Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A | $ | % |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
( ) | ( ) |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.69% of Fund average net assets) | $ |
Portfolio turnover for the reporting period | |
Portfolio turnover for the reporting period excluding to be announced (TBA) securities | 28% |
Long | |
Credit Risk | % |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Short | |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Advisor Class | $ | % |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
(a) | |||
Modified Blended Benchmark - 60% MSCI ACWI Index (Net), 40% Bloomberg Global Aggregate Index | 14.03 | 6.41 | 5.01 |
Blended Benchmark - 60% MSCI ACWI Index (Net) Hedged to DM Currencies, 40% Bloomberg Global Aggregate Hedged USD Index | 15.87 | 7.93 | 6.87 |
FTSE Three-Month U.S. Treasury Bill Index | 5.61 | 2.17 | 1.48 |
MSCI ACWI (Net) | 23.56 | 11.68 | 8.40 |
Bloomberg Global Aggregate Index | 0.77 | (1.62 ) | (0.37 ) |
(a) | The returns shown for periods prior to October 1, 2014 (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of Class A. 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. |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.69% of Fund average net assets) | $ |
Portfolio turnover for the reporting period | |
Portfolio turnover for the reporting period excluding to be announced (TBA) securities | 28% |
Long | |
Credit Risk | % |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Short | |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class C | $ | % |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
Modified Blended Benchmark - 60% MSCI ACWI Index (Net), 40% Bloomberg Global Aggregate Index | 14.03 | 6.41 | 5.01 |
Blended Benchmark - 60% MSCI ACWI Index (Net) Hedged to DM Currencies, 40% Bloomberg Global Aggregate Hedged USD Index | 15.87 | 7.93 | 6.87 |
FTSE Three-Month U.S. Treasury Bill Index | 5.61 | 2.17 | 1.48 |
MSCI ACWI (Net) | 23.56 | 11.68 | 8.40 |
Bloomberg Global Aggregate Index | 0.77 | (1.62 ) | (0.37 ) |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.69% of Fund average net assets) | $ |
Portfolio turnover for the reporting period | |
Portfolio turnover for the reporting period excluding to be announced (TBA) securities | 28% |
Long | |
Credit Risk | % |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Short | |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $ | % |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
Modified Blended Benchmark - 60% MSCI ACWI Index (Net), 40% Bloomberg Global Aggregate Index | 14.03 | 6.41 | 5.01 |
Blended Benchmark - 60% MSCI ACWI Index (Net) Hedged to DM Currencies, 40% Bloomberg Global Aggregate Hedged USD Index | 15.87 | 7.93 | 6.87 |
FTSE Three-Month U.S. Treasury Bill Index | 5.61 | 2.17 | 1.48 |
MSCI ACWI (Net) | 23.56 | 11.68 | 8.40 |
Bloomberg Global Aggregate Index | 0.77 | (1.62 ) | (0.37 ) |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.69% of Fund average net assets) | $ |
Portfolio turnover for the reporting period | |
Portfolio turnover for the reporting period excluding to be announced (TBA) securities | 28% |
Long | |
Credit Risk | % |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Short | |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional 2 Class | $ | % |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
Modified Blended Benchmark - 60% MSCI ACWI Index (Net), 40% Bloomberg Global Aggregate Index | 14.03 | 6.41 | 5.01 |
Blended Benchmark - 60% MSCI ACWI Index (Net) Hedged to DM Currencies, 40% Bloomberg Global Aggregate Hedged USD Index | 15.87 | 7.93 | 6.87 |
FTSE Three-Month U.S. Treasury Bill Index | 5.61 | 2.17 | 1.48 |
MSCI ACWI (Net) | 23.56 | 11.68 | 8.40 |
Bloomberg Global Aggregate Index | 0.77 | (1.62 ) | (0.37 ) |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.69% of Fund average net assets) | $ |
Portfolio turnover for the reporting period | |
Portfolio turnover for the reporting period excluding to be announced (TBA) securities | 28% |
Long | |
Credit Risk | % |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Short | |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional 3 Class | $ | % |
Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
(a) | |||
Modified Blended Benchmark - 60% MSCI ACWI Index (Net), 40% Bloomberg Global Aggregate Index | 14.03 | 6.41 | 5.01 |
Blended Benchmark - 60% MSCI ACWI Index (Net) Hedged to DM Currencies, 40% Bloomberg Global Aggregate Hedged USD Index | 15.87 | 7.93 | 6.87 |
FTSE Three-Month U.S. Treasury Bill Index | 5.61 | 2.17 | 1.48 |
MSCI ACWI (Net) | 23.56 | 11.68 | 8.40 |
Bloomberg Global Aggregate Index | 0.77 | (1.62 ) | (0.37 ) |
(a) | The returns shown for periods prior to October 1, 2014 (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of Class A. 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. |
Fund net assets | $ |
Total number of portfolio holdings | |
Management services fees (represents 0.69% of Fund average net assets) | $ |
Portfolio turnover for the reporting period | |
Portfolio turnover for the reporting period excluding to be announced (TBA) securities | 28% |
Long | |
Credit Risk | % |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Short | |
Equity Risk | % |
Foreign Exchange Risk | % |
Interest Rate Risk | % |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the “Code”) 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. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as “audit committee financial experts,” as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each “independent” members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.
Amount billed to the registrant | Amount billed to the registrant's investment advisor |
|||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Audit fees (a) | $52,505 | $50,490 | $0 | $0 |
Audit-related fees (b) | 0 | 0 | 0 | 0 |
Tax fees (c) | 12,850 | 14,350 | 0 | 0 |
All other fees (d) | 0 | 0 | 0 | 0 |
Non-audit fees (g) | 0 | 0 | 581,000 | 577,000 |
(a) 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 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.
(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.
(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.
(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.
(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.
(i) Not applicable.
(j) Not applicable.
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 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not FDIC or NCUA Insured
|
No Financial Institution Guarantee
|
May Lose Value
|
Alternative Strategies Funds 7.9%
|
||
|
Shares
|
Value ($)
|
Columbia Commodity Strategy Fund, Institutional 3
Class(a)
|
20,481,406
|
210,958,482
|
Total Alternative Strategies Funds
(Cost $208,311,271)
|
210,958,482
|
|
|
||
Common Stocks 5.8%
|
||
Issuer
|
Shares
|
Value ($)
|
Health Care 0.0%
|
||
Health Care Providers & Services 0.0%
|
||
Chartwell Retirement Residences
|
17,500
|
160,113
|
Total Health Care
|
160,113
|
|
Real Estate 5.8%
|
||
Diversified REITs 0.3%
|
||
Activia Properties, Inc.
|
126
|
296,285
|
American Assets Trust, Inc.
|
9,000
|
195,750
|
CapitaLand Ascott Trust
|
177,800
|
117,999
|
Daiwa House REIT Investment Corp.
|
210
|
332,365
|
Empire State Realty Trust, Inc., Class A
|
166,900
|
1,590,557
|
GPT Group (The)
|
268,911
|
754,378
|
H&R Real Estate Investment Trust
|
30,400
|
205,202
|
Heiwa Real Estate REIT, Inc.
|
129
|
107,364
|
Hulic REIT, Inc.
|
101
|
92,740
|
Kenedix Office Investment
|
477
|
460,587
|
Merlin Properties Socimi SA
|
56,194
|
677,373
|
Mirvac Group
|
556,813
|
731,310
|
Mori Trust Sogo REIT, Inc.
|
174
|
77,476
|
NIPPON REIT Investment Corp.
|
36
|
77,721
|
Nomura Real Estate Master Fund, Inc.
|
519
|
487,679
|
Premier Investment Corp.
|
113
|
84,231
|
Sekisui House REIT, Inc.
|
404
|
210,772
|
Star Asia Investment Corp.
|
337
|
126,417
|
Stockland
|
311,106
|
937,456
|
Suntec Real Estate Investment Trust
|
180,100
|
142,976
|
Tokyu REIT, Inc.
|
90
|
89,000
|
United Urban Investment Corp.
|
299
|
266,470
|
Total
|
|
8,062,108
|
Common Stocks (continued)
|
||
Issuer
|
Shares
|
Value ($)
|
Health Care REITs 0.6%
|
||
Alexandria Real Estate Equities, Inc.(b)
|
18,024
|
2,144,856
|
CareTrust REIT, Inc.
|
11,000
|
281,270
|
Cofinimmo SA
|
3,905
|
258,624
|
Healthcare Realty Trust, Inc.
|
35,900
|
582,657
|
Healthpeak Properties, Inc.
|
72,661
|
1,445,954
|
Medical Properties Trust, Inc.
|
74,200
|
397,712
|
National Health Investors, Inc.
|
4,600
|
303,968
|
Omega Healthcare Investors, Inc.
|
25,500
|
824,415
|
Parkway Life Real Estate Investment Trust
|
23,800
|
63,105
|
Sabra Health Care REIT, Inc.
|
25,600
|
373,248
|
Ventas, Inc.
|
41,200
|
2,070,712
|
Welltower, Inc.(b)
|
57,380
|
5,948,584
|
Total
|
|
14,695,105
|
Hotel & Resort REITs 0.2%
|
||
Apple Hospitality REIT, Inc.
|
23,000
|
332,120
|
CDL Hospitality Trusts
|
90,700
|
65,943
|
DiamondRock Hospitality Co.
|
267,600
|
2,266,572
|
Hoshino Resorts REIT, Inc.
|
32
|
105,638
|
Invincible Investment Corp.
|
807
|
350,812
|
Japan Hotel REIT Investment Corp.
|
406
|
202,198
|
Park Hotels & Resorts, Inc.
|
1,700
|
26,962
|
Ryman Hospitality Properties, Inc.
|
6,500
|
682,955
|
Service Properties Trust
|
25,200
|
135,576
|
Sunstone Hotel Investors, Inc.
|
21,700
|
223,076
|
Xenia Hotels & Resorts, Inc.
|
12,200
|
176,778
|
Total
|
|
4,568,630
|
Industrial REITs 0.8%
|
||
Americold Realty Trust, Inc.
|
30,100
|
802,767
|
CapitaLand Ascendas REIT
|
338,600
|
656,136
|
Dream Industrial Real Estate Investment Trust
|
21,500
|
193,555
|
EastGroup Properties, Inc.
|
5,100
|
842,418
|
ESR-LOGOS REIT
|
650,900
|
139,699
|
First Industrial Realty Trust, Inc.
|
35,435
|
1,669,697
|
Frasers Logistics & Commercial Trust(c)
|
288,400
|
211,814
|
GLP J-REIT
|
563
|
468,124
|
Goodman Group
|
201,552
|
4,529,781
|
Common Stocks (continued)
|
||
Issuer
|
Shares
|
Value ($)
|
Goodman Property Trust
|
108,356
|
145,868
|
Granite Real Estate Investment Trust
|
8,700
|
430,356
|
Industrial & Infrastructure Fund Investment Corp.
|
191
|
152,418
|
Innovative Industrial Properties, Inc.
|
3,000
|
323,340
|
Japan Logistics Fund, Inc.
|
76
|
131,413
|
LaSalle Logiport REIT
|
177
|
166,305
|
LXP Industrial Trust
|
150,400
|
1,278,400
|
Mapletree Industrial Trust
|
245,500
|
400,978
|
Mapletree Logistics Trust
|
513,600
|
508,099
|
Mitsubishi Estate Logistics REIT Investment Corp.
|
33
|
80,417
|
Mitsui Fudosan Logistics Park, Inc.
|
43
|
120,584
|
Montea NV
|
7,089
|
646,570
|
Nippon Prologis REIT, Inc.
|
267
|
440,724
|
Prologis, Inc.(b)
|
63,027
|
6,963,853
|
Total
|
|
21,303,316
|
Office REITs 0.2%
|
||
Allied Properties Real Estate Investment Trust
|
12,800
|
158,621
|
COPT Defense Properties
|
12,300
|
303,441
|
Cousins Properties, Inc.
|
82,300
|
1,903,599
|
Daiwa Office Investment Corp.
|
50
|
88,511
|
Dexus Property Group
|
130,299
|
591,157
|
Easterly Government Properties, Inc.
|
18,200
|
215,488
|
Global One Real Estate Investment Corp.
|
86
|
55,735
|
Hudson Pacific Properties, Inc.
|
25,400
|
124,714
|
Ichigo Office REIT Investment Corp.
|
103
|
53,712
|
Japan Excellent, Inc.
|
130
|
99,505
|
Japan Prime Realty Investment Corp.
|
94
|
196,579
|
Japan Real Estate Investment Corp.
|
130
|
428,682
|
Keppel REIT
|
167,700
|
106,382
|
Mori Hills REIT Investment Corp.
|
137
|
114,191
|
Nippon Building Fund, Inc.
|
177
|
660,999
|
ORIX JREIT, Inc.
|
263
|
266,687
|
Piedmont Office Realty Trust, Inc.
|
20,600
|
150,174
|
Precinct Properties Group
|
258,892
|
185,399
|
Total
|
|
5,703,576
|
Common Stocks (continued)
|
||
Issuer
|
Shares
|
Value ($)
|
Real Estate Management & Development 1.2%
|
||
Aeon Mall Co., Ltd.
|
10,500
|
126,307
|
Aroundtown SA(d)
|
65,726
|
155,052
|
Azrieli Group Ltd.
|
3,614
|
218,910
|
CapitaLand Investment Ltd.
|
252,700
|
499,408
|
Castellum AB(d)
|
47,204
|
589,508
|
Catena AB
|
14,292
|
730,806
|
City Developments Ltd.
|
41,300
|
171,923
|
CK Asset Holdings Ltd.
|
196,500
|
778,304
|
CTP NV(c)
|
30,640
|
548,300
|
Dios Fastigheter AB
|
318,770
|
2,759,031
|
Fastighets AB Balder, Class B(d)
|
332,635
|
2,252,182
|
Grand City Properties SA(d)
|
335,488
|
4,109,998
|
Heiwa Real Estate Co., Ltd.
|
4,700
|
113,478
|
Hongkong Land Holdings Ltd.
|
112,200
|
381,410
|
Hulic Co., Ltd.
|
55,200
|
511,336
|
Hysan Development Co., Ltd.
|
62,000
|
96,131
|
Kennedy-Wilson Holdings, Inc.
|
12,000
|
122,640
|
Mitsubishi Estate Co., Ltd.
|
110,500
|
1,863,448
|
Mitsui Fudosan Co., Ltd.
|
270,900
|
2,488,775
|
New World Development Co., Ltd.
|
153,000
|
166,187
|
Nomura Real Estate Holdings, Inc.
|
10,800
|
278,448
|
Nyfosa AB
|
88,988
|
909,746
|
Platzer Fastigheter Holding AB, Class B
|
130,630
|
1,149,380
|
PSP Swiss Property AG
|
15,181
|
1,909,934
|
Sagax AB, Class B
|
26,172
|
690,910
|
Sino Land Co., Ltd.
|
382,000
|
406,540
|
Sumitomo Realty & Development Co., Ltd.
|
39,700
|
1,243,119
|
Sun Hung Kai Properties Ltd.
|
144,000
|
1,391,402
|
Swire Properties Ltd.
|
105,800
|
194,596
|
Swiss Prime Site AG
|
35,439
|
3,282,392
|
Tokyo Tatemono Co., Ltd.
|
19,900
|
322,288
|
UOL Group Ltd.
|
86,400
|
345,861
|
Wharf Real Estate Investment Co., Ltd.
|
189,000
|
549,917
|
Total
|
|
31,357,667
|
Common Stocks (continued)
|
||
Issuer
|
Shares
|
Value ($)
|
Residential REITs 0.9%
|
||
Advance Residence Investment Corp.
|
130
|
267,761
|
Apartment Income REIT Corp.
|
15,700
|
608,375
|
AvalonBay Communities, Inc.(b)
|
26,280
|
5,063,630
|
Boardwalk Real Estate Investment Trust
|
2,800
|
144,566
|
Canadian Apartment Properties REIT
|
16,600
|
543,204
|
Care Property Invest NV
|
144,037
|
2,180,419
|
Centerspace
|
2,638
|
180,070
|
Comforia Residential REIT, Inc.
|
69
|
141,221
|
Daiwa Securities Living Investments Corp.
|
166
|
109,707
|
Elme Communities
|
8,100
|
124,821
|
Equity LifeStyle Properties, Inc.
|
1,200
|
75,324
|
Equity Residential(b)
|
74,400
|
4,838,232
|
Essex Property Trust, Inc.(b)
|
6,500
|
1,688,635
|
Independence Realty Trust, Inc.
|
23,300
|
389,110
|
Invitation Homes, Inc.(b)
|
88,920
|
3,093,527
|
Killam Apartment Real Estate Investment Trust
|
11,100
|
140,486
|
Nippon Accommodations Fund, Inc.
|
40
|
161,718
|
Sun Communities, Inc.
|
19,974
|
2,356,732
|
UDR, Inc.
|
32,254
|
1,245,650
|
Veris Residential, Inc.
|
11,100
|
169,719
|
Total
|
|
23,522,907
|
Retail REITs 0.8%
|
||
AEON REIT Investment Corp.
|
137
|
116,109
|
Brixmor Property Group, Inc.
|
102,378
|
2,304,529
|
CapitaLand Mall Trust
|
602,400
|
877,433
|
Choice Properties Real Estate Investment Trust
|
25,600
|
238,541
|
Crombie Real Estate Investment Trust
|
9,900
|
91,667
|
Federal Realty Investment Trust(b)
|
8,444
|
852,422
|
First Capital Realty, Inc.
|
28,000
|
295,213
|
Fortune Real Estate Investment Trust
|
120,000
|
61,235
|
Frasers Centrepoint Trust
|
93,300
|
150,116
|
Frontier Real Estate Investment Corp.
|
40
|
113,882
|
Fukuoka REIT Corp.
|
62
|
63,754
|
Japan Retail Fund Investment Corp.
|
855
|
503,583
|
Kimco Realty Corp.(b)
|
147,400
|
2,853,664
|
Kiwi Property Group Ltd.
|
219,516
|
110,711
|
Lendlease Global Commercial REIT
|
490,300
|
201,793
|
Link REIT (The)
|
253,500
|
1,068,861
|
Common Stocks (continued)
|
||
Issuer
|
Shares
|
Value ($)
|
Macerich Co. (The)
|
24,700
|
373,464
|
Mapletree Commercial Trust
|
192,000
|
174,172
|
Realty Income Corp.(b)
|
53,744
|
2,851,657
|
RioCan Real Estate Investment Trust
|
30,800
|
390,720
|
Scentre Group
|
669,334
|
1,412,368
|
Simon Property Group, Inc.(b)
|
39,827
|
6,026,223
|
SITE Centers Corp.
|
21,964
|
316,721
|
Smart Real Estate Investment Trust
|
18,100
|
296,941
|
Vicinity Ltd.
|
615,926
|
805,126
|
Total
|
|
22,550,905
|
Specialized REITs 0.8%
|
||
CubeSmart
|
22,500
|
951,975
|
Digital Realty Trust, Inc.(b)
|
14,800
|
2,151,032
|
EPR Properties
|
14,100
|
578,664
|
Equinix, Inc.(b)
|
12,480
|
9,521,990
|
Extra Space Storage, Inc.(b)
|
20,425
|
2,956,927
|
Four Corners Property Trust, Inc.
|
16,500
|
402,765
|
Keppel DC REIT
|
103,500
|
138,348
|
National Storage REIT
|
189,349
|
283,643
|
Public Storage(b)
|
13,000
|
3,559,790
|
SBA Communications Corp.
|
4,500
|
885,060
|
Total
|
|
21,430,194
|
Total Real Estate
|
153,194,408
|
|
Total Common Stocks
(Cost $151,425,554)
|
153,354,521
|
Foreign Government Obligations(e),(f) 10.2%
|
||||
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Canada 0.3%
|
||||
Canadian Government Bond
|
||||
06/01/2033
|
2.750%
|
CAD
|
12,000,000
|
8,215,770
|
China 2.8%
|
||||
China Development Bank
|
||||
07/18/2032
|
2.960%
|
CNY
|
110,000,000
|
15,788,700
|
China Government Bond
|
||||
11/21/2029
|
3.130%
|
CNY
|
38,350,000
|
5,585,325
|
05/21/2030
|
2.680%
|
CNY
|
52,200,000
|
7,392,772
|
05/15/2032
|
2.760%
|
CNY
|
110,000,000
|
15,673,690
|
05/25/2033
|
2.670%
|
CNY
|
146,000,000
|
20,694,080
|
04/15/2053
|
3.190%
|
CNY
|
63,000,000
|
9,760,116
|
Total
|
74,894,683
|
Foreign Government Obligations(e),(f) (continued)
|
||||
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
France 1.5%
|
||||
French Republic Government Bond OAT(c),(g)
|
||||
11/25/2030
|
0.000%
|
EUR
|
12,178,000
|
10,926,742
|
French Republic Government Bond OAT(c)
|
||||
05/25/2033
|
3.000%
|
EUR
|
20,300,000
|
21,837,140
|
05/25/2036
|
1.250%
|
EUR
|
7,807,000
|
6,817,550
|
Total
|
39,581,432
|
|||
Italy 0.3%
|
||||
Italy Buoni Poliennali Del Tesoro(c)
|
||||
02/01/2037
|
4.000%
|
EUR
|
7,350,000
|
7,964,788
|
Japan 3.4%
|
||||
Japan Government 10-Year Bond
|
||||
06/20/2031
|
0.100%
|
JPY
|
2,812,450,000
|
17,058,991
|
Japan Government 20-Year Bond
|
||||
06/20/2041
|
0.400%
|
JPY
|
1,417,800,000
|
7,311,800
|
09/20/2041
|
0.500%
|
JPY
|
1,391,000,000
|
7,268,353
|
03/20/2042
|
0.800%
|
JPY
|
1,325,400,000
|
7,248,564
|
03/20/2043
|
1.100%
|
JPY
|
2,830,000,000
|
16,050,076
|
Japan Government 30-Year Bond
|
||||
06/20/2050
|
0.600%
|
JPY
|
1,068,800,000
|
4,791,872
|
06/20/2051
|
0.700%
|
JPY
|
1,028,650,000
|
4,658,321
|
09/20/2051
|
0.700%
|
JPY
|
1,022,300,000
|
4,611,956
|
12/20/2051
|
0.700%
|
JPY
|
1,015,450,000
|
4,562,933
|
03/20/2052
|
1.000%
|
JPY
|
968,200,000
|
4,715,393
|
03/20/2053
|
1.400%
|
JPY
|
1,392,000,000
|
7,460,695
|
Japan Government 40-Year Bond
|
||||
03/20/2063
|
1.300%
|
JPY
|
573,000,000
|
2,709,127
|
Total
|
88,448,081
|
|||
New Zealand 0.3%
|
||||
New Zealand Government Bond(c)
|
||||
04/14/2033
|
3.500%
|
NZD
|
15,000,000
|
8,374,516
|
South Korea 0.8%
|
||||
Korea Treasury Bond
|
||||
06/10/2033
|
3.250%
|
KRW
|
30,000,000,000
|
21,450,604
|
Spain 0.2%
|
||||
Spain Government Bond(c)
|
||||
04/30/2033
|
3.150%
|
EUR
|
4,660,000
|
4,995,439
|
Sweden 0.6%
|
||||
Sweden Government Bond
|
||||
03/30/2039
|
3.500%
|
SEK
|
151,000,000
|
16,049,260
|
Total Foreign Government Obligations
(Cost $329,768,147)
|
269,974,573
|
|||
|
Inflation-Indexed Bonds(e) 13.5%
|
||||
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
Australia 0.6%
|
||||
Australia Government Bond(c)
|
||||
11/21/2027
|
0.750%
|
AUD
|
4,929,639
|
3,188,064
|
08/21/2035
|
2.000%
|
AUD
|
3,970,601
|
2,645,803
|
08/21/2040
|
1.250%
|
AUD
|
2,434,833
|
1,430,743
|
Australia Government Index-Linked Bond(c)
|
||||
09/20/2025
|
3.000%
|
AUD
|
11,727,079
|
7,924,616
|
Total
|
15,189,226
|
|||
Canada 0.5%
|
||||
Canadian Government Real Return Bond
|
||||
12/01/2031
|
4.000%
|
CAD
|
6,917,818
|
5,853,925
|
12/01/2036
|
3.000%
|
CAD
|
6,381,648
|
5,269,355
|
12/01/2041
|
2.000%
|
CAD
|
3,616,451
|
2,710,616
|
Total
|
13,833,896
|
|||
France 1.2%
|
||||
France Government Bond OAT(c)
|
||||
07/25/2030
|
0.700%
|
EUR
|
2,499,140
|
2,706,423
|
07/25/2032
|
3.150%
|
EUR
|
10,342,249
|
13,275,503
|
French Republic Government Bond OAT(c)
|
||||
07/25/2036
|
0.100%
|
EUR
|
8,640,621
|
8,485,216
|
07/25/2040
|
1.800%
|
EUR
|
5,888,256
|
7,169,675
|
Total
|
31,636,817
|
|||
Germany 0.5%
|
||||
Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond(c)
|
||||
04/15/2030
|
0.500%
|
EUR
|
12,141,790
|
13,078,360
|
Italy 0.7%
|
||||
Italy Buoni Poliennali Del Tesoro(c)
|
||||
09/15/2026
