Payden & Rygel

Item 5: Fees and Compensation

With respect to the fees it charges for its investment management services, Payden &
Rygel’s standard practice is to charge fees that are based on the market value of the assets
under management. Fee schedules are expressed at an annual rate, but fees are billed
monthly or quarterly, depending on the client’s preference, and are calculated in arrears.
Based on the method selected by the client, Payden & Rygel will either bill the client for
fees incurred, or where approved by the client, request the Custodian to deduct the fees
incurred from the client’s custody account.

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Management fees are paid monthly by the Payden Funds to Payden & Rygel based on the
previous month’s daily net asset levels. Management fees for each of the Payden Funds
are described in such fund’s prospectus and statement of additional information.

Clients will incur brokerage and other transaction charges. Please see Item 12 of this
brochure on Brokerage Practices.

The fee schedules below are Payden & Rygel's standard fee schedules for various types of
accounts. However, fees are negotiable in certain circumstances. For example, certain
clients pay fees based on historical fee schedules that are not offered to new clients.
Further, since Payden & Rygel manages portfolios to meet specific client needs, fee
schedules may be modified to reflect the specific nature of services provided to a particular
client, and may include, for example, fixed fee arrangements, performance-based fee
arrangements, different valuation dates or different billing arrangements.

The following schedules provide details of the standard fees charged for various accounts:

Enhanced Cash/Flexible Short Duration
0.150% on the first $100 million of assets
0.125% thereafter
Low Duration
0.200% on the first $100 million of assets
0.150% thereafter

Broad Intermediate, Core Bond, Core Plus, Long Government Credit
0.250% on the first $100 million of assets
0.200% thereafter

Strategic Income
0.300% on the first $100 million of assets
0.250% thereafter

Absolute Return/Managed Asset Credit
0.400% on the first $100 million of assets
0.350% thereafter

Managed Income
0.650% on the first $100 million of assets
0.550% thereafter

U.S. High Yield, Bank Loan, Global High Yield
0.450% on the first $100 million of assets
0.350% thereafter

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U.S. and Global Investment Grade Corporate
0.300% on the first $100 million of assets
0.250% thereafter

Emerging Markets Bond
USD Benchmark
0.450% on the first $100 million of assets
0.350% thereafter

USD-Local Currency Blended Benchmark/ USD-50/50 Blend Benchmark
0.480% on the first $100 million of assets
0.400% thereafter

Local Currency Benchmark
0.500% on the first $100 million of assets
0.450% thereafter

Emerging Markets Corporate Bond
0.550% on the first $100 million of assets
0.450% thereafter

Emerging Markets 1/3 Blend (USD Sovereigns/Quasi-sovereigns, USD Corporates,
Local Currency)
0.50% on the first $100 million of assets
0.42% thereafter

Global Bond
0.250% on the first $100 million of assets
0.200% thereafter

Municipal Bond
0.250% on the first $100 million of assets
0.200% thereafter

Domestic Equity Large Cap
0.500% on the first $100 million of assets
0.400% thereafter

Global Equity
0.600% on the first $100 million of assets
0.500% thereafter

Global Balanced
0.450% on the first $100 million of assets
0.350% thereafter

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GNMA
0.250% on the first $100 million of assets
0.200% thereafter

Securitized Income
0.400% on the first $100 million of assets
0.350% thereafter

Item 7: Types of Clients

Payden & Rygel’s client base is overwhelmingly institutional in nature, including
corporations and other business entities, educational institutions, charitable organizations,
pension and profit-sharing plans, investment companies, governmental entities and
supranational organizations. Payden & Rygel does provide investment management
services to a limited number of individual and trust or estate clients. These clients are
provided investment management services either as separately managed accounts or
through the PRAAM Program described above under Item 4. In addition, Payden & Rygel
serves as the investment adviser to Grantor Trust Company in its capacity as the trustee of
certain collective investment trusts and manager of certain private funds, both of which are
exempt from SEC registration.

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