UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-21852
Columbia Funds Series Trust II
(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: May 31
Date of reporting period: May 31, 2022
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.
May 31, 2022
3 | |
5 | |
9 | |
10 | |
19 | |
20 | |
21 | |
22 | |
24 | |
34 | |
35 | |
35 | |
41 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Institutional Class* | 01/03/17 | 1.22 | 10.75 | 12.08 | |
Institutional 3 Class* | 12/18/19 | 1.35 | 10.80 | 12.10 | |
Russell 1000 Value Index | 0.93 | 9.50 | 12.06 |
* | Returns shown for periods prior to the inception date of the Fund’s Institutional Class and Institutional Class 3 shares through January 2, 2017 include the returns of the Fund’s Class A shares and the returns shown for the Fund’s Class Institutional 3 shares also include the returns of the Fund’s Institutional Class shares from January 3, 2017 through December 17, 2019. Class A shares were offered prior to the Fund’s Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Common Stocks | 99.1 |
Money Market Funds | 0.9 |
Total | 100.0 |
Equity sector breakdown (%) (at May 31, 2022) | |
Communication Services | 7.7 |
Consumer Discretionary | 8.6 |
Consumer Staples | 6.2 |
Energy | 9.3 |
Financials | 19.9 |
Health Care | 15.1 |
Industrials | 12.2 |
Information Technology | 11.3 |
Materials | 5.7 |
Real Estate | 1.9 |
Utilities | 2.1 |
Total | 100.0 |
4 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
(Unaudited)
• | Outperformance in our portion of the Fund was driven by allocation decisions and broad-based stock selection. |
• | The health care sector was the strongest area of performance, primarily the result of stock selection with a modest contribution from an overweight allocation as compared to the benchmark. |
• | Stock selection within the industrials and information technology sectors was additive. |
• | Underweight allocations to the communication services and consumer discretionary sectors also benefited performance. |
• | Top individual contributors included Chevron Corp., EOG Resources, Inc., Eli Lilly & Co. and Broadcom, Inc. |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 5 |
(Unaudited)
○ | Within the energy sector, oil and gas companies Chevron and EOG Resources both benefited from the surge in energy prices during the period. |
○ | Within health care, an overweight to pharmaceutical company Eli Lilly benefited performance as the company’s stock price climbed throughout the year. Reporting strong earnings that surpassed expectations, the company received breakthrough therapy approval from the FDA for its new Alzheimer’s treatment and also recently received approval for its drug to treat diabetes and obesity. |
○ | Within information technology, semiconductor and infrastructure software provider Broadcom was among the top contributors in our portion of the Fund for the period. Broadcom holds a dominant position in the data center and networking end markets along with what has been a very profitable software business. The company seeks to sell into high-growth markets and has had a strong margin structure, which has produced above average growth and consistent profitability. |
○ | A lack of exposure to Amazon.com and Facebook parent Meta proved beneficial. |
• | Stock selection within the financial sector detracted from relative performance. |
• | An overweight allocation to the poor-performing industrials sector also weighed on relative results. |
• | Top individual detractors included Target Corp., Allstate Corp., Comcast Corp., JPMorgan Chase & Co. and Lam Research Corp. |
○ | Within the consumer discretionary sector, multiline retailer Target struggled with inventory issues as customers curtailed discretionary spending in the face of rising inflation. |
○ | An overweight during the period to insurer Allstate weighed on performance. Allstate had seen results for its auto insurance business pressured by an increase in miles driven and associated accident claims as the economy reopened, along with higher used vehicle prices and repair costs caused by supply chain issues. These factors have led to a period of margin compression that we believed would likely persist throughout 2022. We exited Allstate in the fourth quarter of 2021. |
○ | A position in broadband provider Comcast also constrained performance during the period. The company’s share price declined as its cable subscriber customer base shrank and its balance sheet remained leveraged. We believe the company is benefiting, however, from strength in its internet subscriber base and momentum in its wireless business. |
○ | Within financials, a position in JPMorgan Chase detracted. As longer term interest rates stabilized or drifted lower, investors sold off bank stocks on the outlook for weaker profits from lending. |
○ | Within information technology, an overweight to LAM Research weighed on relative results during the period. LAM is one of a handful of companies that makes equipment necessary to the increasingly complex process of manufacturing semiconductors. LAM’s stock price has benefited in recent years from strong equipment orders from the biggest chip producers. After a positive run in the stock, it appears LAM sold off on profit taking as investors wait for more guidance about 2022 equipment orders. |
○ | Not owning tech giant Apple also detracted from results relative to the benchmark. |
• | The primary driver of outperformance in our portion of the Fund was the greater emphasis on mid cap, value, and higher profitability stocks. |
6 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
(Unaudited)
• | The three strongest-contributing market sectors to the strategy on a relative basis were the energy, materials and industrials sectors, in which we were overweight all three. |
○ | Returns for our portion of the Fund were positive in the energy and materials sectors and outperformed the benchmark’s returns for both due to both portfolio allocation and security selection. |
○ | Our sector return was negative on an absolute basis for the industrials sector but outperformed the sector return for the benchmark due to security selection. |
• | The strongest-contributing stocks to the strategy on a relative basis were Occidental Petroleum Corp., Pfizer, Inc. and ConocoPhillips. |
○ | Our portion of the Fund was overweight, relative to the benchmark, in each of these three strong performing stocks, which contributed positively to relative performance. |
• | Market sectors that detracted most on a relative basis during the period were the utilities, consumer discretionary and communication services sectors. |
○ | Within the utilities sector, an underweighted allocation in our portion of the Fund detracted from performance versus the benchmark. Our strategy generally excludes highly regulated utilities from purchase because while they tend to have low relative prices, their expected returns tend to be lower than those of value stocks. Relative underperformance was due to portfolio allocation. |
○ | Our portion of the Fund was overweight to the consumer discretionary sector and underperformed relative to the benchmark. Relative underperformance was due to portfolio allocation. |
○ | Our portion of the Fund was overweight relative to the communication services sector the benchmark. Though our portion of the Fund outperformed the benchmark in the sector, the overweighted allocation led to relative underperformance, as the communication services sector underperformed generally. |
• | Individual stocks that detracted from results in our portion of the Fund included Comcast, Intel and UnitedHealth Group. |
○ | Our portion of the Fund was overweight, as compared to the benchmark, in the stock of Comcast and Intel, both of which posted negative returns for the period. Our overweighted position in each drove relative underperformance during the period. |
○ | Having an underweighted allocation to UnitedHealth Group during the period detracted from relative results as the stock outperformed the overall benchmark by a wide margin. |
• | Underperformance in our portion of the Fund was primarily driven by an overweight position and security selection within the consumer discretionary sector, as well as an underweight position in the energy sector. |
• | Security selection and an overweight position in the communication services sector and an underweight position in the utilities sector also detracted from relative return. |
• | Top individual detractors in our portion of the Fund included Walt Disney, Meta Platforms, Inc. and General Motors Co. |
○ | Shares of Walt Disney underperformed during the fourth quarter of 2021 and the first half of 2022 as subscriber growth in the company’s streaming service Disney+ is not expected to reaccelerate meaningfully until the summer, which adds to concerns over the service’s ability to achieve fiscal year 2024 targets. Increased investments and inflation have also cast a cloud over underlying improvements in Disney’s parks business. |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 7 |
(Unaudited)
○ | Meta Platforms’ share price declined significantly as the company reported a slight miss in earnings and provided guidance for a weak first quarter of 2022. Competition from TikTok has been impacting user engagement in its apps. |
○ | General Motors underperformed as it continues to face headwinds related to supply chain disruptions and raw material cost inflation. In addition, uncertainty surrounding global energy markets due to inflation and the conflict in Ukraine has created a greater economic burden on consumers, which tends to slow automotive sales. |
• | Security selection in the financials, industrials, real estate and consumer staples sectors made the largest contribution to relative return in our portion of the Fund during the period. |
• | Top individual contributors to performance included Chevron Corp., Pfizer, Inc. and ConocoPhillips. |
○ | Chevron benefited from increasing oil prices as demand bounced back from pandemic lows and the Russia/Ukraine war impacted supply. Its share price rose to a level that exceeded our estimate of intrinsic value and we exited our position during the first quarter of 2022. |
○ | Global pharmaceutical company Pfizer benefited due to investor excitement about the company’s new COVID-19 treatment. Pfizer also enjoys a distant patent cliff, an industry-leading product offering, a robust pipeline and the cash flow to invest in new pipeline assets. |
○ | During the first quarter of 2022, we redeployed capital from the sale of Chevron Corp. into ConocoPhillips, which has benefited from rising oil prices as economies have reopened. We believe the company is well positioned over the long run due to its low-risk asset base. |
8 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Institutional Class | 1,000.00 | 1,000.00 | 1,009.50 | 1,021.49 | 3.46 | 3.48 | 0.69 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,009.90 | 1,021.74 | 3.21 | 3.23 | 0.64 |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 9 |
May 31, 2022
Common Stocks 98.9% | ||
Issuer | Shares | Value ($) |
Communication Services 7.6% | ||
Diversified Telecommunication Services 2.1% | ||
AT&T, Inc. | 1,342,853 | 28,589,340 |
Lumen Technologies, Inc. | 379,310 | 4,642,754 |
Verizon Communications, Inc. | 1,253,833 | 64,309,095 |
Total | 97,541,189 | |
Entertainment 1.8% | ||
Activision Blizzard, Inc. | 72,433 | 5,641,082 |
Electronic Arts, Inc. | 934 | 129,499 |
Liberty Media Group LLC, Class A(a) | 2,700 | 153,954 |
Liberty Media Group LLC, Class C(a) | 21,151 | 1,317,496 |
Madison Square Garden Entertainment Corp.(a) | 476 | 32,268 |
Take-Two Interactive Software, Inc.(a) | 116,788 | 14,543,682 |
Walt Disney Co. (The)(a) | 476,360 | 52,609,199 |
Warner Bros Discovery, Inc.(a) | 499,489 | 9,215,572 |
Total | 83,642,752 | |
Interactive Media & Services 1.1% | ||
Alphabet, Inc., Class A(a) | 13,802 | 31,402,863 |
Meta Platforms, Inc., Class A(a) | 99,611 | 19,288,674 |
Total | 50,691,537 | |
Media 2.3% | ||
Charter Communications, Inc., Class A(a) | 46 | 23,319 |
Comcast Corp., Class A | 1,787,034 | 79,129,865 |
DISH Network Corp., Class A(a) | 70,159 | 1,601,730 |
Fox Corp., Class A | 106,635 | 3,786,609 |
Fox Corp., Class B | 84,190 | 2,753,855 |
Interpublic Group of Companies, Inc. (The) | 128,172 | 4,130,984 |
Liberty Broadband Corp., Class A(a) | 2,117 | 258,295 |
Liberty Broadband Corp., Class C(a) | 18,699 | 2,340,554 |
Liberty SiriusXM Group, Class A(a) | 13,066 | 539,756 |
Liberty SiriusXM Group, Class C(a) | 29,602 | 1,216,642 |
News Corp., Class A | 41,973 | 730,330 |
News Corp., Class B | 22,496 | 395,480 |
Omnicom Group, Inc. | 3,658 | 272,923 |
Paramount Global, Class A | 5,695 | 209,918 |
Paramount Global, Class B | 201,837 | 6,929,064 |
Total | 104,319,324 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Wireless Telecommunication Services 0.3% | ||
T-Mobile USA, Inc.(a) | 99,176 | 13,219,169 |
Total Communication Services | 349,413,971 | |
Consumer Discretionary 8.5% | ||
Auto Components 0.6% | ||
Aptiv PLC(a) | 20,808 | 2,210,642 |
Autoliv, Inc. | 16,890 | 1,352,551 |
BorgWarner, Inc. | 498,305 | 20,091,658 |
Gentex Corp. | 55,285 | 1,718,258 |
Lear Corp. | 18,300 | 2,579,568 |
Total | 27,952,677 | |
Automobiles 1.1% | ||
Ford Motor Co. | 542,859 | 7,426,311 |
General Motors Co.(a) | 1,149,105 | 44,447,381 |
Total | 51,873,692 | |
Distributors 0.1% | ||
LKQ Corp. | 105,221 | 5,407,307 |
Hotels, Restaurants & Leisure 1.1% | ||
Aramark | 45,023 | 1,551,943 |
Booking Holdings, Inc.(a) | 10,130 | 22,727,263 |
Caesars Entertainment, Inc.(a) | 5,016 | 251,653 |
Carnival Corp.(a) | 130,288 | 1,808,397 |
Hyatt Hotels Corp., Class A(a) | 5,864 | 518,319 |
McDonald’s Corp. | 66,243 | 16,707,147 |
MGM Resorts International | 82,729 | 2,893,033 |
Norwegian Cruise Line Holdings Ltd.(a) | 6,188 | 99,070 |
Royal Caribbean Cruises Ltd.(a) | 31,724 | 1,842,212 |
Total | 48,399,037 | |
Household Durables 1.6% | ||
D.R. Horton, Inc. | 126,147 | 9,479,947 |
Garmin Ltd. | 37,976 | 4,011,025 |
Lennar Corp., Class A | 89,215 | 7,159,504 |
Lennar Corp., Class B | 6,679 | 448,628 |
Mohawk Industries, Inc.(a) | 20,238 | 2,862,868 |
Newell Brands, Inc. | 128,292 | 2,750,581 |
NVR, Inc.(a) | 8,350 | 37,162,677 |
10 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
PulteGroup, Inc. | 82,663 | 3,741,327 |
Toll Brothers, Inc. | 1,937 | 97,760 |
Whirlpool Corp. | 20,193 | 3,720,358 |
Total | 71,434,675 | |
Internet & Direct Marketing Retail 0.9% | ||
Amazon.com, Inc.(a) | 11,536 | 27,734,736 |
eBay, Inc. | 317,994 | 15,476,768 |
Total | 43,211,504 | |
Multiline Retail 0.6% | ||
Dollar Tree, Inc.(a) | 44,357 | 7,111,758 |
Target Corp. | 132,759 | 21,491,027 |
Total | 28,602,785 | |
Specialty Retail 1.6% | ||
Advance Auto Parts, Inc. | 16,588 | 3,149,398 |
CarMax, Inc.(a) | 53,415 | 5,302,507 |
Dick’s Sporting Goods, Inc. | 1,132 | 91,952 |
Home Depot, Inc. (The) | 209,345 | 63,379,199 |
Lithia Motors, Inc., Class A | 6,032 | 1,836,563 |
Total | 73,759,619 | |
Textiles, Apparel & Luxury Goods 0.9% | ||
Capri Holdings Ltd.(a) | 1,813 | 88,366 |
Hanesbrands, Inc. | 1,091,133 | 12,951,749 |
Ralph Lauren Corp. | 6,915 | 699,037 |
Tapestry, Inc. | 20,291 | 700,039 |
VF Corp. | 532,026 | 26,846,032 |
Total | 41,285,223 | |
Total Consumer Discretionary | 391,926,519 | |
Consumer Staples 6.2% | ||
Beverages 1.9% | ||
Coca-Cola Co. (The) | 300,064 | 19,018,057 |
Constellation Brands, Inc., Class A | 17,053 | 4,186,000 |
Keurig Dr. Pepper, Inc. | 46,824 | 1,626,666 |
Molson Coors Beverage Co., Class B | 30,867 | 1,723,613 |
PepsiCo, Inc. | 370,951 | 62,227,030 |
Total | 88,781,366 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Food & Staples Retailing 1.3% | ||
Kroger Co. (The) | 243,827 | 12,915,516 |
U.S. Foods Holding Corp.(a) | 40,272 | 1,333,809 |
Walgreens Boots Alliance, Inc. | 177,899 | 7,797,313 |
Walmart, Inc. | 278,935 | 35,879,409 |
Total | 57,926,047 | |
Food Products 2.1% | ||
Archer-Daniels-Midland Co. | 72,502 | 6,584,631 |
Bunge Ltd. | 49,798 | 5,892,099 |
Campbell Soup Co. | 2,535 | 121,452 |
ConAgra Foods, Inc. | 106,671 | 3,508,409 |
Darling Ingredients, Inc.(a) | 25,037 | 2,004,712 |
General Mills, Inc. | 125,849 | 8,790,553 |
Hershey Co. (The) | 35,642 | 7,545,768 |
Hormel Foods Corp. | 15,575 | 758,035 |
Ingredion, Inc. | 349 | 33,047 |
JM Smucker Co. (The) | 29,856 | 3,743,047 |
Kraft Heinz Co. (The) | 55,028 | 2,081,709 |
McCormick & Co., Inc. | 2,137 | 198,143 |
Mondelez International, Inc., Class A | 689,809 | 43,844,260 |
Pilgrim’s Pride Corp.(a) | 284 | 9,463 |
Post Holdings, Inc.(a) | 6,582 | 541,238 |
Tyson Foods, Inc., Class A | 93,436 | 8,372,800 |
Total | 94,029,366 | |
Household Products 0.6% | ||
Procter & Gamble Co. (The) | 183,250 | 27,099,010 |
Personal Products 0.0% | ||
BellRing Brands, Inc.(a) | 8,344 | 218,196 |
Tobacco 0.3% | ||
Philip Morris International, Inc. | 136,500 | 14,503,125 |
Total Consumer Staples | 282,557,110 | |
Energy 9.2% | ||
Energy Equipment & Services 0.5% | ||
Baker Hughes Co. | 124,926 | 4,494,837 |
Halliburton Co. | 97,284 | 3,940,002 |
Schlumberger NV | 291,008 | 13,374,728 |
TechnipFMC PLC(a) | 48,738 | 401,601 |
Total | 22,211,168 |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 11 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Oil, Gas & Consumable Fuels 8.7% | ||
Chevron Corp. | 445,675 | 77,841,595 |
ConocoPhillips Co. | 913,464 | 102,636,815 |
Continental Resources, Inc. | 73,254 | 4,986,400 |
Coterra Energy, Inc. | 46,649 | 1,601,460 |
Devon Energy Corp. | 45,922 | 3,439,558 |
Diamondback Energy, Inc. | 36,642 | 5,570,317 |
EOG Resources, Inc. | 271,369 | 37,166,698 |
Exxon Mobil Corp. | 861,717 | 82,724,832 |
Hess Corp. | 65,615 | 8,075,238 |
Kinder Morgan, Inc. | 263,807 | 5,194,360 |
Marathon Oil Corp. | 69,648 | 2,189,037 |
Marathon Petroleum Corp. | 81,850 | 8,331,512 |
Occidental Petroleum Corp. | 152,485 | 10,568,735 |
ONEOK, Inc. | 62,701 | 4,128,861 |
Ovintiv, Inc. | 33,901 | 1,898,117 |
Phillips 66 | 43,453 | 4,380,497 |
Pioneer Natural Resources Co. | 29,170 | 8,107,510 |
Targa Resources Corp. | 33,811 | 2,435,068 |
Valero Energy Corp. | 141,557 | 18,345,787 |
Williams Companies, Inc. (The) | 218,287 | 8,089,716 |
Total | 397,712,113 | |
Total Energy | 419,923,281 | |
Financials 19.7% | ||
Banks 8.8% | ||
Bank of America Corp. | 2,714,517 | 100,980,033 |
Citigroup, Inc. | 242,343 | 12,943,540 |
Citizens Financial Group, Inc. | 55,445 | 2,294,314 |
Comerica, Inc. | 31,473 | 2,618,868 |
East West Bancorp, Inc. | 6,247 | 459,404 |
Fifth Third Bancorp | 149,775 | 5,905,628 |
First Citizens BancShares Inc., Class A | 78 | 54,631 |
First Horizon Corp. | 7,895 | 180,243 |
Huntington Bancshares, Inc. | 199,765 | 2,772,738 |
JPMorgan Chase & Co. | 755,191 | 99,858,906 |
KeyCorp | 239,120 | 4,772,835 |
M&T Bank Corp. | 11,504 | 2,070,375 |
PNC Financial Services Group, Inc. (The) | 126,900 | 22,259,529 |
Prosperity Bancshares, Inc. | 622 | 45,095 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Regions Financial Corp. | 247,087 | 5,458,152 |
SVB Financial Group(a) | 51,056 | 24,944,430 |
Truist Financial Corp. | 963,778 | 47,938,318 |
U.S. Bancorp | 412,315 | 21,881,557 |
Wells Fargo & Co. | 999,804 | 45,761,029 |
Zions Bancorp | 31,400 | 1,791,056 |
Total | 404,990,681 | |
Capital Markets 3.7% | ||
Bank of New York Mellon Corp. (The) | 163,162 | 7,604,981 |
BlackRock, Inc. | 19,815 | 13,257,820 |
CME Group, Inc. | 70,206 | 13,959,059 |
Franklin Resources, Inc. | 95,259 | 2,579,614 |
Goldman Sachs Group, Inc. (The) | 58,540 | 19,133,799 |
Invesco Ltd. | 14,455 | 279,560 |
Jefferies Financial Group, Inc. | 13,256 | 437,713 |
KKR & Co., Inc., Class A | 725,071 | 39,741,141 |
Morgan Stanley | 312,250 | 26,897,215 |
Nasdaq, Inc. | 183,143 | 28,434,782 |
Northern Trust Corp. | 121,585 | 13,587,124 |
State Street Corp. | 45,950 | 3,330,915 |
Total | 169,243,723 | |
Consumer Finance 0.4% | ||
Ally Financial, Inc. | 104,256 | 4,591,434 |
Capital One Financial Corp. | 66,833 | 8,545,268 |
Synchrony Financial | 125,547 | 4,650,261 |
Total | 17,786,963 | |
Diversified Financial Services 1.6% | ||
Apollo Global Management, Inc. | 38,014 | 2,191,127 |
Berkshire Hathaway, Inc., Class B(a) | 219,455 | 69,343,391 |
Equitable Holdings, Inc. | 57,805 | 1,757,850 |
Total | 73,292,368 | |
Insurance 5.2% | ||
Aflac, Inc. | 107,427 | 6,506,854 |
Alleghany Corp.(a) | 1,324 | 1,103,925 |
Allstate Corp. (The) | 53,413 | 7,301,023 |
American Financial Group, Inc. | 12,194 | 1,723,012 |
American International Group, Inc. | 1,209,858 | 70,994,467 |
Arch Capital Group Ltd.(a) | 51,657 | 2,451,641 |
12 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Assurant, Inc. | 6,544 | 1,156,259 |
Axis Capital Holdings Ltd. | 98 | 5,740 |
Chubb Ltd. | 125,554 | 26,528,305 |
CNA Financial Corp. | 3,492 | 160,073 |
Everest Re Group Ltd. | 4,525 | 1,278,313 |
Fidelity National Financial, Inc. | 76,310 | 3,227,913 |
Globe Life, Inc. | 24,580 | 2,398,271 |
Hartford Financial Services Group, Inc. (The) | 410,997 | 29,801,392 |
Lincoln National Corp. | 23,545 | 1,363,962 |
Loews Corp. | 38,397 | 2,514,620 |
Markel Corp.(a) | 666 | 912,040 |
Marsh & McLennan Companies, Inc. | 345,477 | 55,259,046 |
MetLife, Inc. | 55,862 | 3,764,540 |
Old Republic International Corp. | 28,849 | 690,068 |
Principal Financial Group, Inc. | 54,334 | 3,962,579 |
Prudential Financial, Inc. | 38,409 | 4,080,956 |
Travelers Companies, Inc. (The) | 68,367 | 12,240,428 |
WR Berkley Corp. | 2,807 | 199,662 |
Total | 239,625,089 | |
Total Financials | 904,938,824 | |
Health Care 14.9% | ||
Biotechnology 1.6% | ||
AbbVie, Inc. | 315,333 | 46,470,624 |
Biogen, Inc.(a) | 34,457 | 6,891,400 |
Gilead Sciences, Inc. | 157,729 | 10,228,726 |
Regeneron Pharmaceuticals, Inc.(a) | 9,036 | 6,006,591 |
United Therapeutics Corp.(a) | 824 | 189,800 |
Vertex Pharmaceuticals, Inc.(a) | 11,059 | 2,971,000 |
Total | 72,758,141 | |
Health Care Equipment & Supplies 3.9% | ||
Abbott Laboratories | 561,126 | 65,909,860 |
Baxter International, Inc. | 53,175 | 4,043,959 |
Becton Dickinson and Co. | 173,258 | 44,319,396 |
Boston Scientific Corp.(a) | 3,150 | 129,182 |
Cooper Companies, Inc. (The) | 1,711 | 600,116 |
Dentsply Sirona, Inc. | 19,280 | 762,717 |
Embecta Corp.(a) | 5,724 | 141,841 |
Hologic, Inc.(a) | 7,463 | 561,740 |
Medtronic PLC | 559,521 | 56,036,028 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
STERIS PLC | 12,626 | 2,881,253 |
Teleflex, Inc. | 2,321 | 667,845 |
Zimmer Biomet Holdings, Inc. | 31,778 | 3,820,033 |
Zimvie, Inc.(a) | 3,177 | 69,163 |
Total | 179,943,133 | |
Health Care Providers & Services 3.8% | ||
Anthem, Inc. | 68,467 | 34,891,468 |
Centene Corp.(a) | 55,484 | 4,518,617 |
Cigna Corp. | 54,266 | 14,559,025 |
CVS Health Corp. | 217,740 | 21,066,345 |
DaVita, Inc.(a) | 7,494 | 730,590 |
Henry Schein, Inc.(a) | 38,024 | 3,256,375 |
Humana, Inc. | 83,302 | 37,838,268 |
Laboratory Corp. of America Holdings | 34,080 | 8,408,218 |
McKesson Corp. | 5,309 | 1,745,015 |
Quest Diagnostics, Inc. | 44,222 | 6,236,186 |
UnitedHealth Group, Inc. | 74,972 | 37,244,590 |
Universal Health Services, Inc., Class B | 26,871 | 3,348,395 |
Total | 173,843,092 | |
Health Care Technology 0.0% | ||
Cerner Corp. | 23,277 | 2,207,823 |
Change Healthcare, Inc.(a) | 12,961 | 312,231 |
Total | 2,520,054 | |
Life Sciences Tools & Services 0.8% | ||
Bio-Rad Laboratories, Inc., Class A(a) | 2,854 | 1,534,853 |
Danaher Corp. | 56,699 | 14,958,330 |
PerkinElmer, Inc. | 16,674 | 2,495,598 |
Thermo Fisher Scientific, Inc. | 29,539 | 16,765,450 |
Total | 35,754,231 | |
Pharmaceuticals 4.8% | ||
Bristol-Myers Squibb Co. | 424,343 | 32,016,679 |
Catalent, Inc.(a) | 1,318 | 135,833 |
Elanco Animal Health, Inc.(a) | 54,384 | 1,288,901 |
Eli Lilly & Co. | 75,466 | 23,654,063 |
Jazz Pharmaceuticals PLC(a) | 13,557 | 2,029,212 |
Johnson & Johnson | 239,202 | 42,943,935 |
Merck & Co., Inc. | 295,034 | 27,151,979 |
Perrigo Co. PLC | 1,120 | 44,643 |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 13 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Pfizer, Inc. | 1,643,146 | 87,152,464 |
Viatris, Inc. | 203,802 | 2,500,651 |
Total | 218,918,360 | |
Total Health Care | 683,737,011 | |
Industrials 12.0% | ||
Aerospace & Defense 2.0% | ||
General Dynamics Corp. | 31,557 | 7,097,485 |
Howmet Aerospace, Inc. | 91,958 | 3,289,338 |
Huntington Ingalls Industries, Inc. | 23 | 4,841 |
L3Harris Technologies, Inc. | 102,460 | 24,682,614 |
Lockheed Martin Corp. | 32,184 | 14,164,500 |
Northrop Grumman Corp. | 55,495 | 25,969,995 |
Raytheon Technologies Corp. | 117,928 | 11,217,311 |
Textron, Inc. | 63,628 | 4,154,272 |
Total | 90,580,356 | |
Air Freight & Logistics 0.6% | ||
FedEx Corp. | 44,772 | 10,054,896 |
GXO Logistics, Inc.(a) | 31,112 | 1,688,448 |
United Parcel Service, Inc., Class B | 99,779 | 18,184,723 |
Total | 29,928,067 | |
Airlines 0.1% | ||
JetBlue Airways Corp.(a) | 3,151 | 33,842 |
Southwest Airlines Co.(a) | 79,425 | 3,642,430 |
United Airlines Holdings, Inc.(a) | 43,849 | 2,088,528 |
Total | 5,764,800 | |
Building Products 1.2% | ||
Builders FirstSource, Inc.(a) | 47,462 | 3,089,302 |
Carlisle Companies, Inc. | 12,762 | 3,247,036 |
Carrier Global Corp. | 586,736 | 23,064,592 |
Fortune Brands Home & Security, Inc. | 29,167 | 2,022,731 |
Johnson Controls International PLC | 104,802 | 5,712,757 |
Owens Corning | 26,387 | 2,522,069 |
Trane Technologies PLC | 102,708 | 14,179,867 |
Total | 53,838,354 | |
Commercial Services & Supplies 1.0% | ||
Republic Services, Inc. | 97,052 | 12,989,440 |
Waste Management, Inc. | 220,620 | 34,970,476 |
Total | 47,959,916 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Construction & Engineering 0.2% | ||
AECOM | 36,137 | 2,524,169 |
Arcosa, Inc. | 165 | 8,724 |
Quanta Services, Inc. | 46,726 | 5,560,394 |
Total | 8,093,287 | |
Electrical Equipment 0.5% | ||
Acuity Brands, Inc. | 34 | 5,951 |
AMETEK, Inc. | 11,624 | 1,411,967 |
Eaton Corp. PLC | 136,656 | 18,940,522 |
Emerson Electric Co. | 7,594 | 673,284 |
Hubbell, Inc. | 1,885 | 357,886 |
Sensata Technologies Holding | 40,917 | 1,965,243 |
Total | 23,354,853 | |
Industrial Conglomerates 1.0% | ||
General Electric Co. | 60,027 | 4,699,514 |
Honeywell International, Inc. | 204,755 | 39,644,663 |
Total | 44,344,177 | |
Machinery 3.6% | ||
AGCO Corp. | 21,789 | 2,791,825 |
Caterpillar, Inc. | 139,994 | 30,217,705 |
Cummins, Inc. | 80,744 | 16,885,185 |
Deere & Co. | 92,149 | 32,969,069 |
Dover Corp. | 13,860 | 1,855,993 |
Fortive Corp. | 44,622 | 2,756,301 |
Ingersoll Rand, Inc. | 48,131 | 2,269,377 |
Middleby Corp. (The)(a) | 3,903 | 591,148 |
Oshkosh Corp. | 6,884 | 639,592 |
Otis Worldwide Corp. | 54,838 | 4,079,947 |
PACCAR, Inc. | 95,587 | 8,300,775 |
Parker-Hannifin Corp. | 169,860 | 46,230,796 |
Pentair PLC | 48,154 | 2,415,886 |
Snap-On, Inc. | 18,739 | 4,157,809 |
Stanley Black & Decker, Inc. | 53,017 | 6,292,588 |
Westinghouse Air Brake Technologies Corp. | 23,456 | 2,215,654 |
Total | 164,669,650 |
14 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Professional Services 0.2% | ||
Jacobs Engineering Group, Inc. | 18,570 | 2,601,471 |
Leidos Holdings, Inc. | 49,204 | 5,141,818 |
ManpowerGroup, Inc. | 4,640 | 415,790 |
Nielsen Holdings PLC | 22,490 | 574,845 |
Total | 8,733,924 | |
Road & Rail 1.5% | ||
AMERCO | 5,483 | 2,686,560 |
CSX Corp. | 109,516 | 3,481,514 |
Norfolk Southern Corp. | 40,737 | 9,763,029 |
Union Pacific Corp. | 238,688 | 52,458,849 |
XPO Logistics, Inc.(a) | 9,279 | 495,870 |
Total | 68,885,822 | |
Trading Companies & Distributors 0.1% | ||
United Rentals, Inc.(a) | 18,295 | 5,455,203 |
Total Industrials | 551,608,409 | |
Information Technology 11.2% | ||
Communications Equipment 0.5% | ||
Ciena Corp.(a) | 4,225 | 214,714 |
Cisco Systems, Inc. | 525,995 | 23,696,075 |
Juniper Networks, Inc. | 44,440 | 1,363,419 |
Total | 25,274,208 | |
Electronic Equipment, Instruments & Components 0.5% | ||
Arrow Electronics, Inc.(a) | 16,208 | 1,955,495 |
Avnet, Inc. | 268 | 12,985 |
Corning, Inc. | 270,893 | 9,703,387 |
Flex Ltd.(a) | 81,764 | 1,395,712 |
IPG Photonics Corp.(a) | 223 | 23,524 |
Jabil, Inc. | 8,029 | 493,944 |
TD SYNNEX Corp. | 5,786 | 600,876 |
TE Connectivity Ltd. | 71,219 | 9,215,026 |
Teledyne Technologies, Inc.(a) | 1,270 | 514,541 |
Total | 23,915,490 | |
IT Services 3.4% | ||
Accenture PLC, Class A | 57,869 | 17,271,582 |
Akamai Technologies, Inc.(a) | 13,481 | 1,362,120 |
Amdocs Ltd. | 39,912 | 3,467,954 |
Automatic Data Processing, Inc. | 68,910 | 15,362,795 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Cognizant Technology Solutions Corp., Class A | 388,911 | 29,051,652 |
Concentrix Corp. | 6,392 | 990,057 |
DXC Technology Co.(a) | 25,450 | 896,349 |
Fidelity National Information Services, Inc. | 186,966 | 19,537,947 |
Fiserv, Inc.(a) | 51,275 | 5,136,729 |
Global Payments, Inc. | 16,298 | 2,135,690 |
International Business Machines Corp. | 78,229 | 10,861,314 |
Kyndryl Holdings, Inc.(a) | 3,420 | 42,203 |
SS&C Technologies Holdings, Inc. | 426,085 | 27,265,179 |
Twilio, Inc., Class A(a) | 1,217 | 127,992 |
Visa, Inc., Class A | 109,199 | 23,168,752 |
Total | 156,678,315 | |
Semiconductors & Semiconductor Equipment 5.0% | ||
Analog Devices, Inc. | 150,792 | 25,393,373 |
Broadcom, Inc. | 59,268 | 34,383,145 |
Intel Corp. | 792,079 | 35,184,149 |
KLA Corp. | 51,619 | 18,833,192 |
Lam Research Corp. | 35,636 | 18,531,789 |
Marvell Technology, Inc. | 62,725 | 3,710,184 |
Micron Technology, Inc. | 208,863 | 15,422,444 |
ON Semiconductor Corp.(a) | 81,076 | 4,919,692 |
Qorvo, Inc.(a) | 35,816 | 4,002,438 |
QUALCOMM, Inc. | 45,039 | 6,450,485 |
Skyworks Solutions, Inc. | 31,570 | 3,437,026 |
Texas Instruments, Inc. | 325,918 | 57,609,266 |
Total | 227,877,183 | |
Software 1.5% | ||
Black Knight, Inc.(a) | 2,911 | 197,686 |
Dolby Laboratories, Inc., Class A | 659 | 51,151 |
Microsoft Corp. | 231,615 | 62,969,170 |
Roper Technologies, Inc. | 568 | 251,306 |
Salesforce, Inc.(a) | 25,666 | 4,112,720 |
Total | 67,582,033 |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 15 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Technology Hardware, Storage & Peripherals 0.3% | ||
Hewlett Packard Enterprise Co. | 372,558 | 5,811,905 |
HP, Inc. | 37,320 | 1,449,509 |
Western Digital Corp.(a) | 100,588 | 6,104,686 |
Xerox Holdings Corp. | 1,999 | 37,621 |
Total | 13,403,721 | |
Total Information Technology | 514,730,950 | |
Materials 5.6% | ||
Chemicals 3.1% | ||
Air Products & Chemicals, Inc. | 22,983 | 5,657,495 |
Albemarle Corp. | 24,004 | 6,251,122 |
Celanese Corp., Class A | 4,679 | 732,357 |
CF Industries Holdings, Inc. | 37,289 | 3,683,034 |
Corteva, Inc. | 69,209 | 4,333,868 |
Dow, Inc. | 155,046 | 10,540,027 |
DuPont de Nemours, Inc. | 47,436 | 3,218,533 |
Eastman Chemical Co. | 46,835 | 5,159,344 |
FMC Corp. | 1,642 | 201,276 |
International Flavors & Fragrances, Inc. | 24,739 | 3,269,754 |
Linde PLC | 163,419 | 53,058,881 |
LyondellBasell Industries NV, Class A | 104,868 | 11,981,169 |
Mosaic Co. (The) | 76,885 | 4,816,845 |
Olin Corp. | 4,107 | 270,199 |
PPG Industries, Inc. | 37,468 | 4,739,327 |
Sherwin-Williams Co. (The) | 70,977 | 19,024,675 |
Valvoline, Inc. | 13,445 | 449,870 |
Westlake Corp. | 19,870 | 2,625,026 |
Total | 140,012,802 | |
Construction Materials 0.3% | ||
Martin Marietta Materials, Inc. | 29,541 | 10,025,625 |
Vulcan Materials Co. | 27,589 | 4,548,598 |
Total | 14,574,223 | |
Containers & Packaging 0.5% | ||
Amcor PLC | 67,703 | 886,909 |
Avery Dennison Corp. | 42,495 | 7,332,937 |
International Paper Co. | 119,659 | 5,797,479 |
Packaging Corp. of America | 39,933 | 6,280,662 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Sonoco Products Co. | 212 | 12,396 |
WestRock Co. | 41,589 | 2,016,651 |
Total | 22,327,034 | |
Metals & Mining 1.7% | ||
Alcoa Corp. | 31,915 | 1,969,794 |
Arconic Corp.(a) | 1,340 | 37,694 |
Cleveland-Cliffs, Inc.(a) | 67,129 | 1,556,050 |
Freeport-McMoRan, Inc. | 1,129,144 | 44,126,947 |
Newmont Corp. | 128,988 | 8,751,836 |
Nucor Corp. | 100,960 | 13,373,161 |
Reliance Steel & Aluminum Co. | 20,889 | 4,060,822 |
Royal Gold, Inc. | 389 | 43,988 |
Steel Dynamics, Inc. | 71,770 | 6,127,723 |
Total | 80,048,015 | |
Paper & Forest Products 0.0% | ||
Sylvamo Corp.(a) | 7,603 | 385,776 |
Total Materials | 257,347,850 | |
Real Estate 1.9% | ||
Equity Real Estate Investment Trusts (REITS) 1.7% | ||
AvalonBay Communities, Inc. | 43,892 | 9,127,780 |
Crown Castle International Corp. | 49,117 | 9,315,039 |
Digital Realty Trust, Inc. | 77,753 | 10,853,541 |
Extra Space Storage, Inc. | 48,657 | 8,670,678 |
SBA Communications Corp. | 46,351 | 15,602,210 |
Weyerhaeuser Co. | 560,437 | 22,148,470 |
Total | 75,717,718 | |
Real Estate Management & Development 0.2% | ||
CBRE Group, Inc., Class A(a) | 84,036 | 6,961,542 |
Howard Hughes Corporation(a) | 259 | 21,790 |
Jones Lang LaSalle, Inc.(a) | 13,410 | 2,646,061 |
Zillow Group, Inc., Class C(a) | 10,447 | 416,836 |
Total | 10,046,229 | |
Total Real Estate | 85,763,947 |
16 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Utilities 2.1% | ||
Electric Utilities 1.0% | ||
American Electric Power Co., Inc. | 87,124 | 8,889,262 |
Entergy Corp. | 65,740 | 7,909,837 |
Eversource Energy | 79,771 | 7,364,459 |
NextEra Energy, Inc. | 128,780 | 9,747,358 |
NRG Energy, Inc. | 42,608 | 1,961,672 |
Xcel Energy, Inc. | 117,222 | 8,831,505 |
Total | 44,704,093 | |
Independent Power and Renewable Electricity Producers 0.0% | ||
Vistra Corp. | 63,624 | 1,677,765 |
Multi-Utilities 1.1% | ||
Ameren Corp. | 88,708 | 8,444,114 |
CMS Energy Corp. | 95,362 | 6,774,516 |
Dominion Energy, Inc. | 241,095 | 20,305,021 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
DTE Energy Co. | 40,770 | 5,410,587 |
WEC Energy Group, Inc. | 89,341 | 9,387,059 |
Total | 50,321,297 | |
Total Utilities | 96,703,155 | |
Total Common Stocks (Cost $3,540,107,373) | 4,538,651,027 | |
Money Market Funds 0.9% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(b),(c) | 41,594,992 | 41,578,354 |
Total Money Market Funds (Cost $41,578,354) | 41,578,354 | |
Total Investments in Securities (Cost: $3,581,685,727) | 4,580,229,381 | |
Other Assets & Liabilities, Net | 8,968,541 | |
Net Assets | 4,589,197,922 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
57,947,148 | 609,484,696 | (625,853,490) | — | 41,578,354 | (31,689) | 134,924 | 41,594,992 |
■ | 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). |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 17 |
May 31, 2022
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 349,413,971 | — | — | 349,413,971 |
Consumer Discretionary | 391,926,519 | — | — | 391,926,519 |
Consumer Staples | 282,557,110 | — | — | 282,557,110 |
Energy | 419,923,281 | — | — | 419,923,281 |
Financials | 904,938,824 | — | — | 904,938,824 |
Health Care | 683,737,011 | — | — | 683,737,011 |
Industrials | 551,608,409 | — | — | 551,608,409 |
Information Technology | 514,730,950 | — | — | 514,730,950 |
Materials | 257,347,850 | — | — | 257,347,850 |
Real Estate | 85,763,947 | — | — | 85,763,947 |
Utilities | 96,703,155 | — | — | 96,703,155 |
Total Common Stocks | 4,538,651,027 | — | — | 4,538,651,027 |
Money Market Funds | 41,578,354 | — | — | 41,578,354 |
Total Investments in Securities | 4,580,229,381 | — | — | 4,580,229,381 |
18 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $3,540,107,373) | $4,538,651,027 |
Affiliated issuers (cost $41,578,354) | 41,578,354 |
Receivable for: | |
Investments sold | 1,543,305 |
Capital shares sold | 4,727,648 |
Dividends | 9,102,278 |
Foreign tax reclaims | 114,514 |
Prepaid expenses | 25,845 |
Total assets | 4,595,742,971 |
Liabilities | |
Payable for: | |
Investments purchased | 1,137,699 |
Capital shares purchased | 4,514,596 |
Management services fees | 301,633 |
Transfer agent fees | 316,968 |
Compensation of board members | 155,008 |
Other expenses | 119,145 |
Total liabilities | 6,545,049 |
Net assets applicable to outstanding capital stock | $4,589,197,922 |
Represented by | |
Paid in capital | 3,242,039,147 |
Total distributable earnings (loss) | 1,347,158,775 |
Total - representing net assets applicable to outstanding capital stock | $4,589,197,922 |
Institutional Class | |
Net assets | $4,589,195,063 |
Shares outstanding | 277,855,641 |
Net asset value per share | $16.52 |
Institutional 3 Class | |
Net assets | $2,859 |
Shares outstanding | 173 |
Net asset value per share(a) | $16.55 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 19 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $103,905,837 |
Dividends — affiliated issuers | 134,924 |
Foreign taxes withheld | (2,073) |
Total income | 104,038,688 |
Expenses: | |
Management services fees | 30,835,150 |
Transfer agent fees | |
Institutional Class | 4,310,863 |
Institutional 3 Class | 1 |
Compensation of board members | 72,531 |
Custodian fees | 44,754 |
Printing and postage fees | 285,132 |
Registration fees | 128,183 |
Audit fees | 33,050 |
Legal fees | 60,345 |
Interest on interfund lending | 2,647 |
Compensation of chief compliance officer | 822 |
Other | 42,650 |
Total expenses | 35,816,128 |
Net investment income | 68,222,560 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 480,449,591 |
Investments — affiliated issuers | (31,689) |
Futures contracts | (4,357,211) |
Net realized gain | 476,060,691 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (497,608,677) |
Foreign currency translations | (15,556) |
Net change in unrealized appreciation (depreciation) | (497,624,233) |
Net realized and unrealized loss | (21,563,542) |
Net increase in net assets resulting from operations | $46,659,018 |
20 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment income | $68,222,560 | $59,682,807 |
Net realized gain | 476,060,691 | 342,171,899 |
Net change in unrealized appreciation (depreciation) | (497,624,233) | 1,214,934,902 |
Net increase in net assets resulting from operations | 46,659,018 | 1,616,789,608 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Institutional Class | (408,044,013) | (101,861,244) |
Institutional 3 Class | (244) | (65) |
Total distributions to shareholders | (408,044,257) | (101,861,309) |
Decrease in net assets from capital stock activity | (105,137,297) | (48,361,524) |
Total increase (decrease) in net assets | (466,522,536) | 1,466,566,775 |
Net assets at beginning of year | 5,055,720,458 | 3,589,153,683 |
Net assets at end of year | $4,589,197,922 | $5,055,720,458 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Institutional Class | ||||
Subscriptions | 54,031,716 | 935,240,677 | 79,038,197 | 1,204,384,240 |
Distributions reinvested | 23,954,125 | 408,044,013 | 7,038,500 | 101,861,244 |
Redemptions | (86,176,500) | (1,448,421,987) | (87,676,084) | (1,354,607,008) |
Net decrease | (8,190,659) | (105,137,297) | (1,599,387) | (48,361,524) |
Total net decrease | (8,190,659) | (105,137,297) | (1,599,387) | (48,361,524) |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 21 |
Net asset value, beginning of period | Net investment income | 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 Class | |||||||
Year Ended 5/31/2022 | $17.67 | 0.23 | 0.02(c) | 0.25 | (0.22) | (1.18) | (1.40) |
Year Ended 5/31/2021 | $12.48 | 0.21 | 5.34 | 5.55 | (0.21) | (0.15) | (0.36) |
Year Ended 5/31/2020 | $12.83 | 0.24 | (0.06)(c) | 0.18 | (0.23) | (0.30) | (0.53) |
Year Ended 5/31/2019 | $13.64 | 0.21 | (0.02)(c) | 0.19 | (0.20) | (0.80) | (1.00) |
Year Ended 5/31/2018 | $12.97 | 0.20 | 1.15 | 1.35 | (0.20) | (0.48) | (0.68) |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $17.69 | 0.24 | 0.03(c) | 0.27 | (0.23) | (1.18) | (1.41) |
Year Ended 5/31/2021 | $12.50 | 0.22 | 5.34 | 5.56 | (0.22) | (0.15) | (0.37) |
Year Ended 5/31/2020(f) | $14.47 | 0.11 | (2.02)(c) | (1.91) | (0.06) | — | (0.06) |
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) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | Ratios include line of credit interest expense which is less than 0.01%. |
(f) | Institutional 3 Class shares commenced operations on December 18, 2019. Per share data and total return reflect activity from that date. |
(g) | Annualized. |
22 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional Class | |||||||
Year Ended 5/31/2022 | $16.52 | 1.22% | 0.69%(d) | 0.69%(d) | 1.31% | 22% | $4,589,195 |
Year Ended 5/31/2021 | $17.67 | 45.16% | 0.71%(d) | 0.71%(d) | 1.41% | 29% | $5,055,717 |
Year Ended 5/31/2020 | $12.48 | 1.07% | 0.76% | 0.74% | 1.78% | 19% | $3,589,152 |
Year Ended 5/31/2019 | $12.83 | 1.62% | 0.77% | 0.77% | 1.59% | 20% | $2,849,432 |
Year Ended 5/31/2018 | $13.64 | 10.41% | 0.78%(e) | 0.78%(e) | 1.46% | 21% | $3,137,590 |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $16.55 | 1.35% | 0.62%(d) | 0.62%(d) | 1.37% | 22% | $3 |
Year Ended 5/31/2021 | $17.69 | 45.20% | 0.63%(d) | 0.63%(d) | 1.49% | 29% | $3 |
Year Ended 5/31/2020(f) | $12.50 | (13.14%) | 0.66%(g) | 0.64%(g) | 1.84%(g) | 19% | $2 |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 23 |
May 31, 2022
24 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Multi-Manager Value Strategies Fund | Annual Report 2022 | 25 |
May 31, 2022
26 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Equity risk | (4,357,211) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 796,272 |
* | Based on the ending daily outstanding amounts for the year ended May 31, 2022. |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 27 |
May 31, 2022
28 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Effective rate (%) | |
Institutional Class | 0.08 |
Institutional 3 Class | 0.02 |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 29 |
May 31, 2022
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Institutional Class | 0.74% | 0.74% |
Institutional 3 Class | 0.68 | 0.64 |
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(2,688,831) | (39,315,947) | 42,004,778 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
100,200,562 | 307,843,695 | 408,044,257 | 59,463,569 | 42,397,740 | 101,861,309 |
30 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
19,308,520 | 340,692,669 | — | 987,313,200 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
3,592,916,181 | 1,090,958,336 | (103,645,136) | 987,313,200 |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 11,840,000 | 0.96 | 10 |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 31 |
May 31, 2022
32 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
May 31, 2022
Multi-Manager Value Strategies Fund | Annual Report 2022 | 33 |
34 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
93.94% | 91.68% | $490,572,219 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 35 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
36 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 37 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
38 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 39 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
40 | Multi-Manager Value Strategies Fund | Annual Report 2022 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
Multi-Manager Value Strategies Fund | Annual Report 2022 | 41 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
20 | |
29 | |
30 | |
30 | |
36 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 10/15/90 | 1.64 | 10.26 | 11.91 |
Including sales charges | -4.20 | 8.96 | 11.25 | ||
Advisor Class | 12/11/06 | 1.91 | 10.55 | 12.17 | |
Class C | Excluding sales charges | 06/26/00 | 0.86 | 9.42 | 11.07 |
Including sales charges | -0.09 | 9.42 | 11.07 | ||
Institutional Class | 09/27/10 | 1.91 | 10.54 | 12.18 | |
Institutional 2 Class | 12/11/06 | 1.95 | 10.59 | 12.28 | |
Institutional 3 Class* | 11/08/12 | 1.96 | 10.62 | 12.31 | |
Class R | 12/11/06 | 1.39 | 9.99 | 11.63 | |
Russell 1000 Value Index | 0.93 | 9.50 | 12.06 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Large Cap Value Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Common Stocks | 97.7 |
Convertible Bonds | 0.8 |
Money Market Funds | 1.5 |
Total | 100.0 |
Equity sector breakdown (%) (at May 31, 2022) | |
Communication Services | 5.0 |
Consumer Discretionary | 6.0 |
Consumer Staples | 7.8 |
Energy | 9.1 |
Financials | 19.3 |
Health Care | 20.6 |
Industrials | 9.3 |
Information Technology | 9.1 |
Materials | 5.3 |
Real Estate | 4.2 |
Utilities | 4.3 |
Total | 100.0 |
4 | Columbia Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s outperformance relative to its benchmark was driven primarily by stock selection, while sector allocation contributed positively as well. |
• | Selection was strongest within the information technology sector, while a modest overweight to and selection within the energy sector also contributed notably. |
• | In terms of individual holdings, the top three contributors to relative performance came from within the energy sector. |
• | Results for exploration and production companies ConocoPhillips Co. and EOG Resources, Inc. were boosted by the sharp rise in prices for oil and gas seen over the period. In addition, both companies displayed strong discipline in capital spending, which supported earnings and excess cash flow to return to shareholders in the form of dividends. |
• | Shares of oil refiner and marketer Valero Energy Corp. also rose sharply as the tight energy supply backdrop supported favorable refining margins. |
• | Within the health care sector, the Fund purchased Vertex Pharmaceuticals, Inc. a few quarters ago when we believed the stock was quite out of favor and inexpensive. Investors appeared to view the company as something of a “one-trick pony” built on the dominant position of its cystic fibrosis franchise. Since that time, Vertex has experienced favorable developments within its product pipeline, leading the stock higher. In addition, investors have viewed the health care sector as less impacted by inflationary pressures. We viewed the company’s pipeline as promising and maintained a positive view on the stock. |
• | A lack of exposure to The Walt Disney Company within the communication services sector aided relative return. The stock had experienced a period of outperformance during the height of the pandemic based on the strength of Disney’s streaming business, but declined sharply as the economy reopened. We had avoided holding Disney based on valuation concerns and the Fund did not own the stock as of period end. |
Columbia Large Cap Value Fund | Annual Report 2022 | 5 |
(Unaudited)
• | An overweight to lithium producer Albemarle Corp. also proved additive to relative performance. Lithium is used in the manufacture of batteries and we believed the company was well-positioned to benefit from a secular trend toward electric vehicles and alternative energy sources. We had purchased Albemarle several years ago when it was out of favor and exited the position during the period on the view that the stock had become fully valued. |
• | In sector terms, stock selection lagged most notably within consumer discretionary, industrials and financials sectors. |
• | In terms of individual names, a lack of exposure to Exxon Mobil Corporation weighed most significantly on the Fund’s relative return. We preferred other names within energy and Exxon, as the largest constituent within the sector, was a prime beneficiary of higher oil and gas prices. |
• | Within the industrials sector, an overweight to tool manufacturer Stanley Black & Decker, Inc. detracted. The company has been negatively impacted by supply chain constraints and higher raw material costs which squeezed its gross margins and earnings. Stanley moved to address these pressures by raising prices, but remains behind the curve for now in our view. We continued to view the company’s longer term prospects favorably and retained the position. |
• | Also within industrials, exposure to the convertible securities of rideshare company Lyft, Inc. weighed on performance. As the company’s stock price declined by more than half over the period, its convertible securities began to trade more like bonds, and we exited the position. |
• | Within consumer discretionary, shares of Gap, Inc. declined sharply over the period. In addition to the namesake brand, the company owns the retail clothing brands Old Navy, Banana Republic and Athleta. We viewed the company as a turnaround story under a new CEO, but that narrative was sidetracked by supply chain issues during the period, not least of which was the closing of a manufacturing facility in Vietnam due to COVID-19. The resulting inventory shortages were addressed at a high cost, which caused sales to slow late in the period. |
• | Also within the consumer discretionary sector, an off-benchmark position in casino operator Las Vegas Sands Corp. was a leading detractor. The stock was derailed by China’s strict efforts to control COVID-19, which have depressed results for the company’s Macau casino on the southern coast of China across from Hong Kong. Las Vegas Sands also has large gambling operations in Singapore. While it is difficult to predict the course and timing of Chinese government policy, we viewed the company as well-positioned to benefit long term as Asian consumers continue to become increasingly affluent. |
6 | Columbia Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,043.10 | 1,020.09 | 4.94 | 4.89 | 0.97 |
Advisor Class | 1,000.00 | 1,000.00 | 1,044.50 | 1,021.34 | 3.67 | 3.63 | 0.72 |
Class C | 1,000.00 | 1,000.00 | 1,039.30 | 1,016.36 | 8.74 | 8.65 | 1.72 |
Institutional Class | 1,000.00 | 1,000.00 | 1,044.50 | 1,021.34 | 3.67 | 3.63 | 0.72 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,044.60 | 1,021.49 | 3.52 | 3.48 | 0.69 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,044.90 | 1,021.74 | 3.26 | 3.23 | 0.64 |
Class R | 1,000.00 | 1,000.00 | 1,042.10 | 1,018.85 | 6.21 | 6.14 | 1.22 |
Columbia Large Cap Value Fund | Annual Report 2022 | 7 |
May 31, 2022
Common Stocks 97.7% | ||
Issuer | Shares | Value ($) |
Communication Services 4.9% | ||
Diversified Telecommunication Services 1.1% | ||
AT&T, Inc. | 1,345,500 | 28,645,695 |
Media 2.2% | ||
Comcast Corp., Class A | 1,332,500 | 59,003,100 |
Wireless Telecommunication Services 1.6% | ||
T-Mobile USA, Inc.(a) | 313,800 | 41,826,402 |
Total Communication Services | 129,475,197 | |
Consumer Discretionary 5.8% | ||
Hotels, Restaurants & Leisure 2.2% | ||
Darden Restaurants, Inc. | 278,100 | 34,762,500 |
Las Vegas Sands Corp.(a) | 688,600 | 24,417,756 |
Total | 59,180,256 | |
Household Durables 1.1% | ||
Toll Brothers, Inc. | 547,100 | 27,612,137 |
Specialty Retail 1.5% | ||
Gap, Inc. (The) | 1,842,580 | 20,323,657 |
Home Depot, Inc. (The) | 63,750 | 19,300,313 |
Total | 39,623,970 | |
Textiles, Apparel & Luxury Goods 1.0% | ||
Levi Strauss & Co., Class A | 1,509,816 | 27,418,258 |
Total Consumer Discretionary | 153,834,621 | |
Consumer Staples 7.6% | ||
Beverages 1.6% | ||
Coca-Cola Co. (The) | 680,500 | 43,130,090 |
Food & Staples Retailing 1.8% | ||
Walmart, Inc. | 363,113 | 46,707,225 |
Household Products 2.2% | ||
Procter & Gamble Co. (The) | 387,400 | 57,288,712 |
Tobacco 2.0% | ||
Philip Morris International, Inc. | 497,500 | 52,859,375 |
Total Consumer Staples | 199,985,402 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Energy 8.9% | ||
Oil, Gas & Consumable Fuels 8.9% | ||
Chevron Corp. | 263,900 | 46,092,774 |
ConocoPhillips Co. | 606,900 | 68,191,284 |
EOG Resources, Inc. | 454,729 | 62,279,684 |
Valero Energy Corp. | 454,600 | 58,916,160 |
Total | 235,479,902 | |
Total Energy | 235,479,902 | |
Financials 18.9% | ||
Banks 9.1% | ||
Bank of America Corp. | 2,053,343 | 76,384,360 |
JPMorgan Chase & Co. | 590,400 | 78,068,592 |
PNC Financial Services Group, Inc. (The) | 291,101 | 51,062,026 |
Truist Financial Corp. | 683,400 | 33,992,316 |
Total | 239,507,294 | |
Capital Markets 4.5% | ||
Bank of New York Mellon Corp. (The) | 897,100 | 41,813,831 |
Intercontinental Exchange, Inc. | 289,500 | 29,641,905 |
Morgan Stanley | 558,800 | 48,135,032 |
Total | 119,590,768 | |
Diversified Financial Services 2.4% | ||
Berkshire Hathaway, Inc., Class B(a) | 196,238 | 62,007,283 |
Insurance 2.9% | ||
Chubb Ltd. | 224,800 | 47,497,992 |
Marsh & McLennan Companies, Inc. | 184,400 | 29,494,780 |
Total | 76,992,772 | |
Total Financials | 498,098,117 | |
Health Care 20.1% | ||
Biotechnology 2.6% | ||
BioMarin Pharmaceutical, Inc.(a) | 123,500 | 9,278,555 |
Vertex Pharmaceuticals, Inc.(a) | 221,400 | 59,479,110 |
Total | 68,757,665 | |
Health Care Equipment & Supplies 3.0% | ||
Becton Dickinson and Co. | 137,300 | 35,121,340 |
Medtronic PLC | 444,900 | 44,556,735 |
Total | 79,678,075 |
8 | Columbia Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care Providers & Services 6.0% | ||
Anthem, Inc. | 98,600 | 50,247,546 |
Cigna Corp. | 233,100 | 62,538,399 |
CVS Health Corp. | 457,066 | 44,221,136 |
Total | 157,007,081 | |
Life Sciences Tools & Services 0.8% | ||
Syneos Health, Inc.(a) | 295,200 | 21,812,328 |
Pharmaceuticals 7.7% | ||
Bristol-Myers Squibb Co. | 680,600 | 51,351,270 |
Johnson & Johnson | 511,900 | 91,901,407 |
Merck & Co., Inc. | 658,000 | 60,555,740 |
Total | 203,808,417 | |
Total Health Care | 531,063,566 | |
Industrials 9.1% | ||
Aerospace & Defense 1.5% | ||
Northrop Grumman Corp. | 82,000 | 38,373,540 |
Air Freight & Logistics 1.6% | ||
FedEx Corp. | 187,045 | 42,006,566 |
Airlines 1.1% | ||
Alaska Air Group, Inc.(a) | 615,600 | 29,708,856 |
Building Products 1.1% | ||
Trane Technologies PLC | 201,800 | 27,860,508 |
Machinery 2.9% | ||
AGCO Corp. | 247,700 | 31,737,801 |
Ingersoll Rand, Inc. | 421,763 | 19,886,126 |
Stanley Black & Decker, Inc. | 215,900 | 25,625,171 |
Total | 77,249,098 | |
Road & Rail 0.9% | ||
Norfolk Southern Corp. | 101,700 | 24,373,422 |
Total Industrials | 239,571,990 | |
Information Technology 8.9% | ||
Communications Equipment 1.7% | ||
Cisco Systems, Inc. | 998,500 | 44,982,425 |
IT Services 1.3% | ||
Aspen Technology, Inc.(a) | 40,946 | 7,922,641 |
MasterCard, Inc., Class A | 70,800 | 25,337,196 |
Total | 33,259,837 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Semiconductors & Semiconductor Equipment 3.8% | ||
Broadcom, Inc. | 52,837 | 30,652,329 |
GlobalFoundries, Inc.(a) | 625,000 | 37,306,250 |
Lam Research Corp. | 62,000 | 32,241,860 |
Total | 100,200,439 | |
Software 0.9% | ||
Microsoft Corp. | 92,100 | 25,039,227 |
Technology Hardware, Storage & Peripherals 1.2% | ||
Western Digital Corp.(a) | 503,000 | 30,527,070 |
Total Information Technology | 234,008,998 | |
Materials 5.2% | ||
Chemicals 3.9% | ||
Eastman Chemical Co. | 335,400 | 36,947,664 |
FMC Corp. | 246,300 | 30,191,454 |
Linde PLC | 108,600 | 35,260,248 |
Total | 102,399,366 | |
Metals & Mining 1.3% | ||
Freeport-McMoRan, Inc. | 908,862 | 35,518,327 |
Total Materials | 137,917,693 | |
Real Estate 4.1% | ||
Equity Real Estate Investment Trusts (REITS) 4.1% | ||
American Tower Corp. | 152,916 | 39,166,375 |
Duke Realty Corp. | 608,971 | 32,171,938 |
Welltower, Inc. | 421,386 | 37,541,279 |
Total | 108,879,592 | |
Total Real Estate | 108,879,592 | |
Utilities 4.2% | ||
Electric Utilities 1.4% | ||
Xcel Energy, Inc. | 480,508 | 36,201,473 |
Multi-Utilities 2.8% | ||
Ameren Corp. | 376,081 | 35,799,150 |
DTE Energy Co. | 283,600 | 37,636,556 |
Total | 73,435,706 | |
Total Utilities | 109,637,179 | |
Total Common Stocks (Cost $1,720,132,826) | 2,577,952,257 |
Columbia Large Cap Value Fund | Annual Report 2022 | 9 |
May 31, 2022
Convertible Bonds 0.8% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.8% | ||||
DISH Network Corp.(b) | ||||
12/15/2025 | 0.000% | 27,961,000 | 22,249,939 | |
Total Convertible Bonds (Cost $27,620,334) | 22,249,939 |
Money Market Funds 1.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(c),(d) | 38,654,487 | 38,639,026 |
Total Money Market Funds (Cost $38,639,026) | 38,639,026 | |
Total Investments in Securities (Cost: $1,786,392,186) | 2,638,841,222 | |
Other Assets & Liabilities, Net | (702,611) | |
Net Assets | 2,638,138,611 |
(a) | Non-income producing investment. |
(b) | Zero coupon bond. |
(c) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(d) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
31,165,992 | 312,276,809 | (304,803,775) | — | 38,639,026 | (9,204) | 52,005 | 38,654,487 |
■ | 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). |
10 | Columbia Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 129,475,197 | — | — | 129,475,197 |
Consumer Discretionary | 153,834,621 | — | — | 153,834,621 |
Consumer Staples | 199,985,402 | — | — | 199,985,402 |
Energy | 235,479,902 | — | — | 235,479,902 |
Financials | 498,098,117 | — | — | 498,098,117 |
Health Care | 531,063,566 | — | — | 531,063,566 |
Industrials | 239,571,990 | — | — | 239,571,990 |
Information Technology | 234,008,998 | — | — | 234,008,998 |
Materials | 137,917,693 | — | — | 137,917,693 |
Real Estate | 108,879,592 | — | — | 108,879,592 |
Utilities | 109,637,179 | — | — | 109,637,179 |
Total Common Stocks | 2,577,952,257 | — | — | 2,577,952,257 |
Convertible Bonds | — | 22,249,939 | — | 22,249,939 |
Money Market Funds | 38,639,026 | — | — | 38,639,026 |
Total Investments in Securities | 2,616,591,283 | 22,249,939 | — | 2,638,841,222 |
Columbia Large Cap Value Fund | Annual Report 2022 | 11 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,747,753,160) | $2,600,202,196 |
Affiliated issuers (cost $38,639,026) | 38,639,026 |
Receivable for: | |
Capital shares sold | 467,779 |
Dividends | 3,459,607 |
Prepaid expenses | 16,720 |
Total assets | 2,642,785,328 |
Liabilities | |
Payable for: | |
Capital shares purchased | 3,892,644 |
Management services fees | 182,820 |
Distribution and/or service fees | 49,053 |
Transfer agent fees | 156,978 |
Compensation of board members | 307,590 |
Other expenses | 57,632 |
Total liabilities | 4,646,717 |
Net assets applicable to outstanding capital stock | $2,638,138,611 |
Represented by | |
Paid in capital | 1,616,383,531 |
Total distributable earnings (loss) | 1,021,755,080 |
Total - representing net assets applicable to outstanding capital stock | $2,638,138,611 |
Class A | |
Net assets | $1,720,872,785 |
Shares outstanding | 103,913,309 |
Net asset value per share | $16.56 |
Maximum sales charge | 5.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $17.57 |
Advisor Class | |
Net assets | $41,728,085 |
Shares outstanding | 2,521,394 |
Net asset value per share | $16.55 |
Class C | |
Net assets | $12,043,002 |
Shares outstanding | 729,706 |
Net asset value per share | $16.50 |
Institutional Class | |
Net assets | $233,329,230 |
Shares outstanding | 14,115,111 |
Net asset value per share | $16.53 |
Institutional 2 Class | |
Net assets | $31,719,689 |
Shares outstanding | 1,915,623 |
Net asset value per share | $16.56 |
Institutional 3 Class | |
Net assets | $595,155,004 |
Shares outstanding | 35,464,572 |
Net asset value per share | $16.78 |
Class R | |
Net assets | $3,290,816 |
Shares outstanding | 200,337 |
Net asset value per share | $16.43 |
12 | Columbia Large Cap Value Fund | Annual Report 2022 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $56,848,080 |
Dividends — affiliated issuers | 52,005 |
Interest | 508,827 |
Total income | 57,408,912 |
Expenses: | |
Management services fees | 17,262,181 |
Distribution and/or service fees | |
Class A | 4,498,993 |
Class C | 126,622 |
Class R | 15,626 |
Transfer agent fees | |
Class A | 1,452,923 |
Advisor Class | 34,537 |
Class C | 10,224 |
Institutional Class | 185,959 |
Institutional 2 Class | 13,971 |
Institutional 3 Class | 34,579 |
Class R | 2,523 |
Compensation of board members | 42,763 |
Custodian fees | 15,121 |
Printing and postage fees | 119,422 |
Registration fees | 129,789 |
Audit fees | 29,706 |
Legal fees | 37,014 |
Compensation of chief compliance officer | 425 |
Other | 35,211 |
Total expenses | 24,047,589 |
Expense reduction | (40) |
Total net expenses | 24,047,549 |
Net investment income | 33,361,363 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 256,708,629 |
Investments — affiliated issuers | (9,204) |
Net realized gain | 256,699,425 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (243,833,224) |
Net change in unrealized appreciation (depreciation) | (243,833,224) |
Net realized and unrealized gain | 12,866,201 |
Net increase in net assets resulting from operations | $46,227,564 |
Columbia Large Cap Value Fund | Annual Report 2022 | 13 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment income | $33,361,363 | $27,823,189 |
Net realized gain | 256,699,425 | 85,805,843 |
Net change in unrealized appreciation (depreciation) | (243,833,224) | 728,072,312 |
Net increase in net assets resulting from operations | 46,227,564 | 841,701,344 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (113,587,179) | (21,349,285) |
Advisor Class | (2,780,127) | (540,952) |
Class C | (717,638) | (117,494) |
Institutional Class | (15,102,047) | (2,508,417) |
Institutional 2 Class | (2,079,822) | (357,200) |
Institutional 3 Class | (42,237,274) | (2,883,504) |
Class R | (187,147) | (29,617) |
Total distributions to shareholders | (176,691,234) | (27,786,469) |
Increase (decrease) in net assets from capital stock activity | (41,502,157) | 359,233,147 |
Total increase (decrease) in net assets | (171,965,827) | 1,173,148,022 |
Net assets at beginning of year | 2,810,104,438 | 1,636,956,416 |
Net assets at end of year | $2,638,138,611 | $2,810,104,438 |
14 | Columbia Large Cap Value Fund | Annual Report 2022 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 2,963,699 | 50,087,908 | 3,242,162 | 47,775,587 |
Distributions reinvested | 6,817,584 | 112,802,091 | 1,562,547 | 21,205,338 |
Redemptions | (12,222,236) | (207,037,967) | (17,368,965) | (241,756,304) |
Net decrease | (2,440,953) | (44,147,968) | (12,564,256) | (172,775,379) |
Advisor Class | ||||
Subscriptions | 421,130 | 7,144,146 | 548,904 | 8,140,246 |
Distributions reinvested | 166,836 | 2,757,667 | 39,630 | 539,038 |
Redemptions | (535,180) | (9,083,558) | (653,497) | (9,034,745) |
Net increase (decrease) | 52,786 | 818,255 | (64,963) | (355,461) |
Class C | ||||
Subscriptions | 156,071 | 2,632,408 | 129,843 | 1,930,302 |
Distributions reinvested | 43,390 | 716,183 | 8,718 | 114,905 |
Redemptions | (240,502) | (4,048,461) | (871,721) | (12,590,364) |
Net decrease | (41,041) | (699,870) | (733,160) | (10,545,157) |
Institutional Class | ||||
Subscriptions | 2,868,888 | 48,516,464 | 5,563,063 | 81,537,117 |
Distributions reinvested | 911,766 | 15,052,963 | 182,563 | 2,499,905 |
Redemptions | (2,596,972) | (43,925,831) | (3,996,584) | (55,485,421) |
Net increase | 1,183,682 | 19,643,596 | 1,749,042 | 28,551,601 |
Institutional 2 Class | ||||
Subscriptions | 506,749 | 8,655,079 | 594,993 | 8,733,199 |
Distributions reinvested | 125,751 | 2,079,822 | 26,169 | 356,925 |
Redemptions | (345,494) | (5,836,984) | (534,790) | (7,648,614) |
Net increase | 287,006 | 4,897,917 | 86,372 | 1,441,510 |
Institutional 3 Class | ||||
Subscriptions | 2,910,332 | 50,994,692 | 40,488,544 | 576,516,812 |
Distributions reinvested | 2,520,100 | 42,233,098 | 183,917 | 2,883,461 |
Redemptions | (6,769,335) | (115,518,413) | (4,143,648) | (66,296,070) |
Net increase (decrease) | (1,338,903) | (22,290,623) | 36,528,813 | 513,104,203 |
Class R | ||||
Subscriptions | 49,538 | 830,890 | 75,902 | 1,098,094 |
Distributions reinvested | 11,402 | 187,147 | 2,194 | 29,607 |
Redemptions | (43,781) | (741,501) | (93,604) | (1,315,871) |
Net increase (decrease) | 17,159 | 276,536 | (15,508) | (188,170) |
Total net increase (decrease) | (2,280,264) | (41,502,157) | 24,986,340 | 359,233,147 |
Columbia Large Cap Value Fund | Annual Report 2022 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2022 | $17.39 | 0.19 | 0.09 | 0.28 | (0.19) | (0.92) | (1.11) |
Year Ended 5/31/2021 | $12.02 | 0.18 | 5.38 | 5.56 | (0.19) | — | (0.19) |
Year Ended 5/31/2020 | $12.66 | 0.22 | (0.05) | 0.17 | (0.21) | (0.60) | (0.81) |
Year Ended 5/31/2019 | $14.04 | 0.20 | (0.16) | 0.04 | (0.19) | (1.23) | (1.42) |
Year Ended 5/31/2018 | $13.92 | 0.17 | 0.94 | 1.11 | (0.16) | (0.83) | (0.99) |
Advisor Class | |||||||
Year Ended 5/31/2022 | $17.38 | 0.23 | 0.09 | 0.32 | (0.23) | (0.92) | (1.15) |
Year Ended 5/31/2021 | $12.02 | 0.21 | 5.37 | 5.58 | (0.22) | — | (0.22) |
Year Ended 5/31/2020 | $12.66 | 0.25 | (0.05) | 0.20 | (0.24) | (0.60) | (0.84) |
Year Ended 5/31/2019 | $14.03 | 0.24 | (0.15) | 0.09 | (0.23) | (1.23) | (1.46) |
Year Ended 5/31/2018 | $13.91 | 0.21 | 0.94 | 1.15 | (0.20) | (0.83) | (1.03) |
Class C | |||||||
Year Ended 5/31/2022 | $17.33 | 0.06 | 0.09 | 0.15 | (0.06) | (0.92) | (0.98) |
Year Ended 5/31/2021 | $11.99 | 0.07 | 5.36 | 5.43 | (0.09) | — | (0.09) |
Year Ended 5/31/2020 | $12.62 | 0.12 | (0.05) | 0.07 | (0.10) | (0.60) | (0.70) |
Year Ended 5/31/2019 | $13.99 | 0.10 | (0.15) | (0.05) | (0.09) | (1.23) | (1.32) |
Year Ended 5/31/2018 | $13.88 | 0.06 | 0.93 | 0.99 | (0.05) | (0.83) | (0.88) |
Institutional Class | |||||||
Year Ended 5/31/2022 | $17.36 | 0.23 | 0.09 | 0.32 | (0.23) | (0.92) | (1.15) |
Year Ended 5/31/2021 | $12.00 | 0.21 | 5.37 | 5.58 | (0.22) | — | (0.22) |
Year Ended 5/31/2020 | $12.65 | 0.25 | (0.06) | 0.19 | (0.24) | (0.60) | (0.84) |
Year Ended 5/31/2019 | $14.02 | 0.24 | (0.15) | 0.09 | (0.23) | (1.23) | (1.46) |
Year Ended 5/31/2018 | $13.90 | 0.20 | 0.95 | 1.15 | (0.20) | (0.83) | (1.03) |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $17.39 | 0.24 | 0.09 | 0.33 | (0.24) | (0.92) | (1.16) |
Year Ended 5/31/2021 | $12.03 | 0.22 | 5.37 | 5.59 | (0.23) | — | (0.23) |
Year Ended 5/31/2020 | $12.67 | 0.25 | (0.04) | 0.21 | (0.25) | (0.60) | (0.85) |
Year Ended 5/31/2019 | $14.04 | 0.25 | (0.15) | 0.10 | (0.24) | (1.23) | (1.47) |
Year Ended 5/31/2018 | $13.93 | 0.21 | 0.93 | 1.14 | (0.20) | (0.83) | (1.03) |
16 | Columbia Large Cap Value Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2022 | $16.56 | 1.64% | 0.97% | 0.97%(c) | 1.11% | 21% | $1,720,873 |
Year Ended 5/31/2021 | $17.39 | 46.70% | 1.01% | 1.01%(c) | 1.25% | 27% | $1,849,691 |
Year Ended 5/31/2020 | $12.02 | 0.73% | 1.02% | 1.02%(c) | 1.64% | 15% | $1,429,986 |
Year Ended 5/31/2019 | $12.66 | 0.62% | 1.02% | 1.02%(c) | 1.49% | 23% | $1,621,964 |
Year Ended 5/31/2018 | $14.04 | 7.82% | 1.01% | 1.01%(c) | 1.17% | 21% | $1,836,324 |
Advisor Class | |||||||
Year Ended 5/31/2022 | $16.55 | 1.91% | 0.72% | 0.72%(c) | 1.36% | 21% | $41,728 |
Year Ended 5/31/2021 | $17.38 | 46.97% | 0.76% | 0.76%(c) | 1.50% | 27% | $42,909 |
Year Ended 5/31/2020 | $12.02 | 1.01% | 0.77% | 0.77%(c) | 1.89% | 15% | $30,446 |
Year Ended 5/31/2019 | $12.66 | 0.95% | 0.77% | 0.77%(c) | 1.74% | 23% | $33,903 |
Year Ended 5/31/2018 | $14.03 | 8.10% | 0.77% | 0.77%(c) | 1.50% | 21% | $42,087 |
Class C | |||||||
Year Ended 5/31/2022 | $16.50 | 0.86% | 1.72% | 1.72%(c) | 0.36% | 21% | $12,043 |
Year Ended 5/31/2021 | $17.33 | 45.52% | 1.76% | 1.76%(c) | 0.52% | 27% | $13,359 |
Year Ended 5/31/2020 | $11.99 | (0.03%) | 1.77% | 1.77%(c) | 0.89% | 15% | $18,031 |
Year Ended 5/31/2019 | $12.62 | (0.06%) | 1.76% | 1.76%(c) | 0.74% | 23% | $23,646 |
Year Ended 5/31/2018 | $13.99 | 6.96% | 1.76% | 1.76%(c) | 0.41% | 21% | $57,445 |
Institutional Class | |||||||
Year Ended 5/31/2022 | $16.53 | 1.91% | 0.72% | 0.72%(c) | 1.36% | 21% | $233,329 |
Year Ended 5/31/2021 | $17.36 | 47.04% | 0.76% | 0.76%(c) | 1.49% | 27% | $224,531 |
Year Ended 5/31/2020 | $12.00 | 0.93% | 0.77% | 0.77%(c) | 1.89% | 15% | $134,233 |
Year Ended 5/31/2019 | $12.65 | 0.96% | 0.77% | 0.77%(c) | 1.74% | 23% | $159,448 |
Year Ended 5/31/2018 | $14.02 | 8.10% | 0.76% | 0.76%(c) | 1.42% | 21% | $193,314 |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $16.56 | 1.95% | 0.68% | 0.68% | 1.39% | 21% | $31,720 |
Year Ended 5/31/2021 | $17.39 | 47.01% | 0.71% | 0.71% | 1.54% | 27% | $28,324 |
Year Ended 5/31/2020 | $12.03 | 1.08% | 0.71% | 0.71% | 1.95% | 15% | $18,546 |
Year Ended 5/31/2019 | $12.67 | 1.02% | 0.70% | 0.70% | 1.82% | 23% | $16,474 |
Year Ended 5/31/2018 | $14.04 | 8.08% | 0.71% | 0.71% | 1.47% | 21% | $39,230 |
Columbia Large Cap Value Fund | Annual Report 2022 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $17.61 | 0.25 | 0.08 | 0.33 | (0.24) | (0.92) | (1.16) |
Year Ended 5/31/2021 | $12.17 | 0.24 | 5.43 | 5.67 | (0.23) | — | (0.23) |
Year Ended 5/31/2020 | $12.82 | 0.26 | (0.06) | 0.20 | (0.25) | (0.60) | (0.85) |
Year Ended 5/31/2019 | $14.19 | 0.25 | (0.15) | 0.10 | (0.24) | (1.23) | (1.47) |
Year Ended 5/31/2018 | $14.06 | 0.23 | 0.94 | 1.17 | (0.21) | (0.83) | (1.04) |
Class R | |||||||
Year Ended 5/31/2022 | $17.26 | 0.15 | 0.08 | 0.23 | (0.14) | (0.92) | (1.06) |
Year Ended 5/31/2021 | $11.93 | 0.14 | 5.35 | 5.49 | (0.16) | — | (0.16) |
Year Ended 5/31/2020 | $12.57 | 0.18 | (0.05) | 0.13 | (0.17) | (0.60) | (0.77) |
Year Ended 5/31/2019 | $13.95 | 0.17 | (0.16) | 0.01 | (0.16) | (1.23) | (1.39) |
Year Ended 5/31/2018 | $13.83 | 0.13 | 0.94 | 1.07 | (0.12) | (0.83) | (0.95) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
18 | Columbia Large Cap Value Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $16.78 | 1.96% | 0.64% | 0.64% | 1.43% | 21% | $595,155 |
Year Ended 5/31/2021 | $17.61 | 47.16% | 0.66% | 0.66% | 1.54% | 27% | $648,129 |
Year Ended 5/31/2020 | $12.17 | 1.01% | 0.69% | 0.69% | 1.97% | 15% | $3,344 |
Year Ended 5/31/2019 | $12.82 | 1.03% | 0.69% | 0.69% | 1.82% | 23% | $2,746 |
Year Ended 5/31/2018 | $14.19 | 8.18% | 0.69% | 0.68% | 1.56% | 21% | $3,281 |
Class R | |||||||
Year Ended 5/31/2022 | $16.43 | 1.39% | 1.22% | 1.22%(c) | 0.86% | 21% | $3,291 |
Year Ended 5/31/2021 | $17.26 | 46.37% | 1.26% | 1.26%(c) | 1.00% | 27% | $3,161 |
Year Ended 5/31/2020 | $11.93 | 0.45% | 1.27% | 1.27%(c) | 1.38% | 15% | $2,371 |
Year Ended 5/31/2019 | $12.57 | 0.37% | 1.27% | 1.27%(c) | 1.24% | 23% | $3,574 |
Year Ended 5/31/2018 | $13.95 | 7.61% | 1.26% | 1.26%(c) | 0.91% | 21% | $4,510 |
Columbia Large Cap Value Fund | Annual Report 2022 | 19 |
May 31, 2022
20 | Columbia Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Columbia Large Cap Value Fund | Annual Report 2022 | 21 |
May 31, 2022
22 | Columbia Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Effective rate (%) | |
Class A | 0.08 |
Advisor Class | 0.08 |
Class C | 0.08 |
Institutional Class | 0.08 |
Institutional 2 Class | 0.04 |
Institutional 3 Class | 0.01 |
Class R | 0.08 |
Columbia Large Cap Value Fund | Annual Report 2022 | 23 |
May 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 413,796 |
Class C | — | 1.00(b) | 662 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Class A | 1.08% | 1.08% |
Advisor Class | 0.83 | 0.83 |
Class C | 1.83 | 1.83 |
Institutional Class | 0.83 | 0.83 |
Institutional 2 Class | 0.79 | 0.76 |
Institutional 3 Class | 0.76 | 0.74 |
Class R | 1.33 | 1.33 |
24 | Columbia Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(756,410) | 756,410 | — |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
53,349,820 | 123,341,414 | 176,691,234 | 27,786,469 | — | 27,786,469 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
14,498,897 | 156,135,161 | — | 851,426,199 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,787,415,023 | 917,711,449 | (66,285,250) | 851,426,199 |
Columbia Large Cap Value Fund | Annual Report 2022 | 25 |
May 31, 2022
26 | Columbia Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Columbia Large Cap Value Fund | Annual Report 2022 | 27 |
May 31, 2022
28 | Columbia Large Cap Value Fund | Annual Report 2022 |
Columbia Large Cap Value Fund | Annual Report 2022 | 29 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
96.94% | 92.82% | $243,719,970 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
30 | Columbia Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Large Cap Value Fund | Annual Report 2022 | 31 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
32 | Columbia Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Large Cap Value Fund | Annual Report 2022 | 33 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
34 | Columbia Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia Large Cap Value Fund | Annual Report 2022 | 35 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
36 | Columbia Large Cap Value Fund | Annual Report 2022 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
13 | |
15 | |
16 | |
18 | |
22 | |
35 | |
36 | |
36 | |
42 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 06/23/83 | -3.34 | 19.98 | 20.00 |
Including sales charges | -8.89 | 18.57 | 19.29 | ||
Advisor Class | 08/03/09 | -3.10 | 20.28 | 20.28 | |
Class C | Excluding sales charges | 05/27/99 | -4.08 | 19.08 | 19.10 |
Including sales charges | -4.87 | 19.08 | 19.10 | ||
Institutional Class | 09/27/10 | -3.09 | 20.28 | 20.30 | |
Institutional 2 Class | 11/30/01 | -3.05 | 20.33 | 20.40 | |
Institutional 3 Class* | 03/01/17 | -3.01 | 20.39 | 20.21 | |
Class R | 04/30/03 | -3.59 | 19.68 | 19.70 | |
S&P North American Technology Sector Index | -12.38 | 18.42 | 19.22 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Common Stocks | 99.9 |
Convertible Bonds | 0.0(a) |
Money Market Funds | 0.1 |
Preferred Stocks | 0.0(a) |
Total | 100.0 |
(a) | Rounds to zero. |
Equity sector breakdown (%) (at May 31, 2022) | |
Communication Services | 9.9 |
Consumer Discretionary | 2.1 |
Financials | 0.0(a) |
Health Care | 0.4 |
Industrials | 2.1 |
Information Technology | 85.5 |
Total | 100.0 |
(a) | Rounds to zero. |
Equity sub-industry breakdown (%) (at May 31, 2022) | |
Information Technology | |
Application Software | 7.8 |
Communications Equipment | 4.8 |
Data Processing & Outsourced Services | 4.7 |
Electronic Equipment & Instruments | 1.5 |
Internet Services & Infrastructure | 2.0 |
IT Consulting & Other Services | 1.0 |
Semiconductor Equipment | 13.5 |
Semiconductors | 23.8 |
Systems Software | 12.5 |
Technology Hardware, Storage & Peripherals | 13.9 |
Total | 85.5 |
4 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s outperformance of its benchmark during the period was driven primarily by strong stock selection and, secondarily, by industry exposures. |
• | The Fund’s largest gains came from selections within the software industry and selections combined with an underweighted allocation to the interactive media and services industry. |
○ | The Fund’s best performing software investments have been in security, where investments in Fortinet, Inc. and Palo Alto Networks, Inc. have benefited from strong demand for protection against hackers and ransomware. |
○ | Electronic design automation company Synopsys, Inc. beat earnings expectations and significantly raised guidance during the period. Synopsys has benefited from the slowing of Moore’s Law (the principle that the speed and capability of computers can be expected to double every two years, as a result of increases in the number of transistors a microchip can contain), which in turn has driven a more complex semiconductor design to fuel increased semiconductor content across autos, autonomous driving, artificial intelligence/machine learning and Internet of Things (IoT) applications. Synopsys is also the second largest provider of intellectual property, which has grown and represents over 20% of the company’s revenue. |
• | The Fund also benefited from its overweighted allocation to the semiconductors & semiconductor equipment industry and underweighted allocations to the IT services industry and consumer discretionary sector. |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 5 |
(Unaudited)
○ | Synaptics, Inc. was a top contributor during the period after executing an incredible turnaround over the past two years under the guidance of CEO Michael Hurlston. It made strategic acquisitions in video and wireless connectivity and PC docking station technology, which significantly boosted margins and profit growth. In 2021, the company consistently beat earnings expectations, and the stock has responded in kind. |
○ | The Fund’s investments in chip suppliers to the data center have also paid off handsomely, with Broadcom, Inc. and Marvell Technology, Inc. shares benefiting from strong investments in bandwidth and processing power at cloud data centers. |
○ | Having no exposure to some IT services names, such as Shopify and PayPal, also contributed to relative returns. |
• | Within technology hardware, HP, Inc. was a standout for the Fund, as a return-to-the-office sentiment buoyed enterprise spending on PCs, printing and storage. HP has improved PC and print margins while simultaneously retiring over $1 billion worth of shares per quarter. HP shares hit a record high late in the period on news that Warren Buffet had purchased an 11.5% stake via his holding company Berkshire Hathaway. |
• | Having no exposure to Amazon nor Meta Platforms also boosted relative returns during the period, as both companies underperformed the market after failing to meet lofty expectations and increased calls for greater regulation of big tech. |
• | Select holdings within the semiconductor & semiconductor equipment industry and the technology hardware industry detracted from results. |
• | Underweights versus the benchmark in Microsoft Corp. and Apple, Inc. detracted from relative results as both companies outperformed the market during the period. |
• | The Fund’s position in application software company Cerence, Inc. detracted from Fund results. Cerence, which provides artificial intelligence-powered virtual assistants for the mobility/transportation market, has seen a lull in its business due to the supply-shortage-induced problems in the auto industry. |
• | Within semiconductors, Lam Research Corp. was pressured on a combination of fears of a cyclical peak in semiconductor industry demand and supply chain related issues. |
• | Also within the semiconductor industry, not owning graphics chip company NVIDIA weighed on relative performance as the company outperformed the market, driven by strength across gaming, data center and cryptocurrency mining during the first part of the reporting period. |
• | In the data processing & outsources services industry, shares of PagSeguro Digital Ltd., a financial services and digital payments company in Brazil, struggled during the period following action by Brazil’s central bank to cap fees on prepaid card transactions. |
• | The Fund’s off-benchmark holding in hydrogen fuel cell company Bloom Energy Corp. weighed on relative performance. Shares in Bloom struggled as investors rotated away from growth stocks during the period. |
6 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 855.10 | 1,019.10 | 5.41 | 5.89 | 1.17 |
Advisor Class | 1,000.00 | 1,000.00 | 856.20 | 1,020.29 | 4.30 | 4.68 | 0.93 |
Class C | 1,000.00 | 1,000.00 | 852.00 | 1,015.36 | 8.87 | 9.65 | 1.92 |
Institutional Class | 1,000.00 | 1,000.00 | 856.20 | 1,020.34 | 4.26 | 4.63 | 0.92 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 856.50 | 1,020.49 | 4.12 | 4.48 | 0.89 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 856.60 | 1,020.74 | 3.89 | 4.23 | 0.84 |
Class R | 1,000.00 | 1,000.00 | 854.10 | 1,017.85 | 6.56 | 7.14 | 1.42 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 7 |
May 31, 2022
Common Stocks 99.9% | ||
Issuer | Shares | Value ($) |
Communication Services 9.8% | ||
Broadcasting 1.4% | ||
Fox Corp., Class A | 3,825,900 | 135,857,709 |
Total Broadcasting | 135,857,709 | |
Cable & Satellite 0.5% | ||
Comcast Corp., Class A | 1,013,525 | 44,878,887 |
Total Cable & Satellite | 44,878,887 | |
Interactive Home Entertainment 1.3% | ||
Activision Blizzard, Inc. | 1,615,181 | 125,790,296 |
Total Interactive Home Entertainment | 125,790,296 | |
Interactive Media & Services 5.9% | ||
Alphabet, Inc., Class A(a) | 149,204 | 339,474,909 |
Alphabet, Inc., Class C(a) | 100,288 | 228,734,865 |
Total Interactive Media & Services | 568,209,774 | |
Movies & Entertainment 0.6% | ||
Warner Bros Discovery, Inc.(a) | 3,131,742 | 57,780,640 |
Total Movies & Entertainment | 57,780,640 | |
Wireless Telecommunication Services 0.1% | ||
T-Mobile USA, Inc.(a) | 68,800 | 9,170,352 |
Total Wireless Telecommunication Services | 9,170,352 | |
Total Communication Services | 941,687,658 | |
Consumer Discretionary 2.1% | ||
Internet & Direct Marketing Retail 2.1% | ||
eBay, Inc. | 4,056,324 | 197,421,289 |
Total Internet & Direct Marketing Retail | 197,421,289 | |
Total Consumer Discretionary | 197,421,289 | |
Financials 0.0% | ||
Consumer Finance 0.0% | ||
CommonBond, Class A(a),(b),(c),(d) | 1,505,550 | 1,625,994 |
Total Consumer Finance | 1,625,994 | |
Total Financials | 1,625,994 | |
Health Care 0.4% |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Biotechnology 0.4% | ||
Apnimed, Inc.(a),(b),(c),(d) | 1,127,586 | 10,013,866 |
Apnimed, Inc.(a),(b),(c),(d) | 675,613 | 5,999,984 |
Apnimed, Inc.(a),(b),(c),(d) | 360,327 | 3,999,990 |
Eiger BioPharmaceuticals, Inc.(a),(e) | 2,319,150 | 16,094,901 |
Total Biotechnology | 36,108,741 | |
Total Health Care | 36,108,741 | |
Industrials 2.1% | ||
Heavy Electrical Equipment 1.9% | ||
Bloom Energy Corp., Class A(a),(e) | 10,159,748 | 177,998,785 |
Total Heavy Electrical Equipment | 177,998,785 | |
Human Resource & Employment Services 0.2% | ||
HireRight Holdings Corp.(a) | 1,576,392 | 23,251,782 |
Total Human Resource & Employment Services | 23,251,782 | |
Total Industrials | 201,250,567 | |
Information Technology 85.5% | ||
Application Software 7.8% | ||
Cerence, Inc.(a) | 1,763,624 | 56,012,698 |
Dropbox, Inc., Class A(a) | 9,084,509 | 189,321,168 |
Intapp, Inc.(a) | 425,646 | 8,461,842 |
Salesforce, Inc.(a) | 395,651 | 63,399,116 |
Samsara, Inc., Class A(a) | 1,289,556 | 14,507,505 |
Splunk, Inc.(a) | 147,500 | 15,127,600 |
Synopsys, Inc.(a) | 1,099,090 | 350,829,528 |
Zendesk, Inc.(a) | 500,600 | 45,779,870 |
Total Application Software | 743,439,327 | |
Communications Equipment 4.8% | ||
Arista Networks, Inc.(a) | 545,028 | 55,745,464 |
Cisco Systems, Inc. | 1,085,000 | 48,879,250 |
F5, Inc.(a) | 777,600 | 126,779,904 |
Lumentum Holdings, Inc.(a) | 1,638,200 | 141,016,256 |
Plantronics, Inc.(a),(e) | 713,171 | 28,155,991 |
Telefonaktiebolaget LM Ericsson, ADR | 7,286,200 | 58,872,496 |
Total Communications Equipment | 459,449,361 |
8 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Data Processing & Outsourced Services 4.8% | ||
Fidelity National Information Services, Inc. | 807,000 | 84,331,500 |
Fiserv, Inc.(a) | 965,544 | 96,728,198 |
Pagseguro Digital Ltd., Class A(a) | 1,299,175 | 19,955,328 |
Visa, Inc., Class A | 1,192,425 | 252,996,812 |
Total Data Processing & Outsourced Services | 454,011,838 | |
Electronic Equipment & Instruments 1.5% | ||
Advanced Energy Industries, Inc. | 1,749,739 | 142,533,739 |
Total Electronic Equipment & Instruments | 142,533,739 | |
Internet Services & Infrastructure 2.0% | ||
GoDaddy, Inc., Class A(a) | 2,551,130 | 191,462,306 |
Total Internet Services & Infrastructure | 191,462,306 | |
IT Consulting & Other Services 1.0% | ||
DXC Technology Co.(a) | 1,697,600 | 59,789,472 |
Thoughtworks Holding, Inc.(a) | 1,951,504 | 33,780,534 |
Total IT Consulting & Other Services | 93,570,006 | |
Semiconductor Equipment 13.5% | ||
Applied Materials, Inc. | 2,835,331 | 332,555,973 |
Lam Research Corp. | 1,142,668 | 594,221,640 |
Teradyne, Inc. | 3,340,922 | 365,029,138 |
Total Semiconductor Equipment | 1,291,806,751 | |
Semiconductors 23.8% | ||
Analog Devices, Inc. | 1,614,102 | 271,814,777 |
Broadcom, Inc. | 673,576 | 390,761,645 |
GlobalFoundries, Inc.(a) | 1,415,752 | 84,506,237 |
indie Semiconductor, Inc., Class A(a) | 2,000,000 | 15,380,000 |
Intel Corp. | 1,666,769 | 74,037,879 |
Marvell Technology, Inc. | 3,931,153 | 232,527,700 |
mCube, Inc.(a),(b),(c),(d) | 6,015,834 | 26,108,718 |
Microchip Technology, Inc. | 1,584,800 | 115,135,720 |
Micron Technology, Inc. | 2,902,394 | 214,312,773 |
NXP Semiconductors NV | 695,300 | 131,940,128 |
Qorvo, Inc.(a) | 1,229,750 | 137,424,563 |
Rambus, Inc.(a) | 2,312,100 | 58,033,710 |
Renesas Electronics Corp.(a) | 10,311,100 | 120,432,068 |
SMART Global Holdings, Inc.(a),(e) | 2,859,496 | 70,486,576 |
Synaptics, Inc.(a),(e) | 2,075,495 | 307,422,319 |
Transphorm, Inc.(a),(e) | 2,987,500 | 17,954,875 |
Total Semiconductors | 2,268,279,688 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Systems Software 12.5% | ||
Fortinet, Inc.(a) | 593,703 | 174,631,800 |
Microsoft Corp. | 1,235,575 | 335,915,775 |
NortonLifeLock, Inc. | 7,027,108 | 171,039,809 |
Oracle Corp. | 1,285,800 | 92,474,736 |
Palo Alto Networks, Inc.(a) | 346,070 | 173,997,075 |
SailPoint Technologies Holdings, Inc.(a) | 234,090 | 14,850,670 |
Tenable Holdings, Inc.(a) | 519,744 | 26,143,123 |
VMware, Inc., Class A | 695,969 | 89,153,629 |
Xperi Holding Corp.(e) | 7,076,541 | 116,479,865 |
Total Systems Software | 1,194,686,482 | |
Technology Hardware, Storage & Peripherals 13.8% | ||
Apple, Inc. | 3,509,500 | 522,353,980 |
Dell Technologies, Inc. | 1,992,736 | 99,517,236 |
HP, Inc.(f) | 6,366,031 | 247,256,644 |
NetApp, Inc. | 2,294,906 | 165,118,487 |
Western Digital Corp.(a) | 4,752,792 | 288,446,946 |
Total Technology Hardware, Storage & Peripherals | 1,322,693,293 | |
Total Information Technology | 8,161,932,791 | |
Total Common Stocks (Cost: $5,193,927,409) | 9,540,027,040 |
Convertible Bonds 0.0% | |||
Issuer | Coupon Rate | Principal Amount | Value ($) |
Technology 0.0% | |||
Movella, Inc.(b),(c),(d) | |||
09/01/2023 | 6.000% | 3,000,000 | 3,000,000 |
Total Convertible Bonds (Cost: $3,000,000) | 3,000,000 | ||
Preferred Stocks 0.0% | |||
Issuer | Shares | Value ($) | |
Financials 0.0% | |||
Consumer Finance 0.0% | |||
CommonBond LLC(b),(c),(d) | 1.000% | 686,561 | 741,486 |
Total Financials | 741,486 | ||
Total Preferred Stocks (Cost: $295,734) | 741,486 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 9 |
May 31, 2022
Money Market Funds 0.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(e),(g) | 4,556,019 | 4,554,197 |
Total Money Market Funds (Cost: $4,554,197) | 4,554,197 | |
Total Investments in Securities (Cost $5,201,777,340) | 9,548,322,723 | |
Other Assets & Liabilities, Net | (658,836) | |
Net Assets | $9,547,663,887 |
Call option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
HP, Inc. | Morgan Stanley | USD | (21,816,428) | (5,617) | 41.00 | 6/17/2022 | (587,147) | (519,573) |
(a) | Non-income producing investment. |
(b) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2022, the total value of these securities amounted to $51,490,038, which represents 0.54% of total net assets. |
(c) | Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At May 31, 2022, the total market value of these securities amounted to $51,490,038, which represents 0.54% of total net assets. Additional information on these securities is as follows: |
Security | Acquisition Dates | Shares | Cost ($) | Value ($) |
mCube, Inc. | 09/08/2020 | 6,015,834 | 25,000,001 | 26,108,718 |
Apnimed, Inc. | 03/12/2021 | 1,127,586 | 9,999,997 | 10,013,866 |
CommonBond, Class A | 03/19/2018—12/31/2021 | 1,505,550 | 10,292,674 | 1,625,994 |
CommonBond LLC | 10/15/2020—12/31/2021 | 686,561 | 295,734 | 741,486 |
Movella, Inc. | 03/08/2022 | 3,000,000 | 3,000,000 | 3,000,000 |
Apnimed, Inc. | 04/28/2022 | 675,613 | 5,999,993 | 5,999,984 |
Apnimed, Inc. | 04/28/2022 | 360,327 | 3,999,990 | 3,999,990 |
58,588,389 | 51,490,038 |
(d) | Valuation based on significant unobservable inputs. |
(e) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Bloom Energy Corp., Class A | ||||||||
207,759,229 | 38,638,817 | (5,128,583) | (63,270,678) | 177,998,785 | (321,213) | — | 10,159,748 | |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
26,424,373 | 1,249,861,300 | (1,271,731,456) | (20) | 4,554,197 | (14,129) | 108,245 | 4,556,019 |
10 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
May 31, 2022
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Eiger BioPharmaceuticals, Inc.‡ | ||||||||
— | 4,675,685 | — | (6,053,335) | 16,094,901 | — | — | 2,319,150 | |
Plantronics, Inc.† | ||||||||
124,385,701 | 20,789,023 | (94,523,106) | (29,862,595) | — | 53,683,224 | — | 713,171 | |
Sciplay Corp., Class A† | ||||||||
27,788,594 | — | (21,006,029) | (6,782,565) | — | 4,821,614 | — | — | |
SMART Global Holdings, Inc. | ||||||||
58,787,755 | 13,725,143 | (2,935,219) | 908,897 | 70,486,576 | 1,176,764 | — | 2,859,496 | |
Synaptics, Inc. | ||||||||
354,915,165 | 34,087,845 | (66,309,520) | (15,271,171) | 307,422,319 | 142,132,250 | — | 2,075,495 | |
Transphorm, Inc.‡ | ||||||||
— | — | (37,597) | 8,969,253 | 17,954,875 | 44,889 | — | 2,987,500 | |
Xperi Holding Corp. | ||||||||
148,413,632 | 3,585,665 | (962,993) | (34,556,439) | 116,479,865 | (164,974) | 1,400,528 | 7,076,541 | |
Total | 948,474,449 | (145,918,653) | 710,991,518 | 201,358,425 | 1,508,773 |
‡ | Issuer was not an affiliate at the beginning of period. |
† | Issuer was not an affiliate at the end of period. |
(f) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(g) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
ADR | American Depositary Receipt |
USD | US Dollar |
■ | 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). |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 11 |
May 31, 2022
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 941,687,658 | — | — | 941,687,658 |
Consumer Discretionary | 197,421,289 | — | — | 197,421,289 |
Financials | — | — | 1,625,994 | 1,625,994 |
Health Care | 16,094,901 | — | 20,013,840 | 36,108,741 |
Industrials | 201,250,567 | — | — | 201,250,567 |
Information Technology | 8,015,392,005 | 120,432,068 | 26,108,718 | 8,161,932,791 |
Total Common Stocks | 9,371,846,420 | 120,432,068 | 47,748,552 | 9,540,027,040 |
Convertible Bonds | — | — | 3,000,000 | 3,000,000 |
Preferred Stocks | ||||
Financials | — | — | 741,486 | 741,486 |
Total Preferred Stocks | — | — | 741,486 | 741,486 |
Money Market Funds | 4,554,197 | — | — | 4,554,197 |
Total Investments in Securities | 9,376,400,617 | 120,432,068 | 51,490,038 | 9,548,322,723 |
Investments in Derivatives | ||||
Liability | ||||
Options Contracts Written | (519,573) | — | — | (519,573) |
Total | 9,375,881,044 | 120,432,068 | 51,490,038 | 9,547,803,150 |
12 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $4,690,754,892) | $8,837,331,205 |
Affiliated issuers (cost $511,022,448) | 710,991,518 |
Receivable for: | |
Investments sold | 18,568,990 |
Capital shares sold | 5,585,167 |
Dividends | 6,028,667 |
Interest | 41,500 |
Foreign tax reclaims | 279,218 |
Prepaid expenses | 52,156 |
Total assets | 9,578,878,421 |
Liabilities | |
Option contracts written, at value (premiums received $587,147) | 519,573 |
Due to custodian | 12,035 |
Payable for: | |
Investments purchased | 22,835,623 |
Capital shares purchased | 5,532,101 |
Management services fees | 877,514 |
Distribution and/or service fees | 220,346 |
Transfer agent fees | 747,772 |
Compensation of board members | 344,687 |
Other expenses | 124,883 |
Total liabilities | 31,214,534 |
Net assets applicable to outstanding capital stock | $9,547,663,887 |
Represented by | |
Paid in capital | 4,534,482,967 |
Total distributable earnings (loss) | 5,013,180,920 |
Total - representing net assets applicable to outstanding capital stock | $9,547,663,887 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 13 |
May 31, 2022
Class A | |
Net assets | $6,373,136,708 |
Shares outstanding | 60,695,106 |
Net asset value per share | $105.00 |
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) | $111.41 |
Advisor Class | |
Net assets | $331,399,654 |
Shares outstanding | 3,298,427 |
Net asset value per share | $100.47 |
Class C | |
Net assets | $359,106,096 |
Shares outstanding | 6,570,600 |
Net asset value per share | $54.65 |
Institutional Class | |
Net assets | $1,922,181,990 |
Shares outstanding | 16,016,367 |
Net asset value per share | $120.01 |
Institutional 2 Class | |
Net assets | $351,624,792 |
Shares outstanding | 2,909,716 |
Net asset value per share | $120.85 |
Institutional 3 Class | |
Net assets | $135,793,530 |
Shares outstanding | 1,136,435 |
Net asset value per share | $119.49 |
Class R | |
Net assets | $74,421,117 |
Shares outstanding | 768,406 |
Net asset value per share | $96.85 |
14 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $84,036,354 |
Dividends — affiliated issuers | 1,508,773 |
Interest | 50,181 |
Foreign taxes withheld | (542,531) |
Total income | 85,052,777 |
Expenses: | |
Management services fees | 89,255,818 |
Distribution and/or service fees | |
Class A | 18,283,697 |
Class C | 4,227,166 |
Class R | 452,866 |
Transfer agent fees | |
Class A | 6,582,876 |
Advisor Class | 319,060 |
Class C | 380,470 |
Institutional Class | 1,945,790 |
Institutional 2 Class | 200,503 |
Institutional 3 Class | 7,748 |
Class R | 81,516 |
Compensation of board members | 133,477 |
Custodian fees | 64,207 |
Printing and postage fees | 260,688 |
Registration fees | 227,601 |
Audit fees | 31,000 |
Legal fees | 113,815 |
Interest on interfund lending | 342 |
Compensation of chief compliance officer | 1,811 |
Other | 375,510 |
Total expenses | 122,945,961 |
Expense reduction | (2,984) |
Total net expenses | 122,942,977 |
Net investment loss | (37,890,200) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 885,154,063 |
Investments — affiliated issuers | 201,358,425 |
Foreign currency translations | (26,091) |
Options contracts written | 382,916 |
Net realized gain | 1,086,869,313 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (1,201,361,429) |
Investments — affiliated issuers | (145,918,653) |
Foreign currency translations | (18,161) |
Options contracts written | 67,574 |
Net change in unrealized appreciation (depreciation) | (1,347,230,669) |
Net realized and unrealized loss | (260,361,356) |
Net decrease in net assets resulting from operations | $(298,251,556) |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 15 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment loss | $(37,890,200) | $(13,534,301) |
Net realized gain | 1,086,869,313 | 1,394,010,592 |
Net change in unrealized appreciation (depreciation) | (1,347,230,669) | 3,085,861,871 |
Net increase (decrease) in net assets resulting from operations | (298,251,556) | 4,466,338,162 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (866,441,965) | (592,051,323) |
Advisor Class | (43,557,391) | (28,846,355) |
Class C | (83,396,546) | (63,180,278) |
Institutional Class | (230,885,422) | (156,391,019) |
Institutional 2 Class | (37,204,174) | (25,114,865) |
Institutional 3 Class | (14,971,365) | (7,867,166) |
Class R | (11,285,269) | (8,159,269) |
Total distributions to shareholders | (1,287,742,132) | (881,610,275) |
Increase in net assets from capital stock activity | 763,941,568 | 118,205,067 |
Total increase (decrease) in net assets | (822,052,120) | 3,702,932,954 |
Net assets at beginning of year | 10,369,716,007 | 6,666,783,053 |
Net assets at end of year | $9,547,663,887 | $10,369,716,007 |
16 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 2,724,048 | 333,312,923 | 3,156,874 | 330,601,821 |
Distributions reinvested | 6,190,765 | 789,879,698 | 5,322,400 | 540,329,989 |
Redemptions | (6,441,394) | (777,124,975) | (7,223,520) | (731,901,184) |
Net increase | 2,473,419 | 346,067,646 | 1,255,754 | 139,030,626 |
Advisor Class | ||||
Subscriptions | 1,049,902 | 122,233,718 | 806,303 | 81,183,903 |
Distributions reinvested | 302,755 | 36,917,944 | 248,817 | 24,254,634 |
Redemptions | (774,015) | (88,067,650) | (831,206) | (84,452,889) |
Net increase | 578,642 | 71,084,012 | 223,914 | 20,985,648 |
Class C | ||||
Subscriptions | 699,676 | 46,253,388 | 810,016 | 48,773,047 |
Distributions reinvested | 1,201,664 | 80,090,877 | 1,047,369 | 60,726,464 |
Redemptions | (1,346,988) | (86,867,002) | (2,878,542) | (176,348,029) |
Net increase (decrease) | 554,352 | 39,477,263 | (1,021,157) | (66,848,518) |
Institutional Class | ||||
Subscriptions | 2,802,246 | 388,214,158 | 2,349,567 | 266,415,040 |
Distributions reinvested | 1,358,568 | 197,875,363 | 1,156,580 | 132,185,564 |
Redemptions | (2,938,574) | (400,842,921) | (3,378,826) | (384,695,180) |
Net increase | 1,222,240 | 185,246,600 | 127,321 | 13,905,424 |
Institutional 2 Class | ||||
Subscriptions | 940,648 | 130,422,369 | 747,897 | 89,315,567 |
Distributions reinvested | 252,690 | 37,054,467 | 217,657 | 25,026,231 |
Redemptions | (609,010) | (82,835,539) | (1,167,158) | (133,737,781) |
Net increase (decrease) | 584,328 | 84,641,297 | (201,604) | (19,395,983) |
Institutional 3 Class | ||||
Subscriptions | 479,084 | 67,810,180 | 434,712 | 50,495,303 |
Distributions reinvested | 92,198 | 13,365,074 | 64,409 | 7,328,472 |
Redemptions | (278,716) | (37,504,702) | (217,198) | (24,730,651) |
Net increase | 292,566 | 43,670,552 | 281,923 | 33,093,124 |
Class R | ||||
Subscriptions | 141,187 | 16,209,102 | 240,018 | 22,536,390 |
Distributions reinvested | 94,447 | 11,127,750 | 84,346 | 7,979,128 |
Redemptions | (293,092) | (33,582,654) | (363,502) | (33,080,772) |
Net decrease | (57,458) | (6,245,802) | (39,138) | (2,565,254) |
Total net increase | 5,648,089 | 763,941,568 | 627,013 | 118,205,067 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 17 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2022 | $121.58 | (0.48) | (0.88) | (1.36) | — | (15.22) | (15.22) |
Year Ended 5/31/2021 | $79.11 | (0.19) | 53.51 | 53.32 | (0.44) | (10.41) | (10.85) |
Year Ended 5/31/2020 | $67.52 | 0.41(e) | 20.34 | 20.75 | — | (9.16) | (9.16) |
Year Ended 5/31/2019 | $76.76 | (0.03) | (2.02) | (2.05) | — | (7.19) | (7.19) |
Year Ended 5/31/2018 | $72.96 | (0.29) | 11.98 | 11.69 | — | (7.89) | (7.89) |
Advisor Class | |||||||
Year Ended 5/31/2022 | $116.88 | (0.17) | (0.72) | (0.89) | — | (15.52) | (15.52) |
Year Ended 5/31/2021 | $76.31 | 0.06 | 51.57 | 51.63 | (0.52) | (10.54) | (11.06) |
Year Ended 5/31/2020 | $65.38 | 0.58(e) | 19.69 | 20.27 | — | (9.34) | (9.34) |
Year Ended 5/31/2019 | $74.50 | 0.14 | (2.00) | (1.86) | — | (7.26) | (7.26) |
Year Ended 5/31/2018 | $71.01 | (0.10) | 11.65 | 11.55 | — | (8.06) | (8.06) |
Class C | |||||||
Year Ended 5/31/2022 | $69.20 | (0.76) | 0.51(g) | (0.25) | — | (14.30) | (14.30) |
Year Ended 5/31/2021 | $48.21 | (0.57) | 31.78 | 31.21 | (0.20) | (10.02) | (10.22) |
Year Ended 5/31/2020 | $43.98 | (0.10)(e) | 13.09 | 12.99 | — | (8.76) | (8.76) |
Year Ended 5/31/2019 | $52.96 | (0.37) | (1.65) | (2.02) | — | (6.96) | (6.96) |
Year Ended 5/31/2018 | $52.49 | (0.60) | 8.45 | 7.85 | — | (7.38) | (7.38) |
Institutional Class | |||||||
Year Ended 5/31/2022 | $137.04 | (0.20) | (1.31) | (1.51) | — | (15.52) | (15.52) |
Year Ended 5/31/2021 | $88.14 | 0.07 | 59.89 | 59.96 | (0.52) | (10.54) | (11.06) |
Year Ended 5/31/2020 | $74.36 | 0.67(e) | 22.45 | 23.12 | — | (9.34) | (9.34) |
Year Ended 5/31/2019 | $83.59 | 0.16 | (2.13) | (1.97) | — | (7.26) | (7.26) |
Year Ended 5/31/2018 | $78.77 | (0.11) | 12.99 | 12.88 | — | (8.06) | (8.06) |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $137.89 | (0.16) | (1.31) | (1.47) | — | (15.57) | (15.57) |
Year Ended 5/31/2021 | $88.63 | 0.11 | 60.24 | 60.35 | (0.53) | (10.56) | (11.09) |
Year Ended 5/31/2020 | $74.73 | 0.71(e) | 22.57 | 23.28 | — | (9.38) | (9.38) |
Year Ended 5/31/2019 | $83.94 | 0.20 | (2.13) | (1.93) | — | (7.28) | (7.28) |
Year Ended 5/31/2018 | $79.07 | (0.07) | 13.04 | 12.97 | — | (8.10) | (8.10) |
18 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2022 | $105.00 | (3.34%) | 1.17%(c) | 1.17%(c),(d) | (0.39%) | 16% | $6,373,137 |
Year Ended 5/31/2021 | $121.58 | 70.10% | 1.20%(c) | 1.20%(c),(d) | (0.19%) | 32% | $7,078,794 |
Year Ended 5/31/2020 | $79.11 | 31.36% | 1.23%(c),(f) | 1.23%(c),(d),(f) | 0.54% | 37% | $4,506,828 |
Year Ended 5/31/2019 | $67.52 | (1.50%) | 1.25%(c) | 1.24%(c),(d) | (0.05%) | 37% | $3,759,214 |
Year Ended 5/31/2018 | $76.76 | 16.85% | 1.24% | 1.24%(d) | (0.39%) | 39% | $3,767,260 |
Advisor Class | |||||||
Year Ended 5/31/2022 | $100.47 | (3.10%) | 0.93%(c) | 0.93%(c),(d) | (0.14%) | 16% | $331,400 |
Year Ended 5/31/2021 | $116.88 | 70.53% | 0.95%(c) | 0.95%(c),(d) | 0.06% | 32% | $317,883 |
Year Ended 5/31/2020 | $76.31 | 31.69% | 0.98%(c),(f) | 0.98%(c),(d),(f) | 0.79% | 37% | $190,471 |
Year Ended 5/31/2019 | $65.38 | (1.26%) | 0.99%(c) | 0.99%(c),(d) | 0.21% | 37% | $143,228 |
Year Ended 5/31/2018 | $74.50 | 17.15% | 0.99% | 0.99%(d) | (0.14%) | 39% | $154,144 |
Class C | |||||||
Year Ended 5/31/2022 | $54.65 | (4.08%) | 1.92%(c) | 1.92%(c),(d) | (1.14%) | 16% | $359,106 |
Year Ended 5/31/2021 | $69.20 | 68.85% | 1.94%(c) | 1.94%(c),(d) | (0.96%) | 32% | $416,301 |
Year Ended 5/31/2020 | $48.21 | 30.39% | 1.98%(c),(f) | 1.98%(c),(d),(f) | (0.22%) | 37% | $339,268 |
Year Ended 5/31/2019 | $43.98 | (2.23%) | 1.99%(c) | 1.99%(c),(d) | (0.75%) | 37% | $344,977 |
Year Ended 5/31/2018 | $52.96 | 15.98% | 1.99% | 1.99%(d) | (1.14%) | 39% | $957,190 |
Institutional Class | |||||||
Year Ended 5/31/2022 | $120.01 | (3.09%) | 0.92%(c) | 0.92%(c),(d) | (0.14%) | 16% | $1,922,182 |
Year Ended 5/31/2021 | $137.04 | 70.53% | 0.95%(c) | 0.95%(c),(d) | 0.06% | 32% | $2,027,453 |
Year Ended 5/31/2020 | $88.14 | 31.70% | 0.98%(c),(f) | 0.98%(c),(d),(f) | 0.80% | 37% | $1,292,741 |
Year Ended 5/31/2019 | $74.36 | (1.25%) | 0.99%(c) | 0.99%(c),(d) | 0.21% | 37% | $1,030,165 |
Year Ended 5/31/2018 | $83.59 | 17.14% | 0.99% | 0.99%(d) | (0.14%) | 39% | $1,205,243 |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $120.85 | (3.05%) | 0.89%(c) | 0.89%(c) | (0.11%) | 16% | $351,625 |
Year Ended 5/31/2021 | $137.89 | 70.60% | 0.91%(c) | 0.91%(c) | 0.09% | 32% | $320,652 |
Year Ended 5/31/2020 | $88.63 | 31.76% | 0.94%(c),(f) | 0.94%(c),(f) | 0.83% | 37% | $223,964 |
Year Ended 5/31/2019 | $74.73 | (1.20%) | 0.95%(c) | 0.95%(c) | 0.25% | 37% | $178,417 |
Year Ended 5/31/2018 | $83.94 | 17.20% | 0.94% | 0.94% | (0.09%) | 39% | $173,624 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 19 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $136.48 | (0.09) | (1.27) | (1.36) | — | (15.63) | (15.63) |
Year Ended 5/31/2021 | $87.79 | 0.19 | 59.63 | 59.82 | (0.54) | (10.59) | (11.13) |
Year Ended 5/31/2020 | $74.09 | 0.78(e) | 22.33 | 23.11 | — | (9.41) | (9.41) |
Year Ended 5/31/2019 | $83.26 | 0.24 | (2.12) | (1.88) | — | (7.29) | (7.29) |
Year Ended 5/31/2018 | $78.48 | (0.00)(h) | 12.90 | 12.90 | — | (8.12) | (8.12) |
Class R | |||||||
Year Ended 5/31/2022 | $113.17 | (0.73) | (0.67) | (1.40) | — | (14.92) | (14.92) |
Year Ended 5/31/2021 | $74.19 | (0.42) | 50.04 | 49.62 | (0.36) | (10.28) | (10.64) |
Year Ended 5/31/2020 | $63.78 | 0.19(e) | 19.20 | 19.39 | — | (8.98) | (8.98) |
Year Ended 5/31/2019 | $73.05 | (0.20) | (1.96) | (2.16) | — | (7.11) | (7.11) |
Year Ended 5/31/2018 | $69.79 | (0.46) | 11.44 | 10.98 | — | (7.72) | (7.72) |
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 which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Net investment income per share includes special dividends. The per share effect of these dividends amounted to: |
Year Ended | Class A | Advisor Class | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class | Class R |
05/31/2020 | $0.52 | $0.50 | $0.32 | $0.58 | $0.58 | $0.58 | $0.49 |
(f) | Ratios include line of credit interest expense which is less than 0.01%. |
(g) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(h) | Rounds to zero. |
20 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $119.49 | (3.01%) | 0.84%(c) | 0.84%(c) | (0.07%) | 16% | $135,794 |
Year Ended 5/31/2021 | $136.48 | 70.67% | 0.86%(c) | 0.86%(c) | 0.17% | 32% | $115,173 |
Year Ended 5/31/2020 | $87.79 | 31.81% | 0.89%(c),(f) | 0.89%(c),(f) | 0.93% | 37% | $49,333 |
Year Ended 5/31/2019 | $74.09 | (1.14%) | 0.90%(c) | 0.90%(c) | 0.31% | 37% | $32,058 |
Year Ended 5/31/2018 | $83.26 | 17.25% | 0.90% | 0.90% | (0.00%)(h) | 39% | $20,050 |
Class R | |||||||
Year Ended 5/31/2022 | $96.85 | (3.59%) | 1.42%(c) | 1.42%(c),(d) | (0.64%) | 16% | $74,421 |
Year Ended 5/31/2021 | $113.17 | 69.70% | 1.44%(c) | 1.44%(c),(d) | (0.44%) | 32% | $93,459 |
Year Ended 5/31/2020 | $74.19 | 31.03% | 1.48%(c),(f) | 1.48%(c),(d),(f) | 0.27% | 37% | $64,178 |
Year Ended 5/31/2019 | $63.78 | (1.75%) | 1.49%(c) | 1.49%(c),(d) | (0.29%) | 37% | $64,874 |
Year Ended 5/31/2018 | $73.05 | 16.57% | 1.49% | 1.49%(d) | (0.64%) | 39% | $76,007 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 21 |
May 31, 2022
22 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
May 31, 2022
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 23 |
May 31, 2022
24 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
May 31, 2022
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Options contracts written, at value | 519,573 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 25 |
May 31, 2022
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Options contracts written ($) |
Equity risk | 382,916 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Options contracts written ($) |
Equity risk | 67,574 |
Derivative instrument | Average value ($)* |
Options contracts — written | (28,579) |
* | Based on the ending daily outstanding amounts for the year ended May 31, 2022. |
Morgan Stanley ($) | |
Liabilities | |
Options contracts written | 519,573 |
Total liabilities | 519,573 |
Total financial and derivative net assets | (519,573) |
Total collateral received (pledged) (a) | (519,573) |
Net amount (b) | - |
(a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Represents the net amount due from/(to) counterparties in the event of default. |
26 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
May 31, 2022
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 27 |
May 31, 2022
28 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
May 31, 2022
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.09 |
Class C | 0.09 |
Institutional Class | 0.09 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.09 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 2,532,836 |
Class C | — | 1.00(b) | 19,488 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 29 |
May 31, 2022
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Class A | 1.34% | 1.34% |
Advisor Class | 1.09 | 1.09 |
Class C | 2.09 | 2.09 |
Institutional Class | 1.09 | 1.09 |
Institutional 2 Class | 1.06 | 1.05 |
Institutional 3 Class | 1.01 | 1.00 |
Class R | 1.59 | 1.59 |
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
31,948,278 | (31,948,278) | — |
30 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
May 31, 2022
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
223,351,754 | 1,064,390,378 | 1,287,742,132 | 130,650,547 | 750,959,728 | 881,610,275 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 687,114,951 | — | 4,332,330,293 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
5,215,472,857 | 4,697,343,939 | (365,013,646) | 4,332,330,293 |
Late year ordinary losses ($) | Post-October capital losses ($) |
5,923,225 | — |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 31 |
May 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 2,255,556 | 0.61 | 9 |
32 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
May 31, 2022
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 33 |
May 31, 2022
34 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 35 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
55.32% | 53.59% | $1,050,650,557 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
36 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 37 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
38 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 39 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
40 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia Seligman Technology and Information Fund | Annual Report 2022 | 41 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
42 | Columbia Seligman Technology and Information Fund | Annual Report 2022 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
13 | |
15 | |
16 | |
18 | |
22 | |
31 | |
32 | |
32 | |
38 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 08/01/88 | 9.04 | 10.24 | 11.16 |
Including sales charges | 2.77 | 8.93 | 10.50 | ||
Advisor Class* | 11/08/12 | 9.32 | 10.51 | 11.43 | |
Class C | Excluding sales charges | 06/26/00 | 8.21 | 9.41 | 10.34 |
Including sales charges | 7.25 | 9.41 | 10.34 | ||
Institutional Class | 09/27/10 | 9.32 | 10.52 | 11.45 | |
Institutional 2 Class | 08/01/08 | 9.35 | 10.57 | 11.54 | |
Institutional 3 Class* | 11/08/12 | 9.42 | 10.63 | 11.55 | |
Class R | 08/01/08 | 8.76 | 9.96 | 10.88 | |
MSCI USA High Dividend Yield Index (Net) | 4.03 | 8.87 | 11.38 | ||
Russell 1000 Value Index | 0.93 | 9.50 | 12.06 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Common Stocks | 93.7 |
Convertible Preferred Stocks | 6.2 |
Money Market Funds | 0.1 |
Total | 100.0 |
Equity sector breakdown (%) (at May 31, 2022) | |
Communication Services | 4.8 |
Consumer Discretionary | 6.4 |
Consumer Staples | 13.4 |
Energy | 10.8 |
Financials | 17.4 |
Health Care | 16.3 |
Industrials | 5.7 |
Information Technology | 9.9 |
Materials | 2.7 |
Real Estate | 6.3 |
Utilities | 6.3 |
Total | 100.0 |
4 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s outperformance of its benchmark during the period was driven by its large overweight to, and selections within, the strong performing energy sector. |
• | Underweighted allocations, along with stock selection, within the industrials, information technology and materials sectors also benefited Fund results versus the benchmark. |
• | The Fund’s positions in energy companies Exxon Mobil Corp., Chevron Corp. and Valero Energy Corp. were top contributors to Fund performance versus the benchmark. All three benefited from the strong surge in oil and gas prices during the period. |
• | In information technology, the Fund’s position in Broadcom, Inc. contributed to the Fund’s relative return. Broadcom benefited during the period from rising sales and the overall strength in the semiconductor sector. |
• | Also within the information technology sector, the Fund’s underweighted position, relative to the benchmark, in Intel Corp. added to the Fund’s results versus the benchmark. The Fund’s position was sold in the first half of the period. |
• | Within the materials sector, agribusiness company Nutrien was among the Fund’s top relative contributors. The company was a beneficiary of the price rise in agricultural products, fertilizer and other commodities that accompanied the rally in oil during the period. |
• | Having an underweighted position in broadband provider Comcast Corp., as compared to the benchmark, also helped relative results. The Fund’s position in Comcast was initiated late in the period. |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 5 |
(Unaudited)
• | The Fund’s underweighted allocation to the health care sector detracted from the Fund’s relative results. |
• | An overweighted allocation to, coupled with stock selection in, the financials sector also dampened results versus the benchmark during the period. |
6 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,083.10 | 1,020.00 | 5.14 | 4.99 | 0.99 |
Advisor Class | 1,000.00 | 1,000.00 | 1,084.20 | 1,021.24 | 3.85 | 3.73 | 0.74 |
Class C | 1,000.00 | 1,000.00 | 1,078.90 | 1,016.26 | 9.02 | 8.75 | 1.74 |
Institutional Class | 1,000.00 | 1,000.00 | 1,084.50 | 1,021.24 | 3.85 | 3.73 | 0.74 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,084.50 | 1,021.49 | 3.59 | 3.48 | 0.69 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,084.60 | 1,021.69 | 3.38 | 3.28 | 0.65 |
Class R | 1,000.00 | 1,000.00 | 1,081.50 | 1,018.75 | 6.43 | 6.24 | 1.24 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 7 |
May 31, 2022
Common Stocks 93.3% | ||
Issuer | Shares | Value ($) |
Communication Services 4.7% | ||
Diversified Telecommunication Services 3.6% | ||
AT&T, Inc. | 1,900,000 | 40,451,000 |
Verizon Communications, Inc. | 950,000 | 48,725,500 |
Total | 89,176,500 | |
Media 1.1% | ||
Comcast Corp., Class A | 650,000 | 28,782,000 |
Total Communication Services | 117,958,500 | |
Consumer Discretionary 5.8% | ||
Hotels, Restaurants & Leisure 2.3% | ||
Darden Restaurants, Inc. | 100,000 | 12,500,000 |
McDonald’s Corp. | 180,000 | 45,397,800 |
Total | 57,897,800 | |
Household Durables 0.6% | ||
Newell Brands, Inc. | 629,787 | 13,502,634 |
Specialty Retail 2.5% | ||
Home Depot, Inc. (The) | 210,000 | 63,577,500 |
Textiles, Apparel & Luxury Goods 0.4% | ||
Tapestry, Inc. | 315,000 | 10,867,500 |
Total Consumer Discretionary | 145,845,434 | |
Consumer Staples 13.3% | ||
Beverages 5.1% | ||
Coca-Cola Co. (The) | 1,050,000 | 66,549,000 |
PepsiCo, Inc. | 365,000 | 61,228,750 |
Total | 127,777,750 | |
Food & Staples Retailing 0.5% | ||
Walgreens Boots Alliance, Inc. | 300,000 | 13,149,000 |
Food Products 2.2% | ||
Bunge Ltd. | 165,000 | 19,522,800 |
JM Smucker Co. (The) | 90,000 | 11,283,300 |
Kraft Heinz Co. (The) | 625,000 | 23,643,750 |
Total | 54,449,850 | |
Household Products 3.0% | ||
Procter & Gamble Co. (The) | 500,000 | 73,940,000 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Tobacco 2.5% | ||
Altria Group, Inc. | 365,000 | 19,742,850 |
Philip Morris International, Inc. | 415,000 | 44,093,750 |
Total | 63,836,600 | |
Total Consumer Staples | 333,153,200 | |
Energy 10.7% | ||
Oil, Gas & Consumable Fuels 10.7% | ||
Chevron Corp. | 475,000 | 82,963,500 |
Exxon Mobil Corp. | 1,200,000 | 115,200,000 |
Pioneer Natural Resources Co. | 90,000 | 25,014,600 |
Shell PLC, ADR | 225,000 | 13,324,500 |
Valero Energy Corp. | 250,000 | 32,400,000 |
Total | 268,902,600 | |
Total Energy | 268,902,600 | |
Financials 17.3% | ||
Banks 8.9% | ||
Bank of America Corp. | 675,000 | 25,110,000 |
JPMorgan Chase & Co. | 680,000 | 89,916,400 |
M&T Bank Corp. | 140,000 | 25,195,800 |
PNC Financial Services Group, Inc. (The) | 175,000 | 30,696,750 |
Truist Financial Corp. | 515,000 | 25,616,100 |
U.S. Bancorp | 500,000 | 26,535,000 |
Total | 223,070,050 | |
Capital Markets 4.8% | ||
Ares Capital Corp. | 625,000 | 12,112,500 |
BlackRock, Inc. | 33,000 | 22,079,640 |
Blackstone, Inc. | 175,000 | 20,613,250 |
Morgan Stanley | 525,000 | 45,223,500 |
State Street Corp. | 285,000 | 20,659,650 |
Total | 120,688,540 | |
Consumer Finance 0.5% | ||
OneMain Holdings, Inc. | 275,000 | 12,116,500 |
8 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Insurance 2.6% | ||
MetLife, Inc. | 365,000 | 24,597,350 |
Principal Financial Group, Inc. | 280,000 | 20,420,400 |
Progressive Corp. (The) | 165,000 | 19,697,700 |
Total | 64,715,450 | |
Mortgage Real Estate Investment Trusts (REITS) 0.5% | ||
Starwood Property Trust, Inc. | 550,000 | 13,139,500 |
Total Financials | 433,730,040 | |
Health Care 14.3% | ||
Biotechnology 2.7% | ||
AbbVie, Inc. | 450,000 | 66,316,500 |
Health Care Providers & Services 1.0% | ||
CVS Health Corp. | 265,000 | 25,638,750 |
Pharmaceuticals 10.6% | ||
Bristol-Myers Squibb Co. | 700,000 | 52,815,000 |
Johnson & Johnson | 500,000 | 89,765,000 |
Merck & Co., Inc. | 625,000 | 57,518,750 |
Pfizer, Inc. | 1,225,000 | 64,974,000 |
Total | 265,072,750 | |
Total Health Care | 357,028,000 | |
Industrials 5.1% | ||
Aerospace & Defense 1.2% | ||
Huntington Ingalls Industries, Inc. | 62,500 | 13,153,750 |
Raytheon Technologies Corp. | 185,000 | 17,597,200 |
Total | 30,750,950 | |
Air Freight & Logistics 2.2% | ||
CH Robinson Worldwide, Inc. | 120,000 | 13,021,200 |
United Parcel Service, Inc., Class B | 235,000 | 42,828,750 |
Total | 55,849,950 | |
Electrical Equipment 0.7% | ||
Eaton Corp. PLC | 125,000 | 17,325,000 |
Machinery 0.5% | ||
AGCO Corp. | 100,000 | 12,812,999 |
Road & Rail 0.5% | ||
Union Pacific Corp. | 55,000 | 12,087,900 |
Total Industrials | 128,826,799 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Information Technology 9.9% | ||
Communications Equipment 2.3% | ||
Cisco Systems, Inc. | 1,000,000 | 45,050,000 |
Juniper Networks, Inc. | 410,000 | 12,578,800 |
Total | 57,628,800 | |
Electronic Equipment, Instruments & Components 0.6% | ||
Corning, Inc. | 375,000 | 13,432,500 |
IT Services 1.3% | ||
International Business Machines Corp. | 235,000 | 32,627,400 |
Semiconductors & Semiconductor Equipment 4.1% | ||
Broadcom, Inc. | 87,500 | 50,761,375 |
QUALCOMM, Inc. | 135,000 | 19,334,700 |
Texas Instruments, Inc. | 185,000 | 32,700,600 |
Total | 102,796,675 | |
Technology Hardware, Storage & Peripherals 1.6% | ||
HP, Inc. | 675,000 | 26,217,000 |
Seagate Technology Holdings PLC | 165,000 | 13,970,550 |
Total | 40,187,550 | |
Total Information Technology | 246,672,925 | |
Materials 2.7% | ||
Chemicals 2.2% | ||
Dow, Inc. | 375,000 | 25,492,500 |
International Flavors & Fragrances, Inc. | 100,000 | 13,217,000 |
Nutrien Ltd. | 172,500 | 16,765,275 |
Total | 55,474,775 | |
Metals & Mining 0.5% | ||
Newmont Corp. | 185,000 | 12,552,250 |
Total Materials | 68,027,025 | |
Real Estate 6.3% | ||
Equity Real Estate Investment Trusts (REITS) 6.3% | ||
Alexandria Real Estate Equities, Inc. | 75,000 | 12,446,250 |
AvalonBay Communities, Inc. | 50,000 | 10,398,000 |
Crown Castle International Corp. | 140,000 | 26,551,000 |
Kimco Realty Corp. | 575,000 | 13,598,750 |
Life Storage, Inc. | 135,000 | 15,762,600 |
Medical Properties Trust, Inc. | 925,000 | 17,186,500 |
Simon Property Group, Inc. | 190,000 | 21,783,500 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 9 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
VICI Properties, Inc. | 675,000 | 20,823,750 |
