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Third Quarter Report
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
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Columbia Real Estate Equity Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Portfolio of Investments
Columbia Real Estate Equity Fund, September 30, 2023 (Unaudited)
Columbia Real Estate Equity Fund, September 30, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 95.9% | ||
Issuer | Shares | Value ($) |
Real Estate 95.9% | ||
Data Center REITs 10.9% | ||
Digital Realty Trust, Inc. | 21,200 | 2,565,624 |
Equinix, Inc. | 19,909 | 14,459,110 |
Total Data Center REITs | 17,024,734 | |
Health Care REITs 10.8% | ||
Healthcare Realty Trust, Inc. | 65,300 | 997,131 |
Healthpeak Properties, Inc. | 243,971 | 4,479,308 |
Omega Healthcare Investors, Inc. | 38,900 | 1,289,924 |
Sabra Health Care REIT, Inc. | 241,900 | 3,372,086 |
Welltower, Inc. | 81,848 | 6,704,988 |
Total Health Care REITs | 16,843,437 | |
Hotel & Resort REITs 3.3% | ||
Apple Hospitality REIT, Inc. | 36,600 | 561,444 |
Host Hotels & Resorts, Inc. | 123,805 | 1,989,546 |
Park Hotels & Resorts, Inc. | 97,800 | 1,204,896 |
RLJ Lodging Trust | 26,200 | 256,498 |
Ryman Hospitality Properties, Inc. | 9,700 | 807,816 |
Sunstone Hotel Investors, Inc. | 35,600 | 332,860 |
Total Hotel & Resort REITs | 5,153,060 | |
Industrial REITs 17.9% | ||
Americold Realty Trust, Inc. | 44,600 | 1,356,286 |
First Industrial Realty Trust, Inc. | 99,603 | 4,740,107 |
Prologis, Inc. | 155,419 | 17,439,566 |
Terreno Realty Corp. | 76,300 | 4,333,840 |
Total Industrial REITs | 27,869,799 | |
Multi-Family Residential REITs 13.8% | ||
AvalonBay Communities, Inc. | 44,553 | 7,651,532 |
Centerspace | 2,579 | 155,410 |
Elme Communities | 12,200 | 166,408 |
Equity Residential | 62,600 | 3,675,246 |
Essex Property Trust, Inc. | 32,500 | 6,892,925 |
Independence Realty Trust, Inc. | 50,000 | 703,500 |
UDR, Inc. | 56,468 | 2,014,214 |
Veris Residential, Inc. | 10,700 | 176,550 |
Total Multi-Family Residential REITs | 21,435,785 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Office REITs 4.3% | ||
Alexandria Real Estate Equities, Inc. | 28,942 | 2,897,094 |
Brandywine Realty Trust | 282,400 | 1,282,096 |
COPT Defense Properties | 18,600 | 443,238 |
Cousins Properties, Inc. | 25,400 | 517,398 |
Easterly Government Properties, Inc. | 26,800 | 306,324 |
Highwoods Properties, Inc. | 58,600 | 1,207,746 |
Total Office REITs | 6,653,896 | |
Other Specialized REITs 6.8% | ||
EPR Properties | 18,800 | 780,952 |
Four Corners Property Trust, Inc. | 21,700 | 481,523 |
Iron Mountain, Inc. | 54,700 | 3,251,915 |
Lamar Advertising Co., Class A | 14,716 | 1,228,345 |
Outfront Media, Inc. | 44,100 | 445,410 |
VICI Properties, Inc. | 150,000 | 4,365,000 |
Total Other Specialized REITs | 10,553,145 | |
Retail REITs 13.9% | ||
Brixmor Property Group, Inc. | 165,264 | 3,434,186 |
Federal Realty Investment Trust | 46,353 | 4,200,972 |
Realty Income Corp. | 112,241 | 5,605,316 |
Simon Property Group, Inc. | 73,844 | 7,977,367 |
SITE Centers Corp. | 32,382 | 399,270 |
Total Retail REITs | 21,617,111 | |
Self Storage REITs 7.4% | ||
Extra Space Storage, Inc. | 50,765 | 6,172,009 |
Public Storage | 20,500 | 5,402,160 |
Total Self Storage REITs | 11,574,169 | |
Single-Family Residential REITs 5.9% | ||
Invitation Homes, Inc. | 156,983 | 4,974,791 |
Sun Communities, Inc. | 35,615 | 4,214,679 |
Total Single-Family Residential REITs | 9,189,470 | |
Telecom Tower REITs 0.9% | ||
SBA Communications Corp. | 7,000 | 1,401,190 |
Total Telecom Tower REITs | 1,401,190 | |
Total Real Estate | 149,315,796 | |
Total Common Stocks (Cost: $121,462,770) | 149,315,796 | |
2 | Columbia Real Estate Equity Fund | Third Quarter Report 2023 |
Portfolio of Investments (continued)
Columbia Real Estate Equity Fund, September 30, 2023 (Unaudited)
Columbia Real Estate Equity Fund, September 30, 2023 (Unaudited)
Money Market Funds 3.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.515%(a),(b) | 4,697,155 | 4,695,746 |
Total Money Market Funds (Cost: $4,695,427) | 4,695,746 | |
Total Investments in Securities (Cost $126,158,197) | 154,011,542 | |
Other Assets & Liabilities, Net | 1,653,084 | |
Net Assets | $155,664,626 |
Investments in derivatives
Swap arrangement - contracts for differences | ||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Cash & other receivable (payable) ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Appreciation on underlying contracts for differences (CFDs), accrued income on long CFDs, and SOFR less a spread of 40-55 basis points on short CFDs. | Depreciation on underlying CFDs, accrued income on underlying short CFDs, and SOFR plus a spread of 40 basis points on long CFDs | Monthly | Goldman Sachs International | 09/30/2026 | USD | 66,792,736 | (143,638) | (52,873) | — | (196,511) |
The following table represents the contracts for differences underlying the swap arrangement as of September 30, 2023. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Long Equity Contracts for Differences | ||||
Real Estate | ||||
Diversified REITs | ||||
WP Carey, Inc. | 19,800 | 1,103,494 | (32,710) | (16.6) |
Broadstone Net Lease, Inc. | 85,400 | 1,371,524 | (150,304) | (76.5) |
Health Care REITs | ||||
Ventas, Inc. | 67,500 | 3,011,850 | (168,075) | (85.5) |
Hotel & Resort REITs | ||||
Host Hotels & Resorts, Inc. | 158,000 | 2,622,800 | (83,740) | (42.6) |
Park Hotels & Resorts, Inc. | 244,600 | 3,206,706 | (193,234) | (98.3) |
Industrial REITs | ||||
STAG Industrial, Inc. | 30,200 | 1,107,132 | (64,930) | (33.0) |
Multi-Family Residential REITs | ||||
AvalonBay Communities, Inc. | 6,000 | 1,103,340 | (72,900) | (37.1) |
Mid-America Apartment Communities, Inc. | 19,900 | 2,746,200 | (186,065) | (94.7) |
Office REITs | ||||
Kilroy Realty Corp. | 18,700 | 670,021 | (78,914) | (40.2) |
Boston Properties, Inc. | 59,300 | 3,930,404 | (403,240) | (205.2) |
Other Specialized REITs | ||||
VICI Properties, Inc. | 150,700 | 4,394,071 | (8,700) | (4.4) |
Retail REITs | ||||
Regency Centers Corp. | 30,600 | 1,949,526 | (130,662) | (66.5) |
Kite Realty Group Trust | 36,200 | 833,686 | (58,282) | (29.7) |
Retail Opportunity Investments Corp. | 211,200 | 2,935,680 | (321,024) | (163.4) |
Agree Realty Corp. | 57,000 | 3,268,920 | (120,240) | (61.2) |
Self Storage REITs | ||||
National Storage Affiliates Trust | 13,300 | 463,372 | (41,230) | (21.0) |
Columbia Real Estate Equity Fund | Third Quarter Report 2023 | 3 |
Portfolio of Investments (continued)
Columbia Real Estate Equity Fund, September 30, 2023 (Unaudited)
Columbia Real Estate Equity Fund, September 30, 2023 (Unaudited)
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Telecom Tower REITs | ||||
SBA Communications Corp. | 2,500 | 545,375 | (44,950) | (22.9) |
Total | 35,264,101 | (2,159,200) |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Short Equity Contracts for Differences | ||||
Real Estate | ||||
Health Care REITs | ||||
Medical Properties Trust, Inc. | (124,700) | (748,200) | 68,585 | 34.9 |
Physicians Realty Trust | (217,700) | (2,814,288) | 160,525 | 81.7 |
Industrial REITs | ||||
EastGroup Properties, Inc. | (13,600) | (2,431,952) | 167,144 | 85.1 |
LXP Industrial Trust | (339,500) | (3,289,755) | 268,205 | 136.5 |
Multi-Family Residential REITs | ||||
Camden Property Trust | (30,600) | (3,147,822) | 253,674 | 129.1 |
Apartment Income REIT Corp. | (127,800) | (4,179,060) | 255,600 | 130.1 |
Office REITs | ||||
Paramount Group, Inc. | (134,000) | (707,520) | 88,440 | 45.0 |
Douglas Emmett, Inc. | (144,200) | (1,946,700) | 106,708 | 54.3 |
Other Specialized REITs | ||||
Gaming and Leisure Properties, Inc. | (44,119) | (1,999,094) | (10,527) | (5.4) |
Retail REITs | ||||
Kimco Realty Corp. | (32,300) | (609,824) | 41,667 | 21.2 |
National Retail Properties, Inc. | (22,300) | (796,110) | 8,028 | 4.1 |
Urban Edge Properties | (138,400) | (2,311,280) | 199,296 | 101.4 |
Phillips Edison & Co., Inc. | (54,100) | (1,902,697) | 88,183 | 44.9 |
Self Storage REITs | ||||
CubeSmart | (62,000) | (2,548,200) | 184,140 | 93.7 |
Telecom Tower REITs | ||||
Crown Castle International Corp. | (21,300) | (2,096,133) | 135,894 | 69.2 |
Total | (31,528,635) | 2,015,562 |
Swap arrangement - contracts for differences | ||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Cash & other receivable (payable) ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Appreciation on underlying contracts for difference (CFDs), accrued income on long CFDs, and 1-Day Overnight Fed Funds Effective Rate less a spread of 35 basis points on short CFDs. | Depreciation on underlying CFDs, accrued income on underlying short CFDs, and 1-Day Overnight Fed Funds Effective Rate plus a spread of 40 basis points on long CFDs. | Monthly | Morgan Stanley | 08/06/2025 | USD | 27,779,433 | (86,372) | 30,678 | — | (55,694) |
The following table represents the contracts for differences underlying the swap arrangement as of September 30, 2023. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Long Equity Contracts for Differences | ||||
Real Estate | ||||
Diversified REITs | ||||
Essential Properties Realty Trust, Inc. | 131,200 | 3,070,080 | (232,224) | (417.0) |
Industrial REITs | ||||
Rexford Industrial Realty, Inc. | 34,000 | 1,765,280 | (87,380) | (156.9) |
4 | Columbia Real Estate Equity Fund | Third Quarter Report 2023 |
Portfolio of Investments (continued)
Columbia Real Estate Equity Fund, September 30, 2023 (Unaudited)
Columbia Real Estate Equity Fund, September 30, 2023 (Unaudited)
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Office REITs | ||||
Highwoods Properties, Inc. | 53,700 | 1,228,012 | (121,255) | (217.7) |
Vornado Realty Trust | 93,500 | 2,354,330 | (233,750) | (419.7) |
Brandywine Realty Trust | 225,400 | 1,131,508 | (108,192) | (194.3) |
Self Storage REITs | ||||
Public Storage | 12,300 | 3,371,553 | (130,257) | (233.9) |
Single-Family Residential REITs | ||||
Sun Communities, Inc. | 14,800 | 1,860,952 | (109,520) | (196.6) |
Total | 14,781,715 | (1,022,578) |
Description | Shares | Notional Amount ($) | Appreciation (Depreciation) ($) | (%) |
Short Equity Contracts for Differences | ||||
Real Estate | ||||
Hotel & Resort REITs | ||||
Pebblebrook Hotel Trust | (250,600) | (3,686,326) | 280,672 | 504.0 |
DiamondRock Hospitality Co. | (230,500) | (1,901,625) | 50,710 | 91.1 |
Office REITs | ||||
SL Green Realty Corp. | (56,200) | (2,322,746) | 226,486 | 406.7 |
Piedmont Office Realty Trust, Inc. | (128,400) | (812,772) | 91,164 | 163.7 |
Retail REITs | ||||
Macerich Co. (The) | (48,100) | (588,263) | 63,492 | 114.0 |
Spirit Realty Capital, Inc. | (41,200) | (1,500,504) | 119,068 | 213.8 |
Tanger Factory Outlet Centers, Inc. | (27,800) | (654,690) | 26,410 | 47.4 |
Single-Family Residential REITs | ||||
Equity LifeStyle Properties, Inc. | (22,800) | (1,530,792) | 78,204 | 140.4 |
Total | (12,997,718) | 936,206 |
Reference index and values for swap contracts as of period end | ||
Reference index | Reference rate | |
1-Day Overnight Fed Funds Effective Rate | Overnight Federal Funds Effective Rate | 5.330% |
SOFR | Secured Overnight Financing Rate | 5.310% |
Notes to Portfolio of Investments
(a) | The rate shown is the seven-day current annualized yield at September 30, 2023. |
(b) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended September 30, 2023 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.515% | ||||||||
589,051 | 35,306,039 | (31,199,645) | 301 | 4,695,746 | (106) | 80,018 | 4,697,155 |
Abbreviation Legend
SOFR | Secured Overnight Financing Rate |
Currency Legend
USD | US Dollar |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Columbia Real Estate Equity Fund | Third Quarter Report 2023 | 5 |
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
3QT212_12_N01_(11/23)