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THE PAYDEN & RYGEL INVESTMENT GROUP
SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 28, 2000
ON NOVEMBER 16, 2000, THE BOARD OF TRUSTEES AUTHORIZED THE CLOSURE AND
LIQUIDATION OF THE EUROPEAN GROWTH & INCOME FUND. THE FUND WAS SUBSEQUENTLY
CLOSED ON DECEMBER 22, 2000.
EFFECTIVE JANUARY 1, 2001, EACH OF THE FOLLOWING MUTUAL FUNDS OF THE
PAYDEN & RYGEL INVESTMENT GROUP CHANGED ITS NAME AS INDICATED:
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FORMER FUND NAME CURRENT FUND NAME
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PAYDEN & RYGEL LIMITED MATURITY FUND PAYDEN LIMITED MATURITY FUND
PAYDEN & RYGEL SHORT BOND FUND PAYDEN SHORT BOND FUND
PAYDEN & RYGEL U.S. GOVERNMENT FUND PAYDEN U.S. GOVERNMENT FUND
PAYDEN & RYGEL GNMA FUND PAYDEN GNMA FUND
PAYDEN & RYGEL INVESTMENT QUALITY BOND FUND PAYDEN INVESTMENT QUALITY BOND FUND
PAYDEN & RYGEL TOTAL RETURN FUND PAYDEN TOTAL RETURN FUND
PAYDEN & RYGEL HIGH INCOME FUND PAYDEN HIGH INCOME FUND
PAYDEN & RYGEL SHORT DURATION TAX EXEMPT FUND PAYDEN SHORT DURATION TAX EXEMPT FUND
PAYDEN & RYGEL TAX EXEMPT BOND FUND PAYDEN TAX EXEMPT BOND FUND
PAYDEN & RYGEL CALIFORNIA MUNICIPAL INCOME FUND PAYDEN CALIFORNIA MUNICIPAL INCOME FUND
PAYDEN & RYGEL GROWTH & INCOME FUND PAYDEN GROWTH & INCOME FUND
PAYDEN & RYGEL MARKET RETURN FUND PAYDEN MARKET RETURN FUND
PAYDEN & RYGEL U.S. GROWTH LEADERS FUND PAYDEN U.S. GROWTH LEADERS FUND
PAYDEN & RYGEL SMALL CAP LEADERS FUND PAYDEN SMALL CAP LEADERS FUND
PAYDEN & RYGEL GLOBAL SHORT BOND FUND PAYDEN GLOBAL SHORT BOND FUND
PAYDEN & RYGEL GLOBAL FIXED INCOME FUND PAYDEN GLOBAL FIXED INCOME FUND
PAYDEN & RYGEL EMERGING MARKETS BOND FUND PAYDEN EMERGING MARKETS BOND FUND
PAYDEN & RYGEL GLOBAL BALANCED FUND PAYDEN GLOBAL BALANCED FUND
PAYDEN & RYGEL EUROPEAN AGGRESSIVE GROWTH FUND PAYDEN EUROPEAN AGGRESSIVE GROWTH FUND
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THE DATE OF THIS PROSPECTUS SUPPLEMENT IS JANUARY 5, 2001
