Payden US Dollar Liquidity Fund

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Payden US Dollar Liquidity Fund

PAYGLUA

USD Accumulating

Fact Sheet Other Literature

NAV / Daily Prices

NAV ($)

13.75

NAV Change ($)

0.00

Date as of

18 May 2026

Statistics

Yield to Maturity

4.41%

Effective Duration

0.78 Years

Average Maturity

1.66 Years

Average Fund Credit Rating

AA

Number of Issuers

159

Expenses

Management Fee

0.10%

Maximum Total Expense Ratio (TER) Capped at

0.16%

Initial Charge

NONE

Redemption Fee

NONE

¹

# of Funds

Overall

★★★★

117

Portfolio Characteristics

Data as of 30 Apr 2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

68%

1-3 yrs

32%

Credit Allocation

Credit

Percent of Portfolio

AAA

43%

AA

26%

A

24%

BBB

7%

Sector Allocation

Sector

Percent of Portfolio

Corporates

31%

Asset-Backed

25%

Mortgage-Backed

20%

Government/Gov't Related

12%

Money Markets

11%

Municipal Bonds

1%

Country Allocation

Country

Percent of Portfolio

US

61%

Euroland

19%

Cayman Islands

6%

Canada

4%

UK

4%

Scandinavia

2%

Jersey

2%

Switzerland

1%

Supranational

1%

Fund Commentary

Data as of 30 Apr 2026

Market

April was a volatile month with multiple crosscurrents driving market behaviour. Geopolitical tensions in the Middle East showed signs of stabilisation, although elevated oil prices kept inflation concerns a primary focus. Interest rates initially moved lower amid optimism surrounding ceasefire negotiations, but retraced higher later in the month as progress stalled.

At month-end, the Federal Reserve (Fed) voted to keep policy rates unchanged at Chair Powell’s final Federal Open Market Committee (FOMC) meeting as chairman, which saw the highest level of dissent since 1992. We continue to expect a path toward rate cuts over the next 12 months.

During the month, money market yields out to one year remained anchored to Fed policy at 3.63%, whilst longer-term maturities rose modestly by 5 to 8 basis points. The 2-year and the 10-year US Treasury yields ended the month at 3.87% and 4.36%, respectively.

The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the US – was unchanged from March, closing at 3.66%. At month-end, the 3-month term SOFR rate was 3.66%, and the 3-month US Treasury bill closed at 3.67%.

In contrast to the rates market, credit sectors performed well. Strong investor demand absorbed another wave of heavy issuance, leading to lower risk premiums across both corporate and securitised markets. Risk premiums recovered much of the deterioration experienced during the latter portion of the first quarter. Over the month, markets experienced positive risk sentiment, as longer-duration assets outperformed shorter-duration assets, and lower-rated segments of the credit markets outperformed their higher-quality counterparts.

Outlook

Looking ahead, key risks remain centered on how the conflict in the Middle East evolves. Escalating hostilities and higher energy prices could force a recalibration of inflation and growth expectations, though softer labour market trends continue to support an eventual easing cycle. We maintain a modestly long-duration position, consistent with our expectation that the Fed will begin cutting rates within the next 12 months, whilst remaining selective on credit through relative-value rotation and disciplined issuer quality, capturing higher yields prudently amid ongoing market uncertainty.

1.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Overall rating out of 117 USD Diversified Bond - Short Term funds as of 30-04-26.

2.

Returns less than one year are not annualised. Performance does not take account of the commissions and costs incurred on the issue and redemption of shares. Future performance is subject to taxation which depends on the personal situation of each investor, and which may change in the future. Complete information on risks can be found in the prospectus.

Payden US Dollar Liquidity Fund is a sub-fund of Payden Global Funds plc, an open-ended investment company with variable capital incorporated under Ireland law and is authorised by FINMA for offering to non-qualified investors. The prospectus for Switzerland, the key investor information documents ("KIID"), the articles, the semi-annual and annual reports and other information can be obtained free of charge from the Fund’s representative and paying agent in Switzerland: Reyl & Cie SA., 4, rue de Rhône, 1204 Geneva, Switzerland.

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

68%

1-3 yrs

32%

Credit Allocation

Credit

Percent of Portfolio

AAA

43%

AA

26%

A

24%

BBB

7%

Sector Allocation

Sector

Percent of Portfolio

Corporates

31%

Asset-Backed

25%

Mortgage-Backed

20%

Government/Gov't Related

12%

Money Markets

11%

Municipal Bonds

1%

Country Allocation

Country

Percent of Portfolio

US

61%

Euroland

19%

Cayman Islands

6%

Canada

4%

UK

4%

Scandinavia

2%

Jersey

2%

Switzerland

1%

Supranational

1%

Performance²

Payden US Dollar Liquidity Fund - USD Accumulating

ICE BofA US 3-Month Treasury Bill Index

Total Returns	Month-End (30 Apr 2026)	ICE BofA US 3-Month Treasury Bill Index
YTD	1.18%	1.14%
1 Year	4.75%	3.95%
3 Years	5.56%	4.72%
5 Years	3.84%	3.40%
10 Years	2.83%	2.28%
Since Inception	1.99%	1.45%
Returns less than one year are not annualized. All returns are net of fees.

