EXHIBIT (H)(7)
AMENDMENT TO TRANSFER AGENCY AND SERVICES AGREEMENT
This Amendment, dated as of the 1st day of January, 2003, 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
31 day of December, 2002.
KOBREN INSIGHT FUNDS PFPC INC.
/S/ XXXX XXXXX /S/ XXXXX X. XXXXXX
-------------------------------- ----------------------------------
By: Xxxx Xxxxx By: Xxxxx X. Xxxxxx
Title: Managing Director Title: Sr. Vice President/Managing
Director
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.
