CUSTODY AGREEMENT BETWEEN FIRSTAR BANK, N.A. AND

EX-99.23.g

CUSTODY AGREEMENT
BETWEEN
FIRSTAR BANK, N.A.
AND

----------

GATEWAY VARIABLE INSURANCE TRUST

TABLE OF CONTENTS

Definitions 5
ARTICLE II - Appointment; Acceptence; and Furnishing of Documents
II. A. Appointment of Custodian. 9
II. B. Acceptance of Custodian. 9
II. C. Documents to be Furnished. 9
II. D. Notice of Appointment of Dividend and Transfer Agent. 9
ARTICLE III - Receipt of Trust Assets
III. A. Delivery of Moneys. 9
III. B. Delivery of Securities. 10
III. C. Payments for Shares. 10
III. D. Duties Upon Receipt. 10
ARTICLE IV - Disbursement of Trust Assets
IV. A. Declaration of Dividends by Trust. 10
IV. B. Segregation of Redemption Proceeds. 11
IV. C. Disbursements of Custodian. 11
IV. D. Payment of Custodian Fees. 12
ARTICLE V - Custody of Trust Assets
V. A. Separate Accounts for Each Fund. 12
V. B. Segregation of Non-Cash Assets. 12
V. C. Securities in Bearer and Registered Form. 12
V. D. Duties of Custodian as to Securities. 13
V. E. Certain Actions Upon Written Instructions. 13
V. F. Custodian to Deliver Proxy Materials. 14
V. G. Custodian to Deliver Tender Offer Information. 14
V. H. Custodian to Deliver Security and Transaction Information. 15
ARTICLE VI - Purchase and Sale of Securities
VI. A. Purchase of Securities. 15
VI. B. Sale of Securities. 17
VI. C. Delivery Versus Payment for Purchases and Sales. 17
VI. D. Payment on Settlement Date. 17
VI. E. Segregated Accounts. 18
VI. F. Advances for Settlement. 19

ARTICLE VII - Trust Indebtedness
VII. A. Borrowings. 20
VII. B. Advances. 21
ARTICLE VIII - Concerning the Custodian
VIII. A. Limitations on Liability of Custodian. 21
VIII. B. Actions not Required by Custodian. 23
VIII. C. No Duty to Collect Amounts Due From Dividend and Transfer Agent. 24
VIII. D. No Enforcement Actions. 24
VIII. E. Authority to Use Agents and Sub-Custodians. 24
VIII. F. No Duty to Supervise Investments. 25
VIII. G. All Records Confidential. 25
VIII. H. Compensation of Custodian. 25
VIII. I. Reliance Upon Instructions. 26
VIII. J. Books and Records. 26
VIII. K. Internal Accounting Control Systems. 27
VIII. L. No Management of Assets by Custodian. 27
VIII. M. Assistance to Trust. 27
ARTICLE IX - Termination
IX. A. Termination. 27
IX. B. Failure to Designate Successor Custodian. 28
ARTICLE X - Force Majeure
ARTICLE XI - Miscellaneous
XI. A. Designation of Authorized Persons. 29
XI. B. Limitation of Personal Liability. 29
XI. C. Authorization By Board. 30
XI. D. Custodian's Consent to Use of Its Name. 30
XI. E. Notices to Custodian. 30
XI. F. Notices to Trust. 31
XI. G. Amendments In Writing. 31
XI. H. Successors and Assigns. 31
XI. I. Governing Law. 31
XI. J. Jurisdiction. 31
XI. K. Counterparts. 32

XI. L. Headings. 00
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APPENDIX E

CUSTODY AGREEMENT

This agreement (the "Agreement") is entered into as of the 31st day of
October, 2001 and between GATEWAY VARIABLE INSURANCE TRUST, an Ohio business
trust (the "Trust) and Firstar Bank, National Association, (the "Custodian"), a
national banking association having its principal office at 000 Xxxxxx Xxxxxx,
Xxxxxxxxxx, Xxxx, 00000.

WHEREAS, the Trust and the Custodian desire to enter into this
Agreement to provide for the custody and safekeeping of the assets of the Trust
as required by the Act (as hereafter defined).

THEREFORE, in consideration of the mutual promises hereinafter set
forth, the Trust and the Custodian agree as follows:

DEFINITIONS

The following words and phrases, when used in this Agreement, unless
the context otherwise requires, shall have the following meanings:

ACT - the Investment Company Act of 1940, as amended.

1934 ACT - the Securities and Exchange Act of 1934, as amended.

AUTHORIZED PERSON - any person, whether or not any such person is an
officer or employee of the Trust, who is duly authorized by the Board of
Trustees of the Trust to give Oral Instructions and Written Instructions on
behalf of the Trust or any Fund, and named in Appendix A attached hereto and as
amended from time to time by resolution of the Board of Trustees, certified by
an Officer, and received by the Custodian.

BOARD OF TRUSTEES - the Trustees from time to time serving under the
Trust's Agreement and Declaration of Trust, as from time to time amended.

BOOK-ENTRY SYSTEM - a federal book-entry system as provided in Subpart
O of Treasury Circular Xx. 000, 00 XXX 306, in Subpart B of 31 CFT Part 350, or
in such book-entry regulations of federal agencies as are substantially in the
form of Subpart O.

BUSINESS DAY - any day recognized as a settlement day by The New York
Stock Exchange, Inc. and any other day for which the Trust computes the net
asset value of Shares of any fund.

DEPOSITORY - The Depository Trust Company ("DTC"), a limited purpose
trust company, its successor(s) and its nominee(s). Depository shall include any
other clearing agency registered with the SEC under Section 17A of the 1934 Act
which acts as a system for the central handling of Securities where all
Securities of any particular class or series of an issuer deposited within the
system are treated as fungible and may be transferred or pledged by bookkeeping
entry without physical delivery of the Securities provided that the Custodian
shall have received a copy of a resolution of the Board of Trustees, certified
by an Officer, specifically approving the use of such clearing agency as a
depository for the Funds.

DIVIDEND AND TRANSFER AGENT - the dividend and transfer agent
appointed, from time to time, pursuant to a written agreement between the
dividend and transfer agent and the Trust.

FOREIGN SECURITIES - a) securities issued and sold primarily outside of
the United States by a foreign government, a national of any foreign country, or
a trust or other organization incorporated or organized under the laws of any
foreign country or; b) securities issued or guaranteed by the government of the
United States, by any state, by any political subdivision or agency thereof, or
by any entity organized under the laws of the United States or of any state
thereof, which have been issued and sold primarily outside of the United States.

FUND - each series of the Trust listed in Appendix B and any additional
series added pursuant to Proper Instructions. A series is individually referred
to as a "Fund" and collectively referred to as the "Funds."

MONEY MARKET SECURITY - debt obligations issued or guaranteed as to
principal and/or interest by the government of the United States or agencies or
instrumentalities thereof, commercial paper, obligations (including certificates
of deposit, bankers' acceptances, repurchase agreements and reverse repurchase
agreements with respect to the same), and time deposits of domestic banks and
thrift institutions whose deposits are insured by the Federal Deposit Insurance
Corporation, and short-term corporate obligations where the purchase and sale of
such securities normally require settlement in federal funds or their equivalent
on the same day as such purchase and sale, all of which mature in not more than
thirteen (13) months.

NASD - the National Association of Securities Dealers, Inc.

OFFICER - the Chairman, President, Secretary, Treasurer, any Vice
President, Assistant Secretary or Assistant Treasurer of the Trust.

ORAL INSTRUCTIONS - instructions orally transmitted to and received by
the Custodian from an Authorized Person (or from a person that the Custodian
reasonably believes in good faith to be an Authorized Person) and confirmed by
Written Instructions in such a manner that such Written Instructions are
received by the Custodian on the Business Day immediately following receipt of
such Oral Instructions.

PROPER INSTRUCTIONS - Oral Instructions or Written Instructions. Proper
Instructions may be continuing Written Instructions when deemed appropriate by
both parties.

PROSPECTUS - each Fund's then currently effective Prospectus and
Statement of Additional Information, as filed with and declared effective from
time to time by the Securities and Exchange Commission.

SECURITY OR SECURITIES - Money Market Securities, common stock,
preferred stock, options, financial futures, bonds, notes, debentures, corporate
debt securities, mortgages, bank certificates of deposit, bankers' acceptances,
mortgage-backed securities or other obligations and any certificates, receipts,
warrants, or other instruments or documents representing rights to receive,
purchase, or subscribe for the same or evidencing or representing any other
rights or interest therein, or any similar property or assets, including
securities of any registered investment company, that the Custodian has the
facilities to clear and to service.

SEC - the Securities and Exchange Commission of the United States of
America.

SHARES - with respect to a Fund, the units of beneficial interest
issued by the Trust on account of such Fund.

TRUST - the Gateway Variable Insurance Trust, organized under the laws
of Ohio, which is an open-end management investment company registered under the
Act.

WRITTEN INSTRUCTIONS - communications in writing actually received by
the Custodian from an Authorized Person. A communication in writing includes a
communication by facsimile, telex or between electro-mechanical or electronic
devices (where the use of such devices have been approved by resolution of the
Board of Trustees and the resolution is certified by an Officer and delivered to
the Custodian). All written communications shall be directed to the Custodian,
attention: Mutual Fund Custody Department.

ARTICLE II

APPOINTMENT; ACCEPTANCE; AND FURNISHING OF DOCUMENTS
----------------------------------------------------

II. A. APPOINTMENT OF CUSTODIAN. The Trust hereby constitutes and
appoints the Custodian as custodian of all Securities and cash owned by the
Trust at any time during the term of this Agreement.

II. B. ACCEPTANCE OF CUSTODIAN. The Custodian hereby accepts
appointment as such custodian and agrees to perform the duties thereof as
hereinafter set forth.

II. C. DOCUMENTS TO BE FURNISHED. The following documents, including
any amendments thereto, will be provided contemporaneously with the execution of
the Agreement, to the Custodian by the Trust:

1. A copy of the Declaration of Trust of the Trust
certified by the Secretary.

2. A copy of the By-Laws of the Trust certified by the
Secretary.

3. A copy of the resolution of the Board of Trustees of the
Trust appointing the Custodian, certified by the
Secretary.

4. A copy of the then current Prospectus.

5. A Certificate of the President and Secretary of the
Trust setting forth the names and signatures of all
Authorized Persons.

II. D. NOTICE OF APPOINTMENT OF DIVIDEND AND TRANSFER AGENT. The Trust
agrees to notify the Custodian in writing of the appointment, termination or
change in appointment of any Dividend and Transfer Agent.

ARTICLE III

RECEIPT OF TRUST ASSETS
-----------------------

III. A. DELIVERY OF MONEYS. During the term of this Agreement, the
Trust will deliver or cause to be delivered to the Custodian all moneys to be
held by the Custodian for the account of any

Fund. The Custodian shall be entitled to reverse any deposits made on any Fund's
behalf where such deposits have been entered and moneys are not finally
collected within 30 days of the making of such entry.

III. B. DELIVERY OF SECURITIES. During the term of this Agreement, the
Trust will deliver or cause to be delivered to the Custodian all Securities to
be held by the Custodian for the account of any Fund. The Custodian will not
have any duties or responsibilities with respect to such Securities until
actually received by the Custodian. The Custodian is hereby authorized by the
Trust, acting on behalf of the Fund, to actually deposit any assets of the Fund
in the Book-Entry System or in a Depository, provided, however, that the
Custodian shall always be accountable to the Trust for the assets of the Fund so
deposited. Assets deposited in the Book-Entry System or the Depository will be
represented in accounts which include only assets held by the Custodian for
customers, including but not limited to accounts in which the Custodian acts in
a fiduciary or representative capacity.

III. C. PAYMENTS FOR SHARES. As and when received, the Custodian shall
deposit to the account(s) of a Fund any and all payments for Shares of that Fund
issued or sold from time to time as they are received from the Trust's
distributor or Dividend and Transfer Agent or from the Trust itself.

III. D. DUTIES UPON RECEIPT. The Custodian shall not be responsible for
any Securities, moneys or other assets of any Fund until actually received.

ARTICLE IV

DISBURSEMENT OF TRUST ASSETS
----------------------------

IV. A. DECLARATION OF DIVIDENDS BY TRUST. The Trust shall furnish to
the Custodian a copy of the resolution of the Board of Trustees of the Trust,
certified by the Trust's Secretary, either (i) setting forth the date of the
declaration of any dividend or distribution in respect of Shares of any

Fund of the Trust, the date of payment thereof, the record date as of which the
Fund shareholders entitled to payment shall be determined, the amount payable
per share to Fund shareholders of record as of that date, and the total amount
to be paid by the Dividend and Transfer Agent on the payment date, or (ii)
authorizing the declaration of dividends and distributions in respect of Shares
of a Fund on a daily basis and authorizing the Custodian to rely on Written
Instructions setting forth the date of the declaration of any such dividend or
distribution, the date of payment thereof, the record date as of which the Fund
shareholders entitled to payment shall be determined, the amount payable per
share to Fund shareholders of record as of that date, and the total amount to be
paid by the Dividend and Transfer Agent on the payment date.

On the payment date specified in the resolution or Written Instructions
described above, the Custodian shall segregate such amounts from moneys held for
the account of the Fund so that they are available for such payment.

IV. B. SEGREGATION OF REDEMPTION PROCEEDS. Upon receipt of Proper
Instructions so directing it, the Custodian shall segregate amounts necessary
for the payment of redemption proceeds to be made by the Dividend and Transfer
Agent from moneys held for the account of the Fund so that they are available
for such payment.

IV. C. DISBURSEMENTS OF CUSTODIAN. Upon receipt of a Certificate
directing payment and setting forth the name and address of the person to whom
such payment is to be made, the amount of such payment, the name of the Fund
from which payment is to be made, and the purpose for which payment is to be
made, the Custodian shall disburse amounts as and when directed from the assets
of that Fund. The Custodian is authorized to rely on such directions and shall
be under no obligation to inquire as to the propriety of such directions.

IV. D. PAYMENT OF CUSTODIAN FEES. Upon receipt of Written Instructions
directing payment, the Custodian shall disburse moneys from the assets of the
Trust in payment of the Custodian's fees and expenses as provided in Article
VIII hereof.

ARTICLE V

CUSTODY OF TRUST ASSETS
-----------------------

V. A. SEPARATE ACCOUNTS FOR EACH FUND. As to each Fund, the Custodian
shall open and maintain a separate bank account or accounts in the United States
in the name of the Trust coupled with the name of such Fund, subject only to
draft or order by the Custodian acting pursuant to the terms of this Agreement,
and shall hold all cash received by it from or for the account of the Fund,
other than cash maintained by the Fund in a bank account established and used by
the Fund in accordance with Rule 17f-3 under the Act. Moneys held by the
Custodian on behalf of a Fund may be deposited by the Custodian to its credit as
Custodian in the banking department of the Custodian. Such moneys shall be
deposited by the Custodian in its capacity as such, and shall be withdrawable by
the Custodian only in such capacity.

V. B. SEGREGATION OF NON-CASH ASSETS. All Securities and non-cash
property held by the Custodian for the account of a Fund (other than Securities
maintained in a Depository or Book-entry System) shall be physically segregated
from other Securities and non-cash property in the possession of the Custodian
(including the Securities and non-cash property of the other Funds) and shall be
identified as subject to this Agreement.

V. C. SECURITIES IN BEARER AND REGISTERED FORM. All Securities held
which are issued or issuable only in bearer form, shall be held by the Custodian
in that form; all other Securities held for the Fund may be registered in the
name of the Custodian, any sub-custodian appointed in accordance with this
Agreement, or the nominee of any of them. The Trust agrees to furnish to the

Custodian appropriate instruments to enable the Custodian to hold, or deliver in
proper form for transfer, any Securities that it may hold for the account of any
Fund and which may, from time to time, be registered in the name of a Fund.

V. D. DUTIES OF CUSTODIAN AS TO SECURITIES. Unless otherwise instructed
by the Trust, with respect to all Securities held for the Trust, the Custodian
shall on a timely basis (concerning items 1 and 2 below, as defined in the
Custodian's Standards of Service Guide, as amended from time to time, annexed
hereto as Appendix D):

1.) Collect all income due and payable with respect to such
Securities;

2.) Present for payment and collect amounts payable upon all
Securities which may mature or be called, redeemed, or
retired, or otherwise become payable;

3.) Surrender interim receipts or Securities in temporary
form for Securities in definitive form; and

4.) Execute, as Custodian, any necessary declarations or
certificates of ownership under the Federal income tax
laws or the laws or regulations of any other taxing
authority, including any foreign taxing authority, now
or hereafter in effect.

V. E. CERTAIN ACTIONS UPON WRITTEN INSTRUCTIONS. Upon receipt of a
Written Instructions and not otherwise, the Custodian shall:

1.) Execute and deliver to such persons as may be designated
in such Written Instructions proxies, consents,
authorizations, and any other instruments whereby the
authority of the Trust as beneficial owner of any
Securities may be exercised;

2.) Deliver any Securities in exchange for other Securities
or cash issued or paid in connection with the
liquidation, reorganization, refinancing, merger,
consolidation, or recapitalization of any corporation,
or the exercise of any conversion privilege;

3.) Deliver any Securities to any protective committee,
reorganization committee, or other person in connection
with the reorganization, refinancing, merger,
consolidation, recapitalization, or sale of assets of
any corporation, and receive and hold under the terms of
this Agreement such certificates of deposit, interim
receipts or other instruments or documents as may be
issued to it to evidence such delivery;

4.) Make such transfers or exchanges of the assets of any
Fund and take such other steps as shall be stated in the
Written Instructions to be for the purpose of
effectuating any duly authorized plan of liquidation,
reorganization, merger, consolidation or
recapitalization of the Trust; and

5.) Deliver any Securities held for any Fund to the
depository agent for tender or other similar offers.

V. F. CUSTODIAN TO DELIVER PROXY MATERIALS. The Custodian shall
promptly deliver to the Trust all notices, proxy material and executed but
unvoted proxies pertaining to shareholder meetings of Securities held by any
Fund. The Custodian shall not vote or authorize the voting of any Securities or
give any consent, waiver or approval with respect thereto unless so directed by
Written Instructions.

V. G. CUSTODIAN TO DELIVER TENDER OFFER INFORMATION. The Custodian
shall promptly deliver to the Trust all information received by the Custodian
and pertaining to Securities held by

any Fund with respect to tender or exchange offers, calls for redemption or
purchase, or expiration of rights as described in the Standards of Service Guide
attached as Appendix D. If the Trust desires to take action with respect to any
tender offer, exchange offer or other similar transaction, the Trust shall
notify the Custodian at least five Business Days prior to the date on which the
Custodian is to take such action. The Trust will provide or cause to be provided
to the Custodian all relevant information for any Security which has unique
put/option provisions at least five Business Days prior to the beginning date of
the tender period.

V. H. CUSTODIAN TO DELIVER SECURITY AND TRANSACTION INFORMATION. On
each Business Day that the Federal Reserve Bank is open, the Custodian shall
furnish the Trust with a detailed statement of monies held for the Fund under
this Agreement and with confirmations and a summary of all transfers to or from
the account of the Fund. At least monthly and from time to time, the Custodian
shall furnish the Trust with a detailed statement of the Securities held for the
Fund under this Agreement. Where Securities are transferred to the account of
the Fund without physical delivery, the Custodian shall also identify as
belonging to the Fund a quantity of Securities in a fungible bulk of Securities
registered in the name of the Custodian (or its nominee) or shown on the
Custodian's account on the books of the Book-Entry System or the Depository.
With respect to information provided by this section, it shall not be necessary
for the Custodian to provide notice as described by Article XI Section F.
Notices to Trust; it shall be sufficient to communicate by such means as shall
be mutually agreeable to the Trust and the Custodian.

ARTICLE VI

PURCHASE AND SALE OF SECURITIES
-------------------------------

VI. A. PURCHASE OF SECURITIES. Promptly after each purchase of
Securities by the Trust, the Trust shall deliver to the Custodian (i) with
respect to each purchase of Securities which are not

Money Market Securities, Written Instructions, and (ii) with respect to each
purchase of Money Market Securities, Proper Instructions, specifying with
respect to each such purchase the;

1.) name of the issuer and the title of the Securities,

2.) the number of shares, principal amount purchased (and
accrued interest, if any) or other units purchased,

3.) date of purchase and settlement,

4.) purchase price per unit,

5.) total amount payable,

6.) name of the person from whom, or the broker through
which, the purchase was made,

7.) the name of the person to whom such amount is payable,
and

8.) the Fund for which the purchase was made. The Custodian
shall, against receipt of Securities purchased by or
for the Trust, pay out of the moneys held for the
account of such Fund the total amount specified in the
Written Instructions, or Oral Instructions, if
applicable, to the person named therein. The Custodian
shall not be under any obligation to pay out moneys to
cover the cost of a purchase of Securities for a Fund,
if in the relevant Fund custody account there is
insufficient cash available to the Fund for which such
purchase was made. With respect to any repurchase
agreement transaction for the Funds, the Custodian
shall assure that the collateral reflected on the
transaction advice is received by the Custodian.

VI. B. SALE OF SECURITIES. Promptly after each sale of Securities by a
Fund, the Trust shall deliver to the Custodian (i) with respect to each sale of
Securities which are not Money Market Securities, Written Instructions, and (ii)
with respect to each sale of Money Market Securities, Proper Instructions,
specifying with respect to each such sale the:

1.) name of the issuer and the title of the Securities,

2.) number of shares, principal amount sold (and accrued
interest, if any) or other units sold,

3.) date of sale and settlement,

4.) sale price per unit,

5.) total amount receivable,

6.) name of the person to whom, or the broker through
which, the sale was made,

7.) name of the person to whom such Securities are to be
delivered, and

8.) Fund for which the sale was made. The Custodian shall
deliver the Securities against receipt of the total
amount specified in the Written Instructions, or Oral
Instructions, if applicable.

VI. C. DELIVERY VERSUS PAYMENT FOR PURCHASES AND SALES. Purchases and
sales of Securities effected by the Custodian will be made on a delivery versus
payment basis. The Custodian may, in its sole discretion, upon receipt of
Written Instructions, elect to settle a purchase or sale transaction in some
other manner, but only upon receipt of acceptable indemnification from the Fund.

VI. D. PAYMENT ON SETTLEMENT DATE. On contractual settlement date, the
account of the Fund will be charged for all purchased Securities settling on
that day, regardless of whether or not

delivery is made. Likewise, on contractual settlement date, proceeds from the
sale of Securities settling that day will be credited to the account of the
Fund, irrespective of delivery.

VI. E. SEGREGATED ACCOUNTS. The Custodian shall, upon receipt of Proper
Instructions so directing it, establish and maintain a segregated account or
accounts for and on behalf of a Fund. Cash and/or Securities may be transferred
into such account or accounts for specific purposes, to-wit:

1.) in accordance with the provision of any agreement among
the Trust, the Custodian, and a broker-dealer
registered under the 1934 Act, and also a member of the
NASD (or any futures commission merchant registered
under the Commodity Exchange Act), relating to
compliance with the rules of the Options Clearing
Corporation and of any registered national securities
exchange, the Commodity Futures Trading Commission, any
registered contract market, or any similar organization
or organizations requiring escrow or other similar
arrangements in connection with transactions by the
Fund;

2.) for purposes of segregating cash or Securities in
connection with options purchased, sold, or written by
the Fund or commodity futures contracts or options
thereon purchased or sold by the Fund;

3.) for the purpose of compliance by the Fund with the
procedures required for reverse repurchase agreements,
firm commitment agreements, standby commitment
agreements, short sales, or any other securities by Act
Release No. 10666, or any subsequent release or
releases or rule of the SEC relating

to the maintenance of segregated accounts by
registered investment companies;

4.) for the purpose of segregating collateral for loans of
Securities made by the Fund; and

5.) for other proper corporate purposes, but only upon
receipt of, in addition to Proper Instructions, a copy
of a resolution of the Board of Trustees, certified by
an Officer, setting forth the purposes of such
segregated account.

Each segregated account established hereunder shall be established and
maintained for a single Fund only. All Proper Instructions relating to a
segregated account shall specify the Fund involved.

VI. F. ADVANCES FOR SETTLEMENT. Except as otherwise may be agreed upon
by the parties hereto, the Custodian shall not be required to comply with any
Written Instructions to settle the purchase of any Securities on behalf of a
Fund unless there is sufficient cash in the account(s) pertaining to such Fund
at the time or to settle the sale of any Securities from such an account(s)
unless such Securities are in deliverable form. Notwithstanding the foregoing,
if the purchase price of such Securities exceeds the amount of cash in the
account(s) at the time of such purchase, the Custodian may, in its sole
discretion, advance the amount of the difference in order to settle the purchase
of such Securities. The amount of any such advance shall be deemed a loan from
the Custodian to the Trust payable on demand and bearing interest accruing from
the date such loan is made up to but not including the date such loan is repaid
at the rate per annum customarily charged by the Custodian on similar loans.

ARTICLE VII

TRUST INDEBTEDNESS
------------------

VII. A. BORROWINGS. In connection with any borrowings by the Trust, the
Trust will cause to be delivered to the Custodian by a bank or broker requiring
Securities as collateral for such borrowings (including the Custodian if the
borrowing is from the Custodian), a notice or undertaking in the form currently
employed by such bank or broker setting forth the amount of collateral. The
Trust shall promptly deliver to the Custodian Written Instructions specifying
with respect to each such borrowing: (a) the name of the bank or broker, (b) the
amount and terms of the borrowing, which may be set forth by incorporating by
reference an attached promissory note duly endorsed by the Trust, or a loan
agreement, (c) the date, and time if known, on which the loan is to be entered
into, (d) the date on which the loan becomes due and payable, (e) the total
amount payable to the Trust on the borrowing date, and (f) the description of
the Securities securing the loan, including the name of the issuer, the title
and the number of shares or other units or the principal amount. The Custodian
shall deliver on the borrowing date specified in the Written Instructions the
required collateral against the lender's delivery of the total loan amount then
payable, provided that the same conforms to that which is described in the
Written Instructions. The Custodian shall deliver, in the manner directed by the
Trust, such Securities as additional collateral, as may be specified in Written
Instructions, to secure further any transaction described in this Article VII.
The Trust shall cause all Securities released from collateral status to be
returned directly to the Custodian and the Custodian shall receive from time to
time such return of collateral as may be tendered to it.

The Custodian may, at the option of the lender, keep such collateral in
its possession, subject to all rights therein given to the lender because of the
loan. The Custodian may require such

reasonable conditions regarding such collateral and its dealings with
third-party lenders as it may deem appropriate.

VII. B. ADVANCES. With respect to any advances of cash made by the
Custodian to or for the benefit of a Fund for any purpose which results in the
Fund incurring an overdraft at the end of any Business Day, such advance shall
be repayable immediately upon demand made by the Custodian at any time.

ARTICLE VIII

CONCERNING THE CUSTODIAN
------------------------

VIII. A. LIMITATIONS ON LIABILITY OF CUSTODIAN. Except as otherwise
provided herein, the Custodian shall not be liable for any loss or damage,
including counsel fees, resulting from its action or omission to act or
otherwise, except for any such loss or damage arising out of its negligence or
willful misconduct. The Trust, on behalf of the Fund and only from assets of the
Fund (or insurance purchased by the Trust with respect to its liabilities on
behalf of the Fund hereunder), shall defend, indemnify and hold harmless the
Custodian and its directors, officers, employees and agents with respect to any
loss, claim, liability or cost (including reasonable attorneys' fees) arising or
alleged to arise from or relating to the Trust's duties hereunder or any other
action or inaction of the Trust or its Trustees, officers, employees or agents,
except such as may arise from the negligent action, omission, willful misconduct
or breach of this Agreement by the Custodian, its directors, officers, employees
or agents. The Custodian shall defend, indemnify and hold harmless the Trust and
its trustees, officers, employees or agents with respect to any loss, claim,
liability or cost (including reasonable attorneys' fees) arising or alleged to
arise from or relating to the Custodian's duties as specifically set forth in
this agreement with respect to the Fund hereunder or any other action or
inaction of the Custodian or its directors, officers, employees,

agents, nominees, or Sub-Custodians as to the Fund, except such as may arise
from the negligent action, omission or willful misconduct of the Trust, its
trustees, officers, employees, or agents. The Custodian shall be liable to the
Trust for any proximate loss or damage resulting from the use of the Book-Entry
System or any Depository arising by reason of any negligence, misfeasance or
misconduct on the part of the Custodian or any of its employees, agents,
nominees or Sub-Custodians, but not for any special, incidental, consequential,
or punitive damages; provided, however, that nothing contained herein shall
preclude recovery by the Trust, on behalf of the Fund, of principal and of
interest to the date of recovery on Securities incorrectly omitted from the
Fund's account or penalties imposed on the Trust, in connection with the Fund,
for any failures to deliver Securities. In any case in which one party hereto
may be asked to indemnify the other or hold the other harmless, the party from
whom indemnification is sought (the "Indemnifying Party") shall be advised of
all pertinent facts concerning the situation in question, and the party claiming
a right to indemnification (the "Indemnified Party") will use reasonable care to
identify and notify the Indemnifying Party promptly concerning any situation
which presents or appears to present a claim for indemnification against the
Indemnifying Party. The Indemnifying Party shall have the option to defend the
Indemnified Party against any claim which may be the subject of the
indemnification, and in the event the Indemnifying Party so elects, such defense
shall be conducted by counsel chosen by the Indemnifying Party and satisfactory
to the Indemnified Party and the Indemnifying Party will so notify the
Indemnified Party and thereupon such Indemnifying Party shall take over the
complete defense of the claim and the Indemnifying Party shall sustain no
further legal or other expenses in such situation for which indemnification has
been sought under this paragraph, except the expenses of any additional counsel
retained by the Indemnified Party. In no case shall any party claiming the right
to indemnification confess any claim or make any compromise in any case in

which the other party has been asked to indemnify such party (unless such
confession or compromise is made with such other party's prior written consent.
The provisions of this section VIII. A. shall survive the termination of this
Agreement.

VIII. B. ACTIONS NOT REQUIRED BY CUSTODIAN. Without limiting the
generality of the foregoing, the Custodian, acting in the capacity of Custodian
hereunder, shall be under no obligation to inquire into, and shall not be liable
for:

1.) The validity of the issue of any Securities purchased
by or for the account of any Fund, the legality of
the purchase thereof, or the propriety of the amount
paid therefore;

2.) The legality of the sale of any Securities by or for
the account of any Fund, or the propriety of the
amount for which the same are sold;

3.) The legality of the issue or sale of any Shares of
any Fund, or the sufficiency of the amount to be
received therefor;

4.) The legality of the redemption of any Shares of any
Fund, or the propriety of the amount to be paid
therefor;

5.) The legality of the declaration or payment of any
dividend by the Trust in respect of Shares of any
Fund;

6.) The legality of any borrowing by the Trust on behalf
of the Trust or any Fund, using Securities as
collateral;

7.) Whether the Trust or a Fund is in compliance with the
1940 Act, the regulations thereunder, the provisions
of the Trust's charter documents or by-laws, or its
investment objectives and policies as then in effect.

VIII. C. NO DUTY TO COLLECT AMOUNTS DUE FROM DIVIDEND AND TRANSFER
AGENT. The Custodian shall not be under any duty or obligation to take action to
effect collection of any amount due to the Trust from any Dividend and Transfer
Agent of the Trust nor to take any action to effect payment or distribution by
any Dividend and Transfer Agent of the Trust of any amount paid by the Custodian
to any Dividend and Transfer Agent of the Trust in accordance with this
Agreement.

VIII. D. NO ENFORCEMENT ACTIONS. Notwithstanding Section D of Article
V, the Custodian shall not be under any duty or obligation to take action, by
legal means or otherwise, to effect collection of any amount, if the Securities
upon which such amount is payable are in default, or if payment is refused after
due demand or presentation, unless and until (i) it shall be directed to take
such action by Written Instructions and (ii) it shall be assured to its
satisfaction (including prepayment thereof) of reimbursement of its costs and
expenses in connection with any such action.

VIII. E. AUTHORITY TO USE AGENTS AND SUB-CUSTODIANS. The Trust
acknowledges and hereby authorizes the Custodian to hold Securities through its
various agents described in Appendix C annexed hereto. In addition, the Trust
acknowledges that the Custodian may appoint one or more financial institutions,
as agent or agents or as sub-custodian or sub-custodians, including, but not
limited to, banking institutions located in foreign countries, for the purpose
of holding Securities

and moneys at any time owned by the Fund. The Custodian shall not be relieved of
any obligation or liability under this Agreement in connection with the
appointment or activities of such agents or sub-custodians. Any such agent or
sub-custodian shall be qualified to serve as such for assets of investment
companies registered under the Act. The Funds shall reimburse the Custodian for
all costs incurred by the Custodian in connection with opening accounts with any
such agents or sub-custodians. Upon request, the Custodian shall promptly
forward to the Trust any documents it receives from any agent or sub-custodian
appointed hereunder which may assist trustees of registered investment companies
to fulfill their responsibilities under Rule 17f-5 of the Act.

VIII. F. NO DUTY TO SUPERVISE INVESTMENTS. The Custodian shall not be
under any duty or obligation to ascertain whether any Securities at any time
delivered to or held by it for the account of the Trust are such as properly may
be held by the Trust under the provisions of the Declaration of Trust and the
Trust's By-Laws.

VIII. G. ALL RECORDS CONFIDENTIAL. The Custodian shall treat all
records and other information relating to the Trust and the assets of all Funds
as confidential and shall not disclose any such records or information to any
other person unless (i) the Trust shall have consented thereto in writing or
(ii) such disclosure is compelled by law.

VIII. H. COMPENSATION OF CUSTODIAN. The Custodian shall be entitled to
receive and the Trust agrees to pay to the Custodian, for the Fund's account
from the Fund's assets only, such compensation as shall be determined pursuant
to Appendix E attached hereto, or as shall be determined pursuant to amendments
to Appendix E as approved by the Custodian and the Trust. The Custodian shall be
entitled to charge against any money held by it for the accounts of the Fund the
amount of any loss, damage, liability or expense, including counsel fees, for
which it shall be entitled to reimbursement under the provisions of this
Agreement as determined by agreement of

the Custodian and the Trust or by the final order of any court or arbitrator
having jurisdiction and as to which all rights of appeal shall have expired. The
expenses which the Custodian may charge against the account of a Fund include,
but are not limited to, the expenses of agents or Sub-Custodians incurred in
settling transactions involving the purchase and sale of Securities of the Fund.

VIII. I. RELIANCE UPON INSTRUCTIONS. The Custodian shall be entitled to
rely upon any Proper Instructions if such reliance is made in good faith. The
Trust agrees to forward to the Custodian Written Instructions confirming Oral
Instructions in such a manner so that such Written Instructions are received by
the Custodian, whether by hand delivery, telex, facsimile or otherwise, on the
same Business Day on which such Oral Instructions were given. The Trust agrees
that the failure of the Custodian to receive such confirming instructions shall
in no way affect the validity of the transactions or enforceability of the
transactions hereby authorized by the Trust. The Trust agrees that the Custodian
shall incur no liability to the Trust for acting upon Oral Instructions given to
the Custodian hereunder concerning such transactions.

VIII. J. BOOKS AND RECORDS. The Custodian will (i) set up and maintain
proper books of account and complete records of all transactions in the accounts
maintained by the Custodian hereunder in such manner as will meet the
obligations of the Fund under the Act, with particular attention to Section 31
thereof and Rules 3la-1 and 3la-2 thereunder and those records are the property
of the Trust, and (ii) preserve for the periods prescribed by applicable Federal
statute or regulation all records required to be so preserved. All such books
and records shall be the property of the Trust, and shall be available, upon
request, for inspection by duly authorized officers, employees or agents of the
Trust and employees of the SEC.

VIII. K. INTERNAL ACCOUNTING CONTROL SYSTEMS. The Custodian shall send
to the Trust any report received on the systems of internal accounting control
of the Custodian, or its agents or sub-custodians, as the Trust may reasonably
request from time to time.

VIII. L. NO MANAGEMENT OF ASSETS BY CUSTODIAN. The Custodian performs
only the services of a custodian and shall have no responsibility for the
management, investment or reinvestment of the Securities or other assets from
time to time owned by any Fund. The Custodian is not a selling agent for Shares
of any Fund and performance of its duties as custodian shall not be deemed to be
a recommendation to any Fund's depositors or others of Shares of the Fund as an
investment. The Custodian shall have no duties or obligations whatsoever except
such duties and obligations as are specifically set forth in this Agreement, and
no covenant or obligation shall be implied in this Agreement against the
Custodian.

VIII. M. ASSISTANCE TO TRUST. The Custodian shall take all reasonable
action, that the Trust may from time to time request, to assist the Trust in
obtaining favorable opinions from the Trust's independent accountants, with
respect to the Custodian's activities hereunder, in connection with the
preparation of the Fund's Form N- IA, Form N-SAR, or other annual reports to the
SEC.

ARTICLE IX

TERMINATION
-----------

IX. A. TERMINATION. Either party hereto may terminate this Agreement
for any reason by giving to the other party a notice in writing specifying the
date of such termination, which shall be not less than ninety (90) days after
the date of giving of such notice. If such notice is given by the Trust, it
shall be accompanied by a copy of a resolution of the Board of Trustees of the
Trust, certified by the Secretary of the Trust, electing to terminate this
Agreement and designating a successor custodian or custodians each of which
shall be a bank or trust company having not less

than $100,000,000 aggregate capital, surplus, and undivided profits. In the
event such notice is given by the Custodian, the Trust shall, on or before the
termination date, deliver to the Custodian a copy of a resolution of the Board
of Trustees of the Trust, certified by the Secretary, designating a successor
custodian or custodians to act on behalf of the Trust. In the absence of such
designation by the Trust, the Custodian may designate a successor custodian
which shall be a bank or trust company having not less than $100,000,000
aggregate capital, surplus, and undivided profits. Upon the date set forth in
such notice this Agreement shall terminate, and the Custodian, provided that it
has received a notice of acceptance by the successor custodian, shall deliver,
on that date, directly to the successor custodian all Securities and monies then
owned by the Fund and held by it as Custodian. Upon termination of this
Agreement, the Trust shall pay to the Custodian on behalf of the Trust such
compensation as may be due as of the date of such termination. The Trust agrees
on behalf of the Trust that the Custodian shall be reimbursed for its reasonable
costs in connection with the termination of this Agreement.

IX. B. FAILURE TO DESIGNATE SUCCESSOR CUSTODIAN. If a successor
custodian is not designated by the Trust, or by the Custodian in accordance with
the preceding paragraph, or the designated successor cannot or will not serve,
the Trust shall, upon the delivery by the Custodian to the Trust of all
Securities (other than Securities held in the Book-Entry System which cannot be
delivered to the Trust) and moneys then owned by the Trust, be deemed to be the
custodian for the Trust, and the Custodian shall thereby be relieved of all
duties and responsibilities pursuant to this Agreement, other than the duty with
respect to Securities held in the Book-Entry System, which cannot be delivered
to the Trust, which shall be held by the Custodian in accordance with this
Agreement.

ARTICLE X

FORCE MAJEURE
-------------

Neither the Custodian nor the Trust shall be liable for any failure or
delay in performance of its obligations under this Agreement arising out of or
caused, directly or indirectly, by circumstances beyond its reasonable control,
including, without limitation, acts of God; earthquakes; fires; floods; wars;
civil or military disturbances; sabotage; strikes; epidemics; riots; labor
disputes; acts of civil or military authority; governmental actions; or
inability to obtain labor, material, equipment or transportation; provided,
however, that the Custodian, in the event of a failure or delay, shall use its
best efforts to ameliorate the effects of any such failure or delay.

ARTICLE XI

MISCELLANEOUS
-------------

XI. A. DESIGNATION OF AUTHORIZED PERSONS. Appendix A sets forth the
names and the signatures of all Authorized Persons as of this date, as certified
by the Secretary of the Trust. The Trust agrees to furnish to the Custodian a
new Appendix A in form similar to the attached Appendix A, if any present
Authorized Person ceases to be an Authorized Person or if any other or
additional Authorized Persons are elected or appointed. Until such new Appendix
A shall be received, the Custodian shall be fully protected in acting under the
provisions of this Agreement upon Oral Instructions or signatures of the then
current Authorized Persons as set forth in the last delivered Appendix A.

XI. B. LIMITATION OF PERSONAL LIABILITY. No recourse under any
obligation of this Agreement or for any claim based thereon shall be had against
any organizer, shareholder, officer, trustee, past, present or future as such,
of the Trust or of any predecessor or successor, either directly or through the
Trust or any such predecessor or successor, whether by virtue of any

constitution, statute or rule of law or equity, or by the enforcement of any
assessment or penalty or otherwise; it being expressly agreed and understood
that this Agreement and the obligations thereunder are enforceable solely
against the assets of the Trust, and that no such personal liability whatever
shall attach to, or is or shall be incurred by, the organizers, shareholders,
officers, or trustees of the Trust or of any predecessor or successor, or any of
them as such, because of the obligations contained in this Agreement or implied
therefrom and that any and all such liability is hereby expressly waived and
released by the Custodian as a condition of, and as a consideration for, the
execution of this Agreement.

XI. C. AUTHORIZATION BY BOARD. The obligations set forth in this
Agreement as having been made by the Trust have been made by the Board of
Trustees, acting as such Trustees for and on behalf of the Trust, pursuant to
the authority vested in them under the laws of the State of [OHIO], the
Declaration of Trust and the By-Laws of the Trust. This Agreement has been
executed by Officers of the Trust as officers, and not individually, and the
obligations contained herein are not binding upon any of the Trustees, Officers,
agents or holders of shares, personally, but bind only the Trust and then only
to the extent of the assets of the Trust.

XI. D. CUSTODIAN'S CONSENT TO USE OF ITS NAME. The Trust shall obtain
the Custodian's consent prior to the publication and/or dissemination or
distribution, of the Prospectus and any other documents (including advertising
material) specifically mentioning the Custodian (other than merely by name and
address).

XI. E. NOTICES TO CUSTODIAN. Any notice or other instrument in writing,
authorized or required by this Agreement to be given to the Custodian, shall be
sufficiently given if addressed to the Custodian and mailed or delivered to it
at its offices at Firstar Bank Center, 425 Walnut .Street,

M. L. 6118, Xxxxxxxxxx, Xxxx 00000, attention Mutual Fund Custody Department, or
at such other place as the Custodian may from time to time designate in writing.

XI. F. NOTICES TO TRUST. Any notice or other instrument in writing,
authorized or required by this Agreement to be given to the Trust shall be
sufficiently given when delivered to the Trust or on the second Business Day
following the time such notice is deposited in the U.S. mail postage prepaid and
addressed to the Trust at its office at 0000 Xxxxxxx Xxxx, Xxxxx 000,
Xxxxxxxxxx, XX 00000 or at such other place as the Trust may from time to time
designate in writing.

XI. G. AMENDMENTS IN WRITING. This Agreement, with the exception of the
Appendices, may not be amended or modified in any manner except by a written
agreement executed by both parties with the same formality as this Agreement,
and authorized and approved by a resolution of the Board of Trustees of the
Trust.

XI. H. SUCCESSORS AND ASSIGNS. This Agreement shall extend to and shall
be binding upon the parties hereto, and their respective successors and assigns;
provided, however, that this Agreement shall not be assignable by the Trust or
by the Custodian, and no attempted assignment by the Trust or the Custodian
shall be effective without the written consent of the other party hereto.

XI. I. GOVERNING LAW. This Agreement shall be construed in accordance
with the laws of the State of Ohio.

XI. J. JURISDICTION. Any legal action, suit or proceeding to be
instituted by either party with respect to this Agreement shall be brought by
such party exclusively in the courts of the State of Ohio or in the courts of
the United States for the Southern District of Ohio, and each party, by its
execution of this Agreement, irrevocably (i) submits to such jurisdiction and
(ii) consents to the service of any process or pleadings by first class U.S.
mail, postage prepaid and return receipt requested, or by any other means from
time to time authorized by the laws of such jurisdiction.

XI. K. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but such
counterparts shall, together, constitute only one instrument.

XI. L. HEADINGS. The headings of paragraphs in this Agreement are for
convenience of reference only and shall not affect the meaning or construction
of any provision of this Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective Officers, thereunto duly authorized as of the day
and year FIRST above written.

WITNESS: TRUST:
Gateway Variable Insurance Trust
Xxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxx
-------------------------- Title: Chairman

WITNESS: CUSTODIAN:
Firstar Bank, N.A.

Xxxxx X. Xxxxxxxxxxx By: /s/ Xxxxxxx X. Xxxxxx
--------------------------- Title: Vice President

APPENDIX A

AUTHORIZED PERSONS SPECIMEN SIGNATURES
------------------ -------------------

Chairman:
---------------------- -----------------------------

President:
---------------------- -----------------------------

Secretary:
---------------------- -----------------------------

Treasurer:
---------------------- -----------------------------

Senior Vice
President:
---------------------- -----------------------------

Assistant
Secretary:
---------------------- -----------------------------

Assistant
Treasurer:
---------------------- -----------------------------

Adviser Employees:
---------------------- -----------------------------

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

Transfer Agent/Fund Accountant

Employees:
---------------------- -----------------------------

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

* Authority restricted; does not include:
--------------------------------

APPENDIX B
Series of the Trust

Gateway VIT Fund

APPENDIX C
AGENTS OF THE CUSTODIAN

The following agents are employed currently by Firstar Bank, N.A. for
securities processing and control ...

The Depository Trust Company (New York)
0 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000

The Federal Reserve Bank
Cincinnati and Cleveland Branches

Bank of New York
0 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
(For Foreign Securities and certain non-DTC eligible Securities)

APPENDIX D

[FIRSTAR INSTITUTIONAL CUSTODY SERVICES LOGO]

STANDARDS OF SERVICE GUIDE

Firstar Institutional Custody Services
000 Xxxxxx Xxxxxx, 6th Floor
M.L. CN-WN-06TC
Xxxxxxxxxx, XX 00000

August, 2001

FIRSTAR INSTITUTIONAL CUSTODY SERVICES
STANDARDS OF SERVICE GUIDE

Firstar Bank, N.A. is committed to providing superior quality service
to all customers and their agents at all times. We have compiled this guide as a
tool for our clients to determine our standards for the processing of security
settlements, payment collection, and capital change transactions. Deadlines
recited in this guide represent the times required for Firstar Bank to guarantee
processing. Failure to meet these deadlines will result in settlement at our
client's risk. In all cases, Firstar Bank will make every effort to complete all
processing on a timely basis.

Firstar Bank is a direct participant of the Depository Trust Company, a
direct member of the Federal Reserve Bank of Cleveland, and utilizes the Bank of
New York as its agent for ineligible and foreign securities.

For corporate reorganizations, Firstar Bank utilizes SEI's Reorg
Source, Financial Information, Inc., XCITEK, DTC Important Notices, Capital
Changes Daily (CCH) and the WALL STREET JOURNAL.

For bond calls and mandatory puts, Firstar Bank utilizes SEI's Bond
Source, Xxxxx Information Systems, Standard & Poor's Corporation, XCITEK, and
DTC Important Notices. Firstar Bank will not notify clients of optional put
opportunities.

Any securities delivered free to Firstar Bank or its agents must be
received three (3) business days prior to any payment or settlement in order for
the Firstar Bank standards of service to apply.

Should you have any questions regarding the information contained in
this guide, please feel free to contact your account representative.

The information contained in this Standards of Service Guide
is subject to change. Should any changes be made Firstar Bank
will provide you with an updated copy of its Standards of
Service Guide.

FIRSTAR BANK SECURITY SETTLEMENT STANDARDS

TRANSACTION TYPE INSTRUCTIONS DEADLINES* DELIVERY INSTRUCTIONS

DTC 1:30 P.M. on Settlement Date DTC Participant #0000
Xxxxx Xxxx XX 00000
Institutional #________________
For Account #____________

Federal Reserve Book Entry 12:30 P.M. on Settlement Date Federal Reserve Bank of Cinti/Trust
for Firstar Bank, N.A.
ABA# 000000000
For Account #_____________

Federal Reserve Book Entry (Repurchase 1:00 P.M. on Settlement Date Federal Reserve Bank of Cinti/Spec
Agreement Collateral Only) for Firstar Bank, N.A.
ABA# 000000000
For Account #_____________

PTC Securities 12:00 P.M. on Settlement Date PTC For Account BYORK
(GNMA Book Entry) Firstar Bank / 117612
Physical Securities 9:30 A.M. EST on Settlement Date Bank of New York
(for Deliveries, by 4:00 P.M. on Settlement Date Xxx Xxxx Xxxxxx- 0xx Xxxxx - Xxxxxx A
minus 1) Xxx Xxxx, XX 00000
For account of Firstar Bank /
Cust #117612
Attn: Xxxxxx Xxxxxx

CEDEL/EURO-CLEAR 11:00 A..M. on Settlement Date minus 2 Cedel a/c 55021
FFC: a/c 387000
Firstar Bank / Global Omnibus

Cash Wire Transfer 3:00 P.M. Firstar Bank,X.X. Xxxxx/Trust
ABA# 000000000
Credit Account #0000000
Further Credit to ___________
Account # _______________

* All times listed are Eastern Standard Time.

FIRSTAR BANK PAYMENT STANDARDS

SECURITY TYPE INCOME PRINCIPAL

Equities Payable Date

Municipal Bonds* Payable Date Payable Date

Corporate Bonds* Payable Date Payable Date

Federal Reserve Bank Book Entry* Payable Date Payable Date

PTC GNMA's (P&I) Payable Date + 1 Payable Date + 1

CMOs *
DTC Payable Date + 1 Payable Date + 1
Bankers Trust Payable Date + 1 Payable Date + 1

SBA Loan Certificates When Received When Received

Unit Investment Trust Certificates* Payable Date Payable Date

Certificates of Deposit* Payable Date + 1 Payable Date + 1

Limited Partnerships When Received When Received

Foreign Securities When Received When Received

*Variable Rate Securities
Federal Reserve Bank Book Entry Payable Date Payable Date
DTC Payable Date + 1 Payable Date + 1
Bankers Trust Payable Date + 1 Payable Date + 1

NOTE: If a payable date falls on a weekend or bank holiday, payment
will be made on the immediately following business day.

FIRSTAR BANK CORPORATE REORGANIZATION STANDARDS

TYPE OF ACTION NOTIFICATION TO CLIENT DEADLINE FOR CLIENT INSTRUCTIONS TRANSACTION
TO FIRSTAR BANK POSTING

Rights, Warrants, Later of 10 business days prior to 5 business days prior to expiration Upon receipt
and Optional Mergers expiration or receipt of notice

Mandatory Puts with Later of 10 business days prior to 5 business days prior to expiration Upon receipt
Option to Retain expiration or receipt of notice

Class Actions 10 business days prior to expiration date 5 business days prior to expiration Upon receipt

Voluntary Tenders, Later of 10 business days prior to 5 business days prior to expiration Upon receipt
Exchanges, expiration or receipt of notice
and Conversions

Mandatory Puts, Defaults, At posting of funds or securities received None Upon receipt
Liquidations, Bankruptcies,
Stock Splits, Mandatory
Exchanges

Full and Partial Calls Later of 10 business days prior to None Upon receipt
expiration or receipt of notice

NOTE: Fractional shares/par amounts resulting from any of the above will be
sold.

APPENDIX E

FEE SCHEDULE
------------

Firstar Bank, N.A., as Custodian, will receive annual compensation for services
according to the terms of the following schedule:

Monthly Base Fee: $400.00

a) for each repurchase agreement transaction (Purchase only) $7.00

b) For each portfolio transaction processed
through DTC or Federal Reserve 10.00

c) For each portfolio transaction processed
Through PTC or our New York Custodian 20.00

d) For each foreign security transaction 50.00

e) For each option/future contract written,
exercised or expired 35.00

f) For each disbursement (Fund Expenses) 5.00

g) Equipment charge 100.00

h) Options Clearing Corp Access Fee 50.00

A transaction is a purchase/sale of a security, free receipt/free delivery
(excludes initial conversion), maturity, tender or exchange.

Out-of Pocket Expenses:

The Custodian is to be reimbursed for all out-of-pocket expenses
including, but not limited to, postage, insurance, and long distance
telephone charges.

All Compensation is payable monthly.

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CUSTODY AGREEMENT BETWEEN FIRSTAR BANK, N.A. AND

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