PRICING AND BOOKKEEPING AGREEMENT
This agreement (the "Agreement") is made as of this 1st day of
November, 2005, by and between the Oregon corporations and the Massachusetts and
Oregon business trusts acting on behalf of their series all as listed on
Schedule A hereto (as the same may from time to time be amended to add or delete
one or more series of such trusts) (each such trust and corporation being
hereinafter referred to as a "Trust" and each series of a Trust, if any, being
hereinafter referred to as a "Fund" with respect to that Trust, but for any
Trust that does not have any separate series, then any reference to the "Fund"
is a reference to that Trust) and Columbia Management Advisors, LLC ("CMA"), a
Delaware limited liability company.
WHEREAS, each Trust is a registered investment company and desires that
CMA perform certain services for the Funds; and
WHEREAS, CMA is willing to perform such services upon the terms and
subject to the conditions set forth herein.
NOW THEREFORE, in consideration of the mutual promises and covenants
set forth herein, the parties hereto agree as follows:
1. Appointment. Each Trust appoints CMA as its agent to perform the pricing and
bookkeeping services described below for each Fund.
2. Pricing and Bookkeeping Services. Subject to the terms of this Agreement and
the supervision and control of the relevant Trust's Board of Trustees (the
"Trustees"), CMA agrees to provide the services indicated for each Fund on
Schedule B hereto.
3. Audit, Use and Inspection. CMA shall make available on its premises during
regular business hours all records of a Fund for reasonable audit, use and
inspection by the Funds, its agents and any regulatory agency having authority
over the Fund.
4. Compensation. For the services provided pursuant to this Agreement, the Trust
on behalf of each Fund will pay to CMA, or to such person(s) as CMA may from
time to time instruct, the fee set forth on Schedule C hereto.
5. Compliance. CMA shall comply with applicable provisions relating to pricing
and bookkeeping as set forth in the prospectuses and statements of additional
information of each Fund, applicable resolutions of the Board of Trustees of the
Trust and applicable laws and rules in the provision of services under this
Agreement.
6. Limitation of Liability. In the absence of willful misfeasance, bad faith or
gross negligence on the part of CMA, or reckless disregard of its obligations
and duties hereunder, CMA shall not be subject to any liability to any Trust or
Fund, to any shareholder of any Trust or Fund or to any other person, firm or
organization, for any act or omission in the course of, or connected with,
rendering services hereunder. The provisions of this Paragraph 6 shall survive
any termination of this Agreement.
7. Amendments. Each Trust shall submit to CMA a reasonable time in advance of
filing with the Securities and Exchange Commission copies of any changes in its
Registration Statements. If a change in documents or procedures materially
increases the cost to CMA of performing its obligations, CMA shall be entitled
to receive such reasonable additional compensation as shall be agreed to in
writing by the parties.
8. Duration and Termination. This Agreement may be changed only by a writing
executed by each party. This Agreement: (a) shall continue in effect from year
to year so long as approved annually by vote of a majority of the Trustees,
including a majority of the Trustees who are not affiliated with CMA; (b) may be
terminated at any time without penalty by sixty days' written notice to either
party; and (c) may be terminated at any time for cause by either party if such
cause remains unremedied for a reasonable period not to exceed ninety days after
receipt of written specification of such cause. If a Trust designates a
successor to any of CMA's obligations other than as a result of the termination
of this Agreement pursuant to Paragraph 8(c), CMA shall, at the expense and
direction of the Trust, transfer to the successor all relevant Fund records
maintained by CMA.
9. Use of Affiliated Companies and Subcontractors. In connection with the
services to be provided by CMA under this Agreement, CMA may, to the extent it
deems appropriate, and subject to compliance with the requirements of applicable
laws and regulations and upon receipt of approval of the Trustees, make use of
(i) its affiliated companies and their directors, trustees, officers and
employees and (ii) subcontractors selected by it, provided that it shall
supervise and remain fully responsible for the services of all such third
parties in accordance with and to the extent provided in this Agreement. All
costs and expenses associated with services provided by any such third parties
shall be borne by CMA or such parties, except to the extent specifically
provided otherwise in this Agreement.
10. Confidentiality. CMA agrees on behalf of itself and its employees to treat
confidentially and as proprietary information of each Trust all records and
other information relative to the Trust and its prior, present or potential
shareholders and not to use such records and information for any purpose other
than performance of its responsibilities and duties under this Agreement, except
after prior notification to and approval in writing by the Trust, which approval
shall not be unreasonably withheld and may not be withheld where CMA may be
exposed to civil or criminal contempt proceedings for failure to comply, when
requested to divulge such information by duly constituted authorities or when so
requested by the Trust.
