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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 12
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<PAGE> PAGE 18
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<PAID-IN-CAPITAL-COMMON> 17397434
<SHARES-COMMON-STOCK> 1743230
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 596687
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (157299)
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<NET-ASSETS> 17332291
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 666482
<OTHER-INCOME> 0
<EXPENSES-NET> (69795)
<NET-INVESTMENT-INCOME> 596687
<REALIZED-GAINS-CURRENT> (157299)
<APPREC-INCREASE-CURRENT> (504531)
<NET-CHANGE-FROM-OPS> (65143)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 17553952
<NUMBER-OF-SHARES-REDEEMED> (156518)
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<NET-CHANGE-IN-ASSETS> 17332291
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 41092
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<GROSS-EXPENSE> 131818
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> (0.40)
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</TABLE>
EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B:
Accountants report on internal control
EXHIBIT B:
Attachment to item 77C: Submission of matters to a vote of
Security holders.
EXHIBIT C:
Attachment to item 77K: Changes in Registrant's certifying
accountant
EXHIBIT D:
Attachment to item 77Q1(d)
EXHIBIT E:
Attachment to item 77Q1(f)
- ------------------------------------------------------------------
EXHIBIT A:
Report of Independent Accountants
To the Board of Directors and Shareholders of
The OFFIT Variable Insurance Fund, Inc.:
In planning and performing our audit of the financial
statements of The OFFIT Variable Insurance Fund, Inc. (the
"Fund") for the year ended December 31, 1999, we considered
its internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that controls may become inadequate because of changes
in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of
the Board of Directors, management and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
February 16, 2000
EXHIBIT B:
77 C
The Company held a special meeting of shareholders on
July 30, 1999. The three matters voted upon by
shareholders and the resulting votes for each matter
were as follows:
1. Approval of a new advisory agreement between OFFITBANK
(the "Adviser") and the Company on behalf of each Fund:
Voting Results (in thousands of shares)
For Against Abstained
/Withheld
VIF-High Yield 4,863 - -
VIF-Emerging Markets Fund 773 - -
VIF-U.S. Small Cap Fund 111 - -
VIF Total Return Fund 122 - -
VIF-U.S. Government Securities Fund 1,663 - -
2. Approval of a new sub-advisory agreement with respect to
the OFFIT VIF-U.S. Small Cap Fund between the Fund and
Rockefeller & Co.:
Voting Results (in thousands of shares)
For Against Abstained
/Withheld
VIF U.S. Small Cap Fund 111 - -
3. Election of the following Director:
Voting Results (in thousands of shares)
For Against Abstained
/Withheld
Stephen M. Peck 7,532 - -
EXHIBIT C:
77 K
On December 16, 1999, the Board of Directors of the
Company elected Ernst & Young LLP as the independent
accountants for the Company for the year ending
December 31, 2000, replacing PricewaterhouseCoopers
LLP. The Audit Committee did not take any separate
action on this matter.
PricewaterhouseCoopers LLP's reports on the Company's
financial statements for the years ended December 31,
1998 and 1997 did not contain an adverse opinion or a
disclaimer of opinion, nor were such reports qualified
or modified as to uncertainty, audit scope or
accounting principles.
During the years ended December 31, 1998 and 1997, and
through December 16, 1999, there were no disagreements
with PricewaterhouseCoopers LLP on any matter of
accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of
PricewaterhouseCoopers LLP, would have caused it to
make reference to the subject matter of the
disagreement in its report on the financial statements
for such years.
EXHIBIT D:
77 Q1(d)
As discussed in Item 77 C above, the shareholders
of each of the Funds of the Company voted to approve a
new advisory agreement with OFFITBANK and the
shareholders of the U.S. Small Cap Fund voted to
approve a new sub-advisory agreement with Rockefeller &
Co. The agreements are provided below.
FORM OF NEW ADVISORY AGREEMENT
INVESTMENT ADVISORY AGREEMENT BETWEEN THE OFFITBANK VARIABLE
INSURANCE FUND, INC. AND OFFITBANK
AGREEMENT made this ( ) day of ( ), 1999, by and between The
OFFITBANK Variable Insurance Fund, Inc., a Maryland
Corporation which may issue one or more series of shares
(hereinafter the "Company"), and OFFITBANK, a New York
chartered trust company (hereinafter the "Adviser").
1. STRUCTURE OF AGREEMENT. The Company is entering into this
Agreement on behalf of the Company's series listed on
Schedule A attached hereto (individually, a "Fund" and
collectively, the "Funds") severally and not jointly. The
responsibilities and benefits set forth in this Agreement
shall refer to each Fund severally and not jointly. No
individual Fund shall have any responsibility for any
obligation with respect to any other Fund arising out of
this Agreement. Without otherwise limiting the generality
of the foregoing, (a) any breach of any term of this
Agreement regarding the Company with respect to any one
Fund shall not create a right or obligation with respect
to any other Fund; (b) under no circumstances shall the
Adviser have the right to set off claims relating to a
Fund by applying property of any other Fund; and (c) the
business and contractual relationships created by this
Agreement, consideration for entering into this
Agreement, and the consequences of such relationship and
consideration relate solely to the Company and the
particular Fund to which such relationship and
consideration applies.
2. DELIVERY OF DOCUMENTS. The Company has delivered to the
Adviser copies of each of the following documents and
will deliver to it all future amendments and supplements
thereto, if any: (a) The Company's Articles of
Incorporation (the "Articles"); (b) The By-Laws of the
Company; (c) Resolutions of the Board of Directors of the
Company authorizing the execution and delivery of this
Agreement; (d) The Company's Registration Statement
under the Securities Act of 1933, as amended (the "1933
Act"), and the Investment Company Act of 1940, as amended
(the "1940 Act"), on Form N-lA as filed with the
Securities and Exchange Commission (the "Commission") on
July 20, 1994 and all subsequent amendments thereto
relating to the Funds (the "Registration Statement"); (e)
Notification of Registration of the Company under the
1940 Act on Form N-8A as filed with the Commission; and
(f) Prospectuses and Statements of Additional Information
of the Funds (collectively, the "Prospectuses").
3. INVESTMENT ADVISORY SERVICES. The Company hereby appoints
the Adviser, and the Adviser hereby undertakes, to act as
investment adviser of the Funds and, subject to the
supervision of the Company's Board of Directors, to (a)
make investment strategy decisions for the Funds, (b)
manage the investing and reinvesting of the Fund's
assets, (c) place purchase and sale orders on behalf of
the Funds and (d) provide continuous supervision of each
Fund's investment portfolio. The Adviser shall, subject
to review by the Board of Directors, furnish such other
services as the Adviser shall from time to time determine
to be necessary or useful to perform its obligations
under this Agreement. As manager of the Funds' assets,
the Adviser shall make investments for the Funds' account
in accordance with the investment objectives and
limitations set forth in the Articles, the Prospectuses,
the 1940 Act, the provisions of the Internal Revenue Code
of 1986, as amended, including Subchapters L and M,
relating to variable contracts and regulated investment
companies, respectively, applicable banking laws and
regulations, and policy decisions adopted by the
Company's Board of Directors from time to time. The
Adviser shall advise the Company's officers and Board of
Directors, at such times as the Company's Board of
Directors may specify, of investments made for the Funds'
accounts and shall, when requested by the Company's
officers or Board of Directors, supply the reasons for
making such investments. The Adviser is authorized on
behalf of the Company, from time to time when deemed to
be in the best interests of the Company and to the extent
permitted by applicable law, to purchase and/or sell
securities in which the Adviser or any of its affiliates
underwrites, deals in and/or makes a market and/or may
perform or seek to perform investment banking services
for issuers of such securities. The Adviser is further
authorized, to the extent permitted by applicable law, to
select brokers for the execution of trades for the
Company, which broker may be an affiliate of the Adviser,
provided that the best competitive execution price is
obtained at the time of the trade execution. It is
understood and agreed that the Adviser may from time to
time employ or associate with such other entities or
persons as the Adviser believes appropriate to assist in
the performance of this Agreement with respect to a
particular Fund or Funds (each a "Sub-Adviser") and that
any such Sub-Adviser shall have all the rights and powers
of the Adviser set forth in this Agreement; provided that
a Fund shall not pay any additional compensation for any
Sub-Adviser and the Adviser shall be as fully responsible
to the Company for the acts and omissions of the Sub-
Adviser as it is for its own acts and omissions; and
provided further that the retention of any Sub-Adviser
shall be approved in advance by (i) the Board of
Directors of the Company and (ii) the shareholders of the
relevant Fund if required under any applicable provisions
of the 1940 Act. The Adviser will review, monitor and
report to the Company's Board of Directors regarding the
performance and investment procedures of any Sub-Adviser.
In the event that the services of any Sub-Adviser are
terminated, the Adviser may provide investment advisory
services pursuant to this Agreement to the Fund without a
Sub-Adviser and without further shareholder approval, to
the extent consistent with the 1940 Act. A Sub-Adviser
may be an affiliate of the Adviser.
4. EXPENSES. (a) The Adviser shall, at its expense, provide
the Funds with office space, furnishings and equipment
and personnel required by it to perform the services to
be provided by the Adviser pursuant to this Agreement.
(b) Except as provided in subparagraph (a), the Company
shall be responsible for all of the Funds' expenses and
liabilities, including, but not limited to, taxes;
interest; fees (including fees paid to its directors who
are not affiliated with the Adviser or any of its
affiliates); fees payable to the Securities and Exchange
Commission; state securities qualification fees; costs of
preparing and printing Prospectuses for regulatory
purposes and for distribution to existing shareholders;
advisory and administration fees; charges of the
custodian and transfer agent; insurance premiums;
auditing and legal expenses; costs of shareholders'
reports and shareholders' meetings; any extraordinary
expenses; and brokerage fees and commissions, if any, in
connection with the purchase or sale of portfolio
securities.
5. COMPENSATION. In consideration of the services to be
rendered by the Adviser under this Agreement, the Company
shall pay the Adviser monthly fees on the first Business
Day (as defined in the Prospectuses) of each month based
upon the average daily net assets of each Fund during the
preceding month (as determined on the days and at the
time set forth in the Prospectuses for determining net
asset value per share) at the annual rate set forth
opposite the Fund's name on Schedule A attached hereto.
If the fees payable to the Adviser pursuant to this
paragraph begin to accrue before the end of any month or
if this Agreement terminates before the end of any month,
the fees for the period from such date to the end of such
month or from the beginning of such month to the date of
termination, as the case may be, shall be prorated
according to the proportion which such period bears to
the full month in which such effectiveness or termination
occurs. For purposes of calculating each such monthly
fee, the value of the Funds' net assets shall be computed
in the manner specified in the Prospectuses and the
Articles for the computation of the value of the Funds'
net assets in connection with the determination of the
net asset value of shares of the Funds' capital stock. In
consideration of the Adviser's undertaking to render the
services described in this Agreement, the Company agrees
that the Adviser shall not be liable under this Agreement
for any error of judgment or mistake of law or for any
loss suffered by the Company in connection with the
performance of this Agreement, provided that nothing in
this Agreement shall be deemed to protect or purport to
protect the Adviser against any liability to the Company
or its stockholders to which the Adviser would otherwise
be subject by reason of willful misfeasance, bad faith or
gross negligence in the performance of the Adviser's
duties under this Agreement or by reason of the Adviser's
reckless disregard of its obligations and duties
hereunder. 6. NON-EXCLUSIVE SERVICES. Except to the
extent necessary to perform the Investment Adviser's
obligations under this Agreement, nothing herein shall be
deemed to limit or restrict the right of the Adviser, or
any affiliate of the Adviser, including any employee of
the Adviser, to engage in any other business or to devote
time and attention to the management or other aspects of
any other business, whether of a similar or dissimilar
nature, or to render services of any kind to any other
corporation, firm, individual or association.
7. EFFECTIVE DATE; MODIFICATIONS; TERMINATION. This
Agreement shall become effective on the date hereof,
provided that it shall have been approved by a majority
of the outstanding voting securities of each Fund, in
accordance with the requirements of the 1940 Act, or such
later date as may be agreed by the parties following such
shareholder approval. (a) Subject to prior termination as
provided in sub-paragraph (d) of this paragraph, this
Agreement shall continue in force until _________________
and indefinitely thereafter, but only so long as the
continuance after such date shall be specifically
approved at least annually by vote of the Directors of
the Company or by vote of a majority of the outstanding
voting securities of each Fund. (b) This Agreement may be
modified by mutual consent, such consent on the part of
the Company to be authorized by vote of a majority of the
outstanding voting securities of each Fund. (c) In
addition to the requirements of sub-paragraphs (a) and
(b) of this paragraph, the terms of any continuance or
modification of this Agreement must have been approved by
the vote of a majority of those Directors of the Company
who are not parties to this Agreement or interested
persons of any such party, cast in person at a meeting
called for the purpose of voting on such approval. (d)
Either party hereto may, at any time on sixty (60) days'
prior written notice to the other, terminate this
Agreement, without payment of any penalty, by action of
its Trustees or Board of Directors, as the case may be,
or by action of its authorized officers or, with respect
to a Fund, by vote of a majority of the outstanding
voting securities of that Fund. This Agreement may remain
in effect with respect to a Fund even if it has been
terminated in accordance with this paragraph with respect
to the other Funds. This Agreement shall terminate
automatically in the event of its assignment.
8. USE OF NAME. Upon expiration or earlier termination of
this Agreement, the Company shall, if reference to
"OFFITBANK", is made in the corporate name of the Company
or in the names of the Funds and if the Adviser requests
in writing, as promptly as practicable change its
corporate name and the names of the Funds so as to
eliminate all reference to "OFFITBANK", and thereafter
the Company and the Funds shall cease transacting
business in any corporate name using the words
"OFFITBANK" or any other reference to the Adviser or
"OFFITBANK". The foregoing rights of the Adviser and
obligations of the Company shall not deprive the Adviser,
or any affiliate thereof which has "OFFITBANK" in its
name, of, but shall be in addition to, any other rights
or remedies to which the Adviser and any such affiliate
may be entitled in law or equity by reason of any breach
of this Agreement by the Company, and the failure or
omission of the Adviser to request a change of the
Company's or a Fund's name or a cessation of the use of
the name of "OFFITBANK" as described in this paragraph
shall not under any circumstances be deemed a waiver of
the right to require such change or cessation at any time
thereafter for the same or any subsequent breach.
9. GOVERNING LAW. This Agreement shall be governed by the
laws of the State of Maryland.
IN WITNESS WHEREOF, the parties have caused this Agreement
to be executed by their respective officers thereunto duly
authorized, and their respective seals to be hereunto
affixed, all as of the date written above.
THE OFFITBANK VARIABLE INSURANCE FUND, INC.
By: _________________
OFFITBANK
By: _________________
SCHEDULE A
OFFITBANK VIF FUND: FEE:
HIGH YIELD FUND .85% (first $200 million
of net assets)
.75% (thereafter)
EMERGING MARKETS FUND .90% (first $200 million of
net assets)
.80% (thereafter)
TOTAL RETURN FUND .80%
U.S. GOVERNMENT
SECURITIES FUND .35%
U.S. SMALL CAP FUND 1.00%
FORM OF NEW SUB-ADVISORY AGREEMENT
INVESTMENT MANAGEMENT AGREEMENT between OFFITBANK, THE
OFFITBANK VARIABLE INSURANCE FUND, INC. and ROCKEFELLER &
CO., INC.
AGREEMENT made as of the ( ) day of ( ) 1999, by and between
OFFITBANK, a New York State chartered trust company (the
"Adviser"), Rockefeller & Co., Inc., a New York corporation
and a wholly-owned subsidiary of Rockefeller Financial
Services, Inc. (the "Sub-Adviser") and The OFFITBANK
Variable Insurance Fund, Inc. a Maryland corporation (the
"Company"), an open-end, management investment company
registered under the Investment Company Act of 1940, as
amended (the "1940 Act").
WHEREAS, the Adviser provides investment advisory services
to the VIF- U.S. Small Cap Fund series of the Company which
serves as the underlying investment for certain variable
annuity contracts issued by insurance company separate
accounts, pursuant to an Investment Advisory Agreement dated
as of ________, 1999 (the "Advisory Agreement"); and
WHEREAS, the Sub-Adviser is a registered investment adviser
under the Investment Advisers Act of 1940, as amended (the
"Advisers Act"); and
WHEREAS, the Adviser desires to retain the Sub-Adviser to
furnish investment sub-advisory services in connection with
the VIF-U.S. Small Cap Fund series of the Company (the
"Fund"), and the Sub-Adviser represents that it is willing
and possesses legal authority to so furnish such services;
NOW, THEREFORE, in consideration of the premises and mutual
covenants herein contained, it is agreed between the parties
hereto as follows:
1. Appointment. The Adviser hereby appoints the Sub-Adviser
to act as investment sub-adviser to the Fund for the
period and on the terms set forth in this Agreement. The
Sub-Adviser accepts such appointment and agrees to
furnish the services herein set forth for the
compensation herein provided.
2. Delivery of Documents. The Adviser has delivered to the
Sub-Adviser copies of each of the following documents
along with all amendments thereto through the date
hereof, and will promptly deliver to it all future
amendments and supplements thereto, if any: (a) the
Company's Articles of Incorporation; (b) the By-Laws of
the Company; (c) resolutions of the Board of Directors
of the Company authorizing the execution and delivery of
the Advisory Agreement and this Agreement; (d) the most
recent Post-Effective Amendment to the Company's
Registration Statement under the Securities Act of 1933,
as amended (the "1933 Act"), and the 1940 Act, on Form N-
1A as filed with the Securities and Exchange Commission
(the "Commission"); (e) Notification of Registration of
the Company under the 1940 Act on Form N- 8A as filed
with the Commission; and (f) the currently effective
Prospectus and Statement of Additional Information of the
Fund.
3. Investment Advisory Services. The Sub-Adviser hereby
undertakes to act as investment sub-adviser to the Fund
and, subject to the supervision of the Company's Board of
Directors and the Adviser, to (a) make investment
strategy decisions for the Fund, (b) manage the investing
and reinvesting of the Fund's assets, (c) place purchase
and sale orders on behalf of the Fund and (d) provide
continuous supervision of the Fund's investment
portfolio. The Sub-Adviser shall, subject to review by
the Board of Directors and the Adviser, furnish such
other services as the Sub-Adviser shall from time to time
determine to be necessary or useful to perform its
obligations under this Agreement. As manager of the
Fund's assets, the Sub-Adviser shall make investments for
the Fund's account in accordance with the investment
objective and limitations set forth in the Articles, the
Prospectus, the 1940 Act, the provisions of the Internal
Revenue Code of 1986, as amended (the "Code"), including
Subchapters L and M, relating to variable contracts and
regulated investment companies, respectively, and policy
decisions adopted by the Company's Board of Directors and
the Adviser from time to time. The Sub-Adviser shall
advise the Company's officers, Board of Directors and the
Adviser, at such times as the Company's Board of
Directors or Adviser may specify, of investments made for
the Fund's account and shall, when requested by the
Company's officers, Board of Directors or Adviser, supply
the reasons for making such investments. The Sub-Adviser
is authorized on behalf of the Company, from time to time
when deemed to be in the best interests of the Company
and to the extent permitted by applicable law, to
purchase and/or sell securities in which the Adviser,
Sub-Adviser or any respective affiliates thereof
underwrites, deals in and/or makes a market and/or may
perform or seek to perform investment banking services
for issuers of such securities. The Sub-Adviser is
further authorized, to the extent permitted by applicable
law, to select brokers for the execution of trades for
the Company, which broker may be an affiliate of the Sub-
Adviser or Adviser, provided that the best competitive
execution price is obtained at the time of the trade
execution. Pursuant to applicable law, the Sub-Adviser
shall keep the Fund's books and records required to be
maintained by, or on behalf of, the Fund with respect to
subadvisory services rendered hereunder. The Sub-Adviser
agrees that all records which it maintains for the Fund
are the property of the Fund and it will promptly
surrender any of such records to the Fund upon the Fund's
request. The Sub-Adviser further agrees to preserve for
the periods prescribed by Rule 31a-2 under the 1940 Act
any such records of the Fund required to be preserved by
such Rule.
4. Representations and Warranties. (a) The Sub-Adviser
hereby represents and warrants to the Adviser as follows:
(i) The Sub-Adviser is a corporation duly organized and
in good standing under the laws of the State of New York
and is fully authorized to enter into this Agreement and
carry out its duties and obligations hereunder. (ii) The
Sub-Adviser is registered as an investment adviser with
the Commission under the Advisers Act. The Sub-Adviser
shall maintain such registration in effect at all times
during the term of this Agreement. (iii) The Sub-Adviser
at all times shall provide its best judgment and effort
to the Adviser in carrying out the Sub-Adviser's
obligations hereunder. (b) The Adviser hereby represents
and warrants to the Sub-Adviser as follows: (i) The
Adviser is a trust company duly organized and in good
standing under the laws of the State of New York and is
fully authorized to enter into this Agreement and carry
out its duties and obligations hereunder. (ii) The
Company has been duly organized as a corporation under
the laws of the State of Maryland. (iii) The Company is
registered as an investment company with the Commission
under the 1940 Act, and shares of the Fund are registered
for offer and sale to the public under the 1933 Act and
all applicable state securities laws where currently
sold. Such registrations will be kept in effect during
the term of this Agreement.
5. Expenses. (a) The Sub-Adviser shall, at its expense,
provide the Fund with office space, furnishings and
equipment and personnel required by it to perform the
services to be provided by the Sub-Adviser pursuant to
this Agreement. (b) Except as provided in subparagraph
(a), the Company shall be responsible for all of the
Fund's expenses and liabilities, including, but not
limited to, taxes; interest; fees (including fees paid to
its directors who are not affiliated with the Adviser,
Sub-Adviser or any of their respective affiliates); fees
payable to the Securities and Exchange Commission; state
securities qualification fees; costs of preparing and
printing Prospectuses for regulatory purposes and for
distribution to existing shareholders; advisory and
administration fees; charges of the custodian and
transfer agent; insurance premiums; auditing and legal
expenses; costs of shareholders' reports and
shareholders' meetings; any extraordinary expenses; and
brokerage fees and commissions, if any, in connection
with the purchase or sale of portfolio securities.
6. Compensation. In consideration of the services to be
rendered by the Sub-Adviser under this Agreement, the
Adviser shall pay the Sub-Adviser (or cause to be paid by
the Company directly to the Sub-Adviser) monthly fees on
the first Business Day (as defined in the Prospectus) of
each month based upon the average daily net assets of the
Fund during the preceding month (as determined on the
days and at the time set forth in the Prospectus for
determining net asset value per share) at the annual rate
of 1.00%. If the fees payable to the Sub-Adviser pursuant
to this paragraph begin to accrue before the end of any
month or if this Agreement terminates before the end of
any month, the fees for the period from such date to the
end of such month or from the beginning of such month to
the date of termination, as the case may be, shall be
prorated according to the proportion which such period
bears to the full month in which such effectiveness or
termination occurs. For purposes of calculating each such
monthly fee, the value of the Fund's net assets shall be
computed in the manner specified in the Prospectus and
the Articles for the computation of the value of the
Fund's net assets in connection with the determination of
the net asset value of shares of the Fund's capital
stock. If the aggregate expenses incurred by, or
allocated to, the Fund in any fiscal year shall exceed
the lowest expense limitation, if applicable to the Fund,
imposed by state securities laws or regulations
thereunder, as such limitations may be raised or lowered
from time to time, the Sub-Adviser shall reimburse the
Fund for such excess. The Sub-Adviser's reimbursement
obligation will be limited to the amount of fees it
received under this Agreement during the period in which
such expense limitations were exceeded, unless otherwise
required by applicable laws or regulations. With respect
to portions of a fiscal year in which this Agreement
shall be in effect, the foregoing limitations shall be
prorated according to the proportion which that portion
of the fiscal year bears to the full fiscal year. Any
payments required to be made by this paragraph shall be
made once a year promptly after the end of the Company's
fiscal year.
