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Payden & Rygel provides a full range of investment strategies and solutions to
investors around the globe.


OVER 35 YEARS OF INSPIRING CONFIDENCE WITH AN UNWAVERING COMMITMENT TO OUR
CLIENTS' NEEDS.


UPDATES

ROBIN CRESWELL, MANAGING PRINCIPAL, DISCUSSES IRISH FUND STRUCTURES IN A ROUND
TABLE, ORGANIZED BY FUNDS EUROPE.
June 16, 2022

Jeffrey Cleveland, Chief Economist, discusses latest job data with Bloomberg
radio. Key takeaway: No recession in the data.
June 3, 2022

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HOMEWHO WE AREOUR STRATEGIESOUR FUNDSLIBRARYCONTACT USACCOUNT ACCESSSEARCH
Who we are

--------------------------------------------------------------------------------

We are one of the largest privately-owned global investment advisers. Founded in
1983, we are a leader in the active management of fixed income and equity
portfolios, through domestic and international solutions. Advising the world's
leading institutions and individual investors, we provide strong performance and
real-world strategies on the global economy and capital markets.

Payden & Rygel at a Glance
 * $147.4 billion in AUM
 * Founded in 1983

 * 387 client relationships
 * Headquartered in Los Angeles

 * Offices in Boston, London, and Milan
 * 222 employees


For over three decades, our independence has enabled us to manage portfolios
focused on our clients' objectives. We build lasting relationships by providing
an unparalleled level of service and problem solving.

 * Diversity & Inclusion
   Payden & Rygel believes an inclusive organizational culture fosters
   diversity, enhances our client relationships, and improves our investment
   results. We are deeply committed to the further cultivation and preservation
   of an inclusive culture where minority voices are heard, respected, and where
   constructive debate is encouraged. Furthermore, we believe it is important to
   recognize our industry suffers from underrepresentation of various groups and
   to be committed to being part of solutions to close those gaps. Click here to
   learn more.
 * Independence
   Payden & Rygel is one of the largest independent asset managers. 100% of the
   company is owned by senior portfolio managers and executives involved in the
   day-to-day direction of the firm. This "true" independence provides our
   clients with a high level of customization and access to our resources.
 * Tenure and Stability
   Our company is only 35 years "young", yet the senior management team has been
   working together, on average, for nearly 25 years! The firm's independence
   has contributed to stability in management and staff uncommon in our
   industry. Our investment professionals have extensive capital markets
   experience, which our clients draw upon daily.
 * Global Presence
   We provide a full range of investment strategies to clients around the globe.
   With investment professionals in the United Kingdom, Europe, Asia and the
   United States, we are well-positioned to collaboratively manage portfolios
   across a breadth of mandates. Payden & Rygel Global Limited, our London-based
   subsidiary, provides a wide variety of investment services to clients in
   Europe, the United Kingdom, and the Middle East, in separately-managed
   accounts and Dublin-domiciled UCITS funds.
   
   Metzler/Payden LLC is a 50/50 joint venture between Metzler Bank, one of
   Europe's oldest independent financial institutions, and Payden & Rygel. The
   joint venture specializes in global fixed income and equity strategies, and
   was established in 1998 to meet investors' needs for international
   diversification. Metzler/Payden fuses the experience of its independent
   partners, enabling the unique exchange of expertise, research, and ideas
   across the Atlantic to offer global solutions to our clients.
 * Size
   With assets under management of over $147.4 billion, Payden & Rygel is large
   enough to assure the most competitive bond prices - yet small enough that we
   can invest exclusively in cash instruments. We are not forced to use
   derivatives to gain exposure.
 * Customization
   Our independent culture allows us to customize portfolios based on each
   client's special objectives. Managing unique mandates is a hallmark of our
   firm.
 * Risk Management
   Our process has always focused on a very basic principle - an investment
   portfolio should behave in a manner consistent with the client's objectives.
   As simple as this sounds, disasters in stock and bond portfolios over the
   past 20 years have occurred when investment managers have taken aggressive
   positions that were allowed under the letter of the client's guidelines, but
   were not consistent with the spirit of the client's objectives.
 * ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG)
   Payden & Rygel's environmental, social & governance (ESG) strategy aims to
   discover and monitor those risks and opportunities which do not appear in
   traditional financial statements that we believe will be material to future
   investment performance. This mission supports three important beliefs. First,
   we do not view ESG as an ethical or moral overlay which is secondary to the
   investment process. Second, in our process, ESG factors are relevant to the
   extent they are likely to affect investment performance. Third, consistent
   and comparable ESG data are essential for a responsible determination of
   credit risk and materiality.
 * Diversity & Inclusion
   Payden & Rygel believes an inclusive organizational culture fosters
   diversity, enhances our client relationships, and improves our investment
   results. We are deeply committed to the further cultivation and preservation
   of an inclusive culture where minority voices are heard, respected, and where
   constructive debate is encouraged. Furthermore, we believe it is important to
   recognize our industry suffers from underrepresentation of various groups and
   to be committed to being part of solutions to close those gaps. Click here to
   learn more.
 * Independence
   Payden & Rygel is one of the largest independent asset managers. 100% of the
   company is owned by senior portfolio managers and executives involved in the
   day-to-day direction of the firm. This "true" independence provides our
   clients with a high level of customization and access to our resources.

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Our Firm
 * Independence
 * Tenure & Stability
 * Global Presence
 * Size
 * Customization
 * Risk Management
 * ESG
 * Diversity & Inclusion
   


PAYDEN IN FOCUS

Kristin Ceva provides insights
into emerging market debt.

