Exhibit h(1)
CUSTOMER IDENTIFICATION SERVICES AMENDMENT
This Customer Identification Services Amendment (this "Amendment")
amends, as of the 1st day of October, 2003 (the "Effective Date"), the Transfer
Agency Agreement, dated as of December 8, 1986 between Ocean State Tax-Exempt
Fund (the "Company" or the "Fund") and PFPC Inc. ("PPPC") (the "Agreement").
For valuable consideration, the receipt and sufficiency of which the
parties hereto hereby acknowledge, the Company and PFPC hereby agree as follows:
Section l (Addition of CIP Services section to the Agreement). As of
the Effective Date, the Agreement shall (without any further action by either of
the parties hereto) be amended by the addition of the following as Section 26:
"Section 26. CIP Services. To help the Fund comply with its
Customer Identification Program (which the Fund is required to
have under regulations issued under Section 326 of the USA
PATRIOT Act) PFPC will do the following:
(a) Implement procedures under which new accounts in the
Fund are not established unless PFPC has obtained the
name, date of birth (for natural persons only),
address and government-issued identification number
(collectively, the "Data Elements") for each
corresponding Customer (as defined in 31 CFR 103.13
l).
(b) Use collected Data Elements to attempt to reasonably
verify the identity of each new Customer promptly
before or after each corresponding new account is
opened. Methods may consist of non-documentary
methods (for which PFPW may use unaffiliated
information vendors to assist with such
verifications) and documentary methods (as permitted
by 31 CFR 103.131), and may include procedures under
which PFPC personnel perform enhanced due diligence
to verify the identities of Customers the identities
of whom were not successfully verified through the
first-level (which will typically be reliance on
results obtained from an information vendor)
verification process(es).
(c) Record the Data Elements and maintain records
relating to verification of new Customers consistent
with 31 CER. 103.13 l(b)(3).
(d) Regularly report to the Fund about measures taken
under (a)-(c) above.
(e) If PFPC provides services by which prospective
Customers may subscribe for shares in the Fund via
the Internet or telephone, work with the Fund to
notify prospective Customers, consistent with 31 CER
103(b)(5), about the Fund's CIP.
(f) Set forth on a separate fee schedule compensation
amounts due for these CIP Services.
Notwithstanding anything to the contrary, and without
expanding the scope of the express language above, PFPC need
not collect the Data Elements for (or verify) prospective
customer (or accounts) beyond the requirements of' relevant
regulation (for example, PFPC will not verify customers
opening accounts through NSCC) and PFPC need not perform any
task that need not be performed for the fund to be in
compliance with relevant regulation.
The Fund hereby represents and warrants that each of the
portfolios serviced by PFPC, and each legal entity of which
such portfolio is a part, has, and will at all times during
which this Agreement is in effect maintain in place, a written
agreement with each such other portfolio and entity, under
which all such parties may rely upon the Customer
Identification Programs of any other with respect to
prospective inventors who are then existing customers of such
other. Given such inter-company (or inter-fund) agreement(s),
PFPC need not perform steps (a)-(f) above with respect to any
subscriber who is then a customer of any other fund within the
same "fund family" as the Fund."
Section 2 (General provisions). This Amendment contains the entire
understanding between the parties with respect to the services contemplated
hereby. Except as expressly set forth herein, the Agreement shall remain
unaffected hereby.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers, as of the day and year first above
written.
Ocean State Tax-Exempt Fund
By:_____________________________
Name:
Title:
PFPC INC.
By:_____________________________
Name:
Title:
