Payden Global Emerging Markets Bond Fund - USD ACC Fonds

The Fund seeks to achieve income and growth primarily through investment in debt securities of governments, government agencies, supranationals and corporates, who are based in the emerging markets of Latin America, Asia and Europe. The Fund may also invest in money-market securities and mortgage-backed and assetbacked securities. 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 debt securities issued by corporations. The Fund may also invest in government securities, quasigovernment entities and money-market 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.