THE PAYDEN & RYGEL INVESTMENT GROUP AMENDMENT NO. 43 TO MASTER TRUST AGREEMENT
This Amendment No. 43 to the Master Trust Agreement of The Xxxxxx & Rygel Investment Group,
dated January 22, 1992, as amended (the “Agreement”), is made as of September __, 2011.
WHEREAS, pursuant to the Agreement, the Trustees have previously established and designated
eighteen sub-trusts known as the Payden Cash Reserves Money Market Fund, Xxxxxx Limited Maturity
Fund, Xxxxxx Short Bond Fund, Xxxxxx U.S. Government Fund, Xxxxxx GNMA Fund, Xxxxxx Core Bond Fund,
Xxxxxx Corporate Bond Fund, Xxxxxx High Income Fund, Xxxxxx Tax Exempt Bond Fund, Xxxxxx California
Municipal Income Fund, Xxxxxx Global Short Bond Fund, Xxxxxx Global Fixed Income Fund, Xxxxxx
Emerging Markets Bond Fund, Xxxxxx Value Leaders Fund, Xxxxxx U.S. Growth Leaders Fund, Xxxxxx
Global Equity Fund, Xxxxxxx/Xxxxxx European Emerging Markets Fund, and Xxxxxx/Kravitz Cash Balance
Plan Fund; and
WHEREAS, the Trustees have the authority, without shareholder approval, under Section 7.3 of
the Agreement, to amend the Agreement in any manner, so long as such amendment does not adversely
affect the rights of any shareholder and is not in contravention of applicable law; and
WHEREAS, effective September __, 2011, the Trustees hereby desire to establish and designate
an additional sub-trust, to be known as the Xxxxxx Emerging Markets Local Bond Fund, and to fix the
rights and preferences of the shares of such additional sub-trust;
NOW THEREFORE:
1. Effective September __, 2011, the first paragraph of Section 4.2 of the Agreement is
hereby amended to read in pertinent part as follow:
“Section 4.2 Establishment and Designation of Sub-Trusts. Without limiting the authority of
the Trustee set forth in Section 4.1 to establish and designate any further Sub-Trusts, the
Trustees hereby establish and designate nineteen Sub-trusts and classes thereof: Payden
Cash Reserves Money Market Fund, which shall consist of two classes of shares designated as
“Investor Class” shares and “Class D” shares, respectively; 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 two classes of shares designated as “Investor Class” shares
and “Adviser Class” shares, respectively; Xxxxxx GNMA Fund, which shall consist of two classes of
shares designated as “Investor Class” shares and “Adviser Class” shares, respectively; Xxxxxx Core
Bond Fund, which shall consist of two classes of shares designated as “Investor Class” shares and
“Adviser Class” shares, respectively; 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
two classes of shares designated as “Investor Class” shares and “Adviser Class” shares,
respectively; 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 two classes of shares designated as “Investor Class”
shares and “Adviser Class” shares, respectively; Xxxxxx Emerging Markets Local Bond Fund, which
shall consist of two classes of shares designated as “Investor Class” shares and “Adviser Class”
shares, respectively; 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 two
classes of shares designated as “Investor Class” shares and “Adviser Class” shares, respectively;
Xxxxxx Global Equity Fund, which shall consist of one class of shares designated as “Investor
Class” shares; Xxxxxxx/Xxxxxx European Emerging Markets Fund, 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 “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 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.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands for themselves and their
assigns, as of the day and year first above written. This instrument may be executed in one or
more counterparts, all of which shall together constitute a single instrument.
