LIBERTY VALUE FUND, VARIABLE SERIES
SUB-ADVISORY AGREEMENT
AGREEMENT date November 1, 2001 among LIBERTY VARIABLE INVESTMENT TRUST, a
Massachusetts business trust (the "Trust"), with respect to LIBERTY VALUE FUND,
VARIABLE SERIES (the "Fund"), LIBERTY ADVISORY SERVICES CORP., a Massachusetts
corporation ("Adviser"), and COLONIAL MANAGEMENT ASSOCIATES, INC., a
Massachusetts corporation (the "Sub-Adviser").
In consideration of the promises and covenants herein, the parties agree as
follows:
1. The Sub-Adviser will manage the investment of the assets of the Fund in
accordance with its investment objective, policies and limitations set forth in
the Trust's prospectus and statement of additional information, as amended from
time to time, and will perform the other services herein set forth, subject to
the supervision of the Adviser and the Board of Trustees of the Trust.
2. In carrying out its investment management obligations, the Sub-Adviser
shall:
(a) evaluate such economic, statistical and financial information and
undertake such investment research as it shall believe advisable;
(b) purchase and sell securities and other investments for the Fund in
accordance with the procedures described in the Trust's prospectus and statement
of additional information; and
(c) report results to the Adviser and to the Board of Trustees.
3. The Sub-Adviser shall be free to render similar services to others so long as
its services hereunder are not impaired thereby.
4. The Advisor shall pay the Sub-Adviser a monthly fee at the annual rate of
0.45% the average daily net assets of the Fund for managing the investment of
the assets of the Fund as provided in paragraph 1 above.
5. This Agreement shall become effective on the date first written above, and
(a) unless otherwise terminated, shall continue until July 31, 2003, and from
year to year thereafter so long as approved annually in accordance with the
Investment Company Act of 1940 (the "1940 Act"); (b) may be terminated without
penalty on sixty days' written notice to the Sub-Adviser either by vote of the
Board of Trustees of the Trust or by vote of a majority of the outstanding
voting securities of the Fund; (c) shall automatically terminate in the event of
its assignment; and (d) may be terminated without penalty by the Sub-Adviser on
sixty day's written notice to the Trust.
6. This Agreement may be amended in accordance with the 1940 Act.
7. For the purpose of the Agreement, the terms "vote of a majority of the
outstanding shares," "affiliated person" and "assignment" shall have their
respective meanings defined in the 1940 Act and exemptions and interpretations
issued by the Securities and Exchange Commission under the 1940 Act.
8. In the absence of willful misfeasance, bad faith or gross negligence on the
part of the Sub-Adviser, or reckless disregard of its obligations and duties
hereunder, the Sub-Adviser shall not be subject to any liability to the Trust or
the Fund, to any shareholder of the Trust or the Fund or to any other person,
firm or organization, for any act or omission in the course of or connection
with rendering services hereunder.
9. The Fund may use the name "Liberty," or any other name derived from the name
"Liberty," only for so long as this Agreement or any extension, renewal, or
amendment hereof remains in effect, including any similar agreement with any
organization that shall have succeeded to the business of the Sub-Adviser. At
such time as this Agreement or any extension, renewal or amendment hereof, or
such other similar agreement shall no longer be in effect, the Fund will cease
to use any name derived from the name "Liberty," any name similar thereto, or
any other name indicating that it is advised by or otherwise connected with the
Sub-Adviser, or with any organization which shall have succeeded to the
Sub-Adviser's business as an investment adviser.
LIBERTY VALUE FUND,
VARIABLE SERIES
By: LIBERTY VARIABLE INVESTMENT TRUST
By: /s/Xxxxxxx X. Xxxxxx
COLONIAL MANAGEMENT ASSOCIATES, INC.
By: /s/Xxxxxxx X. Xxxxxx
LIBERTY ADVISORY SERVICES CORP.
By: /s/Xxxxxx X. Xxxxxxx
