UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04367
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: December 31
Date of reporting period: June 30, 2023
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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June 30, 2023 (Unaudited)
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(Unaudited)
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Average annual total returns (%) (for the period ended June 30, 2023) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/01/02 | 7.61 | 3.24 | 5.26 | 6.31 |
Including sales charges | 1.45 | -2.69 | 4.02 | 5.68 | ||
Advisor Class | 11/08/12 | 7.77 | 3.40 | 5.52 | 6.57 | |
Class C | Excluding sales charges | 10/13/03 | 7.19 | 2.36 | 4.47 | 5.51 |
Including sales charges | 6.19 | 1.36 | 4.47 | 5.51 | ||
Institutional Class | 04/01/94 | 7.73 | 3.41 | 5.51 | 6.57 | |
Institutional 2 Class | 03/07/11 | 7.82 | 3.54 | 5.65 | 6.71 | |
Institutional 3 Class* | 03/01/17 | 7.82 | 3.63 | 5.71 | 6.70 | |
Class R | 09/27/10 | 7.48 | 2.98 | 5.01 | 6.04 | |
FTSE Nareit Equity REITs Index | 5.37 | -0.13 | 4.55 | 6.42 |
* | 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 Real Estate Equity Fund | Semiannual Report 2023 | 3 |
(Unaudited)
Portfolio breakdown (%) (at June 30, 2023) | |
Common Stocks | 99.8 |
Money Market Funds | 0.2 |
Total | 100.0 |
Equity sub-industry breakdown (%) (at June 30, 2023) | |
Real Estate | |
Data Center REITs | 8.8 |
Health Care REITs | 7.3 |
Hotel & Resort REITs | 1.2 |
Industrial REITs | 18.6 |
Multi-Family Residential REITs | 10.5 |
Office REITs | 3.3 |
Other Specialized REITs | 5.3 |
Retail REITs | 17.4 |
Self Storage REITs | 9.0 |
Single-Family Residential REITs | 15.2 |
Telecom Tower REITs | 1.6 |
Total | 98.2 |
4 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
(Unaudited)
January 1, 2023 — June 30, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,076.10 | 1,018.75 | 6.42 | 6.24 | 1.24 |
Advisor Class | 1,000.00 | 1,000.00 | 1,077.70 | 1,020.00 | 5.13 | 4.99 | 0.99 |
Class C | 1,000.00 | 1,000.00 | 1,071.90 | 1,015.01 | 10.28 | 10.00 | 1.99 |
Institutional Class | 1,000.00 | 1,000.00 | 1,077.30 | 1,020.00 | 5.13 | 4.99 | 0.99 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,078.20 | 1,020.49 | 4.61 | 4.48 | 0.89 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,078.20 | 1,020.74 | 4.35 | 4.23 | 0.84 |
Class R | 1,000.00 | 1,000.00 | 1,074.80 | 1,017.50 | 7.71 | 7.49 | 1.49 |
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 5 |
June 30, 2023 (Unaudited)
Common Stocks 99.6% | ||
Issuer | Shares | Value ($) |
Consumer Discretionary 1.7% | ||
Hotels, Resorts & Cruise Lines 1.7% | ||
Marriott International, Inc., Class A | 16,892 | 3,102,892 |
Total Hotels, Resorts & Cruise Lines | 3,102,892 | |
Total Consumer Discretionary | 3,102,892 | |
Real Estate 97.9% | ||
Data Center REITs 8.7% | ||
Equinix, Inc. | 19,509 | 15,293,885 |
Total Data Center REITs | 15,293,885 | |
Health Care REITs 7.3% | ||
Healthpeak Properties, Inc. | 107,771 | 2,166,197 |
Welltower, Inc. | 130,448 | 10,551,939 |
Total Health Care REITs | 12,718,136 | |
Hotel & Resort REITs 1.2% | ||
Host Hotels & Resorts, Inc. | 123,805 | 2,083,638 |
Total Hotel & Resort REITs | 2,083,638 | |
Industrial REITs 18.5% | ||
First Industrial Realty Trust, Inc. | 116,203 | 6,116,926 |
Prologis, Inc. | 214,619 | 26,318,728 |
