The Fund may invest up to 30% of its total assets in collateralized loan obligations ("CLOs"). CLOs are asset-backed securities that are formed to hold and manage diversified pools of Senior Loans. These asset-backed structures issue several debt tranches that typically include at least an AAA-rated tranche, an AA-rated tranche and a BBB-rated tranche and that have rights to the collateral and payment stream, in descending order. The proceeds from the debt tranches are used to purchase the corporate loans. CLOs are usually rated by two of the three major ratings agencies and impose a series of covenant tests on the respective collateral managers, including minimum rating and industry diversification. The Fund would potentially invest in these rated debt tranches issued by the CLOs.  |

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| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

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#### 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 | *Credit Risk.* Debt instruments are also subject to credit risk. Credit risk is the risk that the issuer of a debt instrument will be unable to make interest or principal payments on time and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt instrument's credit rating reflects the credit risk associated with the debt obligation. Generally, higher-rated debt instruments involve lower credit risk than lower-rated debt instruments. Credit risk is often higher for corporate, mortgage-backed, asset-backed and foreign government debt instruments than for U.S. Government debt instruments.  |

---

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| | |
|:---|:---|
| ª | *Senior Loans Risk.* There is less readily available, reliable information about most Senior Loans than is the case for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a Senior Loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which would adversely affect the Senior Loan's value. No active trading market may exist for certain Senior Loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a Senior Loan and which may make it difficult to value Senior Loans. Also, because Payden relies mainly on its own evaluation of the creditworthiness of borrowers, the Fund is particularly dependent on portfolio management's analytical abilities. Although Senior Loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In addition, Bank loans are subject to various restrictive covenants that protect the lender or investor. Loans with fewer or no restrictive covenants, "covenant light" loans, provide the issuer more flexibility and reduce investor protections in the event of a breach, and may cause the Fund to experience more difficulty or delay in enforcing its rights. A significant portion of bank loans are "covenant light." Transactions in Senior Loans and other loans may settle on a delayed basis (which in some cases may be several weeks or longer). As a result, the proceeds from the sale of a loan may not be immediately available to make additional investments or to meet the Fund's redemption obligations. Senior Loans and other loans may not be considered "securities" for certain purposes, and purchasers (such as the Fund) therefore may not be entitled to rely on the anti-fraud protections and other safeguards provided by U.S. federal securities laws.  |

---

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| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade instruments are speculative and involve a greater risk of default and price change due to changes in the issuer's creditworthiness. The market prices of these debt instruments may fluctuate more than the market prices of investment grade debt instruments and may decline more significantly in periods of general economic difficulty.  |

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| | |
|:---|:---|
| ª | *Interest Rates*. As interest rates rise, the value of fixed income investments is likely to decline. Conversely, when interest rates decline, the value of fixed income investments is likely to rise. The impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of the investments. Investments with longer maturities typically offer higher yields, but are more sensitive to changes in interest rates than investments with shorter maturities, making them more volatile. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. In a declining interest rate environment, prepayment of loans may increase. In such circumstances, the Fund may have to reinvest the repayment proceeds at lower yields. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

---

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| | |
|:---|:---|
| ª | *Market Events Risk.* The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict,  |

---

------

36 FUND SUMMARIES – U.S. LOAN FUND Payden Funds

PAYDEN FLOATING RATE FUND (continued)

investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected. <br>

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| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal.  |

---

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| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

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| | |
|:---|:---|
| ª | *Collateralized Loan Obligations Risk*. In addition to the normal interest rate, liquidity, credit, default and other risks of debt instruments, collateralized loan obligations carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Fund may invest in collateralized loan obligations that are subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.  |

---

---

| | |
|:---|:---|
| ª | *Mortgage-Backed/Asset-Backed Securities*. Investing in mortgage-backed and asset-backed securities poses additional risks, principally driven by changes in interest rates. When interest rates increase the market values of mortgage-backed securities decline. At the same time, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of increasing interest rates on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, many mortgage-backed securities may be prepaid prior to maturity and when interest rates decline, while the value of such securities may increase, the rate of prepayment also tends to increase, which shortens the effective duration of the securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations, or that the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Investments in asset-backed securities are subject to similar risks.  |

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| | |
|:---|:---|
| ª | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss  |

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Prospectus FUND SUMMARIES – U.S. LOAN FUND 37

PAYDEN FLOATING RATE FUND (continued)

on derivative transactions may substantially exceed the initial investment. As noted above in the Principal Investment Strategies discussion, the Fund expects in particular to use interest rate swaps. A principal risk of interest rate swaps is that the Fund's investment adviser could incorrectly forecast interest rates. <br>

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| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

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| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

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| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

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| | |
|:---|:---|
| ª | *Cybersecurity Risk*. Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

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Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, as well as an additional market index with characteristics that are similar to those of the Fund, the Bloomberg U.S. Leveraged Loan 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g25n34.jpg)

During the ten-year period, the Fund's best quarter was 2ndQ 2020 (8.02%), and the worst quarter was 1stQ 2020 (–11.63%).

------

38 FUND SUMMARIES – U.S. LOAN FUND Payden Funds

PAYDEN FLOATING RATE FUND (continued)

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
|  Payden Floating Rate Fund |  |  |  |
|  Before Taxes | 6.71% | 6.53% | 5.31% |
|  After Taxes on Distributions | 3.45% | 3.69% | 3.06% |
|  After Taxes on Distributions and Sale of Fund Shares | 3.45% | 3.69% | 3.06% |
|  Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
|  Bloomberg U.S. Leveraged Loan Index\* | 5.51% | 6.19% |  |

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(The returns for the indices are before any deduction for taxes, fees or expenses.)

\* The Bloomberg U.S. Leveraged Loan Index commenced operations in January 2019 and 10 Year returns are not available.

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Managers.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Nicholas Burns III, Senior Vice President (11 years), Timothy Crawmer, Director (8 years), Alfred Giles III, Managing Director (13 years), Jordan Lopez, Managing Director (21 years), and Natalie Trevithick, Managing Director (14 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries" sections of this Prospectus beginning on page 58.

GLOBAL BOND FUNDS

PAYDEN GLOBAL FIXED INCOME FUND

#### INVESTMENT OBJECTIVE:
The Fund seeks a high level of total return that is consistent with preservation of capital.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>1</sup> | 0.02% |
|  **Total Annual Fund Operating Expenses** | **0.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>2</sup> | 0.13% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.57%** |

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<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratios of expenses to average net assets given in the Financial Highlights in this Prospectus and in the Fund's financial statements, which reflect the Fund's operating expenses but not Acquired Fund Fees and Expenses.

<sup>2</sup> Payden & Rygel ("Payden") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.55%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 the Fund's

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Prospectus FUND SUMMARIES – GLOBAL BOND FUNDS 39

PAYDEN GLOBAL FIXED INCOME FUND (continued)

operating expenses remain the same (inclusive of Acquired Fund Fees and Expenses) (taking into account the one-year contractual fee waiver or expense reimbursement for the first year, and the guaranteed contractual fee waiver or expense reimbursement for the remaining time periods). Although your actual expenses may be higher or lower, based on these assumptions your expenses would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $58 | $211 | $377 | $858 |

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*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 54% of the average value of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:

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| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests at least 80% of its total assets 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; (3) U.S. and foreign mortgage-backed and asset-backed debt securities; (4) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax; and (5) convertible bonds and preferred stock.  |

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| | |
|:---|:---|
| ª | The Fund invests at least 65% of its total assets in investment grade debt securities. However, the Fund may invest up to 35% of its total assets in debt securities rated below investment grade. The overall average credit quality of the Fund will remain investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality.  |

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| | |
|:---|:---|
| ª | 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 may invest in debt securities of issuers organized or headquartered in emerging market countries.  |

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ª The Fund invests in debt securities payable in U.S. dollars and in foreign currencies, and the Fund generally hedges most of its foreign currency exposure to the U.S. dollar.

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| | |
|:---|:---|
| ª | The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging currency exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short.  |

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| | |
|:---|:---|
| ª | The Fund invests in debt securities of any maturity, and there is no limit on the Fund's minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal. However, under normal market conditions, the Fund's average portfolio maturity (on a dollar-weighted basis) will not exceed ten years. In calculating the Fund's average portfolio maturity, the Fund uses a security's stated maturity, or if applicable, an earlier date based on the Adviser's belief that the security may be subject, for example, to a call, a put, a refunding, a prepayment, a redemption provision, an adjustable coupon rate, or the like, that will cause the security to be repaid earlier.  |

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| | |
|:---|:---|
| ª | The Fund may invest up to 10% of its total assets in equity securities of U.S. or foreign issuers.  |

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| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

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#### 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:

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| | |
|:---|:---|
| 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

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40 FUND SUMMARIES – GLOBAL BOND FUNDS Payden Funds

PAYDEN GLOBAL FIXED INCOME FUND (continued)

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| | |
|:---|:---|
| 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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.  |

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| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

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| | |
|:---|:---|
| ª | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.  |

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| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal.  |

---

---

| | |
|:---|:---|
| ª | *Emerging Markets.* The risks of foreign investing are heightened for securities of issuers in emerging market 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 are speculative and involve a greater risk of default and price change due to changes in the issuer's 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 | *Mortgage-Backed/Asset-Backed Securities.* Investing in mortgage-backed and asset-backed securities poses additional risks, principally driven by changes in interest rates. When interest rates increase the market values of mortgage-backed securities decline. At the same time, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of increasing interest rates on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, many mortgage-backed securities may be prepaid prior to maturity and when interest rates decline, while the value of such securities may increase, the rate of prepayment also tends to increase, which shortens the effective duration of the securities. Mortgage-backed securities are also  |

---

------

Prospectus FUND SUMMARIES – GLOBAL BOND FUNDS 41

PAYDEN GLOBAL FIXED INCOME FUND (continued)

subject to the risk that underlying borrowers will be unable to meet their obligations, or that the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Investments in asset-backed securities are subject to similar risks. <br>

---

| | |
|:---|:---|
| ª | *Equity Securities.* Investing in equity securities poses certain risks, including a sudden decline in a holding's share price, or an overall decline in the stock market. The value of the Fund's investment in any such securities will fluctuate on a day-to-day basis with movements in the stock market, as well as in response to the activities of individual companies whose equity securities the Fund owns. Moreover, purchasing stocks perceived to be undervalued brings additional risks. For example, the issuing company's condition may worsen instead of improve, or the pace and extent of any improvement may be less than expected.  |

---

---

| | |
|:---|:---|
| ª | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.  |

---

---

| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

---

| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

---

---

| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Cybersecurity Risk.* Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg Global Aggregate Index, as well as an additional market index with characteristics that are similar to those of the Fund, the Bloomberg Global Aggregate Index (USD Hedged).

------

42 FUND SUMMARIES – GLOBAL BOND FUNDS Payden Funds

PAYDEN GLOBAL FIXED INCOME FUND (continued)

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 investor's 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) plan or individual retirement accounts. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g29m95.jpg)

Since inception, the Fund's best quarter was 4thQ 2023 (6.28%), and the worst quarter was 2ndQ 2022 (–5.78%).

---

| | | |
|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **Since<br> Inception<br> (6/30/21)** |
|  **Payden Global Fixed Income Fund** |  |  |
|  Before Taxes | 5.35% | 0.71% |
|  After Taxes on Distributions | 3.87% | –0.77% |
|  After Taxes on Distributions and Sale of Fund Shares | 3.39% | –0.77% |
|  Bloomberg Global Aggregate Index | 8.17% | -1.68% |
|  Bloomberg Global Aggregate Index (USD Hedged) | 4.86% | 0.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (The returns for the indices are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Managers.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Kristin Ceva, Managing Director (28 years), Timothy Crawmer, Director (8 years), Nigel Jenkins, Managing Director (20 years), Paul Saint-Pasteur, Director (17 years), and Laura Lake, Managing Director (4 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus beginning on page 58.

------

Prospectus FUND SUMMARIES – GLOBAL BOND FUNDS 43

PAYDEN EMERGING MARKETS BOND FUND

#### 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 the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.28% |
|  **Total Annual Fund Operating Expenses** | **0.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>1</sup> | 0.04% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.69%** |

---

<sup>1</sup> Payden & Rygel ("Payden" or the "Adviser") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.69%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 the Fund's operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the year). 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** |
| $70 | $229 | $402 | $903 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's 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.  |

---

---

| | |
|:---|:---|
| 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, headquartered, or principally located in emerging market countries. Generally, an "emerging market country" is any country which the International Monetary Fund, the World Bank, the International Finance Corporation, the United Nations or another third party organization 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 may invest a substantial portion of its total assets in debt securities of issuers whose securities are rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's 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.

---

| | |
|:---|:---|
| ª | Permitted investments also include currencies and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps and credit default swaps related to individual sovereign and corporate names, as well as various credit indices) used to hedge or gain exposure to the securities markets of emerging market countries or currencies.  |

---

------

44 FUND SUMMARIES – GLOBAL BOND FUNDS Payden Funds

PAYDEN EMERGING MARKETS BOND FUND (continued)

ª The Fund invests in debt securities of any maturity, and there is no limit on the Fund's minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal.

---

| | |
|:---|:---|
| ª | The Fund may invest up to 10% of its total assets in equity securities of U.S. or foreign issuers, and may use derivatives to hedge or to gain exposure to such equity markets.  |

---

---

| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

---

#### 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

---

---

| | |
|:---|:---|
| 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

---

| | |
|:---|:---|
| ª | *Emerging Markets.* The risks of foreign investing are heightened for securities of issuers in emerging market 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 | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.  |

---

---

| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales  |

---

------

Prospectus FUND SUMMARIES – GLOBAL BOND FUNDS 45

PAYDEN EMERGING MARKETS BOND FUND (continued)

proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal. <br>

---

| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's 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 | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) to tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.  |

---

---

| | |
|:---|:---|
| ª | *Equity Securities*. Investing in equity securities poses certain risks, including a sudden decline in a holding's share price, or an overall decline in the stock market. The value of the Fund's investment in any such securities will fluctuate on a day-to-day basis with movements in the stock market, as well as in response to the activities of individual companies whose equity securities the Fund owns. Moreover, purchasing stocks perceived to be undervalued brings additional risks. For example, the issuing company's condition may worsen instead of improve, or the pace and extent of any improvement may be less than expected.  |

---

---

| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

---

| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

---

---

| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Cybersecurity Risk*. Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

------

46 FUND SUMMARIES – GLOBAL BOND FUNDS Payden Funds

PAYDEN EMERGING MARKETS BOND FUND (continued)

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg Global Aggregate Index, as well as an additional market index with characteristics that are similar to those of the Fund, 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g80f22.jpg)

During the ten-year period, the Fund's best quarter was 2ndQ 2020 (13.30%), and the worst quarter was 1stQ 2020 (–15.22%).

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
|  **Payden Emerging Markets Bond Fund** |  |  |  |
|  Before Taxes | 15.30% | 2.45% | 4.95% |
|  After Taxes on Distributions | 12.10% | –0.33% | 2.33% |
|  After Taxes on Distributions and Sale of Fund Shares | 8.92% | –0.33% | 2.33% |
|  Bloomberg Global Aggregate Index | 8.17% | -2.14% | 1.26% |
|  J.P. Morgan EMBI Global Diversified Index | 14.30% | 1.78% | 4.39% |

---

(The returns for the indices are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Manager.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Kristin Ceva, Managing Director (28 years), Arthur Hovsepian, Managing Director (21 years), Nigel Jenkins, Managing Director (20 years), and Zubin Kapadia, Senior Vice President (9 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries" sections of this Prospectus beginning on page 58.

------

Prospectus FUND SUMMARIES – GLOBAL BOND FUNDS 47

PAYDEN EMERGING MARKETS LOCAL BOND FUND

#### 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 the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.50% |
|  **Total Annual Fund Operating Expenses** | **1.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement<sup>1</sup> | 0.35% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.75%** |

---

<sup>1</sup> Payden & Rygel ("Payden" or the "Adviser") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.75%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver.

*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 the Fund's operating expenses remain the same. 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** |
| $77 | $315 | $572 | $1309 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 71% of the average value of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:

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| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests at least 80% of its total assets in a wide variety of Bonds. "Bonds" 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), or credit-linked notes issued with respect to such securities and (2) debt securities and commercial paper issued by U.S. and foreign companies, or credit-linked notes issued with respect to such securities. |

---

---

| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests at least 80% of its total assets in Emerging Market Investments. "Emerging Market Investments" include Bonds and other debt instruments and income-producing securities that are issued by governments, agencies and instrumentalities of emerging market countries and other issuers organized, headquartered or principally located in emerging market countries, or that are denominated in the local currency of an emerging market country ("Emerging Market Currency"), or whose performance is linked to an emerging market country's currency, markets, economy or ability to repay loans. Generally, an "emerging market country" is any country which the International Monetary Fund, the World Bank, the International Finance Corporation, the United Nations or another third party organization defines as having an emerging or developing economy. |

---

---

| | |
|:---|:---|
| ª | Emerging Market Investments also include Emerging Market Currencies and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) used to hedge or gain exposure to the securities markets of emerging market countries or Emerging Market Currencies. The Fund may use derivatives to a significant extent, including in particular, currency contracts, futures, interest rate swaps and credit-linked notes. |

---

ª Under normal market conditions, a significant portion of the Fund's investments will be denominated in Emerging Market Currencies. However, Emerging Market Investments may be denominated in non-Emerging Market Currencies, including the U.S. dollar.

---

| | |
|:---|:---|
| ª | The Fund may invest up to 20% of its total assets in debt instruments and income-producing securities that are not Bonds, including for example, loans made by U.S. and foreign companies, the Payden Emerging Markets Bond Fund and the Payden Emerging Markets Corporate Bond Fund. |

---

------

48 FUND SUMMARIES – GLOBAL BOND FUNDS Payden Funds

PAYDEN EMERGING MARKETS LOCAL BOND FUND (continued)

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| | |
|:---|:---|
| ª | The Fund may invest up to 20% of its total assets in bonds and other debt instruments and income-producing securities other than Emerging Market Investments, including those of issuers located in countries with developed securities markets. |

---

---

| | |
|:---|:---|
| ª | Under normal market conditions, the Fund may invest a substantial portion of its total assets in debt securities of issuers whose securities are rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality. |

---

ª Permitted investments also include currencies and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) used to hedge or gain exposure to the securities markets of emerging market countries or currencies.

---

| | |
|:---|:---|
| ª | Under normal market conditions, the average portfolio duration of the Fund varies within two years (plus or minus) of the duration of the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), which as of February 6, 2026 was 5.39 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, the impact of either an increase or a decrease in interest rates will be greater for a fund that has a longer duration than for a fund that has a shorter duration. |

---

---

| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds). |

---

---

| | |
|:---|:---|
| ª | The Fund is "non-diversified," which means that Payden may from time to time invest a larger percentage of the Fund's 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.* As with most bond funds, 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields. |

---

---

| | |
|:---|:---|
| 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities. |

---

---

| | |
|:---|:---|
| ª | *Emerging Markets*. The risks of foreign investing are heightened for securities of issuers in emerging market 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 | *Local Currency*. Because the Fund's emphasis will be on investing in securities denominated in the currencies of emerging market countries, the Fund is subject to the significant risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. |

---

---

| | |
|:---|:---|
| ª | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. |

---

------

Prospectus FUND SUMMARIES – GLOBAL BOND FUNDS 49

PAYDEN EMERGING MARKETS LOCAL BOND FUND (continued)

Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.<br>

---

| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal. |

---

---

| | |
|:---|:---|
| ª | *Derivatives*. The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. As noted above in the Principal Investment Strategies discussion, the Fund expects in particular to use interest rate swaps. A principal risk of interest rate swaps is that the Fund's investment adviser could incorrectly forecast interest rates. |

---

---

| | |
|:---|:---|
| ª | *Below Investment Grade Credit*. Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's 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 | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares. |

---

---

| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others. |

---

---

| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs. |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Non-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 Fund's investments may have a greater impact on the value of the Fund's shares than they would if the Fund were diversified. |

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------

50 FUND SUMMARIES – GLOBAL BOND FUNDS Payden Funds

PAYDEN EMERGING MARKETS LOCAL BOND FUND (continued)

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| | |
|:---|:---|
| ª | *Cybersecurity Risk.* Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents. |

---

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg Global Aggregate Index, as well as an additional market index with characteristics that are similar to those of the Fund, the J.P. Morgan GBI-EM Global Diversified Composite 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g70k70.jpg)

Since inception, the Fund's best quarter was 4thQ 2023 (9.45%), and the worst quarter was 2ndQ 2022 (–8.52%).

---

| | | |
|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **Since Inception<br>(2/28/22)** |
|  **Payden Emerging Markets Local Bond Fund** |  |  |
|  Before Taxes | 20.33% | 4.96% |
|  After Taxes on Distributions | 16.47% | 2.06% |
|  After Taxes on Distributions and Sale of Fund Shares | 12.04% | 2.06% |
|  Bloomberg Global Aggregate Index | 8.17% | -0.72% |
|  J.P. Morgan GBI-EM Global Diversified Composite Index | 19.26% | 5.31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (The returns for the indices are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Managers.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Kristin Ceva, Managing Director (28 years), Arthur Hovsepian, Managing Director (21 years), Nigel Jenkins, Managing Director (20 years), and Zubin Kapadia, Senior Vice President (9 years).

------

Prospectus FUND SUMMARIES – GLOBAL BOND FUNDS 51

PAYDEN EMERGING MARKETS LOCAL BOND FUND (continued)

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus beginning on page 58.

PAYDEN EMERGING MARKETS CORPORATE BOND FUND

#### 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 the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses <sup>1</sup> | 0.01% |
|  **Total Annual Fund Operating Expenses** | **1.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement <sup>2</sup> | 0.44% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.86%** |

---

<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratios of expenses to average net assets given in the Financial Highlights in this Prospectus and in the Fund's financial statements, which reflect the Fund's operating expenses but not Acquired Fund Fees and Expenses.

<sup>2</sup> Payden & Rygel ("Payden" or the "Adviser") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.85%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 the Fund's operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the first year). 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** |
| $88 | $369 | $671 | $1529 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 132% 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, loans and commercial paper issued by U.S. and foreign companies and (2) 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).  |

---

---

| | |
|:---|:---|
| ª | Under normal market conditions, the Fund invests at least 80% of its total assets in corporate bonds and loans issued by Corporate issuers (as defined below) organized or headquartered in emerging market countries, or whose business operations are principally located in emerging markets countries. Generally, an "emerging market country" is any country which the International Monetary Fund, the World Bank, the International Finance Corporation, the United Nations or another third party organization defines as having an  |

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52 FUND SUMMARIES – GLOBAL BOND FUNDS Payden Funds

PAYDEN EMERGING MARKETS CORPORATE BOND FUND (continued)

emerging or developing economy. A Corporate issuer is an issuer located in an emerging market country or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more emerging markets countries or that has at least 50% of its assets in one or more emerging market countries. For these purposes, Corporate issuers may include corporate or other business entities in which a sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest. <br>

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| | |
|:---|:---|
| 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 may invest a substantial portion of its total assets in debt securities of issuers whose securities are rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality.  |

---

---

| | |
|:---|:---|
| ª | Permitted investments also include currencies and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps and credit default swaps related to individual sovereign and corporate names, as well as various credit indices) used to hedge or gain exposure to the securities markets of emerging market countries or currencies.  |

---

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 Fund's minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal.

---

| | |
|:---|:---|
| ª | The Fund may invest up to 20% of its total assets in equity securities of U.S. or foreign issuers, and may use derivatives to hedge or to gain exposure to such equity markets.  |

---

---

| | |
|:---|:---|
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).  |

---

#### 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 usually 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. The Fund faces a heightened risk that interest rates may rise. The negative impact on fixed income securities resulting from such rate increases could be swift and significant. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.  |

---

---

| | |
|:---|:---|
| 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 and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. A debt security's 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

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| | |
|:---|:---|
| ª | *Emerging Markets*. The risks of foreign investing are heightened for securities of issuers in emerging market 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 | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention, threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S.  |

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------

Prospectus FUND SUMMARIES – GLOBAL BOND FUNDS 53

PAYDEN EMERGING MARKETS CORPORATE BOND FUND (continued)

Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected. <br>

---

| | |
|:---|:---|
| ª | *Liquidity Risk.* Some investments may be difficult to purchase or sell, particularly during times of market instability, or due to adverse changes in the conditions of a particular issuer. In addition, the Fund may not receive proceeds from the sale of certain securities for an extended period of time, which in some cases could exceed several weeks or longer. The Fund will not receive sales proceeds until settlement occurs, which may constrain the Fund's ability to meet redemption requests or other obligations. Illiquid assets may also be difficult to value. If the Fund must sell illiquid assets to meet redemption requests or other cash needs, the Fund may be unable to sell such assets at an advantageous time or price or achieve its desired level of exposure to certain market segments. Liquidity risk may result from the lack of an active market, as well as the reduced number and capacity of traditional market participants to make a market in fixed income securities, for instance, when there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers may have less willingness to make markets for fixed income securities. Certain dealers may also reduce their inventories of certain securities in response to federal banking regulations, which may further decrease the Fund's ability to buy or sell such securities. Liquidity risk is likely to be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds are higher than normal.  |

---

---

| | |
|:---|:---|
| ª | *Below Investment Grade Credit.* Below investment grade securities are speculative and involve a greater risk of default and price change due to changes in the issuer's 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 | *Derivatives.* The use of derivatives can lead to losses due to; (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.  |

---

---

| | |
|:---|:---|
| ª | *Equity Securities.* Investing in equity securities poses certain risks, including a sudden decline in a holding's share price, or an overall decline in the stock market. The value of the Fund's investment in any such securities will fluctuate on a day-to-day basis with movements in the stock market, as well as in response to the activities of individual companies whose equity securities the Fund owns. Moreover, purchasing stocks perceived to be undervalued brings additional risks. For example, the issuing company's condition may worsen instead of improve, or the pace and extent of any improvement may be less than expected.  |

---

---

| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

---

| | |
|:---|:---|
| ª | *Affiliated Fund Risk.* When the Adviser invests Fund assets in an investment company that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by the Fund directly in portfolio securities, or in lieu of investment in investment companies sponsored or managed by others.  |

---

---

| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their  |

---

------

54 FUND SUMMARIES – GLOBAL BOND FUNDS Payden Funds

PAYDEN EMERGING MARKETS CORPORATE BOND FUND (continued)

holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs. <br>

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Cybersecurity Risk.* Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Bloomberg Global Aggregate Index, as well as an additional market index with characteristics that are similar to those of the Fund, the J.P. Morgan Corporate EMBI Broad Diversified Composite 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 investor's 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. The returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g16m73.jpg)

During the ten-year period, the Fund's best quarter was 2ndQ 2020 (11.20%), and the worst quarter was 1stQ 2020 (–11.28%).

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
|  **Payden Emerging Markets Corporate Bond Fund** |  |  |  |
|  Before Taxes | 7.92% | 2.40% | 4.71% |
|  After Taxes on Distributions | 5.08% | 0.06% | 2.50% |
|  After Taxes on Distributions and Sale of Fund Shares | 4.66% | 0.06% | 2.50% |
|  Bloomberg Global Aggregate Index | 8.17% | -2.14% | 1.26% |
|  J.P. Morgan Corporate EMBI Broad Diversified Composite Index | 8.73% | 2.48% | 4.77% |

---

(The returns for the indices are before any deduction for taxes, fees or expenses.)

------

Prospectus FUND SUMMARIES – GLOBAL BOND FUNDS 55

PAYDEN EMERGING MARKETS CORPORATE BOND FUND (continued)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Manager.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Kristin Ceva, Managing Director (28 years), Alfred Giles III, Managing Director (13 years), Arthur Hovsepian, Managing Director (21 years), and Zubin Kapadia, Senior Vice President (9 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries" Sections of this Prospectus beginning on page 58.

U.S. EQUITY FUND

PAYDEN EQUITY INCOME FUND

The Fund seeks growth of capital and some current income.

#### FEES AND EXPENSES:
The following table shows the fees and expenses you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  **Shareholder Fees** (fees paid directly from your investment) |  |
|  **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.26% |
|  **Total Annual Fund Operating Expenses** | **0.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver or Expense Reimbursement <sup>1</sup> | 0.11% |
|  **Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement** | **0.65%** |

---

<sup>1</sup> Payden & Rygel ("Payden" or the "Adviser") has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.65%. This agreement has a one-year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund's Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. 

*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 the Fund's operating expenses remain the same (taking into account the contractual fee waiver or expense reimbursement for the first year, and the guaranteed fee waiver or expense reimbursement for the remaining periods). 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** |
| $66 | $232 | $412 | $932 |

---

*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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 112% of the average value of its long-term holdings.

#### PRINCIPAL INVESTMENT STRATEGIES:

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| | |
|:---|:---|
| ª | The Fund invests primarily in large-capitalization value stocks, defined as companies with sustainable cash flows and the ability to pay and grow dividends over time. The Fund may also invest in other income-producing equity securities, including preferred stocks, real estate investment trusts, and master limited partnerships. Payden employs a disciplined investment process that combines fundamental analysis and quantitative techniques to construct a portfolio of high-quality companies with durable cash flows. The strategy seeks to generate attractive current income and long-term capital appreciation while exhibiting lower volatility  |

---

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56 FUND SUMMARIES – U.S. EQUITY FUND Payden Funds

PAYDEN EQUITY INCOME FUND (continued)

than the broader equity market over a longterm investment horizon. The Fund's benchmark is the Russell 1000 Value Index, which is used for performance comparison purposes. The Fund invests in only a portion of the securities included in the benchmark and may also invest in income-producing equity securities that are not represented in the benchmark. Consistent with its investment goals of seeking to generate attractive current income and long-term capital appreciation while exhibiting lower volatility than the broad equity market, the Fund may maintain portfolio characteristics that differ from those of the benchmark. As a result, the Fund's performance may differ from that of the benchmark from time to time. <br>

---

| | |
|:---|:---|
| ª | The Fund invests principally in U.S. securities but may invest up to 30% of its total assets in foreign securities, including securities of companies organized or headquartered in emerging markets. The Fund may invest in foreign securities directly or through American Depositary Receipts ("ADRs") traded on U.S. exchanges.  |

---

---

| | |
|:---|:---|
| ª | The Fund may invest in derivatives, including futures, forwards, swaps, and options. The Fund may use derivatives for hedging purposes, including to manage currency exposure, or to gain exposure to certain markets or market sectors consistent with the Fund's investment strategies. The Fund may take long or short positions in currencies, including for hedging non-U.S. dollar–denominated securities.  |

---

ª To obtain exposure to various markets consistent with its investment strategies, the Fund may invest in exchange-traded funds ("ETFs") and other investment companies, including open-end and closed-end investment companies.

#### 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 | *Equity Securities.* Investing in equity securities poses certain risks, including a sudden decline in a holding's share price, or an overall decline in the stock market. The value of the Fund's investment in any such securities will fluctuate on a day-to-day basis with movements in the stock market, as well as in response to the activities of individual companies whose equity securities the Fund owns. Moreover, purchasing stocks perceived to be undervalued brings additional risks. For example, the issuing company's condition may worsen instead of improve, or the pace and extent of any improvement may be less than expected.  |

---

ª *Fund versus Index Fund.* The Fund is not an index fund, as indicated above, and is managed in ways that diverge from the benchmark. Thus, changes in the Fund's net asset value per share will not track changes in the general stock market or the Fund's benchmark.

