Payden Core Bond (Payden Core Bond Fund Investor ) Fonds

Under normal markets 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. It 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.