MASTER CUSTODIAN AGREEMENT


      This Agreement is made as of May 8, 2001 by and among each entity set
forth on Appendix A hereto (as such Appendix A may be amended from time to time)
(each such entity and each entity made subject to this Agreement in accordance
with Section 19, referred to herein as the "FUND"), and STATE STREET BANK and
TRUST COMPANY, a Massachusetts trust company (the "CUSTODIAN"),

                                   WITNESSETH:

      WHEREAS, each Fund may be authorized to issue shares in separate series,
with each such series representing interests in a separate portfolio of
securities and other assets; and

      WHEREAS, each Fund so authorized intends that this Agreement be applicable
to each of its series set forth on Appendix A hereto (as such Appendix A may be
amended from time to time) (such series together with all other series
subsequently established by the Fund and made subject to this Agreement in
accordance with Section 18, be referred to herein as the "PORTFOLIO(S)");

      NOW THEREFORE, in consideration of the mutual covenants and agreements
hereinafter contained, the parties hereto agree as follows:

SECTION 1.  EMPLOYMENT OF CUSTODIAN AND PROPERTY TO BE HELD BY IT
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      Each Fund hereby employs the Custodian as the custodian of the assets of
the Portfolios of the Fund, including securities which the Fund, on behalf of
the applicable Portfolio desires to be held in places within the United States
("DOMESTIC SECURITIES") and securities it desires to be held outside the United
States ("FOREIGN SECURITIES"). Each Fund on behalf of its Portfolio(s) agrees to
deliver to the Custodian all securities and cash of such Portfolios, and all
payments of income, payments of principal or capital distributions received by
it with respect to all securities owned by such Portfolio(s) from time to time,
and the cash consideration received by it for such new or treasury shares of
beneficial interest of each Fund representing interests in its Portfolios
("SHARES") as may be issued or sold from time to time. The Custodian shall not
be responsible for any property of a Portfolio held or received by the Portfolio
and not delivered to the Custodian. With respect to uncertificated shares (the
"UNDERLYING SHARES") of registered investment companies (hereinafter sometimes
referred to as the "UNDERLYING PORTFOLIOS") the holding of confirmation
statements that identify the shares as being recorded in the Custodian's name on
behalf of the Portfolios will be deemed custody for purposes hereof.

      Upon receipt of "PROPER INSTRUCTIONS" (as such term is defined in Section
6 hereof), the Custodian shall on behalf of the applicable Portfolio(s) from
time to time employ one or more sub-custodians located in the United States BUT
ONLY in accordance with an applicable vote by the board of directors or the
board of trustees of the applicable Fund (as appropriate and in each case, the
"BOARD"), and provided that the Custodian shall have no more or less
responsibility or liability to any Fund on account of any actions or omissions
of any sub-custodian so employed than any such sub-custodian has to the
Custodian. The Custodian may employ as sub-custodian for each Fund's foreign
securities on behalf of the applicable Portfolio(s) the foreign banking
institutions and foreign securities depositories designated in Schedule A hereto
BUT ONLY in accordance with the applicable provisions of Sections 3.
<PAGE>
SECTION 2.  DUTIES  OF THE  CUSTODIAN  WITH  RESPECT  TO  PROPERTY  OF THE FUND
            --------------------------------------------------------------------
            HELD BY THE CUSTODIAN IN THE UNITED STATES
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      SECTION 2.1 HOLDING SECURITIES. The Custodian shall hold and physically
segregate for the account of each Portfolio all non-cash property, to be held by
it in the United States including all domestic securities owned by such
Portfolio, other than (a) securities which are maintained pursuant to Section
2.10 in a clearing agency which acts as a securities depository or in a
book-entry system authorized by the U.S. Department of the Treasury (each, a
"U.S. SECURITIES SYSTEM"); (b) commercial paper of an issuer for which State
Street Bank and Trust Company acts as issuing and paying agent ("DIRECT PAPER")
which is deposited and/or maintained in the Direct Paper System of the Custodian
(the "DIRECT PAPER SYSTEM") pursuant to Section 2.11; and (c) the Underlying
Shares owned by the Fund which are maintained pursuant to Section 2.13 in an
account with State Street Bank and Trust Company or such other entity which may
from time to time act as a transfer agent for the Underlying Portfolios and with
respect to which the Custodian is provided with Proper Instructions (the
"UNDERLYING TRANSFER AGENT").

      SECTION 2.2 DELIVERY OF SECURITIES. The Custodian shall release and
deliver domestic securities owned by a Portfolio held by the Custodian or in a
U.S. Securities System account of the Custodian or in the Custodian's Direct
Paper book entry system account ("DIRECT PAPER SYSTEM ACCOUNT") or in an account
at the Underlying Transfer Agent, only upon receipt of Proper Instructions on
behalf of the applicable Portfolio, which may be continuing instructions when
deemed appropriate by the parties, and only in the following cases:

     1)   Upon sale of such  securities  for the  account of the  Portfolio  and
          receipt of payment therefor;

     2)   Upon  the  receipt  of  payment  in  connection  with  any  repurchase
          agreement related to such securities entered into by the Portfolio;

     3)   In the case of a sale effected through a U.S.  Securities  System,  in
          accordance with the provisions of Section 2.10 hereof;

     4)   To the  depository  agent in  connection  with tender or other similar
          offers for securities of the Portfolio;

     5)   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 the
          Custodian;

     6)   To the issuer thereof, or its agent, for transfer into the name of the
          Portfolio or into the name of any nominee or nominees of the Custodian
          or into the name or nominee  name of any agent  appointed  pursuant to
          Section  2.8 or into the  name or  nominee  name of any  sub-custodian
          appointed  pursuant  to Section  1; or for  exchange  for a  different
          number of bonds,  certificates or other evidence representing the same
          aggregate  face amount or number of units;  provided that, in any such
          case, the new securities are to be delivered to the Custodian;
<PAGE>
     7)   Upon the sale of such securities for the account of the Portfolio,  to
          the broker or its clearing agent,  against a receipt,  for examination
          in accordance with "street delivery" custom; provided that in any such
          case, the Custodian shall have no  responsibility or liability for any
          loss arising from the delivery of such  securities  prior to receiving
          payment for such  securities  except as may arise from the Custodian's
          own negligence or willful misconduct;

     8)   For   exchange  or   conversion   pursuant  to  any  plan  of  merger,
          consolidation, recapitalization, reorganization or readjustment of the
          securities of the issuer of such securities, or pursuant to provisions
          for  conversion  contained  in such  securities,  or  pursuant  to any
          deposit agreement; provided that, in any such case, the new securities
          and cash, if any, are to be delivered to the Custodian;

     9)   In the case of warrants,  rights or similar securities,  the surrender
          thereof in the exercise of such warrants, rights or similar securities
          or the  surrender  of interim  receipts or  temporary  securities  for
          definitive  securities;  provided  that,  in any  such  case,  the new
          securities and cash, if any, are to be delivered to the Custodian;

     10)  For delivery in connection  with any loans of  securities  made by the
          Portfolio,  BUT ONLY against receipt of adequate  collateral as agreed
          upon from time to time by the  Custodian and the Fund on behalf of the
          Portfolio,  which may be in the form of cash or obligations  issued by
          the United  States  government,  its  agencies  or  instrumentalities,
          except that in connection with any loans for which collateral is to be
          credited  to  the  Custodian's   account  in  the  book-entry   system
          authorized by the U.S. Department of the Treasury,  the Custodian will
          not be held liable or responsible for the delivery of securities owned
          by the Portfolio prior to the receipt of such collateral;

     11)  For delivery as security in connection  with any borrowing by the Fund
          on behalf of the Portfolio requiring a pledge of assets by the Fund on
          behalf of the Portfolio, BUT ONLY against receipt of amounts borrowed;

     12)  For delivery in accordance  with the provisions of any agreement among
          the Fund on behalf of the Portfolio, the Custodian and a broker-dealer
          registered  under the  Securities  Exchange Act of 1934 (the "EXCHANGE
          ACT") and a member of The National  Association of Securities Dealers,
          Inc.  ("NASD"),  relating to compliance  with the rules of The Options
          Clearing   Corporation  and  of  any  registered  national  securities
          exchange,  or of any similar organization or organizations,  regarding
          escrow or other  arrangements in connection  with  transactions by the
          Portfolio of the Fund;
<PAGE>
     13)  For delivery in accordance  with the provisions of any agreement among
          the Fund on  behalf of the  Portfolio,  the  Custodian,  and a futures
          commission  merchant  registered  under the  Commodity  Exchange  Act,
          relating to compliance with the rules of the Commodity Futures Trading
          Commission  ("CFTC")  and/or  any  contract  market,  or  any  similar
          organization  or   organizations,   regarding   account   deposits  in
          connection with transactions by the Portfolio of the Fund;

     14)  Upon receipt of instructions from the transfer agent for the Fund (the
          "TRANSFER  AGENT")  for  delivery  to such  Transfer  Agent  or to the
          holders of Shares in connection with  distributions in kind, as may be
          described from time to time in the currently effective  prospectus and
          statement  of  additional  information  of  the  Fund  related  to the
          Portfolio (the  "PROSPECTUS"),  in satisfaction of requests by holders
          of Shares for repurchase or redemption;

     15)  In the case of a sale processed through the Underlying  Transfer Agent
          of Underlying Shares, in accordance with Section 2.13 hereof; and

     16)  For any  other  proper  purpose,  BUT ONLY  upon  receipt  of  Proper
          Instructions  from  the Fund on  behalf of the  applicable  Portfolio
          specifying  the  securities of the Portfolio to be delivered,  setting
          forth the  purpose for which such  delivery  is to be made,  declaring
          such purpose to be a proper trust or corporate purpose, as applicable,
          and naming the person or persons to whom  delivery of such  securities
          shall be made.

      SECTION 2.3 REGISTRATION OF SECURITIES. Domestic securities held by the
Custodian (other than bearer securities) shall be registered in the name of a
Portfolio or in the name of any nominee of a Fund on behalf of a Portfolio or of
any nominee of the Custodian which nominee shall be assigned exclusively to a
Portfolio, UNLESS a Fund has authorized in writing the appointment of a nominee
to be used in common with other registered investment companies having the same
investment adviser as the Portfolio, or in the name or nominee name of any agent
appointed pursuant to Section 2.8 or in the name or nominee name of any
sub-custodian appointed pursuant to Section 1. All securities accepted by the
Custodian on behalf of a Portfolio under the terms of this Agreement shall be in
"street name" or other good delivery form. If, however, a Fund directs the
Custodian to maintain securities in "street name", the Custodian shall utilize
its best efforts only to timely collect income due the Fund on such securities
and to notify the Fund on a best efforts basis only of relevant corporate
actions including, without limitation, pendency of calls, maturities, tender or
exchange offers.

      SECTION 2.4 BANK ACCOUNTS. The Custodian shall open and maintain a
separate bank account or accounts in the United States in the name of each
Portfolio of each Fund, subject only to draft or order by the Custodian acting
pursuant to the terms of this Agreement, and shall hold in such account or
accounts, subject to the provisions hereof, all cash received by it from or for
the account of the Portfolio, other than cash maintained by the Portfolio in a
bank account established and used in accordance with Rule 17f-3 under the
Investment Company Act of 1940, as amended (the "INVESTMENT COMPANY ACT"). Funds
held by the Custodian for a Portfolio may be deposited by it to its credit as
Custodian in the banking department of the Custodian or in such other banks or
trust companies as it may in its discretion deem necessary or desirable;
provided, however, that every such bank or trust company shall be qualified to
<PAGE>
act as a custodian under the Investment Company Act and that each such bank or
trust company and the funds to be deposited with each such bank or trust company
shall on behalf of each applicable Portfolio be approved by vote of a majority
of the Board. Such funds shall be deposited by the Custodian in its capacity as
Custodian and shall be withdrawable by the Custodian only in that capacity.

      SECTION 2.5 AVAILABILITY OF FEDERAL FUNDS. Upon agreement between any Fund
on behalf of each applicable Portfolio and the Custodian, the Custodian shall,
upon the receipt of Proper Instructions from such Fund on behalf of a Portfolio,
make federal funds available to such Portfolio as of specified times agreed upon
from time to time by the Fund and the Custodian in the amount of checks received
in payment for Shares of such Portfolio which are deposited into the Portfolio's
account.

      SECTION 2.6 COLLECTION OF INCOME. Subject to the provisions of Section
2.3, the Custodian shall collect on a timely basis all income and other payments
with respect to registered domestic securities held hereunder to which each
Portfolio shall be entitled either by law or pursuant to custom in the
securities business, and shall collect on a timely basis all income and other
payments with respect to bearer domestic securities if, on the date of payment
by the issuer, such securities are held by the Custodian or its agent thereof
and shall credit such income, as collected, to such Portfolio's custodian
account. Without limiting the generality of the foregoing, the Custodian shall
detach and present for payment all coupons and other income items requiring
presentation as and when they become due and shall collect interest when due on
securities held hereunder. Income due each Portfolio on securities loaned
pursuant to the provisions of Section 2.2 (10) shall be the responsibility of
the applicable Fund. The Custodian will have no duty or responsibility in
connection therewith, other than to provide the Fund with such information or
data in its possession as may be necessary to assist the Fund in arranging for
the timely delivery to the Custodian of the income to which the Portfolio is
properly entitled.

      SECTION 2.7 PAYMENT OF FUND MONIES. Upon receipt of Proper Instructions on
behalf of the applicable Portfolio, which may be continuing instructions when
deemed appropriate by the parties, the Custodian shall pay out monies of a
Portfolio in the following cases only:

      1)    Upon the purchase of domestic securities, options, futures contracts
            or options on futures contracts for the account of the Portfolio BUT
            ONLY (a) against the delivery of such securities or evidence of
            title to such options, futures contracts or options on futures
            contracts to the Custodian (or any bank, banking firm or trust
            company doing business in the United States or abroad which is
            qualified under the Investment Company Act to act as a custodian and
            has been designated by the Custodian as its agent for this purpose)
            registered in the name of the Portfolio or in the name of a nominee
            of the Custodian referred to in Section 2.3 hereof or in proper form
            for transfer; (b) in the case of a purchase effected through a U.S.
            Securities System, in accordance with the conditions set forth in
            Section 2.10 hereof; (c) in the case of a purchase of Underlying
            Shares, in accordance with the conditions set forth in Section 2.13
            hereof; (d) in the case of a purchase involving the Direct Paper
            System, in accordance with the conditions set forth in Section 2.11;
<PAGE>
            (e) in the case of repurchase agreements entered into between the
            applicable Fund on behalf of the Portfolio and the Custodian, or
            another bank, or a broker-dealer which is a member of NASD, (i)
            against delivery of the securities either in certificate form or
            through an entry crediting the Custodian's account at the Federal
            Reserve Bank with such securities or (ii) against delivery of the
            receipt evidencing purchase by the Portfolio of securities owned by
            the Custodian along with written evidence of the agreement by the
            Custodian to repurchase such securities from the Portfolio or (f)
            for transfer to a time deposit account of the Fund in any bank,
            whether domestic or foreign; such transfer may be effected prior to
            receipt of a confirmation from a broker and/or the applicable bank
            pursuant to Proper Instructions from the Fund as defined in Section
            6 of this Agreement;

      2)    In connection with conversion, exchange or surrender of securities
            owned by the Portfolio as set forth in Section 2.2 hereof;

      3)    For the  redemption  or  repurchase  of Shares  issued as set forth
            in Section 5 hereof;

      4)    For the payment of any expense or liability incurred by the
            Portfolio, including but not limited to the following payments for
            the account of the Portfolio: interest, taxes, management fees,
            accounting fees, transfer agent fees and legal fees, and operating
            expenses of the Fund whether or not such expenses are to be in whole
            or part capitalized or treated as deferred expenses;

      5)    For the payment of any dividends on Shares declared pursuant to the
            Fund's articles of incorporation, agreement of trust, by-laws and/or
            registration statement (as applicable, the "GOVERNING DOCUMENTS");

      6)    For payment of the amount of dividends received in respect of
            securities sold short;

      7)    For any other proper purpose, BUT ONLY upon receipt of Proper
            Instructions from the Fund on behalf of the Portfolio specifying the
            amount of such payment, setting forth the purpose for which such
            payment is to be made, declaring such purpose to be a proper trust
            or corporate purpose, as applicable, and naming the person or
            persons to whom such payment is to be made.