Doing Well by Doing Good
Impact Investing With Muni Bonds

Our Leadership

--------------------------------------------------------------------------------

Our executive management team has been working together, on average, for nearly
25 years. Independently-owned, we provide customized solutions and allow clients
complete access to our resources.
Joan A. Payden, CFA®
President & CEO
Brian W. Matthews, CFA®
Managing Director & CFO
James P. Sarni, CFA®
Managing Director
Mary Beth Syal, CFA®
Managing Director
Asha B. Joshi, CFA®
Managing Director
James T. Wong, CFA®
Managing Director
Edward S. Garlock, ESQ
Managing Director
Michael E. Salvay, CFA®
Managing Director
Kristin J. Ceva, PhD, CFA®
Managing Director
Gregory T. Morrison, CPA, CFA®
Managing Director
Robin B.B. Creswell, FCSI
Managing Director-London
Nigel Jenkins, ASIP
Managing Director-London
Justin G. Bullion, CFA®
Managing Director
Erinn R. King, CFA®
Managing Director
David P. Ballantine, CFA®, CFP
Director
Bradley F. Hersh
Director - Treasurer
Bill A. Kalra
Director
Arthur Hovsepian, CFA®
Director
Damon C. Eastman, CFA®
Director
Jeffrey C. Cleveland
Director - Chief Economist
Jeffrey M. Schwartz, CFA®
Director
Elizabeth M. Westvold, CFA®
Director
Jared L. Boneno, CFA®
Director
Mark H Stanley, FPMI
Director
Alfred Giles III, CFA®
Director
Natalie N. Trevithick, CFA®
Director
Eric Souders, CFA®
Director
Jordan H. Lopez, CFA®
Director
Timothy J. Crawmer
Director
Darren Marco, CFA®
Director
Alejandra Murphy
Director
Kerry Rapanot, CFA®
Director


OUR CLIENTS

With over $147.4 billion in assets under management, we advise the world's
leading institutional and individual investors with real-world strategies on the
global economy and capital markets. Investment management is our only business,
and every client is important to us. Our clients include:

Corporations

·  Balance Sheets ·  Pensions ·  LDI ·  Cash Sweep Management ·  DB/DC

Endowments, Foundations & Non-Profits

·  Higher Ed ·  Public and Private ·  Eleemosynary ·  Operating and Long-term
Pools

Health Care

·  Health Systems ·  Hospitals ·  Operating, Endowment, Project Funding

Insurance Companies

·  Global Presence ·  Book Yield ·  Total Return ·  ALM
·  Primary/Reinsurers/Captives ·  Solvency II, NAIC, et al.

Public Entities

·  State/Local Government Authorities ·  Sovereign Wealth Funds ·  Central Banks
·  NGOs

High Net Worth Individuals

·  Wealth Managers ·  Family Offices ·  Charitable Trusts

 

Our strategies

--------------------------------------------------------------------------------

We provide a number of strategies across global markets. Strategies are
customized based on each client's objectives, but fall into four broad
categories: fixed income, equity, absolute return, and balanced. Strategies can
be employed using customized separate accounts, our US mutual funds, or
Dublin-based UCITS funds.

Payden & Rygel has been managing portfolios globally with an emphasis on
customized investment solutions since inception. We believe that a
one-size-fits-all or product-based approach to investing sacrifices the single
most important aspect of our client relationships: each client's unique
circumstances.

 * Fixed Income
 * Equity
 * Absolute Return
 * Balanced

Cash Management Low Duration & Enhanced Cash US Govt Bonds Tax-Exempt Core &
Core Plus Investment Grade Corporates Strategic Income Global Fixed Income
Emerging Market Bond High Yield Long-Duration Investing (LDI)


EMERGING MARKET BOND

Some of the fastest growing regions in the world are labeled "emerging markets".
For many years, investors treated emerging markets as an alternative investment.
Today, emerging markets—and in particular, emerging market bonds—are an exciting
asset class all their own. They offer the opportunity to invest in almost
seventy countries that represent close to half of global output. Payden &
Rygel's Emerging Market Bond strategies can be used as stand-alone investment
vehicles or they can used in a broader portfolio to provide diversification and
potentially enhance returns.

The firm's investment process starts with a top-down assessment of country risk,
accompanied by research trips to countries in Latin America, Europe, Asia,
Africa and the Middle East. We assess country trajectories through a screening
of their macroeconomic variables, business environment, political stability, and
the quality of their environmental, social and government institutions. Our
robust relative value and risk management tools help to ensure diversification
and minimize volatility.

Payden & Rygel's emerging market bond effort dates back to the late 1990s,
making us a pioneer in the asset class. The stability of our team and
consistency of our approach has delivered strong absolute and risk-adjusted
returns for our clients. Beyond the firm's capabilities in sovereign US dollar
and euro-denominated bonds, we have been at the forefront of the evolution of
local currency and corporate bond markets. We offer both dedicated and blended
strategies across the full range of emerging market debt opportunities.


Benchmark EMBI Global Diversified Index Securities Employed Sovereign and
corporate bonds of emerging market countries Maturity Range 1 - 30 years
Duration Range 5.0 - 7.0 years Average Credit Quality BBB-



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


CASH MANAGEMENT

Payden & Rygel is a pioneer in developing cash management strategies for
institutions, which we began more than a quarter-century ago. Since then, this
strategy, which focuses on liquidity management of operating funds or sweep
funds, has been refined and enhanced. Our strategy helps institutions maximize
the return on short-term resources by deploying funds in the short-term money
markets—where they maintain a high degree of security and liquidity. The money
markets include short-term debt securities like commercial paper, negotiable
certificates of deposit and Treasury Bills—all with maturities of less than a
year, but usually less than 90 days. Expert navigation of the vast money markets
is essential to successfully managing short-term cash.



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


ENHANCED CASH/LOW DURATION/LOW DURATION PLUS

Payden & Rygel pioneered cash management strategies for institutions nearly
three decades ago. Since that time, our short-term bond strategies, which
initially focused on liquidity management of operating funds or sweep funds,
have expanded to meet the dynamic needs of our clients and the ever-changing
investment landscape.

Our short-term bond strategies are designed for investors who seek higher yields
than those provided by money market funds but can withstand varying amounts of
incremental price volatility. Customized to meet the unique investment
objectives of each client, the firm's short-term bond strategies offer a high
quality, diversified alternative to money market funds and other short-term
investments.

Today, Payden & Rygel's short-term bond strategies generally fall into three
broad categories: enhanced cash, low duration and low duration plus.

ENHANCED CASH

The enhanced cash strategy offers a higher yielding alternative to short-term
investments such as money market funds and bank certificates of deposit.
Short-maturity government securities and non-government securities such as
corporate bonds, asset-backed and mortgage-backed securities are utilized to
provide potentially higher yields than money market funds while seeking to
achieve a comparable level of principal stability.

