Document:

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                             NORTH AMERICAN FUNDS
                             SUBADVISORY AGREEMENT

         AGREEMENT made as of March 10, 2000, between American General Asset
Management Corp., a Delaware corporation (the "Adviser"), and Neuberger Berman
Management, Inc., a Delaware corporation (the "Subadviser"). In consideration of
the mutual covenants contained herein, the parties agree as follows:

1.       APPOINTMENT OF SUBADVISER

         The Subadviser undertakes to act as investment subadviser to, and,
subject to the supervision of the Trustees of North American Funds (the "Trust")
and the terms of this Agreement, to manage the investment and reinvestment of
the assets of the Portfolios specified in Appendix A to this Agreement as it
shall be amended by the Adviser and the Subadviser from time to time (the
"Portfolios"). The Subadviser will be an independent contractor and will have no
authority to act for or represent the Trust or Adviser in any way except as
expressly authorized in this Agreement or another writing by the Trust and
Adviser.

2.       SERVICES TO BE RENDERED BY THE SUBADVISER TO THE TRUST

a.       Subject always to the direction and control of the Trustees of the
         Trust, the Subadviser will manage the investments and determine the
         composition of the assets of the Portfolios in accordance with the
         Portfolios' registration statement, as amended. In fulfilling its
         obligations to manage the investments and reinvestments of the assets
         of the Portfolios, the Subadviser will:

         i.       obtain and evaluate pertinent economic, statistical, financial
                  and other information affecting the economy generally and
                  individual companies or industries the securities of which are
                  included in the Portfolios or are under consideration for
                  inclusion in the Portfolios;

         ii.      formulate and implement a continuous investment program for
                  each Portfolio consistent with the investment objectives and
                  related investment policies for each such Portfolio as
                  described in the Trust's registration statement, as amended;

         iii.     take whatever steps are necessary to implement these
                  investment programs by the purchase and sale of securities
                  including the placing of orders for such purchases and sales;

         iv.      regularly report to the Trustees of the Trust with respect to
                  the implementation of these investment programs;

         v.       provide assistance to the Trust's Custodian regarding the fair
                  value of securities held by the Portfolios for which market
                  quotations are not readily available for purposes of enabling
                  the Trust's Custodian to calculate net asset value; and

         vi.      vote proxies in accordance with the Proxy Voting Policy of the
                  Trust.

b.       The Subadviser, at its expense, will furnish (i) all necessary
         investment and management facilities, including salaries of personnel
         required for it to execute its duties faithfully, and (ii)
         administrative facilities, including bookkeeping, clerical personnel
         and equipment necessary for the efficient conduct of the investment
         affairs of the Portfolios (excluding determination of net asset value
         and shareholder accounting services).

c.       The Subadviser will select brokers and dealers to effect all
         transactions subject to the following conditions: The Subadviser will
         place all orders with brokers, dealers, or issuers, and will negotiate
         brokerage commissions if applicable. The Subadviser is directed at all
         times to seek to execute brokerage transactions for the Portfolios in
         accordance with such policies or practices as may be established by the
         Trustees and described in the Trust's registration statement as
         amended. The Subadviser may pay a broker-dealer which provides research
         and brokerage services a higher spread or commission for a particular
         transaction than
<PAGE>

         otherwise might have been charged by another broker-dealer, if the
         Subadviser determines that the higher spread or commission is
         reasonable in relation to the value of the brokerage and research
         services that such broker-dealer provides, viewed in terms of either
         the particular transaction or the Subadviser's overall responsibilities
         with respect to accounts managed by the Subadviser. The Subadviser may
         use for the benefit of the Subadviser's other clients, or make
         available to companies affiliated with the Subadviser or to its
         directors for the benefit of its clients, any such brokerage and
         research services that the Subadviser obtains from brokers or dealers.

d.       On occasions when the Subadviser deems the purchase or sale of a
         security to be in the best interest of the Portfolio as well as other
         clients of the Subadviser, the Subadviser to the extent permitted by
         applicable laws and regulations, may, but shall be under no obligation
         to, aggregate the securities to be purchased or sold to attempt to
         obtain a more favorable price or lower brokerage commissions and
         efficient execution. In such event, allocation of the securities so
         purchased or sold, as well as the expenses incurred in the transaction,
         will be made by the Subadviser in the manner the Subadviser considers
         to be the most equitable and consistent with its fiduciary obligations
         to the Portfolio and to its other clients.

e.       The Subadviser will maintain all accounts, books and records with
         respect to the Portfolios as are required of an investment adviser of a
         registered investment company pursuant to the Investment Company Act of
         1940 (the "Investment Company Act") and Investment Advisers Act of 1940
         (the "Investment Advisers Act") and the rules thereunder.

f.       The Subadviser, including its Access Persons (as defined in subsection
         (e) of Rule 17j-1 under the Investment Company Act), agrees to observe
         and comply with Rule 17j-1 and its Code of Ethics (which shall comply
         in all material respects with Rule 17j-1, as the same may be amended
         from time to time). On a quarterly basis, the Subadviser will either
         (i) certify to the Adviser that the Subadviser and its Access Persons
         have complied with the Subadviser's Code of Ethics with respect to the
         Portfolio or (ii) identify any material violations which have occurred
         with respect to the Portfolio. In addition, the Subadviser will report
         at least annually to the Adviser concerning any other violations of the
         Subadviser's Code of Ethics which required significant remedial action
         and which were not previously reported.

3.       COMPENSATION OF SUBADVISER

         The Adviser will pay the Subadviser with respect to each Portfolio the
compensation specified in Appendix A to this Agreement.

4.       LIABILITY OF SUBADVISER

         Neither the Subadviser nor any of its employees shall be liable to the
Adviser or Trust for any loss suffered by the Adviser or Trust resulting from
any error of judgment made in the good faith exercise of the Subadviser's
investment discretion in connection with selecting Portfolio investments except
for losses resulting from willful misfeasance, bad faith or gross negligence of,
or from reckless disregard of, the duties of the Subadviser or any of its
partners or employees; and neither the Subadviser nor any of its employees shall
be liable to the Adviser or Trust for any loss suffered by the Adviser or Trust
resulting from any other matters to which this Agreement relates (i.e., those
other matters specified in Sections 2 and 8 of this Agreement), except for
losses resulting from willful misfeasance, bad faith, or gross negligence in the
performance of, or from disregard of, the duties of the Subadviser or any of its
partners or employees.

5.       SUPPLEMENTAL ARRANGEMENTS

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

                                       2
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6.       CONFLICTS OF INTEREST

         It is understood that trustees, officers, agents and shareholders of
the Trust are or may be interested in the Subadviser as trustees, officers,
partners or otherwise; that directors, officers, agents and partners of the
Subadviser are or may be interested in the Trust as trustees, officers,
shareholders or otherwise; that the Subadviser 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 Certificate of
Incorporation of the Subadviser, respectively, or by specific provision of
applicable law.

7.       REGULATION

         The Subadviser 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.

8.       DURATION AND TERMINATION OF AGREEMENT

         This Agreement shall become effective as of March 1, 2000. The
Agreement will continue in effect for a period more than two years from the date
of its execution only so long as such continuance is specifically approved at
least annually either by the Trustees of the Trust or by a majority of the
outstanding voting securities of each of the Portfolios, provided that in either
event such continuance shall also be approved by the vote of a majority of the
Trustees of the Trust who are not interested persons (as defined in the
Investment Company Act) 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 of the Agreement or of any continuance of the Agreement
shall be effective with respect to any Portfolio 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 Portfolio votes to approve the
Agreement or its continuance, notwithstanding that the Agreement or its
continuance may not have been approved by a majority of the outstanding voting
securities of (a) any other Portfolio affected by the Agreement or (b) all the
portfolios of the Trust.

         If the shareholders of any Portfolio fail to approve the New
Sub-Advisory Agreement the Subadviser will continue to act as investment
subadviser with respect to such Portfolio pending the required approval of the
Agreement or its continuance or of any contract with the Subadviser or a
different adviser or subadviser or other definitive action; provided, that the
compensation received by the Subadviser in respect of such Portfolio during such
period is in compliance with Rule 15a-4 under the Investment Company Act.

         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 Portfolio by
the vote of a majority of the outstanding voting securities of such Portfolio,
on sixty days' written notice to the Adviser and the Subadviser, or by the
Adviser or Subadviser on sixty days' written notice to the Trust and the other
party. This agreement will automatically terminate, without the payment of any
penalty, in the event of its assignment (as defined in the Investment Company
Act) or in the event the Advisory Agreement between the Adviser and the Trust
terminates for any reason.

9.       PROVISION OF CERTAIN INFORMATION BY SUBADVISER

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

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

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b.       the Subadviser 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.       any change in actual control or management of the Subadviser or the
         portfolio manager of any Portfolio.

10.      PROVISION OF CERTAIN INFORMATION BY THE ADVISER

         The Adviser shall furnish the Subadviser with copies of the Trust's
Prospectus and Statement of Additional Information, and any reports made by the
Trust to its shareholders, as soon as practicable after such documents become
available. The Adviser shall furnish the Subadviser with any further documents,
materials or information that the Subadviser may reasonably request to enable it
to perform its duties pursuant to this Agreement.

11.      SERVICES TO OTHER CLIENTS

         The Adviser understand, and has advised the Trust's Board of Trustees,
that the Subadviser now acts, or may in the future act, as an investment adviser
to fiduciary and other managed accounts and as investment adviser or subadviser
to other investment companies. Further, the Adviser understands, and has advised
the Trust's Board of Trustees that the Subadviser and its affiliates may give
advice and take action for its accounts, including investment companies, which
differs from advice given on the timing or nature of action taken for the
Portfolio. The Subadviser is not obligated to initiate transaction for the
Portfolio in any security which the Subadviser, its principals, affiliates or
employees may purchase or sell for their own accounts or other clients.

12.      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 Portfolios 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 Portfolio if a majority of the outstanding voting securities
of that Portfolio 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 Portfolio affected by the amendment or (b) all the
portfolios of the Trust.

13.      ENTIRE AGREEMENT

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

14.      HEADINGS

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

15.      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
applicable party 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 paragraph.

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16.      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.

17.      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.

18.      LIMITATION OF LIABILITY

         The Amended and Restated Agreement and Declaration of Trust dated
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 portfolio thereof, but only the assets
belonging to the Trust, or to the particular portfolio 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.

                                    American General Asset Management Corp.

                                    by:
                                        ------------------------------

                  `                 Neuberger Berman Management, Inc.

                                    by:
                                        ------------------------------

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                                  APPENDIX A
                                  ----------

         The Subadviser shall serve as investment subadviser for the following
portfolio of the Trust. The Adviser will pay the Subadviser, as full
compensation for all services provided under this Agreement, the fee computed
separately for each such Portfolio at an annual rate as follows (the "Subadviser
Percentage Fee"):

         Mid Cap Value Fund: .500% of the first $100,000,000, .475% between
         $100,000,000 and $250,000,000, .450% between $250,000,000 and
         $500,000,000, .425% between $500,000,000 and $750,000,000 and .400% on
         the excess over $750,000,000 of the average net assets of the
         Portfolio.

         The Subadviser Percentage Fee for each Portfolio shall be accrued for
each calendar day and the sum of the daily fee accruals shall be paid monthly to
the Subadviser. 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 Portfolio as determined in accordance with the Trust's
prospectus and statement of additional information as of the close of business
on the previous business day on which the Trust was open for business.

If this Agreement becomes effective or terminates before the end of any month,
the fee (if any) 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.

                                       6<PAGE>

                              NORTH AMERICAN FUNDS
                              SUBADVISORY AGREEMENT

         AGREEMENT made as of March 10, 2000, between American General Asset
Management Corp., a Delaware corporation (the "Adviser"), and Credit Suisse
Asset Management, LLC, a Delaware corporation (the "Subadviser"). In
consideration of the mutual covenants contained herein, the parties agree as
follows:

1.       APPOINTMENT OF SUBADVISER

         The Subadviser undertakes to act as investment subadviser to, and,
subject to the supervision of the Trustees of North American Funds (the "Trust")
and the terms of this Agreement, to manage the investment and reinvestment of
the assets of the Portfolios specified in Appendix A to this Agreement as it
shall be amended by the Adviser and the Subadviser from time to time (the
"Portfolios"). The Subadviser will be an independent contractor and will have no
authority to act for or represent the Trust or Adviser in any way except as
expressly authorized in this Agreement or another writing by the Trust and
Adviser.

2.       SERVICES TO BE RENDERED BY THE SUBADVISER TO THE TRUST

a.       Subject always to the direction and control of the Trustees of the
         Trust, the Subadviser will manage the investments and determine the
         composition of the assets of the Portfolios in accordance with the
         Portfolios' registration statement, as amended. In fulfilling its
         obligations to manage the investments and reinvestments of the assets
         of the Portfolios, the Subadviser will:

         i.       obtain and evaluate pertinent economic, statistical, financial
                  and other information affecting the economy generally and
                  individual companies or industries the securities of which are
                  included in the Portfolios or are under consideration for
                  inclusion in the Portfolios;

         ii.      formulate and implement a continuous investment program for
                  each Portfolio consistent with the investment objectives and
                  related investment policies for each such Portfolio as
                  described in the Trust's registration statement, as amended;

         iii.     take whatever steps are necessary to implement these
                  investment programs by the purchase and sale of securities
                  including the placing of orders for such purchases and sales;

         iv.      regularly report to the Trustees of the Trust with respect to
                  the implementation of these investment programs;

         v.       provide assistance to the Trust's Custodian regarding the fair
                  value of securities held by the Portfolios for which market
                  quotations are not readily available for purposes of enabling
                  the Trust's Custodian to calculate net asset value; and

         vi.      vote proxies in accordance with the Proxy Voting Policy of the
                  Trust.

b.       The Subadviser, at its expense, will furnish (i) all necessary
         investment and management facilities, including salaries of personnel
         required for it to execute its duties faithfully, and (ii)
         administrative facilities, including bookkeeping, clerical personnel
         and equipment necessary for the efficient conduct of the investment
         affairs of the Portfolios (excluding determination of net asset value
         and shareholder accounting services).

c.       The Subadviser will select brokers and dealers to effect all
         transactions subject to the following conditions: The Subadviser will
         place all orders with brokers, dealers, or issuers, and will negotiate
         brokerage commissions if applicable. The Subadviser is directed at all
         times to seek to execute brokerage transactions for the Portfolios in
         accordance with such policies or practices as may be established by the
         Trustees and described in the Trust's registration statement as
         amended. The Subadviser may pay a broker-dealer which provides research
         and brokerage services a higher spread or commission for a particular
         transaction than
<PAGE>

         otherwise might have been charged by another broker-dealer, if the
         Subadviser determines that the higher spread or commission is
         reasonable in relation to the value of the brokerage and research
         services that such broker-dealer provides, viewed in terms of either
         the particular transaction or the Subadviser's overall responsibilities
         with respect to accounts managed by the Subadviser. The Subadviser may
         use for the benefit of the Subadviser's other clients, or make
         available to companies affiliated with the Subadviser or to its
         directors for the benefit of its clients, any such brokerage and
         research services that the Subadviser obtains from brokers or dealers.

d.       On occasions when the Subadviser deems the purchase or sale of a
         security to be in the best interest of the Portfolio as well as other
         clients of the Subadviser, the Subadviser to the extent permitted by
         applicable laws and regulations, may, but shall be under no obligation
         to, aggregate the securities to be purchased or sold to attempt to
         obtain a more favorable price or lower brokerage commissions and
         efficient execution. In such event, allocation of the securities so
         purchased or sold, as well as the expenses incurred in the transaction,
         will be made by the Subadviser in the manner the Subadviser considers
         to be the most equitable and consistent with its fiduciary obligations
         to the Portfolio and to its other clients.

e.       The Subadviser will maintain all accounts, books and records with
         respect to the Portfolios as are required of an investment adviser of a
         registered investment company pursuant to the Investment Company Act of
         1940 (the "Investment Company Act") and Investment Advisers Act of 1940
         (the "Investment Advisers Act") and the rules thereunder.

f.       The Subadviser, including its Access Persons (as defined in subsection
         (e) of Rule 17j-1 under the Investment Company Act), agrees to observe
         and comply with Rule 17j-1 and its Code of Ethics (which shall comply
         in all material respects with Rule 17j-1, as the same may be amended
         from time to time). On a quarterly basis, the Subadviser will either
         (i) certify to the Adviser that the Subadviser and its Access Persons
         have complied with the Subadviser's Code of Ethics with respect to the
         Portfolio or (ii) identify any material violations which have occurred
         with respect to the Portfolio. In addition, the Subadviser will report
         at least annually to the Adviser concerning any other violations of the
         Subadviser's Code of Ethics which required significant remedial action
         and which were not previously reported.

3.       COMPENSATION OF SUBADVISER

         The Adviser will pay the Subadviser with respect to each Portfolio the
compensation specified in Appendix A to this Agreement.

4.       LIABILITY OF SUBADVISER

         Neither the Subadviser nor any of its employees shall be liable to the
Adviser or Trust for any loss suffered by the Adviser or Trust resulting from
any error of judgment made in the good faith exercise of the Subadviser's
investment discretion in connection with selecting Portfolio investments except
for losses resulting from willful misfeasance, bad faith or gross negligence of,
or from reckless disregard of, the duties of the Subadviser or any of its
partners or employees; and neither the Subadviser nor any of its employees shall
be liable to the Adviser or Trust for any loss suffered by the Adviser or Trust
resulting from any other matters to which this Agreement relates (i.e., those
other matters specified in Sections 2 and 8 of this Agreement), except for
losses resulting from willful misfeasance, bad faith, or gross negligence in the
performance of, or from disregard of, the duties of the Subadviser or any of its
partners or employees.

5.       SUPPLEMENTAL ARRANGEMENTS

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

                                       2
<PAGE>

6.       CONFLICTS OF INTEREST

         It is understood that trustees, officers, agents and shareholders of
the Trust are or may be interested in the Subadviser as trustees, officers,
partners or otherwise; that directors, officers, agents and partners of the
Subadviser are or may be interested in the Trust as trustees, officers,
shareholders or otherwise; that the Subadviser 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 Certificate of
Incorporation of the Subadviser, respectively, or by specific provision of
applicable law.

7.       REGULATION

         The Subadviser 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.

8.       DURATION AND TERMINATION OF AGREEMENT

         This Agreement shall become effective as of March 1, 2000. The
Agreement will continue in effect for a period more than two years from the date
of its execution only so long as such continuance is specifically approved at
least annually either by the Trustees of the Trust or by a majority of the
outstanding voting securities of each of the Portfolios, provided that in either
event such continuance shall also be approved by the vote of a majority of the
Trustees of the Trust who are not interested persons (as defined in the
Investment Company Act) 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 of the Agreement or of any continuance of the Agreement
shall be effective with respect to any Portfolio 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 Portfolio votes to approve the
Agreement or its continuance, notwithstanding that the Agreement or its
continuance may not have been approved by a majority of the outstanding voting
securities of (a) any other Portfolio affected by the Agreement or (b) all the
portfolios of the Trust.

         If the shareholders of any Portfolio fail to approve the New
Sub-Advisory Agreement the Subadviser will continue to act as investment
subadviser with respect to such Portfolio pending the required approval of the
Agreement or its continuance or of any contract with the Subadviser or a
different adviser or subadviser or other definitive action; provided, that the
compensation received by the Subadviser in respect of such Portfolio during such
period is in compliance with Rule 15a-4 under the Investment Company Act.

         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 Portfolio by
the vote of a majority of the outstanding voting securities of such Portfolio,
on sixty days' written notice to the Adviser and the Subadviser, or by the
Adviser or Subadviser on sixty days' written notice to the Trust and the other
party. This agreement will automatically terminate, without the payment of any
penalty, in the event of its assignment (as defined in the Investment Company
Act) or in the event the Advisory Agreement between the Adviser and the Trust
terminates for any reason.

9.       PROVISION OF CERTAIN INFORMATION BY SUBADVISER

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

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

                                       3
<PAGE>

b.       the Subadviser 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.       any change in actual control or management of the Subadviser or the
         portfolio manager of any Portfolio.

10.      PROVISION OF CERTAIN INFORMATION BY THE ADVISER

         The Adviser shall furnish the Subadviser with copies of the Trust's
Prospectus and Statement of Additional Information, and any reports made by the
Trust to its shareholders, as soon as practicable after such documents become
available. The Adviser shall furnish the Subadviser with any further documents,
materials or information that the Subadviser may reasonably request to enable it
to perform its duties pursuant to this Agreement.

11.      SERVICES TO OTHER CLIENTS

         The Adviser understand, and has advised the Trust's Board of Trustees,
that the Subadviser now acts, or may in the future act, as an investment adviser
to fiduciary and other managed accounts and as investment adviser or subadviser
to other investment companies. Further, the Adviser understands, and has advised
the Trust's Board of Trustees that the Subadviser and its affiliates may give
advice and take action for its accounts, including investment companies, which
differs from advice given on the timing or nature of action taken for the
Portfolio. The Subadviser is not obligated to initiate transaction for the
Portoflio in any security which the Subadviser, its principals, affiliates or
employees may purchase or sell for their own acounts or other clients.

12.      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 Portfolios 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 Portfolio if a majority of the outstanding voting securities
of that Portfolio 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 Portfolio affected by the amendment or (b) all the
portfolios of the Trust.

13.      ENTIRE AGREEMENT

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

14.      HEADINGS

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

15.      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
applicable party 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 paragraph.

                                       4
<PAGE>

16.      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.

17.      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.

18.      LIMITATION OF LIABILITY

         The Amended and Restated Agreement and Declaration of Trust dated
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 portfolio thereof, but only the assets
belonging to the Trust, or to the particular portfolio 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.

                                    American General Asset Management Corp.

                                    by:
                                       ----------------------------

                  `                 Credit Suisse Asset Management, LLC

                                    by:
                                       ----------------------------

                                       5
<PAGE>

                                   APPENDIX A
                                   ----------

         The Subadviser shall serve as investment subadviser for the following
portfolio of the Trust. The Adviser will pay the Subadviser, as full
compensation for all services provided under this Agreement, the fee computed
separately for each such Portfolio at an annual rate as follows (the "Subadviser
Percentage Fee"):

         Small Cap Growth Fund: .550% of the average net assets of the
         Portfolio.

         The Subadviser Percentage Fee for each Portfolio shall be accrued for
each calendar day and the sum of the daily fee accruals shall be paid monthly to
the Subadviser. 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 Portfolio as determined in accordance with the Trust's
prospectus and statement of additional information as of the close of business
on the previous business day on which the Trust was open for business.

If this Agreement becomes effective or terminates before the end of any month,
the fee (if any) 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.

                                       6

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