Payden Global Short Bond Fund - USD DIS Fonds

The Fund seeks to achieve income and growth through investment primarily in investment grade debt securities, of issuers mostly based in Europe (both EU and non EU member states), the United States, Canada, Australia, New Zealand and Japan. Payden & Rygel Global Limited (the 'Investment Manager ') will actively select, purchase and sell securities with the aim of meeting the investment objectives of the Fund. The Fund will invest primarily in investment grade debt securities issued by governments, government agencies, supranationals (e.g. the World Bank) and corporations. The Fund may also invest in below investment grade securities. The Fund may also invest in money-market securities and mortgage-backed and asset-backed securities. The Fund may use derivatives with the aim of managing interest rate and currency risk more efficiently. The Fund may also use derivatives for both hedging purposes and for taking investment positions. These may include short positions where the Fund seeks to benefit from the sale of an asset that it does not physically own.