EXHIBIT 23(d)(2)
ADMINISTRATION AGREEMENT
AGREEMENT dated as of April 14, 2003, between LIBERTY VARIABLE INVESTMENT TRUST,
a Massachusetts business trust (the "Trust"), with respect to Columbia Real
Estate Equity Fund, Variable Series, Columbia High Yield Fund, Variable Series
and Liberty Equity Fund, Variable Series (each, a "Fund"), and COLUMBIA
MANAGEMENT ADVISERS, INC., an Oregon corporation (the "Administrator").
In consideration of the promises and covenants herein, the parties agree as
follows:
1. Subject to the general direction and control of the Board of Trustees
of the Trust, the Administrator shall perform such administrative
services as may from time to time be reasonably requested by the Trust,
which shall include without limitation: (a) providing office space,
equipment and clerical personnel necessary for maintaining the
organization of each Fund and for performing the administrative
functions herein set forth; (b) arranging, if desired by the Trust, for
Directors, officers and employees of the Administrator to serve as
Trustees, officers or agents of each Fund if duly elected or appointed
to such positions and subject to their individual consent and to any
limitations imposed by law; (c) preparing and, if applicable, filing
all documents required for compliance by each Fund with applicable laws
and regulations, including registration statements, registration fee
filings, semi-annual and annual reports to shareholders, proxy
statements and tax returns; (d) preparation of agendas and supporting
documents for and minutes of meetings of Trustees, committees of
Trustees and shareholders; (e) coordinating and overseeing the
activities of each Fund's other third-party service providers; and (f)
maintaining books and records of each Fund (exclusive of records
required by Section 31(a) of the 1940 Act). Notwithstanding the
foregoing, the Administrator shall not be deemed to have assumed or
have any responsibility with respect to functions specifically assumed
by any transfer agent or custodian of each Fund.
2. The Administrator shall be free to render similar services to others so
long as its services hereunder are not impaired thereby.
3. Each Fund shall pay the Administrator monthly a fee at the annual rate
of 0.085% of the average daily net assets of the Fund.
4. This Agreement shall become effective as of the date of its execution,
and may be terminated without penalty by the Board of Trustees of the
Trust or by the Administrator, in each case on sixty days' written
notice to the other party.
5. This Agreement may be amended only by a writing signed by both parties.
6. In the absence of willful misfeasance, bad faith or gross negligence on
the part of the Administrator, or reckless disregard of its obligations
and duties hereunder, the Administrator shall not be subject to any
liability to the Trust or Funds, to any shareholder of the Trust or the
Funds or to any other person, firm or organization, for any act or
omission in the course of, or connected with, rendering services
hereunder.
LIBERTY VARIABLE INVESTMENT TRUST
on behalf of
Columbia Real Estate Equity Fund, Variable Series
Columbia High Yield Fund, Variable Series
Liberty Equity Fund, Variable Series
By: _____________________________
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
Secretary
COLUMBIA MANAGEMENT ADVISERS, INC.
By: _____________________________
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Chief Operating Officer
A copy of the document establishing the Trust is filed with the Secretary of The
Commonwealth of Massachusetts. This Agreement is executed by officers not as
individuals and is not binding upon any of the Trustees, officers or
shareholders of the Trust individually but only upon the assets of the Fund.
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