Exhibit (d)(5)
REVISED APPENDIX A TO THE
SUBADVISORY AGREEMENT
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Series I Funds (Effective: February 13, 2003):
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Black Diamond Principal Protected 500 Series I
Black Diamond Principal Protected 100 Series I
Black Diamond Principal Protected 2000 Series I
Black Diamond Principal Protected 400 Series I
Black Diamond Principal Protected LS Series I
Series II Funds (Effective: September 2, 2003):
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Black Diamond 500 Protected Growth Fund II
Black Diamond 100 Protected Growth Fund II
Black Diamond 2000 Protected Growth Fund II
Black Diamond 400 Protected Growth Fund II
Black Diamond Total Index Protected Growth Fund II
Black Diamond LS Protected Growth Fund II
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COMPENSATION
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INDEX FUNDS COMPENSATION (AS A
PERCENTAGE OF THE
AGGREGATE AVERAGE DAILY
NET ASSETS OF ALL THE
INDEX FUNDS AT AN
ANNUALIZED RATE ACCORDING
TO THE FOLLOWING FEE
SCHEDULE)
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Black Diamond Principal Protected 500 Series I 0.50% of the first $2
Black Diamond Principal Protected 100 Series I billion, 0.45% of the
Black Diamond Principal Protected 2000 Series I excess over $2 billion up
Black Diamond Principal Protected 400 Series I to $3 billion, 0.40% of
the excess over $3
Black Diamond 500 Protected Growth Fund II billion up to $4 billion
Black Diamond 100 Protected Growth Fund II and 0.35% of the excess
Black Diamond 2000 Protected Growth Fund II over $4 billion.
Black Diamond 400 Protected Growth Fund II
Black Diamond Total Index Protected Growth Fund II
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LS FUNDS COMPENSATION (AS A
PERCENTAGE OF THE AVERAGE
DAILY NET ASSETS OF EACH
LS FUND AT AN
ANNUALIZED RATE ACCORDING
TO THE FOLLOWING FEE
SCHEDULE)
--------------------------------------------------------------------------------
Black Diamond Principal Protected LS Series I 0.125%, plus an amount
Black Diamond LS Protected Growth Fund II equal to 12.5% of the
amount by which the
return of the Fund at
each calendar quarter-end
exceeds the highest
previous calendar
quarter-end return of the
Fund.
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If during the term of this Agreement, the Subadviser charges a lower fee to any
other comparable client or account (taking into account, among other things,
amounts under management, level of costs associated with implementing trading
strategies, related administrative requirements and expenses, and other relevant
factors) other than "Governmental Clients" (as defined below), the Subadviser
shall reduce its fees under this Agreement to the lowest comparable fee rate it
charges such other comparable client or account and any reduction in the
Subadviser's fee hereunder shall relate back and be effective as of the earliest
date such lower fee was charged to such other client or account. For purposes of
this Agreement, the term "Governmental Client" shall mean and include any client
of the Subadviser that is a federal, state or local governmental or
quasi-governmental entity, or any agency, division, subdivision, unit or
instrumentality thereof, or pension plan or trust relating thereto, including,
without limitation, the California Public Employees Retirement System.
Appendix Amended: September 2, 2003
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