      SECTION 2.8 APPOINTMENT OF AGENTS. The Custodian may at any time or times
in its discretion appoint (and may at any time remove) any other bank or trust
company which is itself qualified under the Investment Company Act to act as a
custodian, as its agent to carry out such of the provisions of this Section 2 as
the Custodian may from time to time direct; provided, however, that the
appointment of any agent shall not relieve the Custodian of its responsibilities
or liabilities hereunder. The Underlying Transfer Agent shall not be deemed an
agent or subcustodian of the Custodian for purposes of this Section 2.8 or any
other provision of this Agreement.

      SECTION 2.9 LIABILITY FOR PAYMENT IN ADVANCE OF RECEIPT OF SECURITIES
PURCHASED. Except as specifically stated otherwise in this Agreement, in any and
every case where payment for purchase of domestic securities for the account of
a Portfolio is made by the Custodian in advance of receipt of the securities
purchased in the absence of specific written instructions from the Fund on
behalf of such Portfolio to so pay in advance, the Custodian shall be absolutely
liable to such Fund for such securities to the same extent as if the securities
had been received by the Custodian.
<PAGE>
      SECTION 2.10 DEPOSIT OF FUND ASSETS IN U.S. SECURITIES SYSTEMS. The
Custodian may deposit and/or maintain  securities owned by a Portfolio in a U.S.
Securities System subject to the following provisions:

      1)    The Custodian may keep securities of the Portfolio in a U.S.
            Securities System provided that such securities are represented in
            an account of the Custodian in the U.S. Securities System (the "U.S.
            SECURITIES SYSTEM ACCOUNT") which account shall not include any
            assets of the Custodian other than assets held as a fiduciary,
            custodian or otherwise for customers;

      2)    The records of the Custodian  with respect to securities of the
            Portfolio  which are maintained in a U.S. Securities  System shall
            identify by book-entry  those securities belonging to the Portfolio;

      3)    The Custodian shall pay for securities purchased for the account of
            the Portfolio upon (i) receipt of advice from the U.S. Securities
            System that such securities have been transferred to the U.S.
            Securities System Account, and (ii) the making of an entry on the
            records of the Custodian to reflect such payment and transfer for
            the account of the Portfolio. The Custodian shall transfer
            securities sold for the account of the Portfolio upon (i) receipt of
            advice from the U.S. Securities System that payment for such
            securities has been transferred to the U.S. Securities System
            Account, and (ii) the making of an entry on the records of the
            Custodian to reflect such transfer and payment for the account of
            the Portfolio. Copies of all advices from the U.S. Securities System
            of transfers of securities for the account of the Portfolio shall
            identify the Portfolio, be maintained for the Portfolio by the
            Custodian and be provided to the applicable Fund at its request.
            Upon request, the Custodian shall furnish the Fund on behalf of the
            Portfolio confirmation of each transfer to or from the account of
            the Portfolio in the form of a written advice or notice and shall
            furnish to the Fund on behalf of the Portfolio copies of daily
            transaction sheets reflecting each day's transactions in the U.S.
            Securities System for the account of the Portfolio;

      4)    The Custodian shall provide the Fund with any report obtained by the
            Custodian on the U.S. Securities  System's accounting system,
            internal accounting control and  procedures for  safeguarding
            securities  deposited in the U.S. Securities System; and

      5)    Anything to the contrary in this Agreement notwithstanding, the
            Custodian shall be liable to the Fund for the benefit of the
            Portfolio for any loss or damage to the Portfolio resulting from use
            of the U.S. Securities System by reason of any negligence,
            misfeasance or misconduct of the Custodian or any of its agents or
            of any of its or their employees or from failure of the Custodian or
            any such agent to enforce effectively such rights as it may have
            against the U.S. Securities System; at the election of the Fund, it
            shall be entitled to be subrogated to the rights of the Custodian
            with respect to any claim against the U.S. Securities System or any
            other person which the Custodian may have as a consequence of any
            such loss or damage if and to the extent that the Portfolio has not
            been made whole for any such loss or damage.
<PAGE>
      SECTION 2.11 FUND ASSETS HELD IN THE CUSTODIAN'S DIRECT PAPER SYSTEM. The
Custodian may deposit and/or maintain securities owned by a Portfolio in the
Direct Paper System of the Custodian subject to the following provisions:

      1)    No transaction relating to securities in the Direct Paper System
            will be effected in the absence of Proper Instructions from the
            applicable Fund on behalf of the Portfolio;

      2)    The Custodian may keep securities of the Portfolio in the Direct
            Paper System only if such securities are represented in the Direct
            Paper System Account, which account shall not include any assets of
            the Custodian other than assets held as a fiduciary, custodian or
            otherwise for customers;

      3)    The records of the Custodian with respect to securities of the
            Portfolio which are maintained in the Direct Paper System shall
            identify by book-entry those securities belonging to the Portfolio;

      4)    The Custodian shall pay for securities purchased for the account of
            the Portfolio upon the making of an entry on the records of the
            Custodian to reflect such payment and transfer of securities to the
            account of the Portfolio. The Custodian shall transfer securities
            sold for the account of the Portfolio upon the making of an entry on
            the records of the Custodian to reflect such transfer and receipt of
            payment for the account of the Portfolio;

      5)    The Custodian shall furnish the Fund on behalf of the Portfolio
            confirmation of each transfer to or from the account of the
            Portfolio, in the form of a written advice or notice, of Direct
            Paper on the next business day following such transfer and shall
            furnish to the Fund on behalf of the Portfolio copies of daily
            transaction sheets reflecting each day's transaction in the Direct
            Paper System for the account of the Portfolio;

      6)    The Custodian shall provide the Fund on behalf of the Portfolio with
            any report on its system of internal accounting control as the Fund
            may reasonably request from time to time.

      SECTION 2.12 SEGREGATED ACCOUNT. The Custodian shall upon receipt of
Proper Instructions on behalf of each applicable Portfolio establish and
maintain a segregated account or accounts for and on behalf of each such
Portfolio, into which account or accounts may be transferred cash and/or
securities, including securities maintained in an account by the Custodian
pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any
agreement among the applicable Fund on behalf of the Portfolio, the Custodian
and a broker-dealer registered under the Exchange Act and a member of the NASD
(or any futures commission merchant registered under the Commodity Exchange
Act), relating to compliance with the rules of The Options Clearing Corporation
and of any registered national securities exchange (or the CFTC or any
registered contract market), or of any similar organization or organizations,
regarding escrow or other arrangements in connection with transactions by the
Portfolio, (ii) for purposes of segregating cash or government securities in
connection with options purchased, sold or written by the Portfolio or commodity
futures contracts or options thereon purchased or sold by the Portfolio, (iii)
for the purposes of compliance by the Portfolio with the procedures required by
Investment Company Act Release No. 10666, or any subsequent release of the SEC,
or interpretative opinion of the staff of the SEC, relating to the maintenance
of segregated accounts by registered investment companies and (iv) for other
proper purposes, BUT ONLY, in the case of clause (iv), upon receipt of Proper
Instructions from the Fund on behalf of the applicable Portfolio setting forth
the purpose or purposes of such segregated account and declaring such purpose to
be a proper trust or corporate purpose, as applicable.
<PAGE>
      SECTION 2.13 DEPOSIT OF FUND ASSETS WITH THE UNDERLYING TRANSFER AGENT.
Underlying Shares shall be deposited and/or maintained in an account or accounts
maintained with the Underlying Transfer Agent. The Underlying Transfer Agent
shall be deemed to be acting as if it is a "securities depository" for purposes
of Rule 17f-4 under the Investment Company Act. Each Fund hereby directs the
Custodian to deposit and/or maintain such securities with the Underlying
Transfer Agent, subject to the following provisions:

      1)    The Custodian shall keep Underlying Shares owned by a Portfolio with
            the Underlying Transfer Agent provided that such securities are
            maintained in an account or accounts on the books and records of the
            Underlying Transfer Agent in the name of the Custodian as custodian
            for the Portfolio.

      2)    The records of the Custodian with respect to Underlying Shares which
            are maintained with the Underlying Transfer Agent shall identify by
            book-entry those Underlying Shares belonging to each Portfolio;

      3)    The Custodian shall pay for Underlying Shares purchased for the
            account of a Portfolio upon (i) receipt of advice from the
            Portfolio's investment adviser that such Underlying Shares have been
            purchased and will be transferred to the account of the Custodian,
            on behalf of the Portfolio, on the books and records of the
            Underlying Transfer Agent, and (ii) the making of an entry on the
            records of the Custodian to reflect such payment and transfer for
            the account of the Portfolio. The Custodian shall receive
            confirmation from the Underlying Transfer Agent of the purchase of
            such securities and the transfer of such securities to the
            Custodian's account with the Underlying Transfer Agent only after
            such payment is made. The Custodian shall transfer Underlying Shares
            redeemed for the account of a Portfolio (i) upon receipt of an
            advice from the Portfolio's investment adviser that such securities
            have been redeemed and that payment for such securities will be
            transferred to the Custodian and (ii) the making of an entry on the
            records of the Custodian to reflect such transfer and payment for
            the account of the Portfolio. The Custodian will receive
            confirmation from the Underlying Transfer Agent of the redemption of
            such securities and payment therefor only after such securities are
            redeemed. Copies of all advices from the Portfolio's investment
            adviser of purchases and sales of Underlying Shares for the account
            of the Portfolio shall identify the Portfolio, be maintained for the
            Portfolio by the Custodian, and be provided to the investment
            adviser at its request;

      4)    The Custodian shall be not be liable to the Fund or any Portfolio
            for any loss or damage to the Fund or any Portfolio resulting from
            maintenance of Underlying Shares with Underlying Transfer Agent
            except for losses resulting directly from the negligence,
            misfeasance or misconduct of the Custodian or any of its agents or
            of any of its or their employees.

      SECTION 2.14 OWNERSHIP CERTIFICATES FOR TAX PURPOSES. The Custodian shall
execute ownership and other certificates and affidavits for all federal and
state tax purposes in connection with receipt of income or other payments with
respect to domestic securities of each Portfolio held by it and in connection
with transfers of securities.

      SECTION 2.15 PROXIES. The Custodian shall, with respect to the domestic
securities held hereunder, cause to be promptly executed by the registered
holder of such securities, if the securities are registered otherwise than in
the name of the Portfolio or a nominee of the Portfolio, all proxies, without
indication of the manner in which such proxies are to be voted, and shall
promptly deliver to the Portfolio such proxies, all proxy soliciting materials
and all notices relating to such securities.
<PAGE>
      SECTION 2.16 COMMUNICATIONS RELATING TO PORTFOLIO SECURITIES. Subject to
the provisions of Section 2.3, the Custodian shall transmit promptly to the
applicable Fund for each Portfolio all written information (including, without
limitation, pendency of calls and maturities of domestic securities and
expirations of rights in connection therewith and notices of exercise of call
and put options written by the Fund on behalf of the Portfolio and the maturity
of futures contracts purchased or sold by the Portfolio) received by the
Custodian from issuers of the securities being held for the Portfolio. With
respect to tender or exchange offers, the Custodian shall transmit promptly to
the Portfolio all written information received by the Custodian from issuers of
the securities whose tender or exchange is sought and from the party (or his
agents) making the tender or exchange offer. If the Portfolio desires to take
action with respect to any tender offer, exchange offer or any other similar
transaction, the Portfolio shall notify the Custodian at least three business
days prior to the date on which the Custodian is to take such action.

SECTION 3.  PROVISIONS RELATING TO RULES 17F-5 AND 17F-7
            --------------------------------------------

      SECTION 3.1. DEFINITIONS.  As used  throughout this Agreement, the
capitalized terms set forth below shall have the indicated meanings:

"COUNTRY RISK" means all factors reasonably related to the systemic risk of
holding Foreign Assets in a particular country including, but not limited to,
such country's political environment, economic and financial infrastructure
(including any Eligible Securities Depository operating in the country),
prevailing or developing custody and settlement practices, and laws and
regulations applicable to the safekeeping and recovery of Foreign Assets held in
custody in that country; provided, however, that Country Risk shall not include
custody or settlement practices, proceedings or risks of an Eligible Foreign
Custodian employed by the Foreign Custody Manager that are not prevailing or
developing practices in the country in which the Foreign Assets are held.

"ELIGIBLE FOREIGN CUSTODIAN" has the meaning set forth in section (a)(1) of Rule
17f-5, including a majority-owned or indirect subsidiary of a U.S. Bank (as
defined in Rule 17f-5), a bank holding company meeting the requirements of an
Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate
action of the SEC, or a foreign branch of a Bank (as defined in Section 2(a)(5)
of the Investment Company Act) meeting the requirements of a custodian under
Section 17(f) of the Investment Company Act; the term does not include any
Eligible Securities Depository.

"ELIGIBLE SECURITIES DEPOSITORY" has the meaning set forth in section (b)(1) of
Rule 17f-7.

"FOREIGN ASSETS" means any of the Portfolios' investments (including foreign
currencies) for which the primary market is outside the United States and such
cash and cash equivalents as are reasonably necessary to effect the Portfolios'
transactions in such investments.

"FOREIGN CUSTODY MANAGER" has the meaning set forth in section (a)(3) of Rule
17f-5.

"RULE 17F-5" means Rule 17f-5 promulgated under the Investment Company Act.

"RULE 17F-7" means Rule 17f-7 promulgated under the Investment Company Act.

      SECTION 3.2.      THE CUSTODIAN AS FOREIGN CUSTODY MANAGER.
                        ----------------------------------------

            3.2.1 DELEGATION TO THE CUSTODIAN AS FOREIGN CUSTODY MANAGER. Each
Fund, by resolution adopted by its Board, hereby delegates to the Custodian,
subject to Section (b) of Rule 17f-5, the responsibilities set forth in this
Section 3.2 with respect to Foreign Assets of the Portfolios held outside the
United States, and the Custodian hereby accepts such delegation as Foreign
Custody Manager with respect to the Portfolios.
<PAGE>
            3.2.2 COUNTRIES COVERED. The Foreign Custody Manager shall be
responsible for performing the delegated responsibilities defined below only
with respect to the countries and custody arrangements for each such country
listed on Schedule A to this Agreement, which list of countries may be amended
from time to time by any Fund with the agreement of the Foreign Custody Manager.
The Foreign Custody Manager shall list on Schedule A the Eligible Foreign
Custodians selected by the Foreign Custody Manager to maintain the assets of the
Portfolios, which list of Eligible Foreign Custodians may be amended from time
to time in the sole discretion of the Foreign Custody Manager. The Foreign
Custody Manager will provide amended versions of Schedule A in accordance with
Section 3.2.5 hereof.

Upon the receipt by the Foreign Custody Manager of Proper Instructions to open
an account or to place or maintain Foreign Assets in a country listed on
Schedule A, and the fulfillment by each Fund, on behalf of the applicable
Portfolio(s), of the applicable account opening requirements for such country,
the Foreign Custody Manager shall be deemed to have been delegated by such
Fund's Board on behalf of such Portfolio(s) responsibility as Foreign Custody
Manager with respect to that country and to have accepted such delegation.
Execution of this Agreement by each Fund shall be deemed to be a Proper
Instruction to open an account, or to place or maintain Foreign Assets, in each
country listed on Schedule A. Following the receipt of Proper Instructions
directing the Foreign Custody Manager to close the account of a Portfolio with
the Eligible Foreign Custodian selected by the Foreign Custody Manager in a
designated country, the delegation by the Board on behalf of such Portfolio to
the Custodian as Foreign Custody Manager for that country shall be deemed to
have been withdrawn and the Custodian shall immediately cease to be the Foreign
Custody Manager with respect to such Portfolio with respect to that country.

The Foreign Custody Manager may withdraw its acceptance of delegated
responsibilities with respect to a designated country upon written notice to the
Fund. Thirty days (or such longer period to which the parties agree in writing)
after receipt of any such notice by the Fund, the Custodian shall have no
further responsibility in its capacity as Foreign Custody Manager to the Fund
with respect to the country as to which the Custodian's acceptance of delegation
is withdrawn.

            3.2.3 SCOPE OF DELEGATED RESPONSIBILITIES:

      (a) SELECTION OF ELIGIBLE FOREIGN CUSTODIANS. Subject to the provisions of
this Section 3.2, the Foreign Custody Manager may place and maintain the Foreign
Assets in the care of the Eligible Foreign Custodian selected by the Foreign
Custody Manager in each country listed on Schedule A, as amended from time to
time. In performing its delegated responsibilities as Foreign Custody Manager to
place or maintain Foreign Assets with an Eligible Foreign Custodian, the Foreign
Custody Manager shall determine that the Foreign Assets will be subject to
reasonable care, based on the standards applicable to custodians in the country
in which the Foreign Assets will be held by that Eligible Foreign Custodian,
after considering all factors relevant to the safekeeping of such assets,
including, without limitation the factors specified in Rule 17f-5(c)(1).

      (b) CONTRACTS WITH ELIGIBLE FOREIGN CUSTODIANS. The Foreign Custody
Manager shall determine that the contract governing the foreign custody
arrangements with each Eligible Foreign Custodian selected by the Foreign
Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).

      (c) MONITORING. In each case in which the Foreign Custody Manager
maintains Foreign Assets with an Eligible Foreign Custodian selected by the
Foreign Custody Manager, the Foreign Custody Manager shall establish a system to
monitor (i) the appropriateness of maintaining the Foreign Assets with such
Eligible Foreign Custodian and (ii) the contract governing the custody
arrangements established by the Foreign Custody Manager with the Eligible
Foreign Custodian. In the event the Foreign Custody Manager determines that the
custody arrangements with an Eligible Foreign Custodian it has selected are no
longer appropriate, the Foreign Custody Manager shall notify the Board in
accordance with Section 3.2.5 hereunder.
<PAGE>
            3.2.4 GUIDELINES FOR THE EXERCISE OF DELEGATED AUTHORITY. For
purposes of this Section 3.2, the Board (or at the Board's delegation, each
Fund's duly-authorized investment manager) shall be deemed to have considered
and determined to accept such Country Risk as is incurred by placing and
maintaining the Foreign Assets in each country for which the Custodian is
serving as Foreign Custody Manager of the Portfolios.

            3.2.5 REPORTING REQUIREMENTS. The Foreign Custody Manager shall
report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian
and the placement of such Foreign Assets with another Eligible Foreign Custodian
by providing to the Board (or its duly-authorized investment manager or
investment adviser) an amended Schedule A at the end of the calendar quarter in
which an amendment to such Schedule has occurred. The Foreign Custody Manager
shall make written reports notifying the Board (or its duly-authorized
investment manager or investment adviser) of any other material change in the
foreign custody arrangements of the Portfolios described in this Section 3.2
after the occurrence of the material change, as required by section (b)(2) of
Rule 17f-5.

            3.2.6 STANDARD OF CARE AS FOREIGN CUSTODY MANAGER OF A PORTFOLIO. In
performing the responsibilities delegated to it, the Foreign Custody Manager
agrees to exercise reasonable care, prudence and diligence such as a person
having responsibility for the safekeeping of assets of management investment
companies registered under the Investment Company Act would exercise.

            3.2.7 REPRESENTATIONS WITH RESPECT TO RULE 17F-5. The Foreign
Custody Manager represents to each Fund that it is a U.S. Bank as defined in
section (a)(7) of Rule 17f-5. Each Fund represents to the Custodian that its
Board has determined that it is reasonable for such Board to rely on the
Custodian to perform the responsibilities delegated pursuant to this Agreement
to the Custodian as the Foreign Custody Manager of the Portfolios.

            3.2.8 EFFECTIVE DATE AND TERMINATION OF THE CUSTODIAN AS FOREIGN
CUSTODY MANAGER. Each Board's delegation to the Custodian as Foreign Custody
Manager of the Portfolios shall be effective as of the date hereof and shall
remain in effect until terminated at any time, without penalty, by written
notice from the terminating party to the non-terminating party. Termination will
become effective thirty (30) days after receipt by the non-terminating party of
such notice. The provisions of Section 3.2.2 hereof shall govern the delegation
to and termination of the Custodian as Foreign Custody Manager of the Portfolios
with respect to designated countries.

      SECTION 3.3 ELIGIBLE SECURITIES DEPOSITORIES.

            3.3.1 ANALYSIS AND MONITORING. The Custodian shall (a) provide the
Fund (or its duly-authorized investment manager or investment adviser) with an
analysis of the custody risks associated with maintaining assets with the
Eligible Securities Depositories set forth on Schedule B hereto in accordance
with section (a)(1)(i)(A) of Rule 17f-7, and (b) monitor such risks on a
continuing basis, and promptly notify the Fund (or its duly-authorized
investment manager or investment adviser) of any material change in such risks,
in accordance with section (a)(1)(i)(B) of Rule 17f-7.

            3.3.2 STANDARD OF CARE. The Custodian agrees to exercise reasonable
care, prudence and diligence in performing the duties set forth in Section
3.3.1.

SECTION 4.  DUTIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY OF THE PORTFOLIOS
            --------------------------------------------------------------------
            TO BE HELD OUTSIDE THE UNITED STATES
            ------------------------------------

      SECTION 4.1 DEFINITIONS. As used throughout this Agreement, the
capitalized terms set forth below shall have the indicated meanings:

"FOREIGN SECURITIES SYSTEM" means an Eligible Securities Depository listed on
Schedule B hereto.
<PAGE>
"FOREIGN SUB-CUSTODIAN" means a foreign banking institution serving as an
Eligible Foreign Custodian.

      SECTION 4.2. HOLDING SECURITIES. The Custodian shall identify on its books
as belonging to the Portfolios the foreign securities held by each Foreign
Sub-Custodian or Foreign Securities System. The Custodian may hold foreign
securities for all of its customers, including the Portfolios, with any Foreign
Sub-Custodian in an account that is identified as belonging to the Custodian for
the benefit of its customers, provided however, that (i) the records of the
Custodian with respect to foreign securities of the Portfolios which are
maintained in such account shall identify those securities as belonging to the
Portfolios and (ii), to the extent permitted and customary in the market in
which the account is maintained, the Custodian shall require that securities so
held by the Foreign Sub-Custodian be held separately from any assets of such
Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.

      SECTION 4.3.  FOREIGN  SECURITIES  SYSTEMS.  Foreign  securities  shall be
maintained  in a Foreign  Securities  System  in a  designated  country  through
arrangements  implemented  by  the  Custodian  or a  Foreign  Sub-Custodian,  as
applicable, in such country.

      SECTION 4.4.  TRANSACTIONS IN FOREIGN CUSTODY ACCOUNT.

            4.4.1. DELIVERY OF FOREIGN ASSETS. The Custodian or a Foreign
Sub-Custodian shall release and deliver foreign securities of the Portfolios
held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities
System account, only upon receipt of Proper Instructions, which may be
continuing instructions when deemed appropriate by the parties, and only in the
following cases:

      (i)   Upon the sale of such foreign securities for the Portfolio in
            accordance with commercially reasonable market practice in the
            country where such foreign securities are held or traded, including,
            without limitation: (A) delivery against expectation of receiving
            later payment; or (B) in the case of a sale effected through a
            Foreign Securities System, in accordance with the rules governing
            the operation of the Foreign Securities System;

      (ii)  In connection  with  any  repurchase  agreement related to  foreign
            securities;

      (iii) To the  depository agent in connection with tender or other similar
            offers for foreign securities of the Portfolios;

      (iv)  To the issuer thereof or its agent when such foreign securities are
            called, redeemed, retired or otherwise become payable;

      (v)   To the issuer thereof, or its agent, for transfer into the name of
            the Custodian (or the name of the respective Foreign Sub-Custodian
            or of any nominee of the Custodian or such Foreign Sub-Custodian) or
            for exchange for a different number of bonds, certificates or other
            evidence representing the same aggregate face amount or number of
            units;

      (vi)  To brokers, clearing banks or other clearing agents for examination
            or trade execution in accordance with market custom; provided that
            in any such case, the Foreign Sub-Custodian shall have no
            responsibility or liability for any loss arising from the delivery
            of such foreign securities prior to receiving payment for such
            foreign securities except as may arise from the Foreign
            Sub-Custodian's own negligence or willful misconduct;

      (vii) For exchange or conversion pursuant to any plan of merger,
            consolidation, recapitalization, reorganization or readjustment of
            the securities of the issuer of such securities, or pursuant to
            provisions for conversion contained in such securities, or pursuant
            to any deposit agreement;
<PAGE>
      (viii) In the case of warrants, rights or similar foreign securities, the
            surrender thereof in the exercise of such warrants, rights or
            similar securities or the surrender of interim receipts or temporary
            securities for definitive securities;

      (ix)  For delivery as security in connection with any borrowing by a Fund
            on behalf of a Portfolio requiring a pledge of assets by the Fund on
            behalf of such Portfolio;

      (x)   In connection  with trading in options and futures contracts,
            including  delivery as original margin and variation margin;

      (xi)  In connection with the lending of foreign securities; and

      (xii) For any other purpose, but only upon receipt of Proper Instructions
            specifying (A) the foreign securities to be delivered and (B) the
            person or persons to whom delivery of such securities shall be made.

            4.4.2.PAYMENT OF PORTFOLIO MONIES. Upon receipt of Proper
Instructions, which may be continuing instructions when deemed appropriate by
the parties, the Custodian shall pay out, or direct the respective Foreign
Sub-Custodian or the respective Foreign Securities System to pay out, monies of
a Portfolio in the following cases only:

       (i)  Upon the purchase of foreign securities for the Portfolio, unless
            otherwise directed by Proper Instructions, by (A) delivering money
            to the seller thereof or to a dealer therefor (or an agent for such
            seller or dealer) against expectation of receiving later delivery of
            such foreign securities; or (B) in the case of a purchase effected
            through a Foreign Securities System, in accordance with the rules
            governing the operation of such Foreign Securities System;

      (ii)  In connection with the conversion,  exchange or surrender of foreign
            securities of the Portfolio;

     (iii)  For the payment of any expense or liability of the Portfolio,
            including but not limited to the following payments: interest,
            taxes, investment advisory fees, transfer agency fees, fees under
            this Agreement, legal fees, accounting fees, and other operating
            expenses;

      (iv)  For the purchase or sale of foreign exchange or foreign exchange
            contracts for the Portfolio, including transactions executed with or
            through the Custodian or its Foreign Sub-Custodians;

       (v)  In connection  with trading in options and futures  contracts,
            including  delivery as original margin and variation margin;

      (vi)  For payment of part or all of the  dividends  received in respect of
            securities sold short;

     (vii)  In connection with the borrowing or lending of foreign securities;
            and

    (viii)  For any other purpose, but only upon receipt of Proper Instructions
            specifying (A) the amount of such payment and (B) the person or
            persons to whom such payment is to be made.

            4.4.3. MARKET CONDITIONS. Notwithstanding any provision of this
Agreement to the contrary, settlement and payment for Foreign Assets received
for the account of the Portfolios and delivery of Foreign Assets maintained for
the account of the Portfolios may be effected in accordance with the customary
established securities trading or processing practices and procedures in the
country or market in which the transaction occurs, including, without
limitation, delivering Foreign Assets to the purchaser thereof or to a dealer
therefor (or an agent for such purchaser or dealer) with the expectation of
receiving later payment for such Foreign Assets from such purchaser or dealer.
<PAGE>
The Custodian shall provide to each Board (or its duly-authorized investment
manager or investment adviser) the information with respect to custody and
settlement practices in countries in which the Custodian employs a Foreign
Sub-Custodian described on Schedule C hereto at the time or times set forth on
such Schedule. The Custodian may revise Schedule C from time to time, provided
that no such revision shall result in a Board (or its duly-authorized investment
manager or investment adviser) being provided with substantively less
information than had been previously provided hereunder.

      SECTION 4.5. REGISTRATION OF FOREIGN SECURITIES. The foreign securities
maintained in the custody of a Foreign Sub-Custodian (other than bearer
securities) shall be registered in the name of the applicable Portfolio or in
the name of the Custodian or in the name of any Foreign Sub-Custodian or in the
name of any nominee of the foregoing, and the applicable Fund on behalf of such
Portfolio agrees to hold any such nominee harmless from any liability as a
holder of record of such foreign securities. The Custodian or a Foreign
Sub-Custodian shall not be obligated to accept securities on behalf of a
Portfolio under the terms of this Agreement unless the form of such securities
and the manner in which they are delivered are in accordance with reasonable
market practice.

      SECTION 4.6 BANK ACCOUNTS. The Custodian shall identify on its books as
belonging to the applicable Fund cash (including cash denominated in foreign
currencies) deposited with the Custodian. Where the Custodian is unable to
maintain, or market practice does not facilitate the maintenance of, cash on the
books of the Custodian, a bank account or bank accounts shall be opened and
maintained outside the United States on behalf of a Portfolio with a Foreign
Sub-Custodian. All accounts referred to in this Section shall be subject only to
draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian)
acting pursuant to the terms of this Agreement to hold cash received by or from
or for the account of the Portfolio. Cash maintained on the books of the
Custodian (including its branches, subsidiaries and affiliates), regardless of
currency denomination, is maintained in bank accounts established under, and
subject to the laws of, The Commonwealth of Massachusetts.

      SECTION 4.7. COLLECTION OF INCOME. The Custodian shall use reasonable
commercial efforts to collect all income and other payments with respect to the
Foreign Assets held hereunder to which the Portfolios shall be entitled and
shall credit such income, as collected, to the applicable Portfolio. In the
event that extraordinary measures are required to collect such income, the Fund
and the Custodian shall consult as to such measures and as to the compensation
and expenses of the Custodian relating to such measures.

      SECTION 4.8 SHAREHOLDER RIGHTS. With respect to the foreign securities
held pursuant to this Section 4, the Custodian shall use reasonable commercial
efforts to facilitate the exercise of voting and other shareholder rights,
subject always to the laws, regulations and practical constraints that may exist
in the country where such securities are issued. Each Fund acknowledges that
local conditions, including lack of regulation, onerous procedural obligations,
lack of notice and other factors may have the effect of severely limiting the
ability of such Fund to exercise shareholder rights.

      SECTION 4.9. COMMUNICATIONS RELATING TO FOREIGN SECURITIES. The Custodian
shall transmit promptly to the applicable Fund written information with respect
to materials received by the Custodian via the Foreign Sub-Custodians from
issuers of the foreign securities being held for the account of the Portfolios
(including, without limitation, pendency of calls and maturities of foreign
securities and expirations of rights in connection therewith). With respect to
tender or exchange offers, the Custodian shall transmit promptly to the
applicable Fund written information with respect to materials so received by the
Custodian from issuers of the foreign securities whose tender or exchange is
sought or from the party (or its agents) making the tender or exchange offer.
The Custodian shall not be liable for any untimely exercise of any tender,
exchange or other right or power in connection with foreign securities or other
property of the Portfolios at any time held by it unless (i) the Custodian or
the respective Foreign Sub-Custodian is in actual possession of such foreign
securities or property and (ii) the Custodian receives Proper Instructions with
regard to the exercise of any such right or power, and both (i) and (ii) occur
at least three business days prior to the date on which the Custodian is to take
action to exercise such right or power.
<PAGE>
      SECTION 4.10. LIABILITY OF FOREIGN SUB-CUSTODIANS. Each agreement pursuant
to which the Custodian, acting solely in its capacity as custodian, employs a
Foreign Sub-Custodian shall, to the extent possible, require the Foreign
Sub-Custodian to exercise reasonable care in the performance of its duties, and
to indemnify, and hold harmless, the Custodian from and against any loss,
damage, cost, expense, liability or claim arising out of or in connection with
the Foreign Sub-Custodian's performance of such obligations. At a Fund's
election, the Portfolios shall be entitled to be subrogated to the rights of the
Custodian with respect to any claims against a Foreign Sub-Custodian as a
consequence of any such loss, damage, cost, expense, liability or claim if and
to the extent that the Portfolios have not been made whole for any such loss,
damage, cost, expense, liability or claim.

      SECTION 4.11 TAX LAW. The Custodian shall have no responsibility or
liability for any obligations now or hereafter imposed on any Fund, the
Portfolios or the Custodian as custodian of the Portfolios by the tax law of the
United States or of any state or political subdivision thereof. It shall be the
responsibility of each Fund to notify the Custodian of the obligations imposed
on such Fund with respect to the Portfolios or the Custodian as custodian of the
Portfolios by the tax law of countries other than those mentioned in the above
sentence, including responsibility for withholding and other taxes, assessments
or other governmental charges, certifications and governmental reporting. The
sole responsibility of the Custodian with regard to such tax law shall be to use
reasonable efforts to assist the Fund with respect to any claim for exemption or
refund under the tax law of countries for which such Fund has provided such
information.

      SECTION 4.12. LIABILITY OF CUSTODIAN. Except as may arise from the
Custodian's own negligence or willful misconduct or the negligence or willful
misconduct of a Foreign Sub-Custodian, the Custodian shall be without liability
to the Fund for any loss, liability, claim or expense resulting from or caused
by anything which is part of Country Risk. The Custodian shall be liable for the
acts or omissions of a Foreign Sub-Custodian to the same extent as set forth
with respect to sub-custodians generally in this Agreement and, regardless of
whether assets are maintained in the custody of a Foreign Sub-Custodian or a
Foreign Securities System, the Custodian shall not be liable for any loss,
damage, cost, expense, liability or claim resulting from nationalization,
expropriation, currency restrictions, or acts of war or terrorism, or any other
loss where the Sub-Custodian has otherwise acted with reasonable care.


SECTION 5.  PAYMENTS FOR SALES OR REPURCHASES OR REDEMPTIONS OF SHARES
            ----------------------------------------------------------

      The Custodian shall receive from the distributor for the Shares or from
the Transfer Agent and deposit into the account of the appropriate Portfolio
such payments as are received for Shares thereof issued or sold from time to
time by the applicable Fund. The Custodian will provide timely notification to
such Fund on behalf of each such Portfolio and the Transfer Agent of any receipt
by it of payments for Shares of such Portfolio.

      From such funds as may be available for the purpose, the Custodian shall,
upon receipt of instructions from the Transfer Agent, make funds available for
payment to holders of Shares who have delivered to the Transfer Agent a request
for redemption or repurchase of their Shares. In connection with the redemption
or repurchase of Shares, the Custodian is authorized upon receipt of
instructions from the Transfer Agent to wire funds to or through a commercial
bank designated by the redeeming shareholders. In connection with the redemption
or repurchase of Shares, the Custodian shall honor checks drawn on the Custodian
by a holder of Shares, which checks have been furnished by a Fund to the holder
of Shares, when presented to the Custodian in accordance with such procedures
and controls as are mutually agreed upon from time to time between a Fund and
the Custodian.
<PAGE>
SECTION 6.  PROPER INSTRUCTIONS
            -------------------

      Proper Instructions as used throughout this Agreement means a writing
signed or initialed by one or more person or persons as a Board shall have from
time to time authorized. Each such writing shall set forth the specific
transaction or type of transaction involved, including a specific statement of
the purpose for which such action is requested. Oral instructions will be
considered Proper Instructions if the Custodian reasonably believes them to have
been given by a person authorized to give such instructions with respect to the
transaction involved. Each Fund shall cause all oral instructions to be
confirmed in writing. Proper Instructions may include communications effected
directly between electro-mechanical or electronic devices provided that each
Fund and the Custodian agree to security procedures, including but not limited
to, the security procedures selected by such Fund via the form of Funds Transfer
Addendum attached hereto. For purposes of this Section, Proper Instructions
shall include instructions received by the Custodian pursuant to any three-party
agreement which requires a segregated asset account in accordance with Section
2.12.


SECTION 7.  ACTIONS PERMITTED WITHOUT EXPRESS AUTHORITY
            -------------------------------------------

      The Custodian may in its discretion, without express authority from the
applicable Fund on behalf of each applicable Portfolio:

     1)   make  payments  to itself or others  for minor  expenses  of  handling
          securities or other  similar  items  relating to its duties under this
          Agreement,  provided that all such payments  shall be accounted for to
          the Fund on behalf of the Portfolio;

     2)   surrender  securities in temporary  form for  securities in definitive
          form;

     3)   endorse for collection,  in the name of the Portfolio,  checks, drafts
          and other negotiable instruments; and

     4)   in general, attend to all non-discretionary details in connection with
          the  sale,  exchange,  substitution,   purchase,  transfer  and  other
          dealings with the securities  and property of the Portfolio  except as
          otherwise directed by the Board.

SECTION 8.  EVIDENCE OF AUTHORITY
            ---------------------

      The Custodian shall be protected in acting upon any instructions, notice,
request, consent, certificate or other instrument or paper believed by it to be
genuine and to have been properly executed by or on behalf of the applicable
Fund. The Custodian may receive and accept a copy of a resolution certified by
the Secretary or an Assistant Secretary of a Fund ("CERTIFIED RESOLUTION") as
conclusive evidence (a) of the authority of any person to act in accordance with
such resolution or (b) of any determination or of any action by the applicable
Board as described in such resolution, and such resolution may be considered as
in full force and effect until receipt by the Custodian of written notice to the
contrary.

<PAGE>
SECTION 9.  DUTIES OF CUSTODIAN WITH RESPECT TO THE BOOKS OF ACCOUNT AND
            --------------------------------------------------------------------
            CALCULATION OF NET ASSET VALUE AND NET INCOME
            ---------------------------------------------

      The Custodian shall cooperate with and supply necessary information to the
entity or entities appointed by the applicable Board to keep the books of
account of each Portfolio and/or compute the net asset value per Share of the
outstanding Shares or, if directed in writing to do so by the applicable Fund on
behalf of the Portfolio, shall itself keep such books of account and/or compute
such net asset value per Share. If so directed, the Custodian shall also
calculate daily the net income of the Portfolio as described in the Prospectus
and shall advise the Fund and the Transfer Agent daily of the total amounts of
such net income and, if instructed in writing by an officer of the Fund to do
so, shall advise the Transfer Agent periodically of the division of such net
income among its various components. Each Fund acknowledges and agrees that,
with respect to investments maintained with the Underlying Transfer Agent, the
Underlying Transfer Agent is the sole source of information on the number of
shares of a fund held by it on behalf of a Portfolio and that the Custodian has
the right to rely on holdings information furnished by the Underlying Transfer
Agent to the Custodian in performing its duties under this Agreement, including
without limitation, the duties set forth in this Section 9 and in Section 10
hereof; provided, however, that the Custodian shall be obligated to reconcile
information as to purchases and sales of Underlying Shares contained in trade
instructions and confirmations received by the Custodian and to report promptly
any discrepancies to the Underlying Transfer Agent. The calculations of the net
asset value per Share and the daily income of each Portfolio shall be made at
the time or times described from time to time in the Prospectus.


SECTION 10. RECORDS
            -------

      The Custodian shall with respect to each Portfolio create and maintain all
records relating to its activities and obligations under this Agreement in such
manner as will meet the obligations of the applicable Fund under the Investment
Company Act, with particular attention to Section 31 thereof and Rules 31a-1 and
31a-2 thereunder. All such records shall be the property of the Fund and shall
at all times during the regular business hours of the Custodian be open for
inspection by duly authorized officers, employees or agents of the Fund and
employees and agents of the SEC. The Custodian shall, at the applicable Fund's
request, supply the Fund with a tabulation of securities owned by each Portfolio
and held by the Custodian and shall, when requested to do so by the Fund and for
such compensation as shall be agreed upon between the Fund and the Custodian,
include certificate numbers in such tabulations.


SECTION 11. OPINION OF FUND'S INDEPENDENT ACCOUNTANT
            ----------------------------------------

      The Custodian shall take all reasonable action, as the applicable Fund on
behalf of each applicable Portfolio may from time to time request, to obtain
from year to year favorable opinions from such Fund's independent accountants
with respect to its activities hereunder in connection with the preparation of a
Fund's Form N-1A, Form N-2 (if applicable) and Form N-SAR or other annual
reports to the SEC and with respect to any other requirements thereof.

<PAGE>
SECTION 12. REPORTS TO FUND BY INDEPENDENT PUBLIC ACCOUNTANTS
            -------------------------------------------------

      The Custodian shall provide the applicable Fund, on behalf of each of the
Portfolios at such times as such Fund may reasonably require, with reports by
independent public accountants on the accounting system, internal accounting
control and procedures for safeguarding securities, futures contracts and
options on futures contracts, including securities deposited and/or maintained
in a U.S. Securities System or a Foreign Securities System, relating to the
services provided by the Custodian under this Agreement; such reports, shall be
of sufficient scope and in sufficient detail, as may reasonably be required by
the Fund to provide reasonable assurance that any material inadequacies would be
disclosed by such examination, and, if there are no such inadequacies, the
reports shall so state.

SECTION 13. COMPENSATION OF CUSTODIAN
            -------------------------

      The Custodian shall be entitled to reasonable compensation for its
services and expenses as Custodian, as agreed upon from time to time between
each Fund on behalf of each applicable Portfolio and the Custodian.

SECTION 14. RESPONSIBILITY OF CUSTODIAN
            ---------------------------

      So long as and to the extent that it is in the exercise of reasonable
care, the Custodian shall not be responsible for the title, validity or
genuineness of any property or evidence of title thereto received by it or
delivered by it pursuant to this Agreement and shall be held harmless in acting
upon any notice, request, consent, certificate or other instrument reasonably
believed by it to be genuine and to be signed by the proper party or parties,
including any futures commission merchant acting pursuant to the terms of a
three-party futures or options agreement. The Custodian shall be held to the
exercise of reasonable care in carrying out the provisions of this Agreement,
but shall be kept indemnified by and shall be without liability to any Fund for
any action taken or omitted by it in good faith without negligence. It shall be
entitled to rely on and may act upon advice of counsel (who may be counsel for a
Fund) on all matters, and shall be without liability for any action reasonably
taken or omitted pursuant to such advice.

      Except as may arise from the Custodian's own negligence or willful
misconduct or the negligence or willful misconduct of a sub-custodian or agent,
the Custodian shall be without liability to any Fund for any loss, liability,
claim or expense resulting from or caused by; (i) events or circumstances beyond
the reasonable control of the Custodian or any sub-custodian or Securities
System or any agent or nominee of any of the foregoing, including, without
limitation, the interruption, suspension or restriction of trading on or the
closure of any securities market, power or other mechanical or technological
failures or interruptions, computer viruses or communications disruptions, work
stoppages, natural disasters, or other similar events or acts; (ii) errors by
any Fund or any Investment Advisor in their instructions to the Custodian
provided such instructions have been in accordance with this Agreement; (iii)
the insolvency of or acts or omissions by a Securities System; (iv) any delay or
failure of any broker, agent or intermediary, central bank or other commercially
prevalent payment or clearing system to deliver to the Custodian's sub-custodian
or agent securities purchased or in the remittance or payment made in connection
with securities sold; (v) any delay or failure of any company, corporation, or
other body in charge of registering or transferring securities in the name of
the Custodian, any Fund, the Custodian's sub-custodians, nominees or agents or
any consequential losses arising out of such delay or failure to transfer such
securities including non-receipt of bonus, dividends and rights and other
accretions or benefits; (vi) delays or inability to perform its duties due to
any disorder in market infrastructure with respect to any particular security or
Securities System; and (vii) any provision of any present or future law or
regulation or order of the United States of America, or any state thereof, or
any other country, or political subdivision thereof or of any court of competent
jurisdiction.
<PAGE>
      The Custodian shall be liable for the acts or omissions of a foreign
banking institution to the same extent as set forth with respect to
sub-custodians generally in this Agreement.

      If a Fund on behalf of a Portfolio requires the Custodian to take any
action with respect to securities, which action involves the payment of money or
which action may, in the opinion of the Custodian, result in the Custodian or
its nominee assigned to the Fund or the Portfolio being liable for the payment
of money or incurring liability of some other form, such Fund on behalf of the
Portfolio, as a prerequisite to requiring the Custodian to take such action,
shall provide indemnity to the Custodian in an amount and form satisfactory to
it.