11. Xxxxxxxx-Xxxxx Act. CMA agrees that any information that CMA provides that
is necessary to complete a report or other filing that is required to be
certified by certain of a Trust's officers pursuant to the Xxxxxxxx-Xxxxx Act of
2002 ("Sarbox") and regulations issued and in effect from time to time under
Sarbox will be true and complete when given. CMA further agrees that any written
representation or certification it provides to a Trust and/or the officers of
the Trust in support of a certification by them to the Securities and Exchange
Commission pursuant to Sarbox and/or any rules or regulations issued from time
to time under Sarbox will be true and
complete when given. The provisions of
this Paragraph 11 shall survive any termination of this Agreement.
12. Compliance. CMA agree to comply with all applicable federal, state and local
laws and regulations, codes, orders and government rules in the performance of
its duties under this Agreement. CMA agree to provide each Trust with such
certifications, reports and other information as the Trust may reasonably
request from time to time to assist it in complying with, and monitoring for
compliance with, applicable laws, rules and regulations.
13. Miscellaneous. This Agreement shall be construed in accordance with and
governed by the laws of the Commonwealth of Massachusetts.
The captions in this Agreement are included for convenience of
reference only and in no way define or limit any of the provisions of this
Agreement or otherwise affect their construction or effect. This Agreement may
be executed simultaneously in two or more counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one and the
same instrument.
A copy of the Agreement and Declaration of Trust of the Trusts that are
organized as Massachusetts business trusts, as amended or restated from time to
time, is on file with the Secretary of the Commonwealth of Massachusetts, and a
copy of the Agreement and Declaration of Trust of the Trust that is organized as
an Oregon business trusts, as amended or restated from time to time, is on file
with the Secretary of State of Oregon, and notice is hereby given that this
Agreement is executed on behalf of each of these Trusts by an officer or Trustee
of the Trust in his or her capacity as an officer or Trustee of the Trust and
not individually and that the obligations of or arising out of this Agreement
are not binding upon any of the Trustees, officers or shareholders individually
but are binding only upon the assets and property of the Trust. Furthermore,
notice is given that the assets and liabilities of each series of each Trust is
separate and distinct and that the obligations of or arising out of this
Agreement with respect to the series of each Trust are several and not joint,
and to the extent not otherwise reasonably allocated among such series by the
Trustees of the Trust, shall be deemed to have been allocated in accordance with
the relative net assets of such series, and CMA agrees not to proceed against
any series for the obligations of another series.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.
COLUMBIA FUNDS TRUST I on behalf of its series listed on Schedule A
COLUMBIA FUNDS TRUST II on behalf of its series listed on Schedule A
COLUMBIA FUNDS TRUST III on behalf of its series listed on Schedule A
COLUMBIA FUNDS TRUST IV on behalf of its series listed on Schedule A
COLUMBIA FUNDS TRUST V on behalf of its series listed on Schedule A
COLUMBIA FUNDS TRUST VI on behalf of its series listed on Schedule A
COLUMBIA FUNDS TRUST VII on behalf of its series listed on Schedule A
COLUMBIA FUNDS TRUST VIII on behalf of its series listed on Schedule A
COLUMBIA FUNDS SERIES TRUST I on behalf of its series listed on Schedule A
COLUMBIA FUNDS TRUST XI on behalf of its series listed on Schedule A
CMG FUND TRUST on behalf of its series listed on Schedule A
LIBERTY VARIABLE INVESTMENT TRUST on behalf of its series listed on
Schedule A
STEINROE VARIABLE INVESTMENT TRUST on behalf of its series listed on
Schedule A
COLUMBIA BALANCED FUND, INC.
COLUMBIA DAILY INCOME COMPANY
COLUMBIA FIXED INCOME SECURITIES FUND, INC.
COLUMBIA HIGH YIELD FUND, INC.
COLUMBIA INTERNATIONAL STOCK FUND, INC.
COLUMBIA MID CAP GROWTH FUND, INC.
COLUMBIA OREGON MUNICIPAL BOND FUND, INC.
COLUMBIA REAL ESTATE EQUITY FUND, INC.
COLUMBIA SHORT TERM BOND FUND, INC.
COLUMBIA SMALL CAP GROWTH FUND, INC.
COLUMBIA STRATEGIC INVESTOR FUND, INC.
COLUMBIA TECHNOLOGY FUND, INC.
By:/s/Xxxxxxxxxxx Xxxxxx
Name: Xxxxxxxxxxx Xxxxxx
Title: President
COLUMBIA MANAGEMENT ADVISORS, LLC.
By:/s/Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: Managing Director
SCHEDULE A
Trusts Funds
Columbia Funds Trust I Columbia High Yield Opportunity Fund
Columbia Funds Trust II Columbia Greater China Fund
Columbia Money Market Fund
Columbia Funds Trust III Columbia Liberty Fund
Columbia World Equity Fund
Columbia Core Bond Fund
Columbia Funds Trust IV Columbia Tax-Exempt Insured Fund
Columbia Utilities Fund
Columbia Municipal Money Market Fund
Columbia Funds Trust V Columbia Connecticut Tax-Exempt Fund
Columbia Massachusetts Tax-Exempt Fund
Columbia New York Tax-Exempt Fund
Columbia U.S. Treasury Index Fund
Columbia Massachusetts Intermediate Municipal Bond Fund
Columbia Connecticut Intermediate Municipal Bond Fund
Columbia New Jersey Intermediate Municipal Bond Fund
Columbia New York Intermediate Municipal Bond Fund
Columbia Rhode Island Intermediate Municipal Bond Fund
Columbia Funds Trust VI Columbia Small Cap Value Fund I
Columbia Funds Trust VIII Columbia Income Fund
Columbia Intermediate Bond Fund
Columbia Funds Series Trust I Columbia Strategic Income Fund
Columbia High Yield Municipal Fund
Columbia Federal Securities Fund
Columbia International Stock Fund
Columbia Tax-Managed Growth Fund
Columbia California Tax-Exempt Fund
Columbia Intermediate Municipal Bond Fund
Columbia Tax-Exempt Fund
Columbia Funds Trust XI Columbia Young Investor Fund
Columbia Growth Stock Fund
Columbia Asset Allocation Fund
Columbia Dividend Income Fund
Columbia Common Stock Fund
Columbia Large Cap Growth Fund
Columbia Disciplined Value Fund
Columbia Small Cap Core Fund
Columbia Small Company Equity Fund
CMG Fund Trust CMG Strategic Equity Fund
CMG Small Cap Fund
CMG Small/Mid Cap Fund
CMG International Stock Fund
CMG Core Bond Fund
CMG High Yield Fund
CMG International Bond Fund
CMG Short Term Bond Fund
CMG Ultra Short Term Bond Fund
CMG Intermediate Bond Fund
CMG Core Plus Bond Fund
CMG Government Bond Fund
CMG Mortgage and Asset-Backed Securities Fund
CMG Small Cap Growth Fund
CMG Enhanced S&P 500 Index Fund
CMG Large Cap Value Fund
CMG Large Cap Growth Fund
CMG Mid Cap Value Fund
CMG Mid Cap Growth Fund
CMG Small Cap Value Fund
Liberty Variable Investment Trust Columbia International Fund, VS
Liberty Growth & Income Fund, VS
Colonial Strategic Income Fund, VS
Colonial Small Cap Value Fund, VS
Liberty S&P 500 Index Fund, VS
Liberty Select Value Fund, VS
Columbia High Yield Fund, VS
SteinRoe Variable Investment Trust Liberty Money Market Fund, VS
Liberty Federal Securities Fund, VS
Liberty Asset Allocation Fund, VS
Columbia Large Cap Growth Fund, VS
Liberty Small Company Growth Fund, VS
SCHEDULE B
Services. CMA will provide the following services to the Trusts and Funds:
[[Columbia Funds Trust I, Columbia Funds Trust II, Columbia Funds
Trust III, Columbia Funds Trust IV, Columbia Funds Trust
V, Columbia Funds Trust VI, Columbia Funds Trust VII,
Liberty Variable Investment Trust]]
CMA will (i) determine and timely communicate to persons designated by the Trust
the Fund's net asset values and offering prices per share; and (ii) maintain and
preserve in a secure manner the accounting records of the Fund. All records are
the property of the relevant Fund. CMA will provide disaster planning to
minimize possible service interruption. CMA will make available on its premises
during regular business hours all records of a Fund for reasonable audit, use
and inspection by the Trust, its agents and any regulatory agency having
authority over the Fund.