Benchmark 3-month, 6-Month and 1-year U.S. Treasury-Bill, Money Market Funds
Securities Employed Governments, mortgage-backed securities, asset-backed
securities, corporates, commercial paper Maturity Range 0 - 5 years Duration
Range 0.25 - 1.5 years Average Credit Quality AA

LOW DURATION

The low duration strategy is an alternative to cash and short-term bank
deposits, designed for investors seeking higher yields than generally available
from money market funds, and who are slightly more tolerant of principal
fluctuation. The portfolio structure is based upon a client's liquidity
requirements. Typical clients include corporate operating funds, construction
funds, hedge funds, university operating funds, pension funds, central banks,
foundations/endowments, public funds and individuals.

Low duration investments range from money markets, asset- and mortgage-backed
securities, corporate bonds, US and international securities.

Benchmark Merrill Lynch 1-3 and 1-5 year Treasury Indices or Merrill Lynch 1-3
and 1-5 year Government/Corporate Indices Securities Employed Governments,
mortgage-backed securities, asset-backed securities, corporates Maturity Range 0
- 5 years Duration Range 1.5 - 2.5 years Average Credit Quality AA

LOW DURATION PLUS

The low duration plus strategy is designed for investors who seek a potentially
higher return than that available from a pure low duration strategy and who can
withstand a moderate amount of principal fluctuation. While this strategy
employs the same type of securities as the low duration strategy (e.g., short
maturity government and non-government securities, including corporate bonds,
asset-backed and mortgage-backed securities), it may also include investments
with a slightly longer maturity and a lower credit quality. The overall
portfolio maintains a similar credit quality to the low duration strategy.

Benchmark Merrill Lynch 1-3 and 1-5 year Treasury Indices or Merrill Lynch 1-3
and 1-5 year Government/Corporate Indices Securities Employed Governments,
mortgage-backed securities, asset-backed securities, corporates Maturity Range 0
- 7 years Duration Range 1.5 - 3.5 years Average Credit Quality AA



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


INTERMEDIATE/CORE/CORE PLUS

Payden & Rygel believes that bonds play a special and important role in an
overall asset allocation by generating reliable current income and by providing
a diversification benefit to other higher volatility assets in the portfolio. We
strive to act as a requisite diversifier in the context of the total pension
plan.

With the ever-increasing blurring between asset classes, we expect to deliver
return and volatility characteristics in keeping with the spirit of bond
expectations. We believe that bond portfolios should be sufficiently diversified
across a broad spectrum of sectors and that individual position sizes in the
portfolio should be calibrated to their potential degree of risk.

In addition to the strategies listed below, we offer a complete array of
services including index replication strategies and liability-driven investing.

INTERMEDIATE

Our Intermediate Core Bond strategy strikes a compromise between yield on the
one hand and price volatility on the other. This strategy offers a slightly
lower yield than other core bond alternatives due to its shorter average
maturity that helps protect against adverse price moves in a rising interest
rate environment. The strategy generally invests in securities with maturities
in the one to 10-year range, and includes sectors such as Treasuries, Agencies,
investment-grade corporate bonds and asset-backed and mortgage-backed
securities.

Benchmark Bloomberg Barclays US Intermediate Government/Credit Index, Bloomberg
Barclays US Intermediate Aggregate Bond Index Securities Employed Treasuries,
Agencies, mortgages, asset-backed securities, corporates, non-dollar Maturity
Range 4 - 6 years Duration Range 2.9 - 4.5 years Average Credit Quality AA-

CORE

The Core Bond strategy exploits opportunities across maturities and sectors in
the investment grade universe. The strategy generally invests in securities with
maturities in the one to 30-year range and includes sectors such as Treasuries,
Agencies, investment-grade corporates and asset-backed and mortgage-backed
securities.

Benchmark Bloomberg Barclays US Aggregate Bond Index Securities Employed
Treasuries, Agencies, mortgages, asset-backed securities, corporates, non-dollar
Maturity Range 1 - 30 years Duration Range 3.0 - 5.5 years Average Credit
Quality AA-

CORE PLUS

Our Core Plus strategy combines sectors used in the core strategy with the
extended markets of high-yield, emerging markets and non-dollar bonds. They are
used opportunistically as market conditions warrant and may represent as little
as zero percent of the portfolio, but a more typical allocation is in the 10-20%
range. This strategy has grown steadily over the past several years, spurred by
advancements in information technology, which have increased transparency and
trading efficiencies in these sectors, and the dramatic increase of debt
issuance in local markets around the world.

Benchmark Bloomberg Barclays US Aggregate Bond Index, Custom Benchmarks
Securities Employed Treasuries, Agencies, mortgages, asset-backed securities,
corporates, high yield, emerging markets, non-dollar Maturity Range 1 - 30 years
Duration Range 3.0 - 5.5 years Average Credit Quality A



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


US GOVERNMENT BONDS

Our US Government Bond strategy is a high quality, short to intermediate
maturity strategy, for risk averse investors. The Fund is comprised of 100% US
Government securities. The strategy focuses on US Treasury securities,
government agency debentures and agency mortgage securities with a weighted
average life of one to five years. The strategy seeks to generate income without
credit risk nor the volatility of longer maturity securities.


Benchmark Merrill Lynch 1-5 year Treasury Index Securities Employed US Treasury
securities, US Agency debentures, and US Agency mortgages Maturity Range 1 - 10
years Duration Range 1.75 - 3.25 years Average Credit Quality Agency



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


GLOBAL FIXED INCOME

Payden & Rygel's actively managed Global Fixed Income strategies provide broad
access to the world's developed and emerging bond markets, both investment grade
and high yield. We offer a wide range of standard and customized strategies
designed to meet clients' unique objectives across countries, currencies and
sectors.

Three pillars drive portfolio success: duration, currency and sector. We combine
top-down asset allocation decisions with bottom-up security selection to gauge
country selection, interest rate expectations, and currency and sector
performance. Diversification across sectors and individual credits is a key
component of our risk management philosophy.

