Payden & Rygel is recognized for its investment strategies in both global fixed-income and equity on every level of the risk/reward continuum. These strategies are available via the Paydenfunds family of no load, low expense, stock and bond mutual funds. The firm's team approach, risk management and proprietary research have resulted in consistent fund performance in virtually every market condition.

An array of highly rated funds by Morningstar™ and Lipper™ Consistent performance Attractive yields Disciplined management style No loads Low expense ratios   Paydenfunds are highly rated by Lipper for:     Total Return     Consistent Return     Expense

(12/31/07) GNMA Fund Number of funds:363 Category: Intermediate Government US Government Fund Number of funds:144 Category: Short Government Short Bond Fund Number of funds:374 Category: Short-term Bond US Growth Leaders Fund Number of funds:1449 Category: Large Growth Criterion: Risk-adjusted return * Information about Morningstar

Investment Philosophy Investment Process

An overall rating is based on a weighted average of the fund's ratings for the three-, five-, and 10-year periods, if applicable. 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 funds 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 five stars and the next 22.5% receive four stars. Highly rated funds are defined as those that have a four or five star Morningstar rating. Data provided by Morningstar, Inc. Although gathered from reliable sources, data completeness and accuracy cannot be guaranteed. Morningstar is a registered trademark of Morningstar, Inc. and is not affiliated with Paydenfunds.