Servicing Agreement Relating to Class B Shares of Certain 
Concert Investment Series Mutual Funds


Dear Sir:

This Amended and Restated Servicing Agreement (the "Agreement") 
between PFS Distributors, Inc. ("Administrative Broker"), an 
indirect subsidiary of Citigroup Inc., defines the services to be 
provided by PFS Investments Inc. ("Dealer") for Class B shares for 
which Dealer may receive payment pursuant to the Class B 
Distribution Plan (hereinafter referred to as the "Plan") adopted 
pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the 
"Act") by the Emerging Growth Fund, Growth Fund, Growth and Income 
Fund, Government Fund, International Equity Fund and Municipal Bond 
Fund (the "Funds") of Concert Investment Series (the "Trust").  
Each such Fund has acted severally and not jointly in adopting the 
Plan and the Agreement and hereinafter is referred to severally as 
the "Fund".  The Plan and the Agreement have been approved by a 
majority of the Trustees including a majority of the Trustees who 
are not interested persons of the Trust and who have no direct or 
indirect financial interest in the operation of the Plan or any 
related agreements (the "non-interested Trustees"), cast in person 
at a meeting called for the purpose of voting on the Plan.  Such 
approval included a determination that in the exercise of their 
reasonable business judgment and in light of their fiduciary duties, 
there is a reasonable likelihood that the Plan will benefit the Fund 
and its shareholders.  The Plan has also been approved by a vote of 
a majority of the Fund's outstanding Class B voting securities, as 
defined in the Act.

1. To the extent you provide servicing and maintenance of 
Customers' accounts who may from time to time, 
directly or beneficially own shares of the Funds, 
including but not limited to, distributing 
prospectuses and sales literature, answering routine 
Customer inquires regarding the Fund, assisting 
Customers in changing dividend options, account 
designations and addresses, and in enrolling into the 
pre-authorized check plan, systematic withdrawal plan 
or any of several tax sheltered retirement plans 
offered in connection with the purchase of shares in 
the case of those Funds offering such Plans, assisting 
in the establishment and maintenance of customer 
accounts and records and in the processing of purchase 
and redemption transactions, investing dividends and 
capital gains distributions automatically in shares 
and providing such other services as the Fund or the 
Customer may reasonably request ("service 
activities"), we shall pay you at least quarterly a 
fee for Class B shares as indicated in each  Fund's 
then current Prospectus based on the net asset value 
of Class B shares of the Fund.  Such fee will be 
payable only so long as the Plan remains in effect.  
You understand and agree that you shall not be paid 
such quarterly fee until we are in receipt of the 
service fee described in the Fund's then current 
Prospectus for the period in which you provide the 
services described above, and our liability to you for 
the payment of such quarterly fee is limited to the 
proceeds of that Fund's service fee.  No such 
quarterly fee will be paid to you with respect to 
shares purchased by you and redeemed or repurchased by 
the Fund or by us as Agent within seven (7) business 
days after the date of our confirmation of such 
purchase.  No such fee shall be payable with respect 
to shares purchased at net asset value without a sales 
charge by investors of the classes described in the 
Fund's Prospectus pursuant to Rule 22d-1 under the Act 
other than classes of net asset value categories 
pursuant to Rule 22d-1 as may from time to time be 
approved by the Fund.  For purposes of this Agreement, 
"service activities" shall mean activities covered 
by the definition of "service fee" contained in Rule 
2830 of the Conduct Rules of the National Association 
of Securities Dealers, Inc.
2. By accepting such fee you agree to assign a 
representative to each account, to require such 
representative to contact the Customer regularly and 
to pay at least a portion of such fee to such 
representative.  Additionally, you understand that 
Administrative Broker will monitor service levels 
which you provide to your Customers pursuant to this 
agreement and that consistently low levels of service 
will result in non-payment of the fee.
3. You agree to use your best efforts to support the 
asset value of the Fund to the extent consistent with 
the suitability requirements of your Customer.  You 
understand that Administrative Broker will monitor 
levels of redemption and that redemption levels 
consistently above those dictated by market conditions 
will result in non-payment of the fee.
4. This Agreement does not require Dealer to hold Fund 
shares in street name or to provide shareholder 
accounting and record keeping services for any 
Customers who are beneficial owners of Fund shares.
5. You shall furnish us and the Fund with such 
information as shall reasonably be requested by either 
the Trustees of the Fund or by us with respect to the 
fees paid to you pursuant to this Agreement.
6. We shall furnish to the Trustees of the Fund, for 
their review on a quarterly basis, a written report of 
the amounts expended under the Plan by us and the 
purposes for which such expenditures were made.
7. Neither you nor any of your employees or agents are 
authorized to make any representation concerning 
shares of the Fund except those contained in the then 
current Prospectus for the Fund, and you shall have no 
authority to act as agent for the Fund, for the Fund's 
distributor or for Administrative Broker.
8. This Agreement may be terminated with respect to any 
Fund at any time without payment of any penalty by the 
vote of a majority of the non-interested Trustees or 
by a vote of a majority of the Fund's outstanding 
Class B shares, on sixty (60) days written notice.  It 
will be terminated by any act which terminates either 
the Fund's Distribution Agreement with the Fund's 
distributor or the Selling Agreement between Dealer 
and us and shall terminate automatically in the event 
of its assignment as the term is defined in the Act.
9. The provisions of the Distribution Agreement between 
the Fund and the Fund's distributor, insofar as they 
relate to the Plan, are incorporated herein by 
reference.  This Agreement shall become effective upon 
execution and delivery hereof and shall continue in 
full force and effect so long as the continuance of 
the Plan and this related Agreement are approved at 
least annually by a vote of the Trustees, including a 
majority of the non-interested Trustees, cast in 
person at a meeting called for the purpose of voting 
thereon.  All communications to us should be sent to 
3100 Breckinridge Blvd., Bldg. 200, Duluth, Georgia  
30199-0062.  Any notice to you shall be duly given if 
mailed or telegraphed to you at the address specified 
by you below.
10. The Declaration of Trust establishing Concert 
Investment Series, a copy of which, together with all 
amendments thereto (the "Declaration"), is on file 
in the office of the Secretary of the Commonwealth of 
Massachusetts, provides that the name of the Trust 
refers to the Trustees under the Declaration 
collectively as Trustees, but not as individuals or 
personally; and no Trustee, shareholder or officer of 
said Trust shall be held to any personal liability, 
nor shall resort be had to their private property for 
the satisfaction of any obligation or claim or 
otherwise in connection with the affairs of said 
Trust, but only the assets and property of the Trust, 
or of the particular series of the Trust in question, 
as the case may be, shall be liable.  All obligations 
under this Agreement shall apply only on a Fund by 
Fund basis and the assets of one Fund shall not be 
liable for the obligations of any other Fund.
11. This Agreement shall be construed in accordance with 
the laws of the State of Georgia.



PFS DISTRIBUTORS, INC.



By:	_______________________________			Date:	July     
, 1998

Name:	Gregory C. Pitts
Title:	Senior Vice President



ACCEPTED:

PFS INVESTMENTS INC.
a Georgia corporation


By:	________________________________			Date:	July     
, 1998

Name:	David Siegel
Title:	President


u:/users/general/forms/agreemt/servagr.