GLOBALCUSTODYAGREEMENT ThisAmendedandRestated Agreement, datedJune25,2001, is betweenTHE

GLOBALCUSTODYAGREEMENT

     ThisAmendedandRestated Agreement, datedJune25,2001, is betweenTHE

CHASEMANHATTANBANK("Bank"), aNewYorkbanking corporation witha placeof business at4 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇; andeach ofthe open-endmanagement investmentcompanieslistedonExhibit1ofthis Agreement, registeredwiththeU.S.SecuritiesandExchangeCommissionunderthe Investment CompanyActof1940, organized asDelaware business trusts(eacha "Trust"), severallyandforandonbehalfofcertainoftheirrespectiveportfolios listed onExhibit1(eacha"Fund"),eachTrustandtheirrespectiveFundswith aplace ofbusinessatP.O.Box2600, ValleyForge,PA19482.EachTrustfor whichBank servesascustodianunderthisAgreement, shall individuallybe referredtoas "Customer".

1.INTENTIONOFTHEPARTIES;DEFINITIONS

1.1 INTENTIONOFTHEPARTIES.

     (a)ThisAgreementsetsoutthetermsgoverning custodial, settlementand certainother associated services offeredbyBanktoCustomer. Bank shallbe responsible fortheperformanceofonlythosedutiesthataresetforth inthis Agreementorexpressly containedin Instructions thatareconsistent withthe provisionsofthisAgreementandwithBank'soperationsandprocedures. Customer acknowledges thatBankisnotprovidinganylegal,taxorinvestment advicein providingtheserviceshereunder.

     (b)Investinginforeignmarketsmaybeariskyenterprise. The holdingof Global Assetsandcashinforeign jurisdictions mayinvolve risksof lossor otherspecialfeatures. Bankshallnotbeliableforanylossthat resultsfrom thegeneralrisksofinvestingorCountryRisk.

     "ACCOUNT"hasthemeaningsetforthinSection2.1ofthis Agreement.

"AFFILIATE" meansanentity
common
controlwith,Bank.

controlling,

controlled

by,orunder

"AFFILIATEDSUBCUSTODIAN"meansaSubcustodianthatisanAffiliate.

     "APPLICABLE LAW" meansany statute, whether national, stateor local, applicable inthe United Statesoranyother country, therules ofthe treatyestablishingtheEuropeanCommunity, otherapplicable treaties,any otherlaw,rule,regulationor

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     interpretationofanygovernmental entity, anyapplicablecommon law,and any decree, injunction, judgment, order, ruling, or writ of any governmentalentity.

     "AUTHORIZED PERSON"meansanyperson (includinganinvestment manageror otheragent)whohasbeendesignatedbywrittennoticefromCustomer orits designatedagenttoactonbehalfofCustomerhereunder.Such personsshall continue tobe Authorized Persons until such time as Bank receives Instructions fromCustomeroritsdesignatedagentthatanysuch personis nolongeranAuthorizedPerson.

     "BANK INDEMNITEES" meansBank,its Subcustodians, andtheir respective nominees,directors,officers,employeesandagents.

     "BANK'S LONDON BRANCH" means the London branch office ofThe Chase ManhattanBank.

"CASHACCOUNT"hasthemeaningsetforthinSection2.1(a)(ii).

     "CORPORATE ACTION" means any subscription right, bonus issue, stock repurchaseplan,redemption,exchange,tenderoffer,orsimilar matterwith respect toa Financial Assetinthe Securities Account that requires discretionaryactionbytheholder,butdoesnotincludeproxy voting.

     "COUNTRY RISK" means the risk of investing or holding assets ina particularcountryormarket, including,butnotlimitedto,risks arising from: nationalization, expropriationorothergovernmental actions; the country's financial infrastructure, including prevailing custody and settlement practices; laws applicabletothesafekeepingand recoveryof Financial Assetsandcashheldincustody; the regulationofthe banking and securities industries, including changesinmarketrules; currency restrictions,devaluationsorfluctuations;andmarketconditions affecting theorderlyexecutionofsecuritiestransactionsorthevalueof assets.

     "CUSTOMER" means individually eachTrustandtheir respective Fundsas listedonExhibit1hereto.

     "ENTITLEMENT HOLDER"meansthepersonnamedontherecordsofa Securities Intermediary astheperson havinga Securities Entitlement againstthe SecuritiesIntermediary.

     "FINANCIALASSET"means,asthecontext requires, eithertheasset itself orthemeansbywhicha person's claimtoitis evidenced, including a Security,asecuritycertificate, oraSecuritiesEntitlement. "Financial Asset"includesanyGlobalAssetsbutdoesnotincludecash.

     "FUND"meanseachportfolioofeachTrustandlistedonExhibit1 hereto.

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     "GLOBAL ASSET" meansany "Financial Asset"(a)forwhichthe principal trading marketis located outsideofthe United States; (b) forwhich presentmentforpaymentistobemadeoutsideoftheUnitedStates; or(c) whichisacquiredoutsideoftheUnitedStates.

     "INSTRUCTIONS"hasthemeaningsetforthinSection3.1ofthis Agreement.

     "LIABILITIES" means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, or expenses of any kind whatsoever (including, without limitation, reasonable attorneys', accountants', consultants'orexperts'feesanddisbursements).

     "SECURITIES"meansstocks,bonds,rights,warrantsandother negotiableand

     recognizedinthecountryinwhichitisissuedordealtinasa mediumfor investment andanyother property asmaybe acceptable toBank forthe SecuritiesAccount.

     "SECURITIES ACCOUNT" means each Securities custody account on Bank's recordstowhichFinancialAssetsareormaybecreditedpursuant hereto.

     "SECURITIES DEPOSITORY" hasthe meaningsetforthinSection5.1 ofthis Agreement.

     "SECURITIES ENTITLEMENT" meanstherights and property interest ofan EntitlementHolderwithrespecttoaFinancialAssetassetforthin Part5 ofArticle8oftheUniform Commercial CodeoftheStateofNew York, as thesamemaybeamendedfromtimetotime.

     "SECURITIES INTERMEDIARy" means Bank, a Subcustodian, a Securities

     Depository, andany other financial institution whichinthe ordinary courseofbusiness maintains custodyaccountsforothersandacts inthat capacity.

     "SUBCUSTODIAN" hasthe meaning set forthin Section 5.1and includes AffiliatedSubcustodians.

     "TRUST" meanseach open-end investment company organizedasa Delaware businesstrustandlistedonExhibit1hereto.

inthe pluralunlessthecontextotherwiseprovidesandvisaversa.

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2.WHATBANKISREQUIREDTODO

     (i) a Securities Accountinthenameof Customeronbehalf ofeach FundforFinancial Assets, whichmaybereceivedbyBank orits Subcustodian for the account of Customer, including as an EntitlementHolder;and

     (ii)anaccountinthenameofCustomer ("Cash Account")for anyand allcashinanycurrencyreceivedbyBankorits Subcustodianfor theaccountofCustomer.

Notwithstanding paragraph (ii), cashheldinrespectofthose markets where Customerisrequiredtohaveacashaccountinitsownnameheld directly with therelevant Subcustodianshallbeheldinthatmannerandshallnotbe partof theCashAccount. BankshallnotifyCustomerpriortotheestablishment ofsuch anaccount.

openedin thefuture,whichshallbesubjecttothetermsofthisAgreement.

     Exceptasotherwise providedinInstructions acceptabletoBank, allcash heldintheCashAccountshallbedeposited duringtheperioditis creditedto theAccountinoneormoredeposit accountsatBankoratBank'sLondon Branch.

AnycashsodepositedwithBank'sLondonBranchshallbepayable exclusivelyby Bank'sLondonBranchintheapplicablecurrency, subjecttocompliance withany ApplicableLaw,including, withoutlimitation,anyrestrictionson transactions intheapplicablecurrencyimposedbythecountryoftheapplicable currency.

Customer's SecuritiesAccountbelongtoCustomeronbehalfofthe relevantFund (exceptasotherwisemaybeagreedbyBankandCustomer).

     (b)Totheextent permittedby Applicable Lawormarket practice, Bank shallrequireeach Subcustodian toidentifyinitsownrecordsthat Financial Assets creditedtoCustomer's Securities Accountbelongtocustomers ofBank, suchthatitisreadilyapparentthattheFinancialAssetsdonotbelong toBank ortheSubcustodian.

     (c)Bankisauthorized, inits discretion, toholdinbearer form, such Financial

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Assetsasare customarily heldinbearerformorare deliveredtoBank orits Subcustodianinbearerform;andtoregisterinthenameoftheCustomer, Bank,

aSubcustodian, aSecurities Depository, ortheirrespective nominees, such FinancialAssetsasarecustomarilyheldinregisteredform.Customer authorizes Bankorits SubcustodiantoholdFinancialAssetsinomnibusaccounts andshall acceptdeliveryofFinancial Assetsofthesameclassanddenomination asthose depositedwithBankoritsSubcustodian.

     When Bank receives an Instruction directing settlement ofa tradein FinancialAssetsthatincludesallinformation requiredbyBank,Bank shalluse reasonablecaretoeffectsuchsettlementasinstructed.Settlementof purchases andsalesofFinancial Assetsshallbeconductedinaccordance with prevailing standardsofthemarketinwhichthetransaction occurs.Theriskof lossshall beCustomer's wheneverBankdelivers FinancialAssetsorpaymentin accordance with applicable market practice inadvanceofreceiptor settlement ofthe expectedconsideration.InthecaseofthefailureofCustomer's counterpartyto deliver the expected consideration as agreed, Bank shall contact the counterpartytoseek settlementand,ifthesettlementisnotreceived, notify Customer, butBankshallnotbeobligatedtoinstitutelegal proceedings, file proofofclaiminanyinsolvencyproceeding,ortakeanysimilaraction.

accounting"basisasdescribedbelowwithrespecttothesettlementof tradesin thosemarketswhereBankgenerallyofferscontractual settlementday accounting andshallnotifyCustomerofthesemarketsfromtimetotime.

purchase (or earlier, if market practice requires delivery of the purchasepricebeforethesettlementdate),Bank shalldebit theCash Account withthe settlement moniesand credita separate account. Bank then shall post the Securities Account as awaiting receipt of the expected Financial Assets. Customer shallnotbeentitledtothe deliveryof Financial Assetsthatareawaiting receiptuntil Bankora Subcustodianactuallyreceivesthem.

Bank reserves the right to restrict in good faith the availability of contractual day settlement accounting for credit reasons. Bank, whenever reasonablypossible,willnotifyCustomerpriortoimposingsuch restrictions.

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     (b)Bankmay(inits discretion) uponat least 48hours prior oralor written notificationtoCustomer, reverseanydebitorcreditmade pursuantto Section2.5(a)priortoatransaction'sactualsettlement,andCustomer shallbe responsibleforanycostsorliabilitiesresultingfromsuchreversal. Customer acknowledges that the procedures described in this sub-section areofan administrative nature, and Bank does not undertake tomake loans and/or FinancialAssetsavailabletoCustomer.

     Withrespecttoanysaleorpurchase transactionthatisnotposted tothe Accountonthe contractual settlementdateasreferredtoinSection 2.5,Bank

shallpostthe transaction onthedateonwhichthecashor Financial Assets receivedasconsiderationforthetransactionisactuallyreceivedby Bank.

onFinancial Assetsinaccordance withthetimesnotifiedbyBankfrom timeto timeonor after the anticipated payment date, netofany taxes thatare withheldbyBankoranythirdparty.Wherenotimeisspecifiedfora particular market, incomeandredemption proceedsfromFinancialAssetsshallbe credited onlyafteractualreceiptandreconciliation.Bankmayreversesuch creditsupon atleast48hours prior oralorwritten notification to Customer whenBank believesthatthe corresponding paymentshallnotbereceivedbyBank withina reasonableperiodorsuchcreditwasincorrect.

     (b)Bankshall make reasonable endeavors inits discretion to contact appropriate parties to collect unpaid interest, dividends or redemption proceeds, butneitherBanknorits Subcustodians shallbeobligedto fileany formalnoticeofdefault, institutelegal proceedings, fileproofof claimin anyinsolvencyproceeding,ortakeanysimilaraction.

     Bankmaysellfractional interestsinFinancialAssetsandcredit theCash Accountwiththeproceedsofthesale.Ifsome, butnotall,ofan outstanding classof Financial Assetiscalledfor redemption, Bankmayallotthe amount redeemed amongthe respective beneficial holdersofsuchclassof Financial AssetinanymannerBankdeemstobefairandequitable.

