CITIFUNDS TRUST I
485APOS, EX-99.P(2), 2000-09-12
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                                                          Exhibit p(2)
                          PERSONAL INVESTMENT POLICY
                                      FOR
                           SALOMON SMITH BARNEY INC.
                        IN CONNECTION WITH ITS ACTIVITY
                               AS DISTRIBUTOR OF
                    CERTAIN REGISTERED INVESTMENT COMPANIES

Salomon Smith Barney Inc. ("SSB") has adopted this policy on securities
transactions in order to provide policies and procedures consistent with Rule
17j-1 under the Investment Company Act of 1940 to prevent fraudulent or
manipulative practices with respect to purchases or sales of securities held or
to be acquired by those U.S. registered investment companies ("Funds") advised
or managed by SSB Citi Asset Management Group ("SSB Citi")1 for which SSB acts
as distributor. ALL DIRECTORS AND OFFICERS OF SSB WHO, IN THE ORDINARY COURSE
OF BUSINESS, MAKE, PARTICIPATE IN OR OBTAIN INFORMATION REGARDING, THE PURCHASE
OR SALE OF SECURITIES BY THE FUNDS, OR WHOSE FUNCTIONS OR DUTIES IN THE
ORDINARY COURSE OF BUSINESS RELATE TO THE MAKING OF ANY RECOMMENDATION TO THE
FUNDS REGARDING THE PURCHASE OR SALE OF SECURITIES AND WHO ARE NOT SUBJECT TO
THE SSB CITI PERSONAL INVESTMENT POLICY ARE COVERED PERSONS UNDER THIS POLICY.

I.      STATEMENT OF PRINCIPLES - The fundamental standard to be followed in
        personal securities transactions is that Covered Persons may not take
        inappropriate advantage of their positions. All personal securities
        transactions by Covered Persons shall adhere to the requirements of
        this policy and shall be conducted in such a manner as to avoid any
        actual or potential conflict of interest, the appearance of such a
        conflict, or the abuse of the person's position of trust and
        responsibility. While this policy is designed to address both
        identified conflicts and potential conflicts, it cannot possibly be
        written broadly enough to cover all potential situations. In this
        regard, Covered Persons are expected to adhere not only to the letter,
        but also the spirit of the policies contained herein.

        Covered Persons are reminded that they also are subject to other
        Citigroup policies, including policies on insider trading, the purchase
        and sale of securities listed on any applicable SSB restricted list,
        the receipt of gifts and service as a director of a publicly traded
        company. Covered Persons must never trade in a security or commodity
        while in possession of material, non-public information about the
        issuer or the market for those securities or commodities, even if the
        Covered Person has satisfied all other requirements of this policy.

        The reputation of SSB and its employees for straightforward practices
        and integrity is a priceless asset, and all employees have the duty and
        obligation to support and maintain it when conducting their personal
        securities transactions.




1 The investment advisory entities of SSB Citi covered by this policy include:
  Salomon Brothers Asset Management Inc.; SSB Citi Fund Management LLC; Smith
  Barney Asset Management Division of Salomon Smith Barney Inc.; Travelers
  Investment Management Company; and the Citibank Global Asset Management
  Division of Citibank, N.A. and Citicorp Trust, N.A.-California.

<PAGE>


II.     APPLICABILITY - Each Covered Person must comply with all of the
        provisions of this policy. The personal investment policies, procedures
        and restrictions referred to herein also apply to a Covered Person's
        spouse and minor children. The policies also apply to any other account
        over which the Covered Person is deemed to have beneficial ownership.
        This includes: accounts of any immediate family members sharing the
        same household as the Covered Person; accounts of persons or other
        third parties for whom the Covered Person exercises investment
        discretion or gives investment advice; a legal vehicle in which the
        Covered Person has a direct or indirect beneficial interest and has
        power over investment decisions; accounts for the benefit of a third
        party (e.g., a charity) which may be directed by the Covered Person
        (other than in the capacity of an employee); and any account over which
        the Covered Person may be deemed to have control. For a more detailed
        description of beneficial ownership, see Exhibit A attached hereto.

        These policies place certain restrictions on the ability of a Covered
        Person to purchase or sell securities that are being or have been
        purchased or sold by the Funds. The restrictions also apply to
        securities that are "related" to a security being purchased or sold by
        the Funds. A "related security" is one whose value is derived from the
        value of another security (e.g., a warrant, option or an indexed
        instrument).

        SECURITIES are defined as stocks, notes, bonds, closed-end mutual
        funds, debentures, and other evidences of indebtedness, including
        senior debt, subordinated debt, investment contracts, commodity
        contracts, futures and all derivative instruments such as options,
        warrants and indexed instruments, or, in general, any interest or
        instrument commonly known as a "security."

III.    ENFORCEMENT - It is the responsibility of each Covered Person to act in
        accordance with a high standard of conduct and to comply with the
        policies and procedures set forth in this document. SSB takes seriously
        its obligation to monitor the personal investment activities of its
        employees. Any violation of this policy by Covered Persons will be
        considered serious, and may result in disciplinary action, which may
        include the unwinding of trades, disgorgement of profits, monetary fine
        or censure, and suspension or termination of employment.

IV      OPENING AND MAINTAINING EMPLOYEE ACCOUNTS - All employee brokerage
        accounts, including spouse accounts, accounts for which the Covered
        Person is deemed to have beneficial ownership, and any other accounts
        over which the Covered Person and/or spouse exercise control, must be
        maintained either at SSB or at Citicorp Investment Services ("CIS").2
        For spouses or other persons who, by reason of their employment, are
        required to conduct their securities, commodities or other financial
        transactions in a manner inconsistent with this policy, or in other
        exceptional circumstances, Covered Persons may submit a written request
        for an exemption to the Compliance Department. If approval is granted,
        copies of trade confirmations and monthly statements must be sent to
        the Compliance Department. In addition, all other provisions of this
        policy will apply.

V       EXCLUDED ACCOUNTS AND TRANSACTIONS - The following types of
        accounts/transactions need not be maintained at SSB or CIS, nor are
        they subject to the other restrictions of this policy:

              1.  Accounts at outside mutual funds that hold only shares of
                  open-end funds purchased directly from that fund company.


2 This requirement will become effective as to all employees on a date to be
  determined by the Compliance Department and may be subject to a phase-in
  implementation process.

<PAGE>

                  Note: transactions relating to closed-end funds are subject
                  to the pre-clearance, blackout period and other restrictions
                  of this policy;

              2.  Estate or trust accounts in which a Covered Person or related
                  person has a beneficial interest, but no power to affect
                  investment decisions. There must be no communication between
                  the account(s) and the Covered Person with regard to
                  investment decisions prior to execution. The Covered Person
                  must direct the trustee/bank to furnish copies of
                  confirmations and statements to the Compliance Department;

              3.  Fully discretionary accounts managed by either an internal or
                  external registered investment adviser are permitted and may
                  be custodied away from SSB and CIS if (i) the Covered Person
                  receives permission from the Director of Compliance, and (ii)
                  there is no communication between the manager and the Covered
                  Person with regard to investment decisions prior to
                  execution. The Covered Person must designate that copies of
                  trade confirmations and monthly statements be sent to the
                  Compliance Department;

              4.  Covered Persons may participate in direct investment programs
                  which allow the purchase of securities directly from the
                  issuer without the intermediation of a broker/dealer provided
                  that the timing and size of the purchases are established by
                  a pre-arranged, regularized schedule (e.g., dividend
                  reinvestment plans). Covered Persons must pre-clear the
                  transaction at the time that the dividend reinvestment plan
                  is being set up. Covered Persons also must provide
                  documentation of these arrangements and direct periodic
                  (monthly or quarterly) statements to the Compliance
                  Department; and

              5.  In addition to the foregoing, the following types of
                  securities are exempted from pre-clearance, blackout periods,
                  reporting and short-term trading requirements: open-ended
                  mutual funds; open-end unit investment trusts; U.S. Treasury
                  bills, bonds and notes; mortgage pass-throughs (e.g. Ginnie
                  Maes) that are direct obligations of the U.S. government;
                  bankers acceptances; bank certificates of deposit; commercial
                  paper; and high quality short-term debt instruments (meaning
                  any instrument that has a maturity at issuance of less than
                  366 days and that is rated in one of the two highest rating
                  categories by a nationally recognized statistical rating
                  organization, such as S&P or Moody's), including repurchase
                  agreements.

