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Payden Global Low Duration Fund (PYGSX) | Payden & Rygel

The Board of Trustees has approved a plan to reorganize the Payden Global Low Duration Fund into the Payden Low Duration Fund, subject to shareholder approval. If approved, the reorganization is expected to take effect on or about October 23, 2026. New purchases of Fund shares are no longer being accepted as of September 30, 2026. Please refer to the Fund's supplement dated July 14, 2026 for additional information. This notice is provided for informational purposes only and does not constitute a solicitation of your proxy.

Payden Global Low Duration Fund

PYGSX

Investor

Fact Sheet Summary Prospectus Prospectus

Portfolio Characteristics

Data as of 09/30/2026

Credit Allocation^I

Credit

Percent of Portfolio

AAA

31%

AA

22%

A

23%

BBB

13%

BB

4%

Unrated

7%

Sector Allocation

Sector

Percent of Portfolio

Corporates

38%

Government/Gov't Related

23%

Mortgage-Backed

20%

Asset-Backed

14%

Other

5%

Top-10 Country Allocation

Top-10 Country

Percent of Portfolio

United States

59.4%

Canada

12.5%

France

3.7%

Spain

3.2%

Japan

3.0%

Italy

2.2%

Cayman Islands

2.1%

Fund Commentary

Data as of 09/30/2026

Market

The third quarter of 2026 was a volatile period for U.S. Treasury rates, with yields moving sharply higher as the Federal Reserve (Fed) shifted toward a more restrictive monetary policy. Consistently strong economic data, including a much stronger-than-expected August payrolls report, increased expectations for a rate hike. In September, the Federal Open Market Committee (FOMC) unanimously raised its policy rate by 25 basis points to a target range of 3.75%–4.00% following five consecutive meetings in which it left rates unchanged. Chair Warsh reiterated the Fed’s commitment to price stability, reinforced by a decidedly hawkish Summary of Economic Projections (SEP) indicating that nearly all policymakers anticipated at least one additional quarter-point increase by year-end. Longer-dated U.S. Treasury yields moved higher in response, with the 10- and 30-year yields ending the quarter at their highest levels since before the global financial crisis.

Credit markets remained resilient despite the sharp rise in rates and the shift in the Fed’s monetary policy. New issuance was strong over the quarter, led by continued artificial intelligence (AI)-infrastructure financing from technology and hyperscale issuers. Investment-grade corporate and securitized risk premiums held up well as demand for high-quality income remained robust at higher all-in yields.

The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the U.S. – ended the month at 3.90%. At month-end, the 3-month term SOFR rate was 4.08%, and the 3-month U.S. Treasury bill closed at 4.12%.

Outlook

We maintain neutral to slightly long duration relative to the benchmark, benefiting from the additional yield created by the steep front end of the yield curve. We continue to participate broadly in credit markets while reducing exposure to fully valued technology issuers with limited upside. We have also reduced risk in parts of the residential mortgage-backed securities sector to limit extension risk as prepayments slow.

Persistent inflation and the potential for a more restrictive monetary policy path from the Fed remain key risks to our positioning. Large-scale AI-driven debt financing, combined with the need to continuously finance the U.S. government's budget deficits, could test the market’s capacity to absorb new issuance. Geopolitical tensions in the Middle East also pose a risk, as elevated oil prices could push inflation higher. In addition, the upcoming midterm elections may contribute to near-term market volatility.

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Payden & Rygel offers a range of fixed income, equity, and liquidity management funds with a variety of investment objectives.

A.

The 30-day SEC yield represents the dividends and interest earned for a 30-day period, annualized, and divided by the net asset values per share at the end of the period. The SEC yield is computed under a standardized formula which assumes all portfolio securities are held to maturity. This value may differ from the actual distribution rate of the Fund.

B.

Represents a 30-day SEC yield without adjusting for fee waivers or expense reimbursements.

C.

Effective duration is a measure of the Fund’s price sensitivity to changes in interest rates.

D.

Payden & Rygel ("Payden") has contractually agreed that, for so long as it is the investment adviser to the Fund, Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement will not exceed 0.70%. Please note that the 0.70% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses. Payden has contractually agreed to further waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Further One-Year Fee Waiver or Expense Reimbursement exceed 0.53%. This agreement has a one-year term ending February 28, 2027. Please note that the 0.53% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses.

E.

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.

