Payden Equity Income Fund – Annual Report – October 31, 2015

Payden & Rygel Global

Description

» U.S. BOND FUNDS Payden Cash Reserves Money Market Fund (PBHXX) Payden Limited Maturity Fund (PYLMX) Payden Low Duration Fund (PYSBX) Payden U.S. Government Fund — Adviser Class (PYUWX) Payden U.S. Government Fund — Investor Class (PYUSX) Payden GNMA Fund — Adviser Class (PYGWX) Payden GNMA Fund — Investor Class (PYGNX) Payden Core Bond Fund — Adviser Class (PYCWX) Payden Core Bond Fund — Investor Class (PYCBX) Payden Corporate Bond Fund (PYACX) Payden Strategic Income — Adviser Class (PYSWX) Payden Strategic Income — Investor Class (PYSGX) Payden Strategic Income — SI Class (PYSIX) Payden Absolute Return Bond Fund — Adviser Class (PYAWX) Payden Absolute Return Bond Fund — Investor Class (PYARX) Payden Absolute Return Bond Fund — SI Class (PYAIX) Payden Floating Rate Fund — Adviser Class (PYFAX) Payden Floating Rate Fund — Investor Class (PYFRX) Payden Floating Rate Fund — SI (PYFIX) Payden High Income Fund — Adviser Class (PYHWX) Payden High Income Fund — Investor Class (PYHRX) » TAX EXEMPT BOND FUND Payden California Municipal Income Fund (PYCRX) » GLOBAL BOND FUNDS Payden Global Low Duration Fund (PYGSX) Payden Global Fixed Income Fund (PYGFX) Payden Emerging Markets Bond Fund — Adviser Class (PYEWX) Payden Emerging Markets Bond Fund — Investor Class (PYEMX) Payden Emerging Markets Bond Fund — SI Class (PYEIX) Payden Emerging Markets Local Bond Fund — Adviser Class (PYEAX) Payden Emerging Markets Local Bond Fund — Investor Class (PYELX) Payden Emerging Markets Corporate Bond Fund — Adviser Class (PYCAX) Payden Emerging Markets Corporate Bond Fund — Investor Class (PYCEX) Payden Emerging Markets Corporate Bond Fund — SI Class (PYCIX) » EQUITY FUND Payden Equity Income Fund — Adviser Class (PYVAX) Payden Equity Income Fund — Investor Class (PYVLX) Payden Equity Income Fund — SI Class (PYVSX) PAYDEN MUTUAL FUNDS 333 South Grand Avenue, Los Angeles, California 90071 800 5-PAYDEN 800 572-9336 payden.com .