[[Columbia Funds Series Trust I, Columbia Funds Trust VIII,
Columbia Funds Trust XI, SteinRoe Variable Investment Trust]]
For each Fund of each Trust, CMA will value all securities and other assets of
the Fund, and compute the net asset value per share of such Fund, at such times
and dates and in the manner and by such methodology as is specified in the then
currently effective prospectus and statement of additional information for such
Fund, and pursuant to such other written procedures or instructions furnished to
CMA by the Trust. To the extent procedures or instructions used to value
securities or other assets of a Fund under this Agreement are at any time
inconsistent with any applicable law or regulation, the Trust will provide CMA
with written instructions for valuing such securities or assets in a manner
which the Trust represents to be consistent with applicable law and regulation.
CMA will calculate with such frequency as each Trust directs, the net income of
each Fund for dividend purposes and on a per share basis. Such calculation will
be at such times and dates and in such manner as the Trust instructs CMA in
writing. For purposes of such calculation, CMA is not responsible for
determining whether any dividend or interest accruable to the Trust is or will
be actually paid, but will accrue such dividend and interest unless otherwise
instructed by the Trust.
CMA will calculate gains or losses of each Fund from the sale or other
disposition of assets of that Fund as the Trust directs.
At the request of a Trust, CMA will compute yields for each Fund of the Trust
for such periods and using such formula as the Trust instructs.
CMA will provide each Trust, the Trust's transfer agent and such other parties
as directed by the Trust with the net asset value per share, the net income per
share and yields for
each Fund of the Trust at such time and in such manner and
format and with such frequency as the parties mutually agree.
Each Trust will furnish CMA with any and all instructions, explanations,
information, specifications and documentation deemed necessary by CMA in the
performance of its duties hereunder, including, without limitation, the amounts
and/or written formula for calculating the amounts, and times of accrual of
liabilities and expenses of each Fund. Each Trust will also at any time and from
time to time furnish CMA with bid, offer and/or market values of securities
owned by the Trust if the same are not available to CMA from a pricing or
similar service designated by the Trust for use by CMA to value securities or
other assets. CMA is at no time required to commence or maintain any utilization
of, or subscriptions to, any such service which will be the sole responsibility
and expense of the Trust.
CMA will, as agent for each Trust, maintain and keep current and preserve the
general ledger and other accounts, books, and financial records of the Trust
relating to activities and obligations under this Agreement in accordance with
the applicable provisions of Sections 31(a) of the General Rules and Regulations
under the Investment Company Act of 1940, as amended (the "Rules").
All records maintained and preserved by CMA pursuant to this Agreement which
each Trust is required to maintain and preserve in accordance with the Rules
will be and remain the property of the Trust and will be surrendered to the
Trust promptly upon request in the form in which such records have been
maintained and preserved.
CMA will make available on its premises during regular business hours all
records of a Trust for reasonable audit, use and inspection by the Trust, its
agents and any regulatory agency having authority over the Trust.
[[CMG Fund Trust, Columbia Balanced Fund, Inc., Columbia Daily Income
Company, Columbia Fixed Income Securities Fund, Inc., Columbia
High Yield Fund, Inc., Columbia International Stock Fund, Inc.,
Columbia Oregon Municipal Bond Fund, Inc., Columbia Real Estate
Equity Fund, Inc., Columbia Short Term Bond Fund, Inc., Columbia Mid
Cap Growth Fund, Inc., Columbia Small Cap Growth Fund, Inc.,
Columbia Strategic Investor Fund, Inc., Columbia Technology Fund, Inc.]]
CMA will (i) provide fund accounting oversight of State Street Bank ("SSB") who
will provide each Fund's daily fund accounting services, including the
determination of timely communication to persons designated by the Fund [of] the
Fund's net asset value and offering price per share; (ii) maintain and preserve
in a secure manner the accounting records of the Fund; and (iii) provide
disaster planning to minimize possible service interruption to the Funds. CMA
will make available on its premises during regular business hours all records of
the Fund for reasonable audit, use and inspection by the Fund, its agents and
any regulatory agency having authority over the Fund.
SCHEDULE C
Fees. For the services provided pursuant to this Agreement, each Trust on behalf
of each Fund will pay to CMA, or to such person(s) as CMA may from time to time
instruct, such fees as may be agreed to by CMA and the Trust from time to time.
Each Fund also shall reimburse CMA for (i) any and all out-of-pocket expenses
and charges, including fees payable to third parties, such as for pricing the
Fund's portfolio securities, incurred in performance of services under this
Agreement and (ii) for CMA's direct internal costs incurred in connection with
providing fund accounting oversight and monitoring, budgeting and approving Fund
expenses.
