CHASE 
 
GLOBAL CUSTODY AGREEMENT 
 
 
 
	This AGREEMENT is effective December 6, 1996 and is  
between THE CHASE MANHATTAN BANK ("Bank") and each of the  
investment companies listed on Exhibit I hereto, as amended  
from time to time, each acting on its own behalf and not on  
behalf of any other investment company and each being solely  
responsible for its obligations (each, a "Customer"). 
 
 
1.	Customer Accounts. 
 
	Bank shall establish and maintain the following  
accounts ("Accounts"): 
 
	(a)	A custody account in the name of Customer   
("Custody Account") for any and all stocks, shares, bonds,  
debentures, notes, mortgages or other obligations for the  
payment of money, bullion, coin and any certificates,  
receipts, warrants or other instruments representing rights  
to receive, purchase or subscribe for the same or evidencing  
or representing any other rights or interests therein and  
other similar property whether certificated or  
uncertificated as may be received by Bank or its  
Subcustodian (as defined in Section 3) for the account of  
Customer ("Securities"); and 
 
	(b)	A deposit account in the name of Customer  
("Deposit Account") for any and all cash in any currency  
received by Bank or its Subcustodian for the account of  
Customer, which cash shall not be subject to withdrawal by  
draft or check. 
 
	Customer warrants its authority to: 1) deposit the  
cash and Securities ("Assets") received in the Accounts and  
2) give Instructions (as defined in Section 11) concerning  
the Accounts.  Bank may deliver securities of the same class  
in place of those deposited in the Custody Account. 
 
	Upon written agreement between Bank and Customer,  
additional Accounts may be established and separately  
accounted for as additional Accounts hereunder. 
 
2.	Maintenance of Securities and Cash at Bank and  
Subcustodian Locations. 
 
	Unless Instructions specifically require another  
location acceptable to Bank: 
 
	(a)	Securities shall be held in the country or other  
jurisdiction in which the principal trading market for such  
Securities is located, where such Securities are to be  
presented for payment or where such Securities are acquired;  
and 
 
	(b)	Cash shall be credited to an account in a  
country or other jurisdiction in which such cash may be  
legally deposited or is the legal currency for the payment  
of public or private debts. 
 
	Cash may be held pursuant to Instructions in either  
interest or non-interest bearing accounts as may be  
available for the particular currency.  To the extent  
Instructions are issued and Bank can comply with such  
Instructions, Bank is authorized to maintain cash balances  
on deposit for Customer with itself or one of its  
"Affiliates" at such reasonable rates of interest as may  
from time to time be paid on such accounts, or in  
non-interest bearing accounts as Customer may direct, if  
acceptable to Bank.  For purposes hereof, the term  
"Affiliate" shall mean an entity controlling, controlled by,  
or under common control with, Bank. 
 
	If Customer wishes to have any of its Assets held in  
the custody of an institution other than the established  
Subcustodians as defined in Section 3 (or their securities  
depositories), such arrangement must be authorized by a  
written agreement, signed by Bank and Customer. 
 
3.	Subcustodians and Securities Depositories. 
 
	Bank may act hereunder through the subcustodians  
listed in Schedule A hereof with which Bank has entered into  
subcustodial agreements ("Subcustodians").  Customer  
authorizes Bank to hold Assets in the Accounts in accounts  
which Bank has established with one or more of its branches  
or Subcustodians.  Bank and Subcustodians are authorized to  
hold any of the Securities in their account with any  
securities depository in which they participate. 
 
	Bank reserves the right to add new, replace or remove  
Subcustodians.  Customer shall be given reasonable notice by  
Bank of any amendment to Schedule A.  Upon request by  
Customer, Bank shall identify the name, address and  
principal place of business of any Subcustodian of  
Customer's Assets and the name and address of the  
governmental agency or other regulatory authority that  
supervises or regulates such Subcustodian. 
 
4.	Use of Subcustodian. 
 
	(a)	Bank shall identify the Assets on its books as  
belonging to Customer. 
 
	(b)	A Subcustodian shall hold such Assets together  
with assets belonging to other customers of Bank in accounts  
identified on such Subcustodian's books as custody accounts  
for the exclusive benefit of customers of Bank. 
 
	(c)	Any Assets in the Accounts held by a  
Subcustodian shall be subject only to the instructions of  
Bank or its agent.  Any Securities held in a securities  
depository for the account of a Subcustodian shall be  
subject only to the instructions of such Subcustodian. 
 
	(d)	Any agreement Bank enters into with a  
Subcustodian for holding Bank's customers' assets shall  
provide that such assets shall not be subject to any right,  
charge, security interest, lien or claim of any kind in  
favor of such Subcustodian, except for safe custody or  
administration, and that the beneficial ownership of such  
assets shall be freely transferable without the payment of  
money or value other than for safe custody or  
administration.  The foregoing shall not apply to the extent  
of any special agreement or arrangement made by Customer  
with any particular Subcustodian. 
 
5.	Deposit Account Transactions. 
 
	(a)	Bank or its Subcustodians shall make payments  
from the Deposit Account upon receipt of Instructions which  
include all information required by Bank. 
 
	(b)	In the event that any payment to be made under  
this Section 5 exceeds the funds available in the Deposit  
Account, Bank, in its discretion, may advance Customer such  
excess amount which shall be deemed a loan payable on  
demand, bearing interest at the rate customarily charged by  
Bank on similar loans. 
 
	(c)	If Bank credits the Deposit Account on a payable  
date, or at any time prior to actual collection and  
reconciliation to the Deposit Account, with interest,  
dividends, redemptions or any other amount due, Customer  
shall promptly return any such amount upon oral or written  
notification: (i) that such amount has not been received in  
the ordinary course of business or (ii) that such amount was  
incorrectly credited.  If Customer does not promptly return  
any amount upon such notification, Bank shall be entitled,  
upon oral or written notification to Customer, to reverse  
such credit by debiting the Deposit Account for the amount  
previously credited.  Bank or its Subcustodian shall have no  
duty or obligation to institute legal proceedings, file a  
claim or a proof of claim in any insolvency proceeding or  
take any other action with respect to the collection of such  
amount, but may act for Customer upon Instructions after  
consultation with Customer. 
 
6.	Custody Account Transactions. 
 
	(a)	Securities shall be transferred, exchanged or  
delivered by Bank or its Subcustodian upon receipt by Bank  
of Instructions which include all information required by  
Bank.  Settlement and payment for Securities received for,  
and delivery of Securities out of, the Custody Account may  
be made in accordance with the customary or established  
securities trading or securities processing practices and  
procedures in the jurisdiction or market in which the  
transaction occurs, including, without limitation, delivery  
of Securities to a purchaser, dealer or their agents against  
a receipt with the expectation of receiving later payment  
and free delivery.  Delivery of Securities out of the  
Custody Account may also be made in any manner specifically  
required by Instructions acceptable to Bank. 
 
	(b)	Bank, in its discretion, may credit or debit the  
Accounts on a contractual settlement date with cash or  
Securities with respect to any sale, exchange or purchase of  
Securities.  Otherwise, such transactions shall be credited  
or debited to the Accounts on the date cash or Securities  
are actually received by Bank and reconciled to the Account. 
 
	(i)	Bank may reverse credits or debits made to  
the Accounts in its discretion if the related  
transaction fails to settle within a reasonable  
period, determined by Bank in its discretion, after  
the contractual settlement date for the related  
transaction. 
 
	(ii)	If any Securities delivered pursuant to  
this Section 6 are returned by the recipient thereof,  
Bank may reverse the credits and debits of the  
particular transaction at any time. 
 
7.	Actions of Bank. 
 
	Bank shall follow Instructions received regarding  
assets held in the Accounts.  However, until it receives  
Instructions to the contrary, Bank shall: 
 
	(i)	Present for payment any Securities which  
are called, redeemed or retired or otherwise become  
payable and all coupons and other income items which  
call for payment upon presentation, to the extent that  
Bank or Subcustodian is actually aware of such  
opportunities. 
 
	(ii)	Execute in the name of Customer such  
ownership and other certificates as may be required to  
obtain payments in respect of Securities. 
 
	(iii)	Exchange interim receipts or temporary  
Securities for definitive Securities. 
 
	(iv)	Appoint brokers and agents for any  
transaction involving the Securities, including,  
without limitation, Affiliates of Bank or any  
Subcustodian. 
 
	(v)	Issue statements to Customer, at times  
mutually agreed upon, identifying the Assets in the  
Accounts. 
 
	Bank shall send Customer an advice or notification of  
any transfers of Assets to or from the Accounts.  Such  
statements, advice or notifications shall indicate the  
identity of the entity having custody of the Assets.  Unless  
Customer sends Bank a written exception or objection to any  
Bank statement within sixty (60) days of receipt, Customer  
shall be deemed to have approved such statement. In such  
event, or where Customer has otherwise approved any such  
statement, Bank shall, to the extent permitted by law, be  
released, relieved and discharged with respect to all  
matters set forth in such statement or reasonably implied  
therefrom as though it had been settled by the decree of a  
court of competent jurisdiction in an action where Customer  
and all persons having or claiming an interest in Customer  
or Customer's Accounts were parties. 
 
	All collections of funds or other property paid or  
distributed in respect of Securities in the Custody Account  
shall be made at the risk of Customer.  Bank shall have no  
liability for any loss occasioned by delay in the actual  
receipt of notice by Bank or by its Subcustodians of any  
payment, redemption or other transaction regarding  
Securities in the Custody Account in respect of which Bank  
has agreed to take any action hereunder. 
 
8.	Corporate Actions; Proxies; Tax Reclaims. 
 
	(a)	Corporate Actions.  Whenever Bank receives  
information concerning the Securities which requires  
discretionary action by the beneficial owner of the  
Securities (other than a proxy), such as subscription  
rights, bonus issues, stock repurchase plans and rights  
offerings, or legal notices or other material intended to be  
transmitted to securities holders ("Corporate Actions"),  
Bank shall give Customer notice of such Corporate Actions to  
the extent that Bank's central corporate actions department  
has actual knowledge of a Corporate Action in time to notify  
its customers. 
 
	When a rights entitlement or a fractional interest  
resulting from a rights issue, stock dividend, stock split  
or similar Corporate Action is received which bears an  
expiration date, Bank shall endeavor to obtain Instructions  
from Customer or its Authorized Person, but if Instructions  
are not received in time for Bank to take timely action, or  
actual notice of such Corporate Action was received too late  
to seek Instructions, Bank is authorized to sell such rights  
entitlement or fractional interest and to credit the Deposit  
Account with the proceeds or take any other action it deems,  
in good faith, to be appropriate in which case it shall be  
held harmless for any such action. 
 
	(b)	Proxy Voting. Bank shall provide proxy voting  
services, if elected by Customer, in accordance with the  
terms of the proxy voting services rider hereto.  Proxy  
voting services may be provided by Bank or, in whole or in  
part, by one or more third parties appointed by Bank (which  
may be Affiliates of Bank). 
 
	(c)	Tax Reclaims. 
 
	(i)	Subject to the provisions hereof, Bank  
shall apply for a reduction of withholding tax and any  
refund of any tax paid or tax credits which apply in  
each applicable market in respect of income payments  
on Securities for the benefit of Customer which Bank  
believes may be available to such Customer. 
 
