Document:

<PAGE>

                                 EXHIBIT 10.1
                                 ------------

                               FOURTH AMENDMENT

     FOURTH AMENDMENT, dated as of February 29, 2000 (this "Fourth Amendment"),
                                                            ----------------
to the Credit and Guarantee Agreement, dated as of June 26, 1997 (the "Credit
                                                                       ------
Agreement"), among Bush Industries, Inc., a Delaware corporation (the
---------
"Company"), each Foreign Subsidiary Borrower (as defined in the Credit
 -------
Agreement) (together with the Company, the "Borrowers"), Mellon Bank, N.A., as
                                            ---------
co-agent, the several banks and other financial institutions from time to time
parties thereto (the "Lenders") and The Chase Manhattan Bank, as administrative
                      -------
agent for the Lenders (in such capacity, the "Administrative Agent"), as amended
                                              --------------------
by a First Amendment, dated as of August 17, 1998, among the Borrowers, Mellon
Bank, N.A., the Lenders and the Administrative Agent, a Second Amendment, dated
as of December 31, 1998, among the Borrowers, Mellon Bank, N.A., the Lenders and
the Administrative Agent, and a Third Amendment and Consent, dated as of March
31, 1999, among the Borrowers, Mellon Bank, N.A., the Lenders and the
Administrative Agent.

                                  WITNESSETH:
                                  ----------

     WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make,
and have made, certain loans and other extensions of credit to the Borrowers;
and

     WHEREAS, the Borrowers have requested, and, upon this Fourth Amendment
becoming effective, the Lenders have agreed, that certain provisions of the
Credit Agreement be amended in the manner provided for in this Fourth Amendment;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     I.   Defined Terms. Terms defined in the Credit Agreement and used herein
          -------------
shall have the meanings given to them in the Credit Agreement.

     II.  Amendments to Credit Agreement.
          ------------------------------

     1.   Amendments to Subsection 1.1; Definition of "Applicable Margin". The
          --------------------------------------------------------------
definition of "Applicable Margin" contained in Subsection 1.1 of the Credit
Agreement is hereby amended by deleting subsection (d) of such definition in its
entirety and substituting in lieu thereof the following:

                (d)  for each day from and after the Adjustment Date occurring
          immediately after the date on which financial statements for the
          fiscal period ending April 3, 1999 are delivered pursuant to
          subsection 9.1(b) until the Adjustment Date occurring after the
          delivery of financial statements for the fiscal period ending January
          1, 2000 pursuant to
<PAGE>

          subsection 9.1(a), the Applicable Margin shall be 2.00% per annum;
          provided, however, that if the Consolidated Leverage Ratio as
          --------  -------
          determined from the financial statements and compliance certificate
          relating to the fiscal period ending January 1, 2000 delivered
          pursuant to subsection 9.1(a) and 9.2(b) is less than or equal to 3.00
          to 1.00, the Applicable Margin shall be 1.00% per annum for each day
          from and after February 1, 2000 until the next succeeding Adjustment
          Date.

     2.   Amendments to Subsection 1.1; Definition of "Commitment Fee Rate".
          -----------------------------------------------------------------
The definition of "Commitment Fee Rate" contained in Subsection 1.1 of the
Credit Agreement is hereby amended by deleting subsection (d) of such definition
in its entirety and substituting in lieu thereof the following:

              (d) for each day from and after the Adjustment Date occurring
          immediately after the date on which financial statements for the
          fiscal period ending April 3, 1999 are delivered pursuant to
          subsection 9.1(b) until the Adjustment Date occurring after the
          delivery of financial statements for the fiscal period ending January
          1, 2000 pursuant to subsection 9.1(a), the Commitment Fee Rate shall
          be .40% per annum; provided, however, that if the Consolidated
                             --------  -------
          Leverage Ratio as determined from the financial statements and
          compliance certificate relating to the fiscal period ending January 1,
          2000 delivered pursuant to subsection 9.1(a) and 9.2(b) is less than
          or equal to 3.00 to 1.00, the Commitment Fee Rate shall be 0.20% per
          annum for each day from and after February 1, 2000 until the next
          succeeding Adjustment Date.

