N-Q 1 a15-23736_1nq.htm N-Q

 

 

 

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SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-09645

 

Columbia Funds Series Trust

(Exact name of registrant as specified in charter)

 

50606 Ameriprise Financial Center

Minneapolis, MN

 

55474

(Address of principal executive offices)

 

(Zip code)

 

Ryan Larrenaga

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(800) 345-6611

 

 

Date of fiscal year end:

January 31

 

 

Date of reporting period:

October 31, 2015

 

 



 

Item 1. Schedule of Investments.

 



 

Portfolio of Investments

Columbia Capital Allocation Moderate Aggressive Portfolio

October 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

 


 

 

Shares

 

Value

 

 

 

 

 

 

 

Equity Funds 56.9%

International 15.5%

 

 

 

 

 

Columbia Emerging Markets Fund, Class I Shares (a)

 

6,585,056

 

$

60,648,369

 

Columbia European Equity Fund, Class I Shares (a)

 

14,080,764

 

98,424,539

 

Columbia Overseas Value Fund, Class I Shares (a)

 

13,564,483

 

115,840,683

 

Columbia Pacific/Asia Fund, Class I Shares (a)

 

8,080,595

 

75,149,535

 

Total

 

 

 

350,063,126

 

U.S. Large Cap 39.4%

 

 

 

 

 

Columbia Contrarian Core Fund, Class I Shares (a)

 

6,387,617

 

143,082,629

 

Columbia Large Cap Growth Fund, Class I Shares (a)

 

1,903,850

 

72,136,862

 

Columbia Disciplined Core Fund, Class I Shares (a)

 

13,682,884

 

136,828,838

 

Columbia Disciplined Growth Fund, Class I Shares (a)

 

10,125,007

 

96,997,568

 

Columbia Disciplined Value Fund, Class I Shares (a)

 

19,122,820

 

183,196,614

 

Columbia Select Large Cap Equity Fund, Class I Shares (a)

 

8,876,847

 

104,480,486

 

Columbia Select Large Cap Growth Fund, Class I Shares (a)(b)

 

4,632,895

 

83,670,089

 

Columbia Select Large-Cap Value Fund, Class I Shares (a)

 

3,110,888

 

70,617,160

 

Total

 

 

 

891,010,246

 

U.S. Small Cap 2.0%

 

 

 

 

 

Columbia Multi-Advisor Small Cap Value Fund, Class I Shares (a)

 

2,139,295

 

14,846,706

 

Columbia Select Smaller-Cap Value Fund, Class I Shares (a)(b)

 

374,757

 

8,240,910

 

Columbia Small Cap Core Fund, Class I Shares (a)

 

648,797

 

11,658,888

 

Columbia Small Cap Growth Fund I, Class I Shares (a)(b)

 

387,274

 

10,692,631

 

Total

 

 

 

45,439,135

 

Total Equity Funds
(Cost: $1,121,833,469)

 

 

 

$

1,286,512,507

 

 

 

 

 

 

 

Fixed-Income Funds 26.9%

Emerging Markets 1.3%

 

 

 

 

 

Columbia Emerging Markets Bond Fund, Class I Shares (a)

 

2,736,358

 

28,923,301

 

High Yield 8.6%

 

 

 

 

 

Columbia High Yield Bond Fund, Class I Shares (a)

 

22,441,550

 

64,631,665

 

 

 

 

 

Shares

 

Value

 

 

 

 

 

 

 

Fixed-Income Funds (continued)

High Yield (continued)

 

 

 

 

 

Columbia Income Opportunities Fund, Class I Shares (a)

 

13,257,230

 

$

129,257,987

 

Total

 

 

 

193,889,652

 

Inflation Protected Securities 0.5%

 

 

 

 

 

Columbia Inflation Protected Securities Fund, Class I Shares (a)(b)

 

1,217,577

 

10,544,216

 

Investment Grade 16.5%

 

 

 

 

 

Columbia Corporate Income Fund, Class I Shares (a)

 

18,167,428

 

176,587,400

 

Columbia Mortgage Opportunities Fund, Class I Shares (a)

 

2,014,041

 

19,677,181

 

Columbia U.S. Government Mortgage Fund, Class I Shares (a)

 

28,950,232

 

158,647,275

 

Columbia U.S. Treasury Index Fund, Class I Shares (a)

 

1,685,766

 

18,914,291

 

Total

 

 

 

373,826,147

 

Total Fixed-Income Funds
(Cost: $620,599,503)

 

 

 

$

607,183,316

 

 

 

 

 

 

 

Alternative Investment Funds 4.1%

Columbia Absolute Return Currency and Income Fund, Class I Shares (a)(b)

 

1,105,157

 

13,505,015

 

Columbia Adaptive Alternatives Fund, Class I Shares (a)(b)

 

451,354

 

4,278,837

 

Columbia Diversified Absolute Return Fund, Class I Shares (a)(b)

 

3,933,595

 

38,470,558

 

Columbia Multi-Asset Income Fund, Class I Shares (a)

 

3,711,125

 

35,107,244

 

Total Alternative Investment Funds
(Cost: $92,060,351)

 

 

 

$

91,361,654

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks 1.2%

CONSUMER DISCRETIONARY 0.2%

 

 

 

 

 

Auto Components —%

 

 

 

 

 

Cie Generale des Etablissements Michelin

 

742

 

73,811

 

Cooper Tire & Rubber Co.

 

5,125

 

214,174

 

Dana Holding Corp.

 

5,500

 

92,400

 

Magna International, Inc.

 

1,900

 

100,202

 

Total

 

 

 

480,587

 

Automobiles —%

 

 

 

 

 

Fuji Heavy Industries Ltd.

 

2,500

 

96,684

 

Peugeot SA (b)

 

6,014

 

105,663

 

Total

 

 

 

202,347

 


 


Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

CONSUMER DISCRETIONARY (CONTINUED)

 

Diversified Consumer Services —%

 

 

 

 

 

Capella Education Co.

 

1,000

 

$

45,150

 

Hotels, Restaurants & Leisure 0.1%

 

 

 

 

 

Cracker Barrel Old Country Store, Inc.

 

1,450

 

199,317

 

Denny’s Corp. (b)

 

13,070

 

143,247

 

Flight Centre Travel Group Ltd.

 

1,969

 

52,973

 

Isle of Capri Casinos, Inc. (b)

 

2,200

 

42,086

 

Jack in the Box, Inc.

 

2,580

 

192,288

 

Marriott Vacations Worldwide Corp.

 

2,440

 

157,136

 

Papa John’s International, Inc.

 

100

 

7,017

 

Ruth’s Hospitality Group, Inc.

 

3,030

 

46,995

 

Total

 

 

 

841,059

 

Household Durables —%

 

 

 

 

 

Helen of Troy Ltd. (b)

 

2,125

 

210,821

 

Iida Group Holdings Co., Ltd.

 

3,200

 

59,977

 

Persimmon PLC

 

2,979

 

91,359

 

Total

 

 

 

362,157

 

Internet & Catalog Retail —%

 

 

 

 

 

1-800-Flowers.com, Inc., Class A (b)

 

13,100

 

130,083

 

PetMed Express, Inc.

 

4,980

 

83,764

 

Total

 

 

 

213,847

 

Leisure Products —%

 

 

 

 

 

Sankyo Co., Ltd.

 

1,100

 

42,394

 

Sturm Ruger & Co., Inc.

 

3,350

 

190,749

 

Total

 

 

 

233,143

 

Media —%

 

 

 

 

 

Gray Television, Inc. (b)

 

10,300

 

163,667

 

Nexstar Broadcasting Group, Inc., Class A

 

2,210

 

117,638

 

Total

 

 

 

281,305

 

Multiline Retail —%

 

 

 

 

 

Marks & Spencer Group PLC

 

11,400

 

90,017

 

Specialty Retail 0.1%

 

 

 

 

 

Cato Corp. (The), Class A

 

5,020

 

189,555

 

Children’s Place, Inc. (The)

 

3,135

 

168,256

 

Outerwall, Inc.

 

2,760

 

165,600

 

Total

 

 

 

523,411

 

Textiles, Apparel & Luxury Goods —%

 

 

 

 

 

Movado Group, Inc.

 

2,600

 

66,924

 

Oxford Industries, Inc.

 

1,600

 

116,512

 

Perry Ellis International, Inc. (b)

 

1,060

 

22,758

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

CONSUMER DISCRETIONARY (CONTINUED)

 

Textiles, Apparel & Luxury Goods (continued)

 

Vera Bradley, Inc. (b)

 

5,790

 

$

72,433

 

Wolverine World Wide, Inc.

 

8,850

 

164,344

 

Total

 

 

 

442,971

 

TOTAL CONSUMER DISCRETIONARY

 

 

 

3,715,994

 

CONSUMER STAPLES 0.1%

 

 

 

 

 

Beverages —%

 

 

 

 

 

Ambev SA

 

18,800

 

93,060

 

Food & Staples Retailing —%

 

 

 

 

 

Alimentation Couche-Tard, Inc., Class B

 

1,600

 

68,828

 

Ingles Markets, Inc., Class A

 

2,200

 

109,868

 

Koninklijke Ahold NV

 

4,637

 

94,330

 

SUPERVALU, Inc. (b)

 

9,430

 

61,955

 

Wal-Mart de Mexico SAB de CV, Class V

 

36,739

 

97,309

 

Total

 

 

 

432,290

 

Food Products 0.1%

 

 

 

 

 

Cal-Maine Foods, Inc.

 

3,590

 

191,921

 

China Milk Products Group Ltd. (b)(c)(d)(e)

 

322,000

 

 

Dean Foods Co.

 

4,100

 

74,251

 

JBS SA

 

6,700

 

24,757

 

Sanderson Farms, Inc.

 

2,500

 

173,775

 

WH Group Ltd.

 

65,500

 

36,120

 

Total

 

 

 

500,824

 

Personal Products —%

 

 

 

 

 

Usana Health Sciences, Inc. (b)

 

1,200

 

154,320

 

Tobacco —%

 

 

 

 

 

Imperial Tobacco Group PLC

 

1,968

 

105,973

 

Japan Tobacco, Inc.

 

2,600

 

89,991

 

Total

 

 

 

195,964

 

TOTAL CONSUMER STAPLES

 

 

 

1,376,458

 

ENERGY —%

 

 

 

 

 

Energy Equipment & Services —%

 

 

 

 

 

Oil States International, Inc. (b)

 

3,340

 

100,233

 

Oil, Gas & Consumable Fuels —%

 

 

 

 

 

Alon USA Energy, Inc.

