Exhibit h(xv) under Form N-1A
Exhibit (10) under Item 601/Reg.S-K
Amendment to the Agreement for Fund Accounting
and Shareholder Recordkeeping
between
SouthTrust Funds
and
Federated Services Company
This Amendment to the Agreement for Fund Accounting and Shareholder
Recordkeeping ("Agreement") between SouthTrust Funds ("Funds") and Federated
Services Company ("FSC") is made and entered into as of the 25th day of
September, 2003.
WHEREAS, the Funds have entered into the Agreement, dated April 2, 1993
pursuant to which, among other things, FSC (through its wholly owned subsidiary,
Federated Shareholder Services Company ("FSSC")) provides transfer agency
services to the Funds;
WHEREAS, the Securities and Exchange Commission and the United States
Treasury Department ("Treasury Department") have adopted a series of rules and
regulations arising out of the USA PATRIOT Act (together with such rules and
regulations, the "Applicable Law"), specifically requiring certain financial
institutions including the Funds, to establish a written anti-money laundering
program, which includes a customer identification program ("CIP");
WHEREAS, in establishing requirements for registered investment companies,
Applicable Law provides that it is permissible for a mutual fund to
contractually delegate the implementation and operation of its CIP to another
affiliated or unaffiliated service provider, such as FSC (through FSSC), but
that any mutual fund delegating responsibility for aspects of its CIP to a third
party must obtain written consent from the third party ensuring the ability of
federal examiners to obtain information and records relating to the CIP and to
inspect the third party for purposes of the CIP; and
WHEREAS, the Funds have established a CIP and wish to amend the Agreement
to: (a) reflect the existence of such CIP; (b) to delegate responsibility for
performance under the Funds' CIP to FSC (through FSSC); and (c) to make such
other changes as are required by Applicable Law.
NOW, THEREFORE, the parties intending to be legally bound agree as follows:
1. The Funds represent and warrant to FSC that they have established, and
covenant that during the term of the Agreement they will maintain, a
Program in compliance with Applicable Law.
2. The Funds hereby delegate to FSC (through FSSC), the responsibility to
perform or contract for the performance of, for and on behalf of the Funds,
all required activities under the Funds' CIP.
3. FSC (through FSSC) hereby accepts such delegation and represents and
warrants that: (a) it has implemented, and will continue to (i) monitor the
operation of, (ii) assess the effectiveness of, and (iii) modify, as
appropriate or as required by Applicable Law, procedures necessary to
effectuate the CIP; (b) it will annually certify, in a manner acceptable to
the Funds under Applicable Law, that it has implemented the CIP and that it
will perform or cause to be performed the customer identification and other
activities required by Applicable Law and the CIP; and (c) it will provide
such other information and reports to the Funds' designated Compliance
Officer, as may from time to time be requested, and will provide such
Compliance Officer with notice of any contact by any regulatory authority
with respect to the operation of the CIP.
4. FSC does hereby covenant that: (a) it will provide to any federal examiners
of the Funds such information and records relating to CIP as may be
requested; and (b) it will allow such examiners to inspect FSC (and FSSC)
for purposes of examining the CIP and its operation to the full extent
required by Applicable Law.
In all other respects, the Agreement first referenced above shall remain in
full force and effect.
WITNESS the due execution hereof this 25th day of September, 2003.
Southtrust FUNDS
By:
Name: Xxxx X. Xxxxxxxxx
Title: Vice President
FEDERATED SERVICES COMPANY
By:
Name: Xxxx Xxxxxxx
Title: Senior Vice President
