EXHIBIT (H)(7)
FORM OF AMENDMENT TO TRANSFER AGENCY AND SERVICES AGREEMENT
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This Amendment, dated as of the __ day of ___________, 2002, between
Kobren Insight Funds (the "Fund") and PFPC Inc. (f/k/a First Data Investor
Services Group, Inc.) ("PFPC"), amends the Transfer Agency and Services
Agreement, dated as of the 15th day of November, 1996, between the Fund and
PFPC, as amended (the "Agreement").
WHEREAS, pursuant to the terms of the Agreement, PFPC acts as transfer
agent and dividend disbursing agent for the Fund; and
WHEREAS, the Fund and PFPC desire that PFPC's parent corporation, PFPC
Trust Company become the custodian for Retirement Plans (as defined below)
sponsored by the Fund, and that PFPC Inc. begin performing additional services
in connection therewith;
NOW, THEREFORE, in consideration the mutual covenants and promises
hereinafter set forth, the Fund and PFPC agree as follows:
1. The following is hereby effectively added to the Agreement immediately
after Section 3.4 thereof as Section 3.5:
"3.5 (a) In connection with the individual
retirement accounts, simplified employee
pension plans, rollover individual
retirement plans, educational IRA's and ▇▇▇▇
individual retirement accounts ("▇▇▇ Plans"
or "Retirement Plans") within the meaning of
Section 408 of the Internal Revenue Code of
1986, as amended (the "Code") sponsored by
the Fund for which contributions of the
Fund's shareholders (the "Participants") are
invested solely in Shares of the Fund, PFPC
shall provide the following administrative
services:
(i) Establish a record of types and
reasons for distributions (i.e.,
attainment of age 59-1/2, disability,
death, return of excess contributions,
etc.);
(ii) Record method of distribution
requested and/or made;
(iii) Receive and process designation of
beneficiary forms requests;
(iv) Examine and process requests for
direct transfers between
custodians/trustees, transfer and pay
over to the successor assets in the
account and records pertaining thereto
as requested;
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(v) Prepare any annual reports or returns
required to be prepared and/or filed
by a custodian of a Retirement Plan,
including, but not limited to, an
annual fair market value report, Forms
1099R and 5498; and file same with the
IRS and provide same to
Participant/Beneficiary, as
applicable; and
(vi) Perform applicable federal withholding
and send Participants/Beneficiaries an
annual TEFRA notice regarding required
federal tax withholding.
(b) PFPC shall arrange for PFPC Trust Company to serve as
custodian for the Retirement Plans sponsored by the
Fund.
(c) With respect to ▇▇▇ Plans, PFPC shall provide the
Fund with the associated ▇▇▇ Plan documents for use
by the Fund and PFPC shall be responsible for the
maintenance of such documents in compliance with all
applicable provisions of the Code and the regulations
promulgated thereunder.
2. Capitalized terms used herein but not defined herein shall have the
respective meanings ascribed to them in the Agreement.
3. The parties hereby acknowledge that fees for the services described
above are already included in the existing fee schedule, as
supplemented by Schedule A to this Amendment. The parties further
acknowledge that each party is receiving sufficient consideration for
this Amendment.
4. This Amendment contains the entire understanding between the parties
with respect to the transactions contemplated hereby. To the extent
that any provision of this Amendment modifies or is otherwise
inconsistent with any provision of the Agreement and related
agreements, this Amendment shall control, but the Agreement and all
related documents shall otherwise remain in full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the day of , 2002.
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KOBREN INSIGHT FUNDS PFPC INC.
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By: By:
Title: Title:
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SCHEDULE A
Annual fees will be waived for the following routine IRS plan documents form
types provided to the Fund:
o ▇▇▇ - Traditional (includes SEP)
o ▇▇▇ - ▇▇▇▇
o ▇▇▇ - Simple
▇ ▇▇▇▇▇▇▇▇▇ ESA (formerly known as the Education ▇▇▇)
Annual fees for non-standard ▇▇▇ forms, such as Non ERISA 403(b)(7), Money
Purchase, Profit Sharing, and EZK will be charged back to the Fund at a mutually
agreed upon price.
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