Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   Payden Emerging Markets Bond  PYEMX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings Payden Emerging Markets Bond  PYEMX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of Emerging Markets Bond Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this?    Avg Duration    6.70 Yrs    Avg Credit Quality    BBB As of 2009-09-30 Day Change $ 0.04    NAV (2009-11-10) $ 13.34    YTD Return % (2009-11-10) 27.57%    Total Assets ($ mil) 252 View Data Definitions   Performance     Growth of $10,000 Fund: Payden Emerging Markets Bond (from 1999-01-01 to 2009-10-31) Category: Emerging Markets Bond Index: BarCap US Agg Bond TR USD Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-10 Inception date: 1998-12-17 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-10 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund 28.24 42.82 6.71 8.49 11.34 11.62 +/- Category -2.04 2.16 1.11 0.67 -0.33 --- +/- BarCap US Agg Bond TR USD 21.33 30.33 0.26 3.22 --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) 26.52 22.02 6.94 8.95 11.66 11.71 Month-End (as of 2009-10-31) 26.62 41.16 6.42 8.64 11.34 11.62 After Tax Returns % (as of 2009-09-30 )   On Distribution --- 38.47 4.27 6.41 8.05 --- On Distribution & Sale of Shares --- 26.53 4.16 6.07 7.77 --- Morningstar Rating --- --- --- # of compared funds covered (3 yrs : out of 72 funds), (5 yrs : out of 52 funds), (10 yrs : out of 40 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 2.00%. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % US Government US Treasuries --- TIPS --- US Agency --- Mortgage Mortgage Pass-Thru --- Mortgage CMO --- Mortgage ARM --- Credit US Corporate --- Asset-Backed --- Convertible --- Municipal --- Corporate Inflation-Protected --- Foreign Foreign Corp --- Foreign Govt --- Cash --- Bond Quality % of Bonds AAA 5.0 AA 0.0 A 6.0 BBB 40.0 BB 39.0 B 8.0 Below B 2.0 Not Rated 0.0   Asset Allocation % of Net Assets Cash 7.9 Stocks 0.0 Bonds 91.1 Other 1.0 Foreign Stocks 0.0 (as a % of Assets) Data through 2009-09-30 Data through 2009-09-30 Holding Status Total Number of Stock Holdings Turnover % 172 Total Number of Bond Holdings 100 30 Day SEC Yield % 6.08 % of Assets in Top 10 Holdings 19.47 ending as of 2009-09-30 View Data Definitions Top 10 Holdings Maturity Date Amount $000 Value $000 % of Net Assets Payden Cash Reserves Money Market 2009-10-02 10,940 10,940 5.09 Russian Federation 7.5% 2030-03-31 7,059 7,837 3.64 REPUBLIQUE D'INDONESIE 2019-03-04 3,220 4,532 2.11 Venezuela Rep 9.25% 2027-09-15 5,215 4,154 1.93 Uruguay Rep 2022-11-18 3,610 4,061 1.89 Mexico (United Mexican States) 10% 2024-12-05 47,630 4,048 1.88 Philippines Rep 8% 2016-01-15 3,390 3,924 1.82 Republic Of Turkey 7.25% 2015-03-15 3,300 3,597 1.67 Indonesia (Rep Of) 8.5% 2035-10-12 2,880 3,499 1.63 COLOMBIA REP 2037-09-18 2,760 3,133 1.46 Data through 2009-09-30   Other Information Fund Inception: 1998-12-17 Portfolio Manager  (Start Date) Kristin . Ceva  (1998-12-17) Kristin Ceva, PhD, CFA, is a managing principal and directs the global fixed-income group at Payden & Rygel. She oversees global sovereign debt strategies, including macroeconomic and political risk assessment to determine country allocation. Ceva is a member of the firm’s Investment Policy Committee. She also is a frequent speaker at industry forums, focusing on topics related to international investing and emerging markets. Prior to joining Payden & Rygel, Ceva worked with a number of international policy institutes, including the Pacific Council on International Policy, the Center for U.S.-Mexican Studies and the North America Forum at Stanford University. She also worked for several years in strategic management consulting with Deloitte & Touche in Dallas. Kristin Ceva holds the Chartered Financial Analyst designation. She earned a PhD from Stanford University in Political Science with an emphasis on international political economy. She was a Fulbright Scholar based in Mexico City and her dissertation was entitled “Economic Restructuring and Business-Government Relations: Trade and Financial Liberalization in Mexico.” Ceva has completed extensive economic and political research on emerging markets and is fluent in Spanish. She received a BBA in Finance from Texas A&M University. Cristina Panait  (2000-05-30) Panait is vice president. She has been with Payden & Rygel for and in the investment management business for 7 years. Panait holds the Chartered Financial Analyst designation Sales Charge % (taken from prospectus dated 2009-03-10) Front: None Deferred: None Expense Ratio % 0.88 based on net assets (taken from annual report dated 2008-10-31) Correspondence Information 333 S Grand Ave 32nd FL Los Angeles,  CA  90071 Telephone: 800-572-9336 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.