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EXHIBIT (g)
MANAGEMENT AGREEMENT
AGREEMENT dated as of March 27, 1995, between COLONIAL MUNICIPAL INCOME TRUST, a
Massachusetts business trust (Fund), and COLONIAL MANAGEMENT ASSOCIATES, INC., a
Massachusetts corporation (Adviser).
In consideration of the promises and covenants herein, the parties agree as
follows:
1. The Adviser will manage the investment of the assets of the Fund in
accordance with its investment policies and will perform the other services
herein set forth, subject to the supervision of the Board of Trustees of
the Fund.
2. In carrying out its investment management obligations, the Adviser 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 approved by the Board of
Trustees; and
(c) report results to the Board of Trustees.
3. The Adviser 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 Investment Company Act of 1940, as amended, and the rules
thereunder (1940 Act)); and
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(c) compensation of Trustees who are directors, officers, partners or
employees of the Adviser or its affiliated persons (other than a
registered investment company).
4. The Adviser 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 Adviser monthly a fee at the annual rate of 0.65% of
the average weekly net assets of the Fund.
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 Adviser'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 and extraordinary expenses, if any. The Adviser may
waive its compensation (and, bear expenses of the Fund) to the extent that
expenses of the Fund exceed any expense limitation the Adviser declares to
be effective.
7. This Agreement shall become effective as of the date of its execution, and
(a) unless otherwise terminated, shall continue until two years from
its date of execution and from year to year thereafter so long as
approved annually in accordance with the 1940 Act;
(b) may be terminated without penalty on sixty days' written notice
to the Adviser either by vote of the Board of Trustees of the
Fund or by vote of a majority of the outstanding voting
securities of the Fund;
(c) shall automatically terminate in the event of its assignment; and
(d) may be terminated without penalty by the Adviser on sixty days'
written notice to the Fund.
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 voting securities", "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 Adviser, or reckless disregard of its obligations and
duties hereunder, the Adviser shall not be subject to any liability to the
Fund, to any shareholder of 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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COLONIAL MUNICIPAL INCOME TRUST
By: Xxxxx X. Xxxxxxxx
Title: Controller
COLONIAL MANAGEMENT ASSOCIATES, INC.
By: Xxxxxx X. Xxxxx
Title: Executive Vice President
A copy of the document establishing the Fund 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 Fund individually but only upon the assets of the Fund.
