UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-21852
Columbia Funds Series Trust II
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: May 31
Date of reporting period: May 31, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
May 31, 2021
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Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class A | Excluding sales charges | 07/28/11 | 38.27 | 12.54 | 9.84 |
Including sales charges | 30.27 | 11.23 | 9.18 | ||
Advisor Class* | 11/08/12 | 38.61 | 12.82 | 10.07 | |
Class C | Excluding sales charges | 07/28/11 | 37.25 | 11.71 | 9.02 |
Including sales charges | 36.25 | 11.71 | 9.02 | ||
Institutional Class | 07/28/11 | 38.60 | 12.83 | 10.10 | |
Institutional 2 Class* | 11/08/12 | 38.70 | 12.87 | 10.12 | |
Institutional 3 Class* | 03/01/17 | 38.70 | 12.87 | 10.00 | |
Class R | 07/28/11 | 37.88 | 12.26 | 9.55 | |
Blended Benchmark | 32.82 | 12.40 | 10.40 | ||
Bloomberg Barclays U.S. Aggregate Bond Index | -0.40 | 3.25 | 3.27 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Common Stocks | 40.7 |
Convertible Bonds | 13.8 |
Convertible Preferred Stocks | 14.0 |
Corporate Bonds & Notes | 26.1 |
Limited Partnerships | 1.1 |
Money Market Funds | 3.2 |
Preferred Debt | 0.7 |
Senior Loans | 0.4 |
Warrants | 0.0(a) |
Total | 100.0 |
(a) | Rounds to zero. |
4 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
• | Equities delivered strong gains for the 12-month period ended May 31, 2021, and the Fund’s equity holdings were no exception, contributing strongly to the Fund’s results for the period. |
○ | United Parcel Service continued to capitalize on consumer needs to shop from home rather than in person, which further contributed to results. |
○ | The Fund’s outsized position in software giant Broadcom boosted relative return and made a significant contribution to return for the annual period. |
○ | We saw an opportunity to add to the Fund’s holding in Starwood Property Trust early in the period and it bounced back nicely in the second quarter of 2020, benefiting Fund performance. |
• | The Fund also experienced solid returns from its convertible securities holdings. Our decision to participate in new issues and refinancing deals that came to market in the second and third quarters of 2020 benefited the Fund, particularly an American Eagle Outfitters convertible. |
• | FirstEnergy, an electric utility whose shares plunged in mid-July 2020 after it was revealed that the company was involved in a corruption scandal involving Ohio state representatives, was a key detractor. We sold the stock from the portfolio. |
• | The Fund’s holding in Citigroup Inc. detracted from performance. Citigroup was sold during the first half of the period, as there were other names in our universe that we believed displayed more attractive risk/return characteristics at that point in time. |
• | The Fund’s convertible preferred in American Electric Power Company was sold early in the period. The convertible preferred performed better during the market drawdown relative to the company’s common stock and we decided to sell the convertible preferred in favor of owning the common stock, which we believed offered a more attractive opportunity at that time. |
• | A new position in ViacomCBS preferred stock hurt performance. The company’s common stock declined sharply due to forced selling by a hedge fund that was compelled to unwind its holdings. Viewing this as a short-term, technical phenomenon, we used the downturn to add to the position at what we viewed to be a more attractive valuation. |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 5 |
6 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,160.50 | 1,019.67 | 5.24 | 4.90 | 0.99 |
Advisor Class | 1,000.00 | 1,000.00 | 1,161.10 | 1,020.84 | 3.97 | 3.72 | 0.75 |
Class C | 1,000.00 | 1,000.00 | 1,156.70 | 1,015.99 | 9.20 | 8.60 | 1.74 |
Institutional Class | 1,000.00 | 1,000.00 | 1,161.90 | 1,020.89 | 3.92 | 3.67 | 0.74 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,161.90 | 1,020.94 | 3.87 | 3.62 | 0.73 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,162.30 | 1,021.19 | 3.61 | 3.37 | 0.68 |
Class R | 1,000.00 | 1,000.00 | 1,158.50 | 1,018.44 | 6.56 | 6.14 | 1.24 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 7 |
May 31, 2021
Common Stocks 40.9% | ||
Issuer | Shares | Value ($) |
Communication Services 1.9% | ||
Diversified Telecommunication Services 1.9% | ||
AT&T, Inc. | 425,000 | 12,507,750 |
Verizon Communications, Inc. | 210,000 | 11,862,900 |
Total | 24,370,650 | |
Total Communication Services | 24,370,650 | |
Consumer Discretionary 2.3% | ||
Hotels, Restaurants & Leisure 0.6% | ||
Travel + Leisure Co. | 125,000 | 8,143,750 |
Household Durables 1.1% | ||
Newell Brands, Inc. | 250,000 | 7,172,500 |
Whirlpool Corp. | 29,000 | 6,875,610 |
Total | 14,048,110 | |
Specialty Retail 0.6% | ||
Home Depot, Inc. (The) | 22,500 | 7,175,475 |
Total Consumer Discretionary | 29,367,335 | |
Consumer Staples 3.4% | ||
Food & Staples Retailing 0.7% | ||
Walgreens Boots Alliance, Inc. | 175,000 | 9,215,500 |
Food Products 1.3% | ||
JM Smucker Co. (The) | 47,500 | 6,331,275 |
Kraft Heinz Co. (The) | 225,000 | 9,807,750 |
Total | 16,139,025 | |
Household Products 0.4% | ||
Kimberly-Clark Corp. | 45,000 | 5,878,350 |
Tobacco 1.0% | ||
Philip Morris International, Inc. | 130,000 | 12,535,900 |
Total Consumer Staples | 43,768,775 | |
Energy 2.8% | ||
Oil, Gas & Consumable Fuels 2.8% | ||
Chesapeake Energy Corp. | 4,107 | 216,849 |
Chevron Corp. | 120,000 | 12,454,800 |
Exxon Mobil Corp. | 215,000 | 12,549,550 |
Valero Energy Corp. | 125,000 | 10,050,000 |
Total | 35,271,199 | |
Total Energy | 35,271,199 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Financials 8.5% | ||
Banks 3.4% | ||
JPMorgan Chase & Co. | 75,000 | 12,318,000 |
PNC Financial Services Group, Inc. (The) | 67,500 | 13,140,900 |
U.S. Bancorp | 155,000 | 9,420,900 |
Zions Bancorp | 160,000 | 9,260,800 |
Total | 44,140,600 | |
Capital Markets 1.9% | ||
Ares Capital Corp. | 675,000 | 13,142,250 |
Morgan Stanley | 75,000 | 6,821,250 |
TCG BDC, Inc. | 300,000 | 4,038,000 |
Total | 24,001,500 | |
Insurance 1.6% | ||
Hartford Financial Services Group, Inc. (The) | 110,000 | 7,188,500 |
MetLife, Inc. | 200,000 | 13,072,000 |
Total | 20,260,500 | |
Mortgage Real Estate Investment Trusts (REITS) 1.6% | ||
Blackstone Mortgage Trust, Inc. | 225,000 | 7,206,750 |
Starwood Property Trust, Inc. | 525,000 | 13,329,750 |
Total | 20,536,500 | |
Total Financials | 108,939,100 | |
Health Care 3.1% | ||
Biotechnology 1.0% | ||
AbbVie, Inc. | 110,000 | 12,452,000 |
Pharmaceuticals 2.1% | ||
Amryt Pharma PLC, ADR(a) | 172,608 | 2,028,144 |
Bristol-Myers Squibb Co. | 100,000 | 6,572,000 |
Johnson & Johnson | 75,000 | 12,693,750 |
Merck & Co., Inc. | 80,000 | 6,071,200 |
Total | 27,365,094 | |
Total Health Care | 39,817,094 | |
Industrials 3.7% | ||
Aerospace & Defense 1.0% | ||
Raytheon Technologies Corp. | 150,000 | 13,306,500 |
Air Freight & Logistics 1.2% | ||
United Parcel Service, Inc., Class B | 70,000 | 15,022,000 |
8 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Electrical Equipment 1.0% | ||
Eaton Corp. PLC | 85,000 | 12,346,250 |
Machinery 0.5% | ||
AGCO Corp. | 43,500 | 6,019,095 |
Total Industrials | 46,693,845 | |
Information Technology 8.9% | ||
Communications Equipment 1.0% | ||
Cisco Systems, Inc. | 235,000 | 12,431,500 |
Electronic Equipment, Instruments & Components 1.3% | ||
Corning, Inc. | 225,000 | 9,816,750 |
Vishay Intertechnology, Inc. | 275,000 | 6,619,250 |
Total | 16,436,000 | |
IT Services 1.0% | ||
International Business Machines Corp. | 90,000 | 12,936,600 |
Semiconductors & Semiconductor Equipment 3.1% | ||
Broadcom, Inc. | 42,500 | 20,074,025 |
Intel Corp. | 115,000 | 6,568,800 |
Texas Instruments, Inc. | 70,000 | 13,287,400 |
Total | 39,930,225 | |
Software 0.9% | ||
NortonLifeLock, Inc. | 400,000 | 11,064,000 |
Technology Hardware, Storage & Peripherals 1.6% | ||
HP, Inc. | 425,000 | 12,422,750 |
Seagate Technology Holdings PLC | 85,000 | 8,138,750 |
Total | 20,561,500 | |
Total Information Technology | 113,359,825 | |
Materials 1.6% | ||
Chemicals 1.6% | ||
Dow, Inc. | 195,000 | 13,341,900 |
Nutrien Ltd. | 110,000 | 6,836,500 |
Total | 20,178,400 | |
Total Materials | 20,178,400 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Real Estate 3.1% | ||
Equity Real Estate Investment Trusts (REITS) 3.1% | ||
Crown Castle International Corp. | 37,500 | 7,106,250 |
Life Storage, Inc. | 70,000 | 6,960,800 |
Medical Properties Trust, Inc. | 600,000 | 12,702,000 |
VICI Properties, Inc. | 213,768 | 6,654,598 |
Welltower, Inc. | 85,000 | 6,355,450 |
Total | 39,779,098 | |
Total Real Estate | 39,779,098 | |
Utilities 1.6% | ||
Electric Utilities 1.6% | ||
Duke Energy Corp. | 60,000 | 6,013,200 |
Edison International | 155,000 | 8,659,850 |
Pinnacle West Capital Corp. | 72,500 | 6,132,050 |
Total | 20,805,100 | |
Total Utilities | 20,805,100 | |
Total Common Stocks (Cost $407,908,413) | 522,350,421 |
Convertible Bonds 13.8% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Airlines 1.0% | ||||
Air Canada(b) | ||||
07/01/2025 | 4.000% | 7,800,000 | 12,938,250 | |
Cable and Satellite 1.0% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 12,000,000 | 12,384,000 | |
Consumer Cyclical Services 0.5% | ||||
Zillow Group, Inc. | ||||
05/15/2025 | 2.750% | 3,500,000 | 6,634,688 | |
Diversified Manufacturing 0.5% | ||||
Greenbrier Companies, Inc. (The)(b) | ||||
04/15/2028 | 2.875% | 5,700,000 | 6,047,700 | |
Health Care 0.5% | ||||
Invacare Corp. | ||||
11/15/2024 | 5.000% | 4,500,000 | 4,336,592 | |
Novavax, Inc. | ||||
02/01/2023 | 3.750% | 1,500,000 | 2,110,575 | |
Total | 6,447,167 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 9 |
May 31, 2021
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Home Construction 0.3% | ||||
SunPower Corp. | ||||
01/15/2023 | 4.000% | 2,808,000 | 3,491,894 | |
Independent Energy —% | ||||
Chesapeake Energy Escrow(c),(d) | ||||
09/15/2026 | 0.000% | 10,500,000 | 0 | |
Leisure 1.3% | ||||
NCL Corp., Ltd.(b) | ||||
08/01/2025 | 5.375% | 4,500,000 | 8,685,000 | |
Royal Caribbean Cruises Ltd(b) | ||||
06/15/2023 | 4.250% | 5,800,000 | 8,456,400 | |
Total | 17,141,400 | |||
Media and Entertainment 0.5% | ||||
fuboTV, Inc.(b) | ||||
02/15/2026 | 3.250% | 7,700,000 | 6,766,375 | |
Metals and Mining 0.1% | ||||
Ivanhoe Mines Ltd.(b) | ||||
04/15/2026 | 2.500% | 1,364,000 | 1,664,080 | |
Other Financial Institutions 0.7% | ||||
RWT Holdings, Inc. | ||||
10/01/2025 | 5.750% | 9,050,000 | 9,107,015 | |
Other REIT 1.5% | ||||
Blackstone Mortgage Trust, Inc. | ||||
05/05/2022 | 4.375% | 5,300,000 | 5,412,890 | |
PennyMac Corp.(b) | ||||
03/15/2026 | 5.500% | 13,000,000 | 13,325,000 | |
Total | 18,737,890 | |||
Pharmaceuticals 3.9% | ||||
Aegerion Pharmaceuticals, Inc.(b) | ||||
04/01/2025 | 5.000% | 1,012,542 | 1,194,799 | |
Aerie Pharmaceuticals, Inc. | ||||
10/01/2024 | 1.500% | 6,500,000 | 6,426,591 | |
Bridgebio Pharma, Inc.(b) | ||||
02/01/2029 | 2.250% | 6,700,000 | 6,238,780 | |
Clovis Oncology, Inc. | ||||
05/01/2025 | 1.250% | 11,700,000 | 8,556,787 | |
Insmed, Inc. | ||||
01/15/2025 | 1.750% | 6,000,000 | 6,018,600 | |
Intercept Pharmaceuticals, Inc. | ||||
07/01/2023 | 3.250% | 11,000,000 | 9,836,954 | |
Radius Health, Inc. | ||||
09/01/2024 | 3.000% | 6,800,000 | 6,334,534 |
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Tilray, Inc. | ||||
10/01/2023 | 5.000% | 6,000,000 | 5,773,366 | |
Total | 50,380,411 | |||
Property & Casualty 0.3% | ||||
MGIC Investment Corp.(b),(e) | ||||
Junior Subordinated | ||||
04/01/2063 | 9.000% | 3,089,000 | 4,139,085 | |
Retailers 0.6% | ||||
Guess?, Inc. | ||||
04/15/2024 | 2.000% | 5,500,000 | 7,277,187 | |
Technology 1.1% | ||||
1Life Healthcare, Inc.(b) | ||||
06/15/2025 | 3.000% | 6,000,000 | 6,877,800 | |
Avaya Holdings Corp. | ||||
06/15/2023 | 2.250% | 5,300,000 | 6,500,450 | |
Total | 13,378,250 | |||
Total Convertible Bonds (Cost $157,057,038) | 176,535,392 |
Convertible Preferred Stocks 14.1% | |||
Issuer | Shares | Value ($) | |
Communication Services 0.6% | |||
Diversified Telecommunication Services 0.5% | |||
2020 Cash Mandatory Exchangeable Trust(b) | 5.250% | 5,100 | 6,288,198 |
Media 0.1% | |||
ViacomCBS, Inc. | 5.750% | 26,500 | 1,879,670 |
Total Communication Services | 8,167,868 | ||
Consumer Discretionary 0.8% | |||
Auto Components 0.8% | |||
Aptiv PLC | 5.500% | 60,000 | 10,192,200 |
Total Consumer Discretionary | 10,192,200 | ||
Consumer Staples 0.5% | |||
Household Products 0.5% | |||
Energizer Holdings, Inc. | 7.500% | 65,000 | 6,244,550 |
Total Consumer Staples | 6,244,550 |
10 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Financials 0.9% | |||
Capital Markets 0.9% | |||
AMG Capital Trust II | 5.150% | 87,500 | 5,079,375 |
KKR & Co., Inc. | 6.000% | 85,000 | 6,316,350 |
Total | 11,395,725 | ||
Total Financials | 11,395,725 | ||
Health Care 2.7% | |||
Health Care Equipment & Supplies 2.0% | |||
Becton Dickinson and Co. | 6.000% | 165,000 | 8,995,800 |
Boston Scientific Corp. | 5.500% | 55,000 | 6,265,050 |
Danaher Corp. | 4.750% | 5,600 | 9,698,752 |
Total | 24,959,602 | ||
Life Sciences Tools & Services 0.7% | |||
Avantor, Inc. | 6.250% | 90,000 | 8,969,400 |
Total Health Care | 33,929,002 | ||
Industrials 1.5% | |||
Construction & Engineering 0.5% | |||
Fluor Corp. | 6.500% | 6,200 | 6,558,360 |
Machinery 1.0% | |||
Stanley Black & Decker, Inc. | 5.250% | 100,000 | 12,643,000 |
Total Industrials | 19,201,360 | ||
Information Technology 1.0% | |||
Electronic Equipment, Instruments & Components 0.6% | |||
II-VI, Inc. | 6.000% | 27,500 | 7,799,550 |
IT Services 0.4% | |||
Sabre Corp. | 6.500% | 31,500 | 5,515,650 |
Total Information Technology | 13,315,200 | ||
Real Estate 0.5% | |||
Equity Real Estate Investment Trusts (REITS) 0.5% | |||
QTS Realty Trust, Inc. | 6.500% | 45,000 | 6,415,200 |
Total Real Estate | 6,415,200 | ||
Utilities 5.6% | |||
Electric Utilities 1.0% | |||
NextEra Energy, Inc. | 6.219% | 260,000 | 12,578,800 |
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Gas Utilities 2.1% | |||
South Jersey Industries, Inc. | 8.750% | 170,000 | 9,187,599 |
Spire, Inc. | 7.500% | 170,000 | 9,026,042 |
UGI Corp. | 7.250% | 82,500 | 8,580,000 |
Total | 26,793,641 | ||
Multi-Utilities 2.5% | |||
DTE Energy Co. | 6.250% | 365,000 | 18,633,250 |
NiSource, Inc. | 7.750% | 125,000 | 13,303,750 |
Total | 31,937,000 | ||
Total Utilities | 71,309,441 | ||
Total Convertible Preferred Stocks (Cost $156,676,443) | 180,170,546 |
Corporate Bonds & Notes 26.2% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 1.0% | ||||
Rolls-Royce PLC(b) | ||||
10/15/2027 | 5.750% | 5,333,000 | 5,743,342 | |
Spirit AeroSystems, Inc.(b) | ||||
04/15/2025 | 7.500% | 7,200,000 | 7,686,280 | |
Total | 13,429,622 | |||
Airlines 0.2% | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) | ||||
04/20/2026 | 5.500% | 2,858,000 | 3,018,856 | |
Cable and Satellite 0.5% | ||||
Telesat Canada/LLC(b) | ||||
10/15/2027 | 6.500% | 6,614,000 | 6,317,614 | |
Chemicals 0.8% | ||||
Innophos Holdings, Inc.(b) | ||||
02/15/2028 | 9.375% | 5,000,000 | 5,426,114 | |
Starfruit Finco BV/US Holdco LLC(b) | ||||
10/01/2026 | 8.000% | 4,300,000 | 4,543,059 | |
Total | 9,969,173 | |||
Consumer Cyclical Services 0.4% | ||||
Uber Technologies, Inc.(b) | ||||
09/15/2027 | 7.500% | 2,600,000 | 2,853,808 | |
01/15/2028 | 6.250% | 2,695,000 | 2,908,627 | |
Total | 5,762,435 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 11 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Consumer Products 0.4% | ||||
Mattel, Inc. | ||||
10/01/2040 | 6.200% | 2,770,000 | 3,373,666 | |
11/01/2041 | 5.450% | 1,100,000 | 1,246,797 | |
Total | 4,620,463 | |||
Finance Companies 1.4% | ||||
Fortress Transportation and Infrastructure Investors LLC(b) | ||||
10/01/2025 | 6.500% | 7,000,000 | 7,251,736 | |
08/01/2027 | 9.750% | 3,240,000 | 3,748,959 | |
Springleaf Finance Corp. | ||||
03/15/2025 | 6.875% | 4,500,000 | 5,096,088 | |
03/15/2026 | 7.125% | 2,091,000 | 2,432,742 | |
Total | 18,529,525 | |||
Food and Beverage 1.5% | ||||
Chobani LLC/Finance Corp., Inc.(b) | ||||
04/15/2025 | 7.500% | 4,672,000 | 4,859,266 | |
Triton Water Holdings, Inc.(b) | ||||
04/01/2029 | 6.250% | 6,929,000 | 6,947,270 | |
United Natural Foods, Inc.(b) | ||||
10/15/2028 | 6.750% | 6,420,000 | 6,869,691 | |
Total | 18,676,227 | |||
Gaming 0.4% | ||||
Colt Merger Sub, Inc.(b) | ||||
07/01/2027 | 8.125% | 4,799,000 | 5,317,782 | |
Health Care 1.3% | ||||
Quotient Ltd.(b),(c),(d) | ||||
04/15/2024 | 12.000% | 1,219,167 | 1,219,167 | |
04/15/2024 | 12.000% | 522,500 | 522,500 | |
Surgery Center Holdings, Inc.(b) | ||||
07/01/2025 | 6.750% | 7,500,000 | 7,630,491 | |
Tenet Healthcare Corp.(b) | ||||
10/01/2028 | 6.125% | 7,021,000 | 7,327,916 | |
Total | 16,700,074 | |||
Independent Energy 2.8% | ||||
Indigo Natural Resources LLC(b) | ||||
02/01/2029 | 5.375% | 12,720,000 | 12,785,237 | |
Oasis Petroleum, Inc.(b),(f) | ||||
06/01/2026 | 6.375% | 6,500,000 | 6,606,730 | |
Occidental Petroleum Corp. | ||||
07/15/2044 | 4.500% | 7,800,000 | 6,805,500 | |
04/15/2046 | 4.400% | 10,600,000 | 9,066,219 | |
Total | 35,263,686 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Leisure 1.2% | ||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(b) | ||||
10/01/2028 | 6.500% | 4,600,000 | 4,899,000 | |
NCL Corp., Ltd.(b) | ||||
05/15/2024 | 12.250% | 4,600,000 | 5,563,795 | |
Royal Caribbean Cruises Ltd.(b) | ||||
06/15/2023 | 9.125% | 4,928,000 | 5,449,787 | |
Total | 15,912,582 | |||
Media and Entertainment 2.6% | ||||
Clear Channel Outdoor Holdings, Inc.(b) | ||||
04/15/2028 | 7.750% | 12,000,000 | 12,299,791 | |
Deluxe Corp.(b),(f) | ||||
06/01/2029 | 8.000% | 6,200,000 | 6,461,800 | |
Lions Gate Capital Holdings LLC(b) | ||||
04/15/2029 | 5.500% | 13,500,000 | 13,998,372 | |
Total | 32,759,963 | |||
Metals and Mining 0.9% | ||||
CONSOL Energy, Inc.(b) | ||||
11/15/2025 | 11.000% | 5,800,000 | 5,680,467 | |
Warrior Met Coal, Inc.(b) | ||||
11/01/2024 | 8.000% | 5,537,000 | 5,645,967 | |
Total | 11,326,434 | |||
Midstream 0.2% | ||||
Rockpoint Gas Storage Canada Ltd.(b) | ||||
03/31/2023 | 7.000% | 3,111,000 | 3,141,810 | |
Oil Field Services 0.5% | ||||
Nabors Industries Ltd.(b) | ||||
01/15/2026 | 7.250% | 4,568,000 | 4,064,457 | |
01/15/2028 | 7.500% | 2,231,000 | 1,895,685 | |
Total | 5,960,142 | |||
Other Industry 0.7% | ||||
WeWork Companies, Inc.(b) | ||||
05/01/2025 | 7.875% | 9,300,000 | 9,397,413 | |
Packaging 2.5% | ||||
ARD Finance SA(b),(g) | ||||
06/30/2027 | 6.500% | 9,500,000 | 9,879,976 | |
BWAY Holding Co.(b) | ||||
04/15/2025 | 7.250% | 13,000,000 | 12,801,770 | |
Novolex(b) | ||||
01/15/2025 | 6.875% | 9,000,000 | 9,100,728 | |
Total | 31,782,474 |
12 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Pharmaceuticals 1.4% | ||||
Bausch Health Companies, Inc.(b) | ||||
01/30/2028 | 5.000% | 1,532,000 | 1,433,597 | |
01/30/2030 | 5.250% | 10,032,000 | 9,230,608 | |
Organon Finance 1 LLC(b) | ||||
04/30/2031 | 5.125% | 6,523,000 | 6,705,704 | |
Total | 17,369,909 | |||
Refining 0.1% | ||||
Renewable Energy Group, Inc.(b) | ||||
06/01/2028 | 5.875% | 1,329,000 | 1,382,599 | |
Restaurants 0.8% | ||||
Dave & Buster’s, Inc.(b) | ||||
11/01/2025 | 7.625% | 4,700,000 | 5,012,401 | |
IRB Holding Corp.(b) | ||||
02/15/2026 | 6.750% | 4,700,000 | 4,864,500 | |
Total | 9,876,901 | |||
Retailers 1.4% | ||||
Academy Ltd.(b) | ||||
11/15/2027 | 6.000% | 5,333,000 | 5,672,076 | |
L Brands, Inc.(b) | ||||
10/01/2030 | 6.625% | 4,800,000 | 5,487,571 | |
Magic MergeCo, Inc.(b) | ||||
05/01/2029 | 7.875% | 6,500,000 | 6,628,511 | |
Total | 17,788,158 | |||
Supermarkets 0.4% | ||||
Safeway, Inc. | ||||
02/01/2031 | 7.250% | 4,588,000 | 5,327,126 | |
Technology 2.3% | ||||
Avaya, Inc.(b) | ||||
09/15/2028 | 6.125% | 5,000,000 | 5,304,130 | |
Diebold Nixdorf, Inc.(b) | ||||
07/15/2025 | 9.375% | 2,700,000 | 2,996,241 | |
Diebold, Inc. | ||||
04/15/2024 | 8.500% | 7,500,000 | 7,682,676 | |
Rocket Software, Inc.(b) | ||||
02/15/2029 | 6.500% | 9,825,000 | 9,576,026 | |
Sabre GLBL, Inc.(b) | ||||
04/15/2025 | 9.250% | 2,200,000 | 2,575,577 | |
09/01/2025 | 7.375% | 1,077,000 | 1,161,605 | |
Total | 29,296,255 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Wirelines 0.5% | ||||
Front Range BidCo, Inc.(b) | ||||
03/01/2028 | 6.125% | 6,500,000 | 6,615,838 | |
Total Corporate Bonds & Notes (Cost $324,132,393) | 335,543,061 |
Limited Partnerships 1.1% | ||
Issuer | Shares | Value ($) |
Energy 1.1% | ||
Oil, Gas & Consumable Fuels 1.1% | ||
Enviva Partners LP | 125,000 | 6,112,500 |
Rattler Midstream LP | 550,000 | 5,797,000 |
Summit Midstream Partners LP(a) | 74,667 | 1,884,595 |
Total | 13,794,095 | |
Total Energy | 13,794,095 | |
Total Limited Partnerships (Cost $17,264,145) | 13,794,095 |
Preferred Debt 0.7% | ||||
Issuer | Coupon Rate | Shares | Value ($) | |
Banking 0.5% | ||||
Citigroup Capital XIII(e) | ||||
10/30/2040 | 6.556% | 225,000 | 6,232,500 | |
Finance Companies 0.2% | ||||
GMAC Capital Trust I(e) | ||||
02/15/2040 | 5.941% | 104,679 | 2,648,379 | |
Total Preferred Debt (Cost $8,640,804) | 8,880,879 |
Senior Loans 0.4% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Oil Field Services 0.4% | ||||
BCP Raptor LLC/EagleClaw Midstream Ventures(h),(i) | ||||
Term Loan | ||||
3-month USD LIBOR + 4.250% Floor 1.000% 06/24/2024 | 5.250% | 4,968,393 | 4,907,530 | |
Total Senior Loans (Cost $4,928,858) | 4,907,530 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 13 |
May 31, 2021
Warrants 0.0% | ||
Issuer | Shares | Value ($) |
Energy 0.0% | ||
Oil, Gas & Consumable Fuels 0.0% | ||
Chesapeake Energy Corp.(a) | 7,749 | 170,478 |
Goodrich Petroleum Corp.(a),(c),(d) | 16,125 | 0 |
Total | 170,478 | |
Total Energy | 170,478 | |
Total Warrants (Cost $135,607) | 170,478 | |
Money Market Funds 3.2% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(j),(k) | 40,669,957 | 40,665,890 |
Total Money Market Funds (Cost $40,665,890) | 40,665,890 | |
Total Investments in Securities (Cost: $1,117,409,591) | 1,283,018,292 | |
Other Assets & Liabilities, Net | (5,602,808) | |
Net Assets | 1,277,415,484 |
(a) | Non-income producing investment. |
(b) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2021, the total value of these securities amounted to $377,133,714, which represents 29.52% of total net assets. |
(c) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2021, the total value of these securities amounted to $1,741,667, which represents 0.14% of total net assets. |
(d) | Valuation based on significant unobservable inputs. |
(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 May 31, 2021. |
(f) | Represents a security purchased on a when-issued basis. |
(g) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(h) | The stated interest rate represents the weighted average interest rate at May 31, 2021 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
(i) | Variable rate security. The interest rate shown was the current rate as of May 31, 2021. |
(j) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(k) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
— | 233,129,518 | (192,463,628) | — | 40,665,890 | — | 9,280 | 40,669,957 |
ADR | American Depositary Receipt |
LIBOR | London Interbank Offered Rate |
14 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
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 | 24,370,650 | — | — | 24,370,650 |
Consumer Discretionary | 29,367,335 | — | — | 29,367,335 |
Consumer Staples | 43,768,775 | — | — | 43,768,775 |
Energy | 35,271,199 | — | — | 35,271,199 |
Financials | 108,939,100 | — | — | 108,939,100 |
Health Care | 39,817,094 | — | — | 39,817,094 |
Industrials | 46,693,845 | — | — | 46,693,845 |
Information Technology | 113,359,825 | — | — | 113,359,825 |
Materials | 20,178,400 | — | — | 20,178,400 |
Real Estate | 39,779,098 | — | — | 39,779,098 |
Utilities | 20,805,100 | — | — | 20,805,100 |
Total Common Stocks | 522,350,421 | — | — | 522,350,421 |
Convertible Bonds | — | 176,535,392 | 0* | 176,535,392 |
Convertible Preferred Stocks | ||||
Communication Services | — | 8,167,868 | — | 8,167,868 |
Consumer Discretionary | — | 10,192,200 | — | 10,192,200 |
Consumer Staples | — | 6,244,550 | — | 6,244,550 |
Financials | — | 11,395,725 | — | 11,395,725 |
Health Care | — | 33,929,002 | — | 33,929,002 |
Industrials | — | 19,201,360 | — | 19,201,360 |
Information Technology | — | 13,315,200 | — | 13,315,200 |
Real Estate | — | 6,415,200 | — | 6,415,200 |
Utilities | — | 71,309,441 | — | 71,309,441 |
Total Convertible Preferred Stocks | — | 180,170,546 | — | 180,170,546 |
Corporate Bonds & Notes | — | 333,801,394 | 1,741,667 | 335,543,061 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 15 |
May 31, 2021
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Limited Partnerships | ||||
Energy | 13,794,095 | — | — | 13,794,095 |
Total Limited Partnerships | 13,794,095 | — | — | 13,794,095 |
Preferred Debt | 8,880,879 | — | — | 8,880,879 |
Senior Loans | — | 4,907,530 | — | 4,907,530 |
Warrants | ||||
Energy | 170,478 | — | 0* | 170,478 |
Total Warrants | 170,478 | — | 0* | 170,478 |
Money Market Funds | 40,665,890 | — | — | 40,665,890 |
Total Investments in Securities | 585,861,763 | 695,414,862 | 1,741,667 | 1,283,018,292 |
* | Rounds to zero. |
16 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,076,743,701) | $1,242,352,402 |
Affiliated issuers (cost $40,665,890) | 40,665,890 |
Cash | 37,137 |
Receivable for: | |
Capital shares sold | 3,525,536 |
Dividends | 2,480,516 |
Interest | 5,985,540 |
Foreign tax reclaims | 30,388 |
Prepaid expenses | 18,238 |
Total assets | 1,295,095,647 |
Liabilities | |
Payable for: | |
Investments purchased | 3,938,495 |
Investments purchased on a delayed delivery basis | 12,808,301 |
Capital shares purchased | 720,349 |
Management services fees | 22,020 |
Distribution and/or service fees | 8,885 |
Transfer agent fees | 78,045 |
Compensation of board members | 65,526 |
Other expenses | 38,542 |
Total liabilities | 17,680,163 |
Net assets applicable to outstanding capital stock | $1,277,415,484 |
Represented by | |
Paid in capital | 1,066,020,981 |
Total distributable earnings (loss) | 211,394,503 |
Total - representing net assets applicable to outstanding capital stock | $1,277,415,484 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 17 |
May 31, 2021
Class A | |
Net assets | $327,938,158 |
Shares outstanding | 20,623,522 |
Net asset value per share | $15.90 |
Maximum sales charge | 5.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $16.87 |
Advisor Class | |
Net assets | $55,969,247 |
Shares outstanding | 3,488,355 |
Net asset value per share | $16.04 |
Class C | |
Net assets | $242,639,920 |
Shares outstanding | 15,361,699 |
Net asset value per share | $15.80 |
Institutional Class | |
Net assets | $573,637,305 |
Shares outstanding | 36,080,057 |
Net asset value per share | $15.90 |
Institutional 2 Class | |
Net assets | $58,023,949 |
Shares outstanding | 3,613,900 |
Net asset value per share | $16.06 |
Institutional 3 Class | |
Net assets | $17,878,352 |
Shares outstanding | 1,129,211 |
Net asset value per share | $15.83 |
Class R | |
Net assets | $1,328,553 |
Shares outstanding | 83,643 |
Net asset value per share | $15.88 |
18 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $26,057,577 |
Dividends — affiliated issuers | 9,280 |
Interest | 26,653,194 |
Interfund lending | 369 |
Foreign taxes withheld | (26,496) |
Total income | 52,693,924 |
Expenses: | |
Management services fees | 6,536,423 |
Distribution and/or service fees | |
Class A | 639,856 |
Class C | 2,165,033 |
Class R | 5,084 |
Transfer agent fees | |
Class A | 200,127 |
Advisor Class | 18,268 |
Class C | 169,904 |
Institutional Class | 367,236 |
Institutional 2 Class | 23,884 |
Institutional 3 Class | 1,214 |
Class R | 797 |
Compensation of board members | 43,716 |
Custodian fees | 8,326 |
Printing and postage fees | 54,010 |
Registration fees | 142,891 |
Audit fees | 29,500 |
Legal fees | 18,039 |
Compensation of chief compliance officer | 201 |
Other | 53,612 |
Total expenses | 10,478,121 |
Net investment income | 42,215,803 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 56,278,450 |
Foreign currency translations | 373 |
Net realized gain | 56,278,823 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 230,027,623 |
Net change in unrealized appreciation (depreciation) | 230,027,623 |
Net realized and unrealized gain | 286,306,446 |
Net increase in net assets resulting from operations | $328,522,249 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 19 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income | $42,215,803 | $47,376,359 |
Net realized gain (loss) | 56,278,823 | (7,893,342) |
Net change in unrealized appreciation (depreciation) | 230,027,623 | (49,443,734) |
Net increase (decrease) in net assets resulting from operations | 328,522,249 | (9,960,717) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (11,681,695) | (10,354,370) |
Advisor Class | (1,041,902) | (976,979) |
Class C | (8,676,472) | (8,738,038) |
Institutional Class | (22,695,878) | (21,736,617) |
Institutional 2 Class | (1,972,125) | (1,318,869) |
Institutional 3 Class | (785,093) | (595,592) |
Class R | (44,018) | (65,609) |
Total distributions to shareholders | (46,897,183) | (43,786,074) |
Increase in net assets from capital stock activity | 76,980,458 | 86,621,573 |
Total increase in net assets | 358,605,524 | 32,874,782 |
Net assets at beginning of year | 918,809,960 | 885,935,178 |
Net assets at end of year | $1,277,415,484 | $918,809,960 |
20 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 5,322,315 | 77,541,655 | 5,490,720 | 70,565,071 |
Distributions reinvested | 843,566 | 11,353,734 | 851,210 | 10,165,284 |
Redemptions | (3,698,610) | (50,255,969) | (5,143,692) | (64,020,869) |
Net increase | 2,467,271 | 38,639,420 | 1,198,238 | 16,709,486 |
Advisor Class | ||||
Subscriptions | 2,604,913 | 40,068,552 | 1,031,825 | 13,413,751 |
Distributions reinvested | 76,486 | 1,041,476 | 81,132 | 976,853 |
Redemptions | (792,435) | (10,756,117) | (1,413,713) | (17,994,813) |
Net increase (decrease) | 1,888,964 | 30,353,911 | (300,756) | (3,604,209) |
Class C | ||||
Subscriptions | 2,276,242 | 33,016,199 | 4,093,060 | 53,056,336 |
Distributions reinvested | 646,908 | 8,608,096 | 722,457 | 8,584,091 |
Redemptions | (5,030,545) | (68,080,559) | (4,443,549) | (53,440,411) |
Net increase (decrease) | (2,107,395) | (26,456,264) | 371,968 | 8,200,016 |
Institutional Class | ||||
Subscriptions | 9,267,356 | 133,181,568 | 14,476,075 | 187,063,867 |
Distributions reinvested | 1,677,602 | 22,515,489 | 1,811,445 | 21,569,336 |
Redemptions | (10,222,704) | (137,606,861) | (13,255,528) | (161,072,842) |
Net increase | 722,254 | 18,090,196 | 3,031,992 | 47,560,361 |
Institutional 2 Class | ||||
Subscriptions | 2,351,676 | 33,076,201 | 2,010,293 | 25,036,107 |
Distributions reinvested | 144,988 | 1,972,125 | 109,680 | 1,318,741 |
Redemptions | (1,273,938) | (17,738,736) | (1,214,310) | (14,443,021) |
Net increase | 1,222,726 | 17,309,590 | 905,663 | 11,911,827 |
Institutional 3 Class | ||||
Subscriptions | 231,727 | 3,362,456 | 633,469 | 8,176,022 |
Distributions reinvested | 58,891 | 784,955 | 50,993 | 595,466 |
Redemptions | (378,732) | (5,243,625) | (207,645) | (2,536,902) |
Net increase (decrease) | (88,114) | (1,096,214) | 476,817 | 6,234,586 |
Class R | ||||
Subscriptions | 23,133 | 357,939 | 32,783 | 414,729 |
Distributions reinvested | 3,283 | 43,890 | 5,441 | 65,493 |
Redemptions | (18,444) | (262,010) | (74,269) | (870,716) |
Net increase (decrease) | 7,972 | 139,819 | (36,045) | (390,494) |
Total net increase | 4,113,678 | 76,980,458 | 5,647,877 | 86,621,573 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 21 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class A | ||||||
Year Ended 5/31/2021 | $12.06 | 0.58 | 3.90 | 4.48 | (0.64) | (0.64) |
Year Ended 5/31/2020 | $12.56 | 0.62 | (0.53) | 0.09 | (0.59) | (0.59) |
Year Ended 5/31/2019 | $12.98 | 0.55 | (0.44) | 0.11 | (0.53) | (0.53) |
Year Ended 5/31/2018 | $12.49 | 0.52 | 0.52 | 1.04 | (0.55) | (0.55) |
Year Ended 5/31/2017 | $11.06 | 0.51 | 1.48 | 1.99 | (0.56) | (0.56) |
Advisor Class | ||||||
Year Ended 5/31/2021 | $12.16 | 0.63 | 3.93 | 4.56 | (0.68) | (0.68) |
Year Ended 5/31/2020 | $12.66 | 0.66 | (0.54) | 0.12 | (0.62) | (0.62) |
Year Ended 5/31/2019 | $13.08 | 0.58 | (0.44) | 0.14 | (0.56) | (0.56) |
Year Ended 5/31/2018 | $12.59 | 0.56 | 0.51 | 1.07 | (0.58) | (0.58) |
Year Ended 5/31/2017 | $11.14 | 0.55 | 1.49 | 2.04 | (0.59) | (0.59) |
Class C | ||||||
Year Ended 5/31/2021 | $11.99 | 0.47 | 3.89 | 4.36 | (0.55) | (0.55) |
Year Ended 5/31/2020 | $12.48 | 0.53 | (0.53) | 0.00(d) | (0.49) | (0.49) |
Year Ended 5/31/2019 | $12.90 | 0.45 | (0.44) | 0.01 | (0.43) | (0.43) |
Year Ended 5/31/2018 | $12.42 | 0.42 | 0.52 | 0.94 | (0.46) | (0.46) |
Year Ended 5/31/2017 | $11.00 | 0.42 | 1.48 | 1.90 | (0.48) | (0.48) |
Institutional Class | ||||||
Year Ended 5/31/2021 | $12.06 | 0.61 | 3.91 | 4.52 | (0.68) | (0.68) |
Year Ended 5/31/2020 | $12.56 | 0.66 | (0.54) | 0.12 | (0.62) | (0.62) |
Year Ended 5/31/2019 | $12.98 | 0.58 | (0.44) | 0.14 | (0.56) | (0.56) |
Year Ended 5/31/2018 | $12.49 | 0.56 | 0.51 | 1.07 | (0.58) | (0.58) |
Year Ended 5/31/2017 | $11.06 | 0.54 | 1.48 | 2.02 | (0.59) | (0.59) |
Institutional 2 Class | ||||||
Year Ended 5/31/2021 | $12.17 | 0.62 | 3.95 | 4.57 | (0.68) | (0.68) |
Year Ended 5/31/2020 | $12.67 | 0.67 | (0.55) | 0.12 | (0.62) | (0.62) |
Year Ended 5/31/2019 | $13.09 | 0.59 | (0.45) | 0.14 | (0.56) | (0.56) |
Year Ended 5/31/2018 | $12.60 | 0.57 | 0.51 | 1.08 | (0.59) | (0.59) |
Year Ended 5/31/2017 | $11.15 | 0.55 | 1.50 | 2.05 | (0.60) | (0.60) |
Institutional 3 Class | ||||||
Year Ended 5/31/2021 | $12.01 | 0.62 | 3.89 | 4.51 | (0.69) | (0.69) |
Year Ended 5/31/2020 | $12.51 | 0.67 | (0.54) | 0.13 | (0.63) | (0.63) |
Year Ended 5/31/2019 | $12.93 | 0.59 | (0.44) | 0.15 | (0.57) | (0.57) |
Year Ended 5/31/2018 | $12.44 | 0.58 | 0.50 | 1.08 | (0.59) | (0.59) |
Year Ended 5/31/2017(e) | $12.48 | (5.60) | 5.70 | 0.10 | (0.14) | (0.14) |
22 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2021 | $15.90 | 38.27% | 1.00% | 1.00% | 4.13% | 58% | $327,938 |
Year Ended 5/31/2020 | $12.06 | 0.80% | 1.01% | 1.01% | 4.95% | 59% | $218,974 |
Year Ended 5/31/2019 | $12.56 | 0.82% | 1.02% | 1.02% | 4.31% | 32% | $212,999 |
Year Ended 5/31/2018 | $12.98 | 8.48% | 1.04% | 1.04%(c) | 4.06% | 50% | $156,011 |
Year Ended 5/31/2017 | $12.49 | 18.45% | 1.06% | 1.06% | 4.31% | 71% | $134,698 |
Advisor Class | |||||||
Year Ended 5/31/2021 | $16.04 | 38.61% | 0.75% | 0.75% | 4.42% | 58% | $55,969 |
Year Ended 5/31/2020 | $12.16 | 1.06% | 0.76% | 0.76% | 5.21% | 59% | $19,454 |
Year Ended 5/31/2019 | $12.66 | 1.07% | 0.77% | 0.77% | 4.54% | 32% | $24,065 |
Year Ended 5/31/2018 | $13.08 | 8.68% | 0.79% | 0.79%(c) | 4.30% | 50% | $21,291 |
Year Ended 5/31/2017 | $12.59 | 18.79% | 0.81% | 0.81% | 4.55% | 71% | $18,460 |
Class C | |||||||
Year Ended 5/31/2021 | $15.80 | 37.25% | 1.75% | 1.75% | 3.40% | 58% | $242,640 |
Year Ended 5/31/2020 | $11.99 | 0.06% | 1.76% | 1.76% | 4.20% | 59% | $209,401 |
Year Ended 5/31/2019 | $12.48 | 0.07% | 1.77% | 1.77% | 3.56% | 32% | $213,342 |
Year Ended 5/31/2018 | $12.90 | 7.64% | 1.79% | 1.79%(c) | 3.32% | 50% | $168,061 |
Year Ended 5/31/2017 | $12.42 | 17.58% | 1.81% | 1.81% | 3.56% | 71% | $132,227 |
Institutional Class | |||||||
Year Ended 5/31/2021 | $15.90 | 38.60% | 0.75% | 0.75% | 4.39% | 58% | $573,637 |
Year Ended 5/31/2020 | $12.06 | 1.07% | 0.76% | 0.76% | 5.22% | 59% | $426,343 |
Year Ended 5/31/2019 | $12.56 | 1.08% | 0.77% | 0.77% | 4.56% | 32% | $406,033 |
Year Ended 5/31/2018 | $12.98 | 8.75% | 0.79% | 0.79%(c) | 4.32% | 50% | $306,954 |
Year Ended 5/31/2017 | $12.49 | 18.74% | 0.82% | 0.82% | 4.56% | 71% | $223,904 |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $16.06 | 38.70% | 0.73% | 0.73% | 4.41% | 58% | $58,024 |
Year Ended 5/31/2020 | $12.17 | 1.10% | 0.73% | 0.73% | 5.25% | 59% | $29,105 |
Year Ended 5/31/2019 | $12.67 | 1.10% | 0.74% | 0.73% | 4.59% | 32% | $18,828 |
Year Ended 5/31/2018 | $13.09 | 8.71% | 0.77% | 0.76% | 4.37% | 50% | $19,095 |
Year Ended 5/31/2017 | $12.60 | 18.85% | 0.77% | 0.77% | 4.58% | 71% | $5,280 |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $15.83 | 38.70% | 0.68% | 0.68% | 4.47% | 58% | $17,878 |
Year Ended 5/31/2020 | $12.01 | 1.16% | 0.68% | 0.68% | 5.36% | 59% | $14,621 |
Year Ended 5/31/2019 | $12.51 | 1.16% | 0.70% | 0.69% | 4.66% | 32% | $9,267 |
Year Ended 5/31/2018 | $12.93 | 8.82% | 0.72% | 0.71% | 4.50% | 50% | $5,009 |
Year Ended 5/31/2017(e) | $12.44 | 0.84% | 0.74%(f) | 0.74%(f) | (184.79%)(f) | 71% | $2 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 23 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class R | ||||||
Year Ended 5/31/2021 | $12.05 | 0.54 | 3.90 | 4.44 | (0.61) | (0.61) |
Year Ended 5/31/2020 | $12.55 | 0.59 | (0.54) | 0.05 | (0.55) | (0.55) |
Year Ended 5/31/2019 | $12.97 | 0.52 | (0.45) | 0.07 | (0.49) | (0.49) |
Year Ended 5/31/2018 | $12.48 | 0.49 | 0.52 | 1.01 | (0.52) | (0.52) |
Year Ended 5/31/2017 | $11.05 | 0.47 | 1.49 | 1.96 | (0.53) | (0.53) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Rounds to zero. |
(e) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(f) | Annualized. |
24 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class R | |||||||
Year Ended 5/31/2021 | $15.88 | 37.88% | 1.25% | 1.25% | 3.88% | 58% | $1,329 |
Year Ended 5/31/2020 | $12.05 | 0.52% | 1.26% | 1.26% | 4.68% | 59% | $912 |
Year Ended 5/31/2019 | $12.55 | 0.57% | 1.27% | 1.27% | 4.08% | 32% | $1,402 |
Year Ended 5/31/2018 | $12.97 | 8.22% | 1.29% | 1.29%(c) | 3.81% | 50% | $832 |
Year Ended 5/31/2017 | $12.48 | 18.18% | 1.31% | 1.31% | 3.95% | 71% | $626 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 25 |
May 31, 2021
26 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
Columbia Flexible Capital Income Fund | Annual Report 2021 | 27 |
May 31, 2021
28 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
Columbia Flexible Capital Income Fund | Annual Report 2021 | 29 |
May 31, 2021
Effective rate (%) | |
Class A | 0.08 |
Advisor Class | 0.08 |
Class C | 0.08 |
Institutional Class | 0.08 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.08 |
30 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 726,031 |
Class C | — | 1.00(b) | 7,862 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2020 through September 30, 2021 | Prior to October 1, 2020 | |
Class A | 1.20% | 1.22% |
Advisor Class | 0.95 | 0.97 |
Class C | 1.95 | 1.97 |
Institutional Class | 0.95 | 0.97 |
Institutional 2 Class | 0.92 | 0.95 |
Institutional 3 Class | 0.87 | 0.90 |
Class R | 1.45 | 1.47 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 31 |
May 31, 2021
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
2,762,845 | (4,102,255) | 1,339,410 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
46,897,183 | — | 46,897,183 | 43,786,074 | — | 43,786,074 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
7,088,128 | 41,387,929 | — | 162,982,215 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,120,036,077 | 179,924,161 | (16,941,946) | 162,982,215 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
— | — | — | 13,053,584 |
32 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 2,771,429 | 0.68 | 7 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 33 |
May 31, 2021
34 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
May 31, 2021
Columbia Flexible Capital Income Fund | Annual Report 2021 | 35 |
May 31, 2021
36 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 37 |
Qualified dividend income | Dividends received deduction | Section 199A dividends | Capital gain dividend |
42.22% | 40.42% | 2.63% | $44,875,637 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | 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 |
38 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 39 |
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 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
40 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 41 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
42 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 43 |
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 |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
44 | Columbia Flexible Capital Income Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
Columbia Flexible Capital Income Fund | Annual Report 2021 | 45 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
7 | |
8 | |
29 | |
31 | |
32 | |
34 | |
38 | |
55 | |
56 | |
62 | |
62 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class A | Excluding sales charges | 04/30/14 | 23.28 | 7.81 | 6.33 |
Including sales charges | 19.58 | 7.16 | 5.87 | ||
Advisor Class | 04/30/14 | 23.48 | 8.07 | 6.59 | |
Class C | Excluding sales charges | 04/30/14 | 22.37 | 7.01 | 5.54 |
Including sales charges | 21.37 | 7.01 | 5.54 | ||
Institutional Class | 04/30/14 | 23.48 | 8.07 | 6.58 | |
Institutional 2 Class | 04/30/14 | 23.53 | 8.12 | 6.66 | |
Institutional 3 Class* | 03/01/17 | 23.71 | 8.14 | 6.55 | |
FTSE One-Month U.S. Treasury Bill Index | 0.07 | 1.08 | 0.78 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Asset-Backed Securities — Non-Agency | 18.8 |
Commercial Mortgage-Backed Securities - Agency | 0.2 |
Commercial Mortgage-Backed Securities - Non-Agency | 9.4 |
Money Market Funds | 4.5 |
Options Purchased Puts | 1.4 |
Residential Mortgage-Backed Securities - Agency | 25.3 |
Residential Mortgage-Backed Securities - Non-Agency | 40.4 |
Total | 100.0 |
Quality breakdown (%) (at May 31, 2021) | |
AAA rating | 28.0 |
AA rating | 1.1 |
A rating | 0.9 |
BBB rating | 9.0 |
BB rating | 21.0 |
B rating | 11.0 |
CCC rating | 0.3 |
Not rated | 28.7 |
Total | 100.0 |
4 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
• | The Fund’s allocation to more credit-sensitive, non-government guaranteed sectors of the securitized market offering higher yields than agency mortgage-backed securities (MBS) added notably to performance as these areas rebounded sharply from distressed levels on the back of strong policy support. |
○ | In this vein, exposure to non-agency residential MBS led positive contributions as housing fundamentals were boosted by the Fed’s actions to keep borrowing costs low. |
○ | Smaller allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and collateralized loan obligations also added to performance as stimulus efforts supported consumer fundamentals. |
○ | Within CMBS, positioning in the single-asset/single-borrower segment characterized by “trophy” properties in prime markets proved additive, while subprime auto and unsecured consumer loans were among the best performing holdings within ABS. |
• | The Fund’s exposure to agency MBS passthroughs contributed positively to performance versus the benchmark. |
○ | In terms of selection, an emphasis on current, lower coupon mortgage pools that have been a focus of the Fed’s bond purchase program added to relative return. |
• | The Fund’s positioning over the period with respect to overall portfolio duration and corresponding interest rate sensitivity added to performance relative to the benchmark. Specifically, the Fund held a net short duration position as Treasury yields rose in the first quarter of 2021. |
• | There were no material detractors relative to the benchmark over the 12-month period ended May 31, 2021. |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 5 |
6 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
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 | 1,079.70 | 1,019.62 | 5.10 | 4.95 | 1.00 |
Advisor Class | 1,000.00 | 1,000.00 | 1,081.10 | 1,020.84 | 3.83 | 3.72 | 0.75 |
Class C | 1,000.00 | 1,000.00 | 1,076.70 | 1,015.94 | 8.91 | 8.65 | 1.75 |
Institutional Class | 1,000.00 | 1,000.00 | 1,081.10 | 1,020.84 | 3.83 | 3.72 | 0.75 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,081.30 | 1,021.04 | 3.62 | 3.52 | 0.71 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,081.50 | 1,021.28 | 3.37 | 3.27 | 0.66 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 7 |
May 31, 2021
Asset-Backed Securities — Non-Agency 23.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aimco CLO Ltd.(a),(b) | ||||
Series 2020-11A Class E | ||||
3-month USD LIBOR + 7.250% Floor 7.250% 10/15/2031 | 7.434% | 3,250,000 | 3,255,054 | |
American Credit Acceptance Receivables Trust(a) | ||||
Series 2019-1 Class E | ||||
04/14/2025 | 4.840% | 6,600,000 | 6,988,527 | |
Series 2020-4 Class E | ||||
12/14/2026 | 3.650% | 5,150,000 | 5,365,520 | |
Series 2020-4 Class F | ||||
08/13/2027 | 5.220% | 3,620,000 | 3,775,937 | |
Series 2021-2 Class F | ||||
01/13/2028 | 3.730% | 4,000,000 | 4,001,286 | |
Subordinated Series 2021-1 Class E | ||||
03/15/2027 | 2.290% | 4,500,000 | 4,494,710 | |
Subordinated Series 2021-1 Class F | ||||
11/15/2027 | 4.010% | 900,000 | 913,727 | |
Subordinated Series 2021-2 Class E | ||||
07/13/2027 | 2.540% | 6,000,000 | 6,008,882 | |
ARES CLO(a),(b),(c) | ||||
Series 2021-60A Class E | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/18/2034 | 6.300% | 15,000,000 | 15,000,000 | |
ARES XLIV CLO Ltd.(a),(b) | ||||
Series 2017-44A Class DR | ||||
3-month USD LIBOR + 6.870% Floor 6.870% 04/15/2034 | 7.100% | 25,975,000 | 25,936,038 | |
Avant Loans Funding Trust(a) | ||||
Series 2019-A Class C | ||||
04/15/2026 | 4.650% | 8,650,000 | 8,706,985 | |
Series 2019-B Class C | ||||
10/15/2026 | 4.540% | 13,628,000 | 13,889,356 | |
Series 2020-REV1 Class B | ||||
05/15/2029 | 2.680% | 5,134,000 | 5,166,264 | |
Subordinated Series 2021-REV1 Class C | ||||
07/15/2030 | 2.300% | 3,375,000 | 3,373,586 | |
Bain Capital Credit CLO Ltd.(a),(b) | ||||
Series 2020-3A Class E | ||||
3-month USD LIBOR + 7.500% Floor 7.500% 10/23/2032 | 7.759% | 6,500,000 | 6,526,020 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2020-4A Class E | ||||
3-month USD LIBOR + 7.950% Floor 7.950% 10/20/2033 | 8.111% | 8,100,000 | 8,103,475 | |
Ballyrock CLO Ltd.(a),(b) | ||||
Series 2020-2A Class C | ||||
3-month USD LIBOR + 3.770% Floor 3.770% 10/20/2031 | 3.979% | 5,000,000 | 5,008,655 | |
Series 2020-2A Class D | ||||
3-month USD LIBOR + 7.630% Floor 7.630% 10/20/2031 | 7.839% | 4,500,000 | 4,513,631 | |
Barings CLO Ltd.(a),(b) | ||||
Series 2019-3A Class ER | ||||
3-month USD LIBOR + 6.700% Floor 6.700% 04/20/2031 | 6.822% | 10,500,000 | 10,500,000 | |
Broad River BSL Funding CLO Ltd.(a),(b),(c) | ||||
Series 2020-1A Class ER | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 07/20/2034 | 6.500% | 9,000,000 | 9,000,000 | |
Carlyle Global Market Strategies(a),(b),(c) | ||||
Series 2021-5A Class E | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/20/2034 | 6.400% | 14,125,000 | 14,125,000 | |
Carlyle Global Market Strategies CLO Ltd.(a),(b) | ||||
Series 2013-3A Class A2R | ||||
3-month USD LIBOR + 1.400% 10/15/2030 | 1.584% | 4,000,000 | 3,974,208 | |
Series 2013-3A Class BR | ||||
3-month USD LIBOR + 1.700% 10/15/2030 | 1.884% | 11,000,000 | 10,881,255 | |
Series 2015-4A Class CR | ||||
3-month USD LIBOR + 3.700% 07/20/2032 | 3.888% | 7,500,000 | 7,501,478 | |
Series 2016-1A Class DR2 | ||||
3-month USD LIBOR + 6.600% Floor 6.600% 04/20/2034 | 6.760% | 5,000,000 | 4,981,965 | |
Carlyle US CLO Ltd.(a),(b) | ||||
Series 2020-2A Class D | ||||
3-month USD LIBOR + 7.400% Floor 7.400% 10/25/2031 | 7.574% | 10,385,000 | 10,391,771 |
8 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Carvana Auto Receivables Trust(a) | ||||
Subordinated Series 2021-N1 Class E | ||||
01/10/2028 | 2.880% | 11,180,000 | 11,202,280 | |
Conn’s Receivables Funding LLC(a) | ||||
Series 2019-B Class B | ||||
06/17/2024 | 3.620% | 4,046,943 | 4,053,913 | |
Consumer Lending Receivables Trust(a) | ||||
Series 2019-A Class B | ||||
04/15/2026 | 4.010% | 3,575,518 | 3,597,072 | |
Consumer Loan Underlying Bond Credit Trust(a) | ||||
Subordinated Series 2018-P1 Class C | ||||
07/15/2025 | 5.210% | 12,935,714 | 13,165,762 | |
Subordinated Series 2018-P2 Class C | ||||
10/15/2025 | 5.210% | 13,000,000 | 13,258,809 | |
Subordinated Series 2018-P3 Class C | ||||
01/15/2026 | 5.540% | 17,000,000 | 17,464,454 | |
Consumer Loan Underlying Bond Credit Trust(a),(d),(e) | ||||
Subordinated Series 2018-P1 Class CERT | ||||
07/15/2025 | 0.000% | 850,000 | 7,650,000 | |
Subordinated Series 2018-P2 Class CERT | ||||
10/15/2025 | 0.000% | 850,000 | 8,075,000 | |
Consumer Underlying Bond Securitization(a) | ||||
Series 2018-1 Class A | ||||
02/17/2026 | 4.790% | 4,511,550 | 4,573,433 | |
Series 2018-1 Class B | ||||
02/17/2026 | 6.170% | 12,500,000 | 12,991,735 | |
Credit Suisse ABS Trust(a) | ||||
Series 2018-LD1 Class C | ||||
07/25/2024 | 5.170% | 615,960 | 618,866 | |
Dryden CLO Ltd.(a),(b) | ||||
Series 2018-57A Class B | ||||
3-month USD LIBOR + 1.350% Floor 1.350% 05/15/2031 | 1.506% | 1,250,000 | 1,250,053 | |
Series 2020-86A Class E | ||||
3-month USD LIBOR + 6.660% Floor 6.660% 07/17/2030 | 6.850% | 10,250,000 | 10,255,012 | |
ENVA LLC(a) | ||||
Series 2019-A Class B | ||||
06/22/2026 | 6.170% | 3,024,126 | 3,052,406 | |
Series 2019-A Class C | ||||
06/22/2026 | 7.620% | 7,667,000 | 7,938,866 | |
Exeter Automobile Receivables Trust | ||||
Subordinated Series 2020-3A Class E | ||||
08/17/2026 | 3.440% | 13,041,000 | 13,465,114 | |
Subordinated Series 2020-3A Class F | ||||
06/15/2027 | 5.560% | 3,000,000 | 3,178,006 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Exeter Automobile Receivables Trust(a),(c) | ||||
Subordinated Series 2021-2A Class E | ||||
07/17/2028 | 2.900% | 12,500,000 | 12,431,398 | |
FREED ABS Trust(a) | ||||
Series 2019-1 Class C | ||||
06/18/2026 | 5.390% | 10,000,000 | 10,289,902 | |
Series 2020-3FP Class C | ||||
09/20/2027 | 6.960% | 7,219,000 | 7,696,422 | |
Subordinated Series 2018-2 Class C | ||||
10/20/2025 | 5.880% | 7,450,000 | 7,553,055 | |
Subordinated Series 2019-2 Class C | ||||
11/18/2026 | 4.860% | 31,000,000 | 32,029,963 | |
GLS Auto Receivables Issuer Trust(a) | ||||
Subordinated Series 2020-4A Class E | ||||
10/15/2027 | 3.510% | 3,320,000 | 3,431,860 | |
Subordinated Series 2021-1A Class E | ||||
01/18/2028 | 3.140% | 7,000,000 | 7,081,790 | |
LendingClub Receivables Trust(a) | ||||
Series 2019-1 Class A | ||||
07/17/2045 | 4.000% | 4,812,198 | 4,919,029 | |
Series 2019-11 Class A | ||||
12/15/2045 | 3.750% | 1,890,435 | 1,911,959 | |
Series 2019-2 Class A | ||||
08/15/2025 | 4.000% | 3,185,271 | 3,244,654 | |
Series 2019-3 Class A | ||||
10/15/2025 | 3.750% | 7,274,521 | 7,401,631 | |
Series 2019-5 Class A | ||||
12/15/2045 | 3.750% | 9,117,615 | 9,262,560 | |
Series 2019-7 Class A | ||||
01/15/2027 | 3.750% | 3,401,398 | 3,446,313 | |
Series 2019-8 Class A | ||||
12/15/2045 | 3.750% | 3,272,336 | 3,308,237 | |
Series 2020-1 Class A | ||||
01/16/2046 | 3.500% | 4,085,052 | 4,132,252 | |
Series 2020-T1 Class A | ||||
02/15/2046 | 3.500% | 5,187,397 | 5,205,333 | |
LendingClub Receivables Trust(a),(d),(e) | ||||
Series 2020-2 Class R | ||||
02/15/2046 | 0.000% | 865,000 | 7,460,625 | |
LendingClub Receivables Trust(a),(d),(e),(f) | ||||
Series 2020-JPSL Class R | ||||
02/15/2025 | 0.000% | 340,000 | 9,506,400 | |
Lendingpoint Asset Securitization Trust(a) | ||||
Series 2019-1 Class C | ||||
08/15/2025 | 4.504% | 4,846,206 | 4,874,467 | |
Subordinated Series 2019-2 Class C | ||||
11/10/2025 | 4.660% | 19,620,000 | 19,837,519 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 9 |
May 31, 2021
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
LendingPoint Asset Securitization Trust(a) | ||||
Series 2020-1 Class C | ||||
02/10/2026 | 4.143% | 8,500,000 | 8,591,339 | |
LendingPoint Asset Securitization Trust(a),(e),(f) | ||||
Subordinated Series 2021-1 Class C | ||||
04/15/2027 | 4.935% | 14,564,000 | 14,598,134 | |
Subordinated Series 2021-1 Class D | ||||
04/15/2027 | 7.226% | 15,712,000 | 15,726,730 | |
Madison Park Funding XLVII Ltd.(a),(b) | ||||
Series 2020-47A Class E | ||||
3-month USD LIBOR + 7.460% Floor 7.460% 01/19/2034 | 7.706% | 5,200,000 | 5,238,584 | |
Madison Park Funding XXII Ltd.(a),(b) | ||||
Series 2016-22A Class DR | ||||
3-month USD LIBOR + 3.500% Floor 3.500% 01/15/2033 | 3.684% | 3,700,000 | 3,702,538 | |
Marlette Funding Trust(a) | ||||
Series 2021-1A Class D | ||||
06/16/2031 | 2.470% | 1,000,000 | 1,002,145 | |
Subordinated Series 2018-2A Class C | ||||
07/17/2028 | 4.370% | 2,872,191 | 2,881,469 | |
Subordinated Series 2018-4A Class C | ||||
12/15/2028 | 4.910% | 8,000,000 | 8,134,318 | |
Morgan Stanley Resecuritization Pass-Through Trust(a),(e),(g) | ||||
Series 2018-SC1 Class R | ||||
09/18/2023 | 0.000% | 950,000 | 6,650,000 | |
Octagon Investment Partners 47 Ltd.(a),(b),(c) | ||||
Series 2020-1A Class ER | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/20/2034 | 6.300% | 15,250,000 | 15,250,000 | |
OHA Credit Funding Ltd.(a),(b) | ||||
Series 2020-7A Class E | ||||
3-month USD LIBOR + 7.250% Floor 7.250% 10/19/2032 | 7.474% | 5,000,000 | 5,019,240 | |
OZLM Funding IV Ltd.(a),(b) | ||||
Series 2013-4A Class D2R | ||||
3-month USD LIBOR + 7.250% 10/22/2030 | 7.434% | 2,000,000 | 1,937,450 | |
OZLM Funding Ltd.(a),(b) | ||||
Series 2012-1A Class DR2 | ||||
3-month USD LIBOR + 6.670% 07/22/2029 | 6.854% | 2,000,000 | 1,960,386 | |
OZLM XI Ltd.(a),(b) | ||||
Series 2015-11A Class A2R | ||||
3-month USD LIBOR + 1.750% 10/30/2030 | 1.936% | 6,300,000 | 6,244,043 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
OZLM XVII Ltd.(a),(b) | ||||
Series 2017-17A Class D | ||||
3-month USD LIBOR + 5.990% 07/20/2030 | 6.178% | 3,750,000 | 3,577,320 | |
Pagaya AI Debt Selection Trust(a),(e) | ||||
Series 2019-1 Class B | ||||
06/15/2026 | 5.499% | 15,000,000 | 15,450,000 | |
Series 2020-2 Class NOTE | ||||
12/15/2027 | 7.500% | 5,499,292 | 5,554,285 | |
Series 2021-1 Class CERT | ||||
11/15/2027 | 0.000% | 16,424,569 | 26,689,925 | |
Pagaya AI Debt Selection Trust(a) | ||||
Series 2019-3 Class B | ||||
11/16/2026 | 5.625% | 9,900,000 | 10,156,282 | |
Series 2021-1 Class B | ||||
11/15/2027 | 2.130% | 9,500,000 | 9,540,846 | |
Series 2021-2 Class NOTE | ||||
01/25/2029 | 3.000% | 32,900,000 | 32,900,000 | |
Subordinated Series 2019-2 Class A2B | ||||
09/15/2026 | 3.929% | 7,745,250 | 7,738,537 | |
Subordinated Series 2021-1 Class C | ||||
11/15/2027 | 4.090% | 10,000,000 | 10,041,982 | |
Pagaya AI Debt Selection Trust(a),(d),(e) | ||||
Series 2020-3 Class CERT | ||||
05/17/2027 | 0.000% | 23,803,550 | 23,684,532 | |
Palmer Square Loan Funding Ltd.(a),(b) | ||||
