Payden US Core Bond Fund

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Payden US Core Bond Fund

PAYRUSD

USD Distributing

Fact Sheet Other Literature

NAV / Daily Prices

NAV ($)

9.76

NAV Change ($)

0.00

Date as of

8 Jun 2026

Statistics

Yield to Maturity

5.19%

Effective Duration

6.10 Years

Average Maturity

8.50 Years

Average Fund Credit Rating

A+

Number of Issuers

144

Expenses

Management Fee

0.32%

Maximum Total Expense Ratio (TER) Capped at

0.40%

Initial Charge

NONE

Redemption Fee

NONE

¹

# of Funds

Overall

★★★

421

Portfolio Characteristics

Data as of 31 May 2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

13%

1-3 yrs

15%

3-5 yrs

24%

5-7 yrs

21%

7-10 yrs

15%

10+ yrs

12%

Credit Allocation

Credit

Percent of Portfolio

AAA

12%

AA

45%

A

12%

BBB

20%

BB and Below

10%

Unrated

1%

Sector Allocation

Sector

Percent of Portfolio

Corporates

36%

Mortgage-Backed

31%

Government/Gov't Related

25%

Asset-Backed

5%

Other

3%

Fund Commentary

Data as of 31 May 2026

Market

The Middle East drove market movements throughout the month of May. Investor sentiment oscillated between hopes for a US–Iran peace agreement and concerns that the conflict could re-escalate. Late in the month, reports of a proposed 60-day extension of the ceasefire revived the relief trade. Brent crude fell 19.3% during May, its largest monthly decline since March 2020, easing stagflation fears and helping propel a broad rally across risk assets.

In the US, the Court of International Trade ruled the 10% global tariff under the Trade Act of 1974 unlawful. April economic data initially came in stronger than expected. Headline Consumer Price Index (CPI) accelerated to 3.8% year on year, core Personal Consumption Expenditures (PCE) inflation rose to 3.3%, and nonfarm payrolls increased by 115,000, well above the expectations of 65,000. Minutes from the May Federal Open Market Committee (FOMC) meeting indicated that most participants were open to policy firming if inflation remained persistently above 2%, with many calling for the Federal Reserve (Fed) to drop its easing bias. The 30-year US Treasury yield hit a post-2007 high of 5.18% on 19 May, before improved risk sentiment pulled yields back. The 10-year US Treasury closed at 4.44%, and the S&P 500 rose 5.15% over the month.

Outlook

Our macroeconomic outlook remains relatively optimistic with risks tilted to the downside. The US economy remains central to our global outlook for 2026. We believe it will be able to absorb elevated energy prices, in line with what we observed in 2023 and 2024, with the most likely outcome being a re-acceleration of growth driven in part by technology-led productivity gains. We continue to expect US inflation to moderate, although elevated energy costs have delayed the timeline, and we believe the Fed could have scope to ease policy later in the year. Stickier inflation nonetheless remains a risk to this central view.

We favour a long duration position in portfolios, particularly at the front end of the US curve, as well as in select emerging markets. However, given the potential upside risk to inflation expectations, we aim to retain flexibility to add to these positions should pricing become more attractive. Credit valuations have reversed much of the weakness experienced in March and remain near the most expensive end of the historical range. We also believe dispersion across and within sectors could increase, which emphasises the need for diversification and strong bottom-up fundamental analysis.

Given our central views, we maintain modest overweight positions across credit sectors, with a bias towards higher-quality sectors such as investment-grade corporates or higher-quality securitised assets.

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 421 USD Diversified Bond funds as of 31-05-26.

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.

The Fund is actively managed with reference to the Bloomberg US Aggregate Bond 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. However, in normal market circumstances, whilst it is expected that a significant portion of the Fund’s constituents will also be Index constituents, deviations from the Index may be material. 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.

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

13%

1-3 yrs

15%

3-5 yrs

24%

5-7 yrs

21%

7-10 yrs

15%

10+ yrs

12%

Credit Allocation

Credit

Percent of Portfolio

AAA

12%

AA

45%

A

12%

BBB

20%

BB and Below

10%

Unrated

1%

Sector Allocation

Sector

Percent of Portfolio

Corporates

36%

Mortgage-Backed

31%

Government/Gov't Related

25%

Asset-Backed

5%

Other

3%

Performance²

Payden US Core Bond Fund - USD Distributing

Bloomberg US Aggregate Bond Index

Total Returns	Month-End (31 May 2026)	Bloomberg US Aggregate Bond Index
YTD	0.15%	0.38%
1 Year	5.51%	5.13%
3 Years	4.10%	3.95%
5 Years	0.18%	0.17%
10 Years	1.75%	1.70%
Since Inception	2.85%	3.15%
Returns less than one year are not annualized. All returns are net of fees.

Yearly Returns

2025

7.56%

7.30%

2024

1.44%

1.25%

2023

5.66%

5.53%

2022

-13.28%

-13.01%

2021

Overview

Fund Snapshot

Fund Inception Date

29 May 2003

Fund Share Class Inception Date

29 May 2003

Portfolio Characteristics

Data as of 31 May 2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

13%

1-3 yrs

15%

3-5 yrs

24%

5-7 yrs

21%

7-10 yrs

15%

10+ yrs

12%

Credit Allocation

Credit

Percent of Portfolio

AAA

12%

AA

45%

A

12%

BBB

20%

BB and Below

10%

Unrated

1%

Sector Allocation

Sector

Percent of Portfolio

Corporates

36%

Mortgage-Backed

31%

Government/Gov't Related

25%

Asset-Backed

5%

Other

3%

Fund Commentary

Data as of 31 May 2026

Market

The Middle East drove market movements throughout the month of May. Investor sentiment oscillated between hopes for a US–Iran peace agreement and concerns that the conflict could re-escalate. Late in the month, reports of a proposed 60-day extension of the ceasefire revived the relief trade. Brent crude fell 19.3% during May, its largest monthly decline since March 2020, easing stagflation fears and helping propel a broad rally across risk assets.

In the US, the Court of International Trade ruled the 10% global tariff under the Trade Act of 1974 unlawful. April economic data initially came in stronger than expected. Headline Consumer Price Index (CPI) accelerated to 3.8% year on year, core Personal Consumption Expenditures (PCE) inflation rose to 3.3%, and nonfarm payrolls increased by 115,000, well above the expectations of 65,000. Minutes from the May Federal Open Market Committee (FOMC) meeting indicated that most participants were open to policy firming if inflation remained persistently above 2%, with many calling for the Federal Reserve (Fed) to drop its easing bias. The 30-year US Treasury yield hit a post-2007 high of 5.18% on 19 May, before improved risk sentiment pulled yields back. The 10-year US Treasury closed at 4.44%, and the S&P 500 rose 5.15% over the month.

Outlook

Our macroeconomic outlook remains relatively optimistic with risks tilted to the downside. The US economy remains central to our global outlook for 2026. We believe it will be able to absorb elevated energy prices, in line with what we observed in 2023 and 2024, with the most likely outcome being a re-acceleration of growth driven in part by technology-led productivity gains. We continue to expect US inflation to moderate, although elevated energy costs have delayed the timeline, and we believe the Fed could have scope to ease policy later in the year. Stickier inflation nonetheless remains a risk to this central view.

We favour a long duration position in portfolios, particularly at the front end of the US curve, as well as in select emerging markets. However, given the potential upside risk to inflation expectations, we aim to retain flexibility to add to these positions should pricing become more attractive. Credit valuations have reversed much of the weakness experienced in March and remain near the most expensive end of the historical range. We also believe dispersion across and within sectors could increase, which emphasises the need for diversification and strong bottom-up fundamental analysis.

Given our central views, we maintain modest overweight positions across credit sectors, with a bias towards higher-quality sectors such as investment-grade corporates or higher-quality securitised assets.

