AMENDMENT NO. 1 TO ADMINISTRATIVE SERVICES AGREEMENT
EXHIBIT (h)(1)(i)
AMENDMENT NO. 1 TO
ADMINISTRATIVE SERVICES AGREEMENT
THIS AMENDMENT NO. 1 TO ADMINISTRATIVE SERVICES AGREEMENT, dated as of February 28, 2011 (this “Amendment”), by and among Columbia Management Investment Advisers, LLC (the “Investment Manager”), a Minnesota limited liability company, Columbia Funds Series Trust, a Delaware statutory trust (“CFST”), Columbia Funds Master Investment Trust, LLC, a Delaware limited liability company (“CFMIT”), Columbia Funds Variable Insurance Trust I, a Delaware statutory trust (“CFVIT I” and collectively with CFST and CFMIT I the “Registrants” and each a “Registrant”) on behalf of their respective underlying series listed in Schedule A to the Administrative Services Agreement, dated as of May 1, 2010, as amended from time to time (the “Agreement”). Capitalized terms used herein but not defined herein shall have the meanings given to such terms in the Agreement.
WHEREAS, the parties have agreed to modify the fee rates payable under the Agreement for certain Funds, which modifications have previously been approved by the Registrant’s Board of Trustees, and these fee rate changes will become effective on different dates; and
WHEREAS, the parties wish to modify Schedule B to reflect the new fee rates and the dates on which such fee rates will become effective;
NOW, THEREFORE, in consideration of the promises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:
SECTION 1. AMENDMENT
| 1.1 | All references to Columbia Funds Series Trust II or CFII and each of its series are deleted from the Agreement. |
| 1.2 | Effective as of the date hereof, Schedule B to the Agreement shall be replaced with Schedule B hereto. |
SECTION 2. MISCELLANEOUS.
| 2.1. | Execution in Counterparts. This Amendment may be executed by the parties hereto in multiple counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement. |
| 2.2. | Governing Law. This Amendment shall be governed by the internal laws, and not by the laws regarding conflicts of laws, of the Commonwealth of Massachusetts. Each party hereby submits to the exclusive jurisdiction of the courts of such state, and waives any objection to venue with respect to actions brought in such courts. |
| 2.3. | Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. |
| 2.4. | Notice. This Amendment is executed by an officer of the Registrants, as an officer and not individually, and the obligations of this Amendment with respect to the Funds shall be binding upon the assets and properties of the Funds only and shall not be binding upon any of the trustees, officers, employees, agents or shareholders of the Funds individually. |
(Signature Page Follows)
IN WITNESS THEREOF, the parties hereto have executed the foregoing Agreement as of the day and year first above written.
COLUMBIA FUNDS MASTER INVESTMENT TRUST, LLC
COLUMBIA FUNDS VARIABLE INSURANCE TRUST I
| By: | /s/ Xxxxxxx X. Xxxxxx | |
| Name: | Xxxxxxx X. Xxxxxx | |
| Title: | Chief Financial Officer | |
| COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC | ||
| By: | /s/ J. Xxxxx Xxxxxxxxxxx | |
| Name: | J. Xxxxx Xxxxxxxxxxx | |
| Title: | Senior Vice President | |
Schedule B
Fee Schedule
Effective as of May 1, 2010, except as otherwise noted
CFST
For services rendered pursuant to this Agreement, the Registrant will pay CMIA an administration fee, computed daily and payable monthly, based on the annual rate of each Fund’s daily net assets equal to (i) the amount listed under the caption “Administration Fee” in the table below for the Fund less, for all Funds except Columbia Masters International Equity Portfolio, (ii) (a) the amount paid by the Fund to State Street Bank and Trust Company (“State Street”) pursuant to the Accounting Services Agreement and the Financial Reporting Services Agreement during the period, but excluding amounts paid to State Street as reimbursement for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund’s portfolio securities, incurred in the performance of services by State Street under such Agreements and (b) for any Fund structured as a “fund-of-funds”, the amount of the custody fee paid by such Fund to the Fund’s custodian pursuant to the custodian agreement.
