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: December 31
Date of reporting period: December 31, 2021
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.
December 31, 2021
3 | |
5 | |
7 | |
8 | |
10 | |
12 | |
13 | |
16 | |
20 | |
29 | |
30 | |
30 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/01/02 | 41.74 | 11.18 | 10.84 |
Including sales charges | 33.59 | 9.87 | 10.19 | ||
Advisor Class* | 11/08/12 | 42.09 | 11.45 | 11.11 | |
Class C | Excluding sales charges | 10/13/03 | 40.70 | 10.34 | 10.01 |
Including sales charges | 39.70 | 10.34 | 10.01 | ||
Institutional Class | 04/01/94 | 42.06 | 11.45 | 11.12 | |
Institutional 2 Class | 03/07/11 | 42.15 | 11.59 | 11.24 | |
Institutional 3 Class* | 03/01/17 | 42.33 | 11.66 | 11.22 | |
Class R | 09/27/10 | 41.34 | 10.90 | 10.57 | |
FTSE Nareit Equity REITs Index | 43.24 | 10.75 | 11.38 |
* | 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 | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at December 31, 2021) | |
Common Stocks | 99.9 |
Money Market Funds | 0.1 |
Total | 100.0 |
Equity sub-industry breakdown (%) (at December 31, 2021) | |
Real Estate | |
Diversified REITs | 2.9 |
Health Care REITs | 10.3 |
Hotel & Resort REITs | 2.6 |
Industrial REITs | 16.5 |
Office REITs | 8.1 |
Residential REITs | 24.8 |
Retail REITs | 8.9 |
Specialized REITs | 24.7 |
Total | 98.8 |
4 | Columbia Real Estate Equity Fund | Annual Report 2021 |
• | Stock selection in the industrial, specialty and free-standing sub-sectors detracted from the Fund’s relative results during the annual period. |
• | Having no exposure to regional malls, which was the strongest performing sub-sector in the benchmark during the annual period, and having an underweighted allocation to the apartments sub-sector, which also significantly outperformed the benchmark during the annual period, detracted as well. |
• | Among individual holdings held, the largest detractor was STORE Capital, a free-standing REIT that invests in single-tenant real estate, such as chain restaurants, supermarkets, health clubs, education, retail, service and distribution facilities. Many of these types of tenants were especially hard hit by the effects of the COVID-19 pandemic. Further, given its tenant base, STORE Capital was considered more sensitive to both inflation and higher interest rates than other property types, and so it performed poorly as concerns heightened about these factors during the second half of the annual period. |
• | Prologis, an industrial REIT, hampered results because of the Fund’s underweight position in this strongly performing stock. Prologis benefited during the quarter from the same trends as Duke Realty, mentioned below, but Prologis has a more global portfolio of properties. Given that supply chain disruptions have been a worldwide headwind for several months, investors favored Prologis’ shares. |
• | Americold Realty Trust is an industrial REIT that provides temperature-controlled food distribution services. Americold Realty Trust experienced a share price decline during the annual period due primarily to two headwinds. First, as Americold Realty Trust’s clients’ inventories depleted, re-stocking needed to take place but was delayed on pandemic-impacted logistics and supply-chain disruptions. Second, staffing for the company proved to be a challenge, leading to increased expenses for wages. |
• | Not holding positions in either regional mall REIT Simon Property Group or self-storage REIT Public Storage, each of which significantly outperformed the benchmark during the annual period, detracted as well. |
○ | Simon Property Group, the largest mall owner in the U.S., posted a double-digit share price gain during the annual period, as consumers resumed in-person shopping amid the ongoing rollout of COVID-19 vaccines and boosters. |
Columbia Real Estate Equity Fund | Annual Report 2021 | 5 |
○ | Like Life Storage, mentioned below, Public Storage generated robust double-digit share price gains during the annual period amid the secular trends and pandemic-driven dynamics driving strength in the self-storage sub-sector broadly. |
• | From a REIT industry perspective, effective stock selection in the self-storage and health care sub-sectors boosted the Fund’s relative results most. |
• | Having an overweighted allocation to self-storage, which was the second-strongest sub-sector in the benchmark during the annual period, and having no exposure to the diversified sub-sector and an underweighted allocation to the data centers sub-sector, each of which underperformed the benchmark during the annual period, also contributed positively. |
• | Among individual holdings held, Life Storage, a self-storage REIT, was a standout performer, benefiting primarily from strong performance in the broader self-storage sub-sector. Pandemic-influenced migration trends — both ongoing from cities to suburbs and renewed movement from suburbs back to gateway cities — led to robust demand for self-storage. Additionally, Life Storage experienced relative earnings growth within the sub-sector, as its management team has been effectively improving the REIT’s property portfolio, investing both in its properties and in technology supporting its operating platform. |
• | Duke Realty, an industrial REIT, performed well, as demand, especially among online retailers, for industrial warehouse space remained strong. The need for increased inventory and larger logistical operations grew due both to the rapid acceleration of online shopping brought on by the COVID-19 pandemic and to persistent supply-chain issues. Further, Duke Realty had what many saw as an especially attractive portfolio of properties in key logistics markets in the U.S., i.e., near major distribution centers. |
• | Extra Space Storage, a self-storage REIT, like Life Storage, was a beneficiary of strong performance in the broader self-storage sub-sector. Additionally, during the annual period, Extra Space Storage was increasingly viewed by investors as the best positioned REIT in the sub-sector as measured by quality of properties, technology support, management team and acquisition strategy. |
• | Federal Realty Investment Trust, a shopping center REIT, has a portfolio of properties concentrated near key city centers. Shopping centers in these locations, often including a number of restaurants and entertainment-focused anchors, had been among those hardest hit by the economic effects of the pandemic. In turn, Federal Realty Investment Trust was trading at a discount early in the calendar year, which combined with what many saw as the REIT’s strong balance sheet, effective management and historically high value properties, made it attractive to value-oriented investors upon the re-opening of the economy. The REIT generated robust share price gains as the annual period progressed. |
• | Not holding a position in Ventas, a REIT that owns senior housing communities, skilled nursing facilities, hospitals and medical office buildings in the U.S. and Canada, proved beneficial to the Fund’s results. Ventas underperformed given its exposure to senior housing, which was hit particularly hard by the effects of the COVID-19 pandemic. Also, Ventas underperformed its peers within the industry during the real estate securities market rally. |
6 | Columbia Real Estate Equity Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,188.00 | 1,018.90 | 6.89 | 6.36 | 1.25 |
Advisor Class | 1,000.00 | 1,000.00 | 1,189.00 | 1,020.16 | 5.52 | 5.09 | 1.00 |
Class C | 1,000.00 | 1,000.00 | 1,183.50 | 1,015.12 | 11.01 | 10.16 | 2.00 |
Institutional Class | 1,000.00 | 1,000.00 | 1,188.90 | 1,020.16 | 5.52 | 5.09 | 1.00 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,189.00 | 1,020.67 | 4.97 | 4.58 | 0.90 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,190.40 | 1,020.97 | 4.64 | 4.28 | 0.84 |
Class R | 1,000.00 | 1,000.00 | 1,185.90 | 1,017.64 | 8.26 | 7.63 | 1.50 |
Columbia Real Estate Equity Fund | Annual Report 2021 | 7 |
December 31, 2021
Common Stocks 99.6% | ||
Issuer | Shares | Value ($) |
Consumer Discretionary 1.2% | ||
Hotels, Resorts & Cruise Lines 1.2% | ||
Marriott International, Inc., Class A(a) | 25,152 | 4,156,117 |
Total Hotels, Resorts & Cruise Lines | 4,156,117 | |
Total Consumer Discretionary | 4,156,117 | |
Real Estate 98.4% | ||
Diversified REITs 2.9% | ||
STORE Capital Corp. | 285,369 | 9,816,694 |
Total Diversified REITs | 9,816,694 | |
Health Care REITs 10.3% | ||
Healthpeak Properties, Inc. | 222,385 | 8,025,875 |
Medical Properties Trust, Inc. | 421,961 | 9,970,938 |
Welltower, Inc. | 194,227 | 16,658,850 |
Total Health Care REITs | 34,655,663 | |
Hotel & Resort REITs 2.5% | ||
Host Hotels & Resorts, Inc.(a) | 493,787 | 8,586,956 |
Total Hotel & Resort REITs | 8,586,956 | |
Industrial REITs 16.4% | ||
Americold Realty Trust | 211,188 | 6,924,854 |
Duke Realty Corp. | 271,227 | 17,803,340 |
First Industrial Realty Trust, Inc. | 225,578 | 14,933,264 |
Prologis, Inc. | 94,274 | 15,871,971 |
Total Industrial REITs | 55,533,429 | |
Office REITs 8.1% | ||
Alexandria Real Estate Equities, Inc. | 80,772 | 18,008,925 |
Corporate Office Properties Trust | 132,520 | 3,706,584 |
Highwoods Properties, Inc. | 124,959 | 5,571,922 |
Total Office REITs | 27,287,431 | |
Residential REITs 24.8% | ||
American Homes 4 Rent, Class A | 262,165 | 11,433,016 |
AvalonBay Communities, Inc. | 61,818 | 15,614,609 |
Camden Property Trust | 46,913 | 8,382,415 |
Centerspace | 73,817 | 8,186,305 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Equity LifeStyle Properties, Inc. | 191,138 | 16,755,157 |
Invitation Homes, Inc. | 349,278 | 15,836,264 |
Sun Communities, Inc. | 35,193 | 7,389,474 |
Total Residential REITs | 83,597,240 | |
Retail REITs 8.8% | ||
Brixmor Property Group, Inc. | 267,479 | 6,796,642 |
Federal Realty Investment Trust | 104,735 | 14,277,475 |
SITE Centers Corp. | 200,086 | 3,167,361 |
Tanger Factory Outlet Centers, Inc. | 288,959 | 5,571,130 |
Total Retail REITs | 29,812,608 | |
Specialized REITs 24.6% | ||
American Tower Corp. | 33,661 | 9,845,842 |
Equinix, Inc. | 25,289 | 21,390,448 |
Extra Space Storage, Inc. | 58,349 | 13,229,469 |
Four Corners Property Trust, Inc. | 107,383 | 3,158,134 |
Gaming and Leisure Properties, Inc. | 249,519 | 12,141,594 |
Life Storage, Inc. | 110,261 | 16,889,780 |
National Storage Affiliates Trust | 94,183 | 6,517,464 |
Total Specialized REITs | 83,172,731 | |
Total Real Estate | 332,462,752 | |
Total Common Stocks (Cost: $173,702,925) | 336,618,869 | |
Money Market Funds 0.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(b),(c) | 339,733 | 339,665 |
Total Money Market Funds (Cost: $339,665) | 339,665 | |
Total Investments in Securities (Cost $174,042,590) | 336,958,534 | |
Other Assets & Liabilities, Net | 872,043 | |
Net Assets | $337,830,577 |
8 | Columbia Real Estate Equity Fund | Annual Report 2021 |
December 31, 2021
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.085% | ||||||||
330,349 | 17,372,782 | (17,363,465) | (1) | 339,665 | (122) | 494 | 339,733 |
■ | 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 | 4,156,117 | — | — | 4,156,117 |
Real Estate | 332,462,752 | — | — | 332,462,752 |
Total Common Stocks | 336,618,869 | — | — | 336,618,869 |
Money Market Funds | 339,665 | — | — | 339,665 |
Total Investments in Securities | 336,958,534 | — | — | 336,958,534 |
Columbia Real Estate Equity Fund | Annual Report 2021 | 9 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $173,702,925) | $336,618,869 |
Affiliated issuers (cost $339,665) | 339,665 |
Cash | 665 |
Receivable for: | |
Capital shares sold | 71,853 |
Dividends | 1,032,946 |
Prepaid expenses | 4,159 |
Trustees’ deferred compensation plan | 144,073 |
Total assets | 338,212,230 |
Liabilities | |
Payable for: | |
Capital shares purchased | 155,453 |
Management services fees | 6,930 |
Distribution and/or service fees | 619 |
Transfer agent fees | 28,762 |
Compensation of board members | 7,861 |
Compensation of chief compliance officer | 19 |
Printing and Postage fees | 20,639 |
Other expenses | 17,297 |
Trustees’ deferred compensation plan | 144,073 |
Total liabilities | 381,653 |
Net assets applicable to outstanding capital stock | $337,830,577 |
Represented by | |
Paid in capital | 167,095,721 |
Total distributable earnings (loss) | 170,734,856 |
Total - representing net assets applicable to outstanding capital stock | $337,830,577 |
10 | Columbia Real Estate Equity Fund | Annual Report 2021 |
December 31, 2021
Class A | |
Net assets | $73,176,722 |
Shares outstanding | 4,493,394 |
Net asset value per share | $16.29 |
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) | $17.28 |
Advisor Class | |
Net assets | $2,174,320 |
Shares outstanding | 129,702 |
Net asset value per share | $16.76 |
Class C | |
Net assets | $2,722,416 |
Shares outstanding | 167,128 |
Net asset value per share | $16.29 |
Institutional Class | |
Net assets | $120,982,126 |
Shares outstanding | 7,408,882 |
Net asset value per share | $16.33 |
Institutional 2 Class | |
Net assets | $1,320,742 |
Shares outstanding | 81,253 |
Net asset value per share | $16.25 |
Institutional 3 Class | |
Net assets | $134,200,851 |
Shares outstanding | 8,138,871 |
Net asset value per share | $16.49 |
Class R | |
Net assets | $3,253,400 |
Shares outstanding | 199,996 |
Net asset value per share | $16.27 |
Columbia Real Estate Equity Fund | Annual Report 2021 | 11 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $5,586,896 |
Dividends — affiliated issuers | 494 |
Total income | 5,587,390 |
Expenses: | |
Management services fees | 2,215,205 |
Distribution and/or service fees | |
Class A | 157,797 |
Class C | 23,916 |
Class R | 13,132 |
Transfer agent fees | |
Class A | 112,855 |
Advisor Class | 3,992 |
Class C | 4,275 |
Institutional Class | 219,241 |
Institutional 2 Class | 678 |
Institutional 3 Class | 5,645 |
Class R | 4,686 |
Compensation of board members | 17,763 |
Custodian fees | 3,770 |
Printing and postage fees | 67,698 |
Registration fees | 106,581 |
Audit fees | 29,500 |
Legal fees | 14,001 |
Compensation of chief compliance officer | 75 |
Other | 12,817 |
Total expenses | 3,013,627 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (22,960) |
Expense reduction | (612) |
Total net expenses | 2,990,055 |
Net investment income | 2,597,335 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 19,372,293 |
Investments — affiliated issuers | (122) |
Net realized gain | 19,372,171 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 82,573,665 |
Investments — affiliated issuers | (1) |
Net change in unrealized appreciation (depreciation) | 82,573,664 |
Net realized and unrealized gain | 101,945,835 |
Net increase in net assets resulting from operations | $104,543,170 |
12 | Columbia Real Estate Equity Fund | Annual Report 2021 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $2,597,335 | $3,445,075 |
Net realized gain | 19,372,171 | 17,655,402 |
Net change in unrealized appreciation (depreciation) | 82,573,664 | (30,346,054) |
Net increase (decrease) in net assets resulting from operations | 104,543,170 | (9,245,577) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (4,424,202) | (4,179,294) |
Advisor Class | (146,833) | (119,916) |
Class C | (146,549) | (202,700) |
Institutional Class | (7,806,269) | (11,353,115) |
Institutional 2 Class | (79,583) | (73,311) |
Institutional 3 Class | (8,413,828) | (3,519,461) |
Class R | (183,711) | (158,818) |
Total distributions to shareholders | (21,200,975) | (19,606,615) |
Increase (decrease) in net assets from capital stock activity | (15,697,347) | 6,258,810 |
Total increase (decrease) in net assets | 67,644,848 | (22,593,382) |
Net assets at beginning of year | 270,185,729 | 292,779,111 |
Net assets at end of year | $337,830,577 | $270,185,729 |
Columbia Real Estate Equity Fund | Annual Report 2021 | 13 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 418,321 | 5,875,805 | 334,381 | 4,038,932 |
Distributions reinvested | 281,203 | 4,132,727 | 338,747 | 3,953,943 |
Redemptions | (731,255) | (10,224,970) | (1,486,945) | (18,034,386) |
Net decrease | (31,731) | (216,438) | (813,817) | (10,041,511) |
Advisor Class | ||||
Subscriptions | 31,930 | 457,375 | 148,920 | 1,896,963 |
Distributions reinvested | 8,573 | 129,067 | 8,358 | 99,835 |
Redemptions | (80,791) | (1,199,822) | (129,243) | (1,466,374) |
Net increase (decrease) | (40,288) | (613,380) | 28,035 | 530,424 |
Class C | ||||
Subscriptions | 41,320 | 602,037 | 23,164 | 305,931 |
Distributions reinvested | 9,838 | 145,121 | 16,319 | 192,136 |
Redemptions | (112,122) | (1,510,034) | (147,213) | (1,783,276) |
Net decrease | (60,964) | (762,876) | (107,730) | (1,285,209) |
Institutional Class | ||||
Subscriptions | 477,706 | 6,749,927 | 2,639,374 | 30,883,044 |
Distributions reinvested | 483,411 | 7,120,375 | 792,035 | 9,346,948 |
Redemptions | (6,360,555) | (85,370,742) | (2,406,018) | (29,401,515) |
Net increase (decrease) | (5,399,438) | (71,500,440) | 1,025,391 | 10,828,477 |
Institutional 2 Class | ||||
Subscriptions | 35,114 | 495,346 | 19,752 | 232,831 |
Distributions reinvested | 5,416 | 79,374 | 6,289 | 73,126 |
Redemptions | (34,246) | (459,128) | (50,684) | (658,016) |
Net increase (decrease) | 6,284 | 115,592 | (24,643) | (352,059) |
Institutional 3 Class | ||||
Subscriptions | 5,071,153 | 69,142,179 | 851,110 | 9,681,967 |
Distributions reinvested | 438,581 | 6,544,134 | 216,584 | 2,570,557 |
Redemptions | (1,266,013) | (18,649,953) | (391,982) | (4,692,892) |
Net increase | 4,243,721 | 57,036,360 | 675,712 | 7,559,632 |
Class R | ||||
Subscriptions | 47,228 | 681,489 | 39,013 | 473,237 |
Distributions reinvested | 11,601 | 171,198 | 11,088 | 129,866 |
Redemptions | (44,533) | (608,852) | (135,284) | (1,584,047) |
Net increase (decrease) | 14,296 | 243,835 | (85,183) | (980,944) |
Total net increase (decrease) | (1,268,120) | (15,697,347) | 697,765 | 6,258,810 |
14 | Columbia Real Estate Equity Fund | Annual Report 2021 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 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) |
Year Ended 12/31/2017 | $15.37 | 0.22 | 0.56 | 0.78 | (0.22) | (1.91) | (2.13) |
Advisor Class | |||||||
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) |
Year Ended 12/31/2017 | $15.65 | 0.29 | 0.55 | 0.84 | (0.26) | (1.91) | (2.17) |
Class C | |||||||
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) |
Year Ended 12/31/2017 | $15.37 | 0.11 | 0.56 | 0.67 | (0.11) | (1.91) | (2.02) |
Institutional Class | |||||||
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) |
Year Ended 12/31/2017 | $15.40 | 0.25 | 0.57 | 0.82 | (0.26) | (1.91) | (2.17) |
Institutional 2 Class | |||||||
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) |
Year Ended 12/31/2017 | $15.36 | 0.29 | 0.56 | 0.85 | (0.29) | (1.91) | (2.20) |
Institutional 3 Class | |||||||
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) |
Year Ended 12/31/2017(d) | $15.97 | 0.28 | 0.10 | 0.38 | (0.29) | (1.91) | (2.20) |
16 | Columbia Real Estate Equity Fund | Annual Report 2021 |
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 12/31/2021 | $16.29 | 41.74% | 1.26% | 1.26%(c) | 0.63% | 5% | $73,177 |
Year Ended 12/31/2020 | $12.30 | (3.70%) | 1.28% | 1.27%(c) | 1.07% | 32% | $55,651 |
Year Ended 12/31/2019 | $13.77 | 28.04% | 1.29% | 1.28%(c) | 1.47% | 20% | $73,522 |
Year Ended 12/31/2018 | $12.07 | (7.48%) | 1.29% | 1.29%(c) | 1.35% | 18% | $63,934 |
Year Ended 12/31/2017 | $14.02 | 5.07% | 1.28% | 1.28%(c) | 1.41% | 27% | $84,557 |
Advisor Class | |||||||
Year Ended 12/31/2021 | $16.76 | 42.09% | 1.01% | 1.01%(c) | 0.85% | 5% | $2,174 |
Year Ended 12/31/2020 | $12.63 | (3.56%) | 1.03% | 1.02%(c) | 1.34% | 32% | $2,148 |
Year Ended 12/31/2019 | $14.13 | 28.47% | 1.04% | 1.04%(c) | 1.81% | 20% | $2,005 |
Year Ended 12/31/2018 | $12.34 | (7.30%) | 1.03% | 1.03%(c) | 1.69% | 18% | $480 |
Year Ended 12/31/2017 | $14.32 | 5.37% | 1.04% | 1.04%(c) | 1.85% | 27% | $539 |
Class C | |||||||
Year Ended 12/31/2021 | $16.29 | 40.70% | 2.01% | 2.01%(c) | (0.13%) | 5% | $2,722 |
Year Ended 12/31/2020 | $12.30 | (4.44%) | 2.03% | 2.02%(c) | 0.29% | 32% | $2,807 |
Year Ended 12/31/2019 | $13.76 | 27.11% | 2.03% | 2.03%(c) | 0.68% | 20% | $4,623 |
Year Ended 12/31/2018 | $12.06 | (8.24%) | 2.04% | 2.04%(c) | 0.47% | 18% | $4,795 |
Year Ended 12/31/2017 | $14.02 | 4.28% | 2.03% | 2.03%(c) | 0.68% | 27% | $13,222 |
Institutional Class | |||||||
Year Ended 12/31/2021 | $16.33 | 42.06% | 1.01% | 1.01%(c) | 0.88% | 5% | $120,982 |
Year Ended 12/31/2020 | $12.33 | (3.49%) | 1.04% | 1.02%(c) | 1.36% | 32% | $157,929 |
Year Ended 12/31/2019 | $13.81 | 28.38% | 1.03% | 1.03%(c) | 1.73% | 20% | $162,706 |
Year Ended 12/31/2018 | $12.10 | (7.23%) | 1.04% | 1.04%(c) | 1.63% | 18% | $136,079 |
Year Ended 12/31/2017 | $14.05 | 5.32% | 1.03% | 1.03%(c) | 1.60% | 27% | $167,023 |
Institutional 2 Class | |||||||
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 |
Year Ended 12/31/2017 | $14.01 | 5.48% | 0.89% | 0.89% | 1.89% | 27% | $8,368 |
Institutional 3 Class | |||||||
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 |
Year Ended 12/31/2017(d) | $14.15 | 2.38% | 0.84%(e) | 0.84%(e) | 2.13%(e) | 27% | $66,446 |
Columbia Real Estate Equity Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class R | |||||||
Year Ended 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) |
Year Ended 12/31/2017 | $15.36 | 0.19 | 0.56 | 0.75 | (0.19) | (1.91) | (2.10) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
18 | Columbia Real Estate Equity Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class R | |||||||
Year Ended 12/31/2021 | $16.27 | 41.34% | 1.51% | 1.51%(c) | 0.41% | 5% | $3,253 |
Year Ended 12/31/2020 | $12.29 | (3.90%) | 1.53% | 1.52%(c) | 0.78% | 32% | $2,282 |
Year Ended 12/31/2019 | $13.75 | 27.77% | 1.53% | 1.53%(c) | 1.10% | 20% | $3,726 |
Year Ended 12/31/2018 | $12.05 | (7.78%) | 1.54% | 1.54%(c) | 1.12% | 18% | $5,038 |
Year Ended 12/31/2017 | $14.01 | 4.81% | 1.53% | 1.53%(c) | 1.22% | 27% | $6,735 |
Columbia Real Estate Equity Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Columbia Real Estate Equity Fund | Annual Report 2021 |
December 31, 2021
Columbia Real Estate Equity Fund | Annual Report 2021 | 21 |
December 31, 2021
22 | Columbia Real Estate Equity Fund | Annual Report 2021 |
December 31, 2021
Effective rate (%) | |
Class A | 0.18 |
Advisor Class | 0.18 |
Class C | 0.18 |
Institutional Class | 0.18 |
Institutional 2 Class | 0.07 |
Institutional 3 Class | 0.01 |
Class R | 0.18 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 38,036 |
Class C | — | 1.00(b) | 47 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia Real Estate Equity Fund | Annual Report 2021 | 23 |
December 31, 2021
Contractual expense cap May 1, 2021 through April 30, 2022 | Voluntary expense cap May 1, 2021 through June 30, 2021 | Contractual expense cap prior to May 1, 2021 | |
Class A | 1.26% | 1.26% | 1.26% |
Advisor Class | 1.01 | 1.01 | 1.01 |
Class C | 2.01 | 2.01 | 2.01 |
Institutional Class | 1.01 | 1.01 | 1.01 |
Institutional 2 Class | 0.90 | 0.89 | 0.89 |
Institutional 3 Class | 0.85 | 0.83 | 0.83 |
Class R | 1.51 | 1.51 | 1.51 |
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
2,511,077 | (982,723) | (1,528,354) |
24 | Columbia Real Estate Equity Fund | Annual Report 2021 |
December 31, 2021
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
4,879,366 | 16,321,609 | 21,200,975 | 4,036,272 | 15,570,343 | 19,606,615 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 8,414,994 | — | 162,460,739 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
174,497,795 | 163,964,088 | (1,503,349) | 162,460,739 |
Columbia Real Estate Equity Fund | Annual Report 2021 | 25 |
December 31, 2021
26 | Columbia Real Estate Equity Fund | Annual Report 2021 |
December 31, 2021
Columbia Real Estate Equity Fund | Annual Report 2021 | 27 |
December 31, 2021
28 | Columbia Real Estate Equity Fund | Annual Report 2021 |
Columbia Real Estate Equity Fund | Annual Report 2021 | 29 |
Section 199A dividends | Capital gain dividend | Section 897 dividends | Section 897 capital gain |
67.31% | $19,413,338 | 0.82% | 4.63% |
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 Real Estate Equity Fund | Annual Report 2021 |
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 Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross 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, Morgan Stanley, 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); 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 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 Real Estate Equity Fund | Annual Report 2021 | 31 |
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 December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 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 Real Estate Equity Fund | Annual Report 2021 |
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 Real Estate Equity Fund | Annual Report 2021 | 33 |
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 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 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(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 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. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
34 | Columbia Real Estate Equity Fund | Annual Report 2021 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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) | 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. |
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). |
Columbia Real Estate Equity Fund | Annual Report 2021 | 35 |
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 |
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. |
36 | Columbia Real Estate Equity Fund | Annual Report 2021 |
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 one 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 December 31, 2021 and December 31,
2020 are approximately as follows:
20212020
$29,500 $29,500
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 December 31, 2021 and December 31, 2020 are approximately as follows:
2021 | 2020 |
$0 | $0 |
Audit-Related Fees, if any, 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 December 31, 2021 and December 31, 2020, 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 December 31, 2021 and December 31, 2020 are approximately as follows:
2021 | 2020 |
$0 | $0 |
Tax Fees, if any, 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 December 31, 2021 and December 31, 2020, 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 December 31,
2021 and December 31, 2020 are approximately as follows:
2021 | 2020 |
$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 December 31, 2021 and December 31, 2020 are approximately as follows:
20212020
$520,000 $520,000
In fiscal years 2021 and 2020, 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 December 31, 2021 and December 31, 2020 are approximately as follows:
20212020
$520,000 $520,000
(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 |
| February 22, 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 |
| February 22, 2022 |
|
By (Signature and Title) | /s/ Michael G. Clarke | ||
|
| Michael G. Clarke, Chief Financial Officer, Principal Financial Officer | |
|
| and Senior Vice President | |
Date |
| February 22, 2022 |
|
By (Signature and Title) | /s/ Joseph Beranek | ||
|
| Joseph Beranek, Treasurer, Chief Accounting Officer and Principal | |
|
| Financial Officer | |
Date |
| February 22, 2022 |
|