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PAYDEN & RYGEL INVESTMENT GROUP
SUPPLEMENT TO PROSPECTUS DATED MARCH 31, 2000
UNDER THE SECTION ENTITLED "HOW TO REDEEM SHARES" (PROSPECTUS, PAGE 9), A NEW
SUB-SECTION ENTITLED "REDEMPTION FEE" IS ADDED AT THE END OF THE SECTION AS
FOLLOWS:
"REDEMPTION FEE: EFFECTIVE SEPTEMBER 15, 2000, YOU WILL BE
CHARGED A REDEMPTION FEE EQUAL TO 1% OF THE VALUE OF THE
SHARES BEING REDEEMED, IF YOU REDEEM SHARES OF THE WORLD
TARGET TWENTY FUND WITHIN 60 DAYS OF PURCHASE OF THE SHARES.
REDEMPTIONS ARE ON A FIRST-IN, FIRST-OUT BASIS. THE REDEMPTION
FEE DOES NOT APPLY TO SHARES ACQUIRED THROUGH REINVESTMENT OF
DIVIDENDS."
THE DATE OF THIS PROSPECTUS SUPPLEMENT IS JULY 1, 2000