VI.     SECURITIES HOLDING PERIOD/SHORT-TERM TRADING - Securities transactions
        must be for investment purposes rather than for speculation.
        Consequently, employees may not profit from the purchase and sale, or
        sale and purchase, of the same or equivalent securities within sixty
        (60) calendar days, calculated on a First In, First Out (FIFO) basis
        (i.e., the security may be sold on the 61st day). Citigroup securities
        received as part of a Covered Person's compensation are not subject to
        the 60-day holding period. All profits from short-term trades are
        subject to disgorgement. However, with the prior written approval of
        the Director of Compliance, and only in rare and/or unusual
        circumstances, a Covered Person may execute a short-term trade that
        results in a significant loss or in break-even status.

VII.    PRE-CLEARANCE - Covered Persons must pre-clear all personal securities
        transactions (see Section V for a listing of accounts, transactions and
        securities that do not require pre-clearance). A copy of the
        pre-clearance form is attached as Exhibit B. IN ADDITION, COVERED

<PAGE>

        PERSONS ARE PROHIBITED FROM ENGAGING IN MORE THAN TWENTY (20)
        TRANSACTIONS IN ANY CALENDAR MONTH, EXCEPT WITH THE PRIOR WRITTEN
        APPROVAL FROM THE DIRECTOR OF COMPLIANCE. A transaction must not be
        executed until the Covered Person has received the necessary approval.
        Pre-clearance is valid only on the day it is given. If a transaction is
        not executed on the day pre-clearance is granted, it is required that
        pre-clearance be sought again on a subsequent day (i.e., open orders,
        such as limit orders, good until cancelled orders and stop-loss orders,
        must be pre-cleared each day until the transaction is effected). In
        connection with obtaining approval for any personal securities
        transaction, Covered Persons must describe in detail any factors that
        might be relevant to an analysis of the possibility of a conflict of
        interest. Any trade that violates the pre-clearance process may be
        unwound at the Covered Person's expense, and the Covered Person will be
        required to absorb any resulting loss and to disgorge any resulting
        profit.

VIII    BLACKOUT PERIODS - No Covered Person shall purchase or sell, directly
        or indirectly, any security in which he/she has, or by reason of the
        transaction acquires, any direct or indirect beneficial ownership if
        he/she has knowledge at the time of such transaction that the security
        is being purchased or sold, or is being considered for purchase or
        sale, by a Fund. In addition, a Covered Person may not buy or sell any
        securities for personal accounts on the same day that a Fund about
        which the Covered Person is likely to have trading or portfolio
        information (as determined by the Compliance Department) trades in that
        security.

        Any violation of the foregoing provision will require the Covered
        Person's trade to be unwound, with the Covered Person absorbing any
        resulting loss and disgorging any resulting profit. Please be reminded
        that, regardless of the provisions set forth above, all employees are
        always prohibited from effecting personal securities transactions based
        on material, non-public information.

        Blackout period requirements shall not apply to any purchase or sale,
        or series of related transactions involving the same or related
        securities, involving 500 or fewer shares in the aggregate if the
        issuer has a market capitalization (outstanding shares multiplied by
        the current price per share) greater than $10 billion and is listed on
        a U.S. Stock Exchange or NASDAQ. Note: Pre-clearance is still required.
        Under certain circumstances, the Compliance Department may determine
        that a Covered Person may not rely upon this "Large Cap/De Minimis"
        exemption. In such a case, the Covered Person will be notified prior to
        or at the time the pre-clearance request is made.

IX.     PROHIBITED TRANSACTIONS - The following transactions by Covered Persons
        are prohibited without the prior written approval from the Compliance
        Director:

              1.  The purchase of private placements; and

              2.  The acquisition of any securities in an initial public
                  offering (new issues of municipal debt securities may be
                  acquired subject to the other requirements of this policy
                  (e.g., pre-clearance).)

X.      TRANSACTIONS IN OPTIONS AND FUTURES - Covered Persons may buy or sell
        derivative instruments such as individual stock options, options and
        futures on indexes and options and futures on fixed-income securities,
        and may buy or sell physical commodities and futures and forwards on
        such commodities. These transactions must comply with all of the
        policies and restrictions described in this policy, including
        pre-clearance, blackout periods, transactions in Citigroup securities
        and the 60-day holding period. However, the 60-day holding period does
        not apply to individual stock options that are part of a hedged
        position where the underlying stock has been held for more than 60 days
        and the entire position (including the underlying security) is closed
        out.