Total Industrial REITs | 32,435,654 | |
Multi-Family Residential REITs 10.4% | ||
AvalonBay Communities, Inc. | 45,853 | 8,678,597 |
Camden Property Trust | 31,507 | 3,430,167 |
Centerspace | 49,579 | 3,042,168 |
UDR, Inc. | 72,668 | 3,121,817 |
Total Multi-Family Residential REITs | 18,272,749 | |
Office REITs 3.4% | ||
Alexandria Real Estate Equities, Inc. | 51,642 | 5,860,851 |
Total Office REITs | 5,860,851 | |
Other Specialized REITs 5.3% | ||
Gaming and Leisure Properties, Inc. | 122,781 | 5,949,967 |
Lamar Advertising Co., Class A | 33,616 | 3,336,388 |
Total Other Specialized REITs | 9,286,355 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Retail REITs 17.4% | ||
Brixmor Property Group, Inc. | 264,064 | 5,809,408 |
Federal Realty Investment Trust | 52,553 | 5,085,554 |
Realty Income Corp. | 95,841 | 5,730,333 |
Simon Property Group, Inc. | 67,144 | 7,753,789 |
SITE Centers Corp. | 134,382 | 1,776,530 |
Tanger Factory Outlet Centers, Inc. | 194,072 | 4,283,169 |
Total Retail REITs | 30,438,783 | |
Self Storage REITs 9.0% | ||
Extra Space Storage, Inc. | 39,189 | 5,833,283 |
Life Storage, Inc. | 74,052 | 9,845,954 |
Total Self Storage REITs | 15,679,237 | |
Single-Family Residential REITs 15.1% | ||
American Homes 4 Rent, Class A | 167,396 | 5,934,188 |
Equity LifeStyle Properties, Inc. | 128,374 | 8,586,937 |
Invitation Homes, Inc. | 234,583 | 8,069,655 |
Sun Communities, Inc. | 29,515 | 3,850,527 |
Total Single-Family Residential REITs | 26,441,307 | |
Telecom Tower REITs 1.6% | ||
American Tower Corp. | 14,266 | 2,766,748 |
Total Telecom Tower REITs | 2,766,748 | |
Total Real Estate | 171,277,343 | |
Total Common Stocks (Cost: $102,457,609) | 174,380,235 | |
Money Market Funds 0.2% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.323%(a),(b) | 298,856 | 298,736 |
Total Money Market Funds (Cost: $298,702) | 298,736 | |
Total Investments in Securities (Cost $102,756,311) | 174,678,971 | |
Other Assets & Liabilities, Net | 282,064 | |
Net Assets | $174,961,035 |
6 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
(a) | The rate shown is the seven-day current annualized yield at June 30, 2023. |
(b) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2023 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.323% | ||||||||
589,051 | 18,738,419 | (19,028,750) | 16 | 298,736 | (152) | 22,524 | 298,856 |
■ | 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 | ||||
Common Stocks | ||||
Consumer Discretionary | 3,102,892 | — | — | 3,102,892 |
Real Estate | 171,277,343 | — | — | 171,277,343 |
Total Common Stocks | 174,380,235 | — | — | 174,380,235 |
Money Market Funds | 298,736 | — | — | 298,736 |
Total Investments in Securities | 174,678,971 | — | — | 174,678,971 |
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 7 |
June 30, 2023 (Unaudited)
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $102,457,609) | $174,380,235 |
Affiliated issuers (cost $298,702) | 298,736 |
Cash | 699 |
Receivable for: | |
Capital shares sold | 7,904 |
Dividends | 474,465 |
Expense reimbursement due from Investment Manager | 436 |
Prepaid expenses | 1,461 |
Trustees’ deferred compensation plan | 120,503 |
Other assets | 8,291 |
Total assets | 175,292,730 |
Liabilities | |
Payable for: | |
Capital shares redeemed | 136,193 |
Management services fees | 3,599 |
Distribution and/or service fees | 385 |