	(ii)	The provision of tax reclaim services by  
Bank is conditional upon Bank receiving from the  
beneficial owner of Securities (A) a declaration of  
its identity and place of residence and (B) certain  
other documentation (pro forma copies of which are  
available from Bank).  Customer acknowledges that, if  
Bank does not receive such declarations, documentation  
and information, additional United Kingdom taxation  
shall be deducted from all income received in respect  
of Securities issued outside the United Kingdom and  
that U.S. non-resident alien tax or U.S. backup  
withholding tax shall be deducted from U.S. source  
income.  Customer shall provide to Bank such  
documentation and information as it may require in  
connection with taxation, and warrants that, when  
given, this information shall be true and correct in  
every respect, not misleading in any way, and contain  
all material information.  Customer undertakes to  
notify Bank immediately if any such information  
requires updating or amendment. 
 
	(iii)	Bank shall not be liable to Customer or  
any third party for any tax, fines or penalties  
payable by Bank or Customer, and shall be indemnified  
accordingly, whether these result from the inaccurate  
completion of documents by Customer or any third  
party, or as a result of the provision to Bank or any  
third party of inaccurate or misleading information or  
the withholding of material information by Customer or  
any other third party, or as a result of any delay of  
any revenue authority or any other matter beyond the  
control of Bank. 
 
	(iv)	Customer confirms that Bank is authorized  
to deduct from any cash received or credited to the  
Deposit Account any taxes or levies required by any  
revenue or governmental authority for whatever reason  
in respect of the Securities or Cash Accounts. 
 
	(v)	Bank shall perform tax reclaim services  
only with respect to taxation levied by the revenue  
authorities of the countries notified to Customer from  
time to time and Bank may, by notification in writing,  
at its absolute discretion, supplement or amend the  
markets in which the tax reclaim services are offered.   
Other than as expressly provided in this sub-clause,  
Bank shall have no responsibility with regard to  
Customer's tax position or status in any jurisdiction. 
 
	(vi)	Customer confirms that Bank is authorized  
to disclose any information requested by any revenue  
authority or any governmental body in relation to  
Customer or the Securities and/or Cash held for  
Customer. 
 
	(vii)	Tax reclaim services may be provided by  
Bank or, in whole or in part, by one or more third  
parties appointed by Bank (which may be Affiliates of  
Bank); provided that Bank shall be liable for the  
performance of any such third party to the same extent  
as Bank would have been if it performed such services  
itself. 
 
9.	Nominees. 
 
	Securities which are ordinarily held in registered  
form may be registered in a nominee name of Bank,  
Subcustodian or securities depository, as the case may be.   
Bank may without notice to Customer cause any such  
Securities to cease to be registered in the name of any such  
nominee and to be registered in the name of Customer.  In  
the event that any Securities registered in a nominee name  
are called for partial redemption by the issuer, Bank may  
allot the called portion to the respective beneficial  
holders of such class of security in any manner Bank deems  
to be fair and equitable.  Customer shall hold Bank,  
Subcustodians, and their respective nominees harmless from  
any liability arising directly or indirectly from their  
status as a mere record holder of Securities in the Custody  
Account. 
 
 
 
10.	Authorized Persons. 
 
	As used herein, the term "Authorized Person" means  
employees or agents including investment managers as have  
been designated by written notice from Customer or its  
designated agent to act on behalf of Customer hereunder.   
Such persons shall continue to be Authorized Persons until  
such time as Bank receives Instructions from Customer or its  
designated agent that any such employee or agent is no  
longer an Authorized Person. 
 
11.	Instructions. 
 
	The term "Instructions" means instructions of any  
Authorized Person received by Bank, via telephone, telex,  
facsimile transmission, bank wire or other teleprocess or  
electronic instruction or trade information system  
acceptable to Bank which Bank believes in good faith to have  
been given by Authorized Persons or which are transmitted  
with proper testing or authentication pursuant to terms and  
conditions which Bank may specify.  Unless otherwise  
expressly provided, all Instructions shall continue in full  
force and effect until canceled or superseded. 
 
	Any Instructions delivered to Bank by telephone shall  
promptly thereafter be confirmed in writing by an Authorized  
Person (which confirmation may bear the facsimile signature  
of such Person), but Customer shall hold Bank harmless for  
the failure of an Authorized Person to send such  
confirmation in writing, the failure of such confirmation to  
conform to the telephone instructions received or Bank's  
failure to produce such confirmation at any subsequent time.   
Bank may electronically record any Instructions given by  
telephone, and any other telephone discussions with respect  
to the Custody Account.  Customer shall be responsible for  
safeguarding any testkeys, identification codes or other  
security devices which Bank shall make available to Customer  
or its Authorized Persons. 
 
12.	Standard of Care; Liabilities. 
 
	(a)	Bank shall be responsible for the performance of  
only such duties as are set forth herein or expressly  
contained in Instructions which are consistent with the  
provisions hereof as follows: 
 
	(i)	Bank shall use reasonable care with  
respect to its obligations hereunder and the  
safekeeping of Assets.  Bank shall be liable to  
Customer for any loss which shall occur as the result  
of the failure of a Subcustodian to exercise  
reasonable care with respect to the safekeeping of  
such Assets to the same extent that Bank would be  
liable to Customer if Bank were holding such Assets in  
New York.  In the event of any loss to Customer by  
reason of the failure of Bank or its Subcustodian to  
utilize reasonable care, Bank shall be liable to  
Customer only to the extent of Customer's direct  
damages, to be determined based on the market value of  
the property which is the subject of the loss at the  
date of discovery of such loss and without reference  
to any special conditions or circumstances.  Bank  
shall have no liability whatsoever for any  
consequential, special, indirect or speculative loss  
or damages (including, but not limited to, lost  
profits) suffered by Customer in connection with the  
transactions contemplated hereby and the relationship  
established hereby even if Bank has been advised as to  
the possibility of the same and regardless of the form  
of the action.  Bank shall not be responsible for the  
insolvency of any Subcustodian which is not a branch  
or Affiliate of Bank. 
 
	(ii)	Bank shall not be responsible for any act,  
omission, default or the solvency of any broker or  
agent which it or a Subcustodian appoints unless such  
appointment was made negligently or in bad faith. 
 
	(iii)	 Bank shall be indemnified by, and without  
liability to Customer for any action taken or omitted  
by Bank whether pursuant to Instructions or otherwise  
within the scope hereof if such act or omission was in  
good faith, without negligence.  In performing its  
obligations hereunder, Bank may rely on the  
genuineness of any document which it believes in good  
faith to have been validly executed. 
 
	(iv)	Customer shall pay for and hold Bank  
harmless from any liability or loss resulting from the  
imposition or assessment of any taxes or other  
governmental charges, and any related expenses with  
respect to income from or Assets in the Accounts. 
 
	(v)	Bank shall be entitled to rely, and may  
act, upon the advice of counsel (who may be counsel  
for Customer) on all matters and shall be without  
liability for any action reasonably taken or omitted  
pursuant to such advice. 
 
	(vi)	Bank need not maintain any insurance for  
the benefit of Customer. 
 
	(vii)	Without limiting the foregoing, Bank shall  
not be liable for any loss which results from:  1) the  
general risk of investing, or 2) investing or holding  
Assets in a particular country including, but not  
limited to, losses resulting from malfunction,  
interruption of or error in the transmission of infor- 
mation caused by any machines or system or  
interruption of communication facilities, abnormal  
operating conditions, nationalization, expropriation  
or other governmental actions; regulation of the  
banking or securities industry; currency restrictions,  
devaluations or fluctuations; and market conditions  
which prevent the orderly execution of securities  
transactions or affect the value of Assets. 
 
	(viii)	Neither party shall be liable to the  
other for any loss due to forces beyond their control  
including, but not limited to strikes or work  
stoppages, acts of war (whether declared or  
undeclared) or terrorism, insurrection, revolution,  
nuclear fusion, fission or radiation, or acts of God. 
 
	(b)	Consistent with and without limiting the first  
paragraph of this Section 12, it is specifically  
acknowledged that Bank shall have no duty or responsibility  
to: 
 
	(i)	question Instructions or make any  
suggestions to Customer or an Authorized Person  
regarding such Instructions; 
 
	(ii)	supervise or make recommendations with  
respect to investments or the retention of Securities; 
 
	(iii)	advise Customer or an Authorized Person  
regarding any default in the payment of principal or  
income of any security other than as provided in  
Section 5(c) hereof; 
 
	(iv)	evaluate or report to Customer or an  
Authorized Person regarding the financial condition of  
any broker, agent or other party to which Securities  
are delivered or payments are made pursuant hereto;  
and 
 
	(v)	review or reconcile trade confirmations  
received from brokers.  Customer or its Authorized  
Persons (as defined in Section 10) issuing  
Instructions shall bear any responsibility to review  
such confirmations against Instructions issued to and  
statements issued by Bank. 
 
	(c)	Customer authorizes Bank to act hereunder  
notwithstanding that Bank or any of its divisions or  
Affiliates may have a material interest in a transaction, or  
circumstances are such that Bank may have a potential  
conflict of duty or interest including the fact that Bank or  
any of its Affiliates may provide brokerage services to  
other customers, act as financial advisor to the issuer of  
Securities, act as a lender to the issuer of Securities, act  
in the same transaction as agent for more than one customer,  
have a material interest in the issue of Securities, or earn  
profits from any of the activities listed herein. 
 
13.	Fees and Expenses. 
 
	Customer shall pay Bank for its services hereunder  
such amounts as may be agreed upon in writing, together with  
Bank's reasonable out-of-pocket or incidental expenses,  
including, but not limited to, legal fees.  Bank shall have  
a lien on and is authorized to charge any Accounts of  
Customer for any amount owing to Bank under any provision  
hereof. 
 
14.	Miscellaneous. 
 
	(a)	Foreign Exchange Transactions.  To facilitate  
the administration of Customer's trading and investment  
activity, Bank is authorized to enter into spot or forward  
foreign exchange contracts with Customer or an Authorized  
Person for Customer and may also provide foreign exchange  
through its subsidiaries, Affiliates or Subcustodians.   
Instructions, including standing instructions, may be issued  
with respect to such contracts but Bank may establish rules  
or limitations concerning any foreign exchange facility made  
available.  In all cases where Bank, its subsidiaries,  
Affiliates or Subcustodians enter into a foreign exchange  
contract related to Accounts, the terms and conditions of  
the then current foreign exchange contract of Bank, its  
subsidiary, Affiliate or Subcustodian and, to the extent not  
inconsistent, this Agreement shall apply to such  
transaction. 
 
	(b)	Certification of Residency, etc.  Customer  
certifies that it is a resident of the United States and  
shall notify Bank of any changes in residency.  Bank may  
rely upon this certification or the certification of such  
other facts as may be required to administer Bank's  
obligations hereunder.  Customer shall indemnify Bank  
against all losses, liability, claims or demands arising  
directly or indirectly from any such certifications. 
 
	(c)	Access to Records.  Bank shall allow Customer's  
independent public accountant reasonable access to the  
records of Bank relating to the Assets as is required in  
connection with their examination of books and records  
pertaining to Customer's affairs.  Subject to restrictions  
under applicable law, Bank shall also obtain an undertaking  
to permit Customer's independent public accountants  
reasonable access to the records of any Subcustodian which  
has physical possession of any Assets as may be required in  
connection with the examination of Customer's books and  
records. 
 
	(d)	Governing Law; Successors and Assigns, Captions   
THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF 
THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS 
MADE AND TO BE PERFORMED IN NEW YORK 
and shall not be assignable by either party, but  
shall bind the successors in interest of Customer and Bank.   
The captions given to the sections and subsections of this  
Agreement are for convenience of reference only and are not  
to be used to interpret this Agreement. 
 
	(e)	Entire Agreement; Applicable Riders.  Customer  
represents that the Assets deposited in the Accounts are  
(Check one): 
 
	       Employee Benefit Plan or other assets subject  
to the Employee Retirement Income Security Act of  
1974, as amended ("ERISA"); 
 
	  X    Investment Company assets subject to certain  
U.S. Securities and Exchange Commission rules 
	and regulations; 
 
	       Neither of the above. 
 
	This Agreement consists exclusively of this document  
together with Schedule A, Exhibit I and the following  
Rider(s) [Check applicable rider(s)]: 
 
	       ERISA 
 
	   X   INVESTMENT COMPANY 
 
	   X  PROXY VOTING 
 
	   X    SPECIAL TERMS AND CONDITIONS 
 
	There are no other provisions hereof and this  
Agreement supersedes any other agreements, whether written  
or oral, between the parties.  Any amendment hereto must be  
in writing, executed by both parties. 
 
	(f)	Severability.  In the event that one or more  
provisions hereof are held invalid, illegal or unenforceable  
in any respect on the basis of any particular circumstances  
or in any jurisdiction, the validity, legality and  
enforceability of such provision or provisions under other  
circumstances or in other jurisdictions and of the remaining  
provisions shall not in any way be affected or impaired. 
 
	(g)	Waiver.  Except as otherwise provided herein, no  
failure or delay on the part of either party in exercising  
any power or right hereunder operates as a waiver, nor does  
any single or partial exercise of any power or right  
preclude any other or further exercise, or the exercise of  
any other power or right.  No waiver by a party of any  
provision hereof, or waiver of any breach or default, is  
effective unless in writing and signed by the party against  
whom the waiver is to be enforced. 
 
	(h) 	Representations and Warranties.  (i) Customer  
hereby represents and warrants to Bank that: (A) it has  
full authority and power to deposit and control the  
Securities and cash deposited in the Accounts; (B) it has  
all necessary authority to use Bank as its custodian; (C)  
this Agreement is its legal, valid and binding obligation,  
enforceable in accordance with its terms; (D) it shall have  
full authority and power to borrow moneys and enter into  
foreign exchange transactions; and (E) it has not relied on  
any oral or written representation made by Bank or any  
person on its behalf, and acknowledges that this Agreement  
sets out to the fullest extent the duties of Bank.  (ii)  
Bank hereby represents and warrants to Customer that: (A)  
it has the power and authority to perform its obligations  
hereunder, (B) this Agreement constitutes a legal, valid  
and binding obligation on it; enforceable in accordance  
with its terms; and (C) that it has taken all necessary  
action to authorize the execution and delivery hereof. 
 
	(i)	Notices.  All notices hereunder shall be  
effective when actually received.  Any notices or other  
communications which may be required hereunder are to be  
sent to the parties at the following addresses or such  
other addresses as may subsequently be given to the other  
party in writing: (a) Bank: The Chase Manhattan Bank, 4  
Chase MetroTech Center, Brooklyn, NY  11245, Attention:   
Global Custody Division; and  (b) Customer: C/O Smith  
Barney Inc., 388 Greenwich Street, 22nd Floor, New York,  
New York  10013, Attn:  Lewis E. Daidone or Christina T.  
Sydor. 
 
	(j)	Termination.  This Agreement may be terminated  
by Customer or Bank by giving sixty (60) days written notice  
to the other, provided that such notice to Bank shall  
specify the names of the persons to whom Bank shall deliver  
the Assets in the Accounts.  If notice of termination is  
given by Bank, Customer shall, within sixty (60) days  
following receipt of the notice, deliver to Bank  
Instructions specifying the names of the persons to whom  
Bank shall deliver the Assets.  In either case Bank shall  
deliver the Assets to the persons so specified, after  
deducting any amounts which Bank determines in good faith to  
be owed to it under Section 13.  If within sixty (60) days  
following receipt of a notice of termination by Bank, Bank  
does not receive Instructions from Customer specifying the  
names of the persons to whom Bank shall deliver the Assets,  
Bank, at its election, may deliver the Assets to a bank or  
trust company doing business in the State of New York to be  
held and disposed of pursuant to the provisions hereof, or  
to Authorized Persons, or may continue to hold the Assets  
until Instructions are provided to Bank. 
 
	(k)	Imputation of Certain Information.  Bank shall  
not be held responsible for and shall not be required to  
have regard to information held by any person by imputation  
or information of which Bank is not aware by virtue of a  
"Chinese Wall" arrangement.  If Bank becomes aware of  
confidential information which in good faith it feels  
inhibits it from effecting a transaction hereunder Bank may  
refrain from effecting it. 
 
	IN WITNESS WHEREOF, the parties hereto have executed  
this Agreement as of the date first-above written. 
 
						CUSTOMER 
 
 
 

By:____________________________________________ 
Title:  Senior Vice President and Treasurer 
Date:  December 6, 1996 
 
 
THE CHASE MANHATTAN BANK 
 
 
 
 
By:____________________________________________ 
Title: 
Date: 
78111 
 
 
STATE OF NEW YORK	) 
				:  ss. 
COUNTY OF NEW YORK	) 
 
 
	On this 6th day of December, 1996, before me  
personally came Lewis E. Daidone, to me known, who being by  
me duly sworn, did depose and say that he resides in  
Holmdel, New Jersey at 15 Sherwood Court, that he is Senior  
Vice President and Treasurer of Customer, the entity  
described in and which executed the foregoing instrument;  
and that he signed his name thereto by order of said entity. 
 
 
		                                                        
				Lewis E. Daidone 
 
 
Sworn to before me this 6th 
 
day of December, 1996. 
 
 
                                                      
	   Notary 
 
 
 
STATE OF NEW YORK		) 
					:  ss. 
COUNTY OF NEW YORK		) 
 
 
	On this _______ day of December, 1996, before me  
personally came                                              
, to me known, who being by me duly sworn, did depose and  
say that he/she resides in                                              
at         that he/she is a Vice President of THE CHASE MANHATTAN  
BANK, the corporation described in and which executed the  
foregoing instrument; that he/she knows the seal of said  
corporation, that the seal affixed to said instrument is  
such corporate seal, that it was so affixed by order of the  
Board of Directors of said corporation, and that he/she  
signed his/her name thereto by like order. 
 
 
			                                              
 
 
Sworn to before me this                      
 
day of                 , 199   . 
 
 
                                               
	   Notary 
 
 
 
EXHIBIT I 
Dated December 6, 1996 
 
 
Smith Barney World Funds, Inc. 
	Emerging Market Portfolio   
	European Portfolio 
	Global Government Bond Portfolio   
	International Balanced Portfolio 
	International Equity Portfolio 
	Pacific Portfolio 
 
Smith Barney Natural Resources Fund Inc. 
 
Smith Barney Income Funds 
	Smith Barney Diversified Strategic Income Fund 
 
Consulting Group Capital Markets Funds (TRAK) 
	International Equity Investments 
	International Fixed Income Investments 
	Emerging Markets Equity Investments 
 
The Italy Fund 
 
Travelers Series Fund Inc. (Vintage) 
	GT Global Strategic Income Portfolio  
	Smith Barney International Equity Portfolio 
	Smith Barney Pacific Basin Portfolio 
 
Travelers Series Trust (Architect) 
	Lazard International Stock Portfolio 
 
Smith Barney Series Trust (Symphony) 
	Diversified Strategic Income Fund 
	International Equity Fund 
 
 
 
 
 
 
	Investment Company  Rider to Global Custody Agreement 
	Between The Chase Manhattan Bank and 
	Each of the Investment Companies listed on Exhibit I to said  
Global Custody Agreement  
	effective December 6, 1996 
 
	Customer represents that the Assets being placed in  
Bank's custody are subject to the Investment Company Act of  
1940, as amended (the "1940 Act"), as the same may be  
amended from time to time. 
 
	Except to the extent that Bank has specifically agreed  
to comply with a condition of a rule, regulation,  
interpretation promulgated by or under the authority of the  
Securities and Exchange Commission ("SEC") or the Exemptive  
Order applicable to accounts of this nature issued to Bank  
(1940 Act, Release No. 12053, November 20, 1981), as  
amended, or unless Bank has otherwise specifically agreed,  
Customer shall be solely responsible to assure that the  
maintenance of Assets hereunder complies with such rules,  
regulations, interpretations or exemptive order promulgated  
by or under the authority of the Securities Exchange  
Commission. 
 
	The following modifications are made to the Agreement: 
 
	Section 3.    Subcustodians and Securities  
Depositories. 
 
	Add the following language to the end of Section 3: 
 
	The terms Subcustodian and securities depositories as  
used herein shall mean a branch of a qualified U.S.  
bank, an eligible foreign custodian or an eligible  
foreign securities depository, which are further  
defined as follows: 
 
	(a)  "qualified U.S. Bank" shall mean a qualified U.S.  
bank as defined in Rule 17f-5 under the 1940 Act; 
 
	(b)  "eligible foreign custodian" shall mean (i) a  
banking institution or trust company, incorporated or  
organized under the laws of a country other than the  
United States, that is regulated as such by that  
country's government or an agency thereof and that has  
shareholders' equity in excess of $200 million in U.S.  
currency (or a foreign currency equivalent thereof) as  
of the close of its fiscal year most recently  
completed prior to the date hereof, (ii) a majority  
owned direct or indirect subsidiary of a qualified  
U.S. bank or bank holding company that is incorporated  
or organized under the laws of a country other than  
the United States and that has shareholders' equity in  
excess of $100 million in U.S. currency (or a foreign  
currency equivalent thereof) as of the close of its  
fiscal year most recently completed prior to the date  
hereof, (iii) a banking institution or trust company  
incorporated or organized under the laws of a country  
other than the United States or a majority owned  
direct or indirect subsidiary of a qualified U.S. bank  
or bank holding company that is incorporated or  
organized under the laws of a country other than the  
United States which has such other qualifications as  
shall be specified in Instructions and approved by  
Bank; or (iv) any other entity that shall have been so  
qualified by exemptive order, rule or other  
appropriate action of the SEC; and 
 
	(c)  "eligible foreign securities depository" shall  
mean a securities depository or clearing agency,  
incorporated or organized under the laws of a country  
other than the United States, which operates (i) the  
central system for handling securities or equivalent  
book-entries in that country, or (ii) a transnational  
system for the central handling of securities or  
equivalent book-entries. 
 
