Common use of Establishment and Designation of Sub Clause in Contracts

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 eighteen Sub-Trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the

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 eighteen twenty-four Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel GNMA Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel High Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Class R" and "Class D" shares; Paydxx & Xygel International Bond Short Duration Tax Exempt Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond California Municipal Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Rygel Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Small Cap Value Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Small Cap Growth Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Growth Leaders Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; theshall

Establishment and Designation of Sub. Trusts. Without limiting the authority of the Trustee Trustees set forth in Section 4.1 to establish and designate any further Sub-TrustsTrusts and classes, the Trustees hereby establish and designate eighteen the following Sub-Trusts and classes thereof: the Paydxx & Xygel Global Fixed "Xxxxx Xxxxxx Diversified Strategic Income Fund, " and "Xxxxx Xxxxxx High Income Fund" which shall consist of two five classes of shares designated as Class A, Class B, Class L, Class Y and Class Z shares; "Class RXxxxx Xxxxxx Exchange Reserve Fund", "Xxxxx Xxxxxx Municipal High Income Fund" and "Class S" shares; the Paydxx & Xygel International Xxxxx Xxxxxx Total Return Bond Fund, " which shall consist of two four classes of shares designated as Class A, Class B, Class L and Class Y shares; "Class RSB Capital and Income Fund" and "Class SSB Convertible Fund" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two ten classes of shares designated as "Xxxxx Xxxxxx Class R" A, Xxxxx Xxxxxx Class B, Xxxxx Xxxxxx Class L, Xxxxx Xxxxxx Class O, Xxxxx Xxxxxx Class Y, Salomon Brothers Class A, Salomon Brothers Class B, Salomon Brothers Class 2, Salomon Brothers Class O, and Salomon Brothers Class Y shares; and "Class SXxxxx Xxxxxx Dividend and Income Fund" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two six classes of shares designated as "Class RA, Class B, Class L, Class O, Class Y and Class Z shares. The Shares of such Sub-Trusts and classes thereof and any Shares of any further Sub-Trusts or classes 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 at the time of establishing and designating the same) have the following relative rights and preferences:" and "Class S" shares; [Signature Page Follows] The undersigned hereby certifies that the Paydxx & Xygel Intermediate Bond Fund, which shall consist Amendment set forth above has been duly adopted in accordance with the provisions of two classes the Declaration of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; theTrust.

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 eighteen sixteen Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Xxxxxx Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Class RInvestor Class" and "Class SD" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Xxxxxx Tax Exempt Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Rygel Xxxxxx California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Short Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Intermediate Xxxxxx Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and Xxxxxx Emerging Markets Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" 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 Paydxx & Xygel Investment Quality Bond Fund, which Trustees shall consist (unless the Trustees otherwise determine with respect to some further Sub-Trust or class a the time of two classes establishing and designating the same) have the following relative rights and preferences:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; theMaster Trust Agreement.

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 eighteen twenty-two Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thePaydxx & Rygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel GNMA Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel 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; Paydxx & Xygel Short Duration Tax Exempt Fund, which

Establishment and Designation of Sub. Trusts. Without limiting the authority of the Trustee Trustees set forth in Section 4.1 to establish and designate any further Sub-TrustsTrusts and classes, the Trustees hereby establish and designate eighteen the following Sub-Trusts and classes thereof: the Paydxx & Xygel Global Fixed "Xxxxx Xxxxxx Diversified Strategic Income Fund, " and "Xxxxx Xxxxxx High Income Fund" which shall consist of two five classes of shares designated as Class A, Class B, Class L, Class Y and Class Z shares; "Class RXxxxx Xxxxxx Exchange Reserve Fund", "Xxxxx Xxxxxx Municipal High Income Fund" and "Class S" shares; the Paydxx & Xygel International Xxxxx Xxxxxx Total Return Bond Fund, " which shall consist of two four classes of shares designated as Class A, Class B, Class L, and Class Y shares; "Class RXxxxx Xxxxxx Premium Total Return Fund" and "Class SXxxxx Xxxxxx Convertible Fund" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two five classes of shares designated as "Class R" A, Class B, Class L, Class O, and "Class S" Y shares; the Paydxx & Rygel Short Bond Fund, and Xxxxx Xxxxxx Balanced Fund which shall consist of two six classes of shares designated as "Class RA, Class B, Class L, Class O, Class Y and Class Z shares. The shares of such Sub-Trusts and classes thereof and any shares of any further Sub-Trusts or classes 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 at the time of establishing and designating the same) have the following relative rights and preferences:" and "Class S" shares; The undersigned hereby certifies that the Paydxx & Xygel Intermediate Bond Fund, which shall consist Amendment set forth above has been duly adopted in accordance with the provisions of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; theAgreement.

