Payden & Rygel is an independently owned SEC-registered investment adviser that was founded in 1983. The firm is a California corporation, which is headquartered in Los Angeles, California and which has a second office in Boston, Massachusetts. Payden & Rygel is a privately held company with twenty-nine shareholders, all of whom are full- time employees, actively involved in the firm’s operation. Joan Payden, President and CEO, owns more than 50%, but less than 75%, of the outstanding shares of the firm and Brian Matthews owns more than 5% but less than 10% of the outstanding shares of the firm. Payden & Rygel offers domestic and global fixed income strategies, as well as domestic equity strategies. To further enhance its capabilities and client service offerings, Payden & Rygel introduced a family of mutual funds, The Payden & Rygel Investment Group, in 1992. The mutual fund complex now has a total of twenty mutual funds (the “Payden Funds”). The mutual fund mandates replicate many of the investment strategies employed by Payden & Rygel in managing its separate accounts. Payden & Rygel has also established a global presence. In 1998, with the growth of its international client base, it opened a London investment management subsidiary, Payden & Rygel Global Limited. This company is a registered investment advisor with the Financial Conduct Authority of the United Kingdom and is wholly-owned by Payden & Rygel. That same year, Payden & Rygel established a 50/50 joint venture with a U.S. subsidiary of the Metzler Bank Group, the oldest private bank in Germany. This joint venture operation, Metzler/Payden LLC, provides investment management services to clients of both Metzler Bank and Payden & Rygel, combining expertise in both global fixed income and global equity mandates. In the fall of 2018, the Payden & Rygel Global Limited opened a branch office in Milan, Italy. In June 2020, Payden & Rygel established a wholly-owned subsidiary, Payden Global SIM S.p.A., and upon the authorization being granted by Consob, the Italian securities regulator, the business of the branch office of Payden & Rygel Global Limited was transferred to the newly formed Italian company to provide investment management services

in the European Union. In providing its investment management services to its clients, Payden & Rygel tailors its advisory services to the individual needs of each client based on the investment guidelines agreed upon with that client. These guidelines may include restrictions on investing in certain securities or types of securities. Payden & Rygel Asset Allocation Management Service – Wrap Fee Program Element. The Payden & Rygel Asset Allocation Management Service (“PRAAM”) is offered to clients whose investment objectives may be better served through the use of mutual funds, including in particular one or more of the Payden Funds. The PRAAM program may also include the use of individual securities. PRAAM portfolios are managed using a number of investment strategies, including, for example, bond-only (including cash management) and balanced (stocks and bonds) strategies. Portfolios are constructed by various Payden March 28, 2024 5 & Rygel portfolio managers who evaluate the client’s investment needs and objectives and recommend an allocation structure. Client assets may be directly invested in the Payden Funds because those mutual funds have their own custodians. However, in some cases, a broker-dealer or bank custodian may be used to hold client shares in the Payden Funds and other individual securities held by the client. In connection with the PRAAM accounts, Payden & Rygel currently has such an arrangement for its clients with Charles Schwab Institutional, for which there is a fee paid by Payden & Rygel. This aspect of the PRAAM program where assets are custodied with Charles Schwab Institutional may be considered similar to a wrap fee program with Schwab as the sponsor. Finally, Payden & Rygel manages the PRAAM accounts in fundamentally the same fashion it manages other accounts with the same particular investment strategy. Payden & Rygel Assets Under Management. As of December 31, 2023, Payden & Rygel managed approximately $142.2 billion of client assets on a discretionary basis, and $86.3 million of client assets on a non-discretionary basis. As of December 31, 2023, Payden & Rygel, collectively with all its affiliates, managed approximately $151 billion of client assets.