UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-04367
Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: March 31
Date of reporting period: March 31, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
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March 31, 2022
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(Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Columbia Solutions Conservative Portfolio | 10/24/17 | -1.85 | 4.09 | |
Bloomberg Global Aggregate Hedged USD Index | -3.92 | 2.12 | ||
Blended Benchmark | -0.78 | 4.57 |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 3 |
(Unaudited)
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Portfolio breakdown (%) (at March 31, 2022) | |
Foreign Government Obligations | 16.1 |
Money Market Funds | 54.2 |
U.S. Treasury Obligations | 29.7 |
Total | 100.0 |
Market exposure through derivatives investments (% of notional exposure) (at March 31, 2022)(a) | |||
Long | Short | Net | |
Fixed Income Derivative Contracts | 147.9 | (6.6) | 141.3 |
Equity Derivative Contracts | 29.6 | — | 29.6 |
Foreign Currency Derivative Contracts | 0.7 | (71.6) | (70.9) |
Total Notional Market Value of Derivative Contracts | 178.2 | (78.2) | 100.0 |
4 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
(Unaudited)
• | The Fund‘s overweight to emerging markets relative to the Blended Benchmark detracted from performance due to negative returns within that space. |
• | The Fund had no exposure to foreign exchange markets, compared with the Blended Benchmark’s small allocation, which detracted from performance versus the Blended Benchmark during the year. |
• | An overweight to U.S. large-cap stocks relative to the Blended Benchmark provided the largest contribution to performance within the Fund’s equity allocation. |
• | The Fund’s underweight to credit sensitive securities within fixed income provided a positive contribution relative to the Blended Benchmark. |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
(Unaudited)
October 1, 2021 — March 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Columbia Solutions Conservative Portfolio | 1,000.00 | 1,000.00 | 964.90 | 1,024.88 | 0.05 | 0.05 | 0.01 |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 7 |
March 31, 2022
Foreign Government Obligations(a),(b) 15.9% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Australia 0.4% | ||||
Australia Government Bond | ||||
05/21/2032 | 1.250% | AUD | 65,000 | 42,028 |
Austria 1.9% | ||||
Republic of Austria Government Bond(c) | ||||
10/20/2026 | 0.750% | EUR | 131,000 | 146,674 |
Republic of Austria Government Bond(c),(d) | ||||
02/20/2030 | 0.000% | EUR | 57,000 | 59,187 |
Total | 205,861 | |||
Belgium 1.2% | ||||
Kingdom of Belgium Government Bond(c) | ||||
06/22/2031 | 1.000% | EUR | 57,000 | 63,749 |
03/28/2035 | 5.000% | EUR | 42,000 | 68,031 |
Total | 131,780 | |||
China 0.4% | ||||
China Government Bond | ||||
11/21/2029 | 3.130% | CNY | 100,000 | 16,065 |
05/21/2030 | 2.680% | CNY | 200,000 | 31,051 |
Total | 47,116 | |||
France 1.8% | ||||
French Republic Government Bond OAT(c),(d) | ||||
11/25/2030 | 0.000% | EUR | 68,000 | 69,919 |
11/25/2031 | 0.000% | EUR | 39,000 | 39,457 |
French Republic Government Bond OAT(c) | ||||
05/25/2036 | 1.250% | EUR | 50,000 | 56,101 |
05/25/2045 | 3.250% | EUR | 20,000 | 30,633 |
Total | 196,110 | |||
Italy 1.8% | ||||
Italy Buoni Poliennali Del Tesoro(c) | ||||
05/01/2031 | 6.000% | EUR | 30,000 | 44,841 |
02/01/2037 | 4.000% | EUR | 75,000 | 102,133 |
09/01/2046 | 3.250% | EUR | 34,000 | 43,701 |
Total | 190,675 | |||
Japan 3.6% | ||||
Japan Government 10-Year Bond | ||||
06/20/2031 | 0.100% | JPY | 22,000,000 | 179,203 |
Japan Government 20-Year Bond | ||||
06/20/2041 | 0.400% | JPY | 14,000,000 | 109,420 |
09/20/2041 | 0.500% | JPY | 3,000,000 | 23,825 |
Foreign Government Obligations(a),(b) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Japan Government 30-Year Bond | ||||
06/20/2050 | 0.600% | JPY | 2,000,000 | 15,207 |
06/20/2051 | 0.700% | JPY | 8,000,000 | 62,376 |
Total | 390,031 | |||
Netherlands 2.1% | ||||
Netherlands Government Bond(c) | ||||
07/15/2026 | 0.500% | EUR | 110,000 | 122,401 |
Netherlands Government Bond(c),(d) | ||||
07/15/2031 | 0.000% | EUR | 95,000 | 98,608 |
Total | 221,009 | |||
Spain 2.7% | ||||
Spain Government Bond(c),(d) | ||||
01/31/2028 | 0.000% | EUR | 74,000 | 77,521 |
Spain Government Bond(c) | ||||
04/30/2030 | 0.500% | EUR | 90,000 | 94,721 |
07/30/2041 | 4.700% | EUR | 25,000 | 41,096 |
Spain Government Bond | ||||
07/30/2032 | 5.750% | EUR | 48,000 | 75,633 |
Total | 288,971 | |||
Total Foreign Government Obligations (Cost $1,903,036) | 1,713,581 | |||
U.S. Treasury Obligations 29.3% | ||||
U.S. Treasury | ||||
02/28/2027 | 1.875% | 655,000 | 637,551 | |
03/31/2028 | 1.250% | 142,000 | 132,437 | |
06/30/2028 | 1.250% | 142,000 | 132,093 | |
09/30/2028 | 1.250% | 700,000 | 649,578 | |
10/31/2028 | 1.375% | 250,000 | 233,711 | |
11/30/2028 | 1.500% | 515,000 | 485,146 | |
05/15/2029 | 2.375% | 122,000 | 121,657 | |
08/15/2029 | 1.625% | 122,000 | 115,690 | |
08/15/2030 | 0.625% | 111,000 | 96,431 | |
02/15/2031 | 1.125% | 103,000 | 93,022 | |
08/15/2031 | 1.250% | 515,000 | 468,248 | |
Total U.S. Treasury Obligations (Cost $3,380,350) | 3,165,564 |
8 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
March 31, 2022
Money Market Funds 53.3% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.308%(e),(f) | 5,769,934 | 5,767,626 |
Total Money Market Funds (Cost $5,768,853) | 5,767,626 | |
Total Investments in Securities (Cost: $11,052,239) | 10,646,771 | |
Other Assets & Liabilities, Net | 166,772 | |
Net Assets | 10,813,543 |
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
31,000 CHF | 33,283 USD | Citi | 04/28/2022 | — | (292) |
266,000 CNY | 41,608 USD | Citi | 04/28/2022 | — | (221) |
1,260,000 EUR | 1,388,948 USD | Citi | 04/28/2022 | — | (5,914) |
72,000 HKD | 9,202 USD | Citi | 04/28/2022 | 8 | — |
18,978,000 IDR | 1,322 USD | Citi | 04/28/2022 | — | — |
109,000 SEK | 11,560 USD | Citi | 04/28/2022 | — | (38) |
637 USD | 6,000 SEK | Citi | 04/28/2022 | 2 | — |
64,749,000 IDR | 4,516 USD | Goldman Sachs International | 04/28/2022 | 7 | — |
67,000 NOK | 7,628 USD | Goldman Sachs International | 04/28/2022 | 20 | — |
58,675,034 JPY | 486,978 USD | HSBC | 04/28/2022 | 4,781 | — |
7,000 SGD | 5,155 USD | HSBC | 04/28/2022 | — | (9) |
19,062 USD | 2,300,000 JPY | HSBC | 04/28/2022 | — | (161) |
40,000 ZAR | 2,683 USD | HSBC | 04/28/2022 | — | (46) |
53,000 CNY | 8,303 USD | Standard Chartered | 04/28/2022 | — | (32) |
94,000 AUD | 69,907 USD | UBS | 04/28/2022 | — | (454) |
109,000 DKK | 16,160 USD | UBS | 04/28/2022 | — | (62) |
45,000 GBP | 59,640 USD | UBS | 04/28/2022 | 535 | — |
Total | 5,353 | (7,229) |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro-Bobl | 1 | 06/2022 | EUR | 128,860 | — | (4,871) |
Euro-BTP | 1 | 06/2022 | EUR | 138,310 | — | (7,477) |
Euro-Bund | 1 | 06/2022 | EUR | 158,660 | — | (8,607) |
Euro-OAT | 1 | 06/2022 | EUR | 151,510 | — | (7,793) |
Long Gilt | 2 | 06/2022 | GBP | 242,460 | — | (2,383) |
MSCI EAFE Index | 3 | 06/2022 | USD | 321,660 | 18,163 | — |
MSCI Emerging Markets Index | 2 | 06/2022 | USD | 112,550 | 4,739 | — |
S&P 500 Index E-mini | 2 | 06/2022 | USD | 453,075 | 28,285 | — |
U.S. Treasury 10-Year Note | 5 | 06/2022 | USD | 614,375 | — | (16,505) |
U.S. Treasury 5-Year Note | 17 | 06/2022 | USD | 1,949,688 | — | (52,795) |
Total | 51,187 | (100,431) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Short Term Euro-BTP | (1) | 06/2022 | EUR | (110,970) | 1,378 | — |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 9 |
March 31, 2022
Cleared interest rate swap contracts | |||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
3-Month SEK STIBOR | Fixed rate of 0.978% | Receives Quarterly, Pays Annually | Morgan Stanley | 11/04/2031 | SEK | 700,000 | 5,673 | — | — | 5,673 | — |
Cleared credit default swap contracts - sell protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America High Yield Index, Series 38 | Morgan Stanley | 06/20/2027 | 5.000 | Quarterly | 3.727 | USD | 648,000 | 6,685 | — | — | 6,685 | — |
Markit CDX North America Investment Grade Index, Series 38 | Morgan Stanley | 06/20/2027 | 1.000 | Quarterly | 0.667 | USD | 266,000 | 526 | — | — | 526 | — |
Total | 7,211 | — | — | 7,211 | — |
* | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Reference index and values for swap contracts as of period end | ||
Reference index | Reference rate | |
3-Month SEK STIBOR | Stockholm Interbank Offered Rate | (0.057%) |
(a) | Principal amounts are denominated in United States Dollars unless otherwise noted. |
(b) | Principal and interest may not be guaranteed by a governmental entity. |
(c) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At March 31, 2022, the total value of these securities amounted to $1,158,773, which represents 10.72% of total net assets. |
(d) | Zero coupon bond. |
(e) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
(f) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.308% | ||||||||
7,364,420 | 16,520,104 | (18,115,565) | (1,333) | 5,767,626 | (585) | 5,784 | 5,769,934 |
AUD | Australian Dollar |
CHF | Swiss Franc |
CNY | China Yuan Renminbi |
DKK | Danish Krone |
EUR | Euro |
GBP | British Pound |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
JPY | Japanese Yen |
10 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
March 31, 2022
NOK | Norwegian Krone |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | US Dollar |
ZAR | South African Rand |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Foreign Government Obligations | — | 1,713,581 | — | 1,713,581 |
U.S. Treasury Obligations | 3,165,564 | — | — | 3,165,564 |
Money Market Funds | 5,767,626 | — | — | 5,767,626 |
Total Investments in Securities | 8,933,190 | 1,713,581 | — | 10,646,771 |
Investments in Derivatives | ||||
Asset | ||||
Forward Foreign Currency Exchange Contracts | — | 5,353 | — | 5,353 |
Futures Contracts | 52,565 | — | — | 52,565 |
Swap Contracts | — | 12,884 | — | 12,884 |
Liability | ||||
Forward Foreign Currency Exchange Contracts | — | (7,229) | — | (7,229) |
Futures Contracts | (100,431) | — | — | (100,431) |
Total | 8,885,324 | 1,724,589 | — | 10,609,913 |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 11 |
March 31, 2022
See the Portfolio of Investments for all investment classifications not indicated in the table.
12 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
March 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $5,283,386) | $4,879,145 |
Affiliated issuers (cost $5,768,853) | 5,767,626 |
Foreign currency (cost $18,987) | 18,976 |
Margin deposits on: | |
Futures contracts | 98,140 |
Swap contracts | 65,310 |
Unrealized appreciation on forward foreign currency exchange contracts | 5,353 |
Receivable for: | |
Capital shares sold | 10,100 |
Dividends | 1,123 |
Interest | 15,585 |
Foreign tax reclaims | 1,286 |
Variation margin for futures contracts | 10,154 |
Expense reimbursement due from Investment Manager | 233 |
Prepaid expenses | 919 |
Trustees’ deferred compensation plan | 19,646 |
Total assets | 10,893,596 |
Liabilities | |
Unrealized depreciation on forward foreign currency exchange contracts | 7,229 |
Payable for: | |
Variation margin for futures contracts | 14,786 |
Variation margin for swap contracts | 1,156 |
Compensation of board members | 7,643 |
Audit fees | 19,750 |
Custodian fees | 7,113 |
Other expenses | 2,730 |
Trustees’ deferred compensation plan | 19,646 |
Total liabilities | 80,053 |
Net assets applicable to outstanding capital stock | $10,813,543 |
Represented by | |
Paid in capital | 11,479,061 |
Total distributable earnings (loss) | (665,518) |
Total - representing net assets applicable to outstanding capital stock | $10,813,543 |
Shares outstanding | 1,119,021 |
Net asset value per share | 9.66 |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 13 |
Year Ended March 31, 2022
Net investment income | |
Income: | |
Dividends — affiliated issuers | $5,784 |
Interest | 58,019 |
Foreign taxes withheld | (230) |
Total income | 63,573 |
Expenses: | |
Compensation of board members | 14,338 |
Custodian fees | 28,388 |
Printing and postage fees | 6,514 |
Audit fees | 40,700 |
Legal fees | 10,962 |
Interest on collateral | 342 |
Compensation of chief compliance officer | 4 |
Other | 4,284 |
Total expenses | 105,532 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (103,885) |
Total net expenses | 1,647 |
Net investment income | 61,926 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (177,177) |
Investments — affiliated issuers | (585) |
Foreign currency translations | (578) |
Forward foreign currency exchange contracts | 162,634 |
Futures contracts | 48,581 |
Swap contracts | 25,885 |
Net realized gain | 58,760 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (335,172) |
Investments — affiliated issuers | (1,333) |
Foreign currency translations | (289) |
Forward foreign currency exchange contracts | (13,754) |
Futures contracts | 21,548 |
Swap contracts | 3,955 |
Net change in unrealized appreciation (depreciation) | (325,045) |
Net realized and unrealized loss | (266,285) |
Net decrease in net assets resulting from operations | $(204,359) |
14 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations | ||
Net investment income | $61,926 | $75,836 |
Net realized gain | 58,760 | 981,087 |
Net change in unrealized appreciation (depreciation) | (325,045) | (280,081) |
Net increase (decrease) in net assets resulting from operations | (204,359) | 776,842 |
Distributions to shareholders | ||
Net investment income and net realized gains | (790,929) | (502,023) |
Total distributions to shareholders | (790,929) | (502,023) |
Increase in net assets from capital stock activity | 692,404 | 1,485,173 |
Total increase (decrease) in net assets | (302,884) | 1,759,992 |
Net assets at beginning of year | 11,116,427 | 9,356,435 |
Net assets at end of year | $10,813,543 | $11,116,427 |
Year Ended | Year Ended | |||
March 31, 2022 | March 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Subscriptions | 198,052 | 2,113,253 | 777,079 | 8,286,367 |
Distributions reinvested | 77,705 | 790,260 | 47,269 | 501,522 |
Redemptions | (216,468) | (2,211,109) | (686,336) | (7,302,716) |
Total net increase | 59,289 | 692,404 | 138,012 | 1,485,173 |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 15 |
Year Ended March 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 (a) | |
Per share data | |||||
Net asset value, beginning of period | $10.49 | $10.15 | $10.24 | $10.05 | $10.00 |
Income from investment operations: | |||||
Net investment income | 0.05 | 0.08 | 0.21 | 0.21 | 0.06 |
Net realized and unrealized gain (loss) | (0.21) | 0.76 | 0.34 | 0.36 | 0.03 |
Total from investment operations | (0.16) | 0.84 | 0.55 | 0.57 | 0.09 |
Less distributions to shareholders from: | |||||
Net investment income | (0.11) | (0.11) | (0.26) | (0.30) | (0.03) |
Net realized gains | (0.56) | (0.39) | (0.38) | (0.08) | (0.01) |
Total distributions to shareholders | (0.67) | (0.50) | (0.64) | (0.38) | (0.04) |
Net asset value, end of period | $9.66 | $10.49 | $10.15 | $10.24 | $10.05 |
Total return | (1.85%) | 8.23% | 5.26% | 5.85% | 0.90% |
Ratios to average net assets | |||||
Total gross expenses(b) | 0.87%(c) | 0.90% | 1.01% | 1.44% | 0.95%(d) |
Total net expenses(b),(e) | 0.01%(c) | 0.01% | 0.01% | 0.01% | 0.01%(d) |
Net investment income | 0.51% | 0.73% | 1.98% | 2.11% | 1.45%(d) |
Supplemental data | |||||
Portfolio turnover | 233% | 66% | 218% | 141% | 30% |
Net assets, end of period (in thousands) | $10,814 | $11,116 | $9,356 | $8,363 | $7,938 |
Notes to Financial Highlights | |
(a) | The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date. |
(b) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
(d) | Annualized. |
(e) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
16 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
March 31, 2022
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 17 |
March 31, 2022
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Columbia Solutions Conservative Portfolio | Annual Report 2022 | 19 |
March 31, 2022
20 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
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Columbia Solutions Conservative Portfolio | Annual Report 2022 | 21 |
March 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 7,211* |
Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 51,187* |
Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | 5,353 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 1,378* |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 5,673* |
Total | 70,802 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | 7,229 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 100,431* |
Total | 107,660 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | ||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | 25,909 | 25,909 |
Equity risk | — | 161,663 | — | 161,663 |
Foreign exchange risk | 162,634 | — | — | 162,634 |
Interest rate risk | — | (113,082) | (24) | (113,106) |
Total | 162,634 | 48,581 | 25,885 | 237,100 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | (1,718) | (1,718) |
Equity risk | — | 44,948 | — | 44,948 |
Foreign exchange risk | (13,754) | — | — | (13,754) |
Interest rate risk | — | (23,400) | 5,673 | (17,727) |
Total | (13,754) | 21,548 | 3,955 | 11,749 |
22 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
March 31, 2022
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 6,231,620 |
Futures contracts — short | 129,301 |
Credit default swap contracts — sell protection | 1,894,750 |
Derivative instrument | Average unrealized appreciation ($) | Average unrealized depreciation ($) |
Forward foreign currency exchange contracts | 30,731* | (9,099)* |
Interest rate swap contracts | 569** | (133)** |
* | Based on the ending quarterly outstanding amounts for the year ended March 31, 2022. |
** | Based on the ending daily outstanding amounts for the year ended March 31, 2022. |
Citi ($) | Goldman Sachs International ($) | HSBC ($) | Morgan Stanley ($) | Standard Chartered ($) | UBS ($) | Total ($) | |
Assets | |||||||
Forward foreign currency exchange contracts | 10 | 27 | 4,781 | - | - | 535 | 5,353 |
Liabilities | |||||||
Centrally cleared credit default swap contracts (a) | - | - | - | 178 | - | - | 178 |
Centrally cleared interest rate swap contracts (a) | - | - | - | 978 | - | - | 978 |
Forward foreign currency exchange contracts | 6,465 | - | 216 | - | 32 | 516 | 7,229 |
Total liabilities | 6,465 | - | 216 | 1,156 | 32 | 516 | 8,385 |
Total financial and derivative net assets | (6,455) | 27 | 4,565 | (1,156) | (32) | 19 | (3,032) |
Total collateral received (pledged) (b) | - | - | - | (1,156) | - | - | (1,156) |
Net amount (c) | (6,455) | 27 | 4,565 | - | (32) | 19 | (1,876) |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities. |
(b) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(c) | Represents the net amount due from/(to) counterparties in the event of default. |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 23 |
March 31, 2022
24 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
March 31, 2022
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 25 |
March 31, 2022
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
144,763 | (144,763) | — |
Year Ended March 31, 2022 | Year Ended March 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
414,368 | 376,561 | 790,929 | 323,735 | 178,288 | 502,023 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
52,796 | — | — | (408,642) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
11,018,555 | 4,242 | (412,884) | (408,642) |
Late year ordinary losses ($) | Post-October capital losses ($) |
— | 309,444 |
26 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
March 31, 2022
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 27 |
March 31, 2022
28 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
March 31, 2022
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 29 |
March 31, 2022
30 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 31 |
Capital gain dividend | |
$162,919 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | 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 |
32 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | 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 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 33 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | 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 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | 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 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (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 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 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 | 174 | None |
34 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | 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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | 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) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; 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; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 35 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 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 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | 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 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia 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 |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | 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. |
36 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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 |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | 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). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 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); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia Solutions Conservative Portfolio | Annual Report 2022 | 37 |
(Unaudited)
Fund officers (continued)
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 |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
38 | Columbia Solutions Conservative Portfolio | Annual Report 2022 |
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img311045212.jpg)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imge1e418a31.jpg)
March 31, 2022
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8 | |
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13 | |
14 | |
15 | |
16 | |
31 | |
32 | |
32 | |
38 |
(Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Columbia Solutions Aggressive Portfolio | 10/24/17 | 4.47 | 11.94 | |
MSCI ACWI with Developed Markets 100% Hedged to USD Index (Net) | 8.79 | 11.27 |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 3 |
(Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgbca8890e3.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Foreign Government Obligations | 29.8 |
Money Market Funds | 22.6 |
U.S. Treasury Obligations | 47.6 |
Total | 100.0 |
Market exposure through derivatives investments (% of notional exposure) (at March 31, 2022)(a) | |||
Long | Short | Net | |
Fixed Income Derivative Contracts | 120.6 | (3.2) | 117.4 |
Equity Derivative Contracts | 89.5 | - | 89.5 |
Foreign Currency Derivative Contracts | - | (106.9) | (106.9) |
Total Notional Market Value of Derivative Contracts | 210.1 | (110.1) | 100.0 |
4 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
(Unaudited)
• | The Fund’s allocation to interest rate sensitive securities was the largest performance detractor relative to its benchmark which had no exposure to these securities during the period. |
• | The Fund’s foreign currency hedging position detracted from performance relative to the benchmark during the period. |
• | The Fund benefited from positive contributions from an overweight to U.S. small-cap equities and underweights to both U.S. large-cap equities and international developed equities relative to its benchmark. |
• | The Fund’s allocation to credit spreads contributed to outperformance against its benchmark, which had no exposure to credit spreads during the period. |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
(Unaudited)
October 1, 2021 — March 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Columbia Solutions Aggressive Portfolio | 1,000.00 | 1,000.00 | 987.40 | 1,024.88 | 0.05 | 0.05 | 0.01 |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 7 |
March 31, 2022
Foreign Government Obligations(a),(b) 28.9% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Australia 0.5% | ||||
Australia Government Bond | ||||
05/21/2032 | 1.250% | AUD | 65,000 | 42,028 |
Austria 4.4% | ||||
Republic of Austria Government Bond(c) | ||||
10/20/2026 | 0.750% | EUR | 215,000 | 240,725 |
05/23/2034 | 2.400% | EUR | 32,000 | 41,060 |
Republic of Austria Government Bond(c),(d) | ||||
02/20/2030 | 0.000% | EUR | 84,000 | 87,223 |
Total | 369,008 | |||
Belgium 3.1% | ||||
Kingdom of Belgium Government Bond(c) | ||||
06/22/2031 | 1.000% | EUR | 113,000 | 126,380 |
04/22/2033 | 1.250% | EUR | 38,000 | 43,353 |
03/28/2035 | 5.000% | EUR | 54,000 | 87,468 |
Total | 257,201 | |||
China 0.9% | ||||
China Government Bond | ||||
11/21/2029 | 3.130% | CNY | 250,000 | 40,162 |
05/21/2030 | 2.680% | CNY | 200,000 | 31,051 |
Total | 71,213 | |||
France 4.6% | ||||
French Republic Government Bond OAT(c) | ||||
10/25/2027 | 2.750% | EUR | 84,000 | 103,989 |
05/25/2036 | 1.250% | EUR | 69,000 | 77,419 |
French Republic Government Bond OAT(c),(d) | ||||
11/25/2030 | 0.000% | EUR | 122,000 | 125,443 |
11/25/2031 | 0.000% | EUR | 80,000 | 80,937 |
Total | 387,788 | |||
Italy 1.5% | ||||
Italy Buoni Poliennali Del Tesoro(c) | ||||
02/01/2037 | 4.000% | EUR | 51,000 | 69,451 |
09/01/2046 | 3.250% | EUR | 42,000 | 53,983 |
Total | 123,434 | |||
Japan 5.6% | ||||
Japan Government 10-Year Bond | ||||
06/20/2031 | 0.100% | JPY | 15,000,000 | 122,184 |
Japan Government 20-Year Bond | ||||
06/20/2041 | 0.400% | JPY | 8,000,000 | 62,526 |
09/20/2041 | 0.500% | JPY | 10,500,000 | 83,389 |
Foreign Government Obligations(a),(b) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Japan Government 30-Year Bond | ||||
06/20/2050 | 0.600% | JPY | 6,300,000 | 47,900 |
06/20/2051 | 0.700% | JPY | 6,600,000 | 51,461 |
09/20/2051 | 0.700% | JPY | 5,600,000 | 43,691 |
12/20/2051 | 0.700% | JPY | 7,000,000 | 54,640 |
Total | 465,791 | |||
Netherlands 3.2% | ||||
Netherlands Government Bond(c) | ||||
07/15/2026 | 0.500% | EUR | 183,000 | 203,631 |
Netherlands Government Bond(c),(d) | ||||
07/15/2031 | 0.000% | EUR | 64,000 | 66,431 |
Total | 270,062 | |||
Spain 4.6% | ||||
Spain Government Bond(c),(d) | ||||
01/31/2028 | 0.000% | EUR | 155,000 | 162,376 |
Spain Government Bond(c) | ||||
04/30/2029 | 1.450% | EUR | 46,000 | 52,320 |
04/30/2030 | 0.500% | EUR | 66,000 | 69,462 |
07/30/2035 | 1.850% | EUR | 66,000 | 75,408 |
07/30/2041 | 4.700% | EUR | 15,000 | 24,657 |
Total | 384,223 | |||
United Kingdom 0.5% | ||||
United Kingdom Gilt(c) | ||||
10/22/2028 | 1.625% | GBP | 34,000 | 45,232 |
Total Foreign Government Obligations (Cost $2,631,106) | 2,415,980 | |||
U.S. Treasury Obligations 46.1% | ||||
U.S. Treasury | ||||
10/31/2026 | 1.125% | 235,000 | 221,047 | |
02/28/2027 | 1.875% | 675,000 | 657,018 | |
03/31/2028 | 1.250% | 251,000 | 234,097 | |
06/30/2028 | 1.250% | 243,000 | 226,047 | |
09/30/2028 | 1.250% | 750,000 | 695,977 | |
10/31/2028 | 1.375% | 540,000 | 504,816 | |
11/30/2028 | 1.500% | 175,000 | 164,855 | |
05/15/2029 | 2.375% | 128,000 | 127,640 | |
08/15/2029 | 1.625% | 129,000 | 122,328 | |
02/15/2030 | 1.500% | 123,000 | 115,312 | |
08/15/2030 | 0.625% | 196,000 | 170,275 | |
02/15/2031 | 1.125% | 132,000 | 119,212 | |
08/15/2031 | 1.250% | 550,000 | 500,070 | |
Total U.S. Treasury Obligations (Cost $4,116,903) | 3,858,694 |
8 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
March 31, 2022
Money Market Funds 22.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.308%(e),(f) | 1,837,602 | 1,836,867 |
Total Money Market Funds (Cost $1,837,053) | 1,836,867 | |
Total Investments in Securities (Cost: $8,585,062) | 8,111,541 | |
Other Assets & Liabilities, Net | 251,224 | |
Net Assets | 8,362,765 |
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
61,000 CHF | 65,492 USD | Citi | 04/28/2022 | — | (575) |
256,000 CNY | 40,044 USD | Citi | 04/28/2022 | — | (213) |
1,877,043 EUR | 2,069,140 USD | Citi | 04/28/2022 | — | (8,811) |
143,000 HKD | 18,275 USD | Citi | 04/28/2022 | 16 | — |
111,992,000 IDR | 7,802 USD | Citi | 04/28/2022 | 2 | — |
251,000 SEK | 26,620 USD | Citi | 04/28/2022 | — | (87) |
42,000 NOK | 4,782 USD | Goldman Sachs International | 04/28/2022 | 12 | — |
74,024,000 JPY | 614,368 USD | HSBC | 04/28/2022 | 6,032 | — |
10,000 SGD | 7,365 USD | HSBC | 04/28/2022 | — | (13) |
61,000 ZAR | 4,091 USD | HSBC | 04/28/2022 | — | (71) |
216,000 CNY | 33,837 USD | Standard Chartered | 04/28/2022 | — | (129) |
133,000 AUD | 98,910 USD | UBS | 04/28/2022 | — | (642) |
110,000 DKK | 16,308 USD | UBS | 04/28/2022 | — | (62) |
119,000 GBP | 157,715 USD | UBS | 04/28/2022 | 1,414 | — |
Total | 7,476 | (10,603) |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro-Bobl | 2 | 06/2022 | EUR | 257,720 | — | (9,742) |
Euro-BTP | 2 | 06/2022 | EUR | 276,620 | — | (14,954) |
Euro-Bund | 1 | 06/2022 | EUR | 158,660 | — | (8,607) |
Euro-OAT | 1 | 06/2022 | EUR | 151,510 | — | (7,793) |
Long Gilt | 2 | 06/2022 | GBP | 242,460 | — | (2,383) |
MSCI EAFE Index | 6 | 06/2022 | USD | 643,320 | 36,326 | — |
MSCI Emerging Markets Index | 6 | 06/2022 | USD | 337,650 | 14,216 | — |
Russell 2000 Index E-mini | 3 | 06/2022 | USD | 309,960 | 8,915 | — |
S&P 500 Index E-mini | 6 | 06/2022 | USD | 1,359,225 | 84,855 | — |
Short Term Euro-BTP | 1 | 06/2022 | EUR | 110,970 | — | (1,403) |
U.S. Treasury 5-Year Note | 13 | 06/2022 | USD | 1,490,938 | — | (38,804) |
Total | 144,312 | (83,686) |
Cleared interest rate swap contracts | |||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
3-Month SEK STIBOR | Fixed rate of 0.978% | Receives Quarterly, Pays Annually | Morgan Stanley | 11/04/2031 | SEK | 900,000 | 7,293 | — | — | 7,293 | — |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 9 |
March 31, 2022
Cleared credit default swap contracts - sell protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America High Yield Index, Series 38 | Morgan Stanley | 06/20/2027 | 5.000 | Quarterly | 3.727 | USD | 498,000 | 5,138 | — | — | 5,138 | — |
Markit CDX North America Investment Grade Index, Series 38 | Morgan Stanley | 06/20/2027 | 1.000 | Quarterly | 0.667 | USD | 205,000 | 406 | — | — | 406 | — |
Total | 5,544 | — | — | 5,544 | — |
* | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Reference index and values for swap contracts as of period end | ||
Reference index | Reference rate | |
3-Month SEK STIBOR | Stockholm Interbank Offered Rate | (0.057%) |
(a) | Principal amounts are denominated in United States Dollars unless otherwise noted. |
(b) | Principal and interest may not be guaranteed by a governmental entity. |
(c) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At March 31, 2022, the total value of these securities amounted to $1,836,948, which represents 21.97% of total net assets. |
(d) | Zero coupon bond. |
(e) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
(f) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.308% | ||||||||
3,521,256 | 24,360,713 | (26,044,704) | (398) | 1,836,867 | (361) | 2,456 | 1,837,602 |
AUD | Australian Dollar |
CHF | Swiss Franc |
CNY | China Yuan Renminbi |
DKK | Danish Krone |
EUR | Euro |
GBP | British Pound |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
JPY | Japanese Yen |
NOK | Norwegian Krone |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | US Dollar |
ZAR | South African Rand |
10 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
March 31, 2022
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Foreign Government Obligations | — | 2,415,980 | — | 2,415,980 |
U.S. Treasury Obligations | 3,858,694 | — | — | 3,858,694 |
Money Market Funds | 1,836,867 | — | — | 1,836,867 |
Total Investments in Securities | 5,695,561 | 2,415,980 | — | 8,111,541 |
Investments in Derivatives | ||||
Asset | ||||
Forward Foreign Currency Exchange Contracts | — | 7,476 | — | 7,476 |
Futures Contracts | 144,312 | — | — | 144,312 |
Swap Contracts | — | 12,837 | — | 12,837 |
Liability | ||||
Forward Foreign Currency Exchange Contracts | — | (10,603) | — | (10,603) |
Futures Contracts | (83,686) | — | — | (83,686) |
Total | 5,756,187 | 2,425,690 | — | 8,181,877 |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 11 |
March 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $6,748,009) | $6,274,674 |
Affiliated issuers (cost $1,837,053) | 1,836,867 |
Foreign currency (cost $21,340) | 21,309 |
Margin deposits on: | |
Futures contracts | 195,190 |
Swap contracts | 51,631 |
Unrealized appreciation on forward foreign currency exchange contracts | 7,476 |
Receivable for: | |
Capital shares sold | 33,000 |
Dividends | 322 |
Interest | 19,552 |
Foreign tax reclaims | 1,128 |
Variation margin for futures contracts | 10,720 |
Expense reimbursement due from Investment Manager | 249 |
Prepaid expenses | 895 |
Trustees’ deferred compensation plan | 19,602 |
Total assets | 8,472,615 |
Liabilities | |
Unrealized depreciation on forward foreign currency exchange contracts | 10,603 |
Payable for: | |
Variation margin for futures contracts | 40,657 |
Variation margin for swap contracts | 1,395 |
Compensation of board members | 7,631 |
Audit fees | 19,750 |
Custodian fees | 7,488 |
Other expenses | 2,724 |
Trustees’ deferred compensation plan | 19,602 |
Total liabilities | 109,850 |
Net assets applicable to outstanding capital stock | $8,362,765 |
Represented by | |
Paid in capital | 8,981,230 |
Total distributable earnings (loss) | (618,465) |
Total - representing net assets applicable to outstanding capital stock | $8,362,765 |
Shares outstanding | 881,294 |
Net asset value per share | 9.49 |
12 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
Year Ended March 31, 2022
Net investment income | |
Income: | |
Dividends — affiliated issuers | $2,456 |
Interest | 80,920 |
Foreign taxes withheld | (220) |
Total income | 83,156 |
Expenses: | |
Compensation of board members | 14,317 |
Custodian fees | 29,299 |
Printing and postage fees | 6,515 |
Audit fees | 39,500 |
Legal fees | 10,944 |
Interest on collateral | 308 |
Interest on interfund lending | 10 |
Compensation of chief compliance officer | 4 |
Other | 4,165 |
Total expenses | 105,062 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (103,713) |
Total net expenses | 1,349 |
Net investment income | 81,807 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (185,983) |
Investments — affiliated issuers | (361) |
Foreign currency translations | (1,014) |
Forward foreign currency exchange contracts | 271,287 |
Futures contracts | 699,712 |
Swap contracts | 20,137 |
Net realized gain | 803,778 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (464,212) |
Investments — affiliated issuers | (398) |
Foreign currency translations | (448) |
Forward foreign currency exchange contracts | (34,000) |
Futures contracts | 129,485 |
Swap contracts | 6,494 |
Net change in unrealized appreciation (depreciation) | (363,079) |
Net realized and unrealized gain | 440,699 |
Net increase in net assets resulting from operations | $522,506 |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 13 |
Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations | ||
Net investment income | $81,807 | $81,806 |
Net realized gain | 803,778 | 2,589,349 |
Net change in unrealized appreciation (depreciation) | (363,079) | (251,183) |
Net increase in net assets resulting from operations | 522,506 | 2,419,972 |
Distributions to shareholders | ||
Net investment income and net realized gains | (2,705,913) | (612,404) |
Total distributions to shareholders | (2,705,913) | (612,404) |
Increase (decrease) in net assets from capital stock activity | 2,252,302 | (181,819) |
Total increase in net assets | 68,895 | 1,625,749 |
Net assets at beginning of year | 8,293,870 | 6,668,121 |
Net assets at end of year | $8,362,765 | $8,293,870 |
Year Ended | Year Ended | |||
March 31, 2022 | March 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Subscriptions | 342,226 | 4,154,573 | 215,448 | 2,433,485 |
Distributions reinvested | 265,739 | 2,702,570 | 52,849 | 611,460 |
Redemptions | (414,072) | (4,604,841) | (278,025) | (3,226,764) |
Total net increase (decrease) | 193,893 | 2,252,302 | (9,728) | (181,819) |
14 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
Year Ended March 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 (a) | |
Per share data | |||||
Net asset value, beginning of period | $12.07 | $9.57 | $10.12 | $10.07 | $10.00 |
Income from investment operations: | |||||
Net investment income | 0.10 | 0.11 | 0.21 | 0.21 | 0.07 |
Net realized and unrealized gain | 0.66 | 3.33 | 0.45 | 0.50 | 0.08 |
Total from investment operations | 0.76 | 3.44 | 0.66 | 0.71 | 0.15 |
Less distributions to shareholders from: | |||||
Net investment income | (0.11) | (0.21) | (0.35) | (0.51) | — |
Net realized gains | (3.23) | (0.73) | (0.86) | (0.15) | (0.08) |
Total distributions to shareholders | (3.34) | (0.94) | (1.21) | (0.66) | (0.08) |
Net asset value, end of period | $9.49 | $12.07 | $9.57 | $10.12 | $10.07 |
Total return | 4.47% | 36.42% | 5.44% | 8.05% | 1.53% |
Ratios to average net assets | |||||
Total gross expenses(b) | 1.02%(c),(d) | 1.19% | 1.33% | 1.78% | 1.10%(e) |
Total net expenses(b),(f) | 0.01%(c),(d) | 0.01% | 0.01% | 0.01% | 0.01%(e) |
Net investment income | 0.79% | 1.04% | 2.01% | 2.08% | 1.49%(e) |
Supplemental data | |||||
Portfolio turnover | 204% | 54% | 184% | 149% | 24% |
Net assets, end of period (in thousands) | $8,363 | $8,294 | $6,668 | $6,434 | $6,557 |
Notes to Financial Highlights | |
(a) | The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date. |
(b) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | Annualized. |
(f) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 15 |
March 31, 2022
16 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
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Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 17 |
March 31, 2022
18 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
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Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 19 |
March 31, 2022
20 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
March 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 5,544* |
Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 144,312* |
Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | 7,476 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 7,293* |
Total | 164,625 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | 10,603 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 83,686* |
Total | 94,289 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | ||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | 20,168 | 20,168 |
Equity risk | — | 763,375 | — | 763,375 |
Foreign exchange risk | 271,287 | — | — | 271,287 |
Interest rate risk | — | (63,663) | (31) | (63,694) |
Total | 271,287 | 699,712 | 20,137 | 991,136 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | (799) | (799) |
Equity risk | — | 165,570 | — | 165,570 |
Foreign exchange risk | (34,000) | — | — | (34,000) |
Interest rate risk | — | (36,085) | 7,293 | (28,792) |
Total | (34,000) | 129,485 | 6,494 | 101,979 |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 21 |
March 31, 2022
Derivative instrument | Average notional amounts ($) |
Futures contracts — long | 10,550,497* |
Futures contracts — short | 60,492** |
Credit default swap contracts — sell protection | 1,639,000* |
Derivative instrument | Average unrealized appreciation ($) | Average unrealized depreciation ($) |
Forward foreign currency exchange contracts | 61,305* | (14,971)* |
Interest rate swap contracts | 732** | (171)** |
* | Based on the ending quarterly outstanding amounts for the year ended March 31, 2022. |
** | Based on the ending daily outstanding amounts for the year ended March 31, 2022. |
Citi ($) | Goldman Sachs International ($) | HSBC ($) | Morgan Stanley ($) | Standard Chartered ($) | UBS ($) | Total ($) | |
Assets | |||||||
Forward foreign currency exchange contracts | 18 | 12 | 6,032 | - | - | 1,414 | 7,476 |
Liabilities | |||||||
Centrally cleared credit default swap contracts (a) | - | - | - | 137 | - | - | 137 |
Centrally cleared interest rate swap contracts (a) | - | - | - | 1,258 | - | - | 1,258 |
Forward foreign currency exchange contracts | 9,686 | - | 84 | - | 129 | 704 | 10,603 |
Total liabilities | 9,686 | - | 84 | 1,395 | 129 | 704 | 11,998 |
Total financial and derivative net assets | (9,668) | 12 | 5,948 | (1,395) | (129) | 710 | (4,522) |
Total collateral received (pledged) (b) | - | - | - | (1,395) | - | - | (1,395) |
Net amount (c) | (9,668) | 12 | 5,948 | - | (129) | 710 | (3,127) |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities. |
(b) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(c) | Represents the net amount due from/(to) counterparties in the event of default. |
22 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
March 31, 2022
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 23 |
March 31, 2022
24 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
March 31, 2022
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
232,209 | (232,209) | — |
Year Ended March 31, 2022 | Year Ended March 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
1,209,885 | 1,496,028 | 2,705,913 | 353,787 | 258,617 | 612,404 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
115,975 | — | — | (498,902) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
8,680,779 | 6,117 | (505,019) | (498,902) |
Late year ordinary losses ($) | Post-October capital losses ($) |
— | 235,305 |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 25 |
March 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 200,000 | 0.61 | 3 |
26 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
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Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 27 |
March 31, 2022
28 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
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Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 29 |
March 31, 2022
30 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 31 |
Capital gain dividend | |
$564,393 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | 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 |
32 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | 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 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 33 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | 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 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | 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 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (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 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 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 | 174 | None |
34 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | 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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | 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) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; 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; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 35 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 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 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | 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 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia 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 |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | 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. |
36 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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 |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | 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). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 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); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia Solutions Aggressive Portfolio | Annual Report 2022 | 37 |
(Unaudited)
Fund officers (continued)
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 |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
38 | Columbia Solutions Aggressive Portfolio | Annual Report 2022 |
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img3c9f99ec2.jpg)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img01bcd5c21.jpg)
March 31, 2022
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img7cf37f582.jpg)
3 | |
5 | |
7 | |
9 | |
11 | |
13 | |
15 | |
17 | |
19 | |
21 | |
23 | |
25 | |
43 | |
46 | |
49 | |
54 | |
72 | |
83 | |
84 | |
85 | |
91 | |
92 |
Columbia Adaptive Retirement 2020 Fund (Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Advisor Class | 10/24/17 | 1.01 | 4.92 | |
Institutional 3 Class | 10/24/17 | 1.04 | 4.92 | |
Dow Jones Target 2020 Index | -2.80 | 3.49 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 3 |
Columbia Adaptive Retirement 2020 Fund (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img40b2ed8a3.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Alternative Strategies Funds | 2.0 |
Exchange-Traded Fixed Income Funds | 7.8 |
Money Market Funds | 11.2 |
Multi-Asset/Tactical Strategies Funds | 79.0 |
Total | 100.0 |
4 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2025 Fund (Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Advisor Class | 04/04/18 | 1.63 | 6.14 | |
Institutional 3 Class | 04/04/18 | 1.78 | 6.18 | |
Dow Jones Target 2025 Index | -1.70 | 4.54 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 5 |
Columbia Adaptive Retirement 2025 Fund (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgceef13584.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Alternative Strategies Funds | 2.0 |
Exchange-Traded Fixed Income Funds | 7.8 |
Money Market Funds | 11.4 |
Multi-Asset/Tactical Strategies Funds | 78.8 |
Total | 100.0 |
6 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2030 Fund (Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Advisor Class | 10/24/17 | 2.11 | 6.46 | |
Institutional 3 Class | 10/24/17 | 2.32 | 6.56 | |
Dow Jones Target 2030 Index | -0.32 | 5.85 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 7 |
Columbia Adaptive Retirement 2030 Fund (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgbc4efe8a5.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Alternative Strategies Funds | 2.0 |
Exchange-Traded Fixed Income Funds | 7.9 |
Money Market Funds | 10.7 |
Multi-Asset/Tactical Strategies Funds | 79.4 |
Total | 100.0 |
8 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2035 Fund (Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Advisor Class | 04/04/18 | 2.97 | 8.21 | |
Institutional 3 Class | 04/04/18 | 3.14 | 8.28 | |
Dow Jones Target 2035 Index | 1.12 | 7.10 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 9 |
Columbia Adaptive Retirement 2035 Fund (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img23c9e5176.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Alternative Strategies Funds | 2.0 |
Exchange-Traded Fixed Income Funds | 7.8 |
Money Market Funds | 11.2 |
Multi-Asset/Tactical Strategies Funds | 79.0 |
Total | 100.0 |
10 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2040 Fund (Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Advisor Class | 10/24/17 | 3.89 | 8.59 | |
Institutional 3 Class | 10/24/17 | 3.94 | 8.64 | |
Dow Jones Target 2040 Index | 2.47 | 8.17 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 11 |
Columbia Adaptive Retirement 2040 Fund (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgcef61c917.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Alternative Strategies Funds | 2.0 |
Exchange-Traded Fixed Income Funds | 7.9 |
Money Market Funds | 11.1 |
Multi-Asset/Tactical Strategies Funds | 79.0 |
Total | 100.0 |
12 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2045 Fund (Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Advisor Class | 04/04/18 | 4.67 | 10.46 | |
Institutional 3 Class | 04/04/18 | 4.71 | 10.48 | |
Dow Jones Target 2045 Index | 3.59 | 9.18 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 13 |
Columbia Adaptive Retirement 2045 Fund (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgdbfea00c8.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Alternative Strategies Funds | 2.0 |
Exchange-Traded Fixed Income Funds | 7.9 |
Money Market Funds | 11.3 |
Multi-Asset/Tactical Strategies Funds | 78.8 |
Total | 100.0 |
14 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2050 Fund (Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Advisor Class | 10/24/17 | 5.20 | 10.24 | |
Institutional 3 Class | 10/24/17 | 5.04 | 10.23 | |
Dow Jones Target 2050 Index | 4.35 | 9.59 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 15 |
Columbia Adaptive Retirement 2050 Fund (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img70eb31a19.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Alternative Strategies Funds | 2.0 |
Exchange-Traded Fixed Income Funds | 7.9 |
Money Market Funds | 11.1 |
Multi-Asset/Tactical Strategies Funds | 79.0 |
Total | 100.0 |
16 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2055 Fund (Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Advisor Class | 04/04/18 | 5.28 | 11.25 | |
Institutional 3 Class | 04/04/18 | 5.22 | 11.27 | |
Dow Jones Target 2055 Index | 4.67 | 10.01 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 17 |
Columbia Adaptive Retirement 2055 Fund (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgccdc4f6910.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Alternative Strategies Funds | 2.0 |
Exchange-Traded Fixed Income Funds | 7.9 |
Money Market Funds | 11.0 |
Multi-Asset/Tactical Strategies Funds | 79.1 |
Total | 100.0 |
18 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2060 Fund (Unaudited)
Average annual total returns (%) (for the period ended March 31, 2022) | ||||
Inception | 1 Year | Life | ||
Advisor Class | 10/24/17 | 5.55 | 10.37 | |
Institutional 3 Class | 10/24/17 | 5.68 | 10.41 | |
Dow Jones Target 2060 Index | 4.67 | 9.80 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 19 |
Columbia Adaptive Retirement 2060 Fund (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img1cd70bfe11.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Alternative Strategies Funds | 1.9 |
Exchange-Traded Fixed Income Funds | 7.9 |
Money Market Funds | 10.9 |
Multi-Asset/Tactical Strategies Funds | 79.3 |
Total | 100.0 |
20 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
(Unaudited)
• | Columbia Adaptive Retirement 2020 Fund returned 1.04% for the 12-month period ended March 31, 2022. The Fund outperformed the Dow Jones Target 2020 Index, which returned -2.80% for the same period. |
• | Columbia Adaptive Retirement 2025 Fund returned 1.78% for the 12-month period ended March 31, 2022. The Fund outperformed the Dow Jones Target 2025 Index, which returned -1.70% for the same period. |
• | Columbia Adaptive Retirement 2030 Fund returned 2.32% for the 12-month period ended March 31, 2022. The Fund outperformed the Dow Jones Target 2030 Index, which returned -0.32% for the same period. |
• | Columbia Adaptive Retirement 2035 Fund returned 3.14% for the 12-month period ended March 31, 2022. The Fund outperformed the Dow Jones Target 2035 Index, which returned 1.12% for the same period. |
• | Columbia Adaptive Retirement 2040 Fund returned 3.94% for the 12-month period ended March 31, 2022. The Fund outperformed the Dow Jones Target 2040 Index, which returned 2.47% for the same period. |
• | Columbia Adaptive Retirement 2045 Fund returned 4.71% for the 12-month period ended March 31, 2022. The Fund outperformed the Dow Jones Target 2045 Index, which returned 3.59% for the same period. |
• | Columbia Adaptive Retirement 2050 Fund returned 5.04% for the 12-month period ended March 31, 2022. The Fund outperformed the Dow Jones Target 2050 Index, which returned 4.35% for the same period. |
• | Columbia Adaptive Retirement 2055 Fund returned 5.22% for the 12-month period ended March 31, 2022. The Fund outperformed the Dow Jones Target 2055 Index, which returned 4.67% for the same period. |
• | Columbia Adaptive Retirement 2060 Fund returned 5.68% for the 12-month period ended March 31, 2022. The Fund outperformed the Dow Jones Target 2060 Index, which returned 4.67% for the same period. |
• | Commodity exposure across all Funds in the Columbia Adaptive Retirement Funds series contributed positively to returns relative to their corresponding Dow Jones benchmarks. |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 21 |
(Unaudited)
• | On the equity side, a consensus underweight in all of the Funds to both U.S. large-cap equity and international developed markets contributed positively to performance versus the Funds’ corresponding Dow Jones benchmarks. |
• | Exposure to Treasury inflation-protected securities (TIPS) across all Funds contributed positively to performance relative to the corresponding Dow Jones benchmarks. |
• | A higher allocation to interest rate sensitive securities relative to the corresponding benchmarks detracted from performance across all Funds. |
• | Within the Funds’ equity allocations, a consensus underweight to both U.S. small- and mid-cap securities detracted from performance across all Funds relative to their corresponding benchmarks. |
22 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
(Unaudited)
October 1, 2021 — March 31, 2022 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Columbia Adaptive Retirement 2020 Fund | ||||||||||
Advisor Class | 1,000.00 | 1,000.00 | 979.60 | 1,022.74 | 2.17 | 2.22 | 0.44 | 2.47 | 2.52 | 0.50 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 979.00 | 1,022.99 | 1.92 | 1.97 | 0.39 | 2.22 | 2.27 | 0.45 |
Columbia Adaptive Retirement 2025 Fund | ||||||||||
Advisor Class | 1,000.00 | 1,000.00 | 980.90 | 1,022.79 | 2.12 | 2.17 | 0.43 | 2.42 | 2.47 | 0.49 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 981.40 | 1,022.99 | 1.93 | 1.97 | 0.39 | 2.22 | 2.27 | 0.45 |
Columbia Adaptive Retirement 2030 Fund | ||||||||||
Advisor Class | 1,000.00 | 1,000.00 | 982.60 | 1,022.34 | 2.57 | 2.62 | 0.52 | 2.87 | 2.92 | 0.58 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 983.80 | 1,022.99 | 1.93 | 1.97 | 0.39 | 2.23 | 2.27 | 0.45 |
Columbia Adaptive Retirement 2035 Fund | ||||||||||
Advisor Class | 1,000.00 | 1,000.00 | 985.40 | 1,022.54 | 2.38 | 2.42 | 0.48 | 2.67 | 2.72 | 0.54 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 987.00 | 1,022.99 | 1.93 | 1.97 | 0.39 | 2.23 | 2.27 | 0.45 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 23 |
(Unaudited)
October 1, 2021 — March 31, 2022 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Columbia Adaptive Retirement 2040 Fund | ||||||||||
Advisor Class | 1,000.00 | 1,000.00 | 989.20 | 1,022.64 | 2.28 | 2.32 | 0.46 | 2.58 | 2.62 | 0.52 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 989.80 | 1,022.99 | 1.93 | 1.97 | 0.39 | 2.23 | 2.27 | 0.45 |
Columbia Adaptive Retirement 2045 Fund | ||||||||||
Advisor Class | 1,000.00 | 1,000.00 | 992.20 | 1,022.74 | 2.19 | 2.22 | 0.44 | 2.48 | 2.52 | 0.50 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 992.60 | 1,022.99 | 1.94 | 1.97 | 0.39 | 2.24 | 2.27 | 0.45 |
Columbia Adaptive Retirement 2050 Fund | ||||||||||
Advisor Class | 1,000.00 | 1,000.00 | 995.30 | 1,022.99 | 1.94 | 1.97 | 0.39 | 2.24 | 2.27 | 0.45 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 994.60 | 1,022.99 | 1.94 | 1.97 | 0.39 | 2.24 | 2.27 | 0.45 |
Columbia Adaptive Retirement 2055 Fund | ||||||||||
Advisor Class | 1,000.00 | 1,000.00 | 994.30 | 1,022.74 | 2.19 | 2.22 | 0.44 | 2.49 | 2.52 | 0.50 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 994.60 | 1,022.99 | 1.94 | 1.97 | 0.39 | 2.24 | 2.27 | 0.45 |
Columbia Adaptive Retirement 2060 Fund | ||||||||||
Advisor Class | 1,000.00 | 1,000.00 | 994.70 | 1,022.64 | 2.29 | 2.32 | 0.46 | 2.59 | 2.62 | 0.52 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 995.20 | 1,022.99 | 1.94 | 1.97 | 0.39 | 2.24 | 2.27 | 0.45 |
24 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2020 Fund, March 31, 2022
Alternative Strategies Funds 2.0% | ||
Shares | Value ($) | |
Columbia Commodity Strategy Fund, Institutional 3 Class(a) | 1,348 | 28,992 |
Total Alternative Strategies Funds (Cost $19,515) | 28,992 | |
Exchange-Traded Fixed Income Funds 7.9% | ||
Emerging Markets 2.0% | ||
iShares JPMorgan USD Emerging Markets Bond ETF | 297 | 29,035 |
Inflation Protected Securities 3.9% | ||
iShares TIPS Bond ETF | 464 | 57,800 |
Investment Grade 2.0% | ||
Vanguard Mortgage-Backed Securities ETF | 581 | 29,108 |
Total Exchange-Traded Fixed Income Funds (Cost $110,770) | 115,943 | |
Multi-Asset/Tactical Strategies Funds 80.0% | ||
Shares | Value ($) | |
Columbia Solutions Aggressive Portfolio(a) | 11,893 | 112,863 |
Columbia Solutions Conservative Portfolio(a) | 108,912 | 1,052,093 |
Total Multi-Asset/Tactical Strategies Funds (Cost $1,189,040) | 1,164,956 | |
Money Market Funds 11.3% | ||
Columbia Short-Term Cash Fund, 0.308%(a),(b) | 164,731 | 164,665 |
Total Money Market Funds (Cost $164,680) | 164,665 | |
Total Investments in Securities (Cost: $1,484,005) | 1,474,556 | |
Other Assets & Liabilities, Net | (17,602) | |
Net Assets | 1,456,954 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Commodity Strategy Fund, Institutional 3 Class | |||||||||
63,685 | 240,047 | (269,703) | (5,037) | 28,992 | — | 17,228 | 22,755 | 1,348 | |
Columbia Short-Term Cash Fund, 0.308% | |||||||||
66,855 | 1,285,123 | (1,187,292) | (21) | 164,665 | — | (6) | 83 | 164,731 | |
Columbia Solutions Aggressive Portfolio | |||||||||
143,539 | 122,495 | (122,498) | (30,673) | 112,863 | 39,394 | 1,025 | 1,323 | 11,893 | |
Columbia Solutions Conservative Portfolio | |||||||||
1,115,016 | 737,606 | (712,509) | (88,020) | 1,052,093 | 78,931 | (25,719) | 14,991 | 108,912 | |
Total | 1,389,095 | (123,751) | 1,358,613 | 118,325 | (7,472) | 39,152 |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 25 |
Columbia Adaptive Retirement 2020 Fund, March 31, 2022
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Alternative Strategies Funds | 28,992 | — | — | — | 28,992 |
Exchange-Traded Fixed Income Funds | 115,943 | — | — | — | 115,943 |
Multi-Asset/Tactical Strategies Funds | — | — | — | 1,164,956 | 1,164,956 |
Money Market Funds | 164,665 | — | — | — | 164,665 |
Total Investments in Securities | 309,600 | — | — | 1,164,956 | 1,474,556 |
26 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2025 Fund, March 31, 2022
Alternative Strategies Funds 2.0% | ||
Shares | Value ($) | |
Columbia Commodity Strategy Fund, Institutional 3 Class(a) | 1,009 | 21,694 |
Total Alternative Strategies Funds (Cost $14,604) | 21,694 | |
Exchange-Traded Fixed Income Funds 8.0% | ||
Emerging Markets 2.0% | ||
iShares JPMorgan USD Emerging Markets Bond ETF | 222 | 21,703 |
Inflation Protected Securities 4.0% | ||
iShares TIPS Bond ETF | 346 | 43,101 |
Investment Grade 2.0% | ||
Vanguard Mortgage-Backed Securities ETF | 430 | 21,543 |
Total Exchange-Traded Fixed Income Funds (Cost $83,380) | 86,347 | |
Multi-Asset/Tactical Strategies Funds 80.0% | ||
Shares | Value ($) | |
Columbia Solutions Aggressive Portfolio(a) | 18,028 | 171,085 |
Columbia Solutions Conservative Portfolio(a) | 72,384 | 699,230 |
Total Multi-Asset/Tactical Strategies Funds (Cost $893,153) | 870,315 | |
Money Market Funds 11.6% | ||
Columbia Short-Term Cash Fund, 0.308%(a),(b) | 126,414 | 126,364 |
Total Money Market Funds (Cost $126,376) | 126,364 | |
Total Investments in Securities (Cost: $1,117,513) | 1,104,720 | |
Other Assets & Liabilities, Net | (17,342) | |
Net Assets | 1,087,378 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Commodity Strategy Fund, Institutional 3 Class | |||||||||
53,351 | 158,329 | (184,936) | (5,050) | 21,694 | — | 14,578 | 16,202 | 1,009 | |
Columbia Short-Term Cash Fund, 0.308% | |||||||||
56,634 | 512,723 | (442,976) | (17) | 126,364 | — | (11) | 68 | 126,414 | |
Columbia Solutions Aggressive Portfolio | |||||||||
233,063 | 95,681 | (108,752) | (48,907) | 171,085 | 57,716 | 5,472 | 1,938 | 18,028 | |
Columbia Solutions Conservative Portfolio | |||||||||
822,885 | 202,939 | (264,434) | (62,160) | 699,230 | 50,669 | (9,634) | 9,623 | 72,384 | |
Total | 1,165,933 | (116,134) | 1,018,373 | 108,385 | 10,405 | 27,831 |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 27 |
Columbia Adaptive Retirement 2025 Fund, March 31, 2022
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Alternative Strategies Funds | 21,694 | — | — | — | 21,694 |
Exchange-Traded Fixed Income Funds | 86,347 | — | — | — | 86,347 |
Multi-Asset/Tactical Strategies Funds | — | — | — | 870,315 | 870,315 |
Money Market Funds | 126,364 | — | — | — | 126,364 |
Total Investments in Securities | 234,405 | — | — | 870,315 | 1,104,720 |
28 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2030 Fund, March 31, 2022
Alternative Strategies Funds 2.0% | ||
Shares | Value ($) | |
Columbia Commodity Strategy Fund, Institutional 3 Class(a) | 2,283 | 49,120 |
Total Alternative Strategies Funds (Cost $33,067) | 49,120 | |
Exchange-Traded Fixed Income Funds 7.9% | ||
Emerging Markets 2.0% | ||
iShares JPMorgan USD Emerging Markets Bond ETF | 504 | 49,271 |
Inflation Protected Securities 3.9% | ||
iShares TIPS Bond ETF | 785 | 97,788 |
Investment Grade 2.0% | ||
Vanguard Mortgage-Backed Securities ETF | 971 | 48,647 |
Total Exchange-Traded Fixed Income Funds (Cost $195,183) | 195,706 | |
Multi-Asset/Tactical Strategies Funds 80.0% | ||
Shares | Value ($) | |
Columbia Solutions Aggressive Portfolio(a) | 67,935 | 644,705 |
Columbia Solutions Conservative Portfolio(a) | 137,476 | 1,328,014 |
Total Multi-Asset/Tactical Strategies Funds (Cost $2,087,536) | 1,972,719 | |
Money Market Funds 10.9% | ||
Columbia Short-Term Cash Fund, 0.308%(a),(b) | 267,627 | 267,519 |
Total Money Market Funds (Cost $267,547) | 267,519 | |
Total Investments in Securities (Cost: $2,583,333) | 2,485,064 | |
Other Assets & Liabilities, Net | (20,162) | |
Net Assets | 2,464,902 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Commodity Strategy Fund, Institutional 3 Class | |||||||||
105,362 | 363,333 | (414,122) | (5,453) | 49,120 | — | 26,352 | 34,552 | 2,283 | |
Columbia Short-Term Cash Fund, 0.308% | |||||||||
107,923 | 1,565,997 | (1,406,373) | (28) | 267,519 | — | (17) | 130 | 267,627 | |
Columbia Solutions Aggressive Portfolio | |||||||||
747,451 | 492,321 | (441,486) | (153,581) | 644,705 | 202,034 | (5,460) | 6,784 | 67,935 | |
Columbia Solutions Conservative Portfolio | |||||||||
1,339,325 | 688,271 | (594,673) | (104,909) | 1,328,014 | 89,384 | (28,324) | 16,976 | 137,476 | |
Total | 2,300,061 | (263,971) | 2,289,358 | 291,418 | (7,449) | 58,442 |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 29 |
Columbia Adaptive Retirement 2030 Fund, March 31, 2022
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Alternative Strategies Funds | 49,120 | — | — | — | 49,120 |
Exchange-Traded Fixed Income Funds | 195,706 | — | — | — | 195,706 |
Multi-Asset/Tactical Strategies Funds | — | — | — | 1,972,719 | 1,972,719 |
Money Market Funds | 267,519 | — | — | — | 267,519 |
Total Investments in Securities | 512,345 | — | — | 1,972,719 | 2,485,064 |
30 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2035 Fund, March 31, 2022
Alternative Strategies Funds 2.0% | ||
Shares | Value ($) | |
Columbia Commodity Strategy Fund, Institutional 3 Class(a) | 1,364 | 29,342 |
Total Alternative Strategies Funds (Cost $19,748) | 29,342 | |
Exchange-Traded Fixed Income Funds 8.0% | ||
Emerging Markets 2.0% | ||
iShares JPMorgan USD Emerging Markets Bond ETF | 301 | 29,426 |
Inflation Protected Securities 4.0% | ||
iShares TIPS Bond ETF | 469 | 58,423 |
Investment Grade 2.0% | ||
Vanguard Mortgage-Backed Securities ETF | 589 | 29,509 |
Total Exchange-Traded Fixed Income Funds (Cost $115,859) | 117,358 | |
Multi-Asset/Tactical Strategies Funds 79.9% | ||
Shares | Value ($) | |
Columbia Solutions Aggressive Portfolio(a) | 60,519 | 574,331 |
Columbia Solutions Conservative Portfolio(a) | 62,602 | 604,737 |
Total Multi-Asset/Tactical Strategies Funds (Cost $1,240,569) | 1,179,068 | |
Money Market Funds 11.3% | ||
Columbia Short-Term Cash Fund, 0.308%(a),(b) | 166,845 | 166,778 |
Total Money Market Funds (Cost $166,793) | 166,778 | |
Total Investments in Securities (Cost: $1,542,969) | 1,492,546 | |
Other Assets & Liabilities, Net | (17,896) | |
Net Assets | 1,474,650 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Commodity Strategy Fund, Institutional 3 Class | |||||||||
69,539 | 226,971 | (262,611) | (4,557) | 29,342 | — | 17,259 | 22,300 | 1,364 | |
Columbia Short-Term Cash Fund, 0.308% | |||||||||
73,042 | 993,486 | (899,735) | (15) | 166,778 | — | (19) | 88 | 166,845 | |
Columbia Solutions Aggressive Portfolio | |||||||||
720,134 | 434,602 | (431,525) | (148,880) | 574,331 | 194,447 | (3,541) | 6,528 | 60,519 | |
Columbia Solutions Conservative Portfolio | |||||||||
656,882 | 344,318 | (350,536) | (45,927) | 604,737 | 43,923 | (18,165) | 8,342 | 62,602 | |
Total | 1,519,597 | (199,379) | 1,375,188 | 238,370 | (4,466) | 37,258 |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 31 |
Columbia Adaptive Retirement 2035 Fund, March 31, 2022
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Alternative Strategies Funds | 29,342 | — | — | — | 29,342 |
Exchange-Traded Fixed Income Funds | 117,358 | — | — | — | 117,358 |
Multi-Asset/Tactical Strategies Funds | — | — | — | 1,179,068 | 1,179,068 |
Money Market Funds | 166,778 | — | — | — | 166,778 |
Total Investments in Securities | 313,478 | — | — | 1,179,068 | 1,492,546 |
32 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2040 Fund, March 31, 2022
Alternative Strategies Funds 2.0% | ||
Shares | Value ($) | |
Columbia Commodity Strategy Fund, Institutional 3 Class(a) | 1,397 | 30,060 |
Total Alternative Strategies Funds (Cost $20,229) | 30,060 | |
Exchange-Traded Fixed Income Funds 8.0% | ||
Emerging Markets 2.0% | ||
iShares JPMorgan USD Emerging Markets Bond ETF | 309 | 30,208 |
Inflation Protected Securities 4.0% | ||
iShares TIPS Bond ETF | 481 | 59,918 |
Investment Grade 2.0% | ||
Vanguard Mortgage-Backed Securities ETF | 610 | 30,561 |
Total Exchange-Traded Fixed Income Funds (Cost $120,295) | 120,687 | |
Multi-Asset/Tactical Strategies Funds 80.0% | ||
Shares | Value ($) | |
Columbia Solutions Aggressive Portfolio(a) | 84,294 | 799,949 |
Columbia Solutions Conservative Portfolio(a) | 42,166 | 407,323 |
Total Multi-Asset/Tactical Strategies Funds (Cost $1,266,927) | 1,207,272 | |
Money Market Funds 11.2% | ||
Columbia Short-Term Cash Fund, 0.308%(a),(b) | 169,521 | 169,453 |
Total Money Market Funds (Cost $169,467) | 169,453 | |
Total Investments in Securities (Cost: $1,576,918) | 1,527,472 | |
Other Assets & Liabilities, Net | (17,741) | |
Net Assets | 1,509,731 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Commodity Strategy Fund, Institutional 3 Class | |||||||||
63,953 | 238,696 | (269,568) | (3,021) | 30,060 | — | 15,429 | 22,809 | 1,397 | |
Columbia Short-Term Cash Fund, 0.308% | |||||||||
68,369 | 1,146,307 | (1,045,209) | (14) | 169,453 | — | (13) | 84 | 169,521 | |
Columbia Solutions Aggressive Portfolio | |||||||||
884,642 | 679,766 | (576,235) | (188,224) | 799,949 | 270,251 | (31,483) | 9,074 | 84,294 | |
Columbia Solutions Conservative Portfolio | |||||||||
382,361 | 289,475 | (232,950) | (31,563) | 407,323 | 29,566 | (13,210) | 5,615 | 42,166 | |
Total | 1,399,325 | (222,822) | 1,406,785 | 299,817 | (29,277) | 37,582 |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 33 |
Columbia Adaptive Retirement 2040 Fund, March 31, 2022
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Alternative Strategies Funds | 30,060 | — | — | — | 30,060 |
Exchange-Traded Fixed Income Funds | 120,687 | — | — | — | 120,687 |
Multi-Asset/Tactical Strategies Funds | — | — | — | 1,207,272 | 1,207,272 |
Money Market Funds | 169,453 | — | — | — | 169,453 |
Total Investments in Securities | 320,200 | — | — | 1,207,272 | 1,527,472 |
34 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2045 Fund, March 31, 2022
Alternative Strategies Funds 2.0% | ||
Shares | Value ($) | |
Columbia Commodity Strategy Fund, Institutional 3 Class(a) | 1,193 | 25,667 |
Total Alternative Strategies Funds (Cost $17,276) | 25,667 | |
Exchange-Traded Fixed Income Funds 8.0% | ||
Emerging Markets 2.0% | ||
iShares JPMorgan USD Emerging Markets Bond ETF | 263 | 25,711 |
Inflation Protected Securities 4.0% | ||
iShares TIPS Bond ETF | 410 | 51,074 |
Investment Grade 2.0% | ||
Vanguard Mortgage-Backed Securities ETF | 514 | 25,751 |
Total Exchange-Traded Fixed Income Funds (Cost $101,746) | 102,536 | |
Multi-Asset/Tactical Strategies Funds 79.9% | ||
Shares | Value ($) | |
Columbia Solutions Aggressive Portfolio(a) | 89,903 | 853,174 |
Columbia Solutions Conservative Portfolio(a) | 18,194 | 175,753 |
Total Multi-Asset/Tactical Strategies Funds (Cost $1,081,911) | 1,028,927 | |
Money Market Funds 11.5% | ||
Columbia Short-Term Cash Fund, 0.308%(a),(b) | 147,739 | 147,680 |
Total Money Market Funds (Cost $147,694) | 147,680 | |
Total Investments in Securities (Cost: $1,348,627) | 1,304,810 | |
Other Assets & Liabilities, Net | (17,630) | |
Net Assets | 1,287,180 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Commodity Strategy Fund, Institutional 3 Class | |||||||||
57,679 | 217,290 | (246,327) | (2,975) | 25,667 | — | 13,455 | 21,284 | 1,193 | |
Columbia Short-Term Cash Fund, 0.308% | |||||||||
64,298 | 1,291,384 | (1,207,986) | (16) | 147,680 | — | (17) | 82 | 147,739 | |
Columbia Solutions Aggressive Portfolio | |||||||||
982,826 | 848,844 | (770,737) | (207,759) | 853,174 | 320,172 | (50,706) | 10,751 | 89,903 | |
Columbia Solutions Conservative Portfolio | |||||||||
160,607 | 161,585 | (133,435) | (13,004) | 175,753 | 14,192 | (8,154) | 2,695 | 18,194 | |
Total | 1,265,410 | (223,754) | 1,202,274 | 334,364 | (45,422) | 34,812 |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 35 |
Columbia Adaptive Retirement 2045 Fund, March 31, 2022
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Alternative Strategies Funds | 25,667 | — | — | — | 25,667 |
Exchange-Traded Fixed Income Funds | 102,536 | — | — | — | 102,536 |
Multi-Asset/Tactical Strategies Funds | — | — | — | 1,028,927 | 1,028,927 |
Money Market Funds | 147,680 | — | — | — | 147,680 |
Total Investments in Securities | 275,883 | — | — | 1,028,927 | 1,304,810 |
36 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2050 Fund, March 31, 2022
Alternative Strategies Funds 2.0% | ||
Shares | Value ($) | |
Columbia Commodity Strategy Fund, Institutional 3 Class(a) | 1,406 | 30,247 |
Total Alternative Strategies Funds (Cost $20,353) | 30,247 | |
Exchange-Traded Fixed Income Funds 7.9% | ||
Emerging Markets 2.0% | ||
iShares JPMorgan USD Emerging Markets Bond ETF | 310 | 30,305 |
Inflation Protected Securities 4.0% | ||
iShares TIPS Bond ETF | 484 | 60,292 |
Investment Grade 1.9% | ||
Vanguard Mortgage-Backed Securities ETF | 598 | 29,960 |
Total Exchange-Traded Fixed Income Funds (Cost $120,755) | 120,557 | |
Multi-Asset/Tactical Strategies Funds 80.0% | ||
Shares | Value ($) | |
Columbia Solutions Aggressive Portfolio(a) | 122,115 | 1,158,872 |
Columbia Solutions Conservative Portfolio(a) | 5,333 | 51,514 |
Total Multi-Asset/Tactical Strategies Funds (Cost $1,272,398) | 1,210,386 | |
Money Market Funds 11.2% | ||
Columbia Short-Term Cash Fund, 0.308%(a),(b) | 169,834 | 169,766 |
Total Money Market Funds (Cost $169,781) | 169,766 | |
Total Investments in Securities (Cost: $1,583,287) | 1,530,956 | |
Other Assets & Liabilities, Net | (17,388) | |
Net Assets | 1,513,568 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Commodity Strategy Fund, Institutional 3 Class | |||||||||
52,379 | 245,699 | (266,872) | (959) | 30,247 | — | 13,410 | 21,218 | 1,406 | |
Columbia Short-Term Cash Fund, 0.308% | |||||||||
52,774 | 1,625,466 | (1,508,459) | (15) | 169,766 | — | (13) | 84 | 169,834 | |
Columbia Solutions Aggressive Portfolio | |||||||||
1,012,980 | 1,288,711 | (902,184) | (240,635) | 1,158,872 | 368,544 | (73,824) | 12,374 | 122,115 | |
Columbia Solutions Conservative Portfolio | |||||||||
25,126 | 58,156 | (27,315) | (4,453) | 51,514 | 3,520 | (1,535) | 668 | 5,333 | |
Total | 1,143,259 | (246,062) | 1,410,399 | 372,064 | (61,962) | 34,344 |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 37 |
Columbia Adaptive Retirement 2050 Fund, March 31, 2022
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Alternative Strategies Funds | 30,247 | — | — | — | 30,247 |
Exchange-Traded Fixed Income Funds | 120,557 | — | — | — | 120,557 |
Multi-Asset/Tactical Strategies Funds | — | — | — | 1,210,386 | 1,210,386 |
Money Market Funds | 169,766 | — | — | — | 169,766 |
Total Investments in Securities | 320,570 | — | — | 1,210,386 | 1,530,956 |
38 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2055 Fund, March 31, 2022
Alternative Strategies Funds 2.0% | ||
Shares | Value ($) | |
Columbia Commodity Strategy Fund, Institutional 3 Class(a) | 1,524 | 32,772 |
Total Alternative Strategies Funds (Cost $22,205) | 32,772 | |
Exchange-Traded Fixed Income Funds 8.0% | ||
Emerging Markets 2.0% | ||
iShares JPMorgan USD Emerging Markets Bond ETF | 333 | 32,554 |
Inflation Protected Securities 4.0% | ||
iShares TIPS Bond ETF | 523 | 65,150 |
Investment Grade 2.0% | ||
Vanguard Mortgage-Backed Securities ETF | 655 | 32,816 |
Total Exchange-Traded Fixed Income Funds (Cost $131,439) | 130,520 | |
Multi-Asset/Tactical Strategies Funds 80.0% | ||
Shares | Value ($) | |
Columbia Solutions Aggressive Portfolio(a) | 137,259 | 1,302,586 |
Total Multi-Asset/Tactical Strategies Funds (Cost $1,386,364) | 1,302,586 | |
Money Market Funds 11.1% | ||
Columbia Short-Term Cash Fund, 0.308%(a),(b) | 180,557 | 180,485 |
Total Money Market Funds (Cost $180,498) | 180,485 | |
Total Investments in Securities (Cost: $1,720,506) | 1,646,363 | |
Other Assets & Liabilities, Net | (17,857) | |
Net Assets | 1,628,506 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Commodity Strategy Fund, Institutional 3 Class | |||||||||
56,745 | 258,362 | (281,889) | (446) | 32,772 | — | 13,753 | 22,828 | 1,524 | |
Columbia Short-Term Cash Fund, 0.308% | |||||||||
59,892 | 1,605,521 | (1,484,914) | (14) | 180,485 | — | (22) | 95 | 180,557 | |
Columbia Solutions Aggressive Portfolio | |||||||||
1,126,086 | 1,318,098 | (878,015) | (263,583) | 1,302,586 | 413,682 | (94,015) | 13,890 | 137,259 | |
Total | 1,242,723 | (264,043) | 1,515,843 | 413,682 | (80,284) | 36,813 |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 39 |
Columbia Adaptive Retirement 2055 Fund, March 31, 2022
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Alternative Strategies Funds | 32,772 | — | — | — | 32,772 |
Exchange-Traded Fixed Income Funds | 130,520 | — | — | — | 130,520 |
Multi-Asset/Tactical Strategies Funds | — | — | — | 1,302,586 | 1,302,586 |
Money Market Funds | 180,485 | — | — | — | 180,485 |
Total Investments in Securities | 343,777 | — | — | 1,302,586 | 1,646,363 |
40 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2060 Fund, March 31, 2022
Alternative Strategies Funds 2.0% | ||
Shares | Value ($) | |
Columbia Commodity Strategy Fund, Institutional 3 Class(a) | 1,725 | 37,097 |
Total Alternative Strategies Funds (Cost $25,269) | 37,097 | |
Exchange-Traded Fixed Income Funds 7.9% | ||
Emerging Markets 2.0% | ||
iShares JPMorgan USD Emerging Markets Bond ETF | 386 | 37,735 |
Inflation Protected Securities 3.9% | ||
iShares TIPS Bond ETF | 600 | 74,742 |
Investment Grade 2.0% | ||
Vanguard Mortgage-Backed Securities ETF | 748 | 37,475 |
Total Exchange-Traded Fixed Income Funds (Cost $151,090) | 149,952 | |
Multi-Asset/Tactical Strategies Funds 80.0% | ||
Shares | Value ($) | |
Columbia Solutions Aggressive Portfolio(a) | 158,909 | 1,508,051 |
Total Multi-Asset/Tactical Strategies Funds (Cost $1,581,083) | 1,508,051 | |
Money Market Funds 11.0% | ||
Columbia Short-Term Cash Fund, 0.308%(a),(b) | 206,924 | 206,841 |
Total Money Market Funds (Cost $206,856) | 206,841 | |
Total Investments in Securities (Cost: $1,964,298) | 1,901,941 | |
Other Assets & Liabilities, Net | (16,586) | |
Net Assets | 1,885,355 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Commodity Strategy Fund, Institutional 3 Class | |||||||||
63,444 | 252,162 | (278,889) | 380 | 37,097 | — | 12,706 | 23,936 | 1,725 | |
Columbia Short-Term Cash Fund, 0.308% | |||||||||
66,684 | 1,365,808 | (1,225,636) | (15) | 206,841 | — | (15) | 93 | 206,924 | |
Columbia Solutions Aggressive Portfolio | |||||||||
1,258,326 | 1,250,961 | (747,065) | (254,171) | 1,508,051 | 433,449 | (121,124) | 14,554 | 158,909 | |
Total | 1,388,454 | (253,806) | 1,751,989 | 433,449 | (108,433) | 38,583 |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 41 |
Columbia Adaptive Retirement 2060 Fund, March 31, 2022
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Alternative Strategies Funds | 37,097 | — | — | — | 37,097 |
Exchange-Traded Fixed Income Funds | 149,952 | — | — | — | 149,952 |
Multi-Asset/Tactical Strategies Funds | — | — | — | 1,508,051 | 1,508,051 |
Money Market Funds | 206,841 | — | — | — | 206,841 |
Total Investments in Securities | 393,890 | — | — | 1,508,051 | 1,901,941 |
42 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
March 31, 2022
Columbia Adaptive Retirement 2020 Fund | Columbia Adaptive Retirement 2025 Fund | Columbia Adaptive Retirement 2030 Fund | |
Assets | |||
Investments in securities, at value | |||
Unaffiliated issuers (cost $110,770, $83,380, $195,183, respectively) | $115,943 | $86,347 | $195,706 |
Affiliated issuers (cost $1,373,235, $1,034,133, $2,388,150, respectively) | 1,358,613 | 1,018,373 | 2,289,358 |
Receivable for: | |||
Investments sold | 977 | 782 | 1,661 |
Capital shares sold | 1,909 | 140 | 589 |
Dividends | 31 | 24 | 51 |
Expense reimbursement due from Investment Manager | 238 | 216 | 241 |
Prepaid expenses | 837 | 835 | 849 |
Trustees’ deferred compensation plan | 19,612 | 16,328 | 19,506 |
Total assets | 1,498,160 | 1,123,045 | 2,507,961 |
Liabilities | |||
Payable for: | |||
Investments purchased | 5,501 | 3,100 | 7,300 |
Management services fees | 18 | 14 | 31 |
Transfer agent fees | 23 | 15 | 158 |
Compensation of board members | 7,585 | 7,580 | 7,588 |
Audit fees | 5,500 | 5,500 | 5,500 |
Legal fees | 2,437 | 2,436 | 2,439 |
Other expenses | 530 | 694 | 537 |
Trustees’ deferred compensation plan | 19,612 | 16,328 | 19,506 |
Total liabilities | 41,206 | 35,667 | 43,059 |
Net assets applicable to outstanding capital stock | $1,456,954 | $1,087,378 | $2,464,902 |
Represented by | |||
Paid in capital | 1,421,647 | 1,040,090 | 2,432,930 |
Total distributable earnings (loss) | 35,307 | 47,288 | 31,972 |
Total - representing net assets applicable to outstanding capital stock | $1,456,954 | $1,087,378 | $2,464,902 |
Advisor Class | |||
Net assets | $431,928 | $548,931 | $1,587,105 |
Shares outstanding | 58,704 | 63,588 | 155,560 |
Net asset value per share | $7.36 | $8.63 | $10.20 |
Institutional 3 Class | |||
Net assets | $1,025,026 | $538,447 | $877,797 |
Shares outstanding | 139,293 | 62,351 | 85,887 |
Net asset value per share | $7.36 | $8.64 | $10.22 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 43 |
March 31, 2022
Columbia Adaptive Retirement 2035 Fund | Columbia Adaptive Retirement 2040 Fund | Columbia Adaptive Retirement 2045 Fund | |
Assets | |||
Investments in securities, at value | |||
Unaffiliated issuers (cost $115,859, $120,295, $101,746, respectively) | $117,358 | $120,687 | $102,536 |
Affiliated issuers (cost $1,427,110, $1,456,623, $1,246,881, respectively) | 1,375,188 | 1,406,785 | 1,202,274 |
Receivable for: | |||
Investments sold | 977 | 977 | 782 |
Capital shares sold | 1,465 | 192 | 1,042 |
Dividends | 31 | 32 | 28 |
Expense reimbursement due from Investment Manager | 217 | 239 | 216 |
Prepaid expenses | 839 | 839 | 837 |
Trustees’ deferred compensation plan | 16,279 | 19,458 | 16,275 |
Total assets | 1,512,354 | 1,549,209 | 1,323,990 |
Liabilities | |||
Payable for: | |||
Investments purchased | 5,100 | 3,900 | 4,251 |
Management services fees | 18 | 19 | 16 |
Transfer agent fees | 51 | 30 | 16 |
Compensation of board members | 7,582 | 7,582 | 7,581 |
Audit fees | 5,500 | 5,500 | 5,500 |
Legal fees | 2,437 | 2,437 | 2,437 |
Other expenses | 737 | 552 | 734 |
Trustees’ deferred compensation plan | 16,279 | 19,458 | 16,275 |
Total liabilities | 37,704 | 39,478 | 36,810 |
Net assets applicable to outstanding capital stock | $1,474,650 | $1,509,731 | $1,287,180 |
Represented by | |||
Paid in capital | 1,413,433 | 1,434,318 | 1,200,625 |
Total distributable earnings (loss) | 61,217 | 75,413 | 86,555 |
Total - representing net assets applicable to outstanding capital stock | $1,474,650 | $1,509,731 | $1,287,180 |
Advisor Class | |||
Net assets | $795,321 | $589,888 | $450,299 |
Shares outstanding | 74,575 | 54,402 | 40,673 |
Net asset value per share | $10.66 | $10.84 | $11.07 |
Institutional 3 Class | |||
Net assets | $679,329 | $919,843 | $836,881 |
Shares outstanding | 63,667 | 84,755 | 75,584 |
Net asset value per share | $10.67 | $10.85 | $11.07 |
44 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
March 31, 2022
Columbia Adaptive Retirement 2050 Fund | Columbia Adaptive Retirement 2055 Fund | Columbia Adaptive Retirement 2060 Fund | |
Assets | |||
Investments in securities, at value | |||
Unaffiliated issuers (cost $120,755, $131,439, $151,090, respectively) | $120,557 | $130,520 | $149,952 |
Affiliated issuers (cost $1,462,532, $1,589,067, $1,813,208, respectively) | 1,410,399 | 1,515,843 | 1,751,989 |
Receivable for: | |||
Investments sold | 977 | 1,368 | 3,780 |
Capital shares sold | 912 | 642 | 692 |
Dividends | 32 | 34 | 37 |
Expense reimbursement due from Investment Manager | 238 | 216 | 241 |
Prepaid expenses | 839 | 837 | 836 |
Trustees’ deferred compensation plan | 19,457 | 16,275 | 19,457 |
Total assets | 1,553,411 | 1,665,735 | 1,926,984 |
Liabilities | |||
Payable for: | |||
Investments purchased | 4,300 | 4,700 | 6,000 |
Management services fees | 19 | 21 | 24 |
Transfer agent fees | 5 | 12 | 53 |
Compensation of board members | 7,581 | 7,581 | 7,581 |
Audit fees | 5,500 | 5,500 | 5,500 |
Legal fees | 2,437 | 2,437 | 2,438 |
Other expenses | 544 | 703 | 576 |
Trustees’ deferred compensation plan | 19,457 | 16,275 | 19,457 |
Total liabilities | 39,843 | 37,229 | 41,629 |
Net assets applicable to outstanding capital stock | $1,513,568 | $1,628,506 | $1,885,355 |
Represented by | |||
Paid in capital | 1,434,004 | 1,561,160 | 1,822,788 |
Total distributable earnings (loss) | 79,564 | 67,346 | 62,567 |
Total - representing net assets applicable to outstanding capital stock | $1,513,568 | $1,628,506 | $1,885,355 |
Advisor Class | |||
Net assets | $244,568 | $364,208 | $1,048,398 |
Shares outstanding | 22,101 | 32,402 | 91,324 |
Net asset value per share | $11.07 | $11.24 | $11.48 |
Institutional 3 Class | |||
Net assets | $1,269,000 | $1,264,298 | $836,957 |
Shares outstanding | 114,691 | 112,452 | 72,869 |
Net asset value per share | $11.06 | $11.24 | $11.49 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 45 |
Year Ended March 31, 2022
Columbia Adaptive Retirement 2020 Fund | Columbia Adaptive Retirement 2025 Fund | Columbia Adaptive Retirement 2030 Fund | |
Net investment income | |||
Income: | |||
Dividends — unaffiliated issuers | $7,381 | $5,444 | $11,482 |
Dividends — affiliated issuers | 39,152 | 27,831 | 58,442 |
Total income | 46,533 | 33,275 | 69,924 |
Expenses: | |||
Management services fees | 8,770 | 6,425 | 13,727 |
Transfer agent fees | |||
Advisor Class | 268 | 248 | 2,360 |
Institutional 3 Class | 86 | 52 | 91 |
Compensation of board members | 14,217 | 14,212 | 14,353 |
Custodian fees | 1,667 | 1,484 | 1,637 |
Printing and postage fees | 8,396 | 8,396 | 8,364 |
Registration fees | 41,782 | 41,782 | 41,782 |
Audit fees | 11,000 | 11,000 | 11,000 |
Legal fees | 10,860 | 10,855 | 10,871 |
Compensation of chief compliance officer | — | — | 1 |
Other | 6,137 | 6,271 | 6,371 |
Total expenses | 103,183 | 100,725 | 110,557 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (95,350) | (94,865) | (96,033) |
Total net expenses | 7,833 | 5,860 | 14,524 |
Net investment income | 38,700 | 27,415 | 55,400 |
Realized and unrealized gain (loss) — net | |||
Net realized gain (loss) on: | |||
Investments — unaffiliated issuers | 21,298 | 17,242 | 31,819 |
Investments — affiliated issuers | (7,472) | 10,405 | (7,449) |
Capital gain distributions from underlying affiliated funds | 118,325 | 108,385 | 291,418 |
Net realized gain | 132,151 | 136,032 | 315,788 |
Net change in unrealized appreciation (depreciation) on: | |||
Investments — unaffiliated issuers | (15,366) | (13,039) | (23,511) |
Investments — affiliated issuers | (123,751) | (116,134) | (263,971) |
Net change in unrealized appreciation (depreciation) | (139,117) | (129,173) | (287,482) |
Net realized and unrealized gain (loss) | (6,966) | 6,859 | 28,306 |
Net increase in net assets resulting from operations | $31,734 | $34,274 | $83,706 |
46 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Year Ended March 31, 2022
Columbia Adaptive Retirement 2035 Fund | Columbia Adaptive Retirement 2040 Fund | Columbia Adaptive Retirement 2045 Fund | |
Net investment income | |||
Income: | |||
Dividends — unaffiliated issuers | $7,340 | $7,424 | $6,905 |
Dividends — affiliated issuers | 37,258 | 37,582 | 34,812 |
Total income | 44,598 | 45,006 | 41,717 |
Expenses: | |||
Management services fees | 8,709 | 8,824 | 8,133 |
Transfer agent fees | |||
Advisor Class | 853 | 543 | 322 |
Institutional 3 Class | 88 | 94 | 92 |
Compensation of board members | 14,340 | 14,340 | 14,338 |
Custodian fees | 1,660 | 1,720 | 1,726 |
Printing and postage fees | 8,360 | 8,340 | 8,358 |
Registration fees | 41,782 | 41,782 | 41,782 |
Audit fees | 11,000 | 11,000 | 11,000 |
Legal fees | 10,860 | 10,860 | 10,859 |
Compensation of chief compliance officer | 1 | 1 | 1 |
Other | 6,362 | 6,361 | 6,360 |
Total expenses | 104,015 | 103,865 | 102,971 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (95,441) | (95,499) | (95,437) |
Total net expenses | 8,574 | 8,366 | 7,534 |
Net investment income | 36,024 | 36,640 | 34,183 |
Realized and unrealized gain (loss) — net | |||
Net realized gain (loss) on: | |||
Investments — unaffiliated issuers | 20,964 | 19,323 | 17,816 |
Investments — affiliated issuers | (4,466) | (29,277) | (45,422) |
Capital gain distributions from underlying affiliated funds | 238,370 | 299,817 | 334,364 |
Net realized gain | 254,868 | 289,863 | 306,758 |
Net change in unrealized appreciation (depreciation) on: | |||
Investments — unaffiliated issuers | (15,317) | (14,257) | (12,612) |
Investments — affiliated issuers | (199,379) | (222,822) | (223,754) |
Net change in unrealized appreciation (depreciation) | (214,696) | (237,079) | (236,366) |
Net realized and unrealized gain | 40,172 | 52,784 | 70,392 |
Net increase in net assets resulting from operations | $76,196 | $89,424 | $104,575 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 47 |
Year Ended March 31, 2022
Columbia Adaptive Retirement 2050 Fund | Columbia Adaptive Retirement 2055 Fund | Columbia Adaptive Retirement 2060 Fund | |
Net investment income | |||
Income: | |||
Dividends — unaffiliated issuers | $7,061 | $7,531 | $7,762 |
Dividends — affiliated issuers | 34,344 | 36,813 | 38,583 |
Total income | 41,405 | 44,344 | 46,345 |
Expenses: | |||
Management services fees | 8,456 | 9,035 | 9,332 |
Transfer agent fees | |||
Advisor Class | 56 | 251 | 642 |
Institutional 3 Class | 102 | 101 | 73 |
Compensation of board members | 14,339 | 14,340 | 14,341 |
Custodian fees | 1,809 | 1,674 | 1,812 |
Printing and postage fees | 8,339 | 8,396 | 8,368 |
Registration fees | 41,782 | 41,782 | 41,782 |
Audit fees | 11,000 | 11,000 | 11,000 |
Legal fees | 10,860 | 10,860 | 10,862 |
Compensation of chief compliance officer | 1 | 1 | 1 |
Other | 6,361 | 6,364 | 6,362 |
Total expenses | 103,105 | 103,804 | 104,575 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (95,551) | (95,546) | (95,679) |
Total net expenses | 7,554 | 8,258 | 8,896 |
Net investment income | 33,851 | 36,086 | 37,449 |
Realized and unrealized gain (loss) — net | |||
Net realized gain (loss) on: | |||
Investments — unaffiliated issuers | 17,442 | 18,214 | 17,051 |
Investments — affiliated issuers | (61,962) | (80,284) | (108,433) |
Capital gain distributions from underlying affiliated funds | 372,064 | 413,682 | 433,449 |
Net realized gain | 327,544 | 351,612 | 342,067 |
Net change in unrealized appreciation (depreciation) on: | |||
Investments — unaffiliated issuers | (12,864) | (13,754) | (13,605) |
Investments — affiliated issuers | (246,062) | (264,043) | (253,806) |
Net change in unrealized appreciation (depreciation) | (258,926) | (277,797) | (267,411) |
Net realized and unrealized gain | 68,618 | 73,815 | 74,656 |
Net increase in net assets resulting from operations | $102,469 | $109,901 | $112,105 |
48 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2020 Fund | Columbia Adaptive Retirement 2025 Fund | |||
Year Ended March 31, 2022 | Year Ended March 31, 2021 | Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations | ||||
Net investment income | $38,700 | $66,169 | $27,415 | $34,150 |
Net realized gain | 132,151 | 726,431 | 136,032 | 327,885 |
Net change in unrealized appreciation (depreciation) | (139,117) | 82,517 | (129,173) | 116,562 |
Net increase in net assets resulting from operations | 31,734 | 875,117 | 34,274 | 478,597 |
Distributions to shareholders | ||||
Net investment income and net realized gains | ||||
Advisor Class | (246,760) | (126,204) | (179,043) | (68,477) |
Institutional 3 Class | (457,996) | (122,672) | (176,417) | (64,468) |
Total distributions to shareholders | (704,756) | (248,876) | (355,460) | (132,945) |
Increase (decrease) in net assets from capital stock activity | 555,351 | (6,633,522) | 88,348 | (2,548,030) |
Total decrease in net assets | (117,671) | (6,007,281) | (232,838) | (2,202,378) |
Net assets at beginning of year | 1,574,625 | 7,581,906 | 1,320,216 | 3,522,594 |
Net assets at end of year | $1,456,954 | $1,574,625 | $1,087,378 | $1,320,216 |
Columbia Adaptive Retirement 2020 Fund | Columbia Adaptive Retirement 2025 Fund | |||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||
March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | |||||
Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||||||
Advisor Class | ||||||||
Subscriptions | 2,467 | 27,634 | 10,789 | 117,603 | 315 | 3,272 | 10,879 | 119,025 |
Distributions reinvested | 32,089 | 246,760 | 11,568 | 126,204 | 19,806 | 179,043 | 6,237 | 68,477 |
Redemptions | (53,492) | (461,631) | (319,343) | (3,500,000) | (21,838) | (194,585) | (126,811) | (1,400,000) |
Net decrease | (18,936) | (187,237) | (296,986) | (3,256,193) | (1,717) | (12,270) | (109,695) | (1,212,498) |
Institutional 3 Class | ||||||||
Subscriptions | 72,067 | 789,264 | — | — | 10,845 | 121,478 | — | — |
Distributions reinvested | 59,557 | 457,996 | 11,244 | 122,672 | 19,515 | 176,417 | 5,871 | 64,468 |
Redemptions | (58,858) | (504,672) | (319,343) | (3,500,001) | (22,069) | (197,277) | (126,811) | (1,400,000) |
Net increase (decrease) | 72,766 | 742,588 | (308,099) | (3,377,329) | 8,291 | 100,618 | (120,940) | (1,335,532) |
Total net increase (decrease) | 53,830 | 555,351 | (605,085) | (6,633,522) | 6,574 | 88,348 | (230,635) | (2,548,030) |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 49 |
Columbia Adaptive Retirement 2030 Fund | Columbia Adaptive Retirement 2035 Fund | |||
Year Ended March 31, 2022 | Year Ended March 31, 2021 | Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations | ||||
Net investment income | $55,400 | $20,028 | $36,024 | $15,528 |
Net realized gain | 315,788 | 110,277 | 254,868 | 78,048 |
Net change in unrealized appreciation (depreciation) | (287,482) | 246,922 | (214,696) | 205,440 |
Net increase in net assets resulting from operations | 83,706 | 377,227 | 76,196 | 299,016 |
Distributions to shareholders | ||||
Net investment income and net realized gains | ||||
Advisor Class | (181,978) | (77,829) | (115,438) | (41,953) |
Institutional 3 Class | (113,059) | (22,476) | (103,539) | (23,146) |
Total distributions to shareholders | (295,037) | (100,305) | (218,977) | (65,099) |
Increase (decrease) in net assets from capital stock activity | 67,566 | 99,432 | (103,813) | 63,073 |
Total increase (decrease) in net assets | (143,765) | 376,354 | (246,594) | 296,990 |
Net assets at beginning of year | 2,608,667 | 2,232,313 | 1,721,244 | 1,424,254 |
Net assets at end of year | $2,464,902 | $2,608,667 | $1,474,650 | $1,721,244 |
Columbia Adaptive Retirement 2030 Fund | Columbia Adaptive Retirement 2035 Fund | |||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||
March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | |||||
Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||||||
Advisor Class | ||||||||
Subscriptions | — | — | 11,625 | 116,729 | 311 | 3,643 | 10,665 | 108,998 |
Distributions reinvested | 16,976 | 181,978 | 7,180 | 77,829 | 10,261 | 115,438 | 3,709 | 41,953 |
Redemptions | (46,372) | (501,000) | (10,889) | (117,602) | (32,196) | (363,625) | (10,665) | (119,025) |
Net increase (decrease) | (29,396) | (319,022) | 7,916 | 76,956 | (21,624) | (244,544) | 3,709 | 31,926 |
Institutional 3 Class | ||||||||
Subscriptions | 74,057 | 830,072 | — | — | 40,484 | 477,841 | 686 | 8,001 |
Distributions reinvested | 10,526 | 113,058 | 2,072 | 22,476 | 9,204 | 103,539 | 2,047 | 23,146 |
Redemptions | (51,106) | (556,542) | — | — | (38,754) | (440,649) | — | — |
Net increase | 33,477 | 386,588 | 2,072 | 22,476 | 10,934 | 140,731 | 2,733 | 31,147 |
Total net increase (decrease) | 4,081 | 67,566 | 9,988 | 99,432 | (10,690) | (103,813) | 6,442 | 63,073 |
50 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2040 Fund | Columbia Adaptive Retirement 2045 Fund | |||
Year Ended March 31, 2022 | Year Ended March 31, 2021 | Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations | ||||
Net investment income | $36,640 | $15,872 | $34,183 | $16,222 |
Net realized gain | 289,863 | 82,807 | 306,758 | 68,536 |
Net change in unrealized appreciation (depreciation) | (237,079) | 211,267 | (236,366) | 221,509 |
Net increase in net assets resulting from operations | 89,424 | 309,946 | 104,575 | 306,267 |
Distributions to shareholders | ||||
Net investment income and net realized gains | ||||
Advisor Class | (100,364) | (46,931) | (91,037) | (36,645) |
Institutional 3 Class | (141,814) | (33,232) | (155,103) | (28,926) |
Total distributions to shareholders | (242,178) | (80,163) | (246,140) | (65,571) |
Increase (decrease) in net assets from capital stock activity | 78,972 | 243,310 | (1,351) | 202,042 |
Total increase (decrease) in net assets | (73,782) | 473,093 | (142,916) | 442,738 |
Net assets at beginning of year | 1,583,513 | 1,110,420 | 1,430,096 | 987,358 |
Net assets at end of year | $1,509,731 | $1,583,513 | $1,287,180 | $1,430,096 |
Columbia Adaptive Retirement 2040 Fund | Columbia Adaptive Retirement 2045 Fund | |||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||
March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | |||||
Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||||||
Advisor Class | ||||||||
Subscriptions | 384 | 4,695 | 25,592 | 264,831 | 368 | 4,490 | 14,406 | 150,824 |
Distributions reinvested | 8,743 | 100,364 | 4,106 | 46,931 | 7,735 | 91,037 | 3,162 | 36,645 |
Redemptions | (33,521) | (387,698) | (10,613) | (120,356) | (33,718) | (399,298) | (1,280) | (15,642) |
Net increase (decrease) | (24,394) | (282,639) | 19,085 | 191,406 | (25,615) | (303,771) | 16,288 | 171,827 |
Institutional 3 Class | ||||||||
Subscriptions | 53,292 | 643,089 | 1,716 | 18,960 | 57,569 | 711,804 | 107 | 1,289 |
Distributions reinvested | 12,342 | 141,814 | 2,907 | 33,232 | 13,178 | 155,103 | 2,496 | 28,926 |
Redemptions | (36,672) | (423,292) | (26) | (288) | (47,766) | (564,487) | — | — |
Net increase | 28,962 | 361,611 | 4,597 | 51,904 | 22,981 | 302,420 | 2,603 | 30,215 |
Total net increase (decrease) | 4,568 | 78,972 | 23,682 | 243,310 | (2,634) | (1,351) | 18,891 | 202,042 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 51 |
Columbia Adaptive Retirement 2050 Fund | Columbia Adaptive Retirement 2055 Fund | |||
Year Ended March 31, 2022 | Year Ended March 31, 2021 | Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations | ||||
Net investment income | $33,851 | $18,054 | $36,086 | $17,365 |
Net realized gain | 327,544 | 97,387 | 351,612 | 65,800 |
Net change in unrealized appreciation (depreciation) | (258,926) | 236,651 | (277,797) | 235,851 |
Net increase in net assets resulting from operations | 102,469 | 352,092 | 109,901 | 319,016 |
Distributions to shareholders | ||||
Net investment income and net realized gains | ||||
Advisor Class | (70,134) | (44,849) | (79,302) | (35,114) |
Institutional 3 Class | (220,725) | (31,789) | (201,513) | (29,034) |
Total distributions to shareholders | (290,859) | (76,638) | (280,815) | (64,148) |
Increase in net assets from capital stock activity | 404,338 | 24,569 | 392,350 | 169,504 |
Total increase in net assets | 215,948 | 300,023 | 221,436 | 424,372 |
Net assets at beginning of year | 1,297,620 | 997,597 | 1,407,070 | 982,698 |
Net assets at end of year | $1,513,568 | $1,297,620 | $1,628,506 | $1,407,070 |
Columbia Adaptive Retirement 2050 Fund | Columbia Adaptive Retirement 2055 Fund | |||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||
March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | |||||
Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||||||
Advisor Class | ||||||||
Subscriptions | 515 | 6,513 | 22,149 | 232,822 | 279 | 3,528 | 10,557 | 120,356 |
Distributions reinvested | 5,949 | 70,134 | 3,810 | 44,849 | 6,614 | 79,302 | 2,994 | 35,114 |
Redemptions | (37,293) | (452,800) | (23,535) | (284,891) | (36,841) | (451,085) | (1,201) | (15,000) |
Net increase (decrease) | (30,829) | (376,153) | 2,424 | (7,220) | (29,948) | (368,255) | 12,350 | 140,470 |
Institutional 3 Class | ||||||||
Subscriptions | 90,077 | 1,137,735 | — | — | 86,892 | 1,096,724 | — | — |
Distributions reinvested | 18,721 | 220,725 | 2,701 | 31,789 | 16,807 | 201,512 | 2,475 | 29,034 |
Redemptions | (46,808) | (577,969) | — | — | (43,722) | (537,631) | — | — |
Net increase | 61,990 | 780,491 | 2,701 | 31,789 | 59,977 | 760,605 | 2,475 | 29,034 |
Total net increase | 31,161 | 404,338 | 5,125 | 24,569 | 30,029 | 392,350 | 14,825 | 169,504 |
52 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2060 Fund | ||
Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations | ||
Net investment income | $37,449 | $16,078 |
Net realized gain | 342,067 | 61,448 |
Net change in unrealized appreciation (depreciation) | (267,411) | 235,704 |
Net increase in net assets resulting from operations | 112,105 | 313,230 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Advisor Class | (146,687) | (35,611) |
Institutional 3 Class | (138,628) | (32,886) |
Total distributions to shareholders | (285,315) | (68,497) |
Increase in net assets from capital stock activity | 486,252 | 318,449 |
Total increase in net assets | 313,042 | 563,182 |
Net assets at beginning of year | 1,572,313 | 1,009,131 |
Net assets at end of year | $1,885,355 | $1,572,313 |
Columbia Adaptive Retirement 2060 Fund | ||||
Year Ended | Year Ended | |||
March 31, 2022 | March 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Advisor Class | ||||
Subscriptions | 32,763 | 414,013 | 22,185 | 269,196 |
Distributions reinvested | 11,975 | 146,687 | 3,031 | 35,611 |
Redemptions | (28,630) | (344,127) | (1,720) | (19,244) |
Net increase | 16,108 | 216,573 | 23,496 | 285,563 |
Institutional 3 Class | ||||
Subscriptions | 44,852 | 571,184 | — | — |
Distributions reinvested | 11,316 | 138,627 | 2,799 | 32,886 |
Redemptions | (36,098) | (440,132) | — | — |
Net increase | 20,070 | 269,679 | 2,799 | 32,886 |
Total net increase | 36,178 | 486,252 | 26,295 | 318,449 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 53 |
Columbia Adaptive Retirement 2020 Fund
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $10.92 | 0.20 | 0.07(c) | 0.27 | (0.48) | (3.35) | (3.83) |
Year Ended 3/31/2021 | $10.12 | 0.11 | 1.02 | 1.13 | (0.26) | (0.07) | (0.33) |
Year Ended 3/31/2020 | $10.17 | 0.21 | 0.19 | 0.40 | (0.41) | (0.04) | (0.45) |
Year Ended 3/31/2019 | $10.04 | 0.33 | 0.18 | 0.51 | (0.35) | (0.03) | (0.38) |
Year Ended 3/31/2018(d) | $10.00 | 0.03 | 0.04 | 0.07 | (0.03) | — | (0.03) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $10.92 | 0.20 | 0.08(c) | 0.28 | (0.49) | (3.35) | (3.84) |
Year Ended 3/31/2021 | $10.12 | 0.11 | 1.02 | 1.13 | (0.26) | (0.07) | (0.33) |
Year Ended 3/31/2020 | $10.17 | 0.21 | 0.19 | 0.40 | (0.41) | (0.04) | (0.45) |
Year Ended 3/31/2019 | $10.04 | 0.33 | 0.18 | 0.51 | (0.35) | (0.03) | (0.38) |
Year Ended 3/31/2018(d) | $10.00 | 0.03 | 0.04 | 0.07 | (0.03) | — | (0.03) |
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) | 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. |
(d) | The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
54 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2020 Fund
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) | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $7.36 | 1.01% | 5.30% | 0.43% | 1.98% | 79% | $432 |
Year Ended 3/31/2021 | $10.92 | 11.14% | 1.78% | 0.45% | 1.03% | 36% | $848 |
Year Ended 3/31/2020 | $10.12 | 3.80% | 1.52% | 0.43% | 2.05% | 25% | $3,791 |
Year Ended 3/31/2019 | $10.17 | 5.41% | 1.87% | 0.42% | 3.27% | 26% | $3,809 |
Year Ended 3/31/2018(d) | $10.04 | 0.71% | 2.14%(e) | 0.41%(e) | 0.58%(e) | 8% | $2,509 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $7.36 | 1.04% | 5.32% | 0.39% | 2.00% | 79% | $1,025 |
Year Ended 3/31/2021 | $10.92 | 11.14% | 1.73% | 0.44% | 1.02% | 36% | $727 |
Year Ended 3/31/2020 | $10.12 | 3.80% | 1.52% | 0.42% | 2.05% | 25% | $3,791 |
Year Ended 3/31/2019 | $10.17 | 5.41% | 1.87% | 0.42% | 3.27% | 26% | $3,809 |
Year Ended 3/31/2018(d) | $10.04 | 0.71% | 2.14%(e) | 0.41%(e) | 0.58%(e) | 8% | $2,509 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 55 |
Columbia Adaptive Retirement 2025 Fund
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $11.06 | 0.21 | 0.09 | 0.30 | (0.56) | (2.17) | (2.73) |
Year Ended 3/31/2021 | $10.06 | 0.12 | 1.25 | 1.37 | (0.28) | (0.09) | (0.37) |
Year Ended 3/31/2020 | $10.14 | 0.22 | 0.19 | 0.41 | (0.43) | (0.06) | (0.49) |
Year Ended 3/31/2019(c) | $10.00 | 0.34 | 0.20 | 0.54 | (0.38) | (0.02) | (0.40) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $11.06 | 0.21 | 0.11 | 0.32 | (0.57) | (2.17) | (2.74) |
Year Ended 3/31/2021 | $10.06 | 0.11 | 1.26 | 1.37 | (0.28) | (0.09) | (0.37) |
Year Ended 3/31/2020 | $10.14 | 0.22 | 0.19 | 0.41 | (0.43) | (0.06) | (0.49) |
Year Ended 3/31/2019(c) | $10.00 | 0.34 | 0.20 | 0.54 | (0.38) | (0.02) | (0.40) |
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 Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date. |
(d) | Annualized. |
56 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2025 Fund
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) | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $8.63 | 1.63% | 7.09% | 0.43% | 1.90% | 48% | $549 |
Year Ended 3/31/2021 | $11.06 | 13.63% | 3.10% | 0.45% | 1.09% | 40% | $722 |
Year Ended 3/31/2020 | $10.06 | 3.89% | 2.78% | 0.42% | 2.13% | 29% | $1,761 |
Year Ended 3/31/2019(c) | $10.14 | 5.71% | 3.75%(d) | 0.42%(d) | 3.50%(d) | 28% | $1,775 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $8.64 | 1.78% | 7.07% | 0.39% | 1.95% | 48% | $538 |
Year Ended 3/31/2021 | $11.06 | 13.63% | 3.09% | 0.44% | 1.07% | 40% | $598 |
Year Ended 3/31/2020 | $10.06 | 3.89% | 2.78% | 0.42% | 2.13% | 29% | $1,761 |
Year Ended 3/31/2019(c) | $10.14 | 5.71% | 3.75%(d) | 0.42%(d) | 3.50%(d) | 28% | $1,775 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 57 |
Columbia Adaptive Retirement 2030 Fund
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $10.99 | 0.20 | 0.08 | 0.28 | (0.65) | (0.42) | (1.07) |
Year Ended 3/31/2021 | $9.82 | 0.08 | 1.53 | 1.61 | (0.29) | (0.15) | (0.44) |
Year Ended 3/31/2020 | $9.91 | 0.31 | 0.07 | 0.38 | (0.45) | (0.02) | (0.47) |
Year Ended 3/31/2019 | $10.05 | 0.35 | 0.20 | 0.55 | (0.41) | (0.28) | (0.69) |
Year Ended 3/31/2018(c) | $10.00 | 0.03 | 0.06 | 0.09 | (0.04) | — | (0.04) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $11.00 | 0.22 | 0.09 | 0.31 | (0.67) | (0.42) | (1.09) |
Year Ended 3/31/2021 | $9.83 | 0.10 | 1.52 | 1.62 | (0.30) | (0.15) | (0.45) |
Year Ended 3/31/2020 | $9.92 | 0.23 | 0.16 | 0.39 | (0.46) | (0.02) | (0.48) |
Year Ended 3/31/2019 | $10.05 | 0.34 | 0.22 | 0.56 | (0.41) | (0.28) | (0.69) |
Year Ended 3/31/2018(c) | $10.00 | 0.03 | 0.06 | 0.09 | (0.04) | — | (0.04) |
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 Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date. |
(d) | Annualized. |
58 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2030 Fund
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) | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $10.20 | 2.11% | 3.68% | 0.52% | 1.75% | 70% | $1,587 |
Year Ended 3/31/2021 | $10.99 | 16.43% | 3.87% | 0.55% | 0.77% | 25% | $2,032 |
Year Ended 3/31/2020 | $9.82 | 3.65% | 5.30% | 0.52% | 3.00% | 41% | $1,738 |
Year Ended 3/31/2019 | $9.91 | 6.19% | 8.55% | 0.45% | 3.40% | 23% | $645 |
Year Ended 3/31/2018(c) | $10.05 | 0.86% | 1.29%(d) | 0.41%(d) | 0.67%(d) | 9% | $5,115 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $10.22 | 2.32% | 3.56% | 0.40% | 1.94% | 70% | $878 |
Year Ended 3/31/2021 | $11.00 | 16.51% | 3.77% | 0.44% | 0.91% | 25% | $577 |
Year Ended 3/31/2020 | $9.83 | 3.68% | 5.21% | 0.42% | 2.20% | 41% | $495 |
Year Ended 3/31/2019 | $9.92 | 6.31% | 8.52% | 0.43% | 3.34% | 23% | $500 |
Year Ended 3/31/2018(c) | $10.05 | 0.86% | 1.29%(d) | 0.41%(d) | 0.66%(d) | 9% | $5,014 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 59 |
Columbia Adaptive Retirement 2035 Fund
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $11.56 | 0.21 | 0.20 | 0.41 | (0.82) | (0.49) | (1.31) |
Year Ended 3/31/2021 | $9.99 | 0.10 | 1.92 | 2.02 | (0.32) | (0.13) | (0.45) |
Year Ended 3/31/2020 | $10.13 | 0.31 | 0.13 | 0.44 | (0.52) | (0.06) | (0.58) |
Year Ended 3/31/2019(c) | $10.00 | 0.40 | 0.18 | 0.58 | (0.43) | (0.02) | (0.45) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $11.56 | 0.23 | 0.20 | 0.43 | (0.83) | (0.49) | (1.32) |
Year Ended 3/31/2021 | $10.00 | 0.11 | 1.91 | 2.02 | (0.33) | (0.13) | (0.46) |
Year Ended 3/31/2020 | $10.13 | 0.25 | 0.20 | 0.45 | (0.52) | (0.06) | (0.58) |
Year Ended 3/31/2019(c) | $10.00 | 0.40 | 0.18 | 0.58 | (0.43) | (0.02) | (0.45) |
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 Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date. |
(d) | Annualized. |
60 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2035 Fund
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) | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $10.66 | 2.97% | 5.43% | 0.48% | 1.80% | 72% | $795 |
Year Ended 3/31/2021 | $11.56 | 20.36% | 5.61% | 0.52% | 0.90% | 29% | $1,112 |
Year Ended 3/31/2020 | $9.99 | 3.97% | 6.94% | 0.48% | 2.90% | 42% | $924 |
Year Ended 3/31/2019(c) | $10.13 | 6.31% | 11.96%(d) | 0.43%(d) | 4.04%(d) | 32% | $507 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $10.67 | 3.14% | 5.36% | 0.40% | 1.94% | 72% | $679 |
Year Ended 3/31/2021 | $11.56 | 20.32% | 5.56% | 0.44% | 1.03% | 29% | $610 |
Year Ended 3/31/2020 | $10.00 | 4.09% | 6.89% | 0.42% | 2.37% | 42% | $500 |
Year Ended 3/31/2019(c) | $10.13 | 6.31% | 11.96%(d) | 0.43%(d) | 4.04%(d) | 32% | $507 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 61 |
Columbia Adaptive Retirement 2040 Fund
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $11.76 | 0.22 | 0.32 | 0.54 | (0.99) | (0.47) | (1.46) |
Year Ended 3/31/2021 | $10.01 | 0.12 | 2.26 | 2.38 | (0.36) | (0.27) | (0.63) |
Year Ended 3/31/2020 | $10.15 | 0.27 | 0.18 | 0.45 | (0.55) | (0.04) | (0.59) |
Year Ended 3/31/2019 | $10.05 | 0.43 | 0.16 | 0.59 | (0.45) | (0.04) | (0.49) |
Year Ended 3/31/2018(c) | $10.00 | 0.03 | 0.07 | 0.10 | (0.04) | (0.01) | (0.05) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $11.77 | 0.23 | 0.32 | 0.55 | (1.00) | (0.47) | (1.47) |
Year Ended 3/31/2021 | $10.01 | 0.13 | 2.26 | 2.39 | (0.36) | (0.27) | (0.63) |
Year Ended 3/31/2020 | $10.15 | 0.26 | 0.19 | 0.45 | (0.55) | (0.04) | (0.59) |
Year Ended 3/31/2019 | $10.05 | 0.44 | 0.15 | 0.59 | (0.45) | (0.04) | (0.49) |
Year Ended 3/31/2018(c) | $10.00 | 0.03 | 0.07 | 0.10 | (0.04) | (0.01) | (0.05) |
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 Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date. |
(d) | Annualized. |
62 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2040 Fund
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) | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $10.84 | 3.89% | 5.33% | 0.47% | 1.81% | 79% | $590 |
Year Ended 3/31/2021 | $11.76 | 23.95% | 6.19% | 0.50% | 1.04% | 28% | $927 |
Year Ended 3/31/2020 | $10.01 | 4.03% | 7.83% | 0.45% | 2.51% | 41% | $598 |
Year Ended 3/31/2019 | $10.15 | 6.54% | 10.76% | 0.43% | 4.26% | 30% | $527 |
Year Ended 3/31/2018(c) | $10.05 | 0.96% | 8.70%(d) | 0.42%(d) | 0.72%(d) | 9% | $531 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $10.85 | 3.94% | 5.31% | 0.40% | 1.92% | 79% | $920 |
Year Ended 3/31/2021 | $11.77 | 24.10% | 6.15% | 0.44% | 1.15% | 28% | $657 |
Year Ended 3/31/2020 | $10.01 | 4.05% | 7.84% | 0.42% | 2.45% | 41% | $513 |
Year Ended 3/31/2019 | $10.15 | 6.55% | 10.75% | 0.43% | 4.34% | 30% | $508 |
Year Ended 3/31/2018(c) | $10.05 | 0.96% | 8.69%(d) | 0.42%(d) | 0.72%(d) | 9% | $503 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 63 |
Columbia Adaptive Retirement 2045 Fund
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $12.03 | 0.23 | 0.43 | 0.66 | (1.16) | (0.46) | (1.62) |
Year Ended 3/31/2021 | $9.87 | 0.15 | 2.59 | 2.74 | (0.41) | (0.17) | (0.58) |
Year Ended 3/31/2020 | $10.12 | 0.28 | 0.17 | 0.45 | (0.60) | (0.10) | (0.70) |
Year Ended 3/31/2019(c) | $10.00 | 0.45 | 0.16 | 0.61 | (0.46) | (0.03) | (0.49) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $12.03 | 0.24 | 0.42 | 0.66 | (1.16) | (0.46) | (1.62) |
Year Ended 3/31/2021 | $9.87 | 0.14 | 2.60 | 2.74 | (0.41) | (0.17) | (0.58) |
Year Ended 3/31/2020 | $10.12 | 0.28 | 0.17 | 0.45 | (0.60) | (0.10) | (0.70) |
Year Ended 3/31/2019(c) | $10.00 | 0.45 | 0.16 | 0.61 | (0.46) | (0.03) | (0.49) |
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 Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date. |
(d) | Annualized. |
64 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2045 Fund
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) | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $11.07 | 4.67% | 5.72% | 0.45% | 1.81% | 89% | $450 |
Year Ended 3/31/2021 | $12.03 | 27.94% | 7.06% | 0.48% | 1.29% | 18% | $797 |
Year Ended 3/31/2020 | $9.87 | 3.92% | 8.27% | 0.43% | 2.60% | 35% | $494 |
Year Ended 3/31/2019(c) | $10.12 | 6.89% | 11.97%(d) | 0.43%(d) | 4.59%(d) | 30% | $506 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $11.07 | 4.71% | 5.72% | 0.40% | 1.95% | 89% | $837 |
Year Ended 3/31/2021 | $12.03 | 27.96% | 7.05% | 0.44% | 1.27% | 18% | $633 |
Year Ended 3/31/2020 | $9.87 | 3.92% | 8.27% | 0.42% | 2.61% | 35% | $494 |
Year Ended 3/31/2019(c) | $10.12 | 6.89% | 11.98%(d) | 0.43%(d) | 4.59%(d) | 30% | $506 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 65 |
Columbia Adaptive Retirement 2050 Fund
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $12.28 | 0.23 | 0.53 | 0.76 | (1.30) | (0.67) | (1.97) |
Year Ended 3/31/2021 | $9.93 | 0.15 | 2.83 | 2.98 | (0.41) | (0.22) | (0.63) |
Year Ended 3/31/2020 | $10.15 | 0.28 | 0.17 | 0.45 | (0.61) | (0.06) | (0.67) |
Year Ended 3/31/2019 | $10.06 | 0.47 | 0.15 | 0.62 | (0.49) | (0.04) | (0.53) |
Year Ended 3/31/2018(c) | $10.00 | 0.03 | 0.08 | 0.11 | (0.05) | — | (0.05) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $12.29 | 0.23 | 0.51 | 0.74 | (1.30) | (0.67) | (1.97) |
Year Ended 3/31/2021 | $9.93 | 0.16 | 2.84 | 3.00 | (0.42) | (0.22) | (0.64) |
Year Ended 3/31/2020 | $10.15 | 0.28 | 0.17 | 0.45 | (0.61) | (0.06) | (0.67) |
Year Ended 3/31/2019 | $10.06 | 0.47 | 0.15 | 0.62 | (0.49) | (0.04) | (0.53) |
Year Ended 3/31/2018(c) | $10.00 | 0.03 | 0.08 | 0.11 | (0.05) | — | (0.05) |
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 Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date. |
(d) | Annualized. |
66 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2050 Fund
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) | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $11.07 | 5.20% | 5.51% | 0.41% | 1.82% | 89% | $245 |
Year Ended 3/31/2021 | $12.28 | 30.31% | 6.59% | 0.49% | 1.29% | 37% | $650 |
Year Ended 3/31/2020 | $9.93 | 3.91% | 8.16% | 0.43% | 2.60% | 31% | $501 |
Year Ended 3/31/2019 | $10.15 | 7.01% | 11.02% | 0.43% | 4.73% | 27% | $508 |
Year Ended 3/31/2018(c) | $10.06 | 1.08% | 8.76%(d) | 0.42%(d) | 0.77%(d) | 8% | $503 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $11.06 | 5.04% | 5.52% | 0.40% | 1.81% | 89% | $1,269 |
Year Ended 3/31/2021 | $12.29 | 30.45% | 6.59% | 0.44% | 1.39% | 37% | $647 |
Year Ended 3/31/2020 | $9.93 | 3.91% | 8.16% | 0.42% | 2.60% | 31% | $496 |
Year Ended 3/31/2019 | $10.15 | 7.01% | 11.02% | 0.43% | 4.73% | 27% | $508 |
Year Ended 3/31/2018(c) | $10.06 | 1.08% | 8.76%(d) | 0.42%(d) | 0.77%(d) | 8% | $503 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 67 |
Columbia Adaptive Retirement 2055 Fund
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $12.25 | 0.23 | 0.53 | 0.76 | (1.35) | (0.42) | (1.77) |
Year Ended 3/31/2021 | $9.83 | 0.17 | 2.83 | 3.00 | (0.41) | (0.17) | (0.58) |
Year Ended 3/31/2020 | $10.12 | 0.29 | 0.16 | 0.45 | (0.63) | (0.11) | (0.74) |
Year Ended 3/31/2019(c) | $10.00 | 0.47 | 0.15 | 0.62 | (0.47) | (0.03) | (0.50) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $12.26 | 0.23 | 0.52 | 0.75 | (1.35) | (0.42) | (1.77) |
Year Ended 3/31/2021 | $9.83 | 0.16 | 2.85 | 3.01 | (0.41) | (0.17) | (0.58) |
Year Ended 3/31/2020 | $10.12 | 0.29 | 0.16 | 0.45 | (0.63) | (0.11) | (0.74) |
Year Ended 3/31/2019(c) | $10.00 | 0.47 | 0.15 | 0.62 | (0.47) | (0.03) | (0.50) |
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 Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date. |
(d) | Annualized. |
68 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2055 Fund
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) | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $11.24 | 5.28% | 5.19% | 0.45% | 1.76% | 81% | $364 |
Year Ended 3/31/2021 | $12.25 | 30.78% | 7.38% | 0.46% | 1.51% | 16% | $764 |
Year Ended 3/31/2020 | $9.83 | 3.82% | 8.25% | 0.43% | 2.67% | 33% | $491 |
Year Ended 3/31/2019(c) | $10.12 | 7.05% | 12.00%(d) | 0.43%(d) | 4.73%(d) | 29% | $506 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $11.24 | 5.22% | 5.19% | 0.40% | 1.82% | 81% | $1,264 |
Year Ended 3/31/2021 | $12.26 | 30.89% | 7.38% | 0.44% | 1.37% | 16% | $643 |
Year Ended 3/31/2020 | $9.83 | 3.83% | 8.25% | 0.42% | 2.68% | 33% | $491 |
Year Ended 3/31/2019(c) | $10.12 | 7.05% | 12.00%(d) | 0.43%(d) | 4.73%(d) | 29% | $506 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 69 |
Columbia Adaptive Retirement 2060 Fund
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $12.28 | 0.22 | 0.56 | 0.78 | (1.23) | (0.35) | (1.58) |
Year Ended 3/31/2021 | $9.92 | 0.14 | 2.88 | 3.02 | (0.42) | (0.24) | (0.66) |
Year Ended 3/31/2020 | $10.15 | 0.28 | 0.17 | 0.45 | (0.62) | (0.06) | (0.68) |
Year Ended 3/31/2019 | $10.06 | 0.47 | 0.14 | 0.61 | (0.49) | (0.03) | (0.52) |
Year Ended 3/31/2018(c) | $10.00 | 0.03 | 0.08 | 0.11 | (0.04) | (0.01) | (0.05) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $12.28 | 0.25 | 0.55 | 0.80 | (1.24) | (0.35) | (1.59) |
Year Ended 3/31/2021 | $9.92 | 0.15 | 2.87 | 3.02 | (0.42) | (0.24) | (0.66) |
Year Ended 3/31/2020 | $10.15 | 0.28 | 0.17 | 0.45 | (0.62) | (0.06) | (0.68) |
Year Ended 3/31/2019 | $10.06 | 0.47 | 0.14 | 0.61 | (0.49) | (0.03) | (0.52) |
Year Ended 3/31/2018(c) | $10.00 | 0.03 | 0.08 | 0.11 | (0.04) | (0.01) | (0.05) |
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 Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date. |
(d) | Annualized. |
70 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement 2060 Fund
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) | |
Advisor Class | |||||||
Year Ended 3/31/2022 | $11.48 | 5.55% | 5.10% | 0.46% | 1.69% | 68% | $1,048 |
Year Ended 3/31/2021 | $12.28 | 30.70% | 7.22% | 0.46% | 1.27% | 16% | $924 |
Year Ended 3/31/2020 | $9.92 | 3.85% | 8.09% | 0.43% | 2.60% | 31% | $513 |
Year Ended 3/31/2019 | $10.15 | 6.93% | 10.98% | 0.43% | 4.73% | 26% | $514 |
Year Ended 3/31/2018(c) | $10.06 | 1.11% | 8.73%(d) | 0.42%(d) | 0.77%(d) | 7% | $508 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $11.49 | 5.68% | 5.03% | 0.40% | 1.93% | 68% | $837 |
Year Ended 3/31/2021 | $12.28 | 30.72% | 7.19% | 0.44% | 1.35% | 16% | $649 |
Year Ended 3/31/2020 | $9.92 | 3.86% | 8.09% | 0.42% | 2.61% | 31% | $496 |
Year Ended 3/31/2019 | $10.15 | 6.93% | 10.97% | 0.43% | 4.73% | 26% | $508 |
Year Ended 3/31/2018(c) | $10.06 | 1.11% | 8.73%(d) | 0.42%(d) | 0.77%(d) | 7% | $503 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 71 |
March 31, 2022
72 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
March 31, 2022
Columbia Adaptive Retirement Funds | Annual Report 2022 | 73 |
March 31, 2022
Effective management services fee rate (%) | |
Columbia Adaptive Retirement 2020 Fund | 0.45 |
Columbia Adaptive Retirement 2025 Fund | 0.45 |
Columbia Adaptive Retirement 2030 Fund | 0.45 |
Columbia Adaptive Retirement 2035 Fund | 0.45 |
Columbia Adaptive Retirement 2040 Fund | 0.45 |
Columbia Adaptive Retirement 2045 Fund | 0.45 |
Columbia Adaptive Retirement 2050 Fund | 0.45 |
Columbia Adaptive Retirement 2055 Fund | 0.45 |
Columbia Adaptive Retirement 2060 Fund | 0.45 |
74 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
March 31, 2022
Fund | Advisor Class (%) | Institutional 3 Class (%) |
Columbia Adaptive Retirement 2020 Fund | 0.04 | 0.01 |
Columbia Adaptive Retirement 2025 Fund | 0.03 | 0.01 |
Columbia Adaptive Retirement 2030 Fund | 0.12 | 0.01 |
Columbia Adaptive Retirement 2035 Fund | 0.08 | 0.01 |
Columbia Adaptive Retirement 2040 Fund | 0.07 | 0.01 |
Columbia Adaptive Retirement 2045 Fund | 0.05 | 0.01 |
Columbia Adaptive Retirement 2050 Fund | 0.01 | 0.01 |
Columbia Adaptive Retirement 2055 Fund | 0.04 | 0.01 |
Columbia Adaptive Retirement 2060 Fund | 0.06 | 0.01 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 75 |
March 31, 2022
Fee Rate Contractual through July 31, 2022 | ||
Advisor Class (%) | Institutional 3 Class (%) | |
Columbia Adaptive Retirement 2020 Fund | 0.64 | 0.45 |
Columbia Adaptive Retirement 2025 Fund | 0.64 | 0.45 |
Columbia Adaptive Retirement 2030 Fund | 0.64 | 0.45 |
Columbia Adaptive Retirement 2035 Fund | 0.64 | 0.45 |
Columbia Adaptive Retirement 2040 Fund | 0.64 | 0.45 |
Columbia Adaptive Retirement 2045 Fund | 0.64 | 0.45 |
Columbia Adaptive Retirement 2050 Fund | 0.64 | 0.45 |
Columbia Adaptive Retirement 2055 Fund | 0.64 | 0.45 |
Columbia Adaptive Retirement 2060 Fund | 0.64 | 0.45 |
76 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
March 31, 2022
Fund | Undistributed net investment income ($) | Accumulated net realized gain (loss) ($) | Paid in capital increase ($) |
Columbia Adaptive Retirement 2020 Fund | 50,969 | (50,969) | — |
Columbia Adaptive Retirement 2025 Fund | 46,591 | (46,591) | — |
Columbia Adaptive Retirement 2030 Fund | 125,999 | (125,999) | — |
Columbia Adaptive Retirement 2035 Fund | 102,169 | (102,169) | — |
Columbia Adaptive Retirement 2040 Fund | 128,417 | (128,417) | — |
Columbia Adaptive Retirement 2045 Fund | 143,104 | (143,104) | — |
Columbia Adaptive Retirement 2050 Fund | 159,193 | (159,193) | — |
Columbia Adaptive Retirement 2055 Fund | 176,973 | (176,973) | — |
Columbia Adaptive Retirement 2060 Fund | 185,230 | (185,230) | — |
Year Ended March 31, 2022 | Year Ended March 31, 2021 | |||||
Fund | Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
Columbia Adaptive Retirement 2020 Fund | 163,011 | 541,745 | 704,756 | 199,389 | 49,487 | 248,876 |
Columbia Adaptive Retirement 2025 Fund | 102,739 | 252,721 | 355,460 | 101,173 | 31,772 | 132,945 |
Columbia Adaptive Retirement 2030 Fund | 196,340 | 98,697 | 295,037 | 68,985 | 31,320 | 100,305 |
Columbia Adaptive Retirement 2035 Fund | 159,412 | 59,565 | 218,977 | 46,977 | 18,122 | 65,099 |
Columbia Adaptive Retirement 2040 Fund | 178,142 | 64,036 | 242,178 | 45,947 | 34,216 | 80,163 |
Columbia Adaptive Retirement 2045 Fund | 189,586 | 56,554 | 246,140 | 46,153 | 19,418 | 65,571 |
Columbia Adaptive Retirement 2050 Fund | 217,072 | 73,787 | 290,859 | 49,663 | 26,975 | 76,638 |
Columbia Adaptive Retirement 2055 Fund | 229,541 | 51,274 | 280,815 | 45,489 | 18,659 | 64,148 |
Columbia Adaptive Retirement 2060 Fund | 236,824 | 48,491 | 285,315 | 43,737 | 24,760 | 68,497 |
Fund | Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
Columbia Adaptive Retirement 2020 Fund | — | 76,598 | — | (12,617) |
Columbia Adaptive Retirement 2025 Fund | — | 73,502 | — | (14,367) |
Columbia Adaptive Retirement 2030 Fund | — | 162,172 | — | (108,346) |
Columbia Adaptive Retirement 2035 Fund | — | 134,627 | — | (58,503) |
Columbia Adaptive Retirement 2040 Fund | — | 168,505 | — | (58,112) |
Columbia Adaptive Retirement 2045 Fund | — | 189,514 | — | (54,549) |
Columbia Adaptive Retirement 2050 Fund | — | 219,072 | — | (63,877) |
Columbia Adaptive Retirement 2055 Fund | — | 241,845 | — | (88,629) |
Columbia Adaptive Retirement 2060 Fund | — | 249,253 | — | (94,685) |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 77 |
March 31, 2022
Fund | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
Columbia Adaptive Retirement 2020 Fund | 1,487,173 | 18,177 | (30,794) | (12,617) |
Columbia Adaptive Retirement 2025 Fund | 1,119,087 | 10,962 | (25,329) | (14,367) |
Columbia Adaptive Retirement 2030 Fund | 2,593,410 | 21,817 | (130,163) | (108,346) |
Columbia Adaptive Retirement 2035 Fund | 1,551,049 | 13,418 | (71,921) | (58,503) |
Columbia Adaptive Retirement 2040 Fund | 1,585,584 | 12,763 | (70,875) | (58,112) |
Columbia Adaptive Retirement 2045 Fund | 1,359,359 | 10,550 | (65,099) | (54,549) |
Columbia Adaptive Retirement 2050 Fund | 1,594,833 | 11,905 | (75,782) | (63,877) |
Columbia Adaptive Retirement 2055 Fund | 1,734,992 | 12,311 | (100,940) | (88,629) |
Columbia Adaptive Retirement 2060 Fund | 1,996,626 | 10,143 | (104,828) | (94,685) |
Fund | Late year ordinary losses ($) | Post-October capital losses ($) |
Columbia Adaptive Retirement 2020 Fund | 472 | 28,202 |
Columbia Adaptive Retirement 2025 Fund | 1 | 11,846 |
Columbia Adaptive Retirement 2030 Fund | 1,991 | 19,863 |
Columbia Adaptive Retirement 2035 Fund | 1,084 | 13,823 |
Columbia Adaptive Retirement 2040 Fund | 1,030 | 33,950 |
Columbia Adaptive Retirement 2045 Fund | 818 | 47,592 |
Columbia Adaptive Retirement 2050 Fund | 889 | 74,742 |
Columbia Adaptive Retirement 2055 Fund | 913 | 84,957 |
Columbia Adaptive Retirement 2060 Fund | 1,101 | 90,900 |
78 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
March 31, 2022
Purchases ($) | Proceeds from sales ($) | |
Columbia Adaptive Retirement 2020 Fund | 1,424,549 | 1,500,024 |
Columbia Adaptive Retirement 2025 Fund | 641,869 | 829,287 |
Columbia Adaptive Retirement 2030 Fund | 2,007,644 | 2,030,087 |
Columbia Adaptive Retirement 2035 Fund | 1,299,374 | 1,426,712 |
Columbia Adaptive Retirement 2040 Fund | 1,528,113 | 1,442,223 |
Columbia Adaptive Retirement 2045 Fund | 1,535,374 | 1,485,256 |
Columbia Adaptive Retirement 2050 Fund | 1,958,255 | 1,538,709 |
Columbia Adaptive Retirement 2055 Fund | 1,954,180 | 1,498,572 |
Columbia Adaptive Retirement 2060 Fund | 1,870,544 | 1,325,617 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 79 |
March 31, 2022
80 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
March 31, 2022
Fund | Number of unaffiliated accounts | Percentage of shares outstanding held — unaffiliated (%) | Percentage of shares outstanding held — affiliated (%) |
Columbia Adaptive Retirement 2020 Fund | 1 | 50.9 | 38.9 |
Columbia Adaptive Retirement 2025 Fund | 2 | 22.5 | 77.2 |
Columbia Adaptive Retirement 2030 Fund | 2 | 91.9 | — |
Columbia Adaptive Retirement 2035 Fund | 2 | 63.1 | 36.1 |
Columbia Adaptive Retirement 2040 Fund | 2 | 60.7 | 35.5 |
Columbia Adaptive Retirement 2045 Fund | 2 | 56.6 | 43.0 |
Columbia Adaptive Retirement 2050 Fund | 1 | 68.2 | 31.2 |
Columbia Adaptive Retirement 2055 Fund | 1 | 63.3 | 28.7 |
Columbia Adaptive Retirement 2060 Fund | 2 | 62.1 | 37.8 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 81 |
March 31, 2022
82 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 83 |
(Unaudited)
Capital gain dividend | |
Columbia Adaptive Retirement 2020 Fund | $106,119 |
Columbia Adaptive Retirement 2025 Fund | $102,161 |
Columbia Adaptive Retirement 2030 Fund | $214,745 |
Columbia Adaptive Retirement 2035 Fund | $171,230 |
Columbia Adaptive Retirement 2040 Fund | $201,221 |
Columbia Adaptive Retirement 2045 Fund | $219,258 |
Columbia Adaptive Retirement 2050 Fund | $247,077 |
Columbia Adaptive Retirement 2055 Fund | $270,848 |
Columbia Adaptive Retirement 2060 Fund | $278,153 |
84 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
(Unaudited)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | 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 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | 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 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 85 |
(Unaudited)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | 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 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
86 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
(Unaudited)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | 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 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (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 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 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 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | 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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | 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) |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 87 |
(Unaudited)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; 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; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 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 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | 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 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
88 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
(Unaudited)
Name, address, year of birth | Position held with the Columbia 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 |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | 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 |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | 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). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 89 |
(Unaudited)
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 |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 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); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
90 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
(Unaudited)
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
Columbia Adaptive Retirement Funds | Annual Report 2022 | 91 |
92 | Columbia Adaptive Retirement Funds | Annual Report 2022 |
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img7cf37f582.jpg)
columbiathreadneedleus.com/investor/. The Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img187309c01.jpg)
March 31, 2022
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgcb9b69a62.jpg)
3 | |
5 | |
10 | |
11 | |
17 | |
18 | |
19 | |
20 | |
22 | |
30 | |
31 | |
31 | |
37 |
(Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img0e3da3143.jpg)
Average annual total returns (%) (for the period ended March 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Institutional Class* | 01/03/17 | 6.57 | 17.78 | 14.94 | |
Institutional 3 Class* | 12/18/19 | 6.76 | 17.83 | 14.96 | |
Russell 1000 Growth Index | 14.98 | 20.88 | 17.34 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Returns shown for periods prior to the inception date of the Fund’s Institutional Class shares include the returns of the Fund’s Class A shares for the period from April 20, 2012 (the inception date of the Fund) through January 2, 2017. Returns shown for periods prior to the inception date of the Fund’s Institutional 3 Class shares include the returns of the Fund’s Class A shares for the period from April 20, 2012 through January 2, 2017 and the returns of the Institutional Class shares from January 3, 2017 through December 17, 2019. Class A shares were offered prior to the Fund’s Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 3 |
(Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img39a8b6bb4.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Common Stocks | 98.8 |
Money Market Funds | 1.2 |
Total | 100.0 |
Equity sector breakdown (%) (at March 31, 2022) | |
Communication Services | 10.7 |
Consumer Discretionary | 15.5 |
Consumer Staples | 4.1 |
Energy | 0.3 |
Financials | 3.9 |
Health Care | 14.4 |
Industrials | 8.0 |
Information Technology | 41.5 |
Materials | 0.6 |
Real Estate | 1.0 |
Utilities | 0.0(a) |
Total | 100.0 |
(a) | Rounds to zero. |
Equity sub-industry breakdown (%) (at March 31, 2022) | |
Information Technology | |
Application Software | 7.9 |
Communications Equipment | 0.0(a) |
Data Processing & Outsourced Services | 6.5 |
Electronic Equipment & Instruments | 0.0(a) |
Electronic Manufacturing Services | 0.7 |
Internet Services & Infrastructure | 0.7 |
IT Consulting & Other Services | 0.9 |
Semiconductor Equipment | 1.4 |
Semiconductors | 8.7 |
Systems Software | 10.5 |
Technology Hardware, Storage & Peripherals | 4.2 |
Total | 41.5 |
(a) | Rounds to zero. |
4 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
(Unaudited)
• | Our portion of the Fund’s underperformance of its benchmark can be attributed primarily to stock selection, most notably within the information technology sector. Selections within the communication services, consumer discretionary, health care and industrials sectors also detracted from results relative to the benchmark. |
• | Within information technology, a position in RingCentral, Inc. came under pressure on valuation concerns as 2021 drew to a close, despite the firm reporting an impressive quarter with double-digit revenue growth, beating estimates and announcing a new strategic partnership with Mitel. |
• | Also within the information technology sector, software company DocuSign, Inc. was a notable detractor in our portion of the Fund. Shares of DocuSign sold off sharply following the firm’s earnings report that missed billings expectations and signaled more normalized buying patterns following the pandemic. We sold our portion of the Fund’s shares in DocuSign before the close of the period. |
• | Within the health care sector, biotech company Exact Sciences Corp., best known for its lead product Cologuard, pulled back as the COVID-19 Delta variant impacted the firm’s sales representatives’ access to doctors’ offices, which limited new sales opportunities. COVID-19 continued to impact the amount of doctor office visits for routine care and physicals, but we believe these trends should prove to be transitory and a near-term headwind. |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 5 |
(Unaudited)
• | Within the consumer discretionary sector, a holding in high-growth, pet supply e-commerce leader Chewy, Inc. in our portion of the Fund pulled back and detracted from relative returns, as e-commerce trends moderated off highs from 2020. Investors remained on the sideline as the firm met revenue estimates but continued to navigate supply-line challenges and higher costs. |
• | Not owning ultra mega-cap names Apple and Microsoft proved to be a headwind during the period, as both companies have mass concentration in the Russell 1000 Growth Index and outperformed. |
• | The consumer staples sector was an area of contribution in our portion of the Fund during the period, as both stock selection and an overweight allocation benefited our portion of the Fund. |
○ | A position in Costco Wholesale benefited results as the company reported better-than-expected same-store sales and acceleration of store growth. We believed Costco continued to execute well and navigate supply chain challenges. The company continued to sign up new members and open new stores, which helped to offset some of the inflationary challenges such as freight costs. |
• | Though the information technology sector was the largest area of detraction, several companies in the sector were among the Fund’s top contributors in our portion of the Fund during the period, including NVIDIA Corp, Enphase Energy, Inc., Intuit, Inc. and CrowdStrike Holdings, Inc. |
○ | NVIDIA saw broad strength across all its semiconductor/software platforms and increased guidance during the period. The firm also announced a new data center CPU and continued progress on building software/services partnerships for its Drive Platform with a Mercedes deal. |
○ | Enphase Energy, a Fund position established early in the period, rallied materially. The firm navigated supply chain issues, beating revenue estimates with 97% year-over-year growth and increased guidance. Management noted high demand for their solar microinverters and energy storage offerings, which we believe should continue to grow as society transitions away from fossil fuels. |
○ | Software company Intuit, Inc. contributed to our portion of the Fund as the market rotated to more defensive and established software names in the latter half of the period. |
○ | CrowdStrike Holdings, which provides cloud workload and endpoint security, threat intelligence, and cyberattack response services, benefited from a rising demand for cloud native security solutions. CrowdStrikes’s Falcon platform was the first multi-tenant, cloud native, intelligent security solution for protecting workloads across on-premises, virtualized and cloud-based environments running on a variety of endpoints. That includes desktops, laptops, mobile devices, servers, virtual machines, cloud workloads, cloud containers and Internet of Things devices. |
• | Within the health care sector, cardiovascular device provider Edwards Lifesciences proved beneficial to our portion of the Fund, posting solid returns. The company beat earnings expectations and noted an increase in medical procedures during the summer of 2021 indicating a post-COVID-19 recovery for the company. |
• | Technology, biotechnology and consumer staples were among the three strongest contributing market sectors to the strategy’s performance on a relative basis. All three sectors returned positive absolute returns. The positive contributions within the three sectors were driven by both allocation and stock selection. |
○ | Stock selection was notably strong within the technology sector as the strategy embraced innovative businesses navigating the economic recovery and inflationary environment. |
6 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
(Unaudited)
○ | The consumer staples sector lagged the overall market over the trailing one-year and the strategy’s average underweight to the sector contributed positively to performance. |
• | An average underweight to PayPal Holdings Inc. and average overweights to Pool Corporation and Fortinet Inc. provided the strongest positive contributions to relative performance over the period. |
○ | The portfolio favored Fortinet and Pool Corporation due to their operating skill and growth prospects, characteristics which we believe were favored by investors during the period. |
○ | The portfolio held a lower exposure to PayPal Holdings relative to the benchmark given its bearish earnings outlook and analyst sentiment, as well as its lack of fundamental support. |
• | Health care, financials and retail were the three market sectors that detracted the most from the strategy’s performance on a relative basis. |
○ | Retail and financials provided positive absolute returns for the reporting period, while holdings in the health care sector generated negative absolute returns. |
○ | Stock selection across the three sector groupings detracted from performance over the reporting period. |
○ | From an allocation perspective, an average overweight to financials aided the strategy’s relative performance given the sector’s overall strength, while average overweights to retail and health care held performance back as these economic segments trailed the broader market. |
• | An average overweight to DocuSign Inc. and average underweights to Microsoft Corp and Eli Lilly & Co. provided the largest negative contributions to the strategy’s relative performance over the reporting period. |
○ | Regulatory position limitations contributed to the portfolio’s lower exposure to Microsoft, despite the optimistic outlook for the business and the robust returns recorded. |
○ | Eli Lilly & Co. outperformed the broader market in spite of a weaker longer-term valuation outlook. |
○ | Despite displaying growth efficiency, DocuSign saw its stock price decline over the reporting period as it delivered earnings results below analyst expectations. |
• | Stock selection in the consumer discretionary, industrials, consumer staples, communication services, information technology, energy and financials sectors detracted from performance versus the benchmark in our portion of the Fund. |
• | Allocations to the communication services, information technology and industrials sectors, also detracted from relative performance. |
• | Alibaba Group Holding Ltd., Meta Platforms, Inc. and Boeing Co. were among the largest detractors from performance in our portion of the Fund during the period. |
○ | Alibaba is a leading Chinese e-commerce and consumer-engagement platform provider. Shares have been under pressure since late 2020 due to investor concern regarding increasing regulatory intervention by the Chinese government. More recently, we have observed increasing competitive pressure in two of the company’s smaller but faster-growing contributors: video streaming and penetration in lower-tier cities. We continue to believe that |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 7 |
(Unaudited)
Alibaba is a high-quality company that remains well positioned to benefit from secular growth in China e-commerce and trades at a discount to intrinsic value. However, given our most recent analysis, we trimmed the position during the period. | |
○ | Meta Platforms operates online social networking platforms that allow people to connect, share, and interact with friends and communities. With 3.6 billion monthly users and over 200 million businesses worldwide using its family of apps – Facebook, Messenger, WhatsApp and Instagram - the scale and reach of Meta’s network is unrivaled. Meta reported financial results that were strong and above consensus expectations during the first half of the year. However, shares declined substantially following the company’s most-recent financial report in early February 2022. Growth was strong and above expectations for revenue and free cash flow and user engagement metrics remained high, but operating expenses were greater than expectations. The company also issued guidance for the first quarter of 2022 that was well below expectations, which it attributed to headwinds arising from recent privacy restrictions by Apple, the continuing impact of macro weakness such as supply chain disruptions on advertising spending, and the company’s transition to a new product format – short-term video – where monetization is currently lower. As a function of its competitive advantages, we believe the company remains well positioned relative to its peers, and there are no changes to our assessment of Meta’s quality or secular growth opportunities. We took advantage of near-term price weakness to add to our position during the period. |
○ | Boeing is a global leader in the commercial and defense aerospace industries, manufacturing commercial aircraft for passenger and cargo traffic as well as manned and unmanned military aircraft, missile and defense systems, satellites and launch systems, and other space and security systems. Boeing’s financial results during the period were mixed and largely below expectations, but the company posted positive quarterly earnings for the first time since 2019 and was free cash flow positive during the most-recent quarter for the first time in almost three years. We believe the current market price embeds expectations for aircraft deliveries and corporate margins that are overly pessimistic versus our long-term assumptions. As a result, we believe the company is selling at a significant discount to our estimate of intrinsic value and offers a compelling reward-to-risk opportunity. |
• | Stock selection in the health care sector, as well as our allocations to the energy and consumer discretionary sectors, contributed positively to relative performance during the period. |
• | NVIDIA Corp., Alphabet, Inc. and Microsoft Corp. were among the largest contributors to performance in our portion of the Fund during the period. |
○ | NVIDIA is the world leader in graphic processing units (GPUs), which enable computers to produce and utilize highly realistic 3D graphic imagery and models. NVIDIA reported financial results during the period that were better than consensus expectations, driven by broad-based strength that included multiple quarterly revenue records in the company’s gaming, data center, and professional visualization segments. |
○ | Alphabet is a holding company that owns a collection of businesses — the largest and most important of which by far is Google. Google is the global leader in online search and advertising, and also offers online cloud solutions to businesses and consumers globally. Alphabet reported financial results during the period that reflected a strong recovery in advertising spending, which had been depressed due to COVID-19, while revenue growth accelerated and adjusted operating margins expanded. |
○ | Microsoft is the world’s largest software company, offering productivity and collaboration tools, cloud services, and personal computing products to businesses and consumers. Microsoft reported financial results during the period that were strong and above management and consensus expectations on all key metrics, including revenue growth of approximately 20%, expanding operating margins, and strong double-digit growth in both operating income and free cash flow. Importantly, the company continued to show strong commercial cloud growth, with revenue rising approximately 30% year-over-year to an $88 billion annual run rate, up from a $14 billion run rate five years ago. |
• | We believe the shares of all three contributors continue to trade at a discount to our estimates of intrinsic value and represent attractive reward-to-risk opportunities. |
8 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
(Unaudited)
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 9 |
(Unaudited)
October 1, 2021 — March 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Institutional Class | 1,000.00 | 1,000.00 | 962.70 | 1,021.24 | 3.62 | 3.73 | 0.74 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 963.60 | 1,021.69 | 3.18 | 3.28 | 0.65 |
10 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
March 31, 2022
Common Stocks 98.7% | ||
Issuer | Shares | Value ($) |
Communication Services 10.5% | ||
Entertainment 1.9% | ||
Netflix, Inc.(a) | 87,230 | 32,675,485 |
Walt Disney Co. (The)(a) | 331,093 | 45,412,716 |
Total | 78,088,201 | |
Interactive Media & Services 8.4% | ||
Alphabet, Inc., Class A(a) | 39,571 | 110,060,801 |
Alphabet, Inc., Class C(a) | 35,185 | 98,271,353 |
Match Group, Inc.(a) | 402,174 | 43,732,401 |
Meta Platforms, Inc., Class A(a) | 402,120 | 89,415,403 |
Total | 341,479,958 | |
Media 0.2% | ||
Nexstar Media Group, Inc., Class A | 37,179 | 7,007,498 |
Total Communication Services | 426,575,657 | |
Consumer Discretionary 15.3% | ||
Automobiles 2.3% | ||
Tesla Motors, Inc.(a) | 86,893 | 93,635,897 |
Distributors 0.0% | ||
Pool Corp. | 4,191 | 1,772,164 |
Hotels, Restaurants & Leisure 3.1% | ||
Booking Holdings, Inc.(a) | 21,400 | 50,256,830 |
Domino’s Pizza, Inc. | 4,523 | 1,840,906 |
McDonald’s Corp. | 43,831 | 10,838,530 |
Six Flags Entertainment Corp.(a) | 29,989 | 1,304,521 |
Starbucks Corp. | 308,226 | 28,039,319 |
Wendy’s Co. (The) | 187,445 | 4,118,167 |
Yum China Holdings, Inc. | 203,107 | 8,437,065 |
Yum! Brands, Inc. | 164,102 | 19,451,010 |
Total | 124,286,348 | |
Household Durables 0.5% | ||
PulteGroup, Inc. | 21,311 | 892,931 |
Toll Brothers, Inc. | 434,071 | 20,410,018 |
Total | 21,302,949 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Internet & Direct Marketing Retail 6.3% | ||
Alibaba Group Holding Ltd., ADR(a) | 177,402 | 19,301,338 |
Amazon.com, Inc.(a) | 64,307 | 209,637,605 |
Chewy, Inc., Class A(a) | 370,476 | 15,108,011 |
DoorDash, Inc., Class A(a) | 10,527 | 1,233,659 |
eBay, Inc. | 159,173 | 9,114,246 |
Total | 254,394,859 | |
Leisure Products 0.1% | ||
Mattel, Inc.(a) | 256,326 | 5,693,000 |
Multiline Retail 0.5% | ||
Target Corp. | 97,503 | 20,692,087 |
Specialty Retail 1.1% | ||
AutoZone, Inc.(a) | 2,001 | 4,091,205 |
Home Depot, Inc. (The) | 36,831 | 11,024,623 |
Lowe’s Companies, Inc. | 74,700 | 15,103,593 |
O’Reilly Automotive, Inc.(a) | 1,986 | 1,360,331 |
Restoration Hardware Holdings, Inc.(a) | 7,339 | 2,393,175 |
Ross Stores, Inc. | 34,616 | 3,131,363 |
TJX Companies, Inc. (The) | 77,675 | 4,705,551 |
Williams-Sonoma, Inc. | 4,491 | 651,195 |
Total | 42,461,036 | |
Textiles, Apparel & Luxury Goods 1.4% | ||
Columbia Sportswear Co. | 81,700 | 7,396,301 |
lululemon athletica, Inc.(a) | 10,046 | 3,669,101 |
NIKE, Inc., Class B | 334,572 | 45,020,008 |
Total | 56,085,410 | |
Total Consumer Discretionary | 620,323,750 | |
Consumer Staples 4.0% | ||
Beverages 1.7% | ||
Coca-Cola Co. (The) | 222,305 | 13,782,910 |
Monster Beverage Corp.(a) | 560,234 | 44,762,697 |
PepsiCo, Inc. | 68,871 | 11,527,628 |
Total | 70,073,235 | |
Food & Staples Retailing 1.4% | ||
Costco Wholesale Corp. | 98,804 | 56,896,283 |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 11 |
March 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Food Products 0.0% | ||
Kellogg Co. | 11,538 | 744,086 |
Personal Products 0.7% | ||
Estee Lauder Companies, Inc. (The), Class A | 106,264 | 28,937,812 |
Tobacco 0.2% | ||
Altria Group, Inc. | 106,853 | 5,583,069 |
Total Consumer Staples | 162,234,485 | |
Energy 0.3% | ||
Oil, Gas & Consumable Fuels 0.3% | ||
Coterra Energy, Inc. | 129,555 | 3,494,098 |
Diamondback Energy, Inc. | 20,397 | 2,796,021 |
EOG Resources, Inc. | 9,048 | 1,078,793 |
Hess Corp. | 56,586 | 6,056,965 |
Total | 13,425,877 | |
Total Energy | 13,425,877 | |
Financials 3.9% | ||
Banks 0.0% | ||
Synovus Financial Corp. | 19,559 | 958,391 |
Capital Markets 2.5% | ||
Cboe Global Markets, Inc. | 61,334 | 7,017,836 |
Factset Research Systems, Inc. | 57,522 | 24,973,176 |
Moody’s Corp. | 2,886 | 973,765 |
MSCI, Inc. | 87,572 | 44,038,208 |
S&P Global, Inc. | 10,293 | 4,221,983 |
SEI Investments Co. | 327,596 | 19,724,555 |
T. Rowe Price Group, Inc. | 9,077 | 1,372,352 |
Total | 102,321,875 | |
Consumer Finance 0.5% | ||
American Express Co. | 44,091 | 8,245,017 |
Discover Financial Services | 10,173 | 1,120,963 |
SLM Corp. | 182,244 | 3,346,000 |
Synchrony Financial | 136,399 | 4,748,049 |
Total | 17,460,029 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Insurance 0.9% | ||
Alleghany Corp.(a) | 5,457 | 4,622,079 |
Arch Capital Group Ltd.(a) | 259,026 | 12,542,039 |
Everest Re Group Ltd. | 44,041 | 13,273,076 |
Marsh & McLennan Companies, Inc. | 14,361 | 2,447,402 |
RenaissanceRe Holdings Ltd. | 13,261 | 2,102,001 |
Total | 34,986,597 | |
Thrifts & Mortgage Finance 0.0% | ||
Rocket Companies, Inc. | 106,699 | 1,186,493 |
Total Financials | 156,913,385 | |
Health Care 14.2% | ||
Biotechnology 5.5% | ||
AbbVie, Inc. | 177,658 | 28,800,138 |
Amgen, Inc. | 64,958 | 15,708,144 |
BioMarin Pharmaceutical, Inc.(a) | 400,464 | 30,875,774 |
Exact Sciences Corp.(a) | 355,769 | 24,875,368 |
Incyte Corp.(a) | 29,999 | 2,382,521 |
Moderna, Inc.(a) | 34,762 | 5,988,102 |
Regeneron Pharmaceuticals, Inc.(a) | 69,057 | 48,230,790 |
Sarepta Therapeutics, Inc.(a) | 199,564 | 15,589,940 |
Vertex Pharmaceuticals, Inc.(a) | 191,873 | 50,073,097 |
Total | 222,523,874 | |
Health Care Equipment & Supplies 2.8% | ||
Align Technology, Inc.(a) | 73,530 | 32,059,080 |
Edwards Lifesciences Corp.(a) | 309,307 | 36,411,620 |
Insulet Corp.(a) | 107,932 | 28,752,005 |
Intuitive Surgical, Inc.(a) | 60,685 | 18,307,451 |
Total | 115,530,156 | |
Health Care Providers & Services 0.2% | ||
HCA Healthcare, Inc. | 26,829 | 6,723,884 |
Health Care Technology 0.1% | ||
Veeva Systems Inc., Class A(a) | 20,688 | 4,395,373 |
Life Sciences Tools & Services 2.4% | ||
Agilent Technologies, Inc. | 73,464 | 9,721,491 |
Illumina, Inc.(a) | 170,062 | 59,419,663 |
IQVIA Holdings, Inc.(a) | 12,427 | 2,873,247 |
Maravai LifeSciences Holdings, Inc., Class A(a) | 72,514 | 2,557,569 |
Mettler-Toledo International, Inc.(a) | 1,511 | 2,074,890 |
12 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
March 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Repligen Corp.(a) | 10,307 | 1,938,643 |
Thermo Fisher Scientific, Inc. | 10,851 | 6,409,143 |
Waters Corp.(a) | 37,033 | 11,494,673 |
Total | 96,489,319 | |
Pharmaceuticals 3.2% | ||
Eli Lilly & Co. | 95,033 | 27,214,600 |
Johnson & Johnson | 12,795 | 2,267,658 |
Novartis AG, ADR | 449,598 | 39,452,225 |
Novo Nordisk A/S, ADR | 164,117 | 18,225,193 |
Roche Holding AG, ADR | 738,555 | 36,510,466 |
Royalty Pharma PLC, Class A | 63,716 | 2,482,375 |
Zoetis, Inc. | 24,957 | 4,706,641 |
Total | 130,859,158 | |
Total Health Care | 576,521,764 | |
Industrials 7.9% | ||
Aerospace & Defense 1.5% | ||
Boeing Co. (The)(a) | 307,726 | 58,929,529 |
Lockheed Martin Corp. | 4,224 | 1,864,474 |
Total | 60,794,003 | |
Air Freight & Logistics 1.5% | ||
Expeditors International of Washington, Inc. | 193,542 | 19,965,793 |
FedEx Corp. | 35,470 | 8,207,403 |
United Parcel Service, Inc., Class B | 145,557 | 31,216,154 |
Total | 59,389,350 | |
Building Products 0.8% | ||
Trane Technologies PLC | 217,729 | 33,247,218 |
Construction & Engineering 0.6% | ||
Quanta Services, Inc. | 176,537 | 23,234,035 |
Electrical Equipment 0.4% | ||
Bloom Energy Corp., Class A(a) | 618,645 | 14,940,277 |
Industrial Conglomerates 0.0% | ||
3M Co. | 16,847 | 2,508,181 |
Machinery 1.0% | ||
Allison Transmission Holdings, Inc. | 47,416 | 1,861,552 |
Deere & Co. | 90,967 | 37,793,150 |
Illinois Tool Works, Inc. | 6,929 | 1,450,933 |
Total | 41,105,635 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Professional Services 0.8% | ||
CoStar Group, Inc.(a) | 417,209 | 27,790,291 |
Robert Half International, Inc. | 34,644 | 3,955,652 |
Total | 31,745,943 | |
Road & Rail 1.3% | ||
Landstar System, Inc. | 18,534 | 2,795,483 |
Old Dominion Freight Line, Inc. | 35,656 | 10,649,734 |
Uber Technologies, Inc.(a) | 850,003 | 30,328,107 |
Union Pacific Corp. | 41,160 | 11,245,324 |
Total | 55,018,648 | |
Total Industrials | 321,983,290 | |
Information Technology 41.0% | ||
Communications Equipment 0.0% | ||
Motorola Solutions, Inc. | 1,423 | 344,651 |
Electronic Equipment, Instruments & Components 0.7% | ||
Jabil, Inc. | 420,634 | 25,965,737 |
Vontier Corp. | 55,740 | 1,415,238 |
Total | 27,380,975 | |
IT Services 8.0% | ||
Accenture PLC, Class A | 71,120 | 23,983,798 |
Automatic Data Processing, Inc. | 3,859 | 878,077 |
Block, Inc., Class A(a) | 335,394 | 45,479,426 |
Cognizant Technology Solutions Corp., Class A | 74,487 | 6,679,249 |
EPAM Systems, Inc.(a) | 8,144 | 2,415,592 |
FleetCor Technologies, Inc.(a) | 4,832 | 1,203,458 |
Gartner, Inc.(a) | 12,915 | 3,841,696 |
MasterCard, Inc., Class A | 67,641 | 24,173,540 |
MongoDB, Inc.(a) | 1,913 | 848,588 |
Paychex, Inc. | 46,018 | 6,280,076 |
PayPal Holdings, Inc.(a) | 447,245 | 51,723,884 |
Shopify, Inc., Class A(a) | 30,308 | 20,486,996 |
Snowflake, Inc., Class A(a) | 27,485 | 6,297,638 |
Stone Co., Ltd., Class A(a) | 135,418 | 1,584,391 |
Visa, Inc., Class A | 582,327 | 129,142,659 |
Total | 325,019,068 |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 13 |
March 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Semiconductors & Semiconductor Equipment 10.0% | ||
Advanced Micro Devices, Inc.(a) | 125,061 | 13,674,170 |
Allegro MicroSystems, Inc.(a) | 42,048 | 1,194,163 |
Analog Devices, Inc. | 53,270 | 8,799,139 |
Applied Materials, Inc. | 35,734 | 4,709,741 |
Broadcom, Inc. | 56,615 | 35,649,333 |
Enphase Energy, Inc.(a) | 208,712 | 42,113,907 |
KLA Corp. | 26,733 | 9,785,882 |
Micron Technology, Inc. | 80,794 | 6,293,045 |
Monolithic Power Systems, Inc. | 5,001 | 2,428,886 |
NVIDIA Corp. | 653,382 | 178,281,813 |
NXP Semiconductors NV | 33,240 | 6,152,059 |
QUALCOMM, Inc. | 432,427 | 66,083,494 |
Skyworks Solutions, Inc. | 64,482 | 8,594,161 |
Texas Instruments, Inc. | 93,244 | 17,108,409 |
Universal Display Corp. | 29,876 | 4,987,798 |
Total | 405,856,000 | |
Software 18.1% | ||
Adobe, Inc.(a) | 122,716 | 55,911,864 |
Atlassian Corp. PLC, Class A(a) | 17,252 | 5,069,155 |
Autodesk, Inc.(a) | 220,190 | 47,197,726 |
Bill.com Holdings, Inc.(a) | 24,922 | 5,652,060 |
Cadence Design Systems, Inc.(a) | 18,472 | 3,037,905 |
Crowdstrike Holdings, Inc., Class A(a) | 177,719 | 40,356,430 |
Datadog, Inc., Class A(a) | 34,053 | 5,158,008 |
DocuSign, Inc.(a) | 55,652 | 5,961,442 |
Dynatrace, Inc.(a) | 125,810 | 5,925,651 |
HubSpot, Inc.(a) | 7,841 | 3,724,005 |
Intuit, Inc. | 89,583 | 43,075,090 |
Manhattan Associates, Inc.(a) | 46,293 | 6,421,302 |
Microsoft Corp. | 742,086 | 228,792,535 |
NortonLifeLock, Inc. | 36,934 | 979,490 |
Oracle Corp. | 760,277 | 62,897,716 |
Palo Alto Networks, Inc.(a) | 29,268 | 18,219,623 |
RingCentral, Inc., Class A(a) | 201,100 | 23,570,931 |
Salesforce.com, Inc.(a) | 373,941 | 79,395,153 |
ServiceNow, Inc.(a) | 121,741 | 67,796,345 |
Smartsheet, Inc., Class A(a) | 15,536 | 851,062 |
Trade Desk, Inc. (The), Class A(a) | 11,068 | 766,459 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
VMware, Inc., Class A | 26,886 | 3,061,509 |
Workday, Inc., Class A(a) | 88,632 | 21,223,819 |
Zoom Video Communications, Inc., Class A(a) | 11,856 | 1,389,879 |
Total | 736,435,159 | |
Technology Hardware, Storage & Peripherals 4.2% | ||
Apple, Inc. | 935,066 | 163,271,874 |
HP, Inc. | 163,495 | 5,934,869 |
Total | 169,206,743 | |
Total Information Technology | 1,664,242,596 | |
Materials 0.6% | ||
Chemicals 0.3% | ||
Chemours Co. LLC (The) | 95,729 | 3,013,549 |
Olin Corp. | 172,236 | 9,004,498 |
Total | 12,018,047 | |
Containers & Packaging 0.3% | ||
Graphic Packaging Holding Co. | 270,617 | 5,423,165 |
Sealed Air Corp. | 93,320 | 6,248,707 |
Total | 11,671,872 | |
Total Materials | 23,689,919 | |
Real Estate 1.0% | ||
Equity Real Estate Investment Trusts (REITS) 1.0% | ||
American Tower Corp. | 17,654 | 4,435,038 |
Crown Castle International Corp. | 62,671 | 11,569,067 |
Extra Space Storage, Inc. | 33,760 | 6,941,056 |
Lamar Advertising Co., Class A | 22,134 | 2,571,528 |
Public Storage | 30,797 | 12,019,453 |
Simon Property Group, Inc. | 31,547 | 4,150,323 |
Total | 41,686,465 | |
Total Real Estate | 41,686,465 | |
Utilities 0.0% | ||
Electric Utilities 0.0% | ||
NRG Energy, Inc. | 7,683 | 294,720 |
Total Utilities | 294,720 | |
Total Common Stocks (Cost $3,072,190,093) | 4,007,891,908 | |
14 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
March 31, 2022
Money Market Funds 1.3% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.308%(b),(c) | 49,955,431 | 49,935,449 |
Total Money Market Funds (Cost $49,935,672) | 49,935,449 | |
Total Investments in Securities (Cost: $3,122,125,765) | 4,057,827,357 | |
Other Assets & Liabilities, Net | 1,970,694 | |
Net Assets | 4,059,798,051 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.308% | ||||||||
59,449,563 | 1,068,617,738 | (1,078,131,629) | (223) | 49,935,449 | 1,719 | 63,054 | 49,955,431 |
ADR | American Depositary Receipt |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 15 |
March 31, 2022
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 426,575,657 | — | — | 426,575,657 |
Consumer Discretionary | 620,323,750 | — | — | 620,323,750 |
Consumer Staples | 162,234,485 | — | — | 162,234,485 |
Energy | 13,425,877 | — | — | 13,425,877 |
Financials | 156,913,385 | — | — | 156,913,385 |
Health Care | 540,011,298 | 36,510,466 | — | 576,521,764 |
Industrials | 321,983,290 | — | — | 321,983,290 |
Information Technology | 1,664,242,596 | — | — | 1,664,242,596 |
Materials | 23,689,919 | — | — | 23,689,919 |
Real Estate | 41,686,465 | — | — | 41,686,465 |
Utilities | 294,720 | — | — | 294,720 |
Total Common Stocks | 3,971,381,442 | 36,510,466 | — | 4,007,891,908 |
Money Market Funds | 49,935,449 | — | — | 49,935,449 |
Total Investments in Securities | 4,021,316,891 | 36,510,466 | — | 4,057,827,357 |
16 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
March 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $3,072,190,093) | $4,007,891,908 |
Affiliated issuers (cost $49,935,672) | 49,935,449 |
Receivable for: | |
Capital shares sold | 4,451,281 |
Dividends | 772,746 |
Foreign tax reclaims | 547,148 |
Expense reimbursement due from Investment Manager | 3,444 |
Prepaid expenses | 32,079 |
Trustees’ deferred compensation plan | 193,613 |
Total assets | 4,063,827,668 |
Liabilities | |
Due to custodian | 35,199 |
Payable for: | |
Capital shares purchased | 3,189,229 |
Management services fees | 73,444 |
Transfer agent fees | 308,295 |
Compensation of board members | 32,085 |
Other expenses | 197,752 |
Trustees’ deferred compensation plan | 193,613 |
Total liabilities | 4,029,617 |
Net assets applicable to outstanding capital stock | $4,059,798,051 |
Represented by | |
Paid in capital | 2,840,690,642 |
Total distributable earnings (loss) | 1,219,107,409 |
Total - representing net assets applicable to outstanding capital stock | $4,059,798,051 |
Institutional Class | |
Net assets | $4,059,795,074 |
Shares outstanding | 227,893,018 |
Net asset value per share | $17.81 |
Institutional 3 Class | |
Net assets | $2,977 |
Shares outstanding | 167 |
Net asset value per share(a) | $17.79 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 17 |
Year Ended March 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $23,111,144 |
Dividends — affiliated issuers | 63,054 |
Interfund lending | 12 |
Foreign taxes withheld | (439,729) |
Total income | 22,734,481 |
Expenses: | |
Management services fees | 27,059,592 |
Transfer agent fees | |
Institutional Class | 3,666,691 |
Institutional 3 Class | 1 |
Compensation of board members | 63,547 |
Custodian fees | 30,980 |
Printing and postage fees | 257,479 |
Registration fees | 135,932 |
Audit fees | 32,250 |
Legal fees | 54,640 |
Interest on interfund lending | 84 |
Compensation of chief compliance officer | 1,419 |
Other | 88,779 |
Total expenses | 31,391,394 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (759,933) |
Fees waived by transfer agent | |
Institutional 3 Class | (1) |
Total net expenses | 30,631,460 |
Net investment loss | (7,896,979) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 714,282,417 |
Investments — affiliated issuers | 1,719 |
Net realized gain | 714,284,136 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (355,864,417) |
Investments — affiliated issuers | (223) |
Net change in unrealized appreciation (depreciation) | (355,864,640) |
Net realized and unrealized gain | 358,419,496 |
Net increase in net assets resulting from operations | $350,522,517 |
18 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations | ||
Net investment loss | $(7,896,979) | $(808,641) |
Net realized gain | 714,284,136 | 474,589,672 |
Net change in unrealized appreciation (depreciation) | (355,864,640) | 987,522,408 |
Net increase in net assets resulting from operations | 350,522,517 | 1,461,303,439 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Institutional Class | (584,937,031) | (283,001,208) |
Institutional 3 Class | (509) | (250) |
Total distributions to shareholders | (584,937,540) | (283,001,458) |
Increase in net assets from capital stock activity | 429,863,077 | 521,193,329 |
Total increase in net assets | 195,448,054 | 1,699,495,310 |
Net assets at beginning of year | 3,864,349,997 | 2,164,854,687 |
Net assets at end of year | $4,059,798,051 | $3,864,349,997 |
Year Ended | Year Ended | |||
March 31, 2022 | March 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Institutional Class | ||||
Subscriptions | 67,391,020 | 1,289,814,755 | 71,543,102 | 1,204,489,488 |
Distributions reinvested | 29,487,010 | 584,937,031 | 16,242,547 | 283,001,208 |
Redemptions | (68,815,072) | (1,444,888,709) | (53,897,523) | (966,297,367) |
Net increase | 28,062,958 | 429,863,077 | 33,888,126 | 521,193,329 |
Total net increase | 28,062,958 | 429,863,077 | 33,888,126 | 521,193,329 |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 19 |
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 Class | |||||||
Year Ended 3/31/2022 | $19.34 | (0.04) | 1.52 | 1.48 | — | (3.01) | (3.01) |
Year Ended 3/31/2021 | $13.05 | (0.00)(d) | 7.78 | 7.78 | (0.00)(d) | (1.49) | (1.49) |
Year Ended 3/31/2020 | $14.09 | 0.03 | (0.23) | (0.20) | (0.02) | (0.82) | (0.84) |
Year Ended 3/31/2019 | $14.86 | 0.00(d) | 1.50 | 1.50 | — | (2.27) | (2.27) |
Year Ended 3/31/2018 | $12.89 | 0.01 | 2.64 | 2.65 | (0.02) | (0.66) | (0.68) |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $19.32 | (0.02) | 1.54 | 1.52 | — | (3.05) | (3.05) |
Year Ended 3/31/2021 | $13.03 | 0.01 | 7.77 | 7.78 | (0.00)(d) | (1.49) | (1.49) |
Year Ended 3/31/2020(e) | $14.94 | 0.02 | (1.92) | (1.90) | (0.01) | — | (0.01) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | Rounds to zero. |
(e) | Institutional 3 Class shares commenced operations on December 18, 2019. Per share data and total return reflect activity from that date. |
(f) | Annualized. |
20 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
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 Class | |||||||
Year Ended 3/31/2022 | $17.81 | 6.57% | 0.75%(c) | 0.74%(c) | (0.19%) | 53% | $4,059,795 |
Year Ended 3/31/2021 | $19.34 | 61.13% | 0.78% | 0.69% | (0.02%) | 45% | $3,864,347 |
Year Ended 3/31/2020 | $13.05 | (1.88%) | 0.86%(c) | 0.76%(c) | 0.19% | 42% | $2,164,853 |
Year Ended 3/31/2019 | $14.09 | 11.09% | 0.88%(c) | 0.88%(c) | 0.02% | 41% | $1,957,462 |
Year Ended 3/31/2018 | $14.86 | 21.09% | 0.85% | 0.85% | 0.09% | 50% | $2,155,633 |
Institutional 3 Class | |||||||
Year Ended 3/31/2022 | $17.79 | 6.76% | 0.66%(c) | 0.63%(c) | (0.09%) | 53% | $3 |
Year Ended 3/31/2021 | $19.32 | 61.23% | 0.69% | 0.60% | 0.07% | 45% | $3 |
Year Ended 3/31/2020(e) | $13.03 | (12.69%) | 0.74%(c),(f) | 0.60%(c),(f) | 0.44%(f) | 42% | $2 |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 21 |
March 31, 2022
22 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
March 31, 2022
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 23 |
March 31, 2022
24 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
March 31, 2022
Effective rate (%) | |
Institutional Class | 0.09 |
Institutional 3 Class | 0.00 |
August 1, 2021 through July 31, 2022 | Prior to August 1, 2021 | |
Institutional Class | 0.74% | 0.74% |
Institutional 3 Class | 0.65 | 0.60 |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 25 |
March 31, 2022
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
7,895,903 | (81,276,819) | 73,380,916 |
Year Ended March 31, 2022 | Year Ended March 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
103,122,560 | 481,814,980 | 584,937,540 | 9,007,860 | 273,993,598 | 283,001,458 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 296,826,668 | — | 922,532,106 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
3,135,295,251 | 1,059,508,121 | (136,976,015) | 922,532,106 |
26 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
March 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 5,000,000 | 0.61 | 1 |
Lender | 700,000 | 0.61 | 1 |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 27 |
March 31, 2022
28 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
March 31, 2022
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 29 |
30 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
Qualified dividend income | Dividends received deduction | Section 199A dividends | Capital gain dividend |
39.72% | 33.92% | 0.15% | $707,123,000 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | 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 |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 31 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | 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 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
32 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | 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 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | 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 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (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 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 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 | 174 | None |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 33 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | 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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | 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) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; 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; Chair, Daniel-Mickel Foundation since 1998 |
34 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 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 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | 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 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia 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 |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | 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. |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 35 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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 |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | 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). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 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); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
36 | Multi-Manager Growth Strategies Fund | Annual Report 2022 |
(Unaudited)
Fund officers (continued)
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 |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
Multi-Manager Growth Strategies Fund | Annual Report 2022 | 37 |
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgcb9b69a62.jpg)
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img6ba79bc51.jpg)
March 31, 2022
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30 | |
36 |
(Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgc06e98933.jpg)
Average annual total returns (%) (for the period ended March 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 09/28/07 | -3.91 | 16.01 | 13.53 |
Including sales charges | -9.45 | 14.64 | 12.86 | ||
Advisor Class* | 11/08/12 | -3.73 | 16.30 | 13.81 | |
Class C | Excluding sales charges | 09/28/07 | -4.66 | 15.15 | 12.69 |
Including sales charges | -5.25 | 15.15 | 12.69 | ||
Institutional Class | 10/01/97 | -3.77 | 16.28 | 13.80 | |
Institutional 2 Class* | 11/08/12 | -3.65 | 16.42 | 13.94 | |
Institutional 3 Class* | 11/08/12 | -3.63 | 16.45 | 13.98 | |
Class R | 12/31/04 | -4.20 | 15.72 | 13.25 | |
Russell 1000 Growth Index | 14.98 | 20.88 | 17.04 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 3 |
(Unaudited)
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/img3ac4ffcf4.jpg)
Portfolio breakdown (%) (at March 31, 2022) | |
Common Stocks | 99.6 |
Money Market Funds | 0.4 |
Total | 100.0 |
Equity sector breakdown (%) (at March 31, 2022) | |
Communication Services | 4.2 |
Consumer Discretionary | 14.1 |
Consumer Staples | 7.0 |
Financials | 3.3 |
Health Care | 18.9 |
Industrials | 13.6 |
Information Technology | 38.9 |
Total | 100.0 |
4 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s underperformance of its benchmark can be attributed primarily to stock selection, most notably within the information technology sector. Selections within the communication services, consumer discretionary, health care and industrials sectors also detracted from results relative to the benchmark. |
• | Within information technology, the Fund’s position in RingCentral, Inc. came under pressure on valuation concerns as 2021 drew to a close, despite the firm reporting an impressive quarter with double-digit revenue growth, beating estimates and announcing a new strategic partnership with Mitel. |
• | Also within information technology, software company DocuSign, Inc. was a notable detractor. Shares of DocuSign sold off sharply following the firm’s earnings report that missed billings expectations and signaled more normalized buying patterns following the pandemic. We sold the Fund’s shares in DocuSign before the close of the period. |
• | Within the health care sector, biotech company Exact Sciences Corp., best known for its lead product Cologuard, pulled back as the COVID-19 Delta variant impacted the firm’s sales representatives’ access to doctors’ offices, which, in turn, limited new sales opportunities. COVID-19 continued to impact the amount of doctor office visits for routine care and physicals, but we believe these trends should prove to be transitory and a near-term headwind. |
• | Within consumer discretionary, the Fund’s holding in high-growth, pet supply e-commerce leader Chewy, Inc. pulled back and detracted from relative returns, as e-commerce trends moderated off highs from 2020. Investors remained on the sideline as the firm met revenue estimates but continued to navigate supply-line challenges and higher costs. |
• | Not owning ultra mega-cap names Apple and Microsoft proved to be a headwind during the period, as both companies have mass concentration in the Russell 1000 Growth Index and outperformed. |
• | The consumer staples sector was an area of contribution for the Fund during the period, as both the Fund’s stock selection and overweight allocation benefited the Fund. |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 5 |
(Unaudited)
○ | The Fund’s position in Costco Wholesale benefited results as the company reported better-than-expected same-store sales and acceleration of store growth. Costco continued to execute well and navigate supply chain challenges. The company continued to sign up new members and open new stores, which helped to offset some of the inflationary challenges such as freight costs. |
• | Though the information technology sector was the largest area of detraction, several companies were among the Fund’s top contributors during the period, including NVIDIA Corp, Enphase Energy, Inc., Intuit, Inc. and CrowdStrike Holdings, Inc. |
○ | NVIDIA saw broad strength across all its semiconductor/software platforms and increased guidance during the period. The firm also announced a new data center CPU and continued progress on building software/services partnerships for its Drive Platform with a Mercedes deal. |
○ | Enphase Energy, a Fund position established early in the period, rallied materially. The firm navigated supply chain issues, beating revenue estimates with 97% year-over-year growth and increased guidance. Management noted high demand for the company’s solar microinverters and energy storage offerings, which we believe should continue to grow as society transitions away from fossil fuels. |
○ | The Fund’s holding in software company Intuit, Inc. contributed to the Fund as the market rotated to more defensive and established software names in the latter half of the period. |
○ | CrowdStrike Holdings, which provides cloud workload and endpoint security, threat intelligence, and cyberattack response services, benefited from a rising demand for cloud native security solutions. CrowdStrikes’s Falcon platform was the first multi-tenant, cloud native intelligent security solution for protecting workloads across on-premises, virtualized and cloud-based environments running on a variety of endpoints, which include desktops, laptops, mobile devices, servers, virtual machines, cloud workloads, cloud containers and Internet of Things devices. |
• | Within the health care sector, cardiovascular device provider Edwards Lifesciences proved beneficial to the Fund, posting solid returns. The company beat earnings expectations and noted increased procedures during the summer of 2021, indicating what we believe to be a post-COVID-19 recovery for the company. |
6 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
October 1, 2021 — March 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 863.40 | 1,019.65 | 4.92 | 5.34 | 1.06 |
Advisor Class | 1,000.00 | 1,000.00 | 864.50 | 1,020.89 | 3.77 | 4.08 | 0.81 |
Class C | 1,000.00 | 1,000.00 | 860.30 | 1,015.91 | 8.39 | 9.10 | 1.81 |
Institutional Class | 1,000.00 | 1,000.00 | 864.10 | 1,020.89 | 3.76 | 4.08 | 0.81 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 864.80 | 1,021.29 | 3.39 | 3.68 | 0.73 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 864.40 | 1,021.54 | 3.16 | 3.43 | 0.68 |
Class R | 1,000.00 | 1,000.00 | 862.20 | 1,018.40 | 6.08 | 6.59 | 1.31 |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 7 |
March 31, 2022
Common Stocks 99.7% | ||
Issuer | Shares | Value ($) |
Communication Services 4.2% | ||
Interactive Media & Services 4.2% | ||
Match Group, Inc.(a) | 642,934 | 69,912,643 |
Total Communication Services | 69,912,643 | |
Consumer Discretionary 14.0% | ||
Hotels, Restaurants & Leisure 4.0% | ||
Booking Holdings, Inc.(a) | 29,043 | 68,206,034 |
Internet & Direct Marketing Retail 5.8% | ||
Amazon.com, Inc.(a) | 23,701 | 77,264,075 |
Chewy, Inc., Class A(a) | 491,799 | 20,055,563 |
Total | 97,319,638 | |
Textiles, Apparel & Luxury Goods 4.2% | ||
NIKE, Inc., Class B | 525,777 | 70,748,553 |
Total Consumer Discretionary | 236,274,225 | |
Consumer Staples 6.9% | ||
Food & Staples Retailing 4.2% | ||
Costco Wholesale Corp. | 123,191 | 70,939,537 |
Personal Products 2.7% | ||
Estee Lauder Companies, Inc. (The), Class A | 168,172 | 45,796,599 |
Total Consumer Staples | 116,736,136 | |
Financials 3.3% | ||
Capital Markets 3.3% | ||
MSCI, Inc. | 111,744 | 56,193,823 |
Total Financials | 56,193,823 | |
Health Care 18.9% | ||
Biotechnology 6.5% | ||
BioMarin Pharmaceutical, Inc.(a) | 660,628 | 50,934,419 |
Exact Sciences Corp.(a) | 517,020 | 36,150,038 |
Sarepta Therapeutics, Inc.(a) | 278,576 | 21,762,357 |
Total | 108,846,814 | |
Health Care Equipment & Supplies 7.5% | ||
Align Technology, Inc.(a) | 82,547 | 35,990,492 |
Edwards Lifesciences Corp.(a) | 383,519 | 45,147,857 |
Insulet Corp.(a) | 169,087 | 45,043,086 |
Total | 126,181,435 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Life Sciences Tools & Services 2.8% | ||
Illumina, Inc.(a) | 134,216 | 46,895,071 |
Pharmaceuticals 2.1% | ||
Eli Lilly & Co. | 124,890 | 35,764,749 |
Total Health Care | 317,688,069 | |
Industrials 13.6% | ||
Building Products 3.3% | ||
Trane Technologies PLC | 357,101 | 54,529,323 |
Construction & Engineering 2.6% | ||
Quanta Services, Inc. | 335,969 | 44,216,880 |
Electrical Equipment 1.5% | ||
Bloom Energy Corp., Class A(a) | 1,068,392 | 25,801,667 |
Professional Services 3.0% | ||
CoStar Group, Inc.(a) | 755,371 | 50,315,262 |
Road & Rail 3.2% | ||
Uber Technologies, Inc.(a) | 1,485,999 | 53,020,444 |
Total Industrials | 227,883,576 | |
Information Technology 38.8% | ||
IT Services 9.2% | ||
Block, Inc., Class A(a) | 272,847 | 36,998,053 |
PayPal Holdings, Inc.(a) | 363,789 | 42,072,198 |
Visa, Inc., Class A | 339,810 | 75,359,664 |
Total | 154,429,915 | |
Semiconductors & Semiconductor Equipment 8.0% | ||
Enphase Energy, Inc.(a) | 267,777 | 54,032,043 |
NVIDIA Corp. | 294,090 | 80,245,397 |
Total | 134,277,440 | |
Software 21.6% | ||
Adobe, Inc.(a) | 144,026 | 65,621,126 |
Crowdstrike Holdings, Inc., Class A(a) | 185,635 | 42,153,996 |
Intuit, Inc. | 143,226 | 68,868,790 |
Palo Alto Networks, Inc.(a) | 42,301 | 26,332,795 |
RingCentral, Inc., Class A(a) | 288,432 | 33,807,115 |
8 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
March 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Salesforce.com, Inc.(a) | 246,927 | 52,427,541 |
ServiceNow, Inc.(a) | 134,117 | 74,688,416 |
Total | 363,899,779 | |
Total Information Technology | 652,607,134 | |
Total Common Stocks (Cost $959,248,464) | 1,677,295,606 | |
Money Market Funds 0.4% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.308%(b),(c) | 6,978,220 | 6,975,429 |
Total Money Market Funds (Cost $6,975,423) | 6,975,429 | |
Total Investments in Securities (Cost: $966,223,887) | 1,684,271,035 | |
Other Assets & Liabilities, Net | (2,342,735) | |
Net Assets | 1,681,928,300 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended March 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.308% | ||||||||
4,885,819 | 555,251,748 | (553,162,121) | (17) | 6,975,429 | (9,881) | 18,293 | 6,978,220 |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 9 |
March 31, 2022
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 69,912,643 | — | — | 69,912,643 |
Consumer Discretionary | 236,274,225 | — | — | 236,274,225 |
Consumer Staples | 116,736,136 | — | — | 116,736,136 |
Financials | 56,193,823 | — | — | 56,193,823 |
Health Care | 317,688,069 | — | — | 317,688,069 |
Industrials | 227,883,576 | — | — | 227,883,576 |
Information Technology | 652,607,134 | — | — | 652,607,134 |
Total Common Stocks | 1,677,295,606 | — | — | 1,677,295,606 |
Money Market Funds | 6,975,429 | — | — | 6,975,429 |
Total Investments in Securities | 1,684,271,035 | — | — | 1,684,271,035 |
10 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
March 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $959,248,464) | $1,677,295,606 |
Affiliated issuers (cost $6,975,423) | 6,975,429 |
Receivable for: | |
Capital shares sold | 1,006,117 |
Dividends | 162,228 |
Expense reimbursement due from Investment Manager | 2,246 |
Prepaid expenses | 19,436 |
Trustees’ deferred compensation plan | 451,761 |
Total assets | 1,685,912,823 |
Liabilities | |
Payable for: | |
Capital shares purchased | 3,209,428 |
Management services fees | 33,085 |
Distribution and/or service fees | 2,472 |
Transfer agent fees | 173,040 |
Compensation of board members | 20,684 |
Other expenses | 94,053 |
Trustees’ deferred compensation plan | 451,761 |
Total liabilities | 3,984,523 |
Net assets applicable to outstanding capital stock | $1,681,928,300 |
Represented by | |
Paid in capital | 815,194,097 |
Total distributable earnings (loss) | 866,734,203 |
Total - representing net assets applicable to outstanding capital stock | $1,681,928,300 |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 11 |
March 31, 2022
Class A | |
Net assets | $199,666,875 |
Shares outstanding | 21,342,686 |
Net asset value per share | $9.36 |
Maximum sales charge | 5.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $9.93 |
Advisor Class | |
Net assets | $17,145,286 |
Shares outstanding | 1,524,469 |
Net asset value per share | $11.25 |
Class C | |
Net assets | $34,758,290 |
Shares outstanding | 5,767,405 |
Net asset value per share | $6.03 |
Institutional Class | |
Net assets | $880,232,430 |
Shares outstanding | 84,776,782 |
Net asset value per share | $10.38 |
Institutional 2 Class | |
Net assets | $198,407,091 |
Shares outstanding | 17,302,497 |
Net asset value per share | $11.47 |
Institutional 3 Class | |
Net assets | $342,904,250 |
Shares outstanding | 29,029,732 |
Net asset value per share | $11.81 |
Class R | |
Net assets | $8,814,078 |
Shares outstanding | 1,183,607 |
Net asset value per share | $7.45 |
12 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
Year Ended March 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $5,035,012 |
Dividends — affiliated issuers | 18,293 |
Interfund lending | 521 |
Total income | 5,053,826 |
Expenses: | |
Management services fees | 14,323,957 |
Distribution and/or service fees | |
Class A | 622,181 |
Class C | 503,278 |
Class R | 57,618 |
Transfer agent fees | |
Class A | 337,437 |
Advisor Class | 25,773 |
Class C | 68,250 |
Institutional Class | 1,371,885 |
Institutional 2 Class | 123,361 |
Institutional 3 Class | 29,181 |
Class R | 15,635 |
Compensation of board members | 39,685 |
Custodian fees | 11,625 |
Printing and postage fees | 112,267 |
Registration fees | 132,563 |
Audit fees | 29,500 |
Legal fees | 33,726 |
Compensation of chief compliance officer | 712 |
Other | 31,252 |
Total expenses | 17,869,886 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (803,047) |
Fees waived by transfer agent | |
Institutional 2 Class | (8,014) |
Institutional 3 Class | (18,219) |
Expense reduction | (340) |
Total net expenses | 17,040,266 |
Net investment loss | (11,986,440) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 391,709,656 |
Investments — affiliated issuers | (9,881) |
Net realized gain | 391,699,775 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (406,069,292) |
Investments — affiliated issuers | (17) |
Net change in unrealized appreciation (depreciation) | (406,069,309) |
Net realized and unrealized loss | (14,369,534) |
Net decrease in net assets resulting from operations | $(26,355,974) |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 13 |
Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations | ||
Net investment loss | $(11,986,440) | $(8,302,316) |
Net realized gain | 391,699,775 | 714,616,679 |
Net change in unrealized appreciation (depreciation) | (406,069,309) | 360,468,216 |
Net increase (decrease) in net assets resulting from operations | (26,355,974) | 1,066,782,579 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (78,918,906) | (55,363,562) |
Advisor Class | (5,028,694) | (4,798,376) |
Class C | (22,203,505) | (21,053,643) |
Institutional Class | (296,318,314) | (231,275,173) |
Institutional 2 Class | (60,103,958) | (44,297,033) |
Institutional 3 Class | (142,927,250) | (145,097,641) |
Class R | (4,419,902) | (3,461,236) |
Total distributions to shareholders | (609,920,529) | (505,346,664) |
Increase (decrease) in net assets from capital stock activity | 196,206,640 | (114,465,587) |
Total increase (decrease) in net assets | (440,069,863) | 446,970,328 |
Net assets at beginning of year | 2,121,998,163 | 1,675,027,835 |
Net assets at end of year | $1,681,928,300 | $2,121,998,163 |
14 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
Year Ended | Year Ended | |||
March 31, 2022 | March 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 4,408,568 | 53,070,071 | 4,900,858 | 66,188,723 |
Distributions reinvested | 5,903,906 | 68,734,746 | 3,769,664 | 48,832,570 |
Redemptions | (6,974,948) | (81,960,563) | (5,308,840) | (71,451,224) |
Net increase | 3,337,526 | 39,844,254 | 3,361,682 | 43,570,069 |
Advisor Class | ||||
Subscriptions | 810,379 | 10,528,998 | 328,343 | 5,065,008 |
Distributions reinvested | 332,848 | 4,605,905 | 310,933 | 4,521,251 |
Redemptions | (819,183) | (11,819,817) | (1,152,771) | (17,338,611) |
Net increase (decrease) | 324,044 | 3,315,086 | (513,495) | (7,752,352) |
Class C | ||||
Subscriptions | 631,043 | 5,136,991 | 904,999 | 9,301,079 |
Distributions reinvested | 2,772,252 | 21,681,443 | 1,954,419 | 19,260,663 |
Redemptions | (3,566,921) | (29,913,884) | (3,568,977) | (37,262,530) |
Net decrease | (163,626) | (3,095,450) | (709,559) | (8,700,788) |
Institutional Class | ||||
Subscriptions | 19,023,932 | 235,113,589 | 17,836,556 | 257,693,251 |
Distributions reinvested | 20,576,626 | 263,755,395 | 14,665,372 | 203,130,348 |
Redemptions | (23,407,683) | (306,619,566) | (31,730,575) | (458,180,419) |
Net increase | 16,192,875 | 192,249,418 | 771,353 | 2,643,180 |
Institutional 2 Class | ||||
Subscriptions | 2,997,315 | 39,457,069 | 1,339,904 | 19,950,998 |
Distributions reinvested | 4,271,244 | 60,086,113 | 2,973,505 | 44,283,981 |
Redemptions | (3,273,010) | (46,922,281) | (3,449,661) | (52,234,910) |
Net increase | 3,995,549 | 52,620,901 | 863,748 | 12,000,069 |
Institutional 3 Class | ||||
Subscriptions | 2,758,862 | 39,965,558 | 4,034,870 | 61,638,206 |
Distributions reinvested | 1,870,089 | 27,028,771 | 2,302,927 | 34,802,296 |
Redemptions | (11,226,988) | (157,002,278) | (17,229,074) | (253,390,355) |
Net decrease | (6,598,037) | (90,007,949) | (10,891,277) | (156,949,853) |
Class R | ||||
Subscriptions | 113,760 | 1,059,632 | 146,584 | 1,742,235 |
Distributions reinvested | 467,350 | 4,419,902 | 309,945 | 3,461,236 |
Redemptions | (443,850) | (4,199,154) | (375,416) | (4,479,383) |
Net increase | 137,260 | 1,280,380 | 81,113 | 724,088 |
Total net increase (decrease) | 17,225,591 | 196,206,640 | (7,036,435) | (114,465,587) |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 15 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net realized gains | Total distributions to shareholders | |
Class A | ||||||
Year Ended 3/31/2022 | $13.58 | (0.10) | 0.11(c) | 0.01 | (4.23) | (4.23) |
Year Ended 3/31/2021 | $10.37 | (0.09) | 6.94 | 6.85 | (3.64) | (3.64) |
Year Ended 3/31/2020 | $15.01 | (0.09) | (0.20) | (0.29) | (4.35) | (4.35) |
Year Ended 3/31/2019 | $16.93 | (0.11) | 1.34 | 1.23 | (3.15) | (3.15) |
Year Ended 3/31/2018 | $15.36 | (0.08) | 3.45 | 3.37 | (1.80) | (1.80) |
Advisor Class | ||||||
Year Ended 3/31/2022 | $15.53 | (0.08) | 0.04(c) | (0.04) | (4.24) | (4.24) |
Year Ended 3/31/2021 | $11.50 | (0.06) | 7.76 | 7.70 | (3.67) | (3.67) |
Year Ended 3/31/2020 | $16.16 | (0.07) | (0.24) | (0.31) | (4.35) | (4.35) |
Year Ended 3/31/2019 | $17.96 | (0.07) | 1.43 | 1.36 | (3.16) | (3.16) |
Year Ended 3/31/2018 | $16.18 | (0.05) | 3.66 | 3.61 | (1.83) | (1.83) |
Class C | ||||||
Year Ended 3/31/2022 | $10.15 | (0.13) | 0.21(c) | 0.08 | (4.20) | (4.20) |
Year Ended 3/31/2021 | $8.37 | (0.15) | 5.52 | 5.37 | (3.59) | (3.59) |
Year Ended 3/31/2020 | $13.00 | (0.16) | (0.12) | (0.28) | (4.35) | (4.35) |
Year Ended 3/31/2019 | $15.16 | (0.20) | 1.16 | 0.96 | (3.12) | (3.12) |
Year Ended 3/31/2018 | $13.99 | (0.18) | 3.12 | 2.94 | (1.77) | (1.77) |
Institutional Class | ||||||
Year Ended 3/31/2022 | $14.63 | (0.07) | 0.06(c) | (0.01) | (4.24) | (4.24) |
Year Ended 3/31/2021 | $10.97 | (0.06) | 7.39 | 7.33 | (3.67) | (3.67) |
Year Ended 3/31/2020 | $15.61 | (0.06) | (0.23) | (0.29) | (4.35) | (4.35) |
Year Ended 3/31/2019 | $17.45 | (0.07) | 1.39 | 1.32 | (3.16) | (3.16) |
Year Ended 3/31/2018 | $15.78 | (0.03) | 3.53 | 3.50 | (1.83) | (1.83) |
Institutional 2 Class | ||||||
Year Ended 3/31/2022 | $15.75 | (0.07) | 0.04(c) | (0.03) | (4.25) | (4.25) |
Year Ended 3/31/2021 | $11.62 | (0.04) | 7.85 | 7.81 | (3.68) | (3.68) |
Year Ended 3/31/2020 | $16.27 | (0.05) | (0.25) | (0.30) | (4.35) | (4.35) |
Year Ended 3/31/2019 | $18.05 | (0.06) | 1.45 | 1.39 | (3.17) | (3.17) |
Year Ended 3/31/2018 | $16.25 | (0.02) | 3.66 | 3.64 | (1.84) | (1.84) |
16 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
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 3/31/2022 | $9.36 | (3.91%) | 1.10% | 1.06%(d) | (0.82%) | 32% | $199,667 |
Year Ended 3/31/2021 | $13.58 | 70.22% | 1.11%(e) | 1.07%(d),(e) | (0.63%) | 31% | $244,546 |
Year Ended 3/31/2020 | $10.37 | (4.31%) | 1.12%(e) | 1.12%(d),(e) | (0.71%) | 22% | $151,807 |
Year Ended 3/31/2019 | $15.01 | 8.79% | 1.07%(e) | 1.07%(d),(e) | (0.67%) | 27% | $220,858 |
Year Ended 3/31/2018 | $16.93 | 23.42% | 1.08%(f) | 1.08%(d),(f) | (0.50%) | 44% | $409,344 |
Advisor Class | |||||||
Year Ended 3/31/2022 | $11.25 | (3.73%) | 0.85% | 0.81%(d) | (0.56%) | 32% | $17,145 |
Year Ended 3/31/2021 | $15.53 | 70.74% | 0.86%(e) | 0.83%(d),(e) | (0.39%) | 31% | $18,638 |
Year Ended 3/31/2020 | $11.50 | (4.10%) | 0.87%(e) | 0.87%(d),(e) | (0.46%) | 22% | $19,707 |
Year Ended 3/31/2019 | $16.16 | 9.04% | 0.82%(e) | 0.82%(d),(e) | (0.42%) | 27% | $33,403 |
Year Ended 3/31/2018 | $17.96 | 23.76% | 0.83%(f) | 0.83%(d),(f) | (0.29%) | 44% | $61,176 |
Class C | |||||||
Year Ended 3/31/2022 | $6.03 | (4.66%) | 1.85% | 1.81%(d) | (1.56%) | 32% | $34,758 |
Year Ended 3/31/2021 | $10.15 | 69.06% | 1.86%(e) | 1.83%(d),(e) | (1.39%) | 31% | $60,193 |
Year Ended 3/31/2020 | $8.37 | (5.04%) | 1.88%(e) | 1.88%(d),(e) | (1.46%) | 22% | $55,584 |
Year Ended 3/31/2019 | $13.00 | 7.93% | 1.83%(e) | 1.83%(d),(e) | (1.42%) | 27% | $90,268 |
Year Ended 3/31/2018 | $15.16 | 22.55% | 1.83%(f) | 1.83%(d),(f) | (1.24%) | 44% | $128,181 |
Institutional Class | |||||||
Year Ended 3/31/2022 | $10.38 | (3.77%) | 0.85% | 0.81%(d) | (0.56%) | 32% | $880,232 |
Year Ended 3/31/2021 | $14.63 | 70.79% | 0.86%(e) | 0.83%(d),(e) | (0.39%) | 31% | $1,003,322 |
Year Ended 3/31/2020 | $10.97 | (4.12%) | 0.87%(e) | 0.87%(d),(e) | (0.46%) | 22% | $744,099 |
Year Ended 3/31/2019 | $15.61 | 9.08% | 0.83%(e) | 0.83%(d),(e) | (0.42%) | 27% | $1,311,174 |
Year Ended 3/31/2018 | $17.45 | 23.66% | 0.83%(f) | 0.83%(d),(f) | (0.20%) | 44% | $1,471,337 |
Institutional 2 Class | |||||||
Year Ended 3/31/2022 | $11.47 | (3.65%) | 0.77% | 0.72% | (0.48%) | 32% | $198,407 |
Year Ended 3/31/2021 | $15.75 | 71.00% | 0.77%(e) | 0.73%(e) | (0.29%) | 31% | $209,540 |
Year Ended 3/31/2020 | $11.62 | (4.00%) | 0.77%(e) | 0.75%(e) | (0.34%) | 22% | $144,651 |
Year Ended 3/31/2019 | $16.27 | 9.14% | 0.73%(e) | 0.72%(e) | (0.32%) | 27% | $166,669 |
Year Ended 3/31/2018 | $18.05 | 23.87% | 0.73%(f) | 0.72%(f) | (0.14%) | 44% | $753,356 |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 17 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | ||||||
Year Ended 3/31/2022 | $16.10 | (0.06) | 0.02(c) | (0.04) | (4.25) | (4.25) |
Year Ended 3/31/2021 | $11.83 | (0.04) | 8.00 | 7.96 | (3.69) | (3.69) |
Year Ended 3/31/2020 | $16.48 | (0.04) | (0.26) | (0.30) | (4.35) | (4.35) |
Year Ended 3/31/2019 | $18.23 | (0.05) | 1.47 | 1.42 | (3.17) | (3.17) |
Year Ended 3/31/2018 | $16.40 | (0.03) | 3.71 | 3.68 | (1.85) | (1.85) |
Class R | ||||||
Year Ended 3/31/2022 | $11.61 | (0.11) | 0.17(c) | 0.06 | (4.22) | (4.22) |
Year Ended 3/31/2021 | $9.21 | (0.10) | 6.12 | 6.02 | (3.62) | (3.62) |
Year Ended 3/31/2020 | $13.83 | (0.11) | (0.16) | (0.27) | (4.35) | (4.35) |
Year Ended 3/31/2019 | $15.87 | (0.14) | 1.24 | 1.10 | (3.14) | (3.14) |
Year Ended 3/31/2018 | $14.51 | (0.11) | 3.24 | 3.13 | (1.77) | (1.77) |
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) | 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. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Ratios include interfund lending expense which is less than 0.01%. |
(f) | Ratios include line of credit interest expense which is less than 0.01%. |
18 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
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 | |||||||
Year Ended 3/31/2022 | $11.81 | (3.63%) | 0.72% | 0.67% | (0.43%) | 32% | $342,904 |
Year Ended 3/31/2021 | $16.10 | 70.96% | 0.72%(e) | 0.69%(e) | (0.24%) | 31% | $573,613 |
Year Ended 3/31/2020 | $11.83 | (3.93%) | 0.72%(e) | 0.71%(e) | (0.30%) | 22% | $550,287 |
Year Ended 3/31/2019 | $16.48 | 9.24% | 0.69%(e) | 0.68%(e) | (0.27%) | 27% | $835,068 |
Year Ended 3/31/2018 | $18.23 | 23.86% | 0.68%(f) | 0.68%(f) | (0.20%) | 44% | $1,239,700 |
Class R | |||||||
Year Ended 3/31/2022 | $7.45 | (4.20%) | 1.35% | 1.31%(d) | (1.06%) | 32% | $8,814 |
Year Ended 3/31/2021 | $11.61 | 69.94% | 1.36%(e) | 1.32%(d),(e) | (0.88%) | 31% | $12,146 |
Year Ended 3/31/2020 | $9.21 | (4.59%) | 1.38%(e) | 1.38%(d),(e) | (0.97%) | 22% | $8,892 |
Year Ended 3/31/2019 | $13.83 | 8.53% | 1.33%(e) | 1.33%(d),(e) | (0.92%) | 27% | $9,830 |
Year Ended 3/31/2018 | $15.87 | 23.09% | 1.33%(f) | 1.33%(d),(f) | (0.75%) | 44% | $12,263 |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 19 |
March 31, 2022
20 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
March 31, 2022
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 21 |
March 31, 2022
22 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
March 31, 2022
Effective rate (%) | |
Class A | 0.14 |
Advisor Class | 0.14 |
Class C | 0.14 |
Institutional Class | 0.14 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.00 |
Class R | 0.14 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 173,074 |
Class C | — | 1.00(b) | 3,710 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 23 |
March 31, 2022
August 1, 2021 through July 31, 2022 | Prior to August 1, 2021 | |
Class A | 1.07% | 1.10% |
Advisor Class | 0.82 | 0.85 |
Class C | 1.82 | 1.85 |
Institutional Class | 0.82 | 0.85 |
Institutional 2 Class | 0.73 | 0.72 |
Institutional 3 Class | 0.68 | 0.67 |
Class R | 1.32 | 1.35 |
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
9,558,037 | — | (9,558,037) |
24 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
March 31, 2022
Year Ended March 31, 2022 | Year Ended March 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
48,181,003 | 561,739,526 | 609,920,529 | 11,322,145 | 494,024,519 | 505,346,664 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 154,066,965 | — | 715,529,456 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
968,741,579 | 748,324,540 | (32,795,084) | 715,529,456 |
Late year ordinary losses ($) | Post-October capital losses ($) |
2,344,181 | — |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 25 |
March 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 3,090,000 | 0.61 | 10 |
26 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
March 31, 2022
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 27 |
March 31, 2022
28 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 29 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
15.66% | 14.66% | $413,644,584 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | 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 |
30 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | 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 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 31 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | 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 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | 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 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (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 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 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 | 174 | None |
32 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | 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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | 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) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; 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; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 33 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during 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 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 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 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | 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 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia 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 |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | 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. |
34 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
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 |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | 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). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 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); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia Select Large Cap Growth Fund | Annual Report 2022 | 35 |
(Unaudited)
Fund officers (continued)
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 |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
36 | Columbia Select Large Cap Growth Fund | Annual Report 2022 |
![](https://capedge.com/proxy/N-CSR/0001683863-22-004875/imgb8bf17462.jpg)
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Item 2. Code of Ethics.
(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.
(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the thirteen series of the registrant whose reports to stockholders are included in this annual filing.
(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
20222021
$237,000 $264,000
Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
20222021
$4,000 $2,800
Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.
During the fiscal years ended March 31, 2022 and March 31, 2021, there were no Audit- Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
20222021
$3,100 $1,000
Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended March 31, 2022 and March 31, 2021, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $0 |
All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
20222021
$520,000 $520,000
In fiscal years 2022 and 2021, All Other Fees primarily consists of fees billed for internal control examinations of the registrant's transfer agent and investment adviser.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant's Audit Committee is required to pre-approve the engagement of the registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre- designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre- approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre- approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre- approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
*****
(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f)Not applicable.
(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
20222021
$527,100 $523,800
(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
(b)Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b)There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. |
| ||
(registrant) |
| Columbia Funds Series Trust I | |
By (Signature and Title) | /s/ Daniel J. Beckman | ||
|
|
| Daniel J. Beckman, President and Principal Executive Officer |
Date |
| May 23, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman | |
|
| Daniel J. Beckman, President and Principal Executive Officer |
Date |
| May 23, 2022 |
By (Signature and Title) | /s/ Michael G. Clarke | |
|
| Michael G. Clarke, Chief Financial Officer, Principal Financial Officer |
|
| and Senior Vice President |
Date |
| May 23, 2022 |
By (Signature and Title) | /s/ Joseph Beranek | |
|
| Joseph Beranek, Treasurer, Chief Accounting Officer and Principal |
|
| Financial Officer |
Date |
| May 23, 2022 |