Yearly Returns

2025

5.17%

4.18%

2024

6.05%

5.25%

2023

6.11%

5.02%

2022

0.79%

1.46%

2021

Overview

Fund Snapshot

Fund Inception Date

29 Jun 2007

Fund Share Class Inception Date

11 Mar 2010

Portfolio Characteristics

Data as of 30 Apr 2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

68%

1-3 yrs

32%

Credit Allocation

Credit

Percent of Portfolio

AAA

43%

AA

26%

A

24%

BBB

7%

Sector Allocation

Sector

Percent of Portfolio

Corporates

31%

Asset-Backed

25%

Mortgage-Backed

20%

Government/Gov't Related

12%

Money Markets

11%

Municipal Bonds

1%

Country Allocation

Country

Percent of Portfolio

US

61%

Euroland

19%

Cayman Islands

6%

Canada

4%

UK

4%

Scandinavia

2%

Jersey

2%

Switzerland

1%

Supranational

1%

Fund Commentary

Data as of 30 Apr 2026

Market

April was a volatile month with multiple crosscurrents driving market behaviour. Geopolitical tensions in the Middle East showed signs of stabilisation, although elevated oil prices kept inflation concerns a primary focus. Interest rates initially moved lower amid optimism surrounding ceasefire negotiations, but retraced higher later in the month as progress stalled.

At month-end, the Federal Reserve (Fed) voted to keep policy rates unchanged at Chair Powell’s final Federal Open Market Committee (FOMC) meeting as chairman, which saw the highest level of dissent since 1992. We continue to expect a path toward rate cuts over the next 12 months.

During the month, money market yields out to one year remained anchored to Fed policy at 3.63%, whilst longer-term maturities rose modestly by 5 to 8 basis points. The 2-year and the 10-year US Treasury yields ended the month at 3.87% and 4.36%, respectively.

The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the US – was unchanged from March, closing at 3.66%. At month-end, the 3-month term SOFR rate was 3.66%, and the 3-month US Treasury bill closed at 3.67%.

In contrast to the rates market, credit sectors performed well. Strong investor demand absorbed another wave of heavy issuance, leading to lower risk premiums across both corporate and securitised markets. Risk premiums recovered much of the deterioration experienced during the latter portion of the first quarter. Over the month, markets experienced positive risk sentiment, as longer-duration assets outperformed shorter-duration assets, and lower-rated segments of the credit markets outperformed their higher-quality counterparts.

The Fund is actively managed with reference to the ICE BofA US 3-Month Treasury Bill Index (the "Index"). The Index is used (i) as a universe from which to select or hold securities; and (ii) to measure performance of the Fund. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. Both in-Index and out-of-Index securities may be used, and deviations from the Index may be significant. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.

This is a marketing communication. Please refer to the prospectus of Payden Global Funds plc and to the PRIIPs KID or KIID before making any final investment decision. This material has been prepared by Payden & Rygel Global Limited, a company authorised and regulated by the Financial Conduct Authority of the United Kingdom, and by Payden Global SIM S.p.A., an investment firm authorised and regulated by Italy’s CONSOB with passporting to provide services in certain EU jurisdictions. It is directed exclusively at professional investors or eligible parties and counterparties 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, and is not intended for use by retail investors. Suitability/appropriateness of the investment is the responsibility of the investor, no assurance can be given that the stated investment objectives will be achieved, and the value of investments may fall as well as rise. This information does not constitute an invitation or offer to subscribe for or purchase any of the products mentioned which will only be accepted on the basis of the relevant prospectus. The law may restrict distribution of this information in certain jurisdictions, therefore, persons into whose possession this message comes should inform themselves about and observe any such restrictions. Waystone Management Company (IE) Limited, the Manager, is authorised in Ireland and regulated by the Central Bank of Ireland.

Date as of

30 Apr 2026

Performance²

Payden US Dollar Liquidity Fund - USD Accumulating

ICE BofA US 3-Month Treasury Bill Index

Total Returns

	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Month-End (30 Apr 2026)	1.18%	4.75%	5.56%	3.84%	2.83%	1.99%
ICE BofA US 3-Month Treasury Bill Index	1.14%	3.95%	4.72%	3.40%	2.28%	1.45%

Returns less than one year are not annualized. All returns are net of fees.

Yearly Returns

2025

5.17%

4.18%

2024

6.05%

5.25%

2023

6.11%

5.02%

2022

0.79%

1.46%

2021

0.17%

0.05%

2020

1.93%

0.67%

2019

3.00%

2.28%

2018

1.90%

1.87%

2017

1.51%

0.86%

2016

1.21%

0.33%

Overview

Fund Snapshot

Fund Inception Date

29 Jun 2007

Fund Share Class Inception Date

11 Mar 2010

Fund Share Class

USD Accumulating

Hedged

N/A

ISIN Number

IE00B07QVV83

Ticker

PAYGLUA

Irish Stock Exchange Listed

Yes

UCITS Compliant

Yes

Liquidity

Daily

Investment Minimum*

$1,000,000 Initial

Overall Fund AUM
As of 30 Apr 2026

$167.4 Million

Total Payden Enhanced Cash Strategy AUM
As of 31 Mar 2026

$49.6 Billion

Benchmark

ICE BofA US 3-Month Treasury Bill Index

* The minimum initial investment can be reduced at the Directors' discretion.

Role In Portfolio

An attractive alternative to money market funds for investors who seek additional yield without compromising liquidity and credit quality.

Investment Features

The Fund invests in debt securities which include, but will not be limited to, issuers from the US, Canada, Australia, New Zealand, Europe (including both EU and non-EU member states) and Japan, and aims to outperform bank deposits.

The Fund invests in debt securities of governments, agencies, corporations, and securitisations.

The Fund has been classified as a financial product subject to Article 8 of the Sustainable Finance Disclosure Regulation (EU) 2019/2088.

Fund Highlights

Fund will invest primarily in debt securities that are considered investment grade.
Actively managed by Payden & Rygel with more than 40 years' experience of managing short-term institutional cash and US Treasury accounts.
Global markets experience.
KIID SRRI: 2/PRIIPs KID SRI: 1.

0.17%

0.05%

2020

1.93%

0.67%

2019

3.00%

2.28%

2018

1.90%

1.87%

2017

1.51%

0.86%

2016

1.21%

0.33%

Fund Share Class

USD Accumulating

Hedged

N/A

ISIN Number

IE00B07QVV83

Ticker

PAYGLUA

Irish Stock Exchange Listed

Yes

UCITS Compliant

Yes

Liquidity

Daily

Investment Minimum*

$1,000,000 Initial

Overall Fund AUM
As of 30 Apr 2026

$167.4 Million

Total Payden Enhanced Cash Strategy AUM
As of 31 Mar 2026

$49.6 Billion

Benchmark

ICE BofA US 3-Month Treasury Bill Index

* The minimum initial investment can be reduced at the Directors' discretion.

Role in Portfolio

An attractive alternative to money market funds for investors who seek additional yield without compromising liquidity and credit quality.

Investment Strategy

The Payden US Dollar Liquidity Fund seeks to outperform current money market funds by utilising investment-grade short-term securities. The Fund is primarily comprised of US government securities, investment-grade corporate bonds, mortgage- and asset-backed securities and money market instruments. The average duration of the Fund is generally kept below one year.

Fund Highlights

Fund will invest primarily in debt securities that are considered investment grade.
Actively managed by Payden & Rygel with more than 40 years' experience of managing short-term institutional cash and US Treasury accounts.
Global markets experience.
KIID SRRI: 2/PRIIPs KID SRI: 1.

Outlook

Looking ahead, key risks remain centered on how the conflict in the Middle East evolves. Escalating hostilities and higher energy prices could force a recalibration of inflation and growth expectations, though softer labour market trends continue to support an eventual easing cycle. We maintain a modestly long-duration position, consistent with our expectation that the Fed will begin cutting rates within the next 12 months, whilst remaining selective on credit through relative-value rotation and disciplined issuer quality, capturing higher yields prudently amid ongoing market uncertainty.

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

68%

1-3 yrs

32%

Credit Allocation

Credit

Percent of Portfolio

AAA

43%

AA

26%

A

24%

BBB

7%

Sector Allocation

Sector

Percent of Portfolio

Corporates

31%

Asset-Backed

25%

Mortgage-Backed

20%

Government/Gov't Related

12%

Money Markets

11%

Municipal Bonds

1%

Country Allocation

Country

Percent of Portfolio

US

61%

Euroland

19%

Cayman Islands

6%

Canada

4%

UK

4%

Scandinavia

2%

Jersey

2%

Switzerland

1%

Supranational

1%

Payden US Dollar Liquidity Fund

Reports and Forms SFDR Policies Purchase Payden Funds