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: ▇▇▇▇▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ 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 "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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.

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: ▇▇▇▇▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Bunker Hill Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Equity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2010+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2020+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2030+, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇/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.

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: ▇▇▇▇Payd▇▇ & ▇ygel Limited Maturity Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel U.S. Government Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ Core & Rygel Investment Quality Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Real ygel Total Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel GNMA Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel High Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Investor ClassClass R" and "Class D" shares; ▇▇▇▇Payd▇▇ & ▇ygel Short Duration Tax Exempt Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel California Municipal Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & Rygel Market Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel U.S. Growth Leaders Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Small Cap Leaders Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Global Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Global Fixed Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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.Payden &

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 and classes thereof: ▇▇▇▇Payd▇▇ & ▇ygel Limited Maturity Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel U.S. Government Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ Core & ▇ygel Investment Quality Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Real ygel Total Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel GNMA Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel High Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Investor ClassClass R" and "Class D" shares; ▇▇▇▇Payd▇▇ & ▇ygel Short Duration Tax Exempt Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & Rygel California Municipal Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & Rygel Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Market Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Small Cap Value Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Payd▇▇ & ▇ygel Small Cap Growth Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Payd▇▇ & ▇ygel U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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.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 twenty-two Sub-trusts and classes thereof: ▇▇▇▇▇▇ Payden Limited Maturity Fund, which shall consist of one class of shares s▇▇▇▇▇ designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Short Bond Fund, which shall consist of one class of shares designated ▇▇▇▇▇▇ated as "Investor Class" shares; ▇▇▇▇▇▇ Payden U.S. Government Fund, which shall consist of one class of shares designated sh▇▇▇▇ ▇esignated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Core Bond Fund, which shall consist of one class of shares designated d▇▇▇▇▇▇ted as "Investor Class" shares; ▇▇▇▇▇▇ Payden Opportunity Bond Fund, which shall consist of one class of shares s▇▇▇▇▇ designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden GNMA Fund, which shall consist of one class of shares designated as design▇▇▇▇ ▇s "Investor Class" shares; ▇▇▇▇▇▇ Payden High Income Fund, which shall consist of one class of shares designated ▇▇▇▇▇nated as "Investor Class" shares; Bunker Hill Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Investor Class" shares and "Class D" shares, respectively; ▇▇▇▇▇▇ Payden Tax Exempt Bond Fund, which shall consist of one class of shares designated sh▇▇▇▇ ▇esignated as "Investor Class" shares; ▇▇▇▇▇▇ Payden California Municipal Income Fund, which shall consist of one class ▇▇▇▇▇ of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Payden Value Leaders Fund, which shall consist of one class of shares designated shar▇▇ ▇▇▇ignated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Market Return Fund, which shall consist of one class of shares designated shar▇▇ ▇▇▇ignated as "Investor Class" shares; ▇▇▇▇▇▇ Payden U.S. Growth Leaders Fund, which shall consist of one class of shares o▇ ▇▇▇▇es designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Global Short Bond Fund, which shall consist of one class of shares ▇▇▇▇▇▇ designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Global Fixed Income Fund, which shall consist of one class of shares o▇ ▇▇▇▇es designated as "Investor Class" shares; and ▇▇▇▇▇▇ Payden Emerging Markets Bond Fund, which shall consist of one class ▇▇ ▇▇ares designated as "Investor Class" shares; Payden Global Equity Fund, which shall consist of one class of shar▇▇ ▇▇▇ignated as "Investor Class" shares; Payden Investment Grade Corporate Bond Fund, which shall consist of ▇▇▇ ▇lass of shares designated as "Investor Class" shares; Payden/Wilshire Longevity Fund 2010+, which shall consist of one cl▇▇▇ ▇▇ shares designated as "Investor Class" shares; Payden/Wilshire Longevity Fund 2020+, which shall consist of one cl▇▇▇ ▇▇ shares designated as "Investor Class" shares; Payden/Wilshire Longevity Fund 2030+, which shall consist of one cl▇▇▇ ▇▇ shares designated as "Investor Class" shares; Payden/Wilshire Longevity Fund 2040+, which shall consist of one cl▇▇▇ ▇▇ shares designated as "Investor Class" shares, and Payden/Kravitz Cash Balance Plan Fund, which shall consist of two c▇▇▇▇▇▇ ▇▇ ▇▇▇▇es designated as "Institutional Class" shares and "Adviser 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 Trustees shall (unless the Trustees otherwise determine with respect to some further Sub-Trust or class a at 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. [The rest of this 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 and classes thereof: ▇▇▇▇Payd▇▇ & Rygel Limited Maturity Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ ygel U.S. Government Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ Core & ▇ygel Investment Quality Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Real ygel Total Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ ygel High Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Investor ClassClass R" and "Class D" shares; ▇▇▇▇Payd▇▇ & ▇ygel Short Duration Tax Exempt Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel California Municipal Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Market Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ U.S. Growth Leaders & ▇ygel Small Cap Value Stock Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Small Cap Leaders Growth Stock Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Global Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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.Payden &