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 eighteen twenty-one Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Class RInvestor Class" shares and "Class SD" shares, respectively; Xxxxxx Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; the Paydxx & Xygel International Xxxxxx Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Corporate Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Emerging Markets Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Equity Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund 2010+, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund 2020+, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund 2030+, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund 2040+, which shall consist of one class of shares designated as "Investor Class" shares, and Xxxxxx/Kravitz Cash Balance Plan Fund, which shall consist of two classes of shares designated as "Class RInstitutional Class" shares and "Class SAdviser Class" shares; , respectively. 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 Paydxx & Xygel Tax Exempt Bond Fund, which Trustees shall consist (unless the Trustees otherwise determine with respect to some further Sub-Trust or class at the time of two classes establishing and designating the same) have the following relative rights and preferences:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist Master Trust Agreement. [The rest of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thethis page is intentionally left blank.]

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 eighteen nineteen Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Xxxxxx Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Class RInvestor Class" and "Class SD" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Xxxxxx Tax Exempt Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx Xxxxxx California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Growth & Rygel Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Short Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Intermediate Xxxxxx Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Emerging Markets Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Investment Quality Bond and Xxxxxx Plus Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" 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 Paydxx & Xygel Limited Maturity Fund, which Trustees shall consist (unless the Trustees otherwise determine with respect to some further Sub-Trust or class a the time of two classes establishing and designating the same) have the following relative rights and preferences:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; theMaster Trust Agreement.

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 eighteen nineteen Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Payden Limited Maturity Fund, which shall consist of one class of sxxxxx designated as "Investor Class" shares; Payden Short Bond Fund, which shall consist of one class of shares xxxxxxated as "Investor Class" shares; Payden U.S. Government Fund, which shall consist of one class of shxxxx xesignated as "Investor Class" shares; Payden Core Bond Fund, which shall consist of one class of shares dxxxxxxted as "Investor Class" shares; Payden Opportunity Bond Fund, which shall consist of one class of sxxxxx designated as "Investor Class" shares; Payden Real Return Fund, which shall consist of one class of shares xxxxxnated as "Investor Class" shares; Payden GNMA Fund, which shall consist of one class of shares designxxxx xs "Investor Class" shares; Payden High Income Fund, which shall consist of one class of shares xxxxxnated as "Investor Class" shares; Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Class RInvestor Class" and "Class SD" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Payden Tax Exempt Bond Fund, which shall consist of two classes one class of shxxxx xesignated as "Investor Class" shares; Payden California Municipal Income Fund, which shall consist of one xxxxx of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx Payden Growth & Rygel Income Fund, which shall consist of one class of shxxxx xesignated as "Investor Class" shares; Payden Market Return Fund, which shall consist of one class of sharxx xxxignated as "Investor Class" shares; Payden U.S. Growth Leaders Fund, which shall consist of one class ox xxxxes designated as "Investor Class" shares; Payden Small Cap Leaders Fund, which shall consist of one class of xxxxxx designated as "Investor Class" shares; Payden Global Short Bond Fund, which shall consist of two classes one class of shares xxxxxx designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Intermediate Payden Global Fixed Income Fund, which shall consist of one class ox xxxxes designated as "Investor Class" shares; Payden Emerging Markets Bond Fund, which shall consist of two classes of shares one class xx xxares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Investment Quality Bond and Payden Plus Fund, which shall consist of two classes one class of shares designated as designxxxx xs "Class R" and "Class SInvestor Class" 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 Paydxx & Xygel Limited Maturity Fund, which Trustees shall consist (unless the Trustees otherwise determine with respect to some further Sub-Trust or class a the time of two classes establishing and designating the same) have the following relative rights and preferences:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; theMaster Trust Agreement.

