Exhibit (d)(10)
AMENDMENT
TO
INVESTMENT SUB-ADVISER AGREEMENT
The Investment Sub-Adviser Agreement dated as of June 1, 2003 (the "Agreement")
by and between Investors Bank & Trust Company-Advisory Division (the "Adviser")
and Lincoln Capital Fixed Income Management Company, LLC (now known as Xxxxxx
Brothers Asset Management LLC), for the benefit of MERRIMAC PRIME PORTFOLIO
(the "Portfolio"), is hereby amended as of May 1, 2005, as shown on the
attached Schedule A.
IN WITNESS WHEREOF, each of the parties has caused this Amendment to be
executed in its name and behalf by its duly authorized representative.
INVESTORS BANK & TRUST COMPANY-ADVISORY DIVISION
By: /s/ Xxxxxxx X. Xxxxxx
-----------------------------------
Name: Xxxxxxx X. Xxxxxx
-----------------------------------
Title: President
-----------------------------------
XXXXXX BROTHERS ASSET
By: /s/ Xxxx Tank
-----------------------------------
Name: Xxxx Tank
-----------------------------------
Title: Chief Executive Officer
-----------------------------------
SCHEDULE A
The Adviser will pay to the Sub-Adviser as full compensation for the
Sub-Adviser's services rendered an annual fee, computed by applying the annual
percentage rate set forth below to the average daily net assets of the
Portfolio during the calendar month:
0.0675% of the average daily net assets
The fee for each month shall be payable within 30 business days after the end
of the month. If this Agreement is effective for only a portion of any calendar
month, the fee payable for such partial month shall be pro rated based upon the
number of days during the month that the Agreement was in effect bears to the
number of days in the month.