 

3,100

 

51,925

 

ENI SpA

 

6,211

 

101,427

 

MOL Hungarian Oil and Gas NyRt (b)

 

300

 

13,538

 

Pacific Ethanol, Inc. (b)

 

12,650

 

76,027

 


 


Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

ENERGY (CONTINUED)

 

Oil, Gas & Consumable Fuels (continued)

 

PDC Energy, Inc. (b)

 

2,440

 

$

147,230

 

Polski Koncern Naftowy Orlen SA (b)

 

4,400

 

71,471

 

REX American Resources Corp. (b)

 

3,545

 

194,656

 

Royal Dutch Shell PLC, Class B

 

4,350

 

113,904

 

S-Oil Corp. (b)

 

1,440

 

86,122

 

Total

 

 

 

856,300

 

TOTAL ENERGY

 

 

 

956,533

 

FINANCIALS 0.3%

 

 

 

 

 

Banks 0.1%

 

 

 

 

 

Abu Dhabi Commercial Bank PJSC

 

7,300

 

14,819

 

Banco Latinoamericano de Comercio Exterior SA, Class E

 

5,150

 

139,205

 

Banco Santander Brasil SA

 

11,900

 

42,675

 

Bank of China Ltd., Class H

 

214,000

 

100,914

 

Bank of Communications Co., Ltd., Class H

 

24,000

 

17,702

 

Bank of Montreal

 

600

 

34,891

 

BBCN Bancorp, Inc.

 

2,600

 

43,654

 

Berkshire Hills Bancorp, Inc.

 

1,060

 

30,316

 

Canadian Imperial Bank of Commerce

 

1,300

 

99,697

 

Central Pacific Financial Corp.

 

7,540

 

168,594

 

China Merchants Bank Co., Ltd., Class H

 

13,000

 

33,942

 

Credit Agricole SA

 

7,532

 

95,133

 

Customers Bancorp, Inc. (b)

 

5,655

 

155,513

 

First BanCorp (b)

 

17,475

 

66,230

 

First NBC Bank Holding Co. (b)

 

4,405

 

163,822

 

Hancock Holding Co.

 

1,900

 

52,440

 

Hilltop Holdings, Inc. (b)

 

500

 

10,485

 

HSBC Holdings PLC

 

17,641

 

137,829

 

International Bancshares Corp.

 

5,290

 

142,566

 

KBC Groep NV

 

629

 

38,244

 

Mitsubishi UFJ Financial Group, Inc.

 

13,800

 

89,252

 

Nordea Bank AB (b)

 

6,470

 

71,388

 

Societe Generale SA

 

288

 

13,376

 

Sumitomo Mitsui Financial Group, Inc.

 

2,500

 

99,734

 

Wintrust Financial Corp.

 

1,115

 

56,296

 

Woori Finance Holdings Co., Ltd. (b)

 

5,352

 

46,426

 

Total

 

 

 

1,965,143

 

Capital Markets —%

 

 

 

 

 

Arlington Asset Investment Corp., Class A

 

8,850

 

122,573

 

Cowen Group, Inc., Class A (b)

 

18,500

 

77,885

 

Piper Jaffray Companies (b)

 

1,100

 

39,127

 

Total

 

 

 

239,585

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

FINANCIALS (CONTINUED)

 

 

 

 

 

Consumer Finance —%

 

 

 

 

 

Cash America International, Inc.

 

5,750

 

$

198,547

 

Nelnet, Inc., Class A

 

4,000

 

143,120

 

Total

 

 

 

341,667

 

Diversified Financial Services —%

 

 

 

 

 

EXOR SpA

 

1,976

 

97,998

 

Insurance 0.1%

 

 

 

 

 

Ageas

 

2,047

 

90,268

 

Allianz SE, Registered Shares

 

687

 

120,272

 

American Equity Investment Life Holding Co.

 

7,440

 

191,059

 

Employers Holdings, Inc.

 

2,545

 

67,366

 

HCI Group, Inc.

 

1,500

 

65,415

 

Heritage Insurance Holdings, Inc. (b)

 

8,820

 

195,098

 

Maiden Holdings Ltd.

 

11,710

 

182,090

 

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares

 

456

 

90,924

 

Power Corp. of Canada

 

3,900

 

87,658

 

Swiss Re AG

 

1,077

 

99,979

 

Total

 

 

 

1,190,129

 

Real Estate Investment Trusts (REITs) 0.1%

 

 

 

AG Mortgage Investment Trust, Inc.

 

7,500

 

114,075

 

American Assets Trust, Inc.

 

800

 

33,728

 

Apollo Residential Mortgage, Inc.

 

4,200

 

54,054

 

Coresite Realty Corp.

 

3,600

 

197,820

 

CubeSmart

 

3,500

 

97,370

 

CyrusOne, Inc.

 

6,060

 

213,797

 

CYS Investments, Inc.

 

15,000

 

115,800

 

DuPont Fabros Technology, Inc.

 

6,700

 

215,003

 

LaSalle Hotel Properties

 

6,275

 

184,548

 

Ryman Hospitality Properties, Inc.

 

3,800

 

199,880

 

Sovran Self Storage, Inc.

 

1,300

 

129,831

 

STORE Capital Corp.

 

7,300

 

165,491

 

Summit Hotel Properties, Inc.

 

14,000

 

183,120

 

Sun Communities, Inc.

 

1,330

 

89,136

 

Sunstone Hotel Investors, Inc.

 

13,895

 

200,922

 

Total

 

 

 

2,194,575

 

Real Estate Management & Development —%

 

 

 

Wheelock & Co., Ltd.

 

11,000

 

51,272

 

Thrifts & Mortgage Finance —%

 

 

 

 

 

Banc of California, Inc.

 

6,300

 

82,152

 

HomeStreet, Inc. (b)

 

5,140

 

107,580

 


 


Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

FINANCIALS (CONTINUED)

 

 

 

 

 

Thrifts & Mortgage Finance (continued)

 

 

 

 

 

MGIC Investment Corp. (b)

 

20,090

 

$

188,846

 

Radian Group, Inc.

 

12,440

 

180,007

 

Walker & Dunlop, Inc. (b)

 

6,790

 

196,978

 

Washington Federal, Inc.

 

7,400

 

184,556

 

Total

 

 

 

940,119

 

TOTAL FINANCIALS

 

 

 

7,020,488

 

HEALTH CARE 0.2%

 

 

 

 

 

Biotechnology 0.1%

 

 

 

 

 

Alder Biopharmaceuticals, Inc. (b)

 

1,970

 

63,001

 

AMAG Pharmaceuticals, Inc. (b)

 

2,250

 

90,000

 

Anacor Pharmaceuticals, Inc. (b)

 

1,050

 

118,030

 

Arena Pharmaceuticals, Inc. (b)

 

25,860

 

48,875

 

ARIAD Pharmaceuticals, Inc. (b)

 

6,050

 

41,382

 

Arrowhead Research Corp. (b)

 

10,700

 

55,105

 

Celldex Therapeutics, Inc. (b)

 

2,883

 

34,769

 

Clovis Oncology, Inc. (b)

 

610

 

60,945

 

Curis, Inc. (b)

 

24,040

 

49,042

 

Dyax Corp. (b)

 

2,320

 

63,870

 

Dynavax Technologies Corp. (b)

 

2,180

 

49,508

 

Insmed, Inc. (b)

 

2,120

 

42,061

 

Insys Therapeutics, Inc. (b)

 

2,450

 

63,112

 

Keryx Biopharmaceuticals, Inc. (b)

 

7,750

 

34,720

 

Merrimack Pharmaceuticals, Inc. (b)

 

2,885

 

26,946

 

Neurocrine Biosciences, Inc. (b)

 

1,670

 

81,980

 

NewLink Genetics Corp. (b)

 

608

 

23,268

 

Novavax, Inc. (b)

 

6,670

 

45,022

 

Portola Pharmaceuticals, Inc. (b)

 

940

 

44,753

 

REGENXBIO, Inc. (b)

 

886

 

13,698

 

Spark Therapeutics, Inc. (b)

 

1,150

 

61,985

 

TESARO, Inc. (b)

 

1,410

 

64,113

 

Ultragenyx Pharmaceutical, Inc. (b)

 

670

 

66,564

 

vTv Therapeutics, Inc., Class A (b)

 

4,398

 

32,281

 

Total

 

 

 

1,275,030

 

Health Care Equipment & Supplies —%

 

 

 

 

 

Analogic Corp.

 

1,400

 

122,668

 

Greatbatch, Inc. (b)

 

1,100

 

58,795

 

LivaNova PLC (b)

 

2,700

 

178,956

 

Merit Medical Systems, Inc. (b)

 

9,470

 

175,574

 

Orthofix International NV (b)

 

4,100

 

139,605

 

Total

 

 

 

675,598

 

Health Care Providers & Services 0.1%

 

 

 

 

 

Alfresa Holdings Corp. (b)

 

2,100

 

40,268

 

LHC Group, Inc. (b)

 

1,130

 

50,924

 

Magellan Health, Inc. (b)

 

2,600

 

138,840

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

HEALTH CARE (CONTINUED)

 

 

 

 

 

Health Care Providers & Services (continued)

 

Medipal Holdings Corp. (b)

 

3,100

 

$

54,101

 

Molina Healthcare, Inc. (b)

 

3,000

 

186,000

 

Owens & Minor, Inc.

 

650

 

23,303

 

Triple-S Management Corp., Class B (b)

 

6,670

 

137,335

 

WellCare Health Plans, Inc. (b)

 

1,220

 

108,092

 

Total

 

 

 

738,863

 

Life Sciences Tools & Services —%

 

 

 

 

 

Affymetrix, Inc. (b)

 

15,200

 

139,840

 

Cambrex Corp. (b)

 

2,300

 

105,731

 

INC Research Holdings, Inc. Class A (b)

 

4,410

 

183,941

 

Total

 

 

 

429,512

 

Pharmaceuticals —%

 

 

 

 

 

GlaxoSmithKline PLC

 

962

 

20,746

 

Lannett Co., Inc. (b)

 

1,490

 

66,707

 

Novo Nordisk A/S, Class B

 

1,563

 

83,032

 

Pernix Therapeutics Holdings, Inc. (b)

 

9,500

 

26,695

 

Roche Holding AG, Genusschein Shares

 

549

 

149,053

 

Sanofi

 

1,264

 

127,507

 

Sucampo Pharmaceuticals, Inc., Class A (b)

 

7,200

 

139,392

 

Teva Pharmaceutical Industries Ltd.

 

1,428

 

84,785

 

Total

 

 

 

697,917

 

TOTAL HEALTH CARE

 

 

 

3,816,920

 

INDUSTRIALS 0.1%

 

 

 

 

 

Aerospace & Defense —%

 

 

 

 

 

Aerojet Rocketdyne Holdings, Inc. (b)

 

2,800

 

47,432

 

Astronics Corp. (b)

 

275

 

10,398

 

Astronics Corp., Class B (b)

 

161

 

6,067

 

Cubic Corp.

 

3,800

 

170,430

 

Moog, Inc., Class A (b)

 

3,000

 

185,280

 

Total

 

 

 

419,607

 

Air Freight & Logistics —%

 

 

 

 

 

Air Transport Services Group, Inc. (b)

 

12,660

 

123,941

 

Royal Mail PLC

 

9,142

 

62,633

 

Total

 

 

 

186,574

 

Airlines —%

 

 

 

 

 

Hawaiian Holdings, Inc. (b)

 

700

 

24,290

 

Japan Airlines Co., Ltd.

 

2,200

 

82,881

 

Qantas Airways Ltd.

 

25,803

 

72,680

 

Total

 

 

 

179,851

 


 


Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

INDUSTRIALS (CONTINUED)

 

 

 

 

 

Building Products —%

 

 

 

 

 

Continental Building Product (b)

 

8,600

 

$

151,102

 

Patrick Industries, Inc. (b)

 

2,350

 

95,363

 

Total

 

 

 

246,465

 

Commercial Services & Supplies —%

 

 

 

 

 

Deluxe Corp.

 

3,400

 

202,470

 

Interface, Inc.

 

900

 

17,595

 

Quad/Graphics, Inc.

 

10,200

 

131,580

 

West Corp.

 

800

 

19,048

 

Total

 

 

 

370,693

 

Construction & Engineering —%

 

 

 

 

 

EMCOR Group, Inc.

 

3,500

 

168,980

 

Leighton Holdings Ltd.

 

1,469

 

28,797

 

VINCI SA

 

1,440

 

96,950

 

Total

 

 

 

294,727

 

Electrical Equipment —%

 

 

 

 

 

General Cable Corp.

 

7,800

 

120,042

 

OSRAM Licht AG

 

1,375

 

80,801

 

Vestas Wind Systems A/S

 

1,729

 

100,772

 

Total

 

 

 

301,615

 

Machinery 0.1%

 

 

 

 

 

Barnes Group, Inc.

 

900

 

33,831

 

Global Brass & Copper Holdings, Inc.

 

1,600

 

35,984

 

Kadant, Inc.

 

2,590

 

106,501

 

Meritor, Inc. (b)

 

5,400

 

58,698

 

Mueller Industries, Inc.

 

2,325

 

73,284

 

PT United Tractors Tbk

 

28,700

 

37,760

 

Wabash National Corp. (b)

 

15,000

 

179,550

 

Yangzijiang Shipbuilding Holdings Ltd.

 

69,400

 

61,776

 

Total

 

 

 

587,384

 

Marine —%

 

 

 

 

 

Kuehne & Nagel International AG

 

290

 

40,182

 

Matson, Inc.

 

4,480

 

205,318

 

Total

 

 

 

245,500

 

Professional Services —%

 

 

 

 

 

GP Strategies Corp. (b)

 

420

 

10,538

 

Insperity, Inc.

 

400

 

18,584

 

RPX Corp. (b)

 

10,270

 

146,245

 

Total

 

 

 

175,367

 

Road & Rail —%

 

 

 

 

 

ArcBest Corp.

 

5,740

 

148,666

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

INDUSTRIALS (CONTINUED)

 

 

 

 

 

Trading Companies & Distributors —%

 

 

 

 

 

Applied Industrial Technologies, Inc.

 

620

 

$

25,612

 

TOTAL INDUSTRIALS

 

 

 

3,182,061

 

INFORMATION TECHNOLOGY 0.2%

 

 

 

 

 

Communications Equipment —%

 

 

 

 

 

ADTRAN, Inc.

 

4,670

 

72,525

 

NETGEAR, Inc. (b)

 

700

 

28,980

 

Plantronics, Inc.

 

700

 

37,534

 

Polycom, Inc. (b)

 

9,500

 

130,910

 

Total

 

 

 

269,949

 

Electronic Equipment, Instruments & Components 0.1%

 

Benchmark Electronics, Inc. (b)

 

1,600

 

31,648

 

Checkpoint Systems, Inc.

 

9,960

 

74,501

 

Chimei Innolux Corp. (b)

 

263,000

 

88,230

 

Coherent, Inc. (b)

 

75

 

4,065

 

Hon Hai Precision Industry Co., Ltd.

 

37,000

 

98,348

 

Insight Enterprises, Inc. (b)

 

2,460

 

62,484

 

Littelfuse, Inc.

 

1,310

 

130,908

 

Sanmina Corp. (b)

 

9,450

 

195,332

 

SYNNEX Corp.

 

2,050

 

181,302

 

Tech Data Corp. (b)

 

2,700

 

196,533

 

Vishay Intertechnology, Inc.

 

4,100

 

43,460

 

Total

 

 

 

1,106,811

 

Internet Software & Services 0.1%

 

 

 

 

 

Constant Contact, Inc. (b)

 

6,060

 

158,166

 

DHI Group, Inc. (b)

 

4,690

 

42,445

 

EarthLink Holdings Corp.

 

20,950

 

179,123

 

LogMeIn, Inc. (b)

 

2,965

 

199,722

 

RetailMeNot, Inc. (b)

 

13,790

 

121,214

 

Web.com Group, Inc. (b)

 

3,775

 

88,599

 

Total

 

 

 

789,269

 

IT Services —%

 

 

 

 

 

CGI Group, Inc., Class A (b)

 

1,400

 

52,002

 

Convergys Corp.

 

8,500

 

218,195

 

CSG Systems International, Inc.

 

1,400

 

46,928

 

Euronet Worldwide, Inc. (b)

 

2,000

 

160,480

 

EVERTEC, Inc.

 

2,900

 

52,896

 

NeuStar, Inc., Class A (b)

 

6,200

 

168,578

 

Total

 

 

 

699,079

 

Semiconductors & Semiconductor Equipment —%

 

Advanced Energy Industries, Inc. (b)

 

800

 

22,624

 

Amkor Technology, Inc. (b)

 

31,620

 

196,676

 

Diodes, Inc. (b)

 

6,500

 

148,850

 


 


Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

INFORMATION TECHNOLOGY (CONTINUED)

 

Semiconductors & Semiconductor Equipment (continued)

 

Microsemi Corp. (b)

 

3,860

 

$

138,999

 

Xcerra Corp. (b)

 

13,620

 

94,523

 

Total

 

 

 

601,672

 

Software —%

 

 

 

 

 

Aspen Technology, Inc. (b)

 

5,180

 

214,400

 

AVG Technologies NV (b)

 

7,260

 

172,062

 

Gigamon, Inc. (b)

 

3,600

 

94,428

 

Progress Software Corp. (b)

 

5,960

 

144,709

 

Total

 

 

 

625,599

 

Technology Hardware, Storage & Peripherals —%

 

 

 

Asustek Computer, Inc.

 

2,000

 

17,899

 

Foxconn Technology Co., Ltd. (b)

 

21,000

 

55,005

 

FUJIFILM Holdings Corp.

 

2,400

 

95,733

 

Total

 

 

 

168,637

 

TOTAL INFORMATION TECHNOLOGY

 

 

 

4,261,016

 

MATERIALS 0.1%

 

 

 

 

 

Chemicals 0.1%

 

 

 

 

 

Chemtura Corp. (b)

 

6,910

 

220,705

 

Hanwha Corp. (b)

 

849

 

27,840

 

Innophos Holdings, Inc.

 

500

 

21,245

 

Innospec, Inc.

 

3,555

 

196,378

 

Mitsubishi Chemical Holdings Corp.

 

16,400

 

102,198

 

Total

 

 

 

568,366

 

Construction Materials —%

 

 

 

 

 

US Concrete, Inc. (b)

 

1,600

 

88,736

 

Metals & Mining —%

 

 

 

 

 

Commercial Metals Co.

 

2,700

 

38,799

 

Eregli Demir ve Celik Fabrikalari TAS (b)

 

39,317

 

55,832

 

Materion Corp.

 

4,540

 

136,881

 

MMC Norilsk Nickel PJSC (b)

 

70

 

10,403

 

Rio Tinto PLC

 

2,931

 

106,821

 

Severstal PAO (b)

 

3,086

 

35,869

 

Total

 

 

 

384,605

 

Paper & Forest Products —%

 

 

 

 

 

Clearwater Paper Corp. (b)

 

1,000

 

50,430

 

UPM-Kymmene OYJ

 

5,077

 

95,046

 

Total

 

 

 

145,476

 

TOTAL MATERIALS

 

 

 

1,187,183

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

TELECOMMUNICATION SERVICES —%

 

 

 

Diversified Telecommunication Services —%

 

 

 

China Telecom Corp., Ltd., Class H

 

88,000

 

$

45,903

 

General Communication, Inc., Class A (b)

 

7,390

 

150,497

 

Nippon Telegraph & Telephone Corp.

 

2,600

 

95,320

 

Telstra Corp., Ltd.

 

2,420

 

9,273

 

Turk Telekomunikasyon AS

 

10,021

 

21,620

 

Total

 

 

 

322,613

 

Wireless Telecommunication Services —%

 

China Mobile Ltd.

 

9,000

 

107,909

 

Shenandoah Telecommunications Co.

 

1,900

 

88,901

 

Vodacom Group Ltd.

 

556

 

6,018

 

Total

 

 

 

202,828

 

TOTAL TELECOMMUNICATION SERVICES

 

525,441

 

UTILITIES —%

 

 

 

 

 

Electric Utilities —%

 

 

 

 

 

Chubu Electric Power Co., Inc.

 

500

 

7,691

 

Endesa SA

 

3,935

 

87,496

 

IDACORP, Inc.

 

2,100

 

140,385

 

Korea Electric Power Corp. (b)

 

2,076

 

93,471

 

Transmissora Alianca de Energia Eletrica SA

 

5,600

 

28,896

 

Total

 

 

 

357,939

 

Gas Utilities —%

 

 

 

 

 

Chesapeake Utilities Corp.

 

2,100

 

109,641

 

New Jersey Resources Corp.

 

5,210

 

165,053

 

Southwest Gas Corp.

 

3,390

 

208,349

 

WGL Holdings, Inc.

 

2,200

 

136,906

 

Total

 

 

 

619,949

 

Independent Power and Renewable Electricity Producers —%

 

China Power International Development Ltd.

 

9,000

 

5,656

 

Water Utilities —%

 

 

 

 

 

SJW Corp.

 

3,080

 

97,729

 

TOTAL UTILITIES

 

 

 

1,081,273

 

Total Common Stocks
(Cost: $28,185,290)

 

 

 

$

27,123,367

 


 

 


 


 

 

 

Shares

 

Value

 

 

 

 

 

 

 

Money Market Funds 10.6%

Columbia Short-Term Cash Fund, 0.159% (a)(f)

 

240,461,322

 

$

240,461,322

 

Total Money Market Funds
(Cost: $240,461,322)

 

 

 

$

240,461,322

 

 

 

Total Investments

 

 

 

 

 

(Cost: $2,103,139,935) (g)

 

 

 

$

2,252,642,166(h)

 

Other Assets & Liabilities, Net

 

 

 

7,059,103

 

Net Assets

 

 

 

$

2,259,701,269

 


 

At October 31, 2015, cash totaling $7,849,400 was pledged as collateral.

 

Investments in Derivatives

 

Forward Foreign Currency Exchange Contracts Open at October 31, 2015

 

 

Counterparty

 

Exchange
Date

 

Currency to be
Delivered

 

Currency to be
Received

 

Unrealized
Appreciation ($)

 

Unrealized
Depreciation ($)

 

Citi

 

11/24/2015

 

350,000
BRL

 

86,630
USD

 

 

(3,471

)

Citi

 

11/24/2015

 

84,000
CAD

 

63,461
USD

 

 

(770

)

Citi

 

11/24/2015

 

131,000
CNY

 

20,471
USD

 

 

(187

)

Citi

 

11/24/2015

 

723,000
DKK

 

108,640
USD

 

1,988

 

 

Citi

 

11/24/2015

 

68,000
EUR

 

76,465
USD

 

1,669

 

 

Citi

 

11/24/2015

 

242,000
ILS

 

61,938
USD

 

 

(615

)

Citi

 

11/24/2015

 

65,470,000
KRW

 

55,051
USD

 

 

(2,281

)

Citi

 

11/24/2015

 

376,000
MXN

 

22,066
USD

 

 

(661

)

Citi

 

11/24/2015

 

206,000
PLN

 

54,209
USD

 

938

 

 

Citi

 

11/24/2015

 

35,000
TRY

 

11,963
USD

 

32

 

 

Citi

 

11/24/2015

 

51,000
TRY

 

16,550
USD

 

 

(836

)

Citi

 

11/24/2015

 

3,641,000
TWD

 

110,069
USD

 

 

(2,048

)

Citi

 

11/24/2015

 

98,796
USD

 

141,000
AUD

 

1,642

 

 

Citi

 

11/24/2015

 

103,810
USD

 

101,000
CHF

 

 

(1,564

)

Citi

 

11/24/2015

 

115,294
USD

 

76,000
GBP

 

1,852

 

 

Citi

 

11/24/2015

 

29,292
USD

 

19,000
GBP

 

 

(6

)

Citi

 

11/24/2015

 

99,167
USD

 

6,560,000
INR

 

833

 

 

Citi

 

11/24/2015

 

49,042
USD

 

5,886,000
JPY

 

 

(256

)

Citi

 

11/24/2015

 

38,824
USD

 

171,000
MYR

 

925

 

 

Citi

 

11/24/2015

 

21,735
USD

 

185,000
NOK

 

30

 

 

Citi

 

11/24/2015

 

17,685
USD

 

809,000
PHP

 

 

(414

)

Citi

 

11/24/2015

 

34,229
USD

 

286,000
SEK

 

 

(738

)

Citi

 

11/24/2015

 

27,445
USD

 

1,003,000
THB

 

733

 

 

Citi

 

11/24/2015

 

77,233
USD

 

1,081,000
ZAR

 

597

 

 

Total

 

 

 

 

 

 

 

11,239

 

(13,847

)

 

Futures Contracts Outstanding at October 31, 2015

 

 

Long Futures Contracts Outstanding

 

Contract Description

 

Number of
Contracts

 

Trading
Currency

 

Notional Market
Value ($)

 

Expiration
Date

 

Unrealized
Appreciation ($)

 

Unrealized
Depreciation ($)

 

Russell 2000 Mini

 

225

 

USD

 

26,061,750

 

12/2015

 

95,060

 

 

S&P MID 400 EMINI

 

174

 

USD

 

25,080,360

 

12/2015

 

540,604

 

 

S&P500 EMINI FUT

 

961

 

USD

 

99,641,285

 

12/2015

 

5,934,214

 

 

US 10YR NOTE (CBT)

 

400

 

USD

 

51,075,000

 

12/2015

 

 

(491,814

)

US LONG BOND(CBT)

 

45

 

USD

 

7,039,688

 

12/2015

 

 

(42,675

)

US LONG BOND(CBT)

 

20

 

USD

 

3,128,750

 

12/2015

 

3,870

 

 

US ULTRA BOND (CBT)

 

45

 

USD

 

7,188,750

 

12/2015

 

 

(19,773

)

US ULTRA BOND (CBT)

 

25

 

USD

 

3,993,750

 

12/2015

 

 

(14,693

)

Total

 

 

 

 

 

223,209,333

 

 

 

6,573,748

 

(568,955

)

 

Notes to Portfolio of Investments

 

 

(a)

As defined in the Investment Company Act of 1940, 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. Holdings and transactions in these affiliated companies during the period ended October 31, 2015 are as follows:

 


 

Issuer

 

Beginning Cost
($)

 

Purchase
Cost ($)

 

Proceeds from
Sales ($)

 

Realized
Gain (Loss)
($)

 

Ending Cost ($)

 

Capital Gain
Distributions
($)

 

Dividends -
Affiliated
Issuers ($)

 

Value ($)

 

Columbia Absolute Return Currency and Income Fund, Class I Shares

 

12,674,212

 

29,198

 

(1,776,706

)

235,340

 

11,162,044

 

 

 

13,505,015

 

Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares

 

24,038,585

 

66

 

(22,852,035

)

(1,186,616

)

 

 

 

 

Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares

 

19,426,328

 

1,190,627

 

(19,989,223

)

(627,732

)

 

1,190,621

 

 

 

Columbia Adaptive Alternatives Fund, Class I Shares

 

 

4,500,000

 

 

 

4,500,000

 

 

 

4,278,837

 

Columbia Contrarian Core Fund, Class I Shares

 

156,957,016

 

34,267

 

(61,301,349

)

21,133,878

 

116,823,812

 

 

 

143,082,629

 

Columbia Corporate Income Fund, Class I Shares

 

182,451,896

 

4,789,993

 

(4,422,234

)

(119,148

)

182,700,507

 

 

4,560,401

 

176,587,400

 

Columbia Diversified Absolute Return Fund, Class I Shares

 

 

40,336,067

 

(981,290

)

(18,831

)

39,335,946

 

 

 

38,470,558

 

Columbia Emerging Markets Bond Fund, Class I Shares

 

30,708,946

 

580,633

 

(232,259

)

(20,817

)

31,036,503

 

 

541,637

 

28,923,301

 

Columbia Emerging Markets Fund, Class I Shares

 

59,676,295

 

8,663,807

 

(3,884,940

)

(24,187

)

64,430,975

 

 

 

60,648,369

 

Columbia European Equity Fund, Class I Shares

 

104,226,262

 

50,062

 

(15,763,615

)

3,792,973

 

92,305,682

 

 

 

98,424,539

 

Columbia High Yield Bond Fund, Class I Shares

 

22,852,644

 

45,735,109

 

(2,327,800

)

63,798

 

66,323,751

 

 

2,406,134

 

64,631,665

 

Columbia Income Opportunities Fund, Class I Shares

 

131,034,808

 

4,879,335

 

(7,009,435

)

455,794

 

129,360,502

 

 

4,824,517

 

129,257,987

 

Columbia Inflation Protected Securities Fund, Class I Shares

 

8,766,016

 

3,367,331

 

(926,189

)

(38,665

)

11,168,493

 

 

 

10,544,216

 

Columbia International Bond Fund, Class I Shares

 

21,408,707

 

12

 

(20,460,659

)

(948,060

)

 

 

 

 

Columbia Large Cap Growth Fund, Class I Shares

 

50,390,756

 

15,788

 

(8,865,580

)

5,278,838

 

46,819,802

 

 

 

72,136,862

 

Columbia Disciplined Core Fund, Class I Shares

 

91,004,253

 

25,207

 

(8,558,820

)

3,579,287

 

86,049,927

 

 

 

136,828,838

 

Columbia Disciplined Growth Fund, Class I Shares

 

97,761,238

 

20,912

 

(9,186,174

)

821,524

 

89,417,500

 

 

 

96,997,568

 

Columbia Disciplined Value Fund, Class I Shares

 

179,875,887

 

32,827

 

(3,985,832

)

140,103

 

176,062,985

 

 

 

183,196,614

 

Columbia Mortgage Opportunities Fund, Class I Shares

 

20,980,286

 

669,926

 

(1,518,491

)

4,627

 

20,136,348

 

 

641,886

 

19,677,181

 

Columbia Multi-Advisor Small Cap Value Fund, Class I Shares

 

10,313,360

 

4,042

 

(704,170

)

415,502

 

10,028,734

 

 

 

14,846,706

 

Columbia Multi-Asset Income Fund, Class I Shares

 

 

37,062,361

 

 

 

37,062,361

 

 

1,139,361

 

35,107,244

 

Columbia Overseas Value Fund, Class I Shares

 

128,278,620

 

77,576

 

(11,088,589

)

1,362,489

 

118,630,096

 

 

 

115,840,683

 

Columbia Pacific/Asia Fund, Class I Shares

 

68,275,679

 

581,776

 

(6,309,564

)

1,703,543

 

64,251,434

 

209,232

 

261,198

 

75,149,535

 

Columbia Select Large Cap Equity Fund, Class I Shares

 

50,300,368

 

64,029,220

 

(3,712,497

)

(342,498

)

110,274,593

 

4,913,218

 

656,655

 

104,480,486

 

Columbia Select Large Cap Growth Fund, Class I Shares

 

68,754,909

 

4,910,638

 

(11,078,268

)

3,201,668

 

65,788,947

 

4,895,906

 

 

83,670,089

 

Columbia Select Large-Cap Value Fund, Class I Shares

 

51,591,866

 

27,537

 

(1,673,804

)

737,839

 

50,683,438

 

 

 

70,617,160

 

Columbia Select Smaller-Cap Value Fund, Class I Shares

 

8,607,895

 

2,365

 

(950,972

)

213,747

 

7,873,035

 

 

 

8,240,910

 

Columbia Short-Term Cash Fund

 

338,213,798

 

184,500,330

 

(282,252,806

)

 

240,461,322

 

 

259,648

 

240,461,322

 

 


 

Issuer

 

Beginning Cost
($)

 

Purchase
Cost ($)

 

Proceeds from
Sales ($)

 

Realized
Gain (Loss)
($)

 

Ending Cost ($)

 

Capital Gain
Distributions
($)

 

Dividends -
Affiliated
Issuers ($)

 

Value ($)

 

Columbia Small Cap Core Fund, Class I Shares

 

11,508,308

 

6,985

 

(608,671

)

76,835

 

10,983,457

 

 

 

11,658,888

 

Columbia Small Cap Growth Fund I, Class I Shares

 

13,576,154

 

2,357

 

(2,333,981

)

164,522

 

11,409,052

 

 

 

10,692,631

 

Columbia U.S. Government Mortgage Fund, Class I Shares

 

167,893,644

 

3,840,317

 

(11,038,768

)

68,865

 

160,764,058

 

 

3,765,411

 

158,647,275

 

Columbia U.S. Treasury Index Fund, Class I Shares

 

20,028,037

 

239,433

 

(1,111,192

)

(46,937

)

19,109,341

 

 

209,208

 

18,914,291

 

Total

 

2,151,576,773

 

410,206,104

 

(526,905,913

)

40,077,681

 

2,074,954,645

 

11,208,977

 

19,266,056

 

2,225,518,799

 

 

(b)

Non-income producing investment.

(c)

Identifies securities considered by the Investment Manager to be illiquid and may be difficult to sell. The aggregate value of such securities at October 31, 2015 was $0, which represents less than 0.01% of net assets. Information concerning such security holdings at October 31, 2015 is as follows:

 

Security Description

 

Acquisition Dates

 

Cost ($)

 

China Milk Products Group Ltd.

 

11-17-2010

 

172,880

 

 

(d)

Negligible market value.

(e)

Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At October 31, 2015, the value of these securities amounted to $0, which represents less than 0.01% of net assets.

(f)

The rate shown is the seven-day current annualized yield at October 31, 2015.

(g)

At October 31, 2015, the cost of securities for federal income tax purposes was approximately $2,103,140,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

 

Unrealized Appreciation

 

$

181,508,000

 

Unrealized Depreciation

 

(32,006,000

)

Net Unrealized Appreciation

 

$

149,502,000

 

 

(h)

Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

 

Currency Legend

 

 

AUD

Australian Dollar

BRL

Brazilian Real

CAD

Canadian Dollar

CHF

Swiss Franc

CNY

China, Yuan Renminbi

DKK

Danish Krone

EUR

Euro

GBP

British Pound

ILS

Israeli Shekel

INR

Indian Rupee

JPY

Japanese Yen

KRW

Korean Won

MXN

Mexican Peso

MYR

Malaysia Ringgits

NOK

Norwegian Krone

PLN

Polish Zloty

PHP

Philippine Peso

SEK

Swedish Krona

THB

Thailand Baht

TRY

Turkish Lira

TWD

Taiwan Dollar

USD

US Dollar

ZAR

South African Rand

 


 

Fair Value Measurements

 

 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available.  Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in 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.

 

Fair value inputs are summarized in the three broad levels listed below:

 

·              Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds).  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).

 

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.

 

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2.  The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 of the Notes to Financial Statements in the most recent shareholder report.

 

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.

 

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

 

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.

 

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions.  The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value.  This data is also used to corroborate, when available, information received from approved pricing vendors and brokers.  Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

 

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2015:

 


 

 

 

Level 1
Quoted Prices in
Active Markets for
Identical Assets ($)

 

Level 2
Other Significant
Observable
Inputs ($)

 

Level 3
Significant
Unobservable
Inputs ($)

 

Total ($)

 

Investments

 

 

 

 

 

 

 

 

 

Equity Funds

 

1,286,512,507

 

 

 

1,286,512,507

 

Fixed-Income Funds

 

607,183,316

 

 

 

607,183,316

 

Alternative Investment Funds

 

91,361,654

 

 

 

91,361,654

 

Common Stocks

 

 

 

 

 

 

 

 

 

Consumer Discretionary

 

3,103,116

 

612,878

 

 

3,715,994

 

Consumer Staples

 

1,050,044

 

326,414

 

0

(a)

1,376,458

 

Energy

 

570,071

 

386,462

 

 

956,533

 

Financials

 

5,711,016

 

1,309,472

 

 

7,020,488

 

Health Care

 

3,257,428

 

559,492

 

 

3,816,920

 

Industrials

 

2,516,829

 

665,232

 

 

3,182,061

 

Information Technology

 

3,905,801

 

355,215

 

 

4,261,016

 

Materials

 

753,174

 

434,009

 

 

1,187,183

 

Telecommunication Services

 

239,398

 

286,043

 

 

525,441

 

Utilities

 

886,959

 

194,314

 

 

1,081,273

 

Total Common Stocks

 

21,993,836

 

5,129,531

 

0

(a)

27,123,367

 

Money Market Funds

 

 

240,461,322

 

 

240,461,322

 

Total Investments

 

2,007,051,313

 

245,590,853

 

0

(a)

2,252,642,166

 

Derivatives

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Forward Foreign Currency Exchange Contracts

 

 

11,239

 

 

11,239

 

Futures Contracts

 

6,573,748

 

 

 

6,573,748

 

Liabilities

 

 

 

 

 

 

 

 

 

Forward Foreign Currency Exchange Contracts

 

 

(13,847

)

 

(13,847

)

Futures Contracts

 

(568,955

)

 

 

(568,955

)

Total

 

2,013,056,106

 

245,588,245

 

0

(a)

2,258,644,351

 

 

(a) Rounds to zero.

 

See the Portfolio of Investments for all investment classifications not indicated in the table.

 

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 and/or fund per share market values which are not considered publicly available.  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.

 

Derivative instruments are valued at unrealized appreciation (depreciation).

 

Financial assets were transferred from Level 1 to Level 2 as the market for these assets is not considered publicly available. Fund per share market values were obtained using observable market inputs.

 

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

 

Transfers In

Transfers Out

Level 1 ($)

Level 2 ($)

Level 1 ($)

Level 2 ($)

338,213,798

338,213,798

 

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

 

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances.  Certain common stock classified as Level 3 securities are valued using the market approach.  To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the position of the security within the respective company’s capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

 

There were no transfers of financial assets between Levels 2 and 3 during the period.

 

 

 

 

 


 

Portfolio of Investments

Columbia Capital Allocation Moderate Conservative Portfolio

October 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)


 

 

 

Shares

 

Value

 

 

 

 

 

 

 

Equity Funds 30.8%

 

 

 

 

 

International 7.5%

 

 

 

 

 

Columbia European Equity Fund, Class I Shares (a)

2,866,336

 

$

20,035,688

 

Columbia Overseas Value Fund, Class I Shares (a)

3,149,206

 

26,894,218

 

Columbia Pacific/Asia Fund, Class I Shares (a)

196,453

 

1,827,019

 

Total

 

 

 

48,756,925

 

U.S. Large Cap 21.7%

 

 

 

 

 

Columbia Contrarian Core Fund, Class I Shares (a)

 

1,026,394

 

22,991,221

 

Columbia Large Cap Growth Fund, Class I Shares (a)

 

423,789

 

16,057,378

 

Columbia Disciplined Core Fund, Class I Shares (a)

 

2,710,801

 

27,108,007

 

Columbia Disciplined Growth Fund, Class I Shares (a)

 

2,392,208

 

22,917,351

 

Columbia Disciplined Value Fund, Class I Shares (a)

 

4,087,118

 

39,154,588

 

Columbia Select Large Cap Equity Fund, Class I Shares (a)

 

1,170,552

 

13,777,405

 

Total

 

 

 

142,005,950

 

U.S. Small Cap 1.6%

 

 

 

 

 

Columbia Small Cap Core Fund, Class I Shares (a)

592,788

 

10,652,396

 

Total Equity Funds
(Cost: $179,033,391)

 

 

 

$

201,415,271

 

 

 

 

 

 

 

Fixed-Income Funds 55.6%

 

 

 

 

 

Emerging Markets 2.2%

 

 

 

 

 

Columbia Emerging Markets Bond Fund, Class I Shares (a)

 

1,330,858

 

14,067,169

 

High Yield 4.7%

 

 

 

 

 

Columbia Income Opportunities Fund, Class I Shares (a)

 

3,180,039

 

31,005,382

 

Inflation Protected Securities 2.2%

 

 

 

 

 

Columbia Global Inflation-Linked Bond Plus Fund, Class I Shares (a)

 

141,216

 

1,348,615

 

Columbia Inflation Protected Securities Fund, Class I Shares (a)(b)

 

1,540,476

 

13,340,520

 

Total

 

 

 

14,689,135

 

Investment Grade 46.5%

 

 

 

 

 

Columbia Corporate Income Fund, Class I Shares (a)

 

12,266,601

 

119,231,365

 

Columbia Limited Duration Credit Fund, Class I Shares (a)

 

4,591,187

 

44,167,217

 

 

 

 

 

Shares

 

Value

 

 

 

 

 

 

 

Fixed-Income Funds (continued)

 

Investment Grade (continued)

 

 

 

 

 

Columbia Mortgage Opportunities Fund, Class I Shares (a)

 

1,006,332

 

$

9,831,865

 

Columbia U.S. Government Mortgage Fund, Class I Shares (a)

 

17,483,550

 

95,809,853

 

Columbia U.S. Treasury Index Fund, Class I Shares (a)

 

3,089,094

 

34,659,636

 

Total

 

 

 

303,699,936

 

Total Fixed-Income Funds
(Cost: $373,843,730)

 

 

 

$

363,461,622

 

 

 

 

 

 

 

Alternative Investment Funds 5.3%

 

Columbia Absolute Return Currency and Income Fund, Class I Shares (a)(b)

 

208,500

 

2,547,873

 

Columbia Adaptive Alternatives Fund, Class I Shares (a)(b)

 

451,354

 

4,278,837

 

Columbia Diversified Absolute Return Fund, Class I Shares (a)(b)

 

1,451,150

 

14,192,247

 

Columbia Multi-Asset Income Fund, Class I Shares (a)

 

1,428,437

 

13,513,010

 

Total Alternative Investment Funds
(Cost: $35,383,984)

 

 

 

$

34,531,967

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks 1.5%

 

 

 

 

 

 

 

 

 

 

 

CONSUMER DISCRETIONARY 0.2%

 

 

 

 

 

Auto Components 0.1%

 

 

 

 

 

Bridgestone Corp.

 

1,900

 

69,675

 

Cie Generale des Etablissements Michelin

 

1,000

 

99,476

 

Continental AG

 

370

 

88,848

 

Cooper Tire & Rubber Co.

 

935

 

39,073

 

Dana Holding Corp.

 

1,025

 

17,220

 

Total

 

 

 

314,292

 

Automobiles —%

 

 

 

 

 

Fuji Heavy Industries Ltd.

 

2,500

 

96,684

 

Peugeot SA (b)

 

6,000

 

105,417

 

Total

 

 

 

202,101

 

Diversified Consumer Services —%

 

 

 

 

 

Capella Education Co.

 

175

 

7,901

 

Hotels, Restaurants & Leisure —%

 

 

 

 

 

Cracker Barrel Old Country Store, Inc.

 

270

 

37,114

 

Denny’s Corp. (b)

 

2,420

 

26,523

 

Flight Centre Travel Group Ltd.

 

2,500

 

67,259

 

Isle of Capri Casinos, Inc. (b)

 

400

 

7,652

 


 


 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

CONSUMER DISCRETIONARY (CONTINUED)

 

Hotels, Restaurants & Leisure (continued)

 

Jack in the Box, Inc.

 

475

 

$

35,402

 

Marriott Vacations Worldwide Corp.

 

445

 

28,658

 

Papa John’s International, Inc.

 

25

 

1,754

 

Ruth’s Hospitality Group, Inc.

 

525

 

8,143

 

Total

 

 

 

212,505

 

Household Durables 0.1%

 

 

 

 

 

Helen of Troy Ltd. (b)

 

400

 

39,684

 

Iida Group Holdings Co., Ltd.

 

4,700

 

88,091

 

Persimmon PLC

 

3,000

 

92,003

 

Total

 

 

 

219,778

 

Internet & Catalog Retail —%

 

 

 

 

 

1-800-Flowers.com, Inc., Class A (b)

 

2,385

 

23,683

 

PetMed Express, Inc.

 

870

 

14,633

 

Total

 

 

 

38,316

 

Leisure Products —%

 

 

 

 

 

Sturm Ruger & Co., Inc.

 

615

 

35,018

 

Media —%

 

 

 

 

 

Gray Television, Inc. (b)

 

1,900

 

30,191

 

Nexstar Broadcasting Group, Inc., Class A

 

410

 

21,824

 

WPP PLC

 

500

 

11,209

 

Total

 

 

 

63,224

 

Multiline Retail —%

 

 

 

 

 

Marks & Spencer Group PLC

 

5,900

 

46,588

 

Specialty Retail —%

 

 

 

 

 

Cato Corp. (The), Class A

 

920

 

34,739

 

Children’s Place, Inc. (The)

 

575

 

30,861

 

Outerwall, Inc.

 

520

 

31,200

 

Total

 

 

 

96,800

 

Textiles, Apparel & Luxury Goods —%

 

 

 

 

 

Movado Group, Inc.

 

500

 

12,870

 

Oxford Industries, Inc.

 

290

 

21,118

 

Perry Ellis International, Inc. (b)

 

200

 

4,294

 

Vera Bradley, Inc. (b)

 

1,050

 

13,136

 

Wolverine World Wide, Inc.

 

1,625

 

30,176

 

Total

 

 

 

81,594

 

TOTAL CONSUMER DISCRETIONARY

 

 

 

1,318,117

 

CONSUMER STAPLES 0.1%

 

 

 

 

 

Food & Staples Retailing —%

 

 

 

 

 

Ingles Markets, Inc., Class A

 

400

 

19,976

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

CONSUMER STAPLES (CONTINUED)

 

 

 

 

 

Food & Staples Retailing (continued)

 

 

 

 

 

Jeronimo Martins SGPS SA

 

4,700

 

$

65,973

 

Koninklijke Ahold NV

 

4,700

 

95,611

 

SUPERVALU, Inc. (b)

 

1,750

 

11,497

 

Wesfarmers Ltd.

 

400

 

11,186

 

Total

 

 

 

204,243

 

Food Products 0.1%

 

 

 

 

 

Cal-Maine Foods, Inc.

 

650

 

34,749

 

Dean Foods Co.

 

800

 

14,488

 

Nestlé SA, Registered Shares

 

1,475

 

112,652

 

Sanderson Farms, Inc.

 

450

 

31,279

 

WH Group Ltd. (b)

 

142,500

 

78,581

 

Total

 

 

 

271,749

 

Household Products —%

 

 

 

 

 

Reckitt Benckiser Group PLC

 

1,175

 

114,669

 

Personal Products —%

 

 

 

 

 

Usana Health Sciences, Inc. (b)

 

215

 

27,649

 

Tobacco —%

 

 

 

 

 

Imperial Tobacco Group PLC

 

2,050

 

110,389

 

Japan Tobacco, Inc.

 

2,900

 

100,374

 

Total

 

 

 

210,763

 

TOTAL CONSUMER STAPLES

 

 

 

829,073

 

ENERGY 0.1%

 

 

 

 

 

Energy Equipment & Services —%

 

 

 

 

 

Oil States International, Inc. (b)

 

620

 

18,606

 

Oil, Gas & Consumable Fuels 0.1%

 

 

 

 

 

Alon USA Energy, Inc.

 

600

 

10,050

 

Caltex Australia Ltd.

 

3,700

 

82,829

 

ENI SpA

 

6,500

 

106,147

 

OMV AG

 

1,200

 

31,953

 

Pacific Ethanol, Inc. (b)

 

2,375

 

14,274

 

PDC Energy, Inc. (b)

 

455

 

27,455

 

REX American Resources Corp. (b)

 

650

 

35,691

 

Royal Dutch Shell PLC, Class B

 

2,700

 

70,699

 

Total

 

 

 

379,098

 

TOTAL ENERGY

 

 

 

397,704

 

FINANCIALS 0.4%

 

 

 

 

 

Banks 0.2%

 

 

 

 

 

Banco Latinoamericano de Comercio Exterior SA, Class E

 

950

 

25,679

 


 


 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

 

 

FINANCIALS (CONTINUED)

 

 

 

 

 

Banks (continued)

 

 

 

 

 

BBCN Bancorp, Inc.

 

500

 

$

8,395

 

Berkshire Hills Bancorp, Inc.

 

190

 

5,434

 

Central Pacific Financial Corp.

 

1,380

 

30,857

 

Credit Agricole SA

 

7,600

 

95,992

 

Customers Bancorp, Inc. (b)

 

1,035

 

28,462

 

First BanCorp (b)

 

3,175

 

12,033

 

First NBC Bank Holding Co. (b)

 

810

 

30,124

 

Hancock Holding Co.

 

350

 

9,660

 

Hilltop Holdings, Inc. (b)

 

50

 

1,049

 

HSBC Holdings PLC

 

19,900

 

155,478

 

International Bancshares Corp.

 

920

 

24,794

 

KBC Groep NV

 

1,400

 

85,122

 

Mitsubishi UFJ Financial Group, Inc.

 

18,100

 

117,062

 

Nordea Bank AB (b)

 

8,800

 

97,096

 

Societe Generale SA

 

350

 

16,255

 

Sumitomo Mitsui Financial Group, Inc.

 

2,850

 

113,697

 

Westpac Banking Corp.

 

3,400

 

75,732

 

Westpac Banking Corp. (b)

 

196

 

4,256

 

Wintrust Financial Corp.

 

215

 

10,855

 

Total

 

 

 

948,032

 

Capital Markets —%

 

 

 

 

 

3i Group PLC

 

12,300

 

94,748

 

Arlington Asset Investment Corp., Class A

 

1,620

 

22,437

 

Cowen Group, Inc., Class A (b)

 

3,400

 

14,314

 

Piper Jaffray Companies (b)

 

200

 

7,114

 

Total

 

 

 

138,613

 

Consumer Finance —%

 

 

 

 

 

Cash America International, Inc.

 

1,050

 

36,256

 

Nelnet, Inc., Class A

 

750

 

26,835

 

Total

 

 

 

63,091

 

Diversified Financial Services —%

 

 

 

 

 

EXOR SpA

 

1,950

 

96,709

 

Insurance 0.1%

 

 

 

 

 

Ageas

 

2,050

 

90,401

 

Allianz SE, Registered Shares

 

750

 

131,301

 

American Equity Investment Life Holding Co.

1,360

 

34,925

 

AXA SA

 

700

 

18,682

 

CNP Assurances

 

2,600

 

37,087

 

Employers Holdings, Inc.

 

450

 

11,911

 

HCI Group, Inc.

 

250

 

10,903

 

Heritage Insurance Holdings, Inc. (b)

 

1,600

 

35,392

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

FINANCIALS (CONTINUED)

 

 

 

 

 

Insurance (continued)

 

 

 

 

 

Maiden Holdings Ltd.

 

2,115

 

$

32,888

 

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares

 

510

 

101,691

 

Swiss Life Holding AG, Registered Shares

 

50

 

11,914

 

Swiss Re AG

 

1,100

 

102,114

 

Total

 

 

 

619,209

 

Real Estate Investment Trusts (REITs) 0.1%

 

 

 

AG Mortgage Investment Trust, Inc.

 

1,375

 

20,914

 

American Assets Trust, Inc.

 

150

 

6,324

 

Apollo Residential Mortgage, Inc.

 

800

 

10,296

 

Coresite Realty Corp.

 

670

 

36,816

 

CubeSmart

 

650

 

18,083

 

CyrusOne, Inc.

 

1,140

 

40,219

 

CYS Investments, Inc.

 

2,700

 

20,844

 

DuPont Fabros Technology, Inc.

 

1,200

 

38,508

 

LaSalle Hotel Properties

 

1,150

 

33,821

 

Ryman Hospitality Properties, Inc.

 

700

 

36,820

 

Sovran Self Storage, Inc.

 

235

 

23,469

 

STORE Capital Corp.

 

1,350

 

30,605

 

Summit Hotel Properties, Inc.

 

2,600

 

34,008

 

Sun Communities, Inc.

 

230

 

15,415

 

Sunstone Hotel Investors, Inc.

 

2,545

 

36,801

 

Total

 

 

 

402,943

 

Real Estate Management & Development —%

 

 

 

Hysan Development Co., Ltd.

 

7,000

 

31,049

 

Wheelock & Co., Ltd.

 

13,000

 

60,594

 

Total

 

 

 

91,643

 

Thrifts & Mortgage Finance —%

 

 

 

 

 

Banc of California, Inc.

 

1,175

 

15,322

 

HomeStreet, Inc. (b)

 

925

 

19,360

 

MGIC Investment Corp. (b)

 

3,680

 

34,592

 

Radian Group, Inc.

 

2,280

 

32,992

 

Walker & Dunlop, Inc. (b)

 

1,250

 

36,262

 

Washington Federal, Inc.

 

1,375

 

34,293

 

Total

 

 

 

172,821

 

TOTAL FINANCIALS

 

 

 

2,533,061

 

HEALTH CARE 0.2%

 

 

 

 

 

Biotechnology —%

 

 

 

 

 

Alder Biopharmaceuticals, Inc. (b)

 

365

 

11,673

 

AMAG Pharmaceuticals, Inc. (b)

 

410

 

16,400

 

Anacor Pharmaceuticals, Inc. (b)

 

190

 

21,358

 

Arena Pharmaceuticals, Inc. (b)

 

4,805

 

9,081

 


 


 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

HEALTH CARE (CONTINUED)

 

 

 

 

 

Biotechnology (continued)

 

 

 

 

 

ARIAD Pharmaceuticals, Inc. (b)

 

1,120

 

$

7,661

 

Arrowhead Research Corp. (b)

 

1,900

 

9,785

 

Celldex Therapeutics, Inc. (b)

 

530

 

6,392

 

Clovis Oncology, Inc. (b)

 

110

 

10,990

 

Curis, Inc. (b)

 

4,405

 

8,986

 

Dyax Corp. (b)

 

425

 

11,700

 

Dynavax Technologies Corp. (b)

 

390

 

8,857

 

Insmed, Inc. (b)

 

390

 

7,738

 

Insys Therapeutics, Inc. (b)

 

450

 

11,592

 

Keryx Biopharmaceuticals, Inc. (b)

 

1,420

 

6,362

 

Merrimack Pharmaceuticals, Inc. (b)

 

522

 

4,875

 

Neurocrine Biosciences, Inc. (b)

 

315

 

15,463

 

NewLink Genetics Corp. (b)

 

114

 

4,363

 

Novavax, Inc. (b)

 

1,260

 

8,505

 

Portola Pharmaceuticals, Inc. (b)

 

180

 

8,570

 

REGENXBIO, Inc. (b)

 

163

 

2,520

 

Spark Therapeutics, Inc. (b)

 

215

 

11,588

 

TESARO, Inc. (b)

 

260

 

11,822

 

Ultragenyx Pharmaceutical, Inc. (b)

 

120

 

11,922

 

vTv Therapeutics, Inc., Class A (b)

 

806

 

5,916

 

Total

 

 

 

234,119

 

Health Care Equipment & Supplies —%

 

 

 

 

 

Analogic Corp.

 

275

 

24,096

 

Greatbatch, Inc. (b)

 

205

 

10,957

 

LivaNova PLC (b)

 

475

 

31,483

 

Merit Medical Systems, Inc. (b)

 

1,720

 

31,889

 

Orthofix International NV (b)

 

765

 

26,048

 

Total

 

 

 

124,473

 

Health Care Providers & Services 0.1%

 

 

 

 

 

Alfresa Holdings Corp. (b)

 

1,700

 

32,598

 

LHC Group, Inc. (b)

 

200

 

9,013

 

Magellan Health, Inc. (b)

 

475

 

25,365

 

Medipal Holdings Corp. (b)

 

5,400

 

94,241

 

Molina Healthcare, Inc. (b)

 

550

 

34,100

 

Owens & Minor, Inc.

 

100

 

3,585

 

Triple-S Management Corp., Class B (b)

 

1,225

 

25,223

 

WellCare Health Plans, Inc. (b)

 

225

 

19,935

 

Total

 

 

 

244,060

 

Life Sciences Tools & Services —%

 

 

 

 

 

Affymetrix, Inc. (b)

 

2,800

 

25,760

 

Cambrex Corp. (b)

 

420

 

19,308

 

INC Research Holdings, Inc. Class A (b)

 

830

 

34,619

 

Total

 

 

 

79,687

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

HEALTH CARE (CONTINUED)

 

 

 

 

 

Pharmaceuticals 0.1%

 

 

 

 

 

GlaxoSmithKline PLC

 

6,500

 

$

140,177

 

Lannett Co., Inc. (b)

 

285

 

12,760

 

Novartis AG, Registered Shares

 

175

 

15,853

 

Pernix Therapeutics Holdings, Inc. (b)

 

1,700

 

4,777

 

Roche Holding AG, Genusschein Shares

 

370

 

100,455

 

Sanofi

 

1,400

 

141,226

 

Shire PLC

 

1,050

 

79,517

 

Sucampo Pharmaceuticals, Inc., Class A (b)

1,300

 

25,168

 

Teva Pharmaceutical Industries Ltd.

 

1,600

 

94,997

 

Total

 

 

 

614,930

 

TOTAL HEALTH CARE

 

 

 

1,297,269

 

INDUSTRIALS 0.2%

 

 

 

 

 

Aerospace & Defense —%

 

 

 

 

 

Aerojet Rocketdyne Holdings, Inc. (b)

 

500

 

8,470

 

Astronics Corp. (b)

 

45

 

1,701

 

Astronics Corp., Class B (b)

 

29

 

1,101

 

Cubic Corp.

 

700

 

31,395

 

Moog, Inc., Class A (b)

 

545

 

33,659

 

Total

 

 

 

76,326

 

Air Freight & Logistics —%

 

 

 

 

 

Air Transport Services Group, Inc. (b)

 

2,320

 

22,713

 

Royal Mail PLC

 

2,200

 

15,072

 

Total

 

 

 

37,785

 

Airlines —%

 

 

 

 

 

Hawaiian Holdings, Inc. (b)

 

150

 

5,205

 

Japan Airlines Co., Ltd.

 

2,200

 

82,881

 

Qantas Airways Ltd.

 

24,039

 

67,710

 

Total

 

 

 

155,796

 

Building Products —%

 

 

 

 

 

Continental Building Product (b)

 

1,565

 

27,497

 

Patrick Industries, Inc. (b)

 

425

 

17,247

 

Total

 

 

 

44,744

 

Commercial Services & Supplies —%

 

 

 

 

 

Deluxe Corp.

 

625

 

37,219

 

Interface, Inc.

 

200

 

3,910

 

Quad/Graphics, Inc.

 

1,890

 

24,381

 

West Corp.

 

150

 

3,571

 

Total

 

 

 

69,081

 

Construction & Engineering 0.1%

 

 

 

 

 

EMCOR Group, Inc.

 

630

 

30,416

 

Leighton Holdings Ltd.

 

2,600

 

50,968

 


 


 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

 

 

INDUSTRIALS (CONTINUED)

 

 

 

Construction & Engineering (continued)

 

 

 

VINCI SA

 

1,500

 

$

100,990

 

Total

 

 

 

182,374

 

Electrical Equipment 0.1%

 

 

 

 

 

General Cable Corp.

 

1,400

 

21,546

 

OSRAM Licht AG

 

1,650

 

96,961

 

Prysmian SpA

 

800

 

17,276

 

Vestas Wind Systems A/S

 

1,750

 

101,997

 

Total

 

 

 

237,780

 

Machinery —%

 

 

 

 

 

Barnes Group, Inc.

 

150

 

5,638

 

Global Brass & Copper Holdings, Inc.

 

300

 

6,747

 

Kadant, Inc.

 

455

 

18,710

 

Meritor, Inc. (b)

 

1,000

 

10,870

 

Mueller Industries, Inc.

 

425

 

13,396

 

Wabash National Corp. (b)

 

2,775

 

33,217

 

Yangzijiang Shipbuilding Holdings Ltd.

 

90,600

 

80,647

 

Total

 

 

 

169,225

 

Marine —%

 

 

 

 

 

Kuehne & Nagel International AG

 

650

 

90,062

 

Matson, Inc.

 

830

 

38,039

 

Total

 

 

 

128,101

 

Professional Services —%

 

 

 

 

 

GP Strategies Corp. (b)

 

65

 

1,631

 

Insperity, Inc.

 

100

 

4,646

 

RPX Corp. (b)

 

1,880

 

26,771

 

Total

 

 

 

33,048

 

Road & Rail —%

 

 

 

 

 

ArcBest Corp.

 

1,060

 

27,454

 

Trading Companies & Distributors —%

 

 

 

 

 

Applied Industrial Technologies, Inc.

 

115

 

4,751

 

ITOCHU Corp.

 

3,600

 

45,047

 

Total

 

 

 

49,798

 

TOTAL INDUSTRIALS

 

 

 

1,211,512

 

INFORMATION TECHNOLOGY 0.1%

 

 

 

 

 

Communications Equipment —%

 

 

 

 

 

ADTRAN, Inc.

 

860

 

13,356

 

NETGEAR, Inc. (b)

 

150

 

6,210

 

Plantronics, Inc.

 

125

 

6,703

 

Polycom, Inc. (b)

 

1,775

 

24,459

 

Total

 

 

 

50,728

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

 

 

INFORMATION TECHNOLOGY (CONTINUED)

 

 

 

Electronic Equipment, Instruments & Components —%

 

 

 

Benchmark Electronics, Inc. (b)

 

300

 

$

5,934

 

Checkpoint Systems, Inc.

 

1,800

 

13,464

 

Coherent, Inc. (b)

 

10

 

542

 

Insight Enterprises, Inc. (b)

 

435

 

11,049

 

Littelfuse, Inc.

 

250

 

24,983

 

Sanmina Corp. (b)

 

1,700

 

35,139

 

SYNNEX Corp.

 

375

 

33,165

 

Tech Data Corp. (b)

 

500

 

36,395

 

Vishay Intertechnology, Inc.

 

800

 

8,480

 

Total

 

 

 

169,151

 

Internet Software & Services —%

 

 

 

 

 

Constant Contact, Inc. (b)

 

1,100

 

28,710

 

DHI Group, Inc. (b)

 

860

 

7,783

 

EarthLink Holdings Corp.

 

3,800

 

32,490

 

LogMeIn, Inc. (b)

 

550

 

37,048

 

RetailMeNot, Inc. (b)

 

2,485

 

21,843

 

Web.com Group, Inc. (b)

 

725

 

17,016

 

Total

 

 

 

144,890

 

IT Services —%

 

 

 

 

 

Convergys Corp.

 

1,500

 

38,505

 

CSG Systems International, Inc.

 

250

 

8,380

 

Euronet Worldwide, Inc. (b)

 

375

 

30,090

 

EVERTEC, Inc.

 

500

 

9,120

 

NeuStar, Inc., Class A (b)

 

1,165

 

31,676

 

Total

 

 

 

117,771

 

Semiconductors & Semiconductor Equipment 0.1%

 

Advanced Energy Industries, Inc. (b)

 

150

 

4,242

 

Amkor Technology, Inc. (b)

 

5,790

 

36,014

 

Diodes, Inc. (b)

 

1,175

 

26,907

 

Microsemi Corp. (b)

 

675

 

24,307

 

STMicroelectronics NV

 

10,700

 

73,726

 

Xcerra Corp. (b)

 

2,495

 

17,315

 

Total

 

 

 

182,511

 

Software —%

 

 

 

 

 

Aspen Technology, Inc. (b)

 

950

 

39,320

 

AVG Technologies NV (b)

 

1,330

 

31,521

 

Gigamon, Inc. (b)

 

650

 

17,050

 

Progress Software Corp. (b)

 

1,100

 

26,708

 

Total

 

 

 

114,599

 

Technology Hardware, Storage & Peripherals —%

 

Canon, Inc.

 

2,800

 

83,614

 


 


 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

INFORMATION TECHNOLOGY (CONTINUED)

 

Technology Hardware, Storage & Peripherals (continued)

 

FUJIFILM Holdings Corp.

