Metzler/Payden Press Release

METZLER/PAYDEN EUROPEAN EMERGING MARKETS FUND REPORTS 38.97% RETURN FOR FIRST NINE MONTHS OF 2005

LOS ANGELES — November 15, 2005. Metzler/Payden, LLC, announced today that its European Emerging Markets Fund, which invests in equities of companies located in Eastern Europe and Russia, produced a 38.97% return for the nine month period, ended September 30, 2005. For the 12-month period ended September 30, the Fund returned 66.94%, and 50.48% on an annualized basis since inception in December 2002. The Fund has approximately $32 million in assets under management.

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 outperforming the US market through the end of 2005 and continuing into 2006.”

“Despite the strong performance we experienced in the past three years, investors with a long-term outlook still have the opportunity to profit from the region,” he said.

Milev explained that the economies in Eastern Europe 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 credit upgrades and interest from institutional investors and hedge funds.

These countries have an inexpensive and educated workforce, as well as attractive corporate taxes that are luring new businesses, and they growing their economies through foreign investment and growing domestic demand, he explained. Meanwhile, stocks are still underpriced in some countries. He noted, however, that there is downside risk from a possible slowdown in Western Europe, which could hurt exports. Market speculation and monetary tightening in the U.S. and Europe could also add volatility to the market, 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 Metzler/Payden Emerging Market Fund was launched in December 2002 and will celebrate its third anniversary this year.

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

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.