AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Amendment dated as of May 1, 2002 to the Investment Advisory Agreement
dated as of May 1, 2000, between Penn Series Funds, Inc. ("Penn Series") and
Independence Capital Management, Inc. (the "Adviser").
WITNESSETH:
WHEREAS, Penn Series and Adviser entered into an Investment Advisory
Agreement (the "Agreement") dated as of May 1, 2000;
WHEREAS, in accordance with Section 1 of the Agreement, Schedule A to
the Agreement lists certain portfolios of Penn Series (collectively, the
"Funds," or individually, a "Fund") with respect to which Adviser renders
investment advisory services pursuant to the terms and conditions of the
Agreement;
WHEREAS, in accordance with Section 3 of the Agreement, Schedule B to
the Agreement sets forth the investment advisory fees to be paid by Penn Series
to the Adviser for such services; and
WHEREAS, Penn Series and Penn Mutual wish to amend and restate
Schedules A and B of the Agreement for the purpose of adding additional
portfolios of Penn Series to the Agreement and setting forth investment advisory
fees that Penn Series will pay to the Adviser for providing investment advisory
services to such additional portfolios:
NOW THEREFORE, Penn Series and the Adviser hereby amend and restate
Schedules A and B to the Agreement as set forth in Schedules A and B attached to
this Amendment.
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.
PENN SERIES FUNDS, INC. INDEPENDENCE CAPITAL MANAGEMENT, INC.
By: By:
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Name: Xxxxx X. Xxxxxxx Name: Xxxxxxxxxx X. Xxxxxxxx
Title: President Title: Senior Vice President
Date: Date:
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Schedule A
to
INVESTMENT ADVISORY AGREEMENT
between
PENN SERIES FUNDS, INC.
and
INDEPENDENCE CAPITAL MANAGEMENT, INC.
Penn Series Funds
Money Market Fund
Limited Maturity Bond Fund
Quality Bond Fund
High Yield Bond Fund
Flexibly Managed Fund
Core Equity Fund
Growth Equity Fund
Large Cap Value Fund
Index 500 Fund
Mid Cap Growth Fund
Mid Cap Value Fund
Emerging Growth Fund
Small Cap Value Fund
International Equity Fund
Large Cap Growth Fund
Strategic Value Fund
REIT Fund
A-1
Schedule B
to
INVESTMENT ADVISORY AGREEMENT
between
PENN SERIES FUNDS, INC.
and
INDEPENDENCE CAPITAL MANAGEMENT, INC.
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NAME OF FUND INVESTMENT ADVISORY FEES
(As a Percentage of the Average Daily
Net Assets of the Fund)
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Money Market Fund 0.20% with respect to the first $100,000,000 of average daily net assets
of the Fund; 0.15% with respect to average daily net assets of the Fund
in excess of $100,000,000.
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Limited Maturity Bond Fund 0.30%
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Quality Bond Fund 0.35% with respect to the first $100,000,000 of average daily net assets
of the Fund; 0.30% with respect to average daily net assets of the Fund
in excess of $100,000,000.
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High Yield Bond Fund 0.50%
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Flexibly Managed Fund 0.60%
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Core Equity Fund 0.50%
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Growth Equity Fund 0.65% with respect to the first $100,000,000 of average daily net assets
of the Fund; 0.60% with respect to average daily net assets of the Fund
in excess of $100,000,000.
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Large Cap Value Fund 0.60%
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Index 500 Fund 0.07%
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Mid Cap Growth Fund 0.70%
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Mid Cap Value Fund 0.55% of the first $250 million of average net assets; 0.525% of the
next $250 million; 0.50% of the next $250 million; 0.475% of the next
$250 million; 0.45% of the next $500 million; and 0.425% of average
daily net assets in excess of $1.5 billion.
B-1
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Emerging Growth Fund 0.80% of the first $25,000,000 of average daily net assets of the Fund;
0.75% of the next $25,000,000 of average daily net assets of the Fund;
and 0.70% of average daily net assets of the Fund in excess of
$50,000,000.
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Small Cap Value Fund 0.85%
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International Equity Fund 0.85%
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Large Cap Growth Fund 0.55%
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Strategic Value Fund 0.72%
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REIT Fund 0.70%
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B-2
