SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. __)*
RAM HOLDINGS LTD.
___________________________________________________________
(Name of Issuer)
COMMON STOCK
___________________________________________________________
(Title of Class of Securities)
G7368R104
____________________
(CUSIP Number)
February 22, 2007
___________________________________________________________
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the Rule pursuant to which
this Schedule is filed:
[ ] Rule 13d - 1(b)
[X] Rule 13d - 1(c)
[ ] Rule 13d - 1(d)
* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the
subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a
prior cover page.
The information required on the remainder of this page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes.)
(Continued on following page(s)
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CUSIP No 13G Page 2 of 13
G7368R104 Pages
- ---------------- --------------
- ---------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY):
Bank of America Corporation
56-0906609
- ---------------------------------------------------------
- ---------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------
- ---------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------------------------------------------------------
- ---------------------------------------------------------
0
5 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
- ---------------------------------------------------------
- ---------------------------------------------------------
60,686
6 SHARED VOTING POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
7 SOLE DISPOSITIVE 0
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
8 SHARED DISPOSITIVE 64,560
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
64,560
- ---------------------------------------------------------
- ---------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
[ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(9)
0.24%
- ---------------------------------------------------------
- ---------------------------------------------------------
12 TYPE OF REPORTING PERSON*
HC
- ---------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------- --------------
CUSIP No 13G Page 3 of 13
G7368R104 Pages
- ---------------- --------------
- ---------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY):
NB Holdings Corporation
56-1857749
- ---------------------------------------------------------
- ---------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a) [ ]
(b) [ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------
- ---------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------------------------------------------------------
- ---------------------------------------------------------
0
5 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
- ---------------------------------------------------------
- ---------------------------------------------------------
60,686
6 SHARED VOTING POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
7 SOLE DISPOSITIVE 0
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
8 SHARED DISPOSITIVE 64,560
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
64,560
- ---------------------------------------------------------
- ---------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
[ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(9)
0.24%
- ---------------------------------------------------------
- ---------------------------------------------------------
12 TYPE OF REPORTING PERSON*
HC
- ---------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------- --------------
CUSIP No 13G Page 4 of 13
G7368R104 Pages
- ---------------- --------------
- ---------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY):
Bank of America, National Association
94-1687665
- ---------------------------------------------------------
- ---------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a) [ ]
(b) [ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------
- ---------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ---------------------------------------------------------
- ---------------------------------------------------------
11,668
5 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
- ---------------------------------------------------------
- ---------------------------------------------------------
49,018
6 SHARED VOTING POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
7 SOLE DISPOSITIVE 13,367
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
8 SHARED DISPOSITIVE 51,193
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
64,560
- ---------------------------------------------------------
- ---------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
[ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(9)
0.24%
- ---------------------------------------------------------
- ---------------------------------------------------------
12 TYPE OF REPORTING PERSON*
BK
- ---------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ----------------- --------------
CUSIP No 13G Page 5 of 13
G7368R104 Pages
- ----------------- --------------
- ---------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY):
Columbia Management Group, LLC
94-1687665
- ---------------------------------------------------------
- ---------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------
- ---------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------------------------------------------------------
- ---------------------------------------------------------
0
5 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
- ---------------------------------------------------------
- ---------------------------------------------------------
49,018
6 SHARED VOTING POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
7 SOLE DISPOSITIVE 0
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
8 SHARED DISPOSITIVE 51,193
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
51,193
- ---------------------------------------------------------
- ---------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
[ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(9)
0.19%
- ---------------------------------------------------------
- ---------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- ---------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ----------------- --------------
CUSIP No 13G Page 6 of 13
G7368R104 Pages
- ----------------- --------------
- ---------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY):
Columbia Management Advisors, LLC
94-1687665
- ---------------------------------------------------------
- ---------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------
- ---------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------------------------------------------------------
- ---------------------------------------------------------
49,018
5 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
- ---------------------------------------------------------
- ---------------------------------------------------------
0
6 SHARED VOTING POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
7 SOLE DISPOSITIVE 51,193
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
8 SHARED DISPOSITIVE 0
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
51,193
- ---------------------------------------------------------
- ---------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
[ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(9)
0.19%
- ---------------------------------------------------------
- ---------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- ---------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------- --------------
CUSIP No 13G Page 7 of 13
G7368R104 Pages
- ---------------- --------------
- ---------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY):
CIVC Sidecar Fund, L.P.
27-0038064
- ---------------------------------------------------------
- ---------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------
- ---------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------------------------------------------------------
- ---------------------------------------------------------
0
5 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
- ---------------------------------------------------------
- ---------------------------------------------------------
1,299,083
6 SHARED VOTING POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
7 SOLE DISPOSITIVE 0
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
8 SHARED DISPOSITIVE 1,299,083
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,299,083
- ---------------------------------------------------------
- ---------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
[ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(9)
4.77%
- ---------------------------------------------------------
- ---------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------- --------------
CUSIP No 13G Page 8 of 13
G7368R104 Pages
- ---------------- --------------
- ---------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY):
CIVC GP Sidecar Fund, L.P
27-0038061
- ---------------------------------------------------------
- ---------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------
- ---------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------------------------------------------------------
- ---------------------------------------------------------
0
5 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
- ---------------------------------------------------------
- ---------------------------------------------------------
1,299,083
6 SHARED VOTING POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
7 SOLE DISPOSITIVE 0
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
8 SHARED DISPOSITIVE 1,299,083
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,299,083
- ---------------------------------------------------------
- ---------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
[ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(9)
4.77%
- ---------------------------------------------------------
- ---------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ----------------- --------------
CUSIP No 13G Page 9 of 13
G7368R104 Pages
- ----------------- --------------
- ---------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY):
CIVC Sidecar GP, LLC
27-0038058
- ---------------------------------------------------------
- ---------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------
- ---------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------------------------------------------------------
- ---------------------------------------------------------
1,299,083
5 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
- ---------------------------------------------------------
- ---------------------------------------------------------
0
6 SHARED VOTING POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
7 SOLE DISPOSITIVE 1,299,083
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
8 SHARED DISPOSITIVE 0
POWER
- ---------------------------------------------------------
- ---------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,299,083
- ---------------------------------------------------------
- ---------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
[ ]
- ---------------------------------------------------------
- ---------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(9)
4.77%
- ---------------------------------------------------------
- ---------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- ---------------------------------------------------------
Item 1(a). Name of Issuer:
RAM Holdings, Ltd.
Item 1(b). Address of Issuer's Principal Executive Offices:
46 Reid Street
Hamilton HM12 Bermuda
Item 2(a). Name of Person Filing:
Bank of America Corporation ("BAC")
NB Holdings Corporation ("NB Holdings")
Bank of America, National Association ("BANA")
Columbia Management Group, LLC ("Columbia Group")
Columbia Management Advisors, LLC ("Columbia Advisors")
CIVC Sidecar Fund, L.P. ("CIVC")
CIVC GP Sidecar Fund, L.P. ("CIVC GP")
CIVC Sidecar GP, LLC ("CIVC Sidecar GP")
Item 2(b). Address of Principal Business Office or, if None,
Residence:
Each of BAC, NB Holdings, BANA, Columbia Group and Columbia
Advisors has its principal business office at 100 North
Tryon Street, Floor 25, Bank of America Corporate Center,
Charlotte, NC 28255.
Each of CIVC, CIVC GP and CIVC Sidecar GP has its principal
business office at 191 N. Wacker Drive, Suite 1100 Chicago,
IL 60606.
Item 2(c). Citizenship:
BAC Delaware
NB Holdings Delaware
BANA Delaware
Columbia Group Delaware
Columbia Advisors Delaware
CIVC Delaware
CIVC GP Delaware
CIVC Sidecar GP Delaware
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
G7368R104
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is a:
(a) [ ] Broker or dealer registered under Section 15 of
the Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the
Exchange Act.