	Customer represents that its Board of Directors has  
approved each of the Subcustodians listed in Schedule A  
hereto, and further represents that its Board has determined  
that the use of each Subcustodian and the terms of each  
subcustody agreement are consistent with the best interests  
of the Fund(s) and its (their) shareholders.  Bank shall  
supply Customer with any amendment to Schedule A for  
approval.  Customer has supplied or shall supply Bank with  
certified copies of its Board of Directors resolution(s)  
with respect to the foregoing prior to placing Assets with  
any Subcustodian so approved. 
 
	Section 11.    Instructions. 
 
	Add the following language to the end of Section 11: 
 
	Deposit Account Payments and Custody Account  
Transactions made pursuant to Section 5 and 6 hereof  
may be made only for the purposes listed below.   
Instructions must specify the purpose for which any  
transaction is to be made and Customer shall be solely  
responsible to assure that Instructions are in accord  
with any limitations or restrictions applicable to  
Customer by law or as may be set forth in its  
prospectus. 
 
	(a)  In connection with the purchase or sale of  
Securities at prices as confirmed by Instructions; 
 
	(b)  When Securities are called, redeemed or retired,  
or otherwise become payable; 
 
	(c)  In exchange for or upon conversion into other  
securities alone or other securities and cash pursuant  
to any plan or merger, consolidation, reorganization,  
recapitalization or readjustment; 
 
	(d)  Upon conversion of Securities pursuant to their  
terms into other securities; 
 
	(e)  Upon exercise of subscription, purchase or other  
similar rights represented by Securities; 
 
	(f)  For the payment of interest, taxes, management or  
supervisory fees, distributions or operating expenses; 
 
	(g)  In connection with any borrowings by Customer  
requiring a pledge of Securities, but only against  
receipt of amounts borrowed; 
 
	(h)  In connection with any loans, but only against  
receipt of adequate collateral as specified in  
Instructions which shall reflect any restrictions  
applicable to Customer; 
 
	(i)  For the purpose of redeeming shares of the  
capital stock of Customer and the delivery to, or the  
crediting to the account of, Bank, its Subcustodian or  
Customer's transfer agent, such shares to be purchased  
or redeemed; 
 
	(j)  For the purpose of redeeming in kind shares of  
Customer against delivery to Bank, its Subcustodian or  
Customer's transfer agent of such shares to be so  
redeemed; 
 
	(k)  For delivery in accordance with the provisions of  
any agreement among Customer, Bank and a broker-dealer  
registered under the Securities Exchange Act of 1934  
and a member of The National Association of Securities  
Dealers, Inc., relating to compliance with the rules  
of The Options Clearing Corporation and of any  
registered national securities exchange, or of any  
similar organization or organizations, regarding  
escrow or other arrangements in connection with  
transactions by Customer; 
 
	(l)  For release of Securities to designated brokers  
under covered call options, provided, however, that  
such Securities shall be released only upon payment to  
Bank of monies for the premium due and a receipt for  
the Securities which are to be held in escrow.  Upon  
exercise of the option, or at expiration, Bank shall  
receive from brokers the Securities previously  
deposited.  Bank shall act strictly in accordance with  
Instructions in the delivery of Securities to be held  
in escrow and shall have no responsibility or  
liability for any such Securities which are not  
returned promptly when due other than to make proper  
request for such return; 
 
	(m)  For spot or forward foreign exchange transactions  
to facilitate security trading, receipt of income from  
Securities or related transactions; 
 
	(n)  For other proper purposes as may be specified in  
Instructions issued by an officer of Customer which  
shall include a statement of the purpose for which the  
delivery or payment is to be made, the amount of the  
payment or specific Securities to be delivered, the  
name of the person or persons to whom delivery or  
payment is to be made, and a certification that the  
purpose is a proper purpose under the instruments  
governing Customer; and 
 
	(o)  Upon the termination hereof as set forth in  
Section 14(j). 
 
	Section 12.    Standard of Care; Liabilities. 
 
	Add the following at the end of Section as 12: 
 
	(d)  Bank hereby warrants to Customer that in its  
opinion, after due inquiry, the established procedures  
to be followed by each of its branches, each branch of  
a qualified U.S. Bank, each eligible foreign custodian  
and each eligible foreign securities depository  
holding Customer's Securities pursuant hereto afford  
protection for such Securities at least equal to that  
afforded by Bank's established procedures with respect  
to similar securities held by Bank and its securities  
depositories in New York. 
 
	Section 14.    Access to Records. 
 
	Add the following language to the end of Section  
14(c): 
 
	Upon reasonable request from Customer, Bank shall  
furnish Customer such reports (or portions thereof) of  
Bank's system of internal accounting controls  
applicable to Bank's duties hereunder.  Bank shall  
endeavor to obtain and furnish Customer with such  
similar reports as it may reasonably request with  
respect to each Subcustodian and securities depository  
holding Assets. 
 
 
	GLOBAL PROXY SERVICE RIDER 
To Global Custody Agreement 
	Between 
	THE CHASE MANHATTAN BANK 
	AND 
	Each of the Investment Companies Listed on Exhibit I to said  
Global Custody Agreement 
dated December 6, 1996. 
 
1.	Global Proxy Services ("Proxy Services") shall be  
provided for the countries listed in the procedures  
and guidelines ("Procedures") furnished to Customer,  
as the same may be amended by Bank from time to time  
on prior notice to Customer.  The Procedures are  
incorporated by reference herein and form a part of  
this Rider. 
 
