EX-99.B8C
Exhibit 24(b)(8)(c)
AMENDMENT, dated November 20, 1997 to the May 1, 1996 custody agreement
("Agreement"), between those registered investment companies listed on Schedule
A to the Agreement (each a "Customer"), having a place of business at 0000
Xxxxxx Xxxxxx, Xxxxxxxxxxxx, XX 00000 and The Chase Manhattan Bank ("Bank"),
having a place of business at 000 Xxxx Xxx., Xxx Xxxx, X.X. 00000-0000.
It is hereby agreed as follows:
Section 1. Except as modified hereby, the Agreement is confirmed in all
respects. Capitalized terms used herein without definition shall have the
meanings ascribed to them in the Agreement.
Section 2. The Agreement is amended by deleting the mutual fund rider
thereto and inserting, in lieu thereof, the following mutual fund rider:
1. Add a new Section 15 to the Agreement as follows:
15. Compliance with SEC rule 17f-5 ("Rule 17f-5").
(a) Customer's board of directors (or equivalent body) (hereinafter
"Board") hereby delegates to Bank, and Bank hereby accepts the delegation to it,
of the obligation to perform as Customer's "Foreign Custody Manager" (as that
term is defined in Rule 17f-5(a)(2)) adopted under the Investment Company Act of
1940 ("Act"), as amended ("1940 Act"), the following responsibilities in a
manner consistent with Rule 17f-5, to: (i) select Eligible Foreign Custodians
(as that term is defined in Rule 17f-5(a)(1), and as the same may be amended
from time to time, or that have otherwise been made exempt pursuant to an SEC
exemptive order); (ii) enter into written contracts with such Eligible Foreign
Custodians that are banks or trust companies and with Eligible Foreign
Custodians that are "Securities Depositories" (as defined in Rule 17f-5(a)(6))
and that are not Compulsory Depositories (as defined below) where the Depository
has such a contract; and (iii) to monitor the appropriateness of maintaining
Assets of the series of the Customer with such Eligible Foreign Custodians;
provided that, Bank shall not be responsible for these duties with respect to
any compulsory Securities Depository ("Compulsory Depository"). A Compulsory
Depository shall mean a Securities Depository or clearing agency the use of
which is compulsory because: (1) its use is required by law or regulation or (2)
maintaining securities outside the depository is not consistent with prevailing
custodial practices in the country which the Depository serves. Compulsory
Depositories used by Chase as of the date hereof are set forth in Appendix 1-A
hereto. Appendix 1-A may be amended on notice to Customer from time to time. In
that connection, Bank shall notify Customer promptly of pending changes to
Appendix 1-A.
(b) In connection with the foregoing, Bank shall:
(i) provide written reports to Customer's Board upon the placement of
Assets with a particular Eligible Foreign Custodian and of any Material
Change (as defined below) in the arrangements with such Eligible
Foreign Custodians, with such reports to be provided to Customer's
Board at such times as the Board deems reasonable and appropriate based
on the circumstances of Customer's foreign custody arrangements (and
until further notice from Customer such reports shall be provided
within 30 days after Bank becomes aware of any such Material Change.
For purposes of the foregoing, a Material Change shall include, but
shall not be limited to, Bank's decision to remove Customer's Assets
from a particular Eligible Foreign Custodian, an event that has a
material adverse affect on an Eligible Foreign Custodian's financial or
operational strength, any non-compliance by an Eligible Foreign
Custodian with a "Material Term" of Bank's subcustodian agreement with
such Eligible Foreign Custodian (as defined below) or any failure by an
Eligible Foreign Custodian to meet the requirements for its status as
such under Rule 17f-5. A Material Term shall mean a term which provides
that (a) the Customer will be adequately indemnified or its Assets
adequately insured, or an adequate combination thereof, in the event of
loss; (b) the Assets of the Series will not be subject to any right,
charge, security interest, lien or claim of any kind in favor of an
Eligible Foreign Custodian or such Eligible Foreign Custodian's
creditors, except a claim of payment for their safe custody or
administration, or in the case of cash deposits, liens or rights in
favor of creditors of the Eligible Foreign Custodian arising under
bankruptcy, insolvency or similar laws; (c) beneficial ownership for
the Assets of the Series will be freely transferable without the
payment of money or value other than for safe custody or administration
of the Assets of the Series; (d) adequate records will be maintained
identifying the Assets as belonging to the Customer or the Series or as
being held by a third party for the benefit of the Customer or the
Series; (e) the independent auditors for the Customer will be given
access to those records or confirmation of the contents of those
records; and (f) the Customer will receive periodic reports with
respect to the safekeeping of the Series' Assets, including, but not
necessarily limited to, notification of any transfer to or from the
Customer's account or a third party account containing Assets held for
the benefit of the Customer. In addition, in the event that a contract
with an Eligible Foreign Custodian does not include any or
2
all of the terms described in (a) through (f) of this paragraph
15(b)(i), a Material Term shall mean a term which, in the Bank's
judgment, if not complied with, would cause the contract not to provide
the same or greater level of care and protection for Customer's Assets
than if the contract contained the provisions described in (a) through
(f) of this paragraph 15(b)(i).
