Exhibit 1














                          ICI MUTUAL INSURANCE COMPANY

                                  P.O. Box 730
                         Burlington, Vermont 05402-0730

                         INVESTMENT COMPANY BLANKET BOND









                          ICI MUTUAL INSURANCE COMPANY
                                  P.O. Box 730
                         Burlington, Vermont 05402-0730

                                  DECLARATIONS

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ITEM 1.  Name of Insured (the "Insured")                             Bond Number
         VAN KAMPEN INVESTMENTS INC.                                 87096107B

         Principal Address:    750 Seventh Ave., 29th Floor
                               New York, NY 10019

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ITEM 2.  Bond Period: from 12:01 a.m. on June 5, 2007, to 12:01 a.m. on June 5,
         2008, or the earlier effective date of the termination of this Bond,
         standard time at the Principal Address as to each of said dates.

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ITEM 3.   Limit of Liability--
          Subject to Sections 9, 10 and 12 hereof:



                                                                         LIMIT OF      DEDUCTIBLE
                                                                         LIABILITY       AMOUNT
                                                                                  
         Insuring Agreement A- FIDELITY                                 $85,000,000     $500,000
         Insuring Agreement B- AUDIT EXPENSE                            $    50,000     $ 10,000
         Insuring Agreement C- ON PREMISES                              $85,000,000     $500,000
         Insuring Agreement D- IN TRANSIT                               $85,000,000     $500,000
         Insuring Agreement E- FORGERY OR ALTERATION                    $85,000,000     $500,000
         Insuring Agreement F- SECURITIES                               $85,000,000     $500,000
         Insuring Agreement G- COUNTERFEIT CURRENCY                     $85,000,000     $500,000
         Insuring Agreement H- UNCOLLECTIBLE ITEMS OF DEPOSIT           $    25,000     $  5,000
         Insuring Agreement I- PHONE/ELECTRONIC TRANSACTIONS            $85,000,000     $500,000


         If "Not Covered" is inserted opposite any Insuring Agreement above,
         such Insuring Agreement and any reference thereto shall be deemed to be
         deleted from this Bond.

         OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:

                                                                                  

         Insuring Agreement J- COMPUTER SECURITY                        $85,000,000     $500,000



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ITEM 4.  Offices or Premises Covered--All the Insured's offices or other
         premises in existence at the time this Bond becomes effective are
         covered under this Bond, except the offices or other premises excluded
         by Rider. Offices or other premises acquired or established after the
         effective date of this Bond are covered subject to the terms of General
         Agreement A.
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ITEM 5.  The liability of ICI Mutual Insurance Company (the "Underwriter") is
         subject to the terms of the following Riders attached hereto:

         Riders:  1-2-3-4-5-6-7-8-9-10-11-12-13-14

         and of all Riders applicable to this Bond issued during the Bond
         Period.

================================================================================


                                            By:    /S/ Maggie Sullivan
                                                ----------------------------
                                                  Authorized Representative



                         INVESTMENT COMPANY BLANKET BOND

ICI Mutual Insurance Company (the "Underwriter"), in consideration of an agreed
premium, and in reliance upon the Application and all other information
furnished to the Underwriter by the Insured, and subject to and in accordance
with the Declarations, General Agreements, Provisions, Conditions and
Limitations and other terms of this bond (including all riders hereto) ("Bond"),
to the extent of the Limit of Liability and subject to the Deductible Amount,
agrees to indemnify the Insured for the loss, as described in the Insuring
Agreements, sustained by the Insured at any time but discovered during the Bond
Period.


                               INSURING AGREEMENTS

A.   FIDELITY

     Loss (including loss of Property) caused by any Dishonest or Fraudulent Act
     or Theft committed by an Employee anywhere, alone or in collusion with
     other persons (whether or not Employees), during the time such Employee has
     the status of an Employee as defined herein, and even if such loss is not
     discovered until after he or she ceases to be an Employee, EXCLUDING loss
     covered under Insuring Agreement B.

B.   AUDIT EXPENSE

     Expense incurred by the Insured for that part of audits or examinations
     required by any governmental regulatory authority or Self Regulatory
     Organization to be conducted by such authority or Organization or by an
     independent accountant or other person, by reason of the discovery of loss
     sustained by the Insured and covered by this Bond.

C.   ON PREMISES

     Loss of Property (including damage thereto or destruction thereof) located
     or reasonably believed by the Insured to be located within the Insured's
     offices or premises, caused by Theft or by any Dishonest or Fraudulent Act
     or through Mysterious Disappearance, EXCLUDING loss covered under Insuring
     Agreement A.

D.   IN TRANSIT

     Loss of Property (including damage thereto or destruction thereof) while
     the Property is in transit in the custody of any person authorized by an
     Insured to act as a messenger, except while in the mail or with a carrier
     for hire (other than a Security Company), EXCLUDING loss covered under
     Insuring Agreement A. Property is "in transit" beginning immediately upon
     receipt of such Property by the transporting person and ending immediately
     upon delivery at the specified destination.

E.   FORGERY OR ALTERATION

     Loss caused by the Forgery or Alteration of or on (1) any bills of
     exchange, checks, drafts, or other written orders or directions to pay
     certain sums in money, acceptances, certificates of deposit, due bills,
     money orders, or letters of credit; or (2) other written instructions,
     requests or applications to the Insured, authorizing or acknowledging the
     transfer, payment, redemption, delivery or receipt of



     Property, or giving notice of any bank account, which instructions or
     requests or applications purport to have been signed or endorsed by (a) any
     customer of the Insured, or (b) any shareholder of or subscriber to shares
     issued by any Investment Company, or (c) any financial or banking
     institution or stockbroker; or (3) withdrawal orders or receipts for the
     withdrawal of Property, or receipts or certificates of deposit for Property
     and bearing the name of the Insured as issuer or of another Investment
     Company for which the Insured acts as agent.

     This Insuring Agreement E does not cover loss caused by Forgery or
     Alteration of Securities or loss covered under Insuring Agreement A.

F.   SECURITIES

     Loss resulting from the Insured, in good faith, in the ordinary course of
     business, and in any capacity whatsoever, whether for its own account or
     for the account of others, having acquired, accepted or received, or sold
     or delivered, or given any value, extended any credit or assumed any
     liability on the faith of any Securities, where such loss results from the
     fact that such Securities (1) were Counterfeit, or (2) were lost or stolen,
     or (3) contain a Forgery or Alteration, and notwithstanding whether or not
     the act of the Insured causing such loss violated the constitution,
     by-laws, rules or regulations of any Self Regulatory Organization, whether
     or not the Insured was a member thereof, EXCLUDING loss covered under
     Insuring Agreement A.

G.   COUNTERFEIT CURRENCY

     Loss caused by the Insured in good faith having received or accepted (1)
     any money orders which prove to be Counterfeit or to contain an Alteration
     or (2) paper currencies or coin of the United States of America or Canada
     which prove to be Counterfeit.

     This Insuring Agreement G does not cover loss covered under Insuring
     Agreement A.

H.   UNCOLLECTIBLE ITEMS OF DEPOSIT

     Loss resulting from the payment of dividends, issuance of Fund shares or
     redemptions or exchanges permitted from an account with the Fund as a
     consequence of

     (1) uncollectible Items of Deposit of a Fund's customer, shareholder or
         subscriber credited by the Insured or its agent to such person's Fund
         account, or
     (2) any Item of Deposit processed through an automated clearing house which
         is reversed by a Fund's customer, shareholder or subscriber and is
         deemed uncollectible by the Insured;

     PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until
     the Insured's collection procedures have failed, (b) exchanges of shares
     between Funds with exchange privileges shall be covered hereunder only if
     all such Funds are insured by the Underwriter for uncollectible Items of
     Deposit, and (c) the Insured Fund shall have implemented and maintained a
     policy to hold Items of Deposit for the minimum number of days stated in
     its Application (as amended from time to time) before paying any dividend
     or permitting any withdrawal with respect to such Items of Deposit (other
     than exchanges between Funds). Regardless of the number of transactions
     between Funds in an exchange program, the minimum number of days an Item of
     Deposit must be held shall begin from the date the Item of Deposit was
     first credited to any Insured Fund.

     This Insuring Agreement H does not cover loss covered under Insuring
     Agreement A.



I.   PHONE/ELECTRONIC TRANSACTIONS

     Loss caused by a Phone/Electronic Transaction, where the request for such
     Phone/Electronic Transaction:

     (1)  is transmitted to the Insured or its agents by voice over the
          telephone or by Electronic Transmission; and
     (2)  is made by an individual purporting to be a Fund shareholder or
          subscriber or an authorized agent of a Fund shareholder or subscriber;
          and
     (3)  is unauthorized or fraudulent and is made with the manifest intent to
          deceive;

     PROVIDED, that the entity receiving such request generally maintains and
     follows during the Bond Period all Phone/Electronic Transaction Security
     Procedures with respect to all Phone/Electronic Transactions; and

     EXCLUDING loss resulting from:

     (1)  the failure to pay for shares attempted to be purchased; or

     (2)  any redemption of Investment Company shares which had been improperly
          credited to a shareholder's account where such shareholder (a) did not
          cause, directly or indirectly, such shares to be credited to such
          account, and (b) directly or indirectly received any proceeds or other
          benefit from such redemption; or

     (3)  any redemption of shares issued by an Investment Company where the
          proceeds of such redemption were requested to be paid or made payable
          to other than (a) the Shareholder of Record, or (b) any other person
          or bank account designated to receive redemption proceeds (i) in the
          initial account application, or (ii) in writing (not to include
          Electronic Transmission) accompanied by a signature guarantee; or

     (4)  any redemption of shares issued by an Investment Company where the
          proceeds of such redemption were requested to be sent to other than
          any address for such account which was designated (a) in the initial
          account application, or (b) in writing (not to include Electronic
          Transmission), where such writing is received at least one (1) day
          prior to such redemption request, or (c) by voice over the telephone
          or by Electronic Transmission at least fifteen (15) days prior to such
          redemption; or

     (5)  the intentional failure to adhere to one or more Phone/Electronic
          Transaction Security Procedures; or

     (6)  a Phone/Electronic Transaction request transmitted by electronic mail
          or transmitted by any method not subject to the Phone/Electronic
          Transaction Security Procedures; or

     (7)  the failure or circumvention of any physical or electronic protection
          device, including any firewall, that imposes restrictions on the flow
          of electronic traffic in or out of any Computer System.

     This Insuring Agreement I does not cover loss covered under Insuring
     Agreement A, "Fidelity" or Insuring Agreement J, "Computer Security".




                               GENERAL AGREEMENTS

A.   ADDITIONAL OFFICES OR EMPLOYEES--CONSOLIDATION OR MERGER--NOTICE

     1.   Except as provided in paragraph 2 below, this Bond shall apply to any
          additional office(s) established by the Insured during the Bond Period
          and to all Employees during the Bond Period, without the need to give
          notice thereof or pay additional premiums to the Underwriter for the
          Bond Period.

     2.   If during the Bond Period an Insured Investment Company shall merge or
          consolidate with an institution in which such Insured is the surviving
          entity, or purchase substantially all the assets or capital stock of
          another institution, or acquire or create a separate investment
          portfolio, and shall within sixty (60) days notify the Underwriter
          thereof, then this Bond shall automatically apply to the Property and
          Employees resulting from such merger, consolidation, acquisition or
          creation from the date thereof; provided, that the Underwriter may
          make such coverage contingent upon the payment of an additional
          premium.

B.   WARRANTY

     No statement made by or on behalf of the Insured, whether contained in the
     Application or otherwise, shall be deemed to be an absolute warranty, but
     only a warranty that such statement is true to the best of the knowledge of
     the person responsible for such statement.

C.   COURT COSTS AND ATTORNEYS' FEES

     The Underwriter will indemnify the Insured against court costs and
     reasonable attorneys' fees incurred and paid by the Insured in defense of
     any legal proceeding brought against the Insured claiming that the Insured
     is liable for any loss, claim or damage which, if established against the
     Insured, would constitute a loss sustained by the Insured covered under the
     terms of this Bond; provided, however, that with respect to Insuring
     Agreement A this indemnity shall apply only in the event that

     1.   an Employee admits to having committed or is adjudicated to have
          committed a Dishonest or Fraudulent Act or Theft which caused the
          loss; or

     2.   in the absence of such an admission or adjudication, an arbitrator or
          arbitrators acceptable to the Insured and the Underwriter concludes,
          after a review of an agreed statement of facts, that an Employee has
          committed a Dishonest or Fraudulent Act or Theft which caused the
          loss.

     The Insured shall promptly give notice to the Underwriter of any such legal
     proceeding and upon request shall furnish the Underwriter with copies of
     all pleadings and other papers therein. At the Underwriter's election the
     Insured shall permit the Underwriter to conduct the defense of such legal
     proceeding in the Insured's name, through attorneys of the Underwriter's
     selection. In such event, the Insured shall give all reasonable information
     and assistance which the Underwriter shall deem necessary to the proper
     defense of such legal proceeding.

     If the amount of the Insured's liability or alleged liability in any such
     legal proceeding is greater than the amount which the Insured would be
     entitled to recover under this Bond (other than pursuant to this General
     Agreement C), or if a Deductible Amount is applicable, or both, the
     indemnity liability of the Underwriter under this General Agreement C is
     limited to the proportion of court costs and attorneys' fees incurred and
     paid by the Insured or by the Underwriter that the amount which the Insured
     would be entitled to recover under this Bond (other than pursuant to this
     General Agreement C) bears to the sum



     of such amount plus the amount which the Insured is not entitled to
     recover. Such indemnity shall be in addition to the Limit of Liability for
     the applicable Insuring Agreement.

             THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS
               AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING
                     PROVISIONS, CONDITIONS AND LIMITATIONS:

SECTION 1.  DEFINITIONS

The following terms used in this Bond shall have the meanings stated in this
Section:

     A.   "ALTERATION" means the marking, changing or altering in a material way
          of the terms, meaning or legal effect of a document with the intent to
          deceive.

     B.   "APPLICATION" means the Insured's application (and any attachments and
          materials submitted in connection therewith) furnished to the
          Underwriter for this Bond.

     C.   "COMPUTER SYSTEM" means (1) computers with related peripheral
          components, including storage components, (2) systems and applications
          software, (3) terminal devices, (4) related communications networks or
          customer communication systems, and (5) related electronic funds
          transfer systems; by which data or monies are electronically
          collected, transmitted, processed, stored or retrieved.

     D.   "COUNTERFEIT" means, with respect to any item, one which is false but
          is intended to deceive and to be taken for the original authentic
          item.

     E.   "DEDUCTIBLE AMOUNT" means, with respect to any Insuring Agreement, the
          amount set forth under the heading "Deductible Amount" in Item 3 of
          the Declarations or in any Rider for such Insuring Agreement,
          applicable to each Single Loss covered by such Insuring Agreement.

     F.   "DEPOSITORY" means any "securities depository" (other than any foreign
          securities depository) in which an Investment Company may deposit its
          Securities in accordance with Rule 17f-4 under the Investment Company
          Act of 1940.

     G.   "DISHONEST OR FRAUDULENT ACT" means any dishonest or fraudulent act,
          including "larceny and embezzlement" as defined in Section 37 of the
          Investment Company Act of 1940, committed with the conscious manifest
          intent (1) to cause the Insured to sustain a loss and (2) to obtain
          financial benefit for the perpetrator or any other person (other than
          salaries, commissions, fees, bonuses, awards, profit sharing, pensions
          or other employee benefits). A Dishonest or Fraudulent Act does not
          mean or include a reckless act, a negligent act, or a grossly
          negligent act.

     H.   "ELECTRONIC TRANSMISSION" means any transmission effected by
          electronic means, including but not limited to a transmission effected
          by telephone tones, Telefacsimile, wireless device, or over the
          Internet.

     I.   "EMPLOYEE" means:
          (1)  each officer, director, trustee, partner or employee of the
               Insured, and
          (2)  each officer, director, trustee, partner or employee of any
               predecessor of the Insured whose principal assets are acquired by
               the Insured by consolidation or merger with, or purchase of
               assets or capital stock of, such predecessor, and


          (3)  each attorney performing legal services for the Insured and each
               employee of such attorney or of the law firm of such attorney
               while performing services for the Insured, and
          (4)  each student who is an authorized intern of the Insured, while in
               any of the Insured's offices, and
          (5)  each officer, director, trustee, partner or employee of
               (a)  an investment adviser,
               (b)  an underwriter (distributor),
               (c)  a transfer agent or shareholder accounting recordkeeper, or
               (d)  an administrator authorized by written agreement to keep
                    financial and/or other required records,

               for an Investment Company named as an Insured, but only while (i)
               such officer, partner or employee is performing acts coming
               within the scope of the usual duties of an officer or employee of
               an Insured, or (ii) such officer, director, trustee, partner or
               employee is acting as a member of any committee duly elected or
               appointed to examine or audit or have custody of or access to the
               Property of the Insured, or (iii) such director or trustee (or
               anyone acting in a similar capacity) is acting outside the scope
               of the usual duties of a director or trustee; provided, that the
               term "Employee" shall not include any officer, director, trustee,
               partner or employee of a transfer agent, shareholder accounting
               recordkeeper or administrator (x) which is not an "affiliated
               person" (as defined in Section 2(a) of the Investment Company Act
               of 1940) of an Investment Company named as Insured or of the
               adviser or underwriter of such Investment Company, or (y) which
               is a "Bank" (as defined in Section 2(a) of the Investment Company
               Act of 1940), and

          (6)  each individual assigned, by contract or by any agency furnishing
               temporary personnel, in either case on a contingent or part-time
               basis, to perform the usual duties of an employee in any office
               of the Insured, and
          (7)  each individual assigned to perform the usual duties of an
               employee or officer of any entity authorized by written agreement
               with the Insured to perform services as electronic data processor
               of checks or other accounting records of the Insured, but
               excluding a processor which acts as transfer agent or in any
               other agency capacity for the Insured in issuing checks, drafts
               or securities, unless included under subsection (5) hereof, and
          (8)  each officer, partner or employee of
               (a)  any Depository or Exchange,
               (b)  any nominee in whose name is registered any Security
                    included in the systems for the central handling of
                    securities established and maintained by any Depository, and
               (c)  any recognized service company which provides clerks or
                    other personnel to any Depository or Exchange on a contract
                    basis, while such officer, partner or employee is performing
                    services for any Depository in the operation of systems for
                    the central handling of securities, and
          (9)  in the case of an Insured which is an "employee benefit plan" (as
               defined in Section 3 of the Employee Retirement Income Security
               Act of 1974 ("ERISA")) for officers, directors or employees of
               another Insured ("In-House Plan"), any "fiduciary" or other "plan
               official" (within the meaning of Section 412 of ERISA) of such
               In-House Plan, provided that such fiduciary or other plan
               official is a director, partner, officer, trustee or employee of
               an Insured (other than an In-House Plan).

     Each employer of temporary personnel and each entity referred to in
     subsections (6) and (7) and their respective partners, officers and
     employees shall collectively be deemed to be one person for all the
     purposes of this Bond.



     Brokers, agents, independent contractors, or representatives of the same
     general character shall not be considered Employees, except as provided in
     subsections (3), (6), and (7).

     J.   "EXCHANGE" means any national securities exchange registered under the
          Securities Exchange Act of 1934.

     K.   "FORGERY" means the physical signing on a document of the name of
          another person (whether real or fictitious) with the intent to
          deceive. A Forgery may be by means of mechanically reproduced
          facsimile signatures as well as handwritten signatures. Forgery does
          not include the signing of an individual's own name, regardless of
          such individual's authority, capacity or purpose.

     L.   "ITEMS OF DEPOSIT" means one or more checks or drafts.

     M.   "INVESTMENT COMPANY" or "FUND" means an investment company registered
          under the Investment Company Act of 1940.

     N.   "LIMIT OF LIABILITY" means, with respect to any Insuring Agreement,
          the limit of liability of the Underwriter for any Single Loss covered
          by such Insuring Agreement as set forth under the heading "Limit of
          Liability" in Item 3 of the Declarations or in any Rider for such
          Insuring Agreement.

     O.   "MYSTERIOUS DISAPPEARANCE" means any disappearance of Property which,
          after a reasonable investigation has been conducted, cannot be
          explained.

     P.   "NON-FUND" means any corporation, business trust, partnership, trust
          or other entity which is not an Investment Company.

     Q.   "PHONE/ELECTRONIC TRANSACTION SECURITY PROCEDURES" means security
          procedures for Phone/Electronic Transactions as provided in writing to
          the Underwriter.

     R.   "PHONE/ELECTRONIC TRANSACTION" means any (1) redemption of shares
          issued by an Investment Company, (2) election concerning dividend
          options available to Fund shareholders, (3) exchange of shares in a
          registered account of one Fund into shares in an identically
          registered account of another Fund in the same complex pursuant to
          exchange privileges of the two Funds, or (4) purchase of shares issued
          by an Investment Company, which redemption, election, exchange or
          purchase is requested by voice over the telephone or through an
          Electronic Transmission.

     S.   "PROPERTY" means the following tangible items: money, postage and
          revenue stamps, precious metals, Securities, bills of exchange,
          acceptances, checks, drafts, or other written orders or directions to
          pay sums certain in money, certificates of deposit, due bills, money
          orders, letters of credit, financial futures contracts, conditional
          sales contracts, abstracts of title, insurance policies, deeds,
          mortgages, and assignments of any of the foregoing, and other valuable
          papers, including books of account and other records used by the
          Insured in the conduct of its business, and all other instruments
          similar to or in the nature of the foregoing (but excluding all data
          processing records), in which the Insured has an interest or in which
          the Insured acquired or should have acquired an interest by reason of
          a predecessor's declared financial condition at the time of the
          Insured's consolidation or merger with, or purchase of the principal
          assets of, such predecessor or which are held by the Insured for any
          purpose or in any capacity.




     T.   "SECURITIES" means original negotiable or non-negotiable agreements or
          instruments which represent an equitable or legal interest, ownership
          or debt (including stock certificates, bonds, promissory notes, and
          assignments thereof), which are in the ordinary course of business and
          transferable by physical delivery with appropriate endorsement or
          assignment. "Securities" does not include bills of exchange,
          acceptances, certificates of deposit, checks, drafts, or other written
          orders or directions to pay sums certain in money, due bills, money
          orders, or letters of credit.

     U.   "SECURITY COMPANY" means an entity which provides or purports to
          provide the transport of Property by secure means, including, without
          limitation, by use of armored vehicles or guards.

     V.   "SELF REGULATORY ORGANIZATION" means any association of investment
          advisers or securities dealers registered under the federal securities
          laws, or any Exchange.

     W.   "SHAREHOLDER OF RECORD" means the record owner of shares issued by an
          Investment Company or, in the case of joint ownership of such shares,
          all record owners, as designated (1) in the initial account
          application, or (2) in writing accompanied by a signature guarantee,
          or (3) pursuant to procedures as set forth in the Application.

     X.   "SINGLE LOSS" means:
          (1)  all loss resulting from any one actual or attempted Theft
               committed by one person, or
          (2)  all loss caused by any one act (other than a Theft or a Dishonest
               or Fraudulent Act) committed by one person, or
          (3)  all loss caused by Dishonest or Fraudulent Acts committed by one
               person, or
          (4)  all expenses incurred with respect to any one audit or
               examination, or
          (5)  all loss caused by any one occurrence or event other than those
               specified in subsections (1) through (4) above.

     All acts or omissions of one or more persons which directly or indirectly
     aid or, by failure to report or otherwise, permit the continuation of an
     act referred to in subsections (1) through (3) above of any other person
     shall be deemed to be the acts of such other person for purposes of this
     subsection.

     All acts or occurrences or events which have as a common nexus any fact,
     circumstance, situation, transaction or series of facts, circumstances,
     situations, or transactions shall be deemed to be one act, one occurrence,
     or one event.

     Y.   "TELEFACSIMILE" means a system of transmitting and reproducing fixed
          graphic material (as, for example, printing) by means of signals
          transmitted over telephone lines or over the Internet.

     Z.   "THEFT" means robbery, burglary or hold-up, occurring with or without
          violence or the threat of violence.





SECTION 2.  EXCLUSIONS

THIS BOND DOES NOT COVER:

     A.   Loss resulting from (1) riot or civil commotion outside the United
          States of America and Canada, or (2) war, revolution, insurrection,
          action by armed forces, or usurped power, wherever occurring; except
          if such loss occurs in transit, is otherwise covered under Insuring
          Agreement D, and when such transit was initiated, the Insured or any
          person initiating such transit on the Insured's behalf had no
          knowledge of such riot, civil commotion, war, revolution,
          insurrection, action by armed forces, or usurped power.

     B.   Loss in time of peace or war resulting from nuclear fission or fusion
          or radioactivity, or biological or chemical agents or hazards, or
          fire, smoke, or explosion, or the effects of any of the foregoing.

     C.   Loss resulting from any Dishonest or Fraudulent Act committed by any
          person while acting in the capacity of a member of the Board of
          Directors or any equivalent body of the Insured or of any other
          entity.

     D.   Loss resulting from any nonpayment or other default of any loan or
          similar transaction made by the Insured or any of its partners,
          directors, officers or employees, whether or not authorized and
          whether procured in good faith or through a Dishonest or Fraudulent
          Act, unless such loss is otherwise covered under Insuring Agreement A,
          E or F.

     E.   Loss resulting from any violation by the Insured or by any Employee of
          any law, or any rule or regulation pursuant thereto or adopted by a
          Self Regulatory Organization, regulating the issuance, purchase or
          sale of securities, securities transactions upon security exchanges or
          over the counter markets, Investment Companies, or investment
          advisers, unless such loss, in the absence of such law, rule or
          regulation, would be covered under Insuring Agreement A, E or F.

     F.   Loss of Property while in the custody of any Security Company, unless
          such loss is covered under this Bond and is in excess of the amount
          recovered or received by the Insured under (1) the Insured's contract
          with such Security Company, and (2) insurance or indemnity of any kind
          carried by such Security Company for the benefit of, or otherwise
          available to, users of its service, in which case this Bond shall
          cover only such excess, subject to the applicable Limit of Liability
          and Deductible Amount.

     G.   Potential income, including but not limited to interest and dividends,
          not realized by the Insured because of a loss covered under this Bond,
          except when covered under Insuring Agreement H.

     H.   Loss in the form of (1) damages of any type for which the Insured is
          legally liable, except direct compensatory damages, or (2) taxes,
          fines, or penalties, including without limitation two-thirds of treble
          damage awards pursuant to judgments under any statute or regulation.

     I.   Loss resulting from the surrender of Property away from an office of
          the Insured as a result of a threat
          (1)  to do bodily harm to any person, except loss of Property in
               transit in the custody of any person acting as messenger as a
               result of a threat to do bodily harm to such person, if the
               Insured had no knowledge of such threat at the time such transit
               was initiated, or
          (2)  to do damage to the premises or Property of the Insured, unless
               such loss is otherwise covered under Insuring Agreement A.




     J.   All costs, fees and other expenses incurred by the Insured in
          establishing the existence of or amount of loss covered under this
          Bond, except to the extent certain audit expenses are covered under
          Insuring Agreement B.

     K.   Loss resulting from payments made to or withdrawals from any account,
          involving funds erroneously credited to such account, unless such loss
          is otherwise covered under Insuring Agreement A.

     L.   Loss resulting from uncollectible Items of Deposit which are drawn
          upon a financial institution outside the United States of America, its
          territories and possessions, or Canada.

     M.   Loss resulting from the Dishonest or Fraudulent Acts, Theft, or other
          acts or omissions of an Employee primarily engaged in the sale of
          shares issued by an Investment Company to persons other than (1) a
          person registered as a broker under the Securities Exchange Act of
          1934 or (2) an "accredited investor" as defined in Rule 501(a) of
          Regulation D under the Securities Act of 1933, which is not an
          individual.

     N.   Loss resulting from the use of credit, debit, charge, access,
          convenience, identification, cash management or other cards, whether
          such cards were issued or purport to have been issued by the Insured
          or by anyone else, unless such loss is otherwise covered under
          Insuring Agreement A.

     O.   Loss resulting from any purchase, redemption or exchange of securities
          issued by an Investment Company or other Insured, or any other
          instruction, request, acknowledgement, notice or transaction involving
          securities issued by an Investment Company or other Insured or the
          dividends in respect thereof, when any of the foregoing is requested,
          authorized or directed or purported to be requested, authorized or
          directed by voice over the telephone or by Electronic Transmission,
          unless such loss is otherwise covered under Insuring Agreement A or
          Insuring Agreement I.

     P.   Loss resulting from any Dishonest or Fraudulent Act or Theft committed
          by an Employee as defined in Section 1.I(2), unless such loss (1)
          could not have been reasonably discovered by the due diligence of the
          Insured at or prior to the time of acquisition by the Insured of the
          assets acquired from a predecessor, and (2) arose out of a lawsuit or
          valid claim brought against the Insured by a person unaffiliated with
          the Insured or with any person affiliated with the Insured.

     Q.   Loss resulting from the unauthorized entry of data into, or the
          deletion or destruction of data in, or the change of data elements or
          programs within, any Computer System, unless such loss is otherwise
          covered under Insuring Agreement A.

SECTION 3.  ASSIGNMENT OF RIGHTS

     Upon payment to the Insured hereunder for any loss, the Underwriter shall
     be subrogated to the extent of such payment to all of the Insured's rights
     and claims in connection with such loss; provided, however, that the
     Underwriter shall not be subrogated to any such rights or claims one named
     Insured under this Bond may have against another named Insured under this
     Bond. At the request of the Underwriter, the Insured shall execute all
     assignments or other documents and take such action as the Underwriter may
     deem necessary or desirable to secure and perfect such rights and claims,
     including the execution of documents necessary to enable the Underwriter to
     bring suit in the name of the Insured.

     Assignment of any rights or claims under this Bond shall not bind the
     Underwriter without the Underwriter's written consent.





SECTION 4.  LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS

     This Bond is for the use and benefit only of the Insured and the
     Underwriter shall not be liable hereunder for loss sustained by anyone
     other than the Insured, except that if the Insured includes such other loss
     in the Insured's proof of loss, the Underwriter shall consider its
     liability therefor. As soon as practicable and not more than sixty (60)
     days after discovery of any loss covered hereunder, the Insured shall give
     the Underwriter written notice thereof and, as soon as practicable and
     within one year after such discovery, shall also furnish to the Underwriter
     affirmative proof of loss with full particulars. The Underwriter may extend
     the sixty day notice period or the one year proof of loss period if the
     Insured requests an extension and shows good cause therefor.

     See also General Agreement C (Court Costs and Attorneys' Fees).

     The Underwriter shall not be liable hereunder for loss of Securities unless
     each of the Securities is identified in such proof of loss by a certificate
     or bond number or by such identification means as the Underwriter may
     require. The Underwriter shall have a reasonable period after receipt of a
     proper affirmative proof of loss within which to investigate the claim, but
     where the loss is of Securities and is clear and undisputed, settlement
     shall be made within forty-eight (48) hours even if the loss involves
     Securities of which duplicates may be obtained.

     The Insured shall not bring legal proceedings against the Underwriter to
     recover any loss hereunder prior to sixty (60) days after filing such proof
     of loss or subsequent to twenty-four (24) months after the discovery of
     such loss or, in the case of a legal proceeding to recover hereunder on
     account of any judgment against the Insured in or settlement of any suit
     mentioned in General Agreement C or to recover court costs or attorneys'
     fees paid in any such suit, twenty-four (24) months after the date of the
     final judgment in or settlement of such suit. If any limitation in this
     Bond is prohibited by any applicable law, such limitation shall be deemed
     to be amended to be equal to the minimum period of limitation permitted by
     such law.

     Notice hereunder shall be given to Manager, Professional Liability Claims,
     ICI Mutual Insurance Company, P.O. Box 730, Burlington, Vermont 05402-0730.

SECTION 5.  DISCOVERY

     For all purposes under this Bond, a loss is discovered, and discovery of a
     loss occurs, when the Insured

     (1)  becomes aware of facts, or

     (2)  receives notice of an actual or potential claim by a third party which
          alleges that the Insured is liable under circumstances,

     which would cause a reasonable person to assume that loss covered by this
     Bond has been or is likely to be incurred even though the exact amount or
     details of loss may not be known.

SECTION 6.  VALUATION OF PROPERTY

     For the purpose of determining the amount of any loss hereunder, the value
     of any Property shall be the market value of such Property at the close of
     business on the first business day before the discovery of such loss;
     except that




     (1)  the value of any Property replaced by the Insured prior to the payment
          of a claim therefor shall be the actual market value of such Property
          at the time of replacement, but not in excess of the market value of
          such Property on the first business day before the discovery of the
          loss of such Property;

     (2)  the value of Securities which must be produced to exercise
          subscription, conversion, redemption or deposit privileges shall be
          the market value of such privileges immediately preceding the
          expiration thereof if the loss of such Securities is not discovered
          until after such expiration, but if there is no quoted or other
          ascertainable market price for such Property or privileges referred to
          in clauses (1) and (2), their value shall be fixed by agreement
          between the parties or by arbitration before an arbitrator or
          arbitrators acceptable to the parties; and

     (3)  the value of books of accounts or other records used by the Insured in
          the conduct of its business shall be limited to the actual cost of
          blank books, blank pages or other materials if the books or records
          are reproduced plus the cost of labor for the transcription or copying
          of data furnished by the Insured for reproduction.

SECTION 7.  LOST SECURITIES

     The maximum liability of the Underwriter hereunder for lost Securities
     shall be the payment for, or replacement of, such Securities having an
     aggregate value not to exceed the applicable Limit of Liability. If the
     Underwriter shall make payment to the Insured for any loss of securities,
     the Insured shall assign to the Underwriter all of the Insured's right,
     title and interest in and to such Securities. In lieu of such payment, the
     Underwriter may, at its option, replace such lost Securities, and in such
     case the Insured shall cooperate to effect such replacement. To effect the
     replacement of lost Securities, the Underwriter may issue or arrange for
     the issuance of a lost instrument bond. If the value of such Securities
     does not exceed the applicable Deductible Amount (at the time of the
     discovery of the loss), the Insured will pay the usual premium charged for
     the lost instrument bond and will indemnify the issuer of such bond against
     all loss and expense that it may sustain because of the issuance of such
     bond.

     If the value of such Securities exceeds the applicable Deductible Amount
     (at the time of discovery of the loss), the Insured will pay a proportion
     of the usual premium charged for the lost instrument bond, equal to the
     percentage that the applicable Deductible Amount bears to the value of such
     Securities upon discovery of the loss, and will indemnify the issuer of
     such bond against all loss and expense that

     is not recovered from the Underwriter under the terms and conditions of
     this Bond, subject to the applicable Limit of Liability.

SECTION 8.  SALVAGE

     If any recovery is made, whether by the Insured or the Underwriter, on
     account of any loss within the applicable Limit of Liability hereunder, the
     Underwriter shall be entitled to the full amount of such recovery to
     reimburse the Underwriter for all amounts paid hereunder with respect to
     such loss. If any recovery is made, whether by the Insured or the
     Underwriter, on account of any loss in excess of the applicable Limit of
     Liability hereunder plus the Deductible Amount applicable to such loss from
     any source other than suretyship, insurance, reinsurance, security or
     indemnity taken by or for the benefit of the Underwriter, the amount of
     such recovery, net of the actual costs and expenses of recovery, shall be
     applied to reimburse the Insured in full for the portion of such loss in
     excess of such Limit of Liability, and the remainder, if any, shall be paid
     first to reimburse the Underwriter for all amounts paid hereunder with
     respect to such loss and then to the Insured to the extent of the portion
     of such loss within the Deductible Amount. The Insured shall execute all
     documents which the Underwriter deems necessary or desirable to secure to
     the Underwriter the rights provided for herein.




SECTION 9.  NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

     Prior to its termination, this Bond shall continue in force up to the Limit
     of Liability for each Insuring Agreement for each Single Loss,
     notwithstanding any previous loss (other than such Single Loss) for which
     the Underwriter may have paid or be liable to pay hereunder; PROVIDED,
     however, that regardless of the number of years this Bond shall continue in
     force and the number of premiums which shall be payable or paid, the
     liability of the Underwriter under this Bond with respect to any Single
     Loss shall be limited to the applicable Limit of Liability irrespective of
     the total amount of such Single Loss and shall not be cumulative in amounts
     from year to year or from period to period.

SECTION 10.  MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES

     The maximum liability of the Underwriter for any Single Loss covered by any
     Insuring Agreement under this Bond shall be the Limit of Liability
     applicable to such Insuring Agreement, subject to the applicable Deductible
     Amount and the other provisions of this Bond. Recovery for any Single Loss
     may not be made under more than one Insuring Agreement. If any Single Loss
     covered under this Bond is recoverable or recovered in whole or in part
     because of an unexpired discovery period under any other bonds or policies
     issued by the Underwriter to the Insured or to any predecessor in interest
     of the Insured, the maximum liability of the Underwriter shall be the
     greater of either (1) the applicable Limit of Liability under this Bond, or
     (2) the maximum liability of the Underwriter under such other bonds or
     policies.

SECTION 11.  OTHER INSURANCE

     Notwithstanding anything to the contrary herein, if any loss covered by
     this Bond shall also be covered by other insurance or suretyship for the
     benefit of the Insured, the Underwriter shall be liable hereunder only for
     the portion of such loss in excess of the amount recoverable under such
     other insurance or suretyship, but not exceeding the applicable Limit of
     Liability of this Bond.

SECTION 12.  DEDUCTIBLE AMOUNT

     The Underwriter shall not be liable under any Insuring Agreement unless the
     amount of the loss covered thereunder, after deducting the net amount of
     all reimbursement and/or recovery received by the Insured with respect to
     such loss (other than from any other bond, suretyship or insurance policy
     or as an advance by the Underwriter hereunder) shall exceed the applicable
     Deductible Amount; in such case the Underwriter shall be liable only for
     such excess, subject to the applicable Limit of Liability and the other
     terms of this Bond.

     No Deductible Amount shall apply to any loss covered under Insuring
     Agreement A sustained by any Investment Company named as an Insured.

SECTION 13.  TERMINATION

     The Underwriter may terminate this Bond as to any Insured or all Insureds
     only by written notice to such Insured or Insureds and, if this Bond is
     terminated as to any Investment Company, to each such Investment Company
     terminated thereby and to the Securities and Exchange Commission,
     Washington,




     D.C., in all cases not less than sixty (60) days prior to the effective
     date of termination specified in such notice.

     The Insured may terminate this Bond only by written notice to the
     Underwriter not less than sixty (60) days prior to the effective date of
     the termination specified in such notice. Notwithstanding the foregoing,
     when the Insured terminates this Bond as to any Investment Company, the
     effective date of termination shall be not less than sixty (60) days from
     the date the Underwriter provides written notice of the termination to each
     such Investment Company terminated thereby and to the Securities and
     Exchange Commission, Washington, D.C.

     This Bond will terminate as to any Insured that is a Non-Fund immediately
     and without notice upon (1) the takeover of such Insured's business by any
     State or Federal official or agency, or by any receiver or liquidator, or
     (2) the filing of a petition under any State or Federal statute relative to
     bankruptcy or reorganization of the Insured, or assignment for the benefit
     of creditors of the Insured.

     Premiums are earned until the effective date of termination. The
     Underwriter shall refund the unearned premium computed at short rates in
     accordance with the Underwriter's standard short rate cancellation tables
     if this Bond is terminated by the Insured or pro rata if this Bond is
     terminated by the Underwriter.

     Upon the detection by any Insured that an Employee has committed any
     Dishonest or Fraudulent Act(s) or Theft, the Insured shall immediately
     remove such Employee from a position that may enable such Employee to cause
     the Insured to suffer a loss by any subsequent Dishonest or Fraudulent
     Act(s) or Theft. The Insured, within two (2) business days of such
     detection, shall notify the Underwriter with full and complete particulars
     of the detected Dishonest or Fraudulent Act(s) or Theft.

     For purposes of this section, detection occurs when any partner, officer,
     or supervisory employee of any Insured, who is not in collusion with such
     Employee, becomes aware that the Employee has committed any Dishonest or
     Fraudulent Act(s) or Theft.

     This Bond shall terminate as to any Employee by written notice from the
     Underwriter to each Insured and, if such Employee is an Employee of an
     Insured Investment Company, to the Securities and Exchange Commission, in
     all cases not less than sixty (60) days prior to the effective date of
     termination specified in such notice.

SECTION 14.  RIGHTS AFTER TERMINATION

     At any time prior to the effective date of termination of this Bond as to
     any Insured, such Insured may, by written notice to the Underwriter, elect
     to purchase the right under this Bond to an additional period of twelve
     (12) months within which to discover loss sustained by such Insured prior
     to the effective date of such termination and shall pay an additional
     premium therefor as the Underwriter may require.

     Such additional discovery period shall terminate immediately and without
     notice upon the takeover of such Insured's business by any State or Federal
     official or agency, or by any receiver or liquidator. Promptly after such
     termination the Underwriter shall refund to the Insured any unearned
     premium.

     The right to purchase such additional discovery period may not be exercised
     by any State or Federal official or agency, or by any receiver or
     liquidator, acting or appointed to take over the Insured's business.



SECTION 15.  CENTRAL HANDLING OF SECURITIES

     The Underwriter shall not be liable for loss in connection with the central
     handling of securities within the systems established and maintained by any
     Depository ("Systems"), unless the amount of such loss exceeds the amount
     recoverable or recovered under any bond or policy or participants' fund
     insuring the Depository against such loss (the "Depository's Recovery"); in
     such case the Underwriter shall be liable hereunder only for the Insured's
     share of such excess loss, subject to the applicable Limit of Liability,
     the Deductible Amount and the other terms of this Bond.

     For determining the Insured's share of such excess loss, (1) the Insured
     shall be deemed to have an interest in any certificate representing any
     security included within the Systems equivalent to the interest the Insured
     then has in all certificates representing the same security included within
     the Systems; (2) the Depository shall have reasonably and fairly
     apportioned the Depository's Recovery among all those having an interest as
     recorded by appropriate entries in the books and records of the Depository
     in Property involved in such loss, so that each such interest shall share
     in the Depository's Recovery in the ratio that the value of each such
     interest bears to the total value of all such interests; and (3) the
     Insured's share of such excess loss shall be the amount of the Insured's
     interest in such Property in excess of the amount(s) so apportioned to the
     Insured by the Depository.

     This Bond does not afford coverage in favor of any Depository or Exchange
     or any nominee in whose name is registered any security included within the
     Systems.

SECTION 16.  ADDITIONAL COMPANIES INCLUDED AS INSURED

     If more than one entity is named as the Insured:

     A.   the total liability of the Underwriter hereunder for each Single Loss
          shall not exceed the Limit of Liability which would be applicable if
          there were only one named Insured, regardless of the number of Insured
          entities which sustain loss as a result of such Single Loss,

     B.   the Insured first named in Item 1 of the Declarations shall be deemed
          authorized to make, adjust, and settle, and receive and enforce
          payment of, all claims hereunder as the agent of each other Insured
          for such purposes and for the giving or receiving of any notice
          required or permitted to be given hereunder; provided, that the
          Underwriter shall promptly furnish each named Insured Investment
          Company with (1) a copy of this Bond and any amendments thereto, (2) a
          copy of each formal filing of a claim hereunder by any other Insured,
          and (3) notification of the terms of the settlement of each such claim
          prior to the execution of such settlement,

     C.   the Underwriter shall not be responsible or have any liability for the
          proper application by the Insured first named in Item 1 of the
          Declarations of any payment made hereunder to the first named Insured,

     D.   for the purposes of Sections 4 and 13, knowledge possessed or
          discovery made by any partner, officer or supervisory Employee of any
          Insured shall constitute knowledge or discovery by every named
          Insured,

     E.   if the first named Insured ceases for any reason to be covered under
          this Bond, then the Insured next named shall thereafter be considered
          as the first named Insured for the purposes of this Bond, and

     F.   each named Insured shall constitute "the Insured" for all purposes of
          this Bond.




SECTION 17.  NOTICE AND CHANGE OF CONTROL

     Within thirty (30) days after learning that there has been a change in
     control of an Insured by transfer of its outstanding voting securities the
     Insured shall give written notice to the Underwriter of:

     A.   the names of the transferors and transferees (or the names of the
          beneficial owners if the voting securities are registered in another
          name), and

     B.   the total number of voting securities owned by the transferors and the
          transferees (or the beneficial owners), both immediately before and
          after the transfer, and

     C.   the total number of outstanding voting securities.

     As used in this Section, "control" means the power to exercise a
     controlling influence over the management or policies of the Insured.

SECTION 18.  CHANGE OR MODIFICATION

     This Bond may only be modified by written Rider forming a part hereof over
     the signature of the Underwriter's authorized representative. Any Rider
     which modifies the coverage provided by Insuring Agreement A, Fidelity, in
     a manner which adversely affects the rights of an Insured Investment
     Company shall not become effective until at least sixty (60) days after the
     Underwriter has given written notice thereof to the Securities and Exchange
     Commission, Washington, D.C., and to each Insured Investment Company
     affected thereby.

IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the
Declarations Page.





                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 1



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                         BOND PERIOD                AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration of the premium charged for this Bond, it is hereby understood
and agreed that Item 1 of the Declarations, Name of Insured, shall include the
following:

     Van Kampen Asset Management Inc.
     Van Kampen Exchange Corporation
     Van Kampen Funds Inc.
     Van Kampen Advisors Inc.
     Van Kampen Investor Services Inc.
     Morgan Stanley Investments Management Limited
     Morgan Stanley Investment Management Company

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.






                                                                 RN1.0-00 (1/02)



                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 2



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                         BOND PERIOD                AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration of the premium charged for this Bond, it is hereby understood
and agreed that this Bond (other than Insuring Agreements C and D) does not
cover loss resulting from or in connection with any business, activities, or
acts or omissions of (including services rendered by) any Insured which is not
an Insured Fund ("Non-Fund") or any Employee of a Non-Fund, except loss,
otherwise covered by the terms of this Bond, resulting from or in connection
with (1) services rendered by a Non-Fund to an Insured Fund, or to shareholders
of such Fund in connection with the issuance, transfer, or redemption of their
Fund shares, or (2) in the case of a Non-Fund substantially all of whose
business is rendering the services described in (1) above, the general business,
activities or operations of such Non-Fund, excluding (a) the rendering of
services (other than those described in (1) above) to any person, or (b) the
sale of goods or property of any kind.

