AMENDMENT TO
CUSTODY AND TRANSFER AGENCY
AGREEMENTS
Each of the Custody and Transfer
Agency Agreements dated as of the date listed on Appendix A (the
“Agreement”) by and between Investors Bank & Trust
Company (the “Bank”), a Massachusetts trust company,
and the Funds listed on the attached Appendix A (each the
“Fund”) are hereby amended as of the date hereof in the
manner set forth below:
WHEREAS, the USA PATRIOT Act of
2001 and the regulations promulgated thereunder (collectively, the
“USA PATRIOT Act”) imposes anti-money laundering
requirements on financial institutions;
WHEREAS, both the Fund and the
Bank have developed and implemented written anti-money laundering
policies (“AML Programs”), which incorporate customer
identification procedures (“CIP”) and Office of Foreign
Asset Control (“OFAC”) compliance; designed to satisfy
the requirements of the U.S. Department of the Treasury, U.S.
Securities and Exchange Commission and the USA PATRIOT Act (the
“Act”);
WHEREAS, each party desires to
delegate to the other the performance of certain aspects of its AML
Program, in accordance with applicable law or regulation, and each
desires to accept such delegation;
NOW THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements
hereinafter contained, the parties hereby agree to amend the
Agreement pursuant to the terms thereof by adding the following
provisions:
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1.
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Duties:
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1.1
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Duties of
the Fund. The Fund shall
perform the following functions:
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(a)
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Notice. The Fund or its agent shall provide notice to
the Fund’s
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prospective
account holders that information is being requested pursuant
to
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federal
law.
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(b)
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Information
Collection. The Fund or
its agents shall obtain identifying
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information
from each of its customers (each a “CIP Customer”),
under applicable
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laws and
regulations, which includes, at a minimum: (i) name, (ii) date of
birth (if
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applicable),
(iii) address and (iv) taxpayer identification number or
applicable
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information
for non-U.S. persons and equivalent information for entities
The
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Fund shall provide the foregoing
information promptly to the Bank.
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(c)
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Identity
Verification. The Fund
or its agents shall be solely responsible
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for verifying
the CIP Customer identification for all investors in the Funds
who
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are introduced
to the Bank and the Fund by the Fund’s agents (i.e. broker
dealers)
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T:\Exchange Fund
Filings\Belrose\Form 10Qs\Belrose 10Q 6-05\ex104a.doc
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through
appropriate documentary or non-documentary methods. To the extent
the
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Fund’s
CIP requires documentary identity verification for any CIP
Customer,
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such as review
of government-issued identification cards, the Fund or its
agent
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shall be
solely responsible for obtaining and reviewing the
appropriate
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documentation.
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(d)
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Recordkeeping.
The Fund shall collect or, if
applicable, create, and retain
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the required
records documenting the performance of these functions in
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accordance
with, and for the periods required by, applicable law or
regulation.
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1.2
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Duties of
the Bank. The Bank shall
perform the following functions:
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(a)
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OFAC Compliance.
The Bank shall screen Fund
customers against lists of
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known or
suspected terrorists or terrorist organizations prepared by any
federal
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government
agency and referred to the Bank in accordance with the Bank’s
CIP
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Program and
all Federal government directives related to such lists. These
lists
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include, but
are not limited to, those prepared by the OFAC of the U.S.
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Department of
the Treasury which administers and enforces economic and
trade
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sanctions
against targeted foreign countries, terrorism sponsoring
organizations
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and
international narcotics traffickers based on U.S. foreign policy
and national
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security
goals. In the event that a new or existing CIP Customer matches a
name
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contained on
one of the foregoing lists and the Bank cannot resolve such match
in
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accordance
with the Bank’s CIP Program, the Bank shall not open
such
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customer’s account, shall freeze such
customer’s assets and will immediately
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inform the
Fund’s AML Compliance Officer of the foregoing circumstances
who
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shall take
such other action as may be required by applicable law or
regulation.
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(b)
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Identity Verification for
Transfer Customers . The
Bank shall be
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responsible
for verifying the CIP Customer information only for those
customers
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who become
Fund customers as a result of a direct transfer
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