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 811-04367
Columbia Funds Series Trust I
(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: July 31
Date of reporting period: July 31, 2023
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.
July 31, 2023
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40 |
(Unaudited)
Average annual total returns (%) (for the period ended July 31, 2023) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/01/98 | 17.10 | 13.12 | 13.87 |
Including sales charges | 10.38 | 11.79 | 13.20 | ||
Advisor Class | 11/08/12 | 17.39 | 13.41 | 14.16 | |
Class C | Excluding sales charges | 11/18/02 | 16.19 | 12.28 | 13.02 |
Including sales charges | 15.19 | 12.28 | 13.02 | ||
Class E | Excluding sales charges | 09/22/06 | 16.68 | 12.86 | 13.68 |
Including sales charges | 11.42 | 11.83 | 13.16 | ||
Institutional Class | 12/14/90 | 17.40 | 13.41 | 14.16 | |
Institutional 2 Class | 03/07/11 | 17.44 | 13.45 | 14.23 | |
Institutional 3 Class | 07/15/09 | 17.49 | 13.51 | 14.29 | |
Class R | 09/27/10 | 16.80 | 12.84 | 13.59 | |
Class V | Excluding sales charges | 12/14/90 | 17.11 | 13.13 | 13.86 |
Including sales charges | 10.37 | 11.80 | 13.19 | ||
Russell 1000 Growth Index | 17.31 | 15.23 | 15.53 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 3 |
(Unaudited)
Portfolio breakdown (%) (at July 31, 2023) | |
Common Stocks | 98.4 |
Exchange-Traded Equity Funds | 0.7 |
Money Market Funds | 0.9 |
Total | 100.0 |
Equity sector breakdown (%) (at July 31, 2023) | |
Communication Services | 9.7 |
Consumer Discretionary | 14.2 |
Consumer Staples | 5.2 |
Financials | 5.7 |
Health Care | 13.0 |
Industrials | 5.8 |
Information Technology | 44.0 |
Real Estate | 2.4 |
Total | 100.0 |
Equity sub-industry breakdown (%) (at July 31, 2023) | |
Information Technology | |
Application Software | 5.4 |
Electronic Manufacturing Services | 1.2 |
Semiconductors | 11.9 |
Systems Software | 13.7 |
Technology Hardware, Storage & Peripherals | 11.8 |
Total | 44.0 |
4 | Columbia Large Cap Growth Fund | Annual Report 2023 |
(Unaudited)
• | Stock selection within the consumer discretionary sector was the largest detractor from Fund performance during the period. |
• | The communication services sector was also an area in which the Fund lagged the benchmark. |
• | On a relative basis, cybersecurity software company CrowdStrike Holdings, communication equipment company Zebra Technologies Corp. and specialty coffee retailer Starbucks Corp. weighed most on Fund performance versus the benchmark. We sold the positions in CrowdStrike Holdings and Zebra Technologies. |
• | The health care, information technology and industrials sectors were the largest areas of contribution, driven by strong stock selection. |
• | Relative to the benchmark, the Fund’s top contributors included semiconductor companies NVIDIA, Broadcom, Inc. and Advanced Micro Devices, Inc. |
Columbia Large Cap Growth Fund | Annual Report 2023 | 5 |
(Unaudited)
6 | Columbia Large Cap Growth Fund | Annual Report 2023 |
(Unaudited)
February 1, 2023 — July 31, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,243.70 | 1,019.84 | 5.56 | 5.01 | 1.00 |
Advisor Class | 1,000.00 | 1,000.00 | 1,245.30 | 1,021.08 | 4.18 | 3.76 | 0.75 |
Class C | 1,000.00 | 1,000.00 | 1,239.10 | 1,016.12 | 9.72 | 8.75 | 1.75 |
Class E | 1,000.00 | 1,000.00 | 1,241.50 | 1,018.05 | 7.56 | 6.80 | 1.36 |
Institutional Class | 1,000.00 | 1,000.00 | 1,245.30 | 1,021.08 | 4.18 | 3.76 | 0.75 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,245.60 | 1,021.22 | 4.01 | 3.61 | 0.72 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,245.70 | 1,021.47 | 3.73 | 3.36 | 0.67 |
Class R | 1,000.00 | 1,000.00 | 1,242.00 | 1,018.60 | 6.95 | 6.26 | 1.25 |
Class V | 1,000.00 | 1,000.00 | 1,243.70 | 1,019.84 | 5.56 | 5.01 | 1.00 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 7 |
July 31, 2023
Common Stocks 99.1% | ||
Issuer | Shares | Value ($) |
Communication Services 9.6% | ||
Interactive Media & Services 9.6% | ||
Alphabet, Inc., Class A(a) | 1,165,845 | 154,730,949 |
Alphabet, Inc., Class C(a) | 1,432,793 | 190,719,077 |
Meta Platforms, Inc., Class A(a) | 325,889 | 103,828,235 |
Total | 449,278,261 | |
Total Communication Services | 449,278,261 | |
Consumer Discretionary 14.1% | ||
Automobiles 1.9% | ||
Tesla, Inc.(a) | 334,975 | 89,582,364 |
Broadline Retail 6.4% | ||
Amazon.com, Inc.(a) | 2,252,674 | 301,137,460 |
Hotels, Restaurants & Leisure 4.2% | ||
DraftKings, Inc., Class A(a) | 1,714,790 | 54,496,026 |
Hilton Worldwide Holdings, Inc. | 425,569 | 66,171,724 |
Starbucks Corp. | 732,630 | 74,413,229 |
Total | 195,080,979 | |
Textiles, Apparel & Luxury Goods 1.6% | ||
NIKE, Inc., Class B | 658,732 | 72,717,426 |
Total Consumer Discretionary | 658,518,229 | |
Consumer Staples 5.2% | ||
Beverages 1.5% | ||
Coca-Cola Co. (The) | 1,176,452 | 72,857,672 |
Consumer Staples Distribution & Retail 2.3% | ||
Costco Wholesale Corp. | 188,443 | 105,654,337 |
Household Products 1.4% | ||
Procter & Gamble Co. (The) | 409,431 | 63,994,065 |
Total Consumer Staples | 242,506,074 | |
Financials 5.6% | ||
Capital Markets 1.8% | ||
S&P Global, Inc. | 210,474 | 83,034,098 |
Financial Services 3.8% | ||
Visa, Inc., Class A | 759,130 | 180,467,975 |
Total Financials | 263,502,073 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care 12.8% | ||
Biotechnology 2.8% | ||
Alnylam Pharmaceuticals, Inc.(a) | 160,825 | 31,425,205 |
BioMarin Pharmaceutical, Inc.(a) | 250,549 | 22,030,774 |
Exact Sciences Corp.(a) | 304,888 | 29,738,775 |
Vertex Pharmaceuticals, Inc.(a) | 135,569 | 47,766,381 |
Total | 130,961,135 | |
Health Care Equipment & Supplies 4.8% | ||
Boston Scientific Corp.(a) | 925,987 | 48,012,426 |
Cooper Companies, Inc. (The) | 131,871 | 51,595,847 |
DexCom, Inc.(a) | 432,080 | 53,819,885 |
Intuitive Surgical, Inc.(a) | 214,390 | 69,548,116 |
Total | 222,976,274 | |
Health Care Providers & Services 1.1% | ||
Cigna Group (The) | 180,777 | 53,347,293 |
Pharmaceuticals 4.1% | ||
Eli Lilly & Co. | 272,799 | 124,000,785 |
Zoetis, Inc. | 366,439 | 68,923,512 |
Total | 192,924,297 | |
Total Health Care | 600,208,999 | |
Industrials 5.8% | ||
Commercial Services & Supplies 1.2% | ||
Cintas Corp. | 114,521 | 57,494,123 |
Construction & Engineering 1.0% | ||
MasTec, Inc.(a) | 396,036 | 46,633,239 |
Electrical Equipment 2.3% | ||
AMETEK, Inc. | 321,840 | 51,043,824 |
Eaton Corp. PLC | 275,858 | 56,639,165 |
Total | 107,682,989 | |
Industrial Conglomerates 1.3% | ||
Honeywell International, Inc. | 300,695 | 58,373,920 |
Total Industrials | 270,184,271 | |
Information Technology 43.7% | ||
Electronic Equipment, Instruments & Components 1.2% | ||
TE Connectivity Ltd. | 387,193 | 55,558,324 |
8 | Columbia Large Cap Growth Fund | Annual Report 2023 |
July 31, 2023
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Semiconductors & Semiconductor Equipment 11.8% | ||
Advanced Micro Devices, Inc.(a) | 580,473 | 66,406,111 |
Broadcom, Inc. | 144,495 | 129,850,432 |
NVIDIA Corp. | 581,299 | 271,635,209 |
QUALCOMM, Inc. | 625,116 | 82,621,582 |
Total | 550,513,334 | |
Software 18.9% | ||
Adobe, Inc.(a) | 202,505 | 110,602,156 |
Dynatrace, Inc.(a) | 988,319 | 54,051,166 |
Microsoft Corp. | 1,437,990 | 483,049,600 |
Palo Alto Networks, Inc.(a) | 283,830 | 70,946,147 |
Salesforce, Inc.(a) | 376,088 | 84,623,561 |
ServiceNow, Inc.(a) | 140,819 | 82,097,477 |
Total | 885,370,107 | |
Technology Hardware, Storage & Peripherals 11.8% | ||
Apple, Inc. | 2,797,039 | 549,478,312 |
Total Information Technology | 2,040,920,077 | |
Real Estate 2.3% | ||
Industrial REITs 1.0% | ||
Prologis, Inc. | 387,735 | 48,369,941 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Specialized REITs 1.3% | ||
Equinix, Inc. | 74,492 | 60,332,561 |
Total Real Estate | 108,702,502 | |
Total Common Stocks (Cost $2,119,075,109) | 4,633,820,486 | |
Exchange-Traded Equity Funds 0.7% | ||
Shares | Value ($) | |
U.S. Large Cap 0.7% | ||
Columbia Research Enhanced Core ETF(b) | 1,307,578 | 34,923,055 |
Total Exchange-Traded Equity Funds (Cost $32,972,097) | 34,923,055 | |
Money Market Funds 0.9% | ||
Columbia Short-Term Cash Fund, 5.408%(b),(c) | 41,604,588 | 41,587,945 |
Total Money Market Funds (Cost $41,591,820) | 41,587,945 | |
Total Investments in Securities (Cost: $2,193,639,026) | 4,710,331,486 | |
Other Assets & Liabilities, Net | (33,685,005) | |
Net Assets | 4,676,646,481 |
(a) | Non-income producing investment. |
(b) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended July 31, 2023 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Research Enhanced Core ETF | ||||||||
— | 98,595,542 | (65,623,445) | 1,950,958 | 34,923,055 | 1,360,966 | — | 1,307,578 | |
Columbia Short-Term Cash Fund, 5.408% | ||||||||
142,242,537 | 558,833,855 | (659,481,093) | (7,354) | 41,587,945 | 6,473 | 2,050,295 | 41,604,588 | |
Total | 142,242,537 | 1,943,604 | 76,511,000 | 1,367,439 | 2,050,295 |
(c) | The rate shown is the seven-day current annualized yield at July 31, 2023. |
Columbia Large Cap Growth Fund | Annual Report 2023 | 9 |
July 31, 2023
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
■ | 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 | 449,278,261 | — | — | 449,278,261 |
Consumer Discretionary | 658,518,229 | — | — | 658,518,229 |
Consumer Staples | 242,506,074 | — | — | 242,506,074 |
Financials | 263,502,073 | — | — | 263,502,073 |
Health Care | 600,208,999 | — | — | 600,208,999 |
Industrials | 270,184,271 | — | — | 270,184,271 |
Information Technology | 2,040,920,077 | — | — | 2,040,920,077 |
Real Estate | 108,702,502 | — | — | 108,702,502 |
Total Common Stocks | 4,633,820,486 | — | — | 4,633,820,486 |
Exchange-Traded Equity Funds | 34,923,055 | — | �� | 34,923,055 |
Money Market Funds | 41,587,945 | — | — | 41,587,945 |
Total Investments in Securities | 4,710,331,486 | — | — | 4,710,331,486 |
10 | Columbia Large Cap Growth Fund | Annual Report 2023 |
July 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $2,119,075,109) | $4,633,820,486 |
Affiliated issuers (cost $74,563,917) | 76,511,000 |
Receivable for: | |
Capital shares sold | 751,441 |
Dividends | 638,271 |
Trustees’ fees | 409,064 |
Expense reimbursement due from Investment Manager | 431 |
Prepaid expenses | 45,968 |
Total assets | 4,712,176,661 |
Liabilities | |
Payable for: | |
Investments purchased | 29,810,617 |
Capital shares redeemed | 4,600,085 |
Management services fees | 247,824 |
Distribution and/or service fees | 58,582 |
Transfer agent fees | 242,521 |
Trustees’ fees | 481,964 |
Other expenses | 88,587 |
Total liabilities | 35,530,180 |
Net assets applicable to outstanding capital stock | $4,676,646,481 |
Represented by | |
Paid in capital | 1,970,323,163 |
Total distributable earnings (loss) | 2,706,323,318 |
Total - representing net assets applicable to outstanding capital stock | $4,676,646,481 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 11 |
July 31, 2023
Class A | |
Net assets | $2,388,322,372 |
Shares outstanding | 42,854,775 |
Net asset value per share | $55.73 |
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) | $59.13 |
Advisor Class | |
Net assets | $21,306,849 |
Shares outstanding | 347,706 |
Net asset value per share | $61.28 |
Class C | |
Net assets | $41,295,600 |
Shares outstanding | 1,006,048 |
Net asset value per share | $41.05 |
Class E | |
Net assets | $15,437,152 |
Shares outstanding | 281,431 |
Net asset value per share | $54.85 |
Maximum sales charge | 4.50% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class E shares) | $57.43 |
Institutional Class | |
Net assets | $1,184,524,732 |
Shares outstanding | 19,925,222 |
Net asset value per share | $59.45 |
Institutional 2 Class | |
Net assets | $24,642,208 |
Shares outstanding | 413,482 |
Net asset value per share | $59.60 |
Institutional 3 Class | |
Net assets | $732,642,730 |
Shares outstanding | 12,224,717 |
Net asset value per share | $59.93 |
Class R | |
Net assets | $9,149,659 |
Shares outstanding | 168,028 |
Net asset value per share | $54.45 |
Class V | |
Net assets | $259,325,179 |
Shares outstanding | 4,713,659 |
Net asset value per share | $55.02 |
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 V shares) | $58.38 |
12 | Columbia Large Cap Growth Fund | Annual Report 2023 |
Year Ended July 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $35,233,732 |
Dividends — affiliated issuers | 2,050,295 |
Interfund lending | 330 |
Total income | 37,284,357 |
Expenses: | |
Management services fees | 26,682,461 |
Distribution and/or service fees | |
Class A | 5,171,012 |
Class C | 383,729 |
Class E | 47,544 |
Class R | 37,717 |
Class V | 564,491 |
Transfer agent fees | |
Class A | 1,793,964 |
Advisor Class | 15,316 |
Class C | 33,327 |
Class E | 47,831 |
Institutional Class | 875,097 |
Institutional 2 Class | 22,384 |
Institutional 3 Class | 40,276 |
Class R | 6,538 |
Class V | 195,859 |
Trustees’ fees | 89,573 |
Custodian fees | 21,756 |
Printing and postage fees | 173,902 |
Registration fees | 179,832 |
Accounting services fees | 30,767 |
Legal fees | 67,795 |
Interest on collateral | 461 |
Compensation of chief compliance officer | 735 |
Other | 75,229 |
Total expenses | 36,557,596 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (14,185) |
Expense reduction | (13,051) |
Total net expenses | 36,530,360 |
Net investment income | 753,997 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 252,201,197 |
Investments — affiliated issuers | 1,367,439 |
Futures contracts | (4,124,735) |
Net realized gain | 249,443,901 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 421,038,707 |
Investments — affiliated issuers | 1,943,604 |
Futures contracts | (477,343) |
Net change in unrealized appreciation (depreciation) | 422,504,968 |
Net realized and unrealized gain | 671,948,869 |
Net increase in net assets resulting from operations | $672,702,866 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 13 |
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |
Operations | ||
Net investment income (loss) | $753,997 | $(6,466,756) |
Net realized gain | 249,443,901 | 107,715,703 |
Net change in unrealized appreciation (depreciation) | 422,504,968 | (1,032,070,931) |
Net increase (decrease) in net assets resulting from operations | 672,702,866 | (930,821,984) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | — | (244,133,175) |
Advisor Class | — | (2,720,087) |
Class C | — | (7,868,155) |
Class E | — | (1,646,962) |
Institutional Class | — | (112,671,169) |
Institutional 2 Class | — | (8,905,905) |
Institutional 3 Class | — | (69,227,245) |
Class R | — | (875,965) |
Class V | — | (26,358,603) |
Total distributions to shareholders | — | (474,407,266) |
Increase (decrease) in net assets from capital stock activity | (379,442,068) | 99,431,405 |
Total increase (decrease) in net assets | 293,260,798 | (1,305,797,845) |
Net assets at beginning of year | 4,383,385,683 | 5,689,183,528 |
Net assets at end of year | $4,676,646,481 | $4,383,385,683 |
14 | Columbia Large Cap Growth Fund | Annual Report 2023 |
Year Ended | Year Ended | |||
July 31, 2023 | July 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 1,043,577 | 48,801,417 | 1,281,703 | 71,064,106 |
Distributions reinvested | — | — | 3,855,701 | 235,930,336 |
Shares redeemed | (4,481,192) | (205,610,201) | (5,133,783) | (283,380,156) |
Net increase (decrease) | (3,437,615) | (156,808,784) | 3,621 | 23,614,286 |
Advisor Class | ||||
Shares sold | 91,419 | 4,740,266 | 275,762 | 18,054,519 |
Distributions reinvested | — | — | 37,295 | 2,498,765 |
Shares redeemed | (80,941) | (4,242,183) | (280,142) | (16,225,069) |
Net increase | 10,478 | 498,083 | 32,915 | 4,328,215 |
Class C | ||||
Shares sold | 222,901 | 7,487,054 | 183,635 | 7,860,947 |
Distributions reinvested | — | — | 168,255 | 7,677,476 |
Shares redeemed | (471,316) | (15,821,810) | (805,442) | (33,037,725) |
Net decrease | (248,415) | (8,334,756) | (453,552) | (17,499,302) |
Class E | ||||
Shares sold | 608 | 28,534 | 2,538 | 138,782 |
Distributions reinvested | — | — | 27,191 | 1,646,962 |
Shares redeemed | (38,732) | (1,731,406) | (38,887) | (2,152,800) |
Net decrease | (38,124) | (1,702,872) | (9,158) | (367,056) |
Institutional Class | ||||
Shares sold | 1,521,236 | 75,716,994 | 1,424,087 | 84,807,393 |
Distributions reinvested | — | — | 1,613,140 | 104,854,093 |
Shares redeemed | (2,664,295) | (128,869,590) | (2,479,529) | (144,313,236) |
Net increase (decrease) | (1,143,059) | (53,152,596) | 557,698 | 45,348,250 |
Institutional 2 Class | ||||
Shares sold | 165,064 | 7,982,548 | 248,736 | 15,191,996 |
Distributions reinvested | — | — | 136,672 | 8,901,412 |
Shares redeemed | (1,403,540) | (63,158,189) | (359,667) | (21,334,730) |
Net increase (decrease) | (1,238,476) | (55,175,641) | 25,741 | 2,758,678 |
Institutional 3 Class | ||||
Shares sold | 1,453,714 | 71,332,532 | 1,793,471 | 99,804,051 |
Distributions reinvested | — | — | 754,572 | 49,379,219 |
Shares redeemed | (3,037,886) | (157,733,858) | (1,880,381) | (116,684,279) |
Net increase (decrease) | (1,584,172) | (86,401,326) | 667,662 | 32,498,991 |
Class R | ||||
Shares sold | 48,704 | 2,178,640 | 36,034 | 2,024,734 |
Distributions reinvested | — | — | 13,640 | 818,807 |
Shares redeemed | (53,210) | (2,320,966) | (43,786) | (2,446,653) |
Net increase (decrease) | (4,506) | (142,326) | 5,888 | 396,888 |
Class V | ||||
Shares sold | 21,576 | 970,980 | 112,136 | 6,547,297 |
Distributions reinvested | — | — | 325,429 | 19,655,902 |
Shares redeemed | (419,742) | (19,192,830) | (320,901) | (17,850,744) |
Net increase (decrease) | (398,166) | (18,221,850) | 116,664 | 8,352,455 |
Total net increase (decrease) | (8,082,055) | (379,442,068) | 947,479 | 99,431,405 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 15 |
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 7/31/2023 | $47.59 | (0.04) | 8.18 | 8.14 | — | — | — |
Year Ended 7/31/2022 | $62.66 | (0.13) | (9.54) | (9.67) | — | (5.40) | (5.40) |
Year Ended 7/31/2021 | $50.90 | (0.11) | 18.52 | 18.41 | (0.07) | (6.58) | (6.65) |
Year Ended 7/31/2020 | $43.43 | (0.01) | 11.15 | 11.14 | — | (3.67) | (3.67) |
Year Ended 7/31/2019 | $43.86 | (0.04) | 2.98 | 2.94 | — | (3.37) | (3.37) |
Advisor Class | |||||||
Year Ended 7/31/2023 | $52.20 | 0.08 | 9.00 | 9.08 | — | — | — |
Year Ended 7/31/2022 | $68.22 | 0.03 | (10.50) | (10.47) | — | (5.55) | (5.55) |
Year Ended 7/31/2021 | $54.87 | 0.02 | 20.10 | 20.12 | (0.19) | (6.58) | (6.77) |
Year Ended 7/31/2020 | $46.43 | 0.10 | 12.01 | 12.11 | — | (3.67) | (3.67) |
Year Ended 7/31/2019 | $46.53 | 0.07 | 3.20 | 3.27 | — | (3.37) | (3.37) |
Class C | |||||||
Year Ended 7/31/2023 | $35.33 | (0.29) | 6.01 | 5.72 | — | — | — |
Year Ended 7/31/2022 | $47.73 | (0.41) | (7.05) | (7.46) | — | (4.94) | (4.94) |
Year Ended 7/31/2021 | $40.39 | (0.39) | 14.31 | 13.92 | — | (6.58) | (6.58) |
Year Ended 7/31/2020 | $35.43 | (0.27) | 8.90 | 8.63 | — | (3.67) | (3.67) |
Year Ended 7/31/2019 | $36.70 | (0.29) | 2.39 | 2.10 | — | (3.37) | (3.37) |
Class E | |||||||
Year Ended 7/31/2023 | $47.01 | (0.21) | 8.05 | 7.84 | — | — | — |
Year Ended 7/31/2022 | $61.99 | (0.29) | (9.46) | (9.75) | — | (5.23) | (5.23) |
Year Ended 7/31/2021 | $50.50 | (0.26) | 18.35 | 18.09 | (0.02) | (6.58) | (6.60) |
Year Ended 7/31/2020 | $43.15 | (0.06) | 11.08 | 11.02 | — | (3.67) | (3.67) |
Year Ended 7/31/2019 | $43.65 | (0.08) | 2.95 | 2.87 | — | (3.37) | (3.37) |
Institutional Class | |||||||
Year Ended 7/31/2023 | $50.64 | 0.08 | 8.73 | 8.81 | — | — | — |
Year Ended 7/31/2022 | $66.34 | 0.01 | (10.16) | (10.15) | — | (5.55) | (5.55) |
Year Ended 7/31/2021 | $53.52 | 0.03 | 19.56 | 19.59 | (0.19) | (6.58) | (6.77) |
Year Ended 7/31/2020 | $45.38 | 0.10 | 11.71 | 11.81 | — | (3.67) | (3.67) |
Year Ended 7/31/2019 | $45.56 | 0.06 | 3.13 | 3.19 | — | (3.37) | (3.37) |
Institutional 2 Class | |||||||
Year Ended 7/31/2023 | $50.75 | 0.17 | 8.68 | 8.85 | — | — | — |
Year Ended 7/31/2022 | $66.47 | 0.02 | (10.18) | (10.16) | — | (5.56) | (5.56) |
Year Ended 7/31/2021 | $53.62 | (0.00)(e) | 19.64 | 19.64 | (0.21) | (6.58) | (6.79) |
Year Ended 7/31/2020 | $45.44 | 0.12 | 11.73 | 11.85 | — | (3.67) | (3.67) |
Year Ended 7/31/2019 | $45.59 | 0.09 | 3.13 | 3.22 | — | (3.37) | (3.37) |
16 | Columbia Large Cap Growth Fund | Annual Report 2023 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 7/31/2023 | $55.73 | 17.10% | 1.00%(c) | 1.00%(c),(d) | (0.10%) | 45% | $2,388,322 |
Year Ended 7/31/2022 | $47.59 | (17.35%) | 0.98%(c) | 0.98%(c) | (0.23%) | 46% | $2,203,137 |
Year Ended 7/31/2021 | $62.66 | 39.24% | 0.99%(c) | 0.99%(c),(d) | (0.21%) | 52% | $2,900,684 |
Year Ended 7/31/2020 | $50.90 | 27.48% | 1.02% | 1.02%(d) | (0.03%) | 46% | $2,249,478 |
Year Ended 7/31/2019 | $43.43 | 7.84% | 1.04% | 1.04% | (0.10%) | 35% | $1,932,367 |
Advisor Class | |||||||
Year Ended 7/31/2023 | $61.28 | 17.39% | 0.75%(c) | 0.75%(c),(d) | 0.15% | 45% | $21,307 |
Year Ended 7/31/2022 | $52.20 | (17.15%) | 0.73%(c) | 0.73%(c) | 0.05% | 46% | $17,603 |
Year Ended 7/31/2021 | $68.22 | 39.60% | 0.74%(c) | 0.74%(c),(d) | 0.03% | 52% | $20,760 |
Year Ended 7/31/2020 | $54.87 | 27.81% | 0.77% | 0.77%(d) | 0.21% | 46% | $11,934 |
Year Ended 7/31/2019 | $46.43 | 8.11% | 0.79% | 0.79% | 0.15% | 35% | $12,088 |
Class C | |||||||
Year Ended 7/31/2023 | $41.05 | 16.19% | 1.75%(c) | 1.75%(c),(d) | (0.83%) | 45% | $41,296 |
Year Ended 7/31/2022 | $35.33 | (17.96%) | 1.73%(c) | 1.73%(c) | (0.96%) | 46% | $44,314 |
Year Ended 7/31/2021 | $47.73 | 38.22% | 1.74%(c) | 1.74%(c),(d) | (0.93%) | 52% | $81,519 |
Year Ended 7/31/2020 | $40.39 | 26.54% | 1.77% | 1.77%(d) | (0.78%) | 46% | $86,411 |
Year Ended 7/31/2019 | $35.43 | 7.03% | 1.79% | 1.79% | (0.86%) | 35% | $78,293 |
Class E | |||||||
Year Ended 7/31/2023 | $54.85 | 16.68% | 1.37%(c) | 1.36%(c),(d) | (0.45%) | 45% | $15,437 |
Year Ended 7/31/2022 | $47.01 | (17.61%) | 1.28%(c) | 1.28%(c) | (0.53%) | 46% | $15,022 |
Year Ended 7/31/2021 | $61.99 | 38.87% | 1.27%(c) | 1.26%(c),(d) | (0.48%) | 52% | $20,376 |
Year Ended 7/31/2020 | $50.50 | 27.37% | 1.12% | 1.12%(d) | (0.13%) | 46% | $17,216 |
Year Ended 7/31/2019 | $43.15 | 7.71% | 1.14% | 1.14% | (0.20%) | 35% | $15,875 |
Institutional Class | |||||||
Year Ended 7/31/2023 | $59.45 | 17.40% | 0.75%(c) | 0.75%(c),(d) | 0.15% | 45% | $1,184,525 |
Year Ended 7/31/2022 | $50.64 | (17.15%) | 0.73%(c) | 0.73%(c) | 0.02% | 46% | $1,066,894 |
Year Ended 7/31/2021 | $66.34 | 39.61% | 0.74%(c) | 0.74%(c),(d) | 0.04% | 52% | $1,360,640 |
Year Ended 7/31/2020 | $53.52 | 27.79% | 0.77% | 0.77%(d) | 0.22% | 46% | $1,062,936 |
Year Ended 7/31/2019 | $45.38 | 8.11% | 0.79% | 0.79% | 0.15% | 35% | $975,664 |
Institutional 2 Class | |||||||
Year Ended 7/31/2023 | $59.60 | 17.44% | 0.72%(c) | 0.72%(c) | 0.35% | 45% | $24,642 |
Year Ended 7/31/2022 | $50.75 | (17.13%) | 0.71%(c) | 0.71%(c) | 0.04% | 46% | $83,838 |
Year Ended 7/31/2021 | $66.47 | 39.63% | 0.72%(c) | 0.72%(c) | (0.00%)(e) | 52% | $108,093 |
Year Ended 7/31/2020 | $53.62 | 27.84% | 0.73% | 0.73% | 0.26% | 46% | $17,929 |
Year Ended 7/31/2019 | $45.44 | 8.17% | 0.74% | 0.74% | 0.20% | 35% | $13,783 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 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 | |
Institutional 3 Class | |||||||
Year Ended 7/31/2023 | $51.01 | 0.12 | 8.80 | 8.92 | — | — | — |
Year Ended 7/31/2022 | $66.78 | 0.05 | (10.23) | (10.18) | — | (5.59) | (5.59) |
Year Ended 7/31/2021 | $53.84 | 0.05 | 19.70 | 19.75 | (0.23) | (6.58) | (6.81) |
Year Ended 7/31/2020 | $45.59 | 0.14 | 11.78 | 11.92 | — | (3.67) | (3.67) |
Year Ended 7/31/2019 | $45.70 | 0.11 | 3.15 | 3.26 | — | (3.37) | (3.37) |
Class R | |||||||
Year Ended 7/31/2023 | $46.62 | (0.16) | 7.99 | 7.83 | — | — | — |
Year Ended 7/31/2022 | $61.49 | (0.26) | (9.36) | (9.62) | — | (5.25) | (5.25) |
Year Ended 7/31/2021 | $50.11 | (0.23) | 18.19 | 17.96 | — | (6.58) | (6.58) |
Year Ended 7/31/2020 | $42.92 | (0.12) | 10.98 | 10.86 | — | (3.67) | (3.67) |
Year Ended 7/31/2019 | $43.49 | (0.14) | 2.94 | 2.80 | — | (3.37) | (3.37) |
Class V | |||||||
Year Ended 7/31/2023 | $46.98 | (0.04) | 8.08 | 8.04 | — | — | — |
Year Ended 7/31/2022 | $61.93 | (0.13) | (9.42) | (9.55) | — | (5.40) | (5.40) |
Year Ended 7/31/2021 | $50.37 | (0.11) | 18.32 | 18.21 | (0.07) | (6.58) | (6.65) |
Year Ended 7/31/2020 | $43.01 | (0.01) | 11.04 | 11.03 | — | (3.67) | (3.67) |
Year Ended 7/31/2019 | $43.47 | (0.04) | 2.95 | 2.91 | — | (3.37) | (3.37) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Rounds to zero. |
18 | Columbia Large Cap Growth Fund | Annual Report 2023 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 7/31/2023 | $59.93 | 17.49% | 0.67%(c) | 0.67%(c) | 0.24% | 45% | $732,643 |
Year Ended 7/31/2022 | $51.01 | (17.09%) | 0.66%(c) | 0.66%(c) | 0.09% | 46% | $704,377 |
Year Ended 7/31/2021 | $66.78 | 39.70% | 0.66%(c) | 0.66%(c) | 0.09% | 52% | $877,535 |
Year Ended 7/31/2020 | $53.84 | 27.91% | 0.68% | 0.68% | 0.31% | 46% | $526,471 |
Year Ended 7/31/2019 | $45.59 | 8.24% | 0.69% | 0.69% | 0.26% | 35% | $394,049 |
Class R | |||||||
Year Ended 7/31/2023 | $54.45 | 16.80% | 1.25%(c) | 1.25%(c),(d) | (0.34%) | 45% | $9,150 |
Year Ended 7/31/2022 | $46.62 | (17.56%) | 1.23%(c) | 1.23%(c) | (0.48%) | 46% | $8,043 |
Year Ended 7/31/2021 | $61.49 | 38.92% | 1.24%(c) | 1.24%(c),(d) | (0.44%) | 52% | $10,247 |
Year Ended 7/31/2020 | $50.11 | 27.14% | 1.27% | 1.27%(d) | (0.28%) | 46% | $11,856 |
Year Ended 7/31/2019 | $42.92 | 7.57% | 1.29% | 1.29% | (0.35%) | 35% | $13,233 |
Class V | |||||||
Year Ended 7/31/2023 | $55.02 | 17.11% | 1.00%(c) | 1.00%(c),(d) | (0.09%) | 45% | $259,325 |
Year Ended 7/31/2022 | $46.98 | (17.36%) | 0.98%(c) | 0.98%(c) | (0.23%) | 46% | $240,158 |
Year Ended 7/31/2021 | $61.93 | 39.26% | 0.99%(c) | 0.99%(c),(d) | (0.21%) | 52% | $309,330 |
Year Ended 7/31/2020 | $50.37 | 27.49% | 1.02% | 1.02%(d) | (0.03%) | 46% | $241,606 |
Year Ended 7/31/2019 | $43.01 | 7.84% | 1.04% | 1.04% | (0.11%) | 35% | $205,528 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 19 |
July 31, 2023
20 | Columbia Large Cap Growth Fund | Annual Report 2023 |
July 31, 2023
Columbia Large Cap Growth Fund | Annual Report 2023 | 21 |
July 31, 2023
22 | Columbia Large Cap Growth Fund | Annual Report 2023 |
July 31, 2023
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Equity risk | (4,124,735) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Equity risk | (477,343) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 12,633,772 |
* | Based on the ending daily outstanding amounts for the year ended July 31, 2023. |
Columbia Large Cap Growth Fund | Annual Report 2023 | 23 |
July 31, 2023
24 | Columbia Large Cap Growth Fund | Annual Report 2023 |
July 31, 2023
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.09 |
Class C | 0.09 |
Class E | 0.35 |
Institutional Class | 0.09 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.09 |
Class V | 0.09 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 25 |
July 31, 2023
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 -���1.00(a) | 461,086 |
Class C | — | 1.00(b) | 2,246 |
Class E | 4.50 | 1.00(b) | 488 |
Class V | 5.75 | 0.50 - 1.00(a) | 1,390 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
26 | Columbia Large Cap Growth Fund | Annual Report 2023 |
July 31, 2023
December 1, 2022 through November 30, 2023 | Prior to December 1, 2022 | |
Class A | 1.09% | 1.10% |
Advisor Class | 0.84 | 0.85 |
Class C | 1.84 | 1.85 |
Class E | 1.44 | 1.36 |
Institutional Class | 0.84 | 0.85 |
Institutional 2 Class | 0.81 | 0.83 |
Institutional 3 Class | 0.76 | 0.79 |
Class R | 1.34 | 1.35 |
Class V | 1.09 | 1.10 |
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
1,863,312 | — | (1,863,312) |
Columbia Large Cap Growth Fund | Annual Report 2023 | 27 |
July 31, 2023
Year Ended July 31, 2023 | Year Ended July 31, 2022 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
— | — | — | 134,078,907 | 340,328,359 | 474,407,266 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 201,293,795 | — | 2,509,384,580 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
2,200,946,906 | 2,543,271,504 | (33,886,924) | 2,509,384,580 |
Late year ordinary losses ($) | Post-October capital losses ($) |
3,875,421 | — |
28 | Columbia Large Cap Growth Fund | Annual Report 2023 |
July 31, 2023
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 750,000 | 3.35 | 4 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 29 |
July 31, 2023
30 | Columbia Large Cap Growth Fund | Annual Report 2023 |
July 31, 2023
Columbia Large Cap Growth Fund | Annual Report 2023 | 31 |
32 | Columbia Large Cap Growth Fund | Annual Report 2023 |
Capital gain dividend | |
$211,358,485 |
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 and other relevant Board experience |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 173 | 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; former Board Member, Chase Bank International, 1993-1994 |
Columbia Large Cap Growth Fund | Annual Report 2023 | 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 and other relevant Board experience |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 173 | 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, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Chair since 2023; 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 | 173 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 173 | 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 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 | 171 | 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 (former mutual fund complex), January 2015-December 2017 |
34 | Columbia Large Cap Growth Fund | Annual Report 2023 |
(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 and other relevant Board experience |
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 | 171 | Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 173 | Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020 |
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 | 173 | Trustee, Catholic Schools Foundation, since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Trustee since 1996 | 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 | 173 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 171 | None |
Columbia Large Cap Growth Fund | Annual Report 2023 | 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 and other relevant Board experience |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 171 | Director, CSX Corporation (transportation suppliers); 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; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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. | 173 | Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009 |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; 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 | 171 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
36 | Columbia Large Cap Growth Fund | Annual Report 2023 |
(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 and other relevant Board experience |
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 | 173 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 and other relevant Board experience |
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 | 173 | 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; Director, Columbia Threadneedle Canada, Inc., since December 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
** | 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 Large Cap Growth Fund | Annual Report 2023 | 37 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023. |
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. |
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. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
38 | Columbia Large Cap Growth Fund | Annual Report 2023 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | 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 Large Cap Growth Fund | Annual Report 2023 | 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 one or more 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). |
40 | Columbia Large Cap Growth Fund | Annual Report 2023 |
(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 Large Cap Growth Fund | Annual Report 2023 | 41 |
(Unaudited)
Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.
