MERRIMAC SERIES
AMENDMENT NO. 3 TO
MASTER TRUST AGREEMENT
AMENDMENT NO. 3 to the Master Trust Agreement dated March 30, 1998 of
the Merrimac Series (the "Trust") made at Boston, Massachusetts as of this
23rd day of February, 2001.
WHEREAS, Section 7.3 of the Agreement of the Trust provides that the
Agreement may be amended at any time by an instrument in writing signed by a
majority of Trustees of the Trust without the vote of the Shareholders of the
Trust, so long as such amendment does not adversely affect the rights of any
shareholder;
WHEREAS, Section 4.1 of the Agreement of the Trust provides that the
Trustees of the Trust may establish and designate additional Series of Shares
by an instrument in writing signed by a majority of Trustees of the Trust; and
WHEREAS, the Trustees of the Trust desire to establish an additional
Series of Shares to be identified as the "Merrimac Municipal Series."
NOW, THEREFORE, the Trustees hereby state that:
1. Section 4.2 of the Agreement and all other appropriate
references in the Agreement are amended to designate and establish a new
Series of shares (in addition to the Merrimac Cash Series, the Merrimac
Treasury Series, the Merrimac Treasury Plus Series, the Merrimac Short-Term
Asset Reserve Series and the Merrimac U.S. Government Series, heretofore
established and designated) to be known as the Merrimac Municipal Series,
effective as of this date, such new Series to have the relative rights and
preferences set forth in Section 4.2 of the Agreement.
2. The initial paragraph of Section 4.2 of the agreement, as heretofore
in effect, is amended to read as follows:
"Section 4.2 Establishment and Designation of Sub-Trusts and Classes.
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Without limiting the authority of the Trustees set forth in Section 4.1
to establish and designate any further Sub-Trusts, the Trustees hereby
establish and designate six Sub-Trusts identified as "Merrimac Cash
Series," "Merrimac Treasury Series," "Merrimac Treasury Plus Series,"
"Merrimac Short-Term Asset Reserve Series," "Merrimac U.S. Government
Series," and " Merrimac Municipal Series" which Sub-Trusts shall consist
of three classes of shares identified as the "Premium Class" the
"Institutional Class" and "Investment Class" Shares. The Shares of such
Sub-Trusts and any Shares of any further Sub-Trusts 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 at
the time of establishing and designating the same) have the following
relative rights and preferences:"
IN WITNESS WHEREOF, the undersigned have hereunto set their hands and
seal for themselves and their assigns, as of this 23rd day of February, 2001.
/s/ Xxxxxx X. Xxxxx, Xx.
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Xxxxxx X. Xxxxx, Xx.
/s/ Xxxxxxx X. Xxxx, Xx.
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Xxxxxxx X. Xxxx, Xx.
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
