Document:

<PAGE>   1
                                                                EXHIBIT 10.10(A)

                             NUVEEN INVESTMENT TRUST

                   RENEWAL OF INVESTMENT MANAGEMENT AGREEMENT

This Agreement made this 22nd day of May, 1999 by and between Nuveen Investment
Trust, a Massachusetts business trust (the "Fund"), and Nuveen Institutional
Advisory Corp., a Delaware corporation (the "Adviser");

WHEREAS, the parties hereto are the contracting parties under that certain
Management Agreement (the "Agreement") pursuant to which the Adviser furnishes
investment advisory and management services and certain other services to the
Fund; and

WHEREAS, the Board of Trustees, at a meeting called for the purpose of reviewing
the Agreement, have approved the Agreement and its continuance until August 1,
2000 in the manner required by the Investment Company Act of 1940.

NOW THEREFORE, in consideration of the mutual covenants contained in the
Agreement, the parties hereto do hereby approve the continuance of the Agreement
in effect until August 1, 2000 and do ratify and confirm the Agreement in all
respects.

                                                 NUVEEN INVESTMENT TRUST

                                                 By:
                                                    ----------------------------
                                                       Vice President
ATTEST:

------------------------------------
         Assistant Secretary
                                                 NUVEEN INSTITUTIONAL
                                                 ADVISORY CORP.

                                                 By:
                                                    ----------------------------
                                                       Vice President
ATTEST:

------------------------------------
         Assistant Secretary<PAGE>   1

                                                                EXHIBIT 10.10(c)

                           NUVEEN INVESTMENT TRUST II

                   RENEWAL OF INVESTMENT MANAGEMENT AGREEMENT

This Agreement made this 22nd day of May, 1999 by and between Nuveen Investment
Trust II, a Massachusetts business trust (the "Fund"), and Nuveen Institutional
Advisory Corp., a Delaware corporation (the "Adviser");

WHEREAS, the parties hereto are the contracting parties under that certain
Management Agreement (the "Agreement") pursuant to which the Adviser furnishes
investment advisory and management services and certain other services to the
Fund; and

WHEREAS, the Board of Trustees, at a meeting called for the purpose of reviewing
the Agreement, have approved the Agreement and its continuance until August 1,
2000 in the manner required by the Investment Company Act of 1940.

NOW THEREFORE, in consideration of the mutual covenants contained in the
Agreement, the parties hereto do hereby approve the continuance of the Agreement
in effect until August 1, 2000 and do ratify and confirm the Agreement in all
respects.

                                                 NUVEEN INVESTMENT TRUST II

                                                 By:
                                                    ----------------------------
                                                       Vice President
ATTEST:

------------------------------------
         Assistant Secretary
                                                 NUVEEN INSTITUTIONAL
                                                 ADVISORY CORP.

                                                 By:
                                                    ----------------------------
                                                       Vice President
ATTEST:

------------------------------------
         Assistant Secretary

<PAGE>   2

                           NUVEEN INVESTMENT TRUST II
                              MANAGEMENT AGREEMENT

                                                        SCHEDULE A

     The Funds of the Trust currently subject to this Agreement and the
effective date of each are as follows:

                 FUND                EFFECTIVE DATE            INITIAL TERM

Nuveen Rittenhouse Growth Fund       October 31, 1997      Until August 1, 1999
Nuveen Innovation Fund               December 17, 1999     Until August 1, 2001
Nuveen International Growth Fund     December 17, 1999     Until August 1, 2001

<PAGE>   3

                           NUVEEN INVESTMENT TRUST II
                              MANAGEMENT AGREEMENT

                                   SCHEDULE B

     Compensation pursuant to Section 7 of this Agreement shall be calculated
with respect to each Fund in accordance with the following schedule applicable
to the average daily net assets of the Fund:

                         NUVEEN RITTENHOUSE GROWTH FUND

         AVERAGE DAILY NET ASSET VALUE                FUND MANAGEMENT FEE

         For the first $125 million                     .8500 of 1%
         For the next $125 million                      .8375 of 1%
         For the next $250 million                      .8250 of 1%
         For the next $500 million                      .8125 of 1%
         For the next $1 billion                        .8000 of 1%
         For assets over $2 billion                     .7750 of 1%

                             NUVEEN INNOVATION FUND

         AVERAGE DAILY NET ASSET VALUE                FUND MANAGEMENT FEE

         For the first $125 million                    1.0000 of 1%
         For the next $125 million                      .9875 of 1%
         For the next $250 million                      .9750 of 1%
         For the next $500 million                      .9625 of 1%
         For the next $1 billion                        .9500 of 1%
         For assets over $2 billion                     .9250 of 1%

                        NUVEEN INTERNATIONAL GROWTH FUND

         AVERAGE DAILY NET ASSET VALUE                FUND MANAGEMENT FEE

         For the first $125 million                   1.0500 of 1%
         For the next $125 million                    1.0375 of 1%
         For the next $250 million                    1.0250 of 1%
         For the next $500 million                    1.0125 of 1%
         For the next $1 billion                      1.0000 of 1%
         For assets over $2 billion                    .9750 of 1%<PAGE>   1
                                                            EXHIBIT 10.10 (d)(i)

                        INVESTMENT SUB-ADVISORY AGREEMENT

         AGREEMENT MADE THIS 17th day of December, 1999 by and between Nuveen
Institutional Advisory Corp., a Delaware corporation and a registered investment
adviser ("Manager"), and Columbus Circle Investors, LLC, a Delaware limited
liability company and a registered investment adviser ("Sub-Adviser").

         WHEREAS, Manager is the investment manager for the Nuveen Innovation
Fund series (the "Fund") of Nuveen Investment Trust II (the "Trust"), an
open-end diversified, management investment company registered under the
Investment Company Act of 1940, as amended ("1940 Act"); and

         WHEREAS, Manager desires to retain Sub-Adviser as its agent to furnish
investment advisory services for the Fund, upon the terms and conditions
hereafter set forth;

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

         1. Appointment. Manager hereby appoints Sub-Adviser to provide certain
sub-investment advisory services to the Fund for the period and on the terms set
forth in this Agreement. Sub-Adviser accepts such appointments and agrees to
furnish the services herein set forth for the compensation herein provided.

         2. Services to be Performed. Subject always to the supervision of
Trust's Board of Trustees and the Manager, Sub-Adviser will furnish an
investment program in respect of, make investment decisions for, and place all
orders for the purchase and sale of securities for the Fund, all on behalf of
the Fund. In the performance of its duties, Sub-Adviser will satisfy its
fiduciary duties to the Trust, will monitor the Fund's investments, and will
comply with the provisions of Trust's Declaration of Trust and By-laws, as
amended from time to time, and the stated investment objectives, policies and
restrictions of the Fund. Manager will provide Sub-Adviser with current copies
of the Trust's Declaration of Trust, By-laws, prospectus and any amendments
thereto, and any objectives, policies or limitations not appearing therein as
they may be relevant to Sub-Adviser's performance under this Agreement.
Sub-Adviser and Manager will each make its officers and employees available to
the other from time to time at reasonable times to review investment policies of
the Fund and to consult with each other regarding the investment affairs of the
Fund. Sub-Adviser will report to the Board of Trustees and to Manager with
respect to the implementation of such program.

         Sub-Adviser is authorized to select the brokers or dealers that will
execute the purchases and sales of portfolio securities for the Fund, and is
directed to use its best efforts to obtain best execution, which includes most
favorable net results and execution of the Trust's orders, taking into account
all appropriate factors, including price, dealer spread or commission, size and
difficulty of the transaction and research or other services provided. It is
understood that the

<PAGE>   2

Sub-Adviser will not be deemed to have acted unlawfully, or to have breached a
fiduciary duty to the Trust or the Fund, or be in breach of any obligation owing
to the Trust or the Fund under this Agreement, or otherwise, solely by reason of
its having caused the Trust to pay a member of a securities exchange, a broker
or a dealer a commission for effecting a securities transaction for the Trust in
excess of the amount of commission another member of an exchange, broker or
dealer would have charged if the Sub-Adviser determined in good faith that the
commission paid was reasonable in relation to the brokerage or research services
provided by such member, broker or dealer, viewed in terms of that particular
transaction or the Sub-Adviser's overall responsibilities with respect to its
accounts, including the Trust, as to which it exercises investment discretion.
In addition, if in the judgment of the Sub-Adviser, the Fund would be benefited
by supplemental services, the Sub-Adviser is authorized to pay spreads or
commissions to brokers or dealers furnishing such services in excess of spreads
or commissions which another broker or dealer may charge for the same
transaction, provided that the Sub-Adviser determined in good faith that the
commission or spread paid was reasonable in relation to the services provided.
The Sub-Adviser will properly communicate to the officers and trustees of the
Trust such information relating to transactions for the Fund as they may
reasonably request. In no instance will portfolio securities be purchased from
or sold to the Manager, Sub-Adviser or any affiliated person of either the
Trust, Manager, or Sub-Adviser, except as may be permitted under the 1940 Act;