---

| | |
|:---|:---|
| 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. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as adverse geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. Lack of information may also affect the value, volatility and liquidity of these securities.  |

---

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| | |
|:---|:---|
| ª | *Emerging Markets.* The risks of foreign investing are heightened for securities of issuers in emerging market 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 | *Derivatives.* The use of derivatives can lead to losses due to: (1) adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative; (2) failure of a counterparty; or (3) tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's sensitivity to market events and to the underlying instrument. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If derivative's counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.  |

---

---

| | |
|:---|:---|
| ª | *Investment Company and Exchange-Traded Fund Risk.* Investing in an investment company or ETF presents the risk that the investment company or ETF in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares.  |

---

---

| | |
|:---|:---|
| ª | *Market Events Risk*. The value of the Fund's securities may increase or decrease, rapidly or unpredictably. Some factors that may affect securities markets include changes in general market conditions, overall economic trends or events, geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), governmental actions or intervention,  |

---

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Prospectus FUND SUMMARIES – U.S. EQUITY FUND 57

PAYDEN EQUITY INCOME FUND (continued)

threat of a U.S. government shutdown, a downgrade of the ratings of U.S. government debt obligations, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes, political and social unrest, or other factors, recessions, armed conflict, investor sentiment, and the global and domestic effects of natural disasters and pandemics. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. In response to high inflation, the U.S. Federal Reserve increased interest rates in an attempt to slow economic growth, and it may continue to raise interest rates in the future. This and other changes in monetary and fiscal policy may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, labor disputes, public health events, terrorism, natural disasters, war, and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected. <br>

---

| | |
|:---|:---|
| ª | *Redemption Risk*. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could adversely affect the Fund's performance. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of the Fund's shares may decline. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs.  |

---

ª *Management Risk*. The investment techniques and analysis used by the Fund's portfolio managers may not produce the desired results.

---

| | |
|:---|:---|
| ª | *Cybersecurity Risk.* Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data, including private shareholder information, or proprietary information, cause the Fund, the Fund's portfolio managers and/or their service providers, including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries, to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks. The Fund and the Fund's portfolio managers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.  |

---

Please note that there are other factors that could adversely affect your investment and that could prevent the Fund from achieving its investment objective. More information about risks appears in the Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

#### 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 Fund's performance from year to year for the periods indicated and by showing how the Fund's average annual returns over time compare with those of a broad-based securities market index, the Russell 3000 Index, as well as an additional market index with characteristics that are similar to those of the Fund, the Russell 1000 Value 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 investor's 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. The Returns "After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures because they include the effect of a tax benefit an investor may receive from the capital losses that may have been incurred by an investor in connection with the sale of Fund shares.

Updated performance information for the Fund may be found on the Fund's internet site at payden.com. Past performance (before and after taxes) is no guarantee of future results.

#### Year by Year Total Returns
![LOGO](g71339g1g16u45.jpg)

During the ten-year period, the Fund's best quarter was 1stQ 2019 (13.02%), and the worst quarter was 1stQ 2020 (–21.46%).

------

58 FUND SUMMARIES – U.S. EQUITY FUND Payden Funds

PAYDEN EQUITY INCOME FUND (continued)

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns Through 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
|  **Payden Equity Income Fund** |  |  |  |
|  Before Taxes | 11.57% | 9.46% | 9.71% |
|  After Taxes on Distributions | 9.93% | 6.47% | 7.66% |
|  After Taxes on Distributions and Sale of Fund Shares | 8.01% | 6.47% | 7.38% |
|  Russell 3000 Index | 17.13% | 13.12% | 14.26% |
|  Russell 1000 Value Index | 15.88% | 11.29% | 10.50% |

---

(The returns for the indices are before any deduction for taxes, fees or expenses.)

#### MANAGEMENT:
*Investment Adviser.* Payden & Rygel is the Fund's investment adviser.

*Portfolio Manager.* The following investment professionals, who have been employed by Payden & Rygel for the time indicated, are portfolio managers for the Fund, and they, together with a broader investment management team, manage the Fund: Alfred Giles III, Managing Director (13 years), Micheal Huynh, Senior Vice President (21 years), Natalie Trevithick, Managing Director (14 years), and James Wong, Managing Director (31 years).

For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to the "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries," sections of this Prospectus following this section.

#### PURCHASE AND SALE OF FUND SHARES:
The minimum initial and additional investment amounts for the SI Class of each type of account are shown below, although the Fund or the Fund's distributor may in their discretion lower or waive these amounts for certain categories of investors.

---

| | | |
|:---|:---|:---|
| **ACCOUNT TYPE** | **INITIAL<br> INVESTMENT** | **ADDITIONAL<br> INVESTMENT** |
|  Regular | $10000000 | $250 |
|  Tax-Sheltered | $10000000 | $250 |
|  Electronic Investment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Set schedule | $10000000 | $250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No set schedule | $10000000 | $250 |
|  Automatic Exchange | NA | $250 |

---

You may redeem shares of any of the Funds by contacting the Funds in writing, at Payden Funds, P.O. Box 534496, Pittsburgh, PA 15253-4496, 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, in which case your distributions generally will be taxed when withdrawn from the tax-deferred arrangement.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES:
If you purchase a 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 the Fund over another investment. Ask your salesperson or visit your financial intermediary's internet site for more information.

------

Prospectus MORE ABOUT INVESTMENT STRATEGIES, RELATEDRISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS 59

You have just read the Fund Summary for each Fund. Each Fund Summary sets forth the Fund's Investment Objective, as well as its Principal Investment Strategies and Principal Investment Risks, and discusses the types of securities and investment techniques used in implementing the Fund's Principal Investment Strategies.

This section of the Prospectus provides further discussion on some of those securities and investment techniques, as well as discussing other securities and investment techniques that may be applicable to one or more of the Funds.

In addition, this section discusses the policies on the disclosure of each Fund's portfolio holdings.

#### FOREIGN INVESTMENTS
Each Fund may invest in securities of foreign issuers ("foreign securities"). Investing in foreign securities involves certain risks and considerations not typically associated with investing in U.S. securities, including less publicly available information and less governmental regulation and supervision of foreign stock exchanges, brokers and issuers. Foreign issuers are not usually subject to uniform accounting, corporate governance, auditing and financial reporting standards, practices and requirements. Foreign issuers are subject to the possibility of expropriation, nationalization, confiscatory taxation, adverse changes in investment or exchange control regulation, political instability sanctions, and restrictions in the flow of international capital. Some foreign securities are less liquid and have more volatile prices than U.S. securities. In addition, settling transactions in foreign securities may take longer than U.S. securities. Obtaining and enforcing judgments against foreign entities may be more difficult than obtaining and enforcing judgments against domestic entities.

Changes in foreign exchange rates may adversely affect the value of the Fund's securities. Fluctuations in foreign currency exchange rates will also affect the value of dividends and interest earned, gains and losses realized on the sale of securities and any net investment income and gains distributed to shareholders. Some foreign fixed income markets offering attractive returns may be denominated in currencies which are relatively weak or potentially volatile compared to the U.S. dollar.

The European financial markets have continued to experience volatility because of concerns about war in the region, disruptions in the oil and gas markets, economic downturns and about high and rising government debt levels of several countries in the European Union and Europe generally. These events have adversely affected the exchange rate of the Euro and the European securities markets, and may spread to other countries in Europe, including countries that do not use the Euro. These events may affect the value and liquidity of certain of the Funds' investments. Responses to the financial problems by European Union governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further details or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

#### EMERGING MARKETS
Each U.S. Bond Fund, each Global Bond Fund and the Payden Equity Income Fund may invest in securities of issuers organized or headquartered in emerging market countries. Foreign investment risks, including those described above, are generally greater for securities of such companies. These countries may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities, making trades difficult. Brokerage commissions, custodial services and other similar investment costs are generally more expensive than in the United States. In addition, securities of issuers located in these countries tend to have volatile prices and may offer significant potential for loss as well as gain. Rising interest rates could negatively impact the value of emerging market debt and increase funding costs for foreign issuers. In such a scenario, foreign issuers might not be able to service their debt obligations and the market for emerging market debt could suffer from reduced liquidity.

#### FOREIGN CURRENCY TRANSACTIONS
Each Fund normally conducts its foreign currency exchange transactions either on a spot (cash) basis at the spot rate prevailing in the foreign currencies, or on a forward basis (contracts to purchase or sell a specified currency at a specified future date and price). None of the Funds will generally enter into a forward contract with a term of greater than one year. Although forward contracts are used primarily to protect a Fund from adverse currency movements, they may also be used to increase exposure to a currency, and involve the risk that anticipated currency movements will not be accurately predicted and a Fund's total return will be adversely affected as a result. Open positions in forward contracts are covered by the segregation with the Fund's custodian of cash, U.S. Government securities or other debt obligations and are marked-to-market daily.

#### SENIOR LOANS
Each U.S. Bond Fund, each Global Bond Fund, and in particular the Payden Floating Rate Fund, may invest in senior floating rate loans of domestic and foreign borrowers ("Senior Loans"). There is less readily available, reliable information about most Senior Loans than is the case for many other types of securities. Due to restrictions on transfers in loan agreements and the nature of the private syndication of Senior Loans including, for example, the lack of publicly-available information, some Senior Loans are not as easily purchased or sold as publicly-traded securities. Opportunities to invest in loans or certain types of loans, such as Senior Loans, may be limited. In addition, there is no minimum rating or other independent evaluation of a borrower or its securities limiting a Fund's investments, and Payden relies primarily on its own evaluation of a borrower's credit quality rather than on any available independent

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60 MORE ABOUT INVESTMENT STRATEGIES, RELATEDRISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS Payden Mutual Funds

sources. As a result, each Fund is particularly dependent on the analytical abilities of Payden. Leading financial institutions often act as agent for a broader group of lenders, generally referred to as a syndicate. The syndicate's agent arranges the Senior Loans and other corporate loans, holds collateral and accepts payments of principal and interest. If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed. By investing in Senior Loans and other corporate loans, a Fund may become a member of the syndicate. The Senior Loans and other corporate loans in which a Fund invests are subject to the risk of loss of principal and income. Although Senior Loans in which a Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, a Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a Senior Loan. If the terms of a Senior Loan do not require the borrower to pledge additional collateral in the event of a decline in the value of the already pledged collateral, a Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower's obligations under the Senior Loans. To the extent that a Senior Loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized Senior Loans involve a greater risk of loss. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including a Fund. Such court action could under certain circumstances include invalidation of Senior Loans. Transactions in Senior Loans and other loans in which a Fund may invest may settle on a delayed basis (which in some cases may be several weeks or longer). As a result, the proceeds from the sale of a loan may not be immediately available to make additional investments or to meet a Fund's redemption obligations. Senior Loans and other loans may not be considered "securities" for certain purposes, and purchasers (such as the Fund) therefore may not be entitled to rely on the anti-fraud protections and other safeguards provided by U.S. federal securities laws.

#### LOAN PARTICIPATIONS AND ASSIGNMENTS
Each U.S. Bond Fund, each Global Bond Fund, and in particular the Payden Floating Rate Fund, may invest in fixed-rate and floating-rate loans. Such investments generally will be in the form of loan participations and assignments of portions of such loans. Participations and assignments involve special types of risk, including credit risk, interest rate risk, liquidity risk and risks of being a lender. If an investing Fund purchases a participation, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the borrower.

#### DERIVATIVE INSTRUMENTS
Each Fund uses derivative instruments for risk management purposes or otherwise as part of its investment strategies. Generally, derivatives are financial contracts whose values depend on, or are derived from, the value of an underlying asset, reference rate or index, and may relate to stocks, bonds, interest rates, currencies or currency exchange rates, commodities, and related indexes. Examples of derivative instruments include options contracts, futures contracts, options on futures contracts and swap agreements (including, but not limited to, interest rate, total return and credit default swaps). Each Fund may invest some or all of its assets in derivative instruments. The Funds typically use derivatives as a substitute for taking a position in the underlying asset or as part of a strategy designed to reduce exposure to other risks, such as interest rate risk or currency risk. The Funds may also use derivatives for leverage, in which case their use would involve leverage risk. A portfolio manager may decide not to employ any of these strategies and there is no assurance that any derivatives strategy used by a Fund will succeed. A description of these and other derivative instruments that the Funds may use are described under "Derivative Instruments" in the section on "Investment Strategies Techniques and Related Risks" in the Statement of Additional Information, a copy of which is available, free of charge, on the Funds' internet site at *payden.com.* 

A Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other more traditional investments. A description of various risks associated with particular derivative instruments is included in the Statement of Additional Information. The following provides a more general discussion of important risk factors relating to all derivative instruments that may be used by the Funds.

*Management Risk.* Derivative products are highly specialized instruments that require investment techniques and risk analyses different from those associated with stocks and bonds. The use of a derivative requires an understanding not only of the underlying instrument, but also of the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions.

*Credit Risk.* The use of a derivative instrument involves the risk that a loss may be sustained as a result of the failure of another party to the contract (usually referred to as a "counterparty") to make required payments or otherwise comply with the contract's terms. In addition, credit default swaps could result in losses if a Fund does not correctly evaluate the creditworthiness of the company on which the credit default swap is based. If a Fund sells credit default swaps, it will maintain sufficient liquidity to cover the entire notional amount of such swaps.

*Liquidity Risk.* Liquidity risk exists when a particular derivative instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price.

*Leverage Risk.* Because many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives

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Prospectus MORE ABOUT INVESTMENT STRATEGIES, RELATEDRISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS 61

have the potential for unlimited loss, regardless of the size of the initial investment. When a Fund uses derivatives for leverage, investments in that Fund will tend to be more volatile, resulting in larger gains or losses in response to market changes.

*Lack of Availability.* Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, suitable derivatives transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, the portfolio manager may wish to retain the Fund's position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other suitable counterparty can be found. A Fund's ability to use derivatives may also be limited by certain regulatory and tax considerations.

*Market and Other Risks.* Like most other investments, derivative instruments are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. If a portfolio manager incorrectly forecasts the values of securities, currencies or interest rates or other economic factors in using derivatives for a Fund, the Fund might have been in a better position if it had not entered into the transaction at all. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments.

#### BELOW INVESTMENT GRADE DEBT OBLIGATIONS
Except for the Payden Equity Income Fund, each Fund may invest in below investment grade debt obligations (commonly called "high yield bonds"). Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund's adviser, Payden & Rygel ("Payden"), determines to be of comparable quality. Lower quality debt securities are generally more speculative, more volatile, less liquid and involve a greater risk of default or price change due to changes in the issuer's creditworthiness. The market prices of these securities may fluctuate more than the market prices of investment grade securities and may decline significantly in periods of general economic difficulty or rising interest rates. Further information regarding investment ratings is in Appendix A.

#### U.S. GOVERNMENT AND AGENCY SECURITIES
Each Fund may purchase debt obligations issued by the U.S. Treasury, which are backed by the full faith and credit of the U.S. Government. These securities include U.S. Treasury bills, notes and bonds. In addition, each Fund may purchase debt obligations, commonly called U.S. Government agency securities, which are issued by agencies chartered by the U.S. Government. These issuers are generally classified as government-sponsored enterprises and are often referred to as "GSEs." To the extent a Fund invests in GSEs, the Fund primarily invests in securities issued by one or more of the following GSEs:

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|:---|:---|
| ª | The Government National Mortgage Association (GNMA) issues mortgage-backed securities that are collateralized by home loans. Principal and interest payments of GNMA securities are backed by the full faith and credit of the U.S. Government; however, this support does not apply to losses resulting from declines in the market value of GNMA securities.  |

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|:---|:---|
| ª | Each of the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) issue debt obligations in order to purchase home mortgages. Both agencies package a portion of these mortgages into mortgage-backed securities that are sold to investors such as the Funds. These securities are not backed by the full faith and credit of the U.S. Government. However, both FNMA and FHLMC benefit from a contractual agreement with the U.S. Treasury (the Senior Preferred Stock Purchase Agreement), as discussed below.  |

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On September 6, 2008, the Federal Housing Finance Agency (FHFA) placed FNMA and FHLMC into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC.

