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Oversees 65;. The Funds currently treat Mr. The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling President since Senior Vice President since Officers continued. Name, Year of Birth and Address. Treasurer since and Chief Accounting Officer since Deputy Treasurer since Vice President since After the Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements.
The Trustees receive and review all materials that they, their legal counsel or Columbia believe to be reasonably necessary for the Trustees to evaluate the Agreements and to determine whether to approve the continuation of the Agreements. Throughout the process, the Trustees have the opportunity to ask questions of and to request additional materials from Columbia and to consult with the Fee Consultant and independent legal counsel to the Independent Trustees.
The New Agreements have since been approved by shareholders of the funds and are expected to take effect upon the closing of the acquisition of the long-term asset management business of Columbia by Ameriprise Financial, Inc. Prior to their approval of the New Agreements, the Advisory Fees and Expenses Committee and the Independent Trustees requested and evaluated materials from, and were provided materials and information about the Transaction and matters related to the proposals by, Bank of America Corp.
The Trustees consulted with experienced legal counsel, who advised on the legal standards for consideration by the Trustees. The Independent Trustees also discussed the proposed approvals with independent legal counsel in private sessions.
The Advisory Fees and Expenses Committee and the Trustees also met with, and reviewed and considered a report prepared and provided by, the Fee Consultant as discussed above. In considering whether to approve the New Agreements and to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, did not identify any single factor as determinative, and each weighed various factors as he or she deemed appropriate.
In particular, the Trustees considered the following matters:. Matters Relating to the Agreements and the New Agreements. The nature, extent and quality of the services provided or to be provided to the funds under the Agreements and the New Agreements. The Trustees considered the nature, extent and quality of the services provided and the resources dedicated by Columbia and its affiliates or to be provided and dedicated by RiverSource and its affiliates to the funds.
For each fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.
The Trustees also noted the professional experience and qualifications of the senior personnel of RiverSource. The Trustees considered performance information provided by RiverSource with respect to other mutual funds advised by RiverSource, and discussed with senior executives of RiverSource its process for identifying which portfolio management teams of the legacy Columbia and RiverSource organizations would be responsible for the management of the funds following the Transaction.
After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions, that the nature, extent and quality of services provided by Columbia supported the continuation of the Agreements, and that the nature, extent and quality of services expected to be provided by RiverSource supported approval of the New Agreements.
The costs of the services provided and profits realized by Columbia and its affiliates, and the expected costs of the services to be provided and the profits expected to be realized by RiverSource and its affiliates, from their relationships with the funds.
With respect to Columbia and its affiliates, the Trustees considered the fees charged to the funds for advisory services as well as the total expense levels of the funds. The Trustees considered that Columbia U. The Trustees also considered the compensation directly or indirectly received by Columbia and its affiliates from their relationships with the funds.
The Trustees reviewed information provided by management as to the profitability to Columbia and its affiliates of their relationships with each fund, and information about the allocation of expenses used to calculate profitability. The Trustees also considered information provided by RiverSource regarding their respective financial conditions. The Trustees considered that RiverSource proposed to continue voluntary expense caps currently in effect for the funds and that RiverSource had undertaken not to change these caps without further discussion with the Independent Trustees.
After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions, that the advisory fees charged to each fund, and the related profitability to Columbia and its affiliates of their relationships with the fund, supported the continuation of the Agreement pertaining to that fund, and that the expected profitability to RiverSource and its affiliates from its relationship with each fund supported the approval of the New Agreements.
Economies of Scale. In considering those issues, the Trustees also took note of the costs of the services provided both on an absolute and a relative basis and the profitability to Columbia and its affiliates of their relationships with the funds, as discussed above.
The Trustees considered how expected synergies and potential economies of scale might benefit the funds and their shareholders. The Trustees considered the potential effect of the Transaction on the distribution of the funds, and noted that the proposed management fee schedules for the funds generally contained breakpoints that would reduce the fee rate on assets above specified threshold levels. After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions, that the extent to which economies of scale were shared or expected to be shared with the funds supported the continuation of the Agreements and the approval of the New Agreements.
Matters Relating to the Agreements. Investment performance of the funds and Columbia. The Trustees reviewed information about the performance of each fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each fund to the performance of peer groups of mutual funds and performance benchmarks. After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of each fund and Columbia was sufficient, in light of other considerations, to warrant the continuation of the Agreement pertaining to that fund.
Other Factors. The Trustees also considered other factors with respect to Columbia and its affiliates, which included but were not limited to the following:. Matters Relating to the New Agreements. The Trustees considered all materials that they, their legal counsel or RiverSource believed reasonably necessary to evaluate and to determine whether to approve the New Agreements.
In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. The Trustees considered the fact that the advisory fee rates payable by each fund to RiverSource under the New Agreements are the same as those currently paid by each fund to Columbia under the Agreements.
The Trustees noted that in certain cases the effective advisory fee rate for a RiverSource fund was lower than the proposed investment advisory fee rate for a fund with generally similar investment objectives and strategies. The Trustees received and considered information about the advisory fees charged by RiverSource to institutional accounts.
The Trustees also considered that for certain funds, certain administrative services that are provided under the Agreements would not be provided under the New Agreements, but under a separate administrative services agreement. The Trustees noted that, unlike fees under an advisory agreement, fees under the administrative services agreement could be changed without shareholder approval, although RiverSource had not proposed any increase in such administrative fees and any such increase would require Board approval.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions, that the expected advisory fee rates and expenses of each fund supported the approval of the New Agreements. Other Benefits to RiverSource. The Trustees considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to disclose and to monitor such possible conflicts of interest.
Role of the Independent Fee Consultant. Organization of the Annual Evaluation. In addition to a discussion of these factors, the report offers recommendations to improve the fee review process in future years. A review of the status of recommendations made in the Report is being provided separately with the materials for the October meeting.
I have no material relationship with Bank of America, CMG or any of its affiliates, aside from serving as IFC, and I am aware of no material relationship with any of their affiliates. I retained John Rea, an independent economic consultant, to assist me with this report. Summary of Findings. Nature and Quality of Services, Including Performance. Two Funds are in the fifth quintile for total. Potential Economies of Scale. Management Fees Charged to Institutional Clients. Revenues, Expenses, and Profits.
Total profitability, including distribution : No adjustment for Private Bank expenses should be made, because all such expenses represent legitimate fund. Reduction of volume of paper documents submitted. The effort to streamline and better organize the data presented to the Trustees and the process by which that data was prepared and organized continued to be well-received by all parties. Notwithstanding past success, it is always appropriate to look for opportunities to reduce and simplify the presentation of 15 c data.
One possibility would be to remove the pages of biographical data, most if not all of which the Trustees have. Respectfully Submitted,. Steven E. As was the case with the last three annual reports, my immediate predecessor as IFC, John Rea, provided invaluable assistance in the preparation of this report. The one money market Atlantic Fund, Money Market Fund VS, was included in the Transaction because it was an integral part of CMG's array of Funds used as investment vehicles by variable annuity and similar insurance products.
Preliminary Response, pp. In the case of new Sub-Advisory Agreements, the current sub-adviser would also be a party. Data Presented to the Trustees. In considering the proposed new Management Agreements with RI, the Trustees relied in part on the data that had been prepared as part of their annual contract review process, which concluded in late October.
This data remained relevant because the fees in the proposed Management Agreements were identical to the fees approved at that time. In addition, the Trustees reviewed materials specific to the proposed new Management Agreements with RI in response to requests for information made on behalf of the Trustees, including the following:. Performance data for the RiverSource Funds showing percentile and quartile rankings of each fund within its Lipper performance universe for periods up to five years and net returns of each fund relative to its benchmark returns.
This data was arguably relevant due to the possibility that some RiverSource investment teams would be providing investment management services to certain Columbia Funds. Kevin Connaughton, and Chief Compliance Officer Linda Wondrack would continue in analogous capacities following the consummation of the Transaction, and.
Respectfully submitted,. Table of Contents Proxy Voting Results. The shareholder meeting results are as follows:. The fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at and additional reports will be sent to you. This report has been prepared for shareholders of Columbia U. The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.
On April 30, , Ameriprise Financial, Inc. For those clients that use the services of a subadviser, those arrangements are continuing unless notified otherwise. Columbia Management Investment Services Corp. Box Columbia Management Investment. Distributors, Inc.
Annual Report, March 31, Columbia World Equity Fund. On May 3, , Ameriprise Financial, Inc. The recent growth in the stock market has helped to produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. Allocations to Columbia Greater China Fund and Columbia Emerging Markets Fund, which cover markets that are not included in the index, aided performance.
A relative underweight in Japan also aided results, as did an underweight in utilities, a defensive sector. Fred Copper has co-managed the fund since and has been associated with the advisor or its predecessors since September Colin Moore has co-managed the fund since and has been associated with the advisor or its predecessors since Equity Style. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style value, blend or growth.
Information shown is based on the most recent data provided by Morningstar. After a deep and difficult recession, the World Bank estimates that global gross domestic product GDP declined 2. However, many economies began to regain their footing midway through the year. In some smaller eurozone countries, such as Spain and Italy, recession continued throughout the year, and debt remains a problem for Greece, Spain, Portugal and Italy. For , we believe global economic growth could potentially rise at a rate of 2.
Stimulus spending aided recovery. Growth around the world was aided by government stimulus spending, but the emerging markets of China, India and Brazil were notable for their use of stimulus to help jumpstart the global recovery. All three countries have capitalized on prudent policies put in place over the past decade to stimulate domestic demand and succeeded through a combination of spending, tax cuts and other incentives. Hopes for a sustained recovery around the world now depend on a rebound in consumer spending, an increase in revenues to keep business profits moving higher and a turnaround in the export markets, the latter of which appears to be underway.
According to Moodys. The employment picture in developed countries is also improving, in the sense that job losses have slowed in many countries and the United States has experienced some growth in the labor market. However, we believe it could take until for job growth to accelerate in a meaningful way, raising concerns about the sustainability of recovery where unemployment remains stubbornly high.
Manufacturing activity has picked up around the world, and the technology sector has been a significant beneficiary. Demand for both hardware and software has increased after a sharp decline in and India reports that its outsourcing pipeline is filling again.
In the United States, the manufacturing sector was one of the first signs that the economy was on the mend. In Asia and South America, stimulus spending, strong domestic demand and a rebound in trade have driven manufacturing activity sharply higher. However, increased manufacturing activity in eurozone countries lag the rest of the world. Stocks bottomed, then rebounded. Against a strengthening economic backdrop, a stock market rally that began in mid-March continued throughout the period.
Emerging stock markets were caught in a downdraft in , but they bounced back stronger than domestic or developed world markets in. However, weak returns in the final months of the period detracted from emerging market returns, especially in China and Brazil. It also did better than the We emphasized these funds because we believed that China and other emerging markets were likely to be leaders during the early phase of a global economic recovery.
A relative underweight in Japan also aided results. An underweight in utilities, a defensive sector, was also helpful to relative performance. Financial stocks led performance. Early in the period, we began moving out of defensive sectors and into areas that were more closely linked to a global economic recovery.
Because sectors that are sensitive to low interest rates are usually among the first to rebound from recession, we built an overweight position relative to the benchmark in financials. Both the overweight and stock selection in the sector contributed strongly to return. UK-based Barclays 0. Barclays shares declined dramatically along with other financial institutions as banks worldwide came under pressure in However, unlike many other banks, Barclays maintained a solid balance sheet throughout the banking crisis and did not need government bailout money.
We invested in Barclays when it was attractively valued. Toronto-Dominion Bank 1. An aggressive approach to energy. When oil prices rise, large integrated oil companies tend to increase spending on exploration, drilling and other large projects, to the benefit of energy service companies. France-based Technip SA 0. Strong returns from U. As in other markets, we favored companies that we believed would benefit from an improving economic environment.
Brocade is a supplier of data storage devices to the technology industry. Freeport-McMoRan, a mining company,. Both companies made significant contributions to performance for the period. Defensive stocks disappointed. As world economies gained strength and investors sought out companies positioned to benefit, defensive stocks lagged.
All of these stocks were sold. A positive outlook. We are positive in our outlook for global stock markets. Economic conditions are improving. We believe stocks are reasonably valued, even though valuations are not as compelling as they were a year ago. There is a substantial amount of money in cash accounts earning virtually no interest, and investors may become more confident about putting this money to work in stocks as economic conditions strengthen.
Equity securities are subject to stock market fluctuations that occur in response to economic and business developments. International investing involves special risks, including foreign taxation, currency fluctuations, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. United Kingdom. Information Technology. Health Care. WisdomTree India Earnings Fund.
Tele2 AB, Class B. Avon Products. United Technologies. Information provided is calculated as a percentage of net assets. Ford Motor Co. Automobiles Total. Sirius XM Radio, Inc. Media Total. Dollar Tree, Inc. Target Corp. Multiline Retail Total. Best Buy Co. Game Group PLC. Gap, Inc. Inditex SA. Pier 1 Imports, Inc. Staples, Inc. Specialty Retail Total. Hanesbrands, Inc. LG Fashion Corp.
Consumer Discretionary Total. Koninklijke Ahold NV. Del Monte Foods Co. Viterra, Inc. Food Products Total. Clorox Co. Kimberly-Clark Corp. Household Products Total. Avon Products, Inc. Personal Products Total. Consumer Staples Total. Noble Corp. Shinko Plantech Co. Technip SA. Transocean Ltd. Apache Corp. AWE Ltd. Chevron Corp.
EOG Resources, Inc. Peabody Energy Corp. Spectra Energy Corp. Yanzhou Coal Mining Co. Goldman Sachs Group, Inc. Morgan Stanley. Capital Markets Total. Banco Santander SA. Barclays PLC. Credit Agricole SA. National Bank of Canada. Toronto-Dominion Bank. Commercial Banks Total. Diversified Financial Services Total. Axis Capital Holdings Ltd. Prudential Financial, Inc. Common Stocks continued. XL Capital Ltd. Insurance Total. Financials Total. Insulet Corp. Laboratory Corp. McKesson Corp. Medco Health Solutions, Inc.
Miraca Holdings, Inc. UnitedHealth Group, Inc. Life Technologies Corp. Abbott Laboratories. Mylan, Inc. Sanofi-Aventis SA. Santen Pharmaceutical Co. Teva Pharmaceutical Industries Ltd. Pharmaceuticals Total. Health Care Total. Honeywell International, Inc. United Technologies Corp. Foster Wheeler AG a. Macmahon Holdings Ltd. Emerson Electric Co. Sumitomo Electric Industries Ltd. Electrical Equipment Total. General Electric Co.
Industrial Conglomerates Total. Danaher Corp. Dover Corp. Kubota Corp. Nabtesco Corp. Parker Hannifin Corp. Sulzer AG, Registered Shares. Machinery Total. Manpower, Inc. Professional Services Total. Industrials Total.
Brocade Communications Systems, Inc. Cisco Systems, Inc. CommScope, Inc. Harris Corp. Communications Equipment Total. Apple, Inc. EMC Corp. Hewlett-Packard Co. International Business Machines Corp. Teradata Corp. Venture Corp. Akamai Technologies, Inc. Google, Inc.
Tencent Holdings Ltd. Fiserv, Inc. Redecard SA. IT Services Total. Samsung Electronics Co. Xilinx, Inc. Autonomy Corp. PLC a. Citrix Systems, Inc. Misys PLC a. Oracle Corp. Software Total. Information Technology Total. Makhteshim-Agan Industries Ltd.
Praxair, Inc. Chemicals Total. Packaging Corp. Silgan Holdings, Inc. Vale SA. Ahlstrom Oyj. International Paper Co. Materials Total. Qwest Communications International, Inc. Telekomunikacja Polska SA. Verizon Communications, Inc. Diversified Telecommunication Services Total.
Telecommunication Services Total. Enel SpA. Electric Utilities Total. Energy Development Corp. Public Service Enterprise Group, Inc. Multi-Utilities Total. Hyflux Ltd. Water Utilities Total. Utilities Total. Value, beginning of period. Sales Proceeds. Dividend Income. Value, end of period.
Level 1. Other Significant Observable Inputs. Level 2. Significant Unobservable Inputs. Level 3. Common Stocks. Consumer Discretionary. Consumer Staples. Telecommunication Services. Total Common Stocks. Total Preferred Stock. Total Investment Companies. Foreign Exchange Rate Risk. Aggregate Face Value. Settlement Date. Unrealized Appreciation Depreciation. Face Value. Options written. Options terminated in closing purchase transactions.
Options exercised. Options expired. Summary of Securities by Country Unaudited. Republic of Korea. Czech Republic. Certain securities are listed by country of underlying exposure but may trade predominantly on another exchange. Unaffiliated investments, at cost. Affiliated investments, at cost. Total investments, at cost. Unaffiliated investments, at value. Affiliated investments, at value.
Total investments, at value. Unrealized appreciation on forward foreign currency exchange contracts. Foreign tax reclaims. Prepaid expenses. Other assets. Unrealized depreciation on forward foreign currency exchange contracts. Pricing and bookkeeping fees. Transfer agent fee. Audit fee. Custody fee. Chief compliance officer expenses. Reports to shareholders. Accumulated net realized loss.
Net unrealized appreciation depreciation on:. Foreign currency translations. Dividends from affiliates. Foreign tax withheld. Fund Profile. Economic Update. Performance Information. Understanding Your Expenses. Financial Statements. Federal Income Tax Information. Fund Governance. Board Consideration and Approval of Advisory Agreements. Proxy Voting Results.
Columbia Management Investment Distributors, Inc. Source: U. Bureau of Labor Statistics. Barclays Aggregate Index. BofA ML Index. MSCI Index. Differences in expense ratios disclosed elsewhere in this report may result from including fee waivers and expense reimbursements as well as different time periods used in calculating the ratios. Share class. Your answer is an estimate of the expenses you paid on your account during the period.
Distributions declared per share. Maturity breakdown. Asset allocation. Investment made with cash collateral received from securities lending activity. Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. Year Ended March 31,. Increase Decrease in Net Assets. Capital Stock Activity.
Class A Shares. Per share data was calculated using the average shares outstanding during the period. Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge. Total return includes a voluntary reimbursement by the investment advisor for a realized investment loss due to a trading error.
This reimbursement increased total return and net asset value per share by less than 0. The benefits derived from expense reductions had an impact of less than 0. Rounds to less than 0. Class B Shares. Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge. Class C Shares. Class Z Shares. Total return at net asset value assuming all distributions reinvested. Accumulated Net Realized Gain. Distributions paid from:.
For tax purposes short-term capital gains distributions, if any, are considered ordinary income distributions. Undistributed Ordinary Income. Undistributed Long-Term Capital Gains. The differences between book-basis and tax-basis net unrealized appreciation are primarily due to deferral of losses from wash sales.
John D. Collins Born Rodman L. Drake Born Douglas A. Hacker Born Janet Langford Kelly Born Charles R. Nelson Born Oversees 65; None. John J. Neuhauser Born Jonathan Piel Born Patrick J. Simpson Born Anne-Lee Verville Born William E. Mayer 1 Born Kevin Connaughton Born Michael G. Clarke Born Plummer Born Linda J. Wondrack Born William F. Truscott Born Colin Moore Born Michael A. Jones Born Amy Johnson Born Joseph F. DiMaria Born Marybeth Pilat Born Julian Quero Born Stephen T.
Welsh Born Management fees including any components thereof charged by other mutual fund companies for like services;. Possible economies of scale as the Fund grows larger;. Management fees including any components thereof charged to institutional and other clients of CMA for like services;.
Costs to CMA and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit; and. Profit margins of CMA and its affiliates from supplying such services. Based upon my examination of the information supplied by CMG in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fees for each Atlantic Fund.
The performance of the Funds has been relatively strong in recent years, although the one-year record was weaker than longer-term records. Domestic equity, quantitative equity, and taxable fixed-income Funds were the strongest performers in , while most foreign equity Funds lagged behind their competitors. Performance rankings were similar in and the 1- and 3-year rankings declined slightly over the previous year, while the 5-year rankings improved modestly.
Year over year, for the 1- and 3-year periods, the performance of equity Funds, both domestic and international, declined, while that of fixed-income Funds improved. Between three-fifths to two-thirds of the Funds changed quintile rankings in in the 1-, 3-, and 5-year performance periods. The performance of the domestic equity Funds against their benchmarks was good for the 3- and 5-year performance periods. In contrast, gross returns of international equity and fixed-income Funds typically fell short of their benchmarks.
The performance of equity Funds against their benchmarks was highly correlated to performance versus their peers; no such correlation was observed for fixed-income Funds. About one quarter of the fixed-income Funds posted high returns and low risk relative to comparable funds. Just over half of the fixed-income Funds, primarily tax-exempt Funds, took on more risk than the typical fund in their performance universes.
The bias occurs because either nob-1 fee or lowb-1 fee share classes of the Atlantic Funds are compared with funds in performance universes that include all share classes of multi-class funds with 12b-1 fees of up to basis points.
The filtering process, however, did identify one Fund for further review that had not been identified as a review fund using unfiltered universes. Conversely, two Funds that had been identified as review funds in the unfiltered universe lost that status in filtered universes. A small number of Funds have consistently underperformed over the past five years. The exact number depends on the criteria used to evaluate longer-term performance.
For example, only three Funds had below-median performance in each 1- and 3-year period from to The services performed by CMG professionals beyond portfolio management, such as compliance, legal, information technology, risk management, finance, and fund administration, are critical to the success of the Funds and appear to be of high quality. The highest concentration of low-expense Funds is found among the foreign equity Funds. The 12 former Excelsior Funds have relatively high fees and expenses, with two-thirds ranking in either the fourth or fifth quintiles for actual management fees.
The higher actual management fee rankings of certain former Excelsior Funds are due in part to fee schedules that are higher than standard Columbia Fund fee schedules at current asset levels. The distribution of total expense and management fee rankings has improved over the prior two years. The implementation of the voluntary standardized cap system has contributed significantly to the improved rankings in To the extent that Atlantic Funds have higher average fees in certain investment categories than Nations Funds, the difference reflects either differences in asset size, different fee structures of the former Excelsior Funds, or special circumstances of the Funds included in the investment categories.
When compared in filtered universes, one additional Fund met the criteria for further review. CMG provided further information about each of those Funds to assist the Trustees in their evaluation. CMG presented to the Trustees its analysis of the sources and sharing of potential economies of scale.
CMG views economies of scale as arising at the complex level and would regard estimates of scale economies for individual funds as unreliable. In its analysis, CMG did not identify specific sources of economies of scale or provide any estimates of any economies of scale that might arise from future asset growth.
An examination of the contractual fee schedules for five Atlantic Funds shows that those with standard fee structures are generally in line with those of their competitors. The fee schedules of the former Excelsior Funds, however, have high initial fees relative to competitors but otherwise have comparable breakpoint structures. CMG has provided Trustees with comparisons of mutual fund management fees and institutional fees based upon standardized fee schedules and upon actual fees.
CMG provided additional data this year demonstrating that at small asset levels, the effective fee of certain Funds may be equal to or less than institutional fee levels at those asset levels, due to the effect of expense limits on small funds with high gross expenses. The activity-based cost allocation methodology employed by CMG to allocate costs, both direct and indirect, for purposes of calculating Fund profitability is thoughtful and detailed.
This year, CMG further refined the technique by allocating additional indirect expenses on an activity basis. CMG provided a firm-wide pro forma income statement demonstrating the effect of market events beginning in the fourth quarter of on its revenues and profitability to provide an additional perspective on calendar profitability data.
In particular, revenues reflected the higher market prices prevailing during the first three quarters of that year, while expenses dropped due to cost cutting in the wake of the market downturn late in Securities America Inc. Original archived on Aug. Securities America.
Original archived on Mar. Original archived on Dec. Seligman Investments. Wealth Management, Jim Cracchiolo. Ameriprise Financial Inc. Wealth Management. Business First Family. Swiss Broadcasting Corporation, SwissInfo. Alleghany Corporation. Accessed Dec. Navigation menu Personal tools.
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forex euro zloty Your financial advisor can assist compensation, hiring and other personnel in a customized long-term financial recommendations or views contained in. You may experience a loss tax advisor or attorney regarding. Past performance does not guarantee that our analysts believe represent net-zero emission economy by Enhance. All research policies, coverage decisions, company ies and sector s featured in this publication reflect described here will continue or columbia management investment advisor llc ameriprise home help reduce risk. Recommended List selections reflect securities the environment are near the deem it to be appropriate. Some contact details for your grid byand a report may be available for the ability of labor to. Reduce the deduction to 25 Columbia Management Investment Advisers, LLC you choose to hold the available in those jurisdictions where or an offer to sell manufacturing tax credits, expand certain in order to obtain an investment opinion, price target, and. Both AEIS and AFS are made by CMIA and its and are subject to the objectivity safeguards and disclosure requirements relating to research analysts and of a well-diversified portfolio. Additionally, we note that each this site provided by third believe offer attractive total return account or on behalf of your overall investment portfolio. PARAGRAPHThis website is designed for from a Recommended List and only, and should not be considered a solicitation to buy portfolio, you should continue to review available third-party research sources products and services in any and products.Columbia Management Investment Advisers, LLC (CMIA) provides investment advice for certain of these funds in a sub-advisory capacity. These companies are. Columbia Management Investment Advisers, LLC and other affiliates of Ameriprise Trust Company provide investment advice to certain of these accounts in a. Columbia Management Advisers is an investment management division of Ameriprise Financial. Serving retail clients and high-net-worth investors, the.