Fund Currently Managed

Payden Emerging Markets Bond Fund/R (PYEMX); (since inception in December 1998)

Investment Style Overview

Invests in both sovereign and corporate debt issued by emerging markets nations, but with a focus on relatively high credit quality, and improving long-term macro-economic fundamentals and political trends. Emphasizes regional diversification.

Key Security Selection Criteria

*High credit quality.

*Significant upside potential.

Key Sell Criteria

*Becomes fully or overvalued.

*Credit quality deteriorates.

*Country at risk of default.

Biographical Notes

Kristin Ceva, C.F.A., is a portfolio strategist in the global credit group, responsible for emerging market investment analysis at Payden & Rygel. She has been with the firm since 1998. She received a Ph.D from Stanford University in political science, and a BBA in finance from Texas A&M University.