In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC. The Senior Preferred Stock Purchase Agreement is expected to provide FNMA and FHLMC with the necessary cash resources to meet their obligations.

FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remain liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. Although the U.S. Government has provided financial support to FNMA and FHLMC in the past (including as part of the Senior Preferred Stock Purchase Agreements), no assurance can be given that the U.S. Government will provide financial support in the future to these or other U.S. Government agencies, authorities or instrumentalities that are not supported by the full faith and credit of the United States.

The FHFA's continuing conservatorship of FNMA and FHLMC and its ultimate resolution may adversely affect the real estate market, the value of real estate-related assets generally and markets generally. In addition, there may be proposals from the U.S. Congress or other branches of the U.S. Government regarding the conservatorship, including regarding reforming FNMA and FHLMC or winding down their operations, which may or may not come to fruition. There can be no assurance that such proposals, even those that are not adopted, will not adversely affect the values of the Funds' assets.

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| | |
|:---|:---|
| ª | The Federal Home Loan Bank System (FHLB) is comprised of eleven regional banks that provide liquidity and credit to thrift institutions, credit unions and commercial banks. FHLB issues debt obligations to fund its operations. These debt obligations are not backed by the full faith and credit of the U.S. Government.  |

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| | |
|:---|:---|
| ª | The Federal Farm Credit Bank System (FFCB) is comprised of cooperatively owned lending institutions that provide credit to farmers and farm-affiliated businesses. FFCB issues debt obligations to fund its operations. These debt obligations are not backed by the full faith and credit of the U.S. Government, nor can FFCB borrow from the U.S. Treasury.  |

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#### EXCHANGE-TRADED FUNDS
Each Fund may invest in exchange-traded funds ("ETFs") and other broad market derivative instruments, subject to limitations in amount set forth in regulations under the Investment Company Act of 1940, as amended. These limitations are described under "Investments in Exchange-Traded Funds" in the section on "Investment Strategies Techniques and Related Risks" in the Statement of Additional Information, a copy of which is available, free of charge, on the Funds' internet site at *payden.com*.

ETFs are shares of a portfolio designed to track closely the performance of any one or an array of market indexes. Examples include the S&P 500 Index and the MSCI Europe Index. ETFs trade on the Chicago Board Options Exchange, Nasdaq and the New York Stock Exchange in the same way shares of publicly held companies trade on such exchanges. They may be traded any time during normal trading hours, using all of the portfolio management approaches associated with stocks, *e.g.*, market orders, limit orders, or stop orders. They are also subject to the risks of trading halts due to market conditions or other reasons. In addition, investment in an ETF by a Fund will involve duplication of expenses, as it will require payment by the Fund of its pro rata share of advisory and administrative fees charged by the ETF.

#### INFLATION-INDEXED SECURITIES
Except for the Payden Equity Income Fund, each Fund may invest in inflation-indexed securities. Unlike a conventional bond, on which the issuer makes regular fixed interest payments and repays the face value of the bond at maturity, an inflation-indexed security provides principal and interest payments that are adjusted over time to reflect inflation — a rise in the general price level. Inflation-indexed securities are designed to provide a "real rate of return" — a return after adjusting for the impact of inflation, which erodes the purchasing power of an investor's portfolio. This adjustment is a key feature, although during a period of deflation principal and interest payments on inflation-indexed securities will be adjusted downward, and an investing Fund will be subject to deflation risk with respect to these investments. The price of inflation-indexed securities is affected by fluctuations in "real" interest rates (the component of interest rates not tied to investor expectations of future inflation). A rise in real interest rates will generally cause the price of an inflation-indexed security to fall, while a decline in real interest rates will generally increase the price of an inflation-indexed security.

#### MORTGAGE-BACKED SECURITIES
Except for the Payden Equity Income Fund, each Fund may invest in obligations issued to provide financing for U.S. residential housing and commercial mortgages. Each Fund, except for the Payden Equity Income Fund, may also invest in foreign mortgage-related securities. On the credit side, the market's perception of the creditworthiness of the Federal agency or private entity issuing the obligation, or of the credit quality of the underlying assets, for example the sub-prime segment of the mortgage-backed securities market, may have a negative impact on the value of the obligation. Further, certain commercial mortgage-backed securities are issued in several classes with different levels of yield and credit protection. An investment in the lower classes of a commercial mortgage-backed security with several classes will have greater risks than an investment in the higher classes, including greater interest rate, credit and prepayment risks. With respect to prepayment risk, payments made on the underlying mortgages and passed through to an investing Fund represent both regularly scheduled principal and interest payments, as well as prepayments of principal. Mortgage-backed securities may be prepaid prior to maturity, and hence the actual life of the security cannot be accurately predicted. During periods of falling interest rates, prepayments may accelerate, which would require an investing Fund to reinvest the proceeds at a lower interest rate. During periods of rising interest rates, prepayments may occur more slowly than anticipated, extending the effective duration of these assets at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. Although generally rated investment grade, the securities could become illiquid or experience losses if the mortgages default or if guarantors or insurers default.

#### ASSET-BACKED SECURITIES
Except for the Payden Equity Income Fund, each Fund may invest in U.S. asset-backed securities, which represent undivided fractional interests in trusts with assets consisting of a pool of loans such as motor vehicle retail installment sales contracts or credit card receivables. Except for the Payden Equity Income Fund, each Fund may also invest in foreign asset-backed securities. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator of the debt obligations or any other affiliated entities and the amount and quality of any credit support provided to the securities. In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no collateral to seize if the underlying borrower defaults. With respect to prepayment

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Prospectus MORE ABOUT INVESTMENT STRATEGIES, RELATEDRISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS 63

risk, payments by these securities are typically made monthly, consisting of both principal and interest payments. Asset-backed securities may be prepaid prior to maturity, and hence the actual life of the security cannot be accurately predicted. During periods of falling interest rates, prepayments may accelerate, which would require an investing Fund to reinvest the proceeds at a lower interest rate. During periods of rising interest rates, prepayments may occur more slowly than anticipated, extending the effective duration of these assets at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. Although generally rated investment grade, the securities could become illiquid or experience losses if the loans default or if guarantors or insurers default.

#### DEPOSITARY RECEIPTS
The Payden Equity Income Fund may invest in depositary receipts. American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") are used to invest in foreign issuers. Generally, an ADR is a dollar-denominated security issued by a U.S. bank or trust company, which represents, and may be converted into, the underlying security that is issued by a foreign company. Generally, EDRs and GDRs represent similar securities, but are issued by European banks and depositories, respectively. ADRs, EDRs and GDRs may be denominated in a currency different from that of the underlying securities into which they may be converted. Typically, ADRs, in registered form, are designed for issuance in U.S. securities markets, and EDRs, in bearer form, are designed for issuance in European securities markets. ADRs may be sponsored by the foreign issuer or may be unsponsored. Unsponsored ADRs are organized independently and without the cooperation of the foreign issuer of the underlying securities. As a result, available information regarding the issuer may not be as current as for sponsored ADRs, and the prices of unsponsored ADRs may be more volatile than if they were sponsored by the issuers of the underlying securities.

#### DELAYED DELIVERY TRANSACTIONS
Each Fund may engage in delayed delivery transactions. These transactions involve a Fund's commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place more than seven days in the future, or after a period longer than the customary settlement period for that type of security. When purchasing a security on a delayed delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value, but does not accrue income on the security until delivery. When a Fund sells a security on a delayed delivery basis, it does not participate in future gains or losses with respect to the security. If the other party to a delayed delivery transaction fails to deliver or pay for the securities, a Fund could miss a favorable price or yield opportunity or could suffer a loss. As a matter of operating policy, a Fund will not invest more than 50% of its total assets in when-issued and delayed delivery transactions.

#### TEMPORARY DEFENSIVE MEASURES
During times when Payden believes that a temporary defensive posture is warranted, each Fund may hold part or all of its assets in cash, U.S. Government and government agency securities, money market obligations, short-term corporate debt securities and money market funds, or may use futures to hedge the entire portfolio. This may help a Fund minimize or avoid losses during adverse market, economic or political conditions. However, during such a period, a Fund may not achieve its investment objective.

#### PORTFOLIO TURNOVER
A Fund's annual turnover rate indicates changes in its portfolio investments. Payden will sell a security when appropriate and consistent with a Fund's investment objective and policies, regardless of the effect on the Fund's portfolio turnover rate. Buying and selling securities generally involves some expense to the Funds, such as broker commissions and other transaction costs, and a high turnover rate in any year will result in payment by a Fund of above-average transaction costs and could result in the payment by shareholders of above-average amounts of taxes on realized investment gains. No Fund can accurately predict its future annual portfolio turnover rate. It can vary substantially from year to year since portfolio adjustments are made when conditions affecting relevant markets, particular industries or individual issues warrant such action. In addition, portfolio turnover may also be affected by sales of portfolio securities necessary to meet cash requirements for redemptions of shares. Each Fund's annual portfolio turnover rates are noted in the Financial Highlights for that Fund in Appendix B.

#### DISCLOSURE OF FUND PORTFOLIO HOLDINGS
Each Fund makes available listings of its portfolio holdings pursuant to policies and procedures set forth under the heading "Disclosure of Fund Portfolio Holdings" in the Statement of Additional Information for the Funds, a copy of which is available, free of charge, on the Funds' internet site at *payden.com*.

#### OTHER INVESTMENTS AND TECHNIQUES
Each Fund may invest in other types of securities and use a variety of investment techniques and strategies that are not described in this Prospectus. These securities and techniques may subject the Funds to additional risks. Please see the Statement of

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64 MORE ABOUT INVESTMENT STRATEGIES, RELATEDRISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS Payden Mutual Funds

Additional Information for more information about the securities and investment techniques described in this Prospectus and about additional securities and techniques that may be used by the Funds.

MANAGEMENT OF THE FUNDS

#### INVESTMENT ADVISER
Payden, located at 333 South Grand Avenue, Los Angeles, California 90071, serves as investment adviser to each of the Funds pursuant to an Investment Advisory Agreement. Payden is an investment counseling firm founded in 1983, and has approximately $167 billion of assets under management as of February 28, 2026.

*Investment Policy Committee.* Payden's Investment Policy Committee is responsible for defining the broad investment parameters of the Funds, including, for example, the types of strategies to be employed and the range of securities acceptable for investment by the Funds. The Committee is comprised of Kristin Ceva, Jeffrey Cleveland, Timothy Crawmer, Alfred Giles III, Nigel Jenkins, Brian Matthews, Joan Payden, Laura Lake, Mary Beth Syal, Natalie Trevithick, and James Wong.

Kristin Ceva is a Managing Director who joined Payden in 1998 and has 37 years' experience in the investment management business. Jeffrey Cleveland is a Managing Director who joined Payden in 2006 and has 22 years' experience in the investment management business. Timothy Crawmer is a Director who joined Payden in 2017 and has 27 years' experience in the investment management business. Alfred Giles III is a Managing Director who joined Payden in 2013 and has 25 years' experience in the investment management business. Nigel Jenkins is a Managing Director who joined Payden in 2006 and has 37 years' experience in the investment management business. Brian Matthews is a Managing Director who joined Payden in 1986 and has 43 years' experience in the investment management business. Joan Payden is the President, CEO and founder of Payden. She has over 50 years' experience in the investment management business. Laura Lake is a Managing Director who joined Payden in 2021 and has 28 years' experience in the investment management business. Mary Beth Syal is a Managing Director who joined Payden in 1991 and has 41 years' experience in the investment management business. Natalie Trevithick is a Managing Director who joined Payden in 2012 and has 29 years' experience in the investment management business. James Wong is a Managing Director who joined Payden in 1995 and has 34 years' experience in the investment management business.

*Fund Management.* Payden follows a team approach in the management of the Funds, in which different teams of Payden personnel are responsible for the day-to-day management of the Funds within the broad investment parameters established by the Investment Policy Committee. Each team meets regularly to review portfolio holdings and discuss purchase and sales activity of all accounts in the strategy, including a particular Fund or group of Funds. The portfolio managers, who are generally team leaders or senior investment personnel on the team, are supported by other members of the team. These include research analysts and other investment professionals who provide research support, make securities recommendations and generally support the portfolio managers in all activities. Members of a team may change from time to time.

The Portfolio Managers listed below for each of the Funds, all of whom are investment professionals employed by Payden & Rygel for the time indicated, in each case manage the Fund together with a broader investment management team.

#### Limited Maturity Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Adam Congdon, Director | 12 years |
| &nbsp;&nbsp;&nbsp; Nigel Jenkins, Managing Director | 20 years |
| &nbsp;&nbsp;&nbsp; Kerry Rapanot, Managing Director | 24 years |
| &nbsp;&nbsp;&nbsp; Mary Beth Syal, Managing Director | 35 years |

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#### Low Duration Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Adam Congdon, Director | 12 years |
| &nbsp;&nbsp;&nbsp; Nigel Jenkins, Managing Director | 20 years |
| &nbsp;&nbsp;&nbsp; Brian Matthews, Managing Director | 40 years |
| &nbsp;&nbsp;&nbsp; Kerry Rapanot, Managing Director | 24 years |
| &nbsp;&nbsp;&nbsp; Mary Beth Syal, Managing Director | 35 years |

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Prospectus MANAGEMENT OF THE FUNDS 65

#### Core Bond Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Timothy Crawmer, Director | 8 years |
| &nbsp;&nbsp;&nbsp; Nigel Jenkins, Managing Director | 20 years |
| &nbsp;&nbsp;&nbsp; Brian Matthews, Managing Director | 40 years |
| &nbsp;&nbsp;&nbsp; Laura Lake, Managing Director | 4 years |
| &nbsp;&nbsp;&nbsp; Mary Beth Syal, Managing Director | 35 years |

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#### Strategic Income Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Kristin Ceva, Managing Director | 28 years |
| &nbsp;&nbsp;&nbsp; Timothy Crawmer, Director | 8 years |
| &nbsp;&nbsp;&nbsp; Nigel Jenkins, Managing Director | 20 years |
| &nbsp;&nbsp;&nbsp; Laura Lake, Managing Director | 4 years |
| &nbsp;&nbsp;&nbsp; Natalie Trevithick, Managing Director | 14 years |

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#### Absolute Return Bond Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Kristin Ceva, Managing Director | 28 years |
| &nbsp;&nbsp;&nbsp; Nigel Jenkins, Managing Director | 20 years |
| &nbsp;&nbsp;&nbsp; Brian Matthews, Managing Director | 40 years |
| &nbsp;&nbsp;&nbsp; Alec Small, Senior Vice President | 9 years |
| &nbsp;&nbsp;&nbsp; Eric Souders, Managing Director | 12 years |

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#### Corporate Bond Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Timothy Crawmer, Director | 8 years |
| &nbsp;&nbsp;&nbsp; Alfred Giles III, Managing Director | 13 years |
| &nbsp;&nbsp;&nbsp; Laura Lake, Managing Director | 4 years |
| &nbsp;&nbsp;&nbsp; Natalie Trevithick, Managing Director | 14 years |

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#### High Income Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Nicholas Burns III, Senior Vice President | 11 years |
| &nbsp;&nbsp;&nbsp; Timothy Crawmer, Director | 8 years |
| &nbsp;&nbsp;&nbsp; Daniel Dupont, Senior Vice President | 8 years |
| &nbsp;&nbsp;&nbsp; Jordan Lopez, Managing Director | 21 years |
| &nbsp;&nbsp;&nbsp; Natalie Trevithick, Managing Director | 14 years |

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Securitized Income Fund

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Adviser | Years Employed by<br>Investment Adviser |
| &nbsp;&nbsp;&nbsp; Gary Greenberg, Director |  | 31 years |
| &nbsp;&nbsp;&nbsp; Amy Marshall, Senior Vice President |  | 15 years |
| &nbsp;&nbsp;&nbsp; Laura Lake, Managing Director |  | 4 years |
| &nbsp;&nbsp;&nbsp; Josip Zdrilic, Director |  | 7 years |

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66 MANAGEMENT OF THE FUNDS Payden Mutual Funds

#### Floating Rate Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Nicholas Burns III, Senior Vice President | 11 years |
| &nbsp;&nbsp;&nbsp; Timothy Crawmer, Director | 8 years |
| &nbsp;&nbsp;&nbsp; Alfred Giles III, Managing Director | 13 years |
| &nbsp;&nbsp;&nbsp; Jordan Lopez, Managing Director | 21 years |
| &nbsp;&nbsp;&nbsp; Natalie Trevithick, Managing Director | 14 years |

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#### Global Fixed Income Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Kristin Ceva, Managing Director | 28 years |
| &nbsp;&nbsp;&nbsp; Timothy Crawmer, Director | 8 years |
| &nbsp;&nbsp;&nbsp; Nigel Jenkins, Managing Director | 20 years |
| &nbsp;&nbsp;&nbsp; Paul Saint-Pasteur, Director | 17 years |
| &nbsp;&nbsp;&nbsp; Laura Lake, Managing Director | 4 years |

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#### Emerging Markets Bond Fund

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Kristin Ceva, Managing Director | 28 years |
| &nbsp;&nbsp;&nbsp; Arthur Hovsepian, Managing Director | 21 years |
| &nbsp;&nbsp;&nbsp; Nigel Jenkins, Managing Director | 20 years |
| &nbsp;&nbsp;&nbsp; Zubin Kapadia, Senior Vice President | 9 years |

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#### Emerging Markets Local Bond Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Kristin Ceva, Managing Director | 28 years |
| &nbsp;&nbsp;&nbsp; Arthur Hovsepian, Managing Director | 21 years |
| &nbsp;&nbsp;&nbsp; Nigel Jenkins, Managing Director | 20 years |
| &nbsp;&nbsp;&nbsp; Zubin Kapadia, Senior Vice President | 9 years |

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#### Emerging Markets Corporate Bond Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Kristin Ceva, Managing Director | 28 years |
| &nbsp;&nbsp;&nbsp; Alfred Giles III, Managing Director | 13 years |
| &nbsp;&nbsp;&nbsp; Arthur Hovsepian, Managing Director | 21 years |
| &nbsp;&nbsp;&nbsp; Zubin Kapadia, Senior Vice President | 9 years |

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#### Equity Income Fund

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio Managers | Years Employed by<br>Investment Advisor |
| &nbsp;&nbsp;&nbsp; Alfred Giles III, Managing Director | 13 years |
| &nbsp;&nbsp;&nbsp; Micheal Huynh, Senior Vice President | 21 years |
| &nbsp;&nbsp;&nbsp; Natalie Trevithick, Managing Director | 14 years |
| &nbsp;&nbsp;&nbsp; James Wong, Managing Director | 31 years |

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Prospectus MANAGEMENT OF THE FUNDS 67

With respect to the portfolio managers listed, the Statement of Additional Information under the section entitled "Portfolio Managers" provides additional information about the portfolio managers' compensation structure, other accounts managed by the portfolio managers, and the ownership by the portfolio managers of shares in the Funds.

As indicated above under the "Fees and Expenses" section for each Fund, Payden has contractually agreed to temporarily limit the Fund's Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes and extraordinary expenses) of each Fund to the percentage indicated of the Fund's daily net assets on an annualized basis. This Agreement has a one-year term ending February 28, 2027 for each Fund. In each case, the Agreement may be renewed and may be amended by approval of a majority of the Board of Trustees of The Payden & Rygel Investment Group (the "P&R Trust"). Each Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver. However, for any Fund in any given year, the level of reimbursement cannot cause the Fund's annual expense ratio to exceed the contractual expense limits discussed above.

For the fiscal year ended October 31, 2025, Payden earned a fee as a percentage of each Fund's average net assets, net of expense reimbursements or fee waivers, from each Fund as follows: Payden Limited Maturity Fund, 0.02%; Payden Low Duration Bond Fund, 0.12%; Payden Core Bond Fund, 0.17%; Payden Strategic Income Fund, 0.16%; Payden Absolute Return Bond Fund, 0.19%; Payden Corporate Bond Fund, 0.25%; Payden High Income Fund, 0.30%; Payden Securitized Income Fund, 0.00%; Payden Floating Rate Fund, 0.18%; Payden Global Fixed Income Fund, 0.17%; Payden Emerging Markets Bond Fund, 0.41%; Payden Emerging Markets Local Bond Fund, 0.25%; Payden Emerging Markets Corporate Bond Fund, 0.36%; and Payden Equity Income Fund, 0.39%.

A discussion regarding the basis for the approval by the P&R Trust's Board of Trustees of the Investment Advisory Agreement for each Fund is available in the Funds' Annual Financial Statements and Other Information on Form N-CSR of The Payden & Rygel Investment Group for the fiscal year ended October 31, 2025, under the heading "Approval of Investment Advisory Agreement." The Annual Financial Statements and Other Information is available, free of charge, on the Funds' internet site at *payden.com*.

SHAREHOLDER INFORMATION

#### PRICING OF FUND SHARES: NET ASSET VALUE
The net asset value per share of each Fund, is determined each day the New York Stock Exchange is open for trading as of the close of regular trading (normally 4:00 p.m. Eastern Time) by dividing the difference between the value of assets and liabilities of the Fund by the number of shares outstanding and rounding to the nearest penny.

Debt Securities. Domestic and foreign debt securities and other assets for which market quotations are readily available (other than obligations with original maturities of 60 days or less) are valued at market on the basis of quotes obtained from pricing services. If a Fund's investment adviser determines that a pricing service does not provide accurate pricing for a fixed income security, the adviser may provide pricing information for that security. Such pricing information takes into account appropriate factors such as quotes obtained from brokers and dealers, institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Debt securities with original maturities of 60 days or less are valued at amortized cost, which approximates fair value.

Equity Securities. Publicly traded equity securities, in the United States for which market quotations are readily available generally will be valued at the official closing price or the last sale price on the exchange or market where they are principally traded, or if there have been no sales during the day, at the last quote or last bid price. Generally, foreign equity securities will be valued each day using the closing price on the exchange or market where they are principally traded adjusted by a daily factor to adjust for local post-closing market movements. The adjustment factor is provided by a pricing service provider and is based on historically calculated variances and covariances between movements in the U.S. markets and price changes in the local markets applied to foreign equity securities' closing prices. Securities traded only on the over-the-counter market are valued at the latest sale price.

Investment Company Securities. In valuing a Fund's investment in another company that is (1) an investment company, or (2) would be an investment company but for the exceptions provided in the Investment Company Act (an "Acquired Fund"), the Fund uses the net asset value per share of the Acquired Fund.

Derivatives. Options, futures, swaps and other similar investments are valued at the official closing price in the case of exchange traded derivatives. Non-exchange traded and/or over-the-counter derivatives and other over-the-counter transactions are priced using the pricing service if available. If the Fund's investment adviser determines that a pricing service does not provide accurate pricing for a non-exchange traded and/or over-the-counter derivative, then the Fund's investment adviser may provide pricing information for that derivative.

Fair Value Pricing. Debt securities, equity securities, or derivatives for which market quotations are not readily available will be priced at their fair value as determined in good faith using procedures established pursuant to the Valuation Policy adopted by the Board of Trustees of the P&R Trust that are applicable to each of the Funds. In considering the fair value of a security or derivative, one or more factors are taken into consideration depending on the circumstances at the time, including for example: the cost of the security or the last reported sales price of the security as a starting point; changes in interest rates; changes in yield spreads of similarly rated or structured securities; fundamental analytical information relating to the security (such as price to earnings ratios for equity securities or yield to maturity ratio for debt securities); the value of other similar securities traded on other markets or among dealers;

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68 SHAREHOLDER INFORMATION Payden Mutual Funds

the general financial condition of the issuer; recent developments affecting the issuer; information, including price quotations, from other financial institutions or analysts; or government actions or pronouncements and other significant events affecting the economy, the markets, the fundamental value of the issuer or of the issuer's industry.

Fair value pricing may occur when (1) developments occur that will affect the value of a Fund's holdings ("significant events"), and (2) those significant events occur after the close of the markets on which the securities trade, but before the time when the net asset value is computed for the Fund. A significant event may relate to a single issuer or an entire market. Examples include: inter-day market halts when no further trading in the securities occurs that day; other developments related to a particular issuer; or significant market fluctuations, natural disasters, armed conflicts or significant governmental- actions.

With respect to events affecting individual issuers, the Valuation Policy provides that the analysts and portfolio managers for the Funds monitor the news for significant events on issuers whose securities exceed a certain weight in the Fund in question. If an issuer-specific event occurs that the analysts and portfolio managers believe will affect the Fund's net asset value by more than a prescribed threshold, designated members of the Liquidity and Valuation Committee of the Board of Trustees of the P&R Trust determine based on the facts available (1) if the issuer's securities will be subject to fair value pricing, and (2) if so, the fair value price of the securities based on one or more of the factors described above.

With respect to events affecting securities markets as a whole, the Valuation Policy provides that the analysts and portfolio managers for the Funds monitor the news for significant events related to U.S. securities markets that may generally affect foreign securities markets. If the broad-based U.S. benchmark moves by more than the designated amount between its close on the previous day and the day in question, then the Fund's investment adviser will determine based on the facts available (1) whether one or more securities in a particular Fund portfolio will be subject to fair value pricing, and (2) if so, the fair value price of such securities.

Fair value pricing involves greater reliance on judgment than valuation of securities based on readily available market quotations. If a Fund uses fair value pricing to price securities it may value those securities higher or lower than another fund using market quotations or fair value to price the same securities. There can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its net asset value.

#### HOW TO PURCHASE SHARES
You may purchase shares of each Fund based on the net asset value per share without a sales charge. You may open an account by completing a New Account Application and mailing it to the Funds' address provided below. You cannot purchase shares until the Fund has received a completed application in which all required information has been provided. The Fund's transfer agent (the "Transfer Agent") is required by law to obtain certain personal information from you (or a person authorized to act on your behalf) in order to verify your (or such person's) identity. If this information is not provided, the Transfer Agent may not be able to open your account. If the Transfer Agent is unable to verify your identity (or that of another person authorized to act on your behalf), or believes it has identified potentially criminal activity, the Fund and the Transfer Agent each reserves the right to decline to open your account, to close any existing account you may have, or to take such other action as they deem reasonable or required by law. Finally, the Fund does not accept cash, money orders, third party checks, traveler's checks, credit card checks, checks drawn on banks outside the United States, or other checks deemed to be high risk.

To open a tax-sheltered retirement plan, such as an individual retirement account ("IRA"), you must complete special application forms. Please be sure to ask for an IRA information kit.

#### By Check
1. Complete the New Account Application.

2. Make the check payable to the "Payden Funds" and mail the check, along with the application, to:

Payden Funds

P.O. Box 534496,

Pittsburgh, PA 15253-4496

#### By Federal Funds Wire
1. Complete the New Account Application and mail it to:

Payden Funds

P.O. Box 534496,

Pittsburgh, PA 15253-4496

2. Wire funds to the Transfer Agent as follows when the application has been processed:

The BNY Mellon, N.A.

ABA: 011001234

DDA: 686875

FBO: Payden Funds

Reference: Shareholder Name, Account Number and Fund Name or Fund #

3. Please call 1-800-572-9336, to advise of any purchases by wire.

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Prospectus SHAREHOLDER INFORMATION 69

Your purchase will be based on the net asset value per share next determined after the Fund receives and accepts your order. Purchase orders are only accepted on days on which the Fund is open for business.

Each Fund is "open for business" on each day the New York Stock Exchange is open for trading. The net asset value of shares of a Fund with portfolio securities primarily listed on foreign exchanges may change on days when you cannot purchase or redeem such shares if the foreign exchange trades on weekends or other days when the Fund is not open for business.

Additional Investments. You may make additional investments at any time (1) by mailing a check with a Letter of Instruction or Additional Investment Form (2) by calling 1-800-572-9336 (if elected on New Account Application) and wiring Federal funds to the Transfer Agent as described above, or instructing purchase via Automated Clearing House System ("ACH"), (3) via the Funds' internet site at *payden.com*.

Purchases Through Brokers. Each Fund has authorized one or more brokers to accept purchase orders on behalf of the Fund, and such brokers are authorized to designate intermediaries to accept purchase orders on behalf of the Fund. A Fund will be deemed to have received a purchase order when an authorized broker or broker-authorized designee receives and accepts the order. A shareholder's purchase order will be priced based on the Fund's net asset value per share next computed after the order is accepted by an authorized broker or broker-authorized designee. The authorized broker or broker-authorized designee may charge the customer a transaction-based or other fee for handling the purchase or sale of shares, and additional conditions may apply.

Shareholder Servicing Plan. The P&R Trust has adopted a Shareholder Servicing Plan with respect to each of the Funds, which provides for a fee payable to broker-dealers and other financial intermediaries for shareholder services provided to Fund shareholders who invest in the Fund through the intermediary. The fee is payable at an annual rate not to exceed 0.25% of the Fund's average daily net assets invested through the intermediary. Because these fees are paid out of the particular Fund's assets, over time these fees will increase the cost of your investment in that Fund.

Tax-sheltered Retirement Plans. Each of the Funds accepts purchases of shares by tax-sheltered retirement plans, such as traditional IRAs, rollover IRAs, Roth IRAs, Keogh or corporate profit-sharing plans, Simplified Employee Pension plans and 401(k) plans and Coverdell Education Savings Plans. Please visit *payden.com* to download a IRA kit which includes a special application for tax-sheltered accounts or call 1-800-572-9336. The Funds do not provide fiduciary administration or custody for such plans. The Funds charge an Annual IRA Maintenance Fee of $12.50 per account. A maintenance fee of $12.50 will be charged on all Fund accounts where a full account liquidation is made, unless you have already paid the Annual IRA Maintenance Fee for the year.

Exchange Privilege. Shares of any Fund may be exchanged for shares of any other mutual fund of the P&R Trust, provided that the minimum initial investment amount for the specific share class of the mutual fund has been met. Otherwise, the minimum amount for any exchange is $250. Because an exchange is considered a redemption and purchase of shares, you may realize a gain or loss for Federal income tax purposes.

In general, a Fund must receive written exchange instructions signed by a person authorized to act on an account. If you complete the telephone privilege authorization portion of the applicable New Account Application or applicable Account Privileges Change Form, you may make exchanges by calling 1-800-572-9336. You may also make exchanges via the Funds' internet site, at *payden.com*, using the Account Access function (user registration required). Finally, you may participate in the Automatic Exchange Program, described below under "Automated Investment Programs," to automatically redeem a fixed amount from any Fund for investment in another Fund. Each Fund may modify or discontinue this exchange privilege at any time on 60 days' notice. Each Fund also reserves the right to limit the number of exchanges you may make in any year to avoid excessive Fund expense.

Telephone Privilege. You may exchange or redeem shares by calling 1-800-572-9336, if you have elected this option on the applicable New Account Application, or if you complete the applicable Account Privileges Change Form. If you call on a business day before the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern Time), the exchange or redemption will be based on the net asset value per share determined that day; if you call on a business day after the close of regular trading on the New York Stock Exchange, the exchange or redemption will be based on the net asset value per share determined on the next business day. During periods of drastic economic or market changes, it may be hard to reach the Funds by telephone. If so, you should follow the other exchange and redemption procedures discussed in this Prospectus.

By electing the telephone privilege, you may be giving up some security. However, the Funds employ procedures designed to provide reasonable assurance that instructions communicated by telephone are genuine. Each Fund reserves the right to refuse a telephone exchange or redemption request if the Fund or its agents believes that the person making the request is not properly authorized. Neither the Funds nor their agents will be liable for any loss, liability or cost which results from acting upon instructions of a person reasonably believed to be a shareholder.