(ii) exercise such reasonable care, prudence and diligence in
performing as Customer's Foreign Custody Manager as a person having
responsibility for the safekeeping of Assets would exercise;
(iii) in selecting an Eligible Foreign Custodian, first have determined
that Assets placed and maintained in the safekeeping of such Eligible
Foreign Custodian shall be subject to reasonable care, based on the
standards applicable to custodians in the relevant market, after having
considered all factors relevant to the safekeeping of such Assets,
including, without limitation, those factors set forth in Rule
17f-5(c)(1)(i)-(iv);
(iv) determine that the written contract with the Eligible Foreign
Custodian (or, in the case of an Eligible Foreign Custodian that is a
Securities Depository or clearing agency, such contract, the rules or
established practices or procedures of the depository, or any
combination of the foregoing) requires that the Eligible Foreign
Custodian will provide reasonable care for Assets based on the
standards applicable to custodians in the relevant market.
(v) have established a system to monitor the continued appropriateness
of maintaining Assets with particular Eligible Foreign Custodians based
on the standards set forth herein and of the governing contractual
arrangements based on the standards set forth in Rule 17f-5(c)(2), as
it may be amended from time to time.
Subject to (b)(i)-(v) above, Bank is hereby authorized to place and maintain
Assets on behalf of Customer with Eligible Foreign Custodians pursuant to a
written contract which either contains the terms described in Rule
17f-5(c)(2)(i) or which, in lieu of any or all of the terms described in Rule
17f-5(c)(2)(i), contains such other provisions which the Bank determines will
provide in their entirety, the same or a greater level of care and protection
for the Customer's Assets as the provisions of Rule 17f-5(c)(2)(i) in their
entirety. The written contract shall be in such form as deemed appropriate by
Bank. In addition, with respect to Eligible Foreign Custodians that are
non-compulsory Securities Depositories, reliance may be had on such a contract,
the rules or established practices and procedures of such Depository or any
combination thereof.
3
(c) Except as expressly provided herein, Customer shall be solely
responsible to assure that the maintenance of Assets hereunder complies with the
rules, regulations, interpretations and exemptive orders promulgated by or under
the authority of the SEC which are applicable to Fund's business or which have
been granted to Fund. Bank shall advise Customer of any exemptive orders which
it obtains which may have an impact on Bank's relationship with Customer.
(d) Bank represents to Customer that it is a U.S. Bank as defined in
Rule 17f-5(a)(7). Customer represents to Bank that: (1) the Assets being placed
and maintained in Bank's custody are subject to the 1940 Act, as the same may be
amended from time to time; (2) its Board has determined that it is reasonable to
rely on Bank to perform as Customer's Foreign Custody Manager. Nothing contained
herein shall require Bank, on Customer's behalf, to make any selection regarding
countries in which Customer invests or to engage in any monitoring of Customer's
decision to invest in any particular country in which Bank selects , contracts
and monitors Eligible Foreign Custodians, as Customer's Foreign Custody Manager
pursuant to the Agreement.
(e) Bank shall provide to Customer such information as is specified in
Appendix 1-B hereto. Customer hereby acknowledges that: (i) such information is
solely designed to inform Customer of market conditions and procedures, but is
not intended to influence Customer's investment decisions; and (ii) Bank has
gathered the information from sources it considers reliable, but that Bank shall
have no responsibility for inaccuracies or incomplete information except to the
extent that Bank was negligent in selecting the sources of such information.
