AMENDMENT TO INVESTMENT SUB-ADVISORY AGREEMENT
EXHIBIT
99-23.d.14
AMENDMENT
TO INVESTMENT SUB-ADVISORY AGREEMENT
THIS
AMENDMENT, dated as of February 20, 2009, amends the Investment Sub-Advisory
Agreement dated November 5, 2007 (the “Agreement”) by and between Wilshire
Associates Incorporated (the “Adviser”) and TWIN Capital Management,
Inc. (the “Sub-Adviser”).
WHEREAS,
the parties desire to amend the sub-advisory fee rate set forth in
Exhibit 2 – Fee Schedule to the Agreement.
NOW
THEREFORE, the parties agree, and the Agreement is hereby modified, as
follows:
1. Exhibit 2
– Fee Schedule of the Agreement shall be amended by revising the first paragraph
to read as follows:
Adviser
shall pay Sub-Adviser, promptly after receipt by Adviser of its advisory fee
from the Fund with respect to each Fund Portfolio each calendar month during the
term of this Agreement, a fee based on the average daily net assets of each
Portfolio Segment, at the following annual rates:
___% on
all assets
2. Except to
the extent amended hereby, the Agreement shall remain in full force and
effect.
IN
WITNESS HEREOF, the undersigned have executed this Amendment as of the date and
year first above written.
WILSHIRE
ASSOCIATES INCORPORATED
By: ________________________________
Name:
Title:
TWIN
CAPITAL MANAGEMENT, INC.
By: ________________________________
Name:
Title:
