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As filed with the Securities and Exchange Commission on February 26, 2020
Securities Act File No. 333-[ ]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-14
REGISTRATION STATEMENT
UNDER | ||||
THE SECURITIES ACT OF 1933 | ||||
Pre-Effective Amendment No. | ☐ | |||
Post-Effective Amendment No. | ☐ |
COLUMBIA FUNDS SERIES TRUST I
(Exact Name of Registrant as Specified in Charter)
225 Franklin Street, Boston, Massachusetts 02110
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (800) 345-6611
Christopher O. Petersen, Esq. c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, Massachusetts 02110 | Ryan C. Larrenaga, Esq. c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, Massachusetts 02110 |
(Name and Address of Agents for Service)
TITLE OF SECURITIES BEING REGISTERED:
Class A, Class Adv, Class C, Class Inst, Class Inst2, and Class Inst3 shares of the Columbia Small Cap Value Fund I, a series of the Registrant.
Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.
No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940.
It is proposed that this filing will become effective on March 27, 2020 pursuant to Rule 488 under the Securities Act of 1933, as amended.
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Columbia Funds Series Trust
Columbia Global Strategic Equity Fund
Columbia Select Global Growth Fund
Columbia Funds Series Trust I
Columbia Disciplined Small Core Fund
Columbia Funds Series Trust II
Columbia Small/Mid Cap Value Fund
Columbia Contrarian Europe Fund
(Each, a “Target Fund” and collectively, the “Target Funds”)
IMPORTANT NOTICE OF INTERNET AVAILABILITY OF
COMBINED INFORMATION STATEMENT/PROSPECTUS
This notice presents only an overview of the more complete Combined Information Statement/Prospectus that is available to you on the Internet relating to the reorganization (each, a “Reorganization” and collectively, the “Reorganizations”) of each Target Fund into another fund (each, an “Acquiring Fund” and together, the “Acquiring Funds”) managed by Columbia Management Investment Advisers, LLC (“Columbia Threadneedle”). The Target Funds and Acquiring Funds are referred to collectively as the “Funds.” As previously communicated in a supplement to your Fund’s prospectus, Columbia Threadneedle proposed the Reorganizations to the boards of trustees of the Target Funds and the Acquiring Funds (the “Boards”) and the Boards unanimously approved each Reorganization. In accordance with each Fund’s Declaration of Trust and applicable state and U.S. federal law (including Rule 17a-8 under the Investment Company Act of 1940), each Reorganization may be effected without the approval of shareholders of a Fund. Although shareholder approval is not required for the Reorganization of your Fund, we encourage you to access and review all of the important information contained in the Combined Information Statement/Prospectus.
Under the Agreement and Plan of Reorganization, each Target Fund, as indicated below, will transfer that portion of its assets attributable to each class of its shares (in aggregate, all of its assets) to the corresponding Acquiring Fund, as indicated below, in exchange for shares of a corresponding class of shares of the Acquiring Fund and the assumption by the Acquiring Fund of all the liabilities of the corresponding Target Fund. Each Reorganization is expected to close on or about July 11, 2020. If you are a shareholder of the Target Fund immediately prior to the closing on that date, you will become a shareholder of the corresponding Acquiring Fund.
The table below shows each Target Fund and the corresponding Acquiring Fund for each Reorganization:
Target Fund | Acquiring Fund | |||
Columbia Global Strategic Equity Fund | g | Columbia Capital Allocation Aggressive Portfolio | ||
Columbia Select Global Growth Fund | g | Columbia Select Global Equity Fund | ||
Columbia Small/Mid Cap Value Fund | g | Columbia Select Mid Cap Value Fund | ||
Columbia Contrarian Europe Fund | g | Columbia Overseas Core Fund | ||
Columbia Disciplined Small Core Fund | g | Columbia Small Cap Value Fund I |
Columbia Threadneedle proposed the Reorganizations in order to streamline the product offerings of the mutual funds managed by Columbia Threadneedle and its affiliates (the “Columbia Funds”), so that management, distribution and other resources can be focused more effectively on a smaller group of Columbia Funds. The Reorganization of each Target Fund into the Acquiring Fund will enable shareholders of each Target Fund to invest in a larger, potentially more efficient portfolio while continuing to pursue a similar investment objective.
Instead of physically delivering the Combined Information Statement/Prospectus, Columbia Threadneedle has made the Combined Information Statement/Prospectus available to you online at [•] until [•], 2020. A paper or email copy of the Combined Information Statement/Prospectus may be obtained, without charge, by calling Computershare Fund Services, toll free at (888) 916-1754.
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Only one copy of this notice may be delivered to shareholders of a Target Fund who reside at the same address, unless the Target Fund has received instructions to the contrary. If you would like to receive an additional copy, please write to Computershare Fund Services, c/o Operation Department, 280 Oser Avenue, Hauppauge, NY 11788, or call (888) 916-1754. Shareholders wishing to receive separate copies of a Target Fund’s notices in the future, and shareholders sharing an address who wish to receive a single copy if they currently are receiving multiple copies, should also contact the Fund.
NO SHAREHOLDER VOTE WILL BE TAKEN WITH RESPECT TO THE MATTERS DESCRIBED IN THIS IMPORTANT NOTICE OF INTERNET AVAILABILITY OF COMBINED INFORMATION STATEMENT/PROSPECTUS. WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
If you have any questions, please contact Computershare Fund Services, toll free at (888) 916-1754.
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Columbia Funds Series Trust
Columbia Global Strategic Equity Fund
Columbia Select Global Growth Fund
Columbia Funds Series Trust I
Columbia Disciplined Small Core Fund
Columbia Funds Series Trust II
Columbia Small/Mid Cap Value Fund
Columbia Contrarian Europe Fund
COMBINED INFORMATION STATEMENT/PROSPECTUS
[•], 2020
Columbia Management Investment Advisers, LLC (“Columbia Threadneedle”) has recommended a series of mutual fund liquidations and reorganizations as part of an initiative to streamline the product offerings of the mutual funds managed by Columbia Threadneedle and its affiliates (the “Columbia Funds”). As part of this initiative, the boards of trustees of the funds listed above (each, a “Target Fund” and collectively, the “Target Funds”) have approved proposals to reorganize each of the Target Funds into another fund managed by Columbia Threadneedle (each, an “Acquiring Fund” and together, the “Acquiring Funds”). The Target Funds and Acquiring Funds are referred to collectively as the “Funds.” No shareholder approval is required to effect the reorganization of the Target Funds into the corresponding Acquiring Funds (each a “Reorganization” and collectively, the “Reorganizations”), which are expected to be completed on or about July 11, 2020.
This is a brief overview of the Reorganization of your Target Fund. We encourage you to read the full text of the enclosed Combined Information Statement/Prospectus to obtain detailed information with respect to the Reorganization of your Target Fund. THE FUNDS ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND A PROXY TO THE FUNDS WITH RESPECT TO THE REORGANIZATIONS.
Q: What information is included in the Combined Information Statement/Prospectus?
The enclosed Combined Information Statement/Prospectus provides information about the Reorganization of your Target Fund, and information about the shares that you will receive as a result of the Reorganization. Although the Combined Information Statement/Prospectus includes information that you should review and keep for future reference, it is not a solicitation of a proxy from you.
Q: What is a fund reorganization?
A fund reorganization involves one fund transferring all of its assets and liabilities to another fund in exchange for shares of such fund. Once completed, shareholders of the fund being reorganized will hold shares of the acquiring fund.
Q: Do I need to take any action in connection with the Reorganizations?
No. In accordance with each Fund’s Declaration of Trust and applicable state and U.S. federal law (including Rule 17a-8 under the Investment Company Act of 1940), each Reorganization may be effected without the approval of shareholders of a Fund. Your shares will automatically be converted into shares of the Acquiring Fund on the date of the completion of the Reorganization for your Fund. You will receive written confirmation that this change has taken place. No certificates for shares will be issued in connection with the Reorganizations. The aggregate net asset value (the “NAV”) of the Acquiring Fund shares you receive in the Reorganization will be equal to the aggregate NAV of the shares you own in the applicable Target Fund immediately prior to such Reorganization. If you sell your shares or are otherwise no longer a shareholder of the Target Fund as of the closing, this transaction will not impact you.
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Q: Which funds are being reorganized?
The Combined Information Statement/Prospectus provides information about the Reorganization of the Target Funds into the Acquiring Funds, as noted in the table below:
Target Fund | Acquiring Fund | |||
Columbia Global Strategic Equity Fund | g | Columbia Capital Allocation Aggressive Portfolio | ||
Columbia Select Global Growth Fund | g | Columbia Select Global Equity Fund | ||
Columbia Small/Mid Cap Value Fund | g | Columbia Select Mid Cap Value Fund | ||
Columbia Contrarian Europe Fund | g | Columbia Overseas Core Fund | ||
Columbia Disciplined Small Core Fund | g | Columbia Small Cap Value Fund I |
Q: Will the portfolio manager of my Target Fund change as a result of the Reorganizations?
Yes. The portfolio managers of each Acquiring Fund are different than the portfolio managers for each Target Fund. The portfolio managers of each Acquiring Fund will continue to manage the Acquiring Funds following the Reorganizations. Columbia Threadneedle is the investment manager of each Target Fund and each Acquiring Fund.
Q: Will there be any changes to the options or services associated with my account as a result of the Reorganizations?
No. Account-level features and options such as dividend distributions, dividend diversification, automatic investment plans, systematic withdrawals and dollar cost averaging currently set up with your Target Fund for your Target Fund account will automatically carry over from accounts in each Target Fund to accounts in the Acquiring Fund. If you purchase shares through a broker-dealer or other financial intermediary, please contact your financial intermediary for additional details.
Q: Are there costs of the Reorganizations?
You will not pay any sales charges in connection with Acquiring Fund shares issued in the Reorganizations. Reorganization costs will be allocated among the Funds as described in the Combined Information Statement/Prospectus, but will be limited to an amount that is not more than the anticipated reduction in expenses borne by a Fund’s shareholders during the first year following the Reorganization. Any amounts in excess of this limit will be borne by Columbia Threadneedle. Reorganization costs do not include any repositioning costs arising from sales of portfolio assets by the Target Fund before the Reorganization or by the Acquiring Fund after the Reorganization, which costs will be borne by the applicable Fund. Repositioning costs are discussed in the section of the Combined Information Statement/Prospectus entitled “Section A — Reorganizations — Synopsis — Comparison of Fees and Expenses — Portfolio Turnover” with respect to each Reorganization.
Q: What are the U.S. federal income tax consequences of the Reorganizations?
Each Reorganization is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes. Accordingly, it is expected that Target Fund shareholders will not, and the Target Fund generally will not, recognize gain or loss as a direct result of a Reorganization, as described in more detail in the section of the Combined Information Statement/Prospectus entitled “Section B — Additional Information about Each Reorganization — U.S. Federal Income Tax Status of the Reorganizations.” A portion of the portfolio assets of a Target Fund may be sold by the Target Fund prior to its Reorganization or by the Acquiring Fund following the Reorganization. Any such sales will cause such Target Fund or Acquiring Fund, as applicable, to incur transaction costs and may result in a taxable distribution to shareholders. Additionally, because each Reorganization will end the tax year of the applicable Target Fund, it will accelerate distributions to shareholders from the Target Fund for its tax year ending on the date of the Reorganization. Those tax year-end distributions will be taxable, and will include any distributable, but not previously distributed, income and capital gains resulting from portfolio turnover prior to consummation of the Reorganization.
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Q: Will there be any changes to my fees and expenses as a result of the Reorganizations?
It is expected that, following the Reorganizations, the expenses borne by Target Fund shareholders as shareholders of the Acquiring Fund will generally be lower than the expenses they currently bear, as described in detail in the sections of the Combined Information Statement/Prospectus entitled “Fees and Expenses” contained in the synopsis of each Reorganization in “Section A — Reorganizations.”
Q: Whom should I call if I have questions?
If you have questions about any of the Reorganizations described in the Combined Information Statement/Prospectus, please call Computershare Fund Services, toll free at (888) 916-1754. Shareholders of Target Funds for which a Reorganization is effected within 60 days following the completion of its fiscal year or half year may call (800) 345-6611 to request a copy of the Target Fund’s final report to shareholders for that period.
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[•], 2020
Dear Shareholder,
As President of the Target Funds listed below, I am writing to provide important information about reorganizations that will affect your investment in one or more Target Funds. As previously communicated in a supplement to your Target Fund’s prospectus, Columbia Management Investment Advisers, LLC (“Columbia Threadneedle”), the Target Funds’ investment manager, proposed to the boards of trustees of the Target Funds (the “Boards”) the reorganization of certain funds managed by Columbia Threadneedle (each, a “Reorganization” and collectively, the “Reorganizations”), and the Boards unanimously approved the Reorganizations.
The enclosed Combined Information Statement/Prospectus provides information about the Reorganizations of the Target Funds into other corresponding funds (each, an “Acquiring Fund” and together, the “Acquiring Funds”) managed by Columbia Threadneedle. Under the Agreement and Plan of Reorganization, each Target Fund will transfer that portion of its assets attributable to each class of its shares (in aggregate, all of its assets) to the corresponding Acquiring Fund, as indicated below, in exchange for shares of the corresponding class of shares of the Acquiring Fund and the assumption by the Acquiring Fund of all the liabilities of the Target Fund. Each Reorganization is expected to close on or about July 11, 2020.
The table below shows each Target Fund and the corresponding Acquiring Fund for each Reorganization:
Target Fund | Acquiring Fund | |||
Columbia Global Strategic Equity Fund | g | Columbia Capital Allocation Aggressive Portfolio | ||
Columbia Select Global Growth Fund | g | Columbia Select Global Equity Fund | ||
Columbia Small/Mid Cap Value Fund | g | Columbia Select Mid Cap Value Fund | ||
Columbia Contrarian Europe Fund | g | Columbia Overseas Core Fund | ||
Columbia Disciplined Small Core Fund | g | Columbia Small Cap Value Fund I |
Columbia Threadneedle proposed the Reorganizations in order to streamline the product offerings of the mutual funds managed by Columbia Threadneedle and its affiliates (the “Columbia Funds”), so that management, distribution and other resources can be focused more effectively on a smaller group of Columbia Funds. The Reorganization of each Target Fund into the Acquiring Fund will enable shareholders of each Target Fund to invest in a larger, potentially more efficient portfolio while continuing to pursue a similar investment objective.
NO ACTION ON YOUR PART IS REQUIRED TO EFFECT A REORGANIZATION. Your shares will automatically be converted into shares of the Acquiring Fund on the date of the completion of the Reorganization for your fund. We are not asking you for a proxy and you are requested not to send us a proxy.
Please carefully read the enclosed Combined Information Statement/Prospectus, as it discusses the Reorganizations in more detail. If you sell your shares or are otherwise no longer a shareholder of the Target Fund as of the closing date, this transaction will not impact you. If you have questions, please call Computershare Fund Services, toll free at (888) 916-1754.
Sincerely, |
Christopher O. Petersen President, Columbia Funds |
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The information contained in this Combined Information Statement/Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Combined Information Statement/Prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION,
DATED FEBRUARY 26, 2020
Columbia Funds Series Trust
Columbia Global Strategic Equity Fund
Columbia Select Global Growth Fund
Columbia Funds Series Trust I
Columbia Disciplined Small Core Fund
Columbia Funds Series Trust II
Columbia Small/Mid Cap Value Fund
Columbia Contrarian Europe Fund
(Each, a “Target Fund” and collectively, the “Target Funds”)
COMBINED INFORMATION STATEMENT/PROSPECTUS
Dated [•], 2020
Important Notice Regarding the Availability of this Combined Information Statement/Prospectus:
This Combined Information Statement/Prospectus is available at [•]
This document is an information statement for each Target Fund and a prospectus for each Acquiring Fund (as defined below). The mailing address and telephone number of each Target Fund and each Acquiring Fund (each, a “Fund” and collectively, the “Funds”) is c/o Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City MO 64121-9104 and 800-345-6611. This Combined Information Statement/Prospectus contains information you should know about the reorganizations (each, a “Reorganization” and collectively, the “Reorganizations”), with respect to your Target Fund, as indicated below. You should read this document carefully and retain it for future reference.
The Important Notice of Internet Availability of Combined Information Statement/Prospectus is being mailed on or about [•]. This Combined Information Statement/Prospectus is available at [•] until [•], 2020. A paper or email copy of this Combined Information Statement/Prospectus may be obtained, without charge, by calling Computershare Fund Services, toll free at (888) 916-1754.
NO SHAREHOLDER VOTE WILL BE TAKEN WITH RESPECT TO THE MATTERS DESCRIBED IN THIS COMBINED INFORMATION STATEMENT/PROSPECTUS. WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY. In accordance with each Fund’s Declaration of Trust and applicable state and U.S. federal law (including Rule 17a-8 under the Investment Company Act of 1940), each Reorganization may be effected without the approval of shareholders of a Fund.
Each of the Funds is a registered open-end management investment company (or a series thereof).
Where to Get More Information
The following documents have been filed with the Securities and Exchange Commission (the “SEC”) and are incorporated into this Combined Information Statement/Prospectus by reference:
• | the Statement of Additional Information of the Acquiring Funds relating to the Reorganizations (the “Reorganization SAI”), dated [•], 2020; |
Columbia Global Strategic Equity Fund (SEC file no. 811-09645)
• | the prospectus of Columbia Global Strategic Equity Fund, dated June 1, 2019, as supplemented to date; |
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• | the Statement of Additional Information of Columbia Global Strategic Equity Fund, dated January 1, 2020, as supplemented to date; |
• | the Report of the Independent Registered Public Accounting Firm and the audited financial statements included in the Annual Report to Shareholders of Columbia Global Strategic Equity Fund for the fiscal year ended January 31, 2019, and the unaudited financial statements included in the Semiannual Report to Shareholders of Columbia Global Strategic Equity Fund for the fiscal period ended July 31, 2019; |
Columbia Select Global Growth Fund (SEC file no. 811-09645)
• | the prospectus of Columbia Select Global Growth Fund, dated July 1, 2019, as supplemented to date; |
• | the Statement of Additional Information of Columbia Select Global Growth Fund, dated January 1, 2020, as supplemented to date; |
• | the Report of the Independent Registered Public Accounting Firm and the audited financial statements included in the Annual Report to Shareholders of Columbia Select Global Growth Fund for the fiscal year ended February 28, 2019, and the unaudited financial statements included in the Semiannual Report to Shareholders of Columbia Select Global Growth Fund for the fiscal period ended August 31, 2019; |
Columbia Small/Mid Cap Value Fund (SEC file no. 811-21852)
• | the prospectus of Columbia Small/Mid Cap Value Fund, dated October 1, 2019, as supplemented to date; |
• | the Statement of Additional Information of Columbia Small/Mid Cap Value Fund, dated January 1, 2020, as supplemented to date; |
• | the Report of the Independent Registered Public Accounting Firm and the audited financial statements included in the Annual Report to Shareholders of Columbia Small/Mid Cap Value Fund for the fiscal year ended May 31, 2019, and the unaudited financial statements included in the Semiannual Report to Shareholders of Columbia Small/Mid Cap Value Fund for the fiscal period ended November 30, 2019; |
Columbia Contrarian Europe Fund (SEC file no. 811-21852)
• | the prospectus of Columbia Contrarian Europe Fund, dated March 1, 2019, as supplemented to date; |
• | the Statement of Additional Information of Columbia Contrarian Europe Fund, dated January 1, 2020, as supplemented to date; |
• | the Report of the Independent Registered Public Accounting Firm and the audited financial statements included in the Annual Report to Shareholders of Columbia Contrarian Europe Fund for the fiscal year ended October 31, 2019; |
Columbia Disciplined Small Core Fund (SEC file no. 811-04367)
• | the prospectus of Columbia Disciplined Small Core Fund, dated January 1, 2020, as supplemented to date; |
• | the Statement of Additional Information of Columbia Disciplined Small Core Fund, dated January 1, 2020, as supplemented to date; |
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• | the Report of the Independent Registered Public Accounting Firm and the audited financial statements included in the Annual Report to Shareholders of Columbia Disciplined Small Core Fund for the fiscal year ended August 31, 2019. |
For a free copy of any of the documents listed above and/or to ask questions about this Combined Information Statement/Prospectus, please call Computershare Fund Services, toll free at (888) 916-1754.
Each of the Funds is subject to the information requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended (the “1940 Act”), and files reports, proxy materials and other information with the SEC. Copies of these reports, proxy materials and other information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov, or by writing to the Public Reference Branch of the SEC Office of Consumer Affairs and Information Services, 100 F Street, N.E., Washington, D.C. 20549-0102. In addition, copies of these documents may be viewed online or downloaded from the SEC’s website at www.sec.gov.
Please note that investments in the Funds are not bank deposits, are not federally insured, are not guaranteed by any bank or government agency and may lose value. There is no assurance that any Fund will achieve its investment objectives.
AS WITH ALL MUTUAL FUNDS, THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED ON THE ADEQUACY OF THIS COMBINED INFORMATION STATEMENT/PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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APPENDIX A — CAPITALIZATION, OWNERSHIP OF FUND SHARES AND FINANCIAL HIGHLIGHTS | A-1 | |||
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APPENDIX C — FINANCIAL INTERMEDIARY-SPECIFIC REDUCTIONS/WAIVERS OF SALES CHARGES | C-1 |
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The following information describes the proposed Reorganization of each Target Fund (as defined below) into the corresponding Acquiring Fund (as defined below) (each, a “Reorganization” and collectively, the “Reorganizations”).
Columbia Management Investment Advisers, LLC (“Columbia Threadneedle” or the “Investment Manager”) has recommended a series of mutual fund liquidations and reorganizations as part of an initiative to streamline the product offerings of the mutual funds managed by Columbia Threadneedle and its affiliates (the “Columbia Funds”). As part of this initiative, the boards of trustees (each, a “Board” and collectively, the “Boards”) of Columbia Global Strategic Equity Fund, Columbia Select Global Growth Fund, Columbia Small/Mid Cap Value Fund, Columbia Contrarian Europe Fund, and Columbia Disciplined Small Core Fund (each, a “Target Fund” and collectively, the “Target Funds”) have approved proposals to reorganize each of the Target Funds into another fund managed by Columbia Threadneedle (each, an “Acquiring Fund” and together, the “Acquiring Funds”). The Target Funds and Acquiring Funds are collectively referred to as the “Funds.” Each Reorganization is expected to close on or about July 11.
This Combined Information Statement/Prospectus provides information about the Reorganization of each Target Fund into the corresponding Acquiring Fund. The following is a summary of the Reorganizations. More complete information appears later in this Combined Information Statement/Prospectus. You should carefully read the entire Combined Information Statement/Prospectus and the exhibits because they contain details that are not included in this summary.
How Each Reorganization Will Work
• | Each Target Fund will transfer all of its assets to the corresponding Acquiring Fund in exchange for shares of the Acquiring Fund (“Acquisition Shares”), and the Acquiring Fund’s assumption of all obligations and liabilities of the Target Fund. Immediately after the closing, each Target Fund will liquidate and distribute pro rata to shareholders of record of each class of its shares the Acquisition Shares of the corresponding class received by the Target Fund. |
• | Each Acquiring Fund will issue Acquisition Shares with an aggregate net asset value equal to the aggregate value of the assets that it receives from the corresponding Target Fund, net of liabilities and any expenses of the Reorganization payable by the Target Fund. Acquisition Shares of each class of shares of the Acquiring Fund will be distributed to the shareholders of the corresponding class of such corresponding Target Fund in proportion to their holdings of such class of shares of such Target Fund. Shareholders of each Target Fund will receive the same class of shares that they own as of the time of the Reorganization, except that shareholders of Class V shares of Columbia Disciplined Small Core Fund will receive Class Inst shares of Columbia Small Cap Value Fund I. For example, holders of Class A shares of a Target Fund will receive Class A shares of the corresponding Acquiring Fund with the same aggregate net asset value as the aggregate net asset value of their Target Fund Class A shares at the time of the Reorganization. While the aggregate net asset value of your shares will not change as a result of the Reorganization, the number of shares you hold may differ based on each Fund’s net asset value. |
• | The Acquiring Funds will bear the costs of certain reorganization-related testing conducted by the Funds’ auditors in connection with the Reorganizations. All other costs of the Reorganizations will be borne by the Target Funds in accordance with the Agreement and Plan of Reorganization (the “Agreement”). The Funds will bear Reorganization costs only to the extent they are expected to be offset by the anticipated reduction in expenses borne by the Fund’s shareholders during the first year following the Reorganization. Any amounts in excess of this limit will be borne by Columbia Threadneedle. Reorganization costs do not include portfolio transaction costs incurred by a Target Fund before a Reorganization or Acquiring Fund after a Reorganization. Such costs will be borne by the applicable Fund. Such transaction costs are discussed in the section of the Combined Information Statement/Prospectus entitled “Section A — Reorganizations — Synopsis — Comparison of Fees and Expenses — Portfolio Turnover” with respect to each Reorganization. |
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• | Each Reorganization is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes. Accordingly, it is expected that Target Fund shareholders will not, and the Target Fund generally will not, recognize gain or loss as a direct result of a Reorganization, as described in more detail in the section of this Combined Information Statement/Prospectus entitled “Section B — Additional Information about Each Reorganization – U.S. Federal Income Tax Status of the Reorganizations.” |
• | As part of the Reorganization of your Target Fund, systematic transactions (such as bank authorizations and systematic payouts) currently set up with your Target Fund for your Target Fund account will be transferred to your new Acquiring Fund account. If you purchase shares through a broker-dealer or other financial intermediary, please contact your financial intermediary for additional details. |
• | Shareholders will not incur any sales charges in connection with the issuance of Acquisition Shares in a Reorganization. |
• | After a Reorganization is completed, Target Fund shareholders will be shareholders of the corresponding class of shares of the Acquiring Fund, except that shareholders of Class V shares of Columbia Disciplined Small Core Fund will receive Class Inst shares of Columbia Small Cap Value Fund I, and the Target Fund will be dissolved. |
U.S. Federal Income Tax Consequences
Each Reorganization is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes and will not take place unless the Target Fund and the corresponding Acquiring Fund receive a satisfactory opinion of tax counsel substantially to the effect that the Reorganization will qualify as a tax-free reorganization, as described in more detail in the section entitled “Section B — Additional Information about Each Reorganization — U.S. Federal Income Tax Status of the Reorganizations.” Accordingly, subject to the limited exceptions described in that section, no gain or loss is expected to be recognized by any Target Fund or its shareholders as a direct result of its Reorganization. A portion of the portfolio assets of a Target Fund may be sold by the Target Fund prior to its Reorganization or by the corresponding Acquiring Fund after a Reorganization. The actual tax effect of such sales will depend on the difference between the price at which such portfolio assets are sold and the tax basis of the selling Fund in such assets and the holding period of such assets. Any capital gains recognized in any such sales on a net basis, after reduction by any available capital losses, will be distributed to shareholders as capital gain dividends (to the extent of net realized long-term capital gains over net realized short-term capital losses) and/or ordinary dividends (to the extent of net realized short-term capital gains over net realized long-term capital losses) during or with respect to the year of sale, and such distributions will be taxable to shareholders. Additionally, because each Reorganization will end the tax year of the applicable Target Fund, it will accelerate distributions to shareholders from the Target Fund for its tax year ending on the date of the Reorganization. Those tax year-end distributions will be taxable, and will include any distributable, but not previously distributed, income and capital gains resulting from portfolio turnover prior to consummation of the Reorganization. At any time prior to a Reorganization, a shareholder may redeem shares of a Target Fund. Any such redemption would likely result in the recognition of gain or loss by the shareholder for U.S. federal income tax purposes. If a shareholder holds Target Fund shares in a non-taxable account, distributions and redemption proceeds with respect to those shares will not be currently taxable to the shareholder if those amounts remain in the non-taxable account.
A Target Fund shareholder’s aggregate tax basis in the Acquisition Shares is expected to carry over from the shareholder’s Target Fund shares, and a Target Fund shareholder’s holding period in the Acquisition Shares is expected to include the shareholder’s holding period in the Target Fund shares.
For more information about the U.S. federal income tax consequences of the Reorganizations, see the section entitled “Section B — Additional Information about Each Reorganization — U.S. Federal Income Tax Status of the Reorganizations.” For more information regarding repositioning costs, see the section captioned “portfolio turnover” within the synopsis for each Reorganization.
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Each Target Fund and Acquiring Fund may bear a portion of the out-of-pocket expenses associated with its Reorganization. With respect to each Reorganization, the Acquiring Fund will bear the costs of certain reorganization-related testing conducted by the Fund’s auditors in connection with the Reorganization. All other Reorganization costs will be allocated among the Target Funds in accordance with the Agreement. Reorganization costs include, but are not limited to: (1) the expenses associated with the preparation, printing and mailing of this Combined Information Statement/Prospectus, (2) the preparation of the registration statement and other shareholder communications and any filings with the Securities and Exchange Commission (the “SEC”) and/or other governmental authorities in connection with the Reorganizations; and (3) legal, audit, custodial and other fees incurred in connection with the Reorganizations (“Reorganization Costs”). Fees and expenses incurred directly by a Target Fund are allocated to that Fund. Fees and expenses incurred on behalf of multiple Target Funds, such as legal fees and the costs of preparing the Combined Information Statement/Prospectus, will be allocated among participating Target Funds equally. The Funds will bear Reorganization Costs to the extent that such fees and expenses do not exceed the anticipated reduction in expenses that shareholders of a Fund will realize in the first year following the Reorganization. Any amounts in excess of this limit will be borne by Columbia Threadneedle. Should any Reorganization fail to occur, Columbia Threadneedle will bear all costs associated with that Reorganization.
The estimated Reorganization Costs expected to be borne by each Target Fund and each Acquiring Fund are set forth below as of the fiscal period for each Acquiring Fund shown in the Fee and Expense sections below:
Costs Estimated to be Borne | ||||||||
Fund | Total | Per Share | ||||||
Columbia Global Strategic Equity Fund (Target Fund) | $ | 108,947 | $ | 0.0025 | ||||
Columbia Capital Allocation Aggressive Portfolio (Acquiring Fund) | $ | 4,000 | $ | 0.0001 | ||||
Columbia Select Global Growth Fund (Target Fund) | $ | 49 | $ | 0.0000 | ||||
Columbia Select Global Equity Fund (Acquiring Fund) | $ | 4,000 | $ | 0.0001 | ||||
Columbia Small/Mid Cap Value Fund (Target Fund) | $ | 134,452 | $ | 0.0019 | ||||
Columbia Select Mid Cap Value Fund (Acquiring Fund) | $ | 0 | $ | 0.0000 | ||||
Columbia Contrarian Europe Fund (Target Fund) | $ | 298,763 | $ | 0.0074 | ||||
Columbia Overseas Core Fund (Acquiring Fund) | $ | 0 | $ | 0.0000 | ||||
Columbia Disciplined Small Core Fund (Target Fund) | $ | 91,632 | $ | 0.0048 | ||||
Columbia Small Cap Value Fund I (Acquiring Fund) | $ | 0 | $ | 0.0000 |
Based on the operating expense ratios shown in the Fees and Expenses section below for each Acquiring Fund, it is projected that, after the Reorganizations, each class of each Target Fund will benefit from expense savings that will offset the allocated Reorganization expenses. However, the benefit of those projected expense savings will not be realized immediately. The allocated Reorganization expenses of a Target Fund will not exceed the anticipated reduction in expenses for such Target Fund’s shareholders (as shareholders of the Acquiring Fund following the Reorganization) in the first year following the Reorganization.
If a Target Fund shareholder redeems his or her Acquisition Shares during the first year following the Reorganization, the shareholder may not fully benefit from the projected expense savings.
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SYNOPSIS OF REORGANIZATION 1: COMPARISON OF COLUMBIA GLOBAL STRATEGIC EQUITY FUND AND COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO
Comparison of the Target Fund and the Acquiring Fund
The Target Fund and the Acquiring Fund:1
• | Have similar investment strategies, policies and risks; however, there are some differences as discussed in more detail below. |
• | Have the same policies for buying and selling shares and the same exchange rights. Please see “Section C — Additional Information Applicable to the Acquiring Funds” for a description of these policies for the Acquiring Fund. |
• | Have the same January 31 fiscal year end. |
• | Are structured as series of an open-end management investment company. Columbia Global Strategic Equity Fund is organized as a series of a Delaware statutory trust and Columbia Capital Allocation Aggressive Portfolio is organized as a series of a Massachusetts business trust. Please see Appendix B to this Combined Information Statement/Prospectus for more information regarding the differences between the rights of shareholders. |
• | Have the same investment manager – Columbia Threadneedle. |
Comparison of Fees and Expenses
The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Funds. The purpose of the tables below is to assist you in understanding the various costs and expenses of investing in common shares of the Funds. An investor transacting in a class of Fund shares without any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution may be required to pay a commission to the financial intermediary for effecting such transactions. Such commission rates are set by the financial intermediary and are not reflected in the tables or the example below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the “Distributor”).
The information in the table reflects the fees and expenses for each Fund’s six-month semi-annual period ended July 31, 2019 (annualized) and the pro forma expenses for the twelve months ended July 31, 2019 for the combined fund following the Reorganization.
1 | For the purposes of this section only, Target Fund refers to Columbia Global Strategic Equity Fund, and Acquiring Fund refers to Columbia Capital Allocation Aggressive Portfolio. |
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Current and Pro Forma Fees and Expenses
Shareholder Fees (fees paid directly from your investment)
Both Funds (Current and Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75 | % | None | None | None | None | None | None | ||||||||||||||||||||
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of net asset value at the time of your purchase or redemption, whichever is lower) | 1.00 | %(a) | None | 1.00 | %(b) | None | None | None | None |
(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. |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Columbia Global Strategic Equity Fund (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Management fees | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||||
Other expenses(a) | 0.16 | % | 0.16 | % | 0.16 | % | 0.16 | % | 0.11 | % | 0.06 | % | 0.16 | % | ||||||||||||||
Acquired fund fees and expenses | 0.72 | % | 0.72 | % | 0.72 | % | 0.72 | % | 0.72 | % | 0.72 | % | 0.72 | % | ||||||||||||||
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Total annual Fund operating expenses(b) | 1.20 | % | 0.95 | % | 1.95 | % | 0.95 | % | 0.90 | % | 0.85 | % | 1.45 | % | ||||||||||||||
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(a) | Other expenses have been restated to reflect current fees paid by the Fund. |
(b) | “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this Combined Information Statement/Prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. |
Columbia Capital Allocation Aggressive Portfolio (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Management fees | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||||
Other expenses(a) | 0.14 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.12 | % | 0.07 | % | 0.14 | % | ||||||||||||||
Acquired fund fees and expenses | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | ||||||||||||||
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Total annual Fund operating expenses(b) | 1.09 | % | 0.84 | % | 1.84 | % | 0.84 | % | 0.82 | % | 0.77 | % | 1.34 | % | ||||||||||||||
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(a) | Other expenses have been restated to reflect current fees paid by the Fund. |
(b) | “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this Combined Information Statement/Prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. |
Columbia Capital Allocation Aggressive Portfolio (Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Management fees | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||||
Other expenses(a) | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.10 | % | 0.05 | % | 0.13 | % | ||||||||||||||
Acquired fund fees and expenses | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | ||||||||||||||
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Total annual Fund operating expenses(b) | 1.08 | % | 0.83 | % | 1.83 | % | 0.83 | % | 0.80 | % | 0.75 | % | 1.33 | % | ||||||||||||||
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(a) | Other expenses have been restated to reflect current fees paid by the Fund. |
(b) | “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this Combined Information Statement/Prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. |
Expense Examples: These examples are intended to help you compare the cost of investing in each Fund with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated and then redeem all of your shares at the end of those periods, both under the current arrangements and, for the Acquiring Fund, assuming completion of the proposed Reorganization. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions your costs would be:
Columbia Global Strategic Equity Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 690 | $ | 934 | $ | 1,197 | $ | 1,946 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 97 | $ | 303 | $ | 525 | $ | 1,166 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 298 | $ | 612 | $ | 1,052 | $ | 2,275 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 97 | $ | 303 | $ | 525 | $ | 1,166 |
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Columbia Global Strategic Equity Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 92 | $ | 287 | $ | 498 | $ | 1,108 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 87 | $ | 271 | $ | 471 | $ | 1,049 | ||||||||
Class R (whether or not shares are redeemed) | $ | 148 | $ | 459 | $ | 792 | $ | 1,735 |
Columbia Capital Allocation Aggressive Portfolio (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 680 | $ | 902 | $ | 1,141 | $ | 1,827 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 86 | $ | 268 | $ | 466 | $ | 1,037 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 287 | $ | 579 | $ | 996 | $ | 2,159 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 86 | $ | 268 | $ | 466 | $ | 1,037 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 84 | $ | 262 | $ | 455 | $ | 1,014 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 79 | $ | 246 | $ | 428 | $ | 954 | ||||||||
Class R (whether or not shares are redeemed) | $ | 136 | $ | 425 | $ | 734 | $ | 1,613 |
Columbia Capital Allocation Aggressive Portfolio (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 679 | $ | 899 | $ | 1,136 | $ | 1,816 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 85 | $ | 265 | $ | 460 | $ | 1,025 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 286 | $ | 576 | $ | 990 | $ | 2,148 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 85 | $ | 265 | $ | 460 | $ | 1,025 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 82 | $ | 255 | $ | 444 | $ | 990 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 77 | $ | 240 | $ | 417 | $ | 930 | ||||||||
Class R (whether or not shares are redeemed) | $ | 135 | $ | 421 | $ | 729 | $ | 1,601 |
If you owned or will own any class of shares other than Class C shares, you would pay the same costs shown in the tables above if you did not redeem your shares at the end of the periods indicated. If you owned or will own Class C shares, you would pay the following costs if you did not redeem your shares at the end of the periods indicated, which may be different than the costs shown in the tables above.
Columbia Global Strategic Equity Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 198 | $ | 612 | $ | 1,052 | $ | 2,275 |
Columbia Capital Allocation Aggressive Portfolio (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 187 | $ | 579 | $ | 996 | $ | 2,159 |
Columbia Capital Allocation Aggressive Portfolio (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 186 | $ | 576 | $ | 990 | $ | 2,148 |
Portfolio Turnover. Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in annual Fund operating expenses or in the expense examples, affect a Fund’s performance. During the most recent fiscal year, each Fund’s portfolio turnover rate was the following percentage of the average value of the Fund’s portfolio:
Fund | Percentage of the Average Value of the Fund’s Portfolio | |||
Columbia Global Strategic Equity Fund | 17 | % | ||
Columbia Capital Allocation Aggressive Portfolio | 21 | % |
A portion of the Target Fund’s portfolio assets are expected to be sold prior to its Reorganization by the Target Fund and after the Reorganization by the Acquiring Fund. If the Reorganization had occurred as of September 30, 2019, it is estimated that approximately 8% of the Target Fund’s investment portfolio would have been sold by the Target Fund before the Reorganization and approximately 38% of the Target Fund’s investment portfolio would have been sold by the Acquiring Fund after the Reorganization. Because the Funds invest primarily in other funds, the Funds are not anticipated to incur brokerage or transaction costs. Capital gains from such portfolio sales may result in increased distributions of net capital gain and net investment income. If such sales occurred as of September 30, 2019, the sales would have resulted in increased distributions of net capital gain and net investment income to Target Fund shareholders of approximately $0.14 per share and to Acquiring Fund shareholders (including shareholders of the Target Fund following the Reorganization) of approximately $0.36 per share.
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Comparison of Investment Objectives, Principal Investment Strategies, and Fundamental and Non-Fundamental Investment Policies
The investment objectives and principal investment strategies of the Target Fund and the Acquiring Fund, are set forth in the table below.
The Target Fund’s investment policy with respect to 80% of its net assets may be changed by the Fund’s Board without shareholder approval as long as shareholders are given 60 days’ advance written notice of the change.
While the Target Fund and the Acquiring Fund have generally similar investment objectives and principal investment strategies, there are some differences. Each Fund is a fund-of funds that invests primarily in Underlying Funds that provide exposure primarily to equity securities. The Target Fund invests in affiliated and third-party funds while the Acquiring Fund invests primarily in affiliated funds. See below for a more detailed comparison.
Columbia Global Strategic Equity Fund | Columbia Capital Allocation Aggressive Portfolio | |||
Investment Objective: | The Fund seeks capital appreciation.(a) | The Fund seeks the highest level of total return that is consistent with an aggressive level of risk.(b) | ||
Principal Investment Strategy: | Under normal circumstances, the Fund invests most of its net assets in shares of equity mutual funds and exchange traded funds (ETFs) managed by Columbia Threadneedle or its affiliates (Columbia Funds), and third party advised funds (collectively, “Underlying Funds”). Under normal circumstances, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in equity securities. | The Fund is primarily managed as a fund that invests in other funds (i.e., a “fund-of-funds”) that seeks to achieve its investment objective by investing under normal circumstances in a combination of underlying funds for which Columbia Threadneedle or an affiliate serves as investment adviser or principal underwriter (the affiliated underlying funds).
The Fund may also invest up to 20% of its net assets in other funds, including third party advised (unaffiliated) funds and exchange-traded funds (ETFs) (collectively with the affiliated underlying funds, the “Underlying Funds”), equity securities, fixed income securities (including treasury inflation protected securities (TIPS)) and derivative instruments (the “20% Sleeve”). | ||
Diversification: | The Fund is diversified. | The Fund is diversified. | ||
Market Capitalization of Holdings: | The Fund and Underlying Funds may invest in companies of any size. | The Fund and Underlying Funds may invest in equity securities representing different market capitalizations. | ||
Industry Concentration: | The Fund and certain Underlying Funds may from time to time emphasize one or more economic sectors in selecting their investments. | The Fund and Underlying Funds may invest in equity securities representing different economic sectors. | ||
Foreign Investments: | Under normal circumstances, the Fund invests, directly and/or indirectly through Underlying Funds, at least 40% of its net assets in foreign currencies, and equity and debt securities of foreign governmental issuers, issuers organized or located outside the U.S., issuers that primarily trade in a market located outside the U.S., and/or issuers doing a substantial amount of business outside the U.S.(c)(d) Direct and indirect foreign investments may include investments in emerging market countries. | — |
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Columbia Global Strategic Equity Fund | Columbia Capital Allocation Aggressive Portfolio | |||
Derivatives: | The Fund may invest in derivatives, such as futures. | The Fund’s derivative investments may include forward contracts (including forward foreign currency contracts), futures (including currency, equity, index, interest rate, and other bond futures) and options. Derivative positions may be established to seek incremental earnings, hedge existing positions, increase market or credit exposure, increase investment flexibility (including using the derivative position as a substitute for the purchase or sale of the underlying security, currency or other instrument) and/or to change the effective duration of the Fund’s portfolio. | ||
Geographic Concentration: | — | The Fund may invest in equity securities representing different geographic focus. | ||
Alternative Strategies: | The Fund may invest in alternative strategies through Underlying Funds. | The Fund may pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. | ||
Special Situations: | The Fund may invest in Underlying Funds that invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies. | — |
(a) | The Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board without shareholder approval. |
(b) | The Fund’s investment objective is fundamental. Only shareholders can change the Fund’s investment objective. |
(c) | The Fund considers an issuer to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue or profits from business outside the U.S., or has at least 50% of its sales or assets outside the U.S., or if it is an Underlying Fund that invests at least 40% of its net assets in foreign currencies or such non-U.S. securities. |
(d) | This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable. |
Additional Information About the Funds’ Principal Investment Strategies
Target Fund. Columbia Threadneedle chooses investments for the Target Fund by:
• | Using asset allocation as its principal investment approach and accessing the broader investment resources of Columbia Threadneedle and its affiliate, Threadneedle Investments, to develop both top down thematic views as well as bottom-up securities insight; |
• | Selecting companies based on growth or value style investing or through quantitative methods; |
Columbia Threadneedle may sell investments: to adjust the allocation of the Fund’s assets; if Columbia Threadneedle believes that an investment is no longer a suitable investment; or that other investments are more attractive; to meet redemption requests; or for other reasons. When selling shares to meet redemption requests, Columbia Threadneedle normally will, to the extent feasible, sell a proportionate amount of the shares the Fund owns in each Underlying Fund and instrument.
Acquiring Fund. Under normal circumstances, the Acquiring Fund may invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each, an “asset class category” and collectively, the “asset class categories”) within the following target asset allocation range (includes investments in Underlying Funds and the other securities described in the 20% Sleeve):
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Asset Class Exposure* | ||||||
Equity | Fixed Income | Cash/Cash Equivalents | Alternatives | |||
25-100% | 0-50% | 0-40% | 0-40% |
* | As a percent of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the ranges identified in the table. Columbia Threadneedle may modify the target allocation ranges only with the approval of the Fund’s Board. |
Columbia Threadneedle uses an asset allocation strategy designed to:
• | Determine the allocation of the Fund’s assets among the asset class categories within the target asset allocation ranges set forth above, based on the Fund’s investment objective, global macro-economic research and historical and projected returns for each asset class category; |
• | Select Underlying Funds to represent asset class categories and then to determine the portion of the Fund’s assets to be allocated to each such investment, based on the Underlying Funds’ historical and projected returns under their current portfolio managers, portfolio manager experience and the anticipated investment risks associated with investment in these Underlying Funds; and |
• | Determine the Fund’s investments in the 20% Sleeve. |
Columbia Threadneedle regularly reviews asset class allocations and allocations to Underlying Funds, as well as security selection within the 20% Sleeve. Columbia Threadneedle may reallocate, including on a daily basis, the Fund’s investments in the Underlying Funds and/or the 20% Sleeve to return the Fund to targeted allocations, or to tactically adjust the Fund’s market or other exposures based on market or other circumstances. Derivatives, in particular, may be used tactically to increase or decrease the Fund’s exposure to the market or a given market segment, industry, or position.
Comparison of Fundamental Investment Policies
Each Fund has adopted certain fundamental and non-fundamental investment restrictions. The fundamental investment restrictions (i.e., those which may not be changed without shareholder approval) are listed below.
The fundamental investment restrictions cannot be changed without the consent of the holders of a majority of the outstanding shares of the applicable Fund. The term “majority of the outstanding shares” means the vote of (i) 67% or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.
Columbia Global Strategic Equity Fund | Columbia Capital Allocation | |||
Buy or sell real estate: | The Fund may not purchase or sell real estate, except that the Fund may purchase securities of issuers which deal or invest in real estate and may purchase securities which are secured by real estate or interests in real estate. | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except that this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business or real estate investment trusts. For purposes of this policy, real estate includes real estate limited partnerships. | ||
Buy or sell commodities: | The Fund may not purchase or sell commodities, except that the Fund may, to the extent consistent with its investment objective, invest in securities of companies that purchase or sell commodities or which invest in such programs, and purchase and sell options, forward contracts, futures contracts, and options on futures contracts. This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts. | The Fund will not buy or sell physical commodities unless acquired as a result of ownership of securities or other instruments, except that this shall not prevent the Fund from buying or selling options and futures contracts or from investing in securities or other instruments backed by, or whose value is derived from, physical commodities. |
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Columbia Global Strategic Equity Fund | Columbia Capital Allocation | |||
Issuer diversification: | The Fund may not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any exemptive relief obtained by the Fund. | The Fund will not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. | ||
Concentrate in any one industry: | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry; provided that: (a) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and (b) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | The Fund will not concentrate in any one industry. According to the present interpretation by the SEC, this means that up to 25% of the Fund’s total assets, based on current market value at time of purchase, can be invested in any one industry. The Fund itself does not intend to concentrate, however, the aggregation of holdings of the underlying funds may result in the Fund indirectly investing more than 25% of its assets in a particular industry. The Fund does not control the investments of the underlying funds and any indirect concentration will occur only as a result of the Fund following its investment objectives by investing in the underlying funds. | ||
Act as an underwriter: | The Fund may not underwrite any issue of securities within the meaning of the Securities Act of 1933 (the “1933 Act”) except when it might technically be deemed to be an underwriter either: (a) in connection with the disposition of a portfolio security; or (b) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered management investment companies. | The Fund will not act as an underwriter (sell securities for others). However, under the securities laws, the Fund may be deemed to be an underwriter when it purchases securities directly from the issuer and later resells them. | ||
Lending: | The Fund may not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | The Fund will not lend securities or participate in an interfund lending program if the total of all such loans would exceed 33 and 1/3% of the Fund’s total assets except this fundamental investment policy shall not prohibit the Fund from purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase agreements. For funds-of-funds, under current Board policy, the Fund has no current intention to borrow against equity to a material extent. | ||
Borrow money: | The Fund may not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | The Fund will not borrow money, except for temporary purposes (not for leveraging or investment) in an amount not exceeding 33 and 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings) immediately after the borrowings. For funds-of-funds, under current Board policy, the Fund has no current intention to borrow against equity to a material extent. |
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Columbia Global Strategic Equity Fund | Columbia Capital Allocation | |||
Issue senior securities: | The Fund may not issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
The Acquiring Fund’s investment objectives, principal investment strategies, fundamental and non-fundamental investment policies and holdings may expose the Target Fund’s shareholders to new or increased risks. A comparison of the principal risks of investing in the Target Fund and the Acquiring Fund is provided under “Comparison of Principal Risks” below.
The Acquiring Fund is subject to the principal risks described in “Section C — Additional Information Applicable to the Acquiring Funds” below. The Funds are subject to many of the same principal risks, but differ primarily given that the Target Fund is subject to risks associated with its investments in foreign securities (including depositary receipts risk, emerging market securities risk, foreign currency risk, and sovereign debt risk), while the Acquiring Fund does not identify foreign investment risk as a principal risk. In addition, unlike the Target Fund, the Acquiring Fund is also subject to high yield investment risk, and risks associated with its exposure to derivatives, including forward contracts risk and options risk. Unlike the Acquiring Fund, the Target Fund is subject to risks associated with its investment in certain types of securities (including commodity-related investment risk, convertible securities risk, preferred stock risk, regulatory risk associated with alternative investments, and special situations risk), liquidity risk, quantitative model risk and sector risk. The actual risks of investing in each Fund depend on the Underlying Funds selected, the percentage allocation to the Underlying Funds, and other securities held in each Fund’s portfolio and on market conditions, all of which change over time.
Comparison of Management of the Funds
Columbia Threadneedle serves as investment manager for each Fund. Both Funds obtain investment management services from Columbia Threadneedle according to the terms of advisory agreements that are substantially similar. The table below shows the current contractual management fee schedule for each of the Funds. The effective management fee of each Fund as of January 31, 2019 was 0.10% for the Target Fund and 0.08% for the Acquiring Fund. The Acquiring Fund’s management fee schedule will apply following completion of the Reorganization.
Columbia Global Strategic Equity Fund | Columbia Capital Allocation Aggressive Portfolio | |||||
Assets | Fee | Assets | Fee | |||
Assets invested in securities other than third-party advised mutual funds, and in Columbia Threadneedle’s proprietary funds that do not pay a management fee (or advisory fee, as applicable) (including exchange-traded funds), derivatives and individual securities | 0.570% | Assets invested in securities other than third-party advised mutual funds, and in Columbia Threadneedle’s proprietary funds that do not pay a management fee (or advisory fee, as applicable) (including exchange-traded funds), derivatives and individual securities | 0.570% | |||
Assets invested in non-exchange-traded third party advised mutual funds | 0.120% | Assets invested in non-exchange-traded third party advised mutual funds | 0.120% |
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Columbia Global Strategic Equity Fund | Columbia Capital Allocation Aggressive Portfolio | |||||
Assets | Fee | Assets | Fee | |||
Assets invested in funds advised by Columbia Threadneedle (excluding any underlying funds that do not pay a management fee (or advisory fee, as applicable) to Columbia Threadneedle | 0.020% | Assets invested in funds advised by Columbia Threadneedle (excluding any underlying funds that do not pay a management fee (or advisory fee, as applicable) to Columbia Threadneedle | 0.020% |
Each Fund is governed by its Board, which is responsible for overseeing the Fund. For a listing of the members comprising each Fund’s Board, please refer to the Statement of Additional Information for the relevant Fund.
The Funds have different portfolio management teams. “Section C — Additional Information Applicable to the Acquiring Funds” below describes the employment history of the portfolio managers of the Acquiring Fund. The Statement of Additional Information of each Fund provides additional information about portfolio manager compensation, other accounts managed and ownership of each Fund’s shares.
The following bar charts and tables show, respectively:
• | How each Fund’s performance has varied for each full calendar year shown in the bar chart; and |
• | How each Fund’s average annual total returns compare to certain measures of market performance shown in the table. |
These bar charts and tables show some of the risks of investing in the Funds. The bar charts shows how each Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares each Fund’s returns (after applicable sales charges shown in the fees tables above) for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Acquiring Fund may invest.
The performance of one or more share classes shown in the tables below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of each Fund’s Class A shares (without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share classes, where applicable) for periods prior to its inception date. Share classes with expenses that are higher than Class A shares will have performance that is lower than Class A shares (without applicable sales charges). Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), each share class of the same Fund would have substantially similar annual returns because all share classes of such Fund invest in the same portfolio of securities.
The after-tax returns shown in the Average Annual Total Returns tables below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the tables and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the tables. In addition, the after-tax returns shown in the tables do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.
The Target Fund’s performance prior to June 2, 2015 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.
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Each Fund’s past performance (before and after taxes) is no guarantee of how such Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.
Columbia Global Strategic Equity Fund
CLASS A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 13.24% (quarter ended March 31, 2019) and the lowest return for a calendar quarter was -17.29% (quarter ended September 30, 2011).
Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
Columbia Global Strategic Equity Fund | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||||
Class A | 10/15/1996 | |||||||||||||||
returns before taxes | 20.64 | % | 7.24 | % | 9.52 | % | ||||||||||
returns after taxes on distributions | 18.89 | % | 5.24 | % | 8.25 | % | ||||||||||
returns after taxes on distributions and sale of Fund shares | 13.50 | % | 5.33 | % | 7.57 | % | ||||||||||
Class Adv returns before taxes | 11/08/2012 | 28.25 | % | 8.79 | % | 10.37 | % | |||||||||
Class C returns before taxes | 10/15/1996 | 25.97 | % | 7.70 | % | 9.35 | % | |||||||||
Class Inst returns before taxes | 10/15/1996 | 28.29 | % | 8.79 | % | 10.45 | % | |||||||||
Class Inst2 returns before taxes | 11/08/2012 | 28.32 | % | 8.86 | % | 10.45 | % | |||||||||
Class Inst3 returns before taxes | 03/01/2017 | 28.35 | % | 8.71 | % | 10.27 | % | |||||||||
Class R returns before taxes | 01/23/2006 | 27.56 | % | 8.24 | % | 9.89 | % | |||||||||
MSCI ACWI (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes) | 26.60 | % | 8.41 | % | 8.79 | % |
Columbia Capital Allocation Aggressive Portfolio
Class A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 12.23% (quarter ended September 30, 2010) and the lowest return for a calendar quarter was -14.03% (quarter ended September 30, 2011).
Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
Columbia Capital Allocation Aggressive Portfolio | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||||
Class A | 03/04/2004 | |||||||||||||||
returns before taxes | 16.77 | % | 6.67 | % | 8.71 | % | ||||||||||
returns after taxes on distributions | 14.64 | % | 4.39 | % | 7.13 | % | ||||||||||
returns after taxes on distributions and sale of Fund shares | 11.22 | % | 4.58 | % | 6.65 | % | ||||||||||
Class Adv returns before taxes | 06/13/2013 | 24.22 | % | 8.20 | % | 9.53 | % | |||||||||
Class C returns before taxes | 03/04/2004 | 21.91 | % | 7.14 | % | 8.54 | % | |||||||||
Class Inst returns before taxes | 09/27/2010 | 24.16 | % | 8.21 | % | 9.62 | % | |||||||||
Class Inst2 returns before taxes | 06/13/2013 | 24.25 | % | 8.27 | % | 9.58 | % | |||||||||
Class Inst3 returns before taxes | 06/13/2013 | 24.33 | % | 8.33 | % | 9.62 | % | |||||||||
Class R returns before taxes | 09/27/2010 | 23.58 | % | 7.67 | % | 9.09 | % |
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Columbia Capital Allocation Aggressive Portfolio | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||||
Blended Benchmark (consisting of 60% Russell 3000 Index, 15% Bloomberg Barclays U.S. Aggregate Bond Index, 14% MSCI EAFE Index (Net), 6% MSCI Emerging Markets Index (Net) and 5% Bloomberg Barclays U.S. Corporate High-Yield Index) (reflects reinvested dividends net of withholding taxes on the MSCI EAFE Index and the MSCI Emerging Markets Index portion of the Blended Benchmark, and for all indexes reflects no deductions for fees, expenses or other taxes) | 24.75 | % | 8.78 | % | 10.12 | % | ||||||||||
Russell 3000 Index (reflects no deductions for fees, expenses or taxes) | 31.02 | % | 11.24 | % | 13.42 | % | ||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes) | 8.72 | % | 3.05 | % | 3.75 | % |
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and its related companies – including the investment manager, the Distributor and Columbia Management Investments Services Corp. (the transfer agent) – may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. These potential conflicts of interest may be heightened with respect to broker-dealers owned by Ameriprise Financial and/or its affiliates. Ask your financial advisor or visit your financial intermediary’s website for more information.
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SYNOPSIS OF REORGANIZATION 2: COMPARISON OF COLUMBIA SELECT GLOBAL GROWTH FUND AND COLUMBIA SELECT GLOBAL EQUITY FUND
Comparison of the Target Fund and the Acquiring Fund
The Target Fund and the Acquiring Fund:2
• | Have similar principal investment strategies, policies, and risks as discussed in more detail below. |
• | Have the same policies for buying and selling shares and the same exchange rights. Please see “Section C — Additional Information Applicable to the Acquiring Funds” for a description of these policies for the Acquiring Fund. |
• | Have different fiscal year ends. The Target Fund’s fiscal year end is February 28 and the Acquiring Fund’s fiscal year end is October 31. |
• | Are structured as series of an open-end management investment company. Columbia Select Global Growth Fund is organized as a series of a Delaware statutory trust and Columbia Select Global Equity Fund is organized as a series of a Massachusetts business trust. Please see Appendix B to this Combined Information Statement/Prospectus for more information regarding the differences between the rights of shareholders. |
• | Have the same investment manager – Columbia Threadneedle. |
Comparison of Fees and Expenses
The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Funds. The purpose of the tables below is to assist you in understanding the various costs and expenses of investing in common shares of the Funds. An investor transacting in a class of Fund shares without any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution may be required to pay a commission to the financial intermediary for effecting such transactions. Such commission rates are set by the financial intermediary and are not reflected in the tables or the example below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by the Distributor.
The information in the table reflects the fees and expenses for the Target Fund’s six-month semi-annual period ended August 31, 2019 (annualized), the Acquiring Fund’s fiscal year ended October 31, 2019 and the pro forma expenses for the twelve months ended October 31, 2019 for the combined fund following the Reorganization.
2 | For the purposes of this section only, Target Fund refers to Columbia Select Global Growth Fund, and Acquiring Fund refers to Columbia Select Global Equity Fund. |
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Current and Pro Forma Fees and Expenses
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||
Both Funds (Current and Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75 | % | None | None | None | None | None | None | ||||||||||||||||||||
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of net asset value at the time of your purchase or redemption, whichever is lower) | 1.00 | %(a) | None | 1.00 | %(b) | None | None | None | None |
(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. |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
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Columbia Select Global Growth Fund (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Management fees | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||||
Other expenses(a) | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.38 | % | 0.32 | % | 0.44 | % | ||||||||||||||
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Total annual Fund operating expenses(b) | 1.56 | % | 1.31 | % | 2.31 | % | 1.31 | % | 1.25 | % | 1.19 | % | 1.81 | % | ||||||||||||||
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(a) | Other expenses have been restated to reflect current fees paid by the Fund. |
(b) | Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2020, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.28% for Class A, 1.03% for Class Adv, 2.03% for Class C, 1.03% for Class Inst, 0.97% for Class Inst2, 0.91% for Class Inst3 and 1.53% for Class R. |
Columbia Select Global Equity Fund (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Management fees | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||||
Other expenses(a) | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.13 | % | 0.08 | % | 0.19 | % | ||||||||||||||
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Total annual Fund operating expenses | 1.31 | % | 1.06 | % | 2.06 | % | 1.06 | % | 1.00 | % | 0.95 | % | 1.56 | % | ||||||||||||||
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(a) | Other expenses have been restated to reflect current fees paid by the Fund. |
Columbia Select Global Equity Fund (Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Management fees(a) | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||||
Other expenses(b) | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.12 | % | 0.07 | % | 0.19 | % | ||||||||||||||
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Total annual Fund operating expenses(c) | 1.30 | % | 1.05 | % | 2.05 | % | 1.05 | % | 0.98 | % | 0.93 | % | 1.55 | % | ||||||||||||||
Less: Fee waivers and/or expense reimbursements(d) | -0.02 | % | -0.02 | % | -0.02 | % | -0.02 | % | -0.02 | % | -0.02 | % | -0.02 | % | ||||||||||||||
Total annual Fund operating expenses after fee waivers and/or expense reimbursements | 1.28 | % | 1.03 | % | 2.03 | % | 1.03 | % | 0.96 | % | 0.91 | % | 1.53 | % | ||||||||||||||
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(a) | Management fees have been restated to reflect an adjusted management fee rate, effective upon the closing of the Reorganization. The new management fee rate is contingent upon completion of the Reorganization. |
(b) | Other expenses have been restated to reflect current fees paid by the Fund. |
(c) | Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through February 28, 2021, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.31% for Class A, 1.06% for Class Adv, 2.06% for Class C, 1.06% for Class Inst, 1.00% for Class Inst2, 0.95% for Class Inst3 and 1.56% for Class R. |
(d) | Columbia Management Investment Advisers, LLC and certain of its affiliates have further contractually agreed, effective upon the closing of the Reorganization, to waive fees and/or to reimburse expenses (excluding any Reorganization costs, transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through February 28, 2023, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.28% for Class A, 1.03% for Class Adv, 2.03% for Class C, 1.03% for Class Inst, 0.96% for Class Inst2, 0.91% for Class Inst3 and 1.53% for Class R. |
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Expense Examples: These examples are intended to help you compare the cost of investing in each Fund with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated and then redeem all of your shares at the end of those periods, both under the current arrangements and, for the Acquiring Fund, assuming completion of the proposed Reorganization. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same. These examples include a contractual fee waiver/expense reimbursement arrangement only for Columbia Select Global Equity Fund (Pro Forma) and only for the period indicated in the Fund’s Annual Fund Operating Expenses. Although your actual costs may be higher or lower, based on those assumptions your costs would be:
Columbia Select Global Growth Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 725 | $ | 1,039 | $ | 1,376 | $ | 2,325 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 133 | $ | 415 | $ | 718 | $ | 1,579 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 334 | $ | 721 | $ | 1,235 | $ | 2,646 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 133 | $ | 415 | $ | 718 | $ | 1,579 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 127 | $ | 397 | $ | 686 | $ | 1,511 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 121 | $ | 378 | $ | 654 | $ | 1,443 | ||||||||
Class R (whether or not shares are redeemed) | $ | 184 | $ | 569 | $ | 980 | $ | 2,127 |
Columbia Select Global Equity Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 701 | $ | 966 | $ | 1,252 | $ | 2,063 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 108 | $ | 337 | $ | 585 | $ | 1,294 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 309 | $ | 646 | $ | 1,108 | $ | 2,390 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 108 | $ | 337 | $ | 585 | $ | 1,294 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 102 | $ | 318 | $ | 552 | $ | 1,225 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 97 | $ | 303 | $ | 525 | $ | 1,166 | ||||||||
Class R (whether or not shares are redeemed) | $ | 159 | $ | 493 | $ | 850 | $ | 1,856 |
Columbia Select Global Equity Fund (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 698 | $ | 960 | $ | 1,243 | $ | 2,049 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 105 | $ | 330 | $ | 575 | $ | 1,279 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 306 | $ | 639 | $ | 1,100 | $ | 2,376 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 105 | $ | 330 | $ | 575 | $ | 1,279 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 98 | $ | 308 | $ | 538 | $ | 1,198 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 93 | $ | 292 | $ | 511 | $ | 1,139 | ||||||||
Class R (whether or not shares are redeemed) | $ | 156 | $ | 486 | $ | 841 | $ | 1,842 |
If you owned or will own any class of shares other than Class C shares, you would pay the same costs shown in the tables above if you did not redeem your shares at the end of the periods indicated. If you owned or will own Class C shares, you would pay the following costs if you did not redeem your shares at the end of the periods indicated, which may be different than the costs shown in the tables above.
Columbia Select Global Growth Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 234 | $ | 721 | $ | 1,235 | $ | 2,646 |
Columbia Select Global Equity Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 209 | $ | 646 | $ | 1,108 | $ | 2,390 |
Columbia Select Global Equity Fund (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 206 | $ | 639 | $ | 1,100 | $ | 2,376 |
Portfolio Turnover. Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in annual Fund operating expenses or in the expense examples, affect a Fund’s performance. During the most recent fiscal year, each Fund’s portfolio turnover rate was the following percentage of the average value of the Fund’s portfolio:
Fund | Percentage of the Average Value of the Fund’s Portfolio | |||
Columbia Select Global Growth Fund | 46 | % | ||
Columbia Select Global Equity Fund | 74 | % |
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A portion of the Target Fund’s portfolio assets may be sold by the Acquiring Fund after the Reorganization. If the Reorganization had occurred as of September 30, 2019, it is estimated that approximately 78% of the Target Fund’s investment portfolio would have been sold by the Acquiring Fund after the Reorganization. It is estimated that such portfolio repositioning would have resulted in brokerage commissions or other transaction costs at a rate of approximately 0.06% for the Acquiring Fund. These transaction costs represent expenses of the Acquiring Fund that will not be subject to the Acquiring Fund’s expense cap and will be borne by the Acquiring Fund and indirectly borne by the Acquiring Fund’s shareholders (including shareholders of the Target Fund following the Reorganization). Capital gains from such portfolio sales may result in increased distributions of net capital gain and net investment income. If such sales occurred as of September 30, 2019, the sales would have resulted in increased distributions of net capital gain and net investment income to Acquiring Fund shareholders (including shareholders of the Target Fund following the Reorganization) of approximately $0.34 per share. The repositioning may result in the Acquiring Fund selling securities in greater volumes or in a shorter period of time than it normally would, which may impact the market price received in such sales.
Comparison of Investment Objectives, Principal Investment Strategies, and Fundamental and Non-Fundamental Investment Policies
The investment objectives and principal investment strategies of the Target Fund and the Acquiring Fund are set forth in the table below.
The Acquiring Fund’s investment policy with respect to 80% of its net assets may be changed by the Fund’s Board without shareholder approval as long as shareholders are given 60 days’ advance written notice of the change.
While the Target Fund and the Acquiring Fund have generally similar principal investment strategies, there are certain differences, including that the Acquiring Fund invests, under normal circumstances, at least 80% of its net assets in equity securities, whereas the Target Fund does not have this requirement (but is substantially invested in equity securities normally). See below for a more detailed comparison.
Columbia Select Global Growth Fund | Columbia Select Global Equity Fund | |||
Investment Objective: | The Fund seeks long-term growth of capital.(a) | The Fund seeks to provide shareholders with long-term capital growth.(b) | ||
Principal Investment Strategy: | Under normal circumstances, the Fund invests significantly (generally, at least 40% of its net assets) in the securities of companies organized or located outside of the United States or doing business outside of the United States (unless market conditions are not deemed favorable by the portfolio managers, in which case the Fund generally will invest at least 30% of net assets in such foreign securities).(c) | Under normal market conditions, at least 80% of the Fund’s net assets (including the amount of any borrowings for investment purposes) are invested in equity securities, including securities of companies located in developed and emerging countries. These equity securities generally include common stocks.
Under normal circumstances, the Fund generally invests at least 40% of its net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S., have their securities traded on non-U.S. exchanges or have been formed under the laws of non-U.S. countries. This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable.(d) | ||
Diversification: | The Fund is diversified. | The Fund is diversified. | ||
Market Capitalization of Holdings: | The Fund may invest in companies of any size. | — | ||
Industry Concentration: | The Fund may from time to time emphasize one or more sectors in selecting its investments, including the consumer discretionary sector and the information technology and technology-related sectors. | The Fund may from time to time emphasize one or more sectors in selecting its investments, including the information technology sector. |
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Columbia Select Global Growth Fund | Columbia Select Global Equity Fund | |||
Geographic Concentration: | The Fund normally invests in companies from at least three different countries, including the United States, and may invest in companies operating in, or economically tied to, emerging market countries. | — | ||
Derivatives: | The Fund may invest in derivatives, such as forward contracts (including forward foreign currency contracts), for hedging or investment purposes. | — |
(a) | The Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board without shareholder approval. |
(b) | The Fund’s investment objective is fundamental. Only shareholders can change the Fund’s investment objective. |
(c) | The Fund considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. |
(d) | The Fund considers a company to be doing business outside of the United States if it derives at least 50% of its revenue or profits from business outside the United States or has at least 50% of its sales or assets outside the United States. |
Additional Information About the Funds’ Principal Investment Strategies
Target Fund. In selecting investments for the Target Fund, Columbia Threadneedle considers, among other factors:
• | Overall economic and market conditions; and |
• | The financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation. |
Fundamental analysis with risk management, including cross-correlation analysis, is used in identifying investment opportunities and constructing the Fund’s portfolio.
Columbia Threadneedle may sell a security when the security’s price reaches a target set by Columbia Threadneedle; if Columbia Threadneedle believes that there is deterioration in the issuer’s financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons.
Acquiring Fund. Columbia Threadneedle serves as the investment manager to the Fund and is responsible for oversight of the Fund’s subadviser, Threadneedle International Limited (“Threadneedle”), an indirect wholly-owned subsidiary of Ameriprise Financial, Inc., the parent company of Columbia Threadneedle.
In pursuit of the Acquiring Fund’s objective, Threadneedle chooses investments for the Fund by:
• | Deploying an integrated approach to equity research that incorporates regional analyses, a global sector strategy, and stock specific perspectives; |
• | Conducting detailed research on companies in a consistent strategic and macroeconomic framework; |
• | Looking for catalysts of change and identifying the factors driving markets, which will vary over economic and market cycles; and |
• | Implementing rigorous risk control processes that seek to ensure that the risk and return characteristics of the Fund’s portfolio are consistent with established portfolio management parameters. |
A number of factors may prompt the portfolio management team to sell securities. A sale may result from a change in the composition of the Fund’s benchmark or a change in sector strategy. A sale may also be prompted by factors specific to a stock, such as valuation or company fundamentals.
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Comparison of Fundamental Investment Policies
Each Fund has adopted certain fundamental and non-fundamental investment restrictions. The fundamental investment restrictions (i.e., those which may not be changed without shareholder approval) are listed below.
The fundamental investment restrictions cannot be changed without the consent of the holders of a majority of the outstanding shares of the applicable Fund. The term “majority of the outstanding shares” means the vote of (i) 67% or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.
Columbia Select Global Growth Fund | Columbia Select Global Equity Fund | |||
Buy or sell real estate: | The Fund may not purchase or sell real estate, except that the Fund may purchase securities of issuers which deal or invest in real estate and may purchase securities which are secured by real estate or interests in real estate. | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except that this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business or real estate investment trusts. For purposes of this policy, real estate includes real estate limited partnerships. | ||
Buy or sell commodities: | The Fund may not purchase or sell commodities, except that the Fund may, to the extent consistent with its investment objective, invest in securities of companies that purchase or sell commodities or which invest in such programs, and purchase and sell options, forward contracts, futures contracts and options on futures contracts. This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts. | The Fund will not buy or sell physical commodities unless acquired as a result of ownership of securities or other instruments, except that this shall not prevent the Fund from buying or selling options and futures contracts or from investing in securities or other instruments backed by, or whose value is derived from, physical commodities. | ||
Issuer diversification: | The Fund may not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any exemptive relief obtained by the Fund. | The Fund will not purchase more than 10% of the outstanding voting securities of an issuer, except that up to 25% of the Fund’s assets may be invested without regard to this 10% limitation. The Fund will not invest more than 5% of its total assets in securities of any company, government or political subdivision thereof, except that the limitation will not apply to investments in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or other investment companies, and except that up to 25% of the Fund’s total assets may be invested without regard to this 5% limitation. | ||
Concentrate in any one industry: | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (a) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and (b) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | The Fund will not concentrate in any one industry. According to the present interpretation by the SEC, this means that up to 25% of the Fund’s total assets, based on current market value at time of purchase, can be invested in any one industry. |
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Columbia Select Global Growth Fund | Columbia Select Global Equity Fund | |||
Act as an underwriter: | The Fund may not underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (a) in connection with the disposition of a portfolio security; or (b) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered management investment companies. | The Fund will not act as an underwriter (sell securities for others). However, under the securities laws, the Fund may be deemed to be an underwriter when it purchases securities directly from the issuer and later resells them. | ||
Lending: | The Fund may not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | The Fund will not lend securities or participate in an interfund lending program if the total of all such loans would exceed 33 and 1/3% of the Fund’s total assets except that this fundamental investment policy shall not prohibit the Fund from purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase agreements. | ||
Borrow money: | The Fund may not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | The Fund will not borrow money, except for temporary purposes (not for leveraging or investment) in an amount not exceeding 33 and 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings) immediately after the borrowings. | ||
Issue senior securities: | The Fund may not issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
The Acquiring Fund’s investment objectives, principal investment strategies, fundamental and non-fundamental investment policies and holdings may expose the Target Fund’s shareholders to new or increased risks. A comparison of the principal risks of investing in the Target Fund and the Acquiring Fund is provided under “Comparison of Principal Risks” below.
The Acquiring Fund is subject to the principal risks described in “Section C — Additional Information Applicable to the Acquiring Funds” below. The Funds are subject to many of the same principal risks, but differ primarily given that the Target Fund, unlike the Acquiring Fund, is subject to risks associated with its investments in derivatives (including forward contracts risk), and sector risk associated with its investment in the consumer discretionary sector. The actual risks of investing in each Fund depend on the securities held in each Fund’s portfolio and on market conditions, both of which change over time.
Comparison of Management of the Funds
Columbia Threadneedle serves as investment manager for each Fund. Both Funds obtain investment management services from Columbia Threadneedle according to the terms of advisory agreements that are substantially similar, except for the fee rate. Columbia Threadneedle has engaged its affiliate, Threadneedle, as an investment subadviser to make the day-to-day investment decisions for the Acquiring Fund according to the terms of a subadvisory agreement, and is responsible for oversight of Threadneedle. The effective management fee as of each Fund’s most recent fiscal year end was 0.87% for the Target Fund and 0.87% for the Acquiring Fund. The Board of the Acquiring Fund has approved a new management fee schedule, contingent upon the completion of the
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Reorganization. The Acquiring Fund’s management fee schedule will apply following completion of the Reorganization. The table below shows the current contractual management fee schedule for each of the Funds and the new management fee schedule of the Acquiring Fund following the Reorganization.
Columbia Select Global Growth Fund | Columbia Select Global Equity Fund | |||||||||||||
Assets (in $ millions of average | Fee | Assets (in $ millions of average annual net assets) | Fee (Current) | Fee (Post-Reorganization) | ||||||||||
$0-$500 | 0.870 | % | $0-$250 | 0.880 | % | 0.870 | % | |||||||
>$500-$1,000 | 0.820 | % | >$250-$500 | 0.855 | % | 0.855 | % | |||||||
>$1,000-$1,500 | 0.770 | % | >$500-$750 | 0.825 | % | 0.820 | % | |||||||
>$1,500-$3,000 | 0.720 | % | >$750-$1,000 | 0.800 | % | 0.800 | % | |||||||
>$3,000-$6,000 | 0.700 | % | >$1,000-$1,500 | 0.770 | % | 0.770 | % | |||||||
>$6,000-$12,000 | 0.680 | % | >$1,500-$3,000 | 0.720 | % | 0.720 | % | |||||||
>$12,000 | 0.670 | % | >$3,000-$6,000 | 0.700 | % | 0.700 | % | |||||||
>$6,000-$12,000 | 0.680 | % | 0.680 | % | ||||||||||
>$12,000-$20,000 | 0.670 | % | 0.670 | % | ||||||||||
>$20,000-$24,000 | 0.660 | % | 0.660 | % | ||||||||||
>$24,000-$50,000 | 0.650 | % | 0.650 | % | ||||||||||
>$50,000 | 0.620 | % | 0.620 | % |
Each Fund is governed by its Board, which is responsible for overseeing the Fund. For a listing of the members comprising each Fund’s Board, please refer to the Statement of Additional Information for the relevant Fund.
The Funds have different portfolio management teams. “Section C — Additional Information Applicable to the Acquiring Funds” below describes the employment history of the portfolio managers of the Acquiring Fund. The Statement of Additional Information of each Fund provides additional information about portfolio manager compensation, other accounts managed and ownership of each Fund’s shares.
The following bar charts and tables show, respectively:
• | How each Fund’s performance has varied for each full calendar year shown in the bar chart; and |
• | How each Fund’s average annual total returns compare to certain measures of market performance shown in the table. |
These bar charts and tables show some of the risks of investing in the Funds. The bar charts shows how each Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares each Fund’s returns (after applicable sales charges shown in the fees tables above) for the periods shown with a broad measure of market performance, as well as another measure of performance for a market in which the Target Fund may invest.
The performance of one or more share classes shown in the tables below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of each Fund’s Class A shares (without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share classes, where applicable) for periods prior to its inception date. Share classes with expenses that are higher than Class A shares will have performance that is lower than Class A shares (without applicable sales charges). Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), each share class of the same Fund would have substantially similar annual returns because all share classes of such Fund invest in the same portfolio of securities.
The after-tax returns shown in the Average Annual Total Returns tables below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the tables and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the tables. In addition, the after-tax returns shown in the tables do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.
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The Target Fund’s performance prior to November 2015, when Columbia Threadneedle assumed day-to-day portfolio management responsibilities over the Fund, reflects returns achieved by a subadviser that managed the Fund according to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.
Each Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.
Columbia Select Global Growth Fund
CLASS A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 22.16% (quarter ended March 31, 2019) and the lowest return for a calendar quarter was -22.52% (quarter ended December 31, 2018).
Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
Columbia Select Global Growth Fund | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||||
Class A | 04/30/2008 | |||||||||||||||
returns before taxes | 28.82 | % | 6.86 | % | 10.15 | % | ||||||||||
returns after taxes on distributions | 27.93 | % | 6.24 | % | 9.36 | % | ||||||||||
returns after taxes on distributions and sale of Fund shares | 17.69 | % | 5.27 | % | 8.15 | % | ||||||||||
Class Adv returns before taxes | 01/08/2014 | 36.93 | % | 8.41 | % | 10.97 | % | |||||||||
Class C returns before taxes | 04/30/2008 | 34.56 | % | 7.33 | % | 9.98 | % | |||||||||
Class Inst returns before taxes | 04/30/2008 | 36.93 | % | 8.40 | % | 11.08 | % | |||||||||
Class Inst2 returns before taxes | 01/08/2014 | 36.97 | % | 8.46 | % | 11.01 | % | |||||||||
Class Inst3 returns before taxes | 03/01/2017 | 37.08 | % | 8.35 | % | 10.92 | % | |||||||||
Class R returns before taxes | 04/30/2008 | 36.21 | % | 7.86 | % | 10.53 | % | |||||||||
MSCI ACWI (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes) | 26.60 | % | 8.41 | % | 8.79 | % | ||||||||||
MSCI ACWI Growth Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes) | 32.72 | % | 10.70 | % | 10.39 | % |
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Columbia Select Global Equity Fund
CLASS A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 15.97% (quarter ended September 30, 2010) and the lowest return for a calendar quarter was -20.26% (quarter ended September 30, 2011).
Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
Columbia Select Global Equity Fund | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||||
Class A | 05/29/1990 | |||||||||||||||
returns before taxes | 27.14 | % | 10.79 | % | 9.79 | % | ||||||||||
returns after taxes on distributions | 26.25 | % | 10.06 | % | 9.41 | % | ||||||||||
returns after taxes on distributions and sale of Fund shares | 16.69 | % | 8.46 | % | 8.03 | % | ||||||||||
Class Adv returns before taxes | 03/01/2018 | 35.32 | % | 12.23 | % | 10.51 | % | |||||||||
Class C returns before taxes | 06/26/2000 | 32.92 | % | 11.25 | % | 9.63 | % | |||||||||
Class Inst returns before taxes | 09/27/2010 | 35.30 | % | 12.38 | % | 10.71 | % | |||||||||
Class Inst2 returns before taxes | 12/11/2006 | 35.39 | % | 12.49 | % | 10.90 | % | |||||||||
Class Inst3 returns before taxes | 03/01/2017 | 35.57 | % | 12.37 | % | 10.58 | % | |||||||||
Class R returns before taxes | 12/11/2006 | 34.64 | % | 11.82 | % | 10.24 | % | |||||||||
MSCI ACWI (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes) | 26.60 | % | 8.41 | % | 8.79 | % |
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and its related companies – including the investment manager, the Distributor and Columbia Management Investments Services Corp. (the transfer agent) – may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. These potential conflicts of interest may be heightened with respect to broker-dealers owned by Ameriprise Financial and/or its affiliates. Ask your financial advisor or visit your financial intermediary’s website for more information.
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SYNOPSIS OF REORGANIZATION 3: COMPARISON OF COLUMBIA SMALL/MID CAP VALUE FUND AND COLUMBIA SELECT MID CAP VALUE FUND
Comparison of the Target Fund and the Acquiring Fund
The Target Fund and the Acquiring Fund:3
• | Have similar principal investment strategies, policies, and risks; however, the Target Fund principally invests in both small- and medium-sized companies, while the Acquiring Fund principally invests in medium-sized companies as discussed in more detail below. |
• | Have the same policies for buying and selling shares and the same exchange rights. Please see “Section C — Additional Information Applicable to the Acquiring Funds” for a description of these policies for the Acquiring Fund. |
• | Have different fiscal year ends. The Target Fund’s fiscal year end is May 31 and the Acquiring Fund’s fiscal year end is February 28. |
• | Are structured as series of an open-end management investment company. Columbia Small/Mid Cap Value Fund is organized as a series of a Massachusetts business trust and Columbia Select Mid Cap Value Fund is organized as a series of a Delaware statutory trust. Please see Appendix B to this Combined Information Statement/Prospectus for more information regarding the differences between the rights of shareholders. |
• | Have the same investment manager – Columbia Threadneedle. |
Comparison of Fees and Expenses
The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Funds. The purpose of the tables below is to assist you in understanding the various costs and expenses of investing in common shares of the Funds. An investor transacting in a class of Fund shares without any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution may be required to pay a commission to the financial intermediary for effecting such transactions. Such commission rates are set by the financial intermediary and are not reflected in the tables or the example below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by the Distributor.
The information in the table reflects the fees and expenses for the Target Fund’s six-month semi-annual period ended November 30, 2019 (annualized), the Acquiring Fund’s six-month semi-annual period ended August 31, 2019 (annualized) and the pro forma expenses for the twelve months ended August 31, 2019 for the combined fund following the Reorganization.
3 | For the purposes of this section only, Target Fund refers to Columbia Small/Mid Cap Value Fund, and Acquiring Fund refers to Columbia Select Mid Cap Value Fund. |
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Current and Pro Forma Fees and Expenses
Shareholder Fees (fees paid directly from your investment)
Both Funds (Current and Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75 | % | None | None | None | None | None | None | ||||||||||||||||||||
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of net asset value at the time of your purchase or redemption, whichever is lower) | 1.00 | %(a) | None | 1.00 | %(b) | None | None | None | None |
(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. |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||||||||||||||||||
Columbia Small/Mid Cap Value Fund (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Management fees | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||||
Other expenses | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.11 | % | 0.06 | % | 0.18 | % | ||||||||||||||
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Total annual Fund operating expenses | 1.24 | % | 0.99 | % | 1.99 | % | 0.99 | % | 0.92 | % | 0.87 | % | 1.49 | % | ||||||||||||||
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Columbia Select Mid Cap Value Fund (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Management fees | 0.77 | % | 0.77 | % | 0.77 | % | 0.77 | % | 0.77 | % | 0.77 | % | 0.77 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||||
Other expenses(a) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.09 | % | 0.04 | % | 0.20 | % | ||||||||||||||
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Total annual Fund operating expenses(b) | 1.22 | % | 0.97 | % | 1.97 | % | 0.97 | % | 0.86 | % | 0.81 | % | 1.47 | % | ||||||||||||||
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(a) | Other expenses have been restated to reflect current fees paid by the Fund. |
(b) | Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2020, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees (the Board). Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.17% for Class A, 0.92% for Class Adv, 1.92% for Class C, 0.92% for Class Inst, 0.80% for Class Inst2, 0.76% for Class Inst3 and 1.42% for Class R. The expense limitation for Class Inst2 also reflect the contractual agreement of the Fund’s transfer agent to waive fees and/or to reimburse expenses through June 30, 2020, unless sooner terminated at the sole discretion of the Fund’s Board, so that the Fund’s transfer agency fees do not exceed the annual rate of 0.05% for Class Inst2. |
Columbia Select Mid Cap Value Fund (Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class R | |||||||||||||||||||||
Management fees | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||||
Other expenses(a) | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.08 | % | 0.03 | % | 0.18 | % | ||||||||||||||
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Total annual Fund operating expenses | 1.17 | % | 0.92 | % | 1.92 | % | 0.92 | % | 0.82 | % | 0.77 | % | 1.42 | % | ||||||||||||||
Less: Fee waivers and/or expense reimbursements(b) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | -0.02 | % | -0.01 | % | 0.00 | % | ||||||||||||||
Total annual Fund operating expenses after fee waivers and/or expense reimbursements | 1.17 | % | 0.92 | % | 1.92 | % | 0.92 | % | 0.80 | % | 0.76 | % | 1.42 | % | ||||||||||||||
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(a) | Other expenses have been restated to reflect current fees paid by the Fund. |
(b) | The Fund’s transfer agent has contractually agreed, effective upon the closing of the Reorganization, to waive fees and/or to reimburse expenses through June 30, 2022, unless sooner terminated at the sole discretion of the Fund’s Board, so that the Fund’s transfer agency fees do not exceed the annual rate of 0.04% for Class Inst2 and 0.00% for Class Inst3. |
Expense Examples: These examples are intended to help you compare the cost of investing in each Fund with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated and then redeem all of your shares at the end of those periods, both under the current arrangements and, for the Acquiring Fund, assuming completion of the proposed Reorganization. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same.
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These examples include a contractual fee waiver/expense reimbursement arrangement only for Columbia Select Mid Cap Value Fund (Pro Forma) and only for the period indicated in the Fund’s Annual Fund Operating Expenses table. Although your actual costs may be higher or lower, based on those assumptions your costs would be:
Columbia Small/Mid Cap Value Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 694 | $ | 946 | $ | 1,217 | $ | 1,989 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 101 | $ | 315 | $ | 547 | $ | 1,213 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 302 | $ | 624 | $ | 1,073 | $ | 2,317 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 101 | $ | 315 | $ | 547 | $ | 1,213 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 94 | $ | 293 | $ | 509 | $ | 1,131 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 89 | $ | 278 | $ | 482 | $ | 1,073 | ||||||||
Class R (whether or not shares are redeemed) | $ | 152 | $ | 471 | $ | 813 | $ | 1,779 |
Columbia Select Mid Cap Value Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 692 | $ | 940 | $ | 1,207 | $ | 1,967 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 99 | $ | 309 | $ | 536 | $ | 1,190 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 300 | $ | 618 | $ | 1,062 | $ | 2,296 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 99 | $ | 309 | $ | 536 | $ | 1,190 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 88 | $ | 274 | $ | 477 | $ | 1,061 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 83 | $ | 259 | $ | 450 | $ | 1,002 | ||||||||
Class R (whether or not shares are redeemed) | $ | 150 | $ | 465 | $ | 803 | $ | 1,757 |
Columbia Select Mid Cap Value Fund (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 687 | $ | 925 | $ | 1,182 | $ | 1,914 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 94 | $ | 293 | $ | 509 | $ | 1,131 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 295 | $ | 603 | $ | 1,037 | $ | 2,243 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 94 | $ | 293 | $ | 509 | $ | 1,131 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 82 | $ | 258 | $ | 451 | $ | 1,010 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 78 | $ | 244 | $ | 426 | $ | 952 | ||||||||
Class R (whether or not shares are redeemed) | $ | 145 | $ | 449 | $ | 776 | $ | 1,702 |
If you owned or will own any class of shares other than Class C shares, you would pay the same costs shown in the tables above if you did not redeem your shares at the end of the periods indicated. If you owned or will own Class C shares, you would pay the following costs if you did not redeem your shares at the end of the periods indicated, which may be different than the costs shown in the tables above.
Columbia Small/Mid Cap Value Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 202 | $ | 624 | $ | 1,073 | $ | 2,317 |
Columbia Select Mid Cap Value Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 200 | $ | 618 | $ | 1,062 | $ | 2,296 |
Columbia Select Mid Cap Value Fund (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 195 | $ | 603 | $ | 1,037 | $ | 2,243 |
Portfolio Turnover. Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in annual Fund operating expenses or in the expense examples, affect a Fund’s performance. During the most recent fiscal year, each Fund’s portfolio turnover rate was the following percentage of the average value of the Fund’s portfolio:
Fund | Percentage of the Average Value of the Fund’s Portfolio | |||
Columbia Small/Mid Cap Value Fund | 28 | % | ||
Columbia Select Mid Cap Value Fund | 79 | % |
A portion of the Target Fund’s portfolio assets may be sold by the Acquiring Fund after the Reorganization. If the Reorganization had occurred as of September 30, 2019, it is estimated that approximately 68% of the Target Fund’s investment portfolio would have been sold by the Acquiring Fund after the Reorganization. It is estimated that such portfolio repositioning would have resulted in brokerage commissions or other transaction costs at a rate of approximately 0.04% for the Acquiring Fund. These transaction costs represent expenses of the Acquiring Fund that will not be subject to the Acquiring Fund’s expense cap and will be borne by the Acquiring Fund and indirectly borne by the Acquiring Fund’s shareholders (including shareholders of the Target Fund following the Reorganization). Capital gains from such portfolio sales may result in increased distributions of net capital gain and net investment income. If such sales occurred as of September 30, 2019, the sales would have resulted in increased distributions of net capital gain and net investment income to Acquiring Fund shareholders (including shareholders of the Target Fund following the Reorganization) of approximately $0.57 per share. The repositioning may result in the Acquiring Fund selling securities in greater volumes or in a shorter period of time than it normally would, which may impact the market price received in such sales.
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Comparison of Investment Objectives, Principal Investment Strategies, and Fundamental and Non-Fundamental Investment Policies
The investment objectives and principal investment strategies of the Target Fund and the Acquiring Fund are set forth in the table below.
Each Fund’s investment policy with respect to 80% of its net assets may be changed by the Fund’s Board without shareholder approval as long as shareholders are given 60 days’ advance written notice of the change.
While the Target Fund and the Acquiring Fund have generally similar principal investment strategies, there are certain key differences. Under normal circumstances, the Target Fund invests at least 80% of its net assets in equity securities of both small- and medium-sized companies, while the Acquiring Fund normally invests at least 80% of its net assets in equity securities of medium-sized companies. The Acquiring Fund generally holds between 30 and 50 securities in its portfolio, consistent with its value investment approach, while the Target Fund does not have a similar concentration policy. The Target Fund may invest up to 25% of its net assets in foreign investments, while the Acquiring Fund may invest up to 20% of its net assets in foreign securities. See below for a more detailed comparison.
Columbia Small/Mid Cap Value Fund | Columbia Select Mid Cap Value Fund | |||
Investment Objective: | The Fund seeks to provide shareholders with long-term growth of capital.(a) | The Fund seeks long-term capital appreciation.(a) | ||
Principal Investment Strategy: | Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of small- and medium-sized companies. These equity securities generally include common stocks and may also include real estate investment trusts. | Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of companies that have market capitalizations in the range of the companies in the Russell Midcap® Value Index at the time of purchase (between $277.2 million and $38.9 billion as of May 31, 2019) that the Fund’s investment manager believes are undervalued and have the potential for long-term growth. The Fund normally invests in common stocks.
The Fund may hold a small number of securities, consistent with its value investment approach. Generally, the Fund anticipates holding between 30 and 50 securities in its portfolio; however, the Fund may hold, at any time, more or fewer securities than noted in this range. | ||
Diversification: | The Fund is diversified. | The Fund is diversified. | ||
Market Capitalization of Holdings: | The Fund invests in small- and medium-sized companies with market capitalizations at the time of purchase that fall within the market capitalization range of the Russell 2500® Value Index (between $38.1 million and $13.7 billion as of August 31, 2019). | The Fund typically focuses its investment in equity securities of companies that have market capitalizations in the range of the companies in the Russell Midcap® Value Index at the time of purchase (between $277.2 million and $38.9 billion as of May 31, 2019). | ||
Industry Concentration: | The Fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector. | The Fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector. | ||
Foreign Investments: | The Fund may invest up to 25% of its net assets in foreign investments. | The Fund may invest up to 20% of its total assets in foreign securities. |
(a) | The Fund’s investment objective is fundamental. Only shareholders can change the Fund’s investment objective. |
Additional Information About the Funds’ Principal Investment Strategies
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Target Fund. Columbia Threadneedle employs fundamental analysis with risk management in identifying value opportunities and constructing the Fund’s portfolio. In selecting investments, Columbia Threadneedle considers, among other factors:
• | Businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors; |
• | Various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. Columbia Threadneedle believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation; |
• | A company’s current operating margins relative to its historic range and future potential; and/or |
• | Potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities or anticipated improvements in macroeconomic factors. |
Columbia Threadneedle may sell a security when it deems the security has become expensive relative to various valuation measures; if Columbia Threadneedle believes that there is deterioration in the issuer’s financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons.
Acquiring Fund. Columbia Threadneedle employs fundamental analysis with risk management in identifying value opportunities and constructing the Fund’s portfolio. In pursuit of the Acquiring Fund’s objective, the portfolio managers use a bottom-up stock selection approach, which means that they concentrate on individual company fundamentals, rather than on a particular industry, although at times factors that make a particular company attractive may also make other companies within the same industry attractive, and the portfolio managers may invest in these issuers as well.
Columbia Threadneedle considers a variety of factors in identifying investment opportunities and constructing the Fund’s portfolio which may include, among others, the following:
• | A low price-to-earnings and/or low price-to-book ratio; |
• | Positive change in senior management; |
• | Positive corporate restructuring; |
• | Temporary setback in price due to factors that no longer exist or are ending; |
• | A positive shift in the company’s business cycle; and/or |
• | A catalyst for increase in the rate of the company’s earnings growth. |
Columbia Threadneedle generally sells a stock if it believes the stock has become fully valued, its fundamentals have deteriorated, or ongoing evaluation reveals that there are more attractive investment opportunities available. Columbia Threadneedle monitors the Fund’s holdings, remaining sensitive to overvaluation and deteriorating fundamentals.
Comparison of Fundamental Investment Restrictions
Each Fund has adopted certain fundamental and non-fundamental investment restrictions. The fundamental investment restrictions (i.e., those which may not be changed without shareholder approval) are listed below.
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The fundamental investment restrictions cannot be changed without the consent of the holders of a majority of the outstanding shares of the applicable Fund. The term “majority of the outstanding shares” means the vote of (i) 67% or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.
Columbia Small/Mid Cap Value Fund | Columbia Select Mid Cap Value Fund | |||
Buy or sell real estate: | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except that this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business or real estate investment trusts. For purposes of this policy, real estate includes real estate limited partnerships. | The Fund may not purchase or sell real estate, except that the Fund may purchase securities of issuers which deal or invest in real estate and may purchase securities which are secured by real estate or interests in real estate. | ||
Buy or sell commodities: | The Fund will not buy or sell physical commodities unless acquired as a result of ownership of securities or other instruments, except that this shall not prevent the Fund from buying or selling options and futures contracts or from investing in securities or other instruments backed by, or whose value is derived from, physical commodities. | The Fund may not purchase or sell commodities, except that the Fund may, to the extent consistent with its investment objective, invest in securities of companies that purchase or sell commodities or which invest in such programs, and purchase and sell options, forward contracts, futures contracts, and options on futures contracts. This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts. | ||
Issuer diversification: | The Fund will not purchase more than 10% of the outstanding voting securities of an issuer, except that up to 25% of the Fund’s assets may be invested without regard to this 10% limitation. The Fund will not invest more than 5% of its total assets in securities of any company, government or political subdivision thereof, except that the limitation will not apply to investments in securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities, or other investment companies, and except that up to 25% of the Fund’s total assets may be invested without regard to this 5% limitation. | The Fund may not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any exemptive relief obtained by the Fund. | ||
Concentrate in any one industry: | The Fund will not concentrate in any one industry. According to the present interpretation by the SEC, this means that up to 25% of the Fund’s total assets, based on current market value at time of purchase, can be invested in any one industry. | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry; provided that: (a) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and (b) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | ||
Act as an underwriter: | The Fund will not act as an underwriter (sell securities for others). However, under the securities laws, the Fund may be deemed to be an underwriter when it purchases securities directly from the issuer and later resells them. | The Fund may not underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (a) in connection with the disposition of a portfolio security; or (b) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered management investment companies. |
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Columbia Small/Mid Cap Value Fund | Columbia Select Mid Cap Value Fund | |||
Lending: | The Fund will not lend securities or participate in an interfund lending program if the total of all such loans would exceed 33 and 1/3% of the Fund’s total assets except that this fundamental investment policy shall not prohibit the Fund from purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase agreements. | The Fund may not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | ||
Borrow money: | The Fund will not borrow money, except for temporary purposes (not for leveraging or investment) in an amount not exceeding 33 and 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings) immediately after the borrowings. For funds-of-funds, under current Board policy, the Fund has no current intention to borrow against equity to a material extent. | The Fund may not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. | ||
Issue senior securities: | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | The Fund may not issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. |
Differences between the Acquiring Fund’s investment objectives, principal investment strategies, fundamental and non-fundamental investment policies and holdings may expose the Target Fund’s shareholders to new or increased risks. A comparison of the principal risks of investing in the Target Fund and the Acquiring Fund is provided under “Comparison of Principal Risks” below.
The Acquiring Fund is subject to the principal risks described in “Section C — Additional Information Applicable to the Acquiring Funds” below. The Funds are subject to many of the same principal risks, but differ primarily given that, unlike the Target Fund, the Acquiring Fund, is subject to focused portfolio risk. The actual risks of investing in each Fund depend on the securities held in each Fund’s portfolio and on market conditions, both of which change over time.
Comparison of Management of the Funds
Columbia Threadneedle serves as investment manager for each Fund. Both Funds obtain investment management services from Columbia Threadneedle according to the terms of advisory agreements that are substantially similar, except for the fee rate. The table below shows the current contractual management fee schedule for each of the Funds. The effective management fee as of each Fund’s fiscal year end was 0.80% for the Target Fund and 0.75% for the Acquiring Fund. The Acquiring Fund’s management fee schedule will apply following completion of the Reorganization.
Columbia Small/Mid Cap Value Fund | Columbia Select Mid Cap Value Fund | |||||||||
Assets (in $ millions of average annual net assets) | Fee | Assets (in $ millions of average annual net assets) | Fee | |||||||
$0-$500 | 0.820 | % | $0-$500 | 0.820 | % | |||||
>$500-$1,000 | 0.770 | % | >$500-$1,000 | 0.770 | % | |||||
>$1,000-$1,500 | 0.720 | % | >$1,000-$1,500 | 0.720 | % | |||||
>$1,500-$3,000 | 0.670 | % | >$1,500-$3,000 | 0.670 | % | |||||
>$3,000-$12,000 | 0.660 | % | >$3,000-$12,000 | 0.660 | % | |||||
>$12,000 | 0.650 | % | >$12,000 | 0.650 | % |
Each Fund is governed by its Board, which is responsible for overseeing the Fund. For a listing of the members comprising each Fund’s Board, please refer to the Statement of Additional Information for the relevant Fund.
The Funds have different portfolio management teams. “Section C — Additional Information Applicable to the Acquiring Funds” below describes the employment history of the portfolio managers of the Acquiring Fund.
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The Statement of Additional Information of each Fund provides additional information about portfolio manager compensation, other accounts managed and ownership of each Fund’s shares.
The following bar charts and tables show, respectively:
• | How each Fund’s performance has varied for each full calendar year shown in the bar chart; and |
• | How each Fund’s average annual total returns compare to certain measures of market performance shown in the table. |
These bar charts and tables show some of the risks of investing in the Funds. The bar charts shows how each Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares each Fund’s returns (after applicable sales charges shown in the fees tables above) for the periods shown with a broad measure of market performance.
The performance of one or more share classes shown in the tables below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of each Fund’s Class A shares (without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share classes, where applicable) for periods prior to its inception date. Share classes with expenses that are higher than Class A shares will have performance that is lower than Class A shares (without applicable sales charges). Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), each share class of the same Fund would have substantially similar annual returns because all share classes of such Fund invest in the same portfolio of securities.
The after-tax returns shown in the Average Annual Total Returns tables below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the tables and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the tables. In addition, the after-tax returns shown in the tables do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.
Each Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.
Columbia Small/Mid Cap Value Fund
CLASS A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 16.20% (quarter ended March 31, 2019) and the lowest return for a calendar quarter was -22.97% (quarter ended September 30, 2011).
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Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
Columbia Small/Mid Cap Value Fund | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||
Class A | 02/14/2002 | |||||||||||||
returns before taxes | 16.28 | % | 3.69 | % | 8.63 | % | ||||||||
returns after taxes on distributions | 15.20 | % | 2.37 | % | 7.33 | % | ||||||||
returns after taxes on distributions and sale of Fund shares | 10.36 | % | 2.74 | % | 6.89 | % | ||||||||
Class Adv returns before taxes | 12/11/2006 | 23.68 | % | 5.20 | % | 9.45 | % | |||||||
Class C returns before taxes | 02/14/2002 | 21.63 | % | 4.15 | % | 8.47 | % | |||||||
Class Inst returns before taxes | 09/27/2010 | 23.68 | % | 5.18 | % | 9.54 | % | |||||||
Class Inst2 returns before taxes | 12/11/2006 | 23.91 | % | 5.30 | % | 9.68 | % | |||||||
Class Inst3 returns before taxes | 06/13/2013 | 24.00 | % | 5.32 | % | 9.56 | % | |||||||
Class R returns before taxes | 12/11/2006 | 23.02 | % | 4.66 | % | 8.99 | % | |||||||
Russell 2500 Value Index (reflects no deductions for fees, expenses or taxes) | 23.56 | % | 7.18 | % | 11.25 | % |
Columbia Select Mid Cap Value Fund
Class A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 16.30% (quarter ended March 31, 2019) and the lowest return for a calendar quarter was -21.03% (quarter ended September 30, 2011).
Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
Columbia Select Mid Cap Value Fund | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||
Class A | 11/20/2001 | |||||||||||||
returns before taxes | 23.79 | % | 5.57 | % | 10.52 | % | ||||||||
returns after taxes on distributions | 22.84 | % | 2.04 | % | 7.89 | % | ||||||||
returns after taxes on distributions and sale of Fund shares | 14.70 | % | 3.79 | % | 8.17 | % | ||||||||
Class Adv returns before taxes | 11/08/2012 | 31.62 | % | 7.08 | % | 11.38 | % | |||||||
Class C returns before taxes | 11/20/2001 | 29.18 | % | 6.01 | % | 10.35 | % | |||||||
Class Inst returns before taxes | 11/20/2001 | 31.52 | % | 7.08 | % | 11.46 | % | |||||||
Class Inst2 returns before taxes | 11/08/2012 | 31.77 | % | 7.21 | % | 11.48 | % | |||||||
Class Inst3 returns before taxes | 07/15/2009 | 31.87 | % | 7.28 | % | 11.62 | % | |||||||
Class R returns before taxes | 01/23/2006 | 31.04 | % | 6.56 | % | 10.90 | % | |||||||
Russell Midcap Value Index (reflects no deductions for fees, expenses or taxes) | 27.06 | % | 7.62 | % | 12.41 | % |
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and its related companies – including the investment manager, the Distributor and Columbia Management Investments Services Corp. (the transfer agent) – may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. These potential conflicts of interest may be heightened with respect to broker-dealers owned by Ameriprise Financial and/or its affiliates. Ask your financial advisor or visit your financial intermediary’s website for more information.
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SYNOPSIS OF REORGANIZATION 4: COMPARISON OF COLUMBIA CONTRARIAN EUROPE FUND AND COLUMBIA OVERSEAS CORE FUND
Comparison of the Target Fund and the Acquiring Fund
The Target Fund and the Acquiring Fund:4
• | Have similar principal investment strategies, policies, and risks as discussed in more detail below. |
• | Have the same policies for buying and selling shares and the same exchange rights. Please see “Section C — Additional Information Applicable to the Acquiring Funds” for a description of these policies for the Acquiring Fund. |
• | Have different fiscal year ends. The Target Fund’s fiscal year end is October 31 and the Acquiring Fund’s fiscal year end is February 28. |
• | Are structured as series of an open-end management investment company. Each Fund is organized as a series of the same Massachusetts business trust (Columbia Funds Series Trust II). Please see Appendix B to this Combined Information Statement/Prospectus for more information regarding the rights of shareholders. |
• | Have the same investment manager – Columbia Threadneedle. |
Comparison of Fees and Expenses
The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Funds. The purpose of the tables below is to assist you in understanding the various costs and expenses of investing in common shares of the Funds. An investor transacting in a class of Fund shares without any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution may be required to pay a commission to the financial intermediary for effecting such transactions. Such commission rates are set by the financial intermediary and are not reflected in the tables or the example below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by the Distributor.
The information in the table reflects the fees and expenses for the Target Fund’s fiscal year ended October 31, 2019, the Acquiring Fund’s six-month semi-annual period ended August 31, 2019 (annualized) and the pro forma expenses for the twelve months ended August 31, 2019 for the combined fund following the Reorganization.
4 | For the purposes of this section only, Target Fund refers to Columbia Contrarian Europe Fund, and Acquiring Fund refers to Columbia Overseas Core Fund. |
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Current and Pro Forma Fees and Expenses
Shareholder Fees (fees paid directly from your investment)
Both Funds (Current and Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | ||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75 | % | None | None | None | None | None | |||||||||||||||||
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of net asset value at the time of your purchase or redemption, whichever is lower) | 1.00 | %(a) | None | 1.00 | %(b) | None | None | None |
(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. |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Columbia Contrarian Europe Fund (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | ||||||||||||||||||
Management fees | 0.88 | % | 0.88 | % | 0.88 | % | 0.88 | % | 0.88 | % | 0.88 | % | ||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Other expenses | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.16 | % | 0.10 | % | ||||||||||||
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Total annual Fund operating expenses(a) | 1.37 | % | 1.12 | % | 2.12 | % | 1.12 | % | 1.04 | % | 0.98 | % | ||||||||||||
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(a) | Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through February 28, 2021, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.35% for Class A, 1.10% for Class Adv, 2.10% for Class C, 1.10% for Class Inst, 1.02% for Class Inst2 and 0.96% for Class Inst3. |
Columbia Overseas Core Fund (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | ||||||||||||||||||
Management fees | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | ||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Other expenses(a) | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.16 | % | 0.10 | % | ||||||||||||
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Total annual Fund operating expenses(b)(c) | 1.40 | % | 1.15 | % | 2.15 | % | 1.15 | % | 1.03 | % | 0.97 | % | ||||||||||||
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(a) | Other expenses have been restated to reflect current fees paid by the Fund. |
(b) | “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this Combined Information Statement/Prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. |
(c) | Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2020, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.28% for Class A, 1.03% for Class Adv, 2.03% for Class C, 1.03% for Class Inst, 0.90% for Class Inst2 and 0.84% for Class Inst3. |
Columbia Overseas Core Fund (Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | ||||||||||||||||||
Management fees(a) | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | ||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Other expenses(b) | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.13 | % | 0.07 | % | ||||||||||||
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Total annual Fund operating expenses(c)(d) | 1.35 | % | 1.10 | % | 2.10 | % | 1.10 | % | 0.99 | % | 0.93 | % | ||||||||||||
Less: Fee waivers and/or expense reimbursements(e) | -0.07 | % | -0.07 | % | -0.07 | % | -0.07 | % | -0.09 | % | -0.09 | % | ||||||||||||
Total annual Fund operating expenses after fee waivers and/or expense reimbursements | 1.28 | % | 1.03 | % | 2.03 | % | 1.03 | % | 0.90 | % | 0.84 | % | ||||||||||||
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(a) | Management fees have been restated to reflect an adjusted management fee rate, effective upon the closing of the Reorganization. The new management fee rate is contingent upon completion of the Reorganization. |
(b) | Other expenses have been restated to reflect current fees paid by the Fund. |
(c) | “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this Combined Information Statement/Prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. |
(d) | Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2020, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.28% for Class A, 1.03% for Class Adv, 2.03% for Class C, 1.03% for Class Inst, 0.90% for Class Inst2 and 0.84% for Class Inst3. |
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(e) | Columbia Management Investment Advisers, LLC and certain of its affiliates have further contractually agreed, effective upon the closing of the Reorganization, to waive fees and/or to reimburse expenses (excluding any Reorganization costs, transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2021, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.28% for Class A, 1.03% for Class Adv, 2.03% for Class C, 1.03% for Class Inst, 0.90% for Class Inst2 and 0.84% for Class Inst3. |
Expense Examples: These examples are intended to help you compare the cost of investing in each Fund with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated and then redeem all of your shares at the end of those periods, both under the current arrangements and, for the Acquiring Fund, assuming completion of the proposed Reorganization. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same. These examples include a contractual fee waiver/expense reimbursement arrangement only for Columbia Overseas Core Fund (Pro Forma) and only for the period indicated in the Fund’s Annual Fund Operating Expenses table. Although your actual costs may be higher or lower, based on those assumptions your costs would be:
Columbia Contrarian Europe Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 706 | $ | 984 | $ | 1,282 | $ | 2,127 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 114 | $ | 356 | $ | 617 | $ | 1,363 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 315 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 114 | $ | 356 | $ | 617 | $ | 1,363 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 106 | $ | 331 | $ | 574 | $ | 1,271 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 100 | $ | 312 | $ | 542 | $ | 1,201 |
Columbia Overseas Core Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 709 | $ | 993 | $ | 1,297 | $ | 2,158 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 117 | $ | 365 | $ | 633 | $ | 1,398 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 318 | $ | 673 | $ | 1,154 | $ | 2,483 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 117 | $ | 365 | $ | 633 | $ | 1,398 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 105 | $ | 328 | $ | 569 | $ | 1,259 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 99 | $ | 309 | $ | 536 | $ | 1,190 |
Columbia Overseas Core Fund (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 698 | $ | 972 | $ | 1,266 | $ | 2,100 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 105 | $ | 343 | $ | 599 | $ | 1,334 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 306 | $ | 651 | $ | 1,122 | $ | 2,426 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 105 | $ | 343 | $ | 599 | $ | 1,334 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 92 | $ | 306 | $ | 538 | $ | 1,205 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 86 | $ | 287 | $ | 506 | $ | 1,135 |
If you owned or will own any class of shares other than Class C shares, you would pay the same costs shown in the tables above if you did not redeem your shares at the end of the periods indicated. If you owned or will own Class C shares, you would pay the following costs if you did not redeem your shares at the end of the periods indicated, which may be different than the costs shown in the tables above.
Columbia Contrarian Europe Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,452 |
Columbia Overseas Core Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 218 | $ | 673 | $ | 1,154 | $ | 2,483 |
Columbia Overseas Core Fund (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 206 | $ | 651 | $ | 1,122 | $ | 2,426 |
Portfolio Turnover. Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in annual Fund operating expenses or in the expense examples, affect a Fund’s performance. During the most recent fiscal year or period, each Fund’s portfolio turnover rate was the following percentage of the average value of the Fund’s portfolio:
Fund | Percentage of the Average Value of the Fund’s Portfolio | |||
Columbia Contrarian Europe Fund | 63 | % | ||
Columbia Overseas Core Fund | 71 | % |
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A portion of the Target Fund’s portfolio assets may be sold by the Acquiring Fund following the Reorganization. If the Reorganization had occurred as of September 30, 2019, it is estimated that approximately 83% of the Target Fund’s investment portfolio would have been sold by the Acquiring Fund after the Reorganization. It is estimated that such portfolio repositioning would have resulted in brokerage commissions or other transaction costs at a rate of approximately 0.08% for the Acquiring Fund. These transaction costs represent expenses of the Acquiring Fund that will not be subject to the Acquiring Fund’s expense cap and will be borne by the Acquiring Fund and indirectly borne by the Acquiring Fund’s shareholders. Capital gains from such portfolio sales may result in increased distributions of net capital gain and net investment income. If such sales occurred as of September 30, 2019, the sales would have resulted in increased distributions of net capital gain and net investment income to Acquiring Fund shareholders (including shareholders of the Target Fund following the Reorganization) of approximately $0.10 per share, net of capital loss carryforwards. The repositioning may result in the Acquiring Fund selling securities in greater volumes or in a shorter period of time than it normally would, which may impact the market price received in such sales.
Comparison of Investment Objectives, Principal Investment Strategies, and Fundamental and Non-Fundamental Investment Policies
The investment objectives and principal investment strategies of the Target Fund and the Acquiring Fund are set forth in the table below.
The Target Fund’s investment policy with respect to 80% of its net assets may be changed by the Fund’s Board without shareholder approval as long as shareholders are given 60 days’ advance written notice of the change.
While the Target Fund and the Acquiring Fund have similar investment objectives and generally similar principal investment strategies, there are certain key differences. While both Funds invest primarily in equity securities of foreign companies, the Target Fund focuses on European companies. The Acquiring Fund may invest up to 20% of its net assets in emerging market countries, while the Target Fund may only invest on a smaller scale in emerging market securities. The Acquiring Fund may invest in derivatives and special situations, while the Target Fund does not have principal investment policies regarding these investments. See below for a more detailed comparison.
Columbia Contrarian Europe Fund | Columbia Overseas Core Fund | |||
Investment Objective: | The Fund seeks to provide shareholders with capital appreciation.(a) | The Fund seeks to provide shareholders long-term capital appreciation.(a) | ||
Principal Investment Strategy: | The Fund primarily invests in equity securities of European companies that are believed to offer growth potential. Under normal market conditions, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of European companies. These equity securities generally include common stocks, preferred stocks, securities convertible into U.S. common stocks, U.S. dollar-denominated American Depositary Receipts (ADRs), and U.S. dollar-denominated foreign stocks traded on U.S. exchanges.(b) Although the Fund emphasizes investments in developed countries, the Fund also may invest in securities of companies located in developing or emerging markets. The Fund will normally have exposure to foreign currencies. | Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of foreign companies. The Fund may invest up to 20% of its net assets in emerging market countries. The Fund may invest directly in foreign equity securities, such as common and preferred stock, or indirectly through mutual funds and closed-end funds, as well as depositary receipts. |
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Columbia Contrarian Europe Fund | Columbia Overseas Core Fund | |||
The Fund typically employs a focused portfolio investing style, which results in fewer holdings than a fund that seeks to achieve its investment objective by investing in a greater number of issuers. | ||||
Diversification: | The Fund is diversified.(c) | The Fund is diversified. | ||
Market Capitalization of Holdings: | The Fund may invest in companies that have market capitalizations of any size. | The Fund may invest in the securities of issuers of any size, including small-, mid- and large-capitalization companies. | ||
Industry Concentration: | The Fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector and the industrials sector. | The Fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector. | ||
Geographic Concentration: | Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of European companies. | From time to time, the Fund may focus its investments in certain countries or geographic areas, including the Asia/Pacific region and Europe. | ||
Derivatives: | — | The Fund may invest in derivatives, such as forward contracts (including forward foreign currency contracts), futures (including equity futures and index futures) and options (including options on stocks and indices), for both hedging and non-hedging purposes including, for example, for investment purposes to seek to enhance returns or, in certain circumstances, when holding a derivative is deemed preferable to holding the underlying asset. The Fund may also invest in equity index futures to manage exposure to the securities market and to maintain equity market exposure while managing cash flows. | ||
Special Situations: | — | The Fund may invest in companies involved in initial public offerings, tender offers, mergers, other corporate restructurings and other special situations. |
(a) | The Fund’s investment objective is fundamental. Only shareholders can change the Fund’s investment objective. |
(b) | A company is considered to be located in Europe if: (i) it is organized under the laws of a European country or has a principal office in a European country; (ii) it derives at least 50% of its total revenues from businesses in Europe; or (iii) its equity securities are traded principally on a stock exchange in Europe. |
(c) | The Target Fund was launched as a non-diversified fund, but has been operating as a diversified fund for more than three consecutive years. Under current law, shareholder approval would be required for the Target Fund to resume operating as non-diversified fund. |
Additional Information About the Funds’ Principal Investment Strategies
Target Fund. Columbia Threadneedle serves as the investment manager to the Target Fund and is responsible for the oversight of the Fund’s subadviser, Threadneedle International Limited, an indirect wholly-owned subsidiary of Ameriprise Financial, Inc., the parent company of Columbia Threadneedle.
The “contrarian” nature of the strategy places emphasis on considering securities believed to be suffering from price weaknesses due to current market reaction or sentiment, or liquidity-driven or other factors, but that are believed to possess identifiable price improvement catalysts. The strategy seeks to identify advantageous entry points to buy these securities to capture potential upward valuation contrary to prevailing market sentiment. Contrarian ideas are typically identified through the portfolio managers’ bottom-up analysis. Fundamental analysis with risk management is used in identifying investment opportunities and constructing the Fund’s portfolio.
Threadneedle chooses investments for the Fund by:
• | Deploying an integrated approach to equity research that incorporates stock specific perspectives, regional analyses and a global sector strategy; |
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• | Conducting detailed research on companies in a consistent strategic and macroeconomic framework; |
• | Implementing rigorous risk control processes that seek to ensure that the risk and return characteristics of the Fund’s portfolio are consistent with established portfolio management parameters. |
A number of factors may prompt the portfolio management team to sell securities. A sale may result from a change in the composition of the Fund’s benchmark or a change in sector strategy. A sale may also be prompted by factors specific to a stock, such as valuation or company fundamentals.
Acquiring Fund. Columbia Threadneedle employs fundamental analysis with risk management in identifying growth or value opportunities and constructing the Fund’s portfolio.
In selecting investments, Columbia Threadneedle considers, among other factors:
• | Businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors; |
• | Various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. Columbia Threadneedle believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation; |
• | A company’s current operating margins relative to its historic range and future potential; and/or |
• | Potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities or anticipated improvements in macroeconomic factors. |
Columbia Threadneedle may sell a security when the security’s price reaches a target set by Columbia Threadneedle; if Columbia Threadneedle believes that there is deterioration in the issuer’s financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons.
Comparison of Fundamental Investment Restrictions
Each Fund has adopted certain fundamental and non-fundamental investment restrictions. The fundamental investment restrictions (i.e., those which may not be changed without shareholder approval) are listed below.
The fundamental investment restrictions cannot be changed without the consent of the holders of a majority of the outstanding shares of the applicable Fund. The term “majority of the outstanding shares” means the vote of (i) 67% or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.
Columbia Contrarian Europe Fund | Columbia Overseas Core Fund | |||
Buy or sell real estate: | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except that this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business or real estate investment trusts. For purposes of this policy, real estate includes real estate limited partnerships. | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except that this shall not prevent the Fund from investing in: (a) securities or other instruments backed by real estate or interests in real estate, (b) securities or other instruments of issuers or entities that deal in real estate or are engaged in the real estate business, (c) real estate investment trusts (REITs) or entities similar to REITs formed under the laws of non-U.S. countries or (d) real estate or interests in real estate acquired through the exercise of its rights as a holder of securities secured by real estate or interests therein. |
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Columbia Contrarian Europe Fund | Columbia Overseas Core Fund | |||
Buy or sell commodities: | The Fund will not buy or sell physical commodities unless acquired as a result of ownership of securities or other instruments, except that this shall not prevent the Fund from buying or selling options and futures contracts or from investing in securities or other instruments backed by, or whose value is derived from, physical commodities. | The Fund will not purchase or sell commodities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | ||
Issuer diversification: | The Fund will not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. | The Fund will not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. | ||
Concentrate in any one industry: | The Fund will not concentrate in any one industry. According to the present interpretation by the SEC, this means that up to 25% of the Fund’s total assets, based on current market value at time of purchase, can be invested in any one industry. | The Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry; provided that: (a) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (b) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | ||
Act as an underwriter: | The Fund will not act as an underwriter (sell securities for others). However, under the securities laws, the Fund may be deemed to be an underwriter when it purchases securities directly from the issuer and later resells them. | The Fund will not underwrite any issue of securities issued by other persons within the meaning of the 1933 Act except when it might be deemed to be an underwriter either: (a) in connection with the disposition of a portfolio security; or (b) in connection with the purchase of securities directly from the issuer where the Fund later resells such securities. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered investment companies. | ||
Lending: | The Fund will not lend securities or participate in an interfund lending program if the total of all such loans would exceed 33 and 1/3% of the Fund’s total assets except that this fundamental investment policy shall not prohibit the Fund from purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase agreements. | The Fund will not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | ||
Borrow money: | The Fund will not borrow money, except for temporary purposes (not for leveraging or investment) in an amount not exceeding 33 and 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings) immediately after the borrowings. | The Fund will not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | ||
Issue senior securities: | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | Same. |
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The Acquiring Fund’s investment objectives, principal investment strategies, fundamental and non-fundamental investment policies and holdings may expose the Target Fund’s shareholders to new or increased risks. A comparison of the principal risks of investing in the Target Fund and the Acquiring Fund is provided under “Comparison of Principal Risks” below.
The Acquiring Fund is subject to the principal risks described in “Section C — Additional Information Applicable to the Acquiring Funds” below. The Funds are subject to many of the same principal risks, but differ primarily given that, unlike the Target Fund, the Acquiring Fund is subject to risks associated with its exposure to the Asia Pacific region. In addition, unlike the Target Fund, the Acquiring Fund is also subject to risks associated with its investment in derivatives and certain other types of securities (including closed-end investment company risk, investing in other funds risk, special situations risk, and value securities risk), and frequent trading risk. Also, unlike the Acquiring Fund, the Target Fund is subject to sector risk associated with its investment in industrials and focused portfolio risk. The actual risks of investing in each Fund depend on the securities held in each Fund’s portfolio and on market conditions, both of which change over time.
Comparison of Management of the Funds
Columbia Threadneedle serves as investment manager for each Fund. Both Funds obtain investment management services from Columbia Threadneedle according to the terms of advisory agreements that are substantially similar, except for the fee rate. Columbia Threadneedle has engaged its affiliate, Threadneedle, as an investment subadviser to make day-to-day investment decisions for the Target Fund according to the terms of a subadvisory agreement, and is responsible for oversight of Threadneedle. The effective management fee as of each Fund’s fiscal year end was 0.88% for the Target Fund and 0.87% for the Acquiring Fund. The Board of the Acquiring Fund has approved a new management fee schedule, contingent on the completion of the Reorganization. The Acquiring Fund’s management fee schedule will apply following completion of the Reorganization. The table below shows the current contractual management fee schedule for each of the Funds and the new management fee schedule of the Acquiring Fund following the Reorganization.
Columbia Contrarian Europe Fund | Columbia Overseas Core Fund | |||||||||||||
Assets (in $ millions of | Fee | Assets (in $ millions of | Fee (Current) | Fee (Post- Reorganization) | ||||||||||
$0-$250 | 0.880 | % | $0-$250 | 0.870 | % | 0.870 | % | |||||||
>$250-$500 | 0.855 | % | >$250-$500 | 0.870 | % | 0.855 | % | |||||||
>$500-$750 | 0.825 | % | >$500-$750 | 0.820 | % | 0.820 | % | |||||||
>$750-$1,000 | 0.800 | % | >$750-$1,000 | 0.820 | % | 0.800 | % | |||||||
>$1,000-$1,500 | 0.770 | % | >$1,000-$1,500 | 0.770 | % | 0.770 | % | |||||||
>$1,500-$3,000 | 0.720 | % | >$1,500-$3,000 | 0.720 | % | 0.720 | % | |||||||
>$3,000-$6,000 | 0.700 | % | >$3,000-$6,000 | 0.700 | % | 0.700 | % | |||||||
>$6,000-$12,000 | 0.680 | % | >$6,000-$12,000 | 0.680 | % | 0.680 | % | |||||||
>$12,000-$20,000 | 0.670 | % | >$12,000-$20,000 | 0.670 | % | 0.670 | % | |||||||
>$20,000-$24,000 | 0.660 | % | >$20,000-$24,000 | 0.670 | % | 0.660 | % | |||||||
>$24,000-$50,000 | 0.650 | % | >$24,000-$50,000 | 0.670 | % | 0.650 | % | |||||||
>$50,000 | 0.620 | % | >$50,000 | 0.670 | % | 0.620 | % |
Each Fund is governed by the same Board, which is responsible for overseeing the Fund. For a listing of the members comprising the Funds’ Board, please refer to the Statement of Additional Information.
The Funds have different portfolio management teams. “Section C — Additional Information Applicable to the Acquiring Funds” below describes the employment history of the portfolio managers of the Acquiring Fund. The Statement of Additional Information of each Fund provides additional information about portfolio manager compensation, other accounts managed and ownership of each Fund’s shares.
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The following bar charts and tables show, respectively:
• | How each Fund’s performance has varied for each full calendar year shown in the bar chart; and |
• | How each Fund’s average annual total returns compare to certain measures of market performance shown in the table. |
These bar charts and tables show some of the risks of investing in the Funds. The bar charts shows how each Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares each Fund’s returns (after applicable sales charges shown in the fees tables above) for the periods shown with a broad measure of market performance.
The performance of one or more share classes of the Target Fund shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of the Target Fund’s Class A shares (without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share classes, where applicable) for periods prior to its inception date. Share classes with expenses that are higher than Class A shares will have performance that is lower than Class A shares (without applicable sales charges). Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), each share class of the same Fund would have substantially similar annual returns because all share classes of such Fund invest in the same portfolio of securities.
The after-tax returns shown in the Average Annual Total Returns tables below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the tables and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the tables. In addition, the after-tax returns shown in the tables do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.
Each Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.
Columbia Contrarian Europe Fund
CLASS A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 21.59% (quarter ended September 30, 2010) and the lowest return for a calendar quarter was -22.05% (quarter ended September 30, 2011).
Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
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Columbia Contrarian Europe Fund | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||
Class A | 06/26/2000 | |||||||||||||
returns before taxes | 21.00 | % | 3.28 | % | 5.72 | % | ||||||||
returns after taxes on distributions | 20.66 | % | 2.88 | % | 5.29 | % | ||||||||
returns after taxes on distributions and sale of Fund shares | 13.06 | % | 2.66 | % | 4.69 | % | ||||||||
Class Adv returns before taxes | 01/08/2014 | 28.75 | % | 4.78 | % | 6.50 | % | |||||||
Class C returns before taxes | 06/26/2000 | 26.55 | % | 3.77 | % | 5.57 | % | |||||||
Class Inst returns before taxes | 09/27/2010 | 28.75 | % | 4.77 | % | 6.63 | % | |||||||
Class Inst2 returns before taxes | 01/08/2014 | 28.82 | % | 4.88 | % | 6.58 | % | |||||||
Class Inst3 returns before taxes | 03/01/2016 | 29.00 | % | 4.85 | % | 6.52 | % | |||||||
MSCI Europe Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes) | 23.77 | % | 5.06 | % | 5.17 | % |
Columbia Overseas Core Fund
CLASS A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 12.73% (quarter ended March 31, 2019) and the lowest return for a calendar quarter was -0.11% (quarter ended September 30, 2019).
Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
Columbia Overseas Core Fund | Share Class Inception Date | 1 Year | Life of Fund | |||||||
Class A | 03/05/2018 | |||||||||
returns before taxes | 17.82 | % | -0.52 | % | ||||||
returns after taxes on distributions | 17.04 | % | -0.93 | % | ||||||
returns after taxes on distributions and sale of Fund shares | 11.42 | % | -0.27 | % | ||||||
Class Adv returns before taxes | 03/05/2018 | 25.25 | % | 3.00 | % | |||||
Class C returns before taxes | 03/05/2018 | 23.10 | % | 2.01 | % | |||||
Class Inst returns before taxes | 03/05/2018 | 25.37 | % | 3.05 | % | |||||
Class Inst2 returns before taxes | 03/05/2018 | 25.49 | % | 3.14 | % | |||||
Class Inst3 returns before taxes | 03/05/2018 | 25.45 | % | 3.16 | % | |||||
MSCI EAFE Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes ) | 22.01 | % | 3.75 | % |
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and its related companies – including the investment manager, the Distributor and Columbia Management Investments Services Corp. (the transfer agent) – may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. These potential conflicts of interest may be heightened with respect to broker-dealers owned by Ameriprise Financial and/or its affiliates. Ask your financial advisor or visit your financial intermediary’s website for more information.
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SYNOPSIS OF REORGANIZATION 5: COMPARISON OF COLUMBIA DISCIPLINED SMALL CORE FUND AND COLUMBIA SMALL CAP VALUE FUND I
Comparison of the Target Fund and the Acquiring Fund
The Target Fund and the Acquiring Fund:5
• | Have similar principal investment strategies, policies and risks as discussed in more detail below. |
• | Have the same policies for buying and selling shares and the same exchange rights. Please see “Section C — Additional Information Applicable to the Acquiring Funds” for a description of these policies for the Acquiring Fund. |
• | Shareholders of Class V shares of the Target Fund will receive Class Inst Shares of the Acquiring Fund, which are subject to different fees and expenses as shown in the tables below. The Target Fund will waive any sales charges on Class V shares exchanged in the Reorganization and the Acquiring Fund will waive any investment minimums or eligibility requirements for former Class V shareholders of the Target Fund. For more information on features of Class Inst shares, see “Section C – Additional Information about the Acquiring Funds.” |
• | Have different fiscal year ends. The Target Fund’s fiscal year end is August 31 and the Acquiring Fund’s fiscal year end is April 30. |
• | Are structured as series of an open-end management investment company. Each Fund is organized as a series of the same Massachusetts business trust (Columbia Funds Series Trust I). Please see Appendix B to this Combined Information Statement/Prospectus for more information regarding the rights of shareholders. |
• | Have the same investment manager – Columbia Threadneedle. |
Comparison of Fees and Expenses
The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Funds. The purpose of the tables below is to assist you in understanding the various costs and expenses of investing in common shares of the Funds. An investor transacting in a class of Fund shares without any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution may be required to pay a commission to the financial intermediary for effecting such transactions. Such commission rates are set by the financial intermediary and are not reflected in the tables or the example below. You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by the Distributor.
The information in the table reflects the fees and expenses for the Target Fund’s fiscal year ended August 31, 2019, the Acquiring Fund’s six-month semi-annual period ended October 31, 2019 (annualized) and the pro forma expenses for the twelve months ended October 31, 2019 for the combined fund following the Reorganization.
5 | For the purposes of this section only, Target Fund refers to Columbia Disciplined Small Core Fund, and Acquiring Fund refers to Columbia Small Cap Value Fund I. |
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Current and Pro Forma Fees and Expenses
Shareholder Fees (fees paid directly from your investment)
Columbia Disciplined Small Core Fund (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class V | |||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75 | % | None | None | None | None | None | 5.75 | % | |||||||||||||||||||
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of net asset value at the time of your purchase or redemption, whichever is lower) | 1.00 | %(a) | None | 1.00 | %(b) | None | None | None | 1.00 | %(a) | ||||||||||||||||||
Columbia Small Cap Value Fund I (Current and Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class V | |||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75 | % | None | None | None | None | None | — | ||||||||||||||||||||
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of net asset value at the time of your purchase or redemption, whichever is lower) | 1.00 | %(a) | None | 1.00 | %(b) | None | None | None | — |
(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. |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Columbia Disciplined Small Core Fund (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | Class V | |||||||||||||||||||||
Management fees | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Other expenses(a) | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.26 | % | 0.21 | % | 0.62 | % | ||||||||||||||
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Total annual Fund operating expenses(b) | 1.47 | % | 1.22 | % | 2.22 | % | 1.22 | % | 1.11 | % | 1.06 | % | 1.47 | % | ||||||||||||||
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(a) | Other expenses have been restated to reflect current fees paid by the Fund. |
(b) | Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through December 31, 2020, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees (the Board). Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.33% for Class A, 1.08% for Class Adv, 2.08% for Class C, 1.08% for Class Inst, 0.96% for Class Inst2, 0.91% for Class Inst3 and 1.33% for Class V. |
Columbia Small Cap Value Fund I (Current) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | ||||||||||||||||||
Management fees | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | ||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Other expenses | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.11 | % | 0.06 | % | ||||||||||||
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Total annual Fund operating expenses(a)(b) | 1.36 | % | 1.11 | % | 2.11 | % | 1.11 | % | 0.98 | % | 0.93 | % | ||||||||||||
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(a) | “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this Combined Information Statement/Prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. |
(b) | Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through August 31, 2020, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.32% for Class A, 1.07% for Class Adv, 2.07% for Class C, 1.07% for Class Inst, 0.94% for Class Inst2 and 0.89% for Class Inst3. |
Columbia Small Cap Value Fund I (Pro Forma) | Class A | Class Adv | Class C | Class Inst | Class Inst2 | Class Inst3 | ||||||||||||||||||
Management fees(a) | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | ||||||||||||
Distribution and/or service (12b-1) fees | 0.25 | % | 0.00 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Other expenses(b) | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.11 | % | 0.06 | % | ||||||||||||
Total annual Fund operating expenses(c)(d) | 1.33 | % | 1.08 | % | 2.08 | % | 1.08 | % | 0.95 | % | 0.90 | % | ||||||||||||
Less: Fee waivers and/or expense reimbursements(e) | -0.01 | % | -0.01 | % | -0.01 | % | -0.01 | % | -0.01 | % | -0.01 | % | ||||||||||||
Total annual Fund operating expenses after fee waivers and/or expense reimbursements | 1.32 | % | 1.07 | % | 2.07 | % | 1.07 | % | 0.94 | % | 0.89 | % | ||||||||||||
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(a) | Management fees have been restated to reflect an adjusted management fee rate, effective upon the closing of the Reorganization. The new management fee rate is contingent upon completion of the Reorganization. |
(b) | Other expenses have been restated to reflect current fees paid by the Fund. |
(c) | “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this Combined Information Statement/Prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. |
(d) | Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through August 31, 2020, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.32% for Class A, 1.07% for Class Adv, 2.07% for Class C, 1.07% for Class Inst, 0.94% for Class Inst2 and 0.89% for Class Inst3. |
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(e) | Columbia Management Investment Advisers, LLC and certain of its affiliates have further contractually agreed, effective upon the closing of the Reorganization, to waive fees and/or to reimburse expenses (excluding any Reorganization costs, transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through August 31, 2021, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.32% for Class A, 1.07% for Class Adv, 2.07% for Class C, 1.07% for Class Inst, 0.94% for Class Inst2 and 0.89% for Class Inst3. |
Expense Examples: These examples are intended to help you compare the cost of investing in each Fund with the cost of investing in other mutual funds. These examples assume that you invest $10,000 in the applicable Fund for the time periods indicated and then redeem all of your shares at the end of those periods, both under the current arrangements and, for the Acquiring Fund, assuming completion of the proposed Reorganization. These examples also assume that your investment has a 5% return each year and that each Fund’s operating expenses remain the same. These examples include a contractual fee waiver/expense reimbursement arrangement only for Columbia Small Cap Value Fund I (Pro Forma) and only the period indicated in the Fund’s Annual Fund Operating Expenses table. Although your actual costs may be higher or lower, based on those assumptions your costs would be:
Columbia Disciplined Small Core Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 716 | $ | 1,013 | $ | 1,332 | $ | 2,231 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 124 | $ | 387 | $ | 670 | $ | 1,477 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 325 | $ | 694 | $ | 1,190 | $ | 2,554 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 124 | $ | 387 | $ | 670 | $ | 1,477 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 113 | $ | 353 | $ | 612 | $ | 1,352 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 108 | $ | 337 | $ | 585 | $ | 1,294 | ||||||||
Class V (whether or not shares are redeemed) | $ | 716 | $ | 1,013 | $ | 1,332 | $ | 2,231 |
Columbia Small Cap Value Fund I (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 706 | $ | 981 | $ | 1,277 | $ | 2,116 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 113 | $ | 353 | $ | 612 | $ | 1,352 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 314 | $ | 661 | $ | 1,134 | $ | 2,441 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 113 | $ | 353 | $ | 612 | $ | 1,352 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 100 | $ | 312 | $ | 542 | $ | 1,201 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 95 | $ | 296 | $ | 515 | $ | 1,143 |
Columbia Small Cap Value Fund I (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class A (whether or not shares are redeemed) | $ | 702 | $ | 971 | $ | 1,261 | $ | 2,084 | ||||||||
Class Adv (whether or not shares are redeemed) | $ | 109 | $ | 342 | $ | 595 | $ | 1,316 | ||||||||
Class C (assuming redemption of all shares at the end of the period) | $ | 310 | $ | 651 | $ | 1,118 | $ | 2,410 | ||||||||
Class Inst (whether or not shares are redeemed) | $ | 109 | $ | 342 | $ | 595 | $ | 1,316 | ||||||||
Class Inst2 (whether or not shares are redeemed) | $ | 96 | $ | 302 | $ | 525 | $ | 1,165 | ||||||||
Class Inst3 (whether or not shares are redeemed) | $ | 91 | $ | 286 | $ | 497 | $ | 1,107 |
If you owned or will own any class of shares other than Class C shares, you would pay the same costs shown in the tables above if you did not redeem your shares at the end of the periods indicated. If you owned or will own Class C shares, you would pay the following costs if you did not redeem your shares at the end of the periods indicated, which may be different than the costs shown in the tables above.
Columbia Disciplined Small Core Fund (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 225 | $ | 694 | $ | 1,190 | $ | 2,554 |
Columbia Small Cap Value Fund I (Current) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 214 | $ | 661 | $ | 1,134 | $ | 2,441 |
Columbia Small Cap Value Fund I (Pro Forma) | 1 year | 3 years | 5 years | 10 years | ||||||||||||
Class C (assuming no redemption of shares) | $ | 210 | $ | 651 | $ | 1,118 | $ | 2,410 |
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Portfolio Turnover. Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. Those costs, which are not reflected in annual Fund operating expenses or in the expense examples, affect a Fund’s performance. During the most recent fiscal year, each Fund’s portfolio turnover rate was the following percentage of the average value of the Fund’s portfolio:
Fund | Percentage of the Average Value of the Fund’s Portfolio | |||
Columbia Disciplined Small Core Fund | 87 | % | ||
Columbia Small Cap Value Fund I | 62 | % |
A portion of the Target Fund’s portfolio assets are expected to be sold by the Target Fund prior to the Reorganization. If the Reorganization had occurred as of September 30, 2019, it is estimated that approximately 88% of the Target Fund’s investment portfolio would have been sold. It is estimated that such portfolio repositioning would have resulted in brokerage commissions or other transaction costs at a rate of approximately 0.04% for the Target Fund. These transaction costs represent expenses of the Target Fund that will not be subject to the Target Fund’s expense cap and will be borne by the Target Fund and indirectly borne by the Target Fund’s shareholders. Capital gains from such portfolio sales may result in increased distributions of net capital gain and net investment income. If such sales occurred as of September 30, 2019, the sales would have resulted in increased distributions of net capital gain and net investment income to Target Fund shareholders of approximately $0.13 per share. The repositioning may result in the Target Fund selling securities in greater volumes or in a shorter period of time than it normally would, which may impact the market price received in such sales.
Comparison of Investment Objectives, Principal Investment Strategies, and Fundamental and Non-Fundamental Investment Policies
The investment objectives and principal investment strategies of the Target Fund and the Acquiring Fund are set forth in the table below.
Each Fund’s investment policy with respect to 80% of its net assets may be changed by the Fund’s Board without shareholder approval as long as shareholders are given 60 days’ advance written notice of the change.
While the Target Fund and the Acquiring Fund have the same investment objective and generally similar principal investment strategies, there are certain key differences. Although both Funds primarily invest in small-capitalization companies that the Investment Adviser believes are undervalued, the Target Fund and the Acquiring Fund have different benchmark indexes and use different methods to identify value opportunities. The Target Fund may invest in real estate investment trusts without limit, while the Acquiring Fund is limited to investing 20% of its total assets in real estate investment trusts. The Target Fund may invest in derivatives, while the Acquiring Fund does not have a stated principal investment policy regarding derivatives. See below for a more detailed comparison.
Columbia Disciplined Small Core Fund | Columbia Small Cap Value Fund I | |||
Investment Objective: | The Fund seeks long-term capital appreciation.(a) | The Fund seeks long-term capital appreciation.(a) | ||
Principal Investment Strategy: | Under normal market conditions, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in stocks of companies that have market capitalizations, at the time of purchase, in the range of companies in the Russell 2000® Index. The market capitalization range of the companies included within the index was $14.5 million to $9.1 billion as of November 30, 2019. | Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of companies that have market capitalizations in the range of the companies in the Russell 2000 Value Index at the time of purchase (between $31.8 million and $6.2 billion as of July 31, 2019), that the Fund’s investment manager believes are undervalued. | ||
Diversification: | The Fund is diversified. | The Fund is diversified. |
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Columbia Disciplined Small Core Fund | Columbia Small Cap Value Fund I | |||
Market Capitalization of Holdings: | The Fund invests in stocks of companies that have market capitalizations, at the time of purchase, in the range of companies in the Russell 2000® Index. The market capitalization range of companies included within the index was $14.5 million to $9.1 billion as of November 30, 2019. | The Fund invests in equity securities of companies that have market capitalizations in the range of the companies in the Russell 2000 Value Index at the time of purchase (between $31.8 million and $6.2 billion as of July 31, 2019). | ||
Industry Concentration: | The Fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector. | The Fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector. | ||
Foreign Investments: | The Fund may invest up to 20% of its total assets in foreign securities. | The Fund may invest up to 20% of its total assets in foreign securities. | ||
Real Estate Investment Trusts: | The Fund may invest in real estate investment trusts. | The Fund may invest up to 20% of its total assets in real estate investment trusts. | ||
Derivatives: | The Fund may invest in derivatives, such as futures (including equity futures and index futures) for cash equitization purposes. | — |
(a) | The Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board without shareholder approval. |
Additional Information About the Funds’ Principal Investment Strategies
Target Fund. In pursuit of the Fund’s objective, the portfolio managers employ a process that applies fundamental investment concepts in a systematic framework seeking to identify and exploit mispriced stocks. The Fund benefits from collaboration between quantitative and fundamental research to create sector and industry-specific multi-factor stock selection models, which are utilized by the portfolio managers when constructing a diversified portfolio.
Columbia Threadneedle considers a variety of factors in identifying investment opportunities and constructing the Fund’s portfolio which may include, among others, the following:
• | Valuation factors, such as earnings and cash flow relative to market values; |
• | Catalyst factors, such as relative stock price performance, business momentum, and short interest measures; and |
• | Quality factors, such as quality of earnings and financial strength. |
Columbia Threadneedle may sell a security when it believes other stocks in the Index or other investments are more attractive, if the security is believed to be overvalued relative to other potential investments, when the company no longer meets Columbia Threadneedle’s performance expectation, when the security is removed from the Index, or for other reasons.
Acquiring Fund. Columbia Threadneedle employs fundamental analysis with risk management in identifying value opportunities and constructing the Fund’s portfolio. In selecting investments, Columbia Threadneedle considers, among other factors:
• | Businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors; |
• | Various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. Columbia Threadneedle believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation; |
• | A company’s current operating margins relative to its historic range and future potential; and/or |
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• | Potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities or anticipated improvements in macroeconomic factors. |
Columbia Threadneedle may sell a security when the security’s price reaches a target set by Columbia Threadneedle; if Columbia Threadneedle believes that there is deterioration in the issuer’s financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons.
Comparison of Fundamental Investment Restrictions
Each Fund has adopted certain fundamental and non-fundamental investment restrictions. The fundamental investment restrictions (i.e., those which may not be changed without shareholder approval) are listed below.
The fundamental investment restrictions cannot be changed without the consent of the holders of a majority of the outstanding shares of the applicable Fund. The term “majority of the outstanding shares” means the vote of (i) 67% or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.
Columbia Disciplined Small Core Fund | Columbia Small Cap Value Fund I | |||
Buy or sell real estate: | The Fund may not purchase or sell real estate, except each Fund may: (a) purchase securities of issuers which deal or invest in real estate, (b) purchase securities which are secured by real estate or interests in real estate and (c) hold and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of securities which are secured by real estate or interests therein. | Same. | ||
Buy or sell commodities: | The Fund may not purchase or sell commodities, except that each Fund may to the extent consistent with its investment objective: (a) invest in securities of companies that purchase or sell commodities or which invest in such programs, (b) purchase and sell options, forward contracts, futures contracts, and options on futures contracts and (c) enter into swap contracts and other financial transactions relating to commodities. This limitation does not apply to foreign currency transactions including without limitation forward currency contracts. | Same. | ||
Issuer diversification: | The Fund may not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. | Same. | ||
Concentrate in any one industry: | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry; provided that: (a) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and | Same. |
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Columbia Disciplined Small Core Fund | Columbia Small Cap Value Fund I | |||
(b) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | ||||
Act as an underwriter: | The Fund may not underwrite any issue of securities issued by other persons within the meaning of the 1933 Act except when it might be deemed to be an underwriter either: (a) in connection with the disposition of a portfolio security; or (b) in connection with the purchase of securities directly from the issuer thereof in accordance with the Fund’s investment objective. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered investment companies. | Same. | ||
Lending: | The Fund may not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | Same. | ||
Borrow money: | The Fund may not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | Same. | ||
Issue senior securities: | The Fund may not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | Same. |
The Acquiring Fund’s investment objectives, principal investment strategies, fundamental and non-fundamental investment policies and holdings may expose the Target Fund’s shareholders to new or increased risks. A comparison of the principal risks of investing in the Target Fund and the Acquiring Fund is provided under “Comparison of Principal Risks” below.
The Acquiring Fund is subject to the principal risks described in “Section C — Additional Information Applicable to the Acquiring Funds” below. The Funds are subject to many of the same principal risks, but differ primarily given that the Target Fund, unlike the Acquiring Fund, is subject to principal risks associated with derivatives (including futures contracts), growth securities risk, and risk associated with its use of quantitative methods. The actual risks of investing in each Fund depend on the securities held in each Fund’s portfolio and on market conditions, both of which change over time.
Comparison of Management of the Funds
Columbia Threadneedle serves as investment manager for each Fund. Each Fund pays Columbia Threadneedle and both Funds obtain investment management services from Columbia Threadneedle according to the terms of the advisory agreements that are substantially similar, except for the fee rate. The effective management fee as of each Fund’s fiscal year end was 0.85% for the Target Fund and 0.86% for the Acquiring Fund. The Board of the Acquiring Fund has approved a new management fee schedule, contingent upon the completion of the Reorganization. The Acquiring Fund’s management fee schedule will apply following completion of the Reorganization. The table below shows the current contractual management fee schedule for each of the Funds and the new management fee schedule of the Acquiring Fund following the Reorganization.
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Columbia Disciplined Small Core Fund | Columbia Small Cap Value Fund I | |||||||||||||||
Assets (in $ millions of average annual net assets) | Fee | Assets (in $ millions of average annual net assets) | Fee (Current) | Fee (Post- Reorganization) | ||||||||||||
$0-$500 | 0.850 | % | $ | 0-$500 | 0.870 | % | 0.850 | % | ||||||||
>$500-$1,000 | 0.800 | % | >$ | 500-$1,000 | 0.820 | % | 0.800 | % | ||||||||
>$1,000-$3,000 | 0.750 | % | >$ | 1,000-$3,000 | 0.770 | % | 0.750 | % | ||||||||
>$3,000-$12,000 | 0.740 | % | >$ | 3,000-$12,000 | 0.760 | % | 0.740 | % | ||||||||
>$12,000 | 0.730 | % | >$ | 12,000 | 0.750 | % | 0.730 | % |
Each Fund is governed by the same Board, which is responsible for overseeing the Fund. For a listing of the members comprising the Funds’ Board, please refer to the Statement of Additional Information.
The Funds have different portfolio management teams. “Section C — Additional Information Applicable to the Acquiring Funds” below describes the employment history of the portfolio managers of the Acquiring Fund. The Statement of Additional Information of each Fund provides additional information about portfolio manager compensation, other accounts managed and ownership of each Fund’s shares.
The following bar charts and tables show, respectively:
• | How each Fund’s performance has varied for each full calendar year shown in the bar chart; and |
• | How each Fund’s average annual total returns compare to certain measures of market performance shown in the table. |
These bar charts and tables show some of the risks of investing in the Funds. The bar charts shows how each Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares each Fund’s returns (after applicable sales charges shown in the fees tables above) for the periods shown with a broad measure of market performance as well as another measure of performance for a market in which the Target Fund may invest.
The performance of one or more share classes shown in the tables below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of the Target Fund’s Class Inst shares and the Acquiring Fund’s Class A shares, respectively (without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share classes, where applicable) for periods prior to its inception date. Share classes with expenses that are higher than Class Inst shares or Class A shares will have performance that is lower than Class Inst shares or Class A shares (without applicable sales charges). Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), each share class of the same Fund would have substantially similar annual returns because all share classes of such Fund invest in the same portfolio of securities.
The after-tax returns shown in the Average Annual Total Returns tables below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the tables and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the tables. In addition, the after-tax returns shown in the tables do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.
Each Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.
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Columbia Disciplined Small Core Fund
CLASS A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 15.98% (quarter ended December 31, 2010) and the lowest return for a calendar quarter was -22.15% (quarter ended December 31, 2018).
Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
Columbia Disciplined Small Core Fund | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||
Class A | 11/01/1998 | |||||||||||||
returns before taxes | 13.89 | % | 1.31 | % | 7.30 | % | ||||||||
returns after taxes on distributions | 13.69 | % | -4.36 | % | 3.70 | % | ||||||||
returns after taxes on distributions and sale of Fund shares | 8.36 | % | 0.48 | % | 5.57 | % | ||||||||
Class Adv returns before taxes | 11/08/2012 | 20.88 | % | 2.75 | % | 8.19 | % | |||||||
Class C returns before taxes | 11/18/2002 | 18.74 | % | 1.78 | % | 7.15 | % | |||||||
Class Inst returns before taxes | 12/14/1992 | 20.99 | % | 2.76 | % | 8.20 | % | |||||||
Class Inst2 returns before taxes | 11/08/2012 | 21.13 | % | 2.88 | % | 8.30 | % | |||||||
Class Inst3 returns before taxes | 11/08/2012 | 21.19 | % | 2.93 | % | 8.34 | % | |||||||
Class V returns before taxes | 02/12/1993 | 13.56 | % | 1.27 | % | 7.26 | % | |||||||
Russell 2000 Index (reflects no deductions for fees, expenses or taxes) | 25.52 | % | 8.23 | % | 11.83 | % | ||||||||
S&P SmallCap 600 Index (reflects no deductions for fees, expenses or taxes) | 22.78 | % | 9.56 | % | 13.35 | % |
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Columbia Small Cap Value Fund I
CLASS A SHARE PERFORMANCE
(based on calendar years)
During the periods shown in the bar chart, the highest return for a calendar quarter was 16.61% (quarter ended December 31, 2010) and the lowest return for a calendar quarter was -21.53% (quarter ended September 30, 2011).
Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2019)
Columbia Small Cap Value Fund I | Share Class Inception Date | 1 Year | 5 Years | 10 Years | ||||||||||
Class A | 07/25/1986 | |||||||||||||
returns before taxes | 14.00 | % | 5.59 | % | 9.00 | % | ||||||||
returns after taxes on distributions | 12.98 | % | 3.28 | % | 6.79 | % | ||||||||
returns after taxes on distributions and sale of Fund shares | 8.91 | % | 4.07 | % | 6.95 | % | ||||||||
Class Adv returns before taxes | 11/08/2012 | 21.28 | % | 7.12 | % | 9.85 | % | |||||||
Class C returns before taxes | 01/15/1996 | 19.02 | % | 6.04 | % | 8.82 | % | |||||||
Class Inst returns before taxes | 07/31/1995 | 21.27 | % | 7.12 | % | 9.92 | % | |||||||
Class Inst2 returns before taxes | 11/08/2012 | 21.42 | % | 7.27 | % | 9.96 | % | |||||||
Class Inst3 returns before taxes | 07/15/2009 | 21.46 | % | 7.32 | % | 10.13 | % | |||||||
Russell 2000 Value Index (reflects no deductions for fees, expenses or taxes) | 22.39 | % | 6.99 | % | 10.56 | % |
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and its related companies – including the investment manager, the Distributor and Columbia Management Investments Services Corp. (the transfer agent) – may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. These potential conflicts of interest may be heightened with respect to broker-dealers owned by Ameriprise Financial and/or its affiliates. Ask your financial advisor or visit your financial intermediary’s website for more information.
SECTION B — ADDITIONAL INFORMATION ABOUT EACH REORGANIZATION
The Board of each Fund has approved the Agreement. While shareholders are encouraged to review the Agreement, which has been filed with the SEC as an exhibit to the registration statement of which this Combined Information Statement/Prospectus is a part, the following is a summary of certain terms of the Agreement:
• | Each Reorganization is expected to close on or about July 11, 2020, subject to receipt of any necessary regulatory approvals and satisfaction of any other conditions to closing. However, following such approvals, each Reorganization may happen at any time agreed to by the applicable Target Fund and the corresponding Acquiring Fund. |
• | Each Target Fund will transfer all of its assets to the corresponding Acquiring Fund and, in exchange, the corresponding Acquiring Fund will assume all the Target Fund’s obligations and liabilities and will issue Acquisition Shares to the Target Fund. The value of each Target Fund’s assets, as well as the number of Acquisition Shares to be issued to the Target Fund, will be determined in accordance with the Agreement. The Acquisition Shares will have an aggregate net asset value equal to the value of the assets received from the Target Fund, net of liabilities and costs of the Reorganization payable by the Target Fund. Immediately after the closing, the Target Fund will liquidate and distribute pro rata to its shareholders of record of each class of shares the Acquisition Shares of the corresponding class received by the Target Fund. As a result, shareholders of the Target Fund will become shareholders of the corresponding Acquiring Fund. |
• | Shareholders will not incur any sales charges in connection with the issuance of Acquisition Shares in a Reorganization. |
• | The value of the net assets of each Target Fund and of the Acquisition Shares of the corresponding Acquiring Fund will be computed as of the close of regular trading on the New York Stock Exchange on the business day immediately preceding the closing date of the applicable Reorganization. |
Conditions to Closing Each Reorganization
The completion of each Reorganization is subject to certain conditions described in the Agreement, including, among others:
• | The Target Fund shall have declared and paid a dividend or dividends that, together with all previous dividends, shall have the effect of distributing all of the Target Fund’s investment company taxable income (computed without regard to the deduction for dividends paid), net tax-exempt income and net realized capital gains, if any, to the shareholders of the Target Fund for all taxable periods ending on or before the closing date of the Reorganization (after reduction for any available capital loss carryforwards and excluding any net capital gains on which the Target Fund paid U.S. federal income tax). |
• | The Target Fund and the corresponding Acquiring Fund will have received any approvals, consents or exemptions from the SEC or any other regulatory body necessary to carry out the Reorganization. |
• | A registration statement on Form N-14 relating to the Reorganization will have been filed with the SEC and become effective. |
• | The Target Fund and the corresponding Acquiring Fund will have received a satisfactory opinion of tax counsel to the effect that, as described in more detail below in the section entitled “U.S. Federal Income Tax Status of the Reorganizations,” the shareholders of the Target Fund will not recognize gain or loss for U.S. federal income tax purposes upon the exchange of their Target Fund shares for the Acquisition Shares of the corresponding Acquiring Fund in connection with the Reorganization and the Target Fund generally will not recognize gain or loss as a direct result of the Reorganization. |
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The Agreement and the transactions contemplated by it may be terminated with respect to any Reorganization by mutual agreement of the Target Fund and the Acquiring Fund at any time prior to the closing thereof, or by either the Target Fund or the Acquiring Fund in the event of a material breach of the Agreement by the other Fund or a failure of any condition precedent to the terminating Fund’s obligations under the Agreement. In the event of a termination of a Reorganization, Columbia Threadneedle will bear all costs associated with that Reorganization.
U.S. Federal Income Tax Status of the Reorganizations
Each Reorganization is intended to qualify for U.S. federal income tax purposes as a tax-free reorganization under section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”). As a condition to the closing of each Reorganization, each Target Fund and Acquiring Fund will receive an opinion from Vedder Price, P.C. substantially to the effect that, on the basis of existing provisions of the Code, U.S. Treasury regulations issued thereunder, current administrative rules, pronouncements and court decisions, and certain representations, qualifications and assumptions with respect to the Reorganization, for U.S. federal income tax purposes:
• | The transfer by the Target Fund of all its assets to the Acquiring Fund solely in exchange for Acquisition Shares and the assumption by the Acquiring Fund of all the liabilities of the Target Fund, immediately followed by the pro rata, by class, distribution of all the Acquisition Shares so received by the Target Fund to the Target Fund’s shareholders of record in complete liquidation of the Target Fund and the termination of the Target Fund promptly thereafter, will constitute a “reorganization” within the meaning of section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund will each be “a party to a reorganization” within the meaning of section 368(b) of the Code, with respect to the Reorganization. |
• | No gain or loss will be recognized by the Acquiring Fund upon the receipt of all the assets of the Target Fund solely in exchange for Acquisition Shares and the assumption by the Acquiring Fund of all the liabilities of the Target Fund. |
• | No gain or loss will be recognized by the Target Fund upon the transfer of all its assets to the Acquiring Fund solely in exchange for Acquisition Shares and the assumption by the Acquiring Fund of all the liabilities of the Target Fund or upon the distribution (whether actual or constructive) of the Acquisition Shares so received to the Target Fund’s shareholders solely in exchange for such shareholders’ shares of the Target Fund in complete liquidation of the Target Fund. |
• | No gain or loss will be recognized by the Target Fund’s shareholders upon the exchange, pursuant to the Agreement, of all their shares of the Target Fund solely for Acquisition Shares. |
• | The aggregate basis of the Acquisition Shares received by each Target Fund shareholder pursuant to the Agreement will be the same as the aggregate basis of the Target Fund shares exchanged therefor by such shareholder. |
• | The holding period of the Acquisition Shares received by each Target Fund shareholder in the Reorganization will include the period during which the shares of the Target Fund exchanged therefor were held by such shareholder, provided such Target Fund shares were held as capital assets at the effective time of the Reorganization. |
• | The basis of the assets of the Target Fund received by the Acquiring Fund will be the same as the basis of such assets in the hands of the Target Fund immediately before the effective time of the Reorganization. |
• | The holding period of the assets of the Target Fund received by the Acquiring Fund will include the period during which such assets were held by the Target Fund. |
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• | The Acquiring Fund will succeed to and take into account the items of the Target Fund described in section 381(c) of the Code, subject to the conditions and limitations specified in sections 381, 382, 383 and 384 of the Code and the regulations thereunder. |
No opinion will be expressed as to (a) the effect of a Reorganization on a Target Fund, an Acquiring Fund or any Target Fund shareholder with respect to any asset (including without limitation any stock held in a passive foreign investment company as defined in section 1297(a) of the Code) as to which any unrealized gain or loss is required to be recognized under federal income tax principles (i) at the end of a taxable year or on the termination thereof, or (ii) upon the transfer of such asset regardless of whether such transfer would otherwise be a non-taxable transaction under the Code or (b) any other federal tax issues (except those set forth above) and any state, local or foreign tax issues of any kind.
No private letter ruling will be sought from the Internal Revenue Service (the “IRS”) with respect to the federal income tax consequences of a Reorganization. Opinions of counsel are not binding upon the IRS or the courts, are not guarantees of the tax results, and do not preclude the IRS from adopting or taking a contrary position, which may be sustained by a court. If a Reorganization were consummated but the IRS or the courts determine that the Reorganization did not qualify as a tax-free reorganization under the Code, the Target Fund would recognize gain or loss on the transfer of its assets to the Acquiring Fund and each shareholder of the Target Fund would recognize a taxable gain or loss for federal income tax purposes equal to the difference between its tax basis in its Target Fund shares and the fair market value of the Acquisition Shares it received. Shareholders of a Target Fund should consult their tax advisers regarding the effect, if any, of a Reorganization in light of their individual circumstances.
A portion of the portfolio assets of each Acquiring Fund and Target Fund are expected be sold prior to the Reorganization. The actual tax effect of any such sales depends on the difference between the price at which such portfolio assets are sold and the tax basis in such assets of the Fund making the sale and the holding period of such assets. Any capital gains recognized in these sales on a net basis, after reduction by any available capital loss carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) and/or ordinary dividends (to the extent of net short-term capital gains over net long-term capital losses) during or with respect to the year of sale, and such distributions will be taxable to shareholders. Each Reorganization will end the tax year of the applicable Target Fund, and potentially will accelerate any distributions to shareholders from the Target Fund for its tax year ending on the date of the Reorganization. Those tax year-end distributions will be taxable and will include any undistributed income and capital gains resulting from portfolio turnover prior to the Reorganization.
More generally, prior to the closing of each Reorganization, the Target Fund will declare and pay a distribution to its shareholders, which, together with all previous distributions, will have the effect of distributing to its shareholders all of its investment company taxable income (computed without regard to the deduction for dividends paid), net tax-exempt income, if any, and realized net capital gains (after reduction for available capital loss carryforwards and excluding certain capital gain on which the Target Fund paid U.S. federal income tax), if any, through the closing of the Reorganization, and may include undistributed income or gains from prior years. Even if reinvested in additional shares of a Target Fund, which would be exchanged for shares of the corresponding Acquiring Fund in the Reorganization, such distributions will be taxable to shareholders for U.S. federal income tax purposes, and such distributions by the Target Fund will include any undistributed income and capital gains resulting from portfolio turnover prior to the Reorganization.
A Fund’s ability to carry forward capital losses and to use them to offset future gains may be limited as a result of its Reorganization. First, a Fund’s “pre-acquisition losses” (including capital loss carryforwards, net current-year capital losses, and unrealized losses that exceed certain thresholds) may become unavailable to offset gains of the Acquiring Fund after the Reorganization to the extent such pre-acquisition losses exceed an annual limitation amount. Second, one Fund’s pre-acquisition losses cannot be used to offset gains in another Fund that are unrealized (“built in”) at the time of the Reorganization and that exceed certain thresholds (“non-de minimis built-in gains”) for five tax years. Third, the Target Fund’s capital loss carryforwards, as limited under the previous two rules, are permitted to offset only that portion of the capital gains of the Acquiring Fund for the taxable year of the Reorganization that is equal to the portion of the Acquiring Fund’s taxable year that follows the date of the Reorganization (prorated according to number of days). Therefore, in certain circumstances, shareholders of a Fund may pay U.S. federal income tax sooner, or pay more U.S. federal income tax, than they would have had the Reorganization not occurred.
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In addition, shareholders of a Target Fund will in each case receive a proportionate share of any taxable income and gains realized by its corresponding Acquiring Fund and not distributed to its shareholders prior to the Reorganization when such income and gains are eventually distributed by such Acquiring Fund. Furthermore, any gain an Acquiring Fund realizes after the Reorganization, including any built-in gain in the portfolio investments of the corresponding Target Fund (including any gains resulting from the repositioning, if any, of a Target Fund’s investment portfolio) or the Acquiring Fund that was unrealized at the time of the Reorganization, may result in taxable distributions to shareholders holding shares of the Acquiring Fund (including former shareholders of a Target Fund who hold shares of the Acquiring Fund following the Reorganization). As a result, shareholders of a Target Fund may receive a greater amount of taxable distributions than they would have had the Reorganization not occurred. In addition, any pre-acquisition losses of a Target Fund remaining after the operation of the limitation rules described above will become available to offset capital gains realized by the Acquiring Fund after the Reorganization and thus may reduce subsequent capital gain distributions to a broader group of shareholders than would have been the case absent such Reorganization, such that the benefit of those losses to Target Fund shareholders may be further reduced relative to what the benefit would have been had the Reorganization not occurred.
The realized and unrealized gains and losses of each Fund at the time of the Reorganization will determine the extent to which the combining Funds’ respective losses will be available to reduce gains realized by the Acquiring Fund following the Reorganization, and consequently the extent to which the Acquiring Fund may be required to distribute gains to its shareholders earlier or in greater amounts than would have been the case absent the Reorganization. The effect of the rules described above will depend on the relative sizes of, and the losses and gains (both realized and unrealized) in, each Fund at the time of the Reorganization and thus cannot be calculated precisely prior to the Reorganization.
Reorganization 1. Columbia Global Strategic Equity Fund into Columbia Capital Allocation Aggressive Portfolio
As of September 30, 2019, Columbia Global Strategic Equity Fund had no net realized or unrealized losses, negligible year-to-date net realized gains, and net unrealized gains equal to about 11.8% of net assets. Columbia Capital Allocation Aggressive Portfolio had no net realized or unrealized losses, year-to-date net realized gains equal to about 2.8% of net assets, and net unrealized gains equal to about 7.1% of net assets.
If the Reorganization had occurred on September 30, 2019, it would have enabled the Target Fund to spread its proportionately larger net unrealized gains, if and when realized after the Reorganization, across the larger combined Fund, resulting in a potential tax cost to Acquiring Fund shareholders and a potential tax benefit to Target Fund shareholders.
Reorganization 2. Columbia Select Global Growth Fund into Columbia Select Global Equity Fund
As of September 30, 2019, Columbia Select Global Growth Fund had no net realized or unrealized losses, year-to-date net realized gains equal to about 2.7% of net assets, and unrealized gains equal to about 26.1% of net assets. Columbia Select Global Equity Fund had no net realized or unrealized losses, negligible year-to-date net realized gains, and net unrealized gains equal to about 27.0% of net assets.
If the Reorganization had occurred on September 30, 2019, it would have enabled each Fund to spread its net unrealized gains, if and when realized after the Reorganization, across the larger combined Fund.
Reorganization 3. Columbia Small/Mid Cap Value Fund into Columbia Select Mid Cap Value Fund
As of September 30, 2019, Columbia Small/Mid Cap Value Fund had no net realized or unrealized losses, year-to-date net realized gains equal to about 0.7% of net assets, and unrealized gains equal to about 19.7% of net assets. Columbia Select Mid Cap Value Fund had no net realized or unrealized losses, year-to-date net realized gains equal to about 1.4% of net assets, and unrealized gains equal to about 14.9% of net assets.
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If the Reorganization had occurred on September 30, 2019, it would have enabled the Target Fund to spread its net unrealized gains, if and when realized after the Reorganization, across the larger combined Fund, resulting in a potential tax cost to Acquiring Fund shareholders and a potential tax benefit to Target Fund shareholders.
Reorganization 4. Columbia Contrarian Europe Fund into Columbia Overseas Core Fund
As of September 30, 2019, Columbia Contrarian Europe Fund had year-to-date net realized losses equal to about 1.5% of net assets, and unrealized gains equal to about 4.3% of net assets. Columbia Overseas Core Fund had, net of year-to-date realized gains, negligible net realized losses and net unrealized losses equal to about 1.9% of net assets.
If the Reorganization had occurred on September 30, 2019, it would have enabled the Target Fund to spread its net unrealized gains, if and when realized after the Reorganization, across the larger combined Fund, resulting in a potential tax cost to Acquiring Fund shareholders and a potential tax benefit to Target Fund shareholders.
Reorganization 5. Columbia Disciplined Small Core Fund into Columbia Small Cap Value Fund I
As of September 30, 2019, Columbia Discipline Small Core Fund had year-to-date net realized losses equal to about 7.1% of net assets, and unrealized gains equal to about 3.1% of net assets. Columbia Small Cap Value Fund I had no net realized or unrealized losses, year-to-date net realized gains equal to about 0.7% of net assets, and net unrealized gains equal to about 21.6% of net assets.
If the Reorganization had occurred on September 30, 2019, it would have enabled the Acquiring Fund to spread its proportionately larger net unrealized gains, if and when realized after the Reorganization, across the larger combined Fund, resulting in a potential tax cost to Target Fund shareholders and a potential tax benefit to Acquiring Fund shareholders.
Each Reorganization was reviewed by the Board of the Target Fund involved therein, with the advice and assistance of Fund counsel and independent legal counsel to such Board. Columbia Global Strategic Equity Fund, Columbia Select Global Growth Fund, Columbia Small/Mid Cap Value Fund and Columbia Contrarian Europe Fund are overseen by one Board (the “Columbia Funds Board”); Columbia Disciplined Small Core Fund is overseen by a second Board (the “Columbia Atlantic Board”). Information on the members of the Columbia Funds Board and the Columbia Atlantic Board and their respective governance structures can be found in the Statement of Additional Information dated January 1, 2020, as supplemented to date, for each Target Fund overseen by the Columbia Funds Board and the Columbia Atlantic Board, respectively. At regular meetings of the Columbia Funds Board or a Committee thereof in December 2019 and February 2020 and of the Columbia Atlantic Board in December 2019 and February 2020, each Board considered the Reorganization of each Target Fund overseen by it, as proposed by Columbia Threadneedle. In connection with those Board or Committee meetings, Columbia Threadneedle and its affiliates provided background materials, analyses and other information to each Board regarding, among other things, the topics discussed below, including responses to specific requests by each Board, and responded to questions raised by each Board or Committee at those meetings.
After each Board reviewed, evaluated and discussed the materials, analyses and information provided to it that the Board considered relevant to its deliberations, each Board, including the independent Board members thereof voting separately, unanimously approved the Reorganization of each Target Fund overseen by it. Prior to doing so, each Board, including the independent Board members thereof, unanimously determined that participation by each Target Fund overseen by it in its Reorganization was in the best interests of the Target Fund and that the interests of existing shareholders of the Target Fund would not be diluted as a result of the Reorganization.
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The general factors considered by each Board in assessing and approving each applicable Reorganization included, among others, in no order of priority:
1. various potential benefits of the Reorganization to the shareholders of the Target Fund;
2. the Reorganization as part of Columbia Threadneedle’s overall commitment to streamline and to improve its fund offerings for the benefit of Fund shareholders;
3. the substantial similarities of the investment objectives and principal investment strategies of the Target Fund and the corresponding Acquiring Fund;
4. the operating expenses that shareholders of each class of shares of the Target Fund and Acquiring Fund are expected to experience as shareholders of the corresponding Acquiring Fund after the Reorganization relative to the operating expenses currently borne by such shareholders, including that, on a net basis, such expenses are expected to decline as a result of the Reorganization (see the sections above entitled “Fees and Expenses” contained in the synopsis of each Reorganization in “Section A – Reorganizations”);
5. the current assets of the Target Fund and the corresponding Acquiring Fund, and the anticipated combined pro forma assets of the Acquiring Fund after the Reorganization and potential for economies of scale;
6. the historical performance of the Target Fund and the corresponding Acquiring Fund, recognizing that no assurances can be given that the Acquiring Fund will achieve any particular level of performance after the Reorganization;
7. the likelihood that the Target Fund would achieve and/or maintain sufficient size to ensure its continued economic viability absent the Reorganization, and the Acquiring Fund’s relative prospects for attracting additional assets after the Reorganization;
8. the anticipated tax-free nature of the exchange of shares in the Reorganization, and other expected U.S. federal income tax consequences of the Reorganization, including potential limitations on the Acquiring Fund’s use of the Target Fund’s pre-Reorganization losses for U.S. federal income tax purposes after the Reorganization (see “U.S. Federal Income Tax Status of the Reorganizations” above);
9. the potential benefits of the Reorganization to Columbia Threadneedle and its affiliates;
10. that shareholders of the Target Fund will experience no material change in shareholder services as a result of the Reorganization and Columbia Threadneedle’s representation to this effect;
11. brokerage costs resulting from the Reorganization (e.g., the Target Fund’s and/or the Acquiring Fund’s turnover associated with and resulting from the sale of any securities the Acquiring Fund cannot, or does not wish to, acquire or hold for any extended period); and
12. that the direct costs associated with the Reorganization will be borne by the Target Fund only to the extent that Columbia Threadneedle anticipates a reduction in expenses to shareholders of the Target Fund in the first year following the Reorganization.
In their deliberations, the Boards did not identify any single factor that was paramount or controlling and individual Board members may have attributed different weights to various factors. Each Board also evaluated the information available to it on a Target Fund-by-Target Fund basis, and made determinations separately in respect of each Target Fund it oversees. Certain of the factors considered by each Board are discussed in more detail below.
STREAMLINED PRODUCT LINE. Each Board considered that the Reorganizations are part of a larger effort intended, among other things, to streamline Columbia Threadneedle’s product offerings by reducing the number of funds in the Columbia Fund Complex so that management, distribution and other resources can be focused more effectively on a smaller group of Columbia Funds. Reducing the number of funds in the complex is intended to enhance the funds’ prospects for attracting additional assets by better differentiating the funds for potential shareholders (which may lead to a more concentrated selling effort).
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CONTINUITY OF INVESTMENT. Each Board took into account the fact that each applicable Target Fund and its corresponding Acquiring Fund have substantially similar or identical investment objectives and substantially similar principal investment strategies. Specifically, the relevant Board noted the following with respect to each Reorganization:
Reorganization 1
Columbia Global Strategic Equity Fund into Columbia Capital Allocation Aggressive Portfolio.
Among other factors, the Columbia Funds Board considered that both the Target Fund and the Acquiring Fund have generally similar investment objectives and principal investment strategies as each Fund is a fund-of funds that invests primarily in Underlying Funds that provide exposure primarily to equity securities.
Reorganization 2
Columbia Select Global Growth Fund into Columbia Select Global Equity Fund.
Among other factors, the Columbia Funds Board considered that both the Target Fund and the Acquiring Fund have the same investment objective to seek long-term growth of capital. The Board noted that the Funds have substantially similar investment strategies as each Fund is normally substantially invested in equity securities of foreign and U.S. companies.
Reorganization 3
Columbia Small/Mid Cap Value Fund into Columbia Select Mid Cap Value Fund.
Among other factors, the Columbia Funds Board considered that both the Target Fund and the Acquiring Fund have the same investment objective to seek long-term growth of capital. The Board noted that the Funds have generally similar principal investment strategies as each Fund is substantially invested in equity securities of issuers that are not larger cap companies, though recognizing that the Target Fund is focused on both mid-cap and small-cap companies; whereas, the Acquiring Fund is focused on mid-cap companies.
Reorganization 4
Columbia Contrarian Europe Fund into Columbia Overseas Core Fund.
Among other factors, the Columbia Funds Board considered that both the Target Fund and the Acquiring Fund have similar investment objectives and generally similar principal investment strategies as each Fund primarily invests in equity securities of foreign companies. The Board noted that, like the Target Fund, the Acquiring Fund has material exposure to European issuers.
Reorganization 5
Columbia Disciplined Small Core Fund into Columbia Small Cap Value Fund I.
Among other factors, the Columbia Atlantic Board considered that both Funds have the same investment objective to seek long-term capital appreciation. The Board noted that the Funds have similar principal investment strategies as each Fund normally invests at least 80% of its net assets in equity securities of small-capitalization companies that Columbia Threadneedle believes are undervalued.
EXPENSE RATIO. Each Board took into account the fact that the total annual operating expense ratio of each applicable Target Fund (net of applicable waivers/reimbursements) is higher than the expected proforma expense ratio of the combined Fund following the Reorganization, thus enabling Target Fund shareholders to become shareholders of a slightly lower cost Fund. The Boards also noted that Columbia Threadneedle has agreed to reduce the management fee schedule of Columbia Select Global Equity Fund, Columbia Overseas Core Fund and Columbia Small Cap Value Fund I effective upon the closing of such Fund’s Reorganization.
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INVESTMENT PERFORMANCE. Each Board considered the relative performance record of each Target Fund overseen by it and of each corresponding Acquiring Fund, noting, however, that past performance is no guarantee of future results. Specifically, the relevant Board noted the following with respect to each Reorganization:
Reorganization 1
Columbia Global Strategic Equity Fund into Columbia Capital Allocation Aggressive Portfolio.
Among other factors, the Columbia Funds Board considered the relative performance of the Funds for periods ending December 31, 2019, noting that although the Target Fund achieved higher absolute returns for various periods, the Acquiring Fund posted somewhat stronger peer rankings within its peer universe.
Reorganization 2
Columbia Select Global Growth Fund into Columbia Select Global Equity Fund.
Among other factors, the Columbia Funds Board considered the relative performance of the Funds for periods ending December 31, 2019, during which the Acquiring Fund’s performance was stronger for the mid- and long-term periods, noting though that the Target Fund’s performance was slightly better for the one-year period.
Reorganization 3
Columbia Small/Mid Cap Value Fund into Columbia Select Mid Cap Value Fund.
Among other factors, the Columbia Funds Board considered the relative performance of the Funds for periods ending December 31, 2019, during which the Acquiring Fund’s performance was stronger for all periods reviewed.
Reorganization 4
Columbia Contrarian Europe Fund into Columbia Overseas Core Fund.
Among other factors, the Columbia Funds Board considered the relative performance of the Funds for periods ending December 31, 2019, noting that the Acquiring Fund had a relatively brief since inception period (since March 2018) posting top quartile performance; whereas, the Target Fund achieved relatively stronger one-year period performance, but achieved second quartile peer rankings for the three- and five-year periods.
Reorganization 5
Columbia Disciplined Small Core Fund into Columbia Small Cap Value Fund I.
Among other factors, the Columbia Atlantic Board considered the relative performance of the Funds for periods ending December 31, 2019, during which the Acquiring Fund’s performance was stronger than the Target Fund for all periods reviewed.
ECONOMIES OF SCALE. Each Board observed that, in addition to the potential to realize immediate economies associated with consolidating each Target Fund into a larger combined Fund, such as the elimination of duplicative costs, the combined Funds may be able to take advantage of other economies of scale associated with larger funds. For example, a larger fund may benefit from fee breakpoints more quickly, may have an enhanced ability to effect portfolio transactions on favorable terms and may have greater investment flexibility. Each Board also considered the potential benefits to Columbia Threadneedle resulting from the Reorganizations in the long-term, and whether those benefits would be shared with shareholders of the combined Fund. Each Board also considered Columbia Threadneedle’s belief that each combined Fund would be better positioned than each Target Fund is currently positioned to experience growth in assets from investor inflows. The Boards also noted the new fee breakpoints for Columbia Select Global Equity Fund, Columbia Overseas Core Fund and Columbia Small Cap Value Fund I effective upon the closing of such Fund’s Reorganization.
TAX CONSEQUENCES. Each Board examined the relative tax situations of the Target Funds and the corresponding Acquiring Funds. Each Board also considered the anticipated tax-free nature of the exchange of shares in the Reorganizations, and other expected U.S. federal income tax consequences of the Reorganizations (such as the resulting tax impact of each proposed Reorganization to the Target Funds’ shareholders, including the considerations concerning the effect of loss and loss carryforward positions of the affected Funds).
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SECTION C — ADDITIONAL INFORMATION APPLICABLE TO THE ACQUIRING FUNDS
Below is information regarding the Acquiring Funds. All references to the Fund in this Section C refer to the Acquiring Funds, unless otherwise noted.
Columbia Capital Allocation Aggressive Portfolio
An investment in the Fund involves risks, including Fund-of-Funds Risk, as well as specific risks related to the Underlying Funds in which it invests that in the aggregate are principal risks to the Fund, including among others, those described below. Descriptions of these and other principal risks of investing in the Fund are provided below. More information about Underlying Funds, including their principal risks, is available in their prospectuses and in the prospectus of the Fund, which are incorporated by reference into this Combined Information Statement/Prospectus. This Combined Information Statement/Prospectus is not an offer for any of the Underlying Funds. There is no assurance that the Fund will achieve its investment objective and you may lose money. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Allocation Risk. Because the Fund uses an asset allocation strategy in pursuit of its investment objective, there is a risk that the Fund’s allocation among asset classes, investments, managers, strategies and/or investment styles will cause the Fund’s shares to lose value or cause the Fund to underperform other funds with similar investment objectives and/or strategies, or that the investments themselves will not produce the returns expected.
Alternative Strategies Investment Risk. An investment in alternative investment strategies (Alternative Strategies), whether through direct investment or through one or more underlying funds that use Alternative Strategies, involves risks, which may be significant. Alternative Strategies may include strategies, instruments or other assets, such as derivatives, that seek investment returns uncorrelated with the broad equity and fixed income/debt markets, as well as those providing exposure to other markets (such as commodity markets), including but not limited to absolute (positive) return strategies. Alternative Strategies may fail to achieve their desired performance, market or other exposure, or their returns (or lack thereof) may be more correlated with the broad equity and/or fixed income/debt markets than was anticipated, and the Fund may lose money. Some Alternative Strategies may be considered speculative.
Counterparty Risk. Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.
Credit Risk. Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Unless otherwise provided in the Fund’s Principal Investment Strategies, investment grade debt instruments are those rated at or above BBB- by S&P Global Ratings, or equivalently rated by Moody’s Investors Service, Inc. or Fitch, Inc., or, if unrated, determined by the management team to be of comparable quality. Conversely, below investment grade (commonly called “high-yield” or “junk”) debt instruments are those rated below BBB- by S&P Global Ratings, or equivalently rated by Moody’s Investors Service, Inc. or Fitch, Inc., or, if unrated, determined by the management team to be of comparable quality. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower quality or unrated instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt instruments may be subject to greater price fluctuations and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual.
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Derivatives Risk. Derivatives may involve significant risks. Derivatives are financial instruments with a value in relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other economic indicator (each an underlying reference). Derivatives may include those that are privately placed or otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning different from those associated with more traditional investment instruments. The Fund’s derivatives strategy may not be successful and use of certain derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying reference may result in substantial loss for the Fund. Derivatives may be more volatile than other types of investments. The value of derivatives may be influenced by a variety of factors, including national and international political and economic developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.
Derivatives Risk – Forward Contracts Risk. A forward contract is an over-the-counter derivative transaction between two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified date in the future. Forward contracts are negotiated on an individual basis and are not standardized or traded on exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.
Derivatives Risk – Futures Contracts Risk. A futures contract is an exchange-traded derivative transaction between two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.
Derivatives Risk – Options Risk. Options are derivatives that give the purchaser the option to buy (call) or sell (put) an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration date. By investing in options, the Fund is exposed to the risk that it may be required to buy or sell the underlying reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which could result in greater volatility in price movement. The Fund’s losses could be significant, and are potentially unlimited for certain types of options. Options may be traded on a securities exchange or in the over-the-
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counter market. At or prior to maturity of an options contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been adverse movement in options prices. Options can increase the Fund’s risk exposure to underlying references and their attendant risks such as credit risk, market risk, foreign currency risk and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.
Exchange-Traded Fund (ETF) Risk. Investments in ETFs have unique characteristics, including, but not limited to, the expense structure and additional expenses associated with investing in ETFs. ETFs are subject to, among other risks, tracking risk and passive and, in some cases, active investment risk. In addition, shareholders bear both their proportionate share of the Fund’s expenses, and indirectly the ETF’s expenses, incurred through the Fund’s ownership of the ETF. Due to the expenses and costs of an underlying ETF being shared by its investors, redemptions by other investors in the ETF could result in decreased economies of scale and increased operating expenses for such ETF. The ETFs may not achieve their investment objective. The Fund, through its investment in ETFs, may not achieve its investment objective.
Foreign Securities Risk. Investments in or exposure to foreign securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including political, regulatory, economic, social, diplomatic and other conditions or events (including, for example, military confrontations, war and terrorism), occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund’s return on such securities.
Fund-of-Funds Risk. Determinations regarding asset classes or underlying funds and the Fund’s allocations thereto may not successfully achieve the Fund’s investment objective, in whole or in part. The ability of the Fund to realize its investment objective will depend, in large part, on the extent to which the underlying funds realize their investment objective. There is no guarantee that the underlying funds will achieve their respective investment objectives. The Fund is exposed to the same risks as the underlying funds in direct proportion to the allocation of its assets among the underlying funds. Therefore, to the extent that the Fund invests significantly in a particular underlying fund, the Fund’s performance would be significantly impacted by the performance of such underlying fund. Generally, by investing in a combination of underlying funds, the Fund has exposure to the risks of many areas of the market. By concentrating its investments in relatively few underlying funds, the Fund may have more concentrated market exposures, subjecting the Fund to greater risk of loss should those markets decline or fail to rise. The performance of underlying funds could be adversely affected if other entities that invest in the same underlying funds make relatively large investments or redemptions in such underlying funds. The Fund, and its shareholders, indirectly bear a portion of the expenses of any funds in which the Fund invests. Because the expenses and costs of each underlying fund are shared by its investors, redemptions by other investors in an underlying fund could result in decreased economies of scale and increased operating expenses for such fund. Columbia Threadneedle has a conflict of interest in selecting affiliated underlying funds over unaffiliated underlying funds because it receives management fees from affiliated funds, and it has a conflict in selecting affiliated underlying funds, because the fees paid to it by certain affiliated underlying funds are higher than the fees paid by other affiliated underlying funds. Also, to the extent that the Fund is constrained/restricted from investing (or investing further) in a particular underlying fund for one or more reasons (e.g., underlying fund capacity constraints or regulatory restrictions) or if the Fund chooses to sell its investment in an underlying fund because of poor investment performance or for other reasons, the Fund may have to invest in another underlying fund(s), including less desirable funds – from a strategy or investment performance standpoint – which could have a negative impact on Fund performance. In addition, Fund performance could be negatively impacted if Columbia Threadneedle is unable to identify an appropriate alternate underlying fund(s) in a timely manner or at all.
Growth Securities Risk. Growth securities typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities may never reach their expected market value and may decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.
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Inflation-Protected Securities Risk. Inflation-protected debt securities tend to react to changes in real interest rates (i.e., nominal interest rates minus the expected impact of inflation). In general, the price of such securities falls when real interest rates rise, and rises when real interest rates fall. Interest payments on these securities will vary and may be more volatile than interest paid on ordinary bonds. In periods of deflation, the Fund may have no income at all from such investments.
Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may prevent the Fund from generating positive returns and may increase the risk that if followed by rising interest rates the Fund’s performance will be negatively impacted. Actions by governments and central banking authorities can result in increases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.
Issuer Risk. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors.
High-Yield Investments Risk. Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.
Market Risk. The market values of securities or other investments that the Fund holds may fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or long periods.
Money Market Fund Investment Risk. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation or any other government agency. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when Columbia Threadneedle would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund’s investments in derivatives. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.
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Prepayment and Extension Risk. Prepayment and extension risk is the risk that a bond or other security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. In the case of mortgage- or other asset-backed securities, as interest rates decrease or spreads narrow, the likelihood of prepayment increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of a mortgage- or other asset-backed security beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer period of time, the portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads.
Value Securities Risk. Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet portfolio management’s perceived value assessment of that security, or may decline in price, even though portfolio management believes the securities are already undervalued. There is also a risk that it may take longer than expected for the value of these investments to rise to portfolio management’s perceived value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.
Underlying Funds. The Fund has exposure to the risks associated with many areas of the market through its investments, including through its investments in Underlying Funds. Below is a list of the affiliated underlying funds, by asset class category, available to the Fund for investment (the list does not include unaffiliated funds or ETFs in which the Funds may invest). Certain Underlying Funds, due to their characteristics, may fit into more than one asset class category, and may be used by Columbia Threadneedle for those purposes. Columbia Threadneedle may add new or remove Underlying Funds without the approval of Fund shareholders.
A description of the affiliated underlying funds’ investment objectives, principal investment strategies and principal risks associated with investment in these underlying funds is contained in the prospectus of the Fund. The prospectuses and statements of additional information for the Fund and affiliated underlying funds are incorporated by reference into this Combined Information Statement/Prospectus and are available free of charge at columbiathreadneedleus.com or by calling 800.345.6611.
Affiliated Equity Underlying Funds | Columbia Acorn Emerging Markets Fund, Columbia Acorn European Fund, Columbia Acorn® Fund, Columbia Acorn International®, Columbia Acorn International Select, Columbia Acorn Select, Columbia Acorn USA®, Columbia Contrarian Asia Pacific Fund, Columbia Contrarian Core Fund, Columbia Contrarian Europe Fund, Columbia Convertible Securities Fund, Columbia Disciplined Core Fund, Columbia Disciplined Growth Fund, Columbia Disciplined Small Core Fund, Columbia Disciplined Value Fund, Columbia Dividend Income Fund, Columbia Dividend Opportunity Fund, Columbia Emerging Markets Fund, Columbia Global Dividend Opportunity Fund, Columbia Global Energy and Natural Resources Fund, Columbia Global Equity Value Fund, Columbia Global Infrastructure Fund, Columbia Greater China Fund, Columbia Large Cap Enhanced Core Fund, Columbia Large Cap Growth Fund, Columbia Large Cap Growth Fund III, Columbia Large Cap Index Fund, Columbia Large Cap Value Fund, Columbia Mid Cap Growth Fund, Columbia Mid Cap Index Fund, Columbia Overseas Core Fund, Columbia Overseas Value Fund, Columbia Pacific/Asia Fund, Columbia Real Estate |
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Equity Fund, Columbia Select Global Equity Fund, Columbia Select International Equity Fund, Columbia Select Large Cap Equity Fund, Columbia Select Large Cap Growth Fund, Columbia Select Large Cap Value Fund (formerly known as Columbia Select Large-Cap Value Fund), Columbia Select Mid Cap Value Fund (formerly known as Columbia Mid Cap Value Fund), Columbia Select Small Cap Value Fund (formerly known as Columbia Select Smaller-Cap Value Fund), Columbia Seligman Communications and Information Fund, Columbia Seligman Global Technology Fund, Columbia Small Cap Growth Fund I, Columbia Small Cap Index Fund, Columbia Small Cap Value Fund I, Columbia Small Cap Value Fund II and Columbia Small/Mid Cap Value Fund. | ||
Affiliated Fixed Income Underlying Funds | Columbia Bond Fund, Columbia Corporate Income Fund, Columbia Emerging Markets Bond Fund, Columbia Floating Rate Fund, Columbia High Yield Bond Fund, Columbia Income Opportunities Fund, Columbia Inflation Protected Securities Fund, Columbia Limited Duration Credit Fund, Columbia Quality Income Fund, Columbia Short Term Bond Fund, Columbia Total Return Bond Fund, Columbia Ultra Short Term Bond Fund (formerly known as CMG Ultra Short Term Bond Fund) and Columbia U.S. Treasury Index Fund. | |
Affiliated Cash/Cash Equivalent Underlying Funds | Columbia Government Money Market Fund and Columbia Short-Term Cash Fund. | |
Affiliated Alternative and Other Strategies Underlying Funds | Columbia Alternative Beta Fund, Columbia Commodity Strategy Fund, Columbia Flexible Capital Income Fund, Columbia Mortgage Opportunities Fund and Columbia Multi-Asset Income Fund. |
The Fund may sell Underlying Funds in order to accommodate redemptions of the Fund’s shares, to change the percentage of its assets invested in certain Underlying Funds in response to economic or market conditions, and to maintain or modify the proportion of its assets among the various asset classes. Columbia Threadneedle seeks to minimize the impact of the Funds’ purchases and redemptions of shares of the affiliated underlying funds by implementing them over a reasonable timeframe. In addition, because Columbia Threadneedle earns different fees from the affiliated Underlying Funds, in determining the allocation of the Fund among these Underlying Funds, Columbia Threadneedle may have an economic conflict of interest. Columbia Threadneedle will report to the Fund’s Board on the steps it has taken to manage any potential conflicts.
The Fund may hold a significant amount of cash, money market instruments or other high quality, short-term investments, including shares of affiliated money market funds, to cover obligations with respect to, or that may result from, the Fund’s derivative transactions. The Fund’s use of certain derivatives may create leveraged exposure to the equity and debt markets. Leverage occurs when the investments in derivatives create greater economic exposure than the amount invested. This means that the Fund could lose more than originally invested in the derivative.
Columbia Select Global Equity Fund
An investment in the Fund involves risks, including those described below. There is no assurance that the Fund will achieve its investment objective and you may lose money. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
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Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies.
Emerging Market Securities Risk. Securities issued by foreign governments or companies in emerging market countries, such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political, economic or other conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency devaluations.
Focused Portfolio Risk. Because the Fund may invest in a limited number of companies, the Fund as a whole is subject to greater risk of loss if any of those securities decline in price.
Foreign Securities Risk. Investments in or exposure to foreign securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including political, regulatory, economic, social, diplomatic and other conditions or events (including, for example, military confrontations, war and terrorism), occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.
Geographic Focus Risk. The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund.
Europe. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in Europe. In addition, the private and public sectors’ debt problems of a single European Union (EU) country can pose significant economic risks to the EU as a whole. As a result, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The impact of any partial or complete dissolution of the EU on the United Kingdom (UK) and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.
Growth Securities Risk. Growth securities typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities may never reach their expected market value and may decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.
Issuer Risk. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors.
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Liquidity Risk. Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund’s investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. Foreign securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other practices of foreign markets.
Market Risk. The market values of securities or other investments that the Fund holds may fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or long periods.
Sector Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors, including the information technology sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
Information Technology and Technology-Related Sectors. The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.
Columbia Select Mid Cap Value Fund
An investment in the Fund involves risks, including Value Securities Risk, Issuer Risk, Market Risk, and Focused Portfolio Risk, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. There is no assurance that the Fund will achieve its investment objective and you may lose money. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies.
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Focused Portfolio Risk. Because the Fund may invest in a limited number of companies, the Fund as a whole is subject to greater risk of loss if any of those securities decline in price.
Foreign Securities Risk. Investments in or exposure to foreign securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including political, regulatory, economic, social, diplomatic and other conditions or events (including, for example, military confrontations, war and terrorism), occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.
Issuer Risk. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors.
Investments in mid-capitalization companies (mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger companies.
Market Risk. The market values of securities or other investments that the Fund holds may fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or long periods.
Real Estate-Related Investment Risk. Investments in real estate investment trusts (REITs) and in securities of other companies (wherever organized) principally engaged in the real estate industry subject the Fund to, among other things, risks similar to those of direct investments in real estate and the real estate industry in general. These include risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates or property values. The value of interests in a REIT may be affected by, among other factors, changes in the value of the underlying properties owned by the REIT, changes in the prospect for earnings and/or cash flow growth of the REIT itself, defaults by borrowers or tenants, market saturation, decreases in market rates for rents, and other economic, political, or regulatory matters affecting the real estate industry, including REITs. REITs may be subject to more abrupt or erratic price movements than the overall securities markets. REITs are also subject to the risk of failing to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended. The failure of a REIT to continue to qualify as a REIT for tax purposes can materially and adversely affect its value. Some REITs (especially mortgage REITs) are affected by risks similar to those associated with investments in debt securities including changes in interest rates and the quality of credit extended.
Sector Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors, including the financial services sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
Financial Services Sector. The Fund may be more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated
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portfolios, such as a high level of loans to real estate developers, which makes them vulnerable to economic conditions that affect that industry. Performance of such companies may be affected by competitive pressures and exposure to investments or agreements that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.
Value Securities Risk. Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet portfolio management’s perceived value assessment of that security, or may decline in price, even though portfolio management believes the securities are already undervalued. There is also a risk that it may take longer than expected for the value of these investments to rise to portfolio management’s perceived value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.
Columbia Overseas Core Fund
An investment in the Fund involves risks, including Foreign Securities Risk, Emerging Market Securities Risk, and Market Risk, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. There is no assurance that the Fund will achieve its investment objective and you may lose money. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies.
Closed-End Investment Company Risk. Closed-end investment companies frequently trade at a discount to their NAV, which may affect whether the Fund will realize gain or loss upon its sale of the closed-end investment company’s shares. Closed-end investment companies may employ leverage, which also subjects the closed-end investment company to increased risks such as increased volatility.
Counterparty Risk. Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.
Depositary Receipts Risk. Depositary receipts are receipts issued by a bank or trust company reflecting ownership of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks associated with investments in foreign securities, including those associated with investing in the particular country of an issuer, which may be related to the particular political, regulatory, economic, social and other conditions or events, including, for example, military confrontations, war and terrorism, occurring in the country and fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, and may experience difficulty in receiving company stockholder communications. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the Fund.
Derivatives Risk. Derivatives may involve significant risks. Derivatives are financial instruments with a value in relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other economic indicator (each an underlying reference). Derivatives may include those that are privately placed or otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in
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Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning different from those associated with more traditional investment instruments. The Fund’s derivatives strategy may not be successful and use of certain derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying reference may result in substantial loss for the Fund. Derivatives may be more volatile than other types of investments. The value of derivatives may be influenced by a variety of factors, including national and international political and economic developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.
Derivatives Risk – Forward Contracts Risk. A forward contract is an over-the-counter derivative transaction between two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified date in the future. Forward contracts are negotiated on an individual basis and are not standardized or traded on exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.
Derivatives Risk – Futures Contracts Risk. A futures contract is an exchange-traded derivative transaction between two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.
Derivatives Risk – Options Risk. Options are derivatives that give the purchaser the option to buy (call) or sell (put) an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration date. By investing in options, the Fund is exposed to the risk that it may be required to buy or sell the underlying reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which could result in greater volatility in price movement. The Fund’s losses could be significant, and are potentially unlimited for certain types of options. Options may be traded on a securities exchange or in the over-the-counter market. At or prior to maturity of an options contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been adverse movement in options prices. Options can increase the Fund’s risk exposure to underlying references and their attendant risks such as credit risk, market risk, foreign currency risk and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.
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Emerging Market Securities Risk. Securities issued by foreign governments or companies in emerging market countries, such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political, economic or other conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency devaluations.
Foreign Securities Risk. Investments in or exposure to foreign securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including political, regulatory, economic, social, diplomatic and other conditions or events (including, for example, military confrontations, war and terrorism), occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.
Frequent Trading Risk. The portfolio managers may actively and frequently trade investments in the Fund’s portfolio to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund’s after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund’s return. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s performance.
Geographic Focus Risk. The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund.
Asia Pacific Region. Many of the countries in the Asia Pacific region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.
Europe. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in Europe. In addition, the private and public sectors’ debt problems of a single EU country can pose significant economic risks to the EU as a whole. As a result, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The impact of any partial or complete dissolution of the EU on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.
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Growth Securities Risk. Growth securities typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities may never reach their expected market value and may decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.
Investing in Other Funds Risk. The Fund’s investment in other funds (affiliated and/or unaffiliated funds) subjects the Fund to the investment performance (positive or negative) and risks of the underlying funds in direct proportion to the Fund’s investment therein. The performance of the underlying funds could be adversely affected if other investors in the same underlying funds make relatively large investments or redemptions in such underlying funds. The Fund, and its shareholders, indirectly bear a portion of the expenses of any funds in which the Fund invests. Due to the expenses and costs of an underlying fund being shared by its investors, redemptions by other investors in the underlying funds could result in decreased economies of scale and increased operating expenses for such underlying funds. Columbia Threadneedle typically selects underlying funds from among the funds for which it, or an affiliate, acts as the investment manager (affiliated underlying funds) and will select an unaffiliated underlying fund only if the desired investment exposure is not available through an affiliated fund. Columbia Threadneedle has a conflict of interest in selecting affiliated underlying funds over unaffiliated underlying funds because it receives management fees from affiliated underlying funds, and it has a conflict in selecting among affiliated underlying funds, because the fees paid to it by certain affiliated underlying funds are higher than the fees paid by other affiliated underlying funds. Also, to the extent that the Fund is constrained/restricted from investing (or investing further) in a particular underlying fund for one or more reasons (e.g., underlying fund capacity constraints or regulatory restrictions) or if the Fund chooses to sell its investment in an underlying fund because of poor investment performance or for other reasons, the Fund may have to invest in other underlying funds, including less desirable funds – from a strategy or investment performance standpoint – which could have a negative impact on Fund performance. In addition, Fund performance could be negatively impacted if an appropriate alternate underlying fund is not identified in a timely manner or at all. The underlying funds may not achieve their investment objective. The Fund, through its investment in underlying funds, may not achieve its investment objective.
Issuer Risk. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors.
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Investments in larger, more established companies may involve certain risks associated with their larger size. For instance, larger, more established companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to attain as high growth rates as successful smaller companies, especially during extended periods of economic expansion.
Liquidity Risk. Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may
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change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund’s investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. Foreign securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other practices of foreign markets.
Market Risk. The market values of securities or other investments that the Fund holds may fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or long periods.
New Fund Risk. Investors in newly formed funds bear the risk that the fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for certain shareholders. Such a liquidation could have negative tax consequences for shareholders.
Preferred Stock Risk. Preferred stock is a type of stock that generally pays dividends at a specified rate and that has preference over common stock in the payment of dividends and the liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include issuer risk, market risk and interest rate risk (i.e., the risk of losses attributable to changes in interest rates).
Sector Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors, including the financial services sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
Financial Services Sector. The Fund may be more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments or agreements that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.
Special Situations Risk. Securities of companies that are involved in an initial public offering or a major corporate event, such as a business consolidation or restructuring, may be exposed to heightened risk because of the high degree of uncertainty that can be associated with such events. Securities issued in initial public offerings often are issued by companies that are in the early stages of development, have a history of little or no revenues and may operate at a loss following the offering. It is possible that there will be no active trading market for the securities after the offering, and that the market price of the securities may be subject to significant and unpredictable fluctuations. Certain “special situation” investments are investments in securities or other instruments that may be classified as illiquid or lacking a readily ascertainable fair value. Certain special situation investments prevent ownership interests therein from being withdrawn until the special situation investment, or a portion thereof, is realized or deemed realized, which may negatively impact Fund performance. Investing in special situations may have a magnified effect on the performance of funds with small amounts of assets.
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Value Securities Risk. Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet portfolio management’s perceived value assessment of that security, or may decline in price, even though portfolio management believes the securities are already undervalued. There is also a risk that it may take longer than expected for the value of these investments to rise to portfolio management’s perceived value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.
Columbia Small Cap Value Fund I
An investment in the Fund involves risks, including Issuer Risk, Value Securities Risk, Sector Risk, and Market Risk, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. There is no assurance that the Fund will achieve its investment objective and you may lose money. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies.
Foreign Securities Risk. Investments in or exposure to foreign securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including political, regulatory, economic, social, diplomatic and other conditions or events (including, for example, military confrontations, war and terrorism), occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.
Issuer Risk. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors.
Investments in small-capitalization companies (small-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies, and securities of small-cap companies may be less liquid and more volatile than the securities of larger companies.
Market Risk. The market values of securities or other investments that the Fund holds may fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or long periods.
Real Estate-Related Investment Risk. Investments in real estate investment trusts (REITs) and in securities of other companies (wherever organized) principally engaged in the real estate industry subject the Fund to, among other things, risks similar to those of direct investments in real estate and the real estate industry in general. These include risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates or property values. The value of interests in a REIT may be affected by, among other factors, changes in the value of the underlying properties owned by the REIT, changes in the prospect for earnings and/or cash flow growth of the REIT itself, defaults by borrowers or tenants, market saturation,
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decreases in market rates for rents, and other economic, political, or regulatory matters affecting the real estate industry, including REITs. REITs may be subject to more abrupt or erratic price movements than the overall securities markets. REITs are also subject to the risk of failing to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended. The failure of a REIT to continue to qualify as a REIT for tax purposes can materially and adversely affect its value. Some REITs (especially mortgage REITs) are affected by risks similar to those associated with investments in debt securities including changes in interest rates and the quality of credit extended.
Sector Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors, including the financial services sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
Financial Services Sector. The Fund may be more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments or agreements that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.
Value Securities Risk. Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet portfolio management’s perceived value assessment of that security, or may decline in price, even though portfolio management believes the securities are already undervalued. There is also a risk that it may take longer than expected for the value of these investments to rise to portfolio management’s perceived value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.
Information about the portfolio managers who are primarily responsible for overseeing each Fund’s investments is shown below. The SAI provides additional information about the portfolio managers, including information relating to each portfolio manager’s compensation, other accounts managed by each portfolio manager and each portfolio manager’s ownership of securities in each Fund.
Columbia Capital Allocation Aggressive Portfolio
Portfolio Manager | Title | Role with Fund | Managed Fund Since | |||
Anwiti Bahuguna, Ph.D. | Senior Portfolio Manager and Head of Multi Asset Strategy | Lead Portfolio Manager | 2010 | |||
Dan Boncarosky, CFA | Portfolio Manager | Portfolio Manager | 2017 |
Dr. Bahuguna joined one of the Columbia Threadneedle legacy firms or acquired business lines in 2002. Dr. Bahuguna began her investment career in 1998 and earned a B.S. from St. Stephen’s College, Delhi University and a Ph.D. in economics from Northeastern University.
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Mr. Boncarosky joined one of the Columbia Threadneedle legacy firms or acquired business lines in 2008. Mr. Boncarosky began his investment career in 2008 and earned a B.S. from Leonard N. Stern School of Business at New York University.
Columbia Select Global Equity Fund
Portfolio Manager | Title | Role with Fund | Managed Fund | |||
David Dudding, CFA | Portfolio Manager at Threadneedle International Limited | Portfolio Manager | 2015 | |||
Pauline Grange | Portfolio Manager at Threadneedle International Limited | Deputy Portfolio Manager | 2013 |
Mr. Dudding joined Threadneedle in 1999 as an analyst. Mr. Dudding began his investment career in 1999 and earned a Modern History degree and a European Politics Masters degree from Oxford University.
Ms. Grange joined Threadneedle in 2007 as a global equity fund manager. Ms. Grange heads the telecommunications and utilities sector research team and is the deputy head of the technology sector research team. Prior to joining Threadneedle, Ms. Grange was a fund manager at Investec Asset Management. Ms. Grange began her investment career in 2000 and earned a BSc (Hons) in Finance from the University of Cape Town.
Columbia Select Mid Cap Value Fund
Portfolio Manager | Title | Role with Fund | Managed Fund | |||
Kari Montanus | Senior Portfolio Manager | Lead Portfolio Manager | 2018 | |||
Jonas Patrikson, CFA | Senior Portfolio Manager | Portfolio Manager | 2014 |
Ms. Montanus joined one of the Columbia Threadneedle legacy firms or acquired business lines in 2003. Ms. Montanus began her investment career in 1992 and earned a B.A. from Stanford University and an M.B.A. in finance from The Wharton School, University of Pennsylvania.
Mr. Patrikson joined one of the Columbia Threadneedle legacy firms or acquired business lines in 2004. Mr. Patrikson began his investment career in 1990 and earned a B.A. from the University of Linkoping, Sweden.
Columbia Overseas Core Fund
Portfolio Manager | Title | Role with Fund | Managed Fund | |||
Fred Copper, CFA | Senior Portfolio Manager | Co-Portfolio manager | 2018 | |||
Daisuke Nomoto, CMA (SAAJ) | Senior Portfolio Manager | Co-Portfolio manager | 2018 |
Mr. Copper joined one of the Columbia Threadneedle legacy firms or acquired business lines in 2005. Mr. Copper began his investment career in 1990 and earned a B.S. from Boston College and an M.B.A. from the University of Chicago.
Mr. Nomoto joined one of the Columbia Threadneedle legacy firms or acquired business lines in 2005. Mr. Nomoto began his investment career in 1993 and earned a B.A. from Shiga University, Japan.
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Columbia Small Cap Value Fund I
Portfolio Manager | Title | Role with Fund | Managed Fund Since | |||
Jeremy Javidi, CFA | Senior Portfolio Manager | Portfolio Manager | 2005 |
Mr. Javidi joined one of the Columbia Threadneedle legacy firms or acquired business lines in 2000. Mr. Javidi began his investment career in 2000 and earned a B.A. from Tufts University.
Additional Investment Strategies and Policies
This section describes certain investment strategies and policies that the Fund may utilize in pursuit of its investment objective and some additional factors and risks involved with investing in the Fund.
Investment Guidelines
As a general matter, and except as specifically described in the discussion of the Fund’s principal investment strategies in this Combined Information Statement/Prospectus or as otherwise required by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, whenever an investment policy or limitation states a percentage of the Fund’s assets that may be invested in any security or other asset or sets forth a policy regarding an investment standard, compliance with that percentage limitation or standard will be determined solely at the time of the Fund’s investment in the security or asset.
Holding Other Kinds of Investments
The Fund may hold other investments that are not part of its principal investment strategies. These investments and their risks are described below and/or in the Fund’s SAI. The Fund may choose not to invest in certain securities described in this Combined Information Statement/Prospectus and in the Fund’s SAI, although it has the ability to do so. Information on the Fund’s holdings can be found in the Fund’s shareholder reports or by visiting columbiathreadneedleus.com.
Transactions in Derivatives
The Fund may enter into derivative transactions or otherwise have exposure to derivative transactions through underlying investments. Derivatives are financial contracts whose values are, for example, based on (or “derived” from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as the Secured Overnight Financing Rate (commonly known as SOFR) or the London Interbank Offered Rate (commonly known as LIBOR)) or market indices (such as the Standard & Poor’s 500® Index). The use of derivatives is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Derivatives involve special risks and may result in losses or may limit the Fund’s potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset directly. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility in the value of the derivative and/or the Fund’s shares, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund’s potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund’s derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. These changes could restrict and/or impose significant costs or other burdens upon the Fund’s participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Fund’s SAI.
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Investing in Affiliated Funds
Columbia Threadneedle or an affiliate serves as investment adviser to mutual funds using the Columbia brand (Columbia Funds), including those that are structured as “fund-of-funds”, and provides asset-allocation services to (i) shareholders by investing in shares of other Columbia Funds, which may include each Fund (collectively referred to in this section as Underlying Funds), and (ii) discretionary managed accounts (collectively referred to as affiliated products) that invest exclusively in Underlying Funds. These affiliated products, individually or collectively, may own a significant percentage of the outstanding shares of one or more Underlying Funds, and Columbia Threadneedle seeks to balance potential conflicts of interest between the affiliated products and the Underlying Funds in which they invest. The affiliated products’ investment in the Underlying Funds may have the effect of creating economies of scale, possibly resulting in lower expense ratios for the Underlying Funds, because the affiliated products may own substantial portions of the shares of Underlying Funds. However, redemption of Underlying Fund shares by one or more affiliated products could cause the expense ratio of an Underlying Fund to increase, as its fixed costs would be spread over a smaller asset base. Because of large positions of certain affiliated products, the Underlying Funds may experience relatively large inflows and outflows of cash due to affiliated products’ purchases and sales of Underlying Fund shares. Although Columbia Threadneedle or its affiliate may seek to minimize the impact of these transactions where possible, for example, by structuring them over a reasonable period of time or through other measures, Underlying Funds may experience increased expenses as they buy and sell portfolio securities to manage the cash flow effect related to these transactions. Further, when Columbia Threadneedle or its affiliate structures transactions over a reasonable period of time in order to manage the potential impact of the buy and sell decisions for the affiliated products, those affiliated products, including funds-of-funds, may pay more or less (for purchase activity), or receive more or less (for redemption activity), for shares of the Underlying Funds than if the transactions were executed in one transaction. In addition, substantial redemptions by affiliated products within a short period of time could require the Underlying Fund to liquidate positions more rapidly than would otherwise be desirable, which may have the effect of reducing or eliminating potential gain or causing it to realize a loss. In order to meet such redemptions, an Underlying Fund may be forced to sell its liquid (or more liquid) positions, leaving the Underlying Fund holding, post-redemption, a relatively larger position in illiquid investments (any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment) or less liquid securities. Substantial redemptions may also adversely affect the ability of the Underlying Fund to implement its investment strategy. Columbia Threadneedle or its affiliate also has an economic conflict of interest in determining the allocation of affiliated products’ assets among the Underlying Funds, as it earns different fees from the various Underlying Funds.
Investing in Money Market Funds
Each Fund may invest cash in, or hold as collateral for certain investments, shares of registered or unregistered money market funds, including funds advised by Columbia Threadneedle or its affiliates. These funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Each Fund and its shareholders indirectly bear a portion of the expenses of any money market fund or other fund in which such Fund may invest.
Lending of Portfolio Securities
Each Fund may lend portfolio securities to broker-dealers or other financial intermediaries on a fully collateralized basis in order to earn additional income. Each Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral.
Each Fund currently does not participate in the securities lending program but the Board of Trustees of the applicable Fund (the “Board”) may determine to renew participation in the future. For more information on lending of portfolio securities and the risks involved, see each Fund’s SAI and its annual and semiannual reports to shareholders.
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Investing Defensively
Each Fund may from time to time take temporary defensive investment positions that may be inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political, social or other conditions, including, without limitation, investing some or all of its assets in money market instruments or shares of affiliated or unaffiliated money market funds or holding some or all of its assets in cash or cash equivalents. Each Fund may take such defensive investment positions for as long a period as deemed necessary.
Each Fund may not achieve its investment objective while it is investing defensively. Investing defensively may adversely affect Fund performance. During these times, the portfolio managers may make frequent portfolio holding changes, which could result in increased trading expenses and taxes, and decreased Fund performance. See also Investing in Money Market Funds above for more information.
Other Strategic and Investment Measures
Each Fund may also from time to time take temporary portfolio positions that may or may not be consistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political, social or other conditions, including, without limitation, investing in derivatives, such as forward contracts, futures contracts, options, structured investments and swaps, for various purposes, including among others, investing in particular derivatives in seeking to reduce investment exposures, or in seeking to achieve indirect investment exposures, to a sector, country, region or currency where Columbia Threadneedle believes such positioning is appropriate. Each Fund may take such portfolio positions for as long a period as deemed necessary. While a Fund is so positioned, derivatives could comprise a substantial portion of the Fund’s investments and the Fund may not achieve its investment objective. Investing in this manner may adversely affect Fund performance. During these times, the portfolio managers may make frequent portfolio holding changes, which could result in increased trading expenses and taxes, and decreased Fund performance. For information on the risks of investing in derivatives, see Transactions in Derivatives above.
eDelivery and Mailings to Households
In order to reduce shareholder expenses, each Fund may mail only one copy of the Fund’s prospectus and each annual and semiannual report to those addresses shared by two or more accounts. If you wish to receive separate copies of these documents, call 800.345.6611 or, if your shares are held through a financial intermediary, contact your intermediary directly. Additionally, you may elect to enroll in eDelivery to receive electronic versions of these documents, as well as quarterly statements and supplements, by logging into your account at columbiathreadneedleus.com/investor/.
Cash Flows
The timing and magnitude of cash inflows from investors buying Fund shares could prevent each Fund from always being fully invested. Conversely, the timing and magnitude of cash outflows to shareholders redeeming Fund shares could require each Fund to sell portfolio securities at less than opportune times or to hold ready reserves of uninvested cash in amounts larger than might otherwise be the case to meet shareholder redemptions. Either situation could adversely impact each Fund’s performance.
Understanding Annual Fund Operating Expenses
Each Fund’s annual operating expenses, as presented in the Annual Fund Operating Expenses table in the Fees and Expenses of the Fund section of this Combined Information Statement/Prospectus, generally are based on expenses incurred during the Fund’s most recently completed fiscal year, may vary by share class and are expressed as a percentage (expense ratio) of the Fund’s average net assets during that fiscal year. The expense ratios reflect each Fund’s fee arrangements as of the date of this Combined Information Statement/Prospectus and, unless indicated otherwise, are based on expenses incurred during the Fund’s most recent fiscal year. Each Fund’s assets will fluctuate, but unless indicated otherwise in the Annual Fund Operating Expenses table, no adjustments have been or will be made to the expense ratios to reflect any differences in each Fund’s average net assets between the most recently completed fiscal year and the date of this Combined Information Statement/Prospectus or a later date. In general, each Fund’s expense ratios will increase as its net assets decrease, such that each Fund’s actual expense
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ratios may be higher than the expense ratios presented in the Annual Fund Operating Expenses table if assets fall. As applicable, any commitment by Columbia Threadneedle and/or its affiliates to waive fees and/or cap (reimburse) expenses is expected, in part, to limit the impact of any increase in each Fund’s expense ratios that would otherwise result because of a decrease in such Fund’s assets in the current fiscal year. Each Fund’s annual operating expenses are comprised of (i) investment management fees, (ii) distribution and/or service fees, and (iii) other expenses. Management fees do not vary by class, but distribution and/or service fees and other expenses may vary by class.
For Columbia Capital Allocation Aggressive Portfolio, in addition to the total annual Fund operating expenses that the Fund bears directly, the Fund’s shareholders indirectly bear the expenses of the underlying funds (or acquired funds) in which the Fund invests. Columbia Capital Allocation Aggressive Portfolio’s “Acquired Fund Fees and Expenses” shown are based on its allocations to the underlying funds as of the Fund’s fiscal year end. Because acquired funds will have varied expense and fee levels and the Fund may own different proportions of acquired funds at different times, the amount of fees and expenses incurred by the Fund with respect to such investments will vary. Columbia Capital Allocation Aggressive Portfolio invests in Class Inst3 shares of the underlying funds, which are not subject to distribution fees.
FUNDamentalsTM |
Other Expenses
“Other expenses” consist of the fees each Fund pays to its custodian, transfer agent, auditors, lawyers and trustees, costs relating to compliance and miscellaneous expenses. Generally, these expenses are allocated on a pro rata basis across all share classes. These fees include certain sub-transfer agency and shareholder servicing fees. Transfer agency fees and certain shareholder servicing fees, however, are class specific. They differ by share class because the shareholder services provided to each share class may be different. Accordingly, the differences in “other expenses” among share classes are primarily the result of the different transfer agency and shareholder servicing fees applicable to each share class. For more information on these fees, see Choosing a Share Class — Financial Intermediary Compensation.
Fee Waiver/Expense Reimbursement Arrangements and Impact on Past Performance
Columbia Threadneedle and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) through May 31, 2020 for Columbia Capital Allocation Aggressive Portfolio, February 28, 2021 for Columbia Select Global Equity Fund, June 30, 2020 for Columbia Select Mid Cap Value Fund and Columbia Overseas Core Fund and August 31, 2020 for Columbia Small Cap Value Fund I, unless sooner terminated at the sole discretion of each Fund’s Board, so that each Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from such Fund’s custodian, do not exceed the annual rates of:
Columbia Capital Allocation Aggressive Portfolio | ||||
Class A | 0.51 | % | ||
Class Adv | 0.26 | % | ||
Class C | 1.26 | % | ||
Class Inst | 0.26 | % | ||
Class Inst2 | 0.24 | % | ||
Class Inst3 | 0.19 | % | ||
Class R | 0.76 | % |
Columbia Select Global Equity Fund(a) | ||||
Class A | 1.31 | % | ||
Class Adv | 1.06 | % | ||
Class C | 2.06 | % | ||
Class Inst | 1.06 | % | ||
Class Inst2 | 1.00 | % | ||
Class Inst3 | 0.95 | % | ||
Class R | 1.56 | % |
(a) | Columbia Management Investment Advisers, LLC and certain of its affiliates have further contractually agreed, effective upon the closing of the Reorganization to waive fees and/or to reimburse expenses (excluding any Reorganization costs, transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through February 28, 2023, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.28% for Class A, 1.03% for Class Adv, 2.03% for Class C, 1.03% for Class Inst, 0.96% for Class Inst2, 0.91% for Class Inst3 and 1.53% for Class R. |
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Columbia Select Mid Cap Value Fund | ||||
Class A | 1.17 | % | ||
Class Adv | 0.92 | % | ||
Class C | 1.92 | % | ||
Class Inst | 0.92 | % | ||
Class Inst2(a)(b) | 0.80 | % | ||
Class Inst3(b) | 0.76 | % | ||
Class R | 1.42 | % |
(a) | Reflected in the cap commitments with respect to Class Inst2 is a contractual agreement by the Transfer Agent to waive fees and/or to reimburse expenses through June 30, 2020, unless sooner terminated at the sole discretion of Columbia Select Mid Cap Value Fund’s Board, so that the fees payable under Columbia Select Mid Cap Value Fund’s transfer agency agreement do not exceed the annual rate of 0.05%. |
(b) | The Fund’s transfer agent has contractually agreed, effective upon the closing of the Reorganization, to waive fees and/or to reimburse expenses through June 30, 2022, unless sooner terminated at the sole discretion of the Fund’s Board, so that the Fund’s transfer agency fees do not exceed the annual rate of 0.04% for Class Inst2 and 0.00% for Class Inst3. |
Columbia Overseas Core Fund(a) | ||||
Class A | 1.28 | % | ||
Class Adv | 1.03 | % | ||
Class C | 2.03 | % | ||
Class Inst | 1.03 | % | ||
Class Inst2 | 0.90 | % | ||
Class Inst3 | 0.84 | % |
(a) | Columbia Management Investment Advisers, LLC and certain of its affiliates have further contractually agreed, effective upon the closing of the Reorganization to waive fees and/or to reimburse expenses (excluding any Reorganization costs, transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through June 30, 2021, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.28% for Class A, 1.03% for Class Adv, 2.03% for Class C, 1.03% for Class Inst, 0.90% for Class Inst2 and 0.84% for Class Inst3. |
Columbia Small Cap Value Fund I(a) | ||||
Class A | 1.32 | % | ||
Class Adv | 1.07 | % | ||
Class C | 2.07 | % | ||
Class Inst | 1.07 | % | ||
Class Inst2 | 0.94 | % | ||
Class Inst3 | 0.89 | % |
(a) | Columbia Management Investment Advisers, LLC and certain of its affiliates have further contractually agreed, effective upon the closing of the Reorganization to waive fees and/or to reimburse expenses (excluding any Reorganization costs, transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) through August 31, 2021, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.32% for Class A, 1.07% for Class Adv, 2.07% for Class C, 1.07% for Class Inst, 0.94% for Class Inst2 and 0.89% for Class Inst3. |
Under the agreement, the following fees and expenses are excluded from each Fund’s operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by such Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investment in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses, any other expenses the exclusion of which is specifically approved by the Board and, for Columbia Capital Allocation Aggressive Portfolio, management services fees. This agreement may be modified or amended only with approval from all parties.
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Effect of Fee Waivers and/or Expense Reimbursements on Past Performance.
Each Fund’s returns shown in the Performance Information section of this Combined Information Statement/Prospectus reflect the effect of any fee waivers and/or reimbursements of Fund expenses by Columbia Threadneedle and/or any of its affiliates that were in place during the performance period shown. Without such fee waivers/expense reimbursements, each Fund’s returns might have been lower.
Each Fund enters into contractual arrangements (Service Provider Contracts) with various service providers, including, among others, Columbia Threadneedle, the Distributor, the Transfer Agent and the Fund’s custodian. The Fund’s Service Provider Contracts are solely among the parties thereto. Shareholders are not parties to, or intended to be third-party beneficiaries of, any Service Provider Contracts. Further, this Combined Information Statement/Prospectus, the Fund’s SAI and any Service Provider Contracts are not intended to give rise to any agreement, duty, special relationship or other obligation between a Fund and any investor, or give rise to any contractual, tort or other rights in any individual shareholder, group of shareholders or other person, including any right to assert a fiduciary or other duty, enforce the Service Provider Contracts against the parties or to seek any remedy thereunder, either directly or on behalf of the Fund. Nothing in the previous sentence should be read to suggest any waiver of any rights under federal or state securities laws.
Columbia Threadneedle, the Distributor, and the Transfer Agent are all affiliates of Ameriprise Financial, Inc. (“Ameriprise Financial”). They and their affiliates currently provide key services, including investment advisory, administration, distribution, shareholder servicing and transfer agency services, to each Fund and various other funds, including the Columbia Funds, and are paid for providing these services. These service relationships are described below.
The Investment Manager
Columbia Management Investment Advisers, LLC is located at 225 Franklin Street, Boston, MA 02110 and serves as investment adviser and administrator to the Columbia Funds. Columbia Threadneedle is a registered investment adviser and a wholly-owned subsidiary of Ameriprise Financial. Columbia Threadneedle’s management experience covers all major asset classes, including equity securities, debt instruments and money market instruments. In addition to serving as an investment adviser to traditional mutual funds, exchange-traded funds and closed-end funds, Columbia Threadneedle acts as an investment adviser for itself, its affiliates, individuals, corporations, retirement plans, private investment companies and financial intermediaries.
Subject to oversight by the Board, Columbia Threadneedle manages the day-to-day operations of each Fund, determining what securities and other investments each Fund should buy or sell and executing portfolio transactions. Columbia Threadneedle may use the research and other capabilities of its affiliates and third parties in managing each Fund’s investments. Columbia Threadneedle is also responsible for overseeing the administrative operations of each Fund, including the general supervision of each Fund’s operations, the coordination of each Fund’s other service providers and the provision of related clerical and administrative services. Although Columbia Threadneedle is responsible for the investment management of each Fund, for Columbia Select Global Equity Fund, Columbia Threadneedle has delegated certain of its duties, including day-to-day portfolio management of all or a portion of the Fund’s assets to its affiliate Threadneedle, which determines what securities and other investments the Fund should buy and sell. The other Funds are managed directly by Columbia Threadneedle.
The SEC has issued an order that permits Columbia Threadneedle, subject to the approval of the Board, to appoint unaffiliated subadvisers by entering into subadvisory agreements with them, and to change in material respects the terms of those subadvisory agreements, including the fees paid thereunder, for a Fund without first obtaining shareholder approval, thereby avoiding the expense and delays typically associated with obtaining shareholder approval. Each Fund furnishes shareholders with information about new subadvisers retained in reliance on the order within 90 days after hiring the subadviser. Columbia Threadneedle and its affiliates may have other relationships, including significant financial relationships, with current or potential subadvisers or their affiliates, which may create certain conflicts of interest. When making recommendations to the Board to appoint or to change a subadviser, or to change the terms of a subadvisory agreement, Columbia Threadneedle discloses to the Board the nature of any such material relationships. Except for Columbia Select Global Equity Fund, Columbia Threadneedle has not engaged any investment subadviser for the Funds.
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Each Fund pays Columbia Threadneedle a fee for its management services, which include investment advisory services and administrative services. The fee is calculated as a percentage of the average daily net assets of each Fund and is paid monthly. For each Fund’s most recent fiscal year, management services fees paid to Columbia Threadneedle by such Fund were the following percentages of each Fund’s average daily net assets before any applicable reimbursements:
Acquiring Fund | Percentage of Fund’s Average Daily Net Assets | |||
Columbia Capital Allocation Aggressive Portfolio | 0.08 | % | ||
Columbia Select Global Equity Fund | 0.87 | % | ||
Columbia Select Mid Cap Value Fund | 0.75 | % | ||
Columbia Overseas Core Fund | 0.87 | % | ||
Columbia Small Cap Value Fund I | 0.86 | % |
A discussion regarding the basis for each Board’s approval of the renewal of each Fund’s management agreement is available in Columbia Capital Allocation Aggressive Portfolio’s Semiannual Report to Shareholders for the period ended July 31, 2019, Columbia Select Global Equity Fund’s Annual Report to Shareholders for the fiscal year ended October 31, 2019, Columbia Select Mid Cap Value Fund’s Semiannual Report to Shareholders for the period ended August 31, 2019, Columbia Overseas Core Fund’s Semiannual Report to Shareholders for the period ended August 31, 2019 and Columbia Small Cap Value Fund I’s Semiannual Report to Shareholders for the period ended October 31, 2019. For Columbia Select Global Equity Fund, Columbia Overseas Core Fund and Columbia Small Cap Value Fund I, a discussion regarding the basis for each Board’s approval of an amended management fee schedule will be available in each Fund’s first Annual or Semiannual Report to Shareholders following its Reorganization.
Columbia Threadneedle has, with the approval of the Board, engaged an investment subadviser(s) to make the day-to-day investment decisions for Columbia Select Global Equity Fund. Columbia Threadneedle pays the subadviser(s) for investment advisory services and retains ultimate responsibility (subject to Board oversight) for overseeing any subadviser it engages and for evaluating the Fund’s needs and the subadvisers’ skills and abilities on an ongoing basis. Based on its evaluations, Columbia Threadneedle may at times recommend to the Board that the Fund change, add or terminate one or more subadvisers; continue to retain a subadviser even though the subadviser’s ownership or corporate structure has changed; or materially change a subadvisory agreement with a subadviser. A discussion regarding the basis for the Board’s approval of the renewal of the investment subadvisory agreement with Threadneedle is available in the Fund’s annual report to shareholders for the fiscal year ended October 31, 2019.
Subadviser
Threadneedle, which has served as Subadviser to Columbia Select Global Equity Fund since July 2004, is located at Cannon Place, 78 Cannon Street, London EC4N 6AG, United Kingdom. Threadneedle is an affiliate of Columbia Threadneedle, and an indirect wholly-owned subsidiary of Ameriprise Financial. Threadneedle was founded in 1994 and has experience managing investment strategies covering equities, fixed income, real estate, asset allocation and alternatives.
The Distributor
Shares of each Fund are distributed by Columbia Management Investment Distributors, Inc., which is located at 225 Franklin Street, Boston, MA 02110. The Distributor is a registered broker-dealer and an indirect, wholly-owned subsidiary of Ameriprise Financial. The Distributor and its affiliates may pay commissions, distribution and service fees and/or other compensation to entities, including Ameriprise Financial affiliates, for selling shares and providing services to investors.
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The Transfer Agent
Columbia Management Investment Services Corp. is a registered transfer agent and wholly-owned subsidiary of Ameriprise Financial. The Transfer Agent is located at 225 Franklin Street, Boston, MA 02110, and its responsibilities include processing purchases, redemptions and exchanges of Fund shares, calculating and paying distributions, maintaining shareholder records, preparing account statements and providing customer service. The Transfer Agent has engaged DST Asset Manager Solutions, Inc. to provide various shareholder or “sub-transfer agency” services. In addition, the Transfer Agent enters into agreements with various financial intermediaries through which you may hold Fund shares, pursuant to which the Transfer Agent pays these financial intermediaries for providing certain shareholder services. Depending on the type of account, the Fund pays the Transfer Agent a per account fee or a fee based on the assets invested through omnibus accounts, and reimburses the Transfer Agent for certain out-of-pocket expenses, including certain payments to financial intermediaries through which shares are held.
Other Roles and Relationships of Ameriprise Financial and its Affiliates — Certain Conflicts of Interest
Columbia Threadneedle, Distributor and Transfer Agent, all affiliates of Ameriprise Financial, provide various services to each Fund and other Columbia Funds for which they are compensated. Ameriprise Financial and its other affiliates may also provide other services to these funds and be compensated for them.
Columbia Threadneedle and its affiliates may provide investment advisory and other services to other clients and customers substantially similar to those provided to the Columbia Funds. These activities, and other financial services activities of Ameriprise Financial and its affiliates, may present actual and potential conflicts of interest and introduce certain investment constraints.
Ameriprise Financial is a major financial services company, engaged in a broad range of financial activities beyond the fund-related activities of Columbia Threadneedle, including, among others, insurance, broker-dealer (sales and trading), asset management, banking and other financial activities. These additional activities may involve multiple advisory, financial, insurance and other interests in securities and other instruments, and in companies that issue securities and other instruments, that may be bought, sold or held by the Columbia Funds.
Conflicts of interest and limitations that could affect a Columbia Fund may arise from, for example, the following:
• | compensation and other benefits received by Columbia Threadneedle and other Ameriprise Financial affiliates related to the management/administration of a Columbia Fund and the sale of its shares; |
• | the allocation of, and competition for, investment opportunities among each Fund, other funds and accounts advised/managed by Columbia Threadneedle and other Ameriprise Financial affiliates, or Ameriprise Financial itself and its affiliates; |
• | separate and potentially divergent management of a Columbia Fund and other funds and accounts advised/managed by Columbia Threadneedle and other Ameriprise Financial affiliates; |
• | regulatory and other investment restrictions on investment activities of Columbia Threadneedle and other Ameriprise Financial affiliates and accounts advised/managed by them; |
• | insurance and other relationships of Ameriprise Financial affiliates with companies and other entities in which a Columbia Fund invests; and |
• | regulatory and other restrictions relating to the sharing of information between Ameriprise Financial and its affiliates, including Columbia Threadneedle, and a Columbia Fund. |
Columbia Threadneedle and Ameriprise Financial have adopted various policies and procedures that are intended to identify, monitor and address conflicts of interest. However, there is no assurance that these policies, procedures and disclosures will be effective.
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Additional information about Ameriprise Financial and the types of conflicts of interest and other matters referenced above is set forth in the Investment Management and Other Services — Other Roles and Relationships of Ameriprise Financial and its Affiliates — Certain Conflicts of Interest section of the Fund’s SAI. Investors in the Columbia Funds should carefully review these disclosures and consult with their financial advisor if they have any questions.
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that each Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on such Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with such Fund. Information regarding certain pending and settled legal proceedings may be found in each Fund’s shareholder reports and in the Fund’s SAI. Additionally, Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the SEC on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at sec.gov.
The Columbia Funds (referred to as the Funds) generally share the same policies and procedures for investor services, as described below. Each Fund is a series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I) or Columbia Funds Series Trust II (CFST II), and certain features of distribution and/or service plans may differ among these trusts.
Funds Contact Information
Additional information about the Funds, including sales charges and other class features and policies, can be obtained, free of charge, at columbiathreadneedleus.com,* by calling toll-free 800.345.6611, or by writing (regular mail) to Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104 or (express mail) Columbia Management Investment Services Corp., c/o DST Asset Manager Solutions, Inc., 430 W 7th Street, Ste 219104, Kansas City, MO 64105-1407.
* | The website references in this Combined Information Statement/Prospectus are inactive links and information contained in or otherwise accessible through the referenced websites does not form a part of this Combined Information Statement/Prospectus. |
FUNDamentalsTM |
Financial Intermediaries
The term “financial intermediary” refers to the selling and servicing agents that are authorized to sell and/or service shares of the Funds. Financial intermediaries include broker-dealers and financial advisors as well as firms that employ broker-dealers and financial advisors, including, for example, brokerage firms, banks, investment advisers, third party administrators and other firms in the financial services industry.
Omnibus Accounts
The term “omnibus account” refers to a financial intermediary’s account with the Fund (held directly through the Transfer Agent) that represents the combined holdings of, and transactions in, Fund shares of one or more clients of the financial intermediary (beneficial Fund shareholders). Omnibus accounts are held in the name of the financial intermediaries and not in the name of the beneficial Fund shareholders invested in the Fund through omnibus accounts.
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Retirement Plans and Omnibus Retirement Plans
The term “retirement plan” refers to retirement plans created under Sections 401(a), 401(k), 457 and 403(b) of the Internal Revenue Code of 1986, as amended (the Code), and non-qualified deferred compensation plans governed by Section 409A of the Code and similar plans, but does not refer to individual retirement plans, such as traditional IRAs and Roth IRAs. The term “omnibus retirement plan” refers to a retirement plan that has a plan-level or omnibus account with the Transfer Agent.
Networked Accounts
Networking, offered by the Depository Trust & Clearing Corporation’s Wealth Management Services (WMS), is the industry standard IT system for mutual fund account reconciliation and dividend processing.
Summary of Share Class Features
The following summarizes the primary features of Class A, Class C, Class Adv, Class C, Class Inst, Class Inst2, Class Inst3 and Class R shares.
Each share class has its own investment eligibility criteria, cost structure and other features. Your financial intermediary may not make every share class available or may cease to make available one or more share classes of a Fund. The share class you select through your financial intermediary may have higher fees and/or sales charges than other classes of shares available through other financial intermediaries. An investor transacting in a class of Fund shares without any front-end sales charge, contingent deferred sales charge (CDSC), or other asset-based fee for sales or distribution, such as a Rule 12b-1 fee, may be required to pay a commission to the financial intermediary for effecting such transactions. Each investor’s personal situation is different and you may wish to discuss with your financial intermediary the share classes the Fund offers, which share classes are available to you and which share class(es) is/are appropriate for you. In all instances, it is your responsibility to notify your financial intermediary or (for Direct-at-Fund Accounts, as defined below) the Fund at the time of purchase of any relationship or other facts that may qualify you for sales charge waivers or discounts. The Funds, the Distributor and the Transfer Agent do not provide investment advice or make recommendations regarding Fund share classes. Your financial intermediary may provide advice and recommendations to you, such as which share class(es) is/are appropriate for you.
When deciding which class of shares to buy, you should consider, among other things:
• | The amount you plan to invest. |
• | How long you intend to remain invested in the Fund. |
• | The expenses for each share class. |
• | Whether you may be eligible for a reduction or waiver of sales charges when you buy or sell shares. |
FUNDamentalsTM |
Front-End Sales Charge Calculation
The front-end sales charge is calculated as a percentage of the offering price.
• | The net asset value (NAV) per share is the price of a share calculated by the Fund every business day. |
• | The offering price per share is the NAV per share plus any front-end sales charge (or load) that applies. |
The dollar amount of any applicable front-end sales charge is the difference between the offering price of the shares you buy and the NAV of those shares. To determine the front-end sales charge you will pay when you buy Class A shares, the Fund will add the amount of your investment to the value of your account (and any other accounts eligible for aggregation of which you or your financial intermediary notifies the Fund) and base the sales charge on the aggregate amount. For information on account value aggregation, sales charge waivers and other important information, see Choosing a Share Class — Reductions/Waivers of Sales Charges.
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FUNDamentalsTM |
Contingent Deferred Sales Charge
A contingent deferred sales charge (CDSC) is a sales charge applied at the time you sell your shares, unlike a front-end sales charge that is applied at the time of purchase. A CDSC can vary based on the length of time that you have held your shares. A CDSC is applied to the NAV at the time of your purchase or sale, whichever is lower, and will not be applied to any shares you receive through Fund distribution reinvestments or any amount that represents appreciation in the value of your shares. For purposes of calculating a CDSC, the start of the holding period is generally the first day of the month in which your purchase was made. When you place an order to sell shares of a class that has a CDSC, the Fund will first redeem any shares that are not subject to a CDSC, followed by those you have held the longest. This means that if a CDSC is imposed, you cannot designate the individual shares being redeemed for U.S. federal income tax purposes. You should consult your tax advisor about the tax consequences of investing in the Fund. In certain circumstances, the CDSC may not apply. See Choosing a Share Class — Reductions/Waivers of Sales Charges for details.
The sales charge reductions and waivers available to investors who purchase and hold their Fund shares through different financial intermediaries may vary. Appendix C describes financial intermediary-specific reductions and/or waiver policies. A shareholder transacting in Fund shares through a financial intermediary identified in Appendix C should carefully read the terms and conditions of Appendix C. A reduction and/or waiver that is specific to a particular financial intermediary is not available to Direct-at-Fund Accounts, as defined below, or through another financial intermediary. The information in Appendix C may be provided by, or compiled from or based on information provided by the financial intermediaries identified in Appendix C. To obtain additional information regarding any sales charge reduction and/or waiver described in Appendix C, and to ensure that you receive any such reductions or waivers that may be available to you, please consult your financial intermediary.
Sales charges, commissions, and distribution fees compensate financial intermediaries (typically your financial advisor) for selling shares to you, and service fees compensate financial intermediaries for maintaining and servicing the shares held in your account with them. Distribution and service fees are discussed in a separate sub-section below. Depending on which share class you choose and the financial intermediary through which you purchase your shares, you may pay these charges at potentially different levels at the outset as a front-end sales charge, at the time you sell your shares as a CDSC and/or over time in the form of distribution and/or service fees.
As described in more detail below, Class A shares have a front-end sales charge, which is deducted from your purchase price when you buy your shares, and results in a smaller dollar amount being invested in a Fund than the purchase price you pay (unless you qualify for a waiver or reduction of the sales charge). Each Fund’s other share classes do not have a front-end sales charge, so the full amount of your purchase price is invested in those classes. Class A shares have lower ongoing distribution and/or service fees than Class C and Class R shares of a Fund. Over time, Class C and Class R shares can incur distribution and/or service fees that are equal to or more than the front-end sales charge and the distribution and/or service fees you would pay for Class A shares. Although the full amount of your purchase price of Class C and Class R shares is invested in a Fund, your return on this money will be reduced by the expected higher annual expenses of Class C and Class R shares. In this regard, note that Class C shares will generally automatically convert to Class A shares of the same Fund in the month of or the month following the 10-year anniversary of the Class C shares purchase date. A Fund may convert Class C shares held through a financial intermediary to Class A shares sooner in connection with the withdrawal of Class C shares of the Fund from the financial intermediary’s platform or accounts. No sales charge or other charges will apply in connection with such conversions, and conversions are free from U.S. federal income tax. Once your Class C shares convert to Class A shares, your total returns from an investment in the Fund may increase as a result of the lower operating costs of Class A shares. Class Adv, Class Inst, Class Inst2 and Class Inst3 shares of the Fund do not have distribution and/or service fees.
Whether the ultimate cost is higher for one share class over another depends on the amount you invest, how long you hold your shares, the fees (i.e., sales charges) and expenses of the class and whether you are eligible for reduced or waived sales charges, if available. You are responsible for choosing the share class most appropriate for you after taking into account your share class eligibility, class-specific features, and any applicable reductions in, or waivers of, sales charges. For more information, see Choosing a Share Class – Reductions/Waivers of Sales Charges. We encourage you to consult with a financial advisor who can help you with your investment decisions. Please contact your financial intermediary for more information about services, fees and expenses, and other
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important information about investing in the Fund, as well as with any questions you may have about your investing options. In all instances, it is your responsibility to notify your financial intermediary or (for Direct-at-Fund Accounts, as defined below) the Fund at the time of purchase of any relationship or other facts that may qualify you for sales charge waivers or discounts.
Class A Shares — Front-End Sales Charge
Unless your purchase qualifies for a waiver (e.g., you buy the shares through reinvested Fund dividends or distributions or subject to an applicable financial intermediary-specific waiver), you will pay a front-end sales charge when you buy Class A shares, resulting in a smaller dollar amount being invested in a Fund than the purchase price you pay. The Class A shares sales charge is waived on Class C shares converted to Class A shares. For more information about sales charge waivers and reduction opportunities, see Choosing a Share Class — Reductions/Waivers of Sales Charges and Appendix C.
The Distributor receives the sales charge and re-allows (or pays) a portion of the sales charge to the financial intermediary through which you purchased the shares. The Distributor retains the balance of the sales charge. The Distributor retains the full sales charge you pay when you purchase shares of a Fund directly from the Fund (through the Transfer Agent, rather than through a financial intermediary).
The front-end sales charge you will pay on Class A shares:
• | depends on the amount you are investing (generally, the larger the investment, the smaller the percentage sales charge), and |
• | is based on the total amount of your purchase and the value of your account (and any other accounts eligible for aggregation of which you or your financial intermediary notifies the Fund). |
The table below presents the front-end sales charge as a percentage of both the offering price and the net amount invested.
Class A Shares — Front-End Sales Charge — Breakpoint Schedule
Breakpoint Schedule For: | Dollar amount of shares bought(a) | Sales charge as a % of the offering price(b) | Sales charge as a % of the net amount invested(b) | Amount retained by or paid to financial intermediaries as a % of the offering price | ||||||||||
$0–$49,999 | 5.75 | % | 6.10 | % | 5.00 | % | ||||||||
$50,000–$99,999 | 4.50 | % | 4.71 | % | 3.75 | % | ||||||||
Acquiring Funds | $100,000–$249,999 | 3.50 | % | 3.63 | % | 3.00 | % | |||||||
$250,000–$499,999 | 2.50 | % | 2.56 | % | 2.15 | % | ||||||||
$500,000–$999,999 | 2.00 | % | 2.04 | % | 1.75 | % | ||||||||
$1,000,000 or more | 0.00 | % | 0.00 | % | 0.00 | %(c) |
(a) | Purchase amounts and account values may be aggregated among all eligible Fund accounts for the purposes of this table. See Choosing a Share Class — Reductions/Waivers of Sales Charges for a discussion of account value aggregation. |
(b) | Because the offering price is calculated to two decimal places, the dollar amount of the sales charge as a percentage of the offering price and your net amount invested for any particular purchase of Fund shares may be higher or lower depending on whether downward or upward rounding was required during the calculation process. Purchase price includes the sales charge. |
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Class A Shares — CDSC
In some cases, you’ll pay a CDSC if you sell Class A shares that you purchased without a front-end sales charge.
• | If you purchased Class A shares of the Fund without paying a front-end sales charge because your eligible accounts aggregated between $1 million and $50 million at the time of purchase, you will incur a CDSC if you redeem those shares within 18 months after purchase, which is charged as follows: 1.00% CDSC if shares are redeemed within 12 months after purchase; and 0.50% CDSC if shares are redeemed more than 12, but less than 18, months after purchase. Subsequent Class A share purchases that bring your aggregate account value to $1 million or more (but less than $50 million) will also be subject to a CDSC if you redeem them within 18 months after purchase as described in the previous sentence. |
Class A Shares — Commissions
The Distributor may pay your financial intermediary an up-front commission when you buy Class A shares. The Distributor generally funds the commission through the applicable sales charge you paid. For more information, see Class A Shares — Front-End Sales Charge above.
The Distributor may also pay your financial intermediary a cumulative commission when you buy Class A shares in amounts not subject to a front-end sales charge, according to the following schedules (assets initially purchased into Class A shares of a Fund that was purchased without the application of a front-end sales charge are excluded for purposes of calculating a financial intermediary’s commission under these schedules):
Class A Shares — Commission Schedule (Paid by the Distributor to Financial Intermediaries)*
Purchase Amount | Commission Level** (as a % of net asset value per share) | |||
$1 million – $2,999,999 | 1.00 | % | ||
$3 million – $49,999,999 | 0.50 | % | ||
$50 million or more | 0.25 | % |
* | Not applicable to Funds that do not assess a front-end sales charge. |
** | The commission level applies to the applicable asset level; therefore, for example, for a purchase of $5 million, the Distributor would pay a commission of 1.00% on the first $2,999,999 and 0.50% on the balance. |
Class C Shares — Front-End Sales Charge
You do not pay a front-end sales charge when you buy Class C shares, but you may pay a CDSC when you sell Class C shares. Although Class C shares do not have a front-end sales charge, over time Class C shares can incur distribution and/or service fees that are equal to or more than the front-end sales charge and distribution and/or service fees you would pay for Class A shares. Thus, although the full amount of your purchase of Class C shares is invested in a Fund, any positive investment return on this money may be partially or fully offset by the expected higher annual expenses of Class C shares. If you are eligible to invest in Class A shares without a front-end sales charge, you should discuss your options with your financial intermediary. For more information, see Choosing a Share Class – Reductions/Waivers of Sales Charges.
Class C Shares — Conversion to Class A Shares
Class C shares of a Fund generally automatically convert to Class A shares of the same Fund in the month of or the month following the 10-year anniversary of the Class C shares purchase date. Class C shares held through a financial intermediary in an omnibus account will be converted provided that the intermediary is able to track purchases to credit individual shareholders’ holding periods. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records and to ensure that the shareholder is credited with the proper holding period. Not all financial intermediaries are able to track purchases to credit individual shareholders’ holding periods. For example, group retirement plans held through third-party intermediaries that hold Class C shares in an omnibus account may not track participant level share lot aging. Please consult with your financial intermediary about your eligibility for Class C share conversion. The Fund may convert Class C shares held through a financial intermediary to Class A shares sooner in connection with the withdrawal of Class C shares of the Fund from the financial intermediary’s platform or accounts. Once your Class C shares convert to Class A shares, your total returns from an investment in the Fund may increase as a result of the lower operating costs of Class A shares.
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The following rules apply to the automatic conversion of Class C shares to Class A shares:
• | Class C share accounts that are Direct-at-Fund Accounts and Networked Accounts for which the Transfer Agent (and not your financial intermediary) sends you Fund account transaction confirmations and statements, convert on or about the 15th day of the month (if the 15th is not a business day, then the next business day thereafter) that they become eligible for automatic conversion provided that the Fund has records that Class C shares have been held for the requisite time period. |
• | For purposes of determining the month when your Class C shares are eligible for conversion, the start of the holding period is the first day of the month in which your purchase was made. Your financial intermediary may choose a different day of the month to convert Class C shares. Please contact your financial intermediary for more information on calculating the holding period. |
• | Any shares you received from reinvested distributions on these shares generally will convert to Class A shares at the same time. |
• | You’ll receive the same dollar value of Class A shares as the Class C shares that were automatically converted. Class C shares that you received from an exchange of Class C shares of another Fund will convert based on the day you bought the original shares. |
• | No sales charge or other charges apply in connection with this automatic conversion, and conversions are free from U.S. federal income tax. |
Class C Shares — CDSC
You will pay a CDSC of 1.00% if you redeem Class C shares within 12 months of buying them unless you qualify for a waiver of the CDSC (e.g., the shares you are selling were purchased with reinvested Fund distributions). Redemptions of Class C shares are not subject to a CDSC if redeemed after 12 months. Class C shares of Columbia Government Money Market Fund are not subject to a CDSC. For more information, see Choosing a Share Class — Reductions/Waivers of Sales Charges.
Class C Shares — Commissions
Although there is no front-end sales charge when you buy Class C shares, the Distributor makes an up-front payment (which includes a sales commission and an advance of service fees) directly to your financial intermediary of up to 1.00% of the NAV per share when you buy Class C shares (except on purchases of Class C shares of Columbia Government Money Market Fund). A portion of this payment may be passed along to your financial advisor. The Distributor seeks to recover this payment through fees it receives under the Fund’s distribution and/or service plan during the first 12 months following the sale of Class C shares, and any applicable CDSC when you sell your shares. For more information, see Choosing a Share Class — Distribution and Service Fees.
Reductions/Waivers of Sales Charges
The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund (i.e., a Direct-at-Fund Account, as defined below) or through a financial intermediary. Financial intermediaries may have different policies and procedures regarding the availability of front-end sales charge and/or CDSC waivers. In all instances, it is your responsibility to notify your financial intermediary or (for Direct-at-Fund Accounts, as defined below) the Fund at the time of purchase of any relationship or other facts that may qualify you for sales charge waivers or discounts. In order to obtain waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase Fund shares directly from the Fund (if permitted) or through a different financial intermediary. For a description of financial intermediary-specific sales charge reductions and/or waivers, see Appendix C.
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Class A Shares Front-End Sales Charge Reductions
The Fund makes available two means of reducing the front-end sales charge that you may pay when you buy Class A shares of a Fund. These types of sales charge reductions are also referred to as breakpoint discounts.
First, through the right of accumulation (ROA), you may combine the value of eligible accounts (as described in the Eligible Accounts section below) maintained by you and members of your immediate family to reach a breakpoint discount level and apply a lower front-end sales charge to your purchase. To calculate the combined value of your eligible Fund accounts in the particular class of shares, the Fund will use the current public offering price per share. For purposes of obtaining a breakpoint discount through ROA, you may aggregate your and your “immediate family” members’ ownership (as described in the FUNDamentals box below) of certain classes of shares held in certain account types, as described in the Eligible Accounts section below.
Second, by making a statement of intent to purchase additional shares (commonly referred to as a letter of intent (LOI)), you may pay a lower sales charge on all purchases of Class A shares made within 13 months after the date of your LOI. Your LOI must state the aggregate amount of purchases you intend to make in that 13-month period, which must be at least enough to reach the first (or next) breakpoint of the Fund. The required form of LOI may vary by financial intermediary, so please contact them directly for more information. Five percent of the purchase commitment amount will be placed in escrow. At the end of the 13-month period, the shares will be released from escrow, provided that you have invested the commitment amount. If you do not invest the commitment amount by the end of the 13 months, the remaining amount of the unpaid sales charge will be redeemed from the escrowed shares and the remaining balance released from escrow. To calculate the total value of the purchases you’ve made under an LOI, the Fund will use the historic cost (i.e., dollars invested and not current market value) of the shares held in each eligible account; reinvested dividends or capital gains, or purchases made through the reinstatement privilege do not count as purchases made under an LOI. For purposes of making an LOI to purchase additional shares, you may aggregate eligible shares owned by you or your immediate family members in eligible accounts, valued as of the day immediately before the initiation of your LOI.
You must request the reduced sales charge (whether through ROA or an LOI) when you buy shares. If you do not complete and file an LOI, or do not request the reduced sales charge at the time of purchase, you will not be eligible for the reduced sales charge. To obtain a breakpoint discount, you must notify your financial intermediary in writing at the time you buy your shares of each eligible account maintained by you and members of your immediate family, including accounts maintained through different financial intermediaries. You and your financial intermediary are responsible for ensuring that you receive discounts for which you are eligible. Please contact your financial intermediary with questions regarding application of the eligible discount to your account. You may be asked by your financial intermediary (or by the Fund if you hold your account directly with the Fund) for account statements or other records to verify your discount eligibility for new and subsequent purchases, including, when applicable, records for accounts opened with a different financial intermediary and records of accounts established by members of your immediate family.
The sales charge reductions available to investors who purchase and hold their Fund shares through different financial intermediaries may vary. For a description of such financial intermediary-specific sales charge reductions, see Appendix C.
FUNDamentalsTM |
Your “Immediate Family” and Account Value Aggregation
For purposes of obtaining a breakpoint discount for Class A shares, the value of your account will be deemed to include the value of all applicable shares in eligible Fund accounts that are held by you and your “immediate family,” which includes your spouse, domestic partner, parent, step-parent, legal guardian, child under 21, step-child under 21, father-in-law and mother-in-law, provided that you and your immediate family members share the same mailing address. Any Fund accounts linked together for account value aggregation purposes as of the close of business on September 3, 2010 will be permitted to remain linked together. Group retirement plan accounts are valued at the retirement plan level.
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Eligible Accounts
The following accounts are eligible for account value aggregation as described above, provided that they are invested in Class A (excluding, in the case of Direct-at-Fund Accounts, Funds that do not assess a front-end sales charge, including Columbia Government Money Market Fund, Columbia Large Cap Enhanced Core Fund, Columbia Large Cap Index Fund, Columbia Mid Cap Index Fund, Columbia Small Cap Index Fund, Columbia Ultra Short Term Bond Fund and Columbia U.S. Treasury Index Fund, unless such shares were purchased via an exchange from Class A shares of a Fund on which you paid the Class A share applicable front-end sales charge), Class C, Class E, Class Inst or Class V shares of a Fund, or non-retirement plan accounts invested in Class Adv, Class Inst2 or Class Inst3 shares of a Fund: individual or joint accounts; Roth and traditional Individual Retirement Accounts (IRAs); Simplified Employee Pension accounts (SEPs), Savings Investment Match Plans for Employees of Small Employers accounts (SIMPLEs) and Tax Sheltered Custodial Accounts (TSCAs); Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA) accounts for which you, your spouse, or your domestic partner is parent or guardian of the minor child; revocable trust accounts for which you or an immediate family member, individually, is the beneficial owner/grantor; accounts held in the name of your, your spouse’s, or your domestic partner’s sole proprietorship or single owner limited liability company or S corporation; qualified retirement plan assets, provided that you are the sole owner of the business sponsoring the plan, are the sole participant (other than a spouse) in the plan, and have no intention of adding participants to the plan; and investments in wrap accounts.
The following accounts are not eligible for account value aggregation as described above: accounts of pension and retirement plans with multiple participants, such as 401(k) plans (which are combined to reduce the sales charge for the entire pension or retirement plan and therefore are not used to reduce the sales charge for your individual accounts); investments in 529 plans, donor advised funds, variable annuities, variable insurance products or managed separate accounts; charitable and irrevocable trust accounts; accounts holding shares of money market funds that used the Columbia brand before May 1, 2010; accounts invested in Class R shares of a Fund; and retirement plan accounts invested in Class Adv, Class Inst2 or Class Inst3 shares of a Fund.
Additionally, direct purchases of shares of Columbia Government Money Market Fund may not be aggregated for account value aggregation purposes; however, shares of Columbia Government Money Market Fund acquired by exchange from other Columbia Funds that assess a sales charge may be included in account value aggregation.
Class A Shares Front-End Sales Charge Waivers
There are no front-end sales charges on reinvested Fund distributions. The Class A shares sales charge is waived on conversions of Class C shares to Class A shares. The Distributor may waive front-end sales charges on purchases of Class A shares of the Funds by certain categories of investors, including Board members, certain employees of financial intermediaries, Fund portfolio managers, certain partners and employees of outside legal counsel to the Funds or the Board, separate accounts of an insurance company exempt from registration as an investment company under Section 3(c)(11) of the 1940 Act, registered broker-dealer firms that have an agreement with the Distributor purchasing Fund shares for their investment account only, and qualified employee benefit plan rollovers to Class A shares in the same Fund (see Appendix S to the SAI for details). For a more complete description of categories of investors who may purchase Class A shares of the Funds at NAV, without payment of any front-end sales charge that would otherwise apply, see Appendix S to the SAI.
In addition, certain types of purchases of Class A shares may be made at NAV. The Distributor may waive front-end sales charges on (i) purchases (including exchanges) of Class A shares in accounts of financial intermediaries that have entered into agreements with the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to customers; (ii) exchanges of Class Inst shares of a Fund for Class A shares of the Fund; (iii) purchases of Class A shares on brokerage mutual fund-only platforms of financial intermediaries that have an agreement with the Distributor that specifically authorizes the offering of Class A shares within such platform; (iv) purchases through certain wrap fee or other products or programs that involve fee-based compensation arrangements that have, or clear trades through a financial intermediary that has, a selling agreement with the Distributor; (v) purchases through state sponsored 529 Plans; (vi) purchases through banks, trust companies, and thrift institutions acting as fiduciaries; and (vii) purchases through certain employee benefit plans and certain qualified deferred compensation plans. For a more complete description of these eligible transactions, see Appendix S to the SAI.
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The sales charge waivers available to investors who purchase and hold their Fund shares through different financial intermediaries may vary. For a description of such financial intermediary-specific sales charge waivers, see Appendix C.
CDSC Waivers — Class A and Class C
You may be able to avoid an otherwise applicable CDSC when you sell Class A or Class C shares of the Fund. This could happen because of the way in which you originally invested in the Fund, because of your relationship with the Funds or for other reasons. For example, the CDSC will be waived on redemptions of shares in the event of the shareholder’s death; for which no sales commission or transaction fee was paid to an authorized financial intermediary at the time of purchase; purchased through reinvestment of dividends and capital gain distributions; that result from required minimum distributions taken from retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations; that result from returns of excess contributions made to retirement plans or individual retirement accounts (subject to certain conditions); initially purchased by an employee benefit plan (for Class A shares) and that are not connected with a plan level termination (for Class C shares); in connection with the Fund’s Small Account Policy (which is described in Buying, Selling and Exchanging Shares — Transaction Rules and Policies); and by certain other investors and in certain other types of transactions or situations. Restrictions may apply to certain accounts and certain transactions. The Distributor may, in its sole discretion, authorize the waiver of the CDSC for additional classes of investors. The Fund may change or cancel these terms at any time. Any change or cancellation applies only to future purchases. For a more complete description of the available waivers of the CDSC on redemptions of Class A or Class C shares, see Appendix S to the SAI.
The sales charge waivers available to investors who purchase and hold their Fund shares through different financial intermediaries may vary. For a description of such financial intermediary-specific sales charge waivers, see Appendix C.
Repurchases (Reinstatements)
As noted in the table below, you can redeem shares of certain classes (see Redeemed Share Class below) and use such redemption proceeds to buy shares of the Corresponding Repurchase Class without paying an otherwise applicable sales charge and/or CDSC (other than, in the case of Direct-at-Fund Accounts, redemptions from Funds that do not assess a front-end sales charge, including Columbia Government Money Market Fund, Columbia Large Cap Enhanced Core Fund, Columbia Large Cap Index Fund, Columbia Mid Cap Index Fund, Columbia Small Cap Index Fund, Columbia Ultra Short Term Bond Fund and Columbia U.S. Treasury Index Fund, unless such shares were purchased via an exchange from Class A shares of a Fund on which you paid the Class A share applicable front-end sales charge) within 90 days, up to the amount of the redemption proceeds.
Repurchases (Reinstatements)
Redeemed Share Class | Corresponding Repurchase Class | |||
Class A | Class A | |||
Class C | Class C |
Any CDSC paid upon redemption of your Class A or Class C shares of a Fund will not be reimbursed.
To be eligible for the repurchase (or reinstatement) privilege, the purchase must be made into an account for the same owner, but does not need to be into the same Fund from which the shares were sold. The Transfer Agent, Distributor or their agents must receive a written reinstatement request from you or your financial intermediary within 90 days after the shares are redeemed. The purchase of the Corresponding Repurchase Class (as noted in the table above) through this repurchase (or reinstatement) privilege will be made at the NAV of such shares next calculated after the request is received in “good form.” Systematic withdrawals and purchases are excluded from this policy.
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Restrictions and Changes in Terms and Conditions
Restrictions may apply to certain accounts and certain transactions. The Funds and/or the Distributor may change or cancel these terms and conditions at any time. Unless you provide your financial intermediary with information in writing about all of the factors that may count toward available reductions or waivers of an applicable sales charge, there can be no assurance that you will receive all of the reductions and waivers for which you may be eligible. To the extent your Fund account is held directly with the Fund, you should provide this information to the Fund when placing your purchase or redemption order. Please see Appendix C to this Combined Information Statement/Prospectus and Appendix S of the SAI for more information about sales charge waivers.
The Board has approved, and the Funds have adopted, distribution and/or shareholder service plans which set the distribution and/or service fees that are periodically deducted from the Funds’ assets. These fees are calculated daily, may vary by share class and are intended to compensate the Distributor and/or eligible financial intermediaries for, with regard to distribution fees, selling Fund shares and, with regard to service fees, directly or indirectly providing services to shareholders. Because the fees are paid out of the Fund’s assets on an ongoing basis, they will increase the cost of your investment over time.
The table below shows the maximum annual distribution and/or service fees (as an annual percentage of average daily net assets) and the combined amount of such fees applicable to each share class:
Distribution Fee | Service Fee | Combined Total | ||||||||||
Class A | up to 0.25 | % | up to 0.25 | % | up to 0.35 | %(a) | ||||||
Class Adv | None | None | None | |||||||||
Class C | 0.75 | % | 0.25 | % | 1.00 | % | ||||||
Class Inst | None | None | None | |||||||||
Class Inst2 | None | None | None | |||||||||
Class Inst3 | None | None | None | |||||||||
Class R (series of CFST and CFST I) | 0.50 | % | — | (b) | 0.50 | % | ||||||
Class R (series of CFST II) | up to 0.50 | % | up to 0.25 | % | 0.50 | %(b) |
(a) | The maximum distribution and service fees of Class A shares varies among the Funds, as shown in the table below: |
Funds | Maximum Class A Distribution Fee | Maximum Class A Service Fee | Maximum Class A Combined Total | |||||||
Columbia Capital Allocation Aggressive Portfolio, Columbia Select Global Equity, Columbia Select Mid Cap Value Fund, Columbia Overseas Core Fund | — | — | 0.25%; these Funds pay a combined distribution and service fee | |||||||
Columbia Small Cap Value Fund I | — | 0.25 | % | 0.25% |
(b) | Class R shares of series of CFST and CFST I pay a distribution fee pursuant to a Rule 12b-1 plan for Class R shares. The Funds do not have a shareholder service plan for Class R shares. Series of CFST II have a distribution and shareholder service plan for Class R shares, which, prior to the close of business on September 3, 2010, were known as Class R2 shares. For Class R shares of series of CFST II, the maximum fee under the plan reimbursed for distribution expenses is equal on an annual basis to 0.50% of the average daily net assets of the Fund attributable to Class R shares. Of that amount, up to 0.25% may be reimbursed for shareholder service expenses. |
The distribution and/or service fees for Class A, Class C, and Class R shares, as applicable, are subject to the requirements of Rule 12b-1 under the 1940 Act. The Distributor may retain these fees otherwise payable to financial intermediaries if the amounts due are below an amount determined by the Distributor in its sole discretion.
For Class A shares, the Distributor begins to pay these fees immediately after purchase, except in the following case, in which the Distributor begins to pay these fees 12 months after purchase: a purchase of Class A shares of $1 million or more that pay a Class A up-front commission to your financial intermediary and the financial
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intermediary has opted to receive such commission. For Class C shares, the Distributor begins to pay these fees 12 months after purchase. However, for Class C shares, financial intermediaries may opt to decline the up-front payment described in Choosing a Share Class – Sales Charges and Commissions – Class C Shares – Commissions and instead may receive these fees immediately after purchase. If the intermediary opts to receive the up-front payment, the Distributor retains the distribution and/or service fee for the first 12 months following the sale of Class C shares in order to recover the up-front payment made to financial intermediaries and to pay for other related expenses. For Class R shares, the Distributor begins to pay these fees immediately after purchase.
Series of CFST II. The maximum fee for services under the distribution and/or shareholder servicing plan for series of CFST II is the lesser of the amount of reimbursable expenses and the fee rates in the table above. If a share class of a series of CFST II has no reimbursable distribution or shareholder servicing expenses, it will suspend the payment of any such fee. As a result of any such suspensions, the expense ratio of a Fund’s share class disclosed in the Annual Fund Operating Expenses table in the synopsis of each Reorganization in “Section A — Reorganizations” of this Combined Information Statement/Prospectus may not match the ratio of expenses of such share class to average net assets shown in the Financial Highlights section of this Combined Information Statement/Prospectus.
If you maintain shares of the Fund directly with the Fund, without working with a financial advisor or other financial intermediary, distribution and service fees may be retained by the Distributor as payment or reimbursement for incurring certain distribution and shareholder service related expenses.
Over time, these distribution and/or service fees will reduce the return on your investment and may cost you more than paying other types of sales charges. The Fund will pay these fees to the Distributor and/or to eligible financial intermediaries for as long as the distribution plan and/or shareholder servicing plans continue in effect, which is expected to be indefinitely. However, the Fund may reduce or discontinue payments at any time. Your financial intermediary may also charge you other additional fees for providing services to your account, which may be different from those described here.
Financial Intermediary Compensation
The Distributor, Columbia Threadneedle and their affiliates make payments, from their own resources, to financial intermediaries, including other Ameriprise Financial affiliates, for marketing/sales support services relating to the Funds (Marketing Support Payments). Such payments are generally based upon one or more of the following factors: average net assets of the Funds attributable to that financial intermediary; gross sales of the Funds attributable to that financial intermediary; reimbursement of ticket charges (fees that a financial intermediary charges its representatives for effecting transactions in Fund shares); or a negotiated lump sum payment. While the financial arrangements may vary for each financial intermediary, Marketing Support Payments to any one financial intermediary are generally between 0.05% and 0.40% on an annual basis for payments based on average net assets of the Fund attributable to the financial intermediary, and between 0.05% and 0.25% on an annual basis for firms receiving a payment based on gross sales of the Funds attributable to the financial intermediary. The Distributor, Columbia Threadneedle and their affiliates may at times make payments with respect to a Fund or the Columbia Funds generally on a basis other than those described above, or in larger amounts, when dealing with certain financial intermediaries. Not all financial intermediaries receive Marketing Support Payments. The Distributor, Columbia Threadneedle and their affiliates do not make Marketing Support Payments with respect to Class Inst3 shares.
In addition, the Transfer Agent has certain arrangements in place to compensate financial intermediaries, including other Ameriprise Financial affiliates, that hold Fund shares through networked and omnibus accounts, including omnibus retirement plans, for services that they provide to beneficial Fund shareholders (Shareholder Services). Shareholder Services and related fees vary by financial intermediary and according to distribution channel and may include sub-accounting, sub-transfer agency, participant recordkeeping, shareholder or participant reporting, shareholder or participant transaction processing, maintenance of shareholder records, preparation of account statements and provision of customer service, and are not intended to include services that are primarily intended to result in the sale of Fund shares. Payments for Shareholder Services generally are not expected, with certain limited exceptions, to exceed 0.40% of the average aggregate value of the Fund’s shares. Generally, each Fund pays the Transfer Agent a per account fee or a percentage of the average aggregate value of shares per annum maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a channel-specific or share class-specific cap established by the Board from time to time. Fee amounts in excess of the amount paid by the Fund are borne by the Transfer Agent, Columbia Threadneedle and/or their affiliates. For Class Inst3 shares, the Transfer Agent does not pay financial intermediaries for Shareholder Services.
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In addition to the payments described above, the Distributor, Columbia Threadneedle and their affiliates typically make other payments or allow promotional incentives to certain broker-dealers to the extent permitted by the Securities and Exchange Commission (the SEC) and Financial Industry Regulatory Authority (FINRA) rules and by other applicable laws and regulations.
Amounts paid by the Distributor, Columbia Threadneedle and their affiliates are paid out of their own resources and do not increase the amount paid by you or the Fund. You can find further details in the SAI about the payments made by the Distributor, Columbia Threadneedle and their affiliates, as well as a list of the financial intermediaries, including Ameriprise Financial affiliates, to which the Distributor, Columbia Threadneedle or their affiliates have agreed to make Marketing Support Payments and pay Shareholder Services fees.
Your financial intermediary may charge you fees and commissions in addition to those described in this Combined Information Statement/Prospectus. You should consult with your financial intermediary and review carefully any disclosure your financial intermediary provides regarding its services and compensation. Depending on the financial arrangement in place at any particular time, a financial intermediary and its financial advisors may have a conflict of interest or financial incentive for recommending the Fund or a particular share class over others.
The price you pay or receive when you buy, sell or exchange shares is the Fund’s next determined net asset value (or NAV) per share for a given share class. The Fund calculates the NAV per share for each class of shares of the Fund at the end of each business day, with the value of the Fund’s shares based on the total value of all of the securities and other assets that it holds as of a specified time.
FUNDamentalsTM |
NAV Calculation
Each of the Fund’s share classes calculates its NAV per share as follows:
NAV per share = (Value of assets of the share class) – (Liabilities of the share class) Number of outstanding shares of the class |
FUNDamentalsTM |
Business Days
A business day is any day that the New York Stock Exchange (NYSE) is open. A business day typically ends at the close of regular trading on the NYSE, usually at 4:00 p.m. Eastern time. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. The Fund will not treat an intraday unscheduled disruption in NYSE trading or an intraday unscheduled closing as a close of regular trading on the NYSE for these purposes and will price its shares as of the regularly scheduled closing time for that day (typically, 4:00 p.m. Eastern time). Notwithstanding the foregoing, the NAV of Fund shares may be determined at such other time or times (in addition to or in lieu of the time set forth above) as the Fund’s Board may approve or ratify. On holidays and other days when the NYSE is closed, the Fund’s NAV is not calculated and the Fund does not accept buy or sell orders. However, the value of the Fund’s assets may still be affected on such days to the extent that the Fund holds foreign securities that trade on days that foreign securities markets are open. |
Equity securities are valued primarily on the basis of market quotations reported on stock exchanges and other securities markets around the world. If an equity security is listed on a national exchange, the security is valued at the closing price or, if the closing price is not readily available, the mean of the closing bid and asked prices. Certain equity securities, debt securities and other assets are valued differently. For instance, bank loans
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trading in the secondary market are valued primarily on the basis of indicative bids, fixed income investments maturing in 60 days or less are valued primarily using the amortized cost method, unless this methodology results in a valuation that does not approximate the market value of these securities, and those maturing in excess of 60 days are valued primarily using a market-based price obtained from a pricing service, if available. Investments in other open-end funds are valued at their published NAVs. Both market quotations and indicative bids are obtained from outside pricing services approved and monitored pursuant to a policy approved by the Fund’s Board.
If a market price is not readily available or is deemed not to reflect market value, the Fund will determine the price of a portfolio security based on a determination of the security’s fair value pursuant to a policy approved by the Fund’s Board. In addition, the Fund may use fair valuation to price securities that trade on a foreign exchange when a significant event has occurred after the foreign exchange closes but before the time at which the Fund’s share price is calculated. Foreign exchanges typically close before the time at which Fund share prices are calculated, and may be closed altogether on days when the Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) corporate actions, earnings announcements, litigation or other events impacting a single issuer; (2) governmental action that affects securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant domestic or foreign market fluctuations. The Fund uses various criteria, including an evaluation of U.S. market moves after the close of foreign markets, in determining whether a foreign security’s market price is readily available and reflective of market value and, if not, the fair value of the security. To the extent the Fund has significant holdings of small cap stocks, high-yield bonds, floating rate loans, or tax-exempt, foreign or other securities that may trade infrequently, fair valuation may be used more frequently than for other funds.
Fair valuation may have the effect of reducing stale pricing arbitrage opportunities presented by the pricing of Fund shares. However, when the Fund uses fair valuation to price securities, it may value those securities higher or lower than another fund would have priced the security. Also, the use of fair valuation may cause the Fund’s performance to diverge to a greater degree from the performance of various benchmarks used to compare the Fund’s performance because benchmarks generally do not use fair valuation techniques. Because of the judgment involved in fair valuation decisions, there can be no assurance that the value ascribed to a particular security is accurate. The Fund has retained one or more independent fair valuation pricing services to assist in the fair valuation process for foreign securities.
Transaction Rules and Policies
The Fund, the Distributor or the Transfer Agent may refuse any order to buy or exchange shares. If this happens, the Fund will return any money it received, but no interest will be paid on that money. Your financial intermediary may have rules and policies in place that are in addition to or different than those described below.
Order Processing
Orders to buy, sell or exchange Fund shares are processed on business days. Depending upon the class of shares, orders can be made by mail, by telephone or online. Orders received in “good form” by the Transfer Agent or your financial intermediary before the end of a business day are priced at the NAV per share (plus any applicable sales charge) of the Fund’s applicable share class on that day. Orders received after the end of a business day will receive the next business day’s NAV per share (plus any applicable sales charge). For Direct-at-Fund Accounts (i.e., accounts established directly with the Fund), when a written order to buy, sell or exchange shares is sent to the Transfer Agent, the share price used to fill the order is the next price calculated by the Fund after the Transfer Agent receives the transaction request in “good form” at its transaction processing center (i.e., the Fund’s express mail address), not the P.O. Box provided for regular mail delivery. The market value of the Fund’s investments may change between the time you submit your order and the time the Fund next calculates its NAV per share. The business day that applies to your order is also called the trade date.
“Good Form”
An order is in “good form” if the Transfer Agent or your financial intermediary has received payment (in the case of purchases) and all of the information and documentation it deems necessary to effect your order. For example, when you sell shares, “good form” means that your request (i) has complete instructions and written requests include the signatures of all account owners, (ii) is for an amount that is less than or equal to the shares in
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your account for which payment has been received and collected, (iii) has a Medallion Signature Guarantee for amounts greater than $100,000 and certain other transactions, as described below, and (iv) includes any other required documents completed and attached. For the documents required for sales by corporations, agents, fiduciaries, surviving joint owners and other legal entities, call 800.345.6611.
Medallion Signature Guarantees
The Transfer Agent may require a Medallion Signature Guarantee for your signature in order to process certain transactions, including if: (i) the transaction amount is over $100,000; (ii) you want your check made payable to someone other than the registered account owner(s); (iii) the address of record has changed within the last 30 days; (iv) you want the check mailed to an address other than the address of record; (v) you want proceeds to be sent according to existing bank account instructions not coded for outgoing Automated Clearing House (ACH) or wire, or to a bank account not on file; or (vi) you are changing legal ownership of your account.
A Medallion Signature Guarantee helps assure that a signature is genuine and not a forgery. A Medallion Signature Guarantee must be provided by an eligible guarantor institution including, but not limited to, the following: a bank, credit union, savings association, broker or dealer that participates in the Securities Transfer Association Medallion Program (STAMP), the Stock Exchange Medallion Program (SEMP) or the New York Stock Exchange Medallion Signature Program (MSP). For other transactions, the Transfer Agent may require a signature guarantee. Notarization by a notary public is not an acceptable signature guarantee. The Transfer Agent reserves the right to reject a signature guarantee and to request additional documentation for any transaction.
Customer Identification Program
Federal law requires the Fund to obtain and record specific personal information to verify your identity when you open an account. This information may include your name, address, date of birth (for individuals) and taxpayer or other government issued identification (e.g., social security number (SSN) or other taxpayer identification number (TIN)). If you fail to provide the requested information, the Fund may need to delay the date of your purchase or may be unable to open your account, which may result in a return of your investment monies. In addition, if the Fund is unable to verify your identity after your account is open, the Fund reserves the right to close your account or take other steps as deemed reasonable. The Fund will not be liable for any loss resulting from any purchase delay, application rejection or account closure due to a failure to provide proper identifying information.
Small Account Policy — Class A, Class C and Class Inst Share Accounts Below the Minimum Account Balance
The Funds generally will automatically sell your shares if the value of your Fund account (treating each account of the Fund you own separately from any other account of the Fund you may own) falls below the applicable minimum account balance. Any otherwise applicable CDSC will not be imposed on such an automatic sale of your shares. Generally, you may avoid such an automatic sale by raising your account balance to at least $250 or consolidating your multiple accounts you may have with the Funds through an exchange (so as to maintain at least $250 in each of your accounts). The minimum account balance varies among share classes and types of accounts, as follows:
Minimum Account Balance
Minimum Account Balance | ||
For all classes and account types except those listed below | $250 (None for accounts with Systematic Investment Plans) | |
Individual Retirement Accounts for all classes except those listed below | None | |
Class Adv, Class Inst2, Class Inst3 and Class R | None |
For shares held directly with the Funds’ Transfer Agent, if your shares are sold, the Transfer Agent will remit the sale proceeds to you. The Transfer Agent will send you written notification in advance of any automatic sale, which will provide details on how you may avoid such an automatic sale. Generally, you may avoid such an automatic sale by raising your account balance to at least $250, consolidating your multiple accounts you may have
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with the Funds through an exchange (so as to maintain at least $250 in each of your accounts), or setting up a Systematic Investment Plan (described below). For more information, contact the Transfer Agent or your financial intermediary. The Transfer Agent’s contact information (toll-free number and mailing addresses) as well as the Funds’ website address can be found at the beginning of the section Choosing a Share Class.
For shares purchased and held for your benefit through a financial intermediary, the Funds may instruct the intermediary to automatically sell your Fund shares if the transaction can be operationally administered by the intermediary.
Small Account Policy — Class A, Class C and Class Inst Share Accounts Minimum Balance Fee
If the value of your Fund account (treating each account of the Fund you own separately from any other account of the Fund you may own) falls below the minimum initial investment requirement applicable to you for any reason, including as a result of market decline, your account generally could be subject to a $20 annual fee. The Transfer Agent will reduce the expenses paid by the Fund by any amounts it collects from the assessment of this fee. For Funds that do not have transfer agency expenses against which to offset the amount collected through assessment of this fee, the fee will be paid directly to the Fund. The Funds reserve the right to lower the account size trigger point for the minimum balance fee in any year or for any class of shares when we believe it is appropriate to do so in light of declines in the market value of Fund shares or for other reasons.
For shares held directly with the Funds’ Transfer Agent, this fee will be assessed through the automatic sale of Fund shares in your account. Any otherwise applicable CDSC will not be imposed on such an automatic sale of your shares. The Transfer Agent will send you written notification in advance of assessing any fee, which will provide details on how you can avoid the imposition of such fee. Generally, you may avoid the imposition of such fee by raising your Fund account balance, consolidating your multiple accounts you may have with the Funds, or setting up a Systematic Investment Plan that invests at least monthly. For more information, contact the Transfer Agent or your financial intermediary. The Transfer Agent’s contact information (toll-free number and mailing addresses) as well as the Funds’ website address can be found at the beginning of the section Choosing a Share Class.
For shares purchased and held for your benefit through a financial intermediary, this fee could be assessed through the automatic sale of Fund shares in your account if instructed by the Fund and the transaction can be operationally administered by the intermediary.
Exceptions to the Small Account Policy (Accounts Below Minimum Account Balance) and Minimum Balance Fee
The automatic sale of Fund shares in accounts under $250 and the annual minimum balance fee described above do not apply to shareholders of Class Adv, Class Inst2, Class Inst3 and Class R shares; shareholders holding their shares through financial intermediary networked accounts; wrap fee and omnibus accounts; accounts with active Systematic Investment Plans; certain qualified retirement plans; and health savings accounts. The automatic sale of Fund shares of accounts under the applicable minimum account balance does not apply to individual retirement plans.
Small Account Policy — Financial Intermediary Networked and Wrap Fee Accounts
The Funds may automatically redeem, at any time, financial intermediary networked accounts and wrap fee accounts that have account balances of $20 or less or have less than one share. For shares purchased and held for your benefit through a financial intermediary, the Funds may instruct the intermediary to automatically sell your Fund shares if the transaction can be operationally administered by the intermediary.
Information Sharing Agreements
As required by Rule 22c-2 under the 1940 Act, the Funds or certain of their service providers will enter into information sharing agreements with financial intermediaries, including participating life insurance companies and financial intermediaries that sponsor or offer retirement plans through which shares of the Funds are made available for purchase. Pursuant to Rule 22c-2, financial intermediaries are required, upon request, to: (i) provide shareholder
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account and transaction information; and (ii) execute instructions from the Fund to restrict or prohibit further purchases of Fund shares by shareholders who have been identified by the Fund as having engaged in transactions that violate the Fund’s excessive trading policies and procedures.
Excessive Trading Practices Policy
Right to Reject or Restrict Share Transaction Orders— The Fund is intended for investors with long-term investment purposes and is not intended as a vehicle for frequent trading activity (market timing) that is excessive. Investors should transact in Fund shares primarily for investment purposes. The Board has adopted excessive trading policies and procedures that are designed to deter excessive trading by investors (the Excessive Trading Policies and Procedures). The Fund discourages and does not accommodate excessive trading.
The Fund reserves the right to reject, without any prior notice, any purchase or exchange order for any reason, and will not be liable for any loss resulting from rejected orders. For example, the Fund may in its sole discretion restrict or reject a purchase or exchange order even if the transaction is not subject to the specific limitation described below if the Fund or its agents determine that accepting the order could interfere with efficient management of the Fund’s portfolio or is otherwise contrary to the Fund’s best interests. The Excessive Trading Policies and Procedures apply equally to purchase or exchange transactions communicated directly to the Transfer Agent and to those received by financial intermediaries.
Specific Buying and Exchanging Limitations — If a Fund detects that an investor has made two “material round trips” in any 28-day period, it will generally reject the investor’s future purchase orders, including exchange purchase orders, involving any Fund.
For these purposes, a “round trip” is a purchase or exchange into the Fund followed by a sale or exchange out of the Fund, or a sale or exchange out of the Fund followed by a purchase or exchange into the Fund. A “material” round trip is one that is deemed by the Fund to be material in terms of its amount or its potential detrimental impact on the Fund. Independent of this limit, the Fund may, in its sole discretion, reject future purchase orders by any person, group or account that appears to have engaged in any type of excessive trading activity.
These limits generally do not apply to automated transactions or transactions by registered investment companies in a “fund-of-funds” structure. These limits do not apply to payroll deduction contributions by retirement plan participants, transactions initiated by a retirement plan sponsor or certain other retirement plan transactions consisting of rollover transactions, loan repayments and disbursements, and required minimum distribution redemptions. They may be modified or rescinded for accounts held by certain retirement plans to conform to plan limits, for considerations relating to the Employee Retirement Income Security Act of 1974 or regulations of the Department of Labor, and for certain asset allocation or wrap programs. Accounts known to be under common ownership or control generally will be counted together, but accounts maintained or managed by a common intermediary generally will not be considered to be under common ownership or control. The Fund retains the right to modify these restrictions at any time without prior notice to shareholders. In addition, the Fund may, in its sole discretion, reinstate trading privileges that have been revoked under the Fund’s Excessive Trading Policies and Procedures.
Limitations on the Ability to Detect and Prevent Excessive Trading Practices — The Fund takes various steps designed to detect and prevent excessive trading, including daily review of available shareholder transaction information. However, the Fund receives buy, sell or exchange orders through financial intermediaries, and cannot always know of or reasonably detect excessive trading that may be facilitated by financial intermediaries or by the use of the omnibus account arrangements they offer. Omnibus account arrangements are common forms of holding shares of mutual funds, particularly among certain financial intermediaries such as broker-dealers, retirement plans and variable insurance products. These arrangements often permit financial intermediaries to aggregate their clients’ transactions and accounts, and in these circumstances, the identities of the financial intermediary clients that beneficially own Fund shares are often not known to the Fund.
Some financial intermediaries apply their own restrictions or policies to their clients’ transactions and accounts, which may be more or less restrictive than those described here. This may impact the Fund’s ability to curtail excessive trading, even where it is identified. For these and other reasons, it is possible that excessive trading may occur despite the Fund’s efforts to detect and prevent it.
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Although these restrictions and policies involve judgments that are inherently subjective and may involve some selectivity in their application, the Fund seeks to act in a manner that it believes is consistent with the best interests of Fund shareholders in making any such judgments.
Risks of Excessive Trading — Excessive trading creates certain risks to the Fund’s long-term shareholders and may create the following adverse effects:
• | negative impact on the Fund’s performance; |
• | potential dilution of the value of the Fund’s shares; |
• | interference with the efficient management of the Fund’s portfolio, such as the need to maintain undesirably large cash positions, the need to use its line of credit or the need to buy or sell securities it otherwise would not have bought or sold; |
• | losses on the sale of investments resulting from the need to sell securities at less favorable prices; |
• | increased taxable gains to the Fund’s remaining shareholders resulting from the need to sell securities to meet sell orders; and |
• | increased brokerage and administrative costs. |
To the extent that the Fund invests significantly in foreign securities traded on markets that close before the Fund’s valuation time, it may be particularly susceptible to dilution as a result of excessive trading. Because events may occur after the close of foreign markets and before the Fund’s valuation time that influence the value of foreign securities, investors may seek to trade Fund shares in an effort to benefit from their understanding of the value of foreign securities as of the Fund’s valuation time. This is often referred to as price arbitrage. The Fund has adopted procedures designed to adjust closing market prices of foreign securities under certain circumstances to reflect what the Fund believes to be the fair value of those securities as of its valuation time. To the extent the adjustments do not work fully, investors engaging in price arbitrage may cause dilution in the value of the Fund’s shares held by other shareholders.
Similarly, to the extent that the Fund invests significantly in thinly traded securities and other debt instruments that are rated below investment grade (commonly called “high-yield” or “junk” bonds), equity securities of small capitalization companies, floating rate loans, or tax-exempt or other securities that may trade infrequently, because these securities are often traded infrequently, investors may seek to trade Fund shares in an effort to benefit from their understanding of the value of these securities as of the Fund’s valuation time. This is also a type of price arbitrage. Any such frequent trading strategies may interfere with efficient management of the Fund’s portfolio to a greater degree than would be the case for mutual funds that invest only, or significantly, in highly liquid securities, in part because the Fund may have difficulty selling these particular investments at advantageous times or prices to satisfy large and/or frequent sell orders. Any successful price arbitrage may also cause dilution in the value of Fund shares held by non-redeeming shareholders.
Opening an Account and Placing Orders
We encourage you to consult with a financial advisor who can help you with your investment decisions and who can help you open an account. Once you have an account, you can buy, sell or exchange shares by contacting your financial advisor who will send your order to the Transfer Agent or your financial intermediary. As described below, once you have an account you can also communicate your orders directly to the Transfer Agent by mail, by telephone or online.
The Funds are generally available directly and through broker-dealers, banks and other financial intermediaries or institutions, and through certain qualified and non-qualified plans, wrap fee products or other investment products sponsored by financial intermediaries. You may buy, sell, or exchange shares through your financial intermediary. If you maintain your account directly with your financial intermediary, you must contact that agent to process your transaction.
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Not all financial intermediaries offer the Funds (or all classes of Fund shares) and certain financial intermediaries that offer the Funds may not offer all Funds on all investment platforms or programs. Please consult with your financial intermediary to determine the availability of the Funds. If you set up an account at a financial intermediary that does not have, and is unable to obtain, a selling agreement with the Distributor, you will not be able to transfer Fund holdings to that account. In that event, you must either maintain your Fund holdings with your current financial intermediary or find another financial intermediary with a selling agreement.
Financial intermediaries that offer the Funds may charge you additional fees for the services they provide and they may have different policies that are not described in this Combined Information Statement/Prospectus. An investor transacting in a class of Fund shares without any front-end sales charge, CDSC, or other asset-based fee for sales or distribution, such as a Rule 12b-1 fee, may be required to pay a commission to the financial intermediary for effecting such transactions. The Funds are offered in a number of different share classes that have different fees and expenses and other features. Some differences in the policies of different financial intermediaries may include different minimum investment amounts, exchange privileges, Fund/class choices and cutoff times for investments. Additionally, recordkeeping, transaction processing and payments of distributions relating to your account may be performed by the financial intermediaries through which your shares of the Fund are held. Since the Fund (and its service providers) may not have a record of your account transactions, you should always contact the financial intermediary through which you purchased or at which you maintain your shares of the Fund to make changes to your account, to give instructions concerning your account, or to obtain information about your account. The Fund and its service providers, including the Distributor and the Transfer Agent, are not responsible for the failure of any financial intermediary to carry out its obligations to its customers.
The Fund may engage financial intermediaries to receive purchase, exchange and sell orders on its behalf. Accounts established directly with the Fund will be serviced by the Transfer Agent. The Funds, the Transfer Agent and the Distributor do not provide investment advice.
Direct-At-Fund Accounts (Accounts Established Directly with the Fund)
You can hold Fund shares through an account established and held through the financial intermediary through which you purchased Fund shares or you or your financial intermediary may establish an account directly with the Fund, in which case you will receive Fund account transaction confirmations and statements from the Transfer Agent, and not your financial intermediary (Direct-at-Fund Accounts).
To open a Direct-at-Fund Account, complete a Fund account application with your financial advisor or investment professional, and mail the account application to the Transfer Agent. Account applications may be obtained at columbiathreadneedleus.com or may be requested by calling 800.345.6611. Make your check payable to the Fund. You will be assessed a $15 fee for any checks rejected by your financial institution due to insufficient funds or other reasons. The Funds do not accept cash, credit card convenience checks, money orders, traveler’s checks, starter checks, third or fourth party checks, or other cash equivalents.
Mail your check and completed application to the Transfer Agent at its regular or express mail address that can be found at the beginning of the section Choosing a Share Class. You may also use these addresses to request an exchange or redemption of Fund shares. When a written order to buy, sell or exchange shares is sent to the Transfer Agent, the share price used to fill the order is the next price calculated by the Fund after the Transfer Agent receives your transaction request in “good form” at its transaction processing center (i.e., the Fund’s express mail address), not the P.O. Box provided for regular mail delivery.
You will be sent a statement confirming your purchase and any subsequent transactions in your account. You will also be sent quarterly and annual statements detailing your transactions in the Fund and the other Funds you own under the same account. Duplicate quarterly account statements for the current year and duplicate annual statements for the most recent prior calendar year will be sent to you free of charge. Copies of year-end statements for prior years are available for a fee. Please contact the Transfer Agent for more information.
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Written Transactions – Direct-at-Fund Accounts
If you have a Direct-at-Fund Account, you can communicate written buy, sell or exchange orders to the Transfer Agent at its address that can be found at the beginning of the section Choosing a Share Class. When a written order to buy, sell or exchange shares is sent to the Transfer Agent, the share price used to fill the order is the next price calculated by the Fund after the Transfer Agent receives your transaction request in “good form” at its transaction processing center (i.e., the Fund’s express mail address), not the P.O. Box provided for regular mail delivery.
Include in your transaction request letter: your name; the name of the Fund(s); your account number; the class of shares to be purchased, exchanged or sold; your SSN or other TIN; the dollar amount or number of shares you want to purchase, exchange or sell; specific instructions regarding delivery of any redemption proceeds or exchange destination (i.e., the Fund/class to be exchanged into); signature(s) of all registered account owner(s); and any special documents the Transfer Agent may require in order to process your order.
Corporate, trust or partnership accounts may need to send additional documents. Payment will be mailed to the address of record and made payable to the names listed on the account, unless your request specifies differently and is signed by all owners.
Telephone Transactions – Direct-at-Fund Accounts
For Class A, Class C, Class Inst, Class Inst3 and Class R shares, if you have a Direct-at-Fund Account, you may place orders to buy, sell or exchange shares by telephone through the Transfer Agent. To place orders by telephone, call 800.422.3737. Have your account number and SSN or TIN available when calling.
You can sell Fund shares via telephone and receive redemption proceeds: by electronic funds transfer via ACH, by wire, or by check to the address of record, subject to a maximum of $100,000 of shares per day, per Fund account. You can buy Fund shares via telephone by electronic funds transfer via ACH from your bank account up to a maximum of $100,000 of shares per day, per Fund account, or by wire from your bank account without a maximum. See below for more information regarding wire and electronic fund transfer transactions. Certain restrictions apply, so please call the Transfer Agent at 800.422.3737 for this and other information in advance of any need to transact via telephone.
Telephone orders may not be as secure as written orders. The Fund will take reasonable steps to confirm that telephone instructions are genuine. For example, we require proof of your identification before we will act on instructions received by telephone and may record telephone conversations. However, the Fund and its agents will not be responsible for any losses, costs or expenses resulting from an unauthorized telephone instruction when reasonable steps have been taken to confirm that telephone instructions are genuine. Telephone orders may be difficult to complete during periods of significant economic or market change or business interruption.
Online Transactions – Direct-at-Fund Accounts
For Class A, Class C, Class Inst, Class Inst3 and Class R shares, if you have a Direct-at-Fund Account, you may be able to place orders to buy, sell, or exchange shares online. Contact the Transfer Agent at 800.345.6611 for more information on certain account trading restrictions and the special sign-up procedures required for online transactions. You can also go to columbiathreadneedleus.com/investor/ to sign up for online transactions. The Transfer Agent has procedures in place to authenticate electronic orders you send through the internet. You will be required to accept the terms of an online agreement and to establish an online account and utilize a password in order to access online account services. You can sell a maximum of $100,000 of shares per day, per Fund account through your online account if you qualify for internet orders. Wire transactions are not permitted online.
Wire Transactions – Direct-at-Fund Accounts
If you hold a Direct-at-Fund Account, you may purchase or redeem Class A, Class C, Class Inst, Class Inst3 and Class R shares of a Fund by wiring money from (or to) your bank account to (or from) your Fund account. You must set up this feature prior to your request unless you are submitting your request in writing, which may require a Medallion Signature Guarantee. Please contact the Transfer Agent by calling 800.422.3737 to obtain the necessary forms and requirements. The Transfer Agent charges a fee for shares sold by wire. The Transfer Agent may waive the fee for certain accounts. In the case of a redemption, the receiving bank may charge an additional fee. The minimum amount that can be redeemed by wire is $500. When selling Fund shares via a telephone request, the maximum amount that can be redeemed via wire transfer is $100,000 per day, per Fund account. Wire transactions are not permitted online.
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Electronic Funds Transfer via ACH – Direct-at-Fund Accounts
If you hold a Direct-at-Fund Account, you may purchase or redeem Class A, Class C, Class Inst, Class Inst3 and Class R shares of a Fund by electronically transferring money via Automated Clearing House (ACH) from (or to) your bank account to (or from) your Fund account subject to a maximum of $100,000 of shares per day, per Fund account. You must set up this feature prior to your request, unless you are submitting your request in writing, which may require a Medallion Signature Guarantee. Please contact the Transfer Agent by calling 800.422.3737 to obtain the necessary forms and requirements. Your bank may take up to three business days to post an electronic funds transfer to (or from) your Fund account.
Eligible Investors
Class A Shares
Class A shares are available to the general public for investment.
Class Adv Shares
Class Adv shares are available only to (i) omnibus retirement plans, including self-directed brokerage accounts within omnibus retirement plans that clear through institutional no transaction fee (NTF) platforms, (ii) trust companies or similar institutions, (iii) broker-dealers, banks, trust companies and similar institutions that clear Fund share transactions for their client or customer investment advisory or similar accounts through designated financial intermediaries and their mutual fund trading platforms that have been granted specific written authorization from the Transfer Agent with respect to Class Adv eligibility apart from selling, servicing or similar agreements, (iv) 501(c)(3) charitable organizations, (v) 529 plans, (vi) health savings accounts, (vii) investors participating in a fee-based advisory program sponsored by a financial intermediary or other entity that is not compensated by the Fund for those services, other than payments for shareholder servicing or sub-accounting performed in place of the Transfer Agent, and (viii) commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customer, charges the customer a commission for effecting transactions in Fund shares, provided that the financial intermediary has an agreement with the Distributor that specifically authorizes offering Class Adv shares within such platform.
Class C Shares
Class C shares are available to the general public for investment.
Class Inst Shares
Class Inst shares are available only to the categories of eligible investors described below under Class Inst Shares Minimum Initial Investments. Financial intermediaries that clear Fund share transactions through designated financial intermediaries and their mutual fund trading platforms that were given specific written notice from the Transfer Agent of the termination, effective March 29, 2013, of their eligibility for new purchases of Class Inst shares and omnibus retirement plans are not permitted to establish new Class Inst accounts, subject to certain exceptions described below.
Omnibus retirement plans that opened and, subject to certain exceptions, funded a Class Inst account with the Fund as of the close of business on March 28, 2013 and have continuously held Class Inst shares in such account after such date (each, a grandfathered plan), may generally continue to make additional purchases of Class Inst shares, open new Class Inst accounts and add new participants. In addition, an omnibus retirement plan affiliated with a grandfathered plan may, in the sole discretion of the Distributor, open new Class Inst accounts in a Fund if the affiliated plan opened a Class Inst account on or before March 28, 2013. If an omnibus retirement plan invested in Class Inst shares changes recordkeepers after March 28, 2013, any new accounts established for that plan may not be established in Class Inst shares, but such a plan may establish new accounts in a different share class for which the plan is eligible.
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Accounts of financial intermediaries (other than omnibus retirement plans, which are discussed above) that clear Fund share transactions for their client or customer accounts through designated financial intermediaries and their mutual fund trading platforms that received specific written notice from the Transfer Agent of the termination, effective March 29, 2013, of their eligibility for new purchases of Class Inst shares will not be permitted to establish new Class Inst accounts or make additional purchases of Class Inst shares (other than through reinvestment of distributions). Any such account may, at its holder’s option, exchange Class Inst shares of a Fund, without the payment of a sales charge, for Class A shares of the same Fund.
Class Inst2 Shares
Class Inst2 shares are available only to (i) certain registered investment advisers and family offices that clear Fund share transactions for their client or customer accounts through designated financial intermediaries and their mutual fund trading platforms that have been granted specific written authorization from the Transfer Agent with respect to Class Inst2 eligibility apart from selling, servicing or similar agreements; (ii) omnibus retirement plans; and (iii) institutional investors that are clients of the Columbia Threadneedle Global Institutional Distribution Team that invest in Class Inst2 shares for their own account through platforms approved by the Distributor or an affiliate thereof to offer and/or service Class Inst2 shares within such platform. Prior to November 8, 2012, Class Inst2 shares were closed to new investors and new accounts, subject to certain exceptions. Existing shareholders who do not satisfy the new eligibility requirements for investment in Class Inst2 may not establish new Class Inst2 accounts but may continue to make additional purchases of Class Inst2 shares in accounts opened and funded prior to November 8, 2012; provided, however, that investment advisory programs and similar programs that opened a Class Inst2 account as of May 1, 2010, and continuously hold Class Inst2 shares in such account after such date, may generally not only continue to make additional purchases of Class Inst2 shares but also open new Class Inst2 accounts for such pre-existing programs and add new shareholders in the program.
Class Inst3 Shares
Class Inst3 shares are available to: (i) group retirement plans that maintain plan-level or omnibus accounts with the Fund (through the Transfer Agent); (ii) institutional investors that are clients of the Columbia Threadneedle Global Institutional Distribution Team that invest in Class Inst3 shares for their own account through platforms approved by the Distributor or an affiliate thereof to offer and/or service Class Inst3 shares within such platform; (iii) collective trust funds; (iv) affiliated or unaffiliated mutual funds (e.g., funds operating as funds-of-funds); (v) fee-based platforms of financial intermediaries (or the clearing intermediary that they trade through) that have an agreement with the Distributor or an affiliate thereof that specifically authorizes the financial intermediary to offer and/or service Class Inst3 shares within such platform, provided also that Fund shares are held in an omnibus account; (vi) commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customer, charges the customer a commission for effecting transactions in Fund shares, provided that the financial intermediary has an agreement with the Distributor that specifically authorizes offering Class Inst3 shares within such platform and that Fund shares are held in an omnibus account; and (vii) bank trust departments, subject to an agreement with the Distributor that specifically authorizes offering Class Inst3 shares and provided that Fund shares are held in an omnibus account. In each case above where noted that Fund shares are required to be held in an omnibus account, the Distributor may, in its discretion, determine to waive this requirement.
Please note that Class Inst3 shares that were open and funded accounts prior to November 30, 2018 (the conversion date from the former unnamed share class to Class Inst3 shares) are eligible for additional investment; however, any account established after that date must meet the current Class Inst3 eligibility requirements.
Class R Shares
Class R shares are available only to eligible health savings accounts sponsored by third party platforms, including those sponsored by Ameriprise Financial affiliates, eligible retirement plans and, in the sole discretion of the Distributor, other types of retirement accounts held through platforms maintained by financial intermediaries approved by the Distributor. Eligible retirement plans include any retirement plan other than individual 403(b) plans. Class R shares are generally not available for investment through retail nonretirement accounts, traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SAR-SEPs, Simple IRAs or 529 tuition programs. Contact the Transfer Agent or your retirement plan or health savings account administrator for more information about investing in Class R shares.
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Additional Eligible Investors
In addition, the Distributor, in its sole discretion, may accept investments in any share class from investors other than those listed in this Combined Information Statement/Prospectus, and may also waive certain eligibility requirements for operational and other reasons, including but not limited to any requirement to maintain Fund shares in networked or omnibus accounts.
Minimum Initial Investments
The table below shows the Fund’s minimum initial investment requirements, which may vary by class and type of account. The Fund reserves the right to redeem your shares if your account falls below the Fund’s minimum initial investment requirement.
Minimum Initial Investments
Minimum Initial Investment(a) | Minimum Initial Investment for Accounts with Systematic Investment Plans | |||
For all classes and account types except those listed below | $2,000 | $100 | ||
Individual Retirement Accounts for all classes except those listed below | $1,000 | $100 | ||
Group retirement plans | None | N/A | ||
Class Adv and Class Inst | $0, $1,000 or $2,000(b) | $100 (b) | ||
Class Inst2 and Class R | None | N/A | ||
Class Inst3 | $0, $1,000, $2,000 or $1 million(c) | $100(c) |
(a) | If your Class A, Class Adv, Class C, Class Inst or Class Inst3 shares account balance falls below the minimum initial investment amount for any reason, including a market decline, you may be asked to increase it to the minimum initial investment amount or establish a monthly Systematic Investment Plan. If you do not do so, your account will be subject to a $20 annual low balance fee and/or shares may be automatically redeemed and the proceeds mailed to you if the account falls below the minimum account balance. See Buying, Selling and Exchanging Shares — Transaction Rules and Policies above. There is no minimum initial investment in Class A shares for accounts held in an omnibus account on a mutual fund only platform offered through your financial intermediary. |
(b) | The minimum initial investment in Class Adv shares is $2,000 ($1,000 for IRAs; $100 for systematic investment plan accounts) for commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customers, charges the customer a commission for effecting transactions in Fund shares, provided that the financial intermediary has an agreement with the Distributor that specifically authorizes offering Class Adv shares within such platform; for all other eligible Class Adv share investors (see Buying Shares – Eligible Investors – Class Adv Shares above), there is no minimum initial investment. The minimum initial investment amount for Class Inst shares is $0, $1,000 or $2,000 depending upon the category of eligible investor. See — Class Inst Shares Minimum Initial Investments below. The minimum initial investment amount for systematic investment plan accounts is the same as the amount set forth in the first two rows of the table, as applicable. |
(c) | There is no minimum initial investment in Class Inst3 shares for: group retirement plans that maintain plan-level or omnibus accounts with the Fund; collective trust funds; affiliated or unaffiliated mutual funds (e.g., funds operating as funds-of-funds); fee-based platforms of financial intermediaries (or the clearing intermediary that they trade through) that have an agreement with the Distributor or an affiliate thereof that specifically authorizes the financial intermediary to offer and/or service Class Inst3 shares within such platform and Fund shares are held in an omnibus account; and bank trust departments, subject to an agreement with the Distributor that specifically authorizes offering Class Inst3 shares and provided that Fund shares are held in an omnibus account. The minimum initial investment in Class Inst3 shares is $2,000 ($1,000 for IRAs; $100 for systematic investment plan accounts) for commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customer, charges the customer a commission for effecting transactions in Fund shares, provided that the financial intermediary has an agreement with the Distributor that specifically authorizes offering Class Inst3 shares within such platform and Fund shares are held in an omnibus account. The minimum initial investment in Class Inst3 shares is $1 million, unless waived in the discretion of the Distributor, for the following investors: institutional investors that are clients of the Columbia Threadneedle Global Institutional Distribution Team that invest in Class Inst3 shares for their own account through platforms approved by the Distributor or an affiliate thereof to offer and/or service Class Inst3 shares within such platform. The Distributor may, in its discretion, waive the $1 million minimum initial investment required for these Class Inst3 investors. In each case above where noted that Fund shares are required to be held in an omnibus account, the Distributor may, in its discretion, determine to waive this requirement. |
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Additional Information about Minimum Initial Investments
The minimum initial investment requirements may be waived for accounts that are managed by an investment professional, or for accounts held in approved discretionary or non-discretionary wrap programs. The Distributor, in its sole discretion, may also waive minimum initial investment requirements for other account types.
Minimum investment and related requirements may be modified at any time, with or without prior notice. If your account is closed and then re-opened with a systematic investment plan, your account must meet the then-current applicable minimum initial investment.
Class Inst Shares Minimum Initial Investments
There is no minimum initial investment in Class Inst shares for the following categories of eligible investors:
• | Any health savings account sponsored by a third party platform. |
• | Any investor participating in an account sponsored by a financial intermediary or other entity (that provides services to the account) that is paid a fee-based advisory fee by the investor and that is not compensated by the Fund for those services, other than payments for shareholder servicing or sub-accounting performed in place of the Transfer Agent. |
• | Any commissionable brokerage account, if a financial intermediary has received a written approval from the Distributor to waive the minimum initial investment in Class Inst shares. |
The minimum initial investment in Class Inst shares for the following categories of eligible investors is $1,000:
• | Individual retirement accounts (IRAs) on commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customer, charges the customer a commission for effecting transactions in Fund shares, provided that the financial intermediary has an agreement with the Distributor that specifically authorizes offering Class Inst shares within such platform. |
• | Any current employee of Columbia Management Investment Advisers LLC, the Distributor or the Transfer Agent and immediate family members of any of the foregoing who share the same address are eligible to invest in Class Inst shares through an individual retirement account (IRA). If you maintain your account with a financial intermediary, you must contact that financial intermediary each time you seek to purchase shares to notify them that you qualify for Class Inst shares. If Class Inst shares are not available at your financial intermediary, you may consider opening a Direct-at-Fund Account. It is your obligation to advise your financial intermediary or (in the case of Direct-at-Fund Accounts) the Transfer Agent that you qualify for Class Inst shares; be prepared to provide proof thereof. |
The minimum initial investment in Class Inst shares for the following categories of eligible investors is $2,000:
• | Investors (except investors in individual retirement accounts (IRAs)) who purchase Fund shares through commissionable brokerage platforms where the financial intermediary holds the shares in an omnibus account and, acting as broker on behalf of its customer, charges the customer a commission for effecting transactions in Fund shares provided that the financial intermediary has an agreement with the Distributor that specifically authorizes offering Class Inst shares within such platform. |
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• | Any current employee of Columbia Management Investment Advisers LLC, the Distributor or the Transfer Agent and immediate family members of any of the foregoing who share the same address are eligible to invest in Class Inst shares (other than individual retirement accounts (IRAs), for which the minimum initial investment is $1,000). If you maintain your account with a financial intermediary, you must contact that financial intermediary each time you seek to purchase shares to notify them that you qualify for Class Inst shares. If Class Inst shares are not available at your financial intermediary, you may consider opening a Direct-at-Fund Account. It is your obligation to advise your financial intermediary or (in the case of Direct-at-Fund Accounts) the Transfer Agent that you qualify for Class Inst shares; be prepared to provide proof thereof. |
• | Certain financial institutions and intermediaries, such as insurance companies, trust companies, banks, endowments, investment companies or foundations, buying shares for their own account, including Ameriprise Financial and its affiliates and/or subsidiaries. |
• | Bank trust departments that assess their clients an asset-based fee. |
• | Certain other investors as set forth in more detail in the Fund’s SAI. |
Systematic Investment Plan
The Systematic Investment Plan allows you to schedule regular purchases via automatic transfers from your bank account to the Fund on a monthly, quarterly or semiannual basis. Contact the Transfer Agent or your financial intermediary to set up the plan. Systematic Investment Plans may not be available for all share classes. With the exception of Columbia Government Money Market Fund, the Systematic Investment Plan is confirmed on your quarterly account statement.
