EXHIBIT (a.32) THE PAYDEN & RYGEL INVESTMENT GROUP AMENDMENT NO. 31 TO MASTER TRUST AGREEMENT This Amendment No. 31 to the Master Trust Agreement of The Payden & Rygel Investment Group, dated January 22, 1992, as amended (the "Agreement"), is made as...Master Trust Agreement • February 11th, 2004 • Paydenfunds
ARTICLE I DEFINITIONSTransfer Agency Agreement • February 11th, 2004 • Paydenfunds • Wisconsin
THE PAYDEN & RYGEL INVESTMENT GROUP 333 South Grand Avenue, 32nd Floor Los Angeles, California 90071 February __, 2004 Payden & Rygel 333 South Grand Avenue, 32nd Floor Los Angeles, CA 90071 Ladies and Gentlemen: As you know, we wish to retain Payden...Paydenfunds • February 11th, 2004
As you know, we wish to retain Payden & Rygel 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:
