Exhibit 99.B5(b)(iii)
XXXXX XXX GLOBAL UTILITIES, VARIABLE SERIES
XXXXX XXX SUB-ADVISORY AGREEMENT
AGREEMENT dated as of November 15, 1997 among LIBERTY VARIABLE
INVESTMENT TRUST, a Massachusetts business trust (the "Trust"), with respect to
STEINROE GLOBAL UTILITIES, VARIABLE SERIES (the "Fund"), LIBERTY ADVISORY
SERVICES CORP., a Massachusetts corporation ("Adviser"), and XXXXX XXX & XXXXXXX
INCORPORATED, a Delaware 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% of the average daily net assets of the Fund for managing the
investment of the assets of the Fund as provided in paragraph 1 above. Such fee
shall be paid in arrears on or before the 10th day of the next following
calendar month.
5. This Agreement shall become effective on the date first written
above, and (a) unless otherwise terminated, shall continue until June 7, 1999
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 "Xxxxx Xxx," or any other name derived
from the name "Xxxxx Xxx," 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-Advisor, so long as such organization is a majority or greater owned
subsidiary of Liberty Financial Companies, Inc.. At such time as this Agreement
or any extension, renewal or amendment hereof, or each such other similar
successor organization agreement shall no longer be in effect, the Fund will
cease to use any name derived from the name "Xxxxx Xxx," 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.
10. The Sub-Adviser is hereby expressly put on notice of the limitation
of shareholder liability as set forth in the Declaration of Trust of the Trust
and agrees that obligations assumed by the Trust pursuant to this Agreement
shall be limited in all cases to the assets of the Fund. The Sub-Adviser further
agrees that it shall not seek satisfaction of any such obligation from the
shareholders of the Fund, nor from the Trustees or any individual Trustee of the
Trust.
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.
XXXXX XXX GLOBAL UTILITIES FUND, VARIABLE SERIES
By: LIBERTY VARIABLE INVESTMENT TRUST
By:
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Title:
XXXXX XXX & XXXXXXX INCORPORATED
By:
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Title:
LIBERTY ADVISORY SERVICES CORP.
By:
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Title:
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