It is further understood and agreed that with respect to any Non-Fund, Insuring
Agreements C and D only cover loss of Property which a Non-Fund uses or holds,
or in which a Non-Fund has an interest, in each case wholly or partially in
connection with the rendering of services by a Non-Fund to an Insured Fund, or
to shareholders of such Fund in connection with the issuance, transfer, or
redemption of their Fund shares.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.




                                                                 RN3.0-01 (1/02)




                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 3




- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                          BOND PERIOD               AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================



In consideration of the premium charged for this Bond, it is hereby understood
and agreed that notwithstanding Section 2.Q of this Bond, this Bond is amended
by adding an additional Insuring Agreement J as follows:

     J.   COMPUTER SECURITY

Loss (including loss of Property) resulting directly from Computer Fraud;
provided, that the Insured has adopted in writing and generally maintains and
follows during the Bond Period all Computer Security Procedures. The isolated
failure of the Insured to maintain and follow a particular Computer Security
Procedure in a particular instance will not preclude coverage under this
Insuring Agreement, subject to the specific exclusions herein and in the Bond.

     1.   Definitions. The following terms used in this Insuring Agreement shall
          have the following meanings:

          a.   "Authorized User" means any person or entity designated by the
               Insured (through contract, assignment of User Identification, or
               otherwise) as authorized to use a Covered Computer System, or any
               part thereof. An individual who invests in an Insured Fund shall
               not be considered to be an Authorized User solely by virtue of
               being an investor.

          b.   "Computer Fraud" means the unauthorized entry of data into, or
               the deletion or destruction of data in, or change of data
               elements or programs within, a Covered Computer System which:

               (1)  is committed by any Unauthorized Third Party anywhere, alone
                    or in collusion with other Unauthorized Third Parties; and

               (2)  is committed with the conscious manifest intent (a) to cause
                    the Insured to sustain a loss, and (b) to obtain financial
                    benefit for the perpetrator or any other person; and



               (3)  causes (x) Property to be transferred, paid or delivered; or
                    (y) an account of the Insured, or of its customer, to be
                    added, deleted, debited or credited; or (z) an unauthorized
                    or fictitious account to be debited or credited.

          c.   "Computer Security Procedures" means procedures for prevention of
               unauthorized computer access and use and administration of
               computer access and use as provided in writing to the
               Underwriter.

          d.   "Covered Computer System" means any Computer System as to which
               the Insured has possession, custody and control.

          e.   "Unauthorized Third Party" means any person or entity that, at
               the time of the Computer Fraud, is not an Authorized User.

          f.   "User Identification" means any unique user name (i.e., a series
               of characters) that is assigned to a person or entity by the
               Insured.

     2.   Exclusions. It is further understood and agreed that this Insuring
          Agreement J shall not cover:

          a.   Any loss covered under Insuring Agreement A, "Fidelity," of this
               Bond; and

          b.   Any loss resulting directly or indirectly from Theft or
               misappropriation of confidential or proprietary information,
               material or data (including but not limited to trade secrets,
               computer programs or customer information); and

          c.   Any loss resulting from the intentional failure to adhere to one
               or more Computer Security Procedures; and

          d.   Any loss resulting from a Computer Fraud committed by or in
               collusion with:

               (1)  any Authorized User (whether a natural person or an entity);
                    or

               (2)  in the case of any Authorized User which is an entity, (a)
                    any director, officer, partner, employee or agent of such
                    Authorized User, or (b) any entity which controls, is
                    controlled by, or is under common control with such
                    Authorized User ("Related Entity"), or (c) any director,
                    officer, partner, employee or agent of such Related Entity;
                    or

               (3)  in the case of any Authorized User who is a natural person,
                    (a) any entity for which such Authorized User is a director,
                    officer, partner, employee or agent ("Employer Entity"), or
                    (b) any director, officer, partner, employee or agent of
                    such Employer Entity, or (c) any entity which controls, is
                    controlled by, or is under common control with such Employer
                    Entity ("Employer-Related Entity"), or (d) any director,
                    officer, partner, employee or agent of such Employer-Related
                    Entity;




               and

          e.   Any loss resulting from physical damage to or destruction of any
               Covered Computer System, or any part thereof, or any data, data
               elements or media associated therewith; and

          f.   Any loss resulting from Computer Fraud committed by means of
               wireless access to any Covered Computer System, or any part
               thereof, or any data, data elements or media associated
               therewith; and

          g.   Any loss not directly and proximately caused by Computer Fraud
               (including, without limitation, disruption of business and extra
               expense); and

          h.   Payments made to any person(s) who has threatened to deny or has
               denied authorized access to a Covered Computer System or
               otherwise has threatened to disrupt the business of the Insured.

For purposes of this Insuring Agreement, "Single Loss," as defined in Section
1.X of this Bond, shall also include all loss caused by Computer Fraud(s)
committed by one person, or in which one person is implicated, whether or not
that person is specifically identified. A series of losses involving
unidentified individuals, but arising from the same method of operation, may be
deemed by the Underwriter to involve the same individual and in that event shall
be treated as a Single Loss.

It is further understood and agreed that nothing in this Rider shall affect the
exclusion set forth in Section 2.0 of this Bond.

Coverage under this Insuring Agreement shall terminate upon termination of this
Bond. Coverage under this Insuring Agreement may also be terminated without
terminating this Bond as an entirety:

          (a)  by written notice from the Underwriter not less than sixty (60)
               days prior to the effective date of termination specified in such
               notice; or

          (b)  immediately by written notice from the Insured to the
               Underwriter.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.




                                                               RN19.0-04 (12/03)


                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 4



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                         BOND PERIOD                AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration of the premium charged for this Bond, it is hereby understood
and agreed that the Deductible Amount for Insuring Agreement E, Forgery or
Alteration, and Insuring Agreement F, Securities, shall not apply with respect
to loss through Forgery of a signature on the following documents:

     (1)  letter requesting redemption of $50,000 or less payable by check to
          the shareholder of record and addressed to the address of record; or,

     (2)  letter requesting redemption of $50,000 or less by wire transfer to
          the record shareholder's bank account of record; or

     (3)  written request to a trustee or custodian for a Designated Retirement
          Account ("DRA") which holds shares of an Insured Fund, where such
          request (a) purports to be from or at the instruction of the Owner of
          such DRA, and (b) directs such trustee or custodian to transfer
          $50,000 or less from such DRA to a trustee or custodian for another
          DRA established for the benefit of such Owner;

provided, that the Limit of Liability for a Single Loss as described above shall
be $50,000 and that the Insured shall bear 20% of each such loss. This Rider
shall not apply in the case of any such Single Loss which exceeds $50,000; in
such case the Deductible Amounts and Limits of Liability set forth in Item 3 of
the Declarations shall control.

For purposes of this Rider:

     (A) "Designated Retirement Account" means any retirement plan or account
     described or qualified under the Internal Revenue Code of 1986, as amended,
     or a subaccount thereof.

     (B) "Owner" means the individual for whose benefit the DRA, or a subaccount
     thereof, is established.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.



                                                                RN27.0-02 (1/02)


                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 5



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                         BOND PERIOD                AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration of the premium charged for this Bond, it is hereby understood
and agreed that this Bond does not cover any loss resulting from or in
connection with the acceptance of any Third Party Check, unless

     (1)  such Third Party Check is used to open or increase an account which is
          registered in the name of one or more of the payees on such Third
          Party Check, and

     (2)  reasonable efforts are made by the Insured, or by the entity receiving
          Third Party Checks on behalf of the Insured, to verify all
          endorsements on all Third Party Checks made payable in amounts greater
          than $100,000 (provided, however, that the isolated failure to make
          such efforts in a particular instance will not preclude coverage,
          subject to the exclusions herein and in the Bond),

and then only to the extent such loss is otherwise covered under this Bond.

For purposes of this Rider, "Third Party Check" means a check made payable to
one or more parties and offered as payment to one or more other parties.

It is further understood and agreed that notwithstanding anything to the
contrary above or elsewhere in the Bond, this Bond does not cover any loss
resulting from or in connection with the acceptance of a Third Party Check
where:

     (1)  any payee on such Third Party Check reasonably appears to be a
          corporation or other entity; or

     (2)  such Third Party Check is made payable in an amount greater than
          $100,000 and does not include the purported endorsements of all payees
          on such Third Party Check.

It is further understood and agreed that this Rider shall not apply with respect
to any coverage that may be available under Insuring Agreement A, "Fidelity."

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.


                                                                RN30.0-01 (1/02)




                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 6



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                          BOND PERIOD               AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration of the premium charged for this Bond, it is hereby understood
and agreed that, notwithstanding anything to the contrary in General Agreement A
of this Bond, Item 1 of the Declarations shall include any Investment Company
advised, distributed, or administered by Van Kampen Advisors Inc., Van Kampen
Asset Management Inc., or Van Kampen Funds Inc. (individually and/or
collectively referred to as "Van Kampen"), whether such Investment Companies are
considered active, inactive, or dissolved, and for which Van Kampen has
responsibility for placing investment company fidelity bond insurance coverage,
provided that a list of such Funds is submitted to the Underwriter on at least
an annual basis.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.


                                                               RVN33.0-06 (1/05)


                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 7



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                          BOND PERIOD               AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration for the premium charged for this Bond, it is hereby understood
and agreed that notwithstanding anything to the contrary in this Bond (including
Insuring Agreement I), this Bond does not cover any On-Line Redemption(s) or
On-Line Purchase(s) involving an aggregate amount in excess of $250,000 per
shareholder account per day.

It is further understood and agreed that, notwithstanding the Limit of Liability
set forth herein or any other provision of this Bond, the Limit of Liability
with respect to any Single Loss caused by an On-Line Transaction shall be
$1,000,000 and the On-Line Deductible with respect to Insuring Agreement I is
Fifty Thousand Dollars ($50,000).

It is further understood and agreed that notwithstanding Section 8,
Non-Reduction and Non-Accumulation of Liability and Total Liability, or any
other provision of this Bond, the Aggregate Limit of Liability of the
Underwriter under this Bond with respect to any and all loss or losses caused by
On-Line Transactions shall be an aggregate of $10,000,000 for the Bond Period,
irrespective of the total amount of such loss or losses.

For purposes of this Rider, the following terms shall have the following
meanings:

"On-Line Purchase" means any purchase of shares issued by an Investment Company,
which purchase is requested by computer-to-computer transmissions over the
Internet (including any connected or associated intranet or extranet) or
utilizing modem or similar connections.

"On-Line Redemption" means any redemption of shares issued by an Investment
Company, which redemption is requested by computer-to computer transmissions
over the Internet (including any connected or associated intranet or extranet)
or utilizing modem or similar connections.

"On-Line Transaction" means any Phone/Electronic Transaction requested by
computer-to-computer transmissions over the Internet (including any connected or
associated intranet or extranet) or utilizing modem or similar connections.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.


                                                                   RNV38.0-01

                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 8




- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                         BOND PERIOD                AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration for the premium charged for this Bond, it is hereby understood
and agreed that, with respect to Insuring Agreement I only, the Deductible
Amount set forth in Item 3 of the Declarations ("Phone/Electronic Deductible")
shall not apply with respect to a Single Loss, otherwise covered by Insuring
Agreement I, caused by:

     (1)  a Phone/Electronic Redemption requested to be paid or made payable by
          check to the Shareholder of Record at the address of record; or

     (2)  a Phone/Electronic Redemption requested to be paid or made payable by
          wire transfer to the Shareholder of Record's bank account of record,

provided, that the Limit of Liability for a Single Loss as described in (1) or
(2) above shall be the lesser of 80% of such loss or $40,000 and that the
Insured shall bear the remainder of each such Loss. This Rider shall not apply
if the application of the Phone/Electronic Deductible to the Single Loss would
result in coverage of greater than $40,000 or more; in such case the
Phone-initiated Deductible and Limit of Liability set forth in Item 3 of the
Declarations shall control.

