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We use cookies to ensure you get the best experience on our website. By continuing to use our site, you consent to our use of cookies. Learn more I agree * Home * Who We Are * Our Strategies * Our Funds * Library * Contact Us * Account Access HOMEWHO WE AREOUR STRATEGIESOUR FUNDSLIBRARYCONTACT USACCOUNT ACCESS Payden & Rygel provides a full range of investment strategies and solutions to investors around the globe. 40 YEARS OF INSPIRING CONFIDENCE WITH AN UNWAVERING COMMITMENT TO OUR CLIENTS' NEEDS. UPDATES Jeffrey Cleveland, Chief Economist, interviewed by Bloomberg on the latest Fed decision. June 13, 2023 Natalie Trevithick, Director, talks bonds and the Fed with Bloomberg. June 9, 2023 * Home * Who we are * Our Strategies * Our Funds * Library * Contact Us * Account Access * Search 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 manage fixed income and equity portfolios through domestic and international solutions. Advising the world's leading institutions and individual investors, we provide customized solutions and real-world strategies on the global economy and capital markets. Payden & Rygel at a Glance * $148.9 billion in AUM * Founded in 1983 * 387 client relationships * Headquartered in Los Angeles * Offices in Boston, London, and Milan * 239 employees For four 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 $148.9 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) At Payden & Rygel, we have clients from around the globe. We strive to exceed our client's expectations across the various elements of their mandate. Over the last few years, we've seen a growing divergence in how US and non-US clients define fiduciary, with non-US clients taking a much broader view of what it means to be a fiduciary and formally incorporating ESG into their investment portfolios. Given our diverse client base, and the rapid pace of ESG evolution, we have developed ESG tools that we can apply to client portfolios, where applicable. By making tools systematically leverageable, we can customize client portfolios to meet their financial and non-financial objectives. We seek to develop portfolio solutions that meet specific client needs through our partnership approach. * 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. 1. 1 2. 2 3. 3 4. 4 5. 5 6. 6 7. 7 8. 8 * Previous * Next 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. 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 Alfred Giles III, 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 Natalie N. Trevithick, CFA® Director Eric Souders, CFA® Director Jordan H. Lopez, CFA® Director Timothy J. Crawmer, CFA® Director Darren Marco, CFA® Director Alejandra Murphy Director Kerry Rapanot, CFA® Director Gary Greenberg, CFA® Director Akiko Hayata, CFA® Director Paul Saint-Pasteur, CFA® Director Eric Hovey, CFA® Director Adam Congdon, CFA® Director OUR CLIENTS With over $148.9 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 and AIF. 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 -------------------------------------------------------------------------------- * U.S. FUNDS Payden & Rygel provides investors with a globally-diversified array of equity, fixed-income and cash balance fund strategies at every level of the risk/reward spectrum. These fund strategies are available through the Paydenfunds mutual fund family. * U.S. FUNDS Payden & Rygel provides investors with a globally-diversified array of equity, fixed-income and cash balance fund strategies at every level of the risk/reward spectrum. These fund strategies are available through the Paydenfunds mutual fund family. * U.S. FUNDS Payden & Rygel provides investors with a globally-diversified array of equity, fixed-income and cash balance fund strategies at every level of the risk/reward spectrum. These fund strategies are available through the Paydenfunds mutual fund family. * 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 (“MiFIDâ€), 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. Library: Publications & Articles -------------------------------------------------------------------------------- We regularly publish articles and information on timely investment topics, economic and market trends, investment products and issues impacting global financial markets. The firm is dedicated to comprehensive, independent research and analysis. Find proprietary insights, analysis, and the latest on markets trends. * Library Overview * Week in Review * Market Insight * Chart of the Week * Point of View * Press Room f Issues affecting global markets Q4 Edition -------------------------------------------------------------------------------- Q4 2022 f Issues affecting global markets Q3 Edition -------------------------------------------------------------------------------- Q3 2022 f Issues affecting global markets Q2 Edition -------------------------------------------------------------------------------- Q2 2022 f Issues affecting global markets Fall Edition -------------------------------------------------------------------------------- Fall 2021 f Week in Review -------------------------------------------------------------------------------- Week ending JUNE 23, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending JUNE 16, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending JUNE 9, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending JUNE 2, 2023 f Chart of the Week Credibility Crisis -------------------------------------------------------------------------------- JUNE 23, 2023 f Chart of the Week Too Soon -------------------------------------------------------------------------------- JUNE 16, 2023 f Chart of the Week Unhappy In Their Own Way -------------------------------------------------------------------------------- JUNE 9, 2023 f Chart of the Week Long and Variable -------------------------------------------------------------------------------- JUNE 2, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending JUNE 23, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending JUNE 16, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending JUNE 9, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending JUNE 2, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending MAY 26, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending MAY 19, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending MAY 12, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending MAY 5, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending APRIL 28, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending APRIL 21, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending APRIL 14, 2023 f Week in Review -------------------------------------------------------------------------------- Week ending APRIL 7, 2023 f Chart of the Week Credibility Crisis -------------------------------------------------------------------------------- JUNE 23, 2023 f Chart of the Week Too Soon -------------------------------------------------------------------------------- JUNE 16, 2023 f Chart of the Week Unhappy In Their Own Way -------------------------------------------------------------------------------- JUNE 9, 2023 f Chart of the Week Long and Variable -------------------------------------------------------------------------------- JUNE 2, 2023 f Chart of the Week Bad Behavior -------------------------------------------------------------------------------- MAY 26, 2023 f Chart of the Week One Of These Is Not Like The Others -------------------------------------------------------------------------------- MAY 19, 2023 f Chart of the Week Danger Zone -------------------------------------------------------------------------------- MAY 12, 2023 f Chart of the Week Glass Houses -------------------------------------------------------------------------------- MAY 5, 2023 f Chart of the Week Under Pressure -------------------------------------------------------------------------------- APRIL 28, 2023 f Chart of the Week Going For Broke -------------------------------------------------------------------------------- APRIL 21, 2023 f Chart of the Week Upside Down & Inside Out -------------------------------------------------------------------------------- APRIL 14, 2023 f Chart of the Week Over A Barrel -------------------------------------------------------------------------------- APRIL 7, 2023 f Chart of the Week Credibility Crisis -------------------------------------------------------------------------------- JUNE 23, 2023 f Chart of the Week Too Soon -------------------------------------------------------------------------------- JUNE 16, 2023 f Chart of the Week Unhappy In Their Own Way -------------------------------------------------------------------------------- JUNE 9, 2023 f Chart of the Week Long and Variable -------------------------------------------------------------------------------- JUNE 2, 2023 f Chart of the Week Bad Behavior -------------------------------------------------------------------------------- MAY 26, 2023 f Chart of the Week One Of These Is Not Like The Others -------------------------------------------------------------------------------- MAY 19, 2023 f Chart of the Week Danger Zone -------------------------------------------------------------------------------- MAY 12, 2023 f Chart of the Week Glass Houses -------------------------------------------------------------------------------- MAY 5, 2023 f Chart of the Week Under Pressure -------------------------------------------------------------------------------- APRIL 28, 2023 f Chart of the Week Going For Broke -------------------------------------------------------------------------------- APRIL 21, 2023 f Chart of the Week Upside Down & Inside Out -------------------------------------------------------------------------------- APRIL 14, 2023 f Chart of the Week Over A Barrel -------------------------------------------------------------------------------- APRIL 7, 2023 SIGN UP Join others who are reading the Point of View's thought provoking articles 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 Payden & Rygel Form ADV Part 3 - CRS P&R Global Ltd Legal Notices Payden Global SIM SpA Legal Notices 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) & STEWARDSHIP To assure that Payden & Rygel meets their fiduciary responsibilities as an investment adviser, we have in place policies and procedures to support our ESG & Stewardship efforts Payden & Rygel Conflicts of Interest Policy Payden & Rygel Proxy Voting Policy Payden & Rygel are a signatory to the Financial Reporting Council’s UK Stewardship Code: UK Stewardship Code Report 2021 In addition to our applicable firm wide policies, Payden & Rygel and affiliated companies has been appointed as investment manager/adviser to various EU domiciled collective investment schemes. Payden manages many of these investments so that they can be designated as Article 8 financial products pursuant to the Sustainable Finance Disclosure Regulation (EU 2019/2088). Payden has further been appointed by certain clients under separately managed accounts to manage assets in accordance with SFDR Article 8. SFDR Policies 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 PAYDEN & RYGEL GLOBAL LIMITED LEGAL NOTICES Payden & Rygel Global Limited privacy Notice Issuer Engagement Policy Payden & Rygel Global Limited Issuer Engagement Policy Payden Global Funds PLC Payden & Rygel Global Limited 2022 Financial Statements PAYDEN GLOBAL SIM SPA LEGAL NOTICES Best Execution Policy Payden Global SIM SpA Risk management Policy Payden Global SIM SpA Remuneration Policy Payden Global SIM SpA Issuer Engagement Policy Payden Global SIM SpA Issuer Engagement Policy Annual Disclosure Payden Global SIM SpA ESG Policy Payden Global SIM SpA Payden Global SIM – Informativa al pubblico III Pilastro – 2021 (ITA) Report Top 5 Execution Venues Broker (RTS 28) La Società aderisce all’Arbitro delle Controversie Finanziarie (ACF) 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 © 2023 Payden & Rygel