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EXHIBIT (a.23)
THE XXXXXX & RYGEL INVESTMENT GROUP
AMENDMENT NO. 22 TO
MASTER TRUST AGREEMENT
This Amendment No. 22 to the Master Trust Agreement of The Xxxxxx & Rygel
Investment Group, dated January 22, 1992, as amended (the Agreement"), is made
as of December 17, 1999.
WHEREAS, pursuant to the Agreement, the Trustees have previously
established and designated twenty-three sub-trusts known as the Xxxxxx & Rygel
Limited Maturity Fund, Xxxxxx & Rygel Short Bond Fund, Xxxxxx & Rygel U.S.
Government Fund, Xxxxxx & Rygel GNMA Fund, Xxxxxx & Rygel Investment Quality
Bond Fund, Xxxxxx & Rygel Total Return Fund, Xxxxxx & Rygel High Income Fund,
Bunker Hill Money Market Fund, Xxxxxx & Rygel Short Duration Tax Exempt Fund,
Xxxxxx & Rygel Tax Exempt Bond Fund, Xxxxxx & Rygel California Municipal Income
Fund, Xxxxxx & Rygel Growth & Income Fund, Xxxxxx & Rygel Market Return Fund,
Xxxxxx & Rygel Small Cap Value Stock Fund, Xxxxxx & Rygel Small Cap Growth Stock
Fund, Xxxxxx & Rygel U.S. Growth Leaders Fund, Xxxxxx & Rygel Global Short Bond
Fund, Xxxxxx & Rygel Global Fixed Income Fund, Xxxxxx & Rygel Emerging Markets
Bond Fund, Xxxxxx & Rygel Global Balanced Fund, Xxxxxx & Rygel European Growth &
Income Fund, Xxxxxx & Rygel EuroDirect Fund and Xxxxxx & Rygel European
Aggressive Growth 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;
WHEREAS, the Trustees hereby desire to establish and designate an
additional sub-trust, to be known as the Xxxxxx & Rygel Small Cap Leaders Fund,
and to fix the rights and preferences of the shares of such additional
sub-trust, effective December 17, 1999; and
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WHEREAS, the Trustees hereby desire to liquidate, and have authorized the
liquidation of, the Xxxxxx & Rygel Small Cap Growth Stock Fund and the Xxxxxx &
Rygel Small Cap Value Stock Fund, effective January 31, 2000;
NOW THEREFORE:
Amendment Effective December 17, 1999:
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-four Sub-trusts and classes thereof: Xxxxxx & Rygel
Limited Maturity Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; Xxxxxx & Rygel Short Bond
Fund, which shall consist of two classes of shares designated as "Class R"
and "Class S" shares; Xxxxxx & Rygel U.S. Government Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; Xxxxxx & Rygel Investment Quality Bond Fund, which shall consist of
two classes of shares designated as "Class R" and "Class S" shares; Xxxxxx
& Rygel Total Return Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; Xxxxxx & Rygel GNMA Fund,
which shall consist of two classes of shares designated as "Class R" and
"Class S" shares; Xxxxxx & Rygel High Income Fund, which shall consist of
two classes of shares designated as "Class R" and "Class S" shares; Bunker
Hill Money Market Fund, which shall consist of two classes of shares
designated as "Class R" and "Class D" shares; Xxxxxx & Rygel Short Duration
Tax Exempt Fund, which shall consist of two classes of shares designated as
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"Class R" and "Class S" shares; Xxxxxx & Rygel Tax Exempt Bond Fund, which
shall consist of two classes of shares designated as "Class R" and "Class
S" shares; Xxxxxx & Rygel California Municipal Income Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; Xxxxxx & Rygel Growth & Income Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; Xxxxxx &
Rygel Market Return Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; Xxxxxx & Rygel Small Cap
Value Stock Fund, which shall consist of two classes of shares designated
as "Class R" and "Class S" shares; Xxxxxx & Rygel Small Cap Growth Stock
Fund, which shall consist of two classes of shares designated as "Class R"
and "Class S" shares; Xxxxxx & Rygel U.S. Growth Leaders Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; Xxxxxx & Rygel Small Cap Leaders Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; Xxxxxx &
Rygel Global Short Bond Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; Xxxxxx & Rygel Global Fixed
Income Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; Xxxxxx & Rygel Emerging Markets Bond Fund,
which shall consist of two classes of shares designated as "Class R" and
"Class S" shares; Xxxxxx & Rygel Global Balanced Fund, which shall consist
of two classes of shares designated as "Class R" and "Class S" shares;
Xxxxxx & Rygel European Growth & Income Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; Xxxxxx &
Rygel EuroDirect Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; and Xxxxxx & Rygel European
Aggressive Growth Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares. The
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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:".
Amendment Effective January 31, 2000:
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-two Sub-trusts and classes thereof: Xxxxxx & Rygel Limited
Maturity Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; Xxxxxx & Rygel Short Bond Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; Xxxxxx & Rygel U.S. Government Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; Xxxxxx &
Rygel Investment Quality Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; Xxxxxx & Rygel Total
Return Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; Xxxxxx & Rygel GNMA Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; Xxxxxx & Rygel High Income Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; Bunker Hill Money
Market Fund, which shall consist of two classes of shares designated as
"Class R" and "Class D" shares; Xxxxxx & Rygel Short Duration Tax Exempt
Fund, which
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shall consist of two classes of shares designated as "Class R" and "Class
S" shares; Xxxxxx & Rygel Tax Exempt Bond Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; Xxxxxx &
Rygel California Municipal Income Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; Xxxxxx & Rygel
Growth & Income Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; Xxxxxx & Rygel Market Return
Fund, which shall consist of two classes of shares designated as "Class R"
and "Class S" shares; Xxxxxx & Rygel U.S. Growth Leaders Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; Xxxxxx & Rygel Small Cap Leaders Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; Xxxxxx &
Rygel Global Short Bond Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; Xxxxxx & Rygel Global Fixed
Income Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; Xxxxxx & Rygel Emerging Markets Bond Fund,
which shall consist of two classes of shares designated as "Class R" and
"Class S" shares; Xxxxxx & Rygel Global Balanced Fund, which shall consist
of two classes of shares designated as "Class R" and "Class S" shares;
Xxxxxx & Rygel European Growth & Income Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; Xxxxxx &
Rygel EuroDirect Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; and Xxxxxx & Rygel European
Aggressive Growth Fund, which shall consist of two classes of shares
designated as "Class 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
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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.
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.
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Xxxx X. Xxxxxx X.X. Xxxxxx, Xx.
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Xxxx Xxxx Xxxxxxxx Xxxxxxxxxxx X. Xxxxxxxx
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X. Xxxxxxxx La Force Xxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx Xxxxxx X. XxXxxxxx, Xx.