<PAGE>

XI.     PROHIBITED RECOMMENDATIONS - No Covered Person shall recommend or
        execute any securities transaction by any Fund without having
        disclosed, in writing, to SSB Citi's Chief Investment Officer, or
        designee, any direct or indirect interest in such securities or
        issuers, except for those securities purchased pursuant to the "Large
        Cap/De Minimis" exemption described in Section VIII above. Prior
        written approval of such recommendation or execution also must be
        received from the Chief Investment Officer, or designee. The interest
        in personal accounts could be in the form of:

              1.  Any direct or indirect beneficial ownership of any securities
                  of such issuer;

              2.  Any contemplated transaction by the person in such
                  securities;

              3.  Any position with such issuer or its affiliates; or

              4.  Any present or proposed business relationship between such
                  issuer or its affiliates and the person or any party in which
                  such person has a significant interest.

XII.    TRANSACTIONS IN CITIGROUP SECURITIES - Unless a Covered Person is a
        member of a designated group subject to more restrictive provisions, or
        is otherwise notified to the contrary, the Covered Person may trade in
        Citigroup securities without restriction (other than the pre-clearance
        and other requirements of this policy), subject to the limitations set
        forth below.

              Covered Persons whose jobs are such that they know about
              Citigroup's quarterly earnings prior to release may not engage in
              any transactions in Citigroup securities during the "blackout
              periods" beginning on the first day of a calendar quarter and
              ending on the second business day following the release of
              earnings for the prior quarter.

              Stock option exercises are permitted during a blackout period
              (but the simultaneous exercise of an option and sale of the
              underlying stock is prohibited). With regard to exchange traded
              options, no transactions in Citigroup options are permitted
              except to close or roll an option position that expires during a
              blackout period. Charitable contributions of Citigroup securities
              may be made during the blackout period, but an individual's
              private foundation may not sell donated Citigroup common stock
              during the blackout period. "Good `til cancelled" orders on
              Citigroup stock must be cancelled before entering a blackout
              period and no such orders may be entered during a blackout
              period.

              No Covered Person may engage at any time in any personal
              transactions in Citigroup securities while in possession of
              material non-public information. Investments in Citigroup
              securities must be made with a long-term orientation rather than
              for speculation or for the generation of short-term trading
              profits. In addition, please note that Covered Persons may not
              engage in the following transactions:

              +   Short sales of Citigroup securities;

              +   Purchases or sales of options ("puts" or "calls") on
                  Citigroup securities, except writing a covered call at a time
                  when the securities could have been sold under this policy;

              +   Purchases or sales of futures on Citigroup securities; or


<PAGE>

              +   Any transactions relating to Citigroup securities that might
                  reasonably appear speculative.

              The number of Citigroup shares a Covered Person is entitled to in
              the Citigroup Stock Purchase Plan is not treated as a long stock
              position until such time as the Covered Person has given
              instructions to purchase the shares of Citigroup. Thus, Covered
              Persons are not permitted to use options to hedge their financial
              interest in the Citigroup Stock Purchase Plan.

              Contributions into the firm's 401(k) Plan are not subject to the
              restrictions and prohibitions described in this policy.

XIII.   ACKNOWLEDGEMENT AND REPORTING REQUIREMENTS - All new Covered Persons
        must certify that they have received a copy of this policy, and have
        read and understood its provisions. In addition, all Covered Persons
        must:

              1.  Acknowledge receipt of the policy and any modifications
                  thereof, in writing (see Exhibit C for the form of
                  Acknowledgement);

              2.  Within 10 days of becoming a Covered Person, disclose in
                  writing all information with respect to all securities
                  beneficially owned and any existing personal brokerage
                  relationships (Covered Persons must also disclose any new
                  brokerage relationships whenever established). Such
                  information should be provided on the form attached as
                  Exhibit D;

              3.  Direct their brokers to supply, on a timely basis, duplicate
                  copies of confirmations of all personal securities
                  transactions (Note: this requirement may be satisfied through
                  the transmission of automated feeds);