2. Add the following after the first sentence of Section 3 of the
Agreement:
At the request of Customer, Bank may, but need not, add to Schedule A
an Eligible Foreign Custodian that is either a bank or a non-Compulsory
Depository where Bank has not acted as Foreign Custody Manager with
respect to the selection thereof. Bank shall notify Customer in the
event that it elects not to add any such entity.
3. Add the following language to the end of Section 3 of the Agreement:
4
The term Subcustodian as used herein shall mean the following:
(a) a "U.S. Bank," which shall mean a U.S. bank as defined in Rule
17f-5(a)(7); and (b) with respect to Securities for which the primary
market is outside the U.S. an "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,
(ii) a majority-owned direct or indirect subsidiary of a U.S. Bank or
bank holding company which subsidiary is incorporated or organized
under the laws of a country other than the United States; (iii) a
Securities Depository or clearing agency (other than a Compulsory
Depository), incorporated or organized under the laws of a country
other than the United States, that acts as a system for the central
handling of securities or equivalent book-entries in that country and
that is regulated by a foreign financial regulatory authority as
defined under section 2(a)(50) of the 1940 Act, (iv) a Securities
Depository or clearing agency organized under the laws of a country
other than the United States that acts as a transnational system
("Transnational Depository") for the central handling of securities or
equivalent book-entries, and (v) any other entity that shall have been
so qualified by exemptive order, rule or other appropriate action of
the SEC.
The term Subcustodian as used in Section 12(a)(i) (except the last
sentence thereof) shall not include any Eligible Foreign Custodians as
to which Bank has not acted as Foreign Custody Manager, any Compulsory
Depository and any Transnational Depository.
4. Add the following after the word "administration" at the end of
Subsection 4(d)(i): "or, in the case of cash deposits, liens or rights in favor
of creditors of Subcustodian arising under bankruptcy, insolvency, or similar
laws".
5. Delete all of Subsection 4(e) after the word "located" in (ii)
thereof and add the word "and" between "Subcustodian" and "(ii)".
*********************
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.
5
Customer THE CHASE MANHATTAN BANK
By: /s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxxxxx X. Xxxxxxx
Name: Xxxxxxx X. Xxxxxx Name: Xxxxxxxx X. Xxxxxxx
Title: Senior Vice President/ Title: Vice President
Treasurer
Date: Nov. 20, 1997 Date: Nov. 20, 1997
6
APPENDIX A
Delaware Group Adviser Funds, Inc.
U.S. Growth Fund
Overseas Equity Fund
New Pacific Fund
Delaware Group Equity Funds I, Inc.
Delaware Fund
Devon Fund
Delaware Group Equity Funds II, Inc.
Blue Chip Fund
Quantum Fund
Delaware Group Equity Funds IV, Inc.
DelCap Fund
Capital Appreciation Fund
Delaware Group Equity Funds V, Inc.
Retirement Income Fund
Small Cap Value Fund
Delaware Pooled Trust, Inc.
The International Equity Portfolio
The International Fixed Income Portfolio
The Global Equity Portfolio
The Global Fixed Income Portfolio
The High-Yield Bond Portfolio
The Labor Select International Equity Portfolio
The Real Estate Investment Trust Portfolio
The Real Estate Investment Trust Portfolio II
The Emerging Markets Portfolio
Delaware Group Global & International Funds, Inc.
Emerging Markets Series
Global Assets Series
Global Bond Series
Global Equity Series
International Equity Series
International Small Cap Series
7
APPENDIX A CON'T
Delaware Group Premium Fund, Inc.
Convertible Securities Series
Devon Series
Emerging Markets Series
Quantum Series
Strategic Income Series
Global Bond Series
DelCap Series
International Equity Series
Delaware Series
Value Series
Voyageur Mutual Funds III, Inc.
