Exhibit h (x) on Form N-1A
                                              Exhibit 10 under Item 601/Reg. S-K



                               Amendment No. 1 to
       Agreement for Administrative Services and Transfer Agency Services

                                     between

                       Regions Morgan Keegan Select Funds

                                       and

                           Federated Services Company



     This  Amendment to the Agreement for  Administrative  Services and Transfer
Agency  Services  ("Agreement")  dated as of  December 1, 2001  between  Regions
Morgan Keegan Select Funds ("Funds") and Federated Services Company ("FServ") is
made and entered into as of May 17, 2002.



     WHEREAS, the Funds have entered into the Agreement with FServ;



     WHEREAS,  the Funds desire and FServ agrees to amend certain  provisions of
the Agreement for good and valuable  consideration,  of which the parties hereby
acknowledge receipt;



     NOW, THEREFORE, the parties intending to be legally bound agree as follows:



     The first  paragraph of Artcle 17 "Term and  Termination" is deleted in its
entirety and replaced with the following:

     This  Agreement  shall be  effective  from the date signed  above and shall
continue in effect with  respect to each Fund  presently  set forth on Exhibit 1
(as it may be amended  from time to time)  until  December  31,  2003  ("Initial
Term").  Thereafter,  with respect to Sections One and Three, the Agreement will
continue  for  consecutive  one year terms (a  "Renewal  Term"),  subject to the
provisions for  termination  and all of the other terms and  conditions  hereof,
unless one party receives  written notice of termination from the other party no
less than six months  prior to the  expiration  of the Initial Term or a Renewal
Term. The  termination  date for all original or after-added  Funds that are, or
become, a party to this Agreement shall be coterminous.

     WITNESS the due execution hereof this 17th day of May, 2002.



                    Regions Morgan Keegan Select Funds





                    By:   /s/ Heather W. Forehlich
                    -------------------------------------------
                    Name:  Heather W. Froehlich
                    Title:  Vice President





                    Federated Services Company





                    By:   /s/ Gail C. Jones
                    -------------------------------------------
                    Name:  Gail C. Jones
                    Title:  Vice President