AMENDMENT
AMENDMENT made as of June 15, 2001 to that certain Custody Agreement dated
as of ______ between The Bank of New York ("Custodian") and each ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇ Fund having a Custody Agreement with Custodian and listed on
Exhibit A hereto (each a "Fund" and each such Custody Agreement hereinafter
referred to as the "Custody Agreement").
W I T N E S S E T H:
WHEREAS, Rule 17f-7 under the Investment Company Act of 1940, as amended
(the "Rule"), was adopted on June 12, 2000 by the Securities and Exchange
Commission;
WHEREAS, the Fund and Custodian desire to amend the Custody Agreement to
conform to the Rule;
NOW, THEREFORE, the Fund and Custodian hereby agree as follows:
A. The following new Article is hereby added to the Custody Agreement:
FOREIGN DEPOSITORIES
1. As used in this Article, the term "Foreign Depository" shall mean each
Eligible Securities Depository as defined in Rule 17f-7 under the Investment
Company Act of 1940, as amended (the "Rule"), identified by Custodian to the
Fund from time to time, and their respective nominees.
2. With respect to each Foreign Depository, Custodian shall exercise
reasonable care, prudence, and diligence such as a person having
responsibilities for the safekeeping of the Fund's assets would exercise (i) to
provide the Fund or its investment adviser with an analysis of the custody
risks associated with maintaining assets with the Foreign Depository, and (ii)
to monitor such custody risks on a continuing basis and promptly notify the
Fund of any material change in such risks. The Fund acknowledges and agrees
that such analysis and monitoring shall not include any evaluation of Country
Risks. As used herein the term "Country Risks" shall mean with respect to any
Foreign Depository: (a) the financial infrastructure of the country in which it
is organized, but not of any Foreign Depository to the extent covered by an
analysis described in clause (i) of this Section, (b) such country's prevailing
custody and settlement practices, (c) nationalization, expropriation or other
governmental actions, (d) such country's regulation of the banking or
securities industry, (e) currency controls, restrictions, devaluations or
fluctuations, and (f) market conditions which affect the orderly execution of
securities transactions or affect the value of securities.
3. In the event that Custodian believes that a depository institution has
ceased to be an Eligible Securities Depository, Custodian shall promptly notify
the Fund and shall act in accordance with instructions of the Fund with respect
to the disposition of any assets of the Fund held by such depository
institution.
4. Custodian shall exercise reasonable care, prudence and diligence in
performing the requirements set forth in paragraphs 1, 2 and 3 above.
B. The Fund hereby represents and warrants that before authorizing the
placement of assets with a particular Foreign Depository, the Fund or the
investment adviser has determined, based in party on the Fund's review of the
risks analysis provided to the Fund by Custodian as described in Section 2 of
the new Article, that the custody arrangements of such Foreign Depository
provide reasonable safeguards against the custody risks associated with
maintaining assets with such Foreign Depository within the meaning of Rule
17f-7 under the Investment Company Act of 1940.
C. This Amendment 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 amendment.
IN WITNESS WHEREOF, the Fund and Custodian have caused this Amendment to
be executed by their respective officers, thereunto duly authorized, as of the
day and year first above written.
EACH ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇ FUND LISTED ON EXHIBIT A
HERETO
By: /s/ ▇▇▇▇▇ ▇▇▇▇
------------------------------
▇▇▇▇▇ ▇▇▇▇
Title: Vice President
THE BANK OF NEW YORK
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
------------------------------
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Vice President
2
EXHIBIT A
1. Active Assets California Tax-Free Trust
2. Active Asset Government Securities Trust
3. Active Assets Institutional Money Trust
4. Active Assets Money Trust
5. Active Assets Premier Money Trust
6. Active Assets Tax-Free Trust
7. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 21st Century Trend Fund
8. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Aggressive Equity Fund
9. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ All Star Growth Fund
10. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ American Opportunities Fund
11. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Balanced Growth Fund
12. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Balanced Income Fund
13. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ California Insured Municipal Income Trust
14. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ California Quality Municipal Securities
15. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Daily Income Trust
16. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Income Fund
17. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital Growth Securities
18. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Competitive Edge Fund
19. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Convertible Securities Trust
20. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Developing Growth Securities Trust
21. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Diversified Income Trust
22. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Dividend Growth Securities Inc.
23. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Equity Fund
24. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Federal Securities Trust
25. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Financial Services Trust
26. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Fund of Funds:
Domestic Portfolio
International Portfolio
27. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Global Utilities Fund
28. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Government Income Trust
29. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Growth Fund
30. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Hawaii Municipal Trust
31. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Health Sciences Trust
32. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ High Income Advantage Trust
33. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ High Income Advantage Trust II
34. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ High Income Advantage Trust III
35. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ High Yield Securities Inc.
36. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Income Builder Fund
37. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Income Securities Inc.
38. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Insured California Municipal Securities
39. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Insured Municipal Bond Trust
40. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Insured Municipal Income Trust
41. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Insured Municipal Securities
42. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Insured Municipal Trust
43. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Intermediate Income Securities Inc.
44. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ KLD Social Index Fund
45. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Limited Term Municipal Trust
46. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Liquid Asset Fund Inc.
47. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Market Leader Trust
48. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mid-Cap Equity Trust
49. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mid-Cap Value Fund
50. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Multi-State Municipal Series Trust:
The Arizona Series
The Florida Series
The New Jersey Series
The Pennsylvania Series
51. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Municipal Income Opportunities Trust
52. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Municipal Income Opportunities Trust II
53. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Municipal Income Opportunities Trust III
54. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Municipal Premium Income Trust
55. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ NASDAQ-100 Index Fund
56. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Natural Resource Development Securities Inc.
57. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ New Discoveries Fund
58. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ New York Municipal Money Market Trust
59. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ New York Quality Municipal Securities
60. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ New York Tax-Free Income Fund
61. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Next Generation Trust
62. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ North American Government Income Trust
63. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Prime Income Trust
64. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Quality Municipal Income Trust
65. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Quality Municipal Investment Trust
66. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Quality Municipal Securities
67. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Real Estate Fund
68. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ S&P 500 Index Fund
69. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ S&P 500 Select Fund
70. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Select Dimensions Investment Series:
The American Opportunities Portfolio
The Balanced Growth Portfolio
The Developing Growth Portfolio
The Diversified Income Portfolio
The Dividend Growth Portfolio
The Global Equity Portfolio
The Growth Portfolio
The Mid-Cap Equity Portfolio
The Money Market Portfolio
The North American Government Portfolio
The Utilities Portfolio
The Value-Added Portfolio
71. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Select Municipal Reinvestment Fund
72. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇-Term Bond Fund
73. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇-Term U.S. Treasury Trust
74. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Small Cap Growth Fund
75. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Special Value Fund
76. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Strategist Fund
77. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Exempt Securities Trust
78. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Free Daily Income Trust
79. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Managed Growth Fund
80. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Technology Fund
81. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Total Market Index Fund
82. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Total Return Bond Fund
83. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Total Return Trust
84. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ U.S. Government Money Market Trust
85. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ U.S. Government Securities Trust
86. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Utilities Fund
87. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Value Fund
88. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Value-Added Market Series
89. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Variable Investment Series:
The Aggressive Equity Portfolio
The Capital Growth Portfolio
The Competitive Edge Portfolio
The Dividend Growth Portfolio
The Equity Portfolio
The High Yield Portfolio
The Income Builder Portfolio
The Money Market Portfolio
The Quality Income Plus Portfolio
The S&P 500 Index Portfolio
The Short-Term Bond Portfolio
The Strategist Portfolio
The Utilities Portfolio
90. TCW/DW Term Trust 2002
91. TCW/DW Term Trust 2003