| Fund |
Administration Fee | |||
| Corporate Bond Portfolio | |
As mutually agreed upon by the Registrant and CMIA from time to time. Pursuant to a separate agreement for this Fund, CMIA has agreed to absorb all fees and expenses incurred under this Agreement. |
| |
| Mortgage-and Asset Backed Portfolio | |
As mutually agreed upon by the Registrant and CMIA from time to time. Pursuant to a separate agreement for this Fund, CMIA has agreed to absorb all fees and expenses incurred under this Agreement. |
| |
| Columbia Asset Allocation Fund II | 0.12 | % | ||
| Columbia California Intermediate Municipal Bond Fund* | 0.15 | % | ||
| Columbia Convertible Securities Fund* | 0.17 | % | ||
| Columbia Georgia Intermediate Municipal Bond Fund* | 0.15 | % | ||
| Columbia Global Value Fund | 0.17 | % | ||
| Columbia High Income Fund | 0.23 | % | ||
| Columbia International Value Fund | 0.17 | % | ||
| Columbia Large Cap Core Fund* | 0.17 | % | ||
| Columbia Large Cap Enhanced Core Fund* | 0.17 | % | ||
| Columbia Large Cap Index Fund | 0.10 | %1 | ||
| Columbia Large Cap Value Fund* | 0.17 | % | ||
| 1 | CMIA, as administrator, has agreed to pay all operating expenses of the Fund with the exception of brokerage fees and commissions, taxes, interest, fees and expenses of Trustees who are not officers, directors or employees of CMIA or its affiliates, distribution (12b-1) and/or shareholder servicing fees, and any extraordinary non-recurring expenses that may arise, including, but not limited to, litigation expenses. |
| Fund |
Administration Fee | |||
| Columbia LifeGoal Balanced Growth Portfolio* | |
As mutually agreed upon by the Registrant and CMIA from time to time. Pursuant to a separate agreement for this Fund, CMIA has agreed to absorb all fees and expenses incurred under this Agreement. |
| |
| Columbia LifeGoal Growth Portfolio* | |
As mutually agreed upon by the Registrant and CMIA from time to time. Pursuant to a separate agreement for this Fund, CMIA has agreed to absorb all fees and expenses incurred under this Agreement. |
| |
| Columbia LifeGoal Income and Growth Portfolio* | |
As mutually agreed upon by the Registrant and CMIA from time to time. Pursuant to a separate agreement for this Fund, CMIA has agreed to absorb all fees and expenses incurred under this Agreement. |
| |
| Columbia LifeGoal Income Portfolio* | 0.23 | %2 | ||
| Columbia Xxxxxxx 21st Century Fund | 0.22 | % | ||
| Columbia Xxxxxxx Focused Equities Fund | 0.22 | % | ||
| Columbia Xxxxxxx Global Fund | 0.22 | % | ||
| Columbia Xxxxxxx Growth Fund | 0.22 | % | ||
| Columbia Xxxxxxx International Opportunities Fund | 0.22 | % | ||
| Columbia Maryland Intermediate Municipal Bond Fund* | 0.15 | % | ||
| Columbia Mid Cap Index Fund | 0.10 | % | ||
| Columbia Mid Cap Value Fund* | 0.17 | % | ||
| Columbia Multi-Advisor International Equity Fund* | 0.17 | % | ||
| Columbia North Carolina Intermediate Municipal Bond Fund* | 0.15 | % | ||
| Columbia Overseas Value Fund* | 0.05 | % | ||
| Columbia Short Term Bond Fund* | 0.14 | % | ||
| Columbia Short Term Municipal Bond Fund* | 0.15 | % | ||
| Columbia Small Cap Growth Fund II | 0.117 | % | ||
| Columbia Small Cap Index Fund | 0.10 | %3 | ||
| Columbia Small Cap Value Fund II* | 0.17 | % | ||
| Columbia South Carolina Intermediate Municipal Bond Fund* | 0.15 | % | ||
| 2 | Applicable to all assets except those invested in other Columbia Funds. The fee rate for assets invested in other Columbia Funds is 0.13%. |
| 3 | CMIA, as administrator, has agreed to pay all operating expenses of the Fund with the exception of brokerage fees and commissions, taxes, interest, fees and expenses of Trustees who are not officers, directors or employees of CMIA or its affiliates, distribution (12b-1) and/or shareholder servicing fees, and any extraordinary non-recurring expenses that may arise, including, but not limited to, litigation expenses. |
| Fund |
Administration Fee | |||
| Columbia Total Return Bond Fund | 0.15 | % | ||
| Columbia Virginia Intermediate Municipal Bond Fund* | 0.15 | % | ||
| Columbia Masters International Equity Portfolio | 0.02 | 4% | ||
In addition to the asset-based fee set forth above, the Registrant shall reimburse CMIA and any sub-administrator engaged pursuant to Part Four: (5) for certain reasonable out-of-pocket expenses incurred by them in connection with the performance of their respective duties hereunder.