7. Standard of Care. The Sub-Adviser shall exercise its
best judgment in rendering the services described in this
Agreement. The Sub-Adviser shall not be liable for any
error of judgment or mistake of law or for any act or
omission or any loss suffered by the Company or the Fund
in connection with the matters to which this Agreement
relates, provided that nothing herein shall be deemed to
protect or purport to protect the Sub-Adviser against any
liability to the Fund, the Company or its shareholders to
which the Sub-Adviser would otherwise be subject by
reason of willful misfeasance, bad faith or gross
negligence on its part in the performance of its duties
or from reckless disregard by it of its obligations and
duties under this Agreement ("disabling conduct"). The
Adviser will indemnify the Sub-Adviser against, and hold
it harmless from, any and all losses, claims, damages,
liabilities or expenses (including reasonable counsel
fees and expenses), including any amounts paid in
satisfaction of judgments, in compromise or as fines or
penalties, relating to the Fund, arising out of or
resulting from any action or inaction on the part of the
Adviser which constitutes a breach of a covenant or
representation contained in this Agreement or the
Advisory Agreement and not resulting from disabling
conduct by the Sub-Adviser. The Sub-Adviser will
indemnify the Adviser against, and hold it harmless from,
any and all losses, claims, damages, liabilities or
expenses (including reasonable counsel fees and
expenses), including any amounts paid in satisfaction of
judgments, in compromise or as fines or penalties,
relating to the Fund, arising out of or resulting from
any action or inaction on the part of the Sub-Adviser
which constitutes a breach of a covenant or
representation contained in this Agreement and not
resulting from disabling conduct by the Adviser. No party
shall be liable under this indemnification provision
unless the indemnified party shall have notified the
indemnifying party in writing within a reasonable time
after the summons or first legal process giving
information of the nature of the claim shall have been
served upon the indemnified party (or after the
indemnified party shall have received notice of such
service on any designated agent), but failure to notify
the indemnifying party of any such claim shall not
relieve the indemnifying party from any liability it may
have to the indemnified party against whom such action is
brought otherwise than on account of this indemnification
provision. In case any such action is brought against an
indemnified party, the indemnifying party shall be
entitled to participate, at its own expense, in the
defense of such action. The indemnifying party shall also
be entitled to assume the defense thereof, with counsel
satisfactory to the party named in the action. After
notice from the indemnifying party to such named party of
the indemnifying party's election to assume the defense
thereof, the indemnified party shall bear the fees and
expenses of any additional counsel retained by it, and
the indemnifying party will not be liable to such named
party under this indemnification provision for any legal
or other expenses subsequently incurred by such named
party independently in connection with the defense
thereof other than reasonable costs of investigation.
8. Effective Date; Modifications; Termination. This
Agreement shall become effective on the date hereof
provided that it shall have been approved by a majority
of the outstanding voting securities of the Fund, in
accordance with the requirements of the 1940 Act, or such
later date as may be agreed by the parties following such
shareholder approval (the "Effective Date"). (a) Subject
to prior termination as provided in sub-paragraph (d) of
this paragraph, this Agreement shall continue in force
for two years from the Effective Date and indefinitely
thereafter, but only so long as the continuance after
such date shall be specifically approved at least
annually by vote of the Directors of the Company or by
vote of a majority of the outstanding voting securities
of the Fund. (b) This Agreement may be modified by mutual
consent, such consent on the part of the Company to be
authorized by vote of a majority of the outstanding
voting securities of the Fund. (c) In addition to the
requirements of sub-paragraphs (a) and (b) of this
paragraph, the terms of any continuance or modification
of this Agreement must have been approved by the vote of
a majority of those Directors of the Company who are not
parties to this Agreement or interested persons of any
such party, cast in person at a meeting called for the
purpose of voting on such approval. (d) Either the
Company, or the Sub-Adviser or the Fund may, at any time
on sixty (60) days' prior written notice to the other,
terminate this Agreement, without payment of any penalty,
by action of its Board of Directors or by action of its
authorized officers or, with respect to the Fund, by vote
of a majority of the outstanding voting securities of the
Fund. This Agreement shall terminate automatically in the
event of its assignment or in the event of an assignment
or termination of the Advisory Agreement.
