Metzler/Payden European Emerging Markets Fund Performance

Returns


	12/31/2009

	NAV($)	$24.06
	Daily NAV change ($)	-$0.15

	Returns (unannualized)
	Year-to-date	-5.42%

	Returns ending 6/30/09 (annualized)
	1-year	-49.62%
	Since inception (12/30/02)	15.84%

Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, browse this website or call 866 673-8637. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, greater volatility. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information, which are contained in the prospectus. For more information and to obtain a prospectus, browse this website or call 866 673-8637. The Metzler/Payden Funds are distributed by Payden & Rygel Distributors member FINRA.

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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 five stars, the next 22.5% receive four stars, and the next 35% receive three stars. Highly rated funds are defined as those that have a four or five star Morningstar rating. An overall rating is based on a weighted average of the fund's ratings for the three-, five-, and ten-year periods, if applicable. 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 Metzler/Payden Funds.

Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return, Consistent Return, Preservation, Tax Efficiency, and Expense metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leaders or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings for Total Return reflect funds' historical total return performance relative to peers as of 12/31/07.