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THE XXXXXX & RYGEL INVESTMENT GROUP
AMENDMENT NO. 19 TO
MASTER TRUST AGREEMENT
This Amendment No. 19 to the Master Trust Agreement of The Xxxxxx &
Rygel Investment Group, dated January 22, 1992, as amended (the "Agreement"), is
made as of December 16, 1998.
WHEREAS, pursuant to the Agreement, the Trustees have previously
established and designated eighteen sub-trusts known as the Xxxxxx & Rygel
Global Fixed Income Fund, the Xxxxxx & Rygel Tax Exempt Bond Fund, the Xxxxxx &
Rygel Short Bond Fund, the Xxxxxx & Rygel Investment Quality Bond Fund, the
Xxxxxx & Rygel Limited Maturity Fund, the Xxxxxx & Rygel Short Duration Tax
Exempt Fund, the Xxxxxx & Rygel U.S. Government Fund, the Xxxxxx & Rygel Market
Return Fund, the Xxxxxx & Rygel Growth & Income Fund, the Xxxxxx & Rygel Global
Short Bond Fund, the Xxxxxx & Rygel Total Return Fund, the Xxxxxx & Rygel
International Equity Fund, the Xxxxxx & Rygel Global Balanced Fund, the Xxxxxx &
Rygel European Growth & Income Fund, the Xxxxxx & Rygel High Income Fund, the
Xxxxxx & Rygel Value Stock Fund, the Xxxxxx & Rygel Growth Stock Fund, and the
Bunker Hill 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 Xxxxxx & Rygel High Emerging Markets
Bond Fund, the Xxxxxx & Rygel EuroDirect Fund and the Xxxxxx & Rygel California
Municipal Income Fund, and to fix the rights and preferences of the shares of
each such additional sub-trust, effective the day and year first above written;
and
WHEREAS, the Trustees hereby also desire to change the designation of
the Xxxxxx & Rygel Value Stock Fund to the Xxxxxx & Rygel Small Cap Value Stock
Fund, and change the designation of the Xxxxxx & Rygel Growth Stock Fund to the
Xxxxxx & Rygel Small Cap Growth Stock Fund, each such change being effective
March 1, 1999;
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NOW THEREFORE:
Amendment Effective December 16, 1998:
The first paragraph of Section 4.2 of the Agreement is hereby amended,
effective December 16, 1998, 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: the
Xxxxxx & Rygel Global Fixed Income Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; the
Xxxxxx & Rygel Tax Exempt Bond Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; the Xxxxxx &
Rygel Short Bond Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel
Investment Quality Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel
Limited Maturity Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel Short
Duration Tax Exempt Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel
U.S. Government Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel Market
Return Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; the Xxxxxx & Rygel Growth & Income
Fund, which shall consist of two classes of shares designated as "Class
R" and "Class S" shares; the Xxxxxx & Rygel Global Short Bond Fund,
which shall consist of two classes of shares designated as "Class R"
and "Class S" shares; the Xxxxxx & Rygel Total Return Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; the Xxxxxx & Rygel International Equity Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; the Xxxxxx & Rygel Global Balanced Fund, which
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shall consist of two classes of shares designated as "Class R" and
"Class S" shares; the Xxxxxx & Rygel European Growth & Income Fund,
which shall consist of two classes of shares designated as "Class R"
and "Class S" shares; the Xxxxxx & Rygel High Income Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; the Xxxxxx & Rygel Value Stock Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; the
Xxxxxx & Rygel Growth Stock Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel
Emerging Markets Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel
EuroDirect Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel
California 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:".
Amendment Effective March 1, 1999:
The first paragraph of Section 4.2 of the Agreement is hereby amended,
effective March 1, 1999, 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: the
Xxxxxx & Rygel Global Fixed Income Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; the
Xxxxxx & Rygel Tax Exempt Bond Fund, which shall consist of two classes
of shares
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designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel Short
Bond Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; the Xxxxxx & Rygel Investment Quality
Bond Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; the Xxxxxx & Rygel Limited Maturity
Fund, which shall consist of two classes of shares designated as "Class
R" and "Class S" shares; the Xxxxxx & Rygel Short Duration Tax Exempt
Bond Fund, which shall consist of two classes of shares designated as
"Class R" and "Class S" shares; the Xxxxxx & Rygel U.S. Government
Fund, which shall consist of two classes of shares designated as "Class
R" and "Class S" shares; the Xxxxxx & Rygel Market Return Fund, which
shall consist of two classes of shares designated as "Class R" and
"Class S" shares; the Xxxxxx & Rygel Growth & Income Fund, which shall
consist of two classes of shares designated as "Class R" and "Class S"
shares; the Xxxxxx & Rygel Global Short Bond Fund, which shall consist
of two classes of shares designated as "Class R" and "Class S" shares;
the Xxxxxx & Rygel Total Return Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; the
Xxxxxx & Rygel International Equity Fund, which shall consist of two
classes of shares designated as "Class R" and "Class S" shares; the
Xxxxxx & Rygel Global Balanced Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; the Xxxxxx &
Rygel European Growth & Income Fund, which shall consist of two classes
of shares designated as "Class R" and "Class S" shares; the Xxxxxx &
Rygel High Income Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel Small
Cap Value Stock Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel Small
Cap Growth Stock Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel
Emerging Markets Bond Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel
EuroDirect Fund, which shall consist of two classes of shares
designated as "Class R" and "Class S" shares; the Xxxxxx & Rygel
California Municipal Income Fund, which shall consist of two classes of
shares designated as "Class R" and "Class S" shares;
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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.
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 Xxxxx X. Xxxxx
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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.
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X.X. Xxxxxx, Xx.
