Payden Limited Maturity Fund

PYLMX

Investor

Fact Sheet Summary Prospectus Prospectus

NAV / Daily Prices

NAV ($)

9.52

NAV Change ($)

0.00

Change %

0.00%

MTD Return

0.12%

YTD Return

Statistics

30-Day SEC Yield^A

4.07%

30-Day SEC Yield (Unsubsidized)^B

3.87%

Average Maturity

1.43 Years

Effective Duration^C

0.79 Years

Date as of

Expenses

Total Fund Operating Expenses

0.51%^D

With Expense Cap

0.30%

^E

# of Funds

Overall

★★★★

214

3 Year

★★★★

214

5 Year

★★★★

182

10 Year

★★★★

115

Portfolio Characteristics

Data as of 04/30/2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

70%

1-3 yrs

29%

3-5 yrs

1%

Credit Allocation^L

Credit

Percent of Portfolio

AAA

39%

AA

28%

A

17%

BBB

11%

BB

4%

Unrated

1%

Sector Allocation

Sector

Percent of Portfolio

Corporates

35%

Asset-Backed

23%

Mortgage-Backed

21%

Money Markets

18%

Government/Gov't Related

3%

Fund Commentary

Data as of 04/30/2026

Market

April was a volatile month with multiple crosscurrents driving market behavior. Geopolitical tensions in the Middle East showed signs of stabilization, although elevated oil prices kept inflation concerns a primary focus. Interest rates initially moved lower amid optimism surrounding ceasefire negotiations, but retraced higher later in the month as progress stalled.

At month-end, the Federal Reserve (Fed) voted to keep policy rates unchanged at Chair Powell’s final Federal Open Market Committee (FOMC) meeting as chairman, which saw the highest level of dissent since 1992. We continue to expect a path toward rate cuts over the next 12 months.

During the month, money market yields out to one year remained anchored to Fed policy at 3.63%, while longer-term maturities rose modestly by 5 to 8 basis points. The 2-year and the 10-year U.S. Treasury yields ended the month at 3.87% and 4.36%, respectively.

The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the U.S. – was unchanged from March, closing at 3.66%. At month-end, the 3-month term SOFR rate was 3.66%, and the 3-month U.S. Treasury bill closed at 3.67%.

In contrast to the rates market, credit sectors performed well. Strong investor demand absorbed another wave of heavy issuance, leading to lower risk premiums across both corporate and securitized markets. Risk premiums recovered much of the deterioration experienced during the latter portion of the first quarter. Over the month, markets experienced positive risk sentiment, as longer-duration assets outperformed shorter-duration assets, and lower-rated segments of the credit markets outperformed their higher-quality counterparts.

Outlook

Looking ahead, key risks remain centered on how the conflict in the Middle East evolves. Escalating hostilities and higher energy prices could force a recalibration of inflation and growth expectations, though softer labor market trends continue to support an eventual easing cycle. We maintain a modestly long-duration position, consistent with our expectation that the Fed will begin cutting rates within the next 12 months, while remaining selective on credit through relative-value rotation and disciplined issuer quality, capturing higher yields prudently amid ongoing market uncertainty.

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 has contractually agreed to limit Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement to 0.30%. This agreement has a one-year term ending February 28, 2027. Please note that the 0.30% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses.

E.

Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They’re a useful tool for identifying funds worthy of further research, but shouldn’t be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

70%

1-3 yrs

29%

3-5 yrs

1%

Credit Allocation^L

Credit

Percent of Portfolio

AAA

39%

AA

28%

A

17%

BBB

11%

BB

4%

Unrated

1%

Sector Allocation

Sector

Percent of Portfolio

Corporates

35%

Asset-Backed

23%

Mortgage-Backed

21%

Money Markets

18%

Government/Gov't Related

3%

Performance^F

Total Returns^G	Quarter-End (03/31/2026)	Month-End (04/30/2026)
YTD	0.66%	1.02%
1 Year	4.55%	4.62%
3 Years	5.59%	5.56%
5 Years	3.73%	3.79%
10 Years	2.83%	2.85%
Since Inception	2.92%	2.92%
Returns less than one year are not annualized. All returns are net of fees.

