Analyst Research: Payden Limited Maturity Kudos - low volatility, even for an ultrashort fund; low expenses; and experienced management. Morningstar – November 11, 2007 Our Favorite Ultrashort-Term Bond Funds “This fund’s [Payden Limited Maturity Fund] very modest price tag, broadly diversified portfolio, and overall cautious profile make it a very good choice for investors in search of more yield than a money market fund can offer.”* Morningstar – October 31, 2007 *A money market fund attempts to preserve the net asset value at $1.00 per share, while the Limited Maturity fund does not explicitly seek this objective. font> Top Retail Money Fund Yields The Payden Cash Reserves Money Market Fund is listed as one of the highest yielding money funds for 7-day yields for the period ended October 2, 2007 in the Government Money Funds category* (Source: iMoneyNet Money Fund Report). Barron’s – October 7, 2007 *Through 10/02/07 the Fund was 3 out of 172 funds for the 7-day yield in Money Fund’s Report’s Government Money Funds Category. Hot Off the Presses: New Products, Highlights, Announcements “Money manager Payden & Rygel has launched a series of target maturity funds using the investment research of Wilshire Funds Management. The Payden/Wilshire Longevity Funds consist of four target maturity portfolios -2010, 2020, 2030, and 2040- that are designed to take investors through retirement.” planadviser.com – September 24, 2007 Ad Has Perfect Pitch Payden & Rygel recent marketing campaign “stands out for using a rather simple slogan: ‘No subprime.’ Experts expect more asset managers to adjust their messages to address growing concerns about risky holdings.” New York Post – September 12, 2007 Morningstar’s Take: Payden GNMA is a Proven Winner Morningstar is “impressed by this mutual fund [GNMA] as well as its corporate governance.” Morningstar – August 7, 2007