              4.  Within 10 days after the end of each calendar quarter,
                  provide information relating to securities transactions
                  executed during the previous quarter for all securities
                  accounts (Note: this requirement may be satisfied through
                  the transmission of automated feeds);

              5.  Submit an annual holdings report containing similar
                  information that must be current as of a date no more than 30
                  days before the report is submitted, and confirm at least
                  annually all brokerage relationships and any and all outside
                  business affiliations (Note: this requirement may be
                  satisfied through the transmission of automated feeds or the
                  regular receipt of monthly brokerage statements); and

              6.  Certify on an annual basis that he/she has read and
                  understood the policy, complied with the requirements of the
                  policy and that he/she has pre-cleared and disclosed or
                  reported all personal securities transactions and securities
                  accounts required to be disclosed or reported pursuant to the
                  requirements of the policy.

        DISCLAIMER OF BENEFICIAL OWNERSHIP - The reports described in Items 4
        and 5 above may contain a statement that the reports shall not be
        construed as an admission by the person making the reports that he/she
        has any direct or indirect beneficial ownership in the securities to
        which the reports relate.

XIV.    HANDLING OF DISGORGED PROFITS - Any amounts that are paid/disgorged by
        a Covered Person under this policy shall be donated by SSB to one or
        more charities. Amounts donated may be aggregated by SSB and paid to
        such charity or charities at the end of each year.


<PAGE>

XV.     CONFIDENTIALITY - All information obtained from any Covered Person
        pursuant to this policy shall be kept in strict confidence, except that
        such information will be made available to the Securities and Exchange
        Commission or any other regulatory or self-regulatory organization or
        to the Fund Boards of Directors to the extent required by law,
        regulation or this policy.

XVI.    OTHER LAWS, RULES AND STATEMENTS OF POLICY - Nothing contained in this
        policy shall be interpreted as relieving any person subject to the
        policy from acting in accordance with the provision of any applicable
        law, rule or regulation or any statement of policy or procedure
        governing the conduct of such person adopted by Citigroup, its
        affiliates and subsidiaries.

XVII.   RETENTION OF RECORDS - All records relating to personal securities
        transactions hereunder and other records meeting the requirements of
        applicable law, including a copy of this policy and any other policies
        covering the subject matter hereof, shall be maintained in the manner
        and to the extent required by applicable law, including Rule 17j-1
        under the 1940 Act. The Compliance Department shall have the
        responsibility for maintaining records created under this policy.

XVIII.  MONITORING - SSB takes seriously its obligation to monitor the personal
        investment activities of its employees and to review the periodic
        reports of all Covered Persons. Employee personal investment
        transaction activity will be monitored by the Compliance Department.
        All noted deviations from the policy requirements will be referred back
        to the employee for follow-up and resolution (with a copy to be
        supplied to the employee's supervisor).

XIX.    EXCEPTIONS TO THE POLICY - Any exceptions to this policy must have the
        prior written approval of the Director of Compliance. Any questions
        about this policy should be directed to the Compliance Department.

XX.     BOARD REVIEW - Fund Management and SSB shall provide to the Board of
        Directors of each Fund, on a quarterly basis, a written report of all
        material violations of this policy, and at least annually, a written
        report and certification meeting the requirements of Rule 17j-1 under
        the 1940 Act.

XXI.    AMENDMENTS - Unless otherwise noted herein, this policy shall become
        effective as to all Covered Persons on July 5, 2000. This policy may be
        amended from time to time by the Compliance Department. Any material
        amendment of this policy shall be submitted to the Board of Directors
        of each Fund for approval in accordance with Rule 17j-1 under the 1940
        Act.









July 5, 2000



<PAGE>


                                                                      EXHIBIT A


                      EXPLANATION OF BENEFICIAL OWNERSHIP

You are considered to have "Beneficial Ownership" of Securities if you have or
share a direct or indirect "Pecuniary Interest" in the Securities.

You have a "Pecuniary Interest" in Securities if you have the opportunity,
directly or indirectly, to profit or share in any profit derived from a
transaction in the Securities.

The following are examples of an indirect Pecuniary Interest in Securities:

        1.  Securities held by members of your immediate family sharing the
            same household; however, this presumption may be rebutted by
            convincing evidence that profits derived from transactions in these
            Securities will not provide you with any economic benefit.