Tax-Efficient Equity Fund
Dated: November 20, 1997
8
Appendix 1-A
COMPULSORY DEPOSITORIES
------------------------------------------------------------------------------------------------------------------------------------
ARGENTINA CAJA DE VALORES Equity, Corporate & Government Debt
------------------------------------------------------------------------------------------------------------------------------------
AUSTRALIA AUSTRACLEAR LTD. Corporate Debt, Money Market & Semi-Government Debt
------------------------------------------------------------------------------------------------------------------------------------
CHESS Equity
(Clearing House Electronic Sub-register System)
------------------------------------------------------------------------------------------------------------------------------------
RITS Government Debt
(Reserve Bank Information and Transfer System)
------------------------------------------------------------------------------------------------------------------------------------
AUSTRIA OESTERREICHISCHE KONTROLBANK AG Equity, Corporate + Government Debt
------------------------------------------------------------------------------------------------------------------------------------
BELGIUM CIK Equity + Corporate Debt
(Caisse Interprofessionnelle de Depots et de
Virements de Titres)
------------------------------------------------------------------------------------------------------------------------------------
BANQUE NATIONALE DE BELGIQUE Treasury Bills + Government Debt
------------------------------------------------------------------------------------------------------------------------------------
BRAZIL BOVESPA Equity
(Bolsa de Valores de Sao Paolo)
------------------------------------------------------------------------------------------------------------------------------------
BVRJ Equity
(Bolsa de Valores de Rio de Janeiro)
------------------------------------------------------------------------------------------------------------------------------------
CANADA CDS Equity, Corporate + Government Debt
(Canadian Depository for Securities)
------------------------------------------------------------------------------------------------------------------------------------
CHINA, SHANGHAI SSCCRC Equity
(Shanghai Securities Central Clearing and
Registration Corp.)
------------------------------------------------------------------------------------------------------------------------------------
CHINA, SHENZHEN SSCC Equity
(Shenzhen Securities Registration Co., Ltd.)
------------------------------------------------------------------------------------------------------------------------------------
CZECH REPUBLIC SCP Equity + Long-Term Government Debt
(Securities Center)
------------------------------------------------------------------------------------------------------------------------------------
TKD Treasury Bills + Money Market
(Trh Kratkododich Dlluhopisu or Short-Term
Bond Market)
------------------------------------------------------------------------------------------------------------------------------------
DENMARK VP (Vaerdipapircentralen) Equity, Corporate + Government Debt
------------------------------------------------------------------------------------------------------------------------------------
EGYPT MISR CLEARING & SEC. DEP. Equity
------------------------------------------------------------------------------------------------------------------------------------
ESTONIA EVK Equity
(Estonian Central Depository for Securities
Ltd.)
------------------------------------------------------------------------------------------------------------------------------------
EUROMARKET CEDEL & EUROCLEAR Euro-Debt
------------------------------------------------------------------------------------------------------------------------------------
FINLAND CSR Equity + Government Debt
(Central Share Registry Finland)
------------------------------------------------------------------------------------------------------------------------------------
HELSINKI MONEY MARKET CENTER LTD. Money Market
------------------------------------------------------------------------------------------------------------------------------------
FRANCE SICOVAM Equity + Corporate Debt.
(Banque de France)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
FRANCE SATURNE Government Debt.
(Banque de France)
------------------------------------------------------------------------------------------------------------------------------------
GERMANY DKV Equity, Corporate + Government Debt
(Deutscher Kassenverein)
------------------------------------------------------------------------------------------------------------------------------------
GREECE APOTHETIRIO TITLON A.E. Equity
------------------------------------------------------------------------------------------------------------------------------------
BANK OF GREECE Government Debt
------------------------------------------------------------------------------------------------------------------------------------
HONG KONG CCASS Equity
(Central Clearing and Settlement System)
------------------------------------------------------------------------------------------------------------------------------------
CMU Corporate + Government Debt
(Central Moneymarkets Unit)
------------------------------------------------------------------------------------------------------------------------------------
HUNGARY KELER LTD. Equity + Government Debt
------------------------------------------------------------------------------------------------------------------------------------
IRELAND CREST Equity
------------------------------------------------------------------------------------------------------------------------------------
GSO Government Debt
(Gilt Settlement Office)
------------------------------------------------------------------------------------------------------------------------------------
ISRAEL TASE CLEARING HOUSE Equity, Corporate + Government Debt
(TEL AVIV STOCK EXCHANGE CLEARING HOUSE)
------------------------------------------------------------------------------------------------------------------------------------
ITALY MONTE TITOLI Equity + Corporate Debt
------------------------------------------------------------------------------------------------------------------------------------
BANK OF ITALY Government Debt
------------------------------------------------------------------------------------------------------------------------------------
JAPAN BANK OF JAPAN Registered Government Debt
------------------------------------------------------------------------------------------------------------------------------------
LATVIA LCD Equity + Government Debt
(Latvian Central Depository)
------------------------------------------------------------------------------------------------------------------------------------
LEBANON MIDCLEAR Equity
(Custodian and Clearing Center of Lebanon and
the Middle East)
------------------------------------------------------------------------------------------------------------------------------------
LUXEMBOURG CEDEL Equity
------------------------------------------------------------------------------------------------------------------------------------
MALAYSIA MCD Equity
(Malaysian Central Depository Snd Bhd)
------------------------------------------------------------------------------------------------------------------------------------
MAURITIUS CDS Equity
(Central Depository System)
------------------------------------------------------------------------------------------------------------------------------------
MEXICO INDEVAL Equity, Corporate + Government Debt.