     III. Conditions to Effectiveness. This Fourth Amendment shall become
          ---------------------------
effective on the date (the "Amendment Effective Date") on which the Company, the
                            ------------------------
Foreign Subsidiary Borrowers and the Lenders shall have executed and delivered
to the Administrative Agent this Fourth Amendment.

     IV. Representations and Warranties. The representations and warranties made
         ------------------------------
by the Borrowers in the Loan Documents are true and correct in all material
respects on and as of the Amendment Effective Date, before and after giving
effect to the effectiveness of this Fourth Amendment, as if made on and as of
the Amendment Effective Date.

     V. Payment of Expenses. The Company agrees to pay or reimburse the
        -------------------
Administrative Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with this Fourth Amendment, any other documents prepared
in connection herewith and the transactions contemplated hereby, including,
without limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent.

     VI. No Other Amendments; Confirmation. Except as expressly amended,
         ---------------------------------
modified and supplemented hereby, the provisions of the Credit Agreement

<PAGE>

and the Notes are and shall remain in full force and effect.

     VII.  Governing Law; Counterparts. (a) This Fourth Amendment and the rights
           ---------------------------
and obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York.

     (b)   This Fourth Amendment may be executed by one or more of the parties
to this Agreement on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. A set of the copies of this Fourth Amendment signed by all the
parties shall be lodged with the Company and the Administrative Agent. This
Fourth Amendment may be delivered by facsimile transmission of the relevant
signature pages hereof.
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment
to be duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                           BUSH INDUSTRIES, INC.

                                           By: /s/
                                               ---------------------------------
                                           Title:

                                           ROHR-BUSH GMBH & CO.,
                                           as a Foreign Subsidiary Borrower

                                           By: /s/
                                               ---------------------------------
                                           Title:

                                           BUSHVIOTECHNIK GESELLSCHAFT FUR
                                           OBERFLACHENTECHNIK MBH,
                                           as a Foreign Subsidiary Borrower

                                           By: /s/
                                               ---------------------------------
                                           Title:

                                           THE CHASE MANHATTAN BANK,
                                           as Administrative Agent
                                           and a Lender

                                           By: /s/
                                               ---------------------------------
                                           Title:

                                           MELLON BANK, N.A., as
                                           Co-Agent and a Lender

                                           By: /s/
                                               ---------------------------------
                                           Title:
<PAGE>

                                           FIRST UNION NATIONAL BANK

                                           By: /s/
                                               ---------------------------------
                                           Title:

                                           SUNTRUST BANK, ATLANTA

                                           By: /s/
                                               ---------------------------------
                                           Title:

                                           NATIONAL CITY BANK OF PENNSYLVANIA

                                           By: /s/
                                               ---------------------------------
                                           Title:

                                           HSBC BANK USA

                                           By: /s/
                                               ---------------------------------
                                           Title:

                                           FLEET NATIONAL BANK

                                           By: /s/
                                               ---------------------------------
                                           Title:<PAGE>

                     INTERIM INVESTMENT ADVISORY AGREEMENT

         INTERIM INVESTMENT ADVISORY AGREEMENT made as of March 1, 2000, between
North American Funds, a Massachusetts business trust (the "Trust"), and American
General Asset Management Corp., a Delaware corporation (the "Adviser"). In
consideration of the mutual covenants contained herein, the parties agree as
follows:

1.       APPOINTMENT OF ADVISER

         The Trust hereby appoints the Adviser, subject to the supervision of
the Trustees of the Trust and the terms of this Agreement, as the investment
adviser for each of the portfolios of the Trust specified in Appendix A to this
Agreement as it shall be amended by the Adviser and the Trust from time to time
(the "Funds"). The Adviser accepts such appointment and agrees to render the
services and to assume the obligations set forth in this Agreement commencing on
its effective date. The Adviser will be an independent contractor and will have
no authority to act for or represent the Trust in any way or otherwise be deemed
an agent unless expressly authorized in this Agreement or another writing by the
Trust and Adviser.

2.       DUTIES OF THE ADVISER

a.       Subject to the general supervision of the Trustees of the Trust and the
         terms of this Agreement, the Adviser will at its own expense select,
         contract with, and compensate investment subadvisers ("Subadvisers") to
         manage the investments and determine the composition of the assets of
         the Funds; provided, that any contract with a Subadviser (the
         "Subadvisory Agreement") shall be in compliance with and approved as
         required by the Investment Company Act of 1940, as amended ("Investment
         Company Act"). Subject always to the direction and control of the
         Trustees of the Trust, the Adviser will monitor compliance of each
         Subadviser with the investment objectives and related investment
         policies, as set forth in the Trust's registration statement as filed
         with the Securities and Exchange Commission, of any Fund or Funds under
         the management of such Subadviser, and review and report to the
         Trustees of the Trust on the performance of such Subadviser.

b.       The Adviser will oversee the administration of all aspects of the
         Trust's business and affairs and in that connection will furnish to the
         Trust the following services:

         (1)      Office and Other Facilities. The Adviser shall furnish to the
                  ---------------------------
                  Trust office space in the offices of the Adviser or in such
                  other place as may be agreed upon by the parties hereto from
                  time to time and such other office facilities, utilities and
                  office equipment as are necessary for the Trust's operations.

         (2)      Trustees and Officers. The Adviser agrees to permit
                  ---------------------
                  individuals who are directors, officers or employees of the
                  Adviser to serve (if duly elected or appointed) as Trustees or
                  President, Vice President, Treasurer or Secretary of the
                  Trust, without remuneration from or other cost to the Trust.

                                      -1-
<PAGE>

         (3)      Other Personnel. The Adviser shall furnish to the Trust, at
                  ---------------
                  the Trust's expense, any other personnel necessary for the
                  operations of the Trust.

         (4)      Financial, Accounting, and Administrative Services. The
                  --------------------------------------------------
                  Adviser shall maintain the existence and records of the Trust;
                  maintain the registrations and qualifications of Trust shares
                  under federal and state law; and perform all administrative,
                  financial, accounting, bookkeeping and recordkeeping functions
                  of the Trust except for any such functions that may be
                  performed by a third party pursuant to a custodian, transfer
                  agency or service agreement executed by the Trust. The Trust
                  shall reimburse the Adviser for its expenses associated with
                  all such services, including the compensation and related
                  personnel expenses and expenses of office space, office
                  equipment, utilities and miscellaneous office expenses, except
                  any such expenses directly attributable to officers or
                  employees of the Adviser who are serving as President, Vice
                  President, Treasurer or Secretary of the Trust. The Adviser
                  shall determine the expenses to be reimbursed by the Trust
                  pursuant to expense allocation procedures established by the
                  Adviser in accordance with generally accepted accounting
                  principles.

         (5)      Liaisons with Agents. The Adviser, at its own expense, shall
                  --------------------
                  maintain liaison with the various agents and other persons
                  employed by the Trust (including the Trust's transfer agent,
                  custodian, independent accountants and legal counsel) and
                  assist in the coordination of their activities on behalf of
                  the Trust. Fees and expenses of such agents and other persons
                  will be paid by the Trust.

         (6)      Reports to Trust. The Adviser shall furnish to or place at the
                  ----------------
                  disposal of the Trust such information, reports, valuations,
                  analyses and opinions as the Trust may, at any time or from
                  time to time, reasonably request or as the Adviser may deem
                  helpful to the Trust, provided that the expenses associated
                  with any such materials furnished by the Adviser at the
                  request of the Trust shall be borne by the Trust.

         (7)      Reports and Other Communications to Trust Shareholders. The
                  ------------------------------------------------------
                  Adviser shall assist the Trust in developing (but not pay for)
                  all general shareholder communications including regular
                  shareholder reports.

3.       EXPENSES ASSUMED BY THE TRUST

         In addition to paying the advisory fee provided for in Section 4, the
Trust will pay all expenses of its organization, operations and business not
specifically assumed or agreed to be paid by the Adviser as provided in this
Agreement, by a Subadviser as provided in a Subadvisory Agreement, or by the
Distributor as provided in the Distribution Agreement. Without limiting the
generality of the foregoing, the Trust, in addition to certain expenses
described in Section 2 above, shall pay or arrange for the payment of the
following:

                                      -2-
<PAGE>

a.       Custody and Accounting Services. All expenses of the transfer, receipt,
         -------------------------------
         safekeeping, servicing and accounting for the Trust's cash, securities,
         and other property, including all charges of depositories, custodians
         and other agents, if any;

b.       Shareholder Servicing. All expenses of maintaining and servicing
         ---------------------
         shareholder accounts, including all charges of the Trust's transfer,
         shareholder recordkeeping, dividend disbursing, redemption, and other
         agents, if any;

c.       Shareholder Communications. All expenses of preparing, setting in type,
         --------------------------
         printing, and distributing reports and other communications to
         shareholders;

d.       Shareholder Meetings. All expenses incidental to holding meetings of
         --------------------
         Trust shareholders, including the printing of notices
         and proxy material, and proxy solicitation therefor;

e.       Prospectuses. All expenses of preparing, setting in type, and printing
         ------------
         of annual or more frequent revisions of the Trust's prospectus and
         statement of additional information and any supplements thereto and of
         mailing them to shareholders;

f.       Pricing. All expenses of computing the net asset value per share for
         -------
         each of the Funds, including the cost of any equipment or services used
         for obtaining price quotations and valuing its investment portfolio;

g.       Communication Equipment. All charges for equipment or services used for
         -----------------------
         communication between the Adviser or the Trust and the custodian,
         transfer agent or any other agent selected by the Trust;

h.       Legal and Accounting Fees and Expenses. All charges for services and
         --------------------------------------
         expenses of the Trust's legal counsel and independent auditors;

i.       Trustees and Officers. Except as expressly provided otherwise in
         ---------------------
         paragraph 2.b.(2), all compensation of Trustees and officers, all
         expenses incurred in connection with the service of Trustees and
         officers, and all expenses of meetings of the Trustees and Committees
         of Trustees;

j.       Federal Registration Fees. All fees and expenses of registering and
         -------------------------
         maintaining the registration of the Trust under the Investment Company
         Act and the registration of the Trust's shares under the Securities Act
         of 1933, as amended (the "1933 Act"), including all fees and expenses
         incurred in connection with the preparation, setting in type, printing
         and filing of any registration statement and prospectus under the 1933
         Act or the Investment Company Act, and any amendments or supplements
         that may be made from time to time;

k.       State Registration Fees. All fees and expenses of qualifying and
         -----------------------
         maintaining qualification of the Trust and of the Trust's shares for
         sale under securities laws of various states or jurisdictions, and of
         registration and qualification of the Trust under all other laws
         applicable to the Trust or its business activities (including
         registering the Trust as a broker-dealer, or any officer of the Trust
         or any person as agent or salesman of the Trust in any state);

                                      -3-
<PAGE>

l.       Issue and Redemption of Trust Shares. All expenses incurred in
         ------------------------------------
         connection with the issue, redemption, and transfer of Trust shares,
         including the expense of confirming all share transactions, and of
         preparing and transmitting certificates for shares of beneficial
         interest in the Trust;

m.       Bonding and Insurance. All expenses of bond, liability and other
         ---------------------
         insurance coverage required by law or regulation or deemed advisable by
         the Trust's Trustees including, without limitation, such bond,
         liability and other insurance expense that may from time to time be
         allocated to the Trust in a manner approved by its Trustees;

n.       Brokerage Commissions. All brokers' commissions and other charges
         ---------------------
         incident to the purchase, sale, or lending of the Trust's portfolio
         securities;

o.       Taxes. All taxes or governmental fees payable by or with respect to the
         -----
         Trust to federal, state, or other governmental agencies, domestic or
         foreign, including stamp or other transfer taxes, and all expenses
         incurred in the preparation of tax returns;

p.       Trade Association Fees. All fees, dues, and other expenses incurred in
         ----------------------
         connection with the Trust's membership in any trade association or

q.       Nonrecurring and Extraordinary Expenses. Such nonrecurring expenses as
         ---------------------------------------
         may arise, including the costs of actions, suits, or proceedings to
         which the Trust is, or is threatened to be made, a party and the
         expenses the Trust may incur as a result of its legal obligation to
         provide indemnification to its Trustees, officers, agents and
         shareholders.

4.       COMPENSATION OF ADVISER

         For the services provided, the Trust will pay the Adviser with respect
to each Fund the compensation specified in Appendix A of this Agreement (the
"Compensation"). Further:

(a)      The Compensation shall be held in an interest-bearing escrow account
         with State Street Bank and Trust Company pursuant to an Escrow
         Agreement substantially in the form attached hereto;

(b)      If a majority of a Fund's outstanding voting securities approve a new
         Investment Advisory Agreement with the Adviser before 150 days after
         March 1, 2000, the amount in the escrow account (including interest
         earned thereon) with respect to such Fund shall be paid to the Adviser;
         and

(c)      If a majority of a Fund's outstanding voting securities do not approve
         a new Investment Advisory Agreement with the Adviser, the Adviser shall
         be paid, from the escrow account, the lesser of an amount equal to:

         (1)      any costs incurred in performing this Agreement (plus interest
                  earned on that amount in the escrow account); or

                                      -4-
<PAGE>

         (2)      the total amount in the escrow account (plus interest earned
                  thereon).

5.       NON-EXCLUSIVITY

         The services of the Adviser to the Trust are not to be deemed to be
exclusive, and the Adviser shall be free to render investment advisory or other
services to others (including other investment companies) and to engage in other
activities. It is understood and agreed that the directors, officers, and
employees of the Adviser are not prohibited from engaging in any other business
activity or from rendering services to any other person, or from serving as
partners, officers, directors, trustees or employees of any other firm or
corporation, including other investment companies.

6.       SUPPLEMENTAL ARRANGEMENTS

         The Adviser may enter into arrangements with other persons affiliated
with the Adviser to better enable it to fulfill its obligations under this
Agreement for the provision of certain personnel and facilities to the Adviser.

7.       CONFLICTS OF INTEREST

         It is understood that Trustees, officers, agents and shareholders of
the Trust are or may be interested in the Adviser as directors, officers,
stockholders, or otherwise; that directors, officers, agents and stockholders of
the Adviser are or may be interested in the Trust as Trustees, officers,
shareholders or otherwise; that the Adviser may be interested in the Trust; and
that the existence of any such dual interest shall not affect the validity
hereof or of any transactions hereunder except as otherwise provided in the
Agreement and Declaration of Trust of the Trust and the Articles of
Incorporation of the Adviser, respectively, or by specific provision of
applicable law.

8.       REGULATION

         The Adviser shall submit to all regulatory and administrative bodies
having jurisdiction over the services provided pursuant to this Agreement any
information, reports or other material which any such body by reason of this
Agreement may request or require pursuant to applicable laws and regulations.
The Adviser will comply in all material respects with Rule 17j-1 under the
Investment Company Act.

9.       DURATION AND TERMINATION OF AGREEMENT

         This Agreement shall become effective on March 1, 2000 with respect to
each Fund and will continue in effect if a new Investment Advisory Agreement
between the Trust and the Adviser is approved by the shareholders of each of the
Funds or for 150 days, whichever is less. The required shareholder approval of
the new Advisory Agreement or of any continuance of the Agreement shall be
effective with respect to any Fund if a majority of the outstanding voting
securities of the series (as defined in Rule 18f-2(h) under the Investment
Company Act) of shares of that Fund votes to approve the Agreement or its
continuance, notwithstanding that the Agreement or its continuance

                                      -5-
<PAGE>

may not have been approved by a majority of the outstanding voting securities of
(a) any other Fund affected by the Agreement or (b) all the Funds of the Trust.

         This Agreement may be terminated at any time, without the payment of
any penalty, by the Trustees of the Trust, by the vote of a majority of the
outstanding voting securities of the Trust, or with respect to any Fund by the
vote of a majority of the outstanding voting securities of such Fund, on ten
days' written notice to the Adviser, or by the Adviser on sixty days' written
notice to the Trust. This Agreement will automatically terminate, without the
payment of any penalty, in the event of its assignment (as defined in the
Investment Company Act).

10.      PROVISION OF CERTAIN INFORMATION BY ADVISER

         The Adviser will promptly notify the Trust in writing of the occurrence
of any of the following events:

a.       the Adviser fails to be registered as an investment adviser under the
         Investment Advisers Act or under the laws of any jurisdiction in which
         the Adviser is required to be registered as an investment adviser in
         order to perform its obligations under this Agreement;

b.       the Adviser is served or otherwise receives notice of any action, suit,
         proceeding, inquiry or investigation, at law or in equity, before or by
         any court, public board or body, involving the affairs of the Trust;
         and

c.       the chief executive officer or controlling stockholder of the Adviser
         or the portfolio manager of any Fund changes.

11.      AMENDMENTS TO THE AGREEMENT

         This Agreement may be amended by the parties only if such amendment is
specifically approved by the vote of a majority of the outstanding voting
securities of each of the Funds affected by the amendment and by the vote of a
majority of the Trustees of the Trust who are not interested persons of any
party to this Agreement cast in person at a meeting called for the purpose of
voting on such approval. The required shareholder approval shall be effective
with respect to any Fund if a majority of the outstanding voting securities of
the series of shares of that Fund vote to approve the amendment, notwithstanding
that the amendment may not have been approved by a majority of the outstanding
voting securities of (a) any other Fund affected by the amendment or (b) all the
Funds of the Trust.

12.      ENTIRE AGREEMENT

         This Agreement contains the entire understanding and agreement of the
parties.

13.      HEADINGS

         The headings in the sections of this Agreement are inserted for
convenience of reference only and shall not constitute a part hereof.

                                      -6-
<PAGE>

14.      NOTICES

         All notices required to be given pursuant to this Agreement shall be
delivered or mailed to the last known business address of the Trust or Adviser
in person or by registered mail or a private mail or delivery service providing
the sender with notice of receipt. Notice shall be deemed given on the date
delivered or mailed in accordance with this section.

15.      SEVERABILITY

         Should any portion of this Agreement for any reason be held to be void
in law or in equity, the Agreement shall be construed, insofar as is possible,
as if such portion had never been contained herein.

16.      GOVERNING LAW

         The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of The Commonwealth of Massachusetts, or any of the
applicable provisions of the Investment Company Act. To the extent that the laws
of The Commonwealth of Massachusetts, or any of the provisions in this
Agreement, conflict with applicable provisions of the Investment Company Act,
the latter shall control.

17.      LIMITATION OF LIABILITY

         The Declaration of Trust establishing the Trust, dated September 29,
1988, as amended and restated February 18, 1994, a copy of which, together with
all amendments thereto (the "Declaration"), is on file in the office of the
Secretary of The Commonwealth of Massachusetts, provides that the name "North
American Funds" refers to the Trustees under the Declaration collectively as
Trustees, but not as individuals or personally; and no Trustee, shareholder,
officer, employee or agent of the Trust shall be held to any personal liability,
nor shall resort be had to their private property, for the satisfaction of any
obligation or claim, in connection with the affairs of the Trust or any Fund
thereof, but only the assets belonging to the Trust, or to the particular Fund
with which the obligee or claimant dealt, shall be liable.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed under seal by their duly authorized officers as of the date first
mentioned above.

                                         North American Funds

                                         By:
                                             -------------------------------

                                         American General Asset Management Corp.

                                         By:
                                             -------------------------------

                                      -7-
<PAGE>

                                  APPENDIX A

1.    Equity-Income Fund: .750% of the first $50,000,000, .650% between
      $50,000,000 and $200,000,000 and .550% on the excess over $500,000,000 of
      the average net assets of the Fund.

2.    Growth and Income Fund: .725% of the first $50,000,000, .675% between
      $50,000,000 and $200,000,000, .625% between $200,000,000 and $500,000,000
      and .55% on the excess over $500,000,000 of the average net assets of the
      Fund.

3.    Balanced Fund: .775% of the first $50,000,000, .725% between $50,000,000
      and $200,000,000, .675% between $200,000,000 and $500,000,000 and .625% on
      the excess over $500,000,000 of the average net assets of the Fund.

4.    U.S. Government Securities Fund: .60% of the first $50,000,000, .60%
      between $50,000,000 and $200,000,000 and .525% between $200,000,000 and
      $500,000,000 and .475% on the excess over $500,000,000 of the average net
      assets of the Fund.

5.    Core Bond Fund: .60% of the first $50,000,000, .60% between $50,000,000
      and $200,000,000, .525% between $200,000,000 and $500,000,000 and .475% on
      the excess over $500,000,000 of the average net assets of the Fund.

6.    Money Market Fund: .20% of the first $50,000,000, .20% between $50,000,000
      and $200,000,000, .20% between $200,000,000 and $500,000,000 and .145% on
      the excess over $500,000,000 of the average net assets of the Fund.

7.    Global Equity Fund: .90% of the first $50 million, .90% between
      $50,000,000 and $200,000,000, .70% between $200,000,000 and $500,000,000
      and .70% on the excess over $500,000,000 of the average net assets of the
      Fund.

8.    Municipal Bond Fund: .60% of the first $50,000,000, .60% between
      $50,000,000 and $200,000,000, .60% between $200,000,000 and $500,000,000
      and .60% on the excess over $500,000,000 of the average net assets of the
      Fund.

9.    Strategic Income Fund: .75% of the first $50 million, .70% between
      $50,000,000 and $200,000,000, .65% between $200,000,000 and $500,000,000
      and .60% on the excess over $500,000,000 of the average net assets of the
      Fund.

10.   International Equity Fund: .90% of the first $50 million, .85% between
      $50,000,000 and $200,000,000, .80% between $200,000,000 and $500,000,000
      and .75% on the excess over $500,000,000 of the average net assets of the
      Fund.

11.   Mid Cap Growth Fund: .925% of the first $50,000,000, .900% between
      $50,000,000 and $200,000,000, .875% between $200,000,000 and $500,000,000
      and .850% on the excess over $500,000,000 of the average net assets of the
      Fund.

                                      -8-
<PAGE>

12.   International Small Cap Fund: 1.05% of the first $50,000,000, 1.0% between
      $50,000,000 and $200,000,000, .900% between $200,000,000 and $500,000,000
      and .800% on the excess over $500,000,000 of the average net assets of the
      Fund.

13.   Large Cap Growth Fund: .900% of the first $50,000,000, .850% between
      $50,000,000 and $200,000,000, .825% between $200,000,000 and $500,000,000
      and .800% on the excess over $500,000,000 of the average net assets of the
      Fund.

14.   Tax-Sensitive Equity Fund: .850% of the first $50,000,000,.800% between
      $50,000,000 and $200,000,000, .775% between $200,000,000 and $500,000,000
      and .700% on the excess over $500,000,000 of the average net assets of the
      Fund.

15.   Small Cap Growth Fund: .950% of the Fund's average net assets.

16.   Mid Cap Value Fund: .900% of the first $100,000,000, .875% between
      $100,000,000 and $250,000,000, .850% between $250,000,000 and
      $500,000,000, .825% between $500,000,000 and $750,000,000 and .800% on the
      excess over $750,000,000 of the average net assets of the Fund.

17.   Stock Index Fund: .270% of the first $500,000,000 and .260% on the excess
      over $500,000,000 of the average net assets of the Fund.

18.   Small Cap Index Fund: .280% of the first $500,000,000 and .270% on the
      excess over $500,000,000 of the average net assets of the Fund.

19.   Socially Responsible Fund: .650% of the average net assets of the Fund.

20.   High Yield Bond Fund : .825% of the first $200,000,000, .725% between
      $200,000,000 and $500,000,000, and .675% on the excess over $500,000,000
      of the average net assets of the Fund.

21.   Growth Lifestyle Fund: .100% of the average net assets of the Fund.

22.   Moderate Growth Lifestyle Fund: .100% of the average net assets of the
      Fund.

23.   Conservative Growth Lifestyle Fund: .100% of the average net assets of the
      Fund.

24.   Municipal Money Market Fund: .350% of the average net assets of the Fund.

25.   Science & Technology Fund: .900% of the average net assets of the Fund.

26.   Capital Appreciation Fund: .900% of the first $50,000,000, .850% between
      $50,000,000 and $200,000,000, .825% between $200,000,000 and $500,000,000
      and .800% on the excess over $500,000,000 of the average net assets of the
      Fund.

                                      -9-
<PAGE>

         The Percentage Fee for each Fund shall be accrued for each calendar day
and the sum of the daily fee accruals shall be payable monthly to the Adviser.
The daily fee accruals will be computed by multiplying the fraction of one over
the number of calendar days in the year by the applicable annual rate described
in the preceding paragraph, and multiplying this product by the net assets of
the Fund as determined in accordance with the Fund's prospectus and statement of
additional information as of the close of business on the previous business day
on which the Fund was open for business.

                   If this Agreement becomes effective or terminates before the
end of any month, the fee for the period from the effective date to the end of
such month or from the beginning of such month to the date of termination, as
the case may be, shall be prorated according to the proportion which such period
bears to the full month in which such effectiveness or termination occurs.

                                      -10-

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