Closed-End Funds Clause Samples

Closed-End Funds. With regard to any Fund that is a closed-end Fund, a. Whenever the Fund shall sell any shares issued by the Fund (“Shares”), it or its agent shall deliver to the Custodian Instructions specifying the amount of money and/or Securities to be received by the Custodian for the sale of such Shares and specifically allocated to an Account for the Fund. Upon receipt of such money, the Custodian shall credit such money to an Account in the name of the Fund. Whenever the Fund desires the Custodian to make payment out of the money held by the Custodian hereunder in connection with a redemption of any Shares, it or its agent shall furnish to the Custodian Instructions specifying the total amount to be paid for such Shares. The Custodian shall make payment of such total amount to the transfer agent specified in such Instructions out of the money held in an Account of the Fund. b. Whenever the Fund shall determine to pay a dividend or distribution on Shares, it or its agent shall furnish to the Custodian Instructions setting forth the date of the declaration of such dividend or distribution, the total amount payable, and the payment date. Upon the payment date specified in such Instructions, the Custodian shall pay out of the money held for the account of the Fund the total amount payable to the dividend agent of the Fund.

Closed-End Funds. Van Kampen Advantage Municipal Income Trust Van Kampen Advantage Mu▇▇▇▇▇▇▇ ▇▇come Trust II Van Kampen Advantage ▇▇▇▇▇▇▇▇▇nia Municipal Income Trust Van Kampen ▇▇▇▇▇▇▇▇▇a Municipal Trust Van Kampen California Quality ▇▇▇▇▇▇▇▇▇ Trust Van Kampen California ▇▇▇▇▇ ▇▇▇icipal Income Trust Van Kampen Flori▇▇ ▇▇▇▇▇▇▇ Municipal Trust Van Kampen High Income T▇▇▇▇ ▇▇▇ ▇ampen High Income Trust II Van Ka▇▇▇▇ ▇▇▇▇▇tment Grade Municip▇▇ ▇▇▇▇▇ ▇an Kampen Massachusett▇ ▇▇▇▇▇ ▇▇nicipal Income Trust Van Kampen Mu▇▇▇▇▇▇▇ ▇▇come Trust Van Kampen Municipal Opportunity ▇▇▇▇▇ ▇▇▇ Kampen Municipal Opportu▇▇▇▇ ▇▇▇▇▇ II Van Kampen Municipal Trus▇ ▇▇▇ ▇▇▇▇en New York Quality Municipal Tr▇▇▇ ▇▇▇ ▇▇mpen New York Val▇▇ ▇▇▇▇▇▇▇al Income Trust Van Kampen Ohio Qu▇▇▇▇▇ ▇▇▇▇cipal Trust Van Kampen Ohio Value Munic▇▇▇▇ ▇▇▇▇▇e Trust Van Kampen Pennsylvani▇ ▇▇▇▇▇▇▇ Municipal Trust Van Kampen Pennsylv▇▇▇▇ ▇▇▇▇▇ Municipal Income Trust Van Kampen Pri▇▇ ▇▇▇▇ ▇▇come Trust Van Kampen Select Sector Municip▇▇ ▇▇▇▇▇ ▇an Kampen Senior Floating ▇▇▇▇ ▇▇▇▇ Van Kampen Senior Income Trust ▇▇▇ ▇▇▇▇▇n Strategic Sector Municipa▇ ▇▇▇▇▇ ▇▇n Kampen Trust for In▇▇▇▇▇ ▇▇▇▇cipals Van Kampen Trust for Invest▇▇▇▇ ▇▇▇▇▇ California Municipals Van Kam▇▇▇ ▇▇▇▇▇ for Investment Grade Florida Municipals Van Kampen ▇▇▇▇▇ ▇▇▇ Investment Grade Municipals Van Kampen Trust f▇▇ ▇▇▇▇▇▇▇ent Grade New Jersey Municipals Van Kam▇▇▇ ▇▇▇▇▇ for Investment Grade New York Municipals Van Kampe▇ ▇▇▇▇▇ ▇▇r Investment Grade Pennsylvania Municipals Van K▇▇▇▇▇ ▇▇▇▇e Municipal Income Trust

Closed-End Funds. ▇▇▇▇▇ ▇▇▇▇▇ California Municipal Bond Fund ▇▇▇▇▇ ▇▇▇▇▇ California Municipal Bond Fund II ▇▇▇▇▇ ▇▇▇▇▇ California Municipal Income Trust ▇▇▇▇▇ ▇▇▇▇▇ Enhanced Equity Income Fund ▇▇▇▇▇ ▇▇▇▇▇ Enhanced Equity Income Fund II ▇▇▇▇▇ ▇▇▇▇▇ Floating-Rate Income Trust ▇▇▇▇▇ ▇▇▇▇▇ Limited Duration Income Fund ▇▇▇▇▇ ▇▇▇▇▇ Massachusetts Municipal Bond Fund ▇▇▇▇▇ ▇▇▇▇▇ Massachusetts Municipal Income Trust ▇▇▇▇▇ ▇▇▇▇▇ Michigan Municipal Bond Fund ▇▇▇▇▇ ▇▇▇▇▇ Michigan Municipal Income Trust ▇▇▇▇▇ ▇▇▇▇▇ Municipal Bond Fund ▇▇▇▇▇ ▇▇▇▇▇ Municipal Bond Fund II ▇▇▇▇▇ ▇▇▇▇▇ Municipal Income Trust ▇▇▇▇▇ ▇▇▇▇▇ National Municipal Opportunities Trust ▇▇▇▇▇ ▇▇▇▇▇ New Jersey Municipal Bond Fund ▇▇▇▇▇ ▇▇▇▇▇ New Jersey Municipal Income Trust ▇▇▇▇▇ ▇▇▇▇▇ New York Municipal Bond Fund ▇▇▇▇▇ ▇▇▇▇▇ New York Municipal Bond Fund II ▇▇▇▇▇ ▇▇▇▇▇ New York Municipal Income Trust ▇▇▇▇▇ ▇▇▇▇▇ Ohio Municipal Bond Fund ▇▇▇▇▇ ▇▇▇▇▇ Ohio Municipal Income Trust ▇▇▇▇▇ ▇▇▇▇▇ Pennsylvania Municipal Bond Fund ▇▇▇▇▇ ▇▇▇▇▇ Pennsylvania Municipal Income Trust ▇▇▇▇▇ ▇▇▇▇▇ Risk-Managed Diversified Equity Income Fund ▇▇▇▇▇ ▇▇▇▇▇ Risk-Managed Equity Income Opportunities Fund (not currently offered) ▇▇▇▇▇ ▇▇▇▇▇ Senior Floating-Rate Trust ▇▇▇▇▇ ▇▇▇▇▇ Senior Income Trust ▇▇▇▇▇ ▇▇▇▇▇ Short Duration Diversified Income Fund ▇▇▇▇▇ ▇▇▇▇▇ Tax-Advantaged Bond and Option Strategies Fund ▇▇▇▇▇ ▇▇▇▇▇ Tax-Advantaged Dividend Income Fund ▇▇▇▇▇ ▇▇▇▇▇ Tax-Advantaged Global Dividend Income Fund ▇▇▇▇▇ ▇▇▇▇▇ Tax-Advantaged Global Dividend Opportunities Fund ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Buy-Write Income Fund ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Buy-Write Opportunities Fund ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Diversified Equity Income Fund ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Global Buy-Write Opportunities Fund ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Global Diversified Equity Income Fund Asian Small Companies Portfolio Boston Income Portfolio Build America Bond Portfolio Dividend Builder Portfolio Emerging Markets Local Income Portfolio Emerging Markets Portfolio Floating Rate Portfolio Focused Growth Portfolio Global Dividend Income Portfolio (formerly known as Dividend Income Portfolio) Global Growth Portfolio Global Macro Portfolio Global Opportunities Portfolio Global Macro Absolute Return Advantage Portfolio Government Obligations Portfolio Greater China Growth Portfolio Greater India Portfolio High Income Opportunities Portfolio Inflation-Linked Securities Portfolio International Equity Portfolio International Income Portfolio Investment Grade Income Portfolio Investment Portfolio Large-Ca...

Closed-End Funds. With respect to investments in Acquired Funds that operate as closed-end funds (“Acquired CEFs”), the Acquired CEFs note that Acquired CEFs do not permit daily redemptions, and that Acquired CEFs that permit periodic repurchases, such as interval funds that operate pursuant to Rule 23c-3 under the 1940 Act, would do so only under prescribed circumstances. Upon a reasonable request by an Acquired CEF, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired CEF and the scale of its contemplated investments in the Acquired CEF. Acquired CEFs agree that the Acquiring Fund and its Advisory Group, as defined in the Rule, may acquire only up to 10% of the outstanding shares of the Acquired CEF.

Closed-End Funds. Monthly compensation calculated weekly by applying the following annual Rates to a fund's weekly net assets (except as indicated): ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ California Insured 05/31/97 0.27% of the average weekly net assets. Municipal Income Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ California Quality 05/31/97 0.27% of the average weekly net assets. Municipal Securities ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Government Income 05/31/97 0.52% of the average weekly net assets. Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Income Securities Inc. 05/31/97 0.42% of the portion of average weekly net assets (Maryland corporation) not exceeding $500 million; and 0.35% of the portion of average weekly net assets exceeding $500 million. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Insured California 05/31/97 0.27% of the average weekly net assets. Municipal Securities ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Insured Municipal 05/31/97 0.27% of the average weekly net assets. Bond Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Insured Municipal 05/31/97 0.27% of the average weekly net assets. Income Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Insured Municipal 05/31/97 0.27% of the average weekly net assets. Securities ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Insured Municipal 05/31/97 0.27% of the average weekly net assets. Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ New York Quality 05/31/97 0.27% of the average weekly net assets. Municipal Securities ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Quality Municipal 05/31/97 0.27% of the average weekly net assets. Securities ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Quality Municipal 05/31/97 0.27% of the average weekly net assets. Income Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Quality Municipal 05/31/97 0.27% of the average weekly net assets. Investment Trust ANNEX 1 LIST OF FUNDS FOR WHICH THE CURRENT INVESTMENT MANAGEMENT AGREEMENT SPECIFIES SECTION 2 IS APPLICABLE: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Allocator Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Biotechnology Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital Opportunities Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Fundamental Value Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Growth Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International Value Equity Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ KLD Social Index Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mid-Cap Value Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Nasdaq-100 Index Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Select Dimensions Investment Series ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Small-Mid Special Value Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Special Growth Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Total Return Trust ANNEX 2 LIST OF CLOSED-END FUNDS FOR WHICH THE LIQUIDATION PREFERENCE OF ANY PREFERRED SHARES ISSUED BY SUCH FUND WILL NOT BE DEDUCTED FROM THE FUND'S TOTAL ASSETS FOR PURPOSES OF CALCULATING THE ADVISORY FEE UNDER THIS AGREEMENT AND ADMINISTRATIVE FEE UNDER THE ADMINISTRATION AGREEMENT: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ California Insured Municipal Income Trust ▇...

Closed-End Funds. Clients should be aware that closed-end funds available within the program may not give investors the right to redeem their shares, and a secondary market may not exist. Therefore, clients may be unable to liquidate all or a portion of their shares in these types of funds. While the fund may from time to time offer to repurchase shares, it is not obligated to do so (unless it has been structured as an "interval fund"). In the case of interval funds, the fund will provide limited liquidity to shareholders by offering to repurchase a limited amount of shares on a periodic basis, but there is no guarantee that clients will be able to sell all of the shares in any particular repurchase offer. The repurchase offer program may be suspended under certain circumstances.

Closed-End Funds. Van Kampen Municipal Income

Closed-End Funds. Monthly compensation calculated weekly by applying the following annual Rates to a fund’s weekly net assets*: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Income Securities Inc. (Maryland corporation) 05/31/97 0.42% of the portion of average weekly net assets not exceeding $500 million; and 0.35% of the portion of average weekly net assets exceeding $500 million. * In addition, for purposes of this calculation, an amount up to the aggregate amount of any other borrowings may be included in the Fund’s advisory fee calculation. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital Opportunities Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International Value Equity Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Select Dimensions Investment Series ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Special Growth Fund None * In addition, for purposes of this calculation, an amount up to the aggregate amount of any other borrowings may be included in the Fund’s advisory fee calculation. Active Assets California Tax-Free Trust Active Assets Government Securities Trust Active Assets Money Trust Active Assets Tax-Free Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Focus Growth Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Daily Income Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital Opportunities Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ European Equity Fund Inc. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Securities Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Global Infrastructure Fund ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Income Securities Inc. (a) 1 1/2% of the first $30 million of the average weekly net assets of the Fund during such year and 1% of such average weekly net assets in excess of $30 million; or (b) 25% of the Fund’s gross income for such year, the Investment Adviser will pay to the Fund the greater of the excess as computed under (a) or (b). ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Limited Duration U.S. Government Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Liquid Asset Fund Inc. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ New York Municipal Money Market Trust ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Select Dimensions Investment Series: Capital Growth Portfolio, Flexible Income Portfolio, Focus Growth Portfolio, Global Infrastructure Portfolio, Mid Cap Growth Portfolio and Money Market Portfolio.

Closed-End Funds. Alpine Global Dynamic Dividend Fund