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EXHIBIT 99.(1.16)
THE ▇▇▇▇▇▇ & RYGEL INVESTMENT GROUP
AMENDMENT NO. 15 TO
MASTER TRUST AGREEMENT
This Amendment No. 15 to the Master Trust Agreement of The ▇▇▇▇▇▇ &
Rygel Investment Group dated January 22, 1992, as amended (the "Agreement"), is
made as of September 9, 1997.
WHEREAS, pursuant to the Agreement, the Trustees have previously
established and designated sixteen sub-trusts known as the ▇▇▇▇▇▇ & Rygel Global
Fixed Income Fund, the ▇▇▇▇▇▇ & Rygel International Bond Fund, the ▇▇▇▇▇▇ &
Rygel Tax Exempt Bond Fund, the ▇▇▇▇▇▇ & Rygel Short Bond Fund, the ▇▇▇▇▇▇ &
Rygel Intermediate Bond Fund, the ▇▇▇▇▇▇ & Rygel Opportunity Fund, the ▇▇▇▇▇▇ &
Rygel Limited Maturity Fund, the ▇▇▇▇▇▇ & Rygel Short Duration Tax Exempt Fund,
the ▇▇▇▇▇▇ & Rygel U.S. Treasury Fund, the ▇▇▇▇▇▇ & Rygel Market Return Fund,
the ▇▇▇▇▇▇ & Rygel Growth & Income Fund, the ▇▇▇▇▇▇ & Rygel Global Short Bond
Fund, the ▇▇▇▇▇▇ & Rygel Total Return Fund, the ▇▇▇▇▇▇ & Rygel International
Equity Fund, the ▇▇▇▇▇▇ & Rygel Global Balanced Fund, and the ▇▇▇▇▇▇ & Rygel
European Growth & Income 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 one
additional sub-trust, to be known as the PRAAM Money Market Fund, and to fix the
rights and preferences of the shares of such additional sub-trust;
NOW THEREFORE:
The first paragraph of Section 4.2 of the Agreement is hereby amended
to read in pertinent part as follows:
"Section 4.2 Establishment and Designation
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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: the ▇▇▇▇▇▇ & Rygel Global Fixed Income Fund, which
shall consist of two classes of shares designated as "Class A" and
"Class B" shares; the ▇▇▇▇▇▇ & Rygel Tax-Exempt Bond Fund, which shall
consist of two classes of shares designated as "Class A" and "Class B"
shares; the ▇▇▇▇▇▇ & Rygel Limited Maturity Fund, which shall consist
of two classes of shares designated as "Class A" and "Class B" shares;
the ▇▇▇▇▇▇ & Rygel Short Bond Fund, which shall consist of two classes
of shares designated as "Class A" and "Class B" shares; the ▇▇▇▇▇▇ &
Rygel Intermediate Bond Fund, which shall consist of two classes of
shares designated as "Class A" and "Class B" shares; the ▇▇▇▇▇▇ & Rygel
Investment Quality Bond Fund, which shall consist of two classes of
shares designated as "Class A" and "Class B" shares; the ▇▇▇▇▇▇ & Rygel
Short Duration Tax Exempt Fund, which shall consist of two classes of
shares designated as "Class A" and Class B" shares; the ▇▇▇▇▇▇ & Rygel
U.S. Treasury Fund, which shall consist of two classes of shares
designated as "Class A" and "Class B" shares; the ▇▇▇▇▇▇ & Rygel
International Bond Fund, which shall consist of two classes of shares
designated as "Class A" and "Class B" shares; the ▇▇▇▇▇▇ & Rygel Market
Return Fund, which shall consist of two classes of shares designated as
"Class A" and "Class B" shares; the ▇▇▇▇▇▇ & Rygel Growth & Income
Fund, which shall consist of two classes of shares designated as "Class
A" and "Class B" shares; the ▇▇▇▇▇▇ & Rygel Global Short Bond Fund,
which shall consist of two classes of shares designated as "Class A"
and "Class B" shares; the ▇▇▇▇▇▇ & Rygel Total Return Fund, which shall
consist of two classes of shares designated as "Class A" and "Class B"
shares; the ▇▇▇▇▇▇ & Rygel International Equity Fund, which shall
consist of two classes of shares designated as "Class A" and "Class B"
shares; the ▇▇▇▇▇▇ & Rygel Global Balanced Fund, which shall consist of
two classes of shares designated as "Class A" and "Class B" shares; the
▇▇▇▇▇▇ & Rygel European Growth &
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Income Fund, which shall consist of two classes of shares designated as
"Class A" and "Class B"; and the PRAAM Money Market Fund, which shall
consist of two classes of shares designated as "Class A" and "Class B".
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 at
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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