Filed pursuant to Rule 497(e);
File no. 2-99356
Columbia Adaptive Retirement 2020 Fund | ||
Class Adv: CARGX | Class Inst3: CARHX | |
Columbia Adaptive Retirement 2025 Fund | ||
Class Adv: CAAHX | Class Inst3: CAIDX | |
Columbia Adaptive Retirement 2030 Fund | ||
Class Adv: CARLX | Class Inst3: CARMX | |
Columbia Adaptive Retirement 2035 Fund | ||
Class Adv: CARJX | Class Inst3: CAIEX | |
Columbia Adaptive Retirement 2040 Fund | ||
Class Adv: CAROX | Class Inst3: CARQX | |
Columbia Adaptive Retirement 2045 Fund | ||
Class Adv: CARPX | Class Inst3: CAIHX | |
Columbia Adaptive Retirement 2050 Fund | ||
Class Adv: CARSX | Class Inst3: CARUX | |
Columbia Adaptive Retirement 2055 Fund | ||
Class Adv: CARFX | Class Inst3: CAIJX | |
Columbia Adaptive Retirement 2060 Fund | ||
Class Adv: CARKX | Class Inst3: CARVX | |
Columbia Adaptive Risk Allocation Fund | ||
Class A: CRAAX | Class Adv: CARRX | Class C: CRACX |
Class Inst: CRAZX | Class Inst2: CRDRX | Class Inst3: CARYX |
Class R: CRKRX | ||
Columbia Balanced Fund | ||
Class A: CBLAX | Class Adv: CBDRX | Class C: CBLCX |
Class Inst: CBALX | Class Inst2: CLREX | Class Inst3: CBDYX |
Class R: CBLRX | ||
Columbia Bond Fund | ||
Class A: CNDAX | Class Adv: CNDRX | Class C: CNDCX |
Class Inst: UMMGX | Class Inst2: CNFRX | Class Inst3: CBFYX |
Class R: CBFRX | Class V: CNDTX | |
Columbia Connecticut Intermediate Municipal Bond Fund | ||
Class A: LCTAX | Class Adv: CCTMX | Class C: LCTCX |
Class Inst: SCTEX | Class Inst3: CCTYX | Class V: GCBAX |
Columbia Contrarian Core Fund | ||
Class A: LCCAX | Class Adv: CORRX | Class C: LCCCX |
Class Inst: SMGIX | Class Inst2: COFRX | Class Inst3: COFYX |
Class R: CCCRX | Class V: SGIEX | |
Columbia Corporate Income Fund | ||
Class A: LIIAX | Class Adv: CIFRX | Class C: CIOCX |
Class Inst: SRINX | Class Inst2: CPIRX | Class Inst3: CRIYX |
Columbia Disciplined Small Core Fund | ||
Class A: LSMAX | Class Adv: CFFRX | Class C: LSMCX |
Class Inst: SMCEX | Class Inst2: CLLRX | Class Inst3: CPFRX |
Class V: SSCEX | ||
Columbia Dividend Income Fund | ||
Class A: LBSAX | Class Adv: CVIRX | Class C: LBSCX |
Class Inst: GSFTX | Class Inst2: CDDRX | Class Inst3: CDDYX |
Class R: CDIRX | Class V: GEQAX | |
Columbia Emerging Markets Fund | ||
Class A: EEMAX | Class Adv: CEMHX | Class C: EEMCX |
Class Inst: UMEMX | Class Inst2: CEKRX | Class Inst3: CEKYX |
Class R: CEMRX | ||
Columbia Global Dividend Opportunity Fund | ||
Class A: CSVAX | Class Adv: CGOLX | Class C: CSRCX |
Class Inst: CSVFX | Class Inst2: CADPX | Class Inst3: CLSYX |
Class R: CSGRX | ||
Columbia Global Energy and Natural Resources Fund | ||
Class A: EENAX | Class Adv: CENRX | Class C: EENCX |
Class Inst: UMESX | Class Inst2: CNRRX | Class Inst3: CGEYX |
Class R: CETRX |
Columbia Solutions Aggressive Portfolio | ||
Columbia Solutions Conservative Portfolio | ||
Columbia Strategic California Municipal Income Fund | ||
Class A: CLMPX | Class Adv: CCARX | Class C: CCAOX |
Class Inst: CCAZX | Class Inst2: CCAUX | Class Inst3: CCXYX |
Columbia Strategic Income Fund | ||
Class A: COSIX | Class Adv: CMNRX | Class C: CLSCX |
Class Inst: LSIZX | Class Inst2: CTIVX | Class Inst3: CPHUX |
Class R: CSNRX | ||
Columbia Strategic New York Municipal Income Fund | ||
Class A: COLNX | Class Adv: CNYEX | Class C: CNYCX |
Class Inst: CNYZX | Class Inst2: CNYRX | Class Inst3: CNTYX |
Columbia Tax-Exempt Fund | ||
Class A: COLTX | Class Adv: CTERX | Class C: COLCX |
Class Inst: CTEZX | Class Inst2: CADMX | Class Inst3: CTEYX |
Columbia Total Return Bond Fund | ||
Class A: LIBAX | Class Adv: CBNRX | Class C: LIBCX |
Class Inst: SRBFX | Class Inst2: CTBRX | Class Inst3: CTBYX |
Class R: CIBRX | ||
Columbia U.S. Social Bond Fund | ||
Class A: CONAX | Class Adv: CONFX | Class C: CONCX |
Class Inst: CONZX | Class Inst2: COVNX | Class Inst3: CONYX |
Columbia U.S. Treasury Index Fund | ||
Class A: LUTAX | Class C: LUTCX | Class Inst: IUTIX |
Class Inst2: CUTRX | Class Inst3: CUTYX |
Columbia Ultra Short Term Bond Fund | ||
Class A: CUSOX | Class Adv: CUSHX | Class Inst: CUSBX |
Class Inst3: CMGUX | ||
Multi-Manager Alternative Strategies Fund | ||
Class Inst: CZAMX | ||
Multi-Manager Directional Alternative Strategies Fund | ||
Class Inst: CDAZX | ||
Multi-Manager Growth Strategies Fund | ||
Class Inst: CZMGX | Class Inst3: CABGX | |
Multi-Manager International Equity Strategies Fund | ||
Class Inst: CMIEX | Class Inst3: CIEEX | |
Multi-Manager Small Cap Equity Strategies Fund | ||
Class Inst: CZMSX | Class Inst3: CSCLX | |
Multi-Manager Total Return Bond Strategies Fund | ||
Class Inst: CTRZX | Class Inst3: CTREX | |
Multisector Bond SMA Completion Portfolio | ||
MBSAX | ||
Overseas SMA Completion Portfolio | ||
OSCBX |
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D-1 |
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S-1 |
Statement of Additional Information – March 1, 2020 | 1 |
■ | the organization of the Trust; |
■ | the Funds' investments; |
■ | the Funds' investment adviser, investment subadviser(s) (if any) and other service providers, including roles and relationships of Ameriprise Financial and its affiliates, and conflicts of interest; |
■ | the governance of the Funds; |
■ | the Funds' brokerage practices; |
■ | the share classes offered by the Funds; |
■ | the purchase, redemption and pricing of Fund shares; and |
■ | the application of U.S. federal income tax laws. |
1933 Act | Securities Act of 1933, as amended |
1934 Act | Securities Exchange Act of 1934, as amended |
1940 Act | Investment Company Act of 1940, as amended |
Adaptive Retirement Funds | The Funds within the Columbia Funds Complex that include “Adaptive Retirement” within the fund name. |
AlphaSimplex | AlphaSimplex Group, LLC |
Administrative Services Agreement | The Administrative Services Agreement, as amended, if applicable, between the Trust, on behalf of the Funds, and the Investment Manager |
Ameriprise Financial | Ameriprise Financial, Inc. |
AQR | AQR Capital Management, LLC |
Arrowstreet | Arrowstreet Capital, Limited Partnership |
Statement of Additional Information – March 1, 2020 | 2 |
Baillie Gifford | Baillie Gifford Overseas Limited |
Bank of America | Bank of America Corporation |
BMO | BMO Asset Management Corp. |
Board | The Trust’s Board of Trustees |
Boston Partners | Boston Partners Global Investors, Inc. |
Business Day | Any day on which the NYSE is open for business. A business day typically ends at the close of regular trading on the NYSE, usually at 4:00 p.m. Eastern time. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. The Fund will not treat an intraday unscheduled disruption in NYSE trading or an intraday unscheduled closing as a close of regular trading on the NYSE for these purposes and will price its shares as of the regularly scheduled closing time for that day (typically, 4:00 p.m. Eastern time). Notwithstanding the foregoing, the NAV of Fund shares may be determined at such other time or times (in addition to or in lieu of the time set forth above) as the Fund’s Board may approve or ratify. On holidays and other days when the NYSE is closed, the Fund's NAV is not calculated and the Fund does not accept buy or sell orders. However, the value of the Fund's assets may still be affected on such days to the extent that the Fund holds foreign securities that trade on days that foreign securities markets are open. |
Causeway | Causeway Capital Management LLC |
CEA | Commodity Exchange Act |
CFST | Columbia Funds Series Trust |
CFST I | Columbia Funds Series Trust I |
CFST II | Columbia Funds Series Trust II |
CFTC | The United States Commodity Futures Trading Commission |
CMOs | Collateralized mortgage obligations |
Code | Internal Revenue Code of 1986, as amended |
Codes of Ethics | The codes of ethics adopted by the Funds, the Investment Manager, Columbia Management Investment Distributors, Inc. and/or any sub-adviser, as applicable, pursuant to Rule 17j-1 under the 1940 Act |
Columbia Funds or Columbia Funds Complex | The fund complex, including the Funds, that is comprised of the registered investment companies, including traditional mutual funds, closed-end funds, and ETFs, advised by the Investment Manager or its affiliates |
Columbia Management | Columbia Management Investment Advisers, LLC |
Columbia WAM | Columbia Wanger Asset Management, LLC |
Conestoga | Conestoga Capital Advisors, LLC |
Custodian | JPMorgan Chase Bank, N.A. |
Distribution Agreement | The Distribution Agreement between the Trust, on behalf of its Funds, and the Distributor |
Distribution Plan(s) | One or more of the plans adopted by the Board pursuant to Rule 12b-1 under the 1940 Act for the distribution of the Funds’ shares |
Distributor | Columbia Management Investment Distributors, Inc. |
DST | DST Asset Manager Solutions, Inc. |
FDIC | Federal Deposit Insurance Corporation |
FHLMC | The Federal Home Loan Mortgage Corporation |
Fitch | Fitch Ratings, Inc. |
FNMA | Federal National Mortgage Association |
The Fund(s) or a Fund | One or more of the open-end management investment companies listed on the front cover of this SAI |
GNMA | Government National Mortgage Association |
Statement of Additional Information – March 1, 2020 | 3 |
Hotchkis & Wiley | Hotchkis & Wiley Capital Management, LLC |
Independent Trustees | The Trustees of the Board who are not “interested persons” (as defined in the 1940 Act) of the Funds |
Interested Trustee | A Trustee of the Board who is currently deemed to be an “interested person” (as defined in the 1940 Act) of the Funds |
Investment Management Services Agreement | The Investment Management Services Agreement, as amended, if applicable, between the Trust, on behalf of its Funds, and the Investment Manager |
Investment Manager | Columbia Management Investment Advisers, LLC |
IRS | United States Internal Revenue Service |
Manulife | Manulife Investment Management (US) LLC |
Management Agreement | The Management Agreements, as amended, if applicable, between the Trust, on behalf of the Funds, and the Investment Manager |
Moody’s | Moody’s Investors Service, Inc. |
Multi-Manager Strategies Funds | Multi-Manager Alternative Strategies Fund, Multi-Manager Directional Alternative Strategies Fund, Multi-Manager Growth Strategies Fund, Multi-Manager International Equity Strategies Fund, Multi-Manager Small Cap Equity Strategies Fund, Multi-Manager Total Return Bond Strategies Fund and Multi-Manager Value Strategies Fund. Shares of the Multi-Manager Strategies Funds are offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. |
NASDAQ | National Association of Securities Dealers Automated Quotations system |
NAV | Net asset value per share of a Fund |
NRSRO | Nationally recognized statistical ratings organization (such as, for example, Moody’s, Fitch or S&P) |
NSCC | National Securities Clearing Corporation |
NYSE | New York Stock Exchange |
PGIM | PGIM, Inc., the asset management arm of Prudential Financial, Inc. |
PwC | PricewaterhouseCoopers LLP |
QMA | QMA LLC |
REIT | Real estate investment trust |
REMIC | Real estate mortgage investment conduit |
RIC | A “regulated investment company,” as such term is used in the Code |
S&P | Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“Standard & Poor’s” and “S&P” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Investment Manager. The Columbia Funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Columbia Funds) |
SAI | This Statement of Additional Information, as amended and supplemented from time-to-time |
SEC | United States Securities and Exchange Commission |
Shares | Shares of a Fund |
Statement of Additional Information – March 1, 2020 | 4 |
Solution Series Funds | Columbia Solutions Aggressive Portfolio, Columbia Solutions Conservative Portfolio, Multisector Bond SMA Completion Portfolio and Overseas SMA Completion Portfolio |
Subadvisory Agreement | The Subadvisory Agreement among the Trust on behalf of the Fund(s), the Investment Manager and a Fund’s investment subadviser(s), as the context may require |
Subsidiary | One or more wholly-owned subsidiaries of a Fund |
TCW | TCW Investment Management Company LLC |
Threadneedle | Threadneedle International Limited |
Transfer Agency Agreement | The Transfer and Dividend Disbursing Agent Agreement between the Trust, on behalf of its Funds, and the Transfer Agent |
Transfer Agent | Columbia Management Investment Services Corp. |
Trustee(s) | One or more members of the Board |
Trust | Columbia Funds Series Trust I, the registered investment company in the Columbia Funds Complex to which this SAI relates |
Voya | Voya Investment Management Co. LLC |
VP – Managed Volatility Funds | Any variable portfolio fund that includes the words “Managed Risk,” “Managed Volatility,” or “U.S. Flexible” as part of the Fund’s name |
Water Island | Water Island Capital, LLC |
WellsCap | Wells Capital Management Incorporated |
* | On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. |
Statement of Additional Information – March 1, 2020 | 5 |
Fund Name: | Referred to as: | |
Columbia Adaptive Retirement 2020 Fund | Adaptive Retirement 2020 Fund | |
Columbia Adaptive Retirement 2025 Fund | Adaptive Retirement 2025 Fund | |
Columbia Adaptive Retirement 2030 Fund | Adaptive Retirement 2030 Fund | |
Columbia Adaptive Retirement 2035 Fund | Adaptive Retirement 2035 Fund | |
Columbia Adaptive Retirement 2040 Fund | Adaptive Retirement 2040 Fund | |
Columbia Adaptive Retirement 2045 Fund | Adaptive Retirement 2045 Fund | |
Columbia Adaptive Retirement 2050 Fund | Adaptive Retirement 2050 Fund | |
Columbia Adaptive Retirement 2055 Fund | Adaptive Retirement 2055 Fund | |
Columbia Adaptive Retirement 2060 Fund | Adaptive Retirement 2060 Fund | |
Columbia Adaptive Risk Allocation Fund | Adaptive Risk Allocation Fund | |
Columbia Balanced Fund | Balanced Fund | |
Columbia Bond Fund | Bond Fund | |
Columbia Connecticut Intermediate Municipal Bond Fund | CT Intermediate Municipal Bond Fund | |
Columbia Contrarian Core Fund | Contrarian Core Fund | |
Columbia Corporate Income Fund | Corporate Income Fund | |
Columbia Disciplined Small Core Fund | Disciplined Small Core Fund | |
Columbia Dividend Income Fund | Dividend Income Fund | |
Columbia Emerging Markets Fund | Emerging Markets Fund | |
Columbia Global Dividend Opportunity Fund | Global Dividend Opportunity Fund | |
Columbia Global Energy and Natural Resources Fund | Global Energy and Natural Resources Fund | |
Columbia Global Technology Growth Fund | Global Technology Growth Fund | |
Columbia Greater China Fund | Greater China Fund | |
Columbia High Yield Municipal Fund | HY Municipal Fund | |
Columbia Intermediate Municipal Bond Fund | Intermediate Municipal Bond Fund | |
Columbia Large Cap Growth Fund | Large Cap Growth Fund | |
Columbia Massachusetts Intermediate Municipal Bond Fund | MA Intermediate Municipal Bond Fund | |
Columbia Mid Cap Growth Fund | Mid Cap Growth Fund | |
Columbia Multi-Asset Income Fund | Multi-Asset Income Fund | |
Columbia Multi Strategy Alternatives Fund | Multi Strategy Alternatives Fund | |
Columbia New York Intermediate Municipal Bond Fund | NY Intermediate Municipal Bond Fund | |
Columbia Oregon Intermediate Municipal Bond Fund | OR Intermediate Municipal Bond Fund | |
Columbia Pacific/Asia Fund | Pacific/Asia Fund | |
Columbia Real Estate Equity Fund | Real Estate Equity Fund | |
Columbia Select Large Cap Growth Fund | Select Large Cap Growth Fund | |
Columbia Small Cap Growth Fund I | Small Cap Growth Fund I | |
Columbia Small Cap Value Fund I | Small Cap Value Fund I | |
Columbia Solutions Aggressive Portfolio | Solutions Aggressive Portfolio | |
Columbia Solutions Conservative Portfolio | Solutions Conservative Portfolio | |
Columbia Strategic California Municipal Income Fund | Strategic CA Municipal Income Fund | |
Columbia Strategic Income Fund | Strategic Income Fund | |
Columbia Strategic New York Municipal Income Fund | Strategic NY Municipal Income Fund | |
Columbia Tax-Exempt Fund | Tax-Exempt Fund | |
Columbia Total Return Bond Fund | Total Return Bond Fund |
Statement of Additional Information – March 1, 2020 | 6 |
Fund Name: | Referred to as: | |
Columbia U.S. Social Bond Fund | U.S. Social Bond Fund | |
Columbia U.S. Treasury Index Fund | U.S. Treasury Index Fund | |
Columbia Ultra Short Term Bond Fund | Ultra Short Term Bond Fund | |
Multi-Manager Alternative Strategies Fund | MM Alternative Strategies Fund | |
Multi-Manager Directional Alternative Strategies Fund | MM Directional Alternative Strategies Fund | |
Multi-Manager Growth Strategies Fund | MM Growth Strategies Fund | |
Multi-Manager International Equity Strategies Fund | MM International Equity Strategies Fund | |
Multi-Manager Small Cap Equity Strategies Fund | MM Small Cap Equity Strategies Fund | |
Multi-Manager Total Return Bond Fund | MM Total Return Bond Strategies Fund | |
Multisector Bond SMA Completion Portfolio | Multisector Bond SMA Completion Portfolio | |
Overseas SMA Completion Portfolio | Overseas SMA Completion Portfolio |
Statement of Additional Information – March 1, 2020 | 7 |
Fund | Fiscal Year End | Prospectus Date |
Date
Began
Operations* |
Diversified** | Fund Investment Category*** |
Adaptive Retirement 2020 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Retirement 2025 Fund | March 31 | 8/1/2019 | 4/4/2018 | No | Fund-of-funds – alternative |
Adaptive Retirement 2030 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Retirement 2035 Fund | March 31 | 8/1/2019 | 4/4/2018 | No | Fund-of-funds – alternative |
Adaptive Retirement 2040 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Retirement 2045 Fund | March 31 | 8/1/2019 | 4/4/2018 | No | Fund-of-funds – alternative |
Adaptive Retirement 2050 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Retirement 2055 Fund | March 31 | 8/1/2019 | 4/4/2018 | No | Fund-of-funds – alternative |
Adaptive Retirement 2060 Fund | March 31 | 8/1/2019 | 10/24/2017 | No | Fund-of-funds – alternative |
Adaptive Risk Allocation Fund | May 31 | 10/1/2019 | 6/19/2012 | No | Alternative |
Balanced Fund | August 31 | 1/1/2020 | 10/1/1991 | Yes | Equity/Taxable fixed-income |
Bond Fund | April 30 | 9/1/2019 | 1/9/1986 | Yes | Taxable fixed-income |
Contrarian Core Fund | August 31 | 1/1/2020 | 12/14/1992 | Yes | Equity |
Corporate Income Fund | April 30 | 9/1/2019 | 3/5/1986 | Yes | Taxable fixed-income |
CT
Intermediate Municipal
Bond Fund |
October 31 | 3/1/2020 | 8/1/1994 | No | Tax-exempt fixed-income |
Disciplined Small Core Fund | August 31 | 1/1/2020 | 12/14/1992 | Yes | Equity |
Dividend Income Fund | May 31 | 10/1/2019 | 3/4/1998 | Yes | Equity |
Emerging Markets Fund | August 31 | 1/1/2020 | 1/2/1998 | Yes | Equity |
Global Dividend Opportunity Fund | August 31 | 1/1/2020 | 11/9/2000 | Yes | Equity |
Global Energy and Natural Resources Fund | August 31 | 1/1/2020 | 12/31/1992 | No | Equity |
Global Technology Growth Fund | August 31 | 1/1/2020 | 11/9/2000 | Yes | Equity |
Greater China Fund | August 31 | 1/1/2020 | 5/16/1997 | No | Equity |
HY Municipal Fund | May 31 | 10/1/2019 | 3/5/1984 | Yes | Tax-exempt fixed-income |
Intermediate Municipal Bond Fund | October 31 | 3/1/2020 | 6/14/1993 | Yes | Tax-exempt fixed-income |
Large Cap Growth Fund | July 31 | 12/1/2019 | 12/14/1990 | Yes | Equity |
MA
Intermediate Municipal
Bond Fund |
October 31 | 3/1/2020 | 6/14/1993 | No | Tax-exempt fixed-income |
Mid Cap Growth Fund | August 31 | 1/1/2020 | 11/20/1985 | Yes | Equity |
MM Alternative Strategies Fund | August 31 | 1/1/2020 | 4/23/2012 | No | Alternative |
MM Directional Alternative Strategies Fund | April 30 | 9/1/2019 | 10/17/2016 | No | Alternative |
MM Growth Strategies Fund | March 31 |
8/1/2019
&
12/18/2019 |
4/20/2012 | Yes | Equity |
MM
International Equity
Strategies Fund |
August 31 |
12/18/2019
&
1/1/2020 |
5/17/2018 | Yes | Equity |
MM
Small Cap Equity
Strategies Fund |
August 31 |
12/18/2019
&
1/1/2020 |
4/20/2012 | Yes | Equity |
Statement of Additional Information – March 1, 2020 | 8 |
Fund | Fiscal Year End | Prospectus Date |
Date
Began
Operations* |
Diversified** | Fund Investment Category*** |
MM
Total Return Bond
Strategies Fund |
August 31 |
12/18/2019
&
1/1/2020 |
4/20/2012 | Yes | Taxable fixed-income |
Multi-Asset Income Fund | April 30 | 9/1/2019 | 3/27/2015 | Yes | Flexible |
Multisector
Bond SMA
Completion Portfolio |
August 31 | 10/28/2019 | 10/29/2019 | No | Taxable fixed-income |
Multi Strategy Alternatives Fund | May 31 | 10/1/2019 | 1/28/2015 | No | Alternative |
NY
Intermediate Municipal
Bond Fund |
October 31 | 3/1/2020 | 12/31/1991 | No | Tax-exempt fixed-income |
OR
Intermediate Municipal
Bond Fund |
July 31 | 12/1/2019 | 7/2/1984 | Yes | Tax-exempt fixed-income |
Overseas
SMA
Completion Portfolio |
August 31 | 9/12/2019 | 9/12/2019 | No | Equity |
Pacific/Asia Fund | March 31 | 8/1/2019 | 12/31/1992 | Yes | Equity |
Real Estate Equity Fund | December 31 | 5/1/2019 | 4/1/1994 | No | Equity |
Select Large Cap Growth Fund | March 31 | 8/1/2019 | 10/1/1997 | Yes | Equity |
Small Cap Growth Fund I | August 31 | 1/1/2020 | 10/1/1996 | Yes | Equity |
Small Cap Value Fund I | April 30 | 9/1/2019 | 7/25/1986 | Yes | Equity |
Solutions Aggressive Portfolio | March 31 | 8/1/2019 | 10/24/2017 | No | Alternative |
Solutions Conservative Portfolio | March 31 | 8/1/2019 | 10/24/2017 | No | Alternative |
Strategic
CA Municipal
Income Fund |
October 31 | 3/1/2020 | 6/16/1986 | Yes | Tax-exempt fixed-income |
Strategic Income Fund | August 31 | 1/1/2020 | 4/21/1977 | Yes | Taxable fixed-income |
Strategic
NY Municipal
Income Fund |
October 31 | 3/1/2020 | 9/26/1986 | No | Tax-exempt fixed-income |
Tax-Exempt Fund | July 31 | 12/1/2019 | 11/21/1978 | Yes | Tax-exempt fixed-income |
Total Return Bond Fund | April 30 | 9/1/2019 | 12/5/1978 | Yes | Taxable fixed-income |
U.S. Social Bond Fund | July 31 | 12/1/2019 | 3/26/2015 | Yes | Tax-exempt fixed-income |
U.S. Treasury Index Fund | April 30 | 9/1/2019 | 6/4/1991 | Yes | Taxable fixed-income |
Ultra Short Term Bond Fund | July 31 | 12/1/2019 | 3/8/2004 | Yes | Taxable fixed-income |
* | Certain Funds reorganized into series of the Trust. The date of operations for these Funds represents the date on which the predecessor funds began operation. |
** | A “diversified” Fund may not, with respect to 75% of its total assets, invest more than 5% of its total assets in securities of any one issuer or purchase more than 10% of the outstanding voting securities of any one issuer, except obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and except securities of other investment companies. A “non-diversified” Fund may invest a greater percentage of its total assets in the securities of fewer issuers than a “diversified” fund, which increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a “diversified” fund holding a greater number of investments. Accordingly, a “non-diversified” Fund’s value will likely be more volatile than the value of a more diversified fund. |
*** | The Fund Investment Category is used as a convenient way to describe Funds in this SAI and should not be deemed a description of the Fund’s principal investment strategies, which are described in the Fund’s prospectus. |
Statement of Additional Information – March 1, 2020 | 9 |
Fund | Effective Date of Name Change | Previous Fund Name |
CT Intermediate Municipal Bond Fund |
May
14, 2019
|
Columbia AMT-Free Connecticut Intermediate Muni Bond Fund |
Disciplined Small Core Fund | April 18, 2016 | Columbia Small Cap Core Fund |
Intermediate Municipal Bond Fund |
May
14, 2019
|
Columbia AMT-Free Intermediate Muni Bond Fund |
MA Intermediate Municipal Bond Fund |
May
14, 2019
|
Columbia AMT-Free Massachusetts Intermediate Muni Bond Fund |
MM Alternative Strategies Fund |
February
28, 2017
October 12, 2016 |
Active
Portfolios® Multi-Manager Alternatives Fund
Active Portfolios® Multi-Manager Alternative Strategies Fund |
MM Directional Alternative Strategies Fund | February 28, 2017 | Active Portfolios® Multi-Manager Directional Alternatives Fund |
MM Growth Strategies Fund |
February
28, 2017
|
Active Portfolios® Multi-Manager Growth Fund |
MM Small Cap Equity Strategies Fund | February 28, 2017 | Active Portfolios® Multi-Manager Small Cap Equity Strategies Fund |
MM Total Return Bond Strategies Fund |
February
28, 2017
April 11, 2016 |
Active
Portfolios® Multi-Manager Total Return Bond Fund
Active Portfolios® Multi-Manager Core Plus Bond Fund |
Multi Strategy Alternatives Fund |
August
1, 2019
October 1, 2016 |
Columbia
Alternative Beta Fund
Columbia Adaptive Alternatives Fund |
NY Intermediate Municipal Bond Fund |
May
14, 2019
|
Columbia AMT-Free New York Intermediate Muni Bond Fund |
OR Intermediate Municipal Bond Fund |
May
14, 2019
|
Columbia AMT-Free Oregon Intermediate Muni Bond Fund |
Strategic CA Municipal Income Fund | January 22, 2018 | Columbia California Tax-Exempt Fund |
Strategic NY Municipal Income Fund | January 22, 2018 | Columbia New York Tax-Exempt Fund |
Total Return Bond Fund | February 19, 2016 | Columbia Intermediate Bond Fund |
Ultra Short Term Bond Fund | December 1, 2018 | CMG Ultra Short Term Bond Fund |
Statement of Additional Information – March 1, 2020 | 10 |
Statement of Additional Information – March 1, 2020 | 11 |
A. | Buy or sell real estate |
A1 – | The Fund may not purchase or sell real estate, except each Fund may: (i) purchase securities of issuers which deal or invest in real estate, (ii) purchase securities which are secured by real estate or interests in real estate and (iii) hold and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of securities which are secured by real estate or interests therein. |
A2 – | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except this shall not prevent the Fund from investing in: (i) securities or other instruments backed by real estate or interests in real estate, (ii) securities or other instruments of issuers or entities that deal in real estate or are engaged in the real estate business, (iii) real estate investment trusts (REITs) or entities similar to REITs formed under the laws of non-U.S. countries or (iv) real estate or interests in real estate acquired through the exercise of its rights as a holder of securities secured by real estate or interests therein. |
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B. | Buy or sell physical commodities |
B1 – | The Fund may not purchase or sell commodities, except that each Fund may to the extent consistent with its investment objective: (i) invest in securities of companies that purchase or sell commodities or which invest in such programs, (ii) purchase and sell options, forward contracts, futures contracts, and options on futures contracts and (iii) enter into swap contracts and other financial transactions relating to commodities.(a) This limitation does not apply to foreign currency transactions including without limitation forward currency contracts. |
B2 – | The Fund may invest up to 25% of its total assets in one or more wholly-owned subsidiaries that may invest in commodities, thereby indirectly gaining exposure to commodities, and may, to the extent consistent with its investment objective, (i) invest in securities of companies that purchase or sell commodities or which invest in such programs, (ii) purchase and sell options, forward contracts, futures contracts, and options on futures contracts and (iii) enter into swap contracts and other financial transactions relating to commodities. This policy does not limit foreign currency transactions including without limitation forward currency contracts. |
B3 – | The Fund will not purchase or sell commodities, except to the extent permitted by applicable law from time to time. |
B4 – | The Fund will not purchase or sell commodities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
B5 – | The Fund will not purchase or sell commodities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
(a) | For purposes of the fundamental investment policy on buying and selling physical commodities above, at the time of the establishment of the restriction for certain Funds, swap contracts on financial instruments or rates were not within the understanding of the term “commodities.” Notwithstanding any federal legislation or regulatory action by the CFTC that subjects such swaps to regulation by the CFTC, these Funds will not consider such instruments to be commodities for purposes of this restriction. |
C. | Issuer Diversification*† |
C1 – | The Fund may not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (i) up to 25% of its total assets may be invested without regard to these limitations and (ii) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. |
C2 – | The Fund may not, as a matter of fundamental policy, purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (i) up to 50% of its total assets may be invested without regard to these limitations and (ii) the Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. |
C3 – | The Fund will not make any investment inconsistent with its classification as a diversified company under the 1940 Act. |
C4 – | The Fund will not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
C5 – | The Fund will not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. |
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C6 – | The Fund operates as a diversified company under the 1940 Act. |
* | For purposes of applying the limitation set forth in its issuer diversification policy above, a Fund does not consider futures or swaps central counterparties, where the Fund has exposure to such central counterparties in the course of making investments in futures and securities, to be issuers. |
† | For purposes of applying the limitation set forth in its issuer diversification policy, under certain circumstances, a Fund may treat an investment, if any, in a municipal bond refunded with escrowed U.S. Government securities as an investment in U.S. Government securities. |
D. | Concentration* |
D1 – | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
D2 – | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief; and (iii) under normal market conditions, the Fund will invest at least 25% of the value of its total assets at the time of purchase in the securities of issuers conducting their principal business activities in the energy and other natural resources groups of industries.(a) |
D3 – | The Fund will invest at least 65% of the value of its total assets in securities of companies principally engaged in the real estate industry. |
D4 – | The Fund will, under normal market conditions, invest at least 25% of the value of its total assets at the time of purchase in the securities of issuers conducting their principal business activities in the technology and related group of industries, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
D5 – | The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state, municipality or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. The Fund will consider the concentration policies of any underlying funds in which it invests when evaluating compliance with its concentration policy. |
D6 – | The Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state, municipality or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. The Fund will consider the concentration policies of any underlying funds in which it invests when evaluating compliance with its concentration policy. |
D7 – | The Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. |
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* | For purposes of applying the limitation set forth in its concentration policy, above, a Fund will generally use the industry classifications provided by the Global Industry Classification System (GICS) for classification of issuers of equity securities and the classifications provided by the Barclays Capital Aggregate Bond Index for classification of issues of fixed-income securities. To the extent that a Fund’s concentration policy requires the Fund to consider the concentration policies of any underlying funds in which it invests, the Fund will consider the portfolio positions at the time of purchase, which in the case of unaffiliated underlying funds is based on portfolio information made publicly available by them. A Fund does not consider futures or swaps clearinghouses or securities clearinghouses, where the Fund has exposure to such clearinghouses in the course of making investments in futures and securities, to be part of any industry. |
(a) | In determining whether Global Energy and Natural Resources Fund has invested at least 25% of the value of its total assets in the securities of one or more issuers conducting their principal business activities in the energy and other natural resources groups of industries, the Investment Manager currently uses the GICS produced by S&P and MSCI Inc. The Investment Manager currently considers companies in each of the indicated GICS industry groups to be within the energy and other natural resources groups of industries: (i) Energy, (ii) Utilities, and (iii) Materials, but limited to companies in the following GICS industries and sub-industries: the Chemicals industry (companies that primarily produce or distribute industrial and basic chemicals, including the Commodity Chemicals, Diversified Chemicals, Fertilizers & Agriculture Chemicals, Industrial Gases, and Specialty Chemicals sub-industries), the Metals & Mining industry (companies that primarily produce, process, extract, or distribute precious or basic metals or minerals, including the Aluminum, Diversified Metals & Mining, Gold, Precious Metals & Minerals, and Steel sub-industries), and the Paper & Forest Products industry (companies that primarily cultivate or manufacture timber or wood-related products or paper products, including the Forest Products and Paper Products sub-industries). |
E. | Invest 80% |
E1 – | The Fund will, under normal circumstances, invest at least 80% of its total assets in state bonds, subject to applicable state requirements. |
E2 – | Under normal circumstances, the Fund invests at least 80% of net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax) and Connecticut individual income tax. These securities are issued by the State of Connecticut and its political subdivisions, agencies, authorities and instrumentalities, by other qualified issuers (such as Guam, Puerto Rico and the U.S. Virgin Islands) and by mutual funds that invest in such securities. Dividends derived from interest on municipal securities other than such securities will generally be exempt from regular federal income tax (including the federal alternative minimum tax) but subject to Connecticut personal income tax. The Fund may comply with this 80% policy by investing in a partnership, trust or regulated investment company which invests in such securities, in which case the Fund’s investment in such entity shall be deemed to be an investment in the underlying securities in the same proportion as such entity’s investment in such securities bears to its net assets. |
E3 – | As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax). These securities are issued by states and their political subdivisions, agencies, authorities and instrumentalities, by other qualified issuers (such as Guam, Puerto Rico and the U.S. Virgin Islands) and by mutual funds that invest in such securities. The Fund may comply with this 80% policy by investing in a partnership, trust, or regulated investment company which invests in such securities, in which case the Fund’s investment in such entity shall be deemed to be an investment in the underlying securities in the same proportion as such entity’s investment in such securities bears to its net assets. |
E4 – | Under normal circumstances, the Fund invests at least 80% of net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax) and Massachusetts individual income tax. These securities are issued by the Commonwealth of Massachusetts and its political subdivisions, agencies, authorities and instrumentalities, by other qualified issuers (such as Guam, Puerto Rico and the U.S. Virgin Islands) and by mutual funds that invest in such securities. Dividends derived from interest on municipal securities other than such securities will generally be exempt from regular federal income tax (including the federal alternative minimum tax) but may be subject to Massachusetts personal income tax. The Fund may comply with this 80% policy by investing in a partnership, trust, or regulated investment company which invests in such securities, in which case the Fund’s investment in such entity shall be deemed to be an investment in the underlying securities in the same proportion as such entity’s investment in such securities bears to its net assets. |
E5 – | As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax) and New York State individual income tax. These securities are issued by the State of New York and its political subdivisions, agencies, authorities and instrumentalities and by other qualified issuers (such as Guam, Puerto Rico and the U.S. Virgin Islands). Dividends derived from interest on municipal securities other than such securities will generally be exempt from regular federal income tax (including the federal alternative minimum tax) but may be |
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subject to New York State and New York City personal income tax. The Fund may comply with this 80% policy by investing in a partnership, trust or regulated investment company which invests in such securities, in which case the Fund’s investment in such entity shall be deemed to be an investment in the underlying securities in the same proportion as such entity’s investment in such securities bears to its net assets. | |
E6 – | Under normal circumstances, the Fund invests at least 80% of its net assets in municipal securities issued by the State of Oregon and its political subdivisions, agencies, authorities and instrumentalities. |
E7 – | Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies principally engaged in the real estate industry, including REITs. |
E8 – | Under normal circumstances, the Fund invests at least 80% of its total assets in tax-exempt bonds. |
E9 – | Under normal circumstances, the Fund invests at least 80% of net assets in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common or preferred stocks) of technology companies that may benefit from technological improvements, advancements or developments. |
F. | Act as an underwriter |
F1 – | The Fund may not underwrite any issue of securities issued by other persons within the meaning of the 1933 Act except when it might be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with the Fund’s investment objective. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered investment companies. |
F2 – | The Fund will not underwrite any issue of securities issued by other persons within the meaning of the 1933 Act except when it might be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer where the Fund later resells such securities. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered investment companies. |
G. | Lending |
G1 – | The Fund may not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
G2 – | The Fund will not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
G3 – | The Fund will not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
H. | Borrowing |
H1 – | The Fund may not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
H2 – | The Fund will not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
H3 – | The Fund will not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
I. | Issue senior securities |
I1 – | The Fund may not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
I2 – | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, as interpreted or modified by regulatory authority having jurisdiction, from time to time. |
I3 – | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
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■ | Bond Fund may invest up to 25% of its assets in dollar-denominated debt securities issued by foreign governments, companies or other entities. |
■ | Balanced Fund, Contrarian Core Fund and Dividend Income Fund each may invest up to 20% of its net assets in foreign securities. |
■ | Disciplined Small Core Fund, Large Cap Growth Fund, Mid Cap Growth Fund, Small Cap Growth Fund I and Small Cap Value Fund I each may invest up to 20% of its total assets in foreign securities. |
■ | Up to 25% of the net assets of MM Total Return Bond Strategies Fund may be invested in foreign investments, which may include investments in non-U.S. dollar denominated securities, as well as investments in emerging markets securities. |
■ | MM Small Cap Equity Strategies Fund may invest up to 25% of its net assets in foreign investments. |
■ | Ultra Short Term Bond Fund may invest up to 20% of its total assets in dollar-denominated foreign debt securities. |
■ | Each Fund (other than those Funds listed below) may not sell securities short, except as permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
■ | The following Funds may not sell securities short: Balanced Fund, Bond Fund, Emerging Markets Fund, Global Dividend Opportunity Fund, Global Energy and Natural Resources Fund, Global Technology Growth Fund, Mid Cap Growth Fund, MM Growth Strategies Fund, MM Total Return Bond Strategies Fund, OR Intermediate Municipal Bond Fund, Pacific/Asia Fund, Real Estate Equity Fund, Select Large Cap Growth Fund and Small Cap Growth Fund I. |
■ | Tax-Exempt Fund may not have a short position, unless the Fund owns, or owns rights (exercisable without payment) to acquire, an equal amount of such securities. |
■ | Tax-Exempt Fund may not purchase securities on margin, but may receive short-term credit to clear securities transactions and may make initial or maintenance margin deposits in connection with futures transactions. |
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Type of Investment | Alternative and Fund-of-Funds – Alternative |
Equity
and Flexible |
Funds-of-Funds
– Equity and Fixed Income |
Taxable
Fixed Income(a) |
Tax-Exempt
Fixed Income |
Asset-Backed Securities | • | • | • | • | • |
Bank Obligations (Domestic and Foreign) | • | • | • | • | • |
Collateralized Bond Obligations | • | • | • | • | • |
Commercial Paper | • | • | • | • | • |
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Type of Investment | Alternative and Fund-of-Funds – Alternative |
Equity
and Flexible |
Funds-of-Funds
– Equity and Fixed Income |
Taxable
Fixed Income(a) |
Tax-Exempt
Fixed Income |
Common Stock | • | • | • | • | — |
Convertible Securities | • | • | • | • | • |
Corporate Debt Securities | • | • | • | • | • |
Custody Receipts and Trust Certificates | • | • | • | • | • |
Debt Obligations | • | • | • | • | • |
Depositary Receipts | • | • | • | • | — |
Derivatives | • | • | • | • | • |
Dollar Rolls | • | • | • | • | • |
Exchange-Traded Notes | • | • | • | • | • |
Foreign Currency Transactions | • | • | • | • | • |
Foreign Securities | • | • | • | • | • |
Guaranteed Investment Contracts (Funding Agreements) | • | • | • | • | • |
High-Yield Securities | • | • | • | • | • |
Illiquid Investments | • | • | • | • | • |
Inflation Protected Securities | • | • | • | • | • |
Initial Public Offerings | • | • | • | • | • |
Inverse Floaters | • | • | • | • | • |
Investments in Other Investment Companies (Including ETFs) | • | • | • | • | • |
Listed Private Equity Funds | • | • | • | • | • |
Money Market Instruments | • | • | • | • | • |
Mortgage-Backed Securities | • | • | • | • | • |
Municipal Securities | • | • | • | • | • |
Participation Interests | • | • | • | • | • |
Partnership Securities | • | • | • | • | • |
Preferred Stock | • | • | • | • | • |
Private Placement and Other Restricted Securities | • | • | • | • | • |
Real Estate Investment Trusts | • | • | • | • | • |
Repurchase Agreements | • | • | • | • | • |
Reverse Repurchase Agreements | • | • | • | • | • |
Short Sales(b) | • | • | • | • | • |
Sovereign Debt | • | • | • | • | • |
Standby Commitments | • | • | • | • | • |
U.S. Government and Related Obligations | • | • | • | • | • |
Variable and Floating Rate Obligations | • | • | • | • | • |
Warrants and Rights | • | • | • | • | • |
(a) | Total Return Bond Fund is not authorized to purchase common stock or bank obligations. U.S. Treasury Index Fund is not authorized to purchase asset-backed securities, bank obligations, convertible securities, corporate debt obligations (other than money market instruments), depositary receipts, dollar rolls, foreign currency transactions, foreign securities, guaranteed investment contracts, inverse floaters, high-yield securities, mortgage-backed securities, municipal securities, participation interests, partnership securities, REITs, reverse repurchase agreements, short sales, sovereign debt and standby commitments. Ultra Short Term Bond is not authorized to purchase common stock, foreign currency transactions and short sales. |
(b) | See Fundamental and Non-Fundamental Investment Policies for Funds that are not permitted to sell securities short. |
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■ | A forward foreign currency contract is a derivative (forward contract) in which the underlying reference is a country's or region’s currency. The Fund may agree to buy or sell a country's or region’s currency at a specific price on a specific date in the future. These instruments may fall in value (sometimes dramatically) due to foreign market downswings or foreign |
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currency value fluctuations, subjecting the Fund to foreign currency risk (the risk that Fund performance may be negatively impacted by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund exposes a significant percentage of its assets to currencies other than the U.S. dollar). The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund’s inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. The Fund may use these instruments to gain leveraged exposure to currencies, which is a speculative investment practice that increases the Fund's risk exposure and the possibility of losses. Unanticipated changes in the currency markets could result in reduced performance for the Fund. When the Fund converts its foreign currencies into U.S. dollars, it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market. |
■ | A forward interest rate agreement is a derivative whereby the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates (based on the notional value of the agreement). If the lock rate exceeds the interest rate on the settlement date, the seller pays the buyer the difference between the two rates (based on the notional value of the agreement). The Fund may act as a buyer or a seller. |
■ | A bond (or debt instrument) future is a derivative that is an agreement for the contract holder to buy or sell a bond or other debt instrument, a basket of bonds or other debt instrument, or the bonds or other debt instruments in an index on a specified date at a predetermined price. The buyer (long position) of a bond future is obliged to buy the underlying reference at the agreed price on expiry of the future. |
■ | A commodity-linked future is a derivative that is an agreement to buy or sell one or more commodities (such as crude oil, gasoline and natural gas), basket of commodities or indices of commodity futures at a specific date in the future at a specific price. |
■ | A currency future, also an FX future or foreign exchange future, is a derivative that is an agreement to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. |
■ | An equity future is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an individual equity, a basket of equities or the securities in an equity index on a specified date at a predetermined price. |
■ | An interest rate future is a derivative that is an agreement whereby the buyer and seller agree to the future delivery of an interest-bearing instrument on a specific date at a pre-determined price. Examples include Treasury-bill futures, Treasury-bond futures and Eurodollar futures. |
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■ | A commodity-linked structured note is a derivative (structured investment) that has principal and/or interest payments based on the market price of one or more particular commodities (such as crude oil, gasoline and natural gas), a basket of commodities, indices of commodity futures or other economic variable. If payment of interest on a commodity-linked structured note is linked to the value of a particular commodity, basket of commodities, commodity index or other economic variable, the Fund might receive lower interest payments (or not receive any of the interest due) on its investments if there is a loss of value in the underlying reference. Further, to the extent that the amount of principal to be repaid upon maturity is linked to the value of a particular commodity, basket of commodities, commodity index or other economic variable, the Fund might not receive a portion (or any) of the principal at maturity of the investment or upon earlier exchange. At any time, the risk of loss associated with a particular structured note in the Fund’s portfolio may be significantly higher than the value of the note. A liquid secondary market may not exist for the commodity-linked structured notes held in the Fund’s portfolio, which may make it difficult for the notes to be sold at a price acceptable to the portfolio manager(s) or for the Fund to accurately value them. |
■ | Structured investments include collateralized debt obligations which are debt instruments that are collateralized by the underlying cash flows of a pool of financial assets or receivables. |
■ | An equity-linked note (ELN) is a derivative (structured investment) that has principal and/or interest payments based on the value of a single equity security, a basket of equity securities or an index of equity securities, and generally has risks similar |
Statement of Additional Information – March 1, 2020 | 63 |
to these underlying equity securities. ELNs may be leveraged or unleveraged. An ELN typically provides interest income, thereby offering a yield advantage over investing directly in an underlying equity. The Fund may purchase ELNs that trade on a securities exchange or those that trade on the over-the-counter markets, as well as in privately negotiated transactions with the issuer of the ELN. Investments in ELNs are also subject to liquidity risk, which may make ELNs difficult to sell and value. The liquidity of unlisted ELNs is normally determined by the willingness of the issuer to make a market in the ELN. While the Fund will seek to purchase ELNs only from issuers that it believes to be willing and able to repurchase the ELN at a reasonable price, there can be no assurance that the Fund will be able to sell at such a price. Furthermore, such inability to sell may impair the Fund’s ability to enter into other transactions at a time when doing so might be advantageous. The Fund’s investments in ELNs have the potential to lead to significant losses, including the amount the Fund invested in the ELN, because ELNs are subject to the market and volatility risks associated with their underlying equity. In addition, because ELNs often take the form of unsecured notes of the issuer, the Fund would be subject to the risk that the issuer may default on its obligations under the ELN, thereby subjecting the Fund to the further risk of being too concentrated in the securities (including ELNs) of that issuer. However, the Fund typically considers ELNs alongside other securities of the issuer in its assessment of issuer concentration risk. In addition, ELNs may exhibit price behavior that does not correlate with the underlying securities. ELNs may also be subject to leverage risk. The Fund may or may not hold an ELN until its maturity. ELNs also include participation notes. |
■ | A commodity-linked swap is a derivative (swap) that is an agreement where the underlying reference is the market price of one or more particular commodities (such as crude oil, gasoline and natural gas), basket of commodities or indices of commodity futures. |
■ | Contracts for differences are swap arrangements in which the parties agree that their return (or loss) will be based on the relative performance of two different groups or baskets of securities or other instruments. Often, one or both baskets will be an established securities index. The Fund’s return will be based on changes in value of theoretical long futures positions in the securities comprising one basket (with an aggregate face value equal to the notional amount of the contract for differences) and theoretical short futures positions in the securities comprising the other basket. The Fund also may use actual long and short futures positions and achieve similar market exposure by netting the payment obligations of the two contracts. If the short basket outperforms the long basket, the Fund will realize a loss – even in circumstances when the securities in both the long and short baskets appreciate in value. |
■ | A credit default swap (including a swap on a credit default index, sometimes referred to as a credit default swap index) is a derivative and special type of swap where one party pays, in effect, an insurance premium through a stream of payments to another party in exchange for the right to receive a specified return upon the occurrence of a particular credit event by one or more third parties, such as bankruptcy, default or a similar event. A credit default swap may be embedded within a structured note or other derivative instrument. Credit default swaps enable an investor to buy or sell protection against such a credit event (such as an issuer’s bankruptcy, restructuring or failure to make timely payments of interest or principal). Credit default swap indices are indices that reflect the performance of a basket of credit default swaps and are subject to the same risks as credit default swaps. If such a default were to occur, any contractual remedies that the Fund may have may be subject to bankruptcy and insolvency laws, which could delay or limit the Fund's recovery. Thus, if the counterparty under a credit default swap defaults on its obligation to make payments thereunder, as a result of its bankruptcy or otherwise, the Fund may lose such payments altogether, or collect only a portion thereof, which collection could involve costs or delays. The Fund’s return from investment in a credit default swap index may not match the return of the referenced index. Further, investment in a credit default swap index could result in losses if the referenced index does not perform as expected. Unexpected changes in the composition of the index may also affect performance of the credit default swap index. If a referenced index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of the Fund’s credit default swap index may permit the counterparty to immediately close out the transaction. In that event, the Fund may be unable to enter into another credit default swap index or otherwise achieve desired exposure, even if the referenced index reverses all or a portion of its intraday move. |
Statement of Additional Information – March 1, 2020 | 64 |
■ | An inflation rate swap is a derivative typically used to transfer inflation risk from one party to another through an exchange of cash flows. In an inflation rate swap, one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index, such as the Consumer Price Index (CPI). |
■ | An interest rate swap is a derivative in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another. Interest rate swaps can be based on various measures of interest rates, including LIBOR, swap rates, treasury rates and foreign interest rates. |
■ | Total return swaps are derivative swap transactions in which one party agrees to pay the other party an amount equal to the total return of a defined underlying reference during a specified period of time. In return, the other party would make periodic payments based on a fixed or variable interest rate or on the total return of a different underlying reference. |
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Fund |
Assets
(millions) |
Annual
rate at
each asset level |
Management
Agreement
Effective Date |
Balanced Fund | $0 - $500 | 0.720% | 1/1/2016 |
Dividend Income Fund | >$500 - $1,000 | 0.670% | 10/1/2015 |
>$1,000 - $1,500 | 0.620% | ||
>$1,500 - $3,000 | 0.570% | ||
>$3,000 - $6,000 | 0.550% | ||
>$6,000 - $12,000 | 0.530% | ||
>$12,000 | 0.520% | ||
Bond Fund | $0 - $500 | 0.500% | 9/1/2015 |
Corporate Income Fund | >$500 - $1,000 | 0.495% | 9/1/2015 |
MM Total Return Bond Strategies Fund | >$1,000 - $2,000 | 0.480% | 1/1/2016 |
Total Return Bond Fund | >$2,000 - $3,000 | 0.460% | 9/1/2015 |
>$3,000 - $6,000 | 0.450% | ||
>$6,000 - $7,500 | 0.430% | ||
>$7,500 - $9,000 | 0.415% | ||
>$9,000 - $12,000 | 0.410% | ||
>$12,000 - $20,000 | 0.390% | ||
>$20,000 - $24,000 | 0.380% | ||
>$24,000 - $50,000 | 0.360% | ||
>$50,000 | 0.340% | ||
CT Intermediate Municipal Bond Fund | $0 - $250 | 0.470% | 12/1/2015 |
MA Intermediate Municipal Bond Fund | >$250 - $500 | 0.465% | 3/1/2016 |
NY Intermediate Municipal Bond Fund | >$500 - $1,000 | 0.415% | 3/1/2016 |
OR Intermediate Municipal Bond Fund | >$1,000 - $3,000 | 0.380% | 3/1/2016 |
Strategic CA Municipal Income Fund | >$3,000 - $6,000 | 0.340% | 3/1/2016 |
Strategic NY Municipal Income Fund | >$6,000 - $7,500 | 0.330% | 3/1/2016 |
>$7,500 - $12,000 | 0.320% | ||
>$12,000 | 0.310% | ||
Contrarian Core Fund | $0 - $500 | 0.770% | 1/1/2016 |
Global Dividend Opportunity Fund | >$500 - $1,000 | 0.720% | 1/1/2016 |
Large Cap Growth Fund | >$1,000 - $1,500 | 0.670% | 12/1/2015 |
MM Growth Strategies Fund | >$1,500 - $3,000 | 0.620% | 8/1/2015 |
Select Large Cap Growth Fund | >$3,000 - $6,000 | 0.600% | 8/1/2015 |
>$6,000 - $12,000 | 0.580% | ||
>$12,000 | 0.570% | ||
Disciplined Small Core Fund(c) | $0 - $500 | 0.850% | 7/1/2017 |
>$500 - $1,000 | 0.800% | ||
>$1,000 - $3,000 | 0.750% | ||
>$3,000 - $12,000 | 0.740% | ||
>$12,000 | 0.730% | ||
Emerging Markets Fund(c) | $0 - $500 | 1.100% | 7/1/2017 |
>$500 - $1,000 | 1.060% | ||
>$1,000 - $1,500 | 0.870% | ||
>$1,500 - $3,000 | 0.820% | ||
>$3,000 - $6,000 | 0.770% | ||
>$6,000 - $12,000 | 0.720% | ||
>$12,000 | 0.700% | ||
Global Energy and Natural Resources Fund | $0 - $1,000 | 0.750% | 1/1/2016 |
>$1,000 - $1,500 | 0.670% | ||
>$1,500 - $3,000 | 0.620% | ||
>$3,000 - $6,000 | 0.600% | ||
>$6,000 | 0.580% |
Statement of Additional Information – March 1, 2020 | 89 |
Fund |
Assets
(millions) |
Annual
rate at
each asset level |
Management
Agreement
Effective Date |
Global Technology Growth Fund | $0 - $500 | 0.870% | 1/1/2016 |
>$500 - $1,000 | 0.820% | ||
>$1,000 | 0.770% | ||
Greater China Fund | $0 - $1,000 | 0.950% | 1/1/2016 |
Pacific/Asia Fund | >$1,000 - $1,500 | 0.870% | 8/1/2015 |
>$1,500 - $3,000 | 0.820% | ||
>$3,000 - $6,000 | 0.770% | ||
>$6,000 | 0.720% | ||
HY Municipal Fund | $0 - $500 | 0.540% | 10/1/2015 |
>$500 - $1,000 | 0.535% | ||
>$1,000 - $2,000 | 0.505% | ||
>$2,000 - $3,000 | 0.480% | ||
>$3,000 - $6,000 | 0.445% | ||
>$6,000 - $7,500 | 0.420% | ||
>$7,500 - $10,000 | 0.410% | ||
>$10,000 - $12,000 | 0.400% | ||
>$12,000 - $15,000 | 0.390% | ||
>$15,000 - $24,000 | 0.380% | ||
>$24,000 - $50,000 | 0.360% | ||
>$50,000 | 0.340% | ||
Intermediate Municipal Bond Fund | $0 - $500 | 0.480% | 3/1/2016 |
Tax-Exempt Fund | >$500 - $1,000 | 0.475% | 12/1/2015 |
U.S. Social Bond Fund(b) | >$1,000 - $2,000 | 0.445% | 12/1/2015 |
>$2,000 - $3,000 | 0.420% | ||
>$3,000 - $6,000 | 0.385% | ||
>$6,000 - $9,000 | 0.360% | ||
>$9,000 - $10,000 | 0.350% | ||
>$10,000 - $12,000 | 0.340% | ||
>$12,000 - $15,000 | 0.330% | ||
>$15,000 - $24,000 | 0.320% | ||
>$24,000 - $50,000 | 0.300% | ||
>$50,000 | 0.290% | ||
Mid Cap Growth Fund | $0 - $500 | 0.820% | 1/1/2016 |
>$500 - $1,000 | 0.770% | ||
>$1,000 - $1,500 | 0.720% | ||
>$1,500 - $3,000 | 0.670% | ||
>$3,000 - $12,000 | 0.660% | ||
>$12,000 | 0.650% | ||
MM Alternative Strategies Fund(a) | $0 - $500 | 1.100% | 1/1/2016 |
>$500 - $1,000 | 1.050% | ||
>$1,000 - $3,000 | 1.020% | ||
>$3,000 - $6,000 | 0.990% | ||
>$6,000 - $12,000 | 0.960% | ||
> $12,000 | 0.950% | ||
MM Directional Alternative Strategies Fund | All assets | 1.60% | 8/17/2016 |
MM International Equity Strategies Fund | $0 - $500 | 0.870% | 3/7/2018 |
>$500 - $1,000 | 0.820% | ||
>$1,000 - $1,500 | 0.770% | ||
>$1,500 - $3,000 | 0.720% | ||
>$3,000 - $6,000 | 0.700% | ||
>$6,000 - $12,000 | 0.680% | ||
>$12,000 | 0.670% | ||
MM Small Cap Equity Strategies Fund(c) | $0 - $500 | 0.870% | 7/1/2017 |
Small Cap Growth Fund I | >$500 - $1,000 | 0.820% | 1/1/2016 |
Small Cap Value Fund I | >$1,000 - $3,000 | 0.770% | 9/1/2015 |
>$3,000 - $12,000 | 0.760% | ||
>$12,000 | 0.750% |
Statement of Additional Information – March 1, 2020 | 90 |
Fund |
Assets
(millions) |
Annual
rate at
each asset level |
Management
Agreement
Effective Date |
Multi-Asset Income Fund | $0 - $500 | 0.660% | 9/1/2015 |
>$500 - $1,000 | 0.625% | ||
>$1,000 - $1,500 | 0.610% | ||
>$1,500 - $3,000 | 0.600% | ||
>$3,000 - $6,000 | 0.570% | ||
>$6,000 - $12,000 | 0.545% | ||
>$12,000 | 0.510% | ||
Multi Strategy Alternatives Fund(a) | $0 - $500 | 0.960% | 10/1/2016 |
>$500 - $1,000 | 0.955% | ||
>$1,000 - $3,000 | 0.950% | ||
>$3,000 - $12,000 | 0.940% | ||
>$12,000 | 0.930% | ||
Multisector Bond SMA Completion Portfolio | All assets | 0.00% | 8/7/2019 |
Overseas SMA Completion Portfolio | |||
Solutions Aggressive Portfolio | 8/16/2017 | ||
Solutions Conservative Portfolio | |||
Real Estate Equity Fund | $0 - $500 | 0.750% | 5/1/2016 |
>$500 - $1,000 | 0.745% | ||
>$1,000 - $1,500 | 0.720% | ||
>$1,500 - $3,000 | 0.670% | ||
>$3,000 | 0.660% | ||
Strategic Income Fund | $0 - $500 | 0.600% | 3/1/2016 |
>$500 - $1,000 | 0.590% | ||
>$1,000 - $2,000 | 0.575% | ||
>$2,000 - $3,000 | 0.555% | ||
>$3,000 - $6,000 | 0.530% | ||
>$6,000 - $7,500 | 0.505% | ||
>$7,500 - $9,000 | 0.490% | ||
>$9,000 - $10,000 | 0.481% | ||
>$10,000 - $12,000 | 0.469% | ||
>$12,000 - $15,000 | 0.459% | ||
>$15,000 - $20,000 | 0.449% | ||
>$20,000 - $24,000 | 0.433% | ||
>$24,000 - $50,000 | 0.414% | ||
>$50,000 | 0.393% | ||
U.S. Treasury Index Fund(d) | All assets | 0.400% | 9/1/2015 |
Ultra Short Term Bond Fund(e) | All assets | 0.21% | 12/1/2018 |
Statement of Additional Information – March 1, 2020 | 91 |
Asset Category |
Assets
(millions) |
Annual
rate at
each asset level |
Management
Agreement
Effective Date |
Category 1: Assets invested in affiliated mutual funds, exchange- traded funds and closed-end funds that pay a management services fee (or an investment management services fee, as applicable) to the Investment Manager. | $0 - $500 | 0.060% | 10/1/2015 |
>$500 - $1,000 | 0.055% | ||
>$1,000 - $3,000 | 0.050% | ||
>$3,000 - $12,000 | 0.040% | ||
>$12,000 | 0.030% | ||
Category 2: Assets invested in exchange-traded funds and mutual funds that are not managed by the Investment Manager or its affiliates. | $0 - $500 | 0.160% | |
>$500 - $1,000 | 0.155% | ||
>$1,000 - $3,000 | 0.150% | ||
>$3,000 - $12,000 | 0.140% | ||
>$12,000 | 0.130% | ||
Category 3: Securities, instruments and other assets not described above, including without limitation affiliated mutual funds, exchange-traded funds and closed-end funds that do not pay a management services fee (or an investment management services fee, as applicable) to the Investment Manager, third party closed-end funds, derivatives and individual securities. | $0 - $500 | 0.760% | |
>$500 - $1,000 | 0.745% | ||
>$1,000 - $1,500 | 0.730% | ||
>$1,500 - $3,000 | 0.720% | ||
>$3,000 - $6,000 | 0.690% | ||
>$6,000 - $12,000 | 0.665% | ||
>$12,000 | 0.630% |
Management Services Fees | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending March 31 | |||
Adaptive Retirement 2020 Fund | $33,998 | $9,712 (a) | N/A |
Adaptive Retirement 2025 Fund | 15,637 (b) | N/A | N/A |
Adaptive Retirement 2030 Fund | 5,976 | 19,631 (a) | N/A |
Adaptive Retirement 2035 Fund | 4,465 (b) | N/A | N/A |
Adaptive Retirement 2040 Fund | 4,681 | 1,987 (a) | N/A |
Statement of Additional Information – March 1, 2020 | 92 |
Management Services Fees | |||
2019 | 2018 | 2017 | |
Adaptive Retirement 2045 Fund | $4,461 (b) | N/A | N/A |
Adaptive Retirement 2050 Fund | 4,560 | $1,970 (a) | N/A |
Adaptive Retirement 2055 Fund | 4,459 (b) | N/A | N/A |
Adaptive Retirement 2060 Fund | 4,583 | 1,978 (a) | N/A |
MM Growth Strategies Fund | 14,371,515 | 17,359,656 | $15,336,414 |
Pacific/Asia Fund | 1,823,339 | 2,134,750 | 2,101,261 |
Select Large Cap Growth Fund | 22,384,317 | 27,276,189 | 32,224,821 |
Solutions Aggressive Portfolio(c) | 0 | N/A | N/A |
Solutions Conservative Portfolio(c) | 0 | N/A | N/A |
For Funds with fiscal period ending April 30 | |||
Bond Fund | 1,921,248 | 2,235,758 | 2,601,726 |
Corporate Income Fund | 6,468,272 | 6,472,921 | 5,913,133 |
MM Directional Alternative Strategies Fund | 4,348,923 | 14,976,807 | 8,637,630 (d) |
Multi-Asset Income Fund | 913,614 | 894,672 | 767,760 |
Small Cap Value Fund I | 5,505,921 | 5,297,823 | 5,104,454 |
Total Return Bond Fund | 9,794,055 | 11,472,735 | 13,987,904 |
U.S. Treasury Index Fund | 3,308,567 | 2,926,477 | 3,182,138 |
For Funds with fiscal period ending May 31 | |||
Adaptive Risk Allocation Fund | 20,194,664 | 17,016,235 | 8,000,497 |
Dividend Income Fund | 68,730,008 | 61,556,409 | 54,720,306 |
HY Municipal Fund | 4,087,884 | 4,167,839 | 4,668,440 |
Multi Strategy Alternatives Fund | 5,026,201 | 4,999,782 | 2,938,737 |
For Funds with fiscal period ending July 31 | |||
Large Cap Growth Fund | 23,352,733 | 24,015,095 | 22,327,952 |
OR Intermediate Municipal Bond Fund | 1,683,285 | 1,936,652 | 2,152,358 |
Tax-Exempt Fund | 14,926,550 | 15,993,714 | 17,289,123 |
U.S. Social Bond Fund | 235,673 | 215,813 | 177,410 |
Ultra Short Term Bond Fund | 2,159,802 | 3,448,775 | 4,331,299 |
For Funds with fiscal period ending August 31 | |||
Balanced Fund | 39,147,898 | 42,313,765 | 37,000,407 |
Contrarian Core Fund | 61,766,499 | 69,747,238 | 62,449,221 |
Disciplined Small Core Fund | 884,008 | 1,553,711 | 2,120,260 |
Emerging Markets Fund | 13,209,425 | 14,851,585 | 13,852,430 |
Global Dividend Opportunity Fund | 3,905,665 | 4,511,286 | 4,563,064 |
Global Energy and Natural Resources Fund | 1,447,280 | 1,797,151 | 1,792,602 |
Global Technology Growth Fund | 11,607,081 | 9,088,664 | 5,448,440 |
Greater China Fund | 1,101,436 | 1,316,857 | 1,044,824 |
Mid Cap Growth Fund | 12,857,303 | 14,133,865 | 13,635,837 |
MM Alternative Strategies Fund | 5,705,412 | 6,324,434 | 6,656,052 |
MM International Equity Strategies Fund | 15,100,870 | 4,352,066 (e) | N/A |
MM Small Cap Equity Strategies Fund | 14,241,229 | 10,337,126 | 8,560,553 |
MM Total Return Bond Strategies Fund | 35,866,449 | 35,541,912 | 30,955,796 |
Multisector Bond SMA Completion Portfolio(f) | N/A | N/A | N/A |
Statement of Additional Information – March 1, 2020 | 93 |
Management Services Fees | |||
2019 | 2018 | 2017 | |
Overseas SMA Completion Portfolio(g) | N/A | N/A | N/A |
Small Cap Growth Fund I | $4,852,998 | $4,272,672 | $3,547,326 |
Strategic Income Fund | 24,981,150 | 23,126,723 | 15,719,912 (h) |
For Funds with fiscal period ending October 31 | |||
CT Intermediate Municipal Bond Fund | 451,181 | 513,627 | 629,541 |
Intermediate Municipal Bond Fund | 6,098,804 | 7,952,128 | 9,519,597 |
MA Intermediate Municipal Bond Fund | 1,013,279 | 1,077,291 | 1,209,330 |
NY Intermediate Municipal Bond Fund | 1,016,584 | 1,044,632 | 1,183,001 |
Strategic CA Municipal Income Fund | 2,483,919 | 2,389,784 | 2,411,432 |
Strategic NY Municipal Income Fund | 905,523 | 982,344 | 1,028,510 |
2018 | 2017 | 2016 | |
For Funds with fiscal period ending December 31 | |||
Real Estate Equity Fund | 2,389,889 | 3,484,436 | 2,757,449 |
(a) | For the period from October 24, 2017 (commencement of operations) to March 31, 2018. |
(b) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(c) | The Solution Series Funds do not pay a management services fee. |
(d) | For the period from October 17, 2016 (commencement of operations) to April 30, 2017. |
(e) | For the period from May 17, 2018 (commencement of operations) to August 31, 2018. |
(f) | The Fund commenced operations on October 29, 2019, and therefore has no reporting information for periods prior to such date. |
(g) | The Fund commenced operations on September 12, 2019, and therefore has no reporting information for periods prior to such date. |
(h) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – March 1, 2020 | 94 |
Investment Advisory Services Fees | |||
Fund | |||
For Funds with fiscal period ending December 31 | 2018 | 2017 | 2016 |
Real Estate Equity Fund | N/A | N/A | 1,126,073 |
Statement of Additional Information – March 1, 2020 | 95 |
Statement of Additional Information – March 1, 2020 | 96 |
Fund | Current Subadvisers |
Parent
Company/Other Information |
Aggregate Effective Fee Rate |
For Funds with fiscal period ending May 31 | |||
Multi Strategy Alternatives Fund |
AQR
(since September 24, 2019) QMA (since September 24, 2019) |
B
S |
0.300%
(b)
|
For Funds with fiscal period ending August 31 | |||
MM Alternative Strategies Fund |
AlphaSimplex
(effective May 23, 2018) AQR (since commencement of operations) Manulife (effective September 13, 2017) TCW (effective March 29, 2017) Water Island (since commencement of operations) |
Q
B M D C |
0.474% |
MM International Equity Strategies Fund |
Arrowstreet
(since commencement of operations) Baillie Gifford (since commencement of operations) Causeway (since commencement of operations) |
N
O P |
0.414% |
MM Small Cap Equity Strategies Fund |
BMO
(effective May 1, 2017) Conestoga (effective October 1, 2012) Hotchkis & Wiley (effective February 13, 2019) JPMIM (effective December 19, 2018) |
H
E F G |
0.306% |
MM Total Return Bond Strategies Fund |
Loomis
Sayles
(effective April 11, 2016) PGIM Fixed Income (effective May 16, 2016) TCW (since commencement of operations) Voya (effective December 6, 2018) |
A
I D R |
0.097% |
Statement of Additional Information – March 1, 2020 | 97 |
Statement of Additional Information – March 1, 2020 | 98 |
(a) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019, which amounted to 0.130%, 0.144%, and 0.142%, respectively, of the Fund’s daily net assets as of each fiscal year end. |
(b) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019, which amounted to 0.451%, 0.830%, and 0.857%, respectively, of the Fund’s daily net assets as of each fiscal year end. |
(c) | The Fund's subadvisers began managing the Fund on September 24, 2019, and therefore has no reporting information for periods prior to such date. |
(d) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019 which amounted to 0.606%, 0.484%, and 0.474% respectively, of the Fund’s daily net assets as of each fiscal year end. |
(e) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019, which amounted to 0.333%, 0.306%, and 0.306% respectively, of the Fund’s daily net assets as of each fiscal year end. |
(f) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2017, 2018, and 2019, which amounted to 0.074%, 0.088%, and 0.097% respectively, of the Fund’s daily net assets as of each fiscal year end. |
(g) | The fees shown represent the aggregate amount paid by the Investment Manager, with respect to the Fund, to all non-affiliated subadvisers for 2018, and 2019, which amounted to 0.121% and 0.414%, respectively, of the Fund’s daily net assets as of each fiscal year end. The Fund commenced operations on May 17, 2018, and therefore has no reporting information for periods prior to such date. |
Statement of Additional Information – March 1, 2020 | 99 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
For Funds with fiscal year ending March 31 – Information is as of March 31, 2019, unless otherwise noted | |||||||
Adaptive
Retirement 2020 Fund |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.69
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None | |||
Adaptive
Retirement 2025 Fund |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.69
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None | |||
Adaptive
Retirement 2030 Fund |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.70
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None | |||
Adaptive
Retirement 2035 Fund |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.70
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None | |||
Adaptive
Retirement 2040 Fund |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.70
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None | |||
Adaptive
Retirement 2045 Fund |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.70
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None |
Statement of Additional Information – March 1, 2020 | 100 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
Adaptive
Retirement 2050 Fund |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.70
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None | |||
Adaptive
Retirement 2055 Fund |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.70
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None | |||
Adaptive
Retirement 2060 Fund |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.70
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None | |||
MM
Growth
Strategies Fund |
Columbia
Management:
Thomas Galvin |
5 RICs 2 PIVs 1,293 other accounts |
$3.43 billion $572.60 million $2.62 billion |
None |
None |
Columbia Management |
Columbia Management |
Richard Carter |
5
RICs
2 PIVs 1,294 other accounts |
$3.43
billion
$572.60 million $2.60 billion |
None | None | |||
Todd Herget |
5
RICs
2 PIVs 1,297 other accounts |
$3.43
billion
$572.60 million $2.60 billion |
None | None | |||
Loomis
Sayles:
Aziz Hamzaogullari |
20 RICs 16 PIVs 132 other accounts |
$23.31 billion $6.8 billion $21.35 billion |
2 PIVs ($788.54M) |
None |
Loomis Sayles |
Loomis Sayles |
Statement of Additional Information – March 1, 2020 | 101 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
MM
Growth
Strategies Fund (continued) |
Los
Angeles Capital:
Thomas Stevens |
13 RICs 14 PIVs 39 other accounts |
$7.09 billion $5.15 billion $12.65 billion |
1 RIC ($3.55 B) 5 PIVs ($2.09 B) 6 other accounts ($6.84 B) |
None |
Los Angeles Capital |
Los Angeles Capital |
Hal Reynolds |
13
RICs
14 PIVs 39 other accounts |
$7.09
billion
$5.15 billion $12.65 billion |
1
RIC
($3.55 B) 5 PIVs ($2.09 B) 6 other accounts ($6.84 B) |
None | |||
Daniel Allen |
9
RICs
14 PIVs 39 other accounts |
$2.96
billion
$5.15 billion $12.65 billion |
5
PIVs
($2.09 B) 6 other accounts ($6.84 B) |
None | |||
Daniel Arche |
1
RIC
5 PIVs 11 other accounts |
$1.80
billion
$2.49 billion $2.09 billion |
3
PIVs
($1.46 B) |
None | |||
Pacific/Asia
Fund |
Daisuke Nomoto |
4
RICs
2 PIVs 3 other accounts |
$3.14
billion
$1.02 billion $2.90 million |
None |
$100,001
–
$500,000(a) $100,001 – $500,000(b) |
Columbia Management | Columbia Management |
Christine Seng |
1
RIC
2 PIVs 1 other account |
$18.20
million
$202.08 million $16.34 million |
None | None (c) | Threadneedle | Threadneedle | |
Select
Large
Cap Growth Fund |
Thomas Galvin |
5
RICs
2 PIVs 1,293 other accounts |
$1.50
billion
$572.60 million $2.62 billion |
None |
Over
$1,000,000(a) $50,001 – $100,000(b) |
Columbia Management | Columbia Management |
Richard Carter |
5
RICs
2 PIVs 1,294 other accounts |
$1.50
billion
$572.60 million $2.60 billion |
None |
$10,001
–
$50,000(a) $50,001 – $100,000(b) |
|||
Todd Herget |
5
RICs
2 PIVs 1,297 other accounts |
$1.50
billion
$572.60 million $2.60 billion |
None |
$100,001
–
$500,000(b) |
|||
Solutions
Aggressive Portfolio |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.69
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None |
Statement of Additional Information – March 1, 2020 | 102 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
Solutions
Conservative Portfolio |
Joshua Kutin |
42
RICs
7 PIVs 24 other accounts |
$67.69
billion
$12.35 million $1.38 million |
None | None | Columbia Management | Columbia Management |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$3.27
billion
$0.31 million $0.03 million |
None | None | |||
For Funds with fiscal year ending April 30 – Information is as of April 30, 2019, unless otherwise noted | |||||||
Bond Fund | Gene Tannuzzo |
7
RICs
1 PIV 61 other accounts |
$12.78
billion
$74.61 million $1.05 billion |
None | None | Columbia Management | Columbia Management |
Jason Callan |
12
RICs
21 PIVs 4 other accounts |
$18.92
billion
$37.25 billion $1.52 million |
None | None | |||
Corporate
Income Fund |
Tom Murphy |
12
RICs
29 PIVs 23 other accounts |
$2.96
billion
$45.79 billion $4.54 billion |
None | None | Columbia Management | Columbia Management |
Royce Wilson(f) |
2
RICs
4 other accounts |
$1.43
billion
$0.62 million |
None | None | |||
John Dawson(f) | 6 other accounts | $1.25 million | None | None | |||
MM
Directional
Alternative Strategies Fund |
Boston
Partners:
Joseph Feeney |
7 RICs 6 PIVs 35 other accounts |
$6.46 billion $3.25 billion $3.26 billion |
None |
None |
Boston Partners |
Boston Partners |
Eric Connerly |
1
other
account |
$4.25 billion | None | None | |||
AQR:
Michele Aghassi |
19 RICs 17 PIVs 14 other accounts |
$11.05 billion $8.40 billion $4.88 billion |
14 PIVs ($5.98 B) 4 other accounts ($1.69 B) |
None |
AQR |
AQR |
|
Andrea Frazzini |
36
RICs
27 PIVs 35 other accounts |
$20.10
billion
$14.51 billion $17.83 billion |
24
PIVs
($12.09 B) 9 other accounts ($2.18 B) |
None | |||
Ronen Israel(k) |
27
RICs
57 PIVs 49 other accounts |
$12.96
billion
$22.11 billion $24.84 billion |
52
PIVs
($19.68 B) 16 other accounts ($7.55 B) |
None | |||
Lars Nielsen(k) |
28
RICs
57 PIVs 49 other accounts |
$13.11
billion
$22.11 billion $24.84 billion |
52
PIVs
($19.68 B) 16 other accounts ($7.55 B) |
Statement of Additional Information – March 1, 2020 | 103 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
MM
Directional
Alternative Strategies Fund (continued) |
WellsCap:
Harindra de Silva |
19 RICs 22 PIVs 32 other accounts |
$5.82 billion $7.37 billion $6.69 billion |
2 PIVs ($170.34 M) 3 other accounts ($448.00 M) |
None |
WellsCap |
WellsCap |
Dennis Bein |
17
RICs
21 PIVs 27 other accounts |
$5.60
billion
$7.35 billion $6.23 billion |
2
PIVs
($170.34 M) 3 other accounts ($448.00 M) |
None | |||
David Krider |
7
RICs
16 PIVs 8 other accounts |
$2.43
billion
$3.83 billion $1.68 billion |
2
PIVs
($170.34 M) 1 other account ($28.03 M) |
None | |||
Multi–Asset
Income Fund |
Anwiti Bahuguna |
22
RICs
25 PIVs 33 other accounts |
$70.33
billion
$3.25 billion $110.02 million |
None |
$10,001
–
$50,000(b) |
Columbia Management | Columbia Management |
Dan Boncarosky |
7
RICs
25 other accounts |
$5.68
billion
$3.61 million |
None |
$1
–
$10,000(b) |
|||
Small
Cap
Value Fund I |
Jeremy Javidi |
1
RIC
1 PIV 9 other accounts |
$329.29
million
$176.74 million $22.77 million |
None |
Over
$1,000,000(a) |
Columbia Management | Columbia Management |
Total
Return
Bond Fund |
Gene Tannuzzo |
7
RICs
1 PIV 61 other accounts |
$11.15
billion
$74.61 million $1.05 billion |
None |
$50,001
–
$100,000(a) |
Columbia Management | Columbia Management |
Jason Callan |
12
RICs
21 PIVs 4 other accounts |
$17.29
billion
$37.25 billion $1.52 million |
None | None | |||
U.S.
Treasury
Index Fund |
Alan Erickson |
1
RIC
40 other accounts |
$3.96
million
$2.71 billion |
None |
$10,001
–
$50,000(b) |
Columbia Management | Columbia Management |
For Funds with fiscal year ending May 31 – Information is as of May 31, 2019, unless otherwise noted | |||||||
Adaptive
Risk
Allocation Fund |
Alexander Wilkinson |
12
RICs
6 PIVs 1 other account |
$0.29
billion
$0.31 million $0.03 million |
None |
$1
–
$10,000(b) |
Columbia
Management; Columbia Management – FoF |
Columbia Management |
Joshua Kutin |
42
RICs
6 PIVs 24 other accounts |
$63.49
billion
$0.31 million $1.34 million |
None |
$100,001
–
$500,000(a) $100,001 – $500,000(b) |
Statement of Additional Information – March 1, 2020 | 104 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
Dividend
Income
Fund |
Michael Barclay |
5
RICs
1 PIV 82 other accounts |
$929.57
million
$26.33 million $1.56 billion |
None |
$500,001
–
$1,000,000(a) $100,001 – $500,000(b) |
Columbia Management | Columbia Management |
Scott Davis |
2
RICs
1 PIV 83 other accounts |
$904.82
million
$26.33 million $1.56 billion |
None |
$100,001
–
$500,000(a) $100,001 – $500,000(b) |
|||
Peter Santoro |
5
RICs
1 PIV 60 other accounts |
$2.93
billion
$26.33 million $2.06 billion |
None |
$100,001
–
$500,000(a) $100,001 – $500,000(b) |
|||
HY
Municipal
Fund |
Douglas White |
4
RICs
7 other accounts |
$3.15
billion
$6.98 million |
None | None | Columbia Management | Columbia Management |
Catherine Stienstra |
7
RICs
2 PIVs 3 other accounts |
$7.45
billion
$1.78 billion $1.17 million |
None |
$100,001
–
$500,000(a) $50,001 – $100,000(b) |
|||
Multi Strategy Alternatives Fund | Marc Khalamayzer |
5
RICs
6 other accounts |
$72.89
million
$0.43 million |
None |
$10,001
–
$50,000(b) |
Columbia Management | Columbia Management |
Joshua Kutin |
42
RICs
6 PIVs 24 other accounts |
$65.78
billion
$0.31 million $1.34 million |
None |
$100,001
–
$500,000(b) |
|||
Matthew Ferrelli(g) |
1
other
account |
$0.14 million | None | None | |||
Dan Boncarosky(d) |
8
RICs
25 other accounts |
$5.56
billion
$3.37 million |
None |
$1
–
$10,000(b) |
|||
Brian Virginia(d) |
16
RICs
9 other accounts |
$61.98
billion
$2.70 million |
None | None | |||
Corey Lorenzen(d) |
2
RICs
5 other accounts |
$14.83
million
$0.53 million |
None | None | |||
Jason Callan(d) |
13
RICs
13 PIVs 4 other accounts |
$18.74
billion
$6.41 billion $25.15 billion |
None | None | |||
Tom Heuer(d) |
4
RICs
5 other accounts |
$4.30
billion
$2.78 million |
None | None | |||
Ryan Osborn(d) |
3
RICs
6 other accounts |
$4.30
billion
$1.69 million |
None | None |
Statement of Additional Information – March 1, 2020 | 105 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
Multi Strategy Alternatives Fund (continued) |
AQR:
Jordan Brooks(i) |
3 RICs 1 PIV |
$216.03 million $47.12 million |
1 PIV ($47.12 M) |
None |
AQR |
AQR |
David Kupersmith(i) |
2
RICS
3 PIVs |
$101.06
million
$647.93 million |
3
PIVs
($647.93 M) |
None | |||
Lars Nielsen(i) |
28
RICs
62 PIVs 50 other accounts |
$13.10
billion
$25.57 billion $25.01 billion |
56
PIVs
($22.94 B) 16 other accounts ($7.37 B) |
None | |||
Ashwin Thapar(i) |
16
RICs
79 PIVs |
$10.65
billion
$30.62 billion |
79
PIVs
($30.62 B) |
None | |||
QMA:
Marco Aiolfi(i) |
7 RICs 1 PIV 1 other account |
$71.66 million $146.99 million $29.70 million |
None |
None |
QMA |
QMA |
|
Yesim Tokat-Acikel(i) |
7
RICs
1 PIV 1 other account |
$71.66
million
$146.99 million $29.70 million |
None | None | |||
For Funds with fiscal year ending July 31– Information is as of July 31, 2019, unless otherwise noted | |||||||
Large
Cap
Growth Fund |
Melda Mergen(e) |
5
RICs
14 other accounts |
$3.47
billion
$549.94 million |
None |
$1
–
$10,000(a) |
Columbia Management | Columbia Management |
Peter Santoro(e) |
5
RICs
1 PIV 57 other accounts |
$19.45
billion
$45.47 million $2.22 billion |
None |
$100,001
–
$500,000(b) |
|||
Tchintcia Barros |
2
RICs
7 other accounts |
$3.50
billion
$319.72 million |
None |
$10,001
–
$50,000(b) |
|||
OR
Intermediate Municipal Bond Fund |
Paul Fuchs |
10
RICs
7 other accounts |
$2.76
billion
$29.95 million |
None | None | Columbia Management | Columbia Management |
Anders Myhran |
15
RICs
2 PIVs 4 other accounts |
$5.04
billion
$1.79 billion $146.70 million |
None | None | |||
Deborah Vargo |
10
RICs
125 other accounts |
$2.76
billion
$1.64 million |
None | None | |||
Tax–Exempt
Fund |
Kimberly Campbell |
1
RICs
11 other accounts |
$52.22
million
$200.41 million |
None |
$100,001
–
$500,000(a) $50,001 – $100,000(b) |
Columbia Management | Columbia Management |
Catherine Stienstra |
7
RICs
2 PIVs 3 other accounts |
$5.02
billion
$1.79 billion $1.32 million |
None |
$100,001
–
$500,000(a) $50,001 – $100,000(b) |
Statement of Additional Information – March 1, 2020 | 106 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
U.S.
Social
Bond Fund |
Kimberly Campbell |
1
RIC
11 other accounts |
$3.43
billion
$200.41 million |
None | None | Columbia Management | Columbia Management |
Tom Murphy |
12
RICs
24 PIVs 22 other accounts |
$4.20
billion
$21.79 billion $4.56 billion |
None | None | |||
Malcolm (Mac) Ryerse |
5
other
accounts |
$1.58 million | None |
$10,001
–
$50,000(a) $10,001 – $50,000(b) |
|||
Ultra
Short
Term Bond Fund |
Ronald Stahl |
3
RICs
13 PIVs 42 other accounts |
$3.71
billion
$1.96 billion $4.52 billion |
None | None | Columbia Management | Columbia Management |
Greg Liechty |
3
RICs
13 PIVs 43 other accounts |
$3.71
billion
$2.04 billion $4.52 billion |
None | None | |||
For Funds with fiscal year ending August 31 – Information is as of August 31, 2019, unless otherwise noted | |||||||
Balanced Fund | Guy Pope |
9
RICs
7 PIVs 111 other accounts |
$12.68
billion
$1.46 billion $2.70 billion |
None |
$100,001
–
$500,000(a) $100,001 – $500,000(b) |
Columbia Management | Columbia Management |
Jason Callan |
12
RICs
9 PIVs 3 other accounts |
$17.37
billion
$7.88 billion $1.69 million |
None | None | |||
Gregory Liechty |
3
RICs
12 PIVs 44 other accounts |
$2.45
billion
$1.94 billion $4.29 billion |
None |
$10,001
–
$50,000(b) |
|||
Ronald Stahl |
3
RICs
13 PIVs 42 other accounts |
$2.45
billion
$1.94 billion $4.87 billion |
None |
$100,001
–
$500,000(a) $10,001 – $50,000(b) |
|||
Contrarian
Core Fund |
Guy Pope |
9
RICs
7 PIVs 111 other accounts |
$7.10
billion
$1.46 billion $2.70 billion |
None |
Over
$1,000,000(a) $100,001 – $500,000(b) |
Columbia Management | Columbia Management |
Disciplined
Small Core Fund |
Brian Condon |
22
RICs
2 PIVs 69 other accounts |
$13.56
billion
$108.93 million $7.41 billion |
None |
$100,001
–
$500,000(b) |
Columbia Management | Columbia Management |
Peter Albanese |
16
RICs
2 PIVs 67 other accounts |
$13.50
billion
$108.93 million $7.40 billion |
None |
$10,001
–
$50,000(b) |
Statement of Additional Information – March 1, 2020 | 107 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
Emerging
Markets Fund |
Dara White |
3
RICs
2 PIVs 14 other accounts |
$590.59
million
$430.49 million $1.90 billion |
None |
Over
$1,000,000(a) $100,001 – $500,000(b) |
Columbia Management | Columbia Management |
Robert Cameron |
2
RICs
2 PIVs 14 other accounts |
$481.57
million
$430.49 million $1.11 billion |
None |
$100,001
–
$500,000(b) |
|||
Young Kim |
2
RICs
2 PIVs 12 other accounts |
$481.57
million
$431.51 million $1.16 billion |
None |
$10,001
–
$50,000(a) $50,001 – $100,000(b) |
|||
Perry Vickery |
2
RICs
2 PIVs 13 other accounts |
$481.57
million
$430.49 million $1.17 billion |
None |
$100,001
–
$500,000(a) $10,001 – $50,000(b) |
|||
Derek Lin(f) |
7
other
accounts |
$0.61 million | None | None | |||
Global
Dividend Opportunity Fund |
Jonathan Crown(c) |
2
PIVs
3 other accounts |
$937.51
million
$2.73 billion |
None | None | Threadneedle | Threadneedle |
Georgina Hellyer |
2
PIVs
2 other account |
$937.51
million
$2.70 billion |
None | None (c) | |||
Global
Energy
and Natural Resources Fund |
Josh Kapp |
8
other
accounts |
$1.87 million | None |
$1
–
$10,000(b) |
Columbia Management | Columbia Management |
Global
Technology Growth Fund |
Rahul Narang |
7
other
accounts |
$165.47 million | None |
$100,001
–
$500,000(b) |
Columbia Management | Columbia Management |
Greater
China
Fund |
Dara White |
3
RICs
2 PIVs 14 other accounts |
$1.76
billion
$430.49 million $1.90 billion |
None |
$100,001
–
$500,000(b) |
Columbia Management | Columbia Management |
Derek Lin(f) |
7
other
accounts |
$0.61 million | None | None | |||
Mid
Cap
Growth Fund |
Matthew Litfin |
5
RICs
10 other accounts |
$5.84
billion
$21.00 million |
None |
$500,001
–
$1,000,000(a) $100,001 – $500,000(b) |
Columbia WAM | Columbia Management |
Erika Maschmeyer |
2
RICs
9 other accounts |
$4.70
billion
$15.56 million |
None |
$50,001
–
$100,000(b) |
|||
John Emerson |
3
RICs
6 other accounts |
$859.56
million
$16.00 million |
None |
$50,001
–
$100,000(b) |
Statement of Additional Information – March 1, 2020 | 108 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
MM
Alternative
Strategies Fund |
AlphaSimplex:
Alexander Healy |
6 RICs 2 PIVs 6 other accounts |
$3.12 billion $714.20 million $550.50 million |
1 PIV ($476.80 M) |
None |
AlphaSimplex |
AlphaSimplex |
Kathryn Kaminski |
2
RICs
2 PIVs 3 other accounts |
$1.95
billion
$714.20 million $498.10 million |
1
PIV
($476.80 M) |
None | |||
Philippe Lüdi |
4
RICs
2 PIVs 3 other accounts |
$2.90
billion
$714.20 million $498.10 million |
1
PIV
($476.80 M) |
None | |||
John Perry |
2
RICs
2 PIVs 3 other accounts |
$1.95
billion
$714.20 million $498.10 million |
1
PIV
($476.80 M) |
None | |||
Robert Rickard |
5
RICs
2 PIVs |
$3.05
billion
$714.20 million |
1
PIV
($476.80 M) |
None | |||
AQR:
Clifford Asness |
29 RICs 38 PIVs 61 other accounts |
$17.29 billion $18.25 billion $29.52 billion |
36 PIVs ($16.53 B) 21 other accounts ($8.88 B) |
None |
AQR |
AQR |
|
John Liew |
18
RICs
29 PIVs 30 other accounts |
$10.40
billion
$12.25 billion $13.90 billion |
28
PIVs
($10.73 B) 10 other accounts ($5.77 B) |
None | |||
Yao Hua Ooi |
11
RICs
40 PIVs 2 other accounts |
$10.40
billion
$19.70 billion $364.00 million |
38
PIVs
($18.65 B) 1 other account ($78 .01 M) |
None | |||
Ari Levine |
5
RICs
37 PIVs 7 other accounts |
$6.14
billion
$16.02 billion $3.80 billion |
34
PIVs
($13.77 B) 2 other accounts ($823 M) |
None |
Statement of Additional Information – March 1, 2020 | 109 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
MM
Alternative
Strategies Fund (continued) |
Manulife:
Daniel Janis III |
5 RICs 43 PIVs 15 other accounts |
$7.86 billion $23.57 billion $10.71 billion |
1 other account ($6.82 B) |
None |
Manulife |
Manulife |
Christopher Chapman |
4
RICs
42 PIVs 15 other accounts |
$7.83
billion
$17.91 billion $10.71 billion |
1
other
account ($6.82 B) |
None | |||
Thomas Goggins |
4
RICs
41 PIVs 15 other accounts |
$7.83
billion
$17.86 billion $10.71 billion |
1
other
account ($6.82 B) |
None | |||
Kisoo Park |
4
RICs
43 PIVs 15 other accounts |
$7.83
billion
$23.60 billion $10.71 billion |
1
other
account ($6.82 B) |
None | |||
TCW:
Tad Rivelle |
33 RICs 47 PIVs 220 other accounts |
$113.79 billion $15.62 billion $48.61 billion |
25 PIVs ($3.19 B) 8 other accounts ($4.60 B) |
None |
TCW |
TCW |
|
Stephen Kane |
32
RICs
28 PIVs 204 other accounts |
$107.89
billion
$12.74 billion $42.91 billion |
8
PIVs
($2.41 B) 7 other accounts ($4.41 B) |
None | |||
Laird Landmann |
29
RICs
20 PIVs 195 other accounts |
$107.84
billion
$9.57 billion $38.92 billion |
3
PIVs
($443.50 M) 7 other accounts ($4.41 B) |
None | |||
Bryan Whalen |
31
RICs
40 PIVs 213 other accounts |
$113.77
billion
$12.51 billion $44.88 billion |
20
PIVs
($1.22 B) 8 other accounts ($4.60 B) |
None | |||
Water
Island:
Edward Chen |
2 RICs |
$136.00 million |
None |
None |
Water Island |
Water Island |
|
Gregory Loprete | 3 RICs | $549.00 million | None | None | |||
Todd Munn |
4
RICs
1 PIV |
$2.25
billion
$114.00 million |
None | None | |||
Roger P. Foltynowicz |
4
RICs
1 PIV |
$2.25
billion
$114.00 million |
None | None |
Statement of Additional Information – March 1, 2020 | 110 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
MM
Intl Equity
Strategies Fund |
Arrowstreet:
Peter Rathjens |
4
RICs
73 PIVs 72 other accounts |
$2.52
billon
$50.44 billion $48.02 billion |
1
RIC
($122.56 M) 31 PIVs ($31.50 B) 9 other accounts ($7.09 B) |
None |
Arrowstreet |
Arrowstreet |
John Capeci |
4
RICs
73 PIVs 72 other accounts |
$2.52
billon
$50.44 billion $48.02 billion |
1
RIC
($122.56 M) 31 PIVs ($31.50 B) 9 other accounts ($7.09 B) |
None | |||
Manolis Liodakis |
4
RICs
73 PIVs 72 other accounts |
$2.52
billon
$50.44 billion $48.02 billion |
1
RIC
($122.56 M) 31 PIVs ($31.50 B) 9 other accounts ($7.09 B) |
None | |||
Baillie
Gifford:
Donald Farquharson |
4
RICs
1 PIV 42 other accounts |
$5.49
billion
$1.12 billion $18.45 billion |
6
other
accounts ($3.43 B) |
None |
Baillie Gifford |
Baillie Gifford |
|
Jenny Davis |
4
RICs
35 other accounts |
$5.49
billion
$14.19 billion |
5
other
accounts ($3.18 B) |
None | |||
Angus Franklin |
4
RICs
35 other accounts |
$5.49
billion
$14.19 billion |
5
other
accounts ($3.18 B) |
None | |||
Andrew Stobart |
6
RICs
3 PIVs 45 other accounts |
$8.62
billion
$1.59 billion $19.40 billion |
1
RIC
($159.00 M) 1 PIV ($29.00 M) 5 other accounts ($3.18 B) |
None | |||
Tom Walsh |
4
RICs
35 other accounts |
$5.49
billion
$14.19 billion |
5
other
accounts ($3.18 B) |
None | |||
Toby Ross |
4
RICs
5 PIVs 39 other accounts |
$5.49
billion
$1.59 billion $14.49 billion |
5
other
accounts ($3.18 B) |
None |
Statement of Additional Information – March 1, 2020 | 111 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
MM
Intl Equity
Strategies Fund (continued) |
Causeway:
Sarah Ketterer |
16
RICs
24 PIVs 146 other accounts |
$13.48
billion
$5.31 billion $21.42 billion |
9
other
accounts ($2.17 B) |
None |
Causeway |
Causeway |
Harry Hartford |
16
RICs
24 PIVs 99 other accounts |
$13.48
billion
$5.31 billion $21.21 billion |
9
other
accounts ($2.17 B) |
None | |||
James Doyle(l) |
16
RICs
24 PIVs 98 other accounts |
$13.48
billion
$5.31 billion $21.23 billion |
9
other
accounts ($2.17 B) |
None | |||
Conor Muldoon |
16
RICs
24 PIVs 93 other accounts |
$13.48
billion
$5.31 billion $21.21 billion |
9
other
accounts ($2.17 B) |
None | |||
Alessandro Valentini |
16
RICs
24 PIVs 95 other accounts |
$13.48
billion
$5.31 billion $21.21 billion |
9
other
accounts ($2.17 B) |
None | |||
Jonathan Eng |
16
RICs
24 PIVs 95 other accounts |
$13.48
billion
$5.31 billion $21.21 billion |
9
other
accounts ($2.17 B) |
None | |||
Ellen Lee |
16
RICs
24 PIVs 93 other accounts |
$13.48
billion
$5.31 billion $21.21 billion |
9
other
accounts ($2.17 B) |
None | |||
Ellen Lee |
16
RICs
24 PIVs 93 other accounts |
$13.48
billion
$5.31 billion $21.21 billion |
9
other
accounts ($2.17 B) |
None | |||
MM
Small Cap
Equity Strategies Fund |
Columbia
Management:
Jarl Ginsberg |
4 RICs 1 PIV 82 other accounts |
$2.19 billion $20.28 million $67.97 million |
None |
None |
Columbia Management | Columbia Management |
Christian Stadlinger |
4
RICs
1 PIV 7 other accounts |
$2.19
billion
$20.28 million $71.97 million |
None | None | |||
Conestoga:
Robert Mitchell |
2 RICs 1 PIV 215 other accounts |
$2.82 billion $82.52 million $1.70 billion |
None |
None |
Conestoga |
Conestoga |
|
Joseph Monahan |
2
RICs
1 PIV 215 other accounts |
$2.82
billion
$82.52 million $1.70 billion |
None | None |
Statement of Additional Information – March 1, 2020 | 112 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
MM
Small Cap
Equity Strategies Fund (continued) |
Hotchkis
&
Wiley: Judd Peters |
17
RICs
12 PIVs 58 other accounts |
$14.94
billion
$1.29 billion $8.76 billion |
1
RIC
($7.59 B) 1 PIV ($44.00 M) 4 other accounts ($1.37 B) |
None |
Hotchkis & Wiley |
Hotchkis & Wiley |
Ryan Thomes |
17
RICs
12 PIVs 58 other accounts |
$14.94
billion
$1.29 billion $8.76 billion |
1
RIC
($7.59 B) 1 PIV ($44.00 M) 4 other accounts ($1.37 B) |
None | |||
BMO:
David Corris |
9 RICs 16 PIVs 131 other accounts |
$1.47 billion $3.43 billion $6.48 billion |
None |
None |
BMO |
BMO |
|
Thomas Lettenberger |
5
RICs
6 PIVs 37 other accounts |
$407.38
million
$401.07 million $637.43 million |
None | None | |||
JPMIM:
Eytan Shapiro |
5 RICs 3 PIVs 1 other account |
$4.21 billion $645.00 million $297.00 million |
None |
None |
JPMIM |
JPMIM |
|
Felise Agranoff |
6
RICs
1 PIVs 2 other accounts |
$10.60
billion
$42.00 million $27.00 million |
None | None | |||
Matthew Cohen |
2
RICs
1 PIV 1 other account |
$3.24
billion
$2.46 billion $1.29 billion |
1
other
account ($1.29 B) |
None |
Statement of Additional Information – March 1, 2020 | 113 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
MM
Total
Return Bond Strategies Fund |
Loomis
Sayles:
Christopher Harms |
16 RICs 8 PIVs 214 other accounts |
$1.86 billion $6.06 billion $19.58 billion |
None |
None |
Loomis Sayles |
Loomis Sayles |
Clifton Rowe |
6
RICs
208 other accounts |
$1.86
billion
$19.59 billion |
None | None | |||
Kurt Wagner |
16
RICs
16 PIVs 226 other accounts |
$1.86
billion
$14.32 billion $26.05 billion |
2
other
accounts ($3.01 B) |
None | |||
Daniel Conklin(d) | None | None | None | None | |||
PGIM:
Michael Collins |
18 RICs 9 PIVs 49 other accounts |
$74.18 billion $17.89 billion $30.36 billion |
None |
None |
PGIM |
PGIM |
|
Robert Tipp |
27
RICS
20 PIVs 102 other accounts |
$59.59
billion
$1.76 billion $29.18 billion |
1
PIV
($6.16 M) |
None | |||
Richard Piccirillo |
38
RICs
24 PIVs 147 other accounts |
$79.13
billion
$22.70 billion $71.54 billion |
None | None | |||
Gregory Peters |
17
RICs
20 PIVs 69 other accounts |
$74.11
billion
$39.44 billion $41.32 billion |
None | None | |||
TCW:
Tad Rivelle |
33 RICs 47 PIVs 220 other accounts |
$111.68 billion $15.62 billion $48.61 billion |
25 PIVs ($3.19 B) 8 other accounts ($4.60 B) |
None |
TCW |
TCW |
|
Stephen Kane |
32
RICs
28 PIVs 204 other accounts |
$105.79
billion
$12.74 billion $42.91 billion |
8
PIVs
($2.41 B) 7 other accounts ($4.41 B) |
None | |||
Laird Landmann |
29
RICs
20 PIVs 195 other accounts |
$105.74
billion
$9.57 billion $38.92 billion |
3
PIVs
($443.50 M) 7 other accounts ($4.41 B) |
None | |||
Bryan Whalen |
31
RICs
40 PIVs 213 other accounts |
$111.67
billion
$12.50 billion $44.88 billion |
20
PIVs
($1.22 B) 8 other accounts ($4.60 B) |
None |
Statement of Additional Information – March 1, 2020 | 114 |
Statement of Additional Information – March 1, 2020 | 115 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
For Funds with fiscal year ending October 31 – Information is as of October 31, 2019, unless otherwise noted | |||||||
CT
Intermediate Municipal Bond Fund |
Paul Fuchs |
10
RICs
7 other accounts |
$3.03
billion
$19.50 million |
None | None | Columbia Management | Columbia Management |
Anders Myhran |
15
RICs
4 other accounts |
$5.35
billion
$147.36 million |
None | None | |||
Deborah Vargo |
10
RICs
124 other accounts |
$3.03
billion
$1.65 billion |
None | None | |||
Intermediate
Municipal Bond Fund |
Paul Fuchs |
10
RICs
7 other accounts |
$1.89
billion
$19.50 million |
None |
$10,001
–
$50,000(a) $10,001 – $50,000(b) |
Columbia Management | Columbia Management |
Anders Myhran |
15
RICs
4 other accounts |
$4.21
billion
$147.36 million |
None | None | |||
Deborah Vargo |
10
RICs
124 other accounts |
$1.89
billion
$1.65 billion |
None | None | |||
MA
Intermediate Municipal Bond Fund |
Paul Fuchs |
10
RICs
7 other accounts |
$2.91
billion
$19.50 million |
None |
$10,001
–
$50,000(a) |
Columbia Management | Columbia Management |
Anders Myhran |
15
RICs
4 other accounts |
$5.23
billion
$147.36 million |
None | None | |||
Deborah Vargo |
10
RICs
124 other accounts |
$2.91
billion
$1.65 billion |
None |
$10,001-$50,000
(a)
|
|||
NY
Intermediate Municipal Bond Fund |
Paul Fuchs |
10
RICs
7 other accounts |
$2.90
billion
$19.50 million |
None | None | Columbia Management | Columbia Management |
Anders Myhran |
15
RICs
4 other accounts |
$5.22
billion
$147.36 million |
None | None | |||
Deborah Vargo |
10
RICs
124 other accounts |
$2.90
billion
$1.65 billion |
None | None | |||
Strategic
CA
Municipal Income Fund |
Catherine Stienstra |
7
RICs
4 other accounts |
$8.03
billion
$1.44 million |
None | None | Columbia Management | Columbia Management |
Anders Myhran |
15
RICs
4 other accounts |
$4.86
billion
$147.36 million |
None | None | |||
Douglas White |
4
RICs
6 other accounts |
$3.82
billion
$5.71 million |
None | None |
Statement of Additional Information – March 1, 2020 | 116 |
Other Accounts Managed (excluding the Fund) |
Ownership
of Fund Shares |
Potential
Conflicts of Interest |
Structure
of Compensation |
||||
Fund | Portfolio Manager |
Number
and Type of Account* |
Approximate
Total Net Assets |
Performance–
Based Accounts** |
|||
Strategic
NY
Municipal Income Fund |
Catherine Stienstra |
7
RICs
4 other accounts |
$8.42
billion
$1.44 million |
None | None | Columbia Management | Columbia Management |
Anders Myhran |
15
RICs
4 other accounts |
$5.25
billion
$147.36 million |
None | None | |||
Douglas White |
4
RICs
6 other accounts |
$4.21
billion
$5.71 million |
None | None | |||
For Funds with fiscal year ending December 31 – Information is as of December 31, 2018, unless otherwise noted | |||||||
Real
Estate
Equity Fund |
Arthur Hurley |
2
RICs
10 other accounts |
$197.04
million
$1.84 million |
None |
$1
–
$10,000(a) $1- $10,000(b) |
Columbia Management | Columbia Management |
* | RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle. |
** | Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts. |
(a) | Excludes any notional investments. |
(b) | Notional investments through a deferred compensation account. |
(c) | The Fund is available for sale only in the U.S. The portfolio manager does not reside in the U.S. and therefore does not hold any shares of the Fund. |
(d) | The portfolio manager began managing the Fund after its last fiscal year end. |
(e) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of September 30, 2019. |
(f) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of December 31, 2019. |
(g) | The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of April 30, 2019. |
(h) | The portfolio manager began managing the Fund on September 12, 2019 (commencement of operations); reporting information is provided as of July 31, 2019. |
(i) | The portfolio manager began managing the Fund on September 24, 2019; reporting information is provided as of August 31, 2019. |
(j) | The portfolio manager began managing the Fund on October 29, 2019 (commencement of operations); reporting information is provided as of August 31, 2019. |
Statement of Additional Information – March 1, 2020 | 117 |
AlphaSimplex: AlphaSimplex and its investment personnel provide investment management services to multiple portfolios for multiple clients. AlphaSimplex may purchase or sell securities for one client portfolio and not another client portfolio, and the performance of securities purchased for one portfolio may vary from the performance of securities purchased for other portfolios. In addition, client account structures may have fee structures, such as performance-based fees, that differ. The firm has adopted and implemented a Statement of Policy and Procedures Regarding Allocation Among Investment Advisory Clients intended to address conflicts of interest relating to the management of multiple accounts, including accounts with multiple fee arrangements, and the allocation of investment opportunities. AlphaSimplex reviews investment decisions for the purpose of ensuring that all accounts with substantially similar investment objectives are treated equitably. The performance of similarly managed accounts is also regularly compared to determine whether there are any unexplained significant discrepancies. Finally, AlphaSimplex has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts. The implementation of these procedures is monitored by AlphaSimplex’s Chief Compliance Officer. |
In addition, AlphaSimplex is aware of the potential for a conflict of interest in cases where AlphaSimplex, a related person or any of their employees, buys or sells securities recommended by AlphaSimplex to the clients. AlphaSimplex, in recognition of its fiduciary obligations to its clients and its desire to maintain its high ethical standards, has adopted a Code of Ethics containing provisions designed to prevent improper personal trading, identify conflicts of interest and provide a means to resolve any actual or potential conflict in favor of the client. AlphaSimplex requires all employees to obtain preclearance of personal securities transactions (other than certain exempted transactions as set forth in the Code of Ethics). |
AQR: Each of the portfolio managers is also responsible for managing other accounts in addition to the respective Funds the portfolio manager manages, including other accounts of AQR, or its affiliates. Other accounts may include, without limitation, separately managed accounts for foundations, endowments, pension plans, and high net-worth families; registered investment companies; unregistered investment companies relying on either Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (such companies are commonly referred to as “hedge funds”); foreign investment companies; and may also include accounts or investments managed or made by the portfolio managers in a personal or other capacity (“Proprietary Accounts”). Management of other accounts in addition to the Funds can present certain conflicts of interest, as described below. |
From time to time, potential conflicts of interest may arise between a portfolio manager’s management of the investments of the Funds, on the one hand, and the management of other accounts, on the other. The other accounts might have similar investment objectives or strategies as the Funds, or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Funds. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of the Funds' trades. A potential conflict of interest exists where portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Funds. |
A number of potential conflicts of interest may arise as a result of AQR’s or the portfolio manager’s management of a number of accounts (including Proprietary Accounts) with similar investment strategies. Often, an investment opportunity may be suitable for both the Funds and other accounts, but may not be available in sufficient quantities for both the Funds and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by the Funds and another account. In circumstances where the amount of total exposure to a strategy or investment type across accounts is, in the opinion of AQR, capacity constrained, the availability of the strategy or investment type for the Funds and other accounts may be reduced in AQR’s discretion. Funds may therefore have reduced exposure to a capacity constrained strategy or investment type, which could adversely affect the Funds return. AQR is not obligated to allocate capacity pro rata and may take its financial interests into account when allocating capacity among the Funds and other accounts. |
Another conflict could arise where different account guidelines and/or differences within particular investment strategies may lead to the use of different investment practices for portfolios with a similar investment strategy. AQR will not necessarily purchase or sell the same instruments at the same time or in the same direction (particularly if different accounts have different strategies), or in the same proportionate amounts for all eligible accounts (particularly if different accounts have materially different amounts of capital under management, different amounts of investable cash available, different investment restrictions, or different risk tolerances). As a result, although AQR manages numerous accounts and/or portfolios with similar or identical investment objectives, or may manage accounts with different objectives that trade in the same instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. AQR may, from time to time, implement new trading strategies or participate in new trading strategies for some but not all accounts, including the Funds. Strategies may not be implemented in the same manner among accounts where they are employed, even if the strategy is consistent with the objectives of such accounts. In certain |
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circumstances, investment opportunities that are limited supply and/or have limited return potential in light of administrative costs of pursuing such investments (e.g., IPOS) are only allocated to accounts where the given opportunity is more closely aligned with the applicable strategy and/or trading approach. |
Whenever decisions are made to buy or sell investments by the Funds and one or more other accounts simultaneously, AQR or the portfolio manager may aggregate the purchases and sales of the investments and will allocate the transactions in a manner that it believes to be equitable under the circumstances. To this end, AQR has adopted policies and procedures that are intended to assure that investment opportunities are allocated equitably among accounts over time. As a result of the allocations, there may be instances where the Funds will not participate in a transaction that is allocated among other accounts or the Funds may not be allocated the full amount of the investments sought to be traded. These aggregation and allocation policies could have a detrimental effect on the price or amount of the investments available to the Funds from time to time. Subject to applicable laws and/or account restrictions, AQR may buy, sell or hold securities for other accounts while entering into a different or opposite investment decision for one or more funds. |
To the extent that the Funds holds interests in an issuer that are different (or more senior or junior) than, or potentially adverse to, those held by other accounts, AQR may be presented with investment decisions where the outcome would benefit one account and would not benefit or would harm the other account. This may include, but is not limited to, an account investing in a different security of an issuer’s capital structure than another account, an account investing in the same security but on different terms than another account, an account obtaining exposure to an investment using different types of securities or instruments than another account, an account engaging in short selling of securities that another account holds long, an account voting securities in a different manner than another account, and/or an account acquiring or disposing of its interests at different times than another account. This could have a material adverse effect on, or in some instances could benefit, one or more of such accounts, including accounts that are affiliates of AQR, accounts in which AQR has an interest, or accounts which pay AQR higher fees or a performance fee. These transactions or investments by one or more accounts could dilute or otherwise disadvantage the values, prices, or investment strategies of such accounts. When AQR, on behalf of an account, manages or implements a portfolio decision ahead of, or contemporaneously with, portfolio decisions of another account, market impact, liquidity constraints, or other factors could result in such other account receiving less favorable pricing or trading results, paying higher transaction costs, or being otherwise disadvantaged. In addition, in connection with the foregoing, AQR, on behalf of an account, is permitted to pursue or enforce rights or actions, or refrain from pursuing or enforcing rights or actions, with respect to a particular issuer in which action could materially adversely affect such other account. |
In addition, when the Funds and other accounts hold investments in the same issuer (including at the same place in the capital structure), the Funds may be prohibited by applicable law from participating in restructurings, work-outs or other activities related to its investment in the issuer. As a result, the Funds may not be permitted by law to make the same investment decisions as other accounts in the same or similar situations even if AQR believes it would be in the Funds' best economic interests to do so. The Funds may be prohibited by applicable law from investing in an issuer (or an affiliate) that other accounts are also investing in or currently invest in even if AQR believes it would be in the best economic interests of the Funds to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with issuers that AQR considers to be at risk of default and restructuring or work-outs with debt holders, which may include the Funds and other accounts. In some cases, to avoid the potential of future prohibited transactions, AQR may avoid allocating an investment opportunity to the Funds that it would otherwise recommend, subject to the AQR’s then- current allocation policy and any applicable exemptions. |
In certain circumstances, AQR may be restricted from transacting in a security or instrument because of material nonpublic information received in connection with an investment opportunity that is offered to AQR. In other circumstances, AQR will not participate in an investment opportunity to avoid receiving material nonpublic information that would restrict AQR from transacting in a security or instrument. These restrictions may adversely impact the Funds' performance. |
AQR and the Funds' portfolio managers may also face a conflict of interest where some accounts pay higher fees to AQR than others, as they may have an incentive to favor accounts with the potential for greater fees. For instance, the entitlement to a performance fee in managing one or more accounts may create an incentive for AQR to take risks in managing assets that it would not otherwise take in the absence of such arrangements. Additionally, since performance fees reward AQR for performance in accounts which are subject to such fees, AQR may have an incentive to favor these accounts over those that have only fixed asset-based fees, such as the Funds, with respect to areas such as trading opportunities, trade allocation, and allocation of new investment opportunities. |
AQR has implemented specific policies and procedures (e.g., a code of ethics and trade allocation policies) that seek to address potential conflicts of interest that may arise in connection with the management of the Funds and other accounts and that are designed to ensure that all client accounts are treated fairly and equitably over time. |
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Arrowstreet: Arrowstreet offers institutional investors a select range of equity investment strategies: long-only, alpha extension and long/short. |
Arrowstreet’s investment strategies are managed by a cohesive investment team. Individual strategies are not managed by individual investment professionals but rather all strategies are managed by the same team of investment professionals. This team approach to trading is designed to ensure that all research ideas and opinions are shared at the same time among all accounts without systematically favoring any one account over another. Arrowstreet manages a large number of client accounts and, as a result, potential conflicts of interest may arise from time to time. As a result, Arrowstreet has established a number of policies and procedures designed to mitigate and/or eliminate potential conflicts. Arrowstreet has established policies and procedures with respect to trade execution, aggregation and allocation. In addition, Arrowstreet maintains a comprehensive code of ethics addressing potential conflicts that could arise between Arrowstreet and its employees and its clients. |
Arrowstreet believes that its policies and procedures are reasonably designed to address potential conflicts of interest. |
Baillie Gifford: In addition to managing the Fund, individual portfolio managers are commonly responsible for managing other registered investment companies, other pooled investment vehicles and/or other accounts. These other accounts may have similar investment strategies to the Fund. Potential conflicts between the portfolio management of the Fund and the portfolio manager’s other accounts are managed by the Manager using allocation policies and procedures, and internal review processes. The Manager has developed trade allocation systems and controls to ensure that no one client, regardless of type, is intentionally favored at the expense of another. Allocation policies are designed to address potential conflicts in situations where two or more funds or accounts participate in investment decisions involving the same securities. |
BMO: A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Fund, which may have different investment guidelines and objectives. In addition to the Fund, these accounts may include other mutual funds managed on an advisory or subadvisory basis, separate accounts, and collective trust accounts. An investment opportunity may be suitable for a Fund as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by a Fund and the other accounts. The other accounts may have similar investment objectives or strategies as the Fund, they may track the same benchmarks or indexes as the Fund tracks, and they may sell securities that are eligible to be held, sold or purchased by the Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager also may manage accounts whose investment objectives and policies differ from those of the Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including a Fund. |
To address and manage these potential conflicts of interest, BMO has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of its clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, cross trading policies, portfolio manager assignment practices, and oversight by investment management, and/or compliance departments. |
Boston Partners: Boston Partners owes its clients a duty of loyalty and monitors situations in which the interests of its advisory clients may be in conflict with its own interests. Boston Partners identifies business practices that may cause a conflict of interest between it and its clients, discloses such conflicts of interest to clients and develops reasonable procedures to mitigate such conflicts. |
Boston Partners has identified the following potential conflicts of interest and the measures it uses to address these matters: |
Equitable
Treatment of Accounts
Boston Partners recognizes that potential conflicts may arise from the side-by-side management of registered investment companies and “investment accounts,” which include privately offered funds and separately managed accounts of individuals and institutional investors. Where Boston Partners’ separately managed accounts are charged performance fees, portfolio managers may be inclined to take investment risks that are outside the scope of such client’s investment objectives and strategy. In addition, since Boston Partners’ private investment funds charge performance fees and share those fees with portfolio managers, such portfolio managers may also be inclined to take additional investment risks. Boston Partners maintains a Trade Allocation and Aggregation Policy as well as a Simultaneous Management Policy to ensure that client accounts are treated equitably. The Compliance Department (“CD”) reviews allocations and dispersion regularly, and accounts within the same strategy are precluded from simultaneously holding a security long and short. There are certain circumstances that would permit a long/short portfolio to take a contra position in a security that is held in another strategy. This happens very infrequently and the contra position is generally not related to the fundamental views of the security (i.e. – initiating a long position in a security at year-end to take advantage of tax-loss selling as a short term investment, or initiating a position based solely on its relative weight in the benchmark to manage investment risk). However in certain |
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situations, the investment constraints of a strategy, including but not limited to country, region, industry or benchmark, may result in a different investment thesis for the same security. Each situation is fully vetted and approved by the firm’s Chief Investment Officer or his designee. Risk Management performs periodic reviews to ensure the product complies with the investment strategy and defined risk parameters. |
Furthermore, since Boston Partners charges a performance fee on certain accounts, and in particular these accounts may receive “new issues” allocations, Boston Partners has a conflict of interest in allocating new issues to these accounts. Boston Partners maintains an IPO Allocation Policy and the CD assists in, and/or reviews, the allocation of new issues to ensure that IPOS are being allocated among all eligible accounts in an equitable manner. |
Utilizing
Brokerage to Advantage Boston Partners
Boston Partners does not place trades through affiliated brokers. Securities trades are executed through brokerage firms with which Boston Partners maintains other advantageous relationships, such as soft dollars. In these cases, the broker may expect commission business in return. Boston Partners has established a Trade Management Oversight Committee to evaluate brokerage services and to review commissions paid to brokers. In addition, Boston Partners maintains a Best Execution Policy and a Soft Dollar Policy to assist in its monitoring efforts. Boston Partners also identifies affiliates of the investment companies for which it acts as investment adviser or sub adviser to ensure it is trading in accordance with applicable rules and regulations. |
Directed
Brokerage
Boston Partners faces an inherent conflict since it is in a position to direct client transactions to a broker or dealer in exchange for distribution capacity. Boston Partners maintains policies which prohibit its traders from considering a broker-dealer’s distribution capacity for promoting or selling Boston Partners’ separate account services, mutual funds, or proprietary funds (collectively “Boston Partners’ Services”) during the broker selection process. Nor will Boston Partners compensate any broker either directly or indirectly by directing brokerage transactions to that broker for consideration in selling Boston Partners’ Services. |
Mixed Use
Allocations and Use of Soft Dollars to Benefit Adviser
Soft dollar services which have a “mixed use” allocation present a conflict of interest when determining the allocation between those services that primarily benefit Boston Partners’ clients and those that primarily benefit Boston Partners. In addition, a conflict of interest exists when Boston Partners uses soft dollars to pay expenses that would normally be paid by Boston Partners. Boston Partners has developed soft dollar policies which require it to make a good faith allocation of “mixed use” services and to document its analysis. In addition, the CD reviews all requests for soft dollars to ensure inclusion under the safe harbor of Section 28 (e) of the Exchange Act. |
Trade Errors
A conflict arises when an investment adviser requests a broker/dealer to absorb the cost of a trade error in return for increased trading and/or commissions. Boston Partners prohibits correcting a trade error for any quid pro quo with a broker and has procedures for the proper correction of trade errors. |
Principal
Transactions
A principal transaction occurs when an investment adviser, acting for the account of itself or an affiliate buys a security from, or sells a security to a client. An inherent conflict of interest exists since an adviser has an opportunity to transfer unwanted securities from its account to a client's account, sell securities to a client’s account at prices above the market, or transfer more favorably priced securities from a client account to its account. Boston Partners generally does not permit the selling of a security from one client account and the purchasing of the same security in another client account if Boston Partners has a principal interest in one of the accounts at the time of the transaction. Additionally, Boston Partners requires that clients give consent by signing subscription agreements to purchase a pooled investment vehicle in which Boston Partners or a related entity has an interest. |
Cross Trades
Cross transactions between clients create an inherent conflict of interest because Boston Partners has a duty to obtain the most favorable price for both the selling client and the purchasing client. Boston Partners generally does not engage in cross trading, however Boston Partners has procedures to ensure that any cross trade is in the best interests of all clients. |
Affiliated
Investments
Potential conflicts exist if Boston Partners directs client investments into affiliated vehicles in order to increase the size of these vehicles and thereby increase its compensation by (a) lowering overall expenses of the vehicle, some of which Boston Partners may have responsibility for; (b) permitting greater marketing of the vehicle which will generate greater fee revenue for Boston Partners; or (c) allowing Boston Partners or an affiliate to redeem its investment capital in such vehicle. To mitigate any detriment to the client, Boston Partners has product suitability procedures and will obtain a client’s consent prior to investing client assets in an affiliated vehicle. |
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Proprietary
Trading Opportunities
Employees are in a position to take investment opportunities for themselves or Boston Partners before such opportunities are executed on behalf of clients. Employees have a duty to advance Boston Partners’ client interests before Boston Partners interests or their personal interests. Boston Partners must assure that employees do not favor their own or Boston Partners’ accounts. The Code of Ethics (“the Code”) includes procedures on ethical conduct and personal trading, including preclearance and blackout procedures, to which all employees are subject. |
Insider
Trading/Non-Public Information
Employees are in a position to learn material nonpublic information. Such employees are in a position to trade in their personal accounts on such information, to the potential disadvantage of client accounts. The Code addresses insider trading including permissible activities. Employees certify, at least annually, that they are in compliance with the Code. |
Boston Partners periodically discusses securities which may be held in client accounts with external investment professionals when sourcing and analyzing investment ideas. These discussions may include but are not limited to economic factors, market outlook, sector and industry views, and general and/or specific information regarding securities. Discussion of specific securities creates a conflict which could disadvantage Boston Partners’ clients if the external parties were to act upon this information, including but not limited to front-running and scalping either particular securities or numerous securities in a similar sector to the extent such information is known about Boston Partners’ holdings. Boston Partners has policies prohibiting discussion of client investments for non-business purposes and has outlined permissible activities as well as certain other prohibitions when sourcing investment ideas for business purposes. |
Value-Added
Investors
A senior executive from a public company or a private company that is a hedge fund, broker-dealer, investment adviser, or investment bank, (collectively “VAIs”), may invest in Boston Partners’ private funds. A conflict exists if Boston Partners invests in companies affiliated with a VAI or if a VAI who works at a private company provide material non-public information to Boston Partners or vice versa. Both of these conflicts raise issues with respect to information sharing. Boston Partners has procedures to: i) identify these individuals through its annual outside businesses questionnaire, its annual compliance questionnaire, review of new account start-up documents, and its 5130 and 5131 questionnaires, and ii) monitor conflicts these persons present through its pre-trade compliance system and/or email surveillance. |
Selective
Disclosure
Selective disclosure occurs when material information is given to a single investor, or a limited group of investors, and not to all investors at the same time. This practice may allow one set of investors to profit on undisclosed information prior to giving others the same opportunity. In order to prevent this conflict of interest, Boston Partners has procedures regarding the dissemination of account holdings. |
Valuation of
Client Accounts
Because Boston Partners calculates its own advisory fees, it has an incentive to over-value such accounts to either increase the fees payable by the client, or to conceal poor performance for an incentive fee. Boston Partners has several safeguards in place to mitigate this conflict. Boston Partners has a policy for the valuation of securities. Boston Partners’ Operations Department (“Operations”) reconciles cash, assets, and prices for all client accounts with the client’s custodian bank’s records on a monthly basis. Finally, as part of Boston Partners annual financial review, external auditors review a sample of client fee invoices. |
Representing
Clients
At times, clients may request Boston Partners represent their interests in class action litigation, bankruptcies or other matters. Boston Partners’ expertise lies in investment management and has an inherent conflict of interest if cast in any other role. When possible, Boston Partners’ investment management agreements include provisions that Boston Partners will not act on behalf of the client in class actions, bankruptcies or matters of litigation. |
Outside Business
Activities
An employee’s outside business activities may conflict with the employee’s duties to Boston Partners and its clients. Boston Partners requires all employees to disclose any outside employment to the CD, who, in conjunction with the employee’s supervisor and the Director of HR, will identify any potential conflicts. In the event that a resolution to the conflict cannot be reached, the employee may be asked to terminate either his outside employment or his position with Boston Partners. |
Business Gifts and
Entertainment
Boston Partners employees periodically give or receive gifts from clients. Boston Partners employees host clients or receive entertainment provided by a client. Such gifts or entertainment may be considered efforts to gain unfair advantage. Boston Partners maintains a gifts and entertainment policy and has developed a “Q&A” guide for employees regarding certain types |
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of gifts and entertainment. Generally, employees are not permitted to give or receive gifts of more than $100 in value, per person, per year. Entertainment that is normal or customary in the industry is considered appropriate. Employees should consult the CD if they are unsure about a particular gift or value of entertainment. |
Illegal or
Unethical Behavior
Unethical or illegal conduct by employees damages Boston Partners’ ability to meet its fiduciary duties to clients. Employees are required to report to management any actual or suspected illegal or unethical conduct on the part of other employees of which they become aware or any situations in which they are concerned about the “best course of action.” In addition, employees are required to certify annually that they are in compliance with this Manual. Regardless of whether a government inquiry occurs, Boston Partners views seriously any violation of this Manual. Disciplinary sanctions may be imposed on any employee committing a violation of this Manual. |
Proxy Voting
Boston Partners’ proxy voting authority for its clients, puts it in a position where its interests may conflict with the best interests of its clients when determining how to vote. Boston Partners has a proxy voting policy and has engaged an outside vendor to execute proxies according to this policy. Boston Partners has a procedure to handle conflicts of interest which may arise in voting client securities. |
Consulting
Relationships
Boston Partners may purchase software, educational programs and peer group information from consulting firms that represent Boston Partners clients. Due to the lack of payment transparency, these relationships could give rise to improper activity on the part of the investment adviser or the consultant. Products purchased from consultants must serve a legitimate need for Boston Partners’ business and may not be acquired to influence a consultant’s recommendation of Boston Partners. |
Causeway: The portfolio managers who subadvise a portion of the assets of the Fund also manage their own personal accounts and other accounts, including accounts for corporations, pension plans, public retirement plans, sovereign wealth funds, superannuation funds, Taft-Hartley pension plans, endowments and foundations, mutual funds and other collective investment vehicles, charities, private trusts and funds, wrap fee programs, and other institutions (collectively, “Other Accounts”). In managing certain of the Other Accounts, the portfolio managers employ investment strategies similar to those used in subadvising a portion of the Fund, subject to certain variations in investment restrictions, and also manage a portion of a fund which takes short positions in global securities using swap agreements. The portfolio managers purchase and sell securities for the Fund that they also recommend to Other Accounts. The portfolio managers at times give advice or take action with respect to certain accounts that differs from the advice given other accounts with similar investment strategies. Certain of the Other Accounts may pay higher or lower management fee rates than the Fund or pay performance-based fees to Causeway. Causeway is the investment adviser and sponsor of six mutual funds: Causeway International Value Fund, Causeway Global Value Fund, Causeway Emerging Markets Fund, Causeway International Opportunities Fund, Causeway Global Absolute Return Fund, and Causeway International Small Cap Fund (together, the “Causeway Mutual Funds”). Causeway also sponsors and manages certain other comingled vehicles in its international value equity strategy that are offered to institutional investors. Most of the portfolio managers have personal investments in one or more Causeway Funds. Ms. Ketterer and Mr. Hartford each holds (through estate planning vehicles) a controlling voting interest in Causeway’s parent holding company and Messrs. Doyle, Eng, Muldoon, Valentini, and Ms. Lee (directly or through estate planning vehicles) have minority ownership interests in Causeway’s parent holding company. | |
Actual or potential conflicts of interest arise from the portfolio managers’ management responsibilities with respect to the Other Accounts and their own personal accounts. These responsibilities may cause portfolio managers to devote unequal time and attention across client accounts and the differing fees, incentives and relationships with the various accounts provide incentives to favor certain accounts. Causeway has written compliance policies and procedures designed to mitigate or manage these conflicts of interest. These include policies and procedures to seek fair and equitable allocation of investment opportunities (including IPOs and new issues) and trade allocations among all client accounts and policies and procedures concerning the disclosure and use of portfolio transaction information. Causeway also has a Code of Ethics which, among other things, limits personal trading by portfolio managers and other employees of Causeway. There is no guarantee that any such policies or procedures will cover every situation in which a conflict of interest arises. |
Columbia Management: Like other investment professionals with multiple clients, a Fund’s portfolio manager(s) may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. The Investment Manager and the Funds have adopted compliance policies and procedures that attempt to address certain of the potential conflicts that portfolio managers face in this regard. Certain of these conflicts of interest are summarized below. | |
The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest for a portfolio manager by creating an incentive to favor higher fee accounts. |
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Potential conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to the Investment Manager’s Code of Ethics and certain limited exceptions, the Investment Manager’s investment professionals do not have the opportunity to invest in client accounts, other than the funds. | |
A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those Funds and/or accounts. The effects of this potential conflict may be more pronounced where Funds and/or accounts managed by a particular portfolio manager have different investment strategies. | |
A portfolio manager may be able to select or influence the selection of the broker/dealers that are used to execute securities transactions for the Funds. A portfolio manager’s decision as to the selection of broker/dealers could produce disproportionate costs and benefits among the Funds and the other accounts the portfolio manager manages. | |
A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for a Fund and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of a Fund as well as other accounts, the Investment Manager’s trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to a Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. The Investment Manager and its Participating Affiliates (including Threadneedle) may coordinate their trading operations for certain types of securities and transactions pursuant to personnel-sharing agreements or similar intercompany arrangements. However, typically the Investment Manager does not coordinate trading activities with a Participating Affiliate with respect to accounts of that Participating Affiliate unless such Participating Affiliate is also providing trading services for accounts managed by the Investment Manager. Similarly, a Participating Affiliate typically does not coordinate trading activities with the Investment Manager with respect to accounts of the Investment Manager unless the Investment Manager is also providing trading services for accounts managed by such Participating Affiliate. As a result, it is possible that the Investment Manager and its Participating Affiliates may trade in the same instruments at the same time, in the same or opposite direction or in different sequence, which could negatively impact the prices paid by the Fund on such instruments. Additionally, in circumstances where trading services are being provided on a coordinated basis for the Investment Manager’s accounts (including the Funds) and the accounts of one or more Participating Affiliates in accordance with applicable law, it is possible that the allocation opportunities available to the Funds may be decreased, especially for less actively traded securities, or orders may take longer to execute, which may negatively impact Fund performance. | |
“Cross trades,” in which a portfolio manager sells a particular security held by a Fund to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. The Investment Manager and the Funds have adopted compliance procedures that provide that any transactions between a Fund and another account managed by the Investment Manager are to be made at a current market price, consistent with applicable laws and regulations. | |
Another potential conflict of interest may arise based on the different investment objectives and strategies of a Fund and other accounts managed by its portfolio manager(s). Depending on another account’s objectives and other factors, a portfolio manager may give advice to and make decisions for a Fund that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio manager’s investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for a Fund, even though it could have been bought or sold for the Fund at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security (including short sales). There may be circumstances when a portfolio manager’s purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Funds. | |
To the extent a Fund invests in underlying funds, a portfolio manager will be subject to the potential conflicts of interest described in Potential Conflicts of Interest – Columbia Management – FOF (Fund-of-Funds) below. | |
A Fund’s portfolio manager(s) also may have other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict that could exist in managing the Fund and other accounts. Many of the potential conflicts of interest to which the Investment Manager’s portfolio managers are subject are essentially the same or similar to the potential conflicts of interest related to the investment management activities of the Investment Manager and its affiliates. |
Columbia Management – FoF (Fund-of-Funds): Management of funds-of-funds differs from that of the other Funds. The portfolio management process is set forth generally below and in more detail in the Funds’ prospectus. |
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Portfolio managers of the fund-of-funds may be involved in determining each funds-of-fund’s allocation among the three main asset classes (equity, fixed income and cash) and the allocation among investment categories within each asset class, as well as each funds-of-fund’s allocation among the underlying funds. |
■ | Because of the structure of the funds-of-funds, the potential conflicts of interest for the portfolio managers may be different than the potential conflicts of interest for portfolio managers who manage other Funds. |
■ | The Investment Manager and its affiliates may receive higher compensation as a result of allocations to underlying funds with higher fees. |
Conestoga: Like other investment professionals with multiple clients, portfolio managers may face certain potential conflicts of interest in connection with managing both the portion of the Fund’s assets allocated to Conestoga (Conestoga’s Sleeve) and other accounts at the same time. Conestoga has adopted compliance policies and procedures that attempt to address certain of the potential conflicts that Conestoga’s portfolio managers face in this regard. Certain of those conflicts of interest are summarized below. | |
The management of accounts with different advisory or sub-advisory fee rates and/or fee and expense structures may raise certain potential conflicts of interest for a portfolio manager by creating an incentive to favor higher fee, or higher profit margin accounts. | |
Potential conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those funds and/or accounts. The effects of this potential conflict may be more pronounced where funds and/or accounts managed by a particular portfolio manager have different investment strategies. | |
A portfolio manager may be able to select or influence the selection of the broker-dealers that are used to execute securities transactions for a fund. A portfolio manager’s decision as to the selection of broker-dealers could produce disproportionate costs and benefits among Conestoga’s Sleeve and the other accounts the portfolio manager manages. | |
A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for the Conestoga’s Sleeve and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of Conestoga’s Sleeve as well as other accounts, the Conestoga’s trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to Conestoga’s Sleeve or the Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. | |
“Cross trades,” in which a portfolio manager sells a particular security held by Conestoga’s Sleeve to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. The Investment Manager has adopted compliance procedures that provide that any transactions between the Fund and another account managed by Conestoga are to be made at a current market price, consistent with applicable laws and regulations. | |
Another potential conflict of interest may arise based on the different investment objectives and strategies of Conestoga’s Sleeve and other accounts managed by its portfolio manager(s). Depending on another account’s objectives and other factors, a portfolio manager may give advice to and make decisions for Conestoga’s Sleeve that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio manager’s investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for Conestoga’s Sleeve, even though it |
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could have been bought or sold for Conestoga’s Sleeve at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security. There may be circumstances when a portfolio manager’s purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Fund. | |
The portfolio manager(s) also may have other potential conflicts of interest in managing Conestoga’s Sleeve, and the description above is not a complete description of every conflict that could exist in managing Conestoga’s Sleeve and other accounts. Many of the potential conflicts of interest to which the Conestoga’s portfolio managers are subject are essentially the same or similar to the potential conflicts of interest related to the investment management activities of the Investment Manager or other subadvisers of the Fund. | |
Columbia WAM: Like other investment professionals with multiple clients, a Fund’s portfolio manager(s) may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. Columbia WAM and the Funds have adopted compliance policies and procedures that attempt to address certain of the potential conflicts that portfolio managers face in this regard. Certain of these conflicts of interest are summarized below. | |
The management of accounts with different advisory fee rates and/or fee structures may raise potential conflicts of interest for a portfolio manager by creating an incentive to favor higher fee accounts. | |
Potential conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to the Investment Manager’s Code of Ethics and certain limited exceptions, the Investment Manager’s investment professionals do not have the opportunity to invest in client accounts, other than the funds managed by Columbia WAM. | |
A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those funds and/or accounts. The effects of this potential conflict may be more pronounced where funds and/or accounts managed by a particular portfolio manager have different investment strategies. | |
A portfolio manager may be able to select or influence the selection of the broker/dealers that are used to execute securities transactions for the Funds. A portfolio manager’s decision as to the selection of broker/dealers could produce disproportionate costs and benefits among the Funds and the other accounts the portfolio manager manages. | |
A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for a Fund and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of a Fund as well as other accounts, Columbia WAM’s trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to a Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. | |
“Cross trades,” in which a portfolio manager sells a particular security held by a Fund to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. Columbia WAM and the Funds have adopted compliance procedures that provide that any transactions between the Fund and another account managed by Columbia WAM are to be made at an independent current market price, consistent with applicable laws and regulation. | |
Another potential conflict of interest may arise based on the different investment objectives and strategies of a Fund and other accounts managed by its portfolio manager(s). Depending on another account’s objectives and other factors, a portfolio manager may give advice to and make decisions for a Fund that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio manager’s investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for a Fund, even though it could have been bought or sold for the Fund at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security (including short sales). There may be circumstances when a portfolio manager’s purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Funds. | |
A Fund’s portfolio manager(s) also may have other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict that could be deemed to exist in managing both the Fund and other accounts. Many of the potential conflicts of interest to which Columbia WAM’s portfolio managers are subject are essentially the same as or similar to the potential conflicts of interest related to the investment management activities of Columbia WAM and its affiliates. |
Hotchkis & Wiley: The Portfolio is managed by Hotchkis & Wiley’s investment team (Investment Team). The Investment Team also manages institutional accounts and other mutual funds in several different investment strategies. The portfolios |
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within an investment strategy are managed using a target portfolio; however, each portfolio may have different restrictions, cash flows, tax and other relevant considerations which may preclude a portfolio from participating in certain transactions for that investment strategy. Consequently, the performance of portfolios may vary due to these different considerations. The Investment Team may place transactions for one investment strategy that are directly or indirectly contrary to investment decisions made on behalf of another investment strategy. Hotchkis & Wiley also provides model portfolio investment recommendations to sponsors without execution or additional services. The recommendations are provided on a delayed basis relative to transactions of discretionary accounts. Hotchkis & Wiley may be restricted from purchasing more than a limited percentage of the outstanding shares of a company or otherwise restricted from trading in a company’s securities due to other regulatory limitations. If a company is a viable investment for more than one investment strategy, Hotchkis & Wiley has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably. Additionally, potential and actual conflicts of interest may also arise as a result of Hotchkis & Wiley’s other business activities and Hotchkis & Wiley’s possession of material non‐public information about an issuer, which may have an adverse impact on one group of clients while benefiting another group. In certain situations, Hotchkis & Wiley will purchase different classes of securities of the same company (e.g. senior debt, subordinated debt, and or equity) in different investment strategies which can give rise to conflicts where Hotchkis & Wiley may advocate for the benefit of one class of security which may be adverse to another security that is held by clients of a different strategy. Hotchkis & Wiley seeks to mitigate the impact of these conflicts on a case by case basis. Hotchkis & Wiley utilizes soft dollars to obtain brokerage and research services, which may create a conflict of interest in allocating clients’ brokerage business. Research services may benefit certain accounts more than others. Certain accounts may also pay a less proportionate amount of commissions for research services. If a research product provides both a research and a non‐research function, Hotchkis & Wiley will make a reasonable allocation of the use and pay for the non‐research portion with hard dollars. Hotchkis & Wiley will make decisions involving soft dollars in a manner that satisfies the requirements of Section 28(e) of the Securities Exchange Act of 1934. Different types of accounts and investment strategies may have different fee structures. Additionally, certain accounts pay Hotchkis & Wiley performance based fees, which may vary depending on how well the account performs compared to a benchmark. Because such fee arrangements have the potential to create an incentive for Hotchkis & Wiley to favor such accounts in making investment decisions and allocations, Hotchkis & Wiley has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably, including in respect of allocation decisions, such as initial public offerings. Since accounts are managed to a target portfolio by the Investment Team, adequate time and resources are consistently applied to all accounts in the same investment strategy. Investment personnel of the firm or its affiliates may be permitted to be commercially or professionally involved with an issuer of securities. Any potential conflicts of interest from such involvement would be monitored for compliance with the firm’s Code of Ethics. | |
JPMIM: The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the Fund (“Similar Accounts”). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities. | |
Responsibility for managing JPMorgan’s and its affiliates’ clients’ portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimizes the potential for conflicts of interest. | |
JPMorgan and/or its affiliates (“JPMorgan Chase”) perform investment services, including rendering investment advice, to varied clients. JPMorgan, JPMorgan Chase and its or their directors, officers, agents, and/or employees may render similar or differing investment advisory services to clients and may give advice or exercise investment responsibility and take such other action with respect to any of its other clients that differs from the advice given or the timing or nature of action taken with respect to another client or group of clients. It is JPMorgan’s policy, to the extent practicable, to allocate, within its reasonable discretion, investment opportunities among clients over a period of time on a fair and equitable basis. One or more of JPMorgan’s other client accounts may at any time hold, acquire, increase, decrease, dispose, or otherwise deal with positions in investments in which another client account may have an interest from time-to-time. | |
JPMorgan, JPMorgan Chase, and any of its or their directors, partners, officers, agents or employees, may also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or JPMorgan Chase. JPMorgan and/or JPMorgan Chase, within their discretion, may make different investment decisions and other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, JPMorgan Chase, and any of its or their employees, principals, or agents may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or JPMorgan Chase or its clients. |
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JPMorgan and/or its affiliates may receive more compensation with respect to certain Similar Accounts than that received with respect to the Fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for JPMorgan and its affiliates or the portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, JPMorgan or its affiliates could be viewed as having a conflict of interest to the extent that JPMorgan or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in JPMorgan’s or its affiliates’ employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon JPMorgan and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as JPMorgan or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. JPMorgan and its affiliates may be perceived as causing accounts they manage to participate in an offering to increase JPMorgan’s and its affiliates’ overall allocation of securities in that offering. A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If JPMorgan or its affiliates manage accounts that engage in short sales of securities of the type in which the Fund invests, JPMorgan or its affiliates could be seen as harming the performance of the Fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall. | |
As an internal policy matter, JPMorgan or its affiliates may from time to time maintain certain overall investment limitations on the securities positions or positions in other financial instruments JPMorgan or its affiliates will take on behalf of its various clients due to, among other things, liquidity concerns and regulatory restrictions. Such policies may preclude the Fund from purchasing particular securities or financial instruments, even if such securities or financial instruments would otherwise meet the Fund’s objectives. | |
The goal of JPMorgan and its affiliates is to meet their fiduciary obligation with respect to all clients. JPMorgan and its affiliates have policies and procedures that seek to manage conflicts. JPMorgan and its affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JPMorgan’s Codes of Ethics and JPMorgan Chase and Co.’s Code of Conduct. With respect to the allocation of investment opportunities, JPMorgan and its affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example: Orders for the same equity security traded through a single trading desk or system are aggregated on a continual basis throughout each trading day consistent with JPMorgan’s and its affiliates’ duty of best execution for their clients. If aggregated trades are fully executed, accounts participating in the trade will be allocated their pro rata share on an average price basis. Partially completed orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. For example, accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. If partial completion of the order would result in an uneconomic allocation to an account due to fixed transaction or custody costs, JPMorgan and its affiliates may exclude small orders until 50% of the total order is completed. Then the small orders will be executed. Following this procedure, small orders will lag in the early execution of the order, but will be completed before completion of the total order. | |
Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, the Adviser and its affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of the Adviser or its affiliates so that fair and equitable allocation will occur over time. | |
Loomis Sayles: Conflicts of interest may arise in the allocation of investment opportunities and the allocation of aggregated orders among the Funds and other accounts managed by the portfolio managers. A portfolio manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring larger accounts, accounts that pay higher fees, accounts that pay performance-based fees, accounts of affiliated companies and accounts in which the portfolio manager has an interest. Such favorable treatment could lead to more favorable investment opportunities or allocations for some accounts. Loomis Sayles makes investment decisions for all accounts (including institutional accounts, mutual funds, hedge funds and affiliated accounts) based on each account’s availability of other comparable investment opportunities and Loomis Sayles’ desire to treat all accounts fairly and equitably over time. Loomis Sayles maintains trade allocation and aggregation policies and procedures to address these potential conflicts. Conflicts of interest also arise to the extent a |
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portfolio manager short sells a stock in one client account but holds that stock long in other accounts, including the Funds, or sells a stock for some accounts while buying the stock for others, and through the use of “soft dollar arrangements,” which are discussed in Loomis Sayles’ Brokerage Allocation Policies and Procedures and Loomis Sayles’ Trade Aggregation and Allocation Policies and Procedures. |
Los Angeles Capital: Los Angeles Capital has implemented policies and procedures, including brokerage and trade allocation policies and procedures, which the firm believes are reasonably designed to address the potential for conflicts of interest associated with managing portfolios for multiple clients and that seek to treat all clients fairly and equally over time. Client accounts are managed independent of one another in accordance with client specific mandates, restrictions, and instructions as outlined in the investment management agreement. This can result in investment positions or actions taken for one client account that differ from those taken in another client account. Accordingly, one client account can engage in short sales of or take a short position in an investment that at the same time is owned or being purchased long by another client account. These positions and actions can adversely affect or benefit different clients at different times. |
Since client accounts have different investment strategies, objectives, restrictions, constraints, launch dates, and overlapping benchmark constituents, it is possible that Los Angeles Capital may be purchasing or holding a security for one account and simultaneously selling the same security for another account. Additionally, it is possible for the Firm to purchase or sell the same security for different accounts during the same trading day but at differing execution prices. This is because trade waves created using Los Angeles Capital’s Wave Optimization algorithm are often specific to a particular account and use live market prices as a primary wave creation determinant. A wave traded for one account or group of accounts at a particular time in the day may have a different profit/loss profile (trade decision variable) than a wave traded for another account or group of accounts at a different time of the same day, but the same security may be traded as part of both waves, resulting in different trade execution prices. As this Wave Optimization trading algorithm is dependent upon robust and consistent market data, Los Angeles Capital does not currently utilize this trading strategy in Developed Asia and some Emerging Markets. |
While each client account is managed individually, Los Angeles Capital may, at any given time, purchase and/or sell the same security in a block that is allocated among multiple accounts. There are a number of variables that can influence a decision to aggregate purchases or sales into a block, including but not limited to, liquidity, client trading directives, regulatory limitations, and cash flows. When there is decision making on whether to include or exclude certain accounts from a block transaction, there is always the potential for conflicts of interest. Los Angeles Capital’s policies and procedures in allocating trades are structured to treat all clients fairly. Los Angeles Capital is not required to aggregate any particular trade. For example, an account with directed brokerage may not participate in certain block trades. Los Angeles Capital’s portfolio managers manage accounts that are charged a performance-based fee alongside accounts with standard asset-based fee schedules. While performance-based fee arrangements may be viewed as creating an incentive to favor certain accounts over others in the allocation of investment opportunities, Los Angeles Capital has designed and implemented procedures to ensure that all clients are treated fairly and equally, and to prevent conflicts from influencing the allocation of investment opportunities. Management and performance fees inure to the benefit of the firm as a whole and not to specific individuals or groups of individuals. Further, Los Angeles Capital employs a quantitative investment process which utilizes the firm’s proprietary investment model technology to identify securities and construct portfolios. |
Based on a variety of factors including the strategy, guidelines, and turnover goals employed by each account, Los Angeles Capital determines the trading frequency of an account with most accounts trading weekly and others less frequently. In a typical week, Los Angeles Capital will begin by trading its U.S. strategy accounts followed by its non-U.S. strategy accounts. An account’s rebalance cycle is dependent on the account’s strategy. Rebalances for U.S. strategy accounts are regularly rotated and generally begin on the same day, while the order of non-U.S. strategy account rebalances may be regularly rotated over several days. The firm’s proprietary accounts, which are invested in liquid securities, may be traded in rotation with client accounts or on a particular day of the week depending on liquidity, size, model constraints, and resource constraints. |
Los Angeles Capital has adopted a Code of Ethics that includes procedures on ethical conduct and personal trading and requires pre-clearance authorization from both the Trading and Compliance and Regulatory Risk Departments for certain personal security transactions. Investment personnel of Los Angeles Capital or its affiliate may be permitted to be commercially or professionally involved with an issuer of securities. There is a potential risk that Los Angeles Capital personnel may place their own interests (resulting from outside employment/directorships) ahead of the interests of Los Angeles Capital clients. Before engaging in any outside business activity, employees must obtain approval of the CCO as well as other personnel. Any potential conflicts of interest from such involvement are monitored for compliance with Los Angeles Capital’s Code of Ethics. The Code of Ethics also governs employees giving or accepting gifts and entertainment. |
Manulife: When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise |
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are discussed below. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager‘s responsibility for the management of the Fund as well as one or more other accounts. Manulife has adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. Manulife has structured their compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See ―Compensation of Portfolio Managers below. | |
A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. Manulife has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives. | |
A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of Manulife generally require that such trades be “bunched”, which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, Manulife will place the order in a manner intended to result in as favorable a price as possible for such client. | |
A portfolio manager could favor an account if the portfolio manager‘s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager‘s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if Manulife receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager‘s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager‘s compensation. Neither the Advisor nor Manulife receives a performance-based fee with respect to any of the accounts managed by the portfolio managers. | |
A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. Manulife imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts. | |
If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, Manulife seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security. |
PGIM: Like other investment advisers, PGIM Fixed Income is subject to various conflicts of interest in the ordinary course of its business. PGIM Fixed Income strives to identify potential risks, including conflicts of interest, that are inherent in its business, and PGIM Fixed Income conducts annual conflict of interest reviews. When actual or potential conflicts of interest are identified, PGIM Fixed Income seeks to address such conflicts through one or more of the following methods: | |
elimination of the conflict; | |
disclosure of the conflict; or | |
management of the conflict through the adoption of appropriate policies, procedures or other mitigants. |
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PGIM Fixed Income follows the policies of Prudential Financial, Inc. on business ethics, personal securities trading by investment personnel, and information barriers. PGIM Fixed Income has adopted a code of ethics, allocation policies and conflicts of interest policies, among others, and has adopted supervisory procedures to monitor compliance with its policies. PGIM Fixed Income cannot guarantee, however, that its policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict may arise. | |
Side-by-Side Management of Accounts and Related Conflicts of Interest. PGIM Fixed Income’s side-by-side management of multiple accounts can create conflicts of interest. Examples are detailed below, followed by a discussion of how PGIM Fixed Income addresses these conflicts. | |
Performance Fees - PGIM Fixed Income manages accounts with asset-based fees alongside accounts with performance-based fees. | |
This side-by-side management may be deemed to create an incentive for PGIM Fixed Income and its investment professionals to favor one account over another. Specifically, PGIM Fixed Income or its affiliates could be considered to have the incentive to favor accounts for which PGIM Fixed Income or an affiliate receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees. | |
Affiliated accounts - PGIM Fixed Income manages accounts on behalf of its affiliates as well as unaffiliated accounts. PGIM Fixed Income could be considered to have an incentive to favor accounts of affiliates over others. | |
Large accounts/higher fee strategies - large accounts and clients typically generate more revenue than do smaller accounts or clients and certain of PGIM Fixed Income’s strategies have higher fees than others. As a result, a portfolio manager could be considered to have an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for PGIM Fixed Income. | |
Long only and long/short accounts - PGIM Fixed Income manages accounts that only allow it to hold securities long as well as accounts that permit short selling. PGIM Fixed Income may, therefore, sell a security short in some client accounts while holding the same security long in other client accounts. These short sales could reduce the value of the securities held in the long only accounts. In addition, purchases for long only accounts could have a negative impact on the short positions. | |
Securities of the same kind or class - PGIM Fixed Income sometimes buys or sells for one client account securities of the same kind or class that are purchased or sold for another client at prices that may be different. PGIM Fixed Income may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account due to differences in investment strategy or client direction. Different strategies trading in the same securities or types of securities may appear as inconsistencies in PGIM Fixed Income’s management of multiple accounts side-by-side. | |
Investment at different levels of an issuer’s capital structure— PGIM Fixed Income may invest client assets in the same issuer, but at different levels in the capital structure. In the event of restructuring or insolvency, PGIM Fixed Income may exercise remedies and take other actions on behalf of the holders of senior debt that are not in the interest of, or are adverse to, other clients that are the holders of junior debt, or vice versa. | |
Financial interests of investment professionals - PGIM Fixed Income investment professionals may invest in certain investment vehicles that it manages, including mutual funds and private funds. Also, certain of these investment vehicles are options under the 401(k) and deferred compensation plans offered by Prudential Financial, Inc. In addition, the value of grants under PGIM Fixed Income’s long-term incentive plan and targeted long-term incentive plan is affected by the performance of certain client accounts. As a result, PGIM Fixed Income investment professionals may have financial interests in accounts managed by PGIM Fixed Income or that are related to the performance of certain client accounts. | |
Non-discretionary accounts - PGIM Fixed Income provides non-discretionary investment advice to some clients and manages others on a discretionary basis. Trades in non-discretionary accounts or accounts where discretion is limited could occur before, in concert with, or after PGIM Fixed Income executes similar trades in its discretionary accounts. The non-discretionary/limited discretion clients may be disadvantaged if PGIM Fixed Income delivers investment advice to them after it initiates trading for the discretionary clients, or vice versa. | |
How PGIM Fixed Income Addresses These Conflicts of Interest. PGIM Fixed Income has developed policies and procedures designed to address the conflicts of interest with respect to its different types of side-by-side management described above. | |
Quarterly Strategy Reviews. Each quarter, the chief investment officer/head of PGIM Fixed Income holds a series of meetings with the senior portfolio manager and team responsible for the management of each of PGIM Fixed Income’s investment strategies. At each meeting, the chief investment officer/head of PGIM Fixed Income and strategy teams review |
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and discuss the investment performance and performance attribution for each client account managed in the applicable strategy. These meetings are also typically attended by PGIM Fixed Income’s chief compliance officer or his designee and head of investment risk management or his designee. | |
Quarterly Senior Management Investment Review. Each quarter, the chief investment officer/head of PGIM Fixed Income reviews the investment performance and performance attribution of each of our strategies during a meeting typically attended by members of PGIM | |
Fixed Income’s senior leadership team, chief compliance officer or his designee, head of investment risk management or his designee and senior portfolio managers. | |
In keeping with PGIM Fixed Income’s fiduciary obligations, its policy with respect to trade aggregation and allocation is to | |
treat all of its client accounts fairly and equitably over time. PGIM Fixed Income’s trade management oversight committee, which | |
generally meets quarterly, is responsible for providing oversight with respect to trade aggregation and allocation. Its | |
compliance group periodically reviews a sampling of new issue allocations and related documentation to confirm | |
compliance with the trade aggregation and allocation procedures. In addition, the compliance and investment risk | |
management groups review forensic reports regarding new issue and secondary trade activity on a quarterly basis. This forensic analysis includes such data as the: (i) number of new issues allocated in the strategy; (ii) size of new issue allocations to each portfolio in the strategy;(iii) profitability of new issue transactions; and (iv) portfolio turnover. The results of these analyses are reviewed and discussed at PGIM Fixed Income’s trade management oversight committee meetings. The procedures above are designed to detect patterns and anomalies in PGIM Fixed Income’s side-by-side management and trading so that it may assess and improve its processes. | |
PGIM Fixed Income has procedures that specifically address its side-by-side management of long/short and long only portfolios. These procedures address potential conflicts that could arise from differing positions between long/short and long only portfolios. In addition, lending opportunities with respect to securities for which the market is demanding a slight premium rate over normal market rates are allocated to long only accounts prior to allocating the opportunities to long/short accounts. | |
Conflicts Related to PGIM Fixed Income’s Affiliations. As an indirect wholly-owned subsidiary of Prudential Financial, Inc., PGIM Fixed Income is part of a diversified, global financial services organization. PGIM Fixed Income is affiliated with many types of U.S. and non-U.S. financial service providers, including insurance companies, broker-dealers, commodity trading advisors, commodity pool operators and other investment advisers. Some of its employees are officers of and/or provide services to some of these affiliates. | |
Conflicts Arising Out of Legal Restrictions. PGIM Fixed Income may be restricted by law, regulation, contract or other constraints as to how much, if any, of a particular security it may purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes these restrictions apply as a result of its relationship with Prudential Financial, Inc. and its other affiliates. For example, PGIM Fixed Income does not purchase securities issued by Prudential Financial, Inc. for client accounts. In addition, PGIM Fixed Income’s holdings of a security on behalf of its clients are required, under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial, Inc. affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. Prudential Financial, Inc. tracks these aggregated holdings and may restrict purchases to avoid exceeding crossing such thresholds because of the potential consequences to Prudential Financial, Inc. if such thresholds are exceeded. In addition, PGIM Fixed Income could receive material, non-public information with respect to a particular issuer and, as a result, be unable to execute transactions in securities of that issuer for its clients. For example, PGIM Fixed Income’s bank loan team often invests in private bank loans in connection with which the borrower provides material, non-public information, resulting in restrictions on trading securities issued by those borrowers. PGIM Fixed Income has procedures in place to carefully consider whether to intentionally accept material, non-public information with respect to certain issuers. PGIM Fixed Income is generally able to avoid receiving material, non-public information from its affiliates and other units within PGIM by maintaining information barriers. In some instances, it may create an isolated information barrier around a small number of its employees so that material, non-public information received by such employees is not attributed to the rest of PGIM Fixed Income. | |
Conflicts Related to Outside Business Activity. From time to time, certain of PGIM Fixed Income employees or officers may engage in outside business activity, including outside directorships. Any outside business activity is subject to prior approval pursuant to PGIM Fixed Income’s personal conflicts of interest and outside business activities policy. Actual and potential conflicts of interest are analyzed during such approval process. PGIM Fixed Income could be restricted in trading the securities of certain issuers in client portfolios in the unlikely event that an employee or officer, as a result of outside business activity, obtains material, non-public information regarding an issuer. |
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Conflicts Related to Investment of Client Assets in Affiliated Funds. PGIM Fixed Income may invest client assets in funds that it manages or subadvises for an affiliate. PGIM Fixed Income may also invest cash collateral from securities lending transactions in these funds. These investments benefit both PGIM Fixed Income and its affiliate. | |
PICA General Account. Because of the substantial size of the general accounts of our affiliated insurance companies, trading by these general accounts, including PGIM Fixed Income’s trades on behalf of the accounts, may affect the market prices or limit the availability of the securities or instruments transacted. Although PGIM Fixed Income does not expect that the general accounts will execute transactions that will move a market frequently, and generally only in response to unusual market or issuer events, the execution of these transactions could have an adverse effect on transactions for or positions held by other clients. | |
Conflicts Related to Co-investment by Affiliates. PGIM Fixed Income affiliates may provide initial funding or otherwise invest in vehicles it manages. When an affiliate provides “seed capital” or other capital for a fund, it may do so with the intention of redeeming all or part of its interest at a future point in time or when it deems that sufficient additional capital has been invested in that fund. | |
The timing of a redemption by an affiliate could benefit the affiliate. For example, the fund may be more liquid at the time of the affiliate’s redemption than it is at times when other investors may wish to withdraw all or part of their interests. | |
In addition, a consequence of any withdrawal of a significant amount, including by an affiliate, is that investors remaining in the fund will bear a proportionately higher share of fund expenses following the redemption. | |
PGIM Fixed Income could also face a conflict if the interests of an affiliated investor in a fund it manages diverge from those of the fund or other investors. For example, PGIM Fixed Income affiliates, from time to time, hedge some or all of the risks associated with their investments in certain funds PGIM Fixed Income manages. PGIM Fixed Income may provide assistance in connection with this hedging activity. | |
PGIM Fixed Income believes that these conflicts are mitigated by its allocation policies and procedures, its supervisory review of accounts and its procedures with respect to side-by-side management of long only and long-short accounts. | |
Conflicts Arising Out of Industry Activities. PGIM Fixed Income and its affiliates have service agreements with various vendors that are also investment consultants. Under these agreements, PGIM Fixed Income or its affiliates compensate the vendors for certain services, including software, market data and technology services. PGIM Fixed Income’s clients may also retain these vendors as investment consultants. The existence of these service agreements may provide an incentive for the investment consultants to favor PGIM Fixed Income when they advise their clients. PGIM Fixed Income does not, however, condition its purchase of services from consultants upon their recommending PGIM Fixed Income to their clients. PGIM Fixed Income will provide clients with information about services that it obtains from these consultants upon request. | |
PGIM Fixed Income retains third party advisors and other service providers to provide various services for PGIM Fixed Income as well as for funds that PGIM Fixed Income manages or subadvises. A service provider may provide services to PGIM Fixed Income or one of PGIM Fixed Income’s funds while also providing services to other PGIM units, other PGIM-advised funds, or affiliates of PGIM, and may negotiate rates in the context of the overall relationship. PGIM Fixed Income may benefit from negotiated fee rates offered to its funds and vice versa. There is no assurance, however, that PGIM Fixed Income will be able to obtain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that PGIM Fixed Income will know of such negotiated fee rates. | |
Conflicts Related to Securities Holdings and Other Financial Interests | |
Prudential Financial, PICA, PGIM Fixed Income and other affiliates of PGIM at times have financial interests in, or relationships with, companies whose securities or related instruments PGIM Fixed Income holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PGIM Fixed Income or to the Prudential enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by PGIM Fixed Income on behalf of PGIM Fixed Income’s client accounts. For example: |
■ | PGIM Fixed Income invests in the securities of one or more clients for the accounts of other clients. |
■ | PGIM Fixed Income’s affiliates sell various products and/or services to certain companies whose securities PGIM Fixed Income purchases and sells for PGIM Fixed Income clients. |
■ | PGIM Fixed Income invests in the debt securities of companies whose equity is held by its affiliates. |
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■ | PGIM Fixed Income’s affiliates hold public and private debt and equity securities of a large number of issuers and may invest in some of the same issuers for other client accounts but at different levels in the capital structure. For example: |
■ | Affiliated accounts can hold the senior debt of an issuer whose subordinated debt is held by PGIM Fixed Income’s clients or hold secured debt of an issuer whose public unsecured debt is held in client accounts. In the event of restructuring or insolvency, the affiliated accounts as holders of senior debt may exercise remedies and take other actions that are not in the interest of, or are adverse to, other clients that are the holders of junior debt. |
■ | To the extent permitted by applicable law, PGIM Fixed Income may also invest client assets in offerings of securities the proceeds of which are used to repay debt obligations held in affiliated accounts or other client accounts. PGIM Fixed Income’s interest in having the debt repaid creates a conflict of interest. PGIM Fixed Income has adopted a refinancing policy to address this conflict. |
■ | Certain of PGIM Fixed Income’s affiliates (as well as directors or officers of its affiliates) are officers or directors of issuers in which PGIM Fixed Income invests from time to time. These issuers may also be service providers to PGIM Fixed Income or its affiliates. |
■ | In addition, PGIM Fixed Income may invest client assets in securities backed by commercial mortgage loans that were originated or are serviced by an affiliate. |
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■ | Elimination of the conflict; |
■ | Disclosure of the conflict; or |
■ | Management of the conflict through the adoption of appropriate policies and procedures. |
■ | Asset-Based Fees vs. Performance-Based Fees; Other Fee Considerations. QMA manages accounts with asset-based fees alongside accounts with performance-based fees. Asset-based fees are calculated based on the value of a client’s portfolio at periodic measurement dates or over specified periods of time. Performance-based fees are generally based on a share of the total return of a portfolio, and may offer greater upside potential to QMA than asset-based fees, depending on how the fees are structured. This side-by-side management could create an incentive for QMA to favor one account over another. Specifically, QMA could have the incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees. In addition, since fees are negotiable, one client may be paying a higher fee than another client with similar investment objectives or goals. In negotiating fees, QMA takes into account a number of factors including, but not limited to, the investment strategy, the size of a portfolio being managed, the relationship with the client, and the required level of service. Fees may also differ based on account type. For example, fees for commingled vehicles, including those that QMA subadvises, may differ from fees charged for single client accounts. |
■ | Long Only/Long-Short Accounts. QMA manages accounts that only allow it to hold securities long as well as accounts that permit short selling. QMA may, therefore, sell a security short in some client accounts while holding the same security long in other client accounts, creating the possibility that QMA is taking inconsistent positions with respect to a particular security in different client accounts. |
■ | Compensation/Benefit Plan Accounts/Other Investments by Investment Professionals. QMA manages certain funds and strategies whose performance is considered in determining long-term incentive plan benefits for certain investment professionals. Investment professionals involved in the management of accounts in these strategies have an incentive to favor them over other accounts they manage in order to increase their compensation. Additionally, QMA’s investment professionals may have an interest in those strategies if the funds are chosen as options in their 401(k) or deferred compensation plans offered by Prudential or if they otherwise invest in those funds directly. |
■ | Affiliated Accounts. QMA manages accounts on behalf of its affiliates as well as unaffiliated accounts. QMA could have an incentive to favor accounts of affiliates over others. |
■ | Non-Discretionary Accounts or Model Portfolios. QMA provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. When QMA manages accounts on a non-discretionary basis, the investment team will typically deliver a model portfolio to a non-discretionary client at or around the same time as executing discretionary trades in the same strategy. The non-discretionary clients may be disadvantaged if QMA delivers the model investment portfolio to them after it initiates trading for the discretionary clients, or vice versa. |
■ | Large Accounts/Higher Fee Strategies. Large accounts typically generate more revenue than do smaller accounts and certain strategies have higher fees than others. As a result, a portfolio manager has an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for QMA. |
■ | Securities of the Same Kind or Class. QMA sometimes buys or sells, or directs or recommends that one client buy or sell, securities of the same kind or class that are purchased or sold for another client, at prices that may be different. |
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QMA may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, due to differences in investment strategy or client direction. Different strategies effecting trading in the same securities or types of securities can appear as inconsistencies in QMA’s management of multiple accounts side-by-side. |
■ | Conflicts Arising Out of Legal Restrictions. QMA may be restricted by law, regulation, contract or other constraints as to how much, if any, of a particular security it may purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes, these restrictions apply as a result of QMA’s relationship with Prudential Financial and its other affiliates. For example, QMA’s holdings of a security on behalf of its clients are required, under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. QMA tracks these aggregate holdings and may restrict purchases to avoid crossing such thresholds because of the potential consequences to Prudential if such thresholds are exceeded. In addition, QMA could receive material, non-public information with respect to a particular issuer from an affiliate and, as a result, be unable to execute purchase or sale transactions in securities of that issuer for its clients. QMA is generally able to avoid receiving material, non-public information from its affiliates by maintaining information barriers to prevent the transfer of information between affiliates. |
■ | QMA, Prudential Financial, Inc., The Prudential Insurance Company of America (PICA) and other affiliates of QMA have financial interests in, or relationships with, companies whose securities QMA holds, purchases or sells in its client |
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accounts. Certain of these interests and relationships are material to QMA or to the Prudential enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by QMA on behalf of its client accounts. For example, QMA invests in the securities of one or more clients for the accounts of other clients. QMA’s affiliates sell various products and/or services to certain companies whose securities QMA purchases and sells for its clients. QMA’s affiliates hold public and private debt and equity securities of a large number of issuers. QMA invests in some of the same issuers for its client accounts but at different levels in the capital structure. For instance, QMA may invest client assets in the equity of companies whose debt is held by an affiliate. Certain of QMA’s affiliates (as well as directors of QMA’s affiliates) are officers or directors of issuers in which QMA invests from time to time. These issuers may also be service providers to QMA or its affiliates. In general, conflicts related to the financial interests described above are addressed by the fact that QMA makes investment decisions for each client independently considering the best economic interests of such client. | |
■ | Certain of QMA’s employees may offer and sell securities of, and interests in, commingled funds that QMA manages or subadvises. Employees may offer and sell securities in connection with their roles as registered representatives of Prudential Investment Management Services LLC (a broker-dealer affiliate), or as officers, agents, or approved persons of other affiliates. There is an incentive for QMA’s employees to offer these securities to investors regardless of whether the investment is appropriate for such investor since increased assets in these vehicles will result in increased advisory fees to QMA. In addition, although sales commissions are not paid for such activities, such sales could result in increased compensation to the employee. To mitigate this conflict, QMA performs suitability checks on new clients as well as on an annual basis with respect to all clients. |
■ | A portion of the long-term incentive grant of some of QMA’s investment professionals will increase or decrease based on the performance of several of QMA’s strategies over defined time periods. Consequently, some of QMA’s portfolio managers from time to time have financial interests in the accounts they advise. To address potential conflicts related to these financial interests, QMA has procedures, including supervisory review procedures, designed to verify that each of its accounts is managed in a manner that is consistent with QMA’s fiduciary obligations, as well as with the account’s investment objectives, investment strategies and restrictions. Specifically, QMA’s chief investment officer will perform a comparison of trading costs between accounts in the strategies whose performance is considered in connection with the long-term incentive grant and other accounts, to verify that such costs are consistent with each other or otherwise in line with expectations. The results of the analysis are discussed at a meeting of QMA's Trade Management Oversight Committee. |
■ | QMA and its affiliates, from time to time, have service agreements with various vendors that are also investment consultants. Under these agreements, QMA or its affiliates compensate the vendors for certain services, including software, market data and technology services. QMA’s clients may also retain these vendors as investment consultants. The existence of service agreements between these consultants and QMA may provide an incentive for the investment consultants to favor QMA when they advise their clients. QMA does not, however, condition its purchase of services from consultants upon their recommending QMA to their clients. QMA will provide clients with information about services that QMA or its affiliates obtain from these consultants upon request. QMA retains third party advisors and other service providers to provide various services for QMA as well as for funds that QMA manages or subadvises. A service provider may provide services to QMA or one of its funds while also providing services to PGIM, Inc. (PGIM), other PGIM-advised funds, or affiliates of PGIM, and may negotiate rates in the context of the overall relationship. QMA may benefit from negotiated fee rates offered to its funds and vice-versa. There is no assurance that QMA will be able to obtain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that it will know of such negotiated fee rates. |
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Threadneedle: Threadneedle portfolio managers may manage one or more mutual funds as well as other types of accounts, including proprietary accounts, separate accounts for institutions, and other pooled investment vehicles. Portfolio managers make investment decisions for an account or portfolio based on its investment objectives and policies, and other relevant investment considerations. A portfolio manager may manage a separate account or other pooled investment vehicle whose fees may be materially greater than the management fees paid by the Fund and may include a performance-based fee. Management of multiple funds and accounts may create potential conflicts of interest relating to the allocation of investment opportunities, and the aggregation and allocation of trades. In addition, a portfolio manager’s responsibilities at Threadneedle include working as a securities analyst. This dual role may give rise to conflicts with respect to making investment decisions for accounts that he/she manages versus communicating his/her analyses to other portfolio managers concerning securities that he/she follows as an analyst. | |
Threadneedle has a fiduciary responsibility to all of the clients for which it manages accounts. Threadneedle seeks to provide best execution of all securities transactions and to aggregate securities transactions and then allocate securities to client accounts in a fair and timely manner. Threadneedle has developed policies and procedures, including brokerage and trade allocation policies and procedures, designed to mitigate and manage the potential conflicts of interest that may arise from the management of multiple types of accounts for multiple clients. | |
Voya: A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Funds. These other accounts may include, among others, other mutual funds, separately managed advisory accounts, commingled trust accounts, insurance separate accounts, wrap fee programs, and hedge funds. Potential conflicts may arise out of the implementation of differing investment strategies for the portfolio manager’s various accounts, the allocation of investment opportunities among those accounts or differences in the advisory fees paid by the portfolio manager’s accounts. | |
A potential conflict of interest may arise as a result of the portfolio manager’s responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager’s accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. | |
A portfolio manager may also manage accounts whose objectives and policies differ from those of the Funds. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, if an account were to sell a significant position in a security, which could cause the market price of that security to decrease, while a Fund maintained its position in that security. | |
A potential conflict may arise when a portfolio manager is responsible for accounts that have different advisory fees – the difference in the fees may create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to particularly appealing investment opportunities. This conflict may be heightened where an account is subject to a performance-based fee. As part of its compliance program, Voya IM has adopted policies and procedures reasonably designed to address the potential conflicts of interest described above. |
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Finally, a potential conflict of interest may arise because the investment mandates for certain other accounts, such as hedge funds, may allow extensive use of short sales which, in theory, could allow them to enter into short positions in securities where other accounts hold long positions. Voya IM has policies and procedures reasonably designed to limit and monitor short sales by the other accounts to avoid harm to the Funds. |
Water Island: Water Island maintains policies and procedures reasonably designed to detect and minimize potential conflicts of interest inherent in circumstances when a portfolio manager has day-to-day responsibilities for managing multiple portfolios. Other portfolios managed by Water Island may include, without limitation: separately managed accounts, registered investment companies, unregistered investment companies such as pooled investment vehicles and hedge funds, and proprietary accounts. However, no set of policies and procedures can possibly anticipate or relieve all potential conflicts of interest. These conflicts may be real, potential, or perceived. Certain of these conflicts are described below. |
Allocation of Limited Investment Opportunities – If a portfolio manager identifies a limited investment opportunity (including initial public offerings) that may be suitable for multiple funds and/or accounts, the investment opportunity may be allocated among these several funds or accounts, which may limit a client’s ability to take full advantage of the investment opportunity, due to liquidity constraints or other factors. Water Island has adopted trade allocation procedures designed to ensure that allocations of limited investment opportunities are conducted in a fair and equitable manner between client accounts. Nevertheless, investment opportunities may be allocated differently among client accounts due to the characteristics of an account, such as the size of the account, cash position, investment guidelines and restrictions, or risk controls. |
Similar Investment Strategies – Water Island and its portfolio management team may manage multiple portfolios with similar investment strategies. Investment decisions for each portfolio are generally made based on each portfolio’s investment objectives and guidelines, cash availability, current holdings, and risk controls. Purchases or sales of securities for a portfolio may be appropriate for other portfolios with like objectives and may be bought or sold in different amounts and at different times in multiple portfolios. In these cases, transactions are allocated to portfolios in a manner believed fair and equitable across client account portfolios by Water Island’s allocation methodology. Purchase and sale orders for a portfolio may be combined with those of other portfolios in the interest of achieving the most favorable net results for all clients. |
Different Investment Strategies – Water Island and its portfolio management team may manage multiple portfolios with different investment strategies. As such, the potential exists for short sales of securities in certain portfolios while the same security is held long in one or more other portfolios. In an attempt to mitigate the inherent risks of simultaneous management of portfolios with different investment strategies, Water Island has established and implemented procedures to promote fair and equitable treatment of all portfolios. The procedures include monitoring and surveillance of trading activity and supervisory reviews of accounts. Any proposed cross trades must be reviewed and approved by Water Island’s compliance department prior to execution and must comply with Rule 17a-7 under the 1940 Act. |
Differences in Financial Incentives - A conflict of interest may arise where the financial or other benefits available to a portfolio manager or an investment adviser differ among the funds and/or accounts under management. For example, when the structure of an investment adviser’s management fee differs among the funds and/or accounts under its management (such as where certain funds or accounts pay higher management fees or performance-based management fees), a portfolio manager might be motivated to favor certain funds and/or accounts over others. Performance-based fees could also create an incentive for an investment adviser to make investments that are riskier or more speculative. In addition, a portfolio manager might be motivated to favor funds and/or accounts in which the portfolio manager or Water Island has a financial interest. For instance, Water Island may from time to time establish “pilot” or “incubator” funds for the purpose of testing proposed investment strategies or products prior to accepting assets from outside investors. Typically, Water Island or an affiliate supplies the funding for these accounts. Employees of Water Island, including the portfolio manager(s), may also invest in certain pilot accounts. Similarly, the desire to maintain or raise assets under management or to enhance the portfolio manager’s performance record in a particular investment strategy or to derive other rewards, financial or otherwise, could influence a portfolio manager to lend preferential treatment to those funds and/or accounts that could most significantly benefit the portfolio manager. To manage conflicts that arise from management of portfolios that may have differences in financial incentives, performance in portfolios with like strategies is regularly reviewed by management. Moreover, Water Island has adopted a policy to treat pilot accounts in the same manner as client accounts for purposes of trade aggregation and allocation -- neither favoring nor disfavoring them (except that pilot accounts do not participate in initial public offerings). |
Selection of Brokers/Dealers - A portfolio manager may be able to select or influence the selection of the brokers/dealers that are used to execute securities transactions. In addition to executing trades, some brokers/dealers provide Water Island |
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with brokerage and research services (as those terms are defined in Section 28(e) of the Exchange Act), which may result in the payment of higher brokerage fees than might have otherwise been available. These services may be more beneficial to certain accounts than to others. In order to be assured of continuing to receive services considered of value to its clients, |
Water Island has adopted a brokerage allocation policy embodying the concepts of Section 28(e) of the Exchange Act. A portfolio manager’s decision as to the selection of brokers and dealers could yield disproportionate costs and benefits among the accounts that they manage, although the payment of brokerage commissions is always subject to the requirement that Water Island determine in good faith that the commissions are reasonable in relation to the value of the brokerage and research services received. |
Personal Holdings and Transactions – Water Island’s portfolio managers and other employees may have beneficial ownership of holdings in personal accounts that are the same or similar to those held in client accounts. Under limited circumstances, Water Island allows its employees to trade in securities that it recommends to advisory clients, and the actions taken by such individuals on a personal basis may differ from, or be inconsistent with, the nature and timing of advice or actions taken by Water Island for its client accounts. Water Island and its employees may also invest in mutual funds and other pooled investment vehicles that are managed by Water Island. This may result in a potential conflict of interest since Water Island’s employees have knowledge of such funds’ investment holdings, which is non-public information. Water Island has implemented a Code of Ethics which is designed to address and mitigate the possibility that these professionals could place their own interests ahead of those of clients. The Code of Ethics addresses this potential conflict of interest by imposing preclearance and reporting requirements, trading blackout periods, a minimum holding period, supervisory oversight, and other measures designed to reduce conflicts of interest. | |
WellsCap: WellsCap’s Portfolio Managers often provide investment management for separate accounts advised in the same or similar investment style as that provided to mutual funds. While management of multiple accounts could potentially lead to conflicts of interest over various issues such as trade allocation, fee disparities and research acquisition, WellsCap has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized. | |
The Portfolio Managers face inherent conflicts of interest in their day-to-day management of the Funds and other accounts because the Funds may have different investment objectives, strategies and risk profiles than the other accounts managed by the Portfolio Managers. For instance, to the extent that the Portfolio Managers manage accounts with different investment strategies than the Funds, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for a Fund. Additionally, some of the accounts managed by the Portfolio Managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Funds. The differences in fee structures may provide an incentive to the Portfolio Managers to allocate more favorable trades to the higher-paying accounts. | |
To minimize the effects of these inherent conflicts of interest, WellsCap has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that they believe address the potential conflicts associated with managing portfolios for multiple clients and are designed to ensure that all clients are treated fairly and equitably. Accordingly, security block purchases are allocated to all accounts with similar objectives in a fair and equitable manner. Furthermore, WellsCap has adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the “Advisers Act”) to address potential conflicts associated with managing the Funds and any personal accounts the Portfolio Managers may maintain. |
AlphaSimplex: All AlphaSimplex investment professionals receive compensation according to a merit-based incentives structure. In addition to receiving competitive base salaries, employees are eligible for performance bonuses, which are based on both individual and firm performance. Performance is assessed on an annual basis by department heads. AlphaSimplex considers a number of factors—including risk-adjusted performance and intellectual contribution—when determining the bonus compensation of its investment professionals. Key professionals who have made significant and lasting contributions to the firm are invited to participate in a supplemental bonus pool reserved for partners of the firm. Partners are awarded claims on specific percentages of the firm’s annual profits. |
The Compensation Committee of the AlphaSimplex Board of Directors approves all bonus and partnership awards based on the recommendations of management. The total bonus pool is comprised of a staff bonus pool, which is generally set at 100% of base salaries, and a separate pool for partners, which is funded with any remainder and allocated among the partners based on their partnership interests. Accordingly, variable compensation makes up a significant portion of total remuneration, particularly for senior managers, whose bonuses can amount to between 100% and 600% of base compensation. To retain talent, AlphaSimplex defers a significant portion of bonus amounts for key professionals for up to |
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three years. The deferred portion of bonuses is invested across all the strategies managed by AlphaSimplex. Finally, as a condition of employment, all AlphaSimplex employees agree to abide by non-compete/non-solicit/non-disclosure agreements. These agreements provide for a 12–36 month non-compete period in the event an employee leaves the firm. |
Portfolio manager compensation is a function of firm-wide profitability. Since AlphaSimplex’s approach to investment management is quantitative and systematic, Fund shareholder interests are less dependent on day-to-day portfolio manager decisions, but more a function of overall model performance over longer time periods. Therefore, strong long-term Fund performance goes hand-in-hand with long-term firm profitability and portfolio manager compensation. |
AQR: The compensation for each of the portfolio managers that is a Principal of AQR is in the form of distributions based on the net income generated by AQR and each Principal’s relative ownership in AQR. Net income distributions are a function of assets under management and performance of the funds and accounts managed by AQR. A Principal’s relative ownership in AQR is based on cumulative research, leadership and other contributions to AQR. There is no direct linkage between assets under management, performance and compensation. However, there is an indirect linkage in that superior performance tends to attract assets and thus increase revenues. Each portfolio manager is also eligible to participate in AQR’s 401(k) retirement plan which is offered to all employees of AQR. |
Arrowstreet: Arrowstreet’s compensation system is designed to attract, motivate and retain talented professionals. Arrowstreet’s compensation structure for investment professionals consists of a competitive base salary and bonus. Bonuses are paid on an annual basis. Bonus targets are set for each individual at each review period, typically the start of every year. | |
Baillie Gifford: Compensation arrangements within the Manager vary depending upon whether the individual is an employee or partner of Baillie Gifford & Co. | |
Employees of Baillie Gifford & Co. | |
A portfolio manager’s compensation generally consists of: |
— | base salary; |
— | a company-wide all staff bonus; |
— | a performance related bonus; and |
— | the standard retirement benefits and health and welfare benefits available to all Baillie Gifford & Co. employees. |
— | base salary; and |
— | a share of the partnership profits. |
BMO: Compensation for BMO’s portfolio managers consists of base salary, discretionary performance bonuses, and other benefits. Base salaries are reviewed on an annual basis to ensure alignment with the external market. Discretionary |
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performance bonuses vary according to business and individual performance and are provided in a combination of cash and deferred equity-based awards for employees at higher levels of compensation. Portfolio managers also may have a long-term incentive program consisting of restricted share units or other units linked to the performance of BMO. |
Boston Partners: All investment professionals receive a compensation package comprised of an industry competitive base salary and a discretionary bonus and long-term incentives. Through our bonus program, key investment professionals are rewarded primarily for strong investment performance. |
Typically, bonuses are based upon a combination of one or more of the following four criteria: |
1. Individual Contribution: an evaluation of the professional’s individual contribution based on the expectations established at the beginning of each year; |
2. Product Investment Performance: performance of the investment product(s) with which the individual is involved versus the pre-designed index, based on the excess return; |
3. Investment Team Performance: the financial results of the investment group; and |
4. Firm-wide Performance: the overall financial performance of Boston Partners. |
Boston Partners professional compensation consultants with asset management expertise to annually review our practices to ensure that they remain highly competitive. |
Causeway: Ms. Ketterer and Mr. Hartford, the chief executive officer and president of Causeway, respectively, receive annual salary and are entitled, as controlling owners of the firm’s parent holding company, to distributions of the holding company’s profits based on their ownership interests. They do not receive incentive compensation. The other portfolio managers receive salary and may receive incentive compensation (including potential cash, awards of growth units, or awards of equity units). Portfolio managers also receive, directly or through estate planning vehicles, distributions of profits based on their minority ownership interests in the firm’s parent holding company. Causeway’s Compensation Committee, weighing a variety of objective and subjective factors, determines salary and incentive compensation and, subject to approval of the holding company’s Board of Managers, may award equity units. Portfolios are team-managed and salary and incentive compensation are not based on the specific performance the Fund or any single client account managed by Causeway but take into account the performance of the individual portfolio manager, the relevant team and Causeway’s overall performance and financial results. The performance of stocks selected for Fund and client portfolios within a particular industry or sector over a multi-year period relative to appropriate benchmarks will be relevant for portfolio managers assigned to that industry or sector. Causeway takes into account both quantitative and qualitative factors when determining the amount of incentive compensation awarded, including the following factors: individual research contribution, portfolio and team management contribution, group research contribution, client service and recruiting contribution, and other contributions to client satisfaction and firm development. The assessment of these factors takes into account both current and future risks and different factors can be weighed differently. | |
Columbia Management: Portfolio manager direct compensation is typically comprised of a base salary, and an annual incentive award that is paid either in the form of a cash bonus if the size of the award is under a specified threshold, or, if the size of the award is over a specified threshold, the award is paid in a combination of a cash bonus, an equity incentive award, and deferred compensation. Equity incentive awards are made in the form of Ameriprise Financial restricted stock or, for more senior employees, both Ameriprise Financial restricted stock and stock options. The investment return credited on deferred compensation is based on the performance of specified Columbia Funds, in most cases including the Columbia Funds the portfolio manager manages. | |
Base salary is typically determined based on market data relevant to the employee’s position, as well as other factors including internal equity. Base salaries are reviewed annually, and increases are typically given as promotional increases, internal equity adjustments, or market adjustments. | |
Under the Columbia Management annual incentive plan for investment professionals, awards are discretionary, and the amount of incentive awards for investment team members is variable based on (1) an evaluation of the investment performance of the investment team of which the investment professional is a member, reflecting the performance (and client experience) of the funds or accounts the investment professional manages and, if applicable, reflecting the individual’s work as an investment research analyst, (2) the results of a peer and/or management review of the individual, taking into account attributes such as team participation, investment process followed, communications, and leadership, and (3) the amount of aggregate funding of the plan determined by senior management of Columbia Threadneedle Investments and Ameriprise Financial, which takes into account Columbia Threadneedle Investments revenues and profitability, as well as Ameriprise Financial profitability, historical plan funding levels and other factors. Columbia Threadneedle Investments revenues and profitability are largely determined by assets under management. In determining the allocation of incentive |
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compensation to investment teams, the amount of assets and related revenues managed by the team is also considered. Individual awards are subject to a comprehensive risk adjustment review process to ensure proper reflection in remuneration of adherence to our controls and Code of Conduct. | |
Investment performance for a fund or other account is measured using a scorecard that compares account performance against benchmarks and/or peer groups. Account performance may also be compared to unaffiliated passively managed ETFs, taking into consideration the management fees of comparable passively managed ETFs, when available and as determined by the Investment Manager. Consideration is given to relative performance over the one-, three- and five-year periods, with the largest weighting on the three-year comparison. For individuals and teams that manage multiple strategies and accounts, relative asset size is a key determinant in calculating the aggregate score, with weighting typically proportionate to actual assets. For investment leaders who have group management responsibilities, another factor in their evaluation is an assessment of the group’s overall investment performance. Exceptions to this general approach to bonuses exist for certain teams and individuals. | |
Equity incentive awards are designed to align participants’ interests with those of the shareholders of Ameriprise Financial. Equity incentive awards vest over multiple years, so they help retain employees. | |
Deferred compensation awards are designed to align participants’ interests with the investors in the Columbia Funds and other accounts they manage. The value of the deferral account is based on the performance of Columbia Funds. Employees have the option of selecting from various Columbia Funds for their deferral account, however portfolio managers must (other than by strict exception) allocate a minimum of 25% of their incentive awarded through the deferral program to the Columbia Fund(s) they manage. Deferrals vest over multiple years, so they help retain employees. | |
For all employees the benefit programs generally are the same and are competitive within the financial services industry. Employees participate in a wide variety of plans, including options in Medical, Dental, Vision, Health Care and Dependent Spending Accounts, Life Insurance, Long Term Disability Insurance, 401(k), and a cash balance pension plan. |
Conestoga: Each of the Fund’s portfolio managers is a partner of Conestoga. As such, each portfolio manager receives a share of Conestoga’s annual profits, as specified in the manager’s partnership agreement with Conestoga, from Conestoga’s management of the Fund and all other accounts. |
Hotchkis & Wiley: Hotchkis &Wiley’s portfolio managers are compensated in various forms, which may include a base salary, bonus, profit sharing, and equity ownership. Compensation is used to reward, attract, and retain high quality investment professionals. The portfolio managers are evaluated and accountable at three levels. The first level is individual contribution to the research and decision‐making process, including the quality and quantity of work achieved. The second level is teamwork, generally evaluated through contribution within sector teams. The third level pertains to overall portfolio and firm performance. Fixed salaries and discretionary bonuses for investment professionals are determined by the Chief Executive Officer of Hotchkis &Wiley using tools which may include annual evaluations, compensation surveys, feedback from other employees, and advice from members of Hotchkis &Wiley’s Executive and Compensation Committees. The amount of the bonus is determined by the total amount of Hotchkis &Wiley’s bonus pool available for the year, which is generally a function of revenues. No investment professional receives a bonus that is a pre‐determined percentage of revenues or net income. Compensation is thus subjective rather than formulaic. The majority of the portfolio managers own equity in Hotchkis &Wiley. Hotchkis &Wiley believes that the employee ownership structure of the firm will be a significant factor in ensuring a motivated and stable employee base going forward. Hotchkis &Wiley believes that the combination of competitive compensation levels and equity ownership provides Hotchkis &Wiley with a demonstrable advantage in the retention and motivation of employees. Portfolio managers who own equity in Hotchkis &Wiley receive their pro rata share of Hotchkis &Wiley’s profits. Investment professionals may also receive contributions under Hotchkis &Wiley’s profit sharing/401(k) plan. | |
JPMIM: JPMorgan’s compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished, in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards. | |
In determining portfolio manager compensation, JPMorgan uses a balanced discretionary approach to assess performance against four broad categories: (1) business results; (2) risk and control; (3) customers and clients; and (4) people and leadership. | |
These performance categories consider short-, medium- and long-term goals that drive sustained value for clients, while accounting for risk and control objectives. Specifically, portfolio manager performance is evaluated against various factors including the following: (1) blended pre-tax investment performance relative to competitive indices, generally weighted more to the long-term; (2) individual contribution relative to the client’s risk/return objectives; and (3) adherence with JPMorgan’s compliance, risk and regulatory procedures. |
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Feedback from JPMorgan’s risk and control professionals is considered in assessing performance. | |
JPMorgan maintains a balanced total compensation program comprised of a mix of fixed compensation (including a competitive base salary and, for certain employees, a fixed cash allowance), variable compensation in the form of cash incentives, and long-term incentives in the form of equity based and/or fund-tracking incentives that vest over time. Long-term awards comprise of up to 60% of overall incentive compensation, depending on an employee’s pay level. | |
Long-term awards are generally in the form of time-vested JPMC Restricted Stock Units (“RSUs”). However, portfolio managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan’s Mandatory Investor Plan (“Mandatory Investment Plan”). The Mandatory Investment Plan provides for a rate of return equal to that of the Fund(s) that the portfolio managers manage, thereby aligning portfolio managers’ pay with that of their client’s experience/return. 100% of the portfolio managers’ long-term incentive compensation is eligible for Mandatory Investment Plan and, depending on the level of compensation, 50% is aligned with the specific Fund(s) they manage, as determined by their respective manager. The remaining portion of the overall amount is electable and may be treated as if invested in any of the other Funds available in the plan or can take the form of RSUs. |
Loomis Sayles: Loomis Sayles believes that portfolio manager compensation should be driven primarily by the delivery of consistent and superior long-term performance for its clients. Portfolio manager compensation is made up primarily of three main components: base salary, variable compensation and a long-term incentive program. Although portfolio manager compensation is not directly tied to assets under management, a portfolio manager’s base salary and/or variable compensation potential may reflect the amount of assets for which the manager is responsible relative to other portfolio managers. Loomis Sayles also offers a profit sharing plan. Base salary is a fixed amount based on a combination of factors, including industry experience, firm experience, job performance and market considerations. Variable compensation is an incentive-based component and generally represents a significant multiple of base salary. Variable compensation is based on four factors: investment performance, profit growth of the firm, profit growth of the manager’s business unit and personal conduct. Investment performance is the primary component of total variable compensation and generally represents at least 60% of the total for fixed-income managers and 70% of the total for equity managers. The other three factors are used to determine the remainder of variable compensation, subject to the discretion of the Chief Investment Officer (“CIO”) and senior management. The CIO and senior management evaluate these other factors annually. | |
Equity Managers. While mutual fund performance and asset size do not directly contribute to the compensation calculation, investment performance for equity managers is measured by comparing the performance of Loomis Sayles’ institutional composites to the performance of the applicable Morningstar peer group and/or the Lipper universe. Generally speaking the performance of the respective product’s fund is compared against the applicable Morningstar peer group and/or the Lipper universe. To the extent the majority of assets managed in the fund strategy are for institutional separate accounts, the Evestment Alliance institutional peer group will also be used as an additional comparison. In situations where substantially all of the assets for the strategy are institutional, the institutional peer group will be used as the primary method of comparison. A manager’s performance relative to the peer group for the 1, 3 and 5 year periods, (3 and 5 or 10 years for large cap growth, all cap growth and global growth), or since the start of the manager’s tenure, if shorter, is used to calculate the amount of variable compensation payable due to performance. Longer-term performance is typically weighted more than shorter-term performance. In addition, the performance measurement for equity compensation usually incorporates a consistency metric using longer term rolling returns compared to the peer group over a sustained measurement period; however, the exact method may be adjusted to a product’s particular style. If a manager is responsible for more than one product, the rankings of each product are weighted based on relative revenue of accounts represented in each product. An external benchmark is used as a secondary comparison. The external benchmark used for the MM Growth Strategies Fund is the Russell 1000 Growth Index. Mr. Hamzaogullari also receives additional compensation based on revenue and performance hurdles for his strategies, and performance fee based compensation as portfolio manager for a private investment fund. | |
In cases where the institutional peer groups are used, Loomis Sayles believes they represent the most competitive product universe while closely matching the investment styles offered by the Loomis Sayles fund. | |
Fixed-Income Managers. While mutual fund performance and asset size do not directly contribute to the compensation calculation, investment performance for fixed-income managers is measured by comparing the performance of Loomis Sayles’ institutional composite (pre-tax and net of fees) in the manager’s style to the performance of an external benchmark and a customized peer group. The external benchmark used for the investment style utilized by each fund is noted below. The customized peer group is created by Loomis Sayles and is made up of institutional managers in the particular investment style. A manager’s relative performance for the past five years, or seven years for some products, is used to calculate the amount of variable compensation payable due to performance. To ensure consistency, Loomis Sayles analyzes the five or seven year performance on a rolling three year basis. If a manager is responsible for more than one product, the rankings of each product are weighted based on relative revenue size of accounts represented in each product. Loomis |
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Sayles uses both an external benchmark and a customized peer group as a point of comparison for fixed-income manager performance because it believes they represent an appropriate combination of the competitive fixed-income product universe and the investment styles offered by Loomis Sayles. The external benchmark used for the MM Total Return Bond Strategies Fund is the Barclays U.S. Aggregate Index. | |
In addition to the compensation described above, portfolio managers may receive additional compensation based on the overall growth of their strategies. | |
General. Most mutual funds do not directly contribute to a portfolio manager’s overall compensation because Loomis Sayles’ uses the performance of the portfolio manager’s institutional accounts compared to an institutional peer group. However, each fund managed by Loomis Sayles employs strategies endorsed by Loomis Sayles and fits into the product category for the relevant investment style. Loomis Sayles may adjust compensation if there is significant dispersion among the returns of the composite and accounts not included in the composite. | |
Loomis Sayles has developed and implemented two distinct long-term incentive plans to attract and retain investment talent. The plans supplement existing compensation. The first plan has several important components distinguishing it from traditional equity ownership plans: |
■ | the plan grants units that entitle participants to an annual payment based on a percentage of company earnings above an established threshold; |
■ | upon retirement, a participant will receive a multi-year payout for his or her vested units; and |
■ | participation is contingent upon signing an award agreement, which includes a non-compete covenant. |
Los Angeles Capital: Los Angeles Capital’s portfolio managers participate in a competitive compensation program that is aimed at attracting and retaining talented employees with an emphasis on disciplined risk management, ethics and compliance-centered behavior. No component of Los Angeles Capital’s compensation policy or payment scheme is tied directly to the performance of one or more client portfolios or funds. |
Each of Los Angeles Capital’s portfolio managers receives a base salary fixed from year to year. In addition, the portfolio managers participate in Los Angeles Capital’s profit sharing plan. The aggregate amount of the contribution to Los Angeles Capital’s profit sharing plan is based on overall firm profitability with amounts paid to individual employees based on their relative overall compensation. Each of the portfolio managers also are shareholders of Los Angeles Capital and receive compensation based upon the firm’s overall profits. Certain portfolio managers are also eligible to receive a discretionary bonus from Los Angeles Capital. |
Manulife: Manulife Asset Management has designed its compensation plan to effectively attract, retain and reward top investment talent. The incentive plan is designed to align and reward investment teams that deliver consistent value added performance for the company’s client and partners through world-class investment strategies and solutions. | |
Investment professionals are compensated with a combination of base salary and incentives as detailed below. | |
Base salaries | |
Base salaries are market-based and salary ranges are periodically reviewed. Individual salary adjustments are based on individual performance against mutually-agreed-upon objectives and development of technical skills. | |
Incentives — Short- and Long-Term | |
All investment professionals (including portfolio managers, analysts and traders) are eligible for participation in a short and long term investment incentive plan. These incentives are tied to performance against various objective and subjective measures, including: |
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Investment Performance — Performance of portfolios managed by the investment team. This is the most heavily weighted factor and it is measured relative to an appropriate benchmark or universe over established time periods. | |
Financial Performance — Performance of Manulife Asset Management and its parent corporation. | |
Non-Investment Performance — Derived from the contributions an investment professional brings to Manulife Asset Management. | |
Awards under this plan include: | |
Annual Cash Awards | |
Deferred Incentives — One hundred percent of this portion of the award is invested in strategies managed by the team/individual as well as other Manulife Asset Management strategies. | |
Manulife equity awards — Investment professionals that are considered officers of Manulife receive a portion of their award in Manulife Restricted Share Units (RSUs) or stock options. This plan is based on the value of the underlying common shares of Manulife. |
PGIM: The base salary of an investment professional in the PGIM Fixed Income unit of PGIM is based on market data relative to similar positions as well as the past performance, years of experience and scope of responsibility of the individual. Incentive compensation, including the annual cash bonus, the long-term equity grant and grants under PGIM Fixed Income’s long-term incentive plans, is primarily based on such person’s contribution to PGIM Fixed Income’s goal of providing investment performance to clients consistent with portfolio objectives, guidelines and risk parameters and market-based data such as compensation trends and levels of overall compensation for similar positions in the asset management industry. In addition, an investment professional’s qualitative contributions to the organization and its commercial success are considered in determining incentive compensation. Incentive compensation is not solely based on the performance of, or value of assets in, any single account or group of client accounts. | |
An investment professional’s annual cash bonus is paid from an annual incentive pool. The pool is developed as a percentage of PGIM Fixed Income’s operating income and the percentage used to calculate the pool may be refined by factors such as: | |
- business initiatives; | |
- the number of investment professionals receiving a related peer group compensation; | |
- financial metrics of the business relative to those of appropriate peer groups; and | |
- investment performance of portfolios: (i) relative to appropriate peer groups and/or (ii) as measured against relevant investment indices. | |
Long-term compensation consists of Prudential Financial, Inc. restricted stock and grants under the long-term incentive plan and targeted long-term incentive plan. Grants under the long-term incentive plan and targeted long-term incentive plan are participation interests in notional accounts with a beginning value of a specified dollar amount. For the long-term incentive plan, the value attributed to these notional accounts increases or decreases over a defined period of time based, in part, on the performance of investment composites representing a number of PGIM Fixed Income’s investment strategies. With respect to targeted long-term incentive awards, the value attributed to the notional accounts increases or decreases over a defined period of time based on the performance of either (i) a long/short investment composite or (ii) a commingled investment vehicle. An investment composite is an aggregation of accounts with similar investment strategies. The long-term incentive plan is designed to more closely align compensation with investment performance and the growth of PGIM Fixed Income’s business. The targeted long-term incentive plan is designed to align the interests of certain of PGIM Fixed Income’s investment professionals with the performance of a particular long-short composite or commingled investment vehicle. The chief investment officer/head of PGIM Fixed Income also receives (i) performance shares which represent the right to receive shares of Prudential Financial, Inc. common stock conditioned upon, and subject to, the achievement of specified financial performance goals by Prudential Financial, Inc.; (ii) book value units which track the book value per share of Prudential Financial, Inc.; and (iii) Prudential Financial, Inc. stock options. Each of the restricted stock, long-term incentive plan grants, performance shares, book value units and stock options is subject to vesting requirements. | |
QMA : QMA’s investment professionals are compensated through a combination of base salary, a performance-based annual cash incentive bonus and an annual long-term incentive grant. QMA regularly utilizes third party surveys to compare its compensation program against leading asset management firms to monitor competitiveness. An investment professional’s incentive compensation, including both the annual cash bonus and long-term incentive grant, is largely driven by a person’s contribution to QMA’s goal of providing investment performance to clients consistent with portfolio objectives, guidelines and risk parameters, as well as such person’s qualitative contributions to the organization. An investment professional’s long-term incentive grant is currently divided into two components: (i) 80% of the value of the grant is subject to increase or |
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decrease based on the performance of certain QMA strategies, and (ii) 20% of the value of the grant consists of restricted stock of Prudential Financial, Inc. (QMA’s ultimate parent company). The long-term incentive grants are subject to vesting requirements. The incentive compensation of each investment professional is not based solely or directly on the performance of the Fund (or any other individual account managed by QMA) or the value of the assets of the Fund (or any other individual account managed by QMA). | |
The annual cash bonus pool is determined quantitatively based on two primary factors: 1) investment performance of composites representing QMA’s various investment strategies on a 1-year and 3-year basis relative to appropriate market peer groups and the indices against which QMA’s strategies are managed, and 2) business results as measured by QMA’s pretax income. | |
TCW: The overall objective of TCW’s compensation program for portfolio managers is to attract experienced and expert investment professionals and to retain them over the long-term. Compensation is comprised of several components which, in the aggregate, are designed to achieve these objectives and to reward the portfolio managers for their contributions to the successful performance of the accounts they manage. Portfolio managers are compensated through a combination of base salary, fee sharing based compensation (“fee sharing”), bonus and equity incentive participation in TCW’s parent company (“equity incentives”). Fee sharing and equity incentives generally represent most of the portfolio managers’ compensation. In some cases, portfolio managers are eligible for discretionary bonuses. | |
Salary. Salary is agreed to with portfolio managers at the time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio manager’s compensation. | |
Fee Sharing. Fee sharing for investment professionals is based on revenues generated by accounts in the investment strategy area for which the investment professionals are responsible. In most cases, revenues are allocated to a pool and fee sharing compensation is allocated among members of the investment team after the deduction of certain expenses (including compensation over a threshold level) related to the strategy group. The allocations are based on the investment professionals’ contribution to TCW and its clients, including qualitative and quantitative contributions. | |
In general, the same fee sharing percentage is used to compensate a portfolio manager for investment services related to a Fund is generally the same as that used to compensate portfolio managers for other client accounts in the same strategy managed by TCW or an affiliate of TCW (collectively, “the TCW Group”). In some cases, the fee sharing pool includes revenues related to more than one product, in which case each participant in the pool is entitled to fee sharing derived from his or her contributions to all the included products. | |
Investment professionals are not directly compensated for generating performance fees. In some cases, the overall fee sharing pool is subject to fluctuation based on the relative pre-tax performance of the investment strategy composite returns, net of fees and expenses, to that of the benchmark. The measurement of performance relative to the benchmark can be based on single year or multiple year metrics, or a combination thereof. The benchmark used is the one associated with the Fund managed by the portfolio manager as disclosed in the prospectus. Benchmarks vary from strategy to strategy but, within a given strategy, the same benchmark applies to all accounts, including the Funds. | |
Discretionary Bonus/Guaranteed Minimums. Discretionary bonuses may be paid out of an investment team’s fee sharing pool, as determined by the supervisor(s) in the department. In other cases where portfolio managers do not receive fee sharing or where it is determined that the combination of salary and fee sharing does not adequately compensate the portfolio manager, discretionary bonuses may be paid by the applicable TCW entity. Also, pursuant to contractual arrangements, some portfolio managers received minimum bonuses. | |
Equity Incentives. Management believes that equity ownership aligns the interests of portfolio managers with the interests of the firm and its clients. Accordingly, TCW Group’s key investment professionals participate in equity incentives through ownership or participation in restricted unit plans that vest over time or unit appreciation plans of TCW’s parent company. The plans include the Fixed Income Retention Plan, Restricted Unit Plan and 2013 Equity Unit Incentive Plan. | |
Under the Fixed Income Retention Plan, certain portfolio managers in the fixed income area were awarded cash and/or partnership units in TCW’s parent company, either on a contractually-determined basis or on a discretionary basis. Awards under this plan were made in 2010 that vest over time. | |
Under the Restricted Unit Plan, certain portfolio managers in the fixed income and equity areas may be awarded partnership units in TCW’s parent company. Awards under this plan have vested over time, subject to satisfaction of performance criteria. | |
Under the 2013 Equity Unit Incentive Plan, certain portfolio managers in the fixed income and equity areas may be awarded options to acquire partnership units in TCW’s parent company with a strike price equal to the fair market value of the option at the date of grant. The options granted under this plan are subject to vesting and other conditions. |
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Other Plans and Compensation Vehicles. Portfolio managers may also elect to participate in the applicable TCW Group’s 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis. |
Threadneedle: Direct compensation is typically comprised of a base salary, a fixed role-based allowance paid monthly alongside salary and an annual incentive award that is paid either in the form of a cash bonus if the size of the award is under a specified threshold or, if the size of the award is over a specified threshold, the award is paid in a combination of a cash bonus, an equity incentive award, and fund-linked deferred compensation compliant with European regulatory requirements in its structure and delivery vehicles. Equity incentive awards are made in the form of Ameriprise Financial restricted stock, or for senior employees outside our fund management teams both Ameriprise Financial restricted stock and stock options. The investment return credited on deferred compensation is based on the performance of specified Threadneedle funds, in most cases including the funds the portfolio manager manages. | |
Base salary is typically determined based on market data relevant to the employee’s position, as well as other factors including internal equity. Base salaries are reviewed annually, and increases are typically given as promotional increases, internal equity adjustments, or market adjustments. | |
Annual incentive awards and pool funding are variable and are designed to reward: |
■ | Investment performance, both at the individual and team levels |
■ | Client requirements, in particular the alignment with clients through a mandatory deferral into the company’s own products, compliant with local regulation in particular the UCITS V requirements |
■ | Team cooperation and values |
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Water Island: Investment professionals are compensated with salary and a bonus based on individual performance, both relative and absolute fund performance, and profitability of Water Island. Profit sharing in Water Island may also be included as potential compensation. In addition, Water Island believes employee ownership and the opportunity for all employees to hold ownership interests in Water Island fosters teamwork and encourages longevity in tenure. Ownership shares may be issued to employees based on tenure, position, and contribution to Water Island. Water Island’s policies help ensure that the financial interests of its key investment personnel are aligned with its clients’ financial interests. Water Island also expends efforts to help ensure it attracts and retains key investment talent. Its goal is to focus its employees on long-term rather than short-term performance and to encourage employee retention. | |
WellsCap: The compensation structure for WellsCap's Portfolio Managers includes a competitive fixed base salary plus variable incentives, payable annually and over a longer term period. WellsCap participates in third party investment management compensation surveys for market-based compensation information to help support individual pay decisions. In addition to surveys, WellsCap also considers prior professional experience, tenure, seniority and a Portfolio Manager's team size, scope and assets under management when determining his/her fixed base salary. In addition, Portfolio Managers, who meet the eligibility requirements, may participate in Wells Fargo's 401(k) plan that features a limited matching contribution. Eligibility for and participation in this plan is on the same basis for all employees. | |
WellsCap’s investment incentive program plays an important role in aligning the interests of our portfolio managers, investment team members, clients and shareholders. Incentive awards for portfolio managers are determined based on a review of relative investment and business/team performance. Investment performance is generally evaluated for 1, 3, and 5 year performance results, with a predominant weighting on the 3- and 5- year time periods, versus the relevant benchmarks and/or peer groups consistent with the investment style. In the case of each Fund, the benchmark(s) against which the performance of the Fund's portfolio may be compared for these purposes generally are indicated in the "Average Annual Total Returns" table in the prospectus. Once determined, incentives are awarded to portfolio managers annually, with a portion awarded as annual cash and a portion awarded as long term incentive. The long term portion of incentives generally carry a pro-rated vesting schedule over a three year period. For many of our portfolio managers, WellsCap further requires a portion of their annual long-term award be allocated directly into each strategy they manage through a deferred compensation vehicle. In addition, our investment team members who are eligible for long term awards also have the opportunity to invest up to 100% of their awards into investment strategies they support (through a deferred compensation vehicle). |
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Administrative Services Fees | |||
2018 | 2017 | 2016 | |
For Funds with fiscal period ending December 31 | |||
Real Estate Equity Fund | N/A | N/A | $97,784 |
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Sales Charges Paid to Distributor |
Amount
Retained by Distributor
After Paying Commissions |
|||||
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | |
For Funds with fiscal period ending December 31 | ||||||
Real Estate Equity Fund | $33,917 | $46,550 | $129,130 | $5,298 | $7,791 | $18,689 |
(a) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Distribution Fee* | Service Fee* | Combined Total* | |
Class A | up to 0.10% | 0.25% | Up to 0.25%(a)(b) |
Class A for Multi-Manager Strategies Funds | up to 0.25% | up to 0.25% | 0.25% (c) |
Class Adv | None | None | None |
Class C | 0.75% | 0.25% | 1.00% (b)(d) |
Class Inst | None | None | None |
Class Inst2 | None | None | None |
Class Inst3 | None | None | None |
Class E | 0.10% | 0.25% | 0.35% |
Class R | 0.50% | — (e) | 0.50% |
Class V | None | 0.50% (f) | 0.50% (f) |
(a) | As shown in the table below, the maximum distribution and service fees of Class A shares varies among the Funds. |
Funds |
Class
A
Distribution Fee |
Class
A
Service Fee |
Class
A
Combined Total |
Adaptive Risk Allocation Fund, Bond Fund, Corporate Income Fund, CT Intermediate Municipal Bond Fund, Emerging Markets Fund, Global Dividend Opportunity Fund, Global Energy and Natural Resources Fund, Greater China Fund, MA Intermediate Municipal Bond Fund, Multi-Asset Income Fund, Multi Strategy Alternatives Fund, NY Intermediate Municipal Bond Fund, Pacific/Asia Fund, Select Large Cap Growth Fund, Small Cap Value Fund I, Strategic CA Municipal Income Fund, Strategic Income Fund, Strategic NY Municipal Income Fund, U.S. Social Bond Fund and U.S. Treasury Index Fund | — | 0.25% | 0.25% |
HY Municipal Fund, Intermediate Municipal Bond Fund, and Tax-Exempt Fund | — | 0.20% | 0.20% |
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Funds |
Class
A
Distribution Fee |
Class
A
Service Fee |
Class
A
Combined Total |
Balanced Fund, Contrarian Core Fund, Disciplined Small Core Fund, Dividend Income Fund, Global Technology Growth Fund, Large Cap Growth Fund, Mid Cap Growth Fund, OR Intermediate Municipal Bond Fund, Real Estate Equity Fund, Small Cap Growth Fund I and Total Return Bond Fund | up to 0.10% | up to 0.25% | Up to 0.35%; these Funds may pay distribution and service fees up to a maximum of 0.35% of their average daily net assets attributable to Class A shares but currently limit such fees to an aggregate fee of not more than 0.25% |
Ultra Short Term Bond Fund | up to 0.15% | up to 0.15% | up to 0.15% |
(b) | The annual service fee for Class A and Class C shares of HY Municipal Fund, Intermediate Municipal Bond Fund and Tax-Exempt Fund may equal up to 0.20% of the average daily net asset value of all shares of such Fund class. The annual distribution fee for Class C shares for Intermediate Municipal Bond Fund shall be 0.65% of the average daily net assets of the Fund’s Class C shares. The Distributor has voluntarily agreed to waive the Service Fee for Class A and Class C shares of U.S. Treasury Index Fund so that the Service Fee does not exceed 0.15% annually. This arrangement may be modified by the Distributor at any time. |
(c) | Class A shares of Multi-Manager Strategies Funds may pay distribution and service fees up to a maximum of 0.25% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.25% for distribution services and up to 0.25% for shareholder liaison services). |
(d) | The Distributor has voluntarily agreed to waive a portion of the distribution fee for Class C shares of the following Funds so that the distribution fee does not exceed the specified percentage annually: 0.45% for CT Intermediate Municipal Bond Fund, MA Intermediate Municipal Bond Fund, NY Intermediate Municipal Bond Fund, OR Intermediate Municipal Bond Fund, Strategic CA Municipal Income Fund and Strategic NY Municipal Income Fund; 0.60% for Corporate Income Fund; 0.65% for HY Municipal Fund and Tax-Exempt Fund; and 0.70% for U.S. Treasury Index Fund. These arrangements may be modified or terminated by the Distributor at any time. |
(e) | Class R shares pay a distribution fee pursuant to a Fund’s distribution (Rule 12b-1) plan for Class R shares. The Funds do not have a shareholder service plan for Class R shares. |
(f) | The shareholder servicing fees for Class V shares are up to 0.50% of average daily net assets attributable to Class V shares for equity Funds and 0.40% for fixed income Funds. In general, the Funds currently limit such fees to a maximum of 0.25% for equity Funds and 0.15% for fixed income Funds. These fees for Class V shares are not paid pursuant to a Rule 12b-1 plan. See Class V Shares Shareholder Service Fees below for more information. |
* | For Multisector Bond SMA Completion Portfolio and Overseas SMA Completion Portfolio, the Funds may pay at an annual rate a distribution fee of up to 0.25% and a shareholder servicing fee of up to 0.25%, provided that the combined distribution and servicing fee does not exceed a combined total of 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. No distribution or service fees are currently paid by the Funds under the distribution and/or shareholder servicing plans, however, and there are no current plans to impose these fees. Future payments may be made under the distribution and/or shareholder servicing plans without any further shareholder approval. In the event Rule 12b-fees are charged, over time they would increase the cost of an investment in the Funds. |
Statement of Additional Information – March 1, 2020 | 154 |
Statement of Additional Information – March 1, 2020 | 155 |
Fund | Class A | Class C | Class R | Class V |
For Funds with fiscal period ending March 31 | ||||
MM Growth Strategies Fund | $22,672 | N/A | N/A | N/A |
Pacific/Asia Fund | 13,105 | $14,208 | N/A | N/A |
Select Large Cap Growth Fund | 898,672 | 1,039,166 | $58,159 | N/A |
For Funds with fiscal period ending April 30 | ||||
Bond Fund | 123,756 | 47,243 | 3,080 | $12,734 |
Corporate Income Fund | 150,171 | 48,464 | N/A | N/A |
MM Directional Alternative Strategies Fund | 1,629 | N/A | N/A | N/A |
Multi-Asset Income Fund | 4,997 | 11,169 | N/A | N/A |
Small Cap Value Fund I | 627,269 | 123,954 | 17,391 | N/A |
Total Return Bond Fund | 1,707,198 | 228,840 | 9,617 | N/A |
U.S. Treasury Index Fund | 59,057 | 24,223 | N/A | N/A |
For Funds with fiscal period ending May 31 | ||||
Adaptive Risk Allocation Fund | 311,831 | 997,129 | 1,672 | N/A |
Dividend Income Fund | 4,946,456 | 8,247,787 | 557,551 | 198,768 |
HY Municipal Fund | 302,092 | 403,612 | N/A | N/A |
Multi Strategy Alternatives Fund | 9,383 | 6,662 | 40 | N/A |
For Funds with fiscal period ending July 31 | ||||
Large Cap Growth Fund(a) | 4,690,124 | 762,133 | 71,018 | 494,681 |
OR Intermediate Municipal Bond Fund | 99,694 | 86,110 | N/A | N/A |
Tax-Exempt Fund | 5,069,885 | 546,658 | N/A | N/A |
U.S. Social Bond Fund | 21,039 | 15,592 | N/A | N/A |
Ultra Short Term Bond Fund | 20,132 | N/A | N/A | N/A |
For Funds with fiscal period ending August 31 | ||||
Balanced Fund | 6,621,271 | 14,622,823 | 628,198 | N/A |
Contrarian Core Fund | 4,107,841 | 6,052,781 | 653,845 | 374,613 |
Disciplined Small Core Fund | 81,576 | 41,004 | N/A | 115,569 |
Emerging Markets Fund | 631,755 | 176,752 | 42,099 | N/A |
Global Dividend Opportunity Fund | 208,667 | 24,242 | 4,256 | N/A |
Global Energy and Natural Resources Fund | 166,984 | 84,807 | 59,573 | N/A |
Global Technology Growth Fund | 823,154 | 1,322,971 | N/A | N/A |
Greater China Fund | 166,442 | 41,736 | N/A | N/A |
Mid Cap Growth Fund | 2,049,948 | 145,644 | 56,277 | 57,714 |
MM Alternative Strategies Fund | 2,902 | N/A | N/A | N/A |
MM Small Cap Equity Strategies Fund | 8,742 | N/A | N/A | N/A |
MM Total Return Bond Strategies Fund | 30,859 | N/A | N/A | N/A |
Small Cap Growth Fund I | 592,770 | 77,499 | 7,128 | N/A |
Strategic Income Fund | 2,624,834 | 2,831,325 | 40,782 | N/A |
For Funds with fiscal period ending October 31 | ||||
CT Intermediate Municipal Bond Fund | 19,407 | 14,831 | N/A | 14,160 |
Statement of Additional Information – March 1, 2020 | 156 |
Fund | Class A | Class C | Class R | Class V |
Intermediate Municipal Bond Fund | $311,478 | $224,391 | N/A | $17,790 |
MA Intermediate Municipal Bond Fund | 50,610 | 32,894 | N/A | 23,378 |
NY Intermediate Municipal Bond Fund | 42,547 | 78,837 | N/A | 8,860 |
Strategic CA Municipal Income Fund | 835,942 | 227,770 | N/A | N/A |
Strategic NY Municipal Income Fund | 290,934 | 141,283 | N/A | N/A |
For Funds with fiscal period ending December 31 | ||||
Real Estate Equity Fund | 184,483 | 86,775 | $29,275 | N/A |
(a) | The Fund paid distribution and/or service fees of $55,149 for Class E shares for the fiscal year ended 2019. |
Statement of Additional Information – March 1, 2020 | 157 |
Amounts Reimbursed | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending March 31 | |||
Adaptive Retirement 2020 Fund | $108,784 | $47,148 (a) | N/A |
Adaptive Retirement 2025 Fund | 114,501 (b) | N/A | N/A |
Adaptive Retirement 2030 Fund | 106,538 | 48,214 (a) | N/A |
Adaptive Retirement 2035 Fund | 113,287 (b) | N/A | N/A |
Adaptive Retirement 2040 Fund | 106,387 | 46,232 (a) | N/A |
Adaptive Retirement 2045 Fund | 113,294 (b) | N/A | N/A |
Adaptive Retirement 2050 Fund | 106,275 | 46,222 (a) | N/A |
Adaptive Retirement 2055 Fund | 113,470 (b) | N/A | N/A |
Adaptive Retirement 2060 Fund | 106,381 | 46,227 (a) | N/A |
MM Growth Strategies Fund | 0 | 0 | $0 |
Pacific/Asia Fund | 104,313 | 2,239 | 0 |
Select Large Cap Growth Fund | 0 | 0 | 0 |
Solutions Aggressive Portfolio | 115,257 | 51,039 (a) | N/A |
Solutions Conservative Portfolio | 115,215 | 50,910 (a) | N/A |
For Funds with fiscal period ending April 30 | |||
Bond Fund | 637,917 | 578,904 | 784,175 |
Corporate Income Fund | 141,151 | 349,553 | 555,872 |
MM Directional Alternative Strategies Fund | 122,083 | 0 | 268,331 (c) |
Multi-Asset Income Fund | 413,261 | 388,054 | 330,226 |
Small Cap Value Fund I | 218,379 | 96,248 | 43,690 |
Total Return Bond Fund | 984,584 | 1,020,718 | 1,085,663 |
U.S. Treasury Index Fund | 1,685,617 | 1,497,321 | 1,625,963 |
For Funds with fiscal period ending May 31 | |||
Adaptive Risk Allocation Fund | 0 | 0 | 0 |
Dividend Income Fund | 0 | 0 | 0 |
HY Municipal Fund | 198,043 | 278,084 | 570,809 |
Multi Strategy Alternatives Fund | 0 | 0 | 183,218 |
For Funds with fiscal period ending July 31 | |||
Large Cap Growth Fund | 0 | 0 | 0 |
OR Intermediate Municipal Bond Fund | 42,894 | 86 | 0 |
Tax-Exempt Fund | 0 | 0 | 0 |
Statement of Additional Information – March 1, 2020 | 158 |
Amounts Reimbursed | |||
2019 | 2018 | 2017 | |
U.S. Social Bond Fund | $217,697 | $222,942 | $207,641 |
Ultra Short Term Bond Fund | 25,752 | 77,707 | 88,030 |
For Funds with fiscal period ending August 31 | |||
Balanced Fund | 0 | 0 | 0 |
Contrarian Core Fund | 0 | 0 | 0 |
Disciplined Small Core Fund | 150,693 | 84,447 | 104,936 |
Emerging Markets Fund | 0 | 0 | 277,910 |
Global Dividend Opportunity Fund | 869,672 | 885,748 | 803,209 |
Global Energy and Natural Resources Fund | 0 | 0 | 0 |
Global Technology Growth Fund | 0 | 0 | 0 |
Greater China Fund | 0 | 0 | 0 |
Mid Cap Growth Fund | 0 | 0 | 0 |
MM Alternative Strategies Fund | 0 | 0 | 0 |
MM International Equity Strategies Fund | 0 | 0 (d) | N/A |
MM Small Cap Equity Strategies Fund | 266,244 | 943,335 | 2,192,588 |
MM Total Return Bond Strategies Fund | 468,552 | 0 | 0 |
Multisector Bond SMA Completion Portfolio(e) | N/A | N/A | N/A |
Overseas SMA Completion Portfolio(f) | N/A | N/A | N/A |
Small Cap Growth Fund I | 1,078 | 47,398 | 186,196 |
Strategic Income Fund | 0 | 0 | 0 (g) |
For Funds with fiscal period ending October 31 | |||
CT Intermediate Municipal Bond Fund | 121,203 | 124,677 | 201,139 |
Intermediate Municipal Bond Fund | 818,863 | 841,598 | 1,306,973 |
MA Intermediate Municipal Bond Fund | 212,620 | 202,996 | 311,514 |
NY Intermediate Municipal Bond Fund | 315,648 | 318,672 | 430,003 |
Strategic CA Municipal Income Fund | 100,326 | 14,781 | 75,096 |
Strategic NY Municipal Income Fund | 101,161 | 100,551 | 122,135 |
2018 | 2017 | 2016 | |
For Funds with fiscal period ending December 31 | |||
Real Estate Equity Fund | 0 | 0 | 0 |
(a) | For the period from October 24, 2017 (commencement of operations) to March 31, 2018. |
(b) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(c) | For the period from October 17, 2016 (commencement of operations) to April 30, 2017. |
(d) | For the period from May 17, 2018 (commencement of operations) to August 31, 2018. |
(e) | The Fund commenced operations on October 29, 2019, and therefore has no reporting information for periods prior to such date. |
(f) | The Fund commenced operations on September 12, 2019, and therefore has no reporting information for periods prior to such date. |
(g) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – March 1, 2020 | 159 |
(a) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – March 1, 2020 | 160 |
Statement of Additional Information – March 1, 2020 | 161 |
Statement of Additional Information – March 1, 2020 | 162 |
Statement of Additional Information – March 1, 2020 | 163 |
Statement of Additional Information – March 1, 2020 | 164 |
Statement of Additional Information – March 1, 2020 | 165 |
Statement of Additional Information – March 1, 2020 | 166 |
Name, address, year of birth |
Position
held with Subsidiary
and length of service |
Principal occupation during past five years |
Anthony
P. Haugen
807 Ameriprise Financial Center, Minneapolis, MN 55474-2405 Born 1964 |
Director
since
November 2013 |
Vice
President – Finance, Ameriprise Financial, Inc.
since June 2004 |
Christopher
O. Petersen
5228 Ameriprise Financial Center Minneapolis, MN 55474-2405 Born 1970 |
Director
since
January 2015 |
See Fund Governance – Fund Officers. |
Subsidiary |
Assets
(millions) |
Annual
rate at
each asset level(a) |
ASGM Offshore Fund, Ltd. | $0 - $500 | 1.100% |
ASMF Offshore Fund, Ltd. | >$500 - $1,000 | 1.050% |
(Subsidiaries of MM Alternative Strategies Fund) | >$1,000 - $3,000 | 1.020% |
>$3,000 - $6,000 | 0.990% | |
>$6,000 - $12,000 | 0.960% | |
>$12,000 | 0.950% | |
CMSAF1 Offshore Fund, Ltd. | $0 - $500 | 0.960% |
CMSAF2 Offshore Fund, Ltd. | >$500 - $1,000 | 0.955% |
CMSAF3 Offshore Fund, Ltd. | >$1,000 - $3,000 | 0.950% |
(Subsidiaries of Multi Strategy Alternatives Fund) | >$3,000 - $12,000 | 0.940% |
>$12,000 | 0.930% |
(a) | When calculating asset levels for purposes of determining fee rate breakpoints, asset levels are based on aggregate net assets of the Fund and the Parent Fund. When calculating the fee payable under this agreement, the annual rates are based on a percentage of the daily net assets of the Fund. |
Statement of Additional Information – March 1, 2020 | 167 |
Statement of Additional Information – March 1, 2020 | 168 |
Statement of Additional Information – March 1, 2020 | 169 |
Name, Address, Year of Birth | Position Held with the Trust and Length of Service |
Principal
Occupation(s)
During the Past Five Years and Other Relevant Professional Experience |
Number
of Funds in the Columbia Funds Complex Overseen |
Other
Directorships
Held by Trustee During the Past Five Years |
Committee Assignments |
David
M. Moffett
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1952 |
Trustee
2011 |
Retired; Consultant to Bridgewater and Associates | 71 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, Paypal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 | Compliance, Audit, Investment Oversight Committee #1 |
John
J. Neuhauser
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1943 |
Trustee
1984 |
President, Saint Michael’s College, August 2007-June 2018; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College, August 1999 - October 2005; University Professor, Boston College, November 2005-August 2007 | 71 | Director, Liberty All-Star Equity Fund and Liberty All-Star Growth Fund (closed-end funds) | Advisory Fees & Expenses, Product and Distribution, Investment Oversight Committee #2 |
Patrick
J. Simpson
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1944 |
Trustee
2000 |
Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP, 1988 -2014 | 71 | Former Director, M Fund, Inc. (M Funds mutual fund family), July 2018–July 2019 | Advisory Fees & Expenses, Audit, Governance, Investment Oversight Committee #1 |
Statement of Additional Information – March 1, 2020 | 170 |
Name, Address, Year of Birth | Position Held with the Funds and Length of Service |
Principal
Occupation(s)
During the Past Five Years and Other Relevant Professional Experience |
Number
of Funds in the Columbia Funds Complex Overseen |
Other
Directorships
Held by Trustee During the Past Five Years |
Committee Assignments |
J.
Kevin Connaughton
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1964 |
Independent
Trustee Consultant
2016 |
Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2009-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 71 | Director, The Autism Project since March 2015; Investment Committee, St. Michael’s College since November 2015; Trustee, St. Michael’s College since June 2017; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016-December 2017 | Product and Distribution, Advisory Fees & Expenses, Audit, Investment Oversight Committee #2 |
Olive
Darragh
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1962 |
Independent
Trustee Consultant
2019 |
Independent Trustee Consultant, Columbia Funds since June 2019; Managing Director of Darragh Inc. (a strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio (an investment management talent identification platform) since 2004; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company, 2001-2004 | 71 | Former Director, University of Edinburgh Business School; former Director, Boston Public Library Foundation | Product and Distribution, Advisory Fees & Expenses, Audit, Compliance, Investment Oversight Committee #1 |
Natalie
A. Trunow
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1967 |
Independent
Trustee Consultant
2016 |
Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Investment Committee Member, Sarona Asset Management (private equity firm) since October 2019; Director of Investments, Casey Family Programs, April 2016-September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008 - January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 71 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions) | Product and Distribution, Advisory Fees & Expenses, Compliance, Investment Oversight Committee #1 |
* | J. Kevin Connaughton was appointed consultant to the Independent Trustees effective March 1, 2016. Natalie A. Trunow was appointed consultant to the Independent Trustees effective September 1, 2016. Olive Darragh was appointed consultant to the Independent Trustees effective June 10, 2019. Shareholders of the Funds are expected to be asked to elect each of Mr. Connaughton, Ms. Darragh and Ms. Trunow as a Trustee at a future shareholder meeting. |
Statement of Additional Information – March 1, 2020 | 171 |
Name,
Address,
Year of Birth |
Position
Held
with the Trust and Length of Service |
Principal
Occupation(s)
During the Past Five Years and Other Relevant Professional Experience |
Number
of
Funds in the Columbia Funds Complex Overseen |
Other Directorships Held by Trustee During the Past Five Years |
Committee
Assignments |
William
F. Truscott
c/o Columbia Management Investment Advisers, LLC, 225 Franklin St. Boston, MA 02110 1960 |
Trustee
2012 |
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 | 192 | Trustee, Columbia Funds since November 2001 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Statement of Additional Information – March 1, 2020 | 172 |
Name,
Address
and Year of Birth |
Position
and Year
First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof |
Principal Occupation(s) During Past Five Years |
Joseph
Beranek
5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965 |
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020) | Vice President - Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 – March 2017). |
Paul
B. Goucher
485 Lexington Avenue New York, NY 10017 Born 1968 |
Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 – January 2017 and January 2013 – January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
Thomas
P. McGuire
225 Franklin Street Boston, MA 02110 Born 1972 |
Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015. |
Colin
Moore
225 Franklin Street Boston, MA 02110 Born 1958 |
Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan
C. Larrenaga
225 Franklin Street Boston, MA 02110 Born 1970 |
Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 – August 2018); officer of Columbia Funds and affiliated funds since 2005. |
Daniel
J. Beckman
225 Franklin Street Boston, MA 02110 Born 1962 |
Senior Vice President (2020) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015). |
Michael
E. DeFao
225 Franklin Street Boston, MA 02110 Born 1968 |
Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn
Kephart-Strong
5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960 |
Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
Statement of Additional Information – March 1, 2020 | 173 |
Statement of Additional Information – March 1, 2020 | 174 |
Statement of Additional Information – March 1, 2020 | 175 |
Fiscal Period |
Audit
Committee |
Governance
Committee |
Advisory
Fees
& Expenses Committee |
Compliance
Committee |
Investment
Oversight Committee |
Product
&
Distribution Committee |
For
the fiscal year
ending March 31, 2019 |
5 | 5 | 6 | 5 | 10 | 5 |
For
the fiscal year
ending April 30, 2019 |
5 | 6 | 7 | 5 | 10 | 5 |
For
the fiscal year
ending May 31, 2019 |
4 | 4 | 6 | 4 | 8 | 4 |
For
the fiscal year
ending July 31, 2019 |
5 | 5 | 6 | 5 | 11 | 5 |
For
the fiscal year
ending August 31, 2019 |
5 | 5 | 6 | 5 | 12 | 5 |
For
the fiscal year
ending October 31, 2019 |
4 | 5 | 5 | 4 | 9 | 4 |
For
the fiscal year
ending December 31, 2018 |
4 | 6 | 5 | 4 | 8 | 4 |
Statement of Additional Information – March 1, 2020 | 176 |
Fund | Carrig | Hacker | Lukitsh | Moffett | Neuhauser | Simpson |
Adaptive Retirement 2020 Fund | A | A | A | A | A | A |
Adaptive Retirement 2025 Fund | A | A | A | A | A | A |
Adaptive Retirement 2030 Fund | A | A | A | A | A | A |
Adaptive Retirement 2035 Fund | A | A | A | A | A | A |
Adaptive Retirement 2040 Fund | A | A | A | A | A | A |
Adaptive Retirement 2045 Fund | A | A | A | A | A | A |
Adaptive Retirement 2050 Fund | A | A | A | A | A | A |
Adaptive Retirement 2055 Fund | A | A | A | A | A | A |
Adaptive Retirement 2060 Fund | A | A | A | A | A | A |
Adaptive Risk Allocation Fund | A | E | A | A | A | A |
Balanced Fund | D | A | A | A | A | D |
Bond Fund | A | A | A | A | A | A |
Contrarian Core Fund | E (a) | A | A | A | A | A |
Corporate Income Fund | D (a) | A | A | A | A | A |
CT Intermediate Municipal Bond Fund | A | A | A | A | A | A |
Disciplined Small Core Fund | A | A | A | A | A | A |
Dividend Income Fund | E (a) | A | A | A | A | E (a) |
Emerging Markets Fund | A | A | A | A | A | E (a) |
Global Dividend Opportunity Fund | A | A | A | A | A | A |
Global Energy and Natural Resources Fund | A | A | A | A | A | A |
Global Technology Growth Fund | A | A | E | E (a) | A | A |
Greater China Fund | A | A | A | A | A | A |
HY Municipal Fund | A | A | A | A | A | A |
Intermediate Municipal Bond Fund | A | A | A | A | A | A |
Large Cap Growth Fund | E | A | A | A | A | E (a) |
MA Intermediate Municipal Bond Fund | A | A | A | A | A | A |
Mid Cap Growth Fund | A | E | A | A | A | B |
MM Alternative Strategies Fund | A | A | A | A | A | A |
MM Directional Alternative Strategies Fund | A | A | A | A | A | A |
MM Growth Strategies Fund | A | A | A | A | A | A |
MM International Equity Strategies Fund | A | A | A | A | A | A |
MM Small Cap Equity Strategies Fund | A | A | A | A | A | A |
MM Total Return Bond Strategies Fund | A | A | A | A | A | A |
Multi-Asset Income Fund | A | E | A | A | A | A |
Multisector Bond SMA Completion Portfolio | A | A | A | A | A | A |
Multi Strategy Alternatives Fund | A | A | A | A | A | A |
Statement of Additional Information – March 1, 2020 | 177 |
Fund | Carrig | Hacker | Lukitsh | Moffett | Neuhauser | Simpson |
NY Intermediate Municipal Bond Fund | A | A | A | A | A | A |
OR Intermediate Municipal Bond Fund | A | A | A | A | A | A |
Overseas SMA Completion Portfolio | A | A | A | A | A | A |
Pacific/Asia Fund | A | A | A | A | A | A |
Real Estate Equity Fund | A | A | A | A | A | E (a) |
Select Large Cap Growth Fund | A | E | A | A | A | A |
Small Cap Growth Fund I | A | E | A | A | A | A |
Small Cap Value Fund I | A | A | A | A | E | A |
Solutions Aggressive Portfolio | A | A | A | A | A | A |
Solutions Conservative Portfolio | A | A | A | A | A | A |
Strategic CA Municipal Income Fund | A | A | A | A | A | A |
Strategic Income Fund | A | A | A | A | A | A |
Strategic NY Municipal Income Fund | A | A | A | A | A | A |
Tax-Exempt Fund | A | A | A | A | E | A |
Total Return Bond Fund | A | A | A | A | A | E (a) |
U.S. Social Bond Fund | A | A | A | A | A | A |
U.S. Treasury Index Fund | A | A | A | A | A | E (a) |
Ultra Short Term Bond Fund | A | A | A | A | A | E (a) |
Aggregate Dollar Range of Equity Securities in all Funds in the Columbia Funds Complex Overseen by the Trustee | E (a) | E | E | E (a) | E | E (a) |
(a) | Includes the value of compensation payable under a Deferred Compensation Plan that is determined as if the amounts deferred had been invested, as of the date of deferral, in shares of one or more funds in the Columbia Funds Complex overseen by the Trustee as specified by the Trustee. |
Fund | Connaughton | Darragh | Trunow |
Adaptive Retirement 2020 Fund | A | A | A |
Adaptive Retirement 2025 Fund | A | A | A |
Adaptive Retirement 2030 Fund | A | A | A |
Adaptive Retirement 2035 Fund | A | A | A |
Adaptive Retirement 2040 Fund | A | A | A |
Adaptive Retirement 2045 Fund | A | A | A |
Adaptive Retirement 2050 Fund | A | A | A |
Adaptive Retirement 2055 Fund | A | A | A |
Adaptive Retirement 2060 Fund | A | A | A |
Adaptive Risk Allocation Fund | A | A | A |
Balanced Fund | C | A | A |
Bond Fund | A | A | A |
Contrarian Core Fund | E | A | A |
Corporate Income Fund | A | A | A |
CT Intermediate Municipal Bond Fund | A | A | A |
Disciplined Small Core Fund | A | A | A |
Dividend Income Fund | A | A | A |
Emerging Markets Fund | A | A | A |
Global Dividend Opportunity Fund | A | A | A |
Global Energy and Natural Resources Fund | A | A | A |
Statement of Additional Information – March 1, 2020 | 178 |
Fund | Connaughton | Darragh | Trunow |
Global Technology Growth Fund | A | A | A |
Greater China Fund | A | A | A |
HY Municipal Fund | A | A | A |
Intermediate Municipal Bond Fund | A | A | A |
Large Cap Growth Fund | A | A | A |
MA Intermediate Municipal Bond Fund | A | A | A |
Mid Cap Growth Fund | A | A | A |
MM Alternative Strategies Fund | A | A | A |
MM Directional Alternative Strategies Fund | A | A | A |
MM Growth Strategies Fund | A | A | A |
MM International Equity Strategies Fund | A | A | A |
MM Small Cap Equity Strategies Fund | A | A | A |
MM Total Return Bond Strategies Fund | A | A | A |
Multi-Asset Income Fund | A | A | B (a) |
Multisector Bond SMA Completion Portfolio | A | A | A |
Multi Strategy Alternatives Fund | A | A | A |
NY Intermediate Municipal Bond Fund | A | A | A |
OR Intermediate Municipal Bond Fund | A | A | A |
Overseas SMA Completion Portfolio | A | A | A |
Pacific/Asia Fund | A | A | A |
Real Estate Equity Fund | A | A | A |
Select Large Cap Growth Fund | A | A | A |
Small Cap Growth Fund I | A | A | A |
Small Cap Value Fund I | A | A | A |
Solutions Aggressive Portfolio | A | A | A |
Solutions Conservative Portfolio | A | A | A |
Strategic CA Municipal Income Fund | A | A | A |
Strategic Income Fund | A | A | A |
Strategic NY Municipal Income Fund | A | A | A |
Tax-Exempt Fund | A | A | A |
Total Return Bond Fund | A | A | C (a) |
U.S. Social Bond Fund | A | A | A |
U.S. Treasury Index Fund | A | A | A |
Ultra Short Term Bond Fund | A | A | A |
Aggregate
Dollar Range of Equity Securities in all Funds in the
Columbia Funds Complex Overseen by the Consultant |
E | A | C (a) |
(a) | Includes the value of compensation payable under a Deferred Compensation Plan that is determined as if the amounts deferred had been invested, as of the date of deferral, in shares of one or more funds in the Columbia Funds Complex overseen by the Consultant as specified by the Consultant. |
Statement of Additional Information – March 1, 2020 | 179 |
Fund | Truscott |
Adaptive Retirement 2020 Fund | A |
Adaptive Retirement 2025 Fund | A |
Adaptive Retirement 2030 Fund | A |
Adaptive Retirement 2035 Fund | A |
Adaptive Retirement 2040 Fund | A |
Adaptive Retirement 2045 Fund | A |
Adaptive Retirement 2050 Fund | A |
Adaptive Retirement 2055 Fund | A |
Adaptive Retirement 2060 Fund | A |
Adaptive Risk Allocation Fund | E |
Balanced Fund | A |
Bond Fund | A |
Contrarian Core Fund | E |
Corporate Income Fund | D |
CT Intermediate Municipal Bond Fund | A |
Disciplined Small Core Fund | A |
Dividend Income Fund | A |
Emerging Markets Fund | E |
Global Dividend Opportunity Fund | A |
Global Energy and Natural Resources Fund | A |
Global Technology Growth Fund | A |
Greater China Fund | A |
HY Municipal Fund | A |
Intermediate Municipal Bond Fund | A |
Large Cap Growth Fund | E |
MA Intermediate Municipal Bond Fund | A |
Mid Cap Growth Fund | A |
MM Alternative Strategies Fund | A |
MM Directional Alternative Strategies Fund | A |
MM Growth Strategies Fund | A |
MM International Equity Strategies Fund | A |
MM Small Cap Equity Strategies Fund | A |
MM Total Return Bond Strategies Fund | A |
Multi-Asset Income Fund | A |
Multisector Bond SMA Completion Portfolio | A |
Multi Strategy Alternatives Fund | B |
NY Intermediate Municipal Bond Fund | A |
OR Intermediate Municipal Bond Fund | A |
Overseas SMA Completion Portfolio | A |
Pacific/Asia Fund | A |
Real Estate Equity Fund | A |
Select Large Cap Growth Fund | E |
Small Cap Growth Fund I | A |
Statement of Additional Information – March 1, 2020 | 180 |
Fund | Truscott |
Small Cap Value Fund I | A |
Solutions Aggressive Portfolio | A |
Solutions Conservative Portfolio | A |
Strategic CA Municipal Income Fund | A |
Strategic Income Fund | E |
Strategic NY Municipal Income Fund | A |
Tax-Exempt Fund | A |
Total Return Bond Fund | C |
U.S. Social Bond Fund | A |
U.S. Treasury Index Fund | C |
Ultra Short Term Bond Fund | A |
Aggregate
Dollar Range of Equity Securities in all Funds in the
Columbia Funds Complex Overseen by the Trustee |
E |
Statement of Additional Information – March 1, 2020 | 181 |
Trustee Name |
Total
Cash Compensation
from the Columbia Funds Complex Paid to Trustee(a) |
Amount
Deferred
from Total Compensation(b) |
Trustee | ||
Janet L. Carrig | $301,000 | $301,000 |
Douglas A. Hacker | $416,000 | $0 |
Nancy T. Lukitsh | $318,500 | $0 |
David M. Moffett | $303,500 | $303,500 |
John J. Neuhauser | $304,000 | $0 |
Patrick J. Simpson | $313,500 | $128,500 |
Anne-Lee Verville(f) | $296,500 | $0 |
Consultant | ||
J. Kevin Connaughton(c) | $287,500 | $0 |
Olive Darragh(d) | $156,333 | $0 |
Natalie A. Trunow(e) | $287,500 | $175,000 |
(a) | Includes any portion of cash compensation Trustees elected to defer during the fiscal period. |
(b) | The Trustees may elect to defer a portion of the total cash compensation payable. Additional information regarding the Deferred Compensation Plan is described below. |
(c) | Mr. Connaughton receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $295,000 (effective in 2020). |
(d) | Ms. Darragh was appointed consultant to the Independent Trustees effective June 10, 2019, and as such received no compensation prior to such date. Ms. Darragh receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $295,000 (effective in 2020). |
(e) | Ms. Trunow receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $295,000 (effective in 2020). |
(f) | Ms. Verville served as Trustee until December 11, 2019, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
Statement of Additional Information – March 1, 2020 | 182 |
Statement of Additional Information – March 1, 2020 | 183 |
Statement of Additional Information – March 1, 2020 | 184 |
Fund | Aggregate Compensation from Fund | ||||||||||
Independent Trustees | Consultant to Independent Trustees | ||||||||||
Janet
L.
Carrig(a) |
Douglas
A.
Hacker |
Nancy
T.
Lukitsh |
David
M.
Moffett(b) |
John
J.
Neuhauser |
Patrick
J.
Simpson(c) |
Anne-Lee
Verville(d) |
J.
Kevin
Connaughton(e) |
Olive
Darragh(f) |
Natalie
A.
Trunow(g) |
||
Amount Deferred | $7,472 | $0 | $0 | $7,410 | $0 | $3,238 | $0 | $0 | N/A | $4,295 | |
Dividend Income Fund | $25,341 | $34,916 | $26,820 | $25,115 | $25,178 | $26,404 | $24,532 | $23,309 | N/A | $23,309 | |
Amount Deferred | $25,341 | $0 | $0 | $25,115 | $0 | $11,003 | $0 | $0 | N/A | $14,568 | |
HY Municipal Fund | $2,972 | $4,097 | $3,144 | $2,948 | $2,953 | $3,095 | $2,880 | $2,738 | N/A | $2,738 | |
Amount Deferred | $2,972 | $0 | $0 | $2,948 | $0 | $1,286 | $0 | $0 | N/A | $1,711 | |
Multi Strategy Alternatives Fund | $2,852 | $3,930 | $3,015 | $2,832 | $2,835 | $2,968 | $2,767 | $2,623 | N/A | $2,623 | |
Amount Deferred | $2,852 | $0 | $0 | $2,832 | $0 | $1,235 | $0 | $0 | N/A | $1,639 | |
For Funds with fiscal period ending July 31 | |||||||||||
Large Cap Growth Fund | $8,592 | $11,834 | $9,085 | $8,524 | $8,537 | $8,944 | $8,326 | $7,893 | $2,404 | $7,893 | |
Amount Deferred | $8,592 | $0 | $0 | $8,524 | $0 | $3,729 | $0 | $0 | $0 | $4,933 | |
OR Intermediate Municipal Bond Fund | $2,195 | $3,024 | $2,321 | $2,177 | $2,180 | $2,285 | $2,127 | $2,020 | $616 | $2,020 | |
Amount Deferred | $2,195 | $0 | $0 | $2,177 | $0 | $950 | $0 | $0 | $0 | $1,262 | |
Tax-Exempt Fund | $8,275 | $11,405 | $8,751 | $8,207 | $8,220 | $8,615 | $8,016 | $7,618 | $2,323 | $7,618 | |
Amount Deferred | $8,275 | $0 | $0 | $8,207 | $0 | $3,581 | $0 | $0 | $0 | $4,761 | |
U.S. Social Bond Fund | $1,567 | $2,159 | $1,657 | $1,554 | $1,557 | $1,631 | $1,518 | $1,443 | $445 | $1,443 | |
Amount Deferred | $1,567 | $0 | $0 | $1,554 | $0 | $678 | $0 | $0 | $0 | $902 | |
Ultra Short Term Bond Fund | $3,434 | $4,729 | $3,630 | $3,407 | $3,411 | $3,573 | $3,328 | $3,152 | $905 | $3,152 | |
Amount Deferred | $3,434 | $0 | $0 | $3,407 | $0 | $1,491 | $0 | $0 | $0 | $1,970 | |
For Funds with fiscal period ending August 31 | |||||||||||
Balanced Fund | $14,882 | $20,627 | $15,753 | $15,017 | $15,041 | $15,503 | $14,669 | $14,331 | $4,211 | $14,331 | |
Amount Deferred | $14,882 | $0 | $0 | $15,017 | $0 | $6,272 | $0 | $0 | $0 | $8,732 | |
Contrarian Core Fund | $21,724 | $30,160 | $22,998 | $21,951 | $21,986 | $22,632 | $21,444 | $20,993 | $5,990 | $20,993 | |
Amount Deferred | $21,724 | $0 | $0 | $21,951 | $0 | $9,098 | $0 | $0 | $0 | $12,803 | |
Disciplined Small Core Fund | $1,663 | $2,304 | $1,760 | $1,678 | $1,681 | $1,732 | $1,639 | $1,601 | $473 | $1,601 | |
Amount Deferred | $1,663 | $0 | $0 | $1,678 | $0 | $702 | $0 | $0 | $0 | $975 | |
Emerging Markets Fund | $3,989 | $5,527 | $4,223 | $4,023 | $4,030 | $4,156 | $3,930 | $3,842 | $1,163 | $3,842 | |
Amount Deferred | $3,989 | $0 | $0 | $4,023 | $0 | $1,684 | $0 | $0 | $0 | $2,339 | |
Global Dividend Opportunity Fund | $2,466 | $3,416 | $2,610 | $2,487 | $2,491 | $2,569 | $2,430 | $2,372 | $701 | $2,372 | |
Amount Deferred | $2,466 | $0 | $0 | $2,487 | $0 | $1,042 | $0 | $0 | $0 | $1,445 | |
Global Energy and Natural Resources Fund | $1,842 | $2,553 | $1,950 | $1,858 | $1,862 | $1,919 | $1,815 | $1,774 | $523 | $1,774 | |
Amount Deferred | $1,842 | $0 | $0 | $1,858 | $0 | $776 | $0 | $0 | $0 | $1,081 | |
Global Technology Growth Fund | $4,197 | $5,793 | $4,440 | $4,229 | $4,236 | $4,371 | $4,131 | $4,003 | $1,233 | $4,003 | |
Amount Deferred | $4,197 | $0 | $0 | $4,229 | $0 | $1,798 | $0 | $0 | $0 | $2,433 | |
Greater China Fund | $1,680 | $2,327 | $1,779 | $1,695 | $1,698 | $1,751 | $1,655 | $1,615 | $484 | $1,615 | |
Amount Deferred | $1,680 | $0 | $0 | $1,695 | $0 | $711 | $0 | $0 | $0 | $984 | |
Mid Cap Growth Fund | $4,850 | $6,719 | $5,133 | $4,896 | $4,903 | $5,052 | $4,782 | $4,665 | $1,377 | $4,665 | |
Amount Deferred | $4,850 | $0 | $0 | $4,896 | $0 | $2,048 | $0 | $0 | $0 | $2,841 | |
MM Alternatives Strategies Fund | $2,485 | $3,445 | $2,631 | $2,507 | $2,512 | $2,589 | $2,449 | $2,395 | $704 | $2,395 | |
Amount Deferred | $2,485 | $0 | $0 | $2,507 | $0 | $1,046 | $0 | $0 | $0 | $1,459 | |
MM International Equity Strategies Fund | $5,186 | $7,176 | $5,488 | $5,230 | $5,239 | $5,402 | $5,109 | $4,976 | $1,491 | $4,976 | |
Amount Deferred | $5,186 | $0 | $0 | $5,230 | $0 | $2,200 | $0 | $0 | $0 | $3,028 | |
MM Small Cap Equity Strategies Fund | $4,869 | $6,717 | $5,153 | $4,897 | $4,907 | $5,073 | $4,784 | $4,628 | $1,435 | $4,628 | |
Amount Deferred | $4,869 | $0 | $0 | $4,897 | $0 | $2,093 | $0 | $0 | $0 | $2,819 | |
MM Total Return Bond Strategies Fund | $16,917 | $23,428 | $17,908 | $17,055 | $17,083 | $17,625 | $16,659 | $16,265 | $4,863 | $16,265 | |
Amount Deferred | $16,917 | $0 | $0 | $17,055 | $0 | $7,153 | $0 | $0 | $0 | $9,905 | |
Multisector Bond SMA Completion Portfolio(i) | $1,945 | $2,607 | $2,054 | $2,001 | $178 | $198 | $1,955 | $1,659 | $1,659 | $1,659 | |
Amount Deferred(i) | $1,945 | $0 | $0 | $2,001 | $0 | $198 | $0 | $0 | $0 | $1,037 | |
Overseas SMA Completion Portfolio(j) | $2,315 | $3,233 | $2,455 | $2,411 | $689 | $689 | $2,355 | $2,235 | $2,235 | $2,235 | |
Amount Deferred(j) | $2,315 | $0 | $0 | $2,411 | $0 | $319 | $0 | $0 | $0 | $1,397 | |
Small Cap Growth Fund I | $2,536 | $3,501 | $2,683 | $2,555 | $2,559 | $2,641 | $2,496 | $2,420 | $742 | $2,420 |
Statement of Additional Information – March 1, 2020 | 185 |
Fund | Aggregate Compensation from Fund | ||||||||||
Independent Trustees | Consultant to Independent Trustees | ||||||||||
Janet
L.
Carrig(a) |
Douglas
A.
Hacker |
Nancy
T.
Lukitsh |
David
M.
Moffett(b) |
John
J.
Neuhauser |
Patrick
J.
Simpson(c) |
Anne-Lee
Verville(d) |
J.
Kevin
Connaughton(e) |
Olive
Darragh(f) |
Natalie
A.
Trunow(g) |
||
Amount Deferred | $2,536 | $0 | $0 | $2,555 | $0 | $1,087 | $0 | $0 | $0 | $1,471 | |
Strategic Income Fund | $10,121 | $13,980 | $10,709 | $10,195 | $10,228 | $10,541 | $9,958 | $9,676 | $2,973 | $9,676 | |
Amount Deferred | $10,121 | $0 | $0 | $10,195 | $0 | $4,323 | $0 | $0 | $0 | $5,883 | |
For Funds with fiscal period ending October 31 | |||||||||||
CT Intermediate Municipal Bond Fund | $1631 | $2256 | $1726 | $1644 | $1647 | $1699 | $1606 | $1565 | $847 | $1565 | |
Amount Deferred | $1631 | $0 | $0 | $1644 | $0 | $692 | $0 | $0 | $0 | $952 | |
Intermediate Municipal Bond Fund | $4025 | $5576 | $4261 | $4058 | $4065 | $4193 | $3964 | $3871 | $2028 | $3871 | |
Amount Deferred | $4025 | $0 | $0 | $4058 | $0 | $1699 | $0 | $0 | $0 | $2359 | |
MA Intermediate Municipal Bond Fund | $1864 | $2579 | $1973 | $1879 | $1882 | $1942 | $1835 | $1789 | $970 | $1789 | |
Amount Deferred | $1864 | $0 | $0 | $1879 | $0 | $790 | $0 | $0 | $0 | $1089 | |
NY Intermediate Municipal Bond Fund | $1862 | $2577 | $1971 | $1878 | $1881 | $1940 | $1834 | $1788 | $973 | $1788 | |
Amount Deferred | $1862 | $0 | $0 | $1878 | $0 | $790 | $0 | $0 | $0 | $1088 | |
Strategic CA Municipal Income Fund | $2480 | $3432 | $2624 | $2500 | $2504 | $2583 | $2442 | $2380 | $1296 | $2380 | |
Amount Deferred | $2480 | $0 | $0 | $2500 | $0 | $1051 | $0 | $0 | $0 | $1449 | |
Strategic NY Municipal Income Fund | $1819 | $2518 | $1926 | $1834 | $1837 | $1895 | $1792 | $1747 | $944 | $1747 | |
Amount Deferred | $1819 | $0 | $0 | $1834 | $0 | $771 | $0 | $0 | $0 | $1063 | |
For Funds with fiscal period ending December 31 | |||||||||||
Real Estate Equity Fund | $2,093 | $2,908 | $2,178 | $2,114 | $2,100 | $2,182 | $2,065 | $1,978 | N/A | $1,978 | |
Amount Deferred | $2,093 | $0 | $0 | $2,114 | $0 | $875 | $0 | $0 | N/A | $1,236 |
(a) | As of December 31, 2019, the value of Ms. Carrig’s account under the deferred compensation plan was $2,837,415. |
(b) | As of December 31, 2019, the value of Mr. Moffett's account under the deferred compensation plan was $1,660,804. |
(c) | As of December 31, 2019, the value of Mr. Simpson’s account under the deferred compensation plan was $3,144,034. |
(d) | As of December 31, 2019, the value of Ms. Verville’s account under the deferred compensation plan was $696,612. Ms. Verville served as Trustee until December 11, 2019, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
(e) | Mr. Connaughton receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $295,000 (effective in 2020). |
(f) | Ms. Darragh was appointed consultant to the Independent Trustees effective June 10, 2019, and as such received no compensation prior to such date. Ms. Darragh receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $295,000 (effective in 2020). |
(g) | Ms. Trunow receives compensation from the Funds for serving as a consultant to the Independent Trustees at an annual rate of $295,000 (effective in 2020). As of December 31, 2019, the value of Ms. Trunow’s account under the deferred compensation plan was $526,336. |
(h) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(i) | The Fund commenced operations on October 29, 2019. The compensation shown for the Fund is the estimated amount that will be paid from October 29, 2019 to August 31, 2020. |
(j) | The Fund commenced operations on September 12, 2019. The compensation shown for the Fund is the estimated amount that will be paid from September 12, 2019 to August 31, 2020. |
Statement of Additional Information – March 1, 2020 | 186 |
Statement of Additional Information – March 1, 2020 | 187 |
Statement of Additional Information – March 1, 2020 | 188 |
Statement of Additional Information – March 1, 2020 | 189 |
Statement of Additional Information – March 1, 2020 | 190 |
Total Brokerage Commissions | |||
Fund | 2019 | 2018 | 2017 |
Adaptive Retirement 2045 Fund | $63 (b) | $0 | N/A |
Adaptive Retirement 2050 Fund | 50 | 60 (a) | N/A |
Adaptive Retirement 2055 Fund | 64 (b) | 0 | N/A |
Adaptive Retirement 2060 Fund | 51 | 60 (a) | N/A |
MM Growth Strategies Fund | 566,476 | 904,738 | $1,170,504 |
Pacific/Asia Fund | 206,439 | 263,091 | 483,636 |
Select Large Cap Growth Fund | 811,887 | 1,102,634 | 1,601,142 |
Solutions Aggressive Portfolio | 1,758 | 1,192 (a) | N/A |
Solutions Conservative Portfolio | 982 | 617 (a) | N/A |
For Funds with fiscal period ending April 30 | |||
Bond Fund | 13,808 | 18,020 | 18,287 |
Corporate Income Fund | 41,866 | 65,595 | 69,484 |
MM Directional Alternative Strategies Fund | 255,527 | 1,248,899 | 930,710 (c) |
Multi-Asset Income Fund | 14,579 | 25,991 | 21,643 |
Small Cap Value Fund I | 976,383 | 982,446 | 1,212,265 |
Total Return Bond Fund | 88,497 | 136,340 | 225,810 |
U.S. Treasury Index Fund | 0 | 0 | 0 |
For Funds with fiscal period ending May 31 | |||
Adaptive Risk Allocation Fund | 682,735 | 837,004 | 627,857 |
Dividend Income Fund | 1,509,891 | 1,113,679 | 1,356,544 |
HY Municipal Fund | 0 | 0 | 0 |
Multi Strategy Alternatives Fund | 6,121 | 684 | 17,770 |
For Funds with fiscal period ending July 31 | |||
Large Cap Growth Fund | 636,838 | 695,098 | 926,115 |
OR Intermediate Municipal Bond Fund | 0 | 0 | 0 |
Tax-Exempt Fund | 16,916 | 6,588 | 4,550 |
U.S. Social Bond Fund | 895 | 608 | 332 |
Ultra Short Term Bond Fund | 836 | 0 | 0 |
For Funds with fiscal period ending August 31 | |||
Balanced Fund | 1,819,013 | 2,256,479 | 1,764,194 |
Contrarian Core Fund | 4,366,882 | 5,436,332 | 4,479,950 |
Disciplined Small Core Fund | 173,284 | 317,511 | 382,628 |
Emerging Markets Fund | 1,450,471 | 1,865,245 | 2,969,418 |
Global Dividend Opportunity Fund | 289,796 | 377,938 | 459,504 |
Global Energy and Natural Resources Fund | 59,177 | 133,855 | 103,062 |
Global Technology Growth Fund | 492,888 | 445,772 | 379,605 |
Greater China Fund | 65,501 | 91,431 | 139,256 |
Mid Cap Growth Fund | 0 | 716,940 | 2,081,806 |
MM Alternative Strategies Fund | 563,219 | 699,813 | 1,110,334 |
MM International Equity Strategies Fund | 846,057 | 598,581 (d) | N/A |
MM Small Cap Equity Strategies Fund | 1,986,911 | 2,079,508 | 1,730,634 |
MM Total Return Bond Strategies Fund | 455,450 | 429,963 | 420,658 |
Multisector Bond SMA Completion Portfolio(e) | N/A | N/A | N/A |
Statement of Additional Information – March 1, 2020 | 191 |
Total Brokerage Commissions | |||
Fund | 2019 | 2018 | 2017 |
Overseas SMA Completion Portfolio(f) | N/A | N/A | N/A |
Small Cap Growth Fund I | $541,477 | $841,767 | $1,207,610 |
Strategic Income Fund | 399,284 | 302,150 | 262,921 (g) |
For Funds with fiscal period ending October 31 | |||
CT Intermediate Municipal Bond Fund | 0 | 0 | 0 |
Intermediate Municipal Bond Fund | 0 | 0 | 0 |
MA Intermediate Municipal Bond Fund | 0 | 0 | 0 |
NY Intermediate Municipal Bond Fund | 0 | 0 | 0 |
Strategic CA Municipal Income Fund | 5,773 | 1,760 | 0 |
Strategic NY Municipal Income Fund | 2,092 | 740 | 0 |
Fund | 2018 | 2017 | 2016 |
For Funds with fiscal period ending December 31 | |||
Real Estate Equity Fund | 72,072 | 275,028 | 245,905 |
(a) | For the period from October 24, 2017 (commencement of operations) to March 31, 2018. |
(b) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(c) | For the period from October 17, 2016 (commencement of operations) to April 30, 2017. |
(d) | For the period from May 17, 2018 (commencement of operations) to August 31, 2018. |
(e) | The Fund commenced operations on October 29, 2019, and therefore has no reporting information for periods prior to such date. |
(f) | The Fund commenced operations on September 12, 2019, and therefore has no reporting information for periods prior to such date. |
(g) | The Fund changed its fiscal year end in 2017 from October 31 to August 31. For the fiscal year ended in 2017, the information shown is for the period from November 1, 2016 to August 31, 2017. |
Statement of Additional Information – March 1, 2020 | 192 |
Brokerage directed for research | ||
Fund | Amount of Transactions | Amount of Commissions Imputed or Paid |
For Funds with fiscal period ending March 31 | ||
Adaptive Retirement 2020 Fund | $0 | $0 |
Adaptive Retirement 2025 Fund | 0 (a) | 0 (a) |
Adaptive Retirement 2030 Fund | 9,640 | 0 |
Adaptive Retirement 2035 Fund | 558 (a) | 0 (a) |
Adaptive Retirement 2040 Fund | 0 | 0 |
Adaptive Retirement 2045 Fund | 558 (a) | 0 (a) |
Adaptive Retirement 2050 Fund | 0 | 0 |
Adaptive Retirement 2055 Fund | 558 (a) | 0 (a) |
Adaptive Retirement 2060 Fund | 0 | 0 |
MM Growth Strategies Fund | 1,647,341,882 | 136,423 |
Pacific/Asia Fund | 63,958,517 | 64,328 |
Select Large Cap Growth Fund | 2,029,360,877 | 267,182 |
Solutions Aggressive Portfolio | 0 | 0 |
Solutions Conservative Portfolio | 0 | 0 |
For Funds with fiscal period ending April 30 | ||
Bond Fund | 0 | 0 |
Corporate Income Fund | 0 | 0 |
MM Directional Alternative Strategies Fund | 186,656,543 | 54,715 |
Multi-Asset Income Fund | 8,649,851 | 5,419 |
Small Cap Value Fund I | 263,954,225 | 454,918 |
Total Return Bond Fund | 0 | 0 |
U.S. Treasury Index Fund | 0 | 0 |
For Funds with fiscal period ending May 31 | ||
Adaptive Risk Allocation Fund | 62,677,796 | 26,936 |
Dividend Income Fund | 2,501,016,439 | 367,349 |
HY Municipal Fund | 0 | 0 |
Multi Strategy Alternatives Fund | 0 | 0 |
For Funds with fiscal period ending July 31 | ||
Large Cap Growth Fund | 1,911,341,944 | 237,123 |
OR Intermediate Municipal Bond Fund | 0 | 0 |
Tax-Exempt Fund | 0 | 0 |
Statement of Additional Information – March 1, 2020 | 193 |
Brokerage directed for research | ||
Fund | Amount of Transactions | Amount of Commissions Imputed or Paid |
U.S. Social Bond Fund | $0 | $0 |
Ultra Short Term Bond Fund | 0 | 0 |
For Funds with fiscal period ending August 31 | ||
Balanced Fund | 2,980,764,246 | 497,471 |
Contrarian Core Fund | 7,326,462,028 | 1,214,278 |
Disciplined Small Core Fund | 60,213,426 | 29,768 |
Emerging Markets Fund | 507,608,037 | 563,257 |
Global Dividend Opportunity Fund | 87,133,461 | 28,164 |
Global Energy and Natural Resources Fund | 55,786,240 | 21,410 |
Global Technology Growth Fund | 322,060,770 | 98,712 |
Greater China Fund | 37,958,262 | 31,862 |
Mid Cap Growth Fund | 0 | 0 |
MM Alternative Strategies Fund | 883,596,212 | 87,841 |
MM International Equity Strategies Fund | 255,134,885 | 308,478 |
MM Small Cap Equity Strategies Fund | 1,308,508,042 | 1,264,580 |
MM Total Return Bond Strategies Fund | 0 | 0 |
Multisector Bond SMA Completion Portfolio(c) | N/A | N/A |
Overseas SMA Completion Portfolio(d) | N/A | N/A |
Small Cap Growth Fund I | 839,664,640 | 195,711 |
Strategic Income Fund | 966,227 | 325 |
For Funds with fiscal period ending October 31 | ||
CT Intermediate Municipal Bond Fund | 0 | 0 |
Intermediate Municipal Bond Fund | 0 | 0 |
MA Intermediate Municipal Bond Fund | 0 | 0 |
NY Intermediate Municipal Bond Fund | 0 | 0 |
Strategic CA Municipal Income Fund | 0 | 0 |
Strategic NY Municipal Income Fund | 0 | 0 |
For Funds with fiscal period ending December 31 | ||
Real Estate Equity Fund | 18,878,083 | 19,171 |
(a) | For the period from April 4, 2018 (commencement of operations) to March 31, 2019. |
(b) | For the period from May 17, 2018 (commencement of operations) to August 31, 2018. |
(c) | The Fund commenced operations on October 29, 2019, and therefore has no reporting information for periods prior to such date. |
(d) | The Fund commenced operations on September 12, 2019, and therefore has no reporting information for periods prior to such date. |
Statement of Additional Information – March 1, 2020 | 194 |
Statement of Additional Information – March 1, 2020 | 195 |
Fund | Issuer |
Value
of securities owned
at end of fiscal period |
Total Return Bond Fund | Citigroup Commercial Mortgage Trust | $2,197,472 |
Citigroup Mortgage Loan Trust, Inc. | $18,634,931 | |
Credit Suisse Mortgage Capital Certificates | $16,681,584 | |
Credit Suisse Mortgage Capital Certificates OA LLC | $8,902,630 | |
Credit Suisse Mortgage Trust | $2,450,006 | |
Credit Suisse ABS Trust | $3,338,846 | |
The Goldman Sachs Group, Inc. | $7,219,099 | |
JPMorgan Chase & Co. | $2,881,252 | |
JPMorgan Resecuritization Trust | $856,483 | |
Morgan Stanley | $3,423,209 | |
Morgan Stanley Bank of America Merrill Lynch Trust | $2,475,235 | |
Morgan Stanley Resecuritization Pass-Through Trust | $4,559,000 | |
U.S. Treasury Index Fund | None | N/A |
For Funds with fiscal period ending May 31, 2019 | ||
Adaptive Risk Allocation Fund | None | N/A |
Dividend Income Fund | JPMorgan Chase & Co. | $454,460,215 |
PNC Financial Services Group, Inc.(The) | $161,791,365 | |
HY Municipal Fund | None | N/A |
Multi Strategy Alternatives Fund | None | N/A |
For Funds with fiscal period ending July 31, 2019 | ||
Large Cap Growth Fund | Citigroup, Inc. | $38,853,360 |
OR Intermediate Municipal Bond Fund | None | N/A |
Tax-Exempt Fund | None | N/A |
U.S. Social Bond Fund | None | N/A |
Ultra Short Term Bond Fund | Citigroup, Inc. | $8,019,008 |
GS Mortgage Securities Corp. II | $1,352,590 | |
The Goldman Sachs Group, Inc. | $8,044,384 | |
JPMorgan Chase Bank | $6,988,023 | |
Morgan Stanley | $6,006,150 | |
PNC Bank NA | $6,006,474 | |
For Funds with fiscal period ending August 31, 2019 | ||
Balanced Fund | Citigroup, Inc. | $113,736,212 |
Citigroup Mortgage Loan Trust, Inc. | $16,842,952 | |
GS Mortgage Securities Trust | $21,779,853 | |
The Goldman Sachs Group, Inc. | $13,889,655 | |
JPMorgan Chase & Co. | $131,327,077 | |
JPMorgan Chase Commercial Mortgage Securities Trust | $403,866 | |
Morgan Stanley | $72,186,920 | |
Morgan Stanley Capital I Trust | $5,937,497 | |
PNC Bank NA | $5,957,522 | |
Contrarian Core Fund | Citigroup, Inc. | $240,251,111 |
JPMorgan Chase & Co. | $274,091,142 | |
Morgan Stanley | $148,998,888 | |
Disciplined Small Core Fund | None | N/A |
Emerging Markets Fund | None | N/A |
Global Dividend Opportunity Fund | None | N/A |
Global Energy and Natural Resources Fund | None | N/A |
Statement of Additional Information – March 1, 2020 | 196 |
Fund | Issuer |
Value
of securities owned
at end of fiscal period |
Global Technology Growth Fund | None | N/A |
Greater China Fund | None | N/A |
Mid Cap Growth Fund | Raymond James & Associates | $28,556,992 |
MM Alternative Strategies Fund | Bear Stearns Alt-A Trust | $774,344 |
Bear Stearns Mortgage Funding Trust | $1,784,804 | |
Bear Stearns Trust | $75,157 | |
Citigroup, Inc. | $400,621 | |
Citigroup Mortgage Loan Trust, Inc. | $1,192,589 | |
Credit Suisse First Boston Corp. | $3,622 | |
Credit Suisse Mortgage Capital Certificates | $180,224 | |
Credit Suisse Commercial Mortgage Trust | $695,122 | |
Eaton Vance CLO Ltd. | $310,000 | |
GS Mortgage Securities Trust | $247,477 | |
The Goldman Sachs Group, Inc. | $1,715,901 | |
JPMorgan Chase & Co. | $1,920,756 | |
JPMorgan Chase & Co., Subordinated | $274,504 | |
JPMorgan Chase Commercial Mortgage Securities Trust | $1,318,930 | |
JPMorgan Mortgage Acquisition Corp | $3,077,629 | |
JPMorgan Alternative Loan Trust | $390,618 | |
Lehman XS Trust | $731,556 | |
Morgan Stanley | $805,180 | |
Morgan Stanley Bank of America Merrill Lynch Trust | $1,063,288 | |
Morgan Stanley Capital I Trust | $384,597 | |
Morgan Stanley Mortgage Loan Trust | $77,357 | |
Raymond James Financial, Inc. (subsidiary) | $243,250 | |
MM International Equity Strategies Fund | Credit Suisse Group AG | $6,505,205 |
MM Small Cap Equity Strategies Fund | Legg Mason, Inc. (subsidiary) | $1,298,687 |
Stifel Financial Corp. | $4,434,020 | |
Westwood Holdings Group, Inc. | $905,850 |
Statement of Additional Information – March 1, 2020 | 197 |
Fund | Issuer |
Value
of securities owned
at end of fiscal period |
MM Total Return Bond Strategies Fund | Citigroup, Inc. | $34,988,283 |
Citigroup Commercial Mortgage Trust | $25,537,359 | |
Citigroup Mortgage Loan Trust, Inc. | $1,552,185 | |
Credit Suisse Group AG | $5,245,061 | |
Credit Suisse AG, Subordinated | $1,149,818 | |
Credit Suisse Group Funding Guernsey Ltd. | $5,132,637 | |
Credit Suisse Mortgage Capital Certificates | $9,904,594 | |
Credit Suisse Mortgage Capital Trust | $14,920,812 | |
GS Mortgage Securities Trust | $43,958,324 | |
GS Mortgage-Backed Securities Corp. | $1,184,307 | |
The Goldman Sachs Group, Inc. | $35,608,250 | |
Jefferies Group LLC | $700,401 | |
Jefferies Group LLC/Capital Finance, Inc. | $685,560 | |
JPMorgan Alternative Loan Trust | $6,009,451 | |
JPMorgan Chase & Co. | $74,174,015 | |
JPMorgan Chase Bank NA | $2,766,112 | |
JPMorgan Chase Commercial Mortgage Securities Trust | $14,443,040 | |
JPMorgan Mortgage Trust | $39,024,792 | |
JPMorgan Resecuritization Trust | $233,995 | |
Lehman XS Trust | $5,394,150 | |
Merrill Lynch First Franklin Mortgage Loan Trust | $12,626,665 | |
Banc of America Merrill Lynch Commercial Mortgage, Inc. | $4,472,522 | |
Morgan Stanley | $41,585,208 | |
Morgan Stanley Bank of America Merrill Lynch Trust | $15,895,121 | |
Morgan Stanley Capital I Trust | $15,799,984 | |
Morgan Stanley Resecuritization Trust | $6,311,480 | |
Nuveen Finance LLC | $1,141,405 | |
PNC Bank NA | $2,054,174 | |
PNC Financial Services Group, Inc.(The) | $6,203,152 | |
Raymond James Financial, Inc. | $2,122,355 | |
The Charles Schwab Corp. | $4,420,857 | |
Stifel Financial Corp. | $1,789,016 | |
Multisector Bond SMA Completion Portfolio | N/A | N/A |
Overseas SMA Completion Portfolio | N/A | N/A |
Small Cap Growth Fund I | None | N/A |
Strategic Income Fund | Citigroup, Inc. | $5,716,233 |
Citigroup Mortgage Loan Trust, Inc. | $10,834,415 | |
Credit Suisse Group | $10,606,405 | |
Credit Suisse Commercial Mortgage Trust | $4,790,185 | |
Credit Suisse Mortgage Capital Certificates | $16,440,290 | |
The Goldman Sachs Group, Inc. | $30,821,239 | |
JPMorgan Chase & Co. | $22,319,418 | |
Morgan Stanley | $10,318,281 | |
Morgan Stanley Resecuritization Trust | $8,671,778 |
Statement of Additional Information – March 1, 2020 | 198 |
Fund | Issuer |
Value
of securities owned
at end of fiscal period |
For Funds with fiscal period ending October 31, 2019 | ||
CT Intermediate Municipal Bond Fund | None | N/A |
Intermediate Municipal Bond Fund | None | N/A |
MA Intermediate Municipal Bond Fund | None | N/A |
NY Intermediate Municipal Bond Fund | None | N/A |
Strategic CA Municipal Income Fund | None | N/A |
Strategic NY Municipal Income Fund | None | N/A |
For Funds with fiscal period ending December 31, 2018 | ||
Real Estate Equity Fund | None | N/A |
Statement of Additional Information – March 1, 2020 | 199 |
Fund | Predecessor Fund | For periods prior to: | ||
Ultra Short Term Bond Fund | CMG Ultra Short Term Bond Fund, a series of Columbia Funds Institutional Trust | November 23, 2009 |
Statement of Additional Information – March 1, 2020 | 200 |
■ | For equity, alternative and flexible funds (other than the equity funds identified below) and funds-of-funds (equity and fixed income), a complete list of Fund portfolio holdings as of month-end is posted approximately, but no earlier than, 15 calendar days after such month-end. |
■ | For Columbia Small Cap Growth Fund I and Columbia Variable Portfolio – Small Company Growth Fund, a complete list of Fund portfolio holdings as of month-end is posted approximately, but no earlier than, 30 calendar days after such month-end. |
■ | For fixed-income Funds (other than money market funds), a complete list of Fund portfolio holdings as of calendar quarter-end is posted approximately, but no earlier than, 30 calendar days after such quarter-end. |
■ | For money market Funds, a complete list of Fund portfolio holdings as of month-end is posted no later than five business days after such month-end. Such month-end holdings are continuously available on the website for at least six months, together with a link to an SEC webpage where a user of the website may obtain access to the Fund’s most recent 12 months of publicly available filings on Form N-MFP. Money market Fund portfolio holdings information posted on the website, at minimum, includes with respect to each holding, the name of the issuer, the category of investment (e.g., Treasury debt, government agency debt, asset backed commercial paper, structured investment vehicle note), the CUSIP number (if any), the principal amount, the maturity date (as determined under Rule 2a-7 for purposes of calculating weighted average maturity), the final maturity date (if different from the maturity date previously described), coupon or yield and the value. The money market Funds will also disclose on the website its overall weighted average maturity, weighted average life maturity, percentage of daily liquid assets, percentage of weekly liquid assets and daily inflows and outflows. |
Statement of Additional Information – March 1, 2020 | 201 |
Statement of Additional Information – March 1, 2020 | 202 |
Statement of Additional Information – March 1, 2020 | 203 |
Identity of Recipient | Conditions/restrictions on use of information |
Frequency
of
Disclosure |
||
Goldman Sachs Asset Management, L.P., as agent to KPMG LLP | Holdings by Columbia Contrarian Core Fund and Columbia High Yield Bond Fund in certain audit clients of KPMG LLP to assist the accounting firm in complying with its regulatory obligations relating to independence of its audit clients. | Monthly | ||
Harte-Hanks, Inc. | Used for printing of prospectuses, factsheets, annual and semi-annual reports. | As Needed | ||
IHS Markit, Ltd. | Used for an asset database for analytics and investor reporting. | As Needed | ||
Imagine! Print Solutions | Used for commercial printing. | As Needed | ||
Institutional Shareholder Services Inc. (ISS) | Used for proxy voting administration and research on proxy matters. | Daily | ||
Intex Solutions Inc. | Used to provide mortgage analytics. | Periodic | ||
Investment Company Institute (ICI) | Disclosure of Form N-PORT data. | As Needed | ||
Investment Technology Group, Inc. | Used to evaluate and assess trading activity, execution and practices. | Quarterly | ||
Investortools, Inc. | Used for municipal bond analytics, research and decision support. | As Needed | ||
JDP Marketing Services | Used to write or edit Columbia Fund shareholder reports, quarterly fund commentaries, and communications, including shareholder letters and management’s discussion of Columbia Fund performance. | Monthly and As Needed | ||
John Roberts, Inc. | Used for commercial printing. | As Needed | ||
Kendall Press | Used for commercial printing. | As Needed | ||
Kynex, Inc. | Used to provide portfolio attribution reports for the Columbia Convertible Securities Fund. Used also for portfolio analytics. | Daily | ||
Malaspina Communications, LLC | Used to facilitate writing management’s discussion of Columbia Fund performance for Columbia Fund shareholder reports and periodic marketing communications. | Monthly | ||
Merrill Corporation | Used for printing of prospectuses, factsheets, annual and semi-annual reports. | As Needed | ||
Morningstar Investment Services, LLC | Used for independent research and ranking of funds. Used also for statistical analysis. | As Needed | ||
MSCI, Inc. | Used as a hosted portfolio management platform designed for research, reporting, strategy development, portfolio construction and performance and risk attribution. Used for risk analysis and reporting. | Daily | ||
NASDAQ | Used to evaluate and assess trading activity, execution and practices. | Daily | ||
R. R. Donnelley & Sons Co. | Used to provide printing and mailing services for prospectuses, annual and semi-annual reports and supplements. Used for commercial printing. | As Needed |
Statement of Additional Information – March 1, 2020 | 204 |
Identity of Recipient | Conditions/restrictions on use of information |
Frequency
of
Disclosure |
||
RegEd, Inc. | Used to review external and certain internal communications prior to dissemination. | Daily | ||
SEI Investments Company | Used for trading wrap accounts and to reconcile wrap accounts. | Daily | ||
SS&C Technologies, Inc. | Used to translate account positions for reconciliations. | Daily | ||
Sustainalytics US, Inc. | Used to affirm and validate social scoring methodology of Columbia U.S. Social Bond Fund’s investment strategy. | Quarterly | ||
S.W.I.F.T. Scrl. | Used to send trade messages via SWIFT to custodians. | Daily | ||
Thomson Reuters Corp. | Used for statistical analysis. | Monthly | ||
Universal Wilde | Used to provide printing and mailing services for prospectuses, annual and semi-annual reports, and supplements. | As Needed | ||
Visions, Inc. | Used for commercial printing. | As Needed | ||
Wilshire Associates, Inc. | Used to provide daily performance attribution reporting based on daily holdings to the investment and investment analytics teams. | Daily | ||
Wolters Kluwer N.V. | Used to perform tax calculations specific to wash sales and used to analyze tax straddles (diminution of risk). | Monthly |
Statement of Additional Information – March 1, 2020 | 205 |
Identity of Recipient | Conditions/restrictions on use of information |
Frequency
of
Disclosure |
||
Charles River Development, Ltd. | Used by certain subadvisers for trade/order management and compliance. Used by certain subadvisers for trading system services and support. | Daily or As Needed | ||
Clearwater Analytics, LLC | Used by certain subadvisers for client reporting. | Daily | ||
Client Service Specialists, Inc. | Used by certain subadvisers for operational and reconciliation services. | Monthly | ||
Eagle Investment Systems, LLC | Used by certain subadvisers for portfolio accounting systems. | Daily | ||
Electra Information Systems, Inc. | Used by certain subadvisers for portfolio holdings reconciliation. | Daily or Monthly | ||
Elkins, McSherry Inc. | Used by certain subadvisers for best execution analysis. | Quarterly | ||
eVestment Alliance, LLC | Used by certain subadvisers to provide representative holdings to databases. | Quarterly | ||
FactSet Research Systems, Inc. | Used by certain subadvisers for analytical and statistical information, for portfolio attribution, for portfolio and risk analytics, for database systems for portfolio analytics, for portfolio analytics, statistical information, and client reporting, for quantitative analysis for marketing, performance or distribution, for analytics, risk, attribution and client reporting, and for portfolio analytics and analysis. | Daily | ||
Fidelity ActionsXchange, Inc. | Used by certain subadvisers for collecting and instructing on corporate actions. | Daily | ||
Financial Recovery Technologies, LLC | Used by certain subadvisers for class action monitoring. | Quarterly | ||
Flextrade Systems, Inc. | Used by certain subadvisers for execution management. | Daily | ||
FX Connect, LLC | Used by certain subadvisers for FX trade matching and SWIFT. | Daily | ||
Global Trade Analytics, LLC | Used by certain subadvisers for trade cost analysis. | Daily | ||
ICE Data Pricing & Reference Data, LLC | Used by certain subadvisers for liquidity reporting. | Daily | ||
IHS Markit, Ltd. | Used by certain subadvisers for confirming and settling bank loan trades. Used by certain subadvisers to match Credit Default Swaps and Interest Rate Swaps. | Daily | ||
Infinit-O Global, Ltd. | Used by certain subadvisers for reconciling cash and positions. | Daily | ||
Instinet Holdings, Inc. | Used by certain subadvisers for execution management. | Daily | ||
Institutional Shareholder Services Inc. | Used by certain subadvisers for proxy voting services and proxy voting research. Used by certain subadvisers for proxy voting administration and research services. | Daily |
Statement of Additional Information – March 1, 2020 | 206 |
Identity of Recipient | Conditions/restrictions on use of information |
Frequency
of
Disclosure |
||
Intercontinental Exchange, Inc. | Used by certain subadvisers as a pricing vendor. Used by certain subadvisers for portfolio liquidity measurement services. | Daily | ||
JPMorgan Chase & Co. | Used by certain subadvisers for custodian services. | Daily | ||
LexisNexis Corp. | Used by certain subadvisers for compliance global watchlist services. | Weekly | ||
Narrative Science | Used by certain subadvisers for attribution commentary. | Monthly | ||
Northern Trust Company | Used by certain subadvisers for back or middle office asset servicing and operations. | Daily | ||
Omgeo, LLC | Used by certain sub-advisers for trade settlement and trade affirmations. | Daily | ||
Seismic Software, Inc. | Used by certain subadvisers to automate quarterly updates. | Quarterly | ||
SimCorp Dimension | Used by certain subadvisers for accounting. | Daily | ||
SS&C Technologies, Inc. | Used by certain subadvisers for SWIFT messaging and reconciliation. Used by certain subadvisers for portfolio management information systems. Used by certain subadvisers for client and investor reporting systems. | Daily | ||
State Street Bank and Trust Company | Used by certain subadvisers for middle office management. | Daily | ||
Trade Informatics, LLC | Used by certain subadvisers for equity trading transaction cost analysis. Used by certain subadvisers for trade cost analysis. | Daily | ||
Tradeweb Markets, LLC | Used by certain subadvisers for confirmation of TBAs, Treasuries and Discount Notes. | Daily | ||
Traiana, Inc. | Used by certain subadvisers for block trade confirmation between Charles River and ISDA counterparty. | Daily | ||
TriOptima, AB | Used by certain subadvisers for back office reconciliation. Used by certain subadvisers for daily reconciliations on collateral management. | Daily | ||
Vermeg, N.V. | Used by certain subadvisers for the management of swap counterparty exposure. | Daily | ||
Virtu - Investment Technology Group, Inc. | Used by certain subadvisers for transaction cost analysis. | Daily or Monthly |
Statement of Additional Information – March 1, 2020 | 207 |
■ | ADP Broker-Dealer, Inc. |
■ | American Enterprise Investment Services Inc.* |
■ | American United Life Insurance Co. |
■ | Ameriprise Financial Services, LLC* |
■ | Ascensus, Inc. |
■ | AXA Advisors |
■ | AXA Equitable Life Insurance |
■ | Bank of America, N.A. |
■ | Benefit Plan Administrators |
■ | Benefit Trust |
■ | BMO Harris Bank (f/k/a Marshall & Illsley Trust Company) |
■ | BNY Mellon, N.A. |
■ | Charles Schwab & Co., Inc. |
■ | Charles Schwab Trust Co. |
■ | Conduent HR Services LLC |
■ | Davenport & Company |
■ | Daily Access Concepts, Inc. |
■ | Digital Retirement Solutions |
■ | Edward D. Jones & Co., LP |
■ | ExpertPlan |
■ | Fidelity Brokerage Services, Inc. |
■ | Fidelity Investments Institutional Operations Co. |
■ | First Mercantile Trust Co. |
■ | Guardian Insurance and Annuity Company Inc. |
■ | Genworth Life and Annuity Insurance Company |
■ | Genworth Life Insurance Co. of New York |
■ | Goldman Sachs & Co. |
■ | GWFS Equities, Inc. |
■ | Hartford Life Insurance Company |
■ | HD Vest |
■ | Hewitt Associates LLC |
Statement of Additional Information – March 1, 2020 | 208 |
■ | ICMA Retirement Corporation |
■ | Janney Montgomery Scott, Inc. |
■ | JJB Hilliard Lyons |
■ | JP Morgan Securities LLC |
■ | John Hancock Life Insurance Company (USA) |
■ | John Hancock Life Insurance Company of New York |
■ | John Hancock Trust Company |
■ | Lincoln Life & Annuity Company of New York |
■ | Lincoln National Life Insurance Company |
■ | Lincoln Retirement Services |
■ | LPL Financial Corporation |
■ | Massachusetts Mutual Life Insurance Company |
■ | Mercer HR Services, LLC |
■ | Merrill Lynch, Pierce, Fenner & Smith Incorporated |
■ | Mid Atlantic Capital Corporation |
■ | Minnesota Life Insurance Co. |
■ | Morgan Stanley Smith Barney |
■ | MSCS Financial Services Division of Broadridge Business Process Outsourcing LLC |
■ | National Financial Services |
■ | Nationwide Investment Services |
■ | Newport Retirement Services, Inc. |
■ | New York State Deferred Compensation Plan |
■ | Oppenheimer & Co., Inc. |
■ | Plan Administrators, Inc. |
■ | PNC Bank |
■ | Principal Life Insurance Company of America |
■ | Prudential Insurance Company of America |
■ | Prudential Retirement Insurance & Annuity Company |
■ | Pershing LLC |
■ | Raymond James & Associates |
■ | RBC Capital Markets |
■ | Reliance Trust |
■ | Robert W. Baird & Co., Inc. |
■ | Sammons Retirement Solutions |
■ | SEI Private Trust Company |
■ | Standard Insurance Company |
■ | Stifel Nicolaus & Co. |
■ | TD Ameritrade Clearing, Inc. |
■ | TD Ameritrade Trust Company |
■ | The Retirement Plan Company |
■ | Teachers Insurance and Annuity Association of America |
■ | Transamerica Advisors Life Insurance Company |
■ | Transamerica Advisors Life Insurance Company of New York |
■ | Transamerica Financial Life Insurance Company |
■ | T. Rowe Price Group, Inc. |
■ | UBS Financial Services, Inc. |
■ | Unified Trust Company, N.A. |
■ | Upromise Investments, Inc. |
■ | US Bank NA |
■ | Vanguard Group, Inc. |
■ | VALIC Retirement Services Company |
■ | Voya Retirement Insurance and Annuity Company |
■ | Voya Institutional Plan Services, LLP |
■ | Voya Investments Distributors, LLC |
■ | Voya Financial Partners, LLC |
■ | Wells Fargo Clearing Services, LLC |
■ | Wells Fargo Advisors |
■ | Wells Fargo Bank, N.A. |
■ | Wilmington Trust Retirement & Institutional Services Company |
* | Ameriprise Financial affiliate |
Statement of Additional Information – March 1, 2020 | 209 |
■ | AIG Advisor Group |
■ | Ameriprise Financial Services, LLC* |
■ | Bank of America, N.A. |
■ | Cetera Financial Group, Inc. |
■ | Citigroup Global Markets Inc./Citibank |
■ | Commonwealth Financial Network |
■ | Lincoln Financial Advisors Corp. |
■ | LPL Financial Corporation |
■ | Merrill Lynch, Pierce, Fenner & Smith Incorporated |
■ | Morgan Stanley Smith Barney |
■ | Northwestern Mutual Investment Services, LLC |
■ | Oppenheimer & Co., Inc. |
■ | PNC Investments |
■ | Raymond James & Associates, Inc. |
■ | Raymond James Financial Services, Inc. |
■ | UBS Financial Services Inc. |
■ | Unified Trust Company, N.A. |
■ | US Bancorp Investments, Inc. |
■ | Vanguard Marketing Corp. |
■ | Voya Financial Advisors, LLC |
■ | Wells Fargo Advisors |
■ | Wells Fargo Advisors Financial Network, LLC |
■ | Wells Fargo Clearing Services, LLC |
* | Ameriprise Financial affiliate |
Statement of Additional Information – March 1, 2020 | 210 |
Statement of Additional Information – March 1, 2020 | 211 |
Statement of Additional Information – March 1, 2020 | 212 |
Statement of Additional Information – March 1, 2020 | 213 |
Statement of Additional Information – March 1, 2020 | 214 |
Statement of Additional Information – March 1, 2020 | 215 |
Statement of Additional Information – March 1, 2020 | 216 |
Statement of Additional Information – March 1, 2020 | 217 |
Statement of Additional Information – March 1, 2020 | 218 |
Statement of Additional Information – March 1, 2020 | 219 |
Statement of Additional Information – March 1, 2020 | 220 |
Statement of Additional Information – March 1, 2020 | 221 |
Statement of Additional Information – March 1, 2020 | 222 |
Statement of Additional Information – March 1, 2020 | 223 |
Statement of Additional Information – March 1, 2020 | 224 |
Statement of Additional Information – March 1, 2020 | 225 |
Statement of Additional Information – March 1, 2020 | 226 |
Statement of Additional Information – March 1, 2020 | 227 |
Statement of Additional Information – March 1, 2020 | 228 |
Statement of Additional Information – March 1, 2020 | 229 |
Statement of Additional Information – March 1, 2020 | 230 |
Statement of Additional Information – March 1, 2020 | 231 |
Statement of Additional Information – March 1, 2020 | 232 |
Statement of Additional Information – March 1, 2020 | 233 |
Statement of Additional Information – March 1, 2020 | 234 |
Statement of Additional Information – March 1, 2020 | 235 |
Fund | Class |
Percentage
of Class
Beneficially Owned |
Adaptive Retirement 2030 Fund | Class Adv | 71.02% |
Adaptive Retirement 2035 Fund | Class Adv | 21.35% |
Adaptive Risk Allocation Fund | Class Inst2 | 4.40% |
Multi-Asset Income Fund | Class Inst | 11.32% |
U.S. Social Bond Fund | Class Inst | 3.25% |
Statement of Additional Information – March 1, 2020 | 236 |
Statement of Additional Information – March 1, 2020 | 237 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 8.99% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class A | 8.47% | 25.34% | |
Class C | 17.08% | |||
Class Inst | 8.91% | |||
Class Inst3 | 68.38% | |||
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class R | 8.55% | N/A | |
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
Class A | 10.59% | N/A | |
Class C | 13.66% | |||
Class Inst | 15.01% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class A | 9.41% | N/A | |
Class Adv | 20.12% | |||
Class C | 8.03% | |||
Class Inst2 | 31.40% | |||
NATIONWIDE
TRUST COMPANY
C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 |
Class Inst2 | 32.61% | N/A | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 29.53% | N/A | |
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 5.50% | N/A | |
RELIANCE
TRUST COMPANY FBO
PO BOX 28004 ATLANTA GA 30358-0004 |
Class R | 21.00% | N/A | |
TD
AMERITRADE TRUST COMPANY
PO BOX 17748 DENVER CO 80217-0748 |
Class A | 8.43% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class C | 9.44% | N/A | |
Class Inst | 14.08% | |||
VANGUARD
FDUCIARY TRUST CO
PO BOX 2600 ATTN: OUTSIDE FUNDS VALLEY FORGE PA 19482-2600 |
Class Adv | 18.17% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class A | 5.76% | N/A | |
Class C | 11.00% |
Statement of Additional Information – March 1, 2020 | 238 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class C | 18.34% | N/A | |
Class Inst2 | 5.48% | |||
Class R | 49.81% | |||
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Inst | 14.85% | N/A | |
Class Inst2 | 8.78% | |||
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 |
Class A | 8.31% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class A | 7.04% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class A | 22.01% | 71.67% | |
Class C | 9.41% | |||
Class Inst | 11.64% | |||
Class Inst3 | 99.21% | |||
Class V | 19.61% | |||
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class R | 50.18% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class A | 8.95% | N/A | |
Class Adv | 25.43% | |||
Class Inst | 14.97% | |||
Class Inst2 | 80.93% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 23.69% | N/A | |
Class C | 6.84% | |||
RELIANCE
TRUST COMPANY FBO
PO BOX 28004 ATLANTA GA 30358-0004 |
Class Adv | 49.20% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class Inst | 9.63% | N/A | |
Corporate Income Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 28.60% | N/A |
Class C | 59.31% | |||
Class Inst | 40.33% | |||
BAND
& CO C/O US BANK NA
1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958 |
Class Inst | 16.71% | N/A | |
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Inst2 | 11.89% | N/A | |
COLUMBIA
MGMT INVESTMENT ADVSR LLC
ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 |
N/A | N/A | 37.71% (a) | |
COLUMBIA
THERMOSTAT FUND
ATTN STEVEN SWINHART 225 FRANKLIN ST FL 25 BOSTON MA 02110-2888 |
Class Inst3 | 10.98% | N/A |
Statement of Additional Information – March 1, 2020 | 239 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 |
Class A | 10.28% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 6.37% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 23.10% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 5.63% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 14.30% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 34.35% | N/A | |
JPMCB
NA CUST FOR SOUTH CAROLINA
529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst | 10.50% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class A | 6.59% | N/A | |
Class Adv | 19.14% | |||
Class C | 8.44% | |||
Class Inst | 21.34% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class A | 5.80% | N/A | |
Class Adv | 7.68% | |||
Class Inst2 | 70.88% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 57.83% | N/A | |
Class C | 7.86% | |||
Class Inst2 | 14.00% | |||
RELIANCE
TRUST COMPANY FBO
PO BOX 28004 ATLANTA GA 30358-0004 |
Class Adv | 11.61% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class A | 5.95% | N/A | |
MM Directional Alternative Strategies Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 98.39% | 100.00% |
Class Inst | 100.00% | |||
Multi-Asset Income Fund |
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class A | 10.74% | N/A |
Statement of Additional Information – March 1, 2020 | 240 |
Statement of Additional Information – March 1, 2020 | 241 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
UMB
BANK NA
CUST IRA FBO JEFFREY L KNIGHT 15 SYLVAN LN WESTON MA 02493-1027 |
Class Inst | 7.79% | N/A | |
Small Cap Value Fund I |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 13.78% | N/A |
Class C | 22.39% | |||
Class Inst | 13.44% | |||
CAPITAL
BANK & TRUST CO TRUSTEE FBO
C/O FASCORE LLC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 |
Class R | 41.14% | N/A | |
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class A | 6.64% | N/A | |
Class Inst2 | 22.30% | |||
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 |
Class Inst3 | 5.45% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 49.23% | N/A | |
LINCOLN
RETIREMENT SERVICES CO
FBO PO BOX 7876 FORT WAYNE IN 46801-7876 |
Class Inst | 5.85% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class C | 6.95% | N/A | |
MATRIX
TRUST COMPANY CUST. FBO
717 17TH ST STE 1300 DENVER CO 80202-3304 |
Class R | 14.44% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class A | 6.59% | N/A | |
Class Adv | 17.82% | |||
Class C | 10.68% | |||
Class Inst | 37.27% | |||
Class Inst3 | 22.21% | |||
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
Class C | 7.51% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class A | 8.64% | N/A | |
Class Adv | 23.66% | |||
Class Inst2 | 49.20% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 10.65% | N/A | |
Class C | 7.37% | |||
Class R | 7.10% | |||
PIMS/PRUDENTIAL
RETIREMENT
AS NOMINEE FOR THE TTEE/CUST PL ELDORADO RESORTS, INC. 100 W LIBERTY ST STE 1150 RENO NV 89501-1960 |
Class Adv | 31.10% | N/A |
Statement of Additional Information – March 1, 2020 | 242 |
Statement of Additional Information – March 1, 2020 | 243 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
JPMCB
NA CUST FOR SOUTH CAROLINA
529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst | 21.02% | N/A | |
LANCE
HUMPHREY TRUSTEE FBO
C/O FASCORE LLC HUMPHREY COMPANY PROFIT SHARING 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 |
Class R | 7.70% | N/A | |
MATRIX
TRUST COMPANY CUST. FBO
717 17TH ST STE 1300 DENVER CO 80202-3304 |
Class R | 18.37% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class C | 8.40% | N/A | |
Class Inst | 27.84% | |||
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class R | 8.25% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class Adv | 68.69% | N/A | |
Class Inst2 | 42.07% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 15.26% | N/A | |
Class C | 8.61% | |||
Class Inst2 | 13.16% | |||
Class R | 12.00% | |||
SHAWN
NALLY TTEE FBO
C/O FASCORE LLC SHAWN R NALLY DDS PSP 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 |
Class R | 5.81% | N/A | |
STATE
STREET BANK AND TRUST AS
TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
Class Adv | 5.48% | N/A | |
WELLS
FARGO BANK FBO
1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076 |
Class Inst2 | 5.24% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 5.70% | N/A | |
U.S. Treasury Index Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 8.12% | N/A |
Class Inst | 5.37% | |||
COLUMBIA
THERMOSTAT FUND
ATTN STEVEN SWINHART 225 FRANKLIN ST FL 25 BOSTON MA 02110-2888 |
Class Inst3 | 42.16% | N/A | |
FIIOC
FBO
RETIREMENT PLAN 100 MAGELLAN WAY COVINGTON KY 41015-1987 |
Class A | 5.45% | N/A | |
COLUMBIA
MGMT INVESTMENT ADVSR LLC
ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 |
N/A | N/A | 59.66% (a) |
Statement of Additional Information – March 1, 2020 | 244 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
J
P MORGAN SECURITIES LLC OMNIBUS
ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 |
Class C | 8.38% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 12.09% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 14.41% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 18.28% | N/A | |
JPMCB
NA CUST FOR COLUMBIA CAPITAL
ALLOCATION CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 7.53% | N/A | |
JPMCB
NA CUST FOR SOUTH CAROLINA
529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst | 75.17% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF IT CUSTOMER 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class A | 49.98% | N/A | |
Class Inst2 | 87.60% | |||
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class A | 6.33% | N/A | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class C | 53.51% | N/A | |
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 8.66% | N/A | |
STIFEL
NICOLAUS & CO INC
EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 |
Class C | 7.48% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 6.96% | N/A |
Statement of Additional Information – March 1, 2020 | 245 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
Adaptive Risk Allocation Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 80.64% | 89.49% |
Class C | 63.96% | |||
Class Inst | 93.51% | |||
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class R | 21.02% | N/A | |
CAPINCO
C/O US BANK NA PO BOX 1787 MILWAUKEE WI 53201-1787 |
Class Adv | 14.45% | N/A | |
Class Inst3 | 99.98% | |||
CHARLES
SCHWAB & CO INC
CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Adv | 11.63% | N/A | |
Class Inst2 | 36.42% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 |
Class Adv | 25.36% | N/A | |
Class Inst2 | 25.14% | |||
NATIONWIDE
TRUST COMPANY
C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 |
Class Inst2 | 6.35% | N/A | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 47.32% | N/A | |
Class Inst2 | 10.69% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class R | 49.92% | N/A | |
STATE
STREET BANK AND TRUST AS
TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
Class R | 9.84% | N/A | |
STIFEL
NICOLAUS & CO INC
EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 |
Class C | 7.35% | N/A | |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 21.34% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class R | 12.35% | N/A | |
Dividend Income Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 19.40% | N/A |
Class C | 16.44% | |||
Class Inst | 19.24% | |||
CHARLES
SCHWAB & CO INC
CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class A | 7.01% | N/A | |
Class Inst2 | 29.29% | |||
Class V | 7.21% |
Statement of Additional Information – March 1, 2020 | 246 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
DCGT
AS TTEE AND /OR CUST
FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 |
Class R | 5.31% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class Inst3 | 9.29% | N/A | |
EQUITABLE
LIFE FOR SA
ON BEHALF OF VARIOUS 401K EXPEDITER PLANS 1290 AVENUE OF THE AMERICAS NEW YORK NY 10104-0101 |
Class R | 48.41% | N/A | |
ING
NATIONAL TRUST
ONE ORANGE WAY WINDSOR CT 06095-4773 |
Class R | 14.55% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class C | 5.10% | N/A | |
Class Inst | 9.06% | |||
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class A | 10.09% | N/A | |
Class C | 15.65% | |||
Class Inst | 10.44% | |||
Class Inst3 | 52.63% | |||
Class V | 16.29% | |||
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
Class C | 9.46% | N/A | |
Class Inst | 9.30% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 |
Class A | 22.31% | N/A | |
Class Adv | 53.74% | |||
Class C | 7.23% | |||
Class Inst | 11.34% | |||
Class Inst2 | 36.51% | |||
Class Inst3 | 14.04% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 23.32% | N/A | |
Class C | 6.73% | |||
Class Inst2 | 9.40% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 9.56% | N/A | |
Class Inst | 15.15% | |||
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 8.22% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class C | 5.16% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 13.57% | N/A |
Statement of Additional Information – March 1, 2020 | 247 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
HY Municipal Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 29.97% | N/A |
Class C | 25.59% | |||
Class Inst | 10.15% | |||
CHARLES
SCHWAB & CO INC
CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Inst2 | 25.04% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class A | 5.96% | N/A | |
Class Inst3 | 88.20% | |||
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class Adv | 8.16% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class A | 9.69% | 35.37% | |
Class C | 7.68% | |||
Class Inst | 47.60% | |||
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
Class A | 12.99% | N/A | |
Class C | 12.40% | |||
Class Inst | 10.06% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 |
Class Adv | 36.04% | N/A | |
Class Inst2 | 15.01% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 52.02% | N/A | |
Class Inst2 | 40.30% | |||
Class Inst3 | 9.46% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class A | 8.17% | N/A | |
Class C | 16.21% | |||
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 19.56% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class A | 6.65% | N/A | |
Class C | 5.69% | |||
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class A | 8.78% | N/A | |
Class C | 17.92% | |||
Multi Strategy Alternatives Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 97.93% | 96.45% |
Class C | 82.57% | |||
Class Inst | 99.44% | |||
CHARLES
SCHWAB & CO INC
CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Inst2 | 73.34% | N/A |
Statement of Additional Information – March 1, 2020 | 248 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
COLUMBIA
MGMT INVESTMENT ADVSR LLC
ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 |
Class Adv | 6.24% | N/A (a) | |
Class R | 100.00% | |||
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 19.99% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 19.99% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 19.99% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE CONSERVATIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 19.99% | N/A | |
JPMCB
NA CUST FOR COLUMBIA CAPITAL
ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 19.99% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET NEW YORK NY 10281-1003 |
Class C | 13.88% | N/A | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 79.02% | N/A | |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 22.65% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class Adv | 6.32% | N/A |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
Large Cap Growth Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 62.05% | 38.09% |
Class C | 36.78% | |||
Class Inst | 13.18% | |||
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class R | 20.93% | N/A | |
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class C | 16.95% | N/A | |
Class Inst | 8.59% | |||
Class Inst2 | 39.15% |
Statement of Additional Information – March 1, 2020 | 249 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
FIIOC
FBO
100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 |
Class Inst2 | 6.88% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 5.53% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 15.11% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 5.61% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 5.89% | N/A | |
KAREN
SORCI & MARIO SORCI TTEES FBO
C/O FASCORE LLC ANESTHESIA EQUIPMENT SUPPLY INC 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 |
Class Inst2 | 6.76% | N/A | |
MATRIX
TRUST COMPANY CUST FBO
717 17TH ST STE 1300 DENVER CO 80202-3304 |
Class R | 8.35% | N/A | |
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class R | 5.69% | N/A | |
MLP
FENNER & SMITH INC
FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 |
Class Adv | 18.28% | N/A | |
Class C | 6.38% | |||
Class Inst3 | 49.79% | |||
Class R | 49.79% | |||
Class V | 24.20% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class Adv | 41.00% | N/A | |
Class Inst2 | 21.89% | |||
PAI
TRUST COMPANY, INC.
1300 ENTERPRISE DR DE PERE WI 54115-4934 |
Class R | 5.38% | N/A | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 28.96% | N/A | |
Class Inst2 | 7.33% | |||
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 11.48% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class C | 10.08% | N/A |
Statement of Additional Information – March 1, 2020 | 250 |
Statement of Additional Information – March 1, 2020 | 251 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Inst2 | 9.92% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class A | 13.56% | N/A | |
Class Inst3 | 86.91% | |||
MLP
FENNER & SMITH INC
FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 |
Class C | 8.54% | N/A | |
Class Inst | 42.64% | |||
MORI
& CO
922 WALNUT ST MAILSTOP KANSAS CITY MO 64106-1802 |
Class Inst3 | 7.08% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class Adv | 51.26% | N/A | |
Class Inst2 | 9.05% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 46.20% | N/A | |
Class Inst2 | 69.67% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 7.45% | N/A | |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 10.46% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 5.80% | N/A | |
U.S. Social Bond Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 17.63% | N/A |
Class C | 24.93% | |||
Class Inst | 35.68% | |||
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Inst2 | 14.51% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class A | 5.75% | N/A | |
Class C | 12.83% | |||
Class Inst3 | 99.74% | |||
MLP
FENNER & SMITH INC
FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 |
Class A | 17.66% | N/A | |
Class C | 15.82% | |||
Class Inst | 24.03% | |||
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
Class A | 24.51% | N/A | |
Class C | 10.28% | |||
Class Inst | 8.78% |
Statement of Additional Information – March 1, 2020 | 252 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class Adv | 54.93% | N/A | |
Class Inst2 | 73.42% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 44.14% | N/A | |
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 8.91% | N/A | |
Class Inst | 5.96% | |||
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 8.66% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class A | 19.33% | N/A | |
Class C | 9.30% | |||
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 9.44% | N/A | |
Class Inst | 18.02% | |||
Ultra Short Term Bond Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 99.18% | 25.66% |
Class Inst | 88.17% | |||
COLUMBIA
MGMT INVESTMENT ADVSR LLC
ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 |
Class Adv | 38.25% | 29.49% (a) | |
JPMCB
NA CUST FOR SOUTH CAROLINA
529 PLAN COLUMBIA 529 70% EQUITY PORTFOLIO 4 CHASE METROTECH CTR 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 40.36% | N/A | |
MLP
FENNER & SMITH INC
FBO SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR EAST JACKSONVILLE FL 32246-6484 |
Class Inst3 | 59.47% | 43.45% | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 61.75% | N/A | |
RBC
CAPITAL MARKETS, LLC
MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110 |
Class Inst | 10.54% | N/A |
Statement of Additional Information – March 1, 2020 | 253 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class Inst3 | 7.32% | N/A | |
Class R | 5.81% | |||
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 |
Class Adv | 6.25% | N/A | |
Class Inst2 | 18.37% | |||
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class Inst3 | 19.38% | N/A | |
FIIOC
FBO
100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 |
Class R | 6.53% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class Inst | 7.49% | N/A | |
MATRIX
TRUST COMPANY AS AGENT
35 IRON POINT CIR STE 300 FOLSOM CA 95630-8589 |
Class Inst3 | 7.28% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class C | 5.88% | N/A | |
Class Inst | 15.79% | |||
Class Inst3 | 11.47% | |||
Class R | 10.62% | |||
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class Inst3 | 11.44% | N/A | |
Class R | 8.26% | |||
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 |
Class C | 6.42% | N/A | |
Class Inst | 6.58% | |||
NATIONAL
FINANCIAL SERVICES LLC
FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
Class Adv | 11.83% | N/A | |
Class Adv | 35.21% | |||
Class Inst2 | 22.32% | |||
Class Inst3 | 8.22% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 45.91% | N/A | |
Class C | 5.30% | |||
Class Inst2 | 13.47% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 6.26% | N/A | |
Class Inst | 9.48% | |||
RELIANCE
TRUST COMPANY FBO
MASSMUTUAL REGISTERED PRODUCT PO BOX 28004 ATLANTA GA 30358-0004 |
Class Inst3 | 10.38% | N/A | |
STATE
STREET BANK
FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
Class Inst3 | 7.11% | N/A | |
Class R | 51.57% | |||
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 10.08% | N/A |
Statement of Additional Information – March 1, 2020 | 254 |
Statement of Additional Information – March 1, 2020 | 255 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
NATIONWIDE
TRUST COMPANY/FSB
C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 |
Class Inst2 | 20.96% | N/A | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 20.50% | N/A | |
Class C | 8.75% | |||
PIMS/PRUDENTIAL
RETIREMENT
AS NOMINEE FOR THE TTEE/CUST 3280 VIRGINIA BEACH BLVD VIRGINIA BCH VA 23452-5724 |
Class Adv | 5.27% | N/A | |
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 5.42% | N/A | |
Class Inst | 6.39% | |||
SAMMONS
FINANCIAL NETWORK LLC
4546 CORPORATE DR STE 100 WEST DES MOINES IA 50266-5911 |
Class R | 51.41% | N/A | |
STANDARD
INSURANCE COMPANY
1100 SW 6TH AVE ATTN: SEP ACCT PORTLAND OR 97204-1093 |
Class Adv | 6.57% | N/A | |
STIFEL
NICOLAUS & CO INC
EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 |
Class C | 6.69% | N/A | |
Class Inst | 7.83% | |||
TIAA
FSB CUST/TTEE FBO
RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748 |
Class Inst3 | 9.71% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 11.17% | N/A | |
Disciplined Small Core Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Adv | 22.14% | N/A |
Class C | 20.56% | |||
Class Inst | 20.02% | |||
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class Adv | 30.31% | N/A | |
Class Inst2 | 24.03% | |||
Class Inst3 | 36.08% | |||
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 |
Class Inst | 11.67% | N/A | |
DCGT
AS TTEE AND/OR CUST
FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 |
Class Adv | 40.94% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class Inst3 | 49.48% | N/A |
Statement of Additional Information – March 1, 2020 | 256 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class C | 16.84% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class Adv | 10.89% | N/A | |
Class C | 18.99% | |||
Class Inst | 6.15% | |||
Class V | 26.13% | |||
NATIONAL
FINANCIAL SERVICES LLC
FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
Class Adv | 13.25% | N/A | |
Class Adv | 17.04% | |||
Class Inst | 11.65% | |||
Class Inst2 | 21.61% | |||
Class Inst3 | 10.52% | |||
Class V | 5.24% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 8.29% | N/A | |
Class Adv | 8.42% | |||
Class Inst2 | 25.50% | |||
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 24.65% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class Inst | 8.28% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class Adv | 6.26% | N/A | |
Class C | 17.10% | |||
Emerging Markets Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Adv | 66.88% | N/A |
Class C | 59.81% | |||
Class Inst | 19.27% | |||
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class C | 6.04% | N/A | |
Class R | 6.03% | |||
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 |
Class Inst | 14.72% | N/A | |
Class Inst2 | 37.66% | |||
COMERICA
BANK FBO CALHOUN
PO BOX 75000 MSC 3446 DETROIT MI 48275-0001 |
Class Inst | 24.69% | N/A | |
FIIOC
FBO
100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 |
Class R | 8.49% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 7.06% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 13.58% | N/A |
Statement of Additional Information – March 1, 2020 | 257 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 5.65% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 7.83% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class Inst | 6.42% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class Adv | 39.67% | 26.47% | |
Class Inst | 11.92% | |||
Class Inst3 | 49.59% | |||
Class R | 49.64% | |||
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class R | 7.49% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
Class Adv | 36.12% | N/A | |
Class Inst2 | 42.79% | |||
Class Inst3 | 7.30% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 13.03% | N/A | |
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 7.73% | N/A | |
STATE
STREET BANK
FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
Class R | 7.40% | N/A | |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 7.84% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class Inst | 7.22% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 5.51% | N/A | |
Global Dividend Opportunity Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Adv | 5.20% | N/A |
Class C | 7.74% | |||
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class R | 5.57% | N/A |
Statement of Additional Information – March 1, 2020 | 258 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 |
Class Adv | 8.34% | N/A | |
Class C | 5.77% | |||
Class Inst | 5.90% | |||
FIIOC
FBO
100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 |
Class Adv | 69.00% | N/A | |
Class R | 32.47% | |||
JPMCB
NA CUST FOR
COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 38.34% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 60.36% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class C | 11.06% | N/A | |
MATRIX
TRUST COMPANY CUST FBO
717 17TH ST STE 1300 DENVER CO 80202-3304 |
Class R | 29.96% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class Adv | 7.18% | N/A | |
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class R | 32.00% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
Class Adv | 8.22% | N/A | |
Class Adv | 10.29% | |||
Class Inst2 | 17.38% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 5.65% | N/A | |
Class Adv | 6.50% | |||
Class C | 11.41% | |||
Class Inst2 | 54.97% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 9.41% | N/A | |
STATE
STREET BANK
FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
Class Adv | 13.99% | N/A | |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 27.50% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class C | 8.07% | N/A |
Statement of Additional Information – March 1, 2020 | 259 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class Adv | 5.25% | N/A | |
Global Energy and Natural Resources Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Adv | 60.00% | N/A |
Class C | 35.00% | |||
Class Inst | 7.62% | |||
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class Inst2 | 16.78% | N/A | |
Class Inst3 | 5.83% | |||
Class R | 5.21% | |||
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 |
Class Inst | 29.18% | N/A | |
Class Inst2 | 13.67% | |||
HARTFORD
LIFE INS. CO.
SEPARATE ACCOUNT ATTN UIT OPERATIONS PO BOX 2999 HARTFORD CT 06104-2999 |
Class R | 14.10% | N/A | |
JOHN
HANCOCK LIFE INS CO USA
601 CONGRESS ST ST4 TRADING OPS BOSTON MA 02210-2805 |
Class Inst2 | 7.13% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 77.13% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class C | 6.78% | N/A | |
Class Inst | 8.00% | |||
MASSACHUSETTS
MUTUAL LIFE INS CO
1295 STATE ST SPRINGFIELD MA 01111-0001 |
Class Inst3 | 9.74% | N/A | |
Class R | 28.26% | |||
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class Adv | 8.82% | N/A | |
Class C | 10.73% | |||
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 |
Class C | 7.22% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
Class Inst | 14.25% | N/A | |
Class Inst2 | 37.19% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 85.90% | N/A | |
Class C | 9.60% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 6.74% | N/A |
Statement of Additional Information – March 1, 2020 | 260 |
Statement of Additional Information – March 1, 2020 | 261 |
Statement of Additional Information – March 1, 2020 | 262 |
Statement of Additional Information – March 1, 2020 | 263 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
DCGT
AS TTEE AND/OR CUST
FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 |
Class R | 6.48% | N/A | |
FIIOC
FBO
100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 |
Class Inst2 | 5.20% | N/A | |
GREAT-WEST
TRUST COMPANY LLC TTEE F
EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 |
Class Adv | 5.85% | N/A | |
Class Inst2 | 8.49% | |||
MATRIX
TRUST COMPANY CUST FBO
717 17TH ST STE 1300 DENVER CO 80202-3304 |
Class Adv | 8.42% | N/A | |
Class Inst2 | 6.57% | |||
Class R | 10.69% | |||
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class Adv | 37.20% | N/A | |
Class Inst3 | 74.66% | |||
Class R | 39.26% | |||
Class V | 12.44% | |||
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class R | 6.50% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
Class Adv | 10.68% | N/A | |
Class Inst | 13.41% | |||
Class Inst2 | 34.94% | |||
Class Inst3 | 14.37% | |||
Class V | 7.47% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 27.27% | N/A | |
Class C | 5.31% | |||
RELIANCE
TRUST COMPANY FBO
MASSMUTUAL REGISTERED PRODUCT PO BOX 28004 ATLANTA GA 30358-0004 |
Class Inst2 | 9.02% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 10.84% | N/A | |
MM Alternative Strategies Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Adv | 99.78% | 100.00% |
Class Inst | 100.00% | |||
MM International EquityStrategies Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Inst | 100.00% | 100.00% |
MM Small Cap Equity Strategies Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Adv | 99.90% | 100.00% |
Class Inst | 100.00% | |||
MM Total Return Bond Strategies Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Adv | 99.90% | 100.00% |
Class Inst | 100.00% | |||
Small Cap Growth Fund I |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Adv | 23.57% | N/A |
Class C | 25.56% | |||
Class Inst | 11.95% | |||
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class R | 6.38% | N/A |
Statement of Additional Information – March 1, 2020 | 264 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
BAND
& CO C/O US BANK NA
1555 N RIVERCENTER DRIVE STE 302 PO BOX 1787 MILWAUKEE WI 53212-3958 |
Class Inst | 9.85% | N/A | |
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 |
Class Inst | 8.05% | N/A | |
DCGT
AS TTEE AND/OR CUST
FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 |
Class R | 7.49% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class Inst3 | 6.00% | N/A | |
FPS
TRUST COMPANY
9200 E MINERAL AVE STE 225 CENTENNIAL CO 80112-3592 |
Class R | 15.79% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA CAPITAL ALLOCATION MODERATE AGGRESSIVE PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 12.57% | N/A | |
JPMCB
NA CUST FOR
COLUMBIA GLOBAL STRATEGIC EQUITY PORTFOLIO 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 30.62% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class Inst | 8.26% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class Adv | 11.29% | N/A | |
Class C | 7.66% | |||
NATIONAL
FINANCIAL SERVICES LLC
FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
Class Adv | 7.66% | N/A | |
Class Adv | 51.92% | |||
Class Inst2 | 19.79% | |||
Class Inst3 | 11.89% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 40.85% | N/A | |
Class C | 6.11% | |||
Class Inst2 | 13.53% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 7.53% | N/A | |
RELIANCE
TRUST COMPANY FBO
MASSMUTUAL REGISTERED PRODUCT PO BOX 28004 ATLANTA GA 30358-0004 |
Class R | 41.74% | N/A |
Statement of Additional Information – March 1, 2020 | 265 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
STATE
STREET BANK
FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
Class R | 6.51% | N/A | |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 9.92% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class C | 5.61% | N/A | |
VANGUARD
FDUCIARY TRUST CO
PO BOX 2600 ATTN: OUTSIDE FUNDS VALLEY FORGE PA 19482-2600 |
Class Inst2 | 52.95% | N/A | |
Class Inst3 | 18.48% | |||
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 23.33% | N/A | |
Class Inst | 6.92% | |||
Strategic Income Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE MINNEAPOLIS MN 55402-2405 |
Class Adv | 48.04% | 28.25% |
Class C | 32.19% | |||
Class Inst | 28.50% | |||
ASCENSUS
TRUST COMPANY FBO
PO BOX 10758 FARGO ND 58106-0758 |
Class R | 13.01% | N/A | |
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO CA 94104-4151 |
Class Adv | 7.87% | N/A | |
Class Inst2 | 33.75% | |||
DCGT
AS TTEE AND/OR CUST
FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 |
Class R | 10.94% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class Inst3 | 32.31% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class Inst | 8.62% | N/A | |
MATRIX
TRUST COMPANY CUST FBO
717 17TH ST STE 1300 DENVER CO 80202-3304 |
Class R | 8.92% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class Adv | 5.27% | N/A | |
Class C | 8.29% | |||
Class Inst | 16.15% | |||
Class Inst3 | 31.54% | |||
Class R | 11.70% | |||
MID
ATLANTIC TRUST COMPANY FBO
1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228 |
Class Inst3 | 11.03% | N/A | |
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 |
Class C | 11.76% | N/A | |
Class Inst | 13.01% |
Statement of Additional Information – March 1, 2020 | 266 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
NATIONAL
FINANCIAL SERVICES LLC
FBO CUSTOMERS MUTUAL FUNDS 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
Class Adv | 5.84% | N/A | |
Class Adv | 27.36% | |||
Class Inst2 | 34.06% | |||
Class Inst3 | 5.87% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 66.49% | N/A | |
Class Inst2 | 18.45% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class C | 7.04% | N/A | |
Class Inst | 6.94% | |||
STATE
STREET BANK
FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
Class R | 12.99% | N/A | |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 7.69% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class C | 6.08% | N/A | |
Class Inst | 10.16% | |||
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 15.40% | N/A | |
Class Inst | 8.90% |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
CT Intermediate Municipal Bond Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 16.12% | N/A |
Class C | 28.87% | |||
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTENTION MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class A | 6.39% | N/A | |
COLUMBIA
MGMT INVESTMENT ADVSR LLC
ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 |
Class Inst3 | 6.33% | N/A (a) | |
JOHN
J BOWLER TOD
26 CENTER HILL RD PLEASANT VALLEY CT 06063-4100 |
Class C | 5.28% | N/A | |
KELLY
F SHACKELFORD
PO BOX 672 NEW CANAAN CT 06840-0672 |
Class V | 17.92% | N/A | |
LPL
FINANCIAL
FBO CUSTOMER ACCOUNTS 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class C | 18.45% | N/A |
Statement of Additional Information – March 1, 2020 | 267 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class V | 14.70% | 74.03% | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class A | 31.03% | 74.03% | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 |
Class Inst | 87.12% | 74.03% | |
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 |
Class C | 8.17% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class A | 9.27% | N/A | |
Class Adv | 67.68% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 31.09% | N/A | |
Class Inst3 | 93.67% | |||
Class V | 5.57% | |||
ROBERT
MARONA &
MARIANN MARONA JT WROS 34 GREAT HILL DR BETHEL CT 06801-1880 |
Class C | 6.24% | N/A | |
THOMAS
L DERIENZO
682 BUCKS HILL RD SOUTHBURY CT 06488-1951 |
Class A | 7.94% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class C | 8.68% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class A | 11.88% | N/A | |
Class C | 19.17% | |||
Intermediate Municipal Bond Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 48.44% | N/A |
Class C | 27.65% | |||
CHARLES
SCHWAB & CO INC
ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class V | 5.89% | N/A | |
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Inst2 | 37.40% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class A | 6.01% | N/A | |
Class Inst3 | 58.88% |
Statement of Additional Information – March 1, 2020 | 268 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
J
P MORGAN SECURITIES LLC OMNIBUS
ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 |
Class Inst3 | 8.05% | N/A | |
JOHN
J ALMEIDA TR
JOHN J ALMEIDA REVOCABLE TRUST U/A DATED MAY 15 1997 27 TOPMAST CT JAMESTOWN RI 02835-2227 |
Class V | 9.67% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
Class V | 11.57% | 66.38% | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484 |
Class A | 11.53% | 66.38% | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484 |
Class C | 17.16% | 66.38% | |
MERRILL
LYNCH PIERCE FENNER & SMITH
N/O RICHARD R ANTONELLI ATTN STOCK POWERS 400 ATRIUM DR SOMERSET NJ 08873-4162 |
Class V | 5.08% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484 |
Class Inst | 80.58% | 66.38% | |
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 |
Class A | 5.95% | N/A | |
Class C | 11.45% | |||
MORI
& CO
922 WALNUT ST MAILSTOP TBTS 2 KANSAS CITY MO 64106-1802 |
Class Inst3 | 23.58% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class Adv | 60.39% | N/A | |
Class C | 5.79% | |||
Class Inst2 | 52.72% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 31.82% | N/A | |
Class C | 5.45% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class A | 5.81% | N/A | |
SEI
PRIVATE TRUST COMPANY
C/O FIRST HORIZON ATTN MUTUAL FUND ADMIN 1 FREEDOM VALLEY DR OAKS PA 19456-9989 |
Class Inst3 | 5.75% | N/A |
Statement of Additional Information – March 1, 2020 | 269 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 6.30% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class C | 5.17% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class A | 5.36% | N/A | |
Class C | 14.68% | |||
MA Intermediate Municipal Bond Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 9.54% | N/A |
Class C | 60.99% | |||
COLUMBIA
MGMT INVESTMENT ADVSR LLC
ATTN KATRINA MACBAIN 50807 AMERIPRISE FINANCIAL CTR MINNEAPOLIS MN 55474-0508 |
Class Inst3 | 6.85% | N/A (a) | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class Inst3 | 93.15% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class A | 6.03% | 76.11% | |
Class C | 10.88% | |||
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 |
Class Inst | 91.53% | 76.11% | |
Class V | 35.92% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class A | 12.36% | N/A | |
Class Adv | 68.09% | |||
Class V | 6.41% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 31.60% | N/A | |
Class Inst2 | 89.27% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class A | 48.75% | N/A | |
Class C | 21.30% | |||
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 8.37% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class A | 11.37% | N/A | |
NY Intermediate Municipal Bond Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 31.89% | N/A |
Class C | 9.22% |
Statement of Additional Information – March 1, 2020 | 270 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class Inst3 | 66.02% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class A | 19.45% | 70.88% | |
Class C | 31.71% | |||
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 |
Class Inst | 81.78% | 70.88% | |
Class V | 22.95% | |||
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 |
Class A | 12.06% | N/A | |
Class C | 15.32% | |||
MORI
& CO
922 WALNUT ST MAILSTOP TBTS 2 KANSAS CITY MO 64106-1802 |
Class Inst3 | 25.84% | N/A | |
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class A | 10.54% | N/A | |
Class Adv | 54.55% | |||
Class Inst2 | 95.75% | |||
PAUL
E HOWARD &
JUDITH A HOWARD JTWROS PO BOX 649 SCHOHARIE NY 12157-0649 |
Class V | 6.25% | N/A | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class A | 6.78% | N/A | |
Class Adv | 44.97% | |||
Class C | 8.60% | |||
Class Inst3 | 6.64% | |||
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 11.71% | N/A | |
Strategic CA Municipal Income Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 29.90% | 29.98% |
Class C | 25.74% | |||
Class Inst | 33.36% | |||
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Inst2 | 85.01% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class Inst3 | 98.90% | N/A | |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class Inst | 10.86% | N/A |
Statement of Additional Information – March 1, 2020 | 271 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484 |
Class A | 13.39% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484 |
Class C | 29.82% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 |
Class Inst | 34.76% | N/A | |
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 |
Class A | 6.53% | N/A | |
Class Inst | 6.66% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class Adv | 80.44% | N/A | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 19.41% | N/A | |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 13.76% | N/A | |
UBS
WM USA
SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
Class A | 5.92% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class A | 8.29% | N/A | |
Class C | 18.35% | |||
Strategic NY Municipal Income Fund |
AMERICAN
ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
Class A | 24.61% | N/A |
Class C | 15.07% | |||
Class Inst | 32.20% | |||
CHARLES
SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUND DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Inst2 | 91.73% | N/A | |
EDWARD
D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
Class Inst3 | 31.56% | N/A | |
J
P MORGAN SECURITIES LLC OMNIBUS
ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 |
Class Inst | 9.55% | N/A |
Statement of Additional Information – March 1, 2020 | 272 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
LPL
FINANCIAL
9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class Inst | 8.31% | N/A | |
LPL
FINANCIAL
FBO CUSTOMER ACCOUNTS 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968 |
Class C | 6.47% | N/A | |
MERRILL
LYNCH PIERCE FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
Class Inst | 29.40% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484 |
Class A | 7.75% | N/A | |
MERRILL
LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484 |
Class C | 26.03% | N/A | |
MORGAN
STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1901 |
Class A | 5.86% | N/A | |
Class C | 11.34% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class Adv | 6.43% | N/A | |
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class A | 6.20% | N/A | |
Class Adv | 93.21% | |||
Class C | 9.80% | |||
Class Inst3 | 67.07% | |||
RAYMOND
JAMES
FBO OMNIBUS FOR MUTUAL FUNDS ATTN: COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
Class Inst | 6.09% | N/A | |
TD
AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
Class Inst2 | 8.02% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class A | 5.56% | N/A | |
Class C | 13.35% |
Statement of Additional Information – March 1, 2020 | 273 |
Fund | Shareholder Name and Address | Share Class |
Percentage
of Class |
Percentage
of Fund
(if greater than 25%) |
CAPITAL
BANK & TRUST CO FBO
C/O FASCORE 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 |
Class R | 18.84% | N/A | |
CHARLES
SCHWAB & CO INC
CUST A/C FOR THE EXCLUSIVE BENEFIT ATTENTION MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Class Adv | 13.44% | N/A | |
Class C | 10.32% | |||
Class Inst | 12.58% | |||
JPMCB
NA CUST FOR
COLUMBIA INCOME BUILDER FUND 4 CHASE METROTECH CENTER 3RD FLOOR BROOKLYN NY 11245-0003 |
Class Inst3 | 55.45% | N/A | |
MAC
& CO A/C
ATTN: MUTUAL FUND OPS 500 GRANT STREET PITTSBURGH PA 15219-2502 |
Class Inst2 | 53.84% | N/A | |
MERRILL
LYNCH, PIERCE, FENNER
& SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE FL 32246-6484 |
Class A | 5.11% | N/A | |
Class Adv | 16.21% | |||
Class C | 11.12% | |||
Class Inst3 | 43.17% | |||
Class R | 45.19% | |||
NATIONAL
FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY STREET 1WFC NEW YORK NY 10281-1003 |
Class Adv | 31.93% | N/A | |
Class Inst | 5.18% | |||
PERSHING
LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0002 |
Class Adv | 24.94% | N/A | |
Class C | 6.69% | |||
RELIANCE
TRUST COMPANY FBO
MASSMUTUAL REGISTERED PRODUCT PO BOX 28004 ATLANTA GA 30358-0004 |
Class Inst2 | 34.11% | N/A | |
SEI
PRIVATE TRUST CO
ATTN MUTUAL FUND ADMINISTRATOR 1 FREEDOM VALLEY DR OAKS PA 19456-9989 |
Class Inst | 29.21% | N/A | |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
Class C | 8.54% | N/A |
(a) | Combination of all share classes of Columbia Management initial capital and/or affiliated funds-of-funds’ investments. |
(b) | Reporting information for the fund is as of November 30, 2019. |
Statement of Additional Information – March 1, 2020 | 274 |
Statement of Additional Information – March 1, 2020 | 275 |
Statement of Additional Information – March 1, 2020 | A-1 |
Statement of Additional Information – March 1, 2020 | A-2 |
Statement of Additional Information – March 1, 2020 | A-3 |
Statement of Additional Information – March 1, 2020 | A-4 |
Statement of Additional Information – March 1, 2020 | A-5 |
■ | There is a missed interest payment, principal payment, or preferred dividend payment, as applicable, on a rated obligation which is unlikely to be recovered. |
■ | The rated entity files for protection from creditors, is placed into receivership, or is closed by regulators such that a missed payment is likely to result. |
■ | The rated entity seeks and completes a distressed exchange, where existing rated obligations are replaced by new obligations with a diminished economic value. |
■ | There is a missed interest payment, principal payment, or preferred dividend payment, as applicable, on a rated obligation which is unlikely to be recovered. |
■ | The rated entity files for protection from creditors, is placed into receivership, or is closed by regulators such that a missed payment is likely to result. |
■ | The rated entity seeks and completes a distressed exchange, where existing rated obligations are replaced by new obligations with a diminished economic value. |
Statement of Additional Information – March 1, 2020 | A-6 |
Statement of Additional Information – March 1, 2020 | B-1 |
■ | effectively exercise their voting rights across the full range of business normally associated with general meetings of a company in line with market best practice (e.g. the election of individual directors, discharge authorities, capital authorities, auditor appointment, major or related party transactions etc). |
■ | place items on the agenda of general meetings, and to propose resolutions subject to reasonable limitations; |
■ | call a meeting of shareholders for the purpose of transacting the legitimate business of the company; and |
■ | Clear, consistent and effective reporting to shareholders is undertaken at regular intervals and that they remain aware of shareholder sentiment on major issues to do with the business, its strategy and performance. Where significant shareholder dissent is emerging or apparent (e.g. through the voting levels seen at General Meetings), boards should act to address that. |
■ | Boards should also allow a reasonable opportunity for the shareholders at a general meeting to ask questions about or make comments on the management of the company, and to ask the external auditor questions related to the audit. |
Statement of Additional Information – March 1, 2020 | B-2 |
Statement of Additional Information – March 1, 2020 | B-3 |
■ | subject to proper oversight by the board and regular review (e.g. audit, shareholder approval); |
■ | clearly justified and not be detrimental to the long-term interests of the company; |
■ | undertaken in the normal course of business; |
■ | undertaken on fully commercial terms; |
■ | In line with best practice; and |
■ | In the interests of all shareholders. |
Statement of Additional Information – March 1, 2020 | B-4 |
Statement of Additional Information – March 1, 2020 | B-5 |
1. | Clear, simple and understandable; |
2. | Balanced and proportionate, in respect of structure, deliverables, opportunity and the market; |
3. | Aligned with the long-term strategy, related key performance indicators and risk management discipline; |
4. | Linked robustly to the delivery of performance; |
5. | Delivering outcomes that reflect value creation and the shareholder ‘experience’; and |
6. | Structured to avoid pay for failure or the avoidance of accountability to shareholders. |
Statement of Additional Information – March 1, 2020 | B-6 |
Statement of Additional Information – March 1, 2020 | B-7 |
■ | the inability or perceived inability of a government authority to collect sufficient tax or other revenues to meet its payment obligations; |
■ | natural disasters and ecological or environmental concerns; |
■ | the introduction of constitutional or statutory limits on a tax-exempt issuer’s ability to raise revenues or increase taxes; |
■ | the inability of an issuer to pay interest on or to repay principal or securities in which the funds invest during recessionary periods; and |
■ | economic or demographic factors that may cause a decrease in tax or other revenues for a government authority or for private operators of publicly financed facilities. |
Statement of Additional Information – March 1, 2020 | C-1 |
Statement of Additional Information – March 1, 2020 | C-2 |
Statement of Additional Information – March 1, 2020 | C-3 |
Statement of Additional Information – March 1, 2020 | C-4 |
Statement of Additional Information – March 1, 2020 | C-5 |
Statement of Additional Information – March 1, 2020 | C-6 |
Statement of Additional Information – March 1, 2020 | C-7 |
Statement of Additional Information – March 1, 2020 | C-8 |
Statement of Additional Information – March 1, 2020 | C-9 |
Statement of Additional Information – March 1, 2020 | C-10 |
Statement of Additional Information – March 1, 2020 | C-11 |
Statement of Additional Information – March 1, 2020 | C-12 |
Statement of Additional Information – March 1, 2020 | C-13 |
Statement of Additional Information – March 1, 2020 | D-1 |
Statement of Additional Information – March 1, 2020 | D-2 |
■ | Current or retired fund Board members, officers or employees of the funds or Columbia Management or its affiliates(b); |
■ | Current or retired Ameriprise Financial Services, LLC (Ameriprise Financial Services) financial advisors and employees of such financial advisors(b); |
■ | Registered representatives and other employees of affiliated or unaffiliated financial intermediaries (and their immediate family members and related trusts or other entities owned by the foregoing) having a selling agreement with the Distributor(b); |
■ | Registered broker-dealer firms that have entered into a dealer agreement with the Distributor may buy Class A shares without paying a front-end sales charge for their investment account only; |
■ | Portfolio managers employed by subadvisers of the funds(b); |
■ | Partners and employees of outside legal counsel to the funds or to the funds’ directors or trustees who regularly provide advice and services to the funds, or to their directors or trustees; |
■ | Direct rollovers (i.e., rollovers of fund shares and not reinvestments of redemption proceeds) from qualified employee benefit plans, provided that the rollover involves a transfer to Class A shares in the same fund; |
■ | Employees or partners of Columbia Wanger Asset Management, LLC; |
■ | Separate accounts established and maintained by an insurance company which are exempt from registration under Section 3(c)(11); |
■ | At a fund’s discretion, front-end sales charges may be waived for shares issued in plans of reorganization, such as mergers, asset acquisitions and exchange offers, to which the fund is a party; |
■ | Purchases by registered representatives and employees (and their immediate family members and related trusts or other entities owned by the foregoing (referred to as “Related Persons”)) of Ameriprise Financial Services and its affiliates; provided that with respect to employees (and their Related Persons) of an affiliate of Ameriprise Financial, such persons must make purchases through an account held at Ameriprise Financial or its affiliates. |
■ | Through or under a wrap fee product or other investment product sponsored by a financial intermediary that charges an account management fee or other managed agency/asset allocation accounts or programs involving fee-based compensation arrangements that have or that clear trades through a financial intermediary that has a selling agreement with the Distributor; |
■ | Through state sponsored college savings plans established under Section 529 of the Internal Revenue Code; |
■ | Through banks, trust companies and thrift institutions, acting as fiduciaries; or |
Statement of Additional Information – March 1, 2020 | S-1 |
■ | Through “employee benefit plans” created under Section 401(a), 401(k), 457 and 403(b), and qualified deferred compensation plans, that have a plan level or omnibus account maintained with the Fund or the Transfer Agent and transact directly with the Fund or the Transfer Agent through a third-party administrator or third-party recordkeeper. This waiver does not apply to accounts held through commissionable brokerage platforms. |
* | Any shareholder with a Direct-at-Fund account (i.e., shares held directly with the Fund through the Transfer Agent) that is eligible to purchase shares without a front-end sales charge by virtue of having qualified for a previous waiver may continue to purchase shares without a front-end sales charge if they no longer qualify under a category described in the prospectus or in this section. Otherwise, you must qualify for a front-end sales charge waiver described in the prospectus or in this section. |
(a) | The Funds no longer accept investments from new or existing investors in Class E shares, except by existing Class E and former Class F shareholders who opened and funded their account prior to September 22, 2006 that may continue to invest in Class E shares (Class F shares automatically converted to Class E shares on July 17, 2017). See the prospectus offering Class E shares of Large Cap Growth Fund (a series of CFST I) for details. |
(b) | Including their spouses or domestic partners, children or step-children, parents, step-parents or legal guardians, and their spouse’s or domestic partner’s parents, step-parents, or legal guardians. |
■ | In the event of the shareholder’s death; |
■ | For which no sales commission or transaction fee was paid to an authorized financial intermediary at the time of purchase; |
■ | Purchased through reinvestment of dividend and capital gain distributions; |
■ | That result from required minimum distributions taken from retirement accounts upon the shareholder’s attainment of the qualified age based on applicable IRS regulations; |
■ | That result from returns of excess contributions made to retirement plans or individual retirement accounts, so long as the financial intermediary returns the applicable portion of any commission paid by the Distributor; |
■ | For Class A shares: initially purchased by an employee benefit plan; |
■ | For Class C, Class E, and Class V shares: initially purchased by an employee benefit plan that are not connected with a plan level termination; |
■ | In connection with the fund’s Small Account Policy (as described in the prospectus); and |
■ | Issued in connection with plans of reorganization, including but not limited to mergers, asset acquisitions and exchange offers, to which the fund is a party and at the fund’s discretion. |
■ | Any client of Bank of America or one of its subsidiaries buying shares through an asset management company, trust, fiduciary, retirement plan administration or similar arrangement with Bank of America or the subsidiary. |
■ | Any employee (or family member of an employee) of Bank of America or one of its subsidiaries. |
■ | Any investor buying shares through a Columbia Management state tuition plan organized under Section 529 of the Internal Revenue Code. |
■ | Any trustee or director (or family member of a trustee or director) of a fund distributed by the Distributor. |
■ | Other than for the Multi-Manager Strategies Funds, any shareholder (as well as any family member of a shareholder or person listed on an account registration for any account of the shareholder) who holds Class Inst shares of a fund distributed by the Distributor is eligible to purchase Class Inst shares of other funds distributed by the Distributor, subject to a minimum initial investment of $2,000 ($1,000 for IRAs). If the account in which the shareholder holds Class Inst shares is not eligible to purchase additional Class Inst shares, the shareholder may purchase Class Inst shares in an account maintained directly with the Transfer Agent, subject to a minimum initial investment of $2,000 ($1,000 for IRAs). |
Statement of Additional Information – March 1, 2020 | S-2 |
Statement of Additional Information – March 1, 2020 | S-3 |