CUSTODIAN CONTRACT

                                  Between

                  EACH OF THE PARTIES LISTED ON APPENDIX 1

                                    and

                    STATE STREET BANK AND TRUST COMPANY









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                                                     TABLE OF CONTENTS

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1.       Employment of Custodian and Property to be Held By It....................................................1

2.       Duties of the Custodian with Respect to Property

         of each Fund Held by the Custodian in the United States..................................................2

         2.1      Holding Securities..............................................................................2

         2.2      Delivery of Securities..........................................................................2

         2.3      Registration of Securities......................................................................4

         2.4      Bank Accounts...................................................................................4

         2.5      Availability of Federal Funds...................................................................5

         2.6      Collection of Income............................................................................5

         2.7      Payment of Fund Moneys..........................................................................5

         2.8      Liability for Payment in Advance of Receipt of Securities Purchased.............................6

         2.9      Appointment of Agents...........................................................................7

         2.10     Deposit of Fund Assets in U.S. Securities System................................................7

         2.11     Fund Assets Held in the Custodian's Direct Paper System.........................................8

         2.12     Segregated Account..............................................................................9

         2.13     Ownership Certificates for Tax Purposes.........................................................9

         2.14     Proxies.........................................................................................9

         2.15     Communications Relating to Fund Securities.....................................................10



3.       Duties of the Custodian with Respect to Property of

         each Fund Held Outside of the United States.............................................................10

         3.1      Appointment of Foreign Sub-Custodians..........................................................10

         3.2      Assets to be Held..............................................................................10

         3.3      Foreign Securities Systems.....................................................................10

         3.4      Holding Securities.............................................................................11

         3.5      Agreements with Foreign Banking Institutions...................................................11

         3.6      Access of Independent Accountants of each Fund.................................................11

         3.7      Reports by Custodian...........................................................................11

         3.8      Transactions in Foreign Custody Account........................................................12

         3.9      Liability of Foreign Sub-Custodians............................................................12

         3.10     Liability of Custodian.........................................................................12

         3.11     Reimbursement for Advances.....................................................................13

         3.12     Monitoring Responsibilities....................................................................13

         3.13     Branches of U.S. Banks.........................................................................13

         3.14     Tax Law........................................................................................13





4.       Payments for Sales or Repurchase or Redemptions

         of Shares of each Fund..................................................................................14



5.       Proper Instructions.....................................................................................14



6.       Actions Permitted Without Express Authority.............................................................15



7.       Evidence of Authority...................................................................................15



8.       Duties of Custodian With Respect to the Books of Account and Calculation of Net Asset Value

         and Net Income..........................................................................................15



9.       Records.................................................................................................16



10.      Opinion of Fund's Independent Accountants...............................................................16



11.      Reports to Fund by Independent Public Accountants.......................................................16



12.      Compensation of Custodian...............................................................................16



13.      Responsibility of Custodian.............................................................................16



14.      Effective Period, Termination and Amendment.............................................................18



15.      Successor Custodian.....................................................................................18



16.      Interpretive and Additional Provisions..................................................................19



17.      Additional Funds........................................................................................19



18.      Massachusetts Law to Apply..............................................................................20



19.      Prior Contracts.........................................................................................20



20.      Shareholder Communications..............................................................................20



21.       Limitation of Liability................................................................................21

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                            MASTER CUSTODIAN CONTRACT



     This Contract between each fund or series of a fund listed on Appendix 1

which evidences its agreement to be bound hereby by executing a copy of this

Contract (each such fund, any and all separate series or portfolios thereof and

any additional portfolios or separate series thereof which become subject to

this Contract pursuant to Section 17 hereof, are individually hereafter referred

to as a "Fund"), and State Street Bank and Trust Company, a Massachusetts trust

company, having its principal place of business at 225 Franklin Street, Boston,

Massachusetts, 02110, hereinafter called the "Custodian",



                                   WITNESSETH:



     WHEREAS, each of the Funds has previously entered into a Custodian Contract

with the Custodian;



     WHEREAS, the Custodian and each of the Funds desire to replace such

existing Custodian Contracts with this Master Custodian Contract between the

Custodian and all of the Funds;



     NOW THEREFORE, in consideration of the mutual covenants and agreements

hereinafter contained, the parties hereto agree as follows:



1.   Employment of Custodian and Property to be Held by It

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



     Each Fund hereby employs the Custodian as the custodian of the assets of

such Fund, including securities which such Fund 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") pursuant to the provisions

of such Fund's governing documents (domestic securities and foreign securities

are sometimes collectively referred to herein as "Securities"). Each Fund agrees

to deliver to the Custodian all securities and cash of such Fund, and all

payments of income, payments of principal or capital distributions received by

it with respect to all securities owned by such Fund from time to time, and the

cash consideration received by it for such new or treasury shares each class of

capital stock or beneficial interest, as applicable, of such Fund, ("Shares") as

may be issued or sold from time to time. The Custodian shall not be responsible

for any property of a Fund held or received by such Fund and not delivered to

the Custodian.



     Upon receipt of "Proper Instructions" (within the meaning of Article 5),

the Custodian shall on behalf of the applicable Fund 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 the Fund, and provided that the

Custodian shall have no more or less responsibility or liability to the Fund on

account of any actions or omissions of any sub-custodian so employed than any

such sub-custodian has to the Custodian. The Fund shall approve in writing the

terms of any subcustodian agreement with a United States subcustodian. The

Custodian may employ as sub-custodian for each Fund's foreign securities the

foreign banking institutions and foreign securities depositories designated in

Schedule A hereto but only in accordance with the provisions of Article 3.





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2.   Duties of the Custodian with Respect to Property of each Fund Held By the

     Custodian in the United States

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2.1  Holding Securities. The Custodian shall hold and physically segregate for

     the account of each Fund all non-cash property, to be held by it in the

     United States including all domestic securities owned by such Fund, 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") and (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.

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