UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21852
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: August 31
Date of reporting period: August 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.
August 31, 2022
3 | |
6 | |
9 | |
10 | |
16 | |
18 | |
19 | |
22 | |
26 | |
40 | |
41 | |
41 | |
47 | |
48 |
(Unaudited)
Average annual total returns (%) (for the period ended August 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 02/16/06 | -19.53 | -2.05 | 0.97 |
Including sales charges | -23.36 | -2.99 | 0.48 | ||
Advisor Class* | 03/19/13 | -19.38 | -1.82 | 1.21 | |
Class C | Excluding sales charges | 02/16/06 | -20.19 | -2.78 | 0.21 |
Including sales charges | -20.97 | -2.78 | 0.21 | ||
Institutional Class | 09/27/10 | -19.31 | -1.80 | 1.23 | |
Institutional 2 Class* | 11/08/12 | -19.29 | -1.69 | 1.37 | |
Institutional 3 Class* | 11/08/12 | -19.16 | -1.62 | 1.43 | |
Class R | 11/16/11 | -19.75 | -2.30 | 0.71 | |
JPMorgan Emerging Markets Bond Index-Global | -18.82 | -1.08 | 1.74 |
* | 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 Emerging Markets Bond Fund | Annual Report 2022 | 3 |
(Unaudited)
4 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
(Unaudited)
Quality breakdown (%) (at August 31, 2022) | |
AA rating | 8.6 |
A rating | 7.8 |
BBB rating | 28.0 |
BB rating | 27.3 |
B rating | 17.6 |
CCC rating | 4.5 |
C rating | 0.3 |
Not rated | 5.9 |
Total | 100.0 |
Country breakdown (%) (at August 31, 2022) | |
Angola | 1.3 |
Argentina | 1.5 |
Azerbaijan | 0.6 |
Bahrain | 1.7 |
Belarus | 0.1 |
Brazil | 2.5 |
Canada | 0.4 |
Chile | 0.4 |
China | 0.4 |
Colombia | 5.6 |
Croatia | 0.7 |
Dominican Republic | 3.4 |
Ecuador | 1.3 |
Egypt | 2.6 |
Ghana | 0.4 |
Guatemala | 1.3 |
Hong Kong | 2.6 |
India | 2.2 |
Indonesia | 6.0 |
Ireland | 0.3 |
Isle of Man | 0.2 |
Ivory Coast | 1.6 |
Jersey | 1.2 |
Kazakhstan | 2.1 |
Malaysia | 0.6 |
Mexico | 11.0 |
Netherlands | 0.2 |
Oman | 1.2 |
Pakistan | 0.5 |
Panama | 2.0 |
Paraguay | 1.4 |
Peru | 0.3 |
Philippines | 1.5 |
Qatar | 5.8 |
Romania | 2.1 |
Russian Federation | 0.9 |
Saudi Arabia | 4.5 |
South Africa | 2.7 |
Turkey | 3.8 |
Ukraine | 0.7 |
United Arab Emirates | 3.3 |
United Kingdom | 0.6 |
United States | 12.9(a) |
Venezuela | 0.4 |
Virgin Islands | 3.2 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds. |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
(Unaudited)
• | Country positioning overall detracted most from relative results, attributable primarily to an overweight to Ukraine, as Ukrainian bonds sold off following the invasion by Russia. |
• | Overweights to Egypt and Ghana also detracted. |
○ | In Egypt, inflation more than doubled during the first eight months of 2022, with higher food prices exacerbated by the war in Ukraine given that Egypt is the biggest importer of wheat from Ukraine. Concerns about Egypt’s high gross external financing needs weighed on investor sentiment, although by the end of the annual period, Egypt had secured external funding from the International Monetary Fund (IMF) and from Gulf Cooperation Council states. |
○ | Ghana’s credit rating was downgraded to CCC during the annual period as a result of deteriorating fundamentals. Its government initially refused to enter into talks with the IMF. It later changed its stance and by the end of the annual period, discussions were underway, seen widely by investors as a positive development. |
• | Having an underweight position in Oman dampened the Fund’s results. Oman was upgraded one notch to BB following a significant improvement in the country’s fiscal metrics. The country was expected to post its first budget surplus since 2013. |
• | Local currency rates as a whole detracted modestly from the Fund’s relative results. |
• | Overall, duration positioning contributed most positively to the Fund’s relative performance, as the Fund maintained a shorter duration than that of the benchmark during an annual period when U.S. Treasury and other government bond yields rose. |
• | Having an allocation to cash and cash equivalents during an annual period when the benchmark experienced a double-digit decline amid volatile markets and risk-averse investor sentiment proved beneficial. |
• | Security selection overall added value, primarily as a result of holding some exposure to Russian bonds when Russia was removed from the Fund’s benchmark at the end of March 2022. |
○ | J.P. Morgan marked Russian bonds to zero upon removing them from its indices, thereby decreasing the benchmark’s overall value. By default, the Russian bonds in the Fund’s portfolio contributed positively to relative results as they were still priced higher than zero. |
• | The Fund’s overweight to Colombia boosted relative results, as spreads narrowed after leftist candidate Gustavo Petro’s victory in the final round of presidential elections there and the subsequent moderation of his radical campaign agenda. |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 7 |
(Unaudited)
8 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
(Unaudited)
March 1, 2022 — August 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 904.90 | 1,019.46 | 5.47 | 5.80 | 1.14 |
Advisor Class | 1,000.00 | 1,000.00 | 905.20 | 1,020.77 | 4.23 | 4.48 | 0.88 |
Class C | 1,000.00 | 1,000.00 | 901.60 | 1,015.73 | 9.01 | 9.55 | 1.88 |
Institutional Class | 1,000.00 | 1,000.00 | 906.10 | 1,020.77 | 4.23 | 4.48 | 0.88 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 906.60 | 1,021.58 | 3.46 | 3.67 | 0.72 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 907.00 | 1,021.78 | 3.27 | 3.47 | 0.68 |
Class R | 1,000.00 | 1,000.00 | 903.60 | 1,018.20 | 6.67 | 7.07 | 1.39 |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 9 |
August 31, 2022
Corporate Bonds & Notes 12.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Brazil 0.5% | ||||
Hidrovias International Finance Sarl(a) | ||||
02/08/2031 | 4.950% | 2,049,000 | 1,618,579 | |
Colombia 0.8% | ||||
Millicom International Cellular SA(a) | ||||
01/15/2028 | 5.125% | 1,215,000 | 1,118,888 | |
03/25/2029 | 6.250% | 1,260,000 | 1,197,821 | |
03/25/2029 | 6.250% | 180,000 | 171,117 | |
Total | 2,487,826 | |||
Guatemala 0.6% | ||||
Energuate Trust(a) | ||||
05/03/2027 | 5.875% | 1,300,000 | 1,227,525 | |
05/03/2027 | 5.875% | 550,000 | 519,337 | |
Total | 1,746,862 | |||
Hong Kong 2.6% | ||||
Lenovo Group Ltd.(a) | ||||
04/24/2025 | 5.875% | 3,500,000 | 3,511,796 | |
07/27/2032 | 6.536% | 2,736,000 | 2,703,972 | |
Xiaomi Best Time International Ltd.(a) | ||||
07/14/2031 | 2.875% | 2,100,000 | 1,552,424 | |
Total | 7,768,192 | |||
India 1.1% | ||||
Adani Electricity Mumbai Ltd.(a) | ||||
02/12/2030 | 3.949% | 1,800,000 | 1,485,398 | |
Adani Ports & Special Economic Zone Ltd.(a) | ||||
08/04/2027 | 4.200% | 2,100,000 | 1,935,452 | |
Total | 3,420,850 | |||
Ireland 0.3% | ||||
Phosagro OAO Via Phosagro Bond Funding DAC(a) | ||||
09/16/2028 | 2.600% | 1,532,000 | 809,508 | |
Isle of Man 0.2% | ||||
AngloGold Ashanti Holdings PLC | ||||
10/01/2030 | 3.750% | 565,000 | 482,570 | |
Jersey 1.2% | ||||
Galaxy Pipeline Assets Bidco Ltd.(a) | ||||
03/31/2036 | 2.625% | 1,780,000 | 1,497,138 | |
09/30/2040 | 2.940% | 2,619,638 | 2,187,733 | |
Total | 3,684,871 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Netherlands 0.1% | ||||
Mong Duong Finance Holdings BV(a) | ||||
05/07/2029 | 5.125% | 570,000 | 472,803 | |
Philippines 0.8% | ||||
SMC Global Power Holdings Corp.(a),(b) | ||||
12/31/2049 | 5.700% | 2,600,000 | 2,308,162 | |
Turkey 0.5% | ||||
Turk Telekomunikasyon AS(a) | ||||
02/28/2025 | 6.875% | 1,650,000 | 1,474,522 | |
United Kingdom 0.6% | ||||
Tullow Oil PLC(a) | ||||
03/01/2025 | 7.000% | 2,200,000 | 1,754,640 | |
Virgin Islands 3.2% | ||||
Gold Fields Orogen Holdings BVI Ltd.(a) | ||||
05/15/2029 | 6.125% | 2,231,000 | 2,291,054 | |
JGSH Philippines Ltd.(a) | ||||
07/09/2030 | 4.125% | 6,100,000 | 5,798,031 | |
Studio City Finance Ltd.(a) | ||||
01/15/2029 | 5.000% | 2,900,000 | 1,554,254 | |
Total | 9,643,339 | |||
Total Corporate Bonds & Notes (Cost $41,031,821) | 37,672,724 | |||
Foreign Government Obligations(c),(d) 73.5% | ||||
Angola 1.3% | ||||
Angolan Government International Bond(a) | ||||
11/26/2029 | 8.000% | 3,400,000 | 2,826,472 | |
05/08/2048 | 9.375% | 1,300,000 | 994,165 | |
Total | 3,820,637 | |||
Argentina 1.4% | ||||
Argentine Republic Government International Bond(b) | ||||
07/09/2035 | 1.500% | 18,700,000 | 4,220,818 | |
07/09/2046 | 1.500% | 610,000 | 139,399 | |
Total | 4,360,217 | |||
Azerbaijan 0.6% | ||||
Republic of Azerbaijan International Bond(a) | ||||
09/01/2032 | 3.500% | 2,000,000 | 1,727,730 | |
Bahrain 1.7% | ||||
Bahrain Government International Bond(a) | ||||
05/18/2034 | 5.625% | 3,100,000 | 2,593,446 |
10 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Foreign Government Obligations(c),(d) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CBB International Sukuk Programme Co. WLL(a) | ||||
05/18/2029 | 3.875% | 2,707,000 | 2,395,596 | |
Total | 4,989,042 | |||
Belarus 0.1% | ||||
Republic of Belarus International Bond(a),(e) | ||||
02/28/2030 | 0.000% | 1,250,000 | 220,844 | |
Brazil 2.0% | ||||
Brazilian Government International Bond | ||||
05/30/2029 | 4.500% | 1,200,000 | 1,114,925 | |
06/12/2030 | 3.875% | 4,097,000 | 3,578,798 | |
01/27/2045 | 5.000% | 1,600,000 | 1,239,973 | |
Total | 5,933,696 | |||
Canada 0.4% | ||||
MEGlobal Canada ULC(a) | ||||
05/18/2025 | 5.000% | 1,300,000 | 1,309,832 | |
Chile 0.4% | ||||
Chile Government International Bond | ||||
01/25/2050 | 3.500% | 1,500,000 | 1,100,300 | |
China 0.4% | ||||
China Government Bond | ||||
11/21/2029 | 3.130% | CNY | 100,000 | 14,968 |
State Grid Overseas Investment 2016 Ltd.(a) | ||||
05/04/2027 | 3.500% | 1,250,000 | 1,226,699 | |
Total | 1,241,667 | |||
Colombia 4.7% | ||||
Colombia Government International Bond | ||||
01/30/2030 | 3.000% | 6,600,000 | 5,111,911 | |
04/15/2031 | 3.125% | 5,675,000 | 4,275,672 | |
04/22/2032 | 3.250% | 1,652,000 | 1,218,570 | |
Ecopetrol SA | ||||
04/29/2030 | 6.875% | 3,942,000 | 3,660,789 | |
Total | 14,266,942 | |||
Croatia 0.7% | ||||
Croatia Government International Bond(a) | ||||
01/26/2024 | 6.000% | 767,000 | 787,041 | |
Hrvatska Elektroprivreda(a) | ||||
10/23/2022 | 5.875% | 1,290,000 | 1,286,094 | |
Total | 2,073,135 |
Foreign Government Obligations(c),(d) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Dominican Republic 3.3% | ||||
Dominican Republic International Bond(a) | ||||
02/22/2029 | 5.500% | 1,492,000 | 1,363,713 | |
01/30/2030 | 4.500% | 2,489,000 | 2,092,588 | |
09/23/2032 | 4.875% | 1,500,000 | 1,212,449 | |
04/30/2044 | 7.450% | 4,000,000 | 3,654,756 | |
06/05/2049 | 6.400% | 1,300,000 | 1,025,356 | |
01/30/2060 | 5.875% | 1,050,000 | 744,903 | |
Total | 10,093,765 | |||
Ecuador 1.2% | ||||
Ecuador Government International Bond(a),(b) | ||||
07/31/2030 | 5.500% | 3,600,000 | 1,916,367 | |
07/31/2035 | 2.500% | 3,000,000 | 1,162,954 | |
07/31/2040 | 1.500% | 1,899,850 | 655,215 | |
Total | 3,734,536 | |||
Egypt 2.5% | ||||
Egypt Government International Bond(a) | ||||
04/16/2030 | 5.625% | EUR | 2,200,000 | 1,481,371 |
04/11/2031 | 6.375% | EUR | 1,700,000 | 1,145,178 |
05/29/2032 | 7.625% | 1,815,000 | 1,272,438 | |
09/30/2033 | 7.300% | 3,600,000 | 2,439,229 | |
02/21/2048 | 7.903% | 2,200,000 | 1,322,284 | |
Total | 7,660,500 | |||
Ghana 0.4% | ||||
Ghana Government International Bond(a) | ||||
03/26/2051 | 8.950% | 3,400,000 | 1,216,176 | |
Guatemala 0.7% | ||||
Guatemala Government Bond(a) | ||||
10/07/2033 | 3.700% | 792,000 | 642,359 | |
06/01/2050 | 6.125% | 1,650,000 | 1,505,498 | |
Total | 2,147,857 | |||
India 1.1% | ||||
Export-Import Bank of India(a) | ||||
01/15/2030 | 3.250% | 3,600,000 | 3,204,419 | |
Indonesia 5.9% | ||||
Indonesia Government International Bond(a) | ||||
01/15/2045 | 5.125% | 2,300,000 | 2,256,440 | |
Indonesia Government International Bond | ||||
10/30/2049 | 3.700% | 3,500,000 | 2,879,553 | |
03/31/2052 | 4.300% | 555,000 | 492,695 | |
Indonesia Treasury Bond | ||||
04/15/2032 | 6.375% | IDR | 50,550,000,000 | 3,230,680 |
Perusahaan Penerbit SBSN Indonesia III(a) | ||||
06/23/2025 | 2.300% | 1,145,000 | 1,099,863 |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 11 |
August 31, 2022
Foreign Government Obligations(c),(d) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara(a) | ||||
06/30/2050 | 4.000% | 500,000 | 364,224 | |
PT Indonesia Asahan Aluminium Persero(a) | ||||
05/15/2030 | 5.450% | 4,485,000 | 4,379,995 | |
PT Perusahaan Listrik Negara(a) | ||||
07/17/2049 | 4.875% | 1,500,000 | 1,222,554 | |
PT Saka Energi Indonesia(a) | ||||
05/05/2024 | 4.450% | 2,000,000 | 1,830,551 | |
Total | 17,756,555 | |||
Ivory Coast 1.6% | ||||
Ivory Coast Government International Bond(a) | ||||
10/17/2031 | 5.875% | EUR | 3,440,000 | 2,783,960 |
06/15/2033 | 6.125% | 2,400,000 | 2,034,618 | |
Total | 4,818,578 | |||
Kazakhstan 2.1% | ||||
KazMunayGas National Co. JSC(a) | ||||
04/19/2027 | 4.750% | 2,200,000 | 2,029,050 | |
04/24/2030 | 5.375% | 3,800,000 | 3,544,365 | |
04/19/2047 | 5.750% | 1,018,000 | 833,439 | |
Total | 6,406,854 | |||
Malaysia 0.6% | ||||
Petronas Capital Ltd.(a) | ||||
04/21/2030 | 3.500% | 1,795,000 | 1,721,373 | |
Mexico 10.9% | ||||
Comision Federal de Electricidad(a) | ||||
07/26/2033 | 3.875% | 3,243,000 | 2,521,535 | |
Mexican Bonos | ||||
05/31/2029 | 8.500% | MXN | 61,500,000 | 2,968,246 |
Mexico Government International Bond | ||||
04/16/2030 | 3.250% | 5,250,000 | 4,686,833 | |
01/15/2047 | 4.350% | 1,800,000 | 1,412,828 | |
02/10/2048 | 4.600% | 1,600,000 | 1,303,562 | |
Petroleos Mexicanos | ||||
11/12/2026 | 7.470% | MXN | 50,100,000 | 2,116,875 |
01/28/2031 | 5.950% | 5,000,000 | 3,767,134 | |
02/16/2032 | 6.700% | 9,600,000 | 7,499,428 | |
01/23/2045 | 6.375% | 5,357,000 | 3,354,281 | |
09/21/2047 | 6.750% | 2,100,000 | 1,323,822 | |
01/23/2050 | 7.690% | 2,700,000 | 1,859,528 | |
Total | 32,814,072 | |||
Oman 1.2% | ||||
Oman Government International Bond(a) | ||||
01/25/2031 | 6.250% | 1,339,000 | 1,349,594 | |
01/17/2048 | 6.750% | 2,400,000 | 2,135,865 | |
Total | 3,485,459 |
Foreign Government Obligations(c),(d) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Pakistan 0.5% | ||||
Pakistan Government International Bond(a) | ||||
09/30/2025 | 8.250% | 419,000 | 285,426 | |
12/05/2027 | 6.875% | 1,000,000 | 615,475 | |
04/08/2031 | 7.375% | 1,078,000 | 603,032 | |
Total | 1,503,933 | |||
Panama 1.9% | ||||
Panama Government International Bond | ||||
03/16/2025 | 3.750% | 900,000 | 891,217 | |
09/29/2032 | 2.252% | 2,200,000 | 1,709,806 | |
01/19/2033 | 3.298% | 2,186,000 | 1,858,604 | |
01/19/2063 | 4.500% | 1,783,000 | 1,352,605 | |
Total | 5,812,232 | |||
Paraguay 1.4% | ||||
Paraguay Government International Bond(a) | ||||
08/11/2044 | 6.100% | 3,700,000 | 3,456,450 | |
03/30/2050 | 5.400% | 925,000 | 774,705 | |
Total | 4,231,155 | |||
Peru 0.3% | ||||
Peruvian Government International Bond | ||||
01/15/2034 | 3.000% | 1,089,000 | 887,993 | |
Philippines 0.7% | ||||
Philippine Government International Bond | ||||
07/06/2046 | 3.200% | 2,655,000 | 2,044,432 | |
Qatar 5.7% | ||||
Ooredoo International Finance Ltd.(a) | ||||
04/08/2031 | 2.625% | 1,063,000 | 951,156 | |
Qatar Government International Bond(a) | ||||
04/23/2028 | 4.500% | 700,000 | 728,477 | |
03/14/2029 | 4.000% | 4,700,000 | 4,786,018 | |
04/16/2030 | 3.750% | 3,100,000 | 3,109,080 | |
04/23/2048 | 5.103% | 2,350,000 | 2,520,267 | |
03/14/2049 | 4.817% | 2,550,000 | 2,631,018 | |
Qatar Petroleum(a) | ||||
07/12/2031 | 2.250% | 2,763,000 | 2,409,153 | |
Total | 17,135,169 | |||
Romania 2.1% | ||||
Romanian Government International Bond(a) | ||||
02/27/2027 | 3.000% | 2,284,000 | 2,061,196 | |
11/25/2027 | 5.250% | 2,476,000 | 2,404,881 | |
02/14/2051 | 4.000% | 2,500,000 | 1,718,644 | |
Total | 6,184,721 |
12 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Foreign Government Obligations(c),(d) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Russian Federation 0.8% | ||||
Gazprom PJSC via Gaz Finance PLC(a) | ||||
02/25/2030 | 3.250% | 1,383,000 | 678,479 | |
Russian Foreign Bond - Eurobond(a),(e),(f),(g),(h) | ||||
05/27/2026 | 0.000% | 2,000,000 | 736,850 | |
03/21/2029 | 0.000% | 2,000,000 | 700,147 | |
03/28/2035 | 0.000% | 1,200,000 | 449,861 | |
Total | 2,565,337 | |||
Saudi Arabia 4.5% | ||||
KSA Sukuk Ltd.(a) | ||||
10/29/2029 | 2.969% | 1,400,000 | 1,338,246 | |
SA Global Sukuk Ltd.(a) | ||||
06/17/2031 | 2.694% | 3,200,000 | 2,906,026 | |
Saudi Government International Bond(a) | ||||
01/21/2055 | 3.750% | 4,000,000 | 3,311,925 | |
01/21/2055 | 3.750% | 3,950,000 | 3,270,525 | |
02/02/2061 | 3.450% | 3,500,000 | 2,673,479 | |
Total | 13,500,201 | |||
South Africa 2.7% | ||||
Eskom Holdings SOC Ltd.(a) | ||||
02/11/2025 | 7.125% | 2,300,000 | 2,157,861 | |
Republic of South Africa Government International Bond | ||||
09/30/2029 | 4.850% | 1,400,000 | 1,238,462 | |
09/30/2049 | 5.750% | 4,200,000 | 2,986,922 | |
04/20/2052 | 7.300% | 2,142,000 | 1,774,544 | |
Total | 8,157,789 | |||
Turkey 3.3% | ||||
Turkey Government International Bond | ||||
04/14/2026 | 4.250% | 1,350,000 | 1,122,762 | |
03/25/2027 | 6.000% | 2,000,000 | 1,693,498 | |
02/17/2028 | 5.125% | 4,900,000 | 3,847,992 | |
04/26/2029 | 7.625% | 2,400,000 | 2,081,750 | |
05/30/2040 | 6.750% | 1,573,000 | 1,140,821 | |
Total | 9,886,823 | |||
Ukraine 0.7% | ||||
Ukraine Government International Bond(a) | ||||
09/01/2028 | 7.750% | 7,000,000 | 1,440,819 | |
05/21/2031 | 6.876% | 3,810,000 | 732,817 | |
Total | 2,173,636 |
Foreign Government Obligations(c),(d) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
United Arab Emirates 3.3% | ||||
Abu Dhabi Government International Bond(a) | ||||
09/30/2049 | 3.125% | 2,500,000 | 1,977,428 | |
04/16/2050 | 3.875% | 385,000 | 348,333 | |
Abu Dhabi Ports Co. PJSC(a) | ||||
05/06/2031 | 2.500% | 1,800,000 | 1,564,711 | |
DP World Crescent Ltd.(a) | ||||
09/26/2028 | 4.848% | 1,450,000 | 1,472,134 | |
DP World Ltd.(a) | ||||
09/25/2048 | 5.625% | 500,000 | 491,392 | |
DP World PLC(a) | ||||
07/02/2037 | 6.850% | 3,600,000 | 3,985,117 | |
Total | 9,839,115 | |||
Venezuela 0.4% | ||||
Petroleos de Venezuela SA(a),(e) | ||||
05/16/2024 | 0.000% | 22,627,059 | 691,866 | |
Venezuela Government International Bond(a),(e) | ||||
10/13/2024 | 0.000% | 7,500,000 | 590,829 | |
Total | 1,282,695 | |||
Total Foreign Government Obligations (Cost $296,814,228) | 221,309,417 |
Money Market Funds 12.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 2.366%(i),(j) | 38,533,475 | 38,514,208 |
Total Money Market Funds (Cost $38,515,240) | 38,514,208 | |
Total Investments in Securities (Cost $376,361,289) | 297,496,349 | |
Other Assets & Liabilities, Net | 3,509,557 | |
Net Assets | $301,005,906 |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 13 |
August 31, 2022
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
108,000,000 MXN | 5,234,841 USD | Goldman Sachs International | 09/15/2022 | — | (112,297) |
6,500,000 EUR | 6,615,343 USD | UBS | 09/15/2022 | 77,422 | — |
Total | 77,422 | (112,297) |
(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 August 31, 2022, the total value of these securities amounted to $171,296,575, which represents 56.91% of total net assets. |
(b) | 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 August 31, 2022. |
(c) | Principal amounts are denominated in United States Dollars unless otherwise noted. |
(d) | Principal and interest may not be guaranteed by a governmental entity. |
(e) | Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At August 31, 2022, the total value of these securities amounted to $3,390,397, which represents 1.13% of total net assets. |
(f) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2022, the total value of these securities amounted to $1,886,858, which represents 0.63% of total net assets. |
(g) | 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 August 31, 2022, the total market value of these securities amounted to $1,886,858, which represents 0.63% of total net assets. Additional information on these securities is as follows: |
Security | Acquisition Dates | Shares | Cost ($) | Value ($) |
Russian Foreign Bond - Eurobond | 08/05/2020-08/10/2020 | 1,200,000 | 1,488,666 | 449,861 |
Russian Foreign Bond - Eurobond | 06/23/2020 | 2,000,000 | 2,229,636 | 700,147 |
Russian Foreign Bond - Eurobond | 03/18/2020-03/19/2020 | 2,000,000 | 2,028,397 | 736,850 |
5,746,699 | 1,886,858 |
(h) | Valuation based on significant unobservable inputs. |
(i) | The rate shown is the seven-day current annualized yield at August 31, 2022. |
(j) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended August 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 2.366% | ||||||||
30,285,129 | 115,237,782 | (107,007,671) | (1,032) | 38,514,208 | (15,035) | 216,668 | 38,533,475 |
CNY | China Yuan Renminbi |
EUR | Euro |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
USD | US Dollar |
14 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 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 | ||||
Corporate Bonds & Notes | — | 37,672,724 | — | 37,672,724 |
Foreign Government Obligations | — | 219,422,559 | 1,886,858 | 221,309,417 |
Money Market Funds | 38,514,208 | — | — | 38,514,208 |
Total Investments in Securities | 38,514,208 | 257,095,283 | 1,886,858 | 297,496,349 |
Investments in Derivatives | ||||
Asset | ||||
Forward Foreign Currency Exchange Contracts | — | 77,422 | — | 77,422 |
Liability | ||||
Forward Foreign Currency Exchange Contracts | — | (112,297) | — | (112,297) |
Total | 38,514,208 | 257,060,408 | 1,886,858 | 297,461,474 |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 15 |
August 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $337,846,049) | $258,982,141 |
Affiliated issuers (cost $38,515,240) | 38,514,208 |
Foreign currency (cost $1,003) | 939 |
Unrealized appreciation on forward foreign currency exchange contracts | 77,422 |
Receivable for: | |
Capital shares sold | 60,961 |
Dividends | 69,953 |
Interest | 3,768,939 |
Foreign tax reclaims | 15,006 |
Prepaid expenses | 9,251 |
Total assets | 301,498,820 |
Liabilities | |
