EXPENSE REIMBURSEMENT AGREEMENT
-------------------------------
AGREEMENT made this 1st day of June, 2000, by and between STEINROE VARIABLE
INVESTMENT TRUST, a Massachusetts business trust (the "Trust"), on its own
behalf and on behalf of Xxxxx Xxx Balanced Fund, Variable Series, Xxxxx Xxx
Growth Stock Fund, Variable Series, Xxxxx Xxx Small Company Growth Fund,
Variable Series, Xxxxx Xxx Mortgage Securities Fund, Variable Series, (each a
"Fund," and collectively, the "Funds"), and LIBERTY FUNDS DISTRIBUTOR, INC., a
corporation organized under the laws of The Commonwealth of Massachusetts (the
"Distributor").
WHEREAS, the Trust and the Distributor have entered into a 12b-1 Implementing
Agreement and Underwriting Agreement of even date herewith (the "Distribution
Agreement");
In consideration of the mutual covenants hereinafter contained it is hereby
agreed by and between the parties hereto as follows:
1. For the period from June 1, 2000 through April 30, 2001, the Distributor
agrees to reimburse the Funds for the following portions of the Class B share
12b-1 service fee expenses, incurred by each Fund when the total operating
expenses of each fund is in excess of the following percentages of average daily
net asset value per annum:
Reimburse Total operating
service fee in expense limit:
Fund: excess of:
Xxxxx Xxx Balanced Fund, Variable Series 0.15% 0.90%
Xxxxx Xxx Growth Stock Fund, Variable Series 0.15% 0.95%
Xxxxx Xxx Mortgage Securities Fund, Variable Series 0.20% 0.90%
2. This Agreement, and the Distributor's obligation to so waive expenses
hereunder, shall terminate on the earlier of (a) April 30, 2001 or (b)
termination of the Distribution Agreement.
3. Except as provided in paragraph 2 above, this Agreement may be terminated
only by the vote of (a) the Board of Trustees of the Funds, including the vote
of the members of the Board who are not "interested persons" within the meaning
of the Investment Company Act of 1940, and (b) a majority of the outstanding
voting securities of each Fund.
4. If any provision of this Agreement shall be held or made invalid by a court
decision, statute, rule, or otherwise, the remainder shall not be thereby
affected.
5. The Trust's Declaration of Trust is on file with the Secretary of the
Commonwealth of Massachusetts. This Agreement is executed on behalf of the Funds
by the Funds'
officers as officers and not individually and the obligations imposed upon the
Funds by this Agreement are not binding upon any of the Funds' Trustees,
officers or shareholders individually but are binding only upon the assets and
property of each Fund.
IN WITNESS WHEREOF, the Funds and the Distributor have caused this Agreement to
be executed on the day and year above written.
STEINROE VARIABLE INVESTMENT TRUST
on its own behalf and on behalf of
Xxxxx Xxx Balanced Fund, Variable Series,
Xxxxx Xxx Growth Stock Fund, Variable Series,
Xxxxx Xxx Mortgage Securities Fund, Variable
Series
By:/s/Xxxxxxx X. Xxxxxx
President
LIBERTY FUNDS DISTRIBUTOR, INC.
By: /s/Xxxxx Xxxxxxx
Co-President