9. Certain Definitions. The terms "vote of a majority of the
outstanding voting securities," "assignment," "control,"
and "interested persons," when used herein, shall have
the respective meanings specified in the 1940 Act.
References in this Agreement to the 1940 Act and the
Advisers Act shall be construed as references to such
laws as now in effect or as hereafter amended, and shall
be understood as inclusive of any applicable rules,
interpretations and/or orders adopted or issued
thereunder by the Commission.
10. Independent Contractor. The Sub-Adviser shall for all
purposes herein be deemed to be an independent contractor
and shall, unless otherwise expressly provided herein or
authorized by the Board of Directors of the Company, from
time to time, have no authority to act for or represent
the Fund in any way or otherwise be deemed an agent of
the Fund.
11. Structure of Agreement. The Adviser and Sub-Adviser
hereby recognize that the Fund is a separate series
portfolio of the Company. The Adviser and Sub-Adviser are
entering into this Agreement with regard to the Fund
severally and not jointly with respect to other series
portfolios of the Company. The responsibilities and
benefits set forth in this Agreement shall be deemed to
be effective as between the Adviser and Sub-Adviser in
connection with the Fund severally and not jointly and
not jointly with respect to other series portfolios of
the Company. This Agreement is intended to govern only
the relationships between the Adviser, on the one hand,
and the Sub-Adviser, on the other hand, and is not
intended to and shall not govern (i) the relationship
between the Adviser or Sub-Adviser and any other series
portfolio, or (ii) the relationships among the respective
series portfolios.
12. Governing Law. This Agreement shall be governed by the
laws of the State of Maryland, provided that nothing
herein shall be construed in a manner inconsistent with
the 1940 Act or the Advisers Act.
13. Severability. If any provision of this Agreement shall
be held or made invalid by a court decision, statute,
rule or otherwise, the remainder of this Agreement shall
not be affected thereby and, to this extent, the
provisions of this Agreement shall be deemed to be
severable.
14. Notices. Notices of any kind to be given to the Adviser
hereunder by the Sub-Adviser shall be in writing and
shall be duly given if mailed or delivered to the Adviser
at 520 Madison Avenue, New York, New York 10022-4213 or
at such other address or to such individual as shall be
so specified by the Adviser to the Sub-Adviser. Notices
of any kind to be given to the Sub-Adviser hereunder by
the Adviser shall be in writing and shall be duly given
if mailed or delivered to the Sub-Adviser at 30
Rockefeller Plaza, New York, New York 10112 or at such
other address or to such individual as shall be so
specified by the Sub-Adviser to the Adviser. Notices
shall be effective upon delivery.
IN WITNESS WHEREOF, the parties have caused this Agreement
to be executed by their respective officers thereunto duly
authorized as of the date written above.
OFFITBANK ROCKEFELLER & CO., INC.
By: By:
Name: Name:
Title: Title:
THE OFFITBANK VARIABLE INSURANCE FUND, INC.
By:
Name:
Title:
EXHIBIT E:
77 Q1(f)
As discussed in 77 K above, the Board of
Directors of the Company elected Ernst & Young LLP as
the independent accountants for the year ending
December 31, 2000, replacing PricewaterhouseCoopers LLP
("PwC"). Accordingly, the letter from the Company
and PwC required by this item is provided below.
PricewaterhouseCoopers LLP Letter
February 23, 2000
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Commissioners:
We have read the statements made by The OFFIT Investment
Fund, Inc. and The OFFIT Variable Insurance Fund, Inc., (the
"Funds") (copies attached), which we understand will be
filed with the Commission, pursuant to Item 77K of Form N-
SAR, as part of the Fund's Form N-SAR report for the period
ending December 31, 1999. We agree with the statements
concerning our Firm in such Form N-SAR.
Very truly yours,
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
