Exhibit 23(h)(4)

                  ANTI-MONEY LAUNDERING AND PRIVACY AMENDMENT

         This ANTI-MONEY LAUNDERING AND PRIVACY AMENDMENT (this "Amendment")
amends as of the 24th day of July, 2002 (the "Effective Date"), the Services
Agreement, dated as of May 3, 1999, between Kelmoore Strategic Trust (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 that, as of
the Effective Date, the Agreement shall (without any further action by either of
the parities hereto) be amended as follows:

1. PRIVACY. As of the Effective Date, the Agreement is amended by adding the
following new provision:

         "Privacy. Each party hereto acknowledges and agrees that, subject to
         the reuse and re-disclosure provisions of Regulation S-P, 17 CFR Part
         248.11, it shall not disclose the non-public personal information of
         investors in the Fund obtained under this agreement, except as
         necessary to carry out the services set forth in this agreement or as
         otherwise permitted by law or regulation."

2. ANTI-MONEY LAUNDERING. As of the Effective Date, the Agreement is amended by
adding the following new provision:

         "Anti-Money Laundering. To the extent the other provisions of this
         agreement require PFPC to establish, maintain and monitor accounts of
         investors in the Fund consistent with securities laws, PFPC shall
         perform reasonable actions necessary to help the Fund be in compliance
         with United States Federal anti-money laundering ("AML") laws
         applicable to investor activity, including the Bank Secrecy Act and the
         PATRIOT Act, as follows: In this regard, PFPC shall: (a) establish and
         implement written internal policies, procedures and controls reasonably
         designed to help prevent the Fund from being used to launder money or
         finance terrorist activities; (b) provide for independent testing, by
         an employee who is not responsible for the operation of PFPC's AML
         program or by an outside party, for compliance with PFPC's established
         policies and procedures; (c) designate a person or persons responsible
         for implementing and monitoring the operation and internal controls of
         PFPC's AML program; and (d) provide ongoing training of PFPC personnel
         relating to the prevention of money-laundering activities. Upon the
         reasonable request of the Fund, PFPC shall provide to the Fund: (x) a
         copy of PFPC's written AML policies and procedures (it being understood
         such information is to be considered confidential and treated as such
         and afforded all protections provided to confidential information under
         this agreement); (y) at the option of PFPC, a copy of a written
         assessment or report prepared by the party performing the independent
         testing for compliance, or a summary thereof, or a certification that
         the findings of the independent party are satisfactory; and (z) a
         summary of the AML training provided for appropriate personnel. PFPC
         agrees to permit inspections relating to its AML program by U.S.
         Federal departments or regulatory agencies with appropriate
         jurisdiction and to make available to examiners from such departments
         or regulatory agencies such information and records relating to its AML
         program as such examiners shall reasonably request."





3. GENERAL. 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.

PFPC INC.

By: /s/ Rocco J. Cavalieri
    ----------------------
Name:  Rocco J. Cavalieri
Title: Vice President

KELMOORE STRATEGIC TRUST

By:  /s/ Tamara Beth Heiman
     ----------------------
Name:  Tamara Beth Heiman
Title: Secretary/AMLCO