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CorporateActionsofwhichBank'scentralcorporateactionsdepartment receives noticefromtheissuerorfromtheSecuritiesDepositoryinwhichsuch Financial Assetsare maintained ornotice published in publications and reportedin reportingservicesroutinelyusedbyBankforthispurpose.

     (b)IfanAuthorizedPersonfailstoprovideBankwithtimely Instructions withrespecttoany Corporate Action, neitherBanknorits Subcustodians or their respective nominees shalltakeanyactioninrelationtothat Corporate Action, exceptasotherwiseagreedinwritingbyBankandCustomeroras maybe setforthbyBankasadefault actionintheadviceitprovides under Section 2.10(a)withrespecttothatCorporateAction.

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  (a) Subject to and upon the terms of this sub-section, Bank shall

Customer with information whichit receives on matterstobevoted uponat meetingsofholdersofFinancialAssets("Notifications"),andBankshall actin accordancewithCustomer's Instructionsinrelationtosuch Notifications("the activeproxyvotingservice").

     (b)Thefollowing provisions relatetoproxyvotingserviceswith respect toGlobalAssets:

voting Customer, Customer, so summary "information

certain

Bank on serviceis completed thatmay

orparts

ingood

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(iii)Bank reservestherighttoprovide Notifications thereofinthelanguagereceived.Bankshallattempt faithtoprovideaccurateandcomplete

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Notifications,whetherornottranslated.

other

voting andthat including Accordingly, except

isnot completed Bankshall endeavorto meetingsof reasonably nomineesas Instructions

action

(the

actupon Instructionstovoteonmattersbefore holders of Financial Assets where it is practicable forBank(orits Subcustodians or

     thecasemaybe)todosoandwhere such are received in time for Bank totake timely

"passiveproxyvotingservice").

     (c)Bankshallactupon Instructions tovoteonmatters referred toina Notification, provided Instructions are receivedbyBankatitsproxy voting department by the deadline referred toin the relevant Notification. If Instructionsarenotreceivedinatimelymanner,Bankshallnotbe obligatedto voteonthematter,butshallnotifyCustomeraccordingly.

     (d)Customer acknowledges thatthe provision ofproxy voting services (whether activeorpassive)maybeprecludedor restricted undera varietyof circumstances. These circumstances include, butarenot limitedto: (i)the Financial Assets beingonloanoroutfor registration, (ii)the pendencyof conversionoranother corporateaction,or(iii)FinancialAssetsbeing heldat Customer's request ina name not subject tothe control of Bank orits

Subcustodian, inamarginor collateral account atBankor another bankor broker,orotherwiseinamannerwhichaffectsvoting, localmarket regulations orpractices, orrestrictionsbytheissuer. Additionally, insome casesBank mayberequiredtovoteallsharesheldforaparticularissueforallof Bank's customers inthesameway. WherethisisthecaseBank, inthe Notification, shallinformCustomer.

     (e)NotwithstandingthefactthatBankmayactinafiduciary capacitywith respecttoCustomerunderotheragreementsorotherwisehereunder,in performing activeorpassivevotingproxyservicesBankshallbeactingsolelyas theagent ofCustomer, andshallnotexercise any discretion withregardto suchproxy servicesorvoteanyproxyexceptwhendirectedbyanAuthorizedPerson.

mutually agreed, a statement ofaccountinBank's standard format foreach Account maintainedbyCustomerwithBank, identifyingtheFinancial Assetsand cashheldineachAccount.BankalsowillprovidetoCustomer,upon request,the capabilitytoreformatthe information containedineachstatementof account.

Inaddition,Bankwillsend,ormakeavailableon-line,toCustomeran adviceor notificationofanytransfersofcashor

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Financial Assets with respecttoeach Account. Bankwillnotbe liablewith respecttoany matter setforthinthose portions ofanysuch statement of accountoradvice(or reasonably implied therefrom)towhichCustomer hasnot givenBankawrittenexceptionorobjectionwithinsixty(60)daysof receiptof such statement, provided such matterisnotthe result of Bank's willful misconductorbadfaith.

     (b)Pricesandother information obtainedfromthirdpartieswhich maybe containedinanystatementsenttoCustomerhavebeenobtainedfrom sourcesBank believestobereliable. Bankdoesnot,however, makeany representationasto the accuracy ofsuch information orthatthe prices specified necessarily reflect the proceeds thatwouldbe received onadisposal ofthe relevant FinancialAssets.

     (c)Customerunderstandsthatrecordsandreports,otherthan statementsof account, thatare available toit on-line ona real-time basismay notbe accuratedueto mis-postings, delaysinupdating Account records, andother causes. Bank willnotbe liable foranylossor damage arising out ofthe inaccuracy ofanysuch records or reports thatare accessed online ona real-timebasis.

suchreasonableaccesstotherecordsofBankrelatingtoFinancial Assetsasis requiredinconnectionwiththeirexaminationofbooksandrecords pertainingto Customer's affairs. Subjectto restrictions under ApplicableLaw, Bankalso shallobtainanundertakingtopermitCustomer's independentpublic accountants reasonable accesstotherecordsofany SubcustodianofSecuritiesheld inthe SecuritiesAccountasmayberequiredinconnectionwithsuch examination.

copyofBank'sreportpreparedincompliancewiththe requirementsof Statement ofAuditing Standards No.70issuedbythe American Institute of Certified PublicAccountants,asitmaybeamendedfromtimetotime.

2.14 MaintenanceofFinancialAssetsatBankandatSubcustodian Locations.

• ----------------------------------------------------------------

• 
  (a) Unless Instructions require another location acceptable to Bank,

Assets shallbeheldinthecountryor jurisdiction inwhichtheir principal trading marketis located, where such Global Assetsmaybe presented for payment, wheresuch Financial Assetswere acquired, orwheresuch Financial Assetsareheld. Bankreservestherighttorefusetoacceptdeliveryof Global Assetsorcashincountriesand jurisdictions otherthanthose referredtoin Schedule1tothisAgreement,asineffectfromtimetotime.

     (b)Bankshallnotbeobligedtofollowan Instruction tohold Financial Assetswith,orhavethem registeredorrecordedinthenameof,any personnot chosenbyBank.

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However, ifCustomerdoesinstructBanktohold Securitieswithor registeror record SecuritiesinthenameofapersonnotchosenbyBank,the consequences ofdoingsoareatCustomer'sownriskandBankshallnotbeliable therefor.

     To facilitate the administration ofCustomer's tradingand investment activity, Bankmay, butshallnotbe obliged to, enterintospotor forward foreignexchangecontractswithCustomer, oranAuthorizedPerson,and mayalso provide foreign exchange contractsand facilities throughits Affiliatesor Subcustodians.Instructions,includingstandinginstructions,maybe issuedwith

respect to such contracts, but Bank may establish rules or limitations concerning anyforeign exchange facilitymade available. Inall caseswhere Bank, its Affiliatesor Subcustodians enterintoamaster foreign exchange contractthatcoversforeignexchange transactionsfortheAccounts, theterms and conditions ofthat foreign exchange contract and, tothe extent not inconsistent,thisAgreement,shallapplytosuchtransactions.

3.INSTRUCTIONS

taking action) in accordance withthe instructions received by Bank, via telephone, telex, facsimile transmission, orotherteleprocessor electronic instructionortrade information system acceptabletoBank ("Instructions").

Bankshallhaveno responsibility forthe authenticity or propriety ofany Instructions thatBank believesingoodfaithtohavebeengivenby Authorized Personsorwhicharetransmittedwithpropertestingorauthentication pursuant totermsand conditions thatBankmay specify. Customer authorizes Bankto acceptandactuponanyInstructions receivedbyitwithout inquiry. Customer shall indemnifytheBank Indemnitees against, andholdeachofthem harmless from,anyLiabilities thatmaybeimposedon,incurredby,orasserted against theBank Indemnitees asaresultofanyactionoromissiontakenin accordance withany InstructionsorotherdirectionsuponwhichBankisauthorized torely underthetermsofthisAgreement.

     (b)Unlessotherwiseexpresslyprovided,allInstructionsshall continuein fullforceandeffectuntilcanceledorsuperseded.

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     (c)Bankmay(initssolediscretionandwithoutaffectinganypart ofthis Section 3.1)seek clarification or confirmation ofan Instruction ▇▇▇▇▇▇ Authorized Person andmay declinetoactuponan Instruction ifit doesnot receive clarification or confirmation satisfactory toit.Bankshall notbe liableforanylossarisingfromanydelaywhileitseekssuch clarificationor confirmation.

     (d)In executing or paying a payment order Bank may rely uponthe identifying number (e.g. Fedwire routing numberoraccount)ofany partyas instructedinthepaymentorder. Customerassumesfull responsibility forany inconsistency withinanInstruction betweenthenameandidentifying numberof anypartyinpaymentordersissuedtoBankinCustomer'sname.

     AnyInstructions deliveredtoBankbytelephoneshallpromptly thereafter beconfirmedinwritingbyan Authorized Person. Each confirmation istobe clearlymarked"Confirmation."Bankshallnotbeliableforhaving followedsuch Instructions notwithstanding thefailureofanAuthorized Personto sendsuch confirmation inwritingorthefailureofsuch confirmation toconform tothe telephone Instructions received. Bank shall notify Customer as soon as reasonably practicable ifBankdoesnotreceiveawritten confirmation orif such written confirmation fails to conform tothe telephone Instructions received. Either party may record anyoftheir telephonic communications.

Customershallcomplywithanysecurity procedures reasonablyrequired byBank fromtimetotimewithrespecttoverificationof Instructions. Customershall beresponsiblefor safeguarding anytestkeys, identification codes orother security devicesthatBankshallmake availabletoCustomerorany Authorized Person.

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     Bankneednotactupon Instructions whichit reasonably believes tobe contrarytolaw, regulation ormarket practice butshallbeunderno dutyto investigate whether any Instructions comply with Applicable Lawor market practice. Bankshallnotify Customerassoonasreasonably practicable ifit doesnotactuponInstructionsunderthisSection.

     Bankhas established cut-off timesfor receipt ofsome categories of Instruction, whichshallbemade available toCustomer. IfBank receivesan Instructionafteritsestablishedcut-offtime,itshallattempttoact uponthe Instruction ontheday requested ifBank deems it practicable to dosoor otherwiseassoonaspracticableonthenextbusinessday.

4.FEES,EXPENSESANDOTHERAMOUNTSOWINGTOBANK

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     Customer shallpayBankforitsservices hereunder thefeesset forthin Schedule2heretoorsuchother amountsasmaybeagreed uponin writing from timetotime.

     IfadebittoanycurrencyintheCashAccount resultsinadebit balance inthat currencythenBankmay,inits discretion, advanceanamount equalto theoverdraftandsuchanadvanceshallbedeemedaloantoCustomer, payableon demand, bearing interest atthe rate agreed by Customer andBank forthe Accountsfromtimetotime,or,intheabsenceofsuchanagreement,at therate chargedbyBankfromtimetotime,foroverdrafts incurredbycustomers similar

toCustomer,fromthedateofsuchadvancetothedateofpayment(both afteras wellasbefore judgment)andotherwiseonthetermsonwhichBankmakes similar advances availablefromtimetotime. Bankshallpromptly notify Customerof ▇▇▇▇▇▇ advance. Noprior action orcourseof dealing onBank's partwith respecttothesettlementoftransactionsonCustomer'sbehalfshallbe asserted byCustomeragainstBankforBank'srefusaltomakeadvancestotheCash Account orto settle any transaction for which Customer doesnothave sufficient availablefundsintheapplicablecurrencyintheAccount.

AssetsheldintheSecurities AccountofaparticularFundasshallhave afair market value equaltothe aggregate amountofall overdrafts of suchFund, together withaccrued interest, assecurityforanyandallamounts whichare noworbecome owingtoBankwith respecttothatFundunderany provision of thisAgreement,whetherornotmaturedorcontingent("Indebtedness"). Suchlien and security interest shall be effective onlyso long as such advance, overdraft, oraccruedinterestthereonremains outstandingandBank shallhave allthe rights and remedies ofasecured party undertheNewYork Uniform CommercialCodeinrespectoftherepaymentoftheadvance,overdraftor accrued interest.

     (b)BankshallbefurtherentitledtosetanysuchIndebtednessoff against anycashor deposit account ofaFundwithBankoranyofits Affiliates of whichtheFundisthe beneficial owner, regardlessofthecurrency involved.

BankshallnotifyCustomerinadvanceofanysuchcharge.

5.SUBCUSTODIANS,SECURITIESDEPOSITORIES,ANDOTHERAGENTS

     (a) Bankis authorized under this Agreement toact through andhold Customer'sGlobalAssetswithsubcustodians,beingatthedateofthis Agreement theentitieslistedinSchedule1and/orsuchotherentitiesasBankmay appoint assubcustodians("Subcustodians").Bankshallusereasonablecare, prudenceand diligenceintheselection

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andcontinued appointment ofsuch Subcustodians. Inaddition, Bank andeach Subcustodian maydeposit Global Assetswith, andholdGlobal Assets in,any securities depository, settlementsystem, dematerializedbookentry systemor similar system (together a "Securities Depository") onsuch terms assuch systems customarily operate and Customer shall provide Bank with such documentation or acknowledgements thatBankmay require toholdthe Global Assetsinsuchsystems.

     (b)AnyagreementBankentersintowitha Subcustodian forholding Bank's customers' assetsshallprovide that: (i)suchassetsshallnotbe subjectto anyright,charge,securityinterest,lienorclaimofanykindinfavor ofsuch Subcustodianoritscreditors, exceptaclaimofpaymentfortheirsafe custody oradministration or,inthecaseofcashdeposits, exceptforliensor rights infavorofcreditorsoftheSubcustodian arisingunderbankruptcy, insolvency orsimilar laws; (ii) beneficial ownership ofsuch assets shallbe freely transferable withoutthepaymentofmoneyorvalueotherthanforsafe custody or administration; (iii)adequate recordswillbemaintained identifyingthe assets as belonging to Customer orasbeing heldbyathird party forthe benefitofCustomer;(iv)CustomerandCustomer'sindependentpublic accountants willbegivenreasonableaccesstothoserecordsorconfirmationofthe contents ofthoserecords;and(v)Customerwillreceiveperiodicreportswith respectto

the safekeeping of Customer's assets, including, but not limited to, notification ofany transfer toorfrom Customer's accountora thirdparty accountcontainingassetsheldforthebenefitofCustomer.Wherea Subcustodian deposits Securities with a Securities Depository, Bank shall cause the Subcustodian toidentifyonitsrecordsas belonging toBank, as agent, the Securitiesshownonthe Subcustodian's accountatsuchSecurities Depository.

The foregoing shall not applytothe extent ofany special agreement or arrangementmadebyCustomerwithanyparticularSubcustodian.

     (c)Bankshallhaveno responsibility foranyactor omissionby (orthe insolvencyof)anySecurities Depository. IntheeventCustomer incurs aloss duetothe negligence, bad faith, willful misconduct, or insolvency ofa Securities Depository, Bankshallmake reasonable endeavorstoseek recovery fromtheSecuritiesDepository.

incurredbyCustomerthatresultfrom:

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care, prudenceanddiligenceinthemonitoringofaSubcustodian'sfinancial condition asreflectedinitspublishedfinancial statementsandotherpublicly available financial information concerning it, Bankshallnotbe responsible forthe insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian.

     (c)Bankreservestherighttoadd,replaceorremove Subcustodians. Bank shallgive Customer prompt noticeofanysuchaction, whichshallbe advance noticeifpracticable. UponrequestbyCustomer, Bankshallidentify thename, addressand principal placeofbusinessofany Subcustodian andthe nameand addressofthegovernmentalagencyorotherregulatoryauthoritythat supervises orregulatessuchSubcustodian.

parties.ThesethirdpartiesmaybeAffiliates.Excepttotheextent providedin Section5.2withrespecttoSubcustodians,Bankshallnotberesponsible forany lossasaresultofafailure byany brokeroranyother third party thatit selectsandretainsusingreasonablecaretoprovideancillaryservices, suchas pricing, proxy voting, and corporate action services, that it does not customarily provide itself. Nevertheless, Bank shall be liable for the performanceofanysuchservice provider selectedbyBankthatisan Affiliate tothesameextentasBankwouldhavebeenliableifitperformed such services itself.

     (b)Bankshallexecute transactions involving FinancialAssetsof United StatesoriginthroughabrokerwhichisanAffiliate(i)inthecaseof thesale under Section 2.8ofa fractional interestor(ii)ifan Authorized Person

directsBanktousetheaffiliatedbrokerorotherwiserequeststhatBank select abrokerforthat transaction, unless, ineithercase,theAffiliate doesnot executesimilartransactionsinsuchFinancialAssets.Theaffiliated brokermay chargeitscustomarycommission(orretainitscustomaryspread)with respectto eithersuchtransaction.

6.ADDITIONALPROVISIONSRELATINGTOCUSTOMER

authorityandpower,andhasobtainedallnecessaryauthorizationsand consents, todepositandcontrolthe Financial Assetsandcashinthe Accounts, touse Bankasits custodianin accordance withthetermsofthis Agreement andto incurindebtedness, pledgeFinancialAssetsascontemplatedbySection 4.3,and enterintoforeignexchangetransactions; and(ii)thisAgreementisits legal, validandbinding obligation, enforceableinaccordance withitsterms andit hasfull

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powerandauthoritytoenterintoandhastakenallnecessary corporate action toauthorize theexecutionofthis Agreement. Bankmayrelyuponthe aboveor the certification ofsuchotherfactsasmayberequiredtoadminister Bank's obligationshereunder.

     (b)Bank represents andwarrantstoCustomer thatthis Agreement isits legal, validandbinding obligation, enforceableinaccordancewith itsterms andithasfullpowerand authority toenterintoandhastakenall necessary corporateactiontoauthorizetheexecutionofthisAgreement.Customer mayrely upontheaboveorthe certification ofsuchother factsasmaybe requiredto administerCustomer'sobligationshereunder.

     Uponrequest, Customer shall promptly providetoBanksuch information aboutitselfanditsfinancialstatusasBankmayreasonablyrequest, including Customer's organizational documents andits current audited and unaudited financialstatements.

6.3 CustomerisLiabletoBankEvenifitisActingforAnother Person.

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     IfCustomerisactingasanagentforadisclosedorundisclosed principalinrespectofanytransaction,cash,orFinancialAsset,Bank neverthelessshalltreatCustomerasitsprincipalforallpurposesunder this Agreement.Inthisregard,CustomershallbeliabletoBankasa principalin respectofanytransactionsrelatingtotheAccount.Theforegoingshall not affectanyrightsBankmighthaveagainstCustomer'sprincipal.

     This AgreementisexecutedonbehalfoftheBoardofTrusteesof eachFund asTrusteesandnot individually andtheobligationsofthisAgreement arenot bindinguponanyoftheTrusteesor shareholders individually butare binding onlyupontheassetsandpropertyoftheFunds. Withrespecttothe obligations ofeachFundarising hereunder, Bankshalllookforpaymentor satisfactionof anysuch obligation solelytotheassetsoftheFundtowhichsuch obligation relatesasthoughBankhadseparately contractedbyseparatewritten instrument withrespecttoeachFund.

7.WHENBANKISLIABLETOCUSTOMER

     (a)Bankshallusereasonablecareinperformingitsobligations underthis Agreement. BankshallnotbeinviolationofthisAgreementwithrespect toany matterastowhichithassatisfieditsobligationofreasonablecare.

     (b)Bankshallbeliablefor Customer's directdamagestothe extentthey resultfromBank'snegligence,badfaithorwillfulmisconductin performingits dutiesassetoutin

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<PAGE>

thisAgreementandtotheextentprovidedforinSection 5.2(a). Nevertheless, underno circumstances shall Bankbe liable forany indirect, incidental, consequentialorspecialdamages(including, withoutlimitation, lost profits) ofanyformincurredbyanyperson,whetherornotforeseeableand regardlessof thetypeofactioninwhich suchaclaimmaybe brought, with respect tothe AccountsorBank'sperformancehereunderoritsroleascustodian.

     (c)CustomershallindemnifytheBank Indemnitees against, and holdthem harmlessfrom,any Liabilities thatmaybeimposedon,incurredbyor asserted againstanyoftheBank Indemniteesinconnectionwithorarisingoutof Bank's performance underthisAgreement, providedtheBankIndemniteeshave notacted with negligence orbadfaithor engaged infraudor willful misconduct in connectionwiththeLiabilitiesinquestion.Nevertheless,Customershall notbe obligatedtoindemnifyanyBank Indemnitee underthe preceding sentencewith respecttoany Liability forwhichBankisliable under Section 5.2 ofthis Agreement.

     (d)Without limiting Subsections 7.1(a),(b)or(c),Bankshall haveno dutyorresponsibilityto:(i)question Instructionsormakeany suggestionsto CustomeroranAuthorized PersonregardingsuchInstructionsthatBank believes ingoodfaithtohavebeengivenbyAuthorized Personsorwhichare transmitted

withpropertestingorauthenticationpursuanttotermsandconditions thatBank mayspecify; (ii)superviseormakerecommendationswithrespectto investments orthe retentionofFinancial Assets; (iii)advise Customeroran Authorized Person regarding any default inthe paymentof principal orincome ofany security otherthanas provided in Section 2.7(b)ofthis Agreement; (iv) evaluateorreporttoCustomeroranAuthorized Person regardingthe financial condition ofanybroker, agentorotherpartytowhichBankis instructed to deliver FinancialAssetsorcash;or(v)exceptfortradessettledat DTCwhere thebroker providesDTCtrade confirmation andCustomer providesfor Bankto receivethetradeinstruction, revieworreconciletradeconfirmations received frombrokers(andCustomeroritsAuthorizedPersonsissuing Instructionsshall bearanyresponsibilitytoreviewsuchconfirmationsagainstInstructions issued toandstatementsissuedbyBank).

     Bankshallmaintainandupdatefromtimetotimebusiness continuationand disasterrecoveryprocedureswithrespecttoitsglobalcustodybusiness thatit determinesfromtimetotimemeetreasonable commercial standards. Bankshall havenoliability, however, foranydamage,lossorexpenseofany naturethat Customermaysufferorincur, causedbyanactofGod, fire, flood, civilor labordisturbance,war,actofanygovernmentalauthorityorotheractor threat ofany authority (dejureorde facto), legal constraint, fraudor forgery (exceptbyBankorBank Indemnitees), malfunction of equipment or software (excepttotheextent such malfunction is primarily attributable to Bank's negligence, orwillful misconductin maintaining theequipmentor software), failureofortheeffectofrulesoroperationsofanyexternal funds transfer system, inability to obtain or interruption of external communications

facilities, oranycause beyond the reasonable control ofBank (including withoutlimitation,thenon-availabilityofappropriateforeign

16

<PAGE>

exchange).BankshallendeavortopromptlynotifyCustomerwhenit becomesaware ofanysituationoutlinedabove,butshallnotbeliableforfailureto doso.

     Bank shall be entitled torely on, andmayact upon the advice of professional advisers in relation to mattersoflaw, regulation or market practice(whichmaybetheprofessionaladvisersofCustomer), andshall notbe liabletoCustomerforanyaction reasonably takenoromittedpursuant tosuch advice.

7.4 BankProvidesDiverseFinancialServicesandMayGenerate Profitsas

• ----------------------------------------------------------------

• a Result.
  ---------

     Customer acknowledges that Bankorits Affiliates mayhavea material interestintransactionsenteredintobyCustomerwithrespecttothe Accountor that circumstancesaresuchthatBankmayhaveapotential conflictof dutyor interest. Forexample, BankoritsAffiliatesmayactasamarketmaker inthe FinancialAssetstowhich Instructions relate, providebrokerage servicesto other customers, actas financial adviser tothe issuerofsuch Financial Assets,actinthesametransactionasagentformorethanonecustomer, havea materialinterestintheissueoftheFinancialAssets,orearnprofits fromany oftheseactivities.CustomeracknowledgesthatBankoritsAffiliates maybein possessionofinformationtendingtoshowthattheInstructionsreceived maynot beinthebestinterestsofCustomer.Bankisnotunderanydutyto discloseany

suchinformation.

8.TAXATION

received orcredited totheCash Accountanytaxesorlevies required byany revenueor governmental authorityforwhateverreasoninrespectof Customer's Accounts.

     (b)IfBankdoesnotreceive appropriate declarations, documentationand information thenadditional UnitedKingdomtaxationshallbededucted fromall income receivedinrespectoftheFinancial Assets issued outsidethe United Kingdom(whichshallforthispurposeincludeUnitedKingdom Eurobonds) andany applicableUnitedStatestax(including, butnotlimitedto,non-residentalien tax)shallbedeductedfromUnitedStatessourceincome. Customershall provide toBanksuchcertifications,documentation,andinformationasitmay requirein connection withtaxation, andwarrantsthat,whengiven, this informationis trueandcorrectinevery respect, notmisleadinginanyway,and containsall material information. Customer undertakestonotifyBank immediately ifany informationrequiresupdatingorcorrecting.

     (c)Customershallberesponsible forthepaymentofalltaxes relatingto the Financial Assets inthe Securities Account, and Customer shall pay, indemnifyandholdBank

17

<PAGE>

harmless fromand against anyandall liabilities, penalties, interest or additionstotaxwithrespecttoorresultingfrom,anydelayin,or failureby, Bank(1)topay, withholdorreportanyU.S. federal, stateorlocal taxesor

foreign taxesimposedon,or(2)toreport interest, dividendorother income paidorcreditedtotheCash Account, whethersuchfailureordelayby Bankto pay,withholdorreporttaxorincomeistheresultof(x)Customer's failureto complywiththetermsofthis paragraph, or(y)Bank'sownactsor omissions; provided however, Customer shall notbeliable toBankforany penalty or additionstotaxdueasaresultofBank's failuretopayorwithhold taxorto report interest, dividendorotherincomepaidorcreditedtotheCash Account solelyasaresultofBank'snegligentactsoromissions.

reduction of withholding taxandanyrefundofanytaxpaidortax creditsin respectofincome payments on Financial Assets credited tothe Securities AccountthatBankbelievesmaybeavailable.

     (b)Theprovisionofataxreclamation servicebyBankis conditionalupon

Bank receiving from Customer(i)a declaration ofitsidentityand placeof residence and(ii)certainother documentation (proformacopiesof whichare available from Bank). If Financial Assets credited to the Account are beneficially ownedbysomeoneotherthanCustomer, this information shallbe necessarywithrespecttothebeneficialowner. Customeracknowledges thatBank shallbeunabletoperformtax reclamation services unlessit receives this information.

     (c)Bank shall perform tax reclamation services onlywith respectto taxationleviedbytherevenue authoritiesofthecountriesadvisedto Customer fromtimetotimeandBankmay, by notification inwriting, inits absolute discretion, supplement oramendthe countries inwhich thetax reclamation servicesareoffered. OtherthanasexpresslyprovidedinthisSection 8.2Bank

shallhavenoresponsibilitywithregardtoCustomer'staxpositionor statusin anyjurisdiction.

     (d)Customer confirmsthatBankisauthorizedtodiscloseany information requestedbyanyrevenue authorityoranygovernmental bodyinrelation tothe processingofanytaxreclaim.

9.TERMINATION

EitherpartymayterminatethisAgreementonsixtydays'notice

in writingtotheotherparty.IfCustomergivesnoticeoftermination,it must providefulldetailsofthepersonstowhomBankmustdeliverFinancial Assets andcash.IfBankgivesnoticeoftermination,thenCustomermust,within sixty daysfollowingreceiptofthenotice,notifyBankofdetailsofitsnew custodian,failingwhichBankmayelect(atanytimeaftersixtydays following Customer'sreceiptofthenotice)eithertoretaintheFinancialAssets andcash untilsuchdetailsaregiven,continuingtochargefeesdue(inwhich case Bank'ssoleobligationshallbeforthesafekeepingoftheFinancial Assetsand cash),ordelivertheFinancialAssetsandcashtoCustomer.Bankshall inany eventbeentitledtodeductanyuncontestedamountsowingtoitpriorto deliveryoftheFinancialAssetsandcash(and,accordingly,Bankshall be

18

<PAGE>

entitledtodeductcashfromtheCashAccountinsatisfactionof uncontested amountsowingtoit).CustomershallreimburseBankpromptlyforall out-of-pocketexpensesitincursindeliveringFinancialAssetsupon termination byCustomer.Terminationshallnotaffectanyoftheliabilitieseither party owestotheotherarisingunderthisAgreementpriortosuchtermination.

10.MISCELLANEOUS

10.1 Notices.

• --------

     Notices (otherthan Instructions) shallbeservedbyregistered mailor handdeliverytotheaddressofthe respective partiesassetouton thefirst pageofthis Agreement, unless noticeofanew addressisgivento theother partyin writing. Notice shallnotbe deemedtobegiven unlessit hasbeen received.

     This Agreement shallbebindingoneachofthe parties' successors and assigns, butthe parties agreethat neither partycanassignits rightsand obligations underthisAgreementwithoutthepriorwrittenconsentof theother party,whichconsentshallnotbeunreasonablywithheld.

     Headings are for convenience only and are not intended to affect interpretation. References tosectionsaretosectionsofthis Agreement and referencesto sub-sections andparagraphsareto sub-sectionsofthe sections andparagraphsofthesub-sectionsinwhichtheyappear.

separate agreement whichBankand Customermayenterintowithrespect toany CashAccount), setsouttheentireAgreement betweenthepartiesin connection withthesubject matter, andthisAgreement supersedes anyother agreement, statement, or representation relating tocustody, whether oralor written.

Amendmentsmustbeinwritingandsignedbybothparties.

Protection Scheme (the "Scheme") established under Banking ▇▇▇ ▇▇▇▇ (as amended). TheSchemeprovidesthatintheeventofBank's insolvency payments maybemadetocertain customersofBank'sLondon Branch. Payments underthe Schemeare limitedto90%ofa depositor's totalcash deposits subjecttoa maximum paymenttoanyone depositor of (pound)18,000 (or 20,000 eurosif greater).MostdepositsdenominatedinsterlingandotherEuropean EconomicArea Currencies andeuros madewithBank withintheUnited Kingdom are covered.

FurtherdetailsoftheSchemeareavailableonrequest.

     (b)IntheeventthatBankincursaloss attributabletoCountry Riskwith respecttoanycashbalanceitmaintainsondepositata Subcustodian orother correspondent bankinregardtoitsglobal custodyortrust businesses inthe countrywheretheSubcustodianorothercorrespondentbankislocated, Bankmay setsuchlossoffagainst Customer's CashAccounttotheextentthat suchloss isdirectlyattributabletoCustomer'sinvestmentsinthatmarket.

     Thepartiesheretoagreethateachshalltreatconfidentiallythe termsand conditionsofthisAgreementandall information providedbyeachparty tothe other regarding its businessand operations. All confidential information providedbyaparty shallbeusedbytheotherparty solelyforthe purposeof

renderingorobtainingservicespursuanttothisAgreement,andexceptas maybe requiredincarrying outthis Agreement, shallnotbe disclosedto anythird partywithoutthepriorconsentofsuchprovidingparty.Theforegoing shallnot beapplicabletoany information thatispublicly available when providedor thereafter becomes publicly available other than through abreach ofthis provision, or that is required tobe disclosed byor to any regulatory authority, any external or internal accountant, auditororcounsels ofthe parties, byjudicialoradministrative processorotherwiseby applicablelaw, ortoany disclosure madebyapartyifsuchparty's counselhas advisedthat such party could be liable under any applicable laworany judicial or administrativeorderorprocessforfailuretomakesuchdisclosure.

Bankshallnotberequiredtomaintainanyinsurancecoverage

forthe
benefitofCustomer.

20

<PAGE>

     ThisAgreementshallbeconstrued, regulated, andadministered underthe lawsoftheUnitedStatesorStateofNewYork,asapplicable,without regardto NewYork's principles regarding conflictoflaws.TheUnitedStates District Courtforthe Southern DistrictofNewYorkshallhavethesoleand exclusive jurisdiction overany lawsuit orother judicial proceeding relating toor arising from this Agreement. Ifthat court lacks federal subject matter jurisdiction, theSupremeCourtoftheStateofNewYork,NewYork Countyshall havesoleandexclusive jurisdiction. Eitherofthesecourtsshallhave proper

venueforanysuch lawsuitorjudicial proceeding, andtheparties waiveany objectiontovenueortheir convenienceasaforum.Thepartiesagreeto submit tothe jurisdiction ofanyofthecourts specified andtoaccept serviceof processtovest personal jurisdiction overtheminanyofthese courts. The partiesfurtherherebyknowingly, voluntarilyand intentionally waive, tothe fullest extent permittedbyapplicable law,anyrighttoatrialby jurywith respecttoanysuchlawsuitorjudicial proceeding arisingorrelating tothis Agreementorthetransactionscontemplatedhereby.Customercertifies thatitis a resident ofthe United States andshall notify Bankofany changes in residency. Bankmayrelyuponthis certificationorthe certification ofsuch otherfactsasmaybe required to administer Bank's obligations hereunder.

CustomershallindemnifyBankagainstalllosses, liability, claimsor demands arisingdirectlyorindirectlyfromanysuchcertifications.

orunenforceableinanyrespectonthebasisofanyparticular circumstancesor inanyjurisdiction,thevalidity,legalityandenforceabilityofsuch provision orprovisions underother circumstancesorinother jurisdictions and ofthe remainingprovisionsshallnotinanywaybeaffectedorimpaired.

     (b)Exceptasotherwiseprovidedherein,nofailureordelayonthe partof eitherpartyinexercising anypowerorright hereunder operatesasa waiver, nordoesanysingleorpartialexerciseofanypowerorrightpreclude anyother orfurtherexercise,▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇ waiverbya partyofanyprovisionofthisAgreement,orwaiverofanybreachor default,is effective unlessinwritingandsignedbytheparty againstwhomthe waiveris tobeenforced.

[Section10.10followsonnextpage]

21

<PAGE>

     ThisAgreementmaybeexecutedinseveralcounterparts,eachof whichshall bedeemedtobean original and together shall constitute oneand thesame agreement.

     INWITNESS WHEREOF, thepartiesheretohaveexecutedthis Agreementasof thedatefirstwrittenabove.

     Eachofthe open-end investment companies listed onExhibit1(eacha "Trust")

By:/s/RobertD.▇▇▇▇▇▇▇ Title: AssistantTreasurer Date: June25,2001

THECHASEMANHATTANBANK

By:/s/▇▇▇▇▇▇.▇▇▇▇▇▇,Jr.
Title: VicePresident
Date: June28,2001

22

<PAGE>

EXHIBIT1

EACHVANGUARD REGISTERED INVESTMENTCOMPANY(ANDTHEIRFUNDS)THATIS ENTERING

INTOTHEAMENDEDANDRESTATEDGLOBALCUSTODY AGREEMENTWITHTHECHASE

MANHATTAN

BANKANDDATEDASOFJUNE25,2001

VanguardBondIndexFunds VanguardIntermediate-TermBondIndexFund VanguardLong-TermBondIndexFund VanguardShort-TermBondIndexFund VanguardTotalBondMarketIndexFund

VanguardFixedIncomeSecuritiesFunds VanguardGNMAFund VanguardHigh-YieldCorporateFund VanguardInflationProtectedSecuritiesFund VanguardLong-TermCorporateFund

VanguardIndexFunds Vanguard500IndexFund VanguardGrowthIndexFund VanguardSmall-CapIndexFund VanguardTotalStockMarketIndexFund VanguardValueIndexFund

VanguardSpecializedFunds VanguardHealthCareFund VanguardPreciousMetalsFund

VanguardSTARFunds VanguardDevelopedMarketsIndexFund VanguardInstitutionalDevelopedMarketsIndexFund VanguardLifeStrategyConservativeGrowthFund VanguardLifeStrategyGrowthFund VanguardLifeStrategyIncomeFund VanguardLifeStrategyModerateGrowthFund

VanguardTax-ManagedFunds VanguardTax-ManagedBalancedFund VanguardTax-ManagedCapitalAppreciationFund VanguardTax-ManagedGrowthandIncomeFund VanguardTax-ManagedSmall-CapFund

23

<PAGE> VanguardWellesleyIncomeFund VanguardWellingtonFund

VanguardWorldFunds VanguardInternationalGrowthFund

24

<PAGE>

     InvestmentCompanyRidertoAmendedandRestatedGlobalCustody Agreement

     BetweenTheChaseManhattanBankand CertainOpen-EndManagementInvestmentCompaniesListedonExhibit

1

oftheAgreement

Thefollowing modificationsaremadetotheAgreement. Totheextent thereare any inconsistencies betweenthetermsinthisInvestmentCompanyRider andthe termsintheAgreement,thetermsinthisInvestmentCompanyRidershall govern.

A.AddanewSection2.17totheAgreementasfollows:

     "2.17. Compliance with SecuritiesandExchange Commission ("SEC")rule 17f-5("rule17f-5").

     (a) Customer's board of directors (or equivalent body) (hereinafter `Board')herebydelegatestoBank,and,exceptastothecountryor countriesas towhichBankmay, fromtimetotime, advise Customerthatitdoesnot accept suchdelegation, Bankherebyacceptsthedelegationtoit,ofthe obligationto performasCustomer's`ForeignCustodyManager'(asthattermisdefined inrule 17f-5(a)(3)aspromulgatedundertheInvestment CompanyActof1940,as amended ("1940 Act")), includingforthepurposesof:(i)selecting Eligible Foreign Custodians(asthattermisdefinedinSECrule17f-5(a)(1),andasthe samemay beamendedfromtimetotime,orthathaveotherwise beenexempted pursuantto anSEC exemptive order) tohold foreign Financial Assets and cash, (ii) evaluatingthecontractual arrangements withsuchEligibleForeign Custodians (assetforthinSECrule 17f-5(c)(2)), (iii) monitoringsuchforeign custody arrangements(assetforthinrule17f-5(c)(3)).

ofthe

placement of Financial Assets andcash with

particular

changein

Custodians,with

atsuch

basedon

Eligible Foreign Custodiansandofanymaterial thearrangementswithsuchEligibleForeign such reportstobe provided to Customer's Board timesastheBoarddeemsreasonableandappropriate thecircumstancesofCustomer'sforeigncustody

arrangements

     (anduntil further noticefromCustomersuch reportsshall be provided notlessthan annually with respect tothe placement of Financial Assets andcash with particular EligibleForeign Custodiansandwithreasonable promptness upon the occurrence of any material change in the arrangementswithsuchEligibleForeignCustodians);

     (ii)exercise such reasonable care, prudenceand diligencein performingasCustomer'sForeignCustodyManagerasa person having responsibility for the safekeeping of foreign FinancialAssetsandcashwouldexercise;

<PAGE>

     (iii)in selecting an Eligible Foreign Custodian, firsthave determinedthatforeignFinancialAssetsandcash placedand maintained inthe safekeeping of such Eligible Foreign Custodianshallbesubjecttoreasonable care,based onthe standards applicabletocustodiansintherelevant market, after having considered all factors relevant to the safekeeping ofsuch foreign Financial Assets and cash, including, without limitation, thosefactorsset forthin

SECrule17f-5(c)(1)(i)-(iv);

Foreign

Custodianshall

Assetsand

inthe

those

CustodianrequiresthattheEligibleForeign provide reasonable careforforeign Financial cashbasedonthestandards applicabletocustodians relevant market, including, without limitation, factorssetforthinSECrule17f-5(c)(1)(i)-(iv).

continued appropriatenessofmaintaining foreignFinancial Assetsand cashwithparticular EligibleForeignCustodiansand ofthe governing contractual arrangements; itbeing understood, however, thatintheeventthatBankshallhave determined thatthe existing Eligible Foreign Custodian in agiven countrywouldnolongeraffordforeign Financial Assetsand cash reasonable careandthatno other Eligible Foreign Custodianinthatcountrywouldaffordreasonable care,Bank shall promptly soadvise Customer andshall then actin accordancewiththeInstructionsofCustomerwith respectto thedispositionoftheaffectedforeignFinancial Assetsand cash.

     (c)Subjectto (b)(i)-(v) above, Bankishereby authorizedto placeand maintain foreign FinancialAssetsandcashonbehalfofCustomerwith Eligible Foreign Custodians pursuanttoawrittencontractdeemed appropriate byBank.

Eachsuch contract shall, exceptassetforthinthelast paragraph ofthis subsection(c),includeprovisionsthatprovide:

toany anykind creditors, custody or rightsin Custodian

willbe

orvalue

(iii)That beneficial ownership of Customer's Assets freely transferable without thepaymentofmoney otherthanforsafecustodyoradministration;

2

<PAGE>

     (iv)Thatadequaterecordswillbemaintainedidentifying Customer's AssetsasbelongingtoCustomerorasbeingheldbyathird partyfor thebenefitofCustomer;

(v)ThatCustomer'sindependentpublicaccountantswillbegiven

access

tothoserecordsdescribedin(iv)aboveorconfirmationofthe contentsofthoserecords;and

(vi)ThatCustomerwillreceivesufficientandtimelyperiodic

reports

withrespecttothesafekeepingofCustomer'sAssets,including,

but notlimitedto,notificationofanytransfertoorfrom Customer's accountorathirdpartyaccountcontainingAssetsheldforthe benefit

ofCustomer.

     Such contract may contain, in lieu ofany or allofthe provisions specifiedinthis subsection (c),suchother provisions thatBank determines will provide, in their entirety, the sameora greater levelof careand protectionforCustomer'sAssetsasthespecifiedprovisions,intheir entirety.

     (d) Except as expressly provided herein, Customer shall be solely responsibletoassurethatthemaintenanceofforeign FinancialAssets andcash hereundercomplieswiththerules, regulations, interpretations and exemptive ordersaspromulgatedbyorundertheauthorityoftheSEC.

     (e)Bank represents toCustomerthatitisaU.S.Bankasdefined inRule 17f-5(a)(7). CustomerrepresentstoBankthat:(1)theforeignFinancial Assets andcashbeingplacedand maintainedinBank's custodyaresubjectto the1940 Act,asthesamemaybeamendedfromtimetotime; (2)itsBoardhas determined thatitisreasonabletorelyonBanktoperformasCustomer's Foreign Custody Manager; and(3)itsBoardoritsinvestmentadvisershallhave determinedthat CustomermaymaintainforeignFinancialAssetsandcashineachcountry inwhich Customer's Financial Assetsandcashshallbeheldhereunderand determinedto accept CountryRisk. Nothing contained hereinshallrequireBankto makeany selectionortoengageinanymonitoringonbehalfofCustomerthatwould entail considerationofCountryRisk.

     (f)Bankshall providetoCustomer such information relatingto Country RiskasisspecifiedinAppendix1hereto. Customerhereby acknowledges that: (i)suchinformationissolelydesignedtoinformCustomerofmarket conditions andproceduresandisnotintendedasa recommendation toinvestornot invest inparticular markets; and(ii)Bankhasgatheredtheinformationfrom sources it considers reliable, but that Bank shall have no responsibility for inaccuracies or incomplete information, provided that Bank transmits the informationusingreasonablecare.

B.AddanewSection2.18totheAgreementasfollows:

     3 <PAGE>

2.18.CompliancewithSECrule17f-7("rule17f-7").

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

     (a)Bankshall,for considerationbyCustomer, provideananalysis ofthe custodyrisksassociatedwithmaintaining Customer'sFinancialAssets witheach Eligible Securities Depository usedbyBankasofthedatehereof(or, inthe caseofan Eligible Securities Depository not used byBankasof the date hereof, priortotheinitial placementofCustomer's FinancialAssets atsuch Depository) andatwhich any Financial Assets of Customer areheld orare expected tobeheld. The foregoing analysis willbeprovidedto Customerat Bank'sWebsite.Inconnectionwiththeforegoing, Customershallnotify Bankof any Eligible Securities Depositories atwhichitdoesnotchooseto haveits Financial Assetsheld. Bankshall monitorthecustodyrisks associated with maintaining Customer's Financial Assets at each such Eligible Securities Depository ona continuing basisandshall promptly notify Customer orits investmentadviserofanymaterialchangesinsuchrisks.

     (b) Bank shall exercise reasonable care, prudence and diligence in performingtherequirementssetforthinSection2.18(a)above.

     (c)Basedontheinformation availabletoitintheexerciseof diligence, Bankshalldeterminetheeligibility underrule17f-7ofeachdepository before including iton Schedule3heretoandshall promptly advise Customer ifany Eligible Securities Depository ceasestobe eligible. (Eligible Securities Depositories usedbyBankasofthedate hereof aresetforthin Schedule 3 hereto,andasthesamemaybeamendedonnoticetoCustomerfromtimeto time.)

     C.Addthe following afterthefirst sentence ofSection 5.1(a) ofthe Agreement: "AttherequestofCustomer,Bankmay,butneednot,addto Schedule 1an Eligible Foreign Custodian whereBankhasnotactedasForeign Custody Managerwithrespecttotheselectionthereof.BankshallnotifyCustomer inthe eventthatitelectstoaddanysuchentity."

     D.AddthefollowinglanguageasSections5.1(d)and(e)ofthe Agreement:

definedin

SECrule17f-5(a)(7);

(i)a

incorporated or

United

country's

majority-owned

holding

organizedunder

States. In

banking institution or trust company, organized underthelawsofacountryotherthanthe States, that is regulated as such by that governmentoranagencythereof, and(ii)a directorindirectsubsidiaryofaU.S.Bankorbank companywhich subsidiaryisincorporatedor thelawsofa country other thanthe United addition, anEligibleForeignCustodianshallalso

meanany

otherentitythat

4

<PAGE>

     shallhavebeenso qualifiedby exemptive order, ruleor otherappropriateactionoftheSEC.

     (iii)For purposes of clarity, itis agreed that as usedin Section5.2(a), thetermSubcustodianshallnot includeany EligibleForeignCustodianastowhichBankhasnot actedas ForeignCustodyManager.

     (e)Theterm `securities depository' asusedhereinwhen referringtoa securitiesdepositorylocatedoutsidetheU.S.shallmean:

     an"Eligible Securities Depository" which,in turn,shall havethesamemeaningasinrule 17f-7(b)(1)(i)-(vi) asthe

otherwise

order;

rule17f-7

"securities

samemaybeamendedfromtimetotime,orthathas been made exempt pursuant to an SEC exemptive providedthat, priortothecompliancedatewith foraparticular securitiesdepositorytheterm depository"shallbeasdefinedin (a)(1)(ii)-(iii)

ofthe

1997amendmentstorule17f-5.

toa securitiesdepositorylocatedintheU.S.shallmeana"securities depository" asdefinedinSECrule17f-4(a).

5

<PAGE>

Appendix1

InformationRegardingCountryRisk
----------------------------------

     1.ToaidCustomerinitsdeterminationsregardingCountryRisk, Bankshall furnish annuallyandupontheinitialplacingofFinancialAssetsand cashinto acountrythefollowinginformation(checkitemsapplicable):

books

andrecordskeptbyaneligibleforeigncustodian

locatedin

thatcountry.

Customer's

abilitytorecoveritsFinancialAssetsandcashinthe eventofthebankruptcyofanEligibleForeign

Custodian

locatedinthatcountry.

Customer'sabilitytorecoverFinancialAssetsthatare

lost

whileunderthecontrolofanEligibleForeign

Custodian

locatedinthecountry.

restrictions,(iii)foreignexchange,(iv)securitiessettlement

and registration,(v)taxation,and(vi)depositories(including depository evaluation),ifany.

     2.ToaidCustomerinmonitoring CountryRisk,Bankshallfurnish Customer thefollowingadditionalinformation:

     Market flashes, including withrespecttochangesinthe informationin marketreports.

<PAGE>

DOMESTICANDGLOBAL
SPECIALTERMSANDCONDITIONSRIDER
----------------------------------

     CorporateActionsandProxiesthroughTheDepositoryTrustCompany ("DTC") --------------------------------------------------------------------------

WithrespecttoFinancial AssetsheldatDTC,the following provisions shall apply rather than the pertinent provisions of Sections 2.10-2.11 ofthe Agreement:

     Bankshall sendto Customer orthe Authorized Personfora Securities

Account, suchproxies(signedinblank,ifissuedinthenameofBank's nominee orthe nomineeofacentral depository) and communications with respectto FinancialAssetsintheSecuritiesAccountascallforvotingorrelate tolegal proceedings withinareasonable timeafter sufficient copiesare receivedby Bankfor forwarding toits customers. Inaddition, Bankshallfollow coupon payments, redemptions, exchangesorsimilar matterswithrespectto Financial AssetsintheSecurities Accountandadvise CustomerortheAuthorized Person forsuch Accountofrights issued, tender offersoranyother discretionary rightswithrespecttosuch Financial Assets, ineachcase,ofwhich Bankhas receivednoticefromtheissueroftheFinancial Assets, orastowhich notice ispublishedinpublicationsroutinelyutilizedbyBankforthispurpose.