Welltower, Inc. | 215,000 | 19,154,350 |
Total | 157,704,700 | |
Total Real Estate | 157,704,700 | |
Utilities 3.2% | ||
Electric Utilities 3.2% | ||
American Electric Power Co., Inc. | 200,000 | 20,406,000 |
Duke Energy Corp. | 225,000 | 25,317,000 |
Entergy Corp. | 175,000 | 21,056,000 |
FirstEnergy Corp. | 300,000 | 12,888,000 |
Total | 79,667,000 | |
Total Utilities | 79,667,000 | |
Total Common Stocks (Cost $1,789,594,333) | 2,337,516,223 |
Convertible Preferred Stocks 6.1% | |||
Issuer | Shares | Value ($) | |
Consumer Discretionary 0.5% | |||
Auto Components 0.5% | |||
Aptiv PLC | 5.500% | 115,000 | 14,124,300 |
Total Consumer Discretionary | 14,124,300 | ||
Health Care 2.0% | |||
Health Care Equipment & Supplies 1.3% | |||
Becton Dickinson and Co. | 6.000% | 250,000 | 12,902,500 |
Boston Scientific Corp. | 5.500% | 175,000 | 19,187,000 |
Total | 32,089,500 | ||
Life Sciences Tools & Services 0.7% | |||
Danaher Corp. | 5.000% | 12,500 | 17,748,774 |
Total Health Care | 49,838,274 |
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Industrials 0.5% | |||
Professional Services 0.5% | |||
Clarivate PLC | 5.250% | 200,000 | 12,030,000 |
Total Industrials | 12,030,000 | ||
Utilities 3.1% | |||
Electric Utilities 0.5% | |||
NextEra Energy, Inc. | 6.219% | 250,000 | 12,267,500 |
Multi-Utilities 2.6% | |||
DTE Energy Co. | 6.250% | 750,000 | 39,442,500 |
NiSource, Inc. | 7.750% | 215,000 | 25,438,800 |
Total | 64,881,300 | ||
Total Utilities | 77,148,800 | ||
Total Convertible Preferred Stocks (Cost $140,751,816) | 153,141,374 |
Money Market Funds 0.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(a),(b) | 3,122,975 | 3,121,726 |
Total Money Market Funds (Cost $3,121,726) | 3,121,726 | |
Total Investments in Securities (Cost: $1,933,467,875) | 2,493,779,323 | |
Other Assets & Liabilities, Net | 12,564,587 | |
Net Assets | 2,506,343,910 |
(a) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(b) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
3,382,291 | 520,747,666 | (521,008,231) | — | 3,121,726 | (3,647) | 26,454 | 3,122,975 |
10 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
May 31, 2022
ADR | American Depositary Receipt |
■ | 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). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 117,958,500 | — | — | 117,958,500 |
Consumer Discretionary | 145,845,434 | — | — | 145,845,434 |
Consumer Staples | 333,153,200 | — | — | 333,153,200 |
Energy | 268,902,600 | — | — | 268,902,600 |
Financials | 433,730,040 | — | — | 433,730,040 |
Health Care | 357,028,000 | — | — | 357,028,000 |
Industrials | 128,826,799 | — | — | 128,826,799 |
Information Technology | 246,672,925 | — | — | 246,672,925 |
Materials | 68,027,025 | — | — | 68,027,025 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 11 |
May 31, 2022
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Real Estate | 157,704,700 | — | — | 157,704,700 |
Utilities | 79,667,000 | — | — | 79,667,000 |
Total Common Stocks | 2,337,516,223 | — | — | 2,337,516,223 |
Convertible Preferred Stocks | ||||
Consumer Discretionary | — | 14,124,300 | — | 14,124,300 |
Health Care | — | 49,838,274 | — | 49,838,274 |
Industrials | — | 12,030,000 | — | 12,030,000 |
Utilities | — | 77,148,800 | — | 77,148,800 |
Total Convertible Preferred Stocks | — | 153,141,374 | — | 153,141,374 |
Money Market Funds | 3,121,726 | — | — | 3,121,726 |
Total Investments in Securities | 2,340,637,949 | 153,141,374 | — | 2,493,779,323 |
12 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,930,346,149) | $2,490,657,597 |
Affiliated issuers (cost $3,121,726) | 3,121,726 |
Receivable for: | |
Investments sold | 5,151,190 |
Capital shares sold | 2,532,607 |
Dividends | 9,518,096 |
Foreign tax reclaims | 1,472,367 |
Prepaid expenses | 15,654 |
Total assets | 2,512,469,237 |
Liabilities | |
Payable for: | |
Investments purchased | 3,058,902 |
Capital shares purchased | 2,302,914 |
Management services fees | 174,103 |
Distribution and/or service fees | 51,085 |
Transfer agent fees | 192,205 |
Compensation of board members | 286,377 |
Other expenses | 59,741 |
Total liabilities | 6,125,327 |
Net assets applicable to outstanding capital stock | $2,506,343,910 |
Represented by | |
Paid in capital | 1,824,402,312 |
Total distributable earnings (loss) | 681,941,598 |
Total - representing net assets applicable to outstanding capital stock | $2,506,343,910 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 13 |
May 31, 2022
Class A | |
Net assets | $1,391,269,832 |
Shares outstanding | 36,346,973 |
Net asset value per share | $38.28 |
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) | $40.62 |
Advisor Class | |
Net assets | $113,675,448 |
Shares outstanding | 2,890,514 |
Net asset value per share | $39.33 |
Class C | |
Net assets | $94,619,831 |
Shares outstanding | 2,553,454 |
Net asset value per share | $37.06 |
Institutional Class | |
Net assets | $597,310,770 |
Shares outstanding | 15,500,019 |
Net asset value per share | $38.54 |
Institutional 2 Class | |
Net assets | $123,164,844 |
Shares outstanding | 3,185,629 |
Net asset value per share | $38.66 |
Institutional 3 Class | |
Net assets | $146,213,949 |
Shares outstanding | 3,703,533 |
Net asset value per share | $39.48 |
Class R | |
Net assets | $40,089,236 |
Shares outstanding | 1,048,061 |
Net asset value per share | $38.25 |
14 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $90,373,086 |
Dividends — affiliated issuers | 26,454 |
Foreign taxes withheld | (197,502) |
Total income | 90,202,038 |
Expenses: | |
Management services fees | 15,680,027 |
Distribution and/or service fees | |
Class A | 3,459,186 |
Class C | 979,182 |
Class R | 198,848 |
Transfer agent fees | |
Class A | 1,256,518 |
Advisor Class | 99,098 |
Class C | 88,961 |
Institutional Class | 525,399 |
Institutional 2 Class | 72,264 |
Institutional 3 Class | 8,710 |
Class R | 36,116 |
Compensation of board members | 38,294 |
Custodian fees | 19,031 |
Printing and postage fees | 118,389 |
Registration fees | 134,928 |
Audit fees | 48,606 |
Legal fees | 34,287 |
Interest on interfund lending | 40 |
Compensation of chief compliance officer | 380 |
Other | 33,436 |
Total expenses | 22,831,700 |
Fees waived by transfer agent | |
Institutional 2 Class | (20,880) |
Institutional 3 Class | (8,710) |
Expense reduction | (60) |
Total net expenses | 22,802,050 |
Net investment income | 67,399,988 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 203,400,217 |
Investments — affiliated issuers | (3,647) |
Foreign currency translations | (4,684) |
Net realized gain | 203,391,886 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (55,680,022) |
Foreign currency translations | (198,209) |
Net change in unrealized appreciation (depreciation) | (55,878,231) |
Net realized and unrealized gain | 147,513,655 |
Net increase in net assets resulting from operations | $214,913,643 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 15 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment income | $67,399,988 | $67,707,481 |
Net realized gain | 203,391,886 | 139,339,041 |
Net change in unrealized appreciation (depreciation) | (55,878,231) | 468,261,544 |
Net increase in net assets resulting from operations | 214,913,643 | 675,308,066 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (164,397,027) | (49,780,115) |
Advisor Class | (12,767,220) | (3,897,357) |
Class C | (11,089,843) | (5,293,570) |
Institutional Class | (69,373,878) | (22,245,291) |
Institutional 2 Class | (16,037,196) | (5,332,881) |
Institutional 3 Class | (18,019,787) | (5,391,902) |
Class R | (4,652,665) | (1,377,614) |
Total distributions to shareholders | (296,337,616) | (93,318,730) |
Increase (decrease) in net assets from capital stock activity | 107,105,162 | (293,283,708) |
Total increase in net assets | 25,681,189 | 288,705,628 |
Net assets at beginning of year | 2,480,662,721 | 2,191,957,093 |
Net assets at end of year | $2,506,343,910 | $2,480,662,721 |
16 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares(a) | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 2,227,538 | 85,824,916 | 3,312,812 | 116,269,170 |
Distributions reinvested | 4,319,885 | 160,563,998 | 1,478,968 | 48,709,943 |
Redemptions | (4,740,677) | (184,402,807) | (8,574,790) | (285,007,347) |
Net increase (decrease) | 1,806,746 | 61,986,107 | (3,783,010) | (120,028,234) |
Advisor Class | ||||
Subscriptions | 660,642 | 26,112,531 | 770,384 | 26,366,060 |
Distributions reinvested | 333,065 | 12,711,577 | 114,776 | 3,885,061 |
Redemptions | (774,394) | (31,055,700) | (737,784) | (25,510,345) |
Net increase | 219,313 | 7,768,408 | 147,376 | 4,740,776 |
Class C | ||||
Subscriptions | 605,451 | 22,724,414 | 399,142 | 13,486,287 |
Distributions reinvested | 301,735 | 10,863,141 | 161,820 | 5,160,333 |
Redemptions | (1,050,865) | (39,545,239) | (3,324,000) | (112,033,671) |
Net decrease | (143,679) | (5,957,684) | (2,763,038) | (93,387,051) |
Institutional Class | ||||
Subscriptions | 3,536,655 | 137,420,967 | 3,044,783 | 104,655,194 |
Distributions reinvested | 1,733,429 | 64,857,694 | 622,962 | 20,632,493 |
Redemptions | (4,048,659) | (159,221,847) | (5,894,727) | (197,308,230) |
Net increase (decrease) | 1,221,425 | 43,056,814 | (2,226,982) | (72,020,543) |
Institutional 2 Class | ||||
Subscriptions | 581,309 | 22,838,793 | 736,609 | 24,847,911 |
Distributions reinvested | 365,385 | 13,710,246 | 139,034 | 4,613,672 |
Redemptions | (1,115,634) | (43,565,011) | (1,148,652) | (38,925,629) |
Net decrease | (168,940) | (7,015,972) | (273,009) | (9,464,046) |
Institutional 3 Class | ||||
Subscriptions | 996,555 | 39,704,663 | 611,990 | 21,201,167 |
Distributions reinvested | 438,620 | 16,801,049 | 148,415 | 5,027,936 |
Redemptions | (1,280,795) | (50,753,698) | (768,172) | (26,458,210) |
Net increase (decrease) | 154,380 | 5,752,014 | (7,767) | (229,107) |
Class R | ||||
Subscriptions | 109,885 | 4,223,855 | 121,921 | 4,116,264 |
Distributions reinvested | 124,613 | 4,628,174 | 41,561 | 1,369,770 |
Redemptions | (189,210) | (7,336,554) | (250,217) | (8,381,537) |
Net increase (decrease) | 45,288 | 1,515,475 | (86,735) | (2,895,503) |
Total net increase (decrease) | 3,134,533 | 107,105,162 | (8,993,165) | (293,283,708) |
(a) | Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 17 |
Net asset value, beginning of period | Net investment income | 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(c) | |||||||
Year Ended 5/31/2022 | $39.82 | 1.04 | 2.32 | 3.36 | (1.05) | (3.85) | (4.90) |
Year Ended 5/31/2021 | $30.78 | 1.01 | 9.43 | 10.44 | (1.12) | (0.28) | (1.40) |
Year Ended 5/31/2020 | $35.23 | 1.20 | (1.17) | 0.03 | (1.12) | (3.36) | (4.48) |
Year Ended 5/31/2019 | $38.24 | 1.08 | 0.15 | 1.23 | (1.24) | (3.00) | (4.24) |
Year Ended 5/31/2018 | $39.68 | 1.40 | 1.72 | 3.12 | (1.44) | (3.12) | (4.56) |
Advisor Class(c) | |||||||
Year Ended 5/31/2022 | $40.78 | 1.17 | 2.38 | 3.55 | (1.15) | (3.85) | (5.00) |
Year Ended 5/31/2021 | $31.49 | 1.12 | 9.65 | 10.77 | (1.20) | (0.28) | (1.48) |
Year Ended 5/31/2020 | $35.96 | 1.32 | (1.23) | 0.09 | (1.20) | (3.36) | (4.56) |
Year Ended 5/31/2019 | $38.94 | 1.20 | 0.14 | 1.34 | (1.32) | (3.00) | (4.32) |
Year Ended 5/31/2018 | $40.32 | 1.52 | 1.74 | 3.26 | (1.52) | (3.12) | (4.64) |
Class C(c) | |||||||
Year Ended 5/31/2022 | $38.69 | 0.72 | 2.25 | 2.97 | (0.75) | (3.85) | (4.60) |
Year Ended 5/31/2021 | $29.93 | 0.74 | 9.18 | 9.92 | (0.88) | (0.28) | (1.16) |
Year Ended 5/31/2020 | $34.34 | 0.92 | (1.13) | (0.21) | (0.84) | (3.36) | (4.20) |
Year Ended 5/31/2019 | $37.37 | 0.80 | 0.13 | 0.93 | (0.96) | (3.00) | (3.96) |
Year Ended 5/31/2018 | $38.86 | 1.08 | 1.67 | 2.75 | (1.12) | (3.12) | (4.24) |
Institutional Class(c) | |||||||
Year Ended 5/31/2022 | $40.06 | 1.15 | 2.33 | 3.48 | (1.15) | (3.85) | (5.00) |
Year Ended 5/31/2021 | $30.95 | 1.10 | 9.49 | 10.59 | (1.20) | (0.28) | (1.48) |
Year Ended 5/31/2020 | $35.42 | 1.28 | (1.19) | 0.09 | (1.20) | (3.36) | (4.56) |
Year Ended 5/31/2019 | $38.42 | 1.20 | 0.12 | 1.32 | (1.32) | (3.00) | (4.32) |
Year Ended 5/31/2018 | $39.84 | 1.52 | 1.70 | 3.22 | (1.52) | (3.12) | (4.64) |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2022 | $40.18 | 1.17 | 2.33 | 3.50 | (1.17) | (3.85) | (5.02) |
Year Ended 5/31/2021 | $31.04 | 1.12 | 9.52 | 10.64 | (1.22) | (0.28) | (1.50) |
Year Ended 5/31/2020 | $35.50 | 1.32 | (1.18) | 0.14 | (1.24) | (3.36) | (4.60) |
Year Ended 5/31/2019 | $38.49 | 1.20 | 0.17 | 1.37 | (1.36) | (3.00) | (4.36) |
Year Ended 5/31/2018 | $39.91 | 1.52 | 1.74 | 3.26 | (1.56) | (3.12) | (4.68) |
18 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A(c) | |||||||
Year Ended 5/31/2022 | $38.28 | 9.04% | 0.99%(d) | 0.99%(d),(e) | 2.64% | 41% | $1,391,270 |
Year Ended 5/31/2021 | $39.82 | 34.85% | 1.01% | 1.01%(e) | 2.98% | 51% | $1,375,445 |
Year Ended 5/31/2020 | $30.78 | (0.90%) | 1.00% | 1.00%(e) | 3.44% | 47% | $1,179,625 |
Year Ended 5/31/2019 | $35.23 | 3.47% | 0.99% | 0.99%(e) | 2.92% | 66% | $1,424,224 |
Year Ended 5/31/2018 | $38.24 | 7.96% | 0.98%(f) | 0.98%(e),(f) | 3.54% | 65% | $1,612,108 |
Advisor Class(c) | |||||||
Year Ended 5/31/2022 | $39.33 | 9.32% | 0.74%(d) | 0.74%(d),(e) | 2.89% | 41% | $113,675 |
Year Ended 5/31/2021 | $40.78 | 35.31% | 0.76% | 0.76%(e) | 3.23% | 51% | $108,945 |
Year Ended 5/31/2020 | $31.49 | (0.74%) | 0.75% | 0.75%(e) | 3.72% | 47% | $79,477 |
Year Ended 5/31/2019 | $35.96 | 3.77% | 0.74% | 0.74%(e) | 3.18% | 66% | $82,497 |
Year Ended 5/31/2018 | $38.94 | 8.20% | 0.73%(f) | 0.73%(e),(f) | 3.76% | 65% | $114,441 |
Class C(c) | |||||||
Year Ended 5/31/2022 | $37.06 | 8.21% | 1.74%(d) | 1.74%(d),(e) | 1.89% | 41% | $94,620 |
Year Ended 5/31/2021 | $38.69 | 34.05% | 1.76% | 1.76%(e) | 2.26% | 51% | $104,339 |
Year Ended 5/31/2020 | $29.93 | (1.67%) | 1.75% | 1.75%(e) | 2.68% | 47% | $163,439 |
Year Ended 5/31/2019 | $34.34 | 2.64% | 1.74% | 1.74%(e) | 2.18% | 66% | $219,222 |
Year Ended 5/31/2018 | $37.37 | 7.08% | 1.73%(f) | 1.73%(e),(f) | 2.80% | 65% | $312,766 |
Institutional Class(c) | |||||||
Year Ended 5/31/2022 | $38.54 | 9.32% | 0.74%(d) | 0.74%(d),(e) | 2.89% | 41% | $597,311 |
Year Ended 5/31/2021 | $40.06 | 35.26% | 0.76% | 0.76%(e) | 3.23% | 51% | $572,007 |
Year Ended 5/31/2020 | $30.95 | (0.63%) | 0.75% | 0.75%(e) | 3.68% | 47% | $510,928 |
Year Ended 5/31/2019 | $35.42 | 3.71% | 0.74% | 0.74%(e) | 3.18% | 66% | $647,702 |
Year Ended 5/31/2018 | $38.42 | 8.19% | 0.73%(f) | 0.73%(e),(f) | 3.83% | 65% | $815,788 |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2022 | $38.66 | 9.35% | 0.70%(d) | 0.69%(d) | 2.94% | 41% | $123,165 |
Year Ended 5/31/2021 | $40.18 | 35.37% | 0.72% | 0.71% | 3.29% | 51% | $134,775 |
Year Ended 5/31/2020 | $31.04 | (0.69%) | 0.71% | 0.70% | 3.76% | 47% | $112,602 |
Year Ended 5/31/2019 | $35.50 | 3.87% | 0.70% | 0.69% | 3.22% | 66% | $116,907 |
Year Ended 5/31/2018 | $38.49 | 8.24% | 0.69%(f) | 0.68%(f) | 3.86% | 65% | $160,493 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 19 |
Net asset value, beginning of period | Net investment income | 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(c) | |||||||
Year Ended 5/31/2022 | $40.92 | 1.21 | 2.39 | 3.60 | (1.19) | (3.85) | (5.04) |
Year Ended 5/31/2021 | $31.59 | 1.16 | 9.68 | 10.84 | (1.23) | (0.28) | (1.51) |
Year Ended 5/31/2020 | $36.06 | 1.36 | (1.23) | 0.13 | (1.24) | (3.36) | (4.60) |
Year Ended 5/31/2019 | $39.03 | 1.24 | 0.15 | 1.39 | (1.36) | (3.00) | (4.36) |
Year Ended 5/31/2018 | $40.41 | 1.56 | 1.74 | 3.30 | (1.56) | (3.12) | (4.68) |
Class R(c) | |||||||
Year Ended 5/31/2022 | $39.79 | 0.94 | 2.32 | 3.26 | (0.95) | (3.85) | (4.80) |
Year Ended 5/31/2021 | $30.76 | 0.92 | 9.43 | 10.35 | (1.04) | (0.28) | (1.32) |
Year Ended 5/31/2020 | $35.20 | 1.12 | (1.16) | (0.04) | (1.04) | (3.36) | (4.40) |
Year Ended 5/31/2019 | $38.20 | 1.00 | 0.12 | 1.12 | (1.12) | (3.00) | (4.12) |
Year Ended 5/31/2018 | $39.65 | 1.28 | 1.71 | 2.99 | (1.32) | (3.12) | (4.44) |
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) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(f) | Ratios include line of credit interest expense which is less than 0.01%. |
20 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2022 | $39.48 | 9.42% | 0.65%(d) | 0.65%(d) | 2.97% | 41% | $146,214 |
Year Ended 5/31/2021 | $40.92 | 35.36% | 0.67% | 0.66% | 3.33% | 51% | $145,247 |
Year Ended 5/31/2020 | $31.59 | (0.63%) | 0.66% | 0.65% | 3.83% | 47% | $112,370 |
Year Ended 5/31/2019 | $36.06 | 3.87% | 0.65% | 0.64% | 3.28% | 66% | $112,951 |
Year Ended 5/31/2018 | $39.03 | 8.40% | 0.64%(f) | 0.63%(f) | 3.86% | 65% | $132,205 |
Class R(c) | |||||||
Year Ended 5/31/2022 | $38.25 | 8.76% | 1.24%(d) | 1.24%(d),(e) | 2.39% | 41% | $40,089 |
Year Ended 5/31/2021 | $39.79 | 34.60% | 1.26% | 1.26%(e) | 2.73% | 51% | $39,905 |
Year Ended 5/31/2020 | $30.76 | (1.19%) | 1.25% | 1.25%(e) | 3.21% | 47% | $33,516 |
Year Ended 5/31/2019 | $35.20 | 3.21% | 1.24% | 1.24%(e) | 2.67% | 66% | $38,093 |
Year Ended 5/31/2018 | $38.20 | 7.69% | 1.23%(f) | 1.23%(e),(f) | 3.28% | 65% | $43,418 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 21 |
May 31, 2022
22 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
May 31, 2022
Columbia Dividend Opportunity Fund | Annual Report 2022 | 23 |
May 31, 2022
24 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
May 31, 2022
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.09 |
Class C | 0.09 |
Institutional Class | 0.09 |
Institutional 2 Class | 0.04 |
Institutional 3 Class | 0.00 |
Class R | 0.09 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 25 |
May 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 612,382 |
Class C | — | 1.00(b) | 5,352 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Class A | 1.06% | 1.11% |
Advisor Class | 0.81 | 0.86 |
Class C | 1.81 | 1.86 |
Institutional Class | 0.81 | 0.86 |
Institutional 2 Class | 0.76 | 0.79 |
Institutional 3 Class | 0.72 | 0.75 |
Class R | 1.31 | 1.36 |
26 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
May 31, 2022
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(657,720) | 657,720 | — |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
66,305,482 | 230,032,134 | 296,337,616 | 75,354,353 | 17,964,377 | 93,318,730 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
10,879,279 | 113,941,122 | — | 557,493,243 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 27 |
May 31, 2022
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,936,286,080 | 598,190,313 | (40,697,070) | 557,493,243 |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 2,400,000 | 0.61 | 1 |
28 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
May 31, 2022
Columbia Dividend Opportunity Fund | Annual Report 2022 | 29 |
May 31, 2022
30 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 31 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
100.00% | 100.00% | $213,366,927 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
32 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 33 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
34 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 35 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
36 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia Dividend Opportunity Fund | Annual Report 2022 | 37 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
38 | Columbia Dividend Opportunity Fund | Annual Report 2022 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
19 | |
21 | |
22 | |
24 | |
28 | |
39 | |
40 | |
40 | |
46 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 12/08/83 | -4.78 | 3.03 | 4.85 |
Including sales charges | -9.30 | 2.03 | 4.33 | ||
Advisor Class | 12/11/06 | -4.58 | 3.27 | 5.07 | |
Class C | Excluding sales charges | 06/26/00 | -5.54 | 2.27 | 4.10 |
Including sales charges | -6.45 | 2.27 | 4.10 | ||
Institutional Class | 09/27/10 | -4.55 | 3.27 | 5.10 | |
Institutional 2 Class | 12/11/06 | -4.51 | 3.36 | 5.16 | |
Institutional 3 Class* | 11/08/12 | -4.44 | 3.45 | 5.25 | |
Class R | 12/11/06 | -5.07 | 2.76 | 4.58 | |
ICE BofA U.S. Cash Pay High Yield Constrained Index | -4.93 | 3.40 | 5.33 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia High Yield Bond Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Convertible Bonds | 0.8 |
Corporate Bonds & Notes | 91.4 |
Exchange-Traded Fixed Income Funds | 0.9 |
Foreign Government Obligations | 0.5 |
Money Market Funds | 3.8 |
Senior Loans | 2.6 |
Total | 100.0 |
Quality breakdown (%) (at May 31, 2022) | |
BBB rating | 1.0 |
BB rating | 43.6 |
B rating | 39.8 |
CCC rating | 15.6 |
C rating | 0.0(a) |
Total | 100.0 |
(a) | Rounds to zero. |
4 | Columbia High Yield Bond Fund | Annual Report 2022 |
(Unaudited)
• | Positioning in the health care sector made the largest contribution, led by holdings in defensive pharmaceutical issues. |
• | An underweight allocation to retailers, in conjunction with the Fund’s lack of exposure to several fundamentally challenged issuers in the sector, were also meaningful contributors. |
• | An underweight in the telecommunications sector added value, with most of the individual contributors being underweights or zero weightings in issuers with weaker fundamentals. |
• | Selection in the services and information technology sectors further contributed. |
Columbia High Yield Bond Fund | Annual Report 2022 | 5 |
(Unaudited)
• | Selection within the media sector detracted from relative performance. An overweight allocation to a cable/satellite issuer that underperformed due to idiosyncratic factors was the primary detractor. |
• | An underweight allocation to the real estate sector also hurt results. |
• | In addition, underweight allocations to both the refining and oil field services sectors detracted at a time of rising oil prices. |
6 | Columbia High Yield Bond Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 943.80 | 1,019.95 | 4.85 | 5.04 | 1.00 |
Advisor Class | 1,000.00 | 1,000.00 | 944.60 | 1,021.19 | 3.64 | 3.78 | 0.75 |
Class C | 1,000.00 | 1,000.00 | 939.90 | 1,016.21 | 8.46 | 8.80 | 1.75 |
Institutional Class | 1,000.00 | 1,000.00 | 944.10 | 1,021.19 | 3.64 | 3.78 | 0.75 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 945.10 | 1,021.54 | 3.30 | 3.43 | 0.68 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 945.50 | 1,021.79 | 3.06 | 3.18 | 0.63 |
Class R | 1,000.00 | 1,000.00 | 942.10 | 1,018.70 | 6.05 | 6.29 | 1.25 |
Columbia High Yield Bond Fund | Annual Report 2022 | 7 |
May 31, 2022
Convertible Bonds 0.8% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.8% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 15,863,000 | 11,958,082 | |
Total Convertible Bonds (Cost $14,339,550) | 11,958,082 | |||
Corporate Bonds & Notes 90.1% | ||||
Aerospace & Defense 2.1% | ||||
Bombardier, Inc.(a) | ||||
04/15/2027 | 7.875% | 5,318,000 | 4,873,300 | |
02/15/2028 | 6.000% | 669,000 | 563,031 | |
TransDigm UK Holdings PLC | ||||
05/15/2026 | 6.875% | 1,017,000 | 1,026,416 | |
TransDigm, Inc.(a) | ||||
03/15/2026 | 6.250% | 11,043,000 | 11,234,543 | |
TransDigm, Inc. | ||||
06/15/2026 | 6.375% | 8,153,000 | 8,093,342 | |
11/15/2027 | 5.500% | 2,414,000 | 2,311,605 | |
01/15/2029 | 4.625% | 1,356,000 | 1,217,695 | |
05/01/2029 | 4.875% | 2,706,000 | 2,428,426 | |
Total | 31,748,358 | |||
Airlines 2.4% | ||||
Air Canada(a) | ||||
08/15/2026 | 3.875% | 3,955,000 | 3,682,891 | |
American Airlines, Inc.(a) | ||||
07/15/2025 | 11.750% | 3,096,000 | 3,516,997 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) | ||||
04/20/2026 | 5.500% | 13,367,486 | 13,228,149 | |
04/20/2029 | 5.750% | 296,305 | 286,309 | |
Delta Air Lines, Inc./SkyMiles IP Ltd.(a) | ||||
10/20/2025 | 4.500% | 4,940,000 | 4,928,564 | |
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a) | ||||
01/20/2026 | 5.750% | 5,251,529 | 5,220,539 | |
Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.(a) | ||||
06/20/2027 | 6.500% | 3,279,858 | 3,329,939 | |
United Airlines, Inc.(a) | ||||
04/15/2026 | 4.375% | 2,974,000 | 2,871,510 | |
Total | 37,064,898 | |||
Automotive 4.0% | ||||
American Axle & Manufacturing, Inc. | ||||
03/15/2026 | 6.250% | 1,716,000 | 1,652,654 | |
04/01/2027 | 6.500% | 203,000 | 192,879 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Clarios Global LP(a) | ||||
05/15/2025 | 6.750% | 2,270,000 | 2,287,118 | |
Ford Motor Co. | ||||
02/12/2032 | 3.250% | 3,108,000 | 2,629,054 | |
01/15/2043 | 4.750% | 4,357,000 | 3,594,902 | |
Ford Motor Credit Co. LLC | ||||
03/18/2024 | 5.584% | 4,661,000 | 4,733,327 | |
11/01/2024 | 4.063% | 1,261,000 | 1,242,795 | |
06/16/2025 | 5.125% | 1,781,000 | 1,783,853 | |
11/13/2025 | 3.375% | 4,360,000 | 4,180,727 | |
01/08/2026 | 4.389% | 2,745,000 | 2,658,074 | |
05/28/2027 | 4.950% | 1,375,000 | 1,369,011 | |
08/17/2027 | 4.125% | 5,119,000 | 4,850,393 | |
02/16/2028 | 2.900% | 2,325,000 | 2,034,128 | |
11/13/2030 | 4.000% | 3,180,000 | 2,855,917 | |
Goodyear Tire & Rubber Co. (The) | ||||
07/15/2029 | 5.000% | 1,512,000 | 1,388,316 | |
IAA Spinco, Inc.(a) | ||||
06/15/2027 | 5.500% | 3,971,000 | 3,846,521 | |
Jaguar Land Rover Automotive PLC(a) | ||||
07/15/2029 | 5.500% | 1,825,000 | 1,441,360 | |
KAR Auction Services, Inc.(a) | ||||
06/01/2025 | 5.125% | 10,205,000 | 10,233,370 | |
Panther BF Aggregator 2 LP/Finance Co., Inc.(a) | ||||
05/15/2027 | 8.500% | 4,347,000 | 4,334,002 | |
Tenneco, Inc.(a) | ||||
01/15/2029 | 7.875% | 3,762,000 | 3,781,203 | |
Total | 61,089,604 | |||
Brokerage/Asset Managers/Exchanges 1.1% | ||||
AG Issuer LLC(a) | ||||
03/01/2028 | 6.250% | 985,000 | 922,058 | |
Hightower Holding LLC(a) | ||||
04/15/2029 | 6.750% | 4,062,000 | 3,480,961 | |
NFP Corp.(a) | ||||
08/15/2028 | 4.875% | 4,122,000 | 3,848,524 | |
08/15/2028 | 6.875% | 10,440,000 | 9,069,060 | |
Total | 17,320,603 | |||
Building Materials 1.4% | ||||
American Builders & Contractors Supply Co., Inc.(a) | ||||
01/15/2028 | 4.000% | 7,798,000 | 7,346,838 | |
Beacon Roofing Supply, Inc.(a) | ||||
11/15/2026 | 4.500% | 2,198,000 | 2,143,948 | |
Interface, Inc.(a) | ||||
12/01/2028 | 5.500% | 551,000 | 489,350 |
8 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
SRS Distribution, Inc.(a) | ||||
07/01/2028 | 4.625% | 5,453,000 | 5,017,221 | |
07/01/2029 | 6.125% | 2,615,000 | 2,228,303 | |
12/01/2029 | 6.000% | 3,708,000 | 3,194,663 | |
White Cap Buyer LLC(a) | ||||
10/15/2028 | 6.875% | 1,687,000 | 1,503,486 | |
Total | 21,923,809 | |||
Cable and Satellite 7.2% | ||||
CCO Holdings LLC/Capital Corp.(a) | ||||
05/01/2026 | 5.500% | 1,596,000 | 1,596,900 | |
06/01/2029 | 5.375% | 6,200,000 | 6,022,529 | |
03/01/2030 | 4.750% | 11,138,000 | 10,274,476 | |
08/15/2030 | 4.500% | 4,484,000 | 4,047,002 | |
02/01/2032 | 4.750% | 4,106,000 | 3,659,410 | |
CSC Holdings LLC(a) | ||||
02/01/2029 | 6.500% | 13,364,000 | 13,144,784 | |
01/15/2030 | 5.750% | 2,571,000 | 2,149,911 | |
12/01/2030 | 4.125% | 1,315,000 | 1,131,711 | |
02/15/2031 | 3.375% | 7,622,000 | 6,220,929 | |
DIRECTV Holdings LLC/Financing Co., Inc.(a) | ||||
08/15/2027 | 5.875% | 2,073,000 | 1,954,208 | |
DISH DBS Corp.(a) | ||||
12/01/2028 | 5.750% | 7,832,000 | 6,404,099 | |
DISH DBS Corp. | ||||
06/01/2029 | 5.125% | 7,540,000 | 5,327,590 | |
Radiate Holdco LLC/Finance, Inc.(a) | ||||
09/15/2026 | 4.500% | 7,847,000 | 7,276,876 | |
09/15/2028 | 6.500% | 6,960,000 | 5,788,782 | |
Sirius XM Radio, Inc.(a) | ||||
09/01/2026 | 3.125% | 3,338,000 | 3,133,353 | |
08/01/2027 | 5.000% | 1,035,000 | 1,030,590 | |
07/01/2030 | 4.125% | 6,167,000 | 5,559,418 | |
Videotron Ltd.(a) | ||||
06/15/2029 | 3.625% | 2,214,000 | 1,893,491 | |
Virgin Media Finance PLC(a) | ||||
07/15/2030 | 5.000% | 7,349,000 | 6,561,750 | |
VZ Secured Financing BV(a) | ||||
01/15/2032 | 5.000% | 7,667,000 | 6,942,861 | |
Ziggo Bond Co. BV(a) | ||||
02/28/2030 | 5.125% | 3,470,000 | 3,084,666 | |
Ziggo BV(a) | ||||
01/15/2030 | 4.875% | 7,741,000 | 7,170,701 | |
Total | 110,376,037 | |||
Chemicals 2.7% | ||||
Axalta Coating Systems LLC(a) | ||||
02/15/2029 | 3.375% | 2,346,000 | 2,067,088 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Axalta Coating Systems LLC/Dutch Holding B BV(a) | ||||
06/15/2027 | 4.750% | 2,767,000 | 2,634,800 | |
Element Solutions, Inc.(a) | ||||
09/01/2028 | 3.875% | 5,917,000 | 5,348,523 | |
HB Fuller Co. | ||||
10/15/2028 | 4.250% | 3,105,000 | 2,897,909 | |
Herens Holdco Sarl(a) | ||||
05/15/2028 | 4.750% | 4,046,000 | 3,529,838 | |
Illuminate Buyer LLC/Holdings IV, Inc.(a) | ||||
07/01/2028 | 9.000% | 1,609,000 | 1,431,373 | |
INEOS Quattro Finance 2 Plc(a) | ||||
01/15/2026 | 3.375% | 814,000 | 755,247 | |
Ingevity Corp.(a) | ||||
11/01/2028 | 3.875% | 3,545,000 | 3,218,851 | |
Innophos Holdings, Inc.(a) | ||||
02/15/2028 | 9.375% | 3,244,000 | 3,369,333 | |
Iris Holdings, Inc.(a),(b) | ||||
02/15/2026 | 8.750% | 2,366,000 | 2,216,730 | |
SPCM SA(a) | ||||
03/15/2027 | 3.125% | 1,661,000 | 1,453,555 | |
Unifrax Escrow Issuer Corp.(a) | ||||
09/30/2028 | 5.250% | 1,671,000 | 1,510,239 | |
09/30/2029 | 7.500% | 939,000 | 689,256 | |
WR Grace Holdings LLC(a) | ||||
06/15/2027 | 4.875% | 5,928,000 | 5,543,755 | |
08/15/2029 | 5.625% | 6,296,000 | 5,163,664 | |
Total | 41,830,161 | |||
Construction Machinery 0.9% | ||||
H&E Equipment Services, Inc.(a) | ||||
12/15/2028 | 3.875% | 10,074,000 | 8,782,362 | |
Herc Holdings, Inc.(a) | ||||
07/15/2027 | 5.500% | 2,032,000 | 2,036,668 | |
Ritchie Bros. Auctioneers, Inc.(a) | ||||
01/15/2025 | 5.375% | 3,058,000 | 3,068,304 | |
Total | 13,887,334 | |||
Consumer Cyclical Services 2.6% | ||||
APX Group, Inc.(a) | ||||
02/15/2027 | 6.750% | 1,020,000 | 1,028,896 | |
07/15/2029 | 5.750% | 468,000 | 396,343 | |
Arches Buyer, Inc.(a) | ||||
06/01/2028 | 4.250% | 4,102,000 | 3,746,629 | |
12/01/2028 | 6.125% | 654,000 | 547,970 | |
Match Group, Inc.(a) | ||||
12/15/2027 | 5.000% | 1,031,000 | 1,004,348 | |
06/01/2028 | 4.625% | 2,144,000 | 2,009,312 |
Columbia High Yield Bond Fund | Annual Report 2022 | 9 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Staples, Inc.(a) | ||||
04/15/2026 | 7.500% | 7,177,000 | 6,648,745 | |
04/15/2027 | 10.750% | 1,384,000 | 1,146,933 | |
Uber Technologies, Inc.(a) | ||||
05/15/2025 | 7.500% | 10,010,000 | 10,326,520 | |
08/15/2029 | 4.500% | 15,143,000 | 13,704,833 | |
Total | 40,560,529 | |||
Consumer Products 0.6% | ||||
CD&R Smokey Buyer, Inc.(a) | ||||
07/15/2025 | 6.750% | 2,225,000 | 2,273,118 | |
Mattel, Inc.(a) | ||||
12/15/2027 | 5.875% | 2,735,000 | 2,820,182 | |
Prestige Brands, Inc.(a) | ||||
01/15/2028 | 5.125% | 1,428,000 | 1,376,019 | |
Spectrum Brands, Inc. | ||||
07/15/2025 | 5.750% | 2,076,000 | 2,080,523 | |
Tempur Sealy International, Inc.(a) | ||||
10/15/2031 | 3.875% | 1,032,000 | 860,002 | |
Total | 9,409,844 | |||
Diversified Manufacturing 1.1% | ||||
Madison IAQ LLC(a) | ||||
06/30/2028 | 4.125% | 3,229,000 | 2,962,447 | |
06/30/2029 | 5.875% | 2,861,000 | 2,239,863 | |
Resideo Funding, Inc.(a) | ||||
09/01/2029 | 4.000% | 3,127,000 | 2,657,950 | |
Vertical Holdco GmbH(a) | ||||
07/15/2028 | 7.625% | 566,000 | 536,204 | |
Vertical US Newco, Inc.(a) | ||||
07/15/2027 | 5.250% | 1,123,000 | 1,100,690 | |
Welbilt, Inc. | ||||
02/15/2024 | 9.500% | 1,206,000 | 1,209,891 | |
WESCO Distribution, Inc.(a) | ||||
06/15/2025 | 7.125% | 3,201,000 | 3,326,580 | |
06/15/2028 | 7.250% | 2,471,000 | 2,595,462 | |
Total | 16,629,087 | |||
Electric 4.9% | ||||
Atlantica Sustainable Infrastructure PLC(a) | ||||
06/15/2028 | 4.125% | 2,597,000 | 2,352,364 | |
Clearway Energy Operating LLC(a) | ||||
03/15/2028 | 4.750% | 4,159,000 | 3,979,255 | |
02/15/2031 | 3.750% | 10,800,000 | 9,526,947 | |
01/15/2032 | 3.750% | 5,451,000 | 4,687,104 | |
FirstEnergy Corp. | ||||
11/15/2031 | 7.375% | 1,042,000 | 1,228,843 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
FirstEnergy Corp.(c) | ||||
07/15/2047 | 5.100% | 1,563,000 | 1,450,567 | |
Leeward Renewable Energy Operations LLC(a) | ||||
07/01/2029 | 4.250% | 5,183,000 | 4,533,625 | |
NextEra Energy Operating Partners LP(a) | ||||
09/15/2027 | 4.500% | 11,998,000 | 11,639,473 | |
NRG Energy, Inc.(a) | ||||
02/15/2029 | 3.375% | 2,639,000 | 2,344,286 | |
06/15/2029 | 5.250% | 9,490,000 | 9,294,163 | |
02/15/2031 | 3.625% | 4,198,000 | 3,692,003 | |
Pattern Energy Operations LP/Inc.(a) | ||||
08/15/2028 | 4.500% | 2,180,000 | 2,047,202 | |
PG&E Corp. | ||||
07/01/2028 | 5.000% | 1,985,000 | 1,876,661 | |
07/01/2030 | 5.250% | 2,810,000 | 2,597,264 | |
TerraForm Power Operating LLC(a) | ||||
01/31/2028 | 5.000% | 2,550,000 | 2,448,141 | |
01/15/2030 | 4.750% | 3,725,000 | 3,527,670 | |
Vistra Operations Co. LLC(a) | ||||
09/01/2026 | 5.500% | 1,147,000 | 1,143,477 | |
02/15/2027 | 5.625% | 2,638,000 | 2,637,198 | |
07/31/2027 | 5.000% | 1,538,000 | 1,504,958 | |
05/01/2029 | 4.375% | 2,730,000 | 2,546,231 | |
Total | 75,057,432 | |||
Environmental 1.2% | ||||
GFL Environmental, Inc.(a) | ||||
06/01/2025 | 4.250% | 2,474,000 | 2,477,059 | |
08/01/2025 | 3.750% | 2,894,000 | 2,863,514 | |
12/15/2026 | 5.125% | 3,627,000 | 3,624,811 | |
08/01/2028 | 4.000% | 3,368,000 | 3,039,605 | |
Waste Pro USA, Inc.(a) | ||||
02/15/2026 | 5.500% | 7,748,000 | 7,069,835 | |
Total | 19,074,824 | |||
Finance Companies 1.7% | ||||
Navient Corp. | ||||
06/25/2025 | 6.750% | 4,810,000 | 4,855,421 | |
Provident Funding Associates LP/Finance Corp.(a) | ||||
06/15/2025 | 6.375% | 5,305,000 | 5,073,604 | |
Quicken Loans LLC/Co-Issuer, Inc.(a) | ||||
03/01/2029 | 3.625% | 2,146,000 | 1,861,340 | |
03/01/2031 | 3.875% | 4,163,000 | 3,505,814 | |
Rocket Mortgage LLC/Co-Issuer, Inc.(a) | ||||
10/15/2033 | 4.000% | 12,195,000 | 9,994,276 | |
Total | 25,290,455 |
10 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Food and Beverage 2.6% | ||||
Darling Ingredients, Inc.(a),(d) | ||||
06/15/2030 | 6.000% | 3,215,000 | 3,215,000 | |
FAGE International SA/USA Dairy Industry, Inc.(a) | ||||
08/15/2026 | 5.625% | 11,764,000 | 10,382,409 | |
Lamb Weston Holdings, Inc.(a) | ||||
01/31/2032 | 4.375% | 2,272,000 | 2,096,818 | |
Performance Food Group, Inc.(a) | ||||
05/01/2025 | 6.875% | 733,000 | 749,878 | |
Pilgrim’s Pride Corp.(a) | ||||
04/15/2031 | 4.250% | 3,093,000 | 2,863,322 | |
03/01/2032 | 3.500% | 6,908,000 | 6,051,393 | |
Post Holdings, Inc.(a) | ||||
03/01/2027 | 5.750% | 2,444,000 | 2,493,698 | |
01/15/2028 | 5.625% | 2,415,000 | 2,394,856 | |
04/15/2030 | 4.625% | 2,626,000 | 2,359,797 | |
Primo Water Holdings, Inc.(a) | ||||
04/30/2029 | 4.375% | 2,749,000 | 2,406,129 | |
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a) | ||||
03/01/2029 | 4.625% | 3,502,000 | 3,091,580 | |
US Foods, Inc.(a) | ||||
06/01/2030 | 4.625% | 2,722,000 | 2,491,968 | |
Total | 40,596,848 | |||
Gaming 3.0% | ||||
Boyd Gaming Corp.(a) | ||||
06/01/2025 | 8.625% | 497,000 | 518,436 | |
06/15/2031 | 4.750% | 857,000 | 784,626 | |
Boyd Gaming Corp. | ||||
12/01/2027 | 4.750% | 1,892,000 | 1,839,224 | |
Caesars Entertainment, Inc.(a) | ||||
10/15/2029 | 4.625% | 7,945,000 | 6,775,868 | |
Colt Merger Sub, Inc.(a) | ||||
07/01/2025 | 5.750% | 1,023,000 | 1,026,950 | |
07/01/2025 | 6.250% | 5,395,000 | 5,457,442 | |
07/01/2027 | 8.125% | 4,978,000 | 5,063,346 | |
International Game Technology PLC(a) | ||||
02/15/2025 | 6.500% | 2,515,000 | 2,584,927 | |
04/15/2026 | 4.125% | 1,892,000 | 1,827,681 | |
Midwest Gaming Borrower LLC(a) | ||||
05/01/2029 | 4.875% | 5,237,000 | 4,454,903 | |
Penn National Gaming, Inc.(a) | ||||
07/01/2029 | 4.125% | 2,071,000 | 1,694,819 | |
Scientific Games Holdings LP/US FinCo, Inc.(a) | ||||
03/01/2030 | 6.625% | 4,558,000 | 4,233,296 | |
Scientific Games International, Inc.(a) | ||||
05/15/2028 | 7.000% | 2,215,000 | 2,199,982 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
VICI Properties LP/Note Co., Inc.(a) | ||||
06/15/2025 | 4.625% | 3,784,000 | 3,695,985 | |
Wynn Las Vegas LLC/Capital Corp.(a) | ||||
03/01/2025 | 5.500% | 3,017,000 | 2,943,214 | |
Wynn Resorts Finance LLC/Capital Corp.(a) | ||||
04/15/2025 | 7.750% | 1,430,000 | 1,454,696 | |
Total | 46,555,395 | |||
Health Care 5.9% | ||||
180 Medical, Inc.(a) | ||||
10/15/2029 | 3.875% | 1,050,000 | 960,356 | |
Acadia Healthcare Co., Inc.(a) | ||||
07/01/2028 | 5.500% | 601,000 | 594,324 | |
04/15/2029 | 5.000% | 829,000 | 809,043 | |
AdaptHealth LLC(a) | ||||
08/01/2029 | 4.625% | 925,000 | 796,539 | |
03/01/2030 | 5.125% | 5,420,000 | 4,713,509 | |
Avantor Funding, Inc.(a) | ||||
07/15/2028 | 4.625% | 3,369,000 | 3,281,865 | |
11/01/2029 | 3.875% | 7,225,000 | 6,713,467 | |
Catalent Pharma Solutions, Inc.(a) | ||||
07/15/2027 | 5.000% | 727,000 | 718,809 | |
04/01/2030 | 3.500% | 2,203,000 | 1,983,838 | |
Change Healthcare Holdings LLC/Finance, Inc.(a) | ||||
03/01/2025 | 5.750% | 1,718,000 | 1,709,798 | |
Charles River Laboratories International, Inc.(a) | ||||
05/01/2028 | 4.250% | 1,072,000 | 1,038,337 | |
03/15/2029 | 3.750% | 1,397,000 | 1,307,545 | |
03/15/2031 | 4.000% | 1,596,000 | 1,474,066 | |
CHS/Community Health Systems, Inc.(a) | ||||
03/15/2026 | 8.000% | 2,949,000 | 2,954,560 | |
03/15/2027 | 5.625% | 1,043,000 | 973,187 | |
04/15/2029 | 6.875% | 4,444,000 | 3,456,660 | |
05/15/2030 | 5.250% | 7,800,000 | 6,710,224 | |
Indigo Merger Sub, Inc.(a) | ||||
07/15/2026 | 2.875% | 1,595,000 | 1,497,798 | |
Ortho-Clinical Diagnostics, Inc./SA(a) | ||||
06/01/2025 | 7.375% | 1,072,000 | 1,111,535 | |
02/01/2028 | 7.250% | 533,000 | 564,648 | |
Owens & Minor, Inc.(a) | ||||
03/31/2029 | 4.500% | 850,000 | 767,505 | |
04/01/2030 | 6.625% | 2,930,000 | 2,881,979 | |
Radiology Partners, Inc.(a) | ||||
02/01/2028 | 9.250% | 1,643,000 | 1,346,238 | |
RP Escrow Issuer LLC(a) | ||||
12/15/2025 | 5.250% | 10,933,000 | 9,938,411 | |
Select Medical Corp.(a) | ||||
08/15/2026 | 6.250% | 5,661,000 | 5,649,346 |
Columbia High Yield Bond Fund | Annual Report 2022 | 11 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Surgery Center Holdings, Inc.(a) | ||||
07/01/2025 | 6.750% | 454,000 | 432,644 | |
04/15/2027 | 10.000% | 1,649,000 | 1,677,084 | |
Syneos Health, Inc.(a) | ||||
01/15/2029 | 3.625% | 1,134,000 | 1,001,100 | |
Teleflex, Inc. | ||||
11/15/2027 | 4.625% | 3,130,000 | 3,114,338 | |
Teleflex, Inc.(a) | ||||
06/01/2028 | 4.250% | 946,000 | 910,635 | |
Tenet Healthcare Corp.(a) | ||||
02/01/2027 | 6.250% | 4,418,000 | 4,419,336 | |
11/01/2027 | 5.125% | 5,796,000 | 5,750,967 | |
10/01/2028 | 6.125% | 4,440,000 | 4,333,408 | |
01/15/2030 | 4.375% | 1,776,000 | 1,658,592 | |
US Acute Care Solutions LLC(a) | ||||
03/01/2026 | 6.375% | 4,101,000 | 3,916,092 | |
Total | 91,167,783 | |||
Healthcare Insurance 0.5% | ||||
Centene Corp. | ||||
10/15/2030 | 3.000% | 8,188,000 | 7,287,088 | |
08/01/2031 | 2.625% | 936,000 | 804,134 | |
Total | 8,091,222 | |||
Home Construction 0.4% | ||||
Meritage Homes Corp.(a) | ||||
04/15/2029 | 3.875% | 1,930,000 | 1,706,523 | |
Shea Homes LP/Funding Corp.(a) | ||||
02/15/2028 | 4.750% | 1,563,000 | 1,379,899 | |
04/01/2029 | 4.750% | 513,000 | 439,417 | |
Taylor Morrison Communities, Inc./Holdings II(a) | ||||
03/01/2024 | 5.625% | 2,745,000 | 2,771,108 | |
Total | 6,296,947 | |||
Independent Energy 4.7% | ||||
Apache Corp. | ||||
01/15/2030 | 4.250% | 1,554,000 | 1,500,385 | |
09/01/2040 | 5.100% | 2,696,000 | 2,506,320 | |
02/01/2042 | 5.250% | 755,000 | 689,423 | |
04/15/2043 | 4.750% | 2,937,000 | 2,549,576 | |
01/15/2044 | 4.250% | 539,000 | 429,132 | |
Callon Petroleum Co. | ||||
07/01/2026 | 6.375% | 3,915,000 | 3,803,130 | |
Callon Petroleum Co.(a) | ||||
08/01/2028 | 8.000% | 1,453,000 | 1,502,094 | |
CNX Resources Corp.(a) | ||||
03/14/2027 | 7.250% | 4,290,000 | 4,491,067 | |
01/15/2029 | 6.000% | 1,666,000 | 1,657,368 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Comstock Resources, Inc.(a) | ||||
03/01/2029 | 6.750% | 1,886,000 | 1,884,829 | |
CrownRock LP/Finance, Inc.(a) | ||||
05/01/2029 | 5.000% | 1,378,000 | 1,359,810 | |
Hilcorp Energy I LP/Finance Co.(a) | ||||
11/01/2028 | 6.250% | 8,929,000 | 9,051,276 | |
04/15/2030 | 6.000% | 1,444,000 | 1,404,465 | |
04/15/2032 | 6.250% | 2,250,000 | 2,192,054 | |
Matador Resources Co. | ||||
09/15/2026 | 5.875% | 5,949,000 | 6,010,083 | |
Occidental Petroleum Corp. | ||||
09/01/2030 | 6.625% | 6,530,000 | 7,321,479 | |
01/01/2031 | 6.125% | 4,582,000 | 4,986,350 | |
09/15/2036 | 6.450% | 1,938,000 | 2,168,447 | |
03/15/2046 | 6.600% | 1,129,000 | 1,279,807 | |
SM Energy Co. | ||||
07/15/2028 | 6.500% | 6,017,000 | 5,999,686 | |
Southwestern Energy Co. | ||||
02/01/2032 | 4.750% | 10,396,000 | 10,151,091 | |
Total | 72,937,872 | |||
Leisure 3.2% | ||||
Carnival Corp.(a) | ||||
03/01/2026 | 7.625% | 12,038,000 | 11,291,671 | |
03/01/2027 | 5.750% | 5,805,000 | 5,145,839 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(a) | ||||
05/01/2025 | 5.500% | 4,476,000 | 4,545,522 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC | ||||
10/01/2028 | 6.500% | 1,198,000 | 1,182,037 | |
Cinemark USA, Inc.(a) | ||||
03/15/2026 | 5.875% | 5,989,000 | 5,685,516 | |
07/15/2028 | 5.250% | 2,457,000 | 2,208,950 | |
Live Nation Entertainment, Inc.(a) | ||||
10/15/2027 | 4.750% | 1,629,000 | 1,553,111 | |
NCL Corp., Ltd.(a) | ||||
12/15/2024 | 3.625% | 1,905,000 | 1,735,783 | |
03/15/2026 | 5.875% | 4,309,000 | 3,881,979 | |
Royal Caribbean Cruises Ltd.(a) | ||||
07/01/2026 | 4.250% | 4,697,000 | 4,009,460 | |
08/31/2026 | 5.500% | 7,959,000 | 7,014,412 | |
07/15/2027 | 5.375% | 1,748,000 | 1,487,437 | |
Total | 49,741,717 | |||
Lodging 0.1% | ||||
Hilton Domestic Operating Co., Inc.(a) | ||||
05/01/2025 | 5.375% | 1,328,000 | 1,350,303 |
12 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Media and Entertainment 2.9% | ||||
Cengage Learning, Inc.(a) | ||||
06/15/2024 | 9.500% | 11,804,000 | 11,153,262 | |
Clear Channel International BV(a) | ||||
08/01/2025 | 6.625% | 4,173,000 | 4,127,652 | |
Clear Channel Outdoor Holdings, Inc.(a) | ||||
04/15/2028 | 7.750% | 6,659,000 | 5,594,646 | |
06/01/2029 | 7.500% | 3,891,000 | 3,158,504 | |
Clear Channel Worldwide Holdings, Inc.(a) | ||||
08/15/2027 | 5.125% | 4,457,000 | 4,071,140 | |
iHeartCommunications, Inc. | ||||
05/01/2027 | 8.375% | 3,261,817 | 3,060,457 | |
Outfront Media Capital LLC/Corp.(a) | ||||
08/15/2027 | 5.000% | 1,896,000 | 1,777,329 | |
01/15/2029 | 4.250% | 1,468,000 | 1,267,693 | |
03/15/2030 | 4.625% | 4,828,000 | 4,152,421 | |
Playtika Holding Corp.(a) | ||||
03/15/2029 | 4.250% | 3,718,000 | 3,298,923 | |
Roblox Corp.(a) | ||||
05/01/2030 | 3.875% | 3,976,000 | 3,550,636 | |
Total | 45,212,663 | |||
Metals and Mining 3.0% | ||||
Allegheny Technologies, Inc. | ||||
10/01/2029 | 4.875% | 1,139,000 | 1,030,484 | |
10/01/2031 | 5.125% | 4,832,000 | 4,332,437 | |
Constellium SE(a) | ||||
06/15/2028 | 5.625% | 2,534,000 | 2,449,069 | |
04/15/2029 | 3.750% | 12,685,000 | 11,131,718 | |
Hudbay Minerals, Inc.(a) | ||||
04/01/2026 | 4.500% | 3,679,000 | 3,277,203 | |
04/01/2029 | 6.125% | 13,088,000 | 11,760,205 | |
Kaiser Aluminum Corp.(a) | ||||
03/01/2028 | 4.625% | 622,000 | 571,728 | |
06/01/2031 | 4.500% | 6,966,000 | 6,097,298 | |
Novelis Corp.(a) | ||||
11/15/2026 | 3.250% | 2,314,000 | 2,133,123 | |
01/30/2030 | 4.750% | 2,560,000 | 2,431,773 | |
08/15/2031 | 3.875% | 1,421,000 | 1,238,685 | |
Total | 46,453,723 | |||
Midstream 6.0% | ||||
Cheniere Energy Partners LP | ||||
03/01/2031 | 4.000% | 2,174,000 | 2,009,010 | |
Cheniere Energy Partners LP(a) | ||||
01/31/2032 | 3.250% | 8,528,000 | 7,451,013 | |
Cheniere Energy, Inc. | ||||
10/15/2028 | 4.625% | 3,343,000 | 3,249,488 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CNX Midstream Partners LP(a) | ||||
04/15/2030 | 4.750% | 3,589,000 | 3,270,279 | |
DCP Midstream Operating LP | ||||
07/15/2027 | 5.625% | 1,827,000 | 1,889,372 | |
05/15/2029 | 5.125% | 949,000 | 948,816 | |
04/01/2044 | 5.600% | 4,002,000 | 3,572,557 | |
Delek Logistics Partners LP/Finance Corp. | ||||
05/15/2025 | 6.750% | 4,005,000 | 3,924,900 | |
EQM Midstream Partners LP(a) | ||||
07/01/2025 | 6.000% | 3,259,000 | 3,316,326 | |
07/01/2027 | 6.500% | 2,315,000 | 2,317,899 | |
01/15/2029 | 4.500% | 2,593,000 | 2,301,510 | |
01/15/2031 | 4.750% | 12,423,000 | 10,738,459 | |
EQM Midstream Partners LP(a),(d) | ||||
06/01/2027 | 7.500% | 1,178,000 | 1,178,000 | |
06/01/2030 | 7.500% | 1,407,000 | 1,407,000 | |
EQM Midstream Partners LP | ||||
07/15/2048 | 6.500% | 2,376,000 | 2,026,625 | |
Holly Energy Partners LP/Finance Corp.(a) | ||||
04/15/2027 | 6.375% | 1,769,000 | 1,769,480 | |
02/01/2028 | 5.000% | 4,181,000 | 3,927,318 | |
NuStar Logistics LP | ||||
10/01/2025 | 5.750% | 1,639,000 | 1,661,778 | |
06/01/2026 | 6.000% | 2,535,000 | 2,577,506 | |
04/28/2027 | 5.625% | 6,524,000 | 6,541,609 | |
Rockpoint Gas Storage Canada Ltd.(a) | ||||
03/31/2023 | 7.000% | 5,518,000 | 5,444,636 | |
TransMontaigne Partners LP/TLP Finance Corp. | ||||
02/15/2026 | 6.125% | 5,118,000 | 4,999,050 | |
Venture Global Calcasieu Pass LLC(a) | ||||
08/15/2029 | 3.875% | 4,898,000 | 4,639,273 | |
08/15/2031 | 4.125% | 7,668,000 | 7,198,705 | |
11/01/2033 | 3.875% | 4,167,000 | 3,782,115 | |
Total | 92,142,724 | |||
Oil Field Services 0.9% | ||||
Apergy Corp. | ||||
05/01/2026 | 6.375% | 1,942,000 | 1,964,643 | |
Nabors Industries Ltd.(a) | ||||
01/15/2028 | 7.500% | 1,604,000 | 1,523,012 | |
Transocean Sentry Ltd.(a) | ||||
05/15/2023 | 5.375% | 10,363,440 | 10,053,095 | |
Total | 13,540,750 | |||
Other REIT 1.5% | ||||
Blackstone Mortgage Trust, Inc.(a) | ||||
01/15/2027 | 3.750% | 4,756,000 | 4,343,349 |
Columbia High Yield Bond Fund | Annual Report 2022 | 13 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Ladder Capital Finance Holdings LLLP/Corp.(a) | ||||
02/01/2027 | 4.250% | 6,668,000 | 6,029,928 | |
06/15/2029 | 4.750% | 2,908,000 | 2,618,513 | |
Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer(a) | ||||
10/01/2028 | 5.875% | 2,852,000 | 2,817,407 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a) | ||||
05/15/2029 | 4.875% | 2,776,000 | 2,632,671 | |
RLJ Lodging Trust LP(a) | ||||
07/01/2026 | 3.750% | 1,903,000 | 1,835,707 | |
09/15/2029 | 4.000% | 899,000 | 814,452 | |
Service Properties Trust | ||||
03/15/2024 | 4.650% | 1,517,000 | 1,401,953 | |
10/01/2024 | 4.350% | 704,000 | 642,236 | |
Total | 23,136,216 | |||
Packaging 1.9% | ||||
Ardagh Metal Packaging Finance USA LLC/PLC(a) | ||||
09/01/2029 | 4.000% | 7,374,000 | 6,390,331 | |
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a) | ||||
04/30/2025 | 5.250% | 2,283,000 | 2,274,977 | |
08/15/2026 | 4.125% | 2,762,000 | 2,570,412 | |
08/15/2027 | 5.250% | 4,499,000 | 3,755,886 | |
08/15/2027 | 5.250% | 1,424,000 | 1,195,630 | |
BWAY Holding Co.(a) | ||||
04/15/2024 | 5.500% | 4,416,000 | 4,362,803 | |
Canpack SA/US LLC(a) | ||||
11/15/2029 | 3.875% | 6,176,000 | 5,401,692 | |
Trivium Packaging Finance BV(a) | ||||
08/15/2026 | 5.500% | 3,440,000 | 3,420,547 | |
Total | 29,372,278 | |||
Pharmaceuticals 1.7% | ||||
Bausch Health Companies, Inc.(a) | ||||
02/01/2027 | 6.125% | 3,105,000 | 2,834,437 | |
01/15/2028 | 7.000% | 949,000 | 647,345 | |
06/01/2028 | 4.875% | 1,331,000 | 1,143,649 | |
02/15/2029 | 6.250% | 2,412,000 | 1,503,526 | |
01/30/2030 | 5.250% | 1,715,000 | 1,002,823 | |
Endo Dac/Finance LLC/Finco, Inc.(a) | ||||
06/30/2028 | 6.000% | 1,684,000 | 118,815 | |
Grifols Escrow Issuer SA(a) | ||||
10/15/2028 | 4.750% | 2,601,000 | 2,380,399 | |
Jazz Securities DAC(a) | ||||
01/15/2029 | 4.375% | 1,990,000 | 1,925,796 | |
Organon Finance 1 LLC(a) | ||||
04/30/2028 | 4.125% | 8,273,000 | 7,914,736 | |
04/30/2031 | 5.125% | 6,662,000 | 6,358,130 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Par Pharmaceutical, Inc.(a) | ||||
04/01/2027 | 7.500% | 947,000 | 740,892 | |
Total | 26,570,548 | |||
Property & Casualty 2.3% | ||||
Alliant Holdings Intermediate LLC/Co-Issuer(a) | ||||
10/15/2027 | 4.250% | 2,588,000 | 2,456,515 | |
10/15/2027 | 6.750% | 6,770,000 | 6,532,914 | |
11/01/2029 | 5.875% | 2,548,000 | 2,245,898 | |
AssuredPartners, Inc.(a) | ||||
01/15/2029 | 5.625% | 3,448,000 | 3,004,973 | |
BroadStreet Partners, Inc.(a) | ||||
04/15/2029 | 5.875% | 6,070,000 | 5,178,656 | |
GTCR AP Finance, Inc.(a) | ||||
05/15/2027 | 8.000% | 1,239,000 | 1,244,479 | |
HUB International Ltd.(a) | ||||
05/01/2026 | 7.000% | 5,080,000 | 5,134,173 | |
12/01/2029 | 5.625% | 4,780,000 | 4,455,221 | |
MGIC Investment Corp. | ||||
08/15/2028 | 5.250% | 460,000 | 444,983 | |
Radian Group, Inc. | ||||
03/15/2025 | 6.625% | 179,000 | 184,968 | |
03/15/2027 | 4.875% | 1,061,000 | 1,032,370 | |
USI, Inc.(a) | ||||
05/01/2025 | 6.875% | 2,804,000 | 2,707,041 | |
Total | 34,622,191 | |||
Restaurants 0.8% | ||||
1011778 BC ULC/New Red Finance, Inc.(a) | ||||
04/15/2025 | 5.750% | 2,265,000 | 2,332,034 | |
Fertitta Entertainment LLC/Finance Co., Inc.(a) | ||||
01/15/2030 | 6.750% | 4,901,000 | 4,245,993 | |
IRB Holding Corp.(a) | ||||
06/15/2025 | 7.000% | 2,261,000 | 2,283,846 | |
Yum! Brands, Inc. | ||||
04/01/2032 | 5.375% | 3,550,000 | 3,479,901 | |
Total | 12,341,774 | |||
Retailers 1.3% | ||||
Asbury Automotive Group, Inc.(a) | ||||
11/15/2029 | 4.625% | 1,088,000 | 1,005,617 | |
02/15/2032 | 5.000% | 1,087,000 | 985,395 | |
Group 1 Automotive, Inc.(a) | ||||
08/15/2028 | 4.000% | 2,345,000 | 2,134,832 | |
L Brands, Inc.(a) | ||||
10/01/2030 | 6.625% | 2,754,000 | 2,751,735 | |
L Brands, Inc. | ||||
11/01/2035 | 6.875% | 1,171,000 | 1,071,769 |
14 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
LCM Investments Holdings II LLC(a) | ||||
05/01/2029 | 4.875% | 4,393,000 | 3,744,049 | |
Penske Automotive Group, Inc. | ||||
09/01/2025 | 3.500% | 859,000 | 841,573 | |
PetSmart, Inc./Finance Corp.(a) | ||||
02/15/2028 | 4.750% | 3,647,000 | 3,354,852 | |
02/15/2029 | 7.750% | 4,080,000 | 3,823,802 | |
Total | 19,713,624 | |||
Supermarkets 0.4% | ||||
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(a) | ||||
03/15/2026 | 7.500% | 1,874,000 | 1,970,369 | |
02/15/2028 | 5.875% | 1,043,000 | 1,024,806 | |
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a) | ||||
01/15/2027 | 4.625% | 3,021,000 | 2,935,408 | |
SEG Holding LLC/Finance Corp.(a) | ||||
10/15/2028 | 5.625% | 759,000 | 685,610 | |
Total | 6,616,193 | |||
Technology 7.2% | ||||
Black Knight InfoServ LLC(a) | ||||
09/01/2028 | 3.625% | 5,049,000 | 4,771,592 | |
Boxer Parent Co., Inc.(a) | ||||
10/02/2025 | 7.125% | 897,000 | 874,274 | |
03/01/2026 | 9.125% | 546,000 | 531,582 | |
Camelot Finance SA(a) | ||||
11/01/2026 | 4.500% | 2,158,000 | 2,071,494 | |
CDK Global, Inc. | ||||
06/01/2027 | 4.875% | 2,037,000 | 2,035,248 | |
Clarivate Science Holdings Corp.(a) | ||||
07/01/2028 | 3.875% | 2,209,000 | 2,068,973 | |
07/01/2029 | 4.875% | 5,282,000 | 4,724,646 | |
Condor Merger Sub, Inc.(a) | ||||
02/15/2030 | 7.375% | 2,596,000 | 2,291,973 | |
Dun & Bradstreet Corp. (The)(a) | ||||
12/15/2029 | 5.000% | 1,496,000 | 1,360,152 | |
Everi Holdings, Inc.(a) | ||||
07/15/2029 | 5.000% | 473,000 | 422,718 | |
Gartner, Inc.(a) | ||||
07/01/2028 | 4.500% | 2,740,000 | 2,666,658 | |
06/15/2029 | 3.625% | 1,678,000 | 1,550,279 | |
HealthEquity, Inc.(a) | ||||
10/01/2029 | 4.500% | 4,486,000 | 4,184,414 | |
Helios Software Holdings, Inc.(a) | ||||
05/01/2028 | 4.625% | 4,210,000 | 3,649,359 | |
ION Trading Technologies Sarl(a) | ||||
05/15/2028 | 5.750% | 3,709,000 | 3,316,670 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Iron Mountain, Inc.(a) | ||||
09/15/2027 | 4.875% | 2,781,000 | 2,736,474 | |
Logan Merger Sub, Inc.(a) | ||||
09/01/2027 | 5.500% | 8,896,000 | 7,169,221 | |
Microchip Technology, Inc. | ||||
09/01/2025 | 4.250% | 2,608,000 | 2,613,504 | |
Minerva Merger Sub, Inc.(a) | ||||
02/15/2030 | 6.500% | 6,639,000 | 6,162,939 | |
NCR Corp.(a) | ||||
10/01/2028 | 5.000% | 3,104,000 | 2,932,083 | |
04/15/2029 | 5.125% | 3,795,000 | 3,619,811 | |
Nielsen Finance LLC/Co.(a) | ||||
10/01/2028 | 5.625% | 3,946,000 | 3,914,978 | |
07/15/2029 | 4.500% | 2,215,000 | 2,105,761 | |
10/01/2030 | 5.875% | 1,217,000 | 1,200,260 | |
07/15/2031 | 4.750% | 2,772,000 | 2,654,892 | |
Plantronics, Inc.(a) | ||||
03/01/2029 | 4.750% | 9,443,000 | 9,586,927 | |
PTC, Inc.(a) | ||||
02/15/2025 | 3.625% | 723,000 | 718,136 | |
02/15/2028 | 4.000% | 1,043,000 | 995,630 | |
Sabre GLBL, Inc.(a) | ||||
04/15/2025 | 9.250% | 696,000 | 718,197 | |
09/01/2025 | 7.375% | 832,000 | 822,375 | |
Shift4 Payments LLC/Finance Sub, Inc.(a) | ||||
11/01/2026 | 4.625% | 6,350,000 | 5,946,328 | |
Square, Inc.(a) | ||||
06/01/2031 | 3.500% | 1,724,000 | 1,478,609 | |
Switch Ltd.(a) | ||||
09/15/2028 | 3.750% | 1,314,000 | 1,319,470 | |
06/15/2029 | 4.125% | 4,333,000 | 4,365,462 | |
Tempo Acquisition LLC/Finance Corp.(a) | ||||
06/01/2025 | 5.750% | 1,447,000 | 1,450,004 | |
Verscend Escrow Corp.(a) | ||||
08/15/2026 | 9.750% | 4,487,000 | 4,627,018 | |
ZoomInfo Technologies LLC/Finance Corp.(a) | ||||
02/01/2029 | 3.875% | 7,607,000 | 6,637,182 | |
Total | 110,295,293 | |||
Wireless 4.0% | ||||
Altice France Holding SA(a) | ||||
05/15/2027 | 10.500% | 4,123,000 | 4,052,094 | |
02/15/2028 | 6.000% | 12,997,000 | 10,896,232 | |
Altice France SA(a) | ||||
02/01/2027 | 8.125% | 3,670,000 | 3,684,568 | |
07/15/2029 | 5.125% | 6,266,000 | 5,473,682 | |
10/15/2029 | 5.500% | 1,785,000 | 1,548,684 | |
Sprint Capital Corp. | ||||
11/15/2028 | 6.875% | 11,206,000 | 12,688,595 |
Columbia High Yield Bond Fund | Annual Report 2022 | 15 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
T-Mobile USA, Inc. | ||||
02/15/2026 | 2.250% | 1,153,000 | 1,081,654 | |
02/15/2029 | 2.625% | 4,715,000 | 4,177,759 | |
02/15/2031 | 2.875% | 2,619,000 | 2,298,283 | |
04/15/2031 | 3.500% | 887,000 | 815,401 | |
T-Mobile USA, Inc.(a) | ||||
04/15/2031 | 3.500% | 5,157,000 | 4,710,577 | |
Vmed O2 UK Financing I PLC(a) | ||||
01/31/2031 | 4.250% | 5,525,000 | 4,867,851 | |
07/15/2031 | 4.750% | 6,483,000 | 5,916,397 | |
Total | 62,211,777 | |||
Wirelines 1.9% | ||||
CenturyLink, Inc. | ||||
04/01/2024 | 7.500% | 7,238,000 | 7,486,997 | |
CenturyLink, Inc.(a) | ||||
12/15/2026 | 5.125% | 2,571,000 | 2,377,920 | |
Front Range BidCo, Inc.(a) | ||||
03/01/2027 | 4.000% | 5,033,000 | 4,395,374 | |
Frontier Communications Holdings LLC(a) | ||||
05/15/2030 | 8.750% | 1,208,000 | 1,271,070 | |
Iliad Holding SAS(a) | ||||
10/15/2026 | 6.500% | 7,753,000 | 7,502,118 | |
10/15/2028 | 7.000% | 6,316,000 | 6,081,572 | |
Total | 29,115,051 | |||
Total Corporate Bonds & Notes (Cost $1,496,442,894) | 1,389,345,867 |
Exchange-Traded Fixed Income Funds 0.9% | ||
Shares | Value ($) | |
High Yield 0.9% | ||
iShares Broad USD High Yield Corporate Bond ETF | 370,000 | 13,871,300 |
Total Exchange-Traded Fixed Income Funds (Cost $15,104,150) | 13,871,300 |
Foreign Government Obligations(e) 0.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Canada 0.5% | ||||
NOVA Chemicals Corp.(a) | ||||
06/01/2027 | 5.250% | 6,476,000 | 6,303,292 | |
05/15/2029 | 4.250% | 1,218,000 | 1,082,999 | |
Total | 7,386,291 | |||
Total Foreign Government Obligations (Cost $7,610,856) | 7,386,291 | |||
Senior Loans 2.5% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Consumer Cyclical Services 0.5% | ||||
8th Avenue Food & Provisions, Inc.(f),(g) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 3.750% 10/01/2025 | 4.810% | 5,876,633 | 4,918,742 | |
2nd Lien Term Loan | ||||
1-month USD LIBOR + 7.750% 10/01/2026 | 8.810% | 3,441,442 | 2,882,208 | |
Total | 7,800,950 | |||
Consumer Products 0.3% | ||||
SWF Holdings I Corp.(f),(g) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 4.000% Floor 0.750% 10/06/2028 | 4.928% | 5,479,000 | 4,722,898 | |
Health Care 0.2% | ||||
Surgery Center Holdings, Inc.(f),(g) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.750% Floor 0.750% 08/31/2026 | 4.600% | 2,945,508 | 2,815,818 | |
Media and Entertainment 0.2% | ||||
Cengage Learning, Inc.(f),(g) | ||||
Tranche B 1st Lien Term Loan | ||||
1-month USD LIBOR + 4.750% Floor 1.000% 07/14/2026 | 5.750% | 3,968,786 | 3,777,450 | |
Technology 1.3% | ||||
Applied Systems, Inc.(f),(g) | ||||
1st Lien Term Loan | ||||
3-month USD LIBOR + 3.000% Floor 1.000% 09/19/2024 | 4.034% | 1,747,800 | 1,697,114 | |
Ascend Learning LLC(f),(g) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 3.500% Floor 0.500% 12/11/2028 | 4.560% | 3,163,073 | 3,001,534 | |
2nd Lien Term Loan | ||||
1-month USD LIBOR + 5.750% Floor 0.500% 12/10/2029 | 6.810% | 1,886,000 | 1,788,550 | |
DCert Buyer, Inc.(f),(g) | ||||
2nd Lien Term Loan | ||||
1-month USD LIBOR + 7.000% 02/19/2029 | 8.060% | 2,702,000 | 2,645,717 |
16 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Epicore Software Corp.(f),(g) | ||||
2nd Lien Term Loan | ||||
1-month USD LIBOR + 7.750% Floor 1.000% 07/31/2028 | 8.810% | 1,039,000 | 1,028,610 | |
Loyalty Ventures, Inc.(f),(g) | ||||
Tranche B Term Loan | ||||
1-month USD LIBOR + 4.500% Floor 0.500% 11/03/2027 | 5.560% | 2,715,119 | 2,525,061 | |
UKG, Inc.(f),(g) | ||||
1st Lien Term Loan | ||||
3-month USD LIBOR + 3.750% 05/04/2026 | 4.756% | 1,844,700 | 1,791,204 | |
1-month USD LIBOR + 3.250% Floor 0.500% 05/04/2026 | 4.212% | 1,898,091 | 1,826,229 | |
2nd Lien Term Loan | ||||
1-month USD LIBOR + 5.250% Floor 0.500% 05/03/2027 | 6.212% | 3,669,000 | 3,510,793 | |
Total | 19,814,812 | |||
Total Senior Loans (Cost $41,961,004) | 38,931,928 |
Money Market Funds 3.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(h),(i) | 58,169,132 | 58,145,865 |
Total Money Market Funds (Cost $58,154,436) | 58,145,865 | |
Total Investments in Securities (Cost: $1,633,612,890) | 1,519,639,333 | |
Other Assets & Liabilities, Net | 22,040,072 | |
Net Assets | 1,541,679,405 |
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2022, the total value of these securities amounted to $1,173,256,319, which represents 76.10% of total net assets. |
(b) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(c) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of May 31, 2022. |
(d) | Represents a security purchased on a when-issued basis. |
(e) | Principal and interest may not be guaranteed by a governmental entity. |
(f) | The stated interest rate represents the weighted average interest rate at May 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
(g) | Variable rate security. The interest rate shown was the current rate as of May 31, 2022. |
(h) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(i) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
51,310,701 | 578,244,466 | (571,403,497) | (5,805) | 58,145,865 | (4,062) | 62,431 | 58,169,132 |
Columbia High Yield Bond Fund | Annual Report 2022 | 17 |
May 31, 2022
LIBOR | London Interbank Offered Rate |
■ | 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). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Convertible Bonds | — | 11,958,082 | — | 11,958,082 |
Corporate Bonds & Notes | — | 1,389,345,867 | — | 1,389,345,867 |
Exchange-Traded Fixed Income Funds | 13,871,300 | — | — | 13,871,300 |
Foreign Government Obligations | — | 7,386,291 | — | 7,386,291 |
Senior Loans | — | 38,931,928 | — | 38,931,928 |
Money Market Funds | 58,145,865 | — | — | 58,145,865 |
Total Investments in Securities | 72,017,165 | 1,447,622,168 | — | 1,519,639,333 |
18 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,575,458,454) | $1,461,493,468 |
Affiliated issuers (cost $58,154,436) | 58,145,865 |
Cash | 38,775 |
Receivable for: | |
Investments sold | 7,465,167 |
Investments sold on a delayed delivery basis | 2,459,460 |
Capital shares sold | 7,021,031 |
Dividends | 19,870 |
Interest | 21,553,582 |
Foreign tax reclaims | 13,559 |
Expense reimbursement due from Investment Manager | 5,065 |
Prepaid expenses | 13,043 |
Trustees’ deferred compensation plan | 599 |
Total assets | 1,558,229,484 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 5,815,510 |
Capital shares purchased | 4,374,379 |
Distributions to shareholders | 5,899,509 |
Management services fees | 105,457 |
Distribution and/or service fees | 16,903 |
Transfer agent fees | 104,261 |
Compensation of board members | 183,106 |
Other expenses | 50,355 |
Trustees’ deferred compensation plan | 599 |
Total liabilities | 16,550,079 |
Net assets applicable to outstanding capital stock | $1,541,679,405 |
Represented by | |
Paid in capital | 1,659,381,566 |
Total distributable earnings (loss) | (117,702,161) |
Total - representing net assets applicable to outstanding capital stock | $1,541,679,405 |
Columbia High Yield Bond Fund | Annual Report 2022 | 19 |
May 31, 2022
Class A | |
Net assets | $530,843,824 |
Shares outstanding | 48,491,610 |
Net asset value per share | $10.95 |
Maximum sales charge | 4.75% |
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) | $11.50 |
Advisor Class | |
Net assets | $96,886,077 |
Shares outstanding | 8,799,318 |
Net asset value per share | $11.01 |
Class C | |
Net assets | $14,237,280 |
Shares outstanding | 1,308,519 |
Net asset value per share | $10.88 |
Institutional Class | |
Net assets | $177,451,602 |
Shares outstanding | 16,222,163 |
Net asset value per share | $10.94 |
Institutional 2 Class | |
Net assets | $37,114,373 |
Shares outstanding | 3,402,125 |
Net asset value per share | $10.91 |
Institutional 3 Class | |
Net assets | $670,695,718 |
Shares outstanding | 61,372,238 |
Net asset value per share | $10.93 |
Class R | |
Net assets | $14,450,531 |
Shares outstanding | 1,316,011 |
Net asset value per share | $10.98 |
20 | Columbia High Yield Bond Fund | Annual Report 2022 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $818,537 |
Dividends — affiliated issuers | 62,431 |
Interest | 87,546,447 |
Interfund lending | 899 |
Total income | 88,428,314 |
Expenses: | |
Management services fees | 11,041,103 |
Distribution and/or service fees | |
Class A | 1,505,383 |
Class C | 169,395 |
Class R | 78,595 |
Transfer agent fees | |
Class A | 746,528 |
Advisor Class | 128,534 |
Class C | 21,001 |
Institutional Class | 239,767 |
Institutional 2 Class | 34,586 |
Institutional 3 Class | 41,975 |
Class R | 19,494 |
Compensation of board members | 32,126 |
Custodian fees | 24,800 |
Printing and postage fees | 87,117 |
Registration fees | 122,790 |
Audit fees | 42,000 |
Legal fees | 26,500 |
Compensation of chief compliance officer | 274 |
Other | 30,022 |
Total expenses | 14,391,990 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (419,330) |
Fees waived by transfer agent | |
Institutional 3 Class | (27,101) |
Expense reduction | (1,508) |
Total net expenses | 13,944,051 |
Net investment income | 74,484,263 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 18,626,498 |
Investments — affiliated issuers | (4,062) |
Net realized gain | 18,622,436 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (170,619,838) |
Investments — affiliated issuers | (5,805) |
Net change in unrealized appreciation (depreciation) | (170,625,643) |
Net realized and unrealized loss | (152,003,207) |
Net decrease in net assets resulting from operations | $(77,518,944) |
Columbia High Yield Bond Fund | Annual Report 2022 | 21 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment income | $74,484,263 | $72,212,326 |
Net realized gain | 18,622,436 | 21,487,272 |
Net change in unrealized appreciation (depreciation) | (170,625,643) | 84,115,416 |
Net increase (decrease) in net assets resulting from operations | (77,518,944) | 177,815,014 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (26,900,181) | (28,356,306) |
Advisor Class | (4,891,897) | (4,905,238) |
Class C | (630,748) | (914,630) |
Institutional Class | (9,121,949) | (8,974,548) |
Institutional 2 Class | (3,075,117) | (4,377,598) |
Institutional 3 Class | (36,819,268) | (26,237,306) |
Class R | (665,906) | (608,837) |
Total distributions to shareholders | (82,105,066) | (74,374,463) |
Increase (decrease) in net assets from capital stock activity | (115,305,465) | 365,946,919 |
Total increase (decrease) in net assets | (274,929,475) | 469,387,470 |
Net assets at beginning of year | 1,816,608,880 | 1,347,221,410 |
Net assets at end of year | $1,541,679,405 | $1,816,608,880 |
22 | Columbia High Yield Bond Fund | Annual Report 2022 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares(a) | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 10,827,069 | 128,054,269 | 8,264,991 | 97,279,567 |
Distributions reinvested | 2,204,155 | 25,955,268 | 2,321,040 | 27,363,682 |
Redemptions | (16,690,545) | (196,638,272) | (13,558,506) | (159,608,974) |
Net decrease | (3,659,321) | (42,628,735) | (2,972,475) | (34,965,725) |
Advisor Class | ||||
Subscriptions | 1,828,617 | 21,812,220 | 2,987,691 | 35,538,566 |
Distributions reinvested | 408,710 | 4,833,407 | 408,304 | 4,840,814 |
Redemptions | (1,869,692) | (22,072,873) | (3,715,454) | (44,138,596) |
Net increase (decrease) | 367,635 | 4,572,754 | (319,459) | (3,759,216) |
Class C | ||||
Subscriptions | 198,211 | 2,338,402 | 268,330 | 3,132,206 |
Distributions reinvested | 52,647 | 616,414 | 75,053 | 877,422 |
Redemptions | (445,364) | (5,183,343) | (1,224,998) | (14,493,473) |
Net decrease | (194,506) | (2,228,527) | (881,615) | (10,483,845) |
Institutional Class | ||||
Subscriptions | 5,608,078 | 65,644,478 | 6,639,646 | 77,994,366 |
Distributions reinvested | 733,909 | 8,626,894 | 713,483 | 8,402,821 |
Redemptions | (6,061,963) | (70,700,133) | (6,745,509) | (79,631,218) |
Net increase | 280,024 | 3,571,239 | 607,620 | 6,765,969 |
Institutional 2 Class | ||||
Subscriptions | 1,833,656 | 21,408,900 | 4,940,909 | 57,522,970 |
Distributions reinvested | 256,601 | 3,030,537 | 371,362 | 4,364,340 |
Redemptions | (5,554,423) | (64,914,775) | (7,041,636) | (81,963,846) |
Net decrease | (3,464,166) | (40,475,338) | (1,729,365) | (20,076,536) |
Institutional 3 Class | ||||
Subscriptions | 5,482,439 | 63,837,305 | 36,886,109 | 438,961,766 |
Distributions reinvested | 3,022,342 | 35,510,537 | 2,090,952 | 24,757,782 |
Redemptions | (12,051,510) | (137,909,489) | (3,037,650) | (35,799,950) |
Net increase (decrease) | (3,546,729) | (38,561,647) | 35,939,411 | 427,919,598 |
Class R | ||||
Subscriptions | 568,721 | 6,746,419 | 358,217 | 4,258,173 |
Distributions reinvested | 55,393 | 653,095 | 47,735 | 564,499 |
Redemptions | (592,042) | (6,954,725) | (362,711) | (4,275,998) |
Net increase | 32,072 | 444,789 | 43,241 | 546,674 |
Total net increase (decrease) | (10,184,991) | (115,305,465) | 30,687,358 | 365,946,919 |
(a) | Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
Columbia High Yield Bond Fund | Annual Report 2022 | 23 |
Net asset value, beginning of period | Net investment income | 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(c) | |||||||
Year Ended 5/31/2022 | $12.03 | 0.48 | (1.03) | (0.55) | (0.49) | (0.04) | (0.53) |
Year Ended 5/31/2021 | $11.19 | 0.52 | 0.85 | 1.37 | (0.53) | — | (0.53) |
Year Ended 5/31/2020 | $11.44 | 0.56 | (0.25) | 0.31 | (0.56) | — | (0.56) |
Year Ended 5/31/2019 | $11.39 | 0.56 | 0.05 | 0.61 | (0.56) | — | (0.56) |
Year Ended 5/31/2018 | $11.92 | 0.56 | (0.57) | (0.01) | (0.52) | — | (0.52) |
Advisor Class(c) | |||||||
Year Ended 5/31/2022 | $12.10 | 0.51 | (1.04) | (0.53) | (0.52) | (0.04) | (0.56) |
Year Ended 5/31/2021 | $11.26 | 0.55 | 0.85 | 1.40 | (0.56) | — | (0.56) |
Year Ended 5/31/2020 | $11.50 | 0.60 | (0.24) | 0.36 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $11.46 | 0.60 | 0.04 | 0.64 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $11.99 | 0.56 | (0.53) | 0.03 | (0.56) | — | (0.56) |
Class C(c) | |||||||
Year Ended 5/31/2022 | $11.96 | 0.39 | (1.03) | (0.64) | (0.40) | (0.04) | (0.44) |
Year Ended 5/31/2021 | $11.13 | 0.43 | 0.84 | 1.27 | (0.44) | — | (0.44) |
Year Ended 5/31/2020 | $11.36 | 0.48 | (0.23) | 0.25 | (0.48) | — | (0.48) |
Year Ended 5/31/2019 | $11.32 | 0.48 | 0.04 | 0.52 | (0.48) | — | (0.48) |
Year Ended 5/31/2018 | $11.84 | 0.44 | (0.52) | (0.08) | (0.44) | — | (0.44) |
Institutional Class(c) | |||||||
Year Ended 5/31/2022 | $12.02 | 0.51 | (1.03) | (0.52) | (0.52) | (0.04) | (0.56) |
Year Ended 5/31/2021 | $11.19 | 0.54 | 0.85 | 1.39 | (0.56) | — | (0.56) |
Year Ended 5/31/2020 | $11.43 | 0.60 | (0.24) | 0.36 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $11.38 | 0.60 | 0.05 | 0.65 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $11.91 | 0.56 | (0.53) | 0.03 | (0.56) | — | (0.56) |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2022 | $11.99 | 0.52 | (1.03) | (0.51) | (0.53) | (0.04) | (0.57) |
Year Ended 5/31/2021 | $11.16 | 0.55 | 0.85 | 1.40 | (0.57) | — | (0.57) |
Year Ended 5/31/2020 | $11.39 | 0.60 | (0.23) | 0.37 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $11.35 | 0.60 | 0.04 | 0.64 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $11.88 | 0.56 | (0.53) | 0.03 | (0.56) | — | (0.56) |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2022 | $12.01 | 0.52 | (1.03) | (0.51) | (0.53) | (0.04) | (0.57) |
Year Ended 5/31/2021 | $11.17 | 0.55 | 0.86 | 1.41 | (0.57) | — | (0.57) |
Year Ended 5/31/2020 | $11.41 | 0.60 | (0.24) | 0.36 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $11.37 | 0.60 | 0.04 | 0.64 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $11.90 | 0.60 | (0.53) | 0.07 | (0.60) | — | (0.60) |
24 | Columbia High Yield Bond Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A(c) | |||||||
Year Ended 5/31/2022 | $10.95 | (4.78%) | 1.02% | 1.00%(d) | 4.03% | 47% | $530,844 |
Year Ended 5/31/2021 | $12.03 | 12.35% | 1.03% | 1.01%(d) | 4.39% | 58% | $627,451 |
Year Ended 5/31/2020 | $11.19 | 2.82% | 1.04% | 1.03%(d) | 4.86% | 59% | $617,031 |
Year Ended 5/31/2019 | $11.44 | 5.47% | 1.04% | 1.04%(d) | 4.93% | 41% | $692,138 |
Year Ended 5/31/2018 | $11.39 | 0.10% | 1.03% | 1.03%(d) | 4.60% | 49% | $778,978 |
Advisor Class(c) | |||||||
Year Ended 5/31/2022 | $11.01 | (4.58%) | 0.77% | 0.75%(d) | 4.29% | 47% | $96,886 |
Year Ended 5/31/2021 | $12.10 | 12.89% | 0.78% | 0.76%(d) | 4.63% | 58% | $102,028 |
Year Ended 5/31/2020 | $11.26 | 3.08% | 0.79% | 0.78%(d) | 5.11% | 59% | $98,512 |
Year Ended 5/31/2019 | $11.50 | 5.36% | 0.79% | 0.79%(d) | 5.17% | 41% | $88,582 |
Year Ended 5/31/2018 | $11.46 | 0.37% | 0.78% | 0.78%(d) | 4.89% | 49% | $112,377 |
Class C(c) | |||||||
Year Ended 5/31/2022 | $10.88 | (5.54%) | 1.77% | 1.75%(d) | 3.28% | 47% | $14,237 |
Year Ended 5/31/2021 | $11.96 | 11.66% | 1.78% | 1.76%(d) | 3.65% | 58% | $17,974 |
Year Ended 5/31/2020 | $11.13 | 2.03% | 1.79% | 1.78%(d) | 4.12% | 59% | $26,532 |
Year Ended 5/31/2019 | $11.36 | 4.68% | 1.79% | 1.79%(d) | 4.17% | 41% | $34,097 |
Year Ended 5/31/2018 | $11.32 | (0.68%) | 1.78% | 1.78%(d) | 3.85% | 49% | $65,568 |
Institutional Class(c) | |||||||
Year Ended 5/31/2022 | $10.94 | (4.55%) | 0.77% | 0.75%(d) | 4.28% | 47% | $177,452 |
Year Ended 5/31/2021 | $12.02 | 12.54% | 0.78% | 0.76%(d) | 4.63% | 58% | $191,648 |
Year Ended 5/31/2020 | $11.19 | 3.07% | 0.79% | 0.78%(d) | 5.11% | 59% | $171,521 |
Year Ended 5/31/2019 | $11.43 | 5.73% | 0.79% | 0.79%(d) | 5.17% | 41% | $174,135 |
Year Ended 5/31/2018 | $11.38 | 0.35% | 0.78% | 0.78%(d) | 4.84% | 49% | $242,148 |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2022 | $10.91 | (4.51%) | 0.70% | 0.68% | 4.30% | 47% | $37,114 |
Year Ended 5/31/2021 | $11.99 | 12.74% | 0.71% | 0.69% | 4.70% | 58% | $82,319 |
Year Ended 5/31/2020 | $11.16 | 3.14% | 0.72% | 0.71% | 5.15% | 59% | $95,933 |
Year Ended 5/31/2019 | $11.39 | 5.82% | 0.71% | 0.71% | 5.23% | 41% | $77,805 |
Year Ended 5/31/2018 | $11.35 | 0.40% | 0.71% | 0.71% | 4.92% | 49% | $136,612 |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2022 | $10.93 | (4.44%) | 0.65% | 0.63% | 4.40% | 47% | $670,696 |
Year Ended 5/31/2021 | $12.01 | 12.99% | 0.67% | 0.64% | 4.70% | 58% | $779,695 |
Year Ended 5/31/2020 | $11.17 | 3.19% | 0.66% | 0.66% | 5.23% | 59% | $323,763 |
Year Ended 5/31/2019 | $11.41 | 5.87% | 0.66% | 0.66% | 5.29% | 41% | $385,410 |
Year Ended 5/31/2018 | $11.37 | 0.45% | 0.66% | 0.66% | 4.99% | 49% | $475,135 |
Columbia High Yield Bond Fund | Annual Report 2022 | 25 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class R(c) | |||||||
Year Ended 5/31/2022 | $12.07 | 0.45 | (1.04) | (0.59) | (0.46) | (0.04) | (0.50) |
Year Ended 5/31/2021 | $11.23 | 0.49 | 0.85 | 1.34 | (0.50) | — | (0.50) |
Year Ended 5/31/2020 | $11.47 | 0.52 | (0.24) | 0.28 | (0.52) | — | (0.52) |
Year Ended 5/31/2019 | $11.43 | 0.52 | 0.04 | 0.56 | (0.52) | — | (0.52) |
Year Ended 5/31/2018 | $11.96 | 0.52 | (0.53) | (0.01) | (0.52) | — | (0.52) |
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) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
26 | Columbia High Yield Bond Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class R(c) | |||||||
Year Ended 5/31/2022 | $10.98 | (5.07%) | 1.27% | 1.25%(d) | 3.79% | 47% | $14,451 |
Year Ended 5/31/2021 | $12.07 | 12.05% | 1.28% | 1.26%(d) | 4.13% | 58% | $15,494 |
Year Ended 5/31/2020 | $11.23 | 2.57% | 1.29% | 1.28%(d) | 4.61% | 59% | $13,930 |
Year Ended 5/31/2019 | $11.47 | 5.21% | 1.29% | 1.29%(d) | 4.68% | 41% | $19,019 |
Year Ended 5/31/2018 | $11.43 | (0.14%) | 1.28% | 1.28%(d) | 4.36% | 49% | $22,450 |
Columbia High Yield Bond Fund | Annual Report 2022 | 27 |
May 31, 2022
28 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Columbia High Yield Bond Fund | Annual Report 2022 | 29 |
May 31, 2022
30 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Columbia High Yield Bond Fund | Annual Report 2022 | 31 |
May 31, 2022
Effective rate (%) | |
Class A | 0.12 |
Advisor Class | 0.12 |
Class C | 0.12 |
Institutional Class | 0.12 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.00 |
Class R | 0.12 |
32 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 4.75 | 0.50 - 1.00(a) | 182,352 |
Class C | — | 1.00(b) | 1,016 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Class A | 1.00% | 1.00% |
Advisor Class | 0.75 | 0.75 |
Class C | 1.75 | 1.75 |
Institutional Class | 0.75 | 0.75 |
Institutional 2 Class | 0.68 | 0.69 |
Institutional 3 Class | 0.63 | 0.63 |
Class R | 1.25 | 1.25 |
Columbia High Yield Bond Fund | Annual Report 2022 | 33 |
May 31, 2022
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
1,769,636 | 4,548,731 | (6,318,367) |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
82,105,066 | — | 82,105,066 | 74,374,463 | — | 74,374,463 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
6,902,337 | — | (2,476,724) | (116,046,616) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
1,635,685,949 | 5,068,788 | (121,115,404) | (116,046,616) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(2,476,724) | — | (2,476,724) | 17,713,230 |
34 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 5,300,000 | 0.91 | 8 |
Columbia High Yield Bond Fund | Annual Report 2022 | 35 |
May 31, 2022
36 | Columbia High Yield Bond Fund | Annual Report 2022 |
May 31, 2022
Columbia High Yield Bond Fund | Annual Report 2022 | 37 |
May 31, 2022
38 | Columbia High Yield Bond Fund | Annual Report 2022 |
Columbia High Yield Bond Fund | Annual Report 2022 | 39 |
Section 163(j) Interest Dividends | |
92.41% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
40 | Columbia High Yield Bond Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia High Yield Bond Fund | Annual Report 2022 | 41 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
42 | Columbia High Yield Bond Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia High Yield Bond Fund | Annual Report 2022 | 43 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
44 | Columbia High Yield Bond Fund | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia High Yield Bond Fund | Annual Report 2022 | 45 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
46 | Columbia High Yield Bond Fund | Annual Report 2022 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
22 | |
24 | |
25 | |
28 | |
32 | |
49 | |
50 | |
50 | |
56 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 02/14/02 | -10.74 | 0.94 | 1.78 |
Including sales charges | -13.43 | 0.32 | 1.48 | ||
Advisor Class* | 11/08/12 | -10.49 | 1.18 | 2.02 | |
Class C | Excluding sales charges | 02/14/02 | -11.44 | 0.17 | 1.02 |
Including sales charges | -12.32 | 0.17 | 1.02 | ||
Institutional Class | 09/27/10 | -10.49 | 1.18 | 2.04 | |
Institutional 2 Class* | 11/08/12 | -10.41 | 1.28 | 2.11 | |
Institutional 3 Class* | 10/01/14 | -10.38 | 1.32 | 2.10 | |
Class R* | 03/01/16 | -10.94 | 0.68 | 1.51 | |
Bloomberg U.S. Mortgage-Backed Securities Index | -7.59 | 0.61 | 1.35 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Quality Income Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Asset-Backed Securities — Non-Agency | 10.6 |
Commercial Mortgage-Backed Securities - Agency | 2.3 |
Commercial Mortgage-Backed Securities - Non-Agency | 8.0 |
Money Market Funds | 2.4 |
Options Purchased Calls | 0.4 |
Options Purchased Puts | 0.9 |
Residential Mortgage-Backed Securities - Agency | 59.6 |
Residential Mortgage-Backed Securities - Non-Agency | 15.8 |
Total | 100.0 |
Quality breakdown (%) (at May 31, 2022) | |
AAA rating | 64.6 |
AA rating | 4.5 |
A rating | 4.5 |
BBB rating | 12.3 |
BB rating | 3.3 |
B rating | 2.9 |
CCC rating | 0.1 |
Not rated | 7.8 |
Total | 100.0 |
4 | Columbia Quality Income Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s positioning over the period with respect to overall portfolio duration and corresponding interest rate sensitivity was by a wide margin the leading detractor from performance relative to the benchmark. Specifically, the Fund held an above-benchmark duration stance as Treasury yields rose in the first quarter of 2022. |
• | The Fund’s positioning within pass-through agency mortgage-backed securities (MBS) contributed positively to performance verses the benchmark. In terms of selection, the Fund was underweight the current, lower coupon mortgage pools that were most negatively impacted as the Fed moved to end its bond purchase program. |
• | The Fund’s holdings of collateralized mortgage obligations within agency MBS also proved additive. In particular, a focus on interest-only securities that were supported by the outlook for slowing mortgage prepayments as Fed policy support is removed and borrowing costs rise was beneficial. |
• | The Fund’s allocation to more credit-sensitive, non-government guaranteed sectors of the securitized market offering higher yields than agency MBS added modestly to performance for the full period, despite spread widening and price weakness over the last few months. Most notably, exposure to non-agency MBS contributed positively. |
Columbia Quality Income Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Quality Income Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 908.40 | 1,020.49 | 4.23 | 4.48 | 0.89 |
Advisor Class | 1,000.00 | 1,000.00 | 909.50 | 1,021.74 | 3.05 | 3.23 | 0.64 |
Class C | 1,000.00 | 1,000.00 | 904.70 | 1,016.75 | 7.79 | 8.25 | 1.64 |
Institutional Class | 1,000.00 | 1,000.00 | 909.50 | 1,021.74 | 3.05 | 3.23 | 0.64 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 909.90 | 1,022.14 | 2.67 | 2.82 | 0.56 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 910.20 | 1,022.39 | 2.43 | 2.57 | 0.51 |
Class R | 1,000.00 | 1,000.00 | 907.60 | 1,019.25 | 5.42 | 5.74 | 1.14 |
Columbia Quality Income Fund | Annual Report 2022 | 7 |
May 31, 2022
Asset-Backed Securities — Non-Agency 13.1% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Apidos CLO XXVIII(a),(b) | ||||
Series 2017-28A Class B | ||||
3-month USD LIBOR + 1.700% Floor 1.700% 01/20/2031 | 2.763% | 8,000,000 | 7,561,592 | |
Carlyle Global Market Strategies CLO Ltd.(a),(b) | ||||
Series 2013-3A Class BR | ||||
3-month USD LIBOR + 1.700% 10/15/2030 | 2.744% | 6,750,000 | 6,326,525 | |
Series 2013-4A Class BRR | ||||
3-month USD LIBOR + 1.420% Floor 1.420% 01/15/2031 | 2.464% | 14,725,000 | 13,871,642 | |
Series 2016-1A Class DR2 | ||||
3-month USD LIBOR + 6.600% Floor 6.600% 04/20/2034 | 7.663% | 4,000,000 | 3,569,724 | |
Consumer Underlying Bond Securitization(a) | ||||
Series 2018-1 Class B | ||||
02/17/2026 | 6.170% | 5,500,000 | 5,500,000 | |
LendingClub Receivables Trust(a),(c),(d),(e) | ||||
Series 2020-JPSL Class R | ||||
02/15/2025 | 0.000% | 100,000 | 2,468,000 | |
LendingPoint Asset Securitization Trust(a) | ||||
Series 2021-1 Class A | ||||
04/15/2027 | 1.750% | 112,707 | 112,694 | |
Subordinated Series 2021-A Class B | ||||
12/15/2028 | 1.460% | 8,750,000 | 8,524,062 | |
Madison Park Funding XVIII Ltd.(a),(b) | ||||
Series 2015-18A Class CRR | ||||
3-month USD LIBOR + 1.900% Floor 1.900% 10/21/2030 | 2.998% | 17,075,000 | 16,298,446 | |
OZLM Funding IV Ltd.(a),(b) | ||||
Series 2013-4A Class D2R | ||||
3-month USD LIBOR + 7.250% Floor 7.250% 10/22/2030 | 8.386% | 2,750,000 | 2,415,267 | |
OZLM XI Ltd.(a),(b) | ||||
Series 2015-11A Class A2R | ||||
3-month USD LIBOR + 1.750% 10/30/2030 | 3.036% | 7,000,000 | 6,776,441 | |
Pagaya AI Debt Selection Trust(a) | ||||
Series 2019-3 Class A | ||||
11/16/2026 | 3.821% | 338,278 | 338,290 | |
Series 2021-1 Class A | ||||
11/15/2027 | 1.180% | 3,129,077 | 3,079,901 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2021-1 Class B | ||||
11/15/2027 | 2.130% | 8,846,353 | 8,453,418 | |
Series 2021-2 Class NOTE | ||||
01/25/2029 | 3.000% | 6,785,805 | 6,596,590 | |
Series 2021-5 Class A | ||||
08/15/2029 | 1.530% | 8,047,209 | 7,833,215 | |
Subordinated Series 2020-3 Class C | ||||
05/17/2027 | 6.430% | 6,200,000 | 6,252,395 | |
Subordinated Series 2021-3 Class B | ||||
05/15/2029 | 1.740% | 4,549,752 | 4,306,318 | |
Pagaya AI Debt Trust(a) | ||||
Subordinated Series 2022-1 Class B | ||||
10/15/2029 | 3.344% | 10,000,000 | 9,477,784 | |
Palmer Square Loan Funding Ltd.(a),(b) | ||||
Series 2020-4A Class D | ||||
3-month USD LIBOR + 7.050% Floor 7.050% 11/25/2028 | 8.574% | 3,000,000 | 2,853,930 | |
Series 2021-4A Class B | ||||
3-month USD LIBOR + 1.750% Floor 1.750% 10/15/2029 | 2.794% | 12,000,000 | 11,352,900 | |
Redding Ridge Asset Management Ltd.(a),(b) | ||||
Series 2018-4A Class A2 | ||||
3-month USD LIBOR + 1.550% 04/15/2030 | 2.594% | 26,500,000 | 25,774,085 | |
Series 2018-4A Class D | ||||
3-month USD LIBOR + 5.850% 04/15/2030 | 6.894% | 7,000,000 | 6,196,610 | |
Research-Driven Pagaya Motor Asset Trust IV(a) | ||||
Series 2021-2A Class A | ||||
03/25/2030 | 2.650% | 6,917,003 | 6,624,918 | |
RR 1 LLC(a),(b) | ||||
Series 2017-1A Class A2B | ||||
3-month USD LIBOR + 1.600% Floor 1.600% 07/15/2035 | 2.644% | 7,800,000 | 7,493,109 | |
RR 3 Ltd.(a),(b) | ||||
Series 2014-14A Class A2R2 | ||||
3-month USD LIBOR + 1.400% Floor 1.400% 01/15/2030 | 2.444% | 6,500,000 | 6,287,106 | |
Sound Point IV-R CLO Ltd.(a),(b) | ||||
Series 2013-3RA Class B | ||||
3-month USD LIBOR + 1.750% Floor 1.750% 04/18/2031 | 2.794% | 10,000,000 | 9,501,540 |
8 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Theorem Funding Trust(a) | ||||
Subordinated Series 2021-1A Class B | ||||
12/15/2027 | 1.840% | 4,000,000 | 3,687,246 | |
Subordinated Series 2022-1A Class B | ||||
02/15/2028 | 3.100% | 5,670,000 | 5,483,715 | |
Upstart Pass-Through Trust(a) | ||||
Series 2021-ST1 Class A | ||||
02/20/2027 | 2.750% | 2,996,747 | 2,920,225 | |
Series 2021-ST8 Class A | ||||
10/20/2029 | 1.750% | 7,318,399 | 6,901,978 | |
Series 2021-ST9 Class A | ||||
11/20/2029 | 1.700% | 5,903,721 | 5,497,984 | |
Upstart Securitization Trust(a) | ||||
Subordinated Series 2021-2 Class B | ||||
06/20/2031 | 1.750% | 4,000,000 | 3,851,491 | |
Total Asset-Backed Securities — Non-Agency (Cost $232,934,189) | 224,189,141 | |||
Commercial Mortgage-Backed Securities - Agency 2.9% | ||||
Federal National Mortgage Association(f) | ||||
Series 2017-M15 Class ATS2 | ||||
11/25/2027 | 3.153% | 14,177,415 | 14,065,609 | |
Federal National Mortgage Association | ||||
Series 2017-T1 Class A | ||||
06/25/2027 | 2.898% | 17,907,470 | 17,674,540 | |
FRESB Mortgage Trust(f) | ||||
Series 2018-SB45 Class A10F (FHLMC) | ||||
11/25/2027 | 3.160% | 8,564,001 | 8,430,980 | |
Government National Mortgage Association(f),(g) | ||||
Series 2019-102 Class IB | ||||
03/16/2060 | 0.828% | 13,348,030 | 849,757 | |
Series 2019-109 Class IO | ||||
04/16/2060 | 0.805% | 24,727,622 | 1,552,375 | |
Series 2019-118 Class IO | ||||
06/16/2061 | 0.821% | 20,238,332 | 1,092,479 | |
Series 2019-131 Class IO | ||||
07/16/2061 | 0.802% | 25,708,429 | 1,575,690 | |
Series 2019-134 Class IO | ||||
08/16/2061 | 0.653% | 17,641,831 | 891,911 | |
Series 2019-139 Class IO | ||||
11/16/2061 | 0.649% | 20,565,278 | 1,047,741 | |
Series 2020-19 Class IO | ||||
12/16/2061 | 0.699% | 20,099,794 | 1,210,975 | |
Series 2020-3 Class IO | ||||
02/16/2062 | 0.627% | 20,051,416 | 1,096,995 | |
Total Commercial Mortgage-Backed Securities - Agency (Cost $64,584,527) | 49,489,052 | |||
Commercial Mortgage-Backed Securities - Non-Agency 9.9% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
BBCMS Trust(a),(b) | ||||
Subordinated Series 2018-BXH Class E | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 10/15/2037 | 3.125% | 4,490,000 | 4,147,334 | |
Braemar Hotels & Resorts Trust(a),(b) | ||||
Subordinated Series 2018-PRME Class D | ||||
1-month USD LIBOR + 1.800% Floor 1.925% 06/15/2035 | 2.675% | 6,500,000 | 6,222,540 | |
BX Trust(a),(b) | ||||
Series 2018-GW Class D | ||||
1-month USD LIBOR + 1.770% Floor 1.770% 05/15/2037 | 2.645% | 3,830,000 | 3,710,279 | |
Series 2018-GW Class E | ||||
1-month USD LIBOR + 1.970% Floor 1.970% 05/15/2035 | 2.845% | 7,000,000 | 6,641,691 | |
BX Trust(a) | ||||
Series 2019-OC11 Class E | ||||
12/09/2041 | 4.076% | 2,450,000 | 2,035,003 | |
CHT Mortgage Trust(a),(b) | ||||
Series 2017-CSMO Class C | ||||
1-month USD LIBOR + 1.500% Floor 1.350% 11/15/2036 | 2.375% | 3,000,000 | 3,000,000 | |
Series 2017-CSMO Class D | ||||
1-month USD LIBOR + 2.250% Floor 2.100% 11/15/2036 | 3.125% | 23,245,000 | 23,245,000 | |
Series 2017-CSMO Class E | ||||
1-month USD LIBOR + 3.000% Floor 3.000% 11/15/2036 | 3.875% | 3,675,000 | 3,675,000 | |
Credit Suisse Mortgage Capital Certificates OA LLC(a) | ||||
Subordinated Series 2014-USA Class D | ||||
09/15/2037 | 4.373% | 5,320,000 | 4,517,145 | |
Subordinated Series 2014-USA Class E | ||||
09/15/2037 | 4.373% | 10,400,000 | 8,370,208 | |
Subordinated Series 2014-USA Class F | ||||
09/15/2037 | 4.373% | 4,050,000 | 2,938,081 | |
Extended Stay America Trust(a),(b) | ||||
Series 2021-ESH Class D | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 07/15/2038 | 2.804% | 5,963,299 | 5,769,809 | |
Hilton USA Trust(a),(f) | ||||
Series 2016-HHV Class D | ||||
11/05/2038 | 4.194% | 8,395,000 | 7,781,593 |
Columbia Quality Income Fund | Annual Report 2022 | 9 |
May 31, 2022
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2016-HHV Class F | ||||
11/05/2038 | 4.194% | 15,500,000 | 13,573,865 | |
Hilton USA Trust(a) | ||||
Subordinated Series 2016-SFP Class D | ||||
11/05/2035 | 4.927% | 5,000,000 | 4,873,443 | |
Subordinated Series 2016-SFP Class F | ||||
11/05/2035 | 6.155% | 8,700,000 | 8,396,522 | |
Home Partners of America Trust(a) | ||||
Subordinated Series 2021-2 Class B | ||||
12/17/2026 | 2.302% | 19,686,569 | 18,024,729 | |
JPMorgan Chase Commercial Mortgage Securities Trust(a),(b) | ||||
Subordinated Series 2021-HTL5 Class D | ||||
1-month USD LIBOR + 2.515% Floor 2.515% 11/15/2038 | 3.390% | 6,990,000 | 6,606,380 | |
Morgan Stanley Capital I Trust(a),(f) | ||||
Series 2019-MEAD Class D | ||||
11/10/2036 | 3.283% | 5,500,000 | 5,036,292 | |
Progress Residential Trust(a) | ||||
Series 2019-SFR4 Class E | ||||
10/17/2036 | 3.435% | 11,000,000 | 10,618,079 | |
Series 2020-SFR1 Class E | ||||
04/17/2037 | 3.032% | 8,000,000 | 7,471,586 | |
Subordinated Series 2019-SFR3 Class E | ||||
09/17/2036 | 3.369% | 5,000,000 | 4,831,847 | |
Subordinated Series 2019-SFR3 Class F | ||||
09/17/2036 | 3.867% | 2,604,000 | 2,531,487 | |
Wells Fargo Commercial Mortgage Trust(a),(b) | ||||
Series 2021-FCMT Class D | ||||
1-month USD LIBOR + 3.500% Floor 3.500% 05/15/2031 | 4.375% | 6,225,000 | 5,918,002 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $175,593,067) | 169,935,915 | |||
Residential Mortgage-Backed Securities - Agency 73.4% | ||||
Federal Home Loan Mortgage Corp. | ||||
10/01/2024- 06/01/2039 | 5.000% | 2,848,067 | 3,034,383 | |
06/01/2030 | 5.500% | 1,814,288 | 1,899,469 | |
05/01/2036- 08/01/2051 | 2.000% | 49,792,716 | 44,840,869 | |
08/01/2041 | 4.500% | 2,058,158 | 2,133,601 | |
03/01/2042- 11/01/2046 | 3.500% | 32,491,050 | 32,551,027 | |
11/01/2043 | 3.000% | 11,968,232 | 11,630,047 | |
08/01/2044- 11/01/2048 | 4.000% | 23,828,407 | 24,302,208 | |
02/01/2051- 03/01/2052 | 2.500% | 39,983,101 | 37,031,043 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Federal Home Loan Mortgage Corp.(h) | ||||
06/01/2044 | 3.500% | 5,903,584 | 5,900,166 | |
Federal Home Loan Mortgage Corp.(b),(g) | ||||
CMO Series 264 Class S1 | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 07/15/2042 | 5.075% | 3,799,462 | 578,874 | |
CMO Series 318 Class S1 | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 11/15/2043 | 5.075% | 5,509,261 | 895,423 | |
CMO Series 4183 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 04/15/2039 | 5.275% | 89,838 | 375 | |
CMO Series 4286 Class NS | ||||
-1.0 x 1-month USD LIBOR + 5.900% Cap 5.900% 12/15/2043 | 5.025% | 2,301,176 | 389,523 | |
CMO Series 4594 Class SA | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 06/15/2046 | 5.075% | 4,828,995 | 791,520 | |
CMO Series 4620 Class AS | ||||
-1.0 x 1-month USD LIBOR + 0.440% 11/15/2042 | 1.248% | 4,806,537 | 233,544 | |
CMO Series 4935 Class JS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 12/25/2049 | 5.044% | 8,808,323 | 1,459,778 | |
CMO Series 4965 Class KS | ||||
1-month USD LIBOR + 5.850% Cap 5.850% 04/25/2050 | 4.844% | 6,286,018 | 912,438 | |
CMO Series 4987 Class KS | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 06/25/2050 | 5.074% | 13,328,058 | 2,645,625 | |
CMO Series 4993 Class MS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 07/25/2050 | 5.044% | 16,837,392 | 3,449,700 |
10 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO STRIPS Series 309 Class S4 | ||||
-1.0 x 1-month USD LIBOR + 5.970% Cap 5.970% 08/15/2043 | 5.095% | 5,294,639 | 863,205 | |
CMO STRIPS Series 326 Class S1 | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 03/15/2044 | 5.125% | 1,898,485 | 263,658 | |
Federal Home Loan Mortgage Corp.(g) | ||||
CMO Series 304 Class C69 | ||||
12/15/2042 | 4.000% | 1,521,745 | 299,279 | |
CMO Series 4122 Class JI | ||||
12/15/2040 | 4.000% | 335,571 | 11,350 | |
CMO Series 4139 Class CI | ||||
05/15/2042 | 3.500% | 2,363,106 | 241,929 | |
CMO Series 4147 Class CI | ||||
01/15/2041 | 3.500% | 1,513,019 | 82,054 | |
CMO Series 4148 Class BI | ||||
02/15/2041 | 4.000% | 153,672 | 1,588 | |
CMO Series 4177 Class IY | ||||
03/15/2043 | 4.000% | 4,153,864 | 695,194 | |
CMO Series 4215 Class IL | ||||
07/15/2041 | 3.500% | 445,742 | 22,220 | |
Federal Home Loan Mortgage Corp.(f),(g) | ||||
CMO Series 4068 Class GI | ||||
09/15/2036 | 1.365% | 3,506,441 | 180,150 | |
CMO Series 4107 Class KS | ||||
06/15/2038 | 1.484% | 3,218,473 | 125,168 | |
Federal Home Loan Mortgage Corp. REMICS(g) | ||||
CMO Series 5105 Class ID | ||||
05/25/2051 | 3.000% | 22,073,980 | 4,403,445 | |
Federal National Mortgage Association | ||||
09/01/2022- 09/01/2036 | 6.500% | 1,617,844 | 1,785,439 | |
11/01/2022- 07/01/2023 | 6.000% | 24,297 | 24,562 | |
11/01/2034- 07/01/2048 | 3.500% | 56,488,786 | 56,838,139 | |
02/01/2035- 12/01/2040 | 5.000% | 11,383,376 | 12,119,538 | |
03/01/2036- 08/01/2041 | 4.500% | 9,462,113 | 9,865,573 | |
06/01/2036- 05/01/2051 | 2.000% | 205,121,257 | 183,701,294 | |
02/01/2041- 01/01/2042 | 4.000% | 10,515,631 | 10,776,918 | |
11/01/2046- 11/01/2050 | 3.000% | 106,383,505 | 102,761,982 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
12/01/2050- 05/01/2051 | 2.500% | 47,517,395 | 44,367,644 | |
CMO Series 2017-72 Class B | ||||
09/25/2047 | 3.000% | 5,737,605 | 5,508,659 | |
Federal National Mortgage Association(b),(g) | ||||
CMO Series 2005-74 Class NI | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 05/25/2035 | 5.074% | 6,300,420 | 378,978 | |
CMO Series 2007-54 Class DI | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 06/25/2037 | 5.094% | 5,045,496 | 727,403 | |
CMO Series 2013-97 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 06/25/2032 | 5.432% | 1,565,451 | 75,974 | |
CMO Series 2014-93 Class ES | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/25/2045 | 5.144% | 8,206,805 | 1,363,701 | |
CMO Series 2016-101 Class SK | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 01/25/2047 | 4.944% | 16,255,151 | 2,734,451 | |
CMO Series 2016-37 Class SA | ||||
-1.0 x 1-month USD LIBOR + 5.850% Cap 5.850% 06/25/2046 | 4.844% | 10,498,297 | 1,769,166 | |
CMO Series 2016-42 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 07/25/2046 | 4.994% | 14,842,415 | 2,502,373 | |
CMO Series 2017-3 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 02/25/2047 | 4.994% | 12,585,009 | 2,060,598 | |
CMO Series 2017-51 Class SC | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 07/25/2047 | 5.144% | 10,255,206 | 1,645,371 |
Columbia Quality Income Fund | Annual Report 2022 | 11 |
May 31, 2022
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2017-72 Class S | ||||
-1.0 x 1-month USD LIBOR + 3.950% Cap 2.750% 09/25/2047 | 2.750% | 32,625,417 | 2,962,450 | |
CMO Series 2017-90 Class SP | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 11/25/2047 | 5.144% | 7,787,528 | 1,205,789 | |
CMO Series 2019-33 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 07/25/2049 | 5.044% | 21,709,522 | 3,267,704 | |
CMO Series 2019-57 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 10/25/2049 | 5.044% | 12,527,101 | 1,810,013 | |
CMO Series 2019-77 Class SP | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 01/25/2050 | 4.944% | 17,188,021 | 2,768,767 | |
CMO Series 2020-40 Class LS | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 06/25/2050 | 5.074% | 18,291,752 | 3,759,906 | |
Federal National Mortgage Association(f),(g) | ||||
CMO Series 2006-5 Class N1 | ||||
08/25/2034 | 0.000% | 3,415,059 | 7 | |
Federal National Mortgage Association(g) | ||||
CMO Series 2012-129 Class IC | ||||
01/25/2041 | 3.500% | 1,908,187 | 95,316 | |
CMO Series 2012-133 Class EI | ||||
07/25/2031 | 3.500% | 657,299 | 18,537 | |
CMO Series 2012-134 Class AI | ||||
07/25/2040 | 3.500% | 1,298,411 | 41,429 | |
CMO Series 2012-144 Class HI | ||||
07/25/2042 | 3.500% | 2,156,014 | 233,709 | |
CMO Series 2013-1 Class AI | ||||
02/25/2043 | 3.500% | 1,913,583 | 268,728 | |
CMO Series 2013-1 Class BI | ||||
02/25/2040 | 3.500% | 137,456 | 1,014 | |
CMO Series 2013-16 | ||||
01/25/2040 | 3.500% | 2,038,125 | 91,939 | |
CMO Series 2013-41 Class IY | ||||
05/25/2040 | 3.500% | 592,579 | 5,124 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2013-6 Class MI | ||||
02/25/2040 | 3.500% | 562,395 | 6,218 | |
CMO Series 2020-55 Class MI | ||||
08/25/2050 | 2.500% | 21,196,586 | 3,620,027 | |
CMO Series 2021-3 Class TI | ||||
02/25/2051 | 2.500% | 41,092,746 | 7,315,014 | |
CMO Series 417 Class C4 | ||||
02/25/2043 | 3.500% | 7,460,138 | 1,459,284 | |
Federal National Mortgage Association REMICS(g) | ||||
CMO Series 2021-13 Class IO | ||||
03/25/2051 | 3.000% | 16,041,180 | 3,036,544 | |
CMO Series 2021-54 Class LI | ||||
04/25/2049 | 2.500% | 23,100,896 | 3,418,494 | |
Government National Mortgage Association | ||||
12/15/2031- 02/15/2032 | 6.500% | 151,523 | 160,776 | |
01/15/2039- 08/20/2040 | 5.000% | 5,201,389 | 5,548,668 | |
04/20/2051- 05/20/2051 | 2.500% | 82,683,206 | 76,609,750 | |
Government National Mortgage Association(h) | ||||
04/20/2048 | 4.500% | 8,667,985 | 8,954,818 | |
Government National Mortgage Association(g) | ||||
CMO Series 2012-121 Class PI | ||||
09/16/2042 | 4.500% | 3,404,349 | 560,153 | |
CMO Series 2012-129 Class AI | ||||
08/20/2037 | 3.000% | 1,424,486 | 29,446 | |
CMO Series 2014-131 Class EI | ||||
09/16/2039 | 4.000% | 5,878,672 | 411,121 | |
CMO Series 2015-175 Class AI | ||||
10/16/2038 | 3.500% | 13,329,780 | 1,387,364 | |
CMO Series 2019-129 Class AI | ||||
10/20/2049 | 3.500% | 24,976,751 | 4,086,674 | |
CMO Series 2020-129 Class YI | ||||
09/20/2050 | 2.500% | 27,258,475 | 3,842,826 | |
CMO Series 2020-138 Class IN | ||||
09/20/2050 | 2.500% | 13,810,873 | 2,176,896 | |
CMO Series 2020-138 Class JI | ||||
09/20/2050 | 2.500% | 32,306,002 | 4,780,335 | |
CMO Series 2020-142 Class GI | ||||
09/20/2050 | 3.000% | 10,259,737 | 1,580,249 | |
CMO Series 2020-175 Class KI | ||||
11/20/2050 | 2.500% | 22,469,135 | 3,363,200 | |
CMO Series 2020-185 Class KI | ||||
12/20/2050 | 2.500% | 36,990,589 | 4,839,889 | |
CMO Series 2020-188 Class KI | ||||
12/20/2050 | 2.500% | 40,219,127 | 5,923,228 |
12 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2020-191 Class TI | ||||
12/20/2050 | 2.500% | 10,954,672 | 1,438,923 | |
CMO Series 2020-191 Class UC | ||||
12/20/2050 | 4.000% | 20,307,526 | 3,264,029 | |
CMO Series 2021-1 Class IB | ||||
01/20/2051 | 2.500% | 22,877,094 | 3,144,726 | |
CMO Series 2021-111 Class AI | ||||
06/20/2051 | 2.500% | 21,630,060 | 3,088,485 | |
CMO Series 2021-119 Class LI | ||||
07/20/2051 | 3.000% | 23,881,373 | 3,979,709 | |
CMO Series 2021-122 Class HI | ||||
11/20/2050 | 2.500% | 19,658,953 | 2,929,803 | |
CMO Series 2021-142 Class IX | ||||
08/20/2051 | 2.500% | 26,317,743 | 3,810,867 | |
CMO Series 2021-146 Class IK | ||||
08/20/2051 | 3.500% | 24,581,020 | 4,341,940 | |
CMO Series 2021-158 Class IO | ||||
09/20/2051 | 3.000% | 17,612,365 | 2,659,543 | |
CMO Series 2021-158 Class VI | ||||
09/20/2051 | 3.000% | 19,442,745 | 3,177,477 | |
CMO Series 2021-159 Class IP | ||||
09/20/2051 | 3.000% | 15,270,052 | 2,406,288 | |
CMO Series 2021-161 Class UI | ||||
09/20/2051 | 3.000% | 25,878,930 | 4,119,318 | |
CMO Series 2021-175 Class IJ | ||||
10/20/2051 | 3.000% | 26,636,863 | 4,307,016 | |
CMO Series 2021-27 Class IN | ||||
02/20/2051 | 2.500% | 14,172,347 | 1,943,821 | |
CMO Series 2021-67 Class GI | ||||
04/20/2051 | 3.000% | 23,166,732 | 3,583,101 | |
CMO Series 2021-8 Class IO | ||||
01/20/2051 | 3.000% | 42,005,774 | 6,670,891 | |
CMO Series 2021-9 Class MI | ||||
01/20/2051 | 2.500% | 25,543,761 | 3,495,840 | |
Government National Mortgage Association(b),(g) | ||||
CMO Series 2014-131 Class BS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 09/16/2044 | 5.325% | 10,659,555 | 1,790,397 | |
CMO Series 2017-170 Class QS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 11/20/2047 | 5.273% | 7,853,227 | 1,049,940 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2018-1 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 01/20/2048 | 5.273% | 9,267,918 | 1,294,449 | |
CMO Series 2018-105 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 08/20/2048 | 5.273% | 6,975,224 | 860,434 | |
CMO Series 2018-139 Class KS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 10/20/2048 | 5.223% | 4,382,543 | 573,731 | |
CMO Series 2018-155 Class LS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 11/20/2048 | 5.223% | 9,267,110 | 1,187,037 | |
CMO Series 2018-21 Class WS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 02/20/2048 | 5.273% | 8,355,661 | 1,172,171 | |
CMO Series 2018-40 Class SC | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 03/20/2048 | 5.273% | 5,380,216 | 703,618 | |
CMO Series 2018-63 Class HS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 04/20/2048 | 5.273% | 5,970,580 | 788,918 | |
CMO Series 2018-94 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 05/20/2048 | 5.273% | 8,311,970 | 1,178,670 | |
CMO Series 2018-97 Class MS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 07/20/2048 | 5.273% | 7,243,969 | 925,782 | |
CMO Series 2019-119 Class GS | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 09/20/2049 | 5.173% | 8,702,010 | 1,042,263 |
Columbia Quality Income Fund | Annual Report 2022 | 13 |
May 31, 2022
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2019-120 Class SA | ||||
-1.0 x 1-month USD LIBOR + 3.400% Cap 3.400% 09/20/2049 | 2.473% | 21,343,464 | 1,207,097 | |
CMO Series 2019-21 Class SH | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 02/20/2049 | 5.123% | 8,179,671 | 968,038 | |
CMO Series 2019-23 Class SQ | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 02/20/2049 | 5.123% | 7,636,447 | 1,257,313 | |
CMO Series 2019-43 Class SE | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 04/20/2049 | 5.173% | 14,992,907 | 1,848,651 | |
CMO Series 2019-52 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 04/16/2049 | 5.175% | 16,488,101 | 3,631,382 | |
CMO Series 2019-92 Class SD | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 07/20/2049 | 5.173% | 19,515,496 | 2,503,707 | |
CMO Series 2020-104 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% 07/20/2050 | 5.273% | 14,510,537 | 1,842,102 | |
CMO Series 2020-125 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.250% Cap 6.250% 08/20/2050 | 5.323% | 22,037,749 | 3,500,141 | |
CMO Series 2020-125 Class SD | ||||
-1.0 x 1-month USD LIBOR + 6.250% Cap 6.250% 08/20/2050 | 5.323% | 15,771,134 | 2,540,104 | |
CMO Series 2021-193 Class ES | ||||
30-day Average SOFR + 1.700% 11/20/2051 | 1.201% | 173,183,384 | 1,362,105 | |
Government National Mortgage Association TBA(i) | ||||
06/22/2052 | 3.000% | 47,000,000 | 45,327,461 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(i) | ||||
06/16/2037 | 2.000% | 30,000,000 | 28,340,442 | |
06/16/2037- 06/13/2052 | 3.000% | 143,000,000 | 137,528,594 | |
06/13/2052 | 3.500% | 87,500,000 | 85,770,507 | |
06/13/2052 | 4.000% | 90,000,000 | 90,035,156 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $1,340,147,433) | 1,261,110,009 | |||
Residential Mortgage-Backed Securities - Non-Agency 19.4% | ||||
Ajax Mortgage Loan Trust(a),(f) | ||||
CMO Series 2021-B Class A | ||||
06/25/2066 | 2.239% | 5,996,046 | 5,631,002 | |
Bellemeade Re Ltd.(a),(b) | ||||
CMO Series 2019-1A Class M1B | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 03/25/2029 | 2.756% | 1,609,841 | 1,606,054 | |
CMO Series 2019-3A Class M1C | ||||
1-month USD LIBOR + 1.950% Floor 1.950% 07/25/2029 | 2.956% | 6,299,000 | 6,170,192 | |
CMO Series 2019-4A Class M1C | ||||
1-month USD LIBOR + 2.500% Floor 2.500% 10/25/2029 | 3.506% | 5,000,000 | 4,922,806 | |
BVRT Financing Trust(a),(b),(e) | ||||
CMO Series 2020-CRT1 Class M3 | ||||
1-month USD LIBOR + 4.000% 07/10/2032 | 4.077% | 2,893,104 | 2,907,569 | |
CMO Series 2021-3F Class M2 | ||||
30-day Average SOFR + 2.900% Floor 2.900% 07/12/2033 | 3.126% | 10,000,000 | 10,000,000 | |
BVRT Financing Trust(a),(b),(c),(e) | ||||
CMO Series 2021-CRT1 Class M2 | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 01/10/2033 | 2.345% | 1,111,648 | 1,084,239 | |
CMO Series 2021-CRT1 Class M3 | ||||
1-month USD LIBOR + 2.750% Floor 3.000% 01/10/2033 | 3.000% | 16,500,000 | 16,128,750 | |
CHL GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 1.000% 05/25/2023 | 3.756% | 13,000,000 | 12,871,785 | |
CHNGE Mortgage Trust(a),(f) | ||||
CMO Series 2022-2 Class A1 | ||||
03/25/2067 | 3.757% | 8,615,015 | 8,296,617 |
14 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CIM Trust(a),(f) | ||||
CMO Series 2021-NR1 Class A1 | ||||
07/25/2055 | 2.569% | 5,072,323 | 4,898,943 | |
CMO Series 2021-NR4 Class A1 | ||||
10/25/2061 | 2.816% | 3,939,979 | 3,723,888 | |
Citigroup Mortgage Loan Trust, Inc.(a),(f) | ||||
CMO Series 2009-11 Class 1A2 | ||||
02/25/2037 | 2.448% | 303,513 | 297,051 | |
CMO Series 2014-A Class B2 | ||||
01/25/2035 | 5.486% | 930,015 | 916,534 | |
Citigroup Mortgage Loan Trust, Inc.(a) | ||||
CMO Series 2015-RP2 Class B2 | ||||
01/25/2053 | 4.250% | 3,523,027 | 3,440,191 | |
Connecticut Avenue Securities Trust(a),(b) | ||||
CMO Series 2019-HRP1 Class M2 | ||||
1-month USD LIBOR + 2.150% 11/25/2039 | 3.156% | 3,743,434 | 3,687,955 | |
CMO Series 2020-R01 Class 1M2 | ||||
1-month USD LIBOR + 2.050% 01/25/2040 | 3.056% | 3,143,479 | 3,116,458 | |
CMO Series 2022-R02 Class 2M2 | ||||
30-day Average SOFR + 3.000% 01/25/2042 | 3.585% | 10,000,000 | 9,409,097 | |
Subordinated CMO Series 2019-R01 Class 2B1 | ||||
1-month USD LIBOR + 4.350% Floor 4.350% 07/25/2031 | 5.356% | 11,290,000 | 11,268,119 | |
Subordinated CMO Series 2022-R01 Class 1B2 | ||||
30-day Average SOFR + 6.000% 12/25/2041 | 6.585% | 7,000,000 | 5,986,739 | |
CSMC Trust(a),(f) | ||||
CMO Series 2021-JR2 Class A1 | ||||
11/25/2061 | 2.215% | 4,158,284 | 4,005,358 | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes(b) | ||||
CMO Series 2014-DN3 Class M3 | ||||
1-month USD LIBOR + 4.000% 08/25/2024 | 5.006% | 2,108,430 | 2,121,590 | |
Freddie Mac STACR REMIC Trust(a),(b) | ||||
Subordinated CMO Series 2021-DNA5 Class B2 | ||||
30-day Average SOFR + 5.500% 01/25/2034 | 6.085% | 7,000,000 | 5,690,858 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(b) | ||||
CMO Series 2014-DN4 Class M3 | ||||
1-month USD LIBOR + 4.550% 10/25/2024 | 5.556% | 2,781,024 | 2,812,380 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b) | ||||
CMO Series 2020-HQA5 Class M2 | ||||
30-day Average SOFR + 2.600% 11/25/2050 | 3.185% | 8,868,826 | 8,862,886 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated CMO Series 2022-DNA2 Class B1 | ||||
30-day Average SOFR + 4.750% 02/25/2042 | 5.335% | 7,500,000 | 6,952,110 | |
GCAT LLC(a),(f) | ||||
CMO Series 2021-CM1 Class A1 | ||||
04/25/2065 | 1.469% | 2,998,389 | 2,920,157 | |
Glebe Funding Trust (The)(a),(e) | ||||
CMO Series 2021-1 Class PT | ||||
10/27/2023 | 3.000% | 7,911,497 | 7,753,267 | |
Imperial Fund Mortgage Trust(a),(f) | ||||
CMO Series 2021-NQM4 Class A3 | ||||
01/25/2057 | 2.450% | 8,852,118 | 7,857,950 | |
Legacy Mortgage Asset Trust(a),(f) | ||||
CMO Series 2021-GS1 Class A1 | ||||
10/25/2066 | 1.892% | 4,667,371 | 4,487,644 | |
Loan Revolving Advance Investment Trust(a),(b),(c),(e) | ||||
CMO Series 2021-2 Class A1X | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 06/30/2023 | 3.625% | 14,800,000 | 14,782,936 | |
Mortgage Acquisition Trust I LLC(a),(e) | ||||
CMO Series 2021-1 Class PT | ||||
11/29/2023 | 3.500% | 5,798,512 | 5,776,768 | |
New Residential Mortgage Loan Trust(a),(f),(g) | ||||
CMO Series 2014-1A Class AIO | ||||
01/25/2054 | 2.307% | 10,637,314 | 489,847 | |
NRZ Excess Spread-Collateralized Notes(a) | ||||
CMO Series 2021-GNT1 Class A | ||||
11/25/2026 | 3.474% | 6,092,108 | 5,720,828 | |
PMT Credit Risk Transfer Trust(a),(b) | ||||
Series 2019-2R Class A | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 05/27/2023 | 3.773% | 2,212,611 | 2,091,302 | |
PNMAC GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 2.850% Floor 2.850% 02/25/2023 | 3.856% | 26,500,000 | 26,338,999 | |
CMO Series 2018-GT2 Class A | ||||
1-month USD LIBOR + 2.650% 08/25/2025 | 3.656% | 26,500,000 | 26,162,305 | |
Point Securitization Trust(a),(f) | ||||
CMO Series 2021-1 Class A1 | ||||
02/25/2052 | 3.228% | 8,384,598 | 8,363,090 | |
Preston Ridge Partners Mortgage Trust(a),(f) | ||||
CMO Series 2021-1 Class A1 | ||||
01/25/2026 | 2.115% | 9,710,841 | 9,327,149 | |
CMO Series 2021-3 Class A1 | ||||
04/25/2026 | 1.867% | 6,482,325 | 6,165,727 |
Columbia Quality Income Fund | Annual Report 2022 | 15 |
May 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Pretium Mortgage Credit Partners(a),(f) | ||||
CMO Series 2022-NPL1 Class A1 | ||||
01/25/2052 | 2.981% | 4,495,616 | 4,288,898 | |
Radnor Re Ltd.(a),(b) | ||||
CMO Series 2020-1 Class M1B | ||||
1-month USD LIBOR + 1.450% Floor 1.450% 02/25/2030 | 2.456% | 7,400,000 | 7,306,894 | |
Subordinated CMO Series 2021-2 Class M1A | ||||
30-day Average SOFR + 1.850% Floor 1.850% 11/25/2031 | 2.139% | 2,750,000 | 2,726,182 | |
Saluda Grade Alternative Mortgage Trust(a) | ||||
CMO Series 2020-FIG1 Class A1 | ||||
09/25/2050 | 3.568% | 2,907,853 | 2,892,168 | |
SG Residential Mortgage Trust(a),(f) | ||||
CMO Series 2019-3 Class M1 | ||||
09/25/2059 | 3.526% | 4,224,000 | 4,174,018 | |
Stanwich Mortgage Loan Co. LLC(a),(f) | ||||
CMO Series 2021-NPB1 Class A1 | ||||
10/16/2026 | 2.735% | 8,593,143 | 8,318,717 | |
Stonnington Mortgage Trust(a),(c),(e),(f) | ||||
CMO Series 2020-1 Class A | ||||
07/28/2024 | 3.500% | 2,824,810 | 2,824,810 | |
Toorak Mortgage Corp., Ltd.(a),(c),(e),(f) | ||||
CMO Series 2020-1 Class M1 | ||||
03/25/2023 | 5.000% | 7,000,000 | 6,895,000 | |
Triangle Re Ltd.(a),(b) | ||||
CMO Series 2021-2 Class M1B | ||||
1-month USD LIBOR + 2.600% Floor 2.600% 10/25/2033 | 3.606% | 10,000,000 | 9,871,560 | |
Vendee Mortgage Trust(f),(g) | ||||
CMO Series 1998-1 Class 2IO | ||||
03/15/2028 | 0.000% | 499,052 | 1 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 1998-3 Class IO | ||||
03/15/2029 | 0.000% | 568,678 | 1 | |
Verus Securitization Trust(a),(f) | ||||
CMO Series 2020-1 Class M1 | ||||
01/25/2060 | 3.021% | 6,700,000 | 6,396,938 | |
Visio Trust(a) | ||||
CMO Series 2021-1R Class A3 | ||||
05/25/2056 | 1.688% | 3,368,870 | 3,180,706 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $341,357,820) | 333,923,033 |
Options Purchased Calls 0.5% | ||||
Value ($) | ||||
(Cost $11,635,804) | 8,318,212 | |||
Options Purchased Puts 1.0% | ||||
(Cost $4,636,960) | 17,926,350 |
Money Market Funds 2.9% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(j),(k) | 50,344,560 | 50,324,422 |
Total Money Market Funds (Cost $50,324,422) | 50,324,422 | |
Total Investments in Securities (Cost: $2,221,214,222) | 2,115,216,134 | |
Other Assets & Liabilities, Net | (397,036,924) | |
Net Assets | 1,718,179,210 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | 4,488 | 09/2022 | USD | 536,105,625 | 1,112,566 | — |
U.S. Ultra Treasury Bond | 183 | 09/2022 | USD | 28,502,250 | — | (518,073) |
Total | 1,112,566 | (518,073) |
16 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Long Bond | (18) | 09/2022 | USD | (2,509,875) | — | (1,305) |
U.S. Treasury 5-Year Note | (1,870) | 09/2022 | USD | (211,222,344) | — | (224,512) |
Total | — | (225,817) |
Call option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | 60,000,000 | 60,000,000 | 1.00 | 07/08/2022 | 612,000 | 6 |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 45,560,000 | 45,560,000 | 2.25 | 04/27/2023 | 1,093,440 | 700,362 |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 91,220,000 | 91,220,000 | 2.50 | 05/12/2023 | 2,727,478 | 2,159,460 |
10-Year OTC interest rate swap with JPMorgan to receive exercise rate and pay SOFR | JPMorgan | USD | 130,000,000 | 130,000,000 | 2.25 | 05/26/2023 | 2,600,000 | 2,146,001 |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | 75,000,000 | 75,000,000 | 2.25 | 04/27/2023 | 1,788,749 | 1,152,923 |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | 91,220,000 | 91,220,000 | 2.50 | 05/12/2023 | 2,814,137 | 2,159,460 |
Total | 11,635,804 | 8,318,212 |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate | Morgan Stanley | USD | 139,400,000 | 139,400,000 | 1.75 | 11/09/2022 | 3,261,960 | 15,021,925 |
10-Year OTC interest rate swap with Morgan Stanley to receive SOFR and pay exercise rate | Morgan Stanley | USD | 62,500,000 | 62,500,000 | 2.25 | 09/30/2022 | 1,375,000 | 2,904,425 |
Total | 4,636,960 | 17,926,350 |
Put option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | (75,000,000) | (75,000,000) | 2.55 | 07/13/2022 | (1,200,000) | (1,433,504) |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | (150,000,000) | (150,000,000) | 2.65 | 07/14/2022 | (2,550,000) | (2,136,990) |
5-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (93,900,000) | (93,900,000) | 1.75 | 07/05/2022 | (727,725) | (4,982,203) |
5-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (161,400,000) | (161,400,000) | 1.85 | 07/07/2022 | (1,452,600) | (7,839,618) |
5-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (75,000,000) | (75,000,000) | 2.00 | 08/03/2022 | (675,000) | (3,184,770) |
Total | (6,605,325) | (19,577,085) |
Columbia Quality Income Fund | Annual Report 2022 | 17 |
May 31, 2022
Credit default swap contracts - sell protection | |||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 10,000,000 | (1,362,500) | 5,833 | — | (1,864,340) | 507,673 | — |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 10,000,000 | (1,362,500) | 5,833 | — | (1,216,016) | — | (140,651) |
Markit CMBX North America Index, Series 13 BBB- | Citi | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 5,000,000 | (743,750) | 2,917 | — | (258,741) | — | (482,092) |
Markit CMBX North America Index, Series 13 BBB- | Goldman Sachs International | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 5,200,000 | (773,500) | 3,033 | — | (279,660) | — | (490,807) |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 10,000,000 | (1,362,500) | 5,833 | — | (1,719,092) | 362,425 | — |
Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | 5.807 | USD | 2,400,000 | (289,500) | 1,400 | — | (356,037) | 67,937 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 20,000,000 | (2,725,000) | 11,667 | — | (3,760,275) | 1,046,942 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 5,000,000 | (681,250) | 2,917 | — | (1,129,083) | 450,750 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 10,000,000 | (1,362,500) | 5,833 | — | (1,582,068) | 225,401 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 5,000,000 | (681,250) | 2,917 | — | (818,589) | 140,256 | — |
Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/18/2054 | 3.000 | Monthly | 5.807 | USD | 16,000,000 | (1,930,000) | 9,333 | — | (3,059,250) | 1,138,583 | — |
Markit CMBX North America Index, Series 13 BBB- | Morgan Stanley | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 5,000,000 | (743,750) | 2,917 | — | (454,813) | — | (286,020) |
Markit CMBX North America Index, Series 7 BBB- | Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 18.548 | USD | 5,000,000 | (907,812) | 2,917 | — | (273,761) | — | (631,134) |
Total | (14,925,812) | 63,350 | — | (16,771,725) | 3,939,967 | (2,030,704) |
* | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2022, the total value of these securities amounted to $723,114,117, which represents 42.09% of total net assets. |
(b) | Variable rate security. The interest rate shown was the current rate as of May 31, 2022. |
(c) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2022, the total value of these securities amounted to $44,183,735, which represents 2.57% of total net assets. |
18 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
(d) | Security represents a pool of loans that generate cash payments generally over fixed periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate shown is the stated coupon rate as of May 31, 2022 and is not reflective of the cash flow payments. |
(e) | Valuation based on significant unobservable inputs. |
(f) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of May 31, 2022. |
(g) | Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans. |
(h) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(i) | Represents a security purchased on a when-issued basis. |
(j) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(k) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
72,268,110 | 917,545,842 | (939,489,530) | — | 50,324,422 | (20,064) | 107,878 | 50,344,560 |
CMO | Collateralized Mortgage Obligation |
FHLMC | Federal Home Loan Mortgage Corporation |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
STRIPS | Separate Trading of Registered Interest and Principal Securities |
TBA | To Be Announced |
USD | US Dollar |
■ | 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). |
Columbia Quality Income Fund | Annual Report 2022 | 19 |
May 31, 2022
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Non-Agency | — | 221,721,141 | 2,468,000 | 224,189,141 |
Commercial Mortgage-Backed Securities - Agency | — | 49,489,052 | — | 49,489,052 |
Commercial Mortgage-Backed Securities - Non-Agency | — | 169,935,915 | — | 169,935,915 |
Residential Mortgage-Backed Securities - Agency | — | 1,261,110,009 | — | 1,261,110,009 |
Residential Mortgage-Backed Securities - Non-Agency | — | 265,769,694 | 68,153,339 | 333,923,033 |
Options Purchased Calls | — | 8,318,212 | — | 8,318,212 |
Options Purchased Puts | — | 17,926,350 | — | 17,926,350 |
Money Market Funds | 50,324,422 | — | — | 50,324,422 |
Total Investments in Securities | 50,324,422 | 1,994,270,373 | 70,621,339 | 2,115,216,134 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 1,112,566 | — | — | 1,112,566 |
Swap Contracts | — | 3,939,967 | — | 3,939,967 |
Liability | ||||
Futures Contracts | (743,890) | — | — | (743,890) |
Options Contracts Written | — | (19,577,085) | — | (19,577,085) |
Swap Contracts | — | (2,030,704) | — | (2,030,704) |
Total | 50,693,098 | 1,976,602,551 | 70,621,339 | 2,097,916,988 |
Balance as of 05/31/2021 ($) | Increase (decrease) in accrued discounts/ premiums ($) | Realized gain (loss) ($) | Change in unrealized appreciation (depreciation)(a) ($) | Purchases ($) | Sales ($) | Transfers into Level 3 ($) | Transfers out of Level 3 ($) | Balance as of 05/31/2022 ($) | |
Asset-Backed Securities — Non-Agency | 17,708,314 | (3,445,277) | — | 3,117,277 | — | — | — | (14,912,314) | 2,468,000 |
Residential Mortgage-Backed Securities — Non-Agency | 71,618,359 | 9,299 | 13,470 | (599,106) | 35,441,070 | (50,972,541) | 19,609,381 | (6,966,593) | 68,153,339 |
Total | 89,326,673 | (3,435,978) | 13,470 | 2,518,171 | 35,441,070 | (50,972,541) | 19,609,381 | (21,878,907) | 70,621,339 |
20 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Financial assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, management concluded that the market input(s) were generally unobservable.
Columbia Quality Income Fund | Annual Report 2022 | 21 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $2,154,617,036) | $2,038,647,150 |
Affiliated issuers (cost $50,324,422) | 50,324,422 |
Options purchased (cost $16,272,764) | 26,244,562 |
Cash collateral held at broker for: | |
Swap contracts | 5,823,000 |
Options contracts written | 12,209,000 |
Unrealized appreciation on swap contracts | 3,939,967 |
Receivable for: | |
Capital shares sold | 3,332,287 |
Dividends | 27,272 |
Interest | 6,388,799 |
Variation margin for futures contracts | 713,642 |
Prepaid expenses | 13,934 |
Total assets | 2,147,664,035 |
Liabilities | |
Option contracts written, at value (premiums received $6,605,325) | 19,577,085 |
Due to custodian | 201,397 |
Unrealized depreciation on swap contracts | 2,030,704 |
Upfront receipts on swap contracts | 16,771,725 |
Payable for: | |
Investments purchased on a delayed delivery basis | 381,712,290 |
Capital shares purchased | 2,063,918 |
Distributions to shareholders | 3,191,572 |
Variation margin for futures contracts | 3,502,969 |
Management services fees | 92,803 |
Distribution and/or service fees | 10,515 |
Transfer agent fees | 86,777 |
Compensation of board members | 186,843 |
Other expenses | 56,227 |
Total liabilities | 429,484,825 |
Net assets applicable to outstanding capital stock | $1,718,179,210 |
Represented by | |
Paid in capital | 1,949,490,951 |
Total distributable earnings (loss) | (231,311,741) |
Total - representing net assets applicable to outstanding capital stock | $1,718,179,210 |
22 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Class A | |
Net assets | $323,845,414 |
Shares outstanding | 16,151,226 |
Net asset value per share | $20.05 |
Maximum sales charge | 3.00% |
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) | $20.67 |
Advisor Class | |
Net assets | $33,695,155 |
Shares outstanding | 1,681,437 |
Net asset value per share | $20.04 |
Class C | |
Net assets | $12,901,674 |
Shares outstanding | 642,371 |
Net asset value per share | $20.08 |
Institutional Class | |
Net assets | $332,225,236 |
Shares outstanding | 16,580,505 |
Net asset value per share | $20.04 |
Institutional 2 Class | |
Net assets | $24,710,540 |
Shares outstanding | 1,233,092 |
Net asset value per share | $20.04 |
Institutional 3 Class | |
Net assets | $987,972,811 |
Shares outstanding | 49,502,734 |
Net asset value per share | $19.96 |
Class R | |
Net assets | $2,828,380 |
Shares outstanding | 141,170 |
Net asset value per share | $20.04 |
Columbia Quality Income Fund | Annual Report 2022 | 23 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — affiliated issuers | $107,878 |
Interest | 64,021,479 |
Total income | 64,129,357 |
Expenses: | |
Management services fees | 10,559,660 |
Distribution and/or service fees | |
Class A | 977,869 |
Class C | 170,835 |
Class R | 23,290 |
Transfer agent fees | |
Class A | 535,951 |
Advisor Class | 79,615 |
Class C | 23,410 |
Institutional Class | 644,993 |
Institutional 2 Class | 19,597 |
Institutional 3 Class | 63,186 |
Class R | 6,380 |
Compensation of board members | 36,193 |
Custodian fees | 36,154 |
Printing and postage fees | 85,871 |
Registration fees | 133,916 |
Audit fees | 49,500 |
Legal fees | 30,612 |
Interest on collateral | 16,983 |
Compensation of chief compliance officer | 345 |
Other | 30,678 |
Total expenses | 13,525,038 |
Fees waived by transfer agent | |
Institutional 2 Class | (1,777) |
Expense reduction | (3,813) |
Total net expenses | 13,519,448 |
Net investment income | 50,609,909 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (36,472,266) |
Investments — affiliated issuers | (20,064) |
Foreign currency translations | (321) |
Futures contracts | (57,301,379) |
Options purchased | 15,241,430 |
Options contracts written | (17,838,455) |
Swap contracts | (1,170,380) |
Net realized loss | (97,561,435) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (147,365,779) |
Futures contracts | (1,895,012) |
Options purchased | (14,555,399) |
Options contracts written | (13,415,570) |
Swap contracts | (3,385,751) |
Net change in unrealized appreciation (depreciation) | (180,617,511) |
Net realized and unrealized loss | (278,178,946) |
Net decrease in net assets resulting from operations | $(227,569,037) |
24 | Columbia Quality Income Fund | Annual Report 2022 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment income | $50,609,909 | $55,800,605 |
Net realized loss | (97,561,435) | (1,699,107) |
Net change in unrealized appreciation (depreciation) | (180,617,511) | 81,838,183 |
Net increase (decrease) in net assets resulting from operations | (227,569,037) | 135,939,681 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (6,748,034) | (18,081,025) |
Advisor Class | (1,139,219) | (3,171,493) |
Class C | (167,123) | (717,869) |
Institutional Class | (9,277,490) | (21,900,714) |
Institutional 2 Class | (732,645) | (1,255,822) |
Institutional 3 Class | (25,074,485) | (37,976,478) |
Class R | (68,666) | (130,489) |
Total distributions to shareholders | (43,207,662) | (83,233,890) |
Increase (decrease) in net assets from capital stock activity | (284,593,108) | 392,989,884 |
Total increase (decrease) in net assets | (555,369,807) | 445,695,675 |
Net assets at beginning of year | 2,273,549,017 | 1,827,853,342 |
Net assets at end of year | $1,718,179,210 | $2,273,549,017 |
Columbia Quality Income Fund | Annual Report 2022 | 25 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares(a) | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 1,984,813 | 43,861,129 | 3,903,794 | 88,795,239 |
Distributions reinvested | 237,245 | 5,181,270 | 609,815 | 13,861,629 |
Redemptions | (4,849,505) | (106,035,059) | (4,700,240) | (107,063,384) |
Net decrease | (2,627,447) | (56,992,660) | (186,631) | (4,406,516) |
Advisor Class | ||||
Subscriptions | 1,072,876 | 24,027,547 | 1,403,471 | 31,920,710 |
Distributions reinvested | 48,850 | 1,069,711 | 131,912 | 2,995,918 |
Redemptions | (2,179,374) | (46,789,753) | (3,291,324) | (74,726,592) |
Net decrease | (1,057,648) | (21,692,495) | (1,755,941) | (39,809,964) |
Class C | ||||
Subscriptions | 193,529 | 4,361,303 | 226,003 | 5,150,971 |
Distributions reinvested | 6,913 | 151,525 | 30,978 | 704,845 |
Redemptions | (337,886) | (7,365,751) | (441,693) | (10,085,777) |
Net decrease | (137,444) | (2,852,923) | (184,712) | (4,229,961) |
Institutional Class | ||||
Subscriptions | 4,371,659 | 97,210,740 | 6,670,209 | 152,108,757 |
Distributions reinvested | 323,956 | 7,078,900 | 735,037 | 16,698,614 |
Redemptions | (10,864,871) | (234,639,662) | (8,184,795) | (186,157,261) |
Net decrease | (6,169,256) | (130,350,022) | (779,549) | (17,349,890) |
Institutional 2 Class | ||||
Subscriptions | 520,816 | 11,500,378 | 1,331,138 | 30,417,198 |
Distributions reinvested | 33,348 | 731,318 | 55,151 | 1,253,506 |
Redemptions | (1,119,144) | (24,603,407) | (975,709) | (22,203,357) |
Net increase (decrease) | (564,980) | (12,371,711) | 410,580 | 9,467,347 |
Institutional 3 Class | ||||
Subscriptions | 7,256,559 | 159,522,579 | 23,896,804 | 542,978,006 |
Distributions reinvested | 1,097,694 | 23,824,955 | 1,551,666 | 35,133,510 |
Redemptions | (11,505,626) | (241,592,634) | (5,824,082) | (131,489,259) |
Net increase (decrease) | (3,151,373) | (58,245,100) | 19,624,388 | 446,622,257 |
Class R | ||||
Subscriptions | 14,878 | 331,816 | 170,026 | 3,886,514 |
Distributions reinvested | 3,134 | 68,664 | 5,689 | 129,272 |
Redemptions | (116,899) | (2,488,677) | (57,871) | (1,319,175) |
Net increase (decrease) | (98,887) | (2,088,197) | 117,844 | 2,696,611 |
Total net increase (decrease) | (13,807,035) | (284,593,108) | 17,245,979 | 392,989,884 |
(a) | Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
26 | Columbia Quality Income Fund | Annual Report 2022 |
Net asset value, beginning of period | Net investment income | 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(c) | |||||||
Year Ended 5/31/2022 | $22.86 | 0.46 | (2.89) | (2.43) | (0.38) | — | (0.38) |
Year Ended 5/31/2021 | $22.20 | 0.61 | 1.00 | 1.61 | (0.68) | (0.27) | (0.95) |
Year Ended 5/31/2020 | $22.10 | 0.56 | 0.06 | 0.62 | (0.52) | — | (0.52) |
Year Ended 5/31/2019 | $21.35 | 0.64 | 0.63 | 1.27 | (0.52) | — | (0.52) |
Year Ended 5/31/2018 | $21.94 | 0.56 | (0.55) | 0.01 | (0.60) | — | (0.60) |
Advisor Class(c) | |||||||
Year Ended 5/31/2022 | $22.84 | 0.51 | (2.87) | (2.36) | (0.44) | — | (0.44) |
Year Ended 5/31/2021 | $22.19 | 0.67 | 0.99 | 1.66 | (0.74) | (0.27) | (1.01) |
Year Ended 5/31/2020 | $22.09 | 0.64 | 0.06 | 0.70 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $21.34 | 0.68 | 0.67 | 1.35 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $21.92 | 0.60 | (0.50) | 0.10 | (0.68) | — | (0.68) |
Class C(c) | |||||||
Year Ended 5/31/2022 | $22.90 | 0.29 | (2.89) | (2.60) | (0.22) | — | (0.22) |
Year Ended 5/31/2021 | $22.24 | 0.44 | 1.00 | 1.44 | (0.51) | (0.27) | (0.78) |
Year Ended 5/31/2020 | $22.14 | 0.40 | 0.06 | 0.46 | (0.36) | — | (0.36) |
Year Ended 5/31/2019 | $21.39 | 0.48 | 0.63 | 1.11 | (0.36) | — | (0.36) |
Year Ended 5/31/2018 | $21.97 | 0.40 | (0.54) | (0.14) | (0.44) | — | (0.44) |
Institutional Class(c) | |||||||
Year Ended 5/31/2022 | $22.84 | 0.51 | (2.87) | (2.36) | (0.44) | — | (0.44) |
Year Ended 5/31/2021 | $22.19 | 0.66 | 1.00 | 1.66 | (0.74) | (0.27) | (1.01) |
Year Ended 5/31/2020 | $22.09 | 0.64 | 0.06 | 0.70 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $21.34 | 0.68 | 0.67 | 1.35 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $21.92 | 0.60 | (0.50) | 0.10 | (0.68) | — | (0.68) |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2022 | $22.84 | 0.53 | (2.88) | (2.35) | (0.45) | — | (0.45) |
Year Ended 5/31/2021 | $22.19 | 0.68 | 1.00 | 1.68 | (0.76) | (0.27) | (1.03) |
Year Ended 5/31/2020 | $22.09 | 0.64 | 0.06 | 0.70 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $21.35 | 0.72 | 0.62 | 1.34 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $21.93 | 0.64 | (0.54) | 0.10 | (0.68) | — | (0.68) |
28 | Columbia Quality Income Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A(c) | |||||||
Year Ended 5/31/2022 | $20.05 | (10.74%) | 0.89%(d) | 0.89%(d),(e) | 2.06% | 207% | $323,845 |
Year Ended 5/31/2021 | $22.86 | 7.36% | 0.91%(d) | 0.90%(d),(e) | 2.69% | 319% | $429,196 |
Year Ended 5/31/2020 | $22.20 | 2.81% | 0.92%(d) | 0.90%(d),(e) | 2.61% | 326% | $421,105 |
Year Ended 5/31/2019 | $22.10 | 6.12% | 0.93%(d) | 0.92%(d),(e) | 2.96% | 302% | $453,821 |
Year Ended 5/31/2018 | $21.35 | 0.22% | 0.93% | 0.91%(e) | 2.58% | 311% | $494,616 |
Advisor Class(c) | |||||||
Year Ended 5/31/2022 | $20.04 | (10.49%) | 0.64%(d) | 0.64%(d),(e) | 2.30% | 207% | $33,695 |
Year Ended 5/31/2021 | $22.84 | 7.53% | 0.66%(d) | 0.65%(d),(e) | 2.94% | 319% | $62,560 |
Year Ended 5/31/2020 | $22.19 | 3.25% | 0.67%(d) | 0.65%(d),(e) | 2.87% | 326% | $99,749 |
Year Ended 5/31/2019 | $22.09 | 6.21% | 0.68%(d) | 0.67%(d),(e) | 3.22% | 302% | $90,690 |
Year Ended 5/31/2018 | $21.34 | 0.48% | 0.67% | 0.67%(e) | 2.83% | 311% | $85,695 |
Class C(c) | |||||||
Year Ended 5/31/2022 | $20.08 | (11.44%) | 1.64%(d) | 1.64%(d),(e) | 1.31% | 207% | $12,902 |
Year Ended 5/31/2021 | $22.90 | 6.54% | 1.66%(d) | 1.65%(d),(e) | 1.94% | 319% | $17,854 |
Year Ended 5/31/2020 | $22.24 | 2.23% | 1.67%(d) | 1.66%(d),(e) | 1.86% | 326% | $21,452 |
Year Ended 5/31/2019 | $22.14 | 5.14% | 1.68%(d) | 1.67%(d),(e) | 2.20% | 302% | $22,792 |
Year Ended 5/31/2018 | $21.39 | (0.53%) | 1.67% | 1.66%(e) | 1.84% | 311% | $29,850 |
Institutional Class(c) | |||||||
Year Ended 5/31/2022 | $20.04 | (10.49%) | 0.64%(d) | 0.64%(d),(e) | 2.30% | 207% | $332,225 |
Year Ended 5/31/2021 | $22.84 | 7.53% | 0.66%(d) | 0.65%(d),(e) | 2.93% | 319% | $519,577 |
Year Ended 5/31/2020 | $22.19 | 3.25% | 0.67%(d) | 0.65%(d),(e) | 2.86% | 326% | $522,050 |
Year Ended 5/31/2019 | $22.09 | 6.41% | 0.68%(d) | 0.67%(d),(e) | 3.23% | 302% | $603,089 |
Year Ended 5/31/2018 | $21.34 | 0.29% | 0.67% | 0.66%(e) | 2.83% | 311% | $534,970 |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2022 | $20.04 | (10.41%) | 0.56%(d) | 0.56%(d) | 2.37% | 207% | $24,711 |
Year Ended 5/31/2021 | $22.84 | 7.62% | 0.57%(d) | 0.56%(d) | 2.99% | 319% | $41,073 |
Year Ended 5/31/2020 | $22.19 | 3.35% | 0.58%(d) | 0.56%(d) | 2.96% | 326% | $30,795 |
Year Ended 5/31/2019 | $22.09 | 6.32% | 0.58%(d) | 0.56%(d) | 3.34% | 302% | $37,589 |
Year Ended 5/31/2018 | $21.35 | 0.58% | 0.57% | 0.57% | 2.91% | 311% | $34,203 |
Columbia Quality Income Fund | Annual Report 2022 | 29 |
Net asset value, beginning of period | Net investment income | 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(c) | |||||||
Year Ended 5/31/2022 | $22.75 | 0.54 | (2.87) | (2.33) | (0.46) | — | (0.46) |
Year Ended 5/31/2021 | $22.10 | 0.69 | 0.99 | 1.68 | (0.76) | (0.27) | (1.03) |
Year Ended 5/31/2020 | $22.00 | 0.68 | 0.06 | 0.74 | (0.64) | — | (0.64) |
Year Ended 5/31/2019 | $21.25 | 0.72 | 0.63 | 1.35 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $21.83 | 0.64 | (0.54) | 0.10 | (0.68) | — | (0.68) |
Class R(c) | |||||||
Year Ended 5/31/2022 | $22.84 | 0.40 | (2.87) | (2.47) | (0.33) | — | (0.33) |
Year Ended 5/31/2021 | $22.18 | 0.54 | 1.01 | 1.55 | (0.62) | (0.27) | (0.89) |
Year Ended 5/31/2020 | $22.08 | 0.52 | 0.06 | 0.58 | (0.48) | — | (0.48) |
Year Ended 5/31/2019 | $21.33 | 0.60 | 0.63 | 1.23 | (0.48) | — | (0.48) |
Year Ended 5/31/2018 | $21.92 | 0.52 | (0.55) | (0.03) | (0.56) | — | (0.56) |
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) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(d) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |
Class | 5/31/2022 | 5/31/2021 | 5/31/2020 | 5/31/2019 |
Class A | less than 0.01% | less than 0.01% | 0.01% | less than 0.01% |
Advisor Class | less than 0.01% | less than 0.01% | 0.01% | less than 0.01% |
Class C | less than 0.01% | less than 0.01% | 0.01% | less than 0.01% |
Institutional Class | less than 0.01% | less than 0.01% | 0.01% | less than 0.01% |
Institutional 2 Class | less than 0.01% | less than 0.01% | 0.01% | less than 0.01% |
Institutional 3 Class | less than 0.01% | less than 0.01% | 0.01% | less than 0.01% |
Class R | less than 0.01% | less than 0.01% | 0.01% | less than 0.01% |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
30 | Columbia Quality Income Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2022 | $19.96 | (10.38%) | 0.51%(d) | 0.51%(d) | 2.45% | 207% | $987,973 |
Year Ended 5/31/2021 | $22.75 | 7.64% | 0.52%(d) | 0.52%(d) | 3.05% | 319% | $1,197,807 |
Year Ended 5/31/2020 | $22.10 | 3.40% | 0.53%(d) | 0.51%(d) | 3.01% | 326% | $729,991 |
Year Ended 5/31/2019 | $22.00 | 6.58% | 0.52%(d) | 0.51%(d) | 3.37% | 302% | $692,552 |
Year Ended 5/31/2018 | $21.25 | 0.43% | 0.52% | 0.52% | 2.98% | 311% | $765,037 |
Class R(c) | |||||||
Year Ended 5/31/2022 | $20.04 | (10.94%) | 1.14%(d) | 1.14%(d),(e) | 1.79% | 207% | $2,828 |
Year Ended 5/31/2021 | $22.84 | 7.00% | 1.16%(d) | 1.15%(d),(e) | 2.40% | 319% | $5,482 |
Year Ended 5/31/2020 | $22.18 | 2.74% | 1.17%(d) | 1.15%(d),(e) | 2.36% | 326% | $2,711 |
Year Ended 5/31/2019 | $22.08 | 5.87% | 1.19%(d) | 1.17%(d),(e) | 2.76% | 302% | $1,454 |
Year Ended 5/31/2018 | $21.33 | (0.21%) | 1.17% | 1.16%(e) | 2.34% | 311% | $735 |
Columbia Quality Income Fund | Annual Report 2022 | 31 |
May 31, 2022
32 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Columbia Quality Income Fund | Annual Report 2022 | 33 |
May 31, 2022
34 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Columbia Quality Income Fund | Annual Report 2022 | 35 |
May 31, 2022
36 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 3,939,967* |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 1,112,566* |
Interest rate risk | Investments, at value — Options purchased | 26,244,562 |
Total | 31,297,095 |
Columbia Quality Income Fund | Annual Report 2022 | 37 |
May 31, 2022
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 2,030,704* |
Credit risk | Upfront receipts on swap contracts | 16,771,725 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 743,890* |
Interest rate risk | Options contracts written, at value | 19,577,085 |
Total | 39,123,404 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | ||||||
Risk exposure category | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) | |
Credit risk | — | — | — | 3,482,998 | 3,482,998 | |
Interest rate risk | (57,301,379) | (17,838,455) | 15,241,430 | (4,653,378) | (64,551,782) | |
Total | (57,301,379) | (17,838,455) | 15,241,430 | (1,170,380) | (61,068,784) | |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||||
Risk exposure category | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) | |
Credit risk | — | — | — | (4,459,118) | (4,459,118) | |
Interest rate risk | (1,895,012) | (13,415,570) | (14,555,399) | 1,073,367 | (28,792,614) | |
Total | (1,895,012) | (13,415,570) | (14,555,399) | (3,385,751) | (33,251,732) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 782,158,489 |
Futures contracts — short | 55,682,344 |
Credit default swap contracts — sell protection | 103,550,000 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 14,688,348 |
Options contracts — written | (9,777,681) |
Derivative instrument | Average unrealized appreciation ($)** | Average unrealized depreciation ($)** |
Interest rate swap contracts | — | (515,216) |
* | Based on the ending quarterly outstanding amounts for the year ended May 31, 2022. |
** | Based on the ending daily outstanding amounts for the year ended May 31, 2022. |
38 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Columbia Quality Income Fund | Annual Report 2022 | 39 |
May 31, 2022
Citi ($) (a) | Citi ($) (a) | Goldman Sachs International($) | JPMorgan ($) (a) | JPMorgan ($) (a) | Morgan Stanley ($) | Total ($) | ||
Assets | ||||||||
Options purchased calls | 2,859,828 | - | - | 2,146,001 | - | 3,312,383 | 8,318,212 | |
Options purchased puts | - | - | - | - | - | 17,926,350 | 17,926,350 | |
OTC credit default swap contracts (b) | - | 507,673 | - | - | 430,362 | 3,001,932 | 3,939,967 | |
Total assets | 2,859,828 | 507,673 | - | 2,146,001 | 430,362 | 24,240,665 | 30,184,529 | |
Liabilities | ||||||||
Options contracts written | 17,440,095 | - | - | - | - | 2,136,990 | 19,577,085 | |
OTC credit default swap contracts (b) | - | 3,961,840 | 770,467 | - | 2,075,129 | 11,994,993 | 18,802,429 | |
Total liabilities | 17,440,095 | 3,961,840 | 770,467 | - | 2,075,129 | 14,131,983 | 38,379,514 | |
Total financial and derivative net assets | (14,580,267) | (3,454,167) | (770,467) | 2,146,001 | (1,644,767) | 10,108,682 | (8,194,985) | |
Total collateral received (pledged) (c) | (12,209,000) | (3,454,167) | (770,467) | - | (1,510,000) | 9,535,000 | (8,408,634) | |
Net amount (d) | (2,371,267) | - | - | 2,146,001 | (134,767) | 573,682 | 213,649 |
(a) | Exposure can only be netted across transactions governed under the same master agreement with the same legal entity. |
(b) | Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts. |
(c) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(d) | Represents the net amount due from/(to) counterparties in the event of default. |
40 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Columbia Quality Income Fund | Annual Report 2022 | 41 |
May 31, 2022
Effective rate (%) | |
Class A | 0.14 |
Advisor Class | 0.14 |
Class C | 0.14 |
Institutional Class | 0.14 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.01 |
Class R | 0.14 |
42 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.50 - 1.00(a) | 80,359 |
Class C | — | 1.00(b) | 8,767 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Class A | 0.91% | 0.91% |
Advisor Class | 0.66 | 0.66 |
Class C | 1.66 | 1.66 |
Institutional Class | 0.66 | 0.66 |
Institutional 2 Class | 0.57 | 0.56 |
Institutional 3 Class | 0.53 | 0.52 |
Class R | 1.16 | 1.16 |
Columbia Quality Income Fund | Annual Report 2022 | 43 |
May 31, 2022
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(680,845) | 680,845 | — |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
43,207,662 | — | 43,207,662 | 82,983,307 | 250,583 | 83,233,890 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
5,788,878 | — | (113,116,689) | (120,607,753) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
2,201,753,016 | 25,953,027 | (146,560,780) | (120,607,753) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(61,613,303) | (51,503,386) | (113,116,689) | — |
44 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Columbia Quality Income Fund | Annual Report 2022 | 45 |
May 31, 2022
46 | Columbia Quality Income Fund | Annual Report 2022 |
May 31, 2022
Columbia Quality Income Fund | Annual Report 2022 | 47 |
May 31, 2022
48 | Columbia Quality Income Fund | Annual Report 2022 |
Columbia Quality Income Fund | Annual Report 2022 | 49 |
Section 163(j) Interest Dividends | |
100.00% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
50 | Columbia Quality Income Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Quality Income Fund | Annual Report 2022 | 51 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
52 | Columbia Quality Income Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Quality Income Fund | Annual Report 2022 | 53 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
54 | Columbia Quality Income Fund | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia Quality Income Fund | Annual Report 2022 | 55 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
56 | Columbia Quality Income Fund | Annual Report 2022 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
11 | |
12 | |
13 | |
16 | |
20 | |
29 | |
30 | |
30 | |
36 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 04/25/97 | 1.35 | 11.26 | 13.59 |
Including sales charges | -4.47 | 9.95 | 12.92 | ||
Advisor Class* | 11/08/12 | 1.60 | 11.54 | 13.86 | |
Class C | Excluding sales charges | 05/27/99 | 0.59 | 10.43 | 12.74 |
Including sales charges | -0.36 | 10.43 | 12.74 | ||
Institutional Class | 09/27/10 | 1.59 | 11.54 | 13.87 | |
Institutional 2 Class | 11/30/01 | 1.65 | 11.59 | 13.96 | |
Institutional 3 Class* | 10/01/14 | 1.70 | 11.66 | 13.91 | |
Class R | 04/30/03 | 1.11 | 11.00 | 13.31 | |
Russell 1000 Value Index | 0.93 | 9.50 | 12.06 | ||
S&P 500 Index | -0.30 | 13.38 | 14.40 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Common Stocks | 96.8 |
Money Market Funds | 3.0 |
Preferred Stocks | 0.2 |
Total | 100.0 |
Equity sector breakdown (%) (at May 31, 2022) | |
Communication Services | 4.6 |
Consumer Discretionary | 3.7 |
Consumer Staples | 3.6 |
Energy | 10.2 |
Financials | 18.8 |
Health Care | 14.9 |
Industrials | 9.8 |
Information Technology | 13.6 |
Materials | 11.1 |
Utilities | 9.7 |
Total | 100.0 |
4 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s outperformance of its benchmark during the period was driven primarily by overall sector allocation, particularly an overweight to energy and an underweight to communication services. Please note that sector variances are a byproduct of the portfolio’s longstanding bottom-up security selection process. |
• | Security selection provided a relative benefit within the industrials, information technology and communication services sectors. And although several of the Fund’s energy and utilities holdings posted strong individual performance for the period, overall stock selection in these sectors detracted from relative results. |
• | Top individual contributors included refiner Marathon Petroleum Corp., pipeline operator Williams Companies, Inc. and integrated oil producer Chevron Corp., which each benefited from commodity price increases as well as company-specific factors that were viewed favorably by investors. |
• | Within utilities, top contributors included Ohio-based FirstEnergy Corp. and California-based PG&E Corp., which each rose after reporting strong results and pleasing investors with progress toward resolving company-specific issues that had driven poor sentiment. |
• | Despite strong performance from several energy holdings, security selection within the sector was a leading detractor due to the Fund’s lack of exposure to a number of benchmark stocks that delivered triple-digit returns. |
• | An overweight to the information technology sector also was a notable detractor. |
• | Significant individual detractors included multi-channel retailer Qurate Retail, Inc., which fell as investors questioned the company’s ability to continue benefiting from the e-commerce results it generated during the pandemic. |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 5 |
(Unaudited)
• | Banks Citigroup, Inc. and JPMorgan Chase & Co. fell steadily through the period as inflation and recession fears weighed on investor confidence and overshadowed positives like strong balance sheets. |
• | Despite pleasing investors earlier in the year with an earnings beat and plans for a $1 billion share buyback program, miner Barrick Gold Corp. reversed sharply after the company reiterated guidance but reported production below forecast. Worries over increasing costs of production also were a headwind near the end of the period. |
6 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,056.30 | 1,020.94 | 4.10 | 4.03 | 0.80 |
Advisor Class | 1,000.00 | 1,000.00 | 1,057.30 | 1,022.19 | 2.82 | 2.77 | 0.55 |
Class C | 1,000.00 | 1,000.00 | 1,052.10 | 1,017.20 | 7.93 | 7.80 | 1.55 |
Institutional Class | 1,000.00 | 1,000.00 | 1,057.20 | 1,022.19 | 2.82 | 2.77 | 0.55 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,057.50 | 1,022.49 | 2.51 | 2.47 | 0.49 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,057.80 | 1,022.74 | 2.26 | 2.22 | 0.44 |
Class R | 1,000.00 | 1,000.00 | 1,054.60 | 1,019.70 | 5.38 | 5.29 | 1.05 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 7 |
May 31, 2022
Common Stocks 96.7% | ||
Issuer | Shares | Value ($) |
Communication Services 4.4% | ||
Diversified Telecommunication Services 4.4% | ||
Verizon Communications, Inc. | 1,981,124 | 101,611,850 |
Total Communication Services | 101,611,850 | |
Consumer Discretionary 3.4% | ||
Internet & Direct Marketing Retail 0.5% | ||
Qurate Retail, Inc. | 2,972,396 | 10,730,350 |
Specialty Retail 2.9% | ||
Lowe’s Companies, Inc. | 347,657 | 67,897,412 |
Total Consumer Discretionary | 78,627,762 | |
Consumer Staples 3.5% | ||
Tobacco 3.5% | ||
Philip Morris International, Inc. | 751,347 | 79,830,619 |
Total Consumer Staples | 79,830,619 | |
Energy 9.9% | ||
Energy Equipment & Services 1.6% | ||
TechnipFMC PLC(a) | 4,583,149 | 37,765,148 |
Oil, Gas & Consumable Fuels 8.3% | ||
Chevron Corp. | 276,122 | 48,227,469 |
Marathon Petroleum Corp. | 657,722 | 66,949,522 |
Williams Companies, Inc. (The) | 2,017,938 | 74,784,782 |
Total | 189,961,773 | |
Total Energy | 227,726,921 | |
Financials 18.2% | ||
Banks 10.4% | ||
Bank of America Corp. | 1,619,940 | 60,261,768 |
Citigroup, Inc. | 871,375 | 46,540,139 |
JPMorgan Chase & Co. | 386,074 | 51,050,565 |
Wells Fargo & Co. | 1,783,405 | 81,626,447 |
Total | 239,478,919 | |
Capital Markets 2.4% | ||
Morgan Stanley | 637,657 | 54,927,774 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Insurance 5.4% | ||
American International Group, Inc. | 1,130,868 | 66,359,334 |
MetLife, Inc. | 854,152 | 57,561,303 |
Total | 123,920,637 | |
Total Financials | 418,327,330 | |
Health Care 14.5% | ||
Health Care Equipment & Supplies 2.9% | ||
Baxter International, Inc. | 860,653 | 65,452,661 |
Health Care Providers & Services 8.8% | ||
Centene Corp.(a) | 742,865 | 60,498,926 |
Cigna Corp. | 297,583 | 79,838,543 |
Humana, Inc. | 133,647 | 60,706,477 |
Total | 201,043,946 | |
Pharmaceuticals 2.8% | ||
Bristol-Myers Squibb Co. | 864,601 | 65,234,145 |
Total Health Care | 331,730,752 | |
Industrials 9.5% | ||
Aerospace & Defense 2.7% | ||
Raytheon Technologies Corp. | 640,363 | 60,911,329 |
Airlines 2.8% | ||
Southwest Airlines Co.(a) | 1,425,010 | 65,350,959 |
Machinery 1.5% | ||
Caterpillar, Inc. | 159,297 | 34,384,257 |
Road & Rail 2.5% | ||
CSX Corp. | 1,144,378 | 36,379,777 |
Union Pacific Corp. | 99,675 | 21,906,571 |
Total | 58,286,348 | |
Total Industrials | 218,932,893 | |
Information Technology 13.1% | ||
Communications Equipment 2.8% | ||
Cisco Systems, Inc. | 1,420,686 | 64,001,904 |
Electronic Equipment, Instruments & Components 3.1% | ||
Corning, Inc. | 1,962,572 | 70,299,329 |
IT Services 0.1% | ||
EPAM Systems, Inc.(a) | 9,527 | 3,225,080 |
8 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Semiconductors & Semiconductor Equipment 5.6% | ||
Applied Materials, Inc. | 505,120 | 59,245,525 |
QUALCOMM, Inc. | 487,234 | 69,781,653 |
Total | 129,027,178 | |
Software 1.5% | ||
Teradata Corp.(a) | 905,869 | 34,812,546 |
Total Information Technology | 301,366,037 | |
Materials 10.8% | ||
Chemicals 4.0% | ||
FMC Corp. | 744,262 | 91,231,636 |
Metals & Mining 6.8% | ||
Barrick Gold Corp. | 3,870,457 | 79,305,664 |
Freeport-McMoRan, Inc. | 1,962,599 | 76,698,369 |
Total | 156,004,033 | |
Total Materials | 247,235,669 | |
Utilities 9.4% | ||
Electric Utilities 6.7% | ||
FirstEnergy Corp. | 1,889,747 | 81,183,531 |
PG&E Corp.(a) | 5,922,489 | 72,254,366 |
Total | 153,437,897 | |
Independent Power and Renewable Electricity Producers 2.7% | ||
AES Corp. (The) | 2,816,841 | 62,083,175 |
Total Utilities | 215,521,072 | |
Total Common Stocks (Cost $1,567,122,341) | 2,220,910,905 |
Preferred Stocks 0.2% | |||
Issuer | Shares | Value ($) | |
Consumer Discretionary 0.2% | |||
Internet & Direct Marketing Retail 0.2% | |||
Qurate Retail, Inc. | 8.000% | 61,780 | 4,188,684 |
Total Consumer Discretionary | 4,188,684 | ||
Total Preferred Stocks (Cost $11,983,373) | 4,188,684 |
Money Market Funds 2.9% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(b),(c) | 68,173,100 | 68,145,830 |
Total Money Market Funds (Cost $68,145,830) | 68,145,830 | |
Total Investments in Securities (Cost: $1,647,251,544) | 2,293,245,419 | |
Other Assets & Liabilities, Net | 4,040,295 | |
Net Assets | 2,297,285,714 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
48,626,308 | 684,698,943 | (665,179,421) | — | 68,145,830 | (19,581) | 151,533 | 68,173,100 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 9 |
May 31, 2022
■ | 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). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 101,611,850 | — | — | 101,611,850 |
Consumer Discretionary | 78,627,762 | — | — | 78,627,762 |
Consumer Staples | 79,830,619 | — | — | 79,830,619 |
Energy | 227,726,921 | — | — | 227,726,921 |
Financials | 418,327,330 | — | — | 418,327,330 |
Health Care | 331,730,752 | — | — | 331,730,752 |
Industrials | 218,932,893 | — | — | 218,932,893 |
Information Technology | 301,366,037 | — | — | 301,366,037 |
Materials | 247,235,669 | — | — | 247,235,669 |
Utilities | 215,521,072 | — | — | 215,521,072 |
Total Common Stocks | 2,220,910,905 | — | — | 2,220,910,905 |
Preferred Stocks | ||||
Consumer Discretionary | 4,188,684 | — | — | 4,188,684 |
Total Preferred Stocks | 4,188,684 | — | — | 4,188,684 |
Money Market Funds | 68,145,830 | — | — | 68,145,830 |
Total Investments in Securities | 2,293,245,419 | — | — | 2,293,245,419 |
10 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,579,105,714) | $2,225,099,589 |
Affiliated issuers (cost $68,145,830) | 68,145,830 |
Receivable for: | |
Capital shares sold | 3,893,535 |
Dividends | 4,405,608 |
Foreign tax reclaims | 123,380 |
Expense reimbursement due from Investment Manager | 68,618 |
Prepaid expenses | 10,690 |
Total assets | 2,301,747,250 |
Liabilities | |
Payable for: | |
Capital shares purchased | 3,894,215 |
Management services fees | 170,183 |
Distribution and/or service fees | 17,844 |
Transfer agent fees | 244,474 |
Compensation of board members | 91,195 |
Other expenses | 43,625 |
Total liabilities | 4,461,536 |
Net assets applicable to outstanding capital stock | $2,297,285,714 |
Represented by | |
Paid in capital | 1,661,382,787 |
Total distributable earnings (loss) | 635,902,927 |
Total - representing net assets applicable to outstanding capital stock | $2,297,285,714 |
Class A | |
Net assets | $341,762,360 |
Shares outstanding | 11,228,930 |
Net asset value per share | $30.44 |
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) | $32.30 |
Advisor Class | |
Net assets | $238,529,721 |
Shares outstanding | 7,351,257 |
Net asset value per share | $32.45 |
Class C | |
Net assets | $56,553,295 |
Shares outstanding | 2,075,133 |
Net asset value per share | $27.25 |
Institutional Class | |
Net assets | $1,321,062,677 |
Shares outstanding | 41,381,263 |
Net asset value per share | $31.92 |
Institutional 2 Class | |
Net assets | $177,245,915 |
Shares outstanding | 5,550,375 |
Net asset value per share | $31.93 |
Institutional 3 Class | |
Net assets | $123,025,059 |
Shares outstanding | 3,777,963 |
Net asset value per share | $32.56 |
Class R | |
Net assets | $39,106,687 |
Shares outstanding | 1,311,825 |
Net asset value per share | $29.81 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 11 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $45,829,947 |
Dividends — affiliated issuers | 151,533 |
Interfund lending | 1,938 |
Foreign taxes withheld | (137,542) |
Total income | 45,845,876 |
Expenses: | |
Management services fees | 13,836,159 |
Distribution and/or service fees | |
Class A | 793,966 |
Class C | 471,083 |
Class R | 147,641 |
Transfer agent fees | |
Class A | 419,704 |
Advisor Class | 306,064 |
Class C | 62,279 |
Institutional Class | 1,471,104 |
Institutional 2 Class | 76,749 |
Institutional 3 Class | 9,121 |
Class R | 40,979 |
Compensation of board members | 35,361 |
Custodian fees | 12,528 |
Printing and postage fees | 88,739 |
Registration fees | 192,491 |
Audit fees | 29,500 |
Legal fees | 30,169 |
Compensation of chief compliance officer | 311 |
Other | 28,274 |
Total expenses | 18,052,222 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (5,782,175) |
Fees waived by transfer agent | |
Institutional 2 Class | (2,213) |
Institutional 3 Class | (6,195) |
Expense reduction | (400) |
Total net expenses | 12,261,239 |
Net investment income | 33,584,637 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 38,620,531 |
Investments — affiliated issuers | (19,581) |
Net realized gain | 38,600,950 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (38,442,095) |
Net change in unrealized appreciation (depreciation) | (38,442,095) |
Net realized and unrealized gain | 158,855 |
Net increase in net assets resulting from operations | $33,743,492 |
12 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment income | $33,584,637 | $35,436,072 |
Net realized gain | 38,600,950 | 84,618,241 |
Net change in unrealized appreciation (depreciation) | (38,442,095) | 447,154,152 |
Net increase in net assets resulting from operations | 33,743,492 | 567,208,465 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (18,325,995) | (14,930,047) |
Advisor Class | (13,300,264) | (10,679,245) |
Class C | (2,497,797) | (2,288,161) |
Institutional Class | (62,299,783) | (39,856,183) |
Institutional 2 Class | (7,212,872) | (3,975,285) |
Institutional 3 Class | (9,507,787) | (11,460,762) |
Class R | (1,705,831) | (1,196,737) |
Total distributions to shareholders | (114,850,329) | (84,386,420) |
Increase in net assets from capital stock activity | 649,934,837 | 317,486,629 |
Total increase in net assets | 568,828,000 | 800,308,674 |
Net assets at beginning of year | 1,728,457,714 | 928,149,040 |
Net assets at end of year | $2,297,285,714 | $1,728,457,714 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 13 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 4,354,921 | 134,050,372 | 2,106,223 | 56,731,499 |
Distributions reinvested | 390,889 | 11,679,757 | 414,449 | 10,609,889 |
Redemptions | (2,161,879) | (66,685,107) | (2,607,597) | (65,400,167) |
Net increase (decrease) | 2,583,931 | 79,045,022 | (86,925) | 1,941,221 |
Advisor Class | ||||
Subscriptions | 3,219,450 | 105,349,538 | 1,741,158 | 49,897,728 |
Distributions reinvested | 398,853 | 12,687,523 | 372,084 | 10,105,806 |
Redemptions | (2,242,707) | (73,676,416) | (2,029,831) | (56,513,441) |
Net increase | 1,375,596 | 44,360,645 | 83,411 | 3,490,093 |
Class C | ||||
Subscriptions | 878,514 | 24,361,547 | 457,203 | 11,536,180 |
Distributions reinvested | 73,467 | 1,971,851 | 82,145 | 1,900,024 |
Redemptions | (314,442) | (8,677,966) | (781,516) | (17,999,583) |
Net increase (decrease) | 637,539 | 17,655,432 | (242,168) | (4,563,379) |
Institutional Class | ||||
Subscriptions | 24,485,149 | 788,186,172 | 12,571,255 | 367,027,692 |
Distributions reinvested | 1,499,157 | 46,923,619 | 1,288,126 | 34,444,485 |
Redemptions | (12,153,756) | (389,305,336) | (6,007,565) | (165,027,420) |
Net increase | 13,830,550 | 445,804,455 | 7,851,816 | 236,444,757 |
Institutional 2 Class | ||||
Subscriptions | 3,082,044 | 100,264,921 | 3,798,665 | 109,241,839 |
Distributions reinvested | 230,277 | 7,207,675 | 148,440 | 3,969,280 |
Redemptions | (1,796,410) | (58,036,116) | (1,194,629) | (35,086,460) |
Net increase | 1,515,911 | 49,436,480 | 2,752,476 | 78,124,659 |
Institutional 3 Class | ||||
Subscriptions | 3,000,498 | 99,180,752 | 3,274,292 | 87,432,085 |
Distributions reinvested | 203,825 | 6,504,042 | 373,887 | 10,184,688 |
Redemptions | (3,322,737) | (107,238,483) | (3,603,258) | (98,493,776) |
Net increase (decrease) | (118,414) | (1,553,689) | 44,921 | (877,003) |
Class R | ||||
Subscriptions | 736,352 | 22,388,901 | 333,567 | 9,325,511 |
Distributions reinvested | 56,698 | 1,661,253 | 41,920 | 1,053,451 |
Redemptions | (294,132) | (8,863,662) | (298,930) | (7,452,681) |
Net increase | 498,918 | 15,186,492 | 76,557 | 2,926,281 |
Total net increase | 20,324,031 | 649,934,837 | 10,480,088 | 317,486,629 |
14 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2022 | $31.85 | 0.45 | (0.05) | 0.40 | (0.56) | (1.25) | (1.81) |
Year Ended 5/31/2021 | $21.50 | 0.71(d) | 11.57 | 12.28 | (0.60) | (1.33) | (1.93) |
Year Ended 5/31/2020 | $23.28 | 0.41 | (0.38) | 0.03 | (0.46) | (1.35) | (1.81) |
Year Ended 5/31/2019 | $25.66 | 0.41 | (1.73) | (1.32) | (0.36) | (0.70) | (1.06) |
Year Ended 5/31/2018 | $23.93 | 0.27 | 2.71 | 2.98 | (0.24) | (1.01) | (1.25) |
Advisor Class | |||||||
Year Ended 5/31/2022 | $33.83 | 0.57 | (0.07) | 0.50 | (0.63) | (1.25) | (1.88) |
Year Ended 5/31/2021 | $22.74 | 0.82(d) | 12.25 | 13.07 | (0.65) | (1.33) | (1.98) |
Year Ended 5/31/2020 | $24.52 | 0.49 | (0.40) | 0.09 | (0.52) | (1.35) | (1.87) |
Year Ended 5/31/2019 | $26.98 | 0.50 | (1.83) | (1.33) | (0.43) | (0.70) | (1.13) |
Year Ended 5/31/2018 | $25.10 | 0.36 | 2.83 | 3.19 | (0.30) | (1.01) | (1.31) |
Class C | |||||||
Year Ended 5/31/2022 | $28.68 | 0.19 | (0.05) | 0.14 | (0.32) | (1.25) | (1.57) |
Year Ended 5/31/2021 | $19.52 | 0.46(d) | 10.45 | 10.91 | (0.42) | (1.33) | (1.75) |
Year Ended 5/31/2020 | $21.26 | 0.21 | (0.34) | (0.13) | (0.26) | (1.35) | (1.61) |
Year Ended 5/31/2019 | $23.49 | 0.20 | (1.57) | (1.37) | (0.16) | (0.70) | (0.86) |
Year Ended 5/31/2018 | $22.00 | 0.07 | 2.48 | 2.55 | (0.05) | (1.01) | (1.06) |
Institutional Class | |||||||
Year Ended 5/31/2022 | $33.31 | 0.55 | (0.06) | 0.49 | (0.63) | (1.25) | (1.88) |
Year Ended 5/31/2021 | $22.41 | 0.84(d) | 12.04 | 12.88 | (0.65) | (1.33) | (1.98) |
Year Ended 5/31/2020 | $24.19 | 0.49 | (0.40) | 0.09 | (0.52) | (1.35) | (1.87) |
Year Ended 5/31/2019 | $26.63 | 0.49 | (1.80) | (1.31) | (0.43) | (0.70) | (1.13) |
Year Ended 5/31/2018 | $24.79 | 0.36 | 2.79 | 3.15 | (0.30) | (1.01) | (1.31) |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $33.32 | 0.56 | (0.05) | 0.51 | (0.65) | (1.25) | (1.90) |
Year Ended 5/31/2021 | $22.42 | 0.91(d) | 11.99 | 12.90 | (0.67) | (1.33) | (2.00) |
Year Ended 5/31/2020 | $24.20 | 0.50 | (0.40) | 0.10 | (0.53) | (1.35) | (1.88) |
Year Ended 5/31/2019 | $26.64 | 0.50 | (1.79) | (1.29) | (0.45) | (0.70) | (1.15) |
Year Ended 5/31/2018 | $24.81 | 0.39 | 2.77 | 3.16 | (0.32) | (1.01) | (1.33) |
16 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2022 | $30.44 | 1.35% | 1.08% | 0.79%(c) | 1.46% | 8% | $341,762 |
Year Ended 5/31/2021 | $31.85 | 59.28% | 1.12% | 0.79%(c) | 2.74% | 29% | $275,301 |
Year Ended 5/31/2020 | $21.50 | (0.98%) | 1.14%(e) | 0.80%(c),(e) | 1.70% | 18% | $187,746 |
Year Ended 5/31/2019 | $23.28 | (5.09%) | 1.13% | 0.80%(c) | 1.64% | 21% | $218,458 |
Year Ended 5/31/2018 | $25.66 | 12.39% | 1.15% | 1.03%(c) | 1.07% | 9% | $225,532 |
Advisor Class | |||||||
Year Ended 5/31/2022 | $32.45 | 1.60% | 0.83% | 0.54%(c) | 1.71% | 8% | $238,530 |
Year Ended 5/31/2021 | $33.83 | 59.64% | 0.87% | 0.54%(c) | 2.99% | 29% | $202,134 |
Year Ended 5/31/2020 | $22.74 | (0.70%) | 0.89%(e) | 0.55%(c),(e) | 1.96% | 18% | $133,966 |
Year Ended 5/31/2019 | $24.52 | (4.87%) | 0.88% | 0.55%(c) | 1.89% | 21% | $148,935 |
Year Ended 5/31/2018 | $26.98 | 12.67% | 0.90% | 0.77%(c) | 1.35% | 9% | $154,976 |
Class C | |||||||
Year Ended 5/31/2022 | $27.25 | 0.59% | 1.83% | 1.54%(c) | 0.70% | 8% | $56,553 |
Year Ended 5/31/2021 | $28.68 | 58.03% | 1.87% | 1.54%(c) | 1.97% | 29% | $41,236 |
Year Ended 5/31/2020 | $19.52 | (1.68%) | 1.89%(e) | 1.55%(c),(e) | 0.94% | 18% | $32,781 |
Year Ended 5/31/2019 | $21.26 | (5.80%) | 1.88% | 1.55%(c) | 0.87% | 21% | $48,824 |
Year Ended 5/31/2018 | $23.49 | 11.53% | 1.90% | 1.78%(c) | 0.32% | 9% | $70,325 |
Institutional Class | |||||||
Year Ended 5/31/2022 | $31.92 | 1.59% | 0.83% | 0.54%(c) | 1.70% | 8% | $1,321,063 |
Year Ended 5/31/2021 | $33.31 | 59.67% | 0.87% | 0.54%(c) | 3.06% | 29% | $917,729 |
Year Ended 5/31/2020 | $22.41 | (0.71%) | 0.89%(e) | 0.55%(c),(e) | 1.97% | 18% | $441,521 |
Year Ended 5/31/2019 | $24.19 | (4.86%) | 0.88% | 0.55%(c) | 1.89% | 21% | $428,080 |
Year Ended 5/31/2018 | $26.63 | 12.66% | 0.90% | 0.77%(c) | 1.35% | 9% | $397,901 |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $31.93 | 1.65% | 0.75% | 0.49% | 1.73% | 8% | $177,246 |
Year Ended 5/31/2021 | $33.32 | 59.74% | 0.81% | 0.48% | 3.23% | 29% | $134,430 |
Year Ended 5/31/2020 | $22.42 | (0.66%) | 0.82%(e) | 0.50%(e) | 1.98% | 18% | $28,742 |
Year Ended 5/31/2019 | $24.20 | (4.80%) | 0.82% | 0.51% | 1.92% | 21% | $39,688 |
Year Ended 5/31/2018 | $26.64 | 12.69% | 0.84% | 0.69% | 1.48% | 9% | $54,500 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $33.94 | 0.60 | (0.06) | 0.54 | (0.67) | (1.25) | (1.92) |
Year Ended 5/31/2021 | $22.81 | 0.88(d) | 12.26 | 13.14 | (0.68) | (1.33) | (2.01) |
Year Ended 5/31/2020 | $24.59 | 0.52 | (0.40) | 0.12 | (0.55) | (1.35) | (1.90) |
Year Ended 5/31/2019 | $27.05 | 0.53 | (1.83) | (1.30) | (0.46) | (0.70) | (1.16) |
Year Ended 5/31/2018 | $25.16 | 0.39 | 2.84 | 3.23 | (0.33) | (1.01) | (1.34) |
Class R | |||||||
Year Ended 5/31/2022 | $31.24 | 0.37 | (0.05) | 0.32 | (0.50) | (1.25) | (1.75) |
Year Ended 5/31/2021 | $21.12 | 0.67(d) | 11.33 | 12.00 | (0.55) | (1.33) | (1.88) |
Year Ended 5/31/2020 | $22.90 | 0.34 | (0.38) | (0.04) | (0.39) | (1.35) | (1.74) |
Year Ended 5/31/2019 | $25.25 | 0.34 | (1.69) | (1.35) | (0.30) | (0.70) | (1.00) |
Year Ended 5/31/2018 | $23.57 | 0.20 | 2.67 | 2.87 | (0.18) | (1.01) | (1.19) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Net investment income per share includes special dividends. The per share effect of these dividends amounted to: |
Year Ended | Class A | Advisor Class | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class | Class R |
05/31/2021 | $0.19 | $0.21 | $0.17 | $0.19 | $0.17 | $0.25 | $0.19 |
(e) | Ratios include interfund lending expense which is less than 0.01%. |
18 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $32.56 | 1.70% | 0.70% | 0.44% | 1.81% | 8% | $123,025 |
Year Ended 5/31/2021 | $33.94 | 59.79% | 0.76% | 0.43% | 3.22% | 29% | $132,235 |
Year Ended 5/31/2020 | $22.81 | (0.60%) | 0.77%(e) | 0.45%(e) | 2.06% | 18% | $87,839 |
Year Ended 5/31/2019 | $24.59 | (4.76%) | 0.77% | 0.46% | 1.98% | 21% | $149,956 |
Year Ended 5/31/2018 | $27.05 | 12.80% | 0.79% | 0.66% | 1.44% | 9% | $145,244 |
Class R | |||||||
Year Ended 5/31/2022 | $29.81 | 1.11% | 1.31% | 1.02%(c) | 1.23% | 8% | $39,107 |
Year Ended 5/31/2021 | $31.24 | 58.97% | 1.32% | 0.99%(c) | 2.62% | 29% | $25,393 |
Year Ended 5/31/2020 | $21.12 | (1.24%) | 1.39%(e) | 1.05%(c),(e) | 1.43% | 18% | $15,554 |
Year Ended 5/31/2019 | $22.90 | (5.32%) | 1.38% | 1.05%(c) | 1.39% | 21% | $24,725 |
Year Ended 5/31/2018 | $25.25 | 12.10% | 1.40% | 1.28%(c) | 0.82% | 9% | $24,222 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 19 |
May 31, 2022
20 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Columbia Select Large Cap Value Fund | Annual Report 2022 | 21 |
May 31, 2022
22 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Effective rate (%) | |
Class A | 0.13 |
Advisor Class | 0.13 |
Class C | 0.13 |
Institutional Class | 0.13 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.00 |
Class R | 0.13 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 23 |
May 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 426,757 |
Class C | — | 1.00(b) | 6,243 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Class A | 0.80% | 0.80% |
Advisor Class | 0.55 | 0.55 |
Class C | 1.55 | 1.55 |
Institutional Class | 0.55 | 0.55 |
Institutional 2 Class | 0.49 | 0.48 |
Institutional 3 Class | 0.44 | 0.43 |
Class R | 1.05 | 1.05 |
24 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(131,377) | 131,377 | — |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
43,115,087 | 71,735,242 | 114,850,329 | 27,508,500 | 56,877,920 | 84,386,420 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
9,866,195 | 2,603,763 | — | 623,521,956 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,669,723,463 | 666,079,308 | (42,557,352) | 623,521,956 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 25 |
May 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 13,685,714 | 0.71 | 7 |
26 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
May 31, 2022
Columbia Select Large Cap Value Fund | Annual Report 2022 | 27 |
May 31, 2022
28 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 29 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
100.00% | 93.55% | $41,268,375 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
30 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 31 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
32 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 33 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
34 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia Select Large Cap Value Fund | Annual Report 2022 | 35 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
36 | Columbia Select Large Cap Value Fund | Annual Report 2022 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
14 | |
15 | |
18 | |
22 | |
31 | |
32 | |
32 | |
38 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 04/25/97 | -8.35 | 7.44 | 10.71 |
Including sales charges | -13.61 | 6.17 | 10.06 | ||
Advisor Class* | 11/08/12 | -8.13 | 7.71 | 10.98 | |
Class C | Excluding sales charges | 05/27/99 | -9.08 | 6.62 | 9.87 |
Including sales charges | -9.90 | 6.62 | 9.87 | ||
Institutional Class | 09/27/10 | -8.15 | 7.70 | 10.99 | |
Institutional 2 Class | 11/30/01 | -8.10 | 7.78 | 11.09 | |
Institutional 3 Class* | 10/01/14 | -8.05 | 7.83 | 11.03 | |
Class R | 04/30/03 | -8.52 | 7.26 | 10.48 | |
Russell 2000 Value Index | -7.67 | 7.83 | 10.71 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Common Stocks | 98.7 |
Money Market Funds | 1.3 |
Rights | 0.0(a) |
Total | 100.0 |
(a) | Rounds to zero. |
Equity sector breakdown (%) (at May 31, 2022) | |
Communication Services | 2.8 |
Consumer Discretionary | 9.0 |
Consumer Staples | 1.8 |
Energy | 8.3 |
Financials | 26.2 |
Health Care | 7.1 |
Industrials | 15.9 |
Information Technology | 9.6 |
Materials | 8.3 |
Real Estate | 9.1 |
Utilities | 1.9 |
Total | 100.0 |
4 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
(Unaudited)
• | Stock selection within the consumer discretionary, consumer staples and financials sectors detracted from relative performance during the period. |
• | Having an underweight allocation to the energy and utilities sectors during the period also hindered results versus the benchmark, as both delivered strong returns. |
• | Top individual detractors from relative performance during the period included iHeartMedia, Inc., Penn National Gaming, Inc., Pacific Premier Bancorp, Inc., Nomad Foods Ltd. and Kontoor Brands, Inc. |
• | Shares in mass media company iHeartMedia gave back some gains after a strong run throughout the year, despite the company having reported quarterly earnings that exceeded expectations. The company continued to see improvement in the advertising business, led by significant growth in podcasting revenue. |
• | Within consumer discretionary, the Fund’s position in casino operator Penn National Gaming detracted from relative results. Shares declined, as the company reported earnings that were lower than expected. In addition, controversy around the founder of Barstool Sports, which Penn is invested in to help fuel their online sports betting business, weighed on the stock. |
• | Regional bank Pacific Premier Bancorp declined over the period, mostly on concerns surrounding the potential impact of an economic slowdown on loan growth and quality. |
• | Nomad Foods, a frozen food company based in the United Kingdom, detracted due to uncertainties and macro challenges introduced by the Russian invasion of Ukraine. |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 5 |
(Unaudited)
• | Kontoor Brands, a clothing and apparel company, was impacted by numerous macroeconomic challenges including inflation’s impact on lower-income customers, COVID lockdowns impacting short-term results in China, and continued economic uncertainty in Europe. |
• | Strong stock selection was the largest contributing factor to Fund performance during the period, particularly within the health care, real estate, industrials and energy sectors. |
• | An underweight allocation to the health care sector also benefited Fund performance, as the sector delivered the benchmark’s most disappointing return during the period. |
• | Top individual contributors during the period included Devon Energy Corp., Patterson-UTI Energy, Inc., Zurn Water Solutions Corp., Kulicke & Soffe Industries, Inc. and Allegheny Technologies, Inc. |
• | Exploration and production company Devon Energy benefited from the surge in oil and gas prices during the period. The company reported strong operating results and continued to be a best-in-class capital return story. |
• | Patterson-UTI Energy also benefited from higher energy prices during the period. The company, which provides land drilling and pressure pumping services, reported quarterly results that saw an increase in forward guidance and a raise in their dividend. |
• | Zurn Water Solutions, formerly known as Rexnord Corporation, saw its shares climb after its spin-off of its process and motion control business to establish itself as a pure-play, standalone water solutions company. The company has shown strong operating results and has benefitted from favorable market trends. |
• | Shares in semiconductor company Kulicke & Soffa Industries rose, as there continued to be stronger-than-expected demand from its general semiconductor, auto and LED end markets. |
• | The Fund’s position in specialty metals company Allegheny Technologies was a notable outperformer. The company, which provides metals to the aerospace industry, reported strong quarterly results that beat consensus expectations and raised their forward guidance, driven by a recovery in aerospace and solid pricing. The company also authorized a share repurchase program. |
• | Not owning shares in movie chain operator AMC Entertainment Holdings also contributed to the Fund’s performance relative to its benchmark. Shares in the meme stock (a stock that is hyped up and popularized by retail investors on social media platforms), were driven up to dizzying heights throughout the year by retail investors, but subsequently gave back some of those gains during the quarter. We are bottom-up investors and believe that stock prices will track fundamentals over time, and so have not invested in the name. |
6 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 950.90 | 1,018.55 | 6.23 | 6.44 | 1.28 |
Advisor Class | 1,000.00 | 1,000.00 | 952.30 | 1,019.80 | 5.01 | 5.19 | 1.03 |
Class C | 1,000.00 | 1,000.00 | 947.30 | 1,014.81 | 9.86 | 10.20 | 2.03 |
Institutional Class | 1,000.00 | 1,000.00 | 951.90 | 1,019.80 | 5.01 | 5.19 | 1.03 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 952.30 | 1,020.09 | 4.72 | 4.89 | 0.97 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 952.60 | 1,020.34 | 4.48 | 4.63 | 0.92 |
Class R | 1,000.00 | 1,000.00 | 950.20 | 1,017.90 | 6.86 | 7.09 | 1.41 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 7 |
May 31, 2022
Common Stocks 98.6% | ||
Issuer | Shares | Value ($) |
Communication Services 2.7% | ||
Media 1.2% | ||
iHeartMedia, Inc., Class A(a) | 530,000 | 6,254,000 |
Wireless Telecommunication Services 1.5% | ||
Telephone and Data Systems, Inc. | 452,104 | 8,015,804 |
Total Communication Services | 14,269,804 | |
Consumer Discretionary 8.8% | ||
Auto Components 2.1% | ||
Visteon Corp.(a) | 100,000 | 11,221,000 |
Hotels, Restaurants & Leisure 3.9% | ||
Penn National Gaming, Inc.(a) | 94,535 | 3,021,339 |
Six Flags Entertainment Corp.(a) | 204,000 | 5,987,400 |
Texas Roadhouse, Inc. | 148,470 | 11,576,206 |
Total | 20,584,945 | |
Household Durables 1.3% | ||
KB Home | 196,665 | 6,782,976 |
Textiles, Apparel & Luxury Goods 1.5% | ||
Kontoor Brands, Inc. | 195,977 | 7,852,798 |
Total Consumer Discretionary | 46,441,719 | |
Consumer Staples 1.8% | ||
Food Products 1.8% | ||
Nomad Foods Ltd.(a) | 443,422 | 9,254,217 |
Total Consumer Staples | 9,254,217 | |
Energy 8.2% | ||
Energy Equipment & Services 3.9% | ||
Patterson-UTI Energy, Inc. | 1,066,372 | 20,346,378 |
Oil, Gas & Consumable Fuels 4.3% | ||
Devon Energy Corp. | 299,640 | 22,443,036 |
Total Energy | 42,789,414 | |
Financials 25.8% | ||
Banks 12.3% | ||
First Hawaiian, Inc. | 388,838 | 9,958,141 |
Huntington Bancshares, Inc. | 631,825 | 8,769,731 |
OceanFirst Financial Corp. | 450,000 | 9,076,500 |
Pacific Premier Bancorp, Inc. | 428,623 | 13,955,965 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Popular, Inc. | 161,254 | 13,176,064 |
Stock Yards Bancorp, Inc. | 162,322 | 9,576,998 |
Total | 64,513,399 | |
Consumer Finance 0.7% | ||
PROG Holdings, Inc.(a) | 126,098 | 3,680,801 |
Insurance 6.6% | ||
CNO Financial Group, Inc. | 400,308 | 8,234,335 |
Hanover Insurance Group, Inc. (The) | 92,753 | 13,597,590 |
Lincoln National Corp. | 224,254 | 12,991,034 |
Total | 34,822,959 | |
Mortgage Real Estate Investment Trusts (REITS) 0.9% | ||
Ladder Capital Corp., Class A | 416,221 | 4,811,515 |
Thrifts & Mortgage Finance 5.3% | ||
Axos Financial, Inc.(a) | 371,820 | 14,370,843 |
Radian Group, Inc. | 621,310 | 13,364,378 |
Total | 27,735,221 | |
Total Financials | 135,563,895 | |
Health Care 7.0% | ||
Biotechnology 0.4% | ||
Ligand Pharmaceuticals, Inc.(a) | 24,316 | 2,161,936 |
Health Care Equipment & Supplies 3.4% | ||
CONMED Corp. | 80,808 | 9,397,162 |
LivaNova PLC(a) | 120,000 | 8,168,400 |
Total | 17,565,562 | |
Health Care Providers & Services 1.0% | ||
LHC Group, Inc.(a) | 31,145 | 5,190,626 |
Life Sciences Tools & Services 2.2% | ||
Syneos Health, Inc.(a) | 157,418 | 11,631,616 |
Total Health Care | 36,549,740 | |
Industrials 15.7% | ||
Aerospace & Defense 1.8% | ||
Curtiss-Wright Corp. | 67,696 | 9,611,478 |
8 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Airlines 0.9% | ||
American Airlines Group, Inc.(a) | 532 | 9,507 |
Spirit Airlines, Inc.(a) | 235,938 | 4,942,901 |
Total | 4,952,408 | |
Building Products 1.8% | ||
Zurn Water Solutions Corp. | 322,458 | 9,293,240 |
Commercial Services & Supplies 1.9% | ||
Waste Connections, Inc. | 76,511 | 9,758,213 |
Construction & Engineering 1.1% | ||
Primoris Services Corp. | 250,004 | 6,070,097 |
Electrical Equipment 2.5% | ||
Bloom Energy Corp., Class A(a) | 226,774 | 3,973,081 |
Regal Rexnord Corp. | 71,895 | 8,983,280 |
Total | 12,956,361 | |
Machinery 1.6% | ||
ITT, Inc. | 116,032 | 8,565,482 |
Professional Services 1.7% | ||
CACI International, Inc., Class A(a) | 31,046 | 8,704,367 |
Road & Rail 2.4% | ||
Knight-Swift Transportation Holdings, Inc. | 257,999 | 12,549,071 |
Total Industrials | 82,460,717 | |
Information Technology 9.5% | ||
Communications Equipment 5.0% | ||
Extreme Networks, Inc.(a) | 1,527,538 | 15,153,177 |
Viavi Solutions, Inc.(a) | 775,628 | 11,223,337 |
Total | 26,376,514 | |
IT Services 1.1% | ||
EPAM Systems, Inc.(a) | 17,306 | 5,858,427 |
Semiconductors & Semiconductor Equipment 3.4% | ||
Kulicke & Soffa Industries, Inc. | 163,457 | 8,854,466 |
MACOM Technology Solutions Holdings, Inc.(a) | 161,679 | 8,813,122 |
Total | 17,667,588 | |
Total Information Technology | 49,902,529 | |
Materials 8.2% | ||
Chemicals 2.0% | ||
Minerals Technologies, Inc. | 155,521 | 10,304,821 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Construction Materials 1.8% | ||
Summit Materials, Inc., Class A(a) | 356,276 | 9,729,898 |
Containers & Packaging 2.6% | ||
O-I Glass, Inc.(a) | 815,491 | 13,414,827 |
Metals & Mining 1.8% | ||
Allegheny Technologies, Inc.(a) | 346,485 | 9,528,338 |
Total Materials | 42,977,884 | |
Real Estate 9.0% | ||
Equity Real Estate Investment Trusts (REITS) 9.0% | ||
Apple Hospitality REIT, Inc. | 700,000 | 11,697,000 |
First Industrial Realty Trust, Inc. | 187,555 | 9,968,548 |
Gaming and Leisure Properties, Inc. | 184,629 | 8,644,330 |
Outfront Media, Inc. | 490,000 | 10,108,700 |
Physicians Realty Trust | 374,453 | 6,946,103 |
Total | 47,364,681 | |
Total Real Estate | 47,364,681 | |
Utilities 1.9% | ||
Electric Utilities 1.9% | ||
Portland General Electric Co. | 205,233 | 10,107,725 |
Total Utilities | 10,107,725 | |
Total Common Stocks (Cost $350,401,696) | 517,682,325 | |
Rights —% | ||
Industrials —% | ||
Airlines —% | ||
American Airlines Escrow(a),(b),(c) | 52,560 | 0 |
Total Industrials | 0 | |
Total Rights (Cost $—) | 0 | |
Money Market Funds 1.4% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(d),(e) | 7,016,823 | 7,014,016 |
Total Money Market Funds (Cost $7,014,016) | 7,014,016 | |
Total Investments in Securities (Cost: $357,415,712) | 524,696,341 | |
Other Assets & Liabilities, Net | 145,920 | |
Net Assets | 524,842,261 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 9 |
May 31, 2022
(a) | Non-income producing investment. |
(b) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2022, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets. |
(c) | Valuation based on significant unobservable inputs. |
(d) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(e) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
5,501,423 | 67,970,617 | (66,458,024) | — | 7,014,016 | (2,790) | 13,835 | 7,016,823 |
■ | 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). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 14,269,804 | — | — | 14,269,804 |
Consumer Discretionary | 46,441,719 | — | — | 46,441,719 |
Consumer Staples | 9,254,217 | — | — | 9,254,217 |
Energy | 42,789,414 | — | — | 42,789,414 |
10 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
May 31, 2022
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Financials | 135,563,895 | — | — | 135,563,895 |
Health Care | 36,549,740 | — | — | 36,549,740 |
Industrials | 82,460,717 | — | — | 82,460,717 |
Information Technology | 49,902,529 | — | — | 49,902,529 |
Materials | 42,977,884 | — | — | 42,977,884 |
Real Estate | 47,364,681 | — | — | 47,364,681 |
Utilities | 10,107,725 | — | — | 10,107,725 |
Total Common Stocks | 517,682,325 | — | — | 517,682,325 |
Rights | ||||
Industrials | — | — | 0* | 0* |
Total Rights | — | — | 0* | 0* |
Money Market Funds | 7,014,016 | — | — | 7,014,016 |
Total Investments in Securities | 524,696,341 | — | 0* | 524,696,341 |
* | Rounds to zero. |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 11 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $350,401,696) | $517,682,325 |
Affiliated issuers (cost $7,014,016) | 7,014,016 |
Receivable for: | |
Investments sold | 311,971 |
Capital shares sold | 134,140 |
Dividends | 253,863 |
Foreign tax reclaims | 1,760 |
Expense reimbursement due from Investment Manager | 807 |
Prepaid expenses | 7,222 |
Total assets | 525,406,104 |
Liabilities | |
Payable for: | |
Capital shares purchased | 324,371 |
Management services fees | 50,283 |
Distribution and/or service fees | 10,397 |
Transfer agent fees | 40,500 |
Compensation of board members | 107,914 |
Other expenses | 30,378 |
Total liabilities | 563,843 |
Net assets applicable to outstanding capital stock | $524,842,261 |
Represented by | |
Paid in capital | 356,965,159 |
Total distributable earnings (loss) | 167,877,102 |
Total - representing net assets applicable to outstanding capital stock | $524,842,261 |
12 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
May 31, 2022
Class A | |
Net assets | $356,657,352 |
Shares outstanding | 18,320,648 |
Net asset value per share | $19.47 |
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) | $20.66 |
Advisor Class | |
Net assets | $3,429,788 |
Shares outstanding | 146,585 |
Net asset value per share | $23.40 |
Class C | |
Net assets | $3,951,356 |
Shares outstanding | 316,528 |
Net asset value per share | $12.48 |
Institutional Class | |
Net assets | $49,338,060 |
Shares outstanding | 2,148,445 |
Net asset value per share | $22.96 |
Institutional 2 Class | |
Net assets | $2,728,752 |
Shares outstanding | 116,869 |
Net asset value per share | $23.35 |
Institutional 3 Class | |
Net assets | $106,348,530 |
Shares outstanding | 4,380,217 |
Net asset value per share | $24.28 |
Class R | |
Net assets | $2,388,423 |
Shares outstanding | 133,852 |
Net asset value per share | $17.84 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 13 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $7,960,331 |
Dividends — affiliated issuers | 13,835 |
Foreign taxes withheld | (33,653) |
Total income | 7,940,513 |
Expenses: | |
Management services fees | 4,953,850 |
Distribution and/or service fees | |
Class A | 998,021 |
Class C | 46,441 |
Class R | 11,081 |
Transfer agent fees | |
Class A | 468,636 |
Advisor Class | 4,508 |
Class C | 5,451 |
Institutional Class | 50,044 |
Institutional 2 Class | 2,047 |
Institutional 3 Class | 6,370 |
Class R | 3,543 |
Compensation of board members | 19,131 |
Custodian fees | 5,247 |
Printing and postage fees | 53,829 |
Registration fees | 132,410 |
Audit fees | 29,500 |
Legal fees | 16,357 |
Compensation of chief compliance officer | 89 |
Other | 15,315 |
Total expenses | 6,821,870 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (89,354) |
Expense reduction | (523) |
Total net expenses | 6,731,993 |
Net investment income | 1,208,520 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 13,919,480 |
Investments — affiliated issuers | (2,790) |
Net realized gain | 13,916,690 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (63,613,565) |
Net change in unrealized appreciation (depreciation) | (63,613,565) |
Net realized and unrealized loss | (49,696,875) |
Net decrease in net assets resulting from operations | $(48,488,355) |
14 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment income | $1,208,520 | $651,814 |
Net realized gain | 13,916,690 | 49,158,480 |
Net change in unrealized appreciation (depreciation) | (63,613,565) | 209,084,588 |
Net increase (decrease) in net assets resulting from operations | (48,488,355) | 258,894,882 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (25,903,890) | (21,126,456) |
Advisor Class | (200,508) | (173,699) |
Class C | (451,603) | (498,117) |
Institutional Class | (2,351,228) | (1,681,489) |
Institutional 2 Class | (189,237) | (191,552) |
Institutional 3 Class | (6,407,644) | (4,398,847) |
Class R | (216,248) | (167,149) |
Total distributions to shareholders | (35,720,358) | (28,237,309) |
Increase in net assets from capital stock activity | 8,016,141 | 34,373,396 |
Total increase (decrease) in net assets | (76,192,572) | 265,030,969 |
Net assets at beginning of year | 601,034,833 | 336,003,864 |
Net assets at end of year | $524,842,261 | $601,034,833 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 15 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 507,534 | 10,965,300 | 471,521 | 8,993,188 |
Distributions reinvested | 1,178,095 | 25,423,289 | 1,185,962 | 20,742,474 |
Redemptions | (1,910,302) | (40,878,780) | (3,442,528) | (59,340,926) |
Net decrease | (224,673) | (4,490,191) | (1,785,045) | (29,605,264) |
Advisor Class | ||||
Subscriptions | 49,707 | 1,274,991 | 48,244 | 1,118,940 |
Distributions reinvested | 7,565 | 195,996 | 8,222 | 170,687 |
Redemptions | (65,444) | (1,694,723) | (79,828) | (1,643,719) |
Net decrease | (8,172) | (223,736) | (23,362) | (354,092) |
Class C | ||||
Subscriptions | 78,662 | 1,121,908 | 58,533 | 730,034 |
Distributions reinvested | 32,495 | 451,353 | 42,398 | 497,329 |
Redemptions | (122,722) | (1,718,346) | (335,886) | (4,168,866) |
Net decrease | (11,565) | (145,085) | (234,955) | (2,941,503) |
Institutional Class | ||||
Subscriptions | 1,067,433 | 26,463,504 | 999,784 | 21,277,103 |
Distributions reinvested | 91,784 | 2,334,077 | 81,792 | 1,667,734 |
Redemptions | (707,649) | (17,698,937) | (1,239,027) | (23,092,742) |
Net increase (decrease) | 451,568 | 11,098,644 | (157,451) | (147,905) |
Institutional 2 Class | ||||
Subscriptions | 63,596 | 1,652,752 | 36,445 | 746,946 |
Distributions reinvested | 7,314 | 189,068 | 9,072 | 187,888 |
Redemptions | (112,688) | (2,872,408) | (61,825) | (1,254,947) |
Net decrease | (41,778) | (1,030,588) | (16,308) | (320,113) |
Institutional 3 Class | ||||
Subscriptions | 447,140 | 12,070,432 | 4,756,029 | 94,602,352 |
Distributions reinvested | 217,810 | 5,852,565 | 187,040 | 4,017,627 |
Redemptions | (537,418) | (14,359,466) | (1,365,798) | (30,558,812) |
Net increase | 127,532 | 3,563,531 | 3,577,271 | 68,061,167 |
Class R | ||||
Subscriptions | 34,423 | 686,829 | 46,424 | 810,245 |
Distributions reinvested | 8,864 | 175,508 | 6,832 | 110,259 |
Redemptions | (81,587) | (1,618,771) | (82,069) | (1,239,398) |
Net decrease | (38,300) | (756,434) | (28,813) | (318,894) |
Total net increase | 254,612 | 8,016,141 | 1,331,337 | 34,373,396 |
16 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2022 | $22.67 | 0.03 | (1.78) | (1.75) | (0.01) | (1.44) | (1.45) |
Year Ended 5/31/2021 | $13.83 | 0.01 | 9.98 | 9.99 | (0.01) | (1.14) | (1.15) |
Year Ended 5/31/2020 | $15.83 | 0.01 | (1.99) | (1.98) | (0.02) | (0.00)(d) | (0.02) |
Year Ended 5/31/2019 | $18.40 | 0.01 | (1.47) | (1.46) | (0.02) | (1.09) | (1.11) |
Year Ended 5/31/2018 | $18.85 | 0.08(e) | 1.91 | 1.99 | — | (2.44) | (2.44) |
Advisor Class | |||||||
Year Ended 5/31/2022 | $26.94 | 0.10 | (2.14) | (2.04) | (0.06) | (1.44) | (1.50) |
Year Ended 5/31/2021 | $16.27 | 0.07 | 11.79 | 11.86 | (0.05) | (1.14) | (1.19) |
Year Ended 5/31/2020 | $18.62 | 0.06 | (2.34) | (2.28) | (0.07) | (0.00)(d) | (0.07) |
Year Ended 5/31/2019 | $21.38 | 0.05 | (1.69) | (1.64) | (0.03) | (1.09) | (1.12) |
Year Ended 5/31/2018 | $21.49 | 0.17(e) | 2.16 | 2.33 | — | (2.44) | (2.44) |
Class C | |||||||
Year Ended 5/31/2022 | $15.15 | (0.09) | (1.14) | (1.23) | — | (1.44) | (1.44) |
Year Ended 5/31/2021 | $9.59 | (0.08) | 6.78 | 6.70 | — | (1.14) | (1.14) |
Year Ended 5/31/2020 | $11.05 | (0.07) | (1.39) | (1.46) | — | (0.00)(d) | (0.00)(d) |
Year Ended 5/31/2019 | $13.29 | (0.09) | (1.06) | (1.15) | — | (1.09) | (1.09) |
Year Ended 5/31/2018 | $14.35 | (0.05)(e) | 1.43 | 1.38 | — | (2.44) | (2.44) |
Institutional Class | |||||||
Year Ended 5/31/2022 | $26.47 | 0.09 | (2.10) | (2.01) | (0.06) | (1.44) | (1.50) |
Year Ended 5/31/2021 | $16.00 | 0.07 | 11.59 | 11.66 | (0.05) | (1.14) | (1.19) |
Year Ended 5/31/2020 | $18.31 | 0.06 | (2.30) | (2.24) | (0.07) | (0.00)(d) | (0.07) |
Year Ended 5/31/2019 | $21.05 | 0.05 | (1.67) | (1.62) | (0.03) | (1.09) | (1.12) |
Year Ended 5/31/2018 | $21.19 | 0.15(e) | 2.15 | 2.30 | — | (2.44) | (2.44) |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $26.89 | 0.12 | (2.15) | (2.03) | (0.07) | (1.44) | (1.51) |
Year Ended 5/31/2021 | $16.24 | 0.08 | 11.77 | 11.85 | (0.06) | (1.14) | (1.20) |
Year Ended 5/31/2020 | $18.58 | 0.07 | (2.33) | (2.26) | (0.08) | (0.00)(d) | (0.08) |
Year Ended 5/31/2019 | $21.33 | 0.08 | (1.70) | (1.62) | (0.04) | (1.09) | (1.13) |
Year Ended 5/31/2018 | $21.43 | 0.17(e) | 2.17 | 2.34 | — | (2.44) | (2.44) |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $27.90 | 0.13 | (2.23) | (2.10) | (0.08) | (1.44) | (1.52) |
Year Ended 5/31/2021 | $16.81 | 0.10 | 12.20 | 12.30 | (0.07) | (1.14) | (1.21) |
Year Ended 5/31/2020 | $19.23 | 0.09 | (2.42) | (2.33) | (0.09) | (0.00)(d) | (0.09) |
Year Ended 5/31/2019 | $22.03 | 0.10 | (1.77) | (1.67) | (0.04) | (1.09) | (1.13) |
Year Ended 5/31/2018 | $22.05 | 0.18(e) | 2.24 | 2.42 | — | (2.44) | (2.44) |
18 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2022 | $19.47 | (8.35%) | 1.28% | 1.26%(c) | 0.12% | 7% | $356,657 |
Year Ended 5/31/2021 | $22.67 | 74.66% | 1.32% | 1.28%(c) | 0.08% | 30% | $420,471 |
Year Ended 5/31/2020 | $13.83 | (12.52%) | 1.31% | 1.31%(c) | 0.07% | 17% | $281,259 |
Year Ended 5/31/2019 | $15.83 | (7.80%) | 1.30% | 1.30%(c) | 0.08% | 17% | $379,113 |
Year Ended 5/31/2018 | $18.40 | 10.88% | 1.29% | 1.29%(c) | 0.42% | 20% | $459,420 |
Advisor Class | |||||||
Year Ended 5/31/2022 | $23.40 | (8.13%) | 1.03% | 1.01%(c) | 0.37% | 7% | $3,430 |
Year Ended 5/31/2021 | $26.94 | 75.04% | 1.07% | 1.03%(c) | 0.33% | 30% | $4,169 |
Year Ended 5/31/2020 | $16.27 | (12.32%) | 1.06% | 1.06%(c) | 0.33% | 17% | $2,898 |
Year Ended 5/31/2019 | $18.62 | (7.50%) | 1.04% | 1.04%(c) | 0.26% | 17% | $3,219 |
Year Ended 5/31/2018 | $21.38 | 11.14% | 1.04% | 1.04%(c) | 0.78% | 20% | $5,519 |
Class C | |||||||
Year Ended 5/31/2022 | $12.48 | (9.08%) | 2.03% | 2.01%(c) | (0.62%) | 7% | $3,951 |
Year Ended 5/31/2021 | $15.15 | 73.36% | 2.07% | 2.03%(c) | (0.66%) | 30% | $4,971 |
Year Ended 5/31/2020 | $9.59 | (13.18%) | 2.06% | 2.06%(c) | (0.67%) | 17% | $5,402 |
Year Ended 5/31/2019 | $11.05 | (8.46%) | 2.04% | 2.04%(c) | (0.68%) | 17% | $9,187 |
Year Ended 5/31/2018 | $13.29 | 9.98% | 2.04% | 2.04%(c) | (0.34%) | 20% | $30,308 |
Institutional Class | |||||||
Year Ended 5/31/2022 | $22.96 | (8.15%) | 1.03% | 1.01%(c) | 0.37% | 7% | $49,338 |
Year Ended 5/31/2021 | $26.47 | 75.06% | 1.07% | 1.02%(c) | 0.33% | 30% | $44,918 |
Year Ended 5/31/2020 | $16.00 | (12.31%) | 1.06% | 1.06%(c) | 0.32% | 17% | $29,670 |
Year Ended 5/31/2019 | $18.31 | (7.53%) | 1.04% | 1.04%(c) | 0.25% | 17% | $73,967 |
Year Ended 5/31/2018 | $21.05 | 11.15% | 1.04% | 1.04%(c) | 0.71% | 20% | $127,825 |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $23.35 | (8.10%) | 0.97% | 0.95% | 0.46% | 7% | $2,729 |
Year Ended 5/31/2021 | $26.89 | 75.16% | 0.99% | 0.96% | 0.39% | 30% | $4,265 |
Year Ended 5/31/2020 | $16.24 | (12.24%) | 0.98% | 0.98% | 0.36% | 17% | $2,841 |
Year Ended 5/31/2019 | $18.58 | (7.44%) | 0.97% | 0.97% | 0.40% | 17% | $9,678 |
Year Ended 5/31/2018 | $21.33 | 11.22% | 0.96% | 0.96% | 0.78% | 20% | $11,770 |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $24.28 | (8.05%) | 0.92% | 0.90% | 0.48% | 7% | $106,349 |
Year Ended 5/31/2021 | $27.90 | 75.30% | 0.94% | 0.89% | 0.44% | 30% | $118,636 |
Year Ended 5/31/2020 | $16.81 | (12.20%) | 0.93% | 0.93% | 0.46% | 17% | $11,355 |
Year Ended 5/31/2019 | $19.23 | (7.41%) | 0.92% | 0.92% | 0.47% | 17% | $13,299 |
Year Ended 5/31/2018 | $22.03 | 11.27% | 0.91% | 0.91% | 0.79% | 20% | $15,117 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 19 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class R | |||||||
Year Ended 5/31/2022 | $20.94 | 0.00(d) | (1.64) | (1.64) | (0.02) | (1.44) | (1.46) |
Year Ended 5/31/2021 | $12.83 | 0.02 | 9.23 | 9.25 | — | (1.14) | (1.14) |
Year Ended 5/31/2020 | $14.71 | (0.03) | (1.85) | (1.88) | — | (0.00)(d) | (0.00)(d) |
Year Ended 5/31/2019 | $17.20 | (0.03) | (1.37) | (1.40) | — | (1.09) | (1.09) |
Year Ended 5/31/2018 | $17.81 | 0.04(e) | 1.79 | 1.83 | — | (2.44) | (2.44) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Rounds to zero. |
(e) | Net investment income per share includes special dividends. The per share effect of these dividends amounted to: |
Year Ended | Class A | Advisor Class | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class | Class R |
05/31/2018 | $0.22 | $0.28 | $0.16 | $0.26 | $0.26 | $0.26 | $0.22 |
20 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class R | |||||||
Year Ended 5/31/2022 | $17.84 | (8.52%) | 1.39% | 1.38%(c) | 0.02% | 7% | $2,388 |
Year Ended 5/31/2021 | $20.94 | 74.76% | 1.26% | 1.22%(c) | 0.12% | 30% | $3,604 |
Year Ended 5/31/2020 | $12.83 | (12.76%) | 1.56% | 1.56%(c) | (0.19%) | 17% | $2,579 |
Year Ended 5/31/2019 | $14.71 | (7.97%) | 1.54% | 1.54%(c) | (0.21%) | 17% | $5,720 |
Year Ended 5/31/2018 | $17.20 | 10.60% | 1.54% | 1.54%(c) | 0.23% | 20% | $9,018 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 21 |
May 31, 2022
22 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
May 31, 2022
Columbia Select Small Cap Value Fund | Annual Report 2022 | 23 |
May 31, 2022
24 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
May 31, 2022
Effective rate (%) | |
Class A | 0.12 |
Advisor Class | 0.12 |
Class C | 0.12 |
Institutional Class | 0.12 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.12 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 25 |
May 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 94,859 |
Class C | — | 1.00(b) | 316 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Class A | 1.28% | 1.28% |
Advisor Class | 1.03 | 1.03 |
Class C | 2.03 | 2.03 |
Institutional Class | 1.03 | 1.03 |
Institutional 2 Class | 0.97 | 0.94 |
Institutional 3 Class | 0.92 | 0.88 |
Class R | 1.53 | 1.53 |
26 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
May 31, 2022
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
1,977,965 | 33,742,393 | 35,720,358 | 369,371 | 27,867,938 | 28,237,309 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
1,322,113 | — | — | 167,174,717 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
357,521,624 | 181,674,855 | (14,500,138) | 167,174,717 |
Late year ordinary losses ($) | Post-October capital losses ($) |
— | 513,446 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 27 |
May 31, 2022
28 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
May 31, 2022
Columbia Select Small Cap Value Fund | Annual Report 2022 | 29 |
May 31, 2022
30 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 31 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
100.00% | 100.00% | $13,475,120 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
32 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 33 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
34 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 35 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
36 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Columbia Select Small Cap Value Fund | Annual Report 2022 | 37 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
38 | Columbia Select Small Cap Value Fund | Annual Report 2022 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
16 | |
18 | |
19 | |
22 | |
26 | |
36 | |
37 | |
37 | |
43 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 07/28/11 | -0.65 | 8.66 | 9.08 |
Including sales charges | -6.36 | 7.38 | 8.43 | ||
Advisor Class* | 11/08/12 | -0.32 | 8.93 | 9.34 | |
Class C | Excluding sales charges | 07/28/11 | -1.41 | 7.84 | 8.27 |
Including sales charges | -2.33 | 7.84 | 8.27 | ||
Institutional Class | 07/28/11 | -0.40 | 8.93 | 9.35 | |
Institutional 2 Class* | 11/08/12 | -0.37 | 8.95 | 9.39 | |
Institutional 3 Class* | 03/01/17 | -0.33 | 9.01 | 9.27 | |
Class R | 07/28/11 | -0.84 | 8.39 | 8.80 | |
Blended Benchmark | -7.63 | 7.98 | 9.20 | ||
Bloomberg U.S. Aggregate Bond Index | -8.22 | 1.18 | 1.71 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Common Stocks | 48.3 |
Convertible Bonds | 9.0 |
Convertible Preferred Stocks | 10.1 |
Corporate Bonds & Notes | 30.0 |
Limited Partnerships | 0.3 |
Money Market Funds | 1.4 |
Preferred Debt | 0.5 |
Senior Loans | 0.3 |
Warrants | 0.1 |
Total | 100.0 |
4 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s strongest contribution came from its equity holdings, most notably within the energy sector. The Fund’s sizable overweight to the sector helped the Fund capitalize on the sector’s substantial outperformance during the period. |
• | Chevron Corp., Exxon Mobil Corp., Pioneer Natural Resources Co. and Valero Energy Corp. were all top contributors to Fund performance during the period. |
• | The Fund’s investments in health care stocks, including Bristol Myers Squibb Co., Abbvie, Inc., Merck & Co., Inc. and Pfizer, Inc. also outperformed, as investors gravitated toward companies least likely to be affected by broader macroeconomic issues. |
• | Within the materials sector, fertilizer company Nutrien Ltd. added to Fund performance, as the rally in oil was accompanied by strong gains in the prices of agricultural products, fertilizer and other commodities. |
• | Within information technology, positions in Broadcom, Inc. and HP, Inc. contributed to Fund performance. |
• | Consistent with the larger environment, the Fund’s fixed-income holdings suffered a loss during the period. However, we believe our focus on owning higher yielding securities with below-average interest rate sensitivity helped cushion the Fund from the worst of the bond market downturn. |
• | Within fixed income, positions in Diebold Nixdorf Inc. within information technology, Bausch Health Companies, Inc. within health care and Telesat Canada and Clear Channel Outdoor Holdings, Inc. within the communication services sector were among the largest individual detractors for the Fund during the period. |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 5 |
(Unaudited)
• | The Fund’s convertible securities delivered disappointing overall results during the period. The convertible market tends to be tilted toward higher growth areas such as the information technology and consumer discretionary sectors. This proved to be a headwind during the latter portion of the period, during which the growth style came under pressure from rising interest rates. |
• | Top detractors within the Fund’s convertible holdings included Arrival SA, a manufacturer of commercial electric vehicles, biotech company BridgeBio Pharma, Inc. and Clarivate PLC, a provider of information services to health care companies. |
6 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 995.50 | 1,020.04 | 4.88 | 4.94 | 0.98 |
Advisor Class | 1,000.00 | 1,000.00 | 997.50 | 1,021.29 | 3.64 | 3.68 | 0.73 |
Class C | 1,000.00 | 1,000.00 | 992.40 | 1,016.31 | 8.59 | 8.70 | 1.73 |
Institutional Class | 1,000.00 | 1,000.00 | 996.80 | 1,021.29 | 3.63 | 3.68 | 0.73 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 997.60 | 1,021.39 | 3.54 | 3.58 | 0.71 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 997.20 | 1,021.64 | 3.29 | 3.33 | 0.66 |
Class R | 1,000.00 | 1,000.00 | 994.90 | 1,018.80 | 6.12 | 6.19 | 1.23 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 7 |
May 31, 2022
Common Stocks 47.6% | ||
Issuer | Shares | Value ($) |
Communication Services 2.6% | ||
Diversified Telecommunication Services 2.1% | ||
AT&T, Inc. | 775,000 | 16,499,750 |
Verizon Communications, Inc. | 300,000 | 15,387,000 |
Total | 31,886,750 | |
Media 0.5% | ||
Comcast Corp., Class A | 175,000 | 7,749,000 |
Total Communication Services | 39,635,750 | |
Consumer Discretionary 2.8% | ||
Hotels, Restaurants & Leisure 0.5% | ||
Darden Restaurants, Inc. | 60,000 | 7,500,000 |
Household Durables 0.5% | ||
Newell Brands, Inc. | 387,873 | 8,315,997 |
Specialty Retail 1.8% | ||
American Eagle Outfitters, Inc. | 425,000 | 5,146,750 |
Best Buy Co., Inc. | 75,000 | 6,154,500 |
Home Depot, Inc. (The) | 50,000 | 15,137,500 |
Total | 26,438,750 | |
Total Consumer Discretionary | 42,254,747 | |
Consumer Staples 3.3% | ||
Food & Staples Retailing 0.5% | ||
Walgreens Boots Alliance, Inc. | 185,000 | 8,108,550 |
Food Products 1.9% | ||
Bunge Ltd. | 80,287 | 9,499,558 |
JM Smucker Co. (The) | 55,000 | 6,895,350 |
Kraft Heinz Co. (The) | 300,000 | 11,349,000 |
Total | 27,743,908 | |
Tobacco 0.9% | ||
Philip Morris International, Inc. | 125,000 | 13,281,250 |
Total Consumer Staples | 49,133,708 | |
Energy 4.9% | ||
Oil, Gas & Consumable Fuels 4.9% | ||
Chesapeake Energy Corp. | 5,254 | 511,651 |
Chevron Corp. | 85,000 | 14,846,100 |
Enviva, Inc. | 150,000 | 11,683,500 |
Exxon Mobil Corp. | 225,000 | 21,600,000 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Pioneer Natural Resources Co. | 60,000 | 16,676,400 |
Valero Energy Corp. | 65,000 | 8,424,000 |
Total | 73,741,651 | |
Total Energy | 73,741,651 | |
Financials 10.3% | ||
Banks 3.9% | ||
JPMorgan Chase & Co. | 115,000 | 15,206,450 |
M&T Bank Corp. | 90,000 | 16,197,300 |
PNC Financial Services Group, Inc. (The) | 85,000 | 14,909,850 |
Truist Financial Corp. | 235,000 | 11,688,900 |
Total | 58,002,500 | |
Capital Markets 3.1% | ||
Ares Capital Corp. | 750,000 | 14,535,000 |
Blackstone Secured Lending Fund | 300,000 | 7,443,000 |
Blackstone, Inc. | 75,000 | 8,834,250 |
Morgan Stanley | 185,000 | 15,935,900 |
Total | 46,748,150 | |
Consumer Finance 0.5% | ||
OneMain Holdings, Inc. | 175,000 | 7,710,500 |
Insurance 1.0% | ||
MetLife, Inc. | 235,000 | 15,836,650 |
Mortgage Real Estate Investment Trusts (REITS) 1.8% | ||
Blackstone Mortgage Trust, Inc. | 365,000 | 11,355,150 |
Starwood Property Trust, Inc. | 650,000 | 15,528,500 |
Total | 26,883,650 | |
Total Financials | 155,181,450 | |
Health Care 5.6% | ||
Biotechnology 0.9% | ||
AbbVie, Inc. | 95,000 | 14,000,150 |
Pharmaceuticals 4.7% | ||
Amryt Pharma PLC, ADR(a) | 172,608 | 1,380,864 |
Bristol-Myers Squibb Co. | 210,000 | 15,844,500 |
Johnson & Johnson | 65,000 | 11,669,450 |
Merck & Co., Inc. | 185,000 | 17,025,550 |
8 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Organon & Co. | 225,000 | 8,541,000 |
Pfizer, Inc. | 310,000 | 16,442,400 |
Total | 70,903,764 | |
Total Health Care | 84,903,914 | |
Industrials 2.3% | ||
Aerospace & Defense 0.7% | ||
Raytheon Technologies Corp. | 115,000 | 10,938,800 |
Air Freight & Logistics 1.0% | ||
United Parcel Service, Inc., Class B | 82,500 | 15,035,625 |
Machinery 0.6% | ||
AGCO Corp. | 62,500 | 8,008,125 |
Total Industrials | 33,982,550 | |
Information Technology 8.4% | ||
Communications Equipment 1.4% | ||
Cisco Systems, Inc. | 285,000 | 12,839,250 |
Juniper Networks, Inc. | 260,000 | 7,976,800 |
Total | 20,816,050 | |
Electronic Equipment, Instruments & Components 1.1% | ||
Corning, Inc. | 450,000 | 16,119,000 |
IT Services 1.1% | ||
International Business Machines Corp. | 115,000 | 15,966,600 |
Semiconductors & Semiconductor Equipment 3.0% | ||
Broadcom, Inc. | 37,500 | 21,754,875 |
QUALCOMM, Inc. | 57,500 | 8,235,150 |
Texas Instruments, Inc. | 90,000 | 15,908,400 |
Total | 45,898,425 | |
Technology Hardware, Storage & Peripherals 1.8% | ||
HP, Inc. | 425,000 | 16,507,000 |
Seagate Technology Holdings PLC | 125,000 | 10,583,750 |
Total | 27,090,750 | |
Total Information Technology | 125,890,825 | |
Materials 2.3% | ||
Chemicals 1.7% | ||
Dow, Inc. | 235,000 | 15,975,300 |
Nutrien Ltd. | 105,000 | 10,204,950 |
Total | 26,180,250 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Metals & Mining 0.6% | ||
Newmont Corp. | 120,000 | 8,142,000 |
Total Materials | 34,322,250 | |
Real Estate 3.5% | ||
Equity Real Estate Investment Trusts (REITS) 3.5% | ||
Crown Castle International Corp. | 45,000 | 8,534,250 |
Life Storage, Inc. | 55,000 | 6,421,800 |
Medical Properties Trust, Inc. | 550,000 | 10,219,000 |
Simon Property Group, Inc. | 60,000 | 6,879,000 |
VICI Properties, Inc. | 400,000 | 12,340,000 |
Welltower, Inc. | 90,000 | 8,018,100 |
Total | 52,412,150 | |
Total Real Estate | 52,412,150 | |
Utilities 1.6% | ||
Electric Utilities 1.6% | ||
Duke Energy Corp. | 70,000 | 7,876,400 |
Entergy Corp. | 70,000 | 8,422,400 |
FirstEnergy Corp. | 185,000 | 7,947,600 |
Total | 24,246,400 | |
Total Utilities | 24,246,400 | |
Total Common Stocks (Cost $601,954,267) | 715,705,395 |
Convertible Bonds 8.9% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Airlines 0.5% | ||||
American Airlines Group, Inc. | ||||
07/01/2025 | 6.500% | 5,500,000 | 7,360,446 | |
Automotive 0.3% | ||||
Arrival SA(b) | ||||
12/01/2026 | 3.500% | 11,200,000 | 5,045,378 | |
Cable and Satellite 0.4% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 8,000,000 | 6,030,679 | |
Diversified Manufacturing 0.5% | ||||
Greenbrier Companies, Inc. (The) | ||||
04/15/2028 | 2.875% | 7,000,000 | 6,982,500 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 9 |
May 31, 2022
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Health Care 0.3% | ||||
Invacare Corp. | ||||
11/15/2024 | 5.000% | 4,500,000 | 3,815,550 | |
Leisure 0.8% | ||||
NCL Corp Ltd. | ||||
08/01/2025 | 5.375% | 5,200,000 | 6,039,800 | |
Royal Caribbean Cruises Ltd. | ||||
06/15/2023 | 4.250% | 5,800,000 | 6,178,342 | |
Total | 12,218,142 | |||
Media and Entertainment 0.2% | ||||
fuboTV, Inc. | ||||
02/15/2026 | 3.250% | 9,000,000 | 2,655,000 | |
Other Financial Institutions 0.6% | ||||
RWT Holdings, Inc. | ||||
10/01/2025 | 5.750% | 10,050,000 | 9,326,400 | |
Other REIT 1.0% | ||||
PennyMac Corp. | ||||
03/15/2026 | 5.500% | 16,500,000 | 14,998,994 | |
Pharmaceuticals 3.4% | ||||
Aegerion Pharmaceuticals, Inc.(b) | ||||
04/01/2025 | 5.000% | 1,012,542 | 1,026,515 | |
Aerie Pharmaceuticals, Inc. | ||||
10/01/2024 | 1.500% | 8,500,000 | 6,979,918 | |
BridgeBio Pharma, Inc. | ||||
02/01/2029 | 2.250% | 15,500,000 | 7,110,625 | |
Clovis Oncology, Inc. | ||||
05/01/2025 | 1.250% | 11,700,000 | 8,116,951 | |
Insmed, Inc. | ||||
01/15/2025 | 1.750% | 7,500,000 | 6,952,500 | |
Intercept Pharmaceuticals, Inc.(b) | ||||
02/15/2026 | 3.500% | 6,000,000 | 6,729,098 | |
Radius Health, Inc. | ||||
09/01/2024 | 3.000% | 7,500,000 | 7,223,438 | |
Tilray, Inc. | ||||
10/01/2023 | 5.000% | 7,000,000 | 6,613,837 | |
Total | 50,752,882 | |||
Technology 0.9% | ||||
1Life Healthcare, Inc. | ||||
06/15/2025 | 3.000% | 8,500,000 | 7,004,000 |
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
2U, Inc. | ||||
05/01/2025 | 2.250% | 9,500,000 | 7,319,750 | |
Total | 14,323,750 | |||
Total Convertible Bonds (Cost $156,133,689) | 133,509,721 |
Convertible Preferred Stocks 10.0% | |||
Issuer | Shares | Value ($) | |
Consumer Discretionary 0.6% | |||
Auto Components 0.6% | |||
Aptiv PLC | 5.500% | 70,000 | 8,597,400 |
Total Consumer Discretionary | 8,597,400 | ||
Financials 0.3% | |||
Capital Markets 0.3% | |||
AMG Capital Trust II | 5.150% | 87,500 | 4,369,750 |
Total Financials | 4,369,750 | ||
Health Care 2.3% | |||
Health Care Equipment & Supplies 1.6% | |||
Becton Dickinson and Co. | 6.000% | 225,000 | 11,612,250 |
Boston Scientific Corp. | 5.500% | 110,000 | 12,060,400 |
Total | 23,672,650 | ||
Life Sciences Tools & Services 0.7% | |||
Danaher Corp. | 5.000% | 7,500 | 10,649,265 |
Total Health Care | 34,321,915 | ||
Industrials 1.1% | |||
Construction & Engineering 0.6% | |||
Fluor Corp. | 6.500% | 6,500 | 9,017,588 |
Professional Services 0.5% | |||
Clarivate PLC | 5.250% | 125,000 | 7,518,750 |
Total Industrials | 16,536,338 | ||
Information Technology 1.0% | |||
Electronic Equipment, Instruments & Components 0.8% | |||
II-VI, Inc. | 6.000% | 45,000 | 11,665,350 |
IT Services 0.2% | |||
Sabre Corp. | 6.500% | 40,000 | 3,966,800 |
Total Information Technology | 15,632,150 |
10 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Utilities 4.7% | |||
Electric Utilities 0.7% | |||
NextEra Energy, Inc. | 6.219% | 225,000 | 11,040,750 |
Gas Utilities 1.5% | |||
South Jersey Industries, Inc. | 8.750% | 40,000 | 2,786,199 |
Spire, Inc. | 7.500% | 210,000 | 11,344,782 |
UGI Corp. | 7.250% | 80,000 | 7,971,200 |
Total | 22,102,181 | ||
Multi-Utilities 2.5% | |||
DTE Energy Co. | 6.250% | 425,000 | 22,350,750 |
NiSource, Inc. | 7.750% | 130,000 | 15,381,600 |
Total | 37,732,350 | ||
Total Utilities | 70,875,281 | ||
Total Convertible Preferred Stocks (Cost $147,203,500) | 150,332,834 |
Corporate Bonds & Notes 29.6% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 2.0% | ||||
Bombardier, Inc.(b) | ||||
06/15/2026 | 7.125% | 15,500,000 | 14,175,992 | |
Rolls-Royce PLC(b) | ||||
10/15/2027 | 5.750% | 8,133,000 | 8,014,088 | |
Spirit AeroSystems, Inc.(b) | ||||
04/15/2025 | 7.500% | 7,200,000 | 7,241,669 | |
Total | 29,431,749 | |||
Cable and Satellite 1.1% | ||||
DISH DBS Corp.(b) | ||||
12/01/2028 | 5.750% | 16,200,000 | 13,246,476 | |
Telesat Canada/LLC(b) | ||||
10/15/2027 | 6.500% | 7,114,000 | 3,372,546 | |
Total | 16,619,022 | |||
Chemicals 0.8% | ||||
Innophos Holdings, Inc.(b) | ||||
02/15/2028 | 9.375% | 5,000,000 | 5,193,176 | |
Olympus Water US Holding Corp.(b) | ||||
10/01/2029 | 6.250% | 9,000,000 | 7,110,830 | |
Total | 12,304,006 | |||
Construction Machinery 0.4% | ||||
PECF USS Intermediate Holding III Corp.(b) | ||||
11/15/2029 | 8.000% | 7,350,000 | 6,178,813 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Consumer Cyclical Services 1.0% | ||||
Staples, Inc.(b) | ||||
04/15/2026 | 7.500% | 7,500,000 | 6,947,971 | |
Uber Technologies, Inc.(b) | ||||
09/15/2027 | 7.500% | 2,600,000 | 2,689,151 | |
01/15/2028 | 6.250% | 4,695,000 | 4,688,734 | |
Total | 14,325,856 | |||
Consumer Products 0.8% | ||||
Mattel, Inc. | ||||
10/01/2040 | 6.200% | 2,770,000 | 2,832,933 | |
11/01/2041 | 5.450% | 1,100,000 | 1,056,650 | |
SWF Escrow Issuer Corp.(b) | ||||
10/01/2029 | 6.500% | 10,500,000 | 8,023,860 | |
Total | 11,913,443 | |||
Finance Companies 0.7% | ||||
Curo Group Holdings Corp.(b) | ||||
08/01/2028 | 7.500% | 9,000,000 | 6,565,687 | |
Fortress Transportation and Infrastructure Investors LLC(b) | ||||
08/01/2027 | 9.750% | 3,240,000 | 3,296,643 | |
Total | 9,862,330 | |||
Food and Beverage 1.2% | ||||
Triton Water Holdings, Inc.(b) | ||||
04/01/2029 | 6.250% | 13,929,000 | 10,856,761 | |
United Natural Foods, Inc.(b) | ||||
10/15/2028 | 6.750% | 7,420,000 | 7,155,520 | |
Total | 18,012,281 | |||
Gaming 1.1% | ||||
Colt Merger Sub, Inc.(b) | ||||
07/01/2027 | 8.125% | 4,799,000 | 4,881,277 | |
Scientific Games Holdings LP/US FinCo, Inc.(b) | ||||
03/01/2030 | 6.625% | 12,500,000 | 11,609,523 | |
Total | 16,490,800 | |||
Health Care 1.6% | ||||
Quotient Ltd.(b),(c),(d) | ||||
10/15/2025 | 12.000% | 1,219,167 | 1,219,167 | |
10/15/2025 | 12.000% | 522,500 | 522,500 | |
Surgery Center Holdings, Inc.(b) | ||||
07/01/2025 | 6.750% | 15,000,000 | 14,294,413 | |
Tenet Healthcare Corp.(b) | ||||
10/01/2028 | 6.125% | 8,021,000 | 7,828,437 | |
Total | 23,864,517 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 11 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Independent Energy 3.4% | ||||
Hilcorp Energy I LP/Finance Co.(b) | ||||
04/15/2030 | 6.000% | 15,000,000 | 14,589,319 | |
Oasis Petroleum, Inc.(b) | ||||
06/01/2026 | 6.375% | 7,500,000 | 7,545,139 | |
Occidental Petroleum Corp. | ||||
07/15/2044 | 4.500% | 9,800,000 | 8,655,826 | |
04/15/2046 | 4.400% | 10,600,000 | 9,521,302 | |
Southwestern Energy Co. | ||||
02/01/2029 | 5.375% | 11,220,000 | 11,306,593 | |
Total | 51,618,179 | |||
Leisure 2.1% | ||||
Carnival Corp.(b) | ||||
05/01/2029 | 6.000% | 16,500,000 | 13,875,082 | |
06/01/2030 | 10.500% | 4,000,000 | 4,066,993 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC | ||||
10/01/2028 | 6.500% | 7,300,000 | 7,202,729 | |
NCL Corp., Ltd.(b) | ||||
02/15/2029 | 7.750% | 7,500,000 | 6,733,132 | |
Total | 31,877,936 | |||
Media and Entertainment 2.7% | ||||
Clear Channel Outdoor Holdings, Inc.(b) | ||||
04/15/2028 | 7.750% | 16,000,000 | 13,442,610 | |
Deluxe Corp.(b) | ||||
06/01/2029 | 8.000% | 7,200,000 | 6,377,302 | |
Lions Gate Capital Holdings LLC(b) | ||||
04/15/2029 | 5.500% | 16,500,000 | 14,356,015 | |
Mav Acquisition Corp.(b) | ||||
08/01/2029 | 8.000% | 8,000,000 | 6,901,835 | |
Total | 41,077,762 | |||
Metals and Mining 0.4% | ||||
CONSOL Energy, Inc.(b) | ||||
11/15/2025 | 11.000% | 5,800,000 | 5,943,698 | |
Midstream 0.2% | ||||
Rockpoint Gas Storage Canada Ltd.(b) | ||||
03/31/2023 | 7.000% | 3,111,000 | 3,069,638 | |
Oil Field Services 0.5% | ||||
Nabors Industries Ltd.(b) | ||||
01/15/2026 | 7.250% | 4,568,000 | 4,427,121 | |
01/15/2028 | 7.500% | 3,231,000 | 3,067,862 | |
Total | 7,494,983 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Other Financial Institutions 0.5% | ||||
WeWork Companies, Inc.(b) | ||||
05/01/2025 | 7.875% | 9,300,000 | 7,753,603 | |
Packaging 1.5% | ||||
ARD Finance SA(b),(e) | ||||
06/30/2027 | 6.500% | 8,754,310 | 6,973,038 | |
BWAY Holding Co.(b) | ||||
04/15/2025 | 7.250% | 16,000,000 | 15,490,132 | |
Total | 22,463,170 | |||
Paper 0.5% | ||||
Sylvamo Corp.(b) | ||||
09/01/2029 | 7.000% | 7,800,000 | 7,614,432 | |
Pharmaceuticals 1.1% | ||||
Bausch Health Companies, Inc.(b) | ||||
01/30/2028 | 5.000% | 4,532,000 | 2,895,616 | |
01/30/2030 | 5.250% | 11,032,000 | 6,450,812 | |
Organon Finance 1 LLC(b) | ||||
04/30/2031 | 5.125% | 7,523,000 | 7,179,857 | |
Total | 16,526,285 | |||
Restaurants 1.0% | ||||
Fertitta Entertainment LLC/Finance Co., Inc.(b) | ||||
01/15/2030 | 6.750% | 16,500,000 | 14,294,815 | |
Retailers 1.3% | ||||
Academy Ltd.(b) | ||||
11/15/2027 | 6.000% | 7,333,000 | 6,778,264 | |
L Brands, Inc.(b) | ||||
10/01/2030 | 6.625% | 7,500,000 | 7,493,830 | |
Magic MergeCo, Inc.(b) | ||||
05/01/2029 | 7.875% | 6,500,000 | 4,664,772 | |
Total | 18,936,866 | |||
Supermarkets 0.3% | ||||
Safeway, Inc. | ||||
02/01/2031 | 7.250% | 4,588,000 | 4,628,100 | |
Technology 3.1% | ||||
Avaya, Inc.(b) | ||||
09/15/2028 | 6.125% | 8,500,000 | 6,032,248 | |
Consensus Cloud Solutions, Inc.(b) | ||||
10/15/2026 | 6.000% | 8,000,000 | 7,473,091 | |
Diebold Nixdorf, Inc.(b) | ||||
07/15/2025 | 9.375% | 2,700,000 | 2,051,749 | |
Diebold, Inc. | ||||
04/15/2024 | 8.500% | 13,000,000 | 6,660,738 |
12 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Minerva Merger Sub, Inc.(b) | ||||
02/15/2030 | 6.500% | 12,000,000 | 11,139,519 | |
Rocket Software, Inc.(b) | ||||
02/15/2029 | 6.500% | 13,125,000 | 10,279,915 | |
Sabre GLBL, Inc.(b) | ||||
04/15/2025 | 9.250% | 2,200,000 | 2,270,163 | |
09/01/2025 | 7.375% | 1,077,000 | 1,064,540 | |
Total | 46,971,963 | |||
Wirelines 0.3% | ||||
Front Range BidCo, Inc.(b) | ||||
03/01/2028 | 6.125% | 6,500,000 | 5,199,943 | |
Total Corporate Bonds & Notes (Cost $504,561,973) | 444,474,190 |
Limited Partnerships 0.3% | ||
Issuer | Shares | Value ($) |
Energy 0.3% | ||
Oil, Gas & Consumable Fuels 0.3% | ||
Rattler Midstream LP | 250,000 | 4,272,500 |
Total Energy | 4,272,500 | |
Total Limited Partnerships (Cost $2,738,280) | 4,272,500 |
Preferred Debt 0.5% | ||||
Issuer | Coupon Rate | Shares | Value ($) | |
Banking 0.5% | ||||
Citigroup Capital XIII(f) | ||||
10/30/2040 | 7.609% | 285,000 | 7,737,750 | |
Total Preferred Debt (Cost $7,605,226) | 7,737,750 |
Senior Loans 0.3% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Oil Field Services(g) 0.3% | ||||
BCP Raptor LLC(g),(h) | ||||
Term Loan | ||||
3-month USD LIBOR + 4.250% Floor 1.000% 06/24/2024 | 5.310% | 4,916,065 | 4,841,439 | |
Total Senior Loans (Cost $4,876,857) | 4,841,439 |
Warrants 0.0% | ||
Issuer | Shares | Value ($) |
Energy 0.0% | ||
Oil, Gas & Consumable Fuels 0.0% | ||
Chesapeake Energy Corp.(a) | 9,914 | 691,761 |
Total Energy | 691,761 | |
Health Care 0.0% | ||
Health Care Equipment & Supplies 0.0% | ||
Quotient Ltd.(a) | 24,163 | 8,699 |
Total Health Care | 8,699 | |
Total Warrants (Cost $136,270) | 700,460 | |
Money Market Funds 1.3% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(i),(j) | 20,214,661 | 20,206,575 |
Total Money Market Funds (Cost $20,206,575) | 20,206,575 | |
Total Investments in Securities (Cost: $1,445,416,637) | 1,481,780,864 | |
Other Assets & Liabilities, Net | 22,300,416 | |
Net Assets | 1,504,081,280 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 13 |
May 31, 2022
(a) | Non-income producing investment. |
(b) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2022, the total value of these securities amounted to $405,410,310, which represents 26.95% of total net assets. |
(c) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2022, the total value of these securities amounted to $1,741,667, which represents 0.12% of total net assets. |
(d) | Valuation based on significant unobservable inputs. |
(e) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(f) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of May 31, 2022. |
(g) | The stated interest rate represents the weighted average interest rate at May 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
(h) | Variable rate security. The interest rate shown was the current rate as of May 31, 2022. |
(i) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(j) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
40,665,890 | 456,460,757 | (476,920,072) | — | 20,206,575 | (9,904) | 45,867 | 20,214,661 |
ADR | American Depositary Receipt |
LIBOR | London Interbank Offered Rate |
■ | 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). |
14 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 39,635,750 | — | — | 39,635,750 |
Consumer Discretionary | 42,254,747 | — | — | 42,254,747 |
Consumer Staples | 49,133,708 | — | — | 49,133,708 |
Energy | 73,741,651 | — | — | 73,741,651 |
Financials | 155,181,450 | — | — | 155,181,450 |
Health Care | 84,903,914 | — | — | 84,903,914 |
Industrials | 33,982,550 | — | — | 33,982,550 |
Information Technology | 125,890,825 | — | — | 125,890,825 |
Materials | 34,322,250 | — | — | 34,322,250 |
Real Estate | 52,412,150 | — | — | 52,412,150 |
Utilities | 24,246,400 | — | — | 24,246,400 |
Total Common Stocks | 715,705,395 | — | — | 715,705,395 |
Convertible Bonds | — | 133,509,721 | — | 133,509,721 |
Convertible Preferred Stocks | ||||
Consumer Discretionary | — | 8,597,400 | — | 8,597,400 |
Financials | — | 4,369,750 | — | 4,369,750 |
Health Care | — | 34,321,915 | — | 34,321,915 |
Industrials | — | 16,536,338 | — | 16,536,338 |
Information Technology | — | 15,632,150 | — | 15,632,150 |
Utilities | — | 70,875,281 | — | 70,875,281 |
Total Convertible Preferred Stocks | — | 150,332,834 | — | 150,332,834 |
Corporate Bonds & Notes | — | 442,732,523 | 1,741,667 | 444,474,190 |
Limited Partnerships | ||||
Energy | 4,272,500 | — | — | 4,272,500 |
Total Limited Partnerships | 4,272,500 | — | — | 4,272,500 |
Preferred Debt | 7,737,750 | — | — | 7,737,750 |
Senior Loans | — | 4,841,439 | — | 4,841,439 |
Warrants | ||||
Energy | 691,761 | — | — | 691,761 |
Health Care | — | 8,699 | — | 8,699 |
Total Warrants | 691,761 | 8,699 | — | 700,460 |
Money Market Funds | 20,206,575 | — | — | 20,206,575 |
Total Investments in Securities | 748,613,981 | 731,425,216 | 1,741,667 | 1,481,780,864 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 15 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,425,210,062) | $1,461,574,289 |
Affiliated issuers (cost $20,206,575) | 20,206,575 |
Cash | 22,942 |
Receivable for: | |
Investments sold | 1,556,762 |
Capital shares sold | 9,283,957 |
Dividends | 4,634,767 |
Interest | 9,608,943 |
Foreign tax reclaims | 7,440 |
Prepaid expenses | 9,908 |
Total assets | 1,506,905,583 |
Liabilities | |
Payable for: | |
Investments purchased | 348,892 |
Capital shares purchased | 2,135,713 |
Management services fees | 103,593 |
Distribution and/or service fees | 37,181 |
Transfer agent fees | 93,398 |
Compensation of board members | 70,180 |
Other expenses | 35,346 |
Total liabilities | 2,824,303 |
Net assets applicable to outstanding capital stock | $1,504,081,280 |
Represented by | |
Paid in capital | 1,422,646,436 |
Total distributable earnings (loss) | 81,434,844 |
Total - representing net assets applicable to outstanding capital stock | $1,504,081,280 |
16 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
Class A | |
Net assets | $371,501,640 |
Shares outstanding | 25,510,294 |
Net asset value per share | $14.56 |
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) | $15.45 |
Advisor Class | |
Net assets | $64,228,683 |
Shares outstanding | 4,367,643 |
Net asset value per share | $14.71 |
Class C | |
Net assets | $245,459,058 |
Shares outstanding | 16,975,985 |
Net asset value per share | $14.46 |
Institutional Class | |
Net assets | $734,226,029 |
Shares outstanding | 50,427,272 |
Net asset value per share | $14.56 |
Institutional 2 Class | |
Net assets | $64,534,014 |
Shares outstanding | 4,384,942 |
Net asset value per share | $14.72 |
Institutional 3 Class | |
Net assets | $23,010,146 |
Shares outstanding | 1,587,575 |
Net asset value per share | $14.49 |
Class R | |
Net assets | $1,121,710 |
Shares outstanding | 77,119 |
Net asset value per share | $14.55 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 17 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $38,285,645 |
Dividends — affiliated issuers | 45,867 |
Interest | 33,800,852 |
Interfund lending | 74 |
Foreign taxes withheld | (88,057) |
Total income | 72,044,381 |
Expenses: | |
Management services fees | 8,999,769 |
Distribution and/or service fees | |
Class A | 904,902 |
Class C | 2,543,989 |
Class R | 5,940 |
Transfer agent fees | |
Class A | 280,499 |
Advisor Class | 47,157 |
Class C | 197,047 |
Institutional Class | 509,025 |
Institutional 2 Class | 38,721 |
Institutional 3 Class | 1,415 |
Class R | 918 |
Compensation of board members | 28,839 |
Custodian fees | 8,871 |
Printing and postage fees | 70,258 |
Registration fees | 161,748 |
Audit fees | 31,000 |
Legal fees | 24,317 |
Compensation of chief compliance officer | 223 |
Other | 26,717 |
Total expenses | 13,881,355 |
Net investment income | 58,163,026 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 57,942,039 |
Investments — affiliated issuers | (9,904) |
Net realized gain | 57,932,135 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (129,244,474) |
Net change in unrealized appreciation (depreciation) | (129,244,474) |
Net realized and unrealized loss | (71,312,339) |
Net decrease in net assets resulting from operations | $(13,149,313) |
18 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment income | $58,163,026 | $42,215,803 |
Net realized gain | 57,932,135 | 56,278,823 |
Net change in unrealized appreciation (depreciation) | (129,244,474) | 230,027,623 |
Net increase (decrease) in net assets resulting from operations | (13,149,313) | 328,522,249 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (28,924,537) | (11,681,695) |
Advisor Class | (4,896,894) | (1,041,902) |
Class C | (18,629,219) | (8,676,472) |
Institutional Class | (53,681,002) | (22,695,878) |
Institutional 2 Class | (5,504,814) | (1,972,125) |
Institutional 3 Class | (1,764,705) | (785,093) |
Class R | (87,902) | (44,018) |
Total distributions to shareholders | (113,489,073) | (46,897,183) |
Increase in net assets from capital stock activity | 353,304,182 | 76,980,458 |
Total increase in net assets | 226,665,796 | 358,605,524 |
Net assets at beginning of year | 1,277,415,484 | 918,809,960 |
Net assets at end of year | $1,504,081,280 | $1,277,415,484 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 19 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 7,695,132 | 118,865,323 | 5,322,315 | 77,541,655 |
Distributions reinvested | 1,867,061 | 28,276,585 | 843,566 | 11,353,734 |
Redemptions | (4,675,421) | (71,774,812) | (3,698,610) | (50,255,969) |
Net increase | 4,886,772 | 75,367,096 | 2,467,271 | 38,639,420 |
Advisor Class | ||||
Subscriptions | 2,364,105 | 37,097,040 | 2,604,913 | 40,068,552 |
Distributions reinvested | 320,200 | 4,893,480 | 76,486 | 1,041,476 |
Redemptions | (1,805,017) | (28,295,014) | (792,435) | (10,756,117) |
Net increase | 879,288 | 13,695,506 | 1,888,964 | 30,353,911 |
Class C | ||||
Subscriptions | 3,699,449 | 57,160,500 | 2,276,242 | 33,016,199 |
Distributions reinvested | 1,234,165 | 18,571,698 | 646,908 | 8,608,096 |
Redemptions | (3,319,328) | (50,590,070) | (5,030,545) | (68,080,559) |
Net increase (decrease) | 1,614,286 | 25,142,128 | (2,107,395) | (26,456,264) |
Institutional Class | ||||
Subscriptions | 20,077,936 | 308,144,991 | 9,267,356 | 133,181,568 |
Distributions reinvested | 3,523,851 | 53,340,988 | 1,677,602 | 22,515,489 |
Redemptions | (9,254,572) | (141,972,179) | (10,222,704) | (137,606,861) |
Net increase | 14,347,215 | 219,513,800 | 722,254 | 18,090,196 |
Institutional 2 Class | ||||
Subscriptions | 2,903,364 | 44,953,976 | 2,351,676 | 33,076,201 |
Distributions reinvested | 358,447 | 5,481,177 | 144,988 | 1,972,125 |
Redemptions | (2,490,769) | (37,822,086) | (1,273,938) | (17,738,736) |
Net increase | 771,042 | 12,613,067 | 1,222,726 | 17,309,590 |
Institutional 3 Class | ||||
Subscriptions | 614,850 | 9,462,948 | 231,727 | 3,362,456 |
Distributions reinvested | 117,126 | 1,764,444 | 58,891 | 784,955 |
Redemptions | (273,612) | (4,140,660) | (378,732) | (5,243,625) |
Net increase (decrease) | 458,364 | 7,086,732 | (88,114) | (1,096,214) |
Class R | ||||
Subscriptions | 23,577 | 358,476 | 23,133 | 357,939 |
Distributions reinvested | 5,784 | 87,647 | 3,283 | 43,890 |
Redemptions | (35,885) | (560,270) | (18,444) | (262,010) |
Net increase (decrease) | (6,524) | (114,147) | 7,972 | 139,819 |
Total net increase | 22,950,443 | 353,304,182 | 4,113,678 | 76,980,458 |
20 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2022 | $15.90 | 0.63 | (0.71) | (0.08) | (0.63) | (0.63) | (1.26) |
Year Ended 5/31/2021 | $12.06 | 0.58 | 3.90 | 4.48 | (0.64) | — | (0.64) |
Year Ended 5/31/2020 | $12.56 | 0.62 | (0.53) | 0.09 | (0.59) | — | (0.59) |
Year Ended 5/31/2019 | $12.98 | 0.55 | (0.44) | 0.11 | (0.53) | — | (0.53) |
Year Ended 5/31/2018 | $12.49 | 0.52 | 0.52 | 1.04 | (0.55) | — | (0.55) |
Advisor Class | |||||||
Year Ended 5/31/2022 | $16.04 | 0.68 | (0.71) | (0.03) | (0.67) | (0.63) | (1.30) |
Year Ended 5/31/2021 | $12.16 | 0.63 | 3.93 | 4.56 | (0.68) | — | (0.68) |
Year Ended 5/31/2020 | $12.66 | 0.66 | (0.54) | 0.12 | (0.62) | — | (0.62) |
Year Ended 5/31/2019 | $13.08 | 0.58 | (0.44) | 0.14 | (0.56) | — | (0.56) |
Year Ended 5/31/2018 | $12.59 | 0.56 | 0.51 | 1.07 | (0.58) | — | (0.58) |
Class C | |||||||
Year Ended 5/31/2022 | $15.80 | 0.51 | (0.71) | (0.20) | (0.51) | (0.63) | (1.14) |
Year Ended 5/31/2021 | $11.99 | 0.47 | 3.89 | 4.36 | (0.55) | — | (0.55) |
Year Ended 5/31/2020 | $12.48 | 0.53 | (0.53) | 0.00(d) | (0.49) | — | (0.49) |
Year Ended 5/31/2019 | $12.90 | 0.45 | (0.44) | 0.01 | (0.43) | — | (0.43) |
Year Ended 5/31/2018 | $12.42 | 0.42 | 0.52 | 0.94 | (0.46) | — | (0.46) |
Institutional Class | |||||||
Year Ended 5/31/2022 | $15.90 | 0.67 | (0.71) | (0.04) | (0.67) | (0.63) | (1.30) |
Year Ended 5/31/2021 | $12.06 | 0.61 | 3.91 | 4.52 | (0.68) | — | (0.68) |
Year Ended 5/31/2020 | $12.56 | 0.66 | (0.54) | 0.12 | (0.62) | — | (0.62) |
Year Ended 5/31/2019 | $12.98 | 0.58 | (0.44) | 0.14 | (0.56) | — | (0.56) |
Year Ended 5/31/2018 | $12.49 | 0.56 | 0.51 | 1.07 | (0.58) | — | (0.58) |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $16.06 | 0.68 | (0.72) | (0.04) | (0.67) | (0.63) | (1.30) |
Year Ended 5/31/2021 | $12.17 | 0.62 | 3.95 | 4.57 | (0.68) | — | (0.68) |
Year Ended 5/31/2020 | $12.67 | 0.67 | (0.55) | 0.12 | (0.62) | — | (0.62) |
Year Ended 5/31/2019 | $13.09 | 0.59 | (0.45) | 0.14 | (0.56) | — | (0.56) |
Year Ended 5/31/2018 | $12.60 | 0.57 | 0.51 | 1.08 | (0.59) | — | (0.59) |
22 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2022 | $14.56 | (0.65%) | 0.98% | 0.98% | 4.06% | 38% | $371,502 |
Year Ended 5/31/2021 | $15.90 | 38.27% | 1.00% | 1.00% | 4.13% | 58% | $327,938 |
Year Ended 5/31/2020 | $12.06 | 0.80% | 1.01% | 1.01% | 4.95% | 59% | $218,974 |
Year Ended 5/31/2019 | $12.56 | 0.82% | 1.02% | 1.02% | 4.31% | 32% | $212,999 |
Year Ended 5/31/2018 | $12.98 | 8.48% | 1.04% | 1.04%(c) | 4.06% | 50% | $156,011 |
Advisor Class | |||||||
Year Ended 5/31/2022 | $14.71 | (0.32%) | 0.73% | 0.73% | 4.32% | 38% | $64,229 |
Year Ended 5/31/2021 | $16.04 | 38.61% | 0.75% | 0.75% | 4.42% | 58% | $55,969 |
Year Ended 5/31/2020 | $12.16 | 1.06% | 0.76% | 0.76% | 5.21% | 59% | $19,454 |
Year Ended 5/31/2019 | $12.66 | 1.07% | 0.77% | 0.77% | 4.54% | 32% | $24,065 |
Year Ended 5/31/2018 | $13.08 | 8.68% | 0.79% | 0.79%(c) | 4.30% | 50% | $21,291 |
Class C | |||||||
Year Ended 5/31/2022 | $14.46 | (1.41%) | 1.73% | 1.73% | 3.30% | 38% | $245,459 |
Year Ended 5/31/2021 | $15.80 | 37.25% | 1.75% | 1.75% | 3.40% | 58% | $242,640 |
Year Ended 5/31/2020 | $11.99 | 0.06% | 1.76% | 1.76% | 4.20% | 59% | $209,401 |
Year Ended 5/31/2019 | $12.48 | 0.07% | 1.77% | 1.77% | 3.56% | 32% | $213,342 |
Year Ended 5/31/2018 | $12.90 | 7.64% | 1.79% | 1.79%(c) | 3.32% | 50% | $168,061 |
Institutional Class | |||||||
Year Ended 5/31/2022 | $14.56 | (0.40%) | 0.73% | 0.73% | 4.33% | 38% | $734,226 |
Year Ended 5/31/2021 | $15.90 | 38.60% | 0.75% | 0.75% | 4.39% | 58% | $573,637 |
Year Ended 5/31/2020 | $12.06 | 1.07% | 0.76% | 0.76% | 5.22% | 59% | $426,343 |
Year Ended 5/31/2019 | $12.56 | 1.08% | 0.77% | 0.77% | 4.56% | 32% | $406,033 |
Year Ended 5/31/2018 | $12.98 | 8.75% | 0.79% | 0.79%(c) | 4.32% | 50% | $306,954 |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $14.72 | (0.37%) | 0.71% | 0.71% | 4.33% | 38% | $64,534 |
Year Ended 5/31/2021 | $16.06 | 38.70% | 0.73% | 0.73% | 4.41% | 58% | $58,024 |
Year Ended 5/31/2020 | $12.17 | 1.10% | 0.73% | 0.73% | 5.25% | 59% | $29,105 |
Year Ended 5/31/2019 | $12.67 | 1.10% | 0.74% | 0.73% | 4.59% | 32% | $18,828 |
Year Ended 5/31/2018 | $13.09 | 8.71% | 0.77% | 0.76% | 4.37% | 50% | $19,095 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 23 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $15.83 | 0.68 | (0.71) | (0.03) | (0.68) | (0.63) | (1.31) |
Year Ended 5/31/2021 | $12.01 | 0.62 | 3.89 | 4.51 | (0.69) | — | (0.69) |
Year Ended 5/31/2020 | $12.51 | 0.67 | (0.54) | 0.13 | (0.63) | — | (0.63) |
Year Ended 5/31/2019 | $12.93 | 0.59 | (0.44) | 0.15 | (0.57) | — | (0.57) |
Year Ended 5/31/2018 | $12.44 | 0.58 | 0.50 | 1.08 | (0.59) | — | (0.59) |
Class R | |||||||
Year Ended 5/31/2022 | $15.88 | 0.59 | (0.70) | (0.11) | (0.59) | (0.63) | (1.22) |
Year Ended 5/31/2021 | $12.05 | 0.54 | 3.90 | 4.44 | (0.61) | — | (0.61) |
Year Ended 5/31/2020 | $12.55 | 0.59 | (0.54) | 0.05 | (0.55) | — | (0.55) |
Year Ended 5/31/2019 | $12.97 | 0.52 | (0.45) | 0.07 | (0.49) | — | (0.49) |
Year Ended 5/31/2018 | $12.48 | 0.49 | 0.52 | 1.01 | (0.52) | — | (0.52) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Rounds to zero. |
24 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $14.49 | (0.33%) | 0.66% | 0.66% | 4.40% | 38% | $23,010 |
Year Ended 5/31/2021 | $15.83 | 38.70% | 0.68% | 0.68% | 4.47% | 58% | $17,878 |
Year Ended 5/31/2020 | $12.01 | 1.16% | 0.68% | 0.68% | 5.36% | 59% | $14,621 |
Year Ended 5/31/2019 | $12.51 | 1.16% | 0.70% | 0.69% | 4.66% | 32% | $9,267 |
Year Ended 5/31/2018 | $12.93 | 8.82% | 0.72% | 0.71% | 4.50% | 50% | $5,009 |
Class R | |||||||
Year Ended 5/31/2022 | $14.55 | (0.84%) | 1.23% | 1.23% | 3.78% | 38% | $1,122 |
Year Ended 5/31/2021 | $15.88 | 37.88% | 1.25% | 1.25% | 3.88% | 58% | $1,329 |
Year Ended 5/31/2020 | $12.05 | 0.52% | 1.26% | 1.26% | 4.68% | 59% | $912 |
Year Ended 5/31/2019 | $12.55 | 0.57% | 1.27% | 1.27% | 4.08% | 32% | $1,402 |
Year Ended 5/31/2018 | $12.97 | 8.22% | 1.29% | 1.29%(c) | 3.81% | 50% | $832 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 25 |
May 31, 2022
26 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
Columbia Flexible Capital Income Fund | Annual Report 2022 | 27 |
May 31, 2022
28 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
Columbia Flexible Capital Income Fund | Annual Report 2022 | 29 |
May 31, 2022
Effective rate (%) | |
Class A | 0.08 |
Advisor Class | 0.08 |
Class C | 0.08 |
Institutional Class | 0.08 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.08 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 1,092,781 |
Class C | — | 1.00(b) | 14,267 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
30 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Class A | 1.20% | 1.20% |
Advisor Class | 0.95 | 0.95 |
Class C | 1.95 | 1.95 |
Institutional Class | 0.95 | 0.95 |
Institutional 2 Class | 0.94 | 0.92 |
Institutional 3 Class | 0.89 | 0.87 |
Class R | 1.45 | 1.45 |
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
1,855,785 | (5,177,058) | 3,321,273 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 31 |
May 31, 2022
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
55,987,653 | 57,501,420 | 113,489,073 | 46,897,183 | — | 46,897,183 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
11,190,103 | 36,772,551 | — | 33,540,424 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,448,240,440 | 149,137,663 | (115,597,239) | 33,540,424 |
32 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 4,400,000 | 0.61 | 1 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 33 |
May 31, 2022
34 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
May 31, 2022
Columbia Flexible Capital Income Fund | Annual Report 2022 | 35 |
36 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
Qualified dividend income | Dividends received deduction | Section 199A dividends | Capital gain dividend |
46.03% | 45.04% | 3.69% | $58,958,937 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 37 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
38 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 39 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
40 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 41 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
42 | Columbia Flexible Capital Income Fund | Annual Report 2022 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
Columbia Flexible Capital Income Fund | Annual Report 2022 | 43 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
29 | |
31 | |
32 | |
34 | |
38 | |
56 | |
57 | |
62 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class A | Excluding sales charges | 04/30/14 | -7.79 | 4.17 | 4.47 |
Including sales charges | -10.58 | 3.55 | 4.08 | ||
Advisor Class | 04/30/14 | -7.56 | 4.44 | 4.73 | |
Class C | Excluding sales charges | 04/30/14 | -8.57 | 3.37 | 3.68 |
Including sales charges | -9.45 | 3.37 | 3.68 | ||
Institutional Class | 04/30/14 | -7.56 | 4.41 | 4.72 | |
Institutional 2 Class | 04/30/14 | -7.52 | 4.48 | 4.79 | |
Institutional 3 Class* | 03/01/17 | -7.47 | 4.54 | 4.71 | |
FTSE One-Month U.S. Treasury Bill Index | 0.09 | 1.03 | 0.69 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Asset-Backed Securities — Non-Agency | 13.0 |
Commercial Mortgage-Backed Securities - Agency | 0.1 |
Commercial Mortgage-Backed Securities - Non-Agency | 6.1 |
Money Market Funds | 4.5 |
Options Purchased Calls | 0.5 |
Options Purchased Puts | 0.1 |
Residential Mortgage-Backed Securities - Agency | 35.9 |
Residential Mortgage-Backed Securities - Non-Agency | 39.8 |
Total | 100.0 |
Quality breakdown (%) (at May 31, 2022) | |
AAA rating | 29.7 |
AA rating | 0.2 |
A rating | 1.1 |
BBB rating | 6.0 |
BB rating | 18.6 |
B rating | 10.3 |
CCC rating | 0.3 |
Not rated | 33.8 |
Total | 100.0 |
4 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s positioning over the period with respect to overall portfolio duration and corresponding interest rate sensitivity was by a wide margin the leading detractor from performance relative to the cash benchmark. Any exposure to interest rate risk proved detrimental as Treasury yields rose in the first quarter of 2022. |
• | The Fund’s positioning within pass-through agency mortgage-backed securities (MBS) contributed positively to performance versus the cash benchmark. In terms of selection, the Fund was underweight the current, lower coupon mortgage pools that were most negatively impacted as the Fed moved to end its bond purchase program. |
• | The Fund’s holdings of collateralized mortgage obligations within agency MBS also proved additive. In particular, a focus on interest-only securities that were supported by the outlook for slowing mortgage prepayments as Fed policy support is removed and borrowing costs rise was beneficial. |
• | The Fund’s allocation to more credit-sensitive, non-government guaranteed sectors of the securitized market offering higher yields than agency MBS added modestly to performance for the full period, despite spread widening and price weakness over the last few months. In this vein, exposure to asset-backed securities was especially helpful, while allocations to commercial mortgage-backed securities and non-agency MBS also contributed modestly. |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 932.20 | 1,020.00 | 4.77 | 4.99 | 0.99 |
Advisor Class | 1,000.00 | 1,000.00 | 934.20 | 1,021.24 | 3.57 | 3.73 | 0.74 |
Class C | 1,000.00 | 1,000.00 | 928.60 | 1,016.26 | 8.37 | 8.75 | 1.74 |
Institutional Class | 1,000.00 | 1,000.00 | 933.30 | 1,021.24 | 3.57 | 3.73 | 0.74 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 933.50 | 1,021.44 | 3.37 | 3.53 | 0.70 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 934.70 | 1,021.69 | 3.14 | 3.28 | 0.65 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 7 |
May 31, 2022
Asset-Backed Securities — Non-Agency 16.3% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
American Credit Acceptance Receivables Trust(a) | ||||
Series 2020-4 Class E | ||||
12/14/2026 | 3.650% | 5,150,000 | 5,050,475 | |
Series 2020-4 Class F | ||||
08/13/2027 | 5.220% | 3,620,000 | 3,559,480 | |
Series 2021-2 Class F | ||||
01/13/2028 | 3.730% | 4,000,000 | 3,765,372 | |
Subordinated Series 2021-1 Class E | ||||
03/15/2027 | 2.290% | 4,500,000 | 4,299,715 | |
Subordinated Series 2021-1 Class F | ||||
11/15/2027 | 4.010% | 900,000 | 866,430 | |
Subordinated Series 2021-2 Class E | ||||
07/13/2027 | 2.540% | 6,000,000 | 5,713,915 | |
ARES CLO(a),(b) | ||||
Series 2021-60A Class E | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/18/2034 | 7.294% | 15,000,000 | 13,728,270 | |
Ares LVIII CLO Ltd.(a),(b) | ||||
Series 2020-58A Class ER | ||||
3-month Term SOFR + 6.700% Floor 6.700% 01/15/2035 | 7.546% | 6,000,000 | 5,288,531 | |
ARES XLIV CLO Ltd.(a),(b) | ||||
Series 2017-44A Class DR | ||||
3-month USD LIBOR + 6.870% Floor 6.870% 04/15/2034 | 7.914% | 25,975,000 | 24,541,362 | |
Avant Loans Funding Trust(a) | ||||
Subordinated Series 2021-REV1 Class C | ||||
07/15/2030 | 2.300% | 3,375,000 | 3,183,813 | |
Bain Capital Credit CLO Ltd.(a),(b) | ||||
Series 2020-4A Class E | ||||
3-month USD LIBOR + 7.950% Floor 7.950% 10/20/2033 | 9.013% | 8,100,000 | 7,755,547 | |
Carlyle Global Market Strategies(a),(b) | ||||
Series 2021-5A Class E | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/20/2034 | 7.313% | 14,125,000 | 12,778,096 | |
Carlyle Global Market Strategies CLO Ltd.(a),(b) | ||||
Series 2013-3A Class BR | ||||
3-month USD LIBOR + 1.700% 10/15/2030 | 2.744% | 11,000,000 | 10,309,893 | |
Series 2015-4A Class CR | ||||
3-month USD LIBOR + 3.700% 07/20/2032 | 4.763% | 7,500,000 | 7,150,965 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2016-1A Class DR2 | ||||
3-month USD LIBOR + 6.600% Floor 6.600% 04/20/2034 | 7.663% | 5,000,000 | 4,462,155 | |
Series 2016-3A Class ERR | ||||
3-month USD LIBOR + 7.000% Floor 7.000% 07/20/2034 | 8.063% | 10,000,000 | 8,908,870 | |
Carvana Auto Receivables Trust(a) | ||||
Subordinated Series 2021-N1 Class E | ||||
01/10/2028 | 2.880% | 11,180,000 | 10,734,445 | |
Consumer Loan Underlying Bond Credit Trust(a) | ||||
Subordinated Series 2018-P1 Class C | ||||
07/15/2025 | 5.210% | 1,746,274 | 1,748,315 | |
Consumer Loan Underlying Bond Credit Trust(a),(c),(d) | ||||
Subordinated Series 2018-P1 Class CERT | ||||
07/15/2025 | 0.000% | 850,000 | 9,222,500 | |
Subordinated Series 2018-P2 Class CERT | ||||
10/15/2025 | 0.000% | 850,000 | 8,330,000 | |
Consumer Underlying Bond Securitization(a) | ||||
Series 2018-1 Class A | ||||
02/17/2026 | 4.790% | 444,358 | 444,358 | |
Dryden 86 CLO Ltd.(a),(b) | ||||
Series 2020-86A Class ER | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 07/17/2034 | 7.544% | 20,600,000 | 19,118,675 | |
Dryden CLO Ltd.(a),(b) | ||||
Series 2018-57A Class B | ||||
3-month USD LIBOR + 1.350% Floor 1.350% 05/15/2031 | 2.761% | 1,250,000 | 1,185,269 | |
ENVA LLC(a) | ||||
Series 2019-A Class C | ||||
06/22/2026 | 7.620% | 3,287,719 | 3,294,882 | |
Exeter Automobile Receivables Trust(a) | ||||
Subordinated Series 2021-2A Class E | ||||
07/17/2028 | 2.900% | 12,500,000 | 11,709,167 | |
Subordinated Series 2022-1A Class E | ||||
10/15/2029 | 5.020% | 6,000,000 | 5,631,391 | |
GLS Auto Receivables Issuer Trust(a) | ||||
Subordinated Series 2020-4A Class E | ||||
10/15/2027 | 3.510% | 3,320,000 | 3,215,427 | |
GLS Auto Receivables Trust(a) | ||||
Subordinated Series 2021-2A Class E | ||||
05/15/2028 | 2.870% | 12,410,000 | 11,618,019 |
8 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
LendingClub Receivables Trust(a),(c),(d) | ||||
Series 2020-2 Class R | ||||
02/15/2046 | 0.000% | 865,000 | 3,287,000 | |
LendingClub Receivables Trust(a),(c),(d),(e) | ||||
Series 2020-JPSL Class R | ||||
02/15/2025 | 0.000% | 340,000 | 8,391,200 | |
LendingPoint Asset Securitization Trust(a),(d) | ||||
Subordinated Series 2021-1 Class C | ||||
04/15/2027 | 4.935% | 14,564,000 | 14,327,335 | |
Subordinated Series 2021-1 Class D | ||||
04/15/2027 | 7.226% | 15,712,000 | 15,397,760 | |
LendingPoint Asset Securitization Trust(a) | ||||
Subordinated Series 2021-A Class C | ||||
12/15/2028 | 2.750% | 12,000,000 | 11,607,648 | |
Subordinated Series 2022-A Class D | ||||
06/15/2029 | 4.540% | 24,410,000 | 23,579,171 | |
LP LMS Asset Securitization Trust(a) | ||||
Series 2021-2A Class A | ||||
01/15/2029 | 1.750% | 11,699,787 | 11,530,082 | |
LP LMS Asset Securitization Trust(a),(d) | ||||
Subordinated Series 2021-2A Class B | ||||
01/15/2029 | 2.330% | 6,882,000 | 6,589,515 | |
Madison Park Funding XLVII Ltd.(a),(b) | ||||
Series 2020-47A Class E | ||||
3-month USD LIBOR + 7.460% Floor 7.460% 01/19/2034 | 8.504% | 5,200,000 | 4,955,278 | |
Madison Park Funding XXII Ltd.(a),(b) | ||||
Series 2016-22A Class DR | ||||
3-month USD LIBOR + 3.500% Floor 3.500% 01/15/2033 | 4.544% | 3,700,000 | 3,564,092 | |
Marlette Funding Trust(a) | ||||
Series 2021-1A Class D | ||||
06/16/2031 | 2.470% | 1,000,000 | 958,888 | |
Morgan Stanley Resecuritization Pass-Through Trust(a),(d),(e),(f) | ||||
Series 2018-SC1 Class R | ||||
09/18/2023 | 0.000% | 950,000 | 1,757,500 | |
Octagon 54 Ltd.(a),(b) | ||||
Series 2021-1A Class E | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/15/2034 | 7.294% | 12,500,000 | 11,001,450 | |
Octagon Investment Partners 47 Ltd.(a),(b) | ||||
Series 2020-1A Class ER | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/20/2034 | 7.313% | 15,250,000 | 13,468,129 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
OZLM Funding IV Ltd.(a),(b) | ||||
Series 2013-4A Class D2R | ||||
3-month USD LIBOR + 7.250% Floor 7.250% 10/22/2030 | 8.386% | 2,000,000 | 1,756,558 | |
OZLM XVII Ltd.(a),(b) | ||||
Series 2017-17A Class D | ||||
3-month USD LIBOR + 5.990% Floor 5.990% 07/20/2030 | 7.053% | 3,750,000 | 3,177,896 | |
Pagaya AI Debt Selection Trust(a),(d) | ||||
Series 2019-1 Class B | ||||
06/15/2026 | 5.499% | 3,130,002 | 3,135,871 | |
Series 2020-2 Class NOTE | ||||
12/15/2027 | 7.500% | 2,312,441 | 2,295,098 | |
Pagaya AI Debt Selection Trust(a),(c),(d) | ||||
Series 2020-3 Class CERT | ||||
05/17/2027 | 0.000% | 23,803,550 | 6,665,780 | |
Series 2021-1 Class CERT | ||||
11/15/2027 | 0.000% | 16,424,569 | 12,318,427 | |
Subordinated Series 2021-3 Class | ||||
05/15/2029 | 0.000% | 12,925,852 | 13,216,761 | |
Subordinated Series 2021-5 Class | ||||
08/15/2029 | 0.000% | 12,321,273 | 13,799,826 | |
Pagaya AI Debt Selection Trust(a) | ||||
Series 2021-2 Class NOTE | ||||
01/25/2029 | 3.000% | 22,325,298 | 21,702,781 | |
Series 2021-5 Class A | ||||
08/15/2029 | 1.530% | 7,093,158 | 6,904,535 | |
Subordinated Series 2019-2 Class A2B | ||||
09/15/2026 | 3.929% | 1,748,928 | 1,744,821 | |
Subordinated Series 2021-1 Class C | ||||
11/15/2027 | 4.090% | 13,994,231 | 13,344,678 | |
Subordinated Series 2021-3 Class C | ||||
05/15/2029 | 3.270% | 16,299,113 | 15,102,385 | |
Subordinated Series 2021-5 Class C | ||||
08/15/2029 | 3.930% | 23,000,000 | 20,870,430 | |
Pagaya AI Debt Trust(a) | ||||
Subordinated Series 2022-1 Class C | ||||
10/15/2029 | 4.888% | 7,850,000 | 7,320,817 | |
Pagaya AI Debt Trust(a),(c),(d) | ||||
Subordinated Series 2022-1 Class CERT | ||||
10/15/2029 | 0.000% | 14,498,590 | 20,587,998 | |
Palmer Square Loan Funding Ltd.(a),(b) | ||||
Series 2020-4A Class D | ||||
3-month USD LIBOR + 7.050% Floor 7.050% 11/25/2028 | 8.574% | 7,000,000 | 6,659,170 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 9 |
May 31, 2022
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Prosper Pass-Through Trust(a),(d) | ||||
Series 2019-ST2 Class A | ||||
11/15/2025 | 3.750% | 1,582,822 | 1,598,650 | |
Redding Ridge Asset Management Ltd.(a),(b) | ||||
Series 2018-4A Class D | ||||
3-month USD LIBOR + 5.850% 04/15/2030 | 6.894% | 5,000,000 | 4,426,150 | |
Research-Driven Pagaya Motor Asset Trust IV(a) | ||||
Series 2021-2A Class A | ||||
03/25/2030 | 2.650% | 14,116,333 | 13,520,240 | |
RR 1 LLC(a),(b) | ||||
Series 2017-1A Class D1B | ||||
3-month USD LIBOR + 6.350% Floor 6.350% 07/15/2035 | 7.394% | 6,500,000 | 5,883,520 | |
RR 16 Ltd.(a),(b) | ||||
Series 2021-16A Class D | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/15/2036 | 7.294% | 14,000,000 | 12,806,906 | |
SoFi Consumer Loan Program LLC(a),(c),(d) | ||||
Series 2016-2 Class R | ||||
10/27/2025 | 0.000% | 379,888 | 3,115,082 | |
SoFi Consumer Loan Program LLC(a),(c),(d),(e) | ||||
Series 2016-4 Class R | ||||
11/25/2025 | 0.000% | 900,000 | 6,569,866 | |
Upstart Pass-Through Trust(a),(d) | ||||
Series 2020-ST4 Class A | ||||
11/20/2026 | 3.250% | 3,636,705 | 3,596,360 | |
Upstart Pass-Through Trust(a) | ||||
Series 2021-ST1 Class A | ||||
02/20/2027 | 2.750% | 3,254,362 | 3,171,262 | |
Series 2021-ST2 Class A | ||||
04/20/2027 | 2.500% | 2,086,001 | 2,019,020 | |
Series 2021-ST7 Class A | ||||
09/20/2029 | 1.850% | 5,154,469 | 4,936,529 | |
Upstart Securitization Trust(a) | ||||
Series 2021-1 Class C | ||||
03/20/2031 | 4.060% | 2,500,000 | 2,400,736 | |
Series 2021-2 Class C | ||||
06/20/2031 | 3.610% | 7,650,000 | 7,308,225 | |
Subordinated Series 2020-3 Class B | ||||
11/20/2030 | 3.014% | 3,000,000 | 2,944,734 | |
Subordinated Series 2021-3 Class C | ||||
07/20/2031 | 3.280% | 22,551,000 | 21,435,485 | |
Subordinated Series 2021-4 Class C | ||||
09/20/2031 | 3.190% | 13,800,000 | 12,942,893 | |
Subordinated Series 2021-5 Class C | ||||
11/20/2031 | 4.150% | 8,800,000 | 8,324,373 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
US Auto Funding(a) | ||||
Subordinated Series 2021-1A Class D | ||||
03/15/2027 | 4.360% | 2,375,000 | 2,206,550 | |
Wellman Park CLO Ltd.(a),(b) | ||||
Series 2021-1A Class E | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/15/2034 | 7.294% | 10,000,000 | 9,060,200 | |
Total Asset-Backed Securities — Non-Agency (Cost $712,661,405) | 636,900,998 | |||
Commercial Mortgage-Backed Securities - Agency 0.1% | ||||
Government National Mortgage Association(g),(h) | ||||
Series 2017-30 Class IO | ||||
08/16/2058 | 0.578% | 32,534,063 | 1,015,983 | |
Series 2019-102 Class IB | ||||
03/16/2060 | 0.828% | 12,887,753 | 820,455 | |
Series 2020-19 Class IO | ||||
12/16/2061 | 0.699% | 19,842,105 | 1,195,449 | |
Series 2020-3 Class IO | ||||
02/16/2062 | 0.627% | 19,023,138 | 1,040,739 | |
Total Commercial Mortgage-Backed Securities - Agency (Cost $12,640,463) | 4,072,626 | |||
Commercial Mortgage-Backed Securities - Non-Agency 7.6% | ||||
BAMLL Commercial Mortgage Securities Trust(a),(g) | ||||
Subordinated Series 2013-WBRK Class E | ||||
03/10/2037 | 3.534% | 4,500,000 | 3,885,223 | |
BFLD Trust(a),(b) | ||||
Series 2019-DPLO Class F | ||||
1-month USD LIBOR + 2.540% Floor 2.540% 10/15/2034 | 3.415% | 1,165,000 | 1,106,587 | |
Series 2019-DPLO Class G | ||||
1-month USD LIBOR + 3.190% Floor 3.190% 10/15/2034 | 4.065% | 6,853,000 | 6,607,299 | |
Braemar Hotels & Resorts Trust(a),(b) | ||||
Series 2018-PRME Class E | ||||
1-month USD LIBOR + 2.400% Floor 2.400% 06/15/2035 | 3.275% | 11,000,000 | 10,309,951 | |
BX Commercial Mortgage Trust(a),(b) | ||||
Subordinated Series 2021-MFM1 Class G | ||||
1-month USD LIBOR + 3.900% Floor 3.900% 01/15/2034 | 4.775% | 650,000 | 606,570 |
10 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
BX Trust(a),(b) | ||||
Series 2018-GW Class G | ||||
1-month USD LIBOR + 2.920% Floor 2.920% 05/15/2035 | 3.795% | 13,517,000 | 12,824,557 | |
BX Trust(a) | ||||
Series 2019-OC11 Class E | ||||
12/09/2041 | 4.076% | 4,550,000 | 3,779,291 | |
BXP Trust(a),(g) | ||||
Subordinated Series 2021-601L Class E | ||||
01/15/2044 | 2.776% | 21,000,000 | 13,960,174 | |
CHT Mortgage Trust(a),(b) | ||||
Series 2017-CSMO Class E | ||||
1-month USD LIBOR + 3.000% Floor 3.000% 11/15/2036 | 3.875% | 5,803,000 | 5,803,000 | |
CLNY Trust(a),(b) | ||||
Series 2019-IKPR Class E | ||||
1-month USD LIBOR + 2.721% Floor 2.721% 11/15/2038 | 3.596% | 19,575,000 | 18,109,306 | |
Series 2019-IKPR Class F | ||||
1-month USD LIBOR + 3.417% Floor 3.417% 11/15/2038 | 4.292% | 12,900,000 | 11,740,931 | |
Cold Storage Trust(a),(b) | ||||
Subordinated Series 2020-ICE5 Class F | ||||
1-month USD LIBOR + 3.492% Floor 3.333% 11/15/2037 | 4.367% | 8,207,971 | 7,818,631 | |
COMM Mortgage Trust(a),(g) | ||||
Series 2020-CBM Class F | ||||
02/10/2037 | 3.633% | 17,650,000 | 15,472,315 | |
Cosmopolitan Hotel Mortgage Trust(a),(b) | ||||
Subordinated Series 2017-CSMO Class F | ||||
1-month USD LIBOR + 3.741% Floor 3.741% 11/15/2036 | 4.616% | 35,457,000 | 34,138,978 | |
Credit Suisse Mortgage Capital Certificates OA LLC(a) | ||||
Subordinated Series 2014-USA Class D | ||||
09/15/2037 | 4.373% | 5,340,000 | 4,534,127 | |
Subordinated Series 2014-USA Class E | ||||
09/15/2037 | 4.373% | 24,275,000 | 19,537,192 | |
Subordinated Series 2014-USA Class F | ||||
09/15/2037 | 4.373% | 20,650,000 | 14,980,586 | |
CSMC Trust(a),(g) | ||||
Subordinated Series 2019-UVIL Class E | ||||
12/15/2041 | 3.283% | 5,200,000 | 3,960,553 |
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Extended Stay America Trust(a),(b) | ||||
Series 2021-ESH Class F | ||||
1-month USD LIBOR + 3.700% Floor 3.700% 07/15/2038 | 4.254% | 16,100,907 | 15,297,158 | |
Hilton USA Trust(a),(g) | ||||
Series 2016-HHV Class F | ||||
11/05/2038 | 4.194% | 12,500,000 | 10,946,665 | |
Hilton USA Trust(a) | ||||
Subordinated Series 2016-SFP Class F | ||||
11/05/2035 | 6.155% | 27,400,000 | 26,444,220 | |
Home Partners of America Trust(a) | ||||
Series 2019-2 Class F | ||||
10/19/2039 | 3.866% | 2,796,219 | 2,506,007 | |
JPMorgan Chase Commercial Mortgage Securities Trust(a),(b) | ||||
Subordinated Series 2021-HTL5 Class E | ||||
1-month USD LIBOR + 3.515% Floor 3.515% 11/15/2038 | 4.390% | 9,350,000 | 8,824,920 | |
Subordinated Series 2021-HTL5 Class F | ||||
1-month USD LIBOR + 4.265% Floor 4.265% 11/15/2038 | 5.140% | 7,450,000 | 7,003,729 | |
Morgan Stanley Capital I Trust(a),(g) | ||||
Series 2019-MEAD Class E | ||||
11/10/2036 | 3.177% | 5,500,000 | 4,929,983 | |
Progress Residential Trust(a) | ||||
Series 2020-SFR1 Class F | ||||
04/17/2037 | 3.431% | 5,975,000 | 5,575,234 | |
Wells Fargo Commercial Mortgage Trust(a),(b) | ||||
Series 2020-SDAL Class E | ||||
1-month USD LIBOR + 2.740% Floor 2.740%, Cap 4.500% 02/15/2037 | 3.627% | 6,000,000 | 5,593,255 | |
Series 2021-FCMT Class E | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 05/15/2031 | 5.375% | 21,600,000 | 20,604,821 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $316,594,930) | 296,901,263 | |||
Residential Mortgage-Backed Securities - Agency(i) 45.0% | ||||
Federal Home Loan Mortgage Corp. | ||||
12/01/2051- 03/01/2052 | 2.500% | 153,337,797 | 141,502,318 | |
05/01/2052 | 3.000% | 50,721,695 | 48,534,187 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 11 |
May 31, 2022
Residential Mortgage-Backed Securities - Agency(i) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Federal Home Loan Mortgage Corp.(b),(h) | ||||
CMO Series 2013-101 Class HS | ||||
-1.0 x 1-month USD LIBOR + 6.500% Cap 6.500% 10/25/2043 | 5.494% | 12,981,085 | 2,123,595 | |
CMO Series 3922 Class SH | ||||
-1.0 x 1-month USD LIBOR + 5.900% Cap 5.900% 09/15/2041 | 5.025% | 3,254,619 | 441,225 | |
CMO Series 4097 Class ST | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 08/15/2042 | 5.175% | 941,806 | 199,831 | |
CMO Series 4286 Class NS | ||||
-1.0 x 1-month USD LIBOR + 5.900% Cap 5.900% 12/15/2043 | 5.025% | 1,150,588 | 194,761 | |
CMO Series 4620 Class AS | ||||
-1.0 x 1-month USD LIBOR + 0.440% 11/15/2042 | 1.248% | 1,602,179 | 77,848 | |
CMO Series 4704 Class SK | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 07/15/2047 | 5.275% | 10,949,817 | 1,700,867 | |
CMO Series 4826 Class KS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 09/15/2048 | 5.325% | 10,838,419 | 1,880,825 | |
CMO Series 4926 Class ST | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 01/15/2040 | 5.205% | 9,027,381 | 1,246,006 | |
CMO Series 4987 Class KS | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 06/25/2050 | 5.074% | 10,757,648 | 2,135,397 | |
CMO Series 4993 Class MS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 07/25/2050 | 5.044% | 20,069,169 | 4,111,838 |
Residential Mortgage-Backed Securities - Agency(i) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO STRIPS Series 309 Class S4 | ||||
-1.0 x 1-month USD LIBOR + 5.970% Cap 5.970% 08/15/2043 | 5.095% | 2,302,017 | 375,307 | |
Federal Home Loan Mortgage Corp.(h) | ||||
CMO Series 4215 Class IL | ||||
07/15/2041 | 3.500% | 381,092 | 18,997 | |
CMO Series 5040 Class IH | ||||
11/25/2050 | 3.500% | 14,434,399 | 2,867,867 | |
CMO Series 5083 Class NI | ||||
12/25/2040 | 4.500% | 12,925,326 | 2,884,104 | |
CMO STRIPS Series 304 Class C67 | ||||
12/15/2042 | 4.500% | 2,003,444 | 269,131 | |
Federal Home Loan Mortgage Corp. REMICS(b),(h) | ||||
CMO Series 4606 Class SL | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 12/15/2044 | 5.125% | 56,471,440 | 8,121,327 | |
CMO Series 5119 Class QS | ||||
-1.0 x 30-day Average SOFR + 6.300% Cap 6.300% 06/25/2051 | 6.011% | 42,482,577 | 10,495,384 | |
Federal Home Loan Mortgage Corp. REMICS(h) | ||||
CMO Series 5059 Class BI | ||||
01/25/2051 | 2.500% | 45,767,959 | 7,340,760 | |
CMO Series 5105 Class GI | ||||
11/25/2045 | 2.500% | 86,898,415 | 10,925,103 | |
CMO Series 5105 Class ID | ||||
05/25/2051 | 3.000% | 41,447,158 | 8,268,120 | |
CMO Series 5105 Class JI | ||||
03/25/2045 | 3.000% | 28,233,421 | 3,317,486 | |
CMO Series 5125 Class IT | ||||
09/25/2048 | 2.500% | 86,442,106 | 11,813,999 | |
Federal National Mortgage Association | ||||
08/01/2051 | 3.000% | 36,215,095 | 34,698,073 | |
01/01/2052 | 2.500% | 79,377,711 | 73,286,127 | |
Federal National Mortgage Association(h) | ||||
CMO Series 2012-152 Class EI | ||||
07/25/2031 | 3.000% | 2,779,402 | 78,846 | |
CMO Series 2021-3 Class TI | ||||
02/25/2051 | 2.500% | 54,524,243 | 9,705,986 | |
CMO Series 2021-4 Class IO | ||||
02/25/2051 | 2.500% | 45,043,998 | 7,733,163 |
12 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Residential Mortgage-Backed Securities - Agency(i) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Federal National Mortgage Association(b),(h) | ||||
CMO Series 2013-101 Class CS | ||||
-1.0 x 1-month USD LIBOR + 5.900% Cap 5.900% 10/25/2043 | 4.894% | 2,475,240 | 414,516 | |
CMO Series 2013-97 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 06/25/2032 | 5.432% | 429,934 | 20,865 | |
CMO Series 2014-93 Class ES | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/25/2045 | 5.144% | 1,367,801 | 227,284 | |
CMO Series 2015-27 Class AS | ||||
-1.0 x 1-month USD LIBOR + 5.650% Cap 5.650% 05/25/2045 | 4.644% | 10,937,309 | 1,727,995 | |
CMO Series 2016-31 Class VS | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 06/25/2046 | 4.994% | 1,507,786 | 214,064 | |
CMO Series 2017-50 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 07/25/2047 | 5.094% | 9,309,367 | 1,594,519 | |
CMO Series 2017-72 Class S | ||||
-1.0 x 1-month USD LIBOR + 3.950% Cap 2.750% 09/25/2047 | 2.750% | 23,207,495 | 2,107,285 | |
CMO Series 2017-90 Class SP | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 11/25/2047 | 5.144% | 9,923,817 | 1,536,563 | |
CMO Series 2020-38 Class SE | ||||
1-month USD LIBOR + 6.050% 06/25/2050 | 5.044% | 7,951,560 | 1,235,498 | |
CMO Series 2020-38 Class WS | ||||
-1.0 x 1-month USD LIBOR + 5.000% Cap 5.000% 06/25/2050 | 3.994% | 24,683,570 | 3,268,598 | |
Federal National Mortgage Association REMICS(h) | ||||
CMO Series 2021-22 Class LI | ||||
04/25/2051 | 3.000% | 39,440,179 | 7,116,030 |
Residential Mortgage-Backed Securities - Agency(i) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Freddie Mac STACR REMIC Trust(a),(b) | ||||
Subordinated CMO Series 2021-HQA2 Class B2 | ||||
30-day Average SOFR + 5.450% 12/25/2033 | 6.035% | 14,350,000 | 11,994,149 | |
Government National Mortgage Association(h) | ||||
CMO Series 2014-184 Class CI | ||||
11/16/2041 | 3.500% | 6,010,019 | 639,742 | |
CMO Series 2018-78 Class GI | ||||
04/20/2048 | 4.000% | 9,978,677 | 1,249,478 | |
CMO Series 2019-129 Class AI | ||||
10/20/2049 | 3.500% | 30,182,130 | 4,938,373 | |
CMO Series 2020-104 Class IY | ||||
07/20/2050 | 3.000% | 16,055,168 | 2,674,510 | |
CMO Series 2020-129 Class GI | ||||
09/20/2050 | 3.000% | 19,712,680 | 3,199,741 | |
CMO Series 2020-129 Class YI | ||||
09/20/2050 | 2.500% | 24,493,122 | 3,452,974 | |
CMO Series 2020-138 Class JI | ||||
09/20/2050 | 2.500% | 36,715,331 | 5,432,786 | |
CMO Series 2020-148 Class AI | ||||
10/20/2050 | 2.500% | 109,337,706 | 13,841,290 | |
CMO Series 2020-160 Class DI | ||||
10/20/2050 | 2.500% | 20,724,362 | 2,679,801 | |
CMO Series 2020-160 Class HI | ||||
10/20/2050 | 2.500% | 17,105,506 | 2,387,901 | |
CMO Series 2020-160 Class IA | ||||
10/20/2050 | 2.500% | 43,452,005 | 6,462,508 | |
CMO Series 2020-160 Class ID | ||||
10/20/2050 | 2.500% | 16,614,823 | 2,158,016 | |
CMO Series 2020-162 Class EI | ||||
10/20/2050 | 2.500% | 16,558,604 | 2,143,048 | |
CMO Series 2020-164 Class CI | ||||
11/20/2050 | 3.000% | 21,483,132 | 3,252,806 | |
CMO Series 2020-173 Class MI | ||||
11/20/2050 | 2.500% | 41,477,204 | 5,478,073 | |
CMO Series 2020-175 Class KI | ||||
11/20/2050 | 2.500% | 78,192,590 | 11,703,937 | |
CMO Series 2020-181 Class AI | ||||
12/20/2050 | 2.500% | 33,082,058 | 4,804,550 | |
CMO Series 2020-181 Class BI | ||||
12/20/2050 | 2.500% | 52,726,233 | 6,747,123 | |
CMO Series 2020-185 Class KI | ||||
12/20/2050 | 2.500% | 41,965,743 | 5,490,844 | |
CMO Series 2020-187 Class AI | ||||
12/20/2050 | 2.500% | 51,058,249 | 6,538,647 | |
CMO Series 2020-188 Class KI | ||||
12/20/2050 | 2.500% | 58,248,963 | 8,578,552 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 13 |
May 31, 2022
Residential Mortgage-Backed Securities - Agency(i) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2020-188 Class WI | ||||
12/20/2050 | 2.500% | 34,689,452 | 4,525,069 | |
CMO Series 2020-191 Class UC | ||||
12/20/2050 | 4.000% | 24,918,989 | 4,005,229 | |
CMO Series 2020-191 Class UD | ||||
12/20/2050 | 4.000% | 34,211,445 | 5,699,370 | |
CMO Series 2020-191 Class UM | ||||
12/20/2050 | 3.500% | 31,415,785 | 6,177,075 | |
CMO Series 2020-85 Class MI | ||||
06/20/2050 | 3.500% | 14,093,056 | 3,316,875 | |
CMO Series 2021-1 Class IT | ||||
01/20/2051 | 3.000% | 35,379,910 | 5,295,576 | |
CMO Series 2021-107 Class IW | ||||
06/20/2051 | 3.500% | 45,492,188 | 8,032,624 | |
CMO Series 2021-158 Class IO | ||||
09/20/2051 | 3.000% | 32,946,238 | 4,975,024 | |
CMO Series 2021-158 Class VI | ||||
09/20/2051 | 3.000% | 37,741,919 | 6,168,064 | |
CMO Series 2021-160 Class CI | ||||
09/20/2051 | 2.500% | 76,147,608 | 11,332,790 | |
CMO Series 2021-160 Class IA | ||||
09/20/2051 | 3.000% | 27,930,833 | 4,479,533 | |
CMO Series 2021-161 Class UI | ||||
09/20/2051 | 3.000% | 50,320,142 | 8,009,784 | |
CMO Series 2021-175 Class IJ | ||||
10/20/2051 | 3.000% | 8,916,217 | 1,441,697 | |
CMO Series 2021-188 Class IN | ||||
10/20/2051 | 2.500% | 45,100,949 | 7,357,340 | |
CMO Series 2021-24 Class MI | ||||
02/20/2051 | 3.000% | 20,718,250 | 3,210,303 | |
CMO Series 2021-24 Class PI | ||||
01/20/2051 | 2.500% | 23,098,706 | 2,849,750 | |
CMO Series 2021-29 Class GI | ||||
02/20/2051 | 3.000% | 32,125,055 | 4,272,700 | |
CMO Series 2021-29 Class HI | ||||
02/20/2051 | 3.500% | 24,905,689 | 4,198,013 | |
CMO Series 2021-44 Class CI | ||||
03/20/2051 | 3.000% | 30,967,783 | 4,714,374 | |
CMO Series 2021-44 Class MI | ||||
03/20/2051 | 3.000% | 19,683,553 | 3,174,384 | |
CMO Series 2021-49 Class WI | ||||
05/20/2048 | 2.500% | 22,367,467 | 2,410,571 | |
CMO Series 2021-58 Class IA | ||||
04/20/2051 | 3.500% | 17,330,647 | 2,444,332 | |
CMO Series 2021-7 Class IT | ||||
01/16/2051 | 3.000% | 31,990,005 | 6,816,680 |
Residential Mortgage-Backed Securities - Agency(i) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-9 Class MI | ||||
01/20/2051 | 2.500% | 44,028,189 | 6,025,562 | |
CMO Series 2021-97 Class IN | ||||
08/20/2049 | 2.500% | 74,394,716 | 8,959,028 | |
Government National Mortgage Association(b),(h) | ||||
CMO Series 2014-6 Class SJ | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 01/20/2044 | 5.173% | 11,350,636 | 2,074,246 | |
CMO Series 2017-163 Class SD | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 11/20/2047 | 5.273% | 12,715,079 | 1,787,774 | |
CMO Series 2018-124 Class SG | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 09/20/2048 | 5.273% | 11,269,546 | 1,549,619 | |
CMO Series 2018-155 Class LS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 11/20/2048 | 5.223% | 10,072,946 | 1,290,258 | |
CMO Series 2018-40 Class SC | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 03/20/2048 | 5.273% | 7,686,023 | 1,005,168 | |
CMO Series 2018-63 Class HS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 04/20/2048 | 5.273% | 10,003,959 | 1,321,865 | |
CMO Series 2018-63 Class SH | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 04/20/2048 | 5.273% | 9,542,262 | 1,225,623 | |
CMO Series 2018-78 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 06/20/2048 | 5.273% | 8,678,394 | 1,197,117 | |
CMO Series 2018-94 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 05/20/2048 | 5.273% | 7,919,832 | 1,123,063 |
14 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Residential Mortgage-Backed Securities - Agency(i) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2019-103 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 08/20/2049 | 5.123% | 17,989,654 | 2,462,084 | |
CMO Series 2019-120 Class SA | ||||
-1.0 x 1-month USD LIBOR + 3.400% Cap 3.400% 09/20/2049 | 2.473% | 23,884,352 | 1,350,799 | |
CMO Series 2019-43 Class NS | ||||
-1.0 x 1-month USD LIBOR + 3.270% Cap 3.270% 04/20/2049 | 2.343% | 18,453,010 | 622,125 | |
CMO Series 2020-104 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% 07/20/2050 | 5.273% | 12,892,928 | 1,636,748 | |
CMO Series 2020-133 Class DS | ||||
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 09/20/2050 | 5.373% | 78,978,526 | 12,752,576 | |
CMO Series 2020-148 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.300% 10/20/2050 | 5.373% | 23,894,816 | 3,901,519 | |
CMO Series 2020-175 Class NS | ||||
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 11/20/2050 | 5.373% | 28,854,937 | 4,963,693 | |
CMO Series 2020-187 Class SE | ||||
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 12/20/2050 | 5.373% | 22,495,173 | 3,817,921 | |
CMO Series 2020-62 Class SK | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 05/20/2050 | 5.223% | 11,623,446 | 1,971,283 | |
CMO Series 2021-122 Class SB | ||||
-1.0 x 30-day Average SOFR + 2.600% Cap 2.600% 07/20/2051 | 2.101% | 117,181,476 | 5,882,194 | |
CMO Series 2021-122 Class SG | ||||
1-month USD LIBOR + 6.300% Cap 6.300% 07/20/2051 | 5.373% | 76,549,639 | 12,062,524 |
Residential Mortgage-Backed Securities - Agency(i) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-155 Class SM | ||||
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 07/20/2051 | 5.373% | 37,593,739 | 6,057,058 | |
CMO Series 2021-156 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 09/20/2051 | 5.373% | 57,836,123 | 10,344,390 | |
CMO Series 2021-160 Class S | ||||
-1.0 x 30-day Average SOFR + 2.650% Cap 2.650% 09/20/2051 | 2.151% | 91,732,498 | 4,917,596 | |
CMO Series 2021-193 Class ES | ||||
30-day Average SOFR + 1.700% 11/20/2051 | 1.201% | 330,010,559 | 2,595,566 | |
CMO Series 2021-96 Class US | ||||
-1.0 x 30-day Average SOFR + 3.250% Cap 3.250% 06/20/2051 | 2.751% | 54,016,001 | 3,903,153 | |
CMO Series 2021-97 Class CS | ||||
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 06/20/2051 | 5.373% | 57,267,479 | 9,227,119 | |
CMO Series 2022-83 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 06/20/2050 | 5.223% | 31,409,367 | 5,128,704 | |
Uniform Mortgage-Backed Security TBA(j) | ||||
06/13/2052 | 3.500% | 258,000,000 | 252,900,467 | |
06/13/2052 | 4.000% | 737,000,000 | 737,287,887 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $1,778,637,300) | 1,757,912,430 | |||
Residential Mortgage-Backed Securities - Non-Agency 49.7% | ||||
510 Asset Backed Trust(a),(g) | ||||
CMO Series 2021-NPL2 Class A1 | ||||
06/25/2061 | 2.116% | 3,812,324 | 3,645,429 | |
Ajax Mortgage Loan Trust(a),(g) | ||||
CMO Series 2021-B Class A | ||||
06/25/2066 | 2.239% | 11,551,384 | 10,848,125 | |
CMO Series 2021-C Class A | ||||
01/25/2061 | 2.115% | 7,395,872 | 7,249,726 | |
AlphaFlow Transitional Mortgage Trust(a) | ||||
CMO Series 2021-WL1 Class A1 | ||||
01/25/2026 | 3.280% | 5,000,000 | 4,907,459 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 15 |
May 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Angel Oak Mortgage Trust(a),(g) | ||||
CMO Series 2021-5 Class A3 | ||||
07/25/2066 | 1.311% | 6,099,142 | 5,582,725 | |
Angel Oak Mortgage Trust I LLC(a),(g) | ||||
CMO Series 2018-3 Class M2 | ||||
09/25/2048 | 4.721% | 11,091,000 | 10,977,898 | |
Subordinated CMO Series 2019-2 Class B2 | ||||
03/25/2049 | 6.286% | 4,800,000 | 4,546,816 | |
Bellemeade Re Ltd.(a),(b) | ||||
CMO Series 2017-1 Class M2 | ||||
1-month USD LIBOR + 3.350% 10/25/2027 | 4.356% | 1,074,133 | 1,075,027 | |
CMO Series 2019-1A Class M1B | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 03/25/2029 | 2.756% | 965,904 | 963,633 | |
CMO Series 2019-4A Class M1C | ||||
1-month USD LIBOR + 2.500% Floor 2.500% 10/25/2029 | 3.506% | 1,500,000 | 1,476,842 | |
CMO Series 2020-2A Class M1C | ||||
1-month USD LIBOR + 4.000% Floor 4.000% 08/26/2030 | 5.006% | 1,954,053 | 1,966,052 | |
CMO Series 2020-2A Class M2 | ||||
1-month USD LIBOR + 6.000% Floor 6.000% 08/26/2030 | 7.006% | 11,550,000 | 11,907,792 | |
CMO Series 2020-3A Class M2 | ||||
1-month USD LIBOR + 4.850% Floor 4.850% 10/25/2030 | 5.856% | 6,750,000 | 6,860,598 | |
CMO Series 2020-4A Class M2B | ||||
1-month USD LIBOR + 3.600% Floor 3.600% 06/25/2030 | 4.606% | 11,590,951 | 11,657,924 | |
CMO Series 2021-1A Class M2 | ||||
30-day Average SOFR + 4.850% Floor 4.850% 03/25/2031 | 5.139% | 18,000,000 | 18,160,344 | |
CMO Series 2021-2A Class M1C | ||||
30-day Average SOFR + 1.850% Floor 1.850% 06/25/2031 | 2.139% | 9,465,000 | 8,962,592 | |
CMO Series 2021-2A Class M2 | ||||
30-day Average SOFR + 2.900% Floor 2.900% 06/25/2031 | 3.189% | 15,250,000 | 14,004,892 | |
Subordinated CMO Series 2018-1A Class B1 | ||||
1-month USD LIBOR + 4.250% 04/25/2028 | 4.918% | 5,440,000 | 5,364,009 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated CMO Series 2019-4A Class B1 | ||||
1-month USD LIBOR + 3.850% Floor 3.850% 10/25/2029 | 4.856% | 17,089,000 | 16,296,142 | |
Subordinated CMO Series 2020-4A Class B1 | ||||
1-month USD LIBOR + 5.000% Floor 5.000% 06/25/2030 | 6.006% | 4,000,000 | 4,023,994 | |
Subordinated CMO Series 2021-1A Class B1 | ||||
30-day Average SOFR + 6.750% Floor 6.750% 03/25/2031 | 7.039% | 3,750,000 | 3,753,559 | |
Subordinated CMO Series 2021-2A Class B1 | ||||
30-day Average SOFR + 4.150% Floor 4.150% 06/25/2031 | 4.439% | 2,800,000 | 2,619,308 | |
BRAVO Residential Funding Trust(a),(g) | ||||
CMO Series 2019-NQM2 Class B1 | ||||
11/25/2059 | 3.954% | 8,550,000 | 7,909,506 | |
CMO Series 2020-NQM1 Class B1 | ||||
05/25/2060 | 5.086% | 2,200,000 | 2,158,646 | |
CMO Series 2020-NQM1 Class B2 | ||||
05/25/2060 | 5.583% | 2,800,000 | 2,736,344 | |
CMO Series 2021-B Class A1 | ||||
04/01/2069 | 2.115% | 8,756,328 | 8,478,597 | |
Subordinated CMO Series 2021-NQM2 Class B1 | ||||
03/25/2060 | 3.044% | 2,950,000 | 2,716,092 | |
Subordinated CMO Series 2021-NQM2 Class B2 | ||||
03/25/2060 | 4.099% | 4,100,000 | 3,849,443 | |
BRAVO Residential Funding Trust(a),(b) | ||||
CMO Series 2021-HE2 Class B1 | ||||
30-day Average SOFR + 2.400% 11/25/2069 | 2.689% | 6,000,000 | 5,899,529 | |
Subordinated CMO Series 2021-HE1 Class B1 | ||||
30-day Average SOFR + 2.500% 01/25/2070 | 3.085% | 6,708,000 | 6,668,882 | |
Subordinated CMO Series 2021-HE1 Class B2 | ||||
30-day Average SOFR + 3.000% 01/25/2070 | 3.585% | 4,129,000 | 4,026,991 | |
Subordinated CMO Series 2021-HE2 Class B2 | ||||
30-day Average SOFR + 3.400% 11/25/2069 | 3.133% | 6,570,000 | 6,442,407 | |
BVRT Financing Trust(a),(b),(d) | ||||
CMO Series 2020-CRT1 Class M3 | ||||
1-month USD LIBOR + 4.000% 07/10/2032 | 4.077% | 4,018,200 | 4,038,291 | |
CMO Series 2021-2F Class M2 | ||||
30-day Average SOFR + 2.500% Floor 2.500% 01/10/2032 | 2.717% | 16,836,862 | 16,914,194 |
16 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-3F Class M2 | ||||
30-day Average SOFR + 2.900% Floor 2.900% 07/12/2033 | 3.126% | 40,000,000 | 40,000,000 | |
CMO Series 2021-CRT2 Class M3 | ||||
1-month USD LIBOR + 2.750% 11/10/2032 | 3.592% | 9,983,516 | 9,946,078 | |
CMO Series 2021-CRT3 Class B1 | ||||
30-day Average SOFR + 4.300% Floor 4.300% 01/10/2031 | 4.338% | 15,200,000 | 15,200,000 | |
CMO Series 2021-CRT3 Class M3 | ||||
30-day Average SOFR + 3.150% Floor 3.150% 01/10/2031 | 3.188% | 4,834,703 | 4,834,703 | |
CMO Series 2021-CRT3 Class M4 | ||||
30-day Average SOFR + 3.800% Floor 3.800% 01/10/2031 | 3.838% | 3,400,000 | 3,400,000 | |
BVRT Financing Trust(a),(b) | ||||
CMO Series 2021-1F Class M3 | ||||
30-day Average SOFR + 2.800% Floor 2.800% 03/15/2038 | 2.838% | 3,585,180 | 3,585,684 | |
BVRT Financing Trust(a),(b),(d),(e) | ||||
CMO Series 2021-CRT1 Class M2 | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 01/10/2033 | 2.345% | 4,631,867 | 4,517,664 | |
CMO Series 2021-CRT1 Class M4 | ||||
1-month USD LIBOR + 3.500% Floor 3.500% 07/10/2032 | 3.589% | 16,250,000 | 15,905,906 | |
CHL GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 1.000% 05/25/2023 | 3.756% | 10,131,000 | 10,031,081 | |
CMO Series 2018-GT1 Class B | ||||
1-month USD LIBOR + 3.500% 05/25/2023 | 4.506% | 4,350,000 | 4,284,098 | |
CIM Trust(a),(g) | ||||
CMO Series 2021-NR1 Class A1 | ||||
07/25/2055 | 2.569% | 17,119,091 | 16,533,934 | |
CMO Series 2021-NR2 Class A1 | ||||
07/25/2059 | 2.568% | 29,390,968 | 28,202,565 | |
CMO Series 2021-NR4 Class A1 | ||||
10/25/2061 | 2.816% | 7,879,958 | 7,447,776 | |
COLT Mortgage Loan Trust(a),(g) | ||||
CMO Series 2020-2 Class M1 | ||||
03/25/2065 | 5.250% | 1,463,000 | 1,445,457 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-3 Class A3 | ||||
09/27/2066 | 1.419% | 8,409,483 | 7,565,527 | |
Subordinated CMO Series 2020-2 Class B1 | ||||
03/25/2065 | 5.250% | 3,716,000 | 3,678,069 | |
Subordinated CMO Series 2021-4 Class B1 | ||||
10/25/2066 | 3.764% | 5,969,000 | 4,554,656 | |
Subordinated Series 2021-3 Class B1 | ||||
09/27/2066 | 3.059% | 2,502,000 | 2,022,787 | |
Connecticut Avenue Securities Trust(a),(b) | ||||
CMO Series 2019-HRP1 Class M2 | ||||
1-month USD LIBOR + 2.150% 11/25/2039 | 3.156% | 13,212,118 | 13,016,313 | |
Subordinated CMO Series 2018-R07 Class 1B1 | ||||
1-month USD LIBOR + 4.350% 04/25/2031 | 5.356% | 6,550,000 | 6,588,428 | |
Subordinated CMO Series 2019-R01 Class 2B1 | ||||
1-month USD LIBOR + 4.350% Floor 4.350% 07/25/2031 | 5.356% | 15,320,775 | 15,291,082 | |
Subordinated CMO Series 2021-R03 Class 1B2 | ||||
30-day Average SOFR + 5.500% Floor 5.500% 12/25/2041 | 6.085% | 16,909,000 | 14,100,322 | |
Subordinated CMO Series 2022-R01 Class 1B2 | ||||
30-day Average SOFR + 6.000% 12/25/2041 | 6.585% | 49,550,000 | 42,377,558 | |
Subordinated CMO Series 2022-R02 Class 2B2 | ||||
30-day Average SOFR + 7.650% 01/25/2042 | 8.235% | 37,400,000 | 34,178,458 | |
Subordinated CMO Series 2022-R03 Class 1B1 | ||||
30-day Average SOFR + 6.250% 03/25/2042 | 6.835% | 2,550,000 | 2,514,734 | |
Subordinated CMO Series 2022-R04 Class 1B1 | ||||
30-day Average SOFR + 5.250% 03/25/2042 | 5.835% | 13,850,000 | 13,216,068 | |
Subordinated CMO Series 2022-R04 Class 1B2 | ||||
30-day Average SOFR + 9.500% 03/25/2042 | 10.085% | 13,800,000 | 13,514,620 | |
Credit Suisse Mortgage Trust(a),(g) | ||||
CMO Series 2022-JR1 Class A1 | ||||
10/25/2066 | 4.267% | 34,070,746 | 33,883,231 | |
CSMC Trust(a),(g) | ||||
CMO Series 2021-JR2 Class A1 | ||||
11/25/2061 | 2.215% | 7,828,148 | 7,540,258 | |
Deephaven Residential Mortgage Trust(a),(g) | ||||
CMO Series 2020-2 Class B2 | ||||
05/25/2065 | 5.838% | 4,673,000 | 4,687,843 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 17 |
May 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Eagle Re Ltd.(a),(b) | ||||
CMO Series 2019-1 Class M2 | ||||
1-month USD LIBOR + 3.300% 04/25/2029 | 4.306% | 21,000,000 | 20,839,587 | |
CMO Series 2021-1 Class M2 | ||||
30-day Average SOFR + 4.450% Floor 4.450% 10/25/2033 | 4.739% | 17,000,000 | 16,760,526 | |
Subordinated CMO Series 2020-1 Class M1C | ||||
1-month USD LIBOR + 1.800% 01/25/2030 | 2.806% | 11,000,000 | 10,821,747 | |
Fannie Mae Connecticut Avenue Securities(a),(b) | ||||
Subordinated CMO Series 2021-R02 Class 2B2 | ||||
30-day Average SOFR + 6.200% 11/25/2041 | 6.785% | 15,900,000 | 13,311,784 | |
FMC GMSR Issuer Trust(a),(g) | ||||
CMO Series 2020-GT1 Class A | ||||
01/25/2026 | 4.450% | 9,050,000 | 8,556,193 | |
Freddie Mac STACR(a),(b) | ||||
Subordinated CMO Series 2019-HQA3 Class B1 | ||||
1-month USD LIBOR + 3.000% 09/25/2049 | 4.006% | 19,309,209 | 18,083,924 | |
Freddie Mac STACR REMIC Trust(a),(b) | ||||
CMO Series 2020-HQA3 Class M2 | ||||
1-month USD LIBOR + 3.600% 07/25/2050 | 4.606% | 1,062,032 | 1,063,912 | |
CMO Series 2022-HQA1 Class M2 | ||||
30-day Average SOFR + 5.250% 03/25/2042 | 5.835% | 11,650,000 | 11,256,847 | |
Subordinated CMO Series 2020-DNA4 Class B1 | ||||
1-month USD LIBOR + 6.000% 08/25/2050 | 7.006% | 11,300,000 | 11,880,866 | |
Subordinated CMO Series 2020-DNA5 Class B1 | ||||
30-day Average SOFR + 4.800% 10/25/2050 | 5.419% | 11,200,000 | 11,472,117 | |
Subordinated CMO Series 2020-DNA6 Class B2 | ||||
30-day Average SOFR + 5.650% 12/25/2050 | 6.235% | 15,500,000 | 14,206,649 | |
Subordinated CMO Series 2020-HQA1 Class B1 | ||||
1-month USD LIBOR + 2.350% 01/25/2050 | 3.356% | 28,457,336 | 26,855,185 | |
Subordinated CMO Series 2020-HQA3 Class B1 | ||||
1-month USD LIBOR + 5.750% 07/25/2050 | 6.756% | 8,000,000 | 8,347,121 | |
Subordinated CMO Series 2020-HQA4 Class B1 | ||||
1-month USD LIBOR + 5.250% 09/25/2050 | 6.256% | 16,600,000 | 16,954,958 | |
Subordinated CMO Series 2021-DNA1 Class B2 | ||||
30-day Average SOFR + 4.750% 01/25/2051 | 5.335% | 18,450,000 | 14,605,764 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated CMO Series 2021-DNA5 Class B2 | ||||
30-day Average SOFR + 5.500% 01/25/2034 | 6.085% | 46,650,000 | 37,925,503 | |
Subordinated CMO Series 2021-DNA6 Class B2 | ||||
30-day Average SOFR + 7.500% 10/25/2041 | 7.789% | 12,600,000 | 11,472,318 | |
Subordinated CMO Series 2021-HQA4 Class B2 | ||||
30-day Average SOFR + 7.000% 12/25/2041 | 7.585% | 14,000,000 | 12,130,315 | |
Subordinated CMO Series 2022-DNA1 Class B2 | ||||
30-day Average SOFR + 7.100% 01/25/2042 | 7.685% | 23,350,000 | 19,923,532 | |
Subordinated CMO Series 2022-HQA1 Class B2 | ||||
30-day Average SOFR + 11.000% 03/25/2042 | 11.585% | 31,500,000 | 31,211,293 | |
Freddie Mac STACR Trust(a),(b) | ||||
Subordinated CMO Series 2019-FTR2 Class M2 | ||||
1-month USD LIBOR + 2.150% 11/25/2048 | 3.156% | 16,207,503 | 15,474,225 | |
Subordinated CMO Series 2019-HQA2 Class B1 | ||||
1-month USD LIBOR + 4.100% 04/25/2049 | 5.106% | 20,000,000 | 19,610,562 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(b) | ||||
CMO Series 2014-DN1 Class M3 | ||||
1-month USD LIBOR + 4.500% 02/25/2024 | 5.506% | 4,559,687 | 4,579,850 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b) | ||||
CMO Series 2020-HQA5 Class M2 | ||||
30-day Average SOFR + 2.600% 11/25/2050 | 3.185% | 9,450,389 | 9,444,059 | |
Subordinated CMO Series 2020-DNA3 Class B1 | ||||
1-month USD LIBOR + 5.100% 06/25/2050 | 6.106% | 9,562,496 | 9,811,581 | |
Subordinated CMO Series 2020-HQA5 Class B1 | ||||
30-day Average SOFR + 4.000% 11/25/2050 | 4.585% | 6,750,000 | 6,484,680 | |
Subordinated CMO Series 2020-HQA5 Class B2 | ||||
30-day Average SOFR + 7.400% 11/25/2050 | 7.985% | 14,200,000 | 14,462,912 | |
Subordinated CMO Series 2021-DNA7 Class B2 | ||||
30-day Average SOFR + 7.800% 11/25/2041 | 8.089% | 46,278,740 | 42,258,964 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(g) | ||||
Subordinated CMO Series 2022-DNA2 Class B2 | ||||
02/25/2042 | 9.085% | 39,000,000 | 36,132,989 | |
GCAT Trust(a),(g) | ||||
CMO Series 2019-NQM3 Class M1 | ||||
11/25/2059 | 3.450% | 5,650,000 | 5,423,308 |
18 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Genworth Mortgage Insurance Corp.(a),(b) | ||||
CMO Series 2021-1 Class M2 | ||||
1-month USD LIBOR + 3.900% Floor 3.900% 08/25/2033 | 4.906% | 3,750,000 | 3,716,646 | |
CMO Series 2021-3 Class M1B | ||||
30-day Average SOFR + 2.900% Floor 2.900% 02/25/2034 | 3.189% | 29,500,000 | 28,509,048 | |
Subordinated CMO Series 2021-3 Class B1 | ||||
30-day Average SOFR + 4.950% Floor 4.950% 02/25/2034 | 5.239% | 7,500,000 | 6,883,520 | |
Glebe Funding Trust (The)(a),(d) | ||||
CMO Series 2021-1 Class PT | ||||
10/27/2023 | 3.000% | 32,964,570 | 32,305,279 | |
Home Re Ltd.(a),(b) | ||||
CMO Series 2018-1 Class M2 | ||||
1-month USD LIBOR + 3.000% 10/25/2028 | 4.006% | 9,924,593 | 9,824,729 | |
CMO Series 2020-1 Class M1C | ||||
1-month USD LIBOR + 4.150% Floor 4.150% 10/25/2030 | 5.156% | 4,000,000 | 4,023,101 | |
CMO Series 2020-1 Class M2 | ||||
1-month USD LIBOR + 5.250% Floor 5.250% 10/25/2030 | 6.256% | 8,800,000 | 8,843,239 | |
Homeward Opportunities Fund I Trust(a),(g) | ||||
Subordinated CMO Series 2020-2 Class B1 | ||||
05/25/2065 | 5.450% | 3,750,000 | 3,767,307 | |
Homeward Opportunities Fund Trust(a),(g) | ||||
CMO Series 2020-BPL1 Class A2 | ||||
08/25/2025 | 5.438% | 12,967,852 | 12,850,236 | |
Imperial Fund Mortgage Trust(a),(g) | ||||
Subordinated CMO Series 2021-NQM3 Class B1 | ||||
11/25/2056 | 4.184% | 7,384,000 | 5,696,393 | |
Loan Revolving Advance Investment Trust(a),(b),(d),(e) | ||||
CMO Series 2021-2 Class A1X | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 06/30/2023 | 3.625% | 40,000,000 | 39,953,880 | |
MFA Trust(a),(g) | ||||
CMO Series 2020-NQM3 Class M1 | ||||
01/26/2065 | 2.654% | 3,500,000 | 3,289,945 | |
Subordinated CMO Series 2020-NQM3 Class B1 | ||||
01/26/2065 | 3.661% | 6,250,000 | 5,844,881 | |
Mortgage Acquisition Trust I LLC(a),(d) | ||||
CMO Series 2021-1 Class PT | ||||
11/29/2023 | 3.500% | 21,744,421 | 21,662,879 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Mortgage Insurance-Linked Notes(a),(b) | ||||
CMO Series 2020-1 Class M1C | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 02/25/2030 | 2.418% | 3,050,000 | 2,947,551 | |
Subordinated CMO Series 2019-1 Class B1 | ||||
1-month USD LIBOR + 4.150% Floor 4.150% 11/26/2029 | 4.818% | 6,000,000 | 5,994,646 | |
New Residential Mortgage Loan Trust(a),(g),(h) | ||||
CMO Series 2014-1A Class AIO | ||||
01/25/2054 | 2.307% | 5,050,357 | 232,568 | |
New York Mortgage Trust(a),(g) | ||||
CMO Series 2021-BPL1 Class A1 | ||||
05/25/2026 | 2.239% | 12,080,000 | 11,767,316 | |
CMO Series 2021-BPL1 Class A2 | ||||
05/25/2026 | 2.981% | 5,000,000 | 4,860,042 | |
NRZ Excess Spread-Collateralized Notes(a) | ||||
Series 2020-PLS1 Class A | ||||
12/25/2025 | 3.844% | 4,345,311 | 4,165,452 | |
Oaktown Re II Ltd.(a),(b) | ||||
Subordinated CMO Series 2018-1A Class B1 | ||||
1-month USD LIBOR + 4.050% 07/25/2028 | 5.056% | 7,323,000 | 7,341,689 | |
Oaktown Re III Ltd.(a),(b) | ||||
CMO Series 2019-1A Class M2 | ||||
1-month USD LIBOR + 2.550% Floor 2.550% 07/25/2029 | 3.556% | 15,000,000 | 14,658,465 | |
Oaktown Re V Ltd.(a),(b) | ||||
CMO Series 2020-2A Class M2 | ||||
1-month USD LIBOR + 5.250% Floor 5.250% 10/25/2030 | 6.256% | 9,500,000 | 9,764,504 | |
Oaktown Re VI Ltd.(a),(b) | ||||
CMO Series 2021-1A Class B1 | ||||
30-day Average SOFR + 5.500% Floor 5.500% 10/25/2033 | 6.085% | 2,373,000 | 2,315,578 | |
CMO Series 2021-1A Class M2 | ||||
30-day Average SOFR + 3.950% Floor 3.950% 10/25/2033 | 4.535% | 6,500,000 | 6,167,961 | |
OSAT Trust(a),(g) | ||||
CMO Series 2021-RPL1 Class A2 | ||||
05/25/2065 | 3.967% | 5,000,000 | 4,821,033 | |
PMT Credit Risk Transfer Trust(a),(b) | ||||
Series 2019-2R Class A | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 05/27/2023 | 3.773% | 8,231,449 | 7,780,151 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 19 |
May 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
PNMAC GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-FT1 Class A | ||||
1-month USD LIBOR + 2.350% 04/25/2023 | 3.356% | 9,500,000 | 9,401,317 | |
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 2.850% Floor 2.850% 02/25/2023 | 3.856% | 19,379,000 | 19,261,263 | |
CMO Series 2018-GT2 Class A | ||||
1-month USD LIBOR + 2.650% 08/25/2025 | 3.656% | 47,570,000 | 46,963,806 | |
Point Securitization Trust(a),(g) | ||||
CMO Series 2021-1 Class A1 | ||||
02/25/2052 | 3.228% | 15,740,897 | 15,700,518 | |
Preston Ridge Partners Mortgage(a),(g) | ||||
CMO Series 2021-2 Class A2 | ||||
03/25/2026 | 3.770% | 18,598,000 | 17,802,644 | |
CMO Series 2021-3 Class A2 | ||||
04/25/2026 | 3.720% | 7,000,000 | 6,658,376 | |
CMO Series 2021-4 Class A2 | ||||
04/25/2026 | 3.474% | 5,350,000 | 4,974,265 | |
Preston Ridge Partners Mortgage LLC(a),(g) | ||||
CMO Series 2020-4 Class A1 | ||||
10/25/2025 | 2.610% | 7,619,982 | 7,473,526 | |
CMO Series 2020-6 Class A2 | ||||
11/25/2025 | 4.703% | 2,300,000 | 2,206,201 | |
Preston Ridge Partners Mortgage Trust(a),(g) | ||||
CMO Series 2021-1 Class A1 | ||||
01/25/2026 | 2.115% | 8,092,368 | 7,772,625 | |
CMO Series 2021-1 Class A2 | ||||
01/25/2026 | 3.720% | 28,254,000 | 26,759,420 | |
CMO Series 2021-2 Class A1 | ||||
03/25/2026 | 2.115% | 7,386,200 | 7,114,406 | |
CMO Series 2021-5 Class A2 | ||||
06/25/2026 | 3.721% | 16,300,000 | 15,440,204 | |
CMO Series 2021-8 Class A1 | ||||
09/25/2026 | 1.743% | 17,605,248 | 16,758,600 | |
Pretium Mortgage Credit Partners(a),(g) | ||||
CMO Series 2022-NPL1 Class A1 | ||||
01/25/2052 | 2.981% | 22,478,079 | 21,444,490 | |
Pretium Mortgage Credit Partners I LLC(a),(g) | ||||
CMO Series 2021-NPL1 Class A1 | ||||
09/27/2060 | 2.240% | 7,611,661 | 7,259,124 | |
Pretium Mortgage Credit Partners LLC(a),(g) | ||||
CMO Series 2021-NPL6 Class A2 | ||||
07/25/2051 | 5.071% | 5,600,000 | 5,247,219 | |
CMO Series 2021-RN2 Class A1 | ||||
07/25/2051 | 1.744% | 7,118,635 | 6,702,697 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Radnor Re Ltd.(a),(b) | ||||
CMO Series 2018-1 Class M2 | ||||
1-month USD LIBOR + 2.700% 03/25/2028 | 3.706% | 5,670,000 | 5,629,363 | |
CMO Series 2020-2 Class M2 | ||||
1-month USD LIBOR + 5.600% Floor 5.600% 10/25/2030 | 6.268% | 1,889,268 | 1,887,725 | |
Subordinated CMO Series 2019-2 Class B1 | ||||
1-month USD LIBOR + 2.700% Floor 2.700% 06/25/2029 | 3.706% | 3,000,000 | 2,975,906 | |
Subordinated CMO Series 2021-1 Class B1 | ||||
30-day Average SOFR + 4.000% Floor 4.000% 12/27/2033 | 4.585% | 4,750,000 | 4,360,444 | |
Radnor RE Ltd.(a),(b) | ||||
CMO Series 2021-1 Class M1C | ||||
30-day Average SOFR + 2.700% Floor 2.700% 12/27/2033 | 3.285% | 20,500,000 | 19,195,478 | |
RCO VII Mortgage LLC(a),(g) | ||||
CMO Series 2021-1 Class A2 | ||||
05/25/2026 | 3.967% | 2,000,000 | 1,860,024 | |
Residential Mortgage Loan Trust(a),(g) | ||||
CMO Series 2019-3 Class M1 | ||||
09/25/2059 | 3.257% | 6,378,000 | 6,139,449 | |
Subordinated CMO Series 2020-1 Class B1 | ||||
01/26/2060 | 3.946% | 3,938,000 | 3,573,560 | |
Saluda Grade Alternative Mortgage Trust(a) | ||||
CMO Series 2020-FIG1 Class A3 | ||||
09/25/2050 | 5.086% | 4,982,444 | 4,972,904 | |
STACR Trust(a),(b) | ||||
Subordinated CMO Series 2018-HRP1 Class B1 | ||||
1-month USD LIBOR + 3.750% 04/25/2043 | 4.756% | 14,000,000 | 13,801,745 | |
Stanwich Mortgage Loan Co. LLC(a),(g) | ||||
CMO Series 2021-NPB1 Class A1 | ||||
10/16/2026 | 2.735% | 30,284,203 | 29,317,065 | |
Starwood Mortgage Residential Trust(a),(g) | ||||
CMO Series 2020-3 Class B1 | ||||
04/25/2065 | 4.750% | 4,750,000 | 4,627,266 | |
CMO Series 2021-3 Class A1 | ||||
06/25/2056 | 1.127% | 5,719,452 | 5,326,934 | |
Starwood Mortgage Residential Trust(a) | ||||
Subordinated CMO Series 2020-INV1 Class B1 | ||||
11/25/2055 | 3.257% | 3,200,000 | 3,044,341 | |
Subordinated CMO Series 2020-INV1 Class B2 | ||||
11/25/2055 | 4.261% | 1,400,000 | 1,331,174 |
20 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Stonnington Mortgage Trust(a),(d),(e),(g) | ||||
CMO Series 2020-1 Class A | ||||
07/28/2024 | 3.500% | 4,619,129 | 4,619,129 | |
Toorak Mortgage Corp., Ltd.(a),(d),(e),(g) | ||||
CMO Series 2020-1 Class M1 | ||||
03/25/2023 | 5.000% | 19,600,000 | 19,306,000 | |
Toorak Mortgage Corp., Ltd.(a),(g) | ||||
CMO Series 2021-1 Class A1 | ||||
06/25/2024 | 2.240% | 21,000,000 | 20,185,964 | |
Triangle Re Ltd.(a),(b) | ||||
CMO Series 2020-1 Class M1C | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 10/25/2030 | 5.168% | 10,868,463 | 10,912,737 | |
CMO Series 2020-1 Class M2 | ||||
1-month USD LIBOR + 5.600% Floor 5.600% 10/25/2030 | 6.268% | 8,000,000 | 8,091,938 | |
CMO Series 2021-2 Class M1C | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 10/25/2033 | 5.506% | 5,000,000 | 5,095,325 | |
CMO Series 2021-2 Class M2 | ||||
1-month USD LIBOR + 5.500% Floor 5.500% 10/25/2033 | 6.506% | 10,000,000 | 9,905,977 | |
Subordinated CMO Series 2021-1 Class B1 | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 08/25/2033 | 5.506% | 22,926,000 | 22,927,401 | |
Subordinated CMO Series 2021-2 Class B1 | ||||
1-month USD LIBOR + 7.500% Floor 7.500% 10/25/2033 | 8.506% | 7,100,000 | 6,811,206 | |
VCAT Asset Securitization LLC(a),(g) | ||||
CMO Series 2021-NPL3 Class A2 | ||||
05/25/2051 | 3.967% | 3,980,000 | 3,703,879 | |
CMO Series 2021-NPL6 Class A1 | ||||
09/25/2051 | 1.917% | 14,710,605 | 13,909,324 | |
VCAT LLC(a),(g) | ||||
CMO Series 2021-NPL2 Class A2 | ||||
03/27/2051 | 4.212% | 5,500,000 | 5,232,461 | |
Vericrest Opportunity Loan Transferee(a),(g) | ||||
CMO Series 2021-NPL4 Class A1 | ||||
03/27/2051 | 2.240% | 10,987,586 | 10,721,485 | |
Vericrest Opportunity Loan Transferee XCIV LLC(a),(g) | ||||
CMO Series 2021-NPL3 Class A1 | ||||
02/27/2051 | 2.240% | 12,573,388 | 12,121,910 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Vericrest Opportunity Loan Transferee XCVI LLC(a),(g) | ||||
CMO Series 2021-NPL5 Class A1 | ||||
03/27/2051 | 2.116% | 21,652,314 | 20,899,113 | |
Vericrest Opportunity Loan Transferee XCVII LLC(a),(g) | ||||
CMO Series 2021-NPL6 Class A1 | ||||
04/25/2051 | 2.240% | 18,095,774 | 17,266,531 | |
Verus Securitization Trust(a) | ||||
CMO Series 2020-INV1 Class B1 | ||||
03/25/2060 | 5.750% | 1,050,000 | 1,021,959 | |
Subordinated CMO Series 2020-INV1 Class B2 | ||||
03/25/2060 | 6.000% | 3,150,000 | 3,038,926 | |
Verus Securitization Trust(a),(g) | ||||
CMO Series 2020-NPL1 Class A2 | ||||
08/25/2050 | 5.682% | 8,000,000 | 7,996,832 | |
Subordinated CMO Series 2019-4 Class B1 | ||||
11/25/2059 | 3.860% | 4,150,000 | 4,087,807 | |
Subordinated CMO Series 2020-1 Class B1 | ||||
01/25/2060 | 3.624% | 6,000,000 | 5,639,306 | |
Subordinated CMO Series 2020-4 Class B1 | ||||
05/25/2065 | 5.046% | 2,450,000 | 2,392,923 | |
Subordinated CMO Series 2020-4 Class B2 | ||||
05/25/2065 | 5.600% | 2,000,000 | 1,923,432 | |
Subordinated Series 2021-5 Class B1 | ||||
09/25/2066 | 3.037% | 3,800,000 | 3,031,285 | |
Subordinated Series 2021-5 Class B2 | ||||
09/25/2066 | 3.941% | 3,500,000 | 2,619,958 | |
Visio Trust(a),(g) | ||||
CMO Series 2019-2 Class B1 | ||||
11/25/2054 | 3.910% | 1,200,000 | 1,142,723 | |
CMO Series 2019-2 Class M1 | ||||
11/25/2054 | 3.260% | 1,400,000 | 1,345,788 | |
Vista Point Securitization Trust(a),(g) | ||||
Subordinated CMO Series 2020-1 Class B1 | ||||
03/25/2065 | 5.375% | 2,000,000 | 1,988,180 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $2,025,941,413) | 1,945,029,596 |
Options Purchased Calls 0.6% | ||||
Value ($) | ||||
(Cost $33,596,355) | 22,827,745 | |||
Options Purchased Puts 0.2% | ||||
(Cost $3,850,000) | 8,132,390 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 21 |
May 31, 2022
Money Market Funds 5.6% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(k),(l) | 218,633,746 | 218,546,293 |
Total Money Market Funds (Cost $218,545,952) | 218,546,293 | |
Total Investments in Securities (Cost: $5,102,467,818) | 4,890,323,341 | |
Other Assets & Liabilities, Net | (981,227,850) | |
Net Assets | 3,909,095,491 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | 12,176 | 09/2022 | USD | 1,454,461,250 | 3,015,119 | — |
U.S. Ultra Treasury Bond | 1,294 | 09/2022 | USD | 201,540,500 | — | (3,663,984) |
Total | 3,015,119 | (3,663,984) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 5-Year Note | (675) | 09/2022 | USD | (76,243,359) | 296,830 | — |
U.S. Treasury 5-Year Note | (11,917) | 09/2022 | USD | (1,346,062,391) | — | (1,436,953) |
Total | 296,830 | (1,436,953) |
Call option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | 250,000,000 | 250,000,000 | 1.00 | 07/08/2022 | 2,550,000 | 25 |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 107,600,000 | 107,600,000 | 2.25 | 04/27/2023 | 2,582,400 | 1,654,060 |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 212,740,000 | 212,740,000 | 2.50 | 05/12/2023 | 6,360,926 | 5,036,215 |
10-Year OTC interest rate swap with JPMorgan to receive exercise rate and pay SOFR | JPMorgan | USD | 300,000,000 | 300,000,000 | 2.25 | 05/26/2023 | 6,000,000 | 4,952,310 |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | 400,000,000 | 400,000,000 | 2.25 | 04/27/2023 | 9,540,000 | 6,148,920 |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | 212,740,000 | 212,740,000 | 2.50 | 05/12/2023 | 6,563,029 | 5,036,215 |
Total | 33,596,355 | 22,827,745 |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Morgan Stanley to receive SOFR and pay exercise rate | Morgan Stanley | USD | 175,000,000 | 175,000,000 | 2.25 | 09/30/2022 | 3,850,000 | 8,132,390 |
22 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Put option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | (210,000,000) | (210,000,000) | 2.55 | 07/13/2022 | (3,360,000) | (4,013,814) |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | (320,000,000) | (320,000,000) | 2.65 | 07/14/2022 | (5,440,000) | (4,558,912) |
5-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (181,300,000) | (181,300,000) | 1.75 | 07/05/2022 | (1,405,075) | (9,619,524) |
5-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (315,700,000) | (315,700,000) | 1.85 | 07/07/2022 | (2,841,300) | (15,334,370) |
5-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (400,000,000) | (400,000,000) | 2.00 | 08/03/2022 | (3,600,000) | (16,985,440) |
5-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (468,000,000) | (468,000,000) | 2.10 | 08/10/2022 | (5,616,000) | (17,908,114) |
Total | (22,262,375) | (68,420,174) |
Credit default swap contracts - buy protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Pay fixed rate (%) | Payment frequency | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 11 BBB- | Citi | 11/18/2054 | 3.000 | Monthly | USD | 10,000,000 | 1,206,250 | (5,833) | 334,162 | — | 866,255 | — |
Credit default swap contracts - sell protection | |||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 10,000,000 | (1,362,500) | 5,833 | — | (2,192,157) | 835,490 | — |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 10,000,000 | (1,362,500) | 5,833 | — | (1,864,340) | 507,673 | — |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 10,000,000 | (1,362,500) | 5,833 | — | (1,210,147) | — | (146,520) |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 40,000,000 | (5,450,001) | 23,334 | — | (4,864,062) | — | (562,605) |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 25,000,000 | (3,406,250) | 14,583 | — | (2,216,731) | — | (1,174,936) |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 25,000,000 | (3,406,250) | 14,583 | — | (2,172,129) | — | (1,219,538) |
Markit CMBX North America Index, Series 13 BBB- | Citi | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 20,000,000 | (2,975,000) | 11,667 | — | (1,034,966) | — | (1,928,367) |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 23 |
May 31, 2022
Credit default swap contracts - sell protection (continued) | |||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 13 BBB- | Citi | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 25,000,000 | (3,718,750) | 14,583 | — | (1,252,476) | — | (2,451,691) |
Markit CMBX North America Index, Series 10 BBB- | Goldman Sachs International | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 20,250,000 | (2,759,063) | 11,813 | — | (2,318,260) | — | (428,990) |
Markit CMBX North America Index, Series 10 BBB- | Goldman Sachs International | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 25,000,000 | (3,406,250) | 14,583 | — | (2,604,420) | — | (787,247) |
Markit CMBX North America Index, Series 13 BBB- | Goldman Sachs International | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 10,100,000 | (1,502,375) | 5,892 | — | (543,186) | — | (953,297) |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 10,000,000 | (1,362,500) | 5,833 | — | (1,719,092) | 362,425 | — |
Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | 5.807 | USD | 5,000,000 | (603,125) | 2,917 | — | (741,743) | 141,535 | — |
Markit CMBX North America Index, Series 13 BBB- | JPMorgan | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 5,600,000 | (833,000) | 3,267 | — | (348,757) | — | (480,976) |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 26,500,000 | (3,610,626) | 15,459 | — | (4,982,364) | 1,387,197 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 14,000,000 | (1,907,501) | 8,167 | — | (3,161,436) | 1,262,102 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 20,000,000 | (2,725,000) | 11,667 | — | (3,972,772) | 1,259,439 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 12,000,000 | (1,635,000) | 7,000 | — | (2,626,220) | 998,220 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 8,800,000 | (1,199,000) | 5,133 | — | (2,048,181) | 854,314 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 10,000,000 | (1,362,500) | 5,833 | — | (1,927,654) | 570,987 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 13,000,000 | (1,771,249) | 7,583 | — | (2,056,688) | 293,022 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 5,000,000 | (681,250) | 2,917 | — | (818,589) | 140,256 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 45,000,000 | (6,131,250) | 26,250 | — | (5,174,855) | — | (930,145) |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 25,000,000 | (3,406,250) | 14,583 | — | (2,207,325) | — | (1,184,342) |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 6.799 | USD | 25,000,000 | (3,406,250) | 14,583 | — | (2,176,651) | — | (1,215,016) |
24 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Credit default swap contracts - sell protection (continued) | |||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/18/2054 | 3.000 | Monthly | 5.807 | USD | 20,000,000 | (2,412,501) | 11,667 | — | (3,824,062) | 1,423,228 | — |
Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/18/2054 | 3.000 | Monthly | 5.807 | USD | 25,000,000 | (3,015,624) | 14,583 | — | (1,280,974) | — | (1,720,067) |
Markit CMBX North America Index, Series 12 BBB- | Morgan Stanley | 08/17/2061 | 3.000 | Monthly | 5.813 | USD | 22,000,000 | (2,983,749) | 12,833 | — | (3,178,088) | 207,172 | — |
Markit CMBX North America Index, Series 12 BBB- | Morgan Stanley | 08/17/2061 | 3.000 | Monthly | 5.813 | USD | 25,000,000 | (3,390,624) | 14,583 | — | (1,429,906) | — | (1,946,135) |
Markit CMBX North America Index, Series 12 BBB- | Morgan Stanley | 08/17/2061 | 3.000 | Monthly | 5.813 | USD | 25,000,000 | (3,390,625) | 14,583 | — | (1,375,737) | — | (2,000,305) |
Markit CMBX North America Index, Series 13 BBB- | Morgan Stanley | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 8,000,000 | (1,190,000) | 4,667 | — | (514,890) | — | (670,443) |
Markit CMBX North America Index, Series 13 BBB- | Morgan Stanley | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 18,000,000 | (2,677,500) | 10,500 | — | (1,637,329) | — | (1,029,671) |
Markit CMBX North America Index, Series 13 BBB- | Morgan Stanley | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 23,000,000 | (3,421,250) | 13,417 | — | (1,333,821) | — | (2,074,012) |
Markit CMBX North America Index, Series 13 BBB- | Morgan Stanley | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 23,500,000 | (3,495,624) | 13,708 | — | (1,199,928) | — | (2,281,988) |
Markit CMBX North America Index, Series 13 BBB- | Morgan Stanley | 12/16/2072 | 3.000 | Monthly | 5.703 | USD | 23,500,000 | (3,495,624) | 13,708 | — | (1,176,565) | — | (2,305,351) |
Markit CMBX North America Index, Series 7 BBB- | Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 18.548 | USD | 2,550,000 | (462,985) | 1,488 | — | (212,670) | — | (248,827) |
Markit CMBX North America Index, Series 7 BBB- | Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 18.548 | USD | 5,000,000 | (907,814) | 2,917 | — | (273,761) | — | (631,136) |
Total | (92,189,860) | 388,383 | — | (73,672,932) | 10,243,060 | (28,371,605) |
* | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2022, the total value of these securities amounted to $2,886,246,156, which represents 73.83% of total net assets. |
(b) | Variable rate security. The interest rate shown was the current rate as of May 31, 2022. |
(c) | Security represents a pool of loans that generate cash payments generally over fixed periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate shown is the stated coupon rate as of May 31, 2022 and is not reflective of the cash flow payments. |
(d) | Valuation based on significant unobservable inputs. |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 25 |
May 31, 2022
(e) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2022, the total value of these securities amounted to $101,021,145, which represents 2.58% of total net assets. |
(f) | Zero coupon bond. |
(g) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of May 31, 2022. |
(h) | Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans. |
(i) | Includes comparable securities held to satisfy future delivery requirements of the following open forward sale commitments at May 31, 2022: |
Security description | Principal amount ($) | Settlement date | Proceeds receivable ($) | Value ($) |
Uniform Mortgage-Backed Security TBA | ||||
06/13/2052 2.500% | (410,000,000) | 06/13/2022 | (369,816,797) | (377,264,062) |
(j) | Represents a security purchased on a when-issued basis. |
(k) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(l) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
222,330,251 | 2,744,848,046 | (2,748,622,975) | (9,029) | 218,546,293 | (47,294) | 441,500 | 218,633,746 |
CMO | Collateralized Mortgage Obligation |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
STRIPS | Separate Trading of Registered Interest and Principal Securities |
TBA | To Be Announced |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
26 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Non-Agency | — | 482,698,469 | 154,202,529 | 636,900,998 |
Commercial Mortgage-Backed Securities - Agency | — | 4,072,626 | — | 4,072,626 |
Commercial Mortgage-Backed Securities - Non-Agency | — | 296,901,263 | — | 296,901,263 |
Residential Mortgage-Backed Securities - Agency | — | 1,757,912,430 | — | 1,757,912,430 |
Residential Mortgage-Backed Securities - Non-Agency | — | 1,712,425,593 | 232,604,003 | 1,945,029,596 |
Options Purchased Calls | — | 22,827,745 | — | 22,827,745 |
Options Purchased Puts | — | 8,132,390 | — | 8,132,390 |
Money Market Funds | 218,546,293 | — | — | 218,546,293 |
Total Investments in Securities | 218,546,293 | 4,284,970,516 | 386,806,532 | 4,890,323,341 |
Forward Sale Commitments | — | (377,264,062) | — | (377,264,062) |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 3,311,949 | — | — | 3,311,949 |
Swap Contracts | — | 11,109,315 | — | 11,109,315 |
Liability | ||||
Futures Contracts | (5,100,937) | — | — | (5,100,937) |
Options Contracts Written | — | (68,420,174) | — | (68,420,174) |
Swap Contracts | — | (28,371,605) | — | (28,371,605) |
Total | 216,757,305 | 3,822,023,990 | 386,806,532 | 4,425,587,827 |
Balance as of 05/31/2021 ($) | Increase (decrease) in accrued discounts/ premiums ($) | Realized gain (loss) ($) | Change in unrealized appreciation (depreciation)(a) ($) | Purchases ($) | Sales ($) | Transfers into Level 3 ($) | Transfers out of Level 3 ($) | Balance as of 05/31/2022 ($) | |
Asset-Backed Securities — Non-Agency | 168,084,049 | (44,594,656) | — | (18,259,338) | 69,732,122 | (20,759,648) | — | — | 154,202,529 |
Residential Mortgage-Backed Securities — Non-Agency | 184,940,567 | 71,907 | 1,895,169 | (1,690,229) | 106,294,994 | (137,280,824) | 78,372,419 | — | 232,604,003 |
Total | 353,024,616 | (44,522,749) | 1,895,169 | (19,949,567) | 176,027,116 | (158,040,472) | 78,372,419 | — | 386,806,532 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 27 |
May 31, 2022
(a) Change in unrealized appreciation (depreciation) relating to securities held at May 31, 2022 was $(18,991,393), which is comprised of Asset Backed Securities - Non-Agency of $(18,259,338) and Residential Mortgage-Backed Securities -Non-Agency of $(732,055).
28 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $4,846,475,511) | $4,640,816,913 |
Affiliated issuers (cost $218,545,952) | 218,546,293 |
Options purchased (cost $37,446,355) | 30,960,135 |
Cash collateral held at broker for: | |
Swap contracts | 32,974,000 |
Options contracts written | 50,086,470 |
TBA | 1,907,000 |
Other(a) | 48,913,000 |
Margin deposits on: | |
Futures contracts | 21,217,284 |
Unrealized appreciation on swap contracts | 11,109,315 |
Upfront payments on swap contracts | 334,162 |
Receivable for: | |
Investments sold | 5,324,729 |
Investments sold on a delayed delivery basis | 415,299,740 |
Capital shares sold | 4,712,501 |
Dividends | 134,190 |
Interest | 15,916,634 |
Variation margin for futures contracts | 4,623,631 |
Prepaid expenses | 15,644 |
Total assets | 5,502,891,641 |
Liabilities | |
Option contracts written, at value (premiums received $22,262,375) | 68,420,174 |
Forward sale commitments, at value (proceeds receivable $369,816,797) | 377,264,062 |
Due to custodian | 6,357,444 |
Unrealized depreciation on swap contracts | 28,371,605 |
Upfront receipts on swap contracts | 73,672,932 |
Payable for: | |
Investments purchased on a delayed delivery basis | 1,021,710,529 |
Capital shares purchased | 5,555,011 |
Variation margin for futures contracts | 11,322,937 |
Interest on forward sale commitments | 383,333 |
Management services fees | 269,431 |
Distribution and/or service fees | 19,741 |
Transfer agent fees | 277,160 |
Compensation of board members | 76,258 |
Other expenses | 95,533 |
Total liabilities | 1,593,796,150 |
Net assets applicable to outstanding capital stock | $3,909,095,491 |
Represented by | |
Paid in capital | 4,318,793,357 |
Total distributable earnings (loss) | (409,697,866) |
Total - representing net assets applicable to outstanding capital stock | $3,909,095,491 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 29 |
May 31, 2022
Class A | |
Net assets | $409,868,442 |
Shares outstanding | 42,746,338 |
Net asset value per share | $9.59 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $9.89 |
Advisor Class | |
Net assets | $325,742,278 |
Shares outstanding | 34,014,845 |
Net asset value per share | $9.58 |
Class C | |
Net assets | $76,327,258 |
Shares outstanding | 7,964,024 |
Net asset value per share | $9.58 |
Institutional Class | |
Net assets | $2,150,403,572 |
Shares outstanding | 224,399,014 |
Net asset value per share | $9.58 |
Institutional 2 Class | |
Net assets | $644,830,103 |
Shares outstanding | 67,320,882 |
Net asset value per share | $9.58 |
Institutional 3 Class | |
Net assets | $301,923,838 |
Shares outstanding | 31,496,152 |
Net asset value per share | $9.59 |
(a) | Includes collateral related to options purchased, options contracts written and swap contracts. |
30 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $17,464,624 |
Dividends — affiliated issuers | 441,500 |
Interest | 216,658,744 |
Interfund lending | 46 |
Total income | 234,564,914 |
Expenses: | |
Management services fees | 26,779,541 |
Distribution and/or service fees | |
Class A | 841,869 |
Class C | 827,057 |
Transfer agent fees | |
Class A | 315,237 |
Advisor Class | 381,497 |
Class C | 77,243 |
Institutional Class | 2,222,499 |
Institutional 2 Class | 383,681 |
Institutional 3 Class | 21,424 |
Compensation of board members | 63,186 |
Custodian fees | 55,171 |
Printing and postage fees | 232,952 |
Registration fees | 459,424 |
Audit fees | 51,000 |
Legal fees | 47,963 |
Interest on collateral | 43,890 |
Compensation of chief compliance officer | 660 |
Other | 46,019 |
Total expenses | 32,850,313 |
Expense reduction | (20) |
Total net expenses | 32,850,293 |
Net investment income | 201,714,621 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (14,749,361) |
Investments — affiliated issuers | (47,294) |
Futures contracts | (162,390,789) |
Options purchased | 39,014,375 |
Options contracts written | (33,847,250) |
Swap contracts | 12,058,578 |
Net realized loss | (159,961,741) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (255,801,949) |
Investments — affiliated issuers | (9,029) |
Forward sale commitments | (7,447,265) |
Futures contracts | (910,766) |
Options purchased | (48,645,774) |
Options contracts written | (45,466,632) |
Swap contracts | (32,820,206) |
Net change in unrealized appreciation (depreciation) | (391,101,621) |
Net realized and unrealized loss | (551,063,362) |
Net decrease in net assets resulting from operations | $(349,348,741) |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 31 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment income | $201,714,621 | $107,518,017 |
Net realized gain (loss) | (159,961,741) | 50,263,073 |
Net change in unrealized appreciation (depreciation) | (391,101,621) | 248,215,591 |
Net increase (decrease) in net assets resulting from operations | (349,348,741) | 405,996,681 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (15,264,078) | (7,571,546) |
Advisor Class | (18,693,751) | (13,189,471) |
Class C | (3,049,711) | (2,478,953) |
Institutional Class | (111,364,858) | (63,411,891) |
Institutional 2 Class | (31,642,312) | (22,697,693) |
Institutional 3 Class | (18,896,928) | (21,932,800) |
Total distributions to shareholders | (198,911,638) | (131,282,354) |
Increase in net assets from capital stock activity | 476,133,368 | 2,255,218,897 |
Total increase (decrease) in net assets | (72,127,011) | 2,529,933,224 |
Net assets at beginning of year | 3,981,222,502 | 1,451,289,278 |
Net assets at end of year | $3,909,095,491 | $3,981,222,502 |
32 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 38,999,287 | 406,944,552 | 15,195,476 | 160,736,787 |
Distributions reinvested | 1,480,236 | 15,255,621 | 729,495 | 7,568,938 |
Redemptions | (15,320,599) | (157,908,941) | (8,258,662) | (87,508,287) |
Net increase | 25,158,924 | 264,291,232 | 7,666,309 | 80,797,438 |
Advisor Class | ||||
Subscriptions | 22,674,673 | 237,290,697 | 30,656,403 | 325,371,899 |
Distributions reinvested | 1,802,248 | 18,671,922 | 1,267,105 | 13,189,471 |
Redemptions | (29,584,615) | (304,569,303) | (8,471,914) | (87,435,830) |
Net increase (decrease) | (5,107,694) | (48,606,684) | 23,451,594 | 251,125,540 |
Class C | ||||
Subscriptions | 2,816,093 | 29,802,151 | 3,022,756 | 32,245,438 |
Distributions reinvested | 292,117 | 3,022,837 | 238,354 | 2,466,682 |
Redemptions | (1,762,205) | (18,009,594) | (971,766) | (10,053,331) |
Net increase | 1,346,005 | 14,815,394 | 2,289,344 | 24,658,789 |
Institutional Class | ||||
Subscriptions | 167,893,736 | 1,751,722,439 | 135,688,924 | 1,443,219,131 |
Distributions reinvested | 10,682,012 | 110,463,436 | 6,074,719 | 63,149,523 |
Redemptions | (138,750,909) | (1,410,271,854) | (37,662,698) | (388,954,563) |
Net increase | 39,824,839 | 451,914,021 | 104,100,945 | 1,117,414,091 |
Institutional 2 Class | ||||
Subscriptions | 39,473,192 | 410,487,335 | 60,126,587 | 639,644,471 |
Distributions reinvested | 3,061,126 | 31,617,889 | 2,168,433 | 22,588,185 |
Redemptions | (48,368,850) | (502,357,562) | (10,901,913) | (114,357,757) |
Net increase (decrease) | (5,834,532) | (60,252,338) | 51,393,107 | 547,874,899 |
Institutional 3 Class | ||||
Subscriptions | 13,714,243 | 145,223,510 | 30,740,014 | 321,099,734 |
Distributions reinvested | 1,803,629 | 18,771,991 | 2,112,099 | 21,932,649 |
Redemptions | (29,443,098) | (310,023,758) | (10,512,792) | (109,684,243) |
Net increase (decrease) | (13,925,226) | (146,028,257) | 22,339,321 | 233,348,140 |
Total net increase | 41,462,316 | 476,133,368 | 211,240,620 | 2,255,218,897 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 33 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2022 | $10.87 | 0.48 | (1.30) | (0.82) | (0.40) | (0.06) | (0.46) |
Year Ended 5/31/2021 | $9.35 | 0.47 | 1.66 | 2.13 | (0.43) | (0.18) | (0.61) |
Year Ended 5/31/2020 | $10.19 | 0.40 | (0.85) | (0.45) | (0.31) | (0.08) | (0.39) |
Year Ended 5/31/2019 | $9.93 | 0.44 | 0.25 | 0.69 | (0.40) | (0.03) | (0.43) |
Year Ended 5/31/2018 | $10.12 | 0.49 | 0.04 | 0.53 | (0.38) | (0.34) | (0.72) |
Advisor Class | |||||||
Year Ended 5/31/2022 | $10.86 | 0.49 | (1.28) | (0.79) | (0.43) | (0.06) | (0.49) |
Year Ended 5/31/2021 | $9.35 | 0.50 | 1.65 | 2.15 | (0.46) | (0.18) | (0.64) |
Year Ended 5/31/2020 | $10.18 | 0.42 | (0.83) | (0.41) | (0.34) | (0.08) | (0.42) |
Year Ended 5/31/2019 | $9.92 | 0.47 | 0.24 | 0.71 | (0.42) | (0.03) | (0.45) |
Year Ended 5/31/2018 | $10.11 | 0.54 | 0.01 | 0.55 | (0.40) | (0.34) | (0.74) |
Class C | |||||||
Year Ended 5/31/2022 | $10.87 | 0.39 | (1.30) | (0.91) | (0.32) | (0.06) | (0.38) |
Year Ended 5/31/2021 | $9.35 | 0.40 | 1.65 | 2.05 | (0.35) | (0.18) | (0.53) |
Year Ended 5/31/2020 | $10.19 | 0.32 | (0.84) | (0.52) | (0.24) | (0.08) | (0.32) |
Year Ended 5/31/2019 | $9.93 | 0.37 | 0.24 | 0.61 | (0.32) | (0.03) | (0.35) |
Year Ended 5/31/2018 | $10.12 | 0.44 | 0.01 | 0.45 | (0.30) | (0.34) | (0.64) |
Institutional Class | |||||||
Year Ended 5/31/2022 | $10.86 | 0.49 | (1.28) | (0.79) | (0.43) | (0.06) | (0.49) |
Year Ended 5/31/2021 | $9.35 | 0.50 | 1.65 | 2.15 | (0.46) | (0.18) | (0.64) |
Year Ended 5/31/2020 | $10.19 | 0.42 | (0.84) | (0.42) | (0.34) | (0.08) | (0.42) |
Year Ended 5/31/2019 | $9.93 | 0.47 | 0.24 | 0.71 | (0.42) | (0.03) | (0.45) |
Year Ended 5/31/2018 | $10.12 | 0.53 | 0.02 | 0.55 | (0.40) | (0.34) | (0.74) |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $10.86 | 0.50 | (1.29) | (0.79) | (0.43) | (0.06) | (0.49) |
Year Ended 5/31/2021 | $9.35 | 0.50 | 1.65 | 2.15 | (0.46) | (0.18) | (0.64) |
Year Ended 5/31/2020 | $10.18 | 0.42 | (0.83) | (0.41) | (0.34) | (0.08) | (0.42) |
Year Ended 5/31/2019 | $9.92 | 0.47 | 0.25 | 0.72 | (0.43) | (0.03) | (0.46) |
Year Ended 5/31/2018 | $10.11 | 0.52 | 0.03 | 0.55 | (0.40) | (0.34) | (0.74) |
34 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2022 | $9.59 | (7.79%) | 0.99%(c) | 0.99%(c),(d) | 4.58% | 340% | $409,868 |
Year Ended 5/31/2021 | $10.87 | 23.28% | 1.01%(c) | 1.00%(c),(d) | 4.56% | 496% | $191,161 |
Year Ended 5/31/2020 | $9.35 | (4.54%) | 1.04%(c),(e) | 1.01%(c),(e) | 3.97% | 819% | $92,796 |
Year Ended 5/31/2019 | $10.19 | 7.12% | 1.08%(c) | 1.01%(c) | 4.41% | 528% | $123,926 |
Year Ended 5/31/2018 | $9.93 | 5.53% | 1.12% | 1.00% | 5.12% | 716% | $70,299 |
Advisor Class | |||||||
Year Ended 5/31/2022 | $9.58 | (7.56%) | 0.74%(c) | 0.74%(c),(d) | 4.65% | 340% | $325,742 |
Year Ended 5/31/2021 | $10.86 | 23.48% | 0.76%(c) | 0.75%(c),(d) | 4.79% | 496% | $424,803 |
Year Ended 5/31/2020 | $9.35 | (4.20%) | 0.78%(c),(e) | 0.76%(c),(e) | 4.20% | 819% | $146,447 |
Year Ended 5/31/2019 | $10.18 | 7.39% | 0.84%(c) | 0.76%(c) | 4.69% | 528% | $196,808 |
Year Ended 5/31/2018 | $9.92 | 5.79% | 0.86% | 0.75% | 5.52% | 716% | $29,201 |
Class C | |||||||
Year Ended 5/31/2022 | $9.58 | (8.57%) | 1.74%(c) | 1.74%(c),(d) | 3.70% | 340% | $76,327 |
Year Ended 5/31/2021 | $10.87 | 22.37% | 1.76%(c) | 1.75%(c),(d) | 3.82% | 496% | $71,915 |
Year Ended 5/31/2020 | $9.35 | (5.26%) | 1.79%(c),(e) | 1.76%(c),(e) | 3.26% | 819% | $40,482 |
Year Ended 5/31/2019 | $10.19 | 6.32% | 1.84%(c) | 1.76%(c) | 3.69% | 528% | $32,543 |
Year Ended 5/31/2018 | $9.93 | 4.74% | 1.85% | 1.75% | 4.44% | 716% | $5,842 |
Institutional Class | |||||||
Year Ended 5/31/2022 | $9.58 | (7.56%) | 0.74%(c) | 0.74%(c),(d) | 4.72% | 340% | $2,150,404 |
Year Ended 5/31/2021 | $10.86 | 23.48% | 0.76%(c) | 0.75%(c),(d) | 4.80% | 496% | $2,005,278 |
Year Ended 5/31/2020 | $9.35 | (4.29%) | 0.78%(c),(e) | 0.76%(c),(e) | 4.23% | 819% | $752,376 |
Year Ended 5/31/2019 | $10.19 | 7.38% | 0.84%(c) | 0.76%(c) | 4.71% | 528% | $694,646 |
Year Ended 5/31/2018 | $9.93 | 5.80% | 0.85% | 0.75% | 5.44% | 716% | $64,054 |
Institutional 2 Class | |||||||
Year Ended 5/31/2022 | $9.58 | (7.52%) | 0.70%(c) | 0.70%(c) | 4.76% | 340% | $644,830 |
Year Ended 5/31/2021 | $10.86 | 23.53% | 0.72%(c) | 0.71%(c) | 4.82% | 496% | $794,473 |
Year Ended 5/31/2020 | $9.35 | (4.15%) | 0.74%(c),(e) | 0.71%(c),(e) | 4.26% | 819% | $203,390 |
Year Ended 5/31/2019 | $10.18 | 7.45% | 0.77%(c) | 0.70%(c) | 4.70% | 528% | $150,092 |
Year Ended 5/31/2018 | $9.92 | 5.84% | 0.83% | 0.71% | 5.44% | 716% | $47,960 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 35 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $10.87 | 0.49 | (1.27) | (0.78) | (0.44) | (0.06) | (0.50) |
Year Ended 5/31/2021 | $9.35 | 0.51 | 1.66 | 2.17 | (0.47) | (0.18) | (0.65) |
Year Ended 5/31/2020 | $10.19 | 0.43 | (0.84) | (0.41) | (0.35) | (0.08) | (0.43) |
Year Ended 5/31/2019 | $9.93 | 0.47 | 0.25 | 0.72 | (0.43) | (0.03) | (0.46) |
Year Ended 5/31/2018 | $10.12 | 0.55 | 0.01 | 0.56 | (0.41) | (0.34) | (0.75) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |
Class | 5/31/2022 | 5/31/2021 | 5/31/2020 | 5/31/2019 |
Class A | less than 0.01% | less than 0.01% | 0.01% | 0.01% |
Advisor Class | less than 0.01% | less than 0.01% | 0.01% | 0.01% |
Class C | less than 0.01% | less than 0.01% | 0.01% | 0.01% |
Institutional Class | less than 0.01% | less than 0.01% | 0.01% | 0.01% |
Institutional 2 Class | less than 0.01% | less than 0.01% | 0.01% | 0.01% |
Institutional 3 Class | less than 0.01% | less than 0.01% | 0.01% | 0.01% |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Ratios include interfund lending expense which is less than 0.01%. |
36 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
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 ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2022 | $9.59 | (7.47%) | 0.65%(c) | 0.65%(c) | 4.65% | 340% | $301,924 |
Year Ended 5/31/2021 | $10.87 | 23.71% | 0.67%(c) | 0.66%(c) | 4.92% | 496% | $493,593 |
Year Ended 5/31/2020 | $9.35 | (4.20%) | 0.69%(c),(e) | 0.66%(c),(e) | 4.36% | 819% | $215,799 |
Year Ended 5/31/2019 | $10.19 | 7.49% | 0.72%(c) | 0.65%(c) | 4.71% | 528% | $205,730 |
Year Ended 5/31/2018 | $9.93 | 5.90% | 0.75% | 0.65% | 5.55% | 716% | $189,672 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 37 |
May 31, 2022
38 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 39 |
May 31, 2022
40 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 41 |
May 31, 2022
42 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 11,109,315* |
Credit risk | Upfront payments on swap contracts | 334,162 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 3,311,949* |
Interest rate risk | Investments, at value — Options purchased | 30,960,135 |
Total | 45,715,561 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 28,371,605* |
Credit risk | Upfront receipts on swap contracts | 73,672,932 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 5,100,937* |
Interest rate risk | Options contracts written, at value | 68,420,174 |
Total | 175,565,648 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 43 |
May 31, 2022
Amount of realized gain (loss) on derivatives recognized in income | |||||
Risk exposure category | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | 27,777,640 | 27,777,640 |
Interest rate risk | (162,390,789) | (33,847,250) | 39,014,375 | (15,719,062) | (172,942,726) |
Total | (162,390,789) | (33,847,250) | 39,014,375 | 12,058,578 | (145,165,086) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||||
Risk exposure category | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | (36,106,104) | (36,106,104) |
Interest rate risk | (910,766) | (45,466,632) | (48,645,774) | 3,285,898 | (91,737,274) |
Total | (910,766) | (45,466,632) | (48,645,774) | (32,820,206) | (127,843,378) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 1,229,608,914 |
Futures contracts — short | 634,501,391 |
Credit default swap contracts — buy protection | 43,562,500 |
Credit default swap contracts — sell protection | 602,625,000 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 21,209,086 |
Options contracts — written | (33,394,740) |
Derivative instrument | Average unrealized appreciation ($)** | Average unrealized depreciation ($)** |
Interest rate swap contracts | 18,396 | (1,803,938) |
* | Based on the ending quarterly outstanding amounts for the year ended May 31, 2022. |
** | Based on the ending daily outstanding amounts for the year ended May 31, 2022. |
44 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 45 |
May 31, 2022
Citi ($)(a) | Citi ($)(a) | Goldman Sachs International ($) | JPMorgan ($)(a) | JPMorgan ($)(a) | Morgan Stanley ($) | Total ($) | |
Assets | |||||||
Options purchased calls | 6,690,300 | - | - | 4,952,310 | - | 11,185,135 | 22,827,745 |
Options purchased puts | - | - | - | - | - | 8,132,390 | 8,132,390 |
OTC credit default swap contracts (b) | - | 2,543,580 | - | - | 503,960 | 8,395,937 | 11,443,477 |
Total assets | 6,690,300 | 2,543,580 | - | 4,952,310 | 503,960 | 27,713,462 | 42,403,612 |
Liabilities | |||||||
Options contracts written | 63,861,262 | - | - | - | - | 4,558,912 | 68,420,174 |
OTC credit default swap contracts (b) | - | 24,290,665 | 7,635,400 | - | 3,290,568 | 66,827,904 | 102,044,537 |
Total liabilities | 63,861,262 | 24,290,665 | 7,635,400 | - | 3,290,568 | 71,386,816 | 170,464,711 |
Total financial and derivative net assets | (57,170,962) | (21,747,085) | (7,635,400) | 4,952,310 | (2,786,608) | (43,673,354) | (128,061,099) |
Total collateral received (pledged) (c) | (50,086,470) | (21,747,085) | (7,635,400) | - | (2,786,608) | (43,673,354) | (125,928,917) |
Net amount (d) | (7,084,492) | - | - | 4,952,310 | - | - | (2,132,182) |
(a) | Exposure can only be netted across transactions governed under the same master agreement with the same legal entity. |
(b) | Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts. |
(c) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(d) | Represents the net amount due from/(to) counterparties in the event of default. |
46 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 47 |
May 31, 2022
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.09 |
Class C | 0.09 |
Institutional Class | 0.09 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
48 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.50 - 1.00(a) | 355,704 |
Class C | — | 1.00(b) | 14,950 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Fee rate(s) contractual through September 30, 2022 | |
Class A | 1.00% |
Advisor Class | 0.75 |
Class C | 1.75 |
Institutional Class | 0.75 |
Institutional 2 Class | 0.71 |
Institutional 3 Class | 0.66 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 49 |
May 31, 2022
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(17,021,937) | 17,021,937 | — |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
198,911,638 | — | 198,911,638 | 129,012,354 | 2,270,000 | 131,282,354 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
17,683,066 | — | (157,308,692) | (269,999,146) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
4,622,248,202 | 47,901,173 | (317,900,319) | (269,999,146) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(41,513,836) | (115,794,856) | (157,308,692) | — |
50 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 480,000 | 0.69 | 5 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 51 |
May 31, 2022
52 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 53 |
May 31, 2022
54 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
May 31, 2022
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 55 |
56 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 57 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
58 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 59 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
60 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
(Unaudited)
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 61 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
62 | Columbia Mortgage Opportunities Fund | Annual Report 2022 |
(Unaudited)
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
Columbia Mortgage Opportunities Fund | Annual Report 2022 | 63 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2022
3 | |
5 | |
7 | |
8 | |
18 | |
20 | |
21 | |
24 | |
28 | |
43 | |
44 | |
49 |
(Unaudited)
Average annual total returns (%) (for the period ended May 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A* | Excluding sales charges | 06/18/12 | 47.23 | 11.56 | 0.67 |
Including sales charges | 38.78 | 10.24 | 0.07 | ||
Advisor Class* | 03/19/13 | 47.57 | 11.85 | 0.90 | |
Class C* | Excluding sales charges | 06/18/12 | 46.14 | 10.75 | -0.09 |
Including sales charges | 45.14 | 10.75 | -0.09 | ||
Institutional Class* | 06/18/12 | 47.60 | 11.89 | 0.91 | |
Institutional 2 Class* | 01/08/14 | 47.79 | 11.96 | 0.95 | |
Institutional 3 Class* | 10/01/14 | 47.94 | 12.13 | 1.01 | |
Class R* | 06/18/12 | 46.82 | 11.31 | 0.42 | |
Bloomberg Commodity Index Total Return | 41.85 | 10.85 | 0.86 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s Class T shares for the period from May 31, 2012 through June 17, 2012, and of the Fund’s Class A shares for the period from June 18, 2012 through the inception date of such class (in each case, without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share class, where applicable). Class T shares were offered prior to the Fund’s Class A shares but have since been merged into the Fund’s Class A shares. Share classes with expenses that are higher than Class T and/or Class A shares will have performance that is lower than Class T and/or Class A shares (without sales charges). Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Commodity Strategy Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at May 31, 2022) | |
Asset-Backed Securities — Non-Agency | 14.7 |
Commercial Mortgage-Backed Securities - Non-Agency | 1.3 |
Corporate Bonds & Notes | 21.7 |
Foreign Government Obligations | 0.4 |
Money Market Funds | 58.2 |
Residential Mortgage-Backed Securities - Non-Agency | 2.8 |
U.S. Government & Agency Obligations | 0.4 |
U.S. Treasury Obligations | 0.5 |
Total | 100.0 |
Commodities market exposure (%) (at May 31, 2022) | |||
Commodities contracts(a) | Long | Short | Net |
Agriculture | 27.5 | — | 27.5 |
Energy | 41.0 | — | 41.0 |
Industrial Metals | 12.0 | — | 12.0 |
Livestock | 5.6 | — | 5.6 |
Precious Metals | 13.9 | — | 13.9 |
Total notional market value of commodities contracts | 100.0 | — | 100.0 |
4 | Columbia Commodity Strategy Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s overweight, relative to the benchmark, in energy, grains, and softs contributed positively to performance. |
• | Within energy, unleaded gas, natural gas, and gasoil were the largest contributing subsectors. |
• | Security selection within grains, specifically in corn and soybean meal, led to positive outperformance against the benchmark. |
• | Within metals, nickel was the largest contributing subsector. |
• | Strong security selection in gold also contributed positively to performance. |
• | Within energy, brent crude oil was the only detractor for the Fund as security selection within that subsector detracted from performance against the benchmark. |
Columbia Commodity Strategy Fund | Annual Report 2022 | 5 |
(Unaudited)
• | Aluminum was the largest detractor between industrial and precious metals based on sector positioning within that space. |
• | The Fund was overweight coffee in the softs sector which detracted from overall performance. |
6 | Columbia Commodity Strategy Fund | Annual Report 2022 |
(Unaudited)
December 1, 2021 — May 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,402.50 | 1,019.35 | 6.71 | 5.64 | 1.12 |
Advisor Class | 1,000.00 | 1,000.00 | 1,404.30 | 1,020.54 | 5.27 | 4.43 | 0.88 |
Class C | 1,000.00 | 1,000.00 | 1,397.00 | 1,015.61 | 11.18 | 9.40 | 1.87 |
Institutional Class | 1,000.00 | 1,000.00 | 1,404.60 | 1,020.64 | 5.16 | 4.33 | 0.86 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,405.50 | 1,021.09 | 4.62 | 3.88 | 0.77 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,405.50 | 1,021.44 | 4.20 | 3.53 | 0.70 |
Class R | 1,000.00 | 1,000.00 | 1,400.70 | 1,018.15 | 8.14 | 6.84 | 1.36 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 7 |
May 31, 2022
Asset-Backed Securities — Non-Agency 13.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
ACC Trust(a) | ||||
Series 2021-1 Class A | ||||
11/20/2023 | 0.740% | 34,629 | 34,582 | |
Series 2022-1 Class A | ||||
09/20/2024 | 1.190% | 303,286 | 300,808 | |
Affirm Asset Securitization Trust(a) | ||||
Subordinated Series 2021-A Class B | ||||
08/15/2025 | 1.060% | 1,750,000 | 1,703,366 | |
American Credit Acceptance Receivables Trust(a) | ||||
Series 2019-4 Class D | ||||
12/12/2025 | 2.970% | 2,730,000 | 2,721,626 | |
Subordinated Series 2020-3 Class B | ||||
08/13/2024 | 1.150% | 2,003 | 2,002 | |
AmeriCredit Automobile Receivables Trust | ||||
Series 2021-2 Class A2 | ||||
11/18/2024 | 0.260% | 288,036 | 286,635 | |
Amur Equipment Finance Receivables IX LLC(a) | ||||
Series 2021-1A Class A2 | ||||
11/20/2026 | 0.750% | 482,345 | 470,034 | |
Carmax Auto Owner Trust | ||||
Series 2019-2 Class A4 | ||||
12/16/2024 | 2.770% | 1,584,000 | 1,584,969 | |
Credit Acceptance Auto Loan Trust(a) | ||||
Series 2019-3A Class A | ||||
11/15/2028 | 2.380% | 2,013,815 | 2,014,235 | |
Series 2020-1A Class A | ||||
02/15/2029 | 2.010% | 2,678,936 | 2,675,151 | |
Dell Equipment Finance Trust(a) | ||||
Subordinated Series 2020-1 Class B | ||||
04/24/2023 | 2.980% | 2,225,000 | 2,227,959 | |
DLLST LLC(a) | ||||
Series 2022-1A Class A1 | ||||
05/22/2023 | 1.560% | 3,192,265 | 3,186,273 | |
Drive Auto Receivables Trust | ||||
Subordinated Series 2021-1 Class C | ||||
06/15/2027 | 1.020% | 5,000,000 | 4,919,657 | |
DT Auto Owner Trust(a) | ||||
Series 2019-3A Class D | ||||
04/15/2025 | 2.960% | 1,610,000 | 1,605,936 | |
Series 2020-2A Class B | ||||
03/16/2026 | 2.080% | 535,507 | 535,545 | |
Series 2022-1A Class A | ||||
04/15/2026 | 1.580% | 2,752,185 | 2,730,317 | |
FHF Trust(a) | ||||
Series 2021-1A Class A | ||||
03/15/2027 | 1.270% | 674,312 | 652,549 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2021-2A Class A | ||||
12/15/2026 | 0.830% | 885,988 | 856,196 | |
Flagship Credit Auto Trust(a) | ||||
Series 2021-1 Class A | ||||
06/16/2025 | 0.310% | 1,499,303 | 1,486,913 | |
FREED ABS Trust(a) | ||||
Series 2021-3FP Class A | ||||
11/20/2028 | 0.620% | 1,243,066 | 1,238,654 | |
JPMorgan Chase Bank NA(a) | ||||
Subordinated Series 2021-2 Class C | ||||
12/26/2028 | 0.969% | 2,945,367 | 2,859,703 | |
Lendbuzz Securitization Trust(a) | ||||
Series 2021-1A Class A | ||||
06/15/2026 | 1.460% | 341,124 | 333,063 | |
LendingPoint Asset Securitization Trust(a) | ||||
Series 2020-REV1 Class A | ||||
10/15/2028 | 2.731% | 3,000,000 | 2,958,871 | |
Series 2021-A Class A | ||||
12/15/2028 | 1.000% | 879,656 | 873,297 | |
Series 2021-B Class A | ||||
02/15/2029 | 1.110% | 1,027,025 | 1,010,595 | |
Series 2022-A Class A | ||||
06/15/2029 | 1.680% | 1,076,383 | 1,065,756 | |
LL ABS Trust(a) | ||||
Series 2021-1A Class A | ||||
05/15/2029 | 1.070% | 285,974 | 278,777 | |
Marlette Funding Trust(a) | ||||
Series 2020-2A Class B | ||||
09/16/2030 | 1.830% | 583,359 | 582,532 | |
Subordinated Series 2019-4A Class B | ||||
12/17/2029 | 2.950% | 1,127,598 | 1,127,923 | |
MMAF Equipment Finance LLC(a) | ||||
Series 2017-B Class A4 | ||||
11/15/2024 | 2.410% | 572,545 | 572,899 | |
Octane Receivables Trust(a) | ||||
Series 2022-1A Class A1 | ||||
05/22/2023 | 1.550% | 4,300,000 | 4,295,433 | |
Oscar US Funding XIII LLC(a) | ||||
Series 2021-2A Class A2 | ||||
08/12/2024 | 0.390% | 1,404,580 | 1,389,034 | |
Pagaya AI Debt Selection Trust(a) | ||||
Series 2021-1 Class A | ||||
11/15/2027 | 1.180% | 1,637,601 | 1,611,864 | |
Series 2021-5 Class A | ||||
08/15/2029 | 1.530% | 394,064 | 383,585 |
8 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Pawnee Equipment Receivables LLC(a) | ||||
Series 2019-1 Class A2 | ||||
10/15/2024 | 2.290% | 469,795 | 469,525 | |
Santander Drive Auto Receivables Trust | ||||
Series 2022-2 Class A2 | ||||
10/15/2026 | 2.120% | 1,450,000 | 1,445,331 | |
Subordinated Series 2019-2 Class D | ||||
07/15/2025 | 3.220% | 540,000 | 540,369 | |
SCF Equipment Leasing LLC(a) | ||||
Series 2021-1A Class A2 | ||||
08/20/2026 | 0.420% | 514,613 | 511,203 | |
Theorem Funding Trust(a) | ||||
Series 2021-1A Class A | ||||
12/15/2027 | 1.210% | 469,870 | 462,384 | |
United Auto Credit Securitization Trust(a) | ||||
Series 2022-1 Class A | ||||
07/10/2024 | 1.110% | 565,670 | 562,563 | |
Upstart Pass-Through Trust(a) | ||||
Series 2021-ST6 Class A | ||||
08/20/2027 | 1.850% | 320,171 | 306,689 | |
Upstart Securitization Trust(a) | ||||
Series 2020-3 Class A | ||||
11/20/2030 | 1.702% | 186,498 | 185,862 | |
Series 2021-3 Class A | ||||
07/20/2031 | 0.830% | 1,482,470 | 1,448,006 | |
US Auto Funding(a) | ||||
Series 2021-1A Class A | ||||
07/15/2024 | 0.790% | 106,809 | 106,230 | |
World Omni Auto Receivables Trust | ||||
Series 2021-A Class A3 | ||||
01/15/2026 | 0.300% | 1,775,000 | 1,735,145 | |
Total Asset-Backed Securities — Non-Agency (Cost $59,033,636) | 58,350,046 | |||
Commercial Mortgage-Backed Securities - Non-Agency 1.2% | ||||
Citigroup Commercial Mortgage Trust(a) | ||||
Series 2012-GC8 Class AS | ||||
09/10/2045 | 3.683% | 3,875,000 | 3,872,420 | |
Citigroup Commercial Mortgage Trust | ||||
Series 2013-GC11 Class AAB | ||||
04/10/2046 | 2.690% | 228,756 | 228,859 | |
WFRBS Commercial Mortgage Trust | ||||
Series 2013-C14 Class A5 | ||||
06/15/2046 | 3.337% | 1,025,000 | 1,017,646 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $5,210,095) | 5,118,925 | |||
Corporate Bonds & Notes 19.8% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 0.6% | ||||
Boeing Co. (The) | ||||
02/04/2023 | 1.167% | 868,000 | 857,290 | |
L3Harris Technologies, Inc. | ||||
06/15/2023 | 3.850% | 800,000 | 807,775 | |
Raytheon Technologies Corp. | ||||
03/15/2024 | 3.200% | 800,000 | 804,196 | |
Total | 2,469,261 | |||
Automotive 0.3% | ||||
Daimler Trucks Finance North America LLC(a),(b) | ||||
SOFR + 1.000% 04/05/2024 | 1.780% | 850,000 | 850,737 | |
Toyota Motor Credit Corp. | ||||
06/14/2024 | 0.500% | 700,000 | 663,990 | |
Total | 1,514,727 | |||
Banking 7.0% | ||||
American Express Co.(b) | ||||
3-month USD LIBOR + 0.750% 08/03/2023 | 2.036% | 1,150,000 | 1,151,742 | |
Australia & New Zealand Banking Group Ltd.(a),(b) | ||||
3-month USD LIBOR + 0.580% 11/09/2022 | 1.951% | 900,000 | 900,977 | |
Bank of America Corp.(b) | ||||
3-month USD LIBOR + 0.430% 05/28/2024 | 1.938% | 1,696,000 | 1,681,754 | |
Bank of Montreal(b) | ||||
SOFR + 0.465% 01/10/2025 | 1.245% | 1,100,000 | 1,087,675 | |
Bank of New York Mellon Corp. (The)(b) | ||||
3-month USD LIBOR + 1.050% 10/30/2023 | 2.289% | 1,125,000 | 1,127,482 | |
Bank of Nova Scotia (The)(b) | ||||
SOFR + 0.380% 07/31/2024 | 1.160% | 1,100,000 | 1,089,102 | |
Canadian Imperial Bank of Commerce(b) | ||||
3-month USD LIBOR + 0.660% 09/13/2023 | 1.463% | 825,000 | 826,326 | |
Citigroup, Inc.(b) | ||||
3-month USD LIBOR + 1.100% 05/17/2024 | 2.544% | 1,600,000 | 1,601,525 | |
Commonwealth Bank of Australia(a),(b) | ||||
3-month USD LIBOR + 0.820% 06/04/2024 | 1.342% | 962,000 | 967,941 | |
Cooperatieve Rabobank UA(b) | ||||
3-month USD LIBOR + 0.480% 01/10/2023 | 1.469% | 800,000 | 800,398 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 9 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Discover Bank | ||||
02/06/2023 | 3.350% | 800,000 | 802,939 | |
DNB Bank ASA(a) | ||||
12/02/2022 | 2.150% | 900,000 | 900,802 | |
Goldman Sachs Group, Inc. (The)(b) | ||||
3-month USD LIBOR + 1.600% 11/29/2023 | 3.198% | 1,600,000 | 1,615,404 | |
HSBC Holdings PLC(c) | ||||
08/17/2024 | 0.732% | 1,150,000 | 1,110,538 | |
JPMorgan Chase & Co.(c) | ||||
06/01/2024 | 1.514% | 1,650,000 | 1,627,239 | |
Morgan Stanley(b) | ||||
3-month USD LIBOR + 1.220% 05/08/2024 | 2.591% | 1,625,000 | 1,631,873 | |
National Australia Bank Ltd.(a),(b) | ||||
3-month USD LIBOR + 0.410% 12/13/2022 | 1.213% | 865,000 | 866,542 | |
PNC Bank NA(b) | ||||
3-month USD LIBOR + 0.500% 07/27/2022 | 1.725% | 800,000 | 800,179 | |
Royal Bank of Canada(b) | ||||
3-month USD LIBOR + 0.660% 10/05/2023 | 1.622% | 1,113,000 | 1,115,356 | |
Skandinaviska Enskilda Banken AB(a),(b) | ||||
3-month USD LIBOR + 0.320% 09/01/2023 | 1.900% | 850,000 | 847,679 | |
Svenska Handelsbanken AB(a) | ||||
06/30/2023 | 0.625% | 900,000 | 878,107 | |
Toronto-Dominion Bank (The)(b) | ||||
SOFR + 0.910% 03/08/2024 | 1.690% | 1,050,000 | 1,051,464 | |
Truist Bank(b) | ||||
SOFR + 0.200% 01/17/2024 | 0.980% | 1,125,000 | 1,115,646 | |
UBS AG(a) | ||||
02/09/2024 | 0.450% | 1,000,000 | 956,327 | |
US Bank NA(b) | ||||
3-month USD LIBOR + 0.170% 06/02/2023 | 0.666% | 1,038,000 | 1,038,000 | |
Wells Fargo & Co.(b) | ||||
3-month USD LIBOR + 1.230% 10/31/2023 | 2.469% | 1,600,000 | 1,603,655 | |
Westpac Banking Corp.(b) | ||||
3-month USD LIBOR + 0.770% 02/26/2024 | 2.301% | 1,025,000 | 1,027,064 | |
Total | 30,223,736 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.4% | ||||
Charter Communications Operating LLC/Capital(b) | ||||
3-month USD LIBOR + 1.650% 02/01/2024 | 2.936% | 800,000 | 811,563 | |
Comcast Corp.(b) | ||||
3-month USD LIBOR + 0.630% 04/15/2024 | 1.674% | 875,000 | 878,351 | |
Total | 1,689,914 | |||
Chemicals 0.1% | ||||
DuPont de Nemours, Inc.(b) | ||||
3-month USD LIBOR + 1.110% 11/15/2023 | 2.521% | 650,000 | 654,805 | |
Construction Machinery 0.4% | ||||
Caterpillar Financial Services Corp. | ||||
03/01/2023 | 0.250% | 950,000 | 937,290 | |
John Deere Capital Corp.(b) | ||||
3-month USD LIBOR + 0.550% 06/07/2023 | 1.133% | 760,000 | 762,473 | |
Total | 1,699,763 | |||
Diversified Manufacturing 0.6% | ||||
General Electric Co. | ||||
10/09/2022 | 2.700% | 970,000 | 971,635 | |
Honeywell International, Inc.(b) | ||||
3-month USD LIBOR + 0.370% 08/08/2022 | 1.741% | 640,000 | 639,985 | |
Siemens Financieringsmaatschappij NV(a) | ||||
03/11/2023 | 0.400% | 950,000 | 935,973 | |
Total | 2,547,593 | |||
Electric 1.6% | ||||
American Electric Power Co., Inc. | ||||
12/15/2022 | 2.950% | 825,000 | 826,542 | |
Consumers Energy Co. | ||||
08/15/2023 | 3.375% | 850,000 | 855,204 | |
DTE Energy Co. | ||||
11/01/2022 | 2.250% | 800,000 | 799,355 | |
Duke Energy Corp.(b) | ||||
SOFR + 0.250% 06/10/2023 | 1.030% | 832,000 | 826,578 | |
Eversource Energy(b) | ||||
SOFR + 0.250% 08/15/2023 | 1.030% | 850,000 | 847,358 | |
Mississippi Power Co.(b) | ||||
SOFR + 0.300% 06/28/2024 | 1.080% | 700,000 | 682,783 |
10 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
NextEra Energy Capital Holdings, Inc.(b) | ||||
SOFR + 1.020% 03/21/2024 | 1.800% | 675,000 | 673,613 | |
PPL Electric Utilities Corp.(b) | ||||
SOFR + 0.330% 06/24/2024 | 1.110% | 850,000 | 843,792 | |
Public Service Enterprise Group, Inc. | ||||
11/08/2023 | 0.841% | 611,000 | 590,846 | |
Total | 6,946,071 | |||
Food and Beverage 0.6% | ||||
Campbell Soup Co. | ||||
03/15/2023 | 3.650% | 800,000 | 805,651 | |
ConAgra Foods, Inc. | ||||
01/25/2023 | 3.200% | 800,000 | 802,771 | |
Mondelez International, Inc. | ||||
03/17/2024 | 2.125% | 399,000 | 393,081 | |
Tyson Foods, Inc. | ||||
09/28/2023 | 3.900% | 800,000 | 809,593 | |
Total | 2,811,096 | |||
Health Care 0.7% | ||||
Becton Dickinson and Co. | ||||
06/06/2024 | 3.363% | 800,000 | 802,370 | |
Cigna Corp.(b) | ||||
3-month USD LIBOR + 0.890% 07/15/2023 | 1.934% | 650,000 | 651,777 | |
CVS Health Corp. | ||||
12/01/2022 | 2.750% | 850,000 | 851,479 | |
Thermo Fisher Scientific, Inc.(b) | ||||
SOFR + 0.350% 04/18/2023 | 1.130% | 950,000 | 947,594 | |
Total | 3,253,220 | |||
Healthcare Insurance 0.4% | ||||
Anthem, Inc. | ||||
12/01/2022 | 2.950% | 850,000 | 852,094 | |
UnitedHealth Group, Inc. | ||||
07/15/2022 | 3.350% | 700,000 | 701,659 | |
Total | 1,553,753 | |||
Independent Energy 0.2% | ||||
Pioneer Natural Resources Co. | ||||
05/15/2023 | 0.550% | 700,000 | 685,351 | |
Integrated Energy 0.5% | ||||
BP Capital Markets PLC | ||||
11/06/2022 | 2.500% | 650,000 | 651,383 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Chevron USA, Inc.(b) | ||||
3-month USD LIBOR + 0.200% 08/11/2023 | 1.599% | 700,000 | 698,148 | |
Shell International Finance BV(b) | ||||
3-month USD LIBOR + 0.400% 11/13/2023 | 1.822% | 1,000,000 | 1,002,787 | |
Total | 2,352,318 | |||
Life Insurance 0.7% | ||||
Metropolitan Life Global Funding I(a) | ||||
09/27/2024 | 0.700% | 715,000 | 674,167 | |
New York Life Global Funding(a),(b) | ||||
SOFR + 0.220% 02/02/2023 | 1.000% | 560,000 | 559,007 | |
Pricoa Global Funding I(a) | ||||
09/21/2022 | 2.450% | 875,000 | 876,263 | |
Principal Life Global Funding II(a) | ||||
01/08/2024 | 0.500% | 900,000 | 863,253 | |
Total | 2,972,690 | |||
Media and Entertainment 0.3% | ||||
Magallanes, Inc.(a),(b) | ||||
SOFR + 1.780% 03/15/2024 | 2.560% | 780,000 | 785,507 | |
Walt Disney Co. (The)(b) | ||||
3-month USD LIBOR + 0.390% 09/01/2022 | 1.970% | 600,000 | 600,185 | |
Total | 1,385,692 | |||
Midstream 1.1% | ||||
Enbridge, Inc. | ||||
02/16/2024 | 2.150% | 611,000 | 600,118 | |
Energy Transfer Partners LP | ||||
02/01/2023 | 3.600% | 1,100,000 | 1,101,976 | |
Enterprise Products Operating LLC | ||||
02/15/2024 | 3.900% | 700,000 | 708,338 | |
Kinder Morgan, Inc. | ||||
01/15/2023 | 3.150% | 675,000 | 677,387 | |
Plains All American Pipeline LP/Finance Corp. | ||||
10/15/2023 | 3.850% | 775,000 | 778,272 | |
Southern Natural Gas Co. LLC(a) | ||||
04/28/2023 | 0.625% | 425,000 | 414,990 | |
Williams Companies, Inc. (The) | ||||
11/15/2023 | 4.500% | 706,000 | 717,288 | |
Total | 4,998,369 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 11 |
May 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Pharmaceuticals 1.0% | ||||
AbbVie, Inc.(b) | ||||
3-month USD LIBOR + 0.650% 11/21/2022 | 2.155% | 800,000 | 800,445 | |
Amgen, Inc. | ||||
08/19/2023 | 2.250% | 140,000 | 139,626 | |
05/22/2024 | 3.625% | 817,000 | 826,725 | |
AstraZeneca PLC | ||||
05/26/2023 | 0.300% | 900,000 | 884,050 | |
Bristol-Myers Squibb Co. | ||||
11/13/2023 | 0.537% | 800,000 | 778,956 | |
Roche Holdings, Inc.(a),(b) | ||||
SOFR + 0.330% 09/11/2023 | 1.110% | 800,000 | 800,282 | |
Total | 4,230,084 | |||
Property & Casualty 0.4% | ||||
Chubb INA Holdings, Inc. | ||||
03/13/2023 | 2.700% | 850,000 | 852,001 | |
Loews Corp. | ||||
05/15/2023 | 2.625% | 850,000 | 850,773 | |
Total | 1,702,774 | |||
Railroads 0.4% | ||||
CSX Corp. | ||||
08/01/2024 | 3.400% | 766,000 | 770,458 | |
Union Pacific Corp. | ||||
01/15/2023 | 2.950% | 768,000 | 769,492 | |
Total | 1,539,950 | |||
Technology 1.5% | ||||
Broadcom Corp./Cayman Finance Ltd. | ||||
01/15/2024 | 3.625% | 800,000 | 805,094 | |
Fidelity National Information Services, Inc. | ||||
03/01/2023 | 0.375% | 875,000 | 859,615 | |
International Business Machines Corp. | ||||
02/12/2024 | 3.625% | 707,000 | 717,122 | |
Microchip Technology, Inc. | ||||
02/15/2024 | 0.972% | 800,000 | 767,199 | |
NXP BV/Funding LLC | ||||
03/01/2024 | 4.875% | 750,000 | 763,855 | |
Oracle Corp. | ||||
09/15/2023 | 2.400% | 850,000 | 843,899 | |
QUALCOMM, Inc.(b) | ||||
3-month USD LIBOR + 0.730% 01/30/2023 | 1.969% | 965,000 | 966,448 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
RELX Capital, Inc. | ||||
03/16/2023 | 3.500% | 800,000 | 802,186 | |
Total | 6,525,418 | |||
Transportation Services 0.2% | ||||
ERAC U.S.A. Finance LLC(a) | ||||
11/01/2023 | 2.700% | 850,000 | 844,248 | |
Wireless 0.2% | ||||
American Tower Corp. | ||||
01/31/2023 | 3.500% | 860,000 | 865,253 | |
Wirelines 0.6% | ||||
AT&T, Inc.(b) | ||||
3-month USD LIBOR + 1.180% 06/12/2024 | 1.983% | 1,250,000 | 1,257,753 | |
Verizon Communications, Inc.(b) | ||||
SOFR + 0.500% 03/22/2024 | 1.280% | 1,200,000 | 1,194,734 | |
Total | 2,452,487 | |||
Total Corporate Bonds & Notes (Cost $86,758,108) | 85,918,573 | |||
Foreign Government Obligations(d) 0.4% | ||||
Canada 0.4% | ||||
Province of Ontario | ||||
01/24/2023 | 1.750% | 840,000 | 838,940 | |
Province of Quebec | ||||
02/13/2023 | 2.625% | 828,000 | 831,301 | |
Total | 1,670,241 | |||
Total Foreign Government Obligations (Cost $1,680,605) | 1,670,241 | |||
Residential Mortgage-Backed Securities - Non-Agency 2.6% | ||||
Bellemeade Re Ltd.(a),(b) | ||||
CMO Series 2020-3A Class M1B | ||||
1-month USD LIBOR + 2.850% Floor 2.850% 10/25/2030 | 3.856% | 1,660,046 | 1,661,888 | |
CMO Series 2021-3A Class M1A | ||||
30-day Average SOFR + 1.000% Floor 1.000% 09/25/2031 | 1.585% | 1,350,000 | 1,339,644 | |
CFMT LLC(a),(e) | ||||
CMO Series 2021-EBO1 Class A | ||||
11/25/2050 | 0.985% | 616,041 | 604,798 |
12 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Connecticut Avenue Securities Trust(a),(b) | ||||
CMO Series 2022-R02 Class 2M1 | ||||
30-day Average SOFR + 1.200% 01/25/2042 | 1.785% | 2,593,270 | 2,570,065 | |
CMO Series 2022-R05 Class 2M1 | ||||
30-day Average SOFR + 1.900% 04/25/2042 | 2.485% | 776,108 | 772,859 | |
Pretium Mortgage Credit Partners LLC(a),(e) | ||||
CMO Series 2021-RN2 Class A1 | ||||
07/25/2051 | 1.744% | 625,051 | 588,530 | |
Towd Point Mortgage Trust(a),(e) | ||||
CMO Series 2021-SJ2 Class A1A | ||||
12/25/2061 | 2.250% | 1,156,554 | 1,130,358 | |
VCAT LLC(a),(e) | ||||
CMO Series 2021-NPL4 Class A1 | ||||
08/25/2051 | 1.868% | 1,739,579 | 1,651,670 | |
CMO Series 2021-NPL5 Class A1 | ||||
08/25/2051 | 1.868% | 935,287 | 890,062 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $11,487,116) | 11,209,874 | |||
U.S. Government & Agency Obligations 0.4% | ||||
Federal Farm Credit Banks Funding Corp.(b) | ||||
SOFR + 0.060% 12/27/2023 | 0.840% | 425,000 | 425,554 | |
SOFR + 0.040% 02/09/2024 | 0.820% | 1,300,000 | 1,299,919 | |
Total U.S. Government & Agency Obligations (Cost $1,725,000) | 1,725,473 | |||
U.S. Treasury Obligations 0.4% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
U.S. Treasury | ||||
10/31/2022 | 1.875% | 1,725,000 | 1,727,561 | |
Total U.S. Treasury Obligations (Cost $1,728,743) | 1,727,561 |
Money Market Funds 53.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.852%(f),(g) | 230,639,439 | 230,547,183 |
Total Money Market Funds (Cost $230,548,418) | 230,547,183 | |
Total Investments in Securities (Cost: $398,171,721) | 396,267,876 | |
Other Assets & Liabilities, Net | 37,491,682 | |
Net Assets | 433,759,558 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Brent Crude | 65 | 07/2022 | USD | 7,317,700 | 646,303 | — |
Brent Crude | 60 | 09/2022 | USD | 6,460,200 | 1,124,639 | — |
Brent Crude | 125 | 11/2022 | USD | 12,981,250 | 985,790 | — |
Brent Crude | 65 | 01/2023 | USD | 6,543,550 | 336,515 | — |
Cocoa | 37 | 09/2022 | USD | 930,550 | 15,303 | — |
Coffee | 8 | 07/2022 | USD | 693,750 | 62,407 | — |
Coffee | 17 | 09/2022 | USD | 1,475,494 | 29,031 | — |
Coffee | 5 | 09/2022 | USD | 433,969 | — | (24,879) |
Coffee | 44 | 12/2022 | USD | 3,808,200 | 98,011 | — |
Coffee | 22 | 03/2023 | USD | 1,889,250 | 150,562 | — |
Copper | 21 | 07/2022 | USD | 2,255,400 | 43,279 | — |
Copper | 35 | 09/2022 | USD | 3,766,438 | — | (140,094) |
Copper | 1 | 12/2022 | USD | 107,838 | 1,122 | — |
Columbia Commodity Strategy Fund | Annual Report 2022 | 13 |
May 31, 2022
Long futures contracts (continued) | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Copper | 68 | 12/2022 | USD | 7,332,950 | — | (645,805) |
Copper | 34 | 03/2023 | USD | 3,670,725 | 93,453 | — |
Corn | 99 | 07/2022 | USD | 3,729,825 | 188,470 | — |
Corn | 76 | 07/2022 | USD | 2,863,300 | — | (118,462) |
Corn | 137 | 09/2022 | USD | 4,966,250 | 630,349 | — |
Corn | 141 | 12/2022 | USD | 5,016,075 | 96,583 | — |
Corn | 138 | 12/2022 | USD | 4,909,350 | — | (51,359) |
Corn | 139 | 03/2023 | USD | 4,979,675 | — | (108,859) |
Cotton | 58 | 07/2022 | USD | 4,030,420 | 119,953 | — |
Cotton | 39 | 07/2022 | USD | 2,710,110 | — | (69,537) |
Cotton | 62 | 12/2022 | USD | 3,795,950 | 287,524 | — |
Cotton | 21 | 03/2023 | USD | 1,240,785 | — | (16,704) |
Feeder Cattle | 5 | 08/2022 | USD | 412,813 | — | (16,383) |
Gas Oil | 77 | 07/2022 | USD | 9,232,300 | 1,365,111 | — |
Gas Oil | 26 | 09/2022 | USD | 2,943,850 | 900,359 | — |
Gas Oil | 27 | 11/2022 | USD | 2,897,100 | 512,838 | — |
Gas Oil | 59 | 01/2023 | USD | 5,930,975 | 630,472 | — |
Gold 100 oz. | 41 | 08/2022 | USD | 7,578,440 | 9,671 | — |
Gold 100 oz. | 8 | 08/2022 | USD | 1,478,720 | — | (86,045) |
Gold 100 oz. | 174 | 12/2022 | USD | 32,451,000 | — | (1,322,919) |
Gold 100 oz. | 35 | 02/2023 | USD | 6,561,100 | 3,046 | — |
Gold 100 oz. | 23 | 02/2023 | USD | 4,311,580 | — | (57,351) |
Lead | 26 | 07/2022 | USD | 1,419,340 | 39,811 | — |
Lean Hogs | 178 | 07/2022 | USD | 7,689,600 | 415,541 | — |
Lean Hogs | 45 | 10/2022 | USD | 1,674,900 | — | (49,703) |
Lean Hogs | 96 | 12/2022 | USD | 3,332,160 | — | (49,078) |
Lean Hogs | 46 | 02/2023 | USD | 1,665,200 | 44,456 | — |
Live Cattle | 60 | 08/2022 | USD | 3,129,000 | — | (155,567) |
Live Cattle | 43 | 10/2022 | USD | 2,341,780 | — | (138,461) |
Live Cattle | 83 | 12/2022 | USD | 4,724,360 | — | (216,454) |
Live Cattle | 40 | 02/2023 | USD | 2,360,400 | — | (80,516) |
Natural Gas | 200 | 06/2022 | USD | 16,290,000 | 2,943,617 | — |
Natural Gas | 156 | 08/2022 | USD | 12,631,320 | 3,205,573 | — |
Natural Gas | 156 | 10/2022 | USD | 12,654,720 | 2,648,069 | — |
Natural Gas | 298 | 12/2022 | USD | 24,623,740 | 1,550,642 | — |
Natural Gas | 10 | 12/2022 | USD | 826,300 | — | (9,783) |
Nickel | 3 | 07/2022 | USD | 510,714 | 16,704 | — |
Nickel | 15 | 09/2022 | USD | 2,557,890 | 299,527 | — |
Nickel | 15 | 11/2022 | USD | 2,562,930 | — | (303,815) |
Nickel | 31 | 01/2023 | USD | 5,304,162 | — | (334,158) |
NY Harbor ULSD Heat Oil | 22 | 06/2022 | USD | 3,635,940 | 486,711 | — |
NY Harbor ULSD Heat Oil | 14 | 08/2022 | USD | 2,221,464 | 612,639 | — |
NY Harbor ULSD Heat Oil | 14 | 10/2022 | USD | 2,130,148 | 365,769 | — |
NY Harbor ULSD Heat Oil | 31 | 12/2022 | USD | 4,495,546 | 409,425 | — |
Primary Aluminum | 22 | 07/2022 | USD | 1,525,700 | — | (169,596) |
Primary Aluminum | 41 | 09/2022 | USD | 2,860,775 | — | (360,637) |
Primary Aluminum | 41 | 11/2022 | USD | 2,870,000 | — | (425,504) |
Primary Aluminum | 82 | 01/2023 | USD | 5,740,000 | — | (439,498) |
RBOB Gasoline | 71 | 06/2022 | USD | 11,678,108 | 824,867 | — |
RBOB Gasoline | 17 | 08/2022 | USD | 2,550,051 | 653,520 | — |
RBOB Gasoline | 19 | 10/2022 | USD | 2,495,984 | 343,891 | — |
RBOB Gasoline | 41 | 12/2022 | USD | 4,955,399 | 269,205 | — |
Silver | 25 | 07/2022 | USD | 2,711,000 | — | (181,887) |
Silver | 30 | 09/2022 | USD | 3,267,150 | — | (236,171) |
Silver | 60 | 12/2022 | USD | 6,584,700 | — | (1,012,595) |
Silver | 29 | 03/2023 | USD | 3,211,460 | 17,752 | — |
Silver | 1 | 03/2023 | USD | 110,740 | — | (1,063) |
Soybean | 62 | 07/2022 | USD | 5,218,075 | 46,507 | — |
14 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Long futures contracts (continued) | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Soybean | 130 | 11/2022 | USD | 9,811,750 | 298,751 | — |
Soybean | 130 | 01/2023 | USD | 9,842,625 | 188,419 | — |
Soybean Meal | 44 | 07/2022 | USD | 1,825,120 | 41,958 | — |
Soybean Meal | 73 | 07/2022 | USD | 3,028,040 | — | (30,178) |
Soybean Meal | 124 | 12/2022 | USD | 4,984,800 | — | (152,654) |
Soybean Meal | 25 | 01/2023 | USD | 1,000,250 | 26,081 | — |
Soybean Meal | 99 | 01/2023 | USD | 3,960,990 | — | (70,502) |
Soybean Oil | 36 | 07/2022 | USD | 1,683,072 | — | (41,158) |
Soybean Oil | 132 | 12/2022 | USD | 5,917,824 | 689,299 | — |
Soybean Oil | 133 | 01/2023 | USD | 5,934,726 | 258,089 | — |
Sugar #11 | 75 | 06/2022 | USD | 1,629,600 | 106,688 | — |
Sugar #11 | 81 | 09/2022 | USD | 1,775,390 | 83,366 | — |
Sugar #11 | 14 | 09/2022 | USD | 306,858 | — | (7,377) |
Sugar #11 | 199 | 02/2023 | USD | 4,428,626 | 89,226 | — |
Sugar #11 | 84 | 02/2023 | USD | 1,869,370 | — | (34,444) |
Wheat | 48 | 07/2022 | USD | 2,797,200 | 134,669 | — |
Wheat | 25 | 07/2022 | USD | 1,359,375 | 18,940 | — |
Wheat | 9 | 07/2022 | USD | 489,375 | — | (8,025) |
Wheat | 3 | 07/2022 | USD | 174,825 | — | (10,108) |
Wheat | 31 | 09/2022 | USD | 1,816,600 | 415,395 | — |
Wheat | 96 | 12/2022 | USD | 5,313,600 | 274,532 | — |
Wheat | 56 | 12/2022 | USD | 3,306,800 | 203,168 | — |
Wheat | 6 | 12/2022 | USD | 354,300 | — | (12,473) |
Wheat | 13 | 12/2022 | USD | 719,550 | — | (24,330) |
Wheat | 10 | 03/2023 | USD | 556,000 | 3,707 | — |
Wheat | 31 | 03/2023 | USD | 1,834,038 | — | (36,058) |
Wheat | 44 | 03/2023 | USD | 2,446,400 | — | (55,568) |
White Sugar #5 | 55 | 09/2022 | USD | 3,018,125 | 736,267 | — |
WTI Crude | 122 | 06/2022 | USD | 13,989,740 | 965,941 | — |
WTI Crude | 73 | 08/2022 | USD | 7,949,700 | 1,681,178 | — |
WTI Crude | 76 | 10/2022 | USD | 7,872,840 | 640,769 | — |
WTI Crude | 160 | 12/2022 | USD | 15,913,600 | 995,152 | — |
Zinc | 74 | 07/2022 | USD | 7,258,475 | — | (131,622) |
Zinc | 24 | 09/2022 | USD | 2,349,000 | 147,875 | — |
Zinc | 24 | 11/2022 | USD | 2,333,700 | — | (158,888) |
Zinc | 49 | 01/2023 | USD | 4,700,938 | 19,364 | — |
Total | 31,543,851 | (7,596,268) |
Cleared interest rate swap contracts | |||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
SOFR | Fixed rate of 2.541% | Receives Annually, Pays Annually | Morgan Stanley | 04/28/2024 | USD | 18,500,000 | (16,439) | — | — | — | (16,439) |
SOFR | Fixed rate of 2.657% | Receives Annually, Pays Annually | Morgan Stanley | 04/29/2025 | USD | 2,500,000 | (8,516) | — | — | — | (8,516) |
Total | (24,955) | — | — | — | (24,955) |
Reference index and values for swap contracts as of period end | ||
Reference index | Reference rate | |
SOFR | Secured Overnight Financing Rate | 0.780% |
Columbia Commodity Strategy Fund | Annual Report 2022 | 15 |
May 31, 2022
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2022, the total value of these securities amounted to $76,843,036, which represents 17.72% of total net assets. |
(b) | Variable rate security. The interest rate shown was the current rate as of May 31, 2022. |
(c) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of May 31, 2022. |
(d) | Principal and interest may not be guaranteed by a governmental entity. |
(e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of May 31, 2022. |
(f) | The rate shown is the seven-day current annualized yield at May 31, 2022. |
(g) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.852% | ||||||||
373,842,072 | 1,242,118,244 | (1,385,411,898) | (1,235) | 230,547,183 | (55,892) | 287,970 | 230,639,439 |
CMO | Collateralized Mortgage Obligation |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | US Dollar |
■ | 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). |
16 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Non-Agency | — | 58,350,046 | — | 58,350,046 |
Commercial Mortgage-Backed Securities - Non-Agency | — | 5,118,925 | — | 5,118,925 |
Corporate Bonds & Notes | — | 85,918,573 | — | 85,918,573 |
Foreign Government Obligations | — | 1,670,241 | — | 1,670,241 |
Residential Mortgage-Backed Securities - Non-Agency | — | 11,209,874 | — | 11,209,874 |
U.S. Government & Agency Obligations | — | 1,725,473 | — | 1,725,473 |
U.S. Treasury Obligations | 1,727,561 | — | — | 1,727,561 |
Money Market Funds | 230,547,183 | — | — | 230,547,183 |
Total Investments in Securities | 232,274,744 | 163,993,132 | — | 396,267,876 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 31,543,851 | — | — | 31,543,851 |
Liability | ||||
Futures Contracts | (7,596,268) | — | — | (7,596,268) |
Swap Contracts | — | (24,955) | — | (24,955) |
Total | 256,222,327 | 163,968,177 | — | 420,190,504 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 17 |
May 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $167,623,303) | $165,720,693 |
Affiliated issuers (cost $230,548,418) | 230,547,183 |
Cash | 15,833,143 |
Margin deposits on: | |
Futures contracts | 40,743,667 |
Swap contracts | 301,789 |
Receivable for: | |
Investments sold | 94,363 |
Capital shares sold | 805,053 |
Dividends | 92,087 |
Interest | 431,854 |
Foreign tax reclaims | 485 |
Variation margin for futures contracts | 1,053,054 |
Variation margin for swap contracts | 23,329 |
Prepaid expenses | 6,581 |
Total assets | 455,653,281 |
Liabilities | |
Payable for: | |
Investments purchased | 301,810 |
Capital shares purchased | 10,187,011 |
Variation margin for futures contracts | 11,274,094 |
Management services fees | 31,158 |
Distribution and/or service fees | 1,645 |
Transfer agent fees | 22,923 |
Compensation of board members | 50,087 |
Other expenses | 24,995 |
Total liabilities | 21,893,723 |
Net assets applicable to outstanding capital stock | $433,759,558 |
Represented by | |
Paid in capital | 436,278,926 |
Total distributable earnings (loss) | (2,519,368) |
Total - representing net assets applicable to outstanding capital stock | $433,759,558 |
18 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Class A | |
Net assets | $32,304,222 |
Shares outstanding | 1,475,016 |
Net asset value per share | $21.90 |
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) | $23.24 |
Advisor Class | |
Net assets | $27,640,555 |
Shares outstanding | 1,216,984 |
Net asset value per share | $22.71 |
Class C | |
Net assets | $5,737,509 |
Shares outstanding | 285,559 |
Net asset value per share | $20.09 |
Institutional Class | |
Net assets | $96,857,647 |
Shares outstanding | 4,310,754 |
Net asset value per share | $22.47 |
Institutional 2 Class | |
Net assets | $17,431,189 |
Shares outstanding | 760,662 |
Net asset value per share | $22.92 |
Institutional 3 Class | |
Net assets | $251,322,710 |
Shares outstanding | 10,857,151 |
Net asset value per share | $23.15 |
Class R | |
Net assets | $2,465,726 |
Shares outstanding | 115,695 |
Net asset value per share | $21.31 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 19 |
Year Ended May 31, 2022
Net investment income | |
Income: | |
Dividends — affiliated issuers | $287,970 |
Interest | 1,455,259 |
Total income | 1,743,229 |
Expenses: | |
Management services fees | 2,732,246 |
Distribution and/or service fees | |
Class A | 26,861 |
Class C | 22,111 |
Class R | 5,967 |
Transfer agent fees | |
Class A | 16,257 |
Advisor Class | 10,326 |
Class C | 3,409 |
Institutional Class | 42,180 |
Institutional 2 Class | 6,065 |
Institutional 3 Class | 19,860 |
Class R | 1,844 |
Compensation of board members | 18,267 |
Custodian fees | 14,325 |
Printing and postage fees | 14,260 |
Registration fees | 121,187 |
Audit fees | 43,700 |
Legal fees | 14,174 |
Interest on collateral | 58,398 |
Compensation of chief compliance officer | 74 |
Other | 18,949 |
Total expenses | 3,190,460 |
Net investment loss | (1,447,231) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (1,156,762) |
Investments — affiliated issuers | (55,892) |
Futures contracts | 195,354,771 |
Swap contracts | (7) |
Net realized gain | 194,142,110 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (1,902,610) |
Investments — affiliated issuers | (1,235) |
Futures contracts | (5,570,596) |
Swap contracts | (24,955) |
Net change in unrealized appreciation (depreciation) | (7,499,396) |
Net realized and unrealized gain | 186,642,714 |
Net increase in net assets resulting from operations | $185,195,483 |
20 | Columbia Commodity Strategy Fund | Annual Report 2022 |
Year Ended May 31, 2022 | Year Ended May 31, 2021 | |
Operations | ||
Net investment loss | $(1,447,231) | $(2,139,936) |
Net realized gain | 194,142,110 | 109,006,632 |
Net change in unrealized appreciation (depreciation) | (7,499,396) | 28,558,358 |
Net increase in net assets resulting from operations | 185,195,483 | 135,425,054 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (1,367,093) | (1,631) |
Advisor Class | (907,105) | (5,787) |
Class C | (526,987) | (39) |
Institutional Class | (3,725,492) | (697) |
Institutional 2 Class | (2,514,889) | (21,019) |
Institutional 3 Class | (123,791,658) | (511,960) |
Class R | (244,620) | (426) |
Total distributions to shareholders | (133,077,844) | (541,559) |
Increase (decrease) in net assets from capital stock activity | (45,107,803) | 110,191,082 |
Total increase in net assets | 7,009,836 | 245,074,577 |
Net assets at beginning of year | 426,749,722 | 181,675,145 |
Net assets at end of year | $433,759,558 | $426,749,722 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 21 |
Year Ended | Year Ended | |||
May 31, 2022 | May 31, 2021 | |||
Shares | Dollars ($) | Shares(a) | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 1,912,684 | 37,475,133 | 76,049 | 1,382,699 |
Distributions reinvested | 86,880 | 1,356,192 | 97 | 1,597 |
Redemptions | (656,974) | (13,269,279) | (35,455) | (597,242) |
Net increase | 1,342,590 | 25,562,046 | 40,691 | 787,054 |
Advisor Class | ||||
Subscriptions | 1,152,473 | 25,273,477 | 145,990 | 2,369,574 |
Distributions reinvested | 53,518 | 865,391 | 344 | 5,787 |
Redemptions | (155,727) | (3,403,112) | (1,399,979) | (23,347,200) |
Net increase (decrease) | 1,050,264 | 22,735,756 | (1,253,645) | (20,971,839) |
Class C | ||||
Subscriptions | 239,505 | 4,580,503 | 34,072 | 655,194 |
Distributions reinvested | 36,641 | 526,525 | 3 | 38 |
Redemptions | (26,158) | (499,293) | (4,199) | (79,609) |
Net increase | 249,988 | 4,607,735 | 29,876 | 575,623 |
Institutional Class | ||||
Subscriptions | 4,641,966 | 91,175,164 | 67,819 | 1,234,329 |
Distributions reinvested | 232,754 | 3,724,071 | 41 | 692 |
Redemptions | (629,517) | (13,227,370) | (6,974) | (123,212) |
Net increase | 4,245,203 | 81,671,865 | 60,886 | 1,111,809 |
Institutional 2 Class | ||||
Subscriptions | 456,720 | 9,921,132 | 946,693 | 15,457,398 |
Distributions reinvested | 154,164 | 2,514,419 | 1,241 | 21,017 |
Redemptions | (754,802) | (15,768,236) | (47,309) | (923,206) |
Net increase (decrease) | (143,918) | (3,332,685) | 900,625 | 14,555,209 |
Institutional 3 Class | ||||
Subscriptions | 33,008,655 | 694,995,472 | 19,921,707 | 326,614,590 |
Distributions reinvested | 7,516,160 | 123,791,160 | 30,045 | 511,958 |
Redemptions | (48,212,582) | (996,632,284) | (12,417,639) | (213,096,022) |
Net increase (decrease) | (7,687,767) | (177,845,652) | 7,534,113 | 114,030,526 |
Class R | ||||
Subscriptions | 81,715 | 1,583,080 | 11,773 | 225,194 |
Distributions reinvested | 16,054 | 244,173 | 26 | 425 |
Redemptions | (16,937) | (334,121) | (7,151) | (122,919) |
Net increase | 80,832 | 1,493,132 | 4,648 | 102,700 |
Total net increase (decrease) | (862,808) | (45,107,803) | 7,317,194 | 110,191,082 |
(a) | Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
22 | Columbia Commodity Strategy Fund | Annual Report 2022 |
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 | Total distributions to shareholders | |
Class A(c) | ||||||
Year Ended 5/31/2022 | $20.69 | (0.12) | 7.43 | 7.31 | (6.10) | (6.10) |
Year Ended 5/31/2021 | $13.99 | (0.18) | 6.90 | 6.72 | (0.02) | (0.02) |
Year Ended 5/31/2020 | $16.67 | 0.12 | (2.64) | (2.52) | (0.16) | (0.16) |
Year Ended 5/31/2019 | $23.03 | 0.24 | (3.60) | (3.36) | (3.00) | (3.00) |
Year Ended 5/31/2018 | $20.95 | 0.04 | 2.04 | 2.08 | — | — |
Advisor Class(c) | ||||||
Year Ended 5/31/2022 | $21.22 | (0.08) | 7.70 | 7.62 | (6.13) | (6.13) |
Year Ended 5/31/2021 | $14.32 | (0.11) | 7.03 | 6.92 | (0.02) | (0.02) |
Year Ended 5/31/2020 | $17.05 | 0.16 | (2.69) | (2.53) | (0.20) | (0.20) |
Year Ended 5/31/2019 | $23.49 | 0.28 | (3.64) | (3.36) | (3.08) | (3.08) |
Year Ended 5/31/2018 | $21.32 | 0.12 | 2.09 | 2.21 | (0.04) | (0.04) |
Class C(c) | ||||||
Year Ended 5/31/2022 | $19.53 | (0.26) | 6.86 | 6.60 | (6.04) | (6.04) |
Year Ended 5/31/2021 | $13.30 | (0.30) | 6.54 | 6.24 | (0.01) | (0.01) |
Year Ended 5/31/2020 | $15.84 | (0.00)(f) | (2.54) | (2.54) | (0.00)(f) | (0.00)(f) |
Year Ended 5/31/2019 | $22.03 | 0.08 | (3.43) | (3.35) | (2.84) | (2.84) |
Year Ended 5/31/2018 | $20.17 | (0.12) | 1.98 | 1.86 | — | — |
Institutional Class(c) | ||||||
Year Ended 5/31/2022 | $21.05 | (0.05) | 7.59 | 7.54 | (6.12) | (6.12) |
Year Ended 5/31/2021 | $14.20 | (0.15) | 7.02 | 6.87 | (0.02) | (0.02) |
Year Ended 5/31/2020 | $16.91 | 0.20 | (2.71) | (2.51) | (0.20) | (0.20) |
Year Ended 5/31/2019 | $23.32 | 0.28 | (3.61) | (3.33) | (3.08) | (3.08) |
Year Ended 5/31/2018 | $21.18 | 0.12 | 2.06 | 2.18 | (0.04) | (0.04) |
Institutional 2 Class(c) | ||||||
Year Ended 5/31/2022 | $21.34 | (0.07) | 7.78 | 7.71 | (6.13) | (6.13) |
Year Ended 5/31/2021 | $14.40 | (0.12) | 7.08 | 6.96 | (0.02) | (0.02) |
Year Ended 5/31/2020 | $17.14 | 0.24 | (2.78) | (2.54) | (0.20) | (0.20) |
Year Ended 5/31/2019 | $23.59 | 0.32 | (3.69) | (3.37) | (3.08) | (3.08) |
Year Ended 5/31/2018 | $21.41 | 0.12 | 2.10 | 2.22 | (0.04) | (0.04) |
Institutional 3 Class(c) | ||||||
Year Ended 5/31/2022 | $21.48 | (0.07) | 7.88 | 7.81 | (6.14) | (6.14) |
Year Ended 5/31/2021 | $14.48 | (0.11) | 7.14 | 7.03 | (0.03) | (0.03) |
Year Ended 5/31/2020 | $17.20 | 0.20 | (2.72) | (2.52) | (0.20) | (0.20) |
Year Ended 5/31/2019 | $23.66 | 0.32 | (3.66) | (3.34) | (3.12) | (3.12) |
Year Ended 5/31/2018 | $21.46 | 0.16 | 2.08 | 2.24 | (0.04) | (0.04) |
24 | Columbia Commodity Strategy Fund | Annual Report 2022 |
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(c) | |||||||
Year Ended 5/31/2022 | $21.90 | 47.23% | 1.12%(d) | 1.12%(d) | (0.57%) | 329% | $32,304 |
Year Ended 5/31/2021 | $20.69 | 47.95% | 1.14%(d) | 1.14%(d),(e) | (1.03%) | 0% | $2,739 |
Year Ended 5/31/2020 | $13.99 | (15.35%) | 1.14% | 1.14%(e) | 0.63% | 0% | $1,283 |
Year Ended 5/31/2019 | $16.67 | (14.76%) | 1.11% | 1.11%(e) | 1.18% | 0% | $1,775 |
Year Ended 5/31/2018 | $23.03 | 9.92% | 1.08% | 1.08%(e) | 0.22% | 0% | $2,148 |
Advisor Class(c) | |||||||
Year Ended 5/31/2022 | $22.71 | 47.57% | 0.89%(d) | 0.89%(d) | (0.36%) | 329% | $27,641 |
Year Ended 5/31/2021 | $21.22 | 48.38% | 0.85%(d) | 0.85%(d),(e) | (0.71%) | 0% | $3,537 |
Year Ended 5/31/2020 | $14.32 | (15.05%) | 0.89% | 0.89%(e) | 0.86% | 0% | $20,335 |
Year Ended 5/31/2019 | $17.05 | (14.62%) | 0.86% | 0.86%(e) | 1.44% | 0% | $23,533 |
Year Ended 5/31/2018 | $23.49 | 10.24% | 0.83% | 0.83%(e) | 0.48% | 0% | $21,601 |
Class C(c) | |||||||
Year Ended 5/31/2022 | $20.09 | 46.14% | 1.88%(d) | 1.88%(d) | (1.36%) | 329% | $5,738 |
Year Ended 5/31/2021 | $19.53 | 47.13% | 1.87%(d) | 1.87%(d),(e) | (1.78%) | 0% | $695 |
Year Ended 5/31/2020 | $13.30 | (16.08%) | 1.89% | 1.89%(e) | (0.11%) | 0% | $76 |
Year Ended 5/31/2019 | $15.84 | (15.53%) | 1.86% | 1.86%(e) | 0.41% | 0% | $124 |
Year Ended 5/31/2018 | $22.03 | 9.33% | 1.82% | 1.82%(e) | (0.57%) | 0% | $224 |
Institutional Class(c) | |||||||
Year Ended 5/31/2022 | $22.47 | 47.60% | 0.86%(d) | 0.86%(d) | (0.26%) | 329% | $96,858 |
Year Ended 5/31/2021 | $21.05 | 48.45% | 0.90%(d) | 0.90%(d),(e) | (0.82%) | 0% | $1,380 |
Year Ended 5/31/2020 | $14.20 | (15.15%) | 0.86% | 0.86%(e) | 1.07% | 0% | $66 |
Year Ended 5/31/2019 | $16.91 | (14.51%) | 0.84% | 0.84%(e) | 1.35% | 0% | $771 |
Year Ended 5/31/2018 | $23.32 | 10.32% | 0.83% | 0.83%(e) | 0.52% | 0% | $4,485 |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2022 | $22.92 | 47.79% | 0.77%(d) | 0.77%(d) | (0.34%) | 329% | $17,431 |
Year Ended 5/31/2021 | $21.34 | 48.41% | 0.77%(d) | 0.77%(d) | (0.68%) | 0% | $19,305 |
Year Ended 5/31/2020 | $14.40 | (14.90%) | 0.76% | 0.76% | 1.32% | 0% | $57 |
Year Ended 5/31/2019 | $17.14 | (14.64%) | 0.78% | 0.78% | 1.52% | 0% | $1,404 |
Year Ended 5/31/2018 | $23.59 | 10.43% | 0.75% | 0.75% | 0.56% | 0% | $1,331 |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2022 | $23.15 | 47.94% | 0.70%(d) | 0.70%(d) | (0.32%) | 329% | $251,323 |
Year Ended 5/31/2021 | $21.48 | 48.57% | 0.71%(d) | 0.71%(d) | (0.61%) | 0% | $398,386 |
Year Ended 5/31/2020 | $14.48 | (14.77%) | 0.70% | 0.70% | 1.20% | 0% | $159,442 |
Year Ended 5/31/2019 | $17.20 | (14.34%) | 0.70% | 0.70% | 1.56% | 0% | $320,251 |
Year Ended 5/31/2018 | $23.66 | 10.44% | 0.69% | 0.69% | 0.64% | 0% | $581,920 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 25 |
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 | Total distributions to shareholders | |
Class R(c) | ||||||
Year Ended 5/31/2022 | $20.32 | (0.18) | 7.25 | 7.07 | (6.08) | (6.08) |
Year Ended 5/31/2021 | $13.77 | (0.21) | 6.77 | 6.56 | (0.01) | (0.01) |
Year Ended 5/31/2020 | $16.40 | 0.04 | (2.55) | (2.51) | (0.12) | (0.12) |
Year Ended 5/31/2019 | $22.70 | 0.20 | (3.54) | (3.34) | (2.96) | (2.96) |
Year Ended 5/31/2018 | $20.69 | 0.00(f) | 2.01 | 2.01 | — | — |
Notes to Consolidated 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) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(d) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |
Class | 5/31/2022 | 5/31/2021 |
Class A | 0.01% | 0.02% |
Advisor Class | 0.01% | less than 0.01% |
Class C | 0.01% | 0.05% |
Institutional Class | 0.01% | 0.02% |
Institutional 2 Class | 0.01% | 0.02% |
Institutional 3 Class | 0.01% | 0.01% |
Class R | 0.01% | 0.01% |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(f) | Rounds to zero. |
26 | Columbia Commodity Strategy Fund | Annual Report 2022 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class R(c) | |||||||
Year Ended 5/31/2022 | $21.31 | 46.82% | 1.37%(d) | 1.37%(d) | (0.89%) | 329% | $2,466 |
Year Ended 5/31/2021 | $20.32 | 47.81% | 1.38%(d) | 1.38%(d),(e) | (1.27%) | 0% | $708 |
Year Ended 5/31/2020 | $13.77 | (15.59%) | 1.39% | 1.39%(e) | 0.38% | 0% | $416 |
Year Ended 5/31/2019 | $16.40 | (15.08%) | 1.36% | 1.36%(e) | 0.97% | 0% | $590 |
Year Ended 5/31/2018 | $22.70 | 9.86% | 1.34% | 1.34%(e) | 0.07% | 0% | $391 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 27 |
May 31, 2022
CCSF Offshore Fund, Ltd. | |
% of consolidated fund net assets | 15.29% |
Net assets | $66,328,147 |
Net investment income (loss) | (570,748) |
Net realized gain (loss) | 194,526,613 |
Net change in unrealized appreciation (depreciation) | (5,570,596) |
28 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Columbia Commodity Strategy Fund | Annual Report 2022 | 29 |
May 31, 2022
30 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Columbia Commodity Strategy Fund | Annual Report 2022 | 31 |
May 31, 2022
Asset derivatives | ||
Risk exposure category | Consolidated statement of assets and liabilities location | Fair value ($) |
Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 31,543,851* |
Liability derivatives | ||
Risk exposure category | Consolidated statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 24,955* |
Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 7,596,268* |
Total | 7,621,223 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Consolidated Statement of Assets and Liabilities. |
32 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Amount of realized gain (loss) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Swap contracts ($) | Total ($) |
Commodity-related investment risk | 194,526,581 | — | 194,526,581 |
Interest rate risk | 828,190 | (7) | 828,183 |
Total | 195,354,771 | (7) | 195,354,764 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Swap contracts ($) | Total ($) |
Commodity-related investment risk | (5,570,596) | — | (5,570,596) |
Interest rate risk | — | (24,955) | (24,955) |
Total | (5,570,596) | (24,955) | (5,595,551) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 472,329,058 |
Futures contracts — short | 12,306,582 |
Derivative instrument | Average unrealized appreciation ($)** | Average unrealized depreciation ($)** |
Interest rate swap contracts | 2,236 | (1,471) |
* | Based on the ending quarterly outstanding amounts for the year ended May 31, 2022. |
** | Based on the ending daily outstanding amounts for the year ended May 31, 2022. |
Morgan Stanley ($) | |
Assets | |
Centrally cleared interest rate swap contracts (a) | 23,329 |
Total financial and derivative net assets | 23,329 |
Total collateral received (pledged) (b) | - |
Net amount (c) | 23,329 |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities. |
(b) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(c) | Represents the net amount due from/(to) counterparties in the event of default. |
Columbia Commodity Strategy Fund | Annual Report 2022 | 33 |
May 31, 2022
34 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Columbia Commodity Strategy Fund | Annual Report 2022 | 35 |
May 31, 2022
Effective rate (%) | |
Class A | 0.15 |
Advisor Class | 0.16 |
Class C | 0.15 |
Institutional Class | 0.15 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.01 |
Class R | 0.15 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 136,768 |
Class C | — | 1.00(b) | 482 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
36 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
October 1, 2021 through September 30, 2022 | Prior to October 1, 2021 | |
Class A | 1.29% | 1.22% |
Advisor Class | 1.04 | 0.97 |
Class C | 2.04 | 1.97 |
Institutional Class | 1.04 | 0.97 |
Institutional 2 Class | 0.91 | 0.88 |
Institutional 3 Class | 0.87 | 0.82 |
Class R | 1.54 | 1.47 |
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(5,741,754) | (1,302,381) | 7,044,135 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 37 |
May 31, 2022
Year Ended May 31, 2022 | Year Ended May 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
133,077,844 | — | 133,077,844 | 541,559 | — | 541,559 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
193,014,980 | — | (944,216) | (155,906,620) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
618,477,688 | — | (155,906,620) | (155,906,620) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(944,216) | — | (944,216) | — |
38 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Columbia Commodity Strategy Fund | Annual Report 2022 | 39 |
May 31, 2022
40 | Columbia Commodity Strategy Fund | Annual Report 2022 |
May 31, 2022
Columbia Commodity Strategy Fund | Annual Report 2022 | 41 |
May 31, 2022
42 | Columbia Commodity Strategy Fund | Annual Report 2022 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 43 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
44 | Columbia Commodity Strategy Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Columbia Commodity Strategy Fund | Annual Report 2022 | 45 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
46 | Columbia Commodity Strategy Fund | Annual Report 2022 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Columbia Commodity Strategy Fund | Annual Report 2022 | 47 |
(Unaudited)
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
48 | Columbia Commodity Strategy Fund | Annual Report 2022 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
Columbia Commodity Strategy Fund | Annual Report 2022 | 49 |
(Unaudited)
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
50 | Columbia Commodity Strategy Fund | Annual Report 2022 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Item 2. Code of Ethics.
(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.
(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the eleven series of the registrant whose reports to stockholders are included in this annual filing.
(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended May 31, 2022 and May 31, 2021 are approximately as follows:
20222021
$384,500 $379,400
Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended May 31, 2022 and May 31, 2021 are approximately as follows:
20222021
$10,000 $4,200
Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.
During the fiscal years ended May 31, 2022 and May 31, 2021, there were no Audit- Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended May 31, 2022 and May 31,
2021 are approximately as follows:
2022 | 2021 |
$0 | $0 |
Tax Fees, if any, include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended May 31, 2022 and May 31, 2021, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended May 31, 2022 and May 31, 2021 are approximately as follows:
20222021
$2,500$0
All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended May 31,
2022 and May 31, 2021 are approximately as follows:
20222021
$520,000 $520,000
In fiscal years 2022 and 2021, All Other Fees primarily consists of fees billed for internal control examinations of the registrant's transfer agent and investment adviser.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant's Audit Committee is required to pre-approve the engagement of the
registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre- designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre- approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre- approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre- approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
*****
(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f)Not applicable.
(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended May 31, 2022 and May 31,
2021 are approximately as follows:
20222021
$532,500 $524,200
(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
(b)Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b)There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. |
|
| ||
(registrant) |
| Columbia Funds Series Trust II |
| |
By (Signature and Title) | /s/ Daniel J. Beckman |
| ||
|
|
| Daniel J. Beckman, President and Principal Executive Officer |
|
Date |
| July 21, 2022 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman | ||
|
| Daniel J. Beckman, President and Principal Executive Officer | |
Date |
| July 21, 2022 |
|
By (Signature and Title) | /s/ Michael G. Clarke | ||
|
| Michael G. Clarke, Chief Financial Officer, Principal Financial Officer | |
|
| and Senior Vice President | |
Date |
| July 21, 2022 |
|
By (Signature and Title) | /s/ Joseph Beranek | ||
|
| Joseph Beranek, Treasurer, Chief Accounting Officer and Principal | |
|
| Financial Officer | |
Date |
| July 21, 2022 |
|