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
SERIES III FUNDS (EFFECTIVE DECEMBER 11, 2003):
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Black Diamond 500 Protected Growth Fund III
Black Diamond 100 Protected Growth Fund III
Black Diamond 2000 Protected Growth Fund III
Black Diamond 400 Protected Growth Fund III
Black Diamond Total Index Protected Growth Fund III
Black Diamond LS Protected Growth Fund III
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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)
--------------------------------------------------------------------------------
Black Diamond Principal Protected 500 Series I 0.50% of the first $2 billion,
Black Diamond Principal Protected 100 Series I 0.45% of the excess over $2
Black Diamond Principal Protected 2000 Series I billion up to $3 billion,
Black Diamond Principal Protected 400 Series I 0.40% of the excess over $3
billion up to $4 billion and
0.35% of the excess over $4
billion.
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 500 Protected Growth Fund III
Black Diamond 100 Protected Growth Fund III
Black Diamond 2000 Protected Growth Fund III
Black Diamond 400 Protected Growth Fund III
Black Diamond Total Index Protected Growth Fund III
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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 equal
Black Diamond LS Protected Growth Fund II to 12.5% of the amount by
Black Diamond LS Protected Growth Fund III 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: November 10, 2003
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