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Distributions

Prospectuses, Reports & Holdings Forms & Applications Purchase Payden Funds

Sources of Income

Earned by the funds for the calendar year ended December 31, 2025

Fund	Federal (a) Obligations	Federal Agency (b) Obligations	Other Govt. Agency (c) Obligations	Purchase Agreement (d)
Payden Absolute Return Bond Fund	1.33%	0.00%	7.08%	0.00%
Payden California Municipal Social Impact Fund	3.28%	0.00%	2.13%	0.00%
Payden Cash Reserves Money Market Fund	53.35%	6.70%	4.12%	35.84%
Payden Core Bond Fund	6.35%	0.38%	19.09%	0.00%
Payden Corporate Bond Fund	0.07%	0.00%	0.00%	0.00%
Payden Emerging Markets Bond Fund	0.20%	0.00%	0.00%	0.00%
Payden Emerging Markets Corporate Bond Fund	0.46%	0.00%	0.00%	0.00%
Payden Emerging Markets Local Bond Fund	0.00%	0.00%	0.00%	0.00%
Payden Equity Income Fund	0.00%	0.00%	0.00%	0.00%
Payden Floating Rate Fund	0.00%	0.00%	0.25%	0.00%
Payden Global Fixed Income Fund	2.82%	0.00%	12.68%	0.00%
Payden Global Low Duration Fund	10.15%	0.00%	0.90%	0.00%
Payden GNMA Fund	0.00%	0.00%	97.47%	0.00%
Payden High Income Fund	0.11%	0.00%	1.56%	0.00%
Payden Limited Maturity Fund	13.77%	0.00%	3.01%	0.00%
Payden Low Duration Fund	26.23%	0.00%	1.51%	0.00%
Payden Managed Income Fund	1.17%	0.00%	8.64%	0.00%
Payden Securitized Income Fund	0.00%	0.00%	4.80%	0.00%
Payden Strategic Income Fund	8.53%	0.43%	13.65%	0.00%
Payden U.S. Government Fund	52.32%	0.00%	47.68%	0.00%

Payden Absolute Return Bond Fund

Sources

Federal (a) Obligations

1.3328

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

7.0756

Repurchase Agreement (d)

Payden California Municipal Social Impact Fund

Sources

Federal (a) Obligations

3.2761

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

2.1304

Repurchase Agreement (d)

Payden Cash Reserves Money Market Fund

Sources

Federal (a) Obligations

53.3488

Federal Agency (b) Obligations

6.6996

Other Govt. Agency (c) Obligations

4.1165

Repurchase Agreement (d)

35.8377

Payden Core Bond Fund

Sources

Federal (a) Obligations

6.3523

Federal Agency (b) Obligations

0.381

Other Govt. Agency (c) Obligations

19.0896

Repurchase Agreement (d)

Payden Corporate Bond Fund

Sources

Federal (a) Obligations

0.0699

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

Repurchase Agreement (d)

Payden Emerging Markets Bond Fund

Sources

Federal (a) Obligations

0.2013

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

Repurchase Agreement (d)

Payden Emerging Markets Corporate Bond Fund

Sources

Federal (a) Obligations

0.457

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

Repurchase Agreement (d)

Payden Emerging Markets Local Bond Fund

Sources

Federal (a) Obligations

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

Repurchase Agreement (d)

Payden Equity Income Fund

Sources

Federal (a) Obligations

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

Repurchase Agreement (d)

Payden Floating Rate Fund

Sources

Federal (a) Obligations

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

0.247

Repurchase Agreement (d)

Payden Global Fixed Income Fund

Sources

Federal (a) Obligations

2.8159

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

12.6751

Repurchase Agreement (d)

Payden Global Low Duration Fund

Sources

Federal (a) Obligations

10.1506

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

0.8963

Repurchase Agreement (d)

Payden GNMA Fund

Sources

Federal (a) Obligations

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

97.469

Repurchase Agreement (d)

Payden High Income Fund

Sources

Federal (a) Obligations

0.11

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

1.5635

Repurchase Agreement (d)

Payden Limited Maturity Fund

Sources

Federal (a) Obligations

13.7714

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

3.0146

Repurchase Agreement (d)

Payden Low Duration Fund

Sources

Federal (a) Obligations

26.2291

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

1.5136

Repurchase Agreement (d)

Payden Managed Income Fund

Sources

Federal (a) Obligations

1.1675

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

8.6431

Repurchase Agreement (d)

Payden Securitized Income Fund

Sources

Federal (a) Obligations

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

4.7982

Repurchase Agreement (d)

Payden Strategic Income Fund

Sources

Federal (a) Obligations

8.5299

Federal Agency (b) Obligations

0.4271

Other Govt. Agency (c) Obligations

13.6527

Repurchase Agreement (d)

Payden U.S. Government Fund

Sources

Federal (a) Obligations

52.3248

Federal Agency (b) Obligations

Other Govt. Agency (c) Obligations

47.6752

Repurchase Agreement (d)

Depending on your state of residence, this information may be relevant to your tax reporting. Please consult your tax advisor for proper treatment of this information in your state of residence.

The above information is not intended to be a representation of percentages of U.S. government income that may be earned by the Payden Funds in the future. The percentages are subject to change and should not be construed as an indication of future results.

(a) Such as U.S. Treasury bills, notes, and bonds

(b) Such as Federal Home Loan Banks, Federal Farm Credit Banks, Student Loan Marketing Association, and Federal Deposit Insurance Corporation

(c) Such as the Government National Mortgage Association, Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation

(d) Collateralized by U.S. government obligations

All of the income distributions paid by the California Municipal Social Impact Fund qualify as exempt-interest dividends for federal income tax reporting.

The following information indicates, by state, the percentages of income earned by the Funds. Any state not listed had no income for the period.

California Municipal Social Impact Fund

California

100%

Depending on your state of residence, this information may be relevant to your tax reporting. Some states require that a minimum amount of the income earned be from that state in order for any income to be state income tax-exempt. Please consult your tax advisor for proper treatment of this information in your state of residence.

The above information is not intended to be a representation of percentages of municipal income that may be earned by the Payden Funds in the future. The percentages are subject to change and should not be construed as an indication of future results.

For the year ended December 31, 2025, 4.68% of the income earned by the Payden California Municipal Social Impact Fund is subject to alternative minimum tax.

Tax-Exempt Interest Dividends paid to you by the Payden Funds will be reported on Form 1099-INT. In Box 8 of Form 1099, the Fund will report the gross Tax-Exempt Interest Dividends paid to you during the calendar year. In Box 9 of Form 1099, the Fund will report the amount of the Tax-Exempt Interest Dividends subject to Alternative Minimum Tax. Please see your tax advisor in order to determine the taxability of the income reported on Form 1099 INT.

For mutual fund fees and standardized quarterly performance, please click here.

For more information and to obtain a prospectus or summary prospectus, please click here. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses, and other important information about the Fund, which is contained in these documents.

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, select this link or call 800 572-9336. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.