         Sub-Adviser further agrees that it:

         (a)      will use the same degree of skill and care in providing such
                  services as it uses in providing services to fiduciary
                  accounts for which it has investment responsibilities;

         (b)      will conform to all applicable Rules and Regulations of the
                  Securities and Exchange Commission in all material respects
                  and in addition will conduct its activities under this
                  Agreement in accordance with any applicable regulations of any
                  governmental authority pertaining to its investment advisory
                  activities;

         (c)      will report regularly to Manager and to the Board of Trustees
                  of the Trust and will make appropriate persons available for
                  the purpose of reviewing with representatives of Manager and
                  the Board of Trustees on a regular basis at reasonable times
                  the management of the Fund, including, without limitation,
                  review of the general investment strategies of the Fund, the
                  performance of the Fund in relation to standard industry
                  indices and general conditions affecting the marketplace and
                  will provide various other reports from time to time as
                  reasonably requested by Manager; and

         (d)      will prepare such books and records with respect to the Fund's
                  securities transactions as requested by the Manager and will
                  furnish Manager and Trust's Board of Trustees such periodic
                  and special reports as the Board or Manager may reasonably
                  request.

                                       2
<PAGE>   3

         3. Expenses. During the term of this Agreement, Sub-Adviser will pay
all expenses incurred by it in connection with its activities under this
Agreement other than the cost of securities (including brokerage commission, if
any) purchased for the Trust.

         4. Compensation. For the services provided and the expenses assumed
pursuant to this Agreement, Manager will pay the Sub-Adviser, and the
Sub-Adviser agrees to accept as full compensation therefor, a portfolio
management fee based on daily net assets at the annual rate as set forth below:

         NUVEEN INNOVATION FUND

                    Daily Net Assets                         Annual Rate
                                                               of Fee
                    For the first $1 billion                  .37 of 1%
                    For assets over $1 billion                .30 of 1%

The management fee shall accrue on each calendar day, and shall be payable
monthly on the first business day of the next succeeding calendar month. The
daily fee accrual shall be computed by multiplying the fraction of one divided
by the number of days in the calendar year by the applicable annual rate of fee,
and multiplying this product by the net assets of the Trust, determined in the
manner established by the Board of Trustees, as of the close of business on the
last preceding business day on which the Trust's net asset value was determined.

For the month and year in which this Agreement becomes effective or terminates,
there shall be an appropriate proration on the basis of the number of days that
the Agreement is in effect during the month and year, respectively.

         5. Services to Others. Manager understands, and has advised Trust's
Board of Trustees, that Sub-Adviser now acts, or may in the future act, as an
investment adviser to fiduciary and other managed accounts, and as investment
adviser or sub-investment adviser to one other investment company that is not a
series of the Trust, provided that whenever the Fund and one or more other
investment advisory clients of Sub-Adviser have available funds for investment,
investments suitable and appropriate for each will be allocated in a manner
believed by Sub-Adviser to be equitable to each. Manager recognizes, and has
advised Trust's Board of Trustees, that in some cases this procedure may
adversely affect the size of the position that the Fund may obtain in a
particular security. It is further agreed that, on occasions when the
Sub-Adviser deems the purchase or sale of a security to be in the best interests
of the Fund as well as other accounts, it may, to the extent permitted by
applicable law, but will not be obligated to, aggregate the securities to be so
sold or purchased for the Fund with those to be sold or purchased for other
accounts in order to obtain favorable execution and lower brokerage commissions.
In addition, Manager understands, and has advised Trust's Board of Trustees,
that the persons employed by Sub-Adviser to assist in Sub-Adviser's duties under
this Agreement will not devote their full such efforts and service to the Trust.
It is also agreed that the Sub-Adviser may use any supplemental research
obtained for the benefit of the Trust in providing investment advice to its
other investment advisory accounts or for managing its own accounts.

                                       3
<PAGE>   4

         6. Limitation of Liability. Manager will not take any action against
Sub-Adviser to hold Sub-Adviser liable for any error of judgment or mistake of
law or for any loss suffered by the Trust in connection with the performance of
Sub-Adviser's duties under this Agreement, except for a loss resulting from
Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the
performance of its duties or by reason of its reckless disregard of its
obligations and duties under this Agreement.

         7. Term; Termination; Amendment. This Agreement shall become effective
with respect to the Fund on the same date as the Management Agreement between
the Trust and the Manager becomes effective, provided that it has been approved
by a vote of a majority of the outstanding voting securities of the Fund in
accordance with the requirements of the 1940 Act, and shall remain in full force
until August 1, 2001 unless sooner terminated as hereinafter provided. This
Agreement shall continue in force from year to year thereafter with respect to
the Fund, but only as long as such continuance is specifically approved for the
Fund at least annually in the manner required by the 1940 Act and the rules and
regulations thereunder; provided, however, that if the continuation of this
Agreement is not approved for the Fund, the Sub-Adviser may continue to serve in
such capacity for the Fund in the manner and to the extent permitted by the 1940
Act and the rules and regulations thereunder.

         This Agreement shall automatically terminate in the event of its
assignment and may be terminated at any time without the payment of any penalty
by the Manager on sixty (60) days' written notice to the Sub-Adviser. This
Agreement may be terminated by the Sub-Adviser as of July 31 of any year after
2001 without payment of any penalty upon sixty (60) days' prior written notice
to the Manager. This Agreement may also be terminated by the Trust with respect
to the Fund by action of the Board of Trustees or by a vote of a majority of the
outstanding voting securities of such Fund on sixty (60) days' written notice to
the Sub-Adviser by the Trust.

         This Agreement may be terminated with respect to the Fund at any time
without the payment of any penalty by the Manager, the Board of Trustees or by
vote of a majority of the outstanding voting securities of the Fund in the event
that it shall have been established by a court of competent jurisdiction that
the Sub-Adviser or any officer or director of the Sub-Adviser has taken any
action which results in a breach of the covenants of the Sub-Adviser set forth
herein.

         The terms "assignment" and "vote of a majority of the outstanding
voting securities" shall have the meanings set forth in the 1940 Act and the
rules and regulations thereunder.

         Termination of this Agreement shall not affect the right of the
Sub-Adviser to receive payments on any unpaid balance of the compensation
described in Section 4 earned prior to such termination. This Agreement shall
automatically terminate in the event the Investment Management Agreement between
the Manager and the Trust is terminated, assigned or not renewed.

         8. Notice. Any notice under this Agreement shall be in writing,
addressed and delivered or mailed, postage prepaid, to the other party

                                       4
<PAGE>   5

         If to the Manager:                      If to the Sub-Adviser:

         Nuveen Institutional Advisory Corp.     Columbus Circle Investors, LLC
         333 West Wacker Drive                   Metro Center
         Chicago, Illinois 60606                 One Station Place
         Attention:  Mr. John P. Amboian         Stamford, CT  06902
                                                 Attention:  Mr. Anthony Rizza

         With a copy to:                         With a copy to:

         The John Nuveen Company                 Day, Barry & Howard
         333 West Wacker Drive                   One Canterbury Green
         Chicago, Illinois 60606                 Stamford, CT 06901
         Attention: Mr. Alan G. Berkshire        Attention: Mr. Marty Budd

or such address as such party may designate for the receipt of such notice.

         9. Limitations on Liability. All parties hereto are expressly put on
notice of the Trust's Agreement and Declaration of Trust and all amendments
thereto, a copy of which is on file with the Secretary of the Commonwealth of
Massachusetts, and the limitation of shareholder and trustee liability contained
therein. The obligations of the Trust entered in the name or on behalf thereof
by any of the Trustees, representatives or agents are made not individually but
only in such capacities and are not binding upon any of the Trustees, officers,
or shareholders of the Trust individually but are binding upon only the assets
and property of the Trust, and persons dealing with the Trust must look solely
to the assets of the Trust and those assets belonging to the subject Fund, for
the enforcement of any claims.

         10. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement is held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement will not be affected
thereby. This Agreement will be binding upon and shall inure to the benefit of
the parties hereto and their respective successors.

         11. Applicable Law. This Agreement shall be construed in accordance
with applicable federal law and (except as to Section 10 hereof which shall be
construed in accordance with the laws of Massachusetts) the laws of the State of
Illinois.

         IN WITNESS WHEREOF, the Manager and the Sub-Adviser have caused this
Agreement to be executed as of the day and year first above written.

NUVEEN INSTITUTIONAL ADVISORY          COLUMBUS CIRCLE INVESTORS,
CORP., a Delaware corporation          LLC, a Delaware limited liability company

By:  ____________________________      By:  __________________________
Title:  Senior Vice President          Title:  _________________________

<PAGE>   6
2

                        INVESTMENT SUB-ADVISORY AGREEMENT

         AGREEMENT MADE THIS 17th of December, 1999 by and between Nuveen
Institutional Advisory Corp., a Delaware corporation and a registered investment
adviser ("Manager"), and Columbus Circle Investors, LLC a Delaware limited
liability company and a registered investment adviser ("Sub-Adviser").

         WHEREAS, Manager is the investment manager for the Nuveen International
Growth Fund series (the "Fund") of Nuveen Investment Trust II (the "Trust"), an
open-end diversified, management investment company registered under the
Investment Company Act of 1940, as amended ("1940 Act"); and

         WHEREAS, Manager desires to retain Sub-Adviser as its agent to furnish
investment advisory services for the Fund, upon the terms and conditions
hereafter set forth;

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

         1. Appointment. Manager hereby appoints Sub-Adviser to provide certain
sub-investment advisory services to the Fund for the period and on the terms set
forth in this Agreement. Sub-Adviser accepts such appointments and agrees to
furnish the services herein set forth for the compensation herein provided.

         2. Services to be Performed. Subject always to the supervision of
Trust's Board of Trustees and the Manager, Sub-Adviser will furnish an
investment program in respect of, make investment decisions for, and place all
orders for the purchase and sale of securities for the Fund, all on behalf of
the Fund. In the performance of its duties, Sub-Adviser will satisfy its
fiduciary duties to the Trust, will monitor the Fund's investments, and will
comply with the provisions of Trust's Declaration of Trust and By-laws, as
amended from time to time, and the stated investment objectives, policies and
restrictions of the Fund. Manager will provide Sub-Adviser with current copies
of the Trust's Declaration of Trust, By-laws, prospectus and any amendments
thereto, and any objectives, policies or limitations not appearing therein as
they may be relevant to Sub-Adviser's performance under this Agreement.
Sub-Adviser and Manager will each make its officers and employees available to
the other from time to time at reasonable times to review investment policies of
the Fund and to consult with each other regarding the investment affairs of the
Fund. Sub-Adviser will report to the Board of Trustees and to Manager with
respect to the implementation of such program.

         Sub-Adviser is authorized to select the brokers or dealers that will
execute the purchases and sales of portfolio securities for the Fund, and is
directed to use its best efforts to obtain best execution, which includes most
favorable net results and execution of the Trust's orders, taking into account
all appropriate factors, including price, dealer spread or commission, size and
difficulty of the transaction and research or other services provided. It is
understood that the Sub-Adviser will not be deemed to have acted unlawfully, or
to have breached a fiduciary duty to

<PAGE>   7

the Trust or the Fund, or be in breach of any obligation owing to the Trust or
the Fund under this Agreement, or otherwise, solely by reason of its having
caused the Trust to pay a member of a securities exchange, a broker or a dealer
a commission for effecting a securities transaction for the Trust in excess of
the amount of commission another member of an exchange, broker or dealer would
have charged if the Sub-Adviser determined in good faith that the commission
paid was reasonable in relation to the brokerage or research services provided
by such member, broker or dealer, viewed in terms of that particular transaction
or the Sub-Adviser's overall responsibilities with respect to its accounts,
including the Trust, as to which it exercises investment discretion. In
addition, if in the judgment of the Sub-Adviser, the Fund would be benefited by
supplemental services, the Sub-Adviser is authorized to pay spreads or
commissions to brokers or dealers furnishing such services in excess of spreads
or commissions which another broker or dealer may charge for the same
transaction, provided that the Sub-Adviser determined in good faith that the
commission or spread paid was reasonable in relation to the services provided.
The Sub-Adviser will properly communicate to the officers and trustees of the
Trust such information relating to transactions for the Fund as they may
reasonably request. In no instance will portfolio securities be purchased from
or sold to the Manager, Sub-Adviser or any affiliated person of either the
Trust, Manager, or Sub-Adviser, except as may be permitted under the 1940 Act;

         Sub-Adviser further agrees that it:

         (a)      will use the same degree of skill and care in providing such
                  services as it uses in providing services to fiduciary
                  accounts for which it has investment responsibilities;

         (b)      will conform to all applicable Rules and Regulations of the
                  Securities and Exchange Commission in all material respects
                  and in addition will conduct its activities under this
                  Agreement in accordance with any applicable regulations of any
                  governmental authority pertaining to its investment advisory
                  activities;

         (c)      will report regularly to Manager and to the Board of Trustees
                  of the Trust and will make appropriate persons available for
                  the purpose of reviewing with representatives of Manager and
                  the Board of Trustees on a regular basis at reasonable times
                  the management of the Fund, including, without limitation,
                  review of the general investment strategies of the Fund, the
                  performance of the Fund in relation to standard industry
                  indices and general conditions affecting the marketplace and
                  will provide various other reports from time to time as
                  reasonably requested by Manager; and

         (d)      will prepare such books and records with respect to the Fund's
                  securities transactions as requested by the Manager and will
                  furnish Manager and Trust's Board of Trustees such periodic
                  and special reports as the Board or Manager may reasonably
                  request.

         3. Expenses. During the term of this Agreement, Sub-Adviser will pay
all expenses incurred by it in connection with its activities under this
Agreement other than the cost of securities (including brokerage commission, if
any) purchased for the Trust.

                                       2
<PAGE>   8

         4. Compensation. For the services provided and the expenses assumed
pursuant to this Agreement, Manager will pay the Sub-Adviser, and the
Sub-Adviser agrees to accept as full compensation therefor, a portfolio
management fee based on daily net assets at the annual rate as set forth below:

         NUVEEN INTERNATIONAL FUND

           Daily Net Assets                       Annual Rate
                                                    of Fee
         For the first $1 billion                 .30 of 1%
         For assets over $1 billion               .25 of 1%

The management fee shall accrue on each calendar day, and shall be payable
monthly on the first business day of the next succeeding calendar month. The
daily fee accrual shall be computed by multiplying the fraction of one divided
by the number of days in the calendar year by the applicable annual rate of fee,
and multiplying this product by the net assets of the Trust, determined in the
manner established by the Board of Trustees, as of the close of business on the
last preceding business day on which the Trust's net asset value was determined.

For the month and year in which this Agreement becomes effective or terminates,
there shall be an appropriate proration on the basis of the number of days that
the Agreement is in effect during the month and year, respectively.

         5. Services to Others. Manager understands, and has advised Trust's
Board of Trustees, that Sub-Adviser now acts, or may in the future act, as an
investment adviser to fiduciary and other managed accounts, and as investment
adviser or sub-investment adviser to one other investment company that is not a
series of the Trust, provided that whenever the Fund and one or more other
investment advisory clients of Sub-Adviser have available funds for investment,
investments suitable and appropriate for each will be allocated in a manner
believed by Sub-Adviser to be equitable to each. Manager recognizes, and has
advised Trust's Board of Trustees, that in some cases this procedure may
adversely affect the size of the position that the Fund may obtain in a
particular security. It is further agreed that, on occasions when the
Sub-Adviser deems the purchase or sale of a security to be in the best interests
of the Fund as well as other accounts, it may, to the extent permitted by
applicable law, but will not be obligated to, aggregate the securities to be so
sold or purchased for the Fund with those to be sold or purchased for other
accounts in order to obtain favorable execution and lower brokerage commissions.
In addition, Manager understands, and has advised Trust's Board of Trustees,
that the persons employed by Sub-Adviser to assist in Sub-Adviser's duties under
this Agreement will not devote their full such efforts and service to the Trust.
It is also agreed that the Sub-Adviser may use any supplemental research
obtained for the benefit of the Trust in providing investment advice to its
other investment advisory accounts or for managing its own accounts.

         6. Limitation of Liability. Manager will not take any action against
Sub-Adviser to hold Sub-Adviser liable for any error of judgment or mistake of
law or for any loss suffered by the Trust in connection with the performance of
Sub-Adviser's duties under this Agreement, except

                                       3
<PAGE>   9

for a loss resulting from Sub-Adviser's willful misfeasance, bad faith, or gross
negligence in the performance of its duties or by reason of its reckless
disregard of its obligations and duties under this Agreement.

