REINVEST PRICE SHORT TERM LONG TERM RECORD DATE PAYABLE DATE Stock Funds   Growth & Income (PDOGX) None None     Market Return (PDMRX) None None     Small Cap Leaders (PSCLX) None None     U.S. Growth Leaders (PUGLX) None None     Global Bond Funds   Emerging Markets Bond (PYEMX) $11.56 $1.05038 $0.32869 12/24/03 12/29/03 Global Fixed Income (PYGFX) None None     Global Short Bond (PYGSX) None None     U.S. Bond Funds   Cash Reserves Money Market (PBHXX)* None None     Core Bond (PYCBX) $10.66 $0.04319 $0.02980 12/24/03 12/29/03 GNMA (PYGNX) None None     High Income (PYHRX) None None     Limited Maturity (PYLMX) None None     Opportunity Bond (PYOBX) $9.85 $0.38161 $0.17654 12/24/03 12/29/03 Real Return (PYRRX) None None     Short Bond (PYSBX) None None 12/24/03 12/29/03 U.S. Government (PYUSX) $0.04550 $0.21779 12/24/03  12/29/03 Tax-Exempt Bond Funds   CA Municipal Income (PYCRX) $10.28 None $0.06505 12/24/03 12/29/03 Tax Exempt Bond (PYTEX) $10.17 None $0.17849 12/24/03 12/29/03 *Formerly Bunker Hill Money Market Fund View 2006 Capital Gain Payments View 2005 Capital Gain Payments View 2004 Capital Gain Payments View 2003 Capital Gain Payments View 2002 Capital Gain Payments For more information and to obtain a prospectus, visit http://payden.com/mutualFunds/prospectus.asp or call 800-572-9336. Investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in this document. Read the prospectus carefully before investing. The Paydenfunds are distributed by Payden & Rygel Distributors, member FINRA. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in foreign exchange rates, political changes and differences in reporting standards.

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