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 Payd▇▇ & ▇ygel Global Fixed Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & Rygel Short Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Limited Maturity Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Global Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real ygel Total Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ GNMA & ▇ygel International Equity Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Global Balanced Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & Rygel European Growth & Income Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & Rygel High Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; the Payd▇▇ & ▇ygel Value Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Growth Stock Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Emerging Market Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel EuroDirect Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel 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 "Investor ClassClass R" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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.

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 Trusts and classes thereof: "▇▇▇▇▇ ▇▇▇▇▇▇ Limited Maturity Diversified Strategic Income Fund, which shall consist of one class of shares designated as " and "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ 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 five classes of shares designated as "Investor Class" Class A, Class B, Class L, Class Y and "Class D" Z shares; "▇▇▇▇▇ ▇▇▇▇▇▇ Tax Exempt Bond Exchange Reserve Fund", which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇ ▇▇▇▇▇▇ California Municipal High Income Fund, which shall consist of one class of shares designated as " and "Investor Class" shares; ▇▇▇▇▇ ▇▇▇▇▇▇ Growth & Income Total Return Bond Fund, " which shall consist of one class four classes of shares designated as "Investor Class" Class A, Class B, Class L and Class Y shares; "SB Capital and Income Fund" and "SB Convertible Fund" which shall consist of ten classes of shares designated as ▇▇▇▇▇ ▇▇▇▇▇▇ Market Return FundClass A, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇ ▇▇▇▇▇▇ U.S. Growth Leaders FundClass B, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇ ▇▇▇▇▇▇ Small Cap Leaders FundClass L, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇ ▇▇▇▇▇▇ Global Short Bond FundClass O, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇ ▇▇▇▇▇▇ Global Fixed Income FundClass Y, which shall consist of one class of shares designated as "Investor Class" Salomon Brothers Class A, Salomon Brothers Class B, Salomon Brothers Class 2, Salomon Brothers Class O, and Salomon Brothers Class Y shares; and "▇▇▇▇▇ ▇▇▇▇▇▇ Emerging Markets Bond Dividend and Income Fund, " which shall consist of one class six classes of shares designated as "Investor Class" Class A, Class B, Class L, Class O, Class Y and Class Z shares. The shares Shares of each such Sub-Trust Trusts and classes thereof and any shares Shares of any further Sub-Trusts and or 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 at the time of establishing and designating the same) have the following relative rights and preferences:". " [Signature Page Follows] The undersigned hereby certify certifies that the Amendment set forth above has been duly adopted in accordance with the provisions of the Master Trust AgreementDeclaration of Trust.

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 and classes thereof: ▇▇▇▇▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Bunker Hill Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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.

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 Payd▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High ygel Global Fixed 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 "Investor ClassClass R" and "Class DS" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ California Municipal Income & Rygel Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Intermediate Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ ygel Global Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Total Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel International Equity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Global Fixed Balanced Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & Rygel European Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; and ▇▇▇▇the Payd▇▇ Emerging Markets Bond & Rygel High Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares. The ; the Payd▇▇ & ▇ygel Value Stock Fund, which shall consist of two classes of 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.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 Sub-trusts and classes thereof: ▇▇▇▇▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Bunker Hill Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2010+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2020+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2030+, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇/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.

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 and classes thereof: ▇▇▇▇▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; Bunker Hill Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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:". 2. The undersigned hereby certify that Effective March 31, 2007, the Amendment set forth above has been duly adopted in accordance with the provisions first paragraph of Section 4.2 of the Master Trust Agreement.Agreement is hereby amended to read in pertinent part as follow:

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: ▇▇▇▇▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ 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 "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Plus Fund, 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.