      If a Fund requires the Custodian, its affiliates, subsidiaries or agents,
to advance cash or securities for any purpose (including but not limited to
securities settlements, foreign exchange contracts and assumed settlement) or in
the event that the Custodian or its nominee shall incur or be assessed any
taxes, charges, expenses, assessments, claims or liabilities in connection with
the performance of this Agreement, except such as may arise from its or its
nominee's own negligent action, negligent failure to act or willful misconduct,
any property at any time held for the account of the applicable Portfolio shall
be security therefor and should the Fund fail to repay the Custodian promptly,
the Custodian shall be entitled to utilize available cash and to dispose of such
Portfolio's assets to the extent necessary to obtain reimbursement.

      In no event shall the Custodian be liable for indirect, special or
consequential damages.


SECTION 16. EFFECTIVE PERIOD, TERMINATION AND AMENDMENT
            -------------------------------------------

      This Agreement shall become effective as of the date of its execution,
shall continue in full force and effect until terminated as hereinafter
provided, may be amended at any time by mutual agreement of all parties hereto
and may be terminated with respect to any party by an instrument in writing
delivered or mailed, postage prepaid to the other parties, such termination to
take effect not sooner than sixty (60) days after the date of such delivery or
mailing; provided, however, that each Fund shall not amend or terminate this
Agreement in contravention of any applicable federal or state regulations, or
any provision of the Fund's Governing Documents, and further provided, that each
Fund on behalf of one or more of the Portfolios may at any time by action of its
Board (i) substitute another bank or trust company for the Custodian by giving
notice as described above to the Custodian, or (ii) immediately terminate this
Agreement in the event of the appointment of a conservator or receiver for the
Custodian by the Comptroller of the Currency or upon the happening of a like
event at the direction of an appropriate regulatory agency or court of competent
jurisdiction.

      Termination of this Agreement with respect to any particular Fund or
Portfolio shall in no way affect the rights and duties under this Agreement with
respect to any other Funds or Portfolios.

      Upon termination of the Agreement with respect to any Portfolio, such Fund
on behalf of each applicable Portfolio shall pay to the Custodian such
compensation as may be due as of the date of such termination and shall likewise
reimburse the Custodian for its costs, expenses and disbursements.

<PAGE>
SECTION 16. SUCCESSOR CUSTODIAN
            -------------------

      If a successor custodian for one or more Funds or Portfolios shall be
appointed by the applicable Board, the Custodian shall, upon termination with
respect to the applicable Fund, deliver to such successor custodian at the
office of the Custodian, duly endorsed and in the form for transfer, all
securities of each applicable Portfolio then held by it hereunder and shall
transfer to an account of the successor custodian all of the securities of each
such Portfolio held in a Securities System or at the Underlying Transfer Agent.

      If no such successor custodian shall be appointed, the Custodian shall, in
like manner, upon receipt of a Certified Resolution, deliver at the office of
the Custodian and transfer such securities, funds and other properties in
accordance with such resolution.

      In the event that no written order designating a successor custodian or
Certified Resolution shall have been delivered to the Custodian on or before the
date when such termination shall become effective, then the Custodian shall have
the right to deliver to a bank or trust company, which is a "bank" as defined in
the Investment Company Act, doing business in Boston, Massachusetts, or New
York, New York, of its own selection, having an aggregate capital, surplus, and
undivided profits, as shown by its last published report, of not less than
$25,000,000, all securities, funds and other properties held by the Custodian on
behalf of each applicable Portfolio and all instruments held by the Custodian
relative thereto and all other property held by it under this Agreement on
behalf of each applicable Portfolio, and to transfer to an account of such
successor custodian all of the securities of each such Portfolio held in any
Securities System or at the Underlying Transfer Agent. Thereafter, such bank or
trust company shall be the successor of the Custodian under this Agreement.

      In the event that securities, funds and other properties remain in the
possession of the Custodian after the date of termination hereof with respect to
any Fund owing to failure of such Fund to procure the Certified Resolution to
appoint a successor custodian, the Custodian shall be entitled to fair
compensation for its services during such period as the Custodian retains
possession of such securities, funds and other properties and the provisions of
this Agreement relating to the duties and obligations of the Custodian shall
remain in full force and effect.


SECTION 17. INTERPRETIVE AND ADDITIONAL PROVISIONS
            --------------------------------------

      In connection with the operation of this Agreement, the Custodian and each
Fund on behalf of each of the Portfolios, may from time to time agree on such
provisions interpretive of or in addition to the provisions of this Agreement as
may in their joint opinion be consistent with the general tenor of this
Agreement. Any such interpretive or additional provisions shall be in a writing
signed by all parties and shall be annexed hereto, provided that no such
interpretive or additional provisions shall contravene any applicable federal or
state regulations or any provision of the Fund's Governing Documents. No
interpretive or additional provisions made as provided in the preceding sentence
shall be deemed to be an amendment of this Agreement.


SECTION 18. ADDITIONAL PORTFOLIOS
            ---------------------

      In the event that any Fund establishes one or more series of Shares in
addition to those listed on Appendix A attached hereto with respect to which it
desires to have the Custodian render services as custodian under the terms
hereof, it shall so notify the Custodian in writing, and if the Custodian agrees
in writing to provide such services, such series of Shares shall become a
Portfolio hereunder.
<PAGE>
SECTION 19. ADDITIONAL FUNDS
            ----------------

      In the event that any entity in addition to those listed on Appendix A
attached hereto desires to have the Custodian render services as custodian under
the terms hereof, it shall so notify the Custodian in writing, and if the
Custodian agrees in writing to provide such services, such entity shall become a
Fund hereunder and be bound by all terms, conditions and provisions hereof
including, without limitation, the representations and warranties set forth in
Section 25 below.


SECTION 20. MASSACHUSETTS LAW TO APPLY
            --------------------------

      This Agreement shall be construed and the provisions thereof interpreted
under and in accordance with laws of The Commonwealth of Massachusetts.


SECTION 21. PRIOR AGREEMENTS
            ----------------
      This Agreement supersedes and terminates, as of the date hereof, all prior
agreements between each Fund on behalf of each of the Portfolios and the
Custodian relating to the custody of each Fund's asset.


SECTION 22. NOTICES.
            --------

      Any notice, instruction or other instrument required to be given hereunder
may be delivered in person to the offices of the parties as set forth herein
during normal business hours or delivered prepaid registered mail or by telex,
cable or telecopy to the parties at the following addresses or such other
addresses as may be notified by any party from time to time.

      To any Fund:         c/o INVESCO Funds Group, Inc.
                           7800 E. Union Avenue
                           Denver, Colorado  80237
                           Attention: Ronald L. Grooms, Senior Vice President
                           Telephone: (303) 930-6300
                           Telecopy: (303) 713-6814

      With a copy to:      Glen A. Payne, General Counsel
                           INVESCO Funds Group, Inc.
                           7800 E. Union Avenue
                           Denver, Colorado  80237
                           Telephone: (303) 930-6200
                           Telecopy: (303) 713-6814

      To the Custodian:    STATE STREET BANK AND TRUST COMPANY
                           One Heritage Drive - JPB/2N
                           North Quincy, Massachusetts  02171
                           Attention: Charles R. Whittemore, Jr., Vice President
                           Telephone: (617) 985-7809
                           Telecopy:   (617) 537-5152

      Such notice, instruction or other instrument shall be deemed to have been
served in the case of a registered letter at the expiration of five business
days after posting, in the case of cable twenty-four hours after dispatch and,
in the case of telex, immediately on dispatch and if delivered outside normal
business hours it shall be deemed to have been received at the next time after
delivery when normal business hours commence and in the case of cable, telex or
telecopy on the business day after the receipt thereof. Evidence that the notice
was properly addressed, stamped and put into the post shall be conclusive
evidence of posting.
<PAGE>
SECTION 23. REPRODUCTION OF DOCUMENTS
            -------------------------

      This Agreement and all schedules, addenda, exhibits, attachments and
amendments hereto may be reproduced by any photographic, photostatic, microfilm,
micro-card, miniature photographic or other similar process. The parties hereto
all/each agree that any such reproduction shall be admissible in evidence as the
original itself in any judicial or administrative proceeding, whether or not the
original is in existence and whether or not such reproduction was made by a
party in the regular course of business, and that any enlargement, facsimile or
further reproduction of such reproduction shall likewise be admissible in
evidence.


SECTION 24. REMOTE ACCESS SERVICES ADDENDUM
            -------------------------------

      The Custodian and the Fund agree to be bound by the terms of the Remote
Access Services Addendum attached hereto.


SECTION 25. THE PARTIES
            -----------

      All references herein to the "Fund" are to each of the funds listed on
Appendix A hereto individually, as if this Agreement were between such
individual Fund and the Custodian. In the case of a series fund or trust, all
references to the "Portfolio" are to the individual series or portfolio of such
fund or trust, or to such fund or trust on behalf of the individual series or
portfolio, as appropriate. Any reference in this Agreement to "the parties"
shall mean the Custodian and such other individual Fund as to which the matter
pertains. Each Fund hereby represents and warranties that (i) it has the
requisite power and authority under applicable laws and its Governing Documents
to enter into and perform this Agreement, (ii) all requisite proceedings have
been taken to authorize it to enter into and perform this Agreement, and (iii)
its entrance into this Agreement shall not cause a material breach or be in
material conflict with any other agreement or obligation of the Fund or any law
or regulation applicable to it.


SECTION 26. MASSACHUSETTS BUSINESS TRUST
            ----------------------------

      With respect to any Fund which is a party to this Agreement and which is
organized as a Massachusetts business trust, the term "Fund" means and refers to
the trustees from time to time serving under the applicable trust agreement of
such trust, as the same may be amended from time to time (the "DECLARATION OF
TRUST"). It is expressly agreed that the obligations of any such Fund hereunder
shall not be binding upon any of the trustees, shareholders, nominees, officers,
agents or employees of the Fund personally, but bind only the trust property of
the Fund as set forth in the applicable Declaration of Trust. In the case of
each Fund which is a Massachusetts business trust (in each case, a "TRUST"), the
execution and delivery of this Agreement on behalf of the Trust has been
authorized by the trustees, and signed by an authorized officer, of the Trust,
in each case acting in such capacity and not individually, and neither such
authorization by the trustees nor such execution and delivery by such officer
shall be deemed to have been made by any of them individually, but shall bind
only the trust property of the Trust as provided in its Declaration of Trust.

<PAGE>
SECTION 27. SHAREHOLDER COMMUNICATIONS ELECTION

      SEC Rule 14b-2 requires banks which hold securities for the account of
customers to respond to requests by issuers of securities for the names,
addresses and holdings of beneficial owners of securities of that issuer held by
the bank unless the beneficial owner has expressly objected to disclosure of
this information. In order to comply with the rule, the Custodian needs each
Fund to indicate whether it authorizes the Custodian to provide such Fund's
name, address, and share position to requesting companies whose securities the
Fund owns. If the Fund tells the Custodian "no", the Custodian will not provide
this information to requesting companies. If the Fund tells the Custodian "yes"
or does not check either "yes" or "no" below, the Custodian is required by the
rule to treat the Fund as consenting to disclosure of this information for all
securities owned by the Fund or any funds or accounts established by the Fund.
For the Fund's protection, the Rule prohibits the requesting company from using
the Fund's name and address for any purpose other than corporate communications.
Please indicate below whether the Fund consents or objects by checking one of
the alternatives below.


      YES         [ ] The Custodian is authorized to release the Fund's name,
                  address, and share positions.

      NO          [X] The Custodian is not authorized to release the Fund's
                  name, address, and share positions.




                  REMAINDER OF PAGE INTENTIONALLY LEFT BLANK


<PAGE>

                                 SIGNATURE PAGE


IN WITNESS WHEREOF, each of the parties has caused this instrument to be
executed in its name and behalf by its duly authorized representative and its
seal to be hereunder affixed as of the date first above-written.

FUND SIGNATURE ATTESTED TO BY:      EACH OF THE ENTITIES SET FORTH ON APPENDIX A
                                    HERETO



By:   /s/ Glen A. Payne             By:    /s/ Ronald L. Grooms
      -----------------                    --------------------

Name: Glen A. Payne                 Name:  Ronald L. Grooms
      -------------                        ----------------
Title:*[Secretary/Ass't Secretary] Title:  Senior Vice President
      ----------------------------         ---------------------



SIGNATURE ATTESTED TO BY:                 STATE STREET BANK AND TRUST COMPANY



By:  /s/ Stephanie L. Poster               By:  /s/ Ronald E. Logue
     -----------------------                    -------------------
     Stephanie L. Poster                        Ronald E. Logue
     Vice President                             Vice Chairman and
                                                Chief Operating Officer
<PAGE>
                                   APPENDIX A
                                       TO
               MASTER CUSTODIAN AGREEMENT DATED AS OF MAY 8, 2001
               STATE STREET BANK & TRUST COMPANY AND INVESCO FUNDS


REGISTERED
INVESTMENT
COMPANY                               FUNDS
--------------------------------------------------------------------------------

INVESCO COUNSELOR SERIES FUNDS, INC.

                                      Advantage Fund
                                      Global Growth Fund
                                      Advantage Global Health Sciences Fund
                                      Mid-Cap Growth Fund(1)

INVESCO BOND FUNDS, INC.

                                      High Yield Fund
                                      Select Income Fund
                                      Tax-Free Bond Fund
                                      U.S. Government Securities Fund

INVESCO COMBINATION STOCK & BOND FUNDS, INC.

                                      Balanced Fund
                                      Equity Income Fund
                                      Total Return Fund

INVESCO INTERNATIONAL FUNDS, INC.

                                      European Fund
                                      International Blue Chip Value Fund

INVESCO MONEY MARKET FUNDS, INC.

                                      Cash Reserves Fund
                                      Tax-Free Money Fund
                                      U.S. Government Money Fund

INVESCO SECTOR FUNDS, INC.

                                      Energy Fund
                                      Financial Services Fund
                                      Gold Fund
                                      Health Sciences Fund
                                      Leisure Fund
                                      Real Estate Opportunity Fund
                                      Technology Fund
                                      Telecommunications Fund
                                      Utilities Fund

INVESCO STOCK FUNDS, INC.

                                      Blue Chip Growth Fund(3)
                                      Dynamics Fund
                                      Growth & Income Fund
                                      Endeavor Fund
                                      Small Company Growth Fund
                                      S&P 500 Index Fund
                                      Value Equity Fund
<PAGE>
INVESCO TREASURER'S SERIES FUNDS, INC.

                                      Treasurer's Money Market Reserve Fund
                                      Treasurer's Tax-Exempt Reserve Fund

INVESCO VARIABLE INVESTMENT FUNDS, INC.