(c) [ ] Insurance company as defined in Section 3(a)(19)
of the Exchange Act.
(d) [ ] Investment company registered under Section 8 of
the Investment Company Act.
(e) [ ] An investment adviser in accordance with
Rule 13d-1(b)(1)(ii)(E).
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F).
(g) [ ] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G).
(h) [ ] A savings association as defined in Section 3(b)
of the Federal Deposit Insurance Act.
(i) [ ] A church plan that is excluded from the
definition of an investment company under Section
3(c)(14) of the Investment Company Act.
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership:
With respect to the beneficial ownership of the reporting
persons, see Items 5 through 11 of the cover pages to this
Schedule 13G, which are incorporated herein by reference.
BAC is the indirect holder of a 99.5% limited partnership
interest in CIVC, but no beneficial ownership determination
has been made at this time concerning the subject
securities. Each of the reporting persons declares that
neither the filing of this statement nor anything herein
shall be construed as an admission that such person is, for
the purposes of Sections 13(d) or 13(g) of the Act, the
beneficial owner of any securities covered by this
statement.
Item 5. Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be
the beneficial owner of more than five percent of the class
of securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
Not applicable.
Item 7. Identification and Classification of the Subsidiary which
Acquired the Security Being Reported on By the Parent
Holding Company:
Not applicable.
Item 8. Identification and Classification of Members of the Group:
Not applicable.
Item 9. Notice of Dissolution of Group:
Not applicable.
Item 10. Certification:
By signing below each of the undersigned certifies that, to
the best of such undersigned's knowledge and belief, the
securities referred to above were not acquired and are not
for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and
were not acquired and are not held in connection with or as
a participant in any transaction having that purpose or
effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.
Dated: March 12, 2007
Bank of America Corporation
NB Holdings Corporation
Bank of America, National Association
By: /s/ Charles F. Bowman
______________________
Charles F. Bowman
Senior Vice President
Columbia Management Group, LLC
Columbia Management Advisors, LLC
By: /s/ Keith Banks
______________________
Keith Banks
President
CIVC Sidecar GP, LLC
CIVC GP Sidecar Fund, L.P.
CIVC Sidecar Fund, L.P
By: /s/ Christopher J. Perry
______________________
Christopher J. Perry
Managing Member
Exhibit 99.1
EXHIBIT 99.1 - JOINT FILING AGREEMENT
The undersigned hereby agree that they are filing this
statement jointly pursuant to Rule 13d-1(k)(1). Each of them is
responsible for the timely filing of such Schedule 13G and any
amendments thereto, and for the completeness and accuracy of the
information concerning such person contained therein; but none of
them is responsible for the completeness or accuracy of the
information concerning the other persons making the filing, unless
such person knows or has reason to believe that such information is
inaccurate.
In accordance with Rule 13d-1(k)(1) promulgated under the
Securities and Exchange Act of 1934, as amended, the undersigned
hereby agree to the joint filing with each other on behalf of each
of them of to such a statement on Schedule 13G with respect to the
common stock of Ram Holdings Ltd. beneficially owned by each of
them. This Joint Filing Agreement shall be included as an exhibit
to such Schedule 13G.
Dated: March 12, 2007
Bank of America Corporation
NB Holdings Corporation
Bank of America, National Association
By: /s/ Charles F. Bowman
______________________
Charles F. Bowman
Senior Vice President
Columbia Management Group, LLC
Columbia Management Advisors, LLC
By: /s/ Keith Banks
______________________
Keith Banks
President
CIVC Sidecar GP, LLC
CIVC GP Sidecar Fund, L.P.
CIVC Sidecar Fund, L.P.
By: /s/ Christopher J. Perry
______________________
Christopher J. Perry
Managing Member