THE PAYDEN & RYGEL INVESTMENT GROUP

                               AMENDMENT NO. 32 TO

                             MASTER TRUST AGREEMENT



     This Amendment No. 32 to the Master Trust Agreement of The Payden & Rygel

Investment Group, dated January 22, 1992, as amended (the Agreement"), is made

as of February 26, 2004.



     WHEREAS, pursuant to the Agreement, the Trustees have previously

established and designated seventeen sub-trusts known as the Payden Limited

Maturity Fund, Payden Short Bond Fund, Payden U.S. Government Fund, Payden GNMA

Fund, Payden Core Bond Fund, Payden Opportunity Bond Fund, Payden High Income

Fund, Bunker Hill Money Market Fund, Payden Tax Exempt Bond Fund, Payden

California Municipal Income Fund, Payden Growth & Income Fund, Payden Market

Return Fund, Payden U.S. Growth Leaders Fund, Payden Small Cap Leaders Fund,

Payden Global Short Bond Fund, Payden Global Fixed Income Fund, and Payden

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 an

additional sub-trust, to be known as the Payden Real Return Fund, and to fix the

rights and preferences of the shares of such additional sub-trust, effective

February 26, 2004;



     NOW THEREFORE:



     1. Effective February 26, 2004, the first paragraph of Section 4.2 of the

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC