FORM OF CUSTODIAN SERVICES AGREEMENT
	This Agreement is made as of____________, 199__ by 
and between_____________, a ____________ corporation 
(the "Fund") and PNC BANK, NATIONAL ASSOCIATION, a 
national banking association ("PNC Bank").
	The Fund is registered as an open-end investment 
company under the Investment Company Act of 1940, as 
amended (the "1940 Act"). The Fund wishes to retain PNC 
Bank to provide custodian services and PNC Bank wishes 
to furnish such services, either directly or through an 
affiliate or affiliates, as more fully described herein. 
 In consideration of the premises and mutual covenants 
herein contained, the parties agree as follows:
	1.  Definitions.
		(a)    "Authorized Person".  The term 
"Authorized Person" shall mean any officer of the Fund 
and any other person, who is duly authorized by the 
Fund's Governing Board, to give Oral and Written 
Instructions on behalf of the Fund.  Such persons are 
listed in the Certificate attached hereto as the 
Authorized Persons Appendix, as such Appendix may be 
amended in writing by the Fund's Governing Board from 
time to time.
		(b)  "Book-Entry System".  The term 
"Book-Entry System" means Federal Reserve Treasury 
book-entry system for United States and federal agency 
securities, its successor or successors, and its nominee 
or nominees and any book-entry system maintained by an 
exchange registered with the SEC under the 1934 Act.

		(c)  "CFTC".  The term "CFTC" shall mean 
the Commodities Futures Trading Commission.
		(d)  "Governing Board".  The term 
"Governing Board" shall mean the Fund's Board of 
Directors if the Fund is a corporation or the Fund's 
Board of Trustees if the Fund is a trust, or, where duly 
authorized, a competent committee thereof.
		(e)  "Oral Instructions".  The term "Oral 
Instructions" shall mean oral instructions received by 
PNC Bank from an Authorized Person or from a person 
reasonably believed by PNC Bank to be an Authorized 
Person.
		(f)  "SEC".  The term "SEC" shall mean the 
Securities and Exchange Commission.
		(g)  "Securities and Commodities Laws".  
The term "Securities and Commodities Laws" shall mean 
the "1933 Act" which shall mean the Securities Act of 
1933, the "1934 Act" which shall mean the Securities 
Exchange Act of 1934, the 1940 Act, and the "CEA" which 
shall mean the Commodities Exchange Act, each as 
amended.
       	(h)  "Shares".  The term "Shares" shall 
mean the shares of stock of any series or class of the 
Fund, or, where appropriate, units of beneficial 
interest in a trust where the Fund is organized as a 
Trust.
		(i)  "Property".  The term "Property" shall 
mean:
 			(i)	any and all securities and 
other investment items which 
the Fund may from time to time 
deposit, or cause to be 
deposited, with PNC Bank or 
which PNC Bank may from time to 
time hold for the Fund;
		    (ii)	all income in respect of any of 
such securities or other 
investment items;
		   (iii)	all proceeds of the sale of any 
of such securities or 
investment items; and
		    (iv)	all proceeds of the sale of 
securities issued  by the Fund, 
which are received by PNC Bank 
from time to time, from or on 
behalf of the Fund.
		(j)  "Written Instructions".  The term 
"Written Instructions" shall mean written instructions 
signed by one Authorized Person and received by PNC 
Bank.  The instructions may be delivered by hand, mail, 
tested telegram, cable, telex or facsimile sending 
device.
	2.  Appointment.  The Fund hereby appoints PNC 
Bank to provide custodian services to the Fund, and PNC 
Bank accepts such appointment and agrees to furnish such 
services.
	3.  Delivery of Documents.  The Fund has provided 
or, where applicable, will provide PNC Bank with the 
following:
 		(a)  certified or authenticated copies of 
the resolutions of the Fund's Governing Board, approving 
the appointment of PNC Bank or its affiliates to provide 
services;
		(b)  a copy of the Fund's most recent 
effective registration statement;
		(c)  a copy of the Fund's advisory 
agreement or agreements;
		(d)  a copy of the Fund's distribution 
agreement or  agreements;
		(e)  a copy of the Fund's administration 
agreements if PNC Bank is not providing the Fund with 
such services;    				(f)  copies of any 
shareholder servicing agreements made in respect of the 
Fund; and
		(g)  certified or authenticated copies of 
any and all amendments or supplements to the foregoing.
 	4.  Compliance with Government Rules and 
Regulations.  	PNC Bank undertakes to comply with 
all applicable requirements of the Securities and 
Commodities Laws and any laws, rules and regulations of 
governmental authorities having jurisdiction with 
respect to all duties to be performed by PNC Bank 
hereunder.  Except as specifically set forth herein, PNC 
Bank assumes no responsibility for such compliance by 
the Fund.
   	5.  Instructions.  Unless otherwise provided in 
this Agreement, PNC Bank shall act only upon Oral and 
Written Instructions.  PNC Bank shall be entitled to 
rely upon any Oral and Written Instructions it receives 
from an Authorized Person (or from a person reasonably 
believed by PNC Bank to be an Authorized Person) 
pursuant to this Agreement.  PNC Bank may assume that 
any Oral or Written Instructions received hereunder are 
not in any way inconsistent with the provisions of 
organizational documents or this Agreement or of any 
vote, resolution or proceeding of the Fund's Governing 
Board or of the Fund's shareholders.
	The Fund agrees to forward to PNC Bank Written 
Instructions confirming Oral Instructions so that PNC 
Bank receives the Written Instructions by the close of 
business on the same day that such Oral Instructions are 
received.  The fact that such confirming Written 
Instructions are not received by PNC Bank shall in no 
way invalidate the transactions or enforceability of the 
transactions authorized by the Oral Instructions.
	The Fund further agrees that PNC Bank shall incur 
no liability to the Fund in acting upon Oral or Written 
Instructions provided such instructions reasonably 
appear to have been received from an Authorized Person.
	6.  Right to Receive Advice.
		(a)  Advice of the Fund.  If PNC Bank is in 
doubt as to any action it should or should not take, PNC 
Bank may request directions or advice, including Oral or 
Written Instructions, from the Fund.
    		(b)  Advice of Counsel.  If PNC Bank shall 
be in doubt as to any questions of law pertaining to any 
action it should or should not take, PNC Bank may 
request advice at its own cost from such counsel of its 
own choosing (who may be counsel for the Fund, the 
Fund's advisor or PNC Bank, at the option of PNC Bank).
		(c)  Conflicting Advice.  In the event of a 
conflict between directions, advice or Oral or Written 
Instructions PNC Bank receives from the Fund, and the 
advice it receives from counsel, PNC Bank shall be 
entitled to rely upon and follow the advice of counsel.
		(d)  Protection of PNC Bank.  PNC Bank 
shall be protected in any action it takes or does not 
take in reliance upon directions, advice or Oral or 
Written Instructions it receives from the Fund or from 
counsel and which PNC Bank believes, in good faith, to 
be consistent with those directions, advice or Oral or 
Written Instructions.
	Nothing in this paragraph shall be construed  so 
as to impose an obligation upon PNC Bank (i) to seek 
such directions, advice or Oral or Written Instructions, 
or (ii) to act in accordance with such directions, 
advice or Oral or Written Instructions unless, under the 
terms of other provisions of this Agreement, the same is 
a condition of PNC Bank's properly taking or not taking 
such action.
    	7.  Records.  The books and records pertaining to 
the Fund which are in the possession of PNC Bank, shall 
be the property of the Fund.  Such books and records 
shall be prepared and maintained as required by the 1940 
Act and other applicable securities laws, rules and 
regulations.  The Fund, or the Fund's Authorized 
Persons, shall have access to such books and records at 
all time during PNC Bank's normal business hours.  Upon 
the reasonable request of the Fund, copies of any such 
books and records shall be provided by PNC Bank to the 
Fund or to an Authorized Person of the Fund, at the 
Fund's expense.
	8.  Confidentiality.  PNC Bank agrees to keep 
confidential all records of the Fund and information 
relative to the Fund and its shareholders (past, present 
and potential), unless the release of such records or 
information is otherwise consented to, in writing, by 
the Fund.  The Fund agrees that such consent shall not 
be unreasonably withheld and may not be withheld where 
PNC Bank may be exposed to civil or criminal contempt 
proceedings or when required to divulge.  The Fund 
further agrees that, should PNC Bank be required to 
provide such information or records to duly constituted 
authorities (who may institute civil or criminal 
contempt proceedings for failure to comply), PNC Bank 
shall not be required to seek the Fund's consent prior 
to disclosing such information.
	9.  Cooperation with Accountants.  PNC Bank shall 
cooperate with the Fund's independent public accountants 
and shall take all reasonable action in the performance 
of its obligations under this Agreement to ensure that 
the necessary information is made available to such 
accountants for the expression of their opinion, as 
required by the Fund.
	10.  Disaster Recovery.  PNC Bank shall enter into 
and shall maintain in effect with appropriate parties 
one or more agreements making reasonable provision for 
emergency use of electronic data processing equipment to 
the extent appropriate equipment is available.  In the 
event of equipment failures, PNC Bank shall, at no 
additional expense to the Fund, take reasonable steps to 
minimize service interruptions but shall have no 
liability with respect thereto.
	11.  Compensation.  As compensation for custody 
services rendered by PNC Bank during the term of this 
Agreement, the Fund will pay to PNC Bank a fee or fees 
as may be agreed to from time to time in writing by the 
Fund and PNC Bank.
  	12.  Indemnification.  The Fund agrees to 
indemnify and hold harmless PNC Bank and its nominees 
from all taxes, charges, expenses, assessment, claims 
and liabilities (including, without limitation, 
liabilities arising under the Securities and Commodities 
Laws and any state and foreign securities and blue sky 
laws, and amendments thereto, and expenses, including 
(without limitation) attorneys' fees and disbursements, 
arising directly or indirectly from any action which PNC 
Bank takes or does not take (i) at the request or on the 
direction of or in reliance on the advice of the Fund or 
(ii) upon Oral or Written Instructions.  Neither PNC 
Bank, nor any of its nominees, shall be indemnified 
against any liability to the Fund or to its shareholders 
(or any expenses incident to such liability) arising out 
of PNC Bank's own willful misfeasance, bad faith, 
negligence or reckless disregard of its duties and 
obligations under this Agreement.
	13.  Responsibility of PNC Bank.  PNC Bank shall 
be under no duty to take any action on behalf of the 
Fund except as specifically set forth herein or as may 
be specifically agreed to by PNC Bank, in writing.  PNC 
Bank shall be obligated to exercise care and diligence 
in the performance of its duties hereunder, to act in 
good faith and to use its best effort, within reasonable 
limits, in performing services provided for under this 
Agreement.  PNC Bank shall be responsible for its own 
negligent failure to perform its duties under this 
Agreement. Notwithstanding the foregoing, PNC Bank shall 
not be responsible for losses beyond its control, 
provided that PNC Bank has acted in accordance with the 
standard of care set forth above; and provided further 
that PNC Bank shall only be responsible for that portion 
of losses or damages suffered by the Fund that are 
attributable to the negligence of PNC Bank.
	Without limiting the generality of the foregoing 
or of any other provision of this Agreement, PNC Bank, 
in connection with its duties under this Agreement, 
shall not be under any duty or obligation to inquire 
into and shall not be liable for (a) the validity or 
invalidity or authority or lack thereof of any Oral or 
Written Instruction, notice or other instrument which 
conforms to the applicable requirements of this 
Agreement, and which PNC Bank reasonably believes to be 
genuine; or (b) delays or errors or loss of data 
occurring by reason of circumstances beyond PNC Bank's 
control, including acts of civil or military authority, 
national emergencies, labor difficulties, fire, flood or 
catastrophe, acts of God, insurrection, war, riots or 
failure of the mails, transportation, communication or 
power supply.
	Notwithstanding anything in this Agreement to the 
contrary, PNC Bank shall have no liability to the Fund 
for any consequential, special or indirect losses or 
damages which the Fund may incur or suffer by or as a 
consequence of PNC Bank's performance of the services 
provided hereunder, whether or not the likelihood of 
such losses or damages was known by PNC Bank.
	14.  Description of Services.
		(a)  Delivery of the Property.  The Fund 
will deliver or arrange for delivery to PNC Bank, all 
the property owned by the Fund, including cash received 
as a result of the distribution of its Shares, during 
the period that is set forth in this Agreement.  PNC 
Bank will not be responsible for such property until 
actual receipt.
		(b)  Receipt and Disbursement of Money.  
PNC Bank, acting upon Written Instructions, shall open 
and maintain separate account(s) in the Fund's name 
using all cash received from or for the account of the 
Fund, subject to the terms of this Agreement.  In 
addition, upon Written Instructions, PNC Bank shall open 
separate custodial accounts for each separate series, 
class or portfolio of the Fund and shall hold in such 
account(s) all cash received from or for the accounts of 
the Fund specifically designated to each separate 
series, class or portfolio.  PNC Bank shall make cash 
payments from or for the account of the Fund only for:
			(i)	purchases of securities in the 
name of the Fund or PNC Bank or 
PNC Bank's nominee as provided 
in sub-paragraph j and for 
which PNC Bank has received a 
copy of the broker's or 
dealer's confirmation or 
payee's invoice, as 
appropriate;
		    (ii)	purchase or redemption of 
Shares of the Fund   delivered 
to PNC Bank;
		   (iii)	payment of, subject to Written 
Instructions, interest, taxes, 
administration, accounting, 
distribution, advisory, 
management fees or similar 
expenses which are to be borne 
by the Fund;
		    (iv)	payment to, subject to receipt 
of Written Instructions, the 
Fund's transfer agent, as agent 
for the shareholders, an amount 
equal to the amount of 
dividends and distributions 
stated in the Written 
Instructions to be distributed 
in cash by the transfer agent 
to shareholders, or, in lieu of 
paying the Fund's transfer 
agent, PNC Bank may arrange for 
the direct payment of cash 
dividends and distributions to 
shareholders in accordance with 
procedures mutually agreed upon 
from time to time by and among 
the Fund, PNC Bank  and the 
Fund's transfer agent;
			(v)	payments, upon receipt of 
Written Instructions, in 
connection with the conversion, 
exchange or surrender of 
securities owned or subscribed 
to by the Fund and held by or 
delivered to PNC Bank;
		    (vi)	payments of the amounts of 
dividends received  with 
respect to securities sold 
short; payments made to a 
sub-custodian pursuant to 
provisions in sub-paragraph c 
of this Paragraph; and 
		  (viii)	payments, upon Written 
Instructions made for other 
proper Fund purposes.  PNC Bank 
is hereby authorized to endorse 
and collect all checks, drafts 
or other orders for the payment 
of money received as custodian 
for the account of the Fund.
		(c)  Receipt of Securities.
			(i)	PNC Bank shall hold all 
securities received  by it for 
the account of the Fund in a  
separate account that 
physically segregates  such 
securities from those of any 
other   persons, firms or 
corporations, except for 
securities held in a Book-Entry 
System.  All such   securities 
shall be held or disposed of 
only  upon Written Instructions 
of the Fund  pursuant to the 
terms of this Agreement.  PNC 
Bank shall have no power or 
authority to assign, 
hypothecate, pledge or 
otherwise dispose of any such 
securities or investment, 
except upon the express terms 
of this Agreement and upon 
Written Instructions, 
accompanied by a certified 
resolution of the Fund's 
Governing Board, authorizing 
the transaction.  In no case 
may any member of the Fund's 
Governing Board, or any 
officer, employee or agent of 
the Fund withdraw any 
securities.  At PNC Bank's own 
expense and for its own 
convenience, PNC Bank may enter 
into sub-custodian agreements 
with other banks or trust 
companies to perform duties 
described in this sub-paragraph 
c.  Such bank or trust company 
shall have an aggregate 
capital, surplus and undivided 
profits, according to its last 
published report, of at least 
one million dollars 
($1,000,000), if it is a 
subsidiary or affiliate of PNC 
Bank, or at least twenty 
million dollars ($20,000,000) 
if such bank or trust company 
is not a subsidiary or 
affiliate of PNC Bank.  In 
addition, such bank or trust 
company must agree to comply 
with the relevant provisions of 
the 1940 Act and other 
applicable rules and 
regulations.  PNC Bank shall 
remain responsible for the 
performance of all of its 
duties as described in this 
Agreement and shall hold the 
Fund harmless from PNC Bank's 
own (or any sub-custodian 
chosen by PNC Bank under the 
terms of this sub-paragraph c) 
acts or omissions, under the 
standards of care provided for 
herein.
		(d)  Transactions Requiring Instructions.  
Upon receipt of Oral or Written Instructions and not 
otherwise, PNC Bank, directly or through the use of the 
Book-Entry System, shall:
			(i)	deliver any securities held for 
the Fund against the receipt of 
payment for the sale of such 
securities;
		    (ii)	execute and deliver to such 
persons as may be  designated 
in such Oral or Written 
Instructions, proxies, 
consents, authorizations, and 
any other instruments whereby 
the authority of the Fund as 
owner of  any securities may be 
exercised;    
		   (iii)	deliver any securities to the 
issuer thereof,  or its agent, 
when such securities are 
called, redeemed, retired or 
otherwise become payable; 
provided that, in any such 
case, the cash or other 
consideration is to be 
delivered to PNC Bank;
		    (iv)	deliver any securities held for 
the Fund against receipt of 
other securities or cash issued 
or paid in connection with the 
liquidation, reorganization, 
refinancing, tender offer, 
merger, consolidation or 
recapitalization of any 
corporation, or the exercise of 
any conversion privilege;
			(v)	deliver any securities held for 
the Fund to  any protective 
committee, reorganization 
committee or other person in 
connection with   the 
reorganization, refinancing, 
merger, consolidation, 
recapitalization or sale of 
assets of any corporation, and 
receive and hold under the 
terms of this Agreement such 
certificates of deposit, 
interim receipts or other 
instruments or documents as may 
be issued to it to evidence 
such delivery;
		    (vi)	make such transfer or exchanges 
of the assets  of the Fund and 
take such other steps as  shall 
be stated in said Oral or 
Written Instructions to be for 
the purpose of effectuating a 
duly authorized plan of 
liquidation, reorganization, 
merger, consolidation or 
recapitalization of the Fund;
		   (vii)	release securities belonging to 
the Fund to  any bank or trust 
company for the purpose of a 
pledge or hypothecation to 
secure any loan incurred by the 
Fund; provided, however, that  
securities shall be released 
only upon payment to PNC Bank 
of the monies borrowed, except 
that in cases where additional 
collateral is required to 
secure a borrowing already made 
subject to proper prior 
authorization, further 
securities may be released for 
that purpose; and repay such 
loan upon redelivery to it of 
the securities pledged or 
hypothecated therefor and upon 
surrender of the note or notes 
evidencing the loan;
		  (viii)	release and deliver securities 
owned by the Fund in connection 
with any repurchase agreement 
entered into on behalf of the 
Fund, but only on receipt of 
payment therefor; and pay out 
moneys of the Fund in 
connection with such repurchase 
agreements, but only upon the 
delivery of the securities;
		    (ix)	release and deliver or exchange 
securities owned by the Fund in 
connection with any conversion 
of such securities, pursuant to 
their terms, into other 
securities;
			(x)	release and deliver securities 
owned by the Fund for the 
purpose of redeeming in kind 
shares of the Fund upon 
delivery thereof to PNC Bank; 
and
		    (xi)	release and deliver or exchange 
securities owned by the Fund 
for other corporate purposes.  
PNC Bank must also receive a 
certified resolution describing 
the nature of the corporate 
purpose and the name and 
address of the person(s) to 
whom delivery shall be made 
when such action is pursuant to 
sub-paragraph d above.
	(e)  Use of Book-Entry System.  The Fund shall 
deliver to PNC Bank certified resolutions of the Fund's 
Governing Board approving, authorizing and instructing 
PNC Bank on a continuous and on-going basis, to deposit 
in the Book-Entry System all securities belonging to the 
Fund eligible for deposit therein and to utilize the 
Book-Entry System to the extent possible in connection 
with settlements of purchases and sales of securities by 
the Fund, and deliveries and returns of securities 
loaned, subject to repurchase agreements or used as 
collateral in connection with borrowings.  PNC Bank 
shall continue to perform such duties until it receives 
Written or Oral Instructions authorizing contrary 
actions(s).     
	To administer the Book-Entry System properly, the 
following provisions shall apply:
			(i)	With respect to securities of 
the Fund which are maintained 
in the Book-Entry system, 
established pursuant to this 
sub-paragraph e hereof, the 
records of PNC Bank shall 
identify by Book-Entry or 
otherwise those securities 
belonging to the Fund.  PNC 
Bank shall furnish the Fund a 
detailed statement of the 
Property held for the Fund 
under this Agreement at least 
monthly and from time to time 
and upon written request.
		    (ii)	Securities and any cash of the 
Fund deposited  in the 
Book-Entry System will at all 
times be  segregated from any 
assets and cash controlled by 
PNC Bank in other than a  
fiduciary or custodian capacity 
but may be commingled with 
other assets held in such 
capacities.  PNC Bank and its 
sub-custodian, if any, will pay 
out money only upon receipt of 
securities and will deliver 
securities only upon the 
receipt of money.
		   (iii)	All books and records 
maintained by PNC Bank  which 
relate to the Fund's 
participation in the Book-Entry 
System will at all times during 
PNC Bank's regular business 
hours be open to the inspection 
of the Fund's duly authorized 
employees or agents, and the 
Fund will be furnished with all 
information in respect of the 
services rendered to it as it 
may require.
		    (iv)	PNC Bank will provide the Fund 
with copies of any report 
obtained by PNC Bank on the 
system of internal accounting 
control of the Book-Entry 
System promptly after receipt 
of such a report by PNC Bank.  
PNC Bank will also provide the 
Fund with such reports on its 
own system of internal control 
as the Fund may reasonably 
request from time to time.
		(f)  Registration of Securities.  All 
Securities held for the Fund which are issued or 
issuable only in bearer form, except such securities 
held in the Book-Entry System, shall be held by PNC Bank 
in bearer form; all other securities held for the Fund 
may be registered in the name of the Fund; PNC Bank; the 
Book-Entry System; a sub-custodian; or any duly 
appointed nominee(s) of the Fund, PNC Bank, Book-Entry 
system or sub-custodian.  The Fund reserves the right to 
instruct PNC Bank as to the method of registration and 
safekeeping of the securities of the Fund.  The Fund 
agrees to furnish to PNC Bank appropriate instruments to 
enable PNC Bank to hold or deliver in proper form for 
transfer, or to register its registered nominee or in 
the name of the Book-Entry System, any securities which 
it may hold for the account of the Fund and which may 
from time to time be registered in the name of the Fund. 
 PNC Bank shall hold all such securities which are not 
held in the Book-Entry System in a separate account for 
the Fund in the name of the Fund physically segregated 
at all times from those of any other person or persons.
		(g)  Voting and Other Action.  Neither PNC 
Bank nor its nominee shall vote any of the securities 
held pursuant to this Agreement by or for the account of 
the Fund, except in accordance with Written 
Instructions.  PNC Bank, directly or through the use of 
the Book-Entry System, shall execute in blank and 
promptly deliver all notice, proxies, and proxy 
soliciting materials to the registered holder of such 
securities.  If the registered holder is not the Fund 
then Written or Oral Instructions must designate the 
person(s) who owns such securities.
		(h)  Transactions Not Requiring 
Instructions.  In the absence of contrary Written 
Instructions, PNC Bank is authorized to take the 
following actions:
			(i)	Collection of Income and Other 
Payments.
				(A)	collect and receive for 
the account of the Fund, 
all income, dividends,  
distributions, coupons, 
option premiums, other 
payments and similar 
items, included or to be 
included in the Property, 
and, in addition, 
promptly advise the Fund 
of such receipt and 
credit such income, as 
collected, to the Fund's 
custodian account;
				(B)	endorse and deposit for 
collection, in the name 
of the Fund, checks, 
drafts, or other orders 
for the payment of money;
				(C)	receive and hold for the 
account of the Fund all 
securities received as a 
 distribution on the 
Fund's portfolio 
securities as a result of 
a stock dividend, share 
split-up or 
reorganization, 
recapitalization, 
readjustment or other 
rearrangement or 
distribution of rights or 
similar securities issued 
with respect to any 
portfolio securities 
belonging to the Fund 
held by PNC Bank 
hereunder;
				(D)	present for payment and 
collect the amount 
payable upon all 
securities which may 
mature or be called, 
redeemed, or retired, or 
otherwise become payable 
on the date such 
securities become 
payable; and
				(E)	take any action which may 
be necessary and proper 
in connection with the 
collection and receipt of 
such income and other 
payments and the 
endorsement for 
collection of checks, 
drafts, and other 
negotiable instruments.
		    (ii)  Miscellaneous Transactions.
				(A)	PNC Bank is authorized to 
deliver or cause to be 
delivered Property 
against payment or other 
consideration or written 
receipt therefor in the 
following cases:
					(1)	for examination by 
a broker or dealer 
selling for the 
account of the 
Fund in accordance 
with street 
delivery custom;
					(2)	for the exchange 
of interim 
receipts or 
temporary 
securities for 
definitive 
securities; and
					(3)	for transfer of 
securities into 
the name of the 
Fund or PNC Bank 
or nominee of 
either, or for 
exchange of 
securities for a 
different number 
of 
bonds,certificates
, or other 
evidence, 
representing the 
same aggregate 
face amount or 
number of units 
bearing the same 
interest rate, 
maturity date and 
call provisions, 
if any; provided 
that, in any such 
case, the new 
securities are to 
be delivered to 
PNC Bank.
				(B)	Unless and until PNC Bank 
receives Oral or Written 
Instructions to the 
contrary, PNC Bank shall:
					(1)	pay all income 
items held by it 
which call for 
payment upon 
presentation and 
hold the cash 
received by it 
upon such payment 
for the account of 
the Fund;
					(2)	collect interest 
and cash dividends 
received, with 
notice to the 
Fund, to the 
Fund's account;
					(3)	hold for the 
account of the 
Fund all stock 
dividends, rights 
and similar 
securities issued 
with respect to 
any securities 
held by PNC Bank; 
and
					(4)	execute as agent 
on behalf of      
  the Fund all 
necessary 
ownership 
certificates 
required by the 
Internal Revenue 
Code or the Income 
Tax Regulations of 
the United States 
Treasury 
Department or 
under the laws of 
any State now or 
hereafter in 
effect, inserting 
the Fund's name, 
on such 
certificate as the 
owner of the 
securities covered 
thereby, to the 
extent it may 
lawfully do so.   
		(i)  Segregated Accounts.                  
			(i)	PNC Bank shall upon receipt of 
Written or Oral Instructions 
establish and maintain 
segregated account(s) on its 
records for and on behalf of 
the Fund.  Such account(s) may 
be used to transfer cash and 
securities, including 
securities in the Book-Entry 
System:
				(A)	for the purposes of 
compliance by the Fund 
with the procedures 
required by a securities 
or option exchange, 
providing such procedures 
comply with the 1940 Act 
and any releases of the 
SEC relating to the 
maintenance of segregated 
accounts by registered 
investment companies; and 
 
				(B)	Upon receipt of Written 
Instructions, for other 
proper corporate 
purposes.     
		    (ii)	PNC Bank may enter into 
separate custodial agreements 
with various futures commission 
merchants ("FCMs") that the 
Fund uses ("FCM Agreement").  
Pursuant to an FCM Agreement,  
the Fund's margin deposits in 
any transactions involving 
futures contracts and options 
on futures contracts will be 
held by PNC Bank in accounts 
("FCM Account") subject to the 
disposition by the FCM involved 
in such contracts and in 
accordance with the customer 
contract between FCM and the 
Fund ("FCM Contract"), SEC 
rules and the rules of the 
applicable commodities 
exchange.  Such FCM Agreements 
shall only be  entered into 
upon receipt of Written  
Instructions from the Fund 
which state that:
				(A)	a customer agreement 
between the FCM and  the 
Fund has been entered 
into; and
				(B)	the Fund is in compliance 
with all the rules and 
regulations of the CFTC. 
Transfers of initial 
margin shall be made into 
a FCM Account only upon 
Written Instructions; 
transfers of premium and 
variation margin may be 
made  into a FCM Account 
pursuant to Oral 
Instructions.
Transfers of funds from a 
FCM Account to the FCM 
for which PNC Bank holds 
such an account may only 
occur upon certification 
by the FCM to PNC Bank 
that pursuant to the FCM 
Agreement and the FCM 
Contract, all conditions 
precedent to its right to 
give PNC Bank such 
instructions have been 
satisfied.
   (iii)	PNC Bank shall arrange for the 
establishment  of IRA custodian 
accounts for such share- 
holders holding Shares through 
IRA accounts, in accordance 
with the Fund's prospectuses, 
the Internal Revenue Code 
(including regulations), and 
with such other procedures as 
are mutually agreed upon from 
time to time by and among the 
Fund, PNC Bank and the Fund's 
transfer agent.
		(j)  Purchases of Securities.  PNC Bank 
shall settle purchased securities upon receipt of Oral 
or Written Instructions from the Fund or its investment 
advisor(s) that specify:
	(i)	the name of the issuer and the 
title of the securities, 
including CUSIP number if 
applicable;
	    (ii)	the number of shares or the 
principal amount purchased and 
accrued interest, if any;
	   (iii)	the date of purchase and 
settlement;
		    (iv)	the purchase price per unit;
		(v)	the total amount payable upon 
such purchase; and
		    (vi)	the name of the person from 
whom or the broker through whom 
the purchase was made. PNC Bank 
shall upon receipt of 
securities purchased by or for 
the Fund pay out of the moneys 
held for the account of the 
Fund the total amount payable 
to the person from whom or the 
broker through whom the 
purchase was made, provided 
that the same conforms to the 
total amount payable as set 
forth in such Oral or Written 
Instructions.
(k)  Sales of Securities.  PNC Bank shall 
settle sold securities upon receipt of Oral or Written 
Instructions from the Fund that specify:
(i)	the name of the issuer and the 
title of the security, 
including CUSIP number if 
applicable;
    (ii)	the number of shares or 
principal amount sold, and 
accrued interest, if any;
   (iii)	the date of trade, settlement 
and sale;
    (iv)	the sale price per unit;
(v)	the total amount payable to the 
Fund upon such sale;
	    (vi)	the name of the broker through 
whom or the person to whom the 
sale was made; and
   (vii)	the location to which the 
security must be delivered and 
delivery deadline, if any. PNC 
Bank shall deliver the 
securities upon receipt of the 
total amount payable to the 
Fund upon such sale, provided 
that the total amount payable 
is the same as was set forth in 
the Oral or Written 
Instructions.  Subject to the 
foregoing, PNC Bank may accept 
payment in such form as shall 
be satisfactory to it, and may 
deliver securities and arrange 
for payment in accordance with 
the customs prevailing among 
dealers in securities.
		(l)  Reports.
			(i)	PNC Bank shall furnish the Fund 
the following reports:
				(A)	such periodic and special 
reports as the Fund may 
reasonably request;
				(B)	a monthly statement 
summarizing all 
transactions and entries 
for the account of the 
Fund, listing the 
portfolio securities 
belonging to the Fund 
with the adjusted average 
cost of each issue and 
the market value at the 
end of such month, and 
stating the cash account 
of the Fund including 
disbursement;
				(C)	the reports to be 
furnished to the Fund 
pursuant to Rule 17f-4; 
and
				(D)	such other information as 
may be agreed upon from 
time to time between the 
Fund and PNC Bank.
		    (ii)	PNC Bank shall transmit 
promptly to the Fund any proxy 
statement, proxy material, 
notice of a call or conversion 
or similar communication 
received by it as custodian of 
the Property. PNC Bank shall be 
under no other obligation to 
inform the Fund as to such 
actions or events.
