Metzler/Payden Press Release

METZLER/PAYDEN EUROPEAN EMERGING MARKETS FUND (MPYMX)
REPORTS 26.08% YEAR-TO-DATE RETURN THROUGH JULY 31, 2006, BEATING COMPETING FUND MANAGERS BY WIDE MARGIN

LOS ANGELES — August 21, 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 year-to-date return of 26.08% through July 31, 2006, exceeding performance of its major competitors by 13-18%. Through June 30, 2006 the total return for the fund was 50.99% for one year, 45.59% for three years, and 44.19% since inception (12/30/02).

The actively managed Fund profited by reducing emerging market exposure during May and June when markets sharply corrected. Russia and Turkey, traditionally two of the most volatile markets, were particularly hard hit due to fears of rising global interest rates. The Fund maintained a fairly high cash balance during the spring and reentered the market in time to participate in the subsequent recovery. It did so by adding to existing positions in companies with strong fundamentals which had sold off to levels below reasonable market values.

Going into the second half of the year, the short-term outlook is mixed, as individual Central European countries are facing slower growth, threat of heightened inflation and higher valuations, while, ironically, Russia and Turkey have more upside potential. In the long run, this region still remains very attractive, as growth rates could surpass most other regions and the markets are relatively unexplored.

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 July 31, 2006, as well as an overall rating of five stars in the Europe Stock category of 110 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.

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.