Metzler/Payden Press Release

METZLER/PAYDEN EUROPEAN EMERGING MARKETS FUND (MPYMX) REPORTS 46.27% YEAR-TO-DATE RETURN THROUGH DECEMBER 31, 2006. ASSETS PASSED $250 MILLION, A SIX-FOLD INCREASE IN 12 MONTHS

LOS ANGELES, CA — January 9, 2007. 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 year-to-date return of 46.27% through December 31, 2006. The total return for the fund for the period ended December 31, 2006 was 46.27% for one year, 45.65% for three years, and 45.37% since inception (December 30, 2002).

The Fund attracted a lot of attention in 2006 from members in the financial advisor industry, as well as retail investors, due to its stellar performance and an increased awareness of the opportunities available in the Eastern European markets. Assets in the fund recently passed the $250 million mark, representing a six-fold increase in 12 months.

In addition, the Metzler/Payden European Emerging Markets Fund has been named to Schwab’s Mutual Fund OneSource Select List® for the fourth quarter of 2006. The Select List is a list of funds that have passed a rigorous screening for performance, risk and expenses by the Schwab Center for Investment Research®.

As we enter the New Year, the company continues to be optimistic about the performance in the region. Strong domestic economic growth, driven by investment and consumption, and accommodative global conditions should support the region’s equity markets. The Fund will mostly retain its exposure Central Europe’s major markets (Poland, Hungary, Czech Republic) and Russia, with a focus on consumer-related sectors, while seeking opportunities in Romania and Turkey to take advantage of cheaper valuations and strong company earnings. Apart from local political noise, the main risks to this market are likely to be external: a marked slowdown in U.S. economic growth, or a reduction in liquidity could cause volatility.

The Fund’s portfolio is positioned to take advantage of these trends and the markets are monitored on a daily basis. Metzler/Payden’s portfolio management team employs a proprietary combination of quantitative and qualitative tools, which indicate when markets may be overbought or oversold, and uses its discretion to adjust portfolio allocations accordingly.

The Fund has earned a five-star rating from Morningstar for the three years ended December 31, 2006, as well as an overall rating of five stars in the Europe Stock category of 107 funds for both ranking periods.

For more information, please contact Vladimir Milev, Financial Analyst at Metzler/Payden Funds at (213) 830-4256, or vmilev@metzlerpayden.com.

About Metzler/Payden, LLC
Metzler/Payden, LLC (metzlerpayden.com), a 50/50 joint venture between independent partners Metzler Bank and Payden & Rygel, has more than $2 billion in assets under management. Headquartered in Frankfurt, Metzler Bank (metzler.com) has been advising clients on their overall investment strategies for more than 325 years. The firm, the oldest German private bank owned exclusively by the founding family, specializes in a wide range of global balanced and European products. Founded in 1983, Payden & Rygel (payden.com), with $54 billion in assets under management, is one of the largest independent investment managers in the U.S. The firm, headquartered in Los Angeles with offices in London, Dublin and Frankfurt, is the advisor to Paydenfunds (paydenfunds.com), a family of no-load, low-expense stock and bond mutual funds.

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. 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.