Exhibit (a.40)
THE XXXXXX & RYGEL INVESTMENT GROUP
AMENDMENT NO. 39 TO
MASTER TRUST AGREEMENT
This Amendment No. 39 to the Master Trust Agreement of The Xxxxxx & Rygel
Investment Group, dated January 22, 1992, as amended (the "Agreement"), is made
as of February 10, 2009.
WHEREAS, pursuant to the Agreement, the Trustees have previously
established and designated twenty-two 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 Opportunity Bond Fund, Xxxxxx High Income Fund, Xxxxxx Tax Exempt Bond
Fund, Xxxxxx California Municipal Income Fund, Xxxxxx Value Leaders Fund, Xxxxxx
Market Return Fund, Xxxxxx U.S. Growth Leaders Fund, Xxxxxx Global Short Bond
Fund, Xxxxxx Global Fixed Income Fund, Xxxxxx Emerging Markets Bond Fund, Xxxxxx
Global Equity Fund, Xxxxxx/Wilshire Longevity Fund 2010+, Xxxxxx/Wilshire
Longevity Fund 2020+, Xxxxxx/Wilshire Longevity Fund 2030+, Xxxxxx/Wilshire
Longevity Fund 2040+ and Xxxxxx/Xxxxxxx 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 January 30, 2009, the Xxxxxx Opportunity Bond Fund and
the Xxxxxx Market Return Fund were liquidated pursuant to the unanimous decision
of the Board of Trustees at its regularly scheduled meeting on December 16,
2008; and
WHEREAS, effective February 10, 2009, the Trustees hereby desire to
establish and designate an additional sub-trust, to be known as the Xxxxxx
Corporate Bond Fund, and to fix the rights and preferences of the shares of such
additional sub-trust;
NOW THEREFORE:
1. Effective February 10, 2009, 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 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; Xxxxxx Limited Maturity Fund, which shall
consist of one class of shares designated as "Investor Class" shares; Xxxxxx
Short Bond Fund, which shall consist of one class of shares designated as
"Investor Class" shares; Xxxxxx U.S. Government Fund, which shall consist of one
class of shares designated as "Investor Class" shares; Xxxxxx GNMA Fund, which
shall consist of one class of shares designated as "Investor Class" shares;
Xxxxxx Core Bond Fund, which shall consist of one class of shares designated as
"Investor Class" shares; Xxxxxx Corporate Bond Fund, which shall consist of one
class of shares designated as "Investor Class" shares; Xxxxxx High Income Fund,
which shall consist of one class of shares designated as "Investor Class"
shares; Xxxxxx Tax Exempt Bond Fund, which shall consist of one class of shares
designated as "Investor Class" shares; Xxxxxx California Municipal Income Fund,
which shall consist of one class of shares designated as "Investor Class"
shares; Xxxxxx Global Short Bond Fund, which shall consist of one class of
shares designated as "Investor Class" shares; Xxxxxx Global Fixed Income Fund,
which shall consist of one class of shares designated as "Investor Class"
shares; Xxxxxx Emerging Markets Bond Fund, which shall consist of one class of
shares designated as "Investor Class" shares; Xxxxxx Value Leaders Fund, which
shall consist of one class of shares designated as "Investor Class" shares;
Xxxxxx U.S. Growth Leaders Fund, which shall consist of one class of shares
designated as "Investor Class" shares; Xxxxxx Global Equity Fund, which shall
consist of one class of shares designated as "Investor Class" shares;
Xxxxxx/Wilshire Longevity Fund 2010+, which shall consist of one class of shares
designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund 2020+,
which shall consist of one class of shares designated as "Investor Class"
shares; Xxxxxx/Wilshire Longevity Fund 2030+, which shall consist of one class
of shares designated as "Investor Class" shares; Xxxxxx/Wilshire Longevity Fund
2040+, which shall consist
of one class of shares designated as "Investor Class" shares, and Xxxxxx/Kravitz
Cash Balance Plan Fund, which shall consist of two classes of shares designated
as "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 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.]
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.
------------------------------------- ----------------------------------------
Xxxx X. Xxxxxx Xxxxxx X. Xxxxxxxx
------------------------------------- ----------------------------------------
X. X. Xxxxxx, Xx. Xxxxxx X. Xxxxxxx
------------------------------------- ----------------------------------------
Xxxxxx X. Xxxxx, M.D. Xxxxxxx X. Xxxxxx
------------------------------------- ----------------------------------------
Xxxxxx X. XxXxxxxx Xxxxxxx X. Xxxxxxx
------------------------------------- ----------------------------------------
Xxxxxxxxx X. Xxxxxx Xxxx Xxxx Xxxx