For purposes of this Rider, "Phone/Electronic Redemption" means any redemption
of shares issued by an Investment Company, which redemption is requested (a) by
voice over the telephone, (b) through an automated telephone tone or voice
response system, (c) by Telefacsimile, or (d) by computer-to-computer
transmission over the Internet (including any connected or associated intranet
or extranet) or utilizing modem or similar connections.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.

                                                                RN39.0-02 (8/02)


                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                   RIDER NO. 9



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                          BOND PERIOD               AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration of the premium charged for this Bond, it is hereby understood
and agreed that notwithstanding anything to the contrary in this Bond (including
Insuring Agreement I), this Bond does not cover loss caused by a
Phone/Electronic Transaction requested:

     -    by wireless device transmissions over the Internet (including any
          connected or associated intranet or extranet),

except insofar as such loss is covered under Insuring Agreement A "Fidelity" of
this Bond.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.











                                                                RN48.0-00 (1/02)



                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 10




- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                          BOND PERIOD               AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration for the premium charged for this Bond, it is hereby understood
and agreed that notwithstanding anything to the contrary in t0his Bond
(including Insuring Agreement I), for purposes of On-Line Transactions only, the
third paragraph under "EXCLUDING loss resulting from:" is hereby amended by
adding the following at the end of the existing paragraph:

"(iii) in the case of a pre-existing registered account of a Fund shareholder, a
bank account designated through a secured on-line form, provided that (aa) a
15-day hold is placed on all redemptions for such a bank account designated
on-line, and (bb) a written (hard-copy) confirmation of such on-line designation
is mailed to the shareholder(s) to whose account the account relates, at the
record address, by the end of the Insured's next regular processing cycle, but
no later than five (5) business days following such on-line designation; or"

For purposes of this Rider, the following term shall have the following
meanings:

"On-Line Transactions" means Phone/Electronic Transactions requested by
computer-to-computer transmissions over the Internet (including any connected or
associated intranet or extranet) or utilizing modem or similar connections.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.



                                                               RNM72.0-00 (5/02)







                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 11



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                         BOND PERIOD                AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration of the premium charged for this Bond, it is hereby understood
and agreed that Section 5 of this Bond is amended to read as follows:

"For all purposes under this Bond, a loss is discovered, and discovery of a loss
occurs, when the Legal Department of Van Kampen Investments Inc., the Chief
Compliance Officer of Van Kampen Funds, the Legal Department of Morgan Stanley
or the Risk and Insurance Department of Morgan Stanley:

     (1)  becomes aware of facts, or
     (2)  receives notice of an actual or potential claim by a third party which
          alleges that the Insured is liable under circumstances,

which would cause a reasonable person to assume that loss covered by this Bond
has been or is likely to be incurred even though the exact amount or details of
loss may not be known."

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.




                                                                 RM27-02 (12/96)



                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 12



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                          BOND PERIOD               AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


Most property and casualty insurers, including ICI Mutual Insurance Company
("ICI Mutual"), are subject to the requirements of the Terrorism Risk Insurance
Act of 2002 (the "Act"). The Act establishes a Federal insurance backstop under
which ICI Mutual and these other insurers will be partially reimbursed for
future "INSURED LOSSES" resulting from certified "ACTS OF TERRORISM." (Each of
these BOLDED TERMS is defined by the Act.) The Act also places certain
disclosure and other obligations on ICI Mutual and these other insurers.

Pursuant to the Act, any future losses to ICI Mutual caused by certified "ACTS
OF TERRORISM" will be partially reimbursed by the United States government under
a formula established by the Act. Under this formula, the United States
government will reimburse ICI Mutual for 90% of ICI Mutual's "INSURED LOSSES" in
excess of a statutorily established deductible until total insured losses of all
participating insurers reach $100 billion. If total "insured losses" of all
property and casualty insurers reach $100 billion during any applicable period,
the Act provides that the insurers will not be liable under their policies for
their portions of such losses that exceed such amount. Amounts otherwise payable
under this bond may be reduced as a result.

This bond has no express exclusion for "ACTS OF TERRORISM." However, coverage
under this bond remains subject to all applicable terms, conditions and
limitations of the bond (including exclusions) that are permissible under the
Act. The portion of the premium that is attributable to any coverage potentially
available under the bond for "ACTS OF TERRORISM" is one percent (1%).



                                                               RN53.0-00 (3/03)






                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 13



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                          BOND PERIOD               AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration of the premium charged for this Bond, it is hereby understood
and agreed that:

     1.   In the event that a loss is covered under more than one bond issued to
          Van Kampen Investments Inc. or any affiliates thereof issued by ICI
          Mutual Insurance Company, the total liability of ICI Mutual Insurance
          Company under all implicated bonds in combination shall not exceed the
          applicable Limit of Liability of the largest of the implicated bonds.
          In no event shall the applicable Limits of Liability of each of the
          implicated bonds be added together or otherwise combined to determine
          the total liability of ICI Mutual Insurance Company.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.

                                                              RN23.0-01 (11/03)




                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND

                                  RIDER NO. 14



- ---------------------------------------------------------------------------------------------
                                                            
INSURED                                                                       BOND NUMBER

VAN KAMPEN INVESTMENTS INC.                                                   87096107B
- ---------------------------------------------------------------------------------------------
EFFECTIVE DATE                          BOND PERIOD               AUTHORIZED REPRESENTATIVE

JUNE 5, 2007                   JUNE 5, 2007 TO JUNE 5, 2008       /S/ MAGGIE SULLIVAN
=============================================================================================


In consideration of the premium charged for this Bond, it is hereby understood
and agreed that Section 1.G shall be amended to read as follows:

     "Dishonest or Fraudulent Act" means any dishonest or fraudulent act,
     including "larceny and embezzlement" as defined in Section 37 of the
     Investment Company Act of 1940, committed with the conscious manifest
     intent (1) to cause the Insured to sustain a loss or (2) to obtain
     financial benefit for the perpetrator or any other person (other than
     salaries, commissions, fees, bonuses, awards, profit sharing, pensions or
     other employee benefits). A Dishonest or Fraudulent Act does not mean or
     include a reckless act, a negligent act, or a grossly negligent act."

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.




                                                               RNM5.0-00 (1/02)

                                                                       EXHIBIT 2


                        ASSISTANT SECRETARY'S CERTIFICATE
                                     OF THE
                                VAN KAMPEN FUNDS:

                         VAN KAMPEN U.S. MORTGAGE FUND,
                  a series of VAN KAMPEN U.S. GOVERNMENT TRUST;

                  VAN KAMPEN CALIFORNIA INSURED TAX FREE FUND,
                    VAN KAMPEN INSURED TAX FREE INCOME FUND,
               VAN KAMPEN INTERMEDIATE TERM MUNICIPAL INCOME FUND,
                        VAN KAMPEN MUNICIPAL INCOME FUND,
                    VAN KAMPEN NEW YORK TAX FREE INCOME FUND,
                   VAN KAMPEN STRATEGIC MUNICIPAL INCOME FUND,
                  VAN KAMPEN CALIFORNIA MUNICIPAL INCOME FUND*,
                   VAN KAMPEN MICHIGAN TAX FREE INCOME FUND*,
                   VAN KAMPEN MISSOURI TAX FREE INCOME FUND*,
                     VAN KAMPEN OHIO TAX FREE INCOME FUND*,
                each being a series of VAN KAMPEN TAX FREE TRUST;

                   VAN KAMPEN MANAGED SHORT TERM INCOME FUND*,
                     VAN KAMPEN CORE PLUS FIXED INCOME FUND,
                    each being a series of VAN KAMPEN TRUST;

                       VAN KAMPEN AGGRESSIVE GROWTH FUND,
                         VAN KAMPEN MID CAP GROWTH FUND,
                        VAN KAMPEN SMALL CAP GROWTH FUND,
                         VAN KAMPEN SELECT GROWTH FUND,
                     VANKAMPEN SMALL COMPANY GROWTH FUND*,
                        VAN KAMPEN SMALL CAP VALUE FUND,
                            VAN KAMPEN UTILITY FUND,
                      VAN KAMPEN VALUE OPPORTUNITIES FUND,
                            VAN KAMPEN LEADERS FUND,
                 VAN KAMPEN ASSET ALLOCATION CONSERVATIVE FUND,
                   VAN KAMPEN ASSET ALLOCATION MODERATE FUND,
                    VAN KAMPEN ASSET ALLOCATION GROWTH FUND,
                          VAN KAMPEN CORE EQUITY FUND*
                 each being a series of VAN KAMPEN EQUITY TRUST;

                       VAN KAMPEN AMERICAN FRANCHISE FUND,
                           VAN KAMPEN TECHNOLOGY FUND,
                    VAN KAMPEN INTERNATIONAL ADVANTAGE FUND,
                      VAN KAMPEN INTERNATIONAL GROWTH FUND,
                     VAN KAMPEN EQUITY PREMIUM INCOME FUND,
               each being a series of VAN KAMPEN EQUITY TRUST II;

                  VAN KAMPEN PENNSYLVANIA TAX FREE INCOME FUND;
                         VAN KAMPEN TAX FREE MONEY FUND;
                            VAN KAMPEN COMSTOCK FUND;
                         VAN KAMPEN CORPORATE BOND FUND;
                        VAN KAMPEN EMERGING GROWTH FUND;
                           VAN KAMPEN ENTERPRISE FUND;
                       VAN KAMPEN EQUITY AND INCOME FUND;
                            VAN KAMPEN EXCHANGE FUND;
                        VAN KAMPEN LIMITED DURATION FUND;
                     VAN KAMPEN GOVERNMENT SECURITIES FUND;
                       VAN KAMPEN GROWTH AND INCOME FUND;
                             VAN KAMPEN HARBOR FUND;
                           VAN KAMPEN HIGH YIELD FUND;


*has not yet commenced investment operations


                                        1


                          AGGRESSIVE GROWTH PORTFOLIO,
                               COMSTOCK PORTFOLIO,
                           EMERGING GROWTH PORTFOLIO,
                              ENTERPRISE PORTFOLIO,
                              GOVERNMENT PORTFOLIO,
                          GROWTH AND INCOME PORTFOLIO,
                             MONEY MARKET PORTFOLIO,
           each being a portfolio of VAN KAMPEN LIFE INVESTMENT TRUST;

                              VAN KAMPEN PACE FUND;
                     VAN KAMPEN REAL ESTATE SECURITIES FUND;
                            VAN KAMPEN RESERVE FUND;

                      VAN KAMPEN HIGH YIELD MUNICIPAL FUND,
                    a series of VAN KAMPEN TAX-EXEMPT TRUST;

                         VAN KAMPEN AMERICAN VALUE FUND;
                     VAN KAMPEN EMERGING MARKETS DEBT FUND*;
                        VAN KAMPEN EMERGING MARKETS FUND;
                         VAN KAMPEN EQUITY GROWTH FUND;
                    VAN KAMPEN GLOBAL EQUITY ALLOCATION FUND;
                      VAN KAMPEN GLOBAL VALUE EQUITY FUND;
                        VAN KAMPEN GLOBAL FRANCHISE FUND;
                      VAN KAMPEN GROWTH AND INCOME FUND II;
                        VAN KAMPEN JAPANESE EQUITY FUND*;
                    VAN KAMPEN EMERGING MARKETS INCOME FUND;
                  each a series of VAN KAMPEN SERIES FUND, INC.