            "Immediate family" means any child, stepchild, grandchild, parent,
            stepparent, grandparent, spouse, sibling, mother-in-law,
            father-in-law, son-in-law, daughter-in-law, brother-in-law, or
            sister-in-law, and includes any adoptive relationship.

        2.  Your interest as a general partner in Securities held by a general
            or limited partnership.

        3.  Your interest as a manager-member in the Securities held by a
            limited liability company.

You do not have an indirect Pecuniary Interest in Securities held by a
corporation, partnership, limited liability company or other entity in which
you hold an equity interest, unless you are a controlling equityholder or you
have or share investment control over the Securities held by the entity.

The following circumstances constitute Beneficial Ownership by you of
Securities held by a trust:

        1.  Your ownership of Securities as a trustee where either you or
            members of your immediate family have a vested interest in the
            principal or income of the trust.

        2.  Your ownership of a vested interest in a trust.

        3.  Your status as a settlor of a trust, unless the consent of all of
            the beneficiaries is required in order for you to revoke the trust.

The foregoing is a summary of the meaning of "beneficial ownership". For
purposes of the attached policy, "beneficial ownership" shall be interpreted in
the same manner as it would be in determining whether a person is subject to
the provisions of Section 16 of the Securities Exchange Act of 1934 and the
rules and regulations thereunder




<PAGE>


                  SALOMON SMITH BARNEY INC. ("SSB")                  EXHIBIT B
               COVERED PERSON TRADE PRE-APPROVAL FORM
                              (PAGE 1)


INSTRUCTIONS:

Covered Persons are required to submit this form to the Compliance Department
of SSB Citi Asset Management Group ("SSB Citi") prior to placing a trade. The
Compliance Department will notify the Covered Person as to whether or not
pre-approval is granted. Pre-approval is effective only on the date granted.

I.      COVERED PERSON INFORMATION
-------------------------------------------------------------------------------
Covered Person Name:                                Phone Number:
-------------------------------------------------------------------------------
Account Title:
-------------------------------------------------------------------------------
Account Number:
-------------------------------------------------------------------------------
Fund(s) for which employee is a Covered Person:
-------------------------------------------------------------------------------
II.     SECURITY INFORMATION
<TABLE>
<CAPTION>
<S>                 <C>                 <C>    <C>         <C>                  <C>           <C>
                                         IPO   []Yes []No   PRIVATE PLACEMENT                 []Yes  []No
---------------------------------------------------------------------------------------------------------
   Security Name    Security Type-e.g., Ticker  Buy/Sell    If Sale, Date First      No.        Large Cap
                    common stock, etc.                           Acquired1      Shares/Units     Stock?2
---------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------
</TABLE>

III.    CERTIFICATION

I certify that I will not effect the transaction(s) described above unless and
until pre-clearance approval is obtained from the Compliance Department. I
further certify that, except as described on an attached page, to the best of
my knowledge, the proposed transaction(s) will not result in a conflict of
interest with any Fund managed by SSB Citi. I further certify that, to the best
of my knowledge, there are no pending orders for any security listed above or
any related security for any Funds for which I am considered a Covered Person.
The proposed transaction(s) are consistent with all firm policies regarding
employee personal securities transactions.

SIGNATURE________________________________           DATE______________________

<TABLE>
<CAPTION>
<S>                        <C>           <C>                    <C>             <C>
--------------------------------------------------------------------------------------------------------
FOR USE BY THE COMPLIANCE DEPARTMENT
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
                           [] Yes  [] No                        [] Yes [] No    Reason not granted:
ARE SECURITIES RESTRICTED?               PRE-APPROVAL GRANTED?

--------------------------------------------------------------------------------------------------------

COMPLIANCE DEPARTMENT SIGNATURE:                                Date:          Time:
--------------------------------------------------------------------------------------------------------
</TABLE>

1.  All securities sold must have been held for at least 60 days.
2.  For purposes of SSB's personal trading policies, a Large Cap Exemption
    applies to transactions involving 500 or fewer shares in aggregate and the
    stock is one that is listed on a U.S. stock exchange or NASDAQ and whose
    issuer has a market capitalization (outstanding shares multiplied by
    current price) of more than $10 billion.