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 eighteen twenty-two Sub-Trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thethe Paydxx & Xygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Equity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Balanced Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel European Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel High Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Value Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Growth Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Emerging Market Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel EuroDirect Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel California Intermediate Municipal Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; and the Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Class R" and "Class D" 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:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of the Master Trust Agreement.

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 eighteen nineteen Sub-Trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thethe Paydxx & Xygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Equity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Balanced Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel European Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel High Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Value Stock Fund, which shall consist of two classes of shares designated as

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 eighteen twenty-three Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel High Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Class R" and "Class D" shares; Paydxx & Xygel International Bond Short Duration Tax Exempt Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Xygel California Municipal Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Small Cap Value Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; theclasses

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 eighteen twenty Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Xxxxxx Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Class RInvestor Class" and "Class SD" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Xxxxxx Tax Exempt Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Rygel Xxxxxx California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Short Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Intermediate Xxxxxx Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Emerging Markets Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Investment Quality Bond FundXxxxxx/Wilshire Longevity Fund 2010+, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Limited Maturity FundXxxxxx/Wilshire Longevity Fund 2020+, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond FundXxxxxx/Wilshire Longevity Fund 2030+, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel U.S. Government Fundand Xxxxxx/Wilshire Longevity Fund 2040+, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the. 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:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of the Master Trust Agreement.

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 eighteen twenty-one Sub-Trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thethe Paydxx & Xygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Equity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Balanced Fund, which

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 eighteen twenty-one Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Class RInvestor Class" shares and "Class SD" shares, respectively; Xxxxxx Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; the Paydxx & Xygel International Xxxxxx Short Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Xxxxxx U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Corporate Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Tax Exempt Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Rygel Xxxxxx California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Short Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Intermediate Xxxxxx Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Emerging Markets Bond Fund, which shall consist of two one class of shares designated as "Investor Class" shares; Xxxxxx Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Equity Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund 2010+, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund 2020+, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund 2030+, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund 2040+, which shall consist of one class of shares designated as "Investor Class" shares, and Xxxxxx/Kravitz Cash Balance Plan Fund, which shall consist of three classes of shares designated as "Class RInstitutional Class" shares, "Adviser Class" shares and "Class SRetirement Class" shares; , respectively. 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 Paydxx & Xygel Investment Quality Bond Fund, which Trustees shall consist (unless the Trustees otherwise determine with respect to some further Sub-Trust or class at the time of two classes establishing and designating the same) have the following relative rights and preferences:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist Master Trust Agreement. [The rest of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thethis page is intentionally left blank.]

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 eighteen twenty-two Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Rygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel GNMA Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel 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; Paydxx & Xygel Short Duration Tax Exempt Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel California Municipal Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Rygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel U.S. Growth Leaders Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Small Cap Leaders Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Global Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Global Fixed Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thePayden &

Establishment and Designation of Sub. Trusts. Without limiting the authority of the Trustee Trustees set forth in Section 4.1 to establish and designate any further Sub-TrustsSub- Trusts and classes, the Trustees hereby establish and designate eighteen the following Sub-Trusts and classes thereof: the Paydxx & Xygel Global Fixed "Legg Mason Partners Capital and Income Fund," "Legg Masox Xxxtners Convertible Fund" and "Legg Masxx Xaxxxxxs Dividend and Income Fund" which xxxlx xxxsist of five classes of shares designated as Class A, Class B, Class C, Class O and Class Y shares; "Legg Mason Partners Diversified Strategic Income Fuxx," "Xxxx Mason Partners High Income Fund," "Legg Mason Xxxxnxxx Xunicipal High Income Fund" and "Xxgg Masxx Partners Total Return Bond Fund" which shall consist sxxxx xxxxxst of four classes of shares designated as Class A, Class B, Class C and Class Y shares; and "Legg Mason Partners Exchange Reserve Fund" which shxxx cxxxxxt of two classes of shares designated as "Class RB and Class C shares. The Shares of such Sub-Trusts and classes thereof and any shares of any further Sub-Trusts or classes 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 at the time of establishing and designating the same) have the following relative rights and preferences:" and "Class S" shares; the Paydxx & Xygel International Bond FundThis Amendment shall be effective on April 21, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the2006 at 5:00 p.m. EDT.

