EXHIBIT (d.20)
THE ▇▇▇▇▇▇ & RYGEL INVESTMENT GROUP
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June , 2004
▇▇▇▇▇▇ & Rygel
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Ladies and Gentlemen:
As you know, we wish to retain ▇▇▇▇▇▇ & ▇▇▇▇▇ to act as investment
adviser to our newly created Payden Plus Fund series. Accordingly, this will
confirm our agreement to amend Exhibit A to the Investment Management Agreement
between us, dated as of June 24, 1992, as heretofore amended, by adding the
following paragraphs:
Plus Fund Series
Annual Advisory Fees (as a percentage of average daily net assets)
- 0.35%.
Operating Expense Limitation (as a percentage of average daily net
assets) - 0.65%.
In all other respects, the Investment Management Agreement between us,
as heretofore amended, will remain unchanged. Please sign this letter below to
confirm your agreement to this amendment.
Very truly yours,
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Secretary
AGREED:
▇▇▇▇▇▇ & RYGEL
BY:
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▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Managing Principal
