The Agreement between T. Rowe Price Associates, Inc. and T. Rowe Price Funds for Fund Accounting Services, dated January 1, 1996.

 The Agreement between X. Xxxx Price Associates, Inc. and
          X. Xxxx Price Funds for Fund Accounting Services, dated January
          1, 1996.
             

























          PAGE 1
                                      AGREEMENT
                                       between
                            X. XXXX PRICE ASSOCIATES, INC.
                                         and
                               THE X. XXXX PRICE FUNDS
                                         for
                               FUND ACCOUNTING SERVICES







































          PAGE 2
                                  TABLE OF CONTENTS

                                                                      Page

          Article A  Terms of Appointment/Duties of Price
                     Associates   . . . . . . . . . . . . . . . . . .  1

          Article B  Fees and Out-of-Pocket Expenses  . . . . . . . .  2

          Article C  Representations and Warranties of Price
                     Associates   . . . . . . . . . . . . . . . . . .  3

          Article D  Representations and Warranties of the Fund   . .  3

          Article E  Ownership of Software and Related Material   . .  3

          Article F  Quality Service Standards  . . . . . . . . . . .  4

          Article G  Standard of Care/Indemnification   . . . . . . .  4

          Article H  Dual Interests   . . . . . . . . . . . . . . . .  5

          Article I  Documentation  . . . . . . . . . . . . . . . . .  5

          Article J  Recordkeeping/Confidentiality  . . . . . . . . .  5

          Article K  Compliance with Governmental Rules and
                     Regulations  . . . . . . . . . . . . . . . . . .  6

          Article L  Terms and Termination of Agreement   . . . . . .  6

          Article M  Notice   . . . . . . . . . . . . . . . . . . . .  6

          Article N  Assignment   . . . . . . . . . . . . . . . . . .  7

          Article O  Amendment/Interpretive Provisions  . . . . . . .  7

          Article P  Further Assurances   . . . . . . . . . . . . . .  7

          Article Q  Maryland Law to Apply  . . . . . . . . . . . . .  7

          Article R  Merger of Agreement  . . . . . . . . . . . . . .  7

          Article S  Counterparts   . . . . . . . . . . . . . . . . .  8

          Article T  The Parties  . . . . . . . . . . . . . . . . . .  8



















          PAGE 3
          Article U  Directors, Trustee and Shareholders and
                     Massachusetts Business Trust   . . . . . . . . .  8

          Article V  Captions   . . . . . . . . . . . . . . . . . . .  9





























































          PAGE 4

             AGREEMENT made as of the first day of January, 1996, by and

          between X. XXXX PRICE ASSOCIATES, INC., a Maryland corporation

          having its principal office and place of business at 000 Xxxx

          Xxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxx 00000 ("Price Associates"), and

          each Fund which is listed on Appendix A (as such Appendix may be

          amended from time to time) and which evidences its agreement to

          be bound hereby by executing a copy of this Agreement (each such

          Fund individually hereinafter referred to as "the Fund", whose

          definition may be found in Article T); 

             WHEREAS, Price Associates has the capability of providing the

          Funds with certain accounting services ("Accounting Services");

             WHEREAS, the Fund desires to appoint Price Associates to

          provide these Accounting Services and Price Associates desires to

          accept such appointment;

             WHEREAS, the Board of Directors of the Fund has authorized

          the Fund to utilize various pricing services for the purpose of

          providing to Price Associates securities prices for the

          calculation of the Fund's net asset value.

             NOW, THEREFORE, in consideration of the mutual covenants

          herein contained, the parties hereto agree as follows:






                                          4


















          PAGE 5

          A. Terms of Appointment/Duties of Price Associates

             Subject to the terms and conditions set forth in this

          Agreement, the Fund hereby employs and appoints Price Associates

          to provide, and Price Associates agrees to provide, the following

          Accounting Services:

             a.  Maintain for each Fund a daily trial balance, a general

                 ledger, subsidiary records and capital stock accounts;
             b.  Maintain for each Fund an investment ledger, including

                 amortized bond and foreign dollar denominated costs where

                 applicable;

             c.  Maintain for each Fund all records relating to the Fund's

                 income and expenses;

             d.  Provide for the daily valuation of each Fund's portfolio

                 securities and the computation of each Fund's daily net
                 asset value per share.  Such daily valuations shall be

                 made in accordance with the valuation policies established

                 by each of the Fund's Board of Directors including, but

                 not limited to, the utilization of such pricing valuation

                 sources and/or pricing services as determined by the

                 Boards.  Price Associates shall have no liability for any

                 losses or damages incurred by the Fund as a result of
                 erroneous portfolio security evaluations provided by such

                 designated sources and/or pricing services; provided that,



                                          5


















          PAGE 6

                 Price Associates reasonably believes the prices are
                 accurate, has adhered to its normal verification control

                 procedures, and has otherwise met the standard of care as

                 set forth in Article G of this Agreement;

             e.  Provide daily cash flow and transaction status information

                 to each Fund's adviser;

             f.  Prepare for each Fund such financial information that is

                 reasonably necessary for shareholder reports, reports to
                 the Board of Directors and to the officers of the Fund,

                 and reports to the Securities and Exchange Commission and

                 the Internal Revenue Service and other Federal and state

                 regulatory agencies;

             g.  Provide each Fund with such advice that may be reasonably

                 necessary to properly account for all financial

                 transactions and to maintain the Fund's accounting
                 procedures and records so as to insure compliance with

                 generally accepted accounting and tax practices and rules;

             h.  Maintain for each Fund all records that may be reasonably

                 required in connection with the audit performed by each

                 Fund's independent accountant, the Securities and Exchange

                 Commission, the Internal Revenue Service or such other
                 Federal or state regulatory agencies; and

             i.  Cooperate with each Fund's independent public accountants

                 and take all reasonable action in the performance of its 


                                          6


















          PAGE 7

                 obligations under the Agreement to assure that the
                 necessary information is made available to such

                 accountants for the expression of their opinion without

                 any qualification as to the scope of their examination

                 including, but not limited to, their opinion included in

                 each such Fund's annual report on Form N-SAR and annual

                 amendment to Form N-1A.

          B. Fees and Out-of-Pocket Expenses
             Each Fund shall pay to Price Associates for its Accounting

          Services hereunder, fees as set forth in the Schedule attached

          hereto.  In addition, each Fund will reimburse Price Associates

          for out-of-pocket expenses such as postage, printed forms, voice

          and data transmissions, record retention, disaster recovery,

          third party vendors, equipment leases and other similar items as

          may be agreed upon between Price Associates and the Fund.  Some
          invoices will contain costs for both the Funds and other funds

          services by Price Associates.  In these cases, a reasonable

          allocation methodology will be used to allocate these costs to

          the Funds.

          C. Representations and Warrantees of Price Associates

             Price Associates represents and warrants to the Fund that:
             1.  It is a corporation duly organized and existing in good

          standing under the laws of Maryland.

             2.  It is duly qualified to carry on its business in Maryland.


                                          7


















          PAGE 8

             3.  It is empowered under applicable laws and by its charter
          and By-Laws to enter into and perform this Agreement.

             4.  All requisite corporate proceedings have been taken to

          authorize it to enter into and perform this Agreement.

             5.  It has, and will continue to have, access to the necessary

          facilities, equipment and personnel to perform its duties and

          obligations under this Agreement.

          D. Representations and Warrantees of the Fund
             The Fund represents and warrants to Price Associates that:

             1.  It is a corporation or business trust, as the case may be,

          duly organized and existing and in good standing under the laws

          of Maryland or Massachusetts, as the case may be.

             2.  It is empowered under applicable laws and by its Articles

          of Incorporation or Declaration of Trust, as the case may be, and

          By-Laws have been taken to authorize it to enter into and perform
          this Agreement.

             3.  All proceedings required by said Articles of Incorporation

          or Declaration of Trust, as the case may be, and By-Laws have

          been taken to authorize it to enter into and perform this

          Agreement.

          E. Ownership of Software and Related Material
             All computer programs, magnetic tapes, written procedures,

          and similar items purchased and/or developed and used by Price

          Associates in performance of the Agreement shall be the property 


                                          8


















          PAGE 9

          of Price Associates and will not become the property of the
          Funds.

          F. Quality Service Standards

             Price Associates and the Fund may, from time to time, agree

          to certain quality service standards, with respect to Price

          Associates' services hereunder.

          G. Standard of Care/Indemnification

          Notwithstanding anything to the contrary in this Agreement:

             1.   Price Associates shall not be liable to any Fund for any

          act or failure to act by it or its agents or subcontractors on

          behalf of the Fund in carrying or attempting to carry out the

          terms and provisions of the Agreement provided Price Associates

          has acted in good faith and without negligence or willful

          misconduct and selected and monitored the performance of its
          agents and subcontractors with reasonable care.

             2.  The Fund shall indemnify and hold Price Associates

          harmless from and against all losses, costs, damages, claims,

          actions, and expenses, including reasonable expenses for legal

          counsel, incurred by Price Associates resulting from:  (i) any

          action or omission by Price Associates or its agents or

          subcontractors in the performance of their duties hereunder; (ii)
          Price Associates acting upon instructions believed by it to have

          been executed by a duly authorized officer of the Fund; or (iii) 



                                          9


















          PAGE 10

          Price Associates acting upon information provided by the Fund in
          form and under policies agreed to by Price Associates and the

          Fund.  Price Associates shall not be entitled to such

          indemnification in respect of actions or omissions constituting

          negligence or willful misconduct of Price Associates or where

          Price Associates has not exercised reasonable care in selecting

          or monitoring the performance of its agents or subcontractors.

             3.   Price Associates shall indemnify and hold harmless the
          Fund from all losses, costs, damages, claims, actions and

          expenses, including reasonable expenses for legal counsel,

          incurred by the Fund resulting from the negligence or willful

          misconduct of Price Associates or which result from Price

          Associates' failure to exercise reasonable care in selecting or

          monitoring the performance of its agents or subcontractors.  The

          Fund shall not be entitled to such indemnification with respect
          to actions or omissions constituting negligence or willful

          misconduct of such Fund or its agents or subcontractors; unless

          such negligence or misconduct is attributable to Price

          Associates.    4.    In the event either party is unable to

          perform its obligations under the terms of this Agreement because

          of acts of God, strikes or other causes reasonably beyond its
          control, such party shall not be liable to the other party for

          any loss, cost, damage, claim, action or expense resulting from

          such failure to perform or otherwise from such causes.  


                                          10


















          PAGE 11

             5.  In order that the indemnification provisions contained in
          this Article F shall apply, upon the assertion of a claim for

          which either party may be required to indemnify the other, the

          party seeking indemnification shall promptly notify the other

          party of such assertion, and shall keep the other party advised

          with respect to all developments concerning such claim.  The

          party who may be required to indemnify shall have the option to

          participate with the party seeking indemnification in the defense
          of such claim, or to defend against said claim in its own name or

          in the name of the other party.  The party seeking

          indemnification shall in no case confess any claim or make any

          compromise in any case in which the other party may be required

          to indemnify it except with the other party's prior written

          consent.

             6.  Neither party to this Agreement shall be liable to the
          other party for consequential damages under any provision of this

          Agreement.

          H. Dual Interests

             It is understood that some person or persons may be

          directors, officers, or shareholders of both the Fund and Price

          Associates (including Price Associates' affiliates), and that the
          existence of any such dual interest shall not affect the validity

          of this Agreement or of any transactions hereunder except as

          otherwise provided by a specific provision of applicable law.


                                          11


















          PAGE 12

          I. Documentation
             As requested by Price Associates, the Fund shall promptly

          furnish to Price Associates such documents as it may reasonably

          request and as are necessary for Price Associates to carry out

          its responsibilities hereunder.

          J. Recordkeeping/Confidentiality

             1.  Price Associates shall keep records relating to the

          services to be performed hereunder, in the form and manner as it
          may deem advisable, provided that Price Associates shall keep all

          records in such form and in such manner as required by applicable

          law, including the Investment Company Act of 1940 ("the Act") and

          the Securities Exchange Act of 1934 ("the '34 Act").

             2.  Price Associates and the Fund agree that all books,

          records, information and data pertaining to the business of the

          other party which are exchanged or received pursuant to the
          negotiation or the carrying out of this Agreement shall remain

          confidential, and shall not be voluntarily disclosed to any other

          person, except:  (a) after prior notification to and approval in

          writing by the other party hereto, which approval shall not be

          unreasonably withheld and may not be withheld where Price

          Associates or Fund may be exposed to civil or criminal contempt
          proceedings for failure to comply; (b) when requested to divulge

          such information by duly constituted governmental authorities; or

          (c) after so requested by the other party hereto.


                                          12


















          PAGE 13

          K. Compliance With Governmental Rules and Regulations
             Except as otherwise provided in the Agreement and except for

          the accuracy of information furnished to the Funds by Price

          Associates, each Fund assumes full responsibility for the

          preparation, contents and distribution of its prospectuses, and

          for complying with all applicable requirements of the Act, the

          '34 Act, the Securities Act of 1933 (the "33 Act"), and any laws,

          rules and regulations of governmental authorities having
          jurisdiction over the Funds.  

          L. Term and Termination of Agreement

             1.  This Agreement shall run for a period of one (1) year from

          the date first written above and will be renewed from year to

          year thereafter unless terminated by either party as provided

          hereunder.

             2.  This Agreement may be terminated by the Fund upon sixty
          (60) days' written notice to Price Associates; and by Price

          Associates, upon three hundred sixty-five (365) days' writing

          notice to the Fund.

             3.  Upon termination hereof, the Fund shall pay to Price

          Associates such compensation as may be due as of the date of such

          termination, and shall likewise reimburse for out-of-pocket
          expenses related to its services hereunder.






                                          13


















          PAGE 14

          M. Notice

             Any notice as required by this Agreement shall be

          sufficiently given (i) when sent to an authorized person of the

          other party at the address of such party set forth above or at

          such other address as such party may from time to time specify in

          writing to the other party; or (ii) as otherwise agreed upon by

          appropriate officers of the parties hereto.

          N. Assignment

             Neither this Agreement nor any rights or obligations

          hereunder may be assigned either voluntarily or involuntarily, by

          operation of law or otherwise, by either party without the prior

          written consent of the other party, provided this shall not

          preclude Price Associates from employing such agents and

          subcontractors as it deems appropriate to carry out its

          obligations set forth hereunder.

          O. Amendment/Interpretive Provisions

             The parties by mutual written agreement may amend this

          Agreement at any time.  In addition, in connection with the

          operation of this Agreement, Price Associates and the Fund may

          agree from time to time on such provisions interpretive of or in

          addition to the provisions of this Agreement as may in their

          joint opinion be consistent with the general tenor of this 


                                          14


















          PAGE 15

          Agreement.  Any such interpretive or additional provisions are to

          be signed by all parties and annexed hereto, but no such

          provision shall contravene any applicable Federal or state law or

          regulation and no such interpretive or additional provision shall

          be deemed to be an amendment of this Agreement.

          P. Further Assurances

             Each party agrees to perform such further acts and execute

          such further documents as are necessary to effectuate the

          purposes hereof.

          Q. Maryland Law to Apply

             This Agreement shall be construed and the provisions thereof

          interpreted under and in accordance with the laws of Maryland.

          R. Merger of Agreement

             This Agreement, including the attached Appendices and

          Schedules supersedes any prior agreement with respect to the

          subject hereof, whether oral or written.

          S. Counterparts

             This Agreement may be executed by the parties hereto on any

          number of counterparts, and all of said counterparts taken

          together shall be deemed to constitute one and the same

          instruments.




                                          15


















          PAGE 16

          T. The Parties

             All references herein to "the Fund" are to each of the Funds

          listed on Appendix A individually, as if this Agreement were

          between such individual Fund and Price Associates.  In the case

          of a series Fund or trust, all references to "the Fund" are to

          the individual series or portfolio of such Fund or trust, or to

          such Fund or trust on behalf of the individual series or

          portfolio, as appropriate.  The "Fund" also includes any X. Xxxx

          Price Funds which may be established after the execution of this

          Agreement.  Any reference in this Agreement to "the parties"

          shall mean Price Associates and such other individual Fund as to

          which the matter pertains.

          U. Directors, Trustees and Shareholders and Massachusetts

          Business Trust

             It is understood and is expressly stipulated that neither the

          holders of shares in the Fund nor any Directors or Trustees of

          the Fund shall be personally liable hereunder.  With respect to

          any Fund which is a party to this Agreement and which is

          organized as a Massachusetts business trust, the term "Fund"

          means and refers to the trustees from time to time serving under

          the applicable trust agreement (Declaration of Trust) of such

          Trust as the same may be amended from time to time.  It is 


                                          16


















          PAGE 17

          expressly agreed that the obligations of any such Trust hereunder

          shall not be binding upon any of the trustees, shareholders,

          nominees, officers, agents or employees of the Trust, personally,

          but bind only the trust property of the Trust, as provided in the

          Declaration of Trust of the Trust.  The execution and delivery of

          this Agreement has been authorized by the trustees and signed by

          an authorized officer of the Trust, acting as such, and neither

          such authorization by such Trustees nor such execution and

          delivery by such officer shall be deemed to have been made by any

          of them, but shall bind only the trust property of the Trust as

          provided in its Declaration of Trust.

          V. Captions

             The captions in the Agreement are included for convenience of

          reference only and in no way define or limit any of the

          provisions hereof or otherwise affect their construction or

          effect.

             IN WITNESS WHEREOF, the parties hereto have caused this

          Agreement to be executed in their names and on their behalf under

          their seals by and through their duly authorized officers.








                                          17


















          PAGE 18
          DATED: ______________________     X. XXXX PRICE ASSOCIATES, INC.

          ATTEST:

          /s/Xxxxxxx X. Xxx Xxxx                /s/Xxxxx X. Xxxxxxx, Xx.
          ______________________________    BY: __________________________
          Xxxxxxx X. Xxx Xxxx,                  Managing Director
          Assistant Secretary






































                                          18


















          PAGE 19
                          X. XXXX PRICE BALANCED FUND, INC.

                          X. XXXX PRICE BLUE CHIP GROWTH FUND

                          X. XXXX PRICE CALIFORNIA TAX-FREE INCOME TRUST
                          California Tax-Free Bond Fund
                          California Tax-Free Money Fund

                          X. XXXX PRICE CAPITAL APPRECIATION FUND

                          X. XXXX PRICE CAPITAL OPPORTUNITY FUND, INC.

                          X. XXXX PRICE CORPORATE INCOME FUND, INC.

                          X. XXXX PRICE DIVIDEND GROWTH FUND, INC.

                          X. XXXX PRICE EQUITY INCOME FUND

                          X. XXXX PRICE EQUITY SERIES, INC.
                          X. Xxxx Price Equity Income Portfolio
                          X. Xxxx Price New America Growth Portfolio
                          X. Xxxx Price personal Strategy Balanced
                          Portfolio

                          X. XXXX PRICE FIXED INCOME SERIES, INC.
                          X. Xxxx Price Limited-Term Bond Portfolio

                          X. XXXX PRICE GNMA FUND

                          X. XXXX PRICE GROWTH & INCOME FUND, INC.

                          X. XXXX PRICE GROWTH STOCK FUND, INC.

                          X. XXXX PRICE HEALTH SCIENCES FUND, INC.

                          X. XXXX PRICE HIGH YIELD FUND, INC.

                          X. XXXX PRICE INDEX TRUST, INC.
                          X. Xxxx Price Equity Index Fund

                          INSTITUTIONAL INTERNATIONAL FUNDS, INC.
                          Foreign Equity Fund




                                          19


















          PAGE 20
                          X. XXXX PRICE INTERNATIONAL FUNDS, INC.
                          X. Xxxx Price International Bond Fund
                          X. Xxxx Price International Discovery Fund
                          X. Xxxx Price International Stock Fund
                          X. Xxxx Price European Stock Fund
                          X. Xxxx Price New Asia Fund
                          X. Xxxx Price Global Government Bond Fund
                          X. Xxxx Price Japan Fund
                          X. Xxxx Price Short-Term Global Income Fund
                          X. Xxxx Price Latin America Fund
                          X. Xxxx Price Emerging Markets Bond Fund
                          X. Xxxx Price Emerging Markets Stock Fund
                          X. Xxxx Price Global Stock Fund

                          X. XXXX PRICE INTERNATIONAL SERIES, INC.
                          X. Xxxx Price International Stock Portfolio

                          X. XXXX PRICE MID-CAP GROWTH FUND

                          X. XXXX PRICE NEW AMERICA GROWTH FUND

                          X. XXXX PRICE NEW ERA FUND, INC.

                          X. XXXX PRICE NEW HORIZONS FUNDS, INC.

                          X. XXXX PRICE NEW INCOME FUND, INC.

                          X. XXXX PRICE OTC FUND, INC. on behalf of the:
                          X. Xxxx Price OTC Fund

                          X. XXXX PRICE PERSONAL STRATEGY FUNDS, INC.
                          X. Xxxx Price Personal Strategy Balanced Fund
                          X. Xxxx Price Personal Strategy Growth Fund
                          X. Xxxx Price Personal Strategy Income Fund

                          X. XXXX PRICE PRIME RESERVE FUND, INC.

                          X. XXXX PRICE SCIENCE & TECHNOLOGY FUND, INC.

                          X. XXXX PRICE SHORT-TERM BOND FUND, INC.

                          X. XXXX PRICE SHORT-TERM U.S. GOVERNMENT FUND,
                          INC.

                          X. XXXX PRICE SMALL-CAP VALUE FUND, INC.

                                          20


















          PAGE 21

                          X. XXXX PRICE SPECTRUM FUND, INC.
                          Spectrum Growth Fund
                          Spectrum Income Fund

                          X. XXXX PRICE STATE TAX-FREE INCOME TRUST
                          Maryland Tax-Free Bond Fund
                          Maryland Short-Term Tax-Free Bond Fund
                          New York Tax-Free Bond Fund
                          New York Tax-Free Money Fund
                          New Jersey Tax-Free Bond Fund
                          Virginia Tax-Free Bond Fund
                          Xxxxxxxx Xxxxx-Term Tax-Free Bond Fund
                          Florida Insured Intermediate Tax-Free Fund
                          Georgia Tax-Free Bond Fund

                          X. XXXX PRICE TAX-EXEMPT MONEY FUND, INC.

                          X. XXXX PRICE TAX-FREE HIGH YIELD FUND, INC.

                          X. XXXX PRICE TAX-FREE INCOME FUND, INC.

                          X. XXXX PRICE TAX-FREE SHORT-INTERMEDIATE FUND,
                          INC.

                          X. XXXX PRICE TAX-FREE INSURED INTERMEDIATE BOND
                          FUND, INC.

                          X. XXXX PRICE U.S. TREASURY FUNDS, INC.
                          U.S. Treasury Intermediate Fund
                          U.S. Treasury Long-Term Fund
                          U.S. Treasury Money Fund

                          X. XXXX PRICE SUMMIT FUNDS, INC.on behalf of
                          the:
                          X. Xxxx Price Summit Cash Reserves Fund
                          X. Xxxx Price Summit Limited-Term Bond Fund
                          X. Xxxx Price Summit GNMA Fund

                          X. XXXX PRICE SUMMIT MUNICIPAL FUNDS, INC. on
                          behalf of the:
                          X. Xxxx Price Summit Municipal Money Market Fund
                          X. Xxxx Price Summit Municipal Intermediate Fund
                          X. Xxxx Price Summit Municipal Income Fund


                                          21


















          PAGE 22

          DATED:  ______________________    X. XXXX PRICE FUNDS

          ATTEST:

          /s/Xxxxxxxx X. Xxxxxxx                /s/Xxxxxx X. Xxxxxx
          ______________________________    BY: ___________________________
          Xxxxxxxx X. Xxxxxxx,                  Xxxxxx X. Xxxxxx
          Assistant Secretary





































                                          22


















          PAGE 23
                                      APPENDIX A


          The following Funds are parties to this Agreement, and have so
          indicated their intention to be bound by such Agreement by

          executing the Agreement on the dates indicated thereon.
                              X. Xxxx Price Adjustable Rate U.S. Government
                              Fund, Inc.

                              X. Xxxx Price Blue Chip Growth Fund, Inc.
                              X. Xxxx Price Balanced Fund, Inc.

                              X. Xxxx Price California Tax-Free Income
                              Trust on behalf of the
                                 California Tax-Free Bond Fund and
                                 California Tax-Free Money Fund
                              X. Xxxx Price Capital Appreciation Fund

                              X. Xxxx Price Capital Opportunity Fund, Inc.
                              X. Xxxx Price Corporate Income Fund, Inc.

                              X. Xxxx Price Dividend Growth Fund, Inc.
                              X. Xxxx Price Equity Income Fund

                              X. Xxxx Price Equity Series, Inc. on behalf
                              of the:
                                 X. Xxxx Price Equity Income Portfolio
                                 X. Xxxx Price New America Growth Portfolio
                                 X. Xxxx Price Personal Strategy Balanced
                                 Portfolio
                              X. Xxxx Price Fixed Income Series, Inc. on
                              behalf of the:
                                 X. Xxxx Price Limited-Term Bond Portfolio

                              X. Xxxx Price GNMA Fund
                              X. Xxxx Price Growth & Income Fund, Inc.

                              X. Xxxx Price Growth Stock Fund, Inc.
                              X. Xxxx Price Health Sciences Fund, Inc.

                              X. Xxxx Price High Yield Fund, Inc.




                                          23


















          PAGE 24
                              X. Xxxx Price Index Trust, Inc. on behalf of
                              the: 
                                 X. Xxxx Price Equity Index Fund
                              X. Xxxx Price Institutional International
                              Funds, Inc. on behalf of the:
                                 Foreign Equity Fund

                              X. Xxxx Price International Equity Fund, Inc.
                              X. Xxxx Price International Funds, Inc. on
                              behalf of the:
                                 X. Xxxx Price International Bond Fund
                                 X. Xxxx Price International Discovery Fund
                                 X. Xxxx Price International Stock Fund
                                 X. Xxxx Price European Stock Fund
                                 X. Xxxx Price New Asia Fund
                                 X. Xxxx Price Global Government Bond Fund
                                 X. Xxxx Price Japan Fund
                                 X. Xxxx Price Short-Term Global Income
                                 Fund
                                 X. Xxxx Price Latin American Fund
                                 X. Xxxx Price Emerging Markets Bond Fund
                                 X. Xxxx Price Emerging Markets Stock Fund
                                 X. Xxxx Price Global Stock Fund

                              X. Xxxx Price Mid-Cap Growth Fund
                              X. Xxxx Price New America Growth Fund

                              X. Xxxx Price New Era Fund, Inc.
                              X. Xxxx Price New Horizons Fund, Inc.

                              X. Xxxx Price New Income Fund, Inc.
                              X. Xxxx Price OTC Fund, Inc. on behalf of
                              the:
                                 X. Xxxx Price OTC Fund

                              X. Xxxx Price Prime Reserve Fund, Inc.
                              X. Xxxx Price Science & Technology Fund, Inc.

                              X. Xxxx Price Short-Term Bond Fund, Inc.
                              X. Xxxx Price Short-Term U.S. Government
                              Fund, Inc.

                              X. Xxxx Price Small-Cap Value Fund, Inc.



                                          24


















          PAGE 25
                              X. Xxxx Price Spectrum Fund, Inc. on behalf
                              of the:
                                 Spectrum Growth Fund
                                 Spectrum Income Fund
                              X. Xxxx Price State Tax-Free Income Trust on
                              behalf of the:
                                 Maryland Tax-Free Bond Fund,
                                 Maryland Short-Term Tax-Free Bond Fund
                                 New York Tax-Free Bond Fund and
                                 New York Tax-Free Money Fund
                                 New Jersey Tax-Free Bond Fund
                                 Virginia Tax-Free Bond Fund
                                 Xxxxxxxx Xxxxx-Term Tax-Free Bond Fund
                                 Florida Insured Intermediate Tax-Free Bond
                                 Fund
                                 Georgia Tax-Free Bond Fund

                              X. Xxxx Price Tax-Exempt Money Fund, Inc.

                              X. Xxxx Price Tax-Free Insured Intermediate
                              Bond Fund, Inc.

                              X. Xxxx Price Tax-Free High Yield Fund, Inc.

                              X. Xxxx Price Tax-Free Income Fund, Inc.

                              X. Xxxx Price Tax-Free Short-Intermediate
                              Fund, Inc.

                              X. Xxxx Price U.S. Treasury Funds, Inc. on
                              behalf of the:
                                 U.S. Treasury Intermediate Fund
                                 U.S. Treasury Long-Term Fund
                                 U.S. Treasury Money Fund

                              X. Xxxx Price Summit Funds, Inc. on behalf of
                              the:
                                 Summit Cash Reserves Fund
                                 Summit Limited-Term Bond Fund
                                 Summit GNMA Fund






                                          25


















          PAGE 26
                              X. Xxxx Price Summit Municipal Funds, Inc. on
                              behalf of the:
                                 Summit Municipal Money Market Fund
                                 Summit Municipal Intermediate Fund
                                 Summit Municipal Income Fund

                              X. Xxxx Price Value Fund, Inc.







































                                          26


































          PAGE 27
                        FUND ACCOUNTING SERVICES FEE SCHEDULE

                                       Between

                            X. XXXX PRICE ASSOCIATES, INC.

                                         And

                               THE X. XXXX PRICE FUNDS



                         January 1, 1996 to December 31, 1996

















                                          27


















          PAGE 28
                              FUND ACCOUNTING SERVICES 
                                  1996 FEE SCHEDULE


                              A.Fee Structure

                    1.   Base Fee

                         Domestic Funds                  $60,000 each
                         International Funds            $100,000 each
                         Spectrum Funds                  $45,000 each

                         Per Fund fee for basic recordkeeping
                         and financial reporting

                    2.   Individual Fund Fee

                         Total fees reflecting special     $  968,000
                         characteristics of each Fund

                    3.   Stock Lending Fee

                         Flat fee reflecting               $   75,000
                         monitoring of Security Lending Program

                    4.   Additional Funds

                         Domestic Funds                  $60,000 each
                         International Funds            $100,000 each
                         Spectrum Funds                  $45,000 each

               B. Total Cost Per Fund

                   Growth Stock Fund                        $  104,000
                   New Horizons Fund                            95,000
                   Equity Income Fund                           85,000
                   New Era Fund                                 72,000
                   International Stock Fund                    115,000
                   Growth & Income Fund                         85,000
                   New America Growth Fund                      70,000
                   Capital Appreciation Fund                    85,000
                   Small-Cap Value Fund                         60,000
                   Foreign Equity Fund                         105,000
                   International Discovery Fund                125,000
                   Science & Technology Fund                    70,000

                                          28


















          PAGE 29
                   High Yield Fund                             165,000
                   Tax-Free Income Fund                        110,000
                   New Income Fund                             100,000
                   Tax-Free High Yield Fund                    110,000
                   European Stock Fund                         100,000
                   Equity Index Fund                            60,000
                   New Asia Fund                               110,000
                   Spectrum Growth Fund                         45,000
                   GNMA Fund                                   120,000
                   International Bond Fund                     125,000
                   Balanced Fund                                90,000
                   Maryland Bond Fund                           81,000
                   Tax-Free Short Intermediate Fund             90,000
                   Short-Term Bond Fund                        120,000
                   California Bond Fund                         72,000
                   New York Bond Fund                           72,000
                   U.S. Treasury Short-Intermediate Fund        60,000
                   U.S. Treasury Long-Term Bond Fund            60,000
                   Spectrum Income Fund                         45,000
                   Prime Reserve Fund                           85,000
                   Tax-Exempt Money Fund                        93,000
                   U.S. Treasury Money Fund                     60,000
                   California Money Fund                        67,000
                   New York Money Fund                          67,000
                   Short-Term U.S. Government Fund             100,000
                   Xxxxxxxx Xxxx Fund                           65,000
                   New Jersey Bond Fund                         65,000
                   Global Government Bond Fund                 100,000
                   OTC Fund                                     85,000
                   Japan Fund                                  100,000
                   Mid-Cap Growth Fund                          60,000
                   Short-Term Global Fund                      110,000
                   Maryland Short-Term Tax-Free Bond Fund       65,000
                   Florida Insured Intermediate Tax-Free Fund   65,000
                   Georgia Tax-Free Bond Fund                   65,000
                   Tax-Free Insured Intermediate Bond Fund      65,000
                   Blue Chip Growth Fund                        60,000
                   Dividend Growth Fund                         65,000
                   Latin America Fund                          110,000
                   Summit Cash Reserve Fund                     60,000
                   Summit Limited-Term Bond Fund                60,000
                   Summit GNMA Fund                             60,000
                   Summit Municipal Money Market Fund           60,000
                   Summit Municipal Intermediate Fund           60,000
                   Summit Municipal Income Fund                 60,000

                                          29


















          PAGE 30
                   International Stock Portfolio               100,000
                   Personal Strategy Income Fund                70,000
                   Equity Income Portfolio                      60,000
                   Personal Strategy Balanced Fund              70,000
                   New America Growth Portfolio                 60,000
                   Personal Strategy Growth Fund                70,000
                   Limited-Term Bond Portfolio                  60,000
                   Value Fund                                   60,000
                   Xxxxxxxx Xxxxx-Term Tax Free Bond Fund       60,000
                   Capital Opportunity Fund                     60,000
                   Emerging Markets Bond Fund                  100,000
                   Personal Strategy Balanced Portfolio         60,000
                   Corporate Income Fund                        70,000
                   Global Stock Fund                           100,000
                   Heath Sciences Fund                          60,000


               IN WITNESS WHEREOF, X. Xxxx Price Funds and X. Xxxx Price
          Associates, Inc. have agreed upon this fee schedule to be
          executed in their names and on their behalf through their duly
          authorized officers:


          X. XXXX PRICE FUNDS                X. XXXX PRICE ASSOCIATES, INC.

                 /s/Xxxxxx X. Xxxxxx                /s/Xxxxx X. Xxxxxxx
          Name   _________________________   Name   ______________________
                 Xxxxxx X. Xxxxxx                   Xxxxx X. Xxxxxxx

          Title  Treasurer                   Title  Treasurer and Managing
                                                    Director

          Date   _________________________   Date   ______________________













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