                 VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II;
                              VAN KAMPEN BOND FUND;
               VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST;
                        VAN KAMPEN HIGH INCOME TRUST II;
             VAN KAMPEN MASSACHUSETTS VALUE MUNICIPAL INCOME TRUST;
                     VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST;
                           VAN KAMPEN MUNICIPAL TRUST;
                    VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST;
              VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST;
                    VAN KAMPEN SELECT SECTOR MUNICIPAL TRUST;
                          VAN KAMPEN SENIOR LOAN FUND;
                         VAN KAMPEN SENIOR INCOME TRUST;
                    VAN KAMPEN TRUST FOR INSURED MUNICIPALS;
          VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS;
           VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS;
                VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS;
                  VAN KAMPEN DYNAMIC CREDIT OPPORTUNITIES FUND

The undersigned hereby certifies that, as of the date of this Certificate: (a)
she is a duly elected Assistant Secretary of each of the above referenced Trusts
(the "Trusts"), (b) she has custody and control of the Trusts' seals and the
Trusts' records, including the minutes of meetings of said Trusts; and (c) the
following resolutions were adopted on behalf of each Trust's respective
investment companies (individually a "Fund" and collectively the "Funds"),
agreed by the Board of Trustees/Directors and Managing General Partners of the
Van Kampen Funds, at a meeting held on May 30, 2007, by a majority the Board,
including a majority of the members of the Board who are not "interested
persons", said resolutions are in full force and effect and have not been
modified, altered or superseded by any subsequent action. No action has been
taken with reference to the matters referred to in said resolutions, except as
therein reflected and said resolutions are the only resolutions adopted by the
Board of Trustees/Directors and Managing General Partners of each of the
respective Trusts with reference to the matters contained therein. Further, said
resolutions are in conformity with the Declaration of Trust or Articles of
Incorporation, as applicable, and the By-Laws of each of the Trusts.


*has not yet commenced investment operations


                                       2



               JOINT DIRECTORS AND OFFICERS ERRORS AND OMISSIONS POLICY
               RESOLVED, that the Trustees, including those Trustees who are not
               "interested persons" of each Fund within the meaning of the
               Investment Company Act of 1940, as amended (the "1940 Act"),
               hereby determine that, in accordance with Section 17(d) of the
               1940 Act and Rule 17d-1(d)(7) thereunder, each Fund's
               Participation in the Joint Directors and Officers Errors and
               Omissions Policy ("Joint DO/EO Policy") led by XL Specialty
               Insurance Company in the amount of $100 million, as discussed at
               the meeting for the one-year period commencing June 5, 2007 be,
               and it hereby is, deemed to be in the best interests of each
               respective Fund;

               FURTHER RESOLVED, that the Trustees, including those Trustees who
               are not "interested persons" of each Fund within the meaning of
               the 1940 Act, hereby determine that, in accordance with Section
               17(d) of the 1940 Act and Rule 17d-1(d)(7) thereunder, the
               payment for each respective Fund of the premium for the Joint
               DO/EO Policy as set forth in the payment provision of the Joint
               DO/EO Policy Agreement (the "Joint Policy Agreement") be, and it
               hereby is, deemed to be fair and reasonable to each respective
               Fund and its shareholders; and

               FURTHER RESOLVED, that the officers of each respective Fund be,
               and they hereby are, authorized in the name and on behalf of such
               Fund to execute and deliver to each party to the proposed Joint
               DO/EO Policy and the Joint Policy Agreement, substantially in the
               same forms and content as previously submitted to the Trustees,
               with such changes therein as such officers, upon advice of
               counsel, shall determine to be necessary, appropriate or
               desirable, and such determination to be conclusively evidenced by
               the execution and delivery of the Joint DO/EO Policy and the
               Joint Policy Agreement.

               JOINT FIDELITY BOND
               RESOLVED, that the Trustees, including those Trustees who are not
               "interested persons" of each Fund within the meaning of the 1940
               Act, hereby determine that, in accordance with Section 17(g) of
               the 1940 Act and Rule 17g-1 thereunder, each Fund's participation
               in the Joint Fidelity Bond (the "Joint Fidelity Bond") with ICI
               Mutual in the amount of $85 million in coverage for the one-year
               period commencing June 5, 2007 be, and it hereby is, deemed to be
               in the best interests of each respective Fund;

               FURTHER RESOLVED, that the Trustees, including those Trustees who
               are not "interested persons" of each Fund within the meaning of
               the 1940 Act, have determined that, in accordance with Section
               17(g) of the 1940 Act and Rule 17g-1 thereunder, the payment for
               each respective Fund of the premium for the Joint Fidelity Bond
               as set forth in the payment provision of the Joint Fidelity Bond
               Agreement (the "Joint Bond Agreement") be, and hereby is, deemed
               to be fair and reasonable to each respective Fund and its
               shareholders;

               FURTHER RESOLVED, that the Trustees, including those Trustees who
               are not "interested persons" of the Funds within the meaning of
               the 1940 Act, hereby agree with the other insureds covered by the
               Joint Fidelity Bond that in the event recovery is received under
               the Joint Fidelity Bond as a result of a


*has not yet commenced investment operations

                                       3


               loss sustained by any of the Funds and one or more other named
               insureds, each respective Fund shall receive an equitable and
               proportionate share of the recovery, and in an amount at least
               equal to the amount which it would have received had it provided
               and maintained a single insured bond with the minimum amount of
               coverage required under Rule 17g-1 under the 1940 Act;

               FURTHER RESOLVED, that the officers of each respective Fund be,
               and they hereby are, authorized in the name and on behalf of such
               Fund to execute and deliver to each party to the proposed Joint
               Fidelity Bond and Joint Bond Agreement, substantially in the same
               form and content as previously submitted to the Trustees, with
               such changes therein as such officers, upon advice of counsel,
               shall determine to be necessary, appropriate or desirable, and
               such determination to be conclusively evidenced by the execution
               and delivery of the Joint Fidelity Bond and Joint Bond Agreement;
               and

               FURTHER RESOLVED, that the officers of each respective Fund be,
               and they hereby are, authorized in the name and on behalf of such
               Fund to make all filings with the Securities and Exchange
               Commission or other regulatory entities as required and give all
               notices on behalf of such Fund with respect to the Joint Fidelity
               Bond and the Joint Bond Agreement; and

               INSURANCE PREMIUM ALLOCATIONS
               RESOLVED, that the Trustees, including those Trustees who are not
               "interested persons" of each Fund within the meaning of the 1940
               Act, hereby determine that the revised premium allocation for the
               Directors and Officers Errors and Omissions Policy and Fidelity
               Bond, with 42.5% of the total premiums being payable by the
               Funds, as discussed at the meeting being be, and it hereby is,
               deemed to be fair and reasonable to each respective Fund and its
               shareholders.

               JOINT DIRECTORS AND OFFICERS ERRORS AND OMISSIONS POLICY -
               EXCESS LAYER
               RESOLVED, that the Trustees, including those Trustees who are not
               "interested persons" of each Fund within the meaning of the 1940
               Act, hereby grant authority to the officers of the Funds to bind
               to an excess layer of the DO/EO insurance policy for the benefit
               of the independent trustees and Mr. Whalen with coverage of $10
               million, with the premium for such excess layer to be borne by
               the Funds, as discussed at this meeting.

               GENERAL AUTHORIZATION
               RESOLVED, that the officers of the Funds be, and each of them
               hereby is, authorized and directed, in the name and on behalf of
               each Fund, to take all actions to cause to be prepared and filed
               all other documents, to make all expenditures and to execute all
               instruments by them to be necessary or desirable in carrying out
               the purposes of the foregoing resolutions, including, without
               limitation, the employment or retention of all such counsel,
               accountants and experts as may be deemed advisable by them, and
               the taking of such actions, the execution and filing or delivery
               of such documents, and the performance of such acts by them shall
               be conclusive evidence of their approval thereof and the approval
               thereof and the authority therefor by and from each Fund.

*has not yet commenced investment operations

                                       4




     IN WITNESS WHEREOF, the undersigned has hereunto set his hand as Assistant
Secretary of each respective Trust this 8th day of August, 2007.





                                            By: /s/ Elizabeth Nelson
                                                ------------------------------
                                                    Elizabeth Nelson
                                                    Assistant Secretary

















*has not yet commenced investment operations

                                       5


                                                                       EXHIBIT 3

                               JOINT FIDELITY BOND

                                A G R E E M E N T


     AGREEMENT, dated as of June 5, 2003, by and between the parties as set
forth in Schedule 1, attached hereto and incorporated by reference, Van Kampen
Investment Advisory Corp., Van Kampen Asset Management Inc., Van Kampen
Investments Inc., Van Kampen Investor Services Inc., Van Kampen Funds Inc., Van
Kampen Advisors Inc., Van Kampen Exchange Corp., Morgan Stanley Investment
Management Inc., Morgan Stanley Investments LP, Morgan Stanley Asset &
Investment Trust Management Co., Ltd., Morgan Stanley Investment Management Co.,
and Morgan Stanley Investment Management Ltd.

     In consideration of the mutual agreements set forth below, and other good
and valuable consideration, the sufficiency of which is hereby acknowledged, the
parties agree as follows:

     1. The parties agree to obtain an Investment Companies Joint Fidelity Bond
from an insurer or group of insurers, as required by the Securities and Exchange
Commission (the "Commission") pursuant to Rule 17g-1 (the "Rule") under Section
17(g) of the Investment Company Act of 1940, as amended, in an amount equal to
at least the sum of the minimum fidelity bonds required for each of them from
time to time under the Rule.

     2. The parties agree that each party shall pay that proportion of the total
annual premium for such joint bond equal to the proportion that the gross assets
of such party (with consideration to its individual series, if any) bear to the
aggregate of the gross assets of the parties (with consideration to their
individual series, if any) at the annual renewal of the joint fidelity bond.

     3. The parties agree that any increase in the total premium of the joint
fidelity bond shall be paid by the party or parties whose increase in gross
assets has resulted in such premium increase.

     4. The parties agree that if any recovery is received under such bond as a
result of a loss sustained by each of the parties, each party shall receive an
equitable and proportionate share of the recovery equal at least to the amount
it would have received if it had maintained a separate fidelity bond in an
amount equal to the minimum fidelity bond required for it from time to time
under the Rule.

     5. Each party shall file a copy of this Agreement and any amendment hereto
with the Commission in accordance with the requirements of the Rule.

     6. This Agreement shall supersede any prior agreement between the parties.

     Disclaimer of Liability. Notwithstanding anything to the contrary contained
in this Agreement, the parties hereto acknowledge and agree that this Agreement
is executed by the Directors, Trustees and/or Officers of each entity by them
not individually but as such Directors, Trustees and/or Officers of each entity,
and the obligations hereunder are not binding upon any of the Directors,
Trustees, Officers or Shareholders individually but bind only the estate of such
entity.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by duly authorized officers as of the date first stated above.


                                       1





     ALL OF THE PARTIES SET FORTH IN SCHEDULE 1 Attached Hereto

     By:  /s/ A. Thomas Smith III
          -----------------------
          A. Thomas Smith III
          Vice President and Secretary


     VAN KAMPEN INVESTMENT ADVISORY CORP.


     By:  /s/ Stefanie Chang Yu
          -----------------------
          Stefanie Chang Yu
          Secretary


     VAN KAMPEN ASSET MANAGEMENT INC.


     By:  /s/ Stefanie Chang Yu
          -----------------------
          Stefanie Chang Yu
          Secretary


     VAN KAMPEN INVESTMENTS INC.



     By:  /s/ Stefanie Chang Yu
          -----------------------
          Stefanie Chang Yu
          Secretary


     VAN KAMPEN INVESTOR SERVICES INC.


     By:  /s/ Carsten Otto
          -----------------------
          Carsten Otto
          Secretary


     VAN KAMPEN FUNDS INC.


     By:  /s/ Stefanie Chang Yu
          -----------------------
          Stefanie Chang Yu
          Secretary


     VAN KAMPEN ADVISORS INC.


     By:  /s/ Stefanie Chang Yu
          -----------------------
          Stefanie Chang Yu
          Secretary


                                       2



     VAN KAMPEN EXCHANGE CORP.


     By:  /s/ Stefanie Chang Yu
          -----------------------
          Stefanie Chang Yu
          Secretary


     MORGAN STANLEY INVESTMENT MANAGEMENT INC.


     By:  /s/ Stefanie Chang Yu
          -----------------------
          Stefanie Chang Yu
          Executive Director and Assistant Secretary


     MORGAN STANLEY INVESTMENTS LP


     By:  /s/ A. Thomas Smith III
          -----------------------
          A. Thomas Smith III
          Managing Director and Assistant Secretary


     MORGAN STANLEY ASSET & INVESTMENT TRUST MANAGEMENT CO., LTD.


     By:  /s/ John R. Alkire
          -----------------------
          John R. Alkire
          Representative Director, President


     MORGAN STANLEY INVESTMENT MANAGEMENT CO.


     By:  /s/ Jeffrey Alam
          -----------------------
          Jeffrey Alam
          Director


     MORGAN STANLEY INVESTMENT MANAGEMENT LTD.


     By:  /s/Robert Sargent
          -----------------------
          Robert Sargent
          Managing Director



     EXECUTED IN COUNTERPART.


                                       3






                                   SCHEDULE 1

1.   VAN KAMPEN U.S. GOVERNMENT TRUST, on behalf of its series
          Van Kampen U.S. Government Fund

2.   VAN KAMPEN TAX FREE TRUST, on behalf of its series
          Van Kampen Insured Tax Free Income Fund
          Van Kampen Strategic Municipal Income Fund
          Van Kampen California Insured Tax Free Fund
          Van Kampen Municipal Income Fund
          Van Kampen Intermediate Term Municipal Income Fund
          Van Kampen New York Tax Free Income Fund
          Van Kampen California Municipal Income Fund
          Van Kampen Michigan Tax Free Income Fund
          Van Kampen Missouri Tax Free Income Fund
          Van Kampen Ohio Tax Free Income Fund

3.   VAN KAMPEN TRUST, on behalf of its series
          Van Kampen Managed Short Term Income Fund
          Van Kampen Core Plus Fixed Income Fund

4.   VAN KAMPEN EQUITY TRUST, on behalf of its series
          Van Kampen Utility Fund
          Van Kampen Mid Cap Growth Fund
          Van Kampen Aggressive Growth Fund
          Van Kampen Small Cap Value Fund
          Van Kampen Small Company Growth Fund
          Van Kampen Select Growth Fund
          Van Kampen Small Cap Growth Fund
          Van Kampen Value Opportunities Fund
          Van Kampen Leaders Fund
          Van Kampen Asset Allocation Conservative Fund
          Van Kampen Asset Allocation Moderate Fund
          Van Kampen Asset Allocation Growth Fund
          Van Kampen Disciplined Small Cap Value Fund
          Van Kampen Core Equity Fund

5.   VAN KAMPEN PENNSYLVANIA TAX FREE INCOME FUND

6.   VAN KAMPEN TAX FREE MONEY FUND

7.   VAN KAMPEN HIGH INCOME TRUST II

8.   VAN KAMPEN SENIOR LOAN FUND

11.  VAN KAMPEN SENIOR INCOME TRUST

10.  VAN KAMPEN MUNICIPAL TRUST

11.  VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST

12.  VAN KAMPEN TRUST FOR INSURED MUNICIPALS

13.  VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS

14.  VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS

15.  VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS


                                       4



16.  VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST

17.  VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST

18.  VAN KAMPEN MASSACHUSETTS VALUE MUNICIPAL INCOME TRUST

19.  VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

20.  VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II

21.  VAN KAMPEN SELECT SECTOR MUNICIPAL TRUST

22.  VAN KAMPEN COMSTOCK FUND

23.  VAN KAMPEN CORPORATE BOND FUND

24.  VAN KAMPEN SELECT GROWTH FUND

25.  VAN KAMPEN ENTERPRISE FUND

26.  VAN KAMPEN EQUITY AND INCOME FUND

27.  VAN KAMPEN LIMITED DURATION FUND

28.  VAN KAMPEN GOVERNMENT SECURITIES FUND

29.  VAN KAMPEN GROWTH AND INCOME FUND

30.  VAN KAMPEN HARBOR FUND

31.  VAN KAMPEN HIGH YIELD FUND

32.  VAN KAMPEN LIFE INVESTMENT TRUST, on behalf of its series
          Aggressive Growth Portfolio
          Comstock Portfolio
          Enterprise Portfolio
          Select Growth Portfolio
          Government Portfolio
          Growth and Income Portfolio
          Money Market Portfolio

33.  VAN KAMPEN PACE FUND

34.  VAN KAMPEN REAL ESTATE SECURITIES FUND

35.  VAN KAMPEN RESERVE FUND

36.  VAN KAMPEN TAX-EXEMPT TRUST, on behalf of its series
          Van Kampen High Yield Municipal Fund

37.  VAN KAMPEN EQUITY TRUST II, on behalf of its series
          Van Kampen International Advantage Fund
          Van Kampen Technology Fund
          Van Kampen American Franchise Fund
          Van Kampen International Growth Fund
          Van Kampen Equity Premium Income Fund


                                       5



38.  VAN KAMPEN SERIES FUND, INC., on behalf of its series
          Van Kampen Emerging Markets Debt Fund
          Van Kampen American Value Fund
          Van Kampen Equity Growth Fund
          Van Kampen Global Equity Allocation Fund
          Van Kampen Global Value Equity Fund
          Van Kampen Emerging Markets Fund
          Van Kampen Growth & Income Fund II
          Van Kampen Global Franchise Fund

39.  VAN KAMPEN BOND FUND

40.  VAN KAMPEN EXCHANGE FUND

41.  VAN KAMPEN DYNAMIC CREDIT OPPORTUNITIES FUND


                                       6


                                                                       EXHIBIT 4
REVIEW OF FIDELITY BOND COVERAGE
June 30, 2007



                                                                             GROSS        MINIMUM
                                                                            ASSETS       COVERAGE
                       INVESTMENT COMPANY                                 (in mils)      REQUIRED
- -----------------------------------------------------------               --------      ---------
                                                                                  
VAN KAMPEN FUNDS
Advantage Municipal Income Trust II (VKI)                                  1,135.0      1,250,000
Aggressive Growth Fund                                                     1,146.0      1,250,000
American Franchise Fund                                                      581.0        900,000
American Value Fund                                                          862.0      1,000,000
Asset Allocation Conservative Fund                                            14.0        200,000
Asset Allocation Moderate Fund                                                35.0        350,000
Asset Allocation Growth Fund                                                  41.0        350,000
Bond Fund                                                                    251.0        750,000
California Insured Tax Free Fund                                             247.0        600,000
California Municipal Income Fund*                                              0.0         50,000
California Value Municipal Income Trust (VCV)                                597.0        900,000
Comstock Fund                                                             20,389.0      2,500,000
Core Plus Fixed Income Fund                                                   34.0        300,000
Corporate Bond Fund                                                          894.0      1,000,000
Disciplined Small Cap Value Fund                                               6.0        150,000
Dynamic Credit Opportunities Fund (VTA)                                    2,250.0      1,700,000
Emerging Markets Debt Fund*                                                    0.0         50,000
Emerging Markets Fund                                                        775.0      1,000,000
Enterprise Fund                                                            1,344.0      1,250,000
Equity Growth Fund                                                           299.0        750,000
Equity and Income Fund                                                    20,141.0      2,500,000
Equity Premium Income Fund                                                   422.0        750,000
Exchange Fund                                                                 81.0        450,000
Global Equity Allocation Fund                                                371.0        750,000
Global Franchise Fund                                                      2,559.0      1,900,000
Global Value Equity Fund                                                     457.0        750,000
Government Securities Fund                                                 1,329.0      1,250,000
Growth & Income Fund                                                      11,165.0      2,500,000
Growth and Income Fund II*                                                     0.0         50,000
Harbor Fund                                                                  335.0        750,000
High Income Trust II (VLT)                                                   147.0        525,000
High Yield Fund                                                              601.0        900,000
High Yield Municipal Fund                                                  4,367.0      2,500,000
Insured Tax Free Income Fund                                               1,131.0      1,250,000
Intermediate Term Muni Income Fund                                           109.0        525,000
International Advantage Fund                                                 200.0        600,000
International Growth Fund                                                    781.0      1,000,000
Japanese Equity Fund*                                                          0.0         50,000
Leaders Fund                                                                 264.0        750,000
Limited Duration                                                             145.0        525,000
LIT - Aggressive Growth Portfolio                                             45.0        350,000
LIT - Comstock Portfolio                                                   4,351.0      2,500,000
LIT - Strategic Growth Portfolio                                             408.0        750,000
LIT - Enterprise Portfolio                                                   119.0        525,000
LIT - Government Portfolio                                                   268.0        750,000
LIT - Growth and Income Portfolio                                          2,164.0      1,700,000
LIT - Money Market Portfolio                                                  63.0        400,000
Manged Short Term Income Fund *                                                0.0         50,000
Massachusettes Value Municipal Income Trust (VMV)                             66.0        400,000
Mid Cap Growth Fund                                                        1,458.0      1,250,000
Municipal Income Fund                                                        694.0        900,000
Municipal Opportunity Trust (VMO)                                            936.0      1,000,000
Municipal Trust (VKQ)                                                        998.0      1,000,000
New York Tax Free Income Fund                                                127.0        525,000
Ohio Quality Municipal Trust (VOQ)                                           147.0        525,000
Pace Fund                                                                  1,480.0      1,250,000
Pennsylvania Tax Free Income Fund                                            182.0        600,000
Pennsylvania Value Municipal Income Trust (VPV)                              607.0        900,000
Real Estate Securities Fund                                                1,018.0      1,250,000




                                                                       EXHIBIT 4


REVIEW OF FIDELITY BOND COVERAGE
June 30, 2007



                                                                             GROSS        MINIMUM
                                                                            ASSETS       COVERAGE
                       INVESTMENT COMPANY                                 (in mils)      REQUIRED
- -----------------------------------------------------------               --------      ---------
                                                                                  
Reserve Fund                                                                 449.0        750,000
Select Growth Fund                                                           146.0        525,000
Select Sector Municipal Trust (VKL)                                          368.0        750,000
Senior Loan Fund                                                           3,208.0      2,100,000
Senior Income Trust (VVR)                                                  2,880.0      1,900,000
Small Cap Growth Fund                                                        365.0        750,000
Small Company Growth Fund*                                                     0.0         50,000
Small Cap Value Fund                                                         416.0        750,000
Strategic Growth Fund                                                      3,951.0      2,300,000
Strategic Municipal Income Fund                                            1,675.0      1,500,000
Tax Free Money Fund                                                           15.0        225,000
Technology Fund                                                              213.0        600,000
Trust for Insured Municipals (VIM)                                           271.0        750,000
Trust for Investment Grade Municipals (VGM)                                1,493.0      1,250,000
Trust for Investment Grade New Jersey Municipals (VTJ)                       170.0        600,000
Trust for Investment Grade New York Municipals (VTN)                         414.0        750,000
US Mortgage Fund                                                           1,416.0      1,250,000
Utility Fund                                                                 240.0        600,000
Value Opportunites Fund                                                      298.0        750,000
Croton (CLO)                                                                 298.5        750,000
Prime Rate CLO II                                                             1.90        100,000

                                                   COMBINED TOTAL        108,924.4     72,200,000

* Funds have not yet commenced Investment Operations.

(CURRENT AMOUNT OF FIDELITY BOND IN EFFECT IS $85 MILLION)