THE XXXXXX & RYGEL INVESTMENT GROUP
000 Xxxxx Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
February __, 2008
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 new series, Payden Global Equity Fund. 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:
Payden Global Equity Fund
Annual Advisory Fees (as a percentage of average daily net assets) - 0.95%.
Operating Expense Limitation (as a percentage of average daily net assets)
- 1.50%.
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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Xxxxxx X. Xxxxxxx
Secretary
AGREED:
XXXXXX & RYGEL
BY:
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Xxxxxxxxxxx X. Xxxxxxxx
Managing Principal
