AMENDMENT TO SCHEDULE A OF THE INVESTMENT ADVISORY AGREEMENT
This Schedule A to the Investment Advisory Agreement dated May 1, 2001 (the
"Agreement") between PBHG Insurance Series Fund and Liberty Ridge Capital, Inc.
(formerly known as Pilgrim Xxxxxx & Associates, Ltd.), is hereby amended as of
the 9th day of December, 2004: (i) implements investment advisory fee
breakpoints for all Portfolios, (ii) changes the name of the PBHG Select 20
Portfolio to the PBHG Large Cap Growth Concentrated Portfolio, and (iii) sets
forth pursuant to Section 5 of this Agreement, the compensation each Portfolio
shall pay the Adviser. Such compensation shall be computed daily at the annual
rate of the Portfolio's average daily net assets as follows and shall be paid
monthly at the end of each month.
PBHG INSURANCE SERIES FUND
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BASE ADVISORY FEE BREAKPOINT ASSET
ADVISORY FEE THRESHOLDS
< 1B 1-1.5B 1.5-2B 2.-2.5B >.2.5B
SMALL CAP PORTFOLIO 1.00% 1.00% 0.95% 0.90% 0.85% 0.80%
GROWTH II PORTFOLIO 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
MID CAP PORTFOLIO 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
LARGE CAP GROWTH CONCENTRATED PORTFOLIO 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
SMALL CAP GROWTH PORTFOLIO 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
TECHNOLOGY &
COMMUNICATIONS PORTFOLIO 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
LARGE CAP GROWTH PORTFOLIO 0.75% 0.75% 0.70% 0.65% 0.60% 0.55%
SELECT VALUE PORTFOLIO 0.65% 0.65% 0.60% 0.55% 0.50% 0.45%
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PBHG INSURANCE SERIES FUND LIBERTY RIDGE CAPITAL, INC.
By:_________________________ By:_________________________
Name: ______________________ Name: ______________________
Title:______________________ Title:______________________