Series 2020-4A Class D | ||||
3-month USD LIBOR + 7.050% Floor 7.050% 11/25/2028 | 7.197% | 7,000,000 | 7,024,801 | |
Prosper Marketplace Issuance Trust(a) | ||||
Series 2019-2A Class B | ||||
09/15/2025 | 3.690% | 1,147,105 | 1,150,039 | |
Series 2019-3A Class B | ||||
07/15/2025 | 3.590% | 5,910,121 | 5,923,381 | |
Subordinated Series 2017-1A Class C | ||||
06/15/2023 | 5.800% | 70,566 | 70,566 | |
Subordinated Series 2017-2A Class C | ||||
09/15/2023 | 5.370% | 492,559 | 492,686 | |
Subordinated Series 2019-3A Class C | ||||
07/15/2025 | 4.940% | 8,500,000 | 8,559,169 | |
Prosper Pass-Through Trust(a),(e) | ||||
Series 2019-ST2 Class A | ||||
11/15/2025 | 3.750% | 4,283,412 | 4,304,829 | |
Redding Ridge Asset Management Ltd.(a),(b) | ||||
Series 2018-4A Class D | ||||
3-month USD LIBOR + 5.850% 04/15/2030 | 6.034% | 5,000,000 | 4,903,700 |
10 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
RR 1 LLC(a),(b),(c) | ||||
Series 2017-1A Class A2B | ||||
3-month USD LIBOR + 1.600% Floor 1.600% 07/15/2035 | 1.800% | 4,000,000 | 4,000,000 | |
Series 2017-1A Class D1B | ||||
3-month USD LIBOR + 6.350% Floor 6.350% 07/15/2035 | 6.450% | 6,500,000 | 6,500,000 | |
RR 1 LLC(a),(b) | ||||
Series 2017-1A Class A2R | ||||
3-month USD LIBOR + 1.700% 07/15/2029 | 1.884% | 4,000,000 | 4,000,616 | |
Series 2017-1A Class DR | ||||
3-month USD LIBOR + 6.500% 07/15/2029 | 6.684% | 6,280,000 | 6,281,143 | |
RR 16 Ltd.(a),(b),(c) | ||||
Series 2021-16A Class D | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/15/2036 | 2.500% | 14,000,000 | 14,000,000 | |
SoFi Consumer Loan Program LLC(a),(e),(g) | ||||
Series 2016-2 Class R | ||||
10/27/2025 | 0.000% | 379,888 | 6,932,956 | |
Series 2016-4 Class R | ||||
11/25/2025 | 0.000% | 900,000 | 9,161,719 | |
Theorem Funding Trust(a) | ||||
Series 2020-1A Class C | ||||
10/15/2026 | 6.250% | 15,750,000 | 16,510,757 | |
United Auto Credit Securitization Trust(a) | ||||
Subordinated Series 2019-1 Class F | ||||
01/12/2026 | 6.050% | 2,000,000 | 2,043,174 | |
Upgrade Receivables Trust(a) | ||||
Subordinated Series 2019-2A Class C | ||||
10/15/2025 | 4.450% | 15,977,017 | 16,215,587 | |
Upstart Pass-Through Trust(a),(e) | ||||
Series 2020-ST4 Class A | ||||
11/20/2026 | 3.250% | 6,638,914 | 6,638,914 | |
Upstart Pass-Through Trust(a) | ||||
Series 2021-ST1 Class A | ||||
02/20/2027 | 2.750% | 5,627,370 | 5,682,979 | |
Series 2021-ST2 Class A | ||||
04/20/2027 | 2.500% | 3,451,558 | 3,495,124 | |
Series 2021-ST3 Class A | ||||
05/20/2027 | 2.000% | 11,023,345 | 11,064,301 | |
Upstart Securitization Trust(a) | ||||
Series 2021-1 Class C | ||||
03/20/2031 | 4.060% | 2,500,000 | 2,561,030 | |
Series 2021-2 Class C | ||||
06/20/2031 | 3.610% | 7,650,000 | 7,713,492 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2019-1 Class C | ||||
04/20/2026 | 5.130% | 10,522,506 | 10,690,323 | |
Subordinated Series 2020-3 Class B | ||||
11/20/2030 | 3.014% | 3,000,000 | 3,067,560 | |
Wellman Park CLO Ltd.(a),(b),(c) | ||||
Series 2021-1A Class E | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/15/2034 | 6.500% | 10,000,000 | 10,000,000 | |
Westlake Automobile Receivables Trust(a) | ||||
Series 2020-3A Class E | ||||
06/15/2026 | 3.340% | 10,650,000 | 11,015,315 | |
Total Asset-Backed Securities — Non-Agency (Cost $938,354,663) | 935,473,726 | |||
Commercial Mortgage-Backed Securities - Agency 0.2% | ||||
Government National Mortgage Association(h),(i) | ||||
Series 2017-30 Class IO | ||||
08/16/2058 | 0.615% | 48,621,670 | 1,935,050 | |
Series 2019-102 Class IB | ||||
03/16/2060 | 0.849% | 15,306,367 | 1,086,502 | |
Series 2020-19 Class IO | ||||
12/16/2061 | 0.892% | 27,232,357 | 2,231,885 | |
Series 2020-3 Class IO | ||||
02/16/2062 | 0.838% | 24,948,553 | 1,755,363 | |
Total Commercial Mortgage-Backed Securities - Agency (Cost $13,351,628) | 7,008,800 | |||
Commercial Mortgage-Backed Securities - Non-Agency 11.7% | ||||
BAMLL Commercial Mortgage Securities Trust(a),(h) | ||||
Subordinated Series 2013-WBRK Class E | ||||
03/10/2037 | 3.652% | 4,500,000 | 3,707,123 | |
BBCMS Trust(a),(b) | ||||
Subordinated Series 2018-BXH Class F | ||||
1-month USD LIBOR + 2.950% Floor 2.950% 10/15/2037 | 3.051% | 5,400,000 | 4,685,009 | |
BFLD Trust(a),(b) | ||||
Series 2019-DPLO Class F | ||||
1-month USD LIBOR + 2.540% Floor 2.540% 10/15/2034 | 2.641% | 2,865,000 | 2,786,000 | |
Series 2019-DPLO Class G | ||||
1-month USD LIBOR + 3.190% Floor 3.190% 10/15/2034 | 3.291% | 6,853,000 | 6,618,785 | |
Subordinated Series 2019-DPLO Class D | ||||
1-month USD LIBOR + 1.840% Floor 1.840% 10/15/2034 | 1.941% | 3,200,000 | 3,183,943 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 11 |
May 31, 2021
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Braemar Hotels & Resorts Trust(a),(b) | ||||
Series 2018-PRME Class E | ||||
1-month USD LIBOR + 2.400% Floor 2.400% 06/15/2035 | 2.501% | 11,000,000 | 9,726,199 | |
BX Commercial Mortgage Trust(a),(b) | ||||
Subordinated Series 2021-MFM1 Class F | ||||
1-month USD LIBOR + 3.000% Floor 3.000% 01/15/2034 | 3.101% | 4,000,000 | 4,020,036 | |
Subordinated Series 2021-MFM1 Class G | ||||
1-month USD LIBOR + 3.900% Floor 3.900% 01/15/2034 | 4.001% | 650,000 | 649,610 | |
BX Trust(a),(b) | ||||
Series 2018-GW Class D | ||||
1-month USD LIBOR + 1.770% Floor 1.770% 05/15/2037 | 1.871% | 7,982,000 | 7,977,048 | |
Series 2018-GW Class F | ||||
1-month USD LIBOR + 2.420% Floor 2.420% 05/15/2035 | 2.521% | 3,000,000 | 2,990,637 | |
Series 2018-GW Class G | ||||
1-month USD LIBOR + 2.920% Floor 2.920% 05/15/2035 | 3.021% | 13,517,000 | 13,398,907 | |
Series 2019-ATL Class E | ||||
1-month USD LIBOR + 2.237% Floor 2.237% 10/15/2036 | 2.338% | 6,500,000 | 6,378,257 | |
BX Trust(a) | ||||
Series 2019-OC11 Class A | ||||
12/09/2041 | 3.202% | 7,995,000 | 8,562,024 | |
Series 2019-OC11 Class E | ||||
12/09/2041 | 4.076% | 8,150,000 | 8,505,457 | |
BX Trust(a),(h) | ||||
Subordinated Series 2019-OC11 Class D | ||||
12/09/2041 | 3.944% | 4,500,000 | 4,780,046 | |
CF Hippolyta LLC(a) | ||||
Subordinated Series 2021-1A Class B1 | ||||
03/15/2061 | 1.980% | 10,000,000 | 10,082,891 | |
CHT Mortgage Trust(a),(b) | ||||
Series 2017-CSMO Class E | ||||
1-month USD LIBOR + 3.000% Floor 3.000% 11/15/2036 | 3.101% | 5,803,000 | 5,821,124 | |
Citigroup Commercial Mortgage Trust(a),(h) | ||||
Subordinated Series 2020-420K Class E | ||||
11/10/2042 | 3.422% | 7,000,000 | 6,468,997 |
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CLNY Trust(a),(b) | ||||
Series 2019-IKPR Class E | ||||
1-month USD LIBOR + 2.721% Floor 2.721% 11/15/2038 | 2.822% | 19,575,000 | 19,183,561 | |
Series 2019-IKPR Class F | ||||
1-month USD LIBOR + 3.417% Floor 3.417% 11/15/2038 | 3.518% | 12,900,000 | 11,815,590 | |
Cold Storage Trust(a),(b) | ||||
Subordinated Series 2020-ICE5 Class F | ||||
1-month USD LIBOR + 3.493% Floor 3.333% 11/15/2023 | 3.593% | 8,207,971 | 8,282,333 | |
COMM Mortgage Trust(a),(h) | ||||
Series 2020-CBM Class D | ||||
02/10/2037 | 3.633% | 4,400,000 | 4,362,003 | |
Series 2020-CBM Class F | ||||
02/10/2037 | 3.633% | 17,650,000 | 16,495,187 | |
Cosmopolitan Hotel Mortgage Trust(a),(b) | ||||
Subordinated Series 2017-CSMO Class F | ||||
1-month USD LIBOR + 3.741% Floor 3.741% 11/15/2036 | 3.842% | 28,621,000 | 28,756,809 | |
Credit Suisse Mortgage Capital Certificates OA LLC(a) | ||||
Subordinated Series 2014-USA Class D | ||||
09/15/2037 | 4.373% | 9,490,000 | 9,130,902 | |
Subordinated Series 2014-USA Class E | ||||
09/15/2037 | 4.373% | 24,275,000 | 20,954,258 | |
Subordinated Series 2014-USA Class F | ||||
09/15/2037 | 4.373% | 20,650,000 | 15,627,311 | |
CSMC Trust(a),(h) | ||||
Subordinated Series 2019-UVIL Class E | ||||
12/15/2041 | 3.283% | 5,200,000 | 4,482,927 | |
Hilton USA Trust(a),(h) | ||||
Series 2016-HHV Class F | ||||
11/05/2038 | 4.194% | 12,500,000 | 12,496,985 | |
Hilton USA Trust(a) | ||||
Subordinated Series 2016-SFP Class E | ||||
11/05/2035 | 5.519% | 8,320,000 | 8,372,750 | |
Subordinated Series 2016-SFP Class F | ||||
11/05/2035 | 6.155% | 21,800,000 | 21,965,277 | |
Home Partners of America Trust(a) | ||||
Series 2019-2 Class F | ||||
10/19/2039 | 3.866% | 2,907,555 | 2,883,424 | |
Invitation Homes Trust(a),(b) | ||||
Subordinated Series 2018-SFR4 Class B | ||||
1-month USD LIBOR + 1.250% Floor 1.100% 01/17/2038 | 1.351% | 8,000,000 | 8,038,578 |
12 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2018-SFR4 Class C | ||||
1-month USD LIBOR + 1.400% Floor 1.250% 01/17/2038 | 1.501% | 14,000,000 | 14,007,547 | |
KKR Industrial Portfolio Trust(a),(b) | ||||
Series 2020-AIP Class F | ||||
1-month USD LIBOR + 3.429% Floor 3.429% 03/15/2037 | 3.530% | 7,376,174 | 7,394,674 | |
Morgan Stanley Capital I Trust(a),(h) | ||||
Series 2019-MEAD Class E | ||||
11/10/2036 | 3.177% | 5,500,000 | 5,106,924 | |
Progress Residential Trust(a) | ||||
Series 2019-SFR1 Class E | ||||
08/17/2035 | 4.466% | 5,000,000 | 5,080,547 | |
Series 2019-SFR1 Class F | ||||
08/17/2035 | 5.061% | 10,000,000 | 10,142,640 | |
Series 2020-SFR1 Class F | ||||
04/17/2037 | 3.431% | 5,975,000 | 6,048,343 | |
Subordinated Series 2018-SFR3 Class E | ||||
10/17/2035 | 4.873% | 10,500,000 | 10,649,626 | |
Subordinated Series 2018-SRF2 Class E | ||||
08/17/2035 | 4.656% | 2,840,000 | 2,861,779 | |
Subordinated Series 2019-SFR1 Class G | ||||
08/17/2035 | 5.309% | 18,250,000 | 18,794,191 | |
Subordinated Series 2019-SFR2 Class F | ||||
05/17/2036 | 4.837% | 10,000,000 | 9,966,927 | |
Subordinated Series 2019-SFR3 Class F | ||||
09/17/2036 | 3.867% | 8,000,000 | 8,139,127 | |
SFO Commercial Mortgage Trust(a),(b) | ||||
Subordinated Series 2021-555 Class D | ||||
1-month USD LIBOR + 2.400% Floor 2.400% 05/15/2038 | 2.510% | 10,600,000 | 10,629,835 | |
Subordinated Series 2021-555 Class E | ||||
1-month USD LIBOR + 2.900% Floor 2.900% 05/15/2038 | 3.010% | 16,500,000 | 16,572,278 | |
UBS Commercial Mortgage Trust(a),(b) | ||||
Series 2018-NYCH Class D | ||||
1-month USD LIBOR + 2.100% Floor 2.100% 02/15/2032 | 2.201% | 6,145,000 | 6,072,382 | |
Wells Fargo Commercial Mortgage Trust(a),(b) | ||||
Series 2020-SDAL Class E | ||||
1-month USD LIBOR + 2.740% Floor 2.740% 02/15/2037 | 2.841% | 13,000,000 | 12,090,967 |
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2021-FCMT Class E | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 05/15/2031 | 4.600% | 21,600,000 | 21,640,513 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $465,161,120) | 468,388,288 | |||
Residential Mortgage-Backed Securities - Agency 31.6% | ||||
Federal Home Loan Mortgage Corp.(b),(i) | ||||
CMO Series 2013-101 Class HS | ||||
-1.0 x 1-month USD LIBOR + 6.500% Cap 6.500% 10/25/2043 | 6.408% | 17,595,064 | 4,545,512 | |
CMO Series 3922 Class SH | ||||
-1.0 x 1-month USD LIBOR + 5.900% Cap 5.900% 09/15/2041 | 5.799% | 5,011,601 | 885,683 | |
CMO Series 4093 Class SD | ||||
-1.0 x 1-month USD LIBOR + 6.700% Cap 6.700% 01/15/2038 | 6.599% | 5,981,248 | 282,616 | |
CMO Series 4097 Class ST | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 08/15/2042 | 5.949% | 1,274,096 | 282,501 | |
CMO Series 4223 Class DS | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 12/15/2038 | 5.999% | 91,093 | 287 | |
CMO Series 4286 Class NS | ||||
-1.0 x 1-month USD LIBOR + 5.900% Cap 5.900% 12/15/2043 | 5.799% | 1,564,589 | 322,725 | |
CMO Series 4704 Class SK | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 07/15/2047 | 6.049% | 15,103,931 | 3,572,924 | |
CMO Series 4826 Class KS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 09/15/2048 | 6.099% | 14,285,109 | 2,921,952 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 13 |
May 31, 2021
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 4926 Class ST | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 01/15/2040 | 5.979% | 10,594,417 | 2,238,578 | |
CMO Series 4987 Class KS | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 06/25/2050 | 5.988% | 12,781,743 | 3,131,642 | |
CMO Series 4993 Class MS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 07/25/2050 | 5.958% | 23,235,008 | 6,479,709 | |
CMO STRIPS Series 309 Class S4 | ||||
-1.0 x 1-month USD LIBOR + 5.970% Cap 5.970% 08/15/2043 | 5.869% | 3,272,159 | 701,104 | |
Federal Home Loan Mortgage Corp.(i) | ||||
CMO Series 4213 Class DI | ||||
06/15/2038 | 3.500% | 315,891 | 997 | |
CMO Series 4215 Class IL | ||||
07/15/2041 | 3.500% | 1,364,401 | 50,336 | |
CMO Series 5034 Class JI | ||||
11/25/2050 | 2.500% | 69,967,990 | 11,560,734 | |
CMO Series 5040 Class IH | ||||
11/25/2050 | 3.500% | 17,680,870 | 3,484,924 | |
CMO Series 5083 Class NI | ||||
12/25/2040 | 4.500% | 18,688,283 | 3,177,285 | |
CMO STRIPS Series 304 Class C67 | ||||
12/15/2042 | 4.500% | 3,265,318 | 622,890 | |
Federal Home Loan Mortgage Corp.(h),(i) | ||||
CMO Series 4620 Class AS | ||||
11/15/2042 | 1.871% | 2,145,520 | 136,943 | |
Federal Home Loan Mortgage Corp. REMICS(b),(i) | ||||
CMO Series 4606 Class SL | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 12/15/2044 | 5.899% | 76,124,482 | 15,812,105 | |
Federal Home Loan Mortgage Corp. REMICS(i) | ||||
CMO Series 5059 Class BI | ||||
01/25/2051 | 2.500% | 49,288,549 | 8,053,778 | |
Federal National Mortgage Association(i) | ||||
CMO Series 2012-152 Class EI | ||||
07/25/2031 | 3.000% | 4,865,519 | 444,733 | |
CMO Series 2021-3 Class TI | ||||
02/25/2051 | 2.500% | 40,901,412 | 7,258,062 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-4 Class IO | ||||
02/25/2051 | 2.500% | 48,013,338 | 7,939,798 | |
Federal National Mortgage Association(b),(i) | ||||
CMO Series 2013-101 Class CS | ||||
-1.0 x 1-month USD LIBOR + 5.900% Cap 5.900% 10/25/2043 | 5.808% | 3,393,703 | 696,873 | |
CMO Series 2013-97 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 06/25/2032 | 5.994% | 801,752 | 68,882 | |
CMO Series 2014-93 Class ES | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/25/2045 | 6.058% | 1,870,848 | 372,917 | |
CMO Series 2015-27 Class AS | ||||
-1.0 x 1-month USD LIBOR + 5.650% Cap 5.650% 05/25/2045 | 5.558% | 14,653,333 | 3,126,083 | |
CMO Series 2016-31 Class VS | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 06/25/2046 | 5.908% | 2,101,285 | 481,026 | |
CMO Series 2017-50 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 07/25/2047 | 6.008% | 11,956,184 | 2,659,147 | |
CMO Series 2017-72 Class S | ||||
-1.0 x 1-month USD LIBOR + 3.950% Cap 2.750% 09/25/2047 | 2.750% | 34,640,479 | 3,558,561 | |
CMO Series 2017-90 Class SP | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 11/25/2047 | 6.058% | 13,077,429 | 3,153,713 | |
CMO Series 2020-38 Class SE | ||||
1-month USD LIBOR + 6.050% 06/25/2050 | 5.958% | 9,999,938 | 2,154,100 | |
CMO Series 2020-38 Class WS | ||||
-1.0 x 1-month USD LIBOR + 5.000% Cap 5.000% 06/25/2050 | 4.908% | 30,240,477 | 5,644,503 |
14 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Federal National Mortgage Association REMICS(i) | ||||
CMO Series 2021-22 Class LI | ||||
04/25/2051 | 3.000% | 46,597,197 | 7,845,617 | |
Government National Mortgage Association(i) | ||||
CMO Series 2014-184 Class CI | ||||
11/16/2041 | 3.500% | 6,996,076 | 688,946 | |
CMO Series 2018-78 Class GI | ||||
04/20/2048 | 4.000% | 16,778,804 | 1,997,096 | |
CMO Series 2019-129 Class AI | ||||
10/20/2049 | 3.500% | 47,601,649 | 6,297,289 | |
CMO Series 2020-104 Class IY | ||||
07/20/2050 | 3.000% | 46,440,660 | 6,774,791 | |
CMO Series 2020-129 Class GI | ||||
09/20/2050 | 3.000% | 23,135,347 | 3,631,252 | |
CMO Series 2020-129 Class YI | ||||
09/20/2050 | 2.500% | 28,880,441 | 3,958,648 | |
CMO Series 2020-138 Class JI | ||||
09/20/2050 | 2.500% | 41,137,521 | 5,372,334 | |
CMO Series 2020-148 Class AI | ||||
10/20/2050 | 2.500% | 131,574,464 | 17,357,632 | |
CMO Series 2020-160 Class DI | ||||
10/20/2050 | 2.500% | 23,571,117 | 3,350,684 | |
CMO Series 2020-160 Class HI | ||||
10/20/2050 | 2.500% | 18,010,806 | 2,569,447 | |
CMO Series 2020-160 Class IA | ||||
10/20/2050 | 2.500% | 48,165,114 | 7,028,937 | |
CMO Series 2020-160 Class ID | ||||
10/20/2050 | 2.500% | 19,317,853 | 2,750,994 | |
CMO Series 2020-162 Class EI | ||||
10/20/2050 | 2.500% | 19,396,012 | 2,860,662 | |
CMO Series 2020-164 Class CI | ||||
11/20/2050 | 3.000% | 25,378,082 | 3,735,303 | |
CMO Series 2020-173 Class MI | ||||
11/20/2050 | 2.500% | 98,020,642 | 13,098,596 | |
CMO Series 2020-175 Class KI | ||||
11/20/2050 | 2.500% | 85,525,077 | 12,826,093 | |
CMO Series 2020-181 Class AI | ||||
12/20/2050 | 2.500% | 36,848,726 | 5,498,607 | |
CMO Series 2020-181 Class BI | ||||
12/20/2050 | 2.500% | 59,837,158 | 8,015,612 | |
CMO Series 2020-185 Class KI | ||||
12/20/2050 | 2.500% | 48,411,052 | 6,551,589 | |
CMO Series 2020-187 Class AI | ||||
12/20/2050 | 2.500% | 59,360,833 | 8,029,520 | |
CMO Series 2020-188 Class KI | ||||
12/20/2050 | 2.500% | 64,138,280 | 9,261,382 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2020-188 Class WI | ||||
12/20/2050 | 2.500% | 39,158,839 | 5,385,813 | |
CMO Series 2020-191 Class UC | ||||
12/20/2050 | 4.000% | 29,310,596 | 5,054,788 | |
CMO Series 2020-191 Class UD | ||||
12/20/2050 | 4.000% | 41,954,863 | 7,276,328 | |
CMO Series 2020-191 Class UM | ||||
12/20/2050 | 3.500% | 33,145,479 | 7,194,505 | |
CMO Series 2020-85 Class MI | ||||
06/20/2050 | 3.500% | 15,518,771 | 3,652,627 | |
CMO Series 2021-1 Class IT | ||||
01/20/2051 | 3.000% | 44,270,310 | 6,159,293 | |
CMO Series 2021-24 Class MI | ||||
02/20/2051 | 3.000% | 25,849,402 | 3,792,477 | |
CMO Series 2021-24 Class PI | ||||
01/20/2051 | 2.500% | 24,618,929 | 3,316,303 | |
CMO Series 2021-29 Class GI | ||||
02/20/2051 | 3.000% | 36,079,539 | 5,432,770 | |
CMO Series 2021-29 Class HI | ||||
02/20/2051 | 3.500% | 30,013,276 | 5,015,966 | |
CMO Series 2021-44 Class CI | ||||
03/20/2051 | 3.000% | 39,662,494 | 5,896,742 | |
CMO Series 2021-44 Class MI | ||||
03/20/2051 | 3.000% | 23,174,434 | 3,587,792 | |
CMO Series 2021-49 Class WI | ||||
05/20/2048 | 2.500% | 23,852,176 | 2,677,008 | |
CMO Series 2021-58 Class IA | ||||
04/20/2051 | 3.500% | 24,441,375 | 3,456,729 | |
CMO Series 2021-7 Class QI | ||||
01/20/2051 | 2.500% | 57,834,577 | 8,309,261 | |
CMO Series 2021-9 Class MI | ||||
01/20/2051 | 2.500% | 98,446,218 | 13,198,704 | |
Government National Mortgage Association(b),(i) | ||||
CMO Series 2014-6 Class SJ | ||||
1-month USD LIBOR + 6.100% Cap 6.100% 01/20/2044 | 6.001% | 14,182,567 | 3,278,444 | |
CMO Series 2017-163 Class SD | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 11/20/2047 | 6.101% | 18,134,055 | 4,481,108 | |
CMO Series 2018-124 Class SG | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 09/20/2048 | 6.101% | 14,439,049 | 3,080,225 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 15 |
May 31, 2021
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2018-155 Class LS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 11/20/2048 | 6.051% | 15,580,147 | 2,631,665 | |
CMO Series 2018-40 Class SC | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 03/20/2048 | 6.101% | 11,336,921 | 2,418,268 | |
CMO Series 2018-63 Class HS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 04/20/2048 | 6.101% | 13,629,984 | 2,941,092 | |
CMO Series 2018-63 Class SH | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 04/20/2048 | 6.101% | 14,637,501 | 2,965,638 | |
CMO Series 2018-78 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 06/20/2048 | 6.101% | 12,331,030 | 2,425,842 | |
CMO Series 2018-94 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 05/20/2048 | 6.101% | 11,365,483 | 2,589,241 | |
CMO Series 2019-103 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 08/20/2049 | 5.951% | 25,865,036 | 5,429,919 | |
CMO Series 2019-120 Class SA | ||||
-1.0 x 1-month USD LIBOR + 3.400% Cap 3.400% 09/20/2049 | 3.301% | 34,471,975 | 3,534,239 | |
CMO Series 2019-43 Class NS | ||||
-1.0 x 1-month USD LIBOR + 3.270% Cap 3.270% 04/20/2049 | 3.171% | 29,442,719 | 2,397,562 | |
CMO Series 2020-104 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% 07/20/2050 | 6.101% | 18,580,775 | 3,683,821 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2020-148 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.300% 10/20/2050 | 6.201% | 27,366,245 | 6,713,534 | |
CMO Series 2020-175 Class NS | ||||
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 11/20/2050 | 6.201% | 35,430,466 | 8,757,625 | |
CMO Series 2020-187 Class SE | ||||
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 12/20/2050 | 6.201% | 26,728,489 | 6,208,234 | |
CMO Series 2020-62 Class SK | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 05/20/2050 | 6.051% | 14,232,949 | 3,427,653 | |
Government National Mortgage Association TBA(c) | ||||
06/21/2051 | 2.500% | 395,000,000 | 409,118,161 | |
Uniform Mortgage-Backed Security TBA(c) | ||||
06/14/2051 | 2.000% | 287,500,000 | 290,408,689 | |
06/14/2051 | 2.500% | 151,000,000 | 156,349,882 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $1,231,464,039) | 1,257,572,602 | |||
Residential Mortgage-Backed Securities - Non-Agency 50.4% | ||||
Ajax Mortgage Loan Trust(a),(h) | ||||
CMO Series 2021-B Class A | ||||
06/25/2066 | 2.239% | 14,640,871 | 14,631,738 | |
CMO Series 2021-C Class A | ||||
01/25/2061 | 2.115% | 9,786,985 | 9,791,651 | |
AlphaFlow Transitional Mortgage Trust(a) | ||||
CMO Series 2021-WL1 Class A1 | ||||
01/25/2026 | 3.280% | 5,000,000 | 5,001,493 | |
Angel Oak Mortgage Trust I LLC(a),(h) | ||||
CMO Series 2018-2 Class M1 | ||||
07/27/2048 | 4.343% | 3,984,000 | 3,980,258 | |
CMO Series 2018-3 Class M2 | ||||
09/25/2048 | 4.721% | 11,091,000 | 11,132,937 | |
CMO Series 2019-1 Class B1 | ||||
11/25/2048 | 5.400% | 7,000,000 | 7,093,959 | |
Subordinated CMO Series 2019-2 Class B1 | ||||
03/25/2049 | 5.016% | 5,000,000 | 5,074,768 | |
Subordinated CMO Series 2019-2 Class B2 | ||||
03/25/2049 | 6.286% | 4,800,000 | 4,940,506 | |
Bayview Koitere Fund Trust(a),(h) | ||||
CMO Series 2020-LT1 Class A1 | ||||
06/28/2035 | 4.213% | 3,276,402 | 3,293,433 |
16 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Bayview Opportunity Master Fund IVa Trust(a),(h) | ||||
CMO Series 2020-RN2 Class A1 | ||||
06/28/2035 | 4.424% | 6,226,825 | 6,268,649 | |
Bayview Opportunity Master Fund Trust(a),(h) | ||||
CMO Series 2020-RN1 Class A1 | ||||
02/28/2035 | 3.228% | 1,493,775 | 1,499,658 | |
Bellemeade Re Ltd(a),(b) | ||||
Subordinated CMO Series 2020-1A Class B1 | ||||
1-month USD LIBOR + 4.400% 06/25/2030 | 4.518% | 1,350,000 | 1,357,933 | |
Bellemeade Re Ltd.(a),(b) | ||||
CMO Series 2017-1 Class M2 | ||||
1-month USD LIBOR + 3.350% 10/25/2027 | 3.442% | 2,467,538 | 2,473,827 | |
CMO Series 2018-2A Class M1C | ||||
1-month USD LIBOR + 1.600% 08/25/2028 | 1.692% | 2,368,738 | 2,368,722 | |
CMO Series 2018-3A Class M1B | ||||
1-month USD LIBOR + 1.850% Floor 1.850% 10/25/2028 | 1.942% | 3,547,189 | 3,556,537 | |
CMO Series 2019-1A Class M1B | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 03/25/2029 | 1.842% | 6,000,000 | 6,004,270 | |
CMO Series 2019-3A Class M1B | ||||
1-month USD LIBOR + 1.600% Floor 1.600% 07/25/2029 | 1.692% | 15,000,000 | 15,061,439 | |
CMO Series 2019-4A Class M1C | ||||
1-month USD LIBOR + 2.500% Floor 2.500% 10/25/2029 | 2.592% | 1,500,000 | 1,499,999 | |
CMO Series 2020-2A Class M1C | ||||
1-month USD LIBOR + 4.000% Floor 4.000% 08/26/2030 | 4.092% | 3,750,000 | 3,821,999 | |
CMO Series 2020-2A Class M2 | ||||
1-month USD LIBOR + 6.000% Floor 6.000% 08/26/2030 | 6.092% | 11,550,000 | 12,226,512 | |
CMO Series 2020-3A Class M2 | ||||
1-month USD LIBOR + 4.850% Floor 4.850% 10/25/2030 | 4.942% | 6,750,000 | 7,083,190 | |
CMO Series 2020-4A Class M2A | ||||
1-month USD LIBOR + 2.600% Floor 2.600% 06/25/2030 | 2.692% | 11,626,216 | 11,676,837 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2020-4A Class M2B | ||||
1-month USD LIBOR + 3.600% Floor 3.600% 06/25/2030 | 3.692% | 10,800,000 | 10,894,267 | |
CMO Series 2021-1A Class M1C | ||||
30-day Average SOFR + 2.950% Floor 2.950% 03/25/2031 | 2.960% | 7,300,000 | 7,283,552 | |
CMO Series 2021-1A Class M2 | ||||
30-day Average SOFR + 4.850% Floor 4.850% 03/25/2031 | 4.860% | 18,000,000 | 18,983,079 | |
Subordinated CMO Series 2020-4A Class B1 | ||||
1-month USD LIBOR + 5.000% Floor 5.000% 06/25/2030 | 5.092% | 4,000,000 | 4,075,765 | |
Subordinated CMO Series 2021-1A Class B1 | ||||
30-day Average SOFR + 6.750% Floor 6.750% 03/25/2031 | 6.760% | 3,750,000 | 4,008,797 | |
BRAVO Residential Funding Trust(a),(h) | ||||
CMO Series 2019-NQM2 Class B1 | ||||
11/25/2059 | 3.954% | 8,550,000 | 8,568,777 | |
CMO Series 2020-NQM1 Class B1 | ||||
05/25/2060 | 5.086% | 2,200,000 | 2,318,551 | |
CMO Series 2020-NQM1 Class B2 | ||||
05/25/2060 | 5.630% | 2,800,000 | 2,909,373 | |
CMO Series 2021-B Class A1 | ||||
04/01/2069 | 2.115% | 28,862,891 | 28,881,539 | |
BRAVO Residential Funding Trust(a),(b) | ||||
CMO Series 2021-HE2 Class B1 | ||||
30-day Average SOFR + 2.400% 11/25/2069 | 3.000% | 6,000,000 | 6,000,000 | |
Subordinated CMO Series 2021-HE1 Class B1 | ||||
30-day Average SOFR + 2.500% 01/25/2070 | 2.510% | 6,708,000 | 6,688,299 | |
Subordinated CMO Series 2021-HE1 Class B2 | ||||
30-day Average SOFR + 3.000% 01/25/2070 | 3.010% | 4,129,000 | 4,081,962 | |
Subordinated CMO Series 2021-HE2 Class B2 | ||||
30-day Average SOFR + 3.400% 11/25/2069 | 3.000% | 6,570,000 | 6,570,000 | |
BVRT Financing Trust(a),(b),(e) | ||||
CMO Series 2020-CRT1 Class M3 | ||||
1-month USD LIBOR + 4.000% 07/10/2032 | 4.095% | 12,500,000 | 12,562,500 | |
CMO Series 2021-CRT1 Class M4 | ||||
1-month USD LIBOR + 3.500% Floor 3.500% 07/10/2032 | 3.595% | 16,250,000 | 15,715,099 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 17 |
May 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-CRT2 Class M3 | ||||
1-month USD LIBOR + 0.000% 11/10/2032 | 2.845% | 18,700,000 | 18,629,875 | |
CMO Series 2021-CRT3 Class B1 | ||||
30-day Average SOFR + 4.300% Floor 4.300% 01/10/2031 | 4.310% | 15,200,000 | 15,200,000 | |
CMO Series 2021-CRT3 Class M3 | ||||
30-day Average SOFR + 3.150% Floor 3.150% 01/10/2031 | 3.160% | 7,000,000 | 7,000,000 | |
CMO Series 2021-CRT3 Class M4 | ||||
30-day Average SOFR + 3.800% Floor 3.800% 01/10/2031 | 3.810% | 3,400,000 | 3,400,000 | |
BVRT Financing Trust(a),(b) | ||||
CMO Series 2021-1F Class M3 | ||||
30-day Average SOFR + 2.800% Floor 2.800% 03/15/2038 | 2.810% | 12,700,000 | 12,701,457 | |
BVRT Financing Trust(a),(b),(e),(f) | ||||
CMO Series 2021-2F Class M2 | ||||
30-day Average SOFR + 2.500% Floor 2.500% 01/10/2032 | 2.516% | 30,000,000 | 30,000,000 | |
CMO Series 2021-CRT1 Class M2 | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 01/10/2033 | 2.345% | 25,000,000 | 25,000,000 | |
CHL GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 1.000% 05/25/2023 | 2.842% | 10,131,000 | 10,174,649 | |
CMO Series 2018-GT1 Class B | ||||
1-month USD LIBOR + 3.500% 05/25/2023 | 3.592% | 4,350,000 | 4,349,997 | |
CIM Trust(a),(h) | ||||
CMO Series 2021-NR1 Class A1 | ||||
07/25/2055 | 2.569% | 24,280,018 | 24,270,513 | |
CMO Series 2021-NR2 Class A1 | ||||
07/25/2059 | 2.568% | 38,977,271 | 39,124,196 | |
Citigroup Mortgage Loan Trust, Inc.(a),(i) | ||||
CMO Series 2015-A Class A4IO | ||||
06/25/2058 | 0.250% | 909,076 | 945 | |
Citigroup Mortgage Loan Trust, Inc.(a),(h) | ||||
CMO Series 2019-C Class A2 | ||||
09/25/2059 | 5.000% | 12,000,000 | 12,084,421 | |
CMO Series 2019-IMC1 Class M1 | ||||
07/25/2049 | 3.170% | 5,000,000 | 5,017,275 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
COLT Mortgage Loan Trust(a),(h) | ||||
CMO Series 2020-2 Class M1 | ||||
03/25/2065 | 5.250% | 1,463,000 | 1,530,055 | |
Subordinated CMO Series 2020-2 Class B1 | ||||
03/25/2065 | 5.250% | 3,716,000 | 3,890,289 | |
Connecticut Avenue Securities Trust(a),(b) | ||||
CMO Series 2019-HRP1 Class B1 | ||||
1-month USD LIBOR + 9.250% 11/25/2039 | 9.342% | 13,000,000 | 13,360,071 | |
CMO Series 2019-HRP1 Class M2 | ||||
1-month USD LIBOR + 2.150% 11/25/2039 | 2.242% | 16,099,311 | 15,877,131 | |
CMO Series 2019-R07 Class 1M2 | ||||
1-month USD LIBOR + 2.100% 10/25/2039 | 2.192% | 10,027,080 | 10,072,783 | |
CMO Series 2020-R01 Class 1M2 | ||||
1-month USD LIBOR + 2.050% Floor 2.050% 01/25/2040 | 2.142% | 25,603,216 | 25,719,616 | |
CSMC Trust(a),(h) | ||||
CMO Series 2019-RPL9 Class A2 | ||||
10/27/2059 | 3.036% | 37,699,800 | 38,196,842 | |
Deephaven Residential Mortgage Trust(a),(h) | ||||
CMO Series 2017-2A Class M1 | ||||
06/25/2047 | 3.897% | 2,000,000 | 2,063,490 | |
CMO Series 2020-2 Class B2 | ||||
05/25/2065 | 5.898% | 4,673,000 | 4,767,672 | |
Eagle Re Ltd.(a),(b) | ||||
CMO Series 2021-1 Class M2 | ||||
30-day Average SOFR + 4.450% Floor 4.450% 10/25/2033 | 4.465% | 17,000,000 | 17,664,392 | |
Subordinated CMO Series 2020-1 Class M1C | ||||
1-month USD LIBOR + 1.800% 01/25/2030 | 1.892% | 11,000,000 | 10,821,014 | |
Fannie Mae Connecticut Avenue Securities(b) | ||||
CMO Series 14-C02 Class 1M2 | ||||
1-month USD LIBOR + 2.600% Floor 2.600% 05/25/2024 | 2.692% | 36,905,985 | 36,975,194 | |
CMO Series 2014-C03 Class 1M2 | ||||
1-month USD LIBOR + 3.000% Floor 3.000% 07/25/2024 | 3.092% | 23,008,074 | 23,138,272 | |
CMO Series 2018-C04 Class 2M2 | ||||
1-month USD LIBOR + 2.550% Floor 2.550% 12/25/2030 | 2.642% | 12,901,554 | 13,148,089 |
18 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
FMC GMSR Issuer Trust(a),(h) | ||||
CMO Series 2019-GT1 Class B | ||||
05/25/2024 | 5.660% | 20,000,000 | 20,109,408 | |
CMO Series 2020-GT1 Class A | ||||
01/25/2026 | 4.450% | 9,050,000 | 9,124,177 | |
Freddie Mac STACR(a),(b) | ||||
Subordinated CMO Series 2019-HQA3 Class B1 | ||||
1-month USD LIBOR + 3.000% 09/25/2049 | 3.092% | 16,059,209 | 16,223,122 | |
Freddie Mac STACR REMIC Trust(a),(b) | ||||
CMO Series 2020-DNA2 Class M2 | ||||
1-month USD LIBOR + 1.850% 02/25/2050 | 1.942% | 20,025,000 | 20,165,267 | |
CMO Series 2020-HQA1 Class M2 | ||||
1-month USD LIBOR + 1.900% 01/25/2050 | 1.992% | 9,416,809 | 9,440,762 | |
CMO Series 2020-HQA2 Class M2 | ||||
1-month USD LIBOR + 3.100% 03/25/2050 | 3.192% | 32,340,000 | 32,866,712 | |
CMO Series 2020-HQA3 Class M2 | ||||
1-month USD LIBOR + 3.600% 07/25/2050 | 3.692% | 9,653,524 | 9,739,586 | |
Subordinated CMO Series 2020-DNA4 Class B1 | ||||
1-month USD LIBOR + 6.000% 08/25/2050 | 6.092% | 11,300,000 | 12,111,529 | |
Subordinated CMO Series 2020-DNA5 Class B1 | ||||
30-day Average SOFR + 4.800% 10/25/2050 | 4.810% | 11,200,000 | 11,794,733 | |
Subordinated CMO Series 2020-DNA5 Class M2 | ||||
30-day Average SOFR + 2.800% 10/25/2050 | 2.810% | 6,000,000 | 6,076,977 | |
Subordinated CMO Series 2020-DNA6 Class B2 | ||||
30-day Average SOFR + 5.650% 12/25/2050 | 5.660% | 15,500,000 | 15,640,723 | |
Subordinated CMO Series 2020-HQA1 Class B1 | ||||
1-month USD LIBOR + 2.350% 01/25/2050 | 2.442% | 8,000,000 | 7,976,710 | |
Subordinated CMO Series 2020-HQA3 Class B1 | ||||
1-month USD LIBOR + 5.750% 07/25/2050 | 5.842% | 8,000,000 | 8,609,640 | |
Subordinated CMO Series 2020-HQA4 Class B1 | ||||
1-month USD LIBOR + 5.250% 09/25/2050 | 5.356% | 16,600,000 | 17,572,694 | |
Subordinated CMO Series 2021-DNA1 Class B2 | ||||
30-day Average SOFR + 4.750% 01/25/2051 | 4.760% | 11,000,000 | 10,447,778 | |
Freddie Mac STACR Trust(a),(b) | ||||
CMO Series 2018-DNA2 Class M2 | ||||
1-month USD LIBOR + 2.150% 12/25/2030 | 2.242% | 16,898,009 | 17,056,813 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated CMO Series 2019-FTR2 Class M2 | ||||
1-month USD LIBOR + 2.150% 11/25/2048 | 2.242% | 16,207,503 | 16,192,292 | |
Subordinated CMO Series 2019-HQA2 Class B1 | ||||
1-month USD LIBOR + 4.100% 04/25/2049 | 4.192% | 20,000,000 | 20,669,970 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(b) | ||||
CMO Series 2014-DN1 Class M3 | ||||
1-month USD LIBOR + 4.500% 02/25/2024 | 4.592% | 6,217,978 | 6,370,267 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b) | ||||
CMO Series 2020-HQA5 Class M2 | ||||
30-day Average SOFR + 2.600% 11/25/2050 | 2.610% | 13,000,000 | 13,223,350 | |
Subordinated CMO Series 2020-DNA3 Class B1 | ||||
1-month USD LIBOR + 5.100% 06/25/2050 | 5.192% | 10,500,000 | 11,006,376 | |
Subordinated CMO Series 2020-HQA5 Class B1 | ||||
30-day Average SOFR + 4.000% 11/25/2050 | 4.010% | 6,750,000 | 7,015,608 | |
Subordinated CMO Series 2020-HQA5 Class B2 | ||||
30-day Average SOFR + 7.400% 11/25/2050 | 7.410% | 14,200,000 | 16,146,050 | |
GCAT LLC(a) | ||||
CMO Series 2019-NQM1 Class M1 | ||||
02/25/2059 | 3.849% | 8,800,000 | 8,802,439 | |
GCAT LLC(a),(h) | ||||
CMO Series 2020-4 Class A1 | ||||
12/25/2025 | 2.611% | 7,390,133 | 7,436,976 | |
GCAT Trust(a),(h) | ||||
CMO Series 2019-NQM3 Class M1 | ||||
11/25/2059 | 3.450% | 5,650,000 | 5,777,419 | |
Genworth Mortgage Insurance Corp.(a),(b) | ||||
CMO Series 2019-1 Class M1 | ||||
1-month USD LIBOR + 1.900% Floor 1.900% 11/26/2029 | 1.992% | 4,069,544 | 4,069,555 | |
Glebe Funding Trust (The)(a) | ||||
CMO Series 2021-1 Class PT | ||||
10/27/2023 | 3.000% | 48,372,419 | 48,372,419 | |
Headlands Residential LLC(a) | ||||
CMO Series 2019-RPL1 | ||||
06/25/2024 | 3.967% | 10,000,000 | 9,931,805 | |
Home Re Ltd.(a),(b) | ||||
CMO Series 2018-1 Class M2 | ||||
1-month USD LIBOR + 3.000% 10/25/2028 | 3.092% | 9,924,593 | 10,036,939 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 19 |
May 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2020-1 Class M1C | ||||
1-month USD LIBOR + 4.150% Floor 4.150% 10/25/2030 | 4.294% | 4,000,000 | 4,124,808 | |
CMO Series 2020-1 Class M2 | ||||
1-month USD LIBOR + 5.250% Floor 5.250% 10/25/2030 | 5.394% | 8,800,000 | 9,011,289 | |
Homeward Opportunities Fund I Trust(a) | ||||
Subordinated CMO Series 2018-2 Class B1 | ||||
11/25/2058 | 5.593% | 13,285,000 | 13,801,841 | |
Homeward Opportunities Fund Trust(a),(h) | ||||
CMO Series 2020-BPL1 Class A2 | ||||
08/25/2025 | 5.438% | 6,000,000 | 6,110,083 | |
L1C LLC(a) | ||||
CMO Series 2020-1 Class NOTE | ||||
08/25/2051 | 5.290% | 5,700,000 | 5,731,237 | |
Legacy Mortgage Asset Trust(a) | ||||
CMO Series 2019-GS1 Class A1 | ||||
01/25/2059 | 4.000% | 12,517,939 | 12,525,366 | |
Legacy Mortgage Asset Trust(a),(h) | ||||
CMO Series 2021-GS1 Class A1 | ||||
10/25/2066 | 1.892% | 4,362,679 | 4,359,415 | |
LVII Trust(a),(e),(f),(h) | ||||
Subordinated CMO Series 2020-1 Class B1 | ||||
05/25/2060 | 5.000% | 14,834,000 | 14,778,373 | |
MFA Trust(a),(h) | ||||
CMO Series 2020-NQM3 Class M1 | ||||
01/26/2065 | 2.654% | 3,500,000 | 3,555,090 | |
Subordinated CMO Series 2020-NQM3 Class B1 | ||||
01/26/2065 | 3.661% | 6,250,000 | 6,362,888 | |
Mortgage Acquisition Trust I LLC(a) | ||||
CMO Series 2021-1 Class PT | ||||
11/29/2023 | 3.500% | 30,000,000 | 30,000,000 | |
Mortgage Insurance-Linked Notes(a),(b) | ||||
CMO Series 2020-1 Class M1C | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 02/25/2030 | 1.842% | 3,050,000 | 2,979,278 | |
MRA Issuance Trust(a),(b),(e),(f) | ||||
CMO Series 2021-EBO4 Class A1X | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 02/16/2022 | 1.860% | 35,000,000 | 35,000,000 | |
New Residential Mortgage LLC(a) | ||||
CMO Series 2018-FNT1 Class F | ||||
05/25/2023 | 5.570% | 5,556,676 | 5,571,699 | |
CMO Series 2018-FNT2 Class F | ||||
07/25/2054 | 5.950% | 3,292,998 | 3,293,096 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated CMO Series 2018-FNT1 Class D | ||||
05/25/2023 | 4.690% | 2,292,129 | 2,292,243 | |
Subordinated CMO Series 2018-FNT1 Class E | ||||
05/25/2023 | 4.890% | 654,894 | 654,674 | |
Subordinated CMO Series 2018-FNT1 Class G | ||||
05/25/2023 | 5.670% | 3,985,248 | 3,966,231 | |
New Residential Mortgage Loan Trust(a),(h),(i) | ||||
CMO Series 2014-1A Class AIO | ||||
01/25/2054 | 2.320% | 6,362,802 | 329,802 | |
New Residential Mortgage Loan Trust(a),(h) | ||||
CMO Series 2020-RPL2 Class A1 | ||||
08/25/2025 | 3.578% | 7,406,014 | 7,550,708 | |
New York Mortgage Trust(a),(h) | ||||
CMO Series 2021-BPL1 Class A1 | ||||
05/25/2026 | 2.239% | 12,080,000 | 12,087,550 | |
CMO Series 2021-BPL1 Class A2 | ||||
05/25/2026 | 2.981% | 5,000,000 | 5,003,125 | |
NRZ Excess Spread-Collateralized Notes(a) | ||||
Series 2020-PLS1 Class A | ||||
12/25/2025 | 3.844% | 6,070,395 | 6,143,088 | |
Oaktown Re III Ltd.(a),(b) | ||||
CMO Series 2019-1A Class M1B | ||||
1-month USD LIBOR + 1.950% Floor 1.950% 07/25/2029 | 2.042% | 9,100,000 | 9,143,432 | |
CMO Series 2019-1A Class M2 | ||||
1-month USD LIBOR + 2.550% Floor 2.550% 07/25/2029 | 2.642% | 15,000,000 | 15,064,800 | |
Oaktown Re Ltd.(a),(b) | ||||
Subordinated CMO Series 2017-1A Class B1 | ||||
1-month USD LIBOR + 5.750% 04/25/2027 | 5.842% | 3,347,000 | 3,394,562 | |
Subordinated CMO Series 2017-1A Class M2 | ||||
1-month USD LIBOR + 4.000% 04/25/2027 | 4.092% | 6,560,046 | 6,585,975 | |
Oaktown Re V Ltd.(a),(b) | ||||
CMO Series 2020-2A Class M2 | ||||
1-month USD LIBOR + 5.250% Floor 5.250% 10/25/2030 | 5.393% | 9,500,000 | 9,953,015 | |
Oaktown Re VI Ltd.(a),(b) | ||||
CMO Series 2021-1A Class B1 | ||||
30-day Average SOFR + 5.500% Floor 5.500% 10/25/2033 | 5.510% | 2,373,000 | 2,421,269 | |
CMO Series 2021-1A Class M2 | ||||
30-day Average SOFR + 3.950% Floor 3.950% 10/25/2033 | 3.960% | 6,500,000 | 6,547,828 |
20 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
OMSR(a) | ||||
CMO Series 2019-PLS1 Class A | ||||
11/25/2024 | 5.069% | 18,104,610 | 18,193,712 | |
PMT Credit Risk Transfer Trust(a),(b) | ||||
CMO Series 2019-1R Class A | ||||
1-month USD LIBOR + 2.000% Floor 2.000% 03/27/2024 | 2.090% | 9,164,691 | 9,078,545 | |
Series 2019-2R Class A | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 05/27/2023 | 2.840% | 9,568,625 | 9,450,633 | |
PNMAC GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-FT1 Class A | ||||
1-month USD LIBOR + 2.350% 04/25/2023 | 2.442% | 9,500,000 | 9,465,232 | |
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 2.850% Floor 2.850% 02/25/2023 | 2.942% | 19,379,000 | 19,357,712 | |
CMO Series 2018-GT2 Class A | ||||
1-month USD LIBOR + 2.650% 08/25/2025 | 2.742% | 47,570,000 | 47,444,177 | |
Preston Ridge Partners Mortgage(a),(h) | ||||
CMO Series 2020-4 Class A2 | ||||
10/25/2025 | 3.436% | 5,500,000 | 5,545,476 | |
CMO Series 2021-2 Class A1 | ||||
03/25/2026 | 2.115% | 9,648,350 | 9,639,591 | |
CMO Series 2021-2 Class A2 | ||||
03/25/2026 | 3.770% | 14,300,000 | 14,274,769 | |
CMO Series 2021-3 Class A2 | ||||
04/25/2026 | 3.720% | 7,000,000 | 7,006,781 | |
CMO Series 2021-4 Class A2 | ||||
04/25/2026 | 3.474% | 5,350,000 | 5,354,527 | |
Preston Ridge Partners Mortgage LLC(a),(h) | ||||
CMO Series 2020-4 Class A1 | ||||
10/25/2025 | 2.610% | 9,415,258 | 9,469,339 | |
CMO Series 2020-6 Class A2 | ||||
11/25/2025 | 4.703% | 2,300,000 | 2,283,414 | |
CMO Series 2021-3 Class A1 | ||||
04/25/2026 | 1.867% | 11,772,398 | 11,773,114 | |
Preston Ridge Partners Mortgage Trust(a),(h) | ||||
CMO Series 2021-1 Class A1 | ||||
01/25/2026 | 2.115% | 9,721,942 | 9,719,275 | |
CMO Series 2021-1 Class A2 | ||||
01/25/2026 | 3.720% | 28,254,000 | 28,244,091 | |
Pretium Mortgage Credit Partners I LLC(a),(h) | ||||
CMO Series 2020-NPL2 Class A1 | ||||
02/27/2060 | 3.721% | 2,599,453 | 2,601,799 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2020-NPL2 Class A2 | ||||
02/27/2060 | 6.170% | 2,700,000 | 2,701,154 | |
CMO Series 2020-RPL1 Class A2 | ||||
05/27/2060 | 6.170% | 7,271,135 | 7,430,473 | |
CMO Series 2021-NPL1 Class A1 | ||||
09/27/2060 | 2.240% | 27,047,575 | 27,078,761 | |
PRPM LLC(a),(h) | ||||
CMO Series 2020-1A Class A2 | ||||
02/25/2025 | 3.967% | 22,750,000 | 22,363,898 | |
Radnor Re Ltd.(a),(b) | ||||
CMO Series 2018-1 Class M2 | ||||
1-month USD LIBOR + 2.700% 03/25/2028 | 2.792% | 5,670,000 | 5,669,997 | |
CMO Series 2019-2 Class B1 | ||||
1-month USD LIBOR + 2.700% Floor 2.700% 06/25/2029 | 2.792% | 3,000,000 | 3,042,941 | |
CMO Series 2020-2 Class M2 | ||||
1-month USD LIBOR + 5.600% Floor 5.600% 10/25/2030 | 5.748% | 4,400,000 | 4,499,590 | |
RCO V Mortgage LLC(a),(h) | ||||
CMO Series 2020-1 Class A1 | ||||
09/25/2025 | 3.105% | 5,402,912 | 5,450,881 | |
CMO Series 2020-1 Class A2 | ||||
09/25/2025 | 5.389% | 6,500,000 | 6,542,999 | |
Residential Mortgage Loan Trust(a),(h) | ||||
CMO Series 2019-3 Class M1 | ||||
09/25/2059 | 3.257% | 6,378,000 | 6,462,482 | |
Subordinated CMO Series 2020-1 Class B1 | ||||
02/25/2024 | 3.946% | 3,938,000 | 4,042,986 | |
Saluda Grade Alternative Mortgage Trust(a) | ||||
CMO Series 2020-FIG1 Class A3 | ||||
09/25/2050 | 5.086% | 10,275,854 | 10,477,311 | |
STACR Trust(a),(b) | ||||
Subordinated CMO Series 2018-HRP1 Class B1 | ||||
1-month USD LIBOR + 3.750% 04/25/2043 | 3.842% | 14,000,000 | 14,353,073 | |
Starwood Mortgage Residential Trust(a),(h) | ||||
CMO Series 2020-3 Class B1 | ||||
04/25/2065 | 4.750% | 4,750,000 | 4,953,580 | |
CMO Series 2021-1 Class A1 | ||||
05/25/2065 | 1.219% | 37,281,632 | 37,424,644 | |
Starwood Mortgage Residential Trust(a) | ||||
Subordinated CMO Series 2020-INV1 Class B1 | ||||
11/25/2055 | 3.257% | 3,200,000 | 3,245,080 | |
Subordinated CMO Series 2020-INV1 Class B2 | ||||
11/25/2055 | 4.261% | 1,400,000 | 1,423,558 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 21 |
May 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Station Place Securitization Trust(a),(b) | ||||
Subordinated CMO Series 2021-WL1 Class D | ||||
1-month USD LIBOR + 1.250% Floor 1.250% 01/26/2054 | 1.379% | 6,300,000 | 6,299,216 | |
Stonnington Mortgage Trust(a),(e),(h) | ||||
CMO Series 2020-1 Class A | ||||
07/28/2024 | 5.500% | 7,654,719 | 7,654,720 | |
Toorak Mortgage Corp., Ltd.(a),(h) | ||||
CMO Series 2019-1 Class A1 | ||||
03/25/2022 | 4.458% | 3,382,746 | 3,394,335 | |
Toorak Mortgage Corp., Ltd.(a),(c),(h) | ||||
CMO Series 2021-1 Class A1 | ||||
06/25/2024 | 2.240% | 21,000,000 | 20,997,900 | |
Triangle Re Ltd.(a),(b) | ||||
CMO Series 2020-1 Class M1C | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 10/25/2030 | 4.618% | 16,865,000 | 17,061,462 | |
CMO Series 2020-1 Class M2 | ||||
1-month USD LIBOR + 5.600% Floor 5.600% 10/25/2030 | 5.718% | 8,000,000 | 8,267,978 | |
CMO Series 2021-2 Class M1C | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 10/25/2033 | 4.592% | 5,000,000 | 5,141,099 | |
CMO Series 2021-2 Class M2 | ||||
1-month USD LIBOR + 5.500% Floor 5.500% 10/25/2033 | 5.592% | 10,000,000 | 10,077,466 | |
Subordinated CMO Series 2021-1 Class B1 | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 08/25/2033 | 4.606% | 13,000,000 | 13,004,896 | |
Subordinated CMO Series 2021-2 Class B1 | ||||
1-month USD LIBOR + 7.500% Floor 7.500% 10/25/2033 | 7.592% | 5,000,000 | 5,035,973 | |
VCAT Asset Securitization LLC(a),(c),(h) | ||||
CMO Series 2021-NPL3 Class A2 | ||||
05/25/2051 | 3.967% | 3,980,000 | 3,979,964 | |
VCAT LLC(a),(h) | ||||
CMO Series 2021-NPL2 Class A2 | ||||
03/27/2051 | 4.212% | 5,500,000 | 5,505,466 | |
Vericrest Opportunity Loan Transferee(a),(h) | ||||
CMO Series 2021-NPL4 Class A1 | ||||
03/27/2051 | 2.240% | 16,396,411 | 16,412,912 | |
CMO Series 2021-NPL7 Class A1 | ||||
04/25/2051 | 2.116% | 22,000,495 | 22,020,881 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Vericrest Opportunity Loan Transferee XCIV LLC(a),(h) | ||||
CMO Series 2021-NPL3 Class A1 | ||||
02/27/2051 | 2.240% | 15,349,842 | 15,372,019 | |
Vericrest Opportunity Loan Transferee XCIX LLC(a),(h) | ||||
CMO Series 2021-NPL8 Class A1 | ||||
04/25/2051 | 2.116% | 15,194,439 | 15,193,727 | |
Vericrest Opportunity Loan Transferee XCVI LLC(a),(h) | ||||
CMO Series 2021-NPL5 Class A1 | ||||
03/27/2051 | 2.116% | 26,923,494 | 26,924,406 | |
Vericrest Opportunity Loan Transferee XCVII LLC(a),(h) | ||||
CMO Series 2021-NPL6 Class A1 | ||||
04/25/2051 | 2.240% | 22,814,798 | 22,832,683 | |
Verus Securitization Trust(a) | ||||
CMO Series 2020-INV1 Class B1 | ||||
04/25/2060 | 5.750% | 1,050,000 | 1,101,948 | |
Subordinated CMO Series 2020-INV1 Class B2 | ||||
04/25/2060 | 6.000% | 3,150,000 | 3,259,205 | |
Verus Securitization Trust(a),(h) | ||||
CMO Series 2020-NPL1 Class A2 | ||||
08/25/2050 | 5.682% | 8,000,000 | 8,113,895 | |
Subordinated CMO Series 2019-3 Class B1 | ||||
07/25/2059 | 4.043% | 4,000,000 | 4,076,971 | |
Subordinated CMO Series 2019-4 Class B1 | ||||
11/25/2059 | 3.860% | 4,150,000 | 4,188,084 | |
Subordinated CMO Series 2020-1 Class B1 | ||||
01/25/2060 | 3.624% | 6,000,000 | 6,106,012 | |
Subordinated CMO Series 2020-4 Class B2 | ||||
06/25/2065 | 5.600% | 2,000,000 | 2,052,140 | |
Visio Trust(a),(h) | ||||
CMO Series 2019-2 Class B1 | ||||
11/25/2054 | 3.910% | 1,200,000 | 1,231,175 | |
CMO Series 2019-2 Class M1 | ||||
11/25/2054 | 3.260% | 1,400,000 | 1,457,350 | |
Vista Point Securitization Trust(a),(h) | ||||
Subordinated CMO Series 2020-1 Class B1 | ||||
03/25/2065 | 5.375% | 2,000,000 | 2,098,649 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $1,976,807,716) | 2,006,839,101 |
Options Purchased Puts 1.7% | ||||
Value ($) | ||||
(Cost $25,975,000) | 68,134,554 |
22 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Money Market Funds 5.6% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(j),(k) | 222,352,487 | 222,330,251 |
Total Money Market Funds (Cost $222,320,881) | 222,330,251 | |
Total Investments in Securities (Cost: $4,873,435,047) | 4,965,747,322 | |
Other Assets & Liabilities, Net | (984,524,820) | |
Net Assets | 3,981,222,502 |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | (2,231) | 09/2021 | USD | (294,352,563) | — | (878,222) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive 3-Month USD LIBOR BBA and pay exercise rate | Citi | USD | 125,000,000 | 125,000,000 | 1.00 | 09/30/2021 | 2,175,000 | 7,689,612 |
10-Year OTC interest rate swap with Citi to receive 3-Month USD LIBOR BBA and pay exercise rate | Citi | USD | 530,000,000 | 530,000,000 | 1.25 | 11/16/2021 | 7,420,000 | 23,463,047 |
10-Year OTC interest rate swap with Citi to receive 3-Month USD LIBOR BBA and pay exercise rate | Citi | USD | 135,000,000 | 135,000,000 | 1.25 | 12/03/2021 | 2,092,500 | 6,196,028 |
10-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate | Morgan Stanley | USD | 550,000,000 | 550,000,000 | 1.25 | 01/05/2022 | 9,405,000 | 26,680,335 |
5-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate | Morgan Stanley | USD | 465,000,000 | 465,000,000 | 1.50 | 05/20/2022 | 4,882,500 | 4,105,532 |
Total | 25,975,000 | 68,134,554 |
Call option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
10-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate | Morgan Stanley | USD | (400,000,000) | (400,000,000) | 1.70 | 10/01/2021 | (5,530,000) | (7,579,120) |
Put option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (164,000,000) | (164,000,000) | 2.20 | 03/17/2022 | (3,066,800) | (1,708,847) |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 23 |
May 31, 2021
Cleared interest rate swap contracts | |||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
3-Month USD LIBOR | Fixed rate of 1.635% | Receives Quarterly, Pays SemiAnnually | Morgan Stanley | 03/18/2031 | USD | 345,000,000 | (3,285,898) | — | — | — | (3,285,898) |
Credit default swap contracts - buy protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Pay fixed rate (%) | Payment frequency | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 11 BBB- | Citi | 11/18/2054 | 3.000 | Monthly | USD | 10,000,000 | 546,875 | (3,333) | 344,533 | — | 199,009 | — |
Credit default swap contracts - sell protection | |||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 10,000,000 | (1,125,000) | 3,334 | — | (2,251,114) | 1,129,448 | — |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 10,000,000 | (1,125,000) | 3,333 | — | (1,914,481) | 792,814 | — |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 40,000,000 | (4,500,000) | 13,334 | — | (4,994,879) | 508,213 | — |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 25,000,000 | (2,812,500) | 8,333 | — | (2,993,439) | 189,272 | — |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 10,000,000 | (1,125,000) | 3,333 | — | (1,242,693) | 121,026 | — |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 10,000,000 | (1,125,000) | 3,333 | — | (1,765,327) | 643,660 | — |
Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | 3.997 | USD | 5,000,000 | (273,438) | 1,667 | — | (764,762) | 492,991 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 26,500,000 | (2,981,250) | 8,834 | — | (5,116,363) | 2,143,947 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 20,000,000 | (2,250,000) | 6,666 | — | (4,079,619) | 1,836,285 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 14,000,000 | (1,575,000) | 4,667 | — | (3,246,461) | 1,676,128 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 12,000,000 | (1,350,000) | 4,000 | — | (2,696,851) | 1,350,851 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 8,800,000 | (990,000) | 2,934 | — | (2,103,266) | 1,116,200 | — |
24 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Credit default swap contracts - sell protection (continued) | |||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 10,000,000 | (1,125,000) | 3,333 | — | (1,979,498) | 857,831 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 13,000,000 | (1,462,500) | 4,333 | — | (2,112,002) | 653,835 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 5,000,000 | (562,500) | 1,666 | — | (840,605) | 279,771 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 45,000,000 | (5,062,500) | 15,000 | — | (5,314,032) | 266,532 | — |
Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/18/2054 | 3.000 | Monthly | 3.997 | USD | 20,000,000 | (1,093,750) | 6,667 | — | (3,942,737) | 2,855,654 | — |
Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/18/2054 | 3.000 | Monthly | 3.997 | USD | 5,000,000 | (273,438) | 1,667 | — | (755,165) | 483,394 | — |
Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/18/2054 | 3.000 | Monthly | 3.997 | USD | 25,000,000 | (1,367,187) | 8,333 | — | (1,320,728) | — | (38,126) |
Markit CMBX North America Index, Series 12 BBB- | Morgan Stanley | 08/17/2061 | 3.000 | Monthly | 3.992 | USD | 22,000,000 | (1,326,875) | 7,334 | — | (3,259,749) | 1,940,208 | — |
Markit CMBX North America Index, Series 12 BBB- | Morgan Stanley | 08/17/2061 | 3.000 | Monthly | 3.992 | USD | 5,000,000 | (301,563) | 1,667 | — | (770,686) | 470,790 | — |
Markit CMBX North America Index, Series 12 BBB- | Morgan Stanley | 08/17/2061 | 3.000 | Monthly | 3.992 | USD | 25,000,000 | (1,507,812) | 8,333 | — | (1,466,647) | — | (32,832) |
Markit CMBX North America Index, Series 12 BBB- | Morgan Stanley | 08/17/2061 | 3.000 | Monthly | 3.992 | USD | 25,000,000 | (1,507,812) | 8,333 | — | (1,411,086) | — | (88,393) |
Markit CMBX North America Index, Series 7 BBB- | Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 12.867 | USD | 2,550,000 | (511,195) | 850 | — | (221,369) | — | (288,976) |
Markit CMBX North America Index, Series 7 BBB- | Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 12.867 | USD | 5,000,000 | (1,002,344) | 1,666 | — | (284,960) | — | (715,718) |
Total | (38,336,664) | 132,950 | — | (56,848,519) | 19,808,850 | (1,164,045) |
* | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Reference index and values for swap contracts as of period end | ||
Reference index | Reference rate | |
3-Month USD LIBOR | London Interbank Offered Rate | 0.131% |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 25 |
May 31, 2021
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2021, the total value of these securities amounted to $3,314,426,173, which represents 83.25% of total net assets. |
(b) | Variable rate security. The interest rate shown was the current rate as of May 31, 2021. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | Security represents a pool of loans that generate cash payments generally over fixed periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate shown is the stated coupon rate as of May 31, 2021 and is not reflective of the cash flow payments. |
(e) | Valuation based on significant unobservable inputs. |
(f) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2021, the total value of these securities amounted to $144,609,637, which represents 3.63% of total net assets. |
(g) | Zero coupon bond. |
(h) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of May 31, 2021. |
(i) | Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans. |
(j) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(k) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
117,544,851 | 1,714,091,284 | (1,609,299,864) | (6,020) | 222,330,251 | (9,207) | 154,815 | 222,352,487 |
CMO | Collateralized Mortgage Obligation |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
STRIPS | Separate Trading of Registered Interest and Principal Securities |
TBA | To Be Announced |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
26 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Non-Agency | — | 767,389,677 | 168,084,049 | 935,473,726 |
Commercial Mortgage-Backed Securities - Agency | — | 7,008,800 | — | 7,008,800 |
Commercial Mortgage-Backed Securities - Non-Agency | — | 468,388,288 | — | 468,388,288 |
Residential Mortgage-Backed Securities - Agency | — | 1,257,572,602 | — | 1,257,572,602 |
Residential Mortgage-Backed Securities - Non-Agency | — | 1,821,898,534 | 184,940,567 | 2,006,839,101 |
Options Purchased Puts | — | 68,134,554 | — | 68,134,554 |
Money Market Funds | 222,330,251 | — | — | 222,330,251 |
Total Investments in Securities | 222,330,251 | 4,390,392,455 | 353,024,616 | 4,965,747,322 |
Investments in Derivatives | ||||
Asset | ||||
Swap Contracts | — | 20,007,859 | — | 20,007,859 |
Liability | ||||
Futures Contracts | (878,222) | — | — | (878,222) |
Options Contracts Written | — | (9,287,967) | — | (9,287,967) |
Swap Contracts | — | (4,449,943) | — | (4,449,943) |
Total | 221,452,029 | 4,396,662,404 | 353,024,616 | 4,971,139,049 |
Balance as of 05/31/2020 ($) | Increase (decrease) in accrued discounts/ premiums ($) | Realized gain (loss) ($) | Change in unrealized appreciation (depreciation)(a) ($) | Purchases ($) | Sales ($) | Transfers into Level 3 ($) | Transfers out of Level 3 ($) | Balance as of 05/31/2021 ($) | |
Asset-Backed Securities — Non-Agency | 59,087,472 | (18,391,716) | 10,264 | 6,228,862 | 134,279,548 | (13,130,381) | — | — | 168,084,049 |
Residential Mortgage-Backed Securities — Non-Agency | 64,052,153 | 2,143 | — | 541,526 | 191,742,177 | (7,345,280) | — | (64,052,152) | 184,940,567 |
Total | 123,139,625 | (18,389,573) | 10,264 | 6,770,388 | 326,021,725 | (20,475,661) | — | (64,052,152) | 353,024,616 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 27 |
May 31, 2021
The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential mortgage-backed securities and asset-backed securities classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.
