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EXHIBIT 5.16
THE XXXXXX & RYGEL INVESTMENT GROUP
000 Xxxxx Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
December 17, 1997
Xxxxxx & Rygel
000 Xxxxx Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxx, XX 00000
Ladies and Gentlemen:
As you know, we wish to retain Xxxxxx & Xxxxx to act as investment
adviser to our newly created Value Stock Fund and Growth Stock 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:
Value Stock Fund Series
Annual Advisory Fees (as a percentage of average daily net assets) -
0.60% on the first $1 billion, and 0.50% in excess thereof.
Operating Expense Limitation (as a percentage of average daily net
assets) - Class R shares, 1.00%; Class S shares, 1.25%.
Growth Stock Fund Series
Annual Advisory Fees (as a percentage of average daily net assets) -
0.60% on the first $1 billion, and 0.50% in excess thereof.
Operating Expense Limitation (as a percentage of average daily net
assets) - Class R shares, 1.00%; Class S shares, 1.25%.
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,
Xxxx X. Xxxxxx
President
AGREED:
XXXXXX & RYGEL
BY:
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