Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A | $ 60 | 1.21 % |
Fund net assets | $ 155,774,626 |
Total number of portfolio holdings | 64 |
Portfolio turnover for the reporting period | 18% |
Prologis, Inc . | 9.5% |
Equinix, Inc. | 8.9% |
Simon Property Group, Inc. | 5.7% |
Welltower, Inc. | 5.6% |
Public Storage | 4.7% |
Equity Residential | 4.4% |
Invitation Homes, Inc. | 3.4% |
Extra Space Storage, Inc. | 2.9% |
Realty Income Corp. | 2.8% |
Kimco Realty Corp. | 2.7% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Advisor Class | $ 47 | 0.96 % |
Fund net assets | $ 155,774,626 |
Total number of portfolio holdings | 64 |
Portfolio turnover for the reporting period | 18% |
Prologis, Inc. | 9.5% |
Equinix, Inc. | 8.9% |
Simon Property Group, Inc. | 5.7% |
Welltower, Inc. | 5.6% |
Public Storage | 4.7% |
Equity Residential | 4.4% |
Invitation Homes, Inc. | 3.4% |
Extra Space Storage, Inc. | 2.9% |
Realty Income Corp. | 2.8% |
Kimco Realty Corp. | 2.7% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $ 47 | 0.96 % |
Fund net assets | $ 155,774,626 |
Total number of portfolio holdings | 64 |
Portfolio turnover for the reporting period | 18% |
Prologis , Inc. | 9.5% |
Equinix, Inc. | 8.9% |
Simon Property Group , Inc. | 5.7% |
Welltower, Inc. | 5.6% |
Public Storage | 4.7% |
Equity Residential | 4.4% |
Invitation Homes, Inc. | 3.4% |
Extra Space Storage, Inc. | 2.9% |
Realty Income Corp. | 2.8% |
Kimco Realty Corp. | 2.7% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional 2 Class | $ 42 | 0.86 % |
Fund net assets | $ 155,774,626 |
Total number of portfolio holdings | 64 |
Portfolio turnover for the reporting period | 18% |
Prologis, Inc . | 9.5% |
Equinix, Inc. | 8.9% |
Simon Property Group, Inc. | 5.7% |
Welltower, Inc. | 5.6% |
Public Storage | 4.7% |
Equity Residential | 4.4% |
Invitation Homes, Inc. | 3.4% |
Extra Space Storage, Inc. | 2.9% |
Realty Income Corp. | 2.8% |
Kimco Realty Corp. | 2.7% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional 3 Class | $ 40 | 0.81 % |
Fund net assets | $ 155,774,626 |
Total number of portfolio holdings | 64 |
Portfolio turnover for the reporting period | 18% |
Prologis, Inc. | 9.5% |
Equinix, Inc. | 8.9% |
Simon Property Group, Inc. | 5.7% |
Welltower, Inc. | 5.6% |
Public Storage | 4.7% |
Equity Residential | 4.4% |
Invitation Homes, Inc. | 3.4% |
Extra Space Storage, Inc. | 2.9% |
Realty Income Corp. | 2.8% |
Kimco Realty Corp. | 2.7% |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Common Stocks 93.0% | ||
Issuer | Shares | Value ($) |
Real Estate 93.0% | ||
Data Center REITs 11.2% | ||
Digital Realty Trust, Inc. | 22,600 | 3,436,330 |
Equinix, Inc.(a) | 18,409 | 13,928,249 |
Total | 17,364,579 | |
Diversified REITs 1.2% | ||
American Assets Trust, Inc. | 10,600 | 237,228 |
Empire State Realty Trust, Inc., Class A | 180,600 | 1,694,028 |
Total | 1,931,256 | |
Health Care REITs 13.8% | ||
Alexandria Real Estate Equities, Inc. | 26,442 | 3,092,921 |
CareTrust REIT, Inc. | 16,300 | 409,130 |
Healthcare Realty Trust, Inc. | 74,200 | 1,222,816 |
Healthpeak Properties, Inc. | 106,537 | 2,088,125 |
Medical Properties Trust, Inc. | 104,400 | 449,964 |
National Health Investors, Inc. | 7,000 | 474,110 |
Omega Healthcare Investors, Inc. | 38,800 | 1,328,900 |
Sabra Health Care REIT, Inc. | 38,100 | 586,740 |
Ventas, Inc. | 61,800 | 3,167,868 |
Welltower, Inc.(a) | 83,048 | 8,657,754 |
Total | 21,478,328 | |
Hotel & Resort REITs 3.9% | ||
Apple Hospitality REIT, Inc. | 34,500 | 501,630 |
DiamondRock Hospitality Co. | 396,600 | 3,351,270 |
Park Hotels & Resorts, Inc. | 31,000 | 464,380 |
Ryman Hospitality Properties, Inc. | 9,700 | 968,642 |
Service Properties Trust | 28,700 | 147,518 |
Sunstone Hotel Investors, Inc. | 32,400 | 338,904 |
Xenia Hotels & Resorts, Inc. | 18,200 | 260,806 |
Total | 6,033,150 | |
Industrial REITs 14.3% | ||
Americold Realty Trust, Inc. | 44,600 | 1,139,084 |
EastGroup Properties, Inc. | 6,900 | 1,173,690 |
First Industrial Realty Trust, Inc. | 54,803 | 2,603,690 |
Innovative Industrial Properties, Inc. | 4,500 | 491,490 |
LXP Industrial Trust | 222,000 | 2,024,640 |
Prologis, Inc.(a) | 131,719 | 14,793,361 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Rexford Industrial Realty, Inc. | 1,300 | 57,967 |
Total | 22,283,922 | |
Multi-Family Residential REITs 11.9% | ||
AvalonBay Communities, Inc.(a) | 20,353 | 4,210,832 |
Centerspace | 2,579 | 174,418 |
Elme Communities | 12,200 | 194,346 |
Equity Residential | 99,000 | 6,864,660 |
Essex Property Trust, Inc.(a) | 9,800 | 2,667,560 |
Independence Realty Trust, Inc. | 33,700 | 631,538 |
UDR, Inc. | 49,268 | 2,027,378 |
Veris Residential, Inc. | 117,800 | 1,767,000 |
Total | 18,537,732 | |
Office REITs 2.0% | ||
COPT Defense Properties | 18,600 | 465,558 |
Cousins Properties, Inc. | 89,100 | 2,062,665 |
Easterly Government Properties, Inc. | 26,800 | 331,516 |
Hudson Pacific Properties, Inc. | 29,900 | 143,819 |
Piedmont Office Realty Trust, Inc. | 20,600 | 149,350 |
Total | 3,152,908 | |
Other Specialized REITs 4.8% | ||
EPR Properties | 10,900 | 457,582 |
Four Corners Property Trust, Inc. | 24,700 | 609,349 |
Iron Mountain, Inc. | 47,200 | 4,230,064 |
Lamar Advertising Co., Class A | 12,516 | 1,496,038 |
Outfront Media, Inc. | 26,900 | 384,670 |
VICI Properties, Inc. | 11,200 | 320,768 |
Total | 7,498,471 | |
Retail REITs 14.4% | ||
Brixmor Property Group, Inc. | 154,064 | 3,557,338 |
Kimco Realty Corp. | 219,700 | 4,275,362 |
Macerich Co. (The) | 34,800 | 537,312 |
Realty Income Corp.(a) | 81,857 | 4,323,687 |
Simon Property Group, Inc.(a) | 58,844 | 8,932,519 |
SITE Centers Corp. | 32,382 | 469,539 |
Urban Edge Properties | 17,000 | 313,990 |
Total | 22,409,747 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Self Storage REITs 8.6% | ||
CubeSmart | 33,800 | 1,526,746 |
Extra Space Storage, Inc.(a) | 29,065 | 4,516,992 |
Public Storage | 25,400 | 7,306,310 |
Total | 13,350,048 | |
Single-Family Residential REITs 6.1% | ||
Equity LifeStyle Properties, Inc. | 65,100 | 4,239,963 |
Invitation Homes, Inc. | 146,783 | 5,268,042 |
Total | 9,508,005 | |
Telecom Tower REITs 0.8% | ||
SBA Communications Corp. | 6,300 | 1,236,690 |
Total Real Estate | 144,784,836 | |
Total Common Stocks (Cost: $107,938,596) | 144,784,836 | |
Money Market Funds 5.9% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.547%(b),(c) | 9,250,502 | 9,247,727 |
Total Money Market Funds (Cost: $9,247,661) | 9,247,727 | |
Total Investments in Securities (Cost $117,186,257) | 154,032,563 | |
Other Assets & Liabilities, Net | 1,742,063 | |
Net Assets | $155,774,626 |
Swap arrangement - contracts for differences | ||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Cash & other receivable (payable) ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Appreciation on underlying contracts for differences (CFDs), accrued income on long CFDs, and SOFR less a spread of 40 basis points on short CFDs | Depreciation on underlying CFDs, accrued income on underlying short CFDs, and SOFR plus a spread of 40 basis points on long CFDs | Monthly | Goldman Sachs International | 06/15/2027 | USD | 42,275,888 | 163,596 | 35,938 | 199,534 | — |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Long Equity Contracts for Differences | ||||
Real Estate | ||||
Diversified REITs | ||||
Broadstone Net Lease, Inc. | 179,000 | 2,745,860 | 94,870 | 47.5 |
Hotel & Resort REITs | ||||
Host Hotels & Resorts, Inc. | 95,105 | 1,708,086 | 1,902 | 1.0 |
Apple Hospitality REIT, Inc. | 211,200 | 3,087,744 | (16,896 ) | (8.5 ) |
Industrial REITs | ||||
Americold Realty Trust, Inc. | 57,400 | 1,473,458 | (7,462 ) | (3.7 ) |
Office REITs | ||||
Kilroy Realty Corp. | 15,500 | 490,575 | (7,440 ) | (3.7 ) |
BXP, Inc. | 48,500 | 2,980,325 | 5,335 | 2.7 |
NET Lease Office Properties | 2,147 | 53,782 | (923 ) | (0.5 ) |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Other Specialized REITs | ||||
Gaming and Leisure Properties, Inc. | 130,681 | 5,705,533 | 202,555 | 101.5 |
Retail REITs | ||||
Kite Realty Group Trust | 36,200 | 791,694 | 18,462 | 9.3 |
NNN REIT, Inc. | 29,300 | 1,232,651 | 15,529 | 7.8 |
Retail Opportunity Investments Corp. | 204,500 | 2,515,350 | 26,585 | 13.3 |
Agree Realty Corp. | 14,700 | 902,433 | 8,085 | 4.1 |
Total | 23,687,491 | 340,602 |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Short Equity Contracts for Differences | ||||
Real Estate | ||||
Diversified REITs | ||||
WP Carey, Inc. | (7,100 ) | (393,766 ) | 2,911 | 1.5 |
Hotel & Resort REITs | ||||
RLJ Lodging Trust | (281,600 ) | (2,711,808 ) | 0 | — |
Industrial REITs | ||||
STAG Industrial Inc | (38,000 ) | (1,350,520 ) | (19,760 ) | (9.9 ) |
Terreno Realty Corp | (27,300 ) | (1,600,872 ) | (14,742 ) | (7.4 ) |
Multi-Family Residential REITs | ||||
Camden Property Trust | (6,000 ) | (651,000 ) | (3,660 ) | (1.8 ) |
Office REITs | ||||
Paramount Group, Inc. | (300,600 ) | (1,385,766 ) | (6,012 ) | (3.0 ) |
JBG Smith Properties | (90,900 ) | (1,342,593 ) | (41,814 ) | (21.0 ) |
Douglas Emmett, Inc. | (89,100 ) | (1,177,902 ) | (8,019 ) | (4.0 ) |
Retail REITs | ||||
Regency Centers Corp. | (8,300 ) | (509,869 ) | (6,391 ) | (3.2 ) |
Phillips Edison & Co., Inc. | (50,300 ) | (1,604,067 ) | (41,246 ) | (20.7 ) |
Federal Realty Investment Trust | (11,047 ) | (1,110,003 ) | (5,413 ) | (2.7 ) |
Self Storage REITs | ||||
National Storage Affiliates Trust | (83,500 ) | (3,423,500 ) | (18,370 ) | (9.2 ) |
Telecom Tower REITs | ||||
American Tower Corp. | (6,900 ) | (1,326,732 ) | (14,490 ) | (7.3 ) |
Total | (18,588,398 ) | (177,006 ) |
Swap arrangement - contracts for differences | ||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Cash & other receivable (payable) ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Appreciation on underlying contracts for difference (CFDs), accrued income on long CFDs, and 1-Day Overnight Fed Funds Effective Rate less a spread of 35-63 basis points on short CFDs | Depreciation on underlying CFDs, accrued income on underlying short CFDs, and 1-Day Overnight Fed Funds Effective Rate plus a spread of 40 basis points on long CFDs | Monthly | Morgan Stanley | 08/06/2025 | USD | 15,318,181 | 183,572 | 63,032 | 246,604 | — |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Long Equity Contracts for Differences | ||||
Real Estate | ||||
Diversified REITs | ||||
Essential Properties Realty Trust, Inc. | 108,600 | 3,002,790 | 6,516 | 2.6 |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Industrial REITs | ||||
Rexford Industrial Realty, Inc. | 29,400 | 1,325,352 | (14,406 ) | (5.8 ) |
Office REITs | ||||
Highwoods Properties, Inc. | 16,500 | 420,255 | 13,200 | 5.4 |
Vornado Realty Trust | 83,800 | 2,129,358 | 73,744 | 29.9 |
Brandywine Realty Trust | 28,300 | 127,916 | (1,132 ) | (0.5 ) |
Self Storage REITs | ||||
Public Storage | 11,300 | 3,206,940 | 43,505 | 17.6 |
Total | 10,212,611 | 121,427 |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Short Equity Contracts for Differences | ||||
Real Estate | ||||
Hotel & Resort REITs | ||||
Pebblebrook Hotel Trust | (197,400 ) | (2,769,522 ) | 55,272 | 22.4 |
Office REITs | ||||
SL Green Realty Corp. | (18,100 ) | (1,030,614 ) | 5,430 | 2.2 |
Retail REITs | ||||
Tanger, Inc. | (48,100 ) | (1,305,434 ) | 1,443 | 0.6 |
Total | (5,105,570 ) | 62,145 |
Swap arrangement - contracts for differences | ||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Cash & other receivable (payable) ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Appreciation on underlying contracts for differences (CFDs) and accrued income on long CFDs | Depreciation on underlying CFDs, accrued income on underlying short CFDs, and OBFR plus a spread of 46.5 basis points on long CFDs | Monthly | UBS | 11/03/2026 | USD | 232,365 | 750 | 2,057 | 2,807 | — |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Long Equity Contracts for Differences | ||||
Real Estate | ||||
Self Storage REITs | ||||
Extra Space Storage, Inc. | 1,500 | 232,365 | 750 | 26.7 |
Total | 232,365 | 750 |
Reference index and values for swap contracts as of period end | ||
Reference index | Reference rate | |
1-Day Overnight Fed Funds Effective Rate | Overnight Federal Funds Effective Rate | 5.330% |
OBFR | Overnight Bank Funding Rate | 5.320% |
SOFR | Secured Overnight Financing Rate | 5.340% |
(a) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(b) | The rate shown is the seven-day current annualized yield at June 30, 2024. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.547% | ||||||||
6,170,898 | 31,430,160 | (28,352,644 ) | (687 ) | 9,247,727 | 364 | 103,339 | 9,250,502 |
OBFR | Overnight Bank Funding Rate |
SOFR | Secured Overnight Financing Rate |
USD | US Dollar |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Real Estate | 144,784,836 | — | — | 144,784,836 |
Total Common Stocks | 144,784,836 | — | — | 144,784,836 |
Money Market Funds | 9,247,727 | — | — | 9,247,727 |
Total Investments in Securities | 154,032,563 | — | — | 154,032,563 |
Investments in Derivatives | ||||
Asset | ||||
Swap Contracts | — | 448,945 | — | 448,945 |
Total | 154,032,563 | 448,945 | — | 154,481,508 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $107,938,596) | $144,784,836 |
Affiliated issuers (cost $9,247,661) | 9,247,727 |
Cash | 68,070 |
Unrealized appreciation on swap contracts | 448,945 |
Receivable for: | |
Investments sold | 927,144 |
Capital shares sold | 84,063 |
Dividends | 395,127 |
Expense reimbursement due from Investment Manager | 365 |
Prepaid expenses | 1,068 |
Deferred compensation of board members | 137,988 |
Other assets | 11,098 |
Total assets | 156,106,431 |
Liabilities | |
Payable for: | |
Capital shares redeemed | 120,913 |
Management services fees | 3,156 |
Distribution and/or service fees | 292 |
Transfer agent fees | 15,122 |
Compensation of chief compliance officer | 14 |
Compensation of board members | 1,466 |
Other expenses | 32,004 |
Deferred compensation of board members | 158,838 |
Total liabilities | 331,805 |
Net assets applicable to outstanding capital stock | $155,774,626 |
Represented by | |
Paid in capital | 114,152,613 |
Total distributable earnings (loss) | 41,622,013 |
Total - representing net assets applicable to outstanding capital stock | $155,774,626 |
Class A | |
Net assets | $43,209,454 |
Shares outstanding | 4,480,658 |
Net asset value per share | $9.64 |
Maximum sales charge | 5.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $10.23 |
Advisor Class | |
Net assets | $9,812,148 |
Shares outstanding | 975,051 |
Net asset value per share | $10.06 |
Institutional Class | |
Net assets | $70,264,154 |
Shares outstanding | 7,249,950 |
Net asset value per share | $9.69 |
Institutional 2 Class | |
Net assets | $1,104,735 |
Shares outstanding | 114,719 |
Net asset value per share | $9.63 |
Institutional 3 Class | |
Net assets | $31,384,135 |
Shares outstanding | 3,192,500 |
Net asset value per share | $9.83 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $2,993,988 |
Dividends — affiliated issuers | 103,339 |
Interfund lending | 49 |
Total income | 3,097,376 |
Expenses: | |
Management services fees | 610,316 |
Distribution and/or service fees | |
Class A | 54,904 |
Class C | 2,654 |
Class R | 2,096 |
Transfer agent fees | |
Class A | 35,925 |
Advisor Class | 7,204 |
Class C | 434 |
Institutional Class | 57,889 |
Institutional 2 Class | 306 |
Institutional 3 Class | 1,043 |
Class R | 690 |
Custodian fees | 2,422 |
Printing and postage fees | 19,935 |
Registration fees | 49,402 |
Accounting services fees | 15,328 |
Legal fees | 6,472 |
Compensation of chief compliance officer | 16 |
Compensation of board members | 6,374 |
Deferred compensation of board members | 3,503 |
Other | 6,767 |
Total expenses | 883,680 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (69,591 ) |
Total net expenses | 814,089 |
Net investment income | 2,283,287 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 5,837,095 |
Investments — affiliated issuers | 364 |
Swap contracts | (2,816,507 ) |
Net realized gain | 3,020,952 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (9,215,022 ) |
Investments — affiliated issuers | (687 ) |
Swap contracts | 490,506 |
Net change in unrealized appreciation (depreciation) | (8,725,203 ) |
Net realized and unrealized loss | (5,704,251 ) |
Net decrease in net assets resulting from operations | $(3,420,964 ) |
Six Months Ended June 30, 2024 (Unaudited) | Year Ended December 31, 2023 | |
Operations | ||
Net investment income | $2,283,287 | $4,418,039 |
Net realized gain | 3,020,952 | 49,780,788 |
Net change in unrealized appreciation (depreciation) | (8,725,203 ) | (26,676,313 ) |
Net increase (decrease) in net assets resulting from operations | (3,420,964 ) | 27,522,514 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (1,054,797 ) | (13,063,396 ) |
Advisor Class | (224,844 ) | (1,719,126 ) |
Class C | — | (267,755 ) |
Institutional Class | (1,692,725 ) | (19,952,171 ) |
Institutional 2 Class | (21,913 ) | (273,053 ) |
Institutional 3 Class | (757,711 ) | (11,431,332 ) |
Class R | — | (369,963 ) |
Total distributions to shareholders | (3,751,990 ) | (47,076,796 ) |
Decrease in net assets from capital stock activity | (16,066,805 ) | (33,277,834 ) |
Total decrease in net assets | (23,239,759 ) | (52,832,116 ) |
Net assets at beginning of period | 179,014,385 | 231,846,501 |
Net assets at end of period | $155,774,626 | $179,014,385 |
Six Months Ended | Year Ended | |||
June 30, 2024 (Unaudited) | December 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 183,585 | 1,743,063 | 937,181 | 10,940,682 |
Distributions reinvested | 106,784 | 1,011,245 | 1,238,575 | 12,567,026 |
Shares redeemed | (517,875 ) | (5,005,731 ) | (1,589,008 ) | (17,462,270 ) |
Net increase (decrease) | (227,506 ) | (2,251,423 ) | 586,748 | 6,045,438 |
Advisor Class | ||||
Shares sold | 269,895 | 2,731,190 | 484,751 | 6,094,041 |
Distributions reinvested | 22,392 | 221,460 | 161,037 | 1,685,865 |
Shares redeemed | (53,408 ) | (520,744 ) | (29,092 ) | (349,629 ) |
Net increase | 238,879 | 2,431,906 | 616,696 | 7,430,277 |
Class C | ||||
Shares sold | 2,316 | 22,586 | 9,394 | 112,219 |
Distributions reinvested | — | — | 25,875 | 262,354 |
Shares redeemed | (108,736 ) | (1,018,713 ) | (42,424 ) | (500,661 ) |
Net decrease | (106,420 ) | (996,127 ) | (7,155 ) | (126,088 ) |
Institutional Class | ||||
Shares sold | 168,456 | 1,634,326 | 206,656 | 2,466,865 |
Distributions reinvested | 171,381 | 1,631,542 | 1,887,268 | 19,258,527 |
Shares redeemed | (621,567 ) | (6,015,157 ) | (1,684,540 ) | (19,563,995 ) |
Net increase (decrease) | (281,730 ) | (2,749,289 ) | 409,384 | 2,161,397 |
Institutional 2 Class | ||||
Shares sold | 30,241 | 288,433 | 21,777 | 263,043 |
Distributions reinvested | 2,311 | 21,867 | 26,918 | 272,409 |
Shares redeemed | (21,987 ) | (206,816 ) | (26,121 ) | (303,808 ) |
Net increase | 10,565 | 103,484 | 22,574 | 231,644 |
Institutional 3 Class | ||||
Shares sold | 48,262 | 462,725 | 1,238,033 | 15,590,780 |
Distributions reinvested | 77,558 | 749,207 | 1,064,038 | 11,005,256 |
Shares redeemed | (1,263,799 ) | (12,464,950 ) | (6,232,528 ) | (75,319,161 ) |
Net decrease | (1,137,979 ) | (11,253,018 ) | (3,930,457 ) | (48,723,125 ) |
Class R | ||||
Shares sold | 21,020 | 207,595 | 22,153 | 255,347 |
Distributions reinvested | — | — | 36,307 | 368,874 |
Shares redeemed | (166,547 ) | (1,559,933 ) | (77,252 ) | (921,598 ) |
Net decrease | (145,527 ) | (1,352,338 ) | (18,792 ) | (297,377 ) |
Total net decrease | (1,649,718 ) | (16,066,805 ) | (2,321,002 ) | (33,277,834 ) |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $10.06 | 0.13 | (0.31 ) | (0.18 ) | (0.09 ) | (0.15 ) | (0.24 ) |
Year Ended 12/31/2023 | $11.53 | 0.25 | 1.51 | 1.76 | (0.27 ) | (2.96 ) | (3.23 ) |
Year Ended 12/31/2022 | $16.29 | 0.18 | (4.29 ) | (4.11 ) | (0.18 ) | (0.47 ) | (0.65 ) |
Year Ended 12/31/2021 | $12.30 | 0.09 | 4.91 | 5.00 | (0.17 ) | (0.84 ) | (1.01 ) |
Year Ended 12/31/2020 | $13.77 | 0.13 | (0.71 ) | (0.58 ) | (0.16 ) | (0.73 ) | (0.89 ) |
Year Ended 12/31/2019 | $12.07 | 0.21 | 3.11 | 3.32 | (0.21 ) | (1.41 ) | (1.62 ) |
Advisor Class | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $10.48 | 0.15 | (0.33 ) | (0.18 ) | (0.09 ) | (0.15 ) | (0.24 ) |
Year Ended 12/31/2023 | $11.88 | 0.48 | 1.39 | 1.87 | (0.31 ) | (2.96 ) | (3.27 ) |
Year Ended 12/31/2022 | $16.76 | 0.22 | (4.42 ) | (4.20 ) | (0.21 ) | (0.47 ) | (0.68 ) |
Year Ended 12/31/2021 | $12.63 | 0.12 | 5.06 | 5.18 | (0.21 ) | (0.84 ) | (1.05 ) |
Year Ended 12/31/2020 | $14.13 | 0.17 | (0.75 ) | (0.58 ) | (0.19 ) | (0.73 ) | (0.92 ) |
Year Ended 12/31/2019 | $12.34 | 0.26 | 3.19 | 3.45 | (0.25 ) | (1.41 ) | (1.66 ) |
Institutional Class | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $10.10 | 0.14 | (0.31 ) | (0.17 ) | (0.09 ) | (0.15 ) | (0.24 ) |
Year Ended 12/31/2023 | $11.56 | 0.28 | 1.52 | 1.80 | (0.30 ) | (2.96 ) | (3.26 ) |
Year Ended 12/31/2022 | $16.33 | 0.22 | (4.31 ) | (4.09 ) | (0.21 ) | (0.47 ) | (0.68 ) |
Year Ended 12/31/2021 | $12.33 | 0.12 | 4.93 | 5.05 | (0.21 ) | (0.84 ) | (1.05 ) |
Year Ended 12/31/2020 | $13.81 | 0.17 | (0.73 ) | (0.56 ) | (0.19 ) | (0.73 ) | (0.92 ) |
Year Ended 12/31/2019 | $12.10 | 0.25 | 3.12 | 3.37 | (0.25 ) | (1.41 ) | (1.66 ) |
Institutional 2 Class | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $10.03 | 0.14 | (0.30 ) | (0.16 ) | (0.09 ) | (0.15 ) | (0.24 ) |
Year Ended 12/31/2023 | $11.50 | 0.30 | 1.51 | 1.81 | (0.32 ) | (2.96 ) | (3.28 ) |
Year Ended 12/31/2022 | $16.25 | 0.23 | (4.28 ) | (4.05 ) | (0.23 ) | (0.47 ) | (0.70 ) |
Year Ended 12/31/2021 | $12.28 | 0.14 | 4.89 | 5.03 | (0.22 ) | (0.84 ) | (1.06 ) |
Year Ended 12/31/2020 | $13.75 | 0.17 | (0.70 ) | (0.53 ) | (0.21 ) | (0.73 ) | (0.94 ) |
Year Ended 12/31/2019 | $12.06 | 0.22 | 3.15 | 3.37 | (0.27 ) | (1.41 ) | (1.68 ) |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $9.64 | (1.76% ) | 1.30% | 1.21% | 2.60% | 18% | $43,209 |
Year Ended 12/31/2023 | $10.06 | 15.66% | 1.29% (c) | 1.23% (c),(d) | 2.13% | 58% | $47,369 |
Year Ended 12/31/2022 | $11.53 | (25.33% ) | 1.27% (c) | 1.25% (c),(d) | 1.36% | 28% | $47,507 |
Year Ended 12/31/2021 | $16.29 | 41.74% | 1.26% | 1.26% (d) | 0.63% | 5% | $73,177 |
Year Ended 12/31/2020 | $12.30 | (3.70% ) | 1.28% | 1.27% (d) | 1.07% | 32% | $55,651 |
Year Ended 12/31/2019 | $13.77 | 28.04% | 1.29% | 1.28% (d) | 1.47% | 20% | $73,522 |
Advisor Class | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $10.06 | (1.69% ) | 1.05% | 0.96% | 3.03% | 18% | $9,812 |
Year Ended 12/31/2023 | $10.48 | 16.09% | 1.05% (c) | 0.97% (c),(d) | 4.01% | 58% | $7,712 |
Year Ended 12/31/2022 | $11.88 | (25.15% ) | 1.02% (c) | 1.00% (c),(d) | 1.61% | 28% | $1,420 |
Year Ended 12/31/2021 | $16.76 | 42.09% | 1.01% | 1.01% (d) | 0.85% | 5% | $2,174 |
Year Ended 12/31/2020 | $12.63 | (3.56% ) | 1.03% | 1.02% (d) | 1.34% | 32% | $2,148 |
Year Ended 12/31/2019 | $14.13 | 28.47% | 1.04% | 1.04% (d) | 1.81% | 20% | $2,005 |
Institutional Class | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $9.69 | (1.66% ) | 1.05% | 0.96% | 2.86% | 18% | $70,264 |
Year Ended 12/31/2023 | $10.10 | 15.99% | 1.04% (c) | 0.98% (c),(d) | 2.36% | 58% | $76,051 |
Year Ended 12/31/2022 | $11.56 | (25.13% ) | 1.02% (c) | 1.00% (c),(d) | 1.63% | 28% | $82,320 |
Year Ended 12/31/2021 | $16.33 | 42.06% | 1.01% | 1.01% (d) | 0.88% | 5% | $120,982 |
Year Ended 12/31/2020 | $12.33 | (3.49% ) | 1.04% | 1.02% (d) | 1.36% | 32% | $157,929 |
Year Ended 12/31/2019 | $13.81 | 28.38% | 1.03% | 1.03% (d) | 1.73% | 20% | $162,706 |
Institutional 2 Class | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $9.63 | (1.57% ) | 0.95% | 0.86% | 3.00% | 18% | $1,105 |
Year Ended 12/31/2023 | $10.03 | 16.10% | 0.94% (c) | 0.88% (c) | 2.52% | 58% | $1,045 |
Year Ended 12/31/2022 | $11.50 | (25.05% ) | 0.90% (c) | 0.90% (c) | 1.73% | 28% | $938 |
Year Ended 12/31/2021 | $16.25 | 42.15% | 0.90% | 0.89% | 1.02% | 5% | $1,321 |
Year Ended 12/31/2020 | $12.28 | (3.30% ) | 0.91% | 0.90% | 1.41% | 32% | $920 |
Year Ended 12/31/2019 | $13.75 | 28.49% | 0.89% | 0.89% | 1.57% | 20% | $1,370 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $10.23 | 0.14 | (0.30 ) | (0.16 ) | (0.09 ) | (0.15 ) | (0.24 ) |
Year Ended 12/31/2023 | $11.68 | 0.26 | 1.57 | 1.83 | (0.32 ) | (2.96 ) | (3.28 ) |
Year Ended 12/31/2022 | $16.49 | 0.24 | (4.34 ) | (4.10 ) | (0.24 ) | (0.47 ) | (0.71 ) |
Year Ended 12/31/2021 | $12.44 | 0.16 | 4.96 | 5.12 | (0.23 ) | (0.84 ) | (1.07 ) |
Year Ended 12/31/2020 | $13.92 | 0.19 | (0.72 ) | (0.53 ) | (0.22 ) | (0.73 ) | (0.95 ) |
Year Ended 12/31/2019 | $12.19 | 0.26 | 3.16 | 3.42 | (0.28 ) | (1.41 ) | (1.69 ) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Six Months Ended 6/30/2024 (Unaudited) | $9.83 | (1.54% ) | 0.89% | 0.81% | 2.92% | 18% | $31,384 |
Year Ended 12/31/2023 | $10.23 | 16.09% | 0.87% (c) | 0.83% (c) | 2.11% | 58% | $44,303 |
Year Ended 12/31/2022 | $11.68 | (25.00% ) | 0.84% (c) | 0.84% (c) | 1.81% | 28% | $96,459 |
Year Ended 12/31/2021 | $16.49 | 42.33% | 0.84% | 0.83% | 1.06% | 5% | $134,201 |
Year Ended 12/31/2020 | $12.44 | (3.27% ) | 0.85% | 0.84% | 1.55% | 32% | $48,451 |
Year Ended 12/31/2019 | $13.92 | 28.58% | 0.84% | 0.84% | 1.84% | 20% | $44,827 |
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 448,945 * |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Swap contracts ($) |
Equity risk | (2,816,507 ) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Swap contracts ($) |
Equity risk | 490,506 |
Derivative instrument | Average unrealized appreciation ($) | Average unrealized depreciation ($) |
Swap arrangements - contracts for differences | 211,137 | (342,428 ) |
Goldman Sachs International ($) | Morgan Stanley ($) | UBS ($) | Total ($) | |
Assets | ||||
OTC Swap arrangements - contracts for differences (a) | 199,534 | 246,604 | 2,807 | 448,945 |
Total financial and derivative net assets | 199,534 | 246,604 | 2,807 | 448,945 |
Total collateral received (pledged) (b) | - | - | - | - |
Net amount (c) | 199,534 | 246,604 | 2,807 | 448,945 |
(a) | Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts. |
(b) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(c) | Represents the net amount due from/(to) counterparties in the event of default. |
Effective rate (%) | |
Class A | 0.16 |
Advisor Class | 0.16 |
Class C | 0.05 (a) |
Institutional Class | 0.16 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.05 (a) |
(a) | Unannualized. |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00 (a) | 4,143 |
Class C | — | 1.00 (b) | — |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Contractual expense cap July 1, 2024 through April 30, 2025 (%) | Voluntary expense cap May 1, 2024 through June 30, 2024 (%) | Contractual expense cap prior to May 1, 2024 (%) | |
Class A | 1.25 | 1.25 | 1.25 |
Advisor Class | 1.00 | 1.00 | 1.00 |
Institutional Class | 1.00 | 1.00 | 1.00 |
Institutional 2 Class | 0.91 | 0.87 | 0.87 |
Institutional 3 Class | 0.85 | 0.81 | 0.81 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
117,186,000 | 40,940,000 | (3,644,000 ) | 37,296,000 |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 300,000 | 5.88 | 1 |
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) | Columbia Funds Series Trust I |
By (Signature and Title) | /s/ Daniel J. Beckman |
Daniel J. Beckman, President and Principal Executive Officer | |
Date | August 22, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman |
Daniel J. Beckman, President and Principal Executive Officer | |
Date | August 22, 2024 |
By (Signature and Title) | /s/ Michael G. Clarke |
Michael G. Clarke, Chief Financial Officer, | |
Principal Financial Officer and Senior Vice President | |
Date | August 22, 2024 |
By (Signature and Title) | /s/ Charles H. Chiesa |
Charles H. Chiesa, Treasurer, Chief Accounting | |
Officer and Principal Financial Officer | |
Date | August 22, 2024 |