42 | Columbia Large Cap Growth Fund | Annual Report 2023 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
July 31, 2023
3 | |
5 | |
7 | |
8 | |
17 | |
18 | |
19 | |
22 | |
26 | |
35 | |
36 | |
36 | |
42 | |
43 |
(Unaudited)
Average annual total returns (%) (for the period ended July 31, 2023) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/01/02 | 0.08 | 1.13 | 1.76 |
Including sales charges | -2.90 | 0.51 | 1.45 | ||
Advisor Class | 03/19/13 | 0.25 | 1.39 | 2.02 | |
Class C | Excluding sales charges | 10/13/03 | -0.37 | 0.68 | 1.30 |
Including sales charges | -1.35 | 0.68 | 1.30 | ||
Institutional Class | 07/02/84 | 0.33 | 1.38 | 2.01 | |
Institutional 2 Class | 11/08/12 | 0.35 | 1.41 | 2.04 | |
Institutional 3 Class* | 03/01/17 | 0.33 | 1.47 | 2.05 | |
Bloomberg 3-15 Year Blend Municipal Bond Index | 0.96 | 1.92 | 2.55 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products /mutual-funds/appended-performance for more information. |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 3 |
(Unaudited)
Quality breakdown (%) (at July 31, 2023) | |
AAA rating | 6.2 |
AA rating | 71.5 |
A rating | 14.7 |
BBB rating | 1.6 |
BB rating | 0.9 |
Not rated | 5.1 |
Total | 100.0 |
4 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
• | The reshaping of the municipal yield curve during the period was significant, with short yields spiking and longer yields increasing to a much smaller degree. This led longer term bonds to outperform during a period of rising yields. The portfolio’s underweighting to bonds with maturities of 8 – 17 years detracted from performance as these bonds significantly outperformed shorter maturity bonds. |
• | An underweighting to lower investment-grade issues detracted as A and BBB rated bonds outperformed their higher rated counterparts. The Oregon municipal market, in general, is of higher quality than the national market, which is represented by the Fund’s benchmark. |
• | Pre-refunded bonds also performed poorly, as they are very short in maturity and were exposed to the dramatic rise in short-term yields during the period. |
• | The Fund’s below benchmark duration was beneficial during the period as municipal yields increased over the year. This shorter duration profile helped to limit price declines in the portfolio’s holdings. Negative price returns during the period were offset by income returns, which resulted in a positive contribution to returns. |
• | At the sector level, overweights to the hospital and special non-property tax sectors were additive as these sectors outperformed the broader market. Strong performance in the special non-property tax sector was driven by transportation highway user tax related issues. |
• | The Fund’s exposure to non-investment-grade municipal bonds contributed to Fund performance, driven by a variety of positions. The refunding of a continuing care retirement community bond and good performance from several local general obligation bonds led returns in this quality segment. |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 5 |
(Unaudited)
6 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
February 1, 2023 — July 31, 2023 | |||||||
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 | 993.60 | 1,020.83 | 3.95 | 4.01 | 0.80 |
Advisor Class | 1,000.00 | 1,000.00 | 994.80 | 1,022.07 | 2.72 | 2.76 | 0.55 |
Class C | 1,000.00 | 1,000.00 | 991.40 | 1,018.60 | 6.17 | 6.26 | 1.25 |
Institutional Class | 1,000.00 | 1,000.00 | 994.80 | 1,022.07 | 2.72 | 2.76 | 0.55 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 994.90 | 1,022.17 | 2.62 | 2.66 | 0.53 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 995.20 | 1,022.41 | 2.37 | 2.41 | 0.48 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 7 |
July 31, 2023
Floating Rate Notes 2.2% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
Variable Rate Demand Notes 2.2% | ||||
City of Murray(a),(b) | ||||
Revenue Bonds | ||||
IHC Health Services, Inc. | ||||
Series 2005A (JPMorgan Chase Bank) | ||||
05/15/2037 | 4.550% | 2,000,000 | 2,000,000 | |
City of New York(a),(b) | ||||
Unlimited General Obligation Bonds | ||||
Subordinated Series 2014I-2 (JPMorgan Chase Bank) | ||||
03/01/2040 | 4.650% | 2,000,000 | 2,000,000 | |
New York City Municipal Water Finance Authority(a),(b) | ||||
Revenue Bonds | ||||
Series 2011 (JPMorgan Chase Bank) | ||||
06/15/2044 | 4.650% | 700,000 | 700,000 | |
New York City Transitional Finance Authority(a),(b) | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2016 (JPMorgan Chase Bank) | ||||
02/01/2045 | 4.650% | 1,000,000 | 1,000,000 | |
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 4.650% | 1,000,000 | 1,000,000 | |
Total | 6,700,000 | |||
Total Floating Rate Notes (Cost $6,700,000) | 6,700,000 | |||
Municipal Bonds 97.0% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 5.2% | ||||
Port of Portland | ||||
Refunding Revenue Bonds | ||||
Portland International Airport | ||||
Series 2015-23 | ||||
07/01/2028 | 5.000% | 1,240,000 | 1,284,647 | |
07/01/2031 | 5.000% | 1,750,000 | 1,809,615 | |
07/01/2032 | 5.000% | 2,000,000 | 2,063,799 | |
Port of Portland(c) | ||||
Revenue Bonds | ||||
Portland International Airport | ||||
Series 2022 | ||||
07/01/2039 | 4.000% | 5,000,000 | 4,903,702 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Port of Portland Airport(c) | ||||
Revenue Bonds | ||||
Portland International Airport | ||||
Series 2019 | ||||
07/01/2035 | 5.000% | 1,680,000 | 1,792,388 | |
07/01/2036 | 5.000% | 650,000 | 688,543 | |
Series 2020A-27 | ||||
07/01/2030 | 5.000% | 3,000,000 | 3,274,441 | |
Total | 15,817,135 | |||
Charter Schools 0.2% | ||||
Oregon State Facilities Authority(d) | ||||
Revenue Bonds | ||||
Redmond Proficiency Academy Project | ||||
Series 2015 | ||||
06/15/2025 | 4.750% | 180,000 | 179,006 | |
06/15/2035 | 5.500% | 540,000 | 539,030 | |
Total | 718,036 | |||
Higher Education 1.6% | ||||
City of Forest Grove | ||||
Refunding Revenue Bonds | ||||
Campus Improvement Pacific University Project | ||||
Series 2015 | ||||
05/01/2030 | 5.000% | 550,000 | 561,561 | |
05/01/2036 | 5.000% | 1,500,000 | 1,518,037 | |
Oak Tree Foundation Project | ||||
Series 2017 | ||||
03/01/2024 | 5.000% | 250,000 | 251,384 | |
03/01/2025 | 5.000% | 200,000 | 202,293 | |
Pacific University | ||||
Series 2022 | ||||
05/01/2037 | 4.000% | 635,000 | 596,549 | |
County of Yamhill | ||||
Refunding Revenue Bonds | ||||
George Fox University Project | ||||
Series 2021 | ||||
12/01/2036 | 4.000% | 500,000 | 500,903 | |
Oregon State Facilities Authority | ||||
Refunding Revenue Bonds | ||||
University of Portland | ||||
Series 2015A | ||||
04/01/2030 | 5.000% | 500,000 | 515,561 | |
04/01/2031 | 5.000% | 530,000 | 546,168 | |
Total | 4,692,456 |
8 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Hospital 12.6% | ||||
Klamath Falls Intercommunity Hospital Authority | ||||
Refunding Revenue Bonds | ||||
Sky Lakes Medical Center Project | ||||
Series 2016 | ||||
09/01/2028 | 5.000% | 265,000 | 274,816 | |
09/01/2030 | 5.000% | 830,000 | 861,464 | |
09/01/2031 | 5.000% | 500,000 | 519,021 | |
09/01/2032 | 5.000% | 270,000 | 280,142 | |
Medford Hospital Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Asante Project | ||||
Series 2020A | ||||
08/15/2033 | 5.000% | 1,200,000 | 1,321,078 | |
08/15/2037 | 5.000% | 2,900,000 | 3,103,000 | |
08/15/2039 | 4.000% | 1,100,000 | 1,071,178 | |
Oregon Health & Science University | ||||
Refunding Revenue Bonds | ||||
Series 2016B | ||||
07/01/2034 | 5.000% | 7,500,000 | 7,867,957 | |
Series 2019A | ||||
07/01/2032 | 5.000% | 5,175,000 | 5,769,718 | |
Series 2021B-2 (Mandatory Put 02/01/32) | ||||
07/01/2046 | 5.000% | 1,235,000 | 1,397,432 | |
Revenue Bonds | ||||
Green Bonds | ||||
Series 2021A | ||||
07/01/2038 | 5.000% | 1,000,000 | 1,108,076 | |
Oregon State Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Legacy Health Project | ||||
Series 2016A | ||||
06/01/2033 | 5.000% | 1,600,000 | 1,659,102 | |
06/01/2034 | 5.000% | 3,185,000 | 3,297,691 | |
PeaceHealth Project | ||||
Series 2014A | ||||
11/15/2029 | 5.000% | 1,600,000 | 1,618,319 | |
Salem Hospital Facility Authority | ||||
Refunding Revenue Bonds | ||||
Salem Health Project | ||||
Series 2016A | ||||
05/15/2029 | 5.000% | 1,000,000 | 1,045,302 | |
05/15/2030 | 5.000% | 1,000,000 | 1,045,894 | |
05/15/2031 | 5.000% | 1,025,000 | 1,071,771 | |
Series 2019 | ||||
05/15/2037 | 5.000% | 2,305,000 | 2,438,259 | |
Salem Health Projects | ||||
Series 2016A | ||||
05/15/2041 | 4.000% | 2,500,000 | 2,424,847 | |
Total | 38,175,067 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Local General Obligation 30.2% | ||||
Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis(e) | ||||
Unlimited General Obligation Bonds | ||||
Series 2018A | ||||
06/15/2038 | 5.000% | 500,000 | 537,108 | |
Blue Mountain Community College District | ||||
Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
06/15/2029 | 4.000% | 1,000,000 | 1,016,956 | |
Boardman Park & Recreation District | ||||
Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
06/15/2035 | 5.250% | 3,400,000 | 3,463,773 | |
Canyonville South Umpqua Rural Fire Protection District | ||||
Unlimited General Obligation Bonds | ||||
Series 2001 | ||||
07/01/2031 | 5.400% | 510,000 | 510,935 | |
Central Oregon Community College | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2021 | ||||
06/15/2028 | 4.000% | 525,000 | 552,469 | |
Chemeketa Community College District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2014 | ||||
06/15/2026 | 5.000% | 1,100,000 | 1,114,828 | |
Series 2015 | ||||
06/15/2026 | 4.000% | 1,745,000 | 1,772,995 | |
City of Lebanon | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
06/01/2026 | 5.000% | 1,675,000 | 1,726,802 | |
06/01/2027 | 5.000% | 1,715,000 | 1,765,572 | |
City of Portland | ||||
Limited General Obligation Bonds | ||||
Limited Tax Sellwood Bridge Project | ||||
Series 2014 | ||||
06/01/2024 | 5.000% | 1,985,000 | 2,014,390 | |
Unlimited General Obligation Refunding Bonds | ||||
Public Safety Projects and Emergency Facilities | ||||
Series 2014 | ||||
06/15/2024 | 5.000% | 1,885,000 | 1,914,306 | |
City of Redmond | ||||
Limited General Obligation Bonds | ||||
Series 2014A | ||||
06/01/2027 | 5.000% | 685,000 | 694,578 | |
City of Salem | ||||
Unlimited General Obligation Bonds | ||||
Series 2023B | ||||
06/01/2039 | 5.000% | 2,500,000 | 2,832,549 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 9 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2017 | ||||
06/01/2030 | 4.000% | 2,000,000 | 2,076,295 | |
City of Sisters | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
12/01/2035 | 4.000% | 620,000 | 622,088 | |
Clackamas & Washington Counties School District No. 3 | ||||
Unlimited General Obligation Bonds | ||||
Series 2020B | ||||
06/15/2028 | 5.000% | 275,000 | 302,994 | |
06/15/2029 | 5.000% | 435,000 | 487,996 | |
Clackamas Community College District(e) | ||||
Unlimited General Obligation Bonds | ||||
Convertible Deferred Interest | ||||
Series 2017A | ||||
06/15/2038 | 5.000% | 760,000 | 801,878 | |
Clackamas County School District No. 108 Estacada | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2005 (AGM) | ||||
06/15/2025 | 5.500% | 2,485,000 | 2,592,956 | |
Clackamas County School District No. 12 North Clackamas | ||||
Unlimited General Obligation Bonds | ||||
Series 2017B | ||||
06/15/2033 | 5.000% | 3,500,000 | 3,741,272 | |
Clatsop County School District No. 1-C | ||||
Unlimited General Obligation Bonds | ||||
Astoria | ||||
06/15/2035 | 5.000% | 1,000,000 | 1,114,077 | |
Clatsop County School District No. 30 Warrenton-Hammond(f) | ||||
Unlimited General Obligation Bonds | ||||
Deferred Interest | ||||
Series 2019 | ||||
06/15/2035 | 0.000% | 1,000,000 | 627,369 | |
Columbia County School District No. 502(f) | ||||
Unlimited General Obligation Bonds | ||||
Deferred Interest | ||||
Series 2020A | ||||
06/15/2033 | 0.000% | 300,000 | 204,637 | |
Coos County School District No. 9 Coos Bay | ||||
Unlimited General Obligation Bonds | ||||
Series 2018 | ||||
06/15/2034 | 5.000% | 500,000 | 551,831 | |
06/15/2035 | 5.000% | 1,000,000 | 1,098,345 | |
Deschutes & Jefferson Counties School District No. 2J Redmond | ||||
Unlimited General Obligation Bonds | ||||
Series 2021 | ||||
06/15/2038 | 4.000% | 650,000 | 663,844 | |
Deschutes County School District No. 6 Sisters | ||||
Unlimited General Obligation Bonds | ||||
Series 2021 | ||||
06/15/2033 | 4.000% | 380,000 | 407,170 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Hillsboro School District No. 1J | ||||
Unlimited General Obligation Bonds | ||||
Washington, Yamhill and Multnomah Counties | ||||
Series 2017 | ||||
06/15/2035 | 5.000% | 2,500,000 | 2,664,815 | |
Series 2020 | ||||
06/15/2029 | 5.000% | 550,000 | 617,007 | |
06/15/2038 | 4.000% | 2,500,000 | 2,524,579 | |
Jackson County School District No. 4(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2018A | ||||
06/15/2033 | 0.000% | 1,000,000 | 682,251 | |
Jackson County School District No. 5 Ashland | ||||
Unlimited General Obligation Bonds | ||||
Series 2019 | ||||
06/15/2036 | 5.000% | 3,000,000 | 3,284,731 | |
Jackson County School District No. 549C Medford | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
12/15/2023 | 5.000% | 1,000,000 | 1,006,179 | |
Jackson County School District No. 6 Central Point | ||||
Unlimited General Obligation Bonds | ||||
Series 2019A | ||||
06/15/2036 | 4.000% | 1,145,000 | 1,174,121 | |
Lane Community College | ||||
Unlimited General Obligation Bonds | ||||
Series 2020A | ||||
06/15/2033 | 4.000% | 1,000,000 | 1,066,509 | |
06/15/2037 | 4.000% | 2,000,000 | 2,042,725 | |
Lane County School District No. 1 Pleasant Hill(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2014B | ||||
06/15/2029 | 0.000% | 1,775,000 | 1,446,419 | |
Lane County School District No. 19 Springfield(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2015B | ||||
06/15/2033 | 0.000% | 3,770,000 | 2,657,726 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2015D | ||||
06/15/2024 | 0.000% | 2,305,000 | 2,235,767 | |
06/15/2028 | 0.000% | 1,480,000 | 1,266,725 | |
Lane County School District No. 52 Bethel | ||||
Unlimited General Obligation Bonds | ||||
Series 2021B | ||||
06/15/2035 | 4.000% | 1,590,000 | 1,674,045 | |
Linn & Benton Counties School District No. 8J Greater Albany | ||||
Unlimited General Obligation Bonds | ||||
Series 2017 | ||||
06/15/2030 | 5.000% | 1,000,000 | 1,076,881 |
10 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Marion County School District No. 15 North Marion | ||||
Unlimited General Obligation Bonds | ||||
Series 2018B | ||||
06/15/2032 | 5.000% | 1,000,000 | 1,103,547 | |
06/15/2033 | 5.000% | 240,000 | 265,093 | |
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow(f) | ||||
Unlimited General Obligation Bonds | ||||
Series 2017A | ||||
06/15/2033 | 0.000% | 4,000,000 | 2,694,389 | |
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow | ||||
Unlimited General Obligation Bonds | ||||
Series 2017B | ||||
06/15/2031 | 5.000% | 3,000,000 | 3,216,996 | |
Multnomah County School District No. 1 Portland | ||||
Unlimited General Obligation Bonds | ||||
Series 2020 | ||||
06/15/2029 | 5.000% | 1,500,000 | 1,687,074 | |
Multnomah County School District No. 7 Reynolds(f) | ||||
Unlimited General Obligation Bonds | ||||
Deferred Interest | ||||
Series 2015B | ||||
06/15/2030 | 0.000% | 4,000,000 | 3,038,674 | |
Polk Marion & Benton Counties School District No. 13J Central | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
02/01/2027 | 4.000% | 750,000 | 759,325 | |
02/01/2028 | 4.000% | 1,000,000 | 1,012,708 | |
Portland Community College District | ||||
Unlimited General Obligation Bonds | ||||
Series 2018 | ||||
06/15/2029 | 5.000% | 1,000,000 | 1,054,608 | |
Series 2023 | ||||
06/15/2038 | 5.000% | 1,000,000 | 1,142,601 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
06/15/2027 | 5.000% | 2,100,000 | 2,215,862 | |
Salem-Keizer School District No. 24J | ||||
Unlimited General Obligation Bonds | ||||
Series 2018 | ||||
06/15/2035 | 4.000% | 1,000,000 | 1,034,932 | |
Series 2020B | ||||
06/15/2033 | 5.000% | 1,450,000 | 1,655,456 | |
06/15/2034 | 5.000% | 2,000,000 | 2,278,207 | |
Washington Clackamas & Yamhill Counties School District No. 88J(f) | ||||
Unlimited General Obligation Bonds | ||||
Deferred Interest | ||||
Series 2018A | ||||
06/15/2037 | 0.000% | 3,500,000 | 1,899,612 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Washington Clackamas & Yamhill Counties School District No. 88J | ||||
Unlimited General Obligation Bonds | ||||
Sherwood College | ||||
Series 2017B | ||||
06/15/2031 | 5.000% | 4,500,000 | 4,822,092 | |
Yamhill Clackamas & Washington Counties School District No. 29J Newberg | ||||
Unlimited General Obligation Bonds | ||||
Series 2021B | ||||
06/15/2029 | 4.000% | 1,000,000 | 1,059,598 | |
Total | 91,571,267 | |||
Multi-Family 1.7% | ||||
Oregon State Facilities Authority(d) | ||||
Revenue Bonds | ||||
College Housing Northwest Project | ||||
Series 2016A | ||||
10/01/2026 | 4.000% | 300,000 | 290,368 | |
10/01/2036 | 5.000% | 1,000,000 | 936,597 | |
State of Oregon Housing & Community Services Department(e) | ||||
Revenue Bonds | ||||
Plaza Los Amigos Apartments Project | ||||
Series 2022 (Mandatory Put 02/01/25) | ||||
02/01/2026 | 3.000% | 2,000,000 | 1,970,163 | |
State of Oregon Housing & Community Services Department | ||||
Revenue Bonds | ||||
Susan Emmons Apartment Project (The) | ||||
Series 2021 (HUD) (Mandatory Put 12/01/23) | ||||
06/01/2024 | 0.380% | 2,000,000 | 1,970,631 | |
Total | 5,167,759 | |||
Municipal Power 2.2% | ||||
Central Lincoln People’s Utility District JATC, Inc. | ||||
Revenue Bonds | ||||
Series 2016 | ||||
12/01/2033 | 5.000% | 350,000 | 361,498 | |
12/01/2034 | 5.000% | 400,000 | 413,141 | |
12/01/2035 | 5.000% | 410,000 | 423,284 | |
12/01/2036 | 5.000% | 440,000 | 454,056 | |
City of Eugene Electric Utility System | ||||
Revenue Bonds | ||||
Series 2017 | ||||
08/01/2029 | 5.000% | 530,000 | 570,293 | |
08/01/2030 | 5.000% | 420,000 | 451,274 | |
08/01/2031 | 5.000% | 450,000 | 481,057 | |
08/01/2032 | 5.000% | 250,000 | 267,060 | |
Northern Wasco County Peoples Utility District | ||||
Revenue Bonds | ||||
Series 2016 | ||||
12/01/2031 | 5.000% | 1,455,000 | 1,533,998 | |
12/01/2036 | 5.000% | 1,545,000 | 1,620,914 | |
Total | 6,576,575 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 11 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Other Bond Issue 0.2% | ||||
Warm Springs Reservation Confederated Tribe(d),(g) | ||||
Refunding Revenue Bonds | ||||
Green Bonds - Pelton-Round Butte Project | ||||
Series 2019 | ||||
11/01/2036 | 5.000% | 590,000 | 640,714 | |
Pool / Bond Bank 0.7% | ||||
Oregon State Bond Bank | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
01/01/2028 | 5.000% | 850,000 | 887,591 | |
01/01/2029 | 5.000% | 1,120,000 | 1,169,001 | |
Total | 2,056,592 | |||
Ports 0.8% | ||||
Port of Morrow | ||||
Limited General Obligation Refunding Bonds | ||||
Subordinated Series 2021D | ||||
12/01/2034 | 4.000% | 1,250,000 | 1,268,481 | |
12/01/2035 | 4.000% | 1,290,000 | 1,301,759 | |
Total | 2,570,240 | |||
Refunded / Escrowed 9.6% | ||||
Clackamas County School District No. 12 North Clackamas | ||||
Prerefunded 06/15/24 Unlimited General Obligation Bonds | ||||
Series 2014 | ||||
06/15/2029 | 5.000% | 1,500,000 | 1,522,471 | |
Hospital Facilities Authority of Multnomah County | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Mirabella at South Waterfront | ||||
Series 2014A | ||||
09/30/2034 | 5.125% | 4,000,000 | 4,085,268 | |
Klamath Falls City Schools | ||||
Prerefunded 06/15/25 Unlimited General Obligation Bonds | ||||
Series 2015A | ||||
06/15/2028 | 4.000% | 500,000 | 508,338 | |
Lane County School District No. 19 Springfield | ||||
Prerefunded 06/15/25 Unlimited General Obligation Bonds | ||||
Series 2015A | ||||
06/15/2031 | 5.000% | 2,000,000 | 2,069,402 | |
Medford Hospital Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Rogue Valley Manor | ||||
Series 2013 Escrowed to Maturity | ||||
10/01/2023 | 5.000% | 645,000 | 646,651 | |
Oregon State Facilities Authority | ||||
Prerefunded 07/01/27 Revenue Bonds | ||||
Reed College Project | ||||
Series 2017A | ||||
07/01/2032 | 4.000% | 250,000 | 260,387 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Puerto Rico Public Finance Corp.(g) | ||||
Unrefunded Revenue Bonds | ||||
Commonwealth Appropriation | ||||
Series 2002E Escrowed to Maturity | ||||
08/01/2026 | 6.000% | 5,000,000 | 5,392,945 | |
Tri-County Metropolitan Transportation District of Oregon | ||||
Prerefunded 09/01/26 Revenue Bonds | ||||
Senior Lien | ||||
Series 2016 | ||||
09/01/2031 | 4.000% | 1,000,000 | 1,032,856 | |
09/01/2032 | 4.000% | 1,250,000 | 1,291,070 | |
Senior Lien Payroll Tax | ||||
Series 2017A | ||||
09/01/2032 | 5.000% | 1,595,000 | 1,697,979 | |
Prerefunded 09/01/27 Revenue Bonds | ||||
Series 2018A | ||||
09/01/2034 | 5.000% | 550,000 | 597,413 | |
09/01/2035 | 5.000% | 800,000 | 868,965 | |
Umatilla County School District No. 16R Pendleton | ||||
Prerefunded 06/15/24 Unlimited General Obligation Bonds | ||||
Series 2014A | ||||
06/15/2030 | 5.000% | 1,110,000 | 1,126,151 | |
06/15/2031 | 5.000% | 2,890,000 | 2,932,050 | |
Union County School District No. 1 La Grande | ||||
Prerefunded 06/15/25 Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
06/15/2030 | 4.000% | 1,000,000 | 1,017,770 | |
Washington & Multnomah Counties School District No. 48J Beaverton | ||||
Prerefunded 06/15/24 Unlimited General Obligation Bonds | ||||
Series 2014 | ||||
06/15/2033 | 5.000% | 4,000,000 | 4,059,923 | |
Total | 29,109,639 | |||
Retirement Communities 1.2% | ||||
Clackamas County Hospital Facility Authority | ||||
Revenue Bonds | ||||
Mary’s Woods at Marylhurst, Inc. | ||||
Series 2018 | ||||
05/15/2038 | 5.000% | 220,000 | 201,031 | |
Hospital Facilities Authority of Multnomah County | ||||
Refunding Revenue Bonds | ||||
Terwilliger Plaza, Inc. | ||||
Series 2016 | ||||
12/01/2030 | 5.000% | 325,000 | 316,999 | |
12/01/2036 | 5.000% | 900,000 | 839,263 | |
Medford Hospital Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Rogue Valley Manor | ||||
Series 2013 | ||||
10/01/2024 | 5.000% | 455,000 | 456,165 |
12 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Salem Hospital Facility Authority | ||||
Refunding Revenue Bonds | ||||
Capital Manor Project | ||||
Series 2022 | ||||
05/15/2040 | 4.000% | 800,000 | 664,940 | |
Revenue Bonds | ||||
Capital Manor Project | ||||
Series 2018 | ||||
05/15/2033 | 5.000% | 550,000 | 555,317 | |
05/15/2038 | 5.000% | 500,000 | 487,908 | |
Total | 3,521,623 | |||
Single Family 2.1% | ||||
State of Oregon Housing & Community Services Department | ||||
Revenue Bonds | ||||
Series 2017D | ||||
07/01/2032 | 3.150% | 1,485,000 | 1,450,156 | |
Series 2020A | ||||
07/01/2028 | 1.700% | 1,040,000 | 943,036 | |
01/01/2029 | 1.750% | 1,010,000 | 912,513 | |
Series 2020C | ||||
07/01/2035 | 2.000% | 2,000,000 | 1,672,005 | |
Single-Family Mortgage Program | ||||
Series 2021A | ||||
07/01/2027 | 0.950% | 1,015,000 | 911,067 | |
01/01/2029 | 1.200% | 250,000 | 218,062 | |
01/01/2030 | 1.450% | 375,000 | 324,456 | |
Total | 6,431,295 | |||
Special Non Property Tax 10.5% | ||||
Metro | ||||
Revenue Bonds | ||||
Convention Center Hotel | ||||
Series 2017 | ||||
06/15/2030 | 5.000% | 435,000 | 464,168 | |
06/15/2031 | 5.000% | 725,000 | 771,437 | |
06/15/2032 | 5.000% | 780,000 | 827,917 | |
Oregon State Lottery | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
04/01/2027 | 5.000% | 1,750,000 | 1,771,878 | |
Series 2015D | ||||
04/01/2027 | 5.000% | 2,500,000 | 2,573,671 | |
Revenue Bonds | ||||
Series 2019A | ||||
04/01/2036 | 5.000% | 1,000,000 | 1,101,635 | |
Series 2023A | ||||
04/01/2040 | 5.000% | 1,145,000 | 1,290,330 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
State of Oregon Department of Transportation | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2017B | ||||
11/15/2026 | 5.000% | 4,000,000 | 4,269,049 | |
Senior Lien User Tax | ||||
Series 2017C | ||||
11/15/2026 | 5.000% | 1,000,000 | 1,067,262 | |
Subordinated Series 2019A | ||||
11/15/2036 | 5.000% | 2,000,000 | 2,225,315 | |
11/15/2038 | 5.000% | 1,020,000 | 1,124,651 | |
Revenue Bonds | ||||
Series 2022A | ||||
11/15/2040 | 5.000% | 2,000,000 | 2,269,224 | |
Subordinated Series 2020A | ||||
11/15/2037 | 5.000% | 4,850,000 | 5,435,568 | |
Subordinated Series 2023A | ||||
11/15/2039 | 5.000% | 2,000,000 | 2,291,916 | |
Tri-County Metropolitan Transportation District | ||||
Revenue Bonds | ||||
Series 2019A | ||||
09/01/2038 | 5.000% | 1,000,000 | 1,092,639 | |
Tri-County Metropolitan Transportation District of Oregon | ||||
Revenue Bonds | ||||
Series 2019A | ||||
09/01/2037 | 5.000% | 1,500,000 | 1,646,553 | |
09/01/2039 | 4.000% | 1,460,000 | 1,479,922 | |
Total | 31,703,135 | |||
Special Property Tax 0.5% | ||||
City of Keizer | ||||
Special Assessment Bonds | ||||
Keizer Station Area | ||||
Series 2008A | ||||
06/01/2031 | 5.200% | 1,635,000 | 1,638,420 | |
State General Obligation 6.4% | ||||
State of Oregon | ||||
Limited General Obligation Refunding Bonds | ||||
Veterans Welfare Bonds | ||||
Series 2020I | ||||
12/01/2030 | 1.950% | 555,000 | 492,987 | |
12/01/2031 | 2.000% | 450,000 | 393,926 | |
Unlimited General Obligation Bonds | ||||
Article XI - Q State Project | ||||
Series 2017A | ||||
05/01/2026 | 5.000% | 1,250,000 | 1,318,821 | |
Article XI - Q State Projects | ||||
Series 2023 | ||||
05/01/2040 | 5.000% | 2,000,000 | 2,277,001 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 13 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2015F | ||||
05/01/2030 | 5.000% | 5,565,000 | 5,721,726 | |
Series 2019 | ||||
06/01/2038 | 5.000% | 3,000,000 | 3,284,147 | |
Series 2019G | ||||
08/01/2033 | 5.000% | 1,320,000 | 1,487,456 | |
Series 2023G | ||||
08/01/2041 | 5.000% | 2,320,000 | 2,638,280 | |
Unlimited General Obligation Notes | ||||
Higher Education | ||||
Series 2016C | ||||
08/01/2033 | 5.000% | 750,000 | 792,957 | |
Series 2016A | ||||
08/01/2031 | 3.500% | 500,000 | 507,116 | |
08/01/2032 | 3.500% | 500,000 | 505,441 | |
Total | 19,419,858 | |||
Transportation 3.4% | ||||
Tri-County Metropolitan Transportation District of Oregon | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
10/01/2026 | 5.000% | 1,235,000 | 1,305,667 | |
10/01/2027 | 5.000% | 1,485,000 | 1,599,532 | |
Revenue Bonds | ||||
Series 2018A | ||||
10/01/2032 | 5.000% | 6,800,000 | 7,351,158 | |
Total | 10,256,357 | |||
Water & Sewer 7.9% | ||||
City of Beaverton Water | ||||
Revenue Bonds | ||||
Series 2018 | ||||
04/01/2034 | 5.000% | 1,125,000 | 1,237,455 | |
City of Bend Sewer | ||||
Revenue Bonds | ||||
Series 2020 | ||||
05/01/2039 | 5.000% | 1,390,000 | 1,523,320 | |
City of Eugene Water Utility System | ||||
Refunding Revenue Bonds | ||||
Utility System | ||||
Series 2016 | ||||
08/01/2032 | 4.000% | 500,000 | 513,262 | |
Revenue Bonds | ||||
Series 2023 | ||||
08/01/2040 | 5.000% | 190,000 | 213,796 | |
08/01/2041 | 5.000% | 525,000 | 588,501 | |
City of Portland Sewer System | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Subordinated Series 2023A | ||||
12/01/2041 | 5.000% | 2,000,000 | 2,247,268 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Portland Water System | ||||
Refunding Revenue Bonds | ||||
1st Lien | ||||
Series 2016A | ||||
04/01/2030 | 4.000% | 7,375,000 | 7,572,793 | |
Revenue Bonds | ||||
Second Lien | ||||
Subordinated Series 2019A | ||||
05/01/2036 | 5.000% | 1,500,000 | 1,670,178 | |
Series 2014A | ||||
05/01/2028 | 4.000% | 3,390,000 | 3,410,424 | |
City of Springfield Sewer System | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
04/01/2025 | 4.000% | 200,000 | 202,573 | |
04/01/2026 | 4.000% | 250,000 | 255,900 | |
04/01/2027 | 4.000% | 270,000 | 279,402 | |
Clackamas River Water | ||||
Revenue Bonds | ||||
Series 2016 | ||||
11/01/2032 | 5.000% | 200,000 | 204,606 | |
11/01/2033 | 5.000% | 265,000 | 270,832 | |
11/01/2034 | 5.000% | 250,000 | 255,502 | |
11/01/2035 | 5.000% | 225,000 | 229,837 | |
11/01/2036 | 5.000% | 200,000 | 204,197 | |
Tualatin Valley Water District | ||||
Revenue Bonds | ||||
Series 2023 | ||||
06/01/2040 | 5.000% | 2,560,000 | 2,921,757 | |
Total | 23,801,603 | |||
Total Municipal Bonds (Cost $302,172,205) | 293,867,771 |
Money Market Funds 0.1% | ||
Shares | Value ($) | |
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.579%(h) | 52,175 | 52,170 |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.537%(h) | 250,230 | 250,230 |
Total Money Market Funds (Cost $302,405) | 302,400 | |
Total Investments in Securities (Cost: $309,174,610) | 300,870,171 | |
Other Assets & Liabilities, Net | 2,106,824 | |
Net Assets | 302,976,995 |
14 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
July 31, 2023
(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 July 31, 2023. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | 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 July 31, 2023, the total value of these securities amounted to $2,585,715, which represents 0.85% of total net assets. |
(e) | 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 July 31, 2023. |
(f) | Zero coupon bond. |
(g) | 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 July 31, 2023, the total value of these securities amounted to $6,033,659, which represents 1.99% of total net assets. |
(h) | The rate shown is the seven-day current annualized yield at July 31, 2023. |
AGM | Assured Guaranty Municipal Corporation |
HUD | U.S. Department of Housing and Urban Development |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 15 |
July 31, 2023
The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2023:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 6,700,000 | — | 6,700,000 |
Municipal Bonds | — | 293,867,771 | — | 293,867,771 |
Money Market Funds | 302,400 | — | — | 302,400 |
Total Investments in Securities | 302,400 | 300,567,771 | — | 300,870,171 |
16 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
July 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $309,174,610) | $300,870,171 |
Cash | 1,479 |
Receivable for: | |
Capital shares sold | 555,465 |
Dividends | 616 |
Interest | 2,682,762 |
Trustees’ fees | 113,046 |
Expense reimbursement due from Investment Manager | 902 |
Prepaid expenses | 6,142 |
Total assets | 304,230,583 |
Liabilities | |
Payable for: | |
Capital shares redeemed | 471,232 |
Distributions to shareholders | 600,244 |
Management services fees | 11,679 |
Distribution and/or service fees | 683 |
Transfer agent fees | 18,383 |
Trustees’ fees | 130,128 |
Other expenses | 21,239 |
Total liabilities | 1,253,588 |
Net assets applicable to outstanding capital stock | $302,976,995 |
Represented by | |
Paid in capital | 313,017,913 |
Total distributable earnings (loss) | (10,040,918) |
Total - representing net assets applicable to outstanding capital stock | $302,976,995 |
Class A | |
Net assets | $27,181,112 |
Shares outstanding | 2,357,845 |
Net asset value per share | $11.53 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $11.89 |
Advisor Class | |
Net assets | $4,189,467 |
Shares outstanding | 363,306 |
Net asset value per share | $11.53 |
Class C | |
Net assets | $2,171,745 |
Shares outstanding | 188,400 |
Net asset value per share | $11.53 |
Institutional Class | |
Net assets | $198,557,017 |
Shares outstanding | 17,223,519 |
Net asset value per share | $11.53 |
Institutional 2 Class | |
Net assets | $47,322,856 |
Shares outstanding | 4,111,897 |
Net asset value per share | $11.51 |
Institutional 3 Class | |
Net assets | $23,554,798 |
Shares outstanding | 2,040,433 |
Net asset value per share | $11.54 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 17 |
Year Ended July 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $58,726 |
Interest | 8,536,340 |
Total income | 8,595,066 |
Expenses: | |
Management services fees | 1,455,102 |
Distribution and/or service fees | |
Class A | 78,419 |
Class C | 20,000 |
Transfer agent fees | |
Class A | 26,233 |
Advisor Class | 3,205 |
Class C | 2,390 |
Institutional Class | 172,677 |
Institutional 2 Class | 24,001 |
Institutional 3 Class | 1,446 |
Trustees’ fees | 21,256 |
Custodian fees | 2,077 |
Printing and postage fees | 23,746 |
Registration fees | 8,208 |
Accounting services fees | 30,090 |
Legal fees | 16,776 |
Interest on interfund lending | 377 |
Compensation of chief compliance officer | 60 |
Other | 14,764 |
Total expenses | 1,900,827 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (114,035) |
Expense reduction | (320) |
Total net expenses | 1,786,472 |
Net investment income | 6,808,594 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (1,885,599) |
Net realized loss | (1,885,599) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (4,895,749) |
Net change in unrealized appreciation (depreciation) | (4,895,749) |
Net realized and unrealized loss | (6,781,348) |
Net increase in net assets resulting from operations | $27,246 |
18 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |
Operations | ||
Net investment income | $6,808,594 | $6,927,136 |
Net realized loss | (1,885,599) | (200,083) |
Net change in unrealized appreciation (depreciation) | (4,895,749) | (27,176,242) |
Net increase (decrease) in net assets resulting from operations | 27,246 | (20,449,189) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (611,003) | (734,921) |
Advisor Class | (85,475) | (65,890) |
Class C | (42,847) | (53,550) |
Institutional Class | (4,542,306) | (5,138,933) |
Institutional 2 Class | (949,098) | (698,707) |
Institutional 3 Class | (528,449) | (252,762) |
Total distributions to shareholders | (6,759,178) | (6,944,763) |
Decrease in net assets from capital stock activity | (25,230,119) | (290,003) |
Total decrease in net assets | (31,962,051) | (27,683,955) |
Net assets at beginning of year | 334,939,046 | 362,623,001 |
Net assets at end of year | $302,976,995 | $334,939,046 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 19 |
Year Ended | Year Ended | |||
July 31, 2023 | July 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 340,632 | 3,936,634 | 685,838 | 8,328,148 |
Distributions reinvested | 50,877 | 583,547 | 57,622 | 699,804 |
Shares redeemed | (1,150,750) | (13,198,276) | (1,138,898) | (13,602,558) |
Net decrease | (759,241) | (8,678,095) | (395,438) | (4,574,606) |
Advisor Class | ||||
Shares sold | 163,769 | 1,883,887 | 141,491 | 1,708,751 |
Distributions reinvested | 7,396 | 84,967 | 5,427 | 65,890 |
Shares redeemed | (76,293) | (875,320) | (133,414) | (1,599,013) |
Net increase | 94,872 | 1,093,534 | 13,504 | 175,628 |
Class C | ||||
Shares sold | 32,463 | 374,425 | 32,559 | 400,557 |
Distributions reinvested | 3,674 | 42,156 | 4,310 | 52,406 |
Shares redeemed | (123,695) | (1,423,914) | (144,606) | (1,751,482) |
Net decrease | (87,558) | (1,007,333) | (107,737) | (1,298,519) |
Institutional Class | ||||
Shares sold | 1,998,646 | 23,041,740 | 2,204,837 | 26,856,497 |
Distributions reinvested | 328,433 | 3,768,607 | 325,614 | 3,950,321 |
Shares redeemed | (5,634,824) | (64,661,161) | (2,969,253) | (35,759,051) |
Net decrease | (3,307,745) | (37,850,814) | (438,802) | (4,952,233) |
Institutional 2 Class | ||||
Shares sold | 1,603,651 | 18,433,283 | 1,692,676 | 19,937,658 |
Distributions reinvested | 82,454 | 945,193 | 57,828 | 698,693 |
Shares redeemed | (972,710) | (11,146,242) | (983,721) | (11,744,059) |
Net increase | 713,395 | 8,232,234 | 766,783 | 8,892,292 |
Institutional 3 Class | ||||
Shares sold | 2,325,598 | 26,700,446 | 589,265 | 7,196,027 |
Distributions reinvested | 13,998 | 160,760 | 12,279 | 148,873 |
Shares redeemed | (1,210,067) | (13,880,851) | (496,051) | (5,877,465) |
Net increase | 1,129,529 | 12,980,355 | 105,493 | 1,467,435 |
Total net decrease | (2,216,748) | (25,230,119) | (56,197) | (290,003) |
20 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 21 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 7/31/2023 | $11.75 | 0.23 | (0.22) | 0.01 | (0.23) | — | (0.23) |
Year Ended 7/31/2022 | $12.70 | 0.21 | (0.95) | (0.74) | (0.21) | — | (0.21) |
Year Ended 7/31/2021 | $12.79 | 0.23 | (0.06) | 0.17 | (0.23) | (0.03) | (0.26) |
Year Ended 7/31/2020 | $12.52 | 0.27 | 0.29 | 0.56 | (0.27) | (0.02) | (0.29) |
Year Ended 7/31/2019 | $12.14 | 0.30 | 0.41 | 0.71 | (0.31) | (0.02) | (0.33) |
Advisor Class | |||||||
Year Ended 7/31/2023 | $11.76 | 0.26 | (0.23) | 0.03 | (0.26) | — | (0.26) |
Year Ended 7/31/2022 | $12.70 | 0.24 | (0.94) | (0.70) | (0.24) | — | (0.24) |
Year Ended 7/31/2021 | $12.79 | 0.26 | (0.05) | 0.21 | (0.27) | (0.03) | (0.30) |
Year Ended 7/31/2020 | $12.52 | 0.30 | 0.29 | 0.59 | (0.30) | (0.02) | (0.32) |
Year Ended 7/31/2019 | $12.14 | 0.33 | 0.41 | 0.74 | (0.34) | (0.02) | (0.36) |
Class C | |||||||
Year Ended 7/31/2023 | $11.75 | 0.18 | (0.23) | (0.05) | (0.17) | — | (0.17) |
Year Ended 7/31/2022 | $12.70 | 0.16 | (0.95) | (0.79) | (0.16) | — | (0.16) |
Year Ended 7/31/2021 | $12.79 | 0.17 | (0.05) | 0.12 | (0.18) | (0.03) | (0.21) |
Year Ended 7/31/2020 | $12.52 | 0.22 | 0.28 | 0.50 | (0.21) | (0.02) | (0.23) |
Year Ended 7/31/2019 | $12.14 | 0.25 | 0.40 | 0.65 | (0.25) | (0.02) | (0.27) |
Institutional Class | |||||||
Year Ended 7/31/2023 | $11.75 | 0.26 | (0.22) | 0.04 | (0.26) | — | (0.26) |
Year Ended 7/31/2022 | $12.70 | 0.24 | (0.95) | (0.71) | (0.24) | — | (0.24) |
Year Ended 7/31/2021 | $12.79 | 0.26 | (0.05) | 0.21 | (0.27) | (0.03) | (0.30) |
Year Ended 7/31/2020 | $12.52 | 0.30 | 0.29 | 0.59 | (0.30) | (0.02) | (0.32) |
Year Ended 7/31/2019 | $12.14 | 0.33 | 0.41 | 0.74 | (0.34) | (0.02) | (0.36) |
Institutional 2 Class | |||||||
Year Ended 7/31/2023 | $11.73 | 0.26 | (0.22) | 0.04 | (0.26) | — | (0.26) |
Year Ended 7/31/2022 | $12.68 | 0.25 | (0.95) | (0.70) | (0.25) | — | (0.25) |
Year Ended 7/31/2021 | $12.77 | 0.26 | (0.05) | 0.21 | (0.27) | (0.03) | (0.30) |
Year Ended 7/31/2020 | $12.51 | 0.31 | 0.27 | 0.58 | (0.30) | (0.02) | (0.32) |
Year Ended 7/31/2019 | $12.12 | 0.34 | 0.41 | 0.75 | (0.34) | (0.02) | (0.36) |
22 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
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 7/31/2023 | $11.53 | 0.08% | 0.84%(c) | 0.80%(c),(d) | 1.96% | 10% | $27,181 |
Year Ended 7/31/2022 | $11.75 | (5.83%) | 0.84% | 0.81%(d) | 1.76% | 11% | $36,636 |
Year Ended 7/31/2021 | $12.70 | 1.38% | 0.84% | 0.81%(d) | 1.81% | 5% | $44,606 |
Year Ended 7/31/2020 | $12.79 | 4.52% | 0.84% | 0.81%(d) | 2.16% | 9% | $45,868 |
Year Ended 7/31/2019 | $12.52 | 5.94% | 0.84% | 0.83% | 2.49% | 8% | $44,185 |
Advisor Class | |||||||
Year Ended 7/31/2023 | $11.53 | 0.25% | 0.59%(c) | 0.55%(c),(d) | 2.23% | 10% | $4,189 |
Year Ended 7/31/2022 | $11.76 | (5.52%) | 0.59% | 0.56%(d) | 2.01% | 11% | $3,156 |
Year Ended 7/31/2021 | $12.70 | 1.63% | 0.59% | 0.56%(d) | 2.06% | 5% | $3,238 |
Year Ended 7/31/2020 | $12.79 | 4.78% | 0.59% | 0.56%(d) | 2.40% | 9% | $2,415 |
Year Ended 7/31/2019 | $12.52 | 6.21% | 0.59% | 0.57% | 2.73% | 8% | $1,919 |
Class C | |||||||
Year Ended 7/31/2023 | $11.53 | (0.37%) | 1.29%(c) | 1.25%(c),(d) | 1.51% | 10% | $2,172 |
Year Ended 7/31/2022 | $11.75 | (6.26%) | 1.40% | 1.26%(d) | 1.30% | 11% | $3,243 |
Year Ended 7/31/2021 | $12.70 | 0.92% | 1.59% | 1.26%(d),(e) | 1.36% | 5% | $4,873 |
Year Ended 7/31/2020 | $12.79 | 4.05% | 1.59% | 1.26%(d),(e) | 1.72% | 9% | $6,740 |
Year Ended 7/31/2019 | $12.52 | 5.46% | 1.59% | 1.28%(e) | 2.05% | 8% | $8,434 |
Institutional Class | |||||||
Year Ended 7/31/2023 | $11.53 | 0.33% | 0.59%(c) | 0.55%(c),(d) | 2.21% | 10% | $198,557 |
Year Ended 7/31/2022 | $11.75 | (5.60%) | 0.59% | 0.56%(d) | 2.01% | 11% | $241,308 |
Year Ended 7/31/2021 | $12.70 | 1.63% | 0.59% | 0.56%(d) | 2.06% | 5% | $266,298 |
Year Ended 7/31/2020 | $12.79 | 4.78% | 0.59% | 0.56%(d) | 2.41% | 9% | $267,135 |
Year Ended 7/31/2019 | $12.52 | 6.20% | 0.59% | 0.58% | 2.74% | 8% | $270,831 |
Institutional 2 Class | |||||||
Year Ended 7/31/2023 | $11.51 | 0.35% | 0.56%(c) | 0.53%(c) | 2.25% | 10% | $47,323 |
Year Ended 7/31/2022 | $11.73 | (5.58%) | 0.55% | 0.52% | 2.05% | 11% | $39,878 |
Year Ended 7/31/2021 | $12.68 | 1.67% | 0.56% | 0.53% | 2.10% | 5% | $33,366 |
Year Ended 7/31/2020 | $12.77 | 4.73% | 0.56% | 0.53% | 2.45% | 9% | $23,286 |
Year Ended 7/31/2019 | $12.51 | 6.33% | 0.56% | 0.54% | 2.77% | 8% | $25,397 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 23 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 7/31/2023 | $11.77 | 0.27 | (0.24) | 0.03 | (0.26) | — | (0.26) |
Year Ended 7/31/2022 | $12.72 | 0.25 | (0.95) | (0.70) | (0.25) | — | (0.25) |
Year Ended 7/31/2021 | $12.81 | 0.27 | (0.05) | 0.22 | (0.28) | (0.03) | (0.31) |
Year Ended 7/31/2020 | $12.54 | 0.31 | 0.29 | 0.60 | (0.31) | (0.02) | (0.33) |
Year Ended 7/31/2019 | $12.15 | 0.34 | 0.42 | 0.76 | (0.35) | (0.02) | (0.37) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by: |
7/31/2021 | 7/31/2020 | 7/31/2019 | |
Class C | 0.06% | 0.30% | 0.30% |
24 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
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 7/31/2023 | $11.54 | 0.33% | 0.51%(c) | 0.48%(c) | 2.30% | 10% | $23,555 |
Year Ended 7/31/2022 | $11.77 | (5.51%) | 0.50% | 0.48% | 2.09% | 11% | $10,718 |
Year Ended 7/31/2021 | $12.72 | 1.72% | 0.51% | 0.48% | 2.14% | 5% | $10,242 |
Year Ended 7/31/2020 | $12.81 | 4.86% | 0.51% | 0.48% | 2.49% | 9% | $7,945 |
Year Ended 7/31/2019 | $12.54 | 6.37% | 0.51% | 0.49% | 2.82% | 8% | $6,909 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 25 |
July 31, 2023
26 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
July 31, 2023
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 27 |
July 31, 2023
28 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
July 31, 2023
Effective rate (%) | |
Class A | 0.08 |
Advisor Class | 0.08 |
Class C | 0.08 |
Institutional Class | 0.08 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 16,199 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 29 |
July 31, 2023
Fee rate(s) contractual through November 30, 2023 | |
Class A | 0.81% |
Advisor Class | 0.56 |
Class C | 1.26 |
Institutional Class | 0.56 |
Institutional 2 Class | 0.53 |
Institutional 3 Class | 0.48 |
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(2) | 2 | — |
30 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
July 31, 2023
Year Ended July 31, 2023 | Year Ended July 31, 2022 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
2,234 | 6,756,944 | — | 6,759,178 | 1,727 | 6,943,036 | — | 6,944,763 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 1,078,496 | — | (2,085,153) | (8,304,439) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
309,174,610 | 612,375 | (8,916,814) | (8,304,439) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(199,556) | (1,885,597) | (2,085,153) | — |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 31 |
July 31, 2023
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 700,000 | 4.85 | 4 |
32 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
July 31, 2023
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 33 |
July 31, 2023
34 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 35 |
Exempt- interest dividends | |
99.97% |
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 and other relevant Board experience |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 173 | 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; former Board Member, Chase Bank International, 1993-1994 |
36 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
(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 and other relevant Board experience |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 173 | 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, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Chair since 2023; 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 | 173 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 173 | 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 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 | 171 | 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 (former mutual fund complex), January 2015-December 2017 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 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 and other relevant Board experience |
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 | 171 | Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 173 | Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020 |
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 | 173 | Trustee, Catholic Schools Foundation, since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Trustee since 1996 | 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 | 173 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 171 | None |
38 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
(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 and other relevant Board experience |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 171 | Director, CSX Corporation (transportation suppliers); 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; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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. | 173 | Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009 |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; 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 | 171 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 39 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
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 | 173 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 and other relevant Board experience |
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 | 173 | 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; Director, Columbia Threadneedle Canada, Inc., since December 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
** | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
40 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023. |
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. |
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. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 41 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
42 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
• | 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 one or more 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 |
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 43 |
(Unaudited)
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
44 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 | 45 |
(Unaudited)
On June 22, 2023, 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.
46 | Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
July 31, 2023
3 | |
5 | |
7 | |
8 | |
28 | |
29 | |
30 | |
32 | |
36 | |
47 | |
48 | |
48 | |
54 | |
55 |
(Unaudited)
Average annual total returns (%) (for the period ended July 31, 2023) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/21/78 | -0.38 | 0.93 | 2.52 |
Including sales charges | -3.40 | 0.32 | 2.21 | ||
Advisor Class | 03/19/13 | -0.18 | 1.13 | 2.73 | |
Class C | Excluding sales charges | 08/01/97 | -0.98 | 0.31 | 1.90 |
Including sales charges | -1.94 | 0.31 | 1.90 | ||
Institutional Class | 09/16/05 | -0.09 | 1.15 | 2.73 | |
Institutional 2 Class* | 12/11/13 | -0.08 | 1.16 | 2.75 | |
Institutional 3 Class* | 03/01/17 | -0.02 | 1.20 | 2.69 | |
Bloomberg Municipal Bond Index | 0.93 | 1.87 | 2.81 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Tax-Exempt Fund | Annual Report 2023 | 3 |
(Unaudited)
Quality breakdown (%) (at July 31, 2023) | |
AAA rating | 6.2 |
AA rating | 22.1 |
A rating | 41.0 |
BBB rating | 16.3 |
BB rating | 3.6 |
Not rated | 10.8 |
Total | 100.0 |
Top Ten States/Territories (%) (at July 31, 2023) | |
Texas | 11.8 |
Illinois | 11.3 |
Pennsylvania | 9.8 |
New York | 7.7 |
Colorado | 4.7 |
California | 4.5 |
Florida | 4.1 |
New Jersey | 3.8 |
Michigan | 3.6 |
Puerto Rico | 2.4 |
4 | Columbia Tax-Exempt Fund | Annual Report 2023 |
(Unaudited)
• | Detracting most from the Fund’s relative results was a position in the bonds of PREPA, the Puerto Rico Electric Power Authority. |
○ | The utility company had entered bankruptcy in July 2017 with just more than $8 billion in outstanding bonds. |
○ | In late June 2023, investors were blindsided when the bankruptcy court ruled that bondholders could claim just less than 29% of the value of the utility’s outstanding debt. Bondholders have already begun to work on an appeal. |
• | From a sector perspective, the Fund’s overweight in the continuing care retirement communities (CCRC) sector detracted from results relative to the benchmark. CCRCs were negatively affected by the lingering effects of the COVID-19 pandemic as well as by some of the labor costs and labor shortages impacting the health care sector broadly. |
• | Fund overweights in non-rated municipal bonds and in bonds rated below B dampened relative results, as non-rated and B-rated categories posted negative returns for the period, while bonds rated BB and all investment-grade rating categories posted positive returns. |
• | Issue selection within the CCRC and airport sectors, among BBB-rated bonds and among bonds with maturities of 12 years and longer detracted. |
• | Having an overweight to BBB-rated bonds contributed positively, as this credit quality segment was the best performing investment-grade rating category during the period, even outperforming some of the higher quality high-yield rating categories. |
Columbia Tax-Exempt Fund | Annual Report 2023 | 5 |
(Unaudited)
○ | To a lesser degree, the Fund’s overweight in bonds rated A and its underweights in bonds rated AA and AAA also helped. |
• | Yield curve positioning proved beneficial. |
○ | Having an overweight to bonds with maturities of 17 years and longer and an underweight to bonds with maturities of six years and shorter particularly helped. |
○ | While the best performing maturity segment of the municipal bond yield curve during the period was bonds with maturities of 12 to 17 years, longer maturity bonds were the next best. Six year and shorter maturity bonds posted negative returns during the period. |
• | Security selection in the toll roads, state general obligation and leasing sectors added value. |
6 | Columbia Tax-Exempt Fund | Annual Report 2023 |
(Unaudited)
February 1, 2023 — July 31, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,000.30 | 1,021.08 | 3.72 | 3.76 | 0.75 |
Advisor Class | 1,000.00 | 1,000.00 | 1,001.30 | 1,022.07 | 2.73 | 2.76 | 0.55 |
Class C | 1,000.00 | 1,000.00 | 997.30 | 1,018.10 | 6.69 | 6.76 | 1.35 |
Institutional Class | 1,000.00 | 1,000.00 | 1,002.20 | 1,022.07 | 2.73 | 2.76 | 0.55 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,002.20 | 1,022.17 | 2.63 | 2.66 | 0.53 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,001.70 | 1,022.36 | 2.43 | 2.46 | 0.49 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 7 |
July 31, 2023
Municipal Bonds 100.0% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Alabama 0.2% | ||||
Black Belt Energy Gas District(a) | ||||
Refunding Revenue Bonds | ||||
Gas Project | ||||
Series 2023D-1 (Mandatory Put 02/01/29) | ||||
05/31/2049 | 5.500% | 3,200,000 | 3,369,287 | |
Alaska 0.1% | ||||
Northern Tobacco Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2021A Class 1 | ||||
06/01/2050 | 4.000% | 2,500,000 | 2,210,229 | |
Arizona 2.1% | ||||
Arizona Health Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Scottsdale Lincoln Hospital Project | ||||
Series 2014 | ||||
12/01/2042 | 5.000% | 5,000,000 | 5,013,109 | |
Arizona Industrial Development Authority | ||||
Revenue Bonds | ||||
Macombs Facility Project Social Bonds | ||||
Series 2021A | ||||
07/01/2051 | 4.000% | 850,000 | 711,376 | |
Social Bonds - Macombs Facility Project | ||||
Series 2021A | ||||
07/01/2061 | 4.000% | 2,500,000 | 2,005,229 | |
Industrial Development Authority of the City of Phoenix (The) | ||||
Revenue Bonds | ||||
Downtown Phoenix Student Housing II LLC - Arizona State University Project | ||||
Series 2019 | ||||
07/01/2044 | 5.000% | 1,000,000 | 1,007,016 | |
07/01/2049 | 5.000% | 1,125,000 | 1,125,521 | |
Industrial Development Authority of the County of Pima (The)(b) | ||||
Refunding Revenue Bonds | ||||
American Leadership Academy | ||||
Series 2022 | ||||
06/15/2051 | 4.000% | 1,300,000 | 965,514 | |
Industrial Development Authority of the County of Yavapai (The) | ||||
Refunding Revenue Bonds | ||||
Yavapai Regional Medical Center | ||||
Series 2019 | ||||
08/01/2038 | 4.000% | 1,000,000 | 972,999 | |
La Paz County Industrial Development Authority | ||||
Revenue Bonds | ||||
Charter School Solutions - Harmony Public Schools Project | ||||
Series 2018 | ||||
02/15/2038 | 5.000% | 825,000 | 828,462 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Salt River Project Agricultural Improvement & Power District | ||||
Revenue Bonds | ||||
Series 2023A | ||||
01/01/2050 | 5.000% | 22,500,000 | 24,686,275 | |
Salt Verde Financial Corp. | ||||
Revenue Bonds | ||||
Series 2007 | ||||
12/01/2032 | 5.000% | 7,170,000 | 7,597,516 | |
Total | 44,913,017 | |||
California 4.5% | ||||
California Community Choice Financing Authority | ||||
Revenue Bonds | ||||
Green Bonds - Clean Energy Project | ||||
Series 2023 (Mandatory Put 08/01/29) | ||||
07/01/2053 | 5.000% | 5,700,000 | 5,979,451 | |
California Health Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
Sutter Health | ||||
Series 2016B | ||||
11/15/2041 | 4.000% | 10,000,000 | 10,014,176 | |
Revenue Bonds | ||||
Kaiser Permanente | ||||
Subordinated Series 2017A-2 | ||||
11/01/2044 | 4.000% | 10,000,000 | 9,858,847 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Community Medical Centers | ||||
Series 2017A | ||||
02/01/2036 | 5.000% | 1,500,000 | 1,557,474 | |
02/01/2037 | 5.000% | 1,000,000 | 1,033,798 | |
California Municipal Finance Authority(b),(c),(d) | ||||
Revenue Bonds | ||||
UTS Renewable Energy-Waste Water Facilities | ||||
Series 2011 | ||||
12/01/2032 | 0.000% | 1,830,000 | 36,600 | |
California Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Sharp Healthcare | ||||
Series 2017A | ||||
08/01/2047 | 4.000% | 10,000,000 | 9,871,362 | |
California School Finance Authority(b) | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
River Springs Charter School Project | ||||
Series 2015 | ||||
07/01/2046 | 6.375% | 150,000 | 157,844 |
8 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
California State Public Works Board | ||||
Revenue Bonds | ||||
Various Correctional Facilities | ||||
Series 2014A | ||||
09/01/2039 | 5.000% | 7,000,000 | 7,116,101 | |
California Statewide Communities Development Authority(b) | ||||
Revenue Bonds | ||||
California Baptist University | ||||
Series 2014A | ||||
11/01/2033 | 6.125% | 1,560,000 | 1,568,191 | |
11/01/2043 | 6.375% | 1,035,000 | 1,039,148 | |
Lancer Plaza Project | ||||
Series 2013 | ||||
11/01/2043 | 5.875% | 1,875,000 | 1,877,689 | |
California Statewide Communities Development Authority | ||||
Revenue Bonds | ||||
Loma Linda University Medical Center | ||||
Series 2014 | ||||
12/01/2044 | 5.250% | 3,500,000 | 3,490,920 | |
Castaic Lake Water Agency(e) | ||||
Certificate of Participation | ||||
Capital Appreciation - Water System Improvement Project | ||||
Series 1999 (AMBAC) | ||||
08/01/2024 | 0.000% | 9,445,000 | 9,115,621 | |
Golden State Tobacco Securitization Corp.(e) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2021B-2 | ||||
06/01/2066 | 0.000% | 10,000,000 | 1,073,100 | |
Golden State Tobacco Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Tobacco Settlement | ||||
Series 2022 | ||||
06/01/2051 | 5.000% | 3,000,000 | 3,124,164 | |
Los Angeles Department of Water & Power Water System | ||||
Refunding Revenue Bonds | ||||
Series 2022D | ||||
07/01/2052 | 5.000% | 3,500,000 | 3,832,281 | |
Norwalk-La Mirada Unified School District(e) | ||||
Unlimited General Obligation Bonds | ||||
Capital Appreciation | ||||
Series 2005B (NPFGC) | ||||
08/01/2023 | 0.000% | 9,790,000 | 9,789,127 | |
Palomar Health | ||||
Refunding Revenue Bonds | ||||
Series 2016 | ||||
11/01/2036 | 5.000% | 4,605,000 | 4,716,473 | |
San Francisco City & County Airport Commission - San Francisco International Airport(c) | ||||
Unrefunded Revenue Bonds | ||||
Series 2014A | ||||
05/01/2044 | 5.000% | 10,000,000 | 10,043,700 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
State of California | ||||
Unlimited General Obligation Bonds | ||||
Series 2022 | ||||
09/01/2052 | 5.000% | 3,000,000 | 3,308,737 | |
Unrefunded Unlimited General Obligation Bonds | ||||
Series 2004 | ||||
04/01/2029 | 5.300% | 6,000 | 6,014 | |
West Contra Costa Unified School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2001B (NPFGC) | ||||
08/01/2024 | 6.000% | 410,000 | 415,667 | |
Total | 99,026,485 | |||
Colorado 4.7% | ||||
City & County of Denver Airport System(c) | ||||
Refunding Revenue Bonds | ||||
Series 2022D | ||||
11/15/2053 | 5.000% | 3,000,000 | 3,128,739 | |
Subordinated Series 2018A | ||||
12/01/2048 | 4.000% | 11,500,000 | 10,738,270 | |
Revenue Bonds | ||||
Series 2022A | ||||
11/15/2047 | 5.000% | 3,750,000 | 3,941,777 | |
11/15/2053 | 5.500% | 2,400,000 | 2,635,692 | |
Colorado Bridge Enterprise(c) | ||||
Revenue Bonds | ||||
Central 70 Project | ||||
Series 2017 | ||||
06/30/2051 | 4.000% | 9,240,000 | 8,280,486 | |
Colorado Educational & Cultural Facilities Authority(b) | ||||
Improvement Refunding Revenue Bonds | ||||
Skyview Charter School | ||||
Series 2014 | ||||
07/01/2034 | 5.125% | 1,525,000 | 1,528,233 | |
07/01/2044 | 5.375% | 2,100,000 | 2,080,379 | |
07/01/2049 | 5.500% | 925,000 | 914,874 | |
Colorado Health Facilities Authority | ||||
Improvement Refunding Revenue Bonds | ||||
Bethesda Project | ||||
Series 2018 | ||||
09/15/2048 | 5.000% | 15,000,000 | 13,277,691 | |
09/15/2053 | 5.000% | 10,000,000 | 8,726,005 | |
Refunding Revenue Bonds | ||||
CommonSpirit Health | ||||
Series 2019A | ||||
08/01/2049 | 4.000% | 8,640,000 | 7,862,312 | |
Covenant Retirement Communities | ||||
Series 2015 | ||||
12/01/2035 | 5.000% | 3,800,000 | 3,825,782 | |
Intermountain Healthcare | ||||
Series 2022 | ||||
05/15/2052 | 5.000% | 14,000,000 | 14,828,206 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 9 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Aberdeen Ridge | ||||
Series 2021A | ||||
05/15/2044 | 5.000% | 2,250,000 | 1,775,201 | |
CommonSpirit Health Obligation Group | ||||
Series 2022 | ||||
11/01/2052 | 5.250% | 4,000,000 | 4,166,990 | |
NJH-SJH Center for Outpatient Health | ||||
Series 2019 | ||||
01/01/2050 | 4.000% | 15,105,000 | 14,269,725 | |
Fiddlers Business Improvement District(b) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2022 | ||||
12/01/2047 | 5.550% | 800,000 | 806,472 | |
Total | 102,786,834 | |||
Connecticut 0.1% | ||||
Connecticut State Health & Educational Facilities Authority(b) | ||||
Revenue Bonds | ||||
Church Home of Hartford, Inc. | ||||
Series 2016 | ||||
09/01/2046 | 5.000% | 1,250,000 | 1,019,683 | |
District of Columbia 1.2% | ||||
District of Columbia | ||||
Refunding Revenue Bonds | ||||
Friendship Public Charter School | ||||
Series 2016 | ||||
06/01/2046 | 5.000% | 1,385,000 | 1,385,282 | |
Revenue Bonds | ||||
KIPP DC Project | ||||
Series 2019 | ||||
07/01/2044 | 4.000% | 1,240,000 | 1,075,911 | |
Unlimited General Obligation Bonds | ||||
Series 2023A | ||||
01/01/2045 | 5.000% | 6,000,000 | 6,694,934 | |
01/01/2048 | 5.250% | 5,000,000 | 5,637,579 | |
Metropolitan Washington Airports Authority(c) | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
10/01/2048 | 5.250% | 3,000,000 | 3,221,391 | |
Metropolitan Washington Airports Authority Dulles Toll Road | ||||
Refunding Revenue Bonds | ||||
Dulles Metrorail | ||||
Subordinated Series 2019 | ||||
10/01/2049 | 4.000% | 7,950,000 | 7,497,398 | |
Total | 25,512,495 | |||
Florida 4.1% | ||||
Capital Trust Agency, Inc.(b) | ||||
04/27/2021 | ||||
07/01/2056 | 5.000% | 2,625,000 | 2,355,338 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Capital Trust Agency, Inc.(b),(d) | ||||
Revenue Bonds | ||||
1st Mortgage Tallahassee Tapestry Senior Housing Project | ||||
Series 2015 | ||||
12/01/2045 | 0.000% | 3,760,000 | 1,231,400 | |
12/01/2050 | 0.000% | 1,000,000 | 327,500 | |
Capital Trust Agency, Inc.(b),(e) | ||||
Revenue Bonds | ||||
WFCS Portfolio Project | ||||
Subordinated Series 2021 | ||||
01/01/2061 | 0.000% | 5,600,000 | 287,079 | |
Central Florida Expressway Authority | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2016B | ||||
07/01/2039 | 4.000% | 10,500,000 | 10,319,560 | |
City of Atlantic Beach | ||||
Revenue Bonds | ||||
Fleet Landing Project | ||||
Series 2018 | ||||
11/15/2048 | 5.000% | 2,500,000 | 2,119,221 | |
County of Broward Airport System(c) | ||||
Revenue Bonds | ||||
Series 2015A | ||||
10/01/2045 | 5.000% | 14,000,000 | 14,083,993 | |
County of Miami-Dade Aviation(c) | ||||
Refunding Revenue Bonds | ||||
Series 2014A | ||||
10/01/2033 | 5.000% | 5,000,000 | 5,042,874 | |
County of Osceola Transportation(e) | ||||
Refunding Revenue Bonds | ||||
Series 2020A-2 | ||||
10/01/2040 | 0.000% | 4,650,000 | 2,033,031 | |
10/01/2041 | 0.000% | 2,500,000 | 1,032,620 | |
10/01/2042 | 0.000% | 3,250,000 | 1,265,561 | |
10/01/2043 | 0.000% | 2,750,000 | 1,012,574 | |
10/01/2044 | 0.000% | 3,000,000 | 1,040,899 | |
10/01/2046 | 0.000% | 3,000,000 | 926,249 | |
10/01/2048 | 0.000% | 4,000,000 | 1,097,158 | |
Florida Development Finance Corp.(b) | ||||
Revenue Bonds | ||||
Renaissance Charter School, Inc. Projects | ||||
Series 2015 | ||||
06/15/2035 | 6.000% | 4,000,000 | 4,027,709 | |
Florida Housing Finance Corp. | ||||
Revenue Bonds | ||||
Series 2018 (GNMA) | ||||
07/01/2043 | 3.800% | 1,395,000 | 1,370,828 | |
Hillsborough County Aviation Authority(c) | ||||
Revenue Bonds | ||||
Tampa International Airport | ||||
Series 2022 | ||||
10/01/2052 | 4.000% | 2,645,000 | 2,473,049 |
10 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2018 | ||||
10/01/2048 | 5.000% | 5,550,000 | 5,669,156 | |
Miami-Dade County Expressway Authority | ||||
Revenue Bonds | ||||
Series 2014A | ||||
07/01/2044 | 5.000% | 5,000,000 | 5,008,500 | |
Mid-Bay Bridge Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
10/01/2035 | 5.000% | 3,765,000 | 3,816,970 | |
Palm Beach County Health Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Toby & Leon Cooperman Sinai | ||||
Series 2022 | ||||
06/01/2041 | 4.000% | 1,000,000 | 787,413 | |
Polk County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Carpenter’s Home Estates | ||||
Series 2019 | ||||
01/01/2039 | 5.000% | 1,700,000 | 1,585,541 | |
Putnam County Development Authority | ||||
Refunding Revenue Bonds | ||||
Seminole Project | ||||
Series 2018A | ||||
03/15/2042 | 5.000% | 6,665,000 | 6,927,072 | |
Sarasota County Public Hospital District | ||||
Refunding Revenue Bonds | ||||
Sarasota Memorial Hospital | ||||
Series 1998B (NPFGC) | ||||
07/01/2028 | 5.500% | 1,980,000 | 2,104,513 | |
Seminole County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Legacy Pointe at UCF Project | ||||
Series 2019 | ||||
11/15/2049 | 5.500% | 4,200,000 | 3,241,172 | |
Tampa Sports Authority | ||||
Sales Tax Revenue Bonds | ||||
Tampa Bay Arena Project | ||||
Series 1995 (NPFGC) | ||||
10/01/2025 | 5.750% | 1,340,000 | 1,380,543 | |
Tampa-Hillsborough County Expressway Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017B | ||||
07/01/2042 | 4.000% | 7,785,000 | 7,639,125 | |
Total | 90,206,648 | |||
Georgia 2.2% | ||||
Fulton County Residential Care Facilities for the Elderly Authority | ||||
Refunding Revenue Bonds | ||||
Lenbrook Square Foundation, Inc. | ||||
Series 2016 | ||||
07/01/2036 | 5.000% | 3,500,000 | 3,470,295 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Georgia State Road & Tollway Authority(b),(e) | ||||
Revenue Bonds | ||||
I-75 S Express Lanes Project | ||||
Series 2014 Escrowed to Maturity | ||||
06/01/2024 | 0.000% | 130,000 | 126,406 | |
Main Street Natural Gas, Inc. | ||||
Revenue Bonds | ||||
Series 2022B (Mandatory Put 06/01/29) | ||||
12/01/2052 | 5.000% | 10,000,000 | 10,332,317 | |
Series 2023A (Mandatory Put 06/01/30) | ||||
06/01/2053 | 5.000% | 13,300,000 | 13,757,349 | |
Series 2023C (Mandatory Put 09/01/30) | ||||
08/31/2053 | 5.000% | 4,500,000 | 4,730,352 | |
Metropolitan Atlanta Rapid Transit Authority | ||||
Refunding Revenue Bonds | ||||
Series 2007A (AMBAC) | ||||
07/01/2026 | 5.250% | 1,000,000 | 1,062,261 | |
Municipal Electric Authority of Georgia | ||||
Revenue Bonds | ||||
Plant Vogtle Units 3&4 Project | ||||
Series 2022 | ||||
07/01/2063 | 5.500% | 5,300,000 | 5,507,642 | |
Series 2022 (AGM) | ||||
07/01/2052 | 5.000% | 5,300,000 | 5,434,892 | |
Oconee County Industrial Development Authority | ||||
Revenue Bonds | ||||
Presbyterian Village Athens Project | ||||
Series 2018 | ||||
12/01/2048 | 6.250% | 2,945,000 | 2,541,662 | |
Total | 46,963,176 | |||
Idaho 1.0% | ||||
Idaho Health Facilities Authority | ||||
Refunding Revenue Bonds | ||||
St. Luke’s Health System Project | ||||
Series 2018 | ||||
03/01/2038 | 4.000% | 3,650,000 | 3,530,180 | |
Series 2021 | ||||
03/01/2040 | 4.000% | 810,000 | 775,423 | |
03/01/2041 | 4.000% | 750,000 | 711,578 | |
03/01/2051 | 4.000% | 2,000,000 | 1,764,529 | |
Revenue Bonds | ||||
Taxable - Terraces of Boise Project | ||||
Series 2021 | ||||
10/01/2039 | 4.250% | 9,135,000 | 6,960,966 | |
Terraces of Boise Project | ||||
Series 2021 | ||||
10/01/2050 | 4.500% | 10,000,000 | 7,034,077 | |
Total | 20,776,753 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 11 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Illinois 11.3% | ||||
Chicago Board of Education(b) | ||||
Unlimited General Obligation Bonds | ||||
Dedicated | ||||
Series 2017A | ||||
12/01/2046 | 7.000% | 10,765,000 | 11,599,956 | |
Chicago Board of Education | ||||
Unlimited General Obligation Bonds | ||||
Series 2018 | ||||
12/01/2046 | 5.000% | 5,000,000 | 4,898,328 | |
Series 2022A | ||||
12/01/2047 | 5.000% | 6,875,000 | 6,798,196 | |
Chicago Midway International Airport(c) | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Series 2014A | ||||
01/01/2041 | 5.000% | 10,000,000 | 10,001,082 | |
Chicago O’Hare International Airport(c) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2018A | ||||
01/01/2048 | 5.000% | 7,455,000 | 7,640,070 | |
Revenue Bonds | ||||
General Senior Lien | ||||
Series 2017D | ||||
01/01/2052 | 5.000% | 7,620,000 | 7,715,595 | |
Senior Lien | ||||
Series 2022 | ||||
01/01/2048 | 4.500% | 3,000,000 | 2,965,828 | |
01/01/2055 | 5.000% | 11,250,000 | 11,591,935 | |
Series 2015C | ||||
01/01/2046 | 5.000% | 12,525,000 | 12,536,368 | |
TriPs Obligated Group | ||||
Series 2018 | ||||
07/01/2048 | 5.000% | 2,400,000 | 2,400,131 | |
Chicago O’Hare International Airport | ||||
Revenue Bonds | ||||
Series 2015D | ||||
01/01/2046 | 5.000% | 7,310,000 | 7,341,391 | |
City of Chicago Wastewater Transmission | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Series 2015C | ||||
01/01/2034 | 5.000% | 1,250,000 | 1,270,198 | |
01/01/2039 | 5.000% | 2,970,000 | 2,996,226 | |
Revenue Bonds | ||||
2nd Lien | ||||
Series 2014 | ||||
01/01/2044 | 5.000% | 4,000,000 | 3,989,783 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Chicago Waterworks | ||||
Revenue Bonds | ||||
2nd Lien | ||||
Series 2014 | ||||
11/01/2039 | 5.000% | 2,000,000 | 2,020,171 | |
11/01/2044 | 5.000% | 2,850,000 | 2,871,381 | |
Cook County Community College District No. 508 | ||||
Unlimited General Obligation Bonds | ||||
Chicago City Colleges | ||||
Series 2017 (BAM) | ||||
12/01/2047 | 5.000% | 9,400,000 | 9,722,768 | |
Illinois Finance Authority | ||||
Refunding Revenue Bonds | ||||
Northshore University Health System | ||||
Series 2020A | ||||
08/15/2040 | 4.000% | 1,750,000 | 1,713,080 | |
Silver Cross Hospital & Medical Centers | ||||
Series 2015C | ||||
08/15/2044 | 5.000% | 9,400,000 | 9,407,041 | |
Illinois Housing Development Authority | ||||
Revenue Bonds | ||||
Series 2019D (GNMA) | ||||
10/01/2039 | 2.950% | 515,000 | 513,501 | |
Illinois State Toll Highway Authority | ||||
Revenue Bonds | ||||
Series 2019A | ||||
01/01/2044 | 4.000% | 5,000,000 | 4,932,375 | |
Metropolitan Pier & Exposition Authority(e) | ||||
Refunding Revenue Bonds | ||||
McCormick Place Expansion | ||||
Series 2022 | ||||
12/15/2039 | 0.000% | 3,000,000 | 1,446,447 | |
12/15/2040 | 0.000% | 3,050,000 | 1,392,752 | |
12/15/2041 | 0.000% | 2,200,000 | 952,065 | |
McCormick Place Expansion Project | ||||
Series 2012 (BAM) | ||||
12/15/2051 | 0.000% | 19,000,000 | 5,069,303 | |
Metropolitan Pier & Exposition Authority | ||||
Refunding Revenue Bonds | ||||
McCormick Place Expansion | ||||
Series 2022 | ||||
06/15/2052 | 4.000% | 3,000,000 | 2,732,837 | |
McCormick Place Expansion Project | ||||
Series 2020 | ||||
06/15/2050 | 4.000% | 2,400,000 | 2,205,412 | |
Metropolitan Water Reclamation District of Greater Chicago | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2007C | ||||
12/01/2033 | 5.250% | 13,210,000 | 16,122,986 |
12 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Regional Transportation Authority | ||||
Revenue Bonds | ||||
Series 2002A (NPFGC) | ||||
07/01/2031 | 6.000% | 5,400,000 | 6,571,591 | |
State of Illinois | ||||
Prerefunded 08/08/23 Unlimited General Obligation Bonds | ||||
Series 2013A | ||||
03/31/2036 | 5.000% | 5,000,000 | 5,001,278 | |
Unlimited General Obligation Bonds | ||||
1st Series 2001 (NPFGC) | ||||
11/01/2026 | 6.000% | 3,000,000 | 3,142,695 | |
Rebuild Illinois Program | ||||
Series 2019B | ||||
11/01/2039 | 4.000% | 7,580,000 | 7,427,581 | |
Series 2019C | ||||
11/01/2042 | 4.000% | 9,925,000 | 9,493,563 | |
11/01/2043 | 4.000% | 3,000,000 | 2,856,006 | |
11/01/2044 | 4.000% | 2,000,000 | 1,891,145 | |
Series 2014 | ||||
02/01/2039 | 5.000% | 15,000,000 | 15,042,337 | |
Series 2016 | ||||
11/01/2030 | 5.000% | 5,975,000 | 6,238,055 | |
Series 2020 | ||||
05/01/2039 | 5.500% | 2,705,000 | 2,956,398 | |
Series 2020C | ||||
05/01/2024 | 5.500% | 1,000,000 | 1,013,549 | |
Series 2022A | ||||
03/01/2047 | 5.500% | 19,000,000 | 20,690,040 | |
Series 2023B | ||||
05/01/2047 | 5.500% | 1,750,000 | 1,907,533 | |
05/01/2048 | 4.500% | 600,000 | 598,250 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2018-A | ||||
10/01/2033 | 5.000% | 6,000,000 | 6,413,813 | |
Total | 246,091,040 | |||
Indiana 0.0% | ||||
Indiana Housing & Community Development Authority | ||||
Refunding Revenue Bonds | ||||
Series 2020B-1 (GNMA) | ||||
07/01/2039 | 2.050% | 110,000 | 99,861 | |
Iowa 1.3% | ||||
Iowa Finance Authority | ||||
Refunding Revenue Bonds | ||||
Iowa Fertilizer Co. Project | ||||
Series 2022 | ||||
12/01/2050 | 5.000% | 6,900,000 | 6,966,158 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Lifespace Communities, Inc. | ||||
Series 2021 | ||||
05/15/2046 | 4.000% | 6,890,000 | 4,443,812 | |
05/15/2053 | 4.000% | 12,790,000 | 7,659,130 | |
Revenue Bonds | ||||
Council Bluffs, Inc. Project | ||||
Series 2018 | ||||
08/01/2033 | 5.000% | 500,000 | 447,184 | |
08/01/2038 | 5.000% | 500,000 | 415,784 | |
Lifespace Communities, Inc. | ||||
Series 2018A | ||||
05/15/2048 | 5.000% | 9,275,000 | 6,888,201 | |
PEFA, Inc. | ||||
Revenue Bonds | ||||
Series 2019 (Mandatory Put 09/01/26) | ||||
09/01/2049 | 5.000% | 2,500,000 | 2,545,792 | |
Total | 29,366,061 | |||
Kentucky 0.5% | ||||
Kentucky Economic Development Finance Authority | ||||
Refunding Revenue Bonds | ||||
Owensboro Health System | ||||
Series 2017A | ||||
06/01/2041 | 5.000% | 1,750,000 | 1,737,232 | |
Kentucky Municipal Power Agency | ||||
Refunding Revenue Bonds | ||||
Forward Delivery Prairie State Project | ||||
Series 2020 | ||||
09/01/2035 | 5.000% | 1,080,000 | 1,148,517 | |
Series 2015A | ||||
09/01/2042 | 5.000% | 6,600,000 | 6,606,392 | |
Kentucky State Property & Building Commission | ||||
Revenue Bonds | ||||
Project #119 | ||||
Series 2018 (BAM) | ||||
05/01/2034 | 5.000% | 2,000,000 | 2,172,252 | |
Total | 11,664,393 | |||
Louisiana 2.3% | ||||
Louisiana Public Facilities Authority | ||||
Prerefunded 05/15/26 Revenue Bonds | ||||
Ochsner Clinic Foundation Project | ||||
Series 2016 | ||||
05/15/2035 | 4.000% | 25,000 | 25,542 | |
05/15/2041 | 4.000% | 25,000 | 25,542 | |
05/15/2047 | 5.000% | 15,000 | 15,722 | |
Refunding Revenue Bonds | ||||
Ochsner Clinic Foundation Project | ||||
Series 2016 | ||||
05/15/2047 | 5.000% | 1,185,000 | 1,200,440 | |
Series 2017 | ||||
05/15/2036 | 5.000% | 1,750,000 | 1,816,414 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 13 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Provident Group - Flagship Properties | ||||
Series 2017 | ||||
07/01/2047 | 5.000% | 1,400,000 | 1,422,069 | |
07/01/2052 | 5.000% | 1,600,000 | 1,617,059 | |
Louisiana Public Facilities Authority(c) | ||||
Revenue Bonds | ||||
Impala Warehousing LLC Project | ||||
Series 2013 | ||||
07/01/2036 | 6.500% | 16,695,000 | 16,711,752 | |
New Orleans Aviation Board(c) | ||||
Revenue Bonds | ||||
General Airport-North Terminal | ||||
Series 2017B | ||||
01/01/2048 | 5.000% | 3,725,000 | 3,762,323 | |
Series 2015B | ||||
01/01/2045 | 5.000% | 21,150,000 | 21,168,493 | |
Parish of St. James(b) | ||||
Revenue Bonds | ||||
Nustar Logistics LP Project | ||||
Series 2011 (Mandatory Put 06/01/25) | ||||
08/01/2041 | 5.850% | 2,500,000 | 2,556,726 | |
Total | 50,322,082 | |||
Maryland 0.9% | ||||
Maryland Community Development Administration | ||||
Refunding Revenue Bonds | ||||
Series 2019B | ||||
09/01/2034 | 3.000% | 3,000,000 | 2,772,196 | |
Revenue Bonds | ||||
Series 2019C | ||||
09/01/2034 | 2.700% | 4,000,000 | 3,605,704 | |
Maryland Economic Development Corp.(c) | ||||
Revenue Bonds | ||||
Green Bonds - Purple Line Light Rail Project | ||||
Series 2022 | ||||
06/30/2055 | 5.250% | 5,000,000 | 5,113,887 | |
Maryland Economic Development Corp. | ||||
Tax Allocation Bonds | ||||
Port Covington Project | ||||
Series 2020 | ||||
09/01/2040 | 4.000% | 875,000 | 782,685 | |
Maryland Health & Higher Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Mercy Medical Center | ||||
Series 2016A | ||||
07/01/2042 | 4.000% | 5,250,000 | 4,830,388 | |
Meritus Medical Center Issue | ||||
Series 2015 | ||||
07/01/2045 | 5.000% | 3,000,000 | 3,032,470 | |
Total | 20,137,330 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Massachusetts 1.1% | ||||
Commonwealth of Massachusetts | ||||
Refunding Revenue Bonds | ||||
Series 2005 (NPFGC) | ||||
01/01/2030 | 5.500% | 2,500,000 | 2,876,177 | |
Massachusetts Bay Transportation Authority | ||||
Revenue Bonds | ||||
Series 2008B | ||||
07/01/2027 | 5.250% | 710,000 | 776,537 | |
Massachusetts Clean Water Trust (The) | ||||
Refunding Revenue Bonds | ||||
Pool Program | ||||
Series 2006 | ||||
08/01/2030 | 5.250% | 1,000,000 | 1,171,581 | |
Massachusetts Development Finance Agency(d) | ||||
Revenue Bonds | ||||
Adventcare Project | ||||
Series 2007A | ||||
10/15/2028 | 0.000% | 3,825,475 | 38,255 | |
Massachusetts Development Finance Agency | ||||
Revenue Bonds | ||||
UMass Boston Student Housing Project | ||||
Series 2016 | ||||
10/01/2048 | 5.000% | 6,360,000 | 6,096,064 | |
WGBH Educational Foundation | ||||
Series 2002A (AMBAC) | ||||
01/01/2042 | 5.750% | 2,000,000 | 2,483,081 | |
Massachusetts Health & Educational Facilities Authority | ||||
Revenue Bonds | ||||
Tufts University | ||||
Series 2009M | ||||
02/15/2028 | 5.500% | 1,000,000 | 1,114,674 | |
Massachusetts Housing Finance Agency | ||||
Revenue Bonds | ||||
Special Obligations | ||||
Series 2017D | ||||
12/01/2047 | 3.850% | 10,000,000 | 8,835,179 | |
Massachusetts Port Authority(c) | ||||
Refunding Revenue Bonds | ||||
BosFuel Project | ||||
Series 2019A | ||||
07/01/2044 | 4.000% | 1,500,000 | 1,424,416 | |
Total | 24,815,964 | |||
Michigan 3.6% | ||||
Great Lakes Water Authority Water Supply System | ||||
Revenue Bonds | ||||
2nd Lien | ||||
Series 2016B | ||||
07/01/2046 | 5.000% | 15,385,000 | 15,740,089 |
14 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Michigan Finance Authority | ||||
Prerefunded 12/01/29 Revenue Bonds | ||||
Trinity Health Group | ||||
Series 2019 | ||||
12/01/2040 | 4.000% | 380,000 | 408,266 | |
Refunding Revenue Bonds | ||||
Henry Ford Health System | ||||
Series 2016 | ||||
11/15/2046 | 4.000% | 9,420,000 | 9,006,935 | |
Senior Lien - Great Lakes Water Authority | ||||
Series 2014C-6 | ||||
07/01/2033 | 5.000% | 1,070,000 | 1,081,748 | |
Trinity Health Credit Group | ||||
Series 2019 | ||||
12/01/2038 | 4.000% | 3,250,000 | 3,256,130 | |
Revenue Bonds | ||||
CHE Trinity Health | ||||
Series 2019 | ||||
12/01/2040 | 4.000% | 5,620,000 | 5,582,112 | |
Henry Ford Health System | ||||
Series 2019A | ||||
11/15/2050 | 4.000% | 4,400,000 | 4,132,290 | |
Local Government Loan Program - Great Lakes Water Authority | ||||
Series 2015 | ||||
07/01/2034 | 5.000% | 2,095,000 | 2,142,361 | |
Michigan State Housing Development Authority | ||||
Revenue Bonds | ||||
Series 2018A | ||||
10/01/2048 | 4.050% | 5,000,000 | 4,579,906 | |
Social Bonds | ||||
Series 2023A | ||||
12/01/2048 | 4.900% | 6,000,000 | 6,082,191 | |
Michigan Strategic Fund(c) | ||||
Revenue Bonds | ||||
I-75 Improvement Project | ||||
Series 2018 | ||||
12/31/2043 | 5.000% | 8,000,000 | 8,062,781 | |
06/30/2048 | 5.000% | 3,000,000 | 3,018,561 | |
Paw Paw Public Schools | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 1998 (NPFGC) (Qualified School Board Loan Fund) | ||||
05/01/2025 | 5.000% | 505,000 | 515,664 | |
St. John’s Public Schools | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 1998 (NPFGC) (Qualified School Bond Loan Fund) | ||||
05/01/2025 | 5.100% | 890,000 | 910,201 | |
Wayne County Airport Authority(c) | ||||
Refunding Revenue Bonds | ||||
Series 2015F | ||||
12/01/2033 | 5.000% | 11,495,000 | 11,776,262 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Wayne County Airport Authority | ||||
Revenue Bonds | ||||
Series 2015D | ||||
12/01/2045 | 5.000% | 1,945,000 | 1,979,004 | |
Williamston Community School District | ||||
Unlimited General Obligation Bonds | ||||
Series 1996 (NPFGC) (Qualified School Bond Loan Fund) | ||||
05/01/2025 | 5.500% | 205,000 | 210,634 | |
Total | 78,485,135 | |||
Minnesota 1.3% | ||||
City of Minneapolis | ||||
Revenue Bonds | ||||
Fairview Health Services | ||||
Series 2018A | ||||
11/15/2048 | 4.000% | 5,000,000 | 4,365,984 | |
City of Wayzata | ||||
Refunding Revenue Bonds | ||||
Folkstone Senior Living Co. | ||||
Series 2019 | ||||
08/01/2049 | 5.000% | 1,000,000 | 936,516 | |
Southern Minnesota Municipal Power Agency(e) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 1994A (NPFGC) | ||||
01/01/2025 | 0.000% | 17,500,000 | 16,632,698 | |
St. Cloud Housing & Redevelopment Authority(f) | ||||
Revenue Bonds | ||||
Sanctuary St. Cloud Project | ||||
Series 2016A | ||||
08/01/2036 | 3.806% | 7,125,000 | 5,640,324 | |
Total | 27,575,522 | |||
Mississippi 0.0% | ||||
Medical Center Educational Building Corp. | ||||
Refunding Revenue Bonds | ||||
University of Mississippi Medical Center | ||||
Series 1998B (AMBAC) | ||||
12/01/2023 | 5.500% | 890,000 | 895,896 | |
Missouri 2.1% | ||||
Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Mosaic Health System | ||||
Series 2019 | ||||
02/15/2049 | 4.000% | 3,200,000 | 2,982,967 | |
Health & Educational Facilities Authority of the State of Missouri | ||||
Revenue Bonds | ||||
Lutheran Senior Services | ||||
Series 2014 | ||||
02/01/2035 | 5.000% | 7,350,000 | 7,318,230 | |
02/01/2044 | 5.000% | 12,725,000 | 12,023,281 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 15 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Kansas City Industrial Development Authority(c) | ||||
Revenue Bonds | ||||
Kansas City International Airport | ||||
Series 2020A | ||||
03/01/2045 | 4.000% | 6,000,000 | 5,642,063 | |
Kirkwood Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Aberdeen Heights Project | ||||
Series 2017 | ||||
05/15/2037 | 5.250% | 2,205,000 | 1,875,682 | |
05/15/2042 | 5.250% | 2,290,000 | 1,841,793 | |
Missouri Housing Development Commission | ||||
Revenue Bonds | ||||
First Place Homeownership Loan Program | ||||
Series 2020A (GNMA) | ||||
11/01/2040 | 2.550% | 1,280,000 | 1,016,081 | |
11/01/2045 | 2.700% | 1,045,000 | 835,100 | |
Missouri Joint Municipal Electric Utility Commission | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
12/01/2041 | 4.000% | 10,000,000 | 9,790,033 | |
St. Louis County Industrial Development Authority | ||||
Revenue Bonds | ||||
Friendship Village Sunset Hills | ||||
Series 2013A | ||||
09/01/2033 | 5.500% | 2,750,000 | 2,750,104 | |
Total | 46,075,334 | |||
Nebraska 2.1% | ||||
Central Plains Energy Project | ||||
Revenue Bonds | ||||
Gas Project No. 5 Series | ||||
Series 2022-1 (Mandatory Put 10/01/29) | ||||
05/01/2053 | 5.000% | 5,400,000 | 5,599,381 | |
Douglas County Hospital Authority No. 2 | ||||
Revenue Bonds | ||||
Madonna Rehabilitation Hospital | ||||
Series 2014 | ||||
05/15/2036 | 5.000% | 1,000,000 | 1,002,217 | |
05/15/2044 | 5.000% | 6,400,000 | 6,350,647 | |
Douglas County Hospital Authority No. 3 | ||||
Refunding Revenue Bonds | ||||
Health Facilities - Nebraska Methodist Health System | ||||
Series 2015 | ||||
11/01/2045 | 5.000% | 7,500,000 | 7,575,268 | |
Nebraska Educational Health Cultural & Social Services Finance Authority | ||||
Refunding Revenue Bonds | ||||
Immanuel Obligated Group | ||||
Series 2019 | ||||
01/01/2044 | 4.000% | 7,500,000 | 7,127,697 | |
01/01/2049 | 4.000% | 20,595,000 | 18,820,358 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Nebraska Investment Finance Authority | ||||
Revenue Bonds | ||||
Series 2019D | ||||
09/01/2042 | 3.050% | 260,000 | 238,517 | |
Total | 46,714,085 | |||
Nevada 0.3% | ||||
City of Carson City | ||||
Refunding Revenue Bonds | ||||
Carson Tahoe Regional Medical Center | ||||
Series 2017 | ||||
09/01/2042 | 5.000% | 1,120,000 | 1,131,925 | |
Revenue Bonds | ||||
Carson Tahoe Regional Medical Center | ||||
Series 2017 | ||||
09/01/2047 | 5.000% | 2,320,000 | 2,332,258 | |
State of Nevada Department of Business & Industry(b) | ||||
Revenue Bonds | ||||
Somerset Academy | ||||
Series 2015A | ||||
12/15/2035 | 5.000% | 1,025,000 | 1,005,490 | |
Series 2018A | ||||
12/15/2038 | 5.000% | 835,000 | 794,503 | |
12/15/2048 | 5.000% | 500,000 | 444,004 | |
Total | 5,708,180 | |||
New Hampshire 0.5% | ||||
New Hampshire Business Finance Authority | ||||
Revenue Bonds | ||||
Municipal Certificates | ||||
Series 2020A-1 | ||||
01/20/2034 | 4.125% | 9,293,730 | 9,101,156 | |
New Hampshire Business Finance Authority(b) | ||||
Revenue Bonds | ||||
The Vista Project | ||||
Series 2019A | ||||
07/01/2039 | 5.250% | 1,550,000 | 1,399,388 | |
New Hampshire Health & Education Facilities Authority Act(d) | ||||
Revenue Bonds | ||||
Hillside Village | ||||
Series 2017A | ||||
07/01/2037 | 0.000% | 1,460,876 | 321,393 | |
07/01/2042 | 0.000% | 834,787 | 183,653 | |
Total | 11,005,590 | |||
New Jersey 3.8% | ||||
City of Newark Mass Transit Access Tax | ||||
Revenue Bonds | ||||
Mulberry Pedestrian Bridge Redevelopment Project | ||||
Series 2022 (AGM) | ||||
11/15/2062 | 6.000% | 2,000,000 | 2,295,807 |
16 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Middlesex County Improvement Authority(d) | ||||
Revenue Bonds | ||||
Heldrich Center Hotel | ||||
Series 2005C | ||||
01/01/2037 | 0.000% | 1,500,000 | 15 | |
New Jersey Economic Development Authority | ||||
Prerefunded 06/15/25 Revenue Bonds | ||||
Series 2015WW | ||||
06/15/2040 | 5.250% | 2,600,000 | 2,701,940 | |
Prerefunded 06/15/27 Revenue Bonds | ||||
Series 2017DDD | ||||
06/15/2042 | 5.000% | 1,250,000 | 1,351,083 | |
Refunding Revenue Bonds | ||||
School Facilities Construction | ||||
Series 2005N-1 (AGM) | ||||
09/01/2025 | 5.500% | 14,500,000 | 15,127,505 | |
Series 2005N-1 (NPFGC) | ||||
09/01/2027 | 5.500% | 5,000,000 | 5,424,251 | |
Subordinated Series 2017A | ||||
07/01/2034 | 4.000% | 1,750,000 | 1,757,878 | |
Revenue Bonds | ||||
Portal North Bridge Project | ||||
Series 2022 | ||||
11/01/2052 | 5.000% | 16,250,000 | 17,163,391 | |
New Jersey Housing & Mortgage Finance Agency | ||||
Refunding Revenue Bonds | ||||
Series 2020E (HUD) | ||||
10/01/2040 | 2.250% | 4,245,000 | 3,111,994 | |
New Jersey Transportation Trust Fund Authority | ||||
Refunding Revenue Bonds | ||||
Transportation System | ||||
Series 2018A | ||||
12/15/2034 | 5.000% | 6,000,000 | 6,469,438 | |
Series 2019 | ||||
12/15/2039 | 5.000% | 1,400,000 | 1,486,336 | |
Revenue Bonds | ||||
Transportation Program | ||||
Series 2019 | ||||
06/15/2046 | 5.000% | 3,500,000 | 3,655,492 | |
Series 2022 | ||||
06/15/2048 | 5.000% | 3,750,000 | 4,004,868 | |
New Jersey Turnpike Authority | ||||
Refunding Revenue Bonds | ||||
Series 2005A (AGM) | ||||
01/01/2030 | 5.250% | 2,000,000 | 2,289,499 | |
Revenue Bonds | ||||
Series 2022B | ||||
01/01/2048 | 4.500% | 3,000,000 | 3,117,977 | |
01/01/2052 | 5.250% | 6,250,000 | 6,994,236 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tobacco Settlement Financing Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
06/01/2046 | 5.250% | 2,000,000 | 2,074,893 | |
Subordinated Series 2018B | ||||
06/01/2046 | 5.000% | 3,580,000 | 3,579,656 | |
Total | 82,606,259 | |||
New Mexico 0.2% | ||||
New Mexico Mortgage Finance Authority | ||||
Revenue Bonds | ||||
Single Family Mortgage Program | ||||
Series 2019C Class I (GNMA) | ||||
07/01/2034 | 3.050% | 1,530,000 | 1,401,378 | |
07/01/2039 | 3.350% | 1,285,000 | 1,188,292 | |
07/01/2044 | 3.600% | 2,675,000 | 2,485,238 | |
Total | 5,074,908 | |||
New York 7.7% | ||||
Build NYC Resource Corp.(b),(c) | ||||
Refunding Revenue Bonds | ||||
Pratt Paper, Inc. Project | ||||
Series 2014 | ||||
01/01/2025 | 4.500% | 100,000 | 100,459 | |
City of New York | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A-1 | ||||
09/01/2046 | 4.000% | 2,500,000 | 2,443,963 | |
Subordinated Series 2022B-1 | ||||
10/01/2047 | 5.250% | 2,500,000 | 2,791,590 | |
Subordinated Series 2023E-1 | ||||
04/01/2050 | 4.000% | 5,100,000 | 4,941,728 | |
Housing Development Corp. | ||||
Revenue Bonds | ||||
Sustainable Neighborhood | ||||
Series 2017G | ||||
11/01/2042 | 3.600% | 4,000,000 | 3,582,869 | |
Metropolitan Transportation Authority | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2020C-1 | ||||
11/15/2050 | 5.000% | 4,915,000 | 5,088,987 | |
New York City Housing Development Corp. | ||||
Revenue Bonds | ||||
Sustainable Neighborhood | ||||
Series 2019 | ||||
11/01/2044 | 3.150% | 6,440,000 | 5,243,064 | |
New York City Municipal Water Finance Authority | ||||
Revenue Bonds | ||||
Series 2022CC-1 | ||||
06/15/2052 | 4.000% | 19,575,000 | 19,026,824 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 17 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New York City Transitional Finance Authority | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2020D | ||||
11/01/2040 | 4.000% | 10,000,000 | 9,981,993 | |
Subordinated Series 2022A-1 | ||||
08/01/2044 | 5.000% | 1,900,000 | 2,075,433 | |
08/01/2048 | 4.000% | 2,400,000 | 2,348,813 | |
Subordinated Series 2022F-1 | ||||
02/01/2051 | 4.000% | 2,000,000 | 1,944,068 | |
02/01/2051 | 5.000% | 1,375,000 | 1,476,107 | |
New York Counties Tobacco Trust VI | ||||
Tobacco Settlement Pass-Through Bonds | ||||
Series 2016 | ||||
06/01/2045 | 5.000% | 1,860,000 | 1,762,854 | |
New York Liberty Development Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2021-1WTC | ||||
02/15/2042 | 3.000% | 1,210,000 | 971,560 | |
New York State Dormitory Authority | ||||
Revenue Bonds | ||||
Independent School District-Educational Housing Services | ||||
Series 2005 (AMBAC) | ||||
07/01/2030 | 5.250% | 3,000,000 | 3,148,944 | |
Series 2020A | ||||
07/01/2053 | 4.000% | 4,000,000 | 3,697,331 | |
New York State Thruway Authority | ||||
Refunding Revenue Bonds | ||||
Personal Income Tax - Bidding Group | ||||
Series 2022A | ||||
03/15/2050 | 4.000% | 14,000,000 | 13,566,035 | |
New York Transportation Development Corp.(c) | ||||
Revenue Bonds | ||||
Delta Air Lines, Inc. LaGuardia | ||||
Series 2020 | ||||
10/01/2035 | 5.000% | 8,000,000 | 8,371,627 | |
New York State Thruway Service Areas Project | ||||
Series 2021 | ||||
10/31/2041 | 4.000% | 1,430,000 | 1,301,300 | |
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2022 | ||||
12/01/2041 | 5.000% | 5,750,000 | 5,979,185 | |
12/01/2042 | 4.000% | 4,355,000 | 4,081,468 | |