Unrealized depreciation on forward foreign currency exchange contracts | 112,297 |
Payable for: | |
Capital shares purchased | 241,061 |
Management services fees | 4,983 |
Distribution and/or service fees | 475 |
Transfer agent fees | 24,219 |
Compensation of board members | 75,253 |
Other expenses | 34,626 |
Total liabilities | 492,914 |
Net assets applicable to outstanding capital stock | $301,005,906 |
Represented by | |
Paid in capital | 417,771,909 |
Total distributable earnings (loss) | (116,766,003) |
Total - representing net assets applicable to outstanding capital stock | $301,005,906 |
16 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Class A | |
Net assets | $30,370,996 |
Shares outstanding | 3,376,383 |
Net asset value per share | $9.00 |
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) | $9.45 |
Advisor Class | |
Net assets | $1,745,451 |
Shares outstanding | 193,673 |
Net asset value per share | $9.01 |
Class C | |
Net assets | $1,814,724 |
Shares outstanding | 203,213 |
Net asset value per share | $8.93 |
Institutional Class | |
Net assets | $41,412,642 |
Shares outstanding | 4,598,672 |
Net asset value per share | $9.01 |
Institutional 2 Class | |
Net assets | $40,986,771 |
Shares outstanding | 4,552,500 |
Net asset value per share | $9.00 |
Institutional 3 Class | |
Net assets | $169,056,921 |
Shares outstanding | 18,769,983 |
Net asset value per share | $9.01 |
Class R | |
Net assets | $15,618,401 |
Shares outstanding | 1,736,958 |
Net asset value per share | $8.99 |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 17 |
Year Ended August 31, 2022
Net investment income | |
Income: | |
Dividends — affiliated issuers | $216,668 |
Interest | 15,981,618 |
Interfund lending | 458 |
Foreign taxes withheld | (11,586) |
Total income | 16,187,158 |
Expenses: | |
Management services fees | 2,029,712 |
Distribution and/or service fees | |
Class A | 92,731 |
Class C | 29,862 |
Class R | 93,224 |
Transfer agent fees | |
Class A | 73,552 |
Advisor Class | 4,902 |
Class C | 5,856 |
Institutional Class | 99,106 |
Institutional 2 Class | 28,911 |
Institutional 3 Class | 11,356 |
Class R | 37,029 |
Compensation of board members | 13,236 |
Custodian fees | 35,532 |
Printing and postage fees | 30,735 |
Registration fees | 104,522 |
Audit fees | 34,096 |
Legal fees | 14,082 |
Compensation of chief compliance officer | 57 |
Other | 15,507 |
Total expenses | 2,754,008 |
Fees waived by transfer agent | |
Institutional 2 Class | (3,246) |
Total net expenses | 2,750,762 |
Net investment income | 13,436,396 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (10,681,385) |
Investments — affiliated issuers | (15,035) |
Foreign currency translations | (48,469) |
Forward foreign currency exchange contracts | 865,311 |
Futures contracts | 633,325 |
Net realized loss | (9,246,253) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (77,947,539) |
Investments — affiliated issuers | (1,032) |
Foreign currency translations | (18,186) |
Forward foreign currency exchange contracts | 83,997 |
Futures contracts | 53,937 |
Foreign capital gains tax | 1 |
Net change in unrealized appreciation (depreciation) | (77,828,822) |
Net realized and unrealized loss | (87,075,075) |
Net decrease in net assets resulting from operations | $(73,638,679) |
18 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | |
Operations | ||
Net investment income | $13,436,396 | $13,469,980 |
Net realized gain (loss) | (9,246,253) | 2,427,151 |
Net change in unrealized appreciation (depreciation) | (77,828,822) | 4,207,406 |
Net increase (decrease) in net assets resulting from operations | (73,638,679) | 20,104,537 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (1,326,434) | (1,245,220) |
Advisor Class | (94,669) | (125,875) |
Class C | (84,422) | (132,955) |
Institutional Class | (1,881,366) | (1,537,000) |
Institutional 2 Class | (1,860,774) | (1,567,441) |
Institutional 3 Class | (7,168,624) | (5,916,720) |
Class R | (617,895) | (536,704) |
Total distributions to shareholders | (13,034,184) | (11,061,915) |
Increase (decrease) in net assets from capital stock activity | 26,080,715 | (8,705,719) |
Total increase (decrease) in net assets | (60,592,148) | 336,903 |
Net assets at beginning of year | 361,598,054 | 361,261,151 |
Net assets at end of year | $301,005,906 | $361,598,054 |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 19 |
Year Ended | Year Ended | |||
August 31, 2022 | August 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 656,294 | 6,426,256 | 1,064,981 | 12,085,590 |
Distributions reinvested | 124,289 | 1,274,044 | 104,551 | 1,192,972 |
Redemptions | (1,194,245) | (11,877,927) | (1,503,655) | (17,091,440) |
Net decrease | (413,662) | (4,177,627) | (334,123) | (3,812,878) |
Advisor Class | ||||
Subscriptions | 28,096 | 302,300 | 69,227 | 795,126 |
Distributions reinvested | 9,167 | 94,669 | 11,019 | 125,849 |
Redemptions | (117,546) | (1,204,654) | (230,024) | (2,635,741) |
Net decrease | (80,283) | (807,685) | (149,778) | (1,714,766) |
Class C | ||||
Subscriptions | 7,772 | 75,381 | 27,859 | 318,139 |
Distributions reinvested | 8,156 | 84,422 | 11,659 | 132,010 |
Redemptions | (192,022) | (1,954,058) | (451,149) | (5,133,379) |
Net decrease | (176,094) | (1,794,255) | (411,631) | (4,683,230) |
Institutional Class | ||||
Subscriptions | 2,789,462 | 30,371,586 | 1,992,139 | 22,996,245 |
Distributions reinvested | 183,527 | 1,868,569 | 133,374 | 1,522,825 |
Redemptions | (2,247,081) | (22,507,461) | (2,818,199) | (32,243,911) |
Net increase (decrease) | 725,908 | 9,732,694 | (692,686) | (7,724,841) |
Institutional 2 Class | ||||
Subscriptions | 1,162,439 | 11,724,986 | 1,660,766 | 19,024,213 |
Distributions reinvested | 181,616 | 1,859,313 | 137,153 | 1,566,633 |
Redemptions | (1,418,767) | (14,025,890) | (944,342) | (10,810,111) |
Net increase (decrease) | (74,712) | (441,591) | 853,577 | 9,780,735 |
Institutional 3 Class | ||||
Subscriptions | 2,690,582 | 27,564,102 | 2,764,670 | 31,862,382 |
Distributions reinvested | 704,745 | 7,168,606 | 518,127 | 5,916,674 |
Redemptions | (1,014,916) | (10,086,443) | (3,224,051) | (37,477,501) |
Net increase | 2,380,411 | 24,646,265 | 58,746 | 301,555 |
Class R | ||||
Subscriptions | 111,185 | 1,194,470 | 217,275 | 2,484,325 |
Distributions reinvested | 60,171 | 615,880 | 46,298 | 528,158 |
Redemptions | (283,526) | (2,887,436) | (338,740) | (3,864,777) |
Net decrease | (112,170) | (1,077,086) | (75,167) | (852,294) |
Total net increase (decrease) | 2,249,398 | 26,080,715 | (751,062) | (8,705,719) |
20 | Columbia Emerging Markets Bond 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 | Total distributions to shareholders | |
Class A | ||||||
Year Ended 8/31/2022 | $11.59 | 0.37 | (2.59) | (2.22) | (0.37) | (0.37) |
Year Ended 8/31/2021 | $11.31 | 0.40 | 0.20 | 0.60 | (0.32) | (0.32) |
Year Ended 8/31/2020 | $11.29 | 0.45 | (0.08) | 0.37 | (0.35) | (0.35) |
Year Ended 8/31/2019 | $10.74 | 0.59 | 0.39 | 0.98 | (0.43) | (0.43) |
Year Ended 8/31/2018 | $12.09 | 0.62 | (1.31) | (0.69) | (0.66) | (0.66) |
Advisor Class | ||||||
Year Ended 8/31/2022 | $11.61 | 0.40 | (2.61) | (2.21) | (0.39) | (0.39) |
Year Ended 8/31/2021 | $11.33 | 0.43 | 0.20 | 0.63 | (0.35) | (0.35) |
Year Ended 8/31/2020 | $11.31 | 0.51 | (0.11) | 0.40 | (0.38) | (0.38) |
Year Ended 8/31/2019 | $10.75 | 0.61 | 0.41 | 1.02 | (0.46) | (0.46) |
Year Ended 8/31/2018 | $12.11 | 0.65 | (1.32) | (0.67) | (0.69) | (0.69) |
Class C | ||||||
Year Ended 8/31/2022 | $11.51 | 0.30 | (2.59) | (2.29) | (0.29) | (0.29) |
Year Ended 8/31/2021 | $11.23 | 0.31 | 0.21 | 0.52 | (0.24) | (0.24) |
Year Ended 8/31/2020 | $11.22 | 0.37 | (0.09) | 0.28 | (0.27) | (0.27) |
Year Ended 8/31/2019 | $10.67 | 0.51 | 0.39 | 0.90 | (0.35) | (0.35) |
Year Ended 8/31/2018 | $12.01 | 0.53 | (1.29) | (0.76) | (0.58) | (0.58) |
Institutional Class | ||||||
Year Ended 8/31/2022 | $11.60 | 0.40 | (2.60) | (2.20) | (0.39) | (0.39) |
Year Ended 8/31/2021 | $11.32 | 0.43 | 0.20 | 0.63 | (0.35) | (0.35) |
Year Ended 8/31/2020 | $11.30 | 0.49 | (0.09) | 0.40 | (0.38) | (0.38) |
Year Ended 8/31/2019 | $10.75 | 0.62 | 0.39 | 1.01 | (0.46) | (0.46) |
Year Ended 8/31/2018 | $12.10 | 0.65 | (1.31) | (0.66) | (0.69) | (0.69) |
Institutional 2 Class | ||||||
Year Ended 8/31/2022 | $11.60 | 0.41 | (2.61) | (2.20) | (0.40) | (0.40) |
Year Ended 8/31/2021 | $11.31 | 0.44 | 0.22 | 0.66 | (0.37) | (0.37) |
Year Ended 8/31/2020 | $11.30 | 0.49 | (0.09) | 0.40 | (0.39) | (0.39) |
Year Ended 8/31/2019 | $10.74 | 0.63 | 0.40 | 1.03 | (0.47) | (0.47) |
Year Ended 8/31/2018 | $12.10 | 0.65 | (1.30) | (0.65) | (0.71) | (0.71) |
22 | Columbia Emerging Markets 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 | |||||||
Year Ended 8/31/2022 | $9.00 | (19.53%) | 1.12% | 1.12% | 3.65% | 28% | $30,371 |
Year Ended 8/31/2021 | $11.59 | 5.42% | 1.12% | 1.12%(c) | 3.49% | 56% | $43,920 |
Year Ended 8/31/2020 | $11.31 | 3.40% | 1.11%(d) | 1.11%(d) | 4.13% | 175% | $46,632 |
Year Ended 8/31/2019 | $11.29 | 9.33% | 1.11%(d) | 1.11%(d) | 5.40% | 106% | $54,778 |
Year Ended 8/31/2018 | $10.74 | (5.97%) | 1.13% | 1.13% | 5.33% | 64% | $61,421 |
Advisor Class | |||||||
Year Ended 8/31/2022 | $9.01 | (19.38%) | 0.87% | 0.87% | 3.88% | 28% | $1,745 |
Year Ended 8/31/2021 | $11.61 | 5.67% | 0.87% | 0.87%(c) | 3.75% | 56% | $3,180 |
Year Ended 8/31/2020 | $11.33 | 3.65% | 0.85%(d) | 0.85%(d) | 4.51% | 175% | $4,799 |
Year Ended 8/31/2019 | $11.31 | 9.69% | 0.86%(d) | 0.86%(d) | 5.51% | 106% | $20,141 |
Year Ended 8/31/2018 | $10.75 | (5.80%) | 0.88% | 0.88% | 5.60% | 64% | $8,734 |
Class C | |||||||
Year Ended 8/31/2022 | $8.93 | (20.19%) | 1.87% | 1.87% | 2.86% | 28% | $1,815 |
Year Ended 8/31/2021 | $11.51 | 4.66% | 1.87% | 1.87%(c) | 2.76% | 56% | $4,365 |
Year Ended 8/31/2020 | $11.23 | 2.55% | 1.86%(d) | 1.86%(d) | 3.39% | 175% | $8,881 |
Year Ended 8/31/2019 | $11.22 | 8.57% | 1.86%(d) | 1.86%(d) | 4.66% | 106% | $13,374 |
Year Ended 8/31/2018 | $10.67 | (6.63%) | 1.88% | 1.88% | 4.57% | 64% | $16,550 |
Institutional Class | |||||||
Year Ended 8/31/2022 | $9.01 | (19.31%) | 0.87% | 0.87% | 3.91% | 28% | $41,413 |
Year Ended 8/31/2021 | $11.60 | 5.67% | 0.87% | 0.87%(c) | 3.75% | 56% | $44,921 |
Year Ended 8/31/2020 | $11.32 | 3.66% | 0.86%(d) | 0.86%(d) | 4.40% | 175% | $51,668 |
Year Ended 8/31/2019 | $11.30 | 9.60% | 0.86%(d) | 0.86%(d) | 5.65% | 106% | $71,443 |
Year Ended 8/31/2018 | $10.75 | (5.72%) | 0.88% | 0.88% | 5.57% | 64% | $81,762 |
Institutional 2 Class | |||||||
Year Ended 8/31/2022 | $9.00 | (19.29%) | 0.73% | 0.73% | 4.05% | 28% | $40,987 |
Year Ended 8/31/2021 | $11.60 | 5.90% | 0.75% | 0.75% | 3.86% | 56% | $53,660 |
Year Ended 8/31/2020 | $11.31 | 3.69% | 0.73%(d) | 0.73%(d) | 4.44% | 175% | $42,699 |
Year Ended 8/31/2019 | $11.30 | 9.83% | 0.75%(d) | 0.75%(d) | 5.75% | 106% | $35,131 |
Year Ended 8/31/2018 | $10.74 | (5.68%) | 0.75% | 0.74% | 5.60% | 64% | $36,419 |
Columbia Emerging Markets 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 | Total distributions to shareholders | |
Institutional 3 Class | ||||||
Year Ended 8/31/2022 | $11.60 | 0.42 | (2.60) | (2.18) | (0.41) | (0.41) |
Year Ended 8/31/2021 | $11.32 | 0.45 | 0.20 | 0.65 | (0.37) | (0.37) |
Year Ended 8/31/2020 | $11.30 | 0.50 | (0.09) | 0.41 | (0.39) | (0.39) |
Year Ended 8/31/2019 | $10.75 | 0.64 | 0.39 | 1.03 | (0.48) | (0.48) |
Year Ended 8/31/2018 | $12.10 | 0.66 | (1.30) | (0.64) | (0.71) | (0.71) |
Class R | ||||||
Year Ended 8/31/2022 | $11.58 | 0.35 | (2.60) | (2.25) | (0.34) | (0.34) |
Year Ended 8/31/2021 | $11.30 | 0.37 | 0.20 | 0.57 | (0.29) | (0.29) |
Year Ended 8/31/2020 | $11.29 | 0.42 | (0.09) | 0.33 | (0.32) | (0.32) |
Year Ended 8/31/2019 | $10.73 | 0.56 | 0.40 | 0.96 | (0.40) | (0.40) |
Year Ended 8/31/2018 | $12.08 | 0.59 | (1.31) | (0.72) | (0.63) | (0.63) |
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) | Ratios include interest on collateral expense which is less than 0.01%. |
24 | Columbia Emerging Markets 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) | |
Institutional 3 Class | |||||||
Year Ended 8/31/2022 | $9.01 | (19.16%) | 0.68% | 0.68% | 4.11% | 28% | $169,057 |
Year Ended 8/31/2021 | $11.60 | 5.86% | 0.69% | 0.69% | 3.92% | 56% | $190,133 |
Year Ended 8/31/2020 | $11.32 | 3.83% | 0.68%(d) | 0.68%(d) | 4.53% | 175% | $184,834 |
Year Ended 8/31/2019 | $11.30 | 9.79% | 0.69%(d) | 0.69%(d) | 5.83% | 106% | $182,472 |
Year Ended 8/31/2018 | $10.75 | (5.54%) | 0.70% | 0.69% | 5.72% | 64% | $202,999 |
Class R | |||||||
Year Ended 8/31/2022 | $8.99 | (19.75%) | 1.37% | 1.37% | 3.40% | 28% | $15,618 |
Year Ended 8/31/2021 | $11.58 | 5.15% | 1.37% | 1.37%(c) | 3.25% | 56% | $21,419 |
Year Ended 8/31/2020 | $11.30 | 3.05% | 1.36%(d) | 1.36%(d) | 3.87% | 175% | $21,748 |
Year Ended 8/31/2019 | $11.29 | 9.16% | 1.36%(d) | 1.36%(d) | 5.15% | 106% | $24,620 |
Year Ended 8/31/2018 | $10.73 | (6.20%) | 1.38% | 1.38% | 5.07% | 64% | $27,218 |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 25 |
August 31, 2022
26 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 27 |
August 31, 2022
28 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | 77,422 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | 112,297 |
Amount of realized gain (loss) on derivatives recognized in income | ||||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Total ($) | |||
Foreign exchange risk | 865,311 | — | 865,311 | |||
Interest rate risk | — | 633,325 | 633,325 | |||
Total | 865,311 | 633,325 | 1,498,636 | |||
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Total ($) | |||
Foreign exchange risk | 83,997 | — | 83,997 | |||
Interest rate risk | — | 53,937 | 53,937 | |||
Total | 83,997 | 53,937 | 137,934 |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 29 |
August 31, 2022
Derivative instrument | Average notional amounts ($)* |
Futures contracts — short | 5,705,088 |
Derivative instrument | Average unrealized appreciation ($)** | Average unrealized depreciation ($)** |
Forward foreign currency exchange contracts | 91,420 | 43,115 |
* | Based on the ending daily outstanding amounts for the year ended August 31, 2022. |
** | Based on the ending quarterly outstanding amounts for the year ended August 31, 2022. |
Goldman Sachs International ($) | UBS ($) | Total ($) | |||
Assets | |||||
Forward foreign currency exchange contracts | - | 77,422 | 77,422 | ||
Liabilities | |||||
Forward foreign currency exchange contracts | 112,297 | - | 112,297 | ||
Total financial and derivative net assets | (112,297) | 77,422 | (34,875) | ||
Total collateral received (pledged) (a) | - | - | - | ||
Net amount (b) | (112,297) | 77,422 | (34,875) |
(a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Represents the net amount due from/(to) counterparties in the event of default. |
30 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 31 |
August 31, 2022
32 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Effective rate (%) | |
Class A | 0.20 |
Advisor Class | 0.20 |
Class C | 0.20 |
Institutional Class | 0.20 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.01 |
Class R | 0.20 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 4.75 | 0.50 - 1.00(a) | 2,454 |
Class C | — | 1.00(b) | 93 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 33 |
August 31, 2022
January 1, 2022 through December 31, 2022 | Prior to January 1, 2022 | |
Class A | 1.16% | 1.18% |
Advisor Class | 0.91 | 0.93 |
Class C | 1.91 | 1.93 |
Institutional Class | 0.91 | 0.93 |
Institutional 2 Class | 0.77 | 0.79 |
Institutional 3 Class | 0.73 | 0.76 |
Class R | 1.41 | 1.43 |
Excess of distributions over net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(201,584) | 201,585 | (1) |
34 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Year Ended August 31, 2022 | Year Ended August 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
13,034,184 | — | 13,034,184 | 11,061,915 | — | 11,061,915 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
674,230 | — | (36,991,051) | (80,357,049) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
377,818,523 | 60,477 | (80,417,526) | (80,357,049) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(10,670,644) | (26,320,407) | (36,991,051) | — |
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 35 |
August 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 1,700,000 | 0.86 | 10 |
36 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 37 |
August 31, 2022
38 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
August 31, 2022
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 39 |
40 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
Foreign taxes paid to foreign countries | Foreign taxes paid per share to foreign countries | Foreign source income | Foreign source income per share |
$15,010 | $0.0004 | $15,832,437 | $0.47 |
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 Emerging Markets 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 |
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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
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 |
42 | Columbia Emerging Markets 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 |
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 Emerging Markets 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 |
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 |
44 | Columbia Emerging Markets 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 |
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 Emerging Markets Bond Fund | Annual Report 2022 | 45 |
(Unaudited)
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
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. |
46 | Columbia Emerging Markets Bond 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 |
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; |
• | 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 Emerging Markets Bond Fund | Annual Report 2022 | 47 |
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
48 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
(Unaudited)
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 49 |
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
50 | Columbia Emerging Markets Bond Fund | Annual Report 2022 |
(Unaudited)
On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
Columbia Emerging Markets Bond Fund | Annual Report 2022 | 51 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
August 31, 2022
3 | |
5 | |
8 | |
9 | |
17 | |
18 | |
19 | |
20 | |
22 | |
33 | |
34 | |
34 | |
40 |
(Unaudited)
Average annual total returns (%) (for the period ended August 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A* | 05/27/14 | -0.74 | 0.69 | 0.63 | |
Advisor Class | 09/30/09 | -0.56 | 0.91 | 0.87 | |
Institutional Class* | 01/26/22 | -0.55 | 0.91 | 0.87 | |
Institutional 3 Class* | 01/26/22 | 0.05 | 1.04 | 0.93 | |
Blended Benchmark | -0.68 | 0.71 | 0.57 | ||
Bloomberg 1 Year Municipal Bond Index | -1.59 | 0.85 | 0.81 | ||
iMoneyNet, Inc. Money Market Fund Tax-Free National Retail Index | 0.23 | 0.57 | 0.32 |
* | 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 Predecessor Fund inception) include the returns of the Predecessor 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. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM) and had the same investment objective and a substantially identical investment strategy to the Fund. |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 3 |
(Unaudited)
Quality breakdown (%) (at August 31, 2022) | |
AAA rating | 11.1 |
AA rating | 21.8 |
A rating | 30.5 |
BBB rating | 14.9 |
BB rating | 1.1 |
Not rated | 20.6 |
Total | 100.0 |
Top Ten States/Territories (%) (at August 31, 2022) | |
New York | 24.8 |
California | 7.4 |
Georgia | 4.3 |
Massachusetts | 4.2 |
Ohio | 3.7 |
Nebraska | 3.5 |
Alabama | 3.4 |
Illinois | 3.2 |
Utah | 3.0 |
Kentucky | 2.8 |
4 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
(Unaudited)
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 5 |
(Unaudited)
• | Having an underweight to the pre-refunded sector, which outperformed the Blended Benchmark during the annual period, detracted from Fund performance. |
• | Having overweight allocations to the transportation, continuing care retirement communities (CCRC) and prepaid gas sectors, which underperformed the Blended Benchmark during the period, hurt relative performance. |
• | Security selection within the CCRC and toll roads sectors dampened relative results. |
• | The Fund’s exposure to securities with maturities of longer than 1.5 years, which underperformed the Blended Benchmark during the period, detracted on a relative basis. |
• | Duration and yield curve positioning contributed most positively to relative outperformance. |
○ | The Fund maintained a duration position shorter than that of its Blended Benchmark, which proved beneficial as interest rates rose. |
○ | Yield curve positioning contributed to a lesser degree, as the Fund had a modest barbell position, with significant exposure to cash, floating rate securities and variable rate demand notes on the short-term end and significant exposure to bonds maturing in the one- to three-year portion of the curve at the longer term end. Exposure to bonds with maturities of less than 1.5 years added value, as shorter maturity municipal bonds outperformed those with longer maturities during the annual period. |
• | From a sector perspective, overweights to water and sewer, electric and housing bonds and underweights to state general obligation, toll road and education bonds contributed positively. |
• | Security selection within the industrial development revenue/pollution control revenue (IDR/PCR), hospitals, education, state general obligation and pre-refunded sectors boosted the Fund’s results. |
• | Credit quality positioning overall added value. |
○ | The Fund maintained an average credit quality one notch below that of the Blended Benchmark at AA- vs. AA, with a clear bias away from AAA-rated issues toward lower investment grade segments of the market. Although higher quality market segments outperformed, this was more than offset within the Fund by the benefit of higher income offered by A-rated and BBB-rated securities. |