Automatic Investment Plan. You may elect to make investments in any Fund using the ACH, which transfers money directly from your account at your financial institution to the Fund for investment. You must first meet the minimum initial investment amount, which may be made by check, ACH, or wire; thereafter, additional investments through the ACH must be at least $250.

You may elect to make investments on a set schedule. Your financial institution will deduct a set amount that you authorize, which will normally be credited to the Fund on your choice of the day(s) of the month (or next business day if a day you chose falls on a holiday or weekend day). Your financial institution will typically debit your account the prior business day.

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70 SHAREHOLDER INFORMATION Payden Mutual Funds

Please note the following guidelines:

ª You must establish an account with the Fund before the Automatic Investment Plan goes into effect.

ª Your financial institution must be a member of the ACH.

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| | |
|:---|:---|
| ª | To set up the Automatic Investment Plan, you may 1) complete and return an Account Privileges Change Form along with a voided check or deposit slip, and it must be received by the Fund at least 15 days before the initial transaction, or 2) online through Account Access at *payden.com*.  |

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ª The Automatic Investment Plan will automatically terminate if all your shares are redeemed, or if your financial institution rejects the transfer for any reason, *e.g.,* insufficient funds.

ª You can terminate your participation in the Automatic Investment Plan by writing to Payden Funds, P.O. Box 534496, Pittsburgh, PA 15253-4496, by phone at 1-800-572-9336, or online through Account Access at *payden.com*.

Automatic Exchange Plan.With respect to any Fund offered in this Prospectus, you may participate in the Automatic Exchange Plan to automatically redeem a fixed amount from one Fund for investment in another Fund on a regular basis. You can elect this option by calling Payden Funds at 1-800-572-9336.

Other Purchase Information. Each Fund issues full and fractional shares, but does not issue certificates. Each Fund may not be available in all jurisdictions. Each Fund reserves the right, in its sole discretion, to suspend the offering of its shares; to reject purchase orders when, in the judgment of its management, such suspension or rejection is in the best interest of the Fund; and to redeem shares if information provided in the New Account Application proves to be incorrect in any material manner.

Medallion Signature Guarantee — Account Changes and Redemptions. A Medallion Signature Guarantee assures a Fund that a signature is genuine. It is intended to protect shareholders and the Fund against fraudulent transactions by unauthorized persons. Medallion Signature Guarantees are required by each of the Funds in the following cases:

*Account Changes .*

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| | |
|:---|:---|
| ª | To add bank information to an existing account via the *Account Privileges Change Form – Banking Instructions*.  |

---

---

| | |
|:---|:---|
| ª | To change your existing bank account of via the *Account Privileges Change Form – Banking Instructions.*  |

---

ª To change registered account holders.

*Account Redemptions.*

---

| | |
|:---|:---|
| ª | To request a redemption in excess of $100,000, which must be in writing.  |

---

ª To request a wire transfer of redemption proceeds to a bank account other than the bank account of record.

ª To request redemption proceeds to be mailed to a person other than the record owner of the shares.

ª On the IRA Transfer Form, if you are transferring your Payden Funds IRA to another fund family.

ª Certain transactions on accounts involving executors, administrators, trustees or guardians.

Each Fund reserves the right to require a Medallion Signature Guarantee under other circumstances.

*How to Obtain a Medallion Signature Guarantee.* Medallion Signature Guarantees must be obtained from a participant in a Medallion program endorsed by the Securities Transfer Association. Participants are typically commercial banks or trust companies in the United States, brokerage firms that are members of Financial Industry Regulatory Authority or members of the New York Stock Exchange. The Fund may reject a signature guarantee if it believes it is not genuine or if it believes the transaction is improper.

#### HOW TO REDEEM SHARES
Each Fund will redeem your shares based on the net asset value per share next determined following receipt of your request with all of the required information. You can redeem shares by contacting the Fund in writing, by calling 1-800-572-9336, or via the Funds' internet site at *payden.com.* 

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Prospectus SHAREHOLDER INFORMATION 71

Redemption requests by telephone or via the internet may not exceed $100,000 per day. The Funds generally do not charge for redemptions. Fund shares you redeem may be worth more or less than your purchase price, depending on the market value of the investment securities held by the Fund at the time of redemption.

Send your redemption requests (1) in writing to Payden Funds, P.O. Box 534496, Pittsburgh, PA 15253-4496, or if you have selected either of these options on your New Account Application; (2) by calling 1-800-572-9336; or (3) via the Funds' internet site at *payden.com*. The Fund will delay payment for redemption of recently purchased shares until the purchase check has been honored, which may take up to 15 days after receipt of the check. The redemption proceeds will ordinarily be wired to your financial institution or mailed to your address of record one business day after we process your request. Payment by mail may take up to seven to ten days. During periods of drastic economic or market changes, it may be hard to reach the Fund by telephone. If so, you should follow the other exchange and redemption procedures discussed in this Prospectus.

One or more brokers have been authorized to accept redemption orders on behalf of each of the Funds, and such brokers are authorized to designate intermediaries to accept redemption orders on behalf of the Funds. A Fund will be deemed to have received and accepted a redemption order when an authorized broker or broker-authorized designee has received and accepted the order. A shareholder's redemption order will be priced based on the Fund's net asset value per share next computed after the order is accepted by an authorized broker or broker-authorized designee. The authorized broker or broker-authorized designee may charge the customer a fee for handling the redemption order.

Each Fund reserves the right to pay any redemption price in whole or in part by a distribution in kind of securities held by the Fund in lieu of cash. A redemption is generally a taxable event for shareholders, regardless of whether the redemption is satisfied in cash or in kind. While it is unlikely that shares would ever be redeemed in kind, if that does occur, the redeeming shareholder would incur transaction costs upon the disposition of the securities that the shareholder received in the distribution. In addition, under certain circumstances set forth in the Statement of Additional Information, each Fund reserves the right to fully redeem shares in any account, the value of which falls below $5,000 due to shareholder redemptions.

A Fund may suspend the right of redemption or postpone the payment date at times when the New York Stock Exchange is closed or during certain other periods as permitted under the Federal securities laws.

#### COST BASIS REPORTING
Federal tax law requires that regulated investment companies, such as the Fund, report their shareholders' cost basis, gain/loss, and holding period to the IRS on the shareholders' Consolidated Form 1099s when "covered" shares of the regulated investment companies are sold. Covered shares are any shares acquired (including pursuant to a dividend reinvestment plan) on or after January 1, 2012.

The Fund has chosen "first-in, first-out" ("FIFO") as its standing (default) tax lot identification method for all shareholders, which means this is the method the Fund will use to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values and the entire position is not sold at one time. The Fund's standing tax lot identification method is the method it will use to report the sale of covered shares on your Consolidated Form 1099 if you do not select a specific tax lot identification method.

Subject to certain limitations, you may choose a method other than the Fund's standing method at the time of your purchase or upon the sale of covered shares. For all methods, except Specific Lot Identification, the Fund redeems noncovered shares first until they are depleted and then applies your elected method to your covered shares. Please refer to the appropriate Treasury regulations or consult your tax advisor with regard to your personal circumstances.

#### MARKET TIMING ACTIVITIES
Frequent purchases and redemptions of shares of any of the Funds by one or more Fund shareholders present various risks for other shareholders of the Fund, including dilution in the value of Fund shares held by long-term shareholders, disruption of the long-term focus of the Fund's investment program and increased operating expenses, particularly brokerage and other administrative costs. In addition, there are risks specific to particular Funds. For those Funds that may invest in overseas markets, there may be risks associated with time-zone arbitrage. For certain fixed income funds, such as the Payden Emerging Markets Bond Fund, with greater volatility, there may be risks associated with short-term trading designed to capitalize on significant changes in the Fund's net asset value over short periods of time.

As a result, the Board of Trustees of the P&R Trust has adopted policies and procedures designed to discourage frequent trading of shares of the Funds by Fund shareholders. For each Fund, the Fund's administrator (the "Administrator") identifies frequent trading by examining the number of "round trips," *i.e.*, purchases and redemptions, which occur within a specific time period. The number of round trips and the length of the time period to be scanned to identify such frequent trading may differ by Fund based on Fund experience and expectations based on Fund investment guidelines. If a pattern of frequent trading is thus identified in your account, the Administrator then determines if the value of the trades is of a size sufficient to affect the level of the Fund's operating expenses or impact the Fund's liquidity. If that is the case, you will then be sent a notice that future trading in your account may be restricted if the pattern of frequent trading persists. If the frequent trading pattern persists in your account without explanation or justification, the Fund will refuse any further purchase or exchange requests by you and will so notify you. It should be noted, however, that in certain circumstances it may not be practicable for the Fund to identify such market timing activities, such as redemptions of shares held in certain omnibus accounts or retirement plans since the Fund does not have the information on the individual transactions within the omnibus account or retirement plan.

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72 SHAREHOLDER INFORMATION Payden Mutual Funds

None of the Funds has any arrangement with any Fund shareholder to accommodate frequent purchases and redemptions of the Fund's shares. Finally, because it is not possible to identify and list all market timing abuses that may arise, you should know that each Fund reserves the right to reject a purchase or exchange request for any reason.

#### DIVIDENDS AND DISTRIBUTIONS
The Funds declare and distribute dividends to shareholders as follows: (1) monthly, for each of the Payden Core Bond, Payden Strategic Income, Payden Absolute Return Bond, Payden Corporate Bond, Payden High Income, Payden Floating Rate, Payden Global Fixed Income, Payden Emerging Markets Bond, Payden Emerging Markets Local Bond,Payden Emerging Markets Corporate Bond, and Payden Securitized Income Funds ; (2) quarterly, for the Payden Equity Income Fund; and (3) each of the Payden Limited Maturity, and Payden Low Duration Funds accrues and declares dividends daily and distributes them to shareholders monthly.

Each Fund distributes any net realized capital gains from the sale of portfolio securities at least once yearly. Each Fund pays dividend and capital gain distributions in the form of additional shares of the Fund at the net asset value per share on the ex-dividend date, unless you elect to receive them in cash by so indicating on the applicable New Account Application, or in writing to the Payden Funds, P.O. Box 534496, Pittsburgh, PA 15253-4496, or by calling 1-800-572-9336.

#### TAX INFORMATION
Dividends paid by all Funds, and distributions paid by all Funds from long-term capital gains, are taxable to you. Dividends are taxable to you whether received in cash or reinvested as additional shares. Any short-term capital gains or taxable interest income, therefore, will be taxable to you as ordinary income. The Funds may incur foreign income taxes in connection with some of their foreign investments, and may credit certain of these taxes to you. Your exchange or sale of any Fund's shares is a taxable event and may result in a capital gain or loss.

Before purchasing shares of a Fund, you should carefully consider the impact of the dividends or capital gains distributions which the Fund expects to announce, or has announced. If you purchase shares shortly before the record date for a dividend or distribution, you receive some portion of your purchase price back as a taxable dividend or distribution.

Distributions may be subject to additional state and local taxes, depending on your particular situation. Consult your tax adviser with respect to the tax consequences to you of an investment in a Fund.

#### GENERAL INFORMATION
Household Delivery of Prospectus and Annual and Semi-Annual Reports. To reduce expenses, we may mail only one copy of the Prospectus and of each Annual and Semi-Annual Report to the address shared by two or more accounts. If you wish to receive individual copies of these documents, please call 1-800-572-9336, or write to Payden Funds, P.O. Box 534496, Pittsburgh, PA 15253-4496. We will begin sending you individual copies 30 days after receiving your request.

Shareholder Inquiries. For information, call 1-800-572-9336, visit the Funds' internet site at *payden.com*, or write to Payden Funds, P.O. Box 534496, Pittsburgh, PA 15253-4496.

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Prospectus APPENDIX A 73

Description of Ratings

The Funds only use ratings from agencies designated as Nationally Recognized Statistical Rating Organizations by the Office of Credit Ratings ("OCR"). The OCR assists the U.S. Securities and Exchange Commission in executing its responsibility for protecting investors, promoting capital formation, and maintaining fair, orderly, and efficient markets through the oversight of credit rating agencies registered with the Commission as "nationally recognized statistical rating organizations" or "NRSROs." In support of this mission, OCR monitors the activities and conducts examinations of registered NRSROs to assess and promote compliance with statutory and Commission requirements.

The following summarizes a sample of descriptions by three NRSROs for some of the general ratings referred to in the Prospectus and Statement of Additional Information. Ratings represent only the opinions of the rating organizations about the safety of principal and interest payments, not market value. The rating of an issuer is heavily influenced by past developments and does not necessarily reflect probable future conditions. A lag frequently occurs between the time a rating is assigned and the time it is updated. Ratings are therefore general and are not absolute standards of quality.

#### CREDIT RATINGS — BONDS

#### Moody's Ratings ("Moody's")
The purpose of Moody's ratings is to provide investors with a single system of gradation by which the relative investment qualities of bonds may be rated.

*Aaa:* Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edged." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

*Aa:* Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group, they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in Aaa securities.

*A:* Bonds which are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment sometime in the future.

*Baa:* Bonds which are rated Baa are considered as medium grade obligations. They are neither highly protected nor poorly secured. Interest payments and security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

*Ba:* Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well assured. Often, the protection of interest and principal payments may be very moderate, and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this asset class.

*B:* Bonds which are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

*Caa:* Bonds which are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

*Ca:* Bonds which are rated Ca represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.

*C:* Bonds which are rated C are the lowest rated class of bonds, and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

*Rating Refinements:* Moody's may apply numerical modifiers, 1, 2, and 3 in each generic rating classification from Aa through B in its bond rating system. The modifier 1 indicates that the security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and modifier 3 indicates that the issue ranks in the lower end of its generic rating category.

#### S&P Global Ratings ("S&P")
A S&P debt rating is a current assessment of the creditworthiness of an obligor with respect to a specific obligation. This assessment may take into consideration obligors such as guarantors, insurers, or lessees. The ratings are based on current information furnished by the issuer or obtained by S&P from other sources it considers reliable. S&P does not perform any audit in connection with any rating and may, on occasion, rely on unaudited financial information. The ratings are based, in varying degrees, on the following considerations: (a) likelihood of default-capacity and willingness of the obligor as to the timely payment of interest and repayment of principal in accordance with the terms of the obligation; (b) nature of and provisions of the obligation; and (c) protection afforded by, and relative position of, the obligation in the event of bankruptcy and other laws affecting creditors' rights.

------

74 APPENDIX A Payden Mutual Funds

**Description of Ratings** (continued)

*AAA:* Bonds rated AAA have the highest rating assigned by S&P. The obligor's capacity to meet its financial commitment on the obligation (*i.e.*, pay interest and repay principal) is extremely strong.

*AA:* Bonds rated AA differ from the highest-rated obligations only in a small degree. The obligor's capacity to meet its financial commitment on the obligation (*i.e.*, pay interest and repay principal) is very strong.

*A:* Bonds rated A are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitment on the obligation (*i.e.*, pay interest and repay principal) is still strong.

*BBB:* Bonds rated BBB exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation (*i.e.*, pay interest and repay principal).

*BB:* Bonds rated BB are less vulnerable to nonpayment than other speculative issues. However, they face major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation (*i.e.*, pay interest and repay principal).

*B:* Bonds rated B are more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitment on the obligation (*i.e.*, pay interest and repay principal). Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

*CCC:* An obligation rated CCC is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

*CC:* An obligation rated CC is currently highly vulnerable to nonpayment.

*C:* The C rating may be used to cover a situation where a bankruptcy petition has been filed or similar action has been taken, but payments on this obligation are being continued.

*D:* An obligation rated D is in payment default. The D rating category is used when payments on an obligation are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The D rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

The S&P ratings may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

*r:* This symbol is attached to the ratings of instruments with significant noncredit risks. It highlights risks to principal or volatility of expected returns which are not addressed in the credit rating. Examples include: obligations linked or indexed to equities, currencies, or commodities; obligations exposed to severe prepayment risk-such as interest-only or principal-only mortgage securities; and obligations with unusually risky interest terms, such as inverse floaters.

