EXHIBIT (a.32)
THE XXXXXX & RYGEL INVESTMENT GROUP
AMENDMENT NO. 31 TO
MASTER TRUST AGREEMENT
This Amendment No. 31 to the Master Trust Agreement of The Xxxxxx &
Rygel Investment Group, dated January 22, 1992, as amended (the "Agreement"), is
made as of November 19, 2003.
WHEREAS, pursuant to the Agreement, the Trustees have previously
established and designated eighteen sub-trusts known as the 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, Bunker Hill Money Market Fund, Xxxxxx Short Duration Tax Exempt Fund,
Xxxxxx Tax Exempt Bond Fund, Xxxxxx California Municipal Income Fund, Xxxxxx
Growth & Income Fund, Xxxxxx Market Return Fund, Xxxxxx U.S. Growth Leaders
Fund, Xxxxxx Small Cap Leaders Fund, Xxxxxx Global Short Bond Fund, Xxxxxx
Global Fixed Income Fund, and Xxxxxx Emerging Markets Bond 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 Short Duration Tax Exempt Fund, effective
December __, 2003; and
WHEREAS, the Trustees desire to re-designate the classes of shares of
each of the seventeen sub-trusts, effective December 31, 2003;
NOW THEREFORE:
1. Effective December __, 2003 and to reflect the liquidation of the
Xxxxxx Short Duration Tax Exempt Fund, 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 seventeen Sub-trusts and classes thereof: Xxxxxx
Limited Maturity Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; Xxxxxx 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;
Xxxxxx Core Bond Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; Xxxxxx Opportunity Bond
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; Xxxxxx Tax Exempt Bond Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; Xxxxxx California Municipal Income Fund, which shall consist of
two classes of shares designated as "Class R" and "Class S" shares;
Xxxxxx Growth & Income Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; Xxxxxx Market
Return Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; Xxxxxx U.S. Growth Leaders Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class S" shares; Xxxxxx Small Cap Leaders Fund, which shall consist of
two classes of shares designated as "Class R" and "Class S" shares;
Xxxxxx 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; and Xxxxxx Emerging Markets Bond 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 a the time of establishing and designating the same) have the
following relative rights and preferences:".
2. Effective December 31, 2003 and to reflect the re-designation of the
classes of shares of each of the seventeen sub-trusts, 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 seventeen Sub-trusts and classes thereof: 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 Core Bond Fund,
which shall consist of one class of shares designated as "Investor
Class" shares; Xxxxxx Opportunity Bond 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 High Income Fund, which shall consist of one class
of shares designated as "Investor Class" shares; Bunker Hill Money
Market Fund, which shall consist of two classes of shares designated as
"Investor Class" and "Class D" 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 Growth & Income Fund, which shall consist of one class of shares
designated as "Investor Class" shares; Xxxxxx Market Return 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 Small Cap
Leaders 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; and Xxxxxx Emerging
Markets Bond Fund, which shall consist of one class of shares designated
as "Investor Class" 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.
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 X. Xxxxxxx
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Xxxxxx X. Xxxxx, M.D. Xxxx Xxxx Xxxx
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Xxxxxx X. XxXxxxxx, Xx.