		(m)  Collections.  All collections of 
monies or other property, in respect, or which are to 
become part of the Property (but not the safekeeping 
thereof upon receipt by PNC Bank) shall be at the sole 
risk of the Fund.  If payment is not received by PNC 
Bank within a reasonable time after proper demands have 
been made, PNC Bank shall notify the Fund in writing, 
including copies of all demand letters, any written 
responses, memoranda of all oral responses and 
telephonic demands thereto, and await instructions from 
the Fund.  PNC Bank shall not be obliged to take legal 
action for collection unless and until reasonably 
indemnified to its satisfaction.  PNC Bank shall also 
notify the Fund as soon as reasonably practicable 
whenever income due on securities is not collected in 
due course.
	15.  Duration and Termination.  This Agreement 
shall continue until terminated by the Fund or by PNC 
Bank on sixty (60) days' prior written notice to the 
other party.  In the event this Agreement is terminated 
(pending appointment of a successor to PNC Bank or vote 
of the shareholders of the Fund to dissolve or to 
function without a custodian of its cash, securities or 
other property), PNC Bank shall not deliver cash, 
securities or other property of the Fund to the Fund.  
It may deliver them to a bank or trust company of PNC 
Bank's choice, having an aggregate capital, surplus and 
undivided profits, as shown by its last published 
report, of not less than twenty million dollars 
($20,000,000), as a custodian for the Fund to be held 
under terms similar to those of this Agreement.  PNC 
Bank shall not be required to make any such delivery or 
payment until full payment shall have been made to PNC 
Bank of all of its fees, compensation, costs and 
expenses.  PNC Bank shall have a security interest in 
and shall have a right of setoff against Property in the 
Fund's possession as security for the payment of such 
fees, compensation, costs and expenses.     
	16.  Notices.  All notices and other 
communications, including Written Instructions, shall be 
in writing or by confirming telegram, cable, telex or 
facsimile sending device.  Notice shall be addressed (a) 
if to PNC Bank at PNC Bank's address: Airport Business 
Center, International Court 2, 200 Stevens Drive, 
Lester, Pennsylvania 19113, marked for the attention of 
the Custodian Services Department (or its successor) (b) 
if to the Fund, at the address of the Fund; or (c) if to 
neither of the foregoing, at such other address as shall 
have been notified to the sender of any such notice or 
other communication.  If notice is sent by confirming 
telegram, cable, telex or facsimile sending device, it 
shall be deemed to have been given immediately.  If 
notice is sent by first-class mail, it shall be deemed 
to have been given five days after it has been mailed.  
If notice is sent by messenger, it shall be deemed to 
have been given on the day it is delivered.
	17.  Amendments.  This Agreement, or any term 
hereof, may be changed or waived only by a written 
amendment, signed by the party against whom enforcement 
of such change or waiver is sought.     	18.  
Delegation.  PNC Bank may assign its rights and delegate 
its duties hereunder to any wholly-owned direct or 
indirect subsidiary of PNC Bank, National Association or 
PNC Bank Corp., provided that (i) PNC Bank gives the 
Fund thirty (30) days prior written notice; (ii) the 
delegate agrees with PNC Bank to comply with all 
relevant provisions of the 1940 Act; and (iii) PNC Bank 
and such delegate promptly provide such information as 
the Fund may request, and respond to such questions as 
the Fund may ask, relative to the assignment, including 
(without limitation) the capabilities of the delegate.  
   
	19.  Counterparts.  This Agreement may be executed 
in two or more counterparts, each of which shall be 
deemed an original, but all of which together shall 
constitute one and the same instrument.  	20.  Further 
Actions.  Each party agrees to perform such further acts 
and execute such further documents as are necessary to 
effectuate the purposes hereof.     
	21.  Miscellaneous.  This Agreement embodies the 
entire agreement and understanding between the parties 
and supersedes all prior agreements and understandings 
relating to the subject matter hereof, provided that the 
parties may embody in one or more separate documents 
their agreement, if any, with respect to delegated 
duties and/or Oral Instructions.  The captions in this 
Agreement are included for convenience of reference only 
and in no way define or delimit any of the provisions 
hereof or otherwise affect their construction or effect. 
            
	This Agreement shall be deemed to be a contract 
made in Pennsylvania and governed by Pennsylvania law, 
without regard to principles of conflicts of law.  If 
any provision of this Agreement shall be held or made 
invalid by a court decision, statute, rule or otherwise, 
the remainder of this Agreement shall not be affected 
thereby.  This Agreement shall be binding upon and shall 
inure to the benefit of the parties hereto and their 
respective successors and permitted assigns.     
	IN WITNESS WHEREOF, the parties hereto have caused 
this Agreement to be executed by their officers 
designated below on the day and year first above 
written.                                 

						PNC BANK, NATIONAL 
ASSOCIATION             

						By:               
                   						
	Title:                          


						[NAME OF FUND]



						By:               
                   						
	Title:                       
	                       		      


	AUTHORIZED PERSONS APPENDIX


NAME (Type)						
	SIGNATURE

 					      
               
39