AMENDMENT TO ADMINISTRATIVE SERVICES AGREEMENT
between
PBHG INSURANCE SERIES FUND
and
OLD MUTUAL FUND SERVICES
This Amendment Agreement ("Amendment") is made this 1st day of October,
2004, by and between PBHG INSURANCE SERIES FUND (the "Company"), and Old Mutual
Fund Services ("OMFS"), formerly known as PBHG Fund Services
WITNESSETH
In consideration of the mutual covenants herein contained and other good
and valuable consideration, the receipt whereof is hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows:
1. AMENDMENT TO AGREEMENT. The Company and OMFS agree to amend the
Administrative Services Agreement between the Company and OMFS dated as of May
1, 2001, as amended (the "Agreement"), for the sole purpose of revising the fees
payable under such Agreement, as follows:
(a) Section 3.1 of the Agreement shall be deleted in its entirety and
replaced with the following:
"Section 3.1. COMPENSATION RATE. As compensation for all services rendered,
facilities provided, and expenses paid and any expense waived or assumed
and reimbursed by the Administrator, the Company shall pay the
Administrator a fee per Fund at the rates set forth on Schedule B hereto."
(b) Schedule B shall be added to the Agreement in the form attached to
this Amendment.
2. EFFECT OF AMENDMENT. Except as hereinabove modified and amended, the
Agreement will remain unaltered and in full force and effect and is hereby
ratified and confirmed in all respects as amended by this Amendment.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
in duplicate on the day and year first above written.
PBHG INSURANCE SERIES FUND OLD MUTUAL FUND SERVICES
By: __________________________ By:_________________________________
Name: Name:
Title: Title:
SCHEDULE B
FUND COMPANY/PORTFOLIO ANNUAL FEE
PBHG Insurance Series Fund 0.1227% of average daily net assets of
(5/01/01, as amended 10/01/04) each portfolio