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 eighteen twenty-four Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Rygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond GNMA Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government High Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; theBunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Class R" and "Class D" shares; Paydxx & Xygel Short Duration Tax Exempt Fund, which shall consist of two classes of shares designated as

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 eighteen seventeen Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Xxxxxx Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Class RInvestor Class" and "Class SD" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Xxxxxx Tax Exempt Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Rygel Xxxxxx California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Short Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Intermediate Xxxxxx Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and Xxxxxx Emerging Markets Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" 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 Paydxx & Xygel Investment Quality Bond FundTrustees 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:". 2. Effective March 31, which shall consist 2007, the first paragraph of two classes Section 4.2 of shares designated the Agreement is hereby amended to read in pertinent part as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thefollow:

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 eighteen twenty Sub-Trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two three classes of shares designated as "Class R," "Class S" and "Class SI" shares; the Paydxx & Xygel Rygel Investment Quality Bond Fund, which shall consist of two three classes of shares designated as "Class R," "Class S" and "Class SI" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Rygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Treasury Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thethe Paydxx & Xygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Total Return Fund, which shall consist of three classes of shares designated as "Class R," "Class S" and "Class I" shares; the Paydxx & Xygel International Equity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Balanced Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel European Growth & Income Fund, which shall

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 eighteen Sub-Trusts and classes thereof: the Paydxx & Xygel Global Fixed Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two three classes of shares designated as "Class R", "Class S" and "Class SI" shares; the Paydxx & Xygel Rygel Investment Quality Bond Fund, which shall consist of two three classes of shares designated as "Class R", "Class S" and "Class SI" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Treasury Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thethe Paydxx & Xygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Total Return Fund, which shall consist of three classes of shares designated as "Class R", "Class S" and "Class I" shares; the Paydxx & Xygel International Equity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Global Balanced Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel European Growth & Income Fund, which shall consist of two classes of shares designated as

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 eighteen nineteen Sub-Trusts trusts and classes thereof: the Paydxx & Rygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Global Fixed U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel High Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Class R" and "Class D" shares; Paydxx & Xygel International Bond Short Duration Tax Exempt Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Rygel Xygel California Municipal Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Small Cap Value Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Small Cap Growth Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Paydxx & Xygel Global Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; thePayden &

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 eighteen seventeen Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Xxxxxx Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Class RInvestor Class" and "Class SD" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Xxxxxx Tax Exempt Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Rygel Xxxxxx California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Short Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Intermediate Xxxxxx Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and Xxxxxx Emerging Markets Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" 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 Paydxx & Xygel Investment Quality Bond Fund, which Trustees shall consist (unless the Trustees otherwise determine with respect to some further Sub-Trust or class a the time of two classes establishing and designating the same) have the following relative rights and preferences:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; theMaster Trust Agreement.

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 eighteen twenty Sub-Trusts trusts and classes thereof: the Paydxx & Xygel Global Fixed Xxxxxx Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Class RInvestor Class" and "Class SD" shares; the Paydxx & Xygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Paydxx & Xygel Xxxxxx Tax Exempt Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Rygel Xxxxxx California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Global Short Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Intermediate Xxxxxx Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Xxxxxx Emerging Markets Bond Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Investment Quality Bond Xxxxxx Global Equity Fund, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Limited Maturity FundXxxxxx/Wilshire Longevity Fund 2010+, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel Short Duration Tax Exempt Bond FundXxxxxx/Wilshire Longevity Fund 2020+, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; the Paydxx & Xygel U.S. Government FundXxxxxx/Wilshire Longevity Fund 2030+, which shall consist of two classes one class of shares designated as "Class R" and "Class SInvestor Class" shares; theand Xxxxxx/Wilshire Longevity Fund 2040+, which shall consist of one class of shares designated as "Investor Class" 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:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of the Master Trust Agreement.