EXHIBIT 8(a)(4)
AARP INSURED TAX FREE INCOME TRUST
Custodian Contract
Amendment No. 1
AARP Insured Tax Free Income Trust (the "Fund") and State Street
Bank and Trust Company (the "Custodian") hereby agree to amend the Custodian
Contract entered into on November 30, 1984 pursuant to Article IX therein, as
follows:
1. Page 7, Article II, Section B. By inserting the following new
Paragraphs 12 and 13 as follows and by renumbering the existing paragraphs 12
and 13 as Paragraphs 14 and 15, respectively:
"12) For delivery in accordance with the provisions of any agreement
among the Fund, the Custodian and a broker-dealer registered under
the Securities Exchange Act of 1934 (the "Exchange Act") and a
member of The National Association of Securities Dealers, Inc.
("NASD"), relating to compliance with the rules of The Options
Clearing Corporation and of any registered national securities
exchange, or of any similar organization or organizations, regarding
escrow or other arrangements in connection with transactions by the
Fund;
13) For delivery in accordance with the provisions of any agreement
among the Fund, the Custodian, and a futures commission merchant
registered under the Commodity Exchange Act, relating to compliance
with the rules of the Commodity Futures Trading Commission and/or
any Contract Market, or any similar organization or organizations,
regarding account deposits in connection with transactions by the
Fund;"
2. Page 11, Article II, Section H, Paragraph 1, line 1. By inserting
after "securities" the following: ", futures contracts or options on futures
contracts".
3. Page 11, Article II, Section H, Paragraph 1, line 3. By inserting
after "securities" the following: ", or evidence of title to futures contracts
or options on futures contracts,".
4. Page 12, Article II, Section H, Paragraph 1, line 20. By
inserting after "another bank" the following: "or a broker-dealer which is a
member of the NASD,".
5. Page 13, Article II, Section H. By adding a new Paragraph 6 as
follows and by renumbering the current Paragraph 6 as Paragraph 7:
"6) For payment of the amount of dividends received in respect of
securities sold short;"
6. Page 18, Article II. By adding the following new Section M. as
follows and by renumbering the current Sections M., N., O., P., Q. and R. as
Sections N., O., P., Q., R. and S., respectively:
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"M. Segregated Account. The Custodian shall upon receipt of proper
instructions, which may be standing instructions, establish and
maintain a segregated account or accounts for and on behalf of the
Fund, into which account or accounts may be transferred cash and/or
securities, including securities maintained in an account by the
Custodian pursuant to Section L hereof, (i) in accordance with the
provisions of any agreement among the Fund, the Custodian and a
broker-dealer registered under the Exchange Act and 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 (or the Commodity Futures Trading Commission or
any registered contract market) or of any similar organization or
organizations, regarding escrow or other arrangements in connection
with transactions by the Fund, (ii) for purposes of
segregating cash or government 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, (iii)
for the purposes of compliance by the Fund with the procedures
required by Investment Company Act Release No. 10666, or any
subsequent release or releases of the Securities and Exchange
Commission relating to the maintenance of segregated accounts by
registered investment companies and (iv) for other proper corporate
purposes, but only, in the case of clause (iv), upon receipt of, in
addition to proper instructions, a certified copy of a resolution of
the Trustees or of the Executive Committee signed by an officer of
the Fund and certified by the Secretary or an Assistant Secretary,
setting forth the purpose or purposes of such segregated account and
declaring such purposes to be proper corporate purposes."
7. Page 19, Article II, Section O (pre-amendment), line 5. By
inserting after "connection therewith" the following: "and notices of exercise
of call and put options written by the Fund and the maturity of futures
contracts purchased or sold by the Xxxx)".
0. Page 23, Article VI, line 5. By inserting after "safe-guarding
securities," the following: "futures contracts and options on futures
contracts,".
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This Amendment shall become effective as of its date of execution.
IN WITNESS WHEREOF, each of the parties has caused this instrument to be
executed in its name and behalf by its duly authorized representative and its
seal to be hereunder affixed as of the 29th day of July, 1985.
AARP INSURED TAX FREE INCOME TRUST
(SEAL)
By: /s/ Xxxxx X. Xxx
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Title: Executive Vice President
STATE STREET BANK
AND TRUST COMPANY
(SEAL) By: /s/ [Illegible]
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Title: Vice President
