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THE ▇▇▇▇▇▇ & RYGEL INVESTMENT GROUP
AMENDMENT NO. 20 TO
MASTER TRUST AGREEMENT
This Amendment No. 20 to the Master Trust Agreement of The ▇▇▇▇▇▇ &
Rygel Investment Group, dated January 22, 1992, as amended (the "Agreement"), is
made as of June __, 1999.
WHEREAS, pursuant to the Agreement, the Trustees have previously
established and designated twenty-one sub-trusts known as the ▇▇▇▇▇▇ & Rygel
Limited Maturity Fund, ▇▇▇▇▇▇ & Rygel Short Bond Fund, ▇▇▇▇▇▇ & Rygel U.S.
Government Fund, ▇▇▇▇▇▇ & Rygel Investment Quality Bond Fund, ▇▇▇▇▇▇ & Rygel
Total Return Fund, ▇▇▇▇▇▇ & Rygel High Income Fund, Bunker Hill Money Market
Fund, ▇▇▇▇▇▇ & Rygel Short Duration Tax Exempt Fund, ▇▇▇▇▇▇ & Rygel Tax Exempt
Bond Fund, ▇▇▇▇▇▇ & Rygel California Municipal Income Fund, ▇▇▇▇▇▇ & Rygel
Growth & Income Fund, ▇▇▇▇▇▇ & Rygel Market Return Fund, ▇▇▇▇▇▇ & Rygel Small
Cap Value Stock Fund, ▇▇▇▇▇▇ & Rygel Small Cap Growth Stock Fund, ▇▇▇▇▇▇ & Rygel
Global Short Bond Fund, ▇▇▇▇▇▇ & Rygel Global Fixed Income Fund, ▇▇▇▇▇▇ & Rygel
Emerging Markets Bond Fund, ▇▇▇▇▇▇ & Rygel Global Balanced Fund, ▇▇▇▇▇▇ & Rygel
European Growth & Income Fund, ▇▇▇▇▇▇ & Rygel International Equity Fund and
▇▇▇▇▇▇ & Rygel EuroDirect Fund; and
WHEREAS, the Trustees have the authority, without shareholder approval,
under Section 7.3 of the Agreement, to amend the Agreement in any manner, so
long as such amendment does not adversely affect the rights of any shareholder
and is not in contravention of applicable law; and
WHEREAS, the Trustees hereby desire to liquidate, and have authorized
the liquidation of, the ▇▇▇▇▇▇ & Rygel Short Bond Fund and ▇▇▇▇▇▇ & Rygel
International Equity Fund, effective June , 1999; and
WHEREAS, the Trustees hereby desire to establish and designate two
additional sub-trusts, to be known as the ▇▇▇▇▇▇ & Rygel U.S. Growth Leaders
Fund and the ▇▇▇▇▇▇ & Rygel European Emerging Growth Fund, and to fix the rights
and preferences of the shares of each such additional sub-trust, effective June
, 1999;
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NOW THEREFORE:
Amendment Effective June , 1999:
The first paragraph of Section 4.2 of the Agreement is hereby amended
to read in pertinent part as follow:
"Section 4.2 Establishment and Designation of Sub-Trusts.
Without limiting the authority of the Trustee set forth in Section 4.1
to establish and designate any further Sub-Trusts, the Trustees hereby
establish and designate nineteen Sub-trusts and classes thereof: ▇▇▇▇▇▇
& Rygel Limited Maturity Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
U.S. Government Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel Investment
Quality Bond Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel Total
Return Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel High Income Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class S" shares; Bunker Hill Money Market Fund, which shall consist of
two classes of shares designated as "Class R" and "Class D" shares;
▇▇▇▇▇▇ & Rygel Short Duration Tax Exempt Fund, which shall consist of
two classes of shares designated as "Class R" and "Class S" shares;
▇▇▇▇▇▇ & Rygel Tax Exempt Bond Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
California Municipal Income Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
Growth & Income Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel Market
Return Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel Small Cap Value Stock
Fund, which shall consist of two classes of shares designated as "Class
R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel Small Cap Growth Stock Fund,
which shall consist of two classes of shares designated as "Class R"
and "Class S" shares; ▇▇▇▇▇▇ & Rygel Global Short Bond Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class S" shares; Payden &
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Rygel Global Fixed Income Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
Emerging Markets Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
Global Balanced Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel European
Growth & Income Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; and ▇▇▇▇▇▇ & Rygel
EuroDirect Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares. The shares of each
Sub-Trust and classes thereof and any shares of any further Sub-Trusts
and classes thereof that may from time to time be established and
designated by the Trustees shall (unless the Trustees otherwise
determine with respect to some further Sub-Trust or class a the time of
establishing and designating the same) have the following relative
rights and preferences:".
Amendment Effective June , 1999:
The first paragraph of Section 4.2 of the Agreement is hereby amended
to read in pertinent part as follow:
"Section 4.2 Establishment and Designation of Sub-Trusts.
Without limiting the authority of the Trustee set forth in Section 4.1
to establish and designate any further Sub-Trusts, the Trustees hereby
establish and designate twenty-one Sub-trusts and classes thereof:
▇▇▇▇▇▇ & Rygel Limited Maturity Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇
& Rygel U.S. Government Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
Investment Quality Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
Total Return Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel High
Income Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; Bunker Hill Money Market Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class D" shares; ▇▇▇▇▇▇ & Rygel Short Duration Tax Exempt Fund, which
shall consist
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of two classes of shares designated as "Class R" and "Class S" shares;
▇▇▇▇▇▇ & Rygel Tax Exempt Bond Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
California Municipal Income Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
Growth & Income Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel Market
Return Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel Small Cap Value Stock
Fund, which shall consist of two classes of shares designated as "Class
R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel Small Cap Growth Stock Fund,
which shall consist of two classes of shares designated as "Class R"
and "Class S" shares; ▇▇▇▇▇▇ & Rygel Global Short Bond Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class S" shares; ▇▇▇▇▇▇ & Rygel Global Fixed Income Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; ▇▇▇▇▇▇ & Rygel Emerging Markets Bond Fund, which shall consist
of two classes of shares designated as "Class R" and "Class S" shares;
▇▇▇▇▇▇ & Rygel Global Balanced Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
European Growth & Income Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel
EuroDirect Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; ▇▇▇▇▇▇ & Rygel U.S.
Growth Leaders Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; and ▇▇▇▇▇▇ & Rygel
European Emerging Growth Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares. The shares of each
Sub-Trust and classes thereof and any shares of any further Sub-Trusts
and classes thereof that may from time to time be established and
designated by the Trustees shall (unless the Trustees otherwise
determine with respect to some further Sub-Trust or class a the time of
establishing and designating the same) have the following relative
rights and preferences:".
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The undersigned hereby certify that the Amendment set forth above has
been duly adopted in accordance with the provisions of the Master Trust
Agreement.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands for
themselves and their assigns, as of the day and year first above written. This
instrument may be executed in one or more counterparts, all of which shall
together constitute a single instrument.
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▇. ▇▇▇▇▇▇▇▇ La Force ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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