GLOBAL

Global Fixed Income strategies aim to maximize total return in both rising and
falling interest rate environments. Investing across global bond markets
provides increased opportunities and additional diversification. Payden & Rygel
uses a disciplined team approach to tailor portfolios for both hedged and
unhedged mandates.

Benchmark Bloomberg Barclays Global Aggregate Bond Index, JP Morgan Global
Government Bond Index, Citigroup World Government Bond Index Securities Employed
Governments, Agencies, collateralized securities, corporates, Yankees Maturity
Range 0 - 30 years Duration Range 5.0 - 7.0 years Average Credit Quality AAA /
AA

GLOBAL SHORT/INTERMEDIATE

A short/intermediate strategy, which utilizes global sovereign bonds and credit
instruments to provide a diversified investment portfolio with maturities
ranging from one to five years, can be hedged to any local currency.

Benchmark Citigroup World Government Bond Index 1-3 year, Merrill Lynch 1-3 year
Treasury Index Securities Employed Governments, Agencies, collateralized,
corporates, Yankees Maturity Range 0 - 5 years Duration Range 1.0 - 3.0 years
Average Credit Quality AAA / AA



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


HIGH YIELD

Payden & Rygel's high-yield bond strategy seeks to maximize total return by
focusing on the upper tier of the high-yield bond market. High-yield bonds can
provide diversification and yield benefits to an investment portfolio due to
their low correlation with both Treasuries and investment-grade corporate bonds.

The cornerstone of Payden & Rygel's high-yield strategy is its intensive credit
due diligence. With an experienced portfolio manager and a seasoned analyst
team, Payden & Rygel successfully navigated the credit market turmoil in both
2007 and 2008. The firm prides itself on its risk controls and risk discipline.

We consider all companies which have bonds above $200 million in issue size. Our
investible universe consists of in excess of 620 companies, though 245 of these
are between $200-$300 million in issue size. These 245 companies often provide
the best value and are "below the radar" of many managers. This allows us to
focus on more "undiscovered gems" than the typical high yield manager.

Benchmark Merrill Lynch High Yield Master I Cash Pay Index Securities Employed
High-yield bonds Maturity Range 1 - 10 years Duration Range 4.0 - 5.0 years
Average Credit Quality BB-



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


TAX-EXEMPT STRATEGIES

Tax-exempt bonds (e.g., municipal bonds) should be a significant holding in a
fixed-income strategy for taxable investors. Payden & Rygel's tax-sensitive
strategies seek to maximize after-tax total return and are customized to meet
the unique investment objectives of each client as well as clients' tax status
and state of domicile.

We believe that superior performance is derived through the inclusion of both
taxable and tax-exempt securities in the portfolio opportunity set. The
segmented nature of the municipal (tax-exempt) market leads to inefficiencies
that can translate into excess returns for those managers with the experience,
sophistication and flexibility to capitalize on these opportunities. We believe
municipal investing requires elements of both a top-down, as well as bottom-up,
investment style. Market surveillance plays a critical role in the municipal
market given the significant influence that supply and demand imbalances exert
on performance.

SHORT TERM

Short-term Tax Sensitive strategies seek to earn higher income than money market
alternatives while preserving capital. Short-maturity municipal bonds as well as
Treasury, Agency, corporate and asset-backed bonds may be used.

Benchmark Bloomberg Barclays 1-Year Municipal Index, Custom indexes Securities
Employed Municipal bonds (revenue, general obligation, etc.), governments,
corporate bonds, and asset-backed securities Maturity Range 0 - 5 years Duration
Range 0.5 - 2.5 years Average Credit Quality AA+

INTERMEDIATE

The Intermediate strategy is a core portfolio strategy. The intermediate
maturities along the yield curve provide a large portion of the return of longer
securities with a fraction of the price volatility. The portfolios are tailored
to meet each client's unique investment goals and tolerance for risk and can be
customized to emphasize in-state tax benefits where appropriate.

Benchmark Bloomberg Barclays 1 - 10 Municipal Year Index Securities Employed
Municipal bonds (revenue, general obligation, etc.), governments, mortgages,
corporate bonds Maturity Range 1 - 25 years Duration Range 3.5 - 5.5 years
Average Credit Quality AA+

LONG TERM

The Long-term strategy is designed for investors who may have long-term
liabilities against which they are managing their assets or those with a more
income oriented focus. The strategy generally invests in securities across the
entire maturity spectrum, and includes sectors such as government securities and
mortgage-backed securities in addition to traditional municipal securities.

Benchmark Bloomberg Barclays 10-Year Municipal Index Securities Employed
Municipal bonds (revenue, general obligation, etc.), governments, mortgages,
corporate bonds Maturity Range 1 - 40 years Duration Range 5.0 - 7.0 years
Average Credit Quality AA



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


STRATEGIC INCOME

Strategic Income has its roots in core fixed income but expands from there in a
more comprehensive and opportunistic fashion. It is designed as a more "open
architecture" approach that is less conforming to traditional fixed income
benchmarks.

This approach has gained favor from investors who recognize that there should
not be a "one size fits all approach to core style portfolios. Clients have many
different degrees of liquidity needs and beta exposure desires and strategic
income in the way we manage it at Payden & Rygel offers this degree of
customization.

The strategy allocates to major credit sectors globally in a diversified
fashion. Short term and/or high-quality government securities will also be used
to ensure liquidity and ease of strategy change, as well as potentially
providing a "safe haven" in times of major credit stress. Active rotation among
the sectors follows Payden's time-tested macro view through its Investment
Policy Committee and coordination with our Core fixed income team. The Payden
style of "bonds behaving like bonds should" is not lost in Strategic Income
portfolios - our focus is on cash bonds and not derivative strategies that can
obfuscate risk and return sources.

Importantly, effective (interest rate) duration may be empirically lower than
traditional "core" portfolio durations given the strategic allocations to credit
sectors and resulting higher income cushion.