28 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $4,625,139,166) | $4,675,282,517 |
Affiliated issuers (cost $222,320,881) | 222,330,251 |
Options purchased (cost $25,975,000) | 68,134,554 |
Cash | 13,678 |
Cash collateral held at broker for: | |
Swap contracts | 12,133,000 |
TBA | 157,000 |
Other(a) | 2,182,000 |
Margin deposits on: | |
Futures contracts | 3,742,503 |
Swap contracts | 17,667,914 |
Unrealized appreciation on swap contracts | 20,007,859 |
Upfront payments on swap contracts | 344,533 |
Receivable for: | |
Capital shares sold | 17,291,133 |
Dividends | 8,409 |
Interest | 10,961,304 |
Prepaid expenses | 28,688 |
Total assets | 5,050,285,343 |
Liabilities | |
Option contracts written, at value (premiums received $8,596,800) | 9,287,967 |
Unrealized depreciation on swap contracts | 1,164,045 |
Upfront receipts on swap contracts | 56,848,519 |
Payable for: | |
Investments purchased | 16,209,503 |
Investments purchased on a delayed delivery basis | 982,049,454 |
Capital shares purchased | 2,132,224 |
Variation margin for futures contracts | 348,594 |
Variation margin for swap contracts | 567,471 |
Management services fees | 67,668 |
Distribution and/or service fees | 3,267 |
Transfer agent fees | 260,705 |
Compensation of board members | 57,603 |
Other expenses | 65,821 |
Total liabilities | 1,069,062,841 |
Net assets applicable to outstanding capital stock | $3,981,222,502 |
Represented by | |
Paid in capital | 3,842,659,989 |
Total distributable earnings (loss) | 138,562,513 |
Total - representing net assets applicable to outstanding capital stock | $3,981,222,502 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 29 |
May 31, 2021
Class A | |
Net assets | $191,161,374 |
Shares outstanding | 17,587,414 |
Net asset value per share | $10.87 |
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) | $11.21 |
Advisor Class | |
Net assets | $424,803,402 |
Shares outstanding | 39,122,539 |
Net asset value per share | $10.86 |
Class C | |
Net assets | $71,914,567 |
Shares outstanding | 6,618,019 |
Net asset value per share | $10.87 |
Institutional Class | |
Net assets | $2,005,277,859 |
Shares outstanding | 184,574,175 |
Net asset value per share | $10.86 |
Institutional 2 Class | |
Net assets | $794,472,701 |
Shares outstanding | 73,155,414 |
Net asset value per share | $10.86 |
Institutional 3 Class | |
Net assets | $493,592,599 |
Shares outstanding | 45,421,378 |
Net asset value per share | $10.87 |
(a) | Includes collateral related to options purchased, options contracts written and swap contracts. |
30 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $9,992,884 |
Dividends — affiliated issuers | 154,815 |
Interest | 114,594,690 |
Interfund lending | 268 |
Total income | 124,742,657 |
Expenses: | |
Management services fees | 14,245,789 |
Distribution and/or service fees | |
Class A | 335,586 |
Class C | 498,618 |
Transfer agent fees | |
Class A | 131,256 |
Advisor Class | 221,543 |
Class C | 48,830 |
Institutional Class | 1,074,237 |
Institutional 2 Class | 216,760 |
Institutional 3 Class | 19,289 |
Compensation of board members | 51,781 |
Custodian fees | 33,684 |
Printing and postage fees | 80,729 |
Registration fees | 343,152 |
Audit fees | 49,500 |
Legal fees | 31,585 |
Interest on collateral | 25,710 |
Compensation of chief compliance officer | 408 |
Other | 82,900 |
Total expenses | 17,491,357 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (266,697) |
Expense reduction | (20) |
Total net expenses | 17,224,640 |
Net investment income | 107,518,017 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 24,485,916 |
Investments — affiliated issuers | (9,207) |
Futures contracts | 15,592,258 |
Options purchased | (14,698,000) |
Swap contracts | 24,892,106 |
Net realized gain | 50,263,073 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 196,292,795 |
Investments — affiliated issuers | (6,020) |
Futures contracts | (249,601) |
Options purchased | 49,749,194 |
Options contracts written | (691,167) |
Swap contracts | 3,120,390 |
Net change in unrealized appreciation (depreciation) | 248,215,591 |
Net realized and unrealized gain | 298,478,664 |
Net increase in net assets resulting from operations | $405,996,681 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 31 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income | $107,518,017 | $70,749,745 |
Net realized gain (loss) | 50,263,073 | (5,372,229) |
Net change in unrealized appreciation (depreciation) | 248,215,591 | (164,613,489) |
Net increase (decrease) in net assets resulting from operations | 405,996,681 | (99,235,973) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (7,571,546) | (4,659,559) |
Advisor Class | (13,189,471) | (8,894,631) |
Class C | (2,478,953) | (1,332,170) |
Institutional Class | (63,411,891) | (37,632,662) |
Institutional 2 Class | (22,697,693) | (9,080,519) |
Institutional 3 Class | (21,932,800) | (9,399,836) |
Total distributions to shareholders | (131,282,354) | (70,999,377) |
Increase in net assets from capital stock activity | 2,255,218,897 | 217,778,884 |
Total increase in net assets | 2,529,933,224 | 47,543,534 |
Net assets at beginning of year | 1,451,289,278 | 1,403,745,744 |
Net assets at end of year | $3,981,222,502 | $1,451,289,278 |
32 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 15,195,476 | 160,736,787 | 6,534,169 | 66,097,520 |
Distributions reinvested | 729,495 | 7,568,938 | 467,716 | 4,655,565 |
Redemptions | (8,258,662) | (87,508,287) | (9,240,015) | (91,798,075) |
Net increase (decrease) | 7,666,309 | 80,797,438 | (2,238,130) | (21,044,990) |
Advisor Class | ||||
Subscriptions | 30,656,403 | 325,371,899 | 17,052,780 | 171,642,957 |
Distributions reinvested | 1,267,105 | 13,189,471 | 893,262 | 8,894,245 |
Redemptions | (8,471,914) | (87,435,830) | (21,603,019) | (210,205,183) |
Net increase (decrease) | 23,451,594 | 251,125,540 | (3,656,977) | (29,667,981) |
Class C | ||||
Subscriptions | 3,022,756 | 32,245,438 | 2,175,839 | 22,026,732 |
Distributions reinvested | 238,354 | 2,466,682 | 133,945 | 1,329,165 |
Redemptions | (971,766) | (10,053,331) | (1,175,645) | (11,395,143) |
Net increase | 2,289,344 | 24,658,789 | 1,134,139 | 11,960,754 |
Institutional Class | ||||
Subscriptions | 135,688,924 | 1,443,219,131 | 71,713,499 | 719,221,815 |
Distributions reinvested | 6,074,719 | 63,149,523 | 3,775,049 | 37,495,088 |
Redemptions | (37,662,698) | (388,954,563) | (63,205,045) | (610,167,211) |
Net increase | 104,100,945 | 1,117,414,091 | 12,283,503 | 146,549,692 |
Institutional 2 Class | ||||
Subscriptions | 60,126,587 | 639,644,471 | 29,225,493 | 294,573,188 |
Distributions reinvested | 2,168,433 | 22,588,185 | 913,968 | 9,047,212 |
Redemptions | (10,901,913) | (114,357,757) | (23,119,777) | (223,607,136) |
Net increase | 51,393,107 | 547,874,899 | 7,019,684 | 80,013,264 |
Institutional 3 Class | ||||
Subscriptions | 30,740,014 | 321,099,734 | 6,666,364 | 66,254,912 |
Distributions reinvested | 2,112,099 | 21,932,649 | 948,722 | 9,399,363 |
Redemptions | (10,512,792) | (109,684,243) | (4,728,142) | (45,686,130) |
Net increase | 22,339,321 | 233,348,140 | 2,886,944 | 29,968,145 |
Total net increase | 211,240,620 | 2,255,218,897 | 17,429,163 | 217,778,884 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 33 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2021 | $9.35 | 0.47 | 1.66 | 2.13 | (0.43) | (0.18) | (0.61) |
Year Ended 5/31/2020 | $10.19 | 0.40 | (0.85) | (0.45) | (0.31) | (0.08) | (0.39) |
Year Ended 5/31/2019 | $9.93 | 0.44 | 0.25 | 0.69 | (0.40) | (0.03) | (0.43) |
Year Ended 5/31/2018 | $10.12 | 0.49 | 0.04 | 0.53 | (0.38) | (0.34) | (0.72) |
Year Ended 5/31/2017 | $9.69 | 0.38 | 0.52 | 0.90 | (0.34) | (0.13) | (0.47) |
Advisor Class | |||||||
Year Ended 5/31/2021 | $9.35 | 0.50 | 1.65 | 2.15 | (0.46) | (0.18) | (0.64) |
Year Ended 5/31/2020 | $10.18 | 0.42 | (0.83) | (0.41) | (0.34) | (0.08) | (0.42) |
Year Ended 5/31/2019 | $9.92 | 0.47 | 0.24 | 0.71 | (0.42) | (0.03) | (0.45) |
Year Ended 5/31/2018 | $10.11 | 0.54 | 0.01 | 0.55 | (0.40) | (0.34) | (0.74) |
Year Ended 5/31/2017 | $9.69 | 0.45 | 0.46 | 0.91 | (0.36) | (0.13) | (0.49) |
Class C | |||||||
Year Ended 5/31/2021 | $9.35 | 0.40 | 1.65 | 2.05 | (0.35) | (0.18) | (0.53) |
Year Ended 5/31/2020 | $10.19 | 0.32 | (0.84) | (0.52) | (0.24) | (0.08) | (0.32) |
Year Ended 5/31/2019 | $9.93 | 0.37 | 0.24 | 0.61 | (0.32) | (0.03) | (0.35) |
Year Ended 5/31/2018 | $10.12 | 0.44 | 0.01 | 0.45 | (0.30) | (0.34) | (0.64) |
Year Ended 5/31/2017 | $9.69 | 0.34 | 0.48 | 0.82 | (0.26) | (0.13) | (0.39) |
Institutional Class | |||||||
Year Ended 5/31/2021 | $9.35 | 0.50 | 1.65 | 2.15 | (0.46) | (0.18) | (0.64) |
Year Ended 5/31/2020 | $10.19 | 0.42 | (0.84) | (0.42) | (0.34) | (0.08) | (0.42) |
Year Ended 5/31/2019 | $9.93 | 0.47 | 0.24 | 0.71 | (0.42) | (0.03) | (0.45) |
Year Ended 5/31/2018 | $10.12 | 0.53 | 0.02 | 0.55 | (0.40) | (0.34) | (0.74) |
Year Ended 5/31/2017 | $9.69 | 0.48 | 0.44 | 0.92 | (0.36) | (0.13) | (0.49) |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $9.35 | 0.50 | 1.65 | 2.15 | (0.46) | (0.18) | (0.64) |
Year Ended 5/31/2020 | $10.18 | 0.42 | (0.83) | (0.41) | (0.34) | (0.08) | (0.42) |
Year Ended 5/31/2019 | $9.92 | 0.47 | 0.25 | 0.72 | (0.43) | (0.03) | (0.46) |
Year Ended 5/31/2018 | $10.11 | 0.52 | 0.03 | 0.55 | (0.40) | (0.34) | (0.74) |
Year Ended 5/31/2017 | $9.69 | 0.45 | 0.47 | 0.92 | (0.37) | (0.13) | (0.50) |
34 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2021 | $10.87 | 23.28% | 1.01%(c) | 1.00%(c),(d) | 4.56% | 496% | $191,161 |
Year Ended 5/31/2020 | $9.35 | (4.54%) | 1.04%(c),(e) | 1.01%(c),(e) | 3.97% | 819% | $92,796 |
Year Ended 5/31/2019 | $10.19 | 7.12% | 1.08%(c) | 1.01%(c) | 4.41% | 528% | $123,926 |
Year Ended 5/31/2018 | $9.93 | 5.53% | 1.12% | 1.00% | 5.12% | 716% | $70,299 |
Year Ended 5/31/2017 | $10.12 | 9.50% | 1.10% | 1.00% | 3.80% | 739% | $4,964 |
Advisor Class | |||||||
Year Ended 5/31/2021 | $10.86 | 23.48% | 0.76%(c) | 0.75%(c),(d) | 4.79% | 496% | $424,803 |
Year Ended 5/31/2020 | $9.35 | (4.20%) | 0.78%(c),(e) | 0.76%(c),(e) | 4.20% | 819% | $146,447 |
Year Ended 5/31/2019 | $10.18 | 7.39% | 0.84%(c) | 0.76%(c) | 4.69% | 528% | $196,808 |
Year Ended 5/31/2018 | $9.92 | 5.79% | 0.86% | 0.75% | 5.52% | 716% | $29,201 |
Year Ended 5/31/2017 | $10.11 | 9.67% | 0.85% | 0.75% | 4.55% | 739% | $6,157 |
Class C | |||||||
Year Ended 5/31/2021 | $10.87 | 22.37% | 1.76%(c) | 1.75%(c),(d) | 3.82% | 496% | $71,915 |
Year Ended 5/31/2020 | $9.35 | (5.26%) | 1.79%(c),(e) | 1.76%(c),(e) | 3.26% | 819% | $40,482 |
Year Ended 5/31/2019 | $10.19 | 6.32% | 1.84%(c) | 1.76%(c) | 3.69% | 528% | $32,543 |
Year Ended 5/31/2018 | $9.93 | 4.74% | 1.85% | 1.75% | 4.44% | 716% | $5,842 |
Year Ended 5/31/2017 | $10.12 | 8.69% | 1.85% | 1.75% | 3.43% | 739% | $1,975 |
Institutional Class | |||||||
Year Ended 5/31/2021 | $10.86 | 23.48% | 0.76%(c) | 0.75%(c),(d) | 4.80% | 496% | $2,005,278 |
Year Ended 5/31/2020 | $9.35 | (4.29%) | 0.78%(c),(e) | 0.76%(c),(e) | 4.23% | 819% | $752,376 |
Year Ended 5/31/2019 | $10.19 | 7.38% | 0.84%(c) | 0.76%(c) | 4.71% | 528% | $694,646 |
Year Ended 5/31/2018 | $9.93 | 5.80% | 0.85% | 0.75% | 5.44% | 716% | $64,054 |
Year Ended 5/31/2017 | $10.12 | 9.78% | 0.86% | 0.75% | 4.92% | 739% | $17,188 |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $10.86 | 23.53% | 0.72%(c) | 0.71%(c) | 4.82% | 496% | $794,473 |
Year Ended 5/31/2020 | $9.35 | (4.15%) | 0.74%(c),(e) | 0.71%(c),(e) | 4.26% | 819% | $203,390 |
Year Ended 5/31/2019 | $10.18 | 7.45% | 0.77%(c) | 0.70%(c) | 4.70% | 528% | $150,092 |
Year Ended 5/31/2018 | $9.92 | 5.84% | 0.83% | 0.71% | 5.44% | 716% | $47,960 |
Year Ended 5/31/2017 | $10.11 | 9.76% | 0.80% | 0.69% | 4.55% | 739% | $49 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 35 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $9.35 | 0.51 | 1.66 | 2.17 | (0.47) | (0.18) | (0.65) |
Year Ended 5/31/2020 | $10.19 | 0.43 | (0.84) | (0.41) | (0.35) | (0.08) | (0.43) |
Year Ended 5/31/2019 | $9.93 | 0.47 | 0.25 | 0.72 | (0.43) | (0.03) | (0.46) |
Year Ended 5/31/2018 | $10.12 | 0.55 | 0.01 | 0.56 | (0.41) | (0.34) | (0.75) |
Year Ended 5/31/2017(f) | $9.87 | 0.16 | 0.18 | 0.34 | (0.09) | — | (0.09) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |
Class | 5/31/2021 | 5/31/2020 | 5/31/2019 |
Class A | less than 0.01% | 0.01% | 0.01% |
Advisor Class | less than 0.01% | 0.01% | 0.01% |
Class C | less than 0.01% | 0.01% | 0.01% |
Institutional Class | less than 0.01% | 0.01% | 0.01% |
Institutional 2 Class | less than 0.01% | 0.01% | 0.01% |
Institutional 3 Class | less than 0.01% | 0.01% | 0.01% |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Ratios include interfund lending expense which is less than 0.01%. |
(f) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(g) | Annualized. |
36 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $10.87 | 23.71% | 0.67%(c) | 0.66%(c) | 4.92% | 496% | $493,593 |
Year Ended 5/31/2020 | $9.35 | (4.20%) | 0.69%(c),(e) | 0.66%(c),(e) | 4.36% | 819% | $215,799 |
Year Ended 5/31/2019 | $10.19 | 7.49% | 0.72%(c) | 0.65%(c) | 4.71% | 528% | $205,730 |
Year Ended 5/31/2018 | $9.93 | 5.90% | 0.75% | 0.65% | 5.55% | 716% | $189,672 |
Year Ended 5/31/2017(f) | $10.12 | 3.50% | 0.76%(g) | 0.65%(g) | 6.57%(g) | 739% | $260,713 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 37 |
May 31, 2021
38 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 39 |
May 31, 2021
40 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 41 |
May 31, 2021
42 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 20,007,859* |
Credit risk | Upfront payments on swap contracts | 344,533 |
Interest rate risk | Investments, at value — Options purchased | 68,134,554 |
Total | 88,486,946 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 1,164,045* |
Credit risk | Upfront receipts on swap contracts | 56,848,519 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 878,222* |
Interest rate risk | Options contracts written, at value | 9,287,967 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 3,285,898* |
Total | 71,464,651 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 43 |
May 31, 2021
Amount of realized gain (loss) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | 24,892,141 | 24,892,141 |
Interest rate risk | 15,592,258 | (14,698,000) | (35) | 894,223 |
Total | 15,592,258 | (14,698,000) | 24,892,106 | 25,786,364 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||||
Risk exposure category | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | 6,406,288 | 6,406,288 |
Interest rate risk | (249,601) | (691,167) | 49,749,194 | (3,285,898) | 45,522,528 |
Total | (249,601) | (691,167) | 49,749,194 | 3,120,390 | 51,928,816 |
Derivative instrument | Average notional amounts ($) |
Futures contracts — long | 24,783,300* |
Futures contracts — short | 265,383,969** |
Credit default swap contracts — buy protection | 10,000,000** |
Credit default swap contracts — sell protection | 247,650,000** |
Derivative instrument | Average value ($) |
Options contracts — purchased | 38,712,788** |
Options contracts — written | (1,619,933)* |
Derivative instrument | Average unrealized appreciation ($)* | Average unrealized depreciation ($)* |
Interest rate swap contracts | 210,666 | (241,109) |
* | Based on the ending daily outstanding amounts for the year ended May 31, 2021. |
** | Based on the ending quarterly outstanding amounts for the year ended May 31, 2021. |
44 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 45 |
May 31, 2021
Citi ($)(a) | Citi ($)(a) | JPMorgan ($) | Morgan Stanley ($)(a) | Morgan Stanley ($)(a) | Total ($) | |
Assets | ||||||
Options purchased puts | 37,348,687 | - | - | 30,785,867 | - | 68,134,554 |
OTC credit default swap contracts (b) | - | 3,284,315 | 1,136,651 | 15,931,426 | - | 20,352,392 |
Total assets | 37,348,687 | 3,284,315 | 1,136,651 | 46,717,293 | - | 88,486,946 |
Liabilities | ||||||
Centrally cleared interest rate swap contracts (c) | - | - | - | - | 567,471 | 567,471 |
Options contracts written | 1,708,847 | - | - | 7,579,120 | - | 9,287,967 |
OTC credit default swap contracts (b) | - | 13,396,606 | 2,530,089 | 42,085,869 | - | 58,012,564 |
Total liabilities | 1,708,847 | 13,396,606 | 2,530,089 | 49,664,989 | 567,471 | 67,868,002 |
Total financial and derivative net assets | 35,639,840 | (10,112,291) | (1,393,438) | (2,947,696) | (567,471) | 20,618,944 |
Total collateral received (pledged) (d) | 35,639,840 | (10,112,291) | (1,393,438) | (2,182,000) | (567,471) | 21,384,640 |
Net amount (e) | - | - | - | (765,696) | - | (765,696) |
(a) | Exposure can only be netted across transactions governed under the same master agreement with the same legal entity. |
(b) | Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts. |
(c) | Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities. |
(d) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(e) | Represents the net amount due from/(to) counterparties in the event of default. |
46 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 47 |
May 31, 2021
Effective rate (%) | |
Class A | 0.10 |
Advisor Class | 0.10 |
Class C | 0.10 |
Institutional Class | 0.10 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
48 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.50 - 1.00(a) | 267,153 |
Class C | — | 1.00(b) | 4,933 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
Fee rate(s) contractual through September 30, 2021 | |
Class A | 1.00% |
Advisor Class | 0.75 |
Class C | 1.75 |
Institutional Class | 0.75 |
Institutional 2 Class | 0.71 |
Institutional 3 Class | 0.66 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 49 |
May 31, 2021
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(6,592,835) | 6,592,835 | — |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
129,012,354 | 2,270,000 | 131,282,354 | 64,474,327 | 6,525,050 | 70,999,377 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
30,102,513 | — | — | 108,515,246 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
4,806,119,817 | 152,987,783 | (44,472,537) | 108,515,246 |
50 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 2,383,333 | 0.67 | 6 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 51 |
May 31, 2021
52 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
May 31, 2021
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 53 |
May 31, 2021
54 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 55 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
56 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 57 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
58 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
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 |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 59 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
60 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
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 |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
Columbia Mortgage Opportunities Fund | Annual Report 2021 | 61 |
• | 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. |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
62 | Columbia Mortgage Opportunities Fund | Annual Report 2021 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
7 | |
8 | |
12 | |
14 | |
15 | |
18 | |
22 | |
34 | |
35 | |
41 | |
41 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class A* | Excluding sales charges | 06/18/12 | 47.95 | 2.67 | -4.82 |
Including sales charges | 39.58 | 1.46 | -5.39 | ||
Advisor Class* | 03/19/13 | 48.38 | 2.91 | -4.62 | |
Class C* | Excluding sales charges | 06/18/12 | 47.13 | 1.90 | -5.54 |
Including sales charges | 46.13 | 1.90 | -5.54 | ||
Institutional Class* | 06/18/12 | 48.45 | 2.93 | -4.61 | |
Institutional 2 Class* | 01/08/14 | 48.41 | 3.02 | -4.59 | |
Institutional 3 Class* | 10/01/14 | 48.57 | 3.15 | -4.54 | |
Class R* | 06/18/12 | 47.81 | 2.42 | -5.05 | |
Bloomberg Commodity Index Total Return | 46.22 | 2.85 | -5.04 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s Class T shares for the period from July 28, 2011 through June 17, 2012, and of the Fund’s Class A shares for the period from June 18, 2012 through the inception date of such class (in each case, without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such share class, where applicable). Class T shares were offered prior to the Fund’s Class A shares but have since been merged into the Fund’s Class A shares. Share classes with expenses that are higher than Class T and/or Class A shares will have performance that is lower than Class T and/or Class A shares (without sales charges). Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Commodity Strategy Fund | Annual Report 2021 | 3 |
Commodities market exposure (%) (at May 31, 2021) | |||
Commodities contracts(a) | Long | Short | Net |
Energy | 32.5 | — | 32.5 |
Agriculture | 31.8 | — | 31.8 |
Precious Metals | 15.2 | — | 15.2 |
Industrial Metals | 13.6 | — | 13.6 |
Livestock | 6.9 | — | 6.9 |
Total notional market value of commodities contracts | 100.0 | — | 100.0 |
Portfolio Holdings (%) (at May 31, 2021) | |
Money Market Funds | 87.6 |
Other Assets | 12.4 |
Total | 100.0 |
4 | Columbia Commodity Strategy Fund | Annual Report 2021 |
• | Overweights to energy, grains, and livestock relative to the benchmark contributed positively to performance. |
• | Within energy, outperformance was led by sector positioning in unleaded gas and crude oil. |
• | In grains, an overweight to the soybean complex, compared to the benchmark, was a large driver of performance |
• | Within livestock, sector positioning to lean hogs and curve positioning to live cattle aided performance. |
• | Industrial metals, due to allocations to copper and aluminum, resulted in a negative total effect for this sector. |
• | Within softs (here referring to cocoa, coffee, cotton, and sugar), an overweight to sugar and cocoa, as well as an underweight to coffee, compared to the benchmark, were laggards on performance. The Fund has since sold out of its position in cocoa during the reporting period. |
• | In energy, an overweight to natural gas, relative to the benchmark, was a detractor. This was more than offset by strong performance within the sector, driven by unleaded gas and crude oil. |
Columbia Commodity Strategy Fund | Annual Report 2021 | 5 |
6 | Columbia Commodity Strategy Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
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 | 1,273.10 | 1,018.78 | 6.52 | 5.79 | 1.17 |
Advisor Class | 1,000.00 | 1,000.00 | 1,274.70 | 1,020.11 | 5.02 | 4.46 | 0.90 |
Class C | 1,000.00 | 1,000.00 | 1,268.70 | 1,015.15 | 10.63 | 9.44 | 1.91 |
Institutional Class | 1,000.00 | 1,000.00 | 1,275.20 | 1,019.96 | 5.19 | 4.61 | 0.93 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,275.90 | 1,020.74 | 4.30 | 3.82 | 0.77 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,276.00 | 1,020.99 | 4.02 | 3.57 | 0.72 |
Class R | 1,000.00 | 1,000.00 | 1,272.00 | 1,017.61 | 7.86 | 6.98 | 1.41 |
Columbia Commodity Strategy Fund | Annual Report 2021 | 7 |
May 31, 2021
Money Market Funds 87.6% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(a),(b) | 373,879,460 | 373,842,072 |
Total Money Market Funds (Cost $373,842,072) | 373,842,072 | |
Total Investments in Securities (Cost: $373,842,072) | 373,842,072 | |
Other Assets & Liabilities, Net | 52,907,650 | |
Net Assets | 426,749,722 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Brent Crude | 99 | 07/2021 | USD | 6,765,660 | 460,275 | — |
Brent Crude | 7 | 07/2021 | USD | 478,380 | 54,578 | — |
Brent Crude | 98 | 09/2021 | USD | 6,602,260 | 359,793 | — |
Brent Crude | 198 | 11/2021 | USD | 13,161,060 | 775,343 | — |
Brent Crude | 100 | 01/2022 | USD | 6,570,000 | 6,207 | — |
Coffee | 10 | 07/2021 | USD | 608,813 | 97,968 | — |
Coffee | 1 | 07/2021 | USD | 60,881 | 13,214 | — |
Coffee | 47 | 09/2021 | USD | 2,895,788 | 564,977 | — |
Coffee | 92 | 12/2021 | USD | 5,761,500 | 1,103,179 | — |
Coffee | 45 | 03/2022 | USD | 2,857,781 | 242,199 | — |
Copper | 18 | 07/2021 | USD | 2,104,875 | 449,438 | — |
Copper | 24 | 07/2021 | USD | 2,806,500 | 350,192 | — |
Copper | 45 | 09/2021 | USD | 5,268,375 | 648,204 | — |
Copper | 90 | 12/2021 | USD | 10,543,500 | 1,347,500 | — |
Copper | 45 | 03/2022 | USD | 5,270,625 | — | (36,736) |
Corn | 150 | 07/2021 | USD | 4,925,625 | 694,192 | — |
Corn | 58 | 07/2021 | USD | 1,904,575 | 379,240 | — |
Corn | 207 | 09/2021 | USD | 5,933,138 | 764,789 | — |
Corn | 437 | 12/2021 | USD | 11,919,175 | 1,079,333 | — |
Corn | 216 | 03/2022 | USD | 5,964,300 | — | (523,039) |
Cotton | 11 | 07/2021 | USD | 451,660 | — | (6,945) |
Cotton | 15 | 07/2021 | USD | 615,900 | — | (19,905) |
Cotton | 34 | 12/2021 | USD | 1,416,440 | 18,196 | — |
Cotton | 54 | 12/2021 | USD | 2,249,640 | — | (43,377) |
Cotton | 29 | 03/2022 | USD | 1,207,995 | — | (23,152) |
Gas Oil | 14 | 07/2021 | USD | 794,150 | 146,338 | — |
Gas Oil | 9 | 07/2021 | USD | 510,525 | 24,582 | — |
Gas Oil | 46 | 09/2021 | USD | 2,619,700 | 107,900 | — |
Gas Oil | 46 | 11/2021 | USD | 2,617,400 | 193,447 | — |
Gas Oil | 92 | 01/2022 | USD | 5,200,300 | 203,340 | — |
Gold 100 oz. | 45 | 08/2021 | USD | 8,573,850 | 494,721 | — |
Gold 100 oz. | 4 | 08/2021 | USD | 762,120 | 40,405 | — |
Gold 100 oz. | 172 | 12/2021 | USD | 32,836,520 | 3,041,751 | — |
Gold 100 oz. | 57 | 02/2022 | USD | 10,892,700 | 406,490 | — |
Lean Hogs | 149 | 07/2021 | USD | 7,113,260 | 454,166 | — |
Lean Hogs | 61 | 10/2021 | USD | 2,295,430 | 252,673 | — |
8 | Columbia Commodity Strategy Fund | Annual Report 2021 |
May 31, 2021
Long futures contracts (continued) | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Lean Hogs | 131 | 12/2021 | USD | 4,410,770 | 275,111 | — |
Lean Hogs | 4 | 12/2021 | USD | 134,680 | — | (151) |
Lean Hogs | 67 | 02/2022 | USD | 2,280,010 | — | (23,605) |
Live Cattle | 1 | 08/2021 | USD | 47,440 | 76 | — |
Live Cattle | 58 | 08/2021 | USD | 2,751,520 | — | (14,014) |
Live Cattle | 38 | 10/2021 | USD | 1,880,240 | 21,716 | — |
Live Cattle | 25 | 10/2021 | USD | 1,237,000 | — | (9,686) |
Live Cattle | 107 | 12/2021 | USD | 5,480,540 | 25,309 | — |
Live Cattle | 16 | 12/2021 | USD | 819,520 | — | (10,625) |
Live Cattle | 23 | 02/2022 | USD | 1,207,960 | 3,762 | — |
Live Cattle | 37 | 02/2022 | USD | 1,943,240 | — | (16,667) |
Natural Gas | 348 | 06/2021 | USD | 10,391,280 | 396,659 | — |
Natural Gas | 42 | 06/2021 | USD | 1,254,120 | 86,279 | — |
Natural Gas | 236 | 08/2021 | USD | 7,084,720 | 436,189 | — |
Natural Gas | 228 | 10/2021 | USD | 7,022,400 | 452,310 | — |
Natural Gas | 426 | 12/2021 | USD | 13,968,540 | 263,792 | — |
Nickel | 1 | 07/2021 | USD | 108,576 | 12,422 | — |
Nickel | 19 | 09/2021 | USD | 2,065,737 | 211,497 | — |
Nickel | 19 | 11/2021 | USD | 2,068,502 | 203,271 | — |
Nickel | 39 | 01/2022 | USD | 4,250,552 | 199,546 | — |
NY Harbor ULSD Heat Oil | 6 | 06/2021 | USD | 513,652 | 107,535 | — |
NY Harbor ULSD Heat Oil | 5 | 06/2021 | USD | 428,043 | 32,343 | — |
NY Harbor ULSD Heat Oil | 25 | 08/2021 | USD | 2,142,945 | 144,876 | — |
NY Harbor ULSD Heat Oil | 25 | 10/2021 | USD | 2,143,785 | 185,613 | — |
NY Harbor ULSD Heat Oil | 49 | 12/2021 | USD | 4,195,645 | 154,198 | — |
Primary Aluminum | 7 | 07/2021 | USD | 432,821 | 67,449 | — |
Primary Aluminum | 6 | 07/2021 | USD | 370,989 | 33,459 | — |
Primary Aluminum | 64 | 09/2021 | USD | 3,979,600 | 469,217 | — |
Primary Aluminum | 63 | 11/2021 | USD | 3,928,050 | 362,940 | — |
Primary Aluminum | 127 | 01/2022 | USD | 7,928,769 | 209,754 | — |
RBOB Gasoline | 25 | 06/2021 | USD | 2,243,745 | 127,316 | — |
RBOB Gasoline | 27 | 08/2021 | USD | 2,388,317 | 175,792 | — |
RBOB Gasoline | 30 | 10/2021 | USD | 2,451,834 | 234,417 | — |
RBOB Gasoline | 60 | 12/2021 | USD | 4,797,072 | 211,177 | — |
Silver | 12 | 07/2021 | USD | 1,680,840 | 118,944 | — |
Silver | 9 | 07/2021 | USD | 1,260,630 | 58,833 | — |
Silver | 24 | 09/2021 | USD | 3,365,400 | 319,695 | — |
Silver | 47 | 12/2021 | USD | 6,599,270 | 606,982 | — |
Silver | 24 | 03/2022 | USD | 3,374,880 | 75,689 | — |
Soybean | 75 | 07/2021 | USD | 5,739,375 | 509,968 | — |
Soybean | 13 | 07/2021 | USD | 994,825 | 89,384 | — |
Soybean | 144 | 11/2021 | USD | 9,883,800 | 869,454 | — |
Soybean | 7 | 11/2021 | USD | 480,463 | — | (5,013) |
Soybean | 136 | 01/2022 | USD | 9,336,400 | 206,943 | — |
Soybean | 15 | 01/2022 | USD | 1,029,750 | — | (16,324) |
Soybean Meal | 5 | 07/2021 | USD | 197,750 | — | (23,802) |
Soybean Meal | 125 | 07/2021 | USD | 4,943,750 | — | (130,130) |
Soybean Meal | 125 | 12/2021 | USD | 4,918,750 | 163,870 | — |
Soybean Meal | 8 | 12/2021 | USD | 314,800 | — | (3,047) |
Soybean Meal | 26 | 01/2022 | USD | 1,018,940 | 12,546 | — |
Soybean Meal | 107 | 01/2022 | USD | 4,193,330 | — | (127,855) |
Soybean Oil | 124 | 07/2021 | USD | 4,894,776 | 1,101,649 | — |
Soybean Oil | 12 | 07/2021 | USD | 473,688 | 169,560 | — |
Soybean Oil | 218 | 12/2021 | USD | 7,689,732 | 1,407,482 | — |
Soybean Oil | 223 | 01/2022 | USD | 7,717,584 | 692,288 | — |
Sugar #11 | 319 | 06/2021 | USD | 6,202,381 | 415,596 | — |
Sugar #11 | 131 | 09/2021 | USD | 2,551,461 | 274,413 | — |
Sugar #11 | 390 | 02/2022 | USD | 7,639,632 | 403,517 | — |
Columbia Commodity Strategy Fund | Annual Report 2021 | 9 |
May 31, 2021
Long futures contracts (continued) | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Wheat | 27 | 07/2021 | USD | 895,725 | 15,468 | — |
Wheat | 9 | 07/2021 | USD | 275,963 | — | (9,931) |
Wheat | 12 | 07/2021 | USD | 398,100 | — | (10,517) |
Wheat | 7 | 07/2021 | USD | 214,638 | — | (12,969) |
Wheat | 71 | 09/2021 | USD | 2,368,738 | 108,229 | — |
Wheat | 13 | 09/2021 | USD | 403,325 | 8,885 | — |
Wheat | 28 | 09/2021 | USD | 868,700 | — | (17,646) |
Wheat | 142 | 12/2021 | USD | 4,790,725 | 234,287 | — |
Wheat | 81 | 12/2021 | USD | 2,560,613 | 75,926 | — |
Wheat | 40 | 03/2022 | USD | 1,285,000 | — | (144,137) |
Wheat | 71 | 03/2022 | USD | 2,420,213 | — | (201,546) |
WTI Crude | 154 | 06/2021 | USD | 10,213,280 | 863,733 | — |
WTI Crude | 124 | 08/2021 | USD | 8,134,400 | 391,370 | — |
WTI Crude | 125 | 10/2021 | USD | 8,056,250 | 601,755 | — |
WTI Crude | 255 | 12/2021 | USD | 16,159,350 | 547,629 | — |
Zinc | 2 | 07/2021 | USD | 152,638 | 11,861 | — |
Zinc | 1 | 07/2021 | USD | 76,319 | 5,421 | — |
Zinc | 35 | 09/2021 | USD | 2,681,219 | 231,381 | — |
Zinc | 35 | 11/2021 | USD | 2,687,125 | 220,737 | — |
Zinc | 69 | 01/2022 | USD | 5,306,963 | 256,848 | — |
Total | 30,948,998 | (1,430,819) |
(a) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(b) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
46,931,293 | 936,405,590 | (609,471,696) | (23,115) | 373,842,072 | (21,830) | 364,698 | 373,879,460 |
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). |
10 | Columbia Commodity Strategy Fund | Annual Report 2021 |
May 31, 2021
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Money Market Funds | 373,842,072 | — | — | 373,842,072 |
Total Investments in Securities | 373,842,072 | — | — | 373,842,072 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 30,948,998 | — | — | 30,948,998 |
Liability | ||||
Futures Contracts | (1,430,819) | — | — | (1,430,819) |
Total | 403,360,251 | — | — | 403,360,251 |
Columbia Commodity Strategy Fund | Annual Report 2021 | 11 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Affiliated issuers (cost $373,842,072) | $373,842,072 |
Cash | 19,224,261 |
Margin deposits on: | |
Futures contracts | 33,914,560 |
Receivable for: | |
Capital shares sold | 19,908 |
Dividends | 3,101 |
Variation margin for futures contracts | 1,821,947 |
Prepaid expenses | 12,158 |
Total assets | 428,838,007 |
Liabilities | |
Payable for: | |
Capital shares purchased | 17,526 |
Variation margin for futures contracts | 1,994,044 |
Management services fees | 7,369 |
Distribution and/or service fees | 48 |
Transfer agent fees | 2,296 |
Compensation of board members | 47,597 |
Other expenses | 19,405 |
Total liabilities | 2,088,285 |
Net assets applicable to outstanding capital stock | $426,749,722 |
Represented by | |
Paid in capital | 474,342,594 |
Total distributable earnings (loss) | (47,592,872) |
Total - representing net assets applicable to outstanding capital stock | $426,749,722 |
12 | Columbia Commodity Strategy Fund | Annual Report 2021 |
May 31, 2021
Class A | |
Net assets | $2,739,476 |
Shares outstanding | 132,426 |
Net asset value per share | $20.69 |
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) | $21.95 |
Advisor Class | |
Net assets | $3,537,070 |
Shares outstanding | 166,720 |
Net asset value per share | $21.22 |
Class C | |
Net assets | $694,684 |
Shares outstanding | 35,571 |
Net asset value per share | $19.53 |
Institutional Class | |
Net assets | $1,379,722 |
Shares outstanding | 65,551 |
Net asset value per share | $21.05 |
Institutional 2 Class | |
Net assets | $19,304,646 |
Shares outstanding | 904,580 |
Net asset value per share | $21.34 |
Institutional 3 Class | |
Net assets | $398,385,880 |
Shares outstanding | 18,544,918 |
Net asset value per share | $21.48 |
Class R | |
Net assets | $708,244 |
Shares outstanding | 34,863 |
Net asset value per share | $20.32 |
Columbia Commodity Strategy Fund | Annual Report 2021 | 13 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — affiliated issuers | $364,698 |
Total income | 364,698 |
Expenses: | |
Management services fees | 2,176,511 |
Distribution and/or service fees | |
Class A | 4,192 |
Class C | 1,098 |
Class R | 2,448 |
Transfer agent fees | |
Class A | 2,998 |
Advisor Class | 20,351 |
Class C | 200 |
Institutional Class | 958 |
Institutional 2 Class | 6,721 |
Institutional 3 Class | 20,568 |
Class R | 863 |
Compensation of board members | 29,897 |
Custodian fees | 6,359 |
Printing and postage fees | 15,019 |
Registration fees | 106,860 |
Audit fees | 33,700 |
Legal fees | 11,747 |
Interest on collateral | 41,791 |
Compensation of chief compliance officer | 71 |
Other | 22,322 |
Total expenses | 2,504,674 |
Expense reduction | (40) |
Total net expenses | 2,504,634 |
Net investment loss | (2,139,936) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — affiliated issuers | (21,830) |
Futures contracts | 109,028,462 |
Net realized gain | 109,006,632 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — affiliated issuers | (23,115) |
Futures contracts | 28,581,473 |
Net change in unrealized appreciation (depreciation) | 28,558,358 |
Net realized and unrealized gain | 137,564,990 |
Net increase in net assets resulting from operations | $135,425,054 |
14 | Columbia Commodity Strategy Fund | Annual Report 2021 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income (loss) | $(2,139,936) | $3,582,318 |
Net realized gain (loss) | 109,006,632 | (58,743,005) |
Net change in unrealized appreciation (depreciation) | 28,558,358 | 14,273,966 |
Net increase (decrease) in net assets resulting from operations | 135,425,054 | (40,886,721) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (1,631) | (15,443) |
Advisor Class | (5,787) | (270,446) |
Class C | (39) | (99) |
Institutional Class | (697) | (4,794) |
Institutional 2 Class | (21,019) | (650) |
Institutional 3 Class | (511,960) | (5,013,547) |
Class R | (426) | (2,847) |
Total distributions to shareholders | (541,559) | (5,307,826) |
Increase (decrease) in net assets from capital stock activity | 110,191,082 | (120,578,032) |
Total increase (decrease) in net assets | 245,074,577 | (166,772,579) |
Net assets at beginning of year | 181,675,145 | 348,447,724 |
Net assets at end of year | $426,749,722 | $181,675,145 |
Columbia Commodity Strategy Fund | Annual Report 2021 | 15 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares(a) | Dollars ($) | Shares(a) | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 76,049 | 1,382,699 | 11,892 | 192,536 |
Distributions reinvested | 97 | 1,597 | 876 | 15,058 |
Redemptions | (35,455) | (597,242) | (27,521) | (416,712) |
Net increase (decrease) | 40,691 | 787,054 | (14,753) | (209,118) |
Advisor Class | ||||
Subscriptions | 145,990 | 2,369,574 | 401,079 | 6,627,044 |
Distributions reinvested | 344 | 5,787 | 15,401 | 270,431 |
Redemptions | (1,399,979) | (23,347,200) | (376,042) | (6,070,611) |
Net increase (decrease) | (1,253,645) | (20,971,839) | 40,438 | 826,864 |
Class C | ||||
Subscriptions | 34,072 | 655,194 | 554 | 7,764 |
Distributions reinvested | 3 | 38 | 6 | 98 |
Redemptions | (4,199) | (79,609) | (2,694) | (41,207) |
Net increase (decrease) | 29,876 | 575,623 | (2,134) | (33,345) |
Institutional Class | ||||
Subscriptions | 67,819 | 1,234,329 | 17,819 | 301,089 |
Distributions reinvested | 41 | 692 | 272 | 4,749 |
Redemptions | (6,974) | (123,212) | (59,044) | (973,738) |
Net increase (decrease) | 60,886 | 1,111,809 | (40,953) | (667,900) |
Institutional 2 Class | ||||
Subscriptions | 946,693 | 15,457,398 | 3,761 | 58,902 |
Distributions reinvested | 1,241 | 21,017 | 36 | 634 |
Redemptions | (47,309) | (923,206) | (81,742) | (1,444,601) |
Net increase (decrease) | 900,625 | 14,555,209 | (77,945) | (1,385,065) |
Institutional 3 Class | ||||
Subscriptions | 19,921,707 | 326,614,590 | 25,531,906 | 419,268,730 |
Distributions reinvested | 30,045 | 511,958 | 282,931 | 5,013,529 |
Redemptions | (12,417,639) | (213,096,022) | (33,417,948) | (543,291,884) |
Net increase (decrease) | 7,534,113 | 114,030,526 | (7,603,111) | (119,009,625) |
Class R | ||||
Subscriptions | 11,773 | 225,194 | 7,905 | 126,214 |
Distributions reinvested | 26 | 425 | 168 | 2,840 |
Redemptions | (7,151) | (122,919) | (13,843) | (228,897) |
Net increase (decrease) | 4,648 | 102,700 | (5,770) | (99,843) |
Total net increase (decrease) | 7,317,194 | 110,191,082 | (7,704,228) | (120,578,032) |
(a) | Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
16 | Columbia Commodity Strategy Fund | Annual Report 2021 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class A(c) | ||||||
Year Ended 5/31/2021 | $13.99 | (0.18) | 6.90 | 6.72 | (0.02) | (0.02) |
Year Ended 5/31/2020 | $16.67 | 0.12 | (2.64) | (2.52) | (0.16) | (0.16) |
Year Ended 5/31/2019 | $23.03 | 0.24 | (3.60) | (3.36) | (3.00) | (3.00) |
Year Ended 5/31/2018 | $20.95 | 0.04 | 2.04 | 2.08 | — | — |
Year Ended 5/31/2017 | $21.57 | (0.12) | (0.50) | (0.62) | — | — |
Advisor Class(c) | ||||||
Year Ended 5/31/2021 | $14.32 | (0.11) | 7.03 | 6.92 | (0.02) | (0.02) |
Year Ended 5/31/2020 | $17.05 | 0.16 | (2.69) | (2.53) | (0.20) | (0.20) |
Year Ended 5/31/2019 | $23.49 | 0.28 | (3.64) | (3.36) | (3.08) | (3.08) |
Year Ended 5/31/2018 | $21.32 | 0.12 | 2.09 | 2.21 | (0.04) | (0.04) |
Year Ended 5/31/2017 | $21.90 | (0.08) | (0.50) | (0.58) | — | — |
Class C(c) | ||||||
Year Ended 5/31/2021 | $13.30 | (0.30) | 6.54 | 6.24 | (0.01) | (0.01) |
Year Ended 5/31/2020 | $15.84 | (0.00)(f) | (2.54) | (2.54) | (0.00)(f) | (0.00)(f) |
Year Ended 5/31/2019 | $22.03 | 0.08 | (3.43) | (3.35) | (2.84) | (2.84) |
Year Ended 5/31/2018 | $20.17 | (0.12) | 1.98 | 1.86 | — | — |
Year Ended 5/31/2017 | $20.93 | (0.28) | (0.48) | (0.76) | — | — |
Institutional Class(c) | ||||||
Year Ended 5/31/2021 | $14.20 | (0.15) | 7.02 | 6.87 | (0.02) | (0.02) |
Year Ended 5/31/2020 | $16.91 | 0.20 | (2.71) | (2.51) | (0.20) | (0.20) |
Year Ended 5/31/2019 | $23.32 | 0.28 | (3.61) | (3.33) | (3.08) | (3.08) |
Year Ended 5/31/2018 | $21.18 | 0.12 | 2.06 | 2.18 | (0.04) | (0.04) |
Year Ended 5/31/2017 | $21.77 | (0.08) | (0.51) | (0.59) | — | — |
Institutional 2 Class(c) | ||||||
Year Ended 5/31/2021 | $14.40 | (0.12) | 7.08 | 6.96 | (0.02) | (0.02) |
Year Ended 5/31/2020 | $17.14 | 0.24 | (2.78) | (2.54) | (0.20) | (0.20) |
Year Ended 5/31/2019 | $23.59 | 0.32 | (3.69) | (3.37) | (3.08) | (3.08) |
Year Ended 5/31/2018 | $21.41 | 0.12 | 2.10 | 2.22 | (0.04) | (0.04) |
Year Ended 5/31/2017 | $21.98 | (0.04) | (0.53) | (0.57) | — | — |
Institutional 3 Class(c) | ||||||
Year Ended 5/31/2021 | $14.48 | (0.11) | 7.14 | 7.03 | (0.03) | (0.03) |
Year Ended 5/31/2020 | $17.20 | 0.20 | (2.72) | (2.52) | (0.20) | (0.20) |
Year Ended 5/31/2019 | $23.66 | 0.32 | (3.66) | (3.34) | (3.12) | (3.12) |
Year Ended 5/31/2018 | $21.46 | 0.16 | 2.08 | 2.24 | (0.04) | (0.04) |
Year Ended 5/31/2017 | $22.01 | 0.00(f) | (0.55) | (0.55) | — | — |
18 | Columbia Commodity Strategy Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A(c) | |||||||
Year Ended 5/31/2021 | $20.69 | 47.95% | 1.14%(d) | 1.14%(d),(e) | (1.03%) | 0% | $2,739 |
Year Ended 5/31/2020 | $13.99 | (15.35%) | 1.14% | 1.14%(e) | 0.63% | 0% | $1,283 |
Year Ended 5/31/2019 | $16.67 | (14.76%) | 1.11% | 1.11%(e) | 1.18% | 0% | $1,775 |
Year Ended 5/31/2018 | $23.03 | 9.92% | 1.08% | 1.08%(e) | 0.22% | 0% | $2,148 |
Year Ended 5/31/2017 | $20.95 | (2.78%) | 1.13% | 1.13% | (0.63%) | 0% | $2,035 |
Advisor Class(c) | |||||||
Year Ended 5/31/2021 | $21.22 | 48.38% | 0.85%(d) | 0.85%(d),(e) | (0.71%) | 0% | $3,537 |
Year Ended 5/31/2020 | $14.32 | (15.05%) | 0.89% | 0.89%(e) | 0.86% | 0% | $20,335 |
Year Ended 5/31/2019 | $17.05 | (14.62%) | 0.86% | 0.86%(e) | 1.44% | 0% | $23,533 |
Year Ended 5/31/2018 | $23.49 | 10.24% | 0.83% | 0.83%(e) | 0.48% | 0% | $21,601 |
Year Ended 5/31/2017 | $21.32 | (2.74%) | 0.87% | 0.87% | (0.35%) | 0% | $15,213 |
Class C(c) | |||||||
Year Ended 5/31/2021 | $19.53 | 47.13% | 1.87%(d) | 1.87%(d),(e) | (1.78%) | 0% | $695 |
Year Ended 5/31/2020 | $13.30 | (16.08%) | 1.89% | 1.89%(e) | (0.11%) | 0% | $76 |
Year Ended 5/31/2019 | $15.84 | (15.53%) | 1.86% | 1.86%(e) | 0.41% | 0% | $124 |
Year Ended 5/31/2018 | $22.03 | 9.33% | 1.82% | 1.82%(e) | (0.57%) | 0% | $224 |
Year Ended 5/31/2017 | $20.17 | (3.63%) | 1.87% | 1.87% | (1.36%) | 0% | $335 |
Institutional Class(c) | |||||||
Year Ended 5/31/2021 | $21.05 | 48.45% | 0.90%(d) | 0.90%(d),(e) | (0.82%) | 0% | $1,380 |
Year Ended 5/31/2020 | $14.20 | (15.15%) | 0.86% | 0.86%(e) | 1.07% | 0% | $66 |
Year Ended 5/31/2019 | $16.91 | (14.51%) | 0.84% | 0.84%(e) | 1.35% | 0% | $771 |
Year Ended 5/31/2018 | $23.32 | 10.32% | 0.83% | 0.83%(e) | 0.52% | 0% | $4,485 |
Year Ended 5/31/2017 | $21.18 | (2.76%) | 0.86% | 0.86% | (0.31%) | 0% | $1,166 |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2021 | $21.34 | 48.41% | 0.77%(d) | 0.77%(d) | (0.68%) | 0% | $19,305 |
Year Ended 5/31/2020 | $14.40 | (14.90%) | 0.76% | 0.76% | 1.32% | 0% | $57 |
Year Ended 5/31/2019 | $17.14 | (14.64%) | 0.78% | 0.78% | 1.52% | 0% | $1,404 |
Year Ended 5/31/2018 | $23.59 | 10.43% | 0.75% | 0.75% | 0.56% | 0% | $1,331 |
Year Ended 5/31/2017 | $21.41 | (2.55%) | 0.78% | 0.78% | (0.25%) | 0% | $756 |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2021 | $21.48 | 48.57% | 0.71%(d) | 0.71%(d) | (0.61%) | 0% | $398,386 |
Year Ended 5/31/2020 | $14.48 | (14.77%) | 0.70% | 0.70% | 1.20% | 0% | $159,442 |
Year Ended 5/31/2019 | $17.20 | (14.34%) | 0.70% | 0.70% | 1.56% | 0% | $320,251 |
Year Ended 5/31/2018 | $23.66 | 10.44% | 0.69% | 0.69% | 0.64% | 0% | $581,920 |
Year Ended 5/31/2017 | $21.46 | (2.55%) | 0.71% | 0.71% | 0.03% | 0% | $220,847 |
Columbia Commodity Strategy Fund | Annual Report 2021 | 19 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class R(c) | ||||||
Year Ended 5/31/2021 | $13.77 | (0.21) | 6.77 | 6.56 | (0.01) | (0.01) |
Year Ended 5/31/2020 | $16.40 | 0.04 | (2.55) | (2.51) | (0.12) | (0.12) |
Year Ended 5/31/2019 | $22.70 | 0.20 | (3.54) | (3.34) | (2.96) | (2.96) |
Year Ended 5/31/2018 | $20.69 | 0.00(f) | 2.01 | 2.01 | — | — |
Year Ended 5/31/2017 | $21.35 | (0.20) | (0.46) | (0.66) | — | — |
Notes to Consolidated Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(d) | Ratios include interest on collateral expense. For the period indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |
Class | 5/31/2021 |
Class A | 0.02% |
Advisor Class | less than 0.01% |
Class C | 0.05% |
Institutional Class | 0.02% |
Institutional 2 Class | 0.02% |
Institutional 3 Class | 0.01% |
Class R | 0.01% |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(f) | Rounds to zero. |
20 | Columbia Commodity Strategy Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class R(c) | |||||||
Year Ended 5/31/2021 | $20.32 | 47.81% | 1.38%(d) | 1.38%(d),(e) | (1.27%) | 0% | $708 |
Year Ended 5/31/2020 | $13.77 | (15.59%) | 1.39% | 1.39%(e) | 0.38% | 0% | $416 |
Year Ended 5/31/2019 | $16.40 | (15.08%) | 1.36% | 1.36%(e) | 0.97% | 0% | $590 |
Year Ended 5/31/2018 | $22.70 | 9.86% | 1.34% | 1.34%(e) | 0.07% | 0% | $391 |
Year Ended 5/31/2017 | $20.69 | (3.18%) | 1.37% | 1.37% | (0.89%) | 0% | $77 |
Columbia Commodity Strategy Fund | Annual Report 2021 | 21 |
May 31, 2021
CCSF Offshore Fund, Ltd. | |
% of consolidated fund net assets | 12.41% |
Net assets | $52,964,072 |
Net investment income (loss) | (258,316) |
Net realized gain (loss) | 109,028,461 |
Net change in unrealized appreciation (depreciation) | 28,581,474 |
22 | Columbia Commodity Strategy Fund | Annual Report 2021 |
May 31, 2021
Columbia Commodity Strategy Fund | Annual Report 2021 | 23 |
May 31, 2021
24 | Columbia Commodity Strategy Fund | Annual Report 2021 |
May 31, 2021
Asset derivatives | ||
Risk exposure category | Consolidated statement of assets and liabilities location | Fair value ($) |
Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 30,948,998* |
Liability derivatives | ||
Risk exposure category | Consolidated statement of assets and liabilities location | Fair value ($) |
Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 1,430,819* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Consolidated Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Commodity-related investment risk | 109,028,462 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Commodity-related investment risk | 28,581,473 |
Derivative instrument | Average notional amounts ($) |
Futures contracts — long | 417,531,401* |
Futures contracts — short | 199,853** |
Columbia Commodity Strategy Fund | Annual Report 2021 | 25 |
May 31, 2021
* | Based on the ending quarterly outstanding amounts for the year ended May 31, 2021. |
** | Based on the ending daily outstanding amounts for the year ended May 31, 2021. |
26 | Columbia Commodity Strategy Fund | Annual Report 2021 |
May 31, 2021
Columbia Commodity Strategy Fund | Annual Report 2021 | 27 |
May 31, 2021
Effective rate (%) | |
Class A | 0.18 |
Advisor Class | 0.16 |
Class C | 0.17 |
Institutional Class | 0.18 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.18 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 21,154 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
28 | Columbia Commodity Strategy Fund | Annual Report 2021 |
May 31, 2021
Fee rate(s) contractual through September 30, 2021 | |
Class A | 1.22% |
Advisor Class | 0.97 |
Class C | 1.97 |
Institutional Class | 0.97 |
Institutional 2 Class | 0.88 |
Institutional 3 Class | 0.82 |
Class R | 1.47 |
Excess of distributions over net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(28,229,856) | — | 28,229,856 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
541,559 | — | 541,559 | 5,307,826 | — | 5,307,826 |
Columbia Commodity Strategy Fund | Annual Report 2021 | 29 |
May 31, 2021
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
133,020,519 | — | (67,271) | (148,908,875) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
575,715,019 | 4,568,467 | (153,477,342) | (148,908,875) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(67,271) | — | (67,271) | — |
30 | Columbia Commodity Strategy Fund | Annual Report 2021 |
May 31, 2021
Columbia Commodity Strategy Fund | Annual Report 2021 | 31 |
May 31, 2021
32 | Columbia Commodity Strategy Fund | Annual Report 2021 |
May 31, 2021
Columbia Commodity Strategy Fund | Annual Report 2021 | 33 |
34 | Columbia Commodity Strategy Fund | Annual Report 2021 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Columbia Commodity Strategy Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
36 | Columbia Commodity Strategy Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Columbia Commodity Strategy Fund | Annual Report 2021 | 37 |
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 |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
38 | Columbia Commodity Strategy Fund | Annual Report 2021 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Columbia Commodity Strategy Fund | Annual Report 2021 | 39 |
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 |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
40 | Columbia Commodity Strategy Fund | Annual Report 2021 |
• | 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. |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
Columbia Commodity Strategy Fund | Annual Report 2021 | 41 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
20 | |
29 | |
30 | |
30 | |
36 | |
37 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 04/25/97 | 74.66 | 12.32 | 10.21 |
Including sales charges | 64.65 | 10.99 | 9.56 | ||
Advisor Class* | 11/08/12 | 75.04 | 12.60 | 10.44 | |
Class C | Excluding sales charges | 05/27/99 | 73.36 | 11.48 | 9.38 |
Including sales charges | 72.36 | 11.48 | 9.38 | ||
Institutional Class | 09/27/10 | 75.06 | 12.60 | 10.48 | |
Institutional 2 Class | 11/30/01 | 75.16 | 12.70 | 10.61 | |
Institutional 3 Class* | 10/01/14 | 75.30 | 12.74 | 10.49 | |
Class R | 04/30/03 | 74.76 | 12.10 | 9.97 | |
Russell 2000 Value Index | 79.38 | 13.83 | 10.64 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Common Stocks | 99.1 |
Money Market Funds | 0.9 |
Rights | 0.0(a) |
Total | 100.0 |
(a) | Rounds to zero. |
Equity sector breakdown (%) (at May 31, 2021) | |
Communication Services | 4.2 |
Consumer Discretionary | 11.4 |
Consumer Staples | 2.3 |
Energy | 3.6 |
Financials | 27.8 |
Health Care | 7.4 |
Industrials | 14.9 |
Information Technology | 11.8 |
Materials | 9.7 |
Real Estate | 5.3 |
Utilities | 1.6 |
Total | 100.0 |
4 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
• | Stock selection, particularly within the industrials, consumer discretionary and real estate sectors, was the primary driver of the Fund’s underperformance of its benchmark during the period. |
• | An out-of-benchmark position in trucking company Knight-Swift Transportation Holding detracted. The stock generated positive absolute returns during the period, however it lagged the broader industrial sector due to concerns about a cyclical peak in the trucking industry and potentially lower margins due to higher equipment costs and wages. |
• | An out-of-benchmark position in CACI International Inc., an information technology company that provides information solutions and information technology (IT) services to branches of the federal government, detracted. COVID-19-related disruptions, including travel restrictions, delays in government deployment orders and delays in task orders led CACI to reduce its 2021 fiscal year revenue guidance. |
• | Electric utility company Portland General Electric fell with the broader utilities sector during the period. The company did not raise its dividend and issued more conservative guidance in light of the COVID-19 pandemic. |
• | QTS Realty Trust Inc., a data center real estate investment trust (REIT), saw its share price struggle during the period. Shares in the company underperformed as management issued conservative guidance and some investors were concerned around leasing volume. |
• | A lack of exposure to video game retailer GameStop also detracted from relative results. Shares in GameStop skyrocketed during the period, as retail investors from internet forums such as Reddit piled into the stock, causing an unprecedented short squeeze that led to huge losses for some notable hedge funds. The Fund did not own GameStop, as we believe that over the long-term stock prices will track fundamentals. |
• | The Fund’s cash position detracted from results relative to the benchmark during a period of robust market gains. |
• | The Fund’s strong performance during the period was driven by sector allocations, particularly an overweight to the strong-performing materials sector and underweights to the weaker-performing utilities and energy sectors. |
• | Stock selection, particularly within the financials and information technology sectors also benefited results relative to the benchmark. |
• | National General Holdings Corp., a specialty personal insurance company, saw its shares rise sharply following an announcement that it would be acquired by Allstate. The deal closed in January 2021. |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 5 |
• | Penn National Gaming, Inc., a casino and racetrack operator, saw its shares rebound following the COVID-19 pandemic-related sell-off. As more of their casinos and racetracks reopened during the second half of the 2020, its shares soared and the company reported earnings above consensus expectations. Optimism by some investors around their exposure to the growing sports betting industry also fueled the stock. |
• | Extreme Networks, Inc., a company which provides software-driven networking solutions to a variety of industries, climbed substantially as demand continued to improve and the company moved past COVID-19-related headwinds. |
• | AXOS Financial, Inc., a banking and financial services company, benefited from a steepening yield curve, an improving economy, the prospect for further stimulus and vaccine optimism. |
• | O-I Glass, Inc., a leading manufacturer of glass packaging products, saw its share price outperform industry peers. The company benefited during the period from the growing demand for sustainable packaging solutions. |
• | The Fund’s position in semiconductor company Kulicke & Soffa Industries, Inc. was a notable contributor to performance. The company reported an incredibly strong first quarter of 2021, beating consensus expectations and significantly increasing their growth outlook as a result of increasing demand resulting from key technology trends such as 5G and artificial intelligence. |
6 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,366.20 | 1,018.39 | 7.25 | 6.19 | 1.25 |
Advisor Class | 1,000.00 | 1,000.00 | 1,367.90 | 1,019.62 | 5.81 | 4.95 | 1.00 |
Class C | 1,000.00 | 1,000.00 | 1,361.60 | 1,014.71 | 11.58 | 9.88 | 2.00 |
Institutional Class | 1,000.00 | 1,000.00 | 1,368.30 | 1,019.62 | 5.81 | 4.95 | 1.00 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,368.90 | 1,019.96 | 5.40 | 4.61 | 0.93 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,369.30 | 1,020.20 | 5.11 | 4.36 | 0.88 |
Class R | 1,000.00 | 1,000.00 | 1,367.20 | 1,018.88 | 6.68 | 5.69 | 1.15 |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 7 |
May 31, 2021
Common Stocks 99.1% | ||
Issuer | Shares | Value ($) |
Communication Services 4.2% | ||
Media 2.3% | ||
iHeartMedia, Inc., Class A(a) | 580,000 | 13,461,800 |
Wireless Telecommunication Services 1.9% | ||
Telephone and Data Systems, Inc. | 452,104 | 11,628,115 |
Total Communication Services | 25,089,915 | |
Consumer Discretionary 11.3% | ||
Auto Components 1.9% | ||
Motorcar Parts of America, Inc.(a) | 489,363 | 11,436,413 |
Hotels, Restaurants & Leisure 5.8% | ||
Extended Stay America, Inc. | 145,538 | 2,868,554 |
Penn National Gaming, Inc.(a) | 94,535 | 7,749,034 |
Six Flags Entertainment Corp.(a) | 204,000 | 9,267,720 |
Texas Roadhouse, Inc. | 148,470 | 14,952,414 |
Total | 34,837,722 | |
Household Durables 1.5% | ||
KB Home | 196,665 | 9,205,889 |
Textiles, Apparel & Luxury Goods 2.1% | ||
Kontoor Brands, Inc. | 195,977 | 12,546,447 |
Total Consumer Discretionary | 68,026,471 | |
Consumer Staples 2.3% | ||
Food Products 2.3% | ||
Nomad Foods Ltd.(a) | 443,422 | 13,599,753 |
Total Consumer Staples | 13,599,753 | |
Energy 3.6% | ||
Energy Equipment & Services 1.5% | ||
Patterson-UTI Energy, Inc. | 1,066,372 | 8,925,534 |
Oil, Gas & Consumable Fuels 2.1% | ||
Devon Energy Corp. | 299,640 | 7,958,438 |
Renewable Energy Group, Inc.(a) | 80,000 | 4,885,600 |
Total | 12,844,038 | |
Total Energy | 21,769,572 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Financials 27.6% | ||
Banks 12.7% | ||
First Hawaiian, Inc. | 388,838 | 10,949,678 |
OceanFirst Financial Corp. | 450,000 | 9,949,500 |
Pacific Premier Bancorp, Inc. | 467,191 | 21,476,770 |
Popular, Inc. | 161,254 | 13,159,939 |
Stock Yards Bancorp, Inc. | 162,322 | 8,723,184 |
TCF Financial Corp. | 253,705 | 12,050,988 |
Total | 76,310,059 | |
Consumer Finance 1.1% | ||
PROG Holdings, Inc. | 126,098 | 6,647,886 |
Insurance 6.7% | ||
CNO Financial Group, Inc. | 400,308 | 10,632,180 |
Hanover Insurance Group, Inc. (The) | 99,753 | 13,914,546 |
Lincoln National Corp. | 224,254 | 15,650,687 |
Total | 40,197,413 | |
Mortgage Real Estate Investment Trusts (REITS) 0.8% | ||
Ladder Capital Corp., Class A | 416,221 | 4,869,786 |
Thrifts & Mortgage Finance 6.3% | ||
Axos Financial, Inc.(a) | 461,820 | 21,894,886 |
Radian Group, Inc. | 671,310 | 15,675,089 |
Total | 37,569,975 | |
Total Financials | 165,595,119 | |
Health Care 7.3% | ||
Biotechnology 0.5% | ||
Ligand Pharmaceuticals, Inc.(a) | 24,316 | 2,861,993 |
Health Care Equipment & Supplies 3.5% | ||
CONMED Corp. | 80,808 | 11,126,454 |
LivaNova PLC(a) | 120,000 | 10,024,800 |
Total | 21,151,254 | |
Health Care Providers & Services 1.0% | ||
LHC Group, Inc.(a) | 31,145 | 6,130,893 |
Life Sciences Tools & Services 2.3% | ||
Syneos Health, Inc.(a) | 157,418 | 13,837,042 |
Total Health Care | 43,981,182 |
8 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Industrials 14.7% | ||
Aerospace & Defense 1.4% | ||
Curtiss-Wright Corp. | 67,696 | 8,483,663 |
Airlines 1.4% | ||
Spirit Airlines, Inc.(a) | 235,938 | 8,425,346 |
Commercial Services & Supplies 1.5% | ||
Waste Connections, Inc. | 76,511 | 9,291,496 |
Electrical Equipment 0.9% | ||
Bloom Energy Corp., Class A(a) | 226,774 | 5,481,128 |
Machinery 6.1% | ||
ITT, Inc. | 116,032 | 10,895,405 |
Kennametal, Inc. | 225,138 | 8,444,926 |
Rexnord Corp. | 347,458 | 17,362,476 |
Total | 36,702,807 | |
Professional Services 1.3% | ||
CACI International, Inc., Class A(a) | 31,046 | 7,915,488 |
Road & Rail 2.1% | ||
Knight-Swift Transportation Holdings, Inc. | 257,999 | 12,314,292 |
Total Industrials | 88,614,220 | |
Information Technology 11.7% | ||
Communications Equipment 5.4% | ||
Extreme Networks, Inc.(a) | 1,652,538 | 18,905,035 |
Viavi Solutions, Inc.(a) | 775,628 | 13,596,759 |
Total | 32,501,794 | |
IT Services 1.8% | ||
EPAM Systems, Inc.(a) | 22,306 | 10,653,346 |
Semiconductors & Semiconductor Equipment 4.5% | ||
Kulicke & Soffa Industries, Inc. | 299,492 | 15,543,635 |
MACOM Technology Solutions Holdings, Inc.(a) | 195,828 | 11,593,017 |
Total | 27,136,652 | |
Total Information Technology | 70,291,792 | |
Materials 9.6% | ||
Chemicals 2.3% | ||
Minerals Technologies, Inc. | 155,521 | 13,530,327 |
Construction Materials 3.2% | ||
Summit Materials, Inc., Class A(a) | 551,276 | 19,195,431 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Containers & Packaging 2.5% | ||
O-I Glass, Inc.(a) | 815,491 | 15,029,499 |
Metals & Mining 1.6% | ||
Allegheny Technologies, Inc.(a) | 400,000 | 9,796,000 |
Total Materials | 57,551,257 | |
Real Estate 5.2% | ||
Equity Real Estate Investment Trusts (REITS) 5.2% | ||
First Industrial Realty Trust, Inc. | 187,555 | 9,497,785 |
Gaming and Leisure Properties, Inc. | 184,629 | 8,559,400 |
Physicians Realty Trust | 374,453 | 6,788,833 |
QTS Realty Trust Inc., Class A | 102,773 | 6,513,753 |
Total | 31,359,771 | |
Total Real Estate | 31,359,771 | |
Utilities 1.6% | ||
Electric Utilities 1.6% | ||
Portland General Electric Co. | 205,233 | 9,838,870 |
Total Utilities | 9,838,870 | |
Total Common Stocks (Cost $364,823,728) | 595,717,922 | |
Rights —% | ||
Industrials —% | ||
Airlines —% | ||
American Airlines Escrow(a),(b),(c) | 52,560 | 0 |
Total Industrials | 0 | |
Total Rights (Cost $—) | 0 | |
Money Market Funds 0.9% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(d),(e) | 5,501,973 | 5,501,423 |
Total Money Market Funds (Cost $5,501,423) | 5,501,423 | |
Total Investments in Securities (Cost: $370,325,151) | 601,219,345 | |
Other Assets & Liabilities, Net | (184,512) | |
Net Assets | 601,034,833 |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 9 |
May 31, 2021
(a) | Non-income producing investment. |
(b) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2021, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets. |
(c) | Valuation based on significant unobservable inputs. |
(d) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(e) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
1,467,863 | 146,458,122 | (142,424,099) | (463) | 5,501,423 | (219) | 6,487 | 5,501,973 |
■ | 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 | 25,089,915 | — | — | 25,089,915 |
Consumer Discretionary | 68,026,471 | — | — | 68,026,471 |
Consumer Staples | 13,599,753 | — | — | 13,599,753 |
Energy | 21,769,572 | — | — | 21,769,572 |
10 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
May 31, 2021
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Financials | 165,595,119 | — | — | 165,595,119 |
Health Care | 43,981,182 | — | — | 43,981,182 |
Industrials | 88,614,220 | — | — | 88,614,220 |
Information Technology | 70,291,792 | — | — | 70,291,792 |
Materials | 57,551,257 | — | — | 57,551,257 |
Real Estate | 31,359,771 | — | — | 31,359,771 |
Utilities | 9,838,870 | — | — | 9,838,870 |
Total Common Stocks | 595,717,922 | — | — | 595,717,922 |
Rights | ||||
Industrials | — | — | 0* | 0* |
Total Rights | — | — | 0* | 0* |
Money Market Funds | 5,501,423 | — | — | 5,501,423 |
Total Investments in Securities | 601,219,345 | — | 0* | 601,219,345 |
* | Rounds to zero. |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 11 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $364,823,728) | $595,717,922 |
Affiliated issuers (cost $5,501,423) | 5,501,423 |
Receivable for: | |
Capital shares sold | 276,794 |
Dividends | 351,315 |
Expense reimbursement due from Investment Manager | 627 |
Prepaid expenses | 13,334 |
Total assets | 601,861,415 |
Liabilities | |
Payable for: | |
Capital shares purchased | 623,316 |
Management services fees | 14,187 |
Distribution and/or service fees | 3,030 |
Transfer agent fees | 43,021 |
Compensation of board members | 110,651 |
Other expenses | 32,377 |
Total liabilities | 826,582 |
Net assets applicable to outstanding capital stock | $601,034,833 |
Represented by | |
Paid in capital | 348,949,018 |
Total distributable earnings (loss) | 252,085,815 |
Total - representing net assets applicable to outstanding capital stock | $601,034,833 |
Class A | |
Net assets | $420,471,334 |
Shares outstanding | 18,545,321 |
Net asset value per share | $22.67 |
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) | $24.05 |
Advisor Class | |
Net assets | $4,169,477 |
Shares outstanding | 154,757 |
Net asset value per share | $26.94 |
Class C | |
Net assets | $4,970,799 |
Shares outstanding | 328,093 |
Net asset value per share | $15.15 |
Institutional Class | |
Net assets | $44,917,914 |
Shares outstanding | 1,696,877 |
Net asset value per share | $26.47 |
Institutional 2 Class | |
Net assets | $4,265,434 |
Shares outstanding | 158,647 |
Net asset value per share | $26.89 |
Institutional 3 Class | |
Net assets | $118,635,700 |
Shares outstanding | 4,252,685 |
Net asset value per share | $27.90 |
Class R | |
Net assets | $3,604,175 |
Shares outstanding | 172,152 |
Net asset value per share | $20.94 |
12 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $6,146,158 |
Dividends — affiliated issuers | 6,487 |
Interfund lending | 472 |
Foreign taxes withheld | (42,066) |
Total income | 6,111,051 |
Expenses: | |
Management services fees | 3,921,737 |
Distribution and/or service fees | |
Class A | 844,983 |
Class C | 54,170 |
Class R | 5,276 |
Transfer agent fees | |
Class A | 467,424 |
Advisor Class | 4,459 |
Class C | 7,613 |
Institutional Class | 41,033 |
Institutional 2 Class | 2,151 |
Institutional 3 Class | 4,406 |
Class R | 3,741 |
Compensation of board members | 50,914 |
Custodian fees | 4,407 |
Printing and postage fees | 45,596 |
Registration fees | 116,507 |
Audit fees | 29,500 |
Legal fees | 12,903 |
Compensation of chief compliance officer | 92 |
Other | 35,818 |
Total expenses | 5,652,730 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (192,873) |
Expense reduction | (620) |
Total net expenses | 5,459,237 |
Net investment income | 651,814 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 49,158,699 |
Investments — affiliated issuers | (219) |
Net realized gain | 49,158,480 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 209,085,051 |
Investments — affiliated issuers | (463) |
Net change in unrealized appreciation (depreciation) | 209,084,588 |
Net realized and unrealized gain | 258,243,068 |
Net increase in net assets resulting from operations | $258,894,882 |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 13 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income | $651,814 | $480,034 |
Net realized gain | 49,158,480 | 9,566,280 |
Net change in unrealized appreciation (depreciation) | 209,084,588 | (64,343,989) |
Net increase (decrease) in net assets resulting from operations | 258,894,882 | (54,297,675) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (21,126,456) | (463,661) |
Advisor Class | (173,699) | (10,657) |
Class C | (498,117) | (2,906) |
Institutional Class | (1,681,489) | (237,096) |
Institutional 2 Class | (191,552) | (14,038) |
Institutional 3 Class | (4,398,847) | (60,535) |
Class R | (167,149) | (1,201) |
Total distributions to shareholders | (28,237,309) | (790,094) |
Increase (decrease) in net assets from capital stock activity | 34,373,396 | (103,090,889) |
Total increase (decrease) in net assets | 265,030,969 | (158,178,658) |
Net assets at beginning of year | 336,003,864 | 494,182,522 |
Net assets at end of year | $601,034,833 | $336,003,864 |
14 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 471,521 | 8,993,188 | 633,370 | 8,957,453 |
Distributions reinvested | 1,185,962 | 20,742,474 | 26,964 | 451,922 |
Redemptions | (3,442,528) | (59,340,926) | (4,271,587) | (66,026,066) |
Net decrease | (1,785,045) | (29,605,264) | (3,611,253) | (56,616,691) |
Advisor Class | ||||
Subscriptions | 48,244 | 1,118,940 | 67,691 | 1,135,987 |
Distributions reinvested | 8,222 | 170,687 | 535 | 10,525 |
Redemptions | (79,828) | (1,643,719) | (63,026) | (1,167,214) |
Net increase (decrease) | (23,362) | (354,092) | 5,200 | (20,702) |
Class C | ||||
Subscriptions | 58,533 | 730,034 | 54,863 | 586,800 |
Distributions reinvested | 42,398 | 497,329 | 236 | 2,751 |
Redemptions | (335,886) | (4,168,866) | (323,252) | (3,442,853) |
Net decrease | (234,955) | (2,941,503) | (268,153) | (2,853,302) |
Institutional Class | ||||
Subscriptions | 999,784 | 21,277,103 | 1,324,791 | 21,491,806 |
Distributions reinvested | 81,792 | 1,667,734 | 5,696 | 110,267 |
Redemptions | (1,239,027) | (23,092,742) | (3,516,532) | (55,853,882) |
Net decrease | (157,451) | (147,905) | (2,186,045) | (34,251,809) |
Institutional 2 Class | ||||
Subscriptions | 36,445 | 746,946 | 47,730 | 878,179 |
Distributions reinvested | 9,072 | 187,888 | 703 | 13,809 |
Redemptions | (61,825) | (1,254,947) | (394,486) | (7,312,580) |
Net decrease | (16,308) | (320,113) | (346,053) | (6,420,592) |
Institutional 3 Class | ||||
Subscriptions | 4,756,029 | 94,602,352 | 20,347 | 345,552 |
Distributions reinvested | 187,040 | 4,017,627 | 2,977 | 60,520 |
Redemptions | (1,365,798) | (30,558,812) | (39,506) | (722,814) |
Net increase (decrease) | 3,577,271 | 68,061,167 | (16,182) | (316,742) |
Class R | ||||
Subscriptions | 46,424 | 810,245 | 45,995 | 657,330 |
Distributions reinvested | 6,832 | 110,259 | 35 | 548 |
Redemptions | (82,069) | (1,239,398) | (233,968) | (3,268,929) |
Net decrease | (28,813) | (318,894) | (187,938) | (2,611,051) |
Total net increase (decrease) | 1,331,337 | 34,373,396 | (6,610,424) | (103,090,889) |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 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 5/31/2021 | $13.83 | 0.01 | 9.98 | 9.99 | (0.01) | (1.14) | (1.15) |
Year Ended 5/31/2020 | $15.83 | 0.01 | (1.99) | (1.98) | (0.02) | (0.00)(d) | (0.02) |
Year Ended 5/31/2019 | $18.40 | 0.01 | (1.47) | (1.46) | (0.02) | (1.09) | (1.11) |
Year Ended 5/31/2018 | $18.85 | 0.08(e) | 1.91 | 1.99 | — | (2.44) | (2.44) |
Year Ended 5/31/2017 | $17.48 | (0.09) | 2.59 | 2.50 | — | (1.13) | (1.13) |
Advisor Class | |||||||
Year Ended 5/31/2021 | $16.27 | 0.07 | 11.79 | 11.86 | (0.05) | (1.14) | (1.19) |
Year Ended 5/31/2020 | $18.62 | 0.06 | (2.34) | (2.28) | (0.07) | (0.00)(d) | (0.07) |
Year Ended 5/31/2019 | $21.38 | 0.05 | (1.69) | (1.64) | (0.03) | (1.09) | (1.12) |
Year Ended 5/31/2018 | $21.49 | 0.17(e) | 2.16 | 2.33 | — | (2.44) | (2.44) |
Year Ended 5/31/2017 | $19.74 | (0.06) | 2.94 | 2.88 | — | (1.13) | (1.13) |
Class C | |||||||
Year Ended 5/31/2021 | $9.59 | (0.08) | 6.78 | 6.70 | — | (1.14) | (1.14) |
Year Ended 5/31/2020 | $11.05 | (0.07) | (1.39) | (1.46) | — | (0.00)(d) | (0.00)(d) |
Year Ended 5/31/2019 | $13.29 | (0.09) | (1.06) | (1.15) | — | (1.09) | (1.09) |
Year Ended 5/31/2018 | $14.35 | (0.05)(e) | 1.43 | 1.38 | — | (2.44) | (2.44) |
Year Ended 5/31/2017 | $13.64 | (0.18) | 2.02 | 1.84 | — | (1.13) | (1.13) |
Institutional Class | |||||||
Year Ended 5/31/2021 | $16.00 | 0.07 | 11.59 | 11.66 | (0.05) | (1.14) | (1.19) |
Year Ended 5/31/2020 | $18.31 | 0.06 | (2.30) | (2.24) | (0.07) | (0.00)(d) | (0.07) |
Year Ended 5/31/2019 | $21.05 | 0.05 | (1.67) | (1.62) | (0.03) | (1.09) | (1.12) |
Year Ended 5/31/2018 | $21.19 | 0.15(e) | 2.15 | 2.30 | — | (2.44) | (2.44) |
Year Ended 5/31/2017 | $19.48 | (0.06) | 2.90 | 2.84 | — | (1.13) | (1.13) |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $16.24 | 0.08 | 11.77 | 11.85 | (0.06) | (1.14) | (1.20) |
Year Ended 5/31/2020 | $18.58 | 0.07 | (2.33) | (2.26) | (0.08) | (0.00)(d) | (0.08) |
Year Ended 5/31/2019 | $21.33 | 0.08 | (1.70) | (1.62) | (0.04) | (1.09) | (1.13) |
Year Ended 5/31/2018 | $21.43 | 0.17(e) | 2.17 | 2.34 | — | (2.44) | (2.44) |
Year Ended 5/31/2017 | $19.66 | (0.04) | 2.94 | 2.90 | — | (1.13) | (1.13) |
16 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2021 | $22.67 | 74.66% | 1.32% | 1.28%(c) | 0.08% | 30% | $420,471 |
Year Ended 5/31/2020 | $13.83 | (12.52%) | 1.31% | 1.31%(c) | 0.07% | 17% | $281,259 |
Year Ended 5/31/2019 | $15.83 | (7.80%) | 1.30% | 1.30%(c) | 0.08% | 17% | $379,113 |
Year Ended 5/31/2018 | $18.40 | 10.88% | 1.29% | 1.29%(c) | 0.42% | 20% | $459,420 |
Year Ended 5/31/2017 | $18.85 | 14.44% | 1.32% | 1.32%(c) | (0.52%) | 24% | $493,661 |
Advisor Class | |||||||
Year Ended 5/31/2021 | $26.94 | 75.04% | 1.07% | 1.03%(c) | 0.33% | 30% | $4,169 |
Year Ended 5/31/2020 | $16.27 | (12.32%) | 1.06% | 1.06%(c) | 0.33% | 17% | $2,898 |
Year Ended 5/31/2019 | $18.62 | (7.50%) | 1.04% | 1.04%(c) | 0.26% | 17% | $3,219 |
Year Ended 5/31/2018 | $21.38 | 11.14% | 1.04% | 1.04%(c) | 0.78% | 20% | $5,519 |
Year Ended 5/31/2017 | $21.49 | 14.72% | 1.07% | 1.07%(c) | (0.28%) | 24% | $4,860 |
Class C | |||||||
Year Ended 5/31/2021 | $15.15 | 73.36% | 2.07% | 2.03%(c) | (0.66%) | 30% | $4,971 |
Year Ended 5/31/2020 | $9.59 | (13.18%) | 2.06% | 2.06%(c) | (0.67%) | 17% | $5,402 |
Year Ended 5/31/2019 | $11.05 | (8.46%) | 2.04% | 2.04%(c) | (0.68%) | 17% | $9,187 |
Year Ended 5/31/2018 | $13.29 | 9.98% | 2.04% | 2.04%(c) | (0.34%) | 20% | $30,308 |
Year Ended 5/31/2017 | $14.35 | 13.64% | 2.07% | 2.07%(c) | (1.27%) | 24% | $35,657 |
Institutional Class | |||||||
Year Ended 5/31/2021 | $26.47 | 75.06% | 1.07% | 1.02%(c) | 0.33% | 30% | $44,918 |
Year Ended 5/31/2020 | $16.00 | (12.31%) | 1.06% | 1.06%(c) | 0.32% | 17% | $29,670 |
Year Ended 5/31/2019 | $18.31 | (7.53%) | 1.04% | 1.04%(c) | 0.25% | 17% | $73,967 |
Year Ended 5/31/2018 | $21.05 | 11.15% | 1.04% | 1.04%(c) | 0.71% | 20% | $127,825 |
Year Ended 5/31/2017 | $21.19 | 14.71% | 1.07% | 1.07%(c) | (0.30%) | 24% | $103,000 |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $26.89 | 75.16% | 0.99% | 0.96% | 0.39% | 30% | $4,265 |
Year Ended 5/31/2020 | $16.24 | (12.24%) | 0.98% | 0.98% | 0.36% | 17% | $2,841 |
Year Ended 5/31/2019 | $18.58 | (7.44%) | 0.97% | 0.97% | 0.40% | 17% | $9,678 |
Year Ended 5/31/2018 | $21.33 | 11.22% | 0.96% | 0.96% | 0.78% | 20% | $11,770 |
Year Ended 5/31/2017 | $21.43 | 14.88% | 0.96% | 0.96% | (0.19%) | 24% | $17,775 |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 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 5/31/2021 | $16.81 | 0.10 | 12.20 | 12.30 | (0.07) | (1.14) | (1.21) |
Year Ended 5/31/2020 | $19.23 | 0.09 | (2.42) | (2.33) | (0.09) | (0.00)(d) | (0.09) |
Year Ended 5/31/2019 | $22.03 | 0.10 | (1.77) | (1.67) | (0.04) | (1.09) | (1.13) |
Year Ended 5/31/2018 | $22.05 | 0.18(e) | 2.24 | 2.42 | — | (2.44) | (2.44) |
Year Ended 5/31/2017 | $20.20 | (0.14) | 3.12 | 2.98 | — | (1.13) | (1.13) |
Class R | |||||||
Year Ended 5/31/2021 | $12.83 | 0.02 | 9.23 | 9.25 | — | (1.14) | (1.14) |
Year Ended 5/31/2020 | $14.71 | (0.03) | (1.85) | (1.88) | — | (0.00)(d) | (0.00)(d) |
Year Ended 5/31/2019 | $17.20 | (0.03) | (1.37) | (1.40) | — | (1.09) | (1.09) |
Year Ended 5/31/2018 | $17.81 | 0.04(e) | 1.79 | 1.83 | — | (2.44) | (2.44) |
Year Ended 5/31/2017 | $16.62 | (0.13) | 2.45 | 2.32 | — | (1.13) | (1.13) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Rounds to zero. |
(e) | Net investment income per share includes special dividends. The per share effect of these dividends amounted to: |
Year Ended | Class A | Advisor Class | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class | Class R |
05/31/2018 | $0.22 | $0.28 | $0.16 | $0.26 | $0.26 | $0.26 | $0.22 |
18 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $27.90 | 75.30% | 0.94% | 0.89% | 0.44% | 30% | $118,636 |
Year Ended 5/31/2020 | $16.81 | (12.20%) | 0.93% | 0.93% | 0.46% | 17% | $11,355 |
Year Ended 5/31/2019 | $19.23 | (7.41%) | 0.92% | 0.92% | 0.47% | 17% | $13,299 |
Year Ended 5/31/2018 | $22.03 | 11.27% | 0.91% | 0.91% | 0.79% | 20% | $15,117 |
Year Ended 5/31/2017 | $22.05 | 14.88% | 0.92% | 0.92% | (0.66%) | 24% | $14,576 |
Class R | |||||||
Year Ended 5/31/2021 | $20.94 | 74.76% | 1.26% | 1.22%(c) | 0.12% | 30% | $3,604 |
Year Ended 5/31/2020 | $12.83 | (12.76%) | 1.56% | 1.56%(c) | (0.19%) | 17% | $2,579 |
Year Ended 5/31/2019 | $14.71 | (7.97%) | 1.54% | 1.54%(c) | (0.21%) | 17% | $5,720 |
Year Ended 5/31/2018 | $17.20 | 10.60% | 1.54% | 1.54%(c) | 0.23% | 20% | $9,018 |
Year Ended 5/31/2017 | $17.81 | 14.09% | 1.57% | 1.57%(c) | (0.77%) | 24% | $11,210 |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 19 |
May 31, 2021
20 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
May 31, 2021
Columbia Select Small Cap Value Fund | Annual Report 2021 | 21 |
May 31, 2021
22 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
May 31, 2021
Effective rate (%) | |
Class A | 0.14 |
Advisor Class | 0.14 |
Class C | 0.14 |
Institutional Class | 0.14 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.14 |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 23 |
May 31, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 69,450 |
Class C | — | 1.00(b) | 101 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2020 through September 30, 2021 | Prior to October 1, 2020 | |
Class A | 1.28% | 1.33% |
Advisor Class | 1.03 | 1.08 |
Class C | 2.03 | 2.08 |
Institutional Class | 1.03 | 1.08 |
Institutional 2 Class | 0.94 | 1.01 |
Institutional 3 Class | 0.88 | 0.96 |
Class R | 1.53 | 1.58 |
24 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
May 31, 2021
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(124,305) | 124,305 | — |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
369,371 | 27,867,938 | 28,237,309 | 790,094 | — | 790,094 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
497,978 | 20,908,945 | — | 230,788,282 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
370,431,063 | 233,927,875 | (3,139,593) | 230,788,282 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
— | — | — | 496,996 |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 25 |
May 31, 2021
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 7,700,000 | 0.74 | 3 |
26 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
May 31, 2021
Columbia Select Small Cap Value Fund | Annual Report 2021 | 27 |
May 31, 2021
28 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 29 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
100.00% | 100.00% | $51,215,727 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
30 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 31 |
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 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
32 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
34 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 35 |
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 |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
36 | Columbia Select Small Cap Value Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
Columbia Select Small Cap Value Fund | Annual Report 2021 | 37 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
20 | |
29 | |
30 | |
30 | |
36 | |
37 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 04/25/97 | 59.28 | 15.25 | 12.47 |
Including sales charges | 50.13 | 13.89 | 11.81 | ||
Advisor Class* | 11/08/12 | 59.64 | 15.55 | 12.72 | |
Class C | Excluding sales charges | 05/27/99 | 58.03 | 14.40 | 11.63 |
Including sales charges | 57.03 | 14.40 | 11.63 | ||
Institutional Class | 09/27/10 | 59.67 | 15.54 | 12.75 | |
Institutional 2 Class | 11/30/01 | 59.74 | 15.61 | 12.84 | |
Institutional 3 Class* | 10/01/14 | 59.79 | 15.67 | 12.76 | |
Class R | 04/30/03 | 58.97 | 14.98 | 12.20 | |
Russell 1000 Value Index | 44.38 | 12.33 | 11.51 | ||
S&P 500 Index | 40.32 | 17.16 | 14.38 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Common Stocks | 96.8 |
Money Market Funds | 2.8 |
Preferred Stocks | 0.4 |
Total | 100.0 |
Equity sector breakdown (%) (at May 31, 2021) | |
Communication Services | 4.4 |
Consumer Discretionary | 6.8 |
Consumer Staples | 3.6 |
Energy | 8.1 |
Financials | 21.6 |
Health Care | 14.8 |
Industrials | 9.3 |
Information Technology | 13.9 |
Materials | 10.4 |
Utilities | 7.1 |
Total | 100.0 |
4 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
• | The Fund’s outperformance of the benchmark during the period was driven primarily by strong, broad-based security selection, especially in the information technology, utilities, consumer discretionary, financials, energy and materials sectors. |
• | An overweight to materials and an underweight to consumer staples also were meaningful sources of outperformance. Please note that sector variances were a byproduct of the portfolio’s longstanding bottom-up security selection process. |
• | Copper miner Freeport-McMoRan, Inc. was a top performer as investors reacted to rising copper prices and additionally considered long-term demand drivers including renewable energy, EVs, antimicrobial applications and 5G data centers. |
• | Multi-channel retailer Qurate Retail, Inc. rose as the company benefitted from e-commerce during the pandemic and investors increasingly focused on its strong competitive position and generation of free cash flow. |
• | Independent power producer AES was a standout performer among the three utility names the Fund owns, thanks in large part to a second investment-grade rating that helped improve expectations for business stability. |
• | Specialty glass maker Corning rose after reporting strong results across key business segments and prudently managing post-COVID-19 expectations for its medical glass products. |
• | Semiconductor equipment maker Applied Materials rose as investors focused on better-than-expected earnings growth and a strong outlook across all market segments. |
• | Security selection within the health care and communication services sectors detracted most from the Fund’s relative performance. |
• | An underweight to the industrials sector also was a notable detractor. |
• | Medical supplies maker Baxter International was the top detractor despite experiencing good business as investors focused on expectations for post-COVID-19 hospital destocking to slow top line growth for a few quarters. |
• | Notable individual detractors also included chicken, beef and pork producer Tyson Foods, which was hurt by COVID-19-related concerns dampening exports. |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 5 |
6 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
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 | 1,291.30 | 1,020.65 | 4.44 | 3.91 | 0.79 |
Advisor Class | 1,000.00 | 1,000.00 | 1,292.80 | 1,021.87 | 3.04 | 2.68 | 0.54 |
Class C | 1,000.00 | 1,000.00 | 1,286.30 | 1,016.97 | 8.63 | 7.62 | 1.54 |
Institutional Class | 1,000.00 | 1,000.00 | 1,292.70 | 1,021.87 | 3.04 | 2.68 | 0.54 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,292.90 | 1,022.17 | 2.70 | 2.38 | 0.48 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,293.00 | 1,022.41 | 2.42 | 2.13 | 0.43 |
Class R | 1,000.00 | 1,000.00 | 1,289.80 | 1,019.67 | 5.56 | 4.90 | 0.99 |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 7 |
May 31, 2021
Common Stocks 96.2% | ||
Issuer | Shares | Value ($) |
Communication Services 4.3% | ||
Diversified Telecommunication Services 4.3% | ||
Verizon Communications, Inc. | 1,310,760 | 74,044,832 |
Total Communication Services | 74,044,832 | |
Consumer Discretionary 6.2% | ||
Internet & Direct Marketing Retail 2.4% | ||
Qurate Retail, Inc. | 3,045,016 | 41,503,568 |
Specialty Retail 3.8% | ||
Lowe’s Companies, Inc. | 338,728 | 65,994,376 |
Total Consumer Discretionary | 107,497,944 | |
Consumer Staples 3.5% | ||
Tobacco 3.5% | ||
Philip Morris International, Inc. | 629,744 | 60,726,214 |
Total Consumer Staples | 60,726,214 | |
Energy 7.8% | ||
Energy Equipment & Services 2.1% | ||
Technip Energies NV, ADR(a) | 489,126 | 7,354,009 |
TechnipFMC PLC(a) | 3,287,581 | 28,240,321 |
Total | 35,594,330 | |
Oil, Gas & Consumable Fuels 5.7% | ||
Chevron Corp. | 184,328 | 19,131,403 |
Marathon Petroleum Corp. | 560,753 | 34,654,536 |
Williams Companies, Inc. (The) | 1,724,367 | 45,419,827 |
Total | 99,205,766 | |
Total Energy | 134,800,096 | |
Financials 20.9% | ||
Banks 12.7% | ||
Bank of America Corp. | 1,358,493 | 57,586,518 |
Citigroup, Inc. | 685,052 | 53,920,443 |
JPMorgan Chase & Co. | 323,720 | 53,167,773 |
Wells Fargo & Co. | 1,153,028 | 53,869,468 |
Total | 218,544,202 | |
Capital Markets 2.7% | ||
Morgan Stanley | 520,496 | 47,339,111 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Insurance 5.5% | ||
American International Group, Inc. | 910,047 | 48,086,883 |
MetLife, Inc. | 713,146 | 46,611,223 |
Total | 94,698,106 | |
Total Financials | 360,581,419 | |
Health Care 14.3% | ||
Health Care Equipment & Supplies 2.5% | ||
Baxter International, Inc. | 534,866 | 43,923,196 |
Health Care Providers & Services 9.3% | ||
Centene Corp.(a) | 811,683 | 59,739,869 |
Cigna Corp. | 201,032 | 52,037,133 |
Humana, Inc. | 111,545 | 48,823,246 |
Total | 160,600,248 | |
Pharmaceuticals 2.5% | ||
Bristol-Myers Squibb Co. | 650,619 | 42,758,681 |
Total Health Care | 247,282,125 | |
Industrials 9.0% | ||
Aerospace & Defense 2.9% | ||
Raytheon Technologies Corp. | 555,905 | 49,314,333 |
Industrial Conglomerates 1.7% | ||
Honeywell International, Inc. | 130,644 | 30,167,006 |
Machinery 1.2% | ||
Caterpillar, Inc. | 83,279 | 20,076,901 |
Road & Rail 3.2% | ||
CSX Corp. | 320,960 | 32,134,515 |
Union Pacific Corp. | 102,325 | 22,995,497 |
Total | 55,130,012 | |
Total Industrials | 154,688,252 | |
Information Technology 13.4% | ||
Communications Equipment 3.6% | ||
Cisco Systems, Inc. | 1,194,049 | 63,165,192 |
Electronic Equipment, Instruments & Components 2.2% | ||
Corning, Inc. | 856,735 | 37,379,348 |
8 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Semiconductors & Semiconductor Equipment 5.2% | ||
Applied Materials, Inc. | 302,465 | 41,779,491 |
QUALCOMM, Inc. | 358,522 | 48,235,550 |
Total | 90,015,041 | |
Software 2.4% | ||
Teradata Corp.(a) | 867,045 | 41,505,444 |
Total Information Technology | 232,065,025 | |
Materials 10.0% | ||
Chemicals 3.2% | ||
FMC Corp. | 479,488 | 55,951,455 |
Metals & Mining 6.8% | ||
Barrick Gold Corp. | 2,738,062 | 65,932,533 |
Freeport-McMoRan, Inc. | 1,203,442 | 51,411,042 |
Total | 117,343,575 | |
Total Materials | 173,295,030 | |
Utilities 6.8% | ||
Electric Utilities 4.9% | ||
FirstEnergy Corp. | 1,658,188 | 62,861,907 |
NextEra Energy, Inc. | 299,804 | 21,951,649 |
Total | 84,813,556 | |
Independent Power and Renewable Electricity Producers 1.9% | ||
AES Corp. (The) | 1,301,482 | 33,070,658 |
Total Utilities | 117,884,214 | |
Total Common Stocks (Cost $972,977,589) | 1,662,865,151 |
Preferred Stocks 0.4% | |||
Issuer | Shares | Value ($) | |
Consumer Discretionary 0.4% | |||
Internet & Direct Marketing Retail 0.4% | |||
Qurate Retail, Inc. | 8.000% | 59,180 | 6,248,225 |
Total Consumer Discretionary | 6,248,225 | ||
Total Preferred Stocks (Cost $11,699,817) | 6,248,225 |
Money Market Funds 2.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(b),(c) | 48,631,172 | 48,626,308 |
Total Money Market Funds (Cost $48,626,308) | 48,626,308 | |
Total Investments in Securities (Cost: $1,033,303,714) | 1,717,739,684 | |
Other Assets & Liabilities, Net | 10,718,030 | |
Net Assets | 1,728,457,714 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
34,560,903 | 457,943,916 | (443,867,373) | (11,138) | 48,626,308 | 7,863 | 32,906 | 48,631,172 |
ADR | American Depositary Receipt |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 9 |
May 31, 2021
■ | 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 | 74,044,832 | — | — | 74,044,832 |
Consumer Discretionary | 107,497,944 | — | — | 107,497,944 |
Consumer Staples | 60,726,214 | — | — | 60,726,214 |
Energy | 127,446,087 | 7,354,009 | — | 134,800,096 |
Financials | 360,581,419 | — | — | 360,581,419 |
Health Care | 247,282,125 | — | — | 247,282,125 |
Industrials | 154,688,252 | — | — | 154,688,252 |
Information Technology | 232,065,025 | — | — | 232,065,025 |
Materials | 173,295,030 | — | — | 173,295,030 |
Utilities | 117,884,214 | — | — | 117,884,214 |
Total Common Stocks | 1,655,511,142 | 7,354,009 | — | 1,662,865,151 |
Preferred Stocks | ||||
Consumer Discretionary | 6,248,225 | — | — | 6,248,225 |
Total Preferred Stocks | 6,248,225 | — | — | 6,248,225 |
Money Market Funds | 48,626,308 | — | — | 48,626,308 |
Total Investments in Securities | 1,710,385,675 | 7,354,009 | — | 1,717,739,684 |
10 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Columbia Select Large Cap Value Fund | Annual Report 2021 | 11 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $984,677,406) | $1,669,113,376 |
Affiliated issuers (cost $48,626,308) | 48,626,308 |
Receivable for: | |
Capital shares sold | 9,003,912 |
Dividends | 3,173,431 |
Foreign tax reclaims | 76,666 |
Expense reimbursement due from Investment Manager | 13,924 |
Prepaid expenses | 19,664 |
Total assets | 1,730,027,281 |
Liabilities | |
Payable for: | |
Capital shares purchased | 1,242,030 |
Management services fees | 32,456 |
Distribution and/or service fees | 3,314 |
Transfer agent fees | 165,748 |
Compensation of board members | 86,294 |
Other expenses | 39,725 |
Total liabilities | 1,569,567 |
Net assets applicable to outstanding capital stock | $1,728,457,714 |
Represented by | |
Paid in capital | 1,011,447,950 |
Total distributable earnings (loss) | 717,009,764 |
Total - representing net assets applicable to outstanding capital stock | $1,728,457,714 |
Class A | |
Net assets | $275,300,579 |
Shares outstanding | 8,644,999 |
Net asset value per share | $31.85 |
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) | $33.79 |
Advisor Class | |
Net assets | $202,134,048 |
Shares outstanding | 5,975,661 |
Net asset value per share | $33.83 |
Class C | |
Net assets | $41,235,703 |
Shares outstanding | 1,437,594 |
Net asset value per share | $28.68 |
Institutional Class | |
Net assets | $917,729,428 |
Shares outstanding | 27,550,713 |
Net asset value per share | $33.31 |
Institutional 2 Class | |
Net assets | $134,430,186 |
Shares outstanding | 4,034,464 |
Net asset value per share | $33.32 |
Institutional 3 Class | |
Net assets | $132,235,186 |
Shares outstanding | 3,896,377 |
Net asset value per share | $33.94 |
Class R | |
Net assets | $25,392,584 |
Shares outstanding | 812,907 |
Net asset value per share | $31.24 |
12 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $35,266,664 |
Dividends — affiliated issuers | 32,906 |
Interfund lending | 317 |
Non-cash dividends - unaffiliated issuers | 7,557,009 |
Foreign taxes withheld | (186,484) |
Total income | 42,670,412 |
Expenses: | |
Management services fees | 8,563,579 |
Distribution and/or service fees | |
Class A | 533,102 |
Class C | 330,834 |
Class R | 77,311 |
Transfer agent fees | |
Class A | 256,585 |
Advisor Class | 190,252 |
Class C | 39,842 |
Institutional Class | 701,409 |
Institutional 2 Class | 40,014 |
Institutional 3 Class | 7,840 |
Class R | 20,657 |
Compensation of board members | 51,708 |
Custodian fees | 7,660 |
Printing and postage fees | 57,350 |
Registration fees | 163,548 |
Audit fees | 29,500 |
Legal fees | 19,569 |
Compensation of chief compliance officer | 229 |
Other | 54,769 |
Total expenses | 11,145,758 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (3,910,918) |
Expense reduction | (500) |
Total net expenses | 7,234,340 |
Net investment income | 35,436,072 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 84,610,378 |
Investments — affiliated issuers | 7,863 |
Net realized gain | 84,618,241 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 447,165,290 |
Investments — affiliated issuers | (11,138) |
Net change in unrealized appreciation (depreciation) | 447,154,152 |
Net realized and unrealized gain | 531,772,393 |
Net increase in net assets resulting from operations | $567,208,465 |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 13 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income | $35,436,072 | $19,705,294 |
Net realized gain | 84,618,241 | 20,315,750 |
Net change in unrealized appreciation (depreciation) | 447,154,152 | (41,491,614) |
Net increase (decrease) in net assets resulting from operations | 567,208,465 | (1,470,570) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (14,930,047) | (16,550,413) |
Advisor Class | (10,679,245) | (10,360,247) |
Class C | (2,288,161) | (3,071,749) |
Institutional Class | (39,856,183) | (30,851,463) |
Institutional 2 Class | (3,975,285) | (2,666,230) |
Institutional 3 Class | (11,460,762) | (11,443,546) |
Class R | (1,196,737) | (1,479,732) |
Total distributions to shareholders | (84,386,420) | (76,423,380) |
Increase (decrease) in net assets from capital stock activity | 317,486,629 | (52,623,188) |
Total increase (decrease) in net assets | 800,308,674 | (130,517,138) |
Net assets at beginning of year | 928,149,040 | 1,058,666,178 |
Net assets at end of year | $1,728,457,714 | $928,149,040 |
14 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 2,106,223 | 56,731,499 | 1,959,836 | 45,581,965 |
Distributions reinvested | 414,449 | 10,609,889 | 497,925 | 12,463,063 |
Redemptions | (2,607,597) | (65,400,167) | (3,111,050) | (70,289,976) |
Net increase (decrease) | (86,925) | 1,941,221 | (653,289) | (12,244,948) |
Advisor Class | ||||
Subscriptions | 1,741,158 | 49,897,728 | 2,153,433 | 50,793,146 |
Distributions reinvested | 372,084 | 10,105,806 | 369,547 | 9,770,827 |
Redemptions | (2,029,831) | (56,513,441) | (2,704,779) | (67,470,506) |
Net increase (decrease) | 83,411 | 3,490,093 | (181,799) | (6,906,533) |
Class C | ||||
Subscriptions | 457,203 | 11,536,180 | 222,492 | 4,968,379 |
Distributions reinvested | 82,145 | 1,900,024 | 95,353 | 2,174,056 |
Redemptions | (781,516) | (17,999,583) | (934,752) | (19,768,784) |
Net decrease | (242,168) | (4,563,379) | (616,907) | (12,626,349) |
Institutional Class | ||||
Subscriptions | 12,571,255 | 367,027,692 | 9,258,812 | 212,203,673 |
Distributions reinvested | 1,288,126 | 34,444,485 | 997,522 | 25,995,417 |
Redemptions | (6,007,565) | (165,027,420) | (8,250,952) | (193,323,932) |
Net increase | 7,851,816 | 236,444,757 | 2,005,382 | 44,875,158 |
Institutional 2 Class | ||||
Subscriptions | 3,798,665 | 109,241,839 | 681,033 | 16,632,470 |
Distributions reinvested | 148,440 | 3,969,280 | 102,094 | 2,660,579 |
Redemptions | (1,194,629) | (35,086,460) | (1,141,001) | (29,822,905) |
Net increase (decrease) | 2,752,476 | 78,124,659 | (357,874) | (10,529,856) |
Institutional 3 Class | ||||
Subscriptions | 3,274,292 | 87,432,085 | 1,017,576 | 25,599,923 |
Distributions reinvested | 373,887 | 10,184,688 | 430,471 | 11,407,467 |
Redemptions | (3,603,258) | (98,493,776) | (3,695,529) | (84,315,468) |
Net increase (decrease) | 44,921 | (877,003) | (2,247,482) | (47,308,078) |
Class R | ||||
Subscriptions | 333,567 | 9,325,511 | 159,374 | 3,685,720 |
Distributions reinvested | 41,920 | 1,053,451 | 40,263 | 991,267 |
Redemptions | (298,930) | (7,452,681) | (543,225) | (12,559,569) |
Net increase (decrease) | 76,557 | 2,926,281 | (343,588) | (7,882,582) |
Total net increase (decrease) | 10,480,088 | 317,486,629 | (2,395,557) | (52,623,188) |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2021 | $21.50 | 0.71(c) | 11.57 | 12.28 | (0.60) | (1.33) | (1.93) |
Year Ended 5/31/2020 | $23.28 | 0.41 | (0.38) | 0.03 | (0.46) | (1.35) | (1.81) |
Year Ended 5/31/2019 | $25.66 | 0.41 | (1.73) | (1.32) | (0.36) | (0.70) | (1.06) |
Year Ended 5/31/2018 | $23.93 | 0.27 | 2.71 | 2.98 | (0.24) | (1.01) | (1.25) |
Year Ended 5/31/2017 | $21.43 | 0.24 | 4.17 | 4.41 | (0.26) | (1.65) | (1.91) |
Advisor Class | |||||||
Year Ended 5/31/2021 | $22.74 | 0.82(c) | 12.25 | 13.07 | (0.65) | (1.33) | (1.98) |
Year Ended 5/31/2020 | $24.52 | 0.49 | (0.40) | 0.09 | (0.52) | (1.35) | (1.87) |
Year Ended 5/31/2019 | $26.98 | 0.50 | (1.83) | (1.33) | (0.43) | (0.70) | (1.13) |
Year Ended 5/31/2018 | $25.10 | 0.36 | 2.83 | 3.19 | (0.30) | (1.01) | (1.31) |
Year Ended 5/31/2017 | $22.38 | 0.32 | 4.36 | 4.68 | (0.31) | (1.65) | (1.96) |
Class C | |||||||
Year Ended 5/31/2021 | $19.52 | 0.46(c) | 10.45 | 10.91 | (0.42) | (1.33) | (1.75) |
Year Ended 5/31/2020 | $21.26 | 0.21 | (0.34) | (0.13) | (0.26) | (1.35) | (1.61) |
Year Ended 5/31/2019 | $23.49 | 0.20 | (1.57) | (1.37) | (0.16) | (0.70) | (0.86) |
Year Ended 5/31/2018 | $22.00 | 0.07 | 2.48 | 2.55 | (0.05) | (1.01) | (1.06) |
Year Ended 5/31/2017 | $19.83 | 0.06 | 3.86 | 3.92 | (0.10) | (1.65) | (1.75) |
Institutional Class | |||||||
Year Ended 5/31/2021 | $22.41 | 0.84(c) | 12.04 | 12.88 | (0.65) | (1.33) | (1.98) |
Year Ended 5/31/2020 | $24.19 | 0.49 | (0.40) | 0.09 | (0.52) | (1.35) | (1.87) |
Year Ended 5/31/2019 | $26.63 | 0.49 | (1.80) | (1.31) | (0.43) | (0.70) | (1.13) |
Year Ended 5/31/2018 | $24.79 | 0.36 | 2.79 | 3.15 | (0.30) | (1.01) | (1.31) |
Year Ended 5/31/2017 | $22.13 | 0.32 | 4.30 | 4.62 | (0.31) | (1.65) | (1.96) |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $22.42 | 0.91(c) | 11.99 | 12.90 | (0.67) | (1.33) | (2.00) |
Year Ended 5/31/2020 | $24.20 | 0.50 | (0.40) | 0.10 | (0.53) | (1.35) | (1.88) |
Year Ended 5/31/2019 | $26.64 | 0.50 | (1.79) | (1.29) | (0.45) | (0.70) | (1.15) |
Year Ended 5/31/2018 | $24.81 | 0.39 | 2.77 | 3.16 | (0.32) | (1.01) | (1.33) |
Year Ended 5/31/2017 | $22.14 | 0.33 | 4.32 | 4.65 | (0.33) | (1.65) | (1.98) |
16 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2021 | $31.85 | 59.28% | 1.12% | 0.79%(d) | 2.74% | 29% | $275,301 |
Year Ended 5/31/2020 | $21.50 | (0.98%) | 1.14%(e) | 0.80%(d),(e) | 1.70% | 18% | $187,746 |
Year Ended 5/31/2019 | $23.28 | (5.09%) | 1.13% | 0.80%(d) | 1.64% | 21% | $218,458 |
Year Ended 5/31/2018 | $25.66 | 12.39% | 1.15% | 1.03%(d) | 1.07% | 9% | $225,532 |
Year Ended 5/31/2017 | $23.93 | 20.87% | 1.19% | 1.16%(d) | 1.05% | 8% | $204,824 |
Advisor Class | |||||||
Year Ended 5/31/2021 | $33.83 | 59.64% | 0.87% | 0.54%(d) | 2.99% | 29% | $202,134 |
Year Ended 5/31/2020 | $22.74 | (0.70%) | 0.89%(e) | 0.55%(d),(e) | 1.96% | 18% | $133,966 |
Year Ended 5/31/2019 | $24.52 | (4.87%) | 0.88% | 0.55%(d) | 1.89% | 21% | $148,935 |
Year Ended 5/31/2018 | $26.98 | 12.67% | 0.90% | 0.77%(d) | 1.35% | 9% | $154,976 |
Year Ended 5/31/2017 | $25.10 | 21.23% | 0.94% | 0.91%(d) | 1.33% | 8% | $40,794 |
Class C | |||||||
Year Ended 5/31/2021 | $28.68 | 58.03% | 1.87% | 1.54%(d) | 1.97% | 29% | $41,236 |
Year Ended 5/31/2020 | $19.52 | (1.68%) | 1.89%(e) | 1.55%(d),(e) | 0.94% | 18% | $32,781 |
Year Ended 5/31/2019 | $21.26 | (5.80%) | 1.88% | 1.55%(d) | 0.87% | 21% | $48,824 |
Year Ended 5/31/2018 | $23.49 | 11.53% | 1.90% | 1.78%(d) | 0.32% | 9% | $70,325 |
Year Ended 5/31/2017 | $22.00 | 20.02% | 1.94% | 1.91%(d) | 0.30% | 8% | $65,295 |
Institutional Class | |||||||
Year Ended 5/31/2021 | $33.31 | 59.67% | 0.87% | 0.54%(d) | 3.06% | 29% | $917,729 |
Year Ended 5/31/2020 | $22.41 | (0.71%) | 0.89%(e) | 0.55%(d),(e) | 1.97% | 18% | $441,521 |
Year Ended 5/31/2019 | $24.19 | (4.86%) | 0.88% | 0.55%(d) | 1.89% | 21% | $428,080 |
Year Ended 5/31/2018 | $26.63 | 12.66% | 0.90% | 0.77%(d) | 1.35% | 9% | $397,901 |
Year Ended 5/31/2017 | $24.79 | 21.19% | 0.94% | 0.91%(d) | 1.33% | 8% | $294,914 |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $33.32 | 59.74% | 0.81% | 0.48% | 3.23% | 29% | $134,430 |
Year Ended 5/31/2020 | $22.42 | (0.66%) | 0.82%(e) | 0.50%(e) | 1.98% | 18% | $28,742 |
Year Ended 5/31/2019 | $24.20 | (4.80%) | 0.82% | 0.51% | 1.92% | 21% | $39,688 |
Year Ended 5/31/2018 | $26.64 | 12.69% | 0.84% | 0.69% | 1.48% | 9% | $54,500 |
Year Ended 5/31/2017 | $24.81 | 21.33% | 0.85% | 0.83% | 1.39% | 8% | $23,215 |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $22.81 | 0.88(c) | 12.26 | 13.14 | (0.68) | (1.33) | (2.01) |
Year Ended 5/31/2020 | $24.59 | 0.52 | (0.40) | 0.12 | (0.55) | (1.35) | (1.90) |
Year Ended 5/31/2019 | $27.05 | 0.53 | (1.83) | (1.30) | (0.46) | (0.70) | (1.16) |
Year Ended 5/31/2018 | $25.16 | 0.39 | 2.84 | 3.23 | (0.33) | (1.01) | (1.34) |
Year Ended 5/31/2017 | $22.43 | 0.50 | 4.22 | 4.72 | (0.34) | (1.65) | (1.99) |
Class R | |||||||
Year Ended 5/31/2021 | $21.12 | 0.67(c) | 11.33 | 12.00 | (0.55) | (1.33) | (1.88) |
Year Ended 5/31/2020 | $22.90 | 0.34 | (0.38) | (0.04) | (0.39) | (1.35) | (1.74) |
Year Ended 5/31/2019 | $25.25 | 0.34 | (1.69) | (1.35) | (0.30) | (0.70) | (1.00) |
Year Ended 5/31/2018 | $23.57 | 0.20 | 2.67 | 2.87 | (0.18) | (1.01) | (1.19) |
Year Ended 5/31/2017 | $21.13 | 0.18 | 4.12 | 4.30 | (0.21) | (1.65) | (1.86) |
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) | Net investment income per share includes special dividends. The per share effect of these dividends amounted to: |
Year Ended | Class A | Advisor Class | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class | Class R |
05/31/2021 | $0.19 | $0.21 | $0.17 | $0.19 | $0.17 | $0.25 | $0.19 |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Ratios include interfund lending expense which is less than 0.01%. |
18 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $33.94 | 59.79% | 0.76% | 0.43% | 3.22% | 29% | $132,235 |
Year Ended 5/31/2020 | $22.81 | (0.60%) | 0.77%(e) | 0.45%(e) | 2.06% | 18% | $87,839 |
Year Ended 5/31/2019 | $24.59 | (4.76%) | 0.77% | 0.46% | 1.98% | 21% | $149,956 |
Year Ended 5/31/2018 | $27.05 | 12.80% | 0.79% | 0.66% | 1.44% | 9% | $145,244 |
Year Ended 5/31/2017 | $25.16 | 21.36% | 0.80% | 0.77% | 2.01% | 8% | $121,439 |
Class R | |||||||
Year Ended 5/31/2021 | $31.24 | 58.97% | 1.32% | 0.99%(d) | 2.62% | 29% | $25,393 |
Year Ended 5/31/2020 | $21.12 | (1.24%) | 1.39%(e) | 1.05%(d),(e) | 1.43% | 18% | $15,554 |
Year Ended 5/31/2019 | $22.90 | (5.32%) | 1.38% | 1.05%(d) | 1.39% | 21% | $24,725 |
Year Ended 5/31/2018 | $25.25 | 12.10% | 1.40% | 1.28%(d) | 0.82% | 9% | $24,222 |
Year Ended 5/31/2017 | $23.57 | 20.61% | 1.44% | 1.41%(d) | 0.80% | 8% | $23,132 |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 19 |
May 31, 2021
20 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Columbia Select Large Cap Value Fund | Annual Report 2021 | 21 |
May 31, 2021
22 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Effective rate (%) | |
Class A | 0.12 |
Advisor Class | 0.12 |
Class C | 0.12 |
Institutional Class | 0.12 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.12 |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 23 |
May 31, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 206,095 |
Class C | — | 1.00(b) | — |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2020 through September 30, 2021 | Prior to October 1, 2020 | |
Class A | 0.80% | 0.80% |
Advisor Class | 0.55 | 0.55 |
Class C | 1.55 | 1.55 |
Institutional Class | 0.55 | 0.55 |
Institutional 2 Class | 0.48 | 0.49 |
Institutional 3 Class | 0.43 | 0.44 |
Class R | 1.05 | 1.05 |
24 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
27,508,500 | 56,877,920 | 84,386,420 | 20,672,706 | 55,750,674 | 76,423,380 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
19,574,699 | 35,035,791 | — | 662,483,752 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,055,255,932 | 683,092,643 | (20,608,891) | 662,483,752 |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 25 |
May 31, 2021
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 1,640,000 | 0.67 | 10 |
26 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Columbia Select Large Cap Value Fund | Annual Report 2021 | 27 |
May 31, 2021
28 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 29 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
100.00% | 89.65% | $89,020,881 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
30 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 31 |
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 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
32 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
34 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 35 |
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 |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
36 | Columbia Select Large Cap Value Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
Columbia Select Large Cap Value Fund | Annual Report 2021 | 37 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
7 | |
8 | |
22 | |
24 | |
25 | |
28 | |
32 | |
49 | |
50 | |
50 | |
56 | |
57 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 02/14/02 | 7.36 | 3.78 | 3.60 |
Including sales charges | 4.17 | 3.15 | 3.29 | ||
Advisor Class* | 11/08/12 | 7.53 | 4.06 | 3.82 | |
Class C | Excluding sales charges | 02/14/02 | 6.54 | 3.01 | 2.83 |
Including sales charges | 5.54 | 3.01 | 2.83 | ||
Institutional Class | 09/27/10 | 7.53 | 4.07 | 3.86 | |
Institutional 2 Class* | 11/08/12 | 7.62 | 4.12 | 3.90 | |
Institutional 3 Class* | 10/01/14 | 7.64 | 4.21 | 3.89 | |
Class R* | 03/01/16 | 7.00 | 3.55 | 3.31 | |
Bloomberg Barclays U.S. Mortgage-Backed Securities Index | -0.47 | 2.44 | 2.65 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Quality Income Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Asset-Backed Securities — Non-Agency | 9.9 |
Commercial Mortgage-Backed Securities - Agency | 2.6 |
Commercial Mortgage-Backed Securities - Non-Agency | 8.6 |
Money Market Funds | 2.7 |
Options Purchased Puts | 1.5 |
Residential Mortgage-Backed Securities - Agency | 55.9 |
Residential Mortgage-Backed Securities - Non-Agency | 18.8 |
Total | 100.0 |
Quality breakdown (%) (at May 31, 2021) | |
AAA rating | 61.9 |
AA rating | 5.6 |
A rating | 3.3 |
BBB rating | 12.3 |
BB rating | 3.8 |
B rating | 2.6 |
CCC rating | 0.1 |
Not rated | 10.4 |
Total | 100.0 |
4 | Columbia Quality Income Fund | Annual Report 2021 |
• | The Fund’s allocation to more credit-sensitive, non-government guaranteed sectors of the securitized market offering higher yields than agency mortgage-backed securities (MBS) added notably to performance as these areas rebounded sharply from distressed levels on the back of strong policy support. |
○ | In this vein, exposure to non-agency residential MBS led positive contributions as housing fundamentals were boosted by the Fed’s actions to keep borrowing costs low. |
○ | Smaller allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and collateralized loan obligations also added to performance as stimulus efforts supported consumer fundamentals. |
○ | Within CMBS, positioning in the single-asset/single-borrower segment characterized by “trophy” properties in prime markets proved additive, while unsecured consumer loans were among the best performing holdings within ABS. |
• | The Fund’s exposure to agency MBS passthroughs contributed positively to performance versus the benchmark. |
○ | In terms of selection, an emphasis on current, lower coupon mortgage pools that have been a focus of the Fed’s bond purchase program added to relative return. |
• | The Fund’s positioning over the period with respect to overall portfolio duration and corresponding interest rate sensitivity added to performance relative to the benchmark. Specifically, the Fund maintained a below-benchmark duration stance as Treasury yields rose in the first quarter of 2021. |
• | There were no material detractors relative to the benchmark over the 12-month period. |
Columbia Quality Income Fund | Annual Report 2021 | 5 |
6 | Columbia Quality Income Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
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 | 1,028.40 | 1,020.11 | 4.48 | 4.46 | 0.90 |
Advisor Class | 1,000.00 | 1,000.00 | 1,029.10 | 1,021.33 | 3.23 | 3.22 | 0.65 |
Class C | 1,000.00 | 1,000.00 | 1,024.50 | 1,016.43 | 8.19 | 8.16 | 1.65 |
Institutional Class | 1,000.00 | 1,000.00 | 1,029.10 | 1,021.33 | 3.23 | 3.22 | 0.65 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,029.60 | 1,021.77 | 2.79 | 2.78 | 0.56 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,029.90 | 1,021.97 | 2.59 | 2.58 | 0.52 |
Class R | 1,000.00 | 1,000.00 | 1,026.70 | 1,018.88 | 5.72 | 5.69 | 1.15 |
Columbia Quality Income Fund | Annual Report 2021 | 7 |
May 31, 2021
Asset-Backed Securities — Non-Agency 11.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
AIMCO CLO 11 Ltd.(a),(b) | ||||
Series 2020-11A Class D | ||||
3-month USD LIBOR + 3.650% Floor 3.650% 10/15/2031 | 3.834% | 4,200,000 | 4,205,242 | |
Apidos CLO XXVIII(a),(b) | ||||
Series 2017-28A Class B | ||||
3-month USD LIBOR + 1.700% Floor 1.700% 01/20/2031 | 1.888% | 8,000,000 | 8,001,128 | |
Apidos CLO XXXIII(a),(b) | ||||
Series 2020-33A Class D | ||||
3-month USD LIBOR + 4.320% Floor 4.320% 07/24/2031 | 4.496% | 4,200,000 | 4,217,443 | |
Bain Capital Credit CLO Ltd.(a),(b) | ||||
Series 2020-3A Class E | ||||
3-month USD LIBOR + 7.500% Floor 7.500% 10/23/2032 | 7.759% | 2,500,000 | 2,510,008 | |
Ballyrock CLO Ltd.(a),(b) | ||||
Series 2020-2A Class C | ||||
3-month USD LIBOR + 3.770% Floor 3.770% 10/20/2031 | 3.979% | 5,500,000 | 5,509,521 | |
Carlyle Global Market Strategies CLO Ltd.(a),(b) | ||||
Series 2013-1A Class BR | ||||
3-month USD LIBOR + 2.350% 08/14/2030 | 2.504% | 5,000,000 | 5,000,415 | |
Series 2013-3A Class BR | ||||
3-month USD LIBOR + 1.700% 10/15/2030 | 1.884% | 6,750,000 | 6,677,134 | |
Series 2013-4A Class BRR | ||||
3-month USD LIBOR + 1.420% Floor 1.420% 01/15/2031 | 1.604% | 14,725,000 | 14,713,926 | |
Consumer Underlying Bond Securitization(a) | ||||
Series 2018-1 Class B | ||||
02/17/2026 | 6.170% | 5,500,000 | 5,716,363 | |
LendingClub Receivables Trust(a) | ||||
Series 2019-11 Class A | ||||
12/15/2045 | 3.750% | 1,890,435 | 1,911,959 | |
Series 2019-2 Class A | ||||
08/15/2025 | 4.000% | 2,477,433 | 2,523,620 | |
Series 2019-3 Class A | ||||
10/15/2025 | 3.750% | 4,091,918 | 4,163,417 | |
Series 2019-5 Class A | ||||
12/15/2045 | 3.750% | 5,278,619 | 5,362,535 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2019-7 Class A | ||||
01/15/2027 | 3.750% | 3,807,535 | 3,857,813 | |
Series 2019-8 Class A | ||||
12/15/2045 | 3.750% | 3,490,492 | 3,528,786 | |
Series 2020-1 Class A | ||||
01/16/2046 | 3.500% | 4,085,052 | 4,132,252 | |
Series 2020-2 Class A | ||||
02/15/2046 | 3.600% | 2,577,920 | 2,607,406 | |
LendingClub Receivables Trust(a),(c),(d),(e) | ||||
Series 2020-JPSL Class R | ||||
02/15/2025 | 0.000% | 100,000 | 2,796,000 | |
LendingPoint Asset Securitization Trust(a),(c),(e) | ||||
Series 2021-1 Class A | ||||
04/15/2027 | 1.750% | 14,903,000 | 14,912,314 | |
Madison Park Funding Ltd.(a),(b) | ||||
Series 2015-18A Class CR | ||||
3-month USD LIBOR + 1.950% 10/21/2030 | 2.136% | 7,000,000 | 6,925,156 | |
Marlette Funding Trust(a) | ||||
Subordinated Series 2018-2A Class C | ||||
07/17/2028 | 4.370% | 4,739,116 | 4,754,424 | |
OHA Credit Funding Ltd.(a),(b) | ||||
Series 2019-4A Class A2 | ||||
3-month USD LIBOR + 1.650% Floor 1.650% 10/22/2032 | 1.834% | 9,000,000 | 9,016,425 | |
OZLM Funding IV Ltd.(a),(b) | ||||
Series 2013-4A Class D2R | ||||
3-month USD LIBOR + 7.250% 10/22/2030 | 7.434% | 2,750,000 | 2,663,994 | |
OZLM Funding Ltd.(a),(b) | ||||
Series 2012-1A Class DR2 | ||||
3-month USD LIBOR + 6.670% 07/22/2029 | 6.854% | 4,300,000 | 4,214,830 | |
OZLM XI Ltd.(a),(b) | ||||
Series 2015-11A Class A2R | ||||
3-month USD LIBOR + 1.750% 10/30/2030 | 1.936% | 7,000,000 | 6,937,826 | |
Pagaya AI Debt Selection Trust(a) | ||||
Series 2019-3 Class A | ||||
11/16/2026 | 3.821% | 3,700,688 | 3,751,513 | |
Series 2021-1 Class A | ||||
11/15/2027 | 1.180% | 6,210,000 | 6,221,231 | |
Series 2021-1 Class B | ||||
11/15/2027 | 2.130% | 8,850,000 | 8,888,051 | |
Series 2021-2 Class NOTE | ||||
01/25/2029 | 3.000% | 10,000,000 | 10,000,000 |
8 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2020-3 Class C | ||||
05/17/2027 | 6.430% | 6,200,000 | 6,419,492 | |
Palmer Square Loan Funding Ltd.(a),(b) | ||||
Series 2020-4A Class D | ||||
3-month USD LIBOR + 7.050% Floor 7.050% 11/25/2028 | 7.197% | 3,000,000 | 3,010,629 | |
Prosper Marketplace Issuance Trust(a) | ||||
Series 2019-3A Class B | ||||
07/15/2025 | 3.590% | 2,781,233 | 2,787,473 | |
Subordinated Series 2017-1A Class C | ||||
06/15/2023 | 5.800% | 160,733 | 160,733 | |
Subordinated Series 2017-2A Class C | ||||
09/15/2023 | 5.370% | 897,161 | 897,392 | |
Subordinated Series 2019-3A Class C | ||||
07/15/2025 | 4.940% | 8,804,000 | 8,865,285 | |
Redding Ridge Asset Management Ltd.(a),(b) | ||||
Series 2018-4A Class A2 | ||||
3-month USD LIBOR + 1.550% 04/15/2030 | 1.734% | 26,500,000 | 26,445,781 | |
Series 2018-4A Class D | ||||
3-month USD LIBOR + 5.850% 04/15/2030 | 6.034% | 7,000,000 | 6,865,180 | |
RR 1 LLC(a),(b),(f) | ||||
Series 2017-1A Class A2B | ||||
3-month USD LIBOR + 1.600% Floor 1.600% 07/15/2035 | 1.800% | 7,800,000 | 7,800,000 | |
RR 1 LLC(a),(b) | ||||
Series 2017-1A Class A2R | ||||
3-month USD LIBOR + 1.700% 07/15/2029 | 1.884% | 7,800,000 | 7,801,201 | |
RR 3 Ltd.(a),(b) | ||||
Series 2014-14A Class A2R2 | ||||
3-month USD LIBOR + 1.400% Floor 1.400% 01/15/2030 | 1.584% | 6,500,000 | 6,500,838 | |
Sound Point IV-R CLO Ltd.(a),(b) | ||||
Series 2013-3RA Class B | ||||
3-month USD LIBOR + 1.750% Floor 1.750% 04/18/2031 | 1.940% | 10,000,000 | 9,925,030 | |
Upstart Pass-Through Trust(a) | ||||
Series 2021-ST1 Class A | ||||
02/20/2027 | 2.750% | 5,181,908 | 5,233,115 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Upstart Securitization Trust(a) | ||||
Subordinated Series 2021-2 Class B | ||||
06/20/2031 | 1.750% | 4,000,000 | 4,010,122 | |
Total Asset-Backed Securities — Non-Agency (Cost $260,673,329) | 262,443,003 | |||
Commercial Mortgage-Backed Securities - Agency 3.0% | ||||
Federal National Mortgage Association(g) | ||||
Series 2017-M15 Class ATS2 | ||||
11/25/2027 | 3.136% | 15,000,000 | 16,066,230 | |
Federal National Mortgage Association | ||||
Series 2017-T1 Class A | ||||
06/25/2027 | 2.898% | 17,932,489 | 19,501,586 | |
FRESB Mortgage Trust(g) | ||||
Series 2018-SB45 Class A10F | ||||
11/25/2027 | 3.160% | 11,166,953 | 11,897,810 | |
Government National Mortgage Association | ||||
Series 2017-190 Class AD | ||||
03/16/2060 | 2.600% | 4,809,134 | 4,991,276 | |
Government National Mortgage Association(g),(h) | ||||
Series 2019-102 Class IB | ||||
03/16/2060 | 0.849% | 15,853,023 | 1,125,306 | |
Series 2019-109 Class IO | ||||
04/16/2060 | 0.811% | 36,311,228 | 2,580,236 | |
Series 2019-118 Class IO | ||||
06/16/2061 | 0.833% | 40,925,631 | 2,614,735 | |
Series 2019-131 Class IO | ||||
07/16/2061 | 0.904% | 36,294,193 | 2,532,634 | |
Series 2019-134 Class IO | ||||
08/16/2061 | 0.864% | 27,884,893 | 1,976,757 | |
Series 2019-139 Class IO | ||||
11/16/2061 | 0.722% | 30,137,892 | 1,854,601 | |
Series 2020-19 Class IO | ||||
12/16/2061 | 0.892% | 27,586,024 | 2,260,871 | |
Series 2020-3 Class IO | ||||
02/16/2062 | 0.838% | 26,297,124 | 1,850,247 | |
Total Commercial Mortgage-Backed Securities - Agency (Cost $74,278,899) | 69,252,289 | |||
Commercial Mortgage-Backed Securities - Non-Agency 10.0% | ||||
Aventura Mall Trust(a),(g) | ||||
Series 2018-AVM Class A | ||||
07/05/2040 | 4.112% | 6,520,000 | 7,352,804 | |
BBCMS Trust(a),(b) | ||||
Subordinated Series 2018-BXH Class E | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 10/15/2037 | 2.351% | 4,490,000 | 4,102,140 |
Columbia Quality Income Fund | Annual Report 2021 | 9 |
May 31, 2021
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Braemar Hotels & Resorts Trust(a),(b) | ||||
Subordinated Series 2018-PRME Class D | ||||
1-month USD LIBOR + 1.800% Floor 1.925% 06/15/2035 | 1.901% | 6,500,000 | 5,978,727 | |
BX Trust(a),(b) | ||||
Series 2018-GW Class D | ||||
1-month USD LIBOR + 1.770% Floor 1.770% 05/15/2037 | 1.871% | 3,830,000 | 3,827,624 | |
Series 2018-GW Class E | ||||
1-month USD LIBOR + 1.970% Floor 1.970% 05/15/2035 | 2.071% | 7,000,000 | 6,986,885 | |
BX Trust(a) | ||||
Series 2019-OC11 Class E | ||||
12/09/2041 | 4.076% | 5,000,000 | 5,218,072 | |
CHT Mortgage Trust(a),(b) | ||||
Series 2017-CSMO Class C | ||||
1-month USD LIBOR + 1.500% Floor 1.350% 11/15/2036 | 1.601% | 3,000,000 | 3,003,753 | |
Series 2017-CSMO Class D | ||||
1-month USD LIBOR + 2.250% Floor 2.100% 11/15/2036 | 2.351% | 23,245,000 | 23,288,591 | |
Series 2017-CSMO Class E | ||||
1-month USD LIBOR + 3.000% Floor 3.000% 11/15/2036 | 3.101% | 3,675,000 | 3,686,478 | |
Credit Suisse Mortgage Capital Certificates OA LLC(a) | ||||
Subordinated Series 2014-USA Class D | ||||
09/15/2037 | 4.373% | 11,560,000 | 11,122,574 | |
Subordinated Series 2014-USA Class E | ||||
09/15/2037 | 4.373% | 10,400,000 | 8,977,313 | |
Subordinated Series 2014-USA Class F | ||||
09/15/2037 | 4.373% | 4,050,000 | 3,064,921 | |
Hilton USA Trust(a),(g) | ||||
Series 2016-HHV Class D | ||||
11/05/2038 | 4.194% | 8,395,000 | 8,975,855 | |
Series 2016-HHV Class F | ||||
11/05/2038 | 4.194% | 15,500,000 | 15,496,261 | |
Hilton USA Trust(a) | ||||
Subordinated Series 2016-SFP Class D | ||||
11/05/2035 | 4.927% | 5,000,000 | 5,019,240 | |
Subordinated Series 2016-SFP Class F | ||||
11/05/2035 | 6.155% | 8,700,000 | 8,765,959 | |
Morgan Stanley Capital I Trust(a),(g) | ||||
Series 2019-MEAD Class D | ||||
11/10/2036 | 3.177% | 5,500,000 | 5,471,178 |
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Progress Residential Trust(a) | ||||
Series 2018-SF3 Class B | ||||
10/17/2035 | 4.079% | 21,000,000 | 21,144,955 | |
Series 2019-SFR1 Class E | ||||
08/17/2035 | 4.466% | 5,470,000 | 5,558,118 | |
Series 2019-SFR4 Class E | ||||
10/17/2036 | 3.435% | 11,000,000 | 11,273,742 | |
Series 2020-SFR1 Class E | ||||
04/17/2037 | 3.032% | 8,000,000 | 8,166,696 | |
Subordinated Series 2019-SFR2 Class E | ||||
05/17/2036 | 4.142% | 14,140,000 | 14,407,773 | |
Subordinated Series 2019-SFR3 Class E | ||||
09/17/2036 | 3.369% | 5,000,000 | 5,140,693 | |
RETL(a),(b) | ||||
Subordinated Series 2019-RVP Class C | ||||
1-month USD LIBOR + 2.100% Floor 2.100% 03/15/2036 | 2.201% | 4,612,355 | 4,600,839 | |
SFO Commercial Mortgage Trust(a),(b) | ||||
Subordinated Series 2021-555 Class B | ||||
1-month USD LIBOR + 1.500% Floor 1.500% 05/15/2038 | 1.610% | 7,000,000 | 7,008,774 | |
Subordinated Series 2021-555 Class C | ||||
1-month USD LIBOR + 1.800% Floor 1.800% 05/15/2038 | 1.910% | 6,500,000 | 6,512,213 | |
UBS Commercial Mortgage Trust(a),(b) | ||||
Series 2018-NYCH Class D | ||||
1-month USD LIBOR + 2.100% Floor 2.100% 02/15/2032 | 2.201% | 6,700,000 | 6,620,823 | |
Wells Fargo Commercial Mortgage Trust(a),(b) | ||||
Series 2021-FCMT Class D | ||||
1-month USD LIBOR + 3.500% Floor 3.500% 05/15/2031 | 3.600% | 6,225,000 | 6,236,663 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $220,448,829) | 227,009,664 | |||
Residential Mortgage-Backed Securities - Agency 65.0% | ||||
Federal Home Loan Mortgage Corp. | ||||
04/01/2022 | 6.500% | 1,717 | 1,728 | |
10/01/2024- 04/01/2040 | 5.000% | 5,231,484 | 6,002,029 | |
06/01/2030 | 5.500% | 2,403,204 | 2,679,887 | |
08/01/2035- 05/01/2036 | 2.000% | 45,992,035 | 47,622,887 | |
04/01/2041- 11/01/2048 | 4.000% | 34,755,776 | 38,045,941 | |
08/01/2041 | 4.500% | 3,134,540 | 3,502,540 |
10 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
03/01/2042- 11/01/2046 | 3.500% | 51,325,672 | 55,527,034 | |
11/01/2043- 01/01/2050 | 3.000% | 47,263,541 | 49,862,247 | |
02/01/2051 | 2.500% | 29,351,156 | 30,629,463 | |
Federal Home Loan Mortgage Corp.(b),(h) | ||||
CMO Series 264 Class S1 | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 07/15/2042 | 5.849% | 5,654,587 | 1,096,752 | |
CMO Series 318 Class S1 | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 11/15/2043 | 5.849% | 7,576,976 | 1,540,338 | |
CMO Series 3913 Class SW | ||||
-1.0 x 1-month USD LIBOR + 6.600% Cap 6.600% 09/15/2040 | 6.499% | 322,803 | 11,294 | |
CMO Series 4174 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 05/15/2039 | 6.099% | 2,475,976 | 68,000 | |
CMO Series 4183 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 04/15/2039 | 6.049% | 1,381,520 | 63,039 | |
CMO Series 4223 Class DS | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 12/15/2038 | 5.999% | 34,833 | 110 | |
CMO Series 4286 Class NS | ||||
-1.0 x 1-month USD LIBOR + 5.900% Cap 5.900% 12/15/2043 | 5.799% | 3,129,177 | 645,451 | |
CMO Series 4594 Class SA | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 06/15/2046 | 5.849% | 6,511,940 | 1,363,307 | |
CMO Series 4935 Class JS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 12/25/2049 | 5.958% | 11,311,160 | 2,460,173 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 4965 Class KS | ||||
1-month USD LIBOR + 5.850% Cap 5.850% 04/25/2050 | 5.758% | 8,598,574 | 1,661,073 | |
CMO Series 4987 Class KS | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 06/25/2050 | 5.988% | 15,835,788 | 3,879,910 | |
CMO Series 4993 Class MS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 07/25/2050 | 5.958% | 19,493,430 | 5,436,269 | |
CMO STRIPS Series 309 Class S4 | ||||
-1.0 x 1-month USD LIBOR + 5.970% Cap 5.970% 08/15/2043 | 5.869% | 7,525,967 | 1,612,539 | |
CMO STRIPS Series 326 Class S1 | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 03/15/2044 | 5.899% | 2,885,519 | 522,779 | |
Federal Home Loan Mortgage Corp.(h) | ||||
CMO Series 304 Class C69 | ||||
12/15/2042 | 4.000% | 2,295,032 | 380,331 | |
CMO Series 3800 Class HI | ||||
01/15/2040 | 4.500% | 555,712 | 12,836 | |
CMO Series 4120 Class AI | ||||
11/15/2039 | 3.500% | 1,577,851 | 48,106 | |
CMO Series 4122 Class JI | ||||
12/15/2040 | 4.000% | 1,374,394 | 85,749 | |
CMO Series 4139 Class CI | ||||
05/15/2042 | 3.500% | 2,965,167 | 326,588 | |
CMO Series 4147 Class CI | ||||
01/15/2041 | 3.500% | 3,411,815 | 196,902 | |
CMO Series 4148 Class BI | ||||
02/15/2041 | 4.000% | 1,317,821 | 65,185 | |
CMO Series 4177 Class IY | ||||
03/15/2043 | 4.000% | 5,424,439 | 885,573 | |
CMO Series 4182 Class DI | ||||
05/15/2039 | 3.500% | 1,096,604 | 19,597 | |
CMO Series 4213 Class DI | ||||
06/15/2038 | 3.500% | 432,528 | 1,365 | |
CMO Series 4215 Class IL | ||||
07/15/2041 | 3.500% | 1,595,861 | 58,875 |
Columbia Quality Income Fund | Annual Report 2021 | 11 |
May 31, 2021
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Federal Home Loan Mortgage Corp.(g),(h) | ||||
CMO Series 4068 Class GI | ||||
09/15/2036 | 2.042% | 4,878,747 | 334,301 | |
CMO Series 4107 Class KS | ||||
06/15/2038 | 2.154% | 4,421,692 | 263,685 | |
CMO Series 4620 Class AS | ||||
11/15/2042 | 1.871% | 6,436,561 | 410,830 | |
Federal Home Loan Mortgage Corp. REMIC(b),(h) | ||||
CMO Series 4999 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 06/25/2050 | 6.058% | 15,453,843 | 3,362,243 | |
Federal National Mortgage Association | ||||
09/01/2022- 09/01/2036 | 6.500% | 2,237,706 | 2,616,337 | |
11/01/2022- 07/01/2023 | 6.000% | 59,113 | 61,928 | |
04/01/2029- 09/01/2041 | 5.000% | 23,699,652 | 27,088,239 | |
04/01/2033- 04/01/2041 | 5.500% | 1,457,815 | 1,691,824 | |
11/01/2034- 07/01/2048 | 3.500% | 78,128,672 | 84,176,207 | |
03/01/2036- 08/01/2041 | 4.500% | 15,188,588 | 16,898,196 | |
02/01/2041- 01/01/2042 | 4.000% | 14,880,433 | 16,329,911 | |
11/01/2046- 11/01/2050 | 3.000% | 136,098,901 | 144,658,668 | |
10/01/2050- 05/01/2051 | 2.000% | 212,392,928 | 215,434,461 | |
10/01/2050 | 2.500% | 21,165,832 | 22,028,422 | |
CMO Series 2017-72 Class B | ||||
09/25/2047 | 3.000% | 8,026,766 | 8,595,877 | |
Federal National Mortgage Association(b),(h) | ||||
CMO Series 2005-74 Class NI | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 05/25/2035 | 5.988% | 7,628,318 | 954,430 | |
CMO Series 2007-54 Class DI | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 06/25/2037 | 6.008% | 6,744,468 | 1,381,587 | |
CMO Series 2012-80 Class DS | ||||
-1.0 x 1-month USD LIBOR + 6.650% Cap 6.650% 06/25/2039 | 6.558% | 224,419 | 2,760 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2013-97 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 06/25/2032 | 5.994% | 2,919,295 | 250,808 | |
CMO Series 2014-93 Class ES | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/25/2045 | 6.058% | 11,225,085 | 2,237,500 | |
CMO Series 2016-101 Class SK | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 01/25/2047 | 5.858% | 21,309,634 | 5,158,696 | |
CMO Series 2016-37 Class SA | ||||
-1.0 x 1-month USD LIBOR + 5.850% Cap 5.850% 06/25/2046 | 5.758% | 13,722,747 | 2,955,947 | |
CMO Series 2016-42 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 07/25/2046 | 5.908% | 19,348,333 | 4,215,907 | |
CMO Series 2017-3 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 02/25/2047 | 5.908% | 16,989,119 | 3,751,478 | |
CMO Series 2017-51 Class SC | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 07/25/2047 | 6.058% | 13,549,972 | 3,325,029 | |
CMO Series 2017-72 Class S | ||||
-1.0 x 1-month USD LIBOR + 3.950% Cap 2.750% 09/25/2047 | 2.750% | 48,698,064 | 5,002,674 | |
CMO Series 2017-90 Class SP | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 11/25/2047 | 6.058% | 10,262,265 | 2,474,817 | |
CMO Series 2019-33 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 07/25/2049 | 5.958% | 30,644,021 | 6,100,321 |
12 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2019-57 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 10/25/2049 | 5.958% | 18,078,580 | 4,124,089 | |
CMO Series 2019-77 Class SP | ||||
-1.0 x 1-month USD LIBOR + 5.950% Cap 5.950% 01/25/2050 | 5.858% | 22,333,400 | 4,543,418 | |
CMO Series 2020-40 Class LS | ||||
-1.0 x 1-month USD LIBOR + 6.080% Cap 6.080% 06/25/2050 | 5.988% | 20,467,188 | 5,689,272 | |
Federal National Mortgage Association(g),(h) | ||||
CMO Series 2006-5 Class N1 | ||||
08/25/2034 | 0.000% | 4,459,391 | 4 | |
Federal National Mortgage Association(h) | ||||
CMO Series 2012-118 Class BI | ||||
12/25/2039 | 3.500% | 3,452,882 | 93,180 | |
CMO Series 2012-129 Class IC | ||||
01/25/2041 | 3.500% | 4,168,196 | 244,832 | |
CMO Series 2012-133 Class EI | ||||
07/25/2031 | 3.500% | 1,366,518 | 63,152 | |
CMO Series 2012-134 Class AI | ||||
07/25/2040 | 3.500% | 5,189,796 | 253,468 | |
CMO Series 2012-144 Class HI | ||||
07/25/2042 | 3.500% | 2,691,024 | 301,221 | |
CMO Series 2013-1 Class AI | ||||
02/25/2043 | 3.500% | 2,635,885 | 361,442 | |
CMO Series 2013-1 Class BI | ||||
02/25/2040 | 3.500% | 887,903 | 45,239 | |
CMO Series 2013-16 | ||||
01/25/2040 | 3.500% | 4,317,213 | 285,582 | |
CMO Series 2013-41 Class IY | ||||
05/25/2040 | 3.500% | 3,814,669 | 157,911 | |
CMO Series 2013-6 Class MI | ||||
02/25/2040 | 3.500% | 2,932,263 | 133,814 | |
CMO Series 2020-55 Class MI | ||||
08/25/2050 | 2.500% | 25,186,366 | 4,256,209 | |
CMO Series 2021-3 Class TI | ||||
02/25/2051 | 2.500% | 34,593,733 | 6,138,748 | |
CMO Series 417 Class C4 | ||||
02/25/2043 | 3.500% | 9,693,011 | 1,689,210 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Government National Mortgage Association | ||||
12/15/2031- 02/15/2032 | 6.500% | 162,352 | 183,298 | |
01/15/2039- 08/20/2040 | 5.000% | 6,708,431 | 7,678,165 | |
04/20/2051- 05/20/2051 | 2.500% | 86,888,654 | 90,106,685 | |
Government National Mortgage Association(i) | ||||
04/20/2048 | 4.500% | 16,618,733 | 17,906,786 | |
Government National Mortgage Association(h) | ||||
CMO Series 2012-121 Class PI | ||||
09/16/2042 | 4.500% | 4,283,732 | 689,487 | |
CMO Series 2012-129 Class AI | ||||
08/20/2037 | 3.000% | 3,010,217 | 101,550 | |
CMO Series 2014-131 Class EI | ||||
09/16/2039 | 4.000% | 7,603,456 | 535,134 | |
CMO Series 2015-175 Class AI | ||||
10/16/2038 | 3.500% | 16,077,002 | 1,614,805 | |
CMO Series 2019-129 Class AI | ||||
10/20/2049 | 3.500% | 39,392,003 | 5,211,223 | |
CMO Series 2019-158 Class PI | ||||
12/20/2049 | 3.500% | 39,828,949 | 4,919,074 | |
CMO Series 2020-104 Class IY | ||||
07/20/2050 | 3.000% | 26,857,249 | 3,917,952 | |
CMO Series 2020-129 Class YI | ||||
09/20/2050 | 2.500% | 32,141,136 | 4,405,592 | |
CMO Series 2020-138 Class JI | ||||
09/20/2050 | 2.500% | 36,197,109 | 4,727,143 | |
CMO Series 2020-175 Class KI | ||||
11/20/2050 | 2.500% | 24,576,172 | 3,685,659 | |
CMO Series 2020-185 Class KI | ||||
12/20/2050 | 2.500% | 42,671,790 | 5,774,880 | |
CMO Series 2020-188 Class KI | ||||
12/20/2050 | 2.500% | 44,285,521 | 6,394,701 | |
CMO Series 2020-191 Class TI | ||||
12/20/2050 | 2.500% | 11,786,753 | 1,754,240 | |
CMO Series 2020-191 Class UC | ||||
12/20/2050 | 4.000% | 23,886,430 | 4,119,358 | |
CMO Series 2021-1 Class IB | ||||
01/20/2051 | 2.500% | 25,746,862 | 3,523,486 | |
CMO Series 2021-27 Class IN | ||||
02/20/2051 | 2.500% | 16,665,851 | 2,155,989 | |
CMO Series 2021-67 Class GI | ||||
04/20/2051 | 3.000% | 27,062,869 | 4,170,613 | |
CMO Series 2021-8 Class IO | ||||
01/20/2051 | 3.000% | 47,762,531 | 7,266,716 |
Columbia Quality Income Fund | Annual Report 2021 | 13 |
May 31, 2021
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-9 Class DI | ||||
01/20/2051 | 2.500% | 24,238,892 | 3,565,425 | |
CMO Series 2021-9 Class MI | ||||
01/20/2051 | 2.500% | 29,620,021 | 3,971,162 | |
Government National Mortgage Association(b),(h) | ||||
CMO Series 2014-131 Class BS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 09/16/2044 | 6.099% | 12,027,827 | 2,855,710 | |
CMO Series 2017-170 Class QS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 11/20/2047 | 6.101% | 10,980,657 | 2,684,238 | |
CMO Series 2018-1 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 01/20/2048 | 6.101% | 14,151,381 | 2,662,134 | |
CMO Series 2018-105 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 08/20/2048 | 6.101% | 10,997,689 | 1,913,937 | |
CMO Series 2018-139 Class KS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 10/20/2048 | 6.051% | 6,307,240 | 1,477,699 | |
CMO Series 2018-155 Class LS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 11/20/2048 | 6.051% | 14,333,736 | 2,421,131 | |
CMO Series 2018-21 Class WS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 02/20/2048 | 6.101% | 11,789,141 | 2,659,516 | |
CMO Series 2018-40 Class SC | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 03/20/2048 | 6.101% | 7,935,845 | 1,692,788 | |
CMO Series 2018-63 Class HS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 04/20/2048 | 6.101% | 8,134,670 | 1,755,307 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2018-94 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 05/20/2048 | 6.101% | 11,928,226 | 2,717,443 | |
CMO Series 2018-97 Class MS | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 07/20/2048 | 6.101% | 10,827,824 | 2,691,625 | |
CMO Series 2019-119 Class GS | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 09/20/2049 | 6.001% | 16,179,398 | 1,779,457 | |
CMO Series 2019-120 Class SA | ||||
-1.0 x 1-month USD LIBOR + 3.400% Cap 3.400% 09/20/2049 | 3.301% | 30,804,744 | 3,158,256 | |
CMO Series 2019-21 Class SH | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 02/20/2049 | 5.951% | 12,909,540 | 2,343,415 | |
CMO Series 2019-23 Class SQ | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 02/20/2049 | 5.951% | 10,531,448 | 2,523,491 | |
CMO Series 2019-43 Class SE | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 04/20/2049 | 6.001% | 21,355,117 | 3,748,579 | |
CMO Series 2019-52 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 04/16/2049 | 5.949% | 19,148,097 | 5,189,462 | |
CMO Series 2019-92 Class SD | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 07/20/2049 | 6.001% | 27,857,476 | 5,657,979 | |
CMO Series 2020-104 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% 07/20/2050 | 6.101% | 20,912,008 | 4,146,011 |
14 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2020-125 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.250% Cap 6.250% 08/20/2050 | 6.151% | 25,933,201 | 6,065,594 | |
Government National Mortgage Association TBA(f) | ||||
06/21/2051 | 2.000% | 40,000,000 | 40,678,125 | |
06/21/2051 | 3.000% | 47,000,000 | 49,034,219 | |
Uniform Mortgage-Backed Security TBA(f) | ||||
06/17/2036- 06/14/2051 | 3.000% | 74,000,000 | 77,615,937 | |
06/14/2051 | 2.500% | 85,000,000 | 88,011,523 | |
06/14/2051 | 3.500% | 62,500,000 | 65,970,459 | |
06/14/2051 | 4.000% | 40,000,000 | 42,729,688 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $1,459,660,892) | 1,479,022,617 | |||
Residential Mortgage-Backed Securities - Non-Agency 21.9% | ||||
Ajax Mortgage Loan Trust(a),(g) | ||||
CMO Series 2021-B Class A | ||||
06/25/2066 | 2.239% | 7,599,726 | 7,594,985 | |
Angel Oak Mortgage Trust I LLC(a),(g) | ||||
CMO Series 2018-2 Class M1 | ||||
07/27/2048 | 4.343% | 5,495,000 | 5,489,839 | |
Bayview Koitere Fund Trust(a),(g) | ||||
CMO Series 2020-LT1 Class A1 | ||||
06/28/2035 | 4.213% | 3,549,435 | 3,567,885 | |
Bayview Opportunity Master Fund IVa Trust(a),(g) | ||||
CMO Series 2020-RN2 Class A1 | ||||
06/28/2035 | 4.424% | 6,226,825 | 6,268,649 | |
Bayview Opportunity Master Fund IVb Trust(a) | ||||
Subordinated CMO Series 2016-SPL2 Class B3 | ||||
06/28/2053 | 5.500% | 6,983,050 | 7,569,440 | |
Bellemeade Re Ltd.(a),(b) | ||||
CMO Series 2018-2A Class M1C | ||||
1-month USD LIBOR + 1.600% 08/25/2028 | 1.692% | 775,172 | 775,167 | |
CMO Series 2018-3A Class M1B | ||||
1-month USD LIBOR + 1.850% Floor 1.850% 10/25/2028 | 1.942% | 8,731,543 | 8,754,553 | |
CMO Series 2019-1A Class M1B | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 03/25/2029 | 1.842% | 10,000,000 | 10,007,116 | |
CMO Series 2019-3A Class M1B | ||||
1-month USD LIBOR + 1.600% Floor 1.600% 07/25/2029 | 1.692% | 19,000,000 | 19,077,822 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2019-3A Class M1C | ||||
1-month USD LIBOR + 1.950% Floor 1.950% 07/25/2029 | 2.098% | 6,299,000 | 6,298,998 | |
CMO Series 2019-4A Class M1C | ||||
1-month USD LIBOR + 2.500% Floor 2.500% 10/25/2029 | 2.592% | 5,000,000 | 4,999,998 | |
BVRT Financing Trust(a),(b),(e) | ||||
CMO Series 2020-CRT1 Class M3 | ||||
1-month USD LIBOR + 4.000% 07/10/2032 | 4.095% | 9,000,000 | 9,045,000 | |
BVRT Financing Trust(a),(b) | ||||
CMO Series 2021-1F Class M1 | ||||
30-day Average SOFR + 1.550% Floor 1.550% 03/15/2038 | 1.560% | 2,854,327 | 2,854,564 | |
CMO Series 2021-1F Class M2 | ||||
30-day Average SOFR + 2.050% Floor 2.050% 03/15/2038 | 2.060% | 6,800,000 | 6,800,608 | |
BVRT Financing Trust(a),(b),(c),(e) | ||||
CMO Series 2021-2F Class M1 | ||||
30-day Average SOFR + 1.550% Floor 1.550% 01/10/2032 | 1.566% | 5,183,850 | 5,183,850 | |
CMO Series 2021-CRT1 Class M1 | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 01/10/2033 | 1.845% | 8,385,093 | 8,385,093 | |
CMO Series 2021-CRT1 Class M2 | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 01/10/2033 | 2.345% | 6,000,000 | 6,000,000 | |
CMO Series 2021-CRT1 Class M3 | ||||
1-month USD LIBOR + 2.750% Floor 3.000% 01/10/2033 | 3.000% | 16,500,000 | 16,424,578 | |
CHL GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 1.000% 05/25/2023 | 2.842% | 13,000,000 | 13,056,010 | |
CIM Trust(a),(g) | ||||
CMO Series 2018-R4 Class A1 | ||||
12/26/2057 | 4.070% | 2,873,474 | 2,880,688 | |
CMO Series 2021-NR1 Class A1 | ||||
07/25/2055 | 2.569% | 7,194,080 | 7,191,263 | |
Citigroup Mortgage Loan Trust, Inc.(a),(g) | ||||
CMO Series 2009-11 Class 1A2 | ||||
02/25/2037 | 2.369% | 326,065 | 326,805 |
Columbia Quality Income Fund | Annual Report 2021 | 15 |
May 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2014-A Class B2 | ||||
01/25/2035 | 5.503% | 1,274,548 | 1,352,999 | |
CMO Series 2014-C Class A | ||||
02/25/2054 | 3.250% | 75,724 | 75,684 | |
Citigroup Mortgage Loan Trust, Inc.(a) | ||||
CMO Series 2015-RP2 Class B2 | ||||
01/25/2053 | 4.250% | 4,258,819 | 4,472,727 | |
Connecticut Avenue Securities Trust(a),(b) | ||||
CMO Series 2019-HRP1 Class M2 | ||||
1-month USD LIBOR + 2.150% 11/25/2039 | 2.242% | 4,561,472 | 4,498,521 | |
CMO Series 2020-R01 Class 1M2 | ||||
1-month USD LIBOR + 2.050% Floor 2.050% 01/25/2040 | 2.142% | 7,366,875 | 7,400,367 | |
Credit Suisse Mortgage Capital Certificates(a),(g) | ||||
CMO Series 2014-2R Class 17A2 | ||||
04/27/2037 | 2.677% | 427,918 | 424,181 | |
Eagle Re Ltd.(a),(b) | ||||
CMO Series 2019-1 Class M1B | ||||
1-month USD LIBOR + 1.800% 04/25/2029 | 1.892% | 5,233,613 | 5,237,026 | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes(b) | ||||
CMO Series 2014-DN3 Class M3 | ||||
1-month USD LIBOR + 4.000% 08/25/2024 | 4.092% | 3,913,188 | 3,997,857 | |
FMC GMSR Issuer Trust(a),(g) | ||||
CMO Series 2019-GT1 Class A | ||||
05/25/2024 | 5.070% | 11,500,000 | 11,597,193 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(b) | ||||
CMO Series 2014-DN4 Class M3 | ||||
1-month USD LIBOR + 4.550% 10/25/2024 | 4.642% | 5,432,467 | 5,558,310 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b) | ||||
CMO Series 2020-HQA5 Class M2 | ||||
30-day Average SOFR + 2.600% 11/25/2050 | 2.610% | 12,200,000 | 12,409,606 | |
GCAT LLC(a),(e),(g) | ||||
CMO Series 2021-CM1 Class A1 | ||||
04/25/2065 | 1.469% | 6,966,593 | 6,966,593 | |
Genworth Mortgage Insurance Corp.(a),(b) | ||||
CMO Series 2019-1 Class M1 | ||||
1-month USD LIBOR + 1.900% Floor 1.900% 11/26/2029 | 1.992% | 4,257,369 | 4,257,381 | |
Glebe Funding Trust (The)(a) | ||||
CMO Series 2021-1 Class PT | ||||
10/27/2023 | 3.000% | 11,609,381 | 11,609,381 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Government National Mortgage Association(f),(h) | ||||
CMO Series 5578 Class AI | ||||
12/15/2050 | 3.500% | 25,978,973 | 3,466,569 | |
Headlands Residential LLC(a) | ||||
CMO Series 2019-RPL1 | ||||
06/25/2024 | 3.967% | 8,000,000 | 7,945,444 | |
Homeward Opportunities Fund I Trust(a) | ||||
CMO Series 2018-2 Class M1 | ||||
11/25/2058 | 4.747% | 13,570,000 | 13,746,151 | |
Homeward Opportunities Fund I Trust(a),(g) | ||||
CMO Series 2019-3 Class M1 | ||||
11/25/2059 | 3.518% | 6,172,000 | 6,317,042 | |
L1C LLC(a) | ||||
CMO Series 2020-1 Class NOTE | ||||
08/25/2051 | 5.290% | 4,000,000 | 4,021,921 | |
Legacy Mortgage Asset Trust(a),(g) | ||||
CMO Series 2021-GS1 Class A1 | ||||
10/25/2066 | 1.892% | 5,332,163 | 5,328,174 | |
LVII Trust(a),(c),(e),(g) | ||||
CMO Series 2020-1 Class M1 | ||||
05/25/2060 | 4.650% | 7,251,000 | 7,280,457 | |
Mortgage Acquisition Trust I LLC(a) | ||||
CMO Series 2021-1 Class PT | ||||
11/29/2023 | 3.500% | 8,000,000 | 8,000,000 | |
MRA Issuance Trust(a),(b),(c),(e) | ||||
CMO Series 2021-EBO4 Class A1X | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 02/16/2022 | 1.860% | 7,000,000 | 7,000,000 | |
New Residential Mortgage LLC(a) | ||||
Subordinated CMO Series 2018-FNT1 Class D | ||||
05/25/2023 | 4.690% | 2,639,421 | 2,639,552 | |
Subordinated CMO Series 2018-FNT1 Class E | ||||
05/25/2023 | 4.890% | 1,083,552 | 1,083,188 | |
New Residential Mortgage Loan Trust(a),(g),(h) | ||||
CMO Series 2014-1A Class AIO | ||||
01/25/2054 | 2.320% | 13,401,651 | 694,646 | |
Oaktown Re III Ltd.(a),(b) | ||||
CMO Series 2019-1A Class M1B | ||||
1-month USD LIBOR + 1.950% Floor 1.950% 07/25/2029 | 2.042% | 5,500,000 | 5,526,250 | |
OMSR(a) | ||||
CMO Series 2019-PLS1 Class A | ||||
11/25/2024 | 5.069% | 11,494,990 | 11,551,563 | |
PMT Credit Risk Transfer Trust(a),(b) | ||||
CMO Series 2019-1R Class A | ||||
1-month USD LIBOR + 2.000% Floor 2.000% 03/27/2024 | 2.090% | 5,912,703 | 5,857,126 |
16 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2019-2R Class A | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 05/27/2023 | 2.840% | 3,861,024 | 3,813,413 | |
PNMAC GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 2.850% Floor 2.850% 02/25/2023 | 2.942% | 26,500,000 | 26,470,890 | |
CMO Series 2018-GT2 Class A | ||||
1-month USD LIBOR + 2.650% 08/25/2025 | 2.742% | 26,500,000 | 26,429,907 | |
Preston Ridge Partners Mortgage LLC(a),(g) | ||||
CMO Series 2021-3 Class A1 | ||||
04/25/2026 | 1.867% | 7,946,368 | 7,946,852 | |
Preston Ridge Partners Mortgage Trust(a),(g) | ||||
CMO Series 2021-1 Class A1 | ||||
01/25/2026 | 2.115% | 11,666,331 | 11,663,129 | |
PRPM LLC(a),(g) | ||||
CMO Series 2020-1A Class A1 | ||||
02/25/2025 | 2.981% | 19,390,345 | 19,574,914 | |
Radnor Re Ltd.(a),(b) | ||||
CMO Series 2019-2 Class M1B | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 06/25/2029 | 1.842% | 5,000,000 | 5,007,212 | |
CMO Series 2020-1 Class M1B | ||||
1-month USD LIBOR + 1.450% Floor 1.450% 02/25/2030 | 1.542% | 7,400,000 | 7,389,407 | |
RBSSP Resecuritization Trust(a),(g) | ||||
CMO Series 2012-1 Class 5A2 | ||||
12/27/2035 | 2.975% | 847,910 | 846,554 | |
Stonnington Mortgage Trust(a),(e),(g) | ||||
CMO Series 2020-1 Class A | ||||
07/28/2024 | 5.500% | 5,332,788 | 5,332,788 | |
Toorak Mortgage Corp., Ltd.(a),(g) | ||||
CMO Series 2018-1 Class A1 | ||||
08/25/2021 | 4.336% | 3,575,448 | 3,584,859 | |
CMO Series 2019-1 Class A1 | ||||
03/25/2022 | 4.458% | 7,400,620 | 7,425,974 | |
Triangle Re Ltd.(a),(b) | ||||
CMO Series 2020-1 Class M1A | ||||
1-month USD LIBOR + 3.000% Floor 3.000% 10/25/2030 | 3.106% | 2,038,904 | 2,052,581 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-1 Class M1B | ||||
1-month USD LIBOR + 3.000% Floor 3.000% 08/25/2033 | 3.106% | 15,000,000 | 15,131,790 | |
CMO Series 2021-2 Class M1B | ||||
1-month USD LIBOR + 2.600% Floor 2.600% 10/25/2033 | 2.692% | 10,000,000 | 10,064,347 | |
Vendee Mortgage Trust(g),(h) | ||||
CMO Series 1998-1 Class 2IO | ||||
03/15/2028 | 0.000% | 684,861 | 1 | |
CMO Series 1998-3 Class IO | ||||
03/15/2029 | 0.000% | 752,234 | 10 | |
Verus Securitization Trust(a),(g) | ||||
CMO Series 2019-3 Class M1 | ||||
07/25/2059 | 3.139% | 4,495,000 | 4,569,122 | |
CMO Series 2020-1 Class M1 | ||||
01/25/2060 | 3.021% | 6,700,000 | 6,892,970 | |
Visio Trust(a) | ||||
CMO Series 2021-1R Class A3 | ||||
05/25/2056 | 1.688% | 4,273,932 | 4,278,729 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $488,614,000) | 497,344,269 |
Options Purchased Puts 1.7% | ||||
Value ($) | ||||
(Cost $13,368,350) | 37,895,547 |
Money Market Funds 3.2% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(j),(k) | 72,275,337 | 72,268,110 |
Total Money Market Funds (Cost $72,268,110) | 72,268,110 | |
Total Investments in Securities (Cost: $2,589,312,409) | 2,645,235,499 | |
Other Assets & Liabilities, Net | (371,686,482) | |
Net Assets | 2,273,549,017 |
Columbia Quality Income Fund | Annual Report 2021 | 17 |
May 31, 2021
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | 5,611 | 09/2021 | USD | 740,301,313 | 2,140,776 | — |
U.S. Treasury 5-Year Note | 594 | 09/2021 | USD | 73,567,828 | 139,282 | — |
Total | 2,280,058 | — |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Long Bond | (19) | 09/2021 | USD | (2,974,094) | — | (16,370) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive 3-Month USD LIBOR BBA and pay exercise rate | Citi | USD | 100,000,000 | 100,000,000 | 1.00 | 09/30/2021 | 1,740,000 | 6,151,690 |
10-Year OTC interest rate swap with Citi to receive 3-Month USD LIBOR BBA and pay exercise rate | Citi | USD | 250,000,000 | 250,000,000 | 1.25 | 11/16/2021 | 3,500,000 | 11,067,475 |
10-Year OTC interest rate swap with Citi to receive 3-Month USD LIBOR BBA and pay exercise rate | Citi | USD | 120,000,000 | 120,000,000 | 1.25 | 12/03/2021 | 1,860,000 | 5,507,580 |
10-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate | Morgan Stanley | USD | 290,000,000 | 290,000,000 | 1.25 | 01/05/2022 | 4,959,000 | 14,067,813 |
5-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate | Morgan Stanley | USD | 124,700,000 | 124,700,000 | 1.50 | 05/20/2022 | 1,309,350 | 1,100,989 |
Total | 13,368,350 | 37,895,547 |
Call option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
10-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate | Morgan Stanley | USD | (75,000,000) | (75,000,000) | 1.70 | 10/01/2021 | (1,036,875) | (1,421,085) |
Put option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (100,000,000) | (100,000,000) | 2.20 | 03/17/2022 | (1,870,000) | (1,041,980) |
Cleared interest rate swap contracts | |||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
3-Month USD LIBOR | Fixed rate of 1.635% | Receives Quarterly, Pays SemiAnnually | Morgan Stanley | 03/18/2031 | USD | 113,000,000 | (1,073,367) | — | — | — | (1,073,367) |
18 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Credit default swap contracts - sell protection | |||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 10,000,000 | (1,125,000) | 3,333 | — | (1,914,481) | 792,814 | — |
Markit CMBX North America Index, Series 10 BBB- | Citi | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 10,000,000 | (1,125,000) | 3,333 | — | (1,248,720) | 127,053 | — |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 10,000,000 | (1,125,000) | 3,334 | — | (1,765,326) | 643,660 | — |
Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | 3.997 | USD | 2,400,000 | (131,250) | 800 | — | (367,086) | 236,636 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 20,000,000 | (2,250,000) | 6,667 | — | (3,861,406) | 1,618,073 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 5,000,000 | (562,500) | 1,667 | — | (1,159,450) | 598,617 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 10,000,000 | (1,125,000) | 3,333 | — | (1,624,617) | 502,950 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.443 | USD | 5,000,000 | (562,500) | 1,667 | — | (840,605) | 279,772 | — |
Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/18/2054 | 3.000 | Monthly | 3.997 | USD | 16,000,000 | (875,000) | 5,333 | — | (3,154,190) | 2,284,523 | — |
Markit CMBX North America Index, Series 7 BBB- | Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 12.867 | USD | 5,000,000 | (1,002,344) | 1,667 | — | (284,960) | — | (715,717) |
Total | (9,883,594) | 31,134 | — | (16,220,841) | 7,084,098 | (715,717) |
* | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Reference index and values for swap contracts as of period end | ||
Reference index | Reference rate | |
3-Month USD LIBOR | London Interbank Offered Rate | 0.131% |
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2021, the total value of these securities amounted to $973,774,189, which represents 42.83% of total net assets. |
(b) | Variable rate security. The interest rate shown was the current rate as of May 31, 2021. |
(c) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2021, the total value of these securities amounted to $67,982,292, which represents 2.99% of total net assets. |
(d) | Security represents a pool of loans that generate cash payments generally over fixed periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate shown is the stated coupon rate as of May 31, 2021 and is not reflective of the cash flow payments. |
(e) | Valuation based on significant unobservable inputs. |
Columbia Quality Income Fund | Annual Report 2021 | 19 |
May 31, 2021
(f) | Represents a security purchased on a when-issued basis. |
(g) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of May 31, 2021. |
(h) | Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans. |
(i) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(j) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(k) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
100,579,498 | 983,152,649 | (1,011,465,026) | 989 | 72,268,110 | (14,893) | 81,112 | 72,275,337 |
CMO | Collateralized Mortgage Obligation |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
STRIPS | Separate Trading of Registered Interest and Principal Securities |
TBA | To Be Announced |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
20 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Non-Agency | — | 244,734,689 | 17,708,314 | 262,443,003 |
Commercial Mortgage-Backed Securities - Agency | — | 69,252,289 | — | 69,252,289 |
Commercial Mortgage-Backed Securities - Non-Agency | — | 227,009,664 | — | 227,009,664 |
Residential Mortgage-Backed Securities - Agency | — | 1,479,022,617 | — | 1,479,022,617 |
Residential Mortgage-Backed Securities - Non-Agency | — | 425,725,910 | 71,618,359 | 497,344,269 |
Options Purchased Puts | — | 37,895,547 | — | 37,895,547 |
Money Market Funds | 72,268,110 | — | — | 72,268,110 |
Total Investments in Securities | 72,268,110 | 2,483,640,716 | 89,326,673 | 2,645,235,499 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 2,280,058 | — | — | 2,280,058 |
Swap Contracts | — | 7,084,098 | — | 7,084,098 |
Liability | ||||
Futures Contracts | (16,370) | — | — | (16,370) |
Options Contracts Written | — | (2,463,065) | — | (2,463,065) |
Swap Contracts | — | (1,789,084) | — | (1,789,084) |
Total | 74,531,798 | 2,486,472,665 | 89,326,673 | 2,650,331,136 |
Balance as of 05/31/2020 ($) | Increase (decrease) in accrued discounts/ premiums ($) | Realized gain (loss) ($) | Change in unrealized appreciation (depreciation)(a) ($) | Purchases ($) | Sales ($) | Transfers into Level 3 ($) | Transfers out of Level 3 ($) | Balance as of 05/31/2021 ($) | |
Asset-Backed Securities — Non-Agency | 1,590,758 | (2,788,139) | — | 1,304,590 | 19,207,931 | (1,606,826) | — | — | 17,708,314 |
Residential Mortgage-Backed Securities — Non-Agency | 29,510,702 | (1,216) | 3 | 67,281 | 77,683,967 | (6,131,676) | — | (29,510,702) | 71,618,359 |
Total | 31,101,460 | (2,789,355) | 3 | 1,371,871 | 96,891,898 | (7,738,502) | — | (29,510,702) | 89,326,673 |
Columbia Quality Income Fund | Annual Report 2021 | 21 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $2,503,675,949) | $2,535,071,842 |
Affiliated issuers (cost $72,268,110) | 72,268,110 |
Options purchased (cost $13,368,350) | 37,895,547 |
Cash | 222,900 |
Cash collateral held at broker for: | |
Swap contracts | 3,775,000 |
TBA | 45,000 |
Margin deposits on: | |
Swap contracts | 5,786,882 |
Unrealized appreciation on swap contracts | 7,084,098 |
Receivable for: | |
Investments sold | 390,619 |
Capital shares sold | 6,367,101 |
Dividends | 4,122 |
Interest | 6,316,194 |
Variation margin for futures contracts | 913,844 |
Prepaid expenses | 25,593 |
Total assets | 2,676,166,852 |
Liabilities | |
Option contracts written, at value (premiums received $2,906,875) | 2,463,065 |
Unrealized depreciation on swap contracts | 715,717 |
Upfront receipts on swap contracts | 16,220,841 |
Payable for: | |
Investments purchased on a delayed delivery basis | 376,391,566 |
Capital shares purchased | 1,799,777 |
Distributions to shareholders | 4,433,484 |
Variation margin for futures contracts | 6,531 |
Variation margin for swap contracts | 182,967 |
Management services fees | 30,136 |
Distribution and/or service fees | 3,494 |
Transfer agent fees | 126,351 |
Compensation of board members | 196,262 |
Other expenses | 47,644 |
Total liabilities | 402,617,835 |
Net assets applicable to outstanding capital stock | $2,273,549,017 |
Represented by | |
Paid in capital | 2,234,084,059 |
Total distributable earnings (loss) | 39,464,958 |
Total - representing net assets applicable to outstanding capital stock | $2,273,549,017 |
22 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Class A | |
Net assets | $429,196,430 |
Shares outstanding | 18,778,673 |
Net asset value per share | $22.86 |
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) | $23.57 |
Advisor Class | |
Net assets | $62,560,382 |
Shares outstanding | 2,739,085 |
Net asset value per share | $22.84 |
Class C | |
Net assets | $17,853,988 |
Shares outstanding | 779,815 |
Net asset value per share | $22.90 |
Institutional Class | |
Net assets | $519,576,873 |
Shares outstanding | 22,749,761 |
Net asset value per share | $22.84 |
Institutional 2 Class | |
Net assets | $41,072,607 |
Shares outstanding | 1,798,072 |
Net asset value per share | $22.84 |
Institutional 3 Class | |
Net assets | $1,197,806,827 |
Shares outstanding | 52,654,107 |
Net asset value per share | $22.75 |
Class R | |
Net assets | $5,481,910 |
Shares outstanding | 240,057 |
Net asset value per share | $22.84 |
Columbia Quality Income Fund | Annual Report 2021 | 23 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — affiliated issuers | $81,112 |
Interest | 68,298,826 |
Total income | 68,379,938 |
Expenses: | |
Management services fees | 9,340,388 |
Distribution and/or service fees | |
Class A | 1,079,176 |
Class C | 205,759 |
Class R | 17,504 |
Transfer agent fees | |
Class A | 617,363 |
Advisor Class | 107,034 |
Class C | 29,470 |
Institutional Class | 715,736 |
Institutional 2 Class | 17,112 |
Institutional 3 Class | 54,359 |
Class R | 4,986 |
Compensation of board members | 96,655 |
Custodian fees | 32,783 |
Printing and postage fees | 59,022 |
Registration fees | 130,645 |
Audit fees | 49,500 |
Legal fees | 25,932 |
Interest on collateral | 12,533 |
Compensation of chief compliance officer | 367 |
Other | 86,533 |
Total expenses | 12,682,857 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (97,217) |
Fees waived by transfer agent | |
Institutional 2 Class | (2,454) |
Expense reduction | (3,853) |
Total net expenses | 12,579,333 |
Net investment income | 55,800,605 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 114,195 |
Investments — affiliated issuers | (14,893) |
Futures contracts | (4,305,277) |
Options purchased | (5,165,500) |
Swap contracts | 7,672,368 |
Net realized loss | (1,699,107) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 48,966,283 |
Investments — affiliated issuers | 989 |
Futures contracts | 1,916,259 |
Options purchased | 27,352,563 |
Options contracts written | 443,810 |
Swap contracts | 3,158,279 |
Net change in unrealized appreciation (depreciation) | 81,838,183 |
Net realized and unrealized gain | 80,139,076 |
Net increase in net assets resulting from operations | $135,939,681 |
24 | Columbia Quality Income Fund | Annual Report 2021 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income | $55,800,605 | $54,959,974 |
Net realized gain (loss) | (1,699,107) | 37,142,003 |
Net change in unrealized appreciation (depreciation) | 81,838,183 | (31,142,662) |
Net increase in net assets resulting from operations | 135,939,681 | 60,959,315 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (18,081,025) | (10,743,259) |
Advisor Class | (3,171,493) | (2,723,593) |
Class C | (717,869) | (365,541) |
Institutional Class | (21,900,714) | (15,728,948) |
Institutional 2 Class | (1,255,822) | (994,596) |
Institutional 3 Class | (37,976,478) | (20,779,403) |
Class R | (130,489) | (44,601) |
Total distributions to shareholders | (83,233,890) | (51,379,941) |
Increase (decrease) in net assets from capital stock activity | 392,989,884 | (83,713,914) |
Total increase (decrease) in net assets | 445,695,675 | (74,134,540) |
Net assets at beginning of year | 1,827,853,342 | 1,901,987,882 |
Net assets at end of year | $2,273,549,017 | $1,827,853,342 |
Columbia Quality Income Fund | Annual Report 2021 | 25 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares(a) | Dollars ($) | Shares(a) | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 3,903,794 | 88,795,239 | 3,960,388 | 88,079,072 |
Distributions reinvested | 609,815 | 13,861,629 | 349,551 | 7,771,342 |
Redemptions | (4,700,240) | (107,063,384) | (5,877,968) | (130,338,689) |
Net decrease | (186,631) | (4,406,516) | (1,568,029) | (34,488,275) |
Advisor Class | ||||
Subscriptions | 1,403,471 | 31,920,710 | 3,699,608 | 81,860,036 |
Distributions reinvested | 131,912 | 2,995,918 | 98,135 | 2,178,983 |
Redemptions | (3,291,324) | (74,726,592) | (3,408,391) | (75,547,739) |
Net increase (decrease) | (1,755,941) | (39,809,964) | 389,352 | 8,491,280 |
Class C | ||||
Subscriptions | 226,003 | 5,150,971 | 244,339 | 5,420,580 |
Distributions reinvested | 30,978 | 704,845 | 15,633 | 348,001 |
Redemptions | (441,693) | (10,085,777) | (325,038) | (7,231,271) |
Net decrease | (184,712) | (4,229,961) | (65,066) | (1,462,690) |
Institutional Class | ||||
Subscriptions | 6,670,209 | 152,108,757 | 8,115,399 | 180,116,655 |
Distributions reinvested | 735,037 | 16,698,614 | 543,263 | 12,070,688 |
Redemptions | (8,184,795) | (186,157,261) | (12,436,116) | (276,224,649) |
Net decrease | (779,549) | (17,349,890) | (3,777,454) | (84,037,306) |
Institutional 2 Class | ||||
Subscriptions | 1,331,138 | 30,417,198 | 569,679 | 12,688,994 |
Distributions reinvested | 55,151 | 1,253,506 | 44,637 | 992,064 |
Redemptions | (975,709) | (22,203,357) | (928,524) | (20,672,675) |
Net increase (decrease) | 410,580 | 9,467,347 | (314,208) | (6,991,617) |
Institutional 3 Class | ||||
Subscriptions | 23,896,804 | 542,978,006 | 14,812,735 | 326,731,526 |
Distributions reinvested | 1,551,666 | 35,133,510 | 897,869 | 19,880,834 |
Redemptions | (5,824,082) | (131,489,259) | (14,165,666) | (313,100,622) |
Net increase | 19,624,388 | 446,622,257 | 1,544,938 | 33,511,738 |
Class R | ||||
Subscriptions | 170,026 | 3,886,514 | 80,702 | 1,799,356 |
Distributions reinvested | 5,689 | 129,272 | 2,000 | 44,383 |
Redemptions | (57,871) | (1,319,175) | (26,338) | (580,783) |
Net increase | 117,844 | 2,696,611 | 56,364 | 1,262,956 |
Total net increase (decrease) | 17,245,979 | 392,989,884 | (3,734,103) | (83,713,914) |
(a) | Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
26 | Columbia Quality Income Fund | Annual Report 2021 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A(c) | |||||||
Year Ended 5/31/2021 | $22.20 | 0.61 | 1.00 | 1.61 | (0.68) | (0.27) | (0.95) |
Year Ended 5/31/2020 | $22.10 | 0.56 | 0.06 | 0.62 | (0.52) | — | (0.52) |
Year Ended 5/31/2019 | $21.35 | 0.64 | 0.63 | 1.27 | (0.52) | — | (0.52) |
Year Ended 5/31/2018 | $21.94 | 0.56 | (0.55) | 0.01 | (0.60) | — | (0.60) |
Year Ended 5/31/2017 | $21.91 | 0.52 | 0.07 | 0.59 | (0.44) | (0.12) | (0.56) |
Advisor Class(c) | |||||||
Year Ended 5/31/2021 | $22.19 | 0.67 | 0.99 | 1.66 | (0.74) | (0.27) | (1.01) |
Year Ended 5/31/2020 | $22.09 | 0.64 | 0.06 | 0.70 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $21.34 | 0.68 | 0.67 | 1.35 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $21.92 | 0.60 | (0.50) | 0.10 | (0.68) | — | (0.68) |
Year Ended 5/31/2017 | $21.90 | 0.56 | 0.06 | 0.62 | (0.48) | (0.12) | (0.60) |
Class C(c) | |||||||
Year Ended 5/31/2021 | $22.24 | 0.44 | 1.00 | 1.44 | (0.51) | (0.27) | (0.78) |
Year Ended 5/31/2020 | $22.14 | 0.40 | 0.06 | 0.46 | (0.36) | — | (0.36) |
Year Ended 5/31/2019 | $21.39 | 0.48 | 0.63 | 1.11 | (0.36) | — | (0.36) |
Year Ended 5/31/2018 | $21.97 | 0.40 | (0.54) | (0.14) | (0.44) | — | (0.44) |
Year Ended 5/31/2017 | $21.95 | 0.36 | 0.06 | 0.42 | (0.28) | (0.12) | (0.40) |
Institutional Class(c) | |||||||
Year Ended 5/31/2021 | $22.19 | 0.66 | 1.00 | 1.66 | (0.74) | (0.27) | (1.01) |
Year Ended 5/31/2020 | $22.09 | 0.64 | 0.06 | 0.70 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $21.34 | 0.68 | 0.67 | 1.35 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $21.92 | 0.60 | (0.50) | 0.10 | (0.68) | — | (0.68) |
Year Ended 5/31/2017 | $21.89 | 0.56 | 0.07 | 0.63 | (0.48) | (0.12) | (0.60) |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2021 | $22.19 | 0.68 | 1.00 | 1.68 | (0.76) | (0.27) | (1.03) |
Year Ended 5/31/2020 | $22.09 | 0.64 | 0.06 | 0.70 | (0.60) | — | (0.60) |
Year Ended 5/31/2019 | $21.35 | 0.72 | 0.62 | 1.34 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $21.93 | 0.64 | (0.54) | 0.10 | (0.68) | — | (0.68) |
Year Ended 5/31/2017 | $21.90 | 0.60 | 0.07 | 0.67 | (0.52) | (0.12) | (0.64) |
28 | Columbia Quality Income Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A(c) | |||||||
Year Ended 5/31/2021 | $22.86 | 7.36% | 0.91%(d) | 0.90%(d),(e) | 2.69% | 319% | $429,196 |
Year Ended 5/31/2020 | $22.20 | 2.81% | 0.92%(d) | 0.90%(d),(e) | 2.61% | 326% | $421,105 |
Year Ended 5/31/2019 | $22.10 | 6.12% | 0.93%(d) | 0.92%(d),(e) | 2.96% | 302% | $453,821 |
Year Ended 5/31/2018 | $21.35 | 0.22% | 0.93% | 0.91%(e) | 2.58% | 311% | $494,616 |
Year Ended 5/31/2017 | $21.94 | 2.56% | 0.91%(f) | 0.88%(e),(f) | 2.32% | 338% | $559,807 |
Advisor Class(c) | |||||||
Year Ended 5/31/2021 | $22.84 | 7.53% | 0.66%(d) | 0.65%(d),(e) | 2.94% | 319% | $62,560 |
Year Ended 5/31/2020 | $22.19 | 3.25% | 0.67%(d) | 0.65%(d),(e) | 2.87% | 326% | $99,749 |
Year Ended 5/31/2019 | $22.09 | 6.21% | 0.68%(d) | 0.67%(d),(e) | 3.22% | 302% | $90,690 |
Year Ended 5/31/2018 | $21.34 | 0.48% | 0.67% | 0.67%(e) | 2.83% | 311% | $85,695 |
Year Ended 5/31/2017 | $21.92 | 3.01% | 0.66%(f) | 0.63%(e),(f) | 2.64% | 338% | $80,482 |
Class C(c) | |||||||
Year Ended 5/31/2021 | $22.90 | 6.54% | 1.66%(d) | 1.65%(d),(e) | 1.94% | 319% | $17,854 |
Year Ended 5/31/2020 | $22.24 | 2.23% | 1.67%(d) | 1.66%(d),(e) | 1.86% | 326% | $21,452 |
Year Ended 5/31/2019 | $22.14 | 5.14% | 1.68%(d) | 1.67%(d),(e) | 2.20% | 302% | $22,792 |
Year Ended 5/31/2018 | $21.39 | (0.53%) | 1.67% | 1.66%(e) | 1.84% | 311% | $29,850 |
Year Ended 5/31/2017 | $21.97 | 1.80% | 1.66%(f) | 1.63%(e),(f) | 1.58% | 338% | $45,314 |
Institutional Class(c) | |||||||
Year Ended 5/31/2021 | $22.84 | 7.53% | 0.66%(d) | 0.65%(d),(e) | 2.93% | 319% | $519,577 |
Year Ended 5/31/2020 | $22.19 | 3.25% | 0.67%(d) | 0.65%(d),(e) | 2.86% | 326% | $522,050 |
Year Ended 5/31/2019 | $22.09 | 6.41% | 0.68%(d) | 0.67%(d),(e) | 3.23% | 302% | $603,089 |
Year Ended 5/31/2018 | $21.34 | 0.29% | 0.67% | 0.66%(e) | 2.83% | 311% | $534,970 |
Year Ended 5/31/2017 | $21.92 | 3.01% | 0.66%(f) | 0.63%(e),(f) | 2.60% | 338% | $619,001 |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2021 | $22.84 | 7.62% | 0.57%(d) | 0.56%(d) | 2.99% | 319% | $41,073 |
Year Ended 5/31/2020 | $22.19 | 3.35% | 0.58%(d) | 0.56%(d) | 2.96% | 326% | $30,795 |
Year Ended 5/31/2019 | $22.09 | 6.32% | 0.58%(d) | 0.56%(d) | 3.34% | 302% | $37,589 |
Year Ended 5/31/2018 | $21.35 | 0.58% | 0.57% | 0.57% | 2.91% | 311% | $34,203 |
Year Ended 5/31/2017 | $21.93 | 2.90% | 0.55%(f) | 0.54%(f) | 2.70% | 338% | $25,782 |
Columbia Quality Income Fund | Annual Report 2021 | 29 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2021 | $22.10 | 0.69 | 0.99 | 1.68 | (0.76) | (0.27) | (1.03) |
Year Ended 5/31/2020 | $22.00 | 0.68 | 0.06 | 0.74 | (0.64) | — | (0.64) |
Year Ended 5/31/2019 | $21.25 | 0.72 | 0.63 | 1.35 | (0.60) | — | (0.60) |
Year Ended 5/31/2018 | $21.83 | 0.64 | (0.54) | 0.10 | (0.68) | — | (0.68) |
Year Ended 5/31/2017 | $21.79 | 0.68 | 0.00(g) | 0.68 | (0.52) | (0.12) | (0.64) |
Class R(c) | |||||||
Year Ended 5/31/2021 | $22.18 | 0.54 | 1.01 | 1.55 | (0.62) | (0.27) | (0.89) |
Year Ended 5/31/2020 | $22.08 | 0.52 | 0.06 | 0.58 | (0.48) | — | (0.48) |
Year Ended 5/31/2019 | $21.33 | 0.60 | 0.63 | 1.23 | (0.48) | — | (0.48) |
Year Ended 5/31/2018 | $21.92 | 0.52 | (0.55) | (0.03) | (0.56) | — | (0.56) |
Year Ended 5/31/2017 | $21.89 | 0.56 | (0.05)(h) | 0.51 | (0.36) | (0.12) | (0.48) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(d) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |
Class | 5/31/2021 | 5/31/2020 | 5/31/2019 |
Class A | less than 0.01% | 0.01% | less than 0.01% |
Advisor Class | less than 0.01% | 0.01% | less than 0.01% |
Class C | less than 0.01% | 0.01% | less than 0.01% |
Institutional Class | less than 0.01% | 0.01% | less than 0.01% |
Institutional 2 Class | less than 0.01% | 0.01% | less than 0.01% |
Institutional 3 Class | less than 0.01% | 0.01% | less than 0.01% |
Class R | less than 0.01% | 0.01% | less than 0.01% |
(e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(f) | Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by the percentages shown for each class in the table below. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving effect to this third party reimbursement. |
Year Ended | Class A | Advisor Class | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class | Class R |
05/31/2017 | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.01% | 0.01% |
(g) | Rounds to zero. |
(h) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
30 | Columbia Quality Income Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2021 | $22.75 | 7.64% | 0.52%(d) | 0.52%(d) | 3.05% | 319% | $1,197,807 |
Year Ended 5/31/2020 | $22.10 | 3.40% | 0.53%(d) | 0.51%(d) | 3.01% | 326% | $729,991 |
Year Ended 5/31/2019 | $22.00 | 6.58% | 0.52%(d) | 0.51%(d) | 3.37% | 302% | $692,552 |
Year Ended 5/31/2018 | $21.25 | 0.43% | 0.52% | 0.52% | 2.98% | 311% | $765,037 |
Year Ended 5/31/2017 | $21.83 | 3.16% | 0.51%(f) | 0.51%(f) | 3.13% | 338% | $784,343 |
Class R(c) | |||||||
Year Ended 5/31/2021 | $22.84 | 7.00% | 1.16%(d) | 1.15%(d),(e) | 2.40% | 319% | $5,482 |
Year Ended 5/31/2020 | $22.18 | 2.74% | 1.17%(d) | 1.15%(d),(e) | 2.36% | 326% | $2,711 |
Year Ended 5/31/2019 | $22.08 | 5.87% | 1.19%(d) | 1.17%(d),(e) | 2.76% | 302% | $1,454 |
Year Ended 5/31/2018 | $21.33 | (0.21%) | 1.17% | 1.16%(e) | 2.34% | 311% | $735 |
Year Ended 5/31/2017 | $21.92 | 2.50% | 1.17%(f) | 1.14%(e),(f) | 2.58% | 338% | $984 |
Columbia Quality Income Fund | Annual Report 2021 | 31 |
May 31, 2021
32 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Columbia Quality Income Fund | Annual Report 2021 | 33 |
May 31, 2021
34 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Columbia Quality Income Fund | Annual Report 2021 | 35 |
May 31, 2021
36 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 7,084,098* |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 2,280,058* |
Interest rate risk | Investments, at value — Options purchased | 37,895,547 |
Total | 47,259,703 |
Columbia Quality Income Fund | Annual Report 2021 | 37 |
May 31, 2021
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 715,717* |
Credit risk | Upfront receipts on swap contracts | 16,220,841 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 16,370* |
Interest rate risk | Options contracts written, at value | 2,463,065 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 1,073,367* |
Total | 20,489,360 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | ||||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) | ||
Credit risk | — | — | 7,672,380 | 7,672,380 | ||
Interest rate risk | (4,305,277) | (5,165,500) | (12) | (9,470,789) | ||
Total | (4,305,277) | (5,165,500) | 7,672,368 | (1,798,409) | ||
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||||
Risk exposure category | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) | |
Credit risk | — | — | — | 4,231,646 | 4,231,646 | |
Interest rate risk | 1,916,259 | 443,810 | 27,352,563 | (1,073,367) | 28,639,265 | |
Total | 1,916,259 | 443,810 | 27,352,563 | 3,158,279 | 32,870,911 |
Derivative instrument | Average notional amounts ($) |
Futures contracts — long | 391,674,165* |
Futures contracts — short | 3,209,211* |
Credit default swap contracts — buy protection | 476,374** |
Credit default swap contracts — sell protection | 84,050,000* |
Derivative instrument | Average value ($) |
Options contracts — purchased | 21,372,895* |
Options contracts — written | (515,279)** |
Derivative instrument | Average unrealized appreciation ($)** | Average unrealized depreciation ($)** |
Interest rate swap contracts | 68,927 | (78,928) |
* | Based on the ending quarterly outstanding amounts for the year ended May 31, 2021. |
** | Based on the ending daily outstanding amounts for the year ended May 31, 2021. |
38 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Columbia Quality Income Fund | Annual Report 2021 | 39 |
May 31, 2021
Citi ($) (a) | Citi ($) (a) | JPMorgan ($) | Morgan Stanley ($) (a) | Morgan Stanley ($) (a) | Total ($) | |
Assets | ||||||
Options purchased puts | 22,726,745 | - | - | 15,168,802 | - | 37,895,547 |
OTC credit default swap contracts (b) | - | 919,867 | 880,296 | 5,283,935 | - | 7,084,098 |
Total assets | 22,726,745 | 919,867 | 880,296 | 20,452,737 | - | 44,979,645 |
Liabilities | ||||||
Centrally cleared interest rate swap contracts (c) | - | - | - | - | 182,967 | 182,967 |
Options contracts written | 1,041,980 | - | - | 1,421,085 | - | 2,463,065 |
OTC credit default swap contracts (b) | - | 3,163,201 | 2,132,412 | 11,640,945 | - | 16,936,558 |
Total liabilities | 1,041,980 | 3,163,201 | 2,132,412 | 13,062,030 | 182,967 | 19,582,590 |
Total financial and derivative net assets | 21,684,765 | (2,243,334) | (1,252,116) | 7,390,707 | (182,967) | 25,397,055 |
Total collateral received (pledged) (d) | 21,684,765 | (2,243,334) | (1,252,116) | 7,390,707 | (182,967) | 25,397,055 |
Net amount (e) | - | - | - | - | - | - |
(a) | Exposure can only be netted across transactions governed under the same master agreement with the same legal entity. |
(b) | Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts. |
(c) | Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities. |
(d) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(e) | Represents the net amount due from/(to) counterparties in the event of default. |
40 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Columbia Quality Income Fund | Annual Report 2021 | 41 |
May 31, 2021
Effective rate (%) | |
Class A | 0.14 |
Advisor Class | 0.14 |
Class C | 0.14 |
Institutional Class | 0.14 |
Institutional 2 Class | 0.05 |
Institutional 3 Class | 0.01 |
Class R | 0.14 |
42 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.50 - 1.00(a) | 171,705 |
Class C | — | 1.00(b) | 2,578 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2020 through September 30, 2021 | Prior to October 1, 2020 | |
Class A | 0.91% | 0.91% |
Advisor Class | 0.66 | 0.66 |
Class C | 1.66 | 1.66 |
Institutional Class | 0.66 | 0.66 |
Institutional 2 Class | 0.56 | 0.55 |
Institutional 3 Class | 0.52 | 0.51 |
Class R | 1.16 | 1.16 |
Columbia Quality Income Fund | Annual Report 2021 | 43 |
May 31, 2021
Excess of distributions over net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
32,233 | 301,787 | (334,020) |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
82,983,307 | 250,583 | 83,233,890 | 51,379,941 | — | 51,379,941 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
— | — | — | 51,542,981 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
2,582,567,314 | 66,170,932 | (14,627,951) | 51,542,981 |
Late year ordinary losses ($) | Post-October capital losses ($) |
— | 7,450,785 |
44 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Columbia Quality Income Fund | Annual Report 2021 | 45 |
May 31, 2021
46 | Columbia Quality Income Fund | Annual Report 2021 |
May 31, 2021
Columbia Quality Income Fund | Annual Report 2021 | 47 |
May 31, 2021
48 | Columbia Quality Income Fund | Annual Report 2021 |
Columbia Quality Income Fund | Annual Report 2021 | 49 |
Section 163(j) Interest Dividends | |
71.23% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
50 | Columbia Quality Income Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia Quality Income Fund | Annual Report 2021 | 51 |
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 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
52 | Columbia Quality Income Fund | Annual Report 2021 |
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia Quality Income Fund | Annual Report 2021 | 53 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
54 | Columbia Quality Income Fund | Annual Report 2021 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia Quality Income Fund | Annual Report 2021 | 55 |
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 |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
56 | Columbia Quality Income Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
Columbia Quality Income Fund | Annual Report 2021 | 57 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
7 | |
8 | |
21 | |
23 | |
24 | |
26 | |
30 | |
41 | |
42 | |
42 | |
48 | |
49 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 12/08/83 | 12.35 | 6.07 | 5.78 |
Including sales charges | 7.00 | 5.05 | 5.27 | ||
Advisor Class | 12/11/06 | 12.89 | 6.31 | 5.96 | |
Class C | Excluding sales charges | 06/26/00 | 11.66 | 5.23 | 5.02 |
Including sales charges | 10.66 | 5.23 | 5.02 | ||
Institutional Class | 09/27/10 | 12.54 | 6.31 | 6.07 | |
Institutional 2 Class | 12/11/06 | 12.74 | 6.34 | 6.10 | |
Institutional 3 Class* | 11/08/12 | 12.99 | 6.43 | 6.14 | |
Class R | 12/11/06 | 12.05 | 5.80 | 5.51 | |
ICE BofA U.S. Cash Pay High Yield Constrained Index | 14.95 | 7.19 | 6.22 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia High Yield Bond Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Convertible Bonds | 0.2 |
Corporate Bonds & Notes | 93.9 |
Exchange-Traded Fixed Income Funds | 1.1 |
Foreign Government Obligations | 0.3 |
Money Market Funds | 2.8 |
Senior Loans | 1.7 |
Total | 100.0 |
Quality breakdown (%) (at May 31, 2021) | |
BBB rating | 1.3 |
BB rating | 43.0 |
B rating | 40.3 |
CCC rating | 15.4 |
Total | 100.0 |
4 | Columbia High Yield Bond Fund | Annual Report 2021 |
• | The Fund’s industry allocation and security selection detracted from returns during the 12-month period. |
• | Overweight allocations to more stable and defensive sectors such as electric-generation and cable were notable detractors. While these sectors exhibited positive total returns, they did not keep pace with the market rally. |
• | The Fund’s security selection within bonds rated CCC detracted during the period, given the ratings category’s strong returns, particularly for distressed issuers. The Fund’s overweight allocation to CCC bonds only partially offset the Fund’s defensive issue selection within the category. |
• | The most notable positive contribution to performance during the Fund’s most recent fiscal year came from security selection within the energy-exploration & production segment. |
○ | The Fund largely avoided the elevated default activity within the sector, while also maintaining overweight allocations to certain stressed issuers whose bond prices recovered along with commodity prices. |
○ | An overweight to this sector also was additive. |
• | Security selection was beneficial within the support-services segment, driven by the Fund’s overweight to select home security, car rental, ride sharing and equipment rental companies. |
Columbia High Yield Bond Fund | Annual Report 2021 | 5 |
6 | Columbia High Yield Bond Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,032.40 | 1,019.62 | 4.98 | 4.95 | 1.00 |
Advisor Class | 1,000.00 | 1,000.00 | 1,033.60 | 1,020.84 | 3.74 | 3.72 | 0.75 |
Class C | 1,000.00 | 1,000.00 | 1,028.60 | 1,015.99 | 8.66 | 8.60 | 1.74 |
Institutional Class | 1,000.00 | 1,000.00 | 1,033.70 | 1,020.84 | 3.74 | 3.72 | 0.75 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,034.10 | 1,021.23 | 3.34 | 3.32 | 0.67 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,034.30 | 1,021.43 | 3.14 | 3.12 | 0.63 |
Class R | 1,000.00 | 1,000.00 | 1,032.00 | 1,018.39 | 6.23 | 6.19 | 1.25 |
Columbia High Yield Bond Fund | Annual Report 2021 | 7 |
May 31, 2021
Convertible Bonds 0.2% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.2% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 3,330,000 | 3,436,560 | |
Total Convertible Bonds (Cost $3,136,438) | 3,436,560 | |||
Corporate Bonds & Notes 94.1% | ||||
Aerospace & Defense 2.2% | ||||
Bombardier, Inc.(a) | ||||
10/15/2022 | 6.000% | 1,632,000 | 1,633,865 | |
03/15/2025 | 7.500% | 1,575,000 | 1,587,498 | |
04/15/2027 | 7.875% | 4,372,000 | 4,437,584 | |
TransDigm UK Holdings PLC | ||||
05/15/2026 | 6.875% | 1,017,000 | 1,072,942 | |
TransDigm, Inc.(a) | ||||
12/15/2025 | 8.000% | 2,829,000 | 3,059,985 | |
03/15/2026 | 6.250% | 13,164,000 | 13,904,848 | |
01/15/2029 | 4.625% | 1,356,000 | 1,339,200 | |
05/01/2029 | 4.875% | 4,841,000 | 4,796,865 | |
TransDigm, Inc. | ||||
06/15/2026 | 6.375% | 8,153,000 | 8,441,379 | |
11/15/2027 | 5.500% | 191,000 | 198,283 | |
Total | 40,472,449 | |||
Airlines 2.5% | ||||
American Airlines, Inc.(a) | ||||
07/15/2025 | 11.750% | 3,096,000 | 3,887,230 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) | ||||
04/20/2026 | 5.500% | 8,605,000 | 9,089,312 | |
04/20/2029 | 5.750% | 710,603 | 760,313 | |
Delta Air Lines, Inc.(a) | ||||
05/01/2025 | 7.000% | 2,397,000 | 2,788,675 | |
Delta Air Lines, Inc. | ||||
01/15/2026 | 7.375% | 650,000 | 764,367 | |
Delta Air Lines, Inc./SkyMiles IP Ltd.(a) | ||||
10/20/2025 | 4.500% | 4,940,000 | 5,330,370 | |
10/20/2028 | 4.750% | 5,531,000 | 6,041,964 | |
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a) | ||||
01/20/2026 | 5.750% | 4,356,529 | 4,628,981 | |
Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.(a) | ||||
06/20/2027 | 6.500% | 7,024,858 | 7,711,488 | |
United Airlines, Inc.(a) | ||||
04/15/2026 | 4.375% | 1,978,000 | 2,050,291 | |
04/15/2029 | 4.625% | 2,213,000 | 2,291,877 | |
Total | 45,344,868 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Automotive 4.3% | ||||
American Axle & Manufacturing, Inc. | ||||
03/15/2026 | 6.250% | 3,835,000 | 3,956,601 | |
04/01/2027 | 6.500% | 203,000 | 215,569 | |
Clarios Global LP(a) | ||||
05/15/2025 | 6.750% | 2,522,000 | 2,702,669 | |
Ford Motor Co. | ||||
04/21/2023 | 8.500% | 1,063,000 | 1,186,921 | |
04/22/2025 | 9.000% | 2,305,000 | 2,816,029 | |
04/22/2030 | 9.625% | 319,000 | 444,970 | |
01/15/2043 | 4.750% | 4,357,000 | 4,409,074 | |
Ford Motor Credit Co. LLC | ||||
10/12/2021 | 3.813% | 3,720,000 | 3,754,683 | |
03/18/2024 | 5.584% | 8,288,000 | 9,046,831 | |
11/01/2024 | 4.063% | 1,261,000 | 1,332,198 | |
06/16/2025 | 5.125% | 1,781,000 | 1,949,897 | |
11/13/2025 | 3.375% | 4,360,000 | 4,469,000 | |
01/08/2026 | 4.389% | 2,745,000 | 2,917,243 | |
08/17/2027 | 4.125% | 5,119,000 | 5,364,186 | |
02/16/2028 | 2.900% | 2,325,000 | 2,268,271 | |
11/13/2030 | 4.000% | 3,180,000 | 3,248,776 | |
Goodyear Tire & Rubber Co. (The)(a) | ||||
07/15/2029 | 5.000% | 3,328,000 | 3,397,102 | |
IAA Spinco, Inc.(a) | ||||
06/15/2027 | 5.500% | 781,000 | 820,392 | |
KAR Auction Services, Inc.(a) | ||||
06/01/2025 | 5.125% | 9,835,000 | 10,046,390 | |
Panther BF Aggregator 2 LP/Finance Co., Inc.(a) | ||||
05/15/2027 | 8.500% | 4,347,000 | 4,728,177 | |
Real Hero Merger Sub 2, Inc.(a) | ||||
02/01/2029 | 6.250% | 4,043,000 | 4,175,634 | |
Tenneco, Inc.(a) | ||||
01/15/2029 | 7.875% | 3,762,000 | 4,216,565 | |
Total | 77,467,178 | |||
Brokerage/Asset Managers/Exchanges 1.2% | ||||
Advisor Group Holdings, Inc.(a) | ||||
08/01/2027 | 10.750% | 1,012,000 | 1,128,103 | |
AG Issuer LLC(a) | ||||
03/01/2028 | 6.250% | 985,000 | 1,028,014 | |
Aretec Escrow Issuer, Inc.(a) | ||||
04/01/2029 | 7.500% | 1,625,000 | 1,655,911 | |
Hightower Holding LLC(a) | ||||
04/15/2029 | 6.750% | 3,664,000 | 3,717,834 | |
NFP Corp.(a) | ||||
05/15/2025 | 7.000% | 883,000 | 967,976 | |
08/15/2028 | 6.875% | 9,110,000 | 9,423,882 |
8 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
NFP Corp.(a),(b) | ||||
08/15/2028 | 4.875% | 3,424,000 | 3,443,404 | |
Total | 21,365,124 | |||
Building Materials 1.6% | ||||
American Builders & Contractors Supply Co., Inc.(a) | ||||
01/15/2028 | 4.000% | 7,798,000 | 7,969,357 | |
Beacon Roofing Supply, Inc.(a) | ||||
11/15/2026 | 4.500% | 2,198,000 | 2,296,252 | |
Core & Main LP(a) | ||||
08/15/2025 | 6.125% | 6,145,000 | 6,277,972 | |
CP Atlas Buyer Inc.(a) | ||||
12/01/2028 | 7.000% | 1,822,000 | 1,884,029 | |
Interface, Inc.(a) | ||||
12/01/2028 | 5.500% | 551,000 | 576,350 | |
SRS Distribution, Inc.(a),(b) | ||||
07/01/2028 | 4.625% | 1,967,000 | 1,985,513 | |
07/01/2029 | 6.125% | 3,821,000 | 3,897,420 | |
White Cap Buyer LLC(a) | ||||
10/15/2028 | 6.875% | 3,224,000 | 3,399,994 | |
Total | 28,286,887 | |||
Cable and Satellite 6.8% | ||||
CCO Holdings LLC/Capital Corp.(a) | ||||
05/01/2026 | 5.500% | 3,194,000 | 3,301,315 | |
05/01/2027 | 5.875% | 1,954,000 | 2,015,583 | |
06/01/2029 | 5.375% | 6,200,000 | 6,732,821 | |
03/01/2030 | 4.750% | 11,138,000 | 11,558,433 | |
CCO Holdings LLC/Capital Corp. | ||||
05/01/2032 | 4.500% | 1,887,000 | 1,903,326 | |
CSC Holdings LLC(a) | ||||
02/01/2029 | 6.500% | 13,364,000 | 14,619,717 | |
01/15/2030 | 5.750% | 5,186,000 | 5,414,814 | |
12/01/2030 | 4.125% | 1,315,000 | 1,287,408 | |
12/01/2030 | 4.625% | 1,408,000 | 1,360,807 | |
02/15/2031 | 3.375% | 7,622,000 | 7,136,227 | |
11/15/2031 | 5.000% | 2,868,000 | 2,859,954 | |
DISH DBS Corp. | ||||
07/01/2026 | 7.750% | 11,416,000 | 12,965,895 | |
DISH DBS Corp.(a) | ||||
06/01/2029 | 5.125% | 9,495,000 | 9,426,638 | |
Radiate Holdco LLC/Finance, Inc.(a) | ||||
09/15/2026 | 4.500% | 2,395,000 | 2,428,549 | |
09/15/2028 | 6.500% | 5,685,000 | 5,851,891 | |
Sirius XM Radio, Inc.(a) | ||||
08/01/2027 | 5.000% | 1,035,000 | 1,083,213 | |
07/01/2030 | 4.125% | 6,167,000 | 6,181,868 | |
Virgin Media Finance PLC(a) | ||||
07/15/2030 | 5.000% | 7,349,000 | 7,323,351 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Virgin Media Secured Finance PLC(a) | ||||
08/15/2026 | 5.500% | 3,326,000 | 3,450,985 | |
Ziggo Bond Co. BV(a) | ||||
02/28/2030 | 5.125% | 3,470,000 | 3,531,163 | |
Ziggo BV(a) | ||||
01/15/2027 | 5.500% | 11,133,000 | 11,577,520 | |
01/15/2030 | 4.875% | 1,451,000 | 1,481,514 | |
Total | 123,492,992 | |||
Chemicals 3.0% | ||||
Axalta Coating Systems LLC(a) | ||||
02/15/2029 | 3.375% | 2,346,000 | 2,264,330 | |
Axalta Coating Systems LLC/Dutch Holding B BV(a) | ||||
06/15/2027 | 4.750% | 2,767,000 | 2,898,774 | |
Chemours Co. (The)(a) | ||||
11/15/2028 | 5.750% | 1,383,000 | 1,477,083 | |
Element Solutions, Inc.(a) | ||||
09/01/2028 | 3.875% | 4,369,000 | 4,381,693 | |
HB Fuller Co. | ||||
10/15/2028 | 4.250% | 1,314,000 | 1,342,677 | |
Herens Holdco Sarl(a) | ||||
05/15/2028 | 4.750% | 3,204,000 | 3,209,900 | |
Illuminate Buyer LLC/Holdings IV, Inc.(a) | ||||
07/01/2028 | 9.000% | 2,430,000 | 2,685,292 | |
INEOS Group Holdings SA(a) | ||||
08/01/2024 | 5.625% | 3,881,000 | 3,901,065 | |
INEOS Quattro Finance 2 Plc(a) | ||||
01/15/2026 | 3.375% | 814,000 | 814,432 | |
Ingevity Corp.(a) | ||||
02/01/2026 | 4.500% | 1,073,000 | 1,094,593 | |
11/01/2028 | 3.875% | 3,545,000 | 3,504,261 | |
Innophos Holdings, Inc.(a) | ||||
02/15/2028 | 9.375% | 3,244,000 | 3,520,463 | |
Iris Holdings, Inc.(a),(c) | ||||
02/15/2026 | 8.750% | 2,366,000 | 2,413,320 | |
PQ Corp.(a) | ||||
12/15/2025 | 5.750% | 4,343,000 | 4,458,995 | |
SPCM SA(a) | ||||
09/15/2025 | 4.875% | 3,211,000 | 3,290,227 | |
Starfruit Finco BV/US Holdco LLC(a) | ||||
10/01/2026 | 8.000% | 9,598,000 | 10,140,530 | |
WR Grace & Co.(a) | ||||
06/15/2027 | 4.875% | 2,837,000 | 2,988,335 | |
Total | 54,385,970 |
Columbia High Yield Bond Fund | Annual Report 2021 | 9 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Construction Machinery 0.8% | ||||
H&E Equipment Services, Inc.(a) | ||||
12/15/2028 | 3.875% | 6,756,000 | 6,540,427 | |
Herc Holdings, Inc.(a) | ||||
07/15/2027 | 5.500% | 2,032,000 | 2,141,015 | |
NESCO Holdings II, Inc.(a) | ||||
04/15/2029 | 5.500% | 2,398,000 | 2,472,247 | |
Ritchie Bros. Auctioneers, Inc.(a) | ||||
01/15/2025 | 5.375% | 3,058,000 | 3,149,948 | |
Total | 14,303,637 | |||
Consumer Cyclical Services 2.5% | ||||
APX Group, Inc. | ||||
12/01/2022 | 7.875% | 6,311,000 | 6,339,912 | |
09/01/2023 | 7.625% | 6,577,000 | 6,768,709 | |
11/01/2024 | 8.500% | 5,211,000 | 5,432,820 | |
Arches Buyer, Inc.(a) | ||||
06/01/2028 | 4.250% | 2,298,000 | 2,260,314 | |
12/01/2028 | 6.125% | 654,000 | 668,254 | |
Frontdoor, Inc.(a) | ||||
08/15/2026 | 6.750% | 1,378,000 | 1,460,770 | |
Match Group, Inc.(a) | ||||
12/15/2027 | 5.000% | 1,031,000 | 1,078,770 | |
06/01/2028 | 4.625% | 1,915,000 | 1,965,190 | |
Staples, Inc.(a) | ||||
04/15/2026 | 7.500% | 3,381,000 | 3,507,659 | |
04/15/2027 | 10.750% | 1,384,000 | 1,416,658 | |
Uber Technologies, Inc.(a) | ||||
05/15/2025 | 7.500% | 11,165,000 | 12,039,354 | |
01/15/2028 | 6.250% | 1,870,000 | 2,018,231 | |
Total | 44,956,641 | |||
Consumer Products 0.5% | ||||
CD&R Smokey Buyer, Inc.(a) | ||||
07/15/2025 | 6.750% | 2,225,000 | 2,375,177 | |
Mattel, Inc.(a) | ||||
12/15/2027 | 5.875% | 2,735,000 | 2,995,959 | |
Mattel, Inc. | ||||
11/01/2041 | 5.450% | 776,000 | 879,558 | |
Prestige Brands, Inc.(a) | ||||
01/15/2028 | 5.125% | 1,428,000 | 1,492,874 | |
Spectrum Brands, Inc. | ||||
07/15/2025 | 5.750% | 2,076,000 | 2,128,530 | |
Total | 9,872,098 | |||
Diversified Manufacturing 0.7% | ||||
CFX Escrow Corp.(a) | ||||
02/15/2026 | 6.375% | 863,000 | 910,523 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Resideo Funding, Inc.(a) | ||||
11/01/2026 | 6.125% | 3,320,000 | 3,499,198 | |
Vertical Holdco GmbH(a) | ||||
07/15/2028 | 7.625% | 566,000 | 610,564 | |
Vertical US Newco, Inc.(a) | ||||
07/15/2027 | 5.250% | 1,123,000 | 1,168,248 | |
Welbilt, Inc. | ||||
02/15/2024 | 9.500% | 1,206,000 | 1,265,801 | |
WESCO Distribution, Inc.(a) | ||||
06/15/2025 | 7.125% | 3,201,000 | 3,458,106 | |
06/15/2028 | 7.250% | 2,471,000 | 2,740,357 | |
Total | 13,652,797 | |||
Electric 4.1% | ||||
Atlantica Sustainable Infrastructure PLC(a) | ||||
06/15/2028 | 4.125% | 2,597,000 | 2,613,143 | |
Calpine Corp.(a) | ||||
06/01/2026 | 5.250% | 1,789,000 | 1,841,135 | |
Clearway Energy Operating LLC | ||||
09/15/2026 | 5.000% | 5,701,000 | 5,887,316 | |
Clearway Energy Operating LLC(a) | ||||
03/15/2028 | 4.750% | 4,159,000 | 4,309,102 | |
02/15/2031 | 3.750% | 9,935,000 | 9,635,124 | |
FirstEnergy Corp. | ||||
11/15/2031 | 7.375% | 1,042,000 | 1,387,658 | |
07/15/2047 | 4.850% | 1,563,000 | 1,809,510 | |
NextEra Energy Operating Partners LP(a) | ||||
09/15/2027 | 4.500% | 11,998,000 | 13,024,308 | |
NRG Energy, Inc. | ||||
01/15/2027 | 6.625% | 648,000 | 672,343 | |
NRG Energy, Inc.(a) | ||||
02/15/2029 | 3.375% | 2,639,000 | 2,546,947 | |
06/15/2029 | 5.250% | 4,667,000 | 4,917,369 | |
02/15/2031 | 3.625% | 7,913,000 | 7,596,377 | |
Pattern Energy Operations LP/Inc.(a) | ||||
08/15/2028 | 4.500% | 2,180,000 | 2,226,891 | |
PG&E Corp. | ||||
07/01/2028 | 5.000% | 1,985,000 | 1,984,380 | |
TerraForm Power Operating LLC(a) | ||||
01/31/2028 | 5.000% | 2,550,000 | 2,683,852 | |
01/15/2030 | 4.750% | 3,725,000 | 3,808,246 | |
Vistra Operations Co. LLC(a) | ||||
09/01/2026 | 5.500% | 1,147,000 | 1,185,179 | |
02/15/2027 | 5.625% | 2,638,000 | 2,741,947 | |
07/31/2027 | 5.000% | 1,538,000 | 1,573,821 | |
05/01/2029 | 4.375% | 2,730,000 | 2,745,078 | |
Total | 75,189,726 |
10 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Environmental 1.2% | ||||
GFL Environmental, Inc.(a) | ||||
06/01/2025 | 4.250% | 2,474,000 | 2,563,609 | |
08/01/2025 | 3.750% | 2,894,000 | 2,961,784 | |
12/15/2026 | 5.125% | 3,627,000 | 3,811,601 | |
05/01/2027 | 8.500% | 1,910,000 | 2,094,656 | |
08/01/2028 | 4.000% | 3,368,000 | 3,250,061 | |
Waste Pro USA, Inc.(a) | ||||
02/15/2026 | 5.500% | 6,161,000 | 6,271,434 | |
Total | 20,953,145 | |||
Finance Companies 1.6% | ||||
Global Aircraft Leasing Co., Ltd.(a),(c) | ||||
09/15/2024 | 6.500% | 2,992,835 | 2,992,795 | |
Navient Corp. | ||||
03/15/2028 | 4.875% | 2,572,000 | 2,542,847 | |
Provident Funding Associates LP/Finance Corp.(a) | ||||
06/15/2025 | 6.375% | 5,305,000 | 5,353,602 | |
Quicken Loans LLC/Co-Issuer, Inc.(a) | ||||
03/01/2029 | 3.625% | 4,291,000 | 4,178,362 | |
03/01/2031 | 3.875% | 6,678,000 | 6,531,335 | |
Springleaf Finance Corp. | ||||
03/15/2023 | 5.625% | 2,892,000 | 3,073,838 | |
03/15/2024 | 6.125% | 4,775,000 | 5,142,311 | |
Total | 29,815,090 | |||
Food and Beverage 4.6% | ||||
Aramark Services, Inc.(a) | ||||
05/01/2025 | 6.375% | 1,025,000 | 1,089,307 | |
FAGE International SA/USA Dairy Industry, Inc.(a) | ||||
08/15/2026 | 5.625% | 10,948,000 | 11,285,313 | |
JBS USA LUX SA/Food Co./Finance, Inc.(a) | ||||
12/01/2031 | 3.750% | 2,161,000 | 2,190,545 | |
Kraft Heinz Foods Co. | ||||
05/15/2027 | 3.875% | 3,665,000 | 4,014,227 | |
06/04/2042 | 5.000% | 2,952,000 | 3,435,979 | |
06/01/2046 | 4.375% | 4,406,000 | 4,723,379 | |
10/01/2049 | 4.875% | 3,360,000 | 3,855,721 | |
Kraft Heinz Foods Co. (The) | ||||
07/15/2045 | 5.200% | 4,131,000 | 4,924,292 | |
Lamb Weston Holdings, Inc.(a) | ||||
11/01/2024 | 4.625% | 2,055,000 | 2,127,232 | |
11/01/2026 | 4.875% | 3,963,000 | 4,101,956 | |
Performance Food Group, Inc.(a) | ||||
05/01/2025 | 6.875% | 733,000 | 781,996 | |
10/15/2027 | 5.500% | 2,520,000 | 2,632,566 | |
Pilgrim’s Pride Corp.(a) | ||||
09/30/2027 | 5.875% | 3,161,000 | 3,361,963 | |
04/15/2031 | 4.250% | 9,032,000 | 9,131,806 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Post Holdings, Inc.(a) | ||||
03/01/2027 | 5.750% | 6,972,000 | 7,303,029 | |
04/15/2030 | 4.625% | 6,201,000 | 6,242,431 | |
09/15/2031 | 4.500% | 5,550,000 | 5,486,224 | |
Primo Water Holdings, Inc.(a) | ||||
04/30/2029 | 4.375% | 2,749,000 | 2,752,477 | |
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a) | ||||
03/01/2029 | 4.625% | 2,133,000 | 2,158,340 | |
Triton Water Holdings, Inc.(a) | ||||
04/01/2029 | 6.250% | 2,687,000 | 2,694,085 | |
Total | 84,292,868 | |||
Gaming 3.8% | ||||
Boyd Gaming Corp.(a) | ||||
06/01/2025 | 8.625% | 995,000 | 1,095,972 | |
Boyd Gaming Corp. | ||||
12/01/2027 | 4.750% | 1,892,000 | 1,934,504 | |
Boyd Gaming Corp.(a),(b) | ||||
06/15/2031 | 4.750% | 4,367,000 | 4,412,272 | |
Caesars Resort Collection LLC/CRC Finco, Inc.(a) | ||||
10/15/2025 | 5.250% | 3,593,000 | 3,620,998 | |
CCM Merger, Inc.(a) | ||||
05/01/2026 | 6.375% | 2,305,000 | 2,417,996 | |
Colt Merger Sub, Inc.(a) | ||||
07/01/2025 | 5.750% | 1,023,000 | 1,073,423 | |
07/01/2025 | 6.250% | 5,395,000 | 5,688,736 | |
07/01/2027 | 8.125% | 4,978,000 | 5,516,132 | |
International Game Technology PLC(a) | ||||
02/15/2025 | 6.500% | 2,515,000 | 2,793,986 | |
04/15/2026 | 4.125% | 1,892,000 | 1,955,089 | |
MGM Growth Properties Operating Partnership LP/Finance Co-Issuer, Inc.(a) | ||||
06/15/2025 | 4.625% | 3,784,000 | 4,018,156 | |
Midwest Gaming Borrower LLC(a) | ||||
05/01/2029 | 4.875% | 5,202,000 | 5,209,223 | |
Scientific Games International, Inc.(a) | ||||
10/15/2025 | 5.000% | 5,966,000 | 6,146,665 | |
03/15/2026 | 8.250% | 6,135,000 | 6,601,405 | |
05/15/2028 | 7.000% | 2,215,000 | 2,396,035 | |
11/15/2029 | 7.250% | 4,747,000 | 5,263,668 | |
VICI Properties LP/Note Co., Inc.(a) | ||||
12/01/2026 | 4.250% | 2,382,000 | 2,452,059 | |
02/15/2027 | 3.750% | 1,255,000 | 1,269,431 | |
Wynn Las Vegas LLC/Capital Corp.(a) | ||||
03/01/2025 | 5.500% | 3,017,000 | 3,216,225 | |
Wynn Resorts Finance LLC/Capital Corp.(a) | ||||
04/15/2025 | 7.750% | 1,430,000 | 1,541,138 | |
Total | 68,623,113 |
Columbia High Yield Bond Fund | Annual Report 2021 | 11 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Health Care 4.7% | ||||
Acadia Healthcare Co., Inc.(a) | ||||
07/01/2028 | 5.500% | 601,000 | 637,918 | |
04/15/2029 | 5.000% | 829,000 | 860,747 | |
Avantor Funding, Inc.(a) | ||||
07/15/2028 | 4.625% | 3,369,000 | 3,508,177 | |
Charles River Laboratories International, Inc.(a) | ||||
05/01/2028 | 4.250% | 1,072,000 | 1,104,804 | |
03/15/2029 | 3.750% | 1,397,000 | 1,400,022 | |
03/15/2031 | 4.000% | 1,118,000 | 1,137,854 | |
CHS/Community Health Systems, Inc.(a) | ||||
02/15/2025 | 6.625% | 3,788,000 | 3,984,599 | |
03/15/2026 | 8.000% | 2,949,000 | 3,161,454 | |
03/15/2027 | 5.625% | 1,043,000 | 1,093,202 | |
04/15/2029 | 6.875% | 4,444,000 | 4,564,738 | |
04/01/2030 | 6.125% | 1,156,000 | 1,150,580 | |
Encompass Health Corp. | ||||
02/01/2028 | 4.500% | 917,000 | 946,377 | |
HCA, Inc. | ||||
02/01/2025 | 5.375% | 2,498,000 | 2,793,493 | |
09/01/2028 | 5.625% | 5,109,000 | 5,955,919 | |
02/01/2029 | 5.875% | 2,357,000 | 2,765,957 | |
09/01/2030 | 3.500% | 4,955,000 | 5,090,181 | |
Ortho-Clinical Diagnostics, Inc./SA(a) | ||||
06/01/2025 | 7.375% | 419,000 | 449,124 | |
02/01/2028 | 7.250% | 533,000 | 579,454 | |
RP Escrow Issuer LLC(a) | ||||
12/15/2025 | 5.250% | 7,369,000 | 7,626,994 | |
Select Medical Corp.(a) | ||||
08/15/2026 | 6.250% | 4,339,000 | 4,585,014 | |
Surgery Center Holdings, Inc.(a) | ||||
07/01/2025 | 6.750% | 454,000 | 461,899 | |
04/15/2027 | 10.000% | 1,649,000 | 1,801,562 | |
Syneos Health, Inc.(a) | ||||
01/15/2029 | 3.625% | 1,134,000 | 1,109,552 | |
Teleflex, Inc. | ||||
11/15/2027 | 4.625% | 3,130,000 | 3,327,639 | |
Teleflex, Inc.(a) | ||||
06/01/2028 | 4.250% | 946,000 | 978,733 | |
Tenet Healthcare Corp.(a) | ||||
04/01/2025 | 7.500% | 1,638,000 | 1,756,665 | |
02/01/2027 | 6.250% | 3,443,000 | 3,595,491 | |
11/01/2027 | 5.125% | 6,771,000 | 7,068,733 | |
10/01/2028 | 6.125% | 9,033,000 | 9,427,869 | |
US Acute Care Solutions LLC(a) | ||||
03/01/2026 | 6.375% | 2,101,000 | 2,174,333 | |
Total | 85,099,084 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Healthcare Insurance 0.5% | ||||
Centene Corp. | ||||
02/15/2030 | 3.375% | 1,255,000 | 1,268,578 | |
10/15/2030 | 3.000% | 8,188,000 | 8,200,234 | |
Total | 9,468,812 | |||
Home Construction 0.6% | ||||
Meritage Homes Corp.(a) | ||||
04/15/2029 | 3.875% | 1,930,000 | 2,008,321 | |
Shea Homes LP/Funding Corp.(a) | ||||
02/15/2028 | 4.750% | 1,563,000 | 1,565,446 | |
04/01/2029 | 4.750% | 513,000 | 512,339 | |
Taylor Morrison Communities, Inc./Holdings II(a) | ||||
04/15/2023 | 5.875% | 2,300,000 | 2,463,875 | |
03/01/2024 | 5.625% | 2,745,000 | 2,988,716 | |
TRI Pointe Group, Inc./Homes | ||||
06/15/2024 | 5.875% | 1,480,000 | 1,647,407 | |
Total | 11,186,104 | |||
Independent Energy 7.0% | ||||
Apache Corp. | ||||
11/15/2025 | 4.625% | 1,771,000 | 1,880,431 | |
11/15/2027 | 4.875% | 2,362,000 | 2,479,842 | |
10/15/2028 | 4.375% | 3,735,000 | 3,831,138 | |
01/15/2030 | 4.250% | 1,554,000 | 1,566,073 | |
09/01/2040 | 5.100% | 1,335,000 | 1,372,697 | |
02/01/2042 | 5.250% | 755,000 | 787,759 | |
04/15/2043 | 4.750% | 2,937,000 | 2,904,041 | |
01/15/2044 | 4.250% | 539,000 | 506,212 | |
Callon Petroleum Co. | ||||
10/01/2024 | 6.125% | 1,724,000 | 1,586,109 | |
07/01/2026 | 6.375% | 11,000,000 | 9,902,756 | |
Carrizo Oil & Gas, Inc. | ||||
04/15/2023 | 6.250% | 3,655,000 | 3,461,756 | |
CNX Resources Corp.(a) | ||||
03/14/2027 | 7.250% | 4,290,000 | 4,610,025 | |
01/15/2029 | 6.000% | 1,727,000 | 1,841,366 | |
Comstock Resources, Inc. | ||||
08/15/2026 | 9.750% | 1,622,000 | 1,758,808 | |
08/15/2026 | 9.750% | 739,000 | 801,618 | |
Comstock Resources, Inc.(a) | ||||
03/01/2029 | 6.750% | 1,886,000 | 1,967,891 | |
Continental Resources, Inc.(a) | ||||
01/15/2031 | 5.750% | 1,378,000 | 1,616,349 | |
CrownRock LP/Finance, Inc.(a) | ||||
05/01/2029 | 5.000% | 1,378,000 | 1,416,546 | |
Encana Corp. | ||||
08/15/2034 | 6.500% | 134,000 | 176,197 |
12 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Endeavor Energy Resources LP/Finance, Inc.(a) | ||||
01/30/2028 | 5.750% | 2,572,000 | 2,721,955 | |
EQT Corp. | ||||
01/15/2029 | 5.000% | 1,846,000 | 2,046,816 | |
EQT Corp.(d) | ||||
02/01/2030 | 8.750% | 2,547,000 | 3,310,064 | |
EQT Corp.(a) | ||||
05/15/2031 | 3.625% | 2,021,000 | 2,081,178 | |
Hilcorp Energy I LP/Finance Co.(a) | ||||
11/01/2028 | 6.250% | 4,405,000 | 4,621,816 | |
02/01/2029 | 5.750% | 2,186,000 | 2,243,226 | |
Indigo Natural Resources LLC(a) | ||||
02/01/2029 | 5.375% | 2,711,000 | 2,724,904 | |
Matador Resources Co. | ||||
09/15/2026 | 5.875% | 10,159,000 | 10,200,692 | |
MEG Energy Corp.(a) | ||||
02/01/2029 | 5.875% | 1,336,000 | 1,389,971 | |
Newfield Exploration Co. | ||||
07/01/2024 | 5.625% | 239,000 | 265,733 | |
01/01/2026 | 5.375% | 2,025,000 | 2,280,755 | |
Occidental Petroleum Corp. | ||||
08/15/2024 | 2.900% | 7,346,000 | 7,337,705 | |
04/15/2026 | 3.400% | 4,798,000 | 4,694,977 | |
08/15/2026 | 3.200% | 1,119,000 | 1,081,931 | |
08/15/2029 | 3.500% | 3,763,000 | 3,528,615 | |
09/01/2030 | 6.625% | 6,530,000 | 7,482,661 | |
01/01/2031 | 6.125% | 1,687,000 | 1,870,825 | |
09/15/2036 | 6.450% | 1,938,000 | 2,178,674 | |
03/15/2046 | 6.600% | 1,129,000 | 1,235,456 | |
04/15/2046 | 4.400% | 7,471,000 | 6,389,974 | |
08/15/2049 | 4.400% | 996,000 | 842,131 | |
Ovintiv, Inc. | ||||
11/01/2031 | 7.200% | 305,000 | 398,969 | |
SM Energy Co. | ||||
06/01/2025 | 5.625% | 1,555,000 | 1,487,965 | |
09/15/2026 | 6.750% | 5,933,000 | 5,914,064 | |
01/15/2027 | 6.625% | 3,582,000 | 3,584,161 | |
Total | 126,382,832 | |||
Leisure 3.4% | ||||
Carnival Corp.(a) | ||||
03/01/2026 | 7.625% | 3,773,000 | 4,139,004 | |
03/01/2027 | 5.750% | 5,805,000 | 6,167,344 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp. | ||||
06/01/2024 | 5.375% | 2,873,000 | 2,901,546 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(a) | ||||
05/01/2025 | 5.500% | 4,476,000 | 4,675,835 | |
10/01/2028 | 6.500% | 1,198,000 | 1,275,870 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cinemark USA, Inc. | ||||
06/01/2023 | 4.875% | 11,064,000 | 11,074,707 | |
Cinemark USA, Inc.(a) | ||||
05/01/2025 | 8.750% | 2,917,000 | 3,177,111 | |
03/15/2026 | 5.875% | 3,461,000 | 3,583,271 | |
NCL Corp Ltd.(a) | ||||
03/15/2026 | 5.875% | 4,309,000 | 4,489,288 | |
Royal Caribbean Cruises Ltd.(a) | ||||
06/15/2023 | 9.125% | 2,942,000 | 3,253,506 | |
04/01/2028 | 5.500% | 3,572,000 | 3,770,146 | |
Silversea Cruise Finance Ltd.(a) | ||||
02/01/2025 | 7.250% | 6,461,000 | 6,686,729 | |
Six Flags Entertainment Corp.(a) | ||||
07/31/2024 | 4.875% | 3,269,000 | 3,305,228 | |
Viking Cruises Ltd.(a) | ||||
02/15/2029 | 7.000% | 905,000 | 929,482 | |
Viking Ocean Cruises Ship VII Ltd.(a) | ||||
02/15/2029 | 5.625% | 775,000 | 785,404 | |
VOC Escrow Ltd.(a) | ||||
02/15/2028 | 5.000% | 742,000 | 747,567 | |
Total | 60,962,038 | |||
Lodging 0.3% | ||||
Hilton Domestic Operating Co., Inc.(a) | ||||
05/01/2025 | 5.375% | 1,328,000 | 1,396,901 | |
05/01/2028 | 5.750% | 3,120,000 | 3,361,721 | |
Marriott Ownership Resorts, Inc. | ||||
01/15/2028 | 4.750% | 280,000 | 284,340 | |
Total | 5,042,962 | |||
Media and Entertainment 4.5% | ||||
Clear Channel International BV(a) | ||||
08/01/2025 | 6.625% | 4,173,000 | 4,352,877 | |
Clear Channel Outdoor Holdings, Inc.(a) | ||||
04/15/2028 | 7.750% | 6,189,000 | 6,343,617 | |
Clear Channel Outdoor Holdings, Inc.(a),(b) | ||||
06/01/2029 | 7.500% | 3,764,000 | 3,756,324 | |
Clear Channel Worldwide Holdings, Inc. | ||||
02/15/2024 | 9.250% | 4,649,000 | 4,877,916 | |
Clear Channel Worldwide Holdings, Inc.(a) | ||||
08/15/2027 | 5.125% | 4,457,000 | 4,496,748 | |
Diamond Sports Group LLC/Finance Co.(a) | ||||
08/15/2026 | 5.375% | 2,541,000 | 1,885,759 | |
08/15/2027 | 6.625% | 2,128,000 | 1,214,736 | |
iHeartCommunications, Inc. | ||||
05/01/2026 | 6.375% | 3,158,583 | 3,372,261 | |
05/01/2027 | 8.375% | 7,376,817 | 7,899,647 |
Columbia High Yield Bond Fund | Annual Report 2021 | 13 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
iHeartCommunications, Inc.(a) | ||||
08/15/2027 | 5.250% | 1,118,000 | 1,156,658 | |
01/15/2028 | 4.750% | 3,542,000 | 3,609,840 | |
Netflix, Inc. | ||||
11/15/2028 | 5.875% | 7,531,000 | 9,106,259 | |
05/15/2029 | 6.375% | 452,000 | 565,525 | |
Netflix, Inc.(a) | ||||
11/15/2029 | 5.375% | 3,294,000 | 3,892,594 | |
06/15/2030 | 4.875% | 4,721,000 | 5,442,373 | |
Nielsen Finance LLC/Co.(a) | ||||
10/01/2028 | 5.625% | 1,916,000 | 2,026,275 | |
07/15/2029 | 4.500% | 2,215,000 | 2,218,693 | |
10/01/2030 | 5.875% | 741,000 | 802,245 | |
07/15/2031 | 4.750% | 2,772,000 | 2,768,909 | |
Outfront Media Capital LLC/Corp.(a) | ||||
08/15/2027 | 5.000% | 1,896,000 | 1,963,883 | |
01/15/2029 | 4.250% | 1,468,000 | 1,454,344 | |
03/15/2030 | 4.625% | 4,828,000 | 4,814,351 | |
Playtika Holding Corp.(a) | ||||
03/15/2029 | 4.250% | 3,718,000 | 3,664,664 | |
Scripps Escrow II, Inc.(a) | ||||
01/15/2029 | 3.875% | 635,000 | 619,707 | |
Total | 82,306,205 | |||
Metals and Mining 3.6% | ||||
Alcoa Nederland Holding BV(a) | ||||
09/30/2026 | 7.000% | 1,675,000 | 1,756,602 | |
03/31/2029 | 4.125% | 1,826,000 | 1,870,617 | |
Commercial Metals Co. | ||||
02/15/2031 | 3.875% | 499,000 | 494,523 | |
Constellium NV(a) | ||||
02/15/2026 | 5.875% | 9,260,000 | 9,507,034 | |
Constellium SE(a) | ||||
06/15/2028 | 5.625% | 2,534,000 | 2,686,186 | |
04/15/2029 | 3.750% | 5,655,000 | 5,489,006 | |
Freeport-McMoRan, Inc. | ||||
09/01/2029 | 5.250% | 4,254,000 | 4,717,773 | |
03/15/2043 | 5.450% | 5,955,000 | 7,188,404 | |
Hudbay Minerals, Inc.(a) | ||||
04/01/2026 | 4.500% | 2,633,000 | 2,619,802 | |
04/01/2029 | 6.125% | 8,410,000 | 8,808,130 | |
Kaiser Aluminum Corp.(a) | ||||
06/01/2031 | 4.500% | 4,523,000 | 4,601,637 | |
Novelis Corp.(a) | ||||
09/30/2026 | 5.875% | 9,483,000 | 9,888,112 | |
01/30/2030 | 4.750% | 5,315,000 | 5,584,630 | |
Total | 65,212,456 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Midstream 6.2% | ||||
Cheniere Energy Partners LP | ||||
10/01/2026 | 5.625% | 2,539,000 | 2,641,759 | |
Cheniere Energy Partners LP(a) | ||||
03/01/2031 | 4.000% | 2,174,000 | 2,244,029 | |
Cheniere Energy, Inc.(a) | ||||
10/15/2028 | 4.625% | 3,343,000 | 3,509,474 | |
DCP Midstream Operating LP | ||||
07/15/2027 | 5.625% | 1,827,000 | 2,008,345 | |
04/01/2044 | 5.600% | 6,572,000 | 6,869,047 | |
Delek Logistics Partners LP/Finance Corp. | ||||
05/15/2025 | 6.750% | 4,005,000 | 4,097,123 | |
DT Midstream, Inc.(a),(b) | ||||
06/15/2029 | 4.125% | 2,760,000 | 2,771,026 | |
06/15/2031 | 4.375% | 2,208,000 | 2,219,885 | |
EQM Midstream Partners LP(a) | ||||
07/01/2025 | 6.000% | 3,259,000 | 3,528,885 | |
07/01/2027 | 6.500% | 2,315,000 | 2,543,797 | |
01/15/2029 | 4.500% | 2,593,000 | 2,593,804 | |
01/15/2031 | 4.750% | 7,823,000 | 7,868,411 | |
Holly Energy Partners LP/Finance Corp.(a) | ||||
02/01/2028 | 5.000% | 4,181,000 | 4,285,104 | |
NuStar Logistics LP | ||||
10/01/2025 | 5.750% | 1,639,000 | 1,746,310 | |
06/01/2026 | 6.000% | 2,535,000 | 2,716,103 | |
04/28/2027 | 5.625% | 6,524,000 | 6,918,787 | |
Rockies Express Pipeline LLC(a) | ||||
05/15/2025 | 3.600% | 2,624,000 | 2,642,103 | |
Rockpoint Gas Storage Canada Ltd.(a) | ||||
03/31/2023 | 7.000% | 5,518,000 | 5,572,648 | |
Sunoco LP/Finance Corp. | ||||
02/15/2026 | 5.500% | 5,676,000 | 5,847,584 | |
Targa Resources Partners LP/Finance Corp. | ||||
02/01/2027 | 5.375% | 964,000 | 1,002,566 | |
01/15/2028 | 5.000% | 10,197,000 | 10,674,324 | |
03/01/2030 | 5.500% | 6,463,000 | 6,979,776 | |
Targa Resources Partners LP/Finance Corp.(a) | ||||
02/01/2031 | 4.875% | 2,446,000 | 2,555,672 | |
01/15/2032 | 4.000% | 2,339,000 | 2,320,015 | |
TransMontaigne Partners LP/TLP Finance Corp. | ||||
02/15/2026 | 6.125% | 5,106,000 | 5,164,642 | |
Western Gas Partners LP | ||||
07/01/2026 | 4.650% | 2,009,000 | 2,149,387 | |
08/15/2028 | 4.750% | 936,000 | 1,006,054 | |
Western Midstream Operating LP | ||||
02/01/2025 | 4.350% | 7,101,000 | 7,431,576 | |
03/01/2028 | 4.500% | 641,000 | 680,031 | |
Total | 112,588,267 |
14 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Oil Field Services 1.1% | ||||
Apergy Corp. | ||||
05/01/2026 | 6.375% | 2,739,000 | 2,869,382 | |
Archrock Partners LP/Finance Corp.(a) | ||||
04/01/2028 | 6.250% | 4,363,000 | 4,525,875 | |
Nabors Industries Ltd.(a) | ||||
01/15/2028 | 7.500% | 1,604,000 | 1,362,922 | |
Transocean Sentry Ltd.(a) | ||||
05/15/2023 | 5.375% | 12,053,238 | 11,557,004 | |
Total | 20,315,183 | |||
Other Industry 0.2% | ||||
Hillenbrand, Inc. | ||||
06/15/2025 | 5.750% | 649,000 | 695,557 | |
03/01/2031 | 3.750% | 2,218,000 | 2,211,921 | |
Total | 2,907,478 | |||
Other REIT 1.2% | ||||
Hospitality Properties Trust | ||||
03/15/2024 | 4.650% | 1,517,000 | 1,503,080 | |
Ladder Capital Finance Holdings LLLP/Corp.(a) | ||||
03/15/2022 | 5.250% | 5,585,000 | 5,630,578 | |
10/01/2025 | 5.250% | 5,662,000 | 5,762,556 | |
02/01/2027 | 4.250% | 2,309,000 | 2,266,857 | |
Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer(a) | ||||
10/01/2028 | 5.875% | 2,852,000 | 3,043,474 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a) | ||||
05/15/2029 | 4.875% | 2,776,000 | 2,877,849 | |
Service Properties Trust | ||||
10/01/2024 | 4.350% | 704,000 | 691,892 | |
Total | 21,776,286 | |||
Packaging 2.1% | ||||
Ardagh Metal Packaging Finance USA LLC/PLC(a) | ||||
09/01/2029 | 4.000% | 7,374,000 | 7,261,304 | |
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a) | ||||
02/15/2025 | 6.000% | 774,000 | 797,449 | |
04/30/2025 | 5.250% | 2,283,000 | 2,400,707 | |
08/15/2026 | 4.125% | 2,762,000 | 2,828,572 | |
08/15/2027 | 5.250% | 4,499,000 | 4,539,711 | |
08/15/2027 | 5.250% | 1,424,000 | 1,436,199 | |
Berry Global, Inc. | ||||
07/15/2023 | 5.125% | 1,464,000 | 1,473,986 | |
BWAY Holding Co.(a) | ||||
04/15/2024 | 5.500% | 4,416,000 | 4,454,507 | |
CANPACK SA/Eastern PA Land Investment Holding LLC(a) | ||||
11/01/2025 | 3.125% | 1,582,000 | 1,603,993 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Flex Acquisition Co., Inc.(a) | ||||
07/15/2026 | 7.875% | 5,601,000 | 5,840,394 | |
Novolex(a) | ||||
01/15/2025 | 6.875% | 1,805,000 | 1,825,202 | |
Trivium Packaging Finance BV(a) | ||||
08/15/2026 | 5.500% | 3,440,000 | 3,595,947 | |
Total | 38,057,971 | |||
Pharmaceuticals 3.2% | ||||
Bausch Health Companies, Inc.(a) | ||||
03/15/2024 | 7.000% | 280,000 | 285,789 | |
04/15/2025 | 6.125% | 5,575,000 | 5,693,921 | |
04/01/2026 | 9.250% | 4,619,000 | 4,996,084 | |
01/31/2027 | 8.500% | 4,595,000 | 4,931,248 | |
01/30/2028 | 5.000% | 1,926,000 | 1,802,290 | |
02/15/2029 | 6.250% | 3,397,000 | 3,321,191 | |
01/30/2030 | 5.250% | 2,790,000 | 2,567,125 | |
02/15/2031 | 5.250% | 1,894,000 | 1,731,619 | |
Bausch Health Companies, Inc.(a),(b) | ||||
06/01/2028 | 4.875% | 1,331,000 | 1,340,506 | |
Catalent Pharma Solutions, Inc.(a) | ||||
07/15/2027 | 5.000% | 727,000 | 756,463 | |
Endo Dac/Finance LLC/Finco, Inc.(a) | ||||
07/31/2027 | 9.500% | 1,135,000 | 1,156,043 | |
06/30/2028 | 6.000% | 1,684,000 | 1,164,405 | |
Endo Luxembourg Finance Co I Sarl/US, Inc.(a) | ||||
04/01/2029 | 6.125% | 3,310,000 | 3,261,461 | |
Jaguar Holding Co. II/PPD Development LP(a) | ||||
06/15/2025 | 4.625% | 1,303,000 | 1,365,237 | |
06/15/2028 | 5.000% | 1,197,000 | 1,294,071 | |
Jazz Securities DAC(a) | ||||
01/15/2029 | 4.375% | 1,990,000 | 2,049,176 | |
Organon Finance 1 LLC(a) | ||||
04/30/2028 | 4.125% | 8,273,000 | 8,348,852 | |
04/30/2031 | 5.125% | 6,155,000 | 6,327,396 | |
Par Pharmaceutical, Inc.(a) | ||||
04/01/2027 | 7.500% | 5,394,000 | 5,504,356 | |
Total | 57,897,233 | |||
Property & Casualty 1.4% | ||||
Alliant Holdings Intermediate LLC/Co-Issuer(a) | ||||
10/15/2027 | 4.250% | 2,402,000 | 2,403,255 | |
10/15/2027 | 6.750% | 6,770,000 | 6,984,824 | |
AssuredPartners, Inc.(a) | ||||
01/15/2029 | 5.625% | 2,660,000 | 2,652,332 | |
BroadStreet Partners, Inc.(a) | ||||
04/15/2029 | 5.875% | 3,987,000 | 3,980,978 | |
HUB International Ltd.(a) | ||||
05/01/2026 | 7.000% | 5,080,000 | 5,264,729 |
Columbia High Yield Bond Fund | Annual Report 2021 | 15 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
MGIC Investment Corp. | ||||
08/15/2028 | 5.250% | 460,000 | 486,465 | |
Radian Group, Inc. | ||||
03/15/2025 | 6.625% | 179,000 | 202,154 | |
03/15/2027 | 4.875% | 1,061,000 | 1,133,892 | |
USI, Inc.(a) | ||||
05/01/2025 | 6.875% | 2,804,000 | 2,854,643 | |
Total | 25,963,272 | |||
Restaurants 0.7% | ||||
1011778 BC ULC/New Red Finance, Inc.(a) | ||||
04/15/2025 | 5.750% | 2,265,000 | 2,400,072 | |
IRB Holding Corp.(a) | ||||
06/15/2025 | 7.000% | 2,261,000 | 2,441,821 | |
02/15/2026 | 6.750% | 6,967,000 | 7,210,845 | |
Yum! Brands, Inc.(a) | ||||
04/01/2025 | 7.750% | 436,000 | 474,233 | |
Total | 12,526,971 | |||
Retailers 1.0% | ||||
Burlington Coat Factory Warehouse Corp.(a) | ||||
04/15/2025 | 6.250% | 475,000 | 512,571 | |
L Brands, Inc.(a) | ||||
07/01/2025 | 9.375% | 667,000 | 849,184 | |
10/01/2030 | 6.625% | 996,000 | 1,138,671 | |
L Brands, Inc. | ||||
02/01/2028 | 5.250% | 1,472,000 | 1,599,701 | |
06/15/2029 | 7.500% | 848,000 | 978,717 | |
11/01/2035 | 6.875% | 4,732,000 | 5,698,139 | |
LCM Investments Holdings II LLC(a) | ||||
05/01/2029 | 4.875% | 1,565,000 | 1,608,063 | |
Penske Automotive Group, Inc. | ||||
09/01/2025 | 3.500% | 859,000 | 884,513 | |
PetSmart, Inc./Finance Corp.(a) | ||||
02/15/2028 | 4.750% | 3,647,000 | 3,777,686 | |
02/15/2029 | 7.750% | 902,000 | 993,411 | |
Total | 18,040,656 | |||
Supermarkets 0.5% | ||||
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(a) | ||||
03/15/2026 | 7.500% | 1,874,000 | 2,063,911 | |
02/15/2028 | 5.875% | 1,043,000 | 1,109,491 | |
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a) | ||||
03/15/2026 | 3.250% | 2,265,000 | 2,276,040 | |
01/15/2027 | 4.625% | 3,021,000 | 3,127,080 | |
SEG Holding LLC/Finance Corp.(a) | ||||
10/15/2028 | 5.625% | 759,000 | 792,627 | |
Total | 9,369,149 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Technology 5.1% | ||||
Ascend Learning LLC(a) | ||||
08/01/2025 | 6.875% | 2,873,000 | 2,932,076 | |
08/01/2025 | 6.875% | 2,691,000 | 2,746,537 | |
Banff Merger Sub, Inc.(a) | ||||
09/01/2026 | 9.750% | 788,000 | 834,563 | |
Black Knight InfoServ LLC(a) | ||||
09/01/2028 | 3.625% | 4,002,000 | 3,934,506 | |
Boxer Parent Co., Inc.(a) | ||||
10/02/2025 | 7.125% | 897,000 | 961,239 | |
03/01/2026 | 9.125% | 546,000 | 576,332 | |
BY Crown Parent LLC/Bond Finance, Inc.(a) | ||||
01/31/2026 | 4.250% | 884,000 | 924,008 | |
Camelot Finance SA(a) | ||||
11/01/2026 | 4.500% | 2,158,000 | 2,240,297 | |
CDK Global, Inc. | ||||
06/01/2027 | 4.875% | 2,037,000 | 2,148,379 | |
CommScope Technologies LLC(a) | ||||
06/15/2025 | 6.000% | 3,491,000 | 3,559,224 | |
Gartner, Inc.(a) | ||||
07/01/2028 | 4.500% | 2,740,000 | 2,881,630 | |
Helios Software Holdings, Inc.(a) | ||||
05/01/2028 | 4.625% | 4,210,000 | 4,115,532 | |
ION Trading Technologies Sarl(a) | ||||
05/15/2028 | 5.750% | 3,709,000 | 3,763,184 | |
Iron Mountain, Inc.(a) | ||||
09/15/2027 | 4.875% | 1,196,000 | 1,238,845 | |
Logan Merger Sub, Inc.(a) | ||||
09/01/2027 | 5.500% | 4,816,000 | 4,969,761 | |
Microchip Technology, Inc.(a) | ||||
09/01/2025 | 4.250% | 2,608,000 | 2,737,195 | |
NCR Corp.(a) | ||||
04/15/2025 | 8.125% | 1,870,000 | 2,037,478 | |
10/01/2028 | 5.000% | 5,978,000 | 6,153,112 | |
Plantronics, Inc.(a) | ||||
03/01/2029 | 4.750% | 9,854,000 | 9,397,737 | |
PTC, Inc.(a) | ||||
02/15/2025 | 3.625% | 723,000 | 743,290 | |
02/15/2028 | 4.000% | 1,043,000 | 1,067,052 | |
QualityTech LP/QTS Finance Corp.(a) | ||||
10/01/2028 | 3.875% | 6,153,000 | 6,245,488 | |
Sabre GLBL, Inc.(a) | ||||
04/15/2025 | 9.250% | 696,000 | 814,819 | |
09/01/2025 | 7.375% | 832,000 | 897,359 | |
Shift4 Payments LLC/Finance Sub, Inc.(a) | ||||
11/01/2026 | 4.625% | 2,630,000 | 2,744,514 |
16 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Solera LLC/Finance, Inc.(a) | ||||
03/01/2024 | 10.500% | 2,016,000 | 2,069,743 | |
Square, Inc.(a) | ||||
06/01/2026 | 2.750% | 906,000 | 913,249 | |
06/01/2031 | 3.500% | 3,039,000 | 3,039,878 | |
Switch Ltd.(a) | ||||
09/15/2028 | 3.750% | 938,000 | 930,903 | |
Tempo Acquisition LLC/Finance Corp.(a) | ||||
06/01/2025 | 5.750% | 1,447,000 | 1,527,600 | |
06/01/2025 | 6.750% | 2,961,000 | 3,013,737 | |
Verscend Escrow Corp.(a) | ||||
08/15/2026 | 9.750% | 4,487,000 | 4,759,108 | |
ZoomInfo Technologies LLC/Finance Corp.(a) | ||||
02/01/2029 | 3.875% | 5,388,000 | 5,273,773 | |
Total | 92,192,148 | |||
Transportation Services 0.0% | ||||
Avis Budget Car Rental LLC/Finance, Inc.(a) | ||||
03/15/2025 | 5.250% | 881,000 | 896,799 | |
Wireless 3.6% | ||||
Altice France Holding SA(a) | ||||
05/15/2027 | 10.500% | 4,123,000 | 4,608,685 | |
02/15/2028 | 6.000% | 5,446,000 | 5,340,533 | |
Altice France SA(a) | ||||
02/01/2027 | 8.125% | 3,670,000 | 4,001,352 | |
07/15/2029 | 5.125% | 6,266,000 | 6,214,863 | |
SBA Communications Corp. | ||||
09/01/2024 | 4.875% | 10,899,000 | 11,120,292 | |
Sprint Capital Corp. | ||||
11/15/2028 | 6.875% | 8,231,000 | 10,302,295 | |
T-Mobile USA, Inc. | ||||
02/15/2026 | 2.250% | 1,153,000 | 1,162,233 | |
02/01/2028 | 4.750% | 3,381,000 | 3,614,945 | |
02/15/2029 | 2.625% | 4,715,000 | 4,551,289 | |
02/15/2031 | 2.875% | 2,619,000 | 2,528,419 | |
04/15/2031 | 3.500% | 887,000 | 901,248 | |
T-Mobile USA, Inc.(a) | ||||
04/15/2031 | 3.500% | 5,157,000 | 5,245,406 | |
Vmed O2 UK Financing I PLC(a) | ||||
01/31/2031 | 4.250% | 5,525,000 | 5,366,890 | |
Total | 64,958,450 | |||
Wirelines 1.8% | ||||
Cablevision Lightpath LLC(a) | ||||
09/15/2028 | 5.625% | 1,913,000 | 1,928,978 | |
CenturyLink, Inc. | ||||
04/01/2024 | 7.500% | 7,238,000 | 8,104,988 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CenturyLink, Inc.(a) | ||||
12/15/2026 | 5.125% | 3,266,000 | 3,385,748 | |
02/15/2027 | 4.000% | 1,570,000 | 1,589,975 | |
Front Range BidCo, Inc.(a) | ||||
03/01/2027 | 4.000% | 5,856,000 | 5,753,025 | |
03/01/2028 | 6.125% | 3,961,000 | 4,031,590 | |
Level 3 Financing, Inc.(a) | ||||
07/01/2028 | 4.250% | 6,359,000 | 6,378,735 | |
Northwest Fiber LLC/Finance Sub, Inc.(a) | ||||
02/15/2028 | 6.000% | 1,696,000 | 1,679,829 | |
Total | 32,852,868 | |||
Total Corporate Bonds & Notes (Cost $1,652,454,351) | 1,708,477,807 |
Exchange-Traded Fixed Income Funds 1.1% | ||
Shares | Value ($) | |
High Yield 1.1% | ||
iShares iBoxx $ High Yield Corporate Bond ETF | 231,600 | 20,190,888 |
Total Exchange-Traded Fixed Income Funds (Cost $20,057,605) | 20,190,888 |
Foreign Government Obligations(e) 0.3% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Canada 0.3% | ||||
NOVA Chemicals Corp.(a) | ||||
06/01/2027 | 5.250% | 3,114,000 | 3,341,418 | |
05/15/2029 | 4.250% | 1,758,000 | 1,761,692 | |
Total | 5,103,110 | |||
Total Foreign Government Obligations (Cost $4,944,588) | 5,103,110 | |||
Senior Loans 1.7% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Consumer Cyclical Services 0.4% | ||||
8th Avenue Food & Provisions, Inc.(f),(g) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 3.500% 10/01/2025 | 3.593% | 3,121,402 | 3,114,722 | |
2nd Lien Term Loan | ||||
1-month USD LIBOR + 7.750% 10/01/2026 | 7.843% | 3,441,442 | 3,407,028 | |
Total | 6,521,750 |
Columbia High Yield Bond Fund | Annual Report 2021 | 17 |
May 31, 2021
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Food and Beverage 0.2% | ||||
BellRing Brands LLC(f),(g) | ||||
Term Loan | ||||
1-month USD LIBOR + 4.000% Floor 0.750% 10/21/2024 | 4.750% | 2,327,840 | 2,343,227 | |
Froneri International Ltd.(f),(g) | ||||
2nd Lien Term Loan | ||||
1-month USD LIBOR + 5.750% 01/31/2028 | 5.843% | 567,000 | 572,670 | |
Total | 2,915,897 | |||
Health Care 0.3% | ||||
Radiology Partners, Inc.(f),(g),(h) | ||||
Tranche B 1st Lien Term Loan | ||||
1-month USD LIBOR + 4.250% 07/09/2025 | 4.357% | 1,488,000 | 1,486,676 | |
Surgery Center Holdings, Inc.(f),(g) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.750% Floor 0.750% 08/31/2026 | 4.500% | 4,942,471 | 4,948,649 | |
Total | 6,435,325 | |||
Restaurants 0.2% | ||||
IRB Holding Corp./Arby’s/Buffalo Wild Wings(f),(g) | ||||
Tranche B Term Loan | ||||
3-month USD LIBOR + 2.750% Floor 1.000% 02/05/2025 | 3.750% | 4,517,848 | 4,496,298 | |
Technology 0.6% | ||||
Applied Systems, Inc.(f),(g) | ||||
1st Lien Term Loan | ||||
3-month USD LIBOR + 3.250% Floor 1.000% 09/19/2024 | 3.774% | 1,747,800 | 1,745,179 | |
Ascend Learning LLC(f),(g) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.000% Floor 1.000% 07/12/2024 | 4.000% | 1,466,588 | 1,464,226 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
DCert Buyer, Inc.(f),(g) | ||||
2nd Lien Term Loan | ||||
1-month USD LIBOR + 7.000% 02/19/2029 | 7.093% | 2,702,000 | 2,715,510 | |
Epicore Software Corp.(f),(g) | ||||
2nd Lien Term Loan | ||||
1-month USD LIBOR + 7.750% Floor 1.000% 07/31/2028 | 8.750% | 1,039,000 | 1,066,534 | |
Project Alpha Intermediate Holding, Inc.(f),(g) | ||||
Term Loan | ||||
1-month USD LIBOR + 4.000% 04/26/2024 | 4.100% | 2,503,139 | 2,504,190 | |
UKG, Inc.(f),(g) | ||||
1st Lien Term Loan | ||||
3-month USD LIBOR + 3.750% 05/04/2026 | 3.843% | 1,863,620 | 1,864,980 | |
Total | 11,360,619 | |||
Total Senior Loans (Cost $31,690,420) | 31,729,889 |
Money Market Funds 2.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(i),(j) | 51,315,833 | 51,310,701 |
Total Money Market Funds (Cost $51,313,467) | 51,310,701 | |
Total Investments in Securities (Cost: $1,763,596,869) | 1,820,248,955 | |
Other Assets & Liabilities, Net | (3,640,075) | |
Net Assets | 1,816,608,880 |
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2021, the total value of these securities amounted to $1,254,884,972, which represents 69.08% of total net assets. |
(b) | Represents a security purchased on a when-issued basis. |
(c) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(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 May 31, 2021. |
18 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
(e) | Principal and interest may not be guaranteed by a governmental entity. |
(f) | The stated interest rate represents the weighted average interest rate at May 31, 2021 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
(g) | Variable rate security. The interest rate shown was the current rate as of May 31, 2021. |
(h) | Represents a security purchased on a forward commitment basis. |
(i) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(j) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
61,158,038 | 711,022,315 | (720,873,266) | 3,614 | 51,310,701 | (11,620) | 61,281 | 51,315,833 |
LIBOR | London Interbank Offered Rate |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Columbia High Yield Bond Fund | Annual Report 2021 | 19 |
May 31, 2021
The following table is a summary of the inputs used to value the Fund’s investments at May 31, 2021:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Convertible Bonds | — | 3,436,560 | — | 3,436,560 |
Corporate Bonds & Notes | — | 1,708,477,807 | — | 1,708,477,807 |
Exchange-Traded Fixed Income Funds | 20,190,888 | — | — | 20,190,888 |
Foreign Government Obligations | — | 5,103,110 | — | 5,103,110 |
Senior Loans | — | 31,729,889 | — | 31,729,889 |
Money Market Funds | 51,310,701 | — | — | 51,310,701 |
Total Investments in Securities | 71,501,589 | 1,748,747,366 | — | 1,820,248,955 |
20 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,712,283,402) | $1,768,938,254 |
Affiliated issuers (cost $51,313,467) | 51,310,701 |
Cash | 44,318 |
Receivable for: | |
Investments sold | 2,274,229 |
Capital shares sold | 7,132,135 |
Dividends | 1,617 |
Interest | 22,194,451 |
Foreign tax reclaims | 21,586 |
Expense reimbursement due from Investment Manager | 792 |
Prepaid expenses | 23,964 |
Trustees’ deferred compensation plan | 1,080 |
Total assets | 1,851,943,127 |
Liabilities | |
Payable for: | |
Investments purchased | 1,632,695 |
Investments purchased on a delayed delivery basis | 25,188,461 |
Capital shares purchased | 1,718,283 |
Distributions to shareholders | 6,416,678 |
Management services fees | 31,126 |
Distribution and/or service fees | 4,993 |
Transfer agent fees | 111,090 |
Compensation of board members | 186,288 |
Other expenses | 43,553 |
Trustees’ deferred compensation plan | 1,080 |
Total liabilities | 35,334,247 |
Net assets applicable to outstanding capital stock | $1,816,608,880 |
Represented by | |
Paid in capital | 1,781,005,398 |
Total distributable earnings (loss) | 35,603,482 |
Total - representing net assets applicable to outstanding capital stock | $1,816,608,880 |
Columbia High Yield Bond Fund | Annual Report 2021 | 21 |
May 31, 2021
Class A | |
Net assets | $627,451,242 |
Shares outstanding | 52,150,931 |
Net asset value per share | $12.03 |
Maximum sales charge | 4.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $12.63 |
Advisor Class | |
Net assets | $102,027,604 |
Shares outstanding | 8,431,683 |
Net asset value per share | $12.10 |
Class C | |
Net assets | $17,974,445 |
Shares outstanding | 1,503,025 |
Net asset value per share | $11.96 |
Institutional Class | |
Net assets | $191,647,583 |
Shares outstanding | 15,942,139 |
Net asset value per share | $12.02 |
Institutional 2 Class | |
Net assets | $82,318,802 |
Shares outstanding | 6,866,291 |
Net asset value per share | $11.99 |
Institutional 3 Class | |
Net assets | $779,694,834 |
Shares outstanding | 64,918,967 |
Net asset value per share | $12.01 |
Class R | |
Net assets | $15,494,370 |
Shares outstanding | 1,283,939 |
Net asset value per share | $12.07 |
22 | Columbia High Yield Bond Fund | Annual Report 2021 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $853,187 |
Dividends — affiliated issuers | 61,281 |
Interest | 84,488,054 |
Interfund lending | 357 |
Total income | 85,402,879 |
Expenses: | |
Management services fees | 9,989,557 |
Distribution and/or service fees | |
Class A | 1,565,758 |
Class C | 241,231 |
Class R | 71,288 |
Transfer agent fees | |
Class A | 788,645 |
Advisor Class | 129,461 |
Class C | 30,365 |
Institutional Class | 236,376 |
Institutional 2 Class | 50,245 |
Institutional 3 Class | 35,026 |
Class R | 17,960 |
Compensation of board members | 87,401 |
Custodian fees | 20,350 |
Printing and postage fees | 89,527 |
Registration fees | 144,146 |
Audit fees | 39,500 |
Legal fees | 23,424 |
Compensation of chief compliance officer | 322 |
Other | 65,540 |
Total expenses | 13,626,122 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (433,824) |
Expense reduction | (1,745) |
Total net expenses | 13,190,553 |
Net investment income | 72,212,326 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 21,498,892 |
Investments — affiliated issuers | (11,620) |
Net realized gain | 21,487,272 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 84,111,802 |
Investments — affiliated issuers | 3,614 |
Net change in unrealized appreciation (depreciation) | 84,115,416 |
Net realized and unrealized gain | 105,602,688 |
Net increase in net assets resulting from operations | $177,815,014 |
Columbia High Yield Bond Fund | Annual Report 2021 | 23 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income | $72,212,326 | $71,204,961 |
Net realized gain (loss) | 21,487,272 | (5,204,329) |
Net change in unrealized appreciation (depreciation) | 84,115,416 | (19,182,857) |
Net increase in net assets resulting from operations | 177,815,014 | 46,817,775 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (28,356,306) | (33,176,464) |
Advisor Class | (4,905,238) | (4,988,087) |
Class C | (914,630) | (1,245,738) |
Institutional Class | (8,974,548) | (9,036,268) |
Institutional 2 Class | (4,377,598) | (4,192,698) |
Institutional 3 Class | (26,237,306) | (18,759,219) |
Class R | (608,837) | (832,937) |
Total distributions to shareholders | (74,374,463) | (72,231,411) |
Increase (decrease) in net assets from capital stock activity | 365,946,919 | (98,548,727) |
Total increase (decrease) in net assets | 469,387,470 | (123,962,363) |
Net assets at beginning of year | 1,347,221,410 | 1,471,183,773 |
Net assets at end of year | $1,816,608,880 | $1,347,221,410 |
24 | Columbia High Yield Bond Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares(a) | Dollars ($) | Shares(a) | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 8,264,991 | 97,279,567 | 11,326,165 | 130,695,026 |
Distributions reinvested | 2,321,040 | 27,363,682 | 2,770,327 | 32,013,534 |
Redemptions | (13,558,506) | (159,608,974) | (19,498,614) | (224,162,581) |
Net decrease | (2,972,475) | (34,965,725) | (5,402,122) | (61,454,021) |
Advisor Class | ||||
Subscriptions | 2,987,691 | 35,538,566 | 3,540,362 | 41,361,342 |
Distributions reinvested | 408,304 | 4,840,814 | 425,525 | 4,933,242 |
Redemptions | (3,715,454) | (44,138,596) | (2,917,909) | (33,384,045) |
Net increase (decrease) | (319,459) | (3,759,216) | 1,047,978 | 12,910,539 |
Class C | ||||
Subscriptions | 268,330 | 3,132,206 | 283,564 | 3,214,242 |
Distributions reinvested | 75,053 | 877,422 | 103,091 | 1,185,083 |
Redemptions | (1,224,998) | (14,493,473) | (1,002,261) | (11,497,566) |
Net decrease | (881,615) | (10,483,845) | (615,606) | (7,098,241) |
Institutional Class | ||||
Subscriptions | 6,639,646 | 77,994,366 | 7,987,677 | 88,646,660 |
Distributions reinvested | 713,483 | 8,402,821 | 728,857 | 8,417,927 |
Redemptions | (6,745,509) | (79,631,218) | (8,623,208) | (96,653,041) |
Net increase | 607,620 | 6,765,969 | 93,326 | 411,546 |
Institutional 2 Class | ||||
Subscriptions | 4,940,909 | 57,522,970 | 11,568,108 | 132,577,910 |
Distributions reinvested | 371,362 | 4,364,340 | 357,363 | 4,134,529 |
Redemptions | (7,041,636) | (81,963,846) | (10,159,041) | (118,005,485) |
Net increase (decrease) | (1,729,365) | (20,076,536) | 1,766,430 | 18,706,954 |
Institutional 3 Class | ||||
Subscriptions | 36,886,109 | 438,961,766 | 8,329,019 | 92,033,019 |
Distributions reinvested | 2,090,952 | 24,757,782 | 1,480,160 | 17,077,934 |
Redemptions | (3,037,650) | (35,799,950) | (14,599,656) | (166,668,967) |
Net increase (decrease) | 35,939,411 | 427,919,598 | (4,790,477) | (57,558,014) |
Class R | ||||
Subscriptions | 358,217 | 4,258,173 | 406,385 | 4,747,696 |
Distributions reinvested | 47,735 | 564,499 | 62,562 | 724,466 |
Redemptions | (362,711) | (4,275,998) | (886,321) | (9,939,652) |
Net increase (decrease) | 43,241 | 546,674 | (417,374) | (4,467,490) |
Total net increase (decrease) | 30,687,358 | 365,946,919 | (8,317,845) | (98,548,727) |
(a) | Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
Columbia High Yield Bond Fund | Annual Report 2021 | 25 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class A(c) | ||||||
Year Ended 5/31/2021 | $11.19 | 0.52 | 0.85 | 1.37 | (0.53) | (0.53) |
Year Ended 5/31/2020 | $11.44 | 0.56 | (0.25) | 0.31 | (0.56) | (0.56) |
Year Ended 5/31/2019 | $11.39 | 0.56 | 0.05 | 0.61 | (0.56) | (0.56) |
Year Ended 5/31/2018 | $11.92 | 0.56 | (0.57) | (0.01) | (0.52) | (0.52) |
Year Ended 5/31/2017 | $11.38 | 0.56 | 0.54 | 1.10 | (0.56) | (0.56) |
Advisor Class(c) | ||||||
Year Ended 5/31/2021 | $11.26 | 0.55 | 0.85 | 1.40 | (0.56) | (0.56) |
Year Ended 5/31/2020 | $11.50 | 0.60 | (0.24) | 0.36 | (0.60) | (0.60) |
Year Ended 5/31/2019 | $11.46 | 0.60 | 0.04 | 0.64 | (0.60) | (0.60) |
Year Ended 5/31/2018 | $11.99 | 0.56 | (0.53) | 0.03 | (0.56) | (0.56) |
Year Ended 5/31/2017 | $11.45 | 0.60 | 0.54 | 1.14 | (0.60) | (0.60) |
Class C(c) | ||||||
Year Ended 5/31/2021 | $11.13 | 0.43 | 0.84 | 1.27 | (0.44) | (0.44) |
Year Ended 5/31/2020 | $11.36 | 0.48 | (0.23) | 0.25 | (0.48) | (0.48) |
Year Ended 5/31/2019 | $11.32 | 0.48 | 0.04 | 0.52 | (0.48) | (0.48) |
Year Ended 5/31/2018 | $11.84 | 0.44 | (0.52) | (0.08) | (0.44) | (0.44) |
Year Ended 5/31/2017 | $11.30 | 0.48 | 0.54 | 1.02 | (0.48) | (0.48) |
Institutional Class(c) | ||||||
Year Ended 5/31/2021 | $11.19 | 0.54 | 0.85 | 1.39 | (0.56) | (0.56) |
Year Ended 5/31/2020 | $11.43 | 0.60 | (0.24) | 0.36 | (0.60) | (0.60) |
Year Ended 5/31/2019 | $11.38 | 0.60 | 0.05 | 0.65 | (0.60) | (0.60) |
Year Ended 5/31/2018 | $11.91 | 0.56 | (0.53) | 0.03 | (0.56) | (0.56) |
Year Ended 5/31/2017 | $11.36 | 0.60 | 0.55 | 1.15 | (0.60) | (0.60) |
Institutional 2 Class(c) | ||||||
Year Ended 5/31/2021 | $11.16 | 0.55 | 0.85 | 1.40 | (0.57) | (0.57) |
Year Ended 5/31/2020 | $11.39 | 0.60 | (0.23) | 0.37 | (0.60) | (0.60) |
Year Ended 5/31/2019 | $11.35 | 0.60 | 0.04 | 0.64 | (0.60) | (0.60) |
Year Ended 5/31/2018 | $11.88 | 0.56 | (0.53) | 0.03 | (0.56) | (0.56) |
Year Ended 5/31/2017 | $11.35 | 0.60 | 0.53 | 1.13 | (0.60) | (0.60) |
26 | Columbia High Yield Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A(c) | |||||||
Year Ended 5/31/2021 | $12.03 | 12.35% | 1.03% | 1.01%(d) | 4.39% | 58% | $627,451 |
Year Ended 5/31/2020 | $11.19 | 2.82% | 1.04% | 1.03%(d) | 4.86% | 59% | $617,031 |
Year Ended 5/31/2019 | $11.44 | 5.47% | 1.04% | 1.04%(d) | 4.93% | 41% | $692,138 |
Year Ended 5/31/2018 | $11.39 | 0.10% | 1.03% | 1.03%(d) | 4.60% | 49% | $778,978 |
Year Ended 5/31/2017 | $11.92 | 10.08% | 1.03% | 1.03%(d) | 4.77% | 60% | $929,057 |
Advisor Class(c) | |||||||
Year Ended 5/31/2021 | $12.10 | 12.89% | 0.78% | 0.76%(d) | 4.63% | 58% | $102,028 |
Year Ended 5/31/2020 | $11.26 | 3.08% | 0.79% | 0.78%(d) | 5.11% | 59% | $98,512 |
Year Ended 5/31/2019 | $11.50 | 5.36% | 0.79% | 0.79%(d) | 5.17% | 41% | $88,582 |
Year Ended 5/31/2018 | $11.46 | 0.37% | 0.78% | 0.78%(d) | 4.89% | 49% | $112,377 |
Year Ended 5/31/2017 | $11.99 | 10.32% | 0.79% | 0.79%(d) | 5.04% | 60% | $68,934 |
Class C(c) | |||||||
Year Ended 5/31/2021 | $11.96 | 11.66% | 1.78% | 1.76%(d) | 3.65% | 58% | $17,974 |
Year Ended 5/31/2020 | $11.13 | 2.03% | 1.79% | 1.78%(d) | 4.12% | 59% | $26,532 |
Year Ended 5/31/2019 | $11.36 | 4.68% | 1.79% | 1.79%(d) | 4.17% | 41% | $34,097 |
Year Ended 5/31/2018 | $11.32 | (0.68%) | 1.78% | 1.78%(d) | 3.85% | 49% | $65,568 |
Year Ended 5/31/2017 | $11.84 | 8.91% | 1.78% | 1.78%(d) | 4.02% | 60% | $84,315 |
Institutional Class(c) | |||||||
Year Ended 5/31/2021 | $12.02 | 12.54% | 0.78% | 0.76%(d) | 4.63% | 58% | $191,648 |
Year Ended 5/31/2020 | $11.19 | 3.07% | 0.79% | 0.78%(d) | 5.11% | 59% | $171,521 |
Year Ended 5/31/2019 | $11.43 | 5.73% | 0.79% | 0.79%(d) | 5.17% | 41% | $174,135 |
Year Ended 5/31/2018 | $11.38 | 0.35% | 0.78% | 0.78%(d) | 4.84% | 49% | $242,148 |
Year Ended 5/31/2017 | $11.91 | 10.36% | 0.79% | 0.79%(d) | 5.04% | 60% | $395,530 |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2021 | $11.99 | 12.74% | 0.71% | 0.69% | 4.70% | 58% | $82,319 |
Year Ended 5/31/2020 | $11.16 | 3.14% | 0.72% | 0.71% | 5.15% | 59% | $95,933 |
Year Ended 5/31/2019 | $11.39 | 5.82% | 0.71% | 0.71% | 5.23% | 41% | $77,805 |
Year Ended 5/31/2018 | $11.35 | 0.40% | 0.71% | 0.71% | 4.92% | 49% | $136,612 |
Year Ended 5/31/2017 | $11.88 | 10.08% | 0.70% | 0.70% | 5.11% | 60% | $143,247 |
Columbia High Yield Bond Fund | Annual Report 2021 | 27 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Institutional 3 Class(c) | ||||||
Year Ended 5/31/2021 | $11.17 | 0.55 | 0.86 | 1.41 | (0.57) | (0.57) |
Year Ended 5/31/2020 | $11.41 | 0.60 | (0.24) | 0.36 | (0.60) | (0.60) |
Year Ended 5/31/2019 | $11.37 | 0.60 | 0.04 | 0.64 | (0.60) | (0.60) |
Year Ended 5/31/2018 | $11.90 | 0.60 | (0.53) | 0.07 | (0.60) | (0.60) |
Year Ended 5/31/2017 | $11.34 | 0.60 | 0.56 | 1.16 | (0.60) | (0.60) |
Class R(c) | ||||||
Year Ended 5/31/2021 | $11.23 | 0.49 | 0.85 | 1.34 | (0.50) | (0.50) |
Year Ended 5/31/2020 | $11.47 | 0.52 | (0.24) | 0.28 | (0.52) | (0.52) |
Year Ended 5/31/2019 | $11.43 | 0.52 | 0.04 | 0.56 | (0.52) | (0.52) |
Year Ended 5/31/2018 | $11.96 | 0.52 | (0.53) | (0.01) | (0.52) | (0.52) |
Year Ended 5/31/2017 | $11.41 | 0.52 | 0.55 | 1.07 | (0.52) | (0.52) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
28 | Columbia High Yield Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2021 | $12.01 | 12.99% | 0.67% | 0.64% | 4.70% | 58% | $779,695 |
Year Ended 5/31/2020 | $11.17 | 3.19% | 0.66% | 0.66% | 5.23% | 59% | $323,763 |
Year Ended 5/31/2019 | $11.41 | 5.87% | 0.66% | 0.66% | 5.29% | 41% | $385,410 |
Year Ended 5/31/2018 | $11.37 | 0.45% | 0.66% | 0.66% | 4.99% | 49% | $475,135 |
Year Ended 5/31/2017 | $11.90 | 10.13% | 0.65% | 0.65% | 5.17% | 60% | $353,045 |
Class R(c) | |||||||
Year Ended 5/31/2021 | $12.07 | 12.05% | 1.28% | 1.26%(d) | 4.13% | 58% | $15,494 |
Year Ended 5/31/2020 | $11.23 | 2.57% | 1.29% | 1.28%(d) | 4.61% | 59% | $13,930 |
Year Ended 5/31/2019 | $11.47 | 5.21% | 1.29% | 1.29%(d) | 4.68% | 41% | $19,019 |
Year Ended 5/31/2018 | $11.43 | (0.14%) | 1.28% | 1.28%(d) | 4.36% | 49% | $22,450 |
Year Ended 5/31/2017 | $11.96 | 9.79% | 1.28% | 1.28%(d) | 4.52% | 60% | $25,925 |
Columbia High Yield Bond Fund | Annual Report 2021 | 29 |
May 31, 2021
30 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Columbia High Yield Bond Fund | Annual Report 2021 | 31 |
May 31, 2021
32 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Columbia High Yield Bond Fund | Annual Report 2021 | 33 |
May 31, 2021
Effective rate (%) | |
Class A | 0.13 |
Advisor Class | 0.13 |
Class C | 0.13 |
Institutional Class | 0.13 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.13 |
34 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 4.75 | 0.50 - 1.00(a) | 255,180 |
Class C | — | 1.00(b) | 2,290 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2020 through September 30, 2021 | Prior to October 1, 2020 | |
Class A | 1.00% | 1.03% |
Advisor Class | 0.75 | 0.78 |
Class C | 1.75 | 1.78 |
Institutional Class | 0.75 | 0.78 |
Institutional 2 Class | 0.69 | 0.71 |
Institutional 3 Class | 0.63 | 0.66 |
Class R | 1.25 | 1.28 |
Columbia High Yield Bond Fund | Annual Report 2021 | 35 |
May 31, 2021
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
1,379,011 | (1,379,011) | — |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
74,374,463 | — | 74,374,463 | 72,231,411 | — | 72,231,411 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
6,853,826 | — | (20,189,954) | 55,541,310 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,764,707,645 | 63,718,880 | (8,177,570) | 55,541,310 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(9,021,376) | (11,168,578) | (20,189,954) | 20,018,764 |
36 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 1,484,615 | 0.67 | 13 |
Columbia High Yield Bond Fund | Annual Report 2021 | 37 |
May 31, 2021
38 | Columbia High Yield Bond Fund | Annual Report 2021 |
May 31, 2021
Columbia High Yield Bond Fund | Annual Report 2021 | 39 |
May 31, 2021
40 | Columbia High Yield Bond Fund | Annual Report 2021 |
Columbia High Yield Bond Fund | Annual Report 2021 | 41 |
Section 163(j) Interest Dividends | |
98.83% |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | 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 |
42 | Columbia High Yield Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia High Yield Bond Fund | Annual Report 2021 | 43 |
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 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
44 | Columbia High Yield Bond Fund | Annual Report 2021 |
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia High Yield Bond Fund | Annual Report 2021 | 45 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
46 | Columbia High Yield Bond Fund | Annual Report 2021 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia High Yield Bond Fund | Annual Report 2021 | 47 |
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 |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
48 | Columbia High Yield Bond Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
Columbia High Yield Bond Fund | Annual Report 2021 | 49 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
7 | |
8 | |
13 | |
15 | |
16 | |
18 | |
22 | |
31 | |
32 | |
32 | |
38 | |
39 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 08/01/88 | 34.85 | 10.77 | 10.04 |
Including sales charges | 27.10 | 9.47 | 9.39 | ||
Advisor Class* | 11/08/12 | 35.31 | 11.03 | 10.27 | |
Class C | Excluding sales charges | 06/26/00 | 34.05 | 9.94 | 9.23 |
Including sales charges | 33.05 | 9.94 | 9.23 | ||
Institutional Class | 09/27/10 | 35.26 | 11.04 | 10.32 | |
Institutional 2 Class | 08/01/08 | 35.37 | 11.10 | 10.42 | |
Institutional 3 Class* | 11/08/12 | 35.36 | 11.15 | 10.39 | |
Class R | 08/01/08 | 34.60 | 10.48 | 9.77 | |
MSCI USA High Dividend Yield Index (Net) | 27.15 | 11.10 | 11.33 | ||
Russell 1000 Value Index | 44.38 | 12.33 | 11.51 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Common Stocks | 91.9 |
Convertible Preferred Stocks | 8.0 |
Money Market Funds | 0.1 |
Total | 100.0 |
Equity sector breakdown (%) (at May 31, 2021) | |
Communication Services | 4.8 |
Consumer Discretionary | 6.8 |
Consumer Staples | 11.3 |
Energy | 7.7 |
Financials | 18.9 |
Health Care | 14.6 |
Industrials | 6.2 |
Information Technology | 13.5 |
Materials | 2.5 |
Real Estate | 6.2 |
Utilities | 7.5 |
Total | 100.0 |
4 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
• | The Fund’s outperformance of its benchmark during the period was led by strong broad-based stock selection, particularly notable within the information technology, industrials, financials and consumer discretionary sectors. |
• | Sector allocation was a secondary contributor, with the Fund’s overweight to the strong performing financials sector further boosting the Fund’s relative results. |
• | Within financials, key contributors included Morgan Stanley, JP Morgan Chase and PNC Financial Services Group, all of which posted gains above 30%. Valuations for these stocks had become very depressed in the early part of the year, due in part to concerns about possible dividend reductions. These fears have since receded, boosting the stocks and aiding fund performance. |
• | Within information technology: |
○ | An underweight position in chipmaker Intel enabled the Fund to sidestep the stock’s poor relative performance. The stock lagged the broader technology sector in 2020 due to concerns it had fallen behind the curve in terms of innovation. |
○ | The Fund benefited from owning a position in Broadcom, which exceeded earnings estimates and raised its forward guidance, leading to outperformance versus its industry peers. |
• | Within industrials, the Fund’s position in Caterpillar was a top contributor to fund performance. Expectations for accelerating economic growth helped propel the stock to a series of all-time highs throughout the course of the first quarter of 2021. |
• | Stock selection within the utilities sector and the Fund’s allocation to the real estate sector, which is not represented in the benchmark, weighed on the Fund’s returns versus the benchmark. |
• | Underweight allocations to the strong-performing industrials and consumer discretionary sectors also hampered relative results. |
• | Within utilities, the Fund’s position in FirstEnergy weighed on results as the company’s stock plunged in mid-July after it was revealed that the company may have been involved in a corruption scandal involving Ohio state representatives. We sold FirstEnergy from the portfolio. |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 5 |
• | The Fund had decreased its position in Eli Lilly and Company earlier in the period as the company’s stock price lagged as the full phase 2 data from Donanemab, an immunotherapy treatment for early symptomatic Alzheimer’s disease, looked good, but still needed further validation. But as the stock price rallied in the second half of the period, the Fund did not participate as fully, detracting from performance relative to the benchmark. |
• | The Fund’s position in Chevron Corp. detracted during the period as the company came under pressure from the uncertain outlook for energy demand. |
• | Not owning Honeywell International and Johnson Controls International, both within the industrials sector, weighed on the Fund’s results versus the benchmark. |
6 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
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 | 1,211.10 | 1,019.57 | 5.48 | 5.00 | 1.01 |
Advisor Class | 1,000.00 | 1,000.00 | 1,212.60 | 1,020.79 | 4.12 | 3.77 | 0.76 |
Class C | 1,000.00 | 1,000.00 | 1,207.00 | 1,015.89 | 9.52 | 8.70 | 1.76 |
Institutional Class | 1,000.00 | 1,000.00 | 1,212.90 | 1,020.79 | 4.12 | 3.77 | 0.76 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,213.10 | 1,021.09 | 3.80 | 3.47 | 0.70 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,213.30 | 1,021.28 | 3.58 | 3.27 | 0.66 |
Class R | 1,000.00 | 1,000.00 | 1,209.50 | 1,018.34 | 6.83 | 6.24 | 1.26 |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 7 |
May 31, 2021
Common Stocks 91.6% | ||
Issuer | Shares | Value ($) |
Communication Services 3.8% | ||
Diversified Telecommunication Services 3.8% | ||
AT&T, Inc. | 1,000,000 | 29,430,000 |
Verizon Communications, Inc. | 1,125,000 | 63,551,250 |
Total | 92,981,250 | |
Total Communication Services | 92,981,250 | |
Consumer Discretionary 5.9% | ||
Hotels, Restaurants & Leisure 2.3% | ||
McDonald’s Corp. | 187,500 | 43,854,375 |
Travel + Leisure Co. | 200,000 | 13,030,000 |
Total | 56,884,375 | |
Household Durables 1.4% | ||
Newell Brands, Inc. | 475,000 | 13,627,750 |
Whirlpool Corp. | 90,000 | 21,338,100 |
Total | 34,965,850 | |
Specialty Retail 2.2% | ||
Best Buy Co., Inc. | 100,000 | 11,624,000 |
Gap, Inc. (The) | 575,000 | 19,233,750 |
Home Depot, Inc. (The) | 75,000 | 23,918,250 |
Total | 54,776,000 | |
Total Consumer Discretionary | 146,626,225 | |
Consumer Staples 11.3% | ||
Beverages 4.6% | ||
Coca-Cola Co. (The) | 1,025,000 | 56,672,250 |
PepsiCo, Inc. | 385,000 | 56,956,900 |
Total | 113,629,150 | |
Food & Staples Retailing 0.8% | ||
Walgreens Boots Alliance, Inc. | 350,000 | 18,431,000 |
Food Products 1.3% | ||
JM Smucker Co. (The) | 92,500 | 12,329,325 |
Kraft Heinz Co. (The) | 475,000 | 20,705,250 |
Total | 33,034,575 | |
Household Products 1.7% | ||
Kimberly-Clark Corp. | 130,000 | 16,981,900 |
Procter & Gamble Co. (The) | 185,000 | 24,947,250 |
Total | 41,929,150 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Tobacco 2.9% | ||
Altria Group, Inc. | 450,000 | 22,149,000 |
Philip Morris International, Inc. | 525,000 | 50,625,750 |
Total | 72,774,750 | |
Total Consumer Staples | 279,798,625 | |
Energy 7.6% | ||
Oil, Gas & Consumable Fuels 7.6% | ||
Chevron Corp. | 700,000 | 72,653,000 |
Diamondback Energy, Inc. | 200,000 | 16,014,000 |
Exxon Mobil Corp. | 1,300,000 | 75,881,000 |
Valero Energy Corp. | 310,000 | 24,924,000 |
Total | 189,472,000 | |
Total Energy | 189,472,000 | |
Financials 18.2% | ||
Banks 10.4% | ||
Bank of America Corp. | 1,040,000 | 44,085,600 |
JPMorgan Chase & Co. | 625,000 | 102,650,000 |
PNC Financial Services Group, Inc. (The) | 125,000 | 24,335,000 |
Truist Financial Corp. | 425,000 | 26,256,500 |
U.S. Bancorp | 600,000 | 36,468,000 |
Zions Bancorp | 425,000 | 24,599,000 |
Total | 258,394,100 | |
Capital Markets 3.0% | ||
Ares Capital Corp. | 625,000 | 12,168,750 |
BlackRock, Inc. | 47,500 | 41,659,400 |
State Street Corp. | 235,000 | 20,440,300 |
Total | 74,268,450 | |
Consumer Finance 0.7% | ||
Discover Financial Services | 145,000 | 17,002,700 |
Insurance 4.1% | ||
Hartford Financial Services Group, Inc. (The) | 480,000 | 31,368,000 |
MetLife, Inc. | 375,000 | 24,510,000 |
Principal Financial Group, Inc. | 300,000 | 19,617,000 |
Travelers Companies, Inc. (The) | 165,000 | 26,350,500 |
Total | 101,845,500 | |
Total Financials | 451,510,750 |
8 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care 13.3% | ||
Biotechnology 4.1% | ||
AbbVie, Inc. | 650,000 | 73,580,000 |
Amgen, Inc. | 125,000 | 29,742,500 |
Total | 103,322,500 | |
Pharmaceuticals 9.2% | ||
Bristol-Myers Squibb Co. | 765,000 | 50,275,800 |
Eli Lilly & Co. | 100,000 | 19,974,000 |
Johnson & Johnson | 650,000 | 110,012,500 |
Merck & Co., Inc. | 625,000 | 47,431,250 |
Total | 227,693,550 | |
Total Health Care | 331,016,050 | |
Industrials 5.4% | ||
Aerospace & Defense 1.7% | ||
Raytheon Technologies Corp. | 490,000 | 43,467,900 |
Air Freight & Logistics 2.2% | ||
CH Robinson Worldwide, Inc. | 125,000 | 12,127,500 |
United Parcel Service, Inc., Class B | 200,000 | 42,920,000 |
Total | 55,047,500 | |
Electrical Equipment 1.0% | ||
Eaton Corp. PLC | 170,000 | 24,692,500 |
Machinery 0.5% | ||
AGCO Corp. | 82,500 | 11,415,525 |
Total Industrials | 134,623,425 | |
Information Technology 13.4% | ||
Communications Equipment 2.5% | ||
Cisco Systems, Inc. | 1,175,000 | 62,157,500 |
Electronic Equipment, Instruments & Components 0.8% | ||
Corning, Inc. | 425,000 | 18,542,750 |
IT Services 2.0% | ||
International Business Machines Corp. | 350,000 | 50,309,000 |
Semiconductors & Semiconductor Equipment 5.7% | ||
Broadcom, Inc. | 125,000 | 59,041,250 |
Intel Corp. | 650,000 | 37,128,000 |
Texas Instruments, Inc. | 235,000 | 44,607,700 |
Total | 140,776,950 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Software 0.6% | ||
NortonLifeLock, Inc. | 575,000 | 15,904,500 |
Technology Hardware, Storage & Peripherals 1.8% | ||
HP, Inc. | 825,000 | 24,114,750 |
Seagate Technology Holdings PLC | 215,000 | 20,586,250 |
Total | 44,701,000 | |
Total Information Technology | 332,391,700 | |
Materials 2.5% | ||
Chemicals 1.9% | ||
Dow, Inc. | 375,000 | 25,657,500 |
Nutrien Ltd. | 325,000 | 20,198,750 |
Total | 45,856,250 | |
Metals & Mining 0.6% | ||
Steel Dynamics, Inc. | 250,000 | 15,607,500 |
Total Materials | 61,463,750 | |
Real Estate 6.2% | ||
Equity Real Estate Investment Trusts (REITS) 6.2% | ||
Crown Castle International Corp. | 140,000 | 26,530,000 |
Invitation Homes, Inc. | 375,000 | 13,601,250 |
Life Storage, Inc. | 217,500 | 21,628,200 |
Medical Properties Trust, Inc. | 1,075,000 | 22,757,750 |
QTS Realty Trust Inc., Class A | 275,000 | 17,429,500 |
Simon Property Group, Inc. | 150,000 | 19,273,500 |
VICI Properties, Inc. | 400,000 | 12,452,000 |
Welltower, Inc. | 260,000 | 19,440,200 |
Total | 153,112,400 | |
Total Real Estate | 153,112,400 | |
Utilities 4.0% | ||
Electric Utilities 3.2% | ||
American Electric Power Co., Inc. | 215,000 | 18,490,000 |
Duke Energy Corp. | 240,000 | 24,052,800 |
Edison International | 300,000 | 16,761,000 |
Pinnacle West Capital Corp. | 225,000 | 19,030,500 |
Total | 78,334,300 |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 9 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Multi-Utilities 0.8% | ||
Ameren Corp. | 235,000 | 19,787,000 |
Total Utilities | 98,121,300 | |
Total Common Stocks (Cost $1,689,686,972) | 2,271,117,475 |
Convertible Preferred Stocks 8.0% | |||
Issuer | Shares | Value ($) | |
Communication Services 1.0% | |||
Diversified Telecommunication Services 0.5% | |||
2020 Cash Mandatory Exchangeable Trust(a) | 5.250% | 10,000 | 12,329,800 |
Media 0.5% | |||
ViacomCBS, Inc. | 5.750% | 185,000 | 13,122,225 |
Total Communication Services | 25,452,025 | ||
Consumer Discretionary 0.8% | |||
Auto Components 0.8% | |||
Aptiv PLC | 5.500% | 120,000 | 20,384,400 |
Total Consumer Discretionary | 20,384,400 | ||
Financials 0.6% | |||
Capital Markets 0.6% | |||
KKR & Co., Inc. | 6.000% | 200,000 | 14,862,000 |
Total Financials | 14,862,000 | ||
Health Care 1.3% | |||
Health Care Equipment & Supplies 1.3% | |||
Becton Dickinson and Co. | 6.000% | 235,000 | 12,812,200 |
Danaher Corp. | 5.000% | 12,700 | 18,070,830 |
Total | 30,883,030 | ||
Total Health Care | 30,883,030 |
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Industrials 0.8% | |||
Machinery 0.8% | |||
Stanley Black & Decker, Inc. | 5.250% | 152,500 | 19,280,575 |
Total Industrials | 19,280,575 | ||
Utilities 3.5% | |||
Electric Utilities 1.0% | |||
NextEra Energy, Inc. | 6.219% | 500,000 | 24,190,000 |
Multi-Utilities 2.5% | |||
DTE Energy Co. | 6.250% | 725,000 | 37,011,250 |
NiSource, Inc. | 7.750% | 240,000 | 25,543,200 |
Total | 62,554,450 | ||
Total Utilities | 86,744,450 | ||
Total Convertible Preferred Stocks (Cost $163,045,513) | 197,606,480 |
Money Market Funds 0.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(b),(c) | 3,382,629 | 3,382,291 |
Total Money Market Funds (Cost $3,382,291) | 3,382,291 | |
Total Investments in Securities (Cost: $1,856,114,776) | 2,472,106,246 | |
Other Assets & Liabilities, Net | 8,556,475 | |
Net Assets | 2,480,662,721 |
10 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
May 31, 2021
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2021, the total value of these securities amounted to $12,329,800, which represents 0.50% of total net assets. |
(b) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
63,366,644 | 471,671,518 | (531,648,988) | (6,883) | 3,382,291 | 3,801 | 19,529 | 3,382,629 |
■ | 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 | 92,981,250 | — | — | 92,981,250 |
Consumer Discretionary | 146,626,225 | — | — | 146,626,225 |
Consumer Staples | 279,798,625 | — | — | 279,798,625 |
Energy | 189,472,000 | — | — | 189,472,000 |
Financials | 451,510,750 | — | — | 451,510,750 |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 11 |
May 31, 2021
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Health Care | 331,016,050 | — | — | 331,016,050 |
Industrials | 134,623,425 | — | — | 134,623,425 |
Information Technology | 332,391,700 | — | — | 332,391,700 |
Materials | 61,463,750 | — | — | 61,463,750 |
Real Estate | 153,112,400 | — | — | 153,112,400 |
Utilities | 98,121,300 | — | — | 98,121,300 |
Total Common Stocks | 2,271,117,475 | — | — | 2,271,117,475 |
Convertible Preferred Stocks | ||||
Communication Services | — | 25,452,025 | — | 25,452,025 |
Consumer Discretionary | — | 20,384,400 | — | 20,384,400 |
Financials | — | 14,862,000 | — | 14,862,000 |
Health Care | — | 30,883,030 | — | 30,883,030 |
Industrials | — | 19,280,575 | — | 19,280,575 |
Utilities | — | 86,744,450 | — | 86,744,450 |
Total Convertible Preferred Stocks | — | 197,606,480 | — | 197,606,480 |
Money Market Funds | 3,382,291 | — | — | 3,382,291 |
Total Investments in Securities | 2,274,499,766 | 197,606,480 | — | 2,472,106,246 |
12 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,852,732,485) | $2,468,723,955 |
Affiliated issuers (cost $3,382,291) | 3,382,291 |
Receivable for: | |
Capital shares sold | 762,956 |
Dividends | 8,693,331 |
Foreign tax reclaims | 1,810,258 |
Prepaid expenses | 28,749 |
Total assets | 2,483,401,540 |
Liabilities | |
Due to custodian | 32,300 |
Payable for: | |
Investments purchased | 582,664 |
Capital shares purchased | 1,503,684 |
Management services fees | 42,865 |
Distribution and/or service fees | 12,831 |
Transfer agent fees | 202,272 |
Compensation of board members | 299,562 |
Other expenses | 62,641 |
Total liabilities | 2,738,819 |
Net assets applicable to outstanding capital stock | $2,480,662,721 |
Represented by | |
Paid in capital | 1,717,297,150 |
Total distributable earnings (loss) | 763,365,571 |
Total - representing net assets applicable to outstanding capital stock | $2,480,662,721 |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 13 |
May 31, 2021
Class A | |
Net assets | $1,375,445,279 |
Shares outstanding | 34,540,227 |
Net asset value per share | $39.82 |
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) | $42.25 |
Advisor Class | |
Net assets | $108,944,593 |
Shares outstanding | 2,671,201 |
Net asset value per share | $40.78 |
Class C | |
Net assets | $104,339,249 |
Shares outstanding | 2,697,133 |
Net asset value per share | $38.69 |
Institutional Class | |
Net assets | $572,006,825 |
Shares outstanding | 14,278,594 |
Net asset value per share | $40.06 |
Institutional 2 Class | |
Net assets | $134,774,723 |
Shares outstanding | 3,354,569 |
Net asset value per share | $40.18 |
Institutional 3 Class | |
Net assets | $145,246,838 |
Shares outstanding | 3,549,153 |
Net asset value per share | $40.92 |
Class R | |
Net assets | $39,905,214 |
Shares outstanding | 1,002,773 |
Net asset value per share | $39.79 |
14 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $88,515,283 |
Dividends — affiliated issuers | 19,529 |
Interest | 723,950 |
Foreign taxes withheld | (131,328) |
Total income | 89,127,434 |
Expenses: | |
Management services fees | 14,186,003 |
Distribution and/or service fees | |
Class A | 3,015,270 |
Class C | 1,388,910 |
Class R | 176,744 |
Transfer agent fees | |
Class A | 1,205,104 |
Advisor Class | 90,985 |
Class C | 139,709 |
Institutional Class | 509,425 |
Institutional 2 Class | 69,058 |
Institutional 3 Class | 8,819 |
Class R | 35,301 |
Compensation of board members | 131,945 |
Custodian fees | 13,949 |
Printing and postage fees | 134,441 |
Registration fees | 138,068 |
Audit fees | 58,592 |
Legal fees | 29,171 |
Compensation of chief compliance officer | 433 |
Other | 113,425 |
Total expenses | 21,445,352 |
Fees waived by transfer agent | |
Institutional 2 Class | (16,500) |
Institutional 3 Class | (8,819) |
Expense reduction | (80) |
Total net expenses | 21,419,953 |
Net investment income | 67,707,481 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 139,318,086 |
Investments — affiliated issuers | 3,801 |
Foreign currency translations | 17,154 |
Net realized gain | 139,339,041 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 468,113,839 |
Investments — affiliated issuers | (6,883) |
Foreign currency translations | 154,588 |
Net change in unrealized appreciation (depreciation) | 468,261,544 |
Net realized and unrealized gain | 607,600,585 |
Net increase in net assets resulting from operations | $675,308,066 |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 15 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income | $67,707,481 | $89,055,978 |
Net realized gain | 139,339,041 | 62,980,663 |
Net change in unrealized appreciation (depreciation) | 468,261,544 | (159,886,702) |
Net increase (decrease) in net assets resulting from operations | 675,308,066 | (7,850,061) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (49,780,115) | (171,860,076) |
Advisor Class | (3,897,357) | (10,333,193) |
Class C | (5,293,570) | (23,821,036) |
Institutional Class | (22,245,291) | (81,497,791) |
Institutional 2 Class | (5,332,881) | (15,182,326) |
Institutional 3 Class | (5,391,902) | (14,863,758) |
Class R | (1,377,614) | (4,701,033) |
Total distributions to shareholders | (93,318,730) | (322,259,213) |
Decrease in net assets from capital stock activity | (293,283,708) | (119,529,118) |
Total increase (decrease) in net assets | 288,705,628 | (449,638,392) |
Net assets at beginning of year | 2,191,957,093 | 2,641,595,485 |
Net assets at end of year | $2,480,662,721 | $2,191,957,093 |
16 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares(a) | Dollars ($) | Shares(a) | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 3,312,812 | 116,269,170 | 1,950,587 | 66,930,889 |
Distributions reinvested | 1,478,968 | 48,709,943 | 4,939,997 | 169,092,563 |
Redemptions | (8,574,790) | (285,007,347) | (8,990,006) | (305,077,157) |
Net decrease | (3,783,010) | (120,028,234) | (2,099,422) | (69,053,705) |
Advisor Class | ||||
Subscriptions | 770,384 | 26,366,060 | 870,510 | 29,732,263 |
Distributions reinvested | 114,776 | 3,885,061 | 294,419 | 10,291,375 |
Redemptions | (737,784) | (25,510,345) | (935,329) | (32,320,096) |
Net increase | 147,376 | 4,740,776 | 229,600 | 7,703,542 |
Class C | ||||
Subscriptions | 399,142 | 13,486,287 | 421,292 | 13,944,963 |
Distributions reinvested | 161,820 | 5,160,333 | 674,365 | 22,585,747 |
Redemptions | (3,324,000) | (112,033,671) | (2,019,635) | (67,609,954) |
Net decrease | (2,763,038) | (93,387,051) | (923,978) | (31,079,244) |
Institutional Class | ||||
Subscriptions | 3,044,783 | 104,655,194 | 4,141,664 | 144,160,297 |
Distributions reinvested | 622,962 | 20,632,493 | 2,192,344 | 75,480,127 |
Redemptions | (5,894,727) | (197,308,230) | (8,115,804) | (273,365,141) |
Net decrease | (2,226,982) | (72,020,543) | (1,781,796) | (53,724,717) |
Institutional 2 Class | ||||
Subscriptions | 736,609 | 24,847,911 | 974,503 | 32,575,307 |
Distributions reinvested | 139,034 | 4,613,672 | 386,884 | 13,324,246 |
Redemptions | (1,148,652) | (38,925,629) | (1,026,604) | (35,308,104) |
Net increase (decrease) | (273,009) | (9,464,046) | 334,783 | 10,591,449 |
Institutional 3 Class | ||||
Subscriptions | 611,990 | 21,201,167 | 839,035 | 30,374,555 |
Distributions reinvested | 148,415 | 5,027,936 | 394,286 | 13,797,423 |
Redemptions | (768,172) | (26,458,210) | (808,683) | (28,524,625) |
Net increase (decrease) | (7,767) | (229,107) | 424,638 | 15,647,353 |
Class R | ||||
Subscriptions | 121,921 | 4,116,264 | 197,439 | 6,843,192 |
Distributions reinvested | 41,561 | 1,369,770 | 133,909 | 4,584,770 |
Redemptions | (250,217) | (8,381,537) | (323,988) | (11,041,758) |
Net increase (decrease) | (86,735) | (2,895,503) | 7,360 | 386,204 |
Total net decrease | (8,993,165) | (293,283,708) | (3,808,815) | (119,529,118) |
(a) | Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Increase from payment by affiliate | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A(c) | ||||||||
Year Ended 5/31/2021 | $30.78 | 1.01 | 9.43 | — | 10.44 | (1.12) | (0.28) | (1.40) |
Year Ended 5/31/2020 | $35.23 | 1.20 | (1.17) | — | 0.03 | (1.12) | (3.36) | (4.48) |
Year Ended 5/31/2019 | $38.24 | 1.08 | 0.15 | — | 1.23 | (1.24) | (3.00) | (4.24) |
Year Ended 5/31/2018 | $39.68 | 1.40 | 1.72 | — | 3.12 | (1.44) | (3.12) | (4.56) |
Year Ended 5/31/2017 | $36.93 | 1.28 | 2.95 | 0.00(f) | 4.23 | (1.48) | — | (1.48) |
Advisor Class(c) | ||||||||
Year Ended 5/31/2021 | $31.49 | 1.12 | 9.65 | — | 10.77 | (1.20) | (0.28) | (1.48) |
Year Ended 5/31/2020 | $35.96 | 1.32 | (1.23) | — | 0.09 | (1.20) | (3.36) | (4.56) |
Year Ended 5/31/2019 | $38.94 | 1.20 | 0.14 | — | 1.34 | (1.32) | (3.00) | (4.32) |
Year Ended 5/31/2018 | $40.32 | 1.52 | 1.74 | — | 3.26 | (1.52) | (3.12) | (4.64) |
Year Ended 5/31/2017 | $37.51 | 1.40 | 2.97 | 0.00(f) | 4.37 | (1.56) | — | (1.56) |
Class C(c) | ||||||||
Year Ended 5/31/2021 | $29.93 | 0.74 | 9.18 | — | 9.92 | (0.88) | (0.28) | (1.16) |
Year Ended 5/31/2020 | $34.34 | 0.92 | (1.13) | — | (0.21) | (0.84) | (3.36) | (4.20) |
Year Ended 5/31/2019 | $37.37 | 0.80 | 0.13 | — | 0.93 | (0.96) | (3.00) | (3.96) |
Year Ended 5/31/2018 | $38.86 | 1.08 | 1.67 | — | 2.75 | (1.12) | (3.12) | (4.24) |
Year Ended 5/31/2017 | $36.20 | 1.00 | 2.86 | 0.00(f) | 3.86 | (1.20) | — | (1.20) |
Institutional Class(c) | ||||||||
Year Ended 5/31/2021 | $30.95 | 1.10 | 9.49 | — | 10.59 | (1.20) | (0.28) | (1.48) |
Year Ended 5/31/2020 | $35.42 | 1.28 | (1.19) | — | 0.09 | (1.20) | (3.36) | (4.56) |
Year Ended 5/31/2019 | $38.42 | 1.20 | 0.12 | — | 1.32 | (1.32) | (3.00) | (4.32) |
Year Ended 5/31/2018 | $39.84 | 1.52 | 1.70 | — | 3.22 | (1.52) | (3.12) | (4.64) |
Year Ended 5/31/2017 | $37.07 | 1.44 | 2.89 | 0.00(f) | 4.33 | (1.56) | — | (1.56) |
Institutional 2 Class(c) | ||||||||
Year Ended 5/31/2021 | $31.04 | 1.12 | 9.52 | — | 10.64 | (1.22) | (0.28) | (1.50) |
Year Ended 5/31/2020 | $35.50 | 1.32 | (1.18) | — | 0.14 | (1.24) | (3.36) | (4.60) |
Year Ended 5/31/2019 | $38.49 | 1.20 | 0.17 | — | 1.37 | (1.36) | (3.00) | (4.36) |
Year Ended 5/31/2018 | $39.91 | 1.52 | 1.74 | — | 3.26 | (1.56) | (3.12) | (4.68) |
Year Ended 5/31/2017 | $37.14 | 1.44 | 2.93 | 0.00(f) | 4.37 | (1.60) | — | (1.60) |
18 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A(c) | |||||||
Year Ended 5/31/2021 | $39.82 | 34.85% | 1.01% | 1.01%(d) | 2.98% | 51% | $1,375,445 |
Year Ended 5/31/2020 | $30.78 | (0.90%) | 1.00% | 1.00%(d) | 3.44% | 47% | $1,179,625 |
Year Ended 5/31/2019 | $35.23 | 3.47% | 0.99% | 0.99%(d) | 2.92% | 66% | $1,424,224 |
Year Ended 5/31/2018 | $38.24 | 7.96% | 0.98%(e) | 0.98%(d),(e) | 3.54% | 65% | $1,612,108 |
Year Ended 5/31/2017 | $39.68 | 11.71%(g) | 0.99%(e) | 0.99%(d),(e) | 3.40% | 65% | $1,942,546 |
Advisor Class(c) | |||||||
Year Ended 5/31/2021 | $40.78 | 35.31% | 0.76% | 0.76%(d) | 3.23% | 51% | $108,945 |
Year Ended 5/31/2020 | $31.49 | (0.74%) | 0.75% | 0.75%(d) | 3.72% | 47% | $79,477 |
Year Ended 5/31/2019 | $35.96 | 3.77% | 0.74% | 0.74%(d) | 3.18% | 66% | $82,497 |
Year Ended 5/31/2018 | $38.94 | 8.20% | 0.73%(e) | 0.73%(d),(e) | 3.76% | 65% | $114,441 |
Year Ended 5/31/2017 | $40.32 | 11.90%(g) | 0.74%(e) | 0.74%(d),(e) | 3.66% | 65% | $101,179 |
Class C(c) | |||||||
Year Ended 5/31/2021 | $38.69 | 34.05% | 1.76% | 1.76%(d) | 2.26% | 51% | $104,339 |
Year Ended 5/31/2020 | $29.93 | (1.67%) | 1.75% | 1.75%(d) | 2.68% | 47% | $163,439 |
Year Ended 5/31/2019 | $34.34 | 2.64% | 1.74% | 1.74%(d) | 2.18% | 66% | $219,222 |
Year Ended 5/31/2018 | $37.37 | 7.08% | 1.73%(e) | 1.73%(d),(e) | 2.80% | 65% | $312,766 |
Year Ended 5/31/2017 | $38.86 | 10.88%(g) | 1.74%(e) | 1.74%(d),(e) | 2.67% | 65% | $392,361 |
Institutional Class(c) | |||||||
Year Ended 5/31/2021 | $40.06 | 35.26% | 0.76% | 0.76%(d) | 3.23% | 51% | $572,007 |
Year Ended 5/31/2020 | $30.95 | (0.63%) | 0.75% | 0.75%(d) | 3.68% | 47% | $510,928 |
Year Ended 5/31/2019 | $35.42 | 3.71% | 0.74% | 0.74%(d) | 3.18% | 66% | $647,702 |
Year Ended 5/31/2018 | $38.42 | 8.19% | 0.73%(e) | 0.73%(d),(e) | 3.83% | 65% | $815,788 |
Year Ended 5/31/2017 | $39.84 | 11.93%(g) | 0.75%(e) | 0.75%(d),(e) | 3.72% | 65% | $1,149,455 |
Institutional 2 Class(c) | |||||||
Year Ended 5/31/2021 | $40.18 | 35.37% | 0.72% | 0.71% | 3.29% | 51% | $134,775 |
Year Ended 5/31/2020 | $31.04 | (0.69%) | 0.71% | 0.70% | 3.76% | 47% | $112,602 |
Year Ended 5/31/2019 | $35.50 | 3.87% | 0.70% | 0.69% | 3.22% | 66% | $116,907 |
Year Ended 5/31/2018 | $38.49 | 8.24% | 0.69%(e) | 0.68%(e) | 3.86% | 65% | $160,493 |
Year Ended 5/31/2017 | $39.91 | 11.99%(g) | 0.68%(e) | 0.68%(e) | 3.75% | 65% | $238,847 |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 19 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Increase from payment by affiliate | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class(c) | ||||||||
Year Ended 5/31/2021 | $31.59 | 1.16 | 9.68 | — | 10.84 | (1.23) | (0.28) | (1.51) |
Year Ended 5/31/2020 | $36.06 | 1.36 | (1.23) | — | 0.13 | (1.24) | (3.36) | (4.60) |
Year Ended 5/31/2019 | $39.03 | 1.24 | 0.15 | — | 1.39 | (1.36) | (3.00) | (4.36) |
Year Ended 5/31/2018 | $40.41 | 1.56 | 1.74 | — | 3.30 | (1.56) | (3.12) | (4.68) |
Year Ended 5/31/2017 | $37.59 | 1.48 | 2.98 | 0.00(f) | 4.46 | (1.64) | — | (1.64) |
Class R(c) | ||||||||
Year Ended 5/31/2021 | $30.76 | 0.92 | 9.43 | — | 10.35 | (1.04) | (0.28) | (1.32) |
Year Ended 5/31/2020 | $35.20 | 1.12 | (1.16) | — | (0.04) | (1.04) | (3.36) | (4.40) |
Year Ended 5/31/2019 | $38.20 | 1.00 | 0.12 | — | 1.12 | (1.12) | (3.00) | (4.12) |
Year Ended 5/31/2018 | $39.65 | 1.28 | 1.71 | — | 2.99 | (1.32) | (3.12) | (4.44) |
Year Ended 5/31/2017 | $36.90 | 1.20 | 2.95 | 0.00(f) | 4.15 | (1.40) | — | (1.40) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Ratios include line of credit interest expense which is less than 0.01%. |
(f) | Rounds to zero. |
(g) | The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%. |
20 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class(c) | |||||||
Year Ended 5/31/2021 | $40.92 | 35.36% | 0.67% | 0.66% | 3.33% | 51% | $145,247 |
Year Ended 5/31/2020 | $31.59 | (0.63%) | 0.66% | 0.65% | 3.83% | 47% | $112,370 |
Year Ended 5/31/2019 | $36.06 | 3.87% | 0.65% | 0.64% | 3.28% | 66% | $112,951 |
Year Ended 5/31/2018 | $39.03 | 8.40% | 0.64%(e) | 0.63%(e) | 3.86% | 65% | $132,205 |
Year Ended 5/31/2017 | $40.41 | 12.01%(g) | 0.63%(e) | 0.63%(e) | 3.82% | 65% | $159,887 |
Class R(c) | |||||||
Year Ended 5/31/2021 | $39.79 | 34.60% | 1.26% | 1.26%(d) | 2.73% | 51% | $39,905 |
Year Ended 5/31/2020 | $30.76 | (1.19%) | 1.25% | 1.25%(d) | 3.21% | 47% | $33,516 |
Year Ended 5/31/2019 | $35.20 | 3.21% | 1.24% | 1.24%(d) | 2.67% | 66% | $38,093 |
Year Ended 5/31/2018 | $38.20 | 7.69% | 1.23%(e) | 1.23%(d),(e) | 3.28% | 65% | $43,418 |
Year Ended 5/31/2017 | $39.65 | 11.32%(g) | 1.24%(e) | 1.24%(d),(e) | 3.17% | 65% | $45,454 |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 21 |
May 31, 2021
22 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
May 31, 2021
Columbia Dividend Opportunity Fund | Annual Report 2021 | 23 |
May 31, 2021
24 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
May 31, 2021
Columbia Dividend Opportunity Fund | Annual Report 2021 | 25 |
May 31, 2021
Effective rate (%) | |
Class A | 0.10 |
Advisor Class | 0.10 |
Class C | 0.10 |
Institutional Class | 0.10 |
Institutional 2 Class | 0.04 |
Institutional 3 Class | 0.00 |
Class R | 0.10 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 475,803 |
Class C | — | 1.00(b) | 8,754 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
26 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
May 31, 2021
October 1, 2020 through September 30, 2021 | Prior to October 1, 2020 | |
Class A | 1.11% | 1.11% |
Advisor Class | 0.86 | 0.86 |
Class C | 1.86 | 1.86 |
Institutional Class | 0.86 | 0.86 |
Institutional 2 Class | 0.79 | 0.81 |
Institutional 3 Class | 0.75 | 0.76 |
Class R | 1.36 | 1.36 |
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(1,130,164) | 1,130,164 | — |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 27 |
May 31, 2021
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
75,354,353 | 17,964,377 | 93,318,730 | 84,017,696 | 238,241,517 | 322,259,213 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
10,099,651 | 140,766,659 | — | 612,685,783 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,859,420,463 | 619,312,241 | (6,626,458) | 612,685,783 |
28 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
May 31, 2021
Columbia Dividend Opportunity Fund | Annual Report 2021 | 29 |
May 31, 2021
30 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 31 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
100.00% | 100.00% | $148,126,123 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
32 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 33 |
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 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
34 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
36 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 37 |
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 |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
38 | Columbia Dividend Opportunity Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
Columbia Dividend Opportunity Fund | Annual Report 2021 | 39 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
7 | |
8 | |
13 | |
15 | |
16 | |
18 | |
22 | |
34 | |
35 | |
35 | |
41 | |
42 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 06/23/83 | 70.10 | 29.52 | 19.65 |
Including sales charges | 60.32 | 28.00 | 18.94 | ||
Advisor Class | 08/03/09 | 70.53 | 29.85 | 19.89 | |
Class C | Excluding sales charges | 05/27/99 | 68.85 | 28.55 | 18.76 |
Including sales charges | 67.85 | 28.55 | 18.76 | ||
Institutional Class | 09/27/10 | 70.53 | 29.84 | 19.95 | |
Institutional 2 Class | 11/30/01 | 70.60 | 29.91 | 20.06 | |
Institutional 3 Class* | 03/01/17 | 70.67 | 29.90 | 19.82 | |
Class R | 04/30/03 | 69.70 | 29.20 | 19.35 | |
S&P North American Technology Sector Index | 44.61 | 28.76 | 20.92 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Common Stocks | 99.7 |
Corporate Bonds & Notes | 0.0(a) |
Money Market Funds | 0.3 |
Preferred Stocks | 0.0(a) |
Total | 100.0 |
(a) | Rounds to zero. |
Equity sector breakdown (%) (at May 31, 2021) | |
Communication Services | 10.4 |
Consumer Discretionary | 2.5 |
Financials | 0.0(a) |
Health Care | 0.2 |
Industrials | 2.2 |
Information Technology | 84.7 |
Total | 100.0 |
(a) | Rounds to zero. |
Equity sub-industry breakdown (%) (at May 31, 2021) | |
Information Technology | |
Application Software | 8.9 |
Communications Equipment | 5.4 |
Data Processing & Outsourced Services | 5.3 |
Electronic Equipment & Instruments | 1.5 |
Internet Services & Infrastructure | 1.5 |
IT Consulting & Other Services | 0.4 |
Semiconductor Equipment | 16.6 |
Semiconductors | 20.0 |
Systems Software | 12.3 |
Technology Hardware, Storage & Peripherals | 12.8 |
Total | 84.7 |
4 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
• | The Fund’s significant outperformance versus the benchmark during the period was driven primarily by strong stock selection, most notably in the semiconductors and semiconductor equipment industry. |
• | Allocation was a secondary driver, particularly the Fund’s sizable overweight versus the benchmark in the semiconductors and semiconductor equipment industry and an underweight to the weaker performing IT services industry. |
• | Individual securities driving Fund performance were top holdings in semi-capital equipment names Lam Research Corp. and Applied Materials, Inc., both of which continued to benefit from a global semiconductor shortage and the industry’s response of higher wafer fab equipment (WFE) spending which has increased from a record high of $60B in 2020. |
• | The Fund’s position in Teradyne, Inc., the world leader in semiconductor test equipment, contributed to Fund returns as the company benefited from increased demand owing to the surge in home internet traffic and deployment of 5G cellular infrastructure. Not only is Teradyne testing new integrated circuits designed for 5G, but the company’s Lite Point division is a leading player in the cellular test market, with a strong position at Apple. As chips get incrementally more complex, they require longer test times, which means that the industry has to order more test equipment. Teradyne is also the world leader in collaborative robots as a result of having acquired Universal Robots of Denmark a few years ago. With the world economy accelerating post-COVID-19, demand for factory robots has skyrocketed. |
• | Cerence, Inc., which develops voice and AI (artificial intelligence) software for the automotive industry, rose to new highs during the period as increased adoption of voice recognition for navigation and driver control continued to push shares of Cerence higher. |
• | Within industrials, the portfolio’s holding in Bloom Energy Corp. continued to increase in value, as investors looking for alternative energy plays in a Biden administration bid up the entire solar, wind and hydrogen sectors. Bloom’s fuel cells can also produce hydrogen extremely efficiently, which we believe makes them a uniquely positioned company if hydrogen is successful as a next generation alternative energy source to combat climate change. |
• | The Fund’s relative underweight, relative to the benchmark, in the communication services sector hindered results, though positive selections within the sector more than offset losses resulting from the allocation. |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 5 |
• | DropBox, Inc., a cloud-based storage and collaboration software company, underperformed the benchmark during the measured period, despite posting positive absolute double digit returns. The company has tested investors’ patience with lackluster products, periods of decelerating growth, and a series of executive departures. The company rebounded at the end of the period as earnings results highlighted the operating leverage and free cash flow generation of the business along with its attractive valuation relative to peers. |
• | GoDaddy, Inc., a global web domain registrar and web hosting company, posted flat returns and underperformed the market for the measured period. The stock sold off at the beginning of the period after providing a business update citing weakness in select areas of the business and announcing layoffs and a restructuring of its outbound sales force. |
• | The Fund’s lack of exposure to several beneficiaries of the “work/shop/game from home” themes detracted from relative performance during the period. Not owning semiconductor NVIDIA or electronic payment processors PayPal and Square on valuation concerns hurt relative performance as these stocks rallied on an uptick in their businesses from people spending more time at home. |
6 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
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 | 1,266.30 | 1,018.68 | 6.61 | 5.89 | 1.19 |
Advisor Class | 1,000.00 | 1,000.00 | 1,267.80 | 1,019.91 | 5.23 | 4.66 | 0.94 |
Class C | 1,000.00 | 1,000.00 | 1,261.70 | 1,015.06 | 10.70 | 9.54 | 1.93 |
Institutional Class | 1,000.00 | 1,000.00 | 1,267.80 | 1,019.91 | 5.23 | 4.66 | 0.94 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,267.90 | 1,020.11 | 5.00 | 4.46 | 0.90 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,268.30 | 1,020.35 | 4.73 | 4.21 | 0.85 |
Class R | 1,000.00 | 1,000.00 | 1,264.70 | 1,017.46 | 8.00 | 7.12 | 1.44 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 7 |
May 31, 2021
Common Stocks 99.8% | ||
Issuer | Shares | Value ($) |
Communication Services 10.3% | ||
Broadcasting 1.6% | ||
Discovery, Inc., Class C(a) | 1,381,500 | 41,514,075 |
Fox Corp., Class A | 3,437,300 | 128,383,155 |
Total Broadcasting | 169,897,230 | |
Cable & Satellite 0.5% | ||
Comcast Corp., Class A | 907,600 | 52,041,784 |
Total Cable & Satellite | 52,041,784 | |
Interactive Home Entertainment 1.4% | ||
Activision Blizzard, Inc. | 1,245,208 | 121,096,478 |
Sciplay Corp., Class A(a),(b) | 1,610,933 | 27,788,594 |
Total Interactive Home Entertainment | 148,885,072 | |
Interactive Media & Services 6.6% | ||
Alphabet, Inc., Class A(a) | 152,504 | 359,429,052 |
Alphabet, Inc., Class C(a) | 134,162 | 323,539,713 |
Total Interactive Media & Services | 682,968,765 | |
Wireless Telecommunication Services 0.2% | ||
T-Mobile USA, Inc.(a) | 126,900 | 17,950,005 |
Total Wireless Telecommunication Services | 17,950,005 | |
Total Communication Services | 1,071,742,856 | |
Consumer Discretionary 2.5% | ||
Consumer Electronics 0.1% | ||
Vizio Holding Corp., Class A(a) | 232,854 | 5,085,532 |
Total Consumer Electronics | 5,085,532 | |
Internet & Direct Marketing Retail 2.4% | ||
eBay, Inc. | 4,139,324 | 252,002,045 |
Total Internet & Direct Marketing Retail | 252,002,045 | |
Total Consumer Discretionary | 257,087,577 | |
Health Care 0.2% | ||
Biotechnology 0.2% | ||
Apnimed, Inc.(a),(c),(d),(e) | 1,127,586 | 9,999,997 |
Eiger BioPharmaceuticals, Inc.(a) | 1,560,241 | 12,263,494 |
Total Biotechnology | 22,263,491 | |
Total Health Care | 22,263,491 | |
Industrials 2.2% |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Electrical Components & Equipment 0.2% | ||
indie Semiconductor, Inc. PIPE(a),(c),(d),(e),(f),(g) | 2,000,000 | 19,800,000 |
Total Electrical Components & Equipment | 19,800,000 | |
Heavy Electrical Equipment 2.0% | ||
Bloom Energy Corp., Class A(a),(b) | 8,595,748 | 207,759,229 |
Total Heavy Electrical Equipment | 207,759,229 | |
Total Industrials | 227,559,229 | |
Information Technology 84.6% | ||
Application Software 8.9% | ||
AppLovin Corp.(a) | 147,213 | 10,939,398 |
Cerence, Inc.(a),(b) | 1,525,124 | 145,085,046 |
Cognyte Software Ltd.(a) | 647,310 | 16,661,760 |
Cornerstone OnDemand, Inc.(a) | 968,307 | 42,576,459 |
Dropbox, Inc., Class A(a) | 8,129,709 | 222,347,541 |
Salesforce.com, Inc.(a) | 418,551 | 99,656,993 |
Synopsys, Inc.(a) | 1,276,065 | 324,554,372 |
Verint Systems, Inc.(a) | 678,010 | 31,263,041 |
Zendesk, Inc.(a) | 196,500 | 26,853,690 |
Total Application Software | 919,938,300 | |
Communications Equipment 5.4% | ||
Arista Networks, Inc.(a) | 284,257 | 96,471,141 |
Cisco Systems, Inc. | 745,000 | 39,410,500 |
F5 Networks, Inc.(a) | 701,300 | 130,042,059 |
Lumentum Holdings, Inc.(a) | 1,219,475 | 99,228,681 |
Plantronics, Inc.(a),(b) | 3,792,247 | 124,385,701 |
Telefonaktiebolaget LM Ericsson, ADR | 5,475,300 | 73,533,279 |
Total Communications Equipment | 563,071,361 | |
Data Processing & Outsourced Services 5.3% | ||
Fidelity National Information Services, Inc. | 675,600 | 100,650,888 |
Fiserv, Inc.(a) | 854,744 | 98,466,509 |
Global Payments, Inc. | 197,989 | 38,352,449 |
Pagseguro Digital Ltd., Class A(a) | 1,307,975 | 64,234,652 |
Visa, Inc., Class A | 1,101,125 | 250,285,713 |
Total Data Processing & Outsourced Services | 551,990,211 | |
Electronic Equipment & Instruments 1.5% | ||
Advanced Energy Industries, Inc. | 1,494,123 | 152,415,487 |
Total Electronic Equipment & Instruments | 152,415,487 |
8 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Internet Services & Infrastructure 1.5% | ||
GoDaddy, Inc., Class A(a) | 1,862,030 | 150,749,949 |
Total Internet Services & Infrastructure | 150,749,949 | |
IT Consulting & Other Services 0.4% | ||
DXC Technology Co.(a) | 1,084,000 | 41,105,280 |
Total IT Consulting & Other Services | 41,105,280 | |
Semiconductor Equipment 16.6% | ||
Applied Materials, Inc. | 2,980,081 | 411,638,588 |
Lam Research Corp. | 1,265,343 | 822,283,149 |
Teradyne, Inc. | 3,660,922 | 484,523,027 |
Total Semiconductor Equipment | 1,718,444,764 | |
Semiconductors 19.9% | ||
Analog Devices, Inc. | 734,306 | 120,866,768 |
Broadcom, Inc. | 868,126 | 410,041,953 |
Intel Corp. | 1,308,469 | 74,739,749 |
Marvell Technology, Inc. | 5,749,532 | 277,702,396 |
Maxim Integrated Products, Inc. | 1,274,280 | 129,989,303 |
mCube, Inc.(a),(c),(d),(e) | 6,015,834 | 24,965,710 |
Micron Technology, Inc.(a) | 2,870,394 | 241,514,951 |
NXP Semiconductors NV | 748,600 | 158,269,012 |
Qorvo, Inc.(a) | 384,250 | 70,210,160 |
Rambus, Inc.(a) | 2,012,200 | 39,358,632 |
Renesas Electronics Corp.(a) | 8,655,600 | 90,700,086 |
SMART Global Holdings, Inc.(a),(b) | 1,240,248 | 58,787,755 |
Synaptics, Inc.(a),(b) | 2,809,429 | 354,915,165 |
Transphorm, Inc.(a) | 3,000,000 | 14,625,000 |
Total Semiconductors | 2,066,686,640 | |
Systems Software 12.3% | ||
Fortinet, Inc.(a) | 837,153 | 182,951,417 |
McAfee Corp., Class A | 2,807,020 | 70,540,413 |
Microsoft Corp. | 1,398,200 | 349,102,576 |
NortonLifeLock, Inc. | 6,941,208 | 191,993,813 |
Oracle Corp. | 1,553,100 | 122,291,094 |
Palo Alto Networks, Inc.(a) | 459,294 | 166,838,545 |
SailPoint Technologies Holdings, Inc.(a) | 655,590 | 30,504,603 |
Tenable Holdings, Inc.(a) | 313,144 | 13,089,419 |
Xperi Holding Corp.(b) | 6,928,741 | 148,413,632 |
Total Systems Software | 1,275,725,512 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Technology Hardware, Storage & Peripherals 12.8% | ||
Apple, Inc. | 3,889,600 | 484,683,056 |
Dell Technologies, Inc.(a) | 1,596,236 | 157,452,719 |
HP, Inc. | 5,141,931 | 150,298,643 |
NetApp, Inc. | 3,492,000 | 270,176,040 |
Western Digital Corp.(a) | 3,544,792 | 266,674,702 |
Total Technology Hardware, Storage & Peripherals | 1,329,285,160 | |
Total Information Technology | 8,769,412,664 | |
Total Common Stocks (Cost: $4,648,191,788) | 10,348,065,817 |
Corporate Bonds & Notes 0.0% | |||
Issuer | Coupon Rate | Principal Amount | Value ($) |
Other Industry 0.0% | |||
Common Bond Communities(c),(d),(e) | |||
04/15/2022 | 4.000% | 565,777 | 565,777 |
Total Corporate Bonds & Notes (Cost: $565,777) | 565,777 | ||
Preferred Stocks 0.0% | |||
Issuer | Shares | Value ($) | |
Financials 0.0% | |||
Consumer Finance 0.0% | |||
CommonBond, Inc.(c),(d),(e) | 1.000% | 2,159,244 | 3,951,416 |
Total Financials | 3,951,416 | ||
Total Preferred Stocks (Cost: $10,000,000) | 3,951,416 |
Money Market Funds 0.3% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(b),(h) | 26,427,015 | 26,424,373 |
Total Money Market Funds (Cost: $26,424,353) | 26,424,373 | |
Total Investments in Securities (Cost $4,685,181,918) | 10,379,007,383 | |
Other Assets & Liabilities, Net | (9,291,376) | |
Net Assets | $10,369,716,007 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 9 |
May 31, 2021
(a) | Non-income producing investment. |
(b) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Bloom Energy Corp., Class A | ||||||||
43,988,870 | 66,389,176 | (3,204,868) | 100,586,051 | 207,759,229 | 6,046,554 | — | 8,595,748 | |
Cerence, Inc.† | ||||||||
79,175,479 | — | (19,065,993) | (35,257,240) | — | 64,561,010 | — | 1,525,124 | |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
18,857,731 | 1,550,032,668 | (1,542,463,197) | (2,829) | 26,424,373 | (9,196) | 71,982 | 26,427,015 | |
Plantronics, Inc. | ||||||||
27,304,365 | 45,871,241 | (1,657,815) | 52,867,910 | 124,385,701 | (493,130) | — | 3,792,247 | |
Sciplay Corp., Class A | ||||||||
16,668,841 | 9,477,158 | (4,182,400) | 5,824,995 | 27,788,594 | 893,864 | — | 1,610,933 | |
SMART Global Holdings, Inc.‡ | ||||||||
— | 18,813,350 | (162,910) | 19,974,441 | 58,787,755 | (39,458) | — | 1,240,248 | |
Synaptics, Inc. | ||||||||
131,323,925 | 64,492,824 | (2,609,465) | 161,707,881 | 354,915,165 | 1,423,636 | — | 2,809,429 | |
TiVo Corp.† | ||||||||
48,521,466 | — | (118,147,968) | 69,626,502 | — | — | — | — | |
Xperi Corp.† | ||||||||
37,647,143 | 118,147,969 | (173,482,523) | 17,687,411 | — | — | — | — | |
Xperi Holding Corp.‡ | ||||||||
— | 183,881,158 | (770,011) | (34,697,515) | 148,413,632 | (352,804) | 1,350,693 | 6,928,741 | |
Total | 403,487,820 | 358,317,607 | 948,474,449 | 72,030,476 | 1,422,675 |
† | Issuer was not an affiliate at the end of period. |
‡ | Issuer was not an affiliate at the beginning of period. |
(c) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At May 31, 2021, the total value of these securities amounted to $59,282,900, which represents 0.57% of total net assets. |
(d) | Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At May 31, 2021, the total market value of these securities amounted to $59,282,900, which represents 0.57% of total net assets. Additional information on these securities is as follows: |
Security | Acquisition Dates | Shares | Cost ($) | Value ($) |
CommonBond, Inc. | 03/19/2018 | 2,159,244 | 10,000,000 | 3,951,416 |
Common Bond Communities | 10/15/2020 | 565,777 | 565,777 | 565,777 |
mCube, Inc. | 09/08/2020 | 6,015,834 | 25,000,001 | 24,965,710 |
indie Semiconductor, Inc. PIPE | 12/14/2020 | 2,000,000 | 20,037,644 | 19,800,000 |
Apnimed, Inc. | 03/12/2021 | 1,127,586 | 9,999,997 | 9,999,997 |
65,603,419 | 59,282,900 |
10 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
May 31, 2021
(e) | Valuation based on significant unobservable inputs. |
(f) | At May 31, 2021, the Fund had unfunded commitments to purchase shares for the securities shown below: |
Security | Shares | Cost ($) |
indie Semiconductor, Inc. PIPE | 2,000,000 | 20,037,644 |
(g) | Represents a security purchased on a when-issued basis. |
(h) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
ADR | American Depositary Receipt |
PIPE | Private Investment in Public Equity |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 11 |
May 31, 2021
The following table is a summary of the inputs used to value the Fund’s investments at May 31, 2021:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 1,071,742,856 | — | — | 1,071,742,856 |
Consumer Discretionary | 257,087,577 | — | — | 257,087,577 |
Health Care | 12,263,494 | — | 9,999,997 | 22,263,491 |
Industrials | 207,759,229 | — | 19,800,000 | 227,559,229 |
Information Technology | 8,639,121,868 | 105,325,086 | 24,965,710 | 8,769,412,664 |
Total Common Stocks | 10,187,975,024 | 105,325,086 | 54,765,707 | 10,348,065,817 |
Corporate Bonds & Notes | — | — | 565,777 | 565,777 |
Preferred Stocks | ||||
Financials | — | — | 3,951,416 | 3,951,416 |
Total Preferred Stocks | — | — | 3,951,416 | 3,951,416 |
Money Market Funds | 26,424,373 | — | — | 26,424,373 |
Total Investments in Securities | 10,214,399,397 | 105,325,086 | 59,282,900 | 10,379,007,383 |
12 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $4,082,595,192) | $9,430,532,934 |
Affiliated issuers (cost $602,586,726) | 948,474,449 |
Cash | 37,644 |
Receivable for: | |
Investments sold | 13,476,467 |
Capital shares sold | 11,419,067 |
Dividends | 4,422,188 |
Interest | 13,951 |
Foreign tax reclaims | 151,790 |
Prepaid expenses | 95,516 |
Total assets | 10,408,624,006 |
Liabilities | |
Payable for: | |
Investments purchased | 5,239,542 |
Investments purchased on a delayed delivery basis | 20,037,644 |
Capital shares purchased | 12,055,711 |
Management services fees | 234,690 |
Distribution and/or service fees | 61,221 |
Transfer agent fees | 815,336 |
Compensation of board members | 329,754 |
Other expenses | 134,101 |
Total liabilities | 38,907,999 |
Net assets applicable to outstanding capital stock | $10,369,716,007 |
Represented by | |
Paid in capital | 3,770,541,399 |
Total distributable earnings (loss) | 6,599,174,608 |
Total - representing net assets applicable to outstanding capital stock | $10,369,716,007 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 13 |
May 31, 2021
Class A | |
Net assets | $7,078,794,437 |
Shares outstanding | 58,221,687 |
Net asset value per share | $121.58 |
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) | $129.00 |
Advisor Class | |
Net assets | $317,883,054 |
Shares outstanding | 2,719,785 |
Net asset value per share | $116.88 |
Class C | |
Net assets | $416,301,146 |
Shares outstanding | 6,016,248 |
Net asset value per share | $69.20 |
Institutional Class | |
Net assets | $2,027,452,914 |
Shares outstanding | 14,794,127 |
Net asset value per share | $137.04 |
Institutional 2 Class | |
Net assets | $320,652,297 |
Shares outstanding | 2,325,388 |
Net asset value per share | $137.89 |
Institutional 3 Class | |
Net assets | $115,172,799 |
Shares outstanding | 843,869 |
Net asset value per share | $136.48 |
Class R | |
Net assets | $93,459,360 |
Shares outstanding | 825,864 |
Net asset value per share | $113.17 |
14 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $85,205,244 |
Dividends — affiliated issuers | 1,422,675 |
Interest | 19,654 |
Foreign taxes withheld | (336,536) |
Total income | 86,311,037 |
Expenses: | |
Management services fees | 71,805,854 |
Distribution and/or service fees | |
Class A | 14,539,063 |
Class C | 3,933,544 |
Class R | 388,306 |
Transfer agent fees | |
Class A | 5,479,944 |
Advisor Class | 241,541 |
Class C | 371,349 |
Institutional Class | 1,579,904 |
Institutional 2 Class | 151,345 |
Institutional 3 Class | 5,433 |
Class R | 73,213 |
Compensation of board members | 214,924 |
Custodian fees | 59,918 |
Printing and postage fees | 276,057 |
Registration fees | 199,178 |
Audit fees | 30,280 |
Legal fees | 88,249 |
Interest on interfund lending | 347 |
Compensation of chief compliance officer | 1,753 |
Other | 409,960 |
Total expenses | 99,850,162 |
Expense reduction | (4,824) |
Total net expenses | 99,845,338 |
Net investment loss | (13,534,301) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 1,330,777,080 |
Investments — affiliated issuers | 72,030,476 |
Foreign currency translations | (82,010) |
Options purchased | 2,732,634 |
Options contracts written | (11,447,588) |
Net realized gain | 1,394,010,592 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 2,726,825,869 |
Investments — affiliated issuers | 358,317,607 |
Foreign currency translations | 18,175 |
Options contracts written | 700,220 |
Net change in unrealized appreciation (depreciation) | 3,085,861,871 |
Net realized and unrealized gain | 4,479,872,463 |
Net increase in net assets resulting from operations | $4,466,338,162 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 15 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income (loss) | $(13,534,301) | $35,550,696 |
Net realized gain | 1,394,010,592 | 642,624,661 |
Net change in unrealized appreciation (depreciation) | 3,085,861,871 | 994,550,657 |
Net increase in net assets resulting from operations | 4,466,338,162 | 1,672,726,014 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (592,051,323) | (491,295,474) |
Advisor Class | (28,846,355) | (20,293,806) |
Class C | (63,180,278) | (56,916,922) |
Institutional Class | (156,391,019) | (126,323,675) |
Institutional 2 Class | (25,114,865) | (22,823,937) |
Institutional 3 Class | (7,867,166) | (4,256,818) |
Class R | (8,159,269) | (8,122,682) |
Total distributions to shareholders | (881,610,275) | (730,033,314) |
Increase in net assets from capital stock activity | 118,205,067 | 171,158,582 |
Total increase in net assets | 3,702,932,954 | 1,113,851,282 |
Net assets at beginning of year | 6,666,783,053 | 5,552,931,771 |
Net assets at end of year | $10,369,716,007 | $6,666,783,053 |
16 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 3,156,874 | 330,601,821 | 3,631,048 | 271,430,454 |
Distributions reinvested | 5,322,400 | 540,329,989 | 5,938,144 | 448,804,890 |
Redemptions | (7,223,520) | (731,901,184) | (8,277,755) | (618,677,428) |
Net increase | 1,255,754 | 139,030,626 | 1,291,437 | 101,557,916 |
Advisor Class | ||||
Subscriptions | 806,303 | 81,183,903 | 809,934 | 58,706,500 |
Distributions reinvested | 248,817 | 24,254,634 | 228,721 | 16,655,474 |
Redemptions | (831,206) | (84,452,889) | (733,438) | (53,849,086) |
Net increase | 223,914 | 20,985,648 | 305,217 | 21,512,888 |
Class C | ||||
Subscriptions | 810,016 | 48,773,047 | 1,100,297 | 51,642,303 |
Distributions reinvested | 1,047,369 | 60,726,464 | 1,136,454 | 52,526,908 |
Redemptions | (2,878,542) | (176,348,029) | (3,043,620) | (141,478,408) |
Net decrease | (1,021,157) | (66,848,518) | (806,869) | (37,309,197) |
Institutional Class | ||||
Subscriptions | 2,349,567 | 266,415,040 | 3,050,121 | 253,586,434 |
Distributions reinvested | 1,156,580 | 132,185,564 | 1,259,517 | 105,925,376 |
Redemptions | (3,378,826) | (384,695,180) | (3,496,339) | (287,226,991) |
Net increase | 127,321 | 13,905,424 | 813,299 | 72,284,819 |
Institutional 2 Class | ||||
Subscriptions | 747,897 | 89,315,567 | 851,764 | 72,125,615 |
Distributions reinvested | 217,657 | 25,026,231 | 268,233 | 22,679,076 |
Redemptions | (1,167,158) | (133,737,781) | (980,532) | (82,057,697) |
Net increase (decrease) | (201,604) | (19,395,983) | 139,465 | 12,746,994 |
Institutional 3 Class | ||||
Subscriptions | 434,712 | 50,495,303 | 266,307 | 22,545,796 |
Distributions reinvested | 64,409 | 7,328,472 | 49,874 | 4,175,976 |
Redemptions | (217,198) | (24,730,651) | (186,942) | (15,598,053) |
Net increase | 281,923 | 33,093,124 | 129,239 | 11,123,719 |
Class R | ||||
Subscriptions | 240,018 | 22,536,390 | 297,966 | 21,165,558 |
Distributions reinvested | 84,346 | 7,979,128 | 105,728 | 7,503,529 |
Redemptions | (363,502) | (33,080,772) | (555,826) | (39,427,644) |
Net decrease | (39,138) | (2,565,254) | (152,132) | (10,758,557) |
Total net increase | 627,013 | 118,205,067 | 1,719,656 | 171,158,582 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2021 | $79.11 | (0.19) | 53.51 | 53.32 | (0.44) | (10.41) | (10.85) |
Year Ended 5/31/2020 | $67.52 | 0.41(e) | 20.34 | 20.75 | — | (9.16) | (9.16) |
Year Ended 5/31/2019 | $76.76 | (0.03) | (2.02) | (2.05) | — | (7.19) | (7.19) |
Year Ended 5/31/2018 | $72.96 | (0.29) | 11.98 | 11.69 | — | (7.89) | (7.89) |
Year Ended 5/31/2017 | $55.64 | (0.27) | 22.39 | 22.12 | — | (4.80) | (4.80) |
Advisor Class | |||||||
Year Ended 5/31/2021 | $76.31 | 0.06 | 51.57 | 51.63 | (0.52) | (10.54) | (11.06) |
Year Ended 5/31/2020 | $65.38 | 0.58(e) | 19.69 | 20.27 | — | (9.34) | (9.34) |
Year Ended 5/31/2019 | $74.50 | 0.14 | (2.00) | (1.86) | — | (7.26) | (7.26) |
Year Ended 5/31/2018 | $71.01 | (0.10) | 11.65 | 11.55 | — | (8.06) | (8.06) |
Year Ended 5/31/2017 | $54.25 | (0.10) | 21.80 | 21.70 | — | (4.94) | (4.94) |
Class C | |||||||
Year Ended 5/31/2021 | $48.21 | (0.57) | 31.78 | 31.21 | (0.20) | (10.02) | (10.22) |
Year Ended 5/31/2020 | $43.98 | (0.10)(e) | 13.09 | 12.99 | — | (8.76) | (8.76) |
Year Ended 5/31/2019 | $52.96 | (0.37) | (1.65) | (2.02) | — | (6.96) | (6.96) |
Year Ended 5/31/2018 | $52.49 | (0.60) | 8.45 | 7.85 | — | (7.38) | (7.38) |
Year Ended 5/31/2017 | $41.15 | (0.54) | 16.28 | 15.74 | — | (4.40) | (4.40) |
Institutional Class | |||||||
Year Ended 5/31/2021 | $88.14 | 0.07 | 59.89 | 59.96 | (0.52) | (10.54) | (11.06) |
Year Ended 5/31/2020 | $74.36 | 0.67(e) | 22.45 | 23.12 | — | (9.34) | (9.34) |
Year Ended 5/31/2019 | $83.59 | 0.16 | (2.13) | (1.97) | — | (7.26) | (7.26) |
Year Ended 5/31/2018 | $78.77 | (0.11) | 12.99 | 12.88 | — | (8.06) | (8.06) |
Year Ended 5/31/2017 | $59.72 | (0.13) | 24.12 | 23.99 | — | (4.94) | (4.94) |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $88.63 | 0.11 | 60.24 | 60.35 | (0.53) | (10.56) | (11.09) |
Year Ended 5/31/2020 | $74.73 | 0.71(e) | 22.57 | 23.28 | — | (9.38) | (9.38) |
Year Ended 5/31/2019 | $83.94 | 0.20 | (2.13) | (1.93) | — | (7.28) | (7.28) |
Year Ended 5/31/2018 | $79.07 | (0.07) | 13.04 | 12.97 | — | (8.10) | (8.10) |
Year Ended 5/31/2017 | $59.94 | (0.07) | 24.20 | 24.13 | — | (5.00) | (5.00) |
18 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2021 | $121.58 | 70.10% | 1.20%(c) | 1.20%(c),(d) | (0.19%) | 32% | $7,078,794 |
Year Ended 5/31/2020 | $79.11 | 31.36% | 1.23%(c),(f) | 1.23%(c),(d),(f) | 0.54% | 37% | $4,506,828 |
Year Ended 5/31/2019 | $67.52 | (1.50%) | 1.25%(c) | 1.24%(c),(d) | (0.05%) | 37% | $3,759,214 |
Year Ended 5/31/2018 | $76.76 | 16.85% | 1.24% | 1.24%(d) | (0.39%) | 39% | $3,767,260 |
Year Ended 5/31/2017 | $72.96 | 41.72% | 1.29% | 1.29%(d) | (0.43%) | 54% | $3,465,647 |
Advisor Class | |||||||
Year Ended 5/31/2021 | $116.88 | 70.53% | 0.95%(c) | 0.95%(c),(d) | 0.06% | 32% | $317,883 |
Year Ended 5/31/2020 | $76.31 | 31.69% | 0.98%(c),(f) | 0.98%(c),(d),(f) | 0.79% | 37% | $190,471 |
Year Ended 5/31/2019 | $65.38 | (1.26%) | 0.99%(c) | 0.99%(c),(d) | 0.21% | 37% | $143,228 |
Year Ended 5/31/2018 | $74.50 | 17.15% | 0.99% | 0.99%(d) | (0.14%) | 39% | $154,144 |
Year Ended 5/31/2017 | $71.01 | 42.07% | 1.03% | 1.03%(d) | (0.17%) | 54% | $82,405 |
Class C | |||||||
Year Ended 5/31/2021 | $69.20 | 68.85% | 1.94%(c) | 1.94%(c),(d) | (0.96%) | 32% | $416,301 |
Year Ended 5/31/2020 | $48.21 | 30.39% | 1.98%(c),(f) | 1.98%(c),(d),(f) | (0.22%) | 37% | $339,268 |
Year Ended 5/31/2019 | $43.98 | (2.23%) | 1.99%(c) | 1.99%(c),(d) | (0.75%) | 37% | $344,977 |
Year Ended 5/31/2018 | $52.96 | 15.98% | 1.99% | 1.99%(d) | (1.14%) | 39% | $957,190 |
Year Ended 5/31/2017 | $52.49 | 40.64% | 2.04% | 2.04%(d) | (1.18%) | 54% | $890,068 |
Institutional Class | |||||||
Year Ended 5/31/2021 | $137.04 | 70.53% | 0.95%(c) | 0.95%(c),(d) | 0.06% | 32% | $2,027,453 |
Year Ended 5/31/2020 | $88.14 | 31.70% | 0.98%(c),(f) | 0.98%(c),(d),(f) | 0.80% | 37% | $1,292,741 |
Year Ended 5/31/2019 | $74.36 | (1.25%) | 0.99%(c) | 0.99%(c),(d) | 0.21% | 37% | $1,030,165 |
Year Ended 5/31/2018 | $83.59 | 17.14% | 0.99% | 0.99%(d) | (0.14%) | 39% | $1,205,243 |
Year Ended 5/31/2017 | $78.77 | 42.05% | 1.04% | 1.04%(d) | (0.19%) | 54% | $882,557 |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $137.89 | 70.60% | 0.91%(c) | 0.91%(c) | 0.09% | 32% | $320,652 |
Year Ended 5/31/2020 | $88.63 | 31.76% | 0.94%(c),(f) | 0.94%(c),(f) | 0.83% | 37% | $223,964 |
Year Ended 5/31/2019 | $74.73 | (1.20%) | 0.95%(c) | 0.95%(c) | 0.25% | 37% | $178,417 |
Year Ended 5/31/2018 | $83.94 | 17.20% | 0.94% | 0.94% | (0.09%) | 39% | $173,624 |
Year Ended 5/31/2017 | $79.07 | 42.16% | 0.96% | 0.96% | (0.10%) | 54% | $125,534 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 19 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $87.79 | 0.19 | 59.63 | 59.82 | (0.54) | (10.59) | (11.13) |
Year Ended 5/31/2020 | $74.09 | 0.78(e) | 22.33 | 23.11 | — | (9.41) | (9.41) |
Year Ended 5/31/2019 | $83.26 | 0.24 | (2.12) | (1.88) | — | (7.29) | (7.29) |
Year Ended 5/31/2018 | $78.48 | (0.00)(g) | 12.90 | 12.90 | — | (8.12) | (8.12) |
Year Ended 5/31/2017(h) | $71.02 | (0.02) | 7.48 | 7.46 | — | — | — |
Class R | |||||||
Year Ended 5/31/2021 | $74.19 | (0.42) | 50.04 | 49.62 | (0.36) | (10.28) | (10.64) |
Year Ended 5/31/2020 | $63.78 | 0.19(e) | 19.20 | 19.39 | — | (8.98) | (8.98) |
Year Ended 5/31/2019 | $73.05 | (0.20) | (1.96) | (2.16) | — | (7.11) | (7.11) |
Year Ended 5/31/2018 | $69.79 | (0.46) | 11.44 | 10.98 | — | (7.72) | (7.72) |
Year Ended 5/31/2017 | $53.42 | (0.41) | 21.45 | 21.04 | — | (4.67) | (4.67) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Net investment income per share includes special dividends. The per share effect of these dividends amounted to: |
Year Ended | Class A | Advisor Class | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class | Class R |
05/31/2020 | $0.52 | $0.50 | $0.32 | $0.58 | $0.58 | $0.58 | $0.49 |
(f) | Ratios include line of credit interest expense which is less than 0.01%. |
(g) | Rounds to zero. |
(h) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
(i) | Annualized. |
20 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $136.48 | 70.67% | 0.86%(c) | 0.86%(c) | 0.17% | 32% | $115,173 |
Year Ended 5/31/2020 | $87.79 | 31.81% | 0.89%(c),(f) | 0.89%(c),(f) | 0.93% | 37% | $49,333 |
Year Ended 5/31/2019 | $74.09 | (1.14%) | 0.90%(c) | 0.90%(c) | 0.31% | 37% | $32,058 |
Year Ended 5/31/2018 | $83.26 | 17.25% | 0.90% | 0.90% | (0.00%)(g) | 39% | $20,050 |
Year Ended 5/31/2017(h) | $78.48 | 10.51% | 0.92%(i) | 0.92%(i) | (0.04%)(i) | 54% | $222 |
Class R | |||||||
Year Ended 5/31/2021 | $113.17 | 69.70% | 1.44%(c) | 1.44%(c),(d) | (0.44%) | 32% | $93,459 |
Year Ended 5/31/2020 | $74.19 | 31.03% | 1.48%(c),(f) | 1.48%(c),(d),(f) | 0.27% | 37% | $64,178 |
Year Ended 5/31/2019 | $63.78 | (1.75%) | 1.49%(c) | 1.49%(c),(d) | (0.29%) | 37% | $64,874 |
Year Ended 5/31/2018 | $73.05 | 16.57% | 1.49% | 1.49%(d) | (0.64%) | 39% | $76,007 |
Year Ended 5/31/2017 | $69.79 | 41.36% | 1.54% | 1.54%(d) | (0.68%) | 54% | $71,811 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 21 |
May 31, 2021
22 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
May 31, 2021
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 23 |
May 31, 2021
24 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
May 31, 2021
Amount of realized gain (loss) on derivatives recognized in income | |||
Risk exposure category | Options contracts written ($) | Options contracts purchased ($) | Total ($) |
Equity risk | (11,447,588) | 2,732,634 | (8,714,954) |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 25 |
May 31, 2021
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Options contracts written ($) |
Equity risk | 700,220 |
Derivative instrument | Average value ($) |
Options contracts — purchased | 132,442* |
Options contracts — written | (7,694,697)** |
* | Based on the ending daily outstanding amounts for the year ended May 31, 2021. |
** | Based on the ending quarterly outstanding amounts for the year ended May 31, 2021. |
26 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
May 31, 2021
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 27 |
May 31, 2021
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.09 |
Class C | 0.09 |
Institutional Class | 0.09 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.09 |
28 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
May 31, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 2,279,036 |
Class C | — | 1.00(b) | 12,924 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2020 through September 30, 2021 | Prior to October 1, 2020 | |
Class A | 1.34% | 1.33% |
Advisor Class | 1.09 | 1.08 |
Class C | 2.09 | 2.08 |
Institutional Class | 1.09 | 1.08 |
Institutional 2 Class | 1.05 | 1.04 |
Institutional 3 Class | 1.00 | 0.99 |
Class R | 1.59 | 1.58 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 29 |
May 31, 2021
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
13,519,480 | (13,519,480) | — |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
130,650,547 | 750,959,728 | 881,610,275 | 32,719,905 | 697,313,409 | 730,033,314 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
168,394,426 | 750,885,751 | — | 5,680,198,672 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
4,698,808,711 | 5,739,887,786 | (59,689,114) | 5,680,198,672 |
30 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
May 31, 2021
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 5,175,000 | 0.60 | 4 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 31 |
May 31, 2021
32 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
May 31, 2021
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 33 |
34 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
82.18% | 81.16% | $1,230,985,685 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
36 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
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 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 37 |
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
38 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 39 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
40 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
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 |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
Columbia Seligman Technology and Information Fund | Annual Report 2021 | 41 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
42 | Columbia Seligman Technology and Information Fund | Annual Report 2021 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
7 | |
8 | |
12 | |
14 | |
15 | |
18 | |
22 | |
31 | |
32 | |
32 | |
38 | |
39 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 10/15/90 | 46.70 | 13.24 | 10.82 |
Including sales charges | 38.30 | 11.92 | 10.16 | ||
Advisor Class | 12/11/06 | 46.97 | 13.52 | 11.04 | |
Class C | Excluding sales charges | 06/26/00 | 45.52 | 12.38 | 9.99 |
Including sales charges | 44.52 | 12.38 | 9.99 | ||
Institutional Class | 09/27/10 | 47.04 | 13.52 | 11.10 | |
Institutional 2 Class | 12/11/06 | 47.01 | 13.59 | 11.20 | |
Institutional 3 Class* | 11/08/12 | 47.16 | 13.63 | 11.18 | |
Class R | 12/11/06 | 46.37 | 12.96 | 10.55 | |
Russell 1000 Value Index | 44.38 | 12.33 | 11.51 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Columbia Large Cap Value Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Common Stocks | 97.5 |
Convertible Bonds | 1.4 |
Money Market Funds | 1.1 |
Total | 100.0 |
Equity sector breakdown (%) (at May 31, 2021) | |
Communication Services | 6.7 |
Consumer Discretionary | 6.9 |
Consumer Staples | 6.9 |
Energy | 5.7 |
Financials | 23.7 |
Health Care | 12.1 |
Industrials | 13.6 |
Information Technology | 10.7 |
Materials | 5.0 |
Real Estate | 4.3 |
Utilities | 4.4 |
Total | 100.0 |
4 | Columbia Large Cap Value Fund | Annual Report 2021 |
• | Strong stock selection was the primary driver of the Fund’s outperformance of the benchmark, particularly in the information technology, materials and industrials sectors. Allocation decisions were a secondary contributor. |
• | Among individual holdings, the Fund’s position in Freeport-McMoRan, Inc., a metals miner within the materials sector, contributed most positively to relative performance. Shares of Freeport-McMoRan rose on a sharp rebound in spot copper prices, up approximately 90% during the annual period on rising demand and constrained supply. Deleveraging of the company’s balance sheet and the successful transition of its Grasberg mine in Indonesia from above- to under-ground operations also supported its gains during the annual period. |
• | FedEx Corp., a packages and freight delivery company within the industrials sector, benefited from strong execution of its plan for better integration of its internal networks. A significantly improved competitive environment given the COVID-19 pandemic-driven shutdown of most commercial airline traffic and stronger than expected demand for its services given heightened e-commerce activity during the lockdown further boosted FedEx’s performance during the annual period. |
• | Lam Research Corp., a semiconductor processing equipment manufacturer within the information technology sector, was a strong positive contributor. Its shares rose on continued strong management team execution of its long-term plan and on higher demand for semiconductors as COVID-19 drove a dramatic change in where and how people work and learn. |
• | Albemarle Corp., a specialty chemicals producer within the materials sector, benefited most during the annual period from its lithium business segment. The price of lithium, a key component of batteries, rose during the annual period on heightened demand for consumer electronics and enthusiasm around the outlook for electric vehicles. Albemarle’s shares also gained on effective cost controls, better capital discipline and an improving balance sheet given the February 2021 agreement to sell its fine chemistry business to W.R. Grace in an effort to refine its portfolio and focus on its core-growth-oriented business segments. (The transaction was completed on June 1, 2021.) |
• | Not having a position in semiconductor bellwether Intel Corp., which posted a negative absolute return during the annual period, also notably contributed to the Fund’s results compared to the benchmark. Intel’s shares fell on concerns around the company’s strategic direction and on a series of manufacturing setbacks under its then-CEO, who left the firm in February 2021. |
Columbia Large Cap Value Fund | Annual Report 2021 | 5 |
• | The sectors that detracted most from the Fund’s relative results during the annual period were health care, real estate and financials, where unfavorable stock selection drove most of the underperformance. |
• | Among the individual stocks that detracted most from relative results was an out-of-benchmark position in American Tower Corp., which significantly underperformed the benchmark during the annual period. The wireless communications and broadcast tower real estate investment trust underperformed primarily on investor concerns around the impact of the merger of T-Mobile and Sprint on cell tower infrastructure. |
• | Merck & Co., Inc., a pharmaceuticals and animal health company in the health care sector, saw its share price decline as some patients either delayed treatment or diagnoses during the COVID-19 pandemic, slightly decreasing demand for its products. Also, investors favored more industrial, cyclical and economic re-opening plays rather than more traditionally defensive stocks, such as Merck, during the annual period. |
• | Baxter International Inc., a medical products and technologies manufacturer in the health care sector, similarly experienced a share price decline as the health care sector in general was not in favor by investors during the annual period. Also, Baxter International suffered from some COVID-19-related profitability and margin missteps. Given our outlook for its growth and margins, we sold the Fund’s position in Baxter International by the end of the annual period. |
• | Northrop Grumman Corp., a global security company in the industrials sector providing systems, products and solutions in aerospace, electronics, information systems and technical services, had only a modest share price gain during the annual period, pressured by traditionally defensive sectors not being in favor by the market. While we believe the company’s fundamentals remained strong, its performance was muted by an uncertain outlook for the U.S. Department of Defense’s future budget and spending priorities given the Democrats’ election wins. |
• | AT&T Inc., a telecommunications company, eked out only a modestly positive share price gain during the annual period on heightened concerns for its media business segment given increasing cord-cutting and streaming trends and for its wireless business segment given greater competition in that space. Further suppressing investor enthusiasm for AT&T was the debt load on its balance sheet, its July 2020 leadership transition and its talks of business restructuring. |
6 | Columbia Large Cap Value Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
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 | 1,228.70 | 1,019.71 | 5.36 | 4.85 | 0.98 |
Advisor Class | 1,000.00 | 1,000.00 | 1,229.50 | 1,020.94 | 3.99 | 3.62 | 0.73 |
Class C | 1,000.00 | 1,000.00 | 1,223.70 | 1,016.04 | 9.43 | 8.55 | 1.73 |
Institutional Class | 1,000.00 | 1,000.00 | 1,229.80 | 1,020.89 | 4.05 | 3.67 | 0.74 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,229.60 | 1,021.09 | 3.83 | 3.47 | 0.70 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,230.60 | 1,021.28 | 3.61 | 3.27 | 0.66 |
Class R | 1,000.00 | 1,000.00 | 1,226.80 | 1,018.44 | 6.77 | 6.14 | 1.24 |
Columbia Large Cap Value Fund | Annual Report 2021 | 7 |
May 31, 2021
Common Stocks 97.4% | ||
Issuer | Shares | Value ($) |
Communication Services 6.5% | ||
Diversified Telecommunication Services 1.7% | ||
AT&T, Inc. | 1,607,800 | 47,317,554 |
Media 3.2% | ||
Comcast Corp., Class A | 1,245,900 | 71,439,906 |
DISH Network Corp., Class A(a) | 474,345 | 20,643,494 |
Total | 92,083,400 | |
Wireless Telecommunication Services 1.6% | ||
T-Mobile USA, Inc.(a) | 313,800 | 44,387,010 |
Total Communication Services | 183,787,964 | |
Consumer Discretionary 6.7% | ||
Hotels, Restaurants & Leisure 2.5% | ||
Darden Restaurants, Inc. | 267,300 | 38,285,379 |
Las Vegas Sands Corp.(a) | 542,400 | 31,323,600 |
Total | 69,608,979 | |
Household Durables 1.3% | ||
Toll Brothers, Inc. | 567,100 | 36,997,604 |
Specialty Retail 1.8% | ||
Home Depot, Inc. (The) | 163,300 | 52,078,003 |
Textiles, Apparel & Luxury Goods 1.1% | ||
Levi Strauss & Co., Class A | 1,148,300 | 30,728,508 |
Total Consumer Discretionary | 189,413,094 | |
Consumer Staples 6.7% | ||
Beverages 1.3% | ||
Coca-Cola Co. (The) | 680,500 | 37,624,845 |
Food & Staples Retailing 1.8% | ||
Walmart, Inc. | 363,113 | 51,572,939 |
Household Products 1.9% | ||
Procter & Gamble Co. (The) | 387,400 | 52,240,890 |
Tobacco 1.7% | ||
Philip Morris International, Inc. | 497,500 | 47,973,925 |
Total Consumer Staples | 189,412,599 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Energy 5.6% | ||
Oil, Gas & Consumable Fuels 5.6% | ||
Chevron Corp. | 284,600 | 29,538,634 |
ConocoPhillips Co. | 754,400 | 42,050,256 |
EOG Resources, Inc. | 509,000 | 40,893,060 |
Valero Energy Corp. | 542,800 | 43,641,120 |
Total | 156,123,070 | |
Total Energy | 156,123,070 | |
Financials 23.1% | ||
Banks 11.4% | ||
Bank of America Corp. | 1,422,943 | 60,318,554 |
Citigroup, Inc. | 773,200 | 60,858,572 |
JPMorgan Chase & Co. | 625,600 | 102,748,544 |
PNC Financial Services Group, Inc. (The) | 250,301 | 48,728,598 |
Truist Financial Corp. | 746,500 | 46,118,770 |
Total | 318,773,038 | |
Capital Markets 4.6% | ||
Bank of New York Mellon Corp. (The) | 764,600 | 39,820,368 |
Intercontinental Exchange, Inc. | 289,500 | 32,678,760 |
Morgan Stanley | 628,400 | 57,152,980 |
Total | 129,652,108 | |
Diversified Financial Services 3.1% | ||
Berkshire Hathaway, Inc., Class B(a) | 304,038 | 88,000,759 |
Insurance 4.0% | ||
Allstate Corp. (The) | 295,124 | 40,316,890 |
Chubb Ltd. | 224,800 | 38,213,752 |
Lincoln National Corp. | 467,700 | 32,640,783 |
Total | 111,171,425 | |
Total Financials | 647,597,330 | |
Health Care 11.8% | ||
Biotechnology 0.2% | ||
BioMarin Pharmaceutical, Inc.(a) | 71,200 | 5,503,760 |
Health Care Equipment & Supplies 3.2% | ||
Becton Dickinson and Co. | 137,300 | 33,211,497 |
Medtronic PLC | 444,900 | 56,319,891 |
Total | 89,531,388 |
8 | Columbia Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care Providers & Services 2.8% | ||
Cigna Corp. | 165,200 | 42,762,020 |
Humana, Inc. | 79,300 | 34,709,610 |
Total | 77,471,630 | |
Pharmaceuticals 5.6% | ||
Bristol-Myers Squibb Co. | 529,400 | 34,792,168 |
Johnson & Johnson | 511,900 | 86,639,075 |
Merck & Co., Inc. | 479,400 | 36,381,666 |
Total | 157,812,909 | |
Total Health Care | 330,319,687 | |
Industrials 13.2% | ||
Aerospace & Defense 1.1% | ||
Northrop Grumman Corp. | 82,000 | 30,001,340 |
Air Freight & Logistics 1.6% | ||
FedEx Corp. | 145,100 | 45,678,931 |
Airlines 1.4% | ||
Alaska Air Group, Inc.(a) | 587,500 | 40,655,000 |
Building Products 1.5% | ||
Trane Technologies PLC | 228,900 | 42,666,960 |
Electrical Equipment 1.4% | ||
Eaton Corp. PLC | 268,952 | 39,065,278 |
Industrial Conglomerates 1.2% | ||
3M Co. | 163,500 | 33,197,040 |
Machinery 3.5% | ||
AGCO Corp. | 237,100 | 32,807,527 |
Ingersoll Rand, Inc.(a) | 616,400 | 30,598,096 |
Stanley Black & Decker, Inc. | 167,300 | 36,270,640 |
Total | 99,676,263 | |
Road & Rail 1.5% | ||
Norfolk Southern Corp. | 144,800 | 40,674,320 |
Total Industrials | 371,615,132 | |
Information Technology 10.4% | ||
Communications Equipment 2.0% | ||
Cisco Systems, Inc. | 1,065,600 | 56,370,240 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
IT Services 2.2% | ||
Fiserv, Inc.(a) | 318,388 | 36,678,298 |
MasterCard, Inc., Class A | 70,800 | 25,529,064 |
Total | 62,207,362 | |
Semiconductors & Semiconductor Equipment 3.4% | ||
Broadcom, Inc. | 62,700 | 29,615,091 |
Lam Research Corp. | 60,700 | 39,445,895 |
ON Semiconductor Corp.(a) | 654,200 | 26,194,168 |
Total | 95,255,154 | |
Software 0.8% | ||
Microsoft Corp. | 92,100 | 22,995,528 |
Technology Hardware, Storage & Peripherals 2.0% | ||
Apple, Inc. | 169,100 | 21,071,551 |
Western Digital Corp.(a) | 457,000 | 34,380,110 |
Total | 55,451,661 | |
Total Information Technology | 292,279,945 | |
Materials 4.9% | ||
Chemicals 3.7% | ||
Albemarle Corp. | 167,258 | 27,945,466 |
Eastman Chemical Co. | 326,400 | 40,930,560 |
Linde PLC | 118,600 | 35,651,160 |
Total | 104,527,186 | |
Metals & Mining 1.2% | ||
Freeport-McMoRan, Inc. | 762,762 | 32,585,193 |
Total Materials | 137,112,379 | |
Real Estate 4.2% | ||
Equity Real Estate Investment Trusts (REITS) 4.2% | ||
Alexandria Real Estate Equities, Inc. | 143,000 | 25,491,180 |
American Tower Corp. | 126,500 | 32,315,690 |
Duke Realty Corp. | 733,291 | 34,068,700 |
Welltower, Inc. | 339,500 | 25,384,415 |
Total | 117,259,985 | |
Total Real Estate | 117,259,985 |
Columbia Large Cap Value Fund | Annual Report 2021 | 9 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Utilities 4.3% | ||
Electric Utilities 1.8% | ||
Pinnacle West Capital Corp. | 200,000 | 16,916,000 |
Xcel Energy, Inc. | 480,508 | 34,058,407 |
Total | 50,974,407 | |
Multi-Utilities 2.5% | ||
Ameren Corp. | 376,081 | 31,666,020 |
DTE Energy Co. | 283,600 | 39,133,964 |
Total | 70,799,984 | |
Total Utilities | 121,774,391 | |
Total Common Stocks (Cost $1,651,431,369) | 2,736,695,576 |
Convertible Bonds 1.4% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.4% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 11,987,000 | 12,370,584 |
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Consumer Cyclical Services 1.0% | ||||
Lyft, Inc.(b) | ||||
05/15/2025 | 1.500% | 16,996,000 | 27,601,504 | |
Total Convertible Bonds (Cost $28,954,035) | 39,972,088 |
Money Market Funds 1.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(c),(d) | 31,169,109 | 31,165,992 |
Total Money Market Funds (Cost $31,165,992) | 31,165,992 | |
Total Investments in Securities (Cost: $1,711,551,396) | 2,807,833,656 | |
Other Assets & Liabilities, Net | 2,270,782 | |
Net Assets | 2,810,104,438 |
(a) | Non-income producing investment. |
(b) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2021, the total value of these securities amounted to $27,601,504, which represents 0.98% of total net assets. |
(c) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(d) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
18,672,136 | 663,776,677 | (651,276,739) | (6,082) | 31,165,992 | 2,114 | 29,099 | 31,169,109 |
■ | 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. |
10 | Columbia Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
■ | 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 | 183,787,964 | — | — | 183,787,964 |
Consumer Discretionary | 189,413,094 | — | — | 189,413,094 |
Consumer Staples | 189,412,599 | — | — | 189,412,599 |
Energy | 156,123,070 | — | — | 156,123,070 |
Financials | 647,597,330 | — | — | 647,597,330 |
Health Care | 330,319,687 | — | — | 330,319,687 |
Industrials | 371,615,132 | — | — | 371,615,132 |
Information Technology | 292,279,945 | — | — | 292,279,945 |
Materials | 137,112,379 | — | — | 137,112,379 |
Real Estate | 117,259,985 | — | — | 117,259,985 |
Utilities | 121,774,391 | — | — | 121,774,391 |
Total Common Stocks | 2,736,695,576 | — | — | 2,736,695,576 |
Convertible Bonds | — | 39,972,088 | — | 39,972,088 |
Money Market Funds | 31,165,992 | — | — | 31,165,992 |
Total Investments in Securities | 2,767,861,568 | 39,972,088 | — | 2,807,833,656 |
Columbia Large Cap Value Fund | Annual Report 2021 | 11 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,680,385,404) | $2,776,667,664 |
Affiliated issuers (cost $31,165,992) | 31,165,992 |
Receivable for: | |
Capital shares sold | 924,277 |
Dividends | 4,087,913 |
Interest | 126,788 |
Foreign tax reclaims | 51,101 |
Prepaid expenses | 30,694 |
Total assets | 2,813,054,429 |
Liabilities | |
Due to custodian | 51,101 |
Payable for: | |
Capital shares purchased | 2,312,610 |
Management services fees | 48,017 |
Distribution and/or service fees | 13,085 |
Transfer agent fees | 148,422 |
Compensation of board members | 314,705 |
Other expenses | 62,051 |
Total liabilities | 2,949,991 |
Net assets applicable to outstanding capital stock | $2,810,104,438 |
Represented by | |
Paid in capital | 1,657,885,688 |
Total distributable earnings (loss) | 1,152,218,750 |
Total - representing net assets applicable to outstanding capital stock | $2,810,104,438 |
12 | Columbia Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Class A | |
Net assets | $1,849,691,085 |
Shares outstanding | 106,354,262 |
Net asset value per share | $17.39 |
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) | $18.45 |
Advisor Class | |
Net assets | $42,909,062 |
Shares outstanding | 2,468,608 |
Net asset value per share | $17.38 |
Class C | |
Net assets | $13,359,200 |
Shares outstanding | 770,747 |
Net asset value per share | $17.33 |
Institutional Class | |
Net assets | $224,530,824 |
Shares outstanding | 12,931,429 |
Net asset value per share | $17.36 |
Institutional 2 Class | |
Net assets | $28,324,297 |
Shares outstanding | 1,628,617 |
Net asset value per share | $17.39 |
Institutional 3 Class | |
Net assets | $648,128,652 |
Shares outstanding | 36,803,475 |
Net asset value per share | $17.61 |
Class R | |
Net assets | $3,161,318 |
Shares outstanding | 183,178 |
Net asset value per share | $17.26 |
Columbia Large Cap Value Fund | Annual Report 2021 | 13 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $47,162,844 |
Dividends — affiliated issuers | 29,099 |
Interest | 545,651 |
Total income | 47,737,594 |
Expenses: | |
Management services fees | 13,600,050 |
Distribution and/or service fees | |
Class A | 3,948,515 |
Class C | 162,083 |
Class R | 13,104 |
Transfer agent fees | |
Class A | 1,440,704 |
Advisor Class | 31,093 |
Class C | 15,054 |
Institutional Class | 145,935 |
Institutional 2 Class | 9,780 |
Institutional 3 Class | 18,827 |
Class R | 2,381 |
Compensation of board members | 131,743 |
Custodian fees | 11,480 |
Printing and postage fees | 110,855 |
Registration fees | 119,320 |
Audit fees | 29,500 |
Legal fees | 28,434 |
Compensation of chief compliance officer | 426 |
Other | 95,201 |
Total expenses | 19,914,485 |
Expense reduction | (80) |
Total net expenses | 19,914,405 |
Net investment income | 27,823,189 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 85,803,729 |
Investments — affiliated issuers | 2,114 |
Net realized gain | 85,805,843 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 728,078,394 |
Investments — affiliated issuers | (6,082) |
Net change in unrealized appreciation (depreciation) | 728,072,312 |
Net realized and unrealized gain | 813,878,155 |
Net increase in net assets resulting from operations | $841,701,344 |
14 | Columbia Large Cap Value Fund | Annual Report 2021 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |
Operations | ||
Net investment income | $27,823,189 | $30,937,784 |
Net realized gain | 85,805,843 | 13,507,525 |
Net change in unrealized appreciation (depreciation) | 728,072,312 | (20,973,346) |
Net increase in net assets resulting from operations | 841,701,344 | 23,471,963 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (21,349,285) | (98,233,617) |
Advisor Class | (540,952) | (2,123,384) |
Class C | (117,494) | (1,148,874) |
Institutional Class | (2,508,417) | (10,012,314) |
Institutional 2 Class | (357,200) | (1,216,640) |
Institutional 3 Class | (2,883,504) | (236,417) |
Class R | (29,617) | (184,679) |
Total distributions to shareholders | (27,786,469) | (113,155,925) |
Increase (decrease) in net assets from capital stock activity | 359,233,147 | (135,116,293) |
Total increase (decrease) in net assets | 1,173,148,022 | (224,800,255) |
Net assets at beginning of year | 1,636,956,416 | 1,861,756,671 |
Net assets at end of year | $2,810,104,438 | $1,636,956,416 |
Columbia Large Cap Value Fund | Annual Report 2021 | 15 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | 3,242,162 | 47,775,587 | 3,411,650 | 44,474,776 |
Distributions reinvested | 1,562,547 | 21,205,338 | 7,286,221 | 97,651,601 |
Redemptions | (17,368,965) | (241,756,304) | (19,862,101) | (256,882,926) |
Net decrease | (12,564,256) | (172,775,379) | (9,164,230) | (114,756,549) |
Advisor Class | ||||
Subscriptions | 548,904 | 8,140,246 | 464,848 | 6,070,395 |
Distributions reinvested | 39,630 | 539,038 | 159,239 | 2,122,498 |
Redemptions | (653,497) | (9,034,745) | (768,564) | (10,137,787) |
Net decrease | (64,963) | (355,461) | (144,477) | (1,944,894) |
Class C | ||||
Subscriptions | 129,843 | 1,930,302 | 141,428 | 1,829,287 |
Distributions reinvested | 8,718 | 114,905 | 81,500 | 1,106,656 |
Redemptions | (871,721) | (12,590,364) | (593,199) | (7,745,714) |
Net decrease | (733,160) | (10,545,157) | (370,271) | (4,809,771) |
Institutional Class | ||||
Subscriptions | 5,563,063 | 81,537,117 | 2,790,603 | 36,666,374 |
Distributions reinvested | 182,563 | 2,499,905 | 749,518 | 9,981,221 |
Redemptions | (3,996,584) | (55,485,421) | (4,965,575) | (63,444,917) |
Net increase (decrease) | 1,749,042 | 28,551,601 | (1,425,454) | (16,797,322) |
Institutional 2 Class | ||||
Subscriptions | 594,993 | 8,733,199 | 556,942 | 7,243,544 |
Distributions reinvested | 26,169 | 356,925 | 91,278 | 1,215,347 |
Redemptions | (534,790) | (7,648,614) | (406,286) | (5,134,776) |
Net increase | 86,372 | 1,441,510 | 241,934 | 3,324,115 |
Institutional 3 Class | ||||
Subscriptions | 40,488,544 | 576,516,812 | 149,044 | 1,992,862 |
Distributions reinvested | 183,917 | 2,883,461 | 17,535 | 236,258 |
Redemptions | (4,143,648) | (66,296,070) | (106,209) | (1,328,192) |
Net increase | 36,528,813 | 513,104,203 | 60,370 | 900,928 |
Class R | ||||
Subscriptions | 75,902 | 1,098,094 | 39,919 | 495,252 |
Distributions reinvested | 2,194 | 29,607 | 13,786 | 184,135 |
Redemptions | (93,604) | (1,315,871) | (139,323) | (1,712,187) |
Net decrease | (15,508) | (188,170) | (85,618) | (1,032,800) |
Total net increase (decrease) | 24,986,340 | 359,233,147 | (10,887,746) | (135,116,293) |
16 | Columbia Large Cap Value Fund | Annual Report 2021 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Year Ended 5/31/2021 | $12.02 | 0.18 | 5.38 | 5.56 | (0.19) | — | (0.19) |
Year Ended 5/31/2020 | $12.66 | 0.22 | (0.05) | 0.17 | (0.21) | (0.60) | (0.81) |
Year Ended 5/31/2019 | $14.04 | 0.20 | (0.16) | 0.04 | (0.19) | (1.23) | (1.42) |
Year Ended 5/31/2018 | $13.92 | 0.17 | 0.94 | 1.11 | (0.16) | (0.83) | (0.99) |
Year Ended 5/31/2017 | $12.35 | 0.18 | 1.79 | 1.97 | (0.17) | (0.23) | (0.40) |
Advisor Class | |||||||
Year Ended 5/31/2021 | $12.02 | 0.21 | 5.37 | 5.58 | (0.22) | — | (0.22) |
Year Ended 5/31/2020 | $12.66 | 0.25 | (0.05) | 0.20 | (0.24) | (0.60) | (0.84) |
Year Ended 5/31/2019 | $14.03 | 0.24 | (0.15) | 0.09 | (0.23) | (1.23) | (1.46) |
Year Ended 5/31/2018 | $13.91 | 0.21 | 0.94 | 1.15 | (0.20) | (0.83) | (1.03) |
Year Ended 5/31/2017 | $12.35 | 0.21 | 1.79 | 2.00 | (0.21) | (0.23) | (0.44) |
Class C | |||||||
Year Ended 5/31/2021 | $11.99 | 0.07 | 5.36 | 5.43 | (0.09) | — | (0.09) |
Year Ended 5/31/2020 | $12.62 | 0.12 | (0.05) | 0.07 | (0.10) | (0.60) | (0.70) |
Year Ended 5/31/2019 | $13.99 | 0.10 | (0.15) | (0.05) | (0.09) | (1.23) | (1.32) |
Year Ended 5/31/2018 | $13.88 | 0.06 | 0.93 | 0.99 | (0.05) | (0.83) | (0.88) |