2.	Proxy Services shall consist of those elements as set  
forth in the Procedures, and shall include (a)  
notifications ("Notifications") by Bank to Customer of  
the dates of pending shareholder meetings, resolutions  
to be voted upon and the return dates as may be  
received by Bank or provided to Bank by its  
Subcustodians or third parties, and (b) voting by Bank  
of proxies based on Customer Directions.  Original  
proxy materials or copies thereof shall not be  
provided.  Notifications shall generally be in English  
and, where necessary, shall be summarized and  
translated from such non-English materials as have  
been made available to Bank or its Subcustodian.  In  
this respect Bank's only obligation is to provide  
information from sources it believes to be reliable  
and/or to provide materials summarized and/or  
translated in good faith.  Bank reserves the right to  
provide Notifications, or parts thereof, in the  
language received.  Upon reasonable advance request by  
Customer, backup information relative to  
Notifications, such as annual reports, explanatory  
material concerning resolutions, management  
recommendations or other material relevant to the  
exercise of proxy voting rights shall be provided as  
available, but without translation. 
 
3.	While Bank shall attempt to provide accurate and  
complete Notifications, whether or not translated,  
Bank shall not be liable for any losses or other  
consequences that may result from reliance by Customer  
upon Notifications where Bank prepared the same in  
good faith. 
 
4.	Notwithstanding the fact that Bank may act in a  
fiduciary capacity with respect to Customer under  
other agreements or otherwise under the Agreement, in  
performing Proxy Services Bank shall be acting solely  
as the agent of Customer, and shall not exercise any  
discretion with regard to such Proxy Services. 
 
5.	Proxy voting may be precluded or restricted in a  
variety of circumstances, including, without  
limitation, where the relevant Securities are: (i) on  
loan; (ii) at registrar for registration or  
reregistration; (iii) the subject of a conversion or  
other corporate action; (iv) not held in a name  
subject to the control of Bank or its Subcustodian or  
are otherwise held in a manner which precludes voting;  
(v) not capable of being voted on account of local  
market regulations or practices or restrictions by the  
issuer; or (vi) held in a margin or collateral  
account. 
 
6.	Customer acknowledges that in certain countries Bank  
may be unable to vote individual proxies but shall  
only be able to vote proxies on a net basis (e.g., a  
net yes or no vote given the voting instructions  
received from all customers). 
 
7.	Customer shall not make any use of the information  
provided hereunder, except in connection with the  
funds or plans covered hereby, and shall in no event  
sell, license, give or otherwise make the information  
provided hereunder available, to any third party, and  
shall not directly or indirectly compete with Bank or  
diminish the market for Proxy Services by provision of  
such information, in whole or in part, for  
compensation or otherwise, to any third party. 
 
8.	The names of Authorized Persons for Proxy Services  
shall be furnished to Bank in accordance with "10 of  
the Agreement.  Proxy Services fees shall be as set  
forth in "13 of the Agreement or as separately agreed. 
 
 
	DOMESTIC AND GLOBAL 
	SPECIAL TERMS AND CONDITIONS RIDER 
 
 
Domestic Corporate Actions and Proxies 
 
With respect to domestic U.S. and Canadian Securities (the  
latter if held in DTC), the following provisions shall apply  
rather than the pertinent provisions of Section 8 of the  
Agreement and the Global Proxy Service rider: 
 
	Bank shall send to Customer or the Authorized  
Person for a Custody Account, such proxies  
(signed in blank, if issued in the name of  
Bank's nominee or the nominee of a central  
depository) and communications with respect to  
Securities in the Custody Account as call for  
voting or relate to legal proceedings within a  
reasonable time after sufficient copies are  
received by Bank for forwarding to its  
customers.  In addition, Bank shall follow  
coupon payments, redemptions, exchanges or  
similar matters with respect to Securities in  
the Custody Account and advise Customer or the  
Authorized Person for such Account of rights  
issued, tender offers or any other discretionary  
rights with respect to such Securities, in each  
case, of which Bank has received notice from the  
issuer of the Securities, or as to which notice  
is published in publications routinely utilized  
by Bank for this purpose. 
 
 
	AMENDMENT, dated as of October 27, 1997 to the Global  
Custody Agreement ("Agreement"), dated December 6, 1996,  
between The Chase Manhattan Bank and each of the investment  
companies listed on Exhibit 1 thereto. 
 
	It is agreed as follows: 
 
	1.	The contents of Exhibit 1 to the Agreement are  
deleted, and the following is hereby substituted in lieu  
thereof: 
 
Smith Barney World Funds, Inc. 
	Emerging Market Portfolio   
	European Portfolio 
	Global Government Bond Portfolio   
	International Balanced Portfolio 
	International Equity Portfolio 
	Pacific Portfolio 
 
Smith Barney Natural Resources Fund Inc. 
 
Smith Barney Income Funds 
	Smith Barney Diversified Strategic Income Fund 
 
Smith Barney Investment Funds Inc. 
	Smith Barney Hansberger Global Value Fund 
	Smith Barney Hansberger Global Small Cap Value Fund 
 
Consulting Group Capital Markets Funds (TRAK) 
	International Equity Investments 
	International Fixed Income Investments 
	Emerging Markets Equity Investments 
 
The Italy Fund 
 
Travelers Series Fund Inc. (Vintage) 
	GT Global Strategic Income Portfolio  
	Smith Barney International Equity Portfolio 
	Smith Barney Pacific Basin Portfolio 
 
Travelers Series Trust (Architect) 
	Lazard International Stock Portfolio 
 
Greenwich Street Series Fund (Symphony) (Formerly, Smith  
Barney Series Fund)  
	Diversified Strategic Income Fund 
	International Equity Fund 
 
 
	2.	Except as modified hereby, the Agreement is  
confirmed in all respects.  
 
	IN WITNESS WHEREOF, the parties have executed this  
Amendment as of the date first above written.  
 
 
EACH OF THE INVESTMENT 		THE CHASE  
COMPANIES LISTED ABOVE		MANHATTAN BANK 
 
By:                                                        By: 
 
Print Name: Lewis Daidone                   Print Name: 
 
Title: Senior Vice President                   Title: