THE PAYDEN & RYGEL INVESTMENT GROUP 333 South Grand Avenue, 32nd Floor Los Angeles, California 90071

THE XXXXXX & RYGEL INVESTMENT GROUP
000 Xxxxx Xxxxx Xxxxxx, 00^xx Xxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000

September __, 2011

Xxxxxx & Rygel
000 Xxxxx Xxxxx Xxxxxx, 00^xx Xxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000

Ladies and Gentlemen:

     We wish to retain Xxxxxx & Rygel to act as investment adviser to our newly created Payden Emerging Markets Local Bond Fund series. Accordingly, this will confirm our agreement to amend Exhibit A to the Investment Management Agreement between us, dated June 24, 1992, as heretofore amended, by adding the following paragraph with respect to the series:

     Xxxxxx Emerging Markets Local Bond Fund Series

     Annual Advisory Fee (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,

By:

Xxxxxx X. Xxxxxxx

Secretary

AGREED:

XXXXXX & RYGEL

By:

Xxxxxx X. Xxxxxxx

Secretary