Sectors Employed Cash, Governments, Investment-Grade Corporates, High Yield, EMD
($ and Local), Structured Finance (ABS, CMBS, etc.) Benchmark Targeted and
rebalanced allocation to BarCap, BAML, and JPM indices representing sectors
listed above Maturity Range 0 - 30 years Duration Range 3 - 5 years
(client-dependent) Average Credit Quality Investment Grade



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


INVESTMENT GRADE CORPORATES

Payden & Rygel's strategy is to purchase investment-grade corporate bonds of
companies that have leading market positions, strong cash flow generation,
stable management teams and predictable earnings. The strategy's focus is on
bottom-up credit selection with an emphasis placed on adding issues with a
near-term catalyst to outperform. Our credit research process looks to
capitalise on opportunities in the corporate bond market across sectors and
maturities; including the early identification of potential rising stars -
companies that we believe will be upgraded to investment grade in the near term.
A forward looking approach is taken to credit analysis. A priority is placed on
assessing a company's future trajectory and the corresponding risk and
opportunities for bondholders under various scenarios.

The strategy primarily invests in USD investment grade corporate securities with
flexibility to opportunistically invest in below investment grade securities.
The strategy may also utilize futures for duration management.


Benchmark Bloomberg Barclays US Corporate Index Securities Employed Primarily
invests in US IG Corporate bonds Maturity Range 1-30 years Duration Range 6-8
years Average Credit Quality BBB



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.


LONG-DURATION INVESTING (LDI)

Payden & Rygel's investment philosophy for Long-Duration Investing (LDI) is that
active management of fixed-income investments not only should focus on ways to
add value relative to a benchmark, but should also focus on managing risk in its
many forms (e.g., credit, liquidity, etc.) consistent with the letter and spirit
of our clients' unique investment guidelines.

Our investment process is a hybrid - we manage a macro-driven top-down approach
combined with a bottom-up fundamental view. The process begins with our
Investment Policy Committee's assessment of the global macro-economic
environment and formation of our broad-based and long-term view on interest
rates (economic growth, inflation, political risk), credit (direction, strength,
supply/demand), and risk (primarily focused on downside risk and client
portfolio protection). The long duration investment team, based on discussions
with the IPC and our sector strategists, will determine sector weightings and
then populate these targets with individual issuers to achieve attractive
risk-adjusted return expectations.

We maintain diversified portfolios, typically holding 200 bonds, in order to
properly manage tracking error and we employ strong risk controls. Our LDI
strategy exploits opportunities in the longer end of the maturity curve, ten
years and greater, across multiple fixed income. These sectors include U.S.
Treasuries, Agencies, global investment-grade corporate bonds, taxable municipal
bonds, and investment grade emerging market sovereign and government related
bonds. Plain vanilla interest rate swaps and interest rate futures will be used
sparingly to manage the duration of the portfolio. Additionally, we invest in
sub-investment grade bonds up to 5% to increase income potential and diversify
overall credit exposures.


Benchmark Bloomberg Barclays Long Government / Credit Index Securities Employed
US Treasury securities, US Agency debentures, Corporate bonds, Government
-Related Debt and US Agency mortgages Maturity Range 10 years +, select 1-10
holdings Duration Range 13.0 - 16.5 years Average Credit Quality AA-



The value of fixed income portfolios will rise and fall due to changes in
interest rates and other economic factors. Investment portfolios could lose
principal.

Payden & Rygel's Large-Cap Value / Equity Income strategy takes advantage of the
firm's strengths in company and industry analysis, focusing on companies which
are projected to maintain or increase their dividend payouts while providing
above-market-average dividend yields. Our objective is to provide current income
and equity market participation through a well-diversified, high-quality,
large-cap portfolio by focusing on companies with steady earnings and cash flow
growth. Our equity team looks beyond the common stock universe for attractive
dividend/distribution yields, and researches other areas such as preferred
stock, real estate investment trusts, master limited partnerships and business
development companies.

The strategy is well-diversified across sectors and equity security types, and
generally invests in 50-80 holdings. With the focus on diversification, income
and equity market participation, this strategy is appropriate for both investors
focusing on income and those looking for a competitive large-cap value offering
with lower volatility and attractive risk-adjusted returns.

Stocks in this strategy will generally appreciate less when the overall market
is rising and fall less when the overall market is declining. Investors could
lose money during periods of falling stock prices.

The "Absolute Return" investing universe has represented a variety of investment
objectives and approaches through time. Even today the term is used by both
hedge funds, on one end of the spectrum, as well as ultra-safe, liquidity type
funds, on the other. While the space has yet to be concretely defined, the
development of our strategy began with a simple client request to manage a
portfolio, untethered from traditional benchmarks, that would produce a
reasonable level of return and protect their investment principal. With that
objective in mind, the Payden Absolute Return Investing (PARI) approach has been
refined over more than 7 years while adhering to the following core objectives:

Produce Positive ReturnsStaying true to the basic definition of "Absolute
Return", our strategy aims to produce positive returns with a performance hurdle
of LIBOR + 2-3% over a rolling 3-year period. Protect Downside RiskBefore we
consider the direction of markets or the value opportunities that are presented,
our first responsibility is to protect an investor's principal against the
potential for loss. Risk management is paramount. Capture "Smart"
YieldBenefitting from more than 35 years in fixed income management, the
foundation of our strategy is a low duration fixed income portfolio where risk
premia from global interest rate curves and credit markets may provide
dependable and repeatable returns.

STRATEGY CHARACTERISTICS

--------------------------------------------------------------------------------

Return ObjectiveLIBOR + 2-3% RatingInvestment Grade CurrencyClient specified ($,
€, £, ¥, A$ etc) Track Record Length> 13 years


GLOBAL BALANCED

Payden & Rygel's Global Balanced strategy is designed to help investors meet
their financial goals and objectives via a strategic allocation of stocks, bonds
and cash.

Country and sector allocations are carefully determined via a top-down approach
based on fundamental and quantitative analysis. The correlation between
countries is critical to measure appropriate levels of diversification. We
utilize futures contracts to implement strategic allocation shifts. High
liquidity and low transaction costs are added benefits to Payden & Rygel's
proven approach.


US BALANCED

Payden & Rygel's US Balanced portfolio is designed to help clients achieve their
financial objectives via a diversified list of U.S. stocks, bonds and cash. The
firm can manage mandates for a relative return or absolute return objective.

A portfolio of stocks and bonds is determined using a selection process which
considers fundamental economic analysis, valuation measures for stocks and
bonds, global asset flows, technical analysis, and overall client goals and
objectives. While we utilize extensive quantitative analysis, common sense and
good judgment are also key components of our selection process. The strategy
generally makes one to four shifts per year, usually changing the allocation mix
in five to ten percent increments.

Latest Updates
@paydenrygel

Our Funds

--------------------------------------------------------------------------------


 * US FUNDS
   Payden & Rygel provides investors with a globally-diversified array of
   fixed-income, equity, absolute return, and cash balance strategies at every
   level of the risk/reward continuum. These strategies are available through
   the Paydenfunds and Payden/Kravitz mutual fund families.
 * US FUNDS
   Payden & Rygel provides investors with a globally-diversified array of
   fixed-income, equity, absolute return, and cash balance strategies at every
   level of the risk/reward continuum. These strategies are available through
   the Paydenfunds and Payden/Kravitz mutual fund families.
 * US FUNDS
   Payden & Rygel provides investors with a globally-diversified array of
   fixed-income, equity, absolute return, and cash balance strategies at every
   level of the risk/reward continuum. These strategies are available through
   the Paydenfunds and Payden/Kravitz mutual fund families.

 * Previous
 * Next

 * IRISH FUNDS
   Payden & Rygel offers an established family of UCITS-compliant offshore funds
   domiciled in Dublin, Ireland, under Payden Global Funds plc and also offers a
   Qualifying Investor Alternative Investment Fund under Payden Global AIF ICAV.
   Our broad range of bond and stock strategies spans short-term cash management
   solutions through to our longer term absolute return fixed income strategies
   and global equity investments.
 * IRISH FUNDS
   Payden & Rygel offers an established family of UCITS-compliant offshore funds
   domiciled in Dublin, Ireland, under Payden Global Funds plc and also offers a
   Qualifying Investor Alternative Investment Fund under Payden Global AIF ICAV.
   Our broad range of bond and stock strategies spans short-term cash management
   solutions through to our longer term absolute return fixed income strategies
   and global equity investments.
 * IRISH FUNDS
   Payden & Rygel offers an established family of UCITS-compliant offshore funds
   domiciled in Dublin, Ireland, under Payden Global Funds plc and also offers a
   Qualifying Investor Alternative Investment Fund under Payden Global AIF ICAV.
   Our broad range of bond and stock strategies spans short-term cash management
   solutions through to our longer term absolute return fixed income strategies
   and global equity investments.

 * Previous
 * Next


IRISH FUNDS OVERVIEW

The following information regarding Payden Global Funds plc and Payden Global
AIF ICAV is directed to non-US investors, and these funds are available for
purchase by non-US investors only, subject to applicable local law. Access to
this information by US investors is for informational purposes only, and is not
an offer to sell, a solicitation of an offer, or a recommendation concerning
these funds. Payden & Rygel also provides a globally-diversified array of Mutual
Funds for US investors.

Payden Global Funds plc and Payden Global AIF ICAV are distributed by Payden &
Rygel Global Ltd, which is authorised and regulated by the UK Financial Conduct
Authority. Payden Global SIM SpA, an investment firm authorised and regulated by
Italy’s CONSOB, has been appointed sub-distributor within the European Union.
The information provided is not intended to provide a sufficient basis on which
to make an investment decision. It is not intended for retail customers and such
persons should not rely on this material. Moreover, any investment or service to
which this material may relate. will not be made available to such retail
customers. This material is directed exclusively at eligible counterparties or
professional clients as defined by the rules of the Financial Conduct Authority
or, for EU jurisdictions, by the rules of the Markets in Financial Instruments
Directive (“MiFID”), as transposed in the relevant EU jurisdictions, or parties
who are otherwise eligible under these rules. Payden & Rygel Global Limited has
not taken any steps to ensure that the products and services referred to are
suitable for any particular investor and no assurance can be given that the
stated investment objectives will be achieved. The value of investments may fall
as well as rise. Registered Office of Distributor: 1 Bartholomew Lane, London,
EC2N 2AX, United Kingdom. Company No. 03752819; Place of Registration: United
Kingdom

I agree that I have read and understand the important legal information above
that pertains to Payden & Rygel's UCITS Funds.

Marketing Communication
This is a marketing communication. Please refer to the prospectus of Payden
Global Funds plc and relevant KIID, or to the prospectus of Payden Global AIF
ICAV, before making any final investment decision.



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Contact us

--------------------------------------------------------------------------------


Payden & Rygel

LOS ANGELES
(HEADQUARTERS)

333 South Grand Avenue
39th Floor
Los Angeles, CA 90071

--------------------------------------------------------------------------------

E-MAIL AND TELEPHONE

welcome@payden.com
213 625-1900

--------------------------------------------------------------------------------

 * 
 * 
   
 * 

Payden & Rygel

BOSTON

265 Franklin Street
Suite 1604
Boston, MA 02110

--------------------------------------------------------------------------------

E-MAIL AND TELEPHONE

welcome@payden.com
617 807-1990

--------------------------------------------------------------------------------

 * 
 * 
   
 * 

Payden & Rygel Global, LTD.

LONDON

1 Bartholomew Lane
London EC2N 2AX
United Kingdom

--------------------------------------------------------------------------------

E-MAIL AND TELEPHONE

welcome@payden.com
+44 20 7621 3000

--------------------------------------------------------------------------------

 * 
 * 
   
 * 

PAYDEN GLOBAL SIM S.p.A.

MILAN

Corso Matteotti 1,
20121
Milan, Italy

--------------------------------------------------------------------------------

E-MAIL AND TELEPHONE

benvenuto@payden.com
+39 02 76067111

--------------------------------------------------------------------------------

 * 
 * 
   
 * 

Career Opportunities
Business Continuity
ESG & Stewardship
Payden & Rygel
Privacy Notice
P&R Global Ltd.
Privacy Notice
Terms of Use
Disclaimer


CONTACT US – PAYDENFUNDS

For more information about our funds, please contact us at:

Advisors and Institutions
800.644.9328
funds@payden.com

Shareholder Services
800.5.PAYDEN (800.572.9336)
payden@umb.com

Payden Mutual Funds
PO Box 1611
Milwaukee, WI 53201-1611

Overnight:
Payden Mutual Funds
235 W Galena St
Milwaukee, WI 53212-3948


CAREER OPPORTUNITIES

Payden & Rygel provides superior solutions by employing a staff whose education,
experience and vision have made the firm a leader in the field. We welcome the
opportunity to speak with talented and motivated individuals who wish to meet
this challenge.

