Exhibit a.37
THE ▇▇▇▇▇▇ & RYGEL INVESTMENT GROUP
AMENDMENT NO. 36 TO
MASTER TRUST AGREEMENT
This Amendment No. 36 to the Master Trust Agreement of The ▇▇▇▇▇▇ & Rygel
Investment Group, dated January 22, 1992, as amended (the "Agreement"), is made
as of June __, 2007.
WHEREAS, pursuant to the Agreement, the Trustees have previously
established and designated sixteen sub-trusts known as the ▇▇▇▇▇▇ Limited
Maturity Fund, ▇▇▇▇▇▇ Short Bond Fund, ▇▇▇▇▇▇ U.S. Government Fund, ▇▇▇▇▇▇ GNMA
Fund, ▇▇▇▇▇▇ Core Bond Fund, ▇▇▇▇▇▇ Opportunity Bond Fund, ▇▇▇▇▇▇ High Income
Fund, Payden Cash Reserves Money Market Fund, ▇▇▇▇▇▇ Tax Exempt Bond Fund,
▇▇▇▇▇▇ California Municipal Income Fund, ▇▇▇▇▇▇ Growth & Income Fund, ▇▇▇▇▇▇
Market Return Fund, ▇▇▇▇▇▇ U.S. Growth Leaders Fund, ▇▇▇▇▇▇ Global Short Bond
Fund, ▇▇▇▇▇▇ Global Fixed Income Fund and ▇▇▇▇▇▇ 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 establish and designate four
additional sub-trusts, to be known as the ▇▇▇▇▇▇/Wilshire Longevity Fund 2010+,
▇▇▇▇▇▇/Wilshire Longevity Fund 2020+, ▇▇▇▇▇▇/Wilshire Longevity Fund 2030+ and
▇▇▇▇▇▇/Wilshire Longevity Fund 2040+, respectively, and to fix the rights and
preferences of the shares of each such additional sub-trust, effective June __,
2007;
NOW THEREFORE:
1. Effective June __, 2007, 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
Sub-trusts and classes thereof: ▇▇▇▇▇▇ Limited Maturity Fund, which shall
consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇
Short Bond Fund, which shall consist of one class of shares designated as
"Investor Class" shares; ▇▇▇▇▇▇ U.S. Government Fund, which shall consist of
one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Core Bond
Fund, which shall consist of one class of shares designated as "Investor Class"
shares; ▇▇▇▇▇▇ Opportunity Bond Fund, which shall consist of one class of shares
designated as "Investor Class" shares; ▇▇▇▇▇▇ GNMA Fund, which shall consist of
one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ High Income
Fund, which shall consist of one class of shares designated as "Investor Class"
shares; Payden Cash Reserves Money Market Fund, which shall consist of two
classes of shares designated as "Investor Class" and "Class D" shares; ▇▇▇▇▇▇
Tax Exempt Bond Fund, which shall consist of one class of shares designated as
"Investor Class" shares; ▇▇▇▇▇▇ California Municipal Income Fund, which shall
consist of one class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇
Value Leaders Fund, which shall consist of one class of shares designated as
"Investor Class" shares; ▇▇▇▇▇▇ Market Return Fund, which shall consist of one
class of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ U.S. Growth
Leaders Fund, which shall consist of one class of shares designated as "Investor
Class" shares; ▇▇▇▇▇▇ Global Short Bond Fund, which shall consist of one class
of shares designated as "Investor Class" shares; ▇▇▇▇▇▇ Global Fixed Income
Fund, which shall consist of one class of shares designated as "Investor Class"
shares; ▇▇▇▇▇▇ Emerging Markets Bond Fund, which shall consist of one class of
shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund
2010+, which shall consist of one class of shares designated as "Investor Class"
shares; ▇▇▇▇▇▇/Wilshire Longevity Fund 2020+, which shall consist of one class
of shares designated as "Investor Class" shares; ▇▇▇▇▇▇/Wilshire Longevity Fund
2030+, which shall consist of one class of shares designated as "Investor Class"
shares; and ▇▇▇▇▇▇/Wilshire Longevity Fund 2040+, 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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▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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▇. ▇. ▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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▇. ▇▇▇▇▇▇▇▇ La Force ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇, M.D. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
