Exhibit 1
AMENDED AND RESTATED JOINT FIDELITY BOND AGREEMENT
WHEREAS, Columbia Funds Series Trust ("CFST") is an open-end management
investment company registered as such under the Investment Company Act of 1940,
as amended ("1940 Act"), currently consisting of 49 investment portfolios, but
which may from time to time consist of a greater or lesser number of investment
portfolios;
WHEREAS, Columbia Funds Variable Insurance Trust I ("CFVIT I") is an
open-end management investment company registered as such under the 1940 Act,
currently consisting of 6 investment portfolios, but which may from time to time
consist of a greater or lesser number of investment portfolios;
WHEREAS, Columbia Funds Master Investment Trust, LLC ("CFMIT") is an
open-end management investment company registered as such under the 1940 Act,
currently consisting of 6 investment portfolios, but which may from time to time
consist of a greater or lesser number of investment portfolios;
WHEREAS, Banc of America Funds Trust ("BAFT") is an open-end management
investment company registered as such under the 1940 Act, currently consisting
of 8 investment portfolios, but which may from time to time consist of a greater
or lesser number of investment portfolios;
WHEREAS, Columbia Funds Series Trust I ("CFST I") is an open-end
management investment company registered as such under the 1940 Act, currently
consisting of 39 investment portfolios, but which may from time to time consist
of a greater or lesser number of investment portfolios;
WHEREAS, Columbia Funds Variable Insurance Trust ("CFVIT") is an
open-end management investment company registered as such under the 1940 Act,
currently consisting of 11 investment portfolios, but which may from time to
time consist of a greater or lesser number of investment portfolios;
WHEREAS, Columbia Funds Institutional Trust ("CFIT") is an open-end
management investment company registered as such under the 1940 Act, currently
consisting of 18 investment portfolios, but which may from time to time consist
of a greater or lesser number of investment portfolios;
WHEREAS, Excelsior Funds Trust ("EFT") is an open-end management
investment company registered as such under the 1940 Act, currently consisting
of 5 investment portfolios, but which may from time to time consist of a greater
or lesser number of investment portfolios;
WHEREAS, Excelsior Funds, Inc. ("EFI") is an open-end management
investment company registered as such under the 1940 Act, currently consisting
of 15
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investment portfolios, but which may from time to time consist of a
greater or lesser number of investment portfolios;
WHEREAS, Excelsior Tax-Exempt Funds, Inc. ("ETFI") is an open-end
management investment company registered as such under the 1940 Act, currently
consisting of 7 investment portfolios, but which may from time to time consist
of a greater or lesser number of investment portfolios;
WHEREAS, BACAP Alternative Multi-Strategy Fund, LLC ("BAMS") is a
closed-end management investment company registered as such under the 1940 Act;
WHEREAS, Columbia Management Multi-Strategy Hedge Fund, LLC ("CMMSHF")
is a closed-end management investment company registered as such under the 1940
Act;
WHEREAS, Columbia Management Advisors, LLC ("CMA") is an investment
adviser registered as such under the Investment Advisers Act of 1940 (the
"Advisers Act");
WHEREAS, Columbia Management Distributors, Inc. ("CMDI") is a broker-
dealer registered as such under the Securities Exchange Act of 1934;
WHEREAS, Columbia Management Services, Inc. ("CMSI") is a transfer
agent registered as such under the Securities Exchange Act of 1934;
WHEREAS, Banc of America Investment Advisors, Inc. ("BAIA") is an
investment adviser registered as such under the Advisers Act;
WHEREAS, CFST, CFVIT I, CFMIT, BAFT, CFST I, CFVIT, CFIT, EFT, EFI,
ETFI, BAMS and CMMSHF are required to provide and maintain a fidelity bond
pursuant to Rule 17g-1 under the 1940 Act;
WHEREAS, Rule 17g-1(b) provides that the fidelity bond may be in the
form of a joint insured bond covering each of the parties hereto;
WHEREAS, the Directors or Trustees of CFST, CFVIT I, CFMIT, BAFT, CFST
I, CFVIT, CFIT, EFT, EFI, ETFI, BAMS and CMMSHF, including a majority of such
Directors or Trustees who are not "interested persons" (as that term is defined
in the 0000 Xxx) of CFST, CFVIT I, CFMIT, BAFT, CFST I, CFVIT, CFIT, EFT, EFI,
ETFI, BAMS or CMMSHF, as applicable, have made the determinations required by
Rule 17g-1, including those provisions specifically applicable to a joint
insured bond;
WHEREAS, CMA, CMDI, CMSI, BAIA, CFST, CFVIT I, CFMIT, BAFT, CFST I,
CFVIT, CFIT, BAMS and CMMSHF have each paid a pro rata portion of the premiums
for the joint insured bond pursuant to the Joint Fidelity Bond Agreement dated
as of October 31, 2006;
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WHEREAS, the parties other than EFT, EFI and ETFI have previously
entered into a Joint Fidelity Bond Agreement dated as of October 31, 2006; and
WHEREAS, the parties wish to add EFT, EFI and ETFI as parties to such
Joint Fidelity Bond Agreement;
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. In the event recovery is received under the joint insured bond as a
result of a loss sustained by two or more of the insured parties, the proceeds
of the joint insured bond shall be allocated among the insured parties having
sustained losses in proportion to, and, in any event, at least equal to, the
amount which each such party would have received had it provided and maintained
a single insured bond with the minimum coverage required by paragraph (d)(1) of
Rule 17g-1 under the 0000 Xxx.
2. The parties hereby agree that any newly-formed investment company
advised by CMA or BAIA may become an insured under the joint insured bond and a
party to this Agreement by executing this Agreement and by paying its share of
additional premiums, if any, resulting from adding it to the joint insured bond.
3. This Agreement covers the joint insured bond for the period ending
October 31, 2007.
4. This Agreement amends, restates and supersedes the Joint Fidelity
Bond Agreement dated as of October 31, 2006.
On behalf of each party that is organized as a Massachusetts business
trust or a series thereof, notice is hereby given that a copy of the Agreement
and Declaration of Trust of such party is on file with the Secretary of State of
The Commonwealth of Massachusetts, and that this Agreement is executed by an
officer of such party, as an officer and not individually, on behalf of the
trustees of such party, as trustees and not individually, and that the
obligations of this Agreement with respect to a series of such party shall be
binding upon the assets and properties of such series only and shall not be
binding upon any of the Trustees, officers, employees, agents or shareholders of
such party or such party individually or on the assets and properties of any
other series of such party.
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.
[Signature pages follow]
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Dated: As of July 1, 2007
COLUMBIA FUNDS SERIES TRUST
COLUMBIA FUNDS VARIABLE INSURANCE TRUST I
COLUMBIA FUNDS MASTER INVESTMENT TRUST, LLC
BANC OF AMERICA FUNDS TRUST
COLUMBIA FUNDS SERIES TRUST I
COLUMBIA FUNDS VARIABLE INSURANCE TRUST
COLUMBIA FUNDS INSTITUTIONAL TRUST
EXCELSIOR FUNDS TRUST
EXCELSIOR FUNDS, INC.
EXCELSIOR TAX-EXEMPT FUNDS, INC.
For each of the above,
By: /s/ J. Xxxxx Xxxxxxxxxxx
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Name: J. Xxxxx Xxxxxxxxxxx
Title: Senior Vice President, Chief Financial Officer and
Treasurer
BACAP ALTERNATIVE MULTI-STRATEGY FUND, LLC
By:
-----------------------------------------------------
Name: Xxxxx Xxxxxx
Title: President
COLUMBIA MANAGEMENT MULTI-STRATEGY HEDGE FUND, LLC
By:
-----------------------------------------------------
Name: Xxxxx Xxxxxx
Title: President
COLUMBIA MANAGEMENT ADVISORS, LLC
By: /s/ Xxxxxxxxxxx X. Xxxxxx
-----------------------------------------------------
Name: Xxxxxxxxxxx X. Xxxxxx
Title: Managing Director
BANC OF AMERICA INVESTMENT ADVISORS, INC.
By:
-----------------------------------------------------
Name: Xxxxx Xxxxxx
Title: Senior Executive Vice President
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Dated: As of July 1, 2007
COLUMBIA FUNDS SERIES TRUST
COLUMBIA FUNDS VARIABLE INSURANCE TRUST I
COLUMBIA FUNDS MASTER INVESTMENT TRUST, LLC
BANC OF AMERICA FUNDS TRUST
COLUMBIA FUNDS SERIES TRUST I
COLUMBIA FUNDS VARIABLE INSURANCE TRUST
COLUMBIA FUNDS INSTITUTIONAL TRUST
EXCELSIOR FUNDS TRUST
EXCELSIOR FUNDS, INC.
EXCELSIOR TAX-EXEMPT FUNDS, INC.
For each of the above,
By:
-----------------------------------------------------
Name: J. Xxxxx Xxxxxxxxxxx
Title: Senior Vice President, Chief Financial Officer and
Treasurer
BACAP ALTERNATIVE MULTI-STRATEGY FUND, LLC
By: /s/ Xxxxx Xxxxxx
-----------------------------------------------------
Name: Xxxxx Xxxxxx
Title: President
COLUMBIA MANAGEMENT MULTI-STRATEGY HEDGE FUND, LLC
By: /s/ Xxxxx Xxxxxx
-----------------------------------------------------
Name: Xxxxx Xxxxxx
Title: President
COLUMBIA MANAGEMENT ADVISORS, LLC
By:
-----------------------------------------------------
Name: Xxxxxxxxxxx X. Xxxxxx
Title: Managing Director
BANC OF AMERICA INVESTMENT ADVISORS, INC.
By: /s/ Xxxxx Xxxxxx
-----------------------------------------------------
Name: Xxxxx Xxxxxx
Title: Senior Executive Vice President
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COLUMBIA MANAGEMENT DISTRIBUTORS, INC.
By: /s/ Xxxxxxx X. Xxxxx
-----------------------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: President
COLUMBIA MANAGEMENT SERVICES, INC.
By: /s/ Xxxxxxx X. Xxxxx
-----------------------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: President
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