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THE PAYDEN & RYGEL INVESTMENT GROUP
Supplement to Statement of Additional Information dated March 1, 1999
Effective September 1, 1999, the second paragraph under the section entitled
"Administrator, Transfer Agent, and Dividend Disbursing Agent" (Statement of
Additional Information, page 34) is deleted in its entirety and is replaced by
the following paragraph:
"For providing administrative services to the Group, the Administrator
receives a monthly fee at the annual rate of 0.08% of the daily net assets of
the Group."
The date of this Supplement to the Statement of Additional Information is
September 1, 1999.
