Metzler/Payden Press Release

METZLER/PAYDEN EUROPEAN EMERGING MARKETS FUND (MPYMX) EARNS FOUR STAR MORNINGSTAR RATING FOR THREE YEARS ENDED DECEMBER 31, 2005, AND REPORTS 38.00% RETURN FOR 2005

LOS ANGELES — January 12, 2006. Metzler/Payden, LLC, announced today that its European Emerging Markets Fund (MPYMX), which invests in equities of companies located in Eastern Europe and Russia, produced a 38.00% return for 2005. In addition, the Fund has earned a four-star rating from Morningstar for the three years ended December 31, 2005, as well as an overall rating of four stars in a peer group of 106 funds for both rankings.

Since inception on December 30, 2002, the Fund, with $45 million in assets under management, has produced stellar returns. The fund returned 53.22% in 2004 and 44.70% in 2003, and earned an annualized return of 45.07% since inception through December 31, 2005. It outperformed the funds in its Morningstar category by 4.5% in 2003, 31.3% in 2004, and 23.4% in 2005.

Vladimir Milev, financial investment analyst with Metzler/Payden, said, “Metzler/Payden sees Eastern Europe’s economies growing at rates exceeding those in Western Europe and continuing to outperform the US market in 2006. Even in light of the strong performance we have been experiencing during the past three years, investors with a long-term outlook still have the opportunity to profit from the region.”

Milev explained that the economies in Eastern Europe (i.e. Russia, and Romania) are likely to continue their high rates of growth and that several factors that have helped sustain the rally should remain strong in 2006. This sentiment seems to be supported by interest from institutional investors around the world.

These countries have educated and relatively inexpensive workforces as well as attractive corporate tax rates. These factors have helped lure new businesses and lead to substantial growth in the countries’ economies through increased foreign investment and growing domestic demand, says Milev. Meanwhile, stocks are still underpriced in some of these countries. Milev notes that the euphoric investment sentiment, caused by the longest bull market in the region’s history, could increase the downside risk for stocks in Eastern Europe. Commodity prices and global events could also add volatility to the market in the short term, he added.

Metzler/Payden European Emerging Markets Fund strategists evaluate macroeconomic and political factors, exchange rates, and overall investment climate while a portfolio manager chooses individual stocks. The fund employs both a top-down and a bottom-up approach when choosing investments: while markets are evaluated on country basis, “hunting” for bargains is done on individual-security basis. Managed by a team in Europe, the Fund benefits from close access to the markets it invests in.

Press contact: Kimberly Tipton, 213 830-6621 or ktipton@payden-rygel.com.

Through December 31, 2005 total return for the fund was 38.00% for one year, 45.12% for three years, and 45.07% since inception (12/30/02). 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, or to obtain a prospectus, visit metzlerpayden.com or call 866 673-8637. Investors who purchase shares of the Metzler/Payden Funds may be subject to a front-end sales charge of up to 5.75%. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information, which are contained in the prospectus. 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. The Metzler/Payden Funds are distributed by Payden & Rygel Distributors, member FINRA.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morning-star 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, 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. The Morningstar category for this fund is Europe Stock, the criterion is risk-adjusted return. 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.