#### Fitch Ratings, Inc. ("Fitch")
Fitch investment grade bond ratings provide a guide to investors in determining the credit risk associated with a particular security. The ratings represent Fitch's assessment of the issuer's ability to meet the obligations of a specific debt issue or class of debt in a timely manner. The rating takes into consideration special features of the issue, its relationship to other obligations of the issuer, the current and prospective financial condition and operating performance of the issuer and any guarantor, as well as the economic and political environment that might affect the issuer's future financial strength and credit quality. Fitch ratings do not reflect any credit enhancement that may be provided by insurance policies or financial guarantees unless otherwise indicated.

*AAA:* Bonds considered to be investment grade and of the highest credit quality. The obligor has an exceptionally strong ability to pay interest and repay principal, which is unlikely to be affected by reasonably foreseeable events.

*AA:* Bonds considered to be investment grade and of very high credit quality. The obligor's ability to pay interest and repay principal is very strong, although not quite as strong as bonds rated "AAA." Because bonds rated in the "AAA" and "AA" categories are not significantly vulnerable to foreseeable future developments, short-term debt of these issuers is generally rated "F-1+".

*A:* Bonds considered to be investment grade and of high credit quality. The obligor's ability to pay interest and repay principal is considered to be strong, but may be more vulnerable to adverse changes in economic conditions and circumstances than bonds with higher ratings.

*BBB:* Bonds are considered to be of satisfactory credit quality. Ability to pay interest and principal is adequate. Adverse changes in economic conditions and circumstances are more likely to impair timely payment than higher rated bonds.

*BB:* Bonds are considered speculative. The obligor's ability to pay interest and repay principal may be affected over time by adverse economic changes. However, business and financial alternatives can be identified, which could assist in the obligor satisfying its debt service requirements.

------

Prospectus APPENDIX A 75

**Description of Ratings** (continued)

*B:* Bonds are considered highly speculative. While bonds in this class are currently meeting debt service requirements, the probability of continued timely payment of principal and interest reflects the obligor's limited margin of safety and the need for reasonable business and economic activity throughout the life of the issue.

*CCC:* Bonds have certain identifiable characteristics that, if not remedied, may lead to default. The ability to meet obligations requires an advantageous business and economic environment.

*CC:* Bonds are minimally protected. Default in payment of interest and/or principal seems probable over time.

*C:* Bonds are in imminent default in payment of interest or principal.

*DDD, DD, and D:* Bonds are in default on interest and/or principal payments. Such bonds are extremely speculative and should be valued on the basis of their ultimate recovery value in liquidation or reorganization of the obligor. "DDD" represents the highest potential for recovery on these bonds, and "D" represents the lowest potential for recovery. Plus (+) and minus (-) signs are used with a rating symbol to indicate the relative position of a credit within the rating category. Plus and minus signs, however, are not used in the "DDD," "DD," or "D" categories.

#### CREDIT RATINGS — MUNICIPAL SECURITIES AND COMMERCIAL PAPER

#### Moody's Ratings
The purpose of Moody's ratings is to provide investors with a single system of gradation by which the relative investment qualities of bonds may be rated.

#### U.S. TAX-EXEMPT MUNICIPALS
Moody's ratings for U.S. Tax-Exempt Municipals range from Aaa to B and utilize the same definitional elements as are set forth in the Prospectus under the "Bonds" section of the Moody's descriptions.

*Advance refunded issues:* Advance refunded issues that are secured by escrowed funds held in cash, held in trust, reinvested in direct non-callable U.S. Government obligations or non-callable obligations unconditionally guaranteed by the U.S. Government are identified with a # (hatchmark) symbol, *e.g.*, # Aaa.

#### MUNICIPAL NOTE RATINGS
Moody's ratings for state and municipal notes and other short-term loans are designated Moody's Investment Grade (MIG), and for variable rate demand obligations are designated Variable Moody's Investment Grade (VMIG). This distinction recognizes the differences between short-term credit risk and long-term risk. Loans bearing the designation MIG 1/VMIG 1 are of the best quality, enjoying strong protection from established cash flows for their servicing or from established and broad-based access to the market for refinancing, or both. Loans bearing the designation MIG2/VMIG 2 are of high quality, with ample margins of protection, although not as large as the preceding group.

#### COMMERCIAL PAPER
Moody's short-term debt ratings are opinions of the ability of issuers to repay punctually senior debt obligations. These obligations have an original maturity not exceeding one year, unless explicitly noted. Moody's employs the following three designations, all judged to be investment grade, to indicate the relative repayment ability of rated issuers:

*Prime-1:* Issuers rated Prime-1 (or related supporting institutions) have a superior ability for repayment of short-term promissory obligations. Prime-1 repayment capacity will normally be evidenced by the following characteristics: (a) leading market positions in well-established industries; (b) high rates of return on funds employed; (c) conservative capitalization structures with moderate reliance on debt and ample asset protection; (d) broad margins in earnings coverage of fixed financial charges and high internal cash generation; and (e) well-established access to a range of financial markets and assured sources of alternate liquidity.

*Prime-2:* Issuers rated Prime-2 (or supporting institutions) have a strong ability for repayment of senior short-term debt obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

*Prime-3:* Issuers rated Prime-3 (or supporting institutions) have an acceptable ability for repayment of senior short-term obligations. The effect of industry characteristics and market compositions may be more pronounced. Variability in earnings and profitability may result in changes in the level of debt protection measurements and may require relatively high financial leverage. Adequate alternate liquidity is maintained.

#### S&P Global Ratings
A S&P debt rating is a current assessment of the creditworthiness of an obligor with respect to a specific obligation. This assessment may take into consideration obligors such as guarantors, insurers, or lessees. The ratings are based on current information

------

76 APPENDIX A Payden Mutual Funds

**Description of Ratings** (continued)

furnished by the issuer or obtained by S&P from other sources it considers reliable. S&P does not perform any audit in connection with any rating and may, on occasion, rely on unaudited financial information. The ratings are based, in varying degrees, on the following considerations: (a) likelihood of default-capacity and willingness of the obligor as to the timely payment of interest and repayment of principal in accordance with the terms of the obligation; (b) nature of and provisions of the obligation; and (c) protection afforded by, and relative position of, the obligation in the event of bankruptcy and other laws affecting creditors' rights.

#### MUNICIPAL BOND RATINGS
*AAA — Prime Grade:* These are obligations of the highest quality. They have the strongest capacity for timely payment of debt service.

*General Obligations Bonds:* In a period of economic stress, the issuers will suffer the smallest declines in income and will be least susceptible to autonomous decline. Debt burden is moderate. A strong revenue structure appears more than adequate to meet future expenditure requirements. Quality of management appears superior.

*Revenue Bonds:* Debt service coverage has been, and is expected to remain, substantial, stability of the pledged revenues is also exceptionally strong due to the competitive position of the municipal enterprise or to the nature of the revenues. Basic security provisions (including rate covenant, earnings test for issuance of additional bonds and debt service reserve requirements) are rigorous. There is evidence of superior management.

*AA — High Grade:* The investment characteristics of bonds in this group are only slightly less marked than those of the prime quality issues. Bonds rated AA have the second strongest capacity for payment of debt service.

*A — Good Grade:* Principal and interest payments on bonds in this category are regarded as safe although the bonds are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than bonds in higher rated categories. This rating describes the third strongest capacity for payment of debt service. Regarding municipal bonds, the rating differs from the two higher ratings because:

*General Obligation Bonds:* There is some weakness, either in the local economic base, in debt burden, in the balance between revenues and expenditures, or in quality of management. Under certain adverse circumstances, any one such weakness might impair the ability of the issuer to meet debt obligations at some future date.

*Revenue Bonds:* Debt service coverage is good, but not exceptional. Stability of the pledged revenues could show some variations because of increased competition or economic influences on revenues. Basic security provisions, while satisfactory, are less stringent. Management performance appearance appears adequate.

*Rating Refinements:* S&P letter ratings may be modified by the addition of a plus (+) or a minus (-) sign, which is used to show relative standing within the major rating categories, except in the AAA rating category.

#### MUNICIPAL NOTE RATINGS
Municipal notes with maturities of three years or less are usually given note ratings (designated SP-1, or SP-2) to distinguish more clearly the credit quality of notes as compared to bonds. Notes rated SP-1 have a very strong or strong capacity to pay principal and interest. Those issues determined to possess overwhelming safety characteristics are given the designation of SP-1. Notes rated SP-2 have a satisfactory capacity to pay principal and interest.

#### COMMERCIAL PAPER
*A-1:* A short-term obligation rated A-1 is rated in the highest category by S&P. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

*A-2:* A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

#### Fitch Ratings, Inc.
Fitch investment grade bond ratings provide a guide to investors in determining the credit risk associated with a particular security. The ratings represent Fitch's assessment of the issuer's ability to meet the obligations of a specific debt issue or class of debt in a timely manner. The rating takes into consideration special features of the issue, its relationship to other obligations of the issuer, the current and prospective financial condition and operating performance of the issuer and any guarantor, as well as the economic and political environment that might affect the issuer's future financial strength and credit quality. Fitch ratings do not reflect any credit enhancement that may be provided by insurance policies or financial guarantees unless otherwise indicated.

------

Prospectus APPENDIX A 77

**Description of Ratings** (continued)

#### COMMERCIAL PAPER
*F-1:* Very Strong Credit Quality. Issues assigned this rating reflect an assurance of timely payment. Those issues regarded as having the strongest degree of assurance of repayment are denoted with a plus (+) sign designation.

------

78 APPENDIX B Payden Funds

Fund Financial Highlights

This financial highlights table is intended to help you understand the financial performance of each of the Funds for the past five years, or if shorter, the period of the Fund's operations through October 31, 2025. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information for the periods indicated has been derived from financial statements audited by Deloitte & Touche LLP whose report, along with each Fund's financial statements, is included in the Annual Financial Statements and Other Information on Form N-CSR of The Payden & Rygel Investment Group for the year ended October 31, 2025 and is incorporated by reference in the Funds' Statement of Additional Information, which is available upon request.

#### PAYDEN LIMITED MATURITY FUND
*(For the Share Outstanding for the Periods Ended October 31st)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value – beginning of period | $9.56 | $9.46 | $9.37 | $9.52 | $9.53 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.48 | 0.53 | 0.44 | 0.10 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | 0.01 | 0.09 | 0.10 | (0.14) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.49 | 0.62 | 0.54 | (0.04) | 0.01 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.52) | (0.40) | (0.11) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00)<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.49) | (0.52) | (0.45) | (0.11) | (0.02) |
|  Net asset value – end of period | $9.56 | $9.56 | $9.46 | $9.37 | $9.52 |
|  Total return | 5.22% | 6.73% | 5.70% | (0.36)% | 0.11%<sup>(2)</sup> |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $1481320 | $1400815 | $1318397 | $1325844 | $1398387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.51% | 0.52% | 0.49% | 0.53% | 0.51%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.25% | 0.23% | 0.20% | 0.20% | 0.20%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.71% | 5.35% | 4.15% | 0.79% | 0.28%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.97% | 5.63% | 4.44% | 1.12% | 0.59%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 60% | 76% | 80% | 36% | 60%<sup>(2)</sup> |

---

The Class commenced operations on June 30, 2021.

#### PAYDEN LOW DURATION FUND
*(For the Share Outstanding for the Periods Ended October 31st)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** |
|  Net asset value – beginning of period | $9.78 | $9.53 | $9.47 | $9.92 |
|  Income (loss) from investment activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.45 | 0.43 | 0.33 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.07 | 0.24 | 0.06 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.52 | 0.67 | 0.39 | (0.33) |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.42) | (0.32) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.43) | (0.42) | (0.33) | (0.12) |
|  Net asset value – end of period | $9.87 | $9.78 | $9.53 | $9.47 |
|  Total return | 5.44% | 7.10% | 4.21% | (3.34)%<sup>(2)</sup> |
|  Ratios/supplemental data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $&nbsp;&nbsp;&nbsp;&nbsp;349109 | $&nbsp;&nbsp;&nbsp;&nbsp;449960 | $&nbsp;&nbsp;&nbsp;&nbsp;456251 | $&nbsp;&nbsp;&nbsp;&nbsp;321719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.54% | 0.57% | 0.53% | 0.55%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.38% | 0.38% | 0.38% | 0.38%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.36% | 4.20% | 3.40% | 1.72%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.52% | 4.39% | 3.54% | 1.88%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 74% | 63% | 102% | 98%<sup>(2)</sup> |

---

The Class commenced operations on February 28, 2022.

(1) Amount is less than $0.005.

(2) Not annualized.

(3) Annualized.

------

Prospectus APPENDIX B 79

**Fund Financial Highlights** (continued)

#### PAYDEN CORE BOND FUND
*(For the Share Outstanding for the Periods Ended October 31st)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value – beginning of period | $9.18 | $8.55 | $8.79 | $10.83 | $11.12 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.46<sup>(1)</sup> | 0.44<sup>(1)</sup> | 0.38<sup>(1)</sup> | 0.27<sup>(1)</sup> | 0.22<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.15 | 0.61 | (0.27) | (2.01) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.61 | 1.05 | 0.11 | (1.74) | 0.31 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.42) | (0.41) | (0.34) | (0.29) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) | (0.00)<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.42) | (0.42) | (0.35) | (0.30) | (0.60) |
|  Net asset value – end of period | $9.37 | $9.18 | $8.55 | $8.79 | $10.83 |
|  Total return | 6.80% | 12.38% | 1.16% | (16.36)% | 1.27% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $624999 | $&nbsp;&nbsp;&nbsp;&nbsp;644599 | $&nbsp;&nbsp;&nbsp;&nbsp;615873 | $&nbsp;&nbsp;&nbsp;&nbsp;612851 | $&nbsp;&nbsp;&nbsp;&nbsp;833563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.53% | 0.53% | 0.52% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.85% | 4.68% | 4.05% | 2.64% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.96% | 4.78% | 4.14% | 2.74% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 64% | 69% | 52% | 51% | 88% |

---

The Class commenced operations on January 22, 2018.

#### PAYDEN STRATEGIC INCOME FUND
*(For the Share Outstanding for the Period Ended October 31st)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value – beginning of period | $9.61 | $9.15 | $9.16 | $10.46 | $10.27 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.51 | 0.51 | 0.44 | 0.32 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.10 | 0.45 | (0.01) | (1.20) | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.61 | 0.96 | 0.43 | (0.88) | 0.48 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.49) | (0.43) | (0.34) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.01) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.49) | (0.50) | (0.45) | (0.42) | (0.29) |
|  Net asset value – end of period | $9.73 | $9.61 | $9.15 | $9.16 | $10.46 |
|  Total return | 6.50% | 10.64% | 4.68% | (8.62)% | 4.58% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $76843 | $&nbsp;&nbsp;&nbsp;&nbsp;75323 | $&nbsp;&nbsp;&nbsp;&nbsp;76974 | $&nbsp;&nbsp;&nbsp;&nbsp;49004 | $&nbsp;&nbsp;&nbsp;&nbsp;49575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.94% | 0.88% | 0.86% | 0.87% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.00% | 4.91% | 4.33% | 2.99% | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.38% | 5.25% | 4.63% | 3.31% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53% | 63% | 51% | 40% | 90% |

---

The Fund commenced operations on May 8, 2014.

(1) Based on average shares outstanding.

(2) Amount is less than $0.005.

