<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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064 A000500 N
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<PAGE> PAGE 21
068 B000500 N
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070 E020500 N
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070 G020500 N
070 H010500 N
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070 I020500 N
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070 K010500 Y
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070 M020500 N
070 N010500 N
070 N020500 N
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070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
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071 B000500 127645
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<PAGE> PAGE 22
072 J000500 25
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<PAGE> PAGE 23
074 U010500 20682
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008 D010601 LOS ANGELES
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<PAGE> PAGE 24
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<PAGE> PAGE 25
062 R000600 0.0
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070 A020600 N
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070 D010600 N
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070 F010600 N
070 F020600 N
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070 I020600 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
074 Q000600 0
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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008 A000901 PAYDEN & RYGEL
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008 D010901 LOS ANGELES
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
070 N020900 N
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<PAGE> PAGE 35
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008 A001101 PAYDEN & RYGEL
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008 D011101 LOS ANGELES
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<PAGE> PAGE 36
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<PAGE> PAGE 37
058 A001100 N
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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008 A001201 PAYDEN & RYGEL
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008 D011201 LOS ANGELES
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028 A011200 4028
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<PAGE> PAGE 40
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<PAGE> PAGE 41
051 001200 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
046 001700 Y
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
028 F041800 158618
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<PAGE> PAGE 66
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<PAGE> PAGE 67
070 P011800 N
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
060 B001900 N
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
055 A002000 N
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
008 A002201 PAYDEN & RYGEL
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
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<PAGE> PAGE 97
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<PAGE> PAGE 98
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<PAGE> PAGE 99
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<PAGE> PAGE 100
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<PAGE> PAGE 101
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SIGNATURE BRADLEY F. HERSH
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<NAME> PAYDEN & RYGEL INVESTMENT GROUP
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<NAME> PAYDEN & RYGEL INVESTMENT GROUP
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<NAME> PAYDEN & RYGEL INVESTMENT GROUP
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<CIK> 0000885709
<NAME> PAYDEN & RYGEL INVESTMENT GROUP
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<CIK> 0000885709
<NAME> PAYDEN & RYGEL INVESTMENT GROUP
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<NAME> PAYDEN & RYGEL SMALL CAP VALUE STOCK FUND
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<NAME> PAYDEN & RYGEL INVESTMENT GROUP
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<CIK> 0000885709
<NAME> PAYDEN & RYGEL INVESTMENT GROUP
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