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.
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.