○ | The Fund also had an allocation to non-rated issues, which offered considerable yield compared to rated bonds of similar maturity. |
6 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
(Unaudited)
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 7 |
(Unaudited)
March 1, 2022 — August 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 | 997.40 | 1,023.09 | 2.11 | 2.14 | 0.42 |
Advisor Class | 1,000.00 | 1,000.00 | 998.20 | 1,023.84 | 1.36 | 1.38 | 0.27 |
Institutional Class | 1,000.00 | 1,000.00 | 998.20 | 1,023.84 | 1.36 | 1.38 | 0.27 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,004.20 | 1,024.05 | 1.16 | 1.17 | 0.23 |
8 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Fixed Income Funds 6.8% | ||
Shares or Principal Amount ($) | Value ($) | |
Municipal 6.8% | ||
Nuveen AMT-Free Quality Municipal Income Fund, Preferred Shares | 15,000,000 | 15,000,000 |
Nuveen California AMT-Free Quality Municipal Income Fund, Preferred Shares | 4,000,000 | 4,000,000 |
Total | 19,000,000 | |
Total Fixed Income Funds (Cost $19,000,000) | 19,000,000 |
Floating Rate Notes 11.9% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Minnesota 1.9% | ||||
City of Minneapolis/St. Paul Housing & Redevelopment Authority(a),(b) | ||||
Revenue Bonds | ||||
Allina Health Systems | ||||
Series 2009B-1 (JPMorgan Chase Bank) | ||||
11/15/2035 | 0.990% | 2,400,000 | 2,400,000 | |
Series 2009B-2 (JPMorgan Chase Bank) | ||||
11/15/2035 | 1.030% | 2,820,000 | 2,820,000 | |
Total | 5,220,000 | |||
New York 7.4% | ||||
City of New York(a),(b) | ||||
Unlimited General Obligation Bonds | ||||
Series 2015 (Barclays Bank PLC) | ||||
06/01/2044 | 1.080% | 1,200,000 | 1,200,000 | |
New York City Transitional Finance Authority(a),(b) | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2015 (JPMorgan Chase Bank) | ||||
02/01/2045 | 1.050% | 2,000,000 | 2,000,000 | |
Subordinated Series 2016 (JPMorgan Chase Bank) | ||||
02/01/2045 | 1.050% | 3,100,000 | 3,100,000 | |
Subordinated Series 2018 (JPMorgan Chase Bank) | ||||
08/01/2042 | 1.050% | 8,400,000 | 8,400,000 | |
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 1.050% | 4,180,000 | 4,180,000 | |
Series 2013DD-2 (JPMorgan Chase Bank) | ||||
06/15/2043 | 1.050% | 1,650,000 | 1,650,000 | |
Total | 20,530,000 |
Floating Rate Notes (continued) | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Utah 2.6% | ||||
City of Murray(a),(b) | ||||
Revenue Bonds | ||||
IHC Health Services, Inc. | ||||
Series 2005A (JPMorgan Chase Bank) | ||||
05/15/2037 | 1.020% | 5,750,000 | 5,750,000 | |
Series 2005B (JPMorgan Chase Bank) | ||||
05/15/2037 | 1.020% | 1,500,000 | 1,500,000 | |
Total | 7,250,000 | |||
Total Floating Rate Notes (Cost $33,000,000) | 33,000,000 | |||
Municipal Bonds 63.1% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Alabama 1.7% | ||||
Birmingham Airport Authority | ||||
Refunding Revenue Bonds | ||||
Series 2020 (BAM) | ||||
07/01/2024 | 5.000% | 325,000 | 338,436 | |
Black Belt Energy Gas District(c) | ||||
Revenue Bonds | ||||
Series 2018B-1 (Mandatory Put 12/01/23) | ||||
0.7 x 1-month USD LIBOR + 0.900% 12/01/2048 | 2.490% | 4,500,000 | 4,465,299 | |
Total | 4,803,735 | |||
California 2.8% | ||||
Bay Area Toll Authority | ||||
Prerefunded 04/01/23 Revenue Bonds | ||||
Subordinated Series 2013S-4 (AGM) | ||||
04/01/2048 | 5.125% | 3,000,000 | 3,049,304 | |
Bay Area Toll Authority(c) | ||||
Revenue Bonds | ||||
San Francisco Bay Area Toll Bridge | ||||
Series 2012 (Mandatory Put 04/01/24) | ||||
Muni Swap Index Yield + 1.100% 04/01/2045 | 2.770% | 1,750,000 | 1,759,024 | |
California Municipal Finance Authority(d) | ||||
Revenue Bonds | ||||
Waste Management, Inc. Project | ||||
Series 2017 (Mandatory Put 12/01/23) | ||||
12/01/2044 | 0.700% | 3,000,000 | 2,916,128 | |
Total | 7,724,456 |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 9 |
August 31, 2022
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Colorado 2.0% | ||||
Colorado School of Mines(c) | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
0.7 x 1-month USD LIBOR + 0.500% 02/01/2023 | 2.090% | 1,120,000 | 1,120,323 | |
E-470 Public Highway Authority(c) | ||||
Refunding Revenue Bonds | ||||
Series 2021B (Mandatory Put 09/01/24) | ||||
0.7 x SOFR + 0.350% 09/01/2039 | 1.884% | 4,500,000 | 4,453,843 | |
Total | 5,574,166 | |||
Connecticut 1.6% | ||||
City of New Haven | ||||
Unlimited General Obligation Bonds | ||||
Series 2019A (AGM) | ||||
08/01/2023 | 5.000% | 1,080,000 | 1,103,136 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2019B (AGM) | ||||
02/01/2023 | 5.000% | 580,000 | 585,805 | |
Connecticut Housing Finance Authority | ||||
Refunding Revenue Bonds | ||||
Housing Mortgage Finance Program | ||||
Series 2020 (Mandatory Put 11/15/23) | ||||
05/15/2060 | 0.500% | 1,720,000 | 1,663,658 | |
Connecticut State Higher Education Supplement Loan Authority(d) | ||||
Refunding Revenue Bonds | ||||
Chesla Loan Program | ||||
Series 2017 Escrowed to Maturity | ||||
11/15/2023 | 5.000% | 1,100,000 | 1,127,882 | |
Total | 4,480,481 | |||
District of Columbia 0.4% | ||||
Metropolitan Washington Airports Authority Aviation(d) | ||||
Refunding Revenue Bonds | ||||
Airport System | ||||
Series 2019A | ||||
10/01/2024 | 5.000% | 1,000,000 | 1,041,103 | |
Florida 1.1% | ||||
County of Broward Airport System(d) | ||||
Revenue Bonds | ||||
Series 2013A | ||||
10/01/2023 | 5.000% | 1,870,000 | 1,913,365 | |
Jacksonville Port Authority(d) | ||||
Prerefunded 11/01/22 Revenue Bonds | ||||
Series 2012 | ||||
11/01/2038 | 5.000% | 1,000,000 | 1,003,837 | |
Total | 2,917,202 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Georgia 4.2% | ||||
Burke County Development Authority | ||||
Revenue Bonds | ||||
Georgia Power Co. Plant Vogtle Project | ||||
Series 2019 (Mandatory Put 05/25/23) | ||||
10/01/2032 | 2.250% | 4,000,000 | 3,965,927 | |
Development Authority of Monroe County (The) | ||||
Refunding Revenue Bonds | ||||
Oglethorpe Power Corp. Scherer Project | ||||
Series 2013 (Mandatory Put 02/03/25) | ||||
01/01/2039 | 1.500% | 2,000,000 | 1,906,125 | |
Main Street Natural Gas, Inc.(c) | ||||
Revenue Bonds | ||||
Series 2018E (Mandatory Put 12/01/23) | ||||
Muni Swap Index Yield + 0.570% 08/01/2048 | 2.240% | 5,000,000 | 4,977,250 | |
Municipal Electric Authority of Georgia | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2019A | ||||
01/01/2023 | 5.000% | 805,000 | 811,401 | |
Total | 11,660,703 | |||
Illinois 3.1% | ||||
Chicago Midway International Airport(d) | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
01/01/2024 | 5.000% | 1,000,000 | 1,026,441 | |
City of Chicago | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2020A (AGM) | ||||
01/01/2023 | 5.000% | 400,000 | 402,696 | |
Illinois Finance Authority | ||||
Refunding Revenue Bonds | ||||
American Water Capital Corp. Project | ||||
Series 2020 (Mandatory Put 09/01/23) | ||||
05/01/2040 | 0.700% | 2,800,000 | 2,733,971 | |
Revenue Bonds | ||||
University Health Services | ||||
Series 2020 | ||||
10/01/2023 | 5.000% | 250,000 | 255,555 | |
Northern Illinois University | ||||
Refunding Revenue Bonds | ||||
Series 2020B (BAM) | ||||
04/01/2024 | 5.000% | 500,000 | 518,318 | |
Sangamon County School District No. 186 Springfield | ||||
Unlimited General Obligation Bonds | ||||
Series 2020C (AGM) | ||||
06/01/2023 | 4.000% | 1,000,000 | 1,010,933 |
10 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
State of Illinois | ||||
Unlimited General Obligation Bonds | ||||
Series 2017A | ||||
12/01/2022 | 5.000% | 1,000,000 | 1,005,226 | |
Series 2020C | ||||
05/01/2023 | 5.375% | 250,000 | 253,916 | |
05/01/2024 | 5.500% | 500,000 | 518,209 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2012 | ||||
08/01/2023 | 5.000% | 1,000,000 | 1,017,319 | |
Total | 8,742,584 | |||
Indiana 1.9% | ||||
City of Rockport(b) | ||||
Refunding Revenue Bonds | ||||
AEP Generating Co. Project | ||||
Series 2019 (Mandatory Put 09/01/22) | ||||
07/01/2025 | 1.350% | 1,000,000 | 1,000,000 | |
07/01/2025 | 1.350% | 1,000,000 | 1,000,000 | |
City of Whiting(d) | ||||
Revenue Bonds | ||||
BP Products North America, Inc. Project | ||||
Series 2015 (Mandatory Put 11/01/22) | ||||
11/01/2045 | 5.000% | 1,345,000 | 1,349,590 | |
Indiana Finance Authority(d) | ||||
Prerefunded 07/01/23 Revenue Bonds | ||||
Ohio River Bridges East End Crossing Project | ||||
Series 2013 | ||||
07/01/2044 | 5.000% | 2,000,000 | 2,038,948 | |
Total | 5,388,538 | |||
Iowa 1.3% | ||||
City of Waverly | ||||
Revenue Bonds | ||||
Waverly Health Center Project | ||||
BAN Series 2019 | ||||
12/31/2022 | 2.500% | 3,500,000 | 3,484,934 | |
Kansas 0.4% | ||||
City of Andover | ||||
Unlimited General Obligation Notes | ||||
Series 2019A | ||||
10/01/2022 | 1.625% | 1,075,000 | 1,075,038 | |
Kentucky 2.7% | ||||
County of Owen | ||||
Refunding Revenue Bonds | ||||
Kentucky-American Water Co. Project | ||||
Series 2020 (Mandatory Put 09/01/23) | ||||
06/01/2040 | 0.700% | 2,800,000 | 2,733,971 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Kentucky Public Energy Authority(c) | ||||
Revenue Bonds | ||||
Series 2019A-2 (Mandatory Put 06/01/25) | ||||
0.7 x 1-month USD LIBOR + 1.120% 12/01/2049 | 2.710% | 5,000,000 | 4,894,140 | |
Total | 7,628,111 | |||
Louisiana 1.8% | ||||
Louisiana Public Facilities Authority(c) | ||||
Revenue Bonds | ||||
Children’s Medical Center Project | ||||
Series 2018 (Mandatory Put 09/01/23) | ||||
Muni Swap Index Yield + 0.650% 09/01/2057 | 2.320% | 5,000,000 | 5,004,125 | |
Massachusetts 0.7% | ||||
Commonwealth of Massachusetts | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2020A (Mandatory Put 06/01/23) | ||||
06/01/2044 | 5.000% | 2,000,000 | 2,037,912 | |
Minnesota 0.3% | ||||
Minnesota Rural Water Finance Authority, Inc. | ||||
Revenue Notes | ||||
Public Projects Construction | ||||
Series 2022 | ||||
12/01/2023 | 2.625% | 800,000 | 792,606 | |
Mississippi 1.5% | ||||
Mississippi Development Bank | ||||
Revenue Bonds | ||||
Sales Tax Infrastructure Project | ||||
Series 2020 | ||||
09/01/2022 | 5.000% | 250,000 | 250,023 | |
State of Mississippi Gaming Tax | ||||
Revenue Bonds | ||||
Series 2015E | ||||
10/15/2022 | 5.000% | 1,000,000 | 1,003,260 | |
10/15/2024 | 5.000% | 2,735,000 | 2,863,200 | |
Total | 4,116,483 | |||
Nebraska 3.4% | ||||
Central Plains Energy Project | ||||
Revenue Bonds | ||||
Project No. 4 | ||||
Series 2018 (Mandatory Put 01/01/24) | ||||
03/01/2050 | 5.000% | 3,020,000 | 3,089,731 | |
Nebraska Public Power District | ||||
Revenue Bonds | ||||
Series 2020A (Mandatory Put 07/01/23) | ||||
01/01/2051 | 0.600% | 6,600,000 | 6,478,394 | |
Total | 9,568,125 |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 11 |
August 31, 2022
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New Hampshire 0.1% | ||||
New Hampshire Business Finance Authority | ||||
Refunding Revenue Bonds | ||||
Springpoint Senior Living | ||||
Series 2021 | ||||
01/01/2024 | 4.000% | 220,000 | 220,556 | |
New Jersey 1.9% | ||||
Borough of Fort Lee | ||||
Unlimited General Obligation Bonds | ||||
Series 2020 | ||||
11/01/2022 | 1.000% | 1,710,000 | 1,703,972 | |
City of Newark | ||||
Unlimited General Obligation Refunding Bonds | ||||
School Bond Reserve Fund | ||||
Series 2020B | ||||
10/01/2022 | 5.000% | 400,000 | 401,029 | |
Series 2020A | ||||
10/01/2022 | 5.000% | 700,000 | 701,802 | |
New Jersey Economic Development Authority(d) | ||||
Refunding Revenue Bonds | ||||
American Water Co. | ||||
Series 2020B (Mandatory Put 06/01/23) | ||||
11/01/2034 | 1.200% | 2,500,000 | 2,466,427 | |
Total | 5,273,230 | |||
New Mexico 0.5% | ||||
New Mexico Hospital Equipment Loan Council | ||||
Revenue Bonds | ||||
La Vida Llena Expansion Project | ||||
Series 2019 | ||||
07/01/2023 | 2.250% | 1,525,000 | 1,511,956 | |
New York 12.3% | ||||
City of North Tonawanda | ||||
Limited General Obligation Notes | ||||
BAN Series 2022 | ||||
05/18/2023 | 4.000% | 3,000,000 | 3,020,181 | |
City of Schenectady | ||||
Limited General Obligation Notes | ||||
BAN Series 2022 | ||||
05/05/2023 | 3.500% | 2,000,000 | 2,007,670 | |
Dundee Central School District | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2022 | ||||
06/23/2023 | 3.500% | 1,610,000 | 1,619,159 | |
Long Island Power Authority(c) | ||||
Refunding Revenue Bonds | ||||
Series 2018C (Mandatory Put 10/01/23) | ||||
0.7 x 1-month USD LIBOR + 0.750% 05/01/2033 | 2.411% | 4,000,000 | 4,000,036 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Metropolitan Transportation Authority(c) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2017G-4 (Mandatory Put 11/01/22) | ||||
0.7 x 1-month USD LIBOR + 0.550% 11/01/2030 | 2.140% | 2,935,000 | 2,930,164 | |
Revenue Bonds | ||||
SIFMA Floating Rate Tender Notes | ||||
Subordinated Series 2017D-2 (Mandatory Put 11/15/22) | ||||
Muni Swap Index Yield + 0.450% 11/15/2044 | 2.120% | 3,100,000 | 3,094,922 | |
Metropolitan Transportation Authority | ||||
Revenue Bonds | ||||
BAN Series 2019D-1 | ||||
09/01/2022 | 5.000% | 6,000,000 | 6,000,525 | |
Series 2020A-1 | ||||
02/01/2023 | 5.000% | 2,645,000 | 2,665,903 | |
New York City Housing Development Corp. | ||||
Revenue Bonds | ||||
Sustainable Neighborhood Bonds | ||||
Series 2019 (Mandatory Put 07/03/23) | ||||
05/01/2059 | 1.750% | 1,600,000 | 1,580,711 | |
New York Transportation Development Corp(d) | ||||
Refunding Revenue Bonds | ||||
Terminal 4 JFK International Airport Project | ||||
Series 2020 | ||||
12/01/2024 | 5.000% | 1,000,000 | 1,035,838 | |
New York Transportation Development Corp.(d) | ||||
Refunding Revenue Bonds | ||||
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2020 | ||||
12/01/2023 | 5.000% | 1,000,000 | 1,021,396 | |
Owego Apalachin Central School District | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2022 | ||||
06/28/2023 | 4.000% | 2,000,000 | 2,012,448 | |
Town of Oyster Bay | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2020 (BAM) | ||||
11/01/2023 | 4.000% | 1,000,000 | 1,019,065 | |
Triborough Bridge & Tunnel Authority(c) | ||||
Refunding Revenue Bonds | ||||
MTA Bridges and Tunnels | ||||
Series 2021 (Mandatory Put 02/01/24) | ||||
0.7 x SOFR + 0.380% 01/01/2032 | 1.914% | 490,000 | 487,140 | |
Village of Endicott | ||||
Limited General Obligation Notes | ||||
BAN Series 2022 | ||||
08/24/2023 | 3.750% | 1,819,000 | 1,832,040 | |
Total | 34,327,198 |
12 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
North Carolina 0.4% | ||||
North Carolina Medical Care Commission | ||||
Revenue Bonds | ||||
Friends Home, Inc. | ||||
Series 2020B2 | ||||
09/01/2025 | 2.300% | 1,250,000 | 1,195,304 | |
North Dakota 2.3% | ||||
Cass County Joint Water Resource District | ||||
Unlimited General Obligation Bonds | ||||
Series 2021A | ||||
05/01/2024 | 0.480% | 5,000,000 | 4,740,239 | |
City of Horace | ||||
Unlimited General Obligation Refunding & Public Improvement Bonds | ||||
Series 2021B | ||||
10/01/2023 | 0.600% | 1,600,000 | 1,546,706 | |
Total | 6,286,945 | |||
Ohio 3.6% | ||||
Ohio Turnpike & Infrastructure Commission | ||||
Prerefunded 02/15/23 Revenue Bonds | ||||
Junior Lien - Infrastructure Projects | ||||
Series 2013 | ||||
02/15/2048 | 5.000% | 3,000,000 | 3,032,743 | |
Ohio Turnpike & Infrastructure Commission(e) | ||||
Refunding Revenue Bonds | ||||
Junior Lien - Infrastructure | ||||
Series 2022 | ||||
02/15/2025 | 5.000% | 1,000,000 | 1,052,374 | |
Port of Greater Cincinnati Development Authority | ||||
Revenue Bonds | ||||
Convention Center Hotel Acquisition and Demolition Project | ||||
Series 2020A | ||||
05/01/2023 | 3.000% | 6,000,000 | 5,963,290 | |
Total | 10,048,407 | |||
Oklahoma 1.6% | ||||
Oklahoma Development Finance Authority(d) | ||||
Revenue Bonds | ||||
Gilcrease Expressway West Project | ||||
Series 2020 | ||||
07/06/2023 | 1.625% | 4,400,000 | 4,311,787 | |
Oregon 0.7% | ||||
Port of Portland Airport(d) | ||||
Refunding Revenue Bonds | ||||
Portland International Airport | ||||
Subordinated Series 2020 | ||||
07/01/2023 | 5.000% | 1,940,000 | 1,976,491 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Pennsylvania 1.3% | ||||
Bethlehem Area School District Authority(c) | ||||
Refunding Revenue Bonds | ||||
Series 2021 (Mandatory Put 11/01/25) | ||||
0.7 x SOFR + 0.350% 01/01/2032 | 1.884% | 1,780,000 | 1,712,947 | |
City of Philadelphia | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2019A | ||||
08/01/2023 | 5.000% | 1,000,000 | 1,021,423 | |
Northampton County General Purpose Authority(c) | ||||
Revenue Bonds | ||||
St. Luke’s University Health Network | ||||
Series 2018 (Mandatory Put 08/15/24) | ||||
0.7 x 1-month USD LIBOR + 1.040% 08/15/2048 | 2.701% | 1,000,000 | 1,002,721 | |
Total | 3,737,091 | |||
Puerto Rico 0.4% | ||||
Commonwealth of Puerto Rico(f) | ||||
Unlimited General Obligation Bonds | ||||
Restructured | ||||
Series 2021-A1 | ||||
07/01/2023 | 5.250% | 994,975 | 1,009,793 | |
South Carolina 2.1% | ||||
Patriots Energy Group Financing Agency(c) | ||||
Revenue Bonds | ||||
Series 2018B (Mandatory Put 02/01/24) | ||||
0.7 x 1-month USD LIBOR + 0.860% 10/01/2048 | 2.450% | 6,000,000 | 5,950,645 | |
Texas 2.5% | ||||
Dallas/Fort Worth International Airport(d) | ||||
Refunding Revenue Bonds | ||||
Series 2013E | ||||
11/01/2023 | 5.000% | 1,675,000 | 1,715,916 | |
Irving Hospital Authority(c) | ||||
Revenue Bonds | ||||
Baylor Scott & White Medical Center | ||||
Series 2017 (Mandatory Put 10/15/23) | ||||
Muni Swap Index Yield + 1.100% 10/15/2044 | 2.770% | 900,000 | 900,595 | |
Matagorda County Navigation District No. 1(d) | ||||
Revenue Bonds | ||||
Central Power and Light Co. Project | ||||
Series 2020 (Mandatory Put 09/01/23) | ||||
05/01/2030 | 0.900% | 3,000,000 | 2,933,089 |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 13 |
August 31, 2022
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Texas Municipal Gas Acquisition & Supply Corp. III | ||||
Refunding Revenue Bonds | ||||
Series 2021 | ||||
12/15/2023 | 5.000% | 1,500,000 | 1,526,960 | |
Total | 7,076,560 | |||
Utah 0.4% | ||||
Utah Housing Corp. | ||||
Revenue Bonds | ||||
Moda Shoreline Apartments | ||||
Series 2022 (Mandatory Put 09/01/24) | ||||
09/01/2025 | 4.000% | 1,000,000 | 1,018,143 | |
Virginia 0.1% | ||||
Virginia Small Business Financing Authority | ||||
Refunding Revenue Bonds | ||||
Lifespire | ||||
Series 2021 | ||||
12/01/2023 | 3.000% | 295,000 | 292,495 | |
Washington 1.6% | ||||
Seattle Housing Authority | ||||
Revenue Bonds | ||||
Jefferson Terrace Project | ||||
Series 2022 | ||||
09/01/2025 | 4.000% | 2,500,000 | 2,561,113 | |
Vancouver Housing Authority | ||||
Revenue Bonds | ||||
Van Vista Plaza Project | ||||
Series 2019 | ||||
12/01/2022 | 1.530% | 1,795,000 | 1,790,287 | |
Total | 4,351,400 | |||
Wisconsin 0.4% | ||||
Public Finance Authority | ||||
Prerefunded 10/01/22 Revenue Bonds | ||||
Voyager Foundation, Inc. Project | ||||
Series 2012A | ||||
10/01/2042 | 6.200% | 1,000,000 | 1,003,005 | |
Total Municipal Bonds (Cost $177,611,480) | 175,631,308 | |||
Municipal Short Term 16.3% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Alabama 1.6% | ||||
Chatom Industrial Development Board | ||||
Revenue Bonds | ||||
Series 2022 (Mandatory Put 02/01/23) | ||||
08/01/2037 | 2.370% | 4,500,000 | 4,500,000 |
Municipal Short Term (continued) | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
California 4.5% | ||||
California Infrastructure & Economic Development Bank(d),(g) | ||||
Revenue Bonds | ||||
Brightline West Passenger Rail Project | ||||
Series 2022 (Mandatory Put 01/26/23) | ||||
01/01/2050 | 0.900% | 5,000,000 | 4,942,992 | |
California Municipal Finance Authority(d) | ||||
Refunding Revenue Bonds | ||||
Republic Services, Inc. Project | ||||
Series 2021 (Mandatory Put 10/03/22) | ||||
07/01/2041 | 1.880% | 2,500,000 | 2,496,296 | |
City of Los Angeles | ||||
Revenue Notes | ||||
TRAN Series 2022 | ||||
06/29/2023 | 2.260% | 5,000,000 | 5,070,186 | |
Total | 12,509,474 | |||
Florida 0.7% | ||||
Florida Development Finance Corp.(d) | ||||
Revenue Bonds | ||||
Brightline Florida Passenger Rail Expansion Project | ||||
Series 2021 (Mandatory Put 04/04/23) | ||||
12/01/2056 | 2.920% | 2,000,000 | 1,989,716 | |
Massachusetts 3.4% | ||||
Cape Cod Regional Transit Authority | ||||
Unlimited General Obligation Notes | ||||
RAN Series 2022 | ||||
07/21/2023 | 3.150% | 2,400,000 | 2,407,088 | |
City of New Bedford | ||||
Limited General Obligation Notes | ||||
BAN Series 2022B | ||||
04/13/2023 | 2.340% | 2,000,000 | 2,007,744 | |
Montachusett Regional Transit Authority | ||||
Revenue Notes | ||||
Regional Transit Authority | ||||
Series 2022 | ||||
07/28/2023 | 3.210% | 3,000,000 | 3,020,578 | |
Pioneer Valley Transit Authority | ||||
Revenue Notes | ||||
RAN Series 2022 | ||||
07/14/2023 | 2.990% | 2,000,000 | 2,016,973 | |
Total | 9,452,383 | |||
New Jersey 0.7% | ||||
Township of Pemberton | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2022 | ||||
05/31/2023 | 3.370% | 2,000,000 | 2,008,728 |
14 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Municipal Short Term (continued) | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
New York 4.7% | ||||
Board of Cooperative Educational Services for the Sole Supervisory District | ||||
Revenue Notes | ||||
RAN Series 2022 | ||||
06/29/2023 | 2.950% | 2,000,000 | 2,016,730 | |
City of Long Beach | ||||
Limited General Obligation Notes | ||||
BAN Series 2022A | ||||
02/17/2023 | 3.510% | 2,500,000 | 2,482,363 | |
Greater Southern Tier Board of Cooperative Educational Services District | ||||
Revenue Notes | ||||
RAN Series 2022 | ||||
06/30/2023 | 3.180% | 3,000,000 | 3,019,431 | |
Pine Valley Central School District | ||||
Unlimited General Obligation Notes | ||||
BAN Series 2022 | ||||
06/14/2023 | 2.600% | 3,000,000 | 3,014,592 | |
Town of Oyster Bay | ||||
Limited General Obligation Notes | ||||
Series 2022 | ||||
03/09/2023 | 2.300% | 2,500,000 | 2,508,641 | |
Total | 13,041,757 |
Municipal Short Term (continued) | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Washington 0.7% | ||||
Washington Economic Development Finance Authority(d),(g) | ||||
Revenue Bonds | ||||
Mura Cascade ELP LLC Project | ||||
Series 2021 (Mandatory Put 12/08/22) | ||||
12/01/2041 | 0.370% | 2,000,000 | 1,983,328 | |