(Institucion para el Deposito de Valores)
------------------------------------------------------------------------------------------------------------------------------------
MOROCCO MAROCLEAR Equity + Corporate Debt
------------------------------------------------------------------------------------------------------------------------------------
BANK AL'MAGHRIB Government Debt
------------------------------------------------------------------------------------------------------------------------------------
NETHERLANDS NECIGEF/KAS ASSOCIATE NV Equity, Corp. + Govt. D
------------------------------------------------------------------------------------------------------------------------------------
DE NEDERLANDSCHE BANK N.V. Money Market
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
NETHERLANDS NIEC Premium Bonds
(Nederlands Interpforessioneel Effectencentrum
B.V.)
------------------------------------------------------------------------------------------------------------------------------------
2
------------------------------------------------------------------------------------------------------------------------------------
NEW ZEALAND AUSTRACLEAR NEW ZEALAND Equity, Corporate + Government Debt
------------------------------------------------------------------------------------------------------------------------------------
NORWAY VPS Equity, Corporate + Government Debt
(Verdipapirsentralen)
------------------------------------------------------------------------------------------------------------------------------------
OMAN NONE
------------------------------------------------------------------------------------------------------------------------------------
PAKISTAN CDC Equity
(Central Depository Company of Pakistan Ltd.)
------------------------------------------------------------------------------------------------------------------------------------
PERU CAVALI Equity
(Caja de Valores)
------------------------------------------------------------------------------------------------------------------------------------
PHILIPPINES PCD Equity
(Philippine Central Depository)
------------------------------------------------------------------------------------------------------------------------------------
POLAND NDS Equity, Long-Term Government Debt + Vouchers
(National Securities Depository)
------------------------------------------------------------------------------------------------------------------------------------
CRT Treasury-Bills
(Central Registry of Treasury-Bills)
------------------------------------------------------------------------------------------------------------------------------------
PORTUGAL INTERBOLSA Equity, Corporate + Government Debt
------------------------------------------------------------------------------------------------------------------------------------
ROMANIA SNCDD -RASDAQ Equity
(National Company for Clearing, Settlement and
Depository for Securities)
------------------------------------------------------------------------------------------------------------------------------------
BUDAPEST STOCK EXCHANGE REGISTRY Equity
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL BANK OF ROMANIA Treasury-Bills
------------------------------------------------------------------------------------------------------------------------------------
RUSSIA MICEX GKO's
(Moscow Interbank Currency Exchange) (Gosudarstvennye Kratkosrochnye Obyazatelstva [T-Bills])
OFZ's
(Obligatsyi Federalnogo Zaima [Federal Loan Bonds])s
------------------------------------------------------------------------------------------------------------------------------------
SINGAPORE CDP Equity + Corporate Debt and Malaysian equities
(Central Depository Pte. Ltd.) traded on CLOB
------------------------------------------------------------------------------------------------------------------------------------
MONETARY AUTHORITY OF SINGAPORE Government Debt
------------------------------------------------------------------------------------------------------------------------------------
SLOVAK REPUBLIC SCP Equity + Government Debt
(Stredisko Cennych Papiru)
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL BANK OF SLOVAKIA Treasury-Bills
------------------------------------------------------------------------------------------------------------------------------------
SO. AFRICA CD Corporate + Government Debt
(Central Depository)
------------------------------------------------------------------------------------------------------------------------------------
SO. KOREA KSD Equity, Corporate + Government Debt
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
SPAIN SCLV Equity + Corporate Debt.
(Servicio de Compensacion y Liquidacion de
Valores)
------------------------------------------------------------------------------------------------------------------------------------
CBEO Government Debt
(Central Book Entry Office)
------------------------------------------------------------------------------------------------------------------------------------
SRI LANKA CDS Equity
(Central Depository System (Private) Ltd.)
