CONSULTING GROUP CAPITAL MARKETS FUNDS AMENDMENT NO. 16 TO MASTER TRUST AGREEMENT

             CONSULTING GROUP CAPITAL MARKETS FUNDS
                        AMENDMENT NO. 16
                               TO
                     MASTER TRUST AGREEMENT

     AMENDMENT NO. 16 (the "Amendment") to the Master Trust
Agreement dated April 12, 1991 (the "Agreement") of Consulting
Group Capital Markets Fund (the "Trust"), made as of the 11th day
of October, 2005.

                           WITNESSETH:

     WHEREAS, Article VII, Section 7.3 of the Agreement provides
that the Agreement may be amended at any time, so long as such
amendment does not adversely affect the rights of any shareholder
and so long as such amendment is not in contravention of
applicable law, including the Investment Company Act of 1940, as
amended (the "1940 Act"), by an instrument in writing signed by
an officer of the Trust pursuant to a vote of a majority of the
Trustees; and

     WHEREAS, on September 26, 2005, at a regular meeting of the
Board of Trustees, the Trustees voted to authorize the filing of
a written amendment to the Agreement with respect to the Trustee
retirement and Trustee Emeritus provisions of the Agreement; and

     WHEREAS, the undersigned has been duly authorized by the
Trustees to execute and file this Amendment No. 16 to the
Agreement; and

     NOW, THEREFORE, the Agreement is hereby amended as follows:

     1.   Article III, Section 3.1(i) of the Agreement is hereby
deleted in its entirety.

     2.   Article III, Section 3.1(j) of the Agreement is hereby
renumbered as Article III, Section 3.1(i) of the Agreement and
the first sentence of renumbered Article III, Section 3.1(i) is
hereby amended in its entirety to read as follows:

          "Section 3.1(i)  Trustees Emeritus.  An individual who
          has served as a Trustee for a minimum of ten (10) years
          and who has reached the age of eighty (80) years of age
          may be designated by the remaining Trustees as a
          Trustee Emeritus."

          The undersigned hereby certifies that the Amendment set
forth above has been duly adopted in accordance with the
provisions of the Agreement.

          IN WITNESS WHEREOF, the undersigned has hereto set her
hand as of the day and year first above written.

                              CONSULTING GROUP CAPITAL MARKETS
                              FUNDS

                              By:
                              Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
                              Title: Assistant Secretary