Transfer agent fees | 26,596 |
Compensation of board members | 15,771 |
Compensation of chief compliance officer | 24 |
Other expenses | 28,624 |
Trustees’ deferred compensation plan | 120,503 |
Total liabilities | 331,695 |
Net assets applicable to outstanding capital stock | $174,961,035 |
Represented by | |
Paid in capital | 91,778,040 |
Total distributable earnings (loss) | 83,182,995 |
Total - representing net assets applicable to outstanding capital stock | $174,961,035 |
8 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Class A | |
Net assets | $48,367,769 |
Shares outstanding | 3,958,641 |
Net asset value per share | $12.22 |
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) | $12.97 |
Advisor Class | |
Net assets | $1,665,456 |
Shares outstanding | 132,159 |
Net asset value per share | $12.60 |
Class C | |
Net assets | $1,128,375 |
Shares outstanding | 92,264 |
Net asset value per share | $12.23 |
Institutional Class | |
Net assets | $79,496,940 |
Shares outstanding | 6,488,815 |
Net asset value per share | $12.25 |
Institutional 2 Class | |
Net assets | $913,464 |
Shares outstanding | 74,936 |
Net asset value per share | $12.19 |
Institutional 3 Class | |
Net assets | $41,580,844 |
Shares outstanding | 3,360,044 |
Net asset value per share | $12.38 |
Class R | |
Net assets | $1,808,187 |
Shares outstanding | 148,133 |
Net asset value per share | $12.21 |
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 9 |
Six Months Ended June 30, 2023 (Unaudited)
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $3,952,667 |
Dividends — affiliated issuers | 22,524 |
Total income | 3,975,191 |
Expenses: | |
Management services fees | 871,997 |
Distribution and/or service fees | |
Class A | 60,893 |
Class C | 5,952 |
Class R | 4,728 |
Transfer agent fees | |
Class A | 41,612 |
Advisor Class | 1,293 |
Class C | 1,022 |
Institutional Class | 70,586 |
Institutional 2 Class | 307 |
Institutional 3 Class | 2,834 |
Class R | 1,617 |
Compensation of board members | 8,674 |
Custodian fees | 1,851 |
Printing and postage fees | 25,154 |
Registration fees | 52,930 |
Accounting services fees | 15,045 |
Legal fees | 7,550 |
Interest on interfund lending | 31 |
Compensation of chief compliance officer | 24 |
Other | 7,300 |
Total expenses | 1,181,400 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (27,738) |
Total net expenses | 1,153,662 |
Net investment income | 2,821,529 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 12,769,550 |
Investments — affiliated issuers | (152) |
Net realized gain | 12,769,398 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (774,123) |
Investments — affiliated issuers | 16 |
Net change in unrealized appreciation (depreciation) | (774,107) |
Net realized and unrealized gain | 11,995,291 |
Net increase in net assets resulting from operations | $14,816,820 |
10 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |
Operations | ||
Net investment income | $2,821,529 | $4,543,828 |
Net realized gain | 12,769,398 | 820,539 |
Net change in unrealized appreciation (depreciation) | (774,107) | (90,219,177) |
Net increase (decrease) in net assets resulting from operations | 14,816,820 | (84,854,810) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (722,446) | (2,827,858) |
Advisor Class | (25,108) | (84,991) |
Class C | (12,592) | (85,202) |
Institutional Class | (1,305,678) | (4,981,091) |
Institutional 2 Class | (14,929) | (60,657) |
Institutional 3 Class | (1,111,036) | (6,153,625) |
Class R | (25,104) | (103,359) |
Total distributions to shareholders | (3,216,893) | (14,296,783) |
Decrease in net assets from capital stock activity | (68,485,393) | (6,832,483) |
Total decrease in net assets | (56,885,466) | (105,984,076) |
Net assets at beginning of period | 231,846,501 | 337,830,577 |
Net assets at end of period | $174,961,035 | $231,846,501 |
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 11 |
Six Months Ended | Year Ended | |||
June 30, 2023 (Unaudited) | December 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 110,158 | 1,332,095 | 302,210 | 4,006,439 |
Distributions reinvested | 58,372 | 692,494 | 220,434 | 2,641,125 |
Shares redeemed | (331,305) | (4,003,833) | (894,622) | (11,488,012) |
Net decrease | (162,775) | (1,979,244) | (371,978) | (4,840,448) |
Advisor Class | ||||
Shares sold | 20,995 | 258,859 | 14,846 | 212,417 |
Distributions reinvested | 1,894 | 23,173 | 6,377 | 78,932 |
Shares redeemed | (10,206) | (126,607) | (31,449) | (437,309) |
Net increase (decrease) | 12,683 | 155,425 | (10,226) | (145,960) |
Class C | ||||
Shares sold | 4,674 | 56,216 | 20,320 | 293,629 |
Distributions reinvested | 1,039 | 12,362 | 7,074 | 84,190 |
Shares redeemed | (27,024) | (327,094) | (80,947) | (1,035,082) |
Net decrease | (21,311) | (258,516) | (53,553) | (657,263) |
Institutional Class | ||||
Shares sold | 90,624 | 1,101,610 | 345,916 | 4,884,823 |
Distributions reinvested | 104,976 | 1,247,794 | 394,064 | 4,743,745 |
Shares redeemed | (829,081) | (9,882,919) | (1,026,566) | (13,501,262) |
Net decrease | (633,481) | (7,533,515) | (286,586) | (3,872,694) |
Institutional 2 Class | ||||
Shares sold | 10,592 | 128,942 | 19,477 | 273,223 |
Distributions reinvested | 1,258 | 14,889 | 5,044 | 60,520 |
Shares redeemed | (18,494) | (223,581) | (24,194) | (319,384) |
Net increase (decrease) | (6,644) | (79,750) | 327 | 14,359 |
Institutional 3 Class | ||||
Shares sold | 1,193,900 | 15,088,546 | 2,302,023 | 32,216,477 |
Distributions reinvested | 65,205 | 780,343 | 366,728 | 4,423,778 |
Shares redeemed | (6,159,997) | (74,466,480) | (2,546,686) | (33,453,030) |
Net increase (decrease) | (4,900,892) | (58,597,591) | 122,065 | 3,187,225 |
Class R | ||||
Shares sold | 9,368 | 113,760 | 18,063 | 240,006 |
Distributions reinvested | 2,113 | 25,049 | 8,626 | 103,074 |
Shares redeemed | (27,667) | (331,011) | (62,366) | (860,782) |
Net decrease | (16,186) | (192,202) | (35,677) | (517,702) |
Total net decrease | (5,728,606) | (68,485,393) | (635,628) | (6,832,483) |
12 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $11.53 | 0.14 | 0.73 | 0.87 | (0.15) | (0.03) | (0.18) |
Year Ended 12/31/2022 | $16.29 | 0.18 | (4.29) | (4.11) | (0.18) | (0.47) | (0.65) |
Year Ended 12/31/2021 | $12.30 | 0.09 | 4.91 | 5.00 | (0.17) | (0.84) | (1.01) |
Year Ended 12/31/2020 | $13.77 | 0.13 | (0.71) | (0.58) | (0.16) | (0.73) | (0.89) |
Year Ended 12/31/2019 | $12.07 | 0.21 | 3.11 | 3.32 | (0.21) | (1.41) | (1.62) |
Year Ended 12/31/2018 | $14.02 | 0.18 | (1.17) | (0.99) | (0.19) | (0.77) | (0.96) |
Advisor Class | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $11.88 | 0.17 | 0.75 | 0.92 | (0.17) | (0.03) | (0.20) |
Year Ended 12/31/2022 | $16.76 | 0.22 | (4.42) | (4.20) | (0.21) | (0.47) | (0.68) |
Year Ended 12/31/2021 | $12.63 | 0.12 | 5.06 | 5.18 | (0.21) | (0.84) | (1.05) |
Year Ended 12/31/2020 | $14.13 | 0.17 | (0.75) | (0.58) | (0.19) | (0.73) | (0.92) |
Year Ended 12/31/2019 | $12.34 | 0.26 | 3.19 | 3.45 | (0.25) | (1.41) | (1.66) |
Year Ended 12/31/2018 | $14.32 | 0.23 | (1.21) | (0.98) | (0.23) | (0.77) | (1.00) |
Class C | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $11.54 | 0.09 | 0.74 | 0.83 | (0.11) | (0.03) | (0.14) |
Year Ended 12/31/2022 | $16.29 | 0.07 | (4.27) | (4.20) | (0.08) | (0.47) | (0.55) |
Year Ended 12/31/2021 | $12.30 | (0.02) | 4.91 | 4.89 | (0.06) | (0.84) | (0.90) |
Year Ended 12/31/2020 | $13.76 | 0.04 | (0.70) | (0.66) | (0.07) | (0.73) | (0.80) |
Year Ended 12/31/2019 | $12.06 | 0.10 | 3.12 | 3.22 | (0.11) | (1.41) | (1.52) |
Year Ended 12/31/2018 | $14.02 | 0.06 | (1.16) | (1.10) | (0.09) | (0.77) | (0.86) |
Institutional Class | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $11.56 | 0.15 | 0.74 | 0.89 | (0.17) | (0.03) | (0.20) |
Year Ended 12/31/2022 | $16.33 | 0.22 | (4.31) | (4.09) | (0.21) | (0.47) | (0.68) |
Year Ended 12/31/2021 | $12.33 | 0.12 | 4.93 | 5.05 | (0.21) | (0.84) | (1.05) |
Year Ended 12/31/2020 | $13.81 | 0.17 | (0.73) | (0.56) | (0.19) | (0.73) | (0.92) |
Year Ended 12/31/2019 | $12.10 | 0.25 | 3.12 | 3.37 | (0.25) | (1.41) | (1.66) |
Year Ended 12/31/2018 | $14.05 | 0.22 | (1.17) | (0.95) | (0.23) | (0.77) | (1.00) |
Institutional 2 Class | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $11.50 | 0.16 | 0.73 | 0.89 | (0.17) | (0.03) | (0.20) |
Year Ended 12/31/2022 | $16.25 | 0.23 | (4.28) | (4.05) | (0.23) | (0.47) | (0.70) |
Year Ended 12/31/2021 | $12.28 | 0.14 | 4.89 | 5.03 | (0.22) | (0.84) | (1.06) |
Year Ended 12/31/2020 | $13.75 | 0.17 | (0.70) | (0.53) | (0.21) | (0.73) | (0.94) |
Year Ended 12/31/2019 | $12.06 | 0.22 | 3.15 | 3.37 | (0.27) | (1.41) | (1.68) |
Year Ended 12/31/2018 | $14.01 | 0.24 | (1.18) | (0.94) | (0.24) | (0.77) | (1.01) |
14 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $12.22 | 7.61% | 1.28%(c) | 1.24%(c) | 2.33% | 8% | $48,368 |
Year Ended 12/31/2022 | $11.53 | (25.33%) | 1.27%(c) | 1.25%(c),(d) | 1.36% | 28% | $47,507 |
Year Ended 12/31/2021 | $16.29 | 41.74% | 1.26% | 1.26%(d) | 0.63% | 5% | $73,177 |
Year Ended 12/31/2020 | $12.30 | (3.70%) | 1.28% | 1.27%(d) | 1.07% | 32% | $55,651 |
Year Ended 12/31/2019 | $13.77 | 28.04% | 1.29% | 1.28%(d) | 1.47% | 20% | $73,522 |
Year Ended 12/31/2018 | $12.07 | (7.48%) | 1.29% | 1.29%(d) | 1.35% | 18% | $63,934 |
Advisor Class | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $12.60 | 7.77% | 1.03%(c) | 0.99%(c) | 2.66% | 8% | $1,665 |
Year Ended 12/31/2022 | $11.88 | (25.15%) | 1.02%(c) | 1.00%(c),(d) | 1.61% | 28% | $1,420 |
Year Ended 12/31/2021 | $16.76 | 42.09% | 1.01% | 1.01%(d) | 0.85% | 5% | $2,174 |
Year Ended 12/31/2020 | $12.63 | (3.56%) | 1.03% | 1.02%(d) | 1.34% | 32% | $2,148 |
Year Ended 12/31/2019 | $14.13 | 28.47% | 1.04% | 1.04%(d) | 1.81% | 20% | $2,005 |
Year Ended 12/31/2018 | $12.34 | (7.30%) | 1.03% | 1.03%(d) | 1.69% | 18% | $480 |
Class C | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $12.23 | 7.19% | 2.03%(c) | 1.99%(c) | 1.50% | 8% | $1,128 |
Year Ended 12/31/2022 | $11.54 | (25.86%) | 2.01%(c) | 2.00%(c),(d) | 0.53% | 28% | $1,310 |
Year Ended 12/31/2021 | $16.29 | 40.70% | 2.01% | 2.01%(d) | (0.13%) | 5% | $2,722 |