------

80 APPENDIX B Payden Funds

**Fund Financial Highlights** (continued)

#### PAYDEN ABSOLUTE RETURN BOND FUND
*(For the Share Outstanding for the Period Ended October 31st)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value – beginning of period | $9.52 | $9.32 | $9.19 | $10.04 | $9.93 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.58 | 0.66 | 0.59 | 0.30 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.04) | 0.14 | 0.06 | (0.83) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.54 | 0.80 | 0.65 | (0.53) | 0.34 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.59) | (0.60) | (0.52) | (0.20) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00)<sup>(1)</sup> | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.59) | (0.60) | (0.52) | (0.32) | (0.23) |
|  Net asset value – end of period | $9.47 | $9.52 | $9.32 | $9.19 | $10.04 |
|  Total return | 5.89% | 8.79% | 7.16% | (5.10)% | 3.46% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $491126 | $&nbsp;&nbsp;&nbsp;&nbsp;429782 | $&nbsp;&nbsp;&nbsp;&nbsp;556369 | $&nbsp;&nbsp;&nbsp;&nbsp;659836 | $&nbsp;&nbsp;&nbsp;&nbsp;878927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.78% | 0.77% | 0.76% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 5.85% | 6.10% | 5.71% | 3.01% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.16% | 6.40% | 6.01% | 3.27% | 2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 176% | 188% | 132% | 104% | 95% |

---

The Fund commenced operations on November 6, 2014.

#### PAYDEN CORPORATE BOND FUND
*(For the Share Outstanding for the Periods Ended October 31st)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** |
|  Net asset value – beginning of period | $9.79 | $8.94 | $9.10 | $10.98 |
|  Income (loss) from investment activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.46 | 0.44 | 0.38 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.18 | 0.85 | (0.16) | (1.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.64 | 1.29 | 0.22 | (1.65) |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.46) | (0.44) | (0.38) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.00)<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.46) | (0.44) | (0.38) | (0.23) |
|  Net asset value – end of period | $9.97 | $9.79 | $8.94 | $9.10 |
|  Total return | 6.73% | 14.61% | 2.32% | (15.14)%<sup>(2)</sup> |
|  Ratios/supplemental data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $223567 | $&nbsp;&nbsp;&nbsp;&nbsp;217396 | $&nbsp;&nbsp;&nbsp;&nbsp;201735 | $&nbsp;&nbsp;&nbsp;&nbsp;124148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.65% | 0.67% | 0.63% | 0.65%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% | 0.55% | 0.55% | 0.55%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.61% | 4.45% | 4.01% | 3.45%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.71% | 4.57% | 4.08% | 3.55%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 42% | 67% | 41% | 31%<sup>(2)</sup> |

---

The Class commenced operations on February 28, 2022.

(1) Amount is less than $0.005.

(2) Not annualized.

(3) Annualized.

------

Prospectus APPENDIX B 81

**Fund Financial Highlights** (continued)

PAYDEN HIGH INCOME FUND<sup>(1)</sup>

*(For the Share Outstanding for the Periods Ended October 31st)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** |
|  Net asset value – beginning of period | $12.64 | $11.66 | $11.62 | $13.14 |
|  Income (loss) from investment activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.64 | 0.90 | 0.84 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.08 | 0.98 | 0.04 | (1.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.72 | 1.88 | 0.88 | (1.04) |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.65) | (0.90) | (0.84) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00)<sup>(2)</sup> | (0.00)<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.65) | (0.90) | (0.84) | (0.48) |
|  Net asset value – end of period | $12.71 | $12.64 | $11.66 | $11.62 |
|  Total return | 7.87% | 16.38% | 7.63% | (7.92)%<sup>(3)</sup> |
|  Ratios/supplemental data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $788024 | $&nbsp;&nbsp;&nbsp;&nbsp;644754 | $&nbsp;&nbsp;&nbsp;&nbsp;436946 | $&nbsp;&nbsp;&nbsp;&nbsp;350733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.60% | 0.63% | 0.59% | 0.61%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% | 0.55% | 0.55% | 0.55%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.83% | 7.05% | 6.98% | 5.91%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.87% | 7.13% | 7.02% | 5.96%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 78% | 76% | 75% | 70%<sup>(3)</sup> |

---

The Class commenced operations on February 28, 2022.

#### PAYDEN FLOATING RATE FUND
*(For the Share Outstanding for the Period Ended October 31st)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value – beginning of period | $9.76 | $9.63 | $9.39 | $9.92 | $9.51 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.75 | 0.88 | 0.80 | 0.42 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.13) | 0.13 | 0.25 | (0.52) | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.62 | 1.01 | 1.05 | (0.10) | 0.71 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.75) | (0.88) | (0.81) | (0.43) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.00)<sup>(2)</sup> | (0.00)<sup>(2)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.75) | (0.88) | (0.81) | (0.43) | (0.30) |
|  Net asset value – end of period | $9.64 | $9.76 | $9.63 | $9.39 | $9.92 |
|  Total return | 6.73% | 10.89% | 11.52% | (1.01)% | 7.53% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $78931 | $&nbsp;&nbsp;&nbsp;&nbsp;76926 | $&nbsp;&nbsp;&nbsp;&nbsp;88309 | $&nbsp;&nbsp;&nbsp;&nbsp;124423 | $&nbsp;&nbsp;&nbsp;&nbsp;170373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.97% | 0.93% | 0.90% | 0.86% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.40% | 8.65% | 7.98% | 3.98% | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.77% | 8.98% | 8.29% | 4.24% | 3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 86% | 62% | 28% | 33% | 40% |

---

The Fund commenced operations on November 11, 2013.

(1) Share amounts for 2022, 2023, and 2024 have been adjusted for a two for one reverse share split effective after the close of business on May 9, 2025.

(2) Amount is less than $0.005.

(3) Not annualized.

(4) Annualized.

------

82 APPENDIX B Payden Funds

**Fund Financial Highlights** (continued)

#### PAYDEN GLOBAL FIXED INCOME FUND
*(For the Share Outstanding for the Period Ended October 31st)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value – beginning of period | $7.60 | $7.12 | $7.64 | $9.16 | $9.23 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.30 | 0.15 | 0.18 | 0.16 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | 0.14 | 0.61 | (0.03) | (1.36) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.44 | 0.76 | 0.15 | (1.20) | (0.02) |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.27) | (0.13) | (0.50) | (0.26) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.04) | (0.15) | (0.17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.31) | (0.28) | (0.67) | (0.32) | (0.05) |
|  Net asset value – end of period | $7.73 | $7.60 | $7.12 | $7.64 | $9.16 |
|  Total return | 5.89% | 10.92% | 1.71% | (13.37)% | (0.39)%<sup>(1)</sup> |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $111996 | $&nbsp;&nbsp;&nbsp;&nbsp;106529 | $&nbsp;&nbsp;&nbsp;&nbsp;122200 | $&nbsp;&nbsp;&nbsp;&nbsp;144999 | $&nbsp;&nbsp;&nbsp;&nbsp;125513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.68% | 0.69% | 0.59% | 0.63% | 0.79%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 3.94% | 3.55% | 2.98% | 1.67% | 1.11%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.06% | 3.69% | 3.02% | 1.75% | 1.35%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 61% | 42% | 55% | 60%<sup>(1)</sup> |

---

The Class commenced operations on June 30, 2021.

#### PAYDEN EMERGING MARKETS BOND FUND
*(For the Share Outstanding for the Period Ended October 31st)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value – beginning of period | $10.52 | $9.44 | $9.16 | $13.10 | $12.97 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.74<sup>(3)</sup> | 0.72<sup>(3)</sup> | 0.64<sup>(3)</sup> | 0.65<sup>(3)</sup> | 0.71<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.65 | 1.05 | 0.43 | (3.93) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.39 | 1.77 | 1.07 | (3.28) | 0.84 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.81) | (0.69) | (0.65) | (0.66) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00)<sup>(4)</sup> |  | (0.14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.81) | (0.69) | (0.79) | (0.66) | (0.71) |
|  Net asset value – end of period | $11.10 | $10.52 | $9.44 | $9.16 | $13.10 |
|  Total return | 13.89% | 19.18% | 11.21% | (25.76)% | 6.51% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $511650 | $&nbsp;&nbsp;&nbsp;&nbsp;531384 | $&nbsp;&nbsp;&nbsp;&nbsp;395460 | $&nbsp;&nbsp;&nbsp;&nbsp;420935 | $&nbsp;&nbsp;&nbsp;&nbsp;541893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.73% | 0.74% | 0.72% | 0.73% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.95% | 6.91% | 6.44% | 5.86% | 5.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.98% | 6.96% | 6.47% | 5.90% | 5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 74% | 65% | 73% | 52% | 63% |

---

The Class commenced operations on April 9, 2012.

(1) Not annualized.

(2) Annualized.

(3) Based on average shares outstanding.

(4) Amount is less than $0.005.

------

Prospectus APPENDIX B 83

**Fund Financial Highlights** (continued)

PAYDEN EMERGING MARKETS LOCAL BOND FUND<sup>(1)</sup>

*(For the Share Outstanding for the Periods Ended October 31st)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** |
|  Net asset value – beginning of period | $9.18 | $9.06 | $8.52 | $10.60 |
|  Income (loss) from investment activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.69<sup>(2)</sup> | 0.66<sup>(2)</sup> | 0.62<sup>(2)</sup> | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.39 | 0.12 | 0.48 | (2.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.08 | 0.78 | 1.10 | (1.68) |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.52) | (0.50) | (0.22) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.16) | (0.34) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.52) | (0.66) | (0.56) | (0.40) |
|  Net asset value – end of period | $9.74 | $9.18 | $9.06 | $8.52 |
|  Total return | 14.16% | 8.35% | 12.63% | (16.12)%<sup>(3)</sup> |
|  Ratios/supplemental data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $97380 | $&nbsp;&nbsp;&nbsp;&nbsp;62737 | $&nbsp;&nbsp;&nbsp;&nbsp;64103 | $&nbsp;&nbsp;&nbsp;&nbsp;26701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.10% | 1.07% | 1.26% | 1.31%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.75% | 0.75% | 0.75% | 0.75%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 7.03% | 6.65% | 6.04% | 5.54%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.38% | 6.97% | 6.55% | 6.10%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 71% | 61% | 72% | 65%<sup>(3)</sup> |

---

The Class commenced operations on February 28, 2022.

#### PAYDEN EMERGING MARKETS CORPORATE BOND FUND
*(For the Share Outstanding for the Period Ended October 31st)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value – beginning of period | $8.80 | $8.17 | $7.91 | $10.20 | $10.01 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.57<sup>(2)</sup> | 0.55<sup>(2)</sup> | 0.48<sup>(2)</sup> | 0.42<sup>(2)</sup> | 0.44<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.06 | 0.63 | 0.26 | (2.19) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.63 | 1.18 | 0.74 | (1.77) | 0.63 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.58) | (0.55) | (0.44) | (0.42) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00)<sup>(5)</sup> |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.58) | (0.55) | (0.48) | (0.52) | (0.44) |
|  Net asset value – end of period | $8.85 | $8.80 | $8.17 | $7.91 | $10.20 |
|  Total return | 7.37% | 14.70% | 9.40% | (17.93)% | 6.28% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $69904 | $&nbsp;&nbsp;&nbsp;&nbsp;68608 | $&nbsp;&nbsp;&nbsp;&nbsp;43447 | $&nbsp;&nbsp;&nbsp;&nbsp;27674 | $&nbsp;&nbsp;&nbsp;&nbsp;48205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.29% | 1.20% | 1.25% | 1.33% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 6.07% | 6.01% | 5.29% | 4.15% | 3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 6.51% | 6.36% | 5.70% | 4.63% | 4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 132% | 144% | 104% | 95% | 84% |

---

The Fund commenced operations on November 11, 2013.

(1) Share amounts for 2022, 2023, and 2024 have been adjusted for a two for one reverse share split effective after the close of business on May 9, 2025.

(2) Based on average shares outstanding.

(3) Not annualized.

(4) Annualized.

(5) Amount is less than $0.005.

------

84 APPENDIX B Payden Funds

**Fund Financial Highlights** (continued)

#### PAYDEN EQUITY INCOME FUND
*(For the Share Outstanding for the Period Ended October 31st)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value – beginning of period | $18.85 | $14.88 | $16.94 | $21.27 | $15.98 |
|  Income (loss) from investment activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 | 0.24 | 0.30 | 0.36 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.40 | 4.25 | (1.35) | (0.95) | 5.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 1.63 | 4.49 | (1.05) | (0.59) | 5.64 |
|  Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.30) | (0.30) | (0.53) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (2.63) | (0.22) | (0.71) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.85) | (0.52) | (1.01) | (3.74) | (0.35) |
|  Net asset value – end of period | $17.63 | $18.85 | $14.88 | $16.94 | $21.27 |
|  Total return | 10.04% | 30.57% | (6.59)% | (3.59)% | 35.51% |
|  Ratios/supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $786594 | $&nbsp;&nbsp;&nbsp;&nbsp;759602 | $&nbsp;&nbsp;&nbsp;&nbsp;809987 | $&nbsp;&nbsp;&nbsp;&nbsp;945034 | $1233890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 0.76% | 0.75% | 0.73% | 0.74% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 1.28% | 1.44% | 1.78% | 1.99% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.39% | 1.54% | 1.86% | 2.07% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 112% | 80% | 111% | 96% | 95% |

---

The Class commenced operations on August 1, 2014.

#### PAYDEN SECURITIZED INCOME FUND
*(For the Share Outstanding for the Period Ended October 31st)* 

---

| | |
|:---|:---|
| | **2025** |
|  Net asset value – beginning of period | $10.00 |
|  Income (loss) from investment activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 0.36 |
|  Distributions to shareholders: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.32) |
|  Net asset value – end of period | $10.04 |
|  Total return | 3.70%<sup>(1)</sup> |
|  Ratios/supplemental data: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $105886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expense to average net assets | 1.08%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expense to average net assets | 0.55%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of investment income less gross expenses to average net assets | 4.49%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.03%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 29%<sup>(1)</sup> |

---

The Fund commenced operations on March 5, 2025.

(1) Not annualized.

(2) Annualized.

------

#### INVESTMENT ADVISER

#### Payden & Rygel

#### 333 South Grand Avenue

#### Los Angeles, California 90071

#### ADMINISTRATOR

#### Treasury Plus, Inc.

#### 333 South Grand Avenue

#### Los Angeles, California 90071

#### DISTRIBUTOR

#### Payden & Rygel Distributors

#### 333 South Grand Avenue

#### Los Angeles, California 90071

#### CUSTODIAN

#### The Bank of New York Mellon

#### One Boston Place

#### Boston, Massachusetts 02109

#### TRANSFER AGENT

#### BNY Mellon Investment Servicing, (US) Inc.

#### 118 Flanders Road

#### Westborough, Massachusetts 01581

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### Deloitte & Touche LLP

#### 555 West 5th Street

#### Los Angeles, California 90013

#### COUNSEL

#### Paul Hastings LLP

#### 515 South Flower Street, 25th Floor

#### Los Angeles, California 90071

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![LOGO](g71339g1logo_03pro.jpg)

FOR MORE INFORMATION ABOUT THE FUNDS, THE FOLLOWING DOCUMENTS ARE AVAILABLE FREE UPON REQUEST:

ANNUAL/SEMI-ANNUAL REPORTS:

Additional information about each Fund's investments is available in each Fund's Annual and Semi-Annual Reports to shareholders and in Form N-CSR of The Payden & Rygel Investment Group. In each Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected such Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

STATEMENT OF ADDITIONAL INFORMATION (SAI):

The SAI provides more detailed information about each of the Funds, including operations and investment policies. It is incorporated by reference in this Prospectus and is legally considered a part of the Prospectus.

You may obtain copies, free of charge, of each of the Annual and Semi-Annual Reports for the Funds, including the Funds' financial statements, the SAI or request other information and discuss your questions about any of the Funds, by calling toll-free (800) 572-9336, or by writing:

Payden Funds

P.O. Box 534496,

Pittsburgh, PA 15253-4496

The Annual and Semi-Annual Reports, including the Funds' financial statements, the SAI and other information are available, free of charge, on the Funds' internet site at *payden.com*.

Reports and other information about the Funds are available on the EDGAR Database on the Securities and Exchange Commission's internet site at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address, publicinfo@sec.gov.

The Payden & Rygel Investment Group: Investment Company Act File 811-6625