<PAGE>


                           PERSONAL INVESTMENT POLICY                 EXHIBIT C

                                      FOR
                           SALOMON SMITH BARNEY INC.
                IN CONNECTION WITH ITS ACTIVITY AS DISTRIBUTOR
                                      OF
                    CERTAIN REGISTERED INVESTMENT COMPANIES

                                ACKNOWLEDGMENT


I acknowledge that I have received and read the Personal Investment Policy For
Salomon Smith Barney Inc. in connection with its activity as Distributor of
Certain Registered Investment Companies dated July 5, 2000. I understand the
provisions of the Personal Investment Policy as described therein and agree to
abide by them.


              COVERED PERSON NAME (PRINT): ___________________________

              SIGNATURE:                   ___________________________

              DATE:                        ___________________________


-------------------------------------------------------------------------------
SOCIAL SECURITY NUMBER:                    DATE OF HIRE:
-------------------------------------------------------------------------------
JOB FUNCTION & TITLE:                      SUPERVISOR:
-------------------------------------------------------------------------------
LOCATION:
-------------------------------------------------------------------------------
FLOOR AND/OR ZONE:                         TELEPHONE
                                           NUMBER:
-------------------------------------------------------------------------------


NASD REGISTERED EMPLOYEE (Please check one)   [] Yes   [] No
-------------------------------------------------------------------------------
If REGISTERED, list Registration License:
-------------------------------------------------------------------------------



This Acknowledgment form must be completed and returned to the Compliance
Department of Salomon Smith Barney Inc., 7 World Trade Center, 30th floor, New
York, NY 10048.






<PAGE>


                                                                      EXHIBIT D

              SALOMON SMITH BARNEY INC. PERSONAL INVESTMENT POLICY
  FINANCIAL SERVICES FIRM DISCLOSURE AND INITIAL REPORT OF SECURITIES HOLDINGS

THIS REPORT MUST BE SIGNED, DATED AND RETURNED WITHIN 10 DAYS OF EMPLOYMENT TO
THE COMPLIANCE DEPARTMENT OF SALOMON SMITH BARNEY INC., 7 WORLD TRADE CENTER,
30TH FLOOR

-------------------------------------------------------------------------------
COVERED PERSON NAME: ______________________  DATE OF EMPLOYMENT: ______________

-------------------------------------------------------------------------------
BROKERAGE ACCOUNTS:
[]   I do not have a beneficial interest in any account(s) with any financial
     services firm.
[]   I maintain the following account(s) with the financial services firm(s)
     listed below (attach additional information if necessary-e.g., a brokerage
     statement). Please include the information required below for any broker,
     dealer or bank where an account is maintained which holds securities for
     your direct or indirect benefit as of the date you began your employment.

<TABLE>
<CAPTION>
<S>                                                    <C>                      <C>
-------------------------------------------------------------------------------------------------
Name of Financial Service(s) Firm and Address          Account Title            Account Number
-------------------------------------------------------------------------------------------------


-------------------------------------------------------------------------------------------------


-------------------------------------------------------------------------------------------------


-------------------------------------------------------------------------------------------------
</TABLE>
SECURITIES HOLDINGS:

Complete the following (or attach a copy of your most recent statement(s))
listing all of your securities holdings, with the exception of open-ended
mutual funds and U.S Government securities if:

o    You own securities which are held by financial services firm(s) as
     described above. If you submit a copy of a statement, it must include all
     of the information set forth below. Please be sure to include any
     additional securities purchased since the date of the brokerage statement
     which is attached. Use additional sheets if necessary.

o    Your securities are not held with a financial service(s) firm (e.g.,
     dividend reinvestment programs and private placements).

<TABLE>
<CAPTION>
<S>                 <C>              <C>          <C>             <C>           <C>
--------------------------------------------------------------------------------------------------------
Title of Security   Ticker Symbol    # of Shares  Principal Amt.  Held Since    Financial Services Firm
--------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------
</TABLE>
[]   I have no securities holdings to report.

I certify that I have received the Salomon Smith Barney Inc. Personal
Investment Policy and have read it and understood its contents. I further
certify that the above represents a complete and accurate description of my
brokerage account(s) and securities holdings as of my date of employment.

Signature:___________________________        Date of Signature: _______________



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