Year Ended 12/31/2020 | $12.30 | (4.44%) | 2.03% | 2.02%(d) | 0.29% | 32% | $2,807 |
Year Ended 12/31/2019 | $13.76 | 27.11% | 2.03% | 2.03%(d) | 0.68% | 20% | $4,623 |
Year Ended 12/31/2018 | $12.06 | (8.24%) | 2.04% | 2.04%(d) | 0.47% | 18% | $4,795 |
Institutional Class | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $12.25 | 7.73% | 1.03%(c) | 0.99%(c) | 2.56% | 8% | $79,497 |
Year Ended 12/31/2022 | $11.56 | (25.13%) | 1.02%(c) | 1.00%(c),(d) | 1.63% | 28% | $82,320 |
Year Ended 12/31/2021 | $16.33 | 42.06% | 1.01% | 1.01%(d) | 0.88% | 5% | $120,982 |
Year Ended 12/31/2020 | $12.33 | (3.49%) | 1.04% | 1.02%(d) | 1.36% | 32% | $157,929 |
Year Ended 12/31/2019 | $13.81 | 28.38% | 1.03% | 1.03%(d) | 1.73% | 20% | $162,706 |
Year Ended 12/31/2018 | $12.10 | (7.23%) | 1.04% | 1.04%(d) | 1.63% | 18% | $136,079 |
Institutional 2 Class | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $12.19 | 7.82% | 0.92%(c) | 0.89%(c) | 2.64% | 8% | $913 |
Year Ended 12/31/2022 | $11.50 | (25.05%) | 0.90%(c) | 0.90%(c) | 1.73% | 28% | $938 |
Year Ended 12/31/2021 | $16.25 | 42.15% | 0.90% | 0.89% | 1.02% | 5% | $1,321 |
Year Ended 12/31/2020 | $12.28 | (3.30%) | 0.91% | 0.90% | 1.41% | 32% | $920 |
Year Ended 12/31/2019 | $13.75 | 28.49% | 0.89% | 0.89% | 1.57% | 20% | $1,370 |
Year Ended 12/31/2018 | $12.06 | (7.12%) | 0.89% | 0.89% | 1.81% | 18% | $7,700 |
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 15 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $11.68 | 0.15 | 0.76 | 0.91 | (0.18) | (0.03) | (0.21) |
Year Ended 12/31/2022 | $16.49 | 0.24 | (4.34) | (4.10) | (0.24) | (0.47) | (0.71) |
Year Ended 12/31/2021 | $12.44 | 0.16 | 4.96 | 5.12 | (0.23) | (0.84) | (1.07) |
Year Ended 12/31/2020 | $13.92 | 0.19 | (0.72) | (0.53) | (0.22) | (0.73) | (0.95) |
Year Ended 12/31/2019 | $12.19 | 0.26 | 3.16 | 3.42 | (0.28) | (1.41) | (1.69) |
Year Ended 12/31/2018 | $14.15 | 0.25 | (1.19) | (0.94) | (0.25) | (0.77) | (1.02) |
Class R | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $11.52 | 0.12 | 0.74 | 0.86 | (0.14) | (0.03) | (0.17) |
Year Ended 12/31/2022 | $16.27 | 0.14 | (4.27) | (4.13) | (0.15) | (0.47) | (0.62) |
Year Ended 12/31/2021 | $12.29 | 0.06 | 4.90 | 4.96 | (0.14) | (0.84) | (0.98) |
Year Ended 12/31/2020 | $13.75 | 0.10 | (0.70) | (0.60) | (0.13) | (0.73) | (0.86) |
Year Ended 12/31/2019 | $12.05 | 0.16 | 3.13 | 3.29 | (0.18) | (1.41) | (1.59) |
Year Ended 12/31/2018 | $14.01 | 0.15 | (1.18) | (1.03) | (0.16) | (0.77) | (0.93) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
16 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $12.38 | 7.82% | 0.85%(c) | 0.84%(c) | 2.38% | 8% | $41,581 |
Year Ended 12/31/2022 | $11.68 | (25.00%) | 0.84%(c) | 0.84%(c) | 1.81% | 28% | $96,459 |
Year Ended 12/31/2021 | $16.49 | 42.33% | 0.84% | 0.83% | 1.06% | 5% | $134,201 |
Year Ended 12/31/2020 | $12.44 | (3.27%) | 0.85% | 0.84% | 1.55% | 32% | $48,451 |
Year Ended 12/31/2019 | $13.92 | 28.58% | 0.84% | 0.84% | 1.84% | 20% | $44,827 |
Year Ended 12/31/2018 | $12.19 | (7.07%) | 0.85% | 0.85% | 1.88% | 18% | $59,640 |
Class R | |||||||
Six Months Ended 6/30/2023 (Unaudited) | $12.21 | 7.48% | 1.53%(c) | 1.49%(c) | 2.06% | 8% | $1,808 |
Year Ended 12/31/2022 | $11.52 | (25.50%) | 1.52%(c) | 1.50%(c),(d) | 1.10% | 28% | $1,892 |
Year Ended 12/31/2021 | $16.27 | 41.34% | 1.51% | 1.51%(d) | 0.41% | 5% | $3,253 |
