Exhibit (d)(20)
COLUMBIA CALIFORNIA TAX-EXEMPT FUND
COLUMBIA CONNECTICUT TAX-EXEMPT FUND
COLUMBIA MASSACHUSETTS TAX-EXEMPT FUND
COLUMBIA NEW YORK TAX-EXEMPT FUND
MANAGEMENT AGREEMENT
AGREEMENT dated as of the 27th day of March, 2006, between COLUMBIA FUNDS SERIES
TRUST I, a Massachusetts business trust (the "Trust"), with respect to its
COLUMBIA CALIFORNIA TAX-EXEMPT FUND, COLUMBIA CONNECTICUT TAX-EXEMPT FUND,
COLUMBIA MASSACHUSETTS TAX-EXEMPT FUND and COLUMBIA NEW YORK TAX-EXEMPT FUND
series (the "Funds"), and COLUMBIA MANAGEMENT ADVISORS, LLC (the "Advisor").
In consideration of the promises and covenants herein, the parties agree as
follows:
1. The Advisor will manage the investment of the assets of the Funds 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 Funds 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 Funds (including preparing
financial information of the Funds 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 Investment Company Act of 1940, as amended, and the rules thereunder
("1940 Act")); 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 Funds shall pay the Advisor monthly a fee at the annual rate of 0.50%
on the first $1 billion of the Funds' combined daily net assets, 0.45% on the
next $2 billion and 0.40% in excess of $3 billion.
6. If the operating expenses of the Funds 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 Funds) to the extent that expenses of the Funds exceed
any expense limitation the Advisor declares to be effective.
1
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 1940 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 Funds; (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 1940 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 1940 Act and exemptions and interpretations
issued by the Securities and Exchange Commission under the 1940 Act.
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 Funds, to any shareholder of the Trust or the Funds or to any other person,
firm or organization, for any act or omission in the course of, or connected
with, rendering services hereunder.
[The remainder of page intentionally left blank]
2
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 CALIFORNIA TAX-EXEMPT FUND
COLUMBIA CONNECTICUT TAX-EXEMPT FUND
COLUMBIA MASSACHUSETTS TAX-EXEMPT FUND
COLUMBIA NEW YORK TAX-EXEMPT FUND series
By: /s/ Xxxxxxxxxxx X. Xxxxxx
---------------------------------
Name: Xxxxxxxxxxx X. Xxxxxx
-------------------------------
Title: President
------------------------------
COLUMBIA MANAGEMENT ADVISORS, LLC
By: /s/ Xxxxx Xxxxxx
---------------------------------
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 Funds.