If you are interested in a career with Payden & Rygel, please submit your resume
to the firm's human resources department at careers@payden.com.


DISASTER RECOVERY AND BUSINESS CONTINUITY PREPERATIONS

Payden & Rygel has developed a Business Continuity Plan to ensure that all
critical functions continue in the event of a disruption in normal operations.

The firm has configured data replication servers and related infrastructure in
its Boston, Massachusetts office. Data on critical Los Angeles servers is
replicated to corresponding servers in the Boston location on a live basis
throughout each day. In addition, other servers and databases are backed up,
sent electronically to Boston, and restored at the end of each day. The firm has
established a dedicated high-speed connection between the Los Angeles and Boston
offices to facilitate the secure transmission of data backups.

A number of individuals from the Trading, Portfolio Operations, Information
Technology, Compliance and Portfolio Management departments have been selected
to connect remotely to the Boston office to complete their daily
responsibilities, in the event of a disruption to normal business operations.
The firm has implemented a VMWare virtual environment for each of these
individuals so that they each have their own remote desktop in Boston to which
they securely connect using a laptop or desktop computer with an Internet
connection. Our expectation is that routine business operations will resume
within 24 hours of a business continuity event. In addition, the Boston office
has capacity to accommodate additional employees if a physical relocation of
selected Los Angeles employees is necessary.

The firm uses a third-party hosted mass notification system to quickly
communicate with all employees in the event of a disruption in operations. The
system allows management to compose a text or voice message notifying employees
of the event, which is then sent automatically to employees' mobile phones, home
phones, and e-mail addresses. Employees indicate their receipt of the message
from their phone or mobile device, which allows management to immediately review
summary reports of the employees who are aware of the disruption. Additional
instructions and updates can then be sent to all staff, as necessary under the
circumstances.

In the event that our Business Continuity Plan is activated and Los Angeles
office phone lines are down, the Los Angeles phone numbers are re-directed to
the Boston office. Boston-based staff will direct callers to the mobile phones
of key portfolio professionals, as necessary. All key investment personnel have
access to firm e-mail on mobile devices. E-mail delivery to Payden & Rygel
addresses is not dependent on the availability of either Los Angeles or Boston
servers. Finally, Boston-based staff has access to portfolio management and
reporting information independent of Los Angeles technology availability.

The transfer agent for the Paydenfunds is not located in Payden & Rygel's
offices. The transfer agent for all of the funds maintains all shareholder
records and will continue to receive all shareholder calls related to their
accounts.

On at least a quarterly basis, several employees from the departments specified
above will remotely connect to the Boston office to test the infrastructure by
conducting their daily job responsibilities, including the execution, ticketing,
settlement and processing of securities trades.

The Business Continuity Plan was developed and is monitored by a committee of
senior managers, including the heads of the Trading, Portfolio Operations,
Compliance and Information Technology departments. The committee meets regularly
to discuss any necessary updates to the Plan and coordinates ongoing tests of
the Boston location by a team of employees from various departments. The
committee also solicits feedback from personnel based on the ongoing tests and
promptly makes adjustments to the Plan and the Boston office resources, as
necessary.

Updates to the Business Continuity Plan will be posted on this website page and
a copy of the Plan may also be obtained by written request.


ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) STATEMENT

Since 2013, Payden & Rygel has been a signatory of the United Nations Principles
for Responsible Investment.

As such, from environmental, social, and governance (ESG) considerations or
strict exclusionary guidelines, to sustainable corporate practices and extensive
community outreach, Payden & Rygel has a long history of responsible investing.
As a firm, we embed ESG considerations in our investment processes. Whether in
the sovereign, quasi-sovereign, or corporate research process, evaluating
environmental, social and governance issues is part of sound fundamental
analysis.

We also have a history of working closely with clients to ensure their
portfolios are customized to meet specific social or ethical exclusions. Client
accounts with ethical or social exclusions are monitored by our Compliance Group
using both “best-in-class” vendor analytics and proprietary information
technology systems.

At the corporate level, Payden & Rygel is conscious of the sustainability and
environmental impact of its operations and seeks continued carbon neutrality as
an organization. We continually strive to grow our business while minimizing our
impact on the environment.

Payden & Rygel does not, on behalf of client accounts, seek to invest in issuers
with major sources of revenue derived from tobacco or private prisons.

UK Stewardship Code Report

Payden & Rygel Conflicts of Interest Policy

Payden & Rygel Proxy Voting Policy

Issuer Engagement Information:
      Issuer Engagement Policy Payden & Rygel Global Limited
      Issuer Engagement Policy Payden Global Funds PLC
      Issuer Engagement Policy Payden Global SIM SpA
      Issuer Engagement Policy Annual Disclosure Payden Global SIM SpA


Payden Global Funds PLC SFDR Statement

Payden Global SIM SpA SFDR Statement (English)

Payden Global SIM SpA SFDR Statement (Italian).

Payden Global SIM SpA Remuneration Policy


PRIVACY NOTICE

Payden & Rygel respects your right to privacy. We also know that you expect us
to conduct and process your business in an accurate and efficient manner and in
compliance with applicable legal and regulatory requirements.

COLLECTION OF INFORMATION

To meet those expectations, we must collect and maintain certain personal
information that is required by state and federal agencies, such as name,
address and tax ID. We may collect or capture nonpublic information about you
from the following sources:



 * Client onboarding forms;
 * Oral conversations or written correspondence between you and your Payden &
   Rygel representatives; and
 * Electronic sources, such as our Web site, or E-Mails.

