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THE ▇▇▇▇▇▇ & RYGEL INVESTMENT GROUP
AMENDMENT NO. 18 TO
MASTER TRUST AGREEMENT
This Amendment No. 18 to the Master Trust Agreement of The ▇▇▇▇▇▇ &
Rygel Investment Group, dated January 22, 1992, as amended (the "Agreement"), is
made as of December __, 1998.
WHEREAS, pursuant to the Agreement, the Trustees have previously
established and designated twenty sub-trusts known as the ▇▇▇▇▇▇ & Rygel Global
Fixed Income Fund, the ▇▇▇▇▇▇ & Rygel International Bond Fund (which was
liquidated, effective January 23, 1998), the ▇▇▇▇▇▇ & Rygel Tax Exempt Bond
Fund, the ▇▇▇▇▇▇ & Rygel Short Bond Fund, the ▇▇▇▇▇▇ & Rygel Intermediate Bond
Fund, the ▇▇▇▇▇▇ & Rygel Investment Bond Fund (formerly the ▇▇▇▇▇▇ & Rygel
Opportunity Fund), the ▇▇▇▇▇▇ & Rygel Limited Maturity Fund, the ▇▇▇▇▇▇ & Rygel
Short Duration Tax Exempt Fund, the ▇▇▇▇▇▇ & Rygel U.S. Government Fund
(formerly the ▇▇▇▇▇▇ & Rygel U.S. Treasury Fund), the ▇▇▇▇▇▇ & Rygel Market
Return Fund, the ▇▇▇▇▇▇ & Rygel Growth & Income Fund, the ▇▇▇▇▇▇ & Rygel Global
Short Bond Fund, the ▇▇▇▇▇▇ & Rygel Total Return Fund, the ▇▇▇▇▇▇ & Rygel
International Equity Fund, the ▇▇▇▇▇▇ & Rygel Global Balanced Fund, the ▇▇▇▇▇▇ &
Rygel European Growth & Income Fund, the ▇▇▇▇▇▇ & Rygel High Income Fund, the
▇▇▇▇▇▇ & Rygel Value Stock Fund, the ▇▇▇▇▇▇ & Rygel Growth Stock Fund, and the
Bunker Hill Money Market Fund (formerly the PRAAM Money Market 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 establish and designate three
additional sub-trusts, to be known as the ▇▇▇▇▇▇ & Rygel High Emerging Market
Bond Fund, the ▇▇▇▇▇▇ & Rygel EuroDirect Fund and the ▇▇▇▇▇▇ & Rygel Growth
California Intermediate Municipal Income Fund, and to fix the rights and
preferences of the shares of each such additional sub-trust;
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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-two Sub-Trusts and classes thereof: the
▇▇▇▇▇▇ & Rygel Global Fixed Income Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; the
▇▇▇▇▇▇ & Rygel Tax Exempt Bond Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ &
Rygel Short Bond Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ & Rygel
Intermediate Bond Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ & Rygel
Investment Quality Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ & Rygel
Limited Maturity Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ & Rygel Short
Duration Tax Exempt Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ & Rygel
U.S. Government Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ & Rygel Market
Return Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; the ▇▇▇▇▇▇ & Rygel Growth & Income Fund,
which shall consist of two classes of shares designated as "Class R" and
"Class S" shares; the ▇▇▇▇▇▇ & Rygel Global Short Bond Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; the ▇▇▇▇▇▇ & Rygel Total Return Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; the
▇▇▇▇▇▇ & Rygel International Equity Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; the
▇▇▇▇▇▇ & Rygel Global Balanced Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ &
Rygel European Growth & Income Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ &
Rygel High Income Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the ▇▇▇▇▇▇ & Rygel Value
Stock Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; the ▇▇▇▇▇▇ & Rygel Growth Stock Fund,
which shall consist of two classes of shares designated as "Class R" and
"Class S" shares; the ▇▇▇▇▇▇ & Rygel Emerging Market Bond Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class S" shares; the ▇▇▇▇▇▇ & Rygel EuroDirect Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; the ▇▇▇▇▇▇ & Rygel California Intermediate Municipal Income
Fund, which shall consist of two classes of shares designated as "Class
R" and "Class S" shares; and the Bunker Hill Money Market Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class D" 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 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.
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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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