                                      VIF-Blue Chip Growth Fund(3)
                                      VIF-Dynamics Fund
                                      VIF-Equity Income Fund
                                      VIF-Financial Services Fund
                                      VIF-Health Sciences Fund
                                      VIF-High Yield Fund
                                      VIF-Leisure Fund(3)
                                      VIF-Market Neutral Fund(2)
                                      VIF-Real Estate Opportunity Fund
                                      VIF-Small Company Growth Fund
                                      VIF-Technology Fund
                                      VIF-Telecommunications Fund
                                      VIF-Total Return Fund
                                      VIF-Utilities Fund

(1)  Amended on September 28, 2001.
(2)  Liquidated and terminated on October 5, 2001.
(3)  Amended on October 19, 2001.
     Also, on October 19, 2001 the names of Blue Chip Growth Fund and
     VIF - Blue Chip Growth Fund were changed to Growth Fund and
     VIF - Growth Fund, respectively. Therefore, all references to
     Blue Chip Growth Fund and VIF - Blue Chip Growth Fund
     should be changed to Growth Fund and VIF - Growth Fund, respectively.

<PAGE>
                              STATE STREET                        SCHEDULE A
                         GLOBAL CUSTODY NETWORK
                             SUBCUSTODIANS




COUNTRY           SUBCUSTODIAN


Argentina         Citibank, N.A.


Australia         Westpac Banking Corporation


Austria           Erste Bank der Osterreichischen
                  Sparkassen AG


Bahrain           HSBC Bank Middle East
                  (as delegate of The Hongkong and
                  Shanghai Banking Corporation Limited)


Bangladesh        Standard Chartered Bank


Belgium           Fortis Bank nv-sa


Bermuda           The Bank of Bermuda Limited


Bolivia           Citibank, N. A.


Botswana          Barclays Bank of Botswana Limited


Brazil            Citibank, N.A.


Bulgaria          ING Bank N.V.


Canada            State Street Trust Company Canada


Chile             BankBoston, N.A.


People's Republic The Hongkong and Shanghai
of China          Banking Corporation Limited,
                  Shanghai and Shenzhen branches


Colombia          Cititrust Colombia S.A. Sociedad Fiduciaria
<PAGE>
                              STATE STREET                        SCHEDULE A
                         GLOBAL CUSTODY NETWORK
                             SUBCUSTODIANS

COUNTRY           SUBCUSTODIAN

Costa Rica        Banco BCT S.A.


Croatia           Privredna Banka Zagreb d.d


Cyprus            The Cyprus Popular Bank Ltd.


Czech Republic    Ceskoslovenska Obchodni
                  Banka, A.S.


Denmark           Danske Bank A/S


Ecuador           Citibank, N.A.


Egypt             Egyptian British Bank S.A.E.
                  (as delegate of The Hongkong and
                  Shanghai Banking Corporation Limited)


Estonia           Hansabank


Finland           Merita Bank Plc.


France            BNP Paribas, S.A.


Germany           Dresdner Bank AG


Ghana             Barclays Bank of Ghana Limited


Greece            National Bank of Greece S.A.


Hong Kong         Standard Chartered Bank


Hungary           Citibank Rt.


Iceland           Icebank Ltd.

<PAGE>
                              STATE STREET                        SCHEDULE A
                         GLOBAL CUSTODY NETWORK
                             SUBCUSTODIANS

COUNTRY           SUBCUSTODIAN

India             Deutsche Bank AG

                  The Hongkong and Shanghai
                  Banking Corporation Limited


Indonesia         Standard Chartered Bank


Ireland           Bank of Ireland


Israel            Bank Hapoalim B.M.


Italy             BNP Paribas, Italian Branch


Ivory Coast       Societe Generale de Banques
                  en Cote d'Ivoire


Jamaica           Scotiabank Jamaica Trust and Merchant
                  Bank Ltd.


Japan             The Fuji Bank, Limited

                  The Sumitomo Bank, Limited


Jordan            HSBC Bank Middle East
                  (as delegate of The Hongkong and
                  Shanghai Banking Corporation Limited)


Kazakhstan        HSBC Bank Kazakhstan


Kenya             Barclays Bank of Kenya Limited


Republic of Korea The Hongkong and Shanghai Banking
                  Corporation Limited


Latvia            A/s Hansabanka

<PAGE>
                              STATE STREET                        SCHEDULE A
                         GLOBAL CUSTODY NETWORK
                             SUBCUSTODIANS

COUNTRY           SUBCUSTODIAN

Lebanon           HSBC Bank Middle East
                  (as delegate of The Hongkong and
                  Shanghai Banking Corporation Limited)


Lithuania         Vilniaus Bankas AB


Malaysia          Standard Chartered Bank Malaysia Berhad


Mauritius         The Hongkong and Shanghai
                  Banking Corporation Limited


Mexico            Citibank Mexico, S.A.


Morocco           Banque Commerciale du Maroc


Namibia           Standard Bank Namibia Limited -


Netherlands       Fortis Bank (Nederland) N.V.


New Zealand       ANZ Banking Group (New Zealand) Limited


Nigeria           Stanbic Merchant Bank Nigeria Limited


Norway            Christiania Bank og Kreditkasse ASA


Oman              HSBC Bank Middle East
                  (as delegate of The Hongkong and
                  Shanghai Banking Corporation Limited)


Pakistan          Deutsche Bank AG


Palestine         HSBC Bank Middle East
                  (as delegate of The Hongkong and
                  Shanghai Banking Corporation Limited)
Panama            BankBoston, N.A.


Peru              Citibank, N.A.


Philippines       Standard Chartered Bank


Poland            Bank Handlowy w Warszawie S.A.

<PAGE>
                              STATE STREET                        SCHEDULE A
                         GLOBAL CUSTODY NETWORK
                             SUBCUSTODIANS

COUNTRY           SUBCUSTODIAN

Portugal          Banco Comercial Portugues


Qatar             HSBC Bank Middle East
                  (as delegate of The Hongkong and
                  Shanghai Banking Corporation Limited)

Romania           ING Bank N.V.


Russia            Credit Suisse First Boston AO - Moscow
                  (as delegate of Credit Suisse
                  First Boston - Zurich)


Singapore         The Development Bank of Singapore Limited


Slovak Republic   Ceskoslovenska Obchodni Banka, A.S.


Slovenia          Bank Austria Creditanstalt d.d. - Ljubljana


South Africa      Standard Bank of South Africa Limited


Spain             Banco Santander Central Hispano S.A.


Sri Lanka         The Hongkong and Shanghai
                  Banking Corporation Limited


Swaziland         Standard Bank Swaziland Limited


Sweden            Skandinaviska Enskilda Banken


Switzerland       UBS AG


Taiwan - R.O.C.   Central Trust of China


Thailand          Standard Chartered Bank


Trinidad & Tobago Republic Bank Limited


Tunisia           Banque Internationale Arabe de Tunisie


Turkey            Citibank, N.A.


Ukraine           ING Bank Ukraine

<PAGE>
                              STATE STREET                        SCHEDULE A
                         GLOBAL CUSTODY NETWORK
                             SUBCUSTODIANS

COUNTRY           SUBCUSTODIAN

United Kingdom    State Street Bank and Trust Company,
                  London Branch


Uruguay           BankBoston, N.A.


Venezuela         Citibank, N.A.


Vietnam           The Hongkong and Shanghai
                  Banking Corporation Limited


Zambia            Barclays Bank of Zambia Limited


Zimbabwe          Barclays Bank of Zimbabwe Limited
<PAGE>
                              STATE STREET                        SCHEDULE B
                         GLOBAL CUSTODY NETWORK
                DEPOSITORIES OPERATING IN NETWORK MARKETS



COUNTRY                                   DEPOSITORIES

Argentina                                 Caja de Valores S.A.


Australia                                 Austraclear Limited

                                          Reserve Bank Information and
                                          Transfer System


Austria                                   Oesterreichische Kontrollbank AG
                                          (Wertpapiersammelbank Division)


Belgium                                   Caisse Interprofessionnelle de Depots
                                          et de Virements de Titres, S.A.

                                          Banque Nationale de Belgique


Brazil                                    Companhia Brasileira de Liquidacao
                                          e Custodia

                                          Sistema Especial de Liquidacao e de
                                          Custodia (SELIC)

                                          Central de Custodia e de Liquidacao
                                          Financeira de Titulos Privados (CETIP)


Bulgaria                                  Central Depository AD

                                          Bulgarian National Bank


Canada                                    Canadian Depository for Securities
                                          Limited


Chile                                     Deposito Central de Valores S.A.


People's Republic                         Shanghai Securities Central Clearing &
of China                                  Registration Corporation

                                          Shenzhen Securities Central Clearing
                                          Co., Ltd.


Colombia                                  Deposito Centralizado de Valores


Costa Rica                                Central de Valores S.A.

Croatia                                   Ministry of Finance

                                          National Bank of Croatia

                                          Sredisnja Depozitarna Agencija d.d.

<PAGE>
                              STATE STREET                        SCHEDULE B
                         GLOBAL CUSTODY NETWORK
                DEPOSITORIES OPERATING IN NETWORK MARKETS


COUNTRY                                   DEPOSITORIES

Czech Republic                            Stredisko cennych papiru

                                          Czech National Bank


Denmark                                   Vaerdipapircentralen (Danish
                                          Securities Center)


Egypt                                     Misr for Clearing, Settlement, and
                                          Depository


Estonia                                   Eesti Vaartpaberite Keskdepositoorium


Finland                                   Finnish Central Securities Depository


France                                    Euroclear France


Germany                                   Clearstream Banking AG, Frankfurt


Greece                                    Bank of Greece,
                                          System for Monitoring Transactions in
                                          Securities in Book-Entry Form

                                          Apothetirion Titlon AE - Central
                                          Securities Depository


Hong Kong                                 Central Clearing and Settlement System

                                          Central Moneymarkets Unit


Hungary                                   Kozponti Elszamolohaz es Ertektar
                                          (Budapest) Rt. (KELER)


India                                     National Securities Depository Limited

                                          Central Depository Services India
                                          Limited

                                          Reserve Bank of India


Indonesia                                 Bank Indonesia

                                          PT Kustodian Sentral Efek Indonesia


Israel                                    Tel Aviv Stock Exchange Clearing
                                          House Ltd. (TASE Clearinghouse)

<PAGE>
                              STATE STREET                        SCHEDULE B
                         GLOBAL CUSTODY NETWORK
                DEPOSITORIES OPERATING IN NETWORK MARKETS

COUNTRY                                   DEPOSITORIES

Italy                                     Monte Titoli S.p.A.


Ivory Coast                               Depositaire Central - Banque de
                                          Reglement


Jamaica                                   Jamaica Central Securities Depository


Japan                                     Japan Securities Depository Center
                                          (JASDEC)
                                          Bank of Japan Net System


Kazakhstan                                Central Depository of Securities


Kenya                                     Central Bank of Kenya


Republic of Korea                         Korea Securities Depository


Latvia                                    Latvian Central Depository



Lebanon                                   Custodian and Clearing Center of
                                          Financial Instruments for Lebanon
                                          and the Middle East (Midclear) S.A.L.

                                          Banque du Liban


Lithuania                                 Central Securities Depository of
                                          Lithuania


Malaysia                                  Malaysian Central Depository Sdn. Bhd.

                                          Bank Negara Malaysia,
                                          Scripless Securities Trading and
                                          Safekeeping System


Mauritius                                 Central Depository and Settlement Co.
                                          Ltd.

                                          Bank of Mauritius


Mexico                                    S.D. INDEVAL
                                          (Instituto para el Deposito de
                                          Valores)


Morocco                                   Maroclear

<PAGE>
                              STATE STREET                        SCHEDULE B
                         GLOBAL CUSTODY NETWORK
                DEPOSITORIES OPERATING IN NETWORK MARKETS

COUNTRY                                   DEPOSITORIES

Netherlands                               Nederlands Centraal Instituut voor
                                          Giraal Effectenverkeer B.V. (NECIGEF)


New Zealand                               New Zealand Central Securities
                                          Depository Limited


Nigeria                                   Central Securities Clearing System
                                          Limited


Norway                                    Verdipapirsentralen (Norwegian
                                          Central Securities Depository)


Oman                                      Muscat Depository & Securities
                                          Registration Company, SAOC


Pakistan                                  Central Depository Company of
                                          Pakistan Limited

                                          State Bank of Pakistan


Palestine                                 Clearing Depository and Settlement, a
                                          department of the Palestine
                                          Stock Exchange


Peru                                      Caja de Valores y Liquidaciones,
                                          Institucion de Compensacion y
                                          Liquidacion de Valores S.A


Philippines                               Philippine Central Depository, Inc.

                                          Registry of Scripless Securities
                                          (ROSS) of the Bureau of Treasury


Poland                                    National Depository of Securities
                                          (Krajowy Depozyt Papierow
                                          Wartosciowych SA)

                                          Central Treasury Bills Registrar


Portugal                                  Central de Valores Mobiliarios


Qatar                                     Central Clearing and Registration
                                          (CCR), a department of the Doha
                                          Securities Market

<PAGE>
                              STATE STREET                        SCHEDULE B
                         GLOBAL CUSTODY NETWORK
                DEPOSITORIES OPERATING IN NETWORK MARKETS

COUNTRY                                   DEPOSITORIES

Romania                                   National Securities Clearing,
                                          Settlement and Depository Company

                                          Bucharest Stock Exchange Registry
                                          Division

                                          National Bank of Romania


Singapore                                 Central Depository (Pte) Limited

                                          Monetary Authority of Singapore


Slovak Republic                           Stredisko cennych papierov

                                          National Bank of Slovakia


Slovenia                                  Klirinsko Depotna Druzba d.d.


South Africa                              Central Depository Limited

                                          Share Transactions Totally Electronic
                                          (STRATE) Ltd.


Spain                                     Servicio de Compensacion y
                                          Liquidacion de Valores, S.A.

                                          Banco de Espana, Central de
                                          Anotaciones en Cuenta


Sri Lanka                                 Central Depository System (Pvt)
                                          Limited


Sweden                                    Vardepapperscentralen  VPC AB
                                          (Swedish Central Securities
                                          Depository)


Switzerland                               SegaIntersettle AG (SIS)


Taiwan - R.O.C.                           Taiwan Securities Central Depository
                                          Co., Ltd.


Thailand                                  Thailand Securities Depository
                                          Company Limited


Tunisia                                   Societe Tunisienne
                                          Interprofessionelle pour la
                                          Compensation et de Depots des Valeurs
                                          Mobilieres
<PAGE>
                              STATE STREET                        SCHEDULE B
                         GLOBAL CUSTODY NETWORK
                DEPOSITORIES OPERATING IN NETWORK MARKETS

COUNTRY                                   DEPOSITORIES

Turkey                                    Takas ve Saklama Bankasi A.S.
                                          (TAKASBANK)

                                          Central Bank of Turkey


Ukraine                                   National Bank of Ukraine

United Kingdom                            Central Gilts Office and
                                          Central Moneymarkets Office


Venezuela                                 Banco Central de Venezuela


Zambia                                    LuSE Central Shares Depository Limited

                                          Bank of Zambia


TRANSNATIONAL

Euroclear

Clearstream Banking AG
<PAGE>
                                   SCHEDULE C

                               MARKET INFORMATION

PUBLICATION/TYPE OF INFORMATION              BRIEF DESCRIPTION
(FREQUENCY)


THE GUIDE TO CUSTODY IN WORLD MARKETS       An overview of safekeeping and
(annually)                                  settlement practices and procedures
                                            in each market in which State Street
                                            Bank and Trust Company offers
                                            custodial services.

GLOBAL CUSTODY NETWORK REVIEW               Information relating to the
(annually)                                  operating history and structure of
                                            depositories and subcustodians
                                            located in the markets in which
                                            State Street Bank and Trust
                                            Company offers custodial services,
                                            including transnational
                                            depositories.

GLOBAL LEGAL SURVEY                         With respect to each market in which
(annually)                                  State Street Bank and Trust Company
                                            offers custodial services, opinions
                                            relating to whether local law
                                            restricts (i) access of a fund's
                                            independent public accountants to
                                            books and records of a Foreign
                                            Sub-Custodian or Foreign Securities
                                            System, (ii) the Fund's ability
                                            to recover in the event of
                                            bankruptcy or insolvency of a
                                            Foreign Sub-Custodian or Foreign
                                            Securities System, (iii) the Fund's
                                            ability to recover in the event of a
                                            loss by a Foreign Sub-Custodian or
                                            Foreign Securities System, and
                                            (iv) the ability of a foreign
                                            investor to convert cash and cash
                                            equivalents to U.S. dollars.

SUBCUSTODIAN AGREEMENTS                     Copies of the subcustodian contracts
(annually)                                  State Street Bank and Trust Company
                                            has entered into with each
                                            subcustodian in the markets in which
                                            State Street  Bank and Trust Company
                                            offers subcustody services to its US
                                            mutual fund clients.

Network Bulletins (weekly):                 Developments of interest to
                                            investors in the markets in which
                                            State Street Bank and Trust Company
                                            offers custodial services.

Foreign Custody Advisories (as              With respect to markets in which
necessary):                                 State Street Bank and Trust Company
                                            offers custodial services which
                                            exhibit special custody risks,
                                            developments which may impact State
                                            Street's ability to deliver
                                           expected levels of service.
<PAGE>
[STATE STREET ICON] STATE STREET Saving Institutional Investors Worlwide(SM)

                             FUNDS TRANSFER AGREEMENT

OPERATING GUIDELINES
--------------------

1.  OBLIGATION OF THE SENDER: State Street is authorized to promptly debit
Client's (as named below) account(s) upon the receipt of a payment order in
compliance with the selected Security Procedure chosen for funds transfer and in
the amount of money that State Street has been instructed to transfer. State
Street shall execute payment orders in compliance with the Security Procedure
and with the Client's instructions on the execution date provided that such
payment order is received by the customary deadline for processing such a
request, unless the payment order specifies a later time. All payment orders and
communications received after this time will be deemed to have been received on
the next business day.

2.  SECURITY PROCEDURE: The Client acknowledges that the Security Procedure it
has designated on the Selection Form was selected by the Client from Security
Procedures offered by State Street. The Client shall restrict access to
confidential information relating to the Security Procedure to authorized
persons as communicated in writing to State Street. The Client must notify State
Street immediately if it has reason to believe unauthorized persons may have
obtained access to such information or of any change in the Client's authorized
personnel. State Street shall verify the authenticity of all instructions
according to the Security Procedure.

3.  ACCOUNT NUMBERS: State Street shall process all payment orders on the
basis of the account number contained in the payment order.  In the event of
a discrepancy between any name indicated on the payment order and the account
number, the account number shall take precedence and govern.

4.  REJECTION: State Street reserves the right to decline to process or delay
the processing of a payment order which (a) is in excess of the collected
balance in the account to be charged at the time of State Street's receipt of
such payment order; (b) if initiating such payment order would cause State
Street, in State Street's sole judgment, to exceed any volume, aggregate dollar,
network, time, credit or similar limits upon wire transfers which are applicable
to State Street; or (c) if State Street, in good faith, is unable to satisfy
itself that the transaction has been properly authorized.

5.  CANCELLATION OR AMENDMENT: State Street shall use reasonable efforts to act
on all authorized requests to cancel or amend payment orders received in
compliance with the Security Procedure provided that such requests are received
in a timely manner affording State Street reasonable opportunity to act.
However, State Street assumes no liability if the request for amendment or
cancellation cannot be satisfied.

6.  ERRORS: State Street shall assume no responsibility for failure to detect
any erroneous payment order provided that State Street complies with the payment
order instructions as received and State Street complies with the Security
Procedure. The Security Procedure is established for the purpose of
authenticating payment orders only and not for the detection of errors in
payment orders.

7.  INTEREST AND LIABILITY LIMITS: State Street shall assume no responsibility
for lost interest with respect to the refundable amount of any unauthorized
payment order, unless State Street is notified of the unauthorized payment order
within thirty (30) days of notification by State Street of the acceptance of
such payment order. In no event shall State Street be liable for special,
indirect or consequential damages, even if advised of the possibility of such
damages and even for failure to execute a payment order.
<PAGE>
8.  AUTOMATED CLEARING HOUSE ("ACH") Credit Entries/Provisional Payments: When a
Client initiates or receives ACH credit and debit entries pursuant to these
Guidelines and the rules of the National Automated Clearing House Association
and the New England Clearing House Association, State Street will act as an
Originating Depository Financial Institution and/or Receiving Depository
Institution, as the case may be, with respect to such entries. Credits given by
State Street with respect to an ACH credit entry are provisional until State
Street receives final settlement for such entry from the Federal Reserve Bank.
If State Street does not receive such final settlement, the Client agrees that
State Street shall receive a refund of the amount credited to the Client in
connection with such entry, and the party making payment to the Client via such
entry shall not be deemed to have paid the amount of the entry.

9.  CONFIRMATION STATEMENTS: Confirmation of State Street's execution of payment
orders shall ordinarily be provided within 24 hours notice which may be
delivered through State Street's proprietary information systems, such as, but
not limited to Horizon and GlobalQuest(R), or by facsimile or callback. The
Client must report any objections to the execution of a payment order within 30
days.

10. LIABILITY ON FOREIGN  ACCOUNTS:  State Street shall not be required to repay
any deposit made at a non-U.S.  branch of State Street, or any deposit made with
State Street and denominated in a non-U.S. dollar currency, if repayment of such
deposit or the use of assets  denominated  in the  non-U.S.  dollar  currency is
prevented,  prohibited  or  otherwise  blocked  due  to:  (a)  an  act  of  war,
insurrection  or civil  strife;  (b) any  action  by a  non-U.S.  government  or
instrumentality or authority asserting governmental, military or police power of
any  kind,  whether  such  authority  be  recognized  as a  defacto  or a dejure
government,  or by any entity,  political or revolutionary movement or otherwise
that usurps,  supervenes or otherwise materially impairs the normal operation of
civil  authority;  or (c) the  closure of a non-U.S.  branch of State  Street in
order to prevent, in the reasonable judgment of State Street may not be enforced
against nay other branch of State Street.

The foregoing  provisions  constitute the disclosure  required by  Massachusetts
General Laws, Chapter 167D, Section 36.

While State  Street is not  obligated  to repay any  deposit  made at a non-U.S.
branch or any deposit  denominated in a non-U.S.  currency  during the period in
which its repayment has been prevented,  prohibited or otherwise blocked,  State
Street  will  repay  such  deposit  when  and if all  circumstances  preventing,
prohibiting or otherwise blocking repayment cease to exist.

11. MISCELLANEOUS:  State Street and the Client agree to cooperate to attempt to
recover any funds erroneously paid to the wrong party or parties,  regardless of
any fault of State  Street or the  Client,  but the  party  responsible  for the
erroneous payment shall bear all costs and expenses incurred in trying to effect
such recovery. These Guidelines may not be amended except by a written agreement
signed by the parties.

The  undersigned  entity  understands and agrees to the terms and conditions set
forth above and I am duly authorized to sign on behalf of such entity.

INVESCO FUNDS GROUP, INC.

By: /s/ Ronald L. Grooms    Senior Vice President  5/8/01
   ---------------------    ---------------------  ------
   Name Ronald L. Grooms    Title                  Date
<PAGE>
[STATE STREET ICON] STATE STREET Saving Institutional Investors Worlwide(SM)

                             FUNDS TRANSFER AGREEMENT

SECURITY PROCEDURE(S) SELECTION FORM
------------------------------------

Please select one or more of the funds transfer security procedures indicated
below.

[ ]SWIFT
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a
cooperative society owned and operated by member financial institutions that
provides telecommunication services for its membership. Participation is limited
to securities brokers and dealers, clearing and depository institutions,
recognized exchanges for securities, and investment management institutions.
SWIFT provides a number of security features through encryption and
authentication to protect against unauthorized access, loss or wrong delivery of
messages, transmission errors, loss of confidentiality and fraudulent changes to
messages. SWIFT is considered to be one of the most secure and efficient
networks for the delivery of funds transfer instructions. SELECTION OF THIS
SECURITY PROCEDURE WOULD BE MOST APPROPRIATE FOR EXISTING SWIFT MEMBERS.

[ ]STANDING INSTRUCTIONS
Standing Instructions may be used where funds are transferred to a broker on the
Client's established list of brokers with which it engages in foreign exchange
transactions. Only the date, the currency and the currency amount are variable.
In order to establish this procedure, State Street will send to the Client a
list of the brokers that State Street has determined are used by the Client. The
Client will confirm the list in writing, and State Street will verify the
written confirmation by telephone. Standing Instructions will be subject to a
mutually agreed upon limit. If the payment order exceeds the established limit,
the Standing Instruction will be confirmed by telephone prior to execution.

[ ]REMOTE BATCH TRANSMISSION
Wire transfer instructions are delivered via Computer-to-Computer (CPU-CPU) data
communications between the Client and State Street. Security procedures include
encryption and or the use of a test key by those individuals authorized as
Automated Batch Verifiers.
CLIENTS SELECTING THIS OPTION SHOULD HAVE AN EXISTING FACILITY FOR COMPLETING
CPU-CPU TRANSMISSIONS. THIS DELIVERY MECHANISM IS TYPICALLY USED FOR HIGH-VOLUME
BUSINESS.

[X]GLOBAL HORIZON INTERCHANGESM FUNDS TRANSFER SERVICE
Global Horizon Interchange Funds Transfer Service (FTS) is a State Street
proprietary microcomputer-based wire initiation system. FTS enables Clients to
electronically transmit authenticated Fedwire, CHIPS or internal book transfer
instructions to State Street.
THIS DELIVERY MECHANISM IS MOST APPROPRIATE FOR CLIENTS WITH A LOW-TO-MEDIUM
NUMBER OF TRANSACTIONS (5-75 PER DAY), ALLOWING CLIENTS TO ENTER, BATCH, AND
REVIEW WIRE TRANSFER INSTRUCTIONS ON THEIR PC PRIOR TO RELEASE TO STATE STREET.

[X]TELEPHONE CONFIRMATION (CALLBACK)
Telephone confirmation will be used to verify all non-repetitive funds transfer
instructions received via untested facsimile or phone. This procedure requires
Clients to designate individuals as authorized initiators and authorized
verifiers. State Street will verify that the instruction contains the signature
of an authorized person and prior to execution, will contact someone other than
the originator at the Client's location to authenticate the instruction.
SELECTION OF THIS ALTERNATIVE IS APPROPRIATE FOR CLIENTS WHO DO NOT HAVE THE
CAPABILITY TO USE OTHER SECURITY PROCEDURES.

[X]REPETITIVE WIRES
For situations where funds are transferred periodically (minimum of one
instruction per calendar quarter) from an existing authorized account to the
same payee (destination bank and account number) and only the date and currency
amount are variable, a repetitive wire may be implemented. Repetitive wires will
be subject to a mutually agreed upon limit. If the payment order exceeds the
established limit, the instruction will be confirmed by telephone prior to
execution. Telephone confirmation is used to establish this process. Repetitive
wire instructions must be reconfirmed annually.
THIS ALTERNATIVE IS RECOMMENDED WHENEVER FUNDS ARE FREQUENTLY TRANSFERRED
BETWEEN THE SAME TWO ACCOUNTS.
<PAGE>
[STATE STREET ICON] STATE STREET Saving Institutional Investors Worlwide(SM)

                             FUNDS TRANSFER ADDENDUM

[X]TRANSFERS INITIATED BY FACSIMILE
The Client faxes wire transfer instructions directly to State Street Mutual Fund
Services. Standard security procedure requires the use of a random number test
key for all transfers. Every six months the Client receives test key logs from
State Street. The test key contains alpha-numeric characters, which the Client
puts on each document faxed to State Street. This procedure ensures all wire
instructions received via fax are authorized by the Client.
WE PROVIDE THIS OPTION FOR CLIENTS WHO WISH TO BATCH WIRE INSTRUCTIONS AND
TRANSMIT THESE AS A GROUP TO STATE STREET MUTUAL FUND SERVICES ONCE OR SEVERAL
TIMES A DAY.

[X]AUTOMATED CLEARING HOUSE (ACH)
State Street receives an automated transmission or a magnetic tape from a Client
for the initiation of payment (credit) or collection (debit) transactions
through the ACH network. The transactions contained on each transmission or tape
must be authenticated by the Client. Clients using ACH must select one or more
of the following delivery options:

[X]GLOBAL HORIZON INTERCHANGE AUTOMATED CLEARING HOUSE SERVICE
Transactions are created on a microcomputer, assembled into batches and
delivered to State Street via fully authenticated electronic transmissions in
standard NACHA formats.

[ ]Transmission from Client PC to State Street Mainframe with Telephone Callback

[ ]Transmission from Client Mainframe to State Street Mainframe with Telephone
Callback

[X]Transmission from DST Systems to State Street Mainframe with Encryption

[ ]Magnetic Tape Delivered to State Street with Telephone Callback

State Street is hereby instructed to accept funds transfer instructions only via
the delivery methods and security procedures indicated. The selected delivery
methods and security procedure(s) will be effective May 4, 2001 for payment
orders initiated by our organization.

I am duly authorized to sign this document on behalf of the undersigned.

INVESCO FUNDS GROUP, INC.



By: /s/ Ronald L. Grooms        Senior Vice President           5-8-01
    --------------------        ---------------------           ------
    Name Ronald L. Grooms       Title                           Date
<PAGE>
KEY CONTACT INFORMATION

Whom shall we contact to implement your selection(s)?

CLIENT OPERATIONS CONTACT                             ALTERNATE CONTACT


            Name                                             Name
Judy P. Wiese                                           Zenia Butler
____________________________                          __________________________

            Address                                          Address
7800 E. Union Avenue                                    7800 E. Union Avenue
____________________________                          __________________________

            City/State/Zip Code                              City/State/Zip Code
Denver, CO 80237                                        Denver, CO 80237
____________________________                          __________________________

            Telephone Number                                 Telephone Number
303-930-6218                                            303-713-6854
____________________________                          __________________________

            Facsimile Number                                 Facsimile Number
303-930-6466                                            303-930-6466
____________________________                          __________________________

            SWIFT Number

____________________________

            Telex Number

____________________________

<PAGE>
[STATE STREET ICON] STATE STREET Saving Institutional Investors Worlwide(SM)

                             FUNDS TRANSFER AGREEMENT


INSTRUCTION(S)

TELEPHONE CONFIRMATION

CLIENT:
        INVESCO Funds Group, Inc.

INVESTMENT ADVISER
                  ______________________________________________

AUTHORIZED INITIATORS
   Please Type or Print

Please provide a listing of Client officers or other individuals are currently
authorized to INITIATE wire transfer instructions to State Street:

NAME                    TITLE (Specify whether position     SPECIMEN SIGNATURE
                        is with Client or Investment
                        Adviser)

Judy Wiese              VP Control Svcs                     /s/ Judy Wiese
Linda Gieger            VP Acct Svcs                        /s/ Linda Gieger
Zenia Butler            Manager Control Svcs                /s/ Zenia Butler
Linda Justice           Director Trans Svcs                 /s/ Linda L Justice
Darcey VanWagner        Supe Acct Res Svcs                  /s/ Darcey VanWagner
                                                                       (CONT)
AUTHORIZED VERIFIERS
   Please Type or Print

Please provide a listing of Client officers of other individuals who will be
CALLED BACK to verify the initiation of repetitive wires of $10 million or more
and all non repetitive wire instructions:

NAME                       CALLBACK PHONE NUMBER              DOLLAR LIMITATION
                                                              (IF ANY)
Judy Wiese                 303-930-6218                       ________________
Linda Gieger               303-930-6420                       ________________
Zenia Butler               303-713-6854                       ________________
Linda Justice              303-930-6225                       ________________
_____________________     ______________________________      ________________
<PAGE>
[STATE STREET ICON] STATE STREET Saving Institutional Investors Worlwide(SM)

                             FUNDS TRANSFER AGREEMENT


INSTRUCTION(S)

TELEPHONE CONFIRMATION

CLIENT:
        INVESCO Funds Group, Inc.

INVESTMENT ADVISER
                  ______________________________________________

AUTHORIZED INITIATORS
   Please Type or Print

Please provide a listing of Client officers or other individuals are currently
authorized to INITIATE wire transfer instructions to State Street:

NAME                    TITLE (Specify whether position     SPECIMEN SIGNATURE
                        is with Client or Investment
                        Adviser)

Kelly Treese            Supe Shar Acctg/Recon               /s/ Kelly Treese
Vicki Nugent            Spec Proj Shar Acctg/Recon          /s/ Vicki Nugent
Sue Lindman             Spec Proj Acct Res Svcs             /s/ Sue Lindman
Matthew Eischen         Supe Trans Svcs                     /s/ Matthew Eischen
Philip Rodriquez        Supe Tran Svcs                      /s/ Philip Rodriquez
                                                                         (CONT)

AUTHORIZED VERIFIERS
   Please Type or Print

Please provide a listing of Client officers of other individuals who will be
CALLED BACK to verify the initiation of repetitive wires of $10 million or more
and all non repetitive wire instructions:

NAME                       CALLBACK PHONE NUMBER              DOLLAR LIMITATION
                                                              (IF ANY)
______________________     ______________________             _________________

______________________     ______________________             _________________

______________________     ______________________             _________________

______________________     ______________________             _________________

______________________     ______________________             _________________
<PAGE>
[STATE STREET ICON] STATE STREET Saving Institutional Investors Worlwide(SM)

                             FUNDS TRANSFER AGREEMENT

INSTRUCTION(S)

TELEPHONE CONFIRMATION

CLIENT:
        INVESCO Funds Group, Inc.

INVESTMENT ADVISER
                  ______________________________________________

AUTHORIZED INITIATORS
   Please Type or Print

Please provide a listing of Client officers or other individuals are currently
authorized to INITIATE wire transfer instructions to State Street:

NAME                   TITLE (Specify whether position  SPECIMEN SIGNATURE
                       is with Client or Investment
                       Adviser)

Julie Andersen         Team Lead - Trans Svcs           /s/ Julie Andersen
Antoinette Fernandez   Team Lead - Trans Svcs           /s/ Antoinette Fernandez
____________________   ______________________           ________________________

____________________   ______________________           ________________________

____________________   ______________________           ________________________

AUTHORIZED VERIFIERS
   Please Type or Print

Please provide a listing of Client officers of other individuals who will be
CALLED BACK to verify the initiation of repetitive wires of $10 million or more
and all non repetitive wire instructions:

NAME                       CALLBACK PHONE NUMBER              DOLLAR LIMITATION
                                                              (IF ANY)
______________________     ______________________             _________________

______________________     ______________________             _________________

______________________     ______________________             _________________

______________________     ______________________             _________________

______________________     ______________________             _________________
<PAGE>
[STATE STREET ICON] STATE STREET Saving Institutional Investors Worlwide(SM)

                             FUNDS TRANSFER AGREEMENT

INSTRUCTION(S)

TELEPHONE CONFIRMATION

CLIENT:
        INVESCO Funds Group, Inc.

INVESTMENT ADVISER
                  ______________________________________________

AUTHORIZED INITIATORS
   Please Type or Print

Please provide a listing of Client officers or other individuals are currently
authorized to INITIATE wire transfer instructions to State Street:

NAME                   TITLE (Specify whether position  SPECIMEN SIGNATURE
                       is with Client or Investment
                       Adviser)

____________________   ______________________           ________________________

____________________   ______________________           ________________________

____________________   ______________________           ________________________

____________________   ______________________           ________________________

____________________   ______________________           ________________________

AUTHORIZED VERIFIERS
   Please Type or Print

Please  provide a listing of Client  officers of other  individuals  who will be
CALLED BACK to verify the initiation of repetitive  wires of $10 million or more
and all non repetitive wire instructions:

NAME                       CALLBACK PHONE NUMBER              DOLLAR LIMITATION
                                                              (IF ANY)
______________________     ______________________             _________________

______________________     ______________________             _________________

______________________     ______________________             _________________

______________________     ______________________             _________________

______________________     ______________________             _________________

I am duly authorized to sign this document on behalf of the undersigned.

INVESCO FUNDS GROUP, INC.

By: Ronald L. Grooms    /s/ Ronald L. Grooms      Sr. Vice President  5-8-01
    ----------------    --------------------      ------------------  ------
Type or Print Name      Authorized Fund Officer   Title               Date
<PAGE>
          REMOTE ACCESS SERVICES ADDENDUM TO MASTER CUSTODIAN AGREEMENT


ADDENDUM to that certain Master Custodian Agreement dated as of May 8, 2001 (the
"Custodian Agreement") by and among each management investment company
identified on Appendix A thereto and made subject thereto pursuant to Section 19
thereof (each, a "Customer") and State Street Bank and Trust Company, including
its subsidiaries and affiliates ("State Street").

State Street has developed and utilizes proprietary accounting and other systems
in conjunction with the custodian services which State Street provides to the
Customer. In this regard, State Street maintains certain information in
databases under its control and ownership which it makes available to its
customers (the "Remote Access Services").

THE SERVICES

State Street agrees to provide the Customer, and its designated investment
advisors, consultants or other third parties authorized by State Street
("Authorized Designees") with access to In~Sight(SM) as described in Exhibit A
or such other systems as may be offered from time to time (the "System") on a
remote basis.

SECURITY PROCEDURES

The Customer agrees to comply, and to cause its Authorized Designees to comply,
with remote access operating standards and procedures and with user
identification or other password control requirements and other security
procedures as may be issued from time to time by State Street for use of the
System and access to the Remote Access Services. The Customer agrees to advise
State Street immediately in the event that it learns or has reason to believe
that any person to whom it has given access to the System or the Remote Access
Services has violated or intends to violate the terms of this Addendum and the
Customer will cooperate with State Street in seeking injunctive or other
equitable relief. The Customer agrees to discontinue use of the System and
Remote Access Services, if requested, for any security reasons cited by State
Street.

FEES

Fees and charges for the use of the System and the Remote Access Services and
related payment terms shall be as set forth in the custody fee schedule in
effect from time to time between the parties (the "Fee Schedule"). The Customer
shall be responsible for any tariffs, duties or taxes imposed or levied by any
government or governmental agency by reason of the transactions contemplated by
this Addendum, including, without limitation, federal, state and local taxes,
use, value added and personal property taxes (other than income, franchise or
similar taxes which may be imposed or assessed against State Street). Any
claimed exemption from such tariffs, duties or taxes shall be supported by
proper documentary evidence delivered to State Street.

PROPRIETARY INFORMATION/INJUNCTIVE RELIEF

The System and Remote Access Services described herein and the databases,
computer programs, screen formats, report formats, interactive design
techniques, formulae, processes, systems, software, know- how, algorithms,
programs, training aids, printed materials, methods, books, records, files,
documentation and other information made available to the Customer by State
Street as part of the Remote Access Services and through the use of the System
and all copyrights, patents, trade secrets and other proprietary rights of State
Street related thereto are the exclusive, valuable and confidential property of
State Street and its relevant licensors (the "Proprietary Information"). The
Customer agrees on behalf of itself and its Authorized Designees to keep the
Proprietary Information confidential and to limit access to its employees and
Authorized Designees (under a similar duty of confidentiality) who require
access to the System for the purposes intended. The foregoing shall not apply to
Proprietary Information in the public domain or required by law to be made
public.
<PAGE>
The Customer agrees to use the Remote Access Services only in connection with
the proper purposes of this Addendum. The Customer will not, and will cause its
employees and Authorized Designees not to, (i) permit any third party to use the
System or the Remote Access Services, (ii) sell, rent, license or otherwise use
the System or the Remote Access Services in the operation of a service bureau or
for any purpose other than as expressly authorized under this Addendum, (iii)
use the System or the Remote Access Services for any fund, trust or other
investment vehicle without the prior written consent of State Street, or (iv)
allow or cause any information transmitted from State Street's databases,
including data from third party sources, available through use of the System or
the Remote Access Services, to be published, redistributed or retransmitted for
other than use for or on behalf of the Customer, as State Street's customer.

The Customer agrees that neither it nor its Authorized Designees will modify the
System in any way; enhance or otherwise create derivative works based upon the
System; or reverse engineer, decompile or otherwise attempt to secure the source
code for all or any part of the System.

The Customer acknowledges that the disclosure of any Proprietary Information, or
of any information which at law or equity ought to remain confidential, will
immediately give rise to continuing irreparable injury to State Street
inadequately compensable in damages at law and that State Street shall be
entitled to obtain immediate injunctive relief against the breach or threatened
breach of any of the foregoing undertakings, in addition to any other legal
remedies which may be available.

LIMITED WARRANTIES

State Street represents and warrants that it is the owner of and has the right
to grant access to the System and to provide the Remote Access Services
contemplated herein. Because of the nature of computer information technology
and the necessity of relying upon third party sources, and data and pricing
information obtained from third parties, the System and Remote Access Services
are provided "AS IS", and the Customer and its Authorized Designees shall be
solely responsible for the investment decisions, results obtained, regulatory
reports and statements produced using the Remote Access Services. State Street
and its relevant licensors will not be liable to the Customer or its Authorized
Designees for any direct or indirect, special, incidental, punitive or
consequential damages arising out of or in any way connected with the System or
the Remote Access Services, nor shall either party be responsible for delays or
nonperformance under this Addendum arising out of any cause or event beyond such
party's control.

State Street will take reasonable steps to ensure that its products (and those
of its third-party suppliers) reflect the available state of the art technology
to offer products that are Year 2000 compliant, including, but not limited to,
century recognition of dates, calculations that correctly compute same century
and multi century formulas and date values, and interface values that reflect
the date issues arising between now and December 31, 2099, and if any changes
are required, State Street will make the changes to its products at no cost to
you and in a commercially reasonable time frame and will require third-party
suppliers to do likewise. The Customer will do likewise for its systems.

EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET, FOR ITSELF AND ITS
RELEVANT LICENSORS, EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE
SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED
INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A
PARTICULAR PURPOSE.

INFRINGEMENT

State Street will defend or, at our option, settle any claim or action brought
against the Customer to the extent that it is based upon an assertion that
access to the System or use of the Remote Access Services by the Customer under
this Addendum constitutes direct infringement of any United States patent or
copyright or misappropriation of a trade secret, provided that the Customer
notifies State Street promptly in writing of any such claim or proceeding and
cooperates with State Street in the defense of such claim or proceeding. Should
the System or the Remote Access Services or any part thereof become, or in State
Street's opinion be likely to become, the subject of a claim of infringement or
<PAGE>
the like under the patent or copyright or trade secret laws of the United
States, State Street shall have the right, at State Street's sole option, to (i)
procure for the Customer the right to continue using the System or the Remote
Access Services, (ii) replace or modify the System or the Remote Access Services
so that the System or the Remote Access Services becomes noninfringing, or (iii)
terminate this Addendum without further obligation.

TERMINATION

Either party to the Custodian Agreement may terminate this Addendum (i) for any
reason by giving the other party at least one-hundred and eighty (180) days'
prior written notice in the case of notice of termination by State Street to the
Customer or thirty (30) days' notice in the case of notice from the Customer to
State Street of termination, or (ii) immediately for failure of the other party
to comply with any material term and condition of the Addendum by giving the
other party written notice of termination. This Addendum shall in any event
terminate within ninety (90) days after the termination of the Custodian
Agreement. In the event of termination, the Customer will return to State Street
all copies of documentation and other confidential information in its possession
or in the possession of its Authorized Designees. The foregoing provisions with
respect to confidentiality and infringement will survive termination for a
period of three (3) years.

MISCELLANEOUS

This Addendum and the exhibit hereto constitute the entire understanding of the
parties to the Custodian Agreement with respect to access to the System and the
Remote Access Services. This Addendum cannot be modified or altered except in a
writing duly executed by each of State Street and the Customer and shall be
governed by and construed in accordance with the laws of The Commonwealth of
Massachusetts.

By its execution of the Custodian Agreement, the Customer (a) confirms to the
Custodian that it informs all Authorized Designees of the terms of this
Addendum; (b) accepts responsibility for its and its Authorized Designees'
compliance with the terms of this Addendum; and (c) indemnifies and holds the
Custodian harmless from and against any and all costs, expenses, losses,
damages, charges, counsel fees, payments and liabilities arising from any
failure of the Customer or any of its Authorized Designees to abide by the terms
of this Addendum



<PAGE>


                                    EXHIBIT A
                                       TO
          REMOTE ACCESS SERVICES ADDENDUM TO MASTER CUSTODIAN AGREEMENT



                                   IN~SIGHT(SM)
                           System Product Description

In~Sight(SM) provides information delivery and on-line access to State Street.
In~Sight(SM) allows users a single point of entry into the many views of data
created by the diverse systems and applications. Reports and data from systems
such as Investment Policy Monitor(SM), Multicurrency Horizon(SM), Securities
Lending, Performance & Analytics can be accessed through In~Sight(SM). This
Internet-enabled application is designed to run from a Web browser and perform
across low-speed data line or corporate high-speed backbones. In~Sight(SM) also
offers users a flexible toolset, including an ad-hoc query function, a custom
graphics package, a report designer, and a scheduling capability. Data and
reports offered through In~Sight(SM) will continue to increase in direct
proportion with the customer roll out, as it is viewed as the information
delivery system will grow with State Street's customers.