EXHIBIT (d)(14)
AMENDMENT TO INVESTMENT SUB-ADVISORY AGREEMENT
Amendment dated as of November 16, 2006 to the Investment Sub-Advisory
Agreement dated as of May 1, 2002 between Independence Capital Management, Inc.
(the "Adviser") and Xxxxxxx Real Estate Securities LLC (the "Sub-Adviser") with
respect to the REIT Fund (the "Fund"), a portfolio of the Penn Series Funds,
Inc.
WITNESSETH:
WHEREAS, Adviser and Sub-Adviser have entered into an Investment
Sub-Advisory Agreement (the "Agreement") dated as of May 1, 2002, pursuant to
which the Sub-Adviser renders investment sub-advisory services to the Fund;
WHEREAS, Section 3 of the Agreement sets forth the terms and conditions
with respect to the compensation payable by the Adviser to the Sub-Adviser for
the services rendered to the Fund pursuant to the Agreement; and
WHEREAS, Adviser and Sub-Adviser desire to amend Section 3 of the Agreement
for the purpose of revising the terms and conditions with respect to the
compensation payable to the Sub-Adviser under the Agreement.
NOW THEREFORE, in consideration of the foregoing and the mutual covenants
herein contained, the parties hereby agree as follows:
Section 3.B. of the Agreement is hereby deleted and replaced with the
following:
B. FEE RATE. Forty basis points (0.40%) of the average daily net
assets of the Fund.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
by their officers designated below as of the day and year first written above.
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INDEPENDENCE CAPITAL MANAGEMENT, INC. XXXXXXX REAL ESTATE SECURITIES LLC
By: /s/ Xxxxx X. Xxxxxxx By: /s/ Xxxxxxx X. Xxxx
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Name: Xxxxx X. Xxxxxxx Name: Xxxxxxx X. Xxxx
Title: President Title: Managing Director
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