Year Ended 5/31/2017 | $12.32 | 0.08 | 1.79 | 1.87 | (0.08) | (0.23) | (0.31) |
Institutional Class | |||||||
Year Ended 5/31/2021 | $12.00 | 0.21 | 5.37 | 5.58 | (0.22) | — | (0.22) |
Year Ended 5/31/2020 | $12.65 | 0.25 | (0.06) | 0.19 | (0.24) | (0.60) | (0.84) |
Year Ended 5/31/2019 | $14.02 | 0.24 | (0.15) | 0.09 | (0.23) | (1.23) | (1.46) |
Year Ended 5/31/2018 | $13.90 | 0.20 | 0.95 | 1.15 | (0.20) | (0.83) | (1.03) |
Year Ended 5/31/2017 | $12.34 | 0.20 | 1.80 | 2.00 | (0.21) | (0.23) | (0.44) |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $12.03 | 0.22 | 5.37 | 5.59 | (0.23) | — | (0.23) |
Year Ended 5/31/2020 | $12.67 | 0.25 | (0.04) | 0.21 | (0.25) | (0.60) | (0.85) |
Year Ended 5/31/2019 | $14.04 | 0.25 | (0.15) | 0.10 | (0.24) | (1.23) | (1.47) |
Year Ended 5/31/2018 | $13.93 | 0.21 | 0.93 | 1.14 | (0.20) | (0.83) | (1.03) |
Year Ended 5/31/2017 | $12.36 | 0.22 | 1.80 | 2.02 | (0.22) | (0.23) | (0.45) |
18 | Columbia Large Cap Value Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Year Ended 5/31/2021 | $17.39 | 46.70% | 1.01% | 1.01%(c) | 1.25% | 27% | $1,849,691 |
Year Ended 5/31/2020 | $12.02 | 0.73% | 1.02% | 1.02%(c) | 1.64% | 15% | $1,429,986 |
Year Ended 5/31/2019 | $12.66 | 0.62% | 1.02% | 1.02%(c) | 1.49% | 23% | $1,621,964 |
Year Ended 5/31/2018 | $14.04 | 7.82% | 1.01% | 1.01%(c) | 1.17% | 21% | $1,836,324 |
Year Ended 5/31/2017 | $13.92 | 16.17% | 1.03% | 1.03%(c) | 1.40% | 31% | $1,986,051 |
Advisor Class | |||||||
Year Ended 5/31/2021 | $17.38 | 46.97% | 0.76% | 0.76%(c) | 1.50% | 27% | $42,909 |
Year Ended 5/31/2020 | $12.02 | 1.01% | 0.77% | 0.77%(c) | 1.89% | 15% | $30,446 |
Year Ended 5/31/2019 | $12.66 | 0.95% | 0.77% | 0.77%(c) | 1.74% | 23% | $33,903 |
Year Ended 5/31/2018 | $14.03 | 8.10% | 0.77% | 0.77%(c) | 1.50% | 21% | $42,087 |
Year Ended 5/31/2017 | $13.91 | 16.37% | 0.78% | 0.78%(c) | 1.63% | 31% | $9,409 |
Class C | |||||||
Year Ended 5/31/2021 | $17.33 | 45.52% | 1.76% | 1.76%(c) | 0.52% | 27% | $13,359 |
Year Ended 5/31/2020 | $11.99 | (0.03%) | 1.77% | 1.77%(c) | 0.89% | 15% | $18,031 |
Year Ended 5/31/2019 | $12.62 | (0.06%) | 1.76% | 1.76%(c) | 0.74% | 23% | $23,646 |
Year Ended 5/31/2018 | $13.99 | 6.96% | 1.76% | 1.76%(c) | 0.41% | 21% | $57,445 |
Year Ended 5/31/2017 | $13.88 | 15.28% | 1.78% | 1.78%(c) | 0.64% | 31% | $66,229 |
Institutional Class | |||||||
Year Ended 5/31/2021 | $17.36 | 47.04% | 0.76% | 0.76%(c) | 1.49% | 27% | $224,531 |
Year Ended 5/31/2020 | $12.00 | 0.93% | 0.77% | 0.77%(c) | 1.89% | 15% | $134,233 |
Year Ended 5/31/2019 | $12.65 | 0.96% | 0.77% | 0.77%(c) | 1.74% | 23% | $159,448 |
Year Ended 5/31/2018 | $14.02 | 8.10% | 0.76% | 0.76%(c) | 1.42% | 21% | $193,314 |
Year Ended 5/31/2017 | $13.90 | 16.38% | 0.79% | 0.79%(c) | 1.52% | 31% | $210,649 |
Institutional 2 Class | |||||||
Year Ended 5/31/2021 | $17.39 | 47.01% | 0.71% | 0.71% | 1.54% | 27% | $28,324 |
Year Ended 5/31/2020 | $12.03 | 1.08% | 0.71% | 0.71% | 1.95% | 15% | $18,546 |
Year Ended 5/31/2019 | $12.67 | 1.02% | 0.70% | 0.70% | 1.82% | 23% | $16,474 |
Year Ended 5/31/2018 | $14.04 | 8.08% | 0.71% | 0.71% | 1.47% | 21% | $39,230 |
Year Ended 5/31/2017 | $13.93 | 16.53% | 0.71% | 0.71% | 1.70% | 31% | $38,168 |
Columbia Large Cap Value Fund | Annual Report 2021 | 19 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $12.17 | 0.24 | 5.43 | 5.67 | (0.23) | — | (0.23) |
Year Ended 5/31/2020 | $12.82 | 0.26 | (0.06) | 0.20 | (0.25) | (0.60) | (0.85) |
Year Ended 5/31/2019 | $14.19 | 0.25 | (0.15) | 0.10 | (0.24) | (1.23) | (1.47) |
Year Ended 5/31/2018 | $14.06 | 0.23 | 0.94 | 1.17 | (0.21) | (0.83) | (1.04) |
Year Ended 5/31/2017 | $12.47 | 0.24 | 1.80 | 2.04 | (0.22) | (0.23) | (0.45) |
Class R | |||||||
Year Ended 5/31/2021 | $11.93 | 0.14 | 5.35 | 5.49 | (0.16) | — | (0.16) |
Year Ended 5/31/2020 | $12.57 | 0.18 | (0.05) | 0.13 | (0.17) | (0.60) | (0.77) |
Year Ended 5/31/2019 | $13.95 | 0.17 | (0.16) | 0.01 | (0.16) | (1.23) | (1.39) |
Year Ended 5/31/2018 | $13.83 | 0.13 | 0.94 | 1.07 | (0.12) | (0.83) | (0.95) |
Year Ended 5/31/2017 | $12.28 | 0.15 | 1.77 | 1.92 | (0.14) | (0.23) | (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) | The benefits derived from expense reductions had an impact of less than 0.01%. |
20 | Columbia Large Cap Value Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $17.61 | 47.16% | 0.66% | 0.66% | 1.54% | 27% | $648,129 |
Year Ended 5/31/2020 | $12.17 | 1.01% | 0.69% | 0.69% | 1.97% | 15% | $3,344 |
Year Ended 5/31/2019 | $12.82 | 1.03% | 0.69% | 0.69% | 1.82% | 23% | $2,746 |
Year Ended 5/31/2018 | $14.19 | 8.18% | 0.69% | 0.68% | 1.56% | 21% | $3,281 |
Year Ended 5/31/2017 | $14.06 | 16.60% | 0.67% | 0.67% | 1.87% | 31% | $747 |
Class R | |||||||
Year Ended 5/31/2021 | $17.26 | 46.37% | 1.26% | 1.26%(c) | 1.00% | 27% | $3,161 |
Year Ended 5/31/2020 | $11.93 | 0.45% | 1.27% | 1.27%(c) | 1.38% | 15% | $2,371 |
Year Ended 5/31/2019 | $12.57 | 0.37% | 1.27% | 1.27%(c) | 1.24% | 23% | $3,574 |
Year Ended 5/31/2018 | $13.95 | 7.61% | 1.26% | 1.26%(c) | 0.91% | 21% | $4,510 |
Year Ended 5/31/2017 | $13.83 | 15.82% | 1.28% | 1.28%(c) | 1.15% | 31% | $5,689 |
Columbia Large Cap Value Fund | Annual Report 2021 | 21 |
May 31, 2021
22 | Columbia Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Columbia Large Cap Value Fund | Annual Report 2021 | 23 |
May 31, 2021
24 | Columbia Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Effective rate (%) | |
Class A | 0.09 |
Advisor Class | 0.09 |
Class C | 0.09 |
Institutional Class | 0.09 |
Institutional 2 Class | 0.04 |
Institutional 3 Class | 0.01 |
Class R | 0.09 |
Columbia Large Cap Value Fund | Annual Report 2021 | 25 |
May 31, 2021
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 322,165 |
Class C | — | 1.00(b) | 284 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
October 1, 2020 through September 30, 2021 | Prior to October 1, 2020 | |
Class A | 1.08% | 1.07% |
Advisor Class | 0.83 | 0.82 |
Class C | 1.83 | 1.82 |
Institutional Class | 0.83 | 0.82 |
Institutional 2 Class | 0.76 | 0.76 |
Institutional 3 Class | 0.74 | 0.74 |
Class R | 1.33 | 1.32 |
26 | Columbia Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(337,324) | 337,324 | — |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
27,786,469 | — | 27,786,469 | 32,476,612 | 80,679,313 | 113,155,925 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
11,484,829 | 47,362,318 | — | 1,093,683,346 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,714,150,310 | 1,109,776,409 | (16,093,063) | 1,093,683,346 |
Columbia Large Cap Value Fund | Annual Report 2021 | 27 |
May 31, 2021
28 | Columbia Large Cap Value Fund | Annual Report 2021 |
May 31, 2021
Columbia Large Cap Value Fund | Annual Report 2021 | 29 |
May 31, 2021
30 | Columbia Large Cap Value Fund | Annual Report 2021 |
Columbia Large Cap Value Fund | Annual Report 2021 | 31 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
100.00% | 100.00% | $49,730,434 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
32 | Columbia Large Cap Value Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Columbia Large Cap Value Fund | Annual Report 2021 | 33 |
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 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
34 | Columbia Large Cap Value Fund | Annual Report 2021 |
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Columbia Large Cap Value Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
36 | Columbia Large Cap Value Fund | Annual Report 2021 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Columbia Large Cap Value Fund | Annual Report 2021 | 37 |
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 |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
38 | Columbia Large Cap Value Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
Columbia Large Cap Value Fund | Annual Report 2021 | 39 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
May 31, 2021
3 | |
5 | |
9 | |
10 | |
20 | |
21 | |
22 | |
24 | |
26 | |
37 | |
38 | |
38 | |
44 | |
45 |
Average annual total returns (%) (for the period ended May 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Institutional Class* | 01/03/17 | 45.16 | 14.23 | 12.53 | |
Institutional 3 Class* | 12/18/19 | 45.20 | 14.25 | 12.54 | |
Russell 1000 Value Index | 44.38 | 12.33 | 12.61 |
* | Returns shown for periods prior to the inception date of the Fund’s Institutional Class shares include the returns of the Fund’s Class A shares for the period from April 20, 2012 (the inception date of the Fund) through January 2, 2017. Returns shown for periods prior to the inception date of the Fund’s Institutional 3 Class shares include the returns of the Fund’s Class A shares for the period from April 20, 2012 (the inception date of the Fund) through January 2, 2017, and of the Fund’s Institutional Class shares for the period from January 3, 2017 though the inception date of such share class, as applicable. Class A shares were offered prior to the Fund’s Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information. |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at May 31, 2021) | |
Common Stocks | 98.9 |
Money Market Funds | 1.1 |
Total | 100.0 |
Equity sector breakdown (%) (at May 31, 2021) | |
Communication Services | 9.1 |
Consumer Discretionary | 8.9 |
Consumer Staples | 7.6 |
Energy | 5.3 |
Financials | 22.4 |
Health Care | 13.4 |
Industrials | 12.0 |
Information Technology | 11.8 |
Materials | 5.3 |
Real Estate | 2.2 |
Utilities | 2.0 |
Total | 100.0 |
4 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
• | The Fund’s performance relative to Russell 1000 Index was driven primarily by stock selection within the health care, financials and communication services sectors. |
• | Sector allocation was a secondary detractor, with our portion of the Fund’s overweight to the weak-performing utilities sector and underweight to the strong-performing consumer discretionary sector weighing on results versus the Russell 1000 Index. |
• | Within the industrials sector, our portion of the Fund’s position in aerospace and defense company Lockheed Martin Corp. underperformed as investor sentiment favored more economically sensitive names and concerns over the defense spending policy of the new U.S. administration. |
• | Within the health care sector: |
○ | Shares of Merck & Co., Inc. came under pressure during the period from investor concerns over potential regulatory changes and lower drug prices in the pharmaceutical industry, as well as anticipated changes in Merck’s management team. |
○ | An overweight position in Johnson & Johnson detracted from relative results. While shares delivered a strong absolute performance during the period, the health care sector overall was a weaker performing sector in the Russell 1000 Index during the period. |
• | Within information technology: |
○ | Computer network equipment maker Cisco Systems, Inc. weighed on results as enterprise spending on networking was slow to recover during the period. |
○ | Chipmaker Intel Corporation was also among the Fund’s detractors. We exited the position in our portion of the Fund on news that delivery of its next generation chip would be delayed. |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 5 |
• | A lack of exposure to names such as Tesla and Alphabet weighed on results relative to the Russell 1000 Index in our portion of the Fund’s portfolio. Tesla alone accounted for nearly all the underperformance in consumer discretionary. Our portion of the Fund doesn’t own these companies as neither pay a dividend. |
• | The Fund’s stock selection within the information technology sector and overweight allocation to the strong-performing financials and industrials sectors benefited results compared to the Russell 1000 Index during the period. |
• | Fund positions in semiconductor capital equipment stocks Lam Research Corp. and KLA Corp. were notable contributors. |
○ | Lam Research makes equipment necessary to the manufacture of semiconductors, while KLA makes testing equipment that allows manufacturers to maximize chip yield. |
○ | Both Lam Research and KLA possess high profit margins, strong cash flow and balance sheets, producing high barriers to entry. Both stocks benefited during the period from the shortage of semiconductors, which has led to a ramp up in chip production. Importantly, we believe that the long-term trends of growing end markets for semiconductors and increasing chip complexity remain firmly in place. |
• | Trane Technologies PLC, a top contributor during the period, specializes in climate control within the industrials sector. During the past several years, Trane has increased market share across both the residential and commercial segments. In addition, its business expanded due to COVID-19-driven initiatives to improve ventilation in schools and other buildings. |
• | Within consumer discretionary, retailer Target Corp. was well positioned entering the pandemic and was a top contributor. Investments in e-commerce have produced competitive advantages leading to share gains that we believe will endure beyond the COVID-19 pandemic. |
• | Within the financial sector, positions in Bank of America Corp. and JPMorgan Chase & Co. delivered strong gains. During the period, bank stocks benefited from the market’s rotation into value, a steepening of the yield curve, and the expectation of a strong economic recovery. |
• | The primary drivers of outperformance versus the Russell 1000 Value Index in our portion of the Fund’s portfolio were: |
○ | A greater emphasis on value stocks and mid cap stocks, as both size and value premiums were positive for the period |
○ | The exclusion of real estate investment trusts (REITs) and highly regulated utilities as both REITs and utilities underperformed during the period |
• | Sector allocations and security selection are primarily a result of how the strategy is constructed along the dimensions of size, style, and profitability. That said: |
○ | Our portion of the portfolio was underweight, relative to the Russell 1000 Value Index, in the weak-performing utilities sector. The portfolio generally excludes highly regulated utilities from purchase because, while they tend to have low relative prices, their expected returns are lower than those of value stocks. |
○ | Stock selection within the financials and materials sectors contributed to results. |
○ | Having no exposure to Johnson & Johnson in our portion of the portfolio contributed to results versus the Russell 1000 Value Index as the company’s stock price underperformed during the period. |
6 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
○ | Our portion of the portfolio was underweight, relative to the Russell 1000 Value Index, in Verizon Communications Inc., which benefited relative results as Verizon underperformed. |
○ | An overweight position in JPMorgan Chase & Co. in our portion of the portfolio contributed to results, as the company’s stock price delivered a strong gain for the period. |
• | Stock selection within the communication services sector detracted from results in our portion of the portfolio, relative to the Russell 1000 Value Index. |
• | An overweight in Intel Corp., which returned in negative territory for the period, detracted from results versus the Russell 1000 Value Index. |
• | An overweight in AT&T also detracted during the period, as the company underperformed the Russell 1000 Value Index by a significant degree. |
• | An overweight in Pfizer also detracted from relative results as the pharmaceutical giant also underperformed the Russell 1000 Value Index during the period. |
• | Security selection, along with an overweight position, in the financials sector had the largest impact on relative return. |
○ | Bank stocks broadly rallied in 2021 on optimism from vaccine rollouts, reopening of the economy, the prospect of rising rates, an improvement in credit and the possibility of increased mergers and acquisitions activity. |
• | The Fund’s underweight position in the utilities sector and overweight position in the consumer discretionary sector also contributed to relative return. |
• | While security selection in the industrials sector was additive, the Fund’s underweight position tempered its impact on relative return. |
• | Security selection in the communication services sector produced a meaningful contribution to relative return in our portion of the portfolio. |
• | Insurance firm American International Group, Inc., the largest holding in our portion of the Fund’s portfolio, continued to improve its underwriting margins. The company also benefited from strong premium growth in its commercial business and continued to make progress toward its planned separation into two companies – a property and casualty insurer and a life and retirements business. |
• | Alternative asset manager KKR & Co., Inc. benefited from increased optimism around the opening up of the economy with the rollout of COVID-19 vaccines and exhibited an increasingly clearer growth profile in our opinion. |
• | Charles Schwab Corp. benefited from its asset gathering efforts, expanded product suite and extended customer reach during the period. The continued growth of mobile trading technology has driven increased retail investor engagement. In addition, expectations for solid, relatively stable earnings growth and the potential for positive synergies from the TD Ameritrade acquisition drove multiples higher. |
• | Security selection within the energy, materials sectors and consumer staples sectors detracted from relative performance during the period. |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 7 |
• | An overweight to the consumer staples sector and an underweight to the materials sector also weighed on results versus the Russell 1000 Index. |
• | Citigroup, Inc. underperformed during the third quarter of 2020 as investors were focused on the risk of additional regulatory scrutiny and the potential for incremental expense pressure. We subsequently eliminated Citigroup from our portion of the Fund during the fourth quarter of 2020 in favor of other banking and financial services opportunities that we believed to have better risk/reward profiles. |
• | Biopharmaceutical company Gilead Sciences, Inc. continued to maintain its leadership in HIV treatment, although it had been through a period of tough comparisons due to patent expirations and disrupted demand due to the COVID-19 pandemic. The market’s high expectations for Gilead’s COVID-19 treatment drug Remdesivir were dashed, given its narrow therapeutic window and the emergence of effective vaccines. |
• | The Fund quickly sold the shares it received of global generic company Viatris, Inc. when long-term Fund holding Pfizer, Inc. spun off its branded generic segment, Upjohn. Upjohn then merged with Mylan N.V. and the new company was renamed Viatris. |
8 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
(Unaudited)
December 1, 2020 — May 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Institutional Class | 1,000.00 | 1,000.00 | 1,218.40 | 1,021.09 | 3.81 | 3.47 | 0.70 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,218.60 | 1,021.53 | 3.32 | 3.02 | 0.61 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 9 |
May 31, 2021
Common Stocks 98.6% | ||
Issuer | Shares | Value ($) |
Communication Services 9.0% | ||
Diversified Telecommunication Services 1.9% | ||
AT&T, Inc. | 1,601,978 | 47,146,213 |
Lumen Technologies, Inc. | 379,310 | 5,249,650 |
Verizon Communications, Inc. | 738,779 | 41,733,626 |
Total | 94,129,489 | |
Entertainment 2.1% | ||
Activision Blizzard, Inc. | 18,152 | 1,765,282 |
Liberty Media Group LLC, Class A(a) | 2,700 | 108,108 |
Liberty Media Group LLC, Class C(a) | 21,151 | 944,392 |
Madison Square Garden Entertainment Corp.(a) | 1,307 | 116,624 |
Walt Disney Co. (The)(a) | 475,648 | 84,974,515 |
Zynga, Inc., Class A(a) | 1,763,572 | 19,117,121 |
Total | 107,026,042 | |
Interactive Media & Services 0.8% | ||
Facebook, Inc., Class A(a) | 123,073 | 40,457,787 |
Twitter, Inc.(a) | 27,485 | 1,594,130 |
Zillow Group, Inc., Class C(a) | 10,447 | 1,225,642 |
Total | 43,277,559 | |
Media 3.9% | ||
Altice U.S.A., Inc., Class A(a) | 1,939 | 69,920 |
Charter Communications, Inc., Class A(a) | 67,321 | 46,756,454 |
Comcast Corp., Class A | 1,972,472 | 113,101,545 |
Discovery, Inc., Class A(a) | 58,636 | 1,882,802 |
Discovery, Inc., Class C(a) | 115,995 | 3,485,650 |
DISH Network Corp., Class A(a) | 70,159 | 3,053,320 |
Fox Corp., Class A | 112,187 | 4,190,184 |
Fox Corp., Class B | 88,573 | 3,213,428 |
Interpublic Group of Companies, Inc. (The) | 134,846 | 4,542,962 |
Liberty Broadband Corp., Class A(a) | 2,117 | 343,081 |
Liberty Broadband Corp., Class C(a) | 24,459 | 4,067,287 |
Liberty SiriusXM Group, Class A(a) | 13,066 | 570,462 |
Liberty SiriusXM Group, Class C(a) | 38,786 | 1,687,579 |
News Corp., Class A | 41,973 | 1,132,851 |
News Corp., Class B | 22,496 | 577,922 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
ViacomCBS, Inc., Class A | 5,695 | 265,045 |
ViacomCBS, Inc., Class B | 201,837 | 8,561,926 |
Total | 197,502,418 | |
Wireless Telecommunication Services 0.3% | ||
T-Mobile USA, Inc.(a) | 99,627 | 14,092,239 |
Total Communication Services | 456,027,747 | |
Consumer Discretionary 8.8% | ||
Auto Components 0.7% | ||
Aptiv PLC(a) | 8,949 | 1,346,109 |
Autoliv, Inc. | 21,747 | 2,305,834 |
BorgWarner, Inc. | 502,620 | 25,779,380 |
Gentex Corp. | 62,682 | 2,225,211 |
Lear Corp. | 20,783 | 4,018,601 |
Veoneer, Inc.(a) | 1,815 | 42,961 |
Total | 35,718,096 | |
Automobiles 1.3% | ||
Ford Motor Co.(a) | 585,395 | 8,505,789 |
General Motors Co.(a) | 977,619 | 57,982,583 |
Harley-Davidson, Inc. | 15,987 | 774,890 |
Total | 67,263,262 | |
Distributors 0.2% | ||
Genuine Parts Co. | 14,649 | 1,920,777 |
LKQ Corp.(a) | 105,221 | 5,362,062 |
Total | 7,282,839 | |
Diversified Consumer Services 0.0% | ||
Service Corp. International | 21,171 | 1,122,486 |
Hotels, Restaurants & Leisure 1.1% | ||
Aramark | 45,023 | 1,681,609 |
Booking Holdings, Inc.(a) | 13,529 | 31,949,410 |
Carnival Corp.(a) | 139,454 | 4,122,260 |
Darden Restaurants, Inc. | 550 | 78,777 |
Expedia Group, Inc.(a) | 448 | 79,274 |
Hyatt Hotels Corp., Class A(a) | 5,864 | 457,861 |
McDonald’s Corp. | 45,687 | 10,685,732 |
MGM Resorts International | 82,729 | 3,546,592 |
Norwegian Cruise Line Holdings Ltd.(a) | 26,257 | 837,598 |
10 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Royal Caribbean Cruises Ltd.(a) | 31,724 | 2,958,898 |
Wynn Resorts Ltd.(a) | 610 | 80,441 |
Total | 56,478,452 | |
Household Durables 1.7% | ||
D.R. Horton, Inc. | 126,147 | 12,020,548 |
Garmin Ltd. | 39,742 | 5,652,902 |
Lennar Corp., Class A | 95,096 | 9,415,455 |
Lennar Corp., Class B | 6,679 | 523,032 |
Mohawk Industries, Inc.(a) | 20,238 | 4,263,742 |
Newell Brands, Inc. | 134,972 | 3,872,347 |
NVR, Inc.(a) | 8,350 | 40,808,371 |
PulteGroup, Inc. | 82,663 | 4,777,095 |
Toll Brothers, Inc. | 10,681 | 696,828 |
Whirlpool Corp. | 20,193 | 4,787,558 |
Total | 86,817,878 | |
Internet & Direct Marketing Retail 0.4% | ||
eBay, Inc. | 322,749 | 19,648,959 |
Leisure Products 0.1% | ||
Hasbro, Inc. | 47,375 | 4,546,579 |
Multiline Retail 1.0% | ||
Dollar Tree, Inc.(a) | 83,861 | 8,176,448 |
Kohl’s Corp. | 24,082 | 1,336,310 |
Target Corp. | 179,057 | 40,631,614 |
Total | 50,144,372 | |
Specialty Retail 1.2% | ||
Advance Auto Parts, Inc. | 20,257 | 3,843,360 |
Best Buy Co., Inc. | 58,724 | 6,826,078 |
CarMax, Inc.(a) | 56,195 | 6,473,102 |
Gap, Inc. (The) | 43,104 | 1,441,829 |
Home Depot, Inc. (The) | 102,526 | 32,696,567 |
Lithia Motors, Inc., Class A | 6,032 | 2,123,204 |
TJX Companies, Inc. (The) | 96,025 | 6,485,528 |
Total | 59,889,668 | |
Textiles, Apparel & Luxury Goods 1.1% | ||
Capri Holdings Ltd.(a) | 5,000 | 283,550 |
Hanesbrands, Inc. | 1,091,133 | 21,320,739 |
PVH Corp.(a) | 15,238 | 1,749,627 |
Ralph Lauren Corp.(a) | 7,853 | 974,400 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Skechers U.S.A., Inc., Class A(a) | 1,000 | 47,500 |
Tapestry, Inc.(a) | 18,622 | 835,941 |
VF Corp. | 397,258 | 31,669,408 |
Total | 56,881,165 | |
Total Consumer Discretionary | 445,793,756 | |
Consumer Staples 7.5% | ||
Beverages 1.8% | ||
Coca-Cola Co. (The) | 281,380 | 15,557,500 |
Constellation Brands, Inc., Class A | 36,143 | 8,664,200 |
Keurig Dr. Pepper, Inc. | 97,118 | 3,589,481 |
Molson Coors Beverage Co., Class B(a) | 36,887 | 2,151,250 |
PepsiCo, Inc. | 428,196 | 63,347,316 |
Total | 93,309,747 | |
Food & Staples Retailing 0.9% | ||
Kroger Co. (The) | 185,793 | 6,870,625 |
U.S. Foods Holding Corp.(a) | 45,739 | 1,781,077 |
Walgreens Boots Alliance, Inc. | 250,022 | 13,166,159 |
Walmart, Inc. | 161,112 | 22,882,737 |
Total | 44,700,598 | |
Food Products 2.8% | ||
Archer-Daniels-Midland Co. | 510,662 | 33,974,343 |
Bunge Ltd. | 49,798 | 4,323,462 |
ConAgra Foods, Inc. | 106,671 | 4,064,165 |
Darling Ingredients, Inc.(a) | 23,906 | 1,636,605 |
General Mills, Inc. | 20,700 | 1,301,202 |
Hershey Co. (The) | 40,471 | 7,003,506 |
Hormel Foods Corp. | 1,624 | 78,829 |
Ingredion, Inc. | 7,765 | 737,131 |
JM Smucker Co. (The) | 30,369 | 4,047,884 |
Kraft Heinz Co. (The) | 96,169 | 4,192,007 |
Mondelez International, Inc., Class A | 1,116,498 | 70,931,118 |
Pilgrim’s Pride Corp.(a) | 1,716 | 41,253 |
Post Holdings, Inc.(a) | 15,143 | 1,749,471 |
Tyson Foods, Inc., Class A | 93,436 | 7,428,162 |
Total | 141,509,138 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 11 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Household Products 1.7% | ||
Kimberly-Clark Corp. | 128,171 | 16,742,978 |
Procter & Gamble Co. (The) | 525,270 | 70,832,660 |
Spectrum Brands Holdings, Inc. | 670 | 59,556 |
Total | 87,635,194 | |
Personal Products 0.0% | ||
Coty, Inc., Class A(a) | 10,944 | 97,511 |
Tobacco 0.3% | ||
Philip Morris International, Inc. | 140,748 | 13,572,330 |
Total Consumer Staples | 380,824,518 | |
Energy 5.3% | ||
Energy Equipment & Services 0.4% | ||
Baker Hughes Co. | 158,071 | 3,856,932 |
Halliburton Co. | 286,581 | 6,433,743 |
NOV, Inc.(a) | 9,646 | 155,494 |
Schlumberger NV | 296,679 | 9,294,953 |
Technip Energies NV, ADR(a) | 6,562 | 98,660 |
TechnipFMC PLC(a) | 48,738 | 418,659 |
Total | 20,258,441 | |
Oil, Gas & Consumable Fuels 4.9% | ||
APA Corp. | 15,233 | 316,846 |
Cabot Oil & Gas Corp. | 129,410 | 2,122,324 |
Chevron Corp. | 718,103 | 74,531,910 |
Cimarex Energy Co. | 573 | 38,821 |
ConocoPhillips Co. | 395,608 | 22,051,190 |
Continental Resources, Inc. | 73,254 | 2,385,883 |
Devon Energy Corp. | 155,140 | 4,120,518 |
Diamondback Energy, Inc. | 18,208 | 1,457,915 |
EOG Resources, Inc. | 274,134 | 22,023,925 |
Exxon Mobil Corp. | 747,455 | 43,628,948 |
Hess Corp. | 102,157 | 8,562,800 |
HollyFrontier Corp. | 28,219 | 916,271 |
Kinder Morgan, Inc. | 290,212 | 5,322,488 |
Marathon Oil Corp. | 47,942 | 580,578 |
Marathon Petroleum Corp. | 111,632 | 6,898,858 |
Murphy Oil Corp. | 2,493 | 54,073 |
Occidental Petroleum Corp. | 321,946 | 8,357,718 |
ONEOK, Inc. | 126,455 | 6,669,237 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Phillips 66 | 131,536 | 11,077,962 |
Pioneer Natural Resources Co. | 29,116 | 4,431,164 |
Targa Resources Corp. | 30,478 | 1,184,375 |
Valero Energy Corp. | 92,642 | 7,448,417 |
Williams Companies, Inc. (The) | 432,723 | 11,397,924 |
Total | 245,580,145 | |
Total Energy | 265,838,586 | |
Financials 22.1% | ||
Banks 8.7% | ||
Bank of America Corp. | 2,676,777 | 113,468,577 |
CIT Group, Inc. | 1,264 | 66,967 |
Citigroup, Inc. | 242,343 | 19,074,818 |
Citizens Financial Group, Inc. | 45,602 | 2,275,540 |
Comerica, Inc. | 33,110 | 2,598,804 |
East West Bancorp, Inc. | 32,773 | 2,450,765 |
Fifth Third Bancorp | 149,775 | 6,311,518 |
First Horizon Corp. | 7,895 | 150,558 |
First Republic Bank | 136,952 | 26,218,091 |
Huntington Bancshares, Inc. | 321,505 | 5,099,069 |
JPMorgan Chase & Co. | 703,513 | 115,544,975 |
KeyCorp | 156,749 | 3,611,497 |
M&T Bank Corp. | 24,152 | 3,880,985 |
PacWest Bancorp | 1,197 | 54,068 |
People’s United Financial, Inc. | 26,140 | 494,307 |
PNC Financial Services Group, Inc. (The) | 155,150 | 30,204,602 |
Prosperity Bancshares, Inc. | 809 | 60,877 |
Regions Financial Corp. | 203,115 | 4,754,922 |
SVB Financial Group(a) | 132 | 76,941 |
Synovus Financial Corp. | 3,517 | 172,755 |
Truist Financial Corp. | 697,645 | 43,100,508 |
U.S. Bancorp | 456,974 | 27,774,880 |
Wells Fargo & Co. | 660,554 | 30,861,083 |
Zions Bancorp | 35,661 | 2,064,059 |
Total | 440,371,166 | |
Capital Markets 5.0% | ||
Bank of New York Mellon Corp. (The) | 181,275 | 9,440,802 |
BlackRock, Inc. | 15,338 | 13,452,040 |
Charles Schwab Corp. (The) | 498,452 | 36,810,680 |
CME Group, Inc. | 72,172 | 15,788,347 |
12 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Franklin Resources, Inc. | 100,218 | 3,428,458 |
Goldman Sachs Group, Inc. (The) | 57,090 | 21,238,622 |
Invesco Ltd. | 33,148 | 945,712 |
Janus Henderson Group PLC | 4,217 | 162,397 |
Jefferies Financial Group, Inc. | 15,054 | 483,685 |
KKR & Co., Inc., Class A | 927,041 | 51,626,913 |
Morgan Stanley | 591,284 | 53,777,280 |
Northern Trust Corp. | 183,598 | 22,250,242 |
Raymond James Financial, Inc. | 16,948 | 2,247,135 |
State Street Corp. | 70,492 | 6,131,394 |
T. Rowe Price Group, Inc. | 80,941 | 15,488,060 |
Total | 253,271,767 | |
Consumer Finance 0.4% | ||
Ally Financial, Inc. | 104,256 | 5,703,846 |
Capital One Financial Corp. | 59,812 | 9,616,573 |
Discover Financial Services | 659 | 77,274 |
Santander Consumer U.S.A. Holdings, Inc. | 37,213 | 1,410,373 |
Synchrony Financial | 78,860 | 3,738,753 |
Total | 20,546,819 | |
Diversified Financial Services 1.8% | ||
Berkshire Hathaway, Inc., Class B(a) | 300,870 | 87,083,813 |
Equitable Holdings, Inc. | 46,718 | 1,483,296 |
Voya Financial, Inc. | 10,144 | 664,635 |
Total | 89,231,744 | |
Insurance 6.2% | ||
Aflac, Inc. | 152,724 | 8,656,396 |
Alleghany Corp.(a) | 1,324 | 948,739 |
Allstate Corp. (The) | 230,173 | 31,443,934 |
American Financial Group, Inc. | 13,132 | 1,747,344 |
American International Group, Inc. | 1,511,331 | 79,858,730 |
Arch Capital Group Ltd.(a) | 57,962 | 2,312,104 |
Assurant, Inc. | 7,430 | 1,197,345 |
Athene Holding Ltd., Class A(a) | 14,395 | 901,559 |
Axis Capital Holdings Ltd. | 3,614 | 193,855 |
Chubb Ltd. | 146,178 | 24,848,798 |
Cincinnati Financial Corp. | 14,444 | 1,757,979 |
CNA Financial Corp. | 3,492 | 166,953 |
Everest Re Group Ltd. | 4,525 | 1,176,319 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Fidelity National Financial, Inc. | 80,283 | 3,772,498 |
Globe Life, Inc. | 34,379 | 3,624,234 |
Hartford Financial Services Group, Inc. (The) | 629,646 | 41,147,366 |
Lincoln National Corp. | 25,274 | 1,763,872 |
Loews Corp. | 38,397 | 2,241,617 |
Markel Corp.(a) | 666 | 816,176 |
Marsh & McLennan Companies, Inc. | 352,479 | 48,765,470 |
MetLife, Inc. | 475,754 | 31,095,281 |
Old Republic International Corp. | 32,763 | 860,356 |
Principal Financial Group, Inc. | 54,334 | 3,552,900 |
Prudential Financial, Inc. | 47,067 | 5,034,757 |
Reinsurance Group of America, Inc. | 8,100 | 1,020,843 |
RenaissanceRe Holdings Ltd. | 4,218 | 650,078 |
Travelers Companies, Inc. (The) | 80,185 | 12,805,545 |
Unum Group | 20,599 | 637,951 |
Willis Towers Watson PLC | 289 | 75,533 |
WR Berkley Corp. | 20,100 | 1,567,599 |
Total | 314,642,131 | |
Thrifts & Mortgage Finance 0.0% | ||
New York Community Bancorp, Inc. | 35,013 | 419,106 |
Total Financials | 1,118,482,733 | |
Health Care 13.2% | ||
Biotechnology 1.1% | ||
AbbVie, Inc. | 185,758 | 21,027,806 |
Alexion Pharmaceuticals, Inc.(a) | 39,266 | 6,932,412 |
Biogen, Inc.(a) | 15,228 | 4,073,185 |
Gilead Sciences, Inc. | 382,740 | 25,302,941 |
Horizon Therapeutics PLC(a) | 2,619 | 240,057 |
Regeneron Pharmaceuticals, Inc.(a) | 148 | 74,360 |
United Therapeutics Corp.(a) | 824 | 153,182 |
Total | 57,803,943 | |
Health Care Equipment & Supplies 4.0% | ||
Abbott Laboratories | 624,801 | 72,883,037 |
Baxter International, Inc. | 2,297 | 188,630 |
Becton Dickinson and Co. | 71,683 | 17,339,401 |
Boston Scientific Corp.(a) | 41,966 | 1,785,653 |
Cooper Companies, Inc. (The) | 602 | 236,857 |
Danaher Corp. | 55,861 | 14,308,237 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 13 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Dentsply Sirona, Inc. | 25,186 | 1,685,447 |
Envista Holdings Corp.(a) | 20,877 | 911,072 |
Medtronic PLC | 684,467 | 86,646,677 |
STERIS PLC | 18,871 | 3,601,719 |
Zimmer Biomet Holdings, Inc. | 23,887 | 4,020,899 |
Total | 203,607,629 | |
Health Care Providers & Services 3.6% | ||
Anthem, Inc. | 43,806 | 17,444,425 |
Cardinal Health, Inc. | 1,362 | 76,367 |
Centene Corp.(a) | 54,179 | 3,987,574 |
Cigna Corp. | 61,633 | 15,953,702 |
CVS Health Corp. | 242,766 | 20,984,693 |
DaVita, Inc.(a) | 39,208 | 4,707,705 |
Henry Schein, Inc.(a) | 40,439 | 3,074,982 |
Humana, Inc. | 103,883 | 45,469,589 |
Laboratory Corp. of America Holdings(a) | 34,080 | 9,354,278 |
McKesson Corp. | 15,989 | 3,076,124 |
Quest Diagnostics, Inc. | 44,222 | 5,822,711 |
UnitedHealth Group, Inc. | 109,892 | 45,266,713 |
Universal Health Services, Inc., Class B | 26,871 | 4,289,418 |
Total | 179,508,281 | |
Health Care Technology 0.1% | ||
Change Healthcare, Inc.(a) | 12,961 | 303,806 |
Teladoc Health, Inc.(a) | 14,468 | 2,178,591 |
Total | 2,482,397 | |
Life Sciences Tools & Services 0.5% | ||
Bio-Rad Laboratories, Inc., Class A(a) | 2,854 | 1,719,164 |
IQVIA Holdings, Inc.(a) | 12,355 | 2,967,177 |
PerkinElmer, Inc. | 8,807 | 1,277,631 |
Syneos Health, Inc.(a) | 23,952 | 2,105,381 |
Thermo Fisher Scientific, Inc. | 33,548 | 15,750,786 |
Total | 23,820,139 | |
Pharmaceuticals 3.9% | ||
Bristol-Myers Squibb Co. | 446,149 | 29,320,912 |
Elanco Animal Health, Inc.(a) | 54,384 | 1,956,736 |
Eli Lilly & Co. | 108,167 | 21,605,277 |
Jazz Pharmaceuticals PLC(a) | 19,458 | 3,466,054 |
Johnson & Johnson | 264,559 | 44,776,611 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Merck & Co., Inc. | 261,603 | 19,853,052 |
Perrigo Co. PLC | 15,360 | 708,710 |
Pfizer, Inc. | 1,907,073 | 73,860,937 |
Viatris, Inc. | 261,264 | 3,981,663 |
Total | 199,529,952 | |
Total Health Care | 666,752,341 | |
Industrials 11.8% | ||
Aerospace & Defense 1.9% | ||
General Dynamics Corp. | 50,962 | 9,678,193 |
Howmet Aerospace, Inc.(a) | 134,860 | 4,784,833 |
Huntington Ingalls Industries, Inc. | 300 | 64,863 |
L3Harris Technologies, Inc. | 127,116 | 27,718,915 |
Lockheed Martin Corp. | 68,710 | 26,260,962 |
Northrop Grumman Corp. | 23,922 | 8,752,342 |
Raytheon Technologies Corp. | 143,203 | 12,703,538 |
Teledyne Technologies, Inc.(a) | 352 | 147,654 |
Textron, Inc. | 69,891 | 4,785,437 |
Total | 94,896,737 | |
Air Freight & Logistics 0.7% | ||
FedEx Corp. | 44,772 | 14,094,673 |
United Parcel Service, Inc., Class B | 70,046 | 15,031,871 |
XPO Logistics, Inc.(a) | 35,334 | 5,191,625 |
Total | 34,318,169 | |
Airlines 0.3% | ||
Alaska Air Group, Inc.(a) | 13,240 | 916,208 |
Delta Air Lines, Inc.(a) | 59,850 | 2,853,648 |
JetBlue Airways Corp.(a) | 43,204 | 868,400 |
Southwest Airlines Co.(a) | 79,425 | 4,881,461 |
United Airlines Holdings, Inc.(a) | 60,564 | 3,533,909 |
Total | 13,053,626 | |
Building Products 1.4% | ||
Builders FirstSource, Inc.(a) | 47,279 | 2,105,807 |
Carrier Global Corp. | 601,433 | 27,623,818 |
Fortune Brands Home & Security, Inc. | 26,407 | 2,724,146 |
Johnson Controls International PLC | 102,845 | 6,843,306 |
Owens Corning | 26,387 | 2,814,174 |
Trane Technologies PLC | 165,836 | 30,911,830 |
Total | 73,023,081 |
14 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Commercial Services & Supplies 0.5% | ||
Republic Services, Inc. | 103,448 | 11,294,452 |
Waste Management, Inc. | 113,701 | 15,995,457 |
Total | 27,289,909 | |
Construction & Engineering 0.1% | ||
AECOM(a) | 36,137 | 2,349,266 |
Arcosa, Inc. | 4,509 | 286,322 |
Quanta Services, Inc. | 48,008 | 4,577,563 |
Total | 7,213,151 | |
Electrical Equipment 0.7% | ||
Acuity Brands, Inc. | 34 | 6,316 |
AMETEK, Inc. | 27,669 | 3,738,082 |
Eaton Corp. PLC | 171,354 | 24,889,168 |
Emerson Electric Co. | 8,624 | 825,231 |
Hubbell, Inc. | 9,093 | 1,733,490 |
nVent Electric PLC | 3,199 | 104,095 |
Sensata Technologies Holding(a) | 54,177 | 3,219,739 |
Sunrun, Inc.(a) | 22,764 | 1,018,006 |
Total | 35,534,127 | |
Industrial Conglomerates 1.2% | ||
Carlisle Companies, Inc. | 14,492 | 2,787,101 |
General Electric Co. | 505,222 | 7,103,421 |
Honeywell International, Inc. | 212,437 | 49,053,828 |
Roper Technologies, Inc. | 1,093 | 491,861 |
Total | 59,436,211 | |
Machinery 3.5% | ||
AGCO Corp. | 21,789 | 3,014,944 |
Caterpillar, Inc. | 95,504 | 23,024,104 |
Cummins, Inc. | 80,577 | 20,730,851 |
Deere & Co. | 85,437 | 30,851,301 |
Dover Corp. | 15,740 | 2,368,870 |
Fortive Corp. | 46,945 | 3,404,451 |
Ingersoll Rand, Inc.(a) | 48,131 | 2,389,223 |
Middleby Corp. (The)(a) | 4,033 | 662,541 |
Oshkosh Corp. | 13,550 | 1,781,012 |
Otis Worldwide Corp. | 62,282 | 4,878,549 |
PACCAR, Inc. | 103,776 | 9,501,731 |
Parker-Hannifin Corp. | 157,259 | 48,459,361 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Pentair PLC | 54,690 | 3,771,969 |
Snap-On, Inc. | 18,739 | 4,771,324 |
Stanley Black & Decker, Inc. | 53,715 | 11,645,412 |
Westinghouse Air Brake Technologies Corp. | 43,867 | 3,630,433 |
Xylem, Inc. | 4,949 | 584,576 |
Total | 175,470,652 | |
Professional Services 0.3% | ||
CACI International, Inc., Class A(a) | 388 | 98,925 |
IHS Markit Ltd. | 4,494 | 473,263 |
Jacobs Engineering Group, Inc. | 24,042 | 3,415,887 |
Leidos Holdings, Inc. | 49,204 | 5,055,711 |
ManpowerGroup, Inc. | 7,269 | 879,476 |
Nielsen Holdings PLC | 97,496 | 2,652,866 |
Total | 12,576,128 | |
Road & Rail 1.1% | ||
AMERCO | 5,483 | 3,152,944 |
Kansas City Southern | 31,372 | 9,338,817 |
Knight-Swift Transportation Holdings, Inc. | 7,748 | 369,812 |
Norfolk Southern Corp. | 46,043 | 12,933,479 |
Union Pacific Corp. | 142,198 | 31,956,157 |
Total | 57,751,209 | |
Trading Companies & Distributors 0.1% | ||
United Rentals, Inc.(a) | 15,790 | 5,273,228 |
Total Industrials | 595,836,228 | |
Information Technology 11.6% | ||
Communications Equipment 0.7% | ||
Ciena Corp.(a) | 5,259 | 278,043 |
Cisco Systems, Inc. | 593,567 | 31,399,694 |
F5 Networks, Inc.(a) | 1,218 | 225,854 |
Juniper Networks, Inc. | 45,526 | 1,198,700 |
Total | 33,102,291 | |
Electronic Equipment, Instruments & Components 0.8% | ||
Arrow Electronics, Inc.(a) | 17,455 | 2,100,360 |
Avnet, Inc. | 1,118 | 49,259 |
Corning, Inc. | 256,625 | 11,196,549 |
Flex Ltd.(a) | 172,578 | 3,153,000 |
II-VI, Inc.(a) | 28,627 | 1,928,601 |
IPG Photonics Corp.(a) | 2,685 | 561,863 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 15 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Jabil, Inc. | 729 | 41,152 |
SYNNEX Corp. | 5,786 | 732,508 |
TE Connectivity Ltd. | 132,649 | 17,997,816 |
Trimble Navigation Ltd.(a) | 23,401 | 1,820,364 |
Vontier Corp.(a) | 10,936 | 383,635 |
Total | 39,965,107 | |
IT Services 3.9% | ||
Accenture PLC, Class A | 63,363 | 17,878,504 |
Akamai Technologies, Inc.(a) | 5,715 | 652,710 |
Amdocs Ltd. | 45,328 | 3,540,117 |
Automatic Data Processing, Inc. | 77,851 | 15,260,353 |
Cognizant Technology Solutions Corp., Class A | 679,298 | 48,610,565 |
Concentrix Corp.(a) | 5,786 | 883,638 |
DXC Technology Co.(a) | 28,903 | 1,096,002 |
Fidelity National Information Services, Inc. | 367,687 | 54,778,009 |
Fiserv, Inc.(a) | 53,944 | 6,214,349 |
Genpact Ltd. | 2,307 | 105,522 |
Global Payments, Inc. | 16,298 | 3,157,085 |
International Business Machines Corp. | 173,155 | 24,889,300 |
Visa, Inc., Class A | 96,736 | 21,988,093 |
WEX, Inc.(a) | 4,204 | 823,605 |
Total | 199,877,852 | |
Semiconductors & Semiconductor Equipment 4.8% | ||
Analog Devices, Inc. | 140,310 | 23,095,026 |
Broadcom, Inc. | 65,697 | 31,030,664 |
First Solar, Inc.(a) | 24,426 | 1,859,063 |
Intel Corp. | 792,079 | 45,243,552 |
KLA Corp. | 72,331 | 22,920,971 |
Lam Research Corp. | 50,972 | 33,124,154 |
Marvell Technology, Inc. | 71,240 | 3,440,892 |
Microchip Technology, Inc. | 9,874 | 1,549,724 |
Micron Technology, Inc.(a) | 208,863 | 17,573,733 |
MKS Instruments, Inc. | 12,108 | 2,279,089 |
ON Semiconductor Corp.(a) | 115,351 | 4,618,654 |
Qorvo, Inc.(a) | 37,489 | 6,849,990 |
Skyworks Solutions, Inc. | 17,701 | 3,009,170 |
Texas Instruments, Inc. | 246,397 | 46,771,079 |
Total | 243,365,761 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Software 1.1% | ||
Citrix Systems, Inc. | 15,687 | 1,803,377 |
Dolby Laboratories, Inc., Class A | 15,093 | 1,472,171 |
Microsoft Corp. | 188,138 | 46,974,296 |
NortonLifeLock, Inc. | 2,942 | 81,376 |
SS&C Technologies Holdings, Inc. | 73,425 | 5,423,905 |
Total | 55,755,125 | |
Technology Hardware, Storage & Peripherals 0.3% | ||
Dell Technologies, Inc.(a) | 764 | 75,361 |
Hewlett Packard Enterprise Co. | 401,247 | 6,403,902 |
HP, Inc. | 42,384 | 1,238,884 |
Western Digital Corp.(a) | 105,826 | 7,961,290 |
Xerox Holdings Corp. | 3,170 | 74,337 |
Total | 15,753,774 | |
Total Information Technology | 587,819,910 | |
Materials 5.2% | ||
Chemicals 2.7% | ||
Air Products & Chemicals, Inc. | 15,127 | 4,532,957 |
Albemarle Corp. | 27,261 | 4,554,768 |
Celanese Corp., Class A | 3,262 | 539,698 |
CF Industries Holdings, Inc. | 73,957 | 3,932,294 |
Corteva, Inc. | 80,469 | 3,661,339 |
Dow, Inc. | 158,738 | 10,860,854 |
DuPont de Nemours, Inc. | 16,891 | 1,428,810 |
Eastman Chemical Co. | 46,835 | 5,873,109 |
Huntsman Corp. | 16,423 | 466,085 |
International Flavors & Fragrances, Inc. | 24,739 | 3,504,774 |
Linde PLC | 194,321 | 58,412,892 |
LyondellBasell Industries NV, Class A | 106,249 | 11,965,762 |
Mosaic Co. (The) | 56,878 | 2,055,571 |
PPG Industries, Inc. | 1,793 | 322,238 |
Sherwin-Williams Co. (The) | 70,977 | 20,124,109 |
Valvoline, Inc. | 35,216 | 1,162,128 |
Westlake Chemical Corp. | 19,870 | 2,004,287 |
Total | 135,401,675 |
16 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Construction Materials 0.3% | ||
Martin Marietta Materials, Inc. | 18,726 | 6,809,710 |
Vulcan Materials Co. | 37,635 | 6,899,248 |
Total | 13,708,958 | |
Containers & Packaging 0.8% | ||
Amcor PLC | 446,698 | 5,271,036 |
Avery Dennison Corp. | 37,773 | 8,330,080 |
Ball Corp. | 5,081 | 417,455 |
Berry Global Group, Inc.(a) | 875 | 59,684 |
International Paper Co. | 135,904 | 8,575,542 |
Packaging Corp. of America | 67,817 | 10,080,997 |
Sonoco Products Co. | 102,361 | 6,911,415 |
WestRock Co. | 69,219 | 4,036,852 |
Total | 43,683,061 | |
Metals & Mining 1.4% | ||
Arconic Corp.(a) | 20,914 | 756,459 |
Freeport-McMoRan, Inc. | 1,016,719 | 43,434,236 |
Newmont Corp. | 93,793 | 6,891,910 |
Nucor Corp. | 100,960 | 10,352,439 |
Reliance Steel & Aluminum Co. | 20,889 | 3,510,814 |
Royal Gold, Inc. | 3,882 | 480,475 |
Southern Copper Corp. | 1,007 | 70,228 |
Steel Dynamics, Inc. | 71,770 | 4,480,601 |
Total | 69,977,162 | |
Total Materials | 262,770,856 | |
Real Estate 2.2% | ||
Equity Real Estate Investment Trusts (REITS) 1.9% | ||
AvalonBay Communities, Inc. | 34,972 | 7,237,106 |
Crown Castle International Corp. | 41,909 | 7,941,755 |
Digital Realty Trust, Inc. | 88,136 | 13,357,892 |
Extra Space Storage, Inc. | 54,679 | 8,191,461 |
Public Storage | 78,234 | 22,099,540 |
SBA Communications Corp. | 47,288 | 14,097,499 |
Weyerhaeuser Co. | 627,172 | 23,807,449 |
Total | 96,732,702 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Real Estate Management & Development 0.3% | ||
CBRE Group, Inc., Class A(a) | 95,094 | 8,347,351 |
Howard Hughes Corporation(a) | 723 | 76,515 |
Jones Lang LaSalle, Inc.(a) | 14,090 | 2,849,703 |
Total | 11,273,569 | |
Total Real Estate | 108,006,271 | |
Utilities 1.9% | ||
Electric Utilities 0.9% | ||
American Electric Power Co., Inc. | 98,928 | 8,507,808 |
Duke Energy Corp. | 32,651 | 3,272,283 |
Eversource Energy | 90,577 | 7,353,947 |
NextEra Energy, Inc. | 142,478 | 10,432,239 |
NRG Energy, Inc. | 40,158 | 1,291,080 |
Pinnacle West Capital Corp. | 36,263 | 3,067,124 |
Xcel Energy, Inc. | 133,103 | 9,434,341 |
Total | 43,358,822 | |
Independent Power and Renewable Electricity Producers 0.0% | ||
Vistra Corp. | 71,947 | 1,163,383 |
Multi-Utilities 1.0% | ||
Ameren Corp. | 100,727 | 8,481,213 |
CMS Energy Corp. | 104,324 | 6,545,288 |
Dominion Energy, Inc. | 283,210 | 21,563,610 |
DTE Energy Co. | 46,293 | 6,387,971 |
MDU Resources Group, Inc. | 11,170 | 375,982 |
WEC Energy Group, Inc. | 101,446 | 9,526,794 |
Total | 52,880,858 | |
Total Utilities | 97,403,063 | |
Total Common Stocks (Cost $3,489,403,678) | 4,985,556,009 | |
Money Market Funds 1.2% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.042%(b),(c) | 57,952,944 | 57,947,148 |
Total Money Market Funds (Cost $57,947,148) | 57,947,148 | |
Total Investments in Securities (Cost: $3,547,350,826) | 5,043,503,157 | |
Other Assets & Liabilities, Net | 12,217,301 | |
Net Assets | 5,055,720,458 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 17 |
May 31, 2021
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at May 31, 2021. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended May 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.042% | ||||||||
77,637,462 | 853,519,167 | (873,205,478) | (4,003) | 57,947,148 | (9,343) | 106,116 | 57,952,944 |
ADR | American Depositary Receipt |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
18 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
The following table is a summary of the inputs used to value the Fund’s investments at May 31, 2021:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 456,027,747 | — | — | 456,027,747 |
Consumer Discretionary | 445,793,756 | — | — | 445,793,756 |
Consumer Staples | 380,824,518 | — | — | 380,824,518 |
Energy | 265,739,926 | 98,660 | — | 265,838,586 |
Financials | 1,118,482,733 | — | — | 1,118,482,733 |
Health Care | 666,752,341 | — | — | 666,752,341 |
Industrials | 595,836,228 | — | — | 595,836,228 |
Information Technology | 587,819,910 | — | — | 587,819,910 |
Materials | 262,770,856 | — | — | 262,770,856 |
Real Estate | 108,006,271 | — | — | 108,006,271 |
Utilities | 97,403,063 | — | — | 97,403,063 |
Total Common Stocks | 4,985,457,349 | 98,660 | — | 4,985,556,009 |
Money Market Funds | 57,947,148 | — | — | 57,947,148 |
Total Investments in Securities | 5,043,404,497 | 98,660 | — | 5,043,503,157 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 19 |
May 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $3,489,403,678) | $4,985,556,009 |
Affiliated issuers (cost $57,947,148) | 57,947,148 |
Receivable for: | |
Investments sold | 2,364,745 |
Capital shares sold | 7,523,122 |
Dividends | 9,042,459 |
Foreign tax reclaims | 172,507 |
Prepaid expenses | 47,368 |
Total assets | 5,062,653,358 |
Liabilities | |
Due to custodian | 40,548 |
Payable for: | |
Investments purchased | 1,832,641 |
Capital shares purchased | 4,417,655 |
Management services fees | 81,845 |
Transfer agent fees | 285,482 |
Compensation of board members | 141,801 |
Other expenses | 132,928 |
Total liabilities | 6,932,900 |
Net assets applicable to outstanding capital stock | $5,055,720,458 |
Represented by | |
Paid in capital | 3,305,171,666 |
Total distributable earnings (loss) | 1,750,548,792 |
Total - representing net assets applicable to outstanding capital stock | $5,055,720,458 |
Institutional Class | |
Net assets | $5,055,717,401 |
Shares outstanding | 286,046,300 |
Net asset value per share | $17.67 |
Institutional 3 Class | |
Net assets | $3,057 |
Shares outstanding | 173 |
Net asset value per share(a) | $17.69 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
20 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
Year Ended May 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $89,648,623 |
Dividends — affiliated issuers | 106,116 |
Interfund lending | 152 |
Total income | 89,754,891 |
Expenses: | |
Management services fees | 25,398,786 |
Transfer agent fees | |
Institutional Class | 3,860,534 |
Compensation of board members | 104,204 |
Custodian fees | 27,235 |
Printing and postage fees | 246,826 |
Registration fees | 134,202 |
Audit fees | 44,580 |
Legal fees | 48,317 |
Interest on interfund lending | 67 |
Compensation of chief compliance officer | 815 |
Other | 206,518 |
Total expenses | 30,072,084 |
Net investment income | 59,682,807 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 341,494,921 |
Investments — affiliated issuers | (9,343) |
Futures contracts | 686,321 |
Net realized gain | 342,171,899 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 1,214,927,241 |
Investments — affiliated issuers | (4,003) |
Foreign currency translations | 11,664 |
Net change in unrealized appreciation (depreciation) | 1,214,934,902 |
Net realized and unrealized gain | 1,557,106,801 |
Net increase in net assets resulting from operations | $1,616,789,608 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 21 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 (a) | |
Operations | ||
Net investment income | $59,682,807 | $55,021,443 |
Net realized gain (loss) | 342,171,899 | (5,204,247) |
Net change in unrealized appreciation (depreciation) | 1,214,934,902 | 29,349,066 |
Net increase in net assets resulting from operations | 1,616,789,608 | 79,166,262 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | — | (209,539) |
Institutional Class | (101,861,244) | (116,433,005) |
Institutional 3 Class | (65) | (10) |
Total distributions to shareholders | (101,861,309) | (116,642,554) |
Increase (decrease) in net assets from capital stock activity | (48,361,524) | 770,692,927 |
Total increase in net assets | 1,466,566,775 | 733,216,635 |
Net assets at beginning of year | 3,589,153,683 | 2,855,937,048 |
Net assets at end of year | $5,055,720,458 | $3,589,153,683 |
Year Ended | Year Ended | |||
May 31, 2021 | May 31, 2020 (a) | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Subscriptions | — | — | 85 | 2,042 |
Distributions reinvested | — | — | 14,654 | 209,423 |
Redemptions | — | — | (516,499) | (7,587,747) |
Net decrease | — | — | (501,760) | (7,376,282) |
Institutional Class | ||||
Subscriptions | 79,038,197 | 1,204,384,240 | 107,193,486 | 1,324,596,542 |
Distributions reinvested | 7,038,500 | 101,861,244 | 8,553,659 | 116,433,005 |
Redemptions | (87,676,084) | (1,354,607,008) | (50,171,340) | (662,962,838) |
Net increase (decrease) | (1,599,387) | (48,361,524) | 65,575,805 | 778,066,709 |
Institutional 3 Class | ||||
Subscriptions | — | — | 173 | 2,500 |
Net increase | — | — | 173 | 2,500 |
Total net increase (decrease) | (1,599,387) | (48,361,524) | 65,074,218 | 770,692,927 |
(a) | Institutional 3 Class shares are based on operations from December 18, 2019 (commencement of operations) through the stated period end. |
22 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional Class | |||||||
Year Ended 5/31/2021 | $12.48 | 0.21 | 5.34 | 5.55 | (0.21) | (0.15) | (0.36) |
Year Ended 5/31/2020 | $12.83 | 0.24 | (0.06)(d) | 0.18 | (0.23) | (0.30) | (0.53) |
Year Ended 5/31/2019 | $13.64 | 0.21 | (0.02)(d) | 0.19 | (0.20) | (0.80) | (1.00) |
Year Ended 5/31/2018 | $12.97 | 0.20 | 1.15 | 1.35 | (0.20) | (0.48) | (0.68) |
Year Ended 5/31/2017(f) | $12.34 | 0.07 | 0.60 | 0.67 | (0.04) | — | (0.04) |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $12.50 | 0.22 | 5.34 | 5.56 | (0.22) | (0.15) | (0.37) |
Year Ended 5/31/2020(h) | $14.47 | 0.11 | (2.02)(d) | (1.91) | (0.06) | — | (0.06) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
(e) | Ratios include line of credit interest expense which is less than 0.01%. |
(f) | Institutional Class shares commenced operations on January 3, 2017. Per share data and total return reflect activity from that date. |
(g) | Annualized. |
(h) | Institutional 3 Class shares commenced operations on December 18, 2019. Per share data and total return reflect activity from that date. |
24 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional Class | |||||||
Year Ended 5/31/2021 | $17.67 | 45.16% | 0.71%(c) | 0.71%(c) | 1.41% | 29% | $5,055,717 |
Year Ended 5/31/2020 | $12.48 | 1.07% | 0.76% | 0.74% | 1.78% | 19% | $3,589,152 |
Year Ended 5/31/2019 | $12.83 | 1.62% | 0.77% | 0.77% | 1.59% | 20% | $2,849,432 |
Year Ended 5/31/2018 | $13.64 | 10.41% | 0.78%(e) | 0.78%(e) | 1.46% | 21% | $3,137,590 |
Year Ended 5/31/2017(f) | $12.97 | 5.39% | 0.82%(g) | 0.82%(g) | 1.43%(g) | 97% | $2,471,575 |
Institutional 3 Class | |||||||
Year Ended 5/31/2021 | $17.69 | 45.20% | 0.63%(c) | 0.63%(c) | 1.49% | 29% | $3 |
Year Ended 5/31/2020(h) | $12.50 | (13.14%) | 0.66%(g) | 0.64%(g) | 1.84%(g) | 19% | $2 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 25 |
May 31, 2021
26 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
Multi-Manager Value Strategies Fund | Annual Report 2021 | 27 |
May 31, 2021
28 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Equity risk | 686,321 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 5,356,544 |
* | Based on the ending daily outstanding amounts for the year ended May 31, 2021. |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 29 |
May 31, 2021
30 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
Effective rate (%) | |
Institutional Class | 0.09 |
Institutional 3 Class | 0.01 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 31 |
May 31, 2021
Fee rate(s) contractual through September 30, 2021 | |
Institutional Class | 0.74% |
Institutional 3 Class | 0.64 |
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(1,031,647) | (21,874,692) | 22,906,339 |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
59,463,569 | 42,397,740 | 101,861,309 | 52,373,226 | 64,269,328 | 116,642,554 |
32 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
46,660,177 | 221,076,595 | — | 1,482,937,877 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
3,560,565,280 | 1,543,484,140 | (60,546,263) | 1,482,937,877 |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 1,700,000 | 0.66 | 2 |
Lender | 3,900,000 | 0.70 | 2 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 33 |
May 31, 2021
34 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
May 31, 2021
Multi-Manager Value Strategies Fund | Annual Report 2021 | 35 |
May 31, 2021
36 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 37 |
Qualified dividend income | Dividends received deduction | Capital gain dividend |
89.11% | 85.04% | $296,508,074 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 170 | 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 |
38 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2006 | Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 170 | Trustee, BlueCross BlueShield of Minnesota since 2009 (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; Director, Robina Foundation, 2009-2020 (Chair, 2014-2020) |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney at Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 170 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 168 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1964 | Trustee since 2020(a) | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; 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 | 168 | Director, The Autism Project since March 2015; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1962 | Trustee since 2020(a) | 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; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 168 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 39 |
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 |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 170 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2019; Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 170 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 168 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 168 | |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 168 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
40 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, Columbia ETF Trust I and Columbia ETF Trust II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 170 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Anthony M. Santomero c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1946 | Trustee since 2008 | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 170 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, RenaissanceRe Holdings Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 170 | Director, BlueCross BlueShield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 41 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 Boston, MA 02210 1967 | Trustee since 2020(a) | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Non-executive Member of the Investment Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services) since August 2018; Advisor, Paradigm Asset Management since November 2016; Director of Investments, Casey Family Programs, April 2016-September 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 | 168 | Director, Health Services for Children with Special Needs, Inc.; Director, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions); Independent Director, Investment Committee, Sarona Asset Management |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Mail Drop BX32 05228 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 | 170 | Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I, Columbia ETF Trust II, Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Petersen and Santomero and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as a director of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
(a) | J. Kevin Connaughton was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective March 1, 2016. Natalie A. Trunow was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective September 1, 2016. Olive M. Darragh was appointed a consultant to the Independent Trustees of CFST I and CFVIT effective June 10, 2019. Shareholders of the Funds elected Mr. Connaughton and Mses. Darragh and Trunow as Trustees of CFST, CFST I, CFST II, Columbia ETF Trust I, Columbia ETF Trust II, and CFVST II, effective January 1, 2021, and of CFVIT, effective July 1, 2020. |
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 |
Christopher O. Petersen c/o Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Trustee since 2020(a) | Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007 | 170 | None |
* | 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. |
(a) | Mr. Petersen serves as the Senior Vice President and Assistant Secretary of the Columbia Funds (since 2021). |
42 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
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. Petersen, who is Senior Vice President and Assistant Secretary, 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 |
Daniel J. Beckman 290 Congress Street Boston, MA 02210 1962 | President and Principal Executive Officer (2021) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President, Head of North American Operations, and Co-Head of Global Operations, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, Columbia ETF Trust I and Columbia ETF Trust II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for Columbia ETF Trust I and Columbia ETF Trust II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee of Columbia Funds Complex until 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. |
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 1968 | Senior Vice President (2011) and Assistant Secretary (2008) | Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015). |
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; Chief Compliance Officer, Ameriprise Certificate Company September 2010 – September 2020. |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 43 |
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 |
Colin Moore 290 Congress Street Boston, MA 02210 1958 | Senior Vice President (2010) | Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010. |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
• | the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage the Fund’s liquidity risk; and |
• | the Program operated adequately during the period. |
44 | Multi-Manager Value Strategies Fund | Annual Report 2021 |
Trustee | Votes for | Votes withheld | Abstentions |
George S. Batejan | 39,328,043,938 | 454,200,292 | 0 |
Kathleen Blatz | 39,337,937,974 | 444,306,256 | 0 |
Pamela G. Carlton | 39,344,288,391 | 437,955,839 | 0 |
Janet Langford Carrig | 39,329,254,400 | 452,989,830 | 0 |
J. Kevin Connaughton | 39,252,004,295 | 530,239,934 | 0 |
Olive M. Darragh | 39,268,887,557 | 513,356,673 | 0 |
Patricia M. Flynn | 39,330,975,954 | 451,268,276 | 0 |
Brian J. Gallagher | 39,331,403,614 | 450,840,615 | 0 |
Douglas A. Hacker | 39,242,844,166 | 539,400,064 | 0 |
Nancy T. Lukitsh | 39,349,165,585 | 433,078,645 | 0 |
David M. Moffett | 39,309,904,442 | 472,339,788 | 0 |
Catherine James Paglia | 39,328,739,370 | 453,504,860 | 0 |
Anthony M. Santomero | 39,306,518,896 | 475,725,334 | 0 |
Minor M. Shaw | 39,303,595,918 | 478,648,312 | 0 |
Natalie A. Trunow | 39,352,416,062 | 429,828,167 | 0 |
Sandra Yeager | 39,356,131,780 | 426,112,449 | 0 |
Christopher O. Petersen | 39,337,621,211 | 444,623,019 | 0 |
Multi-Manager Value Strategies Fund | Annual Report 2021 | 45 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Item 2. Code of Ethics.
(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.
(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the eleven series of the registrant whose reports to stockholders are included in this annual filing. Fiscal Year 2020 also includes fees for one fund that merged during the period.
(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended May 31, 2021 and May 31, 2020 are approximately as follows:
20212020
$379,400 $394,000
Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended May 31, 2021 and May 31, 2020 are approximately as follows:
2021 | 2020 |
$7,200 | $21,700 |
Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.
During the fiscal years ended May 31, 2021 and May 31, 2020, there were no Audit- Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended May 31, 2021 and May 31,
2020 are approximately as follows:
2021 | 2020 |
$0 | $0 |
Tax Fees, if any, include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended May 31, 2021 and May 31, 2020, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended May 31, 2021 and May 31, 2020 are approximately as follows:
2021 | 2020 |
$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 May 31,
2021 and May 31, 2020 are approximately as follows:
2021 2020
$520,000 $520,000
In fiscal years 2021 and 2020, 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.
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(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f)Not applicable.
(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended May 31, 2021 and May 31,
2020 are approximately as follows:
20212020
$527,200 $541,700
(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. |
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(registrant) |
| Columbia Funds Series Trust II |
| |
By (Signature and Title) | /s/ Daniel J. Beckman |
| ||
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| Daniel J. Beckman, President and Principal Executive Officer |
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Date |
| July 22, 2021 |
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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 | ||
Date |
| July 22, 2021 |
| |
By (Signature and Title) | /s/ Michael G. Clarke | |||
|
| Michael G. Clarke, Chief Financial Officer, Principal Financial Officer | ||
|
| and Senior Vice President | ||
Date |
| July 22, 2021 |
| |
By (Signature and Title) | /s/ Joseph Beranek | |||
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| Joseph Beranek, Treasurer, Chief Accounting Officer and Principal | ||
|
| Financial Officer | ||
Date |
| July 22, 2021 |
|