Yearly Returns

2025

5.19%

2024

6.07%

2023

6.22%

2022

0.55%

2021

0.31%

2020

1.84%

2019

3.35%

2018

1.78%

Dividends^J

Dividend

$0.0342

Dividend Reinvest NAV

$9.53

Record Date

04/30/2026

Ex Date

04/30/2026

Payable Date

04/30/2026

Dividends Paid

Monthly, with Daily Accural

Capital Gains^J

Short Term

None

Long Term

None

Reinvest NAV

None

Record Date

N/A

Ex Date

N/A

Payable Date

N/A

Investment Minimum

Investor Class - Regular Account

$100,000

Adviser Class - Regular Account

$5,000

SI Class

$10,000,000

Investor Class - IRA Account

$100,000

Adviser Class - IRA Account

$2,000

Overview

Fund Snapshot

Fund Inception Date

04/29/1994

Share Class Inception Date

04/29/1994

Portfolio Characteristics

Data as of 04/30/2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

70%

1-3 yrs

29%

3-5 yrs

1%

Credit Allocation^L

Credit

Percent of Portfolio

AAA

39%

AA

28%

A

17%

BBB

11%

BB

4%

Unrated

1%

Sector Allocation

Sector

Percent of Portfolio

Corporates

35%

Asset-Backed

23%

Mortgage-Backed

21%

Money Markets

18%

Government/Gov't Related

3%

Fund Commentary

Data as of 04/30/2026

Market

April was a volatile month with multiple crosscurrents driving market behavior. Geopolitical tensions in the Middle East showed signs of stabilization, although elevated oil prices kept inflation concerns a primary focus. Interest rates initially moved lower amid optimism surrounding ceasefire negotiations, but retraced higher later in the month as progress stalled.

At month-end, the Federal Reserve (Fed) voted to keep policy rates unchanged at Chair Powell’s final Federal Open Market Committee (FOMC) meeting as chairman, which saw the highest level of dissent since 1992. We continue to expect a path toward rate cuts over the next 12 months.

During the month, money market yields out to one year remained anchored to Fed policy at 3.63%, while longer-term maturities rose modestly by 5 to 8 basis points. The 2-year and the 10-year U.S. Treasury yields ended the month at 3.87% and 4.36%, respectively.

The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the U.S. – was unchanged from March, closing at 3.66%. At month-end, the 3-month term SOFR rate was 3.66%, and the 3-month U.S. Treasury bill closed at 3.67%.

In contrast to the rates market, credit sectors performed well. Strong investor demand absorbed another wave of heavy issuance, leading to lower risk premiums across both corporate and securitized markets. Risk premiums recovered much of the deterioration experienced during the latter portion of the first quarter. Over the month, markets experienced positive risk sentiment, as longer-duration assets outperformed shorter-duration assets, and lower-rated segments of the credit markets outperformed their higher-quality counterparts.

F.

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.

G.

Returns less than one year are not annualized.

H.

Expenses are lower than 68% of the funds reporting expense ratios included in the Morningstar U.S. Ultrashort Bond Category as of March 2026.

I.

This is not a money market fund. The share price will fluctuate.

J.

Mutual funds are required by the IRS to distribute substantially all realized profits they earn to shareholders on at least an annual basis. If a fund has net gains from the sale of securities, or if it earns dividends or interest from securities, the fund must distribute those earnings to its shareholders. All distributions are taxable, unless an investor's shares are held in a tax-deferred or tax-exempt account such as an IRA. Payden shareholders have the option to receive their distributions in cash or to automatically reinvest the distribution back into the Fund. This information is not intended to provide tax advice. Please consult a qualified tax professional for advice specific to your circumstances. Dividends shown are historical and not guaranteed. Amounts may vary and do not predict future income.

K.

The minimum initial investment may be modified for certain financial intermediaries that submit trades on behalf of underlying investors. Payden Funds’ distributor may lower or waive the minimum initial investment for certain categories of investors at their discretion.

L.

Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch. If a security is unrated by Moody’s, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations (NRSROs).

For more information and to obtain a prospectus or summary prospectus, select this link or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses, and other important information, which is contained in these documents; read the prospectus carefully before investing. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.

General Risk Disclosures

Interest Rate Risk: 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.

Foreign Securities Risk: Investment in foreign securities entails certain risks from investing in domestic securities, including changes in exchange rates, political changes, differences in reporting standards, and, for emerging-market securities, higher volatility.

High-Yield Securities Risk: Investment in high-yield securities entails certain risks from investing in investment-grade securities, including higher volatility, greater credit risk, and the issues’ more speculative nature.

1.14%

Date as of

05/19/2026

04/30/2026

Performance^F

Total Returns^G

	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Quarter-End (03/31/2026)	0.66%	4.55%	5.59%	3.73%	2.83%	2.92%
Month-End (04/30/2026)	1.02%	4.62%	5.56%	3.79%	2.85%	2.92%

Returns less than one year are not annualized. All returns are net of fees.