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Fund Commentary

Data as of 09/30/2026

Market

The third quarter of 2026 was a volatile period for U.S. Treasury rates, with yields moving sharply higher as the Federal Reserve (Fed) shifted toward a more restrictive monetary policy. Consistently strong economic data, including a much stronger-than-expected August payrolls report, increased expectations for a rate hike. In September, the Federal Open Market Committee (FOMC) unanimously raised its policy rate by 25 basis points to a target range of 3.75%–4.00% following five consecutive meetings in which it left rates unchanged. Chair Warsh reiterated the Fed’s commitment to price stability, reinforced by a decidedly hawkish Summary of Economic Projections (SEP) indicating that nearly all policymakers anticipated at least one additional quarter-point increase by year-end. Longer-dated U.S. Treasury yields moved higher in response, with the 10- and 30-year yields ending the quarter at their highest levels since before the global financial crisis.

Credit markets remained resilient despite the sharp rise in rates and the shift in the Fed’s monetary policy. New issuance was strong over the quarter, led by continued artificial intelligence (AI)-infrastructure financing from technology and hyperscale issuers. Investment-grade corporate and securitized risk premiums held up well as demand for high-quality income remained robust at higher all-in yields.

The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the U.S. – ended the month at 3.90%. At month-end, the 3-month term SOFR rate was 4.08%, and the 3-month U.S. Treasury bill closed at 4.12%.

Outlook

We maintain neutral to slightly long duration relative to the benchmark, benefiting from the additional yield created by the steep front end of the yield curve. We continue to participate broadly in credit markets while reducing exposure to fully valued technology issuers with limited upside. We have also reduced risk in parts of the residential mortgage-backed securities sector to limit extension risk as prepayments slow.

Persistent inflation and the potential for a more restrictive monetary policy path from the Fed remain key risks to our positioning. Large-scale AI-driven debt financing, combined with the need to continuously finance the U.S. government's budget deficits, could test the market’s capacity to absorb new issuance. Geopolitical tensions in the Middle East also pose a risk, as elevated oil prices could push inflation higher. In addition, the upcoming midterm elections may contribute to near-term market volatility.

Total Returns^F	Month-End (09/30/2026)	Quarter-End (09/30/2026)
YTD	0.43%	0.43%
1 Year	1.52%	1.52%
3 Years

	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Month-End (09/30/2026)	0.43%	1.52%	4.74%	2.53%	2.36%	3.36%
Quarter-End (09/30/2026)	0.43%	1.52%	4.74%	2.53%	2.36%	3.36%

Your personalized experience starts here.

Institutional Investor

Financial Advisor

Individual Investor

Payden Global Low Duration Fund

PYGSX

Portfolio Characteristics

Credit Allocation^I

Sector Allocation

Top-10 Country Allocation

Fund Commentary

Market

Outlook

Connect with us to learn
more about our funds.

Credit Allocation^I

Sector Allocation

Yearly Returns

Overview

Fund Snapshot

Top-10 Country Allocation

Yearly Returns

Investment Minimum

Fund Snapshot

Role in Portfolio

Investment Strategy

Fund Highlights

Portfolio Management

Credit Allocation^I

Sector Allocation

Top-10 Country Allocation

Market

Outlook

Role In Portfolio

Investment Strategy

Fund Highlights

Portfolio Management

Credit Allocation^I

Sector Allocation

Top-10 Country Allocation

Your personalized experience starts here.

Institutional Investor

Financial Advisor

Individual Investor

Payden Global Low Duration Fund

PYGSX

Portfolio Characteristics

Credit AllocationI

Sector Allocation

Top-10 Country Allocation

Fund Commentary

Market

Outlook

Connect with us to learn more about our funds.

Credit AllocationI

Sector Allocation

Yearly Returns

Overview

Fund Snapshot

Top-10 Country Allocation

Yearly Returns

Investment Minimum

Fund Snapshot

Role in Portfolio

Investment Strategy

Fund Highlights

Portfolio Management

Credit AllocationI

Sector Allocation

Top-10 Country Allocation

Market

Outlook

Role In Portfolio

Investment Strategy

Fund Highlights

Portfolio Management

Credit AllocationI

Sector Allocation

Top-10 Country Allocation

Credit Allocation^I

Connect with us to learn
more about our funds.

Credit Allocation^I

Credit Allocation^I

Credit Allocation^I