THE XXXXXX & RYGEL INVESTMENT GROUP
000 Xxxxx Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
February __, 2004
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 Payden Real Return 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:
Small Cap Leaders Fund Series
Annual Advisory Fees (as a percentage of average daily net assets) -
0.28%.
Operating Expense Limitation (as a percentage of average daily net
assets) - 0.60%.
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
