REINVEST PRICE SHORT TERM LONG TERM RECORD DATE EX 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) None None   Global Fixed Income (PYGFX) $9.48 $0.0987 $0.0816 12/23/05 12/27/05 12/28/05 Global Short Bond (PYGSX) None None       U.S. Bond Funds   Cash Reserves Money Market (PBHXX)* None None       Core Bond (PYCBX)   None None       GNMA (PYGNX) None None       High Income (PYHRX) None None       Limited Maturity (PYLMX) None None       Opportunity Bond (PYOBX) None None       Real Return (PYRRX) None None       Short Bond (PYSBX) None None U.S. Government (PYUSX) None None   Tax-Exempt Bond Funds   CA Municipal Income (PYCRX) $9.99 None $0.0425 12/23/05 12/27/05 12/28/05 Tax Exempt Bond (PYTEX) $9.90 None $0.0204 12/23/05 12/27/05 12/28/05 *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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