------------------------------------------------------------------------------------------------------------------------------------
3
------------------------------------------------------------------------------------------------------------------------------------
SWEDEN VPC Equity, Corporate + Government Debt
(Vardepapperscentralen AB)
------------------------------------------------------------------------------------------------------------------------------------
SWITZERLAND SEGA Equity, Corporate + Government Debt
(Schweizerische Effekten-Giro AG)
------------------------------------------------------------------------------------------------------------------------------------
TAIWAN TSCD Equity + Government Debt
(Taiwan Securities Central Depository Co., Ltd.)
------------------------------------------------------------------------------------------------------------------------------------
THAILAND TSDC Equity, Corporate + Government Debt
(Thailand Securities Depository Company Ltd.)
------------------------------------------------------------------------------------------------------------------------------------
TUNISIA STICODEVAM Equity
(Societe Tunisienne Interprofessionnelle pour
la Compensation et le Depot des Valeurs
Mobilieres)
------------------------------------------------------------------------------------------------------------------------------------
MINISTRY OF FINANCE Government Debt tradable on the stock exchange (BTNBs)
------------------------------------------------------------------------------------------------------------------------------------
CENTRAL BANK OF TUNISIA Government Debt not tradable on the stock exchange (BTCs)
------------------------------------------------------------------------------------------------------------------------------------
TURKEY TAKAS BANK Equity + Corporate Debt
------------------------------------------------------------------------------------------------------------------------------------
CENTRAL BANK OF TURKEY Government Debt
------------------------------------------------------------------------------------------------------------------------------------
UNITED KINGDOM CREST Equity + Corp. Debt
------------------------------------------------------------------------------------------------------------------------------------
CMO Sterling CDs & CP
(Central Moneymarket Office)
------------------------------------------------------------------------------------------------------------------------------------
CGO Gilts
(Central Gilts Office)
------------------------------------------------------------------------------------------------------------------------------------
UNITED STATES DTC Equity + Corporate Debt
(Depository Trust Company)
------------------------------------------------------------------------------------------------------------------------------------
PTC Mortgage Back Debt
(Participants Trust Company)
------------------------------------------------------------------------------------------------------------------------------------
FED BOOK-ENTRY Government Debt.
------------------------------------------------------------------------------------------------------------------------------------
ZAMBIA XXXX Equity + Government Debt
(XxXX Central Shares Depository Ltd.)
------------------------------------------------------------------------------------------------------------------------------------
4
Appendix 1-B
Information Regarding Country Risk
1. To aid Customer's board in its determinations regarding Country
Risk, Bank shall furnish board annually and upon the initial placing of Assets
into a country the following information (check items applicable):
A. Opinions of local counsel concerning:
___ i. Whether applicable foreign law would restrict the access afforded
Customer's independent public accountants to books and records
kept by an eligible foreign custodian located in that country.
___ ii. Whether applicable foreign law would restrict the Customer's
ability to recover its assets in the event of the bankruptcy of an
Eligible Foreign Custodian located in that country.
___ iii. Whether applicable foreign law would restrict the Customer's
ability to recover assets that are lost while under the control of
an Eligible Foreign Custodian located in the country.
B. Written information concerning:
___ i. The likelihood of expropriation, nationalization, freezes, or
confiscation of Customer's assets.
___ ii. Whether difficulties in converting Customer's cash and cash
equivalents to U.S. dollars are reasonably foreseeable.]
C. A market report with respect to the following topics:
5
(i) securities regulatory environment, (ii) foreign ownership
restrictions, (iii) foreign exchange, (iv) securities settlement and
registration, (v) taxation, and (vi) compulsory depositories (including
depository evaluation).
2. To aid Customer's board in monitoring Country Risk, Bank shall
furnish board the following additional information:
Market flashes, including with respect to changes in the information in
market reports.
6
Consent of Ernst & Young LLP, Independent Auditors
We consent to the references to our firm under the captions "Financial
Highlights" in the Prospectus and "Financial Statements" in the Statement of
Additional Information and to the incorporation by reference in this
Post-Effective Amendment No. 23 to the Registration Statement (Form N-1A) (No.
2-70164) of Delaware Group Tax-Free Money Fund, Inc. of our report dated May 29,
1998, included in the 1998 Annual Report to shareholders.
/s/ Ernst & Young LLP
---------------------
Ernst & Young LLP
Philadelphia, Pennsylvania
June 24, 1998
