Please read carefully these terms and conditions (“Terms”) for using this web site before continuing. By using this web site, you are accepting our Terms. If you do not agree with these Terms, do not use this web site.

1. Modification of Terms and Monitoring of Web Site. This web site is owned and operated by Metzler/Payden LLC (“Metzler/Payden” or “we”), an investment adviser registered with the United States Securities and Exchange Commission. Metzler/Payden reserves the right to modify, add or remove portions of these Terms at any time. We suggest you check periodically for changes. If you use the web site after we post changes to the Terms, you accept the Terms as changed.

Metzler/Payden expressly reserves the right to monitor any use of this web site.

2. Intended Audience. Unless otherwise specified, Metzler/Payden operates this web site from its offices within the State of California, United States of America. We do not claim that materials on this web site are appropriate or available for use in any particular location other than California, or for any particular investor. In particular, the information on this web site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Metzler/Payden to any registration requirement within such jurisdiction or country.

If you choose to access this web site from a location other than the United States, you do so at your own initiative, and you are responsible for compliance with any local laws.

3. Jurisdiction and Applicable Law. The laws of the State of California govern these Terms, without reference to its conflicts of principles, and regardless of whether you reside in California or transaction business with Metzler/Payden in California or elsewhere. If you take legal action relating to these Terms, you agree to jurisdiction only in the Superior Court of Los Angeles County, State of California, or the United States District Court for the Central District of California, in Los Angeles, and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

4. Intellectual Property. All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or used in conjunction with, this web site are proprietary to Metzler/Payden, unless otherwise noted. The contents of this web site are protected by applicable intellectual property law. Metzler/Payden reserves all rights with respect to intellectual property ownership of all material on this web site, and will enforce such rights to the full extent of the law.

5. Restrictions on Use.
You may not:
• copy, display, reproduce, republish, upload, post, transmit, or otherwise distribute
  any of the pages, text, images, material or other content of this web site without
  express written consent;
• copy, modify, or display any Metzler/Payden name, logo, text, or images in any way
  without Metzler/Payden’s express written consent;
• display any of the pages, text, images, or other content of this web site using
  “framing” technology without Metzler/Payden’s express written consent;
• modify or use the pages, text, images, material, or other content from this web
  site for any other purpose; or
• take any action to create an impression of affiliation, sponsorship, or
  endorsement between any user or web site and Metzler/Payden.

6. Limited License. Individuals may, for personal use only, bookmark or point to any page within this web site. Other users may link only to our homepage (www.metzlerpayden.com) and, in doing so, must deliver our homepage address (www.metzlerpayden.com). Linking in any other way is prohibited without express written consent.

7. Third Party Content. Metzler/Payden will not be responsible for the accuracy or completeness of any information provided by third parties through this web site, whether by hyperlink or otherwise. Further, Metzler/Payden is in no way responsible for the content of any web site owned by a third party that may be linked to this web site. The information to which you link is neither prepared nor maintained by Metzler/Payden, and Metzler/Payden has not reviewed or updated, and will not review or update the information contained in any linked web site. Metzler/Payden is not responsible for, and makes no warranty with respect to, the contents, accuracy, completeness, timeliness, suitability, or reliability of the linked web site.

Use of any web site hyperlinked to or from this web site shall be at your own risk.

8. No Offer or Advice. This web site does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this web site. Nor does this web site constitute an offering or recommendation by Metzler/Payden of any security, investment management service, or advisory service. Metzler/Payden does not provide investment advice, tax advice, or legal advice through this web site, and you agree that this web site will not be used by you for such purposes. Metzler/Payden does not represent that the securities, products, or services discussed on, or accessible through, this web site are suitable for any particular investor. You acknowledge that your requests for information are unsolicited, and the provision of any information through this web site shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security.

9. Disclaimers. All information and contents of this web site are furnished “as is” and Metzler/Payden disclaims, to the fullest extent of the law, any implied or express warranty of any kind as to any matter relating to this web site, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement. Use of this web site is at your own risk.

Although Metzler/Payden intends the information contained in this web site to be accurate and reliable, errors sometimes occur. Metzler/Payden does not warrant that the information will be free of errors, that the functions contained in the web site will be uninterrupted, that defects will be corrected, or that the web site and servers are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this web site. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Metzler/Payden, you, or any third party.

10. Limitation of Liability. Metzler/Payden is not liable under any circumstances, including but not limited to negligence, for any indirect, special or consequential damages that may result from the use of, or the inability to use, this web site, even if such damages are reasonably foreseeable, or Metzler/Payden or any other party has been advised of the possibility of such damages.

Metzler/Payden is not liable for damages or injury, including but not limited to damages or injury caused by any performance or failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication, theft or destruction or unauthorized access to, alteration of, or use of information, whether resulting, in whole or in part, from breach of contract, tortuous behavior, negligence, or otherwise.

In no event shall Metzler/Payden’s total liability to you for damages, losses, and causes of action, whether arising in contract, tort (including negligence), or otherwise, exceed the amount paid by you, if any, for accessing this web site.

11. Integration, Severability and Headings. If any of these Terms is held to be unenforceable, the remaining provisions shall continue in full force and effect.

The preceding Terms represent the entire agreement between Metzler/Payden and you regarding the subject matter herein.

Headings are inserted for convenience of reference only and do not constitute a part of the Terms.