Dividend Diversification
Generally, you may automatically invest Fund distributions into the same class of shares (and in some cases certain other classes of shares) of another Fund without paying any applicable front-end sales charge. Call the Transfer Agent at 800.345.6611 for details. The ability to invest distributions from one Fund to another Fund may not be available to accounts held at all financial intermediaries.
Other Purchase Rules You Should Know
• | Once the Transfer Agent or your financial intermediary receives your purchase order in “good form,” your purchase will be made at the Fund’s next calculated public offering price per share, which is the NAV per share plus any sales charge that applies (i.e., the trade date). |
• | Once the Fund receives your purchase request in “good form,” you cannot cancel it after the market closes. |
• | You generally buy Class A shares at the public offering price per share because purchases of these share classes are generally subject to a front-end sales charge. |
• | You buy Class Adv, Class C, Class Inst, Class Inst2, Class Inst3 and Class R shares at NAV per share because no front-end sales charge applies to purchases of these share classes. |
• | The Distributor and the Transfer Agent reserve the right to cancel your order request if the Fund does not receive payment within two business days of receiving your purchase order request. The Fund will return any payment received for orders that have been cancelled, but no interest will be paid on that money. |
• | Financial intermediaries are responsible for sending your purchase orders to the Transfer Agent and ensuring that the Fund receives your money on time. |
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• | Shares purchased are recorded on the books of the Fund. The Fund does not issue certificates. |
Please also read Appendix C and contact your financial intermediary for more information regarding any reductions and/or waivers described therein.
When you sell shares, the amount you receive may be more or less than the amount you invested. Your sale price will be the next NAV calculated after your request is received in “good form,” (i.e., the trade date) minus any applicable CDSC.
Systematic Withdrawal Plan
The Systematic Withdrawal Plan allows you to schedule regular redemptions from your account any business day on a monthly, quarterly or semiannual basis. Currently, Systematic Withdrawal Plans are generally available for Class A, Class Adv, Class C, Class Inst, Class Inst2, or Class Inst3 share accounts. Contact the Transfer Agent or your financial intermediary to set up the plan. To set up the plan, your account balance must meet the class minimum initial investment amount. A Systematic Withdrawal Plan cannot be set up on an account that already has a Systematic Investment Plan established. Note that a Medallion Signature Guarantee may be required if this service is established after your Fund account is opened.
You can choose to receive your withdrawals via check or direct deposit into your bank account. The Fund will deduct any applicable CDSC from the withdrawals before sending redemption proceeds to you. You can cancel the plan by giving the Fund 30 days’ notice in writing or by calling the Transfer Agent at 800.422.3737. It’s important to remember that if you withdraw more than your investment in the Fund is earning, you’ll eventually withdraw your entire investment.
Satisfying Fund Redemption Requests
When you sell your Fund shares, the Fund is effectively buying them back from you. This is called a redemption. Except as noted below with respect to newly purchased shares, the Fund typically expects to send you payment for your shares within two business days after your trade date for all methods of payment. The Fund can suspend redemptions and/or delay payment of redemption proceeds for up to seven days. The Fund can also suspend redemptions and/or delay payment of redemption proceeds in excess of seven days under certain circumstances, including when the NYSE is closed or trading thereon is restricted or during emergency or other circumstances, including as determined by the SEC.
The Fund typically seeks to satisfy redemption requests from cash or cash equivalents held by the Fund, from the proceeds of orders to purchase Fund shares or from the proceeds of sales of Fund holdings effected in the normal course of managing the Fund. However, the Fund may have to sell Fund holdings, including in down markets, to meet heavier than usual redemption requests. For example, under stressed or abnormal market conditions or circumstances, including circumstances adversely affecting the liquidity of the Fund’s investments, the Fund may be more likely to be forced to sell Fund holdings to meet redemptions than under normal market circumstances. In these situations, the Fund’s portfolio managers may have to sell Fund holdings that would not otherwise be sold because, among other reasons, the current price to be received is less than the value of the holdings perceived by the Fund’s portfolio managers. The Fund may also, under certain circumstances (but more likely under stressed or abnormal market conditions or circumstances), borrow money under a credit facility to which the Fund and certain other Columbia Funds are parties or from other Columbia Funds under an interfund lending program (except for closed-end funds and money market funds, which are not eligible to borrow under the program). The Fund and the other Columbia Funds are limited as to the amount that each may individually and collectively borrow under the credit facility and the interfund lending program. As a result, borrowings available to the Fund under the credit facility and the interfund lending program might be insufficient, alone or in combination with the other strategies described herein, to satisfy Fund redemption requests. Please see About Fund Investments – Borrowings – Interfund Lending in the Fund’s SAI for more information about the credit facility and interfund lending program. The Fund is also limited in the total amount it may borrow. The Fund may only borrow to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any exemptive relief available to the Fund, which currently limit Fund borrowings to 33 1/3% of total assets (including any amounts borrowed) less liabilities (other than borrowings), plus an additional 5% of its total assets for temporary purposes (to be repaid within 60 days without extension or renewal), in each case determined at the time the borrowing is made.
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In addition, the Fund reserves the right to honor redemption orders in whole or in part with in-kind distributions of Fund portfolio securities instead of cash. Such in-kind distributions typically represent a pro-rata portion of Fund portfolio assets subject to adjustments (e.g., for non-transferable securities, round lots, and derivatives). In the event the Fund distributes portfolio securities in kind, you may incur brokerage and other transaction costs associated with converting the portfolio securities you receive into cash. Also, the portfolio securities you receive may increase or decrease in value after they are distributed but before you convert them into cash. For U.S. federal income tax purposes, redemptions paid in securities are generally treated the same as redemptions paid in cash. If, during any 90-day period, you redeem shares in an amount greater than $250,000 or 1% of the Fund’s net assets (whichever is less), and if Columbia Threadneedle determines it to be feasible and appropriate, the Fund may pay the redemption amount above such threshold by an in-kind distribution of Fund portfolio securities.
While the Fund is not required (and may refuse in its discretion) to pay a redemption with an in-kind distribution of Fund portfolio securities and reserves the right to pay the redemption proceeds in cash, if you wish to request an in-kind redemption, please call the Transfer Agent at 800.345.6611. As a result of the operational steps needed to coordinate with the redeeming shareholder’s custodian, in-kind redemptions typically take several weeks to complete after a redemption request is received. The Fund and the redeeming shareholder will typically agree upon a redemption date. Since the Fund’s NAV may fluctuate during this time, the Fund’s NAV may be lower on the agreed upon redemption date than on an earlier date on which the investment could have been redeemed for cash.
Redemption of Newly Purchased Shares
You may not redeem shares for which the Fund has not yet received payment. Shares purchased by check or electronically by ACH when the purchase payment is not guaranteed will be considered in “good form” for redemption only after they have been held in your account for 6 calendar days after the trade date of the purchase (Collected Shares). If you request a redemption for an amount that, based on the NAV next calculated after your redemption request is received, includes any shares that are not yet Collected Shares, the Fund will only process the redemption up to the amount of the value of Collected Shares available in your account. You must submit a new redemption request if you wish to redeem those shares that were not yet Collected Shares at the time the original redemption request was received by the Fund.
Other Redemption Rules You Should Know
• | Once the Transfer Agent or your financial intermediary receives your redemption order in “good form,” your shares will be sold at the Fund’s next calculated NAV per share (i.e., the trade date). Any applicable CDSC will be deducted from the amount you’re selling and the balance will be remitted to you. |
• | Once the Fund receives your redemption request in “good form,” you cannot cancel it after the market closes. |
• | If you sell your shares that are held in a Direct-at-Fund Account, we will normally send the redemption proceeds by mail or electronically transfer them to your bank account the next business day after the trade date. Note that your bank may take up to three business days to post an electronic funds transfer from your account. |
• | If you sell your shares through a financial intermediary, the Funds will normally send the redemption proceeds to your financial intermediary within two business days after the trade date. |
• | No interest will be paid on uncashed redemption checks. |
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• | Other restrictions may apply to retirement accounts. For information about these restrictions, contact your retirement plan administrator. |
• | For broker-dealer and wrap fee accounts: The Fund reserves the right to redeem your shares if your account falls below the Fund’s minimum initial investment requirement. The Fund will notify your broker-dealer prior to redeeming shares, and will provide details on how to avoid such redemption. |
• | Also keep in mind the Funds’ Small Account Policy, which is described above in Buying, Selling and Exchanging Shares — Transaction Rules and Policies. |
Exchanging Shares
You can generally sell shares of your Fund to buy shares of another Fund (subject to eligibility requirements), in what is called an exchange. You should read the prospectus of, and make sure you understand the investment objective, principal investment strategies, risks, fees and expenses of, the Fund into which you are exchanging. Although the Funds allow certain exchanges from one share class to another share class with higher expenses, you should consider the expenses of each class before making such an exchange. Please see Same-Fund Exchange Privilege below for more information.
You will be subject to a sales charge if, in a Direct-at-Fund Account, you exchange shares that have not previously paid a sales charge, into a Columbia Fund that does assess a sales charge. If you hold your Fund shares through certain financial intermediaries, you may have limited exchangeability among the Funds. Please contact your financial intermediary for more information.
Systematic Exchanges
You may buy Class A, Class C, Class Inst and Class Inst3 shares of a Fund by exchanging each month from another Fund for shares of the same class of the Fund at no additional cost, subject to the following exchange amount minimums: $50 each month for individual retirement accounts (i.e., tax qualified accounts); and $100 each month for non-retirement accounts. Contact the Transfer Agent or your financial intermediary to set up the plan.
Exchanges will continue as long as your balance in the Fund you are exchanging shares from is sufficient to complete the systematic monthly exchange, subject to the Funds’ Small Account Policy described above in Buying, Selling and Exchanging Shares — Transaction Rules and Policies. You may terminate the program or change the amount you would like to exchange (subject to the $50 and $100 minimum requirements noted immediately above) by calling the Transfer Agent at 800.345.6611.
Other Exchange Rules You Should Know
• | Exchanges are made at the NAV next calculated (plus any applicable sales charge) after your exchange order is received in “good form” (i.e., the trade date). |
• | Once the Fund receives your exchange request in “good form,” you cannot cancel it after the market closes. |
• | The rules for buying shares of a Fund generally apply to exchanges into that Fund, including, if your exchange creates a new Fund account, it must satisfy the minimum investment amount, unless a waiver applies. |
• | Shares of the purchased Fund may not be used on the same day for another exchange or sale. |
• | If you exchange shares from Class A shares of Columbia Government Money Market Fund to a non-money market Fund, any further exchanges must be between shares of the same class. For example, if you exchange from Class A shares of Columbia Government Money Market Fund into Class C shares of a non-money market Fund, you may not exchange from Class C shares of that non-money market Fund back to Class A shares of Columbia Government Money Market Fund or Class A shares of any other Fund. |
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• | A sales charge may apply when you exchange shares of a Fund that were not assessed a sales charge at the time you purchased such shares. If you invest through a Direct-at-Fund Account or any Columbia Fund that does not impose a front-end sales charge and then you exchange into a Fund that does assess a sales charge, your transaction is subject to a front-end sales charge if you exchange into Class A shares and to a CDSC if you exchange into Class C shares of the Columbia Funds. |
• | If you purchased Class A shares of a Columbia Fund that imposes a front-end sales charge (and you paid any applicable sales charge) and you then exchange those shares into a Columbia Fund that does not impose a front-end sales charge, you may exchange that amount to Class A of another Fund in the future, including dividends earned on that amount, without paying a sales charge. |
• | If your shares are subject to a CDSC, you will not be charged a CDSC upon the exchange of those shares. Any CDSC will be deducted when you sell the shares you received from the exchange. The CDSC imposed at that time will be based on the period that begins when you bought shares of the original Fund and ends when you sell the shares of the Fund you received from the exchange. Any applicable CDSC charged will be the CDSC of the original Fund. |
• | You may make exchanges only into a Fund that is legally offered and sold in your state of residence. Contact the Transfer Agent or your financial intermediary for more information. |
• | You generally may make an exchange only into a Fund that is accepting investments. |
• | The Fund may change or cancel your right to make an exchange by giving the amount of notice required by regulatory authorities (generally 60 days for a material change or cancellation). |
• | Unless your account is part of a tax-advantaged arrangement, an exchange for shares of another Fund is a taxable event, and you may recognize a gain or loss for tax purposes. |
• | Changing your investment to a different Fund will be treated as a sale and purchase, and you will be subject to applicable taxes on the sale and sales charges on the purchase of the new Fund. |
• | Class Inst shares of a Fund may be exchanged for Class A or Class Inst shares of another Fund. In certain circumstances, the front-end sales charge applicable to Class A shares may be waived on exchanges of Class Inst shares for Class A shares. See Buying, Selling and Exchanging Shares — Buying Shares — Eligible Investors — Class Inst Shares for details. |
Same-Fund Exchange Privilege
Shareholders may be eligible to invest in other classes of shares of the same Fund, and may exchange their current shares for another share class if deemed eligible and offered by the Fund. Such same-Fund exchanges could include an exchange of one class for another with higher expenses. Before making such an exchange, you should consider the expenses of each class. Shareholders should contact their financial intermediaries to learn more about the details of the same-Fund exchange privilege. Exchanges out of Class A and Class C shares will be subject to any applicable CDSC. Financial intermediaries that have a customized arrangement with regard to CDSCs are detailed in Appendix C.
Exchanges out of Class C shares to another share class of the same Fund are not permissible on Direct-at-Fund Accounts. Exchanges out of Class C shares to another share class of the same Fund within commissionable brokerage accounts are permitted only (1) by shareholders moving from a commissionable brokerage account to a fee-based advisory program or (2) when the exchange is part of a share class conversion (or a similar multiple shareholder transaction event) instituted by a financial intermediary and such conversion or similar type event is preapproved by the Distributor.
Ordinarily, shareholders will not recognize a gain or loss for U.S. federal income tax purposes upon a same-Fund exchange. You should consult your tax advisor about your particular exchanges.
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A mutual fund can make money two ways:
• | It can earn income on its investments. Examples of fund income are interest paid on money market instruments and bonds, and dividends paid on common stocks. |
• | A mutual fund can also have capital gains if the value of its investments increases. While a fund continues to hold an investment, any gain is generally unrealized. If the fund sells an investment, it generally will realize a capital gain if it sells that investment for a higher price than its adjusted cost basis, and will generally realize a capital loss if it sells that investment for a lower price than its adjusted cost basis. Capital gains and losses are either short-term or long-term, depending on whether the fund holds the securities for one year or less (short-term) or more than one year (long-term). |
Mutual funds make payments of fund earnings to shareholders, distributing them among all shareholders of the fund. As a shareholder, you are entitled to your portion of a fund’s distributed income, including capital gains. Reinvesting your distributions buys you more shares of a fund — which lets you take advantage of the potential for compound growth. Putting the money you earn back into your investment means it, in turn, may earn even more money (or be exposed to additional losses, if the fund earns a negative return). Over time, the power of compounding has the potential to significantly increase the value of your investment. There is no assurance, however, that you’ll earn more money if you reinvest your distributions rather than receive them in cash.
Each Fund intends to pay out, in the form of distributions to shareholders, a sufficient amount of its income and gains so that the Fund will qualify for treatment as a regulated investment company and generally will not have to pay any federal excise tax. Each Fund generally intends to distribute any net realized capital gain (whether long-term or short-term gain) at least once a year. Normally, Columbia Capital Allocation Aggressive and Columbia Select Global Equity Fund will declare and pay distributions of net investment income according to the following schedule:
Declaration and Distribution Schedule | ||
Declarations | Annually | |
Distributions | Annually |
Normally, Columbia Overseas Core Fund and Columbia Small Cap Value Fund I will declare and pay distributions of net investment income according to the following schedule:
Declaration and Distribution Schedule | ||
Declarations | Semiannually | |
Distributions | Semiannually |
Normally, Columbia Select Mid Cap Value Fund will declare and pay distributions of net investment income according to the following schedule:
Declaration and Distribution Schedule | ||
Declarations | Quarterly | |
Distributions | Quarterly |
Each Fund may declare or pay distributions of net investment income more frequently.
Different share classes of the Fund usually pay different net investment income distribution amounts, because each class has different expenses. Each time a distribution is made, the NAV per share of the share class is reduced by the amount of the distribution.
The Fund generally pays cash distributions within five business days after the distribution was declared (or, if the Fund declares distributions daily, within five business days after the end of the month in which the distribution was declared). If you sell all of your shares after the record date, but before the payment date, for a distribution, you’ll normally receive that distribution in cash within five business days after the sale was made.
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The Fund will automatically reinvest distributions in additional shares of the same share class of the Fund unless you inform us you want to receive your distributions in cash (the financial intermediary through which you purchased shares may have different policies). You can do this by contacting the Funds at the addresses and telephone numbers listed at the beginning of the section entitled Choosing a Share Class. No sales charges apply to the purchase or sale of such shares.
For accounts held directly with the Fund (through the Transfer Agent), distributions of $10 or less will automatically be reinvested in additional Fund shares only. If you elect to receive distributions by check and the check is returned as undeliverable, all subsequent distributions will be reinvested in additional shares of the Fund.
Unless you are a tax-exempt investor or holding Fund shares through a tax-advantaged account (such as a 401(k) plan or IRA), you should consider avoiding buying Fund shares shortly before the Fund makes a distribution (other than distributions of net investment income that are declared daily) of net investment income or net realized capital gain, because doing so can cost you money in taxes to the extent the distribution consists of taxable income or gains. This is because you will, in effect, receive part of your purchase price back in the distribution. This is known as “buying a dividend.” To avoid “buying a dividend,” before you invest check the Fund’s distribution schedule, which is available at the Funds’ website and/or by calling the Funds’ telephone number listed at the beginning of the section entitled Choosing a Share Class.
You should be aware of the following considerations applicable to the Fund:
• | The Fund intends to qualify and to be eligible for treatment each year as a regulated investment company. A regulated investment company generally is not subject to tax at the fund level on income and gains from investments that are distributed to shareholders. However, the Fund’s failure to qualify for treatment as a regulated investment company would result in Fund-level taxation, and consequently, a reduction in income available for distribution to you and in the NAV of your shares. Even if the Fund qualifies for treatment as a regulated investment company, the Fund may be subject to federal excise tax on certain undistributed income or gains. |
• | Otherwise taxable distributions generally are taxable to you when paid, whether they are paid in cash or automatically reinvested in additional Fund shares. Dividends paid in January are deemed paid on December 31 of the prior year if the dividend was declared and payable to shareholders of record in October, November, or December of such prior year. |
• | Distributions of the Fund’s ordinary income and net short-term capital gain, if any, generally are taxable to you as ordinary income. Distributions of the Fund’s net long-term capital gain, if any, generally are taxable to you as long-term capital gain. Whether capital gains are long-term or short-term is determined by how long the Fund has owned the investments that generated them, rather than how long you have owned your shares. |
• | From time to time, a distribution from the Fund could constitute a return of capital. A return of capital is a return of an amount of your original investment and is not a distribution of income or capital gain from the Fund. Therefore, a return of capital is not taxable to you so long as the amount of the distribution does not exceed your tax basis in your Fund shares. A return of capital reduces your tax basis in your Fund shares, with any amounts exceeding such basis generally taxable as capital gain. |
• | If you are an individual and you meet certain holding period and other requirements for your Fund shares, a portion of your distributions may be treated as “qualified dividend income” taxable at the lower net long-term capital gain rates instead of the higher ordinary income rates. Qualified dividend income is income attributable to the Fund’s dividends received from certain U.S. and foreign corporations, as long as the Fund meets certain holding period and other requirements for the stock producing such dividends. |
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• | Certain high-income individuals (as well as estates and trusts) are subject to a 3.8% tax on net investment income. For individuals, the 3.8% tax applies to the lesser of (1) the amount (if any) by which the taxpayer’s modified adjusted gross income exceeds certain threshold amounts or (2) the taxpayer’s “net investment income.” Net investment income generally includes for this purpose dividends, including any capital gain dividends, paid by the Fund, and net gains recognized on the sale, redemption or exchange of shares of the Fund. |
• | Certain derivative instruments when held in the Fund’s portfolio subject the Fund to special tax rules, the effect of which may be to, among other things, accelerate income to the Fund, defer Fund losses, cause adjustments in the holding periods of Fund portfolio securities, or convert capital gains into ordinary income, short-term capital losses into long-term capital losses or long-term capital gains into short-term capital gains. These rules could therefore affect the amount, timing and/or character of distributions to shareholders. |
• | Generally, a Fund realizes a capital gain or loss on an option when the option expires, or when it is exercised, sold or otherwise terminated. However, if an option is a “section 1256 contract,” which includes most traded options on a broad-based index, and the Fund holds such option at the end of its taxable year, the Fund is deemed to sell such option at fair market value at such time and recognize any gain or loss thereon, which is generally deemed to be 60% long-term and 40% short-term capital gain or loss, as described further in the Fund’s SAI. |
• | Income and proceeds received by the Fund from sources within foreign countries may be subject to foreign taxes. If at the end of the taxable year more than 50% of the value of the Fund’s assets consists of securities of foreign corporations, and the Fund makes a special election, you will generally be required to include in your income for U.S. federal income tax purposes your share of the qualifying foreign income taxes paid by the Fund in respect of its foreign portfolio securities. You may be able to claim a foreign tax credit or deduction in respect of this amount, subject to certain limitations. There is no assurance that the Fund will make this election for a taxable year, even if it is eligible to do so. |
• | A sale, redemption or exchange of Fund shares is a taxable event. This includes redemptions where you are paid in securities. Your sales, redemptions and exchanges of Fund shares (including those paid in securities) usually will result in a taxable capital gain or loss to you, equal to the difference between the amount you receive for your shares (or are deemed to have received in the case of exchanges) and your adjusted tax basis in the shares, which is generally the amount you paid (or are deemed to have paid in the case of exchanges) for them. Any such capital gain or loss generally will be long-term capital gain or loss if you have held your Fund shares for more than one year at the time of sale or exchange. In certain circumstances, capital losses may be converted from short-term to long-term; in other circumstances, capital losses may be disallowed under the “wash sale” rules. |
• | For sales, redemptions and exchanges of shares that were acquired in a non-qualified account after 2011, the Fund generally is required to report to shareholders and the Internal Revenue Service (IRS) cost basis information with respect to those shares. The Fund uses average cost basis as its default method of calculating cost basis. For more information regarding average cost basis reporting, other available cost basis methods, and selecting or changing to a different cost basis method, please see the Fund’s SAI, columbiathreadneedleus.com, or contact the Fund at 800.345.6611. If you hold Fund shares through a financial intermediary (e.g., a brokerage firm), you should contact your financial intermediary to learn about its cost basis reporting default method and the reporting elections available to your account. |
• | The Fund is required by federal law to withhold tax on any taxable or tax-exempt distributions and redemption proceeds paid to you (including amounts paid to you in securities and amounts deemed to be paid to you upon an exchange of shares) if: you have not provided a correct TIN or have not certified to the Fund that withholding does not apply, the IRS has notified us that the TIN listed on your account is incorrect according to its records, or the IRS informs the Fund that you are otherwise subject to backup withholding. |
FUNDamentalsTM |
Taxes
The information provided above is only a summary of how U.S. federal income taxes may affect your investment in the Fund. It is not intended as a substitute for careful tax planning. Your investment in the Fund may have other tax implications. It does not apply to certain types of investors who may be subject to special rules, including foreign or tax-exempt investors or those holding Fund shares through a tax-advantaged account, such as a 401(k) plan or IRA. Please see the Fund’s SAI for more detailed tax information. You should consult with your own tax advisor about the particular tax consequences to you of an investment in the Fund, including the effect of any foreign, state and local taxes, and the effect of possible changes in applicable tax laws.
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APPENDIX A — CAPITALIZATION, OWNERSHIP OF FUND SHARES AND FINANCIAL HIGHLIGHTS
This section contains the following information about the Acquiring Funds and the Target Funds (all information is shown for the most recently ended fiscal year unless otherwise noted):
Table | Content | |
A-1 | Current and pro forma capitalization of each Target Fund and each Acquiring Fund | |
A-2 | Current and pro forma ownership of shares of each Target Fund and each Acquiring Fund | |
A-3 | Financial highlights of each Acquiring Fund |
Capitalization of Target Funds and Acquiring Funds
The following table shows on an unaudited basis the capitalization as of July 31, 2019 for Columbia Global Strategic Equity Fund and Columbia Capital Allocation Aggressive Portfolio, as of October 31, 2019 for Columbia Select Global Growth Fund and Columbia Select Global Equity Fund, as of August 31, 2019 for Columbia Small/Mid Cap Value Fund and Columbia Select Mid Cap Value Fund, as of August 31, 2019 for Columbia Contrarian Europe Fund and Columbia Overseas Core Fund and as of October 31, 2019 for Columbia Disciplined Small Core Fund and Columbia Small Cap Value Fund I; and on a pro forma combined basis for each merger, giving effect to the acquisition of the assets and liabilities of each Target Fund by its corresponding Acquiring Fund at net asset value as of that date. The pro forma combined net assets are determined by adding the net assets of the Target Fund(s) and the net assets of the corresponding Acquiring Fund. The pro forma combined shares outstanding are determined by dividing the net assets of the Target Fund(s) by the net asset value per share of the corresponding Acquiring Fund and adding the actual shares outstanding of the corresponding Acquiring Fund.
Table A-1. Current and Pro Forma Capitalization of each Target Fund and each Acquiring Fund
Fund | Net Assets | Net Asset Value Per Share | Shares Outstanding | |||||||||
Columbia Global Strategic Equity Fund | ||||||||||||
Class A | $ | 548,811,682 | $ | 14.54 | $ | 37,755,514 | ||||||
Class Adv | 12,525,808 | 15.27 | 820,098 | |||||||||
Class C | 32,680,561 | 12.15 | 2,688,726 | |||||||||
Class Inst | 28,186,021 | 15.01 | 1,878,215 | |||||||||
Class Inst2 | 2,079,181 | 15.30 | 135,879 | |||||||||
Class Inst3 | 2,100,962 | 15.10 | 139,107 | |||||||||
Class R | 277,570 | 14.25 | 19,472 | |||||||||
|
|
|
| |||||||||
Total | $ | 626,661,785 | $ | 43,437,011 | ||||||||
|
|
|
| |||||||||
Columbia Capital Allocation Aggressive Portfolio (Current) (Acquiring Fund) | ||||||||||||
Class A | $ | 613,650,718 | $ | 12.35 | $ | 49,693,110 | ||||||
Class Adv | 1,972,236 | 12.09 | 163,147 | |||||||||
Class C | 72,238,897 | 11.99 | 6,023,212 | |||||||||
Class Inst | 10,636,695 | 12.30 | 864,525 | |||||||||
Class Inst2 | 4,304,128 | 12.08 | 356,180 | |||||||||
Class Inst3 | 10,283,446 | 12.08 | 851,449 | |||||||||
Class R | 3,023,310 | 12.23 | 247,209 | |||||||||
|
|
|
| |||||||||
Total | $ | 716,109,430 | $ | 58,198,832 | ||||||||
|
|
|
|
A-1
Table of Contents
Fund | Net Assets | Net Asset Value Per Share | Shares Outstanding | |||||||||
Columbia Capital Allocation Aggressive Portfolio | ||||||||||||
Class A | $ | 1,162,363,559 | $ | 12.35 | $ | 94,123,577 | ||||||
Class Adv | 14,495,855 | 12.09 | 1,199,014 | |||||||||
Class C | 104,913,372 | 11.99 | 8,748,390 | |||||||||
Class Inst | 38,817,757 | 12.30 | 3,155,673 | |||||||||
Class Inst2 | 6,382,924 | 12.08 | 528,268 | |||||||||
Class Inst3 | 12,383,986 | 12.08 | 1,025,339 | |||||||||
Class R | 3,300,815 | 12.23 | 269,901 | |||||||||
|
|
|
| |||||||||
Total | $ | 1,342,658,268 | $ | 109,050,162 | ||||||||
|
|
|
|
(1) | Assumes the Reorganization was consummated on July 31, 2019 and is for information purposes only. No assurance can be given as to how many shares of the Columbia Capital Allocation Aggressive Portfolio will be received by the shareholders of the Columbia Strategic Equity Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of the Columbia Capital Allocation Aggressive Portfolio that actually will be received on or after such date. |
(2) | Adjustments reflect one time costs associated with preparing, filing, printing, and mailing of the Combined Information Statement/Prospectus, legal and other costs of the Reorganization of $108,947 and $4,000 to be borne by Columbia Strategic Equity Fund and Columbia Capital Allocation Aggressive Portfolio, respectively. |
Fund | Net Assets | Net Asset Value Per Share | Shares Outstanding | |||||||||
Columbia Select Global Growth Fund (Current) (Target Fund) | ||||||||||||
Class A | $ | 29,009,399 | $ | 16.09 | $ | 1,803,419 | ||||||
Class Adv | 2,312,742 | 16.51 | 140,122 | |||||||||
Class C | 6,982,643 | 14.87 | 469,526 | |||||||||
Class Inst | 20,460,233 | 16.51 | 1,239,256 | |||||||||
Class Inst2 | 497,813 | 16.56 | 30,054 | |||||||||
Class Inst3 | 3,667,082 | 16.42 | 223,317 | |||||||||
Class R | 761,067 | 15.68 | 48,542 | |||||||||
|
|
|
| |||||||||
Total | $ | 63,690,979 | $ | 3,954,236 | ||||||||
|
|
|
| |||||||||
Columbia Select Global Equity Fund (Current) (Acquiring Fund) | ||||||||||||
Class A | $ | 359,803,718 | $ | 14.34 | $ | 25,096,662 | ||||||
Class Adv | 366,807 | 14.74 | 24,878 | |||||||||
Class C | 9,918,267 | 12.57 | 788,801 | |||||||||
Class Inst | 52,177,989 | 14.54 | 3,588,660 | |||||||||
Class Inst2 | 3,016,945 | 14.61 | 206,455 | |||||||||
Class Inst3 | 52,661,749 | 14.44 | 3,647,033 | |||||||||
Class R | 951,037 | 14.28 | 66,595 | |||||||||
|
|
|
| |||||||||
Total | $ | 478,896,512 | $ | 33,419,084 | ||||||||
|
|
|
| |||||||||
Columbia Select Global Equity Fund | ||||||||||||
Class A | $ | 388,810,090 | $ | 14.34 | $ | 27,119,631 | ||||||
Class Adv | 2,679,544 | 14.74 | 181,780 | |||||||||
Class C | 16,900,822 | 12.57 | 1,344,301 | |||||||||
Class Inst | 72,637,770 | 14.54 | 4,995,828 | |||||||||
Class Inst2 | 3,514,733 | 14.61 | 240,528 | |||||||||
Class Inst3 | 56,328,388 | 14.44 | 3,900,986 | |||||||||
Class R | 1,712,095 | 14.28 | 119,891 | |||||||||
|
|
|
| |||||||||
Total | $ | 542,583,442 | $ | 37,902,945 | ||||||||
|
|
|
|
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Table of Contents
(1) | Assumes the Reorganization was consummated on October 31, 2019 and is for information purposes only. No assurance can be given as to how many shares of the Columbia Select Global Equity Fund will be received by the Columbia Select Global Growth Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of the Columbia Select Global Equity Fund that actually will be received on or after such date. |
(2) | Adjustments reflect one time costs associated with preparing, filing, printing, and mailing of the Combined Information Statement/Prospectus, legal and other costs of the Reorganization of $49 and $4,000 to be borne by Columbia Select Global Growth Fund and Columbia Select Global Equity Fund, respectively. |
Fund | Net Assets | Net Asset Value Per Share | Shares Outstanding | |||||||||
Columbia Small/Mid Cap Value Fund (Current) (Target Fund) | ||||||||||||
Class A | $ | 435,801,675 | $ | 8.82 | $ | 49,438,040 | ||||||
Class Adv | 27,905,815 | 8.85 | 3,152,032 | |||||||||
Class C | 6,486,488 | 7.75 | 836,483 | |||||||||
Class Inst | 66,632,519 | 9.09 | 7,326,623 | |||||||||
Class Inst2 | 17,252,737 | 9.01 | 1,914,270 | |||||||||
Class Inst3 | 78,629,540 | 8.86 | 8,875,887 | |||||||||
Class R | 3,740,799 | 8.60 | 435,023 | |||||||||
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Total | $ | 636,449,573 | $ | 71,978,358 | ||||||||
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Columbia Select Mid Cap Value Fund (Current) (Acquiring Fund) | ||||||||||||
Class A | $ | 545,138,020 | $ | 10.51 | $ | 51,871,124 | ||||||
Class Adv | 22,673,345 | 10.93 | 2,073,567 | |||||||||
Class C | 16,223,530 | 9.45 | 1,716,484 | |||||||||
Class Inst | 668,504,627 | 10.55 | 63,374,254 | |||||||||
Class Inst 2 | 70,364,600 | 10.94 | 6,432,655 | |||||||||
Class Inst3 | 148,188,995 | 10.51 | 14,102,056 | |||||||||
Class R | 28,744,202 | 10.45 | 2,749,684 | |||||||||
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Total | $ | 1,499,837,319 | $ | 142,319,824 | ||||||||
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Columbia Select Mid Cap Value Fund (Pro Forma Combined)(1)(2) | ||||||||||||
Class A | $ | 980,847,630 | $ | 10.51 | $ | 93,327,795 | ||||||
Class Adv | 50,573,265 | 10.93 | 4,626,167 | |||||||||
Class C | 22,708,648 | 9.45 | 2,402,740 | |||||||||
Class Inst | 735,123,070 | 10.55 | 69,688,798 | |||||||||
Class Inst2 | 87,613,692 | 10.94 | 8,009,354 | |||||||||
Class Inst3 | 226,801,924 | 10.51 | 21,581,878 | |||||||||
Class R | 32,484,211 | 10.45 | 3,107,580 | |||||||||
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Total | $ | 2,136,152,440 | $ | 202,744,312 | ||||||||
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(1) | Assumes the Reorganization was consummated on August 31, 2019 and is for information purposes only. No assurance can be given as to how many shares of the Columbia Select Mid Cap Value Fund will be received by the shareholders of the Columbia Small/Mid Cap Value Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of the Columbia Select Mid Cap Value Fund that actually will be received on or after such date. |
(2) | Adjustments reflect one time costs associated with preparing, filing, printing, and mailing of the Combined Information Statement/Prospectus, legal and other costs of the Reorganization of $134,452 and $0 to be borne by Columbia Small/Mid Cap Value Fund and Columbia Select Mid Cap Value Fund, respectively. |
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Fund | Net Assets | Net Asset Value Per Share | Shares Outstanding | |||||||||
Columbia Contrarian Europe Fund (Current) | ||||||||||||
Class A | $ | 55,813,278 | $ | 6.53 | $ | 8,553,289 | ||||||
Class Adv | 4,609,090 | 6.50 | 709,381 | |||||||||
Class C | 6,369,528 | 6.35 | 1,003,815 | |||||||||
Class Inst | 19,882,488 | 6.50 | 3,059,323 | |||||||||
Class Inst2 | 345,854 | 6.55 | 52,831 | |||||||||
Class Inst3 | 170,398,540 | 6.37 | 26,747,397 | |||||||||
Class R | — | — | — | |||||||||
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Total | $ | 257,418,778 | $ | 40,126,036 | ||||||||
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Columbia Overseas Core Fund (Current) | ||||||||||||
Class A | $ | 165,566 | $ | 9.21 | $ | 17,984 | ||||||
Class Adv | 19,355 | 9.22 | 2,100 | |||||||||
Class C | 41,182 | 9.18 | 4,485 | |||||||||
Class Inst | 120,538,861 | 9.22 | 13,072,794 | |||||||||
Class Inst2 | 32,450 | 9.23 | 3,514 | |||||||||
Class Inst3 | 127,712,905 | 9.24 | 13,826,369 | |||||||||
Class R | 69,752 | 9.20 | 7,583 | |||||||||
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Total | $ | 248,580,071 | $ | 26,934,829 | ||||||||
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Columbia Overseas Core Fund (Pro Forma Combined)(1)(2) | ||||||||||||
Class A | $ | 55,914,066 | $ | 9.21 | $ | 6,071,024 | ||||||
Class Adv | 4,623,096 | 9.22 | 501,421 | |||||||||
Class C | 6,403,317 | 9.18 | 697,528 | |||||||||
Class Inst | 140,398,273 | 9.22 | 15,226,743 | |||||||||
Class Inst2 | 377,903 | 9.23 | 40,941 | |||||||||
Class Inst3 | 297,913,679 | 9.24 | 32,246,366 | |||||||||
Class R | 69,752 | 9.20 | 7,583 | |||||||||
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Total | $ | 505,700,086 | $ | 54,791,606 | ||||||||
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(1) | Assumes the Reorganization was consummated on August 31, 2019 and is for information purposes only. No assurance can be given as to how many shares of the Columbia Overseas Core Fund will be received by the shareholders of the Columbia Contrarian Europe Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of the Columbia Overseas Core Fund that actually will be received on or after such date. |
(2) | Adjustments reflect one time costs associated with preparing, filing, printing, and mailing of the Combined Information Statement/Prospectus, legal and other costs of the Reorganization of $298,763 and $0 to be borne by Columbia Contrarian Europe Fund and Columbia Overseas Core Fund, respectively. |
Fund | Net Assets | Net Asset Value Per Share | Shares Outstanding | |||||||||
Columbia Disciplined Small Core Fund (Current) (Target Fund) | ||||||||||||
Class A | $ | 28,901,267 | $ | 5.09 | $ | 5,676,177 | ||||||
Class Adv | 1,036,035 | 6.17 | 167,932 | |||||||||
Class C | 2,674,052 | 1.79 | 1,492,235 | |||||||||
Class Inst | 13,173,491 | 5.98 | 2,203,252 | |||||||||
Class Inst2 | 492,476 | 6.25 | 78,800 | |||||||||
Class Inst3 | 280,458 | 6.35 | 44,175 | |||||||||
Class V(1) | 43,327,803 | 4.66 | 9,305,519 | |||||||||
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Total | $ | 89,885,582 | $ | 18,968,090 | ||||||||
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Table of Contents
Fund | Net Assets | Net Asset Value Per Share | Shares Outstanding | |||||||||
Columbia Small Cap Value Fund I (Current) (Acquiring Fund) | ||||||||||||
Class A | $ | 210,024,433 | $ | 34.26 | $ | 6,129,947 | ||||||
Class Adv | 26,035,284 | 39.86 | 653,221 | |||||||||
Class C | 5,357,144 | 21.74 | 246,388 | |||||||||
Class Inst | 161,523,858 | 38.60 | 4,184,284 | |||||||||
Class Inst2 | 44,561,490 | 39.91 | 1,116,493 | |||||||||
Class Inst3 | 97,337,858 | 38.86 | 2,504,597 | |||||||||
Class R | 1,903,797 | 34.11 | 55,814 | |||||||||
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Total | $ | 546,743,864 | $ | 14,890,744 | ||||||||
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Columbia Small Cap Value Fund I (Pro Forma Combined)(2)(3) | ||||||||||||
Class A | $ | 238,896,237 | $ | 34.26 | $ | 6,972,673 | ||||||
Class Adv | 27,070,263 | 39.86 | 679,186 | |||||||||
Class C | 8,028,470 | 21.74 | 369,264 | |||||||||
Class Inst | 217,967,553 | 38.60 | 5,646,556 | |||||||||
Class Inst2 | 45,053,464 | 39.91 | 1,128,820 | |||||||||
Class Inst3 | 97,618,030 | 38.86 | 2,511,807 | |||||||||
Class R | 1,903,797 | 34.11 | 55,814 | |||||||||
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Total | $ | 636,537,814 | $ | 17,364,120 | ||||||||
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(1) | Holders of Class V shares of the Target Fund receive Class Inst shares of the Acquiring Fund. |
(2) | Assumes the Reorganization was consummated on October 31, 2019 and is for information purposes only. No assurance can be given as to how many shares of the Columbia Small Cap Value Fund I will be received by the shareholders of the Columbia Disciplined Small Core Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of the Columbia Small Cap Value Fund I that actually will be received on or after such date. |
(3) | Adjustments reflect one time costs associated with preparing, filing, printing, and mailing of the Combined Information Statement/Prospectus, legal and other costs of the Reorganization of $91,632 and $0 to be borne by Columbia Disciplined Small Core Fund and Columbia Small Cap Value Fund I, respectively. |
Ownership of Target Fund and Acquiring Fund Shares
The following table provides information on each person who may be deemed to be a “control person” (as that term is defined in the 1940 Act) of a Fund as of [•], 2020 because it owns, directly or indirectly, of record more than 25% of the outstanding shares of the Fund, by virtue of its fiduciary roles with respect to its clients or otherwise. A control person may be able to facilitate shareholder approval of proposals it favors and to impede shareholder approval of proposals it opposes. In this regard, if a control person owns a sufficient number of a Fund’s outstanding shares, then, for certain shareholder proposals, such control person may be able to approve, or to prevent approval, of such proposals without regard to votes by other Fund shareholders.
Fund | Shareholder Account Registration | Percent of shares held | Percent of shares held following the Reorganization | |||
Columbia Global Strategic Equity Fund | [•] | [•] | [•] | |||
Columbia Capital Allocation Aggressive Portfolio | [•] | [•] | [•] | |||
Columbia Select Global Growth Fund | [•] | [•] | [•] | |||
Columbia Select Global Equity Fund | [•] | [•] | [•] | |||
Columbia Small/Mid Cap Value Fund | [•] | [•] | [•] | |||
Columbia Select Mid Cap Value Fund | [•] | [•] | [•] | |||
Columbia Contrarian Europe Fund | [•] | [•] | [•] | |||
Columbia Overseas Core Fund | [•] | [•] | [•] | |||
Columbia Disciplined Small Core Fund | [•] | [•] | [•] | |||
Columbia Small Cap Value Fund I | [•] | [•] | [•] |
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Table of Contents
The following table provides information on shareholders who owned of record or, to the knowledge of the Fund, beneficially, more than 5% of any class of a Fund’s outstanding shares as of [•], 2020. [As of [•], 2020, the officers and directors/trustees of each Fund, as a group, owned less than 1% of the outstanding shares of each class of such Fund.]
Table A-2. Current Ownership of Fund Shares
Fund | 5% Owners | Percent of shares held | Percent of shares held following the Reorganization | |||
Columbia Global Strategic Equity Fund | [•] | [•] | [•] | |||
Columbia Capital Allocation Aggressive Portfolio | [•] | [•] | [•] | |||
Columbia Select Global Growth Fund | [•] | [•] | [•] | |||
Columbia Select Global Equity Fund | [•] | [•] | [•] | |||
Columbia Small/Mid Cap Value Fund | [•] | [•] | [•] | |||
Columbia Select Mid Cap Value Fund | [•] | [•] | [•] | |||
Columbia Contrarian Europe Fund | [•] | [•] | [•] | |||
Columbia Overseas Core Fund | [•] | [•] | [•] | |||
Columbia Disciplined Small Core Fund | [•] | [•] | [•] | |||
Columbia Small Cap Value Fund I | [•] | [•] | [•] |
Table A-3. Financial Highlights
The financial highlights tables below are designed to help you understand how each Acquiring Fund has performed for the past five full fiscal years. Certain information reflects financial results for a single Acquiring Fund share. The total return line indicates how much an investment in the Acquiring Fund would have earned each period assuming any dividends and distributions had been reinvested. Total returns do not reflect payment of sales charges, if any.
The information shown below for each Acquiring Fund has been audited by PricewaterhouseCoopers LLP, except that the information shown for the six-month period ended July 31, 2019 for Columbia Capital Allocation Portfolio, August 31, 2019 for Columbia Select Mid Cap Value Fund, Columbia Overseas Core Fund and Columbia Global Equity Value Fund, and October 31, 2019 for Columbia Small Cap Value Fund I, which is unaudited. The auditor is an independent registered public accounting firm, whose reports, along with the Acquiring Funds’ financial statements, are included in the Acquiring Funds’ annual report to shareholders. The independent registered public accounting firms’ reports and the Acquiring Funds’ financial statements are also incorporated by reference into the Reorganization SAI. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. The total return line indicates how much an investment of an Acquiring Fund would have earned or lost each period assuming all dividends and distributions had been reinvested. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods less than one year.
A-6
Table of Contents
Financial Highlights – Columbia Capital Allocation Aggressive Portfolio
The following tables are intended to help you understand the Funds’ financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, a fund’s portfolio turnover rate may be higher.
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 7/31/2019 (Unaudited) | $ | 11.90 | 0.04 | 0.82 | 0.86 | (0.01 | ) | (0.40 | ) | (0.41 | ) | |||||||||||||||||
Year Ended 1/31/2019 | $ | 14.10 | 0.17 | (1.19 | ) | (1.02 | ) | (0.23 | ) | (0.95 | ) | (1.18 | ) | |||||||||||||||
Year Ended 1/31/2018 | $ | 12.11 | 0.14 | 2.85 | 2.99 | (0.20 | ) | (0.80 | ) | (1.00 | ) | |||||||||||||||||
Year Ended 1/31/2017 | $ | 11.08 | 0.13 | 1.49 | 1.62 | (0.14 | ) | (0.45 | ) | (0.59 | ) | |||||||||||||||||
Year Ended 1/31/2016 | $ | 12.54 | 0.15 | (0.57 | ) | (0.42 | ) | (0.19 | ) | (0.85 | ) | (1.04 | ) | |||||||||||||||
Year Ended 1/31/2015 | $ | 12.82 | 0.12 | 0.86 | 0.98 | (0.30 | ) | (0.96 | ) | (1.26 | ) | |||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 11.64 | 0.05 | 0.81 | 0.86 | (0.01 | ) | (0.40 | ) | (0.41 | ) | |||||||||||||||||
Year Ended 1/31/2019 | $ | 13.83 | 0.20 | (1.18 | ) | (0.98 | ) | (0.26 | ) | (0.95 | ) | (1.21 | ) | |||||||||||||||
Year Ended 1/31/2018 | $ | 11.89 | 0.14 | 2.83 | 2.97 | (0.23 | ) | (0.80 | ) | (1.03 | ) | |||||||||||||||||
Year Ended 1/31/2017 | $ | 10.89 | 0.15 | 1.46 | 1.61 | (0.16 | ) | (0.45 | ) | (0.61 | ) | |||||||||||||||||
Year Ended 1/31/2016 | $ | 12.34 | 0.24 | (0.61 | ) | (0.37 | ) | (0.23 | ) | (0.85 | ) | (1.08 | ) | |||||||||||||||
Year Ended 1/31/2015 | $ | 12.63 | 0.54 | 0.46 | 1.00 | (0.33 | ) | (0.96 | ) | (1.29 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 11.60 | (0.01 | ) | 0.80 | 0.79 | — | (0.40 | ) | (0.40 | ) | |||||||||||||||||
Year Ended 1/31/2019 | $ | 13.77 | 0.07 | (1.16 | ) | (1.09 | ) | (0.13 | ) | (0.95 | ) | (1.08 | ) | |||||||||||||||
Year Ended 1/31/2018 | $ | 11.85 | 0.04 | 2.79 | 2.83 | (0.11 | ) | (0.80 | ) | (0.91 | ) | |||||||||||||||||
Year Ended 1/31/2017 | $ | 10.87 | 0.04 | 1.45 | 1.49 | (0.06 | ) | (0.45 | ) | (0.51 | ) | |||||||||||||||||
Year Ended 1/31/2016 | $ | 12.32 | 0.06 | (0.55 | ) | (0.49 | ) | (0.11 | ) | (0.85 | ) | (0.96 | ) | |||||||||||||||
Year Ended 1/31/2015 | $ | 12.62 | 0.03 | 0.83 | 0.86 | (0.20 | ) | (0.96 | ) | (1.16 | ) | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 11.84 | 0.05 | 0.82 | 0.87 | (0.01 | ) | (0.40 | ) | (0.41 | ) | |||||||||||||||||
Year Ended 1/31/2019 | $ | 14.04 | 0.15 | (1.13 | ) | (0.98 | ) | (0.27 | ) | (0.95 | ) | (1.22 | ) | |||||||||||||||
Year Ended 1/31/2018 | $ | 12.06 | 0.22 | 2.79 | 3.01 | (0.23 | ) | (0.80 | ) | (1.03 | ) | |||||||||||||||||
Year Ended 1/31/2017 | $ | 11.03 | 0.16 | 1.48 | 1.64 | (0.16 | ) | (0.45 | ) | (0.61 | ) | |||||||||||||||||
Year Ended 1/31/2016 | $ | 12.49 | 0.19 | (0.58 | ) | (0.39 | ) | (0.22 | ) | (0.85 | ) | (1.07 | ) | |||||||||||||||
Year Ended 1/31/2015 | $ | 12.78 | 0.17 | 0.83 | 1.00 | (0.33 | ) | (0.96 | ) | (1.29 | ) | |||||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 11.64 | 0.06 | 0.79 | 0.85 | (0.01 | ) | (0.40 | ) | (0.41 | ) | |||||||||||||||||
Year Ended 1/31/2019 | $ | 13.82 | 0.20 | (1.16 | ) | (0.96 | ) | (0.27 | ) | (0.95 | ) | (1.22 | ) | |||||||||||||||
Year Ended 1/31/2018 | $ | 11.88 | 0.19 | 2.79 | 2.98 | (0.24 | ) | (0.80 | ) | (1.04 | ) | |||||||||||||||||
Year Ended 1/31/2017 | $ | 10.88 | 0.17 | 1.45 | 1.62 | (0.17 | ) | (0.45 | ) | (0.62 | ) | |||||||||||||||||
Year Ended 1/31/2016 | $ | 12.33 | 0.31 | (0.68 | ) | (0.37 | ) | (0.23 | ) | (0.85 | ) | (1.08 | ) | |||||||||||||||
Year Ended 1/31/2015 | $ | 12.63 | 0.16 | 0.85 | 1.01 | (0.35 | ) | (0.96 | ) | (1.31 | ) | |||||||||||||||||
Institutional 3 Class | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 11.63 | 0.06 | 0.80 | 0.86 | (0.01 | ) | (0.40 | ) | (0.41 | ) | |||||||||||||||||
Year Ended 1/31/2019 | $ | 13.82 | 0.22 | (1.19 | ) | (0.97 | ) | (0.27 | ) | (0.95 | ) | (1.22 | ) | |||||||||||||||
Year Ended 1/31/2018 | $ | 11.88 | 0.18 | 2.80 | 2.98 | (0.24 | ) | (0.80 | ) | (1.04 | ) | |||||||||||||||||
Year Ended 1/31/2017 | $ | 10.87 | 0.19 | 1.45 | 1.64 | (0.18 | ) | (0.45 | ) | (0.63 | ) | |||||||||||||||||
Year Ended 1/31/2016 | $ | 12.32 | 0.08 | (0.44 | ) | (0.36 | ) | (0.24 | ) | (0.85 | ) | (1.09 | ) | |||||||||||||||
Year Ended 1/31/2015 | $ | 12.62 | 0.17 | 0.84 | 1.01 | (0.35 | ) | (0.96 | ) | (1.31 | ) |
A-7
Table of Contents
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 7/31/2019 (Unaudited) | $ | 12.35 | 7.27 | % | 0.47 | %(c) | 0.47 | %(c) | 0.65 | %(c) | 5 | % | $ | 613,651 | ||||||||||||||
Year Ended 1/31/2019 | $ | 11.90 | (6.90 | %) | 0.47 | % | 0.47 | %(d) | 1.30 | % | 20 | % | $ | 599,211 | ||||||||||||||
Year Ended 1/31/2018 | $ | 14.10 | 25.45 | % | 0.49 | % | 0.49 | %(d) | 1.08 | % | 13 | % | $ | 670,783 | ||||||||||||||
Year Ended 1/31/2017 | $ | 12.11 | 14.95 | % | 0.50 | % | 0.50 | %(d) | 1.06 | % | 12 | % | $ | 582,182 | ||||||||||||||
Year Ended 1/31/2016 | $ | 11.08 | (3.92 | %) | 0.51 | % | 0.51 | %(d) | 1.18 | % | 12 | % | $ | 549,678 | ||||||||||||||
Year Ended 1/31/2015 | $ | 12.54 | 7.50 | % | 0.54 | % | 0.54 | %(d) | 0.92 | % | 27 | % | $ | 577,868 | ||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 12.09 | 7.45 | % | 0.22 | %(c) | 0.22 | %(c) | 0.89 | %(c) | 5 | % | $ | 1,972 | ||||||||||||||
Year Ended 1/31/2019 | $ | 11.64 | (6.69 | %) | 0.22 | % | 0.22 | %(d) | 1.58 | % | 20 | % | $ | 1,965 | ||||||||||||||
Year Ended 1/31/2018 | $ | 13.83 | 25.76 | % | 0.23 | % | 0.23 | %(d) | 1.10 | % | 13 | % | $ | 1,662 | ||||||||||||||
Year Ended 1/31/2017 | $ | 11.89 | 15.20 | % | 0.25 | % | 0.25 | %(d) | 1.27 | % | 12 | % | $ | 1,242 | ||||||||||||||
Year Ended 1/31/2016 | $ | 10.89 | (3.65 | %) | 0.26 | % | 0.26 | %(d) | 1.97 | % | 12 | % | $ | 779 | ||||||||||||||
Year Ended 1/31/2015 | $ | 12.34 | 7.78 | % | 0.28 | % | 0.28 | %(d) | 4.28 | % | 27 | % | $ | 497 | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 11.99 | 6.88 | % | 1.22 | %(c) | 1.22 | %(c) | (0.10 | %)(c) | 5 | % | $ | 72,239 | ||||||||||||||
Year Ended 1/31/2019 | $ | 11.60 | (7.64 | %) | 1.22 | % | 1.22 | %(d) | 0.52 | % | 20 | % | $ | 70,524 | ||||||||||||||
Year Ended 1/31/2018 | $ | 13.77 | 24.61 | % | 1.24 | % | 1.24 | %(d) | 0.34 | % | 13 | % | $ | 88,717 | ||||||||||||||
Year Ended 1/31/2017 | $ | 11.85 | 14.01 | % | 1.25 | % | 1.25 | %(d) | 0.33 | % | 12 | % | $ | 75,648 | ||||||||||||||
Year Ended 1/31/2016 | $ | 10.87 | (4.60 | %) | 1.25 | % | 1.25 | %(d) | 0.46 | % | 12 | % | $ | 66,938 | ||||||||||||||
Year Ended 1/31/2015 | $ | 12.32 | 6.66 | % | 1.29 | % | 1.29 | %(d) | 0.22 | % | 27 | % | $ | 62,488 | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 12.30 | 7.41 | % | 0.22 | %(c) | 0.22 | %(c) | 0.90 | %(c) | 5 | % | $ | 10,637 | ||||||||||||||
Year Ended 1/31/2019 | $ | 11.84 | (6.65 | %) | 0.22 | % | 0.22 | %(d) | 1.17 | % | 20 | % | $ | 10,382 | ||||||||||||||
Year Ended 1/31/2018 | $ | 14.04 | 25.73 | % | 0.23 | % | 0.23 | %(d) | 1.67 | % | 13 | % | $ | 20,763 | ||||||||||||||
Year Ended 1/31/2017 | $ | 12.06 | 15.27 | % | 0.25 | % | 0.25 | %(d) | 1.39 | % | 12 | % | $ | 3,329 | ||||||||||||||
Year Ended 1/31/2016 | $ | 11.03 | (3.69 | %) | 0.26 | % | 0.26 | %(d) | 1.55 | % | 12 | % | $ | 1,809 | ||||||||||||||
Year Ended 1/31/2015 | $ | 12.49 | 7.70 | % | 0.29 | % | 0.29 | %(d) | 1.30 | % | 27 | % | $ | 1,433 | ||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 12.08 | 7.37 | % | 0.20 | %(c) | 0.20 | %(c) | 0.93 | %(c) | 5 | % | $ | 4,304 | ||||||||||||||
Year Ended 1/31/2019 | $ | 11.64 | (6.60 | %) | 0.20 | % | 0.20 | % | 1.56 | % | 20 | % | $ | 2,978 | ||||||||||||||
Year Ended 1/31/2018 | $ | 13.82 | 25.83 | % | 0.20 | % | 0.20 | % | 1.44 | % | 13 | % | $ | 2,642 | ||||||||||||||
Year Ended 1/31/2017 | $ | 11.88 | 15.28 | % | 0.18 | % | 0.18 | % | 1.49 | % | �� | 12 | % | $ | 1,638 | |||||||||||||
Year Ended 1/31/2016 | $ | 10.88 | (3.58 | %) | 0.18 | % | 0.18 | % | 2.61 | % | 12 | % | $ | 1,041 | ||||||||||||||
Year Ended 1/31/2015 | $ | 12.33 | 7.83 | % | 0.18 | % | 0.18 | % | 1.22 | % | 27 | % | $ | 381 | ||||||||||||||
Institutional 3 Class | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 12.08 | 7.47 | % | 0.15 | %(c) | 0.15 | %(c) | 0.97 | %(c) | 5 | % | $ | 10,283 | ||||||||||||||
Year Ended 1/31/2019 | $ | 11.63 | (6.62 | %) | 0.15 | % | 0.15 | % | 1.75 | % | 20 | % | $ | 8,668 | ||||||||||||||
Year Ended 1/31/2018 | $ | 13.82 | 25.89 | % | 0.14 | % | 0.14 | % | 1.40 | % | 13 | % | $ | 3,722 | ||||||||||||||
Year Ended 1/31/2017 | $ | 11.88 | 15.44 | % | 0.13 | % | 0.13 | % | 1.66 | % | 12 | % | $ | 2,111 | ||||||||||||||
Year Ended 1/31/2016 | $ | 10.87 | (3.54 | %) | 0.15 | % | 0.15 | % | 0.69 | % | 12 | % | $ | 214 | ||||||||||||||
Year Ended 1/31/2015 | $ | 12.32 | 7.88 | % | 0.14 | % | 0.14 | % | 1.30 | % | 27 | % | $ | 2 |
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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 R | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 11.80 | 0.02 | 0.82 | 0.84 | (0.01 | ) | (0.40 | ) | (0.41 | ) | |||||||||||||||||
Year Ended 1/31/2019 | $ | 13.99 | 0.14 | (1.18 | ) | (1.04 | ) | (0.20 | ) | (0.95 | ) | (1.15 | ) | |||||||||||||||
Year Ended 1/31/2018 | $ | 12.02 | 0.11 | 2.83 | 2.94 | (0.17 | ) | (0.80 | ) | (0.97 | ) | |||||||||||||||||
Year Ended 1/31/2017 | $ | 11.01 | 0.14 | 1.43 | 1.57 | (0.11 | ) | (0.45 | ) | (0.56 | ) | |||||||||||||||||
Year Ended 1/31/2016 | $ | 12.46 | 0.12 | (0.56 | ) | (0.44 | ) | (0.16 | ) | (0.85 | ) | (1.01 | ) | |||||||||||||||
Year Ended 1/31/2015 | $ | 12.75 | 0.10 | 0.83 | 0.93 | (0.26 | ) | (0.96 | ) | (1.22 | ) |
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) | Annualized. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
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Table of Contents
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 R | ||||||||||||||||||||||||||||
Six Months Ended 7/31/2019 (Unaudited) | $ | 12.23 | 7.14 | % | 0.72 | %(c) | 0.72 | %(c) | 0.40 | %(c) | 5 | % | $ | 3,023 | ||||||||||||||
Year Ended 1/31/2019 | $ | 11.80 | (7.15 | %) | 0.72 | % | 0.72 | %(d) | 1.09 | % | 20 | % | $ | 2,750 | ||||||||||||||
Year Ended 1/31/2018 | $ | 13.99 | 25.21 | % | 0.73 | % | 0.73 | %(d) | 0.83 | % | 13 | % | $ | 2,671 | ||||||||||||||
Year Ended 1/31/2017 | $ | 12.02 | 14.61 | % | 0.75 | % | 0.75 | %(d) | 1.22 | % | 12 | % | $ | 2,099 | ||||||||||||||
Year Ended 1/31/2016 | $ | 11.01 | (4.09 | %) | 0.76 | % | 0.76 | %(d) | 0.97 | % | 12 | % | $ | 1,029 | ||||||||||||||
Year Ended 1/31/2015 | $ | 12.46 | 7.19 | % | 0.79 | % | 0.79 | %(d) | 0.72 | % | 27 | % | $ | 912 |
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Table of Contents
Financial Highlights – Columbia Select Global Equity Fund
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial
results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are
calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and
distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not
annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales
transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio
turnover rate may be higher.
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 | ||||||||||||||||||||||||||||
Year Ended 10/31/2019 | $ | 13.04 | (0.03 | ) | 2.61 | 2.58 | — | (1.28 | ) | (1.28 | ) | |||||||||||||||||
Year Ended 10/31/2018 | $ | 12.65 | (0.02 | ) | 0.46 | 0.44 | — | (0.05 | ) | (0.05 | ) | |||||||||||||||||
Year Ended 10/31/2017 | $ | 10.12 | (0.00 | )(d) | 2.53 | 2.53 | — | — | — | |||||||||||||||||||
Year Ended 10/31/2016 | $ | 9.97 | 0.00 | (d) | 0.15 | 0.15 | — | — | — | |||||||||||||||||||
Year Ended 10/31/2015 | $ | 9.80 | 0.00 | (d) | 0.20 | 0.20 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||
Year Ended 10/31/2019 | $ | 13.38 | 0.00 | (d) | 2.67 | 2.67 | — | (1.31 | ) | (1.31 | ) | |||||||||||||||||
Year Ended 10/31/2018(g) | $ | 13.39 | 0.01 | (0.02 | )(h) | (0.01 | ) | — | — | — | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended 10/31/2019 | $ | 11.58 | (0.11 | ) | 2.28 | 2.17 | — | (1.18 | ) | (1.18 | ) | |||||||||||||||||
Year Ended 10/31/2018 | $ | 11.32 | (0.10 | ) | 0.41 | 0.31 | — | (0.05 | ) | (0.05 | ) | |||||||||||||||||
Year Ended 10/31/2017 | $ | 9.12 | (0.08 | ) | 2.28 | 2.20 | — | — | — | |||||||||||||||||||
Year Ended 10/31/2016 | $ | 9.06 | (0.07 | ) | 0.13 | 0.06 | — | — | — | |||||||||||||||||||
Year Ended 10/31/2015 | $ | 8.94 | (0.07 | ) | 0.19 | 0.12 | — | — | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Year Ended 10/31/2019 | $ | 13.22 | 0.00 | (d) | 2.63 | 2.63 | — | (1.31 | ) | (1.31 | ) | |||||||||||||||||
Year Ended 10/31/2018 | $ | 12.81 | 0.01 | 0.48 | 0.49 | (0.03 | ) | (0.05 | ) | (0.08 | ) | |||||||||||||||||
Year Ended 10/31/2017 | $ | 10.22 | 0.04 | 2.55 | 2.59 | — | — | — | ||||||||||||||||||||
Year Ended 10/31/2016 | $ | 10.05 | 0.02 | 0.15 | 0.17 | — | — | — | ||||||||||||||||||||
Year Ended 10/31/2015 | $ | 9.87 | 0.02 | 0.21 | 0.23 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||
Year Ended 10/31/2019 | $ | 13.28 | 0.01 | 2.64 | 2.65 | — | (1.32 | ) | (1.32 | ) | ||||||||||||||||||
Year Ended 10/31/2018 | $ | 12.87 | 0.02 | 0.48 | 0.50 | (0.04 | ) | (0.05 | ) | (0.09 | ) | |||||||||||||||||
Year Ended 10/31/2017 | $ | 10.26 | 0.02 | 2.59 | 2.61 | — | — | — | ||||||||||||||||||||
Year Ended 10/31/2016 | $ | 10.07 | 0.04 | 0.15 | 0.19 | — | — | — | ||||||||||||||||||||
Year Ended 10/31/2015 | $ | 9.90 | 0.04 | 0.20 | 0.24 | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||
Institutional 3 Class | ||||||||||||||||||||||||||||
Year Ended 10/31/2019 | $ | 13.14 | 0.02 | 2.61 | 2.63 | — | (1.33 | ) | (1.33 | ) | ||||||||||||||||||
Year Ended 10/31/2018 | $ | 12.74 | 0.03 | 0.47 | 0.50 | (0.05 | ) | (0.05 | ) | (0.10 | ) | |||||||||||||||||
Year Ended 10/31/2017(j) | $ | 10.85 | 0.03 | 1.86 | 1.89 | — | — | — |
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Table of Contents
Proceeds from regulatory settlements | 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 | ||||||||||||||||||||||||||||||||
Year Ended 10/31/2019 | — | $ | 14.34 | 22.30 | % | 1.31 | % | 1.31 | %(c) | (0.22 | %) | 46 | % | $ | 359,804 | |||||||||||||||||
Year Ended 10/31/2018 | — | $ | 13.04 | 3.52 | % | 1.34 | % | 1.34 | %(c) | (0.15 | %) | 74 | % | $ | 316,700 | |||||||||||||||||
Year Ended 10/31/2017 | — | $ | 12.65 | 25.00 | % | 1.37 | %(e) | 1.37 | %(c),(e) | (0.04 | %) | 72 | % | $ | 322,569 | |||||||||||||||||
Year Ended 10/31/2016 | — | $ | 10.12 | 1.50 | % | 1.40 | % | 1.40 | %(c) | 0.01 | % | 66 | % | $ | 303,338 | |||||||||||||||||
Year Ended 10/31/2015 | 0.00 | (d) | $ | 9.97 | 2.00 | %(f) | 1.42 | % | 1.42 | %(c) | (0.03 | %) | 132 | % | $ | 328,090 | ||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||
Year Ended 10/31/2019 | — | $ | 14.74 | 22.52 | % | 1.07 | % | 1.07 | %(c) | 0.03 | % | 46 | % | $ | 367 | |||||||||||||||||
Year Ended 10/31/2018(g) | — | $ | 13.38 | (0.07 | %) | 1.10 | %(i) | 1.10 | %(c),(i) | 0.11 | %(i) | 74 | % | $ | 110 | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Year Ended 10/31/2019 | — | $ | 12.57 | 21.27 | % | 2.06 | % | 2.06 | %(c) | (0.97 | %) | 46 | % | $ | 9,918 | |||||||||||||||||
Year Ended 10/31/2018 | — | $ | 11.58 | 2.78 | % | 2.08 | % | 2.08 | %(c) | (0.79 | %) | 74 | % | $ | 7,968 | |||||||||||||||||
Year Ended 10/31/2017 | — | $ | 11.32 | 24.12 | % | 2.12 | %(e) | 2.12 | %(c),(e) | (0.78 | %) | 72 | % | $ | 12,686 | |||||||||||||||||
Year Ended 10/31/2016 | — | $ | 9.12 | 0.66 | % | 2.15 | % | 2.15 | %(c) | (0.75 | %) | 66 | % | $ | 13,808 | |||||||||||||||||
Year Ended 10/31/2015 | 0.00 | (d) | $ | 9.06 | 1.34 | %(f) | 2.17 | % | 2.17 | %(c) | (0.78 | %) | 132 | % | $ | 15,511 | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||
Year Ended 10/31/2019 | — | $ | 14.54 | 22.50 | % | 1.06 | % | 1.06 | %(c) | 0.03 | % | 46 | % | $ | 52,178 | |||||||||||||||||
Year Ended 10/31/2018 | — | $ | 13.22 | 3.84 | % | 1.09 | % | 1.09 | %(c) | 0.10 | % | 74 | % | $ | 29,191 | |||||||||||||||||
Year Ended 10/31/2017 | — | $ | 12.81 | 25.34 | % | 1.13 | % | 1.13 | %(c) | 0.33 | % | 72 | % | $ | 24,854 | |||||||||||||||||
Year Ended 10/31/2016 | — | $ | 10.22 | 1.69 | % | 1.15 | % | 1.15 | %(c) | 0.24 | % | 66 | % | $ | 2,945 | |||||||||||||||||
Year Ended 10/31/2015 | 0.00 | (d) | $ | 10.05 | 2.33 | %(f) | 1.17 | % | 1.17 | %(c) | 0.21 | % | 132 | % | $ | 2,297 | ||||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||||||
Year Ended 10/31/2019 | — | $ | 14.61 | 22.57 | % | 1.00 | % | 1.00 | % | 0.11 | % | 46 | % | $ | 3,017 | |||||||||||||||||
Year Ended 10/31/2018 | — | $ | 13.28 | 3.91 | % | 1.02 | % | 1.01 | % | 0.18 | % | 74 | % | $ | 1,098 | |||||||||||||||||
Year Ended 10/31/2017 | — | $ | 12.87 | 25.44 | % | 1.03 | %(e) | 1.03 | %(e) | 0.20 | % | 72 | % | $ | 452 | |||||||||||||||||
Year Ended 10/31/2016 | — | $ | 10.26 | 1.89 | % | 1.00 | % | 1.00 | % | 0.40 | % | 66 | % | $ | 148 | |||||||||||||||||
Year Ended 10/31/2015 | 0.00 | (d) | $ | 10.07 | 2.43 | %(f) | 1.01 | % | 1.01 | % | 0.43 | % | 132 | % | $ | 156 | ||||||||||||||||
Institutional 3 Class | ||||||||||||||||||||||||||||||||
Year Ended 10/31/2019 | — | $ | 14.44 | 22.68 | % | 0.94 | % | 0.94 | % | 0.16 | % | 46 | % | $ | 52,662 | |||||||||||||||||
Year Ended 10/31/2018 | — | $ | 13.14 | 3.93 | % | 0.96 | % | 0.95 | % | 0.24 | % | 74 | % | $ | 50,583 | |||||||||||||||||
Year Ended 10/31/2017(j) | — | $ | 12.74 | 17.42 | % | 0.97 | %(i) | 0.97 | %(i) | 0.43 | %(i) | 72 | % | $ | 54,121 |
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Table of Contents
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 R | ||||||||||||||||||||||||||||
Year Ended 10/31/2019 | $ | 12.99 | (0.06 | ) | 2.60 | 2.54 | — | (1.25 | ) | (1.25 | ) | |||||||||||||||||
Year Ended 10/31/2018 | $ | 12.63 | (0.05 | ) | 0.46 | 0.41 | — | (0.05 | ) | (0.05 | ) | |||||||||||||||||
Year Ended 10/31/2017 | $ | 10.13 | (0.04 | ) | 2.54 | 2.50 | — | — | — | |||||||||||||||||||
Year Ended 10/31/2016 | $ | 10.01 | (0.02 | ) | 0.14 | 0.12 | — | — | — | |||||||||||||||||||
Year Ended 10/31/2015 | $ | 9.84 | (0.03 | ) | 0.20 | 0.17 | (0.00 | )(d) | — | (0.00 | )(d) |
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) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Rounds to zero. |
(e) | Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by the percentages shown for each class in the table below. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving |
effect to this third party reimbursement.
Year Ended | Class A | Class C | Institutional 2 Class | Class R | ||||||||||||
10/31/2017 | 0.02 | % | 0.02 | % | 0.01 | % | 0.02 | % |
(f) | The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%. |
(g) | Advisor Class shares commenced operations on March 1, 2018. Per share data and total return reflect activity from that date. |
(h) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(i) | Annualized. |
(j) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
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Table of Contents
Proceeds from regulatory settlements | 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 R | ||||||||||||||||||||||||||||||||
Year Ended 10/31/2019 | — | $ | 14.28 | 21.95 | % | 1.57 | % | 1.57 | %(c) | (0.47 | %) | 46 | % | $ | 951 | |||||||||||||||||
Year Ended 10/31/2018 | — | $ | 12.99 | 3.29 | % | 1.59 | % | 1.59 | %(c) | (0.40 | %) | 74 | % | $ | 329 | |||||||||||||||||
Year Ended 10/31/2017 | — | $ | 12.63 | 24.68 | % | 1.62 | %(e) | 1.62 | %(c),(e) | (0.32 | %) | 72 | % | $ | 197 | |||||||||||||||||
Year Ended 10/31/2016 | — | $ | 10.13 | 1.20 | % | 1.65 | % | 1.65 | %(c) | (0.24 | %) | 66 | % | $ | 196 | |||||||||||||||||
Year Ended 10/31/2015 | 0.00 | (d) | $ | 10.01 | 1.74 | %(f) | 1.67 | % | 1.67 | %(c) | (0.28 | %) | 132 | % | $ | 181 |
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Table of Contents
Financial Highlights – Columbia Select Mid Cap Value Fund
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial
results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are
calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and
distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not
annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales
transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio
turnover rate may be higher.
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 8/31/2019 (Unaudited) | $ | 10.34 | 0.05 | 0.19 | 0.24 | (0.05 | ) | (0.02 | ) | (0.07 | ) | |||||||||||||||||
Year Ended 2/28/2019 | $ | 13.27 | 0.07 | 0.18 | 0.25 | (0.07 | ) | (3.11 | ) | (3.18 | ) | |||||||||||||||||
Year Ended 2/28/2018 | $ | 15.19 | 0.13 | 0.80 | 0.93 | (0.14 | ) | (2.71 | ) | (2.85 | ) | |||||||||||||||||
Year Ended 2/28/2017 | $ | 12.88 | 0.11 | 3.35 | 3.46 | (0.11 | ) | (1.04 | ) | (1.15 | ) | |||||||||||||||||
Year Ended 2/29/2016 | $ | 17.18 | 0.06 | (2.03 | ) | (1.97 | ) | (0.05 | ) | (2.28 | ) | (2.33 | ) | |||||||||||||||
Year Ended 2/28/2015 | $ | 18.64 | 0.07 | 1.44 | 1.51 | (0.07 | ) | (2.90 | ) | (2.97 | ) | |||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 10.75 | 0.06 | 0.20 | 0.26 | (0.06 | ) | (0.02 | ) | (0.08 | ) | |||||||||||||||||
Year Ended 2/28/2019 | $ | 13.67 | 0.10 | 0.19 | 0.29 | (0.10 | ) | (3.11 | ) | (3.21 | ) | |||||||||||||||||
Year Ended 2/28/2018 | $ | 15.57 | 0.17 | 0.82 | 0.99 | (0.18 | ) | (2.71 | ) | (2.89 | ) | |||||||||||||||||
Year Ended 2/28/2017 | $ | 13.18 | 0.15 | 3.42 | 3.57 | (0.14 | ) | (1.04 | ) | (1.18 | ) | |||||||||||||||||
Year Ended 2/29/2016 | $ | 17.52 | 0.10 | (2.07 | ) | (1.97 | ) | (0.09 | ) | (2.28 | ) | (2.37 | ) | |||||||||||||||
Year Ended 2/28/2015 | $ | 18.95 | 0.12 | 1.47 | 1.59 | (0.12 | ) | (2.90 | ) | (3.02 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.30 | 0.01 | 0.17 | 0.18 | (0.01 | ) | (0.02 | ) | (0.03 | ) | |||||||||||||||||
Year Ended 2/28/2019 | $ | 12.29 | (0.02 | ) | 0.14 | 0.12 | — | (3.11 | ) | (3.11 | ) | |||||||||||||||||
Year Ended 2/28/2018 | $ | 14.29 | 0.01 | 0.75 | 0.76 | (0.05 | ) | (2.71 | ) | (2.76 | ) | |||||||||||||||||
Year Ended 2/28/2017 | $ | 12.20 | 0.00 | (e) | 3.17 | 3.17 | (0.04 | ) | (1.04 | ) | (1.08 | ) | ||||||||||||||||
Year Ended 2/29/2016 | $ | 16.47 | (0.06 | ) | (1.93 | ) | (1.99 | ) | — | (2.28 | ) | (2.28 | ) | |||||||||||||||
Year Ended 2/28/2015 | $ | 18.05 | (0.06 | ) | 1.40 | 1.34 | (0.02 | ) | (2.90 | ) | (2.92 | ) | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 10.38 | 0.06 | 0.19 | 0.25 | (0.06 | ) | (0.02 | ) | (0.08 | ) | |||||||||||||||||
Year Ended 2/28/2019 | $ | 13.31 | 0.10 | 0.18 | 0.28 | (0.10 | ) | (3.11 | ) | (3.21 | ) | |||||||||||||||||
Year Ended 2/28/2018 | $ | 15.23 | 0.18 | 0.79 | 0.97 | (0.18 | ) | (2.71 | ) | (2.89 | ) | |||||||||||||||||
Year Ended 2/28/2017 | $ | 12.91 | 0.15 | 3.35 | 3.50 | (0.14 | ) | (1.04 | ) | (1.18 | ) | |||||||||||||||||
Year Ended 2/29/2016 | $ | 17.21 | 0.10 | (2.03 | ) | (1.93 | ) | (0.09 | ) | (2.28 | ) | (2.37 | ) | |||||||||||||||
Year Ended 2/28/2015 | $ | 18.67 | 0.12 | 1.44 | 1.56 | (0.12 | ) | (2.90 | ) | (3.02 | ) | |||||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 10.76 | 0.07 | 0.20 | 0.27 | (0.07 | ) | (0.02 | ) | (0.09 | ) | |||||||||||||||||
Year Ended 2/28/2019 | $ | 13.67 | 0.11 | 0.20 | 0.31 | (0.11 | ) | (3.11 | ) | (3.22 | ) | |||||||||||||||||
Year Ended 2/28/2018 | $ | 15.57 | 0.18 | 0.83 | 1.01 | (0.20 | ) | (2.71 | ) | (2.91 | ) | |||||||||||||||||
Year Ended 2/28/2017 | $ | 13.18 | 0.17 | 3.42 | 3.59 | (0.16 | ) | (1.04 | ) | (1.20 | ) | |||||||||||||||||
Year Ended 2/29/2016 | $ | 17.52 | 0.12 | (2.07 | ) | (1.95 | ) | (0.11 | ) | (2.28 | ) | (2.39 | ) | |||||||||||||||
Year Ended 2/28/2015 | $ | 18.96 | 0.15 | 1.45 | 1.60 | (0.14 | ) | (2.90 | ) | (3.04 | ) |
A-15
Table of Contents
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 8/31/2019 (Unaudited) | $ | 10.51 | 2.33 | % | 1.22 | %(c) | 1.17 | %(c) | 0.95 | %(c) | 5 | % | $ | 545,138 | ||||||||||||||
Year Ended 2/28/2019 | $ | 10.34 | 3.57 | % | 1.20 | % | 1.17 | %(d) | 0.57 | % | 79 | % | $ | 575,861 | ||||||||||||||
Year Ended 2/28/2018 | $ | 13.27 | 5.96 | % | 1.18 | % | 1.18 | %(d) | 0.86 | % | 59 | % | $ | 692,641 | ||||||||||||||
Year Ended 2/28/2017 | $ | 15.19 | 27.41 | % | 1.17 | % | 1.17 | %(d) | 0.78 | % | 33 | % | $ | 886,910 | ||||||||||||||
Year Ended 2/29/2016 | $ | 12.88 | (12.77 | %) | 1.18 | % | 1.18 | %(d) | 0.37 | % | 47 | % | $ | 837,676 | ||||||||||||||
Year Ended 2/28/2015 | $ | 17.18 | 8.50 | % | 1.16 | % | 1.16 | %(d) | 0.39 | % | 25 | % | $ | 1,112,701 | ||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 10.93 | 2.45 | % | 0.97 | %(c) | 0.91 | %(c) | 1.18 | %(c) | 5 | % | $ | 22,673 | ||||||||||||||
Year Ended 2/28/2019 | $ | 10.75 | 3.79 | % | 0.95 | % | 0.92 | %(d) | 0.78 | % | 79 | % | $ | 21,857 | ||||||||||||||
Year Ended 2/28/2018 | $ | 13.67 | 6.20 | % | 0.93 | % | 0.92 | %(d) | 1.10 | % | 59 | % | $ | 69,624 | ||||||||||||||
Year Ended 2/28/2017 | $ | 15.57 | 27.70 | % | 0.93 | % | 0.93 | %(d) | 1.02 | % | 33 | % | $ | 105,459 | ||||||||||||||
Year Ended 2/29/2016 | $ | 13.18 | (12.53 | %) | 0.94 | % | 0.94 | %(d) | 0.64 | % | 47 | % | $ | 63,910 | ||||||||||||||
Year Ended 2/28/2015 | $ | 17.52 | 8.79 | % | 0.92 | % | 0.92 | %(d) | 0.68 | % | 25 | % | $ | 33,559 | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.45 | 1.96 | % | 1.97 | %(c) | 1.92 | %(c) | 0.22 | %(c) | 5 | % | $ | 16,224 | ||||||||||||||
Year Ended 2/28/2019 | $ | 9.30 | 2.78 | % | 1.95 | % | 1.92 | %(d) | (0.20 | %) | 79 | % | $ | 20,763 | ||||||||||||||
Year Ended 2/28/2018 | $ | 12.29 | 5.09 | % | 1.93 | % | 1.92 | %(d) | 0.10 | % | 59 | % | $ | 69,670 | ||||||||||||||
Year Ended 2/28/2017 | $ | 14.29 | 26.48 | % | 1.92 | % | 1.92 | %(d) | 0.03 | % | 33 | % | $ | 99,413 | ||||||||||||||
Year Ended 2/29/2016 | $ | 12.20 | (13.42 | %) | 1.93 | % | 1.93 | %(d) | (0.38 | %) | 47 | % | $ | 99,372 | ||||||||||||||
Year Ended 2/28/2015 | $ | 16.47 | 7.73 | % | 1.91 | % | 1.91 | %(d) | (0.36 | %) | 25 | % | $ | 138,393 | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 10.55 | 2.45 | % | 0.97 | %(c) | 0.91 | %(c) | 1.20 | %(c) | 5 | % | $ | 668,505 | ||||||||||||||
Year Ended 2/28/2019 | $ | 10.38 | 3.84 | % | 0.95 | % | 0.92 | %(d) | 0.82 | % | 79 | % | $ | 694,941 | ||||||||||||||
Year Ended 2/28/2018 | $ | 13.31 | 6.21 | % | 0.93 | % | 0.93 | %(d) | 1.20 | % | 59 | % | $ | 837,610 | ||||||||||||||
Year Ended 2/28/2017 | $ | 15.23 | 27.74 | % | 0.93 | % | 0.93 | %(d) | 1.02 | % | 33 | % | $ | 1,421,365 | ||||||||||||||
Year Ended 2/29/2016 | $ | 12.91 | (12.51 | %) | 0.93 | % | 0.93 | %(d) | 0.61 | % | 47 | % | $ | 1,450,834 | ||||||||||||||
Year Ended 2/28/2015 | $ | 17.21 | 8.76 | % | 0.91 | % | 0.91 | %(d) | 0.64 | % | 25 | % | $ | 2,334,328 | ||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 10.94 | 2.51 | % | 0.86 | %(c) | 0.79 | %(c) | 1.31 | %(c) | 5 | % | $ | 70,365 | ||||||||||||||
Year Ended 2/28/2019 | $ | 10.76 | 3.99 | % | 0.83 | % | 0.80 | % | 0.89 | % | 79 | % | $ | 70,379 | ||||||||||||||
Year Ended 2/28/2018 | $ | 13.67 | 6.33 | % | 0.82 | % | 0.82 | % | 1.17 | % | 59 | % | $ | 82,174 | ||||||||||||||
Year Ended 2/28/2017 | $ | 15.57 | 27.86 | % | 0.80 | % | 0.80 | % | 1.15 | % | 33 | % | $ | 88,789 | ||||||||||||||
Year Ended 2/29/2016 | $ | 13.18 | (12.40 | %) | 0.79 | % | 0.79 | % | 0.76 | % | 47 | % | $ | 58,924 | ||||||||||||||
Year Ended 2/28/2015 | $ | 17.52 | 8.87 | % | 0.78 | % | 0.78 | % | 0.84 | % | 25 | % | $ | 72,152 |
A-16
Table of Contents
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 8/31/2019 (Unaudited) | $ | 10.34 | 0.07 | 0.19 | 0.26 | (0.07 | ) | (0.02 | ) | (0.09 | ) | |||||||||||||||||
Year Ended 2/28/2019 | $ | 13.27 | 0.12 | 0.18 | 0.30 | (0.12 | ) | (3.11 | ) | (3.23 | ) | |||||||||||||||||
Year Ended 2/28/2018 | $ | 15.20 | 0.14 | 0.84 | 0.98 | (0.20 | ) | (2.71 | ) | (2.91 | ) | |||||||||||||||||
Year Ended 2/28/2017 | $ | 12.89 | 0.17 | 3.35 | 3.52 | (0.17 | ) | (1.04 | ) | (1.21 | ) | |||||||||||||||||
Year Ended 2/29/2016 | $ | 17.19 | 0.13 | (2.03 | ) | (1.90 | ) | (0.12 | ) | (2.28 | ) | (2.40 | ) | |||||||||||||||
Year Ended 2/28/2015 | $ | 18.65 | 0.16 | 1.43 | 1.59 | (0.15 | ) | (2.90 | ) | (3.05 | ) | |||||||||||||||||
Class R | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 10.29 | 0.04 | 0.18 | 0.22 | (0.04 | ) | (0.02 | ) | (0.06 | ) | |||||||||||||||||
Year Ended 2/28/2019 | $ | 13.22 | 0.04 | 0.18 | 0.22 | (0.04 | ) | (3.11 | ) | (3.15 | ) | |||||||||||||||||
Year Ended 2/28/2018 | $ | 15.14 | 0.09 | 0.80 | 0.89 | (0.10 | ) | (2.71 | ) | (2.81 | ) | |||||||||||||||||
Year Ended 2/28/2017 | $ | 12.84 | 0.08 | 3.33 | 3.41 | (0.07 | ) | (1.04 | ) | (1.11 | ) | |||||||||||||||||
Year Ended 2/29/2016 | $ | 17.14 | 0.02 | (2.03 | ) | (2.01 | ) | (0.01 | ) | (2.28 | ) | (2.29 | ) | |||||||||||||||
Year Ended 2/28/2015 | $ | 18.61 | 0.03 | 1.44 | 1.47 | (0.04 | ) | (2.90 | ) | (2.94 | ) |
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) | Annualized. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Rounds to zero. |
A-17
Table of Contents
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 8/31/2019 (Unaudited) | $ | 10.51 | 2.54 | % | 0.80 | %(c) | 0.75 | %(c) | 1.36 | %(c) | 5 | % | $ | 148,189 | ||||||||||||||
Year Ended 2/28/2019 | $ | 10.34 | 4.02 | % | 0.78 | % | 0.76 | % | 0.97 | % | 79 | % | $ | 153,442 | ||||||||||||||
Year Ended 2/28/2018 | $ | 13.27 | 6.34 | % | 0.77 | % | 0.77 | % | 0.98 | % | 59 | % | $ | 239,180 | ||||||||||||||
Year Ended 2/28/2017 | $ | 15.20 | 27.94 | % | 0.75 | % | 0.75 | % | 1.19 | % | 33 | % | $ | 78,828 | ||||||||||||||
Year Ended 2/29/2016 | $ | 12.89 | (12.35 | %) | 0.74 | % | 0.74 | % | 0.81 | % | 47 | % | $ | 44,147 | ||||||||||||||
Year Ended 2/28/2015 | $ | 17.19 | 8.97 | % | 0.73 | % | 0.73 | % | 0.88 | % | 25 | % | $ | 27,860 | ||||||||||||||
Class R | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 10.45 | 2.12 | % | 1.47 | %(c) | 1.42 | %(c) | 0.70 | %(c) | 5 | % | $ | 28,744 | ||||||||||||||
Year Ended 2/28/2019 | $ | 10.29 | 3.34 | % | 1.45 | % | 1.42 | %(d) | 0.32 | % | 79 | % | $ | 31,097 | ||||||||||||||
Year Ended 2/28/2018 | $ | 13.22 | 5.71 | % | 1.43 | % | 1.42 | %(d) | 0.61 | % | 59 | % | $ | 41,290 | ||||||||||||||
Year Ended 2/28/2017 | $ | 15.14 | 27.10 | % | 1.42 | % | 1.42 | %(d) | 0.54 | % | 33 | % | $ | 53,457 | ||||||||||||||
Year Ended 2/29/2016 | $ | 12.84 | (13.02 | %) | 1.43 | % | 1.43 | %(d) | 0.11 | % | 47 | % | $ | 52,550 | ||||||||||||||
Year Ended 2/28/2015 | $ | 17.14 | 8.25 | % | 1.41 | % | 1.41 | %(d) | 0.15 | % | �� | 25 | % | $ | 77,556 |
A-18
Table of Contents
Financial Highlights – Columbia Overseas Core Fund
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial
results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are
calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and
distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not
annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales
transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio
turnover rate may be higher.
Net asset value, beginning of period | Net investment income | 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 8/31/2019 (Unaudited) | $ | 9.36 | 0.11 | (0.21 | ) | (0.10 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | |||||||||||||||
Year Ended 2/28/2019(d) | $ | 10.00 | 0.15 | (0.71 | ) | (0.56 | ) | (0.08 | ) | — | (0.08 | ) | ||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.37 | 0.15 | (0.25 | ) | (0.10 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | |||||||||||||||
Year Ended 2/28/2019(d) | $ | 10.00 | 0.18 | (0.71 | ) | (0.53 | ) | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.36 | 0.09 | (0.23 | ) | (0.14 | ) | (0.00 | )(f) | (0.04 | ) | (0.04 | ) | |||||||||||||||
Year Ended 2/28/2019(d) | $ | 10.00 | 0.07 | (0.69 | ) | (0.62 | ) | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.37 | 0.15 | (0.25 | ) | (0.10 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | |||||||||||||||
Year Ended 2/28/2019(d) | $ | 10.00 | 0.03 | (0.56 | ) | (0.53 | ) | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.38 | 0.16 | (0.25 | ) | (0.09 | ) | (0.02 | ) | (0.04 | ) | (0.06 | ) | |||||||||||||||
Year Ended 2/28/2019(d) | $ | 10.00 | 0.17 | (0.70 | ) | (0.53 | ) | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||
Institutional 3 Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.38 | 0.16 | (0.24 | ) | (0.08 | ) | (0.02 | ) | (0.04 | ) | (0.06 | ) | |||||||||||||||
Year Ended 2/28/2019(d) | $ | 10.00 | 0.19 | (0.71 | ) | (0.52 | ) | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||
Class R | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.36 | 0.13 | (0.24 | ) | (0.11 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | |||||||||||||||
Year Ended 2/28/2019(d) | $ | 10.00 | 0.08 | (0.66 | ) | (0.58 | ) | (0.06 | ) | — | (0.06 | ) |
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) | Annualized. |
(d) | The Fund commenced operations on March 5, 2018. Per share data and total return reflect activity from that date. |
(e) | Ratios include interfund lending expense which is less than 0.01%. |
(f) | Rounds to zero. |
A-19
Table of Contents
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.21 | (1.06 | %) | 1.43 | %(c) | 1.27 | %(c) | 2.45 | %(c) | 21 | % | $ | 166 | ||||||||||||||
Year Ended 2/28/2019(d) | $ | 9.36 | (5.55 | %) | 1.65 | %(c),(e) | 1.28 | %(c),(e) | 1.62 | %(c) | 71 | % | $ | 30 | ||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.22 | (1.02 | %) | 1.15 | %(c) | 1.02 | %(c) | 3.24 | %(c) | 21 | % | $ | 19 | ||||||||||||||
Year Ended 2/28/2019(d) | $ | 9.37 | (5.22 | %) | 1.40 | %(c),(e) | 1.03 | %(c),(e) | 1.90 | %(c) | 71 | % | $ | 20 | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.18 | (1.50 | %) | 2.17 | %(c) | 2.03 | %(c) | 2.01 | %(c) | 21 | % | $ | 41 | ||||||||||||||
Year Ended 2/28/2019(d) | $ | 9.36 | (6.22 | %) | 2.40 | %(c),(e) | 2.03 | %(c),(e) | 0.76 | %(c) | 71 | % | $ | 25 | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.22 | (1.03 | %) | 1.16 | %(c) | 1.03 | %(c) | 3.22 | %(c) | 21 | % | $ | 120,539 | ||||||||||||||
Year Ended 2/28/2019(d) | $ | 9.37 | (5.22 | %) | 1.37 | %(c),(e) | 1.03 | %(c),(e) | 0.38 | %(c) | 71 | % | $ | 120,114 | ||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.23 | (1.01 | %) | 1.04 | %(c) | 0.92 | %(c) | 3.30 | %(c) | 21 | % | $ | 32 | ||||||||||||||
Year Ended 2/28/2019(d) | $ | 9.38 | (5.17 | %) | 1.25 | %(c),(e) | 0.93 | %(c),(e) | 1.79 | %(c) | 71 | % | $ | 29 | ||||||||||||||
Institutional 3 Class | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.24 | (0.89 | %) | 0.98 | %(c) | 0.86 | %(c) | 3.41 | %(c) | 21 | % | $ | 127,713 | ||||||||||||||
Year Ended 2/28/2019(d) | $ | 9.38 | (5.11 | %) | 1.19 | %(c),(e) | 0.87 | %(c),(e) | 2.06 | %(c) | 71 | % | $ | 132,187 | ||||||||||||||
Class R | ||||||||||||||||||||||||||||
Six Months Ended 8/31/2019 (Unaudited) | $ | 9.20 | (1.21 | %) | 1.66 | %(c) | 1.53 | %(c) | 2.72 | %(c) | 21 | % | $ | 70 | ||||||||||||||
Year Ended 2/28/2019(d) | $ | 9.36 | (5.77 | %) | 1.90 | %(c),(e) | 1.53 | %(c),(e) | 0.87 | %(c) | 71 | % | $ | 64 |
A-20
Table of Contents
Financial Highlights – Columbia Small Cap Value Fund I
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial
results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are
calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and
distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not
annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales
transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio
turnover rate may be higher.
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 10/31/2019 (Unaudited) | $ | 36.62 | 0.10 | (1.43 | ) | (1.33 | ) | — | (1.03 | ) | (1.03 | ) | ||||||||||||||||
Year Ended 4/30/2019 | $ | 40.70 | 0.08 | (1.08 | ) | (1.00 | ) | (0.13 | ) | (2.95 | ) | (3.08 | ) | |||||||||||||||
Year Ended 4/30/2018 | $ | 41.62 | (0.03 | ) | 3.95 | 3.92 | (0.01 | ) | (4.83 | ) | (4.84 | ) | ||||||||||||||||
Year Ended 4/30/2017 | $ | 37.50 | 0.05 | 8.85 | 8.90 | (0.06 | ) | (4.72 | ) | (4.78 | ) | |||||||||||||||||
Year Ended 4/30/2016 | $ | 43.03 | 0.11 | (1.13 | ) | (1.02 | ) | (0.12 | ) | (4.39 | ) | (4.51 | ) | |||||||||||||||
Year Ended 4/30/2015 | $ | 48.23 | 0.13 | 1.32 | 1.45 | (0.18 | ) | (6.47 | ) | (6.65 | ) | |||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 42.37 | 0.16 | (1.64 | ) | (1.48 | ) | — | (1.03 | ) | (1.03 | ) | ||||||||||||||||
Year Ended 4/30/2019 | $ | 46.56 | 0.21 | (1.25 | ) | (1.04 | ) | (0.20 | ) | (2.95 | ) | (3.15 | ) | |||||||||||||||
Year Ended 4/30/2018 | $ | 46.89 | 0.10 | 4.48 | 4.58 | (0.08 | ) | (4.83 | ) | (4.91 | ) | |||||||||||||||||
Year Ended 4/30/2017 | $ | 41.66 | 0.15 | 9.94 | 10.09 | (0.14 | ) | (4.72 | ) | (4.86 | ) | |||||||||||||||||
Year Ended 4/30/2016 | $ | 47.24 | 0.24 | (1.24 | ) | (1.00 | ) | (0.19 | ) | (4.39 | ) | (4.58 | ) | |||||||||||||||
Year Ended 4/30/2015 | $ | 52.31 | 0.27 | 1.43 | 1.70 | (0.30 | ) | (6.47 | ) | (6.77 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 23.72 | (0.02 | ) | (0.93 | ) | (0.95 | ) | — | (1.03 | ) | (1.03 | ) | |||||||||||||||
Year Ended 4/30/2019 | $ | 27.55 | (0.16 | ) | (0.72 | ) | (0.88 | ) | — | (2.95 | ) | (2.95 | ) | |||||||||||||||
Year Ended 4/30/2018 | $ | 29.86 | (0.24 | ) | 2.76 | 2.52 | — | (4.83 | ) | (4.83 | ) | |||||||||||||||||
Year Ended 4/30/2017 | $ | 28.24 | (0.19 | ) | 6.44 | 6.25 | — | (4.63 | ) | (4.63 | ) | |||||||||||||||||
Year Ended 4/30/2016 | $ | 33.63 | (0.13 | ) | (0.87 | ) | (1.00 | ) | — | (4.39 | ) | (4.39 | ) | |||||||||||||||
Year Ended 4/30/2015 | $ | 39.24 | (0.17 | ) | 1.03 | 0.86 | — | (6.47 | ) | (6.47 | ) | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 41.07 | 0.16 | (1.60 | ) | (1.44 | ) | — | (1.03 | ) | (1.03 | ) | ||||||||||||||||
Year Ended 4/30/2019 | $ | 45.24 | 0.20 | (1.22 | ) | (1.02 | ) | (0.20 | ) | (2.95 | ) | (3.15 | ) | |||||||||||||||
Year Ended 4/30/2018 | $ | 45.70 | 0.08 | 4.37 | 4.45 | (0.08 | ) | (4.83 | ) | (4.91 | ) | |||||||||||||||||
Year Ended 4/30/2017 | $ | 40.71 | 0.14 | 9.71 | 9.85 | (0.14 | ) | (4.72 | ) | (4.86 | ) | |||||||||||||||||
Year Ended 4/30/2016 | $ | 46.28 | 0.23 | (1.22 | ) | (0.99 | ) | (0.19 | ) | (4.39 | ) | (4.58 | ) | |||||||||||||||
Year Ended 4/30/2015 | $ | 51.37 | 0.27 | 1.41 | 1.68 | (0.30 | ) | (6.47 | ) | (6.77 | ) | |||||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 42.40 | 0.18 | (1.64 | ) | (1.46 | ) | — | (1.03 | ) | (1.03 | ) | ||||||||||||||||
Year Ended 4/30/2019 | $ | 46.57 | 0.27 | (1.25 | ) | (0.98 | ) | (0.24 | ) | (2.95 | ) | (3.19 | ) | |||||||||||||||
Year Ended 4/30/2018 | $ | 46.88 | 0.17 | 4.46 | 4.63 | (0.11 | ) | (4.83 | ) | (4.94 | ) | |||||||||||||||||
Year Ended 4/30/2017 | $ | 41.64 | 0.23 | 9.92 | 10.15 | (0.19 | ) | (4.72 | ) | (4.91 | ) | |||||||||||||||||
Year Ended 4/30/2016 | $ | 47.21 | 0.31 | (1.25 | ) | (0.94 | ) | (0.24 | ) | (4.39 | ) | (4.63 | ) | |||||||||||||||
Year Ended 4/30/2015 | $ | 52.27 | 0.33 | 1.46 | 1.79 | (0.38 | ) | (6.47 | ) | (6.85 | ) |
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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 10/31/2019 (Unaudited) | $ | 34.26 | (3.58 | %) | 1.36 | %(c),(d) | 1.32 | %(c),(d),(e) | 0.56 | %(c) | 24 | % | $ | 210,024 | ||||||||||||||
Year Ended 4/30/2019 | $ | 36.62 | (2.38 | %) | 1.36 | %(d),(f) | 1.32 | %(d),(e),(f) | 0.21 | % | 62 | % | $ | 234,765 | ||||||||||||||
Year Ended 4/30/2018 | $ | 40.70 | 10.03 | % | 1.35 | %(f) | 1.33 | %(e),(f) | (0.07 | %) | 51 | % | $ | 248,266 | ||||||||||||||
Year Ended 4/30/2017 | $ | 41.62 | 26.02 | % | 1.38 | %(f) | 1.37 | %(e),(f) | 0.12 | % | 50 | % | $ | 245,315 | ||||||||||||||
Year Ended 4/30/2016 | $ | 37.50 | (2.60 | %) | 1.36 | % | 1.36 | %(e) | 0.29 | % | 65 | % | $ | 239,419 | ||||||||||||||
Year Ended 4/30/2015 | $ | 43.03 | 3.48 | % | 1.33 | % | 1.33 | %(e) | 0.29 | % | 42 | % | $ | 306,663 | ||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 39.86 | (3.45 | %) | 1.11 | %(c),(d) | 1.07 | %(c),(d),(e) | 0.81 | %(c) | 24 | % | $ | 26,035 | ||||||||||||||
Year Ended 4/30/2019 | $ | 42.37 | (2.14 | %) | 1.12 | %(d),(f) | 1.07 | %(d),(e),(f) | 0.48 | % | 62 | % | $ | 29,064 | ||||||||||||||
Year Ended 4/30/2018 | $ | 46.56 | 10.34 | % | 1.10 | %(f) | 1.08 | %(e),(f) | 0.20 | % | 51 | % | $ | 11,734 | ||||||||||||||
Year Ended 4/30/2017 | $ | 46.89 | 26.30 | % | 1.13 | %(f) | 1.12 | %(e),(f) | 0.34 | % | 50 | % | $ | 4,729 | ||||||||||||||
Year Ended 4/30/2016 | $ | 41.66 | (2.31 | %) | 1.11 | % | 1.11 | %(e) | 0.56 | % | 65 | % | $ | 4,007 | ||||||||||||||
Year Ended 4/30/2015 | $ | 47.24 | 3.71 | % | 1.08 | % | 1.08 | %(e) | 0.53 | % | 42 | % | $ | 9,840 | ||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 21.74 | (3.94 | %) | 2.11 | %(c),(d) | 2.07 | %(c),(d),(e) | (0.15 | %)(c) | 24 | % | $ | 5,357 | ||||||||||||||
Year Ended 4/30/2019 | $ | 23.72 | (3.15 | %) | 2.10 | %(d),(f) | 2.07 | %(d),(e),(f) | (0.59 | %) | 62 | % | $ | 7,969 | ||||||||||||||
Year Ended 4/30/2018 | $ | 27.55 | 9.24 | % | 2.10 | %(f) | 2.08 | %(e),(f) | (0.83 | %) | 51 | % | $ | 22,792 | ||||||||||||||
Year Ended 4/30/2017 | $ | 29.86 | 25.05 | % | 2.12 | %(f) | 2.12 | %(e),(f) | (0.65 | %) | 50 | % | $ | 26,703 | ||||||||||||||
Year Ended 4/30/2016 | $ | 28.24 | (3.32 | %) | 2.12 | % | 2.11 | %(e) | (0.45 | %) | 65 | % | $ | 26,846 | ||||||||||||||
Year Ended 4/30/2015 | $ | 33.63 | 2.72 | % | 2.08 | % | 2.08 | %(e) | (0.47 | %) | 42 | % | $ | 32,642 | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 38.60 | (3.46 | %) | 1.11 | %(c),(d) | 1.07 | %(c),(d),(e) | 0.82 | %(c) | 24 | % | $ | 161,524 | ||||||||||||||
Year Ended 4/30/2019 | $ | 41.07 | (2.16 | %) | 1.11 | %(d),(f) | 1.07 | %(d),(e),(f) | 0.47 | % | 62 | % | $ | 192,878 | ||||||||||||||
Year Ended 4/30/2018 | $ | 45.24 | 10.32 | % | 1.10 | %(f) | 1.08 | %(e),(f) | 0.17 | % | 51 | % | $ | 209,822 | ||||||||||||||
Year Ended 4/30/2017 | $ | 45.70 | 26.33 | % | 1.13 | %(f) | 1.12 | %(e),(f) | 0.34 | % | 50 | % | $ | 239,246 | ||||||||||||||
Year Ended 4/30/2016 | $ | 40.71 | (2.34 | %) | 1.11 | % | 1.11 | %(e) | 0.54 | % | 65 | % | $ | 237,720 | ||||||||||||||
Year Ended 4/30/2015 | $ | 46.28 | 3.75 | % | 1.08 | % | 1.08 | %(e) | 0.54 | % | 42 | % | $ | 654,100 | ||||||||||||||
Institutional 2 Class | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 39.91 | (3.40 | %) | 0.98 | %(c),(d) | 0.94 | %(c),(d) | 0.92 | %(c) | 24 | % | $ | 44,561 | ||||||||||||||
Year Ended 4/30/2019 | $ | 42.40 | (2.01 | %) | 0.97 | %(d),(f) | 0.94 | %(d),(f) | 0.61 | % | 62 | % | $ | 39,831 | ||||||||||||||
Year Ended 4/30/2018 | $ | 46.57 | 10.45 | % | 0.97 | %(f) | 0.96 | %(f) | 0.35 | % | 51 | % | $ | 15,739 | ||||||||||||||
Year Ended 4/30/2017 | $ | 46.88 | 26.50 | % | 0.97 | %(f) | 0.97 | %(f) | 0.52 | % | 50 | % | $ | 9,135 | ||||||||||||||
Year Ended 4/30/2016 | $ | 41.64 | (2.19 | %) | 0.96 | % | 0.96 | % | 0.74 | % | 65 | % | $ | 7,115 | ||||||||||||||
Year Ended 4/30/2015 | $ | 47.21 | 3.90 | % | 0.93 | % | 0.93 | % | 0.67 | % | 42 | % | $ | 4,150 |
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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 10/31/2019 (Unaudited) | $ | 41.30 | 0.19 | (1.60 | ) | (1.41 | ) | — | (1.03 | ) | (1.03 | ) | ||||||||||||||||
Year Ended 4/30/2019 | $ | 45.45 | 0.28 | (1.22 | ) | (0.94 | ) | (0.26 | ) | (2.95 | ) | (3.21 | ) | |||||||||||||||
Year Ended 4/30/2018 | $ | 45.86 | 0.17 | 4.37 | 4.54 | (0.12 | ) | (4.83 | ) | (4.95 | ) | |||||||||||||||||
Year Ended 4/30/2017 | $ | 40.83 | 0.09 | 9.87 | 9.96 | (0.21 | ) | (4.72 | ) | (4.93 | ) | |||||||||||||||||
Year Ended 4/30/2016 | $ | 46.37 | 0.29 | (1.18 | ) | (0.89 | ) | (0.26 | ) | (4.39 | ) | (4.65 | ) | |||||||||||||||
Year Ended 4/30/2015 | $ | 51.46 | 0.36 | 1.42 | 1.78 | (0.40 | ) | (6.47 | ) | (6.87 | ) | |||||||||||||||||
Class R | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 36.50 | 0.05 | (1.41 | ) | (1.36 | ) | — | (1.03 | ) | (1.03 | ) | ||||||||||||||||
Year Ended 4/30/2019 | $ | 40.61 | (0.01 | ) | (1.09 | ) | (1.10 | ) | (0.06 | ) | (2.95 | ) | (3.01 | ) | ||||||||||||||
Year Ended 4/30/2018 | $ | 41.63 | (0.13 | ) | 3.94 | 3.81 | — | (4.83 | ) | (4.83 | ) | |||||||||||||||||
Year Ended 4/30/2017 | $ | 37.54 | (0.06 | ) | 8.87 | 8.81 | — | (4.72 | ) | (4.72 | ) | |||||||||||||||||
Year Ended 4/30/2016 | $ | 43.09 | 0.02 | (1.13 | ) | (1.11 | ) | (0.05 | ) | (4.39 | ) | (4.44 | ) | |||||||||||||||
Year Ended 4/30/2015 | $ | 48.28 | 0.01 | 1.32 | 1.33 | (0.05 | ) | (6.47 | ) | (6.52 | ) |
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) | Annualized. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(f) | Ratios include line of credit interest expense which is less than 0.01%. |
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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 10/31/2019 (Unaudited) | $ | 38.86 | (3.37 | %) | 0.93 | %(c),(d) | 0.89 | %(c),(d) | 1.00 | %(c) | 24 | % | $ | 97,338 | ||||||||||||||
Year Ended 4/30/2019 | $ | 41.30 | (1.97 | %) | 0.92 | %(d),(f) | 0.89 | %(d),(f) | 0.64 | % | 62 | % | $ | 108,132 | ||||||||||||||
Year Ended 4/30/2018 | $ | 45.45 | 10.50 | % | 0.93 | %(f) | 0.91 | %(f) | 0.37 | % | 51 | % | $ | 115,296 | ||||||||||||||
Year Ended 4/30/2017 | $ | 45.86 | 26.57 | % | 0.92 | %(f) | 0.92 | %(f) | 0.22 | % | 50 | % | $ | 64,230 | ||||||||||||||
Year Ended 4/30/2016 | $ | 40.83 | (2.13 | %) | 0.91 | % | 0.91 | % | 0.70 | % | 65 | % | $ | 10,022 | ||||||||||||||
Year Ended 4/30/2015 | $ | 46.37 | 3.95 | % | 0.88 | % | 0.88 | % | 0.74 | % | 42 | % | $ | 9,261 | ||||||||||||||
Class R | ||||||||||||||||||||||||||||
Six Months Ended 10/31/2019 (Unaudited) | $ | 34.11 | (3.68 | %) | 1.62 | %(c),(d) | 1.57 | %(c),(d),(e) | 0.31 | %(c) | 24 | % | $ | 1,904 | ||||||||||||||
Year Ended 4/30/2019 | $ | 36.50 | (2.67 | %) | 1.60 | %(d),(f) | 1.57 | %(d),(e),(f) | (0.03 | %) | 62 | % | $ | 2,048 | ||||||||||||||
Year Ended 4/30/2018 | $ | 40.61 | 9.77 | % | 1.60 | %(f) | 1.58 | %(e),(f) | (0.31 | %) | 51 | % | $ | 3,790 | ||||||||||||||
Year Ended 4/30/2017 | $ | 41.63 | 25.71 | % | 1.63 | %(f) | 1.62 | %(e),(f) | (0.15 | %) | 50 | % | $ | 3,032 | ||||||||||||||
Year Ended 4/30/2016 | $ | 37.54 | (2.83 | %) | 1.61 | % | 1.61 | %(e) | 0.06 | % | 65 | % | $ | 2,760 | ||||||||||||||
Year Ended 4/30/2015 | $ | 43.09 | 3.22 | % | 1.58 | % | 1.58 | %(e) | 0.01 | % | 42 | % | $ | 3,671 |
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Table of Contents
APPENDIX B — COMPARISON OF ORGANIZATIONAL DOCUMENTS
This chart highlights material differences between the terms of the Declarations of Trust and By-Laws of the Acquiring Fund and Target Funds.
Group A: | Target Funds: Columbia Global Strategic Equity Fund, Columbia Select Growth Fund. Acquiring Fund: Columbia Select Mid Cap Value | |
Group B: | Target Fund: Columbia Disciplined Small Core Fund. Acquiring Fund: Columbia Small Cap Value Fund I | |
Group C: | Target Funds: Columbia Small/Mid Cap Value Fund, Columbia Contrarian Europe Fund. Acquiring Funds: Columbia Capital Allocation Aggressive Portfolio, Columbia Select Global Equity Fund, Columbia Overseas Core Fund |
Policy | Group A | Group B | Group C | |||
Shareholder Liability | Shareholders of the trust are protected from liability under Delaware statutory law, which provides that shareholders of a Delaware statutory trust have the same limitation of personal liability as is extended to shareholders of a private corporation for profit incorporated in the state of Delaware.
In addition, any shareholder or former shareholder exposed to liability by reason of a claim or demand relating solely to his or her being or having been a shareholder of the trust, and not because of his acts or omissions, the shareholder or former shareholder (or his or her heirs, executors, administrators, or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) will be entitled to be held harmless from and indemnified out of the assets of the trust against all loss and expense arising from such claim or demand. | The shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable as partners for its obligations. However, the Declaration of Trust contains express disclaimers of shareholder liability for acts, obligations or affairs of the trust. The Declaration of Trust also provides for indemnification and reimbursement of expenses out of the assets of a series for any shareholder held personally liable for obligations of such series. Therefore, the possibility that a shareholder could be held liable would be limited to a situation in which the assets of the applicable series had been exhausted. | The shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable as partners for its obligations. However, the Declaration of Trust contains express disclaimers of shareholder liability for acts, obligations or affairs of the trust. The Declaration of Trust also provides for indemnification and reimbursement of expenses out of the assets of a series for any shareholder held personally liable for obligations of such series. Therefore, the possibility that a shareholder could be held liable would be limited to a situation in which the assets of the applicable series had been exhausted. | |||
Shareholder Voting Rights | Shareholders have only the powers to vote on matters as the trustees may consider desirable and so authorize, and those voting powers expressly granted under the 1940 Act or under the law of Delaware applicable to statutory trusts. | At all meetings of shareholders, each shareholder of record is entitled to one vote for each dollar of net asset value (number of shares owned times net asset value per share) and each fractional dollar amount is entitled to a proportionate fractional vote. | Any fractional share of a series or class shall carry proportionately all the rights and obligations of a whole share of that series or class, including rights with respect to voting. |
B-1
Table of Contents
Policy | Group A | Group B | Group C | |||
Shares may be voted in person or by proxy or in any manner authorized by the trustees. On any matter that requires shareholder approval under the 1940 Act, whether shareholders are required to vote by series or class is determined by reference to the 1940 Act. On all other matters, all shares are voted in the aggregate and not by series or class unless the trustees determine otherwise.
Each whole share is entitled to one vote as to any matter on which it is entitled to vote, and each fractional share is entitle to a proportionate fractional vote.
There is no cumulative voting in the election of trustees. | The shareholders have the power to vote (i) for the election of trustees, (ii) to the same extent as shareholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the trust or shareholder, (iii) with respect to termination of the trust or any class or series of the trust, (iv) with respect to the approval or termination in accordance with the 1940 Act of any contract with any one or more corporations, trusts, associations, partnerships, limited partnerships or other types of organizations, or individuals as to which shareholder approval is required by the 1940 Act, and (v) with respect to additional matters relating to the trust as may be required by the 1940 Act, the Declaration of Trust, the By-Laws or any registration of the trust with the SEC (or any successor agency) or any state, or as the trustees may consider necessary or desirable. | The shareholders have the power to vote (i) for the election of trustees, (ii) to the same extent as shareholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the trust or shareholder, (iii) with respect to termination of the trust or any class or series of the trust, (iv) with respect to the approval or termination in accordance with the 1940 Act of any contract with any one or more corporations, trusts, associations, partnerships, limited partnerships or other types of organizations, or individuals as to which shareholder approval is required by the 1940 Act, and (v) with respect to additional matters relating to the trust as may be required by the 1940 Act, the Declaration of Trust, the By-Laws or any registration of the trust with the SEC (or any successor agency) or any state, or as the trustees may consider necessary or desirable. | ||||
On any matter submitted to a vote of shareholders, all shares entitled to vote will be voted in the aggregate as a single class without regard to series or class of shares, except that shares may be voted by individual series or classes (1) when required by the 1940 Act, (2) when the trustees have determined that the matter affects one or more series or classes of shares materially differently, or (3) when the matter affects only the interests of one or more series or classes. | On any matter submitted to a vote of shareholders, all shares entitled to vote will be voted in the aggregate as a single class without regard to series or class of shares, except that shares may be voted by individual series or classes (1) when required by the 1940 Act, (2) when the trustees have determined that the matter affects one or more series or classes of shares materially differently, or (3) when the matter affects only the interests of one or more series or classes.
| |||||
There is no cumulative voting in the election of trustees. | If authorized by the trustees, shareholders shall be entitled to vote cumulatively in the election of trustees. |
B-2
Table of Contents
Policy | Group A | Group B | Group C | |||
Shareholder Meetings | The trust is not required to hold annual meetings of shareholders.
Shareholders have the right to call special meetings and vote to remove trustees but only if and to the extent the SEC staff takes the position by rule, interpretive letter or public release that Section 16(c) of the 1940 Act gives them such right. Otherwise, only the trustees, the chairman of the trustees or the president of the trust may call shareholder meetings. | The Declaration of Trust and By-Laws do not address annual shareholder meetings. Regular shareholder meetings are not required for business trusts under the General Laws of Massachusetts.
Shareholder meetings will be held when called by the trustees for the purpose of taking action on any matter requiring the vote or authority of the shareholders, or for any other matter the trustees deem necessary or desirable. | The Declaration of Trust and By-Laws do not address annual shareholder meetings. Regular shareholder meetings are not required for business trusts under the General Laws of Massachusetts.
Shareholder meetings will be held when called by the trustees for the purpose of taking action on any matter requiring the vote or authority of the shareholders, or for any other matter the trustees deem necessary or desirable. | |||
Shareholder Quorum | Except when a larger quorum is required by applicable law, thirty-three and one-third percent (33 1/3%) of the shares entitled to vote constitutes a quorum at a shareholders’ meeting. When any one or more series or classes of the trust is to vote as a single class separate from any other shares, thirty-three and one-third percent (33 1/3%) of the shares of each such series or classes entitled to vote constitutes a quorum at a shareholder’s meeting of that series. | The presence in person or by proxy of 30% of the votes entitled to be cast at a meeting constitutes a quorum.
When any one or more series or classes votes as a single class separate from any other shares which are to vote on the same matters as a separate class or classes, 30% of the votes entitled to be cast by each such class entitled to vote constitutes a quorum at a shareholders’ meeting of that class. | The presence in person or by proxy of 10% of the votes entitled to be cast at a meeting constitutes a quorum.
When any one or more series or classes votes as a single class separate from any other shares which are to vote on the same matters as a separate class or classes, 10% of the votes entitled to be cast by each such class entitled to vote constitutes a quorum at a shareholders’ meeting of that class.
| |||
A meeting may be adjourned, whether or not a quorum is present, by the vote of a majority of the shares represented at the meeting, either in person or by proxy. If a meeting is adjourned, notice does not need to be given of the adjourned meeting date unless a new record date for the adjourned meeting is set or unless the adjourned meeting is to take place more than sixty (60) days from the date set for the original meeting, in which case the board of trustees would be required to set a new record date. | A meeting may be adjourned by a majority of the votes properly cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned within a reasonable time after the date set for the original meeting without further notice. | A meeting may be adjourned by a majority of the votes properly cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned within a reasonable time after the date set for the original meeting without further notice. | ||||
Shareholder Consent | Any action taken by shareholders may be taken without a meeting if shareholders holding a majority of the shares entitled to vote on the matter and holding a majority of the shares of any series or class entitled to vote separately on the matter consent to the action in writing and such written consents are filed with the records of the meetings of shareholders. Such consent is treated for all purposes as a vote taken at a meeting of shareholders. | Except as otherwise provided by law, the Declaration of Trust or the By-Laws, any action required or permitted to be taken at any meeting of shareholders may be taken without a meeting if a majority of the shareholders entitled to vote consent to the action in writing and the consents are filed with the records of the trust. The consent will be treated for all purposes as a vote taken at a meeting of shareholders. | Except as otherwise provided by law, the Declaration of Trust or the By-Laws, any action required or permitted to be taken at any meeting of shareholders may be taken without a meeting if a majority of the shareholders entitled to vote consent to the action in writing and the consents are filed with the records of the trust. The consent will be treated for all purposes as a vote taken at a meeting of shareholders. |
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Policy | Group A | Group B | Group C | |||
Notice to Shareholders of Record Date | Notice of any meeting of shareholders must be given by the trustees, chairman of the trustees or president not less than 7 days nor more than 120 days before the date of the meeting.
The trustees may set a record date for the purpose of determining the shareholders entitled to vote or act at a shareholders’ meeting. The record date cannot be more than 120 days before the date of the meeting. | Written notice of any meeting of shareholders must be given by the trustees at least 7 days before the meeting.
The trustees may set a record date for the purpose of determining the shareholders entitled to notice of or to vote at a shareholder meeting. The record date cannot be more than 90 days or less than 7 days before the date of the meeting. | Written notice of any meeting of shareholders must be given by the trustees at least 7 days before the meeting.
The trustees may set a record date for the purpose of determining the shareholders entitled to notice of or to vote at a shareholder meeting. The record date cannot be more than 90 days or less than 7 days before the date of the meeting. | |||
Shareholder Proxies | Shareholders may vote in person or by proxy.
Unless the trustees declare otherwise, proxies may be given by any electronic or telecommunications device, including telefacsimile, telephone or through the Internet, but if a proposal by anyone other than the officers or trustees is submitted to a vote of the shareholders of any series or class, or if there is a proxy contest or proxy solicitation or proposal in opposition to any proposal by the officers or trustees, shares may be voted only in person or by written proxy unless the trustees specifically authorize other permissible methods of transmission.
The trustees may appoint inspectors for any meeting of shareholders, and these inspectors are charged with, among other things, determining the authenticity, validity and effect of proxies. | Shareholders may vote in person or by proxy.
A proxy with respect to shares held in the name of two or more persons will be valid if executed by any one of them unless at or prior to exercise of the proxy the trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a shareholder will be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity rests on the challenger. | Shareholders may vote in person or by proxy.
A proxy with respect to shares held in the name of two or more persons will be valid if executed by any one of them unless at or prior to exercise of the proxy the trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a shareholder will be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity rests on the challenger. | |||
Shareholder Demand Procedure | — | — | If a meeting of shareholders has not been held during the immediately preceding fifteen (15) months for the purpose of electing trustees, a shareholder or shareholders holding three percent (3%) or more of the voting power of all shares entitled to vote may demand a meeting of shareholders for the purpose of electing trustees by written notice of demand given to the trustees.* |
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Policy | Group A | Group B | Group C | |||
Trustee Power to Amend Organizational Document | The trustees may, without shareholder vote, amend or otherwise supplement the Declaration of Trust; provided that shareholders have the right to vote on any amendment if expressly required under Delaware law or the 1940 Act, or submitted to shareholders by the trustees at their discretion. | The trustees may amend the Declaration of Trust at any time by an instrument in writing signed by a majority of the then trustees provided that notice of such amendment is transmitted promptly to shareholders of record.
The trustees need not, however, provide notice of an amendment if the amendment is for the purpose of supplying an omission, curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision contained in the Declaration of Trust, or having any other purpose which is ministerial or clerical in nature. | The trustees may amend the Declaration of Trust at any time by an instrument in writing signed by a majority of the then trustees provided that notice of such amendment is transmitted promptly to shareholders of record.
The trustees need not, however, provide notice of an amendment if the amendment is for the purpose of supplying an omission, curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision contained in the Declaration of Trust, or having any other purpose which is ministerial or clerical in nature. | |||
Termination of Trust | The trust and any series thereof may be terminated at any time by the board of trustees with written notice to shareholders. To the extent the 1940 Act expressly allows shareholders the power to vote on such terminations, the trust or any series thereof may be terminated by a vote of a majority of shares entitled to vote. | The trust may be terminated by the trustees with written notice to shareholders, or by the affirmative vote of at least two-thirds of the shares of each series entitled to vote.
Any series of or class may be terminated by the affirmative vote of at least two-thirds of the shares of that series or class, or by the trustees by written notice to the shareholders of that series or class. | The trust may be terminated by the trustees with written notice to shareholders, or by the affirmative vote of at least two-thirds of the shares of each series entitled to vote.
Any series of or class may be terminated by the affirmative vote of at least two-thirds of the shares of that series or class, or by the trustees by written notice to the shareholders of that series or class. | |||
Merger or Consolidation | The trustees have the power to cause the trust or any series to be merged or consolidated with another trust or company. The trustees may accomplish such merger or consolidation with written notice to shareholders but without the vote of shareholders, unless such shareholder vote is required by law. | Subject to applicable laws, the trustees may, without shareholder consent, cause the trust or any series to be merged or consolidated with another trust or company. The trustees may also transfer all or a substantial portion of the trust’s assets to another fund or company. | Subject to applicable laws, the trustees may, without shareholder consent, cause the trust or any series to be merged or consolidated with another trust or company. The trustees may also transfer all or a substantial portion of the trust’s assets to another fund or company. | |||
Removal of Trustees | A trustee may be removed with or without cause at any time by a written instrument signed by at least 75% of the other trustees.
In addition, if required by Section 16(c) of the 1940 Act, any trustee may be removed at any meeting of the shareholders by a vote of at least two-thirds of the outstanding shares. | Trustees may be removed with or without cause by majority vote of the trustees. | Trustees may be removed with or without cause by majority vote of the trustees. |
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Policy | Group A | Group B | Group C | |||
Trustee Committees | The trust has two standing committees that may not be abolished: the Audit Committee and the Nominating Committee. Otherwise, the trustees may, with a majority vote of the trustees, appoint from their number other committees consisting of two or more trustees which may be delegated such authority as the trustees consider desirable. The trustees may also abolish the non-standing committees with a majority vote of the trustees.
Each committee may elect a chair and each committee must maintain records of its meetings and report its actions to the full board of trustees.
A majority of the authorized number of committee members shall constitute a quorum for the transaction of business of such committee, unless the board of trustees designates a lower percentage. | The trustees may appoint from their own number and terminate committees consisting of one or more trustees, which may exercise the powers and authority of the trustees to the extent that the trustees determine. | The trustees may appoint from their own number and terminate committees consisting of one or more trustees, which may exercise the powers and authority of the trustees to the extent that the trustees determine, provided, that an Executive Committee designated by the trustees shall not be empowered to elect the president or the treasurer, to amend the By-laws, to designate, alter or abolish any committee designated by the trustees, or to perform any act for which the action of a majority of the trustees is required by law, by the Declaration of Trust or the By-laws. | |||
Trustee Liability | Trustees will be liable to the trust by reason of willful misfeasance, bad faith, negligence or reckless disregard of the duties involved in the conduct of the trustee’s office. | Trustees are not subject to personal liability, except by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of trustee. Additionally, trustees are not personally liable for any neglect or wrong-doing of any officer, agent, or employee of the trust or for any act or omission of any other trustee.
Trustees that are singled out as experts on particular issues, such as a chair of a committee, are not held to any higher standard than their non-expert counterparts. | Trustees are not subject to personal liability, except by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of trustee. Additionally, trustees are not personally liable for any neglect or wrong-doing of any officer, agent, or employee of the trust or for any act or omission of any other trustee.
Trustees that are singled out as experts on particular issues, such as a chair of a committee, are not held to any higher standard than their non-expert counterparts. |
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Policy | Group A | Group B | Group C | |||
Trustee Indemnification | The trust indemnifies the trustees against expenses, judgments, fines and settlements and other amounts actually and reasonably incurred in connection with any civil or criminal proceeding or investigations, if it is determined that the trustee acted in good faith and reasonably believed 1) that his or her conduct was in the trust’s best interests, and 2) that his or her conduct was at least not opposed to the trust’s best interests, and 3) in the case of a criminal proceeding, that he or she had no reasonable cause to believe that the conduct was unlawful.
A trustee will not, however, be indemnified 1) with respect to any matters where the trustee is judged to be liable on the basis that a personal benefit was improperly received, whether or not the benefit resulted from action taken in that trustee’s official capacity, 2) with respect to any matter where the trustee is judged to be liable in the performance of his or her duty to the trust unless the adjudicator determines that the trustee was not liable as the result of conduct in (1) above and that the trustee is fairly entitled to indemnification, and 3) with respect to amounts paid to settle or dispose of an action with or without court approval unless a) approved by a majority vote of a quorum of trustees who are not parties and are disinterested persons, or b) a written opinion of counsel is obtained.
Expenses incurred in defending any proceeding may be advanced by the trust before the final disposition of a proceeding upon a written undertaking by the trustee to repay the amount advanced if it is ultimately determined that he or she is not entitled to indemnification, together with at least one of the following conditions to the advance: 1) security for the undertaking, 2) the existence of insurance protecting the trust against losses arising by reason of any lawful advances, or 3) a determination by a majority of a quorum of the trustees who are not parties to the proceeding and are not interested persons of the trust, or by an independent legal counsel, based on a review of the readily available facts that there is reason to believe that the trustee ultimately will be found entitled to indemnification. | The trust indemnifies each of its trustees against all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and attorneys’ fees incurred in connection with the defense of any civil or criminal suit or action, except with respect to any matter (i) as to which a trustee is finally adjudicated in any such action or proceeding not to have acted in good faith in reasonable belief that such trustee’s action was in the best interests of the trust; or (ii) where the trustee acted in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such trustee’s office.
Expenses, including counsel fees, so incurred by any such trustee (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties) will be paid from time to time by the trust in advance of the final disposition of any such action, suit or proceeding upon receipt of an undertaking by or on behalf of such trustee to repay amounts so paid to the trust if it is ultimately determined that indemnification of such expenses is not authorized under the By-Laws, provided, however, that either (a) such trustee shall have provided appropriate security for such undertaking, (b) the trust shall be insured against losses arising from any such advance payments, or (c) either a majority of the disinterested trustees acting on the matter (provided that a majority of the disinterested trustees then in office act on the matter), or independent legal counsel in a written opinion, will have determined, based upon a review of readily available facts, that there is reason to believe that such trustee will be found entitled to indemnification under the By-Laws. | Each person made or threatened to be made a party to or who is involved (including, without limitation, as a witness) in any actual or threatened action, suit or proceeding whether civil, criminal, administrative, arbitration, or investigative, including a proceeding by or in the right of the trust by reason of the former or present capacity as a trustee of the trust or who, while a trustee of the trust, is or was serving at the request of the trust or whose duties as a trustee involve or involved service as a director, officer, partner, trustee or agent of another organization or employee benefit plan whether the basis of any proceeding is alleged action in an official capacity or in any capacity while serving as a director, officer, partner, trustee or agent, shall be indemnified and held harmless by the trust to the full extent authorized by the laws of The Commonwealth of Massachusetts; provided, however, that in an action brought against the trust to enforce rights to indemnification, the trustee shall be indemnified only if the action was authorized by the board of trustees of the trust.
This right to indemnification shall be a contract right and shall include the right to be paid by the trust in advance of the final disposition of a proceeding for expenses incurred in connection therewith provided, however, such payment of expenses shall be made only upon receipt of a written undertaking by the trustee or officer to repay all amounts so paid if it is ultimately determined that the trustee or officer is not entitled to indemnification. |
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Policy | Group A | Group B | Group C | |||
Dividends | The trustees may declare and pay dividends and distributions to shareholders of each series from the assets of such series. | Dividends and distributions may be paid to shareholders from the trust’s net income with the frequency as the trustees may determine. | Dividends and distributions may be paid to shareholders from the trust’s net income with the frequency as the trustees may determine. | |||
Capitalization | The beneficial interest in the trust shall at all times be divided into an unlimited number of shares, without par value. | The beneficial interest in the trust shall at all times be divided into an unlimited number of shares without par value. | The beneficial interest in the trust shall at all times be divided into an unlimited number of shares without par value. | |||
Number of Trustees and Vacancies | The number of trustees may be fixed by the trustees from time to time by a written instrument signed, or a resolution approved at a duly constituted meeting, by 75% of the trustees. | The trustees may fix the number of trustees, fill vacancies in the trustees, including vacancies arising from an increase in the number of trustees, or remove trustees with or without cause. | The trustees may fix the number of trustees, fill vacancies in the trustees, including vacancies arising from an increase in the number of trustees, or remove trustees with or without cause. | |||
Provided, however, that the number of trustees cannot be fewer than 1 or more than 16.
Vacancies in the board of trustees may be filled by a majority of the remaining trustees, even if less than a quorum, or by a sole remaining trustee, unless the trustees call a meeting of shareholders for the purpose of electing trustees. In the event that at any time less than a majority of the trustees holding office at that time were so elected by shareholders, the board of trustees will hold a shareholders’ meeting within 60 days for the election of trustees to fill such vacancies on the board. | Shareholders may fix the number of trustees and elect trustees at any meeting of shareholders called by the trustees for that purpose and to the extent required by applicable law, including paragraphs (a) and (b) of Section 16 of the 1940 Act.
Each trustee serves during the continued lifetime of the trust until he or she dies, resigns or is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing trustees and until the election and qualification of his or her successor. | Shareholders may elect trustees at any meeting of shareholders called by the trustees for that purpose and to the extent required by applicable law, including paragraphs (a) and (b) of Section 16 of the 1940 Act.
Each trustee serves during the continued lifetime of the trust until he or she dies, resigns or is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing trustees and until the election and qualification of his or her successor. | ||||
Independent Chair of the Board | The Declaration of Trust does not require an independent chair of the board of trustees. | The Declaration of Trust and By-Laws do not require an independent chair of the board of trustees. | The By-Laws require an independent chair of the board of trustees. | |||
Inspection of Books and Records | The original or a copy of the Declaration of Trust, and of each amendment thereto, is kept at the office of the trust where it may be inspected by any shareholder. | The original or a copy of the Declaration of Trust, and of each amendment thereto, is kept at the office of the trust where it may be inspected by any shareholder. | The original or a copy of the Declaration of Trust, and of each amendment thereto, is kept at the office of the trust where it may be inspected by any shareholder. | |||
Involuntary Redemption of Accounts | The trustees may redeem, repurchase and transfer shares pursuant to applicable law. | The trust has the right at its option and at any time to redeem shares of any shareholder at the net asset value thereof: (i) if at such time such shareholder owns shares of any series or class having an aggregate net asset value of less than an amount determined from time to time by the trustees; or (ii) to the extent that such shareholder owns shares equal to or in excess of a percentage determined from time to time by the trustees of the outstanding shares of the trust or of any series or class. | The trust has the right at its option and at any time to redeem shares of any shareholder at the net asset value thereof: (i) if at such time such shareholder owns shares of any series or class having an aggregate net asset value of less than an amount determined from time to time by the trustees; or (ii) to the extent that such shareholder owns shares equal to or in excess of a percentage determined from time to time by the trustees of the outstanding shares of the trust or of any series or class. |
* | Within thirty (30) days after receipt of such demand, the trustees shall call and give notice of a meeting of shareholders for the purpose of electing trustees. If the trustees shall fail to call such meeting or give notice thereof, then the shareholder or shareholders making the demand may call and give notice of such meeting at the expense of the trust. The trustees shall promptly call and give notice of a meeting of shareholders for the purpose of voting upon removal of any trustee of the trust when requested to do so in writing by shareholders holding not less than ten percent (10%) of the shares then outstanding. If the trustees shall fail to call or give notice of any meeting of shareholders for a period of thirty (30) days after written application by shareholders holding at least ten percent (10%) of the shares then outstanding requesting that a meeting be called for any purpose requiring action by the shareholders as provided in the Declaration of Trust or the By-laws, then shareholders holding at least ten percent (10%) of the shares then outstanding may call and give notice of such meeting. |
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APPENDIX C — FINANCIAL INTERMEDIARY-SPECIFIC REDUCTIONS/WAIVERS OF SALES CHARGES
As noted in the Choosing a Share Class section above, the sales charge reductions and waivers available to investors who purchase and hold their Fund shares through different financial intermediaries may vary. This Appendix A describes financial intermediary-specific reductions and/or waiver policies applicable to Fund shares purchased and held through the particular financial intermediary. A reduction and/or waiver that is specific to a particular financial intermediary is not available to Direct-at-Fund Accounts or through another financial intermediary. These reductions and/or waivers may apply to purchases, sales, and exchanges of Fund shares. A shareholder transacting in Fund shares through a financial intermediary identified below should carefully read the terms and conditions of the reductions and/or waivers. Please consult your financial intermediary with respect to any sales charge reduction/waiver described below.
The financial intermediary-specific information below may be provided by, or compiled from or based on information provided by, the financial intermediaries noted. While the Funds, the Investment Manager and the Distributor do not establish these financial intermediary-specific policies, our representatives are available to answer questions about these financial intermediary-specific policies and can direct you to the financial intermediary if you need help understanding them.
Ameriprise Financial Services, LLC (Ameriprise Financial Services)
The following information has been provided by Ameriprise Financial Services:
Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial Services:
The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial Services:
Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial Services platform or account will be eligible for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or SAI:
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs. |
• | Shares purchased through an Ameriprise Financial Services investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial Services’ platform (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased through reinvestment of dividends and capital gain distributions when purchasing shares of the same Fund (but not any other fund within the Columbia Funds). |
• | Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. |
• | Employees and registered representatives of Ameriprise Financial Services or its affiliates and their immediate family members. |
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• | Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, stepson, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. |
• | Shares purchased from the proceeds of redemptions within the Columbia Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., rights of reinstatement). |
Edward D. Jones & Co., L.P. (Edward Jones)
The following information has been provided by Edward Jones:
Effective on or after April 20, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Columbia Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.
Breakpoints
Rights of Accumulation (ROA)
• | The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Columbia Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible Columbia Fund assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. |
• | ROA is determined by calculating the higher of cost or market value (current shares x NAV). |
Letter of Intent (LOI)
• | Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible Columbia Fund assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met. |
Sales Charge Waivers
• | Sales charges are waived for the following shareholders and in the following situations: |
• | Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing. |
• | Shares purchased in an Edward Jones fee-based program. |
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• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment. |
• | Shares purchased from the proceeds of redeemed shares of Columbia Funds so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account. |
• | Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus. |
• | Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones. |
Contingent Deferred Sales Charge (CDSC) Waivers
• | If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions: |
• | The death or disability of the shareholder |
• | Systematic withdrawals with up to 10% per year of the account value |
• | Return of excess contributions from an Individual Retirement Account (IRA) |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations |
• | Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones |
• | Shares exchanged in an Edward Jones fee-based program |
• | Shares acquired through NAV reinstatement |
Other Important Information
Minimum Purchase Amounts
• | $250 initial purchase minimum |
• | $50 subsequent purchase minimum |
Minimum Balances
• | Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy: |
• | A fee-based account held on an Edward Jones platform |
• | A 529 account held on an Edward Jones platform |
• | An account with an active systematic investment plan or letter of intent (LOI) |
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Changing Share Classes
• | At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares. |
Janney Montgomery Scott LLC (Janney)
The following information has been provided by Janney:
Effective May 1, 2020, if you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.
Front-end sales charge* waivers on Class A shares available at Janney
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Columbia Fund). |
• | Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney. |
• | Shares purchased from the proceeds of redemptions from another Columbia Fund, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement). |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans. |
• | Shares acquired through a right of reinstatement. |
• | Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures |
CDSC waivers on Class A and C shares available at Janney
• | Shares sold upon the death or disability of the shareholder. |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus. |
• | Shares purchased in connection with a return of excess contributions from an IRA account. |
• | Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 701⁄2 as described in the fund’s prospectus. |
• | Shares sold to pay Janney fees but only if the transaction is initiated by Janney. |
• | Shares acquired through a right of reinstatement. |
• | Shares exchanged into the same share class of a different fund. |
Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent
• | Breakpoints as described in the fund’s prospectus. |
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• | Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of Columbia Fund assets held by accounts within the purchaser’s household at Janney. Eligible Columbia Fund assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets. |
• | Letters of intent which allow for breakpoint discounts based on anticipated purchases within the Columbia Funds, over a 13-month time period. Eligible Columbia Fund assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets. |
* | Also referred to as an “initial sales charge.” |
Merrill Lynch Pierce, Fenner & Smith Incorporated (Merrill Lynch)
The following information has been provided by Merrill Lynch:
Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s prospectus or SAI:
Front-End Load Discounts Available at Merrill Lynch:
Merrill Lynch makes available breakpoint discounts on shares of the Fund through:
• | Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s prospectus will be automatically calculated based on the aggregated holding of Columbia Fund assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible Columbia Fund assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets. |
• | Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases of Columbia Funds, through Merrill Lynch, over a 13-month period of time (if applicable). |
Front-End Sales Load Waivers on Class A Shares Available at Merrill Lynch:
• | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
• | Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents) |
• | Shares purchased through a Merrill Lynch affiliated investment advisory program |
• | Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
• | Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable) |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Columbia Fund) |
• | Shares exchanged from Class C (i.e., level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
• | Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
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• | Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus |
• | Eligible shares purchased from the proceeds of redemptions from another Columbia Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement |
CDSC Waivers on Class A and C Shares Available at Merrill Lynch:
• | Death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus |
• | Return of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code |
• | Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
• | Shares acquired through a right of reinstatement |
• | Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and Class C shares only) |
• | Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
Morgan Stanley Smith Barney, LLC (Morgan Stanley Wealth Management)
The following information has been provided by Morgan Stanley Wealth Management:
Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund’s prospectus or SAI.
Front-end Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management:
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
• | Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules |
• | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund |
• | Shares purchased through a Morgan Stanley self-directed brokerage account |
• | Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged for Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program |
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• | Shares purchased from the proceeds of redemptions from another Columbia Fund, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. |
Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (Raymond James)
The following information has been provided by Raymond James:
Intermediary-Defined Sales Charge Waiver Policies:
The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares.
Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load (CDSC) waivers, which are discussed below. In all instances, it is the purchaser’s responsibility to notify the fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts.
Raymond James:
Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.
Front-end Sales Load Waivers on Class A Shares Available at Raymond James:
• | Shares purchased in an investment advisory program. |
• | Shares purchased within the Columbia Funds through a systematic reinvestment of capital gains and dividend distributions. |
• | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James. |
• | Shares purchased from the proceeds of redemptions within the Columbia Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). |
• | A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James. |
CDSC Waivers on Class A and Class C Shares Available at Raymond James:
• | Death or disability of the shareholder. |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus. |
• | Return of excess contributions from an IRA Account. |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund’s prospectus. |
• | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James. |
• | Shares acquired through a right of reinstatement. |
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Front-end Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation and/or Letters of Intent:
• | Breakpoints as described in this prospectus. |
• | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Columbia Fund assets held by accounts within the purchaser’s household at Raymond James. Eligible Columbia Fund assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets. |
• | Letters of intent which allow for breakpoint discounts based on anticipated purchases within the Columbia Funds, over a 13-month time period. Eligible Columbia Fund assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets. |
Additional Sales Charge Reductions and/or Waivers Available at Certain Financial Intermediaries
Shareholders purchasing Fund shares through a platform or account of RBC Capital Markets, LLC are eligible for the following sales charge waiver:
Class A Shares Front-End Sales Charge Waiver Available at RBC Capital Markets, LLC:
• | For employer-sponsored retirement plans held through a commissionable brokerage account, Class A shares are available at NAV (i.e., without a sales charge). For this purpose, employer-sponsored retirement plans include, but are not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans. |
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The information contained in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION,
DATED FEBRUARY 26, 2020
STATEMENT OF ADDITIONAL INFORMATION
[•], 2020
This Statement of Additional Information (the “SAI”) relates to the following proposed reorganizations (each a “Reorganization” and together the “Reorganizations”):
1. Reorganization of Columbia Global Strategic Equity Fund, a series of Columbia Funds Series Trust (a “Target Fund”) into Columbia Capital Allocation Aggressive Portfolio, a series of Columbia Funds Series Trust II (an “Acquiring Fund”).
2. Reorganization of Columbia Select Global Growth Fund, a series of Columbia Funds Series Trust (a “Target Fund”) into Columbia Select Global Equity Fund, a series Columbia Funds Series Trust II (an “Acquiring Fund”).
3. Reorganization of Columbia Small/Mid Cap Value Fund, a series of Columbia Funds Series Trust II (a “Target Fund”) into Columbia Select Mid Cap Value Fund, a series of Columbia Funds Series Trust (an “Acquiring Fund”).
4. Reorganization of Columbia Contrarian Europe Fund, a series of Columbia Funds Series Trust II (a “Target Fund”) into Columbia Overseas Core Fund, a series of Columbia Funds Series Trust II (an “Acquiring Fund”).
5. Reorganization of Columbia Disciplined Small Core Fund, a series of Columbia Funds Series Trust I (a “Target Fund”) into Columbia Small Cap Value Fund I, a series of Columbia Funds Series Trust I (an “Acquiring Fund”).
Each Target Fund and each Acquiring Fund are referred to herein individually as a “Fund” and collectively as the “Funds.”
This SAI contains information which may be of interest to shareholders of the Target Funds but which is not included in the Combined Information Statement/Prospectus dated [•], 2020 (the “Combined Information Statement/Prospectus”) which relates to the Reorganizations. This SAI is not a prospectus and should be read in conjunction with the Combined Information Statement/Prospectus. As described in the Combined Information Statement/Prospectus, the Reorganizations would involve the transfer of all the assets of each Target Fund to the corresponding Acquiring Fund in exchange for shares of the Acquiring Fund and the assumption of all the liabilities of each Target Fund by the Acquiring Fund. Each Target Fund would distribute pro rata the Acquiring Fund shares it receives to its shareholders in complete liquidation of each Target Fund. The Combined Information Statement/Prospectus has been filed with the Securities and Exchange Commission and is available upon request and without charge by writing to the Acquiring Funds at (regular mail) c/o Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104 or (express mail) Columbia Management Investment Services Corp., c/o DST Asset Manager Solutions, Inc., 430 W 7th Street, STE 219104, Kansas City, MO 64105-1407, or by calling toll-free (800) 345-6611.
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Appendix B – Statement of Additional Information of Columbia Funds Series Trust I | B-1 | |||
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ADDITIONAL INFORMATION ABOUT EACH ACQUIRING FUND
Attached hereto as Appendix A is the Statement of Additional Information of Columbia Select Mid Cap Value Fund, Columbia Capital Allocation Aggressive Portfolio, Columbia Select Global Equity Fund and Columbia Overseas Core Fund and as Appendix B is the Statement of Additional Information of Columbia Small Cap Value Fund I, each dated January 1, 2020.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The board of trustees of each Acquiring Fund (“Board”), including all current trustees thereof who are not “interested persons,” as defined in the Investment Company Act of 1940, of such Board, has selected PricewaterhouseCoopers LLP (“PwC”), located at 45 South Seventh Street, Suite 3400, Minneapolis, MN 55402, to act as the independent registered public accounting firm for each Acquiring Fund, providing audit and tax return review services and assistance and consultation in connection with the review of various Securities and Exchange Commission filings.
The Report of Independent Registered Public Accounting Firm, Financial Highlights and Financial Statements included in Columbia Capital Allocation Aggressive Portfolio’s Annual Report to Shareholders for the fiscal year ended January 31, 2019; the Report of Independent Registered Public Accounting Firm, Financial Highlights and Financial Statements included in Columbia Select Global Equity Fund’s Annual Report to Shareholders for the fiscal year ended October 31, 2019; the Report of Independent Registered Public Accounting Firm, Financial Highlights and Financial Statements included in Columbia Select Mid Cap Value Fund’s Annual Report to Shareholders for the fiscal year ended February 28, 2019; the Report of Independent Registered Public Accounting Firm, Financial Highlights and Financial Statements included in Columbia Overseas Core Fund’s Annual Report to Shareholders for the fiscal year ended February 28, 2019; and the Report of Independent Registered Public Accounting Firm, Financial Highlights and Financial Statements included in Columbia Small Cap Value Fund I’s Annual Report to Shareholders for the fiscal year ended April 30, 2019; are incorporated by reference into this SAI.
The audited financial statements for each Acquiring Fund included in their respective Annual Reports to Shareholders and incorporated by reference into this SAI have been so included and incorporated in reliance upon the reports of PwC, given their authority as experts in auditing and accounting. The audited financial statements for each Target Fund incorporated by reference into the Combined Information Statement/Prospectus have been so included and incorporated in reliance upon the reports of PwC, given their authority as experts in auditing and accounting.
Pro forma financial statements of the Acquiring Funds for the Reorganizations are attached hereto as Appendix C.
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Columbia California Intermediate Municipal Bond Fund | ||
Class A: NACMX | Class Adv: CCMRX | Class C: CCICX |
Class Inst: NCMAX | Class Inst2: CNBRX | Class Inst3: CCBYX |
Columbia Capital Allocation Moderate Aggressive Portfolio | ||
Class A: NBIAX | Class Adv: CGBRX | Class C: NBICX |
Class Inst: NBGPX | Class Inst2: CLHRX | Class Inst3: CPHNX |
Class R: CLBRX | Class V: CGGTX | |
Columbia Capital Allocation Moderate Conservative Portfolio | ||
Class A: NLGAX | Class Adv: CHWRX | Class C: NIICX |
Class Inst: NIPAX | Class Inst2: CLRRX | Class Inst3: CPDGX |
Class R: CLIRX | ||
Columbia Convertible Securities Fund | ||
Class A: PACIX | Class Adv: COVRX | Class C: PHIKX |
Class Inst: NCIAX | Class Inst2: COCRX | Class Inst3: CSFYX |
Class R: CVBRX | ||
Columbia Georgia Intermediate Municipal Bond Fund | ||
Class A: NGIMX | Class Adv: CGIMX | Class C: NGINX |
Class Inst: NGAMX | Class Inst3: CGIYX | |
Columbia Global Strategic Equity Fund | ||
Class A: NLGIX | Class Adv: CWPRX | Class C: NLGCX |
Class Inst: NGPAX | Class Inst2: CGPRX | Class Inst3: CGSYX |
Class R: CLGRX | ||
Columbia Large Cap Enhanced Core Fund | ||
Class A: NMIAX | Class Adv: CECFX | Class Inst: NMIMX |
Class Inst2: CLNCX | Class Inst3: CECYX | Class R: CCERX |
Columbia Large Cap Growth Fund III | ||
Class A: NFEAX | Class Adv: CSFRX | Class C: NFECX |
Class Inst: NFEPX | Class Inst2: CADRX | Class Inst3: CLRYX |
Class R: CLGPX | ||
Columbia Large Cap Index Fund | ||
Class A: NEIAX | Class Inst: NINDX | Class Inst2: CLXRX |
Class Inst3: CLPYX | ||
Columbia Maryland Intermediate Municipal Bond Fund | ||
Class A: NMDMX | Class Adv: CMDMX | Class C: NMINX |
Class Inst: NMDBX | Class Inst3: CMYYX | |
Columbia Mid Cap Index Fund | ||
Class A: NTIAX | Class Inst: NMPAX | Class Inst2: CPXRX |
Class Inst3: CMDYX | ||
Columbia North Carolina Intermediate Municipal Bond Fund | ||
Class A: NNCIX | Class Adv: CNCEX | Class C: NNINX |
Class Inst: NNIBX | Class Inst3: CNCYX |
Columbia Overseas Value Fund | ||
Class A: COAVX | Class Adv: COSVX | Class C: COCVX |
Class Inst: COSZX | Class Inst2: COSSX | Class Inst3: COSYX |
Class R: COVUX | ||
Columbia Select Global Growth Fund | ||
Class A: COGAX | Class Adv: CADHX | Class C: COGCX |
Class Inst: COGZX | Class Inst2: CADIX | Class Inst3: CGGYX |
Class R: COGRX | ||
Columbia Select International Equity Fund | ||
Class A: NIIAX | Class Adv: CQYRX | Class C: NITRX |
Class Inst: NIEQX | Class Inst2: CQQRX | Class Inst3: CMIYX |
Class R: CIERX | ||
Columbia Select Large Cap Equity Fund | ||
Class A: NSGAX | Class Adv: CLSRX | Class C: NSGCX |
Class Inst: NSEPX | Class Inst2: CLCRX | Class Inst3: CLEYX |
Class R§: — | ||
Columbia Select Mid Cap Value Fund | ||
Class A: CMUAX | Class Adv: CFDRX | Class C: CMUCX |
Class Inst: NAMAX | Class Inst2: CVERX | Class Inst3: CMVYX |
Class R: CMVRX | ||
Columbia Short Term Bond Fund | ||
Class A: NSTRX | Class Adv: CMDRX | Class C: NSTIX |
Class Inst: NSTMX | Class Inst2: CCBRX | Class Inst3: CSBYX |
Class R: CSBRX | ||
Columbia Short Term Municipal Bond Fund | ||
Class A: NSMMX | Class Adv: CSMTX | Class C: NSMUX |
Class Inst: NSMIX | Class Inst2: CNNRX | Class Inst3: CSMYX |
Columbia Small Cap Index Fund | ||
Class A: NMSAX | Class Inst: NMSCX | Class Inst2: CXXRX |
Class Inst3: CSPYX | ||
Columbia Small Cap Value Fund II | ||
Class A: COVAX | Class Adv: CLURX | Class C: COVCX |
Class Inst: NSVAX | Class Inst2: CRRRX | Class Inst3: CRRYX |
Class R: CCTRX | ||
Columbia South Carolina Intermediate Municipal Bond Fund | ||
Class A: NSCIX | Class Adv: CSICX | Class C: NSICX |
Class Inst: NSCMX | Class Inst3: CSOYX | |
Columbia Virginia Intermediate Municipal Bond Fund | ||
Class A: NVAFX | Class Adv: CAIVX | Class C: NVRCX |
Class Inst: NVABX | Class Inst3: CVAYX |
Columbia Capital Allocation Aggressive Portfolio | ||
Class A: AXBAX | Class Adv: CPDAX | Class C: RBGCX |
Class Inst: CPAZX | Class Inst2: CPANX | Class Inst3: CPDIX |
Class R: CPARX | ||
Columbia Capital Allocation Conservative Portfolio | ||
Class A: ABDAX | Class Adv: CPCYX | Class C: RPCCX |
Class Inst: CBVZX | Class Inst2: CPAOX | Class Inst3: CPDHX |
Class R: CBVRX | ||
Columbia Capital Allocation Moderate Portfolio | ||
Class A: ABUAX | Class Adv: CPCZX | Class C: AMTCX |
Class Inst: CBMZX | Class Inst2: CPAMX | Class Inst3: CPDMX |
Class R: CBMRX | ||
Columbia Commodity Strategy Fund | ||
Class A: CCSAX | Class Adv: CCOMX | Class C: CCSCX |
Class Inst: CCSZX | Class Inst2: CADLX | Class Inst3: CCFYX |
Class R: CCSRX | ||
Columbia Contrarian Asia Pacific Fund | ||
Class A: CAJAX | Class C: CAJCX | Class Inst: CAJZX |
Class Inst2: TAPRX | Class Inst3: CAPYX | Class R: CAJRX |
Columbia Contrarian Europe Fund | ||
Class A: AXEAX | Class Adv: CADJX | Class C: REECX |
Class Inst: CEEZX | Class Inst2: CADKX | Class Inst3: CEEUX |
Columbia Disciplined Core Fund | ||
Class A: AQEAX | Class Adv: CLCQX | Class C: RDCEX |
Class Inst: CCRZX | Class Inst2: RSIPX | Class Inst3: CCQYX |
Class R: CLQRX | ||
Columbia Disciplined Growth Fund | ||
Class A: RDLAX | Class Adv: CGQFX | Class C: RDLCX |
Class Inst: CLQZX | Class Inst2: CQURX | Class Inst3: CGQYX |
Class R: CGQRX | ||
Columbia Disciplined Value Fund | ||
Class A: RLCAX | Class Adv: COLEX | Class C: RDCCX |
Class Inst: CVQZX | Class Inst2: COLVX | Class Inst3: COLYX |
Class R: RLCOX | Class V: CVQTX | |
Columbia Dividend Opportunity Fund | ||
Class A: INUTX | Class Adv: CDORX | Class C: ACUIX |
Class Inst: CDOZX | Class Inst2: RSDFX | Class Inst3: CDOYX |
Class R: RSOOX | ||
Columbia Emerging Markets Bond Fund | ||
Class A: REBAX | Class Adv: CEBSX | Class C: REBCX |
Class Inst: CMBZX | Class Inst2: CEBRX | Class Inst3: CEBYX |
Class R: CMBRX | ||
Columbia Flexible Capital Income Fund | ||
Class A: CFIAX | Class Adv: CFCRX | Class C: CFIGX |
Class Inst: CFIZX | Class Inst2: CFXRX | Class Inst3: CFCYX |
Class R: CFIRX | ||
Columbia Floating Rate Fund | ||
Class A: RFRAX | Class Adv: CFLRX | Class C: RFRCX |
Class Inst: CFRZX | Class Inst2: RFRFX | Class Inst3: CFRYX |
Class R: CFRRX | ||
Columbia Global Equity Value Fund | ||
Class A: IEVAX | Class Adv: RSEVX | Class C: REVCX |
Class Inst: CEVZX | Class Inst2: RSEYX | Class Inst3: CEVYX |
Class R: REVRX | ||
Columbia Global Infrastructure Fund | ||
Class A: RRIAX | Class Adv: CRRIX | Class C: RRICX |
Class Inst: CRIZX | Class Inst2: RRIZX | Class Inst3: CGLYX |
Class R: RRIRX | ||
Columbia Global Opportunities Fund | ||
Class A: IMRFX | Class Adv: CSDRX | Class C: RSSCX |
Class Inst: CSAZX | Class Inst2: CLNRX | Class Inst3: CGOYX |
Class R: CSARX | ||
Columbia Government Money Market Fund | ||
Class A: IDSXX | Class C: RCCXX | Class Inst: IDYXX |
Class Inst2: CMRXX | Class Inst3: CGMXX | Class R: RVRXX |
Columbia High Yield Bond Fund | ||
Class A: INEAX | Class Adv: CYLRX | Class C: APECX |
Class Inst: CHYZX | Class Inst2: RSHRX | Class Inst3: CHYYX |
Class R: CHBRX |
Columbia Income Builder Fund | ||
Class A: RBBAX | Class Adv: CNMRX | Class C: RBBCX |
Class Inst: CBUZX | Class Inst2: CKKRX | Class Inst3: CIBYX |
Class R: CBURX | ||
Columbia Income Opportunities Fund | ||
Class A: AIOAX | Class Adv: CPPRX | Class C: RIOCX |
Class Inst: CIOZX | Class Inst2: CEPRX | Class Inst3: CIOYX |
Class R: CIORX | ||
Columbia Inflation Protected Securities Fund | ||
Class A: APSAX | Class Adv: CIPWX | Class C: RIPCX |
Class Inst: CIPZX | Class Inst2: CFSRX | Class Inst3: CINYX |
Class R: RIPRX | ||
Columbia Large Cap Value Fund | ||
Class A: INDZX | Class Adv: RDERX | Class C: ADECX |
Class Inst: CDVZX | Class Inst2: RSEDX | Class Inst3: CDEYX |
Class R: RDEIX | ||
Columbia Limited Duration Credit Fund | ||
Class A: ALDAX | Class Adv: CDLRX | Class C: RDCLX |
Class Inst: CLDZX | Class Inst2: CTLRX | Class Inst3: CLDYX |
Columbia Minnesota Tax-Exempt Fund | ||
Class A: IMNTX | Class Adv: CLONX | Class C: RMTCX |
Class Inst: CMNZX | Class Inst2: CADOX | Class Inst3: CMNYX |
Columbia Mortgage Opportunities Fund | ||
Class A: CLMAX | Class Adv: CLMFX | Class C: CLMCX |
Class Inst: CLMZX | Class Inst2: CLMVX | Class Inst3: CMOYX |
Columbia Overseas Core Fund | ||
Class A: COSAX | Class Adv: COSDX | Class C: COSCX |
Class Inst: COSNX | Class Inst2: COSTX | Class Inst3: COSOX |
Class R: COSRX | ||
Columbia Quality Income Fund | ||
Class A: AUGAX | Class Adv: CUVRX | Class C: AUGCX |
Class Inst: CUGZX | Class Inst2: CGVRX | Class Inst3: CUGYX |
Class R: CUGUX | ||
Columbia Select Global Equity Fund | ||
Class A: IGLGX | Class Adv: CSGVX | Class C: RGCEX |
Class Inst: CGEZX | Class Inst2: RGERX | Class Inst3: CSEYX |
Class R: CGERX | ||
Columbia Select Large Cap Value Fund | ||
Class A: SLVAX | Class Adv: CSERX | Class C: SVLCX |
Class Inst: CSVZX | Class Inst2: SLVIX | Class Inst3: CSRYX |
Class R: SLVRX | ||
Columbia Select Small Cap Value Fund | ||
Class A: SSCVX | Class Adv: CSPRX | Class C: SVMCX |
Class Inst: CSSZX | Class Inst2: SSVIX | Class Inst3: CSSYX |
Class R: SSVRX | ||
Columbia Seligman Communications and Information Fund | ||
Class A: SLMCX | Class Adv: SCIOX | Class C: SCICX |
Class Inst: CCIZX | Class Inst2: SCMIX | Class Inst3: CCOYX |
Class R: SCIRX | ||
Columbia Seligman Global Technology Fund | ||
Class A: SHGTX | Class Adv: CCHRX | Class C: SHTCX |
Class Inst: CSGZX | Class Inst2: SGTTX | Class Inst3: CGTYX |
Class R: SGTRX | ||
Columbia Small/Mid Cap Value Fund | ||
Class A: AMVAX | Class Adv: RMCRX | Class C: AMVCX |
Class Inst: CMOZX | Class Inst2: RSCMX | Class Inst3: CPHPX |
Class R: RMVTX | ||
Columbia Strategic Municipal Income Fund | ||
Class A: INTAX | Class Adv: CATRX | Class C: RTCEX |
Class Inst: CATZX | Class Inst2: CADNX | Class Inst3: CATYX |
Multi-Manager Value Strategies Fund | ||
Class A*: CDEIX | Class Inst: CZMVX | Class Inst3: CVSDX |
§ | This share class is not currently available for purchase. |
* | Effective at start of business on January 27, 2020, the shares held by Class A shareholders of the Fund will be merged into Class Institutional shares of the same Fund. The merger of Class A shares into Class Institutional shares for the Fund will be a tax-free transaction and Class A shares of the Funds will no longer be offered for sale. Effective January 27, 2020, all references to Class A shares are hereby deleted from this SAI. |
Table of Contents
Fund |
Columbia Funds Series Trust II |
Columbia Limited Duration Credit Fund |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
For Funds with fiscal year ending July 31 – Information is as of July 31, 2019, unless otherwise noted | |||||||
Limited Duration Credit Fund | Tom Murphy | 12 RICs 24 PIVs 22 other accounts | $3.60 billion $21.79 billion $4.56 billion | None | Over $1,000,000(a) $500,001– $1,000,000(b) | Columbia Management | Columbia Management |
Royce Wilson | 1 RIC | $770.69 million | None | $10,001– $50,000(a) $50,001– $100,000(b) | |||
John Dawson(i) | 6 other accounts | $1.25 million | None | $50,001– $100,000(b) |
* | RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle. |
** | Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts. |
(a) | Excludes any notional investments. |
(b) | Notional investments through a deferred compensation account. |
(i) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of December 31, 2019. |
Table of Contents
Fund | Prospectus and Summary Prospectus Dated | SAI Dated |
Columbia Funds Series Trust II | ||
Columbia Contrarian Asia Pacific Fund | 3/1/2019 | 1/1/2020 |
Fund | Prospectus and Summary Prospectus Dated | SAI Dated |
Columbia Funds Series Trust II | ||
Columbia Inflation Protected Securities Fund | 12/1/2019 | 1/1/2020 |
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S-1 |
Statement of Additional Information – January 1, 2020 | 1 |
■ | the organization of each Trust; |
■ | the Funds' investments; |
■ | the Funds' investment adviser, investment subadviser(s) (if any) and other service providers, including roles and relationships of Ameriprise Financial and its affiliates, and conflicts of interest; |
■ | the governance of the Funds; |
■ | the Funds' brokerage practices; |
■ | the share classes offered by the Funds; |
■ | the purchase, redemption and pricing of Fund shares; and |
■ | the application of U.S. federal income tax laws. |
1933 Act | Securities Act of 1933, as amended |
1934 Act | Securities Exchange Act of 1934, as amended |
1940 Act | Investment Company Act of 1940, as amended |
Administrative Services Agreement | The Administrative Services Agreement, as amended, if applicable, between a Trust, on behalf of the Funds, and the Investment Manager |
Ameriprise Financial | Ameriprise Financial, Inc. |
Bank of America | Bank of America Corporation |
Board | A Trust’s Board of Trustees |
Statement of Additional Information – January 1, 2020 | 2 |
Business Day | Any day on which the NYSE is open for business. A business day typically ends at the close of regular trading on the NYSE, usually at 4:00 p.m. Eastern time. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. The Fund will not treat an intraday unscheduled disruption in NYSE trading or an intraday unscheduled closing as a close of regular trading on the NYSE for these purposes and will price its shares as of the regularly scheduled closing time for that day (typically, 4:00 p.m. Eastern time). Notwithstanding the foregoing, the NAV of Fund shares may be determined at such other time or times (in addition to or in lieu of the time set forth above) as the Fund’s Board may approve or ratify. On holidays and other days when the NYSE is closed, the Fund's NAV is not calculated and the Fund does not accept buy or sell orders. However, the value of the Fund's assets may still be affected on such days to the extent that the Fund holds foreign securities that trade on days that foreign securities markets are open. |
Capital Allocation Portfolios | Collectively, Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio |
CEA | Commodity Exchange Act |
CFST | Columbia Funds Series Trust |
CFST I | Columbia Funds Series Trust I |
CFST II | Columbia Funds Series Trust II |
CFTC | The United States Commodity Futures Trading Commission |
CMOs | Collateralized mortgage obligations |
Code | Internal Revenue Code of 1986, as amended |
Codes of Ethics | The codes of ethics adopted by the Funds, the Investment Manager, Columbia Management Investment Distributors, Inc. and/or any sub-adviser, as applicable, pursuant to Rule 17j-1 under the 1940 Act |
Columbia Funds or Columbia Funds Complex | The fund complex, including the Funds, that is comprised of the registered investment companies, including traditional mutual funds, closed-end funds, and ETFs, advised by the Investment Manager or its affiliates |
Columbia Management | Columbia Management Investment Advisers, LLC |
Custodian | JPMorgan Chase Bank, N.A. |
DFA | Dimensional Fund Advisors LP |
Diamond Hill | Diamond Hill Capital Management, Inc. |
Distribution Agreement | The Distribution Agreement between a Trust, on behalf of its Funds, and the Distributor |
Distribution Plan(s) | One or more of the plans adopted by the Board pursuant to Rule 12b-1 under the 1940 Act for the distribution of the Funds’ shares |
Distributor | Columbia Management Investment Distributors, Inc. |
DST | DST Asset Manager Solutions, Inc. |
FDIC | Federal Deposit Insurance Corporation |
FHLMC | The Federal Home Loan Mortgage Corporation |
Fitch | Fitch Ratings, Inc. |
FNMA | Federal National Mortgage Association |
The Fund(s) or a Fund | One or more of the open-end management investment companies listed on the front cover of this SAI |
GNMA | Government National Mortgage Association |
Independent Trustees | The Trustees of the Board who are not “interested persons” (as defined in the 1940 Act) of the Funds |
Interested Trustee | A Trustee of the Board who is currently deemed to be an “interested person” (as defined in the 1940 Act) of the Funds |
Statement of Additional Information – January 1, 2020 | 3 |
Investment Management Services Agreement | The Investment Management Services Agreements, as amended, if applicable, between a Trust, on behalf of its Funds, and the Investment Manager |
Investment Manager | Columbia Management Investment Advisers, LLC |
IRS | United States Internal Revenue Service |
JPMorgan | JPMorgan Chase Bank, N.A., the Funds' custodian |
LIBOR | London Interbank Offered Rate* |
Management Agreement | The Management Agreements, as amended, if applicable, between a Trust, on behalf of the Funds, and the Investment Manager |
Moody’s | Moody’s Investors Service, Inc. |
Multi-Manager Strategies Funds | Multi-Manager Alternative Strategies Fund, Multi-Manager Directional Alternative Strategies Fund, Multi-Manager Growth Strategies Fund, Multi-Manager International Equity Strategies Fund, Multi-Manager Small Cap Equity Strategies Fund, Multi-Manager Total Return Bond Strategies Fund and Multi-Manager Value Strategies Fund. Shares of the Multi-Manager Strategies Funds are offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. |
NASDAQ | National Association of Securities Dealers Automated Quotations system |
Nations Funds | The Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of CFST |
NAV | Net asset value per share of a Fund |
NRSRO | Nationally recognized statistical ratings organization (such as, for example, Moody’s, Fitch or S&P) |
NSCC | National Securities Clearing Corporation |
NYSE | New York Stock Exchange |
PwC | PricewaterhouseCoopers LLP |
REIT | Real estate investment trust |
REMIC | Real estate mortgage investment conduit |
RIC | A “regulated investment company,” as such term is used in the Code |
RiverSource Funds | The Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of CFST II |
S&P | Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“Standard & Poor’s” and “S&P” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Investment Manager. The Columbia Funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Columbia Funds) |
SAI | This Statement of Additional Information, as amended and supplemented from time-to-time |
SEC | United States Securities and Exchange Commission |
Shares | Shares of a Fund |
State Tax-Exempt Funds and State Municipal Bond Funds | Collectively, CA Intermediate Municipal Bond Fund, GA Intermediate Municipal Bond Fund, MD Intermediate Municipal Bond Fund, MN Tax-Exempt Fund, NC Intermediate Municipal Bond Fund, SC Intermediate Municipal Bond Fund and VA Intermediate Municipal Bond Fund |
Subadvisory Agreement | The Subadvisory Agreement among the Trust on behalf of the Fund(s), the Investment Manager and a Fund’s investment subadviser(s), as the context may require |
Subsidiary | One or more wholly-owned subsidiaries of a Fund |
Threadneedle | Threadneedle International Limited |
Transfer Agency Agreement | The Transfer and Dividend Disbursing Agent Agreement between a Trust, on behalf of its Funds, and the Transfer Agent |
Transfer Agent | Columbia Management Investment Services Corp. |
Statement of Additional Information – January 1, 2020 | 4 |
Trustee(s) | One or more members of the Board |
Trusts | CFST and CFST II, the registered investment companies in the Columbia Funds Complex to which this SAI relates |
VP – Managed Volatility Funds | Any variable portfolio fund that includes the words “Managed Risk,” “Managed Volatility,” or “U.S. Flexible” as part of the Fund’s name |
* | On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. |
Fund Name: | Referred to as: | |
Columbia California Intermediate Municipal Bond Fund | CA Intermediate Municipal Bond Fund | |
Columbia Capital Allocation Aggressive Portfolio | Capital Allocation Aggressive Portfolio | |
Columbia Capital Allocation Conservative Portfolio | Capital Allocation Conservative Portfolio | |
Columbia Capital Allocation Moderate Aggressive Portfolio | Capital Allocation Moderate Aggressive Portfolio | |
Columbia Capital Allocation Moderate Conservative Portfolio | Capital Allocation Moderate Conservative Portfolio | |
Columbia Capital Allocation Moderate Portfolio | Capital Allocation Moderate Portfolio | |
Columbia Commodity Strategy Fund | Commodity Strategy Fund | |
Columbia Contrarian Asia Pacific Fund | Contrarian Asia Pacific Fund | |
Columbia Contrarian Europe Fund | Contrarian Europe Fund | |
Columbia Convertible Securities Fund | Convertible Securities Fund | |
Columbia Disciplined Core Fund | Disciplined Core Fund | |
Columbia Disciplined Growth Fund | Disciplined Growth Fund | |
Columbia Disciplined Value Fund | Disciplined Value Fund | |
Columbia Dividend Opportunity Fund | Dividend Opportunity Fund | |
Columbia Emerging Markets Bond Fund | Emerging Markets Bond Fund | |
Columbia Flexible Capital Income Fund | Flexible Capital Income Fund | |
Columbia Floating Rate Fund | Floating Rate Fund | |
Columbia Georgia Intermediate Municipal Bond Fund | GA Intermediate Municipal Bond Fund | |
Columbia Global Equity Value Fund | Global Equity Value Fund | |
Columbia Global Infrastructure Fund | Global Infrastructure Fund | |
Columbia Global Opportunities Fund | Global Opportunities Fund | |
Columbia Global Strategic Equity Fund | Global Strategic Equity Fund | |
Columbia Government Money Market Fund | Government Money Market Fund | |
Columbia High Yield Bond Fund | High Yield Bond Fund | |
Columbia Income Builder Fund | Income Builder Fund | |
Columbia Income Opportunities Fund | Income Opportunities Fund | |
Columbia Inflation Protected Securities Fund | Inflation Protected Securities Fund | |
Columbia Large Cap Enhanced Core Fund | Large Cap Enhanced Core Fund | |
Columbia Large Cap Growth Fund III | Large Cap Growth Fund III | |
Columbia Large Cap Index Fund | Large Cap Index Fund | |
Columbia Large Cap Value Fund | Large Cap Value Fund | |
Columbia Limited Duration Credit Fund | Limited Duration Credit Fund | |
Columbia Maryland Intermediate Municipal Bond Fund | MD Intermediate Municipal Bond Fund | |
Columbia Mid Cap Index Fund | Mid Cap Index Fund | |
Columbia Minnesota Tax-Exempt Fund | MN Tax-Exempt Fund | |
Columbia Mortgage Opportunities Fund | Mortgage Opportunities Fund | |
Columbia North Carolina Intermediate Municipal Bond Fund | NC Intermediate Municipal Bond Fund |
Statement of Additional Information – January 1, 2020 | 5 |
Fund Name: | Referred to as: | |
Columbia Overseas Core Fund | Overseas Core Fund | |
Columbia Overseas Value Fund | Overseas Value Fund | |
Columbia Quality Income Fund | Quality Income Fund | |
Columbia Select Global Equity Fund | Select Global Equity Fund | |
Columbia Select Global Growth Fund | Select Global Growth Fund | |
Columbia Select International Equity Fund | Select International Equity Fund | |
Columbia Select Large Cap Equity Fund | Select Large Cap Equity Fund | |
Columbia Select Large Cap Value Fund | Select Large Cap Value Fund | |
Columbia Select Mid Cap Value Fund | Select Mid Cap Value Fund | |
Columbia Select Small Cap Value Fund | Select Small Cap Value Fund | |
Columbia Seligman Communications and Information Fund | Seligman Communications and Information Fund | |
Columbia Seligman Global Technology Fund | Seligman Global Technology Fund | |
Columbia Short Term Bond Fund | Short Term Bond Fund | |
Columbia Short Term Municipal Bond Fund | Short Term Municipal Bond Fund | |
Columbia Small Cap Index Fund | Small Cap Index Fund | |
Columbia Small Cap Value Fund II | Small Cap Value Fund II | |
Columbia Small/Mid Cap Value Fund | Small/Mid Cap Value Fund | |
Columbia South Carolina Intermediate Municipal Bond Fund | SC Intermediate Municipal Bond Fund | |
Columbia Strategic Municipal Income Fund | Strategic Municipal Income Fund | |
Columbia Virginia Intermediate Municipal Bond Fund | VA Intermediate Municipal Bond Fund | |
Multi-Manager Value Strategies Fund | MM Value Strategies Fund |
Statement of Additional Information – January 1, 2020 | 6 |
Fund | Fiscal Year End | Prospectus Date | Date Began Operations* | Diversified** | Fund Investment Category*** |
CA Intermediate Municipal Bond Fund | April 30 | 9/1/2019 | 8/19/2002 | Yes | Tax-exempt fixed income |
Capital Allocation Aggressive Portfolio | January 31 | 6/1/2019 | 3/4/2004 | Yes | Fund-of-funds – equity |
Capital Allocation Conservative Portfolio | January 31 | 6/1/2019 | 3/4/2004 | Yes | Fund-of-funds – fixed income |
Capital Allocation Moderate Aggressive Portfolio | January 31 | 6/1/2019 | 10/15/1996 | Yes | Fund-of-funds – equity |
Capital Allocation Moderate Conservative Portfolio | January 31 | 6/1/2019 | 10/15/1996 | Yes | Fund-of-funds – fixed income |
Capital Allocation Moderate Portfolio | January 31 | 6/1/2019 | 3/4/2004 | Yes | Fund-of-funds – equity |
Commodity Strategy Fund | May 31 | 10/1/2019 | 7/28/2011 | Yes | Equity |
Contrarian Asia Pacific Fund | October 31 | 3/1/2019 | 7/15/2009 | Yes | Equity |
Contrarian Europe Fund | October 31 | 3/1/2019 | 6/26/2000 | Yes | Equity |
Convertible Securities Fund | February 28/29 | 7/1/2019 | 9/25/1987 | Yes | Equity |
Disciplined Core Fund | July 31 | 12/1/2019 | 4/24/2003 | Yes | Equity |
Disciplined Growth Fund | July 31 | 12/1/2019 | 5/17/2007 | Yes | Equity |
Disciplined Value Fund | July 31 | 12/1/2019 | 8/1/2008 | Yes | Equity |
Dividend Opportunity Fund | May 31 | 10/1/2019 | 8/1/1988 | Yes | Equity |
Emerging Markets Bond Fund(a) | August 31 | 1/1/2020 | 2/16/2006 | No | Taxable fixed income |
Flexible Capital Income Fund | May 31 | 10/1/2019 | 7/28/2011 | Yes | Flexible |
Floating Rate Fund | July 31 | 12/1/2019 | 2/16/2006 | Yes | Taxable fixed income |
GA Intermediate Municipal Bond Fund | April 30 | 9/1/2019 | 3/1/1992 | Yes | Tax-exempt fixed income |
Global Equity Value Fund | February 28/29 | 7/1/2019 | 5/14/1984 | Yes | Equity |
Global Infrastructure Fund | April 30 | 9/1/2019 | 2/19/2009 | Yes | Equity |
Global Opportunities Fund | July 31 | 12/1/2019 | 1/28/1985 | Yes | Flexible |
Global Strategic Equity Fund | January 31 | 6/1/2019 | 10/15/1996 | Yes | Fund-of-funds – equity |
Government Money Market Fund | July 31 | 12/1/2019 | 10/6/1975 | Yes | Taxable money market |
High Yield Bond Fund | May 31 | 10/1/2019 | 12/8/1983 | Yes | Taxable fixed income |
Income Builder Fund | January 31 | 6/1/2019 | 2/16/2006 | Yes | Fund-of-funds – fixed income |
Income Opportunities Fund | July 31 | 12/1/2019 | 6/19/2003 | Yes | Taxable fixed income |
Inflation Protected Securities Fund | July 31 | 12/1/2019 | 3/4/2004 | Yes | Taxable fixed income |
Large Cap Enhanced Core Fund | February 28/29 | 7/1/2019 | 7/31/1996 | Yes | Equity |
Large Cap Growth Fund III | February 28/29 | 7/1/2019 | 12/31/1997 | Yes | Equity |
Large Cap Index Fund | February 28/29 | 7/1/2019 | 12/15/1993 | Yes | Equity |
Large Cap Value Fund | May 31 | 10/1/2019 | 10/15/1990 | Yes | Equity |
Statement of Additional Information – January 1, 2020 | 7 |
Fund | Fiscal Year End | Prospectus Date | Date Began Operations* | Diversified** | Fund Investment Category*** |
Limited Duration Credit Fund | July 31 | 12/1/2019 | 6/19/2003 | Yes | Taxable fixed income |
MD Intermediate Municipal Bond Fund | April 30 | 9/1/2019 | 9/1/1990 | No | Tax-exempt fixed income |
Mid Cap Index Fund | February 28/29 | 7/1/2019 | 3/31/2000 | Yes | Equity |
MM Value Strategies Fund | May 31 | 10/1/2019 & 12/18/2019 | 4/20/2012 | Yes | Equity |
MN Tax-Exempt Fund | July 31 | 12/1/2019 | 8/18/1986 | No | Tax-exempt fixed income |
Mortgage Opportunities Fund | May 31 | 10/1/2019 | 4/30/2014 | No | Taxable fixed income |
NC Intermediate Municipal Bond Fund | April 30 | 9/1/2019 | 12/11/1992 | Yes | Tax-exempt fixed income |
Overseas Core Fund | February 28/29 | 7/1/2019 | 3/5/2018 | Yes | Equity |
Overseas Value Fund | February 28/29 | 7/1/2019 | 3/31/2008 | Yes | Equity |
Quality Income Fund | May 31 | 10/1/2019 | 2/14/2002 | Yes | Taxable fixed income |
SC Intermediate Municipal Bond Fund | April 30 | 9/1/2019 | 1/6/1992 | Yes | Tax-exempt fixed income |
Select Global Equity Fund | October 31 | 3/1/2019 | 5/29/1990 | Yes | Equity |
Select Global Growth Fund | February 28/29 | 7/1/2019 | 4/30/2008 | Yes | Equity |
Select International Equity Fund | February 28/29 | 7/1/2019 | 12/2/1991 | Yes | Equity |
Select Large Cap Equity Fund | February 28/29 | 7/1/2019 | 10/2/1998 | Yes | Equity |
Select Large Cap Value Fund | May 31 | 10/1/2019 | 4/25/1997 | Yes | Equity |
Select Mid Cap Value Fund | February 28/29 | 7/1/2019 | 11/20/2001 | Yes | Equity |
Select Small Cap Value Fund | May 31 | 10/1/2019 | 4/25/1997 | Yes | Equity |
Seligman Communications and Information Fund | May 31 | 10/1/2019 | 6/23/1983 | No | Equity |
Seligman Global Technology Fund | October 31 | 3/1/2019 | 5/23/1994 | No | Equity |
Short Term Bond Fund | March 31 | 8/1/2019 | 9/30/1992 | Yes | Taxable fixed income |
Short Term Municipal Bond Fund | April 30 | 9/1/2019 | 10/7/1993 | Yes | Tax-exempt fixed income |
Small Cap Index Fund | February 28/29 | 7/1/2019 | 10/15/1996 | Yes | Equity |
Small Cap Value Fund II | February 28/29 | 7/1/2019 | 5/1/2002 | Yes | Equity |
Small/Mid Cap Value Fund | May 31 | 10/1/2019 | 2/14/2002 | Yes | Equity |
Strategic Municipal Income Fund | July 31 | 12/1/2019 | 11/24/1976 | Yes | Tax-exempt fixed income |
VA Intermediate Municipal Bond Fund | April 30 | 9/1/2019 | 9/20/1989 | Yes | Tax-exempt fixed income |
(a) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. |
* | Certain Funds reorganized into series of the Trust. The date of operations for these Funds represents the date on which the predecessor funds began operation. |
** | A “diversified” Fund may not, with respect to 75% of its total assets, invest more than 5% of its total assets in securities of any one issuer or purchase more than 10% of the outstanding voting securities of any one issuer, except obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and except securities of other investment companies. A “non-diversified” Fund may invest a greater percentage of its total assets in the securities of fewer issuers than a “diversified” fund, which increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a “diversified” fund holding a greater number of investments. Accordingly, a “non-diversified” Fund’s value will likely be more volatile than the value of a more diversified fund. |
*** | The Fund Investment Category is used as a convenient way to describe Funds in this SAI and should not be deemed a description of the Fund’s principal investment strategies, which are described in the Fund’s prospectus. |
Statement of Additional Information – January 1, 2020 | 8 |
Fund* | Effective Date of Name Change | Previous Fund Name |
CA Intermediate Municipal Bond Fund | May 14, 2019 | Columbia AMT-Free California Intermediate Muni Bond Fund |
Contrarian Asia Pacific Fund | January 22, 2018 | Columbia Asia Pacific ex-Japan Fund |
Contrarian Europe Fund | January 22, 2018 | Columbia European Equity Fund |
Disciplined Core Fund | December 21, 2015 | Columbia Large Core Quantitative Fund |
Disciplined Growth Fund | December 21, 2015 | Columbia Large Growth Quantitative Fund |
Disciplined Value Fund | December 21, 2015 | Columbia Large Value Quantitative Fund |
GA Intermediate Municipal Bond Fund | May 14, 2019 | Columbia AMT-Free Georgia Intermediate Muni Bond Fund |
Global Strategic Equity Fund | June 2, 2015 | Columbia LifeGoal® Growth Portfolio |
Government Money Market Fund | October 1, 2016 | Columbia Money Market Fund |
Large Cap Growth Fund III | November 20, 2015 | Columbia Marsico Focused Equities Fund |
Large Cap Value Fund | February 28, 2018 | Columbia Diversified Equity Income Fund |
MD Intermediate Municipal Bond Fund | May 14, 2019 | Columbia AMT-Free Maryland Intermediate Muni Bond Fund |
MM Value Strategies Fund | February 28, 2017 | Active Portfolios® Multi-Manager Value Fund |
NC Intermediate Municipal Bond Fund | May 14, 2019 | Columbia AMT-Free North Carolina Intermediate Muni Bond Fund |
Quality Income Fund | April 20, 2018 | Columbia U.S. Government Mortgage Fund |
SC Intermediate Municipal Bond Fund | May 14, 2019 | Columbia AMT-Free South Carolina Intermediate Muni Bond Fund |
Select Global Equity Fund | January 15, 2015 | Columbia Global Equity Fund |
Select Global Growth Fund | November 20, 2015 | Columbia Marsico Global Fund |
Select International Equity Fund | May 1, 2015 | Columbia Multi-Advisor International Equity Fund |
Select Large Cap Value Fund | October 1, 2018 | Columbia Select Large-Cap Value Fund |
Select Mid Cap Value Fund | July 1, 2018 | Columbia Mid Cap Value Fund |
Select Small Cap Value Fund | October 1, 2018 | Columbia Select Smaller-Cap Value Fund |
Strategic Municipal Income Fund | April 18, 2016 | Columbia AMT-Free Tax-Exempt Bond Fund |
VA Intermediate Municipal Bond Fund | May 14, 2019 | Columbia AMT-Free Virginia Intermediate Muni Bond Fund |
Statement of Additional Information – January 1, 2020 | 9 |
Fund | A Buy or sell real estate | B Buy or sell commodities | C Issuer Diversification | D Concentrate in any one industry | E Invest 80% | F Act as an underwriter | G Lending | H Borrow money | I Issue senior securities | J Buy on margin/ sell short |
CA Intermediate Municipal Bond Fund | A4 | B5 | C2 | D6 | E3 | F3 | G3 | H2 | I3 | — |
Capital Allocation Aggressive Portfolio | A1 | B1 | C5 | D2 | — | F1 | G1 | H1 | I1 | — |
Capital Allocation Conservative Portfolio | A1 | B1 | C5 | D2 | — | F1 | G1 | H1 | I1 | — |
Capital Allocation Moderate Aggressive Portfolio | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Capital Allocation Moderate Conservative Portfolio | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Capital Allocation Moderate Portfolio | A1 | B1 | C5 | D2 | — | F1 | G1 | H1 | I1 | — |
Commodity Strategy Fund | A1 | B8 | C5 | D5 | — | F1 | G1 | H1 | I1 | — |
Contrarian Asia Pacific Fund | A1 | B2 | C5 | D1 | — | F1 | G1 | H1 | I1 | — |
Contrarian Europe Fund | A1 | B1 | — | D1 | — | F1 | G1 | H1 | I1 | — |
Convertible Securities Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Disciplined Core Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Disciplined Growth Fund | A1 | B2 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Disciplined Value Fund | A1 | B2 | C5 | D1 | — | F1 | G1 | H1 | I1 | — |
Dividend Opportunity Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Emerging Markets Bond Fund | A1 | B3 | — | D3 | — | F1 | G1 | H1 | I1 | — |
Statement of Additional Information – January 1, 2020 | 10 |
Fund | A Buy or sell real estate | B Buy or sell commodities | C Issuer Diversification | D Concentrate in any one industry | E Invest 80% | F Act as an underwriter | G Lending | H Borrow money | I Issue senior securities | J Buy on margin/ sell short |
Flexible Capital Income Fund | A1 | B8 | C5 | D5 | — | F1 | G1 | H1 | I1 | — |
Floating Rate Fund | A1 | B3 | C1 | D4 | — | F1 | G1 | H1 | I1 | — |
GA Intermediate Municipal Bond Fund | A4 | B5 | C2 | D6 | E3 | F3 | G3 | H2 | I3 | — |
Global Equity Value Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Global Infrastructure Fund | A1 | B3 | C5 | D1 | — | F1 | G1 | H1 | I1 | — |
Global Opportunities Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Global Strategic Equity Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Government Money Market Fund | A2 | A2 | C1 | D13 | — | F1 | G1 | H1 | I1 | J1 |
High Yield Bond Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Income Builder Fund | A1 | B3 | C5 | D2 | — | F1 | G1 | H1 | I1 | — |
Income Opportunities Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Inflation Protected Securities Fund | A1 | B1 | — | D1 | — | F1 | G1 | H1 | I1 | — |
Large Cap Enhanced Core Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Large Cap Growth Fund III | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Large Cap Index Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Large Cap Value Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Limited Duration Credit Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
MD Intermediate Municipal Bond Fund | A4 | B5 | — | D6 | E3 | F3 | G3 | H2 | I3 | — |
Mid Cap Index Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
MM Value Strategies Fund | A1 | B7 | C5 | D12 | — | F1 | G1 | H1 | I1 | — |
MN Tax-Exempt Fund | A1 | B1 | — | D7 | E1 | F1 | G1 | H1 | I1 | — |
Mortgage Opportunities Fund | A1 | B1 | — | D11 | — | F1 | G1 | H1 | I1 | — |
NC Intermediate Municipal Bond Fund | A4 | B5 | C2 | D6 | E3 | F3 | G3 | H2 | I3 | — |
Overseas Core Fund | A6 | B9 | C5 | D14 | — | F5 | G5 | H4 | I1 | — |
Overseas Value Fund | A5 | B6 | C4 | D12 | — | F4 | G4 | H3 | I4 | — |
Quality Income Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
SC Intermediate Municipal Bond Fund | A4 | B5 | C2 | D6 | E3 | F3 | G3 | H2 | I3 | — |
Select Global Equity Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Select Global Growth Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Select International Equity Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Select Large Cap Equity Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Select Large Cap Value Fund | A3 | B4 | C3 | D10 | — | F2 | G2 | I2 | I2 | J2 |
Select Mid Cap Value Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Select Small Cap Value Fund | A3 | B4 | C3 | D10 | — | F2 | G2 | I2 | I2 | J2 |
Seligman Communications and Information Fund | A3 | B4 | — | D9 | — | F2 | G2 | I2 | I2 | J2 |
Seligman Global Technology Fund | A3 | B4 | — | D8 | — | F2 | G2 | I2 | I2 | J2 |
Short Term Bond Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Short Term Municipal Bond Fund | A4 | B5 | C2 | D6 | E4 | F3 | G3 | H2 | I3 | — |
Small Cap Index Fund | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Small Cap Value Fund II | A4 | B5 | C2 | D6 | — | F3 | G3 | H2 | I3 | — |
Small/Mid Cap Value Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 | — |
Strategic Municipal Income Fund | A1 | B1 | C1 | D7 | E2 | F1 | G1 | H1 | I1 | — |
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Fund | A Buy or sell real estate | B Buy or sell commodities | C Issuer Diversification | D Concentrate in any one industry | E Invest 80% | F Act as an underwriter | G Lending | H Borrow money | I Issue senior securities | J Buy on margin/ sell short |
VA Intermediate Municipal Bond Fund | A4 | B5 | C2 | D6 | E3 | F3 | G3 | H2 | I3 | — |
A. | Buy or sell real estate |
A1 – | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business or real estate investment trusts. For purposes of this policy, real estate includes real estate limited partnerships. |
A2 – | The Fund will not buy or sell real estate, commodities or commodity contracts. For purposes of this policy, real estate includes real estate limited partnerships. |
A3 – | The Fund will not purchase or hold any real estate, except that a Fund may invest in securities secured by real estate or interests therein or issued by persons (other than real estate investment trusts) which deal in real estate or interests therein. |
A4 – | The Fund may not purchase or sell real estate, except the Fund may purchase securities of issuers which deal or invest in real estate and may purchase securities which are secured by real estate or interests in real estate. |
A5 – | The Fund may not purchase or sell real estate, except the Fund may: (i) purchase securities of issuers which deal or invest in real estate, (ii) purchase securities which are secured by real estate or interests in real estate and (iii) hold and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of securities which are secured by real estate or interests therein. |
A6 – | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except this shall not prevent the Fund from investing in: (i) securities or other instruments backed by real estate or interests in real estate, (ii) securities or other instruments of issuers or entities that deal in real estate or are engaged in the real estate business, (iii) real estate investment trusts (REITs) or entities similar to REITs formed under the laws of non-U.S. countries or (iv) real estate or interests in real estate acquired through the exercise of its rights as a holder of securities secured by real estate or interests therein. |
B. | Buy or sell physical commodities* |
B1 – | The Fund will not buy or sell physical commodities unless acquired as a result of ownership of securities or other instruments, except this shall not prevent the Fund from buying or selling options and futures contracts (and, in the case of Mortgage Opportunities Fund, swaps) or from investing in securities or other instruments backed by, or whose value is derived from, physical commodities. |
B2 – | The Fund will not buy or sell physical commodities unless acquired as a result of ownership of securities or other instruments, except this shall not prevent the Fund from buying or selling options, futures contracts and foreign currency or from investing in securities or other instruments backed by, or whose value is derived from, physical commodities. |
B3 – | The Fund will not buy or sell physical commodities unless acquired as a result of ownership of securities or other instruments, except this shall not prevent the Fund from buying or selling options, futures contracts and foreign currency or from entering into forward currency contracts or from investing in securities or other instruments backed by, or whose value is derived from, physical commodities. |
B4 – | The Fund will not purchase or sell commodities or commodity contracts, except to the extent permissible under applicable law and interpretations, as they may be amended from time to time. |
B5 – | The Fund may not purchase or sell commodities, except that the Fund may, to the extent consistent with its investment objective, invest in securities of companies that purchase or sell commodities or which invest in such programs, and purchase and sell options, forward contracts, futures contracts, and options on futures contracts. This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts. |
B6 – | The Fund may not purchase or sell commodities, except that the Fund may to the extent consistent with its investment objective: (i) invest in securities of companies that purchase or sell commodities or which invest in such |
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programs, (ii) purchase and sell options, forward contracts, futures contracts, and options on futures contracts and (iii) enter into swap contracts and other financial transactions relating to commodities. This limitation does not apply to foreign currency transactions including without limitation forward currency contracts. | |
B7 – | The Fund will not buy or sell commodities unless acquired as a result of ownership of securities or other instruments, except this shall not prevent the Fund from transacting in derivative instruments relating to commodities, including but not limited to, buying or selling options, swap contracts or futures contracts, or from investing in securities or other instruments backed by, or whose value is derived from, commodities. |
B8 – | The Fund will not buy or sell physical commodities, except that the Fund may to the extent consistent with its investment objective(s), invest in securities of companies that purchase or sell commodities or commodities contracts or which invest in such programs, and the Fund may, without limitation by this restriction, purchase and sell options, forward contracts, commodities futures contracts, commodity-linked notes, and options on futures contracts and enter into swap contracts and other financial transactions relating to, or that are secured by, physical commodities or commodity indices. This restriction does not apply to foreign currency transactions including without limitation forward currency contracts. This restriction also does not prevent Columbia Commodity Strategy Fund from investing up to 25% of its total assets in one or more wholly-owned subsidiaries (as described further herein and referred to herein collectively as the “Subsidiary”), thereby gaining exposure to the investment returns of commodities markets within the limitations of the federal tax requirements. |
B9 – | The Fund will not purchase or sell commodities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
* | For purposes of the fundamental investment policy on buying and selling physical commodities above, at the time of the establishment of the restriction for certain Funds, swap contracts on financial instruments or rates were not within the understanding of the term “commodities.” Notwithstanding any federal legislation or regulatory action by the CFTC that subjects such swaps to regulation by the CFTC, these Funds will not consider such instruments to be commodities for purposes of this restriction. |
C. | Issuer Diversification*† |
C1 – | The Fund will not purchase more than 10% of the outstanding voting securities of an issuer, except that up to 25% of the Fund’s assets may be invested without regard to this 10% limitation. For tax-exempt Funds, for purposes of this policy, the terms of a municipal security determine the issuer. The Fund will not invest more than 5% of its total assets in securities of any company, government, or political subdivision thereof, except the limitation will not apply to investments in securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities, or other investment companies, and except that up to 25% of the Fund’s total assets may be invested without regard to this 5% limitation. For tax-exempt Funds, for purposes of this policy, the terms of a municipal security determine the issuer. |
C2 – | The Fund may not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (i) up to 25% of its total assets may be invested without regard to these limitations; and (ii) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any exemptive relief obtained by the Fund. |
C3 – | The Fund will not make any investment inconsistent with its classification as a diversified company under the 1940 Act. |
C4 – | The Fund may not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) the Fund��s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief obtained by the Fund. |
C5 – | The Fund will not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its |
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* | For purposes of applying the limitation set forth in its issuer diversification policy above, a Fund does not consider futures or swaps central counterparties, where the Fund has exposure to such central counterparties in the course of making investments in futures and securities, to be issuers. |
† | For purposes of applying the limitation set forth in its issuer diversification policy, under certain circumstances, a Fund may treat an investment, if any, in a municipal bond refunded with escrowed U.S. Government securities as an investment in U.S. Government securities. |
D. | Concentration* |
D1 – | The Fund will not concentrate in any one industry. According to the present interpretation by the SEC, this means that up to 25% of the Fund’s total assets, based on current market value at time of purchase, can be invested in any one industry. |
D2 – | The Fund will not concentrate in any one industry. According to the present interpretation by the SEC, this means that up to 25% of the Fund’s total assets, based on current market value at time of purchase, can be invested in any one industry. The Fund itself does not intend to concentrate, however, the aggregation of holdings of the underlying funds may result in the Fund indirectly investing more than 25% of its assets in a particular industry. The Fund does not control the investments of the underlying funds and any indirect concentration will occur only as a result of the Fund following its investment objectives by investing in the underlying funds. |
D3 – | While the Fund may invest 25% or more of its total assets in the securities of foreign governmental and corporate entities located in the same country, it will not invest 25% or more of its total assets in any single foreign governmental issuer. |
D4 – | The Fund will not concentrate in any one industry. According to the present interpretation by the SEC, this means that up to 25% of the Fund’s total assets, based on current market value at time of purchase, can be invested in any one industry. For purposes of this restriction, loans will be considered investments in the industry of the underlying borrower, rather than that of the seller of the loan. |
D5 – | The Fund will not invest 25% or more of its total assets in securities of corporate issuers engaged in any one industry. The foregoing restriction does not apply to securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or repurchase agreements secured by them. In addition, the foregoing restriction shall not apply to or limit, Commodity Strategy Fund’s counterparties in commodities-related transactions. |
D6 – | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: a) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and b) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. |
D7 – | The Fund will not invest more than 25% of total assets, at market value, in any one industry; except that municipal securities and securities of the U.S. Government, its agencies and instrumentalities are not considered an industry for purposes of this limitation. |
D8 – | The Fund will, under normal market conditions, invest at least 25% of the value of its total assets at the time of purchase in the securities of issuers conducting their principal business activities in the technology and related group of industries, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
D9 – | The Fund will not invest 25% or more of its total assets, at market value, in the securities of issuers in any particular industry, except that the Fund will invest at least 25% of the value of its total assets in securities of companies principally engaged in the communications, information and related industries and provided that this limitation shall exclude securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities. |
D10 – | The Fund will not invest 25% or more of its total assets, at market value, in the securities of issuers in any particular industry, provided that this limitation shall exclude securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities. |
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D11 – | The Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state, municipality or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief obtained by the Fund. Consistent with the Fund’s investment objective and strategies, the Fund may invest 25% or more of its total assets in securities issued by sovereign and quasi-sovereign (e.g., government agencies or instrumentalities) foreign governmental issuers or obligors, including in emerging market countries, but it will not invest 25% or more of its total assets in any single foreign governmental issuer. |
D12 – | The Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
D13 – | The Fund may invest more than 25% of its total assets in money market instruments issued by U.S. banks, U.S. branches of foreign banks and U.S. Government securities. |
D14 – | The Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
* | For purposes of applying the limitation set forth in its concentration policy, above, a Fund will generally use the industry classifications provided by the Global Industry Classification System (GICS) for classification of issuers of equity securities and the classifications provided by the Barclays Capital Aggregate Bond Index for classification of issues of fixed-income securities. A Fund does not consider futures or swaps clearinghouses or securities clearinghouses, where the Fund has exposure to such clearinghouses in the course of making investments in futures and securities, to be part of any industry. |
E. | Invest 80% |
E1 – | The Fund will not under normal market conditions, invest less than 80% of its net assets in municipal obligations that are generally exempt from federal income tax as well as respective state and local income tax. |
E2 – | The Fund will not under normal market conditions, invest less than 80% of its net assets in bonds and other debt securities issued by or on behalf of state or local governmental units whose interest, in the opinion of counsel for the issuer, is exempt from federal income tax. |
E3 – | The Fund will invest at least 80% of its net assets in securities that pay interest exempt from federal income tax, other than the federal alternative minimum tax, and state individual income tax. |
E4 – | The Fund will invest at least 80% of its net assets in securities that pay interest exempt from federal income tax, other than the federal alternative minimum tax |
F. | Act as an underwriter |
F1 – | The Fund will not act as an underwriter (sell securities for others). However, under the securities laws, the Fund may be deemed to be an underwriter when it purchases securities directly from the issuer and later resells them. |
F2 – | The Fund will not underwrite the securities of other issuers, except insofar as the Fund may be deemed an underwriter under the 1933 Act in disposing of a portfolio security or in connection with investments in other investment companies. |
F3 – | The Fund may not underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered management investment companies. |
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F4 – | The Fund may not underwrite any issue of securities issued by other persons within the meaning of the 1933 Act except when it might be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered investment companies. |
F5 – | The Fund will not underwrite any issue of securities issued by other persons within the meaning of the 1933 Act except when it might be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer where the Fund later resells such securities. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered investment companies. |
G. | Lending |
G1 – | The Fund will not lend securities or participate in an interfund lending program if the total of all such loans would exceed 33 1⁄3% of the Fund’s total assets except this fundamental investment policy shall not prohibit the Fund from purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase agreements. For funds-of-funds – equity, under current Board policy, the Fund has no current intention to borrow to a material extent. |
G2 – | The Fund will not make loans, except as permitted by the 1940 Act or any rule thereunder, any SEC or SEC staff interpretations thereof or any exemptions therefrom which may be granted by the SEC. |
G3 – | The Fund may not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. |
G4 – | The Fund may not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
G5 – | The Fund will not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
H. | Borrowing* |
H1 – | The Fund will not borrow money, except for temporary purposes (not for leveraging or investment) in an amount not exceeding 33 1⁄3% of its total assets (including the amount borrowed) less liabilities (other than borrowings) immediately after the borrowings. For funds-of-funds – equity, under current Board policy, the Fund has no current intention to borrow to a material extent. |
H2 – | The Fund may not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. |
H3 – | The Fund may not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
H4 – | The Fund will not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
* | For purposes of the policies described herein, this restriction shall not prevent the Funds from engaging in derivatives, short sales or other portfolio transactions that create leverage, as allowed by each Fund’s investment policies. |
I. | Issue senior securities |
I1 – | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
I2 – | The Fund will not issue senior securities or borrow money, except as permitted by the 1940 Act or any rule thereunder, any SEC or SEC staff interpretations thereof or any exemptions therefrom which may be granted by the SEC. |
I3 – | The Fund may not issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund. |
I4 – | The Fund may not issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
J. | Buy on margin/sell short |
J1 – | The Fund will not buy on margin or sell short or deal in options to buy or sell securities. |
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J2 – | The Fund will not purchase securities on margin except as permitted by the 1940 Act or any rule thereunder, any SEC or SEC staff interpretations thereof or any exemptions therefrom which may be granted by the SEC. |
■ | Purchase common stocks, preferred stocks, warrants, other equity securities, corporate bonds or debentures, state bonds, municipal bonds, or industrial revenue bonds. |
■ | Purchase or hold the securities of any issuer, if to its knowledge, directors or officers of the Fund and, only in the case of Seligman Global Technology Fund, the directors and officers of the Fund’s Investment Manager, individually owning beneficially more than 0.5% of the outstanding securities of that issuer own in the aggregate more than 5% of such securities. |
■ | Enter into repurchase agreements of more than one week’s duration if more than 10% of the Fund’s net assets would be so invested. |
■ | Up to 25% of the Fund’s net assets may be invested in foreign investments. |
■ | Up to 15% of its total assets may be invested in Eurodollar convertible securities and up to an additional 20% of its total assets in foreign securities. |
■ | Up to 20% of the Fund’s total assets may be invested in foreign securities. |
■ | Up to 20% of the Fund’s net assets may be invested in foreign investments. |
■ | Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities. |
■ | The Fund will not (subject to the succeeding sentence) purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their |
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principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions and, under normal market conditions, the Fund will invest at least 80% of its net assets (including the amount of any borrowings for investment purposes) in government securities and/or repurchase securities that are collateralized by government securities; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. If, at a future date, the Fund ceases to be a government money market fund and becomes a money market fund that may invest significantly in Rule 2a-7 eligible securities issued by non-government entities, the Fund may invest more than 25% of its total assets in money market instruments issued by U.S. banks or U.S. branches of foreign banks (subject to the applicable requirements of Rule 2a-7) and U.S. Government securities. |
■ | The Funds may not sell securities short, except as permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
■ | The Fund may not purchase securities of any one issuer (other than U.S. Government Obligations and securities of other investment companies) if, immediately after such purchase, more than 25% of the value of the Fund’s total assets would be invested in the securities of one issuer, and with respect to 50% of the Fund’s total assets, more than 5% of its assets would be invested in the securities of one issuer. |
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Type of Investment | Alternative | Equity and Flexible | Funds-of-Funds – Equity and Fixed Income | Taxable Fixed Income | Taxable Money Market | Tax-Exempt Fixed Income |
Asset-Backed Securities | • | • | • | • | • | • |
Bank Obligations (Domestic and Foreign) | • | • | • | • | • | • |
Collateralized Bond Obligations | • | • | • | • | • | • |
Commercial Paper | • | • | • | • | • | • |
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Type of Investment | Alternative | Equity and Flexible | Funds-of-Funds – Equity and Fixed Income | Taxable Fixed Income | Taxable Money Market | Tax-Exempt Fixed Income |
Common Stock | • | • | • | •A | — | — |
Convertible Securities | • | •B | • | •C | — | • |
Corporate Debt Securities | • | • | • | • | •D | • |
Custody Receipts and Trust Certificates | • | •E | • | •E | • | •E |
Debt Obligations | • | • | • | • | • | • |
Depositary Receipts | • | • | • | • | — | — |
Derivatives | • | • | • | • | — | • |
Dollar Rolls | • | •F | • | • | — | • |
Exchange-Traded Notes | • | • | • | • | — | • |
Foreign Currency Transactions | • | • | • | • | — | •G |
Foreign Securities | • | • | • | • | • | • |
Guaranteed Investment Contracts (Funding Agreements) | • | • | • | • | • | • |
High-Yield Securities | • | • | • | • | — | • |
Illiquid Investments | • | • | • | • | • | • |
Inflation Protected Securities | • | • | • | • | — | • |
Initial Public Offerings | • | • | • | • | • | • |
Inverse Floaters | • | •H | • | • | — | • |
Investments in Other Investment Companies (Including ETFs) | • | • | • | • | • | • |
Listed Private Equity Funds | • | • | • | • | — | • |
Money Market Instruments | • | • | • | • | • | • |
Mortgage-Backed Securities | • | • | • | • | • | • |
Municipal Securities | • | • | • | • | • | • |
Participation Interests | • | • | • | • | — | • |
Partnership Securities | • | • | • | • | — | • |
Preferred Stock | • | • | • | •I | — | •I |
Private Placement and Other Restricted Securities | • | • | • | • | • | • |
Real Estate Investment Trusts | • | • | • | • | — | • |
Repurchase Agreements | • | • | • | • | • | • |
Reverse Repurchase Agreements | • | • | • | • | • | • |
Short Sales | • | • | • | • | — | • |
Sovereign Debt | • | • | • | • | • | • |
Standby Commitments | • | • | • | • | • | • |
U.S. Government and Related Obligations | • | • | • | • | • | • |
Variable and Floating Rate Obligations | • | •J | • | • | •J | •J |
Warrants and Rights | • | • | • | • | — | • |
A. | The following Fund is not authorized to invest in common stock: Quality Income Fund. |
B. | The following Fund is not authorized to invest in convertible securities: Commodity Strategy Fund. |
C. | The following Fund is not authorized to invest in convertible securities: Quality Income Fund. |
D. | While the Fund is prohibited from investing in corporate bonds, it may invest in securities classified as corporate bonds if they meet the requirements of Rule 2a-7 of the 1940 Act. |
E. | The following equity, flexible, taxable fixed income and tax-exempt fixed income Funds are not authorized to invest in Custody Receipts and Trust Certificates: each series of CFST. |
F. | The following Funds are authorized to invest in Dollar Rolls: Commodity Strategy Fund, Flexible Capital Income Fund, Global Opportunities Fund, MM Value Strategies Fund, Overseas Core Fund and each series of CFST. |
G. | The following Funds are not authorized to invest in Foreign Currency Transactions: State Tax-Exempt and State Municipal Bond Funds. |
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H. | The following Funds are authorized to invest in inverse floaters: Commodity Strategy Fund, Flexible Capital Income Fund, Global Opportunities Fund, MM Value Strategies Fund, Overseas Core Fund and each series of CFST. |
I. | The following taxable fixed income and tax-exempt fixed income Funds are not authorized to invest in preferred stock: Strategic Municipal Income Fund and Quality Income Fund. |
J. | The following equity, flexible, taxable money market and tax-exempt fixed income Funds are authorized to invest in Floating Rate Loans: Commodity Strategy Fund, Flexible Capital Income Fund, Global Opportunities Fund, MM Value Strategies Fund, Overseas Core Fund and each series of CFST. |
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■ | A forward foreign currency contract is a derivative (forward contract) in which the underlying reference is a country's or region’s currency. The Fund may agree to buy or sell a country's or region’s currency at a specific price on a specific date in the future. These instruments may fall in value (sometimes dramatically) due to foreign market downswings or foreign currency value fluctuations, subjecting the Fund to foreign currency risk (the risk that Fund performance may be negatively impacted by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund exposes a significant percentage of its assets to currencies other than the U.S. dollar). The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund’s inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. The Fund may use these instruments to gain leveraged exposure to currencies, which is a speculative investment practice that increases the Fund's risk exposure and the possibility of losses. Unanticipated changes in the currency markets could result in reduced performance for the Fund. When the Fund converts its foreign currencies into U.S. dollars, it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market. |
Statement of Additional Information – January 1, 2020 | 61 |
■ | A forward interest rate agreement is a derivative whereby the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates (based on the notional value of the agreement). If the lock rate exceeds the interest rate on the settlement date, the seller pays the buyer the difference between the two rates (based on the notional value of the agreement). The Fund may act as a buyer or a seller. |
■ | A bond (or debt instrument) future is a derivative that is an agreement for the contract holder to buy or sell a bond or other debt instrument, a basket of bonds or other debt instrument, or the bonds or other debt instruments in an index on a specified date at a predetermined price. The buyer (long position) of a bond future is obliged to buy the underlying reference at the agreed price on expiry of the future. |
■ | A commodity-linked future is a derivative that is an agreement to buy or sell one or more commodities (such as crude oil, gasoline and natural gas), basket of commodities or indices of commodity futures at a specific date in the future at a specific price. |
■ | A currency future, also an FX future or foreign exchange future, is a derivative that is an agreement to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. |
■ | An equity future is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an individual equity, a basket of equities or the securities in an equity index on a specified date at a predetermined price. |
■ | An interest rate future is a derivative that is an agreement whereby the buyer and seller agree to the future delivery of an interest-bearing instrument on a specific date at a pre-determined price. Examples include Treasury-bill futures, Treasury-bond futures and Eurodollar futures. |
Statement of Additional Information – January 1, 2020 | 62 |
■ | A commodity-linked structured note is a derivative (structured investment) that has principal and/or interest payments based on the market price of one or more particular commodities (such as crude oil, gasoline and natural gas), a basket of commodities, indices of commodity futures or other economic variable. If payment of interest on a commodity-linked structured note is linked to the value of a particular commodity, basket of commodities, commodity index or other economic variable, the Fund might receive lower interest payments (or not receive any of the interest due) on its investments if there is a loss of value in the underlying reference. Further, to the extent that the amount of principal to be repaid upon maturity is linked to the value of a particular commodity, basket of commodities, commodity index or other economic variable, the Fund might not receive a portion (or any) of the principal at maturity of the investment or upon earlier exchange. At any time, the risk of loss associated with a particular structured note in the Fund’s portfolio may be significantly higher than the value of the note. A liquid secondary market may not exist for the commodity-linked structured notes held in the Fund’s portfolio, which may make it difficult for the notes to be sold at a price acceptable to the portfolio manager(s) or for the Fund to accurately value them. |
■ | Structured investments include collateralized debt obligations which are debt instruments that are collateralized by the underlying cash flows of a pool of financial assets or receivables. |
■ | An equity-linked note (ELN) is a derivative (structured investment) that has principal and/or interest payments based on the value of a single equity security, a basket of equity securities or an index of equity securities, and generally has risks similar to these underlying equity securities. ELNs may be leveraged or unleveraged. An ELN typically provides interest income, thereby offering a yield advantage over investing directly in an underlying equity. The Fund may purchase ELNs that trade on a securities exchange or those that trade on the over-the-counter markets, as well as in privately negotiated transactions with the issuer of the ELN. Investments in ELNs are also subject to liquidity risk, which may make ELNs difficult to sell and value. The liquidity of unlisted ELNs is normally determined by the willingness of the issuer to make a market in the ELN. While the Fund will seek to purchase ELNs only from issuers that it believes to be willing and able to repurchase the ELN at a reasonable price, there can be no assurance that the Fund will be able to sell at such a price. Furthermore, such inability to sell may impair the Fund’s ability to enter into other transactions at a time when doing so might be advantageous. The Fund’s investments in ELNs have the potential to lead to significant losses, including the amount the Fund invested in the ELN, because ELNs are subject to the market and volatility risks associated with their underlying equity. In addition, because ELNs often take the form of unsecured notes of the issuer, the Fund would be subject to the risk that the issuer may default on its obligations under the ELN, thereby subjecting the Fund to the further risk of being too concentrated in the securities |
Statement of Additional Information – January 1, 2020 | 63 |
(including ELNs) of that issuer. However, the Fund typically considers ELNs alongside other securities of the issuer in its assessment of issuer concentration risk. In addition, ELNs may exhibit price behavior that does not correlate with the underlying securities. ELNs may also be subject to leverage risk. The Fund may or may not hold an ELN until its maturity. ELNs also include participation notes. |
■ | A commodity-linked swap is a derivative (swap) that is an agreement where the underlying reference is the market price of one or more particular commodities (such as crude oil, gasoline and natural gas), basket of commodities or indices of commodity futures. |
■ | Contracts for differences are swap arrangements in which the parties agree that their return (or loss) will be based on the relative performance of two different groups or baskets of securities or other instruments. Often, one or both baskets will be an established securities index. The Fund’s return will be based on changes in value of theoretical long futures positions in the securities comprising one basket (with an aggregate face value equal to the notional amount of the contract for differences) and theoretical short futures positions in the securities comprising the other basket. The Fund also may use actual long and short futures positions and achieve similar market exposure by netting the payment obligations of the two contracts. If the short basket outperforms the long basket, the Fund will realize a loss – even in circumstances when the securities in both the long and short baskets appreciate in value. |
■ | A credit default swap (including a swap on a credit default index, sometimes referred to as a credit default swap index) is a derivative and special type of swap where one party pays, in effect, an insurance premium through a stream of payments to another party in exchange for the right to receive a specified return upon the occurrence of a particular credit event by one or more third parties, such as bankruptcy, default or a similar event. A credit default swap may be embedded within a structured note or other derivative instrument. Credit default swaps enable an investor to buy or sell protection against such a credit event (such as an issuer’s bankruptcy, restructuring or failure to make timely payments of interest or principal). Credit default swap indices are indices that reflect the performance of a basket of credit default swaps and are subject to the same risks as credit default swaps. If such a default were to occur, any contractual remedies that the Fund may have may be subject to bankruptcy and insolvency laws, which could delay or limit the Fund's recovery. Thus, if the counterparty under a credit default swap defaults on its obligation to make payments thereunder, as a result of its bankruptcy or otherwise, the Fund may lose such payments altogether, or collect only a portion thereof, which collection could involve costs or delays. The Fund’s return from investment in a credit default swap index may not match the return of the referenced index. Further, investment in a credit default swap index could result in losses if the referenced index does not perform as expected. Unexpected changes in the composition of the index may also affect performance of the credit default swap index. If a referenced index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of the Fund’s credit default swap index may permit the counterparty to immediately close out the transaction. In that event, the Fund may be unable to enter into another credit default swap index or otherwise achieve desired exposure, even if the referenced index reverses all or a portion of its intraday move. |
■ | An inflation rate swap is a derivative typically used to transfer inflation risk from one party to another through an exchange of cash flows. In an inflation rate swap, one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index, such as the Consumer Price Index (CPI). |
■ | An interest rate swap is a derivative in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another. Interest rate swaps can be based on various measures of interest rates, including LIBOR, swap rates, treasury rates and foreign interest rates. |
■ | Total return swaps are derivative swap transactions in which one party agrees to pay the other party an amount equal to the total return of a defined underlying reference during a specified period of time. In return, the other party would make periodic payments based on a fixed or variable interest rate or on the total return of a different underlying reference. |
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Fund | Assets (millions) | Annual rate at each asset level | Management Agreement Effective Date |
CA Intermediate Municipal Bond Fund | $0-$250 | 0.470% | 9/1/2015 |
GA Intermediate Municipal Bond Fund | >$250-$500 | 0.465% | 9/1/2015 |
MD Intermediate Municipal Bond Fund | >$500-$1,000 | 0.415% | 9/1/2015 |
NC Intermediate Municipal Bond Fund | >$1,000-$1,500 | 0.380% | 9/1/2015 |
SC Intermediate Municipal Bond Fund | >$1,500-$3,000 | 0.350% | 9/1/2015 |
VA Intermediate Municipal Bond Fund | >$3,000-$6,000 | 0.330% | 9/1/2015 |
>$6,000-$12,000 | 0.320% | ||
>$12,000 | 0.310% | ||
Dividend Opportunity Fund | $0-$500 | 0.720% | 10/1/2015 |
Global Equity Value Fund | >$500-$1,000 | 0.670% | 7/1/2015 |
Global Opportunities Fund(b) | >$1,000-$1,500 | 0.620% | 12/1/2015 |
Large Cap Value Fund | >$1,500-$3,000 | 0.570% | 10/1/2015 |
MM Value Strategies Fund | >$3,000-$6,000 | 0.550% | 10/1/2015 |
>$6,000-$12,000 | 0.530% | ||
>$12,000 | 0.520% | ||
Contrarian Asia Pacific Fund | $0-$250 | 0.880% | 3/1/2016 |
Contrarian Europe Fund | >$250-$500 | 0.855% | 3/1/2016 |
Select Global Equity Fund | >$500-$750 | 0.825% | 3/1/2016 |
>$750-$1,000 | 0.800% | ||
>$1,000-$1,500 | 0.770% | ||
>$1,500-$3,000 | 0.720% | ||
>$3,000-$6,000 | 0.700% | ||
>$6,000-$12,000 | 0.680% | ||
>$12,000-$20,000 | 0.670% | ||
>$20,000-$24,000 | 0.660% | ||
>$24,000-$50,000 | 0.650% | ||
>$50,000 | 0.620% | ||
Commodity Strategy Fund(c) | $0-$500 | 0.630% | 10/1/2015 |
>$500-$1,000 | 0.580% | ||
>$1,000-$3,000 | 0.550% | ||
>$3,000-$6,000 | 0.520% | ||
>$6,000-$12,000 | 0.500% | ||
>$12,000 | 0.490% | ||
Convertible Securities Fund | $0-$500 | 0.820% | 7/1/2015 |
>$500-$1,000 | 0.770% | ||
>$1,000-$1,500 | 0.720% | ||
>$1,500 | 0.670% | ||
Disciplined Core Fund | $0-$500 | 0.750% | 12/1/2015 |
Disciplined Growth Fund | >$500-$1,000 | 0.700% | 12/1/2015 |
Disciplined Value Fund | >$1,000-$1,500 | 0.650% | 12/1/2015 |
Large Cap Enhanced Core Fund | >$1,500-$3,000 | 0.600% | 7/1/2015 |
>$3,000-$6,000 | 0.580% | ||
>$6,000-$12,000 | 0.560% | ||
>$12,000 | 0.550% |
Statement of Additional Information – January 1, 2020 | 89 |
Fund | Assets (millions) | Annual rate at each asset level | Management Agreement Effective Date |
Emerging Markets Bond Fund | $0-$500 | 0.600% | 3/1/2016 |
>$500-$1,000 | 0.590% | ||
>$1,000-$2,000 | 0.575% | ||
>$2,000-$3,000 | 0.555% | ||
>$3,000-$6,000 | 0.530% | ||
>$6,000-$7,500 | 0.505% | ||
>$7,500-$9,000 | 0.490% | ||
>$9,000-$10,000 | 0.481% | ||
>$10,000-$12,000 | 0.469% | ||
>$12,000-$15,000 | 0.459% | ||
>$15,000-$20,000 | 0.449% | ||
>$20,000-$24,000 | 0.433% | ||
>$24,000-$50,000 | 0.414% | ||
>$50,000 | 0.393% | ||
Flexible Capital Income Fund | $0-$500 | 0.650% | 10/1/2015 |
>$500-$1,000 | 0.630% | ||
>$1,000-$3,000 | 0.610% | ||
>$3,000-$6,000 | 0.570% | ||
>$6,000 | 0.540% | ||
Floating Rate Fund | $0-$250 | 0.660% | 12/1/2015 |
High Yield Bond Fund | >$250-$500 | 0.645% | 10/1/2015 |
Income Opportunities Fund | >$500-$750 | 0.635% | 12/1/2015 |
>$750-$1,000 | 0.625% | ||
>$1,000-$2,000 | 0.610% | ||
>$2,000-$3,000 | 0.600% | ||
>$3,000-$6,000 | 0.565% | ||
>$6,000-$7,500 | 0.540% | ||
>$7,500-$9,000 | 0.525% | ||
>$9,000-$10,000 | 0.500% | ||
>$10,000-$12,000 | 0.485% | ||
>$12,000-$15,000 | 0.475% | ||
>$15,000-$20,000 | 0.465% | ||
>$20,000-$24,000 | 0.440% | ||
>$24,000-$50,000 | 0.425% | ||
>$50,000 | 0.400% | ||
Global Infrastructure Fund | $0-$500 | 0.710% | 9/1/2015 |
>$500-$1,000 | 0.705% | ||
>$1,000-$2,000 | 0.650% | ||
>$2,000-$3,000 | 0.600% | ||
>$3,000-$6,000 | 0.590% | ||
>$6,000-$12,000 | 0.540% | ||
>$12,000 | 0.530% | ||
Government Money Market Fund | $0-$500 | 0.390% | 12/1/2015 |
>$500-$1,000 | 0.385% | ||
>$1,000-$1,500 | 0.363% | ||
>$1,500-$2,000 | 0.345% | ||
>$2,000-$2,500 | 0.328% | ||
>$2,500-$3,000 | 0.310% | ||
>$3,000-$5,000 | 0.300% | ||
>$5,000-$6,000 | 0.280% | ||
>$6,000-$7,500 | 0.260% | ||
>$7,500-$9,000 | 0.255% | ||
>$9,000-$10,000 | 0.230% | ||
>$10,000-$12,000 | 0.220% | ||
>$12,000-$15,000 | 0.210% | ||
>$15,000-$20,000 | 0.200% | ||
>$20,000-$24,000 | 0.190% | ||
>$24,000 | 0.180% |
Statement of Additional Information – January 1, 2020 | 90 |
Fund | Assets (millions) | Annual rate at each asset level | Management Agreement Effective Date |
Inflation Protected Securities Fund | $0-$500 | 0.510% | 12/1/2015 |
>$500-$1,000 | 0.505% | ||
>$1,000-$2,000 | 0.475% | ||
>$2,000-$3,000 | 0.450% | ||
>$3,000-$6,000 | 0.415% | ||
>$6,000-$7,500 | 0.390% | ||
>$7,500-$9,000 | 0.375% | ||
>$9,000-$10,000 | 0.370% | ||
>$10,000-$12,000 | 0.360% | ||
>$12,000-$15,000 | 0.350% | ||
>$15,000-$20,000 | 0.340% | ||
>$20,000-$24,000 | 0.330% | ||
>$24,000-$50,000 | 0.310% | ||
>$50,000 | 0.290% | ||
Large Cap Growth Fund III | $0-$500 | 0.770% | 7/1/2015 |
Select Large Cap Equity Fund | >$500-$1,000 | 0.720% | 7/1/2015 |
>$1,000-$1,500 | 0.670% | ||
>$1,500-$3,000 | 0.620% | ||
>$3,000-$6,000 | 0.600% | ||
>$6,000-$12,000 | 0.580% | ||
>$12,000 | 0.570% | ||
Large Cap Index Fund(a) Mid Cap Index Fund Small Cap Index Fund(a) | All assets | 0.200% | 7/1/2015 7/1/2015 7/1/2015 |
Limited Duration Credit Fund | $0-$500 | 0.430% | 12/1/2015 |
Short Term Bond Fund | >$500-$1,000 | 0.425% | 8/1/2015 |
Short Term Municipal Bond Fund | >$1,000-$2,000 | 0.415% | 9/1/2015 |
>$2,000-$3,000 | 0.410% | ||
>$3,000-$6,000 | 0.395% | ||
>$6,000-$7,500 | 0.380% | ||
>$7,500-$9,000 | 0.365% | ||
>$9,000-$10,000 | 0.360% | ||
>$10,000-$12,000 | 0.350% | ||
>$12,000-$15,000 | 0.340% | ||
>$15,000-$20,000 | 0.330% | ||
>$20,000-$24,000 | 0.320% | ||
>$24,000-$50,000 | 0.300% | ||
>$50,000 | 0.280% | ||
Select Mid Cap Value Fund | $0-$500 | 0.820% | 7/1/2015 |
Small/Mid Cap Value Fund | >$500-$1,000 | 0.770% | 10/1/2015 |
>$1,000-$1,500 | 0.720% | ||
>$1,500-$3,000 | 0.670% | ||
>$3,000-$12,000 | 0.660% | ||
>$12,000 | 0.650% | ||
MN Tax-Exempt Fund | $0-$250 | 0.470% | 12/1/2015 |
>$250-$500 | 0.465% | ||
>$500-$1,000 | 0.415% | ||
>$1,000-$3,000 | 0.380% | ||
>$3,000-$6,000 | 0.340% | ||
>$6,000-$7,500 | 0.330% | ||
>$7,500-$12,000 | 0.320% | ||
>$12,000 | 0.310% | ||
Mortgage Opportunities Fund | $0-$500 | 0.650% | 10/1/2015 |
>$500-$1,000 | 0.645% | ||
>$1,000-$2,000 | 0.630% | ||
>$2,000-$3,000 | 0.620% | ||
>$3,000-$6,000 | 0.595% | ||
>$6,000-$7,500 | 0.580% | ||
>$7,500-$9,000 | 0.565% | ||
>$9,000-$10,000 | 0.555% | ||
>$10,000-$12,000 | 0.545% | ||
>$12,000 | 0.535% |
Statement of Additional Information – January 1, 2020 | 91 |
Fund | Assets (millions) | Annual rate at each asset level | Management Agreement Effective Date |
Overseas Core Fund | $0-$500 | 0.870% | 2/2/2018 |
Overseas Value Fund | >$500-$1,000 | 0.820% | 7/1/2015 |
Select Global Growth Fund | >$1,000-$1,500 | 0.770% | 7/1/2015 |
Select International Equity Fund | >$1,500-$3,000 | 0.720% | 7/1/2015 |
>$3,000-$6,000 | 0.700% | ||
>$6,000-$12,000 | 0.680% | ||
>$12,000 | 0.670% | ||
Quality Income Fund | $0-$500 | 0.500% | 10/1/2015 |
>$500-$1,000 | 0.495% | ||
>$1,000-$2,000 | 0.480% | ||
>$2,000-$3,000 | 0.460% | ||
>$3,000-$6,000 | 0.450% | ||
>$6,000-$7,500 | 0.430% | ||
>$7,500-$9,000 | 0.415% | ||
>$9,000-$12,000 | 0.410% | ||
>$12,000-$20,000 | 0.390% | ||
>$20,000-$24,000 | 0.380% | ||
>$24,000-$50,000 | 0.360% | ||
>$50,000 | 0.340% | ||
Select Large Cap Value Fund | $0-$500 | 0.770% | 10/1/2015 |
>$500-$1,000 | 0.715% | ||
>$1,000-$3,000 | 0.615% | ||
>$3,000-$6,000 | 0.600% | ||
>$6,000-$12,000 | 0.580% | ||
>$12,000 | 0.570% | ||
Select Small Cap Value Fund | $0-$500 | 0.870% | 10/1/2015 |
Small Cap Value Fund II | >$500-$1,000 | 0.820% | 7/1/2015 |
>$1,000-$3,000 | 0.770% | ||
>$3,000-$12,000 | 0.760% | ||
>$12,000 | 0.750% | ||
Seligman Communications and Information Fund | $0-$500 | 0.915% | 10/1/2015 |
Seligman Global Technology Fund | >$500-$1,000 | 0.910% | 3/1/2016 |
>$1,000-$3,000 | 0.905% | ||
>$3,000-$4,000 | 0.865% | ||
>$4,000-$6,000 | 0.815% | ||
>$6,000-$12,000 | 0.765% | ||
>$12,000 | 0.755% | ||
Strategic Municipal Income Fund | $0-$500 | 0.480% | 12/1/2015 |
>$500-$1,000 | 0.475% | ||
>$1,000-$2,000 | 0.445% | ||
>$2,000-$3,000 | 0.420% | ||
>$3,000-$6,000 | 0.385% | ||
>$6,000-$7,500 | 0.360% | ||
>$7,500-$10,000 | 0.350% | ||
>$10,000-$12,000 | 0.340% | ||
>$12,000-$15,000 | 0.330% | ||
>$15,000-$24,000 | 0.320% | ||
>$24,000-$50,000 | 0.300% | ||
>$50,000 | 0.290% |
(a) | The Investment Manager, from the management services fee it receives from the Fund, pays all operating expenses of the Fund, with the exception of brokerage fees and commissions, taxes, interest, fees and expenses of Trustees who are not officers, directors or employees of the Investment Manager or its affiliates, Rule 12b-1 and/or shareholder servicing fees and any extraordinary non-recurring expenses that may arise, including litigation expenses. |
(b) | This fee applies to assets invested in securities, other than underlying funds (including any exchange-traded funds (ETFs)) that pay a management services fee (or an investment advisory services fee, as applicable) to the Investment Manager, including other funds advised by the Investment Manager that do not pay a management services fee (or an investment advisory services fee, as applicable), derivatives and individual securities. The Fund does not pay a management services fee on assets that are invested in underlying funds, including any ETFs, that pay a management services fee (or an investment advisory services fee, as applicable) to the Investment Manager. |
(c) | When calculating asset levels for purposes of determining fee breakpoints, asset levels are based on net assets of the Fund, including assets invested in any wholly-owned subsidiary advised by the Investment Manager (“Subsidiaries”). Fees payable by the Fund under this agreement shall be reduced by any management services fees paid to the Investment Manager by any Subsidiaries under separate management agreements with the Subsidiaries. |
Statement of Additional Information – January 1, 2020 | 92 |
Management Services Fees | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending January 31 | |||
Capital Allocation Aggressive Portfolio | $597,763 | $550,729 | $311,820 |
Capital Allocation Conservative Portfolio | 260,462 | 262,528 | 171,139 |
Capital Allocation Moderate Aggressive Portfolio | 2,270,117 | 2,140,761 | 1,246,595 |
Capital Allocation Moderate Conservative Portfolio | 531,608 | 529,708 | 342,957 |
Capital Allocation Moderate Portfolio | 1,130,670 | 1,072,621 | 566,230 |
Global Strategic Equity Fund | 633,848 | 579,896 | 304,984 |
Income Builder Fund | 244,487 | 248,390 | 163,112 |
For Funds with fiscal period ending February 28/29 | |||
Convertible Securities Fund | 7,620,759 | 6,298,642 | 5,551,577 |
Global Equity Value Fund | 5,522,716 | 5,833,496 | 5,677,091 |
Large Cap Enhanced Core Fund | 3,215,491 | 2,959,095 | 3,134,413 |
Large Cap Growth Fund III | 11,640,148 | 12,456,364 | 7,391,898 |
Large Cap Index Fund | 7,170,795 | 7,433,824 | 7,076,399 |
Mid Cap Index Fund | 9,168,522 | 9,335,783 | 7,665,983 |
Overseas Core Fund | 1,419,596 (a) | N/A | N/A |
Overseas Value Fund | 11,261,888 | 7,249,344 | 5,921,257 |
Select Global Growth Fund | 636,601 | 542,892 | 530,300 |
Select International Equity Fund | 2,485,353 | 2,923,737 | 3,705,800 |
Select Large Cap Equity Fund | 4,941,980 | 4,907,133 | 4,290,986 |
Select Mid Cap Value Fund | 13,627,822 | 18,186,128 | 19,546,167 |
Small Cap Index Fund | 8,691,076 | 7,788,648 | 6,522,513 |
Small Cap Value Fund II | 12,202,766 | 13,164,448 | 12,974,319 |
For Funds with fiscal period ending March 31 | |||
Short Term Bond Fund | 5,209,388 | 6,440,283 | 7,941,686 |
Statement of Additional Information – January 1, 2020 | 93 |
Management Services Fees | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending April 30 | |||
CA Intermediate Municipal Bond Fund | $1,865,900 | $2,008,129 | $2,106,368 |
GA Intermediate Municipal Bond Fund | 215,081 | 299,260 | 356,944 |
Global Infrastructure Fund | 1,585,619 | 1,766,999 | 1,493,551 |
MD Intermediate Municipal Bond Fund | 264,165 | 328,101 | 426,149 |
NC Intermediate Municipal Bond Fund | 772,484 | 830,014 | 1,037,000 |
SC Intermediate Municipal Bond Fund | 511,026 | 559,179 | 648,545 |
Short Term Municipal Bond Fund | 4,291,515 | 5,698,822 | 7,003,233 |
VA Intermediate Municipal Bond Fund | 703,417 | 874,358 | 1,000,226 |
For Funds with fiscal period ending May 31 | |||
Commodity Strategy Fund | 2,353,833 | 2,820,639 | 1,690,239 |
Dividend Opportunity Fund | 18,061,778 | 22,432,462 | 25,751,034 |
Flexible Capital Income Fund | 5,154,831 | 3,675,394 | 3,049,059 |
High Yield Bond Fund | 10,215,041 | 12,207,243 | 12,921,347 |
Large Cap Value Fund | 13,093,783 | 14,909,707 | 14,901,267 |
MM Value Strategies Fund | 18,312,255 | 16,987,596 | 15,128,810 |
Mortgage Opportunities Fund | 5,731,331 | 1,810,263 | 1,720,548 |
Quality Income Fund | 9,061,905 | 10,134,090 | 10,727,410 |
Select Large Cap Value Fund | 8,199,368 | 7,131,722 | 5,711,399 |
Select Small Cap Value Fund | 5,069,382 | 5,773,779 | 6,021,127 |
Seligman Communications and Information Fund | 51,499,137 | 51,768,789 | 39,762,531 |
Small/Mid Cap Value Fund | 5,866,566 | 6,638,540 | 6,791,447 |
For Funds with fiscal period ending July 31 | |||
Disciplined Core Fund | 27,660,875 | 27,144,728 | 25,653,152 |
Disciplined Growth Fund | 3,727,393 | 4,036,108 | 3,726,582 |
Disciplined Value Fund | 5,557,694 | 6,123,578 | 6,395,621 |
Floating Rate Fund | 7,806,070 | 7,389,958 | 6,604,375 |
Global Opportunities Fund | 3,839,115 | 4,069,517 | 3,991,826 |
Government Money Market Fund | 2,309,142 | 2,423,612 | 4,586,355 |
Income Opportunities Fund | 8,080,413 | 10,311,044 | 15,524,274 |
Inflation Protected Securities Fund | 660,945 | 641,531 | 811,619 |
Limited Duration Credit Fund | 2,529,936 | 2,880,368 | 3,237,055 |
MN Tax-Exempt Fund | 2,772,157 | 2,796,794 | 2,714,625 |
Strategic Municipal Income Fund | 7,327,169 | 5,657,376 | 4,331,040 |
For Funds with fiscal period ending August 31 | |||
Emerging Markets Bond Fund | 2,454,616 | 2,744,696 | 2,199,218 (b) |
2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | |||
Contrarian Asia Pacific Fund | 269,828 | 256,657 | 219,365 |
Contrarian Europe Fund | 3,411,870 | 3,374,641 | 2,782,742 |
Select Global Equity Fund | 3,740,964 | 3,417,153 | 2,381,227 |
Seligman Global Technology Fund | 11,146,284 | 8,528,231 | 3,916,986 |
(a) | For the period from March 5, 2018 (commencement of operations) to February 28, 2019. |
Statement of Additional Information – January 1, 2020 | 94 |
(b) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Investment Advisory Services Fees | |||
Fund | |||
For Funds with fiscal period ending January 31 | 2019 | 2018 | 2017 |
Capital Allocation Aggressive Portfolio | N/A | N/A | $118,623 |
Capital Allocation Conservative Portfolio | N/A | N/A | 55,598 |
Capital Allocation Moderate Aggressive Portfolio | N/A | N/A | 488,858 |
Capital Allocation Moderate Conservative Portfolio | N/A | N/A | 103,979 |
Capital Allocation Moderate Portfolio | N/A | N/A | 175,134 |
Global Strategic Equity Fund | N/A | N/A | 133,498 |
Income Builder Fund | N/A | N/A | 0 |
For Funds with fiscal period ending October 31 | 2018 | 2017 | 2016 |
Contrarian Asia Pacific Fund | N/A | N/A | 147,642 |
Contrarian Europe Fund | N/A | N/A | 1,383,075 |
Select Global Equity Fund | N/A | N/A | 1,066,294 |
Seligman Global Technology Fund | N/A | N/A | 1,667,188 |
Statement of Additional Information – January 1, 2020 | 95 |
Statement of Additional Information – January 1, 2020 | 96 |
Fund | Current Subadvisers | Parent Company/Other Information | Fee Schedule or Aggregate Effective Fee Rates |
For Funds with fiscal period ending February 28/29 | |||
Select International Equity Fund | Threadneedle (effective March 30, 2011) | A | 0.350% on the first $150 million declining to 0.200% as assets increase |
For Funds with fiscal period ending May 31 | |||
Commodity Strategy Fund | Threadneedle (effective July 19, 2011) | A | 0.250% on all assets |
MM Value Strategies Fund | DFA (effective December 11, 2013) Diamond Hill (effective September 14, 2016) | B C | 0.136% |
For Funds with fiscal period ending October 31 | |||
Contrarian Asia Pacific Fund | Threadneedle (effective July 13, 2009) | A | 0.450% on all assets |
Contrarian Europe Fund | Threadneedle (effective July 9, 2004) | A | 0.350% on all assets |
Select Global Equity Fund | Threadneedle (effective July 9, 2004) | A | 0.350% on all assets |
Statement of Additional Information – January 1, 2020 | 97 |
Subadvisory Fees Paid | ||||
Fund | Subadviser | 2019 | 2018 | 2017 |
For Funds with fiscal period ending February 28/29 | ||||
Select International Equity Fund | Threadneedle | $931,659 | $1,082,962 | $1,316,516 |
For Funds with fiscal period ending May 31 | ||||
Commodity Strategy Fund | Threadneedle (provided services through December 9, 2019) | 935,296 | 1,124,379 | 672,699 |
MM Value Strategies Fund | Subadvisers | 4,023,758 (a) | 3,761,114 (a) | 2,692,665 (a) |
Fund | Subadviser | 2018 | 2017 | 2016 |
For Funds with fiscal period ending October 31 | ||||
Contrarian Asia Pacific Fund | Threadneedle (provided services through January 22, 2018) | 36,592 (b) | 131,334 | 193,781 |
Contrarian Europe Fund | Threadneedle | 1,370,721 | 1,356,269 | 1,730,940 |
Select Global Equity Fund | Threadneedle | 1,505,899 | 1,373,704 | 1,424,788 |
(a) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019, which amounted to 0.112%, 0.138%, and 0.136%, respectively, of the Fund’s daily net assets as of each fiscal year end. |
(b) | Threadneedle provided services to the Fund pursuant to the subadvisory agreement through January 22, 2018. Accordingly, the amount shown is for the period from November 1, 2017 to January 22, 2018. |
Other Accounts Managed (Excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
For Funds with fiscal year ending January 31 – Information is as of January 31, 2019, unless otherwise noted | |||||||
Capital Allocation Aggressive Portfolio | Anwiti Bahuguna | 22 RICs 25 PIVs 33 other accounts | $67.08 billion $3.01 billion $105.76 million | None | None | Columbia Management – FoF | Columbia Management |
Dan Boncarosky | 7 RICs 25 other accounts | $4.97 billion $3.56 million | None | None | |||
Capital Allocation Conservative Portfolio | Anwiti Bahuguna | 22 RICs 25 PIVs 33 other accounts | $67.55 billion $3.01 billion $105.76 million | None | None | Columbia Management – FoF | Columbia Management |
Dan Boncarosky | 7 RICs 25 other accounts | $5.44 billion $3.56 million | None | None | |||
Capital Allocation Moderate Aggressive Portfolio | Anwiti Bahuguna | 22 RICs 25 PIVs 33 other accounts | $65.78 billion $3.01 billion $105.76 million | None | $50,001– $100,000(a)(e) $10,001– $50,000(b) | Columbia Management – FoF | Columbia Management |
Dan Boncarosky | 7 RICs 25 other accounts | $3.67 billion $3.56 million | None | $1– $10,000(a) |
Statement of Additional Information – January 1, 2020 | 98 |
Other Accounts Managed (Excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
Capital Allocation Moderate Conservative Portfolio | Anwiti Bahuguna | 22 RICs 25 PIVs 33 other accounts | $67.26 billion $3.01 billion $105.76 million | None | $10,001– $50,000(b) | Columbia Management – FoF | Columbia Management |
Dan Boncarosky | 7 RICs 25 other accounts | $5.14 billion $3.56 million | None | None | |||
Capital Allocation Moderate Portfolio | Anwiti Bahuguna | 22 RICs 25 PIVs 33 other accounts | $66.31 billion $3.01 billion $105.76 million | None | None | Columbia Management – FoF | Columbia Management |
Dan Boncarosky | 7 RICs 25 other accounts | $4.20 billion $3.56 million | None | None | |||
Global Strategic Equity Fund | Threadneedle: William Davies(f) | 1 RIC 3 PIVs 4 other accounts | $258.87 million $1.72 billion $1.07 billion | None | None(c) | Threadneedle | Threadneedle |
Melda Mergen | 4 RICs 14 other accounts | $2.73 billion $516.83 million | None | None | Columbia Management – FoF | Columbia Management | |
Income Builder Fund | Colin Lundgren | 2 RICs 57 other accounts | $4.46 billion $1.22 billion | None | Over $1,000,000(a) $100,001– $500,000(b) | Columbia Management – IB | Columbia Management |
Gene Tannuzzo | 7 RICs 1 PIV 60 other accounts | $11.49 billion $67.22 million $1.22 billion | None | $100,001– $500,000(a) | |||
For Funds with fiscal year ending February 28/29 – Information is as of February 28, 2019, unless otherwise noted | |||||||
Convertible Securities Fund | David King | 5 RICs 7 other accounts | $6.70 billion $25.90 million | None | Over $1,000,000(a) $100,001– $500,000(b) | Columbia Management | Columbia Management |
Yan Jin | 5 RICs 11 other accounts | $6.70 billion $5.27 million | None | $500,001– $1,000,000(a) | |||
Global Equity Value Fund | Fred Copper | 5 RICs 1 PIV 6 other accounts | $3.25 billion $72.33 million $118.47 million | None | $50,001– $100,000(b) | Columbia Management | Columbia Management |
Melda Mergen | 4 RICs 14 other accounts | $2.67 billion $532.34 million | None | None | |||
Peter Schroeder | 1 RIC 5 other accounts | $0.00 $0.70 million | None | $10,001– $50,000(b) | |||
Large Cap Enhanced Core Fund | Brian Condon | 22 RICs 2 PIVs 69 other accounts | $13.59 billion $111.93 million $7.48 billion | None | $100,001– $500,000(a) | Columbia Management | Columbia Management |
Peter Albanese | 16 RICs 2 PIVs 67 other accounts | $13.54 billion $111.93 million $7.48 billion | None | None | |||
Raghavendran Sivaraman(h) | 6 RICs 3 other accounts | $57.61 million $0.98 million | None | None | |||
Large Cap Growth Fund III | Nadia Grant(g) | 5 PIVs 11 other accounts | $5.20 billion $3.60 billion | 1 other account ($344.70 M) | None (c) | Threadneedle | Threadneedle |
Tchintcia Barros | 2 RICs 7 other accounts | $5.31 billion $307.58 million | None | None | Columbia Management | Columbia Management |
Statement of Additional Information – January 1, 2020 | 99 |
Other Accounts Managed (Excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
Large Cap Index Fund | Christopher Lo | 13 RICs 1 PIV 37 other accounts | $9.89 billion $238.18 million $241.56 million | None | $10,001– $50,000(b) | Columbia Management | Columbia Management |
Vadim Shteyn | 3 RICs 1 PIV 296 other accounts | $9.34 billion $238.18 million $436.31 million | None | None | |||
Mid Cap Index Fund | Christopher Lo | 13 RICs 1 PIV 37 other accounts | $8.97 billion $238.18 million $241.56 million | None | $10,001– $50,000(b) | Columbia Management | Columbia Management |
Vadim Shteyn | 3 RICs 1 PIV 296 other accounts | $8.43 billion $238.18 million $436.31 million | None | None | |||
Overseas Core Fund | Fred Copper | 5 RICs 1 PIV 6 other accounts | $3.75 billion $72.33 million $118.47 million | None | None | Columbia Management | Columbia Management |
Daisuke Nomoto | 4 RICs 2 PIVs 3 other accounts | $3.07 billion $1.00 billion $2.74 million | None | None | |||
Overseas Value Fund | Fred Copper | 5 RICs 1 PIV 6 other accounts | $2.24 billion $72.33 million $118.47 million | None | $100,001– $500,000(b) | Columbia Management | Columbia Management |
Daisuke Nomoto | 4 RICs 2 PIVs 3 other accounts | $1.56 billion $1.00 billion $2.74 million | None | $10,001– $50,000(b) | |||
Select Global Growth Fund | Thomas Galvin | 5 RICs 2 PIVs 1,304 other accounts | $4.07 billion $560.54 million $2.90 billion | 1 other account ($217.28 M) | Over $1,000,000(a) | Columbia Management | Columbia Management |
Richard Carter | 5 RICs 2 PIVs 1,305 other accounts | $4.07 billion $560.54 million $2.88 billion | 1 other account ($217.28 M) | $10,001– $50,000(b) | |||
Todd Herget | 5 RICs 2 PIVs 1,308 other accounts | $4.07 billion $560.54 million $2.88 billion | 1 other account ($217.28 M) | $50,001– $100,000(b) | |||
Select International Equity Fund | Threadneedle: Simon Haines | 1 PIV 3 other accounts | $12.16 million $482.36 million | 1 other account ($91.56 M) | None(c) | Threadneedle | Threadneedle |
William Davies | 3 PIVs 4 other accounts | $1.59 billion $729.79 million | None | None (c) | |||
David Dudding | 1 RIC 4 PIVs 3 other accounts | $431.67 million $4.23 billion $1.28 billion | 1 other account ($1.03 B) | None (c) | |||
Select Large Cap Equity Fund | Peter Santoro | 5 RICs 1 PIV 58 other accounts | $15.32 billion $25.94 million $2.06 billion | None | $100,001– $500,000(a) $100,001– $500,000(b) | Columbia Management | Columbia Management |
Melda Mergen | 4 RICs 14 other accounts | $2.74 billion $532.34 million | None | $100,001– $500,000(a) $100,001– $500,000(b) | |||
Tiffany Wade(g) | 1 RIC 4 other accounts | $165.31 million $0.49 million | None | $10,001– $50,000(b) |
Statement of Additional Information – January 1, 2020 | 100 |
Other Accounts Managed (Excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
Select Mid Cap Value Fund | Kari Montanus | 3 RICs 22 other accounts | $935.91 million $35.86 million | None | $10,001– $50,000(b) | Columbia Management | Columbia Management |
Jonas Patrikson | 3 RICs 25 other accounts | $935.91 million $35.64 million | None | $10,001– $50,000(b) | |||
Small Cap Index Fund | Christopher Lo | 13 RICs 1 PIV 37 other accounts | $8.84 billion $238.18 million $241.56 million | None | $10,001– $50,000(b) | Columbia Management | Columbia Management |
Vadim Shteyn | 3 RICs 1 PIV 296 other accounts | $8.30 billion $238.18 million $436.31 million | None | None | |||
Small Cap Value Fund II | Christian Stadlinger | 4 RICs 67 other accounts | $1.46 billion $74.98 million | None | $500,001– $1,000,000(a) | Columbia Management | Columbia Management |
Jarl Ginsberg | 4 RICs 72 other accounts | $1.46 billion $70.17 million | None | $100,001– $500,000(a) | |||
For Funds with fiscal year ending March 31 – Information is as of March 31, 2019, unless otherwise noted | |||||||
Short Term Bond Fund | Gregory Liechty | 3 RICs 12 PIVs 44 other accounts | $3.43 billion $1.95 billion $4.29 billion | None | $10,001– $50,000(b) | Columbia Management | Columbia Management |
Ronald Stahl | 3 RICs 12 PIVs 43 other accounts | $3.43 billion $1.95 billion $4.54 billion | None | $1– $10,000(b) | |||
For Funds with fiscal year ending April 30 – Information is as of April 30, 2019, unless otherwise noted | |||||||
CA Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $2.65 billion $61.65 million | None | None | Columbia Management | Columbia Management |
Anders Myhran(d) | 5 RICs 4 PIVs 4 other accounts | $2.23 billion $3.51 billion $159.06 million | None | None | |||
Deborah Vargo | 10 RICs 124 other accounts | $2.65 billion $1.61 billion | None | None | |||
GA Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $3.01 billion $61.65 million | None | None | Columbia Management | Columbia Management |
Anders Myhran(d) | 5 RICs 4 PIVs 4 other accounts | $2.23 billion $3.51 billion $159.06 million | None | None | |||
Deborah Vargo | 10 RICs 124 other accounts | $3.01 billion $1.61 billion | None | None | |||
Global Infrastructure Fund | Craig Leopold | 10 other accounts | $3.70 million | None | $50,001– $100,000(a) $10,001– $50,000(b) | Columbia Management | Columbia Management |
Tiffany Wade | 5 other accounts | $0.49 million | None | $10,001– $50,000(b) | |||
MD Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $3.00 billion $61.65 million | None | None | Columbia Management | Columbia Management |
Anders Myhran(d) | 5 RICs 4 PIVs 4 other accounts | $2.23 billion $3.51 billion $159.06 million | None | None | |||
Deborah Vargo | 10 RICs 124 other accounts | $3.00 billion $1.61 billion | None | None |
Statement of Additional Information – January 1, 2020 | 101 |
Other Accounts Managed (Excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
NC Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $2.88 billion $61.65 million | None | None | Columbia Management | Columbia Management |
Anders Myhran(d) | 5 RICs 4 PIVs 4 other accounts | $2.23 billion $3.51 billion $159.06 million | None | None | |||
Deborah Vargo | 10 RICs 124 other accounts | $2.88 billion $1.61 billion | None | None | |||
SC Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $2.95 billion $61.65 million | None | None | Columbia Management | Columbia Management |
Anders Myhran(d) | 5 RICs 4 PIVs 4 other accounts | $2.23 billion $3.51 billion $159.06 million | None | None | |||
Deborah Vargo | 10 RICs 124 other accounts | $2.95 billion $1.61 billion | None | None | |||
Short Term Municipal Bond Fund | Catherine Stienstra | 7 RICs 4 PIVs 3 other accounts | $7.20 billion $3.51 billion $1.19 million | None | None | Columbia Management | Columbia Management |
Anders Myhran | 4 RICs 4 PIVs 4 other accounts | $1.35 billion $3.51 billion $159.06 million | None | $10,001– $50,000(b) | |||
VA Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $2.92 billion $61.65 million | None | None | Columbia Management | Columbia Management |
Anders Myhran(d) | 5 RICs 4 PIVs 4 other accounts | $2.23 billion $3.51 billion $159.06 million | None | None | |||
Deborah Vargo | 10 RICs 124 other accounts | $2.92 billion $1.61 billion | None | None | |||
For Funds with fiscal year ending May 31 – Information is as of May 31, 2019, unless otherwise noted | |||||||
Commodity Strategy Fund | Marc Khalamayzer(g) | 5 RICs 6 other accounts | $643.36 million $0.46 million | None | None | Columbia Management | Columbia Management |
Matthew Ferrelli(g) | 1 RIC 2 other accounts | $596.18 million $0.15 million | None | None | |||
Dividend Opportunity Fund | David King | 5 RICs 7 other accounts | $5.03 billion $25.62 million | None | Over $1,000,000(a) $10,001– $50,000(b) | Columbia Management | Columbia Management |
Yan Jin | 5 RICs 11 other accounts | $5.03 billion $4.82 million | None | $100,001– $500,000(a) $10,001– $50,000(b) | |||
Flexible Capital Income Fund | David King | 5 RICs 7 other accounts | $6.79 billion $25.62 million | None | Over $1,000,000(a) $100,001– $500,000(b) | Columbia Management | Columbia Management |
Yan Jin | 5 RICs 11 other accounts | $6.79 billion $4.82 million | None | $500,001– $1,000,000(a) $10,001– $50,000(b) | |||
High Yield Bond Fund | Brian Lavin | 6 RICs 1 PIV 14 other accounts | $1.93 billion $357.45 million $1.31 billion | None | None | Columbia Management | Columbia Management |
Daniel DeYoung | 3 RICs 3 other accounts | $1.88 billion $0.64 million | None | $10,001– $50,000(b) |
Statement of Additional Information – January 1, 2020 | 102 |
Other Accounts Managed (Excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
Large Cap Value Fund | Hugh Mullin | 1 PIV 5 other accounts | $0.00 $3.76 million | None | $50,001– $100,000(b) | Columbia Management | Columbia Management |
MM Value Strategies Fund | Columbia Management: Scott Davis | 2 RICs 1 PIV 83 other accounts | $13.65 billion $26.33 million $1.56 billion | None | None | Columbia Management | Columbia Management |
Michael Barclay | 5 RICs 1 PIV 82 other accounts | $13.67 billion $26.33 million $1.56 billion | None | None | |||
Peter Santoro | 5 RICs 1 PIV 60 other accounts | $15.67 billion $26.33 million $2.06 billion | None | None | |||
DFA: Jed Fogdall | 106 RICs 24 PIVs 80 other accounts | $381.45 billion $16.43 billion $26.78 billion | 1 PIV ($155.63 M); 6 other accounts ($3.38 B) | None | DFA | DFA | |
Lukas Smart | 38 RICs 10 PIVs 6 other accounts | $137.37 billion $2.55 billion $7.22 billion | 1 other account ($44.29 M) | None | |||
Joel Schneider | 51 RICs 7 PIVs | $191.72 billion $219.43 million | None | ||||
Diamond Hill: Charles Bath | 3 RICs 2 PIVs 323 other accounts | $9.16 billion $31.79 million $3.94 billion | 4 other accounts ($362.41 M) | None | Diamond Hill | Diamond Hill | |
Austin Hawley | 3 RICs 3 PIVs 344 other accounts | $5.71 billion $116.41 million $4.11 billion | 5 other accounts ($374.70 M) | None | |||
Christopher Welch | 9 RICs 3 PIVs 342 other accounts | $9.27 billion $223.33 million $4.18 billion | 4 other accounts ($362.41 M) | None | |||
Mortgage Opportunities Fund | Jason Callan | 12 RICs 13 PIVs 4 other accounts | $17.34 billion $6.41 billion $1.61 million | None | $100,001– $500,000(a) $500,001– $1,000,000(b) | Columbia Management | Columbia Management |
Tom Heuer | 3 RICs 5 other accounts | $2.90 billion $2.78 million | None | $100,001– $500,000(a) $100,001– $500,000(b) | |||
Ryan Osborn | 2 RICs 6 other accounts | $2.88 billion $1.69 million | None | $500,001– $1,000,000(a) $50,001– $100,000(b) | |||
Quality Income Fund | Jason Callan | 12 RICs 13 PIVs 4 other accounts | $16.84 billion $6.41 billion $1.61 million | None | None | Columbia Management | Columbia Management |
Tom Heuer | 3 RICs 5 other accounts | $2.40 billion $2.78 million | None | $10,001– $50,000(b) | |||
Ryan Osborn | 2 RICs 6 other accounts | $2.38 billion $1.69 million | None | $10,001– $50,000(b) |
Statement of Additional Information – January 1, 2020 | 103 |
Other Accounts Managed (Excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
Select Large Cap Value Fund | Richard Rosen | 2 RICs 312 other accounts | $1.48 billion $2.32 billion | None | None | Columbia Management | Columbia Management |
Richard Taft | 2 RICs 312 other accounts | $1.48 billion $2.32 billion | None | None | |||
Select Small Cap Value Fund | Kari Montanus | 3 RICs 18 other accounts | $1.84 billion $33.48 million | None | $10,001– $50,000(b) | Columbia Management | Columbia Management |
Jonas Patrikson | 3 RICs 22 other accounts | $1.84 billion $33.31 million | None | $1– $10,000(b) | |||
Seligman Communications and Information Fund | Paul Wick | 4 RICs 4 PIVs 5 other accounts | $1.47 billion $940.09 million $194.57 million | None | Over $1,000,000(a) | Columbia Management | Columbia Management – Tech Team |
Sanjay Devgan | 3 RICs 4 other accounts | $1.18 billion $1.68 million | None | $100,001– $500,000(a) | |||
Shekhar Pramanick | 4 RICs 5 other accounts | $1.47 billion $5.96 million | None | $50,001– $100,000(a) | |||
Jeetil Patel | 4 RICs 6 other accounts | $1.47 billion $3.36 million | None | None | |||
Christopher Boova | 4 RICs 6 other accounts | $1.47 billion $5.88 million | None | None | |||
Vimal Patel | 4 RICs 7 other accounts | $1.47 billion $3.22 million | None | $10,001– $50,000(a) | |||
Small/Mid Cap Value Fund | Jarl Ginsberg | 4 RICs 1 PIV 82 other accounts | $1.92 billion $18.14 million $68.19 million | None | $100,001– $500,000(b) | Columbia Management | Columbia Management |
Christian Stadlinger | 4 RICs 1 PIV 77 other accounts | $1.92 billion $18.14 million $73.09 million | None | None | |||
For Funds with fiscal year ending July 31 – Information is as of July 31, 2019, unless otherwise noted | |||||||
Disciplined Core Fund | Brian Condon | 22 RICs 2 PIVs 69 other accounts | $9.64 billion $113.97 million $7.65 billion | None | $100,001– $500,000(b) | Columbia Management | Columbia Management |
Peter Albanese | 16 RICs 2 PIVs 67 other accounts | $9.58 billion $113.97 million $7.64 billion | None | $10,001– $50,000(b) | |||
Raghavendran Sivaraman(h) | 6 RICs 3 other accounts | $57.61 million $0.98 million | None | $10,001– $50,000(b) | |||
Disciplined Growth Fund | Brian Condon | 22 RICs 2 PIVs 69 other accounts | $13.67 billion $113.97 million $7.65 billion | None | $100,001– $500,000(b) | Columbia Management | Columbia Management |
Peter Albanese | 16 RICs 2 PIVs 67 other accounts | $13.61 billion $113.97 million $7.64 billion | None | $10,001– $50,000(b) | |||
Raghavendran Sivaraman(h) | 6 RICs 3 other accounts | $57.61 million $0.98 million | None | None |
Statement of Additional Information – January 1, 2020 | 104 |
Other Accounts Managed (Excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
Disciplined Value Fund | Brian Condon | 22 RICs 2 PIVs 69 other accounts | $13.43 billion $113.97 million $7.65 billion | None | $100,001– $500,000(a) $100,001– $500,000(b) | Columbia Management | Columbia Management |
Peter Albanese | 16 RICs 2 PIVs 67 other accounts | $13.37 billion $113.97 million $7.64 billion | None | $10,001– $50,000(b) | |||
Raghavendran Sivaraman(h) | 6 RICs 3 other accounts | $57.61 million $0.98 million | None | None | |||
Floating Rate Fund | Ronald Launsbach | 4 PIVs 7 other accounts | $14.28 billion $3.63 million | None | $1– $10,000(a) | Columbia Management | Columbia Management – Floating Rate |
Vesa Tontti | 5 other accounts | $1.09 million | None | $10,001– $50,000(a) | |||
Global Opportunities Fund | Anwiti Bahuguna | 22 RICs 25 PIVs 35 other accounts | $69.90 billion $3.31 billion $112.27 million | None | $1– $10,000(b) | Columbia Management | Columbia Management |
Dan Boncarosky | 7 RICs 27 other accounts | $5.18 billion $3.57 million | None | $10,001– $50,000(b) | |||
Income Opportunities Fund | Brian Lavin | 6 RICs 1 PIV 14 other accounts | $2.25 billion $356.45 million $1.36 billion | None | $100,001– $500,000(a) $100,001– $500,000(b) | Columbia Management | Columbia Management |
Daniel DeYoung | 3 RICs 5 other accounts | $2.21 billion $1.25 million | None | $10,001– $50,000(b) | |||
Inflation Protected Securities Fund | David Kennedy | 55 other accounts | $3.15 billion | None | $1– $10,000(b) | Columbia Management | Columbia Management |
Limited Duration Credit Fund | Tom Murphy | 12 RICs 24 PIVs 22 other accounts | $3.60 billion $21.79 billion $4.56 billion | None | Over $1,000,000(a) $500,001– $1,000,000(b) | Columbia Management | Columbia Management |
Timothy Doubek | 11 RICs 22 other accounts | $3.54 billion $4.26 billion | None | $10,001– $50,000(b) | |||
Royce Wilson | 1 RIC | $770.69 million | None | $10,001– $50,000(a) $50,001– $100,000(b) | |||
MN Tax-Exempt Fund | Catherine Stienstra | 7 RICs 2 PIVs 3 other accounts | $7.80 billion $1.79 billion $1.32 million | None | None | Columbia Management | Columbia Management |
Anders Myhran | 15 RICs 2 PIVs 4 other accounts | $4.75 billion $1.79 billion $146.70 million | None | $100,001– $500,000(a) | |||
Douglas White | 4 RICs 6 other accounts | $3.49 billion $7.36 million | None | None | |||
Strategic Municipal Income Fund | Catherine Stienstra | 7 RICs 2 PIVs 3 other accounts | $6.52 billion $1.79 billion $1.32 million | None | $100,001– $500,000(b) | Columbia Management | Columbia Management |
Douglas White | 4 RICs 6 other accounts | $2.21 billion $7.36 million | None | None |
Statement of Additional Information – January 1, 2020 | 105 |
Other Accounts Managed (Excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
For Funds with fiscal year ending August 31 – Information is as of August 31, 2019, unless otherwise noted | |||||||
Emerging Markets Bond Fund | Tim Jagger | 4 RICs 6 PIVs 6 other accounts | $424.75 million $6.74 billion $868.21 million | None | None (c) | Threadneedle | Threadneedle |
Christopher Cooke | 3 RICs 7 PIVs 2 other accounts | $309.84 million $6.74 billion $400.06 million | None | None (c) | |||
For Funds with fiscal year ending October 31 – Information is as of October 31, 2018, unless otherwise noted | |||||||
Contrarian Asia Pacific Fund | Soo Nam Ng | 2 other accounts | $177.95 million | None | None (c) | Threadneedle | Threadneedle |
Christine Seng | 1 RIC 1 other account | $178.36 million $15.66 million | None | None (c) | |||
Contrarian Europe Fund | Threadneedle: Dan Ison | 3 PIVs 9 other accounts | $419.50 million $2.92 billion | 2 other accounts ($840.26 M) | None(c) | Threadneedle | Threadneedle |
Ann Steele | 1 PIV 8 other accounts | $265.92 million $1.59 billion | 2 other accounts ($840.26 M) | None (c) | |||
Select Global Equity Fund | Threadneedle: David Dudding | 1 RIC 4 PIVs 3 other accounts | $261.41 million $4.10 billion $1.23 billion | 1 other account ($994.52 M) | None(c) | Threadneedle | Threadneedle |
Alex Lee(h) | 3 PIVs 6 other accounts | $1.88 billion $241.43 million | None | None (c) | |||
Seligman Global Technology Fund | Paul Wick | 4 RICs 4 PIVs 6 other accounts | $6.10 billion $878.02 million $377.30 million | 2 PIVs ($592.41 M) | None | Columbia Management | Columbia Management – Tech Team |
Shekhar Pramanick | 4 RICs 5 other accounts | $6.10 billion $1.05 million | None | None | |||
Sanjay Devgan | 3 RICs 4 other accounts | $5.80 billion $1.15 million | None | None | |||
Jeetil Patel | 4 RICs 6 other accounts | $6.10 billion $3.47 million | None | None | |||
Christopher Boova | 4 RICs 8 other accounts | $6.10 billion $6.20 million | None | None | |||
Vimal Patel | 4 RICs 7 other accounts | $6.10 billion $3.10 million | None | None |
* | RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle. |
** | Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts. |
(a) | Excludes any notional investments. |
(b) | Notional investments through a deferred compensation account. |
(c) | The Fund is available for sale only in the U.S. The portfolio manager does not reside in the U.S. and therefore does not hold any shares of the Fund. |
(d) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of March 31, 2019. |
(e) | The portfolio manager’s ownership information (excluding any notional investments) is provided as of April 11, 2019. As of January 31, 2019, the portfolio manager’s ownership (excluding any notional investments) was $0. |
(f) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of July 31, 2019. |
(g) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of September 30, 2019. |
(h) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of October 31, 2019. |
Statement of Additional Information – January 1, 2020 | 106 |
Columbia Management: Like other investment professionals with multiple clients, a Fund’s portfolio manager(s) may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. The Investment Manager and the Funds have adopted compliance policies and procedures that attempt to address certain of the potential conflicts that portfolio managers face in this regard. Certain of these conflicts of interest are summarized below. | |
The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest for a portfolio manager by creating an incentive to favor higher fee accounts. | |
Potential conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to the Investment Manager’s Code of Ethics and certain limited exceptions, the Investment Manager’s investment professionals do not have the opportunity to invest in client accounts, other than the funds. | |
A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those Funds and/or accounts. The effects of this potential conflict may be more pronounced where Funds and/or accounts managed by a particular portfolio manager have different investment strategies. | |
A portfolio manager may be able to select or influence the selection of the broker/dealers that are used to execute securities transactions for the Funds. A portfolio manager’s decision as to the selection of broker/dealers could produce disproportionate costs and benefits among the Funds and the other accounts the portfolio manager manages. | |
A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for a Fund and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of a Fund as well as other accounts, the Investment Manager’s trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to a Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. The Investment Manager and its Participating Affiliates (including Threadneedle) may coordinate their trading operations for certain types of securities and transactions pursuant to personnel-sharing agreements or similar intercompany arrangements. However, typically the Investment Manager does not coordinate trading activities with a Participating Affiliate with respect to accounts of that Participating Affiliate unless such Participating Affiliate is also providing trading services for accounts managed by the Investment Manager. Similarly, a Participating Affiliate typically does not coordinate trading activities with the Investment Manager with respect to accounts of the Investment Manager unless the Investment Manager is also providing trading services for accounts managed by such Participating Affiliate. As a result, it is possible that the Investment Manager and its Participating Affiliates may trade in the same instruments at the same time, in the same or opposite direction or in different sequence, which could negatively impact the prices paid by the Fund on such instruments. Additionally, in circumstances where trading services are being provided on a coordinated basis for the Investment Manager’s accounts (including the Funds) and the accounts of one or more Participating Affiliates in accordance with applicable law, it is possible that the allocation opportunities available to the Funds may be decreased, especially for less actively traded securities, or orders may take longer to execute, which may negatively impact Fund performance. | |
“Cross trades,” in which a portfolio manager sells a particular security held by a Fund to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. The Investment Manager and the Funds have adopted compliance procedures that provide that any transactions between a Fund and another account managed by the Investment Manager are to be made at a current market price, consistent with applicable laws and regulations. | |
Another potential conflict of interest may arise based on the different investment objectives and strategies of a Fund and other accounts managed by its portfolio manager(s). Depending on another account’s objectives and other factors, a portfolio manager may give advice to and make decisions for a Fund that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio manager’s investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for a Fund, even though it could have been bought or sold for the Fund at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security (including short sales). There may be circumstances when a portfolio manager’s purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Funds. | |
To the extent a Fund invests in underlying funds, a portfolio manager will be subject to the potential conflicts of interest described in Potential Conflicts of Interest – Columbia Management – FOF (Fund-of-Funds) below. |
Statement of Additional Information – January 1, 2020 | 107 |
A Fund’s portfolio manager(s) also may have other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict that could exist in managing the Fund and other accounts. Many of the potential conflicts of interest to which the Investment Manager’s portfolio managers are subject are essentially the same or similar to the potential conflicts of interest related to the investment management activities of the Investment Manager and its affiliates. |
Columbia Management – FoF (Fund-of-Funds): Management of funds-of-funds differs from that of the other Funds. The portfolio management process is set forth generally below and in more detail in the Funds’ prospectus. | |
Portfolio managers of the fund-of-funds may be involved in determining each funds-of-fund’s allocation among the three main asset classes (equity, fixed income and cash) and the allocation among investment categories within each asset class, as well as each funds-of-fund’s allocation among the underlying funds. |
■ | Because of the structure of the funds-of-funds, the potential conflicts of interest for the portfolio managers may be different than the potential conflicts of interest for portfolio managers who manage other Funds. |
■ | The Investment Manager and its affiliates may receive higher compensation as a result of allocations to underlying funds with higher fees. |
■ | In certain cases, the portfolio managers of the underlying funds are the same as the portfolio managers of the Income Builder Fund-of-Funds, and could influence the allocation of fund-of-funds assets to or away from the underlying funds that they manage. |
■ | The Investment Manager and its affiliates may receive higher compensation as a result of allocations to underlying funds with higher fees. |
Statement of Additional Information – January 1, 2020 | 108 |
■ | Time Management. The management of the Fund and other Accounts may result in a portfolio manager devoting unequal time and attention to the management of the Fund and/or Accounts. DFA seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Accounts managed by a portfolio manager within an investment discipline may be managed using the same investment approach. |
■ | Investment Opportunities. It is possible that at times identical securities will be held by the Fund and one or more Accounts. However, positions in the same security may vary and the length of time that the Fund may hold investments in the same security may likewise vary. If a portfolio manager identifies a limited investment opportunity that may be suitable for the Fund and one or more Accounts, the Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Accounts. To address these situations, DFA has adopted procedures for allocating portfolio transactions across multiple Accounts. |
■ | Broker Selection. With respect to securities transactions for the Fund, DFA determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain Accounts (such as separately managed accounts), DFA may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, DFA or its affiliates may place separate, non-simultaneous, transactions for the Fund and another Account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the Account. |
■ | Performance-Based Fees. For some Accounts, DFA may be compensated based on the profitability of the Account, such as by a performance-based management fee. These incentive compensation structures may create a conflict of interest for DFA with regard to Accounts where DFA is paid based on a percentage of assets because the portfolio manager may have an incentive to allocate securities preferentially to the Accounts where DFA might share in investment gains. |
■ | Investment in an Account. A portfolio manager or his/her relatives may invest in an Account that he or she manages and a conflict may arise where he or she may therefore have an incentive to treat the Account in which the portfolio manager or his/her relatives invest preferentially as compared to other Accounts for which he or she has portfolio management responsibilities. |
Diamond Hill manages certain accounts, including private investment funds (a.k.a. “Hedge Funds”), for which part of its fee is based on the performance of the account/fund (“Performance Fee Accounts”). As a result of the performance-based fee component, Diamond Hill may receive additional revenue related to the Performance Fee Accounts. None of the portfolio managers receive any direct incentive compensation related to their management of the Performance Fee Accounts; however, revenues from Performance Fee Accounts management will impact the resources available to compensate portfolio managers and all staff.
Diamond Hill has a potential conflict of interest, as an adviser to both long-only accounts and accounts that execute short sales. Diamond Hill could sell short securities in a long-short account while holding the same security long in a long-only
Statement of Additional Information – January 1, 2020 | 109 |
Diamond Hill manages numerous accounts in addition to the Fund. When the Fund and another of Diamond Hill’s clients seek to purchase or sell the same security at or about the same time, Diamond Hill may execute the transactions with the same broker on a combined or “blocked” basis. Blocked transactions can produce better execution for the Fund because of increased volume of the transaction. However, when another Diamond Hill client specifies that trades be executed with a specific broker (“Directed Brokerage Accounts”), a potential conflict of interest exists related to the order in which those trades are executed and allocated. As a result, Diamond Hill has adopted a trade allocation policy in which all trade orders occurring simultaneously among the Fund and one or more other accounts where Diamond Hill has the discretion to choose the execution broker are blocked and executed first. After the blocked trades have been completed, the remaining trades for the Directed Brokerage Accounts are then executed in random order, through the portfolio management software. When a trade is partially filled, the number of filled shares is allocated on a pro-rata basis to the appropriate client accounts. Trades are not segmented by investment product.
Diamond Hill provides its strategy model portfolio to sponsors of UMA programs. In these cases, the program sponsor has investment discretion and is responsible for execution of client transactions. Diamond Hill is not aware of when the program sponsor executes transactions as a result of the model provided to it by Diamond Hill. As a result, both Diamond Hill and the program sponsors may be executing trades in the same security at the same time. Therefore, Diamond Hill’s provision of model portfolios to UMA programs may create a potential conflict because Diamond Hill clients and clients of the UMA sponsor may be competing to transact the same securities. To minimize this conflict, Diamond Hill provides the strategy model portfolio to UMA sponsors weekly and only reflects strategy model portfolio change after they have been fully implemented.
Diamond Hill has adopted a Code of Ethics designed to: (1) demonstrate Diamond Hill’s duty at all times to place the interest of clients and Fund shareholders first; (2) align the interests of the portfolio managers with clients and Fund shareholders, and (3) mitigate inherent conflicts of interest associated with personal securities transactions. The Code of Ethics prohibits all employees of Diamond Hill, including the portfolio managers, from purchasing any individual equity or fixed income securities that are eligible to be purchased by client portfolios. The Code of Ethics also prohibits the purchase of certain third party mutual funds that invest primarily in U.S. equity or corporate bond securities.
Threadneedle: Threadneedle portfolio managers may manage one or more mutual funds as well as other types of accounts, including proprietary accounts, separate accounts for institutions, and other pooled investment vehicles. Portfolio managers make investment decisions for an account or portfolio based on its investment objectives and policies, and other relevant investment considerations. A portfolio manager may manage a separate account or other pooled investment vehicle whose fees may be materially greater than the management fees paid by the Fund and may include a performance-based fee. Management of multiple funds and accounts may create potential conflicts of interest relating to the allocation of investment opportunities, and the aggregation and allocation of trades. In addition, a portfolio manager’s responsibilities at Threadneedle include working as a securities analyst. This dual role may give rise to conflicts with respect to making investment decisions for accounts that he/she manages versus communicating his/her analyses to other portfolio managers concerning securities that he/she follows as an analyst. | |
Threadneedle has a fiduciary responsibility to all of the clients for which it manages accounts. Threadneedle seeks to provide best execution of all securities transactions and to aggregate securities transactions and then allocate securities to client accounts in a fair and timely manner. Threadneedle has developed policies and procedures, including brokerage and trade allocation policies and procedures, designed to mitigate and manage the potential conflicts of interest that may arise from the management of multiple types of accounts for multiple clients. |
Statement of Additional Information – January 1, 2020 | 110 |
Statement of Additional Information – January 1, 2020 | 111 |
■ | Base salary. Each portfolio manager is paid a base salary. DFA considers the factors described above to determine each portfolio manager’s base salary. |
■ | Semi-Annual Bonus. Each portfolio manager may receive a semi-annual bonus. The amount of the bonus paid to each portfolio manager is based upon the factors described above. |
■ | The long-term pre-tax investment performance of the fund(s) that they manage, |
■ | Diamond Hill’s assessment of the investment contribution they make to strategies they do not manage, |
■ | Diamond Hill’s assessment of each portfolio manager’s overall contribution to the development of the investment team through ongoing discussion, interaction, feedback and collaboration, and |
■ | Diamond Hill’s assessment of each portfolio manager’s contribution to client service, marketing to prospective clients and investment communication activities. |
Threadneedle: Direct compensation is typically comprised of a base salary, and an annual incentive award that is paid either in the form of a cash bonus if the size of the award is under a specified threshold or, if the size of the award is over a specified threshold, the award is paid in a combination of a cash bonus, an equity incentive award, and fund-linked deferred compensation compliant with European regulatory requirements in its structure and delivery vehicles. Equity incentive |
Statement of Additional Information – January 1, 2020 | 112 |
awards are made in the form of Ameriprise Financial restricted stock, or for senior employees outside our fund management teams both Ameriprise Financial restricted stock and stock options. The investment return credited on deferred compensation is based on the performance of specified Threadneedle funds, in most cases including the funds the portfolio manager manages. | |
Base salary is typically determined based on market data relevant to the employee’s position, as well as other factors including internal equity. Base salaries are reviewed annually, and increases are typically given as promotional increases, internal equity adjustments, or market adjustments. | |
Annual incentive awards and pool funding are variable and are designed to reward: |
■ | Investment performance, both at the individual and team levels |
■ | Client requirements, in particular the alignment with clients through a mandatory deferral into the company’s own products, compliant with local regulation in particular the UCITS V requirements |
■ | Team cooperation and values |
Statement of Additional Information – January 1, 2020 | 113 |
Administrative Services Fees | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending January 31 | |||
Capital Allocation Aggressive Portfolio | N/A | N/A | $43,727 |
Capital Allocation Conservative Portfolio | N/A | N/A | 18,281 |
Capital Allocation Moderate Aggressive Portfolio | N/A | N/A | 142,763 |
Capital Allocation Moderate Conservative Portfolio | N/A | N/A | 42,256 |
Capital Allocation Moderate Portfolio | N/A | N/A | 102,783 |
Global Strategic Equity Fund | N/A | N/A | 43,306 |
Income Builder Fund | N/A | N/A | 80,447 |
2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | |||
Contrarian Asia Pacific Fund | N/A | N/A | 14,764 |
Contrarian Europe Fund | N/A | N/A | 140,369 |
Select Global Equity Fund | N/A | N/A | 107,916 |
Seligman Global Technology Fund | N/A | N/A | 115,591 |
Statement of Additional Information – January 1, 2020 | 114 |
Sales Charges Paid to Distributor | Amount Retained by Distributor After Paying Commissions | |||||
Fund | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 |
For Funds with fiscal period ending January 31 | ||||||
Capital Allocation Aggressive Portfolio | $1,071,538 | $977,579 | $1,038,147 | $161,440 | $148,246 | $152,907 |
Capital Allocation Conservative Portfolio | 130,658 | 179,588 | 201,726 | 23,927 | 29,584 | 35,918 |
Capital Allocation Moderate Aggressive Portfolio | 1,732,782 | 1,857,317 | 1,936,479 | 262,067 | 285,813 | 291,794 |
Capital Allocation Moderate Conservative Portfolio | 372,277 | 432,743 | 512,428 | 58,847 | 68,958 | 80,919 |
Capital Allocation Moderate Portfolio | 1,599,859 | 1,610,425 | 1,531,414 | 247,956 | 260,414 | 235,851 |
Global Strategic Equity Fund | 403,069 | 466,304 | 427,552 | 59,419 | 68,735 | 65,299 |
Income Builder Fund | 1,055,904 | 1,376,629 | 1,093,677 | 175,511 | 223,751 | 190,293 |
For Funds with fiscal period ending February 28/29 | ||||||
Convertible Securities Fund | 509,141 | 293,284 | 163,692 | 97,504 | 43,796 | 31,872 |
Global Equity Value Fund | 103,688 | 106,664 | 136,551 | 14,740 | 16,133 | 20,182 |
Large Cap Growth Fund III | 114,746 | 98,075 | 65,521 | 18,234 | 18,328 | 13,336 |
Large Cap Index Fund | 0 | 13 | 7 | 0 | 13 | 7 |
Overseas Core Fund | 0 (a) | N/A | N/A | 0 (a) | N/A | N/A |
Overseas Value Fund | 594,873 | 808,177 | 161,483 | 102,828 | 119,882 | 23,748 |
Select Global Growth Fund | 76,524 | 56,082 | 41,972 | 11,289 | 8,813 | 7,610 |
Select International Equity Fund | 10,899 | 32,197 | 58,284 | 1,917 | 6,141 | 8,549 |
Select Large Cap Equity Fund | 67,457 | 65,786 | 48,640 | 11,292 | 10,604 | 7,290 |
Select Mid Cap Value Fund | 99,187 | 173,230 | 230,671 | 14,704 | 27,021 | 36,480 |
Small Cap Index Fund | 0 | 0 | 508 | 0 | 0 | 508 |
Small Cap Value Fund II | 3,987 | 8,214 | 5,762 | 572 | 1,095 | 806 |
For Funds with fiscal period ending March 31 | ||||||
Short Term Bond Fund | 117,577 | 108,329 | 123,558 | 33,416 | 42,999 | 41,734 |
For Funds with fiscal period ending April 30 | ||||||
CA Intermediate Municipal Bond Fund | 30,437 | 23,030 | 39,538 | 8,925 | 8,801 | 17,145 |
GA Intermediate Municipal Bond Fund | 2,563 | 182 | 8,948 | 442 | 32 | 1,831 |
Global Infrastructure Fund | 72,636 | 323,221 | 197,828 | 14,052 | 48,046 | 28,732 |
MD Intermediate Municipal Bond Fund | 665 | 10,814 | 8,804 | 510 | 1,602 | 1,503 |
NC Intermediate Municipal Bond Fund | 3,058 | 13,013 | 13,069 | 1,685 | 2,117 | 2,501 |
Statement of Additional Information – January 1, 2020 | 115 |
Sales Charges Paid to Distributor | Amount Retained by Distributor After Paying Commissions | |||||
Fund | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 |
SC Intermediate Municipal Bond Fund | $2,541 | $18,752 | $47,756 | $442 | $3,653 | $7,501 |
Short Term Municipal Bond Fund | 34,596 | 22,352 | 26,444 | 19,525 | 8,146 | 9,001 |
VA Intermediate Municipal Bond Fund | 8,007 | 25,845 | 6,174 | 1,393 | 4,080 | 1,377 |
For Funds with fiscal period ending May 31 | ||||||
Commodity Strategy Fund | 11,523 | 16,375 | 10,100 | 1,652 | 2,236 | 1,464 |
Dividend Opportunity Fund | 816,997 | 915,096 | 1,858,857 | 127,713 | 148,038 | 283,538 |
Flexible Capital Income Fund | 1,344,518 | 892,834 | 443,128 | 214,948 | 137,046 | 68,564 |
High Yield Bond Fund | 240,957 | 381,184 | 576,939 | 37,754 | 67,337 | 104,061 |
Large Cap Value Fund | 429,330 | 542,691 | 791,463 | 63,057 | 82,884 | 115,987 |
Mortgage Opportunities Fund | 432,152 | 56,918 | 13,776 | 68,116 | 9,172 | 2,216 |
Quality Income Fund | 98,487 | 160,363 | 330,336 | 15,975 | 36,822 | 68,437 |
Select Large Cap Value Fund | 288,056 | 320,297 | 231,453 | 46,549 | 48,136 | 35,048 |
Select Small Cap Value Fund | 125,632 | 127,552 | 154,591 | 18,409 | 18,621 | 24,095 |
Seligman Communications and Information Fund | 2,178,840 | 4,574,802 | 3,510,993 | 346,602 | 687,292 | 516,150 |
Small/Mid Cap Value Fund | 163,672 | 204,087 | 228,491 | 23,885 | 30,042 | 35,771 |
For Funds with fiscal period ending July 31 | ||||||
Disciplined Core Fund | 1,215,297 | 823,377 | 808,170 | 176,287 | 119,972 | 117,993 |
Disciplined Growth Fund | 265,524 | 253,949 | 226,004 | 39,283 | 39,257 | 34,580 |
Disciplined Value Fund | 52,978 | 68,613 | 72,000 | 10,085 | 10,190 | 11,121 |
Floating Rate Fund | 383,474 | 389,429 | 370,382 | 85,096 | 75,951 | 64,691 |
Global Opportunities Fund | 163,235 | 278,201 | 250,940 | 24,738 | 42,636 | 38,303 |
Government Money Market Fund | 2,680 | 2,206 | 12,126 | 2,680 | 2,206 | 12,126 |
Income Opportunities Fund | 132,396 | 174,911 | 331,526 | 20,927 | 28,812 | 54,643 |
Inflation Protected Securities Fund | 14,711 | 16,083 | 30,720 | 2,518 | 3,113 | 5,312 |
Limited Duration Credit Fund | 138,256 | 154,846 | 164,378 | 22,566 | 27,141 | 26,731 |
MN Tax-Exempt Fund | 265,573 | 300,860 | 496,264 | 54,694 | 65,962 | 110,270 |
Strategic Municipal Income Fund | 617,770 | 690,441 | 606,706 | 111,125 | 114,604 | 119,560 |
For Funds with fiscal period ending August 31 | ||||||
Emerging Markets Bond Fund | 36,166 | 92,632 | 50,883 (b) | 6,453 | 16,510 | 10,986 (b) |
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | ||||||
Contrarian Asia Pacific Fund | 3,558 | 3,124 | 978 | 527 | 439 | 156 |
Contrarian Europe Fund | 81,387 | 110,721 | 128,038 | 12,509 | 17,688 | 22,259 |
Select Global Equity Fund | 195,674 | 118,566 | 109,872 | 28,399 | 17,378 | 16,112 |
Seligman Global Technology Fund | 852,065 | 1,106,649 | 440,341 | 132,122 | 163,810 | 67,381 |
(a) | For the period from March 5, 2018 (commencement of operations) to February 28, 2019. |
(b) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – January 1, 2020 | 116 |
Distribution Fee | Service Fee | Combined Total | |
Class A | — | — | 0.25% (a)(b) |
Class Adv | None | None | None |
Class C | 0.75% (c) | 0.25% | 1.00% (b) |
Class Inst | None | None | None |
Class Inst2 | None | None | None |
Class Inst3 | None | None | None |
Class R (Series of CFST) | 0.50% | — (d) | 0.50% |
Class R (Series of CFST II) | up to 0.50% | up to 0.25% | 0.50% (d)(b) |
Class V | None | 0.50% (e) | 0.50% (e) |
(a) | All Funds, other than Government Money Market Fund, pay a combined distribution and service fee for Class A shares. |
(b) | Government Money Market Fund, for each of Class A shares, pays distribution and service fees of 0.10%, and for Class C shares pays distribution fees of 0.75%. The payment of the distribution and/or service fees payable by Government Money Market Fund under its Plan of Distribution has been suspended through November 30, 2020. This arrangement may be modified or terminated at the sole discretion of the Board at any time. Compensation paid to financial intermediaries is suspended for the duration of the suspension of payments under Government Money Market Fund’s Plan of Distribution. |
(c) | For Short Term Bond Fund, the Distributor has voluntarily agreed to waive a portion of the distribution fee for Class C shares so that the distribution fee does not exceed 0.60% annually. |
(d) | Class R shares of series of CFST pay a distribution fee pursuant to a Fund’s Rule 12b-1 plan for Class R shares and do not have a shareholder service plan for Class R shares. Series of CFST II have a distribution and shareholder service plan for Class R shares pursuant to which the maximum fee under the plan reimbursed for distribution expenses is equal on an annual basis to 0.50% of the average daily net assets attributable to Class R shares of the Funds, of which amount, up to 0.25% may be reimbursed for shareholder service expense. |
(e) | The shareholder servicing fees for Class V shares are up to 0.50% of average daily net assets attributable to Class V shares for equity Funds and 0.40% for fixed income Funds. In general, the Funds currently limit such fees to a maximum of 0.25% for equity Funds and 0.15% for fixed income Funds. These fees for Class V shares are not paid pursuant to a Rule 12b-1 plan. See Class V Shares Shareholder Service Fees below for more information. |
Statement of Additional Information – January 1, 2020 | 117 |
Fund | Class A | Class C | Class R | Class V |
For Funds with fiscal period ending January 31 | ||||
Capital Allocation Aggressive Portfolio | $1,562,197 | $792,625 | $13,170 | N/A |
Capital Allocation Conservative Portfolio | 467,375 | 322,310 | 2,882 | N/A |
Capital Allocation Moderate Aggressive Portfolio | 4,230,318 | 1,789,994 | 23,446 | $213,631 |
Capital Allocation Moderate Conservative Portfolio | 1,130,538 | 694,267 | 7,413 | N/A |
Capital Allocation Moderate Portfolio | 3,261,174 | 1,820,267 | 15,692 | N/A |
Global Strategic Equity Fund | 1,406,824 | 511,010 | 1,044 | N/A |
Income Builder Fund | 1,892,381 | 2,142,064 | 12,671 | N/A |
Statement of Additional Information – January 1, 2020 | 118 |
Fund | Class A | Class C | Class R | Class V |
For Funds with fiscal period ending February 28/29 | ||||
Convertible Securities Fund | $652,663 | $404,600 | $13,751 | N/A |
Global Equity Value Fund | 1,672,283 | 107,075 | 5,524 | N/A |
Large Cap Enhanced Core Fund | 163,815 | N/A | 216,564 | N/A |
Large Cap Growth Fund III | 2,281,050 | 1,508,551 | 122,858 | N/A |
Large Cap Index Fund | 2,212,016 | N/A | N/A | N/A |
Mid Cap Index Fund | 3,678,296 | N/A | N/A | N/A |
Overseas Core Fund(a) | 51 | 231 | 160 | N/A |
Overseas Value Fund | 900,357 | 463,486 | 21,106 | N/A |
Select Global Growth Fund | 82,315 | 106,069 | 3,625 | N/A |
Select International Equity Fund | 470,038 | 57,453 | 4,090 | N/A |
Select Large Cap Equity Fund | 371,943 | 77,181 | N/A | N/A |
Select Mid Cap Value Fund | 1,597,785 | 403,608 | 182,940 | N/A |
Small Cap Index Fund | 3,853,951 | N/A | N/A | N/A |
Small Cap Value Fund II | 396,554 | 34,673 | 39,406 | N/A |
For Funds with fiscal period ending March 31 | ||||
Short Term Bond Fund | 584,051 | 270,510 | 13,304 | N/A |
For Funds with fiscal period ending April 30 | ||||
CA Intermediate Municipal Bond Fund | 71,874 | 122,947 | N/A | N/A |
GA Intermediate Municipal Bond Fund | 27,511 | 25,768 | N/A | N/A |
Global Infrastructure Fund | 200,807 | 152,265 | 3,938 | N/A |
MD Intermediate Municipal Bond Fund | 32,411 | 18,569 | N/A | N/A |
NC Intermediate Municipal Bond Fund | 41,608 | 44,787 | N/A | N/A |
SC Intermediate Municipal Bond Fund | 54,556 | 96,460 | N/A | N/A |
Short Term Municipal Bond Fund | 185,918 | 80,278 | N/A | N/A |
VA Intermediate Municipal Bond Fund | 63,777 | 32,468 | N/A | N/A |
For Funds with fiscal period ending May 31 | ||||
Commodity Strategy Fund | 5,062 | 1,649 | 2,820 | N/A |
Dividend Opportunity Fund | 3,846,219 | 2,588,192 | 207,574 | N/A |
Flexible Capital Income Fund | 458,797 | 1,962,222 | 5,900 | N/A |
High Yield Bond Fund | 1,833,395 | 401,000 | 99,738 | N/A |
Large Cap Value Fund | 4,405,348 | 299,007 | 20,117 | N/A |
MM Value Strategies Fund | 19,019 | N/A | N/A | N/A |
Mortgage Opportunities Fund | 315,821 | 182,337 | N/A | N/A |
Quality Income Fund | 1,145,953 | 242,681 | 5,362 | N/A |
Select Large Cap Value Fund | 574,484 | 553,730 | 126,502 | N/A |
Select Small Cap Value Fund | 1,081,820 | 132,560 | 38,003 | N/A |
Seligman Communications and Information Fund | 9,762,278 | 4,620,212 | 348,602 | N/A |
Small/Mid Cap Value Fund | 1,258,780 | 112,416 | 25,152 | N/A |
For Funds with fiscal period ending July 31 | ||||
Disciplined Core Fund | 8,998,156 | 503,577 | 21,302 | N/A |
Disciplined Growth Fund | 318,664 | 191,552 | 6,401 | N/A |
Disciplined Value Fund | 188,931 | 134,011 | 15,302 | $193,602 |
Floating Rate Fund | 926,200 | 864,170 | 12,928 | N/A |
Statement of Additional Information – January 1, 2020 | 119 |
Fund | Class A | Class C | Class R | Class V |
Global Opportunities Fund | $1,289,608 | $148,336 | $15,072 | N/A |
Government Money Market Fund | 0 | 0 | 0 | N/A |
Income Opportunities Fund | 965,751 | 452,500 | 5,295 | N/A |
Inflation Protected Securities Fund | 112,759 | 38,824 | 34,130 | N/A |
Limited Duration Credit Fund | 426,083 | 256,083 | N/A | N/A |
MN Tax-Exempt Fund | 987,138 | 591,448 | N/A | N/A |
Strategic Municipal Income Fund | 1,815,528 | 625,613 | N/A | N/A |
For Funds with fiscal period ending August 31 | ||||
Emerging Markets Bond Fund | 143,265 | 151,475 | 129,260 | N/A |
For Funds with fiscal period ending October 31 | ||||
Contrarian Asia Pacific Fund | 2,923 | 5,053 | 1,880 | N/A |
Contrarian Europe Fund | 212,367 | 131,155 | N/A | N/A |
Select Global Equity Fund | 835,288 | 118,563 | 939 | N/A |
Seligman Global Technology Fund | 1,931,497 | 1,239,017 | 183,606 | N/A |
(a) | For the period from March 5, 2018 (commencement of operations) to February 28, 2019. |
Fund | Class C | Percentage of Class C net assets |
Capital Allocation Aggressive Portfolio | $202,000 | 0.28% |
Capital Allocation Conservative Portfolio | 289,000 | 1.13% |
Capital Allocation Moderate Portfolio | 1,623,000 | 1.06% |
Commodity Strategy Fund | 3,000 | 2.90% |
Contrarian Asia Pacific Fund | 3,000 | 1.22% |
Contrarian Europe Fund | 153,000 | 2.46% |
Disciplined Core Fund | 1,260,000 | 2.59% |
Disciplined Growth Fund | 61,000 | 0.36% |
Disciplined Value Fund | 48,000 | 0.42% |
Dividend Opportunity Fund | 865,000 | 0.41% |
Emerging Markets Bond Fund | 322,000 | 2.48% |
Flexible Capital Income Fund | 1,111,000 | 0.48% |
Floating Rate Fund | 857,000 | 1.19% |
Global Equity Value Fund | 47,000 | 1.05% |
Global Infrastructure Fund | 679,000 | 3.72% |
Global Opportunities Fund | 419,000 | 3.34% |
Government Money Market Fund | 488,000 | 6.39% |
High Yield Bond Fund | 7,074,000 | 22.06% |
Income Builder Fund | 1,463,000 | 0.70% |
Income Opportunities Fund | 1,001,000 | 2.87% |
Inflation Protected Securities Fund | 141,000 | 5.24% |
Statement of Additional Information – January 1, 2020 | 120 |
Fund | Class C | Percentage of Class C net assets |
Large Cap Value Fund | $604,000 | 2.60% |
Limited Duration Credit Fund | 659,000 | 2.91% |
MN Tax-Exempt Fund | 436,000 | 0.75% |
Mortgage Opportunities Fund | 297,000 | 0.75% |
Overseas Core Fund | 0 | 0.00% |
Quality Income Fund | 323,000 | 1.41% |
Select Global Equity Fund | 1,327,000 | 13.59% |
Select Large Cap Value Fund | 2,862,000 | 6.18% |
Select Small Cap Value Fund | 2,400,000 | 29.34% |
Seligman Communications and Information Fund | 15,928,000 | 4.71% |
Seligman Global Technology Fund | 3,983,000 | 5.77% |
Small/Mid Cap Value Fund | 282,000 | 4.37% |
Strategic Municipal Income Fund | 334,000 | 0.43% |
Statement of Additional Information – January 1, 2020 | 121 |
Amounts Reimbursed | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending January 31 | |||
Capital Allocation Aggressive Portfolio | $0 | $0 | $0 |
Capital Allocation Conservative Portfolio | 0 | 0 | 0 |
Capital Allocation Moderate Aggressive Portfolio | 0 | 0 | 0 |
Capital Allocation Moderate Conservative Portfolio | 0 | 0 | 0 |
Capital Allocation Moderate Portfolio | 0 | 0 | 0 |
Global Strategic Equity Fund | 0 | 0 | 0 |
Income Builder Fund | 0 | 0 | 0 |
For Funds with fiscal period ending February 28/29 | |||
Convertible Securities Fund | 711,529 | 756,975 | 834,088 |
Global Equity Value Fund | 0 | 0 | 29,250 |
Large Cap Enhanced Core Fund | 1,384,108 | 1,344,982 | 1,426,994 |
Large Cap Growth Fund III | 634,659 | 0 | 54,911 |
Large Cap Index Fund | 78,888 | 125,671 | 95,053 |
Mid Cap Index Fund | 5,462,764 | 5,631,382 | 5,774,688 |
Overseas Core Fund | 535,410 (a) | N/A | N/A |
Overseas Value Fund | 634,875 | 76,710 | 0 |
Select Global Growth Fund | 165,874 | 186,453 | 109,338 |
Select International Equity Fund | 311,603 | 313,653 | 428,181 |
Select Large Cap Equity Fund | 2,485,978 | 341,985 | 191,327 |
Select Mid Cap Value Fund | 586,542 | 121,212 | 0 |
Small Cap Index Fund | 94,511 | 125,880 | 87,038 |
Small Cap Value Fund II | 830,884 | 427,843 | 0 |
For Funds with fiscal period ending March 31 | |||
Short Term Bond Fund | 705,092 | 848,588 | 1,335,975 |
For Funds with fiscal period ending April 30 | |||
CA Intermediate Municipal Bond Fund | 520,039 | 605,380 | 798,915 |
Statement of Additional Information – January 1, 2020 | 122 |
Amounts Reimbursed | |||
2019 | 2018 | 2017 | |
GA Intermediate Municipal Bond Fund | $94,096 | $109,359 | $163,717 |
Global Infrastructure Fund | 0 | 0 | 0 |
MD Intermediate Municipal Bond Fund | 103,329 | 131,322 | 182,646 |
NC Intermediate Municipal Bond Fund | 87,803 | 126,744 | 326,612 |
SC Intermediate Municipal Bond Fund | 127,521 | 140,635 | 234,631 |
Short Term Municipal Bond Fund | 1,404,854 | 1,832,498 | 2,644,451 |
VA Intermediate Municipal Bond Fund | 103,613 | 143,250 | 307,843 |
For Funds with fiscal period ending May 31 | |||
Commodity Strategy Fund | 0 | 0 | 0 |
Dividend Opportunity Fund | 0 | 0 | 0 |
Flexible Capital Income Fund | 0 | 0 | 0 |
High Yield Bond Fund | 0 | 0 | 0 |
Large Cap Value Fund | 0 | 0 | 0 |
MM Value Strategies Fund | 0 | 0 | 0 |
Mortgage Opportunities Fund | 656,775 | 285,628 | 277,122 |
Quality Income Fund | 319,248 | 139,746 | 439,474 |
Select Large Cap Value Fund | 3,705,365 | 1,257,794 | 184,063 |
Select Small Cap Value Fund | 0 | 0 | 0 |
Seligman Communications and Information Fund | 0 | 0 | 0 |
Small/Mid Cap Value Fund | 3,912 | 5,184 | 3,566 |
For Funds with fiscal period ending July 31 | |||
Disciplined Core Fund | 0 | 0 | 0 |
Disciplined Growth Fund | 0 | 1,470 | 77,796 |
Disciplined Value Fund | 554,574 | 511,779 | 223,726 |
Floating Rate Fund | 129 | 153,582 | 186,133 |
Global Opportunities Fund | 0 | 0 | 0 |
Government Money Market Fund | 876,983 | 895,140 | 1,823,532 |
Income Opportunities Fund | 0 | 48,357 | 584,582 |
Inflation Protected Securities Fund | 438,214 | 488,953 | 443,788 |
Limited Duration Credit Fund | 235,744 | 240,809 | 156,623 |
MN Tax-Exempt Fund | 0 | 0 | 0 |
Strategic Municipal Income Fund | 14,650 | 13 | 92,295 |
For Funds with fiscal period ending August 31 | |||
Emerging Markets Bond Fund | 0 | 0 | 0 (b) |
2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | |||
Contrarian Asia Pacific Fund | 139,260 | 155,238 | 116,660 |
Contrarian Europe Fund | 27,040 | 19,793 | 0 |
Select Global Equity Fund | 0 | 0 | 0 |
Seligman Global Technology Fund | 0 | 0 | 0 |
(a) | For the period from March 5, 2018 (commencement of operations) to February 28, 2019. |
(b) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – January 1, 2020 | 123 |
Fees Waived | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending February 28/29 | |||
Convertible Securities Fund | $8,095 | $0 | $0 |
Overseas Value Fund | 44,264 | 0 | 0 |
For Funds with fiscal period ending March 31 | |||
Short Term Bond Fund | 47,737 | 75,529 | 105,827 |
For Funds with fiscal period ending April 30 | |||
MD Intermediate Municipal Bond Fund | 1,583 | 0 | 0 |
For Funds with fiscal period ending May 31 | |||
Dividend Opportunity Fund | 17,018 | 25,952 | 0 |
Flexible Capital Income Fund | 2,136 | 1,121 | 0 |
Large Cap Value Fund | 63 | 2,147 | 0 |
Small/Mid Cap Value Fund | 9,094 | 4,593 | 0 |
For Funds with fiscal period ending July 31 | |||
Disciplined Growth Fund | 7,219 | 13,905 | 0 |
Government Money Market Fund | 0 | 0 | 4,843 |
For Funds with fiscal period ending August 31 | |||
Emerging Markets Bond Fund | 0 | 10,290 | 12,673 (a) |
2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | |||
Select Global Equity Fund | 2,666 | 0 | 0 |
(a) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – January 1, 2020 | 124 |
Certain Conflicts of Interest
Statement of Additional Information – January 1, 2020 | 125 |
From time to time, a portfolio manager, analyst, or other employee of the Investment Manager or its affiliates may express views regarding a particular asset class, company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of the Investment Manager or
Statement of Additional Information – January 1, 2020 | 126 |
Statement of Additional Information – January 1, 2020 | 127 |
Statement of Additional Information – January 1, 2020 | 128 |
Statement of Additional Information – January 1, 2020 | 129 |
Statement of Additional Information – January 1, 2020 | 130 |
Name, address, year of birth | Position held with Subsidiary and length of service | Principal occupation during past five years |
Anthony P. Haugen 807 Ameriprise Financial Center, Minneapolis, MN 55474-2405 Born 1964 | Director since November 2013 | Vice President – Finance, Ameriprise Financial, Inc. since June 2004 |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474-2405 Born 1970 | Director since January 2015 | See Fund Governance – Fund Officers. |
Subsidiary | Assets (millions) | Annual rate at each asset level(a) |
CCSF Offshore Fund, Ltd. (Subsidiary of Commodity Strategy Fund) | $0 - $500 | 0.630% |
>$500 - $1,000 | 0.580% | |
>$1,000 - $3,000 | 0.550% | |
>$3,000 - $6,000 | 0.520% | |
>$6,000 - $12,000 | 0.500% | |
>$12,000 | 0.490% |
(a) | When calculating asset levels for purposes of determining fee rate breakpoints, asset levels are based on aggregate net assets of the Fund and the Parent Fund. When calculating the fee payable under this agreement, the annual rates are based on a percentage of the daily net assets of the Fund. |
Statement of Additional Information – January 1, 2020 | 131 |
Statement of Additional Information – January 1, 2020 | 132 |
Name, Address, Year of Birth | Position Held with the Trusts and Length of Service | Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience | Number of Funds in the Columbia Funds Complex Overseen | Other Directorships Held by Trustee During the Past Five Years | Committee Assignments |
George S. Batejan c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1953 | Trustee since 1/17 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 121 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 | Compliance, Contracts, Executive, Investment Review |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1954 | Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January -July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 121 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017 | Board Governance, Compliance, Contracts, Executive, Investment Review |
Statement of Additional Information – January 1, 2020 | 133 |
Name, Address, Year of Birth | Position Held with the Trusts and Length of Service | Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience | Number of Funds in the Columbia Funds Complex Overseen | Other Directorships Held by Trustee During the Past Five Years | Committee Assignments |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1954 | Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds | President, Springboard- Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996- 1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 | 121 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, Laurel Road Bank (Audit Committee) since 2017 | Audit, Board Governance, Contracts, Executive, Investment Review |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1950 | Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 121 | Trustee, MA Taxpayers Foundation since 1997; Board of Directors, The MA Business Roundtable since 2003; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010 | Audit, Board Governance, Contracts, Executive, Investment Review |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1954 | Trustee since 12/17 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 121 | Trustee, Catholic Schools Foundation since 2004 | Audit, Contracts, Executive, Investment Review |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1952 | Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 121 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) | Board Governance, Compliance, Contracts, Executive, Investment Review |
Statement of Additional Information – January 1, 2020 | 134 |
Name, Address, Year of Birth | Position Held with the Trusts and Length of Service | Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience | Number of Funds in the Columbia Funds Complex Overseen | Other Directorships Held by Trustee During the Past Five Years | Committee Assignments |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1946 | Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 121 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 | Audit, Board Governance, Contracts, Investment Review |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1947 | Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 121 | Director, BlueCross BlueShield of South Carolina since April 2008; Board Chair, Hollingsworth Funds since 2016; Advisory Board member, Duke Energy Corp. since October 2016; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018 | Board Governance, Compliance, Contracts, Investment Review |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1964 | Trustee since 12/17 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 119 | Director, NAPE Education Foundation since October 2016 | Audit, Contracts, Investment Review |
Statement of Additional Information – January 1, 2020 | 135 |
Name, Address, Year of Birth | Position Held with the Trusts and Length of Service | Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience | Number of Funds in the Columbia Funds Complex Overseen | Other Directorships Held by Trustee During the Past Five Years | Committee Assignments |
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin St. Boston, MA 02110 1960 | Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds | Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010 - September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006 - August 2012. | 192 | Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, August 2006 - January 2013 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Statement of Additional Information – January 1, 2020 | 136 |
Name, Address and Year of Birth | Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof | Principal Occupation(s) During Past Five Years |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970 | President and Principal Executive Officer (2015) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 – December 2014); officer of Columbia Funds and affiliated funds since 2007. |
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969 | Chief Financial Officer, Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively). |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965 | Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020) | Vice President - Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 – March 2017). |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 – January 2017 and January 2013 – January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010. |
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970 | Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 – August 2018); officer of Columbia Funds and affiliated funds since 2005. |
Dan Beckman 225 Franklin Street Boston, MA 02110 Born 1962 | Senior Vice President (2020) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015). |
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Statement of Additional Information – January 1, 2020 | 137 |
Name, Address and Year of Birth | Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof | Principal Occupation(s) During Past Five Years |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
Statement of Additional Information – January 1, 2020 | 138 |
Statement of Additional Information – January 1, 2020 | 139 |
Statement of Additional Information – January 1, 2020 | 140 |
Fiscal Period | Audit Committee | Compliance Committee | Contracts Committee | Executive Committee | Board Governance Committee | Investment Review Committee |
For the fiscal year ending January 31, 2019 | 6 | 6 | 7 | 8 | 8 | 6 |
For the fiscal year ending February 28, 2019 | 6 | 5 | 6 | 7 | 7 | 5 |
For the fiscal year ending March 31, 2019 | 6 | 5 | 6 | 7 | 7 | 5 |
For the fiscal year ending April 30, 2019 | 6 | 5 | 6 | 7 | 7 | 6 |
For the fiscal year ending May 31, 2019 | 6 | 5 | 6 | 7 | 7 | 6 |
For the fiscal year ending July 31, 2019 | 6 | 5 | 6 | 6 | 7 | 8 |
Statement of Additional Information – January 1, 2020 | 141 |
Fiscal Period | Audit Committee | Compliance Committee | Contracts Committee | Executive Committee | Board Governance Committee | Investment Review Committee |
For the fiscal year ending August 31, 2019 | 6 | 5 | 6 | 6 | 7 | 8 |
For the fiscal year ending October 31, 2018 | 5 | 5 | 6 | 5 | 7 | 5 |
Batejan | Blatz | Carlton | Flynn | Gallagher | Paglia | Santomero | Shaw | Yeager | |
CA Intermediate Municipal Bond Fund | A | A | A | A | A | A | A | A | A |
Capital Allocation Aggressive Portfolio | A | A | A | A | C | A | A | A | A |
Capital Allocation Conservative Portfolio | A | A | A | A | A | A | A | A | A |
Capital Allocation Moderate Aggressive Portfolio | A | A | A | A | C (a) | A | A | A | A |
Capital Allocation Moderate Conservative Portfolio | A | A | A | A | A | A | A | A | A |
Capital Allocation Moderate Portfolio | A | A | A | A | A | A | A | A | A |
Commodity Strategy Fund | A | A | A | A | A | A | A | A | A |
Contrarian Asia Pacific Fund | A | A | A | A | A | A | A | A | A |
Contrarian Europe Fund | D | A | A | A | A | A | A | A | A |
Convertible Securities Fund | A | A | B | A | A | A | A | C (b) | A |
Disciplined Core Fund | A | A | A | A | A | A | A | E (b) | D (a) |
Disciplined Growth Fund | A | A | A | A | A | A | A | A | A |
Disciplined Value Fund | A | A | A | E (a) | A | A | A | C (b) | A |
Dividend Opportunity Fund | A | E | C | A | A | A | A | E (a) | A |
Emerging Markets Bond Fund | A | A | A | A | A | E | A | A | A |
Flexible Capital Income Fund | A | A | E (a) | A | A | E (a) | A | A | A |
Floating Rate Fund | A | A | A | E (a) | D | E (a) | A | A | A |
GA Intermediate Municipal Bond Fund | A | A | A | A | A | A | A | A | A |
Global Equity Value Fund | A | A | A | A | A | A | A | A | A |
Global Infrastructure Fund | A | C | A | A | E (a) | A | A | A | A |
Global Opportunities Fund | A | A | A | C | A | A | A | A | A |
Global Strategic Equity Fund | A | A | A | A | A | A | A | A | A |
Government Money Market Fund | A | A | C (a) | C (a) | B (a) | D (a) | B (a) | C (a) | B (a) |
High Yield Bond Fund | A | A | A | A | A | A | A | A | A |
Income Builder Fund | A | A | A | A | E (a) | A | A | A | A |
Income Opportunities Fund | A | A | C | A | A | A | A | A | A |
Inflation Protected Securities Fund | A | A | A | A | A | A | A | A | A |
Large Cap Enhanced Core Fund | A | A | D | E (a) | A | A | A | A | A |
Large Cap Growth Fund III | A | A | A | A | A | A | A | E (a) | A |
Large Cap Index Fund | A | A | A | A | A | A | A | E (b) | A |
Statement of Additional Information – January 1, 2020 | 142 |
Batejan | Blatz | Carlton | Flynn | Gallagher | Paglia | Santomero | Shaw | Yeager | |
Large Cap Value Fund | A | A | A | A | A | A | A | A | A |
Limited Duration Credit Fund | A | A | A | A | A | A | E (a) | A | A |
MD Intermediate Municipal Bond Fund | A | A | A | A | A | A | A | A | A |
Mid Cap Index Fund | A | A | A | A | A | A | A | E (a)(b) | C (a) |
MM Value Strategies Fund | A | A | A | A | A | A | A | A | A |
MN Tax-Exempt Fund | A | A | A | A | A | A | A | A | A |
Mortgage Opportunities Fund | A | A | A | A | A | A | A | A | A |
NC Intermediate Municipal Bond Fund | A | A | A | A | A | A | A | A | A |
Overseas Core Fund | A | A | A | A | A | A | A | E (b) | A |
Overseas Value Fund | A | A | A | A | E (a) | A | A | A | A |
Quality Income Fund | A | C | A | A | A | A | A | D (b) | A |
SC Intermediate Municipal Bond Fund | A | A | A | A | A | A | A | A | A |
Select Global Equity Fund | A | E | E (a) | A | A | A | A | A | A |
Select Global Growth Fund | A | A | A | A | A | A | A | A | A |
Select International Equity Fund | A | E | A | A | A | A | A | A | A |
Select Large Cap Equity Fund | A | A | E (a) | A | A | A | A | A | A |
Select Large Cap Value Fund | A | A | B | A | A | A | A | A | A |
Select Mid Cap Value Fund | A | A | A | A | A | A | A | A | A |
Select Small Cap Value Fund | D | A | A | A | A | A | A | A | A |
Seligman Communications and Information Fund | A | E | E (a) | A | A | A | A | A | A |
Seligman Global Technology Fund | A | B | D (a) | E (a) | A | A | A | A | A |
Short Term Bond Fund | A | A | D | A | A | A | E (a) | C (b) | A |
Short Term Municipal Bond Fund | A | A | A | A | A | A | A | A | A |
Small Cap Index Fund | A | A | A | A | A | A | A | E (a)(b) | C (a) |
Small Cap Value Fund II | A | A | A | A | A | A | A | A | A |
Small/Mid Cap Value Fund | A | A | A | A | A | A | A | A | A |
Strategic Municipal Income Fund | A | A | A | A | A | A | A | A | A |
VA Intermediate Municipal Bond Fund | A | A | A | A | A | A | A | A | A |
Aggregate Dollar Range of Equity Securities in all Funds in the Columbia Funds Complex Overseen by the Trustee | E | E | E (a) | E (a) | E (a) | E (a) | E (a) | E (a)(b) | D (a) |
(a) | Includes the value of compensation payable under a Deferred Compensation Plan that is determined as if the amounts deferred had been invested, as of the date of deferral, in shares of one or more funds in the Columbia Funds Complex overseen by the Trustee as specified by the Trustee. |
(b) | Ms. Shaw invests in a Section 529 Plan managed by the Investment Manager that allocates assets to various open-end funds, including Columbia Funds. The amount shown in the table includes the value of her interest in this plan determined as if her investment in the plan were invested directly in the Columbia Fund pursuant to the plan’s target allocations. |
Truscott | |
CA Intermediate Municipal Bond Fund | A |
Capital Allocation Aggressive Portfolio | A |
Capital Allocation Conservative Portfolio | A |
Capital Allocation Moderate Aggressive Portfolio | A |
Capital Allocation Moderate Conservative Portfolio | A |
Capital Allocation Moderate Portfolio | A |
Commodity Strategy Fund | E |
Contrarian Asia Pacific Fund | A |
Statement of Additional Information – January 1, 2020 | 143 |
Truscott | |
Contrarian Europe Fund | E |
Convertible Securities Fund | A |
Disciplined Core Fund | E |
Disciplined Growth Fund | D |
Disciplined Value Fund | E |
Dividend Opportunity Fund | E |
Emerging Markets Bond Fund | A |
Flexible Capital Income Fund | E |
Floating Rate Fund | E |
GA Intermediate Municipal Bond Fund | A |
Global Equity Value Fund | A |
Global Infrastructure Fund | A |
Global Opportunities Fund | E |
Global Strategic Equity Fund | A |
Government Money Market Fund | A |
High Yield Bond Fund | A |
Income Builder Fund | A |
Income Opportunities Fund | A |
Inflation Protected Securities Fund | A |
Large Cap Enhanced Core Fund | A |
Large Cap Growth Fund III | A |
Large Cap Index Fund | E |
Large Cap Value Fund | A |
Limited Duration Credit Fund | E |
MD Intermediate Municipal Bond Fund | A |
Mid Cap Index Fund | A |
MM Value Strategies Fund | A |
MN Tax-Exempt Fund | A |
Mortgage Opportunities Fund | A |
NC Intermediate Municipal Bond Fund | A |
Overseas Core Fund | A |
Overseas Value Fund | D |
Quality Income Fund | C |
SC Intermediate Municipal Bond Fund | A |
Select Global Equity Fund | C |
Select Global Growth Fund | A |
Select International Equity Fund | D |
Select Large Cap Equity Fund | A |
Select Large Cap Value Fund | E |
Select Mid Cap Value Fund | A |
Select Small Cap Value Fund | A |
Seligman Communications and Information Fund | A |
Seligman Global Technology Fund | E |
Short Term Bond Fund | D |
Statement of Additional Information – January 1, 2020 | 144 |
Truscott | |
Short Term Municipal Bond Fund | A |
Small Cap Index Fund | D |
Small Cap Value Fund II | A |
Small/Mid Cap Value Fund | E |
Strategic Municipal Income Fund | A |
VA Intermediate Municipal Bond Fund | A |
Aggregate Dollar Range of Equity Securities in all Funds in the Columbia Funds Complex Overseen by the Trustee | E |
Trustees (a) | Total Cash Compensation from the Columbia Funds Complex Paid to Trustee(b) | Amount Deferred from Total Compensation(c) |
George Batejan | $356,667 | $0 |
Kathleen Blatz | $359,167 | $0 |
Edward Boudreau(d) | $438,333 | $276,017 |
Pamela Carlton | $359,167 | $96,083 |
William Carmichael(e) | $116,667 | $0 |
Patricia Flynn | $356,667 | $242,500 |
Brian Gallagher | $316,667 | $158,333 |
Catherine Paglia | $359,167 | $330,000 |
Anthony Santomero | $316,667 | $0 |
Minor Shaw | $326,667 | $163,333 |
Sandra Yeager | $316,667 | $158,333 |
(a) | Trustee compensation is paid by the Funds and is comprised of a combination of a base fee and meeting fees, with the exception of the Chair of the Board, who receives a base annual compensation. |
(b) | Includes any portion of cash compensation Trustees elected to defer during the fiscal period. |
(c) | The Trustees may elect to defer a portion of the total cash compensation payable. Additional information regarding the Deferred Compensation Plan is described below. |
(d) | Mr. Boudreau served as Trustee until December 31, 2019, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
(e) | Mr. Carmichael served as Trustee until December 31, 2018, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
Statement of Additional Information – January 1, 2020 | 145 |
Fund | Aggregate Compensation from Fund Independent Trustees | ||||||
Batejan | Blatz | Boudreau (a) | Carlton | Carmichael (b) | Flynn | Gallagher (c) | |
For Funds with fiscal period ending January 31 | |||||||
Capital Allocation Aggressive Portfolio | $1,711 | $1,831 | $2,222 | $1,817 | $1,652 | $1,737 | $1,711 |
Amount Deferred | $0 | $0 | $1,439 | $381 | $0 | $178 | $855 |
Capital Allocation Conservative Portfolio | $960 | $1,032 | $1,258 | $1,031 | $910 | $969 | $960 |
Amount Deferred | $0 | $0 | $814 | $218 | $0 | $122 | $480 |
Capital Allocation Moderate Aggressive Portfolio | $3,289 | $3,519 | $4,271 | $3,493 | $3,178 | $3,340 | $3,289 |
Amount Deferred | $0 | $0 | $2,765 | $733 | $0 | $341 | $1,644 |
Capital Allocation Moderate Conservative Portfolio | $1,510 | $1,615 | $1,960 | $1,603 | $1,457 | $1,533 | $1,510 |
Amount Deferred | $0 | $0 | $1,269 | $337 | $0 | $159 | $755 |
Capital Allocation Moderate Portfolio | $2,624 | $2,808 | $3,408 | $2,787 | $2,531 | $2,665 | $2,624 |
Amount Deferred | $0 | $0 | $2,206 | $585 | $0 | $276 | $1,312 |
Global Strategic Equity Fund | $1,627 | $1,741 | $2,113 | $1,728 | $1,573 | $1,652 | $1,627 |
Amount Deferred | $0 | $0 | $1,368 | $362 | $0 | $168 | $813 |
Income Builder Fund | $2,250 | $2,408 | $2,922 | $2,390 | $2,162 | $2,286 | $2,250 |
Amount Deferred | $0 | $0 | $1,891 | $503 | $0 | $245 | $1,125 |
For Funds with fiscal period ending February 28/29 | |||||||
Convertible Securities Fund | $1,856 | $1,990 | $2,533 | $1,976 | $1,652 | $1,886 | $1,856 |
Amount Deferred | $0 | $0 | $1,632 | $429 | $0 | $339 | $928 |
Global Equity Value Fund | $1,698 | $1,823 | $2,317 | $1,809 | $1,535 | $1,726 | $1,698 |
Amount Deferred | $0 | $0 | $1,494 | $390 | $0 | $288 | $849 |
Large Cap Enhanced Core Fund | $1,293 | $1,386 | $1,766 | $1,376 | $1,153 | $1,314 | $1,293 |
Amount Deferred | $0 | $0 | $1,138 | $299 | $0 | $233 | $646 |
Large Cap Growth Fund III | $2,624 | $2,817 | $3,578 | $2,796 | $2,386 | $2,667 | $2,624 |
Amount Deferred | $0 | $0 | $2,308 | $602 | $0 | $431 | $1,312 |
Large Cap Index Fund | $4,748 | $5,099 | $6,473 | $5,060 | $4,310 | $4,825 | $4,748 |
Amount Deferred | $0 | $0 | $4,175 | $1,091 | $0 | $789 | $2,374 |
Mid Cap Index Fund | $5,828 | $6,263 | $7,949 | $6,216 | $5,329 | $5,922 | $5,828 |
Amount Deferred | $0 | $0 | $5,128 | $1,337 | $0 | $934 | $2,914 |
Overseas Core Fund(d) | $935 | $1,000 | $1,269 | $1,000 | $808 | $943 | $935 |
Amount Deferred | $0 | $0 | $817 | $219 | $0 | $192 | $467 |
Overseas Value Fund | $2,276 | $2,439 | $3,110 | $2,422 | $1,971 | $2,313 | $2,276 |
Amount Deferred | $0 | $0 | $2,002 | $531 | $0 | $468 | $1,138 |
Select Global Growth Fund | $919 | $987 | $1,255 | $980 | $831 | $934 | $919 |
Amount Deferred | $0 | $0 | $809 | $212 | $0 | $157 | $460 |
Select International Equity Fund | $1,154 | $1,239 | $1,575 | $1,229 | $1,045 | $1,173 | $1,154 |
Amount Deferred | $0 | $0 | $1,015 | $265 | $0 | $194 | $577 |
Select Large Cap Equity Fund | $1,545 | $1,658 | $2,108 | $1,645 | $1,386 | $1,571 | $1,545 |
Amount Deferred | $0 | $0 | $1,359 | $356 | $0 | $271 | $773 |
Select Mid Cap Value Fund | $2,831 | $3,042 | $3,861 | $3,017 | $2,608 | $2,878 | $2,831 |
Amount Deferred | $0 | $0 | $2,492 | $647 | $0 | $434 | $1,416 |
Small Cap Index Fund | $5,499 | $5,906 | $7,511 | $5,865 | $4,984 | $5,587 | $5,499 |
Amount Deferred | $0 | $0 | $4,844 | $1,265 | $0 | $923 | $2,750 |
Small Cap Value Fund II | $2,459 | $2,642 | $3,356 | $2,621 | $2,242 | $2,499 | $2,459 |
Amount Deferred | $0 | $0 | $2,165 | $564 | $0 | $400 | $1,230 |
Statement of Additional Information – January 1, 2020 | 146 |
Fund | Aggregate Compensation from Fund Independent Trustees | ||||||
Batejan | Blatz | Boudreau (a) | Carlton | Carmichael (b) | Flynn | Gallagher (c) | |
For Funds with fiscal period ending March 31 | |||||||
Short Term Bond Fund | $2,185 | $2,341 | $2,986 | $2,341 | $1,736 | $2,221 | $2,185 |
Amount Deferred | $0 | $0 | $1,916 | $529 | $0 | $605 | $1,093 |
For Funds with fiscal period ending April 30 | |||||||
CA Intermediate Municipal Bond Fund | $1,307 | $1,400 | $1,758 | $1,379 | $909 | $1,306 | $1,286 |
Amount Deferred | $0 | $0 | $1,125 | $323 | $0 | $470 | $643 |
GA Intermediate Municipal Bond Fund | $913 | $978 | $1,229 | $964 | $636 | $913 | $898 |
Amount Deferred | $0 | $0 | $786 | $225 | $0 | $327 | $449 |
Global Infrastructure Fund | $1,113 | $1,193 | $1,499 | $1,176 | $783 | $1,113 | $1,095 |
Amount Deferred | $0 | $0 | $959 | $274 | $0 | $392 | $548 |
MD Intermediate Municipal Bond Fund | $924 | $990 | $1,244 | $976 | $645 | $924 | $909 |
Amount Deferred | $0 | $0 | $796 | $228 | $0 | $331 | $455 |
NC Intermediate Municipal Bond Fund | $1,044 | $1,118 | $1,404 | $1,102 | $725 | $1,044 | $1,027 |
Amount Deferred | $0 | $0 | $898 | $258 | $0 | $376 | $513 |
SC Intermediate Municipal Bond Fund | $983 | $1,053 | $1,323 | $1,038 | $684 | $983 | $967 |
Amount Deferred | $0 | $0 | $846 | $243 | $0 | $353 | $484 |
Short Term Municipal Bond Fund | $1,997 | $2,142 | $2,693 | $2,112 | $1,414 | $1,998 | $1,967 |
Amount Deferred | $0 | $0 | $1,724 | $492 | $0 | $697 | $983 |
VA Intermediate Municipal Bond Fund | $1,029 | $1,103 | $1,386 | $1,087 | $719 | $1,029 | $1,013 |
Amount Deferred | $0 | $0 | $886 | $254 | $0 | $368 | $506 |
For Funds with fiscal period ending May 31 | |||||||
Commodity Strategy Fund | $1,291 | $1,392 | $1,744 | $1,371 | $830 | $1,290 | $1,270 |
Amount Deferred | $0 | $0 | $1,111 | $328 | $0 | $541 | $635 |
Dividend Opportunity Fund | $4,165 | $4,468 | $5,605 | $4,404 | $2,711 | $4,166 | $4,101 |
Amount Deferred | $0 | $0 | $3,573 | $1,050 | $0 | $1,692 | $2,050 |
Flexible Capital Income Fund | $1,742 | $1,861 | $2,349 | $1,832 | $1,071 | $1,741 | $1,713 |
Amount Deferred | $0 | $0 | $1,495 | $443 | $0 | $761 | $856 |
High Yield Bond Fund | $2,713 | $2,910 | $3,652 | $2,869 | $1,761 | $2,713 | $2,671 |
Amount Deferred | $0 | $0 | $2,328 | $684 | $0 | $1,107 | $1,335 |
Large Cap Value Fund | $3,164 | $3,393 | $4,262 | $3,343 | $2,046 | $3,165 | $3,115 |
Amount Deferred | $0 | $0 | $2,717 | $798 | $0 | $1,297 | $1,557 |
MM Value Strategies Fund | $4,172 | $4,476 | $5,626 | $4,410 | $2,696 | $4,172 | $4,106 |
Amount Deferred | $0 | $0 | $3,586 | $1,053 | $0 | $1,714 | $2,053 |
Mortgage Opportunities Fund | $1,776 | $1,885 | $2,404 | $1,849 | $957 | $1,772 | $1,740 |
Amount Deferred | $0 | $0 | $1,526 | $459 | $0 | $892 | $870 |
Quality Income Fund | $2,947 | $3,157 | $3,968 | $3,109 | $1,857 | $2,946 | $2,899 |
Amount Deferred | $0 | $0 | $2,527 | $747 | $0 | $1,252 | $1,450 |
Select Large Cap Value Fund | $2,119 | $2,268 | $2,858 | $2,233 | $1,335 | $2,119 | $2,085 |
Amount Deferred | $0 | $0 | $1,820 | $537 | $0 | $899 | $1,042 |
Select Small Cap Value Fund | $1,532 | $1,643 | $2,065 | $1,620 | $1,000 | $1,532 | $1,508 |
Amount Deferred | $0 | $0 | $1,316 | $386 | $0 | $620 | $754 |
Seligman Communications and Information Fund | $7,506 | $8,053 | $10,130 | $7,933 | $4,847 | $7,504 | $7,386 |
Amount Deferred | $0 | $0 | $6,456 | $1,895 | $0 | $3,086 | $3,693 |
Small/Mid Cap Value Fund | $1,691 | $1,814 | $2,279 | $1,788 | $1,099 | $1,691 | $1,665 |
Amount Deferred | $0 | $0 | $1,453 | $426 | $0 | $689 | $832 |
For Funds with fiscal period ending July 31 | |||||||
Disciplined Core Fund | $6,442 | $6,486 | $7,930 | $6,486 | $2,348 | $6,440 | $5,873 |
Amount Deferred | $0 | $0 | $5,011 | $1,711 | $0 | $4,138 | $2,936 |
Disciplined Growth Fund | $1,582 | $1,594 | $1,956 | $1,594 | $610 | $1,582 | $1,447 |
Amount Deferred | $0 | $0 | $1,237 | $417 | $0 | $984 | $724 |
Disciplined Value Fund | $1,908 | $1,923 | $2,359 | $1,922 | $733 | $1,908 | $1,745 |
Statement of Additional Information – January 1, 2020 | 147 |
Fund | Aggregate Compensation from Fund Independent Trustees | ||||||
Batejan | Blatz | Boudreau (a) | Carlton | Carmichael (b) | Flynn | Gallagher (c) | |
Amount Deferred | $0 | $0 | $1,492 | $503 | $0 | $1,189 | $873 |
Floating Rate Fund | $2,499 | $2,520 | $3,089 | $2,520 | $946 | $2,500 | $2,289 |
Amount Deferred | $0 | $0 | $1,953 | $661 | $0 | $1,573 | $1,144 |
Global Opportunities Fund | $1,666 | $1,678 | $2,054 | $1,678 | $623 | $1,666 | $1,521 |
Amount Deferred | $0 | $0 | $1,299 | $441 | $0 | $1,055 | $760 |
Government Money Market Fund | $1,698 | $1,712 | $2,097 | $1,711 | $625 | $1,698 | $1,553 |
Amount Deferred | $0 | $0 | $1,325 | $451 | $0 | $1,086 | $776 |
Income Opportunities Fund | $2,556 | $2,575 | $3,158 | $2,575 | $980 | $2,556 | $2,338 |
Amount Deferred | $0 | $0 | $1,997 | $675 | $0 | $1,595 | $1,169 |
Inflation Protected Securities Fund | $1,121 | $1,128 | $1,376 | $1,130 | $413 | $1,122 | $1,020 |
Amount Deferred | $0 | $0 | $870 | $298 | $0 | $716 | $510 |
Limited Duration Credit Fund | $1,696 | $1,706 | $2,083 | $1,707 | $623 | $1,695 | $1,544 |
Amount Deferred | $0 | $0 | $1,316 | $450 | $0 | $1,085 | $772 |
MN Tax-Exempt Fund | $1,715 | $1,726 | $2,106 | $1,727 | $626 | $1,715 | $1,561 |
Amount Deferred | $0 | $0 | $1,331 | $455 | $0 | $1,101 | $780 |
Strategic Municipal Income Fund | $2,909 | $2,923 | $3,541 | $2,927 | $1,006 | $2,907 | $2,630 |
Amount Deferred | $0 | $0 | $2,236 | $778 | $0 | $1,921 | $1,315 |
For Funds with fiscal period ending August 31 | |||||||
Emerging Markets Bond Fund | $1,482 | $1,493 | $1,830 | $1,493 | $477 | $1,482 | $1,353 |
Amount Deferred | $0 | $0 | $1,152 | $400 | $0 | $1,016 | $677 |
For Funds with fiscal period ending October 31 | |||||||
Contrarian Asia Pacific Fund | $865 | $922 | $1,148 | $915 | $915 | $872 | $710 |
Amount Deferred | $0 | $0 | $714 | $167 | $0 | $155 | $355 |
Contrarian Europe Fund | $1,244 | $1,326 | $1,649 | $1,315 | $1,315 | $1,254 | $1,021 |
Amount Deferred | $0 | $0 | $1,026 | $240 | $0 | $223 | $510 |
Select Global Equity Fund | $1,276 | $1,361 | $1,695 | $1,350 | $1,350 | $1,287 | $1,050 |
Amount Deferred | $0 | $0 | $1,054 | $246 | $0 | $226 | $525 |
Seligman Global Technology Fund | $2,103 | $2,243 | $2,790 | $2,226 | $2,226 | $2,120 | $1,734 |
Amount Deferred | $0 | $0 | $1,737 | $407 | $0 | $368 | $867 |
(a) | Mr. Boudreau served as Trustee until December 31, 2019, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
(b) | Mr. Carmichael served as Trustee until December 31, 2018, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
(c) | Mr. Gallagher and Ms. Yeager each became a Trustee effective December 31, 2017, and as such have received no compensation from the Funds or the Columbia Funds Complex prior to such date. |
(d) | For the period from March 5, 2018 (commencement of operations) to February 28, 2019. |
Fund | Aggregate Compensation from Fund Independent Trustees | ||||||
Hawkins (a) | Paglia | Santomero | Shaw | Taft (b) | Taunton-Rigby (a) | Yeager (c) | |
For Funds with fiscal period ending January 31 | |||||||
Capital Allocation Aggressive Portfolio | N/A | $1,831 | $1,791 | $1,737 | N/A | N/A | $1,711 |
Amount Deferred | N/A | $1,418 | $0 | $869 | N/A | N/A | $855 |
Capital Allocation Conservative Portfolio | N/A | $1,032 | $1,013 | $969 | N/A | N/A | $960 |
Amount Deferred | N/A | $804 | $0 | $485 | N/A | N/A | $480 |
Capital Allocation Moderate Aggressive Portfolio | N/A | $3,519 | $3,442 | $3,340 | N/A | N/A | $3,289 |
Amount Deferred | N/A | $2,724 | $0 | $1,670 | N/A | N/A | $1,644 |
Capital Allocation Moderate Conservative Portfolio | N/A | $1,615 | $1,580 | $1,533 | N/A | N/A | $1,510 |
Amount Deferred | N/A | $1,251 | $0 | $767 | N/A | N/A | $755 |
Capital Allocation Moderate Portfolio | N/A | $2,808 | $2,746 | $2,665 | N/A | N/A | $2,624 |
Amount Deferred | N/A | $2,175 | $0 | $1,333 | N/A | N/A | $1,312 |
Global Strategic Equity Fund | N/A | $1,741 | $1,703 | $1,652 | N/A | N/A | $1,627 |
Statement of Additional Information – January 1, 2020 | 148 |
Fund | Aggregate Compensation from Fund Independent Trustees | ||||||
Hawkins (a) | Paglia | Santomero | Shaw | Taft (b) | Taunton-Rigby (a) | Yeager (c) | |
Amount Deferred | N/A | $1,347 | $0 | $826 | N/A | N/A | $813 |
Income Builder Fund | N/A | $2,408 | $2,354 | $2,286 | N/A | N/A | $2,250 |
Amount Deferred | N/A | $1,867 | $0 | $1,143 | N/A | N/A | $1,125 |
For Funds with fiscal period ending February 28/29 | |||||||
Convertible Securities Fund | N/A | $1,990 | $1,944 | $1,886 | N/A | N/A | $1,856 |
Amount Deferred | N/A | $1,577 | $0 | $943 | N/A | N/A | $928 |
Global Equity Value Fund | N/A | $1,823 | $1,781 | $1,726 | N/A | N/A | $1,698 |
Amount Deferred | N/A | $1,439 | $0 | $863 | N/A | N/A | $849 |
Large Cap Enhanced Core Fund | N/A | $1,386 | $1,354 | $1,314 | N/A | N/A | $1,293 |
Amount Deferred | N/A | $1,098 | $0 | $657 | N/A | N/A | $646 |
Large Cap Growth Fund III | N/A | $2,817 | $2,754 | $2,667 | N/A | N/A | $2,624 |
Amount Deferred | N/A | $2,221 | $0 | $1,333 | N/A | N/A | $1,312 |
Large Cap Index Fund | N/A | $5,099 | $4,983 | $4,825 | N/A | N/A | $4,748 |
Amount Deferred | N/A | $4,021 | $0 | $2,413 | N/A | N/A | $2,374 |
Mid Cap Index Fund | N/A | $6,263 | $6,121 | $5,922 | N/A | N/A | $5,828 |
Amount Deferred | N/A | $4,931 | $0 | $2,961 | N/A | N/A | $2,914 |
Overseas Core Fund(d) | N/A | $1,000 | $983 | $943 | N/A | N/A | $935 |
Amount Deferred | N/A | $798 | $0 | $472 | N/A | N/A | $467 |
Overseas Value Fund | N/A | $2,439 | $2,382 | $2,313 | N/A | N/A | $2,276 |
Amount Deferred | N/A | $1,946 | $0 | $1,157 | N/A | N/A | $1,138 |
Select Global Growth Fund | N/A | $987 | $965 | $934 | N/A | N/A | $919 |
Amount Deferred | N/A | $780 | $0 | $467 | N/A | N/A | $460 |
Select International Equity Fund | N/A | $1,239 | $1,211 | $1,173 | N/A | N/A | $1,154 |
Amount Deferred | N/A | $978 | $0 | $586 | N/A | N/A | $577 |
Select Large Cap Equity Fund | N/A | $1,658 | $1,619 | $1,571 | N/A | N/A | $1,545 |
Amount Deferred | N/A | $1,311 | $0 | $785 | N/A | N/A | $773 |
Select Mid Cap Value Fund | N/A | $3,042 | $2,973 | $2,878 | N/A | N/A | $2,831 |
Amount Deferred | N/A | $2,390 | $0 | $1,439 | N/A | N/A | $1,416 |
Small Cap Index Fund | N/A | $5,906 | $5,772 | $5,587 | N/A | N/A | $5,499 |
Amount Deferred | N/A | $4,660 | $0 | $2,793 | N/A | N/A | $2,750 |
Small Cap Value Fund II | N/A | $2,642 | $2,582 | $2,499 | N/A | N/A | $2,459 |
Amount Deferred | N/A | $2,081 | $0 | $1,250 | N/A | N/A | $1,230 |
For Funds with fiscal period ending March 31 | |||||||
Short Term Bond Fund | N/A | $2,341 | $2,288 | $2,221 | N/A | N/A | $2,185 |
Amount Deferred | N/A | $1,907 | $0 | $1,111 | N/A | N/A | $1,093 |
For Funds with fiscal period ending April 30 | |||||||
CA Intermediate Municipal Bond Fund | N/A | $1,400 | $1,348 | $1,306 | N/A | N/A | $1,307 |
Amount Deferred | N/A | $1,173 | $0 | $653 | N/A | N/A | $653 |
GA Intermediate Municipal Bond Fund | N/A | $978 | $942 | $913 | N/A | N/A | $913 |
Amount Deferred | N/A | $819 | $0 | $456 | N/A | N/A | $456 |
Global Infrastructure Fund | N/A | $1,193 | $1,149 | $1,113 | N/A | N/A | $1,113 |
Amount Deferred | N/A | $997 | $0 | $556 | N/A | N/A | $556 |
MD Intermediate Municipal Bond Fund | N/A | $990 | $954 | $924 | N/A | N/A | $924 |
Amount Deferred | N/A | $829 | $0 | $462 | N/A | N/A | $462 |
NC Intermediate Municipal Bond Fund | N/A | $1,118 | $1,077 | $1,044 | N/A | N/A | $1,044 |
Amount Deferred | N/A | $937 | $0 | $522 | N/A | N/A | $522 |
SC Intermediate Municipal Bond Fund | N/A | $1,053 | $1,014 | $983 | N/A | N/A | $983 |
Amount Deferred | N/A | $882 | $0 | $491 | N/A | N/A | $491 |
Short Term Municipal Bond Fund | N/A | $2,142 | $2,064 | $1,998 | N/A | N/A | $1,997 |
Amount Deferred | N/A | $1,788 | $0 | $999 | N/A | N/A | $998 |
VA Intermediate Municipal Bond Fund | N/A | $1,103 | $1,062 | $1,029 | N/A | N/A | $1,029 |
Statement of Additional Information – January 1, 2020 | 149 |
Fund | Aggregate Compensation from Fund Independent Trustees | ||||||
Hawkins (a) | Paglia | Santomero | Shaw | Taft (b) | Taunton-Rigby (a) | Yeager (c) | |
Amount Deferred | N/A | $923 | $0 | $515 | N/A | N/A | $515 |
For Funds with fiscal period ending May 31 | |||||||
Commodity Strategy Fund | N/A | $1,392 | $1,341 | $1,290 | N/A | N/A | $1,291 |
Amount Deferred | N/A | $1,184 | $0 | $645 | N/A | N/A | $645 |
Dividend Opportunity Fund | N/A | $4,468 | $4,305 | $4,166 | N/A | N/A | $4,165 |
Amount Deferred | N/A | $3,790 | $0 | $2,083 | N/A | N/A | $2,083 |
Flexible Capital Income Fund | N/A | $1,861 | $1,789 | $1,741 | N/A | N/A | $1,742 |
Amount Deferred | N/A | $1,594 | $0 | $871 | N/A | N/A | $871 |
High Yield Bond Fund | N/A | $2,910 | $2,805 | $2,713 | N/A | N/A | $2,713 |
Amount Deferred | N/A | $2,470 | $0 | $1,357 | N/A | N/A | $1,356 |
Large Cap Value Fund | N/A | $3,393 | $3,268 | $3,165 | N/A | N/A | $3,164 |
Amount Deferred | N/A | $2,881 | $0 | $1,582 | N/A | N/A | $1,582 |
MM Value Strategies Fund | N/A | $4,476 | $4,311 | $4,172 | N/A | N/A | $4,172 |
Amount Deferred | N/A | $3,802 | $0 | $2,086 | N/A | N/A | $2,086 |
Mortgage Opportunities Fund | N/A | $1,885 | $1,804 | $1,772 | N/A | N/A | $1,776 |
Amount Deferred | N/A | $1,645 | $0 | $886 | N/A | N/A | $888 |
Quality Income Fund | N/A | $3,157 | $3,039 | $2,946 | N/A | N/A | $2,947 |
Amount Deferred | N/A | $2,693 | $0 | $1,473 | N/A | N/A | $1,473 |
Select Large Cap Value Fund | N/A | $2,268 | $2,182 | $2,119 | N/A | N/A | $2,119 |
Amount Deferred | N/A | $1,934 | $0 | $1,060 | N/A | N/A | $1,060 |
Select Small Cap Value Fund | N/A | $1,643 | $1,583 | $1,532 | N/A | N/A | $1,532 |
Amount Deferred | N/A | $1,393 | $0 | $766 | N/A | N/A | $766 |
Seligman Communications and Information Fund | N/A | $8,053 | $7,757 | $7,504 | N/A | N/A | $7,506 |
Amount Deferred | N/A | $6,842 | $0 | $3,752 | N/A | N/A | $3,753 |
Small/Mid Cap Value Fund | N/A | $1,814 | $1,748 | $1,691 | N/A | N/A | $1,691 |
Amount Deferred | N/A | $1,540 | $0 | $846 | N/A | N/A | $846 |
For Funds with fiscal period ending July 31 | |||||||
Disciplined Core Fund | N/A | $6,486 | $5,778 | $5,871 | N/A | N/A | $5,873 |
Amount Deferred | N/A | $5,899 | $0 | $2,936 | N/A | N/A | $2,937 |
Disciplined Growth Fund | N/A | $1,594 | $1,425 | $1,447 | N/A | N/A | $1,447 |
Amount Deferred | N/A | $1,441 | $0 | $724 | N/A | N/A | $723 |
Disciplined Value Fund | N/A | $1,923 | $1,718 | $1,746 | N/A | N/A | $1,746 |
Amount Deferred | N/A | $1,739 | $0 | $873 | N/A | N/A | $873 |
Floating Rate Fund | N/A | $2,520 | $2,254 | $2,291 | N/A | N/A | $2,290 |
Amount Deferred | N/A | $2,284 | $0 | $1,145 | N/A | N/A | $1,145 |
Global Opportunities Fund | N/A | $1,678 | $1,497 | $1,521 | N/A | N/A | $1,521 |
Amount Deferred | N/A | $1,522 | $0 | $760 | N/A | N/A | $760 |
Government Money Market Fund | N/A | $1,712 | $1,529 | $1,554 | N/A | N/A | $1,553 |
Amount Deferred | N/A | $1,555 | $0 | $777 | N/A | N/A | $777 |
Income Opportunities Fund | N/A | $2,575 | $2,301 | $2,338 | N/A | N/A | $2,337 |
Amount Deferred | N/A | $2,330 | $0 | $1,169 | N/A | N/A | $1,169 |
Inflation Protected Securities Fund | N/A | $1,128 | $1,003 | $1,019 | N/A | N/A | $1,019 |
Amount Deferred | N/A | $1,025 | $0 | $510 | N/A | N/A | $510 |
Limited Duration Credit Fund | N/A | $1,706 | $1,518 | $1,542 | N/A | N/A | $1,542 |
Amount Deferred | N/A | $1,551 | $0 | $771 | N/A | N/A | $771 |
MN Tax-Exempt Fund | N/A | $1,726 | $1,535 | $1,560 | N/A | N/A | $1,560 |
Amount Deferred | N/A | $1,569 | $0 | $780 | N/A | N/A | $780 |
Strategic Municipal Income Fund | N/A | $2,923 | $2,583 | $2,624 | N/A | N/A | $2,626 |
Amount Deferred | N/A | $2,671 | $0 | $1,312 | N/A | N/A | $1,313 |
For Funds with fiscal period ending August 31 | |||||||
Emerging Markets Bond Fund | N/A | $1,493 | $1,332 | $1,353 | N/A | N/A | $1,353 |
Statement of Additional Information – January 1, 2020 | 150 |
Fund | Aggregate Compensation from Fund Independent Trustees | ||||||
Hawkins (a) | Paglia | Santomero | Shaw | Taft (b) | Taunton-Rigby (a) | Yeager (c) | |
Amount Deferred | N/A | $1,373 | $0 | $677 | N/A | N/A | $676 |
For Funds with fiscal period ending October 31 | |||||||
Contrarian Asia Pacific Fund | $199 | $900 | $908 | $872 | $155 | $162 | $710 |
Amount Deferred | $49 | $675 | $15 | $436 | $0 | $0 | $355 |
Contrarian Europe Fund | $286 | $1,295 | $1,305 | $1,254 | $223 | $233 | $1,021 |
Amount Deferred | $71 | $971 | $22 | $627 | $0 | $0 | $510 |
Select Global Equity Fund | $291 | $1,329 | $1,340 | $1,287 | $226 | $237 | $1,050 |
Amount Deferred | $72 | $997 | $23 | $644 | $0 | $0 | $525 |
Seligman Global Technology Fund | $475 | $2,191 | $2,209 | $2,120 | $368 | $386 | $1,734 |
Amount Deferred | $118 | $1,643 | $37 | $1,060 | $0 | $0 | $867 |
(a) | Mr. Hawkins and Ms. Taunton-Rigby each served as Trustee until January 1, 2018, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
(b) | Mr. Taft served as a Trustee from January 1, 2017 through January 1, 2018. Mr. Taft received no compensation from the Funds or the Columbia Funds Complex prior to January 1, 2017 or subsequent to January 1, 2018. |
(c) | Mr. Gallagher and Ms. Yeager each became a Trustee effective December 31, 2017, and as such have received no compensation from the Funds or the Columbia Funds Complex prior to such date. |
(d) | For the period from March 5, 2018 (commencement of operations) to February 28, 2019. |
Statement of Additional Information – January 1, 2020 | 151 |
Statement of Additional Information – January 1, 2020 | 152 |
Statement of Additional Information – January 1, 2020 | 153 |
Statement of Additional Information – January 1, 2020 | 154 |
Total Brokerage Commissions | |||
Fund | 2019 | 2018 | 2017 |
For Funds with fiscal period ending January 31 | |||
Capital Allocation Aggressive Portfolio | $50,495 | $52,011 | $43,196 |
Capital Allocation Conservative Portfolio | 11,138 | 13,296 | 14,626 |
Capital Allocation Moderate Aggressive Portfolio | 133,431 | 134,582 | 124,712 |
Capital Allocation Moderate Conservative Portfolio | 25,566 | 28,241 | 31,168 |
Capital Allocation Moderate Portfolio | 91,348 | 98,484 | 89,450 |
Statement of Additional Information – January 1, 2020 | 155 |
Total Brokerage Commissions | |||
Fund | 2019 | 2018 | 2017 |
Global Strategic Equity Fund | $98,437 | $121,138 | $214,031 |
Income Builder Fund | 0 | 0 | 0 |
For Funds with fiscal period ending February 28/29 | |||
Convertible Securities Fund | 24,062 | 26,201 | 59,787 |
Global Equity Value Fund | 340,537 | 476,271 | 564,661 |
Large Cap Enhanced Core Fund | 281,787 | 235,270 | 281,680 |
Large Cap Growth Fund III | 248,217 | 440,798 | 350,175 |
Large Cap Index Fund | 123,803 | 94,678 | 40,009 |
Mid Cap Index Fund | 142,237 | 157,834 | 82,253 |
Overseas Core Fund | 243,820 (a) | N/A | N/A |
Overseas Value Fund | 1,969,871 | 1,226,674 | 1,151,141 |
Select Global Growth Fund | 48,585 | 42,742 | 44,478 |
Select International Equity Fund | 146,902 | 226,255 | 691,211 |
Select Large Cap Equity Fund | 300,372 | 358,470 | 297,715 |
Select Mid Cap Value Fund | 1,566,232 | 2,017,947 | 1,755,839 |
Small Cap Index Fund | 274,140 | 77,566 | 151,667 |
Small Cap Value Fund II | 1,064,776 | 1,822,605 | 2,410,619 |
For Funds with fiscal period ending March 31 | |||
Short Term Bond Fund | 18,221 | 7,442 | 13,117 |
For Funds with fiscal period ending April 30 | |||
CA Intermediate Municipal Bond Fund | 0 | 0 | 0 |
GA Intermediate Municipal Bond Fund | 0 | 0 | 0 |
Global Infrastructure Fund | 221,382 | 175,556 | 145,990 |
MD Intermediate Municipal Bond Fund | 0 | 0 | 0 |
NC Intermediate Municipal Bond Fund | 0 | 0 | 0 |
SC Intermediate Municipal Bond Fund | 0 | 0 | 0 |
Short Term Municipal Bond Fund | 0 | 760 | 463 |
VA Intermediate Municipal Bond Fund | 0 | 0 | 0 |
For Funds with fiscal period ending May 31 | |||
Commodity Strategy Fund | 0 | 0 | 0 |
Dividend Opportunity Fund | 2,211,986 | 2,948,160 | 2,383,253 |
Flexible Capital Income Fund | 192,059 | 151,250 | 132,207 |
High Yield Bond Fund | 9,322 | 14,553 | 7,865 |
Large Cap Value Fund | 654,124 | 569,649 | 1,016,121 |
MM Value Strategies Fund | 417,563 | 516,248 | 1,314,613 |
Mortgage Opportunities Fund | 514,665 | 122,445 | 140,893 |
Quality Income Fund | 150,258 | 162,474 | 237,721 |
Select Large Cap Value Fund | 248,586 | 173,234 | 199,959 |
Select Small Cap Value Fund | 228,614 | 398,562 | 415,534 |
Seligman Communications and Information Fund | 2,507,342 | 2,632,123 | 3,511,773 |
Small/Mid Cap Value Fund | 403,935 | 818,161 | 1,260,099 |
For Funds with fiscal period ending July 31 | |||
Disciplined Core Fund | 1,987,537 | 2,218,729 | 2,442,698 |
Statement of Additional Information – January 1, 2020 | 156 |
Total Brokerage Commissions | |||
Fund | 2019 | 2018 | 2017 |
Disciplined Growth Fund | $216,666 | $295,635 | $229,056 |
Disciplined Value Fund | 557,464 | 585,279 | 764,077 |
Floating Rate Fund | 3,605 | 5,978 | 5,936 |
Global Opportunities Fund | 309,523 | 309,247 | 396,313 |
Government Money Market Fund | 0 | 0 | 0 |
Income Opportunities Fund | 9,693 | 19,280 | 15,972 |
Inflation Protected Securities Fund | 4,622 | 2,989 | 10,475 |
Limited Duration Credit Fund | 47,008 | 44,944 | 36,493 |
MN Tax-Exempt Fund | 1,160 | 1,480 | 0 |
Strategic Municipal Income Fund | 56,886 | 19,355 | 15,122 |
For Funds with fiscal period ending August 31 | |||
Emerging Markets Bond Fund | 2,877 | 1,392 | 494 (b) |
Fund | 2018 | 2017 | 2016 |
For Funds with fiscal period ending October 31 | |||
Contrarian Asia Pacific Fund | 71,608 | 59,274 | 72,428 |
Contrarian Europe Fund | 299,376 | 432,394 | 594,925 |
Select Global Equity Fund | 368,347 | 434,078 | 571,796 |
Seligman Global Technology Fund | 467,621 | 989,119 | 521,091 |
(a) | For the period from March 5, 2018 (commencement of operations) to February 28, 2019. |
(b) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – January 1, 2020 | 157 |
Brokerage directed for research | ||
Fund | Amount of Transactions | Amount of Commissions Imputed or Paid |
For Funds with fiscal period ending January 31 | ||
Capital Allocation Aggressive Portfolio | $3,468,422 (a) | $3,541 (a) |
Capital Allocation Conservative Portfolio | 799,085 (a) | 761 (a) |
Capital Allocation Moderate Aggressive Portfolio | 7,017,179 (a) | 6,816 (a) |
Capital Allocation Moderate Conservative Portfolio | 1,317,300 (a) | 1,248 (a) |
Capital Allocation Moderate Portfolio | 6,587,065 (a) | 6,506 (a) |
Global Strategic Equity Fund | 8,351,794 (a) | 6,639 (a) |
Income Builder Fund | 0 (a) | 0 (a) |
For Funds with fiscal period ending February 28/29 | ||
Convertible Securities Fund | 27,849,583 | 3,771 |
Global Equity Value Fund | 341,764,954 | 94,389 |
Large Cap Enhanced Core Fund | 341,336,107 | 59,880 |
Large Cap Growth Fund III | 644,611,887 | 83,774 |
Large Cap Index Fund | 981,103 | 1,027 |
Mid Cap Index Fund | 6,590,669 | 708 |
Overseas Core Fund | 115,315,219 (b) | 64,381 (b) |
Overseas Value Fund | 901,987,569 | 575,568 |
Select Global Growth Fund | 42,722,594 | 18,939 |
Select International Equity Fund | 0 | 0 |
Select Large Cap Equity Fund | 407,461,572 | 60,460 |
Select Mid Cap Value Fund | 1,766,842,578 | 410,343 |
Small Cap Index Fund | 553,623 | 149 |
Small Cap Value Fund II | 630,313,104 | 273,859 |
For Funds with fiscal period ending March 31 | ||
Short Term Bond Fund | 0 | 0 |
For Funds with fiscal period ending April 30 | ||
CA Intermediate Municipal Bond Fund | 0 | 0 |
GA Intermediate Municipal Bond Fund | 0 | 0 |
Global Infrastructure Fund | 186,354,869 | 158,257 |
MD Intermediate Municipal Bond Fund | 0 | 0 |
NC Intermediate Municipal Bond Fund | 0 | 0 |
SC Intermediate Municipal Bond Fund | 0 | 0 |
Short Term Municipal Bond Fund | 0 | 0 |
VA Intermediate Municipal Bond Fund | 0 | 0 |
For Funds with fiscal period ending May 31 | ||
Commodity Strategy Fund | 0 | 0 |
Dividend Opportunity Fund | 2,701,301,257 | 638,264 |
Flexible Capital Income Fund | 221,140,232 | 46,641 |
High Yield Bond Fund | 0 | 0 |
Large Cap Value Fund | 802,998,524 | 177,034 |
MM Value Strategies Fund | 282,039,106 | 40,645 |
Statement of Additional Information – January 1, 2020 | 158 |
Brokerage directed for research | ||
Fund | Amount of Transactions | Amount of Commissions Imputed or Paid |
Mortgage Opportunities Fund | $0 | $0 |
Quality Income Fund | 0 | 0 |
Select Large Cap Value Fund | 76,612,896 | 30,669 |
Select Small Cap Value Fund | 67,183,060 | 42,087 |
Seligman Communications and Information Fund | 2,008,591,138 | 505,330 |
Small/Mid Cap Value Fund | 247,848,090 | 104,404 |
For Funds with fiscal period ending July 31 | ||
Disciplined Core Fund | 2,389,062,073 | 363,492 |
Disciplined Growth Fund | 373,659,722 | 52,430 |
Disciplined Value Fund | 553,593,279 | 108,665 |
Floating Rate Fund | 129,121 | 55 |
Global Opportunities Fund | 213,237,334 | 78,601 |
Government Money Market Fund | 0 | 0 |
Income Opportunities Fund | 0 | 0 |
Inflation Protected Securities Fund | 0 | 0 |
Limited Duration Credit Fund | 0 | 0 |
MN Tax-Exempt Fund | 0 | 0 |
Strategic Municipal Income Fund | 0 | 0 |
For Funds with fiscal period ending August 31 | ||
Emerging Markets Bond Fund | 0 | 0 |
For Funds with fiscal period ending October 31 | ||
Contrarian Asia Pacific Fund | 23,071,214 | 38,517 |
Contrarian Europe Fund | 0 | 0 |
Select Global Equity Fund | 0 | 0 |
Seligman Global Technology Fund | 219,355,428 | 161,794 |
(a) | The underlying funds may have directed transactions to firms in exchange for research services. |
(b) | For the period from March 5, 2018 (commencement of operations) to February 28, 2019. |
Fund | Issuer | Value of securities owned at end of fiscal period |
For Funds with fiscal period ending January 31, 2019 | ||
Capital Allocation Aggressive Portfolio | None | N/A |
Capital Allocation Conservative Portfolio | None | N/A |
Capital Allocation Moderate Aggressive Portfolio | None | N/A |
Capital Allocation Moderate Conservative Portfolio | None | N/A |
Capital Allocation Moderate Portfolio | None | N/A |
Global Strategic Equity Fund | Citigroup, Inc. | $221,162 |
Statement of Additional Information – January 1, 2020 | 159 |
Fund | Issuer | Value of securities owned at end of fiscal period |
Income Builder Fund | None | N/A |
For Funds with fiscal period ending February 28/29, 2019 | ||
Convertible Securities Fund | Credit Suisse AG | $9,069,372 |
Global Equity Value Fund | JPMorgan Chase & Co. | $27,515,140 |
Large Cap Enhanced Core Fund | Citigroup, Inc. | $7,210,546 |
Franklin Resources, Inc. | $1,539,192 | |
JPMorgan Chase & Co. | $4,466,608 | |
Large Cap Growth Fund III | Citigroup, Inc. | $15,407,088 |
The Charles Schwab Corp. | $11,777,548 | |
Large Cap Index Fund | Affiliated Managers Group, Inc. | $789,630 |
Ameriprise Financial, Inc. | $2,507,420 | |
Citigroup, Inc. | $21,357,996 | |
E*TRADE Financial Corp. | $1,702,403 | |
Franklin Resources, Inc. | $1,326,412 | |
The Goldman Sachs Group, Inc. | $9,302,336 | |
JPMorgan Chase & Co. | $47,438,925 | |
Morgan Stanley | $7,501,952 | |
PNC Financial Services Group, Inc.(The) | $7,948,459 | |
Raymond James Financial, Inc. (subsidiary) | $1,455,885 | |
The Charles Schwab Corp. | $7,559,167 | |
Mid Cap Index Fund | Eaton Vance Corp. | $11,841,541 |
Legg Mason, Inc. | $6,074,348 | |
Primerica, Inc. | $13,036,045 | |
Stifel Financial Corp. | $9,517,630 | |
Overseas Core Fund | None | N/A |
Overseas Value Fund | None | N/A |
Select Global Growth Fund | The Charles Schwab Corp. | $1,072,033 |
Select International Equity Fund | None | N/A |
Select Large Cap Equity Fund | Citigroup, Inc. | $12,478,083 |
JPMorgan Chase & Co. | $17,262,292 | |
Select Mid Cap Value Fund | None | N/A |
Small Cap Index Fund | Investment Technology Group, Inc. | $5,471,721 |
Piper Jaffray Companies | $5,677,114 | |
Small Cap Value Fund II | None | N/A |
For Funds with fiscal period ending March 31, 2019 | ||
Short Term Bond Fund | The Goldman Sachs Group, Inc. | $8,922,227 |
JPMorgan Chase & Co. | $10,342,564 | |
Morgan Stanley | $7,642,914 | |
PNC Bank NA | $3,993,888 | |
For Funds with fiscal period ending April 30, 2019 | ||
CA Intermediate Municipal Bond Fund | None | N/A |
GA Intermediate Municipal Bond Fund | None | N/A |
Global Infrastructure Fund | None | N/A |
MD Intermediate Municipal Bond Fund | None | N/A |
NC Intermediate Municipal Bond Fund | None | N/A |
SC Intermediate Municipal Bond Fund | None | N/A |
Short Term Municipal Bond Fund | None | N/A |
VA Intermediate Municipal Bond Fund | None | N/A |
Statement of Additional Information – January 1, 2020 | 160 |
Fund | Issuer | Value of securities owned at end of fiscal period |
For Funds with fiscal period ending May 31, 2019 | ||
Commodity Strategy Fund | None | N/A |
Dividend Opportunity Fund | JPMorgan Chase & Co. | $63,576,000 |
Flexible Capital Income Fund | Citigroup Capital XIII | $6,076,475 |
JPMorgan Chase & Co. | $9,536,400 | |
High Yield Bond Fund | None | N/A |
Large Cap Value Fund | Citigroup, Inc. | $45,636,745 |
JPMorgan Chase & Co. | $74,066,040 | |
Morgan Stanley | $30,366,784 | |
PNC Financial Services Group, Inc.(The) | $28,226,268 | |
MM Value Strategies Fund | Citigroup, Inc. | $59,805,826 |
Franklin Resources, Inc. | $1,305 | |
Goldman Sachs Group, Inc. (The) | $9,474,333 | |
Jefferies & Co., Inc. | $472,460 | |
JPMorgan Chase & Co. | $83,121,911 | |
Morgan Stanley | $25,910,619 | |
PNC Financial Services Group, Inc.(The) | $26,147,094 | |
Mortgage Opportunities Fund | Citigroup Mortgage Loan Trust, Inc. | $5,963,851 |
Credit Suisse Mortgage Capital Certificates | $31,711,270 | |
Credit Suisse ABS Trust | $3,040,211 | |
JPMorgan Chase Commercial Mortgage Securities Trust | $39,216,583 | |
Morgan Stanley Capital I Trust | $6,319,854 | |
Morgan Stanley Resecuritization Trust | $17,820,000 | |
Quality Income Fund | Citigroup Mortgage Loan Trust, Inc. | $11,670,816 |
Credit Suisse Mortgage Capital Certificates | $9,261,242 | |
Credit Suisse Mortgage Capital Certificates OA LLC | $24,350,079 | |
JPMorgan Chase Commercial Mortgage Securities Trust | $5,067,013 | |
Morgan Stanley Resecuritization Pass-Through Trust | $4,900,000 | |
Select Large Cap Value Fund | Citigroup, Inc. | $31,858,090 |
JPMorgan Chase & Co. | $33,621,108 | |
Morgan Stanley | $24,331,359 | |
Select Small Cap Value Fund | None | N/A |
Seligman Communications and Information Fund | None | N/A |
Small/Mid Cap Value Fund | E*TRADE Financial Corp. | $5,913,600 |
For Funds with fiscal period ending July 31, 2019 | ||
Disciplined Core Fund | Citigroup, Inc. | $111,927,564 |
Franklin Resources, Inc. | $43,339,166 | |
Morgan Stanley | $4,518,384 | |
Disciplined Growth Fund | None | N/A |
Disciplined Value Fund | Citigroup, Inc. | $21,824,772 |
Franklin Resources, Inc. | $4,532,307 | |
JPMorgan Chase & Co. | $7,551,600 | |
Floating Rate Fund | None | N/A |
Global Opportunities Fund | Chase Corp. | $44,539 |
Citigroup, Inc. | $3,983,750 | |
JPMorgan Chase & Co. | $4,794,860 | |
Government Money Market Fund | None | N/A |
Statement of Additional Information – January 1, 2020 | 161 |
Fund | Issuer | Value of securities owned at end of fiscal period |
Income Opportunities Fund | None | N/A |
Inflation Protected Securities Fund | Citigroup, Inc. | $158,744 |
The Goldman Sachs Group, Inc. | $264,593 | |
JPMorgan Chase & Co. | $759,190 | |
Limited Duration Credit Fund | The Goldman Sachs Group, Inc. | $7,145,974 |
MN Tax-Exempt Fund | None | N/A |
Strategic Municipal Income Fund | None | N/A |
For Funds with fiscal period ending August 31, 2019 | ||
Emerging Markets Bond Fund | None | N/A |
For Funds with fiscal period ending October 31, 2018 | ||
Contrarian Asia Pacific Fund | None | N/A |
Contrarian Europe Fund | None | N/A |
Select Global Equity Fund | Charles Schwab | $5,294,757 |
Seligman Global Technology Fund | None | N/A |
Statement of Additional Information – January 1, 2020 | 162 |
Statement of Additional Information – January 1, 2020 | 163 |
■ | For equity, alternative and flexible funds (other than the equity funds identified below) and funds-of-funds (equity and fixed income), a complete list of Fund portfolio holdings as of month-end is posted approximately, but no earlier than, 15 calendar days after such month-end. |
■ | For Columbia Small Cap Growth Fund I and Columbia Variable Portfolio – Small Company Growth Fund, a complete list of Fund portfolio holdings as of month-end is posted approximately, but no earlier than, 30 calendar days after such month-end. |
■ | For fixed-income Funds (other than money market funds), a complete list of Fund portfolio holdings as of calendar quarter-end is posted approximately, but no earlier than, 30 calendar days after such quarter-end. |
■ | For money market Funds, a complete list of Fund portfolio holdings as of month-end is posted no later than five business days after such month-end. Such month-end holdings are continuously available on the website for at least six months, together with a link to an SEC webpage where a user of the website may obtain access to the Fund’s most recent 12 months of publicly available filings on Form N-MFP. Money market Fund portfolio holdings information posted on the website, at minimum, includes with respect to each holding, the name of the issuer, the category of investment (e.g., Treasury debt, government agency debt, asset backed commercial paper, structured investment vehicle note), the CUSIP number (if any), the principal amount, the maturity date (as determined under Rule 2a-7 for purposes of calculating weighted average maturity), the final maturity date (if different from the maturity date previously described), coupon or yield and the value. The money market Funds will also disclose on the website its overall weighted average maturity, weighted average life maturity, percentage of daily liquid assets, percentage of weekly liquid assets and daily inflows and outflows. |
Statement of Additional Information – January 1, 2020 | 164 |
Statement of Additional Information – January 1, 2020 | 165 |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
Recipients under arrangements with the Funds or Investment Manager: | ||||
Accudelta | Used to report returns and analytics to client facing materials. | Monthly | ||
BlackRock, Inc. | Used for front office trading, risk and analytics as well as back office settlements and trade routing. | Daily | ||
Black Mountain | Used for front office bank loan analytics, trading and compliance. | Daily | ||
Bloomberg, L.P. | Used for portfolio analytics, statistical analysis and independent research. | Daily, Monthly and Quarterly | ||
Bolger, Inc. | Used for commercial printing. | As Needed | ||
Boston Investors Communications Group, LLC (BICG) | Used for writing services that require disclosing portfolio holdings in advance of their dissemination to the general public. | Monthly | ||
Capital Markets Services (CMS) Group | Used for intraday post-trade information when equity exposures (either via futures or options trades) are modified beyond certain limits for VP – Managed Volatility Funds. | As Needed | ||
Catapult ME, Inc. | Used for commercial printing. | As Needed | ||
Citigroup, Inc. | Used for mortgage decision support. | Daily | ||
Curtis 1000 | Used for commercial printing. | As Needed | ||
Donnelley Financial Solutions | Used to provide Edgar filing and typesetting services, and printing of prospectuses, factsheets, annual and semi-annual reports. | As Needed | ||
Elevation Exhibits & Events | Used for trade show exhibits. | As Needed | ||
Equifax, Inc. | Used to ensure that Columbia Management does not violate the Office of Foreign Assets Control (OFAC) sanction requirements. | Daily | ||
Ernst & Young, LLP | Used to analyze PFIC investments. | Monthly | ||
Eze Software Group, LLC | Used to facilitate the evaluation of commission rates and to provide flexible commission reporting. | Daily |
Statement of Additional Information – January 1, 2020 | 166 |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
FactSet Research Systems, Inc. | Used to calculate portfolio performance attribution, portfolio analytics, data for fundamental research, and general market news and analysis. | Daily | ||
Fidelity National Information Services, Inc. | Used as portfolio accounting system. | Daily | ||
Goldman Sachs Asset Management, L.P., as agent to KPMG LLP | Holdings by Columbia Contrarian Core Fund and Columbia High Yield Bond Fund in certain audit clients of KPMG LLP to assist the accounting firm in complying with its regulatory obligations relating to independence of its audit clients. | Monthly | ||
Harte-Hanks, Inc. | Used for printing of prospectuses, factsheets, annual and semi-annual reports. | As Needed | ||
IHS Markit, Ltd. | Used for an asset database for analytics and investor reporting. | As Needed | ||
Imagine! Print Solutions | Used for commercial printing. | As Needed | ||
Institutional Shareholder Services Inc. (ISS) | Used for proxy voting administration and research on proxy matters. | Daily | ||
Intex Solutions Inc. | Used to provide mortgage analytics. | Periodic | ||
Investment Company Institute (ICI) | Disclosure of Form N-PORT data. | As Needed | ||
Investment Technology Group, Inc. | Used to evaluate and assess trading activity, execution and practices. | Quarterly | ||
Investortools, Inc. | Used for municipal bond analytics, research and decision support. | As Needed | ||
JDP Marketing Services | Used to write or edit Columbia Fund shareholder reports, quarterly fund commentaries, and communications, including shareholder letters and management’s discussion of Columbia Fund performance. | Monthly and As Needed | ||
John Roberts, Inc. | Used for commercial printing. | As Needed | ||
Kendall Press | Used for commercial printing. | As Needed | ||
Kynex, Inc. | Used to provide portfolio attribution reports for the Columbia Convertible Securities Fund. Used also for portfolio analytics. | Daily | ||
Malaspina Communications, LLC | Used to facilitate writing management’s discussion of Columbia Fund performance for Columbia Fund shareholder reports and periodic marketing communications. | Monthly | ||
Merrill Corporation | Used for printing of prospectuses, factsheets, annual and semi-annual reports. | As Needed | ||
Morningstar Investment Services, LLC | Used for independent research and ranking of funds. Used also for statistical analysis. | As Needed | ||
MSCI, Inc. | Used as a hosted portfolio management platform designed for research, reporting, strategy development, portfolio construction and performance and risk attribution. Used for risk analysis and reporting. | Daily |
Statement of Additional Information – January 1, 2020 | 167 |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
NASDAQ | Used to evaluate and assess trading activity, execution and practices. | Daily | ||
R. R. Donnelley & Sons Co. | Used to provide printing and mailing services for prospectuses, annual and semi-annual reports and supplements. Used for commercial printing. | As Needed | ||
RegEd, Inc. | Used to review external and certain internal communications prior to dissemination. | Daily | ||
SEI Investments Company | Used for trading wrap accounts and to reconcile wrap accounts. | Daily | ||
SS&C Technologies, Inc. | Used to translate account positions for reconciliations. | Daily | ||
Sustainalytics US, Inc. | Used to affirm and validate social scoring methodology of Columbia U.S. Social Bond Fund’s investment strategy. | Quarterly | ||
S.W.I.F.T. Scrl. | Used to send trade messages via SWIFT to custodians. | Daily | ||
Thomson Reuters Corp. | Used for statistical analysis. | Monthly | ||
Universal Wilde | Used to provide printing and mailing services for prospectuses, annual and semi-annual reports, and supplements. | As Needed | ||
Visions, Inc. | Used for commercial printing. | As Needed | ||
Wilshire Associates, Inc. | Used to provide daily performance attribution reporting based on daily holdings to the investment and investment analytics teams. | Daily | ||
Wolters Kluwer N.V. | Used to perform tax calculations specific to wash sales and used to analyze tax straddles (diminution of risk). | Monthly |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
Recipients under arrangements with subadvisers: | ||||
Accudelta | Used by certain subadvisers as a central repository of product and position data that is signed-off and ready for and internal use and external distribution and compliance. | Monthly | ||
Ashland Partners & Co., LLP | Used by certain subadvisers for performance evaluation. | Annually | ||
Blackrock Inc. | Used by certain subadvisers for order management, and mandate monitoring. | Daily | ||
Citigroup, Inc. | Used by certain subadvisers for middle office operational services. | Daily | ||
Eze Software Group, LLC | Used by certain subadvisers for trade order and compliance management. | Daily | ||
FactSet Research Systems, Inc. | Used by certain subadvisers for analytics security master data. Used by certain subadvisers for performance reporting. | Daily | ||
SS&C Technologies, Inc. | Used by certain subadvisers for portfolio accounting systems. Used by certain subadvisers for portfolio management information systems. | Daily | ||
State Street Bank and Trust Company | Used by certain subadvisers for portfolio liquidity measurement services. | Monthly |
Statement of Additional Information – January 1, 2020 | 168 |
■ | ADP Broker-Dealer, Inc. |
■ | American Enterprise Investment Services Inc.* |
■ | American United Life Insurance Co. |
■ | Ameriprise Financial Services, Inc.* |
■ | Ascensus, Inc. |
■ | AXA Advisors |
■ | AXA Equitable Life Insurance |
■ | Bank of America, N.A. |
■ | Benefit Plan Administrators |
■ | Benefit Trust |
■ | BMO Harris Bank (f/k/a Marshall & Illsley Trust Company) |
■ | BNY Mellon, N.A. |
■ | Charles Schwab & Co., Inc. |
■ | Charles Schwab Trust Co. |
■ | Conduent HR Services LLC |
■ | Davenport & Company |
■ | Daily Access Concepts, Inc. |
■ | Digital Retirement Solutions |
■ | Edward D. Jones & Co., LP |
Statement of Additional Information – January 1, 2020 | 169 |
■ | ExpertPlan |
■ | Fidelity Brokerage Services, Inc. |
■ | Fidelity Investments Institutional Operations Co. |
■ | First Mercantile Trust Co. |
■ | Guardian Insurance and Annuity Company Inc. |
■ | Genworth Life and Annuity Insurance Company |
■ | Genworth Life Insurance Co. of New York |
■ | Goldman Sachs & Co. |
■ | GWFS Equities, Inc. |
■ | Hartford Life Insurance Company |
■ | HD Vest |
■ | Hewitt Associates LLC |
■ | ICMA Retirement Corporation |
■ | Janney Montgomery Scott, Inc. |
■ | JJB Hilliard Lyons |
■ | JP Morgan Securities LLC |
■ | John Hancock Life Insurance Company (USA) |
■ | John Hancock Life Insurance Company of New York |
■ | John Hancock Trust Company |
■ | Lincoln Life & Annuity Company of New York |
■ | Lincoln National Life Insurance Company |
■ | Lincoln Retirement Services |
■ | LPL Financial Corporation |
■ | Massachusetts Mutual Life Insurance Company |
■ | Mercer HR Services, LLC |
■ | Merrill Lynch, Pierce, Fenner & Smith Incorporated |
■ | Mid Atlantic Capital Corporation |
■ | Minnesota Life Insurance Co. |
■ | Morgan Stanley Smith Barney |
■ | MSCS Financial Services Division of Broadridge Business Process Outsourcing LLC |
■ | National Financial Services |
■ | Nationwide Investment Services |
■ | Newport Retirement Services, Inc. |
■ | New York State Deferred Compensation Plan |
■ | Oppenheimer & Co., Inc. |
■ | Plan Administrators, Inc. |
■ | PNC Bank |
■ | Principal Life Insurance Company of America |
■ | Prudential Insurance Company of America |
■ | Prudential Retirement Insurance & Annuity Company |
■ | Pershing LLC |
■ | Raymond James & Associates |
■ | RBC Capital Markets |
■ | Reliance Trust |
■ | Robert W. Baird & Co., Inc. |
■ | Sammons Retirement Solutions |
■ | SEI Private Trust Company |
■ | Standard Insurance Company |
■ | Stifel Nicolaus & Co. |
■ | TD Ameritrade Clearing, Inc. |
■ | TD Ameritrade Trust Company |
■ | The Retirement Plan Company |
■ | Teachers Insurance and Annuity Association of America |
■ | Transamerica Advisors Life Insurance Company |
■ | Transamerica Advisors Life Insurance Company of New York |
■ | Transamerica Financial Life Insurance Company |
■ | T. Rowe Price Group, Inc. |
■ | UBS Financial Services, Inc. |
■ | Unified Trust Company, N.A. |
■ | Upromise Investments, Inc. |
■ | US Bank NA |
■ | Vanguard Group, Inc. |
■ | VALIC Retirement Services Company |
■ | Voya Retirement Insurance and Annuity Company |
■ | Voya Institutional Plan Services, LLP |
■ | Voya Investments Distributors, LLC |
■ | Voya Financial Partners, LLC |
■ | Wells Fargo Clearing Services, LLC |
■ | Wells Fargo Advisors |
■ | Wells Fargo Bank, N.A. |
■ | Wilmington Trust Retirement & Institutional Services Company |
* | Ameriprise Financial affiliate |
Statement of Additional Information – January 1, 2020 | 170 |
■ | AIG Advisor Group |
■ | Ameriprise Financial Services, Inc.* |
■ | Bank of America, N.A. |
■ | Cetera Financial Group, Inc. |
■ | Citigroup Global Markets Inc./Citibank |
■ | Commonwealth Financial Network |
■ | Lincoln Financial Advisors Corp. |
■ | LPL Financial Corporation |
■ | Merrill Lynch, Pierce, Fenner & Smith Incorporated |
■ | Morgan Stanley Smith Barney |
■ | Northwestern Mutual Investment Services, LLC |
■ | Oppenheimer & Co., Inc. |
■ | PNC Investments |
■ | Raymond James & Associates, Inc. |
■ | Raymond James Financial Services, Inc. |
■ | UBS Financial Services Inc. |
■ | Unified Trust Company, N.A. |
■ | US Bancorp Investments, Inc. |
■ | Vanguard Marketing Corp. |
■ | Voya Financial Advisors, LLC |
■ | Wells Fargo Advisors |
■ | Wells Fargo Advisors Financial Network, LLC |
■ | Wells Fargo Clearing Services, LLC |
* | Ameriprise Financial affiliate |
Statement of Additional Information – January 1, 2020 | 171 |
Statement of Additional Information – January 1, 2020 | 172 |
Statement of Additional Information – January 1, 2020 | 173 |
Statement of Additional Information – January 1, 2020 | 174 |
Statement of Additional Information – January 1, 2020 | 175 |
Statement of Additional Information – January 1, 2020 | 176 |
Statement of Additional Information – January 1, 2020 | 177 |
Statement of Additional Information – January 1, 2020 | 178 |
Statement of Additional Information – January 1, 2020 | 179 |
Statement of Additional Information – January 1, 2020 | 180 |
Fund | Total Capital Loss Carryovers | Amount Expiring in | Amount not Expiring | |
2019 | Short-term | Long-term | ||
For Funds with fiscal period ending February 28/29 | ||||
Overseas Core Fund | $1,394,692 | $0 | $1,394,692 | $0 |
Overseas Value Fund | $280,431,437 | $0 | $0 | $280,431,437 |
Select International Equity Fund | $17,775,303 | $0 | $17,775,303 | $0 |
For Funds with fiscal period ending March 31 | ||||
Short Term Bond Fund | $19,706,835 | $0 | $8,713,009 | $10,993,826 |
For Funds with fiscal period ending April 30 | ||||
CA Intermediate Municipal Bond Fund | $4,406,469 | $0 | $4,406,469 | $0 |
GA Intermediate Municipal Bond Fund | $28,838 | $0 | $28,838 | $0 |
MD Intermediate Municipal Bond Fund | $80,673 | $0 | $0 | $80,673 |
NC Intermediate Municipal Bond Fund | $1,187,176 | $0 | $528,605 | $658,571 |
SC Intermediate Municipal Bond Fund | $270,491 | $0 | $263,447 | $7,044 |
Short Term Municipal Bond Fund | $5,647,653 | $0 | $718,691 | $4,928,962 |
For Funds with fiscal period ending May 31 | ||||
Commodity Strategy Fund | $286,776 | $0 | $286,776 | $0 |
Flexible Capital Income Fund | $4,501,722 | $0 | $4,501,722 | $0 |
High Yield Bond Fund | $34,102,638 | $0 | $18,657,208 | $15,445,430 |
Quality Income Fund | $32,192,326 | $0 | $0 | $32,192,326 |
Statement of Additional Information – January 1, 2020 | 181 |
Fund | Total Capital Loss Carryovers | Amount Expiring in | Amount not Expiring | |
2019 | Short-term | Long-term | ||
For Funds with fiscal period ending July 31 | ||||
Floating Rate Fund | $20,953,120 | $0 | $1,262,368 | $19,690,752 |
Income Opportunities Fund | $44,910,286 | $0 | $32,135,871 | $12,774,415 |
Inflation Protected Securities Fund | $11,334,441 | $0 | $1,339,874 | $9,994,567 |
Limited Duration Credit Fund | $23,391,108 | $0 | $2,819,222 | $20,571,886 |
MN Tax-Exempt Fund | $1,624,198 | $0 | $277,919 | $1,346,279 |
For Funds with fiscal period ending August 31 | ||||
Emerging Markets Bond Fund | $35,094,991 | $0 | $8,665,379 | $26,429,612 |
For Funds with fiscal period ending October 31 | ||||
Contrarian Asia Pacific Fund | $83,415,820 | $0 | $83,415,820 | $0 |
Select Global Equity Fund | $1,408,651 | $1,408,651 | $0 | $0 |
Statement of Additional Information – January 1, 2020 | 182 |
Statement of Additional Information – January 1, 2020 | 183 |
Statement of Additional Information – January 1, 2020 | 184 |
Statement of Additional Information – January 1, 2020 | 185 |
Statement of Additional Information – January 1, 2020 | 186 |
Statement of Additional Information – January 1, 2020 | 187 |
Certain Funds may qualify for and make the election; however, even if a Fund qualifies for the election for any year, it may determine not to make the election for such year. If a Fund does not so qualify or qualifies but does not so elect, then shareholders will not be entitled to claim a credit or deduction with respect to foreign taxes paid by or withheld from payments to the Fund. A Fund will notify its shareholders in written statements if it has elected for the foreign taxes paid by it to “pass through” for that year.
Statement of Additional Information – January 1, 2020 | 188 |
Statement of Additional Information – January 1, 2020 | 189 |
Statement of Additional Information – January 1, 2020 | 190 |
Statement of Additional Information – January 1, 2020 | 191 |
Statement of Additional Information – January 1, 2020 | 192 |
Statement of Additional Information – January 1, 2020 | 193 |
Statement of Additional Information – January 1, 2020 | 194 |
Statement of Additional Information – January 1, 2020 | 195 |
Statement of Additional Information – January 1, 2020 | 196 |
Statement of Additional Information – January 1, 2020 | 197 |
Statement of Additional Information – January 1, 2020 | 198 |
Fund | Class | Percentage of Class Beneficially Owned |
Contrarian Europe Fund | Institutional 2 Class | 35.61% |
Dividend Opportunity Fund | Institutional 2 Class | 1.17% |
Flexible Capital Income Fund | Institutional 2 Class | 1.57% |
Select Large Cap Value Fund | Institutional 2 Class | 1.49% |
Seligman Global Technology Fund | Institutional 2 Class | 1.16% |
Small/Mid Cap Value Fund | Institutional 2 Class | 6.91% |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Capital Allocation Aggressive Portfolio | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 91.30% | 87.52% |
Class C | 84.12% | |||
Class Inst | 45.15% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 6.50% | N/A | |
FIIOC FBO PROFIT SHARING PLAN 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class Inst3 | 9.61% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Inst2 | 35.34% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 7.29% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class Inst2 | 14.88% | N/A | |
Class R | 23.96% |
Statement of Additional Information – January 1, 2020 | 199 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MERRILL LYNCH, PIERCE, FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 | Class Inst | 5.77% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst3 | 69.10% | N/A | |
Class R | 15.91% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 61.07% | N/A | |
Class Inst2 | 14.12% | |||
Class Inst3 | 14.42% | |||
PAI TRUST COMPANY, INC. CURTSINGER ANIMAL HOSPITAL, LLC 1300 ENTERPRISE DR DE PERE WI 54115-4934 | Class R | 34.12% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 28.89% | N/A | |
Class Inst2 | 9.87% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 7.62% | N/A | |
Class Inst | 27.05% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 22.16% | N/A | |
TD AMERITRADE TRUST COMPANY PO BOX 17748 DENVER CO 80217-0748 | Class R | 13.49% | N/A | |
Capital Allocation Conservative Portfolio | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 83.13% | 76.48% |
Class C | 82.09% | |||
Class Inst | 40.97% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 25.10% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Inst2 | 43.68% | N/A | |
ICMA RETIREMENT CORPORATION 777 N CAPITOL ST NE STE 600 WASHINGTON DC 20002-4240 | Class Inst3 | 19.51% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 8.15% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class Inst2 | 5.44% | N/A | |
Class R | 9.18% | |||
MERRILL LYNCH, PIERCE, FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 | Class Adv | 48.23% | N/A | |
Class Inst | 21.02% | |||
Class R | 15.82% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst2 | 16.55% | N/A | |
Class Inst3 | 72.55% |
Statement of Additional Information – January 1, 2020 | 200 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 40.06% | N/A | |
Class Inst2 | 12.40% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 9.21% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class Inst | 7.18% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 18.04% | N/A | |
TD AMERITRADE TRUST COMPANY PO BOX 17748 DENVER CO 80217-0748 | Class R | 46.11% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 5.09% | N/A | |
YASUKO THOMAS TOD BENEFICIARY INFORMATION ON FILE 14510 RANCHEROS DR RENO NV 89521-7380 | Class Inst | 5.30% | N/A | |
Capital Allocation Moderate Aggressive Portfolio | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 64.18% | 58.55% |
Class C | 80.31% | |||
Class Inst | 10.38% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 15.42% | N/A | |
CHARLES SCHWAB BANK CUST WOODRIDGE CLINIC SC PS & 401K PLAN 2423 E LINCOLN DR PHOENIX AZ 85016-1215 | Class R | 15.57% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Inst2 | 39.64% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 62.41% | N/A | |
MERRILL LYNCH, PIERCE, FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 | Class A | 12.29% | N/A | |
Class Adv | 59.76% | |||
Class Inst | 15.12% | |||
Class Inst3 | 37.28% | |||
Class V | 15.78% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst2 | 6.95% | N/A | |
Class Inst3 | 41.84% | |||
Class R | 7.38% |
Statement of Additional Information – January 1, 2020 | 201 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 28.28% | N/A | |
Class Inst3 | 9.89% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 9.10% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class Inst | 6.30% | N/A | |
SEI PRIVATE TRUST COMPANY C/O JOHNSON TRUST COMPANY ID 1 FREEDOM VALLEY DR OAKS PA 19456-9989 | Class Inst2 | 19.83% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 14.92% | N/A | |
Capital Allocation Moderate Conservative Portfolio | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 82.88% | 78.53% |
Class C | 82.54% | |||
Class Inst | 33.43% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 22.26% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Inst2 | 26.05% | N/A | |
ICMA RETIREMENT CORPORATION 777 N CAPITOL ST NE STE 600 WASHINGTON DC 20002-4240 | Class Adv | 11.13% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 13.63% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 13.43% | N/A | |
MERRILL LYNCH, PIERCE, FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 | Class A | 7.76% | N/A | |
Class Adv | 9.42% | |||
Class Inst | 15.62% | |||
Class R | 14.74% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst3 | 23.06% | N/A | |
Class R | 35.80% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 36.68% | N/A | |
Class Inst2 | 32.67% | |||
PAI TRUST COMPANY, INC. CURTSINGER ANIMAL HOSPITAL, LLC 1300 ENTERPRISE DR DE PERE WI 54115-4934 | Class R | 24.60% | N/A |
Statement of Additional Information – January 1, 2020 | 202 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 41.02% | N/A | |
Class Inst2 | 7.06% | |||
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST PL EVANGELICAL COMMUNITY HOSPITAL 1 HOSPITAL DR LEWISBURG PA 17837-9350 | Class Inst3 | 74.57% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class Inst | 6.96% | N/A | |
SEI PRIVATE TRUST COMPANY C/O JOHNSON TRUST COMPANY ID 1 FREEDOM VALLEY DR OAKS PA 19456-9989 | Class Inst2 | 5.39% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 5.35% | N/A | |
Capital Allocation Moderate Portfolio | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 91.66% | 89.14% |
Class C | 87.63% | |||
Class Inst | 54.83% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 10.58% | N/A | |
CBNA AS CUSTODIAN FBO FRINGE BENEFITS DESIGNS RETIREMENT 6 RHOADS DR STE 7 UTICA NY 13502-6317 | Class R | 5.15% | N/A | |
DEBORAH USDIN FBO MULBERRY TECHNOLOGIES INC 401(K) PR 17 WEST JEFFERSON STREET ROCKVILLE MD 20850-4214 | Class Adv | 7.00% | N/A | |
FIIOC FBO PROFIT SHARING PLAN 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class Inst3 | 7.68% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Inst2 | 71.24% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 5.97% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 40.68% | N/A | |
MERRILL LYNCH, PIERCE, FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 | Class Inst | 9.52% | N/A | |
Class R | 19.13% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst3 | 89.62% | N/A |
Statement of Additional Information – January 1, 2020 | 203 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 40.65% | N/A | |
Class Inst2 | 12.48% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 50.96% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class Inst | 11.42% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 8.19% | N/A | |
TD AMERITRADE TRUST COMPANY PO BOX 17748 DENVER CO 80217-0748 | Class R | 19.26% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 10.46% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 5.24% | N/A | |
Global Strategic Equity Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 62.20% | 58.20% |
Class C | 52.84% | |||
Class Inst | 19.25% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 57.80% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 99.50% | N/A | |
MERRILL LYNCH, PIERCE, FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 | Class A | 19.12% | N/A | |
Class Adv | 74.61% | |||
Class C | 9.93% | |||
Class Inst | 41.36% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 8.78% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Inst2 | 8.28% | N/A | |
PENCHECKS TRUST COMPANY OF AMERICA PITTS AUTOMOTIVE GROUP NICHOLAS P CAMAROTA 324 STATHAMS WAY WARNER ROBINS GA 31088-7563 | Class R | 25.51% | N/A |
Statement of Additional Information – January 1, 2020 | 204 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 5.75% | N/A | |
Class Inst2 | 15.13% | |||
RELIANCE TRUST CO CUST ADP ACCESS LARGE MARKET 401K PLAN 1100 ABERNATHY RD ATLANTA GA 30328-5620 | Class Adv | 10.57% | N/A | |
SEI PRIVATE TRUST COMPANY C/O JOHNSON TRUST COMPANY ID 1 FREEDOM VALLEY DR OAKS PA 19456-9989 | Class Inst2 | 13.53% | N/A | |
STATE STREET CORPORATION FBO ADP ACCESS 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 43.29% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 6.93% | N/A | |
Class R | 14.48% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 6.28% | N/A | |
Class Inst | 8.59% | |||
Income Builder Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 81.12% | 73.76% |
Class C | 66.82% | |||
Class Inst | 67.27% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 22.69% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 13.38% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 90.12% | N/A | |
FIIOC FBO PROFIT SHARING PLAN 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class R | 6.71% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Inst2 | 5.78% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 5.04% | N/A | |
MERRILL LYNCH, PIERCE, FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 | Class Adv | 8.27% | N/A | |
Class R | 7.44% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 5.96% | N/A | |
Class Adv | 39.85% | |||
Class Inst2 | 29.56% |
Statement of Additional Information – January 1, 2020 | 205 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONWIDE TRUST COMPANY/FSB C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 | Class Inst2 | 8.77% | N/A | |
PAI TRUST COMPANY, INC. CURTSINGER ANIMAL HOSPITAL, LLC 1300 ENTERPRISE DR DE PERE WI 54115-4934 | Class R | 6.13% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 34.93% | N/A | |
Class Inst2 | 17.37% | |||
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST PL OAKLAND COUNTY 457(B) DEFERRED 2100 PONTIAC LAKE ROAD WATERFORD MI 48328-2762 | Class Adv | 13.77% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class Inst | 7.98% | N/A | |
SAMMONS FINANCIAL NETWORK LLC 4546 CORPORATE DR STE 100 WEST DES MOINES IA 50266-5911 | Class R | 47.08% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 11.25% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 7.10% | N/A |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Convertible Securities Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 17.24% | N/A |
Class C | 20.19% | |||
Class Inst | 28.10% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 10.08% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 6.73% | N/A | |
Class Inst2 | 13.61% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 5.38% | N/A | |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class Inst3 | 6.65% | N/A |
Statement of Additional Information – January 1, 2020 | 206 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 23.23% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 60.49% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 5.92% | N/A | |
Class Inst | 6.95% | |||
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 7.32% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 30.11% | N/A | |
Class C | 13.33% | |||
Class Inst | 22.36% | |||
Class R | 71.27% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 11.00% | N/A | |
Class Inst | 6.18% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 13.71% | N/A | |
Class Adv | 41.98% | |||
Class C | 5.66% | |||
Class Inst2 | 20.95% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 54.52% | N/A | |
Class C | 5.52% | |||
Class Inst2 | 46.74% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 8.27% | N/A | |
Class Inst | 13.33% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 10.84% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 7.96% | N/A | |
Class Inst | 5.64% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 13.68% | N/A | |
Class Inst | 8.06% | |||
Global Equity Value Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 47.34% | 42.16% |
Class C | 26.67% | |||
Class Inst | 11.61% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Adv | 5.94% | N/A | |
Class Inst | 13.49% | |||
Class Inst2 | 59.73% |
Statement of Additional Information – January 1, 2020 | 207 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
COMMUNITY BANK NA AS CUST FBO SIMED 1165(E) RETIREMENT PLAN 6 RHOADS DR STE 7 UTICA NY 13502-6317 | Class R | 38.58% | N/A | |
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class R | 14.07% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 83.73% | N/A | |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class Inst3 | 6.36% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class Adv | 21.53% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 6.77% | N/A | |
Class C | 7.90% | |||
Class Inst | 13.34% | |||
Class R | 7.25% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 25.06% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 45.89% | N/A | |
Class C | 6.01% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 17.28% | N/A | |
Class Inst2 | 23.14% | |||
Class Inst3 | 9.52% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class R | 8.56% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 16.78% | N/A | |
WELLS FARGO BANK FBO 1525 W W T HARRIS BLVD CHARLOTTE NC 28262-8522 | Class Adv | 9.23% | N/A | |
Large Cap Enhanced Core Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 26.80% | N/A |
Class Inst | 7.64% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class Inst3 | 5.11% | N/A | |
C/O MUTUAL FUND TRADING GREAT-WEST TRUST COMPANY LLC TTEE F RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 | Class Inst3 | 9.90% | N/A |
Statement of Additional Information – January 1, 2020 | 208 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 13.29% | N/A | |
Class Adv | 10.81% | |||
Class Inst2 | 42.06% | |||
COLUMBIA THERMOSTAT FUND ATTN STEVEN SWINHART 225 FRANKLIN ST FL 25 BOSTON MA 02110-2888 | Class Inst3 | 35.32% | N/A | |
JANNEY MONTGOMERY SCOTT LLC GISELA HYDE TTEE 1717 ARCH ST PHILADELPHIA PA 19103-2713 | Class Inst | 7.32% | N/A | |
JANNEY MONTGOMERY SCOTT LLC NANCY W BRASFIELD AS BENEF TO 1717 ARCH ST PHILADELPHIA PA 19103-2713 | Class Inst | 14.31% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 16.30% | 30.97% | |
Class Inst | 46.51% | |||
Class R | 25.46% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 46.66% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 5.83% | N/A | |
Class Adv | 38.50% | |||
Class Inst | 5.59% | |||
Class Inst2 | 32.65% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 45.49% | N/A | |
Class Inst2 | 5.38% | |||
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class Inst3 | 15.85% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Inst3 | 5.24% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 6.50% | N/A | |
VANGUARD FIDUCIARY TRUST CO PO BOX 2600 ATTN: OUTSIDE FUNDS VALLEY FORGE PA 19482-2600 | Class Inst3 | 15.08% | N/A | |
Large Cap Growth Fund III | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 5.79% | N/A |
Class Inst | 14.20% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class Inst3 | 27.26% | N/A | |
Class R | 6.55% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 29.75% | N/A | |
FIIOC FBO 100 MAGELLAN WAY (KW1C) COVINGTON KY 41015-1987 | Class Adv | 5.59% | N/A | |
Class Inst2 | 5.15% |
Statement of Additional Information – January 1, 2020 | 209 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
HARTFORD LIFE INS. CO. SEPARATE ACCOUNT ATTN UIT OPERATIONS PO BOX 2999 HARTFORD CT 06104-2999 | Class R | 40.72% | N/A | |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class Inst3 | 29.67% | N/A | |
JPMCB NA AS CUSTODIAN FOR THE SC529 PLAN COLUMBIA LARGE CAP GROWTH 529 PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 7.05% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class A | 5.46% | N/A | |
Class C | 16.43% | |||
Class Inst | 8.20% | |||
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 12.58% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 30.33% | N/A | |
Class C | 18.39% | |||
Class Inst | 16.71% | |||
Class R | 5.55% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 8.10% | N/A | |
Class C | 11.97% | |||
Class Inst | 7.79% | |||
MORI & CO 922 WALNUT ST MAILSTOP TBTS 2 KANSAS CITY MO 64106-1802 | Class Inst3 | 7.18% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 7.86% | N/A | |
Class Adv | 23.96% | |||
Class Inst2 | 35.18% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 64.40% | N/A | |
Class C | 5.81% | |||
Class Inst2 | 12.49% | |||
Class Inst3 | 35.54% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 10.05% | N/A | |
Class Inst | 6.80% | |||
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class R | 13.25% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 13.27% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 7.04% | N/A | |
Class Inst | 14.39% |
Statement of Additional Information – January 1, 2020 | 210 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 7.14% | N/A | |
Class C | 7.45% | |||
Class Inst | 6.23% | |||
Large Cap Index Fund | C/O MUTUAL FUND TRADING GREAT-WEST TRUST COMPANY LLC TTEE F RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 | Class A | 10.41% | N/A |
Class Inst | 6.23% | |||
Class Inst2 | 5.95% | |||
CAPITAL BANK & TRUST CO TTEE FBO C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class A | 6.21% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 6.32% | N/A | |
COLUMBIA THERMOSTAT FUND ATTN STEVEN SWINHART 225 FRANKLIN ST FL 25 BOSTON MA 02110-2888 | Class Inst3 | 94.88% | N/A | |
FIIOC FBO 100 MAGELLAN WAY (KW1C) COVINGTON KY 41015-1987 | Class A | 5.22% | N/A | |
JOHN HANCOCK TRUST COMPANY LLC 690 CANTON ST STE 100 WESTWOOD MA 02090-2344 | Class Inst2 | 8.86% | N/A | |
JPMCB NA AS CUSTODIAN FOR THE SC529 PLAN COLUMBIA LARGE CAP GROWTH 529 PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 25.53% | N/A | |
LINCOLN RETIREMENT SERVICES CO FBO PO BOX 7876 FORT WAYNE IN 46801-7876 | Class A | 6.98% | N/A | |
Class Inst | 5.33% | |||
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 8.86% | N/A | |
Class Inst | 14.10% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 5.10% | N/A | |
Class Inst2 | 5.92% | |||
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class A | 7.94% | N/A | |
Class Inst2 | 7.19% | |||
SUNTRUST BANK FBO VARIOUS SUNTRUST OMNIBUS ACCOUNTS 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst2 | 7.69% | N/A | |
TIAA FSB CUST/TTEE FBO RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748 | Class Inst2 | 5.25% | N/A | |
UNIFIED TRUST COMPANY TTEE FBO 2353 ALEXANDRIA DRIVE SUITE 100 LEXINGTON KY 40504-3208 | Class Inst | 10.57% | N/A |
Statement of Additional Information – January 1, 2020 | 211 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
VRSCO FBO 2727A ALLEN PKWY # 4-D1 HOUSTON TX 77019-2107 | Class Inst2 | 34.03% | N/A | |
Mid Cap Index Fund | AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 | Class A | 9.26% | N/A |
C/O MUTUAL FUND TRADING GREAT-WEST TRUST COMPANY LLC TTEE F RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 | Class Inst2 | 6.51% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 5.84% | N/A | |
Class Inst | 6.21% | |||
Class Inst2 | 5.74% | |||
Class Inst3 | 5.34% | |||
FIIOC FBO 100 MAGELLAN WAY (KW1C) COVINGTON KY 41015-1987 | Class A | 6.39% | N/A | |
Class Inst2 | 6.61% | |||
JPMCB NA AS CUSTODIAN FOR THE SC529 PLAN COLUMBIA LARGE CAP GROWTH 529 PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 13.85% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 18.54% | N/A | |
Class Inst | 26.58% | |||
Class Inst2 | 16.16% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 5.71% | N/A | |
Class Inst | 5.52% | |||
Class Inst2 | 9.79% | |||
Class Inst3 | 37.81% | |||
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST ALAMEDA COUNTY MEDICAL CENTER 7677 OAKPORT ST STE 1200 OAKLAND CA 94621-1975 | Class Inst3 | 9.60% | N/A | |
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST OVERHEAD DOOR CORPORATION 2501 S HWY 121 SUITE 200 LEWISVILLE TX 75067 | Class Inst3 | 13.96% | N/A | |
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class A | 7.35% | N/A | |
Class Inst2 | 6.31% | |||
STANDARD INSURANCE COMPANY 1100 SW 6TH AVE ATTN: SEP ACCT PORTLAND OR 97204-1093 | Class Inst2 | 15.00% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Inst3 | 6.99% | N/A | |
TIAA FSB CUST/TTEE FBO RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748 | Class Inst2 | 10.91% | N/A |
Statement of Additional Information – January 1, 2020 | 212 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
UNIFIED TRUST COMPANY TTEE FBO 2353 ALEXANDRIA DRIVE SUITE 100 LEXINGTON KY 40504-3208 | Class Inst | 6.35% | N/A | |
Overseas Value Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 62.83% | N/A |
Class C | 25.78% | |||
Class Inst | 30.48% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 77.36% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 20.24% | N/A | |
HARTFORD LIFE INS. CO. SEPARATE ACCOUNT ATTN UIT OPERATIONS PO BOX 2999 HARTFORD CT 06104-2999 | Class R | 24.09% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 6.06% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 11.08% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 7.56% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 21.64% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 8.19% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class R | 11.11% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 5.83% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 22.36% | N/A | |
Class Inst | 19.95% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 6.23% | N/A | |
Class Adv | 29.76% | |||
Class Inst2 | 11.03% | |||
Class Inst3 | 12.78% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 62.21% | N/A |
Statement of Additional Information – January 1, 2020 | 213 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 5.19% | N/A | |
Class C | 14.45% | |||
Class Inst | 8.13% | |||
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class R | 5.45% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 31.41% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 10.69% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 9.88% | N/A | |
Class Inst | 7.87% | |||
Select Global Growth Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 63.91% | 57.66% |
Class C | 54.01% | |||
Class Inst | 73.33% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 47.56% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 98.30% | N/A | |
FIIOC FBO 100 MAGELLAN WAY (KW1C) COVINGTON KY 41015-1987 | Class R | 6.67% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class Inst | 10.21% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 41.63% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 5.92% | N/A | |
Class Adv | 30.72% | |||
Class C | 5.33% | |||
Class Inst2 | 65.32% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 69.02% | N/A | |
Class C | 7.34% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 8.08% | N/A | |
TD AMERITRADE TRUST COMPANY ATTN HOUSE PO BOX 17748 DENVER CO 80217-0748 | Class Inst2 | 26.78% | N/A |
Statement of Additional Information – January 1, 2020 | 214 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 6.33% | N/A | |
Class C | 6.65% | |||
Select International Equity Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 42.48% | 34.91% |
Class C | 16.04% | |||
Class Inst | 21.24% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class C | 20.92% | N/A | |
Class R | 38.74% | |||
BNY MELLON CUST FBO EVERSOURCE NON UNION MEDICAL TRUST 107 SELDEN ST BERLIN CT 06037-1616 | Class Inst3 | 91.79% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Adv | 12.64% | N/A | |
Class Inst | 9.44% | |||
Class Inst2 | 17.25% | |||
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 24.93% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 8.43% | N/A | |
Class C | 5.42% | |||
Class Inst | 9.69% | |||
Class R | 5.50% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 15.98% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 11.96% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 23.25% | N/A | |
Class C | 11.99% | |||
Class Inst2 | 21.53% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 55.48% | N/A | |
Class Inst2 | 10.88% | |||
RAPHAEL MD FBO RPLMD ENTERPRISES INC 401(K) PROFIT SHARING PLAN & TRUST 3300 CASCADE RD SW ATLANTA GA 30311-3636 | Class R | 6.12% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Adv | 5.21% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 48.28% | N/A | |
Select Large Cap Equity Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 6.91% | N/A |
Class C | 32.07% | |||
Class Inst | 6.04% |
Statement of Additional Information – January 1, 2020 | 215 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
C/O MUTUAL FUND TRADING GREAT-WEST TRUST COMPANY LLC TTEE F RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 | Class Inst2 | 65.07% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class C | 7.57% | N/A | |
Class Inst | 18.09% | |||
Class Inst2 | 14.16% | |||
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 42.00% (a) | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 14.04% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 27.72% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.70% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 16.61% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 17.64% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 66.11% | 27.95% | |
Class C | 11.36% | |||
Class Inst | 29.19% | |||
Class Inst3 | 13.62% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 7.82% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 9.77% | N/A | |
Class C | 6.80% | |||
Class Inst | 6.00% | |||
Class Inst2 | 18.19% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 90.13% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 9.37% | N/A |
Statement of Additional Information – January 1, 2020 | 216 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 6.01% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 9.35% | N/A | |
Select Mid Cap Value Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 9.25% | N/A |
Class C | 17.90% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Adv | 16.09% | N/A | |
Class Inst | 10.88% | |||
Class Inst2 | 19.96% | |||
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class Adv | 11.51% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class A | 6.53% | N/A | |
Class Inst3 | 25.43% | |||
FIIOC FBO 100 MAGELLAN WAY (KW1C) COVINGTON KY 41015-1987 | Class Adv | 5.40% | N/A | |
GREAT WEST LIFE & ANNUITY FUTURE FU C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 14.24% | N/A | |
HARTFORD LIFE INS. CO. SEPARATE ACCOUNT ATTN UIT OPERATIONS PO BOX 2999 HARTFORD CT 06104-2999 | Class R | 26.38% | N/A | |
ING FUND OPERATIONS TTEE FBO ING LIFE INSURANCE & ANNUITY CO 1 ORANGE WAY WINDSOR CT 06095-4773 | Class Inst | 8.43% | N/A | |
Class Inst3 | 8.44% | |||
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 7.57% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 7.91% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 6.23% | N/A | |
Class Adv | 6.05% | |||
Class C | 7.51% | |||
Class Inst3 | 25.61% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 5.40% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 5.52% | N/A |
Statement of Additional Information – January 1, 2020 | 217 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 9.06% | N/A | |
Class Adv | 17.41% | |||
Class C | 5.37% | |||
Class Inst | 5.80% | |||
Class Inst2 | 47.93% | |||
Class Inst3 | 11.19% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 10.01% | N/A | |
Class C | 8.96% | |||
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST ISMIE MUTUAL INSURANCE COMPANY 20 N MICHIGAN AVE STE 700 CHICAGO IL 60602-4822 | Class Adv | 7.66% | N/A | |
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST TISHMAN SPEYER PROPERTIES L P 11 W 42ND ST FL 2 NEW YORK NY 10036-8008 | Class Adv | 7.06% | N/A | |
RBC CAPITAL MARKETS, LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110 | Class C | 5.11% | N/A | |
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class Adv | 6.77% | N/A | |
Class Inst2 | 8.57% | |||
Class R | 13.41% | |||
STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 | Class C | 6.17% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 5.97% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 12.31% | N/A | |
Small Cap Index Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 23.82% | N/A |
Class Inst | 8.03% | |||
C/O MUTUAL FUND TRADING GREAT-WEST TRUST COMPANY LLC TTEE F RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 | Class Inst2 | 7.78% | N/A | |
Class Inst3 | 5.48% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 6.63% | N/A | |
Class Inst2 | 9.94% | |||
FIIOC FBO 100 MAGELLAN WAY (KW1C) COVINGTON KY 41015-1987 | Class A | 6.49% | N/A | |
Class Inst2 | 8.30% | |||
JOHN HANCOCK TRUST COMPANY LLC 690 CANTON ST STE 100 WESTWOOD MA 02090-2344 | Class Inst2 | 5.41% | N/A |
Statement of Additional Information – January 1, 2020 | 218 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA AS CUSTODIAN FOR THE SC529 PLAN COLUMBIA LARGE CAP GROWTH 529 PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 7.62% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 14.48% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 13.34% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 7.05% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 26.48% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 13.49% | N/A | |
Class Inst | 22.09% | |||
Class Inst2 | 10.68% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 5.28% | N/A | |
Class Inst | 9.15% | |||
Class Inst2 | 15.90% | |||
Class Inst3 | 6.55% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Inst2 | 6.24% | N/A | |
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class A | 6.31% | N/A | |
Class Inst2 | 6.64% | |||
Class Inst3 | 5.29% | |||
WELLS FARGO BANK FBO 1525 W W T HARRIS BLVD CHARLOTTE NC 28262-8522 | Class Inst2 | 5.15% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class Inst | 5.51% | N/A | |
Small Cap Value Fund II | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class C | 15.76% | N/A |
C/O MUTUAL FUND TRADING GREAT-WEST TRUST COMPANY LLC TTEE F RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 | Class Inst2 | 8.23% | N/A | |
Class Inst3 | 11.42% | |||
CAPITAL BANK & TRUST CO TTEE FBO C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 18.87% | N/A |
Statement of Additional Information – January 1, 2020 | 219 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class C | 10.96% | N/A | |
Class Inst2 | 13.93% | |||
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class Adv | 5.12% | N/A | |
Class R | 10.83% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 37.98% | N/A | |
HARTFORD LIFE INS. CO. SEPARATE ACCOUNT ATTN UIT OPERATIONS PO BOX 2999 HARTFORD CT 06104-2999 | Class R | 18.97% | N/A | |
LINCOLN RETIREMENT SERVICES CO FBO PO BOX 7876 FORT WAYNE IN 46801-7876 | Class Inst2 | 14.67% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 22.54% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 9.58% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH 2029 CENTURY PARK E STE 2800 CENTURY CITY CA 90067-3014 | Class A | 5.39% | N/A | |
Class Adv | 11.94% | |||
Class Inst | 15.39% | |||
Class Inst3 | 14.64% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst2 | 31.44% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 8.71% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 7.94% | 27.49% | |
Class Inst | 52.23% | |||
Class Inst2 | 14.87% | |||
Class Inst3 | 15.86% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class C | 5.16% | N/A | |
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST WAYNE COUNTY 28 W ADAMS AVE STE 1900 DETROIT MI 48226-1610 | Class Adv | 19.11% | N/A | |
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST THE ARCHDIOCESE OF ST LOUIS 20 ARCHBISHOP MAY DR SAINT LOUIS MO 63119-5738 | Class Adv | 5.39% | N/A |
Statement of Additional Information – January 1, 2020 | 220 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST BOYD GAMING CORPORATION 401(K) 6465 S RAINBOW BLVD FL 9TH LAS VEGAS NV 89118-3215 | Class Adv | 15.41% | N/A | |
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST DEFERRED COMPENSATION PLAN FOR 148 MARTINE AVE 7TH FLOOR 375 EXECUTIVE BLVD 2ND FLOOR WHITE PLAINS NY 10601-3311 | Class Adv | 10.13% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 11.80% | N/A | |
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class A | 6.31% | N/A | |
Class Adv | 10.95% | |||
Class R | 33.31% | |||
SUPPLEMENTAL INCOME TRUST FUND PO BOX 8338 BOSTON MA 02266-8338 | Class A | 34.81% | N/A | |
VANGUARD FIDUCIARY TRUST CO PO BOX 2600 ATTN: OUTSIDE FUNDS VALLEY FORGE PA 19482-2600 | Class Inst3 | 5.59% | N/A | |
VRSCO FBO 2727A ALLEN PKWY # 4-D1 HOUSTON TX 77019-2107 | Class A | 5.24% | N/A | |
WELLS FARGO BANK FBO 1525 W W T HARRIS BLVD CHARLOTTE NC 28262-8522 | Class Inst | 6.21% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 8.42% | N/A | |
WILMINGTON TRUST RISC TTEE FBO AMERICAN MARITIME OFFICERS 401(K) PLAN PO BOX 52129 PHOENIX AZ 85072-2129 | Class A | 7.79% | N/A |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Short Term Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 62.33% | N/A |
Class C | 23.57% | |||
Class Inst | 17.91% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 27.45% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 7.70% | N/A |
Statement of Additional Information – January 1, 2020 | 221 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
COLUMBIA THERMOSTAT FUND ATTN STEVEN SWINHART 225 FRANKLIN ST FL 25 BOSTON MA 02110-2888 | Class Inst3 | 8.93% | N/A | |
JPMCB NA AS CUSTODIAN FOR THE SC529 PLAN COLUMBIA CONSERVATIVE 529 PORT 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 15.98% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 7.81% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 10.01% | N/A | |
LPL FINANCIAL FBO CUSTOMER ACCOUNTS 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 6.44% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 8.52% | 41.96% | |
Class C | 24.48% | |||
Class Inst | 14.34% | |||
Class Inst3 | 65.06% | |||
Class R | 56.11% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 8.34% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 5.22% | N/A | |
Class Adv | 64.40% | |||
Class Inst | 7.51% | |||
Class Inst2 | 82.01% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 25.46% | N/A | |
Class C | 5.99% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 12.24% | N/A | |
Class R | 5.56% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 7.10% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 7.25% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 10.56% | N/A | |
Class Inst | 8.78% |
Statement of Additional Information – January 1, 2020 | 222 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
CA Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 25.60% | N/A |
Class C | 19.19% | |||
Class Inst | 6.68% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 53.17% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 86.74% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 11.88% | 66.68% | |
Class C | 23.76% | |||
Class Inst | 75.66% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 6.45% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 6.72% | N/A | |
Class Adv | 22.27% | |||
Class Inst2 | 42.75% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 8.99% | N/A | |
Class Adv | 75.67% | |||
Class Inst3 | 12.96% | |||
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class A | 14.73% | N/A | |
Class C | 23.41% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 17.85% | N/A | |
Class C | 16.73% | |||
GA Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class C | 16.34% | N/A |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst | 6.51% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 95.79% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class A | 23.80% | N/A | |
Class C | 8.42% | |||
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 22.87% | 59.58% | |
Class C | 15.68% | |||
Class Inst | 78.09% |
Statement of Additional Information – January 1, 2020 | 223 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 11.72% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 10.94% | N/A | |
Class Adv | 39.04% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 57.78% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 5.15% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 8.30% | N/A | |
Class C | 45.99% | |||
Global Infrastructure Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 82.31% | 60.90% |
Class C | 62.89% | |||
Class Inst | 67.91% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 8.74% | N/A | |
JANA MARTIN TTEE FBO AMERICAN INSURANCE TRUST 401K C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 14.08% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 91.14% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 5.29% | N/A | |
Class Inst | 9.07% | |||
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class R | 25.17% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 13.15% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 6.07% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 18.84% | N/A | |
Class Inst2 | 21.72% |
Statement of Additional Information – January 1, 2020 | 224 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 76.29% | N/A | |
Class C | 5.44% | |||
Class Inst2 | 15.15% | |||
Class R | 27.14% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 52.57% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 9.76% | N/A | |
MD Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 7.37% | N/A |
Class C | 9.41% | |||
Class Inst | 5.29% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 6.97% | N/A | |
Class C | 8.03% | |||
Class Inst | 5.25% | |||
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 7.79% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 46.53% | 67.60% | |
Class C | 7.54% | |||
Class Inst | 15.70% | |||
Class Inst3 | 96.66% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class Inst | 5.23% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 88.73% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 5.67% | N/A | |
Class C | 6.46% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class Adv | 9.58% | N/A | |
Class Inst | 6.09% | |||
THOMAS MULE & BRENDA D MULE JT WROS 232 WATERFALL CIR LITTLE RIVER SC 29566-7465 | Class C | 12.82% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 6.21% | N/A | |
Class Inst | 7.54% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 15.85% | N/A | |
Class C | 44.14% | |||
Class Inst | 25.26% |
Statement of Additional Information – January 1, 2020 | 225 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NC Intermediate Municipal Bond Fund | EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class A | 12.73% | N/A |
Class C | 10.96% | |||
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 8.86% | N/A | |
Class Inst | 5.08% | |||
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 18.71% | 73.80% | |
Class C | 17.07% | |||
Class Inst | 10.54% | |||
Class Inst3 | 97.40% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 7.29% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 6.04% | N/A | |
Class Adv | 39.28% | |||
Class Inst | 10.59% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 11.89% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 6.41% | N/A | |
SEI PRIVATE TRUST CO C/O FRANKLIN STREET ID ATTN MUTUAL FUNDS ADMIN 1 FREEDOM VALLEY DR OAKS PA 19456-9989 | Class Adv | 58.99% | N/A | |
STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 | Class C | 7.70% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 5.06% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 37.17% | N/A | |
Class C | 23.57% | |||
Class Inst | 52.99% | |||
SC Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 8.34% | N/A |
Class C | 10.01% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class A | 15.44% | N/A | |
Class C | 11.64% | |||
Class Inst3 | 71.10% | |||
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Adv | 5.94% | N/A | |
Class C | 8.95% | |||
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 17.86% | 55.06% | |
Class C | 25.79% | |||
Class Inst | 72.68% |
Statement of Additional Information – January 1, 2020 | 226 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 9.70% | N/A | |
Class C | 11.59% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 19.19% | N/A | |
Class Inst | 7.21% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 74.39% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 13.03% | N/A | |
Class C | 8.78% | |||
SEI PRIVATE TRUST CO C/O FRANKLIN STREET ID ATTN MUTUAL FUNDS ADMIN 1 FREEDOM VALLEY DR OAKS PA 19456-9989 | Class Inst3 | 28.07% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class A | 10.54% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 14.59% | N/A | |
Short Term Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 21.27% | N/A |
Class C | 16.16% | |||
Class Inst | 15.59% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 9.11% | N/A | |
Class Inst | 5.26% | |||
Class Inst2 | 6.24% | |||
COMERICA BANK FBO CALHOUN PO BOX 75000 DETROIT MI 48275-0001 | Class Adv | 73.38% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class A | 5.17% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 8.78% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 15.32% | 78.91% | |
Class C | 20.70% | |||
Class Inst | 12.67% | |||
Class Inst3 | 99.23% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 7.65% | N/A | |
Class C | 11.03% | |||
Class Inst | 8.07% |
Statement of Additional Information – January 1, 2020 | 227 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 9.43% | N/A | |
Class Adv | 17.21% | |||
Class Inst | 5.52% | |||
Class Inst2 | 32.72% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 8.83% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 7.66% | N/A | |
SEI PRIVATE TRUST CO C/O FRANKLIN STREET ID ATTN MUTUAL FUNDS ADMIN 1 FREEDOM VALLEY DR OAKS PA 19456-9989 | Class Inst2 | 54.72% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class A | 12.24% | N/A | |
Class C | 7.20% | |||
Class Inst | 25.61% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 5.81% | N/A | |
Class C | 23.76% | |||
VA Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 6.53% | N/A |
Class C | 25.92% | |||
Class Inst | 27.56% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class C | 9.69% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class A | 7.38% | N/A | |
Class C | 7.26% | |||
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 41.56% | 72.56% | |
Class C | 12.59% | |||
Class Inst | 20.14% | |||
Class Inst3 | 96.97% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class Inst | 6.82% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 96.37% | N/A | |
Class Inst | 5.10% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class C | 7.98% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 8.05% | N/A | |
Class C | 5.62% |
Statement of Additional Information – January 1, 2020 | 228 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 9.29% | N/A | |
Class C | 20.26% | |||
Class Inst | 16.28% |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Commodity Strategy Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 30.56% | N/A |
Class C | 41.35% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 9.64% | N/A | |
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 81.16% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 81.20% (a) | |
JPMCB NA CUST FOR COLUMBIA ADAPTIVE RISK ALLOCATION 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 76.95% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 7.54% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL OPPORTUNITIES FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.35% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 5.15% | N/A | |
Class Inst | 57.96% | |||
MANOJ MOHAN TTEE FBO C/O FASCORE LLC OKEMOS ALLERGY CENTER PC 401K SP 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 37.91% | N/A | |
MASSACHUSETTS MUTUAL INSURACNCE COM 1295 STATE STREET SPRINGFIELD MA 01111-0001 | Class R | 25.33% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class Inst | 21.54% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 15.36% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 21.78% | N/A | |
Class Adv | 98.06% | |||
Class Inst2 | 16.36% |
Statement of Additional Information – January 1, 2020 | 229 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
RELIANCE TRUST CO CUST FBO PO BOX 48529 ATLANTA GA 30362-1529 | Class R | 10.50% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class C | 41.98% | N/A | |
THE HARTFORD 1 HARTFORD PLZ HARTFORD CT 06155-0001 | Class A | 10.26% | N/A | |
Class R | 10.12% | |||
UMB BANK NA CUST IRA FBO BERNARD G FIRMENICH 8 WARD ST FRENCHTOWN NJ 08825-1021 | Class Inst | 5.74% | N/A | |
Dividend Opportunity Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 79.25% | 56.85% |
Class C | 40.08% | |||
Class Inst | 44.87% | |||
C/O RELIANCE TRUST COMPANY WI MARIL & CO FBO 480 PILGRIM WAY STE 1000 GREEN BAY WI 54304-5280 | Class Inst2 | 11.17% | N/A | |
Class Inst3 | 8.03% | |||
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Adv | 5.01% | N/A | |
Class Inst2 | 10.16% | |||
DCGT AS TTEE AND /OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class Inst3 | 7.53% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 6.48% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Adv | 9.88% | N/A | |
Class Inst2 | 5.08% | |||
GREAT-WEST TRUST COMPANY LLC TTEE F CARTER MACHINERY COMPANY INC EMPLOY RETIREMENT AND SAVINGS PLAN 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst3 | 10.58% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 47.33% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 8.83% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class Inst | 5.90% | N/A |
Statement of Additional Information – January 1, 2020 | 230 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class Inst | 6.60% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 51.03% | N/A | |
Class C | 5.13% | |||
Class Inst2 | 23.37% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 23.45% | N/A | |
Class Inst2 | 9.73% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 16.73% | N/A | |
Class Inst | 8.23% | |||
SAMMONS FINANCIAL NETWORK LLC 4546 CORPORATE DR STE 100 WEST DES MOINES IA 50266-5911 | Class R | 79.06% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 28.79% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 6.90% | N/A | |
VANGUARD FIDUCIARY TRUST CO PO BOX 2600 ATTN: OUTSIDE FUNDS VALLEY FORGE PA 19482-2600 | Class Inst3 | 9.21% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 7.05% | N/A | |
Flexible Capital Income Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 59.02% | 41.12% |
Class C | 27.79% | |||
Class Inst | 44.55% | |||
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 11.07% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 98.45% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 11.01% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 9.78% | N/A | |
Class Inst | 13.53% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 8.81% | N/A | |
Class Adv | 47.55% | |||
Class Inst2 | 38.25% | |||
Class R | 12.64% |
Statement of Additional Information – January 1, 2020 | 231 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 43.00% | N/A | |
Class C | 5.20% | |||
Class Inst2 | 37.21% | |||
Class R | 40.20% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 14.90% | N/A | |
Class Inst | 8.61% | |||
Class R | 11.76% | |||
STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 | Class C | 5.88% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 13.38% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 7.75% | N/A | |
Class Inst | 5.47% | |||
Class R | 27.73% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 7.25% | N/A | |
Class C | 14.43% | |||
Class Inst | 8.55% | |||
High Yield Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 70.38% | 40.81% |
Class C | 66.67% | |||
Class Inst | 50.35% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 10.29% | N/A | |
ATTN MUTUAL FUND OPERATIONS MAC & CO 500 GRANT ST RM 151-1010 PITTSBURGH PA 15219-2502 | Class Inst3 | 12.52% | N/A | |
CBNA AS CUSTODIAN FBO 6 RHOADS DR STE 7 UTICA NY 13502-6317 | Class Adv | 5.32% | N/A | |
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 26.67% | N/A | |
ING LIFE INSURANCE & ANNUITY CO ING FUND OPERATIONS 1 ORANGE WAY WINDSOR CT 06095-4773 | Class Adv | 13.62% | N/A | |
Class Inst3 | 5.62% | |||
Class R | 34.73% | |||
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 6.28% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 14.24% | N/A |
Statement of Additional Information – January 1, 2020 | 232 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 35.94% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class Inst3 | 7.71% | N/A | |
Class R | 14.66% | |||
MINNESOTA LIFE INS COMPANY ATTN KENNETH MONTAGUE 400 ROBERT STREET NORTH ST PAUL MN 55101-2099 | Class Adv | 11.95% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class Inst | 6.32% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 6.07% | N/A | |
Class Inst | 13.16% | |||
Class Inst2 | 52.92% | |||
NATIONWIDE TRUST COMPANY C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 | Class Adv | 37.35% | N/A | |
Class Inst2 | 10.87% | |||
PRUDENTIAL RETIREMENT & ANNUITY COMPANY CUST FBO SOUTHERN NEVADA CARPENTERS ANNUITY FUND 80 LIVINGSTON AVE ROSELAND NJ 07068-1753 | Class Adv | 6.95% | N/A | |
RBC CAPITAL MARKETS, LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110 | Class Inst | 5.32% | N/A | |
SAMMONS FINANCIAL NETWORK LLC 4546 CORPORATE DR STE 100 WEST DES MOINES IA 50266-5911 | Class R | 31.53% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 6.51% | N/A | |
Large Cap Value Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 88.15% | 85.23% |
Class C | 79.95% | |||
Class Inst | 86.39% | |||
AMERIPRISE TRUST COMPANY AS TR OF THE VENTUREDYNE LTD SAL DEF INVEST PL 990 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0009 | Class Inst2 | 44.67% | N/A | |
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 10.12% | N/A | |
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 15.50% | N/A |
Statement of Additional Information – January 1, 2020 | 233 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 49.18% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Adv | 7.91% | N/A | |
Class Inst2 | 10.75% | |||
Class Inst3 | 36.77% | |||
ING LIFE INSURANCE & ANNUITY CO ING FUND OPERATIONS 1 ORANGE WAY WINDSOR CT 06095-4773 | Class Adv | 48.36% | N/A | |
Class Inst3 | 5.47% | |||
Class R | 10.76% | |||
ING NATIONAL TRUST ONE ORANGE WAY WINDSOR CT 06095-4773 | Class Adv | 6.71% | N/A | |
MASSACHUSETTS MUTUAL INSURACNCE COM 1295 STATE STREET SPRINGFIELD MA 01111-0001 | Class Adv | 8.39% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 7.09% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst2 | 12.42% | N/A | |
Class R | 6.33% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 10.32% | N/A | |
Class Inst2 | 5.63% | |||
Class Inst3 | 5.66% | |||
RELIANCE TRUST CO CUST FBO PO BOX 48529 ATLANTA GA 30362-1529 | Class R | 9.02% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 6.20% | N/A | |
THE HARTFORD 1 HARTFORD PLZ HARTFORD CT 06155-0001 | Class R | 36.08% | N/A | |
TROY CLOVIS & SARAH HUNT TTEE FBO C/O FASCORE LLC BENCHMARK FAMILY DENTISTRY 401K PSP 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 7.72% | N/A | |
MM Value Strategies Fund(b) | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class A | 99.94% | 100.00% |
Class Inst | 100.00% | |||
Mortgage Opportunities Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 37.26% | N/A |
Class C | 30.33% | |||
Class Inst | 26.57% | |||
C/O RELIANCE TRUST CO WI MITRA & CO FBO NG 480 PILGRIM WAY STE 1000 GREEN BAY WI 54304-5280 | Class Inst2 | 8.10% | N/A | |
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 22.72% | N/A | |
Class Inst2 | 40.62% |
Statement of Additional Information – January 1, 2020 | 234 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 9.11% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL OPPORTUNITIES FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.64% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 62.97% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 11.27% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 8.14% | N/A | |
Class Inst | 29.12% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 12.83% | N/A | |
Class Adv | 63.34% | |||
Class Inst2 | 32.29% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 33.54% | N/A | |
Class C | 7.27% | |||
Class Inst2 | 10.84% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 5.30% | N/A | |
Class C | 26.18% | |||
Class Inst | 11.06% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class A | 11.07% | N/A | |
Class Inst2 | 7.79% | |||
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 18.80% | N/A | |
Class Inst | 26.74% | |||
Quality Income Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 16.31% | N/A |
Class C | 34.65% | |||
Class Inst | 19.34% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 25.75% | N/A | |
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 19.45% | N/A | |
COLUMBIA THERMOSTAT FUND ATTN STEVEN SWINHART 225 FRANKLIN ST FL 25 BOSTON MA 02110-2888 | Class Inst3 | 11.73% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Inst2 | 19.67% | N/A |
Statement of Additional Information – January 1, 2020 | 235 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 31.31% (a) | |
JPMCB NA AS CUST FOR THE SC529 PLAN COLUMBIA MODERATE 529 PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 15.36% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 15.55% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 10.04% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 38.17% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 9.17% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 13.41% | N/A | |
Class Inst | 26.14% | |||
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 9.78% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 23.59% | N/A | |
Class Adv | 30.11% | |||
Class C | 5.16% | |||
Class Inst | 24.93% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 10.68% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 5.88% | N/A | |
Class Adv | 29.81% | |||
Class C | 5.92% | |||
Class Inst2 | 22.38% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 22.44% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 7.11% | N/A | |
RELIANCE TRUST CO CUST FBO PO BOX 48529 ATLANTA GA 30362-1529 | Class Adv | 6.43% | N/A | |
Class Inst2 | 6.68% | |||
SAMMONS FINANCIAL NETWORK LLC 4546 CORPORATE DR STE 100 WEST DES MOINES IA 50266-5911 | Class R | 48.03% | N/A |
Statement of Additional Information – January 1, 2020 | 236 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 13.38% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 5.24% | N/A | |
Class C | 9.61% | |||
Select Large Cap Value Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 9.59% | N/A |
Class C | 8.26% | |||
Class Inst | 9.51% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 7.09% | N/A | |
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 7.14% | N/A | |
Class Inst2 | 11.95% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 16.97% | N/A | |
ING LIFE INSURANCE & ANNUITY CO ING FUND OPERATIONS 1 ORANGE WAY WINDSOR CT 06095-4773 | Class Inst2 | 5.81% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 16.39% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 36.63% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 18.53% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 5.64% | N/A | |
Class Inst | 7.86% | |||
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 24.11% | N/A | |
Class C | 28.90% | |||
Class Inst | 13.80% | |||
Class R | 33.67% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 8.11% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 9.25% | N/A | |
Class C | 12.10% | |||
Class Inst | 34.85% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 12.77% | N/A | |
Class Inst2 | 42.19% |
Statement of Additional Information – January 1, 2020 | 237 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 80.38% | N/A | |
Class Inst2 | 11.51% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class Inst | 9.53% | N/A | |
RELIANCE TRUST CO CUST FBO PO BOX 48529 ATLANTA GA 30362-1529 | Class Inst3 | 6.92% | N/A | |
SAMMONS FINANCIAL NETWORK LLC 4546 CORPORATE DR STE 100 WEST DES MOINES IA 50266-5911 | Class R | 33.60% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 9.24% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class A | 7.65% | N/A | |
Class C | 6.11% | |||
Class Inst | 8.84% | |||
WELLS FARGO BANK NA TRUSTEE C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Adv | 5.22% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 6.10% | N/A | |
Class C | 17.10% | |||
Class Inst | 6.28% | |||
Select Small Cap Value Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 75.90% | 64.41% |
Class C | 39.70% | |||
Class Inst | 28.81% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class C | 13.76% | N/A | |
Class R | 10.61% | |||
AUL AMERICAN GROUP RETIREMENT ANNUITY ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 | Class Adv | 33.96% | N/A | |
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 6.49% | N/A | |
DCGT AS TTEE AND /OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class R | 8.94% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Adv | 5.23% | N/A |
Statement of Additional Information – January 1, 2020 | 238 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 58.08% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 35.30% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 6.44% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class C | 6.07% | N/A | |
Class R | 58.52% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 13.74% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 11.30% | N/A | |
Class C | 6.47% | |||
RBC CAPITAL MARKETS, LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110 | Class Inst | 9.14% | N/A | |
VRSCO FBO 2929 ALLEN PKWY STE A6-20 HOUSTON TX 77019-7117 | Class Adv | 29.58% | N/A | |
Class Inst2 | 18.45% | |||
WELLS FARGO BANK NA TRUSTEE C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst | 52.58% | N/A | |
Class Inst2 | 64.20% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 11.92% | N/A | |
Seligman Communications and Information Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class C | 12.01% | N/A |
Class Inst | 18.78% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class Inst3 | 5.61% | N/A | |
Class R | 6.90% | |||
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 7.48% | N/A | |
Class Adv | 6.98% | |||
Class Inst2 | 13.97% | |||
DCGT AS TTEE AND /OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class Inst3 | 8.67% | N/A |
Statement of Additional Information – January 1, 2020 | 239 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Inst2 | 5.50% | N/A | |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class Inst3 | 7.11% | N/A | |
LINCOLN RETIREMENT SERVICES COMPANY FBO 401K PO BOX 7876 FORT WAYNE IN 46801-7876 | Class Inst3 | 5.06% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 7.70% | N/A | |
Class Adv | 19.12% | |||
Class C | 7.55% | |||
Class Inst | 15.91% | |||
Class R | 10.14% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 8.34% | N/A | |
Class C | 7.67% | |||
Class Inst | 7.00% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 9.88% | N/A | |
Class Adv | 29.88% | |||
Class C | 6.59% | |||
Class Inst2 | 19.62% | |||
Class Inst3 | 40.37% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 5.34% | N/A | |
Class Adv | 31.96% | |||
Class C | 9.87% | |||
Class Inst2 | 8.99% | |||
Class Inst3 | 10.71% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 10.46% | N/A | |
Class Inst | 16.54% | |||
RELIANCE TRUST CO CUST FBO PO BOX 48529 ATLANTA GA 30362-1529 | Class Inst2 | 6.32% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 28.94% | N/A | |
T ROWE PRICE TRUST CO TTEE FBO RETIREMENT PLAN CLIENTS PO BOX 17215 BALTIMORE MD 21297-1215 | Class Inst2 | 6.74% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 10.36% | N/A | |
THE HARTFORD 1 HARTFORD PLZ HARTFORD CT 06155-0001 | Class R | 21.33% | N/A |
Statement of Additional Information – January 1, 2020 | 240 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 7.97% | N/A | |
Class Inst | 10.28% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 9.62% | N/A | |
Class C | 15.96% | |||
Class Inst | 15.55% | |||
Small/Mid Cap Value Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 86.06% | 68.06% |
Class C | 55.85% | |||
Class Inst | 81.52% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 5.78% | N/A | |
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 16.37% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 97.56% | N/A | |
ING LIFE INSURANCE & ANNUITY CO ING FUND OPERATIONS 1 ORANGE WAY WINDSOR CT 06095-4773 | Class Adv | 13.93% | N/A | |
Class R | 12.49% | |||
ING NATIONAL TRUST ONE ORANGE WAY WINDSOR CT 06095-4773 | Class Adv | 11.31% | N/A | |
Class Inst2 | 21.69% | |||
Class R | 5.04% | |||
MASSACHUSETTS MUTUAL INSURACNCE COM 1295 STATE STREET SPRINGFIELD MA 01111-0001 | Class Adv | 5.88% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class Inst2 | 30.64% | N/A | |
Class R | 10.53% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 21.18% | N/A | |
Class Inst2 | 25.20% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 6.91% | N/A | |
Class C | 6.03% | |||
RELIANCE TRUST CO CUST FBO PO BOX 48529 ATLANTA GA 30362-1529 | Class R | 15.87% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Adv | 7.60% | N/A | |
THE HARTFORD 1 HARTFORD PLZ HARTFORD CT 06155-0001 | Class Adv | 8.85% | N/A | |
Class R | 31.67% |
Statement of Additional Information – January 1, 2020 | 241 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 11.30% | N/A | |
Class Inst | 6.74% |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Disciplined Core Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 84.46% | 74.35% |
Class C | 68.31% | |||
Class Inst | 48.99% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 15.64% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Adv | 19.90% | N/A | |
Class Inst2 | 20.47% | |||
EQUITABLE LIFE FOR SA ON BEHALF OF VARIOUS 401K EXPEDITER PLANS 1290 AVENUE OF THE AMERICAS NEW YORK NY 10104-0101 | Class R | 10.72% | N/A | |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class Adv | 15.48% | N/A | |
Class R | 18.56% | |||
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 17.38% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 39.65% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 9.93% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 22.14% | N/A | |
JPMCB NA CUST FOR SOUTH CAROLINA 529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 37.73% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class C | 6.57% | N/A | |
Class R | 35.98% |
Statement of Additional Information – January 1, 2020 | 242 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 6.59% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 32.14% | N/A | |
Class Inst2 | 9.59% | |||
PAI TRUST COMPANY, INC. 1300 ENTERPRISE DR DE PERE WI 54115-4934 | Class R | 6.53% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 17.33% | N/A | |
Class Inst2 | 5.48% | |||
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class Inst2 | 16.16% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 7.26% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 10.23% | N/A | |
VANGUARD FDUCIARY TRUST CO PO BOX 2600 ATTN: OUTSIDE FUNDS VALLEY FORGE PA 19482-2600 | Class Inst2 | 11.41% | N/A | |
WELLS FARGO BANK FBO 1525 W W T HARRIS BLVD CHARLOTTE NC 28262-8522 | Class Adv | 9.85% | N/A | |
Class Inst2 | 19.08% | |||
Disciplined Growth Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 67.59% | 31.91% |
Class C | 49.76% | |||
Class Inst | 63.46% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 9.03% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Adv | 18.19% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 36.10% (a) | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 18.08% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 30.06% | N/A |
Statement of Additional Information – January 1, 2020 | 243 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 6.15% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 23.65% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 6.42% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class Inst2 | 10.74% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 46.43% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class C | 7.88% | N/A | |
Class Inst | 20.24% | |||
Class R | 38.94% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 5.85% | N/A | |
Class Adv | 8.66% | |||
Class Inst2 | 6.53% | |||
Class Inst3 | 14.48% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 53.83% | N/A | |
Class C | 5.46% | |||
Class Inst2 | 64.90% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 6.63% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Adv | 14.74% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 10.42% | N/A | |
Disciplined Value Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 36.73% | N/A |
Class C | 16.42% | |||
Class Inst | 36.52% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 13.82% | N/A | |
C/O MUTUAL FUND TRADING GREAT-WEST TRUST COMPANY LLC TTEE F RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 | Class Inst2 | 81.38% | N/A |
Statement of Additional Information – January 1, 2020 | 244 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
DONG II SEO & DAE HYUN SON TTEE FBO C/O FASCORE LLC SONEX EXPRESS INC RETIREMENT PLAN 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 5.13% | N/A | |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class R | 6.78% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 61.85% (a) | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 16.82% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 37.00% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 6.38% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 21.25% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 14.64% | N/A | |
JPMCB NA CUST FOR SOUTH CAROLINA 529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 23.35% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 32.56% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 20.62% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class A | 29.89% | N/A | |
Class C | 10.75% | |||
Class Inst | 10.66% | |||
Class R | 10.69% | |||
Class V | 10.49% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 48.16% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 51.72% | N/A | |
Class C | 5.67% | |||
Class Inst2 | 7.02% |
Statement of Additional Information – January 1, 2020 | 245 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
RBC CAPITAL MARKETS, LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110 | Class C | 5.10% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 11.41% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 39.45% | N/A | |
Class Inst | 19.45% | |||
Class R | 5.23% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 8.20% | N/A | |
Floating Rate Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 72.79% | 42.88% |
Class C | 37.68% | |||
Class Inst | 40.91% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 8.43% | N/A | |
CAPITAL BANK & TRUST CO TTEE FBO C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 10.14% | N/A | |
CBNA AS CUSTODIAN FBO FRINGE BENEFITS DESIGN RETIREMENT P 6 RHOADS DR STE 7 UTICA NY 13502-6317 | Class R | 6.07% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Adv | 13.96% | N/A | |
Class C | 6.71% | |||
Class Inst2 | 11.17% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 6.90% | N/A | |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class R | 5.51% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 77.99% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 6.83% | N/A | |
Class Inst | 15.20% | |||
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class C | 7.56% | N/A | |
Class Inst | 10.56% | |||
Class R | 30.65% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 7.87% | N/A | |
Class Inst | 11.64% |
Statement of Additional Information – January 1, 2020 | 246 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 34.44% | N/A | |
Class Inst2 | 35.63% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 45.52% | N/A | |
Class Inst2 | 24.48% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 6.79% | N/A | |
Class Inst | 5.82% | |||
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class Inst2 | 5.27% | N/A | |
SEI PRIVATE TRUST COMPANY ATTN MUTUAL FUND ADMIN 1 FREEDOM VALLEY DR OAKS PA 19456-9989 | Class Inst3 | 11.83% | N/A | |
SHAPIRO BUCHMAN PROVINE BROTHERS TT BROTHERS SMITH LLP 401K C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class R | 5.80% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 17.44% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 5.70% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 6.33% | N/A | |
Global Opportunities Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 91.10% | 88.11% |
Class C | 86.96% | |||
Class Inst | 70.05% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class Inst3 | 78.85% | N/A | |
ATTN HOUSE TD AMERITRADE TRUST COMPANY PO BOX 17748 DENVER CO 80217-0748 | Class Inst2 | 6.99% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 15.72% | N/A | |
DONNA C KNIGHT & JEFFREY L KNIGHT TTEES DONNA C KNIGHT LIVING TRUST U/A 07/24/1998 15 SYLVAN LN WESTON MA 02493-1027 | Class Inst | 13.68% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class Inst2 | 43.26% | N/A |
Statement of Additional Information – January 1, 2020 | 247 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst2 | 5.07% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class Inst | 6.05% | N/A | |
Class R | 44.16% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 10.63% | N/A | |
Class Inst2 | 12.42% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 50.53% | N/A | |
Class Inst2 | 6.20% | |||
Class Inst3 | 19.08% | |||
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class Adv | 35.18% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 48.99% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 5.78% | N/A | |
Government Money Market Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 54.74% | 50.30% |
Class C | 5.60% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class C | 35.16% | N/A | |
Class R | 28.55% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 33.41% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 13.51% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 28.65% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 18.68% | N/A | |
JPMCB NA CUST FOR SOUTH CAROLINA 529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst2 | 75.98% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 6.84% | N/A |
Statement of Additional Information – January 1, 2020 | 248 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 71.06% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 9.51% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Inst | 7.41% | N/A | |
Class Inst2 | 23.06% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class C | 7.71% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 7.56% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 8.72% | N/A | |
Income Opportunities Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 57.16% | 29.64% |
Class C | 68.88% | |||
Class Inst | 43.63% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 11.11% | N/A | |
C/O MUTUAL FUND TRADING GREAT-WEST TRUST COMPANY LLC TTEE F RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 | Class Adv | 5.55% | N/A | |
CAPITAL BANK & TRUST CO TTEE FBO C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 32.47% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class C | 5.36% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 20.27% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 22.29% | N/A | |
JPMCB NA CUST FOR SOUTH CAROLINA 529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 9.30% | N/A |
Statement of Additional Information – January 1, 2020 | 249 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 14.57% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 14.25% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class A | 8.52% | N/A | |
Class Inst3 | 38.53% | |||
Class R | 14.00% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 14.57% | N/A | |
Class Adv | 74.08% | |||
Class Inst | 8.12% | |||
Class Inst2 | 68.10% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 9.99% | N/A | |
Class Inst2 | 16.96% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 10.56% | N/A | |
THE NORTHERN TRUST COMPANY AS TRUSTEE FBO SONY CORP PO BOX 92994 CHICAGO IL 60675-2994 | Class Inst3 | 6.91% | N/A | |
Inflation Protected Securities Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 76.26% | N/A |
Class C | 43.59% | |||
Class Inst | 59.62% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class C | 12.34% | N/A | |
C/O MUTUAL FUND TRADING GREAT-WEST TRUST COMPANY LLC TTEE F RECORDKEEPING FOR VARIOUS BENEFIT P 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 | Class Inst2 | 6.67% | N/A | |
CAPRON & AVGERINOS PC TTEE C/O FASCORE LLC FBO CAPRON & AVGERINOS PC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst2 | 34.74% | N/A | |
COLUMBIA THERMOSTAT FUND ATTN STEVEN SWINHART 225 FRANKLIN ST FL 25 BOSTON MA 02110-2888 | Class Inst3 | 45.26% | 26.70% | |
ING FUND OPERATIONS TTEE FBO ING NATIONAL TRUST 1 ORANGE WAY WINDSOR CT 06095-4773 | Class Inst2 | 18.06% | N/A | |
Class R | 52.00% | |||
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 27.50% (a) | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 9.64% | N/A |
Statement of Additional Information – January 1, 2020 | 250 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.07% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 14.41% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 17.50% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 9.66% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst2 | 7.22% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class C | 19.46% | N/A | |
Class R | 38.44% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 90.59% | N/A | |
Class Inst2 | 13.49% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 8.21% | N/A | |
Class Inst2 | 8.73% | |||
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 18.20% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 8.40% | N/A | |
Limited Duration Credit Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 74.42% | 36.86% |
Class C | 54.07% | |||
Class Inst | 63.79% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 93.93% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 26.71% (a) | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.62% | N/A |
Statement of Additional Information – January 1, 2020 | 251 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 6.30% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 17.84% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 66.42% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 7.19% | N/A | |
MINNESOTA LIFE INS COMPANY ATTN KENNETH MONTAGUE 400 ROBERT STREET NORTH ST PAUL MN 55101-2099 | Class Adv | 79.71% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class C | 9.39% | N/A | |
Class Inst | 5.08% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 12.62% | N/A | |
Class Inst | 9.08% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 6.38% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 9.09% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class Inst | 5.40% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 6.84% | N/A | |
Class Inst | 5.21% | |||
MN Tax-Exempt Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 75.64% | 70.05% |
Class C | 81.40% | |||
Class Inst | 63.66% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class A | 6.39% | N/A | |
Class Inst3 | 98.77% | |||
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 7.22% | N/A |
Statement of Additional Information – January 1, 2020 | 252 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 23.97% | N/A | |
Class Inst2 | 12.82% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 74.20% | N/A | |
Class Inst2 | 11.58% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 75.36% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 16.22% | N/A | |
Strategic Municipal Income Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 70.58% | 49.85% |
Class C | 40.90% | |||
Class Inst | 41.96% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 23.28% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class A | 5.19% | N/A | |
Class C | 6.18% | |||
Class Inst3 | 87.27% | |||
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 6.40% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class C | 9.21% | N/A | |
Class Inst | 18.78% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 11.63% | N/A | |
Class Inst | 8.17% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 50.23% | N/A | |
Class Inst2 | 50.62% | |||
Class Inst3 | 11.26% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 47.94% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 6.37% | N/A | |
Class Inst | 5.07% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 24.56% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 6.28% | N/A | |
Class Inst | 10.69% |
Statement of Additional Information – January 1, 2020 | 253 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 10.96% | N/A | |
Class Inst | 5.56% |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Emerging Markets Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 59.40% | N/A |
Class C | 13.42% | |||
Class Inst | 33.42% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Adv | 7.50% | N/A | |
Class Inst2 | 30.50% | |||
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 40.20% (a) | |
JPMCB NA AS CUSTODIAN FOR THE SC529 PLAN COLUMBIA MODERATELY CONSERVATIVE 529 PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 13.59% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 12.07% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.48% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 12.46% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 51.18% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 6.66% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class C | 8.12% | N/A | |
Class R | 5.66% | |||
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 8.44% | N/A | |
Class Adv | 78.43% | |||
Class Inst2 | 38.90% | |||
Class Inst3 | 6.85% |
Statement of Additional Information – January 1, 2020 | 254 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 17.36% | N/A | |
Class C | 9.63% | |||
Class Inst2 | 19.00% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 24.09% | N/A | |
Class Inst | 16.03% | |||
SAMMONS FINANCIAL NETWORK LLC 4546 CORPORATE DR STE 100 WEST DES MOINES IA 50266-5911 | Class R | 91.63% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 7.17% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 19.72% | N/A | |
Class Inst | 10.65% |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Contrarian Asia Pacific Fund | ABDELHAMID CHAIB & LORI Q CHAIB JTWROS 5141 W CARMEN AVE CHICAGO IL 60630-2323 | Class Inst | 29.91% | N/A |
AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 21.22% | N/A | |
Class Inst | 6.61% | |||
BETTY JEAN H HIGASHI TTEE EICHI & BETTY JEAN H HIGASHI TRUST U/A DTD 01/30/08 2681 SENTER RD SAN JOSE CA 95111-1124 | Class C | 8.45% | N/A | |
CHARLES SCHWAB & CO INC CUST ATTN MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 15.51% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 74.26% (a) | |
DEMETRIOS ZIOZIS TTEE FBO LINON HOME DECOR PRODUCTS INC 401K C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 8.61% | N/A | |
ERIC STRUIK TTEE FBO ACTION FABRICATORS INC PSP 401K C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class R | 26.15% | N/A |
Statement of Additional Information – January 1, 2020 | 255 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class Inst2 | 23.81% | N/A | |
JOHN C BANNISTER & KATHLEEN BANNISTER JT WROS 420 E 55TH ST INDIANAPOLIS IN 46220-3005 | Class C | 15.94% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 98.55% | N/A | |
LOAN COLLATERAL ACCOUNT FIRST SENTINEL BANK HOLLY A SANDERS & JONATHAN R SANDERS & JT WROS 575 GAMMON RD KINGSPORT TN 37663-4119 | Class A | 6.13% | N/A | |
LPL FINANCIAL FBO CUSTOMER ACCOUNTS 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 16.17% | N/A | |
MATRIX TRUST COMPANY CUST. FBO KUCHLER POLK SCHELL WEINER & RICHES 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 45.20% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class Inst2 | 21.59% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 7.36% | N/A | |
Class Inst2 | 12.81% | |||
PAI TRUST COMPANY, INC STUDIOPOLIS, INC. 401(K) P/S PLAN 1300 ENTERPRISE DR DE PERE WI 54115-4934 | Class R | 16.29% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 23.60% | N/A | |
Class C | 6.50% | |||
Class Inst2 | 6.53% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 19.31% | N/A | |
Class C | 11.92% | |||
Class Inst | 7.30% | |||
SAN-HUI CHUANG 408 DEMPSEY RD UNIT 209 MILPITAS CA 95035-5608 | Class C | 6.16% | N/A | |
UMB BANK NA CUST IRA FBO PATRICIA M DALY 426 GREAT FALLS ST FALLS CHURCH VA 22046-2608 | Class Inst | 20.68% | N/A |
Statement of Additional Information – January 1, 2020 | 256 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
UMB BANK NA CUST IRA FBO RICHARD A HIGA 1913 JACK RABBIT WAY LAS VEGAS NV 89128-2636 | Class C | 6.00% | N/A | |
UMB BANK NA CUST IRA FBO ROSEMARIE KATO 17218 ALFRED AVE CERRITOS CA 90703-1112 | Class C | 20.40% | N/A | |
UMB BANK NA CUST IRA FBO YUKIKO KAWAHARA 567 N 17TH ST SAN JOSE CA 95112-1735 | Class C | 10.22% | N/A | |
UMB BANK NA CUST ROTH IRA FBO DAVID ABRAHAM 4125 W 97TH PL APT 108 OAK LAWN IL 60453-3425 | Class Inst | 5.23% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class Inst2 | 5.37% | N/A | |
Contrarian Europe Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 80.72% | N/A |
Class C | 45.34% | |||
Class Inst | 72.21% | |||
CHARLES SCHWAB & CO INC CUST ATTN MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 56.27% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 65.66% (a) | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 10.82% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 31.51% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 6.46% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 23.87% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 26.40% | N/A |
Statement of Additional Information – January 1, 2020 | 257 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class C | 6.26% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 17.12% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 10.11% | N/A | |
Class Inst2 | 34.29% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 89.54% | N/A | |
Class Inst2 | 8.11% | |||
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 5.09% | N/A | |
Class Inst | 8.88% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 11.77% | N/A | |
Select Global Equity Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 77.01% | 68.14% |
Class C | 66.00% | |||
Class Inst | 89.56% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 41.47% | N/A | |
CHARLES SCHWAB & CO INC CUST ATTN MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 12.67% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 98.66% | N/A | |
LAWRENCE CLEVELAND TTEE FBO C/O FASCORE LLC OZARK FISHERIES INC 401K 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 23.06% | N/A | |
MATRIX TRUST COMPANY CUST. FBO KUCHLER POLK SCHELL WEINER & RICHES 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 18.75% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class R | 14.81% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 70.65% | N/A | |
Class Inst2 | 22.78% |
Statement of Additional Information – January 1, 2020 | 258 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 28.61% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 8.54% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 63.57% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 6.15% | N/A | |
Seligman Global Technology Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 29.87% | 30.98% |
Class C | 30.77% | |||
Class Inst | 51.85% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class Inst2 | 6.40% | N/A | |
CHARLES SCHWAB & CO INC CUST ATTN MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 11.82% | N/A | |
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS ATTN NPIO TRADE DESK OMNIBUS 711 HIGH ST DES MOINES IA 50392-0001 | Class Inst3 | 17.37% | N/A | |
GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst2 | 5.29% | N/A | |
HARTFORD LIFE INSURANCE COMPANY ATTN UIT OPERATIONS PO BOX 2999 HARTFORD CT 06104-2999 | Class R | 10.81% | N/A | |
ING NATIONAL TRUST ONE ORANGE WAY WINDSOR CT 06095-4773 | Class R | 50.86% | N/A | |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class A | 6.18% | N/A | |
Class Inst3 | 6.31% | |||
MASSACHUSETTS MUTUAL INSURACNCE COM 1295 STATE STREET SPRINGFIELD MA 01111-0001 | Class Inst3 | 46.45% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 6.45% | N/A | |
Class Adv | 23.63% | |||
Class C | 5.84% | |||
Class Inst2 | 6.12% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 5.18% | N/A |
Statement of Additional Information – January 1, 2020 | 259 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 11.26% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 10.38% | N/A | |
Class Adv | 21.13% | |||
Class C | 7.17% | |||
Class Inst2 | 8.80% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 27.29% | N/A | |
Class C | 6.54% | |||
Class Inst2 | 8.95% | |||
Class Inst3 | 6.10% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class Inst | 8.71% | N/A | |
RELIANCE TRUST CO CUST 1100 ABERNATHY RD ATLANTA GA 30328-5620 | Class Inst2 | 8.71% | N/A | |
SAMMONS FINANCIAL NETWORK LLC 4546 CORPORATE DR STE 100 WEST DES MOINES IA 50266-5911 | Class R | 20.05% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Inst2 | 15.21% | N/A | |
Class Inst3 | 20.84% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 18.80% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 14.37% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 12.00% | N/A | |
Class Inst | 7.41% |
(a) | Combination of all share classes of Columbia Management initial capital and/or affiliated funds-of-funds’ investments. |
(b) | Reporting information for the fund is as of November 30, 2019. |
Statement of Additional Information – January 1, 2020 | 260 |
Statement of Additional Information – January 1, 2020 | 261 |
Statement of Additional Information – January 1, 2020 | A-1 |
Statement of Additional Information – January 1, 2020 | A-2 |
‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.
‘AA’ ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.
‘A’ ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.
‘BBB’ ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.
‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.
‘B’ ratings indicate that material credit risk is present.
Statement of Additional Information – January 1, 2020 | A-3 |
‘CCC’ ratings indicate that substantial credit risk is present.
‘CC’ ratings indicate very high levels of credit risk.
‘C’ indicates exceptionally high levels of credit risk.
Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added “+” to denote any exceptionally strong credit feature.
Good intrinsic capacity for timely payment of financial commitments.
The intrinsic capacity for timely payment of financial commitments is adequate.
Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.
Default is a real possibility.
Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.
Indicates a broad-based default event for an entity, or the default of a short-term obligation.
Statement of Additional Information – January 1, 2020 | A-4 |
Statement of Additional Information – January 1, 2020 | B-1 |
■ | effectively exercise their voting rights across the full range of business normally associated with general meetings of a company in line with market best practice (e.g. the election of individual directors, discharge authorities, capital authorities, auditor appointment, major or related party transactions etc). |
■ | place items on the agenda of general meetings, and to propose resolutions subject to reasonable limitations; |
■ | call a meeting of shareholders for the purpose of transacting the legitimate business of the company; and |
■ | Clear, consistent and effective reporting to shareholders is undertaken at regular intervals and that they remain aware of shareholder sentiment on major issues to do with the business, its strategy and performance. Where significant shareholder dissent is emerging or apparent (e.g. through the voting levels seen at General Meetings), boards should act to address that. |
■ | Boards should also allow a reasonable opportunity for the shareholders at a general meeting to ask questions about or make comments on the management of the company, and to ask the external auditor questions related to the audit. |
Statement of Additional Information – January 1, 2020 | B-2 |
Statement of Additional Information – January 1, 2020 | B-3 |
■ | subject to proper oversight by the board and regular review (e.g. audit, shareholder approval); |
■ | clearly justified and not be detrimental to the long-term interests of the company; |
■ | undertaken in the normal course of business; |
■ | undertaken on fully commercial terms; |
■ | In line with best practice; and |
■ | In the interests of all shareholders. |
Statement of Additional Information – January 1, 2020 | B-4 |
Statement of Additional Information – January 1, 2020 | B-5 |
1. | Clear, simple and understandable; |
2. | Balanced and proportionate, in respect of structure, deliverables, opportunity and the market; |
3. | Aligned with the long-term strategy, related key performance indicators and risk management discipline; |
4. | Linked robustly to the delivery of performance; |
5. | Delivering outcomes that reflect value creation and the shareholder ‘experience’; and |
6. | Structured to avoid pay for failure or the avoidance of accountability to shareholders. |
Statement of Additional Information – January 1, 2020 | B-6 |
Statement of Additional Information – January 1, 2020 | B-7 |
■ | the inability or perceived inability of a government authority to collect sufficient tax or other revenues to meet its payment obligations; |
■ | natural disasters and ecological or environmental concerns; |
■ | the introduction of constitutional or statutory limits on a tax-exempt issuer’s ability to raise revenues or increase taxes; |
■ | the inability of an issuer to pay interest on or to repay principal or securities in which the funds invest during recessionary periods; and |
■ | economic or demographic factors that may cause a decrease in tax or other revenues for a government authority or for private operators of publicly financed facilities. |
Statement of Additional Information – January 1, 2020 | C-1 |
Statement of Additional Information – January 1, 2020 | C-2 |
Statement of Additional Information – January 1, 2020 | C-3 |
Statement of Additional Information – January 1, 2020 | C-4 |
Statement of Additional Information – January 1, 2020 | C-5 |
Statement of Additional Information – January 1, 2020 | C-6 |
Statement of Additional Information – January 1, 2020 | C-7 |
Statement of Additional Information – January 1, 2020 | C-8 |
Statement of Additional Information – January 1, 2020 | C-9 |
Statement of Additional Information – January 1, 2020 | C-10 |
Statement of Additional Information – January 1, 2020 | C-11 |
Statement of Additional Information – January 1, 2020 | C-12 |
Columbia Capital Allocation Moderate Aggressive Portfolio
Columbia Capital Allocation Moderate Conservative Portfolio
Columbia Convertible Securities Fund
Columbia Georgia Intermediate Municipal Bond Fund
Columbia Global Strategic Equity Fund
Columbia Large Cap Enhanced Core Fund
Columbia Large Cap Growth Fund III
Columbia Large Cap Index Fund
Columbia Maryland Intermediate Municipal Bond Fund
Columbia Mid Cap Index Fund
Columbia North Carolina Intermediate Municipal Bond Fund
Columbia Overseas Value Fund
Columbia Select Global Growth Fund
Columbia Select International Equity Fund
Columbia Select Large Cap Equity Fund
Columbia Select Mid Cap Value Fund
Columbia Short Term Bond Fund
Columbia Short Term Municipal Bond Fund
Columbia Small Cap Index Fund
Columbia Small Cap Value Fund II
Columbia South Carolina Intermediate Municipal Bond Fund
Columbia Virginia Intermediate Municipal Bond Fund
Columbia Adaptive Retirement 2025 Fund
Columbia Adaptive Retirement 2030 Fund
Columbia Adaptive Retirement 2035 Fund
Columbia Adaptive Retirement 2040 Fund
Columbia Adaptive Retirement 2045 Fund
Columbia Adaptive Retirement 2050 Fund
Columbia Adaptive Retirement 2055 Fund
Columbia Adaptive Retirement 2060 Fund
Columbia Adaptive Risk Allocation Fund
Columbia Balanced Fund
Columbia Bond Fund
Columbia Connecticut Intermediate Municipal Bond Fund
Columbia Contrarian Core Fund
Columbia Corporate Income Fund
Columbia Disciplined Small Core Fund
Columbia Dividend Income Fund
Columbia Emerging Markets Fund
Columbia Global Dividend Opportunity Fund
Columbia Global Energy and Natural Resources Fund
Columbia Global Technology Growth Fund
Columbia Greater China Fund
Columbia High Yield Municipal Fund
Columbia Intermediate Municipal Bond Fund
Columbia Large Cap Growth Fund
Columbia Massachusetts Intermediate Municipal Bond Fund
Columbia Mid Cap Growth Fund
Columbia Multi Strategy Alternatives Fund
Columbia New York Intermediate Municipal Bond Fund
Columbia Oregon Intermediate Municipal Bond Fund
Columbia Pacific/Asia Fund
Columbia Real Estate Equity Fund
Columbia Select Large Cap Growth Fund
Columbia Small Cap Growth Fund I
Columbia Small Cap Value Fund I
Columbia Solutions Aggressive Portfolio
Columbia Solutions Conservative Portfolio
Columbia Strategic California Municipal Income Fund
Columbia Strategic Income Fund
Columbia Strategic New York Municipal Income Fund
Columbia Tax-Exempt Fund
Columbia Total Return Bond Fund
Columbia U.S. Social Bond Fund
Columbia U.S. Treasury Index Fund
Columbia Ultra Short Term Bond Fund
Multi-Manager Alternative Strategies Fund
Multi-Manager Directional Alternative Strategies Fund
Multi-Manager Growth Strategies Fund
Multi-Manager International Equity Strategies Fund
Multi-Manager Small Cap Equity Strategies Fund
Multi-Manager Total Return Bond Strategies Fund
Multisector Bond SMA Completion Portfolio
Overseas SMA Completion Portfolio
Columbia Capital Allocation Conservative Portfolio
Columbia Capital Allocation Moderate Portfolio
Columbia Commodity Strategy Fund
Columbia Contrarian Asia Pacific Fund
Columbia Contrarian Europe Fund
Columbia Disciplined Core Fund
Columbia Disciplined Growth Fund
Columbia Disciplined Value Fund
Columbia Dividend Opportunity Fund
Columbia Emerging Markets Bond Fund
Columbia Flexible Capital Income Fund
Columbia Floating Rate Fund
Columbia Global Equity Value Fund
Columbia Global Infrastructure Fund
Columbia Global Opportunities Fund
Columbia Government Money Market Fund
Columbia High Yield Bond Fund
Columbia Income Builder Fund
Columbia Income Opportunities Fund
Columbia Inflation Protected Securities Fund
Columbia Large Cap Value Fund
Columbia Limited Duration Credit Fund
Columbia Minnesota Tax-Exempt Fund
Statement of Additional Information – January 1, 2020 | D-1 |
Columbia Overseas Core Fund
Columbia Quality Income Fund
Columbia Select Global Equity Fund
Columbia Select Large Cap Value Fund
Columbia Select Small Cap Value Fund
Columbia Seligman Global Technology Fund
Columbia Short-Term Cash Fund
Columbia Small/Mid Cap Value Fund
Columbia Strategic Municipal Income Fund
Multi-Manager Value Strategies Fund
Statement of Additional Information – January 1, 2020 | D-2 |
■ | Current or retired fund Board members, officers or employees of the funds or Columbia Management or its affiliates(b); |
■ | Current or retired Ameriprise Financial Services, Inc. (Ameriprise Financial Services) financial advisors and employees of such financial advisors(b); |
■ | Registered representatives and other employees of affiliated or unaffiliated financial intermediaries (and their immediate family members and related trusts or other entities owned by the foregoing) having a selling agreement with the Distributor(b); |
■ | Registered broker-dealer firms that have entered into a dealer agreement with the Distributor may buy Class A shares without paying a front-end sales charge for their investment account only; |
■ | Portfolio managers employed by subadvisers of the funds(b); |
■ | Partners and employees of outside legal counsel to the funds or to the funds’ directors or trustees who regularly provide advice and services to the funds, or to their directors or trustees; |
■ | Direct rollovers (i.e., rollovers of fund shares and not reinvestments of redemption proceeds) from qualified employee benefit plans, provided that the rollover involves a transfer to Class A shares in the same fund; |
■ | Employees or partners of Columbia Wanger Asset Management, LLC; |
■ | Separate accounts established and maintained by an insurance company which are exempt from registration under Section 3(c)(11); |
■ | At a fund’s discretion, front-end sales charges may be waived for shares issued in plans of reorganization, such as mergers, asset acquisitions and exchange offers, to which the fund is a party; |
Statement of Additional Information – January 1, 2020 | S-1 |
■ | Purchases by registered representatives and employees (and their immediate family members and related trusts or other entities owned by the foregoing (referred to as “Related Persons”)) of Ameriprise Financial Services and its affiliates; provided that with respect to employees (and their Related Persons) of an affiliate of Ameriprise Financial, such persons must make purchases through an account held at Ameriprise Financial or its affiliates. |
■ | Through or under a wrap fee product or other investment product sponsored by a financial intermediary that charges an account management fee or other managed agency/asset allocation accounts or programs involving fee-based compensation arrangements that have or that clear trades through a financial intermediary that has a selling agreement with the Distributor; |
■ | Through state sponsored college savings plans established under Section 529 of the Internal Revenue Code; |
■ | Through banks, trust companies and thrift institutions, acting as fiduciaries; or |
■ | Through “employee benefit plans” created under Section 401(a), 401(k), 457 and 403(b), and qualified deferred compensation plans, that have a plan level or omnibus account maintained with the Fund or the Transfer Agent and transact directly with the Fund or the Transfer Agent through a third-party administrator or third-party recordkeeper. This waiver does not apply to accounts held through commissionable brokerage platforms. |
* | Any shareholder with a Direct-at-Fund account (i.e., shares held directly with the Fund through the Transfer Agent) that is eligible to purchase shares without a front-end sales charge by virtue of having qualified for a previous waiver may continue to purchase shares without a front-end sales charge if they no longer qualify under a category described in the prospectus or in this section. Otherwise, you must qualify for a front-end sales charge waiver described in the prospectus or in this section. |
(a) | The Funds no longer accept investments from new or existing investors in Class E shares, except by existing Class E and former Class F shareholders who opened and funded their account prior to September 22, 2006 that may continue to invest in Class E shares (Class F shares automatically converted to Class E shares on July 17, 2017). See the prospectus offering Class E shares of Large Cap Growth Fund (a series of CFST I) for details. |
(b) | Including their spouses or domestic partners, children or step-children, parents, step-parents or legal guardians, and their spouse’s or domestic partner’s parents, step-parents, or legal guardians. |
■ | In the event of the shareholder’s death; |
■ | For which no sales commission or transaction fee was paid to an authorized financial intermediary at the time of purchase; |
■ | Purchased through reinvestment of dividend and capital gain distributions; |
■ | That result from required minimum distributions taken from retirement accounts upon the shareholder’s attainment of age 70½; |
■ | That result from returns of excess contributions made to retirement plans or individual retirement accounts, so long as the financial intermediary returns the applicable portion of any commission paid by the Distributor; |
■ | For Class A shares: initially purchased by an employee benefit plan; |
■ | For Class C, Class E, and Class V shares: initially purchased by an employee benefit plan that are not connected with a plan level termination; |
■ | In connection with the fund’s Small Account Policy (as described in the prospectus); and |
■ | Issued in connection with plans of reorganization, including but not limited to mergers, asset acquisitions and exchange offers, to which the fund is a party and at the fund’s discretion. |
■ | Any client of Bank of America or one of its subsidiaries buying shares through an asset management company, trust, fiduciary, retirement plan administration or similar arrangement with Bank of America or the subsidiary. |
■ | Any employee (or family member of an employee) of Bank of America or one of its subsidiaries. |
Statement of Additional Information – January 1, 2020 | S-2 |
■ | Any investor buying shares through a Columbia Management state tuition plan organized under Section 529 of the Internal Revenue Code. |
■ | Any trustee or director (or family member of a trustee or director) of a fund distributed by the Distributor. |
■ | Other than for the Multi-Manager Strategies Funds, any shareholder (as well as any family member of a shareholder or person listed on an account registration for any account of the shareholder) who holds Class Inst shares of a fund distributed by the Distributor is eligible to purchase Class Inst shares of other funds distributed by the Distributor, subject to a minimum initial investment of $2,000 ($1,000 for IRAs). If the account in which the shareholder holds Class Inst shares is not eligible to purchase additional Class Inst shares, the shareholder may purchase Class Inst shares in an account maintained directly with the Transfer Agent, subject to a minimum initial investment of $2,000 ($1,000 for IRAs). |
Statement of Additional Information – January 1, 2020 | S-3 |
Table of Contents
B-1
Table of Contents
Table of Contents
Columbia Adaptive Retirement 2020 Fund | ||
Class Adv: CARGX | Class Inst3: CARHX | |
Columbia Adaptive Retirement 2025 Fund | ||
Class Adv: CAAHX | Class Inst3: CAIDX | |
Columbia Adaptive Retirement 2030 Fund | ||
Class Adv: CARLX | Class Inst3: CARMX | |
Columbia Adaptive Retirement 2035 Fund | ||
Class Adv: CARJX | Class Inst3: CAIEX | |
Columbia Adaptive Retirement 2040 Fund | ||
Class Adv: CAROX | Class Inst3: CARQX | |
Columbia Adaptive Retirement 2045 Fund | ||
Class Adv: CARPX | Class Inst3: CAIHX | |
Columbia Adaptive Retirement 2050 Fund | ||
Class Adv: CARSX | Class Inst3: CARUX | |
Columbia Adaptive Retirement 2055 Fund | ||
Class Adv: CARFX | Class Inst3: CAIJX | |
Columbia Adaptive Retirement 2060 Fund | ||
Class Adv: CARKX | Class Inst3: CARVX | |
Columbia Adaptive Risk Allocation Fund | ||
Class A: CRAAX | Class Adv: CARRX | Class C: CRACX |
Class Inst: CRAZX | Class Inst2: CRDRX | Class Inst3: CARYX |
Class R: CRKRX | ||
Columbia Balanced Fund | ||
Class A: CBLAX | Class Adv: CBDRX | Class C: CBLCX |
Class Inst: CBALX | Class Inst2: CLREX | Class Inst3: CBDYX |
Class R: CBLRX | ||
Columbia Bond Fund | ||
Class A: CNDAX | Class Adv: CNDRX | Class C: CNDCX |
Class Inst: UMMGX | Class Inst2: CNFRX | Class Inst3: CBFYX |
Class R: CBFRX | Class V: CNDTX | |
Columbia Connecticut Intermediate Municipal Bond Fund | ||
Class A: LCTAX | Class Adv: CCTMX | Class C: LCTCX |
Class Inst: SCTEX | Class Inst3: CCTYX | Class V: GCBAX |
Columbia Contrarian Core Fund | ||
Class A: LCCAX | Class Adv: CORRX | Class C: LCCCX |
Class Inst: SMGIX | Class Inst2: COFRX | Class Inst3: COFYX |
Class R: CCCRX | Class V: SGIEX | |
Columbia Corporate Income Fund | ||
Class A: LIIAX | Class Adv: CIFRX | Class C: CIOCX |
Class Inst: SRINX | Class Inst2: CPIRX | Class Inst3: CRIYX |
Columbia Disciplined Small Core Fund | ||
Class A: LSMAX | Class Adv: CFFRX | Class C: LSMCX |
Class Inst: SMCEX | Class Inst2: CLLRX | Class Inst3: CPFRX |
Class V: SSCEX | ||
Columbia Dividend Income Fund | ||
Class A: LBSAX | Class Adv: CVIRX | Class C: LBSCX |
Class Inst: GSFTX | Class Inst2: CDDRX | Class Inst3: CDDYX |
Class R: CDIRX | Class V: GEQAX | |
Columbia Emerging Markets Fund | ||
Class A: EEMAX | Class Adv: CEMHX | Class C: EEMCX |
Class Inst: UMEMX | Class Inst2: CEKRX | Class Inst3: CEKYX |
Class R: CEMRX | ||
Columbia Global Dividend Opportunity Fund | ||
Class A: CSVAX | Class Adv: CGOLX | Class C: CSRCX |
Class Inst: CSVFX | Class Inst2: CADPX | Class Inst3: CLSYX |
Class R: CSGRX | ||
Columbia Global Energy and Natural Resources Fund | ||
Class A: EENAX | Class Adv: CENRX | Class C: EENCX |
Class Inst: UMESX | Class Inst2: CNRRX | Class Inst3: CGEYX |
Class R: CETRX |
Columbia Global Technology Growth Fund | ||
Class A: CTCAX | Class Adv: CTYRX | Class C: CTHCX |
Class Inst: CMTFX | Class Inst2: CTHRX | Class Inst3: CGTUX |
Columbia Greater China Fund | ||
Class A: NGCAX | Class Adv: CGCHX | Class C: NGCCX |
Class Inst: LNGZX | Class Inst2: CGCRX | Class Inst3: CGCYX |
Columbia High Yield Municipal Fund | ||
Class A: LHIAX | Class Adv: CHIYX | Class C: CHMCX |
Class Inst: SRHMX | Class Inst2: CHMYX | Class Inst3: CHHYX |
Columbia Intermediate Municipal Bond Fund | ||
Class A: LITAX | Class Adv: CIMRX | Class C: LITCX |
Class Inst: SETMX | Class Inst2: CTMRX | Class Inst3: CIMYX |
Class V: GIMAX | ||
Columbia Large Cap Growth Fund | ||
Class A: LEGAX | Class Adv: CCGRX | Class C: LEGCX |
Class E: CLGEX | Class Inst: GEGTX | Class Inst2: CLWFX |
Class Inst3: CGFYX | Class R: CGWRX | Class V: GAEGX |
Columbia Massachusetts Intermediate Municipal Bond Fund | ||
Class A: LMIAX | Class Adv: CMANX | Class C: LMICX |
Class Inst: SEMAX | Class Inst2: CMAUX | Class Inst3: CMMYX |
Class V: GMBAX | ||
Columbia Mid Cap Growth Fund | ||
Class A: CBSAX | Class Adv: CPGRX | Class C: CMCCX |
Class Inst: CLSPX | Class Inst2: CMGVX | Class Inst3: CMGYX |
Class R: CMGRX | Class V: CBSTX | |
Columbia Multi-Asset Income Fund | ||
Class A: CLNAX | Class Adv: CLNFX | Class C: CLCNX |
Class Inst: CLNZX | Class Inst2: CLNVX | Class Inst3: CMUYX |
Columbia Multi Strategy Alternatives Fund | ||
Class A: CLAAX | Class Adv: CLFUX | Class C: CLABX |
Class Inst: CLAZX | Class Inst2: CLIVX | Class Inst3: CLAYX |
Class R: CRRLX | ||
Columbia New York Intermediate Municipal Bond Fund | ||
Class A: LNYAX | Class Adv: CNYIX | Class C: LNYCX |
Class Inst: GNYTX | Class Inst2: CNYUX | Class Inst3: CNYYX |
Class V: GANYX | ||
Columbia Oregon Intermediate Municipal Bond Fund | ||
Class A: COEAX | Class Adv: CORMX | Class C: CORCX |
Class Inst: CMBFX | Class Inst2: CODRX | Class Inst3: CORYX |
Columbia Pacific/Asia Fund | ||
Class A: CASAX | Class Adv: CPRAX | Class C: CASCX |
Class Inst: USPAX | Class Inst3: CPAYX | |
Columbia Real Estate Equity Fund | ||
Class A: CREAX | Class Adv: CRERX | Class C: CRECX |
Class Inst: CREEX | Class Inst2: CRRVX | Class Inst3: CREYX |
Class R: CRSRX | ||
Columbia Select Large Cap Growth Fund | ||
Class A: ELGAX | Class Adv: CSRRX | Class C: ELGCX |
Class Inst: UMLGX | Class Inst2: CGTRX | Class Inst3: CCWRX |
Class R: URLGX | ||
Columbia Small Cap Growth Fund I | ||
Class A: CGOAX | Class Adv: CHHRX | Class C: CGOCX |
Class Inst: CMSCX | Class Inst2: CSCRX | Class Inst3: CSGYX |
Class R: CCRIX | ||
Columbia Small Cap Value Fund I | ||
Class A: CSMIX | Class Adv: CVVRX | Class C: CSSCX |
Class Inst: CSCZX | Class Inst2: CUURX | Class Inst3: CSVYX |
Class R: CSVRX |
Columbia Solutions Aggressive Portfolio | ||
Columbia Solutions Conservative Portfolio | ||
Columbia Strategic California Municipal Income Fund | ||
Class A: CLMPX | Class Adv: CCARX | Class C: CCAOX |
Class Inst: CCAZX | Class Inst2: CCAUX | Class Inst3: CCXYX |
Columbia Strategic Income Fund | ||
Class A: COSIX | Class Adv: CMNRX | Class C: CLSCX |
Class Inst: LSIZX | Class Inst2: CTIVX | Class Inst3: CPHUX |
Class R: CSNRX | ||
Columbia Strategic New York Municipal Income Fund | ||
Class A: COLNX | Class Adv: CNYEX | Class C: CNYCX |
Class Inst: CNYZX | Class Inst2: CNYRX | Class Inst3: CNTYX |
Columbia Tax-Exempt Fund | ||
Class A: COLTX | Class Adv: CTERX | Class C: COLCX |
Class Inst: CTEZX | Class Inst2: CADMX | Class Inst3: CTEYX |
Columbia Total Return Bond Fund | ||
Class A: LIBAX | Class Adv: CBNRX | Class C: LIBCX |
Class Inst: SRBFX | Class Inst2: CTBRX | Class Inst3: CTBYX |
Class R: CIBRX | ||
Columbia U.S. Social Bond Fund | ||
Class A: CONAX | Class Adv: CONFX | Class C: CONCX |
Class Inst: CONZX | Class Inst2: COVNX | Class Inst3: CONYX |
Columbia U.S. Treasury Index Fund | ||
Class A: LUTAX | Class C: LUTCX | Class Inst: IUTIX |
Class Inst2: CUTRX | Class Inst3: CUTYX |
Columbia Ultra Short Term Bond Fund | ||
Class A: CUSOX | Class Adv: CUSHX | Class Inst: CUSBX |
Class Inst3: CMGUX | ||
Multi-Manager Alternative Strategies Fund | ||
Class A*: CPASX | Class Inst: CZAMX | |
Multi-Manager Directional Alternative Strategies Fund | ||
Class A*: CDAAX | Class Inst: CDAZX | |
Multi-Manager Growth Strategies Fund | ||
Class A*: CSLGX | Class Inst: CZMGX | Class Inst3: CABGX |
Multi-Manager International Equity Strategies Fund | ||
Class Inst: CMIEX | Class Inst3: CIEEX | |
Multi-Manager Small Cap Equity Strategies Fund | ||
Class A*: CSCEX | Class Inst: CZMSX | Class Inst3: CSCLX |
Multi-Manager Total Return Bond Strategies Fund | ||
Class A*: CMCPX | Class Inst: CTRZX | Class Inst3: CTREX |
Multisector Bond SMA Completion Portfolio | ||
MBSAX | ||
Overseas SMA Completion Portfolio | ||
OSCBX |
* | Effective at start of business on January 27, 2020, the shares held by Class A shareholders of the Fund will be merged into Class Institutional shares of the same Fund. The merger of Class A shares into Class Institutional shares for the Fund will be a tax-free transaction and Class A shares of the Fund will no longer be offered for sale. Effective January 27, 2020, all references to Class A shares of the Fund are hereby deleted from this SAI. |
Table of Contents
Fund |
Columbia Funds Series Trust I |
Columbia Corporate Income Fund |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
For Funds with fiscal year ending April 30 – Information is as of April 30, 2019, unless otherwise noted | |||||||
Corporate Income Fund | Tom Murphy | 12 RICs 29 PIVs 23 other accounts | $2.96 billion $45.79 billion $4.54 billion | None | None | Columbia Management | Columbia Management |
Royce Wilson(o) | 2 RICs 4 other accounts | $1.43 billion $0.62 million | None | None | |||
John Dawson(o) | 6 other accounts | $1.25 million | None | None |
* | RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle. |
** | Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts. |
Table of Contents
Fund |
Columbia Funds Series Trust I |
Columbia Emerging Markets Fund |
Columbia Greater China Fund |
Columbia Pacific/Asia Fund |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
For Funds with fiscal year ending March 31 – Information is as of March 31, 2019, unless otherwise noted | |||||||
Pacific/Asia Fund | Daisuke Nomoto | 4 RICs 2 PIVs 3 other accounts | $3.14 billion $1.02 billion $2.90 million | None | $100,001 – $500,000(a) $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Christine Seng | 1 RIC 2 PIVs 1 other account | $18.20 million $202.08 million $16.34 million | None | None (c) | Threadneedle | Threadneedle | |
For Funds with fiscal year ending August 31 – Information is as of August 31, 2019, unless otherwise noted | |||||||
Emerging Markets Fund | Dara White | 3 RICs 2 PIVs 14 other accounts | $590.59 million $430.49 million $1.90 billion | None | Over $1,000,000(a) $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Robert Cameron | 2 RICs 2 PIVs 14 other accounts | $481.57 million $430.49 million $1.11 billion | None | $100,001 – $500,000(b) | |||
Young Kim | 2 RICs 2 PIVs 12 other accounts | $481.57 million $431.51 million $1.16 billion | None | $10,001 – $50,000(a) $50,001 – $100,000(b) | |||
Perry Vickery | 2 RICs 2 PIVs 13 other accounts | $481.57 million $430.49 million $1.17 billion | None | $100,001 – $500,000(a) $10,001 – $50,000(b) | |||
Derek Lin(n) | 7 other accounts | $0.61 million | None | None | |||
Greater China Fund | Dara White | 3 RICs 2 PIVs 14 other accounts | $1.76 billion $430.49 million $1.90 billion | None | $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Derek Lin(n) | 7 other accounts | $0.61 million | None | None |
* | RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle. |
** | Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts. |
(a) | Excludes any notional investments. |
(b) | Notional investments through a deferred compensation account. |
(c) | The Fund is available for sale only in the U.S. The portfolio managers do not reside in the U.S. and therefore do not hold any shares of the Fund. |
(n) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of December 31, 2019. |
Table of Contents
Fund |
Columbia Funds Series Trust I |
Columbia Mid Cap Growth Fund |
Other accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance- Based Accounts** | |||
For Funds with fiscal year ending August 31 – Information is as of August 31, 2019, unless otherwise noted | |||||||
Mid Cap Growth Fund | Matthew Litfin | 5 RICs 10 other accounts | $5.84 billion $21.00 million | None | $500,001 – $1,000,000(a) $100,001 – $500,000(b) | Columbia WAM | Columbia WAM |
Erika Maschmeyer | 2 RICs 9 other accounts | $4.70 billion $15.56 million | None | $50,001 – $100,000(b) | |||
John Emerson | 3 RICs 6 other accounts | $859.56 million $16.00 million | None | $50,001 – $100,000(b) |
* | RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle. |
** | Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts. |
(a) | Excludes any notional investments. |
(b) | Notional investments through a deferred compensation account. |
Table of Contents
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A-1 | |
B-1 | |
C-1 | |
D-1 | |
S-1 |
Statement of Additional Information – January 1, 2020 | 1 |
■ | the organization of the Trust; |
■ | the Funds' investments; |
■ | the Funds' investment adviser, investment subadviser(s) (if any) and other service providers, including roles and relationships of Ameriprise Financial and its affiliates, and conflicts of interest; |
■ | the governance of the Funds; |
■ | the Funds' brokerage practices; |
■ | the share classes offered by the Funds; |
■ | the purchase, redemption and pricing of Fund shares; and |
■ | the application of U.S. federal income tax laws. |
1933 Act | Securities Act of 1933, as amended |
1934 Act | Securities Exchange Act of 1934, as amended |
1940 Act | Investment Company Act of 1940, as amended |
Adaptive Retirement Funds | The Funds within the Columbia Funds Complex that include “Adaptive Retirement” within the fund name. |
AlphaSimplex | AlphaSimplex Group, LLC |
Administrative Services Agreement | The Administrative Services Agreement, as amended, if applicable, between the Trust, on behalf of the Funds, and the Investment Manager |
Ameriprise Financial | Ameriprise Financial, Inc. |
AQR | AQR Capital Management, LLC |
Arrowstreet | Arrowstreet Capital, Limited Partnership |
Statement of Additional Information – January 1, 2020 | 2 |
Baillie Gifford | Baillie Gifford Overseas Limited |
Bank of America | Bank of America Corporation |
BMO | BMO Asset Management Corp. |
Board | The Trust’s Board of Trustees |
Boston Partners | Boston Partners Global Investors, Inc. |
Business Day | Any day on which the NYSE is open for business. A business day typically ends at the close of regular trading on the NYSE, usually at 4:00 p.m. Eastern time. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. The Fund will not treat an intraday unscheduled disruption in NYSE trading or an intraday unscheduled closing as a close of regular trading on the NYSE for these purposes and will price its shares as of the regularly scheduled closing time for that day (typically, 4:00 p.m. Eastern time). Notwithstanding the foregoing, the NAV of Fund shares may be determined at such other time or times (in addition to or in lieu of the time set forth above) as the Fund’s Board may approve or ratify. On holidays and other days when the NYSE is closed, the Fund's NAV is not calculated and the Fund does not accept buy or sell orders. However, the value of the Fund's assets may still be affected on such days to the extent that the Fund holds foreign securities that trade on days that foreign securities markets are open. |
Causeway | Causeway Capital Management LLC |
CEA | Commodity Exchange Act |
CFST | Columbia Funds Series Trust |
CFST I | Columbia Funds Series Trust I |
CFST II | Columbia Funds Series Trust II |
CFTC | The United States Commodity Futures Trading Commission |
CMOs | Collateralized mortgage obligations |
Code | Internal Revenue Code of 1986, as amended |
Codes of Ethics | The codes of ethics adopted by the Funds, the Investment Manager, Columbia Management Investment Distributors, Inc. and/or any sub-adviser, as applicable, pursuant to Rule 17j-1 under the 1940 Act |
Columbia Funds or Columbia Funds Complex | The fund complex, including the Funds, that is comprised of the registered investment companies, including traditional mutual funds, closed-end funds, and ETFs, advised by the Investment Manager or its affiliates |
Columbia Management | Columbia Management Investment Advisers, LLC |
Columbia WAM | Columbia Wanger Asset Management, LLC |
Conestoga | Conestoga Capital Advisors, LLC |
Custodian | JPMorgan Chase Bank, N.A. |
Distribution Agreement | The Distribution Agreement between the Trust, on behalf of its Funds, and the Distributor |
Distribution Plan(s) | One or more of the plans adopted by the Board pursuant to Rule 12b-1 under the 1940 Act for the distribution of the Funds’ shares |
Distributor | Columbia Management Investment Distributors, Inc. |
DST | DST Asset Manager Solutions, Inc. |
FDIC | Federal Deposit Insurance Corporation |
FHLMC | The Federal Home Loan Mortgage Corporation |
Fitch | Fitch Ratings, Inc. |
FNMA | Federal National Mortgage Association |
The Fund(s) or a Fund | One or more of the open-end management investment companies listed on the front cover of this SAI |
GNMA | Government National Mortgage Association |
Statement of Additional Information – January 1, 2020 | 3 |
Hotchkis & Wiley | Hotchkis & Wiley Capital Management, LLC |
Independent Trustees | The Trustees of the Board who are not “interested persons” (as defined in the 1940 Act) of the Funds |
Interested Trustee | A Trustee of the Board who is currently deemed to be an “interested person” (as defined in the 1940 Act) of the Funds |
Investment Management Services Agreement | The Investment Management Services Agreement, as amended, if applicable, between the Trust, on behalf of its Funds, and the Investment Manager |
Investment Manager | Columbia Management Investment Advisers, LLC |
IRS | United States Internal Revenue Service |
JPMIM | J.P. Morgan Investment Management Inc. |
JPMorgan | JPMorgan Chase Bank, N.A., the Funds' custodian |
LIBOR | London Interbank Offered Rate* |
Loomis Sayles | Loomis, Sayles & Company, L.P. |
Los Angeles Capital | Los Angeles Capital Management and Equity Research, Inc. |
Manulife | Manulife Investment Management (US) LLC |
Management Agreement | The Management Agreements, as amended, if applicable, between the Trust, on behalf of the Funds, and the Investment Manager |
Moody’s | Moody’s Investors Service, Inc. |
Multi-Manager Strategies Funds | Multi-Manager Alternative Strategies Fund, Multi-Manager Directional Alternative Strategies Fund, Multi-Manager Growth Strategies Fund, Multi-Manager International Equity Strategies Fund, Multi-Manager Small Cap Equity Strategies Fund, Multi-Manager Total Return Bond Strategies Fund and Multi-Manager Value Strategies Fund. Shares of the Multi-Manager Strategies Funds are offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. |
NASDAQ | National Association of Securities Dealers Automated Quotations system |
NAV | Net asset value per share of a Fund |
NRSRO | Nationally recognized statistical ratings organization (such as, for example, Moody’s, Fitch or S&P) |
NSCC | National Securities Clearing Corporation |
NYSE | New York Stock Exchange |
PGIM | PGIM, Inc., the asset management arm of Prudential Financial, Inc. |
PwC | PricewaterhouseCoopers LLP |
QMA | QMA LLC |
REIT | Real estate investment trust |
REMIC | Real estate mortgage investment conduit |
RIC | A “regulated investment company,” as such term is used in the Code |
S&P | Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“Standard & Poor’s” and “S&P” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Investment Manager. The Columbia Funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Columbia Funds) |
SAI | This Statement of Additional Information, as amended and supplemented from time-to-time |
SEC | United States Securities and Exchange Commission |
Shares | Shares of a Fund |
Statement of Additional Information – January 1, 2020 | 4 |
Solution Series Funds | Columbia Solutions Aggressive Portfolio, Columbia Solutions Conservative Portfolio, Multisector Bond SMA Completion Portfolio and Overseas SMA Completion Portfolio |
Subadvisory Agreement | The Subadvisory Agreement among the Trust on behalf of the Fund(s), the Investment Manager and a Fund’s investment subadviser(s), as the context may require |
Subsidiary | One or more wholly-owned subsidiaries of a Fund |
TCW | TCW Investment Management Company LLC |
Threadneedle | Threadneedle International Limited |
Transfer Agency Agreement | The Transfer and Dividend Disbursing Agent Agreement between the Trust, on behalf of its Funds, and the Transfer Agent |
Transfer Agent | Columbia Management Investment Services Corp. |
Trustee(s) | One or more members of the Board |
Trust | Columbia Funds Series Trust I, the registered investment company in the Columbia Funds Complex to which this SAI relates |
Voya | Voya Investment Management Co. LLC |
VP – Managed Volatility Funds | Any variable portfolio fund that includes the words “Managed Risk,” “Managed Volatility,” or “U.S. Flexible” as part of the Fund’s name |
Water Island | Water Island Capital, LLC |
WellsCap | Wells Capital Management Incorporated |
* | On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. |
Statement of Additional Information – January 1, 2020 | 5 |
Fund Name: | Referred to as: | |
Columbia Adaptive Retirement 2020 Fund | Adaptive Retirement 2020 Fund | |
Columbia Adaptive Retirement 2025 Fund | Adaptive Retirement 2025 Fund | |
Columbia Adaptive Retirement 2030 Fund | Adaptive Retirement 2030 Fund | |
Columbia Adaptive Retirement 2035 Fund | Adaptive Retirement 2035 Fund | |
Columbia Adaptive Retirement 2040 Fund | Adaptive Retirement 2040 Fund | |
Columbia Adaptive Retirement 2045 Fund | Adaptive Retirement 2045 Fund | |
Columbia Adaptive Retirement 2050 Fund | Adaptive Retirement 2050 Fund | |
Columbia Adaptive Retirement 2055 Fund | Adaptive Retirement 2055 Fund | |
Columbia Adaptive Retirement 2060 Fund | Adaptive Retirement 2060 Fund | |
Columbia Adaptive Risk Allocation Fund | Adaptive Risk Allocation Fund | |
Columbia Balanced Fund | Balanced Fund | |
Columbia Bond Fund | Bond Fund | |
Columbia Connecticut Intermediate Municipal Bond Fund | CT Intermediate Municipal Bond Fund | |
Columbia Contrarian Core Fund | Contrarian Core Fund | |
Columbia Corporate Income Fund | Corporate Income Fund | |
Columbia Disciplined Small Core Fund | Disciplined Small Core Fund | |
Columbia Dividend Income Fund | Dividend Income Fund | |
Columbia Emerging Markets Fund | Emerging Markets Fund | |
Columbia Global Dividend Opportunity Fund | Global Dividend Opportunity Fund | |
Columbia Global Energy and Natural Resources Fund | Global Energy and Natural Resources Fund | |
Columbia Global Technology Growth Fund | Global Technology Growth Fund | |
Columbia Greater China Fund | Greater China Fund | |
Columbia High Yield Municipal Fund | HY Municipal Fund | |
Columbia Intermediate Municipal Bond Fund | Intermediate Municipal Bond Fund | |
Columbia Large Cap Growth Fund | Large Cap Growth Fund | |
Columbia Massachusetts Intermediate Municipal Bond Fund | MA Intermediate Municipal Bond Fund | |
Columbia Mid Cap Growth Fund | Mid Cap Growth Fund | |
Columbia Multi-Asset Income Fund | Multi-Asset Income Fund | |
Columbia Multi Strategy Alternatives Fund | Multi Strategy Alternatives Fund | |
Columbia New York Intermediate Municipal Bond Fund | NY Intermediate Municipal Bond Fund | |
Columbia Oregon Intermediate Municipal Bond Fund | OR Intermediate Municipal Bond Fund | |
Columbia Pacific/Asia Fund | Pacific/Asia Fund | |
Columbia Real Estate Equity Fund | Real Estate Equity Fund | |
Columbia Select Large Cap Growth Fund | Select Large Cap Growth Fund | |
Columbia Small Cap Growth Fund I | Small Cap Growth Fund I | |
Columbia Small Cap Value Fund I | Small Cap Value Fund I | |
Columbia Solutions Aggressive Portfolio | Solutions Aggressive Portfolio | |
Columbia Solutions Conservative Portfolio | Solutions Conservative Portfolio | |
Columbia Strategic California Municipal Income Fund | Strategic CA Municipal Income Fund | |
Columbia Strategic Income Fund | Strategic Income Fund | |
Columbia Strategic New York Municipal Income Fund | Strategic NY Municipal Income Fund | |
Columbia Tax-Exempt Fund | Tax-Exempt Fund | |
Columbia Total Return Bond Fund | Total Return Bond Fund |
Statement of Additional Information – January 1, 2020 | 6 |
Fund Name: | Referred to as: | |
Columbia U.S. Social Bond Fund | U.S. Social Bond Fund | |
Columbia U.S. Treasury Index Fund | U.S. Treasury Index Fund | |
Columbia Ultra Short Term Bond Fund | Ultra Short Term Bond Fund | |
Multi-Manager Alternative Strategies Fund | MM Alternative Strategies Fund | |
Multi-Manager Directional Alternative Strategies Fund | MM Directional Alternative Strategies Fund | |
Multi-Manager Growth Strategies Fund | MM Growth Strategies Fund | |
Multi-Manager International Equity Strategies Fund | MM International Equity Strategies Fund | |
Multi-Manager Small Cap Equity Strategies Fund | MM Small Cap Equity Strategies Fund | |
Multi-Manager Total Return Bond Fund | MM Total Return Bond Strategies Fund | |
Multisector Bond SMA Completion Portfolio | Multisector Bond SMA Completion Portfolio | |
Overseas SMA Completion Portfolio | Overseas SMA Completion Portfolio |
Statement of Additional Information – January 1, 2020 | 7 |
Fund | Fiscal Year End | Prospectus Date | Date Began Operations* | Diversified** | Fund Investment Category*** |
Adaptive Retirement 2020 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Retirement 2025 Fund | March 31 | 8/1/2019 | 4/4/2018 | No | Fund-of-funds – alternative |
Adaptive Retirement 2030 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Retirement 2035 Fund | March 31 | 8/1/2019 | 4/4/2018 | No | Fund-of-funds – alternative |
Adaptive Retirement 2040 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Retirement 2045 Fund | March 31 | 8/1/2019 | 4/4/2018 | No | Fund-of-funds – alternative |
Adaptive Retirement 2050 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Retirement 2055 Fund | March 31 | 8/1/2019 | 4/4/2018 | No | Fund-of-funds – alternative |
Adaptive Retirement 2060 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Risk Allocation Fund | May 31 | 10/1/2019 | 6/19/2012 | No | Alternative |
Balanced Fund | August 31 | 1/1/2020 | 10/1/1991 | Yes | Equity/Taxable fixed-income |
Bond Fund | April 30 | 9/1/2019 | 1/9/1986 | Yes | Taxable fixed-income |
Contrarian Core Fund | August 31 | 1/1/2020 | 12/14/1992 | Yes | Equity |
Corporate Income Fund | April 30 | 9/1/2019 | 3/5/1986 | Yes | Taxable fixed-income |
CT Intermediate Municipal Bond Fund | October 31 | 3/1/2019 | 8/1/1994 | No | Tax-exempt fixed-income |
Disciplined Small Core Fund | August 31 | 1/1/2020 | 12/14/1992 | Yes | Equity |
Dividend Income Fund | May 31 | 10/1/2019 | 3/4/1998 | Yes | Equity |
Emerging Markets Fund | August 31 | 1/1/2020 | 1/2/1998 | Yes | Equity |
Global Dividend Opportunity Fund | August 31 | 1/1/2020 | 11/9/2000 | Yes | Equity |
Global Energy and Natural Resources Fund | August 31 | 1/1/2020 | 12/31/1992 | No | Equity |
Global Technology Growth Fund | August 31 | 1/1/2020 | 11/9/2000 | Yes | Equity |
Greater China Fund | August 31 | 1/1/2020 | 5/16/1997 | No | Equity |
HY Municipal Fund | May 31 | 10/1/2019 | 3/5/1984 | Yes | Tax-exempt fixed-income |
Intermediate Municipal Bond Fund | October 31 | 3/1/2019 | 6/14/1993 | Yes | Tax-exempt fixed-income |
Large Cap Growth Fund | July 31 | 12/1/2019 | 12/14/1990 | Yes | Equity |
MA Intermediate Municipal Bond Fund | October 31 | 3/1/2019 | 6/14/1993 | No | Tax-exempt fixed-income |
Mid Cap Growth Fund | August 31 | 1/1/2020 | 11/20/1985 | Yes | Equity |
MM Alternative Strategies Fund | August 31 | 1/1/2020 | 4/23/2012 | No | Alternative |
MM Directional Alternative Strategies Fund | April 30 | 9/1/2019 | 10/17/2016 | No | Alternative |
MM Growth Strategies Fund | March 31 | 8/1/2019 & 12/18/2019 | 4/20/2012 | Yes | Equity |
MM International Equity Strategies Fund | August 31 | 12/18/2019 & 1/1/2020 | 5/17/2018 | Yes | Equity |
MM Small Cap Equity Strategies Fund | August 31 | 12/18/2019 & 1/1/2020 | 4/20/2012 | Yes | Equity |
Statement of Additional Information – January 1, 2020 | 8 |
Fund | Fiscal Year End | Prospectus Date | Date Began Operations* | Diversified** | Fund Investment Category*** |
MM Total Return Bond Strategies Fund | August 31 | 12/18/2019 & 1/1/2020 | 4/20/2012 | Yes | Taxable fixed-income |
Multi-Asset Income Fund | April 30 | 9/1/2019 | 3/27/2015 | Yes | Flexible |
Multisector Bond SMA Completion Portfolio | August 31 | 10/28/2019 | 10/29/2019 | No | Taxable fixed-income |
Multi Strategy Alternatives Fund | May 31 | 10/1/2019 | 1/28/2015 | No | Alternative |
NY Intermediate Municipal Bond Fund | October 31 | 3/1/2019 | 12/31/1991 | No | Tax-exempt fixed-income |
OR Intermediate Municipal Bond Fund | July 31 | 12/1/2019 | 7/2/1984 | Yes | Tax-exempt fixed-income |
Overseas SMA Completion Portfolio | August 31 | 9/12/2019 | 9/12/2019 | No | Equity |
Pacific/Asia Fund | March 31 | 8/1/2019 | 12/31/1992 | Yes | Equity |
Real Estate Equity Fund | December 31 | 5/1/2019 | 4/1/1994 | No | Equity |
Select Large Cap Growth Fund | March 31 | 8/1/2019 | 10/1/1997 | Yes | Equity |
Small Cap Growth Fund I | August 31 | 1/1/2020 | 10/1/1996 | Yes | Equity |
Small Cap Value Fund I | April 30 | 9/1/2019 | 7/25/1986 | Yes | Equity |
Solutions Aggressive Portfolio | March 31 | 8/1/2019 | 10/24/2017 | No | Alternative |
Solutions Conservative Portfolio | March 31 | 8/1/2019 | 10/24/2017 | No | Alternative |
Strategic CA Municipal Income Fund | October 31 | 3/1/2019 | 6/16/1986 | Yes | Tax-exempt fixed-income |
Strategic Income Fund | August 31 | 1/1/2020 | 4/21/1977 | Yes | Taxable fixed-income |
Strategic NY Municipal Income Fund | October 31 | 3/1/2019 | 9/26/1986 | No | Tax-exempt fixed-income |
Tax-Exempt Fund | July 31 | 12/1/2019 | 11/21/1978 | Yes | Tax-exempt fixed-income |
Total Return Bond Fund | April 30 | 9/1/2019 | 12/5/1978 | Yes | Taxable fixed-income |
U.S. Social Bond Fund | July 31 | 12/1/2019 | 3/26/2015 | Yes | Tax-exempt fixed-income |
U.S. Treasury Index Fund | April 30 | 9/1/2019 | 6/4/1991 | Yes | Taxable fixed-income |
Ultra Short Term Bond Fund | July 31 | 12/1/2019 | 3/8/2004 | Yes | Taxable fixed-income |
* | Certain Funds reorganized into series of the Trust. The date of operations for these Funds represents the date on which the predecessor funds began operation. |
** | A “diversified” Fund may not, with respect to 75% of its total assets, invest more than 5% of its total assets in securities of any one issuer or purchase more than 10% of the outstanding voting securities of any one issuer, except obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and except securities of other investment companies. A “non-diversified” Fund may invest a greater percentage of its total assets in the securities of fewer issuers than a “diversified” fund, which increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a “diversified” fund holding a greater number of investments. Accordingly, a “non-diversified” Fund’s value will likely be more volatile than the value of a more diversified fund. |
*** | The Fund Investment Category is used as a convenient way to describe Funds in this SAI and should not be deemed a description of the Fund’s principal investment strategies, which are described in the Fund’s prospectus. |
Statement of Additional Information – January 1, 2020 | 9 |
Fund | Effective Date of Name Change | Previous Fund Name |
Adaptive Risk Allocation | October 1, 2014 | Columbia Risk Allocation Fund |
CT Intermediate Municipal Bond Fund | May 14, 2019 July 7, 2014 | Columbia AMT-Free Connecticut Intermediate Muni Bond Fund Columbia Connecticut Intermediate Municipal Bond Fund |
Disciplined Small Core Fund | April 18, 2016 | Columbia Small Cap Core Fund |
Global Energy and Natural Resources Fund | August 5, 2013 | Columbia Energy and Natural Resources Fund |
Global Technology Growth Fund | July 7, 2014 | Columbia Technology Fund |
Intermediate Municipal Bond Fund | May 14, 2019 July 7, 2014 | Columbia AMT-Free Intermediate Muni Bond Fund Columbia Intermediate Municipal Bond Fund |
MA Intermediate Municipal Bond Fund | May 14, 2019 July 7, 2014 | Columbia AMT-Free Massachusetts Intermediate Muni Bond Fund Columbia Massachusetts Intermediate Municipal Bond Fund |
MM Alternative Strategies Fund | February 28, 2017 October 12, 2016 | Active Portfolios® Multi-Manager Alternatives Fund Active Portfolios® Multi-Manager Alternative Strategies Fund |
MM Directional Alternative Strategies Fund | February 28, 2017 | Active Portfolios® Multi-Manager Directional Alternatives Fund |
MM Growth Strategies Fund | February 28, 2017 December 11, 2013 | Active Portfolios® Multi-Manager Growth Fund Columbia Active Portfolios® – Select Large Cap Growth Fund |
MM Small Cap Equity Strategies Fund | February 28, 2017 | Active Portfolios® Multi-Manager Small Cap Equity Strategies Fund |
MM Total Return Bond Strategies Fund | February 28, 2017 April 11, 2016 | Active Portfolios® Multi-Manager Total Return Bond Fund Active Portfolios® Multi-Manager Core Plus Bond Fund |
Multi Strategy Alternatives Fund | August 1, 2019 October 1, 2016 | Columbia Alternative Beta Fund Columbia Adaptive Alternatives Fund |
NY Intermediate Municipal Bond Fund | May 14, 2019 July 7, 2014 | Columbia AMT-Free New York Intermediate Muni Bond Fund Columbia New York Intermediate Municipal Bond Fund |
OR Intermediate Municipal Bond Fund | May 14, 2019 July 7, 2014 | Columbia AMT-Free Oregon Intermediate Muni Bond Fund Columbia Oregon Intermediate Municipal Bond Fund |
Strategic CA Municipal Income Fund | January 22, 2018 | Columbia California Tax-Exempt Fund |
Strategic NY Municipal Income Fund | January 22, 2018 | Columbia New York Tax-Exempt Fund |
Total Return Bond Fund | February 19, 2016 | Columbia Intermediate Bond Fund |
Ultra Short Term Bond Fund | December 1, 2018 | CMG Ultra Short Term Bond Fund |
Statement of Additional Information – January 1, 2020 | 10 |
Fund | A Buy or sell real estate | B Buy or sell commodities | C Issuer Diversification | D Concentrate in any one industry | E Invest 80% | F Act as an underwriter | G Lending | H Borrow money | I Issue senior securities |
Adaptive Retirement 2020 Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Adaptive Retirement 2025 Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Adaptive Retirement 2030 Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Adaptive Retirement 2035 Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Adaptive Retirement 2040 Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Adaptive Retirement 2045 Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Adaptive Retirement 2050 Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Adaptive Retirement 2055 Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Adaptive Retirement 2060 Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Adaptive Risk Allocation Fund | A1 | B1 | — | D1 | — | F1 | G1 | H1 | I1 |
Balanced Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Bond Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Contrarian Core Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Corporate Income Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
CT Intermediate Municipal Bond Fund | A1 | B1 | — | D1 | E2 | F1 | G1 | H1 | I1 |
Disciplined Small Core Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Dividend Income Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Emerging Markets Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Global Dividend Opportunity Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Global Energy and Natural Resources Fund | A1 | B1 | — | D2 | — | F1 | G1 | H1 | I1 |
Global Technology Growth Fund | A1 | B1 | — | D4 | E9 | F1 | G1 | H1 | I1 |
Statement of Additional Information – January 1, 2020 | 11 |
Fund | A Buy or sell real estate | B Buy or sell commodities | C Issuer Diversification | D Concentrate in any one industry | E Invest 80% | F Act as an underwriter | G Lending | H Borrow money | I Issue senior securities |
Greater China Fund | A1 | B1 | C2 | D1 | — | F1 | G1 | H1 | I1 |
HY Municipal Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Intermediate Municipal Bond Fund | A1 | B1 | C1 | D1 | E3 | F1 | G1 | H1 | I1 |
Large Cap Growth Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
MA Intermediate Municipal Bond Fund | A1 | B1 | — | D1 | E4 | F1 | G1 | H1 | I1 |
Mid Cap Growth Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
MM Alternative Strategies Fund | A1 | B2 | — | D1 | — | F1 | G1 | H1 | I1 |
MM Directional Alternative Strategies Fund | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
MM Growth Strategies Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
MM International Equity Strategies Fund | A2 | B5 | C5 | D7 | — | F2 | G3 | H3 | I3 |
MM Small Cap Equity Strategies Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
MM Total Return Bond Strategies Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Multi-Asset Income Fund | A2 | B4 | C4 | D6 | — | F2 | G2 | H2 | I2 |
Multisector Bond SMA Completion Portfolio | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Multi Strategy Alternatives Fund | A2 | B4 | — | D6 | — | F2 | G2 | H2 | I2 |
NY Intermediate Municipal Bond Fund | A1 | B1 | — | D1 | E5 | F1 | G1 | H1 | I1 |
OR Intermediate Municipal Bond Fund | A1 | B1 | C3 | D1 | E6 | F1 | G1 | H1 | I1 |
Overseas SMA Completion Portfolio | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Pacific/Asia Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Real Estate Equity Fund | A1 | B1 | — | D3 | E7 | F1 | G1 | H1 | I1 |
Select Large Cap Growth Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Small Cap Growth Fund I | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Small Cap Value Fund I | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Solutions Aggressive Portfolio | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Solutions Conservative Portfolio | A2 | B5 | — | D7 | — | F2 | G3 | H3 | I3 |
Strategic CA Municipal Income Fund | A1 | B1 | — | D1 | E1 | F1 | G1 | H1 | I1 |
Strategic Income Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Strategic NY Municipal Income Fund | A1 | B1 | — | D1 | E1 | F1 | G1 | H1 | I1 |
Tax-Exempt Fund | A1 | B1 | C1 | D1 | E8 | F1 | G1 | H1 | I1 |
Total Return Bond Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
U.S. Social Bond Fund | A2 | B4 | — | D6 | — | F2 | G2 | H2 | I2 |
U.S. Treasury Index Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
Ultra Short Term Bond Fund | A1 | B1 | C1 | D1 | — | F1 | G1 | H1 | I1 |
A. | Buy or sell real estate |
A1 – | The Fund may not purchase or sell real estate, except each Fund may: (i) purchase securities of issuers which deal or invest in real estate, (ii) purchase securities which are secured by real estate or interests in real estate and (iii) hold and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of securities which are secured by real estate or interests therein. |
A2 – | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except this shall not prevent the Fund from investing in: (i) securities or other instruments backed by real estate or interests in real estate, (ii) securities or other instruments of issuers or entities that deal in real estate or are engaged in the real estate business, (iii) real estate investment trusts (REITs) or entities similar to REITs formed under the laws of non-U.S. countries or (iv) real estate or interests in real estate acquired through the exercise of its rights as a holder of securities secured by real estate or interests therein. |
Statement of Additional Information – January 1, 2020 | 12 |
B. | Buy or sell physical commodities |
B1 – | The Fund may not purchase or sell commodities, except that each Fund may to the extent consistent with its investment objective: (i) invest in securities of companies that purchase or sell commodities or which invest in such programs, (ii) purchase and sell options, forward contracts, futures contracts, and options on futures contracts and (iii) enter into swap contracts and other financial transactions relating to commodities.(a) This limitation does not apply to foreign currency transactions including without limitation forward currency contracts. |
B2 – | The Fund may invest up to 25% of its total assets in one or more wholly-owned subsidiaries that may invest in commodities, thereby indirectly gaining exposure to commodities, and may, to the extent consistent with its investment objective, (i) invest in securities of companies that purchase or sell commodities or which invest in such programs, (ii) purchase and sell options, forward contracts, futures contracts, and options on futures contracts and (iii) enter into swap contracts and other financial transactions relating to commodities. This policy does not limit foreign currency transactions including without limitation forward currency contracts. |
B3 – | The Fund will not purchase or sell commodities, except to the extent permitted by applicable law from time to time. |
B4 – | The Fund will not purchase or sell commodities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
B5 – | The Fund will not purchase or sell commodities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
(a) | For purposes of the fundamental investment policy on buying and selling physical commodities above, at the time of the establishment of the restriction for certain Funds, swap contracts on financial instruments or rates were not within the understanding of the term “commodities.” Notwithstanding any federal legislation or regulatory action by the CFTC that subjects such swaps to regulation by the CFTC, these Funds will not consider such instruments to be commodities for purposes of this restriction. |
C. | Issuer Diversification*† |
C1 – | The Fund may not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (i) up to 25% of its total assets may be invested without regard to these limitations and (ii) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. |
C2 – | The Fund may not, as a matter of fundamental policy, purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (i) up to 50% of its total assets may be invested without regard to these limitations and (ii) the Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. |
C3 – | The Fund will not make any investment inconsistent with its classification as a diversified company under the 1940 Act. |
C4 – | The Fund will not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
C5 – | The Fund will not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. |
* | For purposes of applying the limitation set forth in its issuer diversification policy above, a Fund does not consider futures or swaps central counterparties, where the Fund has exposure to such central counterparties in the course of making investments in futures and securities, to be issuers. |
Statement of Additional Information – January 1, 2020 | 13 |
† | For purposes of applying the limitation set forth in its issuer diversification policy, under certain circumstances, a Fund may treat an investment, if any, in a municipal bond refunded with escrowed U.S. Government securities as an investment in U.S. Government securities. |
D. | Concentration* |
D1 – | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
D2 – | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief; and (iii) under normal market conditions, the Fund will invest at least 25% of the value of its total assets at the time of purchase in the securities of issuers conducting their principal business activities in the energy and other natural resources groups of industries.(a) |
D3 – | The Fund will invest at least 65% of the value of its total assets in securities of companies principally engaged in the real estate industry. |
D4 – | The Fund will, under normal market conditions, invest at least 25% of the value of its total assets at the time of purchase in the securities of issuers conducting their principal business activities in the technology and related group of industries, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
D5 – | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state, municipality or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. The Fund will consider the concentration policies of any underlying funds in which it invests when evaluating compliance with its concentration policy. |
D6 – | The Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state, municipality or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. The Fund will consider the concentration policies of any underlying funds in which it invests when evaluating compliance with its concentration policy. |
D7 – | The Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political |
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* | For purposes of applying the limitation set forth in its concentration policy, above, a Fund will generally use the industry classifications provided by the Global Industry Classification System (GICS) for classification of issuers of equity securities and the classifications provided by the Barclays Capital Aggregate Bond Index for classification of issues of fixed-income securities. To the extent that a Fund’s concentration policy requires the Fund to consider the concentration policies of any underlying funds in which it invests, the Fund will consider the portfolio positions at the time of purchase, which in the case of unaffiliated underlying funds is based on portfolio information made publicly available by them. A Fund does not consider futures or swaps clearinghouses or securities clearinghouses, where the Fund has exposure to such clearinghouses in the course of making investments in futures and securities, to be part of any industry. |
(a) | In determining whether Global Energy and Natural Resources Fund has invested at least 25% of the value of its total assets in the securities of one or more issuers conducting their principal business activities in the energy and other natural resources groups of industries, the Investment Manager currently uses the GICS produced by S&P and MSCI Inc. The Investment Manager currently considers companies in each of the indicated GICS industry groups to be within the energy and other natural resources groups of industries: (i) Energy, (ii) Utilities, and (iii) Materials, but limited to companies in the following GICS industries and sub-industries: the Chemicals industry (companies that primarily produce or distribute industrial and basic chemicals, including the Commodity Chemicals, Diversified Chemicals, Fertilizers & Agriculture Chemicals, Industrial Gases, and Specialty Chemicals sub-industries), the Metals & Mining industry (companies that primarily produce, process, extract, or distribute precious or basic metals or minerals, including the Aluminum, Diversified Metals & Mining, Gold, Precious Metals & Minerals, and Steel sub-industries), and the Paper & Forest Products industry (companies that primarily cultivate or manufacture timber or wood-related products or paper products, including the Forest Products and Paper Products sub-industries). |
E. | Invest 80% |
E1 – | The Fund will, under normal circumstances, invest at least 80% of its total assets in state bonds, subject to applicable state requirements. |
E2 – | Under normal circumstances, the Fund invests at least 80% of net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax) and Connecticut individual income tax. These securities are issued by the State of Connecticut and its political subdivisions, agencies, authorities and instrumentalities, by other qualified issuers (such as Guam, Puerto Rico and the U.S. Virgin Islands) and by mutual funds that invest in such securities. Dividends derived from interest on municipal securities other than such securities will generally be exempt from regular federal income tax (including the federal alternative minimum tax) but subject to Connecticut personal income tax. The Fund may comply with this 80% policy by investing in a partnership, trust or regulated investment company which invests in such securities, in which case the Fund’s investment in such entity shall be deemed to be an investment in the underlying securities in the same proportion as such entity’s investment in such securities bears to its net assets. |
E3 – | As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax). These securities are issued by states and their political subdivisions, agencies, authorities and instrumentalities, by other qualified issuers (such as Guam, Puerto Rico and the U.S. Virgin Islands) and by mutual funds that invest in such securities. The Fund may comply with this 80% policy by investing in a partnership, trust, or regulated investment company which invests in such securities, in which case the Fund’s investment in such entity shall be deemed to be an investment in the underlying securities in the same proportion as such entity’s investment in such securities bears to its net assets. |
E4 – | Under normal circumstances, the Fund invests at least 80% of net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax) and Massachusetts individual income tax. These securities are issued by the Commonwealth of Massachusetts and its political subdivisions, agencies, authorities and instrumentalities, by other qualified issuers (such as Guam, Puerto Rico and the U.S. Virgin Islands) and by mutual funds that invest in such securities. Dividends derived from interest on municipal securities other than such securities will generally be exempt from regular federal income tax (including the federal alternative minimum tax) but may be subject to Massachusetts personal income tax. The Fund may comply with this 80% policy by investing in a partnership, trust, or regulated investment company which invests in such securities, in which case the Fund’s investment in such entity shall be deemed to be an investment in the underlying securities in the same proportion as such entity’s investment in such securities bears to its net assets. |
E5 – | As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax) and New York State individual income tax. These securities are issued by the State of New York and its political subdivisions, agencies, authorities and instrumentalities and by other qualified issuers (such as Guam, Puerto Rico and the U.S. Virgin Islands). Dividends derived from interest on municipal securities other than such securities will generally be exempt from regular federal income tax (including the federal alternative minimum tax) but may be subject to New York State and New York City personal income tax. The Fund may comply with this 80% policy by |
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investing in a partnership, trust or regulated investment company which invests in such securities, in which case the Fund’s investment in such entity shall be deemed to be an investment in the underlying securities in the same proportion as such entity’s investment in such securities bears to its net assets. | |
E6 – | Under normal circumstances, the Fund invests at least 80% of its net assets in municipal securities issued by the State of Oregon and its political subdivisions, agencies, authorities and instrumentalities. |
E7 – | Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies principally engaged in the real estate industry, including REITs. |
E8 – | Under normal circumstances, the Fund invests at least 80% of its total assets in tax-exempt bonds. |
E9 – | Under normal circumstances, the Fund invests at least 80% of net assets in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common or preferred stocks) of technology companies that may benefit from technological improvements, advancements or developments. |
F. | Act as an underwriter |
F1 – | The Fund may not underwrite any issue of securities issued by other persons within the meaning of the 1933 Act except when it might be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with the Fund’s investment objective. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered investment companies. |
F2 – | The Fund will not underwrite any issue of securities issued by other persons within the meaning of the 1933 Act except when it might be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer where the Fund later resells such securities. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered investment companies. |
G. | Lending |
G1 – | The Fund may not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
G2 – | The Fund will not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
G3 – | The Fund will not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
H. | Borrowing |
H1 – | The Fund may not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
H2 – | The Fund will not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
H3 – | The Fund will not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
I. | Issue senior securities |
I1 – | The Fund may not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
I2 – | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
I3 – | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
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■ | Bond Fund may invest up to 25% of its assets in dollar-denominated debt securities issued by foreign governments, companies or other entities. |
■ | Balanced Fund, Contrarian Core Fund and Dividend Income Fund each may invest up to 20% of its net assets in foreign securities. |
■ | Disciplined Small Core Fund, Large Cap Growth Fund, Mid Cap Growth Fund, Small Cap Growth Fund I and Small Cap Value Fund I each may invest up to 20% of its total assets in foreign securities. |
■ | Up to 25% of the net assets of MM Total Return Bond Strategies Fund may be invested in foreign investments, which may include investments in non-U.S. dollar denominated securities, as well as investments in emerging markets securities. |
■ | MM Small Cap Equity Strategies Fund may invest up to 25% of its net assets in foreign investments. |
■ | Ultra Short Term Bond Fund may invest up to 20% of its total assets in dollar-denominated foreign debt securities. |
■ | Each Fund (other than those Funds listed below) may not sell securities short, except as permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
■ | The following Funds may not sell securities short: Balanced Fund, Bond Fund, Emerging Markets Fund, Global Dividend Opportunity Fund, Global Energy and Natural Resources Fund, Global Technology Growth Fund, Mid Cap Growth Fund, MM Growth Strategies Fund, MM Total Return Bond Strategies Fund, OR Intermediate Municipal Bond Fund, Pacific/Asia Fund, Real Estate Equity Fund, Select Large Cap Growth Fund and Small Cap Growth Fund I. |
■ | Tax-Exempt Fund may not have a short position, unless the Fund owns, or owns rights (exercisable without payment) to acquire, an equal amount of such securities. |
■ | Tax-Exempt Fund may not purchase securities on margin, but may receive short-term credit to clear securities transactions and may make initial or maintenance margin deposits in connection with futures transactions. |
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Type of Investment | Alternative and Fund-of-Funds – Alternative | Equity and Flexible | Funds-of-Funds – Equity and Fixed Income | Taxable Fixed Income(a) | Tax-Exempt Fixed Income |
Asset-Backed Securities | • | • | • | • | • |
Bank Obligations (Domestic and Foreign) | • | • | • | • | • |
Collateralized Bond Obligations | • | • | • | • | • |
Commercial Paper | • | • | • | • | • |
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Type of Investment | Alternative and Fund-of-Funds – Alternative | Equity and Flexible | Funds-of-Funds – Equity and Fixed Income | Taxable Fixed Income(a) | Tax-Exempt Fixed Income |
Common Stock | • | • | • | • | — |
Convertible Securities | • | • | • | • | • |
Corporate Debt Securities | • | • | • | • | • |
Custody Receipts and Trust Certificates | • | • | • | • | • |
Debt Obligations | • | • | • | • | • |
Depositary Receipts | • | • | • | • | — |
Derivatives | • | • | • | • | • |
Dollar Rolls | • | • | • | • | • |
Exchange-Traded Notes | • | • | • | • | • |
Foreign Currency Transactions | • | • | • | • | • |
Foreign Securities | • | • | • | • | • |
Guaranteed Investment Contracts (Funding Agreements) | • | • | • | • | • |
High-Yield Securities | • | • | • | • | • |
Illiquid Investments | • | • | • | • | • |
Inflation Protected Securities | • | • | • | • | • |
Initial Public Offerings | • | • | • | • | • |
Inverse Floaters | • | • | • | • | • |
Investments in Other Investment Companies (Including ETFs) | • | • | ��� | • | • |
Listed Private Equity Funds | • | • | • | • | • |
Money Market Instruments | • | • | • | • | • |
Mortgage-Backed Securities | • | • | • | • | • |
Municipal Securities | • | • | • | • | • |
Participation Interests | • | • | • | • | • |
Partnership Securities | • | • | • | • | • |
Preferred Stock | • | • | • | • | • |
Private Placement and Other Restricted Securities | • | • | • | • | • |
Real Estate Investment Trusts | • | • | • | • | • |
Repurchase Agreements | • | • | • | • | • |
Reverse Repurchase Agreements | • | • | • | • | • |
Short Sales(b) | • | • | • | • | • |
Sovereign Debt | • | • | • | • | • |
Standby Commitments | • | • | • | • | • |
U.S. Government and Related Obligations | • | • | • | • | • |
Variable and Floating Rate Obligations | • | • | • | • | • |
Warrants and Rights | • | • | • | • | • |
(a) | Total Return Bond Fund is not authorized to purchase common stock or bank obligations. U.S. Treasury Index Fund is not authorized to purchase asset-backed securities, bank obligations, convertible securities, corporate debt obligations (other than money market instruments), depositary receipts, dollar rolls, foreign currency transactions, foreign securities, guaranteed investment contracts, inverse floaters, high-yield securities, mortgage-backed securities, municipal securities, participation interests, partnership securities, REITs, reverse repurchase agreements, short sales, sovereign debt and standby commitments. Ultra Short Term Bond is not authorized to purchase common stock, foreign currency transactions and short sales. |
(b) | See Fundamental and Non-Fundamental Investment Policies for Funds that are not permitted to sell securities short. |
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■ | A forward foreign currency contract is a derivative (forward contract) in which the underlying reference is a country's or region’s currency. The Fund may agree to buy or sell a country's or region’s currency at a specific price on a specific date in the future. These instruments may fall in value (sometimes dramatically) due to foreign market downswings or foreign |
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currency value fluctuations, subjecting the Fund to foreign currency risk (the risk that Fund performance may be negatively impacted by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund exposes a significant percentage of its assets to currencies other than the U.S. dollar). The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund’s inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. The Fund may use these instruments to gain leveraged exposure to currencies, which is a speculative investment practice that increases the Fund's risk exposure and the possibility of losses. Unanticipated changes in the currency markets could result in reduced performance for the Fund. When the Fund converts its foreign currencies into U.S. dollars, it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market. |
■ | A forward interest rate agreement is a derivative whereby the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates (based on the notional value of the agreement). If the lock rate exceeds the interest rate on the settlement date, the seller pays the buyer the difference between the two rates (based on the notional value of the agreement). The Fund may act as a buyer or a seller. |
■ | A bond (or debt instrument) future is a derivative that is an agreement for the contract holder to buy or sell a bond or other debt instrument, a basket of bonds or other debt instrument, or the bonds or other debt instruments in an index on a specified date at a predetermined price. The buyer (long position) of a bond future is obliged to buy the underlying reference at the agreed price on expiry of the future. |
■ | A commodity-linked future is a derivative that is an agreement to buy or sell one or more commodities (such as crude oil, gasoline and natural gas), basket of commodities or indices of commodity futures at a specific date in the future at a specific price. |
■ | A currency future, also an FX future or foreign exchange future, is a derivative that is an agreement to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. |
■ | An equity future is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an individual equity, a basket of equities or the securities in an equity index on a specified date at a predetermined price. |
■ | An interest rate future is a derivative that is an agreement whereby the buyer and seller agree to the future delivery of an interest-bearing instrument on a specific date at a pre-determined price. Examples include Treasury-bill futures, Treasury-bond futures and Eurodollar futures. |
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■ | A commodity-linked structured note is a derivative (structured investment) that has principal and/or interest payments based on the market price of one or more particular commodities (such as crude oil, gasoline and natural gas), a basket of commodities, indices of commodity futures or other economic variable. If payment of interest on a commodity-linked structured note is linked to the value of a particular commodity, basket of commodities, commodity index or other economic variable, the Fund might receive lower interest payments (or not receive any of the interest due) on its investments if there is a loss of value in the underlying reference. Further, to the extent that the amount of principal to be repaid upon maturity is linked to the value of a particular commodity, basket of commodities, commodity index or other economic variable, the Fund might not receive a portion (or any) of the principal at maturity of the investment or upon earlier exchange. At any time, the risk of loss associated with a particular structured note in the Fund’s portfolio may be significantly higher than the value of the note. A liquid secondary market may not exist for the commodity-linked structured notes held in the Fund’s portfolio, which may make it difficult for the notes to be sold at a price acceptable to the portfolio manager(s) or for the Fund to accurately value them. |
■ | Structured investments include collateralized debt obligations which are debt instruments that are collateralized by the underlying cash flows of a pool of financial assets or receivables. |
■ | An equity-linked note (ELN) is a derivative (structured investment) that has principal and/or interest payments based on the value of a single equity security, a basket of equity securities or an index of equity securities, and generally has risks similar |
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to these underlying equity securities. ELNs may be leveraged or unleveraged. An ELN typically provides interest income, thereby offering a yield advantage over investing directly in an underlying equity. The Fund may purchase ELNs that trade on a securities exchange or those that trade on the over-the-counter markets, as well as in privately negotiated transactions with the issuer of the ELN. Investments in ELNs are also subject to liquidity risk, which may make ELNs difficult to sell and value. The liquidity of unlisted ELNs is normally determined by the willingness of the issuer to make a market in the ELN. While the Fund will seek to purchase ELNs only from issuers that it believes to be willing and able to repurchase the ELN at a reasonable price, there can be no assurance that the Fund will be able to sell at such a price. Furthermore, such inability to sell may impair the Fund’s ability to enter into other transactions at a time when doing so might be advantageous. The Fund’s investments in ELNs have the potential to lead to significant losses, including the amount the Fund invested in the ELN, because ELNs are subject to the market and volatility risks associated with their underlying equity. In addition, because ELNs often take the form of unsecured notes of the issuer, the Fund would be subject to the risk that the issuer may default on its obligations under the ELN, thereby subjecting the Fund to the further risk of being too concentrated in the securities (including ELNs) of that issuer. However, the Fund typically considers ELNs alongside other securities of the issuer in its assessment of issuer concentration risk. In addition, ELNs may exhibit price behavior that does not correlate with the underlying securities. ELNs may also be subject to leverage risk. The Fund may or may not hold an ELN until its maturity. ELNs also include participation notes. |
■ | A commodity-linked swap is a derivative (swap) that is an agreement where the underlying reference is the market price of one or more particular commodities (such as crude oil, gasoline and natural gas), basket of commodities or indices of commodity futures. |
■ | Contracts for differences are swap arrangements in which the parties agree that their return (or loss) will be based on the relative performance of two different groups or baskets of securities or other instruments. Often, one or both baskets will be an established securities index. The Fund’s return will be based on changes in value of theoretical long futures positions in the securities comprising one basket (with an aggregate face value equal to the notional amount of the contract for differences) and theoretical short futures positions in the securities comprising the other basket. The Fund also may use actual long and short futures positions and achieve similar market exposure by netting the payment obligations of the two contracts. If the short basket outperforms the long basket, the Fund will realize a loss – even in circumstances when the securities in both the long and short baskets appreciate in value. |
■ | A credit default swap (including a swap on a credit default index, sometimes referred to as a credit default swap index) is a derivative and special type of swap where one party pays, in effect, an insurance premium through a stream of payments to another party in exchange for the right to receive a specified return upon the occurrence of a particular credit event by one or more third parties, such as bankruptcy, default or a similar event. A credit default swap may be embedded within a structured note or other derivative instrument. Credit default swaps enable an investor to buy or sell protection against such a credit event (such as an issuer’s bankruptcy, restructuring or failure to make timely payments of interest or principal). Credit default swap indices are indices that reflect the performance of a basket of credit default swaps and are subject to the same risks as credit default swaps. If such a default were to occur, any contractual remedies that the Fund may have may be subject to bankruptcy and insolvency laws, which could delay or limit the Fund's recovery. Thus, if the counterparty under a credit default swap defaults on its obligation to make payments thereunder, as a result of its bankruptcy or otherwise, the Fund may lose such payments altogether, or collect only a portion thereof, which collection could involve costs or delays. The Fund’s return from investment in a credit default swap index may not match the return of the referenced index. Further, investment in a credit default swap index could result in losses if the referenced index does not perform as expected. Unexpected changes in the composition of the index may also affect performance of the credit default swap index. If a referenced index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of the Fund’s credit default swap index may permit the counterparty to immediately close out the transaction. In that event, the Fund may be unable to enter into another credit default swap index or otherwise achieve desired exposure, even if the referenced index reverses all or a portion of its intraday move. |
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■ | An inflation rate swap is a derivative typically used to transfer inflation risk from one party to another through an exchange of cash flows. In an inflation rate swap, one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index, such as the Consumer Price Index (CPI). |
■ | An interest rate swap is a derivative in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another. Interest rate swaps can be based on various measures of interest rates, including LIBOR, swap rates, treasury rates and foreign interest rates. |
■ | Total return swaps are derivative swap transactions in which one party agrees to pay the other party an amount equal to the total return of a defined underlying reference during a specified period of time. In return, the other party would make periodic payments based on a fixed or variable interest rate or on the total return of a different underlying reference. |
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Fund | Assets (millions) | Annual rate at each asset level | Management Agreement Effective Date |
Balanced Fund | $0 - $500 | 0.720% | 1/1/2016 |
Dividend Income Fund | >$500 - $1,000 | 0.670% | 10/1/2015 |
>$1,000 - $1,500 | 0.620% | ||
>$1,500 - $3,000 | 0.570% | ||
>$3,000 - $6,000 | 0.550% | ||
>$6,000 - $12,000 | 0.530% | ||
>$12,000 | 0.520% | ||
Bond Fund | $0 - $500 | 0.500% | 9/1/2015 |
Corporate Income Fund | >$500 - $1,000 | 0.495% | 9/1/2015 |
MM Total Return Bond Strategies Fund | >$1,000 - $2,000 | 0.480% | 1/1/2016 |
Total Return Bond Fund | >$2,000 - $3,000 | 0.460% | 9/1/2015 |
>$3,000 - $6,000 | 0.450% | ||
>$6,000 - $7,500 | 0.430% | ||
>$7,500 - $9,000 | 0.415% | ||
>$9,000 - $12,000 | 0.410% | ||
>$12,000 - $20,000 | 0.390% | ||
>$20,000 - $24,000 | 0.380% | ||
>$24,000 - $50,000 | 0.360% | ||
>$50,000 | 0.340% | ||
CT Intermediate Municipal Bond Fund | $0 - $250 | 0.470% | 12/1/2015 |
MA Intermediate Municipal Bond Fund | >$250 - $500 | 0.465% | 3/1/2016 |
NY Intermediate Municipal Bond Fund | >$500 - $1,000 | 0.415% | 3/1/2016 |
OR Intermediate Municipal Bond Fund | >$1,000 - $3,000 | 0.380% | 3/1/2016 |
Strategic CA Municipal Income Fund | >$3,000 - $6,000 | 0.340% | 3/1/2016 |
Strategic NY Municipal Income Fund | >$6,000 - $7,500 | 0.330% | 3/1/2016 |
>$7,500 - $12,000 | 0.320% | ||
>$12,000 | 0.310% | ||
Contrarian Core Fund | $0 - $500 | 0.770% | 1/1/2016 |
Global Dividend Opportunity Fund | >$500 - $1,000 | 0.720% | 1/1/2016 |
Large Cap Growth Fund | >$1,000 - $1,500 | 0.670% | 12/1/2015 |
MM Growth Strategies Fund | >$1,500 - $3,000 | 0.620% | 8/1/2015 |
Select Large Cap Growth Fund | >$3,000 - $6,000 | 0.600% | 8/1/2015 |
>$6,000 - $12,000 | 0.580% | ||
>$12,000 | 0.570% | ||
Disciplined Small Core Fund(c) | $0 - $500 | 0.850% | 7/1/2017 |
>$500 - $1,000 | 0.800% | ||
>$1,000 - $3,000 | 0.750% | ||
>$3,000 - $12,000 | 0.740% | ||
>$12,000 | 0.730% | ||
Emerging Markets Fund(c) | $0 - $500 | 1.100% | 7/1/2017 |
>$500 - $1,000 | 1.060% | ||
>$1,000 - $1,500 | 0.870% | ||
>$1,500 - $3,000 | 0.820% | ||
>$3,000 - $6,000 | 0.770% | ||
>$6,000 - $12,000 | 0.720% | ||
>$12,000 | 0.700% | ||
Global Energy and Natural Resources Fund | $0 - $1,000 | 0.750% | 1/1/2016 |
>$1,000 - $1,500 | 0.670% | ||
>$1,500 - $3,000 | 0.620% | ||
>$3,000 - $6,000 | 0.600% | ||
>$6,000 | 0.580% |
Statement of Additional Information – January 1, 2020 | 89 |
Fund | Assets (millions) | Annual rate at each asset level | Management Agreement Effective Date |
Global Technology Growth Fund | $0 - $500 | 0.870% | 1/1/2016 |
>$500 - $1,000 | 0.820% | ||
>$1,000 | 0.770% | ||
Greater China Fund | $0 - $1,000 | 0.950% | 1/1/2016 |
Pacific/Asia Fund | >$1,000 - $1,500 | 0.870% | 8/1/2015 |
>$1,500 - $3,000 | 0.820% | ||
>$3,000 - $6,000 | 0.770% | ||
>$6,000 | 0.720% | ||
HY Municipal Fund | $0 - $500 | 0.540% | 10/1/2015 |
>$500 - $1,000 | 0.535% | ||
>$1,000 - $2,000 | 0.505% | ||
>$2,000 - $3,000 | 0.480% | ||
>$3,000 - $6,000 | 0.445% | ||
>$6,000 - $7,500 | 0.420% | ||
>$7,500 - $10,000 | 0.410% | ||
>$10,000 - $12,000 | 0.400% | ||
>$12,000 - $15,000 | 0.390% | ||
>$15,000 - $24,000 | 0.380% | ||
>$24,000 - $50,000 | 0.360% | ||
>$50,000 | 0.340% | ||
Intermediate Municipal Bond Fund | $0 - $500 | 0.480% | 3/1/2016 |
Tax-Exempt Fund | >$500 - $1,000 | 0.475% | 12/1/2015 |
U.S. Social Bond Fund(b) | >$1,000 - $2,000 | 0.445% | 12/1/2015 |
>$2,000 - $3,000 | 0.420% | ||
>$3,000 - $6,000 | 0.385% | ||
>$6,000 - $9,000 | 0.360% | ||
>$9,000 - $10,000 | 0.350% | ||
>$10,000 - $12,000 | 0.340% | ||
>$12,000 - $15,000 | 0.330% | ||
>$15,000 - $24,000 | 0.320% | ||
>$24,000 - $50,000 | 0.300% | ||
>$50,000 | 0.290% | ||
Mid Cap Growth Fund | $0 - $500 | 0.820% | 1/1/2016 |
>$500 - $1,000 | 0.770% | ||
>$1,000 - $1,500 | 0.720% | ||
>$1,500 - $3,000 | 0.670% | ||
>$3,000 - $12,000 | 0.660% | ||
>$12,000 | 0.650% | ||
MM Alternative Strategies Fund(a) | $0 - $500 | 1.100% | 1/1/2016 |
>$500 - $1,000 | 1.050% | ||
>$1,000 - $3,000 | 1.020% | ||
>$3,000 - $6,000 | 0.990% | ||
>$6,000 - $12,000 | 0.960% | ||
> $12,000 | 0.950% | ||
MM Directional Alternative Strategies Fund | All assets | 1.60% | 8/17/2016 |
MM International Equity Strategies Fund | $0 - $500 | 0.870% | 3/7/2018 |
>$500 - $1,000 | 0.820% | ||
>$1,000 - $1,500 | 0.770% | ||
>$1,500 - $3,000 | 0.720% | ||
>$3,000 - $6,000 | 0.700% | ||
>$6,000 - $12,000 | 0.680% | ||
>$12,000 | 0.670% | ||
MM Small Cap Equity Strategies Fund(c) | $0 - $500 | 0.870% | 7/1/2017 |
Small Cap Growth Fund I | >$500 - $1,000 | 0.820% | 1/1/2016 |
Small Cap Value Fund I | >$1,000 - $3,000 | 0.770% | 9/1/2015 |
>$3,000 - $12,000 | 0.760% | ||
>$12,000 | 0.750% |
Statement of Additional Information – January 1, 2020 | 90 |
Fund | Assets (millions) | Annual rate at each asset level | Management Agreement Effective Date |
Multi-Asset Income Fund | $0 - $500 | 0.660% | 9/1/2015 |
>$500 - $1,000 | 0.625% | ||
>$1,000 - $1,500 | 0.610% | ||
>$1,500 - $3,000 | 0.600% | ||
>$3,000 - $6,000 | 0.570% | ||
>$6,000 - $12,000 | 0.545% | ||
>$12,000 | 0.510% | ||
Multi Strategy Alternatives Fund(a) | $0 - $500 | 0.960% | 10/1/2016 |
>$500 - $1,000 | 0.955% | ||
>$1,000 - $3,000 | 0.950% | ||
>$3,000 - $12,000 | 0.940% | ||
>$12,000 | 0.930% | ||
Multisector Bond SMA Completion Portfolio | All assets | 0.00% | 8/7/2019 |
Overseas SMA Completion Portfolio | |||
Solutions Aggressive Portfolio | 8/16/2017 | ||
Solutions Conservative Portfolio | |||
Real Estate Equity Fund | $0 - $500 | 0.750% | 5/1/2016 |
>$500 - $1,000 | 0.745% | ||
>$1,000 - $1,500 | 0.720% | ||
>$1,500 - $3,000 | 0.670% | ||
>$3,000 | 0.660% | ||
Strategic Income Fund | $0 - $500 | 0.600% | 3/1/2016 |
>$500 - $1,000 | 0.590% | ||
>$1,000 - $2,000 | 0.575% | ||
>$2,000 - $3,000 | 0.555% | ||
>$3,000 - $6,000 | 0.530% | ||
>$6,000 - $7,500 | 0.505% | ||
>$7,500 - $9,000 | 0.490% | ||
>$9,000 - $10,000 | 0.481% | ||
>$10,000 - $12,000 | 0.469% | ||
>$12,000 - $15,000 | 0.459% | ||
>$15,000 - $20,000 | 0.449% | ||
>$20,000 - $24,000 | 0.433% | ||
>$24,000 - $50,000 | 0.414% | ||
>$50,000 | 0.393% | ||
U.S. Treasury Index Fund(d) | All assets | 0.400% | 9/1/2015 |
Ultra Short Term Bond Fund(e) | All assets | 0.21% | 12/1/2018 |
Statement of Additional Information – January 1, 2020 | 91 |
Asset Category | Assets (millions) | Annual rate at each asset level | Management Agreement Effective Date |
Category 1: Assets invested in affiliated mutual funds, exchange- traded funds and closed-end funds that pay a management services fee (or an investment management services fee, as applicable) to the Investment Manager. | $0 - $500 | 0.060% | 10/1/2015 |
>$500 - $1,000 | 0.055% | ||
>$1,000 - $3,000 | 0.050% | ||
>$3,000 - $12,000 | 0.040% | ||
>$12,000 | 0.030% | ||
Category 2: Assets invested in exchange-traded funds and mutual funds that are not managed by the Investment Manager or its affiliates. | $0 - $500 | 0.160% | |
>$500 - $1,000 | 0.155% | ||
>$1,000 - $3,000 | 0.150% | ||
>$3,000 - $12,000 | 0.140% | ||
>$12,000 | 0.130% | ||
Category 3: Securities, instruments and other assets not described above, including without limitation affiliated mutual funds, exchange-traded funds and closed-end funds that do not pay a management services fee (or an investment management services fee, as applicable) to the Investment Manager, third party closed-end funds, derivatives and individual securities. | $0 - $500 | 0.760% | |
>$500 - $1,000 | 0.745% | ||
>$1,000 - $1,500 | 0.730% | ||
>$1,500 - $3,000 | 0.720% | ||
>$3,000 - $6,000 | 0.690% | ||
>$6,000 - $12,000 | 0.665% | ||
>$12,000 | 0.630% |
Management Services Fees | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending March 31 | |||
Adaptive Retirement 2020 Fund | $33,998 | $9,712 (a) | N/A |
Adaptive Retirement 2025 Fund | 15,637 (b) | N/A | N/A |
Adaptive Retirement 2030 Fund | 5,976 | 19,631 (a) | N/A |
Adaptive Retirement 2035 Fund | 4,465 (b) | N/A | N/A |
Adaptive Retirement 2040 Fund | 4,681 | 1,987 (a) | N/A |
Statement of Additional Information – January 1, 2020 | 92 |
Management Services Fees | |||
2019 | 2018 | 2017 | |
Adaptive Retirement 2045 Fund | $4,461 (b) | N/A | N/A |
Adaptive Retirement 2050 Fund | 4,560 | $1,970 (a) | N/A |
Adaptive Retirement 2055 Fund | 4,459 (b) | N/A | N/A |
Adaptive Retirement 2060 Fund | 4,583 | 1,978 (a) | N/A |
MM Growth Strategies Fund | 14,371,515 | 17,359,656 | $15,336,414 |
Pacific/Asia Fund | 1,823,339 | 2,134,750 | 2,101,261 |
Select Large Cap Growth Fund | 22,384,317 | 27,276,189 | 32,224,821 |
Solutions Aggressive Portfolio(c) | 0 | N/A | N/A |
Solutions Conservative Portfolio(c) | 0 | N/A | N/A |
For Funds with fiscal period ending April 30 | |||
Bond Fund | 1,921,248 | 2,235,758 | 2,601,726 |
Corporate Income Fund | 6,468,272 | 6,472,921 | 5,913,133 |
MM Directional Alternative Strategies Fund | 4,348,923 | 14,976,807 | 8,637,630 (d) |
Multi-Asset Income Fund | 913,614 | 894,672 | 767,760 |
Small Cap Value Fund I | 5,505,921 | 5,297,823 | 5,104,454 |
Total Return Bond Fund | 9,794,055 | 11,472,735 | 13,987,904 |
U.S. Treasury Index Fund | 3,308,567 | 2,926,477 | 3,182,138 |
For Funds with fiscal period ending May 31 | |||
Adaptive Risk Allocation Fund | 20,194,664 | 17,016,235 | 8,000,497 |
Dividend Income Fund | 68,730,008 | 61,556,409 | 54,720,306 |
HY Municipal Fund | 4,087,884 | 4,167,839 | 4,668,440 |
Multi Strategy Alternatives Fund | 5,026,201 | 4,999,782 | 2,938,737 |
For Funds with fiscal period ending July 31 | |||
Large Cap Growth Fund | 23,352,733 | 24,015,095 | 22,327,952 |
OR Intermediate Municipal Bond Fund | 1,683,285 | 1,936,652 | 2,152,358 |
Tax-Exempt Fund | 14,926,550 | 15,993,714 | 17,289,123 |
U.S. Social Bond Fund | 235,673 | 215,813 | 177,410 |
Ultra Short Term Bond Fund | 2,159,802 | 3,448,775 | 4,331,299 |
For Funds with fiscal period ending August 31 | |||
Balanced Fund | 39,147,898 | 42,313,765 | 37,000,407 |
Contrarian Core Fund | 61,766,499 | 69,747,238 | 62,449,221 |
Disciplined Small Core Fund | 884,008 | 1,553,711 | 2,120,260 |
Emerging Markets Fund | 13,209,425 | 14,851,585 | 13,852,430 |
Global Dividend Opportunity Fund | 3,905,665 | 4,511,286 | 4,563,064 |
Global Energy and Natural Resources Fund | 1,447,280 | 1,797,151 | 1,792,602 |
Global Technology Growth Fund | 11,607,081 | 9,088,664 | 5,448,440 |
Greater China Fund | 1,101,436 | 1,316,857 | 1,044,824 |
Mid Cap Growth Fund | 12,857,303 | 14,133,865 | 13,635,837 |
MM Alternative Strategies Fund | 5,705,412 | 6,324,434 | 6,656,052 |
MM International Equity Strategies Fund | 15,100,870 | 4,352,066 (e) | N/A |
MM Small Cap Equity Strategies Fund | 14,241,229 | 10,337,126 | 8,560,553 |
MM Total Return Bond Strategies Fund | 35,866,449 | 35,541,912 | 30,955,796 |
Multisector Bond SMA Completion Portfolio(f) | N/A | N/A | N/A |
Statement of Additional Information – January 1, 2020 | 93 |
Management Services Fees | |||
2019 | 2018 | 2017 | |
Overseas SMA Completion Portfolio(g) | N/A | N/A | N/A |
Small Cap Growth Fund I | $4,852,998 | $4,272,672 | $3,547,326 |
Strategic Income Fund | 24,981,150 | 23,126,723 | 15,719,912 (h) |
2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | |||
CT Intermediate Municipal Bond Fund | 513,627 | 629,541 | 505,837 |
Intermediate Municipal Bond Fund | 7,952,128 | 9,519,597 | 7,342,461 |
MA Intermediate Municipal Bond Fund | 1,077,291 | 1,209,330 | 933,954 |
NY Intermediate Municipal Bond Fund | 1,044,632 | 1,183,001 | 920,201 |
Strategic CA Municipal Income Fund | 2,389,784 | 2,411,432 | 1,731,638 |
Strategic NY Municipal Income Fund | 982,344 | 1,028,510 | 713,605 |
For Funds with fiscal period ending December 31 | |||
Real Estate Equity Fund | 2,389,889 | 3,484,436 | 2,757,449 |
(a) | For the period from October 24, 2017 (commencement of operations) to March 31, 2018. |
(b) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(c) | The Solution Series Funds do not pay a management services fee. |
(d) | For the period from October 17, 2016 (commencement of operations) to April 30, 2017. |
(e) | For the period from May 17, 2018 (commencement of operations) to August 31, 2018. |
(f) | The Fund commenced operations on October 29, 2019, and therefore has no reporting information for periods prior to such date. |
(g) | The Fund commenced operations on September 12, 2019, and therefore has no reporting information for periods prior to such date. |
(h) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – January 1, 2020 | 94 |
Investment Advisory Services Fees | ||||
Fund | ||||
For Funds with fiscal period ending October 31 | 2018 | 2017 | 2016 | |
CT Intermediate Municipal Bond Fund | N/A | N/A | 211,065 | |
Intermediate Municipal Bond Fund | N/A | N/A | 2,934,748 | |
MA Intermediate Municipal Bond Fund | N/A | N/A | 391,155 | |
NY Intermediate Municipal Bond Fund | N/A | N/A | 370,479 | |
Strategic CA Municipal Income Fund | N/A | N/A | 701,751 | |
Strategic NY Municipal Income Fund | N/A | N/A | 256,900 | |
For Funds with fiscal period ending December 31 | 2018 | 2017 | 2016 | |
Real Estate Equity Fund | N/A | N/A | 1,126,073 |
Statement of Additional Information – January 1, 2020 | 95 |
Fund | Current Subadvisers | Parent Company/Other Information | Aggregate Effective Fee Rate |
For Funds with fiscal period ending March 31 | |||
MM Growth Strategies Fund | Loomis Sayles (effective December 11, 2013) Los Angeles Capital (effective February 7, 2017) | A L | 0.142% |
Statement of Additional Information – January 1, 2020 | 96 |
Fund | Current Subadvisers | Parent Company/Other Information | Aggregate Effective Fee Rate |
For Funds with fiscal period ending April 30 | |||
MM Directional Alternative Strategies Fund | Boston Partners (since commencement of operations) AQR (since commencement of operations) WellsCap(a) (since November 1, 2018) | J B K | 0.857% |
For Funds with fiscal period ending May 31 | |||
Multi Strategy Alternatives Fund | AQR (since September 24, 2019) QMA (since September 24, 2019) | B S | 0.300% (b) |
Statement of Additional Information – January 1, 2020 | 97 |
Fund | Current Subadvisers | Parent Company/Other Information | Aggregate Effective Fee Rate |
For Funds with fiscal period ending August 31 | |||
MM Alternative Strategies Fund | AlphaSimplex (effective May 23, 2018) AQR (since commencement of operations) Manulife (effective September 13, 2017) TCW (effective March 29, 2017) Water Island (since commencement of operations) | Q B M D C | 0.474% |
MM International Equity Strategies Fund | Arrowstreet (since commencement of operations) Baillie Gifford (since commencement of operations) Causeway (since commencement of operations) | N O P | 0.414% |
MM Small Cap Equity Strategies Fund | BMO (effective May 1, 2017) Conestoga (effective October 1, 2012) Hotchkis & Wiley (effective February 13, 2019) JPMIM (effective December 19, 2018) | H E F G | 0.306% |
MM Total Return Bond Strategies Fund | Loomis Sayles (effective April 11, 2016) PGIM Fixed Income (effective May 16, 2016) TCW (since commencement of operations) Voya (effective December 6, 2018) | A I D R | 0.097% |
Statement of Additional Information – January 1, 2020 | 98 |
Statement of Additional Information – January 1, 2020 | 99 |
Subadvisory Fees Paid | ||||
Fund | Subadviser | 2019 | 2018 | 2017 |
For Funds with fiscal period ending March 31 | ||||
MM Growth Strategies Fund | Subadvisers | $2,956,269 (a) | $3,697,165 (a) | $2,910,913 (a) |
For Funds with fiscal period ending April 30 | ||||
MM Directional Alternative Strategies Fund | Subadvisers | 2,330,126 (b) | 7,727,653 (b) | 4,590,388 (b) |
For Funds with fiscal period ending May 31 | ||||
Multi Strategy Alternatives Fund | Subadvisers | N/A (c) | N/A (c) | N/A (c) |
For Funds with fiscal period ending August 31 | ||||
MM Alternative Strategies Fund | Subadvisers | 2,472,337 (d) | 2,797,649 (d) | 3,698,775 (d) |
MM International Equity Strategies Fund | Subadvisers | 7,843,001 (g) | 2,245,886 (g) | N/A (g) |
MM Small Cap Equity Strategies Fund | Subadvisers | 5,373,676 (e) | 3,814,592 (e) | 3,148,458 (e) |
MM Total Return Bond Strategies Fund | Subadvisers | 7,638,260 (f) | 6,897,981 (f) | 5,026,886 (f) |
(a) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019, which amounted to 0.130%, 0.144%, and 0.142%, respectively, of the Fund’s daily net assets as of each fiscal year end. |
(b) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019, which amounted to 0.451%, 0.830%, and 0.857%, respectively, of the Fund’s daily net assets as of each fiscal year end. |
(c) | The Fund's subadvisers began managing the Fund on September 24, 2019, and therefore has no reporting information for periods prior to such date. |
(d) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019 which amounted to 0.606%, 0.484%, and 0.474% respectively, of the Fund’s daily net assets as of each fiscal year end. |
(e) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019, which amounted to 0.333%, 0.306%, and 0.306% respectively, of the Fund’s daily net assets as of each fiscal year end. |
(f) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019, which amounted to 0.074%, 0.088%, and 0.097% respectively, of the Fund’s daily net assets as of each fiscal year end. |
(g) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2018, and 2019, which amounted to 0.121% and 0.414%, respectively, of the Fund’s daily net assets as of each fiscal year end. The Fund commenced operations on May 17, 2018, and therefore has no reporting information for periods prior to such date. |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
For Funds with fiscal year ending March 31 – Information is as of March 31, 2019, unless otherwise noted | |||||||
Adaptive Retirement 2020 Fund | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.69 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None |
Statement of Additional Information – January 1, 2020 | 100 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
Adaptive Retirement 2025 Fund | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.69 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None | |||
Adaptive Retirement 2030 Fund | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.70 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None | |||
Adaptive Retirement 2035 Fund | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.70 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None | |||
Adaptive Retirement 2040 Fund | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.70 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None | |||
Adaptive Retirement 2045 Fund | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.70 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None | |||
Adaptive Retirement 2050 Fund | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.70 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None | |||
Adaptive Retirement 2055 Fund | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.70 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None |
Statement of Additional Information – January 1, 2020 | 101 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
Adaptive Retirement 2060 Fund | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.70 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None | |||
MM Growth Strategies Fund | Columbia Management: Thomas Galvin | 5 RICs 2 PIVs 1,293 other accounts | $3.43 billion $572.60 million $2.62 billion | None | None | Columbia Management | Columbia Management |
Richard Carter | 5 RICs 2 PIVs 1,294 other accounts | $3.43 billion $572.60 million $2.60 billion | None | None | |||
Todd Herget | 5 RICs 2 PIVs 1,297 other accounts | $3.43 billion $572.60 million $2.60 billion | None | None | |||
Loomis Sayles: Aziz Hamzaogullari | 20 RICs 16 PIVs 132 other accounts | $23.31 billion $6.8 billion $21.35 billion | 2 PIVs ($788.54M) | None | Loomis Sayles | Loomis Sayles | |
MM Growth Strategies Fund (continued) | Los Angeles Capital: Thomas Stevens | 13 RICs 14 PIVs 39 other accounts | $7.09 billion $5.15 billion $12.65 billion | 1 RIC ($3.55 B) 5 PIVs ($2.09 B) 6 other accounts ($6.84 B) | None | Los Angeles Capital | Los Angeles Capital |
Hal Reynolds | 13 RICs 14 PIVs 39 other accounts | $7.09 billion $5.15 billion $12.65 billion | 1 RIC ($3.55 B) 5 PIVs ($2.09 B) 6 other accounts ($6.84 B) | None | |||
Daniel Allen | 9 RICs 14 PIVs 39 other accounts | $2.96 billion $5.15 billion $12.65 billion | 5 PIVs ($2.09 B) 6 other accounts ($6.84 B) | None | |||
Daniel Arche | 1 RIC 5 PIVs 11 other accounts | $1.80 billion $2.49 billion $2.09 billion | 3 PIVs ($1.46 B) | None |
Statement of Additional Information – January 1, 2020 | 102 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
Pacific/Asia Fund | Jasmine (Weili) Huang(g) | 4 RICs 2 PIVs 14 other accounts | $1.97 billion $626.18 million $1.10 billion | None | $10,001 – $50,000(b) | Columbia Management | Columbia Management |
Daisuke Nomoto | 4 RICs 2 PIVs 3 other accounts | $3.14 billion $1.02 billion $2.90 million | None | $100,001 – $500,000(a) $100,001 – $500,000(b) | |||
Christine Seng | 1 RIC 2 PIVs 1 other account | $18.20 million $202.08 million $16.34 million | None | None (c) | Threadneedle | Threadneedle | |
Select Large Cap Growth Fund | Thomas Galvin | 5 RICs 2 PIVs 1,293 other accounts | $1.50 billion $572.60 million $2.62 billion | None | Over $1,000,000(a) $50,001 – $100,000(b) | Columbia Management | Columbia Management |
Richard Carter | 5 RICs 2 PIVs 1,294 other accounts | $1.50 billion $572.60 million $2.60 billion | None | $10,001 – $50,000(a) $50,001 – $100,000(b) | |||
Todd Herget | 5 RICs 2 PIVs 1,297 other accounts | $1.50 billion $572.60 million $2.60 billion | None | $100,001 – $500,000(b) | |||
Solutions Aggressive Portfolio | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.69 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None | |||
Solutions Conservative Portfolio | Joshua Kutin | 42 RICs 7 PIVs 24 other accounts | $67.69 billion $12.35 million $1.38 million | None | None | Columbia Management | Columbia Management |
Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $3.27 billion $0.31 million $0.03 million | None | None | |||
For Funds with fiscal year ending April 30 – Information is as of April 30, 2019, unless otherwise noted | |||||||
Bond Fund | Gene Tannuzzo | 7 RICs 1 PIV 61 other accounts | $12.78 billion $74.61 million $1.05 billion | None | None | Columbia Management | Columbia Management |
Jason Callan | 12 RICs 21 PIVs 4 other accounts | $18.92 billion $37.25 billion $1.52 million | None | None | |||
Corporate Income Fund | Tom Murphy | 12 RICs 29 PIVs 23 other accounts | $2.96 billion $45.79 billion $4.54 billion | None | None | Columbia Management | Columbia Management |
Tim Doubek | 11 RICs 23 other accounts | $2.92 billion $4.26 billion | None | None |
Statement of Additional Information – January 1, 2020 | 103 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
MM Directional Alternative Strategies Fund | Boston Partners: Joseph Feeney | 7 RICs 6 PIVs 35 other accounts | $6.46 billion $3.25 billion $3.26 billion | None | None | Boston Partners | Boston Partners |
Eric Connerly | 1 other account | $4.25 billion | None | None | |||
AQR: Michele Aghassi | 19 RICs 17 PIVs 14 other accounts | $11.05 billion $8.40 billion $4.88 billion | 14 PIVs ($5.98 B) 4 other accounts ($1.69 B) | None | AQR | AQR | |
Andrea Frazzini | 36 RICs 27 PIVs 35 other accounts | $20.10 billion $14.51 billion $17.83 billion | 24 PIVs ($12.09 B) 9 other accounts ($2.18 B) | None | |||
Ronen Israel(m) | 27 RICs 57 PIVs 49 other accounts | $12.96 billion $22.11 billion $24.84 billion | 52 PIVs ($19.68 B) 16 other accounts ($7.55 B) | None | |||
Lars Nielsen(m) | 28 RICs 57 PIVs 49 other accounts | $13.11 billion $22.11 billion $24.84 billion | 52 PIVs ($19.68 B) 16 other accounts ($7.55 B) | ||||
MM Directional Alternative Strategies Fund (continued) | WellsCap: Harindra de Silva | 19 RICs 22 PIVs 32 other accounts | $5.82 billion $7.37 billion $6.69 billion | 2 PIVs ($170.34 M) 3 other accounts ($448.00 M) | None | WellsCap | WellsCap |
Dennis Bein | 17 RICs 21 PIVs 27 other accounts | $5.60 billion $7.35 billion $6.23 billion | 2 PIVs ($170.34 M) 3 other accounts ($448.00 M) | None | |||
David Krider | 7 RICs 16 PIVs 8 other accounts | $2.43 billion $3.83 billion $1.68 billion | 2 PIVs ($170.34 M) 1 other account ($28.03 M) | None | |||
Multi–Asset Income Fund | Anwiti Bahuguna | 22 RICs 25 PIVs 33 other accounts | $70.33 billion $3.25 billion $110.02 million | None | $10,001 – $50,000(b) | Columbia Management | Columbia Management |
Dan Boncarosky | 7 RICs 25 other accounts | $5.68 billion $3.61 million | None | $1 – $10,000(b) | |||
Small Cap Value Fund I | Jeremy Javidi | 1 RIC 1 PIV 9 other accounts | $329.29 million $176.74 million $22.77 million | None | Over $1,000,000(a) | Columbia Management | Columbia Management |
Statement of Additional Information – January 1, 2020 | 104 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
Total Return Bond Fund | Gene Tannuzzo | 7 RICs 1 PIV 61 other accounts | $11.15 billion $74.61 million $1.05 billion | None | $50,001 – $100,000(a) | Columbia Management | Columbia Management |
Jason Callan | 12 RICs 21 PIVs 4 other accounts | $17.29 billion $37.25 billion $1.52 million | None | None | |||
U.S. Treasury Index Fund | Alan Erickson | 1 RIC 40 other accounts | $3.96 million $2.71 billion | None | $10,001 – $50,000(b) | Columbia Management | Columbia Management |
For Funds with fiscal year ending May 31 – Information is as of May 31, 2019, unless otherwise noted | |||||||
Adaptive Risk Allocation Fund | Alexander Wilkinson | 12 RICs 6 PIVs 1 other account | $0.29 billion $0.31 million $0.03 million | None | $1 – $10,000(b) | Columbia Management; Columbia Management – FoF | Columbia Management |
Joshua Kutin | 42 RICs 6 PIVs 24 other accounts | $63.49 billion $0.31 million $1.34 million | None | $100,001 – $500,000(a) $100,001 – $500,000(b) | |||
Dividend Income Fund | Michael Barclay | 5 RICs 1 PIV 82 other accounts | $929.57 million $26.33 million $1.56 billion | None | $500,001 – $1,000,000(a) $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Scott Davis | 2 RICs 1 PIV 83 other accounts | $904.82 million $26.33 million $1.56 billion | None | $100,001 – $500,000(a) $100,001 – $500,000(b) | |||
Peter Santoro | 5 RICs 1 PIV 60 other accounts | $2.93 billion $26.33 million $2.06 billion | None | $100,001 – $500,000(a) $100,001 – $500,000(b) | |||
HY Municipal Fund | Douglas White | 4 RICs 7 other accounts | $3.15 billion $6.98 million | None | None | Columbia Management | Columbia Management |
Catherine Stienstra | 7 RICs 2 PIVs 3 other accounts | $7.45 billion $1.78 billion $1.17 million | None | $100,001 – $500,000(a) $50,001 – $100,000(b) |
Statement of Additional Information – January 1, 2020 | 105 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
Multi Strategy Alternatives Fund | Marc Khalamayzer | 5 RICs 6 other accounts | $72.89 million $0.43 million | None | $10,001 – $50,000(b) | Columbia Management | Columbia Management |
Joshua Kutin | 42 RICs 6 PIVs 24 other accounts | $65.78 billion $0.31 million $1.34 million | None | $100,001 – $500,000(b) | |||
Matthew Ferrelli(i) | 1 other account | $0.14 million | None | None | |||
Dan Boncarosky(d) | 8 RICs 25 other accounts | $5.56 billion $3.37 million | None | $1 – $10,000(b) | |||
Brian Virginia(d) | 16 RICs 9 other accounts | $61.98 billion $2.70 million | None | None | |||
Corey Lorenzen(d) | 2 RICs 5 other accounts | $14.83 million $0.53 million | None | None | |||
Jason Callan(d) | 13 RICs 13 PIVs 4 other accounts | $18.74 billion $6.41 billion $25.15 billion | None | None | |||
Tom Heuer(d) | 4 RICs 5 other accounts | $4.30 billion $2.78 million | None | None | |||
Ryan Osborn(d) | 3 RICs 6 other accounts | $4.30 billion $1.69 million | None | None | |||
Multi Strategy Alternatives Fund (continued) | AQR: Jordan Brooks(k) | 3 RICs 1 PIV | $216.03 million $47.12 million | 1 PIV ($47.12 M) | None | AQR | AQR |
David Kupersmith(k) | 2 RICS 3 PIVs | $101.06 million $647.93 million | 3 PIVs ($647.93 M) | None | |||
Lars Nielsen(k) | 28 RICs 62 PIVs 50 other accounts | $13.10 billion $25.57 billion $25.01 billion | 56 PIVs ($22.94 B) 16 other accounts ($7.37 B) | None | |||
Ashwin Thapar(k) | 16 RICs 79 PIVs | $10.65 billion $30.62 billion | 79 PIVs ($30.62 B) | None | |||
QMA: Marco Aiolfi(k) | 7 RICs 1 PIV 1 other account | $71.66 million $146.99 million $29.70 million | None | None | QMA | QMA | |
Yesim Tokat-Acikel(k) | 7 RICs 1 PIV 1 other account | $71.66 million $146.99 million $29.70 million | None | None |
Statement of Additional Information – January 1, 2020 | 106 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
For Funds with fiscal year ending July 31– Information is as of July 31, 2019, unless otherwise noted | |||||||
Large Cap Growth Fund | Melda Mergen(e) | 5 RICs 14 other accounts | $3.47 billion $549.94 million | None | $1 – $10,000(a) | Columbia Management | Columbia Management |
Peter Santoro(e) | 5 RICs 1 PIV 57 other accounts | $19.45 billion $45.47 million $2.22 billion | None | $100,001 – $500,000(b) | |||
Tchintcia Barros | 2 RICs 7 other accounts | $3.50 billion $319.72 million | None | $10,001 – $50,000(b) | |||
OR Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $2.76 billion $29.95 million | None | None | Columbia Management | Columbia Management |
Anders Myhran | 15 RICs 2 PIVs 4 other accounts | $5.04 billion $1.79 billion $146.70 million | None | None | |||
Deborah Vargo | 10 RICs 125 other accounts | $2.76 billion $1.64 million | None | None | |||
Tax–Exempt Fund | Kimberly Campbell | 1 RICs 11 other accounts | $52.22 million $200.41 million | None | $100,001 – $500,000(a) $50,001 – $100,000(b) | Columbia Management | Columbia Management |
Catherine Stienstra | 7 RICs 2 PIVs 3 other accounts | $5.02 billion $1.79 billion $1.32 million | None | $100,001 – $500,000(a) $50,001 – $100,000(b) | |||
U.S. Social Bond Fund | Kimberly Campbell | 1 RIC 11 other accounts | $3.43 billion $200.41 million | None | None | Columbia Management | Columbia Management |
Tom Murphy | 12 RICs 24 PIVs 22 other accounts | $4.20 billion $21.79 billion $4.56 billion | None | None | |||
Malcolm (Mac) Ryerse | 5 other accounts | $1.58 million | None | $10,001 – $50,000(a) $10,001 – $50,000(b) | |||
Ultra Short Term Bond Fund | Ronald Stahl | 3 RICs 13 PIVs 42 other accounts | $3.71 billion $1.96 billion $4.52 billion | None | None | Columbia Management | Columbia Management |
Greg Liechty | 3 RICs 13 PIVs 43 other accounts | $3.71 billion $2.04 billion $4.52 billion | None | None |
Statement of Additional Information – January 1, 2020 | 107 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
For Funds with fiscal year ending August 31 – Information is as of August 31, 2019, unless otherwise noted | |||||||
Balanced Fund | Guy Pope | 9 RICs 7 PIVs 111 other accounts | $12.68 billion $1.46 billion $2.70 billion | None | $100,001 – $500,000(a) $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Jason Callan | 12 RICs 9 PIVs 3 other accounts | $17.37 billion $7.88 billion $1.69 million | None | None | |||
Gregory Liechty | 3 RICs 12 PIVs 44 other accounts | $2.45 billion $1.94 billion $4.29 billion | None | $10,001 – $50,000(b) | |||
Ronald Stahl | 3 RICs 13 PIVs 42 other accounts | $2.45 billion $1.94 billion $4.87 billion | None | $100,001 – $500,000(a) $10,001 – $50,000(b) | |||
Contrarian Core Fund | Guy Pope | 9 RICs 7 PIVs 111 other accounts | $7.10 billion $1.46 billion $2.70 billion | None | Over $1,000,000(a) $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Disciplined Small Core Fund | Brian Condon | 22 RICs 2 PIVs 69 other accounts | $13.56 billion $108.93 million $7.41 billion | None | $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Peter Albanese | 16 RICs 2 PIVs 67 other accounts | $13.50 billion $108.93 million $7.40 billion | None | $10,001 – $50,000(b) | |||
Emerging Markets Fund | Robert Cameron | 2 RICs 2 PIVs 14 other accounts | $481.57 million $430.49 million $1.11 billion | None | $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Jasmine (Weili) Huang(g) | 4 RICs 2 PIVs 4 other accounts | $750.36 million $430.49 million $1.11 billion | None | $10,001 – $50,000(b) | |||
Dara White | 3 RICs 2 PIVs 14 other accounts | $590.59 million $430.49 million $1.90 billion | None | Over $1,000,000(a) $100,001 – $500,000(b) | |||
Young Kim | 2 RICs 2 PIVs 12 other accounts | $481.57 million $431.51 million $1.16 billion | None | $10,001 – $50,000(a) $50,001 – $100,000(b) | |||
Perry Vickery | 2 RICs 2 PIVs 13 other accounts | $481.57 million $430.49 million $1.17 billion | None | $100,001 – $500,000(a) $10,001 – $50,000(b) | |||
Global Dividend Opportunity Fund | Jonathan Crown(c) | 2 PIVs 3 other accounts | $937.51 million $2.73 billion | None | None | Threadneedle | Threadneedle |
Georgina Hellyer | 2 PIVs 2 other account | $937.51 million $2.70 billion | None | None (c) |
Statement of Additional Information – January 1, 2020 | 108 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
Global Energy and Natural Resources Fund | Josh Kapp | 8 other accounts | $1.87 million | None | $1 – $10,000(b) | Columbia Management | Columbia Management |
Global Technology Growth Fund | Rahul Narang | 7 other accounts | $165.47 million | None | $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Greater China Fund | Jasmine (Weili) Huang(g) | 4 RICs 2 PIVs 4 other accounts | $1.92 billion $430.49 million $1.11 billion | None | 10,001 – $50,000(b) | Columbia Management | Columbia Management |
Dara White | 3 RICs 2 PIVs 14 other accounts | $1.76 billion $430.49 million $1.90 billion | None | $100,001 – $500,000(b) | |||
Mid Cap Growth Fund | Matthew Litfin | 5 RICs 10 other accounts | $5.84 billion $21.00 million | None | $500,001 – $1,000,000(a) $100,001 – $500,000(b) | Columbia Management | Columbia Management |
Erika Maschmeyer | 2 RICs 9 other accounts | $4.70 billion $15.56 million | None | $50,001 – $100,000(b) | |||
John Emerson | 3 RICs 6 other accounts | $859.56 million $16.00 million | None | $50,001 – $100,000(b) |
Statement of Additional Information – January 1, 2020 | 109 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
MM Alternative Strategies Fund | AlphaSimplex: Alexander Healy | 6 RICs 2 PIVs 6 other accounts | $3.12 billion $714.20 million $550.50 million | 1 PIV ($476.80 M) | None | AlphaSimplex | AlphaSimplex |
Kathryn Kaminski | 2 RICs 2 PIVs 3 other accounts | $1.95 billion $714.20 million $498.10 million | 1 PIV ($476.80 M) | None | |||
Philippe Lüdi | 4 RICs 2 PIVs 3 other accounts | $2.90 billion $714.20 million $498.10 million | 1 PIV ($476.80 M) | None | |||
John Perry | 2 RICs 2 PIVs 3 other accounts | $1.95 billion $714.20 million $498.10 million | 1 PIV ($476.80 M) | None | |||
Robert Rickard | 5 RICs 2 PIVs | $3.05 billion $714.20 million | 1 PIV ($476.80 M) | None | |||
AQR: Clifford Asness | 29 RICs 38 PIVs 61 other accounts | $17.29 billion $18.25 billion $29.52 billion | 36 PIVs ($16.53 B) 21 other accounts ($8.88 B) | None | AQR | AQR | |
John Liew | 18 RICs 29 PIVs 30 other accounts | $10.40 billion $12.25 billion $13.90 billion | 28 PIVs ($10.73 B) 10 other accounts ($5.77 B) | None | |||
Yao Hua Ooi | 11 RICs 40 PIVs 2 other accounts | $10.40 billion $19.70 billion $364.00 million | 38 PIVs ($18.65 B) 1 other account ($78 .01 M) | None | |||
Ari Levine | 5 RICs 37 PIVs 7 other accounts | $6.14 billion $16.02 billion $3.80 billion | 34 PIVs ($13.77 B) 2 other accounts ($823 M) | None |
Statement of Additional Information – January 1, 2020 | 110 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
MM Alternative Strategies Fund (continued) | Manulife: Daniel Janis III | 5 RICs 43 PIVs 15 other accounts | $7.86 billion $23.57 billion $10.71 billion | 1 other account ($6.82 B) | None | Manulife | Manulife |
Christopher Chapman | 4 RICs 42 PIVs 15 other accounts | $7.83 billion $17.91 billion $10.71 billion | 1 other account ($6.82 B) | None | |||
Thomas Goggins | 4 RICs 41 PIVs 15 other accounts | $7.83 billion $17.86 billion $10.71 billion | 1 other account ($6.82 B) | None | |||
Kisoo Park | 4 RICs 43 PIVs 15 other accounts | $7.83 billion $23.60 billion $10.71 billion | 1 other account ($6.82 B) | None | |||
TCW: Tad Rivelle | 33 RICs 47 PIVs 220 other accounts | $113.79 billion $15.62 billion $48.61 billion | 25 PIVs ($3.19 B) 8 other accounts ($4.60 B) | None | TCW | TCW | |
Stephen Kane | 32 RICs 28 PIVs 204 other accounts | $107.89 billion $12.74 billion $42.91 billion | 8 PIVs ($2.41 B) 7 other accounts ($4.41 B) | None | |||
Laird Landmann | 29 RICs 20 PIVs 195 other accounts | $107.84 billion $9.57 billion $38.92 billion | 3 PIVs ($443.50 M) 7 other accounts ($4.41 B) | None | |||
Bryan Whalen | 31 RICs 40 PIVs 213 other accounts | $113.77 billion $12.51 billion $44.88 billion | 20 PIVs ($1.22 B) 8 other accounts ($4.60 B) | None | |||
Water Island: Edward Chen | 2 RICs | $136.00 million | None | None | Water Island | Water Island | |
Gregory Loprete | 3 RICs | $549.00 million | None | None | |||
Todd Munn | 4 RICs 1 PIV | $2.25 billion $114.00 million | None | None | |||
Roger P. Foltynowicz | 4 RICs 1 PIV | $2.25 billion $114.00 million | None | None |
Statement of Additional Information – January 1, 2020 | 111 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
MM Intl Equity Strategies Fund | Arrowstreet: Peter Rathjens | 4 RICs 73 PIVs 72 other accounts | $2.52 billon $50.44 billion $48.02 billion | 1 RIC ($122.56 M) 31 PIVs ($31.50 B) 9 other accounts ($7.09 B) | None | Arrowstreet | Arrowstreet |
John Capeci | 4 RICs 73 PIVs 72 other accounts | $2.52 billon $50.44 billion $48.02 billion | 1 RIC ($122.56 M) 31 PIVs ($31.50 B) 9 other accounts ($7.09 B) | None | |||
Manolis Liodakis | 4 RICs 73 PIVs 72 other accounts | $2.52 billon $50.44 billion $48.02 billion | 1 RIC ($122.56 M) 31 PIVs ($31.50 B) 9 other accounts ($7.09 B) | None | |||
Baillie Gifford: Donald Farquharson | 4 RICs 1 PIV 42 other accounts | $5.49 billion $1.12 billion $18.45 billion | 6 other accounts ($3.43 B) | None | Baillie Gifford | Baillie Gifford | |
Jenny Davis | 4 RICs 35 other accounts | $5.49 billion $14.19 billion | 5 other accounts ($3.18 B) | None | |||
Angus Franklin | 4 RICs 35 other accounts | $5.49 billion $14.19 billion | 5 other accounts ($3.18 B) | None | |||
Andrew Stobart | 6 RICs 3 PIVs 45 other accounts | $8.62 billion $1.59 billion $19.40 billion | 1 RIC ($159.00 M) 1 PIV ($29.00 M) 5 other accounts ($3.18 B) | None | |||
Tom Walsh | 4 RICs 35 other accounts | $5.49 billion $14.19 billion | 5 other accounts ($3.18 B) | None | |||
Toby Ross | 4 RICs 5 PIVs 39 other accounts | $5.49 billion $1.59 billion $14.49 billion | 5 other accounts ($3.18 B) | None |
Statement of Additional Information – January 1, 2020 | 112 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
MM Intl Equity Strategies Fund (continued) | Causeway: Sarah Ketterer | 16 RICs 24 PIVs 146 other accounts | $13.48 billion $5.31 billion $21.42 billion | 9 other accounts ($2.17 B) | None | Causeway | Causeway |
Harry Hartford | 16 RICs 24 PIVs 99 other accounts | $13.48 billion $5.31 billion $21.21 billion | 9 other accounts ($2.17 B) | None | |||
James Doyle | 16 RICs 24 PIVs 98 other accounts | $13.48 billion $5.31 billion $21.23 billion | 9 other accounts ($2.17 B) | None | |||
Conor Muldoon | 16 RICs 24 PIVs 93 other accounts | $13.48 billion $5.31 billion $21.21 billion | 9 other accounts ($2.17 B) | None | |||
Alessandro Valentini | 16 RICs 24 PIVs 95 other accounts | $13.48 billion $5.31 billion $21.21 billion | 9 other accounts ($2.17 B) | None | |||
Jonathan Eng | 16 RICs 24 PIVs 95 other accounts | $13.48 billion $5.31 billion $21.21 billion | 9 other accounts ($2.17 B) | None | |||
Ellen Lee | 16 RICs 24 PIVs 93 other accounts | $13.48 billion $5.31 billion $21.21 billion | 9 other accounts ($2.17 B) | None | |||
Ellen Lee | 16 RICs 24 PIVs 93 other accounts | $13.48 billion $5.31 billion $21.21 billion | 9 other accounts ($2.17 B) | None | |||
MM Small Cap Equity Strategies Fund | Columbia Management: Jarl Ginsberg | 4 RICs 1 PIV 82 other accounts | $2.19 billion $20.28 million $67.97 million | None | None | Columbia Management | Columbia Management |
Christian Stadlinger | 4 RICs 1 PIV 7 other accounts | $2.19 billion $20.28 million $71.97 million | None | None | |||
Conestoga: Robert Mitchell | 2 RICs 1 PIV 215 other accounts | $2.82 billion $82.52 million $1.70 billion | None | None | Conestoga | Conestoga | |
Joseph Monahan | 2 RICs 1 PIV 215 other accounts | $2.82 billion $82.52 million $1.70 billion | None | None |
Statement of Additional Information – January 1, 2020 | 113 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
MM Small Cap Equity Strategies Fund (continued) | Hotchkis & Wiley: Judd Peters | 17 RICs 12 PIVs 58 other accounts | $14.94 billion $1.29 billion $8.76 billion | 1 RIC ($7.59 B) 1 PIV ($44.00 M) 4 other accounts ($1.37 B) | None | Hotchkis & Wiley | Hotchkis & Wiley |
Ryan Thomes | 17 RICs 12 PIVs 58 other accounts | $14.94 billion $1.29 billion $8.76 billion | 1 RIC ($7.59 B) 1 PIV ($44.00 M) 4 other accounts ($1.37 B) | None | |||
BMO: David Corris | 9 RICs 16 PIVs 131 other accounts | $1.47 billion $3.43 billion $6.48 billion | None | None | BMO | BMO | |
Thomas Lettenberger | 5 RICs 6 PIVs 37 other accounts | $407.38 million $401.07 million $637.43 million | None | None | |||
JPMIM: Eytan Shapiro | 5 RICs 3 PIVs 1 other account | $4.21 billion $645.00 million $297.00 million | None | None | JPMIM | JPMIM | |
Felise Agranoff | 6 RICs 1 PIVs 2 other accounts | $10.60 billion $42.00 million $27.00 million | None | None | |||
Matthew Cohen | 2 RICs 1 PIV 1 other account | $3.24 billion $2.46 billion $1.29 billion | 1 other account ($1.29 B) | None |
Statement of Additional Information – January 1, 2020 | 114 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
MM Total Return Bond Strategies Fund | Loomis Sayles: Christopher Harms | 16 RICs 8 PIVs 214 other accounts | $1.86 billion $6.06 billion $19.58 billion | None | None | Loomis Sayles | Loomis Sayles |
Clifton Rowe | 6 RICs 208 other accounts | $1.86 billion $19.59 billion | None | None | |||
Kurt Wagner | 16 RICs 16 PIVs 226 other accounts | $1.86 billion $14.32 billion $26.05 billion | 2 other accounts ($3.01 B) | None | |||
Daniel Conklin(d) | None | None | None | None | |||
PGIM: Michael Collins | 18 RICs 9 PIVs 49 other accounts | $74.18 billion $17.89 billion $30.36 billion | None | None | PGIM | PGIM | |
Robert Tipp | 27 RICS 20 PIVs 102 other accounts | $59.59 billion $1.76 billion $29.18 billion | 1 PIV ($6.16 M) | None | |||
Richard Piccirillo | 38 RICs 24 PIVs 147 other accounts | $79.13 billion $22.70 billion $71.54 billion | None | None | |||
Gregory Peters | 17 RICs 20 PIVs 69 other accounts | $74.11 billion $39.44 billion $41.32 billion | None | None | |||
TCW: Tad Rivelle | 33 RICs 47 PIVs 220 other accounts | $111.68 billion $15.62 billion $48.61 billion | 25 PIVs ($3.19 B) 8 other accounts ($4.60 B) | None | TCW | TCW | |
Stephen Kane | 32 RICs 28 PIVs 204 other accounts | $105.79 billion $12.74 billion $42.91 billion | 8 PIVs ($2.41 B) 7 other accounts ($4.41 B) | None | |||
Laird Landmann | 29 RICs 20 PIVs 195 other accounts | $105.74 billion $9.57 billion $38.92 billion | 3 PIVs ($443.50 M) 7 other accounts ($4.41 B) | None | |||
Bryan Whalen | 31 RICs 40 PIVs 213 other accounts | $111.67 billion $12.50 billion $44.88 billion | 20 PIVs ($1.22 B) 8 other accounts ($4.60 B) | None |
Statement of Additional Information – January 1, 2020 | 115 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
MM Total Return Bond Strategies Fund (continued) | Voya: Matthew Toms | 9 RICs 95 PIVs 58 other accounts | $17.62 billion $6.72 billion $24.00 billion | 1 PIV ($175.00 M) | None | Voya | Voya |
Randall Parish | 6 RICs 56 PIVs 18 other accounts | $12.46 billion $3.40 billion $442 million | 1 PIV ($175.00 M) | None | |||
David Goodson | 5 RICs 59 PIVs 28 other accounts | $12.25 billion $3.42 billion $14.66 billion | None | None | |||
Multisector Bond SMA Completion Portfolio | Gene Tannuzzo(l) | 8 RICs 1 PIV 62 other accounts | $13.91 billion $83.75 million $1.44 billion | None | None | Columbia Management | Columbia Management |
Colin Lundgren(l) | 3 RICs 58 other accounts | $6.54 billion $1.12 billion | None | None | |||
Jason Callan(l) | 13 RICs 9 PIVs 3 other accounts | $19.65 billion $7.88 billion $1.69 million | None | None | |||
Overseas SMA Completion Portfolio | Fred Copper(j) | 6 RICs 1 PIV 6 other accounts | $3.96 billion $62.30 million $117.53 million | None | None | Columbia Management | Columbia Management |
Daisuke Nomoto(j) | 5 RICs 2 PIVs 3 other accounts | $3.30 billion $986.52 million $2.83 million | None | None | |||
Small Cap Growth Fund I | Daniel Cole | 1 RIC 6 other accounts | $31.02 million $5.03 million | None | $100,001 – $500,000(a) $50,001 – $100,000(b) | Columbia Management | Columbia Management |
Wayne Collette | 1 RIC 1 PIV 8 other accounts | $31.02 million $5.35 million $6.39 million | None | $100,001 – $500,000(a) $50,001 – $100,000(b) | |||
Lawrence Lin | 1 RIC 1 PIV 10 other accounts | $31.02 million $5.35 million $2.44 million | None | $10,001 – $50,000(a) $10,001 – $50,000(b) | |||
Strategic Income Fund | Jason Callan | 12 RICs 9 PIVs 3 other accounts | $14.64 billion $7.88 billion $1.69 million | None | None | Columbia Management | Columbia Management |
Colin Lundgren | 2 RICs 58 other accounts | $1.54 million $1.12 billion | None | $500,001 – $1,000,000(b) | |||
Gene Tannuzzo | 7 RICs 1 PIV 62 other accounts | $8.91 billion $83.75 million $1.44 billion | None | $100,001 – $500,000(a) $100,001 – $500,000(b) |
Statement of Additional Information – January 1, 2020 | 116 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
For Funds with fiscal year ending October 31 – Information is as of October 31, 2018, unless otherwise noted | |||||||
CT Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $3.16 billion $52.45 million | None | None | Columbia Management | Columbia Management |
Anders Myhran(h) | 5 RICs 4 PIVs 4 other accounts | $2.24 billion $3.51 billion $158.73 million | None | None | |||
Deborah Vargo | 10 RICs 129 other accounts | $3.16 billion $1.77 billion | None | None | |||
Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $1.79 billion $52.45 million | None | $10,001 – $50,000(a) $10,001 – $50,000(b) | Columbia Management | Columbia Management |
Anders Myhran(h) | 5 RICs 4 PIVs 4 other accounts | $2.24 billion $3.51 billion $158.73 million | None | None | |||
Deborah Vargo | 10 RICs 129 other accounts | $1.79 billion $1.77 billion | None | None | |||
MA Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $3.05 billion $52.45 million | None | $10,001 – $50,000(a) | Columbia Management | Columbia Management |
Anders Myhran(h) | 5 RICs 4 PIVs 4 other accounts | $2.24 billion $3.51 billion $158.73 million | None | None | |||
Deborah Vargo | 10 RICs 129 other accounts | $3.05 billion $1.77 billion | None | $1 – $10,000(a) | |||
NY Intermediate Municipal Bond Fund | Paul Fuchs | 10 RICs 7 other accounts | $3.06 billion $52.45 million | None | None | Columbia Management | Columbia Management |
Anders Myhran(h) | 5 RICs 4 PIVs 4 other accounts | $2.24 billion $3.51 billion $158.73 million | None | None | |||
Deborah Vargo | 10 RICs 129 other accounts | $3.06 billion $1.77 billion | None | None | |||
Strategic CA Municipal Income Fund | Catherine Stienstra | 7 RICs 2 PIVs 3 other accounts | $7.34 billion $1.74 billion $1.05 million | None | None | Columbia Management | Columbia Management |
Anders Myhran | 4 RICs 2 PIVs 4 other accounts | $1.80 billion $1.74 billion $154.37 million | None | None | |||
Douglas White(f) | 11 other accounts | $7.90 million | None | None |
Statement of Additional Information – January 1, 2020 | 117 |
Other Accounts Managed (excluding the Fund) | Ownership of Fund Shares | Potential Conflicts of Interest | Structure of Compensation | ||||
Fund | Portfolio Manager | Number and Type of Account* | Approximate Total Net Assets | Performance– Based Accounts** | |||
Strategic NY Municipal Income Fund | Catherine Stienstra | 7 RICs 2 PIVs 3 other accounts | $7.65 billion $1.74 billion $1.05 million | None | None | Columbia Management | Columbia Management |
Anders Myhran | 4 RICs 2 PIVs 4 other accounts | $2.11 billion $1.74 billion $154.37 million | None | None | |||
Douglas White(f) | 11 other accounts | $7.90 million | None | None | |||
For Funds with fiscal year ending December 31 – Information is as of December 31, 2018, unless otherwise noted | |||||||
Real Estate Equity Fund | Arthur Hurley | 2 RICs 10 other accounts | $197.04 million $1.84 million | None | $1 – $10,000(a) $1- $10,000(b) | Columbia Management | Columbia Management |
* | RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle. |
** | Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts. |
(a) | Excludes any notional investments. |
(b) | Notional investments through a deferred compensation account. |
(c) | The Fund is available for sale only in the U.S. The portfolio manager does not reside in the U.S. and therefore does not hold any shares of the Fund. |
(d) | The portfolio manager began managing the Fund after its last fiscal year end. |
(e) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of September 30, 2019. |
(f) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of November 27, 2018. |
(g) | Ms. Huang is on medical leave of absence, a timetable for her return is not set. |
(h) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of March 31, 2019. |
(i) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of April 30, 2019. |
(j) | The portfolio manager began managing the Fund on September 12, 2019 (commencement of operations); reporting information is provided as of July 31, 2019. |
(k) | The portfolio manager began managing the Fund on September 24, 2019; reporting information is provided as of August 31, 2019. |
(l) | The portfolio manager began managing the Fund on October 29, 2019 (commencement of operations); reporting information is provided as of August 31, 2019. |
Statement of Additional Information – January 1, 2020 | 118 |
AlphaSimplex: AlphaSimplex and its investment personnel provide investment management services to multiple portfolios for multiple clients. AlphaSimplex may purchase or sell securities for one client portfolio and not another client portfolio, and the performance of securities purchased for one portfolio may vary from the performance of securities purchased for other portfolios. In addition, client account structures may have fee structures, such as performance-based fees, that differ. The firm has adopted and implemented a Statement of Policy and Procedures Regarding Allocation Among Investment Advisory Clients intended to address conflicts of interest relating to the management of multiple accounts, including accounts with multiple fee arrangements, and the allocation of investment opportunities. AlphaSimplex reviews investment decisions for the purpose of ensuring that all accounts with substantially similar investment objectives are treated equitably. The performance of similarly managed accounts is also regularly compared to determine whether there are any unexplained significant discrepancies. Finally, AlphaSimplex has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts. The implementation of these procedures is monitored by AlphaSimplex’s Chief Compliance Officer. |
In addition, AlphaSimplex is aware of the potential for a conflict of interest in cases where AlphaSimplex, a related person or any of their employees, buys or sells securities recommended by AlphaSimplex to the clients. AlphaSimplex, in recognition of its fiduciary obligations to its clients and its desire to maintain its high ethical standards, has adopted a Code of Ethics containing provisions designed to prevent improper personal trading, identify conflicts of interest and provide a means to resolve any actual or potential conflict in favor of the client. AlphaSimplex requires all employees to obtain preclearance of personal securities transactions (other than certain exempted transactions as set forth in the Code of Ethics). |
AQR: Each of the portfolio managers is also responsible for managing other accounts in addition to the respective Funds the portfolio manager manages, including other accounts of AQR, or its affiliates. Other accounts may include, without limitation, separately managed accounts for foundations, endowments, pension plans, and high net-worth families; registered investment companies; unregistered investment companies relying on either Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (such companies are commonly referred to as “hedge funds”); foreign investment companies; and may also include accounts or investments managed or made by the portfolio managers in a personal or other capacity (“Proprietary Accounts”). Management of other accounts in addition to the Funds can present certain conflicts of interest, as described below. |
From time to time, potential conflicts of interest may arise between a portfolio manager’s management of the investments of the Funds, on the one hand, and the management of other accounts, on the other. The other accounts might have similar investment objectives or strategies as the Funds, or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Funds. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of the Funds' trades. A potential conflict of interest exists where portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Funds. |
A number of potential conflicts of interest may arise as a result of AQR’s or the portfolio manager’s management of a number of accounts (including Proprietary Accounts) with similar investment strategies. Often, an investment opportunity may be suitable for both the Funds and other accounts, but may not be available in sufficient quantities for both the Funds and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by the Funds and another account. In circumstances where the amount of total exposure to a strategy or investment type across accounts is, in the opinion of AQR, capacity constrained, the availability of the strategy or investment type for the Funds and other accounts may be reduced in AQR’s discretion. Funds may therefore have reduced exposure to a capacity constrained strategy or investment type, which could adversely affect the Funds return. AQR is not obligated to allocate capacity pro rata and may take its financial interests into account when allocating capacity among the Funds and other accounts. |
Another conflict could arise where different account guidelines and/or differences within particular investment strategies may lead to the use of different investment practices for portfolios with a similar investment strategy. AQR will not necessarily purchase or sell the same instruments at the same time or in the same direction (particularly if different accounts have different strategies), or in the same proportionate amounts for all eligible accounts (particularly if different accounts have materially different amounts of capital under management, different amounts of investable cash available, different investment restrictions, or different risk tolerances). As a result, although AQR manages numerous accounts and/or portfolios with similar or identical investment objectives, or may manage accounts with different objectives that trade in the same instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. AQR may, from time to time, implement new trading strategies or participate in new trading strategies for some but not all accounts, including the Funds. Strategies may not be implemented in the same manner among accounts where they are employed, even if the strategy is consistent with the objectives of such accounts. In certain |
Statement of Additional Information – January 1, 2020 | 119 |
circumstances, investment opportunities that are limited supply and/or have limited return potential in light of administrative costs of pursuing such investments (e.g., IPOS) are only allocated to accounts where the given opportunity is more closely aligned with the applicable strategy and/or trading approach. |
Whenever decisions are made to buy or sell investments by the Funds and one or more other accounts simultaneously, AQR or the portfolio manager may aggregate the purchases and sales of the investments and will allocate the transactions in a manner that it believes to be equitable under the circumstances. To this end, AQR has adopted policies and procedures that are intended to assure that investment opportunities are allocated equitably among accounts over time. As a result of the allocations, there may be instances where the Funds will not participate in a transaction that is allocated among other accounts or the Funds may not be allocated the full amount of the investments sought to be traded. These aggregation and allocation policies could have a detrimental effect on the price or amount of the investments available to the Funds from time to time. Subject to applicable laws and/or account restrictions, AQR may buy, sell or hold securities for other accounts while entering into a different or opposite investment decision for one or more funds. |
To the extent that the Funds holds interests in an issuer that are different (or more senior or junior) than, or potentially adverse to, those held by other accounts, AQR may be presented with investment decisions where the outcome would benefit one account and would not benefit or would harm the other account. This may include, but is not limited to, an account investing in a different security of an issuer’s capital structure than another account, an account investing in the same security but on different terms than another account, an account obtaining exposure to an investment using different types of securities or instruments than another account, an account engaging in short selling of securities that another account holds long, an account voting securities in a different manner than another account, and/or an account acquiring or disposing of its interests at different times than another account. This could have a material adverse effect on, or in some instances could benefit, one or more of such accounts, including accounts that are affiliates of AQR, accounts in which AQR has an interest, or accounts which pay AQR higher fees or a performance fee. These transactions or investments by one or more accounts could dilute or otherwise disadvantage the values, prices, or investment strategies of such accounts. When AQR, on behalf of an account, manages or implements a portfolio decision ahead of, or contemporaneously with, portfolio decisions of another account, market impact, liquidity constraints, or other factors could result in such other account receiving less favorable pricing or trading results, paying higher transaction costs, or being otherwise disadvantaged. In addition, in connection with the foregoing, AQR, on behalf of an account, is permitted to pursue or enforce rights or actions, or refrain from pursuing or enforcing rights or actions, with respect to a particular issuer in which action could materially adversely affect such other account. |
In addition, when the Funds and other accounts hold investments in the same issuer (including at the same place in the capital structure), the Funds may be prohibited by applicable law from participating in restructurings, work-outs or other activities related to its investment in the issuer. As a result, the Funds may not be permitted by law to make the same investment decisions as other accounts in the same or similar situations even if AQR believes it would be in the Funds' best economic interests to do so. The Funds may be prohibited by applicable law from investing in an issuer (or an affiliate) that other accounts are also investing in or currently invest in even if AQR believes it would be in the best economic interests of the Funds to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with issuers that AQR considers to be at risk of default and restructuring or work-outs with debt holders, which may include the Funds and other accounts. In some cases, to avoid the potential of future prohibited transactions, AQR may avoid allocating an investment opportunity to the Funds that it would otherwise recommend, subject to the AQR’s then- current allocation policy and any applicable exemptions. |
In certain circumstances, AQR may be restricted from transacting in a security or instrument because of material nonpublic information received in connection with an investment opportunity that is offered to AQR. In other circumstances, AQR will not participate in an investment opportunity to avoid receiving material nonpublic information that would restrict AQR from transacting in a security or instrument. These restrictions may adversely impact the Funds' performance. |
AQR and the Funds' portfolio managers may also face a conflict of interest where some accounts pay higher fees to AQR than others, as they may have an incentive to favor accounts with the potential for greater fees. For instance, the entitlement to a performance fee in managing one or more accounts may create an incentive for AQR to take risks in managing assets that it would not otherwise take in the absence of such arrangements. Additionally, since performance fees reward AQR for performance in accounts which are subject to such fees, AQR may have an incentive to favor these accounts over those that have only fixed asset-based fees, such as the Funds, with respect to areas such as trading opportunities, trade allocation, and allocation of new investment opportunities. |
AQR has implemented specific policies and procedures (e.g., a code of ethics and trade allocation policies) that seek to address potential conflicts of interest that may arise in connection with the management of the Funds and other accounts and that are designed to ensure that all client accounts are treated fairly and equitably over time. |
Statement of Additional Information – January 1, 2020 | 120 |
Arrowstreet: Arrowstreet offers institutional investors a select range of equity investment strategies: long-only, alpha extension and long/short. |
Arrowstreet’s investment strategies are managed by a cohesive investment team. Individual strategies are not managed by individual investment professionals but rather all strategies are managed by the same team of investment professionals. This team approach to trading is designed to ensure that all research ideas and opinions are shared at the same time among all accounts without systematically favoring any one account over another. Arrowstreet manages a large number of client accounts and, as a result, potential conflicts of interest may arise from time to time. As a result, Arrowstreet has established a number of policies and procedures designed to mitigate and/or eliminate potential conflicts. Arrowstreet has established policies and procedures with respect to trade execution, aggregation and allocation. In addition, Arrowstreet maintains a comprehensive code of ethics addressing potential conflicts that could arise between Arrowstreet and its employees and its clients. |
Arrowstreet believes that its policies and procedures are reasonably designed to address potential conflicts of interest. |
Baillie Gifford: In addition to managing the Fund, individual portfolio managers are commonly responsible for managing other registered investment companies, other pooled investment vehicles and/or other accounts. These other accounts may have similar investment strategies to the Fund. Potential conflicts between the portfolio management of the Fund and the portfolio manager’s other accounts are managed by the Manager using allocation policies and procedures, and internal review processes. The Manager has developed trade allocation systems and controls to ensure that no one client, regardless of type, is intentionally favored at the expense of another. Allocation policies are designed to address potential conflicts in situations where two or more funds or accounts participate in investment decisions involving the same securities. |
BMO: A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Fund, which may have different investment guidelines and objectives. In addition to the Fund, these accounts may include other mutual funds managed on an advisory or subadvisory basis, separate accounts, and collective trust accounts. An investment opportunity may be suitable for a Fund as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by a Fund and the other accounts. The other accounts may have similar investment objectives or strategies as the Fund, they may track the same benchmarks or indexes as the Fund tracks, and they may sell securities that are eligible to be held, sold or purchased by the Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager also may manage accounts whose investment objectives and policies differ from those of the Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including a Fund. |
To address and manage these potential conflicts of interest, BMO has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of its clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, cross trading policies, portfolio manager assignment practices, and oversight by investment management, and/or compliance departments. |
Boston Partners: Boston Partners owes its clients a duty of loyalty and monitors situations in which the interests of its advisory clients may be in conflict with its own interests. Boston Partners identifies business practices that may cause a conflict of interest between it and its clients, discloses such conflicts of interest to clients and develops reasonable procedures to mitigate such conflicts. |
Boston Partners has identified the following potential conflicts of interest and the measures it uses to address these matters: |
Equitable Treatment of Accounts Boston Partners recognizes that potential conflicts may arise from the side-by-side management of registered investment companies and “investment accounts,” which include privately offered funds and separately managed accounts of individuals and institutional investors. Where Boston Partners’ separately managed accounts are charged performance fees, portfolio managers may be inclined to take investment risks that are outside the scope of such client’s investment objectives and strategy. In addition, since Boston Partners’ private investment funds charge performance fees and share those fees with portfolio managers, such portfolio managers may also be inclined to take additional investment risks. Boston Partners maintains a Trade Allocation and Aggregation Policy as well as a Simultaneous Management Policy to ensure that client accounts are treated equitably. The Compliance Department (“CD”) reviews allocations and dispersion regularly, and accounts within the same strategy are precluded from simultaneously holding a security long and short. There are certain circumstances that would permit a long/short portfolio to take a contra position in a security that is held in another strategy. This happens very infrequently and the contra position is generally not related to the fundamental views of the security (i.e. – initiating a long position in a security at year-end to take advantage of tax-loss selling as a short term investment, or initiating a position based solely on its relative weight in the benchmark to manage investment risk). However in certain |
Statement of Additional Information – January 1, 2020 | 121 |
situations, the investment constraints of a strategy, including but not limited to country, region, industry or benchmark, may result in a different investment thesis for the same security. Each situation is fully vetted and approved by the firm’s Chief Investment Officer or his designee. Risk Management performs periodic reviews to ensure the product complies with the investment strategy and defined risk parameters. |
Furthermore, since Boston Partners charges a performance fee on certain accounts, and in particular these accounts may receive “new issues” allocations, Boston Partners has a conflict of interest in allocating new issues to these accounts. Boston Partners maintains an IPO Allocation Policy and the CD assists in, and/or reviews, the allocation of new issues to ensure that IPOS are being allocated among all eligible accounts in an equitable manner. |
Utilizing Brokerage to Advantage Boston Partners Boston Partners does not place trades through affiliated brokers. Securities trades are executed through brokerage firms with which Boston Partners maintains other advantageous relationships, such as soft dollars. In these cases, the broker may expect commission business in return. Boston Partners has established a Trade Management Oversight Committee to evaluate brokerage services and to review commissions paid to brokers. In addition, Boston Partners maintains a Best Execution Policy and a Soft Dollar Policy to assist in its monitoring efforts. Boston Partners also identifies affiliates of the investment companies for which it acts as investment adviser or sub adviser to ensure it is trading in accordance with applicable rules and regulations. |
Directed Brokerage Boston Partners faces an inherent conflict since it is in a position to direct client transactions to a broker or dealer in exchange for distribution capacity. Boston Partners maintains policies which prohibit its traders from considering a broker-dealer’s distribution capacity for promoting or selling Boston Partners’ separate account services, mutual funds, or proprietary funds (collectively “Boston Partners’ Services”) during the broker selection process. Nor will Boston Partners compensate any broker either directly or indirectly by directing brokerage transactions to that broker for consideration in selling Boston Partners’ Services. |
Mixed Use Allocations and Use of Soft Dollars to Benefit Adviser Soft dollar services which have a “mixed use” allocation present a conflict of interest when determining the allocation between those services that primarily benefit Boston Partners’ clients and those that primarily benefit Boston Partners. In addition, a conflict of interest exists when Boston Partners uses soft dollars to pay expenses that would normally be paid by Boston Partners. Boston Partners has developed soft dollar policies which require it to make a good faith allocation of “mixed use” services and to document its analysis. In addition, the CD reviews all requests for soft dollars to ensure inclusion under the safe harbor of Section 28 (e) of the Exchange Act. |
Trade Errors A conflict arises when an investment adviser requests a broker/dealer to absorb the cost of a trade error in return for increased trading and/or commissions. Boston Partners prohibits correcting a trade error for any quid pro quo with a broker and has procedures for the proper correction of trade errors. |
Principal Transactions A principal transaction occurs when an investment adviser, acting for the account of itself or an affiliate buys a security from, or sells a security to a client. An inherent conflict of interest exists since an adviser has an opportunity to transfer unwanted securities from its account to a client's account, sell securities to a client’s account at prices above the market, or transfer more favorably priced securities from a client account to its account. Boston Partners generally does not permit the selling of a security from one client account and the purchasing of the same security in another client account if Boston Partners has a principal interest in one of the accounts at the time of the transaction. Additionally, Boston Partners requires that clients give consent by signing subscription agreements to purchase a pooled investment vehicle in which Boston Partners or a related entity has an interest. |
Cross Trades Cross transactions between clients create an inherent conflict of interest because Boston Partners has a duty to obtain the most favorable price for both the selling client and the purchasing client. Boston Partners generally does not engage in cross trading, however Boston Partners has procedures to ensure that any cross trade is in the best interests of all clients. |
Affiliated Investments Potential conflicts exist if Boston Partners directs client investments into affiliated vehicles in order to increase the size of these vehicles and thereby increase its compensation by (a) lowering overall expenses of the vehicle, some of which Boston Partners may have responsibility for; (b) permitting greater marketing of the vehicle which will generate greater fee revenue for Boston Partners; or (c) allowing Boston Partners or an affiliate to redeem its investment capital in such vehicle. To mitigate any detriment to the client, Boston Partners has product suitability procedures and will obtain a client’s consent prior to investing client assets in an affiliated vehicle. |
Statement of Additional Information – January 1, 2020 | 122 |
Proprietary Trading Opportunities Employees are in a position to take investment opportunities for themselves or Boston Partners before such opportunities are executed on behalf of clients. Employees have a duty to advance Boston Partners’ client interests before Boston Partners interests or their personal interests. Boston Partners must assure that employees do not favor their own or Boston Partners’ accounts. The Code of Ethics (“the Code”) includes procedures on ethical conduct and personal trading, including preclearance and blackout procedures, to which all employees are subject. |
Insider Trading/Non-Public Information Employees are in a position to learn material nonpublic information. Such employees are in a position to trade in their personal accounts on such information, to the potential disadvantage of client accounts. The Code addresses insider trading including permissible activities. Employees certify, at least annually, that they are in compliance with the Code. |
Boston Partners periodically discusses securities which may be held in client accounts with external investment professionals when sourcing and analyzing investment ideas. These discussions may include but are not limited to economic factors, market outlook, sector and industry views, and general and/or specific information regarding securities. Discussion of specific securities creates a conflict which could disadvantage Boston Partners’ clients if the external parties were to act upon this information, including but not limited to front-running and scalping either particular securities or numerous securities in a similar sector to the extent such information is known about Boston Partners’ holdings. Boston Partners has policies prohibiting discussion of client investments for non-business purposes and has outlined permissible activities as well as certain other prohibitions when sourcing investment ideas for business purposes. |
Value-Added Investors A senior executive from a public company or a private company that is a hedge fund, broker-dealer, investment adviser, or investment bank, (collectively “VAIs”), may invest in Boston Partners’ private funds. A conflict exists if Boston Partners invests in companies affiliated with a VAI or if a VAI who works at a private company provide material non-public information to Boston Partners or vice versa. Both of these conflicts raise issues with respect to information sharing. Boston Partners has procedures to: i) identify these individuals through its annual outside businesses questionnaire, its annual compliance questionnaire, review of new account start-up documents, and its 5130 and 5131 questionnaires, and ii) monitor conflicts these persons present through its pre-trade compliance system and/or email surveillance. |
Selective Disclosure Selective disclosure occurs when material information is given to a single investor, or a limited group of investors, and not to all investors at the same time. This practice may allow one set of investors to profit on undisclosed information prior to giving others the same opportunity. In order to prevent this conflict of interest, Boston Partners has procedures regarding the dissemination of account holdings. |
Valuation of Client Accounts Because Boston Partners calculates its own advisory fees, it has an incentive to over-value such accounts to either increase the fees payable by the client, or to conceal poor performance for an incentive fee. Boston Partners has several safeguards in place to mitigate this conflict. Boston Partners has a policy for the valuation of securities. Boston Partners’ Operations Department (“Operations”) reconciles cash, assets, and prices for all client accounts with the client’s custodian bank’s records on a monthly basis. Finally, as part of Boston Partners annual financial review, external auditors review a sample of client fee invoices. |
Representing Clients At times, clients may request Boston Partners represent their interests in class action litigation, bankruptcies or other matters. Boston Partners’ expertise lies in investment management and has an inherent conflict of interest if cast in any other role. When possible, Boston Partners’ investment management agreements include provisions that Boston Partners will not act on behalf of the client in class actions, bankruptcies or matters of litigation. |
Outside Business Activities An employee’s outside business activities may conflict with the employee’s duties to Boston Partners and its clients. Boston Partners requires all employees to disclose any outside employment to the CD, who, in conjunction with the employee’s supervisor and the Director of HR, will identify any potential conflicts. In the event that a resolution to the conflict cannot be reached, the employee may be asked to terminate either his outside employment or his position with Boston Partners. |
Business Gifts and Entertainment Boston Partners employees periodically give or receive gifts from clients. Boston Partners employees host clients or receive entertainment provided by a client. Such gifts or entertainment may be considered efforts to gain unfair advantage. Boston Partners maintains a gifts and entertainment policy and has developed a “Q&A” guide for employees regarding certain types |
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of gifts and entertainment. Generally, employees are not permitted to give or receive gifts of more than $100 in value, per person, per year. Entertainment that is normal or customary in the industry is considered appropriate. Employees should consult the CD if they are unsure about a particular gift or value of entertainment. |
Illegal or Unethical Behavior Unethical or illegal conduct by employees damages Boston Partners’ ability to meet its fiduciary duties to clients. Employees are required to report to management any actual or suspected illegal or unethical conduct on the part of other employees of which they become aware or any situations in which they are concerned about the “best course of action.” In addition, employees are required to certify annually that they are in compliance with this Manual. Regardless of whether a government inquiry occurs, Boston Partners views seriously any violation of this Manual. Disciplinary sanctions may be imposed on any employee committing a violation of this Manual. |
Proxy Voting Boston Partners’ proxy voting authority for its clients, puts it in a position where its interests may conflict with the best interests of its clients when determining how to vote. Boston Partners has a proxy voting policy and has engaged an outside vendor to execute proxies according to this policy. Boston Partners has a procedure to handle conflicts of interest which may arise in voting client securities. |
Consulting Relationships Boston Partners may purchase software, educational programs and peer group information from consulting firms that represent Boston Partners clients. Due to the lack of payment transparency, these relationships could give rise to improper activity on the part of the investment adviser or the consultant. Products purchased from consultants must serve a legitimate need for Boston Partners’ business and may not be acquired to influence a consultant’s recommendation of Boston Partners. |
Causeway: The portfolio managers who subadvise a portion of the assets of the Fund also manage their own personal accounts and other accounts, including accounts for corporations, pension plans, public retirement plans, sovereign wealth funds, superannuation funds, Taft-Hartley pension plans, endowments and foundations, mutual funds and other collective investment vehicles, charities, private trusts and funds, wrap fee programs, and other institutions (collectively, “Other Accounts”). In managing certain of the Other Accounts, the portfolio managers employ investment strategies similar to those used in subadvising a portion of the Fund, subject to certain variations in investment restrictions, and also manage a portion of a fund which takes short positions in global securities using swap agreements. The portfolio managers purchase and sell securities for the Fund that they also recommend to Other Accounts. The portfolio managers at times give advice or take action with respect to certain accounts that differs from the advice given other accounts with similar investment strategies. Certain of the Other Accounts may pay higher or lower management fee rates than the Fund or pay performance-based fees to Causeway. Causeway is the investment adviser and sponsor of six mutual funds: Causeway International Value Fund, Causeway Global Value Fund, Causeway Emerging Markets Fund, Causeway International Opportunities Fund, Causeway Global Absolute Return Fund, and Causeway International Small Cap Fund (together, the “Causeway Mutual Funds”). Causeway also sponsors and manages certain other comingled vehicles in its international value equity strategy that are offered to institutional investors. Most of the portfolio managers have personal investments in one or more Causeway Funds. Ms. Ketterer and Mr. Hartford each holds (through estate planning vehicles) a controlling voting interest in Causeway’s parent holding company and Messrs. Doyle, Eng, Muldoon, Valentini, and Ms. Lee (directly or through estate planning vehicles) have minority ownership interests in Causeway’s parent holding company. | |
Actual or potential conflicts of interest arise from the portfolio managers’ management responsibilities with respect to the Other Accounts and their own personal accounts. These responsibilities may cause portfolio managers to devote unequal time and attention across client accounts and the differing fees, incentives and relationships with the various accounts provide incentives to favor certain accounts. Causeway has written compliance policies and procedures designed to mitigate or manage these conflicts of interest. These include policies and procedures to seek fair and equitable allocation of investment opportunities (including IPOs and new issues) and trade allocations among all client accounts and policies and procedures concerning the disclosure and use of portfolio transaction information. Causeway also has a Code of Ethics which, among other things, limits personal trading by portfolio managers and other employees of Causeway. There is no guarantee that any such policies or procedures will cover every situation in which a conflict of interest arises. |
Columbia Management: Like other investment professionals with multiple clients, a Fund’s portfolio manager(s) may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. The Investment Manager and the Funds have adopted compliance policies and procedures that attempt to address certain of the potential conflicts that portfolio managers face in this regard. Certain of these conflicts of interest are summarized below. | |
The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest for a portfolio manager by creating an incentive to favor higher fee accounts. |
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Potential conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to the Investment Manager’s Code of Ethics and certain limited exceptions, the Investment Manager’s investment professionals do not have the opportunity to invest in client accounts, other than the funds. | |
A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those Funds and/or accounts. The effects of this potential conflict may be more pronounced where Funds and/or accounts managed by a particular portfolio manager have different investment strategies. | |
A portfolio manager may be able to select or influence the selection of the broker/dealers that are used to execute securities transactions for the Funds. A portfolio manager’s decision as to the selection of broker/dealers could produce disproportionate costs and benefits among the Funds and the other accounts the portfolio manager manages. | |
A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for a Fund and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of a Fund as well as other accounts, the Investment Manager’s trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to a Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. The Investment Manager and its Participating Affiliates (including Threadneedle) may coordinate their trading operations for certain types of securities and transactions pursuant to personnel-sharing agreements or similar intercompany arrangements. However, typically the Investment Manager does not coordinate trading activities with a Participating Affiliate with respect to accounts of that Participating Affiliate unless such Participating Affiliate is also providing trading services for accounts managed by the Investment Manager. Similarly, a Participating Affiliate typically does not coordinate trading activities with the Investment Manager with respect to accounts of the Investment Manager unless the Investment Manager is also providing trading services for accounts managed by such Participating Affiliate. As a result, it is possible that the Investment Manager and its Participating Affiliates may trade in the same instruments at the same time, in the same or opposite direction or in different sequence, which could negatively impact the prices paid by the Fund on such instruments. Additionally, in circumstances where trading services are being provided on a coordinated basis for the Investment Manager’s accounts (including the Funds) and the accounts of one or more Participating Affiliates in accordance with applicable law, it is possible that the allocation opportunities available to the Funds may be decreased, especially for less actively traded securities, or orders may take longer to execute, which may negatively impact Fund performance. | |
“Cross trades,” in which a portfolio manager sells a particular security held by a Fund to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. The Investment Manager and the Funds have adopted compliance procedures that provide that any transactions between a Fund and another account managed by the Investment Manager are to be made at a current market price, consistent with applicable laws and regulations. | |
Another potential conflict of interest may arise based on the different investment objectives and strategies of a Fund and other accounts managed by its portfolio manager(s). Depending on another account’s objectives and other factors, a portfolio manager may give advice to and make decisions for a Fund that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio manager’s investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for a Fund, even though it could have been bought or sold for the Fund at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security (including short sales). There may be circumstances when a portfolio manager’s purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Funds. | |
To the extent a Fund invests in underlying funds, a portfolio manager will be subject to the potential conflicts of interest described in Potential Conflicts of Interest – Columbia Management – FOF (Fund-of-Funds) below. | |
A Fund’s portfolio manager(s) also may have other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict that could exist in managing the Fund and other accounts. Many of the potential conflicts of interest to which the Investment Manager’s portfolio managers are subject are essentially the same or similar to the potential conflicts of interest related to the investment management activities of the Investment Manager and its affiliates. |
Columbia Management – FoF (Fund-of-Funds): Management of funds-of-funds differs from that of the other Funds. The portfolio management process is set forth generally below and in more detail in the Funds’ prospectus. |
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Portfolio managers of the fund-of-funds may be involved in determining each funds-of-fund’s allocation among the three main asset classes (equity, fixed income and cash) and the allocation among investment categories within each asset class, as well as each funds-of-fund’s allocation among the underlying funds. |
■ | Because of the structure of the funds-of-funds, the potential conflicts of interest for the portfolio managers may be different than the potential conflicts of interest for portfolio managers who manage other Funds. |
■ | The Investment Manager and its affiliates may receive higher compensation as a result of allocations to underlying funds with higher fees. |
Conestoga: Like other investment professionals with multiple clients, portfolio managers may face certain potential conflicts of interest in connection with managing both the portion of the Fund’s assets allocated to Conestoga (Conestoga’s Sleeve) and other accounts at the same time. Conestoga has adopted compliance policies and procedures that attempt to address certain of the potential conflicts that Conestoga’s portfolio managers face in this regard. Certain of those conflicts of interest are summarized below. | |
The management of accounts with different advisory or sub-advisory fee rates and/or fee and expense structures may raise certain potential conflicts of interest for a portfolio manager by creating an incentive to favor higher fee, or higher profit margin accounts. | |
Potential conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those funds and/or accounts. The effects of this potential conflict may be more pronounced where funds and/or accounts managed by a particular portfolio manager have different investment strategies. | |
A portfolio manager may be able to select or influence the selection of the broker-dealers that are used to execute securities transactions for a fund. A portfolio manager’s decision as to the selection of broker-dealers could produce disproportionate costs and benefits among Conestoga’s Sleeve and the other accounts the portfolio manager manages. | |
A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for the Conestoga’s Sleeve and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of Conestoga’s Sleeve as well as other accounts, the Conestoga’s trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to Conestoga’s Sleeve or the Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. | |
“Cross trades,” in which a portfolio manager sells a particular security held by Conestoga’s Sleeve to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. The Investment Manager has adopted compliance procedures that provide that any transactions between the Fund and another account managed by Conestoga are to be made at a current market price, consistent with applicable laws and regulations. | |
Another potential conflict of interest may arise based on the different investment objectives and strategies of Conestoga’s Sleeve and other accounts managed by its portfolio manager(s). Depending on another account’s objectives and other factors, a portfolio manager may give advice to and make decisions for Conestoga’s Sleeve that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio manager’s investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for Conestoga’s Sleeve, even though it |
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could have been bought or sold for Conestoga’s Sleeve at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security. There may be circumstances when a portfolio manager’s purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Fund. | |
The portfolio manager(s) also may have other potential conflicts of interest in managing Conestoga’s Sleeve, and the description above is not a complete description of every conflict that could exist in managing Conestoga’s Sleeve and other accounts. Many of the potential conflicts of interest to which the Conestoga’s portfolio managers are subject are essentially the same or similar to the potential conflicts of interest related to the investment management activities of the Investment Manager or other subadvisers of the Fund. | |
Columbia WAM: Like other investment professionals with multiple clients, a Fund’s portfolio manager(s) may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. Columbia WAM and the Funds have adopted compliance policies and procedures that attempt to address certain of the potential conflicts that portfolio managers face in this regard. Certain of these conflicts of interest are summarized below. | |
The management of accounts with different advisory fee rates and/or fee structures may raise potential conflicts of interest for a portfolio manager by creating an incentive to favor higher fee accounts. | |
Potential conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to the Investment Manager’s Code of Ethics and certain limited exceptions, the Investment Manager’s investment professionals do not have the opportunity to invest in client accounts, other than the funds managed by Columbia WAM. | |
A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those funds and/or accounts. The effects of this potential conflict may be more pronounced where funds and/or accounts managed by a particular portfolio manager have different investment strategies. | |
A portfolio manager may be able to select or influence the selection of the broker/dealers that are used to execute securities transactions for the Funds. A portfolio manager’s decision as to the selection of broker/dealers could produce disproportionate costs and benefits among the Funds and the other accounts the portfolio manager manages. | |
A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for a Fund and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of a Fund as well as other accounts, Columbia WAM’s trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to a Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. | |
“Cross trades,” in which a portfolio manager sells a particular security held by a Fund to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. Columbia WAM and the Funds have adopted compliance procedures that provide that any transactions between the Fund and another account managed by Columbia WAM are to be made at an independent current market price, consistent with applicable laws and regulation. | |
Another potential conflict of interest may arise based on the different investment objectives and strategies of a Fund and other accounts managed by its portfolio manager(s). Depending on another account’s objectives and other factors, a portfolio manager may give advice to and make decisions for a Fund that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio manager’s investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for a Fund, even though it could have been bought or sold for the Fund at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security (including short sales). There may be circumstances when a portfolio manager’s purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Funds. | |
A Fund’s portfolio manager(s) also may have other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict that could be deemed to exist in managing both the Fund and other accounts. Many of the potential conflicts of interest to which Columbia WAM’s portfolio managers are subject are essentially the same as or similar to the potential conflicts of interest related to the investment management activities of Columbia WAM and its affiliates. |
Hotchkis & Wiley: The Portfolio is managed by Hotchkis & Wiley’s investment team (Investment Team). The Investment Team also manages institutional accounts and other mutual funds in several different investment strategies. The portfolios |
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within an investment strategy are managed using a target portfolio; however, each portfolio may have different restrictions, cash flows, tax and other relevant considerations which may preclude a portfolio from participating in certain transactions for that investment strategy. Consequently, the performance of portfolios may vary due to these different considerations. The Investment Team may place transactions for one investment strategy that are directly or indirectly contrary to investment decisions made on behalf of another investment strategy. Hotchkis & Wiley also provides model portfolio investment recommendations to sponsors without execution or additional services. The recommendations are provided on a delayed basis relative to transactions of discretionary accounts. Hotchkis & Wiley may be restricted from purchasing more than a limited percentage of the outstanding shares of a company or otherwise restricted from trading in a company’s securities due to other regulatory limitations. If a company is a viable investment for more than one investment strategy, Hotchkis & Wiley has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably. Additionally, potential and actual conflicts of interest may also arise as a result of Hotchkis & Wiley’s other business activities and Hotchkis & Wiley’s possession of material non‐public information about an issuer, which may have an adverse impact on one group of clients while benefiting another group. In certain situations, Hotchkis & Wiley will purchase different classes of securities of the same company (e.g. senior debt, subordinated debt, and or equity) in different investment strategies which can give rise to conflicts where Hotchkis & Wiley may advocate for the benefit of one class of security which may be adverse to another security that is held by clients of a different strategy. Hotchkis & Wiley seeks to mitigate the impact of these conflicts on a case by case basis. Hotchkis & Wiley utilizes soft dollars to obtain brokerage and research services, which may create a conflict of interest in allocating clients’ brokerage business. Research services may benefit certain accounts more than others. Certain accounts may also pay a less proportionate amount of commissions for research services. If a research product provides both a research and a non‐research function, Hotchkis & Wiley will make a reasonable allocation of the use and pay for the non‐research portion with hard dollars. Hotchkis & Wiley will make decisions involving soft dollars in a manner that satisfies the requirements of Section 28(e) of the Securities Exchange Act of 1934. Different types of accounts and investment strategies may have different fee structures. Additionally, certain accounts pay Hotchkis & Wiley performance based fees, which may vary depending on how well the account performs compared to a benchmark. Because such fee arrangements have the potential to create an incentive for Hotchkis & Wiley to favor such accounts in making investment decisions and allocations, Hotchkis & Wiley has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably, including in respect of allocation decisions, such as initial public offerings. Since accounts are managed to a target portfolio by the Investment Team, adequate time and resources are consistently applied to all accounts in the same investment strategy. Investment personnel of the firm or its affiliates may be permitted to be commercially or professionally involved with an issuer of securities. Any potential conflicts of interest from such involvement would be monitored for compliance with the firm’s Code of Ethics. | |
JPMIM: The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the Fund (“Similar Accounts”). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities. | |
Responsibility for managing JPMorgan’s and its affiliates’ clients’ portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimizes the potential for conflicts of interest. | |
JPMorgan and/or its affiliates (“JPMorgan Chase”) perform investment services, including rendering investment advice, to varied clients. JPMorgan, JPMorgan Chase and its or their directors, officers, agents, and/or employees may render similar or differing investment advisory services to clients and may give advice or exercise investment responsibility and take such other action with respect to any of its other clients that differs from the advice given or the timing or nature of action taken with respect to another client or group of clients. It is JPMorgan’s policy, to the extent practicable, to allocate, within its reasonable discretion, investment opportunities among clients over a period of time on a fair and equitable basis. One or more of JPMorgan’s other client accounts may at any time hold, acquire, increase, decrease, dispose, or otherwise deal with positions in investments in which another client account may have an interest from time-to-time. | |
JPMorgan, JPMorgan Chase, and any of its or their directors, partners, officers, agents or employees, may also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or JPMorgan Chase. JPMorgan and/or JPMorgan Chase, within their discretion, may make different investment decisions and other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, JPMorgan Chase, and any of its or their employees, principals, or agents may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or JPMorgan Chase or its clients. |
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JPMorgan and/or its affiliates may receive more compensation with respect to certain Similar Accounts than that received with respect to the Fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for JPMorgan and its affiliates or the portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, JPMorgan or its affiliates could be viewed as having a conflict of interest to the extent that JPMorgan or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in JPMorgan’s or its affiliates’ employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon JPMorgan and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as JPMorgan or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. JPMorgan and its affiliates may be perceived as causing accounts they manage to participate in an offering to increase JPMorgan’s and its affiliates’ overall allocation of securities in that offering. A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If JPMorgan or its affiliates manage accounts that engage in short sales of securities of the type in which the Fund invests, JPMorgan or its affiliates could be seen as harming the performance of the Fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall. | |
As an internal policy matter, JPMorgan or its affiliates may from time to time maintain certain overall investment limitations on the securities positions or positions in other financial instruments JPMorgan or its affiliates will take on behalf of its various clients due to, among other things, liquidity concerns and regulatory restrictions. Such policies may preclude the Fund from purchasing particular securities or financial instruments, even if such securities or financial instruments would otherwise meet the Fund’s objectives. | |
The goal of JPMorgan and its affiliates is to meet their fiduciary obligation with respect to all clients. JPMorgan and its affiliates have policies and procedures that seek to manage conflicts. JPMorgan and its affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JPMorgan’s Codes of Ethics and JPMorgan Chase and Co.’s Code of Conduct. With respect to the allocation of investment opportunities, JPMorgan and its affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example: Orders for the same equity security traded through a single trading desk or system are aggregated on a continual basis throughout each trading day consistent with JPMorgan’s and its affiliates’ duty of best execution for their clients. If aggregated trades are fully executed, accounts participating in the trade will be allocated their pro rata share on an average price basis. Partially completed orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. For example, accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. If partial completion of the order would result in an uneconomic allocation to an account due to fixed transaction or custody costs, JPMorgan and its affiliates may exclude small orders until 50% of the total order is completed. Then the small orders will be executed. Following this procedure, small orders will lag in the early execution of the order, but will be completed before completion of the total order. | |
Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, the Adviser and its affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of the Adviser or its affiliates so that fair and equitable allocation will occur over time. | |
Loomis Sayles: Conflicts of interest may arise in the allocation of investment opportunities and the allocation of aggregated orders among the Funds and other accounts managed by the portfolio managers. A portfolio manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring larger accounts, accounts that pay higher fees, accounts that pay performance-based fees, accounts of affiliated companies and accounts in which the portfolio manager has an interest. Such favorable treatment could lead to more favorable investment opportunities or allocations for some accounts. Loomis Sayles makes investment decisions for all accounts (including institutional accounts, mutual funds, hedge funds and affiliated accounts) based on each account’s availability of other comparable investment opportunities and Loomis Sayles’ desire to treat all accounts fairly and equitably over time. Loomis Sayles maintains trade allocation and aggregation policies and procedures to address these potential conflicts. Conflicts of interest also arise to the extent a |
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portfolio manager short sells a stock in one client account but holds that stock long in other accounts, including the Funds, or sells a stock for some accounts while buying the stock for others, and through the use of “soft dollar arrangements,” which are discussed in Loomis Sayles’ Brokerage Allocation Policies and Procedures and Loomis Sayles’ Trade Aggregation and Allocation Policies and Procedures. |
Los Angeles Capital: Los Angeles Capital has implemented policies and procedures, including brokerage and trade allocation policies and procedures, which the firm believes are reasonably designed to address the potential for conflicts of interest associated with managing portfolios for multiple clients and that seek to treat all clients fairly and equally over time. Client accounts are managed independent of one another in accordance with client specific mandates, restrictions, and instructions as outlined in the investment management agreement. This can result in investment positions or actions taken for one client account that differ from those taken in another client account. Accordingly, one client account can engage in short sales of or take a short position in an investment that at the same time is owned or being purchased long by another client account. These positions and actions can adversely affect or benefit different clients at different times. |
Since client accounts have different investment strategies, objectives, restrictions, constraints, launch dates, and overlapping benchmark constituents, it is possible that Los Angeles Capital may be purchasing or holding a security for one account and simultaneously selling the same security for another account. Additionally, it is possible for the Firm to purchase or sell the same security for different accounts during the same trading day but at differing execution prices. This is because trade waves created using Los Angeles Capital’s Wave Optimization algorithm are often specific to a particular account and use live market prices as a primary wave creation determinant. A wave traded for one account or group of accounts at a particular time in the day may have a different profit/loss profile (trade decision variable) than a wave traded for another account or group of accounts at a different time of the same day, but the same security may be traded as part of both waves, resulting in different trade execution prices. As this Wave Optimization trading algorithm is dependent upon robust and consistent market data, Los Angeles Capital does not currently utilize this trading strategy in Developed Asia and some Emerging Markets. |
While each client account is managed individually, Los Angeles Capital may, at any given time, purchase and/or sell the same security in a block that is allocated among multiple accounts. There are a number of variables that can influence a decision to aggregate purchases or sales into a block, including but not limited to, liquidity, client trading directives, regulatory limitations, and cash flows. When there is decision making on whether to include or exclude certain accounts from a block transaction, there is always the potential for conflicts of interest. Los Angeles Capital’s policies and procedures in allocating trades are structured to treat all clients fairly. Los Angeles Capital is not required to aggregate any particular trade. For example, an account with directed brokerage may not participate in certain block trades. Los Angeles Capital’s portfolio managers manage accounts that are charged a performance-based fee alongside accounts with standard asset-based fee schedules. While performance-based fee arrangements may be viewed as creating an incentive to favor certain accounts over others in the allocation of investment opportunities, Los Angeles Capital has designed and implemented procedures to ensure that all clients are treated fairly and equally, and to prevent conflicts from influencing the allocation of investment opportunities. Management and performance fees inure to the benefit of the firm as a whole and not to specific individuals or groups of individuals. Further, Los Angeles Capital employs a quantitative investment process which utilizes the firm’s proprietary investment model technology to identify securities and construct portfolios. |
Based on a variety of factors including the strategy, guidelines, and turnover goals employed by each account, Los Angeles Capital determines the trading frequency of an account with most accounts trading weekly and others less frequently. In a typical week, Los Angeles Capital will begin by trading its U.S. strategy accounts followed by its non-U.S. strategy accounts. An account’s rebalance cycle is dependent on the account’s strategy. Rebalances for U.S. strategy accounts are regularly rotated and generally begin on the same day, while the order of non-U.S. strategy account rebalances may be regularly rotated over several days. The firm’s proprietary accounts, which are invested in liquid securities, may be traded in rotation with client accounts or on a particular day of the week depending on liquidity, size, model constraints, and resource constraints. |
Los Angeles Capital has adopted a Code of Ethics that includes procedures on ethical conduct and personal trading and requires pre-clearance authorization from both the Trading and Compliance and Regulatory Risk Departments for certain personal security transactions. Investment personnel of Los Angeles Capital or its affiliate may be permitted to be commercially or professionally involved with an issuer of securities. There is a potential risk that Los Angeles Capital personnel may place their own interests (resulting from outside employment/directorships) ahead of the interests of Los Angeles Capital clients. Before engaging in any outside business activity, employees must obtain approval of the CCO as well as other personnel. Any potential conflicts of interest from such involvement are monitored for compliance with Los Angeles Capital’s Code of Ethics. The Code of Ethics also governs employees giving or accepting gifts and entertainment. |
Manulife: When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise |
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are discussed below. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager‘s responsibility for the management of the Fund as well as one or more other accounts. Manulife has adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. Manulife has structured their compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See ―Compensation of Portfolio Managers below. | |
A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. Manulife has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives. | |
A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of Manulife generally require that such trades be “bunched”, which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, Manulife will place the order in a manner intended to result in as favorable a price as possible for such client. | |
A portfolio manager could favor an account if the portfolio manager‘s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager‘s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if Manulife receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager‘s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager‘s compensation. Neither the Advisor nor Manulife receives a performance-based fee with respect to any of the accounts managed by the portfolio managers. | |
A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. Manulife imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts. | |
If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, Manulife seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security. |
PGIM: Like other investment advisers, PGIM Fixed Income is subject to various conflicts of interest in the ordinary course of its business. PGIM Fixed Income strives to identify potential risks, including conflicts of interest, that are inherent in its business, and PGIM Fixed Income conducts annual conflict of interest reviews. When actual or potential conflicts of interest are identified, PGIM Fixed Income seeks to address such conflicts through one or more of the following methods: | |
elimination of the conflict; | |
disclosure of the conflict; or | |
management of the conflict through the adoption of appropriate policies, procedures or other mitigants. |
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PGIM Fixed Income follows the policies of Prudential Financial, Inc. on business ethics, personal securities trading by investment personnel, and information barriers. PGIM Fixed Income has adopted a code of ethics, allocation policies and conflicts of interest policies, among others, and has adopted supervisory procedures to monitor compliance with its policies. PGIM Fixed Income cannot guarantee, however, that its policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict may arise. | |
Side-by-Side Management of Accounts and Related Conflicts of Interest. PGIM Fixed Income’s side-by-side management of multiple accounts can create conflicts of interest. Examples are detailed below, followed by a discussion of how PGIM Fixed Income addresses these conflicts. | |
Performance Fees - PGIM Fixed Income manages accounts with asset-based fees alongside accounts with performance-based fees. | |
This side-by-side management may be deemed to create an incentive for PGIM Fixed Income and its investment professionals to favor one account over another. Specifically, PGIM Fixed Income or its affiliates could be considered to have the incentive to favor accounts for which PGIM Fixed Income or an affiliate receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees. | |
Affiliated accounts - PGIM Fixed Income manages accounts on behalf of its affiliates as well as unaffiliated accounts. PGIM Fixed Income could be considered to have an incentive to favor accounts of affiliates over others. | |
Large accounts/higher fee strategies - large accounts and clients typically generate more revenue than do smaller accounts or clients and certain of PGIM Fixed Income’s strategies have higher fees than others. As a result, a portfolio manager could be considered to have an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for PGIM Fixed Income. | |
Long only and long/short accounts - PGIM Fixed Income manages accounts that only allow it to hold securities long as well as accounts that permit short selling. PGIM Fixed Income may, therefore, sell a security short in some client accounts while holding the same security long in other client accounts. These short sales could reduce the value of the securities held in the long only accounts. In addition, purchases for long only accounts could have a negative impact on the short positions. | |
Securities of the same kind or class - PGIM Fixed Income sometimes buys or sells for one client account securities of the same kind or class that are purchased or sold for another client at prices that may be different. PGIM Fixed Income may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account due to differences in investment strategy or client direction. Different strategies trading in the same securities or types of securities may appear as inconsistencies in PGIM Fixed Income’s management of multiple accounts side-by-side. | |
Investment at different levels of an issuer’s capital structure— PGIM Fixed Income may invest client assets in the same issuer, but at different levels in the capital structure. In the event of restructuring or insolvency, PGIM Fixed Income may exercise remedies and take other actions on behalf of the holders of senior debt that are not in the interest of, or are adverse to, other clients that are the holders of junior debt, or vice versa. | |
Financial interests of investment professionals - PGIM Fixed Income investment professionals may invest in certain investment vehicles that it manages, including mutual funds and private funds. Also, certain of these investment vehicles are options under the 401(k) and deferred compensation plans offered by Prudential Financial, Inc. In addition, the value of grants under PGIM Fixed Income’s long-term incentive plan and targeted long-term incentive plan is affected by the performance of certain client accounts. As a result, PGIM Fixed Income investment professionals may have financial interests in accounts managed by PGIM Fixed Income or that are related to the performance of certain client accounts. | |
Non-discretionary accounts - PGIM Fixed Income provides non-discretionary investment advice to some clients and manages others on a discretionary basis. Trades in non-discretionary accounts or accounts where discretion is limited could occur before, in concert with, or after PGIM Fixed Income executes similar trades in its discretionary accounts. The non-discretionary/limited discretion clients may be disadvantaged if PGIM Fixed Income delivers investment advice to them after it initiates trading for the discretionary clients, or vice versa. | |
How PGIM Fixed Income Addresses These Conflicts of Interest. PGIM Fixed Income has developed policies and procedures designed to address the conflicts of interest with respect to its different types of side-by-side management described above. | |
Quarterly Strategy Reviews. Each quarter, the chief investment officer/head of PGIM Fixed Income holds a series of meetings with the senior portfolio manager and team responsible for the management of each of PGIM Fixed Income’s investment strategies. At each meeting, the chief investment officer/head of PGIM Fixed Income and strategy teams review |
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and discuss the investment performance and performance attribution for each client account managed in the applicable strategy. These meetings are also typically attended by PGIM Fixed Income’s chief compliance officer or his designee and head of investment risk management or his designee. | |
Quarterly Senior Management Investment Review. Each quarter, the chief investment officer/head of PGIM Fixed Income reviews the investment performance and performance attribution of each of our strategies during a meeting typically attended by members of PGIM | |
Fixed Income’s senior leadership team, chief compliance officer or his designee, head of investment risk management or his designee and senior portfolio managers. | |
In keeping with PGIM Fixed Income’s fiduciary obligations, its policy with respect to trade aggregation and allocation is to | |
treat all of its client accounts fairly and equitably over time. PGIM Fixed Income’s trade management oversight committee, which | |
generally meets quarterly, is responsible for providing oversight with respect to trade aggregation and allocation. Its | |
compliance group periodically reviews a sampling of new issue allocations and related documentation to confirm | |
compliance with the trade aggregation and allocation procedures. In addition, the compliance and investment risk | |
management groups review forensic reports regarding new issue and secondary trade activity on a quarterly basis. This forensic analysis includes such data as the: (i) number of new issues allocated in the strategy; (ii) size of new issue allocations to each portfolio in the strategy;(iii) profitability of new issue transactions; and (iv) portfolio turnover. The results of these analyses are reviewed and discussed at PGIM Fixed Income’s trade management oversight committee meetings. The procedures above are designed to detect patterns and anomalies in PGIM Fixed Income’s side-by-side management and trading so that it may assess and improve its processes. | |
PGIM Fixed Income has procedures that specifically address its side-by-side management of long/short and long only portfolios. These procedures address potential conflicts that could arise from differing positions between long/short and long only portfolios. In addition, lending opportunities with respect to securities for which the market is demanding a slight premium rate over normal market rates are allocated to long only accounts prior to allocating the opportunities to long/short accounts. | |
Conflicts Related to PGIM Fixed Income’s Affiliations. As an indirect wholly-owned subsidiary of Prudential Financial, Inc., PGIM Fixed Income is part of a diversified, global financial services organization. PGIM Fixed Income is affiliated with many types of U.S. and non-U.S. financial service providers, including insurance companies, broker-dealers, commodity trading advisors, commodity pool operators and other investment advisers. Some of its employees are officers of and/or provide services to some of these affiliates. | |
Conflicts Arising Out of Legal Restrictions. PGIM Fixed Income may be restricted by law, regulation, contract or other constraints as to how much, if any, of a particular security it may purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes these restrictions apply as a result of its relationship with Prudential Financial, Inc. and its other affiliates. For example, PGIM Fixed Income does not purchase securities issued by Prudential Financial, Inc. for client accounts. In addition, PGIM Fixed Income’s holdings of a security on behalf of its clients are required, under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial, Inc. affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. Prudential Financial, Inc. tracks these aggregated holdings and may restrict purchases to avoid exceeding crossing such thresholds because of the potential consequences to Prudential Financial, Inc. if such thresholds are exceeded. In addition, PGIM Fixed Income could receive material, non-public information with respect to a particular issuer and, as a result, be unable to execute transactions in securities of that issuer for its clients. For example, PGIM Fixed Income’s bank loan team often invests in private bank loans in connection with which the borrower provides material, non-public information, resulting in restrictions on trading securities issued by those borrowers. PGIM Fixed Income has procedures in place to carefully consider whether to intentionally accept material, non-public information with respect to certain issuers. PGIM Fixed Income is generally able to avoid receiving material, non-public information from its affiliates and other units within PGIM by maintaining information barriers. In some instances, it may create an isolated information barrier around a small number of its employees so that material, non-public information received by such employees is not attributed to the rest of PGIM Fixed Income. | |
Conflicts Related to Outside Business Activity. From time to time, certain of PGIM Fixed Income employees or officers may engage in outside business activity, including outside directorships. Any outside business activity is subject to prior approval pursuant to PGIM Fixed Income’s personal conflicts of interest and outside business activities policy. Actual and potential conflicts of interest are analyzed during such approval process. PGIM Fixed Income could be restricted in trading the securities of certain issuers in client portfolios in the unlikely event that an employee or officer, as a result of outside business activity, obtains material, non-public information regarding an issuer. |
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Conflicts Related to Investment of Client Assets in Affiliated Funds. PGIM Fixed Income may invest client assets in funds that it manages or subadvises for an affiliate. PGIM Fixed Income may also invest cash collateral from securities lending transactions in these funds. These investments benefit both PGIM Fixed Income and its affiliate. | |
PICA General Account. Because of the substantial size of the general accounts of our affiliated insurance companies, trading by these general accounts, including PGIM Fixed Income’s trades on behalf of the accounts, may affect the market prices or limit the availability of the securities or instruments transacted. Although PGIM Fixed Income does not expect that the general accounts will execute transactions that will move a market frequently, and generally only in response to unusual market or issuer events, the execution of these transactions could have an adverse effect on transactions for or positions held by other clients. | |
Conflicts Related to Co-investment by Affiliates. PGIM Fixed Income affiliates may provide initial funding or otherwise invest in vehicles it manages. When an affiliate provides “seed capital” or other capital for a fund, it may do so with the intention of redeeming all or part of its interest at a future point in time or when it deems that sufficient additional capital has been invested in that fund. | |
The timing of a redemption by an affiliate could benefit the affiliate. For example, the fund may be more liquid at the time of the affiliate’s redemption than it is at times when other investors may wish to withdraw all or part of their interests. | |
In addition, a consequence of any withdrawal of a significant amount, including by an affiliate, is that investors remaining in the fund will bear a proportionately higher share of fund expenses following the redemption. | |
PGIM Fixed Income could also face a conflict if the interests of an affiliated investor in a fund it manages diverge from those of the fund or other investors. For example, PGIM Fixed Income affiliates, from time to time, hedge some or all of the risks associated with their investments in certain funds PGIM Fixed Income manages. PGIM Fixed Income may provide assistance in connection with this hedging activity. | |
PGIM Fixed Income believes that these conflicts are mitigated by its allocation policies and procedures, its supervisory review of accounts and its procedures with respect to side-by-side management of long only and long-short accounts. | |
Conflicts Arising Out of Industry Activities. PGIM Fixed Income and its affiliates have service agreements with various vendors that are also investment consultants. Under these agreements, PGIM Fixed Income or its affiliates compensate the vendors for certain services, including software, market data and technology services. PGIM Fixed Income’s clients may also retain these vendors as investment consultants. The existence of these service agreements may provide an incentive for the investment consultants to favor PGIM Fixed Income when they advise their clients. PGIM Fixed Income does not, however, condition its purchase of services from consultants upon their recommending PGIM Fixed Income to their clients. PGIM Fixed Income will provide clients with information about services that it obtains from these consultants upon request. | |
PGIM Fixed Income retains third party advisors and other service providers to provide various services for PGIM Fixed Income as well as for funds that PGIM Fixed Income manages or subadvises. A service provider may provide services to PGIM Fixed Income or one of PGIM Fixed Income’s funds while also providing services to other PGIM units, other PGIM-advised funds, or affiliates of PGIM, and may negotiate rates in the context of the overall relationship. PGIM Fixed Income may benefit from negotiated fee rates offered to its funds and vice versa. There is no assurance, however, that PGIM Fixed Income will be able to obtain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that PGIM Fixed Income will know of such negotiated fee rates. | |
Conflicts Related to Securities Holdings and Other Financial Interests | |
Prudential Financial, PICA, PGIM Fixed Income and other affiliates of PGIM at times have financial interests in, or relationships with, companies whose securities or related instruments PGIM Fixed Income holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PGIM Fixed Income or to the Prudential enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by PGIM Fixed Income on behalf of PGIM Fixed Income’s client accounts. For example: |
■ | PGIM Fixed Income invests in the securities of one or more clients for the accounts of other clients. |
■ | PGIM Fixed Income’s affiliates sell various products and/or services to certain companies whose securities PGIM Fixed Income purchases and sells for PGIM Fixed Income clients. |
■ | PGIM Fixed Income invests in the debt securities of companies whose equity is held by its affiliates. |
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■ | PGIM Fixed Income’s affiliates hold public and private debt and equity securities of a large number of issuers and may invest in some of the same issuers for other client accounts but at different levels in the capital structure. For example: |
■ | Affiliated accounts can hold the senior debt of an issuer whose subordinated debt is held by PGIM Fixed Income’s clients or hold secured debt of an issuer whose public unsecured debt is held in client accounts. In the event of restructuring or insolvency, the affiliated accounts as holders of senior debt may exercise remedies and take other actions that are not in the interest of, or are adverse to, other clients that are the holders of junior debt. |
■ | To the extent permitted by applicable law, PGIM Fixed Income may also invest client assets in offerings of securities the proceeds of which are used to repay debt obligations held in affiliated accounts or other client accounts. PGIM Fixed Income’s interest in having the debt repaid creates a conflict of interest. PGIM Fixed Income has adopted a refinancing policy to address this conflict. |
■ | Certain of PGIM Fixed Income’s affiliates (as well as directors or officers of its affiliates) are officers or directors of issuers in which PGIM Fixed Income invests from time to time. These issuers may also be service providers to PGIM Fixed Income or its affiliates. |
■ | In addition, PGIM Fixed Income may invest client assets in securities backed by commercial mortgage loans that were originated or are serviced by an affiliate. |
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■ | Elimination of the conflict; |
■ | Disclosure of the conflict; or |
■ | Management of the conflict through the adoption of appropriate policies and procedures. |
■ | Asset-Based Fees vs. Performance-Based Fees; Other Fee Considerations. QMA manages accounts with asset-based fees alongside accounts with performance-based fees. Asset-based fees are calculated based on the value of a client’s portfolio at periodic measurement dates or over specified periods of time. Performance-based fees are generally based on a share of the total return of a portfolio, and may offer greater upside potential to QMA than asset-based fees, depending on how the fees are structured. This side-by-side management could create an incentive for QMA to favor one account over another. Specifically, QMA could have the incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees. In addition, since fees are negotiable, one client may be paying a higher fee than another client with similar investment objectives or goals. In negotiating fees, QMA takes into account a number of factors including, but not limited to, the investment strategy, the size of a portfolio being managed, the relationship with the client, and the required level of service. Fees may also differ based on account type. For example, fees for commingled vehicles, including those that QMA subadvises, may differ from fees charged for single client accounts. |
■ | Long Only/Long-Short Accounts. QMA manages accounts that only allow it to hold securities long as well as accounts that permit short selling. QMA may, therefore, sell a security short in some client accounts while holding the same security long in other client accounts, creating the possibility that QMA is taking inconsistent positions with respect to a particular security in different client accounts. |
■ | Compensation/Benefit Plan Accounts/Other Investments by Investment Professionals. QMA manages certain funds and strategies whose performance is considered in determining long-term incentive plan benefits for certain investment professionals. Investment professionals involved in the management of accounts in these strategies have an incentive to favor them over other accounts they manage in order to increase their compensation. Additionally, QMA’s investment professionals may have an interest in those strategies if the funds are chosen as options in their 401(k) or deferred compensation plans offered by Prudential or if they otherwise invest in those funds directly. |
■ | Affiliated Accounts. QMA manages accounts on behalf of its affiliates as well as unaffiliated accounts. QMA could have an incentive to favor accounts of affiliates over others. |
■ | Non-Discretionary Accounts or Model Portfolios. QMA provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. When QMA manages accounts on a non-discretionary basis, the investment team will typically deliver a model portfolio to a non-discretionary client at or around the same time as executing discretionary trades in the same strategy. The non-discretionary clients may be disadvantaged if QMA delivers the model investment portfolio to them after it initiates trading for the discretionary clients, or vice versa. |
■ | Large Accounts/Higher Fee Strategies. Large accounts typically generate more revenue than do smaller accounts and certain strategies have higher fees than others. As a result, a portfolio manager has an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for QMA. |
■ | Securities of the Same Kind or Class. QMA sometimes buys or sells, or directs or recommends that one client buy or sell, securities of the same kind or class that are purchased or sold for another client, at prices that may be different. |
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QMA may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, due to differences in investment strategy or client direction. Different strategies effecting trading in the same securities or types of securities can appear as inconsistencies in QMA’s management of multiple accounts side-by-side. |
■ | Conflicts Arising Out of Legal Restrictions. QMA may be restricted by law, regulation, contract or other constraints as to how much, if any, of a particular security it may purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes, these restrictions apply as a result of QMA’s relationship with Prudential Financial and its other affiliates. For example, QMA’s holdings of a security on behalf of its clients are required, under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. QMA tracks these aggregate holdings and may restrict purchases to avoid crossing such thresholds because of the potential consequences to Prudential if such thresholds are exceeded. In addition, QMA could receive material, non-public information with respect to a particular issuer from an affiliate and, as a result, be unable to execute purchase or sale transactions in securities of that issuer for its clients. QMA is generally able to avoid receiving material, non-public information from its affiliates by maintaining information barriers to prevent the transfer of information between affiliates. |
■ | QMA, Prudential Financial, Inc., The Prudential Insurance Company of America (PICA) and other affiliates of QMA have financial interests in, or relationships with, companies whose securities QMA holds, purchases or sells in its client |
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accounts. Certain of these interests and relationships are material to QMA or to the Prudential enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by QMA on behalf of its client accounts. For example, QMA invests in the securities of one or more clients for the accounts of other clients. QMA’s affiliates sell various products and/or services to certain companies whose securities QMA purchases and sells for its clients. QMA’s affiliates hold public and private debt and equity securities of a large number of issuers. QMA invests in some of the same issuers for its client accounts but at different levels in the capital structure. For instance, QMA may invest client assets in the equity of companies whose debt is held by an affiliate. Certain of QMA’s affiliates (as well as directors of QMA’s affiliates) are officers or directors of issuers in which QMA invests from time to time. These issuers may also be service providers to QMA or its affiliates. In general, conflicts related to the financial interests described above are addressed by the fact that QMA makes investment decisions for each client independently considering the best economic interests of such client. | |
■ | Certain of QMA’s employees may offer and sell securities of, and interests in, commingled funds that QMA manages or subadvises. Employees may offer and sell securities in connection with their roles as registered representatives of Prudential Investment Management Services LLC (a broker-dealer affiliate), or as officers, agents, or approved persons of other affiliates. There is an incentive for QMA’s employees to offer these securities to investors regardless of whether the investment is appropriate for such investor since increased assets in these vehicles will result in increased advisory fees to QMA. In addition, although sales commissions are not paid for such activities, such sales could result in increased compensation to the employee. To mitigate this conflict, QMA performs suitability checks on new clients as well as on an annual basis with respect to all clients. |
■ | A portion of the long-term incentive grant of some of QMA’s investment professionals will increase or decrease based on the performance of several of QMA’s strategies over defined time periods. Consequently, some of QMA’s portfolio managers from time to time have financial interests in the accounts they advise. To address potential conflicts related to these financial interests, QMA has procedures, including supervisory review procedures, designed to verify that each of its accounts is managed in a manner that is consistent with QMA’s fiduciary obligations, as well as with the account’s investment objectives, investment strategies and restrictions. Specifically, QMA’s chief investment officer will perform a comparison of trading costs between accounts in the strategies whose performance is considered in connection with the long-term incentive grant and other accounts, to verify that such costs are consistent with each other or otherwise in line with expectations. The results of the analysis are discussed at a meeting of QMA's Trade Management Oversight Committee. |
■ | QMA and its affiliates, from time to time, have service agreements with various vendors that are also investment consultants. Under these agreements, QMA or its affiliates compensate the vendors for certain services, including software, market data and technology services. QMA’s clients may also retain these vendors as investment consultants. The existence of service agreements between these consultants and QMA may provide an incentive for the investment consultants to favor QMA when they advise their clients. QMA does not, however, condition its purchase of services from consultants upon their recommending QMA to their clients. QMA will provide clients with information about services that QMA or its affiliates obtain from these consultants upon request. QMA retains third party advisors and other service providers to provide various services for QMA as well as for funds that QMA manages or subadvises. A service provider may provide services to QMA or one of its funds while also providing services to PGIM, Inc. (PGIM), other PGIM-advised funds, or affiliates of PGIM, and may negotiate rates in the context of the overall relationship. QMA may benefit from negotiated fee rates offered to its funds and vice-versa. There is no assurance that QMA will be able to obtain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that it will know of such negotiated fee rates. |
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Threadneedle: Threadneedle portfolio managers may manage one or more mutual funds as well as other types of accounts, including proprietary accounts, separate accounts for institutions, and other pooled investment vehicles. Portfolio managers make investment decisions for an account or portfolio based on its investment objectives and policies, and other relevant investment considerations. A portfolio manager may manage a separate account or other pooled investment vehicle whose fees may be materially greater than the management fees paid by the Fund and may include a performance-based fee. Management of multiple funds and accounts may create potential conflicts of interest relating to the allocation of investment opportunities, and the aggregation and allocation of trades. In addition, a portfolio manager’s responsibilities at Threadneedle include working as a securities analyst. This dual role may give rise to conflicts with respect to making investment decisions for accounts that he/she manages versus communicating his/her analyses to other portfolio managers concerning securities that he/she follows as an analyst. | |
Threadneedle has a fiduciary responsibility to all of the clients for which it manages accounts. Threadneedle seeks to provide best execution of all securities transactions and to aggregate securities transactions and then allocate securities to client accounts in a fair and timely manner. Threadneedle has developed policies and procedures, including brokerage and trade allocation policies and procedures, designed to mitigate and manage the potential conflicts of interest that may arise from the management of multiple types of accounts for multiple clients. | |
Voya: A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Funds. These other accounts may include, among others, other mutual funds, separately managed advisory accounts, commingled trust accounts, insurance separate accounts, wrap fee programs, and hedge funds. Potential conflicts may arise out of the implementation of differing investment strategies for the portfolio manager’s various accounts, the allocation of investment opportunities among those accounts or differences in the advisory fees paid by the portfolio manager’s accounts. | |
A potential conflict of interest may arise as a result of the portfolio manager’s responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager’s accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. | |
A portfolio manager may also manage accounts whose objectives and policies differ from those of the Funds. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, if an account were to sell a significant position in a security, which could cause the market price of that security to decrease, while a Fund maintained its position in that security. | |
A potential conflict may arise when a portfolio manager is responsible for accounts that have different advisory fees – the difference in the fees may create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to particularly appealing investment opportunities. This conflict may be heightened where an account is subject to a performance-based fee. As part of its compliance program, Voya IM has adopted policies and procedures reasonably designed to address the potential conflicts of interest described above. |
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Finally, a potential conflict of interest may arise because the investment mandates for certain other accounts, such as hedge funds, may allow extensive use of short sales which, in theory, could allow them to enter into short positions in securities where other accounts hold long positions. Voya IM has policies and procedures reasonably designed to limit and monitor short sales by the other accounts to avoid harm to the Funds. |
Water Island: Water Island maintains policies and procedures reasonably designed to detect and minimize potential conflicts of interest inherent in circumstances when a portfolio manager has day-to-day responsibilities for managing multiple portfolios. Other portfolios managed by Water Island may include, without limitation: separately managed accounts, registered investment companies, unregistered investment companies such as pooled investment vehicles and hedge funds, and proprietary accounts. However, no set of policies and procedures can possibly anticipate or relieve all potential conflicts of interest. These conflicts may be real, potential, or perceived. Certain of these conflicts are described below. |
Allocation of Limited Investment Opportunities – If a portfolio manager identifies a limited investment opportunity (including initial public offerings) that may be suitable for multiple funds and/or accounts, the investment opportunity may be allocated among these several funds or accounts, which may limit a client’s ability to take full advantage of the investment opportunity, due to liquidity constraints or other factors. Water Island has adopted trade allocation procedures designed to ensure that allocations of limited investment opportunities are conducted in a fair and equitable manner between client accounts. Nevertheless, investment opportunities may be allocated differently among client accounts due to the characteristics of an account, such as the size of the account, cash position, investment guidelines and restrictions, or risk controls. |
Similar Investment Strategies – Water Island and its portfolio management team may manage multiple portfolios with similar investment strategies. Investment decisions for each portfolio are generally made based on each portfolio’s investment objectives and guidelines, cash availability, current holdings, and risk controls. Purchases or sales of securities for a portfolio may be appropriate for other portfolios with like objectives and may be bought or sold in different amounts and at different times in multiple portfolios. In these cases, transactions are allocated to portfolios in a manner believed fair and equitable across client account portfolios by Water Island’s allocation methodology. Purchase and sale orders for a portfolio may be combined with those of other portfolios in the interest of achieving the most favorable net results for all clients. |
Different Investment Strategies – Water Island and its portfolio management team may manage multiple portfolios with different investment strategies. As such, the potential exists for short sales of securities in certain portfolios while the same security is held long in one or more other portfolios. In an attempt to mitigate the inherent risks of simultaneous management of portfolios with different investment strategies, Water Island has established and implemented procedures to promote fair and equitable treatment of all portfolios. The procedures include monitoring and surveillance of trading activity and supervisory reviews of accounts. Any proposed cross trades must be reviewed and approved by Water Island’s compliance department prior to execution and must comply with Rule 17a-7 under the 1940 Act. |
Differences in Financial Incentives - A conflict of interest may arise where the financial or other benefits available to a portfolio manager or an investment adviser differ among the funds and/or accounts under management. For example, when the structure of an investment adviser’s management fee differs among the funds and/or accounts under its management (such as where certain funds or accounts pay higher management fees or performance-based management fees), a portfolio manager might be motivated to favor certain funds and/or accounts over others. Performance-based fees could also create an incentive for an investment adviser to make investments that are riskier or more speculative. In addition, a portfolio manager might be motivated to favor funds and/or accounts in which the portfolio manager or Water Island has a financial interest. For instance, Water Island may from time to time establish “pilot” or “incubator” funds for the purpose of testing proposed investment strategies or products prior to accepting assets from outside investors. Typically, Water Island or an affiliate supplies the funding for these accounts. Employees of Water Island, including the portfolio manager(s), may also invest in certain pilot accounts. Similarly, the desire to maintain or raise assets under management or to enhance the portfolio manager’s performance record in a particular investment strategy or to derive other rewards, financial or otherwise, could influence a portfolio manager to lend preferential treatment to those funds and/or accounts that could most significantly benefit the portfolio manager. To manage conflicts that arise from management of portfolios that may have differences in financial incentives, performance in portfolios with like strategies is regularly reviewed by management. Moreover, Water Island has adopted a policy to treat pilot accounts in the same manner as client accounts for purposes of trade aggregation and allocation -- neither favoring nor disfavoring them (except that pilot accounts do not participate in initial public offerings). |
Selection of Brokers/Dealers - A portfolio manager may be able to select or influence the selection of the brokers/dealers that are used to execute securities transactions. In addition to executing trades, some brokers/dealers provide Water Island |
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with brokerage and research services (as those terms are defined in Section 28(e) of the Exchange Act), which may result in the payment of higher brokerage fees than might have otherwise been available. These services may be more beneficial to certain accounts than to others. In order to be assured of continuing to receive services considered of value to its clients, |
Water Island has adopted a brokerage allocation policy embodying the concepts of Section 28(e) of the Exchange Act. A portfolio manager’s decision as to the selection of brokers and dealers could yield disproportionate costs and benefits among the accounts that they manage, although the payment of brokerage commissions is always subject to the requirement that Water Island determine in good faith that the commissions are reasonable in relation to the value of the brokerage and research services received. |
Personal Holdings and Transactions – Water Island’s portfolio managers and other employees may have beneficial ownership of holdings in personal accounts that are the same or similar to those held in client accounts. Under limited circumstances, Water Island allows its employees to trade in securities that it recommends to advisory clients, and the actions taken by such individuals on a personal basis may differ from, or be inconsistent with, the nature and timing of advice or actions taken by Water Island for its client accounts. Water Island and its employees may also invest in mutual funds and other pooled investment vehicles that are managed by Water Island. This may result in a potential conflict of interest since Water Island’s employees have knowledge of such funds’ investment holdings, which is non-public information. Water Island has implemented a Code of Ethics which is designed to address and mitigate the possibility that these professionals could place their own interests ahead of those of clients. The Code of Ethics addresses this potential conflict of interest by imposing preclearance and reporting requirements, trading blackout periods, a minimum holding period, supervisory oversight, and other measures designed to reduce conflicts of interest. | |
WellsCap: WellsCap’s Portfolio Managers often provide investment management for separate accounts advised in the same or similar investment style as that provided to mutual funds. While management of multiple accounts could potentially lead to conflicts of interest over various issues such as trade allocation, fee disparities and research acquisition, WellsCap has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized. | |
The Portfolio Managers face inherent conflicts of interest in their day-to-day management of the Funds and other accounts because the Funds may have different investment objectives, strategies and risk profiles than the other accounts managed by the Portfolio Managers. For instance, to the extent that the Portfolio Managers manage accounts with different investment strategies than the Funds, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for a Fund. Additionally, some of the accounts managed by the Portfolio Managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Funds. The differences in fee structures may provide an incentive to the Portfolio Managers to allocate more favorable trades to the higher-paying accounts. | |
To minimize the effects of these inherent conflicts of interest, WellsCap has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that they believe address the potential conflicts associated with managing portfolios for multiple clients and are designed to ensure that all clients are treated fairly and equitably. Accordingly, security block purchases are allocated to all accounts with similar objectives in a fair and equitable manner. Furthermore, WellsCap has adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the “Advisers Act”) to address potential conflicts associated with managing the Funds and any personal accounts the Portfolio Managers may maintain. |
AlphaSimplex: All AlphaSimplex investment professionals receive compensation according to a merit-based incentives structure. In addition to receiving competitive base salaries, employees are eligible for performance bonuses, which are based on both individual and firm performance. Performance is assessed on an annual basis by department heads. AlphaSimplex considers a number of factors—including risk-adjusted performance and intellectual contribution—when determining the bonus compensation of its investment professionals. Key professionals who have made significant and lasting contributions to the firm are invited to participate in a supplemental bonus pool reserved for partners of the firm. Partners are awarded claims on specific percentages of the firm’s annual profits. |
The Compensation Committee of the AlphaSimplex Board of Directors approves all bonus and partnership awards based on the recommendations of management. The total bonus pool is comprised of a staff bonus pool, which is generally set at 100% of base salaries, and a separate pool for partners, which is funded with any remainder and allocated among the partners based on their partnership interests. Accordingly, variable compensation makes up a significant portion of total remuneration, particularly for senior managers, whose bonuses can amount to between 100% and 600% of base compensation. To retain talent, AlphaSimplex defers a significant portion of bonus amounts for key professionals for up to |
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three years. The deferred portion of bonuses is invested across all the strategies managed by AlphaSimplex. Finally, as a condition of employment, all AlphaSimplex employees agree to abide by non-compete/non-solicit/non-disclosure agreements. These agreements provide for a 12–36 month non-compete period in the event an employee leaves the firm. |
Portfolio manager compensation is a function of firm-wide profitability. Since AlphaSimplex’s approach to investment management is quantitative and systematic, Fund shareholder interests are less dependent on day-to-day portfolio manager decisions, but more a function of overall model performance over longer time periods. Therefore, strong long-term Fund performance goes hand-in-hand with long-term firm profitability and portfolio manager compensation. |
AQR: The compensation for each of the portfolio managers that is a Principal of AQR is in the form of distributions based on the net income generated by AQR and each Principal’s relative ownership in AQR. Net income distributions are a function of assets under management and performance of the funds and accounts managed by AQR. A Principal’s relative ownership in AQR is based on cumulative research, leadership and other contributions to AQR. There is no direct linkage between assets under management, performance and compensation. However, there is an indirect linkage in that superior performance tends to attract assets and thus increase revenues. Each portfolio manager is also eligible to participate in AQR’s 401(k) retirement plan which is offered to all employees of AQR. |
Arrowstreet: Arrowstreet’s compensation system is designed to attract, motivate and retain talented professionals. Arrowstreet’s compensation structure for investment professionals consists of a competitive base salary and bonus. Bonuses are paid on an annual basis. Bonus targets are set for each individual at each review period, typically the start of every year. | |
Baillie Gifford: Compensation arrangements within the Manager vary depending upon whether the individual is an employee or partner of Baillie Gifford & Co. | |
Employees of Baillie Gifford & Co. | |
A portfolio manager’s compensation generally consists of: |
— | base salary; |
— | a company-wide all staff bonus; |
— | a performance related bonus; and |
— | the standard retirement benefits and health and welfare benefits available to all Baillie Gifford & Co. employees. |
— | base salary; and |
— | a share of the partnership profits. |
BMO: Compensation for BMO’s portfolio managers consists of base salary, discretionary performance bonuses, and other benefits. Base salaries are reviewed on an annual basis to ensure alignment with the external market. Discretionary |
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performance bonuses vary according to business and individual performance and are provided in a combination of cash and deferred equity-based awards for employees at higher levels of compensation. Portfolio managers also may have a long-term incentive program consisting of restricted share units or other units linked to the performance of BMO. |
Boston Partners: All investment professionals receive a compensation package comprised of an industry competitive base salary and a discretionary bonus and long-term incentives. Through our bonus program, key investment professionals are rewarded primarily for strong investment performance. |
Typically, bonuses are based upon a combination of one or more of the following four criteria: |
1. Individual Contribution: an evaluation of the professional’s individual contribution based on the expectations established at the beginning of each year; |
2. Product Investment Performance: performance of the investment product(s) with which the individual is involved versus the pre-designed index, based on the excess return; |
3. Investment Team Performance: the financial results of the investment group; and |
4. Firm-wide Performance: the overall financial performance of Boston Partners. |
Boston Partners professional compensation consultants with asset management expertise to annually review our practices to ensure that they remain highly competitive. |
Causeway: Ms. Ketterer and Mr. Hartford, the chief executive officer and president of Causeway, respectively, receive annual salary and are entitled, as controlling owners of the firm’s parent holding company, to distributions of the holding company’s profits based on their ownership interests. They do not receive incentive compensation. The other portfolio managers receive salary and may receive incentive compensation (including potential cash, awards of growth units, or awards of equity units). Portfolio managers also receive, directly or through estate planning vehicles, distributions of profits based on their minority ownership interests in the firm’s parent holding company. Causeway’s Compensation Committee, weighing a variety of objective and subjective factors, determines salary and incentive compensation and, subject to approval of the holding company’s Board of Managers, may award equity units. Portfolios are team-managed and salary and incentive compensation are not based on the specific performance the Fund or any single client account managed by Causeway but take into account the performance of the individual portfolio manager, the relevant team and Causeway’s overall performance and financial results. The performance of stocks selected for Fund and client portfolios within a particular industry or sector over a multi-year period relative to appropriate benchmarks will be relevant for portfolio managers assigned to that industry or sector. Causeway takes into account both quantitative and qualitative factors when determining the amount of incentive compensation awarded, including the following factors: individual research contribution, portfolio and team management contribution, group research contribution, client service and recruiting contribution, and other contributions to client satisfaction and firm development. The assessment of these factors takes into account both current and future risks and different factors can be weighed differently. | |
Columbia Management: Portfolio manager direct compensation is typically comprised of a base salary, and an annual incentive award that is paid either in the form of a cash bonus if the size of the award is under a specified threshold, or, if the size of the award is over a specified threshold, the award is paid in a combination of a cash bonus, an equity incentive award, and deferred compensation. Equity incentive awards are made in the form of Ameriprise Financial restricted stock or, for more senior employees, both Ameriprise Financial restricted stock and stock options. The investment return credited on deferred compensation is based on the performance of specified Columbia Funds, in most cases including the Columbia Funds the portfolio manager manages. | |
Base salary is typically determined based on market data relevant to the employee’s position, as well as other factors including internal equity. Base salaries are reviewed annually, and increases are typically given as promotional increases, internal equity adjustments, or market adjustments. | |
Under the Columbia Management annual incentive plan for investment professionals, awards are discretionary, and the amount of incentive awards for investment team members is variable based on (1) an evaluation of the investment performance of the investment team of which the investment professional is a member, reflecting the performance (and client experience) of the funds or accounts the investment professional manages and, if applicable, reflecting the individual’s work as an investment research analyst, (2) the results of a peer and/or management review of the individual, taking into account attributes such as team participation, investment process followed, communications, and leadership, and (3) the amount of aggregate funding of the plan determined by senior management of Columbia Threadneedle Investments and Ameriprise Financial, which takes into account Columbia Threadneedle Investments revenues and profitability, as well as Ameriprise Financial profitability, historical plan funding levels and other factors. Columbia Threadneedle Investments revenues and profitability are largely determined by assets under management. In determining the allocation of incentive |
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compensation to investment teams, the amount of assets and related revenues managed by the team is also considered. Individual awards are subject to a comprehensive risk adjustment review process to ensure proper reflection in remuneration of adherence to our controls and Code of Conduct. | |
Investment performance for a fund or other account is measured using a scorecard that compares account performance against benchmarks and/or peer groups. Account performance may also be compared to unaffiliated passively managed ETFs, taking into consideration the management fees of comparable passively managed ETFs, when available and as determined by the Investment Manager. Consideration is given to relative performance over the one-, three- and five-year periods, with the largest weighting on the three-year comparison. For individuals and teams that manage multiple strategies and accounts, relative asset size is a key determinant in calculating the aggregate score, with weighting typically proportionate to actual assets. For investment leaders who have group management responsibilities, another factor in their evaluation is an assessment of the group’s overall investment performance. Exceptions to this general approach to bonuses exist for certain teams and individuals. | |
Equity incentive awards are designed to align participants’ interests with those of the shareholders of Ameriprise Financial. Equity incentive awards vest over multiple years, so they help retain employees. | |
Deferred compensation awards are designed to align participants’ interests with the investors in the Columbia Funds and other accounts they manage. The value of the deferral account is based on the performance of Columbia Funds. Employees have the option of selecting from various Columbia Funds for their deferral account, however portfolio managers must (other than by strict exception) allocate a minimum of 25% of their incentive awarded through the deferral program to the Columbia Fund(s) they manage. Deferrals vest over multiple years, so they help retain employees. | |
For all employees the benefit programs generally are the same and are competitive within the financial services industry. Employees participate in a wide variety of plans, including options in Medical, Dental, Vision, Health Care and Dependent Spending Accounts, Life Insurance, Long Term Disability Insurance, 401(k), and a cash balance pension plan. |
Conestoga: Each of the Fund’s portfolio managers is a partner of Conestoga. As such, each portfolio manager receives a share of Conestoga’s annual profits, as specified in the manager’s partnership agreement with Conestoga, from Conestoga’s management of the Fund and all other accounts. | |
Columbia WAM: Portfolio manager direct compensation is typically comprised of a base salary, and an annual incentive award that is paid either in the form of a cash bonus if the size of the award is under a specified threshold, or, if the size of the award is over a specified threshold, the award is paid in a combination of a cash bonus, an equity incentive award, and deferred compensation. Equity incentive awards are made in the form of Ameriprise Financial restricted stock or, for more senior employees, both Ameriprise Financial restricted stock and stock options. The investment return credited on deferred compensation is based on the performance of specified Columbia Funds, in most cases including the Columbia Funds the portfolio manager manages. | |
Base salary is typically determined based on market data relevant to the employee’s position, as well as other factors including internal equity. Base salaries are reviewed annually, and increases are typically given as promotional increases, internal equity adjustments, or market adjustments. | |
Under the Columbia Management annual incentive plan for investment professionals, awards are discretionary, and the amount of incentive awards for investment team members is variable based on (1) an evaluation of the investment performance of the investment team of which the investment professional is a member, reflecting the performance (and client experience) of the funds or accounts the investment professional manages and, if applicable, reflecting the individual’s work as an investment research analyst, (2) the results of a peer and/or management review of the individual, taking into account attributes such as team participation, investment process followed, communications, and leadership, and (3) the amount of aggregate funding of the plan determined by senior management of Columbia Threadneedle Investments and Ameriprise Financial, which takes into account Columbia Threadneedle Investments revenues and profitability, as well as Ameriprise Financial profitability, historical plan funding levels and other factors. Columbia Threadneedle Investments revenues and profitability are largely determined by assets under management. In determining the allocation of incentive compensation to investment teams, the amount of assets and related revenues managed by the team is also considered. Individual awards are subject to a comprehensive risk adjustment review process to ensure proper reflection in remuneration of adherence to our controls and Code of Conduct. | |
Investment performance for a fund or other account is measured using a scorecard that compares account performance against benchmarks and/or peer groups. Account performance may also be compared to unaffiliated passively managed ETFs, taking into consideration the management fees of comparable passively managed ETFs, when available and as determined by the Investment Manager. Consideration is given to relative performance over the one-, three- and five-year periods, with the largest weighting on the three-year comparison. For individuals and teams that manage multiple strategies and accounts, relative asset size is a key determinant in calculating the aggregate score, with weighting typically |
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proportionate to actual assets. For investment leaders who have group management responsibilities, another factor in their evaluation is an assessment of the group’s overall investment performance. Exceptions to this general approach to bonuses exist for certain teams and individuals. | |
Equity incentive awards are designed to align participants’ interests with those of the shareholders of Ameriprise Financial. Equity incentive awards vest over multiple years, so they help retain employees. | |
Deferred compensation awards are designed to align participants’ interests with the investors in the Columbia Funds and other accounts they manage. The value of the deferral account is based on the performance of Columbia Funds. Employees have the option of selecting from various Columbia Funds for their deferral account, however portfolio managers must (other than by strict exception) allocate a minimum of 25% of their incentive awarded through the deferral program to the Columbia Fund(s) they manage. Deferrals vest over multiple years, so they help retain employees. | |
For all employees the benefit programs generally are the same and are competitive within the financial services industry. Employees participate in a wide variety of plans, including options in Medical, Dental, Vision, Health Care and Dependent Spending Accounts, Life Insurance, Long Term Disability Insurance, 401(k), and a cash balance pension plan. |
Hotchkis & Wiley: Hotchkis &Wiley’s portfolio managers are compensated in various forms, which may include a base salary, bonus, profit sharing, and equity ownership. Compensation is used to reward, attract, and retain high quality investment professionals. The portfolio managers are evaluated and accountable at three levels. The first level is individual contribution to the research and decision‐making process, including the quality and quantity of work achieved. The second level is teamwork, generally evaluated through contribution within sector teams. The third level pertains to overall portfolio and firm performance. Fixed salaries and discretionary bonuses for investment professionals are determined by the Chief Executive Officer of Hotchkis &Wiley using tools which may include annual evaluations, compensation surveys, feedback from other employees, and advice from members of Hotchkis &Wiley’s Executive and Compensation Committees. The amount of the bonus is determined by the total amount of Hotchkis &Wiley’s bonus pool available for the year, which is generally a function of revenues. No investment professional receives a bonus that is a pre‐determined percentage of revenues or net income. Compensation is thus subjective rather than formulaic. The majority of the portfolio managers own equity in Hotchkis &Wiley. Hotchkis &Wiley believes that the employee ownership structure of the firm will be a significant factor in ensuring a motivated and stable employee base going forward. Hotchkis &Wiley believes that the combination of competitive compensation levels and equity ownership provides Hotchkis &Wiley with a demonstrable advantage in the retention and motivation of employees. Portfolio managers who own equity in Hotchkis &Wiley receive their pro rata share of Hotchkis &Wiley’s profits. Investment professionals may also receive contributions under Hotchkis &Wiley’s profit sharing/401(k) plan. | |
JPMIM: JPMorgan’s compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished, in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards. | |
In determining portfolio manager compensation, JPMorgan uses a balanced discretionary approach to assess performance against four broad categories: (1) business results; (2) risk and control; (3) customers and clients; and (4) people and leadership. | |
These performance categories consider short-, medium- and long-term goals that drive sustained value for clients, while accounting for risk and control objectives. Specifically, portfolio manager performance is evaluated against various factors including the following: (1) blended pre-tax investment performance relative to competitive indices, generally weighted more to the long-term; (2) individual contribution relative to the client’s risk/return objectives; and (3) adherence with JPMorgan’s compliance, risk and regulatory procedures. | |
Feedback from JPMorgan’s risk and control professionals is considered in assessing performance. | |
JPMorgan maintains a balanced total compensation program comprised of a mix of fixed compensation (including a competitive base salary and, for certain employees, a fixed cash allowance), variable compensation in the form of cash incentives, and long-term incentives in the form of equity based and/or fund-tracking incentives that vest over time. Long-term awards comprise of up to 60% of overall incentive compensation, depending on an employee’s pay level. | |
Long-term awards are generally in the form of time-vested JPMC Restricted Stock Units (“RSUs”). However, portfolio managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan’s Mandatory Investor Plan (“Mandatory Investment Plan”). The Mandatory Investment Plan provides for a rate of return equal to that of the Fund(s) that the portfolio managers manage, thereby aligning portfolio managers’ pay with that of their client’s experience/return. 100% of the portfolio managers’ long-term incentive compensation is eligible for Mandatory Investment |
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Plan and, depending on the level of compensation, 50% is aligned with the specific Fund(s) they manage, as determined by their respective manager. The remaining portion of the overall amount is electable and may be treated as if invested in any of the other Funds available in the plan or can take the form of RSUs. |
Loomis Sayles: Loomis Sayles believes that portfolio manager compensation should be driven primarily by the delivery of consistent and superior long-term performance for its clients. Portfolio manager compensation is made up primarily of three main components: base salary, variable compensation and a long-term incentive program. Although portfolio manager compensation is not directly tied to assets under management, a portfolio manager’s base salary and/or variable compensation potential may reflect the amount of assets for which the manager is responsible relative to other portfolio managers. Loomis Sayles also offers a profit sharing plan. Base salary is a fixed amount based on a combination of factors, including industry experience, firm experience, job performance and market considerations. Variable compensation is an incentive-based component and generally represents a significant multiple of base salary. Variable compensation is based on four factors: investment performance, profit growth of the firm, profit growth of the manager’s business unit and personal conduct. Investment performance is the primary component of total variable compensation and generally represents at least 60% of the total for fixed-income managers and 70% of the total for equity managers. The other three factors are used to determine the remainder of variable compensation, subject to the discretion of the Chief Investment Officer (“CIO”) and senior management. The CIO and senior management evaluate these other factors annually. | |
Equity Managers. While mutual fund performance and asset size do not directly contribute to the compensation calculation, investment performance for equity managers is measured by comparing the performance of Loomis Sayles’ institutional composites to the performance of the applicable Morningstar peer group and/or the Lipper universe. Generally speaking the performance of the respective product’s fund is compared against the applicable Morningstar peer group and/or the Lipper universe. To the extent the majority of assets managed in the fund strategy are for institutional separate accounts, the Evestment Alliance institutional peer group will also be used as an additional comparison. In situations where substantially all of the assets for the strategy are institutional, the institutional peer group will be used as the primary method of comparison. A manager’s performance relative to the peer group for the 1, 3 and 5 year periods, (3 and 5 or 10 years for large cap growth, all cap growth and global growth), or since the start of the manager’s tenure, if shorter, is used to calculate the amount of variable compensation payable due to performance. Longer-term performance is typically weighted more than shorter-term performance. In addition, the performance measurement for equity compensation usually incorporates a consistency metric using longer term rolling returns compared to the peer group over a sustained measurement period; however, the exact method may be adjusted to a product’s particular style. If a manager is responsible for more than one product, the rankings of each product are weighted based on relative revenue of accounts represented in each product. An external benchmark is used as a secondary comparison. The external benchmark used for the MM Growth Strategies Fund is the Russell 1000 Growth Index. Mr. Hamzaogullari also receives additional compensation based on revenue and performance hurdles for his strategies, and performance fee based compensation as portfolio manager for a private investment fund. | |
In cases where the institutional peer groups are used, Loomis Sayles believes they represent the most competitive product universe while closely matching the investment styles offered by the Loomis Sayles fund. | |
Fixed-Income Managers. While mutual fund performance and asset size do not directly contribute to the compensation calculation, investment performance for fixed-income managers is measured by comparing the performance of Loomis Sayles’ institutional composite (pre-tax and net of fees) in the manager’s style to the performance of an external benchmark and a customized peer group. The external benchmark used for the investment style utilized by each fund is noted below. The customized peer group is created by Loomis Sayles and is made up of institutional managers in the particular investment style. A manager’s relative performance for the past five years, or seven years for some products, is used to calculate the amount of variable compensation payable due to performance. To ensure consistency, Loomis Sayles analyzes the five or seven year performance on a rolling three year basis. If a manager is responsible for more than one product, the rankings of each product are weighted based on relative revenue size of accounts represented in each product. Loomis Sayles uses both an external benchmark and a customized peer group as a point of comparison for fixed-income manager performance because it believes they represent an appropriate combination of the competitive fixed-income product universe and the investment styles offered by Loomis Sayles. The external benchmark used for the MM Total Return Bond Strategies Fund is the Barclays U.S. Aggregate Index. | |
In addition to the compensation described above, portfolio managers may receive additional compensation based on the overall growth of their strategies. |
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General. Most mutual funds do not directly contribute to a portfolio manager’s overall compensation because Loomis Sayles’ uses the performance of the portfolio manager’s institutional accounts compared to an institutional peer group. However, each fund managed by Loomis Sayles employs strategies endorsed by Loomis Sayles and fits into the product category for the relevant investment style. Loomis Sayles may adjust compensation if there is significant dispersion among the returns of the composite and accounts not included in the composite. | |
Loomis Sayles has developed and implemented two distinct long-term incentive plans to attract and retain investment talent. The plans supplement existing compensation. The first plan has several important components distinguishing it from traditional equity ownership plans: |
■ | the plan grants units that entitle participants to an annual payment based on a percentage of company earnings above an established threshold; |
■ | upon retirement, a participant will receive a multi-year payout for his or her vested units; and |
■ | participation is contingent upon signing an award agreement, which includes a non-compete covenant. |
Los Angeles Capital: Los Angeles Capital’s portfolio managers participate in a competitive compensation program that is aimed at attracting and retaining talented employees with an emphasis on disciplined risk management, ethics and compliance-centered behavior. No component of Los Angeles Capital’s compensation policy or payment scheme is tied directly to the performance of one or more client portfolios or funds. |
Each of Los Angeles Capital’s portfolio managers receives a base salary fixed from year to year. In addition, the portfolio managers participate in Los Angeles Capital’s profit sharing plan. The aggregate amount of the contribution to Los Angeles Capital’s profit sharing plan is based on overall firm profitability with amounts paid to individual employees based on their relative overall compensation. Each of the portfolio managers also are shareholders of Los Angeles Capital and receive compensation based upon the firm’s overall profits. Certain portfolio managers are also eligible to receive a discretionary bonus from Los Angeles Capital. |
Manulife: Manulife Asset Management has designed its compensation plan to effectively attract, retain and reward top investment talent. The incentive plan is designed to align and reward investment teams that deliver consistent value added performance for the company’s client and partners through world-class investment strategies and solutions. | |
Investment professionals are compensated with a combination of base salary and incentives as detailed below. | |
Base salaries | |
Base salaries are market-based and salary ranges are periodically reviewed. Individual salary adjustments are based on individual performance against mutually-agreed-upon objectives and development of technical skills. | |
Incentives — Short- and Long-Term | |
All investment professionals (including portfolio managers, analysts and traders) are eligible for participation in a short and long term investment incentive plan. These incentives are tied to performance against various objective and subjective measures, including: | |
Investment Performance — Performance of portfolios managed by the investment team. This is the most heavily weighted factor and it is measured relative to an appropriate benchmark or universe over established time periods. | |
Financial Performance — Performance of Manulife Asset Management and its parent corporation. | |
Non-Investment Performance — Derived from the contributions an investment professional brings to Manulife Asset Management. |
Statement of Additional Information – January 1, 2020 | 147 |
Awards under this plan include: | |
Annual Cash Awards | |
Deferred Incentives — One hundred percent of this portion of the award is invested in strategies managed by the team/individual as well as other Manulife Asset Management strategies. | |
Manulife equity awards — Investment professionals that are considered officers of Manulife receive a portion of their award in Manulife Restricted Share Units (RSUs) or stock options. This plan is based on the value of the underlying common shares of Manulife. |
PGIM: The base salary of an investment professional in the PGIM Fixed Income unit of PGIM is based on market data relative to similar positions as well as the past performance, years of experience and scope of responsibility of the individual. Incentive compensation, including the annual cash bonus, the long-term equity grant and grants under PGIM Fixed Income’s long-term incentive plans, is primarily based on such person’s contribution to PGIM Fixed Income’s goal of providing investment performance to clients consistent with portfolio objectives, guidelines and risk parameters and market-based data such as compensation trends and levels of overall compensation for similar positions in the asset management industry. In addition, an investment professional’s qualitative contributions to the organization and its commercial success are considered in determining incentive compensation. Incentive compensation is not solely based on the performance of, or value of assets in, any single account or group of client accounts. | |
An investment professional’s annual cash bonus is paid from an annual incentive pool. The pool is developed as a percentage of PGIM Fixed Income’s operating income and the percentage used to calculate the pool may be refined by factors such as: | |
- business initiatives; | |
- the number of investment professionals receiving a related peer group compensation; | |
- financial metrics of the business relative to those of appropriate peer groups; and | |
- investment performance of portfolios: (i) relative to appropriate peer groups and/or (ii) as measured against relevant investment indices. | |
Long-term compensation consists of Prudential Financial, Inc. restricted stock and grants under the long-term incentive plan and targeted long-term incentive plan. Grants under the long-term incentive plan and targeted long-term incentive plan are participation interests in notional accounts with a beginning value of a specified dollar amount. For the long-term incentive plan, the value attributed to these notional accounts increases or decreases over a defined period of time based, in part, on the performance of investment composites representing a number of PGIM Fixed Income’s investment strategies. With respect to targeted long-term incentive awards, the value attributed to the notional accounts increases or decreases over a defined period of time based on the performance of either (i) a long/short investment composite or (ii) a commingled investment vehicle. An investment composite is an aggregation of accounts with similar investment strategies. The long-term incentive plan is designed to more closely align compensation with investment performance and the growth of PGIM Fixed Income’s business. The targeted long-term incentive plan is designed to align the interests of certain of PGIM Fixed Income’s investment professionals with the performance of a particular long-short composite or commingled investment vehicle. The chief investment officer/head of PGIM Fixed Income also receives (i) performance shares which represent the right to receive shares of Prudential Financial, Inc. common stock conditioned upon, and subject to, the achievement of specified financial performance goals by Prudential Financial, Inc.; (ii) book value units which track the book value per share of Prudential Financial, Inc.; and (iii) Prudential Financial, Inc. stock options. Each of the restricted stock, long-term incentive plan grants, performance shares, book value units and stock options is subject to vesting requirements. | |
QMA : QMA’s investment professionals are compensated through a combination of base salary, a performance-based annual cash incentive bonus and an annual long-term incentive grant. QMA regularly utilizes third party surveys to compare its compensation program against leading asset management firms to monitor competitiveness. An investment professional’s incentive compensation, including both the annual cash bonus and long-term incentive grant, is largely driven by a person’s contribution to QMA’s goal of providing investment performance to clients consistent with portfolio objectives, guidelines and risk parameters, as well as such person’s qualitative contributions to the organization. An investment professional’s long-term incentive grant is currently divided into two components: (i) 80% of the value of the grant is subject to increase or decrease based on the performance of certain QMA strategies, and (ii) 20% of the value of the grant consists of restricted stock of Prudential Financial, Inc. (QMA’s ultimate parent company). The long-term incentive grants are subject to vesting requirements. The incentive compensation of each investment professional is not based solely or directly on the performance of the Fund (or any other individual account managed by QMA) or the value of the assets of the Fund (or any other individual account managed by QMA). |
Statement of Additional Information – January 1, 2020 | 148 |
The annual cash bonus pool is determined quantitatively based on two primary factors: 1) investment performance of composites representing QMA’s various investment strategies on a 1-year and 3-year basis relative to appropriate market peer groups and the indices against which QMA’s strategies are managed, and 2) business results as measured by QMA’s pretax income. | |
TCW: The overall objective of TCW’s compensation program for portfolio managers is to attract experienced and expert investment professionals and to retain them over the long-term. Compensation is comprised of several components which, in the aggregate, are designed to achieve these objectives and to reward the portfolio managers for their contributions to the successful performance of the accounts they manage. Portfolio managers are compensated through a combination of base salary, fee sharing based compensation (“fee sharing”), bonus and equity incentive participation in TCW’s parent company (“equity incentives”). Fee sharing and equity incentives generally represent most of the portfolio managers’ compensation. In some cases, portfolio managers are eligible for discretionary bonuses. | |
Salary. Salary is agreed to with portfolio managers at the time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio manager’s compensation. | |
Fee Sharing. Fee sharing for investment professionals is based on revenues generated by accounts in the investment strategy area for which the investment professionals are responsible. In most cases, revenues are allocated to a pool and fee sharing compensation is allocated among members of the investment team after the deduction of certain expenses (including compensation over a threshold level) related to the strategy group. The allocations are based on the investment professionals’ contribution to TCW and its clients, including qualitative and quantitative contributions. | |
In general, the same fee sharing percentage is used to compensate a portfolio manager for investment services related to a Fund is generally the same as that used to compensate portfolio managers for other client accounts in the same strategy managed by TCW or an affiliate of TCW (collectively, “the TCW Group”). In some cases, the fee sharing pool includes revenues related to more than one product, in which case each participant in the pool is entitled to fee sharing derived from his or her contributions to all the included products. | |
Investment professionals are not directly compensated for generating performance fees. In some cases, the overall fee sharing pool is subject to fluctuation based on the relative pre-tax performance of the investment strategy composite returns, net of fees and expenses, to that of the benchmark. The measurement of performance relative to the benchmark can be based on single year or multiple year metrics, or a combination thereof. The benchmark used is the one associated with the Fund managed by the portfolio manager as disclosed in the prospectus. Benchmarks vary from strategy to strategy but, within a given strategy, the same benchmark applies to all accounts, including the Funds. | |
Discretionary Bonus/Guaranteed Minimums. Discretionary bonuses may be paid out of an investment team’s fee sharing pool, as determined by the supervisor(s) in the department. In other cases where portfolio managers do not receive fee sharing or where it is determined that the combination of salary and fee sharing does not adequately compensate the portfolio manager, discretionary bonuses may be paid by the applicable TCW entity. Also, pursuant to contractual arrangements, some portfolio managers received minimum bonuses. | |
Equity Incentives. Management believes that equity ownership aligns the interests of portfolio managers with the interests of the firm and its clients. Accordingly, TCW Group’s key investment professionals participate in equity incentives through ownership or participation in restricted unit plans that vest over time or unit appreciation plans of TCW’s parent company. The plans include the Fixed Income Retention Plan, Restricted Unit Plan and 2013 Equity Unit Incentive Plan. | |
Under the Fixed Income Retention Plan, certain portfolio managers in the fixed income area were awarded cash and/or partnership units in TCW’s parent company, either on a contractually-determined basis or on a discretionary basis. Awards under this plan were made in 2010 that vest over time. | |
Under the Restricted Unit Plan, certain portfolio managers in the fixed income and equity areas may be awarded partnership units in TCW’s parent company. Awards under this plan have vested over time, subject to satisfaction of performance criteria. | |
Under the 2013 Equity Unit Incentive Plan, certain portfolio managers in the fixed income and equity areas may be awarded options to acquire partnership units in TCW’s parent company with a strike price equal to the fair market value of the option at the date of grant. The options granted under this plan are subject to vesting and other conditions. | |
Other Plans and Compensation Vehicles. Portfolio managers may also elect to participate in the applicable TCW Group’s 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis. |
Threadneedle: Direct compensation is typically comprised of a base salary, and an annual incentive award that is paid either in the form of a cash bonus if the size of the award is under a specified threshold or, if the size of the award is over a specified threshold, the award is paid in a combination of a cash bonus, an equity incentive award, and fund-linked deferred |
Statement of Additional Information – January 1, 2020 | 149 |
compensation compliant with European regulatory requirements in its structure and delivery vehicles. Equity incentive awards are made in the form of Ameriprise Financial restricted stock, or for senior employees outside our fund management teams both Ameriprise Financial restricted stock and stock options. The investment return credited on deferred compensation is based on the performance of specified Threadneedle funds, in most cases including the funds the portfolio manager manages. | |
Base salary is typically determined based on market data relevant to the employee’s position, as well as other factors including internal equity. Base salaries are reviewed annually, and increases are typically given as promotional increases, internal equity adjustments, or market adjustments. | |
Annual incentive awards and pool funding are variable and are designed to reward: |
■ | Investment performance, both at the individual and team levels |
■ | Client requirements, in particular the alignment with clients through a mandatory deferral into the company’s own products, compliant with local regulation in particular the UCITS V requirements |
■ | Team cooperation and values |
Statement of Additional Information – January 1, 2020 | 150 |
Water Island: Investment professionals are compensated with salary and a bonus based on individual performance, both relative and absolute fund performance, and profitability of Water Island. Profit sharing in Water Island may also be included as potential compensation. In addition, Water Island believes employee ownership and the opportunity for all employees to hold ownership interests in Water Island fosters teamwork and encourages longevity in tenure. Ownership shares may be issued to employees based on tenure, position, and contribution to Water Island. Water Island’s policies help ensure that the financial interests of its key investment personnel are aligned with its clients’ financial interests. Water Island also expends efforts to help ensure it attracts and retains key investment talent. Its goal is to focus its employees on long-term rather than short-term performance and to encourage employee retention. | |
WellsCap: The compensation structure for WellsCap's Portfolio Managers includes a competitive fixed base salary plus variable incentives, payable annually and over a longer term period. WellsCap participates in third party investment management compensation surveys for market-based compensation information to help support individual pay decisions. In addition to surveys, WellsCap also considers prior professional experience, tenure, seniority and a Portfolio Manager's team size, scope and assets under management when determining his/her fixed base salary. In addition, Portfolio Managers, who meet the eligibility requirements, may participate in Wells Fargo's 401(k) plan that features a limited matching contribution. Eligibility for and participation in this plan is on the same basis for all employees. | |
WellsCap’s investment incentive program plays an important role in aligning the interests of our portfolio managers, investment team members, clients and shareholders. Incentive awards for portfolio managers are determined based on a review of relative investment and business/team performance. Investment performance is generally evaluated for 1, 3, and 5 year performance results, with a predominant weighting on the 3- and 5- year time periods, versus the relevant benchmarks and/or peer groups consistent with the investment style. In the case of each Fund, the benchmark(s) against which the performance of the Fund's portfolio may be compared for these purposes generally are indicated in the "Average Annual Total Returns" table in the prospectus. Once determined, incentives are awarded to portfolio managers annually, with a portion awarded as annual cash and a portion awarded as long term incentive. The long term portion of incentives generally carry a pro-rated vesting schedule over a three year period. For many of our portfolio managers, WellsCap further requires a portion of their annual long-term award be allocated directly into each strategy they manage through a deferred compensation vehicle. In addition, our investment team members who are eligible for long term awards also have the opportunity to invest up to 100% of their awards into investment strategies they support (through a deferred compensation vehicle). |
Statement of Additional Information – January 1, 2020 | 151 |
Administrative Services Fees | |||
2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | |||
CT Intermediate Municipal Bond Fund | N/A | N/A | $36,936 |
Intermediate Municipal Bond Fund | N/A | N/A | 472,435 |
MA Intermediate Municipal Bond Fund | N/A | N/A | 67,735 |
NY Intermediate Municipal Bond Fund | N/A | N/A | 64,375 |
Strategic CA Municipal Income Fund | N/A | N/A | 119,000 |
Strategic NY Municipal Income Fund | N/A | N/A | 44,957 |
For Funds with fiscal period ending December 31 | |||
Real Estate Equity Fund | N/A | N/A | 97,784 |
Statement of Additional Information – January 1, 2020 | 152 |
Statement of Additional Information – January 1, 2020 | 153 |
Sales Charges Paid to Distributor | Amount Retained by Distributor After Paying Commissions | |||||
Fund | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 |
For Funds with fiscal period ending March 31 | ||||||
Pacific/Asia Fund | $31,809 | $64,038 | $3,494 | $5,241 | $9,297 | $582 |
Select Large Cap Growth Fund | 418,624 | 368,132 | 322,479 | 63,227 | 56,944 | 90,630 |
For Funds with fiscal period ending April 30 | ||||||
Bond Fund | 45,924 | 77,202 | 83,097 | 7,173 | 12,190 | 13,879 |
Corporate Income Fund | 26,583 | 74,679 | 77,712 | 3,988 | 11,934 | 11,948 |
Multi-Asset Income Fund | 32,242 | 11,664 | 3,509 | 5,018 | 1,798 | 964 |
Small Cap Value Fund I | 253,509 | 212,213 | 131,831 | 37,393 | 40,107 | 18,936 |
Total Return Bond Fund | 245,963 | 213,934 | 274,811 | 38,281 | 34,828 | 42,933 |
U.S. Treasury Index Fund | 128 | 101 | 14,460 | 128 | 101 | 14,460 |
For Funds with fiscal period ending May 31 | ||||||
Adaptive Risk Allocation Fund | 416,623 | 748,089 | 824,604 | 93,144 | 143,197 | 130,410 |
Dividend Income Fund | 4,240,972 | 3,030,888 | 3,212,909 | 671,545 | 470,711 | 515,080 |
HY Municipal Fund | 273,019 | 145,494 | 234,286 | 51,502 | 30,297 | 71,094 |
Multi Strategy Alternatives Fund | 2,267 | 10,606 | 18,446 | 335 | 1,810 | 4,827 |
For Funds with fiscal period ending July 31 | ||||||
Large Cap Growth Fund | 629,211 | 627,286 | 661,707 | 102,141 | 95,559 | 106,233 |
OR Intermediate Municipal Bond Fund | 30,508 | 38,210 | 90,822 | 4,898 | 7,047 | 34,931 |
Tax-Exempt Fund | 715,790 | 678,925 | 964,733 | 118,889 | 111,468 | 165,347 |
U.S. Social Bond Fund | 31,318 | 51,540 | 32,350 | 5,282 | 8,528 | 5,010 |
For Funds with fiscal period ending August 31 | ||||||
Balanced Fund | 4,270,436 | 6,941,256 | 8,664,928 | 718,540 | 1,150,815 | 1,490,728 |
Contrarian Core Fund | 1,394,434 | 2,870,332 | 3,965,905 | 243,387 | 460,464 | 645,801 |
Disciplined Small Core Fund | 13,631 | 14,569 | 25,856 | 2,129 | 3,355 | 4,520 |
Emerging Markets Fund | 224,039 | 518,278 | 223,934 | 37,188 | 75,656 | 32,578 |
Global Dividend Opportunity Fund | 25,257 | 37,682 | 35,778 | 3,908 | 6,448 | 5,599 |
Global Energy and Natural Resources Fund | 42,416 | 60,181 | 92,604 | 6,240 | 8,554 | 16,283 |
Global Technology Growth Fund | 944,816 | 1,617,685 | 879,116 | 168,805 | 242,154 | 134,413 |
Greater China Fund | 58,803 | 162,948 | 29,426 | 10,503 | 25,713 | 5,747 |
Mid Cap Growth Fund | 224,024 | 215,238 | 217,798 | 33,631 | 32,891 | 31,978 |
Small Cap Growth Fund I | 268,784 | 147,676 | 66,191 | 44,103 | 22,310 | 9,736 |
Strategic Income Fund | 1,261,747 | 2,017,210 | 1,790,951 (a) | 227,112 | 352,172 | 338,759 (a) |
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | ||||||
CT Intermediate Municipal Bond Fund | 8,077 | 1,061 | 11,020 | 1,627 | 269 | 1,792 |
Intermediate Municipal Bond Fund | 66,087 | 74,333 | 117,184 | 14,926 | 17,765 | 20,121 |
MA Intermediate Municipal Bond Fund | 4,709 | 9,879 | 30,867 | 1,166 | 3,949 | 8,906 |
NY Intermediate Municipal Bond Fund | 16,961 | 23,280 | 48,490 | 3,658 | 11,685 | 11,913 |
Strategic CA Municipal Income Fund | 94,041 | 116,611 | 148,911 | 15,840 | 38,512 | 27,312 |
Strategic NY Municipal Income Fund | 45,568 | 67,190 | 168,081 | 9,591 | 29,229 | 29,102 |
Statement of Additional Information – January 1, 2020 | 154 |
Sales Charges Paid to Distributor | Amount Retained by Distributor After Paying Commissions | |||||
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | |
For Funds with fiscal period ending December 31 | ||||||
Real Estate Equity Fund | $33,917 | $46,550 | $129,130 | $5,298 | $7,791 | $18,689 |
(a) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Distribution Fee* | Service Fee* | Combined Total* | |
Class A | up to 0.10% | 0.25% | Up to 0.25%(a)(b) |
Class A for Multi-Manager Strategies Funds | up to 0.25% | up to 0.25% | 0.25% (c) |
Class Adv | None | None | None |
Class C | 0.75% | 0.25% | 1.00% (b)(d) |
Class Inst | None | None | None |
Class Inst2 | None | None | None |
Class Inst3 | None | None | None |
Class E | 0.10% | 0.25% | 0.35% |
Class R | 0.50% | — (e) | 0.50% |
Class V | None | 0.50% (f) | 0.50% (f) |
(a) | As shown in the table below, the maximum distribution and service fees of Class A shares varies among the Funds. |
Funds | Class A Distribution Fee | Class A Service Fee | Class A Combined Total |
Adaptive Risk Allocation Fund, Bond Fund, Corporate Income Fund, CT Intermediate Municipal Bond Fund, Emerging Markets Fund, Global Dividend Opportunity Fund, Global Energy and Natural Resources Fund, Greater China Fund, MA Intermediate Municipal Bond Fund, Multi-Asset Income Fund, Multi Strategy Alternatives Fund, NY Intermediate Municipal Bond Fund, Pacific/Asia Fund, Select Large Cap Growth Fund, Small Cap Value Fund I, Strategic CA Municipal Income Fund, Strategic Income Fund, Strategic NY Municipal Income Fund, U.S. Social Bond Fund and U.S. Treasury Index Fund | — | 0.25% | 0.25% |
HY Municipal Fund, Intermediate Municipal Bond Fund, and Tax-Exempt Fund | — | 0.20% | 0.20% |
Statement of Additional Information – January 1, 2020 | 155 |
Funds | Class A Distribution Fee | Class A Service Fee | Class A Combined Total |
Balanced Fund, Contrarian Core Fund, Disciplined Small Core Fund, Dividend Income Fund, Global Technology Growth Fund, Large Cap Growth Fund, Mid Cap Growth Fund, OR Intermediate Municipal Bond Fund, Real Estate Equity Fund, Small Cap Growth Fund I and Total Return Bond Fund | up to 0.10% | up to 0.25% | Up to 0.35%; these Funds may pay distribution and service fees up to a maximum of 0.35% of their average daily net assets attributable to Class A shares but currently limit such fees to an aggregate fee of not more than 0.25% |
Ultra Short Term Bond Fund | up to 0.15% | up to 0.15% | up to 0.15% |
(b) | The annual service fee for Class A and Class C shares of HY Municipal Fund, Intermediate Municipal Bond Fund and Tax-Exempt Fund may equal up to 0.20% of the average daily net asset value of all shares of such Fund class. The annual distribution fee for Class C shares for Intermediate Municipal Bond Fund shall be 0.65% of the average daily net assets of the Fund’s Class C shares. The Distributor has voluntarily agreed to waive the Service Fee for Class A and Class C shares of U.S. Treasury Index Fund so that the Service Fee does not exceed 0.15% annually. This arrangement may be modified by the Distributor at any time. |
(c) | Class A shares of Multi-Manager Strategies Funds may pay distribution and service fees up to a maximum of 0.25% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.25% for distribution services and up to 0.25% for shareholder liaison services). |
(d) | The Distributor has voluntarily agreed to waive a portion of the distribution fee for Class C shares of the following Funds so that the distribution fee does not exceed the specified percentage annually: 0.45% for CT Intermediate Municipal Bond Fund, MA Intermediate Municipal Bond Fund, NY Intermediate Municipal Bond Fund, OR Intermediate Municipal Bond Fund, Strategic CA Municipal Income Fund and Strategic NY Municipal Income Fund; 0.60% for Corporate Income Fund; 0.65% for HY Municipal Fund and Tax-Exempt Fund; and 0.70% for U.S. Treasury Index Fund. These arrangements may be modified or terminated by the Distributor at any time. |
(e) | Class R shares pay a distribution fee pursuant to a Fund’s distribution (Rule 12b-1) plan for Class R shares. The Funds do not have a shareholder service plan for Class R shares. |
(f) | The shareholder servicing fees for Class V shares are up to 0.50% of average daily net assets attributable to Class V shares for equity Funds and 0.40% for fixed income Funds. In general, the Funds currently limit such fees to a maximum of 0.25% for equity Funds and 0.15% for fixed income Funds. These fees for Class V shares are not paid pursuant to a Rule 12b-1 plan. See Class V Shares Shareholder Service Fees below for more information. |
* | For Multisector Bond SMA Completion Portfolio and Overseas SMA Completion Portfolio, the Funds may pay at an annual rate a distribution fee of up to 0.25% and a shareholder servicing fee of up to 0.25%, provided that the combined distribution and servicing fee does not exceed a combined total of 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. No distribution or service fees are currently paid by the Funds under the distribution and/or shareholder servicing plans, however, and there are no current plans to impose these fees. Future payments may be made under the distribution and/or shareholder servicing plans without any further shareholder approval. In the event Rule 12b-fees are charged, over time they would increase the cost of an investment in the Funds. |
Statement of Additional Information – January 1, 2020 | 156 |
Statement of Additional Information – January 1, 2020 | 157 |
Fund | Class A | Class C | Class R | Class V |
For Funds with fiscal period ending March 31 | ||||
MM Growth Strategies Fund | $22,672 | N/A | N/A | N/A |
Pacific/Asia Fund | 13,105 | $14,208 | N/A | N/A |
Select Large Cap Growth Fund | 898,672 | 1,039,166 | $58,159 | N/A |
For Funds with fiscal period ending April 30 | ||||
Bond Fund | 123,756 | 47,243 | 3,080 | $12,734 |
Corporate Income Fund | 150,171 | 48,464 | N/A | N/A |
MM Directional Alternative Strategies Fund | 1,629 | N/A | N/A | N/A |
Multi-Asset Income Fund | 4,997 | 11,169 | N/A | N/A |
Small Cap Value Fund I | 627,269 | 123,954 | 17,391 | N/A |
Total Return Bond Fund | 1,707,198 | 228,840 | 9,617 | N/A |
U.S. Treasury Index Fund | 59,057 | 24,223 | N/A | N/A |
For Funds with fiscal period ending May 31 | ||||
Adaptive Risk Allocation Fund | 311,831 | 997,129 | 1,672 | N/A |
Dividend Income Fund | 4,946,456 | 8,247,787 | 557,551 | 198,768 |
HY Municipal Fund | 302,092 | 403,612 | N/A | N/A |
Multi Strategy Alternatives Fund | 9,383 | 6,662 | 40 | N/A |
For Funds with fiscal period ending July 31 | ||||
Large Cap Growth Fund(a) | 4,690,124 | 762,133 | 71,018 | 494,681 |
OR Intermediate Municipal Bond Fund | 99,694 | 86,110 | N/A | N/A |
Tax-Exempt Fund | 5,069,885 | 546,658 | N/A | N/A |
U.S. Social Bond Fund | 21,039 | 15,592 | N/A | N/A |
Ultra Short Term Bond Fund | 20,132 | N/A | N/A | N/A |
For Funds with fiscal period ending August 31 | ||||
Balanced Fund | 6,621,271 | 14,622,823 | 628,198 | N/A |
Contrarian Core Fund | 4,107,841 | 6,052,781 | 653,845 | 374,613 |
Disciplined Small Core Fund | 81,576 | 41,004 | N/A | 115,569 |
Emerging Markets Fund | 631,755 | 176,752 | 42,099 | N/A |
Global Dividend Opportunity Fund | 208,667 | 24,242 | 4,256 | N/A |
Global Energy and Natural Resources Fund | 166,984 | 84,807 | 59,573 | N/A |
Global Technology Growth Fund | 823,154 | 1,322,971 | N/A | N/A |
Greater China Fund | 166,442 | 41,736 | N/A | N/A |
Mid Cap Growth Fund | 2,049,948 | 145,644 | 56,277 | 57,714 |
MM Alternative Strategies Fund | 2,902 | N/A | N/A | N/A |
MM Small Cap Equity Strategies Fund | 8,742 | N/A | N/A | N/A |
MM Total Return Bond Strategies Fund | 30,859 | N/A | N/A | N/A |
Small Cap Growth Fund I | 592,770 | 77,499 | 7,128 | N/A |
Strategic Income Fund | 2,624,834 | 2,831,325 | 40,782 | N/A |
For Funds with fiscal period ending October 31 | ||||
CT Intermediate Municipal Bond Fund | 16,608 | 23,255 | N/A | 15,096 |
Statement of Additional Information – January 1, 2020 | 158 |
Fund | Class A | Class C | Class R | Class V |
Intermediate Municipal Bond Fund | $342,764 | $320,825 | N/A | $19,508 |
MA Intermediate Municipal Bond Fund | 47,138 | 47,929 | N/A | 25,620 |
NY Intermediate Municipal Bond Fund | 35,578 | 102,940 | N/A | 9,452 |
Strategic CA Municipal Income Fund | 829,285 | 293,417 | N/A | N/A |
Strategic NY Municipal Income Fund | 323,552 | 178,998 | N/A | N/A |
For Funds with fiscal period ending December 31 | ||||
Real Estate Equity Fund | 184,483 | 86,775 | $29,275 | N/A |
(a) | The Fund paid distribution and/or service fees of $55,149 for Class E shares for the fiscal year ended 2019. |
Statement of Additional Information – January 1, 2020 | 159 |
Amounts Reimbursed | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending March 31 | |||
Adaptive Retirement 2020 Fund | $108,784 | $47,148 (a) | N/A |
Adaptive Retirement 2025 Fund | 114,501 (b) | N/A | N/A |
Adaptive Retirement 2030 Fund | 106,538 | 48,214 (a) | N/A |
Adaptive Retirement 2035 Fund | 113,287 (b) | N/A | N/A |
Adaptive Retirement 2040 Fund | 106,387 | 46,232 (a) | N/A |
Adaptive Retirement 2045 Fund | 113,294 (b) | N/A | N/A |
Adaptive Retirement 2050 Fund | 106,275 | 46,222 (a) | N/A |
Adaptive Retirement 2055 Fund | 113,470 (b) | N/A | N/A |
Adaptive Retirement 2060 Fund | 106,381 | 46,227 (a) | N/A |
MM Growth Strategies Fund | 0 | 0 | $0 |
Pacific/Asia Fund | 104,313 | 2,239 | 0 |
Select Large Cap Growth Fund | 0 | 0 | 0 |
Solutions Aggressive Portfolio | 115,257 | 51,039 (a) | N/A |
Solutions Conservative Portfolio | 115,215 | 50,910 (a) | N/A |
For Funds with fiscal period ending April 30 | |||
Bond Fund | 637,917 | 578,904 | 784,175 |
Corporate Income Fund | 141,151 | 349,553 | 555,872 |
MM Directional Alternative Strategies Fund | 122,083 | 0 | 268,331 (c) |
Multi-Asset Income Fund | 413,261 | 388,054 | 330,226 |
Small Cap Value Fund I | 218,379 | 96,248 | 43,690 |
Total Return Bond Fund | 984,584 | 1,020,718 | 1,085,663 |
U.S. Treasury Index Fund | 1,685,617 | 1,497,321 | 1,625,963 |
For Funds with fiscal period ending May 31 | |||
Adaptive Risk Allocation Fund | 0 | 0 | 0 |
Dividend Income Fund | 0 | 0 | 0 |
HY Municipal Fund | 198,043 | 278,084 | 570,809 |
Multi Strategy Alternatives Fund | 0 | 0 | 183,218 |
For Funds with fiscal period ending July 31 | |||
Large Cap Growth Fund | 0 | 0 | 0 |
OR Intermediate Municipal Bond Fund | 42,894 | 86 | 0 |
Tax-Exempt Fund | 0 | 0 | 0 |
Statement of Additional Information – January 1, 2020 | 160 |
Amounts Reimbursed | |||
2019 | 2018 | 2017 | |
U.S. Social Bond Fund | $217,697 | $222,942 | $207,641 |
Ultra Short Term Bond Fund | 25,752 | 77,707 | 88,030 |
For Funds with fiscal period ending August 31 | |||
Balanced Fund | 0 | 0 | 0 |
Contrarian Core Fund | 0 | 0 | 0 |
Disciplined Small Core Fund | 150,693 | 84,447 | 104,936 |
Emerging Markets Fund | 0 | 0 | 277,910 |
Global Dividend Opportunity Fund | 869,672 | 885,748 | 803,209 |
Global Energy and Natural Resources Fund | 0 | 0 | 0 |
Global Technology Growth Fund | 0 | 0 | 0 |
Greater China Fund | 0 | 0 | 0 |
Mid Cap Growth Fund | 0 | 0 | 0 |
MM Alternative Strategies Fund | 0 | 0 | 0 |
MM International Equity Strategies Fund | 0 | 0 (d) | N/A |
MM Small Cap Equity Strategies Fund | 266,244 | 943,335 | 2,192,588 |
MM Total Return Bond Strategies Fund | 468,552 | 0 | 0 |
Multisector Bond SMA Completion Portfolio(e) | N/A | N/A | N/A |
Overseas SMA Completion Portfolio(f) | N/A | N/A | N/A |
Small Cap Growth Fund I | 1,078 | 47,398 | 186,196 |
Strategic Income Fund | 0 | 0 | 0 (g) |
2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | |||
CT Intermediate Municipal Bond Fund | 124,677 | 201,139 | 277,658 |
Intermediate Municipal Bond Fund | 841,598 | 1,306,973 | 2,078,361 |
MA Intermediate Municipal Bond Fund | 202,996 | 311,514 | 446,678 |
NY Intermediate Municipal Bond Fund | 318,672 | 430,003 | 591,994 |
Strategic CA Municipal Income Fund | 14,781 | 75,096 | 348,734 |
Strategic NY Municipal Income Fund | 100,551 | 122,135 | 226,407 |
For Funds with fiscal period ending December 31 | |||
Real Estate Equity Fund | 0 | 0 | 0 |
(a) | For the period from October 24, 2017 (commencement of operations) to March 31, 2018. |
(b) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(c) | For the period from October 17, 2016 (commencement of operations) to April 30, 2017. |
(d) | For the period from May 17, 2018 (commencement of operations) to August 31, 2018. |
(e) | The Fund commenced operations on October 29, 2019, and therefore has no reporting information for periods prior to such date. |
(f) | The Fund commenced operations on September 12, 2019, and therefore has no reporting information for periods prior to such date. |
(g) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – January 1, 2020 | 161 |
Fees Waived | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending March 31 | |||
Select Large Cap Growth Fund | $90,665 | $151,035 | $0 |
For Funds with fiscal period ending April 30 | |||
Corporate Income Fund | 8,691 | 13,719 | 17,580 |
U.S. Treasury Index Fund | 43,646 | 56,944 | 63,033 |
For Funds with fiscal period ending May 31 | |||
HY Municipal Fund | 47,484 | 50,713 | 59,246 |
Multi Strategy Alternatives Fund | 1,409,734 | 1,402,288 | 635,534 |
For Funds with fiscal period ending July 31 | |||
OR Intermediate Municipal Bond Fund | 36,904 | 63,065 | 79,310 |
Tax-Exempt Fund | 64,313 | 97,357 | 114,808 |
U.S. Social Bond Fund | 614 | 142 | 387 |
For Funds with fiscal period ending August 31 | |||
Disciplined Small Core Fund | 0 | 1,589 | 3,940 |
Emerging Markets Fund | 0 | 25,332 | 28,676 |
MM Total Return Bond Strategies Fund | 0 | 60,825 | 327,050 |
Strategic Income Fund | 0 | 3,935 | 8,952 (a) |
2018 | 2017 | 2016 | |
For Funds with fiscal period ending October 31 | |||
CT Intermediate Municipal Bond Fund | 9,967 | 14,338 | 18,599 |
MA Intermediate Municipal Bond Fund | 20,541 | 26,642 | 29,880 |
NY Intermediate Municipal Bond Fund | 44,153 | 59,696 | 67,077 |
Strategic CA Municipal Income Fund | 125,773 | 148,406 | 149,221 |
Strategic NY Municipal Income Fund | 76,889 | 87,538 | 76,118 |
(a) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – January 1, 2020 | 162 |
Certain Conflicts of Interest
Statement of Additional Information – January 1, 2020 | 163 |
From time to time, a portfolio manager, analyst, or other employee of the Investment Manager or its affiliates may express views regarding a particular asset class, company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of the Investment Manager or
Statement of Additional Information – January 1, 2020 | 164 |
Statement of Additional Information – January 1, 2020 | 165 |
Statement of Additional Information – January 1, 2020 | 166 |
Statement of Additional Information – January 1, 2020 | 167 |
Statement of Additional Information – January 1, 2020 | 168 |
Name, address, year of birth | Position held with Subsidiary and length of service | Principal occupation during past five years |
Anthony P. Haugen 807 Ameriprise Financial Center, Minneapolis, MN 55474-2405 Born 1964 | Director since November 2013 | Vice President – Finance, Ameriprise Financial, Inc. since June 2004 |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474-2405 Born 1970 | Director since January 2015 | See Fund Governance – Fund Officers. |
Subsidiary | Assets (millions) | Annual rate at each asset level(a) |
ASGM Offshore Fund, Ltd. | $0 - $500 | 1.100% |
ASMF Offshore Fund, Ltd. | >$500 - $1,000 | 1.050% |
(Subsidiaries of MM Alternative Strategies Fund) | >$1,000 - $3,000 | 1.020% |
>$3,000 - $6,000 | 0.990% | |
>$6,000 - $12,000 | 0.960% | |
>$12,000 | 0.950% | |
CMSAF1 Offshore Fund, Ltd. | $0 - $500 | 0.960% |
CMSAF2 Offshore Fund, Ltd. | >$500 - $1,000 | 0.955% |
CMSAF3 Offshore Fund, Ltd. | >$1,000 - $3,000 | 0.950% |
(Subsidiaries of Multi Strategy Alternatives Fund) | >$3,000 - $12,000 | 0.940% |
>$12,000 | 0.930% |
(a) | When calculating asset levels for purposes of determining fee rate breakpoints, asset levels are based on aggregate net assets of the Fund and the Parent Fund. When calculating the fee payable under this agreement, the annual rates are based on a percentage of the daily net assets of the Fund. |
Statement of Additional Information – January 1, 2020 | 169 |
Statement of Additional Information – January 1, 2020 | 170 |
Name, Address, Year of Birth | Position Held with the Trust and Length of Service | Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience | Number of Funds in the Columbia Funds Complex Overseen | Other Directorships Held by Trustee During the Past Five Years | Committee Assignments |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1957 | Trustee 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 71 | Director, EQT Corporation (natural gas producer) | Compliance, Product and Distribution, Governance, Investment Oversight Committee #2 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1955 | Trustee and Chairman of the Board 1996 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 71 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 | Audit, Governance, Investment Oversight Committee #1 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1956 | Trustee 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 71 | None | Advisory Fees & Expenses, Governance, Product and Distribution, Investment Oversight Committee #2 |
Statement of Additional Information – January 1, 2020 | 171 |
Name, Address, Year of Birth | Position Held with the Trust and Length of Service | Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience | Number of Funds in the Columbia Funds Complex Overseen | Other Directorships Held by Trustee During the Past Five Years | Committee Assignments |
David M. Moffett c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1952 | Trustee 2011 | Retired; Consultant to Bridgewater and Associates | 71 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, Paypal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 | Compliance, Audit, Investment Oversight Committee #1 |
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1943 | Trustee 1984 | President, Saint Michael’s College, August 2007-June 2018; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College, August 1999 - October 2005; University Professor, Boston College, November 2005-August 2007 | 71 | Director, Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds) | Advisory Fees & Expenses, Product and Distribution, Investment Oversight Committee #2 |
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1944 | Trustee 2000 | Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP, 1988 -2014 | 71 | Former Director, M Fund, Inc. (M Funds mutual fund family), July 2018–July 2019 | Advisory Fees & Expenses, Audit, Governance, Investment Oversight Committee #1 |
Statement of Additional Information – January 1, 2020 | 172 |
Name, Address, Year of Birth | Position Held with the Funds and Length of Service | Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience | Number of Funds in the Columbia Funds Complex Overseen | Other Directorships Held by Trustee During the Past Five Years | Committee Assignments |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1964 | Independent Trustee Consultant 2016 | Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2009-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 71 | Director, The Autism Project since March 2015; Investment Committee, St. Michael’s College since November 2015; Trustee, St. Michael’s College since June 2017; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016-December 2017 | Product and Distribution, Advisory Fees & Expenses, Audit, Investment Oversight Committee #2 |
Olive Darragh c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1962 | Independent Trustee Consultant 2019 | Independent Trustee Consultant, Columbia Funds since June 2019; Managing Director of Darragh Inc. (a strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio (an investment management talent identification platform) since 2004; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company, 2001-2004 | 71 | Director, University of Edinburgh Business School; former Director, Boston Public Library Foundation | Product and Distribution, Advisory Fees & Expenses, Audit, Compliance, Investment Oversight Committee #1 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1967 | Independent Trustee Consultant 2016 | Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs, April 2016-September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008 - January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 71 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions) | Product and Distribution, Advisory Fees & Expenses, Compliance, Investment Oversight Committee #1 |
* | J. Kevin Connaughton was appointed consultant to the Independent Trustees effective March 1, 2016. Natalie A. Trunow was appointed consultant to the Independent Trustees effective September 1, 2016. Olive Darragh was appointed consultant to the Independent Trustees effective June 10, 2019. Shareholders of the Funds are expected to be asked to elect each of Mr. Connaughton, Ms. Darragh and Ms. Trunow as a Trustee at a future shareholder meeting. |
Statement of Additional Information – January 1, 2020 | 173 |
Name, Address, Year of Birth | Position Held with the Trust and Length of Service | Principal Occupation(s) During the Past Five Years and Other Relevant Professional Experience | Number of Funds in the Columbia Funds Complex Overseen | Other Directorships Held by Trustee During the Past Five Years | Committee Assignments |
William F. Truscott c/o Columbia Management Investment Advisers, LLC, 225 Franklin St. Boston, MA 02110 1960 | Trustee 2012 | Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010 - September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006 - August 2012. | 192 | Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, August 2006 - January 2013 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Name, Address and Year of Birth | Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof | Principal Occupation(s) During Past Five Years |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970 | President and Principal Executive Officer (2015) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 – December 2014); officer of Columbia Funds and affiliated funds since 2007. |
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969 | Chief Financial Officer, Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously Treasurer and Chief Accounting Officer, January 2009 – December 2018 and December 2015 – December 2018, respectively). |
Statement of Additional Information – January 1, 2020 | 174 |
Name, Address and Year of Birth | Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof | Principal Occupation(s) During Past Five Years |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965 | Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020) | Vice President - Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 – March 2017). |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 – January 2017 and January 2013 – January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010. |
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970 | Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 – August 2018); officer of Columbia Funds and affiliated funds since 2005. |
Dan Beckman 225 Franklin Street Boston, MA 02110 Born 1962 | Senior Vice President (2020) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015). |
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
Statement of Additional Information – January 1, 2020 | 175 |
Statement of Additional Information – January 1, 2020 | 176 |
Statement of Additional Information – January 1, 2020 | 177 |
Fiscal Period | Audit Committee | Governance Committee | Advisory Fees & Expenses Committee | Compliance Committee | Investment Oversight Committee | Product & Distribution Committee |
For the fiscal year ending March 31, 2019 | 5 | 5 | 6 | 5 | 10 | 5 |
For the fiscal year ending April 30, 2019 | 5 | 6 | 7 | 5 | 10 | 5 |
For the fiscal year ending May 31, 2019 | 4 | 4 | 6 | 4 | 8 | 4 |
For the fiscal year ending July 31, 2019 | 5 | 5 | 6 | 5 | 11 | 5 |
For the fiscal year ending August 31, 2019 | 5 | 5 | 6 | 5 | 12 | 5 |
For the fiscal year ending October 31, 2018 | 4 | 4 | 5 | 4 | 8 | 4 |
For the fiscal year ending December 31, 2018 | 4 | 6 | 5 | 4 | 8 | 4 |
Statement of Additional Information – January 1, 2020 | 178 |
Fund | Carrig | Hacker | Lukitsh | Moffett | Neuhauser | Simpson |
Adaptive Retirement 2020 Fund | A | A | A | A | A | A |
Adaptive Retirement 2025 Fund | A | A | A | A | A | A |
Adaptive Retirement 2030 Fund | A | A | A | A | A | A |
Adaptive Retirement 2035 Fund | A | A | A | A | A | A |
Adaptive Retirement 2040 Fund | A | A | A | A | A | A |
Adaptive Retirement 2045 Fund | A | A | A | A | A | A |
Adaptive Retirement 2050 Fund | A | A | A | A | A | A |
Adaptive Retirement 2055 Fund | A | A | A | A | A | A |
Adaptive Retirement 2060 Fund | A | A | A | A | A | A |
Adaptive Risk Allocation Fund | A | E | A | A | A | A |
Balanced Fund | D | A | A | A | A | D |
Bond Fund | A | A | A | A | A | A |
Contrarian Core Fund | E (a) | A | A | A | A | A |
Corporate Income Fund | D (a) | A | A | A | A | A |
CT Intermediate Municipal Bond Fund | A | A | A | A | A | A |
Disciplined Small Core Fund | A | A | A | A | A | A |
Dividend Income Fund | E (a) | A | A | A | A | E (a) |
Emerging Markets Fund | A | A | A | A | A | E (a) |
Global Dividend Opportunity Fund | A | A | A | A | A | A |
Global Energy and Natural Resources Fund | A | A | A | A | A | D (a) |
Global Technology Growth Fund | A | A | E | E (a) | A | A |
Greater China Fund | A | A | A | A | A | A |
HY Municipal Fund | A | A | A | A | A | A |
Intermediate Municipal Bond Fund | A | A | A | A | A | A |
Large Cap Growth Fund | E | A | A | A | A | E (a) |
MA Intermediate Municipal Bond Fund | A | A | A | A | A | A |
Mid Cap Growth Fund | A | E | A | A | A | B |
MM Alternative Strategies Fund | A | A | A | A | A | A |
MM Directional Alternative Strategies Fund | A | A | A | A | A | A |
MM Growth Strategies Fund | A | A | A | A | A | A |
MM International Equity Strategies Fund | A | A | A | A | A | A |
MM Small Cap Equity Strategies Fund | A | A | A | A | A | A |
MM Total Return Bond Strategies Fund | A | A | A | A | A | A |
Multi-Asset Income Fund | A | E | A | A | A | A |
Multisector Bond SMA Completion Portfolio | A | A | A | A | A | A |
Multi Strategy Alternatives Fund | A | A | A | A | A | A |
Statement of Additional Information – January 1, 2020 | 179 |
Fund | Carrig | Hacker | Lukitsh | Moffett | Neuhauser | Simpson |
NY Intermediate Municipal Bond Fund | A | A | A | A | A | A |
OR Intermediate Municipal Bond Fund | A | A | A | A | A | A |
Overseas SMA Completion Portfolio | A | A | A | A | A | A |
Pacific/Asia Fund | A | A | A | A | A | A |
Real Estate Equity Fund | A | A | A | A | A | E (a) |
Select Large Cap Growth Fund | A | E | A | A | A | A |
Small Cap Growth Fund I | A | A | A | A | A | E (a) |
Small Cap Value Fund I | A | A | A | A | E | E (a) |
Solutions Aggressive Portfolio | A | A | A | A | A | A |
Solutions Conservative Portfolio | A | A | A | A | A | A |
Strategic CA Municipal Income Fund | A | A | A | A | A | A |
Strategic Income Fund | A | A | A | A | A | A |
Strategic NY Municipal Income Fund | A | A | A | A | A | A |
Tax-Exempt Fund | A | A | A | A | E | A |
Total Return Bond Fund | A | A | A | A | A | E (a) |
U.S. Social Bond Fund | A | A | A | A | A | A |
U.S. Treasury Index Fund | A | A | A | A | A | A |
Ultra Short Term Bond Fund | A | A | A | A | A | A |
Aggregate Dollar Range of Equity Securities in all Funds in the Columbia Funds Complex Overseen by the Trustee | E (a) | E | E | E (a) | E | E (a) |
(a) | Includes the value of compensation payable under a Deferred Compensation Plan that is determined as if the amounts deferred had been invested, as of the date of deferral, in shares of one or more funds in the Columbia Funds Complex overseen by the Trustee as specified by the Trustee. |
Fund | Connaughton | Darragh | Trunow |
Adaptive Retirement 2020 Fund | A | A | A |
Adaptive Retirement 2025 Fund | A | A | A |
Adaptive Retirement 2030 Fund | A | A | A |
Adaptive Retirement 2035 Fund | A | A | A |
Adaptive Retirement 2040 Fund | A | A | A |
Adaptive Retirement 2045 Fund | A | A | A |
Adaptive Retirement 2050 Fund | A | A | A |
Adaptive Retirement 2055 Fund | A | A | A |
Adaptive Retirement 2060 Fund | A | A | A |
Adaptive Risk Allocation Fund | A | A | A |
Balanced Fund | C | A | A |
Bond Fund | A | A | A |
Contrarian Core Fund | E | A | A |
Corporate Income Fund | A | A | A |
CT Intermediate Municipal Bond Fund | A | A | A |
Disciplined Small Core Fund | A | A | A |
Dividend Income Fund | A | A | A |
Emerging Markets Fund | A | A | C (a) |
Global Dividend Opportunity Fund | A | A | A |
Global Energy and Natural Resources Fund | A | A | A |
Statement of Additional Information – January 1, 2020 | 180 |
Fund | Connaughton | Darragh | Trunow |
Global Technology Growth Fund | A | A | A |
Greater China Fund | A | A | C (a) |
HY Municipal Fund | A | A | A |
Intermediate Municipal Bond Fund | A | A | A |
Large Cap Growth Fund | A | A | A |
MA Intermediate Municipal Bond Fund | A | A | A |
Mid Cap Growth Fund | A | A | A |
MM Alternative Strategies Fund | A | A | A |
MM Directional Alternative Strategies Fund | A | A | A |
MM Growth Strategies Fund | A | A | A |
MM International Equity Strategies Fund | A | A | A |
MM Small Cap Equity Strategies Fund | A | A | A |
MM Total Return Bond Strategies Fund | A | A | A |
Multi-Asset Income Fund | A | A | A |
Multisector Bond SMA Completion Portfolio | A | A | A |
Multi Strategy Alternatives Fund | A | A | A |
NY Intermediate Municipal Bond Fund | A | A | A |
OR Intermediate Municipal Bond Fund | A | A | A |
Overseas SMA Completion Portfolio | A | A | A |
Pacific/Asia Fund | A | A | A |
Real Estate Equity Fund | A | A | A |
Select Large Cap Growth Fund | D | A | A |
Small Cap Growth Fund I | A | A | A |
Small Cap Value Fund I | A | A | A |
Solutions Aggressive Portfolio | A | A | A |
Solutions Conservative Portfolio | A | A | A |
Strategic CA Municipal Income Fund | A | A | A |
Strategic Income Fund | A | A | A |
Strategic NY Municipal Income Fund | A | A | A |
Tax-Exempt Fund | A | A | A |
Total Return Bond Fund | A | A | A |
U.S. Social Bond Fund | A | A | A |
U.S. Treasury Index Fund | A | A | C (a) |
Ultra Short Term Bond Fund | A | A | A |
Aggregate Dollar Range of Equity Securities in all Funds in the Columbia Funds Complex Overseen by the Consultant | E | A | D (a) |
(a) | Includes the value of compensation payable under a Deferred Compensation Plan that is determined as if the amounts deferred had been invested, as of the date of deferral, in shares of one or more funds in the Columbia Funds Complex overseen by the Consultant as specified by the Consultant. |
Statement of Additional Information – January 1, 2020 | 181 |
Fund | Truscott |
Adaptive Retirement 2020 Fund | A |
Adaptive Retirement 2025 Fund | A |
Adaptive Retirement 2030 Fund | A |
Adaptive Retirement 2035 Fund | A |
Adaptive Retirement 2040 Fund | A |
Adaptive Retirement 2045 Fund | A |
Adaptive Retirement 2050 Fund | A |
Adaptive Retirement 2055 Fund | A |
Adaptive Retirement 2060 Fund | A |
Adaptive Risk Allocation Fund | E |
Balanced Fund | A |
Bond Fund | A |
Contrarian Core Fund | E |
Corporate Income Fund | A |
CT Intermediate Municipal Bond Fund | A |
Disciplined Small Core Fund | A |
Dividend Income Fund | A |
Emerging Markets Fund | E |
Global Dividend Opportunity Fund | A |
Global Energy and Natural Resources Fund | A |
Global Technology Growth Fund | A |
Greater China Fund | A |
HY Municipal Fund | A |
Intermediate Municipal Bond Fund | A |
Large Cap Growth Fund | D |
MA Intermediate Municipal Bond Fund | A |
Mid Cap Growth Fund | A |
MM Alternative Strategies Fund | A |
MM Directional Alternative Strategies Fund | A |
MM Growth Strategies Fund | A |
MM International Equity Strategies Fund | A |
MM Small Cap Equity Strategies Fund | A |
MM Total Return Bond Strategies Fund | A |
Multi-Asset Income Fund | A |
Multisector Bond SMA Completion Portfolio | A |
Multi Strategy Alternatives Fund | E |
NY Intermediate Municipal Bond Fund | A |
OR Intermediate Municipal Bond Fund | A |
Overseas SMA Completion Portfolio | A |
Pacific/Asia Fund | A |
Real Estate Equity Fund | A |
Select Large Cap Growth Fund | E |
Small Cap Growth Fund I | A |
Statement of Additional Information – January 1, 2020 | 182 |
Fund | Truscott |
Small Cap Value Fund I | A |
Solutions Aggressive Portfolio | A |
Solutions Conservative Portfolio | A |
Strategic CA Municipal Income Fund | A |
Strategic Income Fund | E |
Strategic NY Municipal Income Fund | A |
Tax-Exempt Fund | A |
Total Return Bond Fund | B |
U.S. Social Bond Fund | A |
U.S. Treasury Index Fund | B |
Ultra Short Term Bond Fund | A |
Aggregate Dollar Range of Equity Securities in all Funds in the Columbia Funds Complex Overseen by the Trustee | E |
Statement of Additional Information – January 1, 2020 | 183 |
Trustee Name | Total Cash Compensation from the Columbia Funds Complex Paid to Trustee(a) | Amount Deferred from Total Compensation(b) |
Trustee | ||
Janet L. Carrig | $301,000 | $301,000 |
Douglas A. Hacker | $416,000 | $0 |
Nancy T. Lukitsh | $318,500 | $0 |
David M. Moffett | $303,500 | $303,500 |
John J. Neuhauser | $304,000 | $0 |
Patrick J. Simpson | $313,500 | $128,500 |
Anne-Lee Verville(f) | $296,500 | $0 |
Consultant | ||
J. Kevin Connaughton(c) | $287,500 | $0 |
Olive Darragh(d) | $86,333 | $0 |
Natalie A. Trunow(e) | $287,500 | $175,000 |
(a) | Includes any portion of cash compensation Trustees elected to defer during the fiscal period. |
(b) | The Trustees may elect to defer a portion of the total cash compensation payable. Additional information regarding the Deferred Compensation Plan is described below. |
(c) | Mr. Connaughton receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $280,000 (effective in 2018). |
(d) | Ms. Darragh was appointed consultant to the Independent Trustees effective June 10, 2019, and as such has no compensation prior to such date. Ms. Darragh receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $280,000. |
(e) | Ms. Trunow receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $280,000 (effective in 2018). |
(f) | Ms. Verville served as Trustee until December 11, 2019, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
Statement of Additional Information – January 1, 2020 | 184 |
Statement of Additional Information – January 1, 2020 | 185 |
Fund | Aggregate Compensation from Fund | |||||||||||
Independent Trustees | Consultant to Independent Trustees | |||||||||||
Janet L. Carrig(a) | Douglas A. Hacker | Nancy T. Lukitsh | David M. Moffett(b) | Charles R. Nelson(c) | John J. Neuhauser | Patrick J. Simpson(d) | Anne-Lee Verville(e) | J. Kevin Connaughton(f) | Olive Darragh(h) | Natalie A. Trunow(g) | ||
For Funds with fiscal period ending March 31 | ||||||||||||
Adaptive Retirement 2020 Fund | $1,491 | $2,067 | $1,569 | $1,485 | N/A | $1,463 | $1,565 | $1,451 | $1,371 | N/A | $1,371 | |
Amount Deferred | $1,491 | $0 | $0 | $1,485 | N/A | $0 | $659 | $0 | $0 | N/A | $857 | |
Adaptive Retirement 2025 Fund(i) | $1,254 | $1,657 | $1,308 | $1,218 | N/A | $1,208 | $1,290 | $1,190 | $1,010 | N/A | $1,010 | |
Amount Deferred | $1,254 | $0 | $0 | $1,218 | N/A | $0 | $623 | $0 | $0 | N/A | $631 | |
Adaptive Retirement 2030 Fund | $1,482 | $2,056 | $1,560 | $1,476 | N/A | $1,454 | $1,556 | $1,442 | $1,365 | N/A | $1,365 | |
Amount Deferred | $1,482 | $0 | $0 | $1,476 | N/A | $0 | $654 | $0 | $0 | N/A | $853 | |
Adaptive Retirement 2035 Fund(i) | $1,250 | $1,651 | $1,304 | $1,214 | N/A | $1,204 | $1,286 | $1,186 | $1,006 | N/A | $1,006 | |
Amount Deferred | $1,250 | $0 | $0 | $1,214 | N/A | $0 | $621 | $0 | $0 | N/A | $629 | |
Adaptive Retirement 2040 Fund | $1,479 | $2,051 | $1,557 | $1,473 | N/A | $1,451 | $1,553 | $1,439 | $1,360 | N/A | $1,360 | |
Amount Deferred | $1,479 | $0 | $0 | $1,473 | N/A | $0 | $654 | $0 | $0 | N/A | $850 | |
Adaptive Retirement 2045 Fund(i) | $1,250 | $1,651 | $1,304 | $1,214 | N/A | $1,204 | $1,286 | $1,186 | $1,006 | N/A | $1,006 | |
Amount Deferred | $1,250 | $0 | $0 | $1,214 | N/A | $0 | $621 | $0 | $0 | N/A | $629 | |
Adaptive Retirement 2050 Fund | $1,479 | $2,051 | $1,557 | $1,473 | N/A | $1,451 | $1,552 | $1,439 | $1,360 | N/A | $1,360 | |
Amount Deferred | $1,479 | $0 | $0 | $1,473 | N/A | $0 | $654 | $0 | $0 | N/A | $850 | |
Adaptive Retirement 2055 Fund(i) | $1,250 | $1,651 | $1,304 | $1,214 | N/A | $1,204 | $1,286 | $1,186 | $1,006 | N/A | $1,006 | |
Amount Deferred | $1,250 | $0 | $0 | $1,214 | N/A | $0 | $621 | $0 | $0 | N/A | $629 | |
Adaptive Retirement 2060 Fund | $1,479 | $2,051 | $1,557 | $1,473 | N/A | $1,451 | $1,553 | $1,439 | $1,360 | N/A | $1,360 | |
Amount Deferred | $1,479 | $0 | $0 | $1,473 | N/A | $0 | $654 | $0 | $0 | N/A | $850 | |
MM Growth Strategies Fund | $5,831 | $8,112 | $6,138 | $5,813 | N/A | $5,726 | $6,123 | $5,679 | $5,418 | N/A | $5,418 | |
Amount Deferred | $5,831 | $0 | $0 | $5,813 | N/A | $0 | $2,543 | $0 | $0 | N/A | $3,386 | |
Pacific/Asia Fund | $1,887 | $2,623 | $1,987 | $1,882 | N/A | $1,854 | $1,982 | $1,839 | $1,747 | N/A | $1,747 | |
Amount Deferred | $1,887 | $0 | $0 | $1,882 | N/A | $0 | $828 | $0 | $0 | N/A | $1,092 | |
Select Large Cap Growth Fund | $8,704 | $12,182 | $9,178 | $8,730 | N/A | $8,593 | $9,161 | $8,528 | $8,217 | N/A | $8,217 | |
Amount Deferred | $8,704 | $0 | $0 | $8,730 | N/A | $0 | $3,732 | $0 | $0 | N/A | $5,136 | |
Solutions Aggressive Portfolio | $1,490 | $2,066 | $1,568 | $1,484 | N/A | $1,462 | $1,564 | $1,450 | $1,371 | N/A | $1,371 | |
Amount Deferred | $1,490 | $0 | $0 | $1,484 | N/A | $0 | $659 | $0 | $0 | N/A | $857 | |
Solutions Conservative Portfolio | $1,493 | $2,070 | $1,571 | $1,487 | N/A | $1,464 | $1,567 | $1,453 | $1,373 | N/A | $1,373 | |
Amount Deferred | $1,493 | $0 | $0 | $1,487 | N/A | $0 | $660 | $0 | $0 | N/A | $858 | |
For Funds with fiscal period ending April 30 | ||||||||||||
Bond Fund | $2,234 | $3,079 | $2,382 | $2,216 | N/A | $2,220 | $2,345 | $2,165 | $2,057 | N/A | $2,057 | |
Amount Deferred | $2,234 | $0 | $0 | $2,216 | N/A | $0 | $986 | $0 | $0 | N/A | $1,286 | |
Corporate Income Fund | $4,132 | $5,694 | $4,402 | $4,105 | N/A | $4,109 | $4,334 | $4,010 | $3,802 | N/A | $3,802 | |
Amount Deferred | $4,132 | $0 | $0 | $4,105 | N/A | $0 | $1,822 | $0 | $0 | N/A | $2,376 | |
Multi-Asset Income Fund | $1,735 | $2,391 | $1,850 | $1,721 | N/A | $1,724 | $1,821 | $1,681 | $1,597 | N/A | $1,597 | |
Amount Deferred | $1,735 | $0 | $0 | $1,721 | N/A | $0 | $766 | $0 | $0 | N/A | $998 | |
Small Cap Value Fund I | $2,753 | $3,790 | $2,933 | $2,730 | N/A | $2,734 | $2,888 | $2,667 | $2,525 | N/A | $2,525 | |
Amount Deferred | $2,753 | $0 | $0 | $2,730 | N/A | $0 | $1,220 | $0 | $0 | N/A | $1,578 | |
Total Return Bond Fund | $5,487 | $7,563 | $5,851 | $5,444 | N/A | $5,453 | $5,761 | $5,318 | $5,055 | N/A | $5,055 | |
Amount Deferred | $5,487 | $0 | $0 | $5,444 | N/A | $0 | $2,421 | $0 | $0 | N/A | $3,159 | |
U.S. Treasury Index Fund | $3,115 | $4,296 | $3,320 | $3,093 | N/A | $3,098 | $3,269 | $3,021 | $2,873 | N/A | $2,873 | |
Amount Deferred | $3,115 | $0 | $0 | $3,093 | N/A | $0 | $1,371 | $0 | $0 | N/A | $1,796 | |
MM Directional Alternative Strategies Fund | $2,010 | $2,770 | $2,143 | $1,994 | N/A | $1,998 | $2,110 | $1,948 | $1,850 | N/A | $1,850 | |
Amount Deferred | $2,010 | $0 | $0 | $1,994 | N/A | $0 | $888 | $0 | $0 | N/A | $1,156 | |
For Funds with fiscal period ending May 31 | ||||||||||||
Adaptive Risk Allocation Fund | $7,472 | $10,294 | $7,901 | $7,410 | N/A | $7,423 | $7,778 | $7,239 | $6,872 | N/A | $6,872 |
Statement of Additional Information – January 1, 2020 | 186 |
Fund | Aggregate Compensation from Fund | |||||||||||
Independent Trustees | Consultant to Independent Trustees | |||||||||||
Janet L. Carrig(a) | Douglas A. Hacker | Nancy T. Lukitsh | David M. Moffett(b) | Charles R. Nelson(c) | John J. Neuhauser | Patrick J. Simpson(d) | Anne-Lee Verville(e) | J. Kevin Connaughton(f) | Olive Darragh(h) | Natalie A. Trunow(g) | ||
Amount Deferred | $7,472 | $0 | $0 | $7,410 | N/A | $0 | $3,238 | $0 | $0 | N/A | $4,295 | |
Dividend Income Fund | $25,341 | $34,916 | $26,820 | $25,115 | N/A | $25,178 | $26,404 | $24,532 | $23,309 | N/A | $23,309 | |
Amount Deferred | $25,341 | $0 | $0 | $25,115 | N/A | $0 | $11,003 | $0 | $0 | N/A | $14,568 | |
HY Municipal Fund | $2,972 | $4,097 | $3,144 | $2,948 | N/A | $2,953 | $3,095 | $2,880 | $2,738 | N/A | $2,738 | |
Amount Deferred | $2,972 | $0 | $0 | $2,948 | N/A | $0 | $1,286 | $0 | $0 | N/A | $1,711 | |
Multi Strategy Alternatives Fund | $2,852 | $3,930 | $3,015 | $2,832 | N/A | $2,835 | $2,968 | $2,767 | $2,623 | N/A | $2,623 | |
Amount Deferred | $2,852 | $0 | $0 | $2,832 | N/A | $0 | $1,235 | $0 | $0 | N/A | $1,639 | |
For Funds with fiscal period ending July 31 | ||||||||||||
Large Cap Growth Fund | $8,592 | $11,834 | $9,085 | $8,524 | N/A | $8,537 | $8,944 | $8,326 | $7,893 | $2,404 | $7,893 | |
Amount Deferred | $8,592 | $0 | $0 | $8,524 | N/A | $0 | $3,729 | $0 | $0 | $0 | $4,933 | |
OR Intermediate Municipal Bond Fund | $2,195 | $3,024 | $2,321 | $2,177 | N/A | $2,180 | $2,285 | $2,127 | $2,020 | $616 | $2,020 | |
Amount Deferred | $2,195 | $0 | $0 | $2,177 | N/A | $0 | $950 | $0 | $0 | $0 | $1,262 | |
Tax-Exempt Fund | $8,275 | $11,405 | $8,751 | $8,207 | N/A | $8,220 | $8,615 | $8,016 | $7,618 | $2,323 | $7,618 | |
Amount Deferred | $8,275 | $0 | $0 | $8,207 | N/A | $0 | $3,581 | $0 | $0 | $0 | $4,761 | |
U.S. Social Bond Fund | $1,567 | $2,159 | $1,657 | $1,554 | N/A | $1,557 | $1,631 | $1,518 | $1,443 | $445 | $1,443 | |
Amount Deferred | $1,567 | $0 | $0 | $1,554 | N/A | $0 | $678 | $0 | $0 | $0 | $902 | |
Ultra Short Term Bond Fund | $3,434 | $4,729 | $3,630 | $3,407 | N/A | $3,411 | $3,573 | $3,328 | $3,152 | $905 | $3,152 | |
Amount Deferred | $3,434 | $0 | $0 | $3,407 | N/A | $0 | $1,491 | $0 | $0 | $0 | $1,970 | |
For Funds with fiscal period ending August 31 | ||||||||||||
Balanced Fund | $14,882 | $20,627 | $15,753 | $15,017 | N/A | $15,041 | $15,503 | $14,669 | $14,331 | $4,211 | $14,331 | |
Amount Deferred | $14,882 | $0 | $0 | $15,017 | N/A | $0 | $6,272 | $0 | $0 | $0 | $8,732 | |
Contrarian Core Fund | $21,724 | $30,160 | $22,998 | $21,951 | N/A | $21,986 | $22,632 | $21,444 | $20,993 | $5,990 | $20,993 | |
Amount Deferred | $21,724 | $0 | $0 | $21,951 | N/A | $0 | $9,098 | $0 | $0 | $0 | $12,803 | |
Disciplined Small Core Fund | $1,663 | $2,304 | $1,760 | $1,678 | N/A | $1,681 | $1,732 | $1,639 | $1,601 | $473 | $1,601 | |
Amount Deferred | $1,663 | $0 | $0 | $1,678 | N/A | $0 | $702 | $0 | $0 | $0 | $975 | |
Emerging Markets Fund | $3,989 | $5,527 | $4,223 | $4,023 | N/A | $4,030 | $4,156 | $3,930 | $3,842 | $1,163 | $3,842 | |
Amount Deferred | $3,989 | $0 | $0 | $4,023 | N/A | $0 | $1,684 | $0 | $0 | $0 | $2,339 | |
Global Dividend Opportunity Fund | $2,466 | $3,416 | $2,610 | $2,487 | N/A | $2,491 | $2,569 | $2,430 | $2,372 | $701 | $2,372 | |
Amount Deferred | $2,466 | $0 | $0 | $2,487 | N/A | $0 | $1,042 | $0 | $0 | $0 | $1,445 | |
Global Energy and Natural Resources Fund | $1,842 | $2,553 | $1,950 | $1,858 | N/A | $1,862 | $1,919 | $1,815 | $1,774 | $523 | $1,774 | |
Amount Deferred | $1,842 | $0 | $0 | $1,858 | N/A | $0 | $776 | $0 | $0 | $0 | $1,081 | |
Global Technology Growth Fund | $4,197 | $5,793 | $4,440 | $4,229 | N/A | $4,236 | $4,371 | $4,131 | $4,003 | $1,233 | $4,003 | |
Amount Deferred | $4,197 | $0 | $0 | $4,229 | N/A | $0 | $1,798 | $0 | $0 | $0 | $2,433 | |
Greater China Fund | $1,680 | $2,327 | $1,779 | $1,695 | N/A | $1,698 | $1,751 | $1,655 | $1,615 | $484 | $1,615 | |
Amount Deferred | $1,680 | $0 | $0 | $1,695 | N/A | $0 | $711 | $0 | $0 | $0 | $984 | |
Mid Cap Growth Fund | $4,850 | $6,719 | $5,133 | $4,896 | N/A | $4,903 | $5,052 | $4,782 | $4,665 | $1,377 | $4,665 | |
Amount Deferred | $4,850 | $0 | $0 | $4,896 | N/A | $0 | $2,048 | $0 | $0 | $0 | $2,841 | |
MM Alternatives Strategies Fund | $2,485 | $3,445 | $2,631 | $2,507 | N/A | $2,512 | $2,589 | $2,449 | $2,395 | $704 | $2,395 | |
Amount Deferred | $2,485 | $0 | $0 | $2,507 | N/A | $0 | $1,046 | $0 | $0 | $0 | $1,459 | |
MM International Equity Strategies Fund | $5,186 | $7,176 | $5,488 | $5,230 | N/A | $5,239 | $5,402 | $5,109 | $4,976 | $1,491 | $4,976 | |
Amount Deferred | $5,186 | $0 | $0 | $5,230 | N/A | $0 | $2,200 | $0 | $0 | $0 | $3,028 | |
MM Small Cap Equity Strategies Fund | $4,869 | $6,717 | $5,153 | $4,897 | N/A | $4,907 | $5,073 | $4,784 | $4,628 | $1,435 | $4,628 | |
Amount Deferred | $4,869 | $0 | $0 | $4,897 | N/A | $0 | $2,093 | $0 | $0 | $0 | $2,819 | |
MM Total Return Bond Strategies Fund | $16,917 | $23,428 | $17,908 | $17,055 | N/A | $17,083 | $17,625 | $16,659 | $16,265 | $4,863 | $16,265 | |
Amount Deferred | $16,917 | $0 | $0 | $17,055 | N/A | $0 | $7,153 | $0 | $0 | $0 | $9,905 | |
Multisector Bond SMA Completion Portfolio(j) | $1,945 | $2,607 | $2,054 | $2,001 | N/A | $178 | $198 | $1,955 | $1,659 | $1,659 | $1,659 | |
Amount Deferred(j) | $1,945 | $0 | $0 | $2,001 | N/A | $0 | $198 | $0 | $0 | $0 | $1,037 |
Statement of Additional Information – January 1, 2020 | 187 |
Fund | Aggregate Compensation from Fund | |||||||||||
Independent Trustees | Consultant to Independent Trustees | |||||||||||
Janet L. Carrig(a) | Douglas A. Hacker | Nancy T. Lukitsh | David M. Moffett(b) | Charles R. Nelson(c) | John J. Neuhauser | Patrick J. Simpson(d) | Anne-Lee Verville(e) | J. Kevin Connaughton(f) | Olive Darragh(h) | Natalie A. Trunow(g) | ||
Overseas SMA Completion Portfolio(k) | $2,315 | $3,233 | $2,455 | $2,411 | N/A | $689 | $689 | $2,355 | $2,235 | $2,235 | $2,235 | |
Amount Deferred(k) | $2,315 | $0 | $0 | $2,411 | N/A | $0 | $319 | $0 | $0 | $0 | $1,397 | |
Small Cap Growth Fund I | $2,536 | $3,501 | $2,683 | $2,555 | N/A | $2,559 | $2,641 | $2,496 | $2,420 | $742 | $2,420 | |
Amount Deferred | $2,536 | $0 | $0 | $2,555 | N/A | $0 | $1,087 | $0 | $0 | $0 | $1,471 | |
Strategic Income Fund | $10,121 | $13,980 | $10,709 | $10,195 | N/A | $10,228 | $10,541 | $9,958 | $9,676 | $2,973 | $9,676 | |
Amount Deferred | $10,121 | $0 | $0 | $10,195 | N/A | $0 | $4,323 | $0 | $0 | $0 | $5,883 | |
For Funds with fiscal period ending October 31 | ||||||||||||
CT Intermediate Municipal Bond Fund | $1,697 | $2,347 | $1,733 | $1,576 | $132 | $1,684 | $1,768 | $1,656 | $1,575 | N/A | $1,575 | |
Amount Deferred | $1,697 | $0 | $0 | $1,561 | $0 | $0 | $727 | $0 | $0 | N/A | $984 | |
Intermediate Municipal Bond Fund | $4,894 | $6,772 | $4,995 | $4,526 | $402 | $4,860 | $5,098 | $4,778 | $4,553 | N/A | $4,553 | |
Amount Deferred | $4,894 | $0 | $0 | $4,481 | $0 | $0 | $2,090 | $0 | $0 | N/A | $2,845 | |
MA Intermediate Municipal Bond Fund | $1,933 | $2,673 | $1,974 | $1,795 | $150 | $1,919 | $2,013 | $1,887 | $1,794 | N/A | $1,794 | |
Amount Deferred | $1,933 | $0 | $0 | $1,778 | $0 | $0 | $828 | $0 | $0 | N/A | $1,121 | |
NY Intermediate Municipal Bond Fund | $1,919 | $2,653 | $1,960 | $1,782 | $149 | $1,905 | $1,998 | $1,873 | $1,781 | N/A | $1,781 | |
Amount Deferred | $1,919 | $0 | $0 | $1,765 | $0 | $0 | $822 | $0 | $0 | N/A | $1,113 | |
Strategic CA Municipal Income Fund | $2,481 | $3,431 | $2,535 | $2,307 | $190 | $2,463 | $2,584 | $2,422 | $2,301 | N/A | $2,301 | |
Amount Deferred | $2,481 | $0 | $0 | $2,286 | $0 | $0 | $1,064 | $0 | $0 | N/A | $1,438 | |
Strategic NY Municipal Income Fund | $1,891 | $2,616 | $1,932 | $1,757 | $146 | $1,878 | $1,970 | $1,846 | $1,756 | N/A | $1,756 | |
Amount Deferred | $1,891 | $0 | $0 | $1,741 | $0 | $0 | $810 | $0 | $0 | N/A | $1,097 | |
For Funds with fiscal period ending December 31 | ||||||||||||
Real Estate Equity Fund | $2,093 | $2,908 | $2,178 | $2,114 | N/A | $2,100 | $2,182 | $2,065 | $1,978 | N/A | $1,978 | |
Amount Deferred | $2,093 | $0 | $0 | $2,114 | N/A | $0 | $875 | $0 | $0 | N/A | $1,236 |
(a) | As of December 31, 2018, the value of Ms. Carrig’s account under the deferred compensation plan was $1,976,442. |
(b) | As of December 31, 2018, the value of Mr. Moffett's account under the deferred compensation plan was $917,294. |
(c) | Mr. Nelson served as Trustee until December 31, 2017, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
(d) | As of December 31, 2018, the value of Mr. Simpson’s account under the deferred compensation plan was $2,402,996. |
(e) | As of December 31, 2018, the value of Ms. Verville’s account under the deferred compensation plan was $570,694. Ms. Verville served as Trustee until December 11, 2019, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
(f) | Mr. Connaughton receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $280,000 (effective in 2018). |
(g) | Ms. Trunow receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $280,000 (effective in 2018). As of December 31, 2018, the value of Ms. Trunow’s account under the deferred compensation plan was $310,631. |
(h) | Ms. Darragh was appointed consultant to the Independent Trustees effective June 10, 2019, and as such has no compensation prior to such date. Ms. Darragh receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $280,000. |
(i) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(j) | The Fund commenced operations on October 29, 2019. The compensation shown for the Fund is the estimated amount that will be paid from October 29, 2019 to August 31, 2020. |
(k) | The Fund commenced operations on September 12, 2019. The compensation shown for the Fund is the estimated amount that will be paid from September 12, 2019 to August 31, 2020. |
Statement of Additional Information – January 1, 2020 | 188 |
Statement of Additional Information – January 1, 2020 | 189 |
Statement of Additional Information – January 1, 2020 | 190 |
Statement of Additional Information – January 1, 2020 | 191 |
Total Brokerage Commissions | |||
Fund | 2019 | 2018 | 2017 |
For Funds with fiscal period ending March 31 | |||
Adaptive Retirement 2020 Fund | $380 | $290 (a) | N/A |
Adaptive Retirement 2025 Fund | 210 (b) | 0 | N/A |
Adaptive Retirement 2030 Fund | 318 | 584 (a) | N/A |
Adaptive Retirement 2035 Fund | 61 (b) | 0 | N/A |
Adaptive Retirement 2040 Fund | 50 | 59 (a) | N/A |
Statement of Additional Information – January 1, 2020 | 192 |
Total Brokerage Commissions | |||
Fund | 2019 | 2018 | 2017 |
Adaptive Retirement 2045 Fund | $63 (b) | $0 | N/A |
Adaptive Retirement 2050 Fund | 50 | 60 (a) | N/A |
Adaptive Retirement 2055 Fund | 64 (b) | 0 | N/A |
Adaptive Retirement 2060 Fund | 51 | 60 (a) | N/A |
MM Growth Strategies Fund | 566,476 | 904,738 | $1,170,504 |
Pacific/Asia Fund | 206,439 | 263,091 | 483,636 |
Select Large Cap Growth Fund | 811,887 | 1,102,634 | 1,601,142 |
Solutions Aggressive Portfolio | 1,758 | 1,192 (a) | N/A |
Solutions Conservative Portfolio | 982 | 617 (a) | N/A |
For Funds with fiscal period ending April 30 | |||
Bond Fund | 13,808 | 18,020 | 18,287 |
Corporate Income Fund | 41,866 | 65,595 | 69,484 |
MM Directional Alternative Strategies Fund | 255,527 | 1,248,899 | 930,710 (c) |
Multi-Asset Income Fund | 14,579 | 25,991 | 21,643 |
Small Cap Value Fund I | 976,383 | 982,446 | 1,212,265 |
Total Return Bond Fund | 88,497 | 136,340 | 225,810 |
U.S. Treasury Index Fund | 0 | 0 | 0 |
For Funds with fiscal period ending May 31 | |||
Adaptive Risk Allocation Fund | 682,735 | 837,004 | 627,857 |
Dividend Income Fund | 1,509,891 | 1,113,679 | 1,356,544 |
HY Municipal Fund | 0 | 0 | 0 |
Multi Strategy Alternatives Fund | 6,121 | 684 | 17,770 |
For Funds with fiscal period ending July 31 | |||
Large Cap Growth Fund | 636,838 | 695,098 | 926,115 |
OR Intermediate Municipal Bond Fund | 0 | 0 | 0 |
Tax-Exempt Fund | 16,916 | 6,588 | 4,550 |
U.S. Social Bond Fund | 895 | 608 | 332 |
Ultra Short Term Bond Fund | 836 | 0 | 0 |
For Funds with fiscal period ending August 31 | |||
Balanced Fund | 1,819,013 | 2,256,479 | 1,764,194 |
Contrarian Core Fund | 4,366,882 | 5,436,332 | 4,479,950 |
Disciplined Small Core Fund | 173,284 | 317,511 | 382,628 |
Emerging Markets Fund | 1,450,471 | 1,865,245 | 2,969,418 |
Global Dividend Opportunity Fund | 289,796 | 377,938 | 459,504 |
Global Energy and Natural Resources Fund | 59,177 | 133,855 | 103,062 |
Global Technology Growth Fund | 492,888 | 445,772 | 379,605 |
Greater China Fund | 65,501 | 91,431 | 139,256 |
Mid Cap Growth Fund | 0 | 716,940 | 2,081,806 |
MM Alternative Strategies Fund | 563,219 | 699,813 | 1,110,334 |
MM International Equity Strategies Fund | 846,057 | 598,581 (d) | N/A |
MM Small Cap Equity Strategies Fund | 1,986,911 | 2,079,508 | 1,730,634 |
MM Total Return Bond Strategies Fund | 455,450 | 429,963 | 420,658 |
Multisector Bond SMA Completion Portfolio(e) | N/A | N/A | N/A |
Statement of Additional Information – January 1, 2020 | 193 |
Total Brokerage Commissions | |||
Fund | 2019 | 2018 | 2017 |
Overseas SMA Completion Portfolio(f) | N/A | N/A | N/A |
Small Cap Growth Fund I | $541,477 | $841,767 | $1,207,610 |
Strategic Income Fund | 399,284 | 302,150 | 262,921 (g) |
Fund | 2018 | 2017 | 2016 |
For Funds with fiscal period ending October 31 | |||
CT Intermediate Municipal Bond Fund | 0 | 0 | 0 |
Intermediate Municipal Bond Fund | 0 | 0 | 0 |
MA Intermediate Municipal Bond Fund | 0 | 0 | 0 |
NY Intermediate Municipal Bond Fund | 0 | 0 | 0 |
Strategic CA Municipal Income Fund | 1,760 | 0 | 1,232 |
Strategic NY Municipal Income Fund | 740 | 0 | 809 |
For Funds with fiscal period ending December 31 | |||
Real Estate Equity Fund | 72,072 | 275,028 | 245,905 |
(a) | For the period from October 24, 2017 (commencement of operations) to March 31, 2018. |
(b) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(c) | For the period from October 17, 2016 (commencement of operations) to April 30, 2017. |
(d) | For the period from May 17, 2018 (commencement of operations) to August 31, 2018. |
(e) | The Fund commenced operations on October 29, 2019, and therefore has no reporting information for periods prior to such date. |
(f) | The Fund commenced operations on September 12, 2019, and therefore has no reporting information for periods prior to such date. |
(g) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – January 1, 2020 | 194 |
Brokerage directed for research | ||
Fund | Amount of Transactions | Amount of Commissions Imputed or Paid |
For Funds with fiscal period ending March 31 | ||
Adaptive Retirement 2020 Fund | $0 | $0 |
Adaptive Retirement 2025 Fund | 0 (a) | 0 (a) |
Adaptive Retirement 2030 Fund | 9,640 | 0 |
Adaptive Retirement 2035 Fund | 558 (a) | 0 (a) |
Adaptive Retirement 2040 Fund | 0 | 0 |
Adaptive Retirement 2045 Fund | 558 (a) | 0 (a) |
Adaptive Retirement 2050 Fund | 0 | 0 |
Adaptive Retirement 2055 Fund | 558 (a) | 0 (a) |
Adaptive Retirement 2060 Fund | 0 | 0 |
MM Growth Strategies Fund | 1,647,341,882 | 136,423 |
Pacific/Asia Fund | 63,958,517 | 64,328 |
Select Large Cap Growth Fund | 2,029,360,877 | 267,182 |
Solutions Aggressive Portfolio | 0 | 0 |
Solutions Conservative Portfolio | 0 | 0 |
For Funds with fiscal period ending April 30 | ||
Bond Fund | 0 | 0 |
Corporate Income Fund | 0 | 0 |
MM Directional Alternative Strategies Fund | 186,656,543 | 54,715 |
Multi-Asset Income Fund | 8,649,851 | 5,419 |
Small Cap Value Fund I | 263,954,225 | 454,918 |
Total Return Bond Fund | 0 | 0 |
U.S. Treasury Index Fund | 0 | 0 |
For Funds with fiscal period ending May 31 | ||
Adaptive Risk Allocation Fund | 62,677,796 | 26,936 |
Dividend Income Fund | 2,501,016,439 | 367,349 |
HY Municipal Fund | 0 | 0 |
Multi Strategy Alternatives Fund | 0 | 0 |
For Funds with fiscal period ending July 31 | ||
Large Cap Growth Fund | 1,911,341,944 | 237,123 |
OR Intermediate Municipal Bond Fund | 0 | 0 |
Tax-Exempt Fund | 0 | 0 |
Statement of Additional Information – January 1, 2020 | 195 |
Brokerage directed for research | ||
Fund | Amount of Transactions | Amount of Commissions Imputed or Paid |
U.S. Social Bond Fund | $0 | $0 |
Ultra Short Term Bond Fund | 0 | 0 |
For Funds with fiscal period ending August 31 | ||
Balanced Fund | 2,980,764,246 | 497,471 |
Contrarian Core Fund | 7,326,462,028 | 1,214,278 |
Disciplined Small Core Fund | 60,213,426 | 29,768 |
Emerging Markets Fund | 507,608,037 | 563,257 |
Global Dividend Opportunity Fund | 87,133,461 | 28,164 |
Global Energy and Natural Resources Fund | 55,786,240 | 21,410 |
Global Technology Growth Fund | 322,060,770 | 98,712 |
Greater China Fund | 37,958,262 | 31,862 |
Mid Cap Growth Fund | 0 | 0 |
MM Alternative Strategies Fund | 883,596,212 | 87,841 |
MM International Equity Strategies Fund | 255,134,885 | 308,478 |
MM Small Cap Equity Strategies Fund | 1,308,508,042 | 1,264,580 |
MM Total Return Bond Strategies Fund | 0 | 0 |
Multisector Bond SMA Completion Portfolio(c) | N/A | N/A |
Overseas SMA Completion Portfolio(d) | N/A | N/A |
Small Cap Growth Fund I | 839,664,640 | 195,711 |
Strategic Income Fund | 966,227 | 325 |
For Funds with fiscal period ending October 31 | ||
CT Intermediate Municipal Bond Fund | 0 | 0 |
Intermediate Municipal Bond Fund | 0 | 0 |
MA Intermediate Municipal Bond Fund | 0 | 0 |
NY Intermediate Municipal Bond Fund | 0 | 0 |
Strategic CA Municipal Income Fund | 0 | 0 |
Strategic NY Municipal Income Fund | 0 | 0 |
For Funds with fiscal period ending December 31 | ||
Real Estate Equity Fund | 18,878,083 | 19,171 |
(a) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(b) | For the period from May 17, 2018 (commencement of operations) to August 31, 2018. |
(c) | The Fund commenced operations on October 29, 2019, and therefore has no reporting information for periods prior to such date. |
(d) | The Fund commenced operations on September 12, 2019, and therefore has no reporting information for periods prior to such date. |
Statement of Additional Information – January 1, 2020 | 196 |
Fund | Issuer | Value of securities owned at end of fiscal period |
For Funds with fiscal period ending March 31, 2019 | ||
Adaptive Retirement 2020 Fund | N/A | N/A |
Adaptive Retirement 2025 Fund | N/A | N/A |
Adaptive Retirement 2030 Fund | N/A | N/A |
Adaptive Retirement 2035 Fund | N/A | N/A |
Adaptive Retirement 2040 Fund | N/A | N/A |
Adaptive Retirement 2045 Fund | N/A | N/A |
Adaptive Retirement 2050 Fund | N/A | N/A |
Adaptive Retirement 2055 Fund | N/A | N/A |
Adaptive Retirement 2060 Fund | N/A | N/A |
MM Growth Strategies Fund | The Charles Schwab Corp. | $26,130,105 |
Pacific/Asia Fund | None | N/A |
Select Large Cap Growth Fund | The Charles Schwab Corp. | $62,639,381 |
Solutions Aggressive Portfolio | N/A | N/A |
Solutions Conservative Portfolio | N/A | N/A |
For Funds with fiscal period ending April 30, 2019 | ||
Bond Fund | Citigroup Mortgage Loan Trust, Inc. | $1,106,233 |
Credit Suisse ABS Trust | $556,474 | |
Jefferies Financial Group, Inc. | $802 | |
JPMorgan Chase & Co. | $3,320,077 | |
JPMorgan Chase Commercial Mortgage Securities Trust | $1,146,055 | |
Morgan Stanley | $661,566 | |
Corporate Income Fund | Citigroup, Inc. | $12,519,005 |
Goldman, Sachs & Co. | $23,405,026 | |
JPMorgan Chase & Co. | $27,836,505 | |
Morgan Stanley | $11,341,485 | |
MM Directional Alternative Strategies Fund | Citigroup, Inc. | $1,575,055 |
E*TRADE Financial Corp. | $582,033 | |
The Goldman Sachs Group, Inc. | $336,679 | |
JPMorgan Chase & Co. | $1,353,955 | |
Morgan Stanley | $424,117 | |
PNC Financial Services Group, Inc.(The) | $424,209 | |
Multi-Asset Income Fund | Citigroup Mortgage Loan Trust, Inc. | $1,159,582 |
Citigroup Global Markets Holdings | $4,658,694 | |
Credit Suisse AG | $4,853,824 | |
Credit Suisse Mortgage Capital Certificates OA LLC | $660,747 | |
JPMorgan Chase & Co. | $266,915 | |
Morgan Stanley | $4,426,098 | |
Small Cap Value Fund I | None | N/A |
Statement of Additional Information – January 1, 2020 | 197 |
Fund | Issuer | Value of securities owned at end of fiscal period |
Total Return Bond Fund | Citigroup Commercial Mortgage Trust | $2,197,472 |
Citigroup Mortgage Loan Trust, Inc. | $18,634,931 | |
Credit Suisse Mortgage Capital Certificates | $16,681,584 | |
Credit Suisse Mortgage Capital Certificates OA LLC | $8,902,630 | |
Credit Suisse Mortgage Trust | $2,450,006 | |
Credit Suisse ABS Trust | $3,338,846 | |
The Goldman Sachs Group, Inc. | $7,219,099 | |
JPMorgan Chase & Co. | $2,881,252 | |
JPMorgan Resecuritization Trust | $856,483 | |
Morgan Stanley | $3,423,209 | |
Morgan Stanley Bank of America Merrill Lynch Trust | $2,475,235 | |
Morgan Stanley Resecuritization Pass-Through Trust | $4,559,000 | |
U.S. Treasury Index Fund | None | N/A |
For Funds with fiscal period ending May 31, 2019 | ||
Adaptive Risk Allocation Fund | None | N/A |
Dividend Income Fund | JPMorgan Chase & Co. | $454,460,215 |
PNC Financial Services Group, Inc.(The) | $161,791,365 | |
HY Municipal Fund | None | N/A |
Multi Strategy Alternatives Fund | None | N/A |
For Funds with fiscal period ending July 31, 2019 | ||
Large Cap Growth Fund | Citigroup, Inc. | $38,853,360 |
OR Intermediate Municipal Bond Fund | None | N/A |
Tax-Exempt Fund | None | N/A |
U.S. Social Bond Fund | None | N/A |
Ultra Short Term Bond Fund | Citigroup, Inc. | $8,019,008 |
GS Mortgage Securities Corp. II | $1,352,590 | |
The Goldman Sachs Group, Inc. | $8,044,384 | |
JPMorgan Chase Bank | $6,988,023 | |
Morgan Stanley | $6,006,150 | |
PNC Bank NA | $6,006,474 | |
For Funds with fiscal period ending August 31, 2019 | ||
Balanced Fund | Citigroup, Inc. | $113,736,212 |
Citigroup Mortgage Loan Trust, Inc. | $16,842,952 | |
GS Mortgage Securities Trust | $21,779,853 | |
The Goldman Sachs Group, Inc. | $13,889,655 | |
JPMorgan Chase & Co. | $131,327,077 | |
JPMorgan Chase Commercial Mortgage Securities Trust | $403,866 | |
Morgan Stanley | $72,186,920 | |
Morgan Stanley Capital I Trust | $5,937,497 | |
PNC Bank NA | $5,957,522 | |
Contrarian Core Fund | Citigroup, Inc. | $240,251,111 |
JPMorgan Chase & Co. | $274,091,142 | |
Morgan Stanley | $148,998,888 | |
Disciplined Small Core Fund | None | N/A |
Emerging Markets Fund | None | N/A |
Global Dividend Opportunity Fund | None | N/A |
Global Energy and Natural Resources Fund | None | N/A |
Statement of Additional Information – January 1, 2020 | 198 |
Fund | Issuer | Value of securities owned at end of fiscal period |
Global Technology Growth Fund | None | N/A |
Greater China Fund | None | N/A |
Mid Cap Growth Fund | Raymond James & Associates | $28,556,992 |
MM Alternative Strategies Fund | Bear Stearns Alt-A Trust | $774,344 |
Bear Stearns Mortgage Funding Trust | $1,784,804 | |
Bear Stearns Trust | $75,157 | |
Citigroup, Inc. | $400,621 | |
Citigroup Mortgage Loan Trust, Inc. | $1,192,589 | |
Credit Suisse First Boston Corp. | $3,622 | |
Credit Suisse Mortgage Capital Certificates | $180,224 | |
Credit Suisse Commercial Mortgage Trust | $695,122 | |
Eaton Vance CLO Ltd. | $310,000 | |
GS Mortgage Securities Trust | $247,477 | |
The Goldman Sachs Group, Inc. | $1,715,901 | |
JPMorgan Chase & Co. | $1,920,756 | |
JPMorgan Chase & Co., Subordinated | $274,504 | |
JPMorgan Chase Commercial Mortgage Securities Trust | $1,318,930 | |
JPMorgan Mortgage Acquisition Corp | $3,077,629 | |
JPMorgan Alternative Loan Trust | $390,618 | |
Lehman XS Trust | $731,556 | |
Morgan Stanley | $805,180 | |
Morgan Stanley Bank of America Merrill Lynch Trust | $1,063,288 | |
Morgan Stanley Capital I Trust | $384,597 | |
Morgan Stanley Mortgage Loan Trust | $77,357 | |
Raymond James Financial, Inc. (subsidiary) | $243,250 | |
MM International Equity Strategies Fund | Credit Suisse Group AG | $6,505,205 |
MM Small Cap Equity Strategies Fund | Legg Mason, Inc. (subsidiary) | $1,298,687 |
Stifel Financial Corp. | $4,434,020 | |
Westwood Holdings Group, Inc. | $905,850 |
Statement of Additional Information – January 1, 2020 | 199 |
Fund | Issuer | Value of securities owned at end of fiscal period |
MM Total Return Bond Strategies Fund | Citigroup, Inc. | $34,988,283 |
Citigroup Commercial Mortgage Trust | $25,537,359 | |
Citigroup Mortgage Loan Trust, Inc. | $1,552,185 | |
Credit Suisse Group AG | $5,245,061 | |
Credit Suisse AG, Subordinated | $1,149,818 | |
Credit Suisse Group Funding Guernsey Ltd. | $5,132,637 | |
Credit Suisse Mortgage Capital Certificates | $9,904,594 | |
Credit Suisse Mortgage Capital Trust | $14,920,812 | |
GS Mortgage Securities Trust | $43,958,324 | |
GS Mortgage-Backed Securities Corp. | $1,184,307 | |
The Goldman Sachs Group, Inc. | $35,608,250 | |
Jefferies Group LLC | $700,401 | |
Jefferies Group LLC/Capital Finance, Inc. | $685,560 | |
JPMorgan Alternative Loan Trust | $6,009,451 | |
JPMorgan Chase & Co. | $74,174,015 | |
JPMorgan Chase Bank NA | $2,766,112 | |
JPMorgan Chase Commercial Mortgage Securities Trust | $14,443,040 | |
JPMorgan Mortgage Trust | $39,024,792 | |
JPMorgan Resecuritization Trust | $233,995 | |
Lehman XS Trust | $5,394,150 | |
Merrill Lynch First Franklin Mortgage Loan Trust | $12,626,665 | |
Banc of America Merrill Lynch Commercial Mortgage, Inc. | $4,472,522 | |
Morgan Stanley | $41,585,208 | |
Morgan Stanley Bank of America Merrill Lynch Trust | $15,895,121 | |
Morgan Stanley Capital I Trust | $15,799,984 | |
Morgan Stanley Resecuritization Trust | $6,311,480 | |
Nuveen Finance LLC | $1,141,405 | |
PNC Bank NA | $2,054,174 | |
PNC Financial Services Group, Inc.(The) | $6,203,152 | |
Raymond James Financial, Inc. | $2,122,355 | |
The Charles Schwab Corp. | $4,420,857 | |
Stifel Financial Corp. | $1,789,016 | |
Multisector Bond SMA Completion Portfolio | N/A | N/A |
Overseas SMA Completion Portfolio | N/A | N/A |
Small Cap Growth Fund I | None | N/A |
Strategic Income Fund | Citigroup, Inc. | $5,716,233 |
Citigroup Mortgage Loan Trust, Inc. | $10,834,415 | |
Credit Suisse Group | $10,606,405 | |
Credit Suisse Commercial Mortgage Trust | $4,790,185 | |
Credit Suisse Mortgage Capital Certificates | $16,440,290 | |
The Goldman Sachs Group, Inc. | $30,821,239 | |
JPMorgan Chase & Co. | $22,319,418 | |
Morgan Stanley | $10,318,281 | |
Morgan Stanley Resecuritization Trust | $8,671,778 |
Statement of Additional Information – January 1, 2020 | 200 |
Fund | Issuer | Value of securities owned at end of fiscal period |
For Funds with fiscal period ending October 31, 2018 | ||
CT Intermediate Municipal Bond Fund | None | N/A |
Intermediate Municipal Bond Fund | None | N/A |
MA Intermediate Municipal Bond Fund | None | N/A |
NY Intermediate Municipal Bond Fund | None | N/A |
Strategic CA Municipal Income Fund | None | N/A |
Strategic NY Municipal Income Fund | None | N/A |
For Funds with fiscal period ending December 31, 2018 | ||
Real Estate Equity Fund | None | N/A |
Statement of Additional Information – January 1, 2020 | 201 |
Fund | Predecessor Fund | For periods prior to: | ||
Ultra Short Term Bond Fund | CMG Ultra Short Term Bond Fund, a series of Columbia Funds Institutional Trust | November 23, 2009 |
Statement of Additional Information – January 1, 2020 | 202 |
■ | For equity, alternative and flexible funds (other than the equity funds identified below) and funds-of-funds (equity and fixed income), a complete list of Fund portfolio holdings as of month-end is posted approximately, but no earlier than, 15 calendar days after such month-end. |
■ | For Columbia Small Cap Growth Fund I and Columbia Variable Portfolio – Small Company Growth Fund, a complete list of Fund portfolio holdings as of month-end is posted approximately, but no earlier than, 30 calendar days after such month-end. |
■ | For fixed-income Funds (other than money market funds), a complete list of Fund portfolio holdings as of calendar quarter-end is posted approximately, but no earlier than, 30 calendar days after such quarter-end. |
■ | For money market Funds, a complete list of Fund portfolio holdings as of month-end is posted no later than five business days after such month-end. Such month-end holdings are continuously available on the website for at least six months, together with a link to an SEC webpage where a user of the website may obtain access to the Fund’s most recent 12 months of publicly available filings on Form N-MFP. Money market Fund portfolio holdings information posted on the website, at minimum, includes with respect to each holding, the name of the issuer, the category of investment (e.g., Treasury debt, government agency debt, asset backed commercial paper, structured investment vehicle note), the CUSIP number (if any), the principal amount, the maturity date (as determined under Rule 2a-7 for purposes of calculating weighted average maturity), the final maturity date (if different from the maturity date previously described), coupon or yield and the value. The money market Funds will also disclose on the website its overall weighted average maturity, weighted average life maturity, percentage of daily liquid assets, percentage of weekly liquid assets and daily inflows and outflows. |
Statement of Additional Information – January 1, 2020 | 203 |
Statement of Additional Information – January 1, 2020 | 204 |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
Recipients under arrangements with the Funds or Investment Manager: | ||||
Accudelta | Used to report returns and analytics to client facing materials. | Monthly | ||
BlackRock, Inc. | Used for front office trading, risk and analytics as well as back office settlements and trade routing. | Daily | ||
Black Mountain | Used for front office bank loan analytics, trading and compliance. | Daily | ||
Bloomberg, L.P. | Used for portfolio analytics, statistical analysis and independent research. | Daily, Monthly and Quarterly | ||
Bolger, Inc. | Used for commercial printing. | As Needed | ||
Boston Investors Communications Group, LLC (BICG) | Used for writing services that require disclosing portfolio holdings in advance of their dissemination to the general public. | Monthly | ||
Capital Markets Services (CMS) Group | Used for intraday post-trade information when equity exposures (either via futures or options trades) are modified beyond certain limits for VP – Managed Volatility Funds. | As Needed | ||
Catapult ME, Inc. | Used for commercial printing. | As Needed | ||
Citigroup, Inc. | Used for mortgage decision support. | Daily | ||
Curtis 1000 | Used for commercial printing. | As Needed | ||
Donnelley Financial Solutions | Used to provide Edgar filing and typesetting services, and printing of prospectuses, factsheets, annual and semi-annual reports. | As Needed | ||
Elevation Exhibits & Events | Used for trade show exhibits. | As Needed | ||
Equifax, Inc. | Used to ensure that Columbia Management does not violate the Office of Foreign Assets Control (OFAC) sanction requirements. | Daily | ||
Ernst & Young, LLP | Used to analyze PFIC investments. | Monthly | ||
Eze Software Group, LLC | Used to facilitate the evaluation of commission rates and to provide flexible commission reporting. | Daily | ||
FactSet Research Systems, Inc. | Used to calculate portfolio performance attribution, portfolio analytics, data for fundamental research, and general market news and analysis. | Daily | ||
Fidelity National Information Services, Inc. | Used as portfolio accounting system. | Daily |
Statement of Additional Information – January 1, 2020 | 205 |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
Goldman Sachs Asset Management, L.P., as agent to KPMG LLP | Holdings by Columbia Contrarian Core Fund and Columbia High Yield Bond Fund in certain audit clients of KPMG LLP to assist the accounting firm in complying with its regulatory obligations relating to independence of its audit clients. | Monthly | ||
Harte-Hanks, Inc. | Used for printing of prospectuses, factsheets, annual and semi-annual reports. | As Needed | ||
IHS Markit, Ltd. | Used for an asset database for analytics and investor reporting. | As Needed | ||
Imagine! Print Solutions | Used for commercial printing. | As Needed | ||
Institutional Shareholder Services Inc. (ISS) | Used for proxy voting administration and research on proxy matters. | Daily | ||
Intex Solutions Inc. | Used to provide mortgage analytics. | Periodic | ||
Investment Company Institute (ICI) | Disclosure of Form N-PORT data. | As Needed | ||
Investment Technology Group, Inc. | Used to evaluate and assess trading activity, execution and practices. | Quarterly | ||
Investortools, Inc. | Used for municipal bond analytics, research and decision support. | As Needed | ||
JDP Marketing Services | Used to write or edit Columbia Fund shareholder reports, quarterly fund commentaries, and communications, including shareholder letters and management’s discussion of Columbia Fund performance. | Monthly and As Needed | ||
John Roberts, Inc. | Used for commercial printing. | As Needed | ||
Kendall Press | Used for commercial printing. | As Needed | ||
Kynex, Inc. | Used to provide portfolio attribution reports for the Columbia Convertible Securities Fund. Used also for portfolio analytics. | Daily | ||
Malaspina Communications, LLC | Used to facilitate writing management’s discussion of Columbia Fund performance for Columbia Fund shareholder reports and periodic marketing communications. | Monthly | ||
Merrill Corporation | Used for printing of prospectuses, factsheets, annual and semi-annual reports. | As Needed | ||
Morningstar Investment Services, LLC | Used for independent research and ranking of funds. Used also for statistical analysis. | As Needed | ||
MSCI, Inc. | Used as a hosted portfolio management platform designed for research, reporting, strategy development, portfolio construction and performance and risk attribution. Used for risk analysis and reporting. | Daily | ||
NASDAQ | Used to evaluate and assess trading activity, execution and practices. | Daily | ||
R. R. Donnelley & Sons Co. | Used to provide printing and mailing services for prospectuses, annual and semi-annual reports and supplements. Used for commercial printing. | As Needed |
Statement of Additional Information – January 1, 2020 | 206 |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
RegEd, Inc. | Used to review external and certain internal communications prior to dissemination. | Daily | ||
SEI Investments Company | Used for trading wrap accounts and to reconcile wrap accounts. | Daily | ||
SS&C Technologies, Inc. | Used to translate account positions for reconciliations. | Daily | ||
Sustainalytics US, Inc. | Used to affirm and validate social scoring methodology of Columbia U.S. Social Bond Fund’s investment strategy. | Quarterly | ||
S.W.I.F.T. Scrl. | Used to send trade messages via SWIFT to custodians. | Daily | ||
Thomson Reuters Corp. | Used for statistical analysis. | Monthly | ||
Universal Wilde | Used to provide printing and mailing services for prospectuses, annual and semi-annual reports, and supplements. | As Needed | ||
Visions, Inc. | Used for commercial printing. | As Needed | ||
Wilshire Associates, Inc. | Used to provide daily performance attribution reporting based on daily holdings to the investment and investment analytics teams. | Daily | ||
Wolters Kluwer N.V. | Used to perform tax calculations specific to wash sales and used to analyze tax straddles (diminution of risk). | Monthly |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
Recipients under arrangements with subadvisers: | ||||
Abel Noser, LLC | Used by certain subadvisers for trade execution services. | Quarterly | ||
Ashland Partners & Co., LLP | Used by certain subadvisers for organizational controls audit. | Annually | ||
Axioma | Used by certain subadvisers for portfolio analytics and analysis. | Daily | ||
Blackrock Financial Management, Inc. | Used by certain subadvisers for analytics, compliance monitoring, trading and recordkeeping services. Used by certain subadvisers for analytical services. | Daily | ||
Bloomberg, L.P. | Used by certain subadvisers for attribution analysis. Used by certain subadvisers for trade order management and compliance. Used by certain subadvisers for analytical and statistical information. Used by certain subadvisers for research, attribution and portfolio characteristics. Used by certain subadvisers for portfolio and risk analytics. | Daily | ||
BNY Mellon, N.A. | Used by certain sub-advisers for back or middle office asset servicing. | Daily | ||
Brown Brothers Harriman & Co. | Used by certain subadvisers for FX trade execution for non-US trades. Used by certain subadvisers for trade matching and SWIFT messaging. | Daily |
Statement of Additional Information – January 1, 2020 | 207 |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
Charles River Development, Ltd. | Used by certain subadvisers for trade/order management and compliance. Used by certain subadvisers for trading system services and support. | Daily or As Needed | ||
Clearwater Analytics, LLC | Used by certain subadvisers for client reporting. | Daily | ||
Client Service Specialists, Inc. | Used by certain subadvisers for operational and reconciliation services. | Monthly | ||
Eagle Investment Systems, LLC | Used by certain subadvisers for portfolio accounting systems. | Daily | ||
Electra Information Systems, Inc. | Used by certain subadvisers for portfolio holdings reconciliation. | Daily or Monthly | ||
Elkins, McSherry Inc. | Used by certain subadvisers for best execution analysis. | Quarterly | ||
Ernst & Young, LLP | Used by certain subadvisers to provide general audit services. | Semi-annually | ||
eVestment Alliance, LLC | Used by certain subadvisers to provide representative holdings to databases. | Quarterly | ||
FactSet Research Systems, Inc. | Used by certain subadvisers for analytical and statistical information, for portfolio attribution, for portfolio and risk analytics, for database systems for portfolio analytics, for portfolio analytics, statistical information, and client reporting, for quantitative analysis for marketing, performance or distribution, for analytics, risk, attribution and client reporting, and for portfolio analytics and analysis. | Daily | ||
Fidelity ActionsXchange, Inc. | Used by certain subadvisers for collecting and instructing on corporate actions. | Daily | ||
Financial Recovery Technologies, LLC | Used by certain subadvisers for class action monitoring. | Quarterly | ||
Flextrade Systems, Inc. | Used by certain subadvisers for execution management. | Daily | ||
FX Connect, LLC | Used by certain subadvisers for FX trade matching and SWIFT. | Daily | ||
Glass, Lewis & Company, LLC | Used by certain subadvisers for proxy voting services. | Daily | ||
Global Trade Analytics, LLC | Used by certain subadvisers for trade cost analysis. | Daily | ||
ICE Data Pricing & Reference Data, LLC | Used by certain subadvisers for liquidity reporting. | Daily | ||
IHS Markit, Ltd. | Used by certain subadvisers for confirming and settling bank loan trades. Used by certain subadvisers to match Credit Default Swaps and Interest Rate Swaps. | Daily | ||
Infinit-O Global, Ltd. | Used by certain subadvisers for reconciling cash and positions. | Daily | ||
Instinet Holdings, Inc. | Used by certain subadvisers for execution management. | Daily |
Statement of Additional Information – January 1, 2020 | 208 |
Identity of Recipient | Conditions/restrictions on use of information | Frequency of Disclosure | ||
Institutional Shareholder Services Inc. | Used by certain subadvisers for proxy voting services and proxy voting research. Used by certain subadvisers for proxy voting administration and research services. | Daily | ||
Intercontinental Exchange, Inc. | Used by certain subadvisers as a pricing vendor. Used by certain subadvisers for portfolio liquidity measurement services. | Daily | ||
JPMorgan Chase & Co. | Used by certain subadvisers for custodian services. | Daily | ||
LexisNexis Corp. | Used by certain subadvisers for compliance global watchlist services. | Weekly | ||
MSCI, Inc. | Used by certain subadvisers for portfolio analytics and analysis. | Daily | ||
Narrative Science | Used by certain subadvisers for attribution commentary. | Monthly | ||
Northern Trust Company | Used by certain subadvisers for back or middle office asset servicing and operations. | Daily | ||
Omgeo, LLC | Used by certain sub-advisers for trade settlement and trade affirmations. | Daily | ||
Seismic Software, Inc. | Used by certain subadvisers to automate quarterly updates. | Quarterly | ||
SimCorp Dimension | Used by certain subadvisers for accounting. | Daily | ||
SS&C Technologies, Inc. | Used by certain subadvisers for SWIFT messaging and reconciliation. Used by certain subadvisers for portfolio management information systems. Used by certain subadvisers for client and investor reporting systems. | Daily | ||
State Street Bank and Trust Company | Used by certain subadvisers for middle office management. | Daily | ||
Trade Informatics, LLC | Used by certain subadvisers for equity trading transaction cost analysis. Used by certain subadvisers for trade cost analysis. | Daily | ||
Tradeweb Markets, LLC | Used by certain subadvisers for confirmation of TBAs, Treasuries and Discount Notes. | Daily | ||
Traiana, Inc. | Used by certain subadvisers for block trade confirmation between Charles River and ISDA counterparty. | Daily | ||
TriOptima, AB | Used by certain subadvisers for back office reconciliation. Used by certain subadvisers for daily reconciliations on collateral management. | Daily | ||
Vermeg, N.V. | Used by certain subadvisers for the management of swap counterparty exposure. | Daily | ||
Virtu - Investment Technology Group, Inc. | Used by certain subadvisers for transaction cost analysis. | Daily or Monthly |
Statement of Additional Information – January 1, 2020 | 209 |
■ | ADP Broker-Dealer, Inc. |
■ | American Enterprise Investment Services Inc.* |
■ | American United Life Insurance Co. |
■ | Ameriprise Financial Services, Inc.* |
■ | Ascensus, Inc. |
■ | AXA Advisors |
■ | AXA Equitable Life Insurance |
■ | Bank of America, N.A. |
■ | Benefit Plan Administrators |
■ | Benefit Trust |
■ | BMO Harris Bank (f/k/a Marshall & Illsley Trust Company) |
■ | BNY Mellon, N.A. |
■ | Charles Schwab & Co., Inc. |
■ | Charles Schwab Trust Co. |
■ | Conduent HR Services LLC |
■ | Davenport & Company |
■ | Daily Access Concepts, Inc. |
■ | Digital Retirement Solutions |
■ | Edward D. Jones & Co., LP |
■ | ExpertPlan |
■ | Fidelity Brokerage Services, Inc. |
■ | Fidelity Investments Institutional Operations Co. |
■ | First Mercantile Trust Co. |
■ | Guardian Insurance and Annuity Company Inc. |
■ | Genworth Life and Annuity Insurance Company |
Statement of Additional Information – January 1, 2020 | 210 |
■ | Genworth Life Insurance Co. of New York |
■ | Goldman Sachs & Co. |
■ | GWFS Equities, Inc. |
■ | Hartford Life Insurance Company |
■ | HD Vest |
■ | Hewitt Associates LLC |
■ | ICMA Retirement Corporation |
■ | Janney Montgomery Scott, Inc. |
■ | JJB Hilliard Lyons |
■ | JP Morgan Securities LLC |
■ | John Hancock Life Insurance Company (USA) |
■ | John Hancock Life Insurance Company of New York |
■ | John Hancock Trust Company |
■ | Lincoln Life & Annuity Company of New York |
■ | Lincoln National Life Insurance Company |
■ | Lincoln Retirement Services |
■ | LPL Financial Corporation |
■ | Massachusetts Mutual Life Insurance Company |
■ | Mercer HR Services, LLC |
■ | Merrill Lynch, Pierce, Fenner & Smith Incorporated |
■ | Mid Atlantic Capital Corporation |
■ | Minnesota Life Insurance Co. |
■ | Morgan Stanley Smith Barney |
■ | MSCS Financial Services Division of Broadridge Business Process Outsourcing LLC |
■ | National Financial Services |
■ | Nationwide Investment Services |
■ | Newport Retirement Services, Inc. |
■ | New York State Deferred Compensation Plan |
■ | Oppenheimer & Co., Inc. |
■ | Plan Administrators, Inc. |
■ | PNC Bank |
■ | Principal Life Insurance Company of America |
■ | Prudential Insurance Company of America |
■ | Prudential Retirement Insurance & Annuity Company |
■ | Pershing LLC |
■ | Raymond James & Associates |
■ | RBC Capital Markets |
■ | Reliance Trust |
■ | Robert W. Baird & Co., Inc. |
■ | Sammons Retirement Solutions |
■ | SEI Private Trust Company |
■ | Standard Insurance Company |
■ | Stifel Nicolaus & Co. |
■ | TD Ameritrade Clearing, Inc. |
■ | TD Ameritrade Trust Company |
■ | The Retirement Plan Company |
■ | Teachers Insurance and Annuity Association of America |
■ | Transamerica Advisors Life Insurance Company |
■ | Transamerica Advisors Life Insurance Company of New York |
■ | Transamerica Financial Life Insurance Company |
■ | T. Rowe Price Group, Inc. |
■ | UBS Financial Services, Inc. |
■ | Unified Trust Company, N.A. |
■ | Upromise Investments, Inc. |
■ | US Bank NA |
■ | Vanguard Group, Inc. |
■ | VALIC Retirement Services Company |
■ | Voya Retirement Insurance and Annuity Company |
■ | Voya Institutional Plan Services, LLP |
■ | Voya Investments Distributors, LLC |
■ | Voya Financial Partners, LLC |
■ | Wells Fargo Clearing Services, LLC |
■ | Wells Fargo Advisors |
■ | Wells Fargo Bank, N.A. |
■ | Wilmington Trust Retirement & Institutional Services Company |
* | Ameriprise Financial affiliate |
Statement of Additional Information – January 1, 2020 | 211 |
■ | AIG Advisor Group |
■ | Ameriprise Financial Services, Inc.* |
■ | Bank of America, N.A. |
■ | Cetera Financial Group, Inc. |
■ | Citigroup Global Markets Inc./Citibank |
■ | Commonwealth Financial Network |
■ | Lincoln Financial Advisors Corp. |
■ | LPL Financial Corporation |
■ | Merrill Lynch, Pierce, Fenner & Smith Incorporated |
■ | Morgan Stanley Smith Barney |
■ | Northwestern Mutual Investment Services, LLC |
■ | Oppenheimer & Co., Inc. |
■ | PNC Investments |
■ | Raymond James & Associates, Inc. |
■ | Raymond James Financial Services, Inc. |
■ | UBS Financial Services Inc. |
■ | Unified Trust Company, N.A. |
■ | US Bancorp Investments, Inc. |
■ | Vanguard Marketing Corp. |
■ | Voya Financial Advisors, LLC |
■ | Wells Fargo Advisors |
■ | Wells Fargo Advisors Financial Network, LLC |
■ | Wells Fargo Clearing Services, LLC |
* | Ameriprise Financial affiliate |
Statement of Additional Information – January 1, 2020 | 212 |
Statement of Additional Information – January 1, 2020 | 213 |
Statement of Additional Information – January 1, 2020 | 214 |
Statement of Additional Information – January 1, 2020 | 215 |
Statement of Additional Information – January 1, 2020 | 216 |
Statement of Additional Information – January 1, 2020 | 217 |
Statement of Additional Information – January 1, 2020 | 218 |
Statement of Additional Information – January 1, 2020 | 219 |
Statement of Additional Information – January 1, 2020 | 220 |
Statement of Additional Information – January 1, 2020 | 221 |
Fund | Total Capital Loss Carryovers | Amount Expiring in | Amount not Expiring | |
2019 | Short-term | Long-term | ||
For Funds with fiscal period ending April 30 | ||||
Bond Fund | $1,157,981 | $0 | $0 | $1,157,981 |
Corporate Income Fund | $23,049,693 | $0 | $10,191,022 | $12,858,671 |
Multi-Asset Income Fund | $9,030,199 | $0 | $9,030,199 | $0 |
U.S. Treasury Index Fund | $11,832,529 | $0 | $3,903,007 | $7,929,522 |
For Funds with fiscal period ending May 31 | ||||
Adaptive Risk Allocation Fund | $36,701,751 | $0 | $8,633,560 | $28,068,191 |
HY Municipal Fund | $13,811,380 | $0 | $1,541,997 | $12,269,383 |
Multi Strategy Alternatives Fund | $34,896,936 | $0 | $32,796,668 | $2,100,268 |
For Funds with fiscal period ending July 31 | ||||
U.S. Social Bond Fund | $36,636 | $0 | $0 | $36,636 |
Ultra Short Term Bond Fund | $12,104,513 | $0 | $4,290,807 | $7,813,706 |
For Funds with fiscal period ending August 31 | ||||
Emerging Markets Fund | $40,549,041 | $0 | $40,549,041 | $0 |
Global Energy and Natural Resources Fund | $23,681,995 | $0 | $1,596,299 | $22,085,696 |
MM Alternative Strategies Fund | $43,015,205 | $0 | $12,164,980 | $30,850,225 |
MM International Equity Strategies Fund | $81,466,281 | $0 | $72,854,354 | $8,611,927 |
Strategic Income Fund | $38,721,549 | $0 | $4,812,609 | $33,908,940 |
Statement of Additional Information – January 1, 2020 | 222 |
Fund | Total Capital Loss Carryovers | Amount Expiring in | Amount not Expiring | |
2019 | Short-term | Long-term | ||
For Funds with fiscal period ending October 31 | ||||
CT Intermediate Municipal Bond Fund | $180,228 | $0 | $80,644 | $99,584 |
NY Intermediate Municipal Bond Fund | $82,641 | $0 | $0 | $82,641 |
Strategic NY Municipal Income Fund | $334,020 | $0 | $0 | $334,020 |
Statement of Additional Information – January 1, 2020 | 223 |
Statement of Additional Information – January 1, 2020 | 224 |
Statement of Additional Information – January 1, 2020 | 225 |
Statement of Additional Information – January 1, 2020 | 226 |
Statement of Additional Information – January 1, 2020 | 227 |
Statement of Additional Information – January 1, 2020 | 228 |
Certain Funds may qualify for and make the election; however, even if a Fund qualifies for the election for any year, it may determine not to make the election for such year. If a Fund does not so qualify or qualifies but does not so elect, then shareholders will not be entitled to claim a credit or deduction with respect to foreign taxes paid by or withheld from payments to the Fund. A Fund will notify its shareholders in written statements if it has elected for the foreign taxes paid by it to “pass through” for that year.
Statement of Additional Information – January 1, 2020 | 229 |
Statement of Additional Information – January 1, 2020 | 230 |
Statement of Additional Information – January 1, 2020 | 231 |
Statement of Additional Information – January 1, 2020 | 232 |
Statement of Additional Information – January 1, 2020 | 233 |
Statement of Additional Information – January 1, 2020 | 234 |
Statement of Additional Information – January 1, 2020 | 235 |
Statement of Additional Information – January 1, 2020 | 236 |
Statement of Additional Information – January 1, 2020 | 237 |
Fund | Class | Percentage of Class Beneficially Owned |
Adaptive Retirement 2035 Fund | Class Adv | 20.74% |
Adaptive Risk Allocation Fund | Class Inst2 | 5.07% |
Multi-Asset Income Fund | Class Inst | 11.89% |
Select Large Cap Growth Fund | Class Inst2 | 1.37% |
U.S. Social Bond Fund | Class Inst | 3.55% |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MM Growth Strategies Fund(b) | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class A | 99.96% | 100.00% |
Class Inst | 100.00% | |||
Pacific/Asia Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 44.57% | N/A |
Class C | 32.10% | |||
Class Inst | 9.67% | |||
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 83.09% (a) | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst | 20.66% | N/A | |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class Adv | 13.27% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 20.44% | N/A |
Statement of Additional Information – January 1, 2020 | 238 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 46.83% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 26.60% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class Inst | 5.34% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 10.62% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 67.00% | N/A | |
Class Inst | 7.45% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 14.94% | N/A | |
Class Adv | 16.12% | |||
Class C | 5.36% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 6.22% | N/A | |
Class C | 14.46% | |||
Class Inst | 26.32% | |||
Select Large Cap Growth Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 24.95% | N/A |
Class C | 17.75% | |||
Class Inst | 24.75% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 6.54% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class C | 5.93% | N/A | |
Class Inst | 5.24% | |||
Class Inst2 | 25.77% | |||
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class R | 19.29% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 6.80% | N/A | |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class R | 8.21% | N/A | |
GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 | Class Adv | 19.74% | N/A | |
Class R | 17.35% |
Statement of Additional Information – January 1, 2020 | 239 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 8.99% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 8.47% | 25.34% | |
Class C | 17.08% | |||
Class Inst | 8.91% | |||
Class Inst3 | 68.38% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 8.55% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 10.59% | N/A | |
Class C | 13.66% | |||
Class Inst | 15.01% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 9.41% | N/A | |
Class Adv | 20.12% | |||
Class C | 8.03% | |||
Class Inst2 | 31.40% | |||
NATIONWIDE TRUST COMPANY C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 | Class Inst2 | 32.61% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 29.53% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 5.50% | N/A | |
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class R | 21.00% | N/A | |
TD AMERITRADE TRUST COMPANY PO BOX 17748 DENVER CO 80217-0748 | Class A | 8.43% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 9.44% | N/A | |
Class Inst | 14.08% | |||
VANGUARD FDUCIARY TRUST CO PO BOX 2600 ATTN: OUTSIDE FUNDS VALLEY FORGE PA 19482-2600 | Class Adv | 18.17% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 5.76% | N/A | |
Class C | 11.00% |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 19.68% | N/A |
Class C | 42.42% | |||
Class Inst | 11.45% |
Statement of Additional Information – January 1, 2020 | 240 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class C | 18.34% | N/A | |
Class Inst2 | 5.48% | |||
Class R | 49.81% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst | 14.85% | N/A | |
Class Inst2 | 8.78% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class A | 8.31% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class A | 7.04% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 22.01% | 71.67% | |
Class C | 9.41% | |||
Class Inst | 11.64% | |||
Class Inst3 | 99.21% | |||
Class V | 19.61% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 50.18% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 8.95% | N/A | |
Class Adv | 25.43% | |||
Class Inst | 14.97% | |||
Class Inst2 | 80.93% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 23.69% | N/A | |
Class C | 6.84% | |||
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class Adv | 49.20% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class Inst | 9.63% | N/A | |
Corporate Income Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 28.60% | N/A |
Class C | 59.31% | |||
Class Inst | 40.33% | |||
BAND & CO C/O US BANK NA 1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958 | Class Inst | 16.71% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 11.89% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 37.71% (a) | |
COLUMBIA THERMOSTAT FUND ATTN STEVEN SWINHART 225 FRANKLIN ST FL 25 BOSTON MA 02110-2888 | Class Inst3 | 10.98% | N/A |
Statement of Additional Information – January 1, 2020 | 241 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class A | 10.28% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 6.37% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 23.10% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.63% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 14.30% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 34.35% | N/A | |
JPMCB NA CUST FOR SOUTH CAROLINA 529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 10.50% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 6.59% | N/A | |
Class Adv | 19.14% | |||
Class C | 8.44% | |||
Class Inst | 21.34% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 5.80% | N/A | |
Class Adv | 7.68% | |||
Class Inst2 | 70.88% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 57.83% | N/A | |
Class C | 7.86% | |||
Class Inst2 | 14.00% | |||
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class Adv | 11.61% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 5.95% | N/A | |
MM Directional Alternative Strategies Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 98.39% | 100.00% |
Class Inst | 100.00% | |||
Multi-Asset Income Fund | CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 10.74% | N/A |
Statement of Additional Information – January 1, 2020 | 242 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 91.12% (a) | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 11.00% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 38.15% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 14.75% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 28.14% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 6.66% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class A | 10.04% | N/A | |
Class C | 16.51% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 13.42% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 21.42% | N/A | |
Class Adv | 91.88% | |||
Class C | 56.05% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 9.94% | N/A | |
Class C | 15.09% | |||
Class Inst | 71.26% | |||
STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 | Class A | 7.50% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 84.63% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class A | 18.72% | N/A | |
UMB BANK NA CUST IRA FBO DOUGLAS A HACKER 16948 VERONA LN NAPLES FL 34110-2854 | Class Inst | 13.70% | N/A |
Statement of Additional Information – January 1, 2020 | 243 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
UMB BANK NA CUST IRA FBO JEFFREY L KNIGHT 15 SYLVAN LN WESTON MA 02493-1027 | Class Inst | 7.79% | N/A | |
Small Cap Value Fund I | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 13.78% | N/A |
Class C | 22.39% | |||
Class Inst | 13.44% | |||
CAPITAL BANK & TRUST CO TRUSTEE FBO C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 41.14% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 6.64% | N/A | |
Class Inst2 | 22.30% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 5.45% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 49.23% | N/A | |
LINCOLN RETIREMENT SERVICES CO FBO PO BOX 7876 FORT WAYNE IN 46801-7876 | Class Inst | 5.85% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 6.95% | N/A | |
MATRIX TRUST COMPANY CUST. FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 14.44% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 6.59% | N/A | |
Class Adv | 17.82% | |||
Class C | 10.68% | |||
Class Inst | 37.27% | |||
Class Inst3 | 22.21% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 7.51% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class A | 8.64% | N/A | |
Class Adv | 23.66% | |||
Class Inst2 | 49.20% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 10.65% | N/A | |
Class C | 7.37% | |||
Class R | 7.10% | |||
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST PL ELDORADO RESORTS, INC. 100 W LIBERTY ST STE 1150 RENO NV 89501-1960 | Class Adv | 31.10% | N/A |
Statement of Additional Information – January 1, 2020 | 244 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 5.07% | N/A | |
RELIANCE TRUST COMPANY FBO PO BOX 28004 ATLANTA GA 30358-0004 | Class Adv | 7.89% | N/A | |
SHAPIRO BUCHMAN PROVINE BROTHERS TT BUCHMAN PROVINE BROS AND SMITH LLP C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 8.99% | N/A | |
TIAA FSB CUST/TTEE FBO RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748 | Class Inst | 19.01% | N/A | |
Class Inst2 | 13.30% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 5.39% | N/A | |
Class C | 14.86% | |||
Total Return Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 82.12% | 38.77% |
Class C | 60.06% | |||
Class Inst | 21.29% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 15.57% | N/A | |
CAPITAL BANK & TRUST CO TRUSTEE FBO C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst2 | 9.55% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst | 6.17% | N/A | |
Class Inst2 | 21.97% | |||
CHRISTINA PFLEIDER & TOM PFLEIDER T FBO META DYNAMIC INC 401K PSP C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 10.23% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 10.22% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 72.34% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.16% | N/A |
Statement of Additional Information – January 1, 2020 | 245 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR SOUTH CAROLINA 529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 21.02% | N/A | |
LANCE HUMPHREY TRUSTEE FBO C/O FASCORE LLC HUMPHREY COMPANY PROFIT SHARING 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 7.70% | N/A | |
MATRIX TRUST COMPANY CUST. FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 18.37% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class C | 8.40% | N/A | |
Class Inst | 27.84% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 8.25% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 68.69% | N/A | |
Class Inst2 | 42.07% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 15.26% | N/A | |
Class C | 8.61% | |||
Class Inst2 | 13.16% | |||
Class R | 12.00% | |||
SHAWN NALLY TTEE FBO C/O FASCORE LLC SHAWN R NALLY DDS PSP 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 5.81% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Adv | 5.48% | N/A | |
WELLS FARGO BANK FBO 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076 | Class Inst2 | 5.24% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 5.70% | N/A | |
U.S. Treasury Index Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 8.12% | N/A |
Class Inst | 5.37% | |||
COLUMBIA THERMOSTAT FUND ATTN STEVEN SWINHART 225 FRANKLIN ST FL 25 BOSTON MA 02110-2888 | Class Inst3 | 42.16% | N/A | |
FIIOC FBO RETIREMENT PLAN 100 MAGELLAN WAY COVINGTON KY 41015-1987 | Class A | 5.45% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | N/A | N/A | 59.66% (a) |
Statement of Additional Information – January 1, 2020 | 246 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class C | 8.38% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 12.09% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 14.41% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 18.28% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 7.53% | N/A | |
JPMCB NA CUST FOR SOUTH CAROLINA 529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 75.17% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 49.98% | N/A | |
Class Inst2 | 87.60% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class A | 6.33% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class C | 53.51% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 8.66% | N/A | |
STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 | Class C | 7.48% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 6.96% | N/A |
Statement of Additional Information – January 1, 2020 | 247 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Adaptive Risk Allocation Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 80.64% | 89.49% |
Class C | 63.96% | |||
Class Inst | 93.51% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 21.02% | N/A | |
CAPINCO C/O US BANK NA PO BOX 1787 MILWAUKEE WI 53201-1787 | Class Adv | 14.45% | N/A | |
Class Inst3 | 99.98% | |||
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Adv | 11.63% | N/A | |
Class Inst2 | 36.42% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 25.36% | N/A | |
Class Inst2 | 25.14% | |||
NATIONWIDE TRUST COMPANY C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 | Class Inst2 | 6.35% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 47.32% | N/A | |
Class Inst2 | 10.69% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class R | 49.92% | N/A | |
STATE STREET BANK AND TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 9.84% | N/A | |
STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 | Class C | 7.35% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 21.34% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class R | 12.35% | N/A | |
Dividend Income Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 19.40% | N/A |
Class C | 16.44% | |||
Class Inst | 19.24% | |||
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 7.01% | N/A | |
Class Inst2 | 29.29% | |||
Class V | 7.21% |
Statement of Additional Information – January 1, 2020 | 248 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
DCGT AS TTEE AND /OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class R | 5.31% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 9.29% | N/A | |
EQUITABLE LIFE FOR SA ON BEHALF OF VARIOUS 401K EXPEDITER PLANS 1290 AVENUE OF THE AMERICAS NEW YORK NY 10104-0101 | Class R | 48.41% | N/A | |
ING NATIONAL TRUST ONE ORANGE WAY WINDSOR CT 06095-4773 | Class R | 14.55% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 5.10% | N/A | |
Class Inst | 9.06% | |||
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 10.09% | N/A | |
Class C | 15.65% | |||
Class Inst | 10.44% | |||
Class Inst3 | 52.63% | |||
Class V | 16.29% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 9.46% | N/A | |
Class Inst | 9.30% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 22.31% | N/A | |
Class Adv | 53.74% | |||
Class C | 7.23% | |||
Class Inst | 11.34% | |||
Class Inst2 | 36.51% | |||
Class Inst3 | 14.04% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 23.32% | N/A | |
Class C | 6.73% | |||
Class Inst2 | 9.40% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 9.56% | N/A | |
Class Inst | 15.15% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 8.22% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 5.16% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 13.57% | N/A |
Statement of Additional Information – January 1, 2020 | 249 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
HY Municipal Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 29.97% | N/A |
Class C | 25.59% | |||
Class Inst | 10.15% | |||
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 25.04% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class A | 5.96% | N/A | |
Class Inst3 | 88.20% | |||
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Adv | 8.16% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 9.69% | 35.37% | |
Class C | 7.68% | |||
Class Inst | 47.60% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 12.99% | N/A | |
Class C | 12.40% | |||
Class Inst | 10.06% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 36.04% | N/A | |
Class Inst2 | 15.01% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 52.02% | N/A | |
Class Inst2 | 40.30% | |||
Class Inst3 | 9.46% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 8.17% | N/A | |
Class C | 16.21% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 19.56% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class A | 6.65% | N/A | |
Class C | 5.69% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 8.78% | N/A | |
Class C | 17.92% | |||
Multi Strategy Alternatives Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 97.93% | 96.45% |
Class C | 82.57% | |||
Class Inst | 99.44% | |||
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 73.34% | N/A |
Statement of Additional Information – January 1, 2020 | 250 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | Class Adv | 6.24% | N/A (a) | |
Class R | 100.00% | |||
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 19.99% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 19.99% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 19.99% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 19.99% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 19.99% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class C | 13.88% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 79.02% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 22.65% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class Adv | 6.32% | N/A |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Large Cap Growth Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 62.05% | 38.09% |
Class C | 36.78% | |||
Class Inst | 13.18% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 20.93% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class C | 16.95% | N/A | |
Class Inst | 8.59% | |||
Class Inst2 | 39.15% |
Statement of Additional Information – January 1, 2020 | 251 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class Inst2 | 6.88% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.53% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 15.11% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.61% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.89% | N/A | |
KAREN SORCI & MARIO SORCI TTEES FBO C/O FASCORE LLC ANESTHESIA EQUIPMENT SUPPLY INC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst2 | 6.76% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 8.35% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 5.69% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class Adv | 18.28% | N/A | |
Class C | 6.38% | |||
Class Inst3 | 49.79% | |||
Class R | 49.79% | |||
Class V | 24.20% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 41.00% | N/A | |
Class Inst2 | 21.89% | |||
PAI TRUST COMPANY, INC. 1300 ENTERPRISE DR DE PERE WI 54115-4934 | Class R | 5.38% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 28.96% | N/A | |
Class Inst2 | 7.33% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 11.48% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 10.08% | N/A |
Statement of Additional Information – January 1, 2020 | 252 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 5.34% | N/A | |
OR Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 8.08% | N/A |
Class C | 18.67% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 10.12% | N/A | |
Class Inst | 11.58% | |||
Class Inst2 | 62.74% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class A | 34.61% | N/A | |
Class C | 23.91% | |||
Class Inst3 | 57.39% | |||
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class C | 8.79% | N/A | |
Class Inst | 9.47% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 5.43% | N/A | |
Class C | 10.33% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 27.89% | N/A | |
Class Inst2 | 15.17% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 69.43% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 16.19% | N/A | |
Class C | 22.54% | |||
SEI PRIVATE TRUST COMPANY ATTN MUTUAL FUND ADMIN 1 FREEDOM VALLEY DR OAKS PA 19456-9989 | Class Inst3 | 42.47% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 21.42% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class A | 6.18% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 5.59% | N/A | |
Tax-Exempt Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 45.23% | 38.02% |
Class C | 46.28% | |||
Class Inst | 14.83% |
Statement of Additional Information – January 1, 2020 | 253 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 9.92% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class A | 13.56% | N/A | |
Class Inst3 | 86.91% | |||
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class C | 8.54% | N/A | |
Class Inst | 42.64% | |||
MORI & CO 922 WALNUT ST MAILSTOP KANSAS CITY MO 64106-1802 | Class Inst3 | 7.08% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 51.26% | N/A | |
Class Inst2 | 9.05% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 46.20% | N/A | |
Class Inst2 | 69.67% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 7.45% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 10.46% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 5.80% | N/A | |
U.S. Social Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 17.63% | N/A |
Class C | 24.93% | |||
Class Inst | 35.68% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 14.51% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class A | 5.75% | N/A | |
Class C | 12.83% | |||
Class Inst3 | 99.74% | |||
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class A | 17.66% | N/A | |
Class C | 15.82% | |||
Class Inst | 24.03% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 24.51% | N/A | |
Class C | 10.28% | |||
Class Inst | 8.78% |
Statement of Additional Information – January 1, 2020 | 254 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 54.93% | N/A | |
Class Inst2 | 73.42% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 44.14% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 8.91% | N/A | |
Class Inst | 5.96% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 8.66% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class A | 19.33% | N/A | |
Class C | 9.30% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 9.44% | N/A | |
Class Inst | 18.02% | |||
Ultra Short Term Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 99.18% | 25.66% |
Class Inst | 88.17% | |||
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | Class Adv | 38.25% | 29.49% (a) | |
JPMCB NA CUST FOR SOUTH CAROLINA 529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 40.36% | N/A | |
MLP FENNER & SMITH INC FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 | Class Inst3 | 59.47% | 43.45% | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 61.75% | N/A | |
RBC CAPITAL MARKETS, LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110 | Class Inst | 10.54% | N/A |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Balanced Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 54.33% | 38.75% |
Class C | 45.29% | |||
Class Inst | 31.99% |
Statement of Additional Information – January 1, 2020 | 255 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class Inst3 | 7.32% | N/A | |
Class R | 5.81% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Adv | 6.25% | N/A | |
Class Inst2 | 18.37% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 19.38% | N/A | |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class R | 6.53% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 7.49% | N/A | |
MATRIX TRUST COMPANY AS AGENT 35 IRON POINT CIR STE 300 FOLSOM CA 95630-8589 | Class Inst3 | 7.28% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class C | 5.88% | N/A | |
Class Inst | 15.79% | |||
Class Inst3 | 11.47% | |||
Class R | 10.62% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst3 | 11.44% | N/A | |
Class R | 8.26% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 | Class C | 6.42% | N/A | |
Class Inst | 6.58% | |||
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 11.83% | N/A | |
Class Adv | 35.21% | |||
Class Inst2 | 22.32% | |||
Class Inst3 | 8.22% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 45.91% | N/A | |
Class C | 5.30% | |||
Class Inst2 | 13.47% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 6.26% | N/A | |
Class Inst | 9.48% | |||
RELIANCE TRUST COMPANY FBO MASSMUTUAL REGISTERED PRODUCT PO BOX 28004 ATLANTA GA 30358-0004 | Class Inst3 | 10.38% | N/A | |
STATE STREET BANK FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Inst3 | 7.11% | N/A | |
Class R | 51.57% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 10.08% | N/A |
Statement of Additional Information – January 1, 2020 | 256 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO BANK FBO 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076 | Class Inst2 | 16.05% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 14.11% | N/A | |
Class Inst | 7.84% | |||
Contrarian Core Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 50.50% | N/A |
Class C | 30.93% | |||
Class Inst | 18.11% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 5.14% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Inst | 12.41% | N/A | |
Class Inst2 | 13.65% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 12.97% | N/A | |
JPMCB NA AS CUSTODIAN FOR THE SC529 PLAN COLUMBIA MODERATELY CONSERVATIVE 529 PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst | 5.13% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.03% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 5.46% | N/A | |
Class Inst | 7.70% | |||
MASSACHUSETTS MUTUAL LIFE INS CO 1295 STATE ST SPRINGFIELD MA 01111-0001 | Class R | 7.28% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 6.51% | N/A | |
Class C | 8.95% | |||
Class Inst | 6.60% | |||
Class Inst3 | 24.22% | |||
Class R | 7.20% | |||
Class V | 27.42% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 | Class C | 8.03% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 7.73% | N/A | |
Class Adv | 40.94% | |||
Class C | 5.98% | |||
Class Inst | 7.91% | |||
Class Inst2 | 45.79% | |||
Class Inst3 | 17.36% | |||
Class V | 5.23% |
Statement of Additional Information – January 1, 2020 | 257 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONWIDE TRUST COMPANY/FSB C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 | Class Inst2 | 20.96% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 20.50% | N/A | |
Class C | 8.75% | |||
PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST 3280 VIRGINIA BEACH BLVD VIRGINIA BCH VA 23452-5724 | Class Adv | 5.27% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 5.42% | N/A | |
Class Inst | 6.39% | |||
SAMMONS FINANCIAL NETWORK LLC 4546 CORPORATE DR STE 100 WEST DES MOINES IA 50266-5911 | Class R | 51.41% | N/A | |
STANDARD INSURANCE COMPANY 1100 SW 6TH AVE ATTN: SEP ACCT PORTLAND OR 97204-1093 | Class Adv | 6.57% | N/A | |
STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 | Class C | 6.69% | N/A | |
Class Inst | 7.83% | |||
TIAA FSB CUST/TTEE FBO RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748 | Class Inst3 | 9.71% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 11.17% | N/A | |
Disciplined Small Core Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 22.14% | N/A |
Class C | 20.56% | |||
Class Inst | 20.02% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class Adv | 30.31% | N/A | |
Class Inst2 | 24.03% | |||
Class Inst3 | 36.08% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Inst | 11.67% | N/A | |
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class Adv | 40.94% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 49.48% | N/A |
Statement of Additional Information – January 1, 2020 | 258 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 16.84% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 10.89% | N/A | |
Class C | 18.99% | |||
Class Inst | 6.15% | |||
Class V | 26.13% | |||
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 13.25% | N/A | |
Class Adv | 17.04% | |||
Class Inst | 11.65% | |||
Class Inst2 | 21.61% | |||
Class Inst3 | 10.52% | |||
Class V | 5.24% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 8.29% | N/A | |
Class Adv | 8.42% | |||
Class Inst2 | 25.50% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 24.65% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 8.28% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class Adv | 6.26% | N/A | |
Class C | 17.10% | |||
Emerging Markets Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 66.88% | N/A |
Class C | 59.81% | |||
Class Inst | 19.27% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class C | 6.04% | N/A | |
Class R | 6.03% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Inst | 14.72% | N/A | |
Class Inst2 | 37.66% | |||
COMERICA BANK FBO CALHOUN PO BOX 75000 MSC 3446 DETROIT MI 48275-0001 | Class Inst | 24.69% | N/A | |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class R | 8.49% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 7.06% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 13.58% | N/A |
Statement of Additional Information – January 1, 2020 | 259 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 5.65% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 7.83% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 6.42% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 39.67% | 26.47% | |
Class Inst | 11.92% | |||
Class Inst3 | 49.59% | |||
Class R | 49.64% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 7.49% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 36.12% | N/A | |
Class Inst2 | 42.79% | |||
Class Inst3 | 7.30% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 13.03% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 7.73% | N/A | |
STATE STREET BANK FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 7.40% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 7.84% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 7.22% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 5.51% | N/A | |
Global Dividend Opportunity Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 5.20% | N/A |
Class C | 7.74% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 5.57% | N/A |
Statement of Additional Information – January 1, 2020 | 260 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Adv | 8.34% | N/A | |
Class C | 5.77% | |||
Class Inst | 5.90% | |||
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class Adv | 69.00% | N/A | |
Class R | 32.47% | |||
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 38.34% | N/A | |
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 60.36% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 11.06% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 29.96% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 7.18% | N/A | |
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 32.00% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 8.22% | N/A | |
Class Adv | 10.29% | |||
Class Inst2 | 17.38% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 5.65% | N/A | |
Class Adv | 6.50% | |||
Class C | 11.41% | |||
Class Inst2 | 54.97% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 9.41% | N/A | |
STATE STREET BANK FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Adv | 13.99% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 27.50% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 8.07% | N/A |
Statement of Additional Information – January 1, 2020 | 261 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class Adv | 5.25% | N/A | |
Global Energy and Natural Resources Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 60.00% | N/A |
Class C | 35.00% | |||
Class Inst | 7.62% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class Inst2 | 16.78% | N/A | |
Class Inst3 | 5.83% | |||
Class R | 5.21% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Inst | 29.18% | N/A | |
Class Inst2 | 13.67% | |||
HARTFORD LIFE INS. CO. SEPARATE ACCOUNT ATTN UIT OPERATIONS PO BOX 2999 HARTFORD CT 06104-2999 | Class R | 14.10% | N/A | |
JOHN HANCOCK LIFE INS CO USA 601 CONGRESS ST ST4 TRADING OPS BOSTON MA 02210-2805 | Class Inst2 | 7.13% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 77.13% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 6.78% | N/A | |
Class Inst | 8.00% | |||
MASSACHUSETTS MUTUAL LIFE INS CO 1295 STATE ST SPRINGFIELD MA 01111-0001 | Class Inst3 | 9.74% | N/A | |
Class R | 28.26% | |||
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 8.82% | N/A | |
Class C | 10.73% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 | Class C | 7.22% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Inst | 14.25% | N/A | |
Class Inst2 | 37.19% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 85.90% | N/A | |
Class C | 9.60% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 6.74% | N/A |
Statement of Additional Information – January 1, 2020 | 262 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
STATE STREET BANK FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 27.69% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst | 5.62% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 11.70% | N/A | |
Global Technology Growth Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 22.65% | N/A |
Class C | 19.15% | |||
Class Inst | 18.26% | |||
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Adv | 12.17% | N/A | |
Class Adv | 50.64% | |||
Class Inst2 | 16.19% | |||
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class Inst3 | 14.75% | N/A | |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class Inst2 | 5.41% | N/A | |
GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst2 | 6.13% | N/A | |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class Inst3 | 10.99% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 29.14% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 20.81% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 9.51% | N/A | |
Class C | 13.99% | |||
Class Inst | 30.27% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 | Class C | 10.36% | N/A |
Statement of Additional Information – January 1, 2020 | 263 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 13.31% | N/A | |
Class Adv | 10.98% | |||
Class Inst2 | 20.16% | |||
Class Inst3 | 22.43% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 6.01% | N/A | |
Class Adv | 23.41% | |||
Class C | 10.92% | |||
Class Inst2 | 7.50% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 9.80% | N/A | |
STATE STREET BANK FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Inst2 | 5.28% | N/A | |
T ROWE PRICE TRUST CO TTEE FBO RETIREMENT PLAN CLIENTS PO BOX 17215 BALTIMORE MD 21297-1215 | Class Inst2 | 6.62% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 7.65% | N/A | |
WELLS FARGO BANK FBO 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076 | Class Inst2 | 9.52% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class Adv | 5.39% | N/A | |
Class C | 13.15% | |||
Greater China Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class C | 12.95% | N/A |
Class Inst | 6.58% | |||
BAND & CO C/O US BANK NA 1555 N RIVERCENTER DRIVE STE 302 PO BOX 1787 MILWAUKEE WI 53212-3958 | Class Inst | 11.37% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Adv | 8.31% | N/A | |
Class Adv | 6.51% | |||
Class Inst2 | 14.14% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 20.57% | N/A | |
GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst2 | 16.11% | N/A | |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class Inst3 | 65.08% | N/A |
Statement of Additional Information – January 1, 2020 | 264 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class Adv | 9.88% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 10.49% | N/A | |
Class Inst3 | 10.04% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 | Class Adv | 7.52% | N/A | |
Class C | 10.76% | |||
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 14.15% | N/A | |
Class Adv | 18.78% | |||
Class Inst2 | 28.04% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 6.17% | N/A | |
Class Adv | 58.41% | |||
Class C | 17.51% | |||
Class Inst2 | 8.78% | |||
RBC CAPITAL MARKETS, LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110 | Class Inst | 14.19% | N/A | |
STATE STREET BANK FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class Inst2 | 12.98% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 7.33% | N/A | |
Class Inst | 7.38% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class Adv | 10.43% | N/A | |
Class C | 16.51% | |||
Class Inst | 10.93% | |||
Mid Cap Growth Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 63.79% | 32.80% |
Class C | 43.39% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class C | 6.96% | N/A | |
Class R | 10.91% | |||
CAPITAL BANK & TRUST COMPANY TTEE F CTR FOR ORGAN RECOVERY & EDUCATION 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Inst2 | 23.53% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Adv | 6.00% | N/A | |
Class Inst | 11.44% |
Statement of Additional Information – January 1, 2020 | 265 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class R | 6.48% | N/A | |
FIIOC FBO 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 | Class Inst2 | 5.20% | N/A | |
GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class Adv | 5.85% | N/A | |
Class Inst2 | 8.49% | |||
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class Adv | 8.42% | N/A | |
Class Inst2 | 6.57% | |||
Class R | 10.69% | |||
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 37.20% | N/A | |
Class Inst3 | 74.66% | |||
Class R | 39.26% | |||
Class V | 12.44% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class R | 6.50% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 10.68% | N/A | |
Class Inst | 13.41% | |||
Class Inst2 | 34.94% | |||
Class Inst3 | 14.37% | |||
Class V | 7.47% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 27.27% | N/A | |
Class C | 5.31% | |||
RELIANCE TRUST COMPANY FBO MASSMUTUAL REGISTERED PRODUCT PO BOX 28004 ATLANTA GA 30358-0004 | Class Inst2 | 9.02% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 10.84% | N/A | |
MM Alternative Strategies Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 99.78% | 100.00% |
Class Inst | 100.00% | |||
MM International EquityStrategies Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Inst | 100.00% | 100.00% |
MM Small Cap Equity Strategies Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 99.90% | 100.00% |
Class Inst | 100.00% | |||
MM Total Return Bond Strategies Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 99.90% | 100.00% |
Class Inst | 100.00% | |||
Small Cap Growth Fund I | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 23.57% | N/A |
Class C | 25.56% | |||
Class Inst | 11.95% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 6.38% | N/A |
Statement of Additional Information – January 1, 2020 | 266 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
BAND & CO C/O US BANK NA 1555 N RIVERCENTER DRIVE STE 302 PO BOX 1787 MILWAUKEE WI 53212-3958 | Class Inst | 9.85% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Inst | 8.05% | N/A | |
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class R | 7.49% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 6.00% | N/A | |
FPS TRUST COMPANY 9200 E MINERAL AVE STE 225 CENTENNIAL CO 80112-3592 | Class R | 15.79% | N/A | |
JPMCB NA CUST FOR COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 12.57% | N/A | |
JPMCB NA CUST FOR COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 30.62% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 8.26% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 11.29% | N/A | |
Class C | 7.66% | |||
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 7.66% | N/A | |
Class Adv | 51.92% | |||
Class Inst2 | 19.79% | |||
Class Inst3 | 11.89% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 40.85% | N/A | |
Class C | 6.11% | |||
Class Inst2 | 13.53% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 7.53% | N/A | |
RELIANCE TRUST COMPANY FBO MASSMUTUAL REGISTERED PRODUCT PO BOX 28004 ATLANTA GA 30358-0004 | Class R | 41.74% | N/A |
Statement of Additional Information – January 1, 2020 | 267 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
STATE STREET BANK FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 6.51% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 9.92% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 5.61% | N/A | |
VANGUARD FDUCIARY TRUST CO PO BOX 2600 ATTN: OUTSIDE FUNDS VALLEY FORGE PA 19482-2600 | Class Inst2 | 52.95% | N/A | |
Class Inst3 | 18.48% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 23.33% | N/A | |
Class Inst | 6.92% | |||
Strategic Income Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE MINNEAPOLIS MN 55402-2405 | Class Adv | 48.04% | 28.25% |
Class C | 32.19% | |||
Class Inst | 28.50% | |||
ASCENSUS TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 | Class R | 13.01% | N/A | |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 | Class Adv | 7.87% | N/A | |
Class Inst2 | 33.75% | |||
DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 | Class R | 10.94% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | Class Inst3 | 32.31% | N/A | |
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 8.62% | N/A | |
MATRIX TRUST COMPANY CUST FBO 717 17TH ST STE 1300 DENVER CO 80202-3304 | Class R | 8.92% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 | Class Adv | 5.27% | N/A | |
Class C | 8.29% | |||
Class Inst | 16.15% | |||
Class Inst3 | 31.54% | |||
Class R | 11.70% | |||
MID ATLANTIC TRUST COMPANY FBO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 | Class Inst3 | 11.03% | N/A | |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 | Class C | 11.76% | N/A | |
Class Inst | 13.01% |
Statement of Additional Information – January 1, 2020 | 268 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | Class Adv | 5.84% | N/A | |
Class Adv | 27.36% | |||
Class Inst2 | 34.06% | |||
Class Inst3 | 5.87% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 66.49% | N/A | |
Class Inst2 | 18.45% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 7.04% | N/A | |
Class Inst | 6.94% | |||
STATE STREET BANK FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | Class R | 12.99% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 7.69% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 6.08% | N/A | |
Class Inst | 10.16% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 15.40% | N/A | |
Class Inst | 8.90% |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
CT Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 17.55% | N/A |
Class C | 25.03% | |||
CHARLES SCHWAB & CO INC CUST ATTN MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 7.84% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | Class Inst3 | 100.00% | N/A (a) | |
KELLY F SHACKELFORD PO BOX 672 NEW CANAAN CT 06840-0672 | Class V | 16.82% | N/A | |
LPL FINANCIAL FBO CUSTOMER ACCOUNTS 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 14.21% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 32.13% | 74.43% | |
Class Inst | 89.55% | |||
Class V | 17.44% |
Statement of Additional Information – January 1, 2020 | 269 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 6.20% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 63.58% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 34.97% | N/A | |
Class V | 5.31% | |||
THOMAS L DERIENZO 682 BUCKS HILL RD SOUTHBURY CT 06488-1951 | Class A | 7.71% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 12.51% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 11.60% | N/A | |
Class C | 19.83% | |||
Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 50.08% | N/A |
Class C | 28.78% | |||
CHARLES SCHWAB & CO INC CUST ATTN MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 27.38% | N/A | |
Class V | 6.36% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class A | 5.84% | N/A | |
Class Inst3 | 64.30% | |||
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class Inst3 | 7.80% | N/A | |
JOHN J ALMEIDA TR JOHN J ALMEIDA REVOCABLE TRUST U/A DATED MAY 15 1997 27 TOPMAST CT JAMESTOWN RI 02835-2227 | Class V | 8.87% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 11.60% | 70.56% | |
Class C | 17.15% | |||
Class Inst | 83.77% | |||
Class V | 10.76% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class C | 9.00% | N/A | |
MORI & CO 922 WALNUT ST MAILSTOP TBTS 2 KANSAS CITY MO 64106-1802 | Class Inst3 | 27.49% | N/A |
Statement of Additional Information – January 1, 2020 | 270 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 85.74% | N/A | |
Class C | 5.29% | |||
Class Inst2 | 46.75% | |||
Class V | 6.45% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 12.30% | N/A | |
Class Inst2 | 7.42% | |||
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class C | 6.08% | N/A | |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 18.39% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class C | 5.31% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 6.73% | N/A | |
Class C | 14.54% | |||
MA Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 12.50% | N/A |
Class C | 42.14% | |||
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | Class Inst2 | 22.52% | N/A (a) | |
Class Inst3 | 8.90% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 91.10% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 7.36% | 77.07% | |
Class C | 14.59% | |||
Class Inst | 91.47% | |||
Class V | 46.81% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 11.55% | N/A | |
Class Adv | 76.24% | |||
Class C | 12.72% | |||
Class V | 5.25% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 23.42% | N/A | |
RAYMOND JAMES FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 | Class A | 38.10% | N/A | |
Class C | 15.88% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 77.48% | N/A |
Statement of Additional Information – January 1, 2020 | 271 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 15.26% | N/A | |
Class C | 10.18% | |||
NY Intermediate Municipal Bond Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 26.24% | N/A |
Class C | 5.27% | |||
CHARLES SCHWAB & CO INC CUST ATTN MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class A | 6.84% | N/A | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 53.03% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 23.16% | 70.16% | |
Class C | 27.54% | |||
Class Inst | 81.13% | |||
Class V | 27.71% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 12.19% | N/A | |
Class C | 21.93% | |||
MORI & CO 922 WALNUT ST MAILSTOP TBTS 2 KANSAS CITY MO 64106-1802 | Class Inst3 | 44.11% | N/A | |
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class A | 7.14% | N/A | |
Class Adv | 52.15% | |||
Class C | 7.70% | |||
Class Inst2 | 96.77% | |||
PAUL E HOWARD & JUDITH A HOWARD JTWROS PO BOX 649 SCHOHARIE NY 12157-0649 | Class V | 5.43% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 7.77% | N/A | |
Class Adv | 46.39% | |||
Class C | 7.14% | |||
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 5.45% | N/A | |
Class C | 10.94% | |||
Strategic CA Municipal Income Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 30.62% | 29.43% |
Class C | 22.58% | |||
Class Inst | 29.57% | |||
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 99.80% | N/A | |
LPL FINANCIAL FBO CUSTOMER ACCOUNTS 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class Inst | 9.32% | N/A | |
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 13.04% | N/A | |
Class C | 34.80% | |||
Class Inst | 40.72% |
Statement of Additional Information – January 1, 2020 | 272 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 7.77% | N/A | |
Class C | 7.92% | |||
Class Inst | 6.58% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 | Class Adv | 28.69% | N/A | |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 70.48% | N/A | |
Class Inst2 | 16.02% | |||
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 79.27% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 7.94% | N/A | |
Class C | 13.62% | |||
Strategic NY Municipal Income Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 25.26% | N/A |
Class C | 16.49% | |||
Class Inst | 29.06% | |||
CHARLES SCHWAB & CO INC CUST ATTN MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Inst2 | 91.31% | N/A | |
COLUMBIA MGMT INVESTMENT ADVSR LLC ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 | Class Inst3 | 7.97% | N/A (a) | |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 | Class Inst3 | 92.03% | N/A | |
J P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | Class Inst | 11.54% | N/A | |
LPL FINANCIAL FBO CUSTOMER ACCOUNTS 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 | Class C | 5.61% | N/A | |
Class Inst | 9.39% | |||
MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | Class A | 7.56% | N/A | |
Class C | 22.58% | |||
Class Inst | 31.51% | |||
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | Class A | 6.08% | N/A | |
Class C | 12.54% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class A | 6.73% | N/A | |
Class Adv | 95.52% | |||
Class C | 10.57% | |||
STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 | Class C | 5.14% | N/A |
Statement of Additional Information – January 1, 2020 | 273 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 | Class Inst2 | 6.76% | N/A | |
UBS WM USA SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | Class Inst | 5.87% | N/A | |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class A | 5.73% | N/A |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
Real Estate Equity Fund | AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | Class A | 67.76% | N/A |
Class C | 33.95% | |||
CAPITAL BANK & TRUST CO FBO C/O FASCORE 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 | Class R | 18.84% | N/A | |
CHARLES SCHWAB & CO INC CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 | Class Adv | 13.44% | N/A | |
Class C | 10.32% | |||
Class Inst | 12.58% | |||
JPMCB NA CUST FOR COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 | Class Inst3 | 55.45% | N/A | |
MAC & CO A/C ATTN: MUTUAL FUND OPS 500 GRANT STREET PITTSBURGH PA 15219-2502 | Class Inst2 | 53.84% | N/A | |
MERRILL LYNCH, PIERCE, FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 | Class A | 5.11% | N/A | |
Class Adv | 16.21% | |||
Class C | 11.12% | |||
Class Inst3 | 43.17% | |||
Class R | 45.19% | |||
NATIONAL FINANCIAL SERVICES LLC FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 | Class Adv | 31.93% | N/A | |
Class Inst | 5.18% | |||
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 | Class Adv | 24.94% | N/A | |
Class C | 6.69% | |||
RELIANCE TRUST COMPANY FBO MASSMUTUAL REGISTERED PRODUCT PO BOX 28004 ATLANTA GA 30358-0004 | Class Inst2 | 34.11% | N/A | |
SEI PRIVATE TRUST CO ATTN MUTUAL FUND ADMINISTRATOR 1 FREEDOM VALLEY DR OAKS PA 19456-9989 | Class Inst | 29.21% | N/A |
Statement of Additional Information – January 1, 2020 | 274 |
Fund | Shareholder Name and Address | Share Class | Percentage of Class | Percentage of Fund (if greater than 25%) |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | Class C | 8.54% | N/A |
(a) | Combination of all share classes of Columbia Management initial capital and/or affiliated funds-of-funds’ investments. |
(b) | Reporting information for the fund is as of November 30, 2019. |
Statement of Additional Information – January 1, 2020 | 275 |
Statement of Additional Information – January 1, 2020 | 276 |
Statement of Additional Information – January 1, 2020 | A-1 |
Statement of Additional Information – January 1, 2020 | A-2 |
‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.
‘AA’ ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.
‘A’ ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.
‘BBB’ ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.
‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.
‘B’ ratings indicate that material credit risk is present.
Statement of Additional Information – January 1, 2020 | A-3 |
‘CCC’ ratings indicate that substantial credit risk is present.
‘CC’ ratings indicate very high levels of credit risk.
‘C’ indicates exceptionally high levels of credit risk.
Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added “+” to denote any exceptionally strong credit feature.
Good intrinsic capacity for timely payment of financial commitments.
The intrinsic capacity for timely payment of financial commitments is adequate.
Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.
Default is a real possibility.
Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.
Indicates a broad-based default event for an entity, or the default of a short-term obligation.
Statement of Additional Information – January 1, 2020 | A-4 |
Statement of Additional Information – January 1, 2020 | B-1 |
■ | effectively exercise their voting rights across the full range of business normally associated with general meetings of a company in line with market best practice (e.g. the election of individual directors, discharge authorities, capital authorities, auditor appointment, major or related party transactions etc). |
■ | place items on the agenda of general meetings, and to propose resolutions subject to reasonable limitations; |
■ | call a meeting of shareholders for the purpose of transacting the legitimate business of the company; and |
■ | Clear, consistent and effective reporting to shareholders is undertaken at regular intervals and that they remain aware of shareholder sentiment on major issues to do with the business, its strategy and performance. Where significant shareholder dissent is emerging or apparent (e.g. through the voting levels seen at General Meetings), boards should act to address that. |
■ | Boards should also allow a reasonable opportunity for the shareholders at a general meeting to ask questions about or make comments on the management of the company, and to ask the external auditor questions related to the audit. |
Statement of Additional Information – January 1, 2020 | B-2 |
Statement of Additional Information – January 1, 2020 | B-3 |
■ | subject to proper oversight by the board and regular review (e.g. audit, shareholder approval); |
■ | clearly justified and not be detrimental to the long-term interests of the company; |
■ | undertaken in the normal course of business; |
■ | undertaken on fully commercial terms; |
■ | In line with best practice; and |
■ | In the interests of all shareholders. |
Statement of Additional Information – January 1, 2020 | B-4 |
Statement of Additional Information – January 1, 2020 | B-5 |
1. | Clear, simple and understandable; |
2. | Balanced and proportionate, in respect of structure, deliverables, opportunity and the market; |
3. | Aligned with the long-term strategy, related key performance indicators and risk management discipline; |
4. | Linked robustly to the delivery of performance; |
5. | Delivering outcomes that reflect value creation and the shareholder ‘experience’; and |
6. | Structured to avoid pay for failure or the avoidance of accountability to shareholders. |
Statement of Additional Information – January 1, 2020 | B-6 |
Statement of Additional Information – January 1, 2020 | B-7 |
■ | the inability or perceived inability of a government authority to collect sufficient tax or other revenues to meet its payment obligations; |
■ | natural disasters and ecological or environmental concerns; |
■ | the introduction of constitutional or statutory limits on a tax-exempt issuer’s ability to raise revenues or increase taxes; |
■ | the inability of an issuer to pay interest on or to repay principal or securities in which the funds invest during recessionary periods; and |
■ | economic or demographic factors that may cause a decrease in tax or other revenues for a government authority or for private operators of publicly financed facilities. |
Statement of Additional Information – January 1, 2020 | C-1 |
Statement of Additional Information – January 1, 2020 | C-2 |
Statement of Additional Information – January 1, 2020 | C-3 |
Connecticut’s economic performance is measured by personal income, which has been among the highest in the nation on a per capita basis, and gross state product (the market value of all final goods and services produced by labor and property located within Connecticut). Connecticut’s nonagricultural employment reached a high in March 2009 with 1,713,300 persons employed, but began declining with the onset of the recession, falling to 1,594,200 jobs in February 2010, and has since risen to 1,685,200 in December 2017.
Statement of Additional Information – January 1, 2020 | C-4 |
As of May 31, 2018, the market value of the fund’s investment assets was estimated to be $12,531.4 million. The June 2017 revised actuarial valuation determined that employer contributions of $1,443.1 million and $1,574.5 million would be required for fiscal year 2018 and fiscal year 2019, respectively. For fiscal year 2016, Connecticut made an employer contribution of $1,501.7 million, 99.2% of the actuarial employer contribution requirement. The adopted budget for fiscal years 2018 and 2019 contained appropriations expected to be sufficient, together with anticipated grant reimbursement from Federal and other funds, to fully fund the employer contribution requirement.
Statement of Additional Information – January 1, 2020 | C-5 |
Statement of Additional Information – January 1, 2020 | C-6 |
Statement of Additional Information – January 1, 2020 | C-7 |
Statement of Additional Information – January 1, 2020 | C-8 |
Statement of Additional Information – January 1, 2020 | C-9 |
Statement of Additional Information – January 1, 2020 | C-10 |
Statement of Additional Information – January 1, 2020 | C-11 |
Columbia Capital Allocation Moderate Aggressive Portfolio
Columbia Capital Allocation Moderate Conservative Portfolio
Columbia Convertible Securities Fund
Columbia Georgia Intermediate Municipal Bond Fund
Columbia Global Strategic Equity Fund
Columbia Large Cap Enhanced Core Fund
Columbia Large Cap Growth Fund III
Columbia Large Cap Index Fund
Columbia Maryland Intermediate Municipal Bond Fund
Columbia Mid Cap Index Fund
Columbia North Carolina Intermediate Municipal Bond Fund
Columbia Overseas Value Fund
Columbia Select Global Growth Fund
Columbia Select International Equity Fund
Columbia Select Large Cap Equity Fund
Columbia Select Mid Cap Value Fund
Columbia Short Term Bond Fund
Columbia Short Term Municipal Bond Fund
Columbia Small Cap Index Fund
Columbia Small Cap Value Fund II
Columbia South Carolina Intermediate Municipal Bond Fund
Columbia Virginia Intermediate Municipal Bond Fund
Columbia Adaptive Retirement 2025 Fund
Columbia Adaptive Retirement 2030 Fund
Columbia Adaptive Retirement 2035 Fund
Columbia Adaptive Retirement 2040 Fund
Columbia Adaptive Retirement 2045 Fund
Columbia Adaptive Retirement 2050 Fund
Columbia Adaptive Retirement 2055 Fund
Columbia Adaptive Retirement 2060 Fund
Columbia Adaptive Risk Allocation Fund
Columbia Balanced Fund
Columbia Bond Fund
Columbia Connecticut Intermediate Municipal Bond Fund
Columbia Contrarian Core Fund
Columbia Corporate Income Fund
Columbia Disciplined Small Core Fund
Columbia Dividend Income Fund
Columbia Emerging Markets Fund
Columbia Global Dividend Opportunity Fund
Columbia Global Energy and Natural Resources Fund
Columbia Global Technology Growth Fund
Columbia Greater China Fund
Columbia High Yield Municipal Fund
Columbia Intermediate Municipal Bond Fund
Columbia Large Cap Growth Fund
Columbia Massachusetts Intermediate Municipal Bond Fund
Columbia Mid Cap Growth Fund
Columbia Multi Strategy Alternatives Fund
Columbia New York Intermediate Municipal Bond Fund
Columbia Oregon Intermediate Municipal Bond Fund
Columbia Pacific/Asia Fund
Columbia Real Estate Equity Fund
Columbia Select Large Cap Growth Fund
Columbia Small Cap Growth Fund I
Columbia Small Cap Value Fund I
Columbia Solutions Aggressive Portfolio
Columbia Solutions Conservative Portfolio
Columbia Strategic California Municipal Income Fund
Columbia Strategic Income Fund
Columbia Strategic New York Municipal Income Fund
Columbia Tax-Exempt Fund
Columbia Total Return Bond Fund
Columbia U.S. Social Bond Fund
Columbia U.S. Treasury Index Fund
Columbia Ultra Short Term Bond Fund
Multi-Manager Alternative Strategies Fund
Multi-Manager Directional Alternative Strategies Fund
Multi-Manager Growth Strategies Fund
Multi-Manager International Equity Strategies Fund
Multi-Manager Small Cap Equity Strategies Fund
Multi-Manager Total Return Bond Strategies Fund
Multisector Bond SMA Completion Portfolio
Overseas SMA Completion Portfolio
Columbia Capital Allocation Conservative Portfolio
Columbia Capital Allocation Moderate Portfolio
Columbia Commodity Strategy Fund
Columbia Contrarian Asia Pacific Fund
Columbia Contrarian Europe Fund
Columbia Disciplined Core Fund
Columbia Disciplined Growth Fund
Columbia Disciplined Value Fund
Columbia Dividend Opportunity Fund
Columbia Emerging Markets Bond Fund
Columbia Flexible Capital Income Fund
Columbia Floating Rate Fund
Columbia Global Equity Value Fund
Columbia Global Infrastructure Fund
Columbia Global Opportunities Fund
Columbia Government Money Market Fund
Columbia High Yield Bond Fund
Columbia Income Builder Fund
Columbia Income Opportunities Fund
Columbia Inflation Protected Securities Fund
Columbia Large Cap Value Fund
Columbia Limited Duration Credit Fund
Columbia Minnesota Tax-Exempt Fund
Statement of Additional Information – January 1, 2020 | D-1 |
Columbia Overseas Core Fund
Columbia Quality Income Fund
Columbia Select Global Equity Fund
Columbia Select Large Cap Value Fund
Columbia Select Small Cap Value Fund
Columbia Seligman Global Technology Fund
Columbia Short-Term Cash Fund
Columbia Small/Mid Cap Value Fund
Columbia Strategic Municipal Income Fund
Multi-Manager Value Strategies Fund
Statement of Additional Information – January 1, 2020 | D-2 |
■ | Current or retired fund Board members, officers or employees of the funds or Columbia Management or its affiliates(b); |
■ | Current or retired Ameriprise Financial Services, Inc. (Ameriprise Financial Services) financial advisors and employees of such financial advisors(b); |
■ | Registered representatives and other employees of affiliated or unaffiliated financial intermediaries (and their immediate family members and related trusts or other entities owned by the foregoing) having a selling agreement with the Distributor(b); |
■ | Registered broker-dealer firms that have entered into a dealer agreement with the Distributor may buy Class A shares without paying a front-end sales charge for their investment account only; |
■ | Portfolio managers employed by subadvisers of the funds(b); |
■ | Partners and employees of outside legal counsel to the funds or to the funds’ directors or trustees who regularly provide advice and services to the funds, or to their directors or trustees; |
■ | Direct rollovers (i.e., rollovers of fund shares and not reinvestments of redemption proceeds) from qualified employee benefit plans, provided that the rollover involves a transfer to Class A shares in the same fund; |
■ | Employees or partners of Columbia Wanger Asset Management, LLC; |
■ | Separate accounts established and maintained by an insurance company which are exempt from registration under Section 3(c)(11); |
■ | At a fund’s discretion, front-end sales charges may be waived for shares issued in plans of reorganization, such as mergers, asset acquisitions and exchange offers, to which the fund is a party; |
Statement of Additional Information – January 1, 2020 | S-1 |
■ | Purchases by registered representatives and employees (and their immediate family members and related trusts or other entities owned by the foregoing (referred to as “Related Persons”)) of Ameriprise Financial Services and its affiliates; provided that with respect to employees (and their Related Persons) of an affiliate of Ameriprise Financial, such persons must make purchases through an account held at Ameriprise Financial or its affiliates. |
■ | Through or under a wrap fee product or other investment product sponsored by a financial intermediary that charges an account management fee or other managed agency/asset allocation accounts or programs involving fee-based compensation arrangements that have or that clear trades through a financial intermediary that has a selling agreement with the Distributor; |
■ | Through state sponsored college savings plans established under Section 529 of the Internal Revenue Code; |
■ | Through banks, trust companies and thrift institutions, acting as fiduciaries; or |
■ | Through “employee benefit plans” created under Section 401(a), 401(k), 457 and 403(b), and qualified deferred compensation plans, that have a plan level or omnibus account maintained with the Fund or the Transfer Agent and transact directly with the Fund or the Transfer Agent through a third-party administrator or third-party recordkeeper. This waiver does not apply to accounts held through commissionable brokerage platforms. |
* | Any shareholder with a Direct-at-Fund account (i.e., shares held directly with the Fund through the Transfer Agent) that is eligible to purchase shares without a front-end sales charge by virtue of having qualified for a previous waiver may continue to purchase shares without a front-end sales charge if they no longer qualify under a category described in the prospectus or in this section. Otherwise, you must qualify for a front-end sales charge waiver described in the prospectus or in this section. |
(a) | The Funds no longer accept investments from new or existing investors in Class E shares, except by existing Class E and former Class F shareholders who opened and funded their account prior to September 22, 2006 that may continue to invest in Class E shares (Class F shares automatically converted to Class E shares on July 17, 2017). See the prospectus offering Class E shares of Large Cap Growth Fund (a series of CFST I) for details. |
(b) | Including their spouses or domestic partners, children or step-children, parents, step-parents or legal guardians, and their spouse’s or domestic partner’s parents, step-parents, or legal guardians. |
■ | In the event of the shareholder’s death; |
■ | For which no sales commission or transaction fee was paid to an authorized financial intermediary at the time of purchase; |
■ | Purchased through reinvestment of dividend and capital gain distributions; |
■ | That result from required minimum distributions taken from retirement accounts upon the shareholder’s attainment of age 70½; |
■ | That result from returns of excess contributions made to retirement plans or individual retirement accounts, so long as the financial intermediary returns the applicable portion of any commission paid by the Distributor; |
■ | For Class A shares: initially purchased by an employee benefit plan; |
■ | For Class C, Class E, and Class V shares: initially purchased by an employee benefit plan that are not connected with a plan level termination; |
■ | In connection with the fund’s Small Account Policy (as described in the prospectus); and |
■ | Issued in connection with plans of reorganization, including but not limited to mergers, asset acquisitions and exchange offers, to which the fund is a party and at the fund’s discretion. |
■ | Any client of Bank of America or one of its subsidiaries buying shares through an asset management company, trust, fiduciary, retirement plan administration or similar arrangement with Bank of America or the subsidiary. |
■ | Any employee (or family member of an employee) of Bank of America or one of its subsidiaries. |
Statement of Additional Information – January 1, 2020 | S-2 |
■ | Any investor buying shares through a Columbia Management state tuition plan organized under Section 529 of the Internal Revenue Code. |
■ | Any trustee or director (or family member of a trustee or director) of a fund distributed by the Distributor. |
■ | Other than for the Multi-Manager Strategies Funds, any shareholder (as well as any family member of a shareholder or person listed on an account registration for any account of the shareholder) who holds Class Inst shares of a fund distributed by the Distributor is eligible to purchase Class Inst shares of other funds distributed by the Distributor, subject to a minimum initial investment of $2,000 ($1,000 for IRAs). If the account in which the shareholder holds Class Inst shares is not eligible to purchase additional Class Inst shares, the shareholder may purchase Class Inst shares in an account maintained directly with the Transfer Agent, subject to a minimum initial investment of $2,000 ($1,000 for IRAs). |
Statement of Additional Information – January 1, 2020 | S-3 |
Table of Contents
Pro forma financial statements of Columbia Capital Allocation Aggressive Portfolio, Columbia Select Global Equity Fund, Columbia Select Mid Cap Value Fund, Columbia Overseas Core Fund and Columbia Small Cap Value Fund I
NARRATIVE DESCRIPTION OF THE PRO FORMA EFFECTS OF THE REORGANIZATIONS
The unaudited pro forma information set forth below for the twelve month periods ended on the dates indicated is intended to present supplemental data as if the reorganizations of one or more funds (each a “Target Fund” and together, the “Target Funds”) into other corresponding funds (each an “Acquiring Fund” and together, the “Acquiring Funds” and together with the Target Fund, each a “Fund” and collectively, the “Funds”), as noted in Table 1 below (the “Reorganizations”), had occurred as of the beginning of the period (unless otherwise noted). No Reorganization is contingent upon any other Reorganization.
Table 1 – Reorganizations
Target Fund | Acquiring Fund | Period Ended | ||
Columbia Global Strategic Equity Fund | Columbia Capital Allocation Aggressive Portfolio | 7/31/2019 | ||
Columbia Select Global Growth Fund | Columbia Select Global Equity Fund | 10/31/2019 | ||
Columbia Small/Mid Cap Value Fund | Columbia Select Mid Cap Value Fund | 8/31/2019 | ||
Columbia Contrarian Europe Fund | Columbia Overseas Core Fund | 8/31/2019 | ||
Columbia Disciplined Small Core Fund | Columbia Small Cap Value Fund I | 10/31/2019 |
Basis of Combination
In February 2020, the boards of trustees of each Target Fund approved an Agreement and Plan of Reorganization (the “Plan of Reorganization”) pursuant to which each Target Fund will transfer all of its assets to the corresponding Acquiring Fund in exchange for shares of the corresponding Acquiring Fund (“Acquisition Shares”) and each Acquiring Fund will assume all of the liabilities of the respective Target Fund. Target Fund shareholders will receive the class of Acquisition Shares indicated in Table 2 below. Each Acquiring Fund will issue Acquisition Shares with an aggregate net asset value equal to the aggregate value of the assets that it receives from the corresponding Target Fund, net of liabilities and any expenses of the Reorganization payable by the Target Fund. All Acquisition Shares delivered to the Target Funds will be delivered at net asset value without a sales load, commission or other similar fee being imposed. Immediately following the transfer, the Acquisition Shares received by each Target Fund attributable to each class thereof will be distributed pro rata to the shareholders of such class of the Target Fund in proportion to their holdings of shares of such class of the Target Fund.
Table 2 – Acquisition Shares
Columbia Global Strategic Equity Fund | Columbia Capital Allocation Aggressive Portfolio | |||
Class A | g | Class A | ||
Class Adv | g | Class Adv | ||
Class C | g | Class C | ||
Class Inst | g | Class Inst | ||
Class Inst2 | g | Class Inst2 | ||
Class Inst3 | g | Class Inst3 | ||
Class R | g | Class R |
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Columbia Select Global Growth Fund | Columbia Select Global Equity Fund | |||
Class A | g | Class A | ||
Class Adv | g | Class Adv | ||
Class C | g | Class C | ||
Class Inst | g | Class Inst | ||
Class Inst2 | g | Class Inst2 | ||
Class Inst3 | g | Class Inst3 | ||
Class R | g | Class R |
Columbia Small/Mid Cap Value Fund | Columbia Select Mid Cap Value Fund | |||
Class A | g | Class A | ||
Class Adv | g | Class Adv | ||
Class C | g | Class C | ||
Class Inst | g | Class Inst | ||
Class Inst2 | g | Class Inst2 | ||
Class Inst3 | g | Class Inst3 | ||
Class R | g | Class R |
Columbia Contrarian Europe Fund | Columbia Overseas Core Fund | |||
Class A | g | Class A | ||
Class Adv | g | Class Adv | ||
Class C | g | Class C | ||
Class Inst | g | Class Inst | ||
Class Inst2 | g | Class Inst2 | ||
Class Inst3 | g | Class Inst3 |
Columbia Disciplined Small Core Fund | Columbia Small Cap Value Fund I | |||
Class A | g | Class A | ||
Class Adv | g | Class Adv | ||
Class C | g | Class C | ||
Class Inst | g | Class Inst | ||
Class Inst2 | g | Class Inst2 | ||
Class Inst3 | g | Class Inst3 | ||
Class V | g | Class Inst |
Under the terms of the Plan of Reorganization, each Reorganization will be accounted for by the method of accounting for tax-free mergers of investment companies. Following each Reorganization, the Acquiring Fund will be the accounting survivor of each Reorganization. In accordance with accounting principles generally accepted in the United States, the historical cost of investment securities will be carried forward to the Acquiring Fund and the results of operations for pre-Reorganization periods will not be restated. The costs of each Reorganization, current estimates of which are set forth in Table 5 below, will be borne by each Target Fund and Acquiring Fund up to the amount of the anticipated reduction in expenses that shareholders of a Fund will realize in the first year following each Reorganization. Any amounts in excess of this limit will be borne by Columbia Management Investment Advisers, LLC (“Columbia Threadneedle”). If a Reorganization is not consummated, Columbia Threadneedle or its affiliates will bear the costs associated with that Reorganization. The pro forma information provided herein should be read in conjunction with the audited financial statements of each Fund included in its most recent annual report and, as applicable, the unaudited financial statements of the Fund included in its most recent semi-annual report, in each case dated as indicated in Table 3 below.
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Table 3 – Shareholder Report Dates
Fund | Annual Report | Subsequent Semi-Annual Report | ||||
Columbia Global Strategic Equity Fund (Target Fund) | 1/31/2019 | 7/31/2019 | ||||
Columbia Capital Allocation Aggressive Portfolio (Acquiring Fund) | 1/31/2019 | 7/31/2019 | ||||
Columbia Select Global Growth Fund (Target Fund) | 2/28/2019 | 8/31/2019 | ||||
Columbia Select Global Equity Fund (Acquiring Fund) | 10/31/2019 | N/A | ||||
Columbia Small/Mid Cap Value Fund (Target Fund) | 5/31/2019 | 11/30/2019 | ||||
Columbia Select Mid Cap Value Fund (Acquiring Fund) | 2/28/2019 | 8/31/2019 | ||||
Columbia Contrarian Europe Fund (Target Fund) | 10/31/2019 | N/A | ||||
Columbia Overseas Core Fund (Acquiring Fund | 2/28/2019 | 8/31/2019 | ||||
Columbia Disciplined Small Core Fund (Target Fund) | 8/31/2019 | N/A | ||||
Columbia Small Cap Value Fund I (Acquiring Fund | 4/30/2019 | 10/31/2019 |
Table 4 below presents, as of the date indicated, the net assets of each Fund.
Table 4 – Target Funds and Acquiring Funds Net Assets
Fund | Net Assets | As-Of Date | ||||
Columbia Global Strategic Equity Fund (Target Fund) | $ | 626,661,785 | 7/31/2019 | |||
Columbia Capital Allocation Aggressive Portfolio (Acquiring Fund) | $ | 716,109,430 | 7/31/2019 | |||
Columbia Select Global Growth Fund (Target Fund) | $ | 63,690,979 | 10/31/2019 | |||
Columbia Select Global Equity Fund (Acquiring Fund) | $ | 478,896,512 | 10/31/2019 | |||
Columbia Small/Mid Cap Value Fund (Target Fund) | $ | 636,449,573 | 8/31/2019 | |||
Columbia Select Mid Cap Value Fund (Acquiring Fund) | $ | 1,499,837,319 | 8/31/2019 | |||
Columbia Contrarian Europe Fund (Target Fund) | $ | 257,418,778 | 8/31/2019 | |||
Columbia Overseas Core Fund (Acquiring Fund | $ | 248,580,071 | 8/31/2019 | |||
Columbia Disciplined Small Core Fund (Target Fund) | $ | 89,885,582 | 10/31/2019 | |||
Columbia Small Cap Value Fund I (Acquiring Fund | $ | 546,743,864 | 10/31/2019 |
Table 5 presents the estimated Reorganization costs (exclusive of any transaction costs associated with any portfolio realignment); the net assets as of the date indicated in Table 4 above with respect to each Acquiring Fund assuming the indicated Reorganization occurred on that date, after accounting for the estimated Reorganization costs to be borne by the Acquiring Fund and the corresponding Target Fund; and, on a pro forma basis, the estimated relative increases or decreases in combined operating expenses that would have been incurred during the one-year period ended on the date indicated in Table 4 above. The pro forma increases and decreases represent the differences between (i) the combined expenses actually charged to the Acquiring Fund and the Target Fund during the period and (ii) the expenses that would have been charged to the Acquiring Fund and the Target Fund, based on the combined assets of the Funds, if the Reorganizations and any contractual changes had occurred at the beginning of the year.
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The unaudited pro forma information set forth in Table 5 below reflects adjustments made to expenses for differences in contractual rates, duplicate services and other services that would not have occurred if the Reorganizations had taken place on the first day of the period described in Table 1 above. The pro forma information has been derived from the books and records of the Funds utilized in calculating daily net asset value for the Funds and has been prepared in accordance with accounting principles generally accepted in the United States, which require the use of management estimates. Actual results could differ from those estimates.
Table 5 – Estimated Reorganization Costs, Combined Fund Net Assets and Pro Forma Increases or Decreases in Expenses (1)
Reorganization 1 - Columbia Global Strategic Equity Fund into Columbia Capital Allocation Aggressive Portfolio | ||||
Estimated Reorganization Costs | $ | 112,947 | ||
Combined Fund Net Assets as of the Date Indicated in Table 4 | $ | 1,342,658,268 | ||
Increase (Decrease) | ||||
Management fees | $ | (17,700 | ) | |
Custodian fees (2) | $ | (24,941 | ) | |
Professional fees (2) | $ | (19,527 | ) | |
Registration fees (2) | $ | (98,519 | ) | |
Reports to shareholders (2) | $ | (57,192 | ) | |
Other (2) | $ | (17,875 | ) | |
(Increase) Decrease | ||||
Waiver and/or reimbursement of fund expenses (4) | $ | 0 |
Reorganization 2 - Columbia Select Global Growth Fund into Columbia Select Global Equity Fund | ||||
Estimated Reorganization Costs | $ | 4,049 | ||
Combined Fund Net Assets as of the Date Indicated in Table 4 | $ | 542,583,422 | ||
Increase (Decrease) | ||||
Management fees (3) | $ | (38,032 | ) | |
Custodian fees (2) | $ | (17,124 | ) | |
Professional fees (2) | $ | (38,733 | ) | |
Registration fees (2) | $ | (94,880 | ) | |
Reports to shareholders (2) | $ | (17,356 | ) | |
Other (2) | $ | (16,444 | ) | |
(Increase) Decrease | ||||
Waiver and/or reimbursement of fund expenses (4) | $ | 97,251 |
Reorganization 3 - Columbia Small/Mid Cap Value Fund into Columbia Select Mid Cap Value Fund | ||||
Estimated Reorganization Costs | $ | 134,452 | ||
Combined Fund Net Assets as of the Date Indicated in Table 4 | $ | 2,136,152,440 | ||
Increase (Decrease) | ||||
Management fees | $ | (886,321 | ) | |
Custodian fees (2) | $ | (8,910 | ) | |
Professional fees (2) | $ | (39,739 | ) | |
Registration fees (2) | $ | (114,274 | ) | |
Reports to shareholders (2) | $ | (107,801 | ) | |
Other (2) | $ | (21,246 | ) | |
(Increase) Decrease | ||||
Waiver and/or reimbursement of fund expenses (4) | $ | 594,634 |
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Reorganization 4 - Columbia Contrarian Europe Fund into Columbia Overseas Core Fund | ||||
Estimated Reorganization Costs | $ | 298,763 | ||
Combined Fund Net Assets as of the Date Indicated in Table 4 | $ | 505,700,086 | ||
Increase (Decrease) | ||||
Management fees (3) | $ | (37,275 | ) | |
Custodian fees (2) | $ | (19,397 | ) | |
Professional fees (2) | $ | (34,751 | ) | |
Registration fees (2) | $ | (74,778 | ) | |
Reports to shareholders (2) | $ | (8,732 | ) | |
Other (2) | $ | (6,555 | ) | |
(Increase) Decrease | ||||
Waiver and/or reimbursement of fund expenses (4) | $ | (87,017 | ) |
Reorganization 5 - Columbia Disciplined Small Core Fund into Columbia Small Cap Value Fund I | ||||
Estimated Reorganization Costs | $ | 91,632 | ||
Combined Fund Net Assets as of the Date Indicated in Table 4 | $ | 636,537,814 | ||
Increase (Decrease) | ||||
Management fees (3) | $ | (162,893 | ) | |
Custodian fees (2) | $ | (4,291 | ) | |
Professional fees (2) | $ | (30,691 | ) | |
Registration fees (2) | $ | (88,606 | ) | |
Reports to shareholders (2) | $ | (14,285 | ) | |
Other (2) | $ | (25,863 | ) | |
(Increase) Decrease | ||||
Waiver and/or reimbursement of fund expenses (4) | $ | 316,844 |
(1) | See “Fees and Expenses” in the Combined Information Statement/Prospectus for more information. |
(2) | Adjustment reflects the elimination of duplicate services. |
(3) | Management fees Pro Forma reflects an adjusted management fee rate, effective upon the closing of the Reorganization. |
(4) | Adjustment reflects the aggregate (increase) decrease in expense reimbursements and/or waivers by Columbia Threadneedle and its affiliates. |
Table 6 – Management Fees (Combined Investment Management and Administration Fees)
Pursuant to a Management Agreement with Columbia Threadneedle, each Fund pays a monthly management fee to Columbia Threadneedle for investment management and administrative services based on the average daily net assets of the Fund, at the annual rates shown in the tables below. Each Acquiring Fund’s management fee schedule will apply following completion of the Reorganization, unless, as indicated below, a new management fee schedule will apply. The tables below show the current contractual management fee schedule for each of the Funds and, if applicable, the new management fee schedule of the Acquiring Fund following the Reorganization.
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Columbia Global Strategic Equity Fund | Columbia Capital Allocation Aggressive Portfolio | |||||
Assets (in $ millions of average annual | Fee | Assets (in $ millions of average | Fee | |||
Assets invested in securities other than third-party advised mutual funds, and in Columbia Threadneedle’s proprietary funds that do not pay a management fee (or advisory fee, as applicable) (including exchange-traded funds), derivatives and individual securities | 0.570% | Assets invested in securities other than third-party advised mutual funds, and in Columbia Threadneedle’s proprietary funds that do not pay a management fee (or advisory fee, as applicable) (including exchange-traded funds), derivatives and individual securities | 0.570% | |||
Assets invested in non-exchange-traded third party advised mutual funds | 0.120% | Assets invested in non-exchange-traded third party advised mutual funds | 0.120% | |||
Assets invested in funds advised by Columbia Threadneedle (excluding any underlying funds that do not pay a management fee (or advisory fee, as applicable) to Columbia Threadneedle | 0.020% | Assets invested in funds advised by Columbia Threadneedle (excluding any underlying funds that do not pay a management fee (or advisory fee, as applicable) to Columbia Threadneedle | 0.020% |
Columbia Select Global Growth Fund | Columbia Select Global Equity Fund | |||||||||||||
Assets (in $ millions of | Fee | Assets (in $ millions of average annual net assets) | Fee (Current) | Fee (Post- Reorganization) | ||||||||||
$0-$500 | 0.870 | % | $0-$250 | 0.880 | % | 0.870 | % | |||||||
>$500-$1,000 | 0.820 | % | >$250-$500 | 0.855 | % | 0.855 | % | |||||||
>$1,000-$1,500 | 0.770 | % | >$500-$750 | 0.825 | % | 0.820 | % | |||||||
>$1,500-$3,000 | 0.720 | % | >$750-$1,000 | 0.800 | % | 0.800 | % | |||||||
>$3,000-$6,000 | 0.700 | % | >$1,000-$1,500 | 0.770 | % | 0.770 | % | |||||||
>$6,000-$12,000 | 0.680 | % | >$1,500-$3,000 | 0.720 | % | 0.720 | % | |||||||
>$12,000 | 0.670 | % | >$3,000-$6,000 | 0.700 | % | 0.700 | % | |||||||
>$6,000-$12,000 | 0.680 | % | 0.680 | % | ||||||||||
>$12,000-$20,000 | 0.670 | % | 0.670 | % | ||||||||||
>$20,000-$24,000 | 0.660 | % | 0.660 | % | ||||||||||
>$24,000-$50,000 | 0.650 | % | 0.650 | % | ||||||||||
>$50,000 | 0.620 | % | 0.620 | % | ||||||||||
Columbia Small/Mid Cap Value Fund | Columbia Select Mid Cap Value Fund | |||||||||||||
Assets (in $ millions of | Fee | Assets (in $ millions of average annual net assets) | Fee | |||||||||||
$0-$500 | 0.820 | % | $0-$500 | 0.820 | % | |||||||||
>$500-$1,000 | 0.770 | % | >$500-$1,000 | 0.770 | % | |||||||||
>$1,000-$1,500 | 0.720 | % | >$1,000-$1,500 | 0.720 | % | |||||||||
>$1,500-$3,000 | 0.670 | % | >$1,500-$3,000 | 0.670 | % | |||||||||
>$3,000-$12,000 | 0.660 | % | >$3,000-$12,000 | 0.660 | % | |||||||||
>$12,000 | 0.650 | % | >$12,000 | 0.650 | % | |||||||||
Columbia Contrarian Europe Fund | Columbia Overseas Core Fund | |||||||||||||
Assets (in $ millions of | Fee | Assets (in $ millions of average annual net assets) | Fee (Current) | Fee (Post- Reorganization) | ||||||||||
$0-$250 | 0.880 | % | $0-$250 | 0.870 | % | 0.870 | % | |||||||
>$250-$500 | 0.855 | % | >$250-$500 | 0.870 | % | 0.855 | % | |||||||
>$500-$750 | 0.825 | % | >$500-$750 | 0.820 | % | 0.820 | % | |||||||
>$750-$1,000 | 0.800 | % | >$750-$1,000 | 0.820 | % | 0.800 | % | |||||||
>$1,000-$1,500 | 0.770 | % | >$1,000-$1,500 | 0.770 | % | 0.770 | % | |||||||
>$1,500-$3,000 | 0.720 | % | >$1,500-$3,000 | 0.720 | % | 0.720 | % | |||||||
>$3,000-$6,000 | 0.700 | % | >$3,000-$6,000 | 0.700 | % | 0.700 | % | |||||||
>$6,000-$12,000 | 0.680 | % | >$6,000-$12,000 | 0.680 | % | 0.680 | % | |||||||
>$12,000-$20,000 | 0.670 | % | >$12,000-$20,000 | 0.670 | % | 0.670 | % | |||||||
>$20,000-$24,000 | 0.660 | % | >$20,000-$24,000 | 0.670 | % | 0.660 | % | |||||||
>$24,000-$50,000 | 0.650 | % | >$24,000-$50,000 | 0.670 | % | 0.650 | % | |||||||
>$50,000 | 0.620 | % | >$50,000 | 0.670 | % | 0.620 | % |
Columbia Disciplined Small Core Fund | Columbia Small Cap Value Fund I | |||||||||||||
Assets (in $ millions of | Fee | Assets (in $ millions of average annual net assets) | Fee (Current) | Fee (Post- Reorganization) | ||||||||||
$0-$500 | 0.850 | % | $0-$500 | 0.870 | % | 0.850 | % | |||||||
>$500-$1,000 | 0.800 | % | >$500-$1,000 | 0.820 | % | 0.800 | % | |||||||
>$1,000-$3,000 | 0.750 | % | >$1,000-$3,000 | 0.770 | % | 0.750 | % | |||||||
>$3,000-$12,000 | 0.740 | % | >$3,000-$12,000 | 0.760 | % | 0.740 | % | |||||||
>$12,000 | 0.730 | % | >$12,000 | 0.750 | % | 0.730 | % |
Columbia Management Investment Services Corp., an affiliate of Columbia Threadneedle, is the transfer agent for each Fund. Columbia Management Investment Distributors, Inc., an affiliate of Columbia Threadneedle, is the distributor for each Fund.
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No significant accounting policies will change as the result of the proposed Reorganizations.
The estimated costs of the Reorganizations shown in Table 5 above do not reflect any brokerage commissions incurred by a Fund in connection with any portfolio realignment. Columbia Threadneedle expects that, subsequent to the Reorganizations, there may be some portfolio realignment of the Acquiring Funds (of securities acquired from the Target Funds). However, Columbia Threadneedle expects that any such portfolio realignment will not result in any significant increase in an Acquiring Fund’s portfolio turnover rate, relative to its historical portfolio turnover rates. Columbia Threadneedle also does not expect any incremental trading costs to be significant.
Federal Income Taxes
Please see “U.S. Federal Income Tax Status of the Reorganizations” in the Combined Information Statement/Prospectus for a discussion of the tax effects of each Reorganization.
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to eliminate a fund-level tax, and therefore to distribute at least annually all of its investment company taxable income, its net-tax exempt interest income, if any, and its net realized capital gains, if any, to shareholders. After the Reorganizations, the Acquiring Funds intend to continue to comply with these requirements to qualify as regulated investment companies that pay no fund-level tax.
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COLUMBIA FUNDS SERIES TRUST I
PART C
OTHER INFORMATION
PART C. OTHER INFORMATION
Item 15. — Indemnification
Article Five of the Bylaws of Registrant provides that Registrant shall indemnify each of its trustees and officers (including persons who serve at Registrant’s request as directors, officers or trustees of another organization in which Registrant has any interest as a shareholder, creditor or otherwise) who are not employees or officers of any investment adviser to Registrant or any affiliated person thereof and its chief compliance officer, regardless of whether such person is an employee or officer of any investment adviser to Registrant or any affiliated person thereof, and may indemnify each of its trustees and officers (including persons who serve at Registrant’s request as directors, officers or trustees of another organization in which Registrant has any interest as a shareholder, creditor or otherwise) (i.e., those who are employees or officers of any investment adviser to Registrant or any affiliated person thereof) (Covered Persons) under specified circumstances, all as more fully set forth in the Registrant’s Bylaws, which have been filed as an exhibit to this registration statement.
Section 17(h) of the Investment Company Act of 1940 (1940 Act) provides that no instrument pursuant to which Registrant is organized or administered shall contain any provision which protects or purports to protect any trustee or officer of Registrant against any liability to Registrant or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. In accordance with Section 17(h) of the 1940 Act, no Covered Person is indemnified under the Bylaws against any liability to Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the Covered Person’s office.
Pursuant to the Distribution Agreement, Columbia Management Investment Distributors, Inc. agrees to indemnify the Registrant, its officers and trustees against claims, demands, liabilities and expenses under specified circumstances, all as more fully set forth in the Registrant’s Distribution Agreement, which has been filed as an exhibit to the registration statement. The Registrant may be party to other contracts that include indemnification provisions for the benefit of the Registrant’s trustees and officers.
The trustees and officers of the Registrant and the personnel of the Registrant’s investment adviser and principal underwriter are insured under an errors and omissions liability insurance policy. Registrant’s investment adviser, Columbia Management Investment Advisers, LLC, maintains investment advisory professional liability insurance to insure it, for the benefit of Registrant and its non-interested trustees, against loss arising out of any effort, omission, or breach of any duty owed to Registrant or any series of Registrant by Columbia Management Investment Advisers, LLC.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Registrant’s organizational instruments or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission (SEC), such indemnification is against public policy as expressed in the Securities Act of 1933 and, therefore, is unenforceable.
Item 16. | Exhibits |
(1) | (a)(i) Second Amended and Restated Agreement and Declaration of Trust, dated August 10, 2005, is incorporated by reference to Post-Effective Amendment No. 40 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (a)(1)), filed on September 16, 2005. |
(1) | (a)(ii) Amendment No. 1 to Second Amended and Restated Agreement and Declaration of Trust, effective September 19, 2005, is incorporated by reference to Post-Effective Amendment No. 40 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (a)(2)), filed on September 16, 2005. |
(1) | (a)(iii) Amendment No. 2 to Second Amended and Restated Agreement and Declaration of Trust, effective December 13, 2017, is incorporated by reference to Post-Effective Amendment No. 313 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (a)(3)), filed on January 16, 2018. |
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(1) | (a)(iv) Amendment No. 3 to Second Amended and Restated Agreement and Declaration of Trust, effective March 7, 2018, is incorporated by reference to Post-Effective Amendment No. 318 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (a)(4)), filed on March 29, 2018. |
(1) | (a)(v) Amendment No. 4 to Second Amended and Restated Agreement and Declaration of Trust, effective December 13, 2018, is incorporated by reference to Post-Effective Amendment No. 342 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (a)(5)), filed on December 21, 2018. |
(1) | (a)(vi) Amendment No. 5 to Second Amended and Restated Agreement and Declaration of Trust, effective June 12, 2019, is incorporated by reference to Post-Effective Amendment No. 351 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (a)(6)), filed on June 21, 2019. |
(1) | (a)(vii) Amendment No. 6 to Second Amended and Restated Agreement and Declaration of Trust, effective December 11, 2019, is incorporated by reference to Post-Effective Amendment No. 369 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (a)(7)) filed on December 20, 2019. |
(2) | Amended and Restated By-laws of the Registrant, effective October 20, 2015, are incorporated by reference to Post-Effective Amendment No. 248 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (b)), filed on December 22, 2015. |
(3) | Not applicable. |
(4) | Agreement and Plan of Reorganization is filed electronically herewith. |
(5) | Articles III and V of the Registrant’s Second Amended and Restated Declaration of Trust dated August 10, 2005 define the rights of holders of securities being registered. |
(6) | (a)(i) Amended and Restated Management Agreement, as of April 25, 2016, between Columbia Management Investment Advisers, LLC, Columbia Funds Variable Insurance Trust and the Registrant, is incorporated by reference to Post-Effective Amendment No. 257 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(1)), filed on April 27, 2016. |
(6) | (a)(ii) Schedule A and Schedule B, as of July 1, 2019, to the Management Agreement between Columbia Management Investment Advisers, LLC, Columbia Funds Variable Insurance Trust and the Registrant, amended and restated as of April 25, 2016, are incorporated by reference to Post-Effective Amendment No. 353 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(1)(i)), filed on July 29, 2019. |
(6) | (a)(iii) Form of Schedule A and Schedule B to the Management Agreement between Columbia Management Investment Advisers, LLC, Columbia Funds Variable Insurance Trust and the Registrant, amended and restated as of April 25, 2016, are filed electronically herewith. |
(6) | (b)(i) Amended and Restated Management Agreement, as of October 25, 2016, between Columbia Management Investment Advisers, LLC, Columbia Funds Variable Insurance Trust and the Registrant, effective June 16, 2015, is incorporated by reference to Post-Effective Amendment No. 68 to Registration Statement No. 033-14954 of Columbia Funds Variable Insurance Trust on Form N-1A (Exhibit (d)(2)), filed on October 31, 2016. |
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(6) | (b)(ii) Schedule A and Schedule B, as of August 7, 2019, to the Management Agreement between Columbia Management Investment Advisers, LLC, Columbia Funds Variable Insurance Trust and the Registrant, as of October 25, 2016, are incorporated by reference to Post-Effective Amendment No. 357 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(2)(i)), filed on September 3, 2019. |
(6) | (c)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and AQR Capital Management, LLC, dated March 7, 2012, is incorporated by reference to Post-Effective Amendment No. 196 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(3)), filed on May 30, 2014. |
(6) | (c)(ii) Addendum, dated March 7, 2012, to the Subadvisory Agreement, dated March 7, 2012, between Columbia Management Investment Advisers, LLC and AQR Capital Management, LLC on behalf of Multi-Manager Alternative Strategies Fund is incorporated by reference to Post-Effective Amendment No. 196 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(3)(1)), filed on May 30, 2014. |
(6) | (c)(iii) Amendment No. 1, dated August 18, 2016 to the Subadvisory Agreement dated March 7, 2012, between Columbia Management Investment Advisers, LLC and AQR Capital Management, LLC on behalf of Multi-Manager Directional Alternative Strategies Fund is incorporated by reference to Post-Effective Amendment No. 276 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(3)(ii)), filed on September 30, 2016. |
(6) | (c)(iv) Amended and Restated Subadvisory Agreement, dated December 13, 2018, between Columbia Management Investment Advisers, LLC and AQR Capital Management, LLC, on behalf of Multi-Manager Alternative Strategies Fund, is incorporated by reference to Post-Effective Amendment No. 351 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(3)(iii)), filed on June 21, 2019. |
(6) | (c)(v) Amendment No. 1, as of June 12, 2019, to the Amended and Restated Subadvisory Agreement between Columbia Management Investment Advisers, LLC and AQR Capital Management, LLC, dated December 13, 2018, is incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(3)(iv)), filed on September 24, 2019. |
(6) | (c)(vi) Addendum, dated December 13, 2018, to the Subadvisory Agreement dated December 13, 2018, between Columbia Management Investment Advisers, LLC and AQR Capital Management, LLC with respect to ASMF Offshore Fund, Ltd., is incorporated by reference to Post-Effective Amendment No. 351 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(3)(iv)), filed on June 21, 2019. |
(6) | (c)(vii) Addendum, dated June 12, 2019, to the Amended and Restated Subadvisory Agreement dated December 13, 2018, between Columbia Management Investment Advisers, LLC and AQR Capital Management, LLC with respect to CMSAF2 Offshore Fund, Ltd, is incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(3)(vi)), filed on September 24, 2019. |
(6) | (d)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and PGIM, Inc., the asset management arm of Prudential Financial, dated March 9, 2016, is incorporated by reference to Post-Effective Amendment No. 259 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(6)), filed on May 16, 2016. |
(6) | (d)(ii) Amendment No. 1, dated June 29, 2018, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and PGIM, Inc., the asset management arm of Prudential |
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Financial, dated March 9, 2016, is incorporated by reference to Post-Effective Amendment No. 338 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(6)(i)), filed on November 27, 2018. |
(6) | (d)(iii) Amendment No. 2, dated December 11, 2019, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and PGIM, Inc., the asset management arm of Prudential Financial, dated March 9, 2016, is incorporated by reference to Post-Effective Amendment No. 369 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(4)(ii)) filed on December 20, 2019. |
(6) | (e)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and TCW Investment Management Company LLC, dated February 6, 2013, last amended November 1, 2019, is incorporated by reference to Post-Effective Amendment No. 369 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(5)) filed on December 20, 2019. |
(6) | (e)(ii) Addendum – Authorization to Enter Into Over-The-Counter And/Or Exchange Traded Derivatives between Columbia Management Investment Advisers, LLC and TCW Investment Management Company LLC, dated March 7, 2012, is incorporated by reference to Post-Effective Amendment No. 196 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(7)(1)), filed on May 30, 2014. |
(6) | (f)(i) Subadvisory Agreement among Columbia Management Investment Advisers, LLC and Threadneedle International Limited, dated March 5, 2014, is incorporated by reference to Post-Effective Amendment No. 236 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(10)), filed on August 26, 2015. |
(6) | (f)(ii) Amendment No. 1, dated December 19, 2014, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Threadneedle International Limited is incorporated by reference to Post-Effective Amendment No. 236 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(10)(i)), filed on August 26, 2015. |
(6) | (f)(iii) Amendment No. 2, dated March 4, 2015, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Threadneedle International Limited is incorporated by reference to Post-Effective Amendment No. 236 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(10)(ii)), filed on August 26, 2015. |
(6) | (f)(iv) Amendment No. 3, dated June 10, 2015, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Threadneedle International Limited is incorporated by reference to Post-Effective Amendment No. 236 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(10)(iii)), filed on August 26, 2015. |
(6) | (f)(v) Amendment No. 4, dated August 17, 2016, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Threadneedle International Limited, is incorporated by reference to Post-Effective Amendment No. 323 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(8)(iv)), filed on April 26, 2018. |
(6) | (f)(vi) Form of Amendment No. 5, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Threadneedle International Limited, is incorporated by reference to Post-Effective Amendment No. 324 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(8)(v)), filed on May 4, 2018. |
(6) | (f)(vii) Addendum, dated December 19, 2014, to the Subadvisory Agreement, dated March 5, 2014, between Columbia Management Investment Advisers, LLC and Threadneedle International Limited, pertaining to CMSAF1 Offshore Fund Ltd. (formerly, CAAF Offshore Fund Ltd.), a subsidiary of Columbia Multi Strategy Alternatives Fund (formerly Columbia Alternative Beta Fund), is incorporated by reference to Post-Effective Amendment No. 236 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(10)(vii)), filed on August 26, 2015. |
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(6) | (g) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Water Island Capital, LLC, dated November 7, 2019, is incorporated by reference to Post-Effective Amendment No. 369 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(7)) filed on December 20, 2019. |
(6) | (h)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Conestoga Capital Advisors, LLC, dated June 11, 2014, is incorporated by reference to Post-Effective Amendment No. 205 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(11)), filed on August 28, 2014. |
(6) | (h)(ii) Amendment No. 1, dated June 1, 2018, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Conestoga Capital Advisors, LLC, dated June 11, 2014, is incorporated by reference to Post-Effective Amendment No. 338 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(11)(i)), filed on November 27, 2018. |
(6) | (h)(iii) Amendment No. 2, dated December 11, 2019, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Conestoga Capital Advisors, LLC, dated June 11, 2014 and amended June 1, 2018, is incorporated by reference to Post-Effective Amendment No. 369 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(8)(ii)) filed on December 20, 2019. |
(6) | (i)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Loomis, Sayles and Company, L.P., dated December 4, 2013, is incorporated by reference to Post-Effective Amendment No. 196 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(12)), filed on May 30, 2014. |
(6) | (i)(ii) Amendment No. 1, dated March 9, 2016, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Loomis, Sayles and Company, L.P., dated December 4, 2013, is incorporated by reference to Post-Effective Amendment No. 256 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(14)(i)), filed on April 11, 2016. |
(6) | (i)(iii) Amendment No. 2, dated December 11, 2019, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Loomis, Sayles and Company, L.P., dated December 4, 2013 and amended March 9, 2016 is incorporated by reference to Post-Effective Amendment No. 369 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(9)(ii)) filed on December 20, 2019. |
(6) | (j)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and BMO Asset Management Corp., dated October 20, 2015, is incorporated by reference to Post-Effective Amendment No. 243 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(16)), filed on October 26, 2015. |
(6) | (j)(ii) Amendment No. 1, as of May 1, 2017, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and BMO Asset Management Corp., dated October 20, 2015, is incorporated by reference to Post-Effective Amendment No. 295 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(13)(i)), filed on April 26, 2017. |
(6) | (j)(iii) Amendment No. 2, as of August 2, 2018, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and BMO Asset Management Corp., dated October 20, 2015, is incorporated by reference to Post-Effective Amendment No. 338 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(13)(i)), filed on November 27, 2018. |
(6) | (k)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Boston Partners Global Investors Inc., on behalf of Multi-Manager Directional Alternative Strategies |
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Fund, dated August 18, 2016, is incorporated by reference to Post-Effective Amendment No. 276 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(15)), filed on September 30, 2016. |
(6) | (k)(ii) Amendment No. 1, dated June 26, 2018, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Boston Partners Global Investors Inc., on behalf of Multi-Manager Directional Alternative Strategies Fund, dated August 18, 2016, is incorporated by reference to Post-Effective Amendment No. 338 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(14)(i)), filed on November 27, 2018. |
(6) | (l) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Wells Capital Management Incorporated, on behalf of Multi-Manager Directional Alternative Strategies Fund, dated November 1, 2018, is incorporated by reference to Post-Effective Amendment No. 338 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(15)), filed on November 27, 2018. |
(6) | (m)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Los Angeles Capital Management and Equity Research, Inc., on behalf of Multi-Manager Growth Strategies Fund, dated January 25, 2017, is incorporated by reference to Post-Effective Amendment No. 288 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(16)), filed on February 7, 2017. |
(6) | (m)(ii) Amendment No. 1, dated May 31, 2018, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Los Angeles Capital Management and Equity Research, Inc., on behalf of Multi-Manager Growth Strategies Fund, dated January 25, 2017, is incorporated by reference to Post-Effective Amendment No. 338 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(16)(i)), filed on November 27, 2018. |
(6) | (m)(iii) Amendment No. 2, dated December 11, 2019, to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Los Angeles Capital Management and Equity Research, Inc., on behalf of Multi-Manager Growth Strategies Fund, dated January 25, 2017 and amended May 31, 2018, is incorporated by reference to Post-Effective Amendment No. 369 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(13)(ii)) filed on December 20, 2019. |
(6) | (n) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Manulife Asset Management (US) LLC, on behalf of Multi-Manager Alternative Strategies Fund, effective September 13, 2017, is incorporated by reference to Post-Effective Amendment No. 304 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(17)), filed on September 13, 2017. |
(6) | (o) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Arrowstreet Capital, Limited Partnership, on behalf of Multi-Manager International Equity Strategies Fund, effective May 14, 2018, is incorporated by reference to Post-Effective Amendment No. 324 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(18)), filed on May 4, 2018. |
(6) | (p) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Baillie Gifford Overseas Limited, on behalf of Multi-Manager International Equity Strategies Fund, effective May 14, 2018, is incorporated by reference to Post-Effective Amendment No. 324 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(19)), filed on May 4, 2018. |
(6) | (q) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Causeway Capital Management LLC, on behalf of Multi-Manager International Equity Strategies Fund, effective May 14, 2018, is incorporated by reference to Post-Effective Amendment No. 324 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(20)), filed on May 4, 2018. |
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(6) | (r)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and AlphaSimplex Group, LLC, on behalf of Multi-Manager Alternative Strategies Fund, effective May 23, 2018, is incorporated by reference to Post-Effective Amendment No. 327 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(21)), filed on May 23, 2018. |
(6) | (r)(ii) Addendum to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and AlphaSimplex Group, LLC, on behalf of Multi-Manager Alternative Strategies Fund, effective May 23, 2018, is incorporated by reference to Post-Effective Amendment No. 327 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(21)(i)), filed on May 23, 2018. |
(6) | (s) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Voya Investment Management Co. LLC, on behalf of Multi-Manager Total Return Bond Strategies Fund, dated December 6, 2018, is incorporated by reference to Post-Effective Amendment No. 339 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(22)), filed on December 6, 2018. |
(6) | (t) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and J.P. Morgan Investment Management Inc., on behalf of Multi-Manager Small Cap Equity Strategies Fund, dated December 19, 2018, is incorporated by reference to Post-Effective Amendment No. 341 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(23)), filed on December 19, 2018. |
(6) | (u) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and Hotchkis and Wiley Capital Management, LLC, on behalf of Multi-Manager Small Cap Equity Strategies Fund, effective February 13, 2019, is incorporated by reference to Post-Effective Amendment No. 344 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(22)), filed on February 13, 2019. |
(6) | (v)(i) Subadvisory Agreement between Columbia Management Investment Advisers, LLC and QMA LLC, on behalf of Columbia Multi Strategy Alternatives Fund, effective June 12, 2019, is incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(22)), filed on September 24, 2019. |
(6) | (v)(ii) Addendum to the Subadvisory Agreement between Columbia Management Investment Advisers, LLC and QMA LLC, on behalf of Columbia Multi Strategy Alternatives Fund, effective June 12, 2019, is incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(22)(i)), filed on September 24, 2019. |
(6) | (w) Management Agreement between Columbia Management Investment Advisers, LLC and CMSAF1 Offshore Fund Ltd., a subsidiary of Columbia Multi Strategy Alternatives Fund (formerly Columbia Alternative Beta Fund), effective July 15, 2019, is incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(23)), filed on September 24, 2019. |
(6) | (x) Management Agreement between Columbia Management Investment Advisers, LLC and CMSAF2 Offshore Fund Ltd., a subsidiary of Columbia Multi Strategy Alternatives Fund, effective July 3, 2019, is incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(24)), filed on September 24, 2019. |
(6) | (y) Management Agreement between Columbia Management Investment Advisers, LLC and CMSAF3 Offshore Fund Ltd., a subsidiary of Columbia Multi Strategy Alternatives Fund, effective |
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July 3, 2019, is incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(25)), filed on September 24, 2019. |
(6) | (z) Management Agreement between Columbia Management Investment Advisers, LLC and ASGM Offshore Fund, Ltd., a subsidiary of Multi-Manager Alternative Strategies Fund, effective January 1, 2016, is incorporated by reference to Post-Effective Amendment No. 248 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(22)), filed on December 22, 2015. |
(6) | (aa) Management Agreement between Columbia Management Investment Advisers, LLC and ASMF Offshore Fund, Ltd., a subsidiary of Multi-Manager Alternative Strategies Fund, effective January 1, 2016, is incorporated by reference to Post-Effective Amendment No. 248 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (d)(23)), filed on December 22, 2015. |
(7) | (a)(i) Amended and Restated Distribution Agreement by and between Registrant and Columbia Management Investment Distributors, Inc., dated March 1, 2016, is incorporated by reference to Post-Effective Amendment No. 256 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (e)(1)), filed on April 11, 2016. |
(7) | (a)(ii) Restated Schedule I, effective July 1, 2019, and Schedule II to Amended and Restated Distribution Agreement by and between the Registrant and Columbia Management Investment Distributors, Inc., dated March 1, 2016, are incorporated by reference to Post-Effective Amendment No. 353 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (e)(1)(i)), filed on July 29, 2019. |
(7) | (b) Form of Mutual Fund Sales Agreement is incorporated by reference to Post-Effective Amendment No. 196 to Registration Statement No. 333-131683 of Columbia Funds Series Trust II on Form N-1A (Exhibit (e)(2)) filed on June 27, 2019. |
(8) | Form of Deferred Compensation Agreement is incorporated by reference to Post-Effective Amendment No. 196 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (f)), filed on May 30, 2014. |
(9) | (a)(i) Second Amended and Restated Master Global Custody Agreement between certain Funds and JP Morgan Chase Bank, N.A., dated March 7, 2011, is incorporated by reference to Post-Effective Amendment No. 124 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(2)), filed on April 29, 2011. |
(9) | (a)(ii) Addendum to Master Global Custody Agreement (related to Multi-Manager Alternative Strategies Fund, Multi-Manager Total Return Bond Strategies Fund, Multi-Manager Small Cap Equity Strategies Fund and Multi-Manager Growth Strategies Fund), dated March 9, 2012 and Addendum to Master Global Custody Agreement (related to Columbia Adaptive Risk Allocation Fund), dated June 11, 2012, are incorporated by reference to Post-Effective Amendment No. 196 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(2)), filed on May 30, 2014. |
(9) | (a)(iii) Addendum to Master Global Custody Agreement (related to Columbia Multi Strategy Alternatives Fund), dated January 15, 2015, is incorporated by reference to Post-Effective Amendment No. 221 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(3)), filed on February 27, 2015. |
(9) | (a)(iv) Addendum to Master Global Custody Agreement (related to Columbia Multi-Asset Income Fund and Columbia U.S. Social Bond Fund), dated March 18, 2015, is incorporated by reference to Post-Effective Amendment No. 223 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(4)), filed on March 24, 2015. |
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(9) | (a)(v) Side letter (related to the China Connect Service on behalf of Columbia Emerging Markets Fund, Columbia Greater China Fund and Columbia Pacific/Asia Fund), dated March 6, 2018, to the Second Amended and Restated Master Global Custody Agreement with JP Morgan Chase Bank, N.A., dated March 7, 2011, is incorporated by reference to Post-Effective Amendment No. 318 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(5)), filed on March 29, 2018. |
(9) | (a)(vi) Addendum to Master Global Custody Agreement (related to Multi-Manager Directional Alternative Strategies Fund), is incorporated by reference to Post-Effective Amendment No. 276 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(6)), filed on September 30, 2016. |
(9) | (a)(vii) Addendum to Master Global Custody Agreement (related to Columbia Adaptive Retirement 2020 Fund, Columbia Adaptive Retirement 2030 Fund, Columbia Adaptive Retirement 2040 Fund, Columbia Adaptive Retirement 2050 Fund, Columbia Adaptive Retirement 2060 Fund, Columbia Solutions Aggressive Portfolio and Columbia Solutions Conservative Portfolio) is incorporated by reference to Post-Effective Amendment No. 308 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(7)), filed on October 20, 2017. |
(9) | (a)(viii) Addendum to Master Global Custody Agreement (related to Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2045 Fund and Columbia Adaptive Retirement 2055 Fund) is incorporated by reference to Post-Effective Amendment No. 318 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(8)), filed on March 29, 2018. |
(9) | (a)(ix) Addendum to Master Global Custody Agreement (related to Multi-Manager International Equity Strategies Fund) is incorporated by reference to Post-Effective Amendment No. 324 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(9)), filed on May 4, 2018. |
(9) | (a)(x) Addendum to Master Global Custody Agreement (related to Overseas SMA Completion Portfolio) is incorporated by reference to Post-Effective Amendment No. 357 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(10)), filed on September 3, 2019. |
(9) | (a)(xi) Addendum to Master Global Custody Agreement (related to Multisector Bond SMA Completion Portfolio), is incorporated by reference to Post-Effective Amendment No. 364 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(11)), filed on October 25, 2019. |
(9) | (a)(xii) Addendum, effective April 4, 2016, to the Second Amended and Restated Master Global Custody Agreement with JP Morgan Chase Bank, N.A., dated March 7, 2011, is incorporated by reference to Post-Effective Amendment No. 297 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (g)(7)), filed on May 30, 2017. |
(10) | (a) Amended and Restated Distribution Plan, as of August 7, 2019, is incorporated by reference to Post-Effective Amendment No. 357 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (m)(1)), filed on September 3, 2019. |
(10) | (b) Amended and Restated Shareholder Servicing Plan, as of August 7, 2019, for certain Fund share classes of the Registrant, is incorporated by reference to Post-Effective Amendment No. 357 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (m)(2)), filed on September 3, 2019. |
(10) | (c) Amended and Restated Shareholder Services Plan, as of June 14, 2017, for Registrant’s Class V (formerly known as Class T) shares is incorporated by reference to Post-Effective Amendment No. 299 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (m)(3)), filed on July 28, 2017. |
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(10) | (d)(i) Shareholder Servicing Plan Implementation Agreement, amended and restated as of June 14, 2017, for Registrant’s Class V (formerly known as Class T) shares between the Registrant and Columbia Management Investment Distributors, Inc., is incorporated by reference to Post-Effective Amendment No. 299 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (m)(4)), filed on July 28, 2017. |
(10) | (d)(ii) Restated Schedule I, effective June 14, 2017, to Shareholder Servicing Plan Implementation Agreement for Registrant’s Class V (formerly known as Class T) shares between the Registrant and Columbia Management Investment Distributors, Inc., is incorporated by reference to Post-Effective Amendment No. 299 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (m)(4)(i)), filed on July 28, 2017. |
(10) | (e)(i) Shareholder Servicing Plan Implementation Agreement for certain Fund share classes of the Registrant between the Registrant, Columbia Funds Series Trust and Columbia Management Investment Distributors, Inc., is incorporated by reference to Post-Effective Amendment No. 113 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (m)(4)), filed on November 24, 2010. |
(10) | (e)(ii) Restated Schedule I, dated August 7, 2019, to Shareholder Servicing Plan Implementation Agreement, between the Registrant, Columbia Funds Series Trust and Columbia Management Investment Distributors, Inc., is incorporated by reference to Post-Effective Amendment No. 357 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (m)(5)(i)), filed on September 3, 2019. |
(10) | (f) Rule 18f – 3 Multi-Class Plan, amended and restated as of July 1, 2019, is incorporated by reference to Post-Effective Amendment No. 353 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (n)), filed on July 29, 2019. |
(11) | Opinion and consent of Ropes & Gray LLP as to the legality of the securities being registered is filed electronically herewith. |
(12) | Opinion and consent of Vedder Price P.C. supporting the tax matters discussed in the Combined Information Statement/Prospectus to be filed by amendment. |
(13) | (a)(i) Amended and Restated Transfer and Dividend Disbursing Agent Agreement by and between the Registrant and Columbia Management Investment Services Corp., dated March 1, 2016, is incorporated by reference to Post-Effective Amendment No. 295 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (h)(1)), filed on April 26, 2017. |
(13) | (a)(ii) Schedule A and Schedule B, effective August 7, 2019, to the Amended and Restated Transfer and Dividend Disbursing Agent Agreement by and between the Registrant and Columbia Management Investment Services Corp., dated March 1, 2016, are incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (h)(1)(i)), filed on September 24, 2019. |
(13) | (b) Form of Indemnification Agreement is incorporated by reference to Post-Effective Amendment No. 46 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (h)(6)), filed on March 24, 2006. |
(13) | (c)(i) Amended and Restated Fee Waiver and Expense Cap Agreement, effective July 1, 2016, by and among Columbia Management Investment Advisers, LLC, Columbia Management Investment Distributors, Inc., Columbia Management Investment Services Corp., the Registrant and Columbia Funds Variable Insurance Trust is incorporated by reference to Post-Effective Amendment No. 264 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (h)(4)), filed on June 29, 2016. |
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(13) | (c)(ii) Restated Schedule A, effective August 7, 2019, to the Amended and Restated Fee Waiver and Expense Cap Agreement, effective July 1, 2016, by and among Columbia Management Investment Advisers, LLC, Columbia Management Investment Distributors, Inc., Columbia Management Investment Services Corp., the Registrant and Columbia Funds Variable Insurance Trust, is incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (h)(3)(i)), filed on September 24, 2019. |
(13) | (d) Agreement and Plan of Reorganization, dated October 9, 2012, is incorporated by reference to Post-Effective Amendment No. 175 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (h)(8)), filed on May 30, 2013. |
(13) | (e) Agreement and Plan of Reorganization, dated December 20, 2010, is incorporated by reference to Post-Effective Amendment No. 15 to Registration Statement No. 333-146374 of Columbia Funds Variable Series Trust II on Form N-1A (Exhibit (h)(9)), filed on April 29, 2011. |
(13) | (f) Agreement and Plan of Reorganization, dated December 17, 2015, is incorporated by reference to Registration Statement No. 333-208706 of Columbia Funds Series Trust on Form N-14 (Exhibit (4)), filed on December 22, 2015. |
(13) | (g) Amended and Restated Credit Agreement, as of December 3, 2019, is incorporated by reference to Post-Effective Amendment No. 206 to Registration Statement No. 333-146374 of Columbia Funds Series Trust II on Form N-1A (Exhibit (h)(7)), filed on December 20, 2019. |
(13) | (h)(i) Master Inter-Fund Lending Agreement, dated May 1, 2018, is incorporated by reference to Post-Effective Amendment No. 179 to Registration Statement No. 333-131683 of Columbia Funds Series Trust II on Form N-1A (Exhibit (h)(11)), filed on May 25, 2018. |
(13) | (h)(ii) Schedule A and Schedule B, dated July 1, 2019, are incorporated by reference to Post-Effective Amendment No. 184 to Registration Statement No. 333-89661 of Columbia Funds Series Trust on Form N-1A (Exhibit (h)(8)(i)), filed on July 29, 2019. |
(13) | (i)(i)Code of Ethics of Columbia Atlantic Board Funds adopted under Rule 17j-1, effective March 2019, is incorporated by reference to Post-Effective Amendment No. 349 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(1)), filed on April 25, 2019. |
(13) | (i)(ii) Columbia Threadneedle Global Personal Account Dealing and Code of Ethics Policy, effective December 2018, is incorporated by reference to Post-Effective Amendment No. 345 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(2)), filed on February 15, 2019. |
(13) | (i)(iii) Code of Ethics of AQR Capital Management, LLC (a subadviser of Columbia Multi Strategy Alternatives Fund, Multi-Manager Alternative Strategies Fund and Multi-Manager Directional Alternative Strategies Fund), effective April 2019, is incorporated by reference to Post-Effective Amendment No. 356 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(3)), filed on August 27, 2019. |
(13) | (i)(iv) Code of Ethics of Prudential Financial (for PGIM, Inc., a subadviser of Multi-Manager Total Return Bond Strategies Fund), dated August 29, 2018, is incorporated by reference to Post-Effective Amendment No. 338 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(6)(i)), filed on November 27, 2018. |
(13) | (i)(v) Code of Ethics of Prudential Financial, dated January 8, 2019, is incorporated by reference to Post-Effective Amendment No. 353 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(4)(i)), filed on July 29, 2019. |
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(13) | (i)(vi) Personal Securities Trading Standards of Prudential Financial (for PGIM, Inc., a subadviser of Multi-Manager Total Return Bond Strategies Fund), dated May 3, 2019, is incorporated by reference to Post-Effective Amendment No. 366 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(4)(ii)), filed on November 27, 2019. |
(13) | (i)(vii) U.S. Information Barrier Standards of Prudential Financial (for PGIM, Inc., a subadviser of Multi-Manager Total Return Bond Strategies Fund), dated May 3, 2019, is incorporated by reference to Post-Effective Amendment No. 356 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(4)(iii), filed on August 27, 2019 |
(13) | (i)(viii) Code of Ethics of TCW Investment Management Company LLC (a subadviser of Multi-Manager Alternative Strategies Fund and Multi-Manager Total Return Bond Strategies Fund), dated September 3, 2019, is incorporated by reference to Post-Effective Amendment No. 366 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(5)), filed on November 27, 2019. |
(13) | (i)(ix) Code of Ethics of Water Island Capital, LLC (a subadviser of Multi-Manager Alternative Strategies Fund), dated January 1, 2017, is incorporated by reference to Post-Effective Amendment No. 323 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(8)), filed on April 26, 2018. |
(13) | (i)(x) Code of Ethics of Conestoga Capital Advisors, LLC (a subadviser of Multi-Manager Small Cap Equity Strategies Fund), dated January 2019, is incorporated by reference to Post-Effective Amendment No. 349 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(7)), filed on April 25, 2019. |
(13) | (i)(xi) Code of Ethics of Loomis, Sayles and Company, L.P. (a subadviser of Multi-Manager Growth Strategies Fund and Multi-Manager Total Return Bond Strategies Fund), effective January 14, 2000, as amended April 18, 2018, is incorporated by reference to Post-Effective Amendment No. 332 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(11)), filed on August 27, 2018. |
(13) | (i)(xii) Code of Ethics of BMO Asset Management Corp. (a subadviser of Multi-Manager Small Cap Equity Strategies Fund), dated March 2018, is incorporated by reference to Post-Effective Amendment No. 349 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(9)), filed on April 25, 2019. |
(13) | (i)(xiii) Code of Ethics of Boston Partners Global Investors Inc. (a subadviser of Multi-Manager Directional Alternative Strategies Fund), effective April 2019, is incorporated by reference to Post-Effective Amendment No. 356 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(10)), filed on August 27, 2019. |
(13) | (i)(xiv) Code of Ethics of Wells Capital Management, Inc. (a subadviser of Multi-Manager Directional Alternative Strategies Fund), effective 2018, is incorporated by reference to Post-Effective Amendment No. 349 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(11)), filed on April 25, 2019. |
(13) | (i)(xv) Code of Ethics of Los Angeles Capital Management and Equity Research, Inc. (a subadviser of Multi-Manager Growth Strategies Fund), effective August 27, 2019, is incorporated by reference to Post-Effective Amendment No. 366 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(12)), filed on November 27, 2019. |
(13) | (i)(xvi) Code of Ethics of Manulife Asset Management (US) LLC (a subadviser of Multi-Manager Alternative Strategies Fund), effective February 2018, is incorporated by reference to Post-Effective Amendment No. 349 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(13)), filed on April 25, 2019. |
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(13) | (i)(xvii) Code of Ethics of Arrowstreet Capital, Limited Partnership (a subadviser of Multi-Manager International Equity Strategies Fund), effective April 1, 2019, is incorporated by reference to Post-Effective Amendment No. 356 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(14)), filed on August 27, 2019. |
(13) | (i)(xviii) Code of Ethics of Baillie Gifford Overseas Limited (a subadviser of Multi-Manager International Equity Strategies Fund), effective September 2019, is incorporated by reference to Post-Effective Amendment No. 366 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(15)), filed on November 27, 2019. |
(13) | (i)(xix) Code of Ethics of Causeway Capital Management LLC (a subadviser of Multi-Manager International Equity Strategies Fund), effective June 3, 2019, is incorporated by reference to Post-Effective Amendment No. 356 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(16)), filed on August 27, 2019. |
(13) | (i)(xx) Code of Ethics of AlphaSimplex Group, LLC (a subadviser of Multi-Manager Alternative Strategies Fund), is incorporated by reference to Post-Effective Amendment No. 327 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(20)), filed on May 23, 2018. |
(13) | (i)(xxi) Code of Ethics of Voya Investment Management Co. LLC (a subadviser of Multi-Manager Total Return Bond Strategies Fund), effective July 1, 2019, is incorporated by reference to Post-Effective Amendment No. 366 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(18)), filed on November 27, 2019. |
(13) | (i)(xxii) Code of Ethics of J.P. Morgan Investment Management Inc. (a subadviser of Multi-Manager Small Cap Equity Strategies Fund), effective February 1, 2005, last revised January 30, 2019, is incorporated by reference to Post-Effective Amendment No. 70 to Registration Statement No. 333-146374 of Columbia Funds Variable Series Trust II on Form N-1A (Exhibit (p)(10)), filed on May 20, 2019. |
(13) | (i)(xxiii) Code of Ethics of Hotchkis and Wiley Capital Management, LLC (a subadviser of Multi-Manager Small Cap Equity Strategies Fund), as of August 15, 2017, is incorporated by reference to Post-Effective Amendment No. 344 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(21)), filed on February 13, 2019. |
(13) | (i)(xxiv) Code of Ethics of QMA LLC, (a subadviser of Columbia Multi Strategy Alternatives Fund), effective January 1, 2018, is incorporated by reference to Post-Effective Amendment No. 360 to Registration Statement No. 2-99356 of the Registrant on Form N-1A (Exhibit (p)(21)), filed on September 24, 2019. |
(14) | Consent of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP) is filed electronically herewith. |
(15) | Not applicable. |
(16) | Trustees Power of Attorney to sign Registration Statement and all amendments hereto is filed electronically herewith. |
(17) | Not applicable. |
Item 17. | Undertakings |
(1) The undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.
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(2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.
(3) The Registrant undertakes to file the opinion of counsel supporting the tax consequences of the proposed reorganization required by Item 16(12) through an amendment to this Registration Statement no later than a reasonable time after the closing of the transaction.
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SIGNATURES
As required by the Securities Act of 1933, this Registration Statement has been signed on behalf of the Registrant, Columbia Funds Series Trust I, by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts on the 26th day of February, 2020.
COLUMBIA FUNDS SERIES TRUST I | ||
By: | /s/ Christopher O. Petersen | |
Name: | Christopher O. Petersen | |
Title: | President |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on the 26th day of February, 2020.
Signature | Capacity | Signature | Capacity | |||
/s/ Christopher O. Petersen Christopher O. Petersen | President (Principal Executive Officer) | /s/ Nancy T. Lukitsh* Nancy T. Lukitsh | Trustee | |||
/s/ Michael G. Clarke Michael G. Clarke | Chief Financial Officer (Principal Financial Officer) and Senior Vice President | /s/ David M. Moffett* David M. Moffett | Trustee | |||
/s/ Joseph Beranek Joseph Beranek | Treasurer and Chief Accounting Officer (Principal Accounting Officer) | /s/ John J. Neuhauser* John J. Neuhauser | Trustee | |||
/s/ Douglas A. Hacker* Douglas A. Hacker | Chair of the Board | /s/ Patrick J. Simpson* Patrick J. Simpson | Trustee | |||
/s/ Janet L. Carrig* Janet L. Carrig | Trustee | /s/ William F. Truscott* William F. Truscott | Trustee |
* | By: | /s/ Christopher O. Petersen | ||
Name: | Christopher O. Petersen** | |||
Attorney-in-fact |
** | Executed by Christopher O. Petersen on behalf of each of the Trustees pursuant to a Power of Attorney filed herewith. |
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EXHIBIT INDEX
Exhibit No. | Description | |
(4) | Agreement and Plan of Reorganization | |
(6)(a)(iii) | Form of Schedule A and Schedule B to the Management Agreement between Columbia Management Investment Advisers, LLC, Columbia Funds Variable Insurance Trust and the Registrant, amended and restated as of April 25, 2016 | |
(11) | Opinion and consent of Ropes & Gray LLP as to the legality of the securities being registered | |
(14) | Consent of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP) | |
(16) | Trustees Power of Attorney to sign this Registration Statement and all amendments hereto |