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

31 May 2026

Performance²

Payden US Core Bond Fund - USD Distributing

Bloomberg US Aggregate Bond Index

Total Returns

	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Month-End (31 May 2026)	0.15%	5.51%	4.10%	0.18%	1.75%	2.85%
Bloomberg US Aggregate Bond Index	0.38%	5.13%	3.95%	0.17%	1.70%	3.15%

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

Yearly Returns

2025

7.56%

7.30%

2024

1.44%

1.25%

2023

5.66%

5.53%

2022

-13.28%

-13.01%

2021

-1.23%

-1.54%

2020

7.40%

7.51%

2019

9.19%

8.72%

2018

-1.14%

0.01%

2017

4.03%

3.54%

2016

2.61%

2.65%

Overview

Fund Snapshot

Fund Inception Date

29 May 2003

Fund Share Class Inception Date

29 May 2003

Fund Share Class

USD Distributing

Hedged

N/A

ISIN Number

IE0032276911

Ticker

PAYRUSD

Irish Stock Exchange Listed

Yes

UCITS Compliant

Yes

Liquidity

Daily

Investment Minimum*

$1,000,000 Initial

Overall Fund AUM
As of 31 May 2026

$86.2 Million

Total Payden Core Bond Strategy AUM
As of 31 Mar 2026

$48.9 Billion

Benchmark

Bloomberg US Aggregate Bond Index

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

Role In Portfolio

Intermediate-Term Bond – Appropriate as a core fixed-income holding for investors seeking exposure to a diversified portfolio of investment-grade bonds.

Investment Features

Investments will primarily include fixed-income securities issued by entities in developed countries with a focus on US dollar-denominated instruments.

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

Actively managed by Payden & Rygel with more than 40 years' experience managing institutional core bond fixed-income accounts.
Global markets experience.
KIID SRRI: 4/PRIIPs KID SRI: 3.

-1.23%

-1.54%

2020

7.40%

7.51%

2019

9.19%

8.72%

2018

-1.14%

0.01%

2017

4.03%

3.54%

2016

2.61%

2.65%

Fund Share Class

USD Distributing

Hedged

N/A

ISIN Number

IE0032276911

Ticker

PAYRUSD

Irish Stock Exchange Listed

Yes

UCITS Compliant

Yes

Liquidity

Daily

Investment Minimum*

$1,000,000 Initial

Overall Fund AUM
As of 31 May 2026

$86.2 Million

Total Payden Core Bond Strategy AUM
As of 31 Mar 2026

$48.9 Billion

Benchmark

Bloomberg US Aggregate Bond Index

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

Role in Portfolio

Intermediate-Term Bond – Appropriate as a core fixed-income holding for investors seeking exposure to a diversified portfolio of investment-grade bonds.

Investment Strategy

The Payden US Core Bond Fund enables investors to pick one fund which is diversified across a wide spectrum of fixed-income sectors and maturities. It utilises the entire range of maturities from cash instruments to 30-year bonds, and it invests in a multitude of sectors, including sovereign bonds, corporate bonds, mortgage-backed securities and asset-backed securities. The average duration of the Fund is generally near that of the Bloomberg US Aggregate Bond Index.

Fund Highlights

Actively managed by Payden & Rygel with more than 40 years' experience managing institutional core bond fixed-income accounts.
Global markets experience.
KIID SRRI: 4/PRIIPs KID SRI: 3.

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

13%

1-3 yrs

15%

3-5 yrs

24%

5-7 yrs

21%

7-10 yrs

15%

10+ yrs

12%

Credit Allocation

Credit

Percent of Portfolio

AAA

12%

AA

45%

A

12%

BBB

20%

BB and Below

10%

Unrated

1%

Sector Allocation

Sector

Percent of Portfolio

Corporates

36%

Mortgage-Backed

31%

Government/Gov't Related

25%

Asset-Backed

5%

Other

3%

Payden US Core Bond Fund

Reports and Forms SFDR Policies Purchase Payden Funds