Prospectus SI Class [Member] Annual Fund Operating Expenses - Prospectus-SI Class - Payden Emerging Markets Local Bond Fund

Oct. 31, 2025

Fee Waiver or Reimbursement over Assets, Date of Termination

February 28, 2027

Payden Emerging Markets Local Bond Fund (SI Class)

Prospectus [Line Items]

Management Fees (as a percentage of Assets)

0.60%

Other Expenses (as a percentage of Assets):

0.50%

Expenses (as a percentage of Assets)

1.10%

Fee Waiver or Reimbursement

(0.35%)

^[1]

Net Expenses (as a percentage of Assets)

0.75%

[1]

Payden & Rygel (“Payden” or the “Adviser”) has contractually agreed to waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) exceed 0.75%. This agreement has a one‑year term ending February 28, 2027; it may be renewed and may be amended by approval of a majority of the Fund’s Board of Trustees. The Fund remains liable to Payden for expenses subsidized in any fiscal year up to a maximum of three years from the date of the specific waiver.