UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-04367
Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Annual Report
December 31, 2021
Columbia Real
Estate Equity Fund
Not Federally Insured • No
Financial Institution Guarantee • May Lose Value
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If you elect to receive the
shareholder report for Columbia Real Estate Equity Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder
reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website
(columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call
shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and
procedures
The policy of the Board of Trustees
is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by
calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding
how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting
columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of
investments
The Fund files a complete schedule
of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s
complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the
Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the
Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors,
Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Real Estate Equity
Fund | Annual Report 2021
Investment objective
The Fund
seeks capital appreciation and above-average income by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the stocks of companies principally
engaged in the real estate industry, including real estate investment trusts (REITs).
Portfolio management
Arthur Hurley, CFA
Portfolio Manager
Managed Fund since 2006
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows
investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended December 31, 2021)
|
|
| Inception
| 1 Year
| 5 Years
| 10 Years
|
Class A
| Excluding sales charges
| 11/01/02
| 41.74
| 11.18
| 10.84
|
| Including sales charges
|
| 33.59
| 9.87
| 10.19
|
Advisor Class*
| 11/08/12
| 42.09
| 11.45
| 11.11
|
Class C
| Excluding sales charges
| 10/13/03
| 40.70
| 10.34
| 10.01
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| Including sales charges
|
| 39.70
| 10.34
| 10.01
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Institutional Class
| 04/01/94
| 42.06
| 11.45
| 11.12
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Institutional 2 Class
| 03/07/11
| 42.15
| 11.59
| 11.24
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Institutional 3 Class*
| 03/01/17
| 42.33
| 11.66
| 11.22
|
Class R
| 09/27/10
| 41.34
| 10.90
| 10.57
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FTSE Nareit Equity REITs Index
|
| 43.24
| 10.75
| 11.38
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Returns for Class A shares are shown
with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share
classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and
fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the
redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee
waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown
represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than
their original cost.
Current performance may be lower or
higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or
calling 800.345.6611.
*
| The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share
class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit
columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
|
The FTSE Nareit Equity REITs Index
reflects performance of all publicly traded equity real estate investment trusts (REITs), other than those designated as timber REITs.
Indices are not available for
investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly
negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in
unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Real Estate Equity Fund | Annual Report 2021
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Fund at a Glance (continued)
Performance of a hypothetical $10,000 investment (December 31, 2011 — December 31, 2021)
The chart above shows the change in
value of a hypothetical $10,000 investment in Class A shares of Columbia Real Estate Equity Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund
distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at December 31, 2021)
|
Common Stocks
| 99.9
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Money Market Funds
| 0.1
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Total
| 100.0
|
Percentages indicated are based
upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sub-industry breakdown (%) (at December 31, 2021)
|
Real Estate
|
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Diversified REITs
| 2.9
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Health Care REITs
| 10.3
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Hotel & Resort REITs
| 2.6
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Industrial REITs
| 16.5
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Office REITs
| 8.1
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Residential REITs
| 24.8
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Retail REITs
| 8.9
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Specialized REITs
| 24.7
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Total
| 98.8
|
Percentages indicated are based
upon total equity investments. The Fund’s portfolio composition is subject to change.
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| Columbia Real Estate Equity Fund | Annual Report 2021
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Manager Discussion of Fund Performance
For the 12-month period that ended
December 31, 2021, the Fund’s Class A shares returned 41.74% excluding sales charges. The Fund posted robust double-digit positive absolute returns but underperformed its benchmark, the FTSE Nareit Equity REITs
Index, which returned 43.24% for the same period.
Market overview
The U.S. real estate market, as
measured by the benchmark, posted robust double-digit positive absolute returns that significantly outpaced the broad U.S. equity market, as measured by the 28.71% return of the S&P 500 Index, during the annual
period. Indeed, 2021 proved to be one of the strongest performance years on record for the real estate sector.
Several factors supported the real
estate sector’s strong annual performance, as the economy continued to reopen, despite some setbacks from upticks in COVID-19 cases due to emerging variants. Full-year earnings growth expectations for real
estate investment trusts (REITs) increased throughout the annual period as a result of overall economic growth and heightened demand for space. Even in an inflationary environment and sometimes because of it, REIT
management teams were able to raise rents at healthy rates both to increase top-line growth and control expenses. Many REITs were able to find accretive acquisitions and take advantage of sourcing low-cost capital to
finance new deals and achieve external growth. Another factor bolstering the sector was continued private market activity as demonstrated by a healthy transaction market and institutional demand for commercial real
estate investments. Fiscal and monetary policy also remained supportive to performance.
All told, the positive annual
performance of real estate securities was led by the regional malls, self-storage, shopping centers, apartments and industrial sub-sectors. The weakest sub-sectors in the benchmark were health care, lodging/resorts,
free-standing properties, office and data centers, each of which still generated a double-digit positive return, albeit more modest, during the annual period.
The Fund’s notable
detractors during the period
•
| Stock selection in the industrial, specialty and free-standing sub-sectors detracted from the Fund’s relative results during the annual period.
|
•
| Having no exposure to regional malls, which was the strongest performing sub-sector in the benchmark during the annual period, and having an underweighted allocation to the apartments sub-sector, which also
significantly outperformed the benchmark during the annual period, detracted as well.
|
•
| Among individual holdings held, the largest detractor was STORE Capital, a free-standing REIT that invests in single-tenant real estate, such as chain restaurants, supermarkets, health clubs, education, retail,
service and distribution facilities. Many of these types of tenants were especially hard hit by the effects of the COVID-19 pandemic. Further, given its tenant base, STORE Capital was considered more sensitive to both
inflation and higher interest rates than other property types, and so it performed poorly as concerns heightened about these factors during the second half of the annual period.
|
•
| Prologis, an industrial REIT, hampered results because of the Fund’s underweight position in this strongly performing stock. Prologis benefited during the quarter from the same trends as Duke Realty, mentioned
below, but Prologis has a more global portfolio of properties. Given that supply chain disruptions have been a worldwide headwind for several months, investors favored Prologis’ shares.
|
•
| Americold Realty Trust is an industrial REIT that provides temperature-controlled food distribution services. Americold Realty Trust experienced a share price decline during the annual period due primarily to two
headwinds. First, as Americold Realty Trust’s clients’ inventories depleted, re-stocking needed to take place but was delayed on pandemic-impacted logistics and supply-chain disruptions. Second, staffing
for the company proved to be a challenge, leading to increased expenses for wages.
|
•
| Not holding positions in either regional mall REIT Simon Property Group or self-storage REIT Public Storage, each of which significantly outperformed the benchmark during the annual
period, detracted as well.
|
○
| Simon Property Group, the largest mall owner in the U.S., posted a double-digit share price gain during the annual period, as consumers resumed in-person shopping amid the ongoing rollout of COVID-19 vaccines and
boosters.
|
Columbia Real Estate Equity Fund | Annual Report 2021
| 5
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Manager Discussion of Fund Performance (continued)
○
| Like Life Storage, mentioned below, Public Storage generated robust double-digit share price gains during the annual period amid the secular trends and pandemic-driven dynamics driving strength in the self-storage
sub-sector broadly.
|
The Fund’s notable
contributors during the period
•
| From a REIT industry perspective, effective stock selection in the self-storage and health care sub-sectors boosted the Fund’s relative results most.
|
•
| Having an overweighted allocation to self-storage, which was the second-strongest sub-sector in the benchmark during the annual period, and having no exposure to the diversified sub-sector and an underweighted
allocation to the data centers sub-sector, each of which underperformed the benchmark during the annual period, also contributed positively.
|
•
| Among individual holdings held, Life Storage, a self-storage REIT, was a standout performer, benefiting primarily from strong performance in the broader self-storage sub-sector. Pandemic-influenced migration trends
— both ongoing from cities to suburbs and renewed movement from suburbs back to gateway cities — led to robust demand for self-storage. Additionally, Life Storage experienced relative earnings growth
within the sub-sector, as its management team has been effectively improving the REIT’s property portfolio, investing both in its properties and in technology supporting its operating platform.
|
•
| Duke Realty, an industrial REIT, performed well, as demand, especially among online retailers, for industrial warehouse space remained strong. The need for increased inventory and larger logistical operations grew
due both to the rapid acceleration of online shopping brought on by the COVID-19 pandemic and to persistent supply-chain issues. Further, Duke Realty had what many saw as an especially attractive portfolio of
properties in key logistics markets in the U.S., i.e., near major distribution centers.
|
•
| Extra Space Storage, a self-storage REIT, like Life Storage, was a beneficiary of strong performance in the broader self-storage sub-sector. Additionally, during the annual period, Extra Space Storage was
increasingly viewed by investors as the best positioned REIT in the sub-sector as measured by quality of properties, technology support, management team and acquisition strategy.
|
•
| Federal Realty Investment Trust, a shopping center REIT, has a portfolio of properties concentrated near key city centers. Shopping centers in these locations, often including a number of restaurants and
entertainment-focused anchors, had been among those hardest hit by the economic effects of the pandemic. In turn, Federal Realty Investment Trust was trading at a discount early in the calendar year, which combined
with what many saw as the REIT’s strong balance sheet, effective management and historically high value properties, made it attractive to value-oriented investors upon the re-opening of the economy. The REIT
generated robust share price gains as the annual period progressed.
|
•
| Not holding a position in Ventas, a REIT that owns senior housing communities, skilled nursing facilities, hospitals and medical office buildings in the U.S. and Canada, proved
beneficial to the Fund’s results. Ventas underperformed given its exposure to senior housing, which was hit particularly hard by the effects of the COVID-19 pandemic. Also, Ventas underperformed its peers within
the industry during the real estate securities market rally.
|
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Like real estate, real estate investment trusts (REITs) are subject to illiquidity, valuation and financing complexities, taxes, default, bankruptcy and other economic, political or regulatory occurrences. As a non-diversified fund, fewer investments could have a greater effect on performance. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report
reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult
to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties
disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an
indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Understanding Your Fund’s
Expenses
(Unaudited)
As an investor, you incur two types
of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees,
distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with
the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s
expenses
To illustrate these ongoing
costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment
of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the
“Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the
expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under
the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the
Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or
the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are
required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the
hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are
meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in
comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
July 1, 2021 — December 31, 2021
|
| Account value at the
beginning of the
period ($)
| Account value at the
end of the
period ($)
| Expenses paid during
the period ($)
| Fund’s annualized
expense ratio (%)
|
| Actual
| Hypothetical
| Actual
| Hypothetical
| Actual
| Hypothetical
| Actual
|
Class A
| 1,000.00
| 1,000.00
| 1,188.00
| 1,018.90
| 6.89
| 6.36
| 1.25
|
Advisor Class
| 1,000.00
| 1,000.00
| 1,189.00
| 1,020.16
| 5.52
| 5.09
| 1.00
|
Class C
| 1,000.00
| 1,000.00
| 1,183.50
| 1,015.12
| 11.01
| 10.16
| 2.00
|
Institutional Class
| 1,000.00
| 1,000.00
| 1,188.90
| 1,020.16
| 5.52
| 5.09
| 1.00
|
Institutional 2 Class
| 1,000.00
| 1,000.00
| 1,189.00
| 1,020.67
| 4.97
| 4.58
| 0.90
|
Institutional 3 Class
| 1,000.00
| 1,000.00
| 1,190.40
| 1,020.97
| 4.64
| 4.28
| 0.84
|
Class R
| 1,000.00
| 1,000.00
| 1,185.90
| 1,017.64
| 8.26
| 7.63
| 1.50
|
Expenses paid during the period
are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal
half year and divided by 365.
Expenses do not include fees and
expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Columbia Real Estate Equity Fund | Annual Report 2021
| 7
|
Portfolio of Investments
December 31, 2021
(Percentages represent value of
investments compared to net assets)
Investments in securities
Common Stocks 99.6%
|
Issuer
| Shares
| Value ($)
|
Consumer Discretionary 1.2%
|
Hotels, Resorts & Cruise Lines 1.2%
|
Marriott International, Inc., Class A(a)
| 25,152
| 4,156,117
|
Total Hotels, Resorts & Cruise Lines
| 4,156,117
|
Total Consumer Discretionary
| 4,156,117
|
Real Estate 98.4%
|
Diversified REITs 2.9%
|
STORE Capital Corp.
| 285,369
| 9,816,694
|
Total Diversified REITs
| 9,816,694
|
Health Care REITs 10.3%
|
Healthpeak Properties, Inc.
| 222,385
| 8,025,875
|
Medical Properties Trust, Inc.
| 421,961
| 9,970,938
|
Welltower, Inc.
| 194,227
| 16,658,850
|
Total Health Care REITs
| 34,655,663
|
Hotel & Resort REITs 2.5%
|
Host Hotels & Resorts, Inc.(a)
| 493,787
| 8,586,956
|
Total Hotel & Resort REITs
| 8,586,956
|
Industrial REITs 16.4%
|
Americold Realty Trust
| 211,188
| 6,924,854
|
Duke Realty Corp.
| 271,227
| 17,803,340
|
First Industrial Realty Trust, Inc.
| 225,578
| 14,933,264
|
Prologis, Inc.
| 94,274
| 15,871,971
|
Total Industrial REITs
| 55,533,429
|
Office REITs 8.1%
|
Alexandria Real Estate Equities, Inc.
| 80,772
| 18,008,925
|
Corporate Office Properties Trust
| 132,520
| 3,706,584
|
Highwoods Properties, Inc.
| 124,959
| 5,571,922
|
Total Office REITs
| 27,287,431
|
Residential REITs 24.8%
|
American Homes 4 Rent, Class A
| 262,165
| 11,433,016
|
AvalonBay Communities, Inc.
| 61,818
| 15,614,609
|
Camden Property Trust
| 46,913
| 8,382,415
|
Centerspace
| 73,817
| 8,186,305
|
Common Stocks (continued)
|
Issuer
| Shares
| Value ($)
|
Equity LifeStyle Properties, Inc.
| 191,138
| 16,755,157
|
Invitation Homes, Inc.
| 349,278
| 15,836,264
|
Sun Communities, Inc.
| 35,193
| 7,389,474
|
Total Residential REITs
| 83,597,240
|
Retail REITs 8.8%
|
Brixmor Property Group, Inc.
| 267,479
| 6,796,642
|
Federal Realty Investment Trust
| 104,735
| 14,277,475
|
SITE Centers Corp.
| 200,086
| 3,167,361
|
Tanger Factory Outlet Centers, Inc.
| 288,959
| 5,571,130
|
Total Retail REITs
| 29,812,608
|
Specialized REITs 24.6%
|
American Tower Corp.
| 33,661
| 9,845,842
|
Equinix, Inc.
| 25,289
| 21,390,448
|
Extra Space Storage, Inc.
| 58,349
| 13,229,469
|
Four Corners Property Trust, Inc.
| 107,383
| 3,158,134
|
Gaming and Leisure Properties, Inc.
| 249,519
| 12,141,594
|
Life Storage, Inc.
| 110,261
| 16,889,780
|
National Storage Affiliates Trust
| 94,183
| 6,517,464
|
Total Specialized REITs
| 83,172,731
|
Total Real Estate
| 332,462,752
|
Total Common Stocks
(Cost: $173,702,925)
| 336,618,869
|
|
Money Market Funds 0.1%
|
| Shares
| Value ($)
|
Columbia Short-Term Cash Fund, 0.085%(b),(c)
| 339,733
| 339,665
|
Total Money Market Funds
(Cost: $339,665)
| 339,665
|
Total Investments in Securities
(Cost $174,042,590)
| 336,958,534
|
Other Assets & Liabilities, Net
|
| 872,043
|
Net Assets
| $337,830,577
|
The accompanying Notes to Financial
Statements are an integral part of this statement.
8
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Portfolio of Investments (continued)
December 31, 2021
Notes to Portfolio of
Investments
(a)
| Non-income producing investment.
|
(b)
| The rate shown is the seven-day current annualized yield at December 31, 2021.
|
(c)
| As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows:
|
Affiliated issuers
| Beginning
of period($)
| Purchases($)
| Sales($)
| Net change in
unrealized
appreciation
(depreciation)($)
| End of
period($)
| Realized gain
(loss)($)
| Dividends($)
| End of
period shares
|
Columbia Short-Term Cash Fund, 0.085%
|
| 330,349
| 17,372,782
| (17,363,465)
| (1)
| 339,665
| (122)
| 494
| 339,733
|
Fair value measurements
The Fund categorizes its fair
value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available.
Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the
Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is
deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example,
certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in
the three broad levels listed below:
■
| Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
|
■
| Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
|
■
| Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
|
Inputs that are used in determining
fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary
between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered
by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include
periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels
within the hierarchy.
Investments falling into the Level 3
category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency
and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant
unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and
estimated cash flows, and comparable company data.
Under the direction of the
Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of
voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly
to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of
Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third
party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale
pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to
discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members
of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of
the inputs used to value the Fund’s investments at December 31, 2021:
| Level 1 ($)
| Level 2 ($)
| Level 3 ($)
| Total ($)
|
Investments in Securities
|
|
|
|
|
Common Stocks
|
|
|
|
|
Consumer Discretionary
| 4,156,117
| —
| —
| 4,156,117
|
Real Estate
| 332,462,752
| —
| —
| 332,462,752
|
Total Common Stocks
| 336,618,869
| —
| —
| 336,618,869
|
Money Market Funds
| 339,665
| —
| —
| 339,665
|
Total Investments in Securities
| 336,958,534
| —
| —
| 336,958,534
|
See the Portfolio of Investments for
all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are
an integral part of this statement.
Columbia Real Estate Equity Fund | Annual Report 2021
| 9
|
Statement of Assets and Liabilities
December 31, 2021
Assets
|
|
Investments in securities, at value
|
|
Unaffiliated issuers (cost $173,702,925)
| $336,618,869
|
Affiliated issuers (cost $339,665)
| 339,665
|
Cash
| 665
|
Receivable for:
|
|
Capital shares sold
| 71,853
|
Dividends
| 1,032,946
|
Prepaid expenses
| 4,159
|
Trustees’ deferred compensation plan
| 144,073
|
Total assets
| 338,212,230
|
Liabilities
|
|
Payable for:
|
|
Capital shares purchased
| 155,453
|
Management services fees
| 6,930
|
Distribution and/or service fees
| 619
|
Transfer agent fees
| 28,762
|
Compensation of board members
| 7,861
|
Compensation of chief compliance officer
| 19
|
Printing and Postage fees
| 20,639
|
Other expenses
| 17,297
|
Trustees’ deferred compensation plan
| 144,073
|
Total liabilities
| 381,653
|
Net assets applicable to outstanding capital stock
| $337,830,577
|
Represented by
|
|
Paid in capital
| 167,095,721
|
Total distributable earnings (loss)
| 170,734,856
|
Total - representing net assets applicable to outstanding capital stock
| $337,830,577
|
The accompanying Notes to Financial Statements are
an integral part of this statement.
10
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Statement of Assets and Liabilities (continued)
December 31, 2021
Class A
|
|
Net assets
| $73,176,722
|
Shares outstanding
| 4,493,394
|
Net asset value per share
| $16.29
|
Maximum sales charge
| 5.75%
|
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)
| $17.28
|
Advisor Class
|
|
Net assets
| $2,174,320
|
Shares outstanding
| 129,702
|
Net asset value per share
| $16.76
|
Class C
|
|
Net assets
| $2,722,416
|
Shares outstanding
| 167,128
|
Net asset value per share
| $16.29
|
Institutional Class
|
|
Net assets
| $120,982,126
|
Shares outstanding
| 7,408,882
|
Net asset value per share
| $16.33
|
Institutional 2 Class
|
|
Net assets
| $1,320,742
|
Shares outstanding
| 81,253
|
Net asset value per share
| $16.25
|
Institutional 3 Class
|
|
Net assets
| $134,200,851
|
Shares outstanding
| 8,138,871
|
Net asset value per share
| $16.49
|
Class R
|
|
Net assets
| $3,253,400
|
Shares outstanding
| 199,996
|
Net asset value per share
| $16.27
|
The accompanying Notes to Financial Statements are
an integral part of this statement.
Columbia Real Estate Equity Fund | Annual Report 2021
| 11
|
Statement of Operations
Year Ended December 31, 2021
Net investment income
|
|
Income:
|
|
Dividends — unaffiliated issuers
| $5,586,896
|
Dividends — affiliated issuers
| 494
|
Total income
| 5,587,390
|
Expenses:
|
|
Management services fees
| 2,215,205
|
Distribution and/or service fees
|
|
Class A
| 157,797
|
Class C
| 23,916
|
Class R
| 13,132
|
Transfer agent fees
|
|
Class A
| 112,855
|
Advisor Class
| 3,992
|
Class C
| 4,275
|
Institutional Class
| 219,241
|
Institutional 2 Class
| 678
|
Institutional 3 Class
| 5,645
|
Class R
| 4,686
|
Compensation of board members
| 17,763
|
Custodian fees
| 3,770
|
Printing and postage fees
| 67,698
|
Registration fees
| 106,581
|
Audit fees
| 29,500
|
Legal fees
| 14,001
|
Compensation of chief compliance officer
| 75
|
Other
| 12,817
|
Total expenses
| 3,013,627
|
Fees waived or expenses reimbursed by Investment Manager and its affiliates
| (22,960)
|
Expense reduction
| (612)
|
Total net expenses
| 2,990,055
|
Net investment income
| 2,597,335
|
Realized and unrealized gain (loss) — net
|
|
Net realized gain (loss) on:
|
|
Investments — unaffiliated issuers
| 19,372,293
|
Investments — affiliated issuers
| (122)
|
Net realized gain
| 19,372,171
|
Net change in unrealized appreciation (depreciation) on:
|
|
Investments — unaffiliated issuers
| 82,573,665
|
Investments — affiliated issuers
| (1)
|
Net change in unrealized appreciation (depreciation)
| 82,573,664
|
Net realized and unrealized gain
| 101,945,835
|
Net increase in net assets resulting from operations
| $104,543,170
|
The accompanying Notes to
Financial Statements are an integral part of this statement.
12
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Statement of Changes in Net Assets
| Year Ended
December 31, 2021
| Year Ended
December 31, 2020
|
Operations
|
|
|
Net investment income
| $2,597,335
| $3,445,075
|
Net realized gain
| 19,372,171
| 17,655,402
|
Net change in unrealized appreciation (depreciation)
| 82,573,664
| (30,346,054)
|
Net increase (decrease) in net assets resulting from operations
| 104,543,170
| (9,245,577)
|
Distributions to shareholders
|
|
|
Net investment income and net realized gains
|
|
|
Class A
| (4,424,202)
| (4,179,294)
|
Advisor Class
| (146,833)
| (119,916)
|
Class C
| (146,549)
| (202,700)
|
Institutional Class
| (7,806,269)
| (11,353,115)
|
Institutional 2 Class
| (79,583)
| (73,311)
|
Institutional 3 Class
| (8,413,828)
| (3,519,461)
|
Class R
| (183,711)
| (158,818)
|
Total distributions to shareholders
| (21,200,975)
| (19,606,615)
|
Increase (decrease) in net assets from capital stock activity
| (15,697,347)
| 6,258,810
|
Total increase (decrease) in net assets
| 67,644,848
| (22,593,382)
|
Net assets at beginning of year
| 270,185,729
| 292,779,111
|
Net assets at end of year
| $337,830,577
| $270,185,729
|
The accompanying Notes to
Financial Statements are an integral part of this statement.
Columbia Real Estate Equity Fund | Annual Report 2021
| 13
|
Statement of Changes in Net Assets (continued)
| Year Ended
| Year Ended
|
| December 31, 2021
| December 31, 2020
|
| Shares
| Dollars ($)
| Shares
| Dollars ($)
|
Capital stock activity
|
Class A
|
|
|
|
|
Subscriptions
| 418,321
| 5,875,805
| 334,381
| 4,038,932
|
Distributions reinvested
| 281,203
| 4,132,727
| 338,747
| 3,953,943
|
Redemptions
| (731,255)
| (10,224,970)
| (1,486,945)
| (18,034,386)
|
Net decrease
| (31,731)
| (216,438)
| (813,817)
| (10,041,511)
|
Advisor Class
|
|
|
|
|
Subscriptions
| 31,930
| 457,375
| 148,920
| 1,896,963
|
Distributions reinvested
| 8,573
| 129,067
| 8,358
| 99,835
|
Redemptions
| (80,791)
| (1,199,822)
| (129,243)
| (1,466,374)
|
Net increase (decrease)
| (40,288)
| (613,380)
| 28,035
| 530,424
|
Class C
|
|
|
|
|
Subscriptions
| 41,320
| 602,037
| 23,164
| 305,931
|
Distributions reinvested
| 9,838
| 145,121
| 16,319
| 192,136
|
Redemptions
| (112,122)
| (1,510,034)
| (147,213)
| (1,783,276)
|
Net decrease
| (60,964)
| (762,876)
| (107,730)
| (1,285,209)
|
Institutional Class
|
|
|
|
|
Subscriptions
| 477,706
| 6,749,927
| 2,639,374
| 30,883,044
|
Distributions reinvested
| 483,411
| 7,120,375
| 792,035
| 9,346,948
|
Redemptions
| (6,360,555)
| (85,370,742)
| (2,406,018)
| (29,401,515)
|
Net increase (decrease)
| (5,399,438)
| (71,500,440)
| 1,025,391
| 10,828,477
|
Institutional 2 Class
|
|
|
|
|
Subscriptions
| 35,114
| 495,346
| 19,752
| 232,831
|
Distributions reinvested
| 5,416
| 79,374
| 6,289
| 73,126
|
Redemptions
| (34,246)
| (459,128)
| (50,684)
| (658,016)
|
Net increase (decrease)
| 6,284
| 115,592
| (24,643)
| (352,059)
|
Institutional 3 Class
|
|
|
|
|
Subscriptions
| 5,071,153
| 69,142,179
| 851,110
| 9,681,967
|
Distributions reinvested
| 438,581
| 6,544,134
| 216,584
| 2,570,557
|
Redemptions
| (1,266,013)
| (18,649,953)
| (391,982)
| (4,692,892)
|
Net increase
| 4,243,721
| 57,036,360
| 675,712
| 7,559,632
|
Class R
|
|
|
|
|
Subscriptions
| 47,228
| 681,489
| 39,013
| 473,237
|
Distributions reinvested
| 11,601
| 171,198
| 11,088
| 129,866
|
Redemptions
| (44,533)
| (608,852)
| (135,284)
| (1,584,047)
|
Net increase (decrease)
| 14,296
| 243,835
| (85,183)
| (980,944)
|
Total net increase (decrease)
| (1,268,120)
| (15,697,347)
| 697,765
| 6,258,810
|
The accompanying Notes to Financial Statements are
an integral part of this statement.
14
| Columbia Real Estate Equity Fund | Annual Report 2021
|
[THIS PAGE INTENTIONALLY LEFT
BLANK]
Columbia Real Estate Equity Fund | Annual Report 2021
| 15
|
The following table is intended to
help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are
calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total
return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain
derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
| Net asset value,
beginning of
period
| Net
investment
income
(loss)
| Net
realized
and
unrealized
gain (loss)
| Total from
investment
operations
| Distributions
from net
investment
income
| Distributions
from net
realized
gains
| Total
distributions to
shareholders
|
Class A
|
Year Ended 12/31/2021
| $12.30
| 0.09
| 4.91
| 5.00
| (0.17)
| (0.84)
| (1.01)
|
Year Ended 12/31/2020
| $13.77
| 0.13
| (0.71)
| (0.58)
| (0.16)
| (0.73)
| (0.89)
|
Year Ended 12/31/2019
| $12.07
| 0.21
| 3.11
| 3.32
| (0.21)
| (1.41)
| (1.62)
|
Year Ended 12/31/2018
| $14.02
| 0.18
| (1.17)
| (0.99)
| (0.19)
| (0.77)
| (0.96)
|
Year Ended 12/31/2017
| $15.37
| 0.22
| 0.56
| 0.78
| (0.22)
| (1.91)
| (2.13)
|
Advisor Class
|
Year Ended 12/31/2021
| $12.63
| 0.12
| 5.06
| 5.18
| (0.21)
| (0.84)
| (1.05)
|
Year Ended 12/31/2020
| $14.13
| 0.17
| (0.75)
| (0.58)
| (0.19)
| (0.73)
| (0.92)
|
Year Ended 12/31/2019
| $12.34
| 0.26
| 3.19
| 3.45
| (0.25)
| (1.41)
| (1.66)
|
Year Ended 12/31/2018
| $14.32
| 0.23
| (1.21)
| (0.98)
| (0.23)
| (0.77)
| (1.00)
|
Year Ended 12/31/2017
| $15.65
| 0.29
| 0.55
| 0.84
| (0.26)
| (1.91)
| (2.17)
|
Class C
|
Year Ended 12/31/2021
| $12.30
| (0.02)
| 4.91
| 4.89
| (0.06)
| (0.84)
| (0.90)
|
Year Ended 12/31/2020
| $13.76
| 0.04
| (0.70)
| (0.66)
| (0.07)
| (0.73)
| (0.80)
|
Year Ended 12/31/2019
| $12.06
| 0.10
| 3.12
| 3.22
| (0.11)
| (1.41)
| (1.52)
|
Year Ended 12/31/2018
| $14.02
| 0.06
| (1.16)
| (1.10)
| (0.09)
| (0.77)
| (0.86)
|
Year Ended 12/31/2017
| $15.37
| 0.11
| 0.56
| 0.67
| (0.11)
| (1.91)
| (2.02)
|
Institutional Class
|
Year Ended 12/31/2021
| $12.33
| 0.12
| 4.93
| 5.05
| (0.21)
| (0.84)
| (1.05)
|
Year Ended 12/31/2020
| $13.81
| 0.17
| (0.73)
| (0.56)
| (0.19)
| (0.73)
| (0.92)
|
Year Ended 12/31/2019
| $12.10
| 0.25
| 3.12
| 3.37
| (0.25)
| (1.41)
| (1.66)
|
Year Ended 12/31/2018
| $14.05
| 0.22
| (1.17)
| (0.95)
| (0.23)
| (0.77)
| (1.00)
|
Year Ended 12/31/2017
| $15.40
| 0.25
| 0.57
| 0.82
| (0.26)
| (1.91)
| (2.17)
|
Institutional 2 Class
|
Year Ended 12/31/2021
| $12.28
| 0.14
| 4.89
| 5.03
| (0.22)
| (0.84)
| (1.06)
|
Year Ended 12/31/2020
| $13.75
| 0.17
| (0.70)
| (0.53)
| (0.21)
| (0.73)
| (0.94)
|
Year Ended 12/31/2019
| $12.06
| 0.22
| 3.15
| 3.37
| (0.27)
| (1.41)
| (1.68)
|
Year Ended 12/31/2018
| $14.01
| 0.24
| (1.18)
| (0.94)
| (0.24)
| (0.77)
| (1.01)
|
Year Ended 12/31/2017
| $15.36
| 0.29
| 0.56
| 0.85
| (0.29)
| (1.91)
| (2.20)
|
Institutional 3 Class
|
Year Ended 12/31/2021
| $12.44
| 0.16
| 4.96
| 5.12
| (0.23)
| (0.84)
| (1.07)
|
Year Ended 12/31/2020
| $13.92
| 0.19
| (0.72)
| (0.53)
| (0.22)
| (0.73)
| (0.95)
|
Year Ended 12/31/2019
| $12.19
| 0.26
| 3.16
| 3.42
| (0.28)
| (1.41)
| (1.69)
|
Year Ended 12/31/2018
| $14.15
| 0.25
| (1.19)
| (0.94)
| (0.25)
| (0.77)
| (1.02)
|
Year Ended 12/31/2017(d)
| $15.97
| 0.28
| 0.10
| 0.38
| (0.29)
| (1.91)
| (2.20)
|
The accompanying Notes to Financial
Statements are an integral part of this statement.
16
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Financial Highlights (continued)
| Net
asset
value,
end of
period
| Total
return
| Total gross
expense
ratio to
average
net assets(a)
| Total net
expense
ratio to
average
net assets(a),(b)
| Net investment
income (loss)
ratio to
average
net assets
| Portfolio
turnover
| Net
assets,
end of
period
(000’s)
|
Class A
|
Year Ended 12/31/2021
| $16.29
| 41.74%
| 1.26%
| 1.26%(c)
| 0.63%
| 5%
| $73,177
|
Year Ended 12/31/2020
| $12.30
| (3.70%)
| 1.28%
| 1.27%(c)
| 1.07%
| 32%
| $55,651
|
Year Ended 12/31/2019
| $13.77
| 28.04%
| 1.29%
| 1.28%(c)
| 1.47%
| 20%
| $73,522
|
Year Ended 12/31/2018
| $12.07
| (7.48%)
| 1.29%
| 1.29%(c)
| 1.35%
| 18%
| $63,934
|
Year Ended 12/31/2017
| $14.02
| 5.07%
| 1.28%
| 1.28%(c)
| 1.41%
| 27%
| $84,557
|
Advisor Class
|
Year Ended 12/31/2021
| $16.76
| 42.09%
| 1.01%
| 1.01%(c)
| 0.85%
| 5%
| $2,174
|
Year Ended 12/31/2020
| $12.63
| (3.56%)
| 1.03%
| 1.02%(c)
| 1.34%
| 32%
| $2,148
|
Year Ended 12/31/2019
| $14.13
| 28.47%
| 1.04%
| 1.04%(c)
| 1.81%
| 20%
| $2,005
|
Year Ended 12/31/2018
| $12.34
| (7.30%)
| 1.03%
| 1.03%(c)
| 1.69%
| 18%
| $480
|
Year Ended 12/31/2017
| $14.32
| 5.37%
| 1.04%
| 1.04%(c)
| 1.85%
| 27%
| $539
|
Class C
|
Year Ended 12/31/2021
| $16.29
| 40.70%
| 2.01%
| 2.01%(c)
| (0.13%)
| 5%
| $2,722
|
Year Ended 12/31/2020
| $12.30
| (4.44%)
| 2.03%
| 2.02%(c)
| 0.29%
| 32%
| $2,807
|
Year Ended 12/31/2019
| $13.76
| 27.11%
| 2.03%
| 2.03%(c)
| 0.68%
| 20%
| $4,623
|
Year Ended 12/31/2018
| $12.06
| (8.24%)
| 2.04%
| 2.04%(c)
| 0.47%
| 18%
| $4,795
|
Year Ended 12/31/2017
| $14.02
| 4.28%
| 2.03%
| 2.03%(c)
| 0.68%
| 27%
| $13,222
|
Institutional Class
|
Year Ended 12/31/2021
| $16.33
| 42.06%
| 1.01%
| 1.01%(c)
| 0.88%
| 5%
| $120,982
|
Year Ended 12/31/2020
| $12.33
| (3.49%)
| 1.04%
| 1.02%(c)
| 1.36%
| 32%
| $157,929
|
Year Ended 12/31/2019
| $13.81
| 28.38%
| 1.03%
| 1.03%(c)
| 1.73%
| 20%
| $162,706
|
Year Ended 12/31/2018
| $12.10
| (7.23%)
| 1.04%
| 1.04%(c)
| 1.63%
| 18%
| $136,079
|
Year Ended 12/31/2017
| $14.05
| 5.32%
| 1.03%
| 1.03%(c)
| 1.60%
| 27%
| $167,023
|
Institutional 2 Class
|
Year Ended 12/31/2021
| $16.25
| 42.15%
| 0.90%
| 0.89%
| 1.02%
| 5%
| $1,321
|
Year Ended 12/31/2020
| $12.28
| (3.30%)
| 0.91%
| 0.90%
| 1.41%
| 32%
| $920
|
Year Ended 12/31/2019
| $13.75
| 28.49%
| 0.89%
| 0.89%
| 1.57%
| 20%
| $1,370
|
Year Ended 12/31/2018
| $12.06
| (7.12%)
| 0.89%
| 0.89%
| 1.81%
| 18%
| $7,700
|
Year Ended 12/31/2017
| $14.01
| 5.48%
| 0.89%
| 0.89%
| 1.89%
| 27%
| $8,368
|
Institutional 3 Class
|
Year Ended 12/31/2021
| $16.49
| 42.33%
| 0.84%
| 0.83%
| 1.06%
| 5%
| $134,201
|
Year Ended 12/31/2020
| $12.44
| (3.27%)
| 0.85%
| 0.84%
| 1.55%
| 32%
| $48,451
|
Year Ended 12/31/2019
| $13.92
| 28.58%
| 0.84%
| 0.84%
| 1.84%
| 20%
| $44,827
|
Year Ended 12/31/2018
| $12.19
| (7.07%)
| 0.85%
| 0.85%
| 1.88%
| 18%
| $59,640
|
Year Ended 12/31/2017(d)
| $14.15
| 2.38%
| 0.84%(e)
| 0.84%(e)
| 2.13%(e)
| 27%
| $66,446
|
The accompanying Notes to Financial
Statements are an integral part of this statement.
Columbia Real Estate Equity Fund | Annual Report 2021
| 17
|
Financial Highlights (continued)
| Net asset value,
beginning of
period
| Net
investment
income
(loss)
| Net
realized
and
unrealized
gain (loss)
| Total from
investment
operations
| Distributions
from net
investment
income
| Distributions
from net
realized
gains
| Total
distributions to
shareholders
|
Class R
|
Year Ended 12/31/2021
| $12.29
| 0.06
| 4.90
| 4.96
| (0.14)
| (0.84)
| (0.98)
|
Year Ended 12/31/2020
| $13.75
| 0.10
| (0.70)
| (0.60)
| (0.13)
| (0.73)
| (0.86)
|
Year Ended 12/31/2019
| $12.05
| 0.16
| 3.13
| 3.29
| (0.18)
| (1.41)
| (1.59)
|
Year Ended 12/31/2018
| $14.01
| 0.15
| (1.18)
| (1.03)
| (0.16)
| (0.77)
| (0.93)
|
Year Ended 12/31/2017
| $15.36
| 0.19
| 0.56
| 0.75
| (0.19)
| (1.91)
| (2.10)
|
Notes to Financial Highlights
|
(a)
| In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such
indirect expenses are not included in the Fund’s reported expense ratios.
|
(b)
| Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
|
(c)
| The benefits derived from expense reductions had an impact of less than 0.01%.
|
(d)
| Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
|
(e)
| Annualized.
|
The accompanying Notes to
Financial Statements are an integral part of this statement.
18
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Financial Highlights (continued)
| Net
asset
value,
end of
period
| Total
return
| Total gross
expense
ratio to
average
net assets(a)
| Total net
expense
ratio to
average
net assets(a),(b)
| Net investment
income (loss)
ratio to
average
net assets
| Portfolio
turnover
| Net
assets,
end of
period
(000’s)
|
Class R
|
Year Ended 12/31/2021
| $16.27
| 41.34%
| 1.51%
| 1.51%(c)
| 0.41%
| 5%
| $3,253
|
Year Ended 12/31/2020
| $12.29
| (3.90%)
| 1.53%
| 1.52%(c)
| 0.78%
| 32%
| $2,282
|
Year Ended 12/31/2019
| $13.75
| 27.77%
| 1.53%
| 1.53%(c)
| 1.10%
| 20%
| $3,726
|
Year Ended 12/31/2018
| $12.05
| (7.78%)
| 1.54%
| 1.54%(c)
| 1.12%
| 18%
| $5,038
|
Year Ended 12/31/2017
| $14.01
| 4.81%
| 1.53%
| 1.53%(c)
| 1.22%
| 27%
| $6,735
|
The accompanying Notes to Financial Statements are
an integral part of this statement.
Columbia Real Estate Equity Fund | Annual Report 2021
| 19
|
Notes to Financial Statements
December 31, 2021
Note 1. Organization
Columbia Real Estate Equity Fund
(the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management
investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited
number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation
rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have
different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a
liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s
prospectus, Class A and Class C shares are offered to the general public for investment. Effective April 1, 2021, Class C shares automatically convert to Class A shares after 8 years. Prior to April 1, 2021, Class C
shares automatically converted to Class A shares after 10 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized
investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of
significant accounting policies
Basis of preparation
The Fund is an investment company
that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires
management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of
significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an
exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on
any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Investments in open-end investment
companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market
quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by
and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published
price for the security, if available.
The determination of fair value
often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used
to determine fair value.
GAAP requires disclosure regarding
the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following
the Fund’s Portfolio of Investments.
20
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Notes to Financial Statements (continued)
December 31, 2021
Security transactions
Security transactions are accounted
for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend
income are recorded on the ex-dividend date.
The Fund may receive distributions
from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts
(REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported.
Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the
extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise
Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a
proportionate change in return of capital to shareholders.
Awards from class action litigation
are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as
realized gains.
Expenses
General expenses of the Trust are
allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are
charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset
value
All income, expenses (other than
class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on
the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each
year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its
tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other
amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment
income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s
organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition,
certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims
that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Columbia Real Estate Equity Fund | Annual Report 2021
| 21
|
Notes to Financial Statements (continued)
December 31, 2021
Note 3. Fees and other
transactions with affiliates
Management services fees
The Fund has entered into a
Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the
Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the
Fund’s daily net assets that declines from 0.75% to 0.66% as the Fund’s net assets increase. The effective management services fee rate for the year ended December 31, 2021 was 0.75% of the Fund’s
average daily net assets.
Compensation of board members
Members of the Board of Trustees
who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the
Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of
certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All
amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any
gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance
Officer
The Board of Trustees has appointed
a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated
to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend
Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for
providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as
sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a
monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of
accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the
Board of Trustees from time to time.
The Transfer Agent also receives
compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an
annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
22
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Notes to Financial Statements (continued)
December 31, 2021
For the year ended December 31,
2021, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
| Effective rate (%)
|
Class A
| 0.18
|
Advisor Class
| 0.18
|
Class C
| 0.18
|
Institutional Class
| 0.18
|
Institutional 2 Class
| 0.07
|
Institutional 3 Class
| 0.01
|
Class R
| 0.18
|
An annual minimum account balance
fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum
account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended December 31, 2021, these minimum account balance fees reduced total expenses
of the Fund by $612.
Distribution and service fees
The Fund has entered into an
agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder
services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the
Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a
monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a
monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class C and Class R shares of the Fund,
respectively.
Although the Fund may pay
distribution and service fees up to a maximum annual rate of 0.35% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for
shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund’s average daily net assets attributable to Class A shares.
Sales charges (unaudited)
Sales charges, including front-end
charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended December 31, 2021, if any, are listed below:
| Front End (%)
| CDSC (%)
| Amount ($)
|
Class A
| 5.75
| 0.50 - 1.00(a)
| 38,036
|
Class C
| —
| 1.00(b)
| 47
|
(a)
| This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after
purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
|
(b)
| This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
|
The Fund’s other share
classes are not subject to sales charges.
Columbia Real Estate Equity Fund | Annual Report 2021
| 23
|
Notes to Financial Statements (continued)
December 31, 2021
Expenses waived/reimbursed by the
Investment Manager and its affiliates
The Investment Manager and certain
of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole
discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s
custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| Contractual
expense cap
May 1, 2021
through
April 30, 2022
| Voluntary
expense cap
May 1, 2021
through
June 30, 2021
| Contractual
expense cap
prior to
May 1, 2021
|
Class A
| 1.26%
| 1.26%
| 1.26%
|
Advisor Class
| 1.01
| 1.01
| 1.01
|
Class C
| 2.01
| 2.01
| 2.01
|
Institutional Class
| 1.01
| 1.01
| 1.01
|
Institutional 2 Class
| 0.90
| 0.89
| 0.89
|
Institutional 3 Class
| 0.85
| 0.83
| 0.83
|
Class R
| 1.51
| 1.51
| 1.51
|
Under the agreement governing
these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes
(including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and
brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed
money, interest, costs associated with certain shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This
agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements
described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax
information
The timing and character of
income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At December 31, 2021, these
differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, re-characterization of distributions for investments, excess distributions and
distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require
reclassifications.
The following reclassifications
were made:
Excess of distributions
over net investment
income ($)
| Accumulated
net realized
gain ($)
| Paid in
capital ($)
|
2,511,077
| (982,723)
| (1,528,354)
|
Net investment income (loss) and
net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
24
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Notes to Financial Statements (continued)
December 31, 2021
The tax character of distributions
paid during the years indicated was as follows:
Year Ended December 31, 2021
| Year Ended December 31, 2020
|
Ordinary
income ($)
| Long-term
capital gains ($)
| Total ($)
| Ordinary
income ($)
| Long-term
capital gains ($)
| Total ($)
|
4,879,366
| 16,321,609
| 21,200,975
| 4,036,272
| 15,570,343
| 19,606,615
|
Short-term capital gain
distributions, if any, are considered ordinary income distributions for tax purposes.
At December 31, 2021, the
components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
| Undistributed
long-term
capital gains ($)
| Capital loss
carryforwards ($)
| Net unrealized
appreciation ($)
|
—
| 8,414,994
| —
| 162,460,739
|
At December 31, 2021, the cost of
all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
| Gross unrealized
appreciation ($)
| Gross unrealized
(depreciation) ($)
| Net unrealized
appreciation ($)
|
174,497,795
| 163,964,088
| (1,503,349)
| 162,460,739
|
Tax cost of investments and
unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has
concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at
a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the
prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio
information
The cost of purchases and
proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $16,104,556 and $47,779,484, respectively, for the year ended December 31, 2021. The amount of purchase and
sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money
market fund
The Fund invests in Columbia
Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as
Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a
floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes
referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund
lending
Pursuant to an exemptive order
granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and,
except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject
to certain restrictions.
Columbia Real Estate Equity Fund | Annual Report 2021
| 25
|
Notes to Financial Statements (continued)
December 31, 2021
Interfund loans are subject to the
risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject
to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend
money under the Interfund Program during the year ended December 31, 2021.
Note 8. Line of credit
The Fund has access to a
revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for
other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment
Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate
equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit
facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The
commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had
access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was
charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight
bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during
the year ended December 31, 2021.
Note 9. Significant
risks
Market risk
The Fund may incur losses due to
declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or
social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers,
which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies
and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks
may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global
events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could
have a significant negative impact on global economic and market conditions.
The coronavirus disease 2019 and
its variants (COVID-19) pandemic has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability,
facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement
and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental
authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and
pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in
emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other
pre-existing
26
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Notes to Financial Statements (continued)
December 31, 2021
political, social and economic risks in certain
countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its
investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Non-diversification risk
A non-diversified fund is permitted
to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This 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, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Real estate sector risk
The risks associated with
investments in real estate investment trusts (REITs) and other companies principally engaged in the real estate industry subject the Fund to risks similar to those of direct investments in real estate and the real
estate industry in general. These include risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates or property values. The value of such
investments may be affected by, among other factors, changes in the value of the underlying properties owned by the issuer, changes in the prospect for earnings and/or cash flow growth of the investment, defaults by
borrowers or tenants, market saturation, decreases in market rates for rents, and other economic, political, or regulatory occurrences affecting the real estate industry, including REITs.
REITs depend upon specialized
management skills, may have limited financial resources, may have less trading volume in their securities, and may be subject to more abrupt or erratic price movements than the overall securities markets. REITs are
also subject to the risk of failing to qualify for favorable tax treatment. Some REITs (especially mortgage REITs) are affected by risks similar to those associated with investments in debt securities including
changes in interest rates and the quality of credit extended.
Shareholder concentration risk
At December 31, 2021, one
unaffiliated shareholder of record owned 23.5% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated
shareholders of record owned 28.5% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the
Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of
less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Small- and mid-cap company risk
Investments in small- and
mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less
predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid
and more volatile than the securities of larger companies.
Note 10. Subsequent
events
Management has evaluated the
events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information
regarding pending and settled legal proceedings
Ameriprise Financial and certain
of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in
connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject
of, any pending legal, arbitration or regulatory
Columbia Real Estate Equity Fund | Annual Report 2021
| 27
|
Notes to Financial Statements (continued)
December 31, 2021
proceedings that are likely to have a material
adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as
necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the
SEC website at www.sec.gov.
There can be no assurance that
these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe
proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to
uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines,
penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to
the Fund.
28
| Columbia Real Estate Equity Fund | Annual Report 2021
|
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Columbia
Funds Series Trust I and Shareholders of Columbia Real Estate Equity Fund
Opinion on the Financial
Statements
We have audited the accompanying
statement of assets and liabilities, including the portfolio of investments, of Columbia Real Estate Equity Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of
December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the
related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31,
2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the
responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these
financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and transfer agent. We believe that our
audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 22, 2022
We have served as the auditor of
one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Real Estate Equity Fund | Annual Report 2021
| 29
|
Federal Income Tax
Information
(Unaudited)
The Fund hereby designates the
following tax attributes for the fiscal year ended December 31, 2021. Shareholders will be notified in early 2022 of the amounts for use in preparing 2021 income tax returns.
Section
199A
dividends
| Capital
gain
dividend
| Section
897
dividends
| Section
897
capital gain
|
67.31%
| $19,413,338
| 0.82%
| 4.63%
|
Section 199A dividends. For
taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.
Capital gain dividend. The Fund
designates as a capital gain dividend the amount reflected above, of which $18,637,640 was subject to a long term capital gains tax rate of not greater than 20% and $775,698 to a long term capital gains tax rate
of not greater than 25%.
Section 897 dividends. For foreign
shareholders, and for shareholders that are domestic (U.S.) trusts or partnerships with foreign owners, the percentage of ordinary income distributed during the fiscal year that represent Section 897 dividends.
Section 897 capital gain. For
foreign shareholders, and for shareholders that are domestic (U.S.) trusts or partnerships with foreign owners, the percentage of capital gains distributed during the fiscal year that represent Section 897 capital
gains.
TRUSTEES AND
OFFICERS
The Board oversees the Fund’s
operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as
of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service
in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee
generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
| Position held
with the Columbia Funds and
length of service
| Principal occupation(s)
during past five years
and other relevant
professional experience
| Number of
Funds in the
Columbia Funds
Complex*
overseen
| Other directorships
held by Trustee
during the past
five years
|
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
| Trustee since 2017
| Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016
| 176
| Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating
Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of
Colorado Business School, 2015-2018
|
30
| Columbia Real Estate Equity Fund | Annual Report 2021
|
TRUSTEES AND OFFICERS (continued)
Independent trustees (continued)
Name,
address,
year of birth
| Position held
with the Columbia Funds and
length of service
| Principal occupation(s)
during past five years
and other relevant
professional experience
| Number of
Funds in the
Columbia Funds
Complex*
overseen
| Other directorships
held by Trustee
during the past
five years
|
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
| Trustee since 2006
| Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme
Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993,
which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive
Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021
| 176
| Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the
Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director,
Schulze Family Foundation, since 2021
|
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
| Trustee since 2007
| President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research,
JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992,
Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982
| 176
| Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit
Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
|
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
| Trustee since 1996
| Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018
| 174
| Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since
2020
|
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
| Trustee since 2020
| Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley
University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager
of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015
| 174
| Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s
College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
|
Columbia Real Estate Equity Fund | Annual Report 2021
| 31
|
TRUSTEES AND OFFICERS (continued)
Independent trustees (continued)
Name,
address,
year of birth
| Position held
with the Columbia Funds and
length of service
| Principal occupation(s)
during past five years
and other relevant
professional experience
| Number of
Funds in the
Columbia Funds
Complex*
overseen
| Other directorships
held by Trustee
during the past
five years
|
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
| Trustee since 2020
| Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment
management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor
Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004
| 174
| Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
|
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
| Trustee since 2004
| Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance);
Dean, McCallum Graduate School of Business, Bentley University, 1992-2002
| 176
| Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of
Directors, The MA Business Roundtable, 2003-2019
|
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
| Trustee since 2017
| Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016
| 176
| Trustee, Catholic Schools Foundation since 2004
|
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
| Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET
II since 2021
| Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006;
President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001
| 176
| Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director,
Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology),
2014-2019
|
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
| Trustee since 2011
| Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment
adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010
| 174
| None
|
32
| Columbia Real Estate Equity Fund | Annual Report 2021
|
TRUSTEES AND OFFICERS (continued)
Independent trustees (continued)
Name,
address,
year of birth
| Position held
with the Columbia Funds and
length of service
| Principal occupation(s)
during past five years
and other relevant
professional experience
| Number of
Funds in the
Columbia Funds
Complex*
overseen
| Other directorships
held by Trustee
during the past
five years
|
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
| Trustee since 2011
| Retired; Consultant to Bridgewater and Associates
| 174
| Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services);
Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT
Group Inc. (commercial and consumer finance), 2010-2016
|
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
| Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST
I and CFVIT since 2021
| Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and
Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment
Banking, 1976-1980, Dean Witter Reynolds, Inc.
| 176
| Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee);
Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
|
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
| Trustee since 2003
| President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business),
1998-2011
| 176
| Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth
Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg
Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter,
2013-2018; Chair, Daniel-Mickel Foundation since 1998
|
Columbia Real Estate Equity Fund | Annual Report 2021
| 33
|
TRUSTEES AND OFFICERS (continued)
Independent trustees (continued)
Name,
address,
year of birth
| Position held
with the Columbia Funds and
length of service
| Principal occupation(s)
during past five years
and other relevant
professional experience
| Number of
Funds in the
Columbia Funds
Complex*
overseen
| Other directorships
held by Trustee
during the past
five years
|
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
| Trustee since 2020
| Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021;
Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting
services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and
December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January
2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008
| 174
| Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee,
Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
|
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
| Trustee since 2017
| Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016;
Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004
| 176
| Former Director, NAPE Education Foundation, October 2016-October 2020
|
*
| The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund
Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and
Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology
Growth Fund and Tri-Continental Corporation.
|
Interested trustee affiliated with
Investment Manager*
Name,
address,
year of birth
| Position held with the Columbia Funds and length of service
| Principal occupation(s) during the
past five years and other relevant
professional experience
| Number of
Funds in the
Columbia Funds
Complex overseen
| Other directorships
held by Trustee
during the past
five years
|
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
| Trustee since November 2021(a)
| Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since
April 2015); officer of Columbia Funds and affiliated funds since 2020.
| 176
| Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since
November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
|
*
| Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
|
(a)
| Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021).
|
The Statement of Additional
Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your
financial intermediary.
34
| Columbia Real Estate Equity Fund | Annual Report 2021
|
TRUSTEES AND OFFICERS (continued)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the
pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their
specific titles may have varied over the period. In addition to Mr. Petersen, who is Senior Vice President and Assistant Secretary, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
| Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
| Principal occupation(s) during past five years
|
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
| Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)
| Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022
(previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of
Columbia Funds and affiliated funds since 2002.
|
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
| Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II,
CFVIT and CFVST II; Assistant Treasurer, CET I and CET II
| Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and
March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
|
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
| Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant
Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II
| Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund
Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment
Advisers, LLC, May 2010 - April 2015.
|
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
| Senior Vice President (2001)
| Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset
Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and
Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl
since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
|
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
| Senior Vice President and Assistant Secretary
| Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant
General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015
- 2021; officer of Columbia Funds and affiliated funds since 2007.
|
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
| Senior Vice President and Chief Compliance Officer (2012)
| Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia
Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
|
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
| Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)
| Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 -
August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
|
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
| Vice President (2011) and Assistant Secretary (2010)
| Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant
Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
|
Columbia Real Estate Equity Fund | Annual Report 2021
| 35
|
TRUSTEES AND OFFICERS (continued)
Fund officers (continued)
Name,
address and
year of birth
| Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
| Principal occupation(s) during past five years
|
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
| Vice President (2015)
| President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer,
Ameriprise Trust Company since August 2009.
|
36
| Columbia Real Estate Equity Fund | Annual Report 2021
|
[THIS PAGE INTENTIONALLY LEFT
BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Real Estate Equity Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the
investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments
(Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment
Advisers, LLC.
columbiathreadneedleus.com/investor/
Item 2. Code of Ethics.
(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.
(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the one series of the registrant whose reports to stockholders are included in this annual filing.
(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended December 31, 2021 and December 31,
2020 are approximately as follows:
20212020
$29,500 $29,500
Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended December 31, 2021 and December 31, 2020 are approximately as follows:
Audit-Related Fees, if any, include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.
During the fiscal years ended December 31, 2021 and December 31, 2020, there were no Audit-Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2021 and December 31, 2020 are approximately as follows:
Tax Fees, if any, include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended December 31, 2021 and December 31, 2020, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31,
2021 and December 31, 2020 are approximately as follows:
All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended December 31, 2021 and December 31, 2020 are approximately as follows:
20212020
$520,000 $520,000
In fiscal years 2021 and 2020, All Other Fees primarily consists of fees billed for internal control examinations of the registrant's transfer agent and investment adviser.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant's Audit Committee is required to pre-approve the engagement of the
registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre- designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre- approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre- approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre- approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
*****
(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f)Not applicable.
(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended December 31, 2021 and December 31, 2020 are approximately as follows:
20212020
$520,000 $520,000
(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
(b)Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b)There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected,
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. |
|
|
(registrant) |
|
Columbia Funds Series Trust I |
|
By (Signature and Title) |
/s/ Daniel J. Beckman |
|
|
|
|
Daniel J. Beckman, President and Principal Executive Officer |
|
Date |
|
February 22, 2022 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) |
/s/ Daniel J. Beckman |
|
|
Daniel J. Beckman, President and Principal Executive Officer |
Date |
|
February 22, 2022 |
|
By (Signature and Title) |
/s/ Michael G. Clarke |
|
|
Michael G. Clarke, Chief Financial Officer, Principal Financial Officer |
|
|
and Senior Vice President |
Date |
|
February 22, 2022 |
|
By (Signature and Title) |
/s/ Joseph Beranek |
|
|
Joseph Beranek, Treasurer, Chief Accounting Officer and Principal |
|
|
Financial Officer |
Date |
|
February 22, 2022 |
|
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
COLUMBIA FUNDS
Applicable Regulatory Authority |
Section 406 of the Sarbanes-Oxley Act of 2002; |
|
Item 2 of Form N-CSR |
Related Policies |
Overview and Implementation of Compliance Program |
|
Policy |
Requires Annual Board Approval |
No but Covered Officers Must provide annual |
|
certification |
|
|
Last Reviewed by AMC |
June 2021 |
Overview and Statement
Item 2 of Form N-CSR, the form used by registered management investment companies to f ile certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:
•Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and
•Any amendments to, or waivers from, the code of ethics relating to such officers.
The Board of each Fund has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Fund holds its principal executive officer and each of its senior financial officers.
This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.
Policy The Board of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:
I.Covered Officers/Purpose of the Code
This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer , and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:
•Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
•Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;
•Compliance with applicable laws and governmental rules and regulations;
This document is current as of the last review date but subject to change thereafter. Please consult the o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 1 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
•The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
•Accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.
II.Administration of the Code
The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.
The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code
Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.
III.Managing Conflicts of Interest
A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.
Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally f or the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary
This document is current as of the last review date but subject to change thereafter. Please consult the o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
Proprietary and Confidential |
Page 2 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Fund that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Fund covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.
This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund. Certain examples of such conflicts of interest follow.
Each Covered Officer must:
•Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;
•Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;
•Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and
•Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.
If a Covered Officer believes that he or she has a potential co nflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perf orm the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.
This document is current as of the last review date but subject to change thereafter. Please consult the o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:
•Service as a director on the board of a public or private company or service as a public official;
•The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;
•The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business -related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
•An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and
•A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.
IV. Disclosure and Compliance
It is the responsibility of each Covered Officer:
•To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;
•To not knowingly misrepresent, and to not knowingly cause others to misre present, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;
•To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and
•To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
This document is current as of the last review date but subject to change thereafter. Please consult the o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
Proprietary and Confidential |
Page 4 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
V.Reporting and Accountability by Covered Officers Each Covered Officer must:
•Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;
•Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;
•Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and
•Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.
The Fund will follow the policy set forth below in investigating and enforcing this Code:
•The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;
•If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;
•Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit
Committee;
•The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and
•This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.
VI. Other Policies
This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other polic ies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the
This document is current as of the last review date but subject to change thereafter. Please consult the o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
Proprietary and Confidential |
Page 5 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.
VII. Disclosure of Amendments to the Code
Any amendments will, to the extent required, be disclosed in accordance with law.
VIII. Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except a s otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.
IX. Internal Use
The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.
Reporting Requirements
Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto .
The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.
If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.
All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.
The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.
Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.
This document is current as of the last review date but subject to change thereafter. Please consult the o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Monitoring/Oversight/Escalation
The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.
Recordkeeping
All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.
This document is current as of the last review date but subject to change thereafter. Please consult the o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
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Appendix A
INITIAL ACKNOWLEDGEMENT
Iacknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I have set forth below (and on attached sheets of paper, if necessary) all known af filiations o r other relationships that may give rise to conflicts of interest for me with respect to the Fund.
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I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Indep endent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title: _____________________________________________
(please print)
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Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!
Appendix B
ANNUAL ACKNOWLEDGEMENT
Iacknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.
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I have set forth below (and on attached sheets of paper, if necessary) all known af filiations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.1
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I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title: _____________________________________________
(please print)
________________________________________________________________________
Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!
1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.
I, Daniel J. Beckman, certify that:
1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 22, 2022 |
/s/ Daniel J. Beckman |
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Daniel J. Beckman, President and Principal |
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Executive Officer |
I, Michael G. Clarke, certify that:
1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 22, 2022 |
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/s/ Michael G. Clarke |
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Michael G. Clarke, Chief Financial Officer, |
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Principal Financial Officer and Senior Vice |
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President |
I, Joseph Beranek, certify that:
1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control
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over financial reporting to be designed under our supervision, to provide reasonable |
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assurance regarding the reliability of financial reporting and the preparation of financial |
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statements for external purposes in accordance with generally accepted accounting |
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principles; |
(c ) |
evaluated the effectiveness of the registrant's disclosure controls and procedures and |
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presented in this report our conclusions about the effectiveness of the disclosure controls |
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and procedures, as of a date within 90 days prior to the filing date of this report based on |
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such evaluation; and |
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 22, 2022 |
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/s/ Joseph Beranek |
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Joseph Beranek, Treasurer, Chief Accounting |
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Officer and Principal Financial Officer |