Total Municipal Short Term (Cost $45,673,165) | 45,485,386 |
Money Market Funds 1.5% | ||
Shares | Value ($) | |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.342%(h) | 4,228,898 | 4,228,898 |
Total Money Market Funds (Cost $4,228,898) | 4,228,898 | |
Total Investments in Securities (Cost $279,513,543) | 277,345,592 | |
Other Assets & Liabilities, Net | 1,182,096 | |
Net Assets | $278,527,688 |
(a) | The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity. |
(b) | Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of August 31, 2022. |
(c) | Variable rate security. The interest rate shown was the current rate as of August 31, 2022. |
(d) | Income from this security may be subject to alternative minimum tax. |
(e) | Represents a security purchased on a when-issued basis. |
(f) | Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At August 31, 2022, the total value of these securities amounted to $1,009,793, which represents 0.36% of total net assets. |
(g) | 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 August 31, 2022, the total value of these securities amounted to $6,926,320, which represents 2.49% of total net assets. |
(h) | The rate shown is the seven-day current annualized yield at August 31, 2022. |
AGM | Assured Guaranty Municipal Corporation |
BAM | Build America Mutual Assurance Co. |
BAN | Bond Anticipation Note |
LIBOR | London Interbank Offered Rate |
RAN | Revenue Anticipation Note |
SOFR | Secured Overnight Financing Rate |
TRAN | Tax and Revenue Anticipation Note |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 15 |
August 31, 2022
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Fixed Income Funds | — | 19,000,000 | — | 19,000,000 |
Floating Rate Notes | — | 33,000,000 | — | 33,000,000 |
Municipal Bonds | — | 175,631,308 | — | 175,631,308 |
Municipal Short Term | — | 45,485,386 | — | 45,485,386 |
Money Market Funds | 4,228,898 | — | — | 4,228,898 |
Total Investments in Securities | 4,228,898 | 273,116,694 | — | 277,345,592 |
16 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $279,513,543) | $277,345,592 |
Receivable for: | |
Capital shares sold | 4,618,728 |
Dividends | 35,527 |
Interest | 1,449,190 |
Expense reimbursement due from Investment Manager | 745 |
Prepaid expenses | 3,897 |
Other assets | 34,977 |
Total assets | 283,488,656 |
Liabilities | |
Due to custodian | 660 |
Payable for: | |
Investments purchased | 3,019,830 |
Investments purchased on a delayed delivery basis | 1,072,800 |
Capital shares purchased | 422,762 |
Distributions to shareholders | 385,423 |
Management services fees | 1,576 |
Distribution and/or service fees | 34 |
Transfer agent fees | 11,275 |
Compensation of board members | 4,476 |
Compensation of chief compliance officer | 41 |
Other expenses | 42,091 |
Total liabilities | 4,960,968 |
Net assets applicable to outstanding capital stock | $278,527,688 |
Represented by | |
Paid in capital | 281,966,482 |
Total distributable earnings (loss) | (3,438,794) |
Total - representing net assets applicable to outstanding capital stock | $278,527,688 |
Class A | |
Net assets | $8,198,868 |
Shares outstanding | 821,715 |
Net asset value per share | $9.98 |
Advisor Class | |
Net assets | $269,062,714 |
Shares outstanding | 26,993,652 |
Net asset value per share | $9.97 |
Institutional Class | |
Net assets | $1,254,225 |
Shares outstanding | 125,735 |
Net asset value per share | $9.98 |
Institutional 3 Class | |
Net assets | $11,881 |
Shares outstanding | 1,192 |
Net asset value per share | $9.97 |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 17 |
Year Ended August 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $196,091 |
Interest | 4,137,948 |
Total income | 4,334,039 |
Expenses: | |
Management services fees | 823,868 |
Distribution and/or service fees | |
Class A | 19,510 |
Transfer agent fees | |
Class A | 2,782 |
Advisor Class | 102,827 |
Institutional Class(a) | 219 |
Institutional 3 Class(a) | 39 |
Administration fees | 325,395 |
Compensation of board members | 42,803 |
Printing and postage fees | 5,594 |
Registration fees | 102,276 |
Audit fees | 35,119 |
Legal fees | 11,572 |
Line of credit interest | 1,443 |
Interest on interfund lending | 13 |
Compensation of chief compliance officer | 41 |
Other | 99,630 |
Total expenses | 1,573,131 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (320,977) |
Total net expenses | 1,252,154 |
Net investment income | 3,081,885 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (796,845) |
Net realized loss | (796,845) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (5,177,921) |
Net change in unrealized appreciation (depreciation) | (5,177,921) |
Net realized and unrealized loss | (5,974,766) |
Net decrease in net assets resulting from operations | $(2,892,881) |
(a) | Institutional Class and Institutional 3 Class shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end. |
18 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
Year Ended August 31, 2022 (a) | Year Ended August 31, 2021 | |
Operations | ||
Net investment income | $3,081,885 | $3,582,480 |
Net realized gain (loss) | (796,845) | 376 |
Net change in unrealized appreciation (depreciation) | (5,177,921) | 1,038,294 |
Net increase (decrease) in net assets resulting from operations | (2,892,881) | 4,621,150 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (51,202) | (49,692) |
Advisor Class | (2,713,640) | (3,533,223) |
Institutional Class | (6,418) | — |
Institutional 3 Class | (13,910) | — |
Total distributions to shareholders | (2,785,170) | (3,582,915) |
Increase (decrease) in net assets from capital stock activity | (292,742,453) | 39,306,753 |
Redemption fees | 170 | — |
Total increase (decrease) in net assets | (298,420,334) | 40,344,988 |
Net assets at beginning of year | 576,948,022 | 536,603,034 |
Net assets at end of year | $278,527,688 | $576,948,022 |
Year Ended | Year Ended | |||
August 31, 2022 (a) | August 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 76,162 | 763,990 | 82,654 | 835,639 |
Distributions reinvested | 5,066 | 50,745 | 4,799 | 48,497 |
Redemptions | (393,090) | (3,940,940) | (241,561) | (2,441,941) |
Net decrease | (311,862) | (3,126,205) | (154,108) | (1,557,805) |
Advisor Class | ||||
Subscriptions | 35,773,136 | 359,829,889 | 46,479,838 | 469,398,019 |
Distributions reinvested | 108,173 | 1,085,073 | 176,699 | 1,784,049 |
Redemptions | (64,864,397) | (651,879,114) | (42,600,545) | (430,317,510) |
Net increase (decrease) | (28,983,088) | (290,964,152) | 4,055,992 | 40,864,558 |
Institutional Class | ||||
Subscriptions | 186,283 | 1,865,120 | — | — |
Distributions reinvested | 635 | 6,351 | — | — |
Redemptions | (61,183) | (612,381) | — | — |
Net increase | 125,735 | 1,259,090 | — | — |
Institutional 3 Class | ||||
Subscriptions | 1,044,160 | 10,504,262 | — | — |
Distributions reinvested | 833 | 8,348 | — | — |
Redemptions | (1,043,801) | (10,423,796) | — | — |
Net increase | 1,192 | 88,814 | — | — |
Total net increase (decrease) | (29,168,023) | (292,742,453) | 3,901,884 | 39,306,753 |
(a) | Institutional Class and Institutional 3 Class shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end. |
Columbia Ultra Short Duration Municipal Bond 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 | |
Class A | |||||||
Year Ended 8/31/2022 | $10.11 | 0.06 | (0.13) | (0.07) | (0.06) | — | (0.06) |
Year Ended 8/31/2021(f) | $10.09 | 0.04 | 0.02 | 0.06 | (0.04) | — | (0.04) |
Year Ended 8/31/2020 | $10.09 | 0.09 | 0.01 | 0.10 | (0.10) | — | (0.10) |
Year Ended 8/31/2019 | $10.07 | 0.13 | 0.03 | 0.16 | (0.14) | — | (0.14) |
Year Ended 8/31/2018 | $10.08 | 0.10 | 0.00 | 0.10 | (0.10) | (0.01) | (0.11) |
Advisor Class | |||||||
Year Ended 8/31/2022(g) | $10.10 | 0.07 | (0.13) | (0.06) | (0.07) | — | (0.07) |
Year Ended 8/31/2021(f) | $10.08 | 0.06 | 0.03 | 0.09 | (0.07) | — | (0.07) |
Year Ended 8/31/2020 | $10.09 | 0.13 | (0.01) | 0.12 | (0.13) | — | (0.13) |
Year Ended 8/31/2019 | $10.06 | 0.17 | 0.03 | 0.20 | (0.17) | — | (0.17) |
Year Ended 8/31/2018 | $10.08 | 0.13 | (0.01) | 0.12 | (0.13) | (0.01) | (0.14) |
Institutional Class | |||||||
Year Ended 8/31/2022(h) | $10.07 | 0.07 | (0.10) | (0.03) | (0.06) | — | (0.06) |
Institutional 3 Class | |||||||
Year Ended 8/31/2022(h) | $10.07 | 0.04 | (0.01) | 0.03 | (0.13) | — | (0.13) |
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) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on January 21, 2022. |
(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) | Net investment income (loss) per share calculated using the average shares method. |
(g) | Redemption fees consisted of per share amounts less than $0.01. |
(h) | Institutional Class and Institutional 3 Class shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date. |
(i) | Annualized. |
20 | Columbia Ultra Short Duration Municipal 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),(c) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 8/31/2022 | $9.98 | (0.74%) | 0.56%(d),(e) | 0.48%(d),(e) | 0.57% | 104% | $8,199 |
Year Ended 8/31/2021(f) | $10.11 | 0.59% | 0.64% | 0.55% | 0.40% | 137% | $11,463 |
Year Ended 8/31/2020 | $10.09 | 1.06% | 0.63% | 0.55% | 1.05% | 267% | $12,998 |
Year Ended 8/31/2019 | $10.09 | 1.62% | 0.62% | 0.55% | 1.41% | 155% | $16,498 |
Year Ended 8/31/2018 | $10.07 | 0.95% | 0.62% | 0.55% | 0.99% | 156% | $27,434 |
Advisor Class | |||||||
Year Ended 8/31/2022(g) | $9.97 | (0.56%) | 0.38%(d),(e) | 0.29%(d),(e) | 0.72% | 104% | $269,063 |
Year Ended 8/31/2021(f) | $10.10 | 0.85% | 0.39% | 0.30% | 0.64% | 137% | $565,485 |
Year Ended 8/31/2020 | $10.08 | 1.21% | 0.38% | 0.30% | 1.28% | 267% | $523,605 |
Year Ended 8/31/2019 | $10.09 | 1.98% | 0.37% | 0.30% | 1.66% | 155% | $541,859 |
Year Ended 8/31/2018 | $10.06 | 1.10% | 0.37% | 0.30% | 1.25% | 156% | $572,669 |
Institutional Class | |||||||
Year Ended 8/31/2022(h) | $9.98 | (0.33%) | 0.31%(d),(e),(i) | 0.27%(d),(e),(i) | 1.14%(i) | 104% | $1,254 |
Institutional 3 Class | |||||||
Year Ended 8/31/2022(h) | $9.97 | 0.27% | 0.28%(d),(e),(i) | 0.23%(d),(e),(i) | 0.70%(i) | 104% | $12 |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 21 |
August 31, 2022
22 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 23 |
August 31, 2022
24 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Effective rate (%) | |
Class A | 0.04 |
Advisor Class | 0.04 |
Institutional Class | 0.04 |
Institutional 3 Class | 0.00 |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 25 |
August 31, 2022
Fee rate(s) contractual through December 31, 2023 | |
Class A | 0.51% |
Advisor Class | 0.36 |
Institutional Class | 0.36 |
Institutional 3 Class | 0.25 |
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(4,774) | 4,774 | — |
26 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Year Ended August 31, 2022 | Year Ended August 31, 2021 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
7,181 | 2,777,989 | — | 2,785,170 | 723 | 3,582,192 | — | 3,582,915 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 658,690 | — | (1,540,882) | (2,167,951) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
279,513,543 | 203,728 | (2,371,679) | (2,167,951) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(506,046) | (1,034,836) | (1,540,882) | — |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 27 |
August 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 800,000 | 0.61 | 1 |
Average loan balance ($) | Weighted average interest rate (%) | Days outstanding |
37,000,000 | 1.40 | 1 |
28 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Shares | |
Class A | 1,085,382 |
Advisor Class | 43,307,420 |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 29 |
August 31, 2022
30 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
August 31, 2022
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 31 |
August 31, 2022
32 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 33 |
Exempt- interest dividends | |
99.74% |
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 |
34 | Columbia Ultra Short Duration Municipal 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
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 Ultra Short Duration Municipal Bond 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 |
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 |
36 | Columbia Ultra Short Duration Municipal 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 Ultra Short Duration Municipal Bond 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 |
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. |
38 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
(Unaudited)
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
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. |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 39 |
(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 |
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. |
40 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
(Unaudited)
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Funds; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 | 41 |
(Unaudited)
into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
42 | Columbia Ultra Short Duration Municipal Bond Fund | Annual Report 2022 |
(Unaudited)
Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Columbia Ultra Short Duration Municipal Bond 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.
August 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
14 | |
15 | |
18 | |
20 | |
31 | |
32 | |
32 | |
38 |
(Unaudited)
Average annual total returns (%) (for the period ended August 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A* | Excluding sales charges | 05/27/14 | -6.97 | 7.40 | 10.05 |
Including sales charges | -12.31 | 6.13 | 9.40 | ||
Advisor Class | 01/31/08 | -6.72 | 7.67 | 10.33 | |
Class C* | Excluding sales charges | 01/26/22 | -7.62 | 6.60 | 9.24 |
Including sales charges | -8.38 | 6.60 | 9.24 | ||
Institutional Class* | 01/26/22 | -6.75 | 7.66 | 10.33 | |
Institutional 2 Class* | 01/26/22 | -6.65 | 7.68 | 10.34 | |
Institutional 3 Class* | 01/26/22 | -6.62 | 7.69 | 10.34 | |
Class R* | 01/26/22 | -7.13 | 7.14 | 9.79 | |
Russell 1000 Value Index | -6.23 | 7.86 | 10.52 |
* | 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 Predecessor Fund inception) include the returns of the Predecessor 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. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM) and had the same investment objective and a substantially identical investment strategy to the Fund. |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at August 31, 2022) | |
Common Stocks | 98.9 |
Money Market Funds | 1.1 |
Total | 100.0 |
Equity sector breakdown (%) (at August 31, 2022) | |
Communication Services | 9.8 |
Consumer Discretionary | 4.9 |
Consumer Staples | 7.3 |
Energy | 6.7 |
Financials | 17.7 |
Health Care | 17.9 |
Industrials | 10.8 |
Information Technology | 10.7 |
Materials | 3.2 |
Real Estate | 6.1 |
Utilities | 4.9 |
Total | 100.0 |
4 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
• | The most significant detractor in terms of sector allocation was the Fund’s underweight to the energy sector. |
• | An underweight of the utilities sector and an overweight to the communication services sector also detracted from performance for the period. |
• | While overall stock selection was positive for the year, security selection within the communication services, financials and utilities sectors detracted from Fund returns. |
• | The Fund had overall success with security selection within the energy sector, but the Fund’s underweight of Exxon Mobil Corp. relative to the benchmark detracted from overall returns. |
• | The Fund’s holding of Charter Communications, Inc. also detracted from returns as many of the communications services providers were under pressure as the Fed raised short-term interest rates. |
• | The Fund’s slight underweight of the financials and materials sectors contributed positively to overall returns for the year. |
• | Additionally, security selection within the industrials, information technology, consumer discretionary and real estate sectors all provided a positive contribution to returns. |
• | The Fund’s position in exploration and production company EOG Resources, Inc. led the positive contribution within the energy sector. We continue to like and hold this name fundamentally, as global energy markets remain supply-constrained and demand continues to be strong, as well. |
• | Several of the Fund’s holdings within health care, such as Vertex Pharmaceuticals, Inc., also performed well on a relative basis as the defensive characteristics of many pharmaceutical companies saw good investor demand in what was a very volatile year. |
• | Additionally, consumer staples companies such as Hershey Co. performed well as investors sought out businesses selling items of need rather than want as inflation caused many consumers to retrench as the year unfolded. |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
March 1, 2022 — August 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 | 1,007.19 | 1.26 | 1.31 | 0.77 |
Advisor Class | 1,000.00 | 1,000.00 | 933.60 | 1,007.59 | 0.87 | 0.90 | 0.53 |
Class C | 1,000.00 | 1,000.00 | 929.00 | 1,005.95 | 2.46 | 2.56 | 1.50 |
Institutional Class | 1,000.00 | 1,000.00 | 933.30 | 1,007.61 | 0.85 | 0.89 | 0.52 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 933.70 | 1,007.73 | 0.74 | 0.77 | 0.45 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 934.00 | 1,007.81 | 0.66 | 0.68 | 0.40 |
Class R | 1,000.00 | 1,000.00 | 931.30 | 1,006.76 | 1.67 | 1.74 | 1.02 |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 7 |
August 31, 2022
Common Stocks 98.9% | ||
Issuer | Shares | Value ($) |
Communication Services 9.7% | ||
Entertainment 1.7% | ||
Electronic Arts, Inc. | 44,317 | 5,622,498 |
Interactive Media & Services 5.2% | ||
Alphabet, Inc., Class C(a) | 71,171 | 7,768,315 |
Meta Platforms, Inc., Class A(a) | 47,964 | 7,814,774 |
Pinterest, Inc., Class A(a) | 79,067 | 1,821,704 |
Total | 17,404,793 | |
Media 2.8% | ||
Charter Communications, Inc., Class A(a) | 8,350 | 3,445,460 |
Comcast Corp., Class A | 96,094 | 3,477,642 |
Fox Corp., Class A | 69,156 | 2,363,752 |
Total | 9,286,854 | |
Total Communication Services | 32,314,145 | |
Consumer Discretionary 4.9% | ||
Multiline Retail 1.1% | ||
Target Corp. | 22,076 | 3,539,666 |
Specialty Retail 3.2% | ||
AutoZone, Inc.(a) | 2,900 | 6,145,709 |
Lowe’s Companies, Inc. | 22,442 | 4,356,890 |
Total | 10,502,599 | |
Textiles, Apparel & Luxury Goods 0.6% | ||
Capri Holdings Ltd.(a) | 45,695 | 2,155,890 |
Total Consumer Discretionary | 16,198,155 | |
Consumer Staples 7.2% | ||
Beverages 1.7% | ||
PepsiCo, Inc. | 33,322 | 5,740,381 |
Food & Staples Retailing 2.3% | ||
Walmart, Inc. | 57,061 | 7,563,436 |
Food Products 0.9% | ||
Hershey Co. (The) | 13,617 | 3,059,331 |
Household Products 2.3% | ||
Procter & Gamble Co. (The) | 54,141 | 7,468,209 |
Total Consumer Staples | 23,831,357 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Energy 6.6% | ||
Oil, Gas & Consumable Fuels 6.6% | ||
APA Corp. | 40,317 | 1,576,798 |
Diamondback Energy, Inc. | 31,662 | 4,219,911 |
EOG Resources, Inc. | 47,300 | 5,737,490 |
Exxon Mobil Corp. | 110,074 | 10,521,974 |
Total | 22,056,173 | |
Total Energy | 22,056,173 | |
Financials 17.5% | ||
Banks 9.9% | ||
Bank of America Corp. | 73,559 | 2,472,318 |
Citigroup, Inc. | 66,596 | 3,250,551 |
KeyCorp | 282,789 | 5,002,537 |
Regions Financial Corp. | 270,108 | 5,853,240 |
U.S. Bancorp | 104,157 | 4,750,601 |
Wells Fargo & Co. | 201,763 | 8,819,061 |
Zions Bancorp | 46,745 | 2,572,377 |
Total | 32,720,685 | |
Capital Markets 2.4% | ||
Morgan Stanley | 37,818 | 3,222,850 |
State Street Corp. | 71,322 | 4,874,858 |
Total | 8,097,708 | |
Consumer Finance 2.2% | ||
American Express Co. | 30,646 | 4,658,192 |
Capital One Financial Corp. | 24,318 | 2,573,331 |
Total | 7,231,523 | |
Insurance 3.0% | ||
Chubb Ltd. | 8,685 | 1,641,899 |
Everest Re Group Ltd. | 18,898 | 5,084,507 |
Globe Life, Inc. | 34,703 | 3,372,785 |
Total | 10,099,191 | |
Total Financials | 58,149,107 |
8 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
August 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care 17.7% | ||
Biotechnology 3.0% | ||
Exelixis, Inc.(a) | 129,541 | 2,298,057 |
Neurocrine Biosciences, Inc.(a) | 27,947 | 2,924,095 |
Vertex Pharmaceuticals, Inc.(a) | 17,482 | 4,925,728 |
Total | 10,147,880 | |
Health Care Equipment & Supplies 2.6% | ||
Baxter International, Inc. | 89,399 | 5,136,867 |
Hologic, Inc.(a) | 53,240 | 3,596,894 |
Total | 8,733,761 | |
Health Care Providers & Services 5.7% | ||
CVS Health Corp. | 81,070 | 7,957,021 |
DaVita, Inc.(a) | 47,546 | 4,055,198 |
Elevance Health, Inc. | 14,172 | 6,874,979 |
Total | 18,887,198 | |
Life Sciences Tools & Services 1.1% | ||
Avantor, Inc.(a) | 74,949 | 1,866,980 |
IQVIA Holdings, Inc.(a) | 7,787 | 1,655,983 |
Total | 3,522,963 | |
Pharmaceuticals 5.3% | ||
Bristol-Myers Squibb Co. | 26,152 | 1,762,906 |
Johnson & Johnson | 49,737 | 8,024,568 |
Merck & Co., Inc. | 90,506 | 7,725,592 |
Total | 17,513,066 | |
Total Health Care | 58,804,868 | |
Industrials 10.7% | ||
Aerospace & Defense 1.1% | ||
Northrop Grumman Corp. | 7,966 | 3,807,668 |
Airlines 0.4% | ||
Alaska Air Group, Inc.(a) | 30,503 | 1,328,711 |
Building Products 1.0% | ||
Owens Corning | 39,902 | 3,261,190 |
Commercial Services & Supplies 2.6% | ||
Clean Harbors, Inc.(a) | 32,480 | 3,813,802 |
Waste Management, Inc. | 29,036 | 4,907,955 |
Total | 8,721,757 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Construction & Engineering 1.1% | ||
MasTec, Inc.(a) | 44,556 | 3,586,758 |
Electrical Equipment 0.7% | ||
Sensata Technologies Holding | 54,290 | 2,186,801 |
Machinery 1.7% | ||
Flowserve Corp. | 90,058 | 2,744,067 |
Oshkosh Corp. | 34,321 | 2,737,443 |
Total | 5,481,510 | |
Professional Services 1.2% | ||
Booz Allen Hamilton Holding Corp. | 19,450 | 1,861,365 |
CACI International, Inc., Class A(a) | 7,567 | 2,125,343 |
Total | 3,986,708 | |
Trading Companies & Distributors 0.9% | ||
W.W. Grainger, Inc. | 5,441 | 3,019,429 |
Total Industrials | 35,380,532 | |
Information Technology 10.5% | ||
Communications Equipment 2.0% | ||
F5, Inc.(a) | 20,802 | 3,267,162 |
Motorola Solutions, Inc. | 13,548 | 3,297,719 |
Total | 6,564,881 | |
Electronic Equipment, Instruments & Components 0.8% | ||
Jabil, Inc. | 46,029 | 2,775,549 |
IT Services 5.0% | ||
Akamai Technologies, Inc.(a) | 38,685 | 3,492,482 |
Fidelity National Information Services, Inc. | 28,281 | 2,584,035 |
Fiserv, Inc.(a) | 43,180 | 4,369,384 |
FleetCor Technologies, Inc.(a) | 14,898 | 3,166,272 |
PayPal Holdings, Inc.(a) | 33,806 | 3,158,832 |
Total | 16,771,005 | |
Semiconductors & Semiconductor Equipment 0.9% | ||
Micron Technology, Inc. | 54,928 | 3,105,080 |
Software 1.8% | ||
Dropbox, Inc., Class A(a) | 144,530 | 3,091,497 |
Salesforce, Inc.(a) | 17,479 | 2,728,821 |
Total | 5,820,318 | |
Total Information Technology | 35,036,833 |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 9 |
August 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Materials 3.2% | ||
Chemicals 1.8% | ||
Axalta Coating Systems Ltd.(a) | 136,144 | 3,505,708 |
Dow, Inc. | 48,326 | 2,464,626 |
Total | 5,970,334 | |
Containers & Packaging 1.4% | ||
Sealed Air Corp. | 83,704 | 4,504,112 |
Total Materials | 10,474,446 | |
Real Estate 6.0% | ||
Equity Real Estate Investment Trusts (REITS) 5.3% | ||
Brixmor Property Group, Inc. | 183,120 | 3,933,418 |
Camden Property Trust | 36,505 | 4,691,257 |
Gaming and Leisure Properties, Inc. | 53,555 | 2,585,100 |
Public Storage | 19,553 | 6,468,719 |
Total | 17,678,494 | |
Real Estate Management & Development 0.7% | ||
CBRE Group, Inc., Class A(a) | 29,105 | 2,298,131 |
Total Real Estate | 19,976,625 | |
Utilities 4.9% | ||
Electric Utilities 1.8% | ||
PPL Corp. | 202,026 | 5,874,916 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Independent Power and Renewable Electricity Producers 1.8% | ||
AES Corp. (The) | 229,109 | 5,830,824 |
Multi-Utilities 1.3% | ||
Dominion Energy, Inc. | 54,293 | 4,441,168 |
Total Utilities | 16,146,908 | |
Total Common Stocks (Cost $287,639,599) | 328,369,149 | |
Money Market Funds 1.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 2.366%(b),(c) | 3,584,907 | 3,583,115 |
Total Money Market Funds (Cost $3,583,106) | 3,583,115 | |
Total Investments in Securities (Cost: $291,222,705) | 331,952,264 | |
Other Assets & Liabilities, Net | 156,308 | |
Net Assets | 332,108,572 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at August 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended August 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
BMO Government Money Market Fund, Premier Class† | ||||||||
5,778,270 | 39,478,847 | (45,257,117) | — | — | — | 158 | — | |
Columbia Short-Term Cash Fund, 2.366% | ||||||||
— | 213,736,375 | (210,153,269) | 9 | 3,583,115 | (3,827) | 26,459 | 3,584,907 | |
Total | 5,778,720 | 9 | 3,583,115 | (3,827) | 26,617 |
† | Issuer was not an affiliate at the end of period. |
10 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
August 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 | 32,314,145 | — | — | 32,314,145 |
Consumer Discretionary | 16,198,155 | — | — | 16,198,155 |
Consumer Staples | 23,831,357 | — | — | 23,831,357 |
Energy | 22,056,173 | — | — | 22,056,173 |
Financials | 58,149,107 | — | — | 58,149,107 |
Health Care | 58,804,868 | — | — | 58,804,868 |
Industrials | 35,380,532 | — | — | 35,380,532 |
Information Technology | 35,036,833 | — | — | 35,036,833 |
Materials | 10,474,446 | — | — | 10,474,446 |
Real Estate | 19,976,625 | — | — | 19,976,625 |
Utilities | 16,146,908 | — | — | 16,146,908 |
Total Common Stocks | 328,369,149 | — | — | 328,369,149 |
Money Market Funds | 3,583,115 | — | — | 3,583,115 |
Total Investments in Securities | 331,952,264 | — | — | 331,952,264 |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 11 |
August 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $287,639,599) | $328,369,149 |
Affiliated issuers (cost $3,583,106) | 3,583,115 |
Receivable for: | |
Capital shares sold | 59,784 |
Dividends | 471,928 |
Expense reimbursement due from Investment Manager | 4,550 |
Prepaid expenses | 4,043 |
Other assets | 54,597 |
Total assets | 332,547,166 |
Liabilities | |
Payable for: | |
Capital shares purchased | 306,429 |
Management services fees | 6,870 |
Distribution and/or service fees | 249 |
Transfer agent fees | 61,856 |
Compensation of board members | 4,767 |
Compensation of chief compliance officer | 51 |
Audit fees | 25,500 |
Other expenses | 32,872 |
Total liabilities | 438,594 |
Net assets applicable to outstanding capital stock | $332,108,572 |
Represented by | |
Paid in capital | 249,693,062 |
Total distributable earnings (loss) | 82,415,510 |
Total - representing net assets applicable to outstanding capital stock | $332,108,572 |
12 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
August 31, 2022
Class A | |
Net assets | $35,789,182 |
Shares outstanding | 2,455,912 |
Net asset value per share | $14.57 |
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) | $15.46 |
Advisor Class | |
Net assets | $149,645,765 |
Shares outstanding | 10,258,261 |
Net asset value per share | $14.59 |
Class C | |
Net assets | $56,168 |
Shares outstanding | 3,836 |
Net asset value per share | $14.64 |
Institutional Class | |
Net assets | $145,571,018 |
Shares outstanding | 9,927,548 |
Net asset value per share | $14.66 |
Institutional 2 Class | |
Net assets | $1,041,736 |
Shares outstanding | 71,020 |
Net asset value per share | $14.67 |
Institutional 3 Class | |
Net assets | $2,352 |
Shares outstanding | 160 |
Net asset value per share(a) | $14.67 |
Class R | |
Net assets | $2,351 |
Shares outstanding | 161 |
Net asset value per share(a) | $14.65 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 13 |
Year Ended August 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $7,315,835 |
Dividends — affiliated issuers | 26,617 |
Income from securities lending — net | 234 |
Total income | 7,342,686 |
Expenses: | |
Management services fees | 2,455,743 |
Distribution and/or service fees | |
Class A | 79,788 |
Class C(a) | 91 |
Class R(a) | 7 |
Transfer agent fees | |
Class A | 36,813 |
Advisor Class | 276,287 |
Class C(a) | 12 |
Institutional Class(a) | 99,287 |
Institutional 2 Class(a) | 227 |
Class R(a) | 2 |
Class R6(b) | 3,614 |
Administration fees | 173,113 |
Compensation of board members | 43,573 |
Custodian fees | 11,435 |
Printing and postage fees | 31,590 |
Registration fees | 83,746 |
Audit fees | 38,539 |
Legal fees | 12,109 |
Interest on interfund lending | 3,897 |
Compensation of chief compliance officer | 51 |
Other | 114,430 |
Total expenses | 3,464,354 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (1,292,038) |
Total net expenses | 2,172,316 |
Net investment income | 5,170,370 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 65,045,327 |
Investments — affiliated issuers | (3,827) |
Net realized gain | 65,041,500 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (97,681,431) |
Investments �� affiliated issuers | 9 |
Net change in unrealized appreciation (depreciation) | (97,681,422) |
Net realized and unrealized loss | (32,639,922) |
Net decrease in net assets resulting from operations | $(27,469,552) |
(a) | Class C, Institutional Class, Institutional 2 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end. |
(b) | Class R6 shares are based on operations from September 1, 2021 through the liquidation of Class R6 shares of the Predecessor Fund prior to the Reorganization described in the Notes to Financial Statements. |
14 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
Year Ended August 31, 2022 (a),(b) | Year Ended August 31, 2021 | |
Operations | ||
Net investment income | $5,170,370 | $4,112,259 |
Net realized gain | 65,041,500 | 41,859,589 |
Net change in unrealized appreciation (depreciation) | (97,681,422) | 59,752,754 |
Net increase (decrease) in net assets resulting from operations | (27,469,552) | 105,724,602 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (3,482,605) | (175,364) |
Advisor Class | (51,340,591) | (3,253,636) |
Class C | (3) | — |
Institutional Class | (696,387) | — |
Institutional 2 Class | (4,409) | — |
Institutional 3 Class | (17) | — |
Class R | (9) | — |
Class R6 | (3,864,120) | (518,107) |
Total distributions to shareholders | (59,388,141) | (3,947,107) |
Increase (decrease) in net assets from capital stock activity | 76,293,216 | (19,935,412) |
Redemption fees | 30 | — |
Total increase (decrease) in net assets | (10,564,447) | 81,842,083 |
Net assets at beginning of year | 342,673,019 | 260,830,936 |
Net assets at end of year | $332,108,572 | $342,673,019 |
(a) | Class R6 shares are based on operations from September 1, 2021 through the liquidation of Class R6 shares of the Predecessor Fund prior to the Reorganization described in the Notes to Financial Statements. |
(b) | Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end. |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 15 |
Year Ended | Year Ended | |||
August 31, 2022 (a),(b) | August 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 62,515 | 998,413 | 26,227 | 433,971 |
Fund reorganization | 1,901,735(c) | 29,561,709(c) | — | — |
Distributions reinvested | 209,483 | 3,404,751 | 10,639 | 168,388 |
Redemptions | (691,968) | (10,867,655) | (101,902) | (1,676,060) |
Net increase (decrease) | 1,481,765 | 23,097,218 | (65,036) | (1,073,701) |
Advisor Class | ||||
Subscriptions | 3,067,030 | 51,067,146 | 2,593,440 | 45,058,208 |
Fund reorganization | 15,894,230(c) | 247,297,962(c) | — | — |
Distributions reinvested | 2,964,372 | 48,526,335 | 194,462 | 3,086,412 |
Redemptions | (26,593,500) | (426,108,839) | (3,637,235) | (60,315,386) |
Net decrease | (4,667,868) | (79,217,396) | (849,333) | (12,170,766) |
Class C | ||||
Subscriptions | 3,836 | 55,500 | — | — |
Net increase | 3,836 | 55,500 | — | — |
Institutional Class | ||||
Subscriptions | 16,934,795 | 271,307,013 | — | — |
Distributions reinvested | 50,395 | 696,048 | — | — |
Redemptions | (7,057,642) | (104,513,477) | — | — |
Net increase | 9,927,548 | 167,489,584 | — | — |
Institutional 2 Class | ||||
Subscriptions | 74,067 | 1,094,096 | — | — |
Distributions reinvested | 319 | 4,393 | — | — |
Redemptions | (3,366) | (48,662) | — | — |
Net increase | 71,020 | 1,049,827 | — | — |
Institutional 3 Class | ||||
Subscriptions | 160 | 2,500 | — | — |
Net increase | 160 | 2,500 | — | — |
Class R | ||||
Subscriptions | 161 | 2,500 | — | — |
Net increase | 161 | 2,500 | — | — |
Class R6 | ||||
Subscriptions | 241,999 | 4,417,303 | 85,776 | 1,366,372 |
Distributions reinvested | 225,333 | 3,753,432 | 32,742 | 518,106 |
Redemptions | (2,527,701) | (44,357,252) | (517,381) | (8,575,423) |
Net decrease | (2,060,369) | (36,186,517) | (398,863) | (6,690,945) |
Total net increase (decrease) | 4,756,253 | 76,293,216 | (1,313,232) | (19,935,412) |
(a) | Class R6 shares are based on operations from September 1, 2021 through the liquidation of Class R6 shares of the Predecessor Fund prior to the Reorganization described in the Notes to Financial Statements. |
(b) | Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end. |
(c) | Represents the acquisition of BMO Dividend Income Fund and BMO Low Volatility Fund in connection with the Fund Reorganizations. See Note 9 of the Notes to Financial Statements for additional information. |
16 | Columbia Integrated 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 8/31/2022(d) | $19.06 | 0.18 | (1.27) | (1.09) | (0.18) | (3.22) | (3.40) |
Year Ended 8/31/2021(f) | $13.52 | 0.18 | 5.53 | 5.71 | (0.17) | — | (0.17) |
Year Ended 8/31/2020 | $13.72 | 0.22 | (0.18) | 0.04 | (0.24) | — | (0.24) |
Year Ended 8/31/2019 | $16.59 | 0.26 | (1.46) | (1.20) | (0.27) | (1.40) | (1.67) |
Year Ended 8/31/2018 | $15.85 | 0.16 | 2.22 | 2.38 | (0.19) | (1.45) | (1.64) |
Advisor Class | |||||||
Year Ended 8/31/2022(d) | $19.08 | 0.21 | (1.26) | (1.05) | (0.22) | (3.22) | (3.44) |
Year Ended 8/31/2021(f) | $13.53 | 0.22 | 5.54 | 5.76 | (0.21) | — | (0.21) |
Year Ended 8/31/2020 | $13.74 | 0.27 | (0.20) | 0.07 | (0.28) | — | (0.28) |
Year Ended 8/31/2019 | $16.61 | 0.30 | (1.46) | (1.16) | (0.31) | (1.40) | (1.71) |
Year Ended 8/31/2018 | $15.88 | 0.28 | 2.14 | 2.42 | (0.24) | (1.45) | (1.69) |
Class C | |||||||
Year Ended 8/31/2022(g) | $15.57 | 0.07 | (0.98) | (0.91) | (0.02) | — | (0.02) |
Institutional Class | |||||||
Year Ended 8/31/2022(g) | $15.59 | 0.13 | (0.97) | (0.84) | (0.09) | — | (0.09) |
Institutional 2 Class | |||||||
Year Ended 8/31/2022(g) | $15.59 | 0.16 | (0.98) | (0.82) | (0.10) | — | (0.10) |
Institutional 3 Class | |||||||
Year Ended 8/31/2022(g) | $15.59 | 0.15 | (0.96) | (0.81) | (0.11) | — | (0.11) |
Class R | |||||||
Year Ended 8/31/2022(g) | $15.57 | 0.09 | (0.95) | (0.86) | (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) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on January 21, 2022. |
(d) | Redemption fees consisted of per share amounts less than $0.01. |
(e) | Ratios include interfund lending expense which is less than 0.01%. |
(f) | Net investment income (loss) per share calculated using the average shares method. |
(g) | Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date. |
(h) | Annualized. |
18 | Columbia Integrated 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),(c) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 8/31/2022(d) | $14.57 | (6.97%) | 1.17%(e) | 0.79%(e) | 1.11% | 51% | $35,789 |
Year Ended 8/31/2021(f) | $19.06 | 42.53% | 0.86% | 0.79% | 1.17% | 60% | $18,563 |
Year Ended 8/31/2020 | $13.52 | 0.43% | 0.85% | 0.79% | 1.62% | 76% | $14,047 |
Year Ended 8/31/2019 | $13.72 | (7.15%) | 0.85% | 0.79% | 1.78% | 67% | $18,621 |
Year Ended 8/31/2018 | $16.59 | 15.57% | 0.91% | 0.89% | 0.82% | 54% | $22,602 |
Advisor Class | |||||||
Year Ended 8/31/2022(d) | $14.59 | (6.72%) | 0.89%(e) | 0.54%(e) | 1.28% | 51% | $149,646 |
Year Ended 8/31/2021(f) | $19.08 | 42.93% | 0.61% | 0.54% | 1.42% | 60% | $284,731 |
Year Ended 8/31/2020 | $13.53 | 0.70% | 0.60% | 0.54% | 1.90% | 76% | $213,466 |
Year Ended 8/31/2019 | $13.74 | (6.97%) | 0.59% | 0.54% | 2.01% | 67% | $224,930 |
Year Ended 8/31/2018 | $16.61 | 15.83% | 0.67% | 0.64% | 1.64% | 54% | $287,685 |
Class C | |||||||
Year Ended 8/31/2022(g) | $14.64 | (5.85%) | 1.97%(e),(h) | 1.53%(e),(h) | 0.82%(h) | 51% | $56 |
Institutional Class | |||||||
Year Ended 8/31/2022(g) | $14.66 | (5.36%) | 0.97%(e),(h) | 0.53%(e),(h) | 1.44%(h) | 51% | $145,571 |
Institutional 2 Class | |||||||
Year Ended 8/31/2022(g) | $14.67 | (5.25%) | 0.89%(e),(h) | 0.45%(e),(h) | 1.81%(h) | 51% | $1,042 |
Institutional 3 Class | |||||||
Year Ended 8/31/2022(g) | $14.67 | (5.22%) | 0.86%(e),(h) | 0.40%(e),(h) | 1.63%(h) | 51% | $2 |
Class R | |||||||
Year Ended 8/31/2022(g) | $14.65 | (5.55%) | 1.47%(e),(h) | 1.03%(e),(h) | 1.00%(h) | 51% | $2 |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 19 |
August 31, 2022
20 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
August 31, 2022
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 21 |
August 31, 2022
22 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
August 31, 2022
Effective rate (%) | |
Class A | 0.14 |
Advisor Class | 0.15 |
Class C | 0.14 |
Institutional Class | 0.14 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.14 |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 23 |
August 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 3,855 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Fee rate(s) contractual through December 31, 2023 | |
Class A | 0.80% |
Advisor Class | 0.55 |
Class C | 1.55 |
Institutional Class | 0.55 |
Institutional 2 Class | 0.46 |
Institutional 3 Class | 0.40 |
Class R | 1.05 |
24 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
August 31, 2022
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
5,248 | (830,597) | 825,349 |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
8,386,631 | 51,001,510 | 59,388,141 | 3,947,107 | — | 3,947,107 |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 25 |
August 31, 2022
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
1,164,693 | 43,088,144 | — | 38,166,162 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
293,786,102 | 53,771,262 | (15,605,100) | 38,166,162 |
26 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
August 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 11,672,263 | 0.90 | 11 |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 27 |
August 31, 2022
Shares | |
Class A | 3,059,526 |
Advisor Class | 32,641,515 |
($) | |
Net investment income | 7,276,000 |
Net realized gain | 159,215,000 |
Net change in unrealized appreciation/(depreciation) | (181,663,000) |
Net decrease in net assets from operations | (15,172,000) |
28 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
August 31, 2022
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 29 |
August 31, 2022
30 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 31 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
100.00% | 100.00% | $45,242,551 |
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 Integrated 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
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 Integrated 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 |
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 Integrated 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 Integrated Large 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 Integrated Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
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. |
Columbia Integrated Large 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 |
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. |
38 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Funds; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
Columbia Integrated Large Cap Value Fund | Annual Report 2022 | 39 |
(Unaudited)
into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
40 | Columbia Integrated Large Cap Value Fund | Annual Report 2022 |
(Unaudited)
Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Columbia Integrated Large Cap Value 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.
August 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
14 | |
15 | |
18 | |
20 | |
31 | |
32 | |
32 | |
38 |
(Unaudited)
Average annual total returns (%) (for the period ended August 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A* | Excluding sales charges | 05/27/14 | -19.28 | 11.88 | 13.96 |
Including sales charges | -23.92 | 10.56 | 13.28 | ||
Advisor Class | 01/31/08 | -19.10 | 12.16 | 14.24 | |
Class C* | Excluding sales charges | 01/26/22 | -19.91 | 11.05 | 13.11 |
Including sales charges | -20.58 | 11.05 | 13.11 | ||
Institutional Class* | 01/26/22 | -19.09 | 12.16 | 14.25 | |
Institutional 2 Class* | 01/26/22 | -19.04 | 12.18 | 14.25 | |
Institutional 3 Class* | 12/28/15 | -18.97 | 12.33 | 14.36 | |
Class R* | 01/26/22 | -19.48 | 11.61 | 13.68 | |
Russell 1000 Growth Index | -19.06 | 14.78 | 15.09 |
* | 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 Predecessor Fund inception) include the returns of the Predecessor 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. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM) and had the same investment objective and a substantially identical investment strategy to the Fund. |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at August 31, 2022) | |
Common Stocks | 98.5 |
Money Market Funds | 1.5 |
Total | 100.0 |
Equity sector breakdown (%) (at August 31, 2022) | |
Communication Services | 9.6 |
Consumer Discretionary | 15.0 |
Consumer Staples | 3.4 |
Energy | 0.9 |
Financials | 1.8 |
Health Care | 14.0 |
Industrials | 8.3 |
Information Technology | 44.4 |
Materials | 0.4 |
Real Estate | 2.2 |
Total | 100.0 |
Equity sub-industry breakdown (%) (at August 31, 2022) | |
Information Technology | |
Application Software | 4.9 |
Communications Equipment | 1.4 |
Data Processing & Outsourced Services | 6.3 |
Internet Services & Infrastructure | 1.4 |
Semiconductor Equipment | 0.4 |
Semiconductors | 8.4 |
Systems Software | 11.8 |
Technology Hardware, Storage & Peripherals | 9.8 |
Total | 44.4 |
4 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
• | The most significant detractor in terms of sector allocation was the Fund’s underweight to the consumer staples sector, followed closely by the Fund’s overweight to the communication services sector. |
• | The Fund’s underweight to the energy sector and slight overweight to the health care sector also detracted during the year. |
• | While sector allocation was detrimental to overall performance, stock selection largely offset this for the fiscal year. |
• | The Fund’s positions in consumer discretionary holdings Chegg, Inc. and Tesla Motors, Inc. also detracted from performance. We sold the Fund’s position in Chegg in the second half of the period. |
• | Many consumer-related holdings, as well as holdings within the communications services sector, have seen the sharpest multiple contraction in the face of the Fed’s tightening cycle and higher short-term interest rates. |
• | Fundamentally, we believe many of the Fund’s holdings remain attractive, and we have used the pullback in prices to add to holdings in companies such as Meta Platforms, Inc. |
• | The Fund’s overweight to the industrials sector was the top contributor from a sector allocation perspective for the year. |
• | The Fund’s underweights to the real estate and consumer discretionary sectors were also beneficial to performance. |
• | Stock selection, most notably in the information technology sector, made a positive contribution for the period. |
• | Stock selection within communication services also contributed positively to overall returns, as the Fund’s adherence to its valuation discipline provided some relative defense to the market sell-off during the first half of calendar 2022. |
• | Several of the Fund’s holdings within health care, such as Vertex Pharmaceuticals, Inc., also performed well on a relative basis as the defensive characteristics of many pharmaceutical companies saw good investor demand in what was a very volatile year. |
• | Additionally, consumer staples companies such as Hershey Co. performed well as investors sought out businesses selling items of need, rather than want, as inflation caused many consumers to retrench as the year unfolded. |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
March 1, 2022 — August 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 | 884.40 | 1,021.42 | 3.18 | 3.41 | 0.68 |
Advisor Class | 1,000.00 | 1,000.00 | 885.30 | 1,022.27 | 2.38 | 2.56 | 0.51 |
Class C | 1,000.00 | 1,000.00 | 881.00 | 1,017.36 | 1.24 | 7.50 | 1.50 |
Institutional Class | 1,000.00 | 1,000.00 | 885.40 | 1,022.32 | 0.41 | 2.51 | 0.50 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 885.90 | 1,022.56 | 0.37 | 2.26 | 0.45 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 886.10 | 1,022.86 | 1.82 | 1.96 | 0.39 |
Class R | 1,000.00 | 1,000.00 | 883.50 | 1,019.84 | 0.83 | 5.01 | 1.00 |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 7 |
August 31, 2022
Common Stocks 98.6% | ||
Issuer | Shares | Value ($) |
Communication Services 9.5% | ||
Entertainment 1.5% | ||
Electronic Arts, Inc. | 30,111 | 3,820,182 |
Interactive Media & Services 8.0% | ||
Alphabet, Inc., Class A(a) | 31,577 | 3,417,263 |
Alphabet, Inc., Class C(a) | 110,980 | 12,113,467 |
Meta Platforms, Inc., Class A(a) | 29,130 | 4,746,151 |
Total | 20,276,881 | |
Total Communication Services | 24,097,063 | |
Consumer Discretionary 14.8% | ||
Automobiles 2.0% | ||
Tesla, Inc.(a) | 18,030 | 4,969,248 |
Hotels, Restaurants & Leisure 0.9% | ||
Vail Resorts, Inc. | 10,275 | 2,308,587 |
Internet & Direct Marketing Retail 4.7% | ||
Amazon.com, Inc.(a) | 93,272 | 11,824,092 |
Leisure Products 0.8% | ||
YETI Holdings, Inc.(a) | 56,788 | 2,094,909 |
Multiline Retail 1.0% | ||
Target Corp. | 15,202 | 2,437,489 |
Specialty Retail 5.0% | ||
AutoZone, Inc.(a) | 1,709 | 3,621,730 |
Lowe’s Companies, Inc. | 9,533 | 1,850,737 |
Ulta Beauty, Inc.(a) | 12,043 | 5,056,494 |
Williams-Sonoma, Inc. | 14,975 | 2,227,531 |
Total | 12,756,492 | |
Textiles, Apparel & Luxury Goods 0.4% | ||
NIKE, Inc., Class B | 10,630 | 1,131,564 |
Total Consumer Discretionary | 37,522,381 | |
Consumer Staples 3.4% | ||
Beverages 2.3% | ||
Monster Beverage Corp.(a) | 38,079 | 3,382,557 |
PepsiCo, Inc. | 14,514 | 2,500,327 |
Total | 5,882,884 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Food Products 1.1% | ||
Hershey Co. (The) | 12,123 | 2,723,675 |
Total Consumer Staples | 8,606,559 | |
Energy 0.9% | ||
Energy Equipment & Services 0.9% | ||
Halliburton Co. | 71,716 | 2,160,803 |
Total Energy | 2,160,803 | |
Financials 1.8% | ||
Banks 0.8% | ||
U.S. Bancorp | 41,582 | 1,896,555 |
Insurance 1.0% | ||
Progressive Corp. (The) | 20,822 | 2,553,818 |
Total Financials | 4,450,373 | |
Health Care 13.8% | ||
Biotechnology 5.4% | ||
Exelixis, Inc.(a) | 111,289 | 1,974,267 |
Horizon Therapeutics PLC(a) | 23,841 | 1,411,626 |
Neurocrine Biosciences, Inc.(a) | 42,956 | 4,494,486 |
Vertex Pharmaceuticals, Inc.(a) | 20,502 | 5,776,643 |
Total | 13,657,022 | |
Health Care Equipment & Supplies 1.5% | ||
Align Technology, Inc.(a) | 5,647 | 1,376,174 |
Tandem Diabetes Care, Inc.(a) | 51,044 | 2,334,752 |
Total | 3,710,926 | |
Health Care Providers & Services 3.0% | ||
Cigna Corp. | 8,942 | 2,534,610 |
DaVita, Inc.(a) | 27,232 | 2,322,617 |
UnitedHealth Group, Inc. | 5,243 | 2,722,847 |
Total | 7,580,074 | |
Health Care Technology 1.6% | ||
Veeva Systems Inc., Class A(a) | 20,758 | 4,137,485 |
Life Sciences Tools & Services 0.5% | ||
IQVIA Holdings, Inc.(a) | 6,272 | 1,333,804 |
8 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Pharmaceuticals 1.8% | ||
Eli Lilly & Co. | 9,949 | 2,996,937 |
Zoetis, Inc. | 10,316 | 1,614,764 |
Total | 4,611,701 | |
Total Health Care | 35,031,012 | |
Industrials 8.2% | ||
Aerospace & Defense 1.0% | ||
Axon Enterprise, Inc.(a) | 22,668 | 2,644,902 |
Air Freight & Logistics 2.5% | ||
United Parcel Service, Inc., Class B | 32,303 | 6,283,257 |
Commercial Services & Supplies 1.3% | ||
Waste Management, Inc. | 19,331 | 3,267,519 |
Machinery 0.7% | ||
Snap-On, Inc. | 7,879 | 1,716,519 |
Professional Services 1.0% | ||
TransUnion | 36,616 | 2,704,824 |
Road & Rail 1.7% | ||
Union Pacific Corp. | 19,091 | 4,286,120 |
Total Industrials | 20,903,141 | |
Information Technology 43.7% | ||
Communications Equipment 1.4% | ||
F5, Inc.(a) | 4,667 | 732,999 |
Motorola Solutions, Inc. | 11,754 | 2,861,041 |
Total | 3,594,040 | |
IT Services 7.6% | ||
FleetCor Technologies, Inc.(a) | 13,217 | 2,809,009 |
GoDaddy, Inc., Class A(a) | 46,030 | 3,489,995 |
MasterCard, Inc., Class A | 25,352 | 8,223,428 |
PayPal Holdings, Inc.(a) | 27,288 | 2,549,791 |
Visa, Inc., Class A | 11,166 | 2,218,796 |
Total | 19,291,019 | |
Semiconductors & Semiconductor Equipment 8.6% | ||
Advanced Micro Devices, Inc.(a) | 24,142 | 2,048,931 |
Broadcom, Inc. | 15,344 | 7,658,344 |
NVIDIA Corp. | 24,058 | 3,631,314 |
QUALCOMM, Inc. | 40,040 | 5,296,091 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Teradyne, Inc. | 10,365 | 877,294 |
Texas Instruments, Inc. | 14,819 | 2,448,247 |
Total | 21,960,221 | |
Software 16.4% | ||
Adobe, Inc.(a) | 14,103 | 5,266,624 |
Autodesk, Inc.(a) | 8,695 | 1,754,129 |
Crowdstrike Holdings, Inc., Class A(a) | 8,492 | 1,550,724 |
Dropbox, Inc., Class A(a) | 105,985 | 2,267,019 |
Fortinet, Inc.(a) | 70,276 | 3,421,739 |
Microsoft Corp. | 80,681 | 21,095,661 |
ServiceNow, Inc.(a) | 7,846 | 3,410,029 |
Workday, Inc., Class A(a) | 17,556 | 2,889,015 |
Total | 41,654,940 | |
Technology Hardware, Storage & Peripherals 9.7% | ||
Apple, Inc. | 156,362 | 24,583,234 |
Total Information Technology | 111,083,454 | |
Materials 0.4% | ||
Metals & Mining 0.4% | ||
Freeport-McMoRan, Inc. | 31,792 | 941,043 |
Total Materials | 941,043 | |
Real Estate 2.1% | ||
Equity Real Estate Investment Trusts (REITS) 0.9% | ||
Public Storage | 7,206 | 2,383,961 |
Real Estate Management & Development 1.2% | ||
CBRE Group, Inc., Class A(a) | 38,620 | 3,049,435 |
Total Real Estate | 5,433,396 | |
Total Common Stocks (Cost $174,628,066) | 250,229,225 | |
Money Market Funds 1.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 2.366%(b),(c) | 3,864,737 | 3,862,804 |
Total Money Market Funds (Cost $3,862,559) | 3,862,804 | |
Total Investments in Securities (Cost: $178,490,625) | 254,092,029 | |
Other Assets & Liabilities, Net | (189,597) | |
Net Assets | 253,902,432 |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 9 |
August 31, 2022
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at August 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended August 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
BMO Government Money Market Fund, Premier Class† | ||||||||
4,948,668 | 64,967,053 | (69,915,721) | — | — | — | 280 | — | |
Columbia Short-Term Cash Fund, 2.366% | ||||||||
— | 63,019,941 | (59,157,382) | 245 | 3,862,804 | (1,138) | 23,059 | 3,864,737 | |
Total | 4,948,668 | 245 | 3,862,804 | (1,138) | 23,339 |
† | Issuer was not an affiliate at the end of period. |
■ | 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 Integrated Large Cap Growth Fund | Annual Report 2022 |
August 31, 2022
The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2022:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 24,097,063 | — | — | 24,097,063 |
Consumer Discretionary | 37,522,381 | — | — | 37,522,381 |
Consumer Staples | 8,606,559 | — | — | 8,606,559 |
Energy | 2,160,803 | — | — | 2,160,803 |
Financials | 4,450,373 | — | — | 4,450,373 |
Health Care | 35,031,012 | — | — | 35,031,012 |
Industrials | 20,903,141 | — | — | 20,903,141 |
Information Technology | 111,083,454 | — | — | 111,083,454 |
Materials | 941,043 | — | — | 941,043 |
Real Estate | 5,433,396 | — | — | 5,433,396 |
Total Common Stocks | 250,229,225 | — | — | 250,229,225 |
Money Market Funds | 3,862,804 | — | — | 3,862,804 |
Total Investments in Securities | 254,092,029 | — | — | 254,092,029 |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 11 |
August 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $174,628,066) | $250,229,225 |
Affiliated issuers (cost $3,862,559) | 3,862,804 |
Receivable for: | |
Capital shares sold | 23,524 |
Dividends | 239,567 |
Expense reimbursement due from Investment Manager | 3,651 |
Prepaid expenses | 3,617 |
Other assets | 54,598 |
Total assets | 254,416,986 |
Liabilities | |
Payable for: | |
Capital shares purchased | 434,957 |
Management services fees | 5,266 |
Distribution and/or service fees | 155 |
Transfer agent fees | 26,518 |
Compensation of board members | 4,450 |
Compensation of chief compliance officer | 43 |
Other expenses | 43,165 |
Total liabilities | 514,554 |
Net assets applicable to outstanding capital stock | $253,902,432 |
Represented by | |
Paid in capital | 108,151,282 |
Total distributable earnings (loss) | 145,751,150 |
Total - representing net assets applicable to outstanding capital stock | $253,902,432 |
12 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Class A | |
Net assets | $56,023,615 |
Shares outstanding | 3,089,563 |
Net asset value per share | $18.13 |
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) | $19.24 |
Advisor Class | |
Net assets | $43,483,808 |
Shares outstanding | 2,357,568 |
Net asset value per share | $18.44 |
Class C | |
Net assets | $4,154 |
Shares outstanding | 230 |
Net asset value per share | $18.06 |
Institutional Class | |
Net assets | $85,727,981 |
Shares outstanding | 4,642,883 |
Net asset value per share | $18.46 |
Institutional 2 Class | |
Net assets | $153,501 |
Shares outstanding | 8,313 |
Net asset value per share | $18.47 |
Institutional 3 Class | |
Net assets | $68,507,118 |
Shares outstanding | 3,698,772 |
Net asset value per share | $18.52 |
Class R | |
Net assets | $2,255 |
Shares outstanding | 124 |
Net asset value per share(a) | $18.12 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 13 |
Year Ended August 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $2,974,057 |
Dividends — affiliated issuers | 23,339 |
Total income | 2,997,396 |
Expenses: | |
Management services fees | 2,343,440 |
Distribution and/or service fees | |
Class A | 73,106 |
Class C(a) | 15 |
Class R(a) | 7 |
Service fees | |
Investor Class(b) | 72,484 |
Transfer agent fees | |
Class A | 46,280 |
Advisor Class | 73,590 |
Class C(a) | 1 |
Institutional Class(a) | 30,274 |
Institutional 2 Class(a) | 37 |
Institutional 3 Class | 32,542 |
Class R(a) | 1 |
Investor Class(b) | 5,700 |
Administration fees | 137,795 |
Compensation of board members | 42,860 |
Custodian fees | 6,771 |
Printing and postage fees | 23,655 |
Registration fees | 88,390 |
Audit fees | 34,538 |
Legal fees | 11,427 |
Interest on interfund lending | 604 |
Compensation of chief compliance officer | 43 |
Other | 128,279 |
Total expenses | 3,151,839 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (1,053,912) |
Total net expenses | 2,097,927 |
Net investment income | 899,469 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 110,358,634 |
Investments — affiliated issuers | (1,138) |
Net realized gain | 110,357,496 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (199,385,095) |
Investments — affiliated issuers | 245 |
Net change in unrealized appreciation (depreciation) | (199,384,850) |
Net realized and unrealized loss | (89,027,354) |
Net decrease in net assets resulting from operations | $(88,127,885) |
(a) | Class C, Institutional Class, Institutional 2 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end. |
(b) | In connection with the Fund Reorganization (Note 9) on January 21, 2022, Investor Class shares of the Predecessor Fund were exchanged for Class A shares of the Fund. |
14 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | |
Operations | ||
Net investment income | $899,469 | $1,294,579 |
Net realized gain | 110,357,496 | 72,131,880 |
Net change in unrealized appreciation (depreciation) | (199,384,850) | 73,381,505 |
Net increase (decrease) in net assets resulting from operations | (88,127,885) | 146,807,964 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (246,598) | (65,973) |
Advisor Class | (27,671,125) | (9,512,227) |
Institutional 3 Class | (56,772,058) | (21,703,171) |
Investor Class(a) | (13,323,922) | (4,924,113) |
Total distributions to shareholders | (98,013,703) | (36,205,484) |
Increase (decrease) in net assets from capital stock activity | (148,070,471) | 19,715,338 |
Redemption fees | 20 | — |
Total increase (decrease) in net assets | (334,212,039) | 130,317,818 |
Net assets at beginning of year | 588,114,471 | 457,796,653 |
Net assets at end of year | $253,902,432 | $588,114,471 |
(a) | In connection with the Fund Reorganization (Note 9) on January 21, 2022, Investor Class shares of the Predecessor Fund were exchanged for Class A shares of the Fund. |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 15 |
Year Ended | Year Ended | |||
August 31, 2022 (a) | August 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 3,283,034 | 66,942,122 | 37,910 | 921,609 |
Distributions reinvested | 10,578 | 246,598 | 3,109 | 65,972 |
Redemptions | (262,351) | (5,197,256) | (13,622) | (333,435) |
Net increase | 3,031,261 | 61,991,464 | 27,397 | 654,146 |
Advisor Class | ||||
Subscriptions | 686,569 | 15,461,705 | 2,078,439 | 50,677,111 |
Distributions reinvested | 1,121,682 | 26,347,865 | 416,731 | 8,951,386 |
Redemptions | (5,641,994) | (125,324,561) | (1,725,434) | (40,421,731) |
Net increase (decrease) | (3,833,743) | (83,514,991) | 769,736 | 19,206,766 |
Class C | ||||
Subscriptions | 230 | 4,500 | — | — |
Net increase | 230 | 4,500 | — | — |
Institutional Class | ||||
Subscriptions | 4,978,716 | 104,642,992 | — | — |
Redemptions | (335,833) | (6,336,622) | — | — |
Net increase | 4,642,883 | 98,306,370 | — | — |
Institutional 2 Class | ||||
Subscriptions | 8,316 | 152,793 | — | — |
Redemptions | (3) | (45) | — | — |
Net increase | 8,313 | 152,748 | — | — |
Institutional 3 Class | ||||
Subscriptions | 1,221,581 | 28,290,217 | 1,610,008 | 37,375,937 |
Distributions reinvested | 2,404,299 | 56,629,103 | 1,007,800 | 21,687,847 |
Redemptions | (12,195,076) | (253,954,561) | (2,262,921) | (54,088,634) |
Net increase (decrease) | (8,569,196) | (169,035,241) | 354,887 | 4,975,150 |
Class R | ||||
Subscriptions | 124 | 2,500 | — | — |
Net increase | 124 | 2,500 | — | — |
Investor Class(b) | ||||
Subscriptions | 35,788 | 899,427 | 66,543 | 1,533,399 |
Distributions reinvested | 558,721 | 12,932,997 | 225,320 | 4,788,048 |
Redemptions | (3,379,215) | (69,810,245) | (494,246) | (11,442,171) |
Net decrease | (2,784,706) | (55,977,821) | (202,383) | (5,120,724) |
Total net increase (decrease) | (7,504,834) | (148,070,471) | 949,637 | 19,715,338 |
(a) | Class C, Institutional Class, Institutional 2 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end. |
(b) | In connection with the Fund Reorganization (Note 9) on January 21, 2022, Investor Class shares of the Predecessor Fund were exchanged for Class A shares of the Fund. |
16 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
Columbia Integrated Large Cap Growth 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 8/31/2022 | $27.22 | 0.03 | (4.40) | (4.37) | (0.01) | (4.71) | (4.72) |
Year Ended 8/31/2021(e) | $22.22 | (0.01) | 6.77 | 6.76 | (0.04) | (1.72) | (1.76) |
Year Ended 8/31/2020(e) | $17.94 | 0.04 | 5.12 | 5.16 | (0.09) | (0.79) | (0.88) |
Year Ended 8/31/2019 | $20.96 | 0.09 | (0.48) | (0.39) | (0.08) | (2.55) | (2.63) |
Year Ended 8/31/2018 | $17.46 | 0.05 | 4.45 | 4.50 | — | (1.00) | (1.00) |
Advisor Class | |||||||
Year Ended 8/31/2022 | $27.60 | 0.04 | (4.42) | (4.38) | (0.07) | (4.71) | (4.78) |
Year Ended 8/31/2021(e) | $22.49 | 0.05 | 6.86 | 6.91 | (0.08) | (1.72) | (1.80) |
Year Ended 8/31/2020(e) | $18.15 | 0.09 | 5.18 | 5.27 | (0.14) | (0.79) | (0.93) |
Year Ended 8/31/2019 | $21.17 | 0.18 | (0.53) | (0.35) | (0.12) | (2.55) | (2.67) |
Year Ended 8/31/2018 | $17.60 | 0.11 | 4.48 | 4.59 | (0.02) | (1.00) | (1.02) |
Class C | |||||||
Year Ended 8/31/2022(f) | $20.09 | (0.07) | (1.96) | (2.03) | — | — | — |
Institutional Class | |||||||
Year Ended 8/31/2022(f) | $20.41 | 0.05 | (2.00) | (1.95) | — | — | — |
Institutional 2 Class | |||||||
Year Ended 8/31/2022(f) | $20.41 | 0.06 | (2.00) | (1.94) | — | — | — |
Institutional 3 Class | |||||||
Year Ended 8/31/2022 | $27.69 | 0.06 | (4.43) | (4.37) | (0.09) | (4.71) | (4.80) |
Year Ended 8/31/2021(e) | $22.56 | 0.08 | 6.88 | 6.96 | (0.11) | (1.72) | (1.83) |
Year Ended 8/31/2020(e) | $18.20 | 0.12 | 5.19 | 5.31 | (0.16) | (0.79) | (0.95) |
Year Ended 8/31/2019 | $21.21 | 0.13 | (0.44) | (0.31) | (0.15) | (2.55) | (2.70) |
Year Ended 8/31/2018 | $17.62 | 0.11 | 4.52 | 4.63 | (0.04) | (1.00) | (1.04) |
Class R | |||||||
Year Ended 8/31/2022(f) | $20.09 | (0.01) | (1.96) | (1.97) | — | — | — |
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) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on January 21, 2022. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | Net investment income (loss) per share calculated using the average shares method. |
(f) | Class C, Institutional Class, Institutional 2 Class and Class R shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date. |
(g) | Annualized. |
18 | Columbia Integrated Large Cap Growth 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),(c) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 8/31/2022 | $18.13 | (19.28%) | 0.95%(d) | 0.70%(d) | 0.16% | 42% | $56,024 |
Year Ended 8/31/2021(e) | $27.22 | 32.70% | 0.84% | 0.79% | (0.03%) | 50% | $1,587 |
Year Ended 8/31/2020(e) | $22.22 | 29.85% | 0.83% | 0.79% | 0.22% | 71% | $687 |
Year Ended 8/31/2019 | $17.94 | (0.63%) | 0.84% | 0.79% | 0.49% | 89% | $712 |
Year Ended 8/31/2018 | $20.96 | 26.84% | 0.91% | 0.88% | 0.32% | 57% | $860 |
Advisor Class | |||||||
Year Ended 8/31/2022 | $18.44 | (19.10%) | 0.82%(d) | 0.53%(d) | 0.16% | 42% | $43,484 |
Year Ended 8/31/2021(e) | $27.60 | 33.03% | 0.58% | 0.54% | 0.21% | 50% | $170,901 |
Year Ended 8/31/2020(e) | $22.49 | 30.19% | 0.58% | 0.54% | 0.48% | 71% | $121,958 |
Year Ended 8/31/2019 | $18.15 | (0.40%) | 0.59% | 0.54% | 0.75% | 89% | $168,838 |
Year Ended 8/31/2018 | $21.17 | 27.19% | 0.67% | 0.64% | 0.56% | 57% | $279,227 |
Class C | |||||||
Year Ended 8/31/2022(f) | $18.06 | (10.10%) | 1.96%(g) | 1.51%(g) | (0.62%)(g) | 42% | $4 |
Institutional Class | |||||||
Year Ended 8/31/2022(f) | $18.46 | (9.55%) | 0.96%(g) | 0.51%(g) | 0.42%(g) | 42% | $85,728 |
Institutional 2 Class | |||||||
Year Ended 8/31/2022(f) | $18.47 | (9.50%) | 0.90%(g) | 0.45%(g) | 0.57%(g) | 42% | $154 |
Institutional 3 Class | |||||||
Year Ended 8/31/2022 | $18.52 | (18.97%) | 0.61%(d) | 0.40%(d) | 0.26% | 42% | $68,507 |
Year Ended 8/31/2021(e) | $27.69 | 33.19% | 0.43% | 0.39% | 0.36% | 50% | $339,707 |
Year Ended 8/31/2020(e) | $22.56 | 30.40% | 0.43% | 0.39% | 0.62% | 71% | $268,706 |
Year Ended 8/31/2019 | $18.20 | (0.22%) | 0.43% | 0.39% | 0.94% | 89% | $226,978 |
Year Ended 8/31/2018 | $21.21 | 27.36% | 0.43% | 0.40% | 0.87% | 57% | $60,971 |
Class R | |||||||
Year Ended 8/31/2022(f) | $18.12 | (9.81%) | 1.46%(g) | 1.01%(g) | (0.13%)(g) | 42% | $2 |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 19 |
August 31, 2022
20 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 21 |
August 31, 2022
22 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Effective rate (%) | |
Class A | 0.12 |
Advisor Class | 0.12 |
Class C | 0.12 |
Institutional Class | 0.12 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.12 |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 23 |
August 31, 2022
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 1,172 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Fee rate(s) contractual through December 31, 2023 | |
Class A | 0.80% |
Advisor Class | 0.55 |
Class C | 1.55 |
Institutional Class | 0.55 |
Institutional 2 Class | 0.46 |
Institutional 3 Class | 0.40 |
Class R | 1.05 |
24 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
938 | (936) | (2) |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
24,067,569 | 73,946,134 | 98,013,703 | 7,447,043 | 28,758,441 | 36,205,484 |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 25 |
August 31, 2022
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
636,332 | 88,544,693 | — | 73,797,473 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
180,294,556 | 86,009,345 | (12,211,872) | 73,797,473 |
Late year ordinary losses ($) | Post-October capital losses ($) |
— | 17,224,101 |
26 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 3,767,925 | 0.70 | 7 |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 27 |
August 31, 2022
Shares | |
Class A | 3,158,713(a) |
Advisor Class | 6,633,493 |
Institutional 3 Class | 12,927,131 |
(a) | 3,124,162 Class A shares of the Fund were issued in exchange for Investor Class shares of the Predecessor Fund. |
28 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 29 |
August 31, 2022
30 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 31 |
Qualified dividend income | Dividends received deduction | Section 199A dividends | Capital gain dividend |
20.94% | 20.93% | 0.43% | $132,646,381 |
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 Integrated Large Cap Growth 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
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 Integrated Large Cap Growth 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 Integrated Large Cap Growth 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 Integrated Large Cap Growth 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 Integrated Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
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. |
Columbia Integrated Large Cap Growth 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 |
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. |
38 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Funds; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
Columbia Integrated Large Cap Growth Fund | Annual Report 2022 | 39 |
(Unaudited)
into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
40 | Columbia Integrated Large Cap Growth Fund | Annual Report 2022 |
(Unaudited)
Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Columbia Integrated Large Cap Growth 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.
August 31, 2022
3 | |
5 | |
6 | |
7 | |
12 | |
14 | |
15 | |
18 | |
20 | |
31 | |
32 | |
32 | |
38 |
(Unaudited)
Average annual total returns (%) (for the period ended August 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A* | Excluding sales charges | 05/31/17 | -24.43 | 5.96 | 8.07 |
Including sales charges | -28.79 | 4.71 | 7.44 | ||
Advisor Class | 01/31/08 | -24.27 | 6.22 | 8.35 | |
Class C* | Excluding sales charges | 01/26/22 | -25.03 | 5.16 | 7.27 |
Including sales charges | -25.54 | 5.16 | 7.27 | ||
Institutional Class* | 01/26/22 | -24.29 | 6.22 | 8.34 | |
Institutional 2 Class* | 01/26/22 | -24.23 | 6.23 | 8.35 | |
Institutional 3 Class* | 01/26/22 | -24.23 | 6.23 | 8.35 | |
Class R* | 01/26/22 | -24.68 | 5.68 | 7.80 | |
Russell 2000® Growth Index | -25.26 | 6.69 | 10.16 |
* | 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 Predecessor Fund inception) include the returns of the Predecessor 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. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM) and had the same investment objective and a substantially identical investment strategy to the Fund. |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at August 31, 2022) | |
Common Stocks | 98.7 |
Money Market Funds | 1.3 |
Total | 100.0 |
Equity sector breakdown (%) (at August 31, 2022) | |
Communication Services | 1.7 |
Consumer Discretionary | 10.6 |
Consumer Staples | 2.9 |
Energy | 4.8 |
Financials | 5.1 |
Health Care | 23.8 |
Industrials | 19.4 |
Information Technology | 22.4 |
Materials | 5.7 |
Real Estate | 2.5 |
Utilities | 1.1 |
Total | 100.0 |
4 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s underweight to the consumer discretionary sector, along with overweights to the industrials and materials sectors, provided a positive net contribution for the year. |
• | Positive security selection among the health care, industrials, information technology, financials, real estate and utilities sectors more than offset the negative contribution from sector allocation for the year. |
• | Health care holding iRhythm Technologies, Inc. and wholesale distributor NOW, Inc. were a couple of the top contributors at the security level for the year. |
• | The Fund’s underweight to the energy, consumer staples, financials and utilities sectors detracted from performance. |
• | The Fund’s overweight to the health care sector also detracted. |
• | While overall security selection was a positive contributor, selection within the consumer discretionary, consumer staples, energy and materials sectors detracted. |
• | The Fund’s holding of Ranpak Holdings Corp., a packaging materials company, detracted as the company experienced cost pressures coupled with a slowdown in e-commerce demand for much of the year. |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 5 |
(Unaudited)
March 1, 2022 — August 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 | 863.60 | 1,019.21 | 5.59 | 6.06 | 1.19 |
Advisor Class | 1,000.00 | 1,000.00 | 864.20 | 1,020.27 | 4.60 | 4.99 | 0.98 |
Class C | 1,000.00 | 1,000.00 | 860.00 | 1,015.27 | 9.24 | 10.01 | 1.97 |
Institutional Class | 1,000.00 | 1,000.00 | 864.40 | 1,020.37 | 4.51 | 4.89 | 0.96 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 865.10 | 1,020.67 | 4.23 | 4.58 | 0.90 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 864.50 | 1,020.92 | 3.99 | 4.33 | 0.85 |
Class R | 1,000.00 | 1,000.00 | 862.10 | 1,017.80 | 6.90 | 7.48 | 1.47 |
6 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Common Stocks 98.8% | ||
Issuer | Shares | Value ($) |
Communication Services 1.6% | ||
Interactive Media & Services 0.8% | ||
Shutterstock, Inc. | 8,592 | 476,083 |
Media 0.8% | ||
TechTarget, Inc.(a) | 7,961 | 516,669 |
Total Communication Services | 992,752 | |
Consumer Discretionary 10.4% | ||
Auto Components 0.8% | ||
Gentherm, Inc.(a) | 8,064 | 483,034 |
Distributors 1.3% | ||
Funko, Inc., Class A(a) | 35,554 | 791,787 |
Diversified Consumer Services 0.5% | ||
2U, Inc.(a) | 42,763 | 304,472 |
Hotels, Restaurants & Leisure 2.3% | ||
Century Casinos, Inc.(a) | 57,004 | 420,119 |
Everi Holdings, Inc.(a) | 27,721 | 512,839 |
Shake Shack, Inc., Class A(a) | 10,168 | 484,607 |
Total | 1,417,565 | |
Household Durables 2.8% | ||
Cavco Industries, Inc.(a) | 3,178 | 743,684 |
Skyline Champion Corp.(a) | 10,016 | 567,607 |
Sonos, Inc.(a) | 24,829 | 373,428 |
Total | 1,684,719 | |
Internet & Direct Marketing Retail 0.4% | ||
Revolve Group, Inc.(a) | 11,426 | 268,397 |
Leisure Products 0.5% | ||
YETI Holdings, Inc.(a) | 7,543 | 278,261 |
Specialty Retail 1.0% | ||
Genesco, Inc.(a) | 10,503 | 594,260 |
Textiles, Apparel & Luxury Goods 0.8% | ||
Crocs, Inc.(a) | 6,490 | 478,313 |
Total Consumer Discretionary | 6,300,808 | |
Consumer Staples 2.9% | ||
Beverages 0.8% | ||
Primo Water Corp. | 36,431 | 478,703 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Food & Staples Retailing 1.1% | ||
Sprouts Farmers Market, Inc.(a) | 23,936 | 691,750 |
Household Products 1.0% | ||
Central Garden & Pet Co., Class A(a) | 15,227 | 574,972 |
Total Consumer Staples | 1,745,425 | |
Energy 4.8% | ||
Energy Equipment & Services 1.7% | ||
ChampionX Corp. | 27,592 | 601,781 |
Oceaneering International, Inc.(a) | 46,781 | 414,012 |
Total | 1,015,793 | |
Oil, Gas & Consumable Fuels 3.1% | ||
Magnolia Oil & Gas Corp., Class A | 22,910 | 546,862 |
Riley Exploration Permian, Inc. | 20,652 | 519,191 |
SandRidge Energy, Inc.(a) | 38,159 | 800,576 |
Total | 1,866,629 | |
Total Energy | 2,882,422 | |
Financials 5.0% | ||
Banks 1.0% | ||
OFG Bancorp | 20,883 | 568,018 |
Capital Markets 0.8% | ||
Hamilton Lane, Inc., Class A | 6,873 | 478,223 |
Insurance 2.2% | ||
AMERISAFE, Inc. | 13,302 | 636,102 |
Kinsale Capital Group, Inc. | 2,786 | 706,474 |
Total | 1,342,576 | |
Thrifts & Mortgage Finance 1.0% | ||
Essent Group Ltd. | 15,509 | 620,205 |
Total Financials | 3,009,022 | |
Health Care 23.6% | ||
Biotechnology 9.3% | ||
ACADIA Pharmaceuticals, Inc.(a) | 24,560 | 403,521 |
Amicus Therapeutics, Inc.(a) | 53,052 | 595,774 |
AnaptysBio, Inc.(a) | 11,521 | 267,518 |
Avid Bioservices, Inc.(a) | 32,170 | 553,967 |
CareDx, Inc.(a) | 13,459 | 263,662 |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 7 |
August 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Coherus Biosciences, Inc.(a) | 46,155 | 516,013 |
Halozyme Therapeutics, Inc.(a) | 12,598 | 513,117 |
Prothena Corp., PLC(a) | 10,853 | 299,217 |
PTC Therapeutics, Inc.(a) | 16,327 | 815,370 |
Sangamo Therapeutics, Inc.(a) | 63,523 | 343,024 |
Vericel Corp.(a) | 16,881 | 421,181 |
Xencor, Inc.(a) | 22,892 | 604,120 |
Total | 5,596,484 | |
Health Care Equipment & Supplies 8.1% | ||
Angiodynamics, Inc.(a) | 29,879 | 661,521 |
AxoGen, Inc.(a) | 51,053 | 478,367 |
BioLife Solutions, Inc.(a) | 17,133 | 404,510 |
Cardiovascular Systems, Inc.(a) | 27,388 | 361,796 |
Cerus Corp.(a) | 107,379 | 441,328 |
Inspire Medical Systems, Inc.(a) | 3,058 | 585,576 |
iRhythm Technologies, Inc.(a) | 5,140 | 757,893 |
Merit Medical Systems, Inc.(a) | 11,497 | 680,967 |
Omnicell, Inc.(a) | 4,935 | 504,801 |
Total | 4,876,759 | |
Health Care Providers & Services 2.9% | ||
Castle Biosciences, Inc.(a) | 22,967 | 666,043 |
Option Care Health, Inc.(a) | 24,786 | 767,374 |
PetIQ, Inc.(a) | 34,409 | 321,380 |
Total | 1,754,797 | |
Health Care Technology 2.6% | ||
Evolent Health, Inc., Class A(a) | 19,415 | 713,501 |
Health Catalyst, Inc.(a) | 31,081 | 372,972 |
Schrodinger, Inc.(a) | 17,535 | 481,161 |
Total | 1,567,634 | |
Pharmaceuticals 0.7% | ||
Collegium Pharmaceutical, Inc.(a) | 23,595 | 414,800 |
Total Health Care | 14,210,474 | |
Industrials 19.2% | ||
Aerospace & Defense 0.7% | ||
Kratos Defense & Security Solutions, Inc.(a) | 34,594 | 433,809 |
Air Freight & Logistics 1.0% | ||
HUB Group, Inc., Class A(a) | 7,702 | 614,696 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Airlines 0.6% | ||
Sun Country Airlines Holdings, Inc.(a) | 18,872 | 375,930 |
Building Products 1.0% | ||
Resideo Technologies, Inc.(a) | 27,795 | 578,692 |
Construction & Engineering 2.6% | ||
EMCOR Group, Inc. | 6,360 | 756,331 |
NV5 Global, Inc.(a) | 5,596 | 787,693 |
Total | 1,544,024 | |
Electrical Equipment 1.4% | ||
Energy Vault Holdings, Inc.(a) | 62,699 | 345,472 |
Vicor Corp.(a) | 7,010 | 498,691 |
Total | 844,163 | |
Machinery 6.2% | ||
Astec Industries, Inc. | 8,056 | 307,578 |
Evoqua Water Technologies Corp.(a) | 19,986 | 701,109 |
Hillenbrand, Inc. | 14,430 | 601,298 |
Mueller Industries, Inc. | 11,455 | 723,612 |
Mueller Water Products, Inc., Class A | 44,457 | 501,475 |
Proto Labs, Inc.(a) | 11,241 | 431,654 |
Tennant Co. | 8,107 | 489,258 |
Total | 3,755,984 | |
Professional Services 1.8% | ||
ICF International, Inc. | 5,712 | 580,111 |
Upwork, Inc.(a) | 29,363 | 510,916 |
Total | 1,091,027 | |
Road & Rail 1.2% | ||
Marten Transport Ltd. | 35,232 | 697,946 |
Trading Companies & Distributors 2.7% | ||
Applied Industrial Technologies, Inc. | 7,389 | 783,382 |
NOW, Inc.(a) | 69,116 | 837,686 |
Total | 1,621,068 | |
Total Industrials | 11,557,339 | |
Information Technology 22.1% | ||
Communications Equipment 1.6% | ||
Cambium Networks Corp.(a) | 16,870 | 328,290 |
Viavi Solutions, Inc.(a) | 45,873 | 645,892 |
Total | 974,182 |
8 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Electronic Equipment, Instruments & Components 2.8% | ||
Advanced Energy Industries, Inc. | 8,717 | 782,700 |
Arlo Technologies, Inc.(a) | 68,459 | 416,915 |
nLight, Inc.(a) | 40,204 | 502,148 |
Total | 1,701,763 | |
IT Services 1.3% | ||
ExlService Holdings, Inc.(a) | 4,816 | 807,691 |
Semiconductors & Semiconductor Equipment 5.1% | ||
Cohu, Inc.(a) | 16,395 | 439,878 |
Formfactor, Inc.(a) | 17,445 | 510,789 |
Impinj, Inc.(a) | 6,467 | 577,374 |
Photronics, Inc.(a) | 31,775 | 533,820 |
Power Integrations, Inc. | 8,408 | 601,424 |
Semtech Corp.(a) | 8,173 | 377,511 |
Total | 3,040,796 | |
Software 11.3% | ||
A10 Networks, Inc. | 39,499 | 549,036 |
Alarm.com Holdings, Inc.(a) | 8,543 | 568,964 |
Alteryx, Inc., Class A(a) | 9,684 | 603,507 |
Box, Inc., Class A(a) | 24,911 | 641,458 |
ChannelAdvisor Corp.(a) | 33,651 | 507,794 |
CommVault Systems, Inc.(a) | 11,827 | 642,088 |
LiveRamp Holdings, Inc.(a) | 15,491 | 307,496 |
Mitek Systems, Inc.(a) | 36,597 | 374,021 |
ON24, Inc.(a) | 38,558 | 345,480 |
SPS Commerce, Inc.(a) | 5,762 | 703,655 |
Tenable Holdings, Inc.(a) | 15,772 | 624,729 |
Varonis Systems, Inc.(a) | 17,074 | 466,974 |
Workiva, Inc., Class A(a) | 7,012 | 476,045 |
Total | 6,811,247 | |
Total Information Technology | 13,335,679 | |
Materials 5.6% | ||
Chemicals 0.9% | ||
Ingevity Corp.(a) | 7,644 | 536,150 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Construction Materials 1.3% | ||
Summit Materials, Inc., Class A(a) | 27,970 | 794,907 |
Containers & Packaging 0.4% | ||
Ranpak Holdings Corp.(a) | 48,859 | 258,464 |
Metals & Mining 3.0% | ||
Commercial Metals Co. | 12,752 | 516,584 |
Materion Corp. | 8,490 | 732,772 |
MP Materials Corp.(a) | 15,596 | 545,704 |
Total | 1,795,060 | |
Total Materials | 3,384,581 | |
Real Estate 2.5% | ||
Equity Real Estate Investment Trusts (REITS) 2.5% | ||
EastGroup Properties, Inc. | 3,293 | 543,444 |
SITE Centers Corp. | 35,934 | 465,705 |
STAG Industrial, Inc. | 16,167 | 497,943 |
Total | 1,507,092 | |
Total Real Estate | 1,507,092 | |
Utilities 1.1% | ||
Independent Power and Renewable Electricity Producers 1.1% | ||
Montauk Renewables, Inc.(a) | 38,144 | 677,056 |
Total Utilities | 677,056 | |
Total Common Stocks (Cost $57,737,407) | 59,602,650 | |
Money Market Funds 1.3% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 2.366%(b),(c) | 772,555 | 772,168 |
Total Money Market Funds (Cost $772,078) | 772,168 | |
Total Investments in Securities (Cost: $58,509,485) | 60,374,818 | |
Other Assets & Liabilities, Net | (34,402) | |
Net Assets | 60,340,416 |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 9 |
August 31, 2022
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at August 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended August 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
BMO Government Money Market Fund, Premier Class† | ||||||||
2,278,951 | 15,015,231 | (17,294,182) | — | — | — | 51 | — | |
Columbia Short-Term Cash Fund, 2.366% | ||||||||
— | 7,011,846 | (6,239,768) | 90 | 772,168 | (315) | 4,552 | 772,555 | |
Total | 2,278,951 | 90 | 772,168 | (315) | 4,603 |
† | Issuer was not an affiliate at the end of period. |
■ | 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 Integrated Small Cap Growth Fund | Annual Report 2022 |
August 31, 2022
The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2022:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 992,752 | — | — | 992,752 |
Consumer Discretionary | 6,300,808 | — | — | 6,300,808 |
Consumer Staples | 1,745,425 | — | — | 1,745,425 |
Energy | 2,882,422 | — | — | 2,882,422 |
Financials | 3,009,022 | — | — | 3,009,022 |
Health Care | 14,210,474 | — | — | 14,210,474 |
Industrials | 11,557,339 | — | — | 11,557,339 |
Information Technology | 13,335,679 | — | — | 13,335,679 |
Materials | 3,384,581 | — | — | 3,384,581 |
Real Estate | 1,507,092 | — | — | 1,507,092 |
Utilities | 677,056 | — | — | 677,056 |
Total Common Stocks | 59,602,650 | — | — | 59,602,650 |
Money Market Funds | 772,168 | — | — | 772,168 |
Total Investments in Securities | 60,374,818 | — | — | 60,374,818 |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 11 |
August 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $57,737,407) | $59,602,650 |
Affiliated issuers (cost $772,078) | 772,168 |
Receivable for: | |
Capital shares sold | 5,998 |
Dividends | 21,202 |
Foreign tax reclaims | 779 |
Expense reimbursement due from Investment Manager | 1,003 |
Prepaid expenses | 3,083 |
Other assets | 53,567 |
Total assets | 60,460,450 |
Liabilities | |
Payable for: | |
Capital shares purchased | 68,323 |
Management services fees | 1,417 |
Distribution and/or service fees | 110 |
Transfer agent fees | 10,098 |
Compensation of board members | 3,640 |
Compensation of chief compliance officer | 7 |
Audit fees | 21,500 |
Other expenses | 14,939 |
Total liabilities | 120,034 |
Net assets applicable to outstanding capital stock | $60,340,416 |
Represented by | |
Paid in capital | 60,874,232 |
Total distributable earnings (loss) | (533,816) |
Total - representing net assets applicable to outstanding capital stock | $60,340,416 |
12 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Class A | |
Net assets | $21,894,625 |
Shares outstanding | 1,870,361 |
Net asset value per share | $11.71 |
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) | $12.42 |
Advisor Class | |
Net assets | $3,813,134 |
Shares outstanding | 298,111 |
Net asset value per share | $12.79 |
Class C | |
Net assets | $32,508 |
Shares outstanding | 2,757 |
Net asset value per share | $11.79 |
Institutional Class | |
Net assets | $34,566,110 |
Shares outstanding | 2,670,382 |
Net asset value per share | $12.94 |
Institutional 2 Class | |
Net assets | $17,913 |
Shares outstanding | 1,383 |
Net asset value per share | $12.95 |
Institutional 3 Class | |
Net assets | $13,895 |
Shares outstanding | 1,073 |
Net asset value per share | $12.95 |
Class R | |
Net assets | $2,231 |
Shares outstanding | 189 |
Net asset value per share(a) | $11.82 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 13 |
Year Ended August 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $376,067 |
Dividends — affiliated issuers | 4,603 |
Income from securities lending — net | 1,163 |
Foreign taxes withheld | (2,908) |
Total income | 378,925 |
Expenses: | |
Management services fees | 641,535 |
Distribution and/or service fees | |
Class A | 63,669 |
Class C(a) | 187 |
Class R(a) | 8 |
Transfer agent fees | |
Class A | 32,232 |
Advisor Class | 42,344 |
Class C(a) | 29 |
Institutional Class(a) | 21,423 |
Institutional 2 Class(a) | 5 |
Institutional 3 Class(a) | 1 |
Class R(a) | 2 |
Administration fees | 65,439 |
Compensation of board members | 40,670 |
Custodian fees | 8,701 |
Printing and postage fees | 17,414 |
Registration fees | 53,494 |
Audit fees | 34,539 |
Legal fees | 9,557 |
Interest on interfund lending | 1,219 |
Offering costs | 78,840 |
Compensation of chief compliance officer | 7 |
Other | 21,919 |
Total expenses | 1,133,234 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (242,540) |
Total net expenses | 890,694 |
Net investment loss | (511,769) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 13,384,693 |
Investments — affiliated issuers | (315) |
Net realized gain | 13,384,378 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (34,316,543) |
Investments — affiliated issuers | 90 |
Net change in unrealized appreciation (depreciation) | (34,316,453) |
Net realized and unrealized loss | (20,932,075) |
Net decrease in net assets resulting from operations | $(21,443,844) |
(a) | Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end. |
14 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | |
Operations | ||
Net investment loss | $(511,769) | $(808,517) |
Net realized gain | 13,384,378 | 19,816,792 |
Net change in unrealized appreciation (depreciation) | (34,316,453) | 20,710,766 |
Net increase (decrease) in net assets resulting from operations | (21,443,844) | 39,719,041 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (10,822,640) | (1,112,960) |
Advisor Class | (22,458,727) | (2,683,104) |
Total distributions to shareholders | (33,281,367) | (3,796,064) |
Decrease in net assets from capital stock activity | (7,416,221) | (10,518,349) |
Redemption fees | 20 | — |
Total increase (decrease) in net assets | (62,141,412) | 25,404,628 |
Net assets at beginning of year | 122,481,828 | 97,077,200 |
Net assets at end of year | $60,340,416 | $122,481,828 |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 15 |
Year Ended | Year Ended | |||
August 31, 2022 (a) | August 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 127,686 | 1,730,459 | 40,820 | 853,682 |
Distributions reinvested | 659,788 | 10,585,029 | 57,860 | 1,088,863 |
Redemptions | (376,964) | (6,073,298) | (271,001) | (5,349,372) |
Net increase (decrease) | 410,510 | 6,242,190 | (172,321) | (3,406,827) |
Advisor Class | ||||
Subscriptions | 240,885 | 4,343,667 | 548,523 | 12,588,486 |
Distributions reinvested | 1,135,271 | 20,155,352 | 134,391 | 2,675,804 |
Redemptions | (4,681,388) | (78,221,553) | (1,063,992) | (22,375,812) |
Net decrease | (3,305,232) | (53,722,534) | (381,078) | (7,111,522) |
Class C | ||||
Subscriptions | 2,757 | 38,017 | — | — |
Net increase | 2,757 | 38,017 | — | — |
Institutional Class | ||||
Subscriptions | 2,920,768 | 43,250,236 | — | — |
Redemptions | (250,386) | (3,258,105) | — | — |
Net increase | 2,670,382 | 39,992,131 | — | — |
Institutional 2 Class | ||||
Subscriptions | 1,725 | 22,035 | — | — |
Redemptions | (342) | (4,236) | — | — |
Net increase | 1,383 | 17,799 | — | — |
Institutional 3 Class | ||||
Subscriptions | 1,073 | 13,676 | — | — |
Net increase | 1,073 | 13,676 | — | — |
Class R | ||||
Subscriptions | 189 | 2,500 | — | — |
Net increase | 189 | 2,500 | — | — |
Total net decrease | (218,938) | (7,416,221) | (553,399) | (10,518,349) |
(a) | Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class, and Class R shares are based on operations from January 26, 2022 (commencement of operations) through the stated period end. |
16 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
Columbia Integrated Small Cap Growth 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 realized gains | Total distributions to shareholders | |
Class A | ||||||
Year Ended 8/31/2022(d) | $23.20 | (0.12) | (4.08) | (4.20) | (7.29) | (7.29) |
Year Ended 8/31/2021(f) | $16.64 | (0.19) | 7.48 | 7.29 | (0.73) | (0.73) |
Year Ended 8/31/2020 | $15.32 | (0.07) | 1.69 | 1.62 | (0.30) | (0.30) |
Year Ended 8/31/2019 | $21.60 | (0.02) | (3.51) | (3.53) | (2.75) | (2.75) |
Year Ended 8/31/2018 | $18.37 | (0.12) | 5.43 | 5.31 | (2.08) | (2.08) |
Advisor Class | ||||||
Year Ended 8/31/2022(d) | $24.59 | (0.10) | (4.41) | (4.51) | (7.29) | (7.29) |
Year Ended 8/31/2021(f) | $17.55 | (0.14) | 7.91 | 7.77 | (0.73) | (0.73) |
Year Ended 8/31/2020 | $16.10 | (0.03) | 1.78 | 1.75 | (0.30) | (0.30) |
Year Ended 8/31/2019 | $22.48 | 0.01 | (3.64) | (3.63) | (2.75) | (2.75) |
Year Ended 8/31/2018 | $19.00 | (0.03) | 5.59 | 5.56 | (2.08) | (2.08) |
Class C | ||||||
Year Ended 8/31/2022(g) | $13.25 | (0.11) | (1.35) | (1.46) | — | — |
Institutional Class | ||||||
Year Ended 8/31/2022(g) | $14.46 | (0.04) | (1.48) | (1.52) | — | — |
Institutional 2 Class | ||||||
Year Ended 8/31/2022(g) | $14.46 | (0.03) | (1.48) | (1.51) | — | — |
Institutional 3 Class | ||||||
Year Ended 8/31/2022(g) | $14.46 | (0.03) | (1.48) | (1.51) | — | — |
Class R | ||||||
Year Ended 8/31/2022(g) | $13.25 | (0.08) | (1.35) | (1.43) | — | — |
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) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on January 21, 2022. |
(d) | Redemption fees consisted of per share amounts less than $0.01. |
(e) | Ratios include interfund lending expense which is less than 0.01%. |
(f) | Net investment income (loss) per share calculated using the average shares method. |
(g) | Class C, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares commenced operations on January 26, 2022. Per share data and total return reflect activity from that date. |
(h) | Annualized. |
18 | Columbia Integrated Small Cap Growth 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),(c) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 8/31/2022(d) | $11.71 | (24.43%) | 1.60%(e) | 1.22%(e) | (0.78%) | 54% | $21,895 |
Year Ended 8/31/2021(f) | $23.20 | 44.85% | 1.35% | 1.24% | (0.86%) | 62% | $33,873 |
Year Ended 8/31/2020 | $16.64 | 10.60% | 1.34% | 1.24% | (0.46%) | 70% | $27,152 |
Year Ended 8/31/2019 | $15.32 | (16.12%) | 1.30% | 1.24% | (0.54%) | 61% | $31,378 |
Year Ended 8/31/2018 | $21.60 | 31.55% | 1.28% | 1.24% | (0.47%) | 80% | $53,772 |
Advisor Class | |||||||
Year Ended 8/31/2022(d) | $12.79 | (24.27%) | 1.39%(e) | 0.98%(e) | (0.51%) | 54% | $3,813 |
Year Ended 8/31/2021(f) | $24.59 | 45.27% | 1.10% | 0.99% | (0.61%) | 62% | $88,609 |
Year Ended 8/31/2020 | $17.55 | 10.89% | 1.09% | 0.99% | (0.22%) | 70% | $69,926 |
Year Ended 8/31/2019 | $16.10 | (15.92%) | 1.05% | 0.99% | (0.29%) | 61% | $68,226 |
Year Ended 8/31/2018 | $22.48 | 31.83% | 1.02% | 0.99% | (0.21%) | 80% | $99,311 |
Class C | |||||||
Year Ended 8/31/2022(g) | $11.79 | (11.02%) | 2.45%(h) | 1.98%(h) | (1.55%)(h) | 54% | $33 |
Institutional Class | |||||||
Year Ended 8/31/2022(g) | $12.94 | (10.51%) | 1.45%(h) | 0.98%(h) | (0.58%)(h) | 54% | $34,566 |
Institutional 2 Class | |||||||
Year Ended 8/31/2022(g) | $12.95 | (10.44%) | 1.37%(h) | 0.90%(h) | (0.44%)(h) | 54% | $18 |
Institutional 3 Class | |||||||
Year Ended 8/31/2022(g) | $12.95 | (10.44%) | 1.32%(h) | 0.85%(h) | (0.40%)(h) | 54% | $14 |
Class R | |||||||
Year Ended 8/31/2022(g) | $11.82 | (10.79%) | 1.95%(h) | 1.48%(h) | (1.08%)(h) | 54% | $2 |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 19 |
August 31, 2022
20 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 21 |
August 31, 2022
22 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 23 |
August 31, 2022
Effective rate (%) | |
Class A | 0.15 |
Advisor Class | 0.15 |
Class C | 0.15 |
Institutional Class | 0.15 |
Institutional 2 Class | 0.07 |
Institutional 3 Class | 0.02 |
Class R | 0.15 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 1,345 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
24 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Fee rate(s) contractual through December 31, 2023 | |
Class A | 1.27% |
Advisor Class | 1.02 |
Class C | 2.02 |
Institutional Class | 1.02 |
Institutional 2 Class | 0.90 |
Institutional 3 Class | 0.85 |
Class R | 1.52 |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 25 |
August 31, 2022
Excess of distributions over net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
200,476 | (200,476) | — |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
7,005,722 | 26,275,645 | 33,281,367 | — | 3,796,064 | 3,796,064 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 2,666,325 | — | 1,358,331 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
59,016,487 | 10,148,836 | (8,790,505) | 1,358,331 |
Late year ordinary losses ($) | Post-October capital losses ($) |
308,754 | 4,247,179 |
26 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 4,721,388 | 0.70 | 14 |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 27 |
August 31, 2022
Shares | |
Class A | 1,891,895 |
Advisor Class | 3,350,159 |
28 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
August 31, 2022
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 29 |
August 31, 2022
30 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 31 |
Qualified dividend income | Dividends received deduction | Section 199A dividends | Capital gain dividend |
8.46% | 7.95% | 0.58% | $16,884,434 |
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 Integrated Small Cap Growth 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
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 Integrated Small Cap Growth 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 Integrated Small Cap Growth 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 Integrated Small Cap Growth 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 Integrated Small Cap Growth Fund | Annual Report 2022 |
(Unaudited)
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
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. |
Columbia Integrated Small Cap Growth 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 |
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. |
38 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
(Unaudited)
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Funds; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
Columbia Integrated Small Cap Growth Fund | Annual Report 2022 | 39 |
(Unaudited)
into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
40 | Columbia Integrated Small Cap Growth Fund | Annual Report 2022 |
(Unaudited)
of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Columbia Integrated Small Cap Growth 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.
August 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
14 | |
15 | |
18 | |
20 | |
32 | |
33 | |
33 | |
39 | |
40 |
(Unaudited)
Average annual total returns (%) (for the period ended August 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A* | Excluding sales charges | 05/27/14 | -14.81 | 1.52 | 4.04 |
Including sales charges | -19.71 | 0.32 | 3.43 | ||
Advisor Class | 12/29/11 | -14.68 | 1.76 | 4.30 | |
Class C* | Excluding sales charges | 12/15/21 | -15.45 | 0.77 | 3.27 |
Including sales charges | -16.27 | 0.77 | 3.27 | ||
Institutional Class* | 12/15/21 | -14.60 | 1.78 | 4.31 | |
Institutional 2 Class* | 12/15/21 | -14.60 | 1.78 | 4.31 | |
Institutional 3 Class* | 05/27/14 | -14.53 | 1.93 | 4.43 | |
Class R* | 12/15/21 | -15.06 | 1.27 | 3.79 | |
MSCI EAFE Index (Net) | -19.80 | 1.63 | 5.00 |
* | 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 Predecessor Fund inception) include the returns of the Predecessor 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. The Predecessor Fund was managed by BMO Asset Management Corp. (BMO AM) and had the same investment objective and a substantially identical investment strategy to the Fund. |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 3 |
(Unaudited)
Equity sector breakdown (%) (at August 31, 2022) | |
Communication Services | 10.7 |
Consumer Discretionary | 3.9 |
Consumer Staples | 17.4 |
Energy | 4.8 |
Financials | 13.5 |
Health Care | 10.4 |
Industrials | 22.9 |
Information Technology | 7.5 |
Materials | 5.1 |
Utilities | 3.8 |
Total | 100.0 |
Country breakdown (%) (at August 31, 2022) | |
Australia | 10.5 |
Finland | 2.8 |
France | 7.2 |
Germany | 9.0 |
Hong Kong | 4.8 |
Indonesia | 2.0 |
Japan | 13.9 |
Malaysia | 3.1 |
Netherlands | 3.7 |
Norway | 1.8 |
Singapore | 6.1 |
Sweden | 1.4 |
Switzerland | 11.5 |
Taiwan | 2.8 |
United Kingdom | 16.6 |
United States(a) | 2.8 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds. |
4 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s outperformance relative to its benchmark was led by stock selection in Australia, Singapore and the United Kingdom. |
○ | Australian stock transfer company Computershare Ltd. and Australian oil and gas company Woodside Energy Group Ltd. were among the Fund’s top individual contributors during the period. |
○ | Singapore Telecommunications Ltd. and financial services company United Overseas Bank Ltd., both based in Singapore, were also among the Fund’s top individual holdings. |
• | The Fund’s currency exposure contributed, particularly an underweight to the Japanese yen and an overweight to the Singapore dollar. |
• | On a sector basis, selections within the communication services, financials, consumer staples and information technology sectors were additive to Fund performance versus the benchmark during the period. |
• | An overweight allocation to the energy sector contributed, as did underweights to the consumer discretionary and information technology sectors. |
• | Selections within the eurozone and Norway detracted from Fund performance relative to the benchmark. |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 5 |
(Unaudited)
○ | Fuchs Petrolub SE, a German specialty chemicals company, Deutsche Post AG, a German mail and logistics company, and Fielmann AG, a German medical instruments company specializing in optical and hearing aid products, were all among the Fund’s top individual detractors during the period. |
○ | Dutch oil, gas and storage company Koninklijke Vopak NV was also a top detractor for the Fund. |
• | From a sector perspective, selections within the materials, consumer discretionary and health care sectors weighed on relative performance. |
• | The Fund’s overweight to the industrials sector also detracted. |
6 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
(Unaudited)
March 1, 2022 — August 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 | 886.40 | 1,019.81 | 5.09 | 5.45 | 1.07 |
Advisor Class | 1,000.00 | 1,000.00 | 886.50 | 1,021.07 | 3.90 | 4.18 | 0.82 |
Class C | 1,000.00 | 1,000.00 | 882.90 | 1,016.03 | 8.64 | 9.25 | 1.82 |
Institutional Class | 1,000.00 | 1,000.00 | 887.40 | 1,021.12 | 3.85 | 4.13 | 0.81 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 887.40 | 1,021.42 | 3.57 | 3.82 | 0.75 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 887.30 | 1,021.48 | 3.52 | 3.77 | 0.74 |
Class R | 1,000.00 | 1,000.00 | 885.10 | 1,018.55 | 6.27 | 6.72 | 1.32 |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 7 |
August 31, 2022
Common Stocks 94.7% | ||
Issuer | Shares | Value ($) |
Australia 10.4% | ||
Brambles Ltd. | 1,202,026 | 10,116,529 |
Computershare Ltd. | 536,601 | 8,949,275 |
Endeavour Group Ltd. | 778,391 | 3,852,116 |
QBE Insurance Group Ltd. | 829,019 | 6,796,927 |
Rio Tinto Ltd. | 64,640 | 4,105,505 |
Woodside Energy Group Ltd. | 287,252 | 6,672,438 |
Woolworths Group Ltd. | 377,909 | 9,316,493 |
Total | 49,809,283 | |
Finland 2.8% | ||
KONE OYJ, Class B | 104,283 | 4,170,538 |
Sampo OYJ, Class A | 198,822 | 8,994,773 |
Total | 13,165,311 | |
France 7.1% | ||
Air Liquide SA | 73,499 | 9,210,367 |
Bureau Veritas A | 272,139 | 6,754,463 |
Legrand SA | 90,119 | 6,520,533 |
Rubis SCA | 131,910 | 3,109,590 |
Sanofi | 99,961 | 8,171,796 |
Total | 33,766,749 | |
Germany 7.3% | ||
Brenntag SE | 134,171 | 8,797,257 |
Deutsche Post AG | 222,484 | 8,120,472 |
Fielmann AG | 118,504 | 4,403,785 |
GEA Group AG | 130,468 | 4,538,566 |
SAP SE | 103,023 | 8,774,406 |
Total | 34,634,486 | |
Hong Kong 4.8% | ||
AIA Group Ltd. | 812,200 | 7,814,368 |
ASMPT Ltd. | 435,070 | 3,369,796 |
Power Assets Holdings Ltd. | 991,569 | 5,930,780 |
VTech Holdings Ltd. | 821,700 | 5,587,916 |
Total | 22,702,860 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Indonesia 2.0% | ||
PT Bank Rakyat Indonesia Persero Tbk | 16,913,700 | 4,939,293 |
PT Telekomunikasi Indonesia Persero Tbk | 15,274,700 | 4,677,583 |
Total | 9,616,876 | |
Japan 13.7% | ||
ABC-Mart, Inc. | 181,400 | 7,297,152 |
Japan Tobacco, Inc. | 891,668 | 15,107,915 |
KDDI Corp. | 318,700 | 9,752,581 |
Mitsubishi Electric Corp. | 1,020,800 | 10,320,435 |
Nabtesco Corp. | 273,300 | 6,471,911 |
Nihon Kohden Corp. | 350,400 | 8,002,312 |
Sumitomo Rubber Industries Ltd. | 630,100 | 5,406,934 |
Toyota Tsusho Corp. | 92,100 | 3,224,248 |
Total | 65,583,488 | |
Malaysia 3.1% | ||
Axiata Group Bhd | 7,334,600 | 4,973,857 |
Malayan Banking Bhd | 4,864,800 | 9,732,026 |
Total | 14,705,883 | |
Netherlands 3.7% | ||
Koninklijke Philips NV | 133,630 | 2,219,327 |
Koninklijke Vopak NV | 233,892 | 5,148,307 |
Shell PLC | 198,628 | 5,257,292 |
Wolters Kluwer NV | 50,853 | 4,973,060 |
Total | 17,597,986 | |
Norway 1.8% | ||
Telenor ASA | 787,898 | 8,621,967 |
Singapore 6.0% | ||
ComfortDelGro Corp., Ltd. | 6,948,500 | 7,003,001 |
Singapore Technologies Engineering Ltd. | 1,268,900 | 3,381,304 |
Singapore Telecommunications Ltd. | 5,227,707 | 9,814,274 |
United Overseas Bank Ltd. | 445,302 | 8,683,146 |
Total | 28,881,725 |
8 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
August 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Sweden 1.4% | ||
ASSA ABLOY AB, Class B | 96,739 | 1,959,349 |
Atlas Copco AB, Class A | 202,028 | 2,050,792 |
Essity AB, Class B | 117,155 | 2,598,880 |
Total | 6,609,021 | |
Switzerland 11.3% | ||
Geberit AG | 5,026 | 2,322,241 |
Givaudan SA | 781 | 2,491,840 |
Nestlé SA, Registered Shares | 119,286 | 13,959,203 |
Novartis AG, Registered Shares | 132,552 | 10,721,876 |
Roche Holding AG, Genusschein Shares | 39,960 | 12,876,776 |
Schindler Holding AG | 14,958 | 2,605,785 |
SGS SA, Registered Shares | 1,409 | 3,102,877 |
Zurich Insurance Group AG | 13,533 | 6,007,294 |
Total | 54,087,892 | |
Taiwan 2.8% | ||
Advantech Co., Ltd. | 244,000 | 2,602,994 |
Chunghwa Telecom Co., Ltd. | 1,215,000 | 4,821,229 |
Merida Industry Co., Ltd. | 89,000 | 647,445 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 314,000 | 5,140,116 |
Total | 13,211,784 | |
United Kingdom 16.5% | ||
BP PLC | 953,723 | 4,873,453 |
British American Tobacco PLC | 221,367 | 8,866,355 |
Bunzl PLC | 165,582 | 5,491,389 |
GSK PLC | 360,683 | 5,765,527 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Haleon PLC(a) | 450,854 | 1,355,745 |
IMI PLC | 253,123 | 3,366,606 |
Imperial Brands PLC | 300,333 | 6,604,875 |
Legal & General Group PLC | 3,153,324 | 9,236,302 |
National Grid PLC | 665,745 | 8,289,755 |
Reckitt Benckiser Group PLC | 106,850 | 8,244,717 |
Unilever PLC | 217,009 | 9,881,398 |
Vodafone Group PLC | 4,965,816 | 6,648,494 |
Total | 78,624,616 | |
Total Common Stocks (Cost $417,183,264) | 451,619,927 |
Preferred Stocks 1.6% | |||
Issuer | Shares | Value ($) | |
Germany 1.6% | |||
Fuchs Petrolub SE | 282,391 | 7,642,532 | |
Total Preferred Stocks (Cost $9,620,711) | 7,642,532 |
Money Market Funds 2.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 2.366%(b),(c) | 13,351,487 | 13,344,812 |
Total Money Market Funds (Cost $13,343,501) | 13,344,812 | |
Total Investments in Securities (Cost $440,147,476) | 472,607,271 | |
Other Assets & Liabilities, Net | 4,436,362 | |
Net Assets | $477,043,633 |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 9 |
August 31, 2022
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at August 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended August 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
BMO Government Money Market Fund, Premier Class† | ||||||||
33,935,545 | 83,811,441 | (117,746,986) | — | — | — | 799 | — | |
Columbia Short-Term Cash Fund, 2.366% | ||||||||
— | 183,670,123 | (170,326,622) | 1,311 | 13,344,812 | (4,398) | 78,713 | 13,351,487 | |
Total | 33,935,545 | 1,311 | 13,344,812 | (4,398) | 79,512 |
† | Issuer was not an affiliate at the end of period. |
■ | 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 Pyrford International Stock Fund | Annual Report 2022 |
August 31, 2022
The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2022:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | — | 49,809,283 | — | 49,809,283 |
Finland | — | 13,165,311 | — | 13,165,311 |
France | — | 33,766,749 | — | 33,766,749 |
Germany | — | 34,634,486 | — | 34,634,486 |
Hong Kong | — | 22,702,860 | — | 22,702,860 |
Indonesia | — | 9,616,876 | — | 9,616,876 |
Japan | — | 65,583,488 | — | 65,583,488 |
Malaysia | — | 14,705,883 | — | 14,705,883 |
Netherlands | — | 17,597,986 | — | 17,597,986 |
Norway | — | 8,621,967 | — | 8,621,967 |
Singapore | — | 28,881,725 | — | 28,881,725 |
Sweden | — | 6,609,021 | — | 6,609,021 |
Switzerland | — | 54,087,892 | — | 54,087,892 |
Taiwan | — | 13,211,784 | — | 13,211,784 |
United Kingdom | — | 78,624,616 | — | 78,624,616 |
Total Common Stocks | — | 451,619,927 | — | 451,619,927 |
Preferred Stocks | ||||
Germany | — | 7,642,532 | — | 7,642,532 |
Total Preferred Stocks | — | 7,642,532 | — | 7,642,532 |
Money Market Funds | 13,344,812 | — | — | 13,344,812 |
Total Investments in Securities | 13,344,812 | 459,262,459 | — | 472,607,271 |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 11 |
August 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $426,803,975) | $459,262,459 |
Affiliated issuers (cost $13,343,501) | 13,344,812 |
Foreign currency (cost $3) | 3 |
Receivable for: | |
Capital shares sold | 2,315 |
Dividends | 1,804,358 |
Foreign tax reclaims | 2,816,156 |
Expense reimbursement due from Investment Manager | 2,923 |
Prepaid expenses | 4,475 |
Other assets | 49,496 |
Total assets | 477,286,997 |
Liabilities | |
Payable for: | |
Capital shares purchased | 52,996 |
Management services fees | 11,355 |
Distribution and/or service fees | 12 |
Transfer agent fees | 97,725 |
Compensation of board members | 6,228 |
Audit fees | 21,500 |
Custodian fees | 48,813 |
Other expenses | 4,735 |
Total liabilities | 243,364 |
Net assets applicable to outstanding capital stock | $477,043,633 |
Represented by | |
Paid in capital | 442,386,865 |
Total distributable earnings (loss) | 34,656,768 |
Total - representing net assets applicable to outstanding capital stock | $477,043,633 |
12 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
August 31, 2022
Class A | |
Net assets | $1,686,382 |
Shares outstanding | 130,957 |
Net asset value per share | $12.88 |
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) | $13.67 |
Advisor Class | |
Net assets | $324,963,112 |
Shares outstanding | 25,821,644 |
Net asset value per share | $12.58 |
Class C | |
Net assets | $2,196 |
Shares outstanding | 173 |
Net asset value per share(a) | $12.67 |
Institutional Class | |
Net assets | $1,256,249 |
Shares outstanding | 100,924 |
Net asset value per share | $12.45 |
Institutional 2 Class | |
Net assets | $39,673,829 |
Shares outstanding | 3,186,247 |
Net asset value per share | $12.45 |
Institutional 3 Class | |
Net assets | $109,459,661 |
Shares outstanding | 8,687,900 |
Net asset value per share | $12.60 |
Class R | |
Net assets | $2,204 |
Shares outstanding | 173 |
Net asset value per share(a) | $12.71 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 13 |
Year Ended August 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $24,627,596 |
Dividends — affiliated issuers | 79,512 |
Interfund lending | 41 |
Income from securities lending — net | 35,294 |
Foreign taxes withheld | (1,964,531) |
Total income | 22,777,912 |
Expenses: | |
Management services fees | 5,257,845 |
Distribution and/or service fees | |
Class A | 4,757 |
Class C(a) | 17 |
Class R(a) | 8 |
Transfer agent fees | |
Class A | 1,573 |
Advisor Class | 345,033 |
Class C(a) | 1 |
Institutional Class(a) | 167 |
Institutional 2 Class(a) | 1,293 |
Institutional 3 Class | 16,850 |
Class R(a) | 1 |
Administration fees | 198,702 |
Compensation of board members | 47,725 |
Custodian fees | 133,176 |
Registration fees | 86,758 |
Audit fees | 42,019 |
Legal fees | 15,518 |
Interest on interfund lending | 195 |
Compensation of chief compliance officer | 112 |
Other | 82,790 |
Total expenses | 6,234,540 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (805,129) |
Total net expenses | 5,429,411 |
Net investment income | 17,348,501 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 8,626,298 |
Investments — affiliated issuers | (4,398) |
Foreign currency translations | (363,773) |
Net realized gain | 8,258,127 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (117,059,093) |
Investments — affiliated issuers | 1,311 |
Foreign currency translations | (274,465) |
Net change in unrealized appreciation (depreciation) | (117,332,247) |
Net realized and unrealized loss | (109,074,120) |
Net decrease in net assets resulting from operations | $(91,725,619) |
(a) | Class C, Institutional Class, Institutional 2 Class, and Class R shares are based on operations from December 15, 2021 (commencement of operations) through the stated period end. |
14 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | |
Operations | ||
Net investment income | $17,348,501 | $21,027,865 |
Net realized gain | 8,258,127 | 15,397,838 |
Net change in unrealized appreciation (depreciation) | (117,332,247) | 81,529,297 |
Net increase (decrease) in net assets resulting from operations | (91,725,619) | 117,955,000 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (55,459) | (29,628) |
Advisor Class | (15,466,525) | (9,953,693) |
Institutional 3 Class | (8,840,663) | (5,751,129) |
Total distributions to shareholders | (24,362,647) | (15,734,450) |
Decrease in net assets from capital stock activity | (168,031,905) | (36,044,416) |
Redemption fees | 10 | 320 |
Total increase (decrease) in net assets | (284,120,161) | 66,176,454 |
Net assets at beginning of year | 761,163,794 | 694,987,340 |
Net assets at end of year | $477,043,633 | $761,163,794 |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 15 |
Year Ended | Year Ended | |||
August 31, 2022 (a) | August 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 16,215 | 239,949 | 8,736 | 134,879 |
Distributions reinvested | 3,688 | 53,915 | 2,032 | 28,673 |
Redemptions | (16,412) | (230,422) | (17,232) | (244,656) |
Net increase (decrease) | 3,491 | 63,442 | (6,464) | (81,104) |
Advisor Class | ||||
Subscriptions | 2,682,236 | 38,124,461 | 6,140,889 | 86,990,056 |
Distributions reinvested | 975,399 | 13,918,949 | 628,228 | 8,650,698 |
Redemptions | (9,773,907) | (135,441,338) | (9,665,791) | (138,299,618) |
Net decrease | (6,116,272) | (83,397,928) | (2,896,674) | (42,658,864) |
Class C | ||||
Subscriptions | 173 | 2,500 | — | — |
Net increase | 173 | 2,500 | — | — |
Institutional Class | ||||
Subscriptions | 104,939 | 1,415,111 | — | — |
Redemptions | (4,015) | (51,336) | — | — |
Net increase | 100,924 | 1,363,775 | — | — |
Institutional 2 Class | ||||
Subscriptions | 3,241,704 | 41,713,761 | — | — |
Redemptions | (55,457) | (738,302) | — | — |
Net increase | 3,186,247 | 40,975,459 | — | — |
Institutional 3 Class | ||||
Subscriptions | 1,345,251 | 18,944,248 | 2,547,709 | 34,913,221 |
Distributions reinvested | 619,048 | 8,833,813 | 417,621 | 5,750,643 |
Redemptions | (11,135,983) | (154,819,714) | (2,400,994) | (33,968,312) |
Net increase (decrease) | (9,171,684) | (127,041,653) | 564,336 | 6,695,552 |
Class R | ||||
Subscriptions | 173 | 2,500 | — | — |
Net increase | 173 | 2,500 | — | — |
Total net decrease | (11,996,948) | (168,031,905) | (2,338,802) | (36,044,416) |
(a) | Class C, Institutional Class, Institutional 2 Class, and Class R shares are based on operations from December 15, 2021 (commencement of operations) through the stated period end. |
16 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
Columbia Pyrford International Stock 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 8/31/2022 | $15.58 | 0.36 | (2.61) | (2.25) | (0.36) | (0.09) | (0.45) |
Year Ended 8/31/2021(e),(f) | $13.56 | 0.37 | 1.89 | 2.26 | (0.24) | — | (0.24) |
Year Ended 8/31/2020(e),(f) | $13.08 | 0.26 | 0.54 | 0.80 | (0.32) | — | (0.32) |
Year Ended 8/31/2019(f) | $13.43 | 0.32 | (0.34) | (0.02) | (0.33) | — | (0.33) |
Year Ended 8/31/2018(f) | $13.16 | (0.09) | 0.36 | 0.27 | — | — | — |
Advisor Class | |||||||
Year Ended 8/31/2022 | $15.24 | 0.37 | (2.55) | (2.18) | (0.39) | (0.09) | (0.48) |
Year Ended 8/31/2021(e),(f) | $13.29 | 0.40 | 1.85 | 2.25 | (0.30) | — | (0.30) |
Year Ended 8/31/2020(e),(f) | $12.84 | 0.31 | 0.51 | 0.82 | (0.37) | — | (0.37) |
Year Ended 8/31/2019(f) | $13.18 | 0.33 | (0.33) | 0.00(g) | (0.34) | — | (0.34) |
Year Ended 8/31/2018(f) | $13.21 | 0.37 | (0.06) | 0.31 | (0.34) | — | (0.34) |
Class C | |||||||
Year Ended 8/31/2022(h) | $14.42 | 0.24 | (1.99) | (1.75) | — | — | — |
Institutional Class | |||||||
Year Ended 8/31/2022(h) | $14.07 | 0.27 | (1.89) | (1.62) | — | — | — |
Institutional 2 Class | |||||||
Year Ended 8/31/2022(h) | $14.07 | 0.28 | (1.90) | (1.62) | — | — | — |
Institutional 3 Class | |||||||
Year Ended 8/31/2022(f) | $15.26 | 0.39 | (2.55) | (2.16) | (0.41) | (0.09) | (0.50) |
Year Ended 8/31/2021(e),(f) | $13.31 | 0.43 | 1.84 | 2.27 | (0.32) | — | (0.32) |
Year Ended 8/31/2020(e),(f) | $12.86 | 0.34 | 0.50 | 0.84 | (0.39) | — | (0.39) |
Year Ended 8/31/2019(f) | $13.20 | 0.34 | (0.31) | 0.03 | (0.37) | — | (0.37) |
Year Ended 8/31/2018(f) | $13.22 | 0.35 | (0.01) | 0.34 | (0.36) | — | (0.36) |
Class R | |||||||
Year Ended 8/31/2022(h) | $14.42 | 0.29 | (2.00) | (1.71) | — | — | — |
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) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by BMO Asset Management Corp, and certain of its affiliates, if applicable, for the account periods prior to the closing of the Reorganization, which occurred on December 10, 2021. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | Net investment income (loss) per share calculated using the average shares method. |
(f) | Redemption fees consisted of per share amounts less than $0.01. |
(g) | Rounds to zero. |
(h) | Class C, Institutional Class, Institutional 2 Class and Class R shares commenced operations on December 15, 2021. Per share data and total return reflect activity from that date. |
(i) | Annualized. |
18 | Columbia Pyrford International Stock 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),(c) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 8/31/2022 | $12.88 | (14.81%) | 1.29%(d) | 1.12%(d) | 2.51% | 17% | $1,686 |
Year Ended 8/31/2021(e),(f) | $15.58 | 16.83% | 1.20% | 1.19% | 2.54% | 13% | $1,986 |
Year Ended 8/31/2020(e),(f) | $13.56 | 6.11% | 1.20% | 1.19% | 1.95% | 28% | $1,816 |
Year Ended 8/31/2019(f) | $13.08 | 0.04% | 1.21% | 1.19% | 2.32% | 16% | $4,621 |
Year Ended 8/31/2018(f) | $13.43 | 2.05% | 1.20% | 1.18% | 2.88% | 20% | $6,037 |
Advisor Class | |||||||
Year Ended 8/31/2022 | $12.58 | (14.68%) | 1.04%(d) | 0.88%(d) | 2.65% | 17% | $324,963 |
Year Ended 8/31/2021(e),(f) | $15.24 | 17.18% | 0.95% | 0.94% | 2.78% | 13% | $486,673 |
Year Ended 8/31/2020(e),(f) | $13.29 | 6.38% | 0.95% | 0.94% | 2.40% | 28% | $463,023 |
Year Ended 8/31/2019(f) | $12.84 | 0.25% | 0.96% | 0.94% | 2.71% | 16% | $486,114 |
Year Ended 8/31/2018(f) | $13.18 | 2.34% | 0.96% | 0.94% | 2.41% | 20% | $485,053 |
Class C | |||||||
Year Ended 8/31/2022(h) | $12.67 | (12.14%) | 2.03%(d),(i) | 1.85%(d),(i) | 2.36%(i) | 17% | $2 |
Institutional Class | |||||||
Year Ended 8/31/2022(h) | $12.45 | (11.51%) | 1.03%(d),(i) | 0.85%(d),(i) | 3.00%(i) | 17% | $1,256 |
Institutional 2 Class | |||||||
Year Ended 8/31/2022(h) | $12.45 | (11.51%) | 0.92%(d),(i) | 0.75%(d),(i) | 3.12%(i) | 17% | $39,674 |
Institutional 3 Class | |||||||
Year Ended 8/31/2022(f) | $12.60 | (14.53%) | 0.88%(d) | 0.75%(d) | 2.74% | 17% | $109,460 |
Year Ended 8/31/2021(e),(f) | $15.26 | 17.31% | 0.80% | 0.79% | 2.99% | 13% | $272,505 |
Year Ended 8/31/2020(e),(f) | $13.31 | 6.54% | 0.80% | 0.79% | 2.65% | 28% | $230,148 |
Year Ended 8/31/2019(f) | $12.86 | 0.44% | 0.81% | 0.79% | 2.86% | 16% | $163,829 |
Year Ended 8/31/2018(f) | $13.20 | 2.55% | 0.81% | 0.79% | 3.32% | 20% | $155,368 |
Class R | |||||||
Year Ended 8/31/2022(h) | $12.71 | (11.86%) | 1.53%(d),(i) | 1.35%(d),(i) | 2.87%(i) | 17% | $2 |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 19 |
August 31, 2022
20 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
August 31, 2022
Columbia Pyrford International Stock Fund | Annual Report 2022 | 21 |
August 31, 2022
22 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
August 31, 2022
Columbia Pyrford International Stock Fund | Annual Report 2022 | 23 |
August 31, 2022
Effective rate (%) | |
Class A | 0.11 |
Advisor Class | 0.11 |
Class C | 0.11 |
Institutional Class | 0.11 |
Institutional 2 Class | 0.01 |
Institutional 3 Class | 0.01 |
Class R | 0.11 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 1,018 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
24 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
August 31, 2022
Fee rate(s) contractual through December 31, 2023 | |
Class A | 1.17% |
Advisor Class | 0.92 |
Class C | 1.92 |
Institutional Class | 0.92 |
Institutional 2 Class | 0.81 |
Institutional 3 Class | 0.75 |
Class R | 1.42 |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 25 |
August 31, 2022
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(929,824) | 929,826 | (2) |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
20,753,308 | 3,609,339 | 24,362,647 | 15,734,450 | — | 15,734,450 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
14,377,966 | — | — | 22,147,365 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
450,459,906 | 74,207,156 | (52,059,791) | 22,147,365 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
— | — | — | 3,359,215 |
Late year ordinary losses ($) | Post-October capital losses ($) |
— | 1,689,402 |
26 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
August 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 2,905,775 | 0.63 | 4 |
Lender | 350,000 | 2.10 | 2 |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 27 |
August 31, 2022
Shares | |
Class A | 127,842 |
Advisor Class | 32,519,865 |
Institutional 3 Class | 18,128,136 |
28 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
August 31, 2022
Columbia Pyrford International Stock Fund | Annual Report 2022 | 29 |
August 31, 2022
30 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
August 31, 2022
Columbia Pyrford International Stock Fund | Annual Report 2022 | 31 |
32 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
Qualified dividend income | Capital gain dividend | Foreign taxes paid to foreign countries | Foreign taxes paid per share to foreign countries | Foreign source income | Foreign source income per share |
94.69% | $3,789,806 | $1,964,531 | $0.05 | $23,840,995 | $0.63 |
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 Pyrford International Stock 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 |
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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
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 |
34 | Columbia Pyrford International Stock 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 Pyrford International Stock 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 |
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 |
36 | Columbia Pyrford International Stock 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 Pyrford International Stock Fund | Annual Report 2022 | 37 |
(Unaudited)
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
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. |
38 | Columbia Pyrford International Stock 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 |
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; |
• | 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 Pyrford International Stock Fund | Annual Report 2022 | 39 |
• | Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge; |
• | The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets; |
• | Terms of the Management Agreement; |
• | Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
40 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
(Unaudited)
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
Columbia Pyrford International Stock Fund | Annual Report 2022 | 41 |
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
42 | Columbia Pyrford International Stock Fund | Annual Report 2022 |
(Unaudited)
On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
Columbia Pyrford International Stock 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.
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 six 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 August 31, 2022 and August 31, 2021 are approximately as follows:
2022 | 2021 |
$31,300 | $29,500 |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended August 31, 2022 and August 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $0 |
Audit-Related Fees, if any, include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.
During the fiscal years ended August 31, 2022 and August 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 August 31, 2022 and August 31, 2021 are approximately as follows:
2022 | 2021 |
$78,900 | $13,000 |
Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal year 2021 also include Tax Fees for foreign tax filings.
During the fiscal years ended August 31, 2022 and August 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 August 31, 2022 and August 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $0 |
All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended August 31, 2022 and August 31, 2021 are approximately as follows:
2022 | 2021 |
$535,000 | $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 August 31, 2022 and August 31, 2021 are approximately as follows:
2022 | 2021 |
$613,900 | $532,900 |
(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.
(c) | 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. |
(d) |
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 |
| October 25, 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 |
| October 25, 2022 |
|
By (Signature and Title) | /s/ Michael G. Clarke | ||
|
| Michael G. Clarke, Chief Financial Officer, Principal Financial Officer | |
|
| and Senior Vice President | |
Date |
| October 25, 2022 |
|
By (Signature and Title) | /s/ Joseph Beranek | ||
|
| Joseph Beranek, Treasurer, Chief Accounting Officer and Principal | |
|
| Financial Officer | |
Date |
| October 25, 2022 |
|