FOREIGN ASSETS

                              DELEGATION AGREEMENT





         This FOREIGN ASSETS DELEGATION AGREMEENT (the "Agreement") is made this

2nd day of May, 2003 by and between A I M ADVISORS, INC., a Delaware corporation

("AIM") and each registered investment company (the "Investment Companies") and

its respective portfolios as listed on Schedule A attached hereto (the "Funds"),

as the same may be amended from time to time.



                              W I T N E S S E T H:



         WHEREAS, AIM has agreed to accept responsibility for the selection of

foreign countries in which the Funds may invest; and



         WHEREAS, AIM has agreed to accept responsibility for selecting eligible

foreign securities depositories in such countries;



         NOW THEREFORE, AIM hereby agrees as follows:



1.       DEFINITIONS.



         A.       "ELIGIBLE FOREIGN SECURITIES DEPOSITORY" means a foreign

                  Securities Depository that meets the eligibility requirements

                  of Paragraph 5 hereof.



         B.       "FOREIGN ASSETS" means any of a Fund's investments (including

                  foreign currencies) for which the primary market is outside

                  the United States, currency contracts that are settled outside

                  the United States, and such cash and cash equivalents as are

                  reasonably necessary to effect the Fund's transactions in such

                  investments.



         C.       "PREVAILING COUNTRY RISKS" 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 Foreign Securities

                  Depositories operating in the country); prevailing or

                  developing custody and settlement practices; laws and

                  regulations applicable to the safekeeping and recovery of

                  Foreign Assets held in custody in that country; and factors

                  compromising "prevailing country risk", including the effects

                  of foreign law on the safekeeping of Fund assets, the

                  likelihood of expropriation, nationalization, freezing or

                  confiscation of the Fund's assets and any reasonably

                  foreseeable difficulties in repatriating the Fund's assets.



         D.       "PRIMARY CUSTODIAN" means State Street Bank and Trust Company.



         E.       "SECURITIES DEPOSITORY" means a system for the central

                  handling of securities where all securities of any particular

                  class or series of any issuer deposited within the system are

                  treated as fungible and may be transferred or pledged by

                  bookkeeping entry without physical delivery of the securities.

                  A Securities Depository includes an Eligible Foreign

                  Securities Depository.



FOREIGN COUNTRY SELECTION. AIM shall select the foreign countries in which a

Fund invests. AIM may determine that an issuer is located in a particular

country based on various factors, including the following; (i) the issuer is

organized under the laws of and maintains a principal





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office in that country; (ii) the issuer derives 50% or more of its total

revenues from business in that country; (iii) the primary market for the

issuer's securities is in that country. In addition, in determining whether to

maintain assets of Fund in a foreign country, AIM shall consider Prevailing

Country Risks. AIM may rely on information provided by computerized information

services, such as Bloomberg terminals, in making the foregoing determinations.

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