UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-04367
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
(800) 345-6611
Date of fiscal year end:
Last Day of August
Date of reporting period:
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders
Semi-Annual Shareholder R
e
port | February 28, 2025What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $ | % (a) |
(a) | Annualized. |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover for the reporting period |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
| Tencent Holdings Ltd. | % |
| Alibaba Group Holding Ltd. | % |
| Xiaomi Corp. | % |
| China Construction Bank Corp., Class H | % |
| PDD Holdings, Inc., ADR | % |
| BYD Co., Ltd., Class H | % |
| Meituan, Class B | % |
| Trip.com Group Ltd., ADR | % |
| China Merchants Bank Co., Ltd., Class H | % |
| NetEase, Inc. | % |
Asset Categories
Equity Sector Allocation
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Semi-Annual Shareholder Report | February 28, 2025
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $ | % (a) |
(a) | Annualized. |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover for the reporting period |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
| Tencent Holdings Ltd. | % |
| Alibaba Group Holding Ltd. | % |
| Xiaomi Corp. | % |
| China Construction Bank Corp., Class H | % |
| PDD Holdings, Inc., ADR | % |
| BYD Co., Ltd., Class H | % |
| Meituan, Class B | % |
| Trip.com Group Ltd., ADR | % |
| China Merchants Bank Co., Ltd., Class H | % |
| NetEase, Inc. | % |
Asset Categories
Equity Sector Allocation
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Semi-Annual Shareholder Report | February 28, 2025
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $ | % (a) |
(a) | Annualized. |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover for the reporting period |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
| Tencent Holdings Ltd. | % |
| Alibaba Group Holding Ltd. | % |
| Xiaomi Corp. | % |
| China Construction Bank Corp., Class H | % |
| PDD Holdings, Inc., ADR | % |
| BYD Co., Ltd., Class H | % |
| Meituan, Class B | % |
| Trip.com Group Ltd., ADR | % |
| China Merchants Bank Co., Ltd., Class H | % |
| NetEase, Inc. | % |
Asset Categories
Equity Sector Allocation
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
|
Columbia Greater China Fund | Class A | SSR158_01_(04/25)
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
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.
Columbia Greater China Fund
Semi-Annual Financial Statements and Additional Information
February 28, 2025 (Unaudited)
|
Not FDIC or NCUA Insured
|
No Financial Institution Guarantee
|
May Lose Value
|
Portfolio of Investments
February 28, 2025 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
|
Common Stocks 97.9%
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Communication Services 20.1%
|
||
|
Entertainment 2.9%
|
||
|
NetEase, Inc.
|
62,900
|
1,252,302
|
|
Tencent Music Entertainment Group, ADR
|
8,340
|
101,665
|
|
Total
|
|
1,353,967
|
|
Interactive Media & Services 17.2%
|
||
|
Autohome, Inc., ADR
|
9,692
|
278,548
|
|
Kanzhun Ltd., ADR(a)
|
12,388
|
198,208
|
|
Tencent Holdings Ltd.
|
124,200
|
7,644,078
|
|
Total
|
|
8,120,834
|
|
Total Communication Services
|
9,474,801
|
|
|
Consumer Discretionary 33.3%
|
||
|
Automobile Components 3.1%
|
||
|
Fuyao Glass Industry Group Co., Ltd. Class H
|
118,400
|
805,365
|
|
Zhejiang Shuanghuan Driveline Co., Ltd., Class A
|
129,800
|
666,642
|
|
Total
|
|
1,472,007
|
|
Automobiles 4.8%
|
||
|
BYD Co., Ltd., Class H
|
42,000
|
2,012,671
|
|
Yadea Group Holdings Ltd.
|
164,000
|
269,220
|
|
Total
|
|
2,281,891
|
|
Broadline Retail 14.1%
|
||
|
Alibaba Group Holding Ltd.
|
276,368
|
4,569,661
|
|
PDD Holdings, Inc., ADR(a)
|
18,254
|
2,075,297
|
|
Total
|
|
6,644,958
|
|
Diversified Consumer Services 1.0%
|
||
|
New Oriental Education & Technology Group, Inc.
|
100,400
|
479,089
|
|
Hotels, Restaurants & Leisure 7.9%
|
||
|
Atour Lifestyle Holdings Ltd., ADR
|
9,494
|
291,561
|
|
Meituan, Class B(a)
|
85,970
|
1,794,972
|
|
Trip.com Group Ltd., ADR(a)
|
28,536
|
1,617,420
|
|
Total
|
|
3,703,953
|
|
Household Durables 1.4%
|
||
|
Gree Electric Appliances, Inc., Class A
|
59,730
|
335,871
|
|
Haier Smart Home Co., Ltd., Class H
|
95,800
|
306,863
|
|
Total
|
|
642,734
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Textiles, Apparel & Luxury Goods 1.0%
|
||
|
Amer Sports, Inc.(a)
|
6,936
|
207,317
|
|
Shenzhou International Group Holdings Ltd.
|
34,500
|
252,658
|
|
Total
|
|
459,975
|
|
Total Consumer Discretionary
|
15,684,607
|
|
|
Consumer Staples 4.0%
|
||
|
Beverages 3.1%
|
||
|
Eastroc Beverage Group Co., Ltd., Class A
|
25,866
|
787,776
|
|
Kweichow Moutai Co., Ltd., Class A
|
3,200
|
662,056
|
|
Total
|
|
1,449,832
|
|
Food Products 0.3%
|
||
|
Uni-President China Holdings Ltd.
|
146,000
|
153,565
|
|
Personal Care Products 0.6%
|
||
|
Proya Cosmetics Co., Ltd., Class A
|
25,612
|
297,712
|
|
Total Consumer Staples
|
1,901,109
|
|
|
Energy 1.2%
|
||
|
Oil, Gas & Consumable Fuels 1.2%
|
||
|
PetroChina Co., Ltd., Class H
|
722,000
|
540,116
|
|
Total Energy
|
540,116
|
|
|
Financials 11.8%
|
||
|
Banks 9.0%
|
||
|
China Construction Bank Corp., Class H
|
2,580,340
|
2,189,082
|
|
China Merchants Bank Co., Ltd., Class H
|
223,000
|
1,309,069
|
|
Industrial & Commercial Bank of China Ltd., Class H
|
1,044,000
|
739,332
|
|
Total
|
|
4,237,483
|
|
Insurance 2.8%
|
||
|
AIA Group Ltd.
|
84,800
|
651,127
|
|
Ping An Insurance Group Co. of China Ltd., Class H
|
116,000
|
687,562
|
|
Total
|
|
1,338,689
|
|
Total Financials
|
5,576,172
|
|
|
Health Care 2.6%
|
||
|
Health Care Equipment & Supplies 1.6%
|
||
|
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.,
Class A
|
22,100
|
770,825
|
|
Health Care Providers & Services 0.6%
|
||
|
New Horizon Health Ltd.(a),(b),(c)
|
287,500
|
261,362
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund | 2025
3
Portfolio of Investments (continued)
February 28, 2025 (Unaudited)
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Health Care Technology 0.4%
|
||
|
Medlive Technology Co., Ltd.
|
111,484
|
174,887
|
|
Pharmaceuticals —%
|
||
|
China Animal Healthcare Ltd.(a),(b),(c)
|
1,050,000
|
0
|
|
Total Health Care
|
1,207,074
|
|
|
Industrials 8.7%
|
||
|
Electrical Equipment 2.5%
|
||
|
Contemporary Amperex Technology Co., Ltd., Class A
|
17,080
|
623,083
|
|
Sieyuan Electric Co., Ltd., Class A
|
53,700
|
539,443
|
|
Total
|
|
1,162,526
|
|
Ground Transportation 3.4%
|
||
|
DiDi Global, Inc., ADR(a)
|
107,620
|
537,562
|
|
Full Truck Alliance Co., Ltd., ADR
|
92,857
|
1,090,141
|
|
Total
|
|
1,627,703
|
|
Machinery 1.9%
|
||
|
Techtronic Industries Co., Ltd.
|
29,000
|
405,847
|
|
Yutong Bus Co., Ltd.
|
133,200
|
482,586
|
|
Total
|
|
888,433
|
|
Professional Services 0.3%
|
||
|
Centre Testing International Group Co., Ltd., Class A
|
92,900
|
159,388
|
|
Trading Companies & Distributors 0.6%
|
||
|
BOC Aviation Ltd.
|
36,600
|
282,736
|
|
Total Industrials
|
4,120,786
|
|
|
Information Technology 11.8%
|
||
|
Electronic Equipment, Instruments & Components 0.8%
|
||
|
Foxconn Industrial Internet Co., Ltd., Class A
|
88,600
|
263,561
|
|
Hon Hai Precision Industry Co., Ltd.
|
22,000
|
113,906
|
|
Total
|
|
377,467
|
|
IT Services 0.4%
|
||
|
GDS Holdings Ltd., ADR(a)
|
5,467
|
208,019
|
|
Semiconductors & Semiconductor Equipment 3.9%
|
||
|
Alchip Technologies Ltd.
|
3,000
|
295,641
|
|
MediaTek, Inc.
|
12,000
|
536,750
|
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
33,000
|
1,006,534
|
|
Total
|
|
1,838,925
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Software 0.7%
|
||
|
Beijing Kingsoft Office Software, Inc., Class A
|
6,504
|
311,132
|
|
Technology Hardware, Storage & Peripherals 6.0%
|
||
|
Quanta Computer, Inc.
|
20,000
|
148,222
|
|
Xiaomi Corp.(a)
|
401,800
|
2,689,857
|
|
Total
|
|
2,838,079
|
|
Total Information Technology
|
5,573,622
|
|
|
Materials 2.0%
|
||
|
Metals & Mining 2.0%
|
||
|
China Hongqiao Group Ltd.
|
301,000
|
483,971
|
|
Zijin Mining Group Co., Ltd., Class H
|
246,000
|
464,723
|
|
Total
|
|
948,694
|
|
Total Materials
|
948,694
|
|
|
Real Estate 2.4%
|
||
|
Real Estate Management & Development 2.4%
|
||
|
KE Holdings, Inc., ADR
|
50,739
|
1,129,957
|
|
Total Real Estate
|
1,129,957
|
|
|
Total Common Stocks
(Cost $27,826,540)
|
46,156,938
|
|
|
|
||
|
Money Market Funds 1.9%
|
||
|
|
Shares
|
Value ($)
|
|
Columbia Short-Term Cash Fund, 4.479%(d),(e)
|
896,523
|
896,433
|
|
Total Money Market Funds
(Cost $896,338)
|
896,433
|
|
|
Total Investments in Securities
(Cost: $28,722,878)
|
47,053,371
|
|
|
Other Assets & Liabilities, Net
|
|
101,246
|
|
Net Assets
|
47,154,617
|
|
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Greater China Fund | 2025
Portfolio of Investments (continued)
February 28, 2025 (Unaudited)
Notes to Portfolio of Investments
|
(a)
|
Non-income producing investment.
|
|
(b)
|
Represents fair value as determined in good faith under procedures approved by the
Board of Trustees. At February 28, 2025, the total value of these securities amounted
to $261,362, which represents 0.55% of total net assets.
|
|
(c)
|
Valuation based on significant unobservable inputs.
|
|
(d)
|
The rate shown is the seven-day current annualized yield at February 28, 2025.
|
|
(e)
|
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of
the holdings and transactions in these affiliated companies during the period ended
February 28, 2025 are as follows:
|
|
Affiliated issuers
|
Beginning
of period($)
|
Purchases($)
|
Sales($)
|
Net change in
unrealized
appreciation
(depreciation)($)
|
End of
period($)
|
Realized gain
(loss)($)
|
Dividends($)
|
End of
period shares
|
|
Columbia Short-Term Cash Fund, 4.479%
|
||||||||
|
|
1,144,787
|
7,837,736
|
(8,086,133
)
|
43
|
896,433
|
192
|
12,791
|
896,523
|
Abbreviation Legend
|
ADR
|
American Depositary Receipt
|
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy
that maximizes the use of observable inputs and minimizes the use of unobservable
inputs by prioritizing that the most observable input be used when available. Observable inputs
are those that market participants would use in pricing an investment based on market
data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity
associated with investments at that level. For example, certain U.S. government securities
are generally high quality and liquid, however, they are reflected as Level 2 because
the inputs used to determine fair value may not always be quoted prices in an active
market.
Fair value inputs are summarized in the three broad levels listed below:
■
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price
information, credit data, volatility statistics, and other factors. These inputs can
be either observable or unobservable. The availability of observable inputs can vary between investments,
and is affected by various factors such as the type of investment, and the volume
and level of activity for that investment or similar investments in the marketplace. The inputs will be
considered by the Investment Manager, along with any other relevant factors in the
calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition
could cause an investment to be reclassified between the various levels within the
hierarchy.
Values of foreign equity securities actively traded in markets where there is a significant
delay in the local close relative to the New York Stock Exchange may include an adjustment
to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.
Investments falling into the Level 3 category, if any, are primarily supported by
quoted prices from brokers and dealers participating in the market for those investments.
However, these may be classified as Level 3 investments due to lack of market transparency and corroboration
to support these quoted prices. Additionally, valuation models may be used as the
pricing source for any remaining investments classified as Level 3. These models may
rely on one or more significant unobservable inputs and/or significant assumptions
by the Investment Manager. Inputs used in valuations may include, but are not limited to,
financial statement analysis, capital account balances, discount rates and estimated
cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily
available using valuation procedures approved by the Board. The Committee consists
of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which
may include a description of specific valuation determinations, data regarding pricing
information received from approved pricing vendors and brokers and the results of Board-approved
valuation policies and procedures (the Policies). The Policies address, among other
things, instances when market quotations are or are not readily available, including recommendations
of third party pricing vendors and a determination of appropriate pricing methodologies;
events that require specific valuation determinations and assessment of fair value
techniques; securities with a potential for stale pricing, including those that are
illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic
reviews of vendors. The Committee meets more frequently, as needed, to discuss additional
valuation matters, which may include the need to review back-testing results, review time-sensitive
information or approve related valuation actions. Representatives of Columbia Management
Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings
to discuss valuation matters and actions during the period, similar to those described
earlier.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund | 2025
5
Portfolio of Investments (continued)
February 28, 2025 (Unaudited)
Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2025:
|
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Total ($)
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
Communication Services
|
578,421
|
8,896,380
|
—
|
9,474,801
|
|
Consumer Discretionary
|
4,996,960
|
10,687,647
|
—
|
15,684,607
|
|
Consumer Staples
|
153,565
|
1,747,544
|
—
|
1,901,109
|
|
Energy
|
—
|
540,116
|
—
|
540,116
|
|
Financials
|
—
|
5,576,172
|
—
|
5,576,172
|
|
Health Care
|
174,887
|
770,825
|
261,362
|
1,207,074
|
|
Industrials
|
1,090,141
|
3,030,645
|
—
|
4,120,786
|
|
Information Technology
|
208,019
|
5,365,603
|
—
|
5,573,622
|
|
Materials
|
—
|
948,694
|
—
|
948,694
|
|
Real Estate
|
1,129,957
|
—
|
—
|
1,129,957
|
|
Total Common Stocks
|
8,331,950
|
37,563,626
|
261,362
|
46,156,938
|
|
Money Market Funds
|
896,433
|
—
|
—
|
896,433
|
|
Total Investments in Securities
|
9,228,383
|
37,563,626
|
261,362
|
47,053,371
|
See the Portfolio of Investments for all investment classifications not indicated
in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets
include certain foreign securities for which a third party statistical pricing service
may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures,
as applicable.
The Fund does not hold any significant investments (greater than one percent of net
assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Greater China Fund | 2025
Statement of Assets and Liabilities
February 28, 2025 (Unaudited)
|
Assets
|
|
|
Investments in securities, at value
|
|
|
Unaffiliated issuers (cost $27,826,540)
|
$46,156,938
|
|
Affiliated issuers (cost $896,338)
|
896,433
|
|
Receivable for:
|
|
|
Investments sold
|
166,035
|
|
Capital shares sold
|
388
|
|
Dividends
|
16,229
|
|
Expense reimbursement due from Investment Manager
|
402
|
|
Prepaid expenses
|
1,868
|
|
Deferred compensation of board members
|
99,850
|
|
Other assets
|
7,658
|
|
Total assets
|
47,345,801
|
|
Liabilities
|
|
|
Payable for:
|
|
|
Capital shares redeemed
|
36,847
|
|
Management services fees
|
1,256
|
|
Distribution and/or service fees
|
205
|
|
Transfer agent fees
|
4,284
|
|
Compensation of chief compliance officer
|
4
|
|
Accounting services fees
|
13,716
|
|
Compensation of board members
|
890
|
|
Other expenses
|
11,670
|
|
Deferred compensation of board members
|
122,312
|
|
Total liabilities
|
191,184
|
|
Net assets applicable to outstanding capital stock
|
$47,154,617
|
|
Represented by
|
|
|
Paid in capital
|
53,747,058
|
|
Total distributable earnings (loss)
|
(6,592,441
)
|
|
Total - representing net assets applicable to outstanding capital stock
|
$47,154,617
|
|
Class A
|
|
|
Net assets
|
$29,168,691
|
|
Shares outstanding
|
786,299
|
|
Net asset value per share
|
$37.10
|
|
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)
|
$39.36
|
|
Institutional Class
|
|
|
Net assets
|
$6,792,963
|
|
Shares outstanding
|
165,068
|
|
Net asset value per share
|
$41.15
|
|
Institutional 3 Class
|
|
|
Net assets
|
$11,192,963
|
|
Shares outstanding
|
271,537
|
|
Net asset value per share
|
$41.22
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund | 2025
7
Statement of Operations
Six Months Ended February 28, 2025 (Unaudited)
|
Net investment income
|
|
|
Income:
|
|
|
Dividends — unaffiliated issuers
|
$274,176
|
|
Dividends — affiliated issuers
|
12,791
|
|
Foreign taxes withheld
|
(22,810
)
|
|
Total income
|
264,157
|
|
Expenses:
|
|
|
Management services fees
|
224,019
|
|
Distribution and/or service fees
|
|
|
Class A
|
34,157
|
|
Transfer agent fees
|
|
|
Class A
|
21,641
|
|
Advisor Class
|
102
|
|
Institutional Class
|
5,645
|
|
Institutional 3 Class
|
383
|
|
Custodian fees
|
11,943
|
|
Printing and postage fees
|
8,666
|
|
Registration fees
|
34,960
|
|
Accounting services fees
|
17,167
|
|
Legal fees
|
7,506
|
|
Interest on interfund lending
|
2,661
|
|
Compensation of chief compliance officer
|
4
|
|
Compensation of board members
|
5,701
|
|
Deferred compensation of board members
|
2,548
|
|
Other
|
8,478
|
|
Total expenses
|
385,581
|
|
Fees waived or expenses reimbursed by Investment Manager and its affiliates
|
(68,196
)
|
|
Expense reduction
|
(220
)
|
|
Total net expenses
|
317,165
|
|
Net investment loss
|
(53,008
)
|
|
Realized and unrealized gain (loss) — net
|
|
|
Net realized gain (loss) on:
|
|
|
Investments — unaffiliated issuers
|
5,100,943
|
|
Investments — affiliated issuers
|
192
|
|
Foreign currency translations
|
(5,629
)
|
|
Net realized gain
|
5,095,506
|
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
Investments — unaffiliated issuers
|
7,142,787
|
|
Investments — affiliated issuers
|
43
|
|
Foreign currency translations
|
(26
)
|
|
Net change in unrealized appreciation (depreciation)
|
7,142,804
|
|
Net realized and unrealized gain
|
12,238,310
|
|
Net increase in net assets resulting from operations
|
$12,185,302
|
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Greater China Fund | 2025
Statement of Changes in Net Assets
|
|
Six Months Ended
February 28, 2025
(Unaudited)
|
Year Ended
August 31, 2024
|
|
Operations
|
|
|
|
Net investment income (loss)
|
$(53,008
)
|
$441,834
|
|
Net realized gain (loss)
|
5,095,506
|
(3,716,671
)
|
|
Net change in unrealized appreciation (depreciation)
|
7,142,804
|
(4,024,821
)
|
|
Net increase (decrease) in net assets resulting from operations
|
12,185,302
|
(7,299,658
)
|
|
Distributions to shareholders
|
|
|
|
Net investment income and net realized gains
|
|
|
|
Class A
|
(293,615
)
|
(152,206
)
|
|
Advisor Class
|
—
|
(2,741
)
|
|
Institutional Class
|
(72,629
)
|
(165,442
)
|
|
Institutional 2 Class
|
—
|
(11,020
)
|
|
Institutional 3 Class
|
(154,695
)
|
(149,233
)
|
|
Total distributions to shareholders
|
(520,939
)
|
(480,642
)
|
|
Decrease in net assets from capital stock activity
|
(16,032,040
)
|
(34,212,503
)
|
|
Total decrease in net assets
|
(4,367,677
)
|
(41,992,803
)
|
|
Net assets at beginning of period
|
51,522,294
|
93,515,097
|
|
Net assets at end of period
|
$47,154,617
|
$51,522,294
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund | 2025
9
Statement of Changes in Net Assets (continued)
|
|
Six Months Ended
|
Year Ended
|
||
|
|
February 28, 2025 (Unaudited)
|
August 31, 2024
|
||
|
|
Shares
|
Dollars ($)
|
Shares
|
Dollars ($)
|
|
Capital stock activity
|
||||
|
Class A
|
|
|
|
|
|
Shares sold
|
48,779
|
1,757,922
|
65,699
|
1,951,337
|
|
Distributions reinvested
|
8,024
|
264,949
|
4,590
|
137,192
|
|
Shares redeemed
|
(115,243
)
|
(3,863,004
)
|
(248,442
)
|
(7,478,048
)
|
|
Net decrease
|
(58,440
)
|
(1,840,133
)
|
(178,153
)
|
(5,389,519
)
|
|
Advisor Class
|
|
|
|
|
|
Shares sold
|
3,260
|
133,275
|
1,327
|
44,586
|
|
Distributions reinvested
|
—
|
—
|
81
|
2,729
|
|
Shares redeemed
|
(8,864
)
|
(326,920
)
|
(11,339
)
|
(392,934
)
|
|
Net decrease
|
(5,604
)
|
(193,645
)
|
(9,931
)
|
(345,619
)
|
|
Class C
|
|
|
|
|
|
Shares sold
|
—
|
—
|
2,167
|
54,505
|
|
Shares redeemed
|
—
|
—
|
(40,991
)
|
(1,041,056
)
|
|
Net decrease
|
—
|
—
|
(38,824
)
|
(986,551
)
|
|
Institutional Class
|
|
|
|
|
|
Shares sold
|
35,806
|
1,378,584
|
85,215
|
3,022,156
|
|
Distributions reinvested
|
1,695
|
62,081
|
4,857
|
160,726
|
|
Shares redeemed
|
(225,153
)
|
(8,615,286
)
|
(483,596
)
|
(17,357,697
)
|
|
Net decrease
|
(187,652
)
|
(7,174,621
)
|
(393,524
)
|
(14,174,815
)
|
|
Institutional 2 Class
|
|
|
|
|
|
Shares sold
|
—
|
—
|
7,372
|
252,489
|
|
Distributions reinvested
|
—
|
—
|
324
|
11,007
|
|
Shares redeemed
|
—
|
—
|
(56,971
)
|
(1,870,440
)
|
|
Net decrease
|
—
|
—
|
(49,275
)
|
(1,606,944
)
|
|
Institutional 3 Class
|
|
|
|
|
|
Shares sold
|
7,248
|
279,846
|
16,195
|
531,527
|
|
Distributions reinvested
|
4,190
|
153,597
|
4,485
|
148,590
|
|
Shares redeemed
|
(184,708
)
|
(7,257,084
)
|
(357,027
)
|
(12,389,172
)
|
|
Net decrease
|
(173,270
)
|
(6,823,641
)
|
(336,347
)
|
(11,709,055
)
|
|
Total net decrease
|
(424,966
)
|
(16,032,040
)
|
(1,006,054
)
|
(34,212,503
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Greater China Fund | 2025
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment
income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes
reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if
any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment
income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase
and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
|
|
Net asset value,
beginning of
period
|
Net
investment
income
(loss)
|
Net
realized
and
unrealized
gain (loss)
|
Total from
investment
operations
|
Distributions
from net
investment
income
|
Distributions
from net
realized
gains
|
Total
distributions to
shareholders
|
|
Class A
|
|||||||
|
Six Months Ended 2/28/2025 (Unaudited)
|
$29.66
|
(0.07
)
|
7.88
|
7.81
|
(0.37
)
|
—
|
(0.37
)
|
|
Year Ended 8/31/2024
|
$33.10
|
0.20
|
(3.48
)
|
(3.28
)
|
(0.16
)
|
—
|
(0.16
)
|
|
Year Ended 8/31/2023
|
$39.01
|
(0.00
)(e)
|
(5.91
)
|
(5.91
)
|
—
|
—
|
—
|
|
Year Ended 8/31/2022
|
$59.43
|
(0.23
)
|
(20.19
)
|
(20.42
)
|
—
|
—
|
—
|
|
Year Ended 8/31/2021
|
$67.81
|
(0.51
)
|
(4.70
)
|
(5.21
)
|
—
|
(3.17
)
|
(3.17
)
|
|
Year Ended 8/31/2020
|
$45.00
|
(0.24
)
|
23.82
|
23.58
|
—
|
(0.77
)
|
(0.77
)
|
|
Institutional Class
|
|||||||
|
Six Months Ended 2/28/2025 (Unaudited)
|
$32.90
|
0.01
|
8.69
|
8.70
|
(0.45
)
|
—
|
(0.45
)
|
|
Year Ended 8/31/2024
|
$36.68
|
0.13
|
(3.69
)
|
(3.56
)
|
(0.22
)
|
—
|
(0.22
)
|
|
Year Ended 8/31/2023
|
$43.16
|
0.14
|
(6.62
)
|
(6.48
)
|
—
|
—
|
—
|
|
Year Ended 8/31/2022
|
$65.59
|
(0.00
)(e)
|
(22.43
)
|
(22.43
)
|
—
|
—
|
—
|
|
Year Ended 8/31/2021
|
$74.47
|
(0.34
)
|
(5.24
)
|
(5.58
)
|
—
|
(3.30
)
|
(3.30
)
|
|
Year Ended 8/31/2020
|
$49.23
|
(0.12
)
|
26.13
|
26.01
|
—
|
(0.77
)
|
(0.77
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Greater China Fund | 2025
Financial Highlights (continued)
|
|
Net
asset
value,
end of
period
|
Total
return
|
Total gross
expense
ratio to
average
net assets(a)
|
Total net
expense
ratio to
average
net assets(a),(b)
|
Net investment
income (loss)
ratio to
average
net assets
|
Portfolio
turnover
|
Net
assets,
end of
period
(000’s)
|
|
Class A
|
|||||||
|
Six Months Ended 2/28/2025 (Unaudited)
|
$37.10
|
26.47%
|
1.78%
(c)
|
1.49%
(c),(d)
|
(0.41%
)
|
20%
|
$29,169
|
|
Year Ended 8/31/2024
|
$29.66
|
(9.92%
)
|
1.69%
(c)
|
1.49%
(c),(d)
|
0.66%
|
40%
|
$25,059
|
|
Year Ended 8/31/2023
|
$33.10
|
(15.15%
)
|
1.61%
(c),(f)
|
1.54%
(c),(d),(f),(g)
|
(0.01%
)
|
61%
|
$33,863
|
|
Year Ended 8/31/2022
|
$39.01
|
(34.36%
)
|
1.50%
(c),(f)
|
1.50%
(c),(d),(f),(g)
|
(0.47%
)
|
65%
|
$46,148
|
|
Year Ended 8/31/2021
|
$59.43
|
(8.26%
)
|
1.44%
|
1.44%
(d)
|
(0.72%
)
|
19%
|
$82,311
|
|
Year Ended 8/31/2020
|
$67.81
|
53.06%
|
1.50%
(c)
|
1.50%
(c),(d)
|
(0.47%
)
|
27%
|
$91,892
|
|
Institutional Class
|
|||||||
|
Six Months Ended 2/28/2025 (Unaudited)
|
$41.15
|
26.61%
|
1.52%
(c)
|
1.24%
(c),(d)
|
0.03%
|
20%
|
$6,793
|
|
Year Ended 8/31/2024
|
$32.90
|
(9.70%
)
|
1.43%
(c)
|
1.24%
(c),(d)
|
0.39%
|
40%
|
$11,606
|
|
Year Ended 8/31/2023
|
$36.68
|
(15.01%
)
|
1.36%
(c),(f)
|
1.29%
(c),(d),(f),(g)
|
0.36%
|
61%
|
$27,373
|
|
Year Ended 8/31/2022
|
$43.16
|
(34.20%
)
|
1.25%
(c),(f)
|
1.25%
(c),(d),(f),(g)
|
(0.00%
)(e)
|
65%
|
$65,817
|
|
Year Ended 8/31/2021
|
$65.59
|
(8.03%
)
|
1.20%
|
1.20%
(d)
|
(0.44%
)
|
19%
|
$72,247
|
|
Year Ended 8/31/2020
|
$74.47
|
53.44%
|
1.25%
(c)
|
1.25%
(c),(d)
|
(0.22%
)
|
27%
|
$31,844
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund | 2025
13
Financial Highlights (continued)
|
|
Net asset value,
beginning of
period
|
Net
investment
income
(loss)
|
Net
realized
and
unrealized
gain (loss)
|
Total from
investment
operations
|
Distributions
from net
investment
income
|
Distributions
from net
realized
gains
|
Total
distributions to
shareholders
|
|
Institutional 3 Class
|
|||||||
|
Six Months Ended 2/28/2025 (Unaudited)
|
$32.98
|
0.01
|
8.73
|
8.74
|
(0.50
)
|
—
|
(0.50
)
|
|
Year Ended 8/31/2024
|
$36.75
|
0.34
|
(3.85
)
|
(3.51
)
|
(0.26
)
|
—
|
(0.26
)
|
|
Year Ended 8/31/2023
|
$43.14
|
0.22
|
(6.61
)
|
(6.39
)
|
—
|
—
|
—
|
|
Year Ended 8/31/2022
|
$65.46
|
(0.15
)
|
(22.17
)
|
(22.32
)
|
—
|
—
|
—
|
|
Year Ended 8/31/2021
|
$74.32
|
(0.17
)
|
(5.32
)
|
(5.49
)
|
—
|
(3.37
)
|
(3.37
)
|
|
Year Ended 8/31/2020
|
$49.08
|
(0.02
)
|
26.03
|
26.01
|
—
|
(0.77
)
|
(0.77
)
|
|
Notes to Financial Highlights
|
|
|
(a)
|
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly
bears a pro rata share of the fees and expenses of any other funds in which it invests.
Such indirect expenses are not included in the Fund’s reported expense ratios.
|
|
(b)
|
Total net expenses include the impact of certain fee waivers/expense reimbursements
made by the Investment Manager and certain of its affiliates, if applicable.
|
|
(c)
|
Ratios include interfund lending expense. For the periods indicated below, if interfund
lending expense had been excluded, expenses would have been lower by:
|
|
Class
|
2/28/2025
|
8/31/2024
|
8/31/2023
|
8/31/2022
|
8/31/2021
|
8/31/2020
|
|
Class A
|
0.01%
|
0.01%
|
less than 0.01%
|
less than 0.01%
|
—%
|
less than 0.01%
|
|
Institutional Class
|
0.01%
|
0.01%
|
less than 0.01%
|
less than 0.01%
|
—%
|
less than 0.01%
|
|
Institutional 3 Class
|
0.01%
|
0.01%
|
less than 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.
|
|
(f)
|
Ratios include line of credit interest expense. For the periods indicated below, if
line of credit interest expense had been excluded, expenses would have been lower
by:
|
|
Class
|
8/31/2023
|
8/31/2022
|
|
Class A
|
0.01%
|
less than 0.01%
|
|
Institutional Class
|
0.01%
|
less than 0.01%
|
|
Institutional 3 Class
|
less than 0.01%
|
less than 0.01%
|
|
(g)
|
Ratios include the impact of voluntary waivers paid by the Investment Manager. If the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by less than 0.01%.
|
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Greater China Fund | 2025
Financial Highlights (continued)
|
|
Net
asset
value,
end of
period
|
Total
return
|
Total gross
expense
ratio to
average
net assets(a)
|
Total net
expense
ratio to
average
net assets(a),(b)
|
Net investment
income (loss)
ratio to
average
net assets
|
Portfolio
turnover
|
Net
assets,
end of
period
(000’s)
|
|
Institutional 3 Class
|
|||||||
|
Six Months Ended 2/28/2025 (Unaudited)
|
$41.22
|
26.68%
|
1.37%
(c)
|
1.09%
(c)
|
0.04%
|
20%
|
$11,193
|
|
Year Ended 8/31/2024
|
$32.98
|
(9.55%
)
|
1.28%
(c)
|
1.09%
(c)
|
1.02%
|
40%
|
$14,669
|
|
Year Ended 8/31/2023
|
$36.75
|
(14.81%
)
|
1.20%
(c),(f)
|
1.13%
(c),(f)
|
0.54%
|
61%
|
$28,709
|
|
Year Ended 8/31/2022
|
$43.14
|
(34.10%
)
|
1.11%
(c),(f)
|
1.11%
(c),(f)
|
(0.27%
)
|
65%
|
$15,946
|
|
Year Ended 8/31/2021
|
$65.46
|
(7.93%
)
|
1.08%
|
1.08%
|
(0.22%
)
|
19%
|
$43,992
|
|
Year Ended 8/31/2020
|
$74.32
|
53.60%
|
1.12%
(c)
|
1.12%
(c)
|
(0.04%
)
|
27%
|
$31,974
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Greater China Fund | 2025
15
Notes to Financial Statements
February 28, 2025 (Unaudited)
Note 1. Organization
Columbia Greater China Fund (the Fund), a series of Columbia Funds Series Trust I
(the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940
Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers
each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have
identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different
minimum initial investment amounts and pay different net investment income distribution amounts to the extent
the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional
to the net asset value of each share class.
As described in the Fund’s prospectus, Class A shares are offered to the general public for investment. Institutional Class and Institutional 3 Class shares are available for purchase through authorized investment
professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
The Board of Trustees of the Fund approved the conversion of all Advisor Class shares
of the Fund to Institutional Class shares of the Fund and the subsequent elimination of Advisor Class shares. Effective
on November 22, 2024, Advisor Class shares of the Fund were converted to Institutional Class shares of the Fund. This
was a tax-free transaction for existing Advisor Class shareholders.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance
in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting
principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund
in the preparation of its financial statements.
Segment reporting
In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new
standard impacted financial statement disclosures only and did not affect the Fund’s financial position or its results of operations. The intent of the ASU 2023-07 is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures.
The chief operating decision maker (CODM) for the Fund is Columbia Management Investment
Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for
assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single
operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined
investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
16
Columbia Greater China Fund | 2025
Notes to Financial Statements (continued)
February 28, 2025 (Unaudited)
Security valuation
Foreign equity securities are valued based on the closing price or last trade price
on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices
are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or
markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange.
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange;
therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that
occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair
valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing
service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant
general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good
faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair
value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)),
are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations
which management believes are not reflective of market value or reliable, are valued at fair value as determined
in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities)
is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine
fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums.
Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure
fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major
category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally
translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange.
Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses)
arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses)
arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends,
interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains
(losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices
of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in
the Statement of Operations.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and
gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable
tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign
securities.
The Fund may receive distributions from holdings in equity securities, business development
companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment
companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their
distributions annually. These distributions
Columbia Greater China Fund | 2025
17
Notes to Financial Statements (continued)
February 28, 2025 (Unaudited)
are allocated to dividend income, capital gain and return of capital based on actual
information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer
owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual
information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers,
LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed
by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the
Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment
date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust
based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses
directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares
are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that
share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class
of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value
of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter
M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable
income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the
Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain
other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise
tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency
repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based
upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level,
based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate
rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually.
Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions
are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against
the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncements and regulatory updates
Accounting Standards Update 2023-09 Income Taxes (Topic 740)
18
Columbia Greater China Fund | 2025
Notes to Financial Statements (continued)
February 28, 2025 (Unaudited)
In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes
(Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and
decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information.
The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management
expects that the adoption of the amendments will not have a material impact on its financial statements.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment
Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).
Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well
as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.95% to 0.72% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended February 28, 2025 was 0.95% of the Fund’s average daily net assets.
Compensation of Board members
Members of the Board of Trustees who are not officers or employees of the Investment
Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations.
Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer
payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had
been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts
payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members"
in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance
with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment
companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment
Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise
Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted
with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services
as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception
of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number
or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a
fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established
by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder
services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares
are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class
shares.
Columbia Greater China Fund | 2025
19
Notes to Financial Statements (continued)
February 28, 2025 (Unaudited)
For the six months ended February 28, 2025, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
|
|
Effective rate (%)
|
|
Class A
|
0.16
|
|
Advisor Class
|
0.04
(a)
|
|
Institutional Class
|
0.16
|
|
Institutional 3 Class
|
0.01
|
|
(a)
|
Unannualized.
|
An annual minimum account balance fee of $20 may apply to certain accounts with a
value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense
reductions in the Statement of Operations. For the six months ended February 28, 2025, these minimum account balance
fees reduced total expenses of the Fund by $220.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors,
Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial,
for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution
and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service
fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or
servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum
annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs),
received by the Distributor for distributing Fund shares for the six months ended February 28, 2025, if any, are listed
below:
|
|
Front End (%)
|
CDSC (%)
|
Amount ($)
|
|
Class A
|
5.75
|
0.50 - 1.00
(a)
|
19,516
|
|
(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.
|
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to
waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed
below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
|
|
Fee rate(s) contractual
through
December 31, 2025 (%)
|
|
Class A
|
1.48
|
|
Institutional Class
|
1.23
|
|
Institutional 3 Class
|
1.08
|
20
Columbia Greater China Fund | 2025
Notes to Financial Statements (continued)
February 28, 2025 (Unaudited)
Under the agreement governing these fee waivers and/or expense reimbursement arrangements,
the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will
be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with
investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction
costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated
with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed
money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses
the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or
amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or
expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager
or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2025, the approximate cost of all investments for federal income tax
purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
|
Federal
tax cost ($)
|
Gross unrealized
appreciation ($)
|
Gross unrealized
(depreciation) ($)
|
Net unrealized
appreciation ($)
|
|
28,723,000
|
20,486,000
|
(2,156,000
)
|
18,330,000
|
Tax cost of investments and unrealized appreciation/(depreciation) may also include
timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at August 31, 2024, may be available
to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
|
(28,455,657
)
|
(188,862
)
|
(28,644,519
)
|
Management of the Fund has concluded that there are no significant uncertain tax positions
in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations,
and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term
investments and derivatives, if any, aggregated to $9,693,131 and $26,209,948, respectively, for the six months ended February
28, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial
Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund
established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund
from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund,
the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares
with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules
requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity
fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory
liquidity fee if daily net redemptions exceed 5% of net assets.
Columbia Greater China Fund | 2025
21
Notes to Financial Statements (continued)
February 28, 2025 (Unaudited)
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission,
the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating
Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other
Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program
are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to
repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional
lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended February 28, 2025 was as follows:
|
Borrower or lender
|
Average loan
balance ($)
|
Weighted average
interest rate (%)
|
Number of days
with outstanding loans
|
|
Borrower
|
885,000
|
5.38
|
20
|
Interest expense incurred by the Fund is recorded as Interest on interfund lending
in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2025.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by
JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of
shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement,
the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager
or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million.
Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the
federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus
1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The
Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15%
per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in
October unless extended or renewed. Prior to the October 24, 2024 amendment and restatement, the Fund had access to a
revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A.
which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings
at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10%
and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended February 28, 2025.
Note 9. Significant risks
Communication services sector risk
The Fund is vulnerable to the particular risks that may affect companies in the communication
services sector. Companies in the communication services sector are subject to certain risks, including the risk
that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly
obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or
the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services,
new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments.
Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of
their securities may fall or fail to rise. In addition, many communication services sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially
over the short term.
22
Columbia Greater China Fund | 2025
Notes to Financial Statements (continued)
February 28, 2025 (Unaudited)
Consumer discretionary sector risk
The Fund is vulnerable to the particular risks that may affect companies in the consumer
discretionary sector. Companies in the consumer discretionary sector are subject to certain risks, including fluctuations
in the performance of the overall domestic and international economies, interest rate changes, increased competition
and consumer confidence. Performance of such companies may be affected by factors including reduced disposable household
income, reduced consumer spending, changing demographics and consumer tastes.
Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments
in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social,
diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility.
In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets
may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency
devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund
will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries
or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial
information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly
available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates
auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign
countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud
claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other
authorities to bring and enforce actions against foreign issuers or foreign persons is limited.
Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political,
regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified
fund.
Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other
events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries
in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and
may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities.
Events in any one country within the region may impact other countries in the region or the region as a whole.
As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically
diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making
it difficult for the Fund to sell such securities at a desirable time and price.
Greater China. The Fund is particularly susceptible to economic, political, regulatory or other
events or conditions affecting issuers in the Greater China region. The region consists of Hong Kong, The People’s Republic of China and Taiwan, among other countries, and the Fund’s investments in the region are particularly susceptible to risks in that region. The Hong Kong, Taiwanese, and Chinese economies are dependent on the economies of other countries
and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in
Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or
Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Fund than if the Fund were
more geographically diversified, which could result in greater volatility in the Fund’s net asset value and losses. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties.
Changes in Chinese government policy and economic growth rates could significantly affect local markets and the entire Greater
China region. China has yet to develop comprehensive securities, corporate, or commercial laws, its market is relatively
new and less developed, and its economy is experiencing a relative slowdown. Export growth continues to be a major driver of China’s economic growth. As a result, a
Columbia Greater China Fund | 2025
23
Notes to Financial Statements (continued)
February 28, 2025 (Unaudited)
reduction in spending on Chinese products and services, the institution of additional
tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, or a
downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in
which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things,
political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact
issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely
interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As
a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks
and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets
in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the
Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Shareholder concentration risk
At February 28, 2025, one unaffiliated shareholder of record owned 22.9% of the outstanding
shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares
was owned beneficially. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the
operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times,
including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions.
Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund
shareholders.
Variable interest entity risk
Many Chinese companies to which the Fund seeks investment exposure use a structure
known as a variable interest entity (a VIE) to address Chinese restrictions on direct foreign investment in Chinese companies
operating in certain sectors. The Fund’s investment exposure to VIEs may pose additional risks because the Fund’s investment is in a holding company domiciled outside of China (a Holding Company) whose interests in the business of
the underlying Chinese operating company (the VIE) are established through contracts rather than equity ownership.
The VIE structure is a longstanding practice in China that, until recently, was not acknowledged by the Chinese government,
creating uncertainty over the possibility that the Chinese government might cease to tolerate VIE structures at
any time or impose new restrictions on the structure. In such a scenario, the Chinese operating company could be subject to penalties,
including revocation of its business and operating license, or the Holding Company could forfeit its interest
in the business of the Chinese operating company. Further, in case of dispute, the remedies and rights of the Fund may be limited
and such legal uncertainty may be exploited against the interests of the Fund. Control over a VIE may also be jeopardized
if a natural person who holds the equity interest in the VIE breaches the terms of the contractual arrangements, is
subject to legal proceedings, or if any physical instruments or property of the VIE, such as seals, business registration
certificates, financial data and licensing arrangements (sometimes referred to as “chops”), are used without authorization. In the event of such an occurrence, the Fund, as a foreign investor, may have little or no legal recourse. In addition to
the risk of government intervention, investments through a VIE structure are subject to the risks that the China-based
company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements, that Chinese law changes
in a way that adversely affects the enforceability of the arrangements and that the contracts are otherwise not enforceable
under Chinese law, in which case a Fund may suffer significant losses on its investments through a VIE structure with
little or no recourse available. Further,
24
Columbia Greater China Fund | 2025
Notes to Financial Statements (continued)
February 28, 2025 (Unaudited)
the Fund is not a VIE owner/shareholder and cannot exert influence through proxy voting
or other means. Foreign companies listed on stock exchanges in the United States, including companies using the VIE
structure, could also face delisting or other ramifications for failure to meet the expectations and/or requirements of U.S.
regulators. Recently, however, China has proposed the adoption of rules which would affirm that VIEs are legally permissible,
though there remains significant uncertainty over how these rules will operate. The Fund invests significantly in Holding
Companies (and similar structures) in connection with its 80% investment policy and any of these risks could reduce the liquidity and value of the Fund’s investments in Holding Companies or render them valueless.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the
date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional
disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course
of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions)
concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm.
Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates
are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect
on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise
Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange
Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies
of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated
with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the
Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability
of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties
and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or
to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these
proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further
claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated
financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates
that provide services to the Fund.
Columbia Greater China Fund | 2025
25
Columbia Greater China Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for
any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information
about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name
of the Columbia and Threadneedle group of companies. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR158_08_R01_(04/25)
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.
The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under 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.
(a)(1) Not applicable.
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 | April 22, 2025 |
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 | April 22, 2025 |
| By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, | |
| Principal Financial Officer and Senior Vice President | |
| Date | April 22, 2025 |
| By (Signature and Title) | /s/ Charles H. Chiesa |
| Charles H. Chiesa, Treasurer, Chief Accounting | |
| Officer and Principal Financial Officer | |
| Date | April 22, 2025 |