Yearly Returns

2025

5.19%

2024

6.07%

2023

6.22%

2022

0.55%

2021

0.31%

2020

1.84%

2019

3.35%

2018

1.78%

2017

1.64%

2016

1.34%

Dividends^J

Dividend

$0.0342

Dividend Reinvest NAV

$9.53

Record Date

04/30/2026

Ex Date

04/30/2026

Payable Date

04/30/2026

Dividends Paid

Monthly, with Daily Accural

Capital Gains^J

Short Term

None

Long Term

None

Reinvest NAV

None

Record Date

N/A

Ex Date

N/A

Payable Date

N/A

Overview

Fund Snapshot

Fund Inception Date

04/29/1994

Share Class Inception Date

04/29/1994

Share Class

Investor Class

Ticker

PYLMX

CUSIP

704329606

Fund Total Net Assets
As of 04/30/2026

$2.2 Billion

Sales Charge

None

Benchmark

ICE BofA U.S. 3-Month Treasury Bill Index

Role In Portfolio

Ultra Short-Term Bond – Appropriate for investors who desire yields greater than money market funds while maintaining a high degree of liquidity, but can tolerate fluctuations in the net asset value (NAV).

Investment Strategy

The Payden Limited Maturity Fund seeks to outperform current money market rates by utilizing short-term securities that are primarily investment grade. The Fund is primarily comprised of U.S. government securities, investment-grade corporate bonds, mortgage- and asset-backed securities, and money markets. The maximum average portfolio maturity is two and one-half years.

Fund Highlights

Invests primarily in high-quality, short-term securities.
Low annual expense ratio.^H
No loads (other fees apply).
Seeks to earn a higher yield than a traditional money market fund.^I

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

70%

1-3 yrs

29%

3-5 yrs

1%

Credit Allocation^L

Credit

Percent of Portfolio

AAA

39%

AA

28%

A

17%

BBB

11%

BB

4%

Unrated

1%

Sector Allocation

Sector

Percent of Portfolio

Corporates

35%

Asset-Backed

23%

Mortgage-Backed

21%

Money Markets

18%

Government/Gov't Related

3%

2017

1.64%

2016

1.34%

Additional Investment - All Classes

$250

Share Class

Investor Class

Ticker

PYLMX

CUSIP

704329606

Fund Total Net Assets
As of 04/30/2026

$2.2 Billion

Sales Charge

None

Benchmark

ICE BofA U.S. 3-Month Treasury Bill Index

Role in Portfolio

Ultra Short-Term Bond – Appropriate for investors who desire yields greater than money market funds while maintaining a high degree of liquidity, but can tolerate fluctuations in the net asset value (NAV).

Investment Strategy

The Payden Limited Maturity Fund seeks to outperform current money market rates by utilizing short-term securities that are primarily investment grade. The Fund is primarily comprised of U.S. government securities, investment-grade corporate bonds, mortgage- and asset-backed securities, and money markets. The maximum average portfolio maturity is two and one-half years.

Fund Highlights

Invests primarily in high-quality, short-term securities.
Low annual expense ratio.^H
No loads (other fees apply).
Seeks to earn a higher yield than a traditional money market fund.^I

Outlook

Looking ahead, key risks remain centered on how the conflict in the Middle East evolves. Escalating hostilities and higher energy prices could force a recalibration of inflation and growth expectations, though softer labor market trends continue to support an eventual easing cycle. We maintain a modestly long-duration position, consistent with our expectation that the Fed will begin cutting rates within the next 12 months, while remaining selective on credit through relative-value rotation and disciplined issuer quality, capturing higher yields prudently amid ongoing market uncertainty.

Investment Minimum^K

Investor Class - Regular Account

$100,000

Adviser Class - Regular Account

$5,000

SI Class

$10,000,000

Investor Class - IRA Account

$100,000

Adviser Class - IRA Account

$2,000

Additional Investment - All Classes

$250

Payden Limited Maturity Fund

PYLMX

Portfolio Characteristics

Duration Allocation

Credit AllocationL

Sector Allocation

Fund Commentary

Market

Outlook

Duration Allocation

Credit AllocationL

Sector Allocation

Yearly Returns

Investment Minimum

Fund Snapshot

Duration Allocation

Credit AllocationL

Sector Allocation

Market

Yearly Returns

Overview

Fund Snapshot

Role In Portfolio

Investment Strategy

Fund Highlights

Duration Allocation

Credit AllocationL

Sector Allocation

Role in Portfolio

Investment Strategy

Fund Highlights

Outlook

Credit Allocation^L

Credit Allocation^L

Credit Allocation^L

Credit Allocation^L