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EXHIBIT (A)(26)
THE XXXXXX & RYGEL INVESTMENT GROUP
AMENDMENT NO. 25 TO
MASTER TRUST AGREEMENT
This Amendment No. 25 to the Master Trust Agreement of The Xxxxxx &
Rygel Investment Group, dated January 22, 1992, as amended (the Agreement"), is
made as of December 31, 2000.
WHEREAS, pursuant to the Agreement, the Trustees have previously
established and designated twenty-two 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 U.S. Growth Leaders Fund, Xxxxxx & Rygel Small Cap 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 European Aggressive
Growth Fund and Xxxxxx & Rygel World Target Twenty 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, the Trustees hereby desire to liquidate, and have authorized
the liquidation of, the Xxxxxx & Rygel European Growth & Income Fund, effective
December 23, 2000, and the Trustees further desire to rename, and have
authorized the renaming of, each of the remaining Funds, effective December 31,
2000;
NOW THEREFORE:
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 Limited
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Maturity Fund, which shall consist of two classes of shares designated
as "Class R" and "Class S" shares; Payden Short Bond Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; Xxxxxx U.S. Government Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; Payden
Investment Quality Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; Payden Total Return
Fund, which shall consist of two classes of shares designated as "Class
R" and "Class S" shares; Xxxxxx GNMA Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; Xxxxxx
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; Payden Short Duration Tax Exempt Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class S" shares; Payden Tax Exempt Bond Fund, which shall consist of
two classes of shares designated as "Class R" and "Class S" shares;
Payden California Municipal Income Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; Payden
Growth & Income Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; Payden Market Return Fund,
which shall consist of two classes of shares designated as "Class R" and
"Class S" shares; Payden U.S. Growth Leaders Fund, which shall consist
of two classes of shares designated as "Class R" and "Class S" shares;
Payden Small Cap Leaders Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; Payden Global Short
Bond Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; Xxxxxx Global Fixed Income Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class S" shares; Xxxxxx Emerging Markets Bond Fund, which shall consist
of two classes of shares designated as "Class R" and "Class S" shares;
Payden Global Balanced Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; Payden European
Aggressive Growth Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; and Payden World Target
Twenty 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 determine with respect to some
further Sub-Trust or class at the time of establishing
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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 Xxxxxxxxxxx X. Xxxxxxxx
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X. X. Xxxxxx, Xx. Xxxxxx X. Xxxxxxx
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X. Xxxxxxxx La Force Xxxxxxx Xxxxxxx
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Xxxxxx X. Xxxxx, M.D. Xxxx Xxxx Xxxx
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Xxxxxx X. XxXxxxxx, Xx.