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 Trusts and classes thereof: ▇▇▇▇the Payd▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High ygel Global Fixed 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 "Investor ClassClass R" and "Class DS" shares; ▇▇▇▇the Payd▇▇ & ▇ygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ California Municipal Income & Rygel Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Intermediate Bond Fund, which shall consist of three classes of shares designated as "Class R", "Class S" and "Class I" shares; the Payd▇▇ & Rygel Investment Quality Bond Fund, which shall consist of three classes of shares designated as "Class R", "Class S" and "Class I" shares; the Payd▇▇ & ▇ygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel U.S. Treasury Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & Rygel Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ ygel Global Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Total Return Fund, which shall consist of three classes of shares designated as "Class R", "Class S" and "Class I" shares; the Payd▇▇ & ▇ygel International Equity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Global Fixed Balanced Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel European Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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.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-one Sub-trusts and classes thereof: Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Investor Class" shares and "Class D" shares, respectively; ▇▇▇▇▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Corporate Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ 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 "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Equity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2010+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2020+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2030+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2040+, which shall consist of one class of shares designated as "Investor Class" shares, and ▇▇▇▇▇▇/Kravitz Cash Balance Plan Fund, which shall consist of three classes of shares designated as "Institutional Class" shares, "Adviser Class" shares and "Retirement 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 Trustees shall (unless the Trustees otherwise determine with respect to some further Sub-Trust or class a at 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. [The rest of this 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-three Sub-trusts and classes thereof: ▇▇▇▇Payd▇▇ & ▇ygel Limited Maturity Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & Rygel Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel U.S. Government Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ Core & ▇ygel Investment Quality Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Real ygel Total Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ ygel High Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Investor ClassClass R" and "Class D" shares; ▇▇▇▇Payd▇▇ & ▇ygel Short Duration Tax Exempt Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel California Municipal Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ & ▇ygel Market Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇Payd▇▇ U.S. Growth Leaders & ▇ygel Small Cap Value Stock Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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.two classes

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: ▇▇▇▇▇▇ Payden Limited Maturity Fund, which shall consist of one class of shares s▇▇▇▇▇ designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Short Bond Fund, which shall consist of one class of shares designated ▇▇▇▇▇▇ated as "Investor Class" shares; ▇▇▇▇▇▇ Payden U.S. Government Fund, which shall consist of one class of shares designated sh▇▇▇▇ ▇esignated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Core Bond Fund, which shall consist of one class of shares designated d▇▇▇▇▇▇ted as "Investor Class" shares; ▇▇▇▇▇▇ Payden Opportunity Bond Fund, which shall consist of one class of shares s▇▇▇▇▇ designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Real Return Fund, which shall consist of one class of shares designated ▇▇▇▇▇nated as "Investor Class" shares; ▇▇▇▇▇▇ Payden GNMA Fund, which shall consist of one class of shares designated as design▇▇▇▇ ▇s "Investor Class" shares; ▇▇▇▇▇▇ Payden High Income Fund, which shall consist of one class of shares designated ▇▇▇▇▇nated as "Investor Class" shares; Bunker Hill Money Market Fund, which shall consist of two classes of shares designated as "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Payden Tax Exempt Bond Fund, which shall consist of one class of shares designated sh▇▇▇▇ ▇esignated as "Investor Class" shares; ▇▇▇▇▇▇ Payden California Municipal Income Fund, which shall consist of one class ▇▇▇▇▇ of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Growth & Income Fund, which shall consist of one class of shares designated sh▇▇▇▇ ▇esignated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Market Return Fund, which shall consist of one class of shares designated shar▇▇ ▇▇▇ignated as "Investor Class" shares; ▇▇▇▇▇▇ Payden U.S. Growth Leaders Fund, which shall consist of one class of shares o▇ ▇▇▇▇es designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Small Cap Leaders Fund, which shall consist of one class of shares ▇▇▇▇▇▇ designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Global Short Bond Fund, which shall consist of one class of shares ▇▇▇▇▇▇ designated as "Investor Class" shares; ▇▇▇▇▇▇ Payden Global Fixed Income Fund, which shall consist of one class of shares o▇ ▇▇▇▇es designated as "Investor Class" shares; and ▇▇▇▇▇▇ Payden Emerging Markets Bond Fund, which shall consist of one class ▇▇ ▇▇ares designated as "Investor Class" shares; and Payden Plus Fund, which shall consist of one class of shares designated as design▇▇▇▇ ▇s "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.