Reimbursable out-of-pocket expenses shall include the following: reasonable costs associated with postage (including overnight services), telephone, telecommunications (including facsimiles), duplicating, pricing services and forms and supplies and such other out-of-pocket expenses as the parties may agree to from time to time, including those set forth in this Agreement.
CFMIT
For services rendered pursuant to this Agreement, the Registrant will pay CMIA an administration fee, computed daily and payable monthly, based on the annual rate of the Fund’s daily net assets equal to (i) the amount listed under the caption “Administration Fee” in the table below for the Fund less (ii) the amount paid by the Fund to State Street Bank and Trust Company (“State Street”) pursuant to the Accounting Services Agreement and the Financial Reporting Services Agreement during the period, but excluding amounts paid to State Street as reimbursement for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund’s portfolio securities, incurred in the performance of services by State Street under such Agreements.
| Fund |
Administration Fee | |||
| Columbia International Value Master Portfolio | 0.05 | % | ||
In addition to the asset-based fee set forth above, the Registrant shall reimburse CMIA and any sub-administrator engaged pursuant to Part Four: (5) for certain reasonable out-of-pocket expenses incurred by them in connection with the performance of their respective duties hereunder.
Reimbursable out-of-pocket expenses shall include the following: reasonable costs associated with postage (including overnight services), telephone, telecommunications (including facsimiles), duplicating, pricing services and forms and supplies and such other out-of-pocket expenses as the parties may agree to from time to time, including those set forth in this Agreement.
CFVIT I
For services rendered pursuant to this Agreement, the Registrant will pay CMIA an administration fee, computed daily and payable monthly, based on the annual rate of each Fund’s daily net assets equal to (i) the amount listed under the caption “Administration Fee” in the table below for the Fund less (ii) the amount paid by the Fund to State Street Bank and Trust Company (“State Street”) pursuant to the Accounting Services Agreement and the Financial Reporting Services Agreement during the period, but excluding amounts paid to State Street as reimbursement for out-of-pocket expenses and charges,
| 4 | Effective as of January 11, 2011, the administration fee of Columbia Masters International Equity Portfolio was changed from 0.00% to 0.020%. |
including fees payable to third parties, such as for pricing the Fund’s portfolio securities, incurred in the performance of services by State Street under such Agreements.
| Fund |
Administration Fee | |||
| Columbia Xxxxxxx Growth Fund, Variable Series | 0.23 | % | ||
| Columbia Xxxxxxx Focused Equities Fund, Variable Series | 0.23 | % | ||
| Columbia Xxxxxxx 21st Century Fund, Viable Series | 0.23 | % | ||
| Columbia Xxxxxxx International Opportunities Fund, Variable Series | 0.22 | % | ||
| Columbia High Yield Fund, Variable Series | 0.08 | %5 | ||
| Columbia Mid Cap Growth Fund, Variable Series* | 0.23 | % | ||
In addition to the asset-based fee set forth above, the Registrant shall reimburse CMIA and any sub-administrator engaged pursuant to Part Four: (5) for certain reasonable out-of-pocket expenses incurred by them in connection with the performance of their respective duties hereunder.
Reimbursable out-of-pocket expenses shall include the following: reasonable costs associated with postage (including overnight services), telephone, telecommunications (including facsimiles), duplicating, pricing services and forms and supplies and such other out-of-pocket expenses as the parties may agree to from time to time, including those set forth in this Agreement.
| 5 | Effective as of October 27, 2010, the administration fee of Columbia High Yield Fund, Variable Series was changed from 0.23% to 0.08%. |
| * | Effective as of the dates indicated below, the fee rate(s) for the indicated Funds will be as set forth below: |
Schedule I
| FUNDS |
ASSET LEVELS (IN MILLIONS) AND BREAKPOINTS IN APPLICABLE FEES(1) | EFFECTIVE DATE | ||||||||||||||||||||
| $0 - $500 | >$500- $1,000 | >$1,000 - $3,000 | >$3,000 - $12,000 | >$12,000 | ||||||||||||||||||
| Columbia Large Cap Core Fund | 0.060 | % | 0.055 | % | 0.050 | % | 0.040 | % | 0.030 | % | March1, 2011 | |||||||||||
| Columbia Large Cap Enhanced Core Fund | 0.060 | % | 0.055 | % | 0.050 | % | 0.040 | % | 0.030 | % | July 1, 2011 | |||||||||||
| Columbia Large Cap Value Fund | 0.060 | % | 0.055 | % | 0.050 | % | 0.040 | % | 0.030 | % | July 1, 2011 | |||||||||||
| Columbia Mid Cap Growth Fund, Variable Series | 0.060 | % | 0.055 | % | 0.050 | % | 0.040 | % | 0.030 | % | March 1, 2011 | |||||||||||
| Columbia Mid Cap Value Fund | 0.060 | % | 0.055 | % | 0.050 | % | 0.040 | % | 0.030 | % | April 30, 2011 | |||||||||||
| Columbia Multi-Advisor International Equity Fund | 0.080 | % | 0.075 | % | 0.070 | % | 0.060 | % | 0.050 | % | April 1, 2011 | |||||||||||
| Columbia Overseas Value Fund | 0.080 | % | 0.075 | % | 0.070 | % | 0.060 | % | 0.050 | % | July 1, 2011 | |||||||||||
| Columbia Short Term Bond Fund | 0.070 | % | 0.065 | % | 0.060 | % | 0.050 | % | 0.040 | % | March 1, 2011 | |||||||||||
| Columbia Short Term Municipal Bond Fund | 0.070 | % | 0.065 | % | 0.060 | % | 0.050 | % | 0.040 | % | July 1, 2011 | |||||||||||
| Columbia Small Cap Value Fund II | 0.080 | % | 0.075 | % | 0.070 | % | 0.060 | % | 0.050 | % | July 1, 2011 | |||||||||||
Schedule II
| FUNDS |
ASSET LEVELS (IN MILLIONS) AND BREAKPOINTS IN APPLICABLE FEES(1) | EFFECTIVE DATE | ||||||||||||||||||||
| $0 - $250 | >$250-$1,000 | >$1,000 - $3,000 | >$3,000 - $12,000 | >$12,000 | ||||||||||||||||||
| Columbia California Intermediate Municipal Bond Fund | 0.070 | % | 0.065 | % | 0.060 | % | 0.050 | % | 0.040 | % | July 1, 0000 | |||||||||||
| Xxxxxxxx Xxxxxxx Intermediate Municipal Bond Fund | 0.070 | % | 0.065 | % | 0.060 | % | 0.050 | % | 0.040 | % | July 1, 0000 | |||||||||||
| Xxxxxxxx Xxxxxxxx Intermediate Municipal Bond Fund | 0.070 | % | 0.065 | % | 0.060 | % | 0.050 | % | 0.040 | % | July 1, 2011 | |||||||||||
| Columbia North Carolina Intermediate Municipal Bond Fund | 0.070 | % | 0.065 | % | 0.060 | % | 0.050 | % | 0.040 | % | July 1, 2011 | |||||||||||
| Columbia South Carolina Intermediate Municipal Bond Fund | 0.070 | % | 0.065 | % | 0.060 | % | 0.050 | % | 0.040 | % | July 1, 0000 | |||||||||||
| Xxxxxxxx Xxxxxxxx Intermediate Municipal Bond Fund | 0.070 | % | 0.065 | % | 0.060 | % | 0.050 | % | 0.040 | % | July 1, 2011 | |||||||||||
Schedule III
| FUNDS |
FEE RATES ON ALL ASSETS(1) | EFFECTIVE DATE | ||||
| Columbia LifeGoal Balanced Growth Portfolio | 0.02 | % | May 1, 2011 | |||
| Columbia LifeGoal Growth Portfolio | 0.02 | % | May 1, 2011 | |||
| Columbia LifeGoal Income and Growth Portfolio | 0.02 | % | May 1, 2011 | |||
| Columbia LifeGoal Income Portfolio | 0.02 | % | May 1, 2011 | |||
Schedule IV
| FUNDS |
ASSET LEVELS (IN MILLIONS) AND BREAKPOINTS IN APPLICABLE FEES(1) | EFFECTIVE DATE | ||||||||||||
| $0 - $500 | >$500 - $1,000 | >$1,000 | ||||||||||||
| Columbia Convertible Securities Fund | 0.60 | % | 0.55 | % | 0.50 | % | July 1, 2011 | |||||||
| (1) | Annual rates based on a percentage of the Fund’s average daily net assets. |