Payden & Rygel clients have the right to: (i) be informed, at or before the
point of collection, of the categories of personal information to be collected
and the purposes for which the categories of personal information shall be used;
and (ii) be informed of (a) the categories of personal information Payden &
Rygel has collected about them; (b) the specific pieces of personal information
Payden & Rygel has collected about them; (c) the categories of sources from
which Payden & Rygel has collected the personal information; (d) the business or
commercial purpose for collecting the personal information; and (e) the
categories of third parties with whom Payden & Rygel share personal information
about any client.

DISCLOSURE OF INFORMATION

We do not disclose any nonpublic personal and account information about our
clients, or former clients, to anyone, except as permitted by law.

In this regard, we may disclose such information to our affiliates, including
Payden & Rygel Global Limited; Treasury Plus, Inc.; and Payden & Rygel
Distributors. We also may disclose such information to unaffiliated third
parties who are service providers to Payden & Rygel, such as broker-dealers,
transfer agents or custodians. In each case, such disclosure is permitted by
law, and the recipients are permitted to use it only as needed to provide agreed
services to you. Finally, we may also disclose information to appropriate
government agencies, and to others, as required by law or to prevent fraud.

We do not sell personal information collected, nor make that personal
information available on-line. To change your personal information, call Payden
& Rygel at (213) 625-1900 and request to speak to your Payden & Rygel
representative.

INTERNAL ACCESS TO INFORMATION AND SAFEGUARDS

We limit access to your personal and account information to those employees who
need to know that information so that we can provide products and services to
you. We also maintain physical, electronic and procedural safeguards to protect
your nonpublic personal and account information. Finally, when we dispose of
such information, we have in place policies and procedures to assure that such
information is properly stored and shredded in the case of documentary material
and erased in the case of electronic media so that in either case the
information cannot be practicably read or reconstructed.

As required by U.S. federal law, Payden & Rygel will update this information at
least annually.

Revised: August 4, 2020


TERMS OF USE

This website is for information purposes only. It is not intended to be a
solicitation, offering or recommendation of any security, investment management
service or investment advisory service. Nor does Payden & Rygel intend to
provide investment, tax or legal advice through this website. In particular,
Payden & Rygel does not represent that the securities, products or services
discussed on this website are suitable or appropriate for all investors.

The information on this website is not intended for distribution to, or use by,
any person or entity in any jurisdiction or country where such distribution or
use would be contrary to law or regulation, or which would subject Payden &
Rygel to any registration requirement within such jurisdiction or country.

The reliability and accuracy of the material on this website cannot be assured
because of possible technical malfunctions and unauthorized tampering. In
addition, the material on this website, including any opinions expressed herein,
is subject to change without notice. Past performance is not a guarantee of
future results.

No part of this website may be reproduced in any of form, or referred to in any
other publication without the express written consent of Payden & Rygel. Any
links to other Internet sites ("hyperlinks") are included only as a convenience
for visitors to this website. Payden & Rygel assumes no liability for the
content or presentation of such hyperlink sites.


LEGAL DISCLAIMER

The investment strategy and investment management information presented on this
website should not be construed to be formal financial planning advice or the
formation of a financial manager/client relationship. Payden.com is an
informative website designed to provide information to the general public based
on our recommendations of investment management and investment strategies and is
not designed to be representative of your own financial needs. Nor does the
information contained herein constitute financial management advice. The firm
makes no warranty or representation regarding the accuracy or legality of any
information contained in this website, and assumes no liability for the use of
said information. Be advised that as Internet communications are not always
confidential, you provide our website your personal information at your own
risk. Please do not make any decisions about any investment management or
investment strategy matter without consulting with a qualified professional.


KEY INVESTOR INFORMATION DOCUMENTS (KIIDS)


KIIDs can be requested by email from KIIDRequest@payden.com.



Prospectus APPENDIX B


PRIVACY NOTICE

The Funds respect your right to privacy. We also know that you expect us to
conduct and process your business in an accurate and efficient manner and in
compliance with applicable legal and regulatory requirements.

COLLECTION OF INFORMATION

To meet those expectations, we must collect and maintain certain personal
information that is required by state and federal agencies, such as name,
address and tax ID. We may collect or capture nonpublic information about you
from the following sources:



 * The Fund application, or other forms;
 * Oral conversations or written correspondence between you and our
   representatives;
 * Your transactions with us; and
 * Electronic sources, such as our Web site, or E-Mails.

Payden & Rygel clients have the right to: (i) be informed, at or before the
point of collection, of the categories of personal information to be collected
and the purposes for which the categories of personal information shall be used;
and (ii) be informed of (a) the categories of personal information Payden &
Rygel has collected about them; (b) the specific pieces of personal information
Payden & Rygel has collected about them; (c) the categories of sources from
which Payden & Rygel has collected the personal information; (d) the business or
commercial purpose for collecting the personal information; and (e) the
categories of third parties with whom Payden & Rygel share personal information.

DISCLOSURE OF INFORMATION

We do not disclose any nonpublic personal and account information about our
customers, or former customers, to anyone, except as permitted by law.

In this regard, we may disclose such information to our affiliates, including
the Funds’ investment adviser, Payden & Rygel; administrator, Treasury Plus,
Inc.; and distributor, Payden & Rygel Distributors. We also may disclose such
information to unaffiliated third parties who are service providers to you or to
the Funds, such as broker-dealers, transfer agents, custodians, or our mail
processing firm. In each case, such disclosure is permitted by law, and the
recipients are permitted to use it only as needed to provide agreed services to
you. Finally, we may also disclose information to appropriate government
agencies, and to others, as required by law or to prevent fraud.

We do not sell personal information collected, nor make that personal
information available on-line. To change your personal information, call
Paydenfund Shareholder Services at 800-572-9366 and request the forms necessary
to make any such changes.

INTERNAL ACCESS TO INFORMATION AND SAFEGUARDS

We limit access to your personal and account information to those employees who
need to know that information so that we can provide products and services to
you. We also maintain physical, electronic and procedural safeguards to protect
your nonpublic personal and account information. Finally, when we dispose of
such information, we have in place policies and procedures to assure that such
information is properly stored and shredded in the case of documentary material
and erased in the case of electronic media so that in either case the
information cannot be practicably read or reconstructed.

As required by U.S. federal law, Payden & Rygel will update this information at
least annually.

Revised: July 2020

© 2022 Payden & Rygel