|
3.100%
|
EUR
|
2,627,102
|
2,958,321
|
05/15/2028
|
1.300%
|
EUR
|
9,615,711
|
10,337,613
|
09/15/2035
|
2.350%
|
EUR
|
4,701,272
|
5,369,000
|
Total
|
18,664,934
|
|||
Japan 0.6%
|
||||
Japanese Government CPI-Linked Bond
|
||||
03/10/2029
|
0.100%
|
JPY
|
1,745,633,880
|
11,666,742
|
03/10/2033
|
0.005%
|
JPY
|
533,000,000
|
3,565,116
|
Total
|
15,231,858
|
|||
New Zealand 0.1%
|
||||
New Zealand Government Inflation-Linked Bond(c)
|
||||
09/20/2030
|
3.000%
|
NZD
|
6,039,260
|
3,858,386
|
Sweden 0.2%
|
||||
Sweden Inflation-Linked Bond(c)
|
||||
06/01/2032
|
0.125%
|
SEK
|
49,322,628
|
4,421,444
|
06/01/2039
|
0.125%
|
SEK
|
24,273,020
|
2,077,739
|
Total
|
6,499,183
|
Inflation-Indexed Bonds(e) (continued)
|
||||
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
United Kingdom 3.6%
|
||||
United Kingdom Gilt Inflation-Linked Bond(c)
|
||||
03/22/2029
|
0.125%
|
GBP
|
15,913,922
|
20,068,400
|
03/22/2034
|
0.750%
|
GBP
|
13,266,406
|
17,116,189
|
11/22/2037
|
1.125%
|
GBP
|
10,120,254
|
13,349,047
|
03/22/2044
|
0.125%
|
GBP
|
11,135,065
|
11,368,127
|
11/22/2047
|
0.750%
|
GBP
|
6,083,253
|
6,859,245
|
03/22/2050
|
0.500%
|
GBP
|
6,416,231
|
6,614,156
|
03/22/2052
|
0.250%
|
GBP
|
6,514,412
|
6,158,462
|
11/22/2056
|
0.125%
|
GBP
|
7,951,114
|
6,941,253
|
11/22/2065
|
0.125%
|
GBP
|
5,073,768
|
4,102,529
|
03/22/2068
|
0.125%
|
GBP
|
2,931,168
|
2,334,786
|
Total
|
94,912,194
|
|||
United States 5.5%
|
||||
U.S. Treasury Inflation-Indexed Bond
|
||||
07/15/2027
|
0.375%
|
|
17,390,152
|
16,437,770
|
01/15/2028
|
0.500%
|
|
19,951,828
|
18,737,573
|
01/15/2029
|
0.875%
|
|
22,195,831
|
20,951,650
|
07/15/2029
|
0.250%
|
|
12,836,688
|
11,731,530
|
07/15/2030
|
0.125%
|
|
19,398,458
|
17,288,875
|
04/15/2032
|
3.375%
|
|
19,883,706
|
21,647,608
|
02/15/2042
|
0.750%
|
|
15,306,926
|
11,919,073
|
02/15/2043
|
0.625%
|
|
4,413,734
|
3,307,714
|
02/15/2045
|
0.750%
|
|
9,799,074
|
7,316,387
|
02/15/2048
|
1.000%
|
|
7,767,874
|
5,911,170
|
02/15/2050
|
0.250%
|
|
10,629,937
|
6,444,815
|
02/15/2053
|
1.500%
|
|
3,992,736
|
3,339,705
|
Total
|
145,033,870
|
|||
Total Inflation-Indexed Bonds
(Cost $435,566,170)
|
357,938,724
|
|||
|
||||
Residential Mortgage-Backed Securities - Agency 4.6%
|
||||
|
|
|
|
|
Government National Mortgage Association TBA(h)
|
||||
06/20/2054
|
3.000%
|
|
15,250,000
|
13,172,040
|
06/20/2054
|
3.500%
|
|
12,150,000
|
10,841,743
|
06/20/2054
|
4.000%
|
|
7,820,000
|
7,187,920
|
Uniform Mortgage-Backed Security TBA(h)
|
||||
06/18/2039
|
2.500%
|
|
8,148,328
|
7,318,628
|
06/18/2039-
06/13/2054
|
3.000%
|
|
37,900,000
|
32,211,928
|
06/13/2054
|
3.500%
|
|
23,700,000
|
20,777,780
|
06/13/2054
|
4.000%
|
|
19,440,000
|
17,640,879
|
Residential Mortgage-Backed Securities - Agency (continued)
|
||||
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
06/13/2054
|
4.500%
|
|
14,330,000
|
13,417,780
|
Total Residential Mortgage-Backed Securities - Agency
(Cost $122,815,153)
|
122,568,698
|
|||
|
||||
U.S. Treasury Obligations 17.1%
|
||||
|
|
|
|
|
U.S. Treasury
|
||||
10/31/2026
|
1.125%
|
|
43,400,000
|
39,826,281
|
11/30/2028
|
1.500%
|
|
22,742,000
|
19,961,435
|
04/30/2029
|
2.875%
|
|
19,089,000
|
17,721,452
|
05/15/2029
|
2.375%
|
|
7,507,000
|
6,802,046
|
08/15/2029
|
1.625%
|
|
10,483,500
|
9,105,903
|
05/31/2030
|
3.750%
|
|
80,600,000
|
77,407,485
|
06/30/2030
|
3.750%
|
|
38,850,000
|
37,286,895
|
08/15/2030
|
0.625%
|
|
26,810,000
|
21,240,642
|
02/15/2031
|
1.125%
|
|
24,922,000
|
20,151,773
|
08/15/2031
|
1.250%
|
|
31,458,000
|
25,245,045
|
11/15/2031
|
1.375%
|
|
26,522,000
|
21,325,346
|
05/15/2033
|
3.375%
|
|
173,400,000
|
159,175,781
|
Total U.S. Treasury Obligations
(Cost $499,997,602)
|
455,250,084
|
Money Market Funds 41.0%
|
||
|
Shares
|
Value ($)
|
Columbia Short-Term Cash Fund, 5.547%(a),(i)
|
1,091,165,440
|
1,090,947,206
|
Total Money Market Funds
(Cost $1,090,912,169)
|
1,090,947,206
|
|
Total Investments in Securities
(Cost: $2,838,796,066)
|
2,660,992,288
|
|
Other Assets & Liabilities, Net
|
|
(2,287,178
)
|
Net Assets
|
2,658,705,110
|
Forward foreign currency exchange contracts
|
|||||
Currency to
be sold
|
Currency to
be purchased
|
Counterparty
|
Settlement
date
|
Unrealized
appreciation ($)
|
Unrealized
depreciation ($)
|
56,739,000 AUD
|
36,483,177 USD
|
Barclays
|
06/04/2024
|
—
|
(1,268,118
)
|
32,234,000 GBP
|
40,315,064 USD
|
Barclays
|
06/04/2024
|
—
|
(759,111
)
|
60,215,000 HKD
|
7,699,783 USD
|
Barclays
|
06/04/2024
|
49
|
—
|
2,489,000 MXN
|
146,625 USD
|
Barclays
|
06/04/2024
|
—
|
(76
)
|
459,450,000 NOK
|
43,584,672 USD
|
Barclays
|
06/04/2024
|
—
|
(187,895
)
|
42,425,783 USD
|
65,981,000 AUD
|
Barclays
|
06/04/2024
|
1,474,675
|
—
|
1,907,879 USD
|
20,112,000 NOK
|
Barclays
|
06/04/2024
|
8,225
|
—
|
20,112,000 NOK
|
1,909,718 USD
|
Barclays
|
07/12/2024
|
—
|
(8,248
)
|
145,750 USD
|
2,489,000 MXN
|
Barclays
|
07/12/2024
|
47
|
—
|
53,107,664 USD
|
559,226,000 NOK
|
Barclays
|
07/12/2024
|
222,503
|
—
|
57,280,000 CHF
|
63,394,950 USD
|
Citi
|
06/04/2024
|
—
|
(83,744
)
|
3,824,697 USD
|
3,553,000 EUR
|
Citi
|
06/04/2024
|
30,486
|
—
|
12,934,496 USD
|
21,131,000 NZD
|
Citi
|
06/04/2024
|
54,729
|
—
|
31,137,663 USD
|
330,573,000 SEK
|
Citi
|
06/04/2024
|
273,832
|
—
|
1,560,000 AUD
|
1,043,428 USD
|
Citi
|
06/13/2024
|
5,202
|
—
|
14,243,000 AUD
|
9,436,734 USD
|
Citi
|
06/13/2024
|
—
|
(42,410
)
|
1,198,000 EUR
|
1,301,856 USD
|
Citi
|
06/13/2024
|
1,434
|
—
|
10,841,000 EUR
|
11,697,399 USD
|
Citi
|
06/13/2024
|
—
|
(70,441
)
|
6,912,000 SGD
|
5,117,244 USD
|
Citi
|
06/13/2024
|
—
|
(484
)
|
21,131,000 NZD
|
12,934,547 USD
|
Citi
|
07/12/2024
|
—
|
(54,622
)
|
330,573,000 SEK
|
31,196,668 USD
|
Citi
|
07/12/2024
|
—
|
(276,089
)
|
42,722,768 USD
|
39,345,000 EUR
|
Citi
|
07/12/2024
|
43,122
|
—
|
5,282,000 SGD
|
3,889,528 USD
|
Goldman Sachs International
|
06/04/2024
|
—
|
(19,590
)
|
173,225,872 USD
|
136,098,265 GBP
|
Goldman Sachs International
|
06/04/2024
|
197,343
|
—
|
136,098,265 GBP
|
173,256,494 USD
|
Goldman Sachs International
|
07/12/2024
|
—
|
(200,836
)
|
12,041,845 USD
|
1,877,090,000 JPY
|
Goldman Sachs International
|
07/12/2024
|
—
|
(34,665
)
|
564,810,000 CNY
|
79,232,658 USD
|
HSBC
|
06/04/2024
|
1,263,304
|
—
|
33,415,585,803 JPY
|
216,734,970 USD
|
HSBC
|
06/04/2024
|
4,255,487
|
—
|
29,232,000,000 KRW
|
21,262,729 USD
|
HSBC
|
06/04/2024
|
149,732
|
—
|
79,416,479 USD
|
564,810,000 CNY
|
HSBC
|
06/04/2024
|
—
|
(1,447,125
)
|
7,702,583 USD
|
60,215,000 HKD
|
HSBC
|
06/04/2024
|
—
|
(2,849
)
|
202,605,524 USD
|
31,619,132,803 JPY
|
HSBC
|
06/04/2024
|
—
|
(1,549,137
)
|
21,343,458 USD
|
29,232,000,000 KRW
|
HSBC
|
06/04/2024
|
—
|
(230,461
)
|
143,056 USD
|
2,489,000 MXN
|
HSBC
|
06/04/2024
|
3,645
|
—
|
8,458,640 USD
|
92,298,000 SEK
|
HSBC
|
06/04/2024
|
311,641
|
—
|
3,911,857 USD
|
5,282,000 SGD
|
HSBC
|
06/04/2024
|
—
|
(2,739
)
|
564,810,000 CNY
|
79,288,271 USD
|
HSBC
|
07/12/2024
|
—
|
(101,789
)
|
60,215,000 HKD
|
7,710,781 USD
|
HSBC
|
07/12/2024
|
2,626
|
—
|
25,174,159,803 JPY
|
161,571,158 USD
|
HSBC
|
07/12/2024
|
539,635
|
—
|
29,232,000,000 KRW
|
21,377,797 USD
|
HSBC
|
07/12/2024
|
195,501
|
—
|
5,282,000 SGD
|
3,919,116 USD
|
HSBC
|
07/12/2024
|
2,653
|
—
|
41,364,707 USD
|
6,444,973,000 JPY
|
HSBC
|
07/12/2024
|
—
|
(138,155
)
|
53,911,000 DKK
|
7,721,584 USD
|
JPMorgan
|
06/04/2024
|
—
|
(120,814
)
|
4,719,213 USD
|
3,777,000 GBP
|
JPMorgan
|
06/04/2024
|
93,629
|
—
|
2,893,376 USD
|
2,662,000 EUR
|
JPMorgan
|
07/12/2024
|
75
|
—
|
65,981,000 AUD
|
43,797,495 USD
|
Morgan Stanley
|
06/04/2024
|
—
|
(102,963
)
|
245,677,296 EUR
|
262,822,230 USD
|
Morgan Stanley
|
06/04/2024
|
—
|
(3,749,920
)
|
20,731,000 NZD
|
12,222,894 USD
|
Morgan Stanley
|
06/04/2024
|
—
|
(520,452
)
|
37,662,752 USD
|
56,739,000 AUD
|
Morgan Stanley
|
06/04/2024
|
88,541
|
—
|
260,590,409 USD
|
240,907,288 EUR
|
Morgan Stanley
|
06/04/2024
|
806,044
|
—
|
2,097,526 USD
|
327,339,000 JPY
|
Morgan Stanley
|
06/04/2024
|
—
|
(16,078
)
|
41,586,261 USD
|
452,340,000 SEK
|
Morgan Stanley
|
06/04/2024
|
1,395,699
|
—
|
745,636 USD
|
13,870,000 ZAR
|
Morgan Stanley
|
06/04/2024
|
—
|
(7,281
)
|
13,870,000 ZAR
|
722,304 USD
|
Morgan Stanley
|
06/04/2024
|
—
|
(16,051
)
|
4,935,000 CAD
|
3,607,127 USD
|
Morgan Stanley
|
06/13/2024
|
—
|
(14,350
)
|
Forward foreign currency exchange contracts (continued)
|
|||||
Currency to
be sold
|
Currency to
be purchased
|
Counterparty
|
Settlement
date
|
Unrealized
appreciation ($)
|
Unrealized
depreciation ($)
|
4,834,000 CHF
|
5,351,757 USD
|
Morgan Stanley
|
06/13/2024
|
—
|
(11,050
)
|
38,364,000 HKD
|
4,911,611 USD
|
Morgan Stanley
|
06/13/2024
|
4,695
|
—
|
2,589,631,000 JPY
|
16,863,762 USD
|
Morgan Stanley
|
06/13/2024
|
373,738
|
—
|
89,314,000 SEK
|
8,269,566 USD
|
Morgan Stanley
|
06/13/2024
|
—
|
(221,077
)
|
2,763,624 USD
|
2,541,000 EUR
|
Morgan Stanley
|
06/13/2024
|
—
|
(5,384
)
|
56,739,000 AUD
|
37,704,722 USD
|
Morgan Stanley
|
07/12/2024
|
—
|
(89,693
)
|
9,421,000 CHF
|
10,471,421 USD
|
Morgan Stanley
|
07/12/2024
|
—
|
(15,873
)
|
218,082,288 EUR
|
236,580,028 USD
|
Morgan Stanley
|
07/12/2024
|
—
|
(463,643
)
|
43,846,301 USD
|
65,981,000 AUD
|
Morgan Stanley
|
07/12/2024
|
104,303
|
—
|
13,870,000 ZAR
|
743,354 USD
|
Morgan Stanley
|
07/12/2024
|
7,382
|
—
|
108,881,265 GBP
|
135,674,767 USD
|
State Street
|
06/04/2024
|
—
|
(3,067,185
)
|
20,112,000 NOK
|
1,827,789 USD
|
State Street
|
06/04/2024
|
—
|
(88,315
)
|
400,000 NZD
|
241,298 USD
|
State Street
|
06/04/2024
|
—
|
(4,582
)
|
9,581,952 USD
|
1,469,114,000 JPY
|
State Street
|
06/04/2024
|
—
|
(240,305
)
|
41,755,048 USD
|
459,450,000 NOK
|
State Street
|
06/04/2024
|
2,017,520
|
—
|
65,981,000 AUD
|
43,846,486 USD
|
State Street
|
07/12/2024
|
—
|
(104,118
)
|
116,343,000 CAD
|
84,990,138 USD
|
UBS
|
06/04/2024
|
—
|
(371,027
)
|
872,611,000 SEK
|
80,168,291 USD
|
UBS
|
06/04/2024
|
—
|
(2,748,390
)
|
23,055,738 USD
|
31,561,000 CAD
|
UBS
|
06/04/2024
|
100,651
|
—
|
7,829,537 USD
|
53,911,000 DKK
|
UBS
|
06/04/2024
|
12,861
|
—
|
75,296,000 CAD
|
55,080,545 USD
|
UBS
|
07/12/2024
|
—
|
(207,765
)
|
53,911,000 DKK
|
7,846,248 USD
|
UBS
|
07/12/2024
|
—
|
(13,498
)
|
85,053,203 USD
|
116,343,000 CAD
|
UBS
|
07/12/2024
|
375,079
|
—
|
32,210,000 CAD
|
23,440,798 USD
|
Wells Fargo
|
06/04/2024
|
—
|
(191,764
)
|
2,600,000 SEK
|
240,275 USD
|
Wells Fargo
|
06/04/2024
|
—
|
(6,781
)
|
85,140,183 USD
|
116,992,000 CAD
|
Wells Fargo
|
06/04/2024
|
697,156
|
—
|
63,257,869 USD
|
57,280,000 CHF
|
Wells Fargo
|
06/04/2024
|
220,826
|
—
|
1,316,806 USD
|
1,217,008 EUR
|
Wells Fargo
|
06/04/2024
|
3,708
|
—
|
1,559,224 USD
|
1,240,000 GBP
|
Wells Fargo
|
06/04/2024
|
20,846
|
—
|
9,701,000 SEK
|
905,987 USD
|
Wells Fargo
|
06/13/2024
|
—
|
(16,239
)
|
1,651,613 USD
|
259,354,000 JPY
|
Wells Fargo
|
06/13/2024
|
—
|
(122
)
|
57,280,000 CHF
|
63,529,738 USD
|
Wells Fargo
|
07/12/2024
|
—
|
(233,366
)
|
9,450,000 GBP
|
12,038,507 USD
|
Wells Fargo
|
07/12/2024
|
—
|
(5,524
)
|
2,029,468 USD
|
317,336,815 JPY
|
Wells Fargo
|
07/12/2024
|
440
|
—
|
2,053,717 USD
|
21,573,000 SEK
|
Wells Fargo
|
07/12/2024
|
177
|
—
|
Total
|
|
|
|
15,359,241
|
(19,132,194
)
|
Long futures contracts
|
||||||
Description
|
Number of
contracts
|
Expiration
date
|
Trading
currency
|
Notional
amount
|
Value/Unrealized
appreciation ($)
|
Value/Unrealized
depreciation ($)
|
Australian 10-Year Bond
|
280
|
06/2024
|
AUD
|
31,544,696
|
—
|
(688,605
)
|
Canadian Government 10-Year Bond
|
417
|
09/2024
|
CAD
|
49,572,960
|
—
|
(104,022
)
|
Euro-Bobl
|
69
|
09/2024
|
EUR
|
7,961,910
|
9,615
|
—
|
Euro-BTP
|
22
|
09/2024
|
EUR
|
2,556,840
|
—
|
(1,702
)
|
Euro-Bund
|
155
|
09/2024
|
EUR
|
20,146,900
|
14,921
|
—
|
Euro-Buxl 30-Year
|
47
|
09/2024
|
EUR
|
6,016,940
|
51,057
|
—
|
Euro-OAT
|
105
|
09/2024
|
EUR
|
13,052,550
|
14,665
|
—
|
Long Gilt
|
445
|
09/2024
|
GBP
|
42,862,400
|
—
|
(310,658
)
|
MSCI EAFE Index
|
1,836
|
06/2024
|
USD
|
217,584,360
|
1,344,227
|
—
|
MSCI Emerging Markets Index
|
3,885
|
06/2024
|
USD
|
205,225,125
|
1,740,936
|
—
|
S&P 500 Index E-mini
|
2,993
|
06/2024
|
USD
|
792,471,575
|
10,196,638
|
—
|
TOPIX Index
|
390
|
06/2024
|
JPY
|
10,810,800,000
|
2,363,884
|
—
|
U.S. Treasury 10-Year Note
|
905
|
09/2024
|
USD
|
98,461,172
|
—
|
(219,807
)
|
U.S. Treasury Ultra 10-Year Note
|
1,844
|
09/2024
|
USD
|
206,585,625
|
—
|
(839,435
)
|
Total
|
|
|
|
|
15,735,943
|
(2,164,229
)
|
Short futures contracts
|
||||||
Description
|
Number of
contracts
|
Expiration
date
|
Trading
currency
|
Notional
amount
|
Value/Unrealized
appreciation ($)
|
Value/Unrealized
depreciation ($)
|
FTSE 100 Index
|
(758)
|
06/2024
|
GBP
|
(62,807,880
)
|
—
|
(2,780,756
)
|
Japanese 10-Year Government Bond
|
(24)
|
06/2024
|
JPY
|
(3,431,760,000
)
|
377,087
|
—
|
Russell 2000 Index E-mini
|
(644)
|
06/2024
|
USD
|
(66,840,760
)
|
—
|
(2,905,393
)
|
S&P/TSX 60 Index
|
(179)
|
06/2024
|
CAD
|
(47,771,520
)
|
—
|
(377,944
)
|
SPI 200 Index
|
(261)
|
06/2024
|
AUD
|
(50,366,475
)
|
324,872
|
—
|
U.S. Treasury 5-Year Note
|
(1,020)
|
09/2024
|
USD
|
(107,912,813
)
|
70,393
|
—
|
Total
|
|
|
|
|
772,352
|
(6,064,093
)
|
Cleared credit default swap contracts - sell protection
|
||||||||||||
Reference
entity
|
Counterparty
|
Maturity
date
|
Receive
fixed
rate
(%)
|
Payment
frequency
|
Implied
credit
spread
(%)*
|
Notional
currency
|
Notional
amount
|
Value
($)
|
Upfront
payments
($)
|
Upfront
receipts
($)
|
Unrealized
appreciation
($)
|
Unrealized
depreciation
($)
|
Markit CDX Emerging Markets
Index, Series 41
|
Morgan Stanley
|
06/20/2029
|
1.000
|
Quarterly
|
1.633
|
USD
|
218,777,000
|
1,391,709
|
—
|
—
|
1,391,709
|
—
|
Markit CDX North America High
Yield Index, Series 42
|
Morgan Stanley
|
06/20/2029
|
5.000
|
Quarterly
|
3.348
|
USD
|
371,716,000
|
3,435,118
|
—
|
—
|
3,435,118
|
—
|
Markit CDX North America
Investment Grade Index,
Series 42
|
Morgan Stanley
|
06/20/2029
|
1.000
|
Quarterly
|
0.502
|
USD
|
207,168,000
|
646,643
|
—
|
—
|
646,643
|
—
|
Total
|
|
|
|
|
|
|
|
5,473,470
|
—
|
—
|
5,473,470
|
—
|
Swap arrangement - contracts for differences
|
||||||||||
Fund receives
|
Fund pays
|
Payment
frequency
|
Counterparty
|
Maturity
date
|
Notional
currency
|
Notional
amount
|
Value
($)
|
Cash & other
receivable
(payable) ($)
|
Unrealized
appreciation
($)
|
Unrealized
depreciation
($)
|
Appreciation on underlying
contracts for differences (CFDs),
accrued income on long CFDs,
and SOFR, SONIA, ESTR, STIBOR
or SARON less spreads of 40-975
bps on short CFDs
|
Depreciation on underlying CFDs,
accrued income on underlying
short CFDs, and SOFR, SONIA, or
ESTR plus a spread of 0-45 bps
on long CFDs
|
Monthly
|
Goldman Sachs
International
|
06/03/2027
|
USD
|
99,502,845
|
(400,234
)
|
(440,903
)
|
—
|
(841,137
)
|
Description
|
Shares
|
Notional Amount ($)
|
Appreciation (Depreciation) ($)
|
(%)
|
Long Equity Contracts for Differences
|
||||
Real Estate
|
||||
Diversified REITs
|
||||
British Land Co. PLC (The)
|
84,737
|
463,301
|
13,295
|
(1.6
)
|
Broadstone Net Lease, Inc.
|
120,600
|
1,891,008
|
(39,798
)
|
4.7
|
Fonciere Des Regions
|
5,617
|
306,552
|
(14,207
)
|
1.7
|
Land Securities Group PLC
|
181,299
|
1,573,888
|
(51,957
)
|
6.2
|
LondonMetric Property PLC
|
1,760,709
|
4,675,942
|
(43,622
)
|
5.2
|
Picton Property Income Ltd.
|
380,636
|
332,126
|
(2,811
)
|
0.3
|
Health Care REITs
|
||||
Assura PLC
|
230,955
|
127,298
|
(4,817
)
|
0.6
|
Primary Health Properties PLC
|
2,490,184
|
3,065,010
|
(89,213
)
|
10.6
|
Description
|
Shares
|
Notional Amount ($)
|
Appreciation (Depreciation) ($)
|
(%)
|
Hotel & Resort REITs
|
||||
Apple Hospitality REIT, Inc.
|
142,700
|
2,092,810
|
(32,222
)
|
3.8
|
Host Hotels & Resorts, Inc.
|
74,308
|
1,373,212
|
(40,126
)
|
4.8
|
Park Hotels & Resorts, Inc.
|
19,000
|
306,470
|
(5,130
)
|
0.6
|
Industrial REITs
|
||||
Americold Realty Trust, Inc.
|
39,000
|
993,330
|
46,800
|
(5.6
)
|
ARGAN SA
|
37,264
|
3,203,651
|
(56,288
)
|
6.7
|
Tritax Big Box REIT PLC
|
187,028
|
390,666
|
(12,242
)
|
1.5
|
Office REITs
|
||||
Boston Properties, Inc.
|
16,700
|
1,080,156
|
(66,967
)
|
8.0
|
Gecina SA
|
30,485
|
3,393,833
|
(103,362
)
|
12.3
|
Kilroy Realty Corp.
|
58,700
|
2,074,458
|
(106,247
)
|
12.6
|
Real Estate Management & Development
|
||||
Grainger PLC
|
555,786
|
1,917,262
|
(146,736
)
|
17.4
|
TAG Immobilien AG
|
249,919
|
3,992,583
|
(87,743
)
|
10.4
|
Tritax EuroBox PLC
|
1,286,692
|
1,011,745
|
(129,658
)
|
15.4
|
Residential REITs
|
||||
Unite Group PLC (The)
|
103,524
|
1,275,524
|
(40,709
)
|
4.8
|
Retail REITs
|
||||
Agree Realty Corp.
|
9,800
|
582,011
|
13,437
|
(1.6
)
|
Carmila SA
|
6,133
|
110,392
|
8,030
|
(1.0
)
|
Kite Realty Group Trust
|
24,000
|
507,360
|
18,720
|
(2.2
)
|
Klepierre
|
174,239
|
4,857,951
|
199,498
|
(23.7
)
|
Mercialys SA
|
3,176
|
38,633
|
1,504
|
(0.2
)
|
NNN REIT, Inc.
|
19,200
|
820,608
|
(18,624
)
|
2.2
|
Retail Opportunity Investments Corp.
|
137,200
|
1,732,836
|
(15,092
)
|
1.8
|
Unibail-Rodamco-Westfield
|
10,380
|
903,683
|
10,898
|
(1.3
)
|
Specialized REITs
|
||||
Gaming and Leisure Properties, Inc.
|
88,495
|
3,937,958
|
35,467
|
(4.2
)
|
Safestore Holdings PLC
|
165,545
|
1,821,601
|
91,777
|
(10.9
)
|
VICI Properties, Inc.
|
5,400
|
164,754
|
(9,720
)
|
1.2
|
Total
|
|
51,018,612
|
(677,865
)
|
|
Description
|
Shares
|
Notional Amount ($)
|
Appreciation (Depreciation) ($)
|
(%)
|
Short Equity Contracts for Differences
|
||||
Real Estate
|
||||
Diversified REITs
|
||||
ICADE
|
(55,351
)
|
(1,697,774
)
|
(9,166
)
|
1.1
|
WP Carey, Inc.
|
(5,300
)
|
(303,976
)
|
5,056
|
(0.6
)
|
Health Care REITs
|
||||
Aedifica SA
|
(8,615
)
|
(598,143
)
|
37,836
|
(4.5
)
|
Hotel & Resort REITs
|
||||
RLJ Lodging Trust
|
(190,200
)
|
(1,965,976
)
|
67,780
|
(8.1
)
|
Industrial REITs
|
||||
Segro PLC
|
(52,454
)
|
(590,318
)
|
(25,666
)
|
3.1
|
STAG Industrial Inc
|
(25,900
)
|
(924,713
)
|
16,659
|
(2.0
)
|
Terreno Realty Corp
|
(18,500
)
|
(1,047,260
)
|
530
|
(0.1
)
|
Warehouses De Pauw CVA
|
(20,655
)
|
(615,892
)
|
10,503
|
(1.2
)
|
Office REITs
|
||||
Derwent London PLC
|
(100,375
)
|
(2,925,191
)
|
(52,388
)
|
6.2
|
Douglas Emmett, Inc.
|
(96,600
)
|
(1,424,850
)
|
77,280
|
(9.2
)
|
Great Portland Estates PLC
|
(173,374
)
|
(790,164
)
|
26,879
|
(3.2
)
|
Great Portland Estates PLC - Rights
|
(104,024
)
|
(156,426
)
|
14,595
|
(1.7
)
|
Inmobiliaria Colonial Socimi SA
|
(293,766
)
|
(1,964,500
)
|
(28,455
)
|
3.4
|
JBG Smith Properties
|
(92,700
)
|
(1,385,865
)
|
50,985
|
(6.1
)
|
Paramount Group, Inc.
|
(254,900
)
|
(1,238,814
)
|
79,019
|
(9.4
)
|
Description
|
Shares
|
Notional Amount ($)
|
Appreciation (Depreciation) ($)
|
(%)
|
Workspace Group PLC
|
(24,390
)
|
(172,604
)
|
4,935
|
(0.6
)
|
Real Estate Management & Development
|
||||
Allreal Holding AG
|
(28,526
)
|
(4,807,816
)
|
(26,838
)
|
3.2
|
Atrium Ljungberg AB
|
(47,126
)
|
(927,834
)
|
29,999
|
(3.6
)
|
Citycon OYJ
|
(84,704
)
|
(383,566
)
|
(9,031
)
|
1.1
|
Corem Property Group AB
|
(915,802
)
|
(782,616
)
|
(57,513
)
|
6.8
|
Fabege AB
|
(271,815
)
|
(2,395,474
)
|
71,160
|
(8.5
)
|
Hufvudstaden AB
|
(176,460
)
|
(2,160,627
)
|
(33,909
)
|
4.0
|
Kojamo OYJ
|
(77,464
)
|
(876,048
)
|
25,644
|
(3.0
)
|
LEG Immobilien SE
|
(4,564
)
|
(395,016
)
|
(10,880
)
|
1.3
|
Mobimo Holding AG
|
(4,402
)
|
(1,253,256
)
|
1,655
|
(0.2
)
|
Peach Property Group AG
|
(27,619
)
|
(315,750
)
|
51,299
|
(6.1
)
|
Vonovia SE
|
(71,859
)
|
(2,341,325
)
|
82,392
|
(9.8
)
|
Wihlborgs Fastigheter AB
|
(64,311
)
|
(610,177
)
|
(1,632
)
|
0.2
|
Residential REITs
|
||||
Camden Property Trust
|
(12,500
)
|
(1,350,125
)
|
67,000
|
(8.0
)
|
Mid-America Apartment Communities, Inc.
|
(4,700
)
|
(647,237
)
|
18,800
|
(2.2
)
|
Retail REITs
|
||||
Phillips Edison & Co., Inc.
|
(34,100
)
|
(1,118,821
)
|
29,667
|
(3.5
)
|
Regency Centers Corp.
|
(5,700
)
|
(345,135
)
|
(4,845
)
|
0.6
|
Shaftesbury Capital PLC
|
(1,002,027
)
|
(1,791,857
)
|
(87,434
)
|
10.4
|
Urban Edge Properties
|
(83,200
)
|
(1,450,176
)
|
(24,960
)
|
3.0
|
Wereldhave NV
|
(34,956
)
|
(524,203
)
|
(9,790
)
|
1.2
|
Specialized REITs
|
||||
American Tower Corp.
|
(4,700
)
|
(902,494
)
|
(17,484
)
|
2.1
|
Big Yellow Group PLC
|
(149,646
)
|
(2,247,096
)
|
(147,795
)
|
17.6
|
National Storage Affiliates Trust
|
(63,600
)
|
(2,398,356
)
|
71,868
|
(8.5
)
|
Shurgard Self Storage Ltd.
|
(15,232
)
|
(656,762
)
|
(16,124
)
|
1.9
|
Total
|
|
(48,484,233
)
|
277,631
|
|
Swap arrangement - contracts for differences
|
||||||||||
Fund receives
|
Fund pays
|
Payment
frequency
|
Counterparty
|
Maturity
date
|
Notional
currency
|
Notional
amount
|
Value
($)
|
Cash & other
receivable
(payable) ($)
|
Unrealized
appreciation
($)
|
Unrealized
depreciation
($)
|
Appreciation on underlying
contracts for difference (CFDs),
accrued income on long CFDs,
and 1-Day Overnight Fed Funds
Effective Rate less a spread of
35-68 basis points on short CFDs
|
Depreciation on underlying CFDs,
accrued income on underlying
short CFDs, and 1-Day Overnight
Fed Funds Effective Rate or SONIA
plus a spread of 40 basis points
on long CFDs
|
Monthly
|
Morgan Stanley
|
05/04/2026
|
USD
|
13,722,139
|
(187,332
)
|
(13,939
)
|
—
|
(201,271
)
|
Description
|
Shares
|
Notional Amount ($)
|
Appreciation (Depreciation) ($)
|
(%)
|
Long Equity Contracts for Differences
|
||||
Real Estate
|
||||
Diversified REITs
|
||||
Essential Properties Realty Trust, Inc.
|
73,200
|
2,008,619
|
(48,323
)
|
24.0
|
Industrial REITs
|
||||
Rexford Industrial Realty, Inc.
|
22,000
|
1,009,800
|
(11,880
)
|
5.9
|
Office REITs
|
||||
Brandywine Realty Trust
|
23,800
|
117,810
|
(8,092
)
|
4.0
|
Highwoods Properties, Inc.
|
10,500
|
287,280
|
(14,595
)
|
7.3
|
Vornado Realty Trust
|
81,800
|
2,079,356
|
(73,620
)
|
36.6
|
Real Estate Management & Development
|
||||
Sirius Real Estate Ltd.
|
114,570
|
143,874
|
(334
)
|
0.2
|
Description
|
Shares
|
Notional Amount ($)
|
Appreciation (Depreciation) ($)
|
(%)
|
Specialized REITs
|
||||
Public Storage
|
12,400
|
3,554,460
|
(158,968
)
|
79.0
|
Total
|
|
9,201,199
|
(315,812
)
|
|
Description
|
Shares
|
Notional Amount ($)
|
Appreciation (Depreciation) ($)
|
(%)
|
Short Equity Contracts for Differences
|
||||
Real Estate
|
||||
Hotel & Resort REITs
|
||||
Pebblebrook Hotel Trust
|
(133,400
)
|
(1,967,070
)
|
79,460
|
(39.5
)
|
Office REITs
|
||||
SL Green Realty Corp.
|
(30,000
)
|
(1,620,300
)
|
31,200
|
(15.5
)
|
Retail REITs
|
||||
Tanger, Inc.
|
(33,000
)
|
(933,570
)
|
17,820
|
(8.9
)
|
Total
|
|
(4,520,940
)
|
128,480
|
|
Swap arrangement - contracts for differences
|
||||||||||
Fund receives
|
Fund pays
|
Payment
frequency
|
Counterparty
|
Maturity
date
|
Notional
currency
|
Notional
amount
|
Value
($)
|
Cash & other
receivable
(payable) ($)
|
Unrealized
appreciation
($)
|
Unrealized
depreciation
($)
|
Appreciation on underlying contracts
for differences (CFDs) and accrued
income on long CFDs
|
Depreciation on underlying CFDs and
OBFR or SONIA plus a spread of
38.5-46.5 basis points on long
CFDs
|
Monthly
|
UBS
|
04/02/2027
|
USD
|
3,645,941
|
6,114
|
(9,202
)
|
—
|
(3,088
)
|
Description
|
Shares
|
Notional Amount ($)
|
Appreciation (Depreciation) ($)
|
(%)
|
Long Equity Contracts for Differences
|
||||
Real Estate
|
||||
Industrial REITs
|
||||
Prologis, Inc.
|
30,000
|
3,299,700
|
15,000
|
(485.8
)
|
Retail REITs
|
||||
Hammerson PLC
|
663,394
|
239,785
|
(3,769
)
|
122.1
|
Specialized REITs
|
||||
Extra Space Storage, Inc.
|
700
|
106,456
|
(5,117
)
|
165.7
|
Total
|
|
3,645,941
|
6,114
|
|
Reference index and values for swap contracts as of period end
|
||
Reference index
|
|
Reference rate
|
1-Day Overnight Fed Funds Effective Rate
|
Overnight Federal Funds Effective Rate
|
5.330%
|
1-Month SEK STIBOR
|
Stockholm Interbank Offered Rate
|
3.751%
|
3-Month SEK STIBOR
|
Stockholm Interbank Offered Rate
|
3.751%
|
ESTR
|
Euro Short Term Rate
|
3.910%
|
OBFR
|
Overnight Bank Funding Rate
|
5.320%
|
SARON
|
Swiss Average Rate Overnight
|
1.453%
|
SOFR
|
Secured Overnight Financing Rate
|
5.330%
|
SONIA
|
Sterling Overnight Index Average
|
5.200%
|
(a)
|
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of
the holdings and transactions in these affiliated companies during the year ended
May 31, 2024 are as follows:
|
Affiliated
issuers
|
Beginning
of period($)
|
Purchases($)
|
Sales($)
|
Net change in
unrealized
appreciation
(depreciation)($)
|
End of
period($)
|
Capital gain
distributions($)
|
Realized gain
(loss)($)
|
Dividends —
affiliated
issuers ($)
|
End of
period shares
|
Columbia Commodity Strategy Fund, Institutional 3 Class
|
|||||||||
|
175,783,540
|
120,266,359
|
(106,027,653
)
|
20,936,236
|
210,958,482
|
—
|
(4,726,254
)
|
7,266,358
|
20,481,406
|
Columbia Short-Term Cash Fund, 5.547%
|
|||||||||
|
1,612,883,985
|
3,388,490,976
|
(3,910,657,015
)
|
229,260
|
1,090,947,206
|
—
|
138,102
|
63,154,500
|
1,091,165,440
|
Columbia Solutions Aggressive Portfolio
|
|||||||||
|
1,120,628
|
—
|
(1,556,231
)
|
435,603
|
—
|
—
|
(388,270
)
|
—
|
—
|
Columbia Solutions Conservative Portfolio
|
|||||||||
|
6,272,511
|
61,344
|
(7,470,144
)
|
1,136,289
|
—
|
—
|
(1,098,275
)
|
61,344
|
—
|
Total
|
1,796,060,664
|
|
|
22,737,388
|
1,301,905,688
|
—
|
(6,074,697
)
|
70,482,202
|
|
(b)
|
This security or a portion of this security has been pledged as collateral in connection
with derivative contracts.
|
(c)
|
Represents privately placed and other securities and instruments exempt from Securities
and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified
institutional buyers. At May 31, 2024, the total value of these securities amounted
to $245,515,389, which represents 9.23% of total net assets.
|
(d)
|
Non-income producing investment.
|
(e)
|
Principal amounts are denominated in United States Dollars unless otherwise noted.
|
(f)
|
Principal and interest may not be guaranteed by a governmental entity.
|
(g)
|
Zero coupon bond.
|
(h)
|
Represents a security purchased on a when-issued basis.
|
(i)
|
The rate shown is the seven-day current annualized yield at May 31, 2024.
|
TBA
|
To Be Announced
|
AUD
|
Australian Dollar
|
CAD
|
Canada Dollar
|
CHF
|
Swiss Franc
|
CNY
|
China Yuan Renminbi
|
DKK
|
Danish Krone
|
EUR
|
Euro
|
GBP
|
British Pound
|
HKD
|
Hong Kong Dollar
|
JPY
|
Japanese Yen
|
KRW
|
South Korean Won
|
MXN
|
Mexican Peso
|
NOK
|
Norwegian Krone
|
NZD
|
New Zealand Dollar
|
SEK
|
Swedish Krona
|
SGD
|
Singapore Dollar
|
USD
|
US Dollar
|
ZAR
|
South African Rand
|
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Total ($)
|
Investments in Securities
|
|
|
|
|
Alternative Strategies Funds
|
210,958,482
|
—
|
—
|
210,958,482
|
Common Stocks
|
|
|
|
|
Health Care
|
160,113
|
—
|
—
|
160,113
|
Real Estate
|
94,254,033
|
58,940,375
|
—
|
153,194,408
|
Total Common Stocks
|
94,414,146
|
58,940,375
|
—
|
153,354,521
|
Foreign Government Obligations
|
—
|
269,974,573
|
—
|
269,974,573
|
Inflation-Indexed Bonds
|
—
|
357,938,724
|
—
|
357,938,724
|
Residential Mortgage-Backed Securities - Agency
|
—
|
122,568,698
|
—
|
122,568,698
|
U.S. Treasury Obligations
|
—
|
455,250,084
|
—
|
455,250,084
|
Money Market Funds
|
1,090,947,206
|
—
|
—
|
1,090,947,206
|
Total Investments in Securities
|
1,396,319,834
|
1,264,672,454
|
—
|
2,660,992,288
|
Investments in Derivatives
|
|
|
|
|
Asset
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
15,359,241
|
—
|
15,359,241
|
Futures Contracts
|
16,508,295
|
—
|
—
|
16,508,295
|
Swap Contracts
|
—
|
5,473,470
|
—
|
5,473,470
|
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Total ($)
|
Liability
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
(19,132,194
)
|
—
|
(19,132,194
)
|
Futures Contracts
|
(8,228,322
)
|
—
|
—
|
(8,228,322
)
|
Swap Contracts
|
—
|
(1,045,496
)
|
—
|
(1,045,496
)
|
Total
|
1,404,599,807
|
1,265,327,475
|
—
|
2,669,927,282
|
Assets
|
|
Investments in securities, at value
|
|
Unaffiliated issuers (cost $1,539,572,626)
|
$1,359,086,600
|
Affiliated issuers (cost $1,299,223,440)
|
1,301,905,688
|
Foreign currency (cost $9,343,598)
|
9,403,464
|
Cash collateral held at broker for:
|
|
Forward foreign currency exchange contracts
|
420,000
|
TBA
|
707,000
|
Margin deposits on:
|
|
Futures contracts
|
69,107,251
|
Swap contracts
|
55,119,950
|
Unrealized appreciation on forward foreign currency exchange contracts
|
15,359,241
|
Receivable for:
|
|
Investments sold
|
613,663
|
Capital shares sold
|
575,228
|
Dividends
|
5,475,842
|
Interest
|
3,691,651
|
Foreign tax reclaims
|
205,908
|
Variation margin for futures contracts
|
10,970,036
|
Variation margin for swap contracts
|
278,831
|
Prepaid expenses
|
17,825
|
Deferred compensation of board members
|
176,190
|
Total assets
|
2,833,114,368
|
Liabilities
|
|
Unrealized depreciation on forward foreign currency exchange contracts
|
19,132,194
|
Unrealized depreciation on swap contracts
|
1,045,496
|
Payable for:
|
|
Investments purchased
|
23,276,929
|
Investments purchased on a delayed delivery basis
|
123,002,669
|
Capital shares redeemed
|
3,543,903
|
Variation margin for futures contracts
|
3,877,458
|
Variation margin for swap contracts
|
8,865
|
Management services fees
|
49,789
|
Distribution and/or service fees
|
2,108
|
Transfer agent fees
|
112,257
|
Compensation of board members
|
3,949
|
Other expenses
|
99,056
|
Deferred compensation of board members
|
254,585
|
Total liabilities
|
174,409,258
|
Net assets applicable to outstanding capital stock
|
$2,658,705,110
|
Represented by
|
|
Paid in capital
|
3,286,520,453
|
Total distributable earnings (loss)
|
(627,815,343
)
|
Total - representing net assets applicable to outstanding capital stock
|
$2,658,705,110
|
Class A
|
|
Net assets
|
$128,468,327
|
Shares outstanding
|
13,792,742
|
Net asset value per share
|
$9.31
|
Maximum sales charge
|
5.75%
|
Maximum offering price per share (calculated by dividing the net asset value per share
by 1.0 minus the maximum sales charge for Class A shares)
|
$9.88
|
Advisor Class
|
|
Net assets
|
$38,879,397
|
Shares outstanding
|
4,164,675
|
Net asset value per share
|
$9.34
|
Class C
|
|
Net assets
|
$45,205,756
|
Shares outstanding
|
5,157,751
|
Net asset value per share
|
$8.76
|
Institutional Class
|
|
Net assets
|
$2,382,959,846
|
Shares outstanding
|
255,487,226
|
Net asset value per share
|
$9.33
|
Institutional 2 Class
|
|
Net assets
|
$42,264,849
|
Shares outstanding
|
4,514,248
|
Net asset value per share
|
$9.36
|
Institutional 3 Class
|
|
Net assets
|
$20,926,935
|
Shares outstanding
|
2,233,619
|
Net asset value per share
|
$9.37
|
Net investment income
|
|
Income:
|
|
Dividends — unaffiliated issuers
|
$5,597,536
|
Dividends — affiliated issuers
|
70,482,202
|
Interest
|
44,569,026
|
Interfund lending
|
8,068
|
Foreign taxes withheld
|
(25,953
)
|
Total income
|
120,630,879
|
Expenses:
|
|
Management services fees
|
21,348,501
|
Distribution and/or service fees
|
|
Class A
|
343,981
|
Class C
|
540,444
|
Class R
|
2,786
|
Transfer agent fees
|
|
Class A
|
68,133
|
Advisor Class
|
23,770
|
Class C
|
26,798
|
Institutional Class
|
1,377,202
|
Institutional 2 Class
|
28,221
|
Institutional 3 Class
|
1,394
|
Class R
|
279
|
Custodian fees
|
124,080
|
Printing and postage fees
|
91,680
|
Registration fees
|
136,357
|
Accounting services fees
|
52,005
|
Legal fees
|
47,170
|
Interest on collateral
|
12,614
|
Compensation of chief compliance officer
|
566
|
Compensation of board members
|
47,842
|
Deferred compensation of board members
|
22,564
|
Other
|
57,554
|
Total expenses
|
24,353,941
|
Expense reduction
|
(20
)
|
Total net expenses
|
24,353,921
|
Net investment income
|
96,276,958
|
Realized and unrealized gain (loss) — net
|
|
Net realized gain (loss) on:
|
|
Investments — unaffiliated issuers
|
(131,296,663
)
|
Investments — affiliated issuers
|
(6,074,697
)
|
Foreign currency translations
|
(1,498,197
)
|
Forward foreign currency exchange contracts
|
55,350,076
|
Futures contracts
|
127,902,563
|
Swap contracts
|
73,392,779
|
Net realized gain
|
117,775,861
|
Net change in unrealized appreciation (depreciation) on:
|
|
Investments — unaffiliated issuers
|
58,700,015
|
Investments — affiliated issuers
|
22,737,388
|
Foreign currency translations
|
45,364
|
Forward foreign currency exchange contracts
|
(14,147,645
)
|
Futures contracts
|
25,714,983
|
Swap contracts
|
(8,790,531
)
|
Net change in unrealized appreciation (depreciation)
|
84,259,574
|
Net realized and unrealized gain
|
202,035,435
|
Net increase in net assets resulting from operations
|
$298,312,393
|
|
Year Ended
May 31, 2024
|
Year Ended
May 31, 2023
|
Operations
|
|
|
Net investment income
|
$96,276,958
|
$112,546,626
|
Net realized gain (loss)
|
117,775,861
|
(373,971,275
)
|
Net change in unrealized appreciation (depreciation)
|
84,259,574
|
31,095,275
|
Net increase (decrease) in net assets resulting from operations
|
298,312,393
|
(230,329,374
)
|
Distributions to shareholders
|
|
|
Net investment income and net realized gains
|
|
|
Class A
|
(418,432
)
|
(11,873,896
)
|
Advisor Class
|
(236,325
)
|
(5,273,571
)
|
Class C
|
—
|
(5,093,443
)
|
Institutional Class
|
(14,958,569
)
|
(251,264,077
)
|
Institutional 2 Class
|
(265,405
)
|
(4,075,406
)
|
Institutional 3 Class
|
(120,353
)
|
(1,397,994
)
|
Class R
|
(491
)
|
(58,023
)
|
Total distributions to shareholders
|
(15,999,575
)
|
(279,036,410
)
|
Decrease in net assets from capital stock activity
|
(1,162,453,410
)
|
(95,567,586
)
|
Total decrease in net assets
|
(880,140,592
)
|
(604,933,370
)
|
Net assets at beginning of year
|
3,538,845,702
|
4,143,779,072
|
Net assets at end of year
|
$2,658,705,110
|
$3,538,845,702
|
|
Year Ended
|
Year Ended
|
||
|
May 31, 2024
|
May 31, 2023
|
||
|
Shares
|
Dollars ($)
|
Shares
|
Dollars ($)
|
Capital stock activity
|
||||
Class A
|
|
|
|
|
Shares sold
|
1,785,856
|
15,829,384
|
2,634,914
|
23,700,063
|
Distributions reinvested
|
43,072
|
387,652
|
1,304,532
|
11,010,253
|
Shares redeemed
|
(5,648,153
)
|
(49,578,093
)
|
(5,434,560
)
|
(48,034,292
)
|
Net decrease
|
(3,819,225
)
|
(33,361,057
)
|
(1,495,114
)
|
(13,323,976
)
|
Advisor Class
|
|
|
|
|
Shares sold
|
365,151
|
3,186,393
|
1,143,174
|
10,469,562
|
Distributions reinvested
|
26,227
|
236,301
|
624,051
|
5,273,235
|
Shares redeemed
|
(3,363,458
)
|
(29,444,766
)
|
(3,545,592
)
|
(31,729,001
)
|
Net decrease
|
(2,972,080
)
|
(26,022,072
)
|
(1,778,367
)
|
(15,986,204
)
|
Class C
|
|
|
|
|
Shares sold
|
232,954
|
1,922,048
|
456,117
|
3,888,469
|
Distributions reinvested
|
—
|
—
|
625,107
|
5,000,855
|
Shares redeemed
|
(3,069,621
)
|
(25,361,947
)
|
(3,328,572
)
|
(28,096,249
)
|
Net decrease
|
(2,836,667
)
|
(23,439,899
)
|
(2,247,348
)
|
(19,206,925
)
|
Institutional Class
|
|
|
|
|
Shares sold
|
26,699,112
|
233,601,712
|
64,767,472
|
582,553,921
|
Distributions reinvested
|
1,634,036
|
14,722,667
|
29,058,557
|
245,254,217
|
Shares redeemed
|
(149,034,314
)
|
(1,310,160,576
)
|
(98,381,681
)
|
(875,993,796
)
|
Net decrease
|
(120,701,166
)
|
(1,061,836,197
)
|
(4,555,652
)
|
(48,185,658
)
|
Institutional 2 Class
|
|
|
|
|
Shares sold
|
1,390,039
|
12,251,450
|
2,999,867
|
26,797,099
|
Distributions reinvested
|
29,359
|
265,405
|
481,158
|
4,075,406
|
Shares redeemed
|
(3,362,661
)
|
(29,391,493
)
|
(3,569,514
)
|
(31,668,939
)
|
Net decrease
|
(1,943,263
)
|
(16,874,638
)
|
(88,489
)
|
(796,434
)
|
Institutional 3 Class
|
|
|
|
|
Shares sold
|
78,965
|
673,895
|
121,791
|
1,092,634
|
Distributions reinvested
|
13,297
|
120,340
|
164,838
|
1,397,826
|
Shares redeemed
|
(89,844
)
|
(812,026
)
|
(65,570
)
|
(602,579
)
|
Net increase (decrease)
|
2,418
|
(17,791
)
|
221,059
|
1,887,881
|
Class R
|
|
|
|
|
Shares sold
|
1,678
|
14,481
|
8,821
|
76,894
|
Distributions reinvested
|
55
|
489
|
6,945
|
57,852
|
Shares redeemed
|
(102,420
)
|
(916,726
)
|
(10,310
)
|
(91,016
)
|
Net increase (decrease)
|
(100,687
)
|
(901,756
)
|
5,456
|
43,730
|
Total net decrease
|
(132,370,670
)
|
(1,162,453,410
)
|
(9,938,455
)
|
(95,567,586
)
|
|
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 5/31/2024
|
$8.47
|
0.26
|
0.61
|
0.87
|
(0.03
)
|
—
|
(0.03
)
|
Year Ended 5/31/2023
|
$9.69
|
0.24
|
(0.80
)
|
(0.56
)
|
(0.66
)
|
—
|
(0.66
)
|
Year Ended 5/31/2022
|
$12.10
|
0.32
|
(0.59
)
|
(0.27
)
|
(0.42
)
|
(1.72
)
|
(2.14
)
|
Year Ended 5/31/2021
|
$10.25
|
(0.01
)
|
1.97
|
1.96
|
(0.04
)
|
(0.07
)
|
(0.11
)
|
Year Ended 5/31/2020
|
$10.44
|
0.08
|
0.51
|
0.59
|
(0.26
)
|
(0.52
)
|
(0.78
)
|
Advisor Class
|
|||||||
Year Ended 5/31/2024
|
$8.49
|
0.28
|
0.62
|
0.90
|
(0.05
)
|
—
|
(0.05
)
|
Year Ended 5/31/2023
|
$9.71
|
0.27
|
(0.81
)
|
(0.54
)
|
(0.68
)
|
—
|
(0.68
)
|
Year Ended 5/31/2022
|
$12.12
|
0.38
|
(0.62
)
|
(0.24
)
|
(0.44
)
|
(1.73
)
|
(2.17
)
|
Year Ended 5/31/2021
|
$10.37
|
0.02
|
1.98
|
2.00
|
(0.10
)
|
(0.15
)
|
(0.25
)
|
Year Ended 5/31/2020
|
$10.55
|
0.10
|
0.53
|
0.63
|
(0.29
)
|
(0.52
)
|
(0.81
)
|
Class C
|
|||||||
Year Ended 5/31/2024
|
$8.01
|
0.18
|
0.57
|
0.75
|
—
|
—
|
—
|
Year Ended 5/31/2023
|
$9.18
|
0.17
|
(0.76
)
|
(0.59
)
|
(0.58
)
|
—
|
(0.58
)
|
Year Ended 5/31/2022
|
$11.57
|
0.23
|
(0.57
)
|
(0.34
)
|
(0.37
)
|
(1.68
)
|
(2.05
)
|
Year Ended 5/31/2021
|
$9.85
|
(0.09
)
|
1.87
|
1.78
|
—
|
(0.06
)
|
(0.06
)
|
Year Ended 5/31/2020
|
$10.05
|
0.00
(e)
|
0.50
|
0.50
|
(0.18
)
|
(0.52
)
|
(0.70
)
|
Institutional Class
|
|||||||
Year Ended 5/31/2024
|
$8.48
|
0.28
|
0.62
|
0.90
|
(0.05
)
|
—
|
(0.05
)
|
Year Ended 5/31/2023
|
$9.70
|
0.27
|
(0.81
)
|
(0.54
)
|
(0.68
)
|
—
|
(0.68
)
|
Year Ended 5/31/2022
|
$12.11
|
0.35
|
(0.59
)
|
(0.24
)
|
(0.44
)
|
(1.73
)
|
(2.17
)
|
Year Ended 5/31/2021
|
$10.36
|
0.02
|
1.98
|
2.00
|
(0.10
)
|
(0.15
)
|
(0.25
)
|
Year Ended 5/31/2020
|
$10.55
|
0.11
|
0.51
|
0.62
|
(0.29
)
|
(0.52
)
|
(0.81
)
|
Institutional 2 Class
|
|||||||
Year Ended 5/31/2024
|
$8.51
|
0.28
|
0.62
|
0.90
|
(0.05
)
|
—
|
(0.05
)
|
Year Ended 5/31/2023
|
$9.74
|
0.26
|
(0.81
)
|
(0.55
)
|
(0.68
)
|
—
|
(0.68
)
|
Year Ended 5/31/2022
|
$12.15
|
0.32
|
(0.56
)
|
(0.24
)
|
(0.44
)
|
(1.73
)
|
(2.17
)
|
Year Ended 5/31/2021
|
$10.39
|
0.02
|
1.98
|
2.00
|
(0.10
)
|
(0.14
)
|
(0.24
)
|
Year Ended 5/31/2020
|
$10.57
|
0.10
|
0.53
|
0.63
|
(0.29
)
|
(0.52
)
|
(0.81
)
|
|
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 5/31/2024
|
$9.31
|
10.26%
|
1.01%
(c)
|
1.01%
(c),(d)
|
2.90%
|
190%
|
$128,468
|
Year Ended 5/31/2023
|
$8.47
|
(5.79%
)
|
1.02%
(c)
|
1.02%
(c),(d)
|
2.71%
|
199%
|
$149,173
|
Year Ended 5/31/2022
|
$9.69
|
(3.62%
)
|
1.00%
(c)
|
1.00%
(c)
|
2.82%
|
260%
|
$185,112
|
Year Ended 5/31/2021
|
$12.10
|
19.17%
|
1.00%
(c)
|
1.00%
(c)
|
(0.06%
)
|
227%
|
$175,015
|
Year Ended 5/31/2020
|
$10.25
|
5.41%
|
1.01%
(c)
|
1.01%
(c),(d)
|
0.74%
|
314%
|
$141,074
|
Advisor Class
|
|||||||
Year Ended 5/31/2024
|
$9.34
|
10.61%
|
0.76%
(c)
|
0.76%
(c),(d)
|
3.14%
|
190%
|
$38,879
|
Year Ended 5/31/2023
|
$8.49
|
(5.52%
)
|
0.77%
(c)
|
0.77%
(c),(d)
|
2.96%
|
199%
|
$60,582
|
Year Ended 5/31/2022
|
$9.71
|
(3.36%
)
|
0.75%
(c)
|
0.75%
(c)
|
3.39%
|
260%
|
$86,570
|
Year Ended 5/31/2021
|
$12.12
|
19.38%
|
0.75%
(c)
|
0.75%
(c)
|
0.20%
|
227%
|
$61,716
|
Year Ended 5/31/2020
|
$10.37
|
5.71%
|
0.76%
(c)
|
0.76%
(c),(d)
|
0.98%
|
314%
|
$41,312
|
Class C
|
|||||||
Year Ended 5/31/2024
|
$8.76
|
9.36%
|
1.76%
(c)
|
1.76%
(c),(d)
|
2.15%
|
190%
|
$45,206
|
Year Ended 5/31/2023
|
$8.01
|
(6.37%
)
|
1.77%
(c)
|
1.77%
(c),(d)
|
1.95%
|
199%
|
$63,998
|
Year Ended 5/31/2022
|
$9.18
|
(4.39%
)
|
1.75%
(c)
|
1.75%
(c)
|
2.11%
|
260%
|
$94,069
|
Year Ended 5/31/2021
|
$11.57
|
18.14%
|
1.75%
(c)
|
1.75%
(c)
|
(0.80%
)
|
227%
|
$113,245
|
Year Ended 5/31/2020
|
$9.85
|
4.73%
|
1.76%
(c)
|
1.76%
(c),(d)
|
0.00%
(e)
|
314%
|
$95,090
|
Institutional Class
|
|||||||
Year Ended 5/31/2024
|
$9.33
|
10.63%
|
0.76%
(c)
|
0.76%
(c),(d)
|
3.15%
|
190%
|
$2,382,960
|
Year Ended 5/31/2023
|
$8.48
|
(5.52%
)
|
0.77%
(c)
|
0.77%
(c),(d)
|
2.97%
|
199%
|
$3,190,280
|
Year Ended 5/31/2022
|
$9.70
|
(3.37%
)
|
0.75%
(c)
|
0.75%
(c)
|
3.08%
|
260%
|
$3,693,809
|
Year Ended 5/31/2021
|
$12.11
|
19.40%
|
0.75%
(c)
|
0.75%
(c)
|
0.19%
|
227%
|
$3,831,565
|
Year Ended 5/31/2020
|
$10.36
|
5.62%
|
0.76%
(c)
|
0.76%
(c),(d)
|
1.00%
|
314%
|
$2,845,593
|
Institutional 2 Class
|
|||||||
Year Ended 5/31/2024
|
$9.36
|
10.58%
|
0.77%
(c)
|
0.77%
(c)
|
3.14%
|
190%
|
$42,265
|
Year Ended 5/31/2023
|
$8.51
|
(5.60%
)
|
0.78%
(c)
|
0.78%
(c)
|
2.92%
|
199%
|
$54,968
|
Year Ended 5/31/2022
|
$9.74
|
(3.36%
)
|
0.76%
(c)
|
0.76%
(c)
|
2.78%
|
260%
|
$63,729
|
Year Ended 5/31/2021
|
$12.15
|
19.38%
|
0.76%
(c)
|
0.76%
(c)
|
0.17%
|
227%
|
$64,418
|
Year Ended 5/31/2020
|
$10.39
|
5.69%
|
0.77%
(c)
|
0.77%
(c)
|
0.95%
|
314%
|
$38,829
|
|
Net asset value,
beginning of
period
|
Net
investment
income
(loss)
|
Net
realized
and
unrealized
gain (loss)
|
Total from
investment
operations
|
Distributions
from net
investment
income
|
Distributions
from net
realized
gains
|
Total
distributions to
shareholders
|
Institutional 3 Class
|
|||||||
Year Ended 5/31/2024
|
$8.52
|
0.28
|
0.62
|
0.90
|
(0.05
)
|
—
|
(0.05
)
|
Year Ended 5/31/2023
|
$9.74
|
0.27
|
(0.81
)
|
(0.54
)
|
(0.68
)
|
—
|
(0.68
)
|
Year Ended 5/31/2022
|
$12.16
|
0.36
|
(0.61
)
|
(0.25
)
|
(0.44
)
|
(1.73
)
|
(2.17
)
|
Year Ended 5/31/2021
|
$10.41
|
0.03
|
1.99
|
2.02
|
(0.11
)
|
(0.16
)
|
(0.27
)
|
Year Ended 5/31/2020
|
$10.59
|
0.11
|
0.52
|
0.63
|
(0.29
)
|
(0.52
)
|
(0.81
)
|
Notes to Financial Highlights
|
|
(a)
|
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly
bears a pro rata share of the fees and expenses of any other funds in which it invests.
Such indirect expenses are not included in the Fund’s reported expense ratios.
|
(b)
|
Total net expenses include the impact of certain fee waivers/expense reimbursements
made by the Investment Manager and certain of its affiliates, if applicable.
|
(c)
|
Ratios include interest on collateral expense. For the periods indicated below, if
interest on collateral expense had been excluded, expenses would have been lower by:
|
Class
|
5/31/2024
|
5/31/2023
|
5/31/2022
|
5/31/2021
|
5/31/2020
|
Class A
|
less than 0.01%
|
less than 0.01%
|
0.01%
|
less than 0.01%
|
less than 0.01%
|
Advisor Class
|
less than 0.01%
|
less than 0.01%
|
0.01%
|
less than 0.01%
|
less than 0.01%
|
Class C
|
less than 0.01%
|
less than 0.01%
|
0.01%
|
less than 0.01%
|
less than 0.01%
|
Institutional Class
|
less than 0.01%
|
less than 0.01%
|
0.01%
|
less than 0.01%
|
less than 0.01%
|
Institutional 2 Class
|
less than 0.01%
|
less than 0.01%
|
0.01%
|
less than 0.01%
|
less than 0.01%
|
Institutional 3 Class
|
less than 0.01%
|
less than 0.01%
|
0.01%
|
less than 0.01%
|
less than 0.01%
|
(d)
|
The benefits derived from expense reductions had an impact of less than 0.01%.
|
(e)
|
Rounds to zero.
|
|
Net
asset
value,
end of
period
|
Total
return
|
Total gross
expense
ratio to
average
net assets(a)
|
Total net
expense
ratio to
average
net assets(a),(b)
|
Net investment
income (loss)
ratio to
average
net assets
|
Portfolio
turnover
|
Net
assets,
end of
period
(000’s)
|
Institutional 3 Class
|
|||||||
Year Ended 5/31/2024
|
$9.37
|
10.61%
|
0.72%
(c)
|
0.72%
(c)
|
3.20%
|
190%
|
$20,927
|
Year Ended 5/31/2023
|
$8.52
|
(5.47%
)
|
0.74%
(c)
|
0.74%
(c)
|
3.02%
|
199%
|
$19,005
|
Year Ended 5/31/2022
|
$9.74
|
(3.40%
)
|
0.72%
(c)
|
0.72%
(c)
|
3.13%
|
260%
|
$19,579
|
Year Ended 5/31/2021
|
$12.16
|
19.53%
|
0.71%
(c)
|
0.71%
(c)
|
0.23%
|
227%
|
$21,369
|
Year Ended 5/31/2020
|
$10.41
|
5.73%
|
0.72%
(c)
|
0.72%
(c)
|
1.04%
|
314%
|
$14,168
|
|
Asset derivatives
|
|
Risk exposure
category
|
Statement
of assets and liabilities
location
|
Fair value ($)
|
Credit risk
|
Component of total distributable earnings (loss) — unrealized appreciation on swap contracts
|
5,473,470
*
|
Equity risk
|
Component of total distributable earnings (loss) — unrealized appreciation on futures contracts
|
15,970,557
*
|
Foreign exchange risk
|
Unrealized appreciation on forward foreign currency exchange contracts
|
15,359,241
|
Interest rate risk
|
Component of total distributable earnings (loss) — unrealized appreciation on futures contracts
|
537,738
*
|
Total
|
|
37,341,006
|
|
Liability derivatives
|
|
Risk exposure
category
|
Statement
of assets and liabilities
location
|
Fair value ($)
|
Equity risk
|
Component of total distributable earnings (loss) — unrealized depreciation on futures contracts
|
6,064,093
*
|
Equity risk
|
Component of total distributable earnings (loss) — unrealized depreciation on swap contracts
|
1,045,496
*
|
Foreign exchange risk
|
Unrealized depreciation on forward foreign currency exchange contracts
|
19,132,194
|
Interest rate risk
|
Component of total distributable earnings (loss) — unrealized depreciation on futures contracts
|
2,164,229
*
|
Total
|
|
28,406,012
|
*
|
Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of
Assets and Liabilities.
|
Amount of realized gain (loss) on derivatives recognized in income
|
||||
Risk exposure category
|
Forward
foreign
currency
exchange
contracts
($)
|
Futures
contracts
($)
|
Swap
contracts
($)
|
Total
($)
|
Credit risk
|
—
|
—
|
73,378,907
|
73,378,907
|
Equity risk
|
—
|
155,766,127
|
13,872
|
155,779,999
|
Foreign exchange risk
|
55,350,076
|
—
|
—
|
55,350,076
|
Interest rate risk
|
—
|
(27,863,564
)
|
—
|
(27,863,564
)
|
Total
|
55,350,076
|
127,902,563
|
73,392,779
|
256,645,418
|
|
||||
Change in unrealized appreciation (depreciation) on derivatives recognized in income
|
||||
Risk exposure category
|
Forward
foreign
currency
exchange
contracts
($)
|
Futures
contracts
($)
|
Swap
contracts
($)
|
Total
($)
|
Credit risk
|
—
|
—
|
(7,745,035
)
|
(7,745,035
)
|
Equity risk
|
—
|
29,230,652
|
(1,045,496
)
|
28,185,156
|
Foreign exchange risk
|
(14,147,645
)
|
—
|
—
|
(14,147,645
)
|
Interest rate risk
|
—
|
(3,515,669
)
|
—
|
(3,515,669
)
|
Total
|
(14,147,645
)
|
25,714,983
|
(8,790,531
)
|
2,776,807
|
Derivative instrument
|
Average notional
amounts ($)
|
Futures contracts — long
|
1,848,548,179
|
Futures contracts — short
|
279,462,600
|
Credit default swap contracts — sell protection
|
946,340,450
|
Derivative instrument
|
Average unrealized
appreciation ($)
|
Average unrealized
depreciation ($)
|
Swap arrangements - contracts for differences
|
194,175
|
(225,915
)
|
Forward foreign currency exchange contracts
|
12,741,201
|
(7,595,856
)
|
|
Barclays
($)
|
Citi
($)
|
Goldman
Sachs
International
($)
|
HSBC
($)
|
JPMorgan
($)
|
Morgan
Stanley
($)(a)
|
Morgan
Stanley
($)(a)
|
State
Street
($)
|
UBS
($)
|
Wells
Fargo
($)
|
Total
($)
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Centrally cleared credit
default swap contracts (b)
|
-
|
-
|
-
|
-
|
-
|
278,831
|
-
|
-
|
-
|
-
|
278,831
|
Forward foreign currency
exchange contracts
|
1,705,499
|
408,805
|
197,343
|
6,724,224
|
93,704
|
-
|
2,780,402
|
2,017,520
|
488,591
|
943,153
|
15,359,241
|
Total assets
|
1,705,499
|
408,805
|
197,343
|
6,724,224
|
93,704
|
278,831
|
2,780,402
|
2,017,520
|
488,591
|
943,153
|
15,638,072
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Centrally cleared credit
default swap contracts (b)
|
-
|
-
|
-
|
-
|
-
|
8,865
|
-
|
-
|
-
|
-
|
8,865
|
Forward foreign currency
exchange contracts
|
2,223,448
|
527,790
|
255,091
|
3,472,255
|
120,814
|
-
|
5,233,815
|
3,504,505
|
3,340,680
|
453,796
|
19,132,194
|
OTC Swap arrangements -
contracts for differences
(c)
|
-
|
-
|
841,137
|
-
|
-
|
-
|
201,271
|
-
|
3,088
|
-
|
1,045,496
|
Total liabilities
|
2,223,448
|
527,790
|
1,096,228
|
3,472,255
|
120,814
|
8,865
|
5,435,086
|
3,504,505
|
3,343,768
|
453,796
|
20,186,555
|
Total financial and
derivative net assets
|
(517,949
)
|
(118,985
)
|
(898,885
)
|
3,251,969
|
(27,110
)
|
269,966
|
(2,654,684
)
|
(1,486,985
)
|
(2,855,177
)
|
489,357
|
(4,548,483
)
|
Total collateral received
(pledged) (d)
|
-
|
-
|
(898,885
)
|
-
|
-
|
-
|
(2,654,684
)
|
-
|
-
|
-
|
(3,553,569
)
|
Net amount (e)
|
(517,949
)
|
(118,985
)
|
-
|
3,251,969
|
(27,110
)
|
269,966
|
-
|
(1,486,985
)
|
(2,855,177
)
|
489,357
|
(994,914
)
|
(a)
|
Exposure can only be netted across transactions governed under the same master agreement
with the same legal entity.
|
(b)
|
Centrally cleared swaps are included within payable/receivable for variation margin
in the Statement of Assets and Liabilities.
|
(c)
|
Over-the-Counter (OTC) swap contracts are presented at market value plus periodic
payments receivable (payable), which is comprised of unrealized appreciation, unrealized
depreciation, upfront payments and upfront receipts.
|
(d)
|
In some instances, the actual collateral received and/or pledged may be more than
the amount shown due to overcollateralization.
|
(e)
|
Represents the net amount due from/(to) counterparties in the event of default.
|
|
Effective rate (%)
|
Class A
|
0.05
|
Advisor Class
|
0.05
|
Class C
|
0.05
|
Institutional Class
|
0.05
|
Institutional 2 Class
|
0.06
|
Institutional 3 Class
|
0.01
|
Class R
|
0.04
(a)
|
(a)
|
Unannualized.
|
|
Front End (%)
|
CDSC (%)
|
Amount ($)
|
Class A
|
5.75
|
0.50 - 1.00
(a)
|
146,481
|
Class C
|
—
|
1.00
(b)
|
3,517
|
(a)
|
This charge is imposed on certain investments of between $1 million and $50 million
redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12
months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after
purchase, with certain limited exceptions.
|
(b)
|
This charge applies to redemptions within 12 months after purchase, with certain limited
exceptions.
|
|
October 1, 2023
through
September 30, 2024 (%)
|
Prior to
October 1, 2023 (%)
|
Class A
|
1.22
|
1.25
|
Advisor Class
|
0.97
|
1.00
|
Class C
|
1.97
|
2.00
|
Institutional Class
|
0.97
|
1.00
|
Institutional 2 Class
|
0.98
|
1.01
|
Institutional 3 Class
|
0.93
|
0.97
|
Undistributed net
investment
income ($)
|
Accumulated
net realized
(loss) ($)
|
Paid in
capital ($)
|
39,069,952
|
(39,053,751
)
|
(16,201
)
|
Year Ended May 31, 2024
|
Year Ended May 31, 2023
|
||||
Ordinary
income ($)
|
Long-term
capital gains ($)
|
Total ($)
|
Ordinary
income ($)
|
Long-term
capital gains ($)
|
Total ($)
|
15,999,575
|
—
|
15,999,575
|
279,036,410
|
—
|
279,036,410
|
Undistributed
ordinary income ($)
|
Undistributed
long-term
capital gains ($)
|
Capital loss
carryforwards ($)
|
Net unrealized
(depreciation) ($)
|
27,224,673
|
—
|
(467,268,150
)
|
(187,576,084
)
|
Federal
tax cost ($)
|
Gross unrealized
appreciation ($)
|
Gross unrealized
(depreciation) ($)
|
Net unrealized
(depreciation) ($)
|
2,857,503,366
|
6,268,795
|
(193,844,879
)
|
(187,576,084
)
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
Utilized ($)
|
(296,856,129
)
|
(170,412,021
)
|
(467,268,150
)
|
95,276,251
|
Borrower or lender
|
Average loan
balance ($)
|
Weighted average
interest rate (%)
|
Number of days
with outstanding loans
|
Lender
|
5,511,111
|
5.86
|
9
|
Section
199A
dividends
|
|
7.48%
|
|
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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 implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) | Columbia Funds Series Trust I |
|
|
By (Signature and Title) | /s/ Daniel J. Beckman |
Daniel J. Beckman, President and Principal Executive Officer | |
|
|
Date | July 23, 2024 |
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 | July 23, 2024 |
|
|
By (Signature and Title) | /s/ Michael G. Clarke |
Michael G. Clarke, Chief Financial Officer, | |
Principal Financial Officer and Senior Vice President | |
|
|
Date | July 23, 2024 |
|
|
By (Signature and Title) | /s/ Charles H. Chiesa |
Charles H. Chiesa, Treasurer, Chief Accounting | |
Officer and Principal Financial Officer | |
|
|
Date | July 23, 2024 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
COLUMBIA FUNDS
WANGER ADVISORS TRUST / COLUMBIA ACORN TRUST
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 |
September 2023 |
Overview and Statement |
|
Item 2 of Form N-CSR, the form used by registered management investment companies to file 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 Boards (the Board of the Columbia Funds (“Columbia Board”) and the Boards of the Columbia Acorn Trust (“CAT”) and the Wanger Advisors Trust (“WAT”) (collectively, “Columbia Acorn Board” and together with the Columbia Board, the “Boards”) have adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the “Code”), which sets forth the ethical standards to which the Funds holds their 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 Boards have 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;
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and 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
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;
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 Boards have 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 Boards have 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 (Columbia Management Investment Advisers, LLC
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 2 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
(“CMIA”) for the Columbia Funds and Columbia Wanger Asset Management, LLC (“CWAM”) for the WAT / CAT Funds), 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 for 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 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 Boards of the Funds 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 Funds 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 Funds. 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 conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform 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
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 3 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
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.
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 misrepresent, 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 online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund 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 policies 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 online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund 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 as 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 online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 6 of 9 |
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 online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 7 of 9 |
Appendix A
INITIAL ACKNOWLEDGEMENT
I acknowledge 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 affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
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 Independent 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)
______________________________________________________________________________
SignatureDate
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
I acknowledge 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.
______________________________________________________________
______________________________________________________________
______________________________________________________________
I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.1
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
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)
______________________________________________________________________________
SignatureDate
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: July 23, 2024 |
/s/ Daniel J. Beckman |
|
|
Daniel J. Beckman, President and Principal |
|
|
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: July 23, 2024 |
|
/s/ Michael G. Clarke |
|
|
Michael G. Clarke, Chief Financial Officer, |
||
|
Principal Financial Officer and Senior Vice |
||
|
President |
I, Charles H. Chiesa, 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: July 23, 2024 |
/s/ Charles H. Chiesa |
|
|
|
Charles H. Chiesa, Treasurer, Chief Accounting |
|
Officer and Principal Financial Officer |
CERTIFICATION PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with the Certified Shareholder Report of Columbia Funds Series Trust I (the “Trust”) on Form N-CSR for the period ending May 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (“the Report”), the undersigned hereby certifies that, to his knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.
Date: July 23, 2024 |
/s/ Daniel J. Beckman |
|
Daniel J. Beckman, President and Principal Executive Officer |
Date: July 23, 2024 |
/s/ Michael G. Clarke |
|
Michael G. Clarke, Chief Financial Officer, |
|
Principal Financial Officer and Senior Vice President |
Date: July 23, 2024 |
/s/ Charles H. Chiesa |
|
Charles H. Chiesa, Treasurer, Chief Accounting |
|
Officer and Principal Financial Officer |
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.
This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.
'OV8?AYX
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M-XMI^