Exhibit (d)(20)
FORM OF
COLUMBIA LIBERTY FUND
MANAGEMENT AGREEMENT
AGREEMENT dated as of March __, 2006, between COLUMBIA FUNDS SERIES TRUST I (the
"Trust"), on behalf of its COLUMBIA LIBERTY FUND series (the "Fund") and
COLUMBIA MANAGEMENT ADVISORS, LLC (the "Advisor"). The Trust is registered as an
open-end investment company pursuant to the Investment Company Act of 1940 (the
"Act"). The Advisor is registered as an investment adviser pursuant to the
Investment Advisers Act of 1940. This Agreement relates to services to be
performed by the Advisor with respect to the Fund.
The parties agree as follows:
1. The Advisor will manage the investment of the assets of the Fund in
accordance with its prospectus and statement of additional information and will
perform the other services herein set forth, subject to the supervision of the
Board of Trustees of the Trust. The Advisor may delegate its investment
responsibilities to a sub-advisor.
2. In carrying out its investment management obligations, the Advisor shall:
(a) evaluate such economic, statistical and financial information and undertake
such investment research as it shall believe advisable; (b) purchase and sell
securities and other investments for the Fund in accordance with the procedures
described in its prospectus and statement of additional information; and (c)
report results to the Board of Trustees of the Trust.
3. The Advisor shall furnish at its expense the following:
(a) office space, supplies, facilities and equipment; (b) executive and other
personnel for managing the affairs of the Fund (including preparing financial
information of the Fund and reports and tax returns required to be filed with
public authorities, but exclusive of those related to custodial, transfer,
dividend and plan agency services, determination of net asset value and
maintenance of records required by Section 31(a) of the Act, as amended, and the
rules thereunder); and (c) compensation of Trustees who are directors, officers,
partners or employees of the Advisor or its affiliated persons (other than a
registered investment company).
4. The Advisor shall be free to render similar services to others so long as its
services hereunder are not impaired thereby.
5. The Fund shall pay the Advisor monthly a fee at the annual rate of 0.55% of
the first $1 billion of the average daily net assets of the Fund, 0.50% of the
next $500 million and 0.45% in excess of $1.5 billion.
6. If the operating expenses of the Fund for any fiscal year exceed the most
restrictive applicable expense limitation for any state in which shares are
sold, the Advisor's fee shall be reduced by the excess but not to less than
zero. Operating expenses shall not include brokerage, interest, taxes, deferred
organization expenses, Rule 12b-1 distribution fees, service fees and
extraordinary expenses, if any. The Advisor may waive its compensation (and bear
expenses of the Fund) to the extent that expenses of the Fund exceed any expense
limitation the Advisor declares to be effective.
7. This Agreement shall become effective as of the date of its execution, and
(a) unless otherwise terminated, shall continue from year to year so long as
approved annually in accordance with the Act; (b) may be terminated without
penalty on sixty days' written notice to the Advisor either by vote of the Board
of Trustees of the Trust or by vote of a majority of the outstanding shares of
the Fund; (c) shall automatically terminate in the event of its assignment; and
(d) may be terminated without penalty by the Advisor on sixty days' written
notice to the Trust.
8. This Agreement may be amended in accordance with the Act.
9. For the purpose of the Agreement, the terms "vote of a majority of the
outstanding shares", "affiliated person" and "assignment" shall have their
respective meanings defined in the Act and exemptions and interpretations issued
by the Securities and Exchange Commission under the Act.
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10. In the absence of willful misfeasance, bad faith or gross negligence on the
part of the Advisor, or reckless disregard of its obligations and duties
hereunder, the Advisor shall not be subject to any liability to the Trust or the
Fund, to any shareholder of the Trust or the Fund or to any other person, firm
or organization, for any act or omission in the course of, or connected with,
rendering services hereunder.
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IN WITNESS WHEREOF the parties have caused this Agreement to be
executed as of the day and year first written above.
COLUMBIA FUNDS SERIES TRUST I, on behalf of its
COLUMBIA LIBERTY FUND series
By:
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Name: Xxxxxxxxxxx X. Xxxxxx
Title: President
COLUMBIA MANAGEMENT ADVISORS, LLC
By:
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Name: Xxxxx Xxxxxx
Title: Managing Director
A copy of the document establishing the Trust is filed with the Secretary of The
Commonwealth of Massachusetts. This Agreement is executed by officers not as
individuals and is not binding upon any of the Trustees, officers or
shareholders of the Trust individually but only upon the assets of the Fund.
