EXHIBIT (H)(7)
FORM OF
AMENDMENT TO TRANSFER AGENCY AND SERVICES AGREEMENT
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 XXXX individual
retirement accounts ("XXX 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;
(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 XXX Plans, PFPC shall provide the Fund
with the associated XXX 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.
KOBREN INSIGHT FUNDS PFPC INC.
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By: By:
Title: Title:
SCHEDULE A
Annual fees will be waived for the following routine IRS plan documents form
types provided to the Fund:
o XXX - Traditional (includes SEP)
o XXX - Xxxx
o XXX - Simple
x Xxxxxxxxx ESA (formerly known as the Education XXX)
Annual fees for non-standard XXX 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.