Port Authority of New York & New Jersey(c) | ||||
Refunding Revenue Bonds | ||||
Series 2023-238 | ||||
07/15/2039 | 5.000% | 3,000,000 | 3,260,572 | |
Revenue Bonds | ||||
Consolidated 218th | ||||
Series 2019 | ||||
11/01/2041 | 4.000% | 1,000,000 | 974,383 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Consolidated Bonds | ||||
Series 221 | ||||
07/15/2040 | 4.000% | 4,000,000 | 3,915,880 | |
State of New York Mortgage Agency | ||||
Refunding Revenue Bonds | ||||
Series 2018-211 | ||||
10/01/2043 | 3.750% | 11,620,000 | 10,511,558 | |
Triborough Bridge & Tunnel Authority | ||||
Refunding Revenue Bonds | ||||
MTA Bridges and Tunnels | ||||
Series 2022 | ||||
05/15/2052 | 5.000% | 6,000,000 | 6,843,634 | |
05/15/2057 | 5.000% | 10,500,000 | 11,326,989 | |
Revenue Bonds | ||||
Senior Lien Green Bonds | ||||
Series 2022D-2 | ||||
05/15/2052 | 5.500% | 3,000,000 | 3,386,357 | |
Series 2022A | ||||
11/15/2052 | 4.000% | 12,500,000 | 11,963,608 | |
Ulster County Capital Resource Corp.(b) | ||||
Refunding Revenue Bonds | ||||
Woodland Pond at New Paltz | ||||
Series 2017 | ||||
09/15/2042 | 5.250% | 2,480,000 | 1,924,104 | |
09/15/2047 | 5.250% | 3,025,000 | 2,241,468 | |
09/15/2053 | 5.250% | 6,240,000 | 4,446,866 | |
Westchester County Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Westchester Medical Center | ||||
Series 2016 | ||||
11/01/2046 | 5.000% | 4,000,000 | 3,871,749 | |
Total | 168,593,370 | |||
North Carolina 1.2% | ||||
North Carolina Department of Transportation(c) | ||||
Revenue Bonds | ||||
I-77 Hot Lanes Project | ||||
Series 2015 | ||||
06/30/2054 | 5.000% | 12,500,000 | 12,324,372 | |
North Carolina Medical Care Commission | ||||
Refunding Revenue Bonds | ||||
Series 2021C | ||||
03/01/2042 | 4.000% | 2,500,000 | 1,904,929 | |
Sharon Towers | ||||
Series 2019A | ||||
07/01/2039 | 5.000% | 1,650,000 | 1,510,741 | |
07/01/2044 | 5.000% | 2,260,000 | 1,970,734 | |
Revenue Bonds | ||||
Lutheran Services for the Aging | ||||
Series 2021 | ||||
03/01/2051 | 4.000% | 1,000,000 | 688,984 |
18 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
North Carolina Turnpike Authority(e) | ||||
Revenue Bonds | ||||
Series 2017C | ||||
07/01/2030 | 0.000% | 445,000 | 329,404 | |
07/01/2034 | 0.000% | 1,135,000 | 684,849 | |
Series 2019 | ||||
01/01/2044 | 0.000% | 4,000,000 | 1,590,295 | |
Triangle Expressway System | ||||
Series 2019 | ||||
01/01/2042 | 0.000% | 6,550,000 | 2,881,735 | |
01/01/2043 | 0.000% | 3,500,000 | 1,466,132 | |
Total | 25,352,175 | |||
North Dakota 0.2% | ||||
North Dakota Housing Finance Agency | ||||
Revenue Bonds | ||||
Home Mortgage Program | ||||
Series 2019 | ||||
07/01/2043 | 3.050% | 1,405,000 | 1,143,277 | |
Housing Finance Program | ||||
Series 2017 (FHA) | ||||
07/01/2037 | 3.450% | 700,000 | 691,997 | |
Housing Finance Program-Home Mortgage Finance | ||||
Series 2018 | ||||
07/01/2042 | 3.950% | 1,845,000 | 1,808,186 | |
Total | 3,643,460 | |||
Ohio 2.2% | ||||
Buckeye Tobacco Settlement Financing Authority | ||||
Refunding Senior Revenue Bonds | ||||
Series 2020B-2 | ||||
06/01/2055 | 5.000% | 24,790,000 | 23,040,371 | |
County of Hamilton | ||||
Revenue Bonds | ||||
Cincinnati Children’s Hospital Project | ||||
Series 2019 | ||||
11/15/2049 | 5.000% | 2,000,000 | 2,226,842 | |
County of Marion | ||||
Refunding Revenue Bonds | ||||
United Church Homes, Inc. | ||||
Series 2019 | ||||
12/01/2039 | 5.000% | 325,000 | 268,646 | |
12/01/2049 | 5.125% | 1,895,000 | 1,466,427 | |
Lake County Port & Economic Development Authority(b),(d) | ||||
Revenue Bonds | ||||
1st Mortgage - Tapestry Wickliffe LLC | ||||
Series 2017 | ||||
12/01/2037 | 0.000% | 6,000,000 | 1,740,000 | |
12/01/2052 | 0.000% | 1,500,000 | 435,000 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Ohio Air Quality Development Authority(b),(c) | ||||
Revenue Bonds | ||||
Pratt Paper LLC Project | ||||
Series 2017 | ||||
01/15/2038 | 4.250% | 1,000,000 | 989,686 | |
Ohio Turnpike & Infrastructure Commission | ||||
Refunding Revenue Bonds | ||||
Series 1998A (NPFGC) | ||||
02/15/2026 | 5.500% | 3,000,000 | 3,145,999 | |
State of Ohio(c) | ||||
Revenue Bonds | ||||
Portsmouth Bypass Project | ||||
Series 2015 | ||||
06/30/2053 | 5.000% | 9,835,000 | 9,595,435 | |
Toledo-Lucas County Port Authority | ||||
Revenue Bonds | ||||
University of Toledo Project | ||||
Series 2014 | ||||
07/01/2046 | 5.000% | 5,000,000 | 4,676,326 | |
Total | 47,584,732 | |||
Oklahoma 0.1% | ||||
Tulsa County Industrial Authority | ||||
Refunding Revenue Bonds | ||||
Montereau, Inc. Project | ||||
Series 2017 | ||||
11/15/2045 | 5.250% | 2,720,000 | 2,646,643 | |
Oregon 2.2% | ||||
Clackamas County Hospital Facility Authority | ||||
Refunding Revenue Bonds | ||||
Rose Villa Project | ||||
Series 2020A | ||||
11/15/2050 | 5.250% | 1,000,000 | 917,339 | |
Hospital Facilities Authority of Multnomah County | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Mirabella at South Waterfront | ||||
Series 2014A | ||||
09/30/2044 | 5.400% | 3,225,000 | 3,303,790 | |
Port of Portland Airport(c) | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2023-29 | ||||
07/01/2053 | 5.500% | 20,000,000 | 22,072,094 | |
Series 2017-24B | ||||
07/01/2042 | 5.000% | 2,000,000 | 2,040,179 | |
State of Oregon | ||||
Unlimited General Obligation Bonds | ||||
Article XI - Q State Project | ||||
Series 2023 | ||||
05/01/2048 | 5.000% | 10,580,000 | 11,762,515 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 19 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
State of Oregon Housing & Community Services Department | ||||
Revenue Bonds | ||||
Series 2017D | ||||
01/01/2038 | 3.450% | 2,820,000 | 2,788,935 | |
Washington & Multnomah Counties School District No. 48J Beaverton(e) | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A | ||||
06/15/2048 | 0.000% | 20,000,000 | 5,994,210 | |
Total | 48,879,062 | |||
Pennsylvania 9.8% | ||||
Commonwealth Financing Authority | ||||
Revenue Bonds | ||||
Tobacco Master Settlement Payment | ||||
Series 2018 | ||||
06/01/2034 | 5.000% | 1,000,000 | 1,072,031 | |
Commonwealth of Pennsylvania | ||||
Refunding Certificate of Participation | ||||
Series 2018A | ||||
07/01/2043 | 5.000% | 2,500,000 | 2,608,947 | |
Cumberland County Municipal Authority | ||||
Prerefunded 01/01/25 Revenue Bonds | ||||
Diakon Lutheran Social Ministries | ||||
Series 2015 | ||||
01/01/2038 | 5.000% | 865,000 | 885,397 | |
Refunding Revenue Bonds | ||||
Diakon Lutheran | ||||
Series 2015 | ||||
01/01/2038 | 5.000% | 4,385,000 | 4,388,953 | |
Delaware Valley Regional Finance Authority | ||||
Revenue Bonds | ||||
Series 1997C (AMBAC) | ||||
07/01/2027 | 7.750% | 1,000,000 | 1,172,141 | |
Franklin County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Menno-Haven, Inc. Project | ||||
Series 2018 | ||||
12/01/2048 | 5.000% | 1,300,000 | 1,022,932 | |
Geisinger Authority | ||||
Refunding Revenue Bonds | ||||
Geisinger Health System | ||||
Series 2017 | ||||
02/15/2039 | 4.000% | 6,000,000 | 5,933,849 | |
Montgomery County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Meadowood Senior Living Project | ||||
Series 2018 | ||||
12/01/2048 | 5.000% | 2,000,000 | 1,853,739 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Northampton County General Purpose Authority | ||||
Refunding Revenue Bonds | ||||
St. Luke’s University Health Network | ||||
Series 2018 | ||||
08/15/2048 | 4.000% | 20,000,000 | 17,956,470 | |
Pennsylvania Economic Development Financing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017A | ||||
11/15/2042 | 4.000% | 30,000,000 | 29,021,556 | |
Pennsylvania Economic Development Financing Authority(b),(d) | ||||
Refunding Revenue Bonds | ||||
Tapestry Moon Senior Housing Project | ||||
Series 2018 | ||||
12/01/2053 | 0.000% | 5,625,000 | 2,144,531 | |
Pennsylvania Economic Development Financing Authority(c) | ||||
Revenue Bonds | ||||
PA Bridges Finco LP | ||||
Series 2015 | ||||
12/31/2038 | 5.000% | 1,625,000 | 1,642,666 | |
06/30/2042 | 5.000% | 24,375,000 | 24,492,409 | |
Proctor & Gamble Paper Project | ||||
Series 2001 | ||||
03/01/2031 | 5.375% | 1,000,000 | 1,137,949 | |
The PennDOT Major Bridges Package One Project | ||||
Series 2022 | ||||
06/30/2061 | 6.000% | 3,000,000 | 3,346,888 | |
Series 2022 (AGM) | ||||
12/31/2057 | 5.000% | 5,000,000 | 5,170,995 | |
Pennsylvania Housing Finance Agency | ||||
Refunding Revenue Bonds | ||||
Series 2017-124B | ||||
10/01/2037 | 3.500% | 16,000,000 | 15,033,773 | |
Revenue Bonds | ||||
Series 2019-129 | ||||
10/01/2039 | 3.150% | 7,730,000 | 6,623,207 | |
Pennsylvania Turnpike Commission | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2015A-1 | ||||
12/01/2045 | 5.250% | 25,295,000 | 26,046,173 | |
Subordinated Series 2016A-1 | ||||
12/01/2046 | 5.000% | 5,000,000 | 5,083,243 | |
Revenue Bonds | ||||
Series 2014B | ||||
12/01/2044 | 5.250% | 10,000,000 | 10,099,057 | |
Subordinated Series 2014A-1 | ||||
12/01/2043 | 5.000% | 16,940,000 | 17,061,831 | |
Subordinated Series 2017B-1 | ||||
06/01/2042 | 5.000% | 15,000,000 | 15,522,145 | |
Subordinated Series 2018B | ||||
12/01/2043 | 5.000% | 7,000,000 | 7,338,627 |
20 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Philadelphia Authority for Industrial Development | ||||
Revenue Bonds | ||||
First Philadelphia Preparatory Charter School | ||||
Series 2014 | ||||
06/15/2043 | 7.250% | 5,475,000 | 5,604,857 | |
School District of Philadelphia (The) | ||||
Limited General Obligation Bonds | ||||
Series 2018A | ||||
09/01/2037 | 5.000% | 1,000,000 | 1,065,039 | |
Series 2018B | ||||
09/01/2043 | 5.000% | 985,000 | 1,034,349 | |
Total | 214,363,754 | |||
Puerto Rico 2.4% | ||||
Commonwealth of Puerto Rico(e),(g) | ||||
Revenue Notes | ||||
Series 2022 | ||||
11/01/2051 | 0.000% | 3,508,841 | 1,793,895 | |
Subordinated Series 2022 | ||||
11/01/2043 | 0.000% | 2,805,420 | 1,437,778 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority(b),(g) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2020A | ||||
07/01/2047 | 5.000% | 5,210,000 | 5,138,175 | |
Puerto Rico Electric Power Authority(d),(g) | ||||
Revenue Bonds | ||||
Series 2010XX | ||||
07/01/2040 | 0.000% | 7,000,000 | 2,607,500 | |
Series 2012A | ||||
07/01/2042 | 0.000% | 7,000,000 | 2,607,500 | |
Puerto Rico Public Finance Corp.(g) | ||||
Revenue Bonds | ||||
Commonwealth Appropriation | ||||
Series 2002E Escrowed to Maturity (AMBAC) | ||||
08/01/2027 | 5.500% | 450,000 | 491,036 | |
Unrefunded Revenue Bonds | ||||
Commonwealth Appropriation | ||||
Series 2002E Escrowed to Maturity | ||||
08/01/2026 | 6.000% | 2,470,000 | 2,664,115 | |
Series 2002E Escrowed to Maturity (AMBAC) | ||||
08/01/2027 | 5.500% | 1,050,000 | 1,145,751 | |
Puerto Rico Sales Tax Financing Corp.(e),(g) | ||||
Revenue Bonds | ||||
Series 2018A-1 | ||||
07/01/2046 | 0.000% | 93,959,000 | 26,801,570 | |
Puerto Rico Sales Tax Financing Corp.(g) | ||||
Revenue Bonds | ||||
Series 2019A1 | ||||
07/01/2058 | 5.000% | 7,000,000 | 6,812,845 | |
Total | 51,500,165 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
South Carolina 1.6% | ||||
Piedmont Municipal Power Agency | ||||
Unrefunded Revenue Bonds | ||||
Series 1993 (NPFGC) | ||||
01/01/2025 | 5.375% | 10,660,000 | 10,941,034 | |
South Carolina Jobs-Economic Development Authority | ||||
Prerefunded 11/01/24 Revenue Bonds | ||||
York Preparatory Academy Project | ||||
Series 2014A | ||||
11/01/2033 | 7.000% | 910,000 | 947,006 | |
Refunding Revenue Bonds | ||||
Bon Secours Mercy Health, Inc. | ||||
Series 2020 | ||||
12/01/2046 | 5.000% | 4,200,000 | 4,420,536 | |
Revenue Bonds | ||||
York Preparatory Academy Project | ||||
Series 2014A Escrowed to Maturity | ||||
11/01/2023 | 5.750% | 185,000 | 185,922 | |
South Carolina Ports Authority(c) | ||||
Revenue Bonds | ||||
Series 2018 | ||||
07/01/2055 | 5.000% | 1,380,000 | 1,403,345 | |
South Carolina Public Service Authority | ||||
Revenue Bonds | ||||
Series 2022A | ||||
12/01/2052 | 4.000% | 18,000,000 | 16,339,165 | |
South Carolina State Housing Finance & Development Authority | ||||
Revenue Bonds | ||||
Series 2020A | ||||
07/01/2035 | 2.650% | 890,000 | 754,137 | |
07/01/2040 | 3.000% | 890,000 | 718,357 | |
Total | 35,709,502 | |||
South Dakota 0.2% | ||||
South Dakota Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Sanford Obligated Group | ||||
Series 2015 | ||||
11/01/2045 | 5.000% | 4,500,000 | 4,542,288 | |
Tennessee 2.3% | ||||
Chattanooga Health Educational & Housing Facility Board | ||||
Refunding Revenue Bonds | ||||
Student Housing - CDFI Phase I | ||||
Series 2015 | ||||
10/01/2032 | 5.000% | 1,300,000 | 1,324,460 | |
10/01/2035 | 5.000% | 645,000 | 655,130 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 21 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Greeneville Health & Educational Facilities Board | ||||
Refunding Revenue Bonds | ||||
Ballad Health Obligation Group | ||||
Series 2018 | ||||
07/01/2035 | 5.000% | 1,000,000 | 1,052,910 | |
07/01/2040 | 4.000% | 7,200,000 | 6,946,965 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | ||||
Revenue Bonds | ||||
Vanderbilt University Medical Center | ||||
Series 2017A | ||||
07/01/2048 | 5.000% | 1,665,000 | 1,698,834 | |
New Memphis Arena Public Building Authority(e) | ||||
Revenue Bonds | ||||
City of Memphis Project | ||||
Series 2021 | ||||
04/01/2041 | 0.000% | 1,500,000 | 648,733 | |
04/01/2043 | 0.000% | 1,500,000 | 580,935 | |
04/01/2045 | 0.000% | 1,500,000 | 519,823 | |
04/01/2046 | 0.000% | 750,000 | 246,001 | |
Shelby County Health Educational & Housing Facilities Board | ||||
Revenue Bonds | ||||
The Farms at Bailey Station Project | ||||
Series 2019 | ||||
10/01/2054 | 5.750% | 12,000,000 | 9,057,620 | |
Tennessee Energy Acquisition Corp. | ||||
Refunding Revenue Bonds | ||||
Gas Project | ||||
Series 2023A-1 (Mandatory Put 05/01/28) | ||||
05/01/2053 | 5.000% | 18,500,000 | 19,057,218 | |
Tennessee Housing Development Agency | ||||
Revenue Bonds | ||||
3rd Issue | ||||
Series 2017 | ||||
07/01/2037 | 3.400% | 690,000 | 673,019 | |
07/01/2042 | 3.600% | 460,000 | 449,604 | |
Issue 3 | ||||
Series 2018 | ||||
01/01/2049 | 3.950% | 4,855,000 | 4,701,364 | |
Social Bond | ||||
Series 2022-2 | ||||
01/01/2048 | 4.350% | 3,500,000 | 3,398,473 | |
Total | 51,011,089 | |||
Texas 11.8% | ||||
Arlington Higher Education Finance Corp.(b) | ||||
Revenue Bonds | ||||
Legacy Traditional Schools - Texas Project | ||||
Series 2022 | ||||
02/15/2062 | 6.750% | 5,000,000 | 4,859,747 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Austin Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
08/01/2048 | 4.000% | 4,400,000 | 4,333,134 | |
Central Texas Regional Mobility Authority(e) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 2010 | ||||
01/01/2025 | 0.000% | 2,000,000 | 1,881,220 | |
Central Texas Turnpike System | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2015C | ||||
08/15/2037 | 5.000% | 5,000,000 | 5,045,396 | |
08/15/2042 | 5.000% | 12,000,000 | 12,079,300 | |
City of Austin Airport System(c) | ||||
Revenue Bonds | ||||
Series 2017B | ||||
11/15/2041 | 5.000% | 1,000,000 | 1,013,462 | |
11/15/2046 | 5.000% | 3,000,000 | 3,024,213 | |
City of Houston Airport System(c) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2023A (AGM) | ||||
07/01/2053 | 5.250% | 5,000,000 | 5,354,742 | |
Revenue Bonds | ||||
Subordinated Series 2020A | ||||
07/01/2047 | 4.000% | 800,000 | 747,919 | |
Clifton Higher Education Finance Corp. | ||||
Revenue Bonds | ||||
Idea Public Schools | ||||
Series 2012 | ||||
08/15/2032 | 5.000% | 2,165,000 | 2,167,504 | |
08/15/2042 | 5.000% | 2,350,000 | 2,350,902 | |
Series 2013 | ||||
08/15/2033 | 6.000% | 990,000 | 991,978 | |
International Leadership | ||||
Series 2015 | ||||
08/15/2038 | 5.750% | 3,000,000 | 3,014,184 | |
International Leadership of Texas | ||||
Series 2015 | ||||
08/15/2045 | 5.750% | 10,500,000 | 10,409,092 | |
Series 2015A | ||||
12/01/2035 | 5.000% | 2,200,000 | 2,224,554 | |
12/01/2045 | 5.000% | 1,100,000 | 1,098,161 | |
Collin County Community College District | ||||
Limited General Obligation Bonds | ||||
Series 2020A | ||||
08/15/2036 | 4.000% | 1,250,000 | 1,277,913 | |
Conroe Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A | ||||
02/15/2047 | 4.000% | 8,475,000 | 8,456,161 |
22 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Cypress-Fairbanks Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2048 | 4.000% | 5,200,000 | 5,098,469 | |
Dallas Independent School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2023 | ||||
02/15/2048 | 5.000% | 5,000,000 | 5,488,212 | |
Dallas Love Field(c) | ||||
Revenue Bonds | ||||
Series 2017 | ||||
11/01/2034 | 5.000% | 750,000 | 773,779 | |
Dallas/Fort Worth International Airport(c) | ||||
Refunding Revenue Bonds | ||||
Series 2014A | ||||
11/01/2032 | 5.000% | 3,400,000 | 3,404,115 | |
Deaf Smith County Hospital District | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2017 | ||||
03/01/2030 | 5.000% | 1,000,000 | 1,030,105 | |
03/01/2034 | 5.000% | 645,000 | 659,385 | |
Denton Independent School District(a) | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
08/15/2053 | 5.000% | 5,000,000 | 5,447,819 | |
Harris County Toll Road Authority (The) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2018A | ||||
08/15/2048 | 4.000% | 4,000,000 | 3,853,596 | |
Humble Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2022 | ||||
02/15/2052 | 4.000% | 2,000,000 | 1,915,382 | |
Katy Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2022 | ||||
02/15/2052 | 4.000% | 3,300,000 | 3,239,087 | |
Series 2023 | ||||
02/15/2048 | 5.000% | 3,270,000 | 3,571,744 | |
02/15/2053 | 4.000% | 8,375,000 | 8,078,612 | |
Lamar Consolidated Independent School District(a) | ||||
Unlimited General Obligation Bonds | ||||
Series 2023A | ||||
02/15/2058 | 5.000% | 5,000,000 | 5,371,149 | |
New Hope Cultural Education Facilities Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Texas Children’s Health System | ||||
Series 2017A | ||||
08/15/2040 | 4.000% | 7,015,000 | 6,900,623 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Collegiate Housing College Station | ||||
Series 2014 | ||||
04/01/2046 | 5.000% | 7,250,000 | 6,591,044 | |
New Hope Cultural Education Facilities Finance Corp.(d) | ||||
Revenue Bonds | ||||
Bridgemoor Plano Project | ||||
Series 2018 | ||||
12/01/2053 | 0.000% | 9,000,000 | 9,405,000 | |
Cardinal Bay, Inc. - Village on the Park | ||||
Series 2016 | ||||
07/01/2031 | 0.000% | 1,000,000 | 500,000 | |
07/01/2051 | 0.000% | 6,745,000 | 3,372,500 | |
Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | ||||
Series 2016 | ||||
07/01/2046 | 0.000% | 3,335,000 | 1,667,500 | |
North Texas Tollway Authority | ||||
Refunding Revenue Bonds | ||||
2nd Tier | ||||
Series 2015A | ||||
01/01/2038 | 5.000% | 4,230,000 | 4,275,527 | |
Series 2019A | ||||
01/01/2037 | 4.000% | 5,000,000 | 5,073,527 | |
Plano Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2043 | 5.000% | 5,990,000 | 6,640,368 | |
Pottsboro Higher Education Finance Corp. | ||||
Revenue Bonds | ||||
Series 2016A | ||||
08/15/2036 | 5.000% | 390,000 | 379,794 | |
Prosper Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2022 | ||||
02/15/2052 | 4.000% | 4,800,000 | 4,587,027 | |
Red River Health Facilities Development Corp. | ||||
Prerefunded 11/15/24 Revenue Bonds | ||||
MRC Crossings Project | ||||
Series 2014A | ||||
11/15/2034 | 7.500% | 2,000,000 | 2,104,022 | |
Rockwall Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2053 | 4.000% | 2,500,000 | 2,391,153 | |
Sanger Industrial Development Corp.(b),(c),(d) | ||||
Revenue Bonds | ||||
Texas Pellets Project | ||||
Series 2012B | ||||
07/01/2038 | 0.000% | 34,645,000 | 8,661,250 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 23 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tarrant County College District | ||||
Limited General Obligation Bonds | ||||
Series 2022 | ||||
08/15/2042 | 4.000% | 15,600,000 | 15,498,895 | |
Tarrant County Cultural Education Facilities Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Trinity Terrace Project | ||||
Series 2014 | ||||
10/01/2044 | 5.000% | 2,500,000 | 2,445,593 | |
10/01/2049 | 5.000% | 1,870,000 | 1,789,193 | |
Revenue Bonds | ||||
Methodist Hospitals of Dallas | ||||
Series 2022 | ||||
10/01/2052 | 4.000% | 2,650,000 | 2,490,165 | |
Tarrant County Cultural Education Facilities Finance Corp.(d) | ||||
Revenue Bonds | ||||
CC Young Memorial Home | ||||
Series 2009A | ||||
02/15/2038 | 0.000% | 3,500,000 | 1,925,000 | |
Texas Private Activity Bond Surface Transportation Corp. | ||||
Refunding Revenue Bonds | ||||
LBJ Infrastructure Group LLC I-635 Managed Lanes Project | ||||
Series 2020 | ||||
12/31/2039 | 4.000% | 400,000 | 374,014 | |
Senior Lien - North Tarrant Express | ||||
Series 2019 | ||||
12/31/2038 | 4.000% | 3,500,000 | 3,450,273 | |
Texas Private Activity Bond Surface Transportation Corp.(c) | ||||
Revenue Bonds | ||||
Segment 3C Project | ||||
Series 2019 | ||||
06/30/2058 | 5.000% | 21,445,000 | 21,651,560 | |
Senior Lien - Blueridge Transportation Group LLC | ||||
Series 2016 | ||||
12/31/2040 | 5.000% | 2,000,000 | 2,006,032 | |
12/31/2055 | 5.000% | 6,250,000 | 6,239,357 | |
Texas Transportation Commission | ||||
Revenue Bonds | ||||
State Highway 249 System Toll | ||||
Series 2019 | ||||
08/01/2057 | 5.000% | 2,000,000 | 2,015,243 | |
Tomball Independent School District | ||||
Unlimited General Obligation Bonds | ||||
School Building | ||||
Series 2020 | ||||
02/15/2034 | 3.000% | 1,750,000 | 1,726,876 | |
02/15/2035 | 3.000% | 1,750,000 | 1,701,005 | |
02/15/2036 | 3.000% | 1,435,000 | 1,357,132 | |
Series 2023 | ||||
02/15/2048 | 5.000% | 11,750,000 | 12,960,183 | |
Total | 258,440,892 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Utah 0.5% | ||||
City of Salt Lake City Airport(a),(c) | ||||
Revenue Bonds | ||||
Series 2023A | ||||
07/01/2053 | 5.250% | 2,250,000 | 2,407,763 | |
Salt Lake City Corp. Airport(c) | ||||
Revenue Bonds | ||||
Series 2017A | ||||
07/01/2047 | 5.000% | 6,500,000 | 6,614,116 | |
UIPA Crossroads Public Infrastructure District(b) | ||||
Tax Allocation Bonds | ||||
Series 2021 | ||||
06/01/2052 | 4.375% | 2,740,000 | 2,356,991 | |
Total | 11,378,870 | |||
Virginia 1.3% | ||||
Chesapeake Bay Bridge & Tunnel District | ||||
Revenue Bonds | ||||
1st Tier General Resolution | ||||
Series 2016 | ||||
07/01/2046 | 5.000% | 3,500,000 | 3,545,292 | |
Fredericksburg Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Mary Washington Healthcare Obligation | ||||
Series 2014 | ||||
06/15/2031 | 5.000% | 800,000 | 806,864 | |
06/15/2033 | 5.000% | 500,000 | 504,191 | |
Virginia Small Business Financing Authority(c) | ||||
Refunding Revenue Bonds | ||||
Senior Lien - 95 Express Lanes LLC Project | ||||
Series 2022 | ||||
01/01/2048 | 4.000% | 3,750,000 | 3,347,121 | |
Revenue Bonds | ||||
Transform 66 P3 Project | ||||
Series 2017 | ||||
12/31/2052 | 5.000% | 3,750,000 | 3,782,945 | |
12/31/2056 | 5.000% | 16,800,000 | 16,917,622 | |
Total | 28,904,035 | |||
Washington 1.4% | ||||
King County Housing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2018 | ||||
05/01/2038 | 3.750% | 2,915,000 | 2,745,598 | |
King County Public Hospital District No. 4 | ||||
Revenue Bonds | ||||
Series 2015A | ||||
12/01/2035 | 6.000% | 1,300,000 | 1,332,883 | |
12/01/2045 | 6.250% | 2,500,000 | 2,557,138 |
24 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Port of Seattle(c) | ||||
Revenue Bonds | ||||
Series 2018A | ||||
05/01/2043 | 5.000% | 8,000,000 | 8,196,653 | |
Washington Health Care Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Multicare Health System | ||||
Series 2017B | ||||
08/15/2041 | 4.000% | 10,500,000 | 9,828,844 | |
Virginia Mason Medical Center | ||||
Series 2017 | ||||
08/15/2042 | 4.000% | 3,335,000 | 2,936,302 | |
Washington State Housing Finance Commission | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Heron’s Key | ||||
Series 2015A | ||||
07/01/2030 | 6.500% | 730,000 | 766,810 | |
07/01/2035 | 6.750% | 550,000 | 580,250 | |
Washington State Housing Finance Commission(b) | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Heron’s Key | ||||
Series 2015A | ||||
07/01/2050 | 7.000% | 1,250,000 | 1,323,755 | |
Refunding Revenue Bonds | ||||
Skyline 1st Hill Project | ||||
Series 2015 | ||||
01/01/2025 | 5.000% | 330,000 | 326,361 | |
Total | 30,594,594 | |||
West Virginia 1.0% | ||||
West Virginia Hospital Finance Authority | ||||
Refunding Revenue Bonds | ||||
Cabell Huntington Hospital Obligation | ||||
Series 2018 | ||||
01/01/2047 | 4.125% | 5,000,000 | 4,105,866 | |
Revenue Bonds | ||||
West Virginia University Health System Obligation | ||||
Series 2018 | ||||
06/01/2052 | 5.000% | 16,500,000 | 16,941,918 | |
Total | 21,047,784 | |||
Wisconsin 2.3% | ||||
Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Friends Homes | ||||
Series 2019 | ||||
09/01/2049 | 5.000% | 4,250,000 | 3,663,068 | |
Revenue Bonds | ||||
ACTS Retirement - Life Communities | ||||
Series 2020 | ||||
11/15/2041 | 5.000% | 4,000,000 | 3,851,192 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Public Finance Authority(b) | ||||
Refunding Revenue Bonds | ||||
Mary’s Woods at Marylhurst | ||||
Series 2017 | ||||
05/15/2042 | 5.250% | 820,000 | 746,024 | |
05/15/2047 | 5.250% | 1,105,000 | 971,468 | |
Mary’s Woods at Marylhurst, Inc. | ||||
Series 2017 | ||||
05/15/2052 | 5.250% | 500,000 | 431,774 | |
Public Finance Authority(b),(e) | ||||
Revenue Bonds | ||||
WFCS Portfolio Project | ||||
Subordinated Series 2021 | ||||
01/01/2061 | 0.000% | 21,100,000 | 1,081,672 | |
University of Wisconsin Hospitals & Clinics | ||||
Refunding Revenue Bonds | ||||
Green Bonds - University of Wisconsin Hospital | ||||
Series 2021 | ||||
04/01/2051 | 4.000% | 10,000,000 | 9,436,669 | |
Wisconsin Center District(e) | ||||
Revenue Bonds | ||||
Senior Dedicated | ||||
Series 2020 (AGM) | ||||
12/15/2060 | 0.000% | 18,625,000 | 3,129,469 | |
Wisconsin Health & Educational Facilities Authority | ||||
Prerefunded 08/15/23 Revenue Bonds | ||||
Beaver Dam Community Hospitals | ||||
Series 2013A | ||||
08/15/2028 | 5.125% | 5,000,000 | 5,002,996 | |
08/15/2034 | 5.250% | 8,000,000 | 8,005,149 | |
Refunding Revenue Bonds | ||||
St. Camillus Health System, Inc. | ||||
Series 2019 | ||||
11/01/2046 | 5.000% | 2,100,000 | 1,691,113 | |
Revenue Bonds | ||||
Covenant Communities, Inc. Project | ||||
Series 2018A | ||||
07/01/2048 | 4.000% | 2,335,000 | 1,772,041 | |
07/01/2053 | 4.125% | 5,000,000 | 3,737,228 | |
Series 2018B | ||||
07/01/2038 | 4.375% | 1,250,000 | 955,920 | |
07/01/2043 | 4.500% | 1,375,000 | 988,802 | |
07/01/2048 | 5.000% | 500,000 | 371,573 | |
Unrefunded Refunding Revenue Bond | ||||
Ascension Health | ||||
Series 2016A | ||||
11/15/2046 | 4.000% | 3,610,000 | 3,411,033 | |
Total | 49,247,191 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 25 |
July 31, 2023
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Wyoming 0.3% | ||||
County of Campbell | ||||
Refunding Revenue Bonds | ||||
Basin Electric Power Cooperative | ||||
Series 2019 | ||||
07/15/2039 | 3.625% | 7,600,000 | 6,865,264 | |
Total Municipal Bonds (Cost $2,351,962,574) | 2,183,727,117 |
Money Market Funds 0.0% | ||
Shares | Value ($) | |
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.579%(h) | 207,230 | 207,210 |
Total Money Market Funds (Cost $207,224) | 207,210 | |
Total Investments in Securities (Cost $2,352,169,798) | 2,183,934,327 | |
Other Assets & Liabilities, Net | 154,665 | |
Net Assets | $2,184,088,992 |
(a) | Represents a security purchased on a when-issued basis. |
(b) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2023, the total value of these securities amounted to $78,069,457, which represents 3.57% of total net assets. |
(c) | Income from this security may be subject to alternative minimum tax. |
(d) | Represents a security in default. |
(e) | Zero coupon bond. |
(f) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of July 31, 2023. |
(g) | 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 July 31, 2023, the total value of these securities amounted to $51,500,165, which represents 2.36% of total net assets. |
(h) | The rate shown is the seven-day current annualized yield at July 31, 2023. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
FHA | Federal Housing Authority |
GNMA | Government National Mortgage Association |
HUD | U.S. Department of Housing and Urban Development |
NPFGC | National Public Finance Guarantee Corporation |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
26 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Municipal Bonds | — | 2,183,727,117 | — | 2,183,727,117 |
Money Market Funds | 207,210 | — | — | 207,210 |
Total Investments in Securities | 207,210 | 2,183,727,117 | — | 2,183,934,327 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 27 |
July 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $2,352,169,798) | $2,183,934,327 |
Cash | 80,307 |
Receivable for: | |
Capital shares sold | 6,930,326 |
Dividends | 13,051 |
Interest | 22,147,715 |
Trustees’ fees | 542,785 |
Prepaid expenses | 28,009 |
Total assets | 2,213,676,520 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 16,539,545 |
Capital shares redeemed | 3,899,972 |
Distributions to shareholders | 6,918,449 |
Management services fees | 82,100 |
Distribution and/or service fees | 29,471 |
Transfer agent fees | 127,862 |
Trustees’ fees | 623,485 |
Interfund lending | 1,300,000 |
Other expenses | 66,644 |
Total liabilities | 29,587,528 |
Net assets applicable to outstanding capital stock | $2,184,088,992 |
Represented by | |
Paid in capital | 2,439,871,291 |
Total distributable earnings (loss) | (255,782,299) |
Total - representing net assets applicable to outstanding capital stock | $2,184,088,992 |
Class A | |
Net assets | $1,694,619,346 |
Shares outstanding | 144,812,206 |
Net asset value per share | $11.70 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $12.06 |
Advisor Class | |
Net assets | $13,441,462 |
Shares outstanding | 1,148,951 |
Net asset value per share | $11.70 |
Class C | |
Net assets | $24,894,077 |
Shares outstanding | 2,127,820 |
Net asset value per share | $11.70 |
Institutional Class | |
Net assets | $327,607,811 |
Shares outstanding | 27,987,867 |
Net asset value per share | $11.71 |
Institutional 2 Class | |
Net assets | $13,264,347 |
Shares outstanding | 1,133,148 |
Net asset value per share | $11.71 |
Institutional 3 Class | |
Net assets | $110,261,949 |
Shares outstanding | 9,392,806 |
Net asset value per share | $11.74 |
28 | Columbia Tax-Exempt Fund | Annual Report 2023 |
Year Ended July 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $177,067 |
Interest | 97,725,247 |
Total income | 97,902,314 |
Expenses: | |
Management services fees | 10,591,629 |
Distribution and/or service fees | |
Class A | 3,607,898 |
Class C | 224,848 |
Transfer agent fees | |
Class A | 1,197,673 |
Advisor Class | 9,898 |
Class C | 18,663 |
Institutional Class | 236,471 |
Institutional 2 Class | 7,455 |
Institutional 3 Class | 6,543 |
Trustees’ fees | 63,423 |
Custodian fees | 25,704 |
Printing and postage fees | 99,723 |
Registration fees | 148,463 |
Accounting services fees | 40,290 |
Legal fees | 44,539 |
Interest on interfund lending | 9,724 |
Compensation of chief compliance officer | 446 |
Other | 49,172 |
Total expenses | 16,382,562 |
Fees waived by transfer agent | |
Institutional 3 Class | (2,077) |
Expense reduction | (2,795) |
Total net expenses | 16,377,690 |
Net investment income | 81,524,624 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (55,782,092) |
Futures contracts | 1,472,672 |
Net realized loss | (54,309,420) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (52,715,312) |
Net change in unrealized appreciation (depreciation) | (52,715,312) |
Net realized and unrealized loss | (107,024,732) |
Net decrease in net assets resulting from operations | $(25,500,108) |
Columbia Tax-Exempt Fund | Annual Report 2023 | 29 |
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |
Operations | ||
Net investment income | $81,524,624 | $85,470,212 |
Net realized loss | (54,309,420) | (24,066,591) |
Net change in unrealized appreciation (depreciation) | (52,715,312) | (351,639,379) |
Net decrease in net assets resulting from operations | (25,500,108) | (290,235,758) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (62,033,693) | (77,176,902) |
Advisor Class | (539,071) | (950,141) |
Class C | (798,813) | (1,060,210) |
Institutional Class | (12,866,698) | (21,249,393) |
Institutional 2 Class | (503,426) | (661,141) |
Institutional 3 Class | (4,032,449) | (923,446) |
Total distributions to shareholders | (80,774,150) | (102,021,233) |
Decrease in net assets from capital stock activity | (369,877,650) | (245,080,848) |
Total decrease in net assets | (476,151,908) | (637,337,839) |
Net assets at beginning of year | 2,660,240,900 | 3,297,578,739 |
Net assets at end of year | $2,184,088,992 | $2,660,240,900 |
30 | Columbia Tax-Exempt Fund | Annual Report 2023 |
Year Ended | Year Ended | |||
July 31, 2023 | July 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 15,215,339 | 177,159,699 | 9,708,549 | 123,022,678 |
Distributions reinvested | 5,040,685 | 58,386,449 | 5,617,395 | 73,011,313 |
Shares redeemed | (43,013,589) | (497,846,146) | (31,061,870) | (395,297,040) |
Net decrease | (22,757,565) | (262,299,998) | (15,735,926) | (199,263,049) |
Advisor Class | ||||
Shares sold | 189,669 | 2,225,293 | 356,251 | 4,648,197 |
Distributions reinvested | 43,642 | 505,241 | 63,243 | 825,224 |
Shares redeemed | (874,069) | (9,914,238) | (781,887) | (9,969,995) |
Net decrease | (640,758) | (7,183,704) | (362,393) | (4,496,574) |
Class C | ||||
Shares sold | 629,621 | 7,279,820 | 471,057 | 6,020,898 |
Distributions reinvested | 66,235 | 766,968 | 77,721 | 1,011,598 |
Shares redeemed | (1,161,611) | (13,507,005) | (1,189,578) | (15,212,863) |
Net decrease | (465,755) | (5,460,217) | (640,800) | (8,180,367) |
Institutional Class | ||||
Shares sold | 9,786,080 | 114,120,374 | 10,379,714 | 131,939,975 |
Distributions reinvested | 899,980 | 10,426,510 | 957,213 | 12,417,286 |
Shares redeemed | (26,473,713) | (307,156,273) | (13,637,930) | (171,217,167) |
Net decrease | (15,787,653) | (182,609,389) | (2,301,003) | (26,859,906) |
Institutional 2 Class | ||||
Shares sold | 244,345 | 2,845,670 | 360,125 | 4,703,575 |
Distributions reinvested | 43,193 | 500,441 | 50,657 | 660,216 |
Shares redeemed | (410,037) | (4,751,693) | (747,053) | (9,699,446) |
Net decrease | (122,499) | (1,405,582) | (336,271) | (4,335,655) |
Institutional 3 Class | ||||
Shares sold | 13,832,706 | 161,084,287 | 746,569 | 9,507,614 |
Distributions reinvested | 69,557 | 809,056 | 67,158 | 874,575 |
Shares redeemed | (6,299,412) | (72,812,103) | (984,102) | (12,327,486) |
Net increase (decrease) | 7,602,851 | 89,081,240 | (170,375) | (1,945,297) |
Total net decrease | (32,171,379) | (369,877,650) | (19,546,768) | (245,080,848) |
Columbia Tax-Exempt Fund | Annual Report 2023 | 31 |
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 7/31/2023 | $12.16 | 0.41 | (0.47) | (0.06) | (0.40) | — | (0.40) |
Year Ended 7/31/2022 | $13.84 | 0.36 | (1.61) | (1.25) | (0.36) | (0.07) | (0.43) |
Year Ended 7/31/2021 | $13.50 | 0.38 | 0.38 | 0.76 | (0.38) | (0.04) | (0.42) |
Year Ended 7/31/2020 | $13.63 | 0.43 | (0.06) | 0.37 | (0.43) | (0.07) | (0.50) |
Year Ended 7/31/2019 | $13.35 | 0.50 | 0.34 | 0.84 | (0.55) | (0.01) | (0.56) |
Advisor Class | |||||||
Year Ended 7/31/2023 | $12.16 | 0.43 | (0.46) | (0.03) | (0.43) | — | (0.43) |
Year Ended 7/31/2022 | $13.83 | 0.39 | (1.60) | (1.21) | (0.39) | (0.07) | (0.46) |
Year Ended 7/31/2021 | $13.50 | 0.40 | 0.38 | 0.78 | (0.41) | (0.04) | (0.45) |
Year Ended 7/31/2020 | $13.63 | 0.45 | (0.05) | 0.40 | (0.46) | (0.07) | (0.53) |
Year Ended 7/31/2019 | $13.35 | 0.52 | 0.35 | 0.87 | (0.58) | (0.01) | (0.59) |
Class C | |||||||
Year Ended 7/31/2023 | $12.16 | 0.34 | (0.47) | (0.13) | (0.33) | — | (0.33) |
Year Ended 7/31/2022 | $13.83 | 0.29 | (1.60) | (1.31) | (0.29) | (0.07) | (0.36) |
Year Ended 7/31/2021 | $13.50 | 0.29 | 0.38 | 0.67 | (0.30) | (0.04) | (0.34) |
Year Ended 7/31/2020 | $13.63 | 0.34 | (0.06) | 0.28 | (0.34) | (0.07) | (0.41) |
Year Ended 7/31/2019 | $13.35 | 0.41 | 0.35 | 0.76 | (0.47) | (0.01) | (0.48) |
Institutional Class | |||||||
Year Ended 7/31/2023 | $12.16 | 0.43 | (0.45) | (0.02) | (0.43) | — | (0.43) |
Year Ended 7/31/2022 | $13.84 | 0.39 | (1.61) | (1.22) | (0.39) | (0.07) | (0.46) |
Year Ended 7/31/2021 | $13.50 | 0.40 | 0.39 | 0.79 | (0.41) | (0.04) | (0.45) |
Year Ended 7/31/2020 | $13.64 | 0.45 | (0.06) | 0.39 | (0.46) | (0.07) | (0.53) |
Year Ended 7/31/2019 | $13.35 | 0.52 | 0.36 | 0.88 | (0.58) | (0.01) | (0.59) |
Institutional 2 Class | |||||||
Year Ended 7/31/2023 | $12.16 | 0.43 | (0.45) | (0.02) | (0.43) | — | (0.43) |
Year Ended 7/31/2022 | $13.84 | 0.39 | (1.61) | (1.22) | (0.39) | (0.07) | (0.46) |
Year Ended 7/31/2021 | $13.50 | 0.41 | 0.38 | 0.79 | (0.41) | (0.04) | (0.45) |
Year Ended 7/31/2020 | $13.64 | 0.45 | (0.06) | 0.39 | (0.46) | (0.07) | (0.53) |
Year Ended 7/31/2019 | $13.35 | 0.52 | 0.36 | 0.88 | (0.58) | (0.01) | (0.59) |
32 | Columbia Tax-Exempt Fund | Annual Report 2023 |
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 7/31/2023 | $11.70 | (0.38%) | 0.74%(c) | 0.74%(c),(d) | 3.47% | 19% | $1,694,619 |
Year Ended 7/31/2022 | $12.16 | (9.15%) | 0.73%(c) | 0.72%(c),(d) | 2.80% | 16% | $2,037,502 |
Year Ended 7/31/2021 | $13.84 | 5.74% | 0.72%(e) | 0.72%(d),(e) | 2.78% | 13% | $2,536,239 |
Year Ended 7/31/2020 | $13.50 | 2.76% | 0.73%(e) | 0.73%(d),(e) | 3.16% | 29% | $2,550,497 |
Year Ended 7/31/2019 | $13.63 | 6.51% | 0.73% | 0.73% | 3.74% | 20% | $2,548,777 |
Advisor Class | |||||||
Year Ended 7/31/2023 | $11.70 | (0.18%) | 0.54%(c) | 0.54%(c),(d) | 3.65% | 19% | $13,441 |
Year Ended 7/31/2022 | $12.16 | (8.91%) | 0.52%(c) | 0.52%(c),(d) | 2.99% | 16% | $21,757 |
Year Ended 7/31/2021 | $13.83 | 5.88% | 0.52%(e) | 0.52%(d),(e) | 2.97% | 13% | $29,770 |
Year Ended 7/31/2020 | $13.50 | 2.96% | 0.53%(e) | 0.53%(d),(e) | 3.36% | 29% | $26,679 |
Year Ended 7/31/2019 | $13.63 | 6.72% | 0.53% | 0.53% | 3.93% | 20% | $21,407 |
Class C | |||||||
Year Ended 7/31/2023 | $11.70 | (0.98%) | 1.34%(c) | 1.34%(c),(d) | 2.87% | 19% | $24,894 |
Year Ended 7/31/2022 | $12.16 | (9.63%) | 1.38%(c) | 1.32%(c),(d) | 2.20% | 16% | $31,541 |
Year Ended 7/31/2021 | $13.83 | 5.03% | 1.47%(e) | 1.33%(d),(e),(f) | 2.17% | 13% | $44,740 |
Year Ended 7/31/2020 | $13.50 | 2.09% | 1.48%(e) | 1.38%(d),(e),(f) | 2.51% | 29% | $56,855 |
Year Ended 7/31/2019 | $13.63 | 5.82% | 1.48% | 1.38%(f) | 3.09% | 20% | $59,114 |
Institutional Class | |||||||
Year Ended 7/31/2023 | $11.71 | (0.09%) | 0.54%(c) | 0.54%(c),(d) | 3.65% | 19% | $327,608 |
Year Ended 7/31/2022 | $12.16 | (8.97%) | 0.53%(c) | 0.53%(c),(d) | 3.01% | 16% | $532,342 |
Year Ended 7/31/2021 | $13.84 | 5.95% | 0.52%(e) | 0.52%(d),(e) | 2.97% | 13% | $637,596 |
Year Ended 7/31/2020 | $13.50 | 2.89% | 0.53%(e) | 0.53%(d),(e) | 3.37% | 29% | $613,307 |
Year Ended 7/31/2019 | $13.64 | 6.80% | 0.53% | 0.53% | 3.94% | 20% | $781,834 |
Institutional 2 Class | |||||||
Year Ended 7/31/2023 | $11.71 | (0.08%) | 0.53%(c) | 0.53%(c) | 3.68% | 19% | $13,264 |
Year Ended 7/31/2022 | $12.16 | (8.96%) | 0.51%(c) | 0.51%(c) | 3.00% | 16% | $15,272 |
Year Ended 7/31/2021 | $13.84 | 5.97% | 0.51%(e) | 0.51%(e) | 3.00% | 13% | $22,033 |
Year Ended 7/31/2020 | $13.50 | 2.90% | 0.52%(e) | 0.52%(e) | 3.36% | 29% | $50,150 |
Year Ended 7/31/2019 | $13.64 | 6.81% | 0.52% | 0.52% | 3.94% | 20% | $8,978 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 33 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 7/31/2023 | $12.19 | 0.44 | (0.45) | (0.01) | (0.44) | — | (0.44) |
Year Ended 7/31/2022 | $13.88 | 0.40 | (1.62) | (1.22) | (0.40) | (0.07) | (0.47) |
Year Ended 7/31/2021 | $13.54 | 0.41 | 0.39 | 0.80 | (0.42) | (0.04) | (0.46) |
Year Ended 7/31/2020 | $13.67 | 0.46 | (0.06) | 0.40 | (0.46) | (0.07) | (0.53) |
Year Ended 7/31/2019 | $13.39 | 0.53 | 0.35 | 0.88 | (0.59) | (0.01) | (0.60) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income. |
(f) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by: |
7/31/2021 | 7/31/2020 | 7/31/2019 | |
Class C | 0.01% | 0.10% | 0.10% |
34 | Columbia Tax-Exempt Fund | Annual Report 2023 |
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 7/31/2023 | $11.74 | (0.02%) | 0.48%(c) | 0.48%(c) | 3.78% | 19% | $110,262 |
Year Ended 7/31/2022 | $12.19 | (8.96%) | 0.47%(c) | 0.46%(c) | 3.07% | 16% | $21,828 |
Year Ended 7/31/2021 | $13.88 | 6.01% | 0.47%(e) | 0.47%(e) | 3.03% | 13% | $27,202 |
Year Ended 7/31/2020 | $13.54 | 3.03% | 0.47%(e) | 0.47%(e) | 3.42% | 29% | $20,467 |
Year Ended 7/31/2019 | $13.67 | 6.78% | 0.47% | 0.47% | 3.97% | 20% | $17,056 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 35 |
July 31, 2023
36 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Columbia Tax-Exempt Fund | Annual Report 2023 | 37 |
July 31, 2023
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | 1,472,672 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — short | 45,168,976 |
38 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
* | Based on the ending daily outstanding amounts for the year ended July 31, 2023. |
Columbia Tax-Exempt Fund | Annual Report 2023 | 39 |
July 31, 2023
40 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Effective rate (%) | |
Class A | 0.07 |
Advisor Class | 0.07 |
Class C | 0.07 |
Institutional Class | 0.07 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.00 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 242,701 |
Class C | — | 1.00(b) | 2,881 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 41 |
July 31, 2023
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
December 1, 2022 through November 30, 2023 | Prior to December 1, 2022 | |
Class A | 0.76% | 0.77% |
Advisor Class | 0.56 | 0.57 |
Class C | 1.36 | 1.37 |
Institutional Class | 0.56 | 0.57 |
Institutional 2 Class | 0.55 | 0.55 |
Institutional 3 Class | 0.50 | 0.51 |
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
261,840 | (267,452) | 5,612 |
42 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Year Ended July 31, 2023 | Year Ended July 31, 2022 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
154,077 | 80,620,073 | — | 80,774,150 | 67,934 | 85,442,905 | 16,510,394 | 102,021,233 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | 40,192,862 | — | (91,766,573) | (196,668,070) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
2,380,602,397 | 19,451,383 | (216,119,453) | (196,668,070) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(18,448,065) | (73,318,508) | (91,766,573) | — |
Columbia Tax-Exempt Fund | Annual Report 2023 | 43 |
July 31, 2023
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 2,454,286 | 4.06 | 35 |
44 | Columbia Tax-Exempt Fund | Annual Report 2023 |
July 31, 2023
Columbia Tax-Exempt Fund | Annual Report 2023 | 45 |
July 31, 2023
46 | Columbia Tax-Exempt Fund | Annual Report 2023 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 47 |
Exempt- interest dividends | |
99.81% |
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 and other relevant Board experience |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 173 | 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; former Board Member, Chase Bank International, 1993-1994 |
48 | Columbia Tax-Exempt Fund | Annual Report 2023 |
(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 and other relevant Board experience |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 173 | 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, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Chair since 2023; 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 | 173 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 173 | 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 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 | 171 | 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 (former mutual fund complex), January 2015-December 2017 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 49 |
(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 and other relevant Board experience |
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 | 171 | Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 173 | Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020 |
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 | 173 | Trustee, Catholic Schools Foundation, since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Trustee since 1996 | 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 | 173 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 171 | None |
50 | Columbia Tax-Exempt Fund | Annual Report 2023 |
(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 and other relevant Board experience |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 171 | Director, CSX Corporation (transportation suppliers); 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; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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. | 173 | Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009 |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; 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 | 171 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Columbia Tax-Exempt Fund | Annual Report 2023 | 51 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
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 | 173 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 and other relevant Board experience |
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 | 173 | 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; Director, Columbia Threadneedle Canada, Inc., since December 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
** | 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. |
52 | Columbia Tax-Exempt Fund | Annual Report 2023 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023. |
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. |
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. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
Columbia Tax-Exempt Fund | Annual Report 2023 | 53 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | 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. |
54 | Columbia Tax-Exempt Fund | Annual Report 2023 |
• | 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 one or more 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). |
Columbia Tax-Exempt Fund | Annual Report 2023 | 55 |
(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.
56 | Columbia Tax-Exempt Fund | Annual Report 2023 |
(Unaudited)
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
Columbia Tax-Exempt Fund | Annual Report 2023 | 57 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
July 31, 2023
3 | |
5 | |
7 | |
8 | |
18 | |
19 | |
20 | |
22 | |
24 | |
36 | |
37 | |
37 | |
43 | |
44 |
(Unaudited)
Average annual total returns (%) (for the period ended July 31, 2023) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A* | 02/20/19 | 4.48 | 1.77 | 1.18 | |
Advisor Class* | 12/03/18 | 4.63 | 1.94 | 1.34 | |
Institutional Class* | 12/03/18 | 4.64 | 1.95 | 1.34 | |
Institutional 3 Class | 03/08/04 | 4.69 | 2.02 | 1.43 | |
Bloomberg U.S. Short-Term Government/Corporate Index | 3.58 | 1.68 | 1.17 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 3 |
(Unaudited)
Portfolio breakdown (%) (at July 31, 2023) | |
Asset-Backed Securities — Non-Agency | 32.0 |
Commercial Mortgage-Backed Securities - Non-Agency | 4.3 |
Corporate Bonds & Notes | 48.6 |
Foreign Government Obligations | 0.9 |
Money Market Funds | 1.6 |
Residential Mortgage-Backed Securities - Agency | 0.0(a) |
Residential Mortgage-Backed Securities - Non-Agency | 10.5 |
U.S. Government & Agency Obligations | 1.0 |
U.S. Treasury Obligations | 1.1 |
Total | 100.0 |
(a) | Rounds to zero. |
Quality breakdown (%) (at July 31, 2023) | |
AAA rating | 34.1 |
AA rating | 9.4 |
A rating | 23.9 |
BBB rating | 25.5 |
Not rated | 7.1 |
Total | 100.0 |
4 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
(Unaudited)
• | The largest positive contributor to the Fund’s performance relative to its benchmark came from sector allocation decisions. |
• | The Fund’s overweight allocation to investment-grade corporates and exposure to out-of-benchmark sectors, namely ABS and non-agency collateralized mortgage obligations (CMOs), were additive to relative performance as these sectors outperformed the benchmark during the period. |
• | Sector weightings were continuously evaluated throughout the period and fine-tuned according to our outlook. We increased the Fund’s allocation to non-agency CMOs and non-agency commercial MBS as we saw that valuations were relatively attractive in 2023. |
• | The Fund began the reporting period with a shorter duration positioning than the benchmark. We slightly added duration during the period and reduced our floating rate exposure which had a modestly negative impact to performance. |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 5 |
(Unaudited)
6 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
(Unaudited)
February 1, 2023 — July 31, 2023 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,025.10 | 1,022.61 | 2.21 | 2.21 | 0.44 |
Advisor Class | 1,000.00 | 1,000.00 | 1,025.80 | 1,023.36 | 1.46 | 1.45 | 0.29 |
Institutional Class | 1,000.00 | 1,000.00 | 1,025.80 | 1,023.36 | 1.46 | 1.45 | 0.29 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,027.30 | 1,023.65 | 1.16 | 1.15 | 0.23 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 7 |
July 31, 2023
Asset-Backed Securities — Non-Agency 31.8% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
ACC Auto Trust(a) | ||||
Series 2021-A Class A | ||||
04/15/2027 | 1.080% | 47,300 | 47,149 | |
ACC Trust(a) | ||||
Series 2022-1 Class A | ||||
09/20/2024 | 1.190% | 1,149,843 | 1,143,412 | |
American Credit Acceptance Receivables Trust(a) | ||||
Series 2022-3 Class A | ||||
02/13/2026 | 4.120% | 860,272 | 858,995 | |
Subordinated Series 2020-3 Class C | ||||
06/15/2026 | 1.850% | 309,920 | 309,145 | |
Subordinated Series 2021-1 Class C | ||||
03/15/2027 | 0.830% | 502,807 | 497,820 | |
Subordinated Series 2021-3 Class C | ||||
11/15/2027 | 0.980% | 8,442,550 | 8,300,819 | |
AmeriCredit Automobile Receivables Trust | ||||
Series 2021-3 Class A3 | ||||
08/18/2026 | 0.760% | 14,385,133 | 13,933,988 | |
Arivo Acceptance Auto Loan Receivables Trust(a) | ||||
Series 2021-1A Class A | ||||
01/15/2027 | 1.190% | 2,644,152 | 2,585,361 | |
Atalaya Equipment Leasing Trust(a) | ||||
Series 2021-1A Class A2 | ||||
05/15/2026 | 1.230% | 2,401,588 | 2,358,112 | |
Carvana Auto Receivables Trust | ||||
Series 2021-N1 Class A | ||||
01/10/2028 | 0.700% | 5,206,149 | 4,917,026 | |
Series 2021-N2 Class A1 | ||||
03/10/2028 | 0.320% | 265,211 | 264,467 | |
Series 2021-N3 Class A1 | ||||
06/12/2028 | 0.350% | 1,597,377 | 1,578,064 | |
CCG Receivables Trust(a) | ||||
Series 2020-1 Class A2 | ||||
12/14/2027 | 0.540% | 2,927,601 | 2,894,759 | |
Series 2021-1 Class A2 | ||||
06/14/2027 | 0.300% | 1,729,672 | 1,692,672 | |
Chase Auto Credit Linked Notes(a) | ||||
Subordinated Series 2020-2 Class B | ||||
02/25/2028 | 0.840% | 1,939,738 | 1,911,632 | |
Subordinated Series 2020-2 Class C | ||||
02/25/2028 | 1.139% | 300,198 | 295,819 | |
Chase Auto Credit-Linked Notes(a) | ||||
Subordinated Series 2020-1 Class B | ||||
01/25/2028 | 0.991% | 130,932 | 130,322 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Commercial Equipment Finance LLC(a) | ||||
Series 2021-A Class A | ||||
02/16/2027 | 2.050% | 7,574,815 | 7,338,329 | |
CPS Auto Receivables Trust(a) | ||||
Series 2022-A Class A | ||||
04/16/2029 | 0.980% | 540,892 | 539,206 | |
Credito Real USA Auto Receivables Trust(a) | ||||
Series 2021-1A Class A | ||||
02/16/2027 | 1.350% | 1,009,064 | 996,011 | |
Dext ABS LLC(a) | ||||
Series 2020-1 Class A | ||||
02/16/2027 | 1.460% | 3,339 | 3,333 | |
Dext Asset-Backed Security LLC(a) | ||||
Series 2021-1 Class A | ||||
02/15/2028 | 1.120% | 10,028,900 | 9,646,128 | |
Dllmt LLC(a) | ||||
Series 2021-1A Class A3 | ||||
07/21/2025 | 1.000% | 6,868,528 | 6,652,570 | |
Drive Auto Receivables Trust | ||||
Subordinated Series 2020-2 Class C | ||||
08/17/2026 | 2.280% | 796,841 | 795,070 | |
DT Auto Owner Trust(a) | ||||
Series 2020-2A Class C | ||||
03/16/2026 | 3.280% | 1,006,077 | 998,989 | |
Series 2022-3A Class A | ||||
10/15/2026 | 6.050% | 15,776,411 | 15,773,186 | |
Subordinated Series 2019-3A Class E | ||||
08/17/2026 | 3.850% | 19,375,000 | 19,226,578 | |
Subordinated Series 2020-1A Class D | ||||
11/17/2025 | 2.550% | 7,790,192 | 7,637,847 | |
Enterprise Fleet Financing LLC(a) | ||||
Series 2023-1 Class A1 | ||||
03/20/2024 | 5.330% | 3,342,320 | 3,338,308 | |
Exeter Automobile Receivables Trust | ||||
Series 2023-1A Class A2 | ||||
06/16/2025 | 5.610% | 10,669,478 | 10,660,141 | |
Subordinated Series 2021-1A Class C | ||||
01/15/2026 | 0.740% | 4,568,526 | 4,517,622 | |
FHF Trust(a) | ||||
Series 2021-1A Class A | ||||
03/15/2027 | 1.270% | 2,860,687 | 2,753,756 | |
Series 2021-2A Class A | ||||
12/15/2026 | 0.830% | 6,505,540 | 6,284,406 | |
First Investors Auto Owner Trust(a) | ||||
Series 2021-2A Class A | ||||
03/15/2027 | 0.480% | 6,705,744 | 6,517,950 |
8 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Flagship Credit Auto Trust(a) | ||||
Series 2021-3 Class A | ||||
07/15/2027 | 0.360% | 7,351,997 | 7,178,687 | |
Ford Credit Auto Lease Trust | ||||
Series 2022-A Class A3 | ||||
05/15/2025 | 3.230% | 675,000 | 668,112 | |
Foursight Capital Automobile Receivables Trust(a) | ||||
Series 2022-1 Class A2 | ||||
09/15/2025 | 1.150% | 499,497 | 497,189 | |
FREED ABS Trust(a) | ||||
Series 2022-4FP Class A | ||||
12/18/2029 | 6.490% | 576,916 | 576,971 | |
GLS Auto Receivables Issuer Trust(a) | ||||
Subordinated Series 2020-4A Class C | ||||
11/17/2025 | 1.140% | 1,369,904 | 1,358,503 | |
Subordinated Series 2021-1A Class C | ||||
01/15/2027 | 1.200% | 535,473 | 529,462 | |
GM Financial Consumer Automobile Receivables Trust | ||||
Series 2023-1 Class A2A | ||||
03/16/2026 | 5.190% | 2,989,000 | 2,983,899 | |
GreatAmerica Leasing Receivables(a) | ||||
Series 2023-1 Class A1 | ||||
06/14/2024 | 5.519% | 16,861,520 | 16,855,799 | |
Hyundai Auto Receivables Trust | ||||
Series 2021-B Class A3 | ||||
01/15/2026 | 0.380% | 4,848,609 | 4,696,149 | |
JPMorgan Chase Bank NA(a) | ||||
Subordinated Series 2021-1 Class C | ||||
09/25/2028 | 1.024% | 3,031,700 | 2,941,792 | |
Subordinated Series 2021-2 Class C | ||||
12/26/2028 | 0.969% | 1,112,831 | 1,073,790 | |
JPMorgan Chase Bank NA - CACLN(a) | ||||
Series 2021-3 Class B | ||||
02/26/2029 | 0.760% | 4,477,170 | 4,267,008 | |
Series 2021-3 Class C | ||||
02/26/2029 | 0.860% | 1,826,550 | 1,738,288 | |
LAD Auto Receivables Trust(a) | ||||
Series 2021-1A Class A | ||||
08/17/2026 | 1.300% | 1,580,695 | 1,543,368 | |
Lendbuzz Securitization Trust(a) | ||||
Series 2021-1A Class A | ||||
06/15/2026 | 1.460% | 8,457,889 | 8,130,713 | |
LendingPoint Asset Securitization Trust(a) | ||||
Series 2020-REV1 Class A | ||||
10/15/2028 | 2.731% | 649,379 | 647,133 | |
LL ABS Trust(a) | ||||
Series 2021-1A Class A | ||||
05/15/2029 | 1.070% | 1,537,390 | 1,498,047 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Mercedes-Benz Auto Receivables Trust | ||||
Series 2020-1 Class A4 | ||||
10/15/2026 | 0.770% | 5,575,000 | 5,387,929 | |
MMAF Equipment Finance LLC(a) | ||||
Series 2020-A Class A2 | ||||
04/09/2024 | 0.740% | 2,237 | 2,235 | |
MVW Owner Trust(a) | ||||
Series 2017-1A Class A | ||||
12/20/2034 | 2.420% | 1,914,508 | 1,909,680 | |
NMEF Funding LLC(a) | ||||
Series 2021-A Class A2 | ||||
12/15/2027 | 0.810% | 620,425 | 619,284 | |
Octane Receivables Trust(a) | ||||
Series 2020-1A Class A | ||||
02/20/2025 | 1.710% | 1,199,244 | 1,196,364 | |
Series 2021-2A Class A | ||||
09/20/2028 | 1.210% | 12,221,118 | 11,792,092 | |
Oportun Issuance Trust(a) | ||||
Series 2022-3 Class A | ||||
01/08/2030 | 7.451% | 6,467,474 | 6,477,708 | |
Pagaya AI Debt Selection Trust(a) | ||||
Series 2021-1 Class A | ||||
11/15/2027 | 1.180% | 219,835 | 219,346 | |
Series 2021-3 Class A | ||||
05/15/2029 | 1.150% | 4,958,940 | 4,923,579 | |
Series 2021-5 Class A | ||||
08/15/2029 | 1.530% | 3,792,236 | 3,733,488 | |
Pagaya AI Debt Trust(a) | ||||
Series 2022-1 Class A | ||||
10/15/2029 | 2.030% | 16,205,408 | 15,796,850 | |
Santander Drive Auto Receivables Trust | ||||
Series 2022-1 Class A3 | ||||
11/17/2025 | 1.940% | 705,610 | 703,033 | |
Series 2022-2 Class A3 | ||||
10/15/2026 | 2.980% | 6,452,108 | 6,385,777 | |
Series 2022-3 Class A3 | ||||
12/15/2026 | 3.400% | 14,285,651 | 14,125,683 | |
Series 2023-3 Class A2 | ||||
08/17/2026 | 6.080% | 3,800,000 | 3,799,340 | |
Subordinated Series 2020-4 Class C | ||||
01/15/2026 | 1.010% | 1,076,716 | 1,074,648 | |
SoFi Consumer Loan Program Trust(a) | ||||
Series 2022-1S Class A | ||||
04/15/2031 | 6.210% | 5,328,911 | 5,324,516 | |
Theorem Funding Trust(a) | ||||
Series 2021-1A Class A | ||||
12/15/2027 | 1.210% | 579,988 | 577,675 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 9 |
July 31, 2023
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2022-1A Class A | ||||
02/15/2028 | 1.850% | 6,776,530 | 6,684,566 | |
Toyota Auto Loan Extended Note Trust(a) | ||||
Series 2019-1A Class A | ||||
11/25/2031 | 2.560% | 31,813,000 | 31,052,434 | |
Tricolor Auto Securitization Trust(a) | ||||
Series 2022-1A Class A | ||||
02/18/2025 | 3.300% | 826,655 | 822,569 | |
Upstart Pass-Through Trust(a) | ||||
Series 2020-ST6 Class A | ||||
01/20/2027 | 3.000% | 1,076,163 | 1,049,520 | |
Series 2021-ST2 Class A | ||||
04/20/2027 | 2.500% | 751,374 | 723,810 | |
Series 2021-ST6 Class A | ||||
08/20/2027 | 1.850% | 2,214,076 | 2,102,966 | |
Upstart Securitization Trust(a) | ||||
Series 2021-3 Class A | ||||
07/20/2031 | 0.830% | 2,708,990 | 2,687,387 | |
Verizon Master Trust | ||||
Series 2021-1 Class A | ||||
05/20/2027 | 0.500% | 17,805,000 | 17,106,344 | |
VFI ABS LLC(a) | ||||
Series 2022-1A Class A | ||||
03/24/2028 | 2.230% | 5,522,727 | 5,384,455 | |
Volkswagen Auto Loan Enhanced Trust | ||||
Series 2020-1 Class A4 | ||||
08/20/2026 | 1.260% | 5,835,000 | 5,739,992 | |
Westlake Automobile Receivables Trust(a) | ||||
Series 2022-3A Class A2 | ||||
07/15/2025 | 5.240% | 5,525,168 | 5,514,263 | |
Series 2023-2A Class A1 | ||||
03/15/2024 | 5.266% | 6,090,178 | 6,088,707 | |
Subordinated Series 2021-2A Class B | ||||
07/15/2026 | 0.620% | 26,395,294 | 26,117,336 | |
World Omni Auto Receivables Trust | ||||
Series 2021-A Class A3 | ||||
01/15/2026 | 0.300% | 558,174 | 542,617 | |
Series 2022-A Class A3 | ||||
05/17/2027 | 1.660% | 3,575,000 | 3,435,562 | |
World Omni Select Auto Trust | ||||
Series 2021-A Class A3 | ||||
03/15/2027 | 0.530% | 14,917,095 | 14,482,081 | |
Total Asset-Backed Securities — Non-Agency (Cost $421,167,012) | 418,167,738 | |||
Commercial Mortgage-Backed Securities - Non-Agency 4.3% | ||||
Commercial Mortgage Trust | ||||
Series 2014-CR16 Class A4 | ||||
04/10/2047 | 4.051% | 1,123,000 | 1,103,293 |
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
GS Mortgage Securities Corp. Trust(a),(b) | ||||
Series 2022-SHIP Class A | ||||
1-month Term SOFR + 0.731% Floor 0.731% 08/15/2036 | 5.953% | 13,725,000 | 13,673,943 | |
JPMBB Commercial Mortgage Securities Trust | ||||
Series 2014-C18 Class A5 | ||||
02/15/2047 | 4.079% | 3,500,000 | 3,432,710 | |
JPMorgan Chase Commercial Mortgage Securities Trust | ||||
Subordinated Series 2013-C16 Class AS | ||||
12/15/2046 | 4.517% | 9,315,000 | 9,142,971 | |
Morgan Stanley Bank of America Merrill Lynch Trust | ||||
Series 2013-C13 Class A4 | ||||
11/15/2046 | 4.039% | 4,885,000 | 4,843,155 | |
Morgan Stanley Bank of America Merrill Lynch Trust(c) | ||||
Subordinated Series 2014-C14 Class AS | ||||
02/15/2047 | 4.384% | 14,198,500 | 13,998,872 | |
Wells Fargo Commercial Mortgage Trust(a),(b) | ||||
Series 2017-SMP Class A | ||||
1-month Term SOFR + 1.114% Floor 0.875% 12/15/2034 | 6.336% | 11,000,000 | 10,350,045 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $56,895,558) | 56,544,989 | |||
Corporate Bonds & Notes 48.3% | ||||
Aerospace & Defense 1.6% | ||||
BAE Systems Holdings, Inc.(a) | ||||
12/15/2025 | 3.850% | 5,350,000 | 5,154,989 | |
Boeing Co. (The) | ||||
05/01/2025 | 4.875% | 7,000,000 | 6,915,246 | |
Harris Corp. | ||||
04/27/2025 | 3.832% | 2,005,000 | 1,946,912 | |
United Technologies Corp. | ||||
08/16/2025 | 3.950% | 7,000,000 | 6,831,326 | |
Total | 20,848,473 | |||
Automotive 1.0% | ||||
Daimler Trucks Finance North America LLC(a),(b) | ||||
SOFR + 1.000% 04/05/2024 | 6.300% | 7,000,000 | 7,008,292 | |
Toyota Motor Credit Corp. | ||||
06/14/2024 | 0.500% | 7,040,000 | 6,714,195 | |
Total | 13,722,487 | |||
Banking 14.8% | ||||
American Express Co.(b) | ||||
SOFR + 0.720% 05/03/2024 | 6.020% | 5,647,000 | 5,652,260 |
10 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Bank of America Corp.(b) | ||||
SOFR + 1.100% 04/25/2025 | 6.400% | 12,325,000 | 12,358,410 | |
Bank of Montreal | ||||
06/07/2025 | 3.700% | 6,063,000 | 5,868,840 | |
Bank of New York Mellon Corp. (The)(b) | ||||
SOFR + 0.260% 04/26/2024 | 5.560% | 1,047,000 | 1,044,764 | |
Bank of Nova Scotia (The)(b) | ||||
SOFR + 1.090% 06/12/2025 | 6.390% | 6,500,000 | 6,518,586 | |
BBVA USA | ||||
08/27/2024 | 2.500% | 6,500,000 | 6,278,541 | |
Canadian Imperial Bank of Commerce(b) | ||||
3-month USD LIBOR + 0.660% 09/13/2023 | 6.204% | 6,395,000 | 6,397,320 | |
Citigroup, Inc.(d) | ||||
04/24/2025 | 3.352% | 12,660,000 | 12,411,587 | |
Commonwealth Bank of Australia(a),(b) | ||||
3-month USD LIBOR + 0.820% 06/04/2024 | 6.319% | 6,383,000 | 6,400,902 | |
Cooperatieve Rabobank UA(b) | ||||
SOFR + 0.700% 07/18/2025 | 6.000% | 6,375,000 | 6,388,354 | |
Credit Suisse AG | ||||
08/09/2024 | 4.750% | 6,750,000 | 6,633,237 | |
Goldman Sachs Group, Inc. (The)(b) | ||||
3-month USD LIBOR + 1.600% 11/29/2023 | 7.063% | 11,500,000 | 11,542,144 | |
HSBC Holdings PLC(d) | ||||
08/17/2024 | 0.732% | 6,887,000 | 6,868,002 | |
JPMorgan Chase & Co.(d) | ||||
12/15/2025 | 5.546% | 13,000,000 | 12,968,967 | |
Morgan Stanley(d) | ||||
10/21/2025 | 1.164% | 12,550,000 | 11,797,881 | |
National Australia Bank Ltd. | ||||
05/13/2025 | 5.200% | 6,325,000 | 6,309,795 | |
Royal Bank of Canada(b) | ||||
3-month Term SOFR + 0.922% 10/05/2023 | 6.190% | 6,389,000 | 6,392,354 | |
Skandinaviska Enskilda Banken AB(a) | ||||
11/19/2025 | 1.400% | 7,000,000 | 6,347,182 | |
State Street Corp.(d) | ||||
12/03/2024 | 3.776% | 6,804,000 | 6,753,559 | |
Svenska Handelsbanken AB(a) | ||||
06/10/2025 | 3.650% | 5,965,000 | 5,760,537 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Toronto-Dominion Bank (The)(b) | ||||
SOFR + 0.910% 03/08/2024 | 6.210% | 6,575,000 | 6,580,807 | |
Truist Bank(b) | ||||
SOFR + 0.200% 01/17/2024 | 5.500% | 6,600,000 | 6,550,862 | |
UBS Group AG(a),(d) | ||||
08/05/2025 | 4.490% | 6,500,000 | 6,377,304 | |
US Bancorp | ||||
11/17/2025 | 3.950% | 7,000,000 | 6,783,636 | |
Wells Fargo & Co.(d) | ||||
05/19/2025 | 0.805% | 12,000,000 | 11,501,709 | |
Westpac Banking Corp.(b) | ||||
SOFR + 0.300% 11/18/2024 | 5.600% | 6,500,000 | 6,479,317 | |
Total | 194,966,857 | |||
Cable and Satellite 1.0% | ||||
Charter Communications Operating LLC/Capital(b) | ||||
3-month USD LIBOR + 1.650% 02/01/2024 | 6.949% | 6,552,000 | 6,576,617 | |
Comcast Corp. | ||||
10/15/2025 | 3.950% | 7,000,000 | 6,836,233 | |
Total | 13,412,850 | |||
Chemicals 0.5% | ||||
DuPont de Nemours, Inc.(b) | ||||
3-month USD LIBOR + 1.110% 11/15/2023 | 6.431% | 6,389,000 | 6,393,065 | |
Construction Machinery 1.0% | ||||
Caterpillar Financial Services Corp. | ||||
05/15/2025 | 1.450% | 7,000,000 | 6,556,426 | |
John Deere Capital Corp. | ||||
09/08/2025 | 4.050% | 6,500,000 | 6,361,908 | |
Total | 12,918,334 | |||
Consumer Products 0.5% | ||||
Kenvue, Inc.(a) | ||||
03/22/2025 | 5.500% | 6,275,000 | 6,304,876 | |
Diversified Manufacturing 0.7% | ||||
Carrier Global Corp. | ||||
02/15/2025 | 2.242% | 2,512,000 | 2,386,817 | |
Siemens Financieringsmaatschappij NV(a) | ||||
05/27/2025 | 3.250% | 6,500,000 | 6,288,250 | |
Total | 8,675,067 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 11 |
July 31, 2023
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Electric 3.9% | ||||
CenterPoint Energy, Inc.(b) | ||||
SOFR + 0.650% 05/13/2024 | 5.950% | 6,422,000 | 6,415,753 | |
Dominion Energy, Inc.(b) | ||||
3-month USD LIBOR + 0.530% 09/15/2023 | 6.082% | 6,000,000 | 6,000,478 | |
DTE Energy Co. | ||||
11/01/2024 | 4.220% | 6,000,000 | 5,893,548 | |
Duke Energy Corp. | ||||
09/15/2025 | 0.900% | 5,651,000 | 5,157,694 | |
Eversource Energy(b) | ||||
SOFR + 0.250% 08/15/2023 | 5.550% | 6,000,000 | 5,998,880 | |
Mississippi Power Co.(b) | ||||
SOFR + 0.300% 06/28/2024 | 5.600% | 5,286,000 | 5,250,901 | |
NextEra Energy Capital Holdings, Inc. | ||||
03/01/2025 | 6.051% | 6,445,000 | 6,496,123 | |
Public Service Enterprise Group, Inc. | ||||
11/08/2023 | 0.841% | 4,262,000 | 4,204,759 | |
WEC Energy Group, Inc. | ||||
09/27/2025 | 5.000% | 5,000,000 | 4,972,557 | |
Xcel Energy, Inc. | ||||
06/01/2025 | 3.300% | 1,184,000 | 1,138,663 | |
Total | 51,529,356 | |||
Food and Beverage 1.5% | ||||
Bacardi Ltd.(a) | ||||
05/15/2025 | 4.450% | 7,000,000 | 6,818,406 | |
Mondelez International, Inc. | ||||
05/04/2025 | 1.500% | 7,000,000 | 6,548,625 | |
Tyson Foods, Inc. | ||||
08/15/2024 | 3.950% | 6,000,000 | 5,892,496 | |
Total | 19,259,527 | |||
Health Care 2.9% | ||||
Becton Dickinson and Co. | ||||
06/06/2024 | 3.363% | 6,208,000 | 6,085,235 | |
Cigna Corp. | ||||
11/15/2025 | 4.125% | 6,500,000 | 6,345,164 | |
CVS Health Corp. | ||||
07/20/2025 | 3.875% | 7,000,000 | 6,801,913 | |
GE HealthCare Technologies, Inc. | ||||
11/15/2025 | 5.600% | 6,500,000 | 6,521,309 | |
HCA, Inc. | ||||
02/15/2026 | 5.875% | 6,575,000 | 6,593,962 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Thermo Fisher Scientific, Inc. | ||||
10/18/2024 | 1.215% | 6,500,000 | 6,171,515 | |
Total | 38,519,098 | |||
Healthcare Insurance 0.9% | ||||
UnitedHealth Group, Inc. | ||||
07/15/2025 | 3.750% | 6,300,000 | 6,140,754 | |
Wellpoint, Inc. | ||||
08/15/2024 | 3.500% | 6,003,000 | 5,870,005 | |
Total | 12,010,759 | |||
Independent Energy 0.8% | ||||
Pioneer Natural Resources Co. | ||||
03/29/2026 | 5.100% | 5,834,000 | 5,816,764 | |
Woodside Finance Ltd.(a) | ||||
03/05/2025 | 3.650% | 4,537,000 | 4,380,297 | |
Total | 10,197,061 | |||
Integrated Energy 0.9% | ||||
Chevron USA, Inc.(b) | ||||
3-month USD LIBOR + 0.200% 08/11/2023 | 5.539% | 6,020,000 | 6,019,836 | |
Shell International Finance BV(b) | ||||
3-month USD LIBOR + 0.400% 11/13/2023 | 5.721% | 6,029,000 | 6,028,748 | |
Total | 12,048,584 | |||
Life Insurance 2.0% | ||||
Corebridge Financial, Inc. | ||||
04/04/2025 | 3.500% | 7,000,000 | 6,726,649 | |
Five Corners Funding Trust(a) | ||||
11/15/2023 | 4.419% | 6,605,000 | 6,570,291 | |
Metropolitan Life Global Funding I(a) | ||||
09/27/2024 | 0.700% | 7,139,000 | 6,730,375 | |
New York Life Global Funding(a) | ||||
06/24/2025 | 0.950% | 1,836,000 | 1,689,589 | |
Principal Life Global Funding II(a) | ||||
06/23/2025 | 1.250% | 4,771,000 | 4,371,355 | |
Total | 26,088,259 | |||
Media and Entertainment 0.9% | ||||
Discovery Communications LLC | ||||
03/11/2026 | 4.900% | 6,750,000 | 6,650,505 | |
Walt Disney Co. (The) | ||||
09/15/2024 | 3.700% | 4,649,000 | 4,560,115 | |
Total | 11,210,620 |
12 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Midstream 2.8% | ||||
Enable Midstream Partners LP | ||||
05/15/2024 | 3.900% | 4,300,000 | 4,225,977 | |
Enbridge, Inc. | ||||
02/16/2024 | 2.150% | 6,208,000 | 6,078,537 | |
Enterprise Products Operating LLC | ||||
02/15/2024 | 3.900% | 6,169,000 | 6,101,395 | |
Kinder Morgan Energy Partners LP | ||||
02/01/2024 | 4.150% | 6,083,000 | 6,028,134 | |
05/01/2024 | 4.300% | 1,710,000 | 1,689,428 | |
Plains All American Pipeline LP/Finance Corp. | ||||
10/15/2025 | 4.650% | 6,600,000 | 6,443,910 | |
Williams Companies, Inc. (The) | ||||
09/15/2025 | 4.000% | 6,500,000 | 6,292,681 | |
Total | 36,860,062 | |||
Natural Gas 0.5% | ||||
NiSource, Inc. | ||||
08/15/2025 | 0.950% | 7,000,000 | 6,413,480 | |
Pharmaceuticals 3.3% | ||||
AbbVie, Inc. | ||||
03/15/2025 | 3.800% | 7,000,000 | 6,818,582 | |
Amgen, Inc. | ||||
05/01/2025 | 3.125% | 7,000,000 | 6,727,398 | |
AstraZeneca PLC | ||||
11/16/2025 | 3.375% | 6,700,000 | 6,458,192 | |
Bristol-Myers Squibb Co. | ||||
11/13/2023 | 0.537% | 6,500,000 | 6,407,075 | |
Gilead Sciences, Inc. | ||||
02/01/2025 | 3.500% | 4,100,000 | 3,993,774 | |
Pfizer Investment Enterprises Pte., Ltd. | ||||
05/19/2026 | 4.450% | 7,725,000 | 7,627,810 | |
Roche Holdings, Inc.(a),(b) | ||||
SOFR + 0.240% 03/05/2024 | 5.540% | 5,250,000 | 5,240,058 | |
Total | 43,272,889 | |||
Property & Casualty 0.9% | ||||
Chubb INA Holdings, Inc. | ||||
03/15/2025 | 3.150% | 6,000,000 | 5,803,653 | |
Loews Corp. | ||||
04/01/2026 | 3.750% | 6,755,000 | 6,535,000 | |
Total | 12,338,653 | |||
Railroads 0.9% | ||||
CSX Corp. | ||||
11/01/2025 | 3.350% | 6,000,000 | 5,785,423 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Union Pacific Corp. | ||||
01/15/2025 | 3.250% | 6,000,000 | 5,832,730 | |
Total | 11,618,153 | |||
Retailers 0.4% | ||||
Lowe’s Companies, Inc. | ||||
09/08/2025 | 4.400% | 5,736,000 | 5,629,378 | |
Technology 2.2% | ||||
Broadcom, Inc. | ||||
11/15/2025 | 3.150% | 7,000,000 | 6,677,823 | |
International Business Machines Corp. | ||||
02/12/2024 | 3.625% | 3,525,000 | 3,486,741 | |
Microchip Technology, Inc. | ||||
02/15/2024 | 0.972% | 6,129,000 | 5,964,513 | |
NXP BV/Funding LLC | ||||
03/01/2026 | 5.350% | 6,500,000 | 6,477,830 | |
Oracle Corp. | ||||
04/01/2025 | 2.500% | 6,400,000 | 6,103,870 | |
Total | 28,710,777 | |||
Transportation Services 0.3% | ||||
ERAC USA Finance LLC(a) | ||||
11/01/2025 | 3.800% | 4,800,000 | 4,624,178 | |
Wireless 1.0% | ||||
American Tower Corp. | ||||
01/15/2025 | 2.950% | 7,000,000 | 6,730,212 | |
T-Mobile USA, Inc. | ||||
04/15/2025 | 3.500% | 7,000,000 | 6,769,855 | |
Total | 13,500,067 | |||
Wirelines 1.1% | ||||
AT&T, Inc.(b) | ||||
3-month USD LIBOR + 1.180% 06/12/2024 | 6.720% | 7,025,000 | 7,054,309 | |
Verizon Communications, Inc.(b) | ||||
SOFR + 0.500% 03/22/2024 | 5.800% | 7,035,000 | 7,038,210 | |
Total | 14,092,519 | |||
Total Corporate Bonds & Notes (Cost $639,599,421) | 635,165,429 | |||
Foreign Government Obligations(e) 0.9% | ||||
Canada 0.9% | ||||
Province of Ontario | ||||
01/29/2024 | 3.050% | 6,000,000 | 5,924,742 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 13 |
July 31, 2023
Foreign Government Obligations(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Province of Quebec | ||||
10/16/2024 | 2.875% | 6,500,000 | 6,301,364 | |
Total | 12,226,106 | |||
Total Foreign Government Obligations (Cost $12,333,358) | 12,226,106 | |||
Residential Mortgage-Backed Securities - Agency 0.0% | ||||
Federal Home Loan Mortgage Corp.(b) | ||||
1-year CMT + 2.255% Cap 11.180% 02/01/2036 | 4.380% | 24,025 | 23,699 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $24,010) | 23,699 | |||
Residential Mortgage-Backed Securities - Non-Agency 10.4% | ||||
Bellemeade Re Ltd.(a),(b) | ||||
CMO Series 2021-1A Class M1A | ||||
30-day Average SOFR + 1.750% Floor 1.750% 03/25/2031 | 6.819% | 1,842,346 | 1,844,079 | |
CMO Series 2021-3A Class M1A | ||||
30-day Average SOFR + 1.000% Floor 1.000% 09/25/2031 | 6.069% | 4,343,705 | 4,306,927 | |
BVRT Financing Trust(a),(b),(f) | ||||
CMO Series 2021-3F Class M1 | ||||
30-day Average SOFR + 1.750% Floor 1.750% 07/12/2033 | 3.608% | 3,164,586 | 3,164,586 | |
CFMT LLC(a),(c) | ||||
CMO Series 2021-EBO1 Class A | ||||
11/25/2050 | 0.985% | 7,281,725 | 6,707,851 | |
Connecticut Avenue Securities Trust(a),(b) | ||||
CMO Series 2022-R05 Class 2M1 | ||||
30-day Average SOFR + 1.900% 04/25/2042 | 6.969% | 9,768,081 | 9,819,678 | |
Freddie Mac STACR REMIC Trust(a),(b) | ||||
CMO Series 2022-HQA1 Class M1A | ||||
30-day Average SOFR + 2.100% 03/25/2042 | 7.167% | 6,923,621 | 6,967,047 | |
Lakeview Trust(a) | ||||
CMO Series 2022-1 Class A | ||||
04/25/2052 | 2.389% | 7,447,741 | 7,132,736 | |
MFA Trust(a),(c) | ||||
CMO Series 2020-NQM3 Class A3 | ||||
01/26/2065 | 1.632% | 1,119,196 | 1,000,801 | |
NRZ Excess Spread-Collateralized Notes(a) | ||||
Series 2020-PLS1 Class A | ||||
12/25/2025 | 3.844% | 2,964,702 | 2,755,724 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Oceanview Trust(a),(c) | ||||
CMO Series 2021-1 Class A | ||||
12/29/2051 | 1.219% | 2,786,588 | 2,720,555 | |
Pretium Mortgage Credit Partners LLC(a),(c) | ||||
CMO Series 2021-RN2 Class A1 | ||||
07/25/2051 | 1.744% | 8,618,925 | 7,759,782 | |
Towd Point Mortgage Trust(a),(c) | ||||
CMO Series 2021-SJ1 Class A1 | ||||
07/25/2068 | 2.250% | 9,820,506 | 9,140,799 | |
CMO Series 2022-EBO1 Class A | ||||
01/25/2052 | 2.161% | 3,188,900 | 3,129,552 | |
CMO Series 2022-SJ1 Class A1B | ||||
03/25/2062 | 3.612% | 17,254,219 | 16,308,928 | |
VCAT Asset Securitization LLC(a),(c) | ||||
CMO Series 2021-NPL6 Class A1 | ||||
09/25/2051 | 1.917% | 13,914,753 | 12,779,448 | |
VCAT LLC(a),(c) | ||||
CMO Series 2021-NPL1 Class A1 | ||||
12/26/2050 | 2.289% | 956,109 | 919,367 | |
CMO Series 2021-NPL4 Class A1 | ||||
08/25/2051 | 1.868% | 23,015,179 | 21,106,121 | |
CMO Series 2021-NPL5 Class A1 | ||||
08/25/2051 | 1.868% | 11,167,663 | 10,357,466 | |
Vericrest Opportunity Loan Transferee XCIII LLC(a),(c) | ||||
CMO Series 2021-NPL2 Class A1 | ||||
02/27/2051 | 1.893% | 9,479,146 | 8,867,219 | |
Verus Securitization Trust(a),(c) | ||||
CMO Series 2020-1 Class A1 | ||||
01/25/2060 | 2.417% | 357,988 | 335,628 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $145,376,201) | 137,124,294 | |||
U.S. Government & Agency Obligations 1.0% | ||||
Federal Farm Credit Banks Funding Corp.(b) | ||||
SOFR + 0.050% 08/22/2023 | 5.350% | 350,000 | 349,975 | |
1-month Term SOFR + 0.514% 12/08/2023 | 5.679% | 2,000,000 | 2,002,542 | |
SOFR + 0.060% 12/27/2023 | 5.360% | 2,575,000 | 2,575,099 | |
SOFR + 0.040% 02/09/2024 | 5.340% | 2,900,000 | 2,899,142 | |
Federal Home Loan Banks(b) | ||||
SOFR + 0.070% 12/14/2023 | 5.370% | 5,950,000 | 5,949,775 | |
Total U.S. Government & Agency Obligations (Cost $13,777,573) | 13,776,533 | |||
14 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
U.S. Treasury Obligations 1.1% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
U.S. Treasury | ||||
10/31/2023 | 0.375% | 14,200,000 | 14,024,719 | |
Total U.S. Treasury Obligations (Cost $14,045,408) | 14,024,719 |
Money Market Funds 1.6% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.408%(g),(h) | 20,604,389 | 20,596,147 |
Total Money Market Funds (Cost $20,593,739) | 20,596,147 | |
Total Investments in Securities (Cost: $1,323,812,280) | 1,307,649,654 | |
Other Assets & Liabilities, Net | 7,352,189 | |
Net Assets | 1,315,001,843 |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 2-Year Note | (1,315) | 09/2023 | USD | (266,986,094) | 3,722,733 | — |
(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 July 31, 2023, the total value of these securities amounted to $551,585,357, which represents 41.95% of total net assets. |
(b) | Variable rate security. The interest rate shown was the current rate as of July 31, 2023. |
(c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2023. |
(d) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of July 31, 2023. |
(e) | Principal and interest may not be guaranteed by a governmental entity. |
(f) | Valuation based on significant unobservable inputs. |
(g) | The rate shown is the seven-day current annualized yield at July 31, 2023. |
(h) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended July 31, 2023 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.408% | ||||||||
94,045,164 | 1,376,544,437 | (1,449,986,011) | (7,443) | 20,596,147 | 17,428 | 2,016,055 | 20,604,389 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 15 |
July 31, 2023
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Non-Agency | — | 418,167,738 | — | 418,167,738 |
Commercial Mortgage-Backed Securities - Non-Agency | — | 56,544,989 | — | 56,544,989 |
Corporate Bonds & Notes | — | 635,165,429 | — | 635,165,429 |
Foreign Government Obligations | — | 12,226,106 | — | 12,226,106 |
Residential Mortgage-Backed Securities - Agency | — | 23,699 | — | 23,699 |
Residential Mortgage-Backed Securities - Non-Agency | — | 133,959,708 | 3,164,586 | 137,124,294 |
U.S. Government & Agency Obligations | — | 13,776,533 | — | 13,776,533 |
U.S. Treasury Obligations | — | 14,024,719 | — | 14,024,719 |
Money Market Funds | 20,596,147 | — | — | 20,596,147 |
Total Investments in Securities | 20,596,147 | 1,283,888,921 | 3,164,586 | 1,307,649,654 |
Investments in Derivatives |
16 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Asset | ||||
Futures Contracts | 3,722,733 | — | — | 3,722,733 |
Total | 24,318,880 | 1,283,888,921 | 3,164,586 | 1,311,372,387 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 17 |
July 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,303,218,541) | $1,287,053,507 |
Affiliated issuers (cost $20,593,739) | 20,596,147 |
Margin deposits on: | |
Futures contracts | 1,512,250 |
Receivable for: | |
Investments sold | 6,925,274 |
Capital shares sold | 4,335,121 |
Dividends | 111,389 |
Interest | 6,976,646 |
Foreign tax reclaims | 103,543 |
Trustees’ fees | 176,854 |
Prepaid expenses | 24,442 |
Total assets | 1,327,815,173 |
Liabilities | |
Due to custodian | 408 |
Payable for: | |
Investments purchased | 3,386,426 |
Capital shares redeemed | 4,538,199 |
Distributions to shareholders | 4,464,217 |
Variation margin for futures contracts | 82,188 |
Management services fees | 22,763 |
Distribution and/or service fees | 4,389 |
Transfer agent fees | 49,239 |
Trustees’ fees | 229,190 |
Other expenses | 36,311 |
Total liabilities | 12,813,330 |
Net assets applicable to outstanding capital stock | $1,315,001,843 |
Represented by | |
Paid in capital | 1,336,834,120 |
Total distributable earnings (loss) | (21,832,277) |
Total - representing net assets applicable to outstanding capital stock | $1,315,001,843 |
Class A | |
Net assets | $356,980,651 |
Shares outstanding | 39,341,715 |
Net asset value per share | $9.07 |
Advisor Class | |
Net assets | $86,478,124 |
Shares outstanding | 9,522,179 |
Net asset value per share | $9.08 |
Institutional Class | |
Net assets | $379,278,674 |
Shares outstanding | 41,763,905 |
Net asset value per share | $9.08 |
Institutional 3 Class | |
Net assets | $492,264,394 |
Shares outstanding | 54,182,472 |
Net asset value per share | $9.09 |
18 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
Year Ended July 31, 2023
Net investment income | |
Income: | |
Dividends — affiliated issuers | $2,016,055 |
Interest | 59,546,103 |
Interfund lending | 9,520 |
Foreign taxes withheld | (10,371) |
Total income | 61,561,307 |
Expenses: | |
Management services fees | 4,248,451 |
Distribution and/or service fees | |
Class A | 750,640 |
Transfer agent fees | |
Class A | 288,994 |
Advisor Class | 46,676 |
Institutional Class | 252,922 |
Institutional 3 Class | 63,412 |
Trustees’ fees | 57,644 |
Custodian fees | 20,298 |
Printing and postage fees | 49,713 |
Registration fees | 152,757 |
Accounting services fees | 30,090 |
Legal fees | 40,475 |
Compensation of chief compliance officer | 428 |
Other | 49,183 |
Total expenses | 6,051,683 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (24,972) |
Total net expenses | 6,026,711 |
Net investment income | 55,534,596 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (15,655,360) |
Investments — affiliated issuers | 17,428 |
Foreign currency translations | 2 |
Futures contracts | 11,810,516 |
Net realized loss | (3,827,414) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 30,716,179 |
Investments — affiliated issuers | (7,443) |
Futures contracts | 2,401,140 |
Net change in unrealized appreciation (depreciation) | 33,109,876 |
Net realized and unrealized gain | 29,282,462 |
Net increase in net assets resulting from operations | $84,817,058 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 19 |
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |
Operations | ||
Net investment income | $55,534,596 | $19,350,402 |
Net realized gain (loss) | (3,827,414) | 4,070,945 |
Net change in unrealized appreciation (depreciation) | 33,109,876 | (47,781,055) |
Net increase (decrease) in net assets resulting from operations | 84,817,058 | (24,359,708) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (13,378,409) | (3,424,548) |
Advisor Class | (2,440,261) | (252,722) |
Institutional Class | (12,749,678) | (2,283,532) |
Institutional 3 Class | (27,921,971) | (13,885,936) |
Total distributions to shareholders | (56,490,319) | (19,846,738) |
Decrease in net assets from capital stock activity | (1,521,631,205) | (1,122,950,875) |
Total decrease in net assets | (1,493,304,466) | (1,167,157,321) |
Net assets at beginning of year | 2,808,306,309 | 3,975,463,630 |
Net assets at end of year | $1,315,001,843 | $2,808,306,309 |
Year Ended | Year Ended | |||
July 31, 2023 | July 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 15,457,815 | 138,623,929 | 35,534,103 | 320,107,044 |
Distributions reinvested | 1,485,766 | 13,363,745 | 381,031 | 3,420,523 |
Shares redeemed | (53,204,617) | (477,380,995) | (68,576,118) | (616,728,239) |
Net decrease | (36,261,036) | (325,393,321) | (32,660,984) | (293,200,672) |
Advisor Class | ||||
Shares sold | 13,111,839 | 117,943,975 | 9,179,795 | 82,733,447 |
Distributions reinvested | 270,253 | 2,438,382 | 28,141 | 252,653 |
Shares redeemed | (10,003,365) | (90,219,974) | (5,271,360) | (47,488,719) |
Net increase | 3,378,727 | 30,162,383 | 3,936,576 | 35,497,381 |
Institutional Class | ||||
Shares sold | 35,573,330 | 319,242,062 | 42,987,099 | 386,589,900 |
Distributions reinvested | 1,406,108 | 12,666,384 | 251,521 | 2,259,993 |
Shares redeemed | (42,454,538) | (381,807,169) | (40,880,635) | (368,018,292) |
Net increase (decrease) | (5,475,100) | (49,898,723) | 2,357,985 | 20,831,601 |
Institutional 3 Class | ||||
Shares sold | 8,988,427 | 80,562,950 | 114,442,793 | 1,033,394,227 |
Distributions reinvested | 744,357 | 6,688,069 | 261,517 | 2,350,277 |
Shares redeemed | (140,614,701) | (1,263,752,563) | (213,614,865) | (1,921,823,689) |
Net decrease | (130,881,917) | (1,176,501,544) | (98,910,555) | (886,079,185) |
Total net decrease | (169,239,326) | (1,521,631,205) | (125,276,978) | (1,122,950,875) |
20 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
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 7/31/2023 | $8.93 | 0.24 | 0.15 | 0.39 | (0.25) | (0.25) |
Year Ended 7/31/2022 | $9.04 | 0.03 | (0.10) | (0.07) | (0.04) | (0.04) |
Year Ended 7/31/2021 | $9.05 | 0.05 | 0.00(c) | 0.05 | (0.06) | (0.06) |
Year Ended 7/31/2020 | $9.03 | 0.16 | 0.03 | 0.19 | (0.17) | (0.17) |
Year Ended 7/31/2019(d) | $9.01 | 0.09 | 0.02 | 0.11 | (0.09) | (0.09) |
Advisor Class | ||||||
Year Ended 7/31/2023 | $8.94 | 0.28 | 0.13 | 0.41 | (0.27) | (0.27) |
Year Ended 7/31/2022 | $9.05 | 0.05 | (0.11) | (0.06) | (0.05) | (0.05) |
Year Ended 7/31/2021 | $9.06 | 0.06 | 0.00(c) | 0.06 | (0.07) | (0.07) |
Year Ended 7/31/2020 | $9.04 | 0.16 | 0.05 | 0.21 | (0.19) | (0.19) |
Year Ended 7/31/2019(e) | $8.99 | 0.14 | 0.05 | 0.19 | (0.14) | (0.14) |
Institutional Class | ||||||
Year Ended 7/31/2023 | $8.94 | 0.26 | 0.15 | 0.41 | (0.27) | (0.27) |
Year Ended 7/31/2022 | $9.05 | 0.05 | (0.11) | (0.06) | (0.05) | (0.05) |
Year Ended 7/31/2021 | $9.06 | 0.06 | 0.00(c) | 0.06 | (0.07) | (0.07) |
Year Ended 7/31/2020 | $9.04 | 0.17 | 0.04 | 0.21 | (0.19) | (0.19) |
Year Ended 7/31/2019(f) | $8.99 | 0.15 | 0.04 | 0.19 | (0.14) | (0.14) |
Institutional 3 Class | ||||||
Year Ended 7/31/2023 | $8.95 | 0.24 | 0.17 | 0.41 | (0.27) | (0.27) |
Year Ended 7/31/2022 | $9.05 | 0.05 | (0.09) | (0.04) | (0.06) | (0.06) |
Year Ended 7/31/2021 | $9.06 | 0.07 | 0.00(c) | 0.07 | (0.08) | (0.08) |
Year Ended 7/31/2020 | $9.04 | 0.18 | 0.03 | 0.21 | (0.19) | (0.19) |
Year Ended 7/31/2019 | $9.00 | 0.22 | 0.04 | 0.26 | (0.22) | (0.22) |
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) | Rounds to zero. |
(d) | Class A shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(e) | Advisor Class shares commenced operations on December 3, 2018. Per share data and total return reflect activity from that date. |
(f) | Institutional Class shares commenced operations on December 3, 2018. Per share data and total return reflect activity from that date. |
22 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
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 7/31/2023 | $9.07 | 4.48% | 0.44% | 0.44% | 2.62% | 76% | $356,981 |
Year Ended 7/31/2022 | $8.93 | (0.80%) | 0.42% | 0.42% | 0.38% | 76% | $675,383 |
Year Ended 7/31/2021 | $9.04 | 0.56% | 0.43% | 0.43% | 0.55% | 87% | $978,846 |
Year Ended 7/31/2020 | $9.05 | 2.17% | 0.43% | 0.43% | 1.79% | 100% | $446,211 |
Year Ended 7/31/2019(d) | $9.03 | 1.27% | 0.42% | 0.42% | 2.43% | 95% | $118,625 |
Advisor Class | |||||||
Year Ended 7/31/2023 | $9.08 | 4.63% | 0.29% | 0.29% | 3.14% | 76% | $86,478 |
Year Ended 7/31/2022 | $8.94 | (0.65%) | 0.27% | 0.27% | 0.61% | 76% | $54,946 |
Year Ended 7/31/2021 | $9.05 | 0.71% | 0.28% | 0.28% | 0.63% | 87% | $19,969 |
Year Ended 7/31/2020 | $9.06 | 2.32% | 0.27% | 0.27% | 1.81% | 100% | $2,522 |
Year Ended 7/31/2019(e) | $9.04 | 2.16% | 0.27% | 0.27% | 2.52% | 95% | $12 |
Institutional Class | |||||||
Year Ended 7/31/2023 | $9.08 | 4.64% | 0.29% | 0.29% | 2.92% | 76% | $379,279 |
Year Ended 7/31/2022 | $8.94 | (0.65%) | 0.27% | 0.27% | 0.56% | 76% | $422,413 |
Year Ended 7/31/2021 | $9.05 | 0.71% | 0.28% | 0.28% | 0.71% | 87% | $406,157 |
Year Ended 7/31/2020 | $9.06 | 2.32% | 0.28% | 0.28% | 1.94% | 100% | $221,636 |
Year Ended 7/31/2019(f) | $9.04 | 2.18% | 0.30% | 0.30% | 2.63% | 95% | $61,044 |
Institutional 3 Class | |||||||
Year Ended 7/31/2023 | $9.09 | 4.69% | 0.24% | 0.24% | 2.70% | 76% | $492,264 |
Year Ended 7/31/2022 | $8.95 | (0.50%) | 0.23% | 0.23% | 0.57% | 76% | $1,655,564 |
Year Ended 7/31/2021 | $9.05 | 0.75% | 0.24% | 0.24% | 0.75% | 87% | $2,570,491 |
Year Ended 7/31/2020 | $9.06 | 2.35% | 0.25% | 0.25% | 2.00% | 100% | $1,568,020 |
Year Ended 7/31/2019 | $9.04 | 2.91% | 0.25% | 0.25% | 2.40% | 95% | $780,430 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 23 |
July 31, 2023
24 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 25 |
July 31, 2023
26 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 3,722,733* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | 11,810,516 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | 2,401,140 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — short | 322,570,713 |
* | Based on the ending quarterly outstanding amounts for the year ended July 31, 2023. |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 27 |
July 31, 2023
28 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 29 |
July 31, 2023
Effective rate (%) | |
Class A | 0.06 |
Advisor Class | 0.06 |
Institutional Class | 0.06 |
Institutional 3 Class | 0.01 |
December 1, 2022 through November 30, 2023 | Prior to December 1, 2022 | |
Class A | 0.49% | 0.43% |
Advisor Class | 0.34 | 0.28 |
Institutional Class | 0.34 | 0.28 |
Institutional 3 Class | 0.25 | 0.25 |
30 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
607,111 | (607,110) | (1) |
Year Ended July 31, 2023 | Year Ended July 31, 2022 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
56,490,319 | — | 56,490,319 | 19,846,738 | — | 19,846,738 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
4,921,826 | — | (6,319,172) | (15,742,612) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
1,327,114,999 | 2,519,719 | (18,262,331) | (15,742,612) |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 31 |
July 31, 2023
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
— | (6,319,172) | (6,319,172) | — |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 15,800,000 | 4.18 | 6 |
32 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 33 |
July 31, 2023
34 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
July 31, 2023
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 35 |
36 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
Section 163(j) Interest Dividends | |
99.94% |
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 and other relevant Board experience |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 173 | 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; former Board Member, Chase Bank International, 1993-1994 |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 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 and other relevant Board experience |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 173 | 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, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Chair since 2023; 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 | 173 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 173 | 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 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 | 171 | 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 (former mutual fund complex), January 2015-December 2017 |
38 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
(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 and other relevant Board experience |
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 | 171 | Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 173 | Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020 |
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 | 173 | Trustee, Catholic Schools Foundation, since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Trustee since 1996 | 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 | 173 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 171 | None |
Columbia Ultra Short Term Bond Fund | Annual Report 2023 | 39 |
(Unaudited)
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years and other relevant Board experience |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 171 | Director, CSX Corporation (transportation suppliers); 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; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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. | 173 | Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009 |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; 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 | 171 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
40 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
(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 and other relevant Board experience |
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 | 173 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 and other relevant Board experience |
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 | 173 | 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; Director, Columbia Threadneedle Canada, Inc., since December 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
** | 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 Ultra Short Term Bond Fund | Annual Report 2023 | 41 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023. |
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. |
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. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
42 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | 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 Ultra Short Term Bond Fund | Annual Report 2023 | 43 |
• | 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 one or more 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). |
44 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
(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 Ultra Short Term Bond Fund | Annual Report 2023 | 45 |
(Unaudited)
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
46 | Columbia Ultra Short Term Bond Fund | Annual Report 2023 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
July 31, 2023
3 | |
5 | |
7 | |
8 | |
10 | |
11 | |
12 | |
14 | |
18 | |
26 | |
27 | |
27 | |
33 | |
34 |
(Unaudited)
Average annual total returns (%) (for the period ended July 31, 2023) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class A | Excluding sales charges | 03/26/15 | -0.92 | 1.07 | 1.46 |
Including sales charges | -3.87 | 0.46 | 1.09 | ||
Advisor Class | 03/26/15 | -0.68 | 1.30 | 1.70 | |
Class C | Excluding sales charges | 03/26/15 | -1.67 | 0.31 | 0.71 |
Including sales charges | -2.63 | 0.31 | 0.71 | ||
Institutional Class | 03/26/15 | -0.68 | 1.32 | 1.71 | |
Institutional 2 Class | 03/26/15 | -0.75 | 1.32 | 1.72 | |
Institutional 3 Class* | 03/01/17 | -0.59 | 1.37 | 1.70 | |
Bloomberg Municipal Bond Index | 0.93 | 1.87 | 2.06 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Since the Fund launched more than one share class at its inception, Class A shares were used. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 3 |
(Unaudited)
Portfolio breakdown (%) (at July 31, 2023) | |
Money Market Funds | 99.7 |
Municipal Bonds | 0.3 |
Total | 100.0 |
4 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
(Unaudited)
• | The Fund’s duration positioning detracted from the Fund’s relative results during the period. |
○ | The Fund had a longer duration profile than that of the benchmark during the first four months of the period, which hurt as municipal yields rose significantly during that time. |
○ | We shortened the Fund’s relative duration stance after the announcement of the Fund’s liquidation was made in mid-March 2023, but in so doing, the Fund did not fully participate in the municipal bond market’s subsequent rally. |
• | Given their comparatively greater propensity to have a high score when analyzing positive social and environmental impact, the Fund had overweighted allocations to the charter schools, local general obligation bonds and housing sectors. However, these exposures hurt, as each underperformed the benchmark during the period. The Fund’s underweighted allocations to the stronger tolls and education sectors also dampened results. |
• | Security selection detracted most in the housing and assisted living sectors. |
• | From a credit quality perspective, the Fund’s exposure to below-investment-grade bonds, which are not components of the benchmark, detracted, as high yield underperformed higher quality bonds overall during the period. Security selection among AA-rated bonds also hurt. |
• | Having a larger position than usual in cash given the Fund’s gradual unwinding ahead of its liquidation detracted from relative results, as the benchmark posted a positive absolute return for the period from mid-March through July 2023 as a whole. |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 5 |
(Unaudited)
• | Having an overweight to the hospital sector, with a focus on providers of health care services that serve disadvantaged populations who rely on government programs such as Medicaid for their coverage, contributed positively to the Fund’s relative results. |
• | Issue selection within the charter schools, toll roads, transportation, and water and sewer sectors boosted relative results. |
• | From a credit quality perspective, the Fund’s overweight to A-rated bonds helped most, as lower quality investment-grade bonds outpaced their higher quality counterparts during the period. Security selection among BBB-rated bonds also added value. |
• | Yield curve positioning overall contributed positively, especially the Fund’s overweight to municipal bonds with maturities of 10 to 20 years, as bonds with longer maturities outperformed those with shorter maturities during the period. |
6 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
(Unaudited)
February 1, 2023 — July 31, 2023 | |||||||
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 | 989.60 | 1,021.32 | 3.45 | 3.51 | 0.70 |
Advisor Class | 1,000.00 | 1,000.00 | 989.80 | 1,022.56 | 2.22 | 2.26 | 0.45 |
Class C | 1,000.00 | 1,000.00 | 985.90 | 1,017.60 | 7.14 | 7.25 | 1.45 |
Institutional Class | 1,000.00 | 1,000.00 | 990.80 | 1,022.56 | 2.22 | 2.26 | 0.45 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 989.90 | 1,022.71 | 2.07 | 2.11 | 0.42 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 991.30 | 1,022.96 | 1.83 | 1.86 | 0.37 |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 7 |
July 31, 2023
Municipal Bonds 0.4% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Minnesota 0.4% | ||||
St. Cloud Housing & Redevelopment Authority(a),(b),(c) | ||||
Revenue Bonds | ||||
Sanctuary St. Cloud Project | ||||
Series 2016 | ||||
08/01/2036 | 4.350% | 240,000 | 132,000 | |
Total Municipal Bonds (Cost $132,049) | 132,000 |
Money Market Funds 100.0% | ||
Shares | Value ($) | |
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.537%(d) | 37,575,878 | 37,583,196 |
Total Money Market Funds (Cost $37,583,196) | 37,583,196 | |
Total Investments in Securities (Cost $37,715,245) | 37,715,196 | |
Other Assets & Liabilities, Net | (146,790) | |
Net Assets | $37,568,406 |
(a) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2023, the total value of these securities amounted to $132,000, which represents 0.35% of total net assets. |
(b) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of July 31, 2023. |
(c) | Valuation based on significant unobservable inputs. |
(d) | The rate shown is the seven-day current annualized yield at July 31, 2023. |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
8 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
July 31, 2023
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Municipal Bonds | — | — | 132,000 | 132,000 |
Money Market Funds | 37,583,196 | — | — | 37,583,196 |
Total Investments in Securities | 37,583,196 | — | 132,000 | 37,715,196 |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 9 |
July 31, 2023
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $37,715,245) | $37,715,196 |
Receivable for: | |
Capital shares sold | 100,065 |
Dividends | 68,469 |
Interest | 10,440 |
Trustees’ fees | 39,018 |
Expense reimbursement due from Investment Manager | 1,920 |
Prepaid expenses | 12 |
Total assets | 37,935,120 |
Liabilities | |
Payable for: | |
Capital shares redeemed | 178,319 |
Distributions to shareholders | 112,212 |
Management services fees | 1,537 |
Distribution and/or service fees | 307 |
Transfer agent fees | 3,260 |
Trustees’ fees | 52,655 |
Other expenses | 18,424 |
Total liabilities | 366,714 |
Net assets applicable to outstanding capital stock | $37,568,406 |
Represented by | |
Paid in capital | 43,397,751 |
Total distributable earnings (loss) | (5,829,345) |
Total - representing net assets applicable to outstanding capital stock | $37,568,406 |
Class A | |
Net assets | $12,280,359 |
Shares outstanding | 1,299,512 |
Net asset value per share | $9.45 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $9.74 |
Advisor Class | |
Net assets | $471,566 |
Shares outstanding | 49,938 |
Net asset value per share | $9.44 |
Class C | |
Net assets | $675,546 |
Shares outstanding | 71,501 |
Net asset value per share | $9.45 |
Institutional Class | |
Net assets | $22,191,957 |
Shares outstanding | 2,348,224 |
Net asset value per share | $9.45 |
Institutional 2 Class | |
Net assets | $1,582,428 |
Shares outstanding | 167,370 |
Net asset value per share | $9.45 |
Institutional 3 Class | |
Net assets | $366,550 |
Shares outstanding | 38,660 |
Net asset value per share | $9.48 |
10 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
Year Ended July 31, 2023
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $139,482 |
Interest | 1,800,813 |
Total income | 1,940,295 |
Expenses: | |
Management services fees | 291,764 |
Distribution and/or service fees | |
Class A | 33,283 |
Class C | 8,646 |
Transfer agent fees | |
Class A | 12,402 |
Advisor Class | 3,620 |
Class C | 808 |
Institutional Class | 32,058 |
Institutional 2 Class | 1,753 |
Institutional 3 Class | 463 |
Trustees’ fees | 16,730 |
Custodian fees | 1,895 |
Printing and postage fees | 19,481 |
Registration fees | 97,019 |
Accounting services fees | 30,090 |
Legal fees | 13,346 |
Line of credit interest | 115 |
Interest on interfund lending | 1,008 |
Compensation of chief compliance officer | 13 |
Other | 11,028 |
Total expenses | 575,522 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (264,375) |
Total net expenses | 311,147 |
Net investment income | 1,629,148 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (5,481,020) |
Net realized loss | (5,481,020) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 2,995,818 |
Net change in unrealized appreciation (depreciation) | 2,995,818 |
Net realized and unrealized loss | (2,485,202) |
Net decrease in net assets resulting from operations | $(856,054) |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 11 |
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |
Operations | ||
Net investment income | $1,629,148 | $1,496,987 |
Net realized gain (loss) | (5,481,020) | 67,119 |
Net change in unrealized appreciation (depreciation) | 2,995,818 | (7,687,105) |
Net decrease in net assets resulting from operations | (856,054) | (6,122,999) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (329,701) | (270,527) |
Advisor Class | (103,239) | (63,564) |
Class C | (14,995) | (14,809) |
Institutional Class | (929,893) | (904,206) |
Institutional 2 Class | (77,936) | (82,050) |
Institutional 3 Class | (156,766) | (162,197) |
Total distributions to shareholders | (1,612,530) | (1,497,353) |
Increase (decrease) in net assets from capital stock activity | (34,979,113) | 11,353,597 |
Total increase (decrease) in net assets | (37,447,697) | 3,733,245 |
Net assets at beginning of year | 75,016,103 | 71,282,858 |
Net assets at end of year | $37,568,406 | $75,016,103 |
12 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
Year Ended | Year Ended | |||
July 31, 2023 | July 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 550,404 | 5,258,720 | 242,765 | 2,483,677 |
Distributions reinvested | 23,837 | 224,610 | 18,530 | 189,906 |
Shares redeemed | (667,448) | (6,304,504) | (234,701) | (2,386,161) |
Net increase (decrease) | (93,207) | (821,174) | 26,594 | 287,422 |
Advisor Class | ||||
Shares sold | 79,459 | 766,689 | 462,295 | 4,536,212 |
Distributions reinvested | 10,975 | 102,957 | 6,239 | 63,333 |
Shares redeemed | (630,201) | (5,980,788) | (113,955) | (1,154,640) |
Net increase (decrease) | (539,767) | (5,111,142) | 354,579 | 3,444,905 |
Class C | ||||
Shares sold | 3,155 | 30,034 | 22,549 | 228,483 |
Distributions reinvested | 1,275 | 12,006 | 986 | 10,117 |
Shares redeemed | (36,603) | (347,898) | (53,926) | (536,467) |
Net decrease | (32,173) | (305,858) | (30,391) | (297,867) |
Institutional Class | ||||
Shares sold | 1,949,231 | 18,398,384 | 2,035,390 | 20,719,858 |
Distributions reinvested | 69,497 | 654,625 | 65,810 | 672,843 |
Shares redeemed | (4,015,412) | (37,938,608) | (1,608,917) | (16,173,421) |
Net increase (decrease) | (1,996,684) | (18,885,599) | 492,283 | 5,219,280 |
Institutional 2 Class | ||||
Shares sold | 82,303 | 770,260 | 218,005 | 2,191,834 |
Distributions reinvested | 8,265 | 77,670 | 8,018 | 81,827 |
Shares redeemed | (371,562) | (3,522,756) | (95,988) | (959,281) |
Net increase (decrease) | (280,994) | (2,674,826) | 130,035 | 1,314,380 |
Institutional 3 Class | ||||
Shares sold | 61,388 | 588,013 | 258,588 | 2,599,714 |
Distributions reinvested | 13,119 | 123,853 | 14,634 | 150,406 |
Shares redeemed | (826,168) | (7,892,380) | (135,497) | (1,364,643) |
Net increase (decrease) | (751,661) | (7,180,514) | 137,725 | 1,385,477 |
Total net increase (decrease) | (3,694,486) | (34,979,113) | 1,110,825 | 11,353,597 |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 13 |
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 7/31/2023 | $9.78 | 0.24 | (0.33) | (0.09) | (0.24) | — | (0.24) |
Year Ended 7/31/2022 | $10.86 | 0.19 | (1.08) | (0.89) | (0.19) | — | (0.19) |
Year Ended 7/31/2021 | $10.75 | 0.21 | 0.11 | 0.32 | (0.21) | — | (0.21) |
Year Ended 7/31/2020 | $10.51 | 0.25 | 0.25 | 0.50 | (0.25) | (0.01) | (0.26) |
Year Ended 7/31/2019 | $10.05 | 0.27 | 0.45 | 0.72 | (0.26) | — | (0.26) |
Advisor Class | |||||||
Year Ended 7/31/2023 | $9.77 | 0.26 | (0.33) | (0.07) | (0.26) | — | (0.26) |
Year Ended 7/31/2022 | $10.86 | 0.22 | (1.09) | (0.87) | (0.22) | — | (0.22) |
Year Ended 7/31/2021 | $10.75 | 0.24 | 0.11 | 0.35 | (0.24) | — | (0.24) |
Year Ended 7/31/2020 | $10.51 | 0.28 | 0.25 | 0.53 | (0.28) | (0.01) | (0.29) |
Year Ended 7/31/2019 | $10.05 | 0.29 | 0.46 | 0.75 | (0.29) | — | (0.29) |
Class C | |||||||
Year Ended 7/31/2023 | $9.78 | 0.17 | (0.33) | (0.16) | (0.17) | — | (0.17) |
Year Ended 7/31/2022 | $10.86 | 0.12 | (1.08) | (0.96) | (0.12) | — | (0.12) |
Year Ended 7/31/2021 | $10.74 | 0.13 | 0.12 | 0.25 | (0.13) | — | (0.13) |
Year Ended 7/31/2020 | $10.51 | 0.17 | 0.24 | 0.41 | (0.17) | (0.01) | (0.18) |
Year Ended 7/31/2019 | $10.05 | 0.19 | 0.46 | 0.65 | (0.19) | — | (0.19) |
Institutional Class | |||||||
Year Ended 7/31/2023 | $9.78 | 0.26 | (0.33) | (0.07) | (0.26) | — | (0.26) |
Year Ended 7/31/2022 | $10.86 | 0.22 | (1.08) | (0.86) | (0.22) | — | (0.22) |
Year Ended 7/31/2021 | $10.75 | 0.24 | 0.11 | 0.35 | (0.24) | — | (0.24) |
Year Ended 7/31/2020 | $10.51 | 0.28 | 0.25 | 0.53 | (0.28) | (0.01) | (0.29) |
Year Ended 7/31/2019 | $10.05 | 0.29 | 0.46 | 0.75 | (0.29) | — | (0.29) |
Institutional 2 Class | |||||||
Year Ended 7/31/2023 | $9.79 | 0.26 | (0.34) | (0.08) | (0.26) | — | (0.26) |
Year Ended 7/31/2022 | $10.87 | 0.22 | (1.08) | (0.86) | (0.22) | — | (0.22) |
Year Ended 7/31/2021 | $10.76 | 0.24 | 0.11 | 0.35 | (0.24) | — | (0.24) |
Year Ended 7/31/2020 | $10.52 | 0.28 | 0.25 | 0.53 | (0.28) | (0.01) | (0.29) |
Year Ended 7/31/2019 | $10.06 | 0.29 | 0.46 | 0.75 | (0.29) | — | (0.29) |
14 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
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 7/31/2023 | $9.45 | (0.92%) | 1.15%(c),(d) | 0.70%(c),(d) | 2.50% | 43% | $12,280 |
Year Ended 7/31/2022 | $9.78 | (8.22%) | 1.05% | 0.70% | 1.90% | 7% | $13,616 |
Year Ended 7/31/2021 | $10.86 | 3.03% | 1.08% | 0.70% | 1.98% | 13% | $14,841 |
Year Ended 7/31/2020 | $10.75 | 4.87% | 1.12% | 0.70% | 2.39% | 14% | $14,709 |
Year Ended 7/31/2019 | $10.51 | 7.33% | 1.14% | 0.70% | 2.63% | 11% | $11,797 |
Advisor Class | |||||||
Year Ended 7/31/2023 | $9.44 | (0.68%) | 0.84%(c),(d) | 0.45%(c),(d) | 2.71% | 43% | $472 |
Year Ended 7/31/2022 | $9.77 | (8.08%) | 0.80% | 0.45% | 2.19% | 7% | $5,764 |
Year Ended 7/31/2021 | $10.86 | 3.29% | 0.83% | 0.45% | 2.23% | 13% | $2,554 |
Year Ended 7/31/2020 | $10.75 | 5.13% | 0.87% | 0.45% | 2.64% | 14% | $2,010 |
Year Ended 7/31/2019 | $10.51 | 7.60% | 0.89% | 0.45% | 2.86% | 11% | $629 |
Class C | |||||||
Year Ended 7/31/2023 | $9.45 | (1.67%) | 1.89%(c),(d) | 1.45%(c),(d) | 1.76% | 43% | $676 |
Year Ended 7/31/2022 | $9.78 | (8.91%) | 1.80% | 1.45% | 1.14% | 7% | $1,013 |
Year Ended 7/31/2021 | $10.86 | 2.36% | 1.83% | 1.45% | 1.23% | 13% | $1,456 |
Year Ended 7/31/2020 | $10.74 | 3.99% | 1.87% | 1.45% | 1.64% | 14% | $1,763 |
Year Ended 7/31/2019 | $10.51 | 6.53% | 1.89% | 1.45% | 1.88% | 11% | $1,803 |
Institutional Class | |||||||
Year Ended 7/31/2023 | $9.45 | (0.68%) | 0.89%(c),(d) | 0.45%(c),(d) | 2.74% | 43% | $22,192 |
Year Ended 7/31/2022 | $9.78 | (7.99%) | 0.80% | 0.45% | 2.15% | 7% | $42,482 |
Year Ended 7/31/2021 | $10.86 | 3.29% | 0.83% | 0.45% | 2.23% | 13% | $41,856 |
Year Ended 7/31/2020 | $10.75 | 5.13% | 0.86% | 0.45% | 2.64% | 14% | $36,426 |
Year Ended 7/31/2019 | $10.51 | 7.60% | 0.90% | 0.45% | 2.88% | 11% | $31,708 |
Institutional 2 Class | |||||||
Year Ended 7/31/2023 | $9.45 | (0.75%) | 0.85%(c),(d) | 0.42%(c),(d) | 2.74% | 43% | $1,582 |
Year Ended 7/31/2022 | $9.79 | (7.95%) | 0.77% | 0.42% | 2.19% | 7% | $4,387 |
Year Ended 7/31/2021 | $10.87 | 3.31% | 0.80% | 0.43% | 2.25% | 13% | $3,461 |
Year Ended 7/31/2020 | $10.76 | 5.14% | 0.84% | 0.44% | 2.66% | 14% | $2,920 |
Year Ended 7/31/2019 | $10.52 | 7.60% | 0.87% | 0.44% | 2.89% | 11% | $3,018 |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 7/31/2023 | $9.81 | 0.27 | (0.33) | (0.06) | (0.27) | — | (0.27) |
Year Ended 7/31/2022 | $10.90 | 0.23 | (1.09) | (0.86) | (0.23) | — | (0.23) |
Year Ended 7/31/2021 | $10.78 | 0.25 | 0.12 | 0.37 | (0.25) | — | (0.25) |
Year Ended 7/31/2020 | $10.55 | 0.28 | 0.25 | 0.53 | (0.29) | (0.01) | (0.30) |
Year Ended 7/31/2019 | $10.09 | 0.30 | 0.45 | 0.75 | (0.29) | — | (0.29) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | Ratios include line of credit interest expense which is less than 0.01%. |
16 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
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 7/31/2023 | $9.48 | (0.59%) | 0.78%(c),(d) | 0.37%(c),(d) | 2.83% | 43% | $367 |
Year Ended 7/31/2022 | $9.81 | (7.97%) | 0.72% | 0.37% | 2.23% | 7% | $7,754 |
Year Ended 7/31/2021 | $10.90 | 3.46% | 0.75% | 0.38% | 2.30% | 13% | $7,115 |
Year Ended 7/31/2020 | $10.78 | 5.08% | 0.79% | 0.40% | 2.69% | 14% | $5,202 |
Year Ended 7/31/2019 | $10.55 | 7.61% | 0.84% | 0.42% | 2.91% | 11% | $3,515 |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 17 |
July 31, 2023
18 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
July 31, 2023
Columbia U.S. Social Bond Fund | Annual Report 2023 | 19 |
July 31, 2023
20 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
July 31, 2023
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.09 |
Class C | 0.09 |
Institutional Class | 0.09 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75(a) | 2,565 |
Class C | — | 1.00(b) | 56 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 21 |
July 31, 2023
Fee rate(s) contractual through November 30, 2023 | |
Class A | 0.70% |
Advisor Class | 0.45 |
Class C | 1.45 |
Institutional Class | 0.45 |
Institutional 2 Class | 0.42 |
Institutional 3 Class | 0.37 |
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
18,228 | (18,228) | — |
22 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
July 31, 2023
Year Ended July 31, 2023 | Year Ended July 31, 2022 | ||||||
Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Tax-exempt income ($) | Long-term capital gains ($) | Total ($) |
176,798 | 1,435,732 | — | 1,612,530 | 221,078 | 1,276,275 | — | 1,497,353 |
Undistributed ordinary income ($) | Undistributed tax- exempt income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | 238,363 | — | (5,901,472) | — |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
37,715,196 | — | — | — |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(323,748) | (5,577,724) | (5,901,472) | — |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 23 |
July 31, 2023
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 955,556 | 3.99 | 9 |
Average loan balance ($) | Weighted average interest rate (%) | Days outstanding |
1,000,000 | 4.15 | 1 |
24 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
July 31, 2023
Columbia U.S. Social Bond Fund | Annual Report 2023 | 25 |
26 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
Exempt- interest dividends | |
89.04% |
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 and other relevant Board experience |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 173 | 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; former Board Member, Chase Bank International, 1993-1994 |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 27 |
(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 and other relevant Board experience |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 173 | 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, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Chair since 2023; 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 | 173 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), 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 | 173 | 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 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 | 171 | 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 (former mutual fund complex), January 2015-December 2017 |
28 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
(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 and other relevant Board experience |
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 | 171 | Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 173 | Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020 |
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 | 173 | Trustee, Catholic Schools Foundation, since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Trustee since 1996 | 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 | 173 | Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; 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 | 171 | None |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 29 |
(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 and other relevant Board experience |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 171 | Director, CSX Corporation (transportation suppliers); 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; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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. | 173 | Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009 |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; 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 | 171 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
30 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
(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 and other relevant Board experience |
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 | 173 | Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022 |
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 and other relevant Board experience |
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 | 173 | 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; Director, Columbia Threadneedle Canada, Inc., since December 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
** | 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 U.S. Social Bond Fund | Annual Report 2023 | 31 |
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023. |
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. |
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. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary (2021) | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005. |
32 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
(Unaudited)
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company. |
• | 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 U.S. Social Bond Fund | Annual Report 2023 | 33 |
• | 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 one or more 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 Advisory Agreements; |
• | Subadvisory fees payable by the Investment Manager under the Subadvisory 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 and the Subadviser under the Advisory Agreements, 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; |
34 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
• | Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager and the Subadviser 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). |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 35 |
36 | Columbia U.S. Social Bond Fund | Annual Report 2023 |
Columbia U.S. Social Bond Fund | Annual Report 2023 | 37 |
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, Sandra L. Yeager, and Douglas A. Hacker, 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, Ms. Yeager, and Mr. Hacker 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 five 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 July 31, 2023 and July 31, 2022 are approximately as follows:
2023 | 2022 |
$160,700 | $157,500 |
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 July 31, 2023 and July 31, 2022 are approximately as follows:
2023 | 2022 |
$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 July 31, 2023 and July 31, 2022, 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 July 31, 2023 and July 31, 2022 are approximately as follows:
2023 | 2022 |
$62,500 | $66,800 |
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.
During the fiscal years ended July 31, 2023 and July 31, 2022, 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 July 31, 2023 and July 31, 2022 are approximately as follows:
2023 | 2022 |
$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 July 31, 2023 and July 31, 2022 are approximately as follows:
2023 | 2022 |
$557,000 | $535,000 |
In fiscal years 2023 and 2022, 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 July 31, 2023 and July 31, 2022 are approximately as follows:
2023 | 2022 |
$619,500 | $601,800 |
(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a) | The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. |
(b) | There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) | Columbia Funds Series Trust I |
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By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | September 21, 2023 |
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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 |
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Date | September 21, 2023 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, |
| Principal Financial Officer and Senior Vice President |
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Date | September 21, 2023 |
By (Signature and Title) | /s/ Joseph Beranek |
| Joseph Beranek, Treasurer, Chief Accounting |
| Officer and Principal Financial Officer |
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Date | September 21, 2023 |