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 Xxxxxx Xxxxxxx
Xxxx Xxxxxx 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.
60694-BONY AGREEMENT
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 XXXXXX XXXXXXX XXXX
XXXXXX FUND LISTED ON EXHIBIT A
HERETO
By: /s/ Xxxxx Xxxx
------------------------------
Xxxxx Xxxx
Title: Vice President
THE BANK OF NEW YORK
By: /s/ Xxxxxx X. XxXxxx
------------------------------
Xxxxxx X. XxXxxx
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. Xxxxxx Xxxxxxx 21st Century Trend Fund
8. Xxxxxx Xxxxxxx Aggressive Equity Fund
9. Xxxxxx Xxxxxxx All Star Growth Fund
10. Xxxxxx Xxxxxxx American Opportunities Fund
11. Xxxxxx Xxxxxxx Balanced Growth Fund
12. Xxxxxx Xxxxxxx Balanced Income Fund
13. Xxxxxx Xxxxxxx Xxxx Xxxxxx California Insured Municipal Income Trust
14. Xxxxxx Xxxxxxx Xxxx Xxxxxx California Quality Municipal Securities
15. Xxxxxx Xxxxxxx California Tax-Free Daily Income Trust
16. Xxxxxx Xxxxxxx California Tax-Free Income Fund
17. Xxxxxx Xxxxxxx Capital Growth Securities
18. Xxxxxx Xxxxxxx Competitive Edge Fund
19. Xxxxxx Xxxxxxx Convertible Securities Trust
20. Xxxxxx Xxxxxxx Developing Growth Securities Trust
21. Xxxxxx Xxxxxxx Diversified Income Trust
22. Xxxxxx Xxxxxxx Dividend Growth Securities Inc.
23. Xxxxxx Xxxxxxx Equity Fund
24. Xxxxxx Xxxxxxx Federal Securities Trust
25. Xxxxxx Xxxxxxx Financial Services Trust
26. Xxxxxx Xxxxxxx Fund of Funds:
Domestic Portfolio
International Portfolio
27. Xxxxxx Xxxxxxx Global Utilities Fund
28. Xxxxxx Xxxxxxx Xxxx Xxxxxx Government Income Trust
29. Xxxxxx Xxxxxxx Growth Fund
30. Xxxxxx Xxxxxxx Hawaii Municipal Trust
31. Xxxxxx Xxxxxxx Health Sciences Trust
32. Xxxxxx Xxxxxxx Xxxx Xxxxxx High Income Advantage Trust
33. Xxxxxx Xxxxxxx Xxxx Xxxxxx High Income Advantage Trust II
34. Xxxxxx Xxxxxxx Xxxx Xxxxxx High Income Advantage Trust III
35. Xxxxxx Xxxxxxx High Yield Securities Inc.
36. Xxxxxx Xxxxxxx Income Builder Fund
37. Xxxxxx Xxxxxxx Income Securities Inc.
38. Xxxxxx Xxxxxxx Xxxx Xxxxxx Insured California Municipal Securities
39. Xxxxxx Xxxxxxx Xxxx Xxxxxx Insured Municipal Bond Trust
40. Xxxxxx Xxxxxxx Xxxx Xxxxxx Insured Municipal Income Trust
41. Xxxxxx Xxxxxxx Xxxx Xxxxxx Insured Municipal Securities
42. Xxxxxx Xxxxxxx Xxxx Xxxxxx Insured Municipal Trust
43. Xxxxxx Xxxxxxx Intermediate Income Securities Inc.
44. Xxxxxx Xxxxxxx KLD Social Index Fund
45. Xxxxxx Xxxxxxx Limited Term Municipal Trust
46. Xxxxxx Xxxxxxx Liquid Asset Fund Inc.
47. Xxxxxx Xxxxxxx Market Leader Trust
60694-BONY EXHIBIT A
48. Xxxxxx Xxxxxxx Mid-Cap Equity Trust
49. Xxxxxx Xxxxxxx Mid-Cap Value Fund
50. Xxxxxx Xxxxxxx Multi-State Municipal Series Trust:
The Arizona Series
The Florida Series
The New Jersey Series
The Pennsylvania Series
51. Xxxxxx Xxxxxxx Xxxx Xxxxxx Municipal Income Opportunities Trust
52. Xxxxxx Xxxxxxx Xxxx Xxxxxx Municipal Income Opportunities Trust II
53. Xxxxxx Xxxxxxx Xxxx Xxxxxx Municipal Income Opportunities Trust III
54. Xxxxxx Xxxxxxx Xxxx Xxxxxx Municipal Premium Income Trust
55. Xxxxxx Xxxxxxx NASDAQ-100 Index Fund
56. Xxxxxx Xxxxxxx Natural Resource Development Securities Inc.
57. Xxxxxx Xxxxxxx New Discoveries Fund
58. Xxxxxx Xxxxxxx New York Municipal Money Market Trust
59. Xxxxxx Xxxxxxx Xxxx Xxxxxx New York Quality Municipal Securities
60. Xxxxxx Xxxxxxx New York Tax-Free Income Fund
61. Xxxxxx Xxxxxxx Next Generation Trust
62. Xxxxxx Xxxxxxx North American Government Income Trust
63. Xxxxxx Xxxxxxx Prime Income Trust
64. Xxxxxx Xxxxxxx Xxxx Xxxxxx Quality Municipal Income Trust
65. Xxxxxx Xxxxxxx Xxxx Xxxxxx Quality Municipal Investment Trust
66. Xxxxxx Xxxxxxx Xxxx Xxxxxx Quality Municipal Securities
67. Xxxxxx Xxxxxxx Real Estate Fund
68. Xxxxxx Xxxxxxx S&P 500 Index Fund
69. Xxxxxx Xxxxxxx S&P 500 Select Fund
70. Xxxxxx Xxxxxxx 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. Xxxxxx Xxxxxxx Select Municipal Reinvestment Fund
72. Xxxxxx Xxxxxxx Xxxxx-Term Bond Fund
73. Xxxxxx Xxxxxxx Xxxxx-Term U.S. Treasury Trust
74. Xxxxxx Xxxxxxx Small Cap Growth Fund
75. Xxxxxx Xxxxxxx Special Value Fund
76. Xxxxxx Xxxxxxx Strategist Fund
77. Xxxxxx Xxxxxxx Tax-Exempt Securities Trust
78. Xxxxxx Xxxxxxx Tax-Free Daily Income Trust
79. Xxxxxx Xxxxxxx Tax-Managed Growth Fund
80. Xxxxxx Xxxxxxx Technology Fund
81. Xxxxxx Xxxxxxx Total Market Index Fund
82. Xxxxxx Xxxxxxx Total Return Bond Fund
83. Xxxxxx Xxxxxxx Total Return Trust
84. Xxxxxx Xxxxxxx U.S. Government Money Market Trust
85. Xxxxxx Xxxxxxx U.S. Government Securities Trust
86. Xxxxxx Xxxxxxx Utilities Fund
87. Xxxxxx Xxxxxxx Value Fund
88. Xxxxxx Xxxxxxx Value-Added Market Series
89. Xxxxxx Xxxxxxx 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
