Exhibit (b)(5)(l)
AMENDMENT TO
SUBADVISORY AGREEMENT
NORTH AMERICAN FUNDS
AMENDMENT made as of this 1st day of October 1996 to the Subadvisory
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Agreement dated January 4, 1996 (the "Agreement"), between NASL Financial
Services, Inc., a Massachusetts corporation (the "Adviser"), and Founders Asset
Management, Inc., a Delaware Corporation (the "Subadvisers"). In consideration
of the mutual covenants contained herein, the parties agree as follows:
1. CHANGE IN APPENDIX A
Providing for the appointment and compensation of the Subadviser for the
new Balanced Portfolio. Section 3 of the Agreement, "Compensation of
Subadviser," is hereby amended by adding an additional portfolio to Appendix A
as follows:
1. Balanced Portfolio: .325% of the first $50,000,000, .275% between
$50,000,000 and $200,000,000, .225% between $200,000,000 and $500,000,000
and .150% on the excess over $500,000,000 of the average daily value of the
net assets of the Portfolio.
2. SUBADVISORY AGREEMENT
In all other respects, the Agreement is confirmed and remains in full force
and effect.
3. EFFFECTIVE DATE
This Amendment shall become effective with respect to the Balanced
Portfolio on the date of its execution.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed under seal by their duly authorized officers as of the date first
mentioned above.
NASL Financial Services, Inc.
By: Xxxxxxx X. Xxxxxx
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Vice President and Treasurer
By: Xxxxx X. Xxxxxxxxx
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Vice President, Secretary and General Counsel
Founders Asset Management, Inc.
By: Xxxxx X. Xxx
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Vice President & Treasurer