         7. Term; Termination; Amendment. This Agreement shall become effective
with respect to the Fund on the same date as the Management Agreement between
the Trust and the Manager becomes effective, provided that it has been approved
by a vote of a majority of the outstanding voting securities of the Fund in
accordance with the requirements of the 1940 Act, and shall remain in full force
until August 1, 2001 unless sooner terminated as hereinafter provided. This
Agreement shall continue in force from year to year thereafter with respect to
the Fund, but only as long as such continuance is specifically approved for the
Fund at least annually in the manner required by the 1940 Act and the rules and
regulations thereunder; provided, however, that if the continuation of this
Agreement is not approved for the Fund, the Sub-Adviser may continue to serve in
such capacity for the Fund in the manner and to the extent permitted by the 1940
Act and the rules and regulations thereunder.

         This Agreement shall automatically terminate in the event of its
assignment and may be terminated at any time without the payment of any penalty
by the Manager on sixty (60) days' written notice to the Sub-Adviser. This
Agreement may be terminated by the Sub-Adviser as of July 31 of any year after
2001 without payment of any penalty upon sixty (60) days' prior written notice
to the Manager. This Agreement may also be terminated by the Trust with respect
to the Fund by action of the Board of Trustees or by a vote of a majority of the
outstanding voting securities of such Fund on sixty (60) days' written notice to
the Sub-Adviser by the Trust.

         This Agreement may be terminated with respect to the Fund at any time
without the payment of any penalty by the Manager, the Board of Trustees or by
vote of a majority of the outstanding voting securities of the Fund in the event
that it shall have been established by a court of competent jurisdiction that
the Sub-Adviser or any officer or director of the Sub-Adviser has taken any
action which results in a breach of the covenants of the Sub-Adviser set forth
herein.

         The terms "assignment" and "vote of a majority of the outstanding
voting securities" shall have the meanings set forth in the 1940 Act and the
rules and regulations thereunder.

         Termination of this Agreement shall not affect the right of the
Sub-Adviser to receive payments on any unpaid balance of the compensation
described in Section 4 earned prior to such termination. This Agreement shall
automatically terminate in the event the Investment Management Agreement between
the Manager and the Trust is terminated, assigned or not renewed.

         8. Notice. Any notice under this Agreement shall be in writing,
addressed and delivered or mailed, postage prepaid, to the other party

                                       4
<PAGE>   10

         If to the Manager:                          If to the Sub-Adviser:

         Nuveen Institutional Advisory Corp.      Columbus Circle Investors, LLC
         333 West Wacker Drive                    Metro Center
         Chicago, Illinois 60606                  One Station Place
         Attention:  Mr. John P. Amboian          Stamford, CT  06902
                                                  Attention:  Mr. Anthony Rizza

         With a copy to:                          With a copy to:

         The John Nuveen Company                  Day, Barry & Howard
         333 West Wacker Drive                    One Canterbury Green
         Chicago, Illinois 60606                  Stamford, CT 06901
         Attention: Mr. Alan G. Berkshire         Attention:  Mr. Marty Budd

or such address as such party may designate for the receipt of such notice.

         9. Limitations on Liability. All parties hereto are expressly put on
notice of the Trust's Agreement and Declaration of Trust and all amendments
thereto, a copy of which is on file with the Secretary of the Commonwealth of
Massachusetts, and the limitation of shareholder and trustee liability contained
therein. The obligations of the Trust entered in the name or on behalf thereof
by any of the Trustees, representatives or agents are made not individually but
only in such capacities and are not binding upon any of the Trustees, officers,
or shareholders of the Trust individually but are binding upon only the assets
and property of the Trust, and persons dealing with the Trust must look solely
to the assets of the Trust and those assets belonging to the subject Fund, for
the enforcement of any claims.

         10. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement is held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement will not be affected
thereby. This Agreement will be binding upon and shall inure to the benefit of
the parties hereto and their respective successors.

         11. Applicable Law. This Agreement shall be construed in accordance
with applicable federal law and (except as to Section 10 hereof
which shall be construed in accordance with the laws of Massachusetts) the laws
of the State of Illinois.

                                       5
<PAGE>   11

         IN WITNESS WHEREOF, the Manager and the Sub-Adviser have caused this
Agreement to be executed as of the day and year first above written.

NUVEEN INSTITUTIONAL ADVISORY                    COLUMBUS CIRCLE INVESTORS, LLC
CORP., a Delaware corporation               a Delaware limited liability company

By:  ____________________________           By:  __________________________
Title:  Senior Vice President               Title:  _________________________

                                       6

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