CUSTOMER IDENTIFICATION SERVICES AMENDMENT
This Customer Identification Services Amendment (this "AMENDMENT")
amends, as of the 1st day of October, 2003 (the "EFFECTIVE DATE"), the Services
Agreement, dated as of May 31, 1999, between WILSHIRE TARGET FUNDS, INC. (the
"COMPANY" or the "FUND") and PFPC Inc. ("PFPC") (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 1 (ADDITION OF CIP SERVICES SECTION TO THE AGREEMENT). As of
the Effective Date, the Agreement shall be amended by the addition of the
following as the new final section of the agreement:
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 103.131).
(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 PFPC 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 CFR
103.131(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 CFR 103.131(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 Customers (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.
PFPC need not perform the services described above with respect
to existing Customers of 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.
WILSHIRE MUTUAL FUNDS
By: /s/ Xxxxxx Xxxxxxx Xx.
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Name: Xxxxxx Xxxxxxx Xx.
Title: President
PFPC INC.
By: /s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
Title: Vice President and Director of Transfer Agency Division
