ACCOUNTING SERVICES AGREEMENT
BETWEEN
EQUITRUST INVESTMENT MANAGEMENT SERVICES, INC.
AND
EQUITRUST VARIABLE INSURANCE SERIES FUND
THIS AGREEMENT, entered into the 1st day of January, 1988, as amended and
restated the 1st day of December, 2002, by and between EquiTrust Investment
Management Services, Inc., a Delaware corporation, hereinafter referred to as
"EquiTrust", and EquiTrust Variable Insurance Series Fund, a Massachusetts
business trust, hereinafter referred to as "Fund".
WITNESSETH:
WHEREAS, the Fund currently issues shares in six portfolios, which,
together with any subsequently created portfolios, shall hereinafter be referred
to as the "Portfolios";
WHEREAS, the Fund desires to obtain certain accounting and other services
from EquiTrust; and
WHEREAS, EquiTrust desires to provide such services for the Fund;
NOW, THEREFORE, in consideration of the mutual agreements herein contained,
the parties agree as follows:
I. EquiTrust agrees to:
A. Maintain all books, accounts, ledgers, journals, supporting
documents and supplementary records pertaining to the business of the Fund
which constitute the record forming the basis for financial statements
required of the Fund by law or required by resolution of the Fund Board of
Trustees.
B. Calculate the net asset value of each of the Portfolios of the Fund
in accordance with the Fund's current prospectus and communicate same to
the Fund's transfer agent on each day that the net asset value per share is
calculated for the Portfolios.
C. Provide the personnel and facilities necessary to process payment
of all Fund expenditures, as authorized by the Fund.
D. Maintain all records of a financial nature pertaining to Fund
portfolio transactions as are required by law or resolution of the Fund
Board of Trustees.
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E. Prepare monthly financial statements, any statistical reports
requested by the Fund Board of Trustees and supporting accounting work
papers.
F. Provide the Fund Board of Trustees periodic financial statements
and statistical reports.
G. Prepare such other reports and analyses as requested by the Fund
Board of Trustees to be presented at their quarterly meetings.
H. Prepare financial statements and any other related per share data
required for inclusion in the annual and semi-annual reports to
shareholders and amendments to the Fund's registration statement.
I. Prepare for timely filing all the Fund's required governmental
(state and federal) reports, tax returns and other filings, which EquiTrust
is not otherwise required to prepare pursuant to the terms of other
agreements in effect between the Fund and EquiTrust.
J. Prepare recommendations to the Fund Board of Trustees regarding the
payment of income dividends and capital gains distributions.
K. Maintain or cause to be maintained all other books, accounts and
other documents that are required to be maintained by Rule 31a-1 under the
Investment Company Act of 1940 that are not required to be maintained for
the Fund pursuant to some other agreement between the Fund and EquiTrust or
another party.
L. Preserve or cause to be preserved for the periods required in Rule
31a-2 under the Investment Company Act of 1940 all records covered by this
Agreement that are required to be maintained by Rule 31a-1.
II. The Fund agrees to:
Pay EquiTrust an annual fee aggregating 0.05% of the average daily net
assets of each Portfolio, accrued daily and payable monthly, with such
payments not to exceed $30,000 per Portfolio per annum.
III. The parties hereto mutually agree:
A. That this Agreement shall become effective on the 1st day of
December 2002, shall remain in effect until November 30, 2003, and shall
continue in effect from year to year thereafter, unless sooner terminated
as hereinafter provided, so long as the continuance of the Agreement is
approved at least annually by a majority of the Trustees who are not
parties to the Agreement or "interested persons" as that term is defined in
the Investment Company Act of 1940.
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B. That either party may terminate this Agreement at any time by
giving 60 days' written notice of such termination to the other party.
C. That any amendment to this Agreement must be in writing, executed
by both parties hereto.
D. That notices and other writings delivered or mailed postage prepaid
to the Fund or to EquiTrust at 0000 Xxxxxxxxxx Xxxxxx, Xxxx Xxx Xxxxxx,
Xxxx 00000 shall be deemed to have been properly delivered or given
hereunder to the respective parties.
E. That neither the Fund shareholders nor Fund trustees, officers or
employees shall be personally liable hereunder. EquiTrust represents that
it has notice of the provisions of the Declaration of Trust of the Fund
disclaiming shareholder and trustee liability for acts or obligations of
the Fund.
F. That this Agreement is executed and delivered in the State of Iowa
and is subject to and shall be construed according to the laws of that
State, except as to provision III.E. above, which shall be construed in
accordance with the laws of the Commonwealth of Massachusetts.
IN WITNESS WHEREOF, each of the parties hereto have caused this Agreement
to be executed in its name and on its behalf and under its corporate or trust
seal by and through its duly authorized officers on the day and year above
stated.
ATTEST: EQUITRUST VARIABLE INSURANCE
SERIES FUND, INC.
By: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxx
----------------------------------------- ------------------------
Xxxxxx X. Xxxxxx Xxxxxxx X. Xxxx
Vice President - Investment Administration Chief Executive Officer
ATTEST: EQUITRUST INVESTMENT MANAGEMENT
SERVICES, INC.
By: /s/ Xxxxxx Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------- -------------------------
Xxxxxx Xxxxxx Xxxxxx X. Xxxxxx
Assistant Secretary President
