PAYDEN EQUITY INCOME FUND ROLE IN PORTFOLIO SHARE CLASS INVESTOR ADVISER Large-Capitalization Value – Appropriate for conservative equity investors who seek current income and moderate exposure to equity markets. Ticker Ticker PYVLX PYVLX PYVAX PYVAX Inception Date Inception Date Investment Minimum Investment Minimum E 11/01/96 11/01/96 12/01/11 12/01/11 $100,000 $100,000 $5,000 $5,000 INVESTMENT MANAGER IRA Minimum E IRA Minimum Total Net Assets Total Net Assets $100,000 $100,000 $2,000 $2,000 $277.3 million $277.3 million $4.6 million $4.6 million Dividends Paid Dividends Paid Dividends (last 12 months) Dividends (last 12 months) Quarterly Quarterly Quarterly Quarterly $0.345 $0.345 $0.310 $0.310 Beta (to S&P 500) Beta (to S&P 500) F 0.8x 0.8x 0.8x 0.8x Price-To-Book Ratio G Price-To-Book Ratio Price-To-Cash-Flow Ratio Price-To-Cash-Flow Ratio H 2.8x K 2.8x 2.8x 2.8x K 11.3x 11.3x K 11.3x 11.3x K 16.9x K 16.9x 16.9x K 16.9x $104.8 billion $104.8 billion $104.8 billion $104.8 billion Payden & Rygel has served the needs of institutional and individual investors for over a quarter century. We offer a full array of investment strategies and products, including equity, fixed-income and balanced portfolios as well as open-end mutual funds and offshore funds, to a varied client base around the world. While we have grown and expanded considerably since our inception, we remain committed to our mission of providing customized investment management services that focus on each client’s specific needs and objectives. Headquarters: Los Angeles Assets Under Management: $95 billion (as of 12/31/15) Founded: 1983 PORTFOLIO ANALYTICS Price-To-Earnings Ratio (forward) I Price-To-Earnings Ratio (forward) Weighted Average Market Capitalization Weighted Average Market Capitalization J SECURITY TYPE WEIGHTINGS Common Stock 90 PORTFOLIO TEAM Frank J. Lee, CFA Senior Vice President 2004 - Joined Payden & Rygel 80 Portfolio Weights (%) James T.

Wong, CFA Managing Principal 1995 - Joined Payden & Rygel Other* 70 60 50 40 30 20 10 0 *REITs, MLPs and Preferred Stocks FOOTNOTES A risk-adjusted return measures the amount of total return per unit of risk. B Returns less than one year are not annualized. C Payden & Rygel has contractually agreed that for so A risk-adjusted return measures the amount of total return per unit of risk.

B Returns less than one year are not annualized. C Payden & Rygel has contractually agreed that for so long as it is the investment adviser to the fund, the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding interest and taxes) will not long as it is the investment adviser to the fund, the Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement (excluding interest and taxes) will not exceed 0.80%. D Total Annual Fund Operating Expenses include all direct operating expenses of the fund and a Rule 12b-1 Distribution Fee of 0.25%.

Payden & Rygel has exceed 0.80%. D Total Annual Fund Operating Expenses include all direct operating expenses of the fund and a Rule 12b-1 Distribution Fee of 0.25%. Payden & Rygel has contractually agreed that for so long as it is the investment adviser to the fund, the Total Annual Fund Operating Expenses (excluding 12b-1 Distribution Fees, Acquired Fund Fees contractually agreed that for so long as it is the investment adviser to the fund, the Total Annual Fund Operating Expenses (excluding 12b-1 Distribution Fees, Acquired Fund Fees and Expenses, interest and taxes) will not exceed 0.80%.

E The minimum initial investment may be modified for certain financial intermediaries that submit trades on behalf of and Expenses, interest and taxes) will not exceed 0.80%. E The minimum initial investment may be modified for certain financial intermediaries that submit trades on behalf of underlying investors. Paydenfund’s distributor may lower or waive the minimum initial investment for certain categories of investors at their discretion.

F Beta is a measure of underlying investors. Paydenfund’s distributor may lower or waive the minimum initial investment for certain categories of investors at their discretion. F Beta is a measure of sensitivity of a portfolio’s movement versus that of the overall market.

G Price-to-book is the current stock price divided by the book (net asset) value per share. H Price-to-cash-flow sensitivity of a portfolio’s movement versus that of the overall market. G Price-to-book is the current stock price divided by the book (net asset) value per share.

H Price-to-cash-flow is the current stock price divided by the trailing 12-month cash flow per share. I Price-to-earnings is a stock’s current price divided by next year’s expected earnings per share. is the current stock price divided by the trailing 12-month cash flow per share. I Price-to-earnings is a stock’s current price divided by next year’s expected earnings per share. J Weighted average market capitalization is the market capitalization (number of outstanding shares multiplied by the current share price) of each holding weighted by its percentage J Weighted average market capitalization is the market capitalization (number of outstanding shares multiplied by the current share price) of each holding weighted by its percentage allocated within the portfolio.

K Multiples represent the common stock portion of the fund only and exclude preferred stock, real estate investment trusts and master limited allocated within the portfolio. K Multiples represent the common stock portion of the fund only and exclude preferred stock, real estate investment trusts and master limited partnerships. partnerships. A A For more information and to obtain a prospectus or summary prospectus, visit payden.com or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the fund, which is contained in these documents.

The Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA. 333 South Grand Avenue • Los Angeles, California 90071 • 800 572-9336 • payden.com .