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 Trusts and classes thereof: ▇▇▇▇the Payd▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High ygel Global Fixed 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 "Investor ClassClass R" and "Class DS" shares; ▇▇▇▇the Payd▇▇ & ▇ygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Rygel Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and & ▇▇▇▇▇▇ Emerging Markets ygel Intermediate Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares. The ; the Payd▇▇ & ▇ygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Limited Maturity Fund, which shall consist of each Sub-Trust two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes thereof of shares designated as "Class R" and any "Class S" shares; the Payd▇▇ & ▇ygel U.S. Government Fund, which shall consist of two classes of shares of any further Sub-Trusts designated as "Class R" 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.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 seventeen Sub-trusts and classes thereof: ▇▇▇▇▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ 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 "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, 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.

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 Payd▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High ygel Global Fixed 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 "Investor ClassClass R" and "Class DS" shares; ▇▇▇▇the Payd▇▇ & ▇ygel International Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ California Municipal Income & Rygel Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Intermediate Bond Fund, which shall consist of three classes of shares designated as "Class R," "Class S" and "Class I" shares; the Payd▇▇ & Rygel Investment Quality Bond Fund, which shall consist of three classes of shares designated as "Class R," "Class S" and "Class I" shares; the Payd▇▇ & ▇ygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & Rygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel U.S. Treasury Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ ygel Global Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ Global Fixed Income & ▇ygel Total Return Fund, which shall consist of one class three classes of shares designated as "Investor ClassClass R," "Class S" and "Class I" shares; and ▇▇▇▇the Payd▇▇ Emerging Markets Bond & ▇ygel International Equity Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares. The ; the Payd▇▇ & ▇ygel Global Balanced Fund, which shall consist of two classes of shares of each Sub-Trust designated as "Class R" 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 "Class S" shares; 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.Payd▇▇ & ▇ygel 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 twenty-one Sub-trusts Trusts and classes thereof: ▇▇▇▇the Payd▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High ygel Global Fixed 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 "Investor ClassClass R" and "Class DS" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Tax Exempt Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ California Municipal Income & Rygel Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ & ▇ygel Investment Quality Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Limited Maturity Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Short Duration Tax Exempt Bond Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel U.S. Government Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Market Return Fund, which shall consist of two classes of shares designated as "Class R" and "Class S" shares; the Payd▇▇ & ▇ygel Growth & Income Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; & ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ ygel Global Short Bond Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; ▇▇▇▇the Payd▇▇ Global Fixed Income & ▇ygel Total Return Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass R" and "Class S" shares; and ▇▇▇▇the Payd▇▇ Emerging Markets Bond & ▇ygel International Equity Fund, which shall consist of one class two classes of shares designated as "Investor ClassClass 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:". The undersigned hereby certify that the Amendment set forth above has been duly adopted in accordance with the provisions of the Master Trust Agreement.Payd▇▇ & ▇ygel 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 and classes thereof: Payden Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as "Investor Class" shares and "Class D" shares, respectively; ▇▇▇▇▇▇ Limited Maturity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Opportunity Corporate Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Real Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ 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 "Investor Class" and "Class D" shares; ▇▇▇▇▇▇ Tax Exempt Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Growth & Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Small Cap Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income Fund, which shall consist of one class of shares designated as "Investor Class" shares; and ▇▇▇▇▇▇ Emerging Markets Bond Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Value Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth Leaders Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Equity Fund, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2010+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2020+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2030+, which shall consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2040+, which shall consist of one class of shares designated as "Investor Class" shares, and ▇▇▇▇▇▇/Kravitz Cash Balance Plan Fund, which shall consist of two classes of shares designated as "Institutional Class" shares and "Adviser 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 Trustees shall (unless the Trustees otherwise determine with respect to some further Sub-Trust or class a at 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. [The rest of this page is intentionally left blank.]