<PAGE>

Correspondentbanksarelistedforinformationonly.

April11,2001

Correspondentbanksarelistedforinformationonly.

April11,2001

ITALY

BNPPARIBASS.A.

ChaseManhattanBankAG

COUNTRY

SUB-CUSTODIAN

CORRESPONDENTBANK

• ------------- ------------------

*RESTRICTEDSERVICEONLY.PLEASECONTACTYOURRELATIONSHIPMANAGER

FORFURTHERINFORMATION.*

*RESTRICTEDSERVICEONLY.PLEASECONTACTYOURRELATIONSHIPMANAGER

FORFURTHERINFORMATION.*

12of14

<PAGE>

*RESTRICTEDSERVICEONLY.PLEASECONTACTYOURRELATIONSHIPMANAGER

FORFURTHERINFORMATION.*

• ------------- ------------------

[LOGO]
JPMORGAN
SECURITIESDEPOSITORIES

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------COUNTRY DEPOSITORY

INSTRUMENTS --------------------------------------------------------------------------------------------------------------------<S> <C> <C> Argentina CVSA

Equity,CorporateDebt,GovernmentDebt (CajadeValoresS.A.) --------------------------------------------------------------------------------------------------------------------Argentina CRYL

GovernmentDebt

     (CentraldeRegistrationyLiquidacionde InstrumentosdeEndeudamientoPublico) --------------------------------------------------------------------------------------------------------------------

Semi-GovernmentDebt --------------------------------------------------------------------------------------------------------------------Australia CHESS

Equity

     (ClearingHouseElectronicSub-registerSystem) --------------------------------------------------------------------------------------------------------------------Australia RITS

GovernmentDebt

     (ReserveBankofAustralia/ReserveBank InformationandTransferSystem) --------------------------------------------------------------------------------------------------------------------Austria OeKB

Equity,CorporateDebt,GovernmentDebt (OesterreichischeKontrollbankAG) --------------------------------------------------------------------------------------------------------------------Belgium CIK

Equity,CorporateDebt

     (CaisseInterprofessionnelledeDepotsetde VirementsdeTitresS.A.) --------------------------------------------------------------------------------------------------------------------▇▇▇▇▇▇▇ ▇▇▇

CorporateDebt,GovernmentDebt (NationalBankofBelgium) --------------------------------------------------------------------------------------------------------------------Brazil CBLC

Equity

     (CompanhiaBrasileiradeLiquidacaoeCustodia) --------------------------------------------------------------------------------------------------------------------

     (CentraldeCustodiaeLiquidacaoFinanciera deTitulosPrivados) --------------------------------------------------------------------------------------------------------------------Brazil SELIC

GovernmentDebt

     (SistemaEspecialdeLiquidacaoeCustodia) --------------------------------------------------------------------------------------------------------------------Bulgaria BNB

GovernmentDebt

     (BulgariaNationalBank) --------------------------------------------------------------------------------------------------------------------

     (CentralDepositoryA.D.) --------------------------------------------------------------------------------------------------------------------Canada CDS

Equity,Corporate,GovernmentDebt (TheCanadianDepositoryforSecurities Limited) --------------------------------------------------------------------------------------------------------------------</TABLE>

This document isfor information onlyandisdesignedtokeepyou abreastof marketconditionsandprocedures.Thisdocumentisintendedneitherto influence your investment decisionsnortoamendorsupplement anyagreement governing your relations with ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇. ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ has gathered the information from a source it considers reliable, however, it cannot be responsible for inaccuracies, incomplete information or updating of the informationfurnishedhereby.

     April 19,2001

1

<PAGE>

[LOGO]
JPMORGAN
SECURITIESDEPOSITORIES

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------COUNTRY DEPOSITORY

INSTRUMENTS --------------------------------------------------------------------------------------------------------------------<S> <C> <C> --------------------------------------------------------------------------------------------------------------------Chile DCV

Equity,CorporateDebt,GovernmentDebt

     (DepositoCentraldeValoresS.A.) --------------------------------------------------------------------------------------------------------------------China,Shanghai SSCCRC

Equity

     (ShanghaiSecuritiesCentralClearingand RegistrationCorporation) --------------------------------------------------------------------------------------------------------------------China,Shenzhen SSCC

Equity

     (ShenzhenSecuritiesClearingCompany,Limited) --------------------------------------------------------------------------------------------------------------------Colombia DCV

GovernmentDebt

     (DepositoCentraldeValores) --------------------------------------------------------------------------------------------------------------------Colombia DECEVAL

Equity,CorporateDebt,GovernmentDebt (DepositoCentralizadodeValoresdeColombia S.A.) --------------------------------------------------------------------------------------------------------------------Croatia SDA

Equity,GovernmentDebt

     (CentralDepositoryAgencyInc.-Stredisnja depozitarnaagencijad.d.) --------------------------------------------------------------------------------------------------------------------Croatia MinistryofFinanceoftheRepublicofCroatia Short-termdebtissuedbytheMinistryof

Finance. --------------------------------------------------------------------------------------------------------------------Croatia CNB

Short-termdebtissuedbytheNational (CroatianNationalBank) BankofCroatia. --------------------------------------------------------------------------------------------------------------------CzechRepublic SCP

Equity,CorporateDebt,GovernmentDebt (Strediskocennychpapiru) --------------------------------------------------------------------------------------------------------------------CzechRepublic CNB

GovernmentDebt

     (CzechNationalBank) --------------------------------------------------------------------------------------------------------------------

Denmark VP Equity,CorporateDebt,GovernmentDebt (VaerdipapircentralenA/S) --------------------------------------------------------------------------------------------------------------------Egypt MCSD

Equity,CorporateDebt

     (MisrforClearing,SettlementandDepository, S.A.E.) --------------------------------------------------------------------------------------------------------------------Estonia ECDS

Equity,CorporateDebt,GovernmentDebt (EstonianCentralDepositoryforSecurities Limited-EestiVaatpaberiteKeskdepositoorium) --------------------------------------------------------------------------------------------------------------------Euromarket DCC

Euro-CDs

     (TheDepositoryandClearingCentre) --------------------------------------------------------------------------------------------------------------------Euromarket Clearstream Euro-Debt (ClearstreamBanking,S.A.) --------------------------------------------------------------------------------------------------------------------Euromarket Euroclear Euro-Debt --------------------------------------------------------------------------------------------------------------------</TABLE>

This document isfor information onlyandisdesignedtokeepyou abreastof marketconditionsandprocedures.Thisdocumentisintendedneitherto influence your investment decisionsnortoamendorsupplement anyagreement governing your relations with ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇. ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ has gathered the information from a source it considers reliable, however, it cannot be responsible for inaccuracies, incomplete information or updating of the informationfurnishedhereby.

     April 19,2001 2 <PAGE>

[LOGO]

JPMORGAN
SECURITIESDEPOSITORIES

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------COUNTRY DEPOSITORY

INSTRUMENTS --------------------------------------------------------------------------------------------------------------------<S> <C> <C> Finland APK

Equity,CorporateDebt,GovernmentDebt (FinnishCentralSecuritiesDepositoryLimited) --------------------------------------------------------------------------------------------------------------------France EuroclearFrance Equity,CorporateDebt,GovernmentDebt --------------------------------------------------------------------------------------------------------------------Germany Clearstream Equity,CorporateDebt,GovernmentDebt (ClearstreamBankingAG) --------------------------------------------------------------------------------------------------------------------Greece CSD

Equity,CorporateDebt

     (CentralSecuritiesDepositoryS.A.) --------------------------------------------------------------------------------------------------------------------Greece BoG

GovernmentDebt

     (BankofGreece) --------------------------------------------------------------------------------------------------------------------HongKong HKSCC

Equity

     (HongKongSecuritiesClearingCompanyLimited) --------------------------------------------------------------------------------------------------------------------HongKong CMU

CorporateDebt,GovernmentDebt (CentralMoneymarketsUnit) --------------------------------------------------------------------------------------------------------------------Hungary KELER

Equity,CorporateDebt,GovernmentDebt (CentralClearingHouseandDepository (Budapest)Ltd.-KozpontiElszamolohazes Ertektar(Budapest)Rt.)

--------------------------------------------------------------------------------------------------------------------India NSDL

Equity,CorporateDebt,GovernmentDebt (NationalSecuritiesDepositoryLimited) --------------------------------------------------------------------------------------------------------------------India CDSL

Equity

     (CentralDepositoryServices(India)Limited) --------------------------------------------------------------------------------------------------------------------India RBI

GovernmentDebt

     (ReserveBankofIndia) --------------------------------------------------------------------------------------------------------------------Indonesia KSEI

Equity,CorporateDebt

     (PTKustodianSentralEfekIndonesia) --------------------------------------------------------------------------------------------------------------------Ireland CREST

Equity,CorporateDebt

     (CRESTCoLimited) --------------------------------------------------------------------------------------------------------------------Israel TASEClearingHouse Equity,CorporateDebt,GovernmentDebt (TelAvivStockExchangeClearingHouse) --------------------------------------------------------------------------------------------------------------------Italy MonteTitoliS.p.A. Equity,CorporateDebt,GovernmentDebt --------------------------------------------------------------------------------------------------------------------Italy Bancad'Italia GovernmentDebt --------------------------------------------------------------------------------------------------------------------</TABLE>

This document isfor information onlyandisdesignedtokeepyou abreastof marketconditionsandprocedures.Thisdocumentisintendedneitherto influence your investment decisionsnortoamendorsupplement anyagreement governing your relations with ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇. ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ has gathered the information from a source it considers reliable, however, it cannot be responsible for inaccuracies, incomplete information or updating of the

informationfurnishedhereby.

April

19,2001

3

<PAGE>

[LOGO]
JPMORGAN
SECURITIESDEPOSITORIES

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------COUNTRY DEPOSITORY

INSTRUMENTS --------------------------------------------------------------------------------------------------------------------<S> <C> <C> --------------------------------------------------------------------------------------------------------------------IvoryCoast DC/BR

Equity

     (LeDepositaireCentral/BanquedeReglement) --------------------------------------------------------------------------------------------------------------------Japan JASDEC

Equity,ConvertibleDebt

     (JapanSecuritiesDepositoryCenter) --------------------------------------------------------------------------------------------------------------------Japan BoJ

RegisteredGovernmentDebt (BankofJapan) --------------------------------------------------------------------------------------------------------------------Kazahkstan CSD

Equity

     (CentralSecuritiesDepositoryCJSC) --------------------------------------------------------------------------------------------------------------------Kenya CBCD

GovernmentDebt

     (CentralBankCentralDepository) --------------------------------------------------------------------------------------------------------------------Latvia LCD

Equity,CorporateDebt,GovernmentDebt

     (LatvianCentralDepository) --------------------------------------------------------------------------------------------------------------------Lebanon MidclearS.A.L.

Equity

     (CustodianandClearingCenterofFinancial InstrumentsforLebanonandtheMiddleEast ▇.▇.▇.) --------------------------------------------------------------------------------------------------------------------Lithuania CSDL

Equity,CorporateDebt,GovernmentDebt (CentralSecuritiesDepositoryofLithuania) --------------------------------------------------------------------------------------------------------------------Luxembourg Clearstream Equity (ClearstreamBankingS.A.) --------------------------------------------------------------------------------------------------------------------Malaysia MCD

Equity,CorporateDebt,GovernmentDebt (MalaysianCentralDepositorySdn.Bhd.) --------------------------------------------------------------------------------------------------------------------Mauritius CDS

Equity,CorporateDebt

     (CentralDepositoryandSettlementCompany Limited) --------------------------------------------------------------------------------------------------------------------Mexico INDEVAL

Equity,CorporateDebt,GovernmentDebt (S.D.INDEVALS.A.deC.V.) --------------------------------------------------------------------------------------------------------------------Morocco Maroclear Equity,CorporateDebt,GovernmentDebt --------------------------------------------------------------------------------------------------------------------Netherlands NECIGEF

Equity,CorporateDebt,GovernmentDebt (NederlandsCentraalInsituutvoorGiraal EffectenverkeerB.V.) --------------------------------------------------------------------------------------------------------------------NewZealand NZCSD

Equity,CorporateDebt,GovernmentDebt (NewZealandCentralSecuritiesDepository) --------------------------------------------------------------------------------------------------------------------</TABLE>

This document isfor information onlyandisdesignedtokeepyou abreastof marketconditionsandprocedures.Thisdocumentisintendedneitherto influence your investment decisionsnortoamendorsupplement anyagreement governing your relations with ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇. ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ has gathered the information from a source it considers reliable, however, it cannot be responsible for inaccuracies, incomplete information or updating of the informationfurnishedhereby.

     April 19,2001

4

<PAGE>

[LOGO]
JPMORGAN
SECURITIESDEPOSITORIES

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------COUNTRY DEPOSITORY

INSTRUMENTS --------------------------------------------------------------------------------------------------------------------<S> <C> <C> --------------------------------------------------------------------------------------------------------------------Nigeria CSCS

Equity,CorporateDebt,GovernmentDebt (CentralSecuritiesClearingSystemLimited) --------------------------------------------------------------------------------------------------------------------Norway VPS

Equity,CorporateDebt,GovernmentDebt (Verdipapirsentralen) --------------------------------------------------------------------------------------------------------------------Oman MDSRC

Equity,CorporateDebt

(TheMuscatDepositoryandSecurities RegistrationCompany,S.A.O.C.)

--------------------------------------------------------------------------------------------------------------------Pakistan CDC

Equity,CorporateDebt

     (CentralDepositoryCompanyofPakistan Limited) --------------------------------------------------------------------------------------------------------------------Pakistan SBP

GovernmentDebt

     (StateBankofPakistan) --------------------------------------------------------------------------------------------------------------------Peru CAVALI

Equity,CorporateDebt,GovernmentDebt (CAVALIICLVS.A.) --------------------------------------------------------------------------------------------------------------------Philippines PCD

Equity

     (PhilippineCentralDepository,Inc.) --------------------------------------------------------------------------------------------------------------------Philippines ROSS

GovernmentDebt

     (BangkoSentralngPilipinas/Registerof ScriplessSecurities) --------------------------------------------------------------------------------------------------------------------Poland NDS

Equity,Long-TermGovernmentDebt (NationalDepositoryforSecuritiesS.A.) --------------------------------------------------------------------------------------------------------------------Poland CRT

Short-TermGovernmentDebt (CentralRegistryofTreasury-Bills) --------------------------------------------------------------------------------------------------------------------Portugal CVM

Equity,CorporateDebt,GovernmentDebt (CentraldeValoresMobiliarioseSistemade LiquidacaoeCompensacao) --------------------------------------------------------------------------------------------------------------------Romania SNCDD

Equity

     (NationalCompanyforClearing,Settlementand DepositoryforSecurities) --------------------------------------------------------------------------------------------------------------------Romania BSE

Equity

(BucharestStockExchangeRegistry)

Russia VTB Equity,CorporateDebt,GovernmentDebt (Vneshtorgbank) (MinistryofFinanceBonds) --------------------------------------------------------------------------------------------------------------------</TABLE> This document isfor information onlyandisdesignedtokeepyou abreastof marketconditionsandprocedures.Thisdocumentisintendedneitherto influence your investment decisionsnortoamendorsupplement anyagreement governing your relations with ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇. ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ has gathered the information from a source it considers reliable, however, it cannot be responsible for inaccuracies, incomplete information or updating of the informationfurnishedhereby.

     April 19,2001 5 <PAGE>

     [LOGO] JPMORGAN

SECURITIESDEPOSITORIES

<TABLE> <CAPTION>

--------------------------------------------------------------------------------------------------------------------COUNTRY DEPOSITORY

INSTRUMENTS --------------------------------------------------------------------------------------------------------------------<S> <C> <C>

Russia NDC Equity,CorporateDebt,GovernmentDebt (NationalDepositoryCentre) --------------------------------------------------------------------------------------------------------------------Russia DCC

Equity

     (DepositoryClearingCompany) --------------------------------------------------------------------------------------------------------------------

     (TheCentralDepository(Pte)Limited) --------------------------------------------------------------------------------------------------------------------Singapore SGS

GovernmentDebt

     (MonetaryAuthorityofSingapore/Singapore GovernmentSecuritiesBook-EntrySystem) --------------------------------------------------------------------------------------------------------------------SlovakRepublic SCP

Equity,CorporateDebt,GovernmentDebt (StrediskocennychpapierovSRBratislava, a.s.) --------------------------------------------------------------------------------------------------------------------SlovakRepublic NBS

GovernmentDebt

     (NationalBankofSlovakia) --------------------------------------------------------------------------------------------------------------------Slovenia KDD

Equity,CorporateDebt,GovernmentDebt (Centralnaklirinskodepotnadruzbad.d.) --------------------------------------------------------------------------------------------------------------------SouthAfrica CDL

CorporateDebt,GovernmentDebt (CentralDepository(Pty)Limited) --------------------------------------------------------------------------------------------------------------------SouthAfrica STRATE

Equity

     (ShareTransactionsTotallyElectronic) --------------------------------------------------------------------------------------------------------------------SouthKorea KSD

Equity,CorporateDebt,GovernmentDebt (KoreaSecuritiesDepository) --------------------------------------------------------------------------------------------------------------------Spain SCLV

Equity,CorporateDebt

(ServiciodeCompensacionyLiquidacionde

Valores,

     S.A.) --------------------------------------------------------------------------------------------------------------------Spain CBEO

GovernmentDebt

     (BancodeEspana/CentralBookEntryOffice) --------------------------------------------------------------------------------------------------------------------

     (CentralDepositorySystem(Private)Limited) --------------------------------------------------------------------------------------------------------------------Sweden VPC

Equity,CorporateDebt,GovernmentDebt (VardepapperscentralenAB) --------------------------------------------------------------------------------------------------------------------</TABLE>

This document isfor information onlyandisdesignedtokeepyou abreastof marketconditionsandprocedures.Thisdocumentisintendedneitherto influence your investment decisionsnortoamendorsupplement anyagreement governing your relations with ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇. ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ has gathered the information from a source it considers reliable, however, it cannot be responsible for inaccuracies, incomplete information or updating of the informationfurnishedhereby.

     April 19,2001

     6 <PAGE>

[LOGO]
JPMORGAN
SECURITIESDEPOSITORIES

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------COUNTRY DEPOSITORY

INSTRUMENTS --------------------------------------------------------------------------------------------------------------------<S> <C> <C> Switzerland SIS

Equity,CorporateDebt,GovernmentDebt (SISSegaInterSettleAG)

--------------------------------------------------------------------------------------------------------------------Taiwan TSCD

Equity,GovernmentDebt

     (TaiwanSecuritiesCentralDepositoryCo., Ltd.) --------------------------------------------------------------------------------------------------------------------Thailand TSD

Equity,CorporateDebt,GovernmentDebt (ThailandSecuritiesDepositoryCompany Limited) --------------------------------------------------------------------------------------------------------------------Tunisia STICODEVAM

Equity,CorporateDebt,GovernmentDebt (SocieteTunisienneInterprofessionnellepour laCompensationetleDepotdesValeurs Mobilieres) --------------------------------------------------------------------------------------------------------------------Turkey TAKASBANK

Equity,CorporateDebt,GovernmentDebt (IMKBTakasveSaklamaBankasiA.S.) --------------------------------------------------------------------------------------------------------------------UnitedKingdom CREST

Equity,CorporateDebt,GovernmentDebt (CRESTCoLimited) --------------------------------------------------------------------------------------------------------------------UnitedKingdom CMO

Sterling&EuroCDs,CommercialPaper (CentralMoneymarketsOffice) --------------------------------------------------------------------------------------------------------------------UnitedStates DTC

Equity,CorporateDebt

     (DepositoryTrustCompany) --------------------------------------------------------------------------------------------------------------------UnitedStates PTC

MortgageBackDebt

     (ParticipantsTrustCompany) --------------------------------------------------------------------------------------------------------------------

     (TheFederalReserveBook-EntrySystem) --------------------------------------------------------------------------------------------------------------------Uruguay BCU

CorporateDebt,GovernmentDebt (BancoCentraldelUruguay)

--------------------------------------------------------------------------------------------------------------------Venezuela BCV

GovernmentDebt

     (BancoCentraldeVenezuela) --------------------------------------------------------------------------------------------------------------------Zambia CSD

Equity,GovernmentDebt

     (LuSECentralSharesDepositoryLimited) --------------------------------------------------------------------------------------------------------------------Zambia BoZ

GovernmentDebt

     (BankofZambia) --------------------------------------------------------------------------------------------------------------------</TABLE>

This document isfor information onlyandisdesignedtokeepyou abreastof marketconditionsandprocedures.Thisdocumentisintendedneitherto influence your investment decisionsnortoamendorsupplement anyagreement governing your relations with ▇▇ ▇▇▇▇▇▇ Chase. ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ has gathered the information from a source it considers reliable, however, it cannot be responsible for inaccuracies, incomplete information or updating of the informationfurnishedhereby.

     April 19,2001

7

<PAGE>

EXHIBIT1-AMENDMENT#1

     Thefollowingisanamendment("Amendment")totheGlobalCustody Agreement datedJune25,2001(the "Agreement") byandbetweenTheChase ManhattanBank ("Bank")andeachopen-end management investment company listedon Exhibit1 thereto(eacha"Trust," collectively "Customer"). This Amendment servesto updatethenamesoftheTrustsandcertainoftheir portfolios (eacha "Fund") listedonExhibit1.Bankand Customer hereby agreethatallofthe termsand

conditionsassetforthintheAgreement arehereby incorporated by reference withrespecttotheTrustsandFundslistedbelow.

Exhibit1isherebyamendedasfollows:

VanguardBondIndexFunds VanguardIntermediate-TermBondIndexFund VanguardLong-TermBondIndexFund VanguardShort-TermBondIndexFund VanguardTotalBondMarketIndexFund

VanguardFixedIncomeSecuritiesFunds VanguardGNMAFund VanguardHigh-YieldCorporateFund VanguardInflationProtectedSecuritiesFund VanguardLong-TermCorporateFund

VanguardIndexFunds Vanguard500IndexFund VanguardExtendedMarketIndexFund VanguardGrowthIndexFund VanguardSmall-CapIndexFund VanguardTotalStockMarketIndexFund VanguardValueIndexFund

VanguardSpecializedFunds VanguardHealthCareFund VanguardPreciousMetalsFund

VanguardSTARFunds VanguardDevelopedMarketsIndexFund VanguardInstitutionalDevelopedMarketsIndexFund VanguardLifeStrategyConservativeGrowthFund VanguardLifeStrategyGrowthFund VanguardLifeStrategyIncomeFund VanguardLifeStrategyModerateGrowthFund

VanguardTax-ManagedFunds VanguardTax-ManagedBalancedFund VanguardTax-ManagedCapitalAppreciationFund VanguardTax-ManagedGrowthandIncomeFund VanguardTax-ManagedSmall-CapFund

VanguardWellesleyIncomeFund

VanguardWellingtonFund

1

<PAGE>

VanguardWorldFunds VanguardInternationalGrowthFund

<PAGE>

EXHIBIT1-AMENDMENT#2

     Thefollowingisanamendment("Amendment")totheGlobalCustody Agreement datedJune25,2001andamendedJuly23,2001(the "Agreement") byand between JPMorgan ChaseBank (previously TheChase Manhattan Bank)("Bank") andeach open-end management investment company listedon Exhibit1thereto (eacha "Trust,"collectively"Customer"). ThisAmendmentservestoupdatethe namesof theTrustsandcertainoftheir portfolios(eacha"Fund")listedon Exhibit1.

BankandCustomerherebyagreethatallofthetermsandconditionsas setforth intheAgreementareherebyincorporatedbyreferencewithrespecttothe Trusts andFundslistedbelow.

