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Exhibit 99.B5(B)(xxii)
AMENDMENT TO
SUBADVISORY AGREEMENT
NASL SERIES TRUST
AMENDMENT made as of this 31st day of December 1996 to the Subadvisory
Agreement dated October 1, 1996 (the "Agreement"), between NASL Financial
Services, Inc., a Massachusetts corporation (the "Adviser"), and X. Xxxx Price
Associates, Inc., a Maryland corporation (the "Subadviser"). In consideration of
the mutual covenants contained herein, the parties agree as follows:
1. CHANGE IN APPENDIX A
Providing for the appointment and compensation of the Subadviser for
the new Science & Technology Portfolio. Section 3 of the Agreement,
"Compensation of Subadviser," is hereby amended by adding an additional
portfolio to Appendix A as follows:
1. Science & Technology Portfolio: .600% of the first $50,000,000,
.600% between $50,000,000 and $200,000,000, .600% between $200,000,000
and $500,000,000 and .600% on the excess over $500,000,000 of the
average daily value of the net assets of the Portfolio.
2. SUBADVISORY AGREEMENT
In all other respects, the Agreement is confirmed and remains in full
force and effect.
3. EFFECTIVE DATE
This Amendment shall become effective with respect to the Science &
Technology Portfolio on the later of: (i) the date of its execution, (ii) the
effective date of the post-effective amendment to the registration statement of
NASL Series Trust under the Securities Act of 1933 that incorporates with
respect to the Portfolio the terms of the Agreement as amended herein and (iii)
the date of the meeting of shareholders (or sole shareholder if applicable) of
the Portfolio called for the purpose of voting on this Amendment, at which
meeting this Amendment shall have been approved by the vote of a majority of the
outstanding voting securities (as defined in the Investment Company Act of 1940,
as amended) of the Portfolio.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed under seal by their duly authorized officers as of the date first
mentioned above.
NASL Financial Services, Inc.
By: __________________________
X. Xxxx Price Associates, Inc.
By: __________________________