Year Ended 12/31/2020 | $12.29 | (3.90%) | 1.53% | 1.52%(d) | 0.78% | 32% | $2,282 |
Year Ended 12/31/2019 | $13.75 | 27.77% | 1.53% | 1.53%(d) | 1.10% | 20% | $3,726 |
Year Ended 12/31/2018 | $12.05 | (7.78%) | 1.54% | 1.54%(d) | 1.12% | 18% | $5,038 |
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 17 |
June 30, 2023 (Unaudited)
18 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 19 |
June 30, 2023 (Unaudited)
20 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Effective rate (%) | |
Class A | 0.17 |
Advisor Class | 0.17 |
Class C | 0.17 |
Institutional Class | 0.17 |
Institutional 2 Class | 0.07 |
Institutional 3 Class | 0.01 |
Class R | 0.17 |
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 21 |
June 30, 2023 (Unaudited)
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 11,384 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
April 27, 2023 through April 30, 2024 | Prior to April 27, 2023 | |
Class A | 1.25% | 1.26% |
Advisor Class | 1.00 | 1.01 |
Class C | 2.00 | 2.01 |
Institutional Class | 1.00 | 1.01 |
Institutional 2 Class | 0.87 | 0.91 |
Institutional 3 Class | 0.81 | 0.86 |
Class R | 1.50 | 1.51 |
22 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
102,756,000 | 73,859,000 | (1,936,000) | 71,923,000 |
Late year ordinary losses ($) | Post-October capital losses ($) |
— | 796,135 |
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 23 |
June 30, 2023 (Unaudited)
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 200,000 | 5.60 | 1 |
24 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
June 30, 2023 (Unaudited)
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 25 |
June 30, 2023 (Unaudited)
26 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
• | 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 Real Estate Equity Fund | Semiannual Report 2023 | 27 |
(Unaudited)
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
28 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
(Unaudited)
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
Columbia Real Estate Equity Fund | Semiannual Report 2023 | 29 |
(Unaudited)
these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
30 | Columbia Real Estate Equity Fund | Semiannual Report 2023 |
![](https://capedge.com/proxy/N-CSRS/0001683863-23-006162/img4586141f2.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.
Not applicable for semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semiannual reports.
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.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.
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 |
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By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | August 22, 2023 |
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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 |
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Date | August 22, 2023 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, |
| Principal Financial Officer and Senior Vice President |
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Date | August 22, 2023 |
By (Signature and Title) | /s/ Joseph Beranek |
| Joseph Beranek, Treasurer, Chief Accounting |
| Officer and Principal Financial Officer |
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Date | August 22, 2023 |