Exhibit1isherebyamendedasfollows:

VanguardBondIndexFunds VanguardIntermediate-TermBondIndexFund VanguardLong-TermBondIndexFund VanguardShort-TermBondIndexFund VanguardTotalBondMarketIndexFund

VanguardFixedIncomeSecuritiesFunds VanguardGNMAFund VanguardHigh-YieldCorporateFund VanguardInflationProtectedSecuritiesFund VanguardLong-TermCorporateFund

VanguardIndexFunds Vanguard500IndexFund VanguardExtendedMarketIndexFund VanguardGrowthIndexFund

VanguardSmall-CapIndexFund VanguardTotalStockMarketIndexFund VanguardValueIndexFund

VanguardInstitutionalIndexFunds VanguardInstitutionalTotalBondMarketIndexFund

VanguardSpecializedFunds VanguardHealthCareFund VanguardPreciousMetalsFund

VanguardSTARFunds VanguardDevelopedMarketsIndexFund VanguardInstitutionalDevelopedMarketsIndexFund VanguardLifeStrategyConservativeGrowthFund VanguardLifeStrategyGrowthFund VanguardLifeStrategyIncomeFund VanguardLifeStrategyModerateGrowthFund

VanguardTax-ManagedFunds VanguardTax-ManagedBalancedFund VanguardTax-ManagedCapitalAppreciationFund VanguardTax-ManagedGrowthandIncomeFund VanguardTax-ManagedSmall-CapFund <PAGE>

VanguardWellesleyIncomeFund

VanguardWellingtonFund

VanguardWhitehallFund VanguardInternationalExplorerFund

VanguardWorldFunds VanguardInternationalGrowthFund

     Thefollowingisanamendment("Amendment")totheGlobalCustody Agreement datedJune25,2001andamended July23,2001, May20,2002, and November15, 2002(the "Agreement")byandbetweenJPMorganChaseBank(previously TheChase ManhattanBank)("Bank")andeachopen-endmanagement investmentcompany listed onExhibit1thereto(eacha"Trust,"collectively "Customer"). This Amendment servestoupdatethenamesoftheTrustsandcertainoftheirportfolios (eacha "Fund") listedonExhibit 1.Bankand Customer hereby agreethatall ofthe termsand conditionsassetforthintheAgreementarehereby incorporated by referencewithrespecttotheTrustsandFundslistedbelow.

Exhibit1isherebyamendedasfollows:

VanguardBondIndexFunds VanguardIntermediate-TermBondIndexFund VanguardLong-TermBondIndexFund VanguardShort-TermBondIndexFund VanguardTotalBondMarketIndexFund

VanguardChesterFunds ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇

VanguardFixedIncomeSecuritiesFunds VanguardGNMAFund VanguardHigh-YieldCorporateFund VanguardInflationProtectedSecuritiesFund VanguardLong-TermCorporateFund

VanguardIndexFunds Vanguard500IndexFund VanguardExtendedMarketIndexFund VanguardGrowthIndexFund VanguardLarge-CapIndexFund VanguardMid-CapIndexFund VanguardSmall-CapGrowthIndexFund VanguardSmall-CapIndexFund VanguardSmall-CapValueIndexFund VanguardTotalStockMarketIndexFund VanguardValueIndexFund

VanguardInstitutionalIndexFunds VanguardInstitutionalTotalBondMarketIndexFund

VanguardSpecializedFunds VanguardHealthCareFund VanguardPreciousMetalsFund

VanguardSTARFunds VanguardDevelopedMarketsIndexFund VanguardInstitutionalDevelopedMarketsIndexFund VanguardLifeStrategyConservativeGrowthFund VanguardLifeStrategyGrowthFund VanguardLifeStrategyIncomeFund VanguardLifeStrategyModerateGrowthFund

VanguardTax-ManagedFunds VanguardTax-ManagedBalancedFund VanguardTax-ManagedCapitalAppreciationFund VanguardTax-ManagedGrowthandIncomeFund VanguardTax-ManagedSmall-CapFund

VanguardWellesleyIncomeFund

VanguardWellingtonFund

VanguardWhitehallFund VanguardInternationalExplorerFund

VanguardWorldFunds VanguardInternationalGrowthFund

AMENDMENTTOGLOBALCUSTODYAGREEMENT

This
open-end

instrument,

dated November

25, 2003,

is between

each

managementinvestmentcompanylistedonExhibit1attachedtotheGlobal Custody Agreement(eacha"Trust") collectively ("Customer"), andJPMorgan ChaseBank ("Bank"). Itamends theGlobal Custody Agreement, dated June25, 2001(as amended),(the"CustodyAgreement")betweenCustomerandBank.

RECITAL

     CustomerandBankwishtoamendtheCustodyAgreementtoreflect changesto theproxyvotingserviceprovidedbyBank.

AMENDMENT

1.AmendmenttotheCustodyAgreement.

     Theexisting clause2.11shallbedeletedandreplaced withthe following newclause2.11:-

"2.11 ProxyVoting.

     (a)Bankshallprovide Customeroritsagentwithdetailsof Securitiesin the Accountonadailybasis ("Daily Holdings Data"), andBankor itsagent shallactinaccordancewith InstructionsfromanAuthorizedPersonin relation tomatters Customeroritsagentdetermineintheirabsolute discretion areto bevoteduponatmeetingsofholdersofFinancialAssets, basedupon suchDaily HoldingsData("theproxyvotingservice"). NeitherBanknoritsagent shallbe underanydutytoprovide Customer oritsagentwith information whichitor they receiveonmatterstobevoteduponat meetings ofholdersof Financial Assets.

     (b)Bankorits agent shall act upon Instructions to vote, provided InstructionsarereceivedbyBankoritsagentatitsproxyvoting departmentby therelevant deadlineforsuchInstructionsasdeterminedbyBankorits agent.

IfInstructionsarenotreceivedinatimelymanner, neitherBanknor itsagent shallbeobligatedtoprovidefurthernoticetoCustomer.

<PAGE>

     (c)Inmarkets wheretheproxy voting serviceisnot available orwhere Bank hasnot received aduly completed enrollment formor other relevant documentation,BankoritsagentshallendeavortoactuponInstructions tovote onmattersbeforemeetingsofholdersofFinancialAssetswhereitis reasonably practicableforBankoritsagent(orits Subcustodiansornomineesas thecase maybe)todosoandwheresuch Instructions are receivedintimefor Bankor itsagenttotaketimelyaction.

     (d)Customer acknowledges thattheprovisionoftheproxyvoting service may be precluded or restricted under a variety of circumstances. These circumstancesinclude,butarenotlimitedto:(i)theFinancialAssets beingon loanoroutfor registration, (ii) the pendency of conversion or another corporateaction,or(iii)FinancialAssetsbeingheldatCustomer's requestin anamenot subjecttothecontrolofBankorits Subcustodian, ina marginor collateral accountatBankoranotherbankorbroker, orotherwiseina manner whichaffectsvoting,localmarketregulationsorpractices, or restrictionsby the issuer. Additionally, insome markets, Bankmayberequiredto voteall sharesheldforaparticular issueforallofBank'scustomersinthe sameway.

BankoritsagentshallinformCustomeroritsagentwherethisisthe case.

     (e)NotwithstandingthefactthatBankmayactinafiduciary capacitywith respecttoCustomerunderotheragreementsorotherwisehereunder,in performing theproxyvoting serviceBankshallbeacting solelyastheagentof Customer, andshallnotexerciseany discretion withregardtosuchproxyvoting service orvoteanyproxyexceptwhendirectedbyanAuthorizedPerson."

StateofNew York, as applicable, without principles regardingconflictoflaws.

regardtoNew

York's

2

<PAGE>

     (b)This Amendment shallbebinding uponandinuretothebenefit ofthe partiesandtheir respective heirs, successors and permitted assigns when executedbyallparties.NothinginthisAmendment,expressorimplied, shallbe construedtoconferanyrightsorremediesuponanypartyotherthanthe parties heretoandtheirrespectivesuccessorsandpermittedassigns.

     (c)AlldefinedtermsusedinthisAmendmentshallhavethesame meaningas providedintheCustodyAgreementexceptwherespecificallyherein modified.

     (d)Asmodifiedandamendedhereby,thepartiesherebyratify, approveand confirmtheCustodyAgreementinallrespects.

     (e)ThisAmendmentmaynotbechanged orally, butonlybyan agreementin writingsignedbythepartieshereto.

     (f)This Amendment maybesignedinanynumberof counterparts, eachof whichshallbeanoriginal, withthesameeffectasifthe signatures thereto andheretowereuponthesameinstrument.

3.EffectiveTime.

ThisAmendmentshallbeeffectiveasofNovember25,2003.

3

<PAGE>

EXHIBIT1-AMENDMENT#5

     Thefollowingisanamendment("Amendment")totheGlobalCustody Agreement datedJune25, 2001, asamended fromtimetotime(the "Agreement"), byand between JPMorganChaseBank (previouslyTheChaseManhattanBank) ("Bank")and eachopen-endmanagement investmentcompanylistedonExhibit1thereto (eacha "Trust,"collectively"Customer"). ThisAmendmentservestoupdatethe namesof theTrustsandcertainoftheir portfolios(eacha"Fund")listedon Exhibit1.

BankandCustomerherebyagreethatallofthetermsandconditionsas setforth intheAgreementareherebyincorporatedbyreferencewithrespecttothe Trusts andFundslistedbelow.

Exhibit1isherebyamendedasfollows:

VanguardBondIndexFunds VanguardIntermediate-TermBondIndexFund VanguardLong-TermBondIndexFund VanguardShort-TermBondIndexFund VanguardTotalBondMarketIndexFund

VanguardChesterFunds VanguardTargetRetirementIncomeFundVanguardTarget Retirement2005 FundVanguardTargetRetirement2015FundVanguardTarget Retirement 2025FundVanguardTargetRetirement2035FundVanguardTarget Retirement2045Fund

VanguardCMTFunds VanguardMarketLiquidityFund VanguardYorktownLiquidityFund

VanguardFixedIncomeSecuritiesFunds VanguardGNMAFund VanguardHigh-YieldCorporateFund VanguardInflationProtectedSecuritiesFund VanguardLong-TermCorporateFund

VanguardIndexFunds Vanguard500IndexFund VanguardExtendedMarketIndexFundVanguardGrowthIndexFund Vanguard

Large-CapIndexFundVanguardMid-CapIndexFundVanguardSmall-

Cap

GrowthIndexFundVanguardSmall-CapIndexFundVanguardSmall-

Cap

ValueIndexFundVanguardTotalStockMarketIndexFundVanguard

Value

IndexFund

VanguardInstitutionalIndexFunds VanguardInstitutionalTotalBondMarketIndexFund

VanguardSpecializedFunds VanguardHealthCareFund VanguardPreciousMetalsFund

VanguardSTARFunds VanguardDevelopedMarketsIndexFund VanguardInstitutionalDevelopedMarketsIndexFund VanguardLifeStrategyConservativeGrowthFund VanguardLifeStrategyGrowthFund VanguardLifeStrategyIncomeFund VanguardLifeStrategyModerateGrowthFund

VanguardTax-ManagedFunds VanguardTax-ManagedBalancedFund VanguardTax-ManagedCapitalAppreciationFund VanguardTax-ManagedGrowthandIncomeFund VanguardTax-ManagedSmall-CapFund

VanguardWellesleyIncomeFund

VanguardWellingtonFund

VanguardWhitehallFund VanguardInternationalExplorerFund

VanguardWorldFunds VanguardInternationalGrowthFund

Page2of2

<PAGE>

EXHIBIT1-AMENDMENT#6

The followingisanamendment ("Amendment") totheGlobal Custody Agreement datedJune25, 2001, asamended fromtimetotime(the "Agreement"), byand between JPMorganChaseBank (previouslyTheChaseManhattanBank) ("Bank")and eachopen-endmanagement investmentcompanylistedonExhibit1thereto (eacha "Trust,"collectively"Customer"). ThisAmendmentservestoupdatethe namesof theTrustsandcertainoftheir portfolios(eacha"Fund")listedon Exhibit1.

BankandCustomerherebyagreethatallofthetermsandconditionsas setforth intheAgreementareherebyincorporatedbyreferencewithrespecttothe Trusts andFundslistedbelow.

Exhibit1isherebyamendedasfollows:

VanguardBondIndexFunds VanguardIntermediate-TermBondIndexFund VanguardLong-TermBondIndexFund VanguardShort-TermBondIndexFund VanguardTotalBondMarketIndexFund

VanguardChesterFunds VanguardTargetRetirementIncomeFundVanguardTarget Retirement2005 FundVanguardTargetRetirement2015FundVanguardTarget Retirement 2025FundVanguardTargetRetirement2035FundVanguardTarget Retirement2045Fund

VanguardCMTFunds VanguardMarketLiquidityFund VanguardYorktownLiquidityFund

VanguardFixedIncomeSecuritiesFunds VanguardGNMAFund VanguardHigh-YieldCorporateFund VanguardInflationProtectedSecuritiesFund VanguardLong-TermCorporateFund

VanguardIndexFunds Vanguard500IndexFund VanguardExtendedMarketIndexFundVanguardGrowthIndexFund Vanguard

Large-CapIndexFundVanguardMid-CapIndexFundVanguardSmall-

Cap

GrowthIndexFundVanguardSmall-CapIndexFundVanguardSmall-

Cap