 

2,450

 

$

97,727

 

Total

 

 

 

181,341

 

TOTAL INFORMATION TECHNOLOGY

 

 

 

960,991

 

MATERIALS 0.1%

 

 

 

 

 

Chemicals 0.1%

 

 

 

 

 

BASF SE (b)

 

500

 

40,962

 

Chemtura Corp. (b)

 

1,260

 

40,244

 

Innophos Holdings, Inc.

 

100

 

4,249

 

Innospec, Inc.

 

660

 

36,458

 

Mitsubishi Chemical Holdings Corp.

 

16,400

 

102,198

 

Total

 

 

 

224,111

 

Construction Materials —%

 

 

 

 

 

Fletcher Building Ltd.

 

4,600

 

23,169

 

US Concrete, Inc. (b)

 

300

 

16,638

 

Total

 

 

 

39,807

 

Metals & Mining —%

 

 

 

 

 

Commercial Metals Co.

 

500

 

7,185

 

Materion Corp.

 

805

 

24,271

 

Rio Tinto PLC

 

3,100

 

112,980

 

Total

 

 

 

144,436

 

Paper & Forest Products —%

 

 

 

 

 

Clearwater Paper Corp. (b)

 

190

 

9,582

 

UPM-Kymmene OYJ

 

5,600

 

104,837

 

Total

 

 

 

114,419

 

TOTAL MATERIALS

 

 

 

522,773

 

TELECOMMUNICATION SERVICES —%

 

 

 

 

 

Diversified Telecommunication Services —%

 

 

 

General Communication, Inc., Class A (b)

 

1,355

 

27,595

 

Nippon Telegraph & Telephone Corp.

 

2,800

 

102,652

 

Telenor ASA

 

3,500

 

66,031

 

Telstra Corp., Ltd.

 

22,200

 

85,062

 

Total

 

 

 

281,340

 

Wireless Telecommunication Services —%

 

 

 

Shenandoah Telecommunications Co.

 

350

 

16,377

 

TOTAL TELECOMMUNICATION SERVICES

 

297,717

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

 

 

UTILITIES 0.1%

 

 

 

 

 

Electric Utilities 0.1%

 

 

 

 

 

Chubu Electric Power Co., Inc.

 

5,700

 

$

87,683

 

Endesa SA

 

3,900

 

86,717

 

IDACORP, Inc.

 

385

 

25,737

 

Tokyo Electric Power Co., Inc. (b)

 

7,200

 

49,115

 

Total

 

 

 

249,252

 

Gas Utilities —%

 

 

 

 

 

Chesapeake Utilities Corp.

 

375

 

19,579

 

New Jersey Resources Corp.

 

955

 

30,254

 

Southwest Gas Corp.

 

630

 

38,720

 

WGL Holdings, Inc.

 

400

 

24,892

 

Total

 

 

 

113,445

 

Water Utilities —%

 

 

 

 

 

SJW Corp.

 

565

 

17,927

 

TOTAL UTILITIES

 

 

 

380,624

 

Total Common Stocks
(Cost: $9,528,227)

 

 

 

$

9,748,841

 

 

 

 

Shares

 

Value

 

 

 

 

 

 

 

Money Market Funds 6.6%

 

 

 

 

 

Columbia Short-Term Cash Fund, 0.159% (a)(c)

43,128,005

 

$

43,128,005

 

Total Money Market Funds
(Cost: $43,128,005)

 

 

 

$

43,128,005

 

Total Investments
(Cost: $640,917,337) (d)

 

 

 

652,285,706(e)

 

Other Assets & Liabilities, Net

 

 

 

1,467,473

 

Net Assets

 

 

 

$

653,753,179

 


 


 

At October 31, 2015, cash totaling $1,469,235 was pledged as collateral.

 

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at October 31, 2015

 

 

Counterparty

 

Exchange Date

 

Currency to be
Delivered

 

Currency to be
Received

 

Unrealized
Appreciation ($)

 

Unrealized
Depreciation ($)

 

Barclays

 

11/24/2015

 

75,000
AUD

 

52,522

USD

 

 

(902

)

Barclays

 

11/24/2015

 

111,000
EUR

 

124,817

USD

 

2,724

 

 

Barclays

 

11/24/2015

 

213,000
ILS

 

54,271

USD

 

 

(786

)

Barclays

 

11/24/2015

 

1,650,000
JPY

 

13,772

USD

 

96

 

 

Barclays

 

11/24/2015

 

322,000
NOK

 

37,851

USD

 

 

(32

)

Barclays

 

11/24/2015

 

120,644

USD

 

117,000

CHF

 

 

(2,201

)

Barclays

 

11/24/2015

 

17,014

USD

 

11,000

GBP

 

 

(58

)

Barclays

 

11/24/2015

 

148,943

USD

 

98,000

GBP

 

2,114

 

 

Barclays

 

11/24/2015

 

48,617

USD

 

408,000

SEK

 

 

(840

)

Total

 

 

 

 

 

 

 

4,934

 

(4,819

)

 

Futures Contracts Outstanding at October 31, 2015

 

Long Futures Contracts Outstanding

 

Contract Description

 

Number of
Contracts

 

Trading
Currency

 

Notional Market
Value ($)

 

Expiration
Date

 

Unrealized
Appreciation ($)

 

Unrealized
Depreciation ($)

 

S&P MID 400 EMINI

 

20

 

USD

 

2,882,800

 

12/2015

 

62,138

 

 

S&P500 EMINI FUT

 

120

 

USD

 

12,442,200

 

12/2015

 

741,005

 

 

SPI 200 FUTURES

 

28

 

AUD

 

2,613,654

 

12/2015

 

92,985

 

 

TOPIX INDX FUTR

 

30

 

JPY

 

3,874,617

 

12/2015

 

338,612

 

 

US 10YR NOTE (CBT)

 

145

 

USD

 

18,514,688

 

12/2015

 

 

(92,448

)

US 5YR NOTE (CBT)

 

60

 

USD

 

7,186,406

 

12/2015

 

 

(57,302

)

US 5YR NOTE (CBT)

 

14

 

USD

 

1,676,828

 

12/2015

 

 

(1,556

)

US LONG BOND(CBT)

 

12

 

USD

 

1,877,250

 

12/2015

 

 

(11,380

)

US LONG BOND(CBT)

 

20

 

USD

 

3,128,750

 

12/2015

 

3,870

 

 

US ULTRA BOND CBT

 

12

 

USD

 

1,917,000

 

12/2015

 

 

(5,273

)

US ULTRA BOND CBT

 

15

 

USD

 

2,396,250

 

12/2015

 

 

(8,816

)

Total

 

 

 

 

 

58,510,443

 

 

 

1,238,610

 

(176,775

)

 

Notes to Portfolio of Investments

 

 

(a)                                  As defined in the Investment Company Act of 1940, 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. Holdings and transactions in these affiliated companies during the period ended October 31, 2015 are as follows:

 

Issuer

 

Beginning
Cost ($)

 

Purchase
Cost ($)

 

Proceeds from
Sales ($)

 

Realized
Gain
(Loss) ($)

 

Ending Cost
($)

 

Capital Gain
Distributions
($)

 

Dividends
- Affiliated
Issuers ($)

 

Value ($)

 

Columbia Absolute Return Currency and Income Fund, Class I Shares

 

2,405,924

 

54,238

 

(402,016

)

50,912

 

2,109,058

 

 

 

2,547,873

 

Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares

 

11,047,318

 

11,523

 

(10,506,731

)

(552,110

)

 

 

 

 

Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares

 

15,378,197

 

983,780

 

(15,856,276

)

(505,701

)

 

 

 

 

Columbia Adaptive Alternatives Fund, Class I Shares

 

 

4,500,000

 

 

 

4,500,000

 

 

 

4,278,837

 

Columbia Contrarian Core Fund, Class I Shares

 

23,146,263

 

310,480

 

(10,547,065

)

4,281,833

 

17,191,511

 

 

 

22,991,221

 

Columbia Corporate Income Fund, Class I Shares

 

137,668,717

 

4,380,434

 

(18,063,266

)

(91,915

)

123,893,970

 

 

3,409,683

 

119,231,365

 

Columbia Diversified Absolute Return Fund, Class I Shares

 

 

15,048,620

 

(537,018

)

(2,224

)

14,509,378

 

 

 

14,192,247

 

Columbia Emerging Markets Bond Fund, Class I Shares

 

19,005,223

 

570,644

 

(4,236,314

)

(175,573

)

15,163,980

 

 

278,721

 

14,067,169

 

Columbia European Equity Fund, Class I Shares

 

21,306,614

 

643,811

 

(3,444,975

)

738,225

 

19,243,675

 

 

 

20,035,688

 

Columbia Global Inflation-Linked Bond Plus Fund, Class I Shares

 

1,525,553

 

125,915

 

(238,114

)

(4,660

)

1,408,694

 

 

51,652

 

1,348,615

 

 


 

Issuer

 

Beginning
Cost ($)

 

Purchase
Cost ($)

 

Proceeds from
Sales ($)

 

Realized
Gain
(Loss) ($)

 

Ending Cost
($)

 

Capital Gain
Distributions
($)

 

Dividends
- Affiliated
Issuers ($)

 

Value ($)

 

Columbia Income Opportunities Fund, Class I Shares

 

28,438,560

 

4,948,172

 

(2,381,164

)

101,599

 

31,107,167

 

 

1,152,454

 

31,005,382

 

Columbia Inflation Protected Securities Fund, Class I Shares

 

15,451,697

 

216,605

 

(269,990

)

(41,824

)

15,356,488

 

 

 

13,340,520

 

Columbia International Bond Fund, Class I Shares

 

3,676,343

 

 

(3,513,004

)

(163,339

)

 

 

 

 

Columbia Large Cap Growth Fund, Class I Shares

 

12,692,142

 

350,668

 

(2,766,462

)

1,215,680

 

11,492,028

 

 

 

16,057,378

 

Columbia Disciplined Core Fund, Class I Shares

 

20,558,502

 

272,108

 

(2,224,722

)

981,800

 

19,587,688

 

 

 

27,108,007

 

Columbia Disciplined Growth Fund, Class I Shares

 

22,245,816

 

219,326

 

(2,625,262

)

528,252

 

20,368,132

 

 

 

22,917,351

 

Columbia Disciplined Value Fund, Class I Shares

 

38,613,588

 

455,402

 

(1,716,149

)

74,723

 

37,427,564

 

 

 

39,154,588

 

Columbia Limited Duration Credit Fund, Class I Shares

 

46,438,690

 

1,098,058

 

(2,812,141

)

50,256

 

44,774,863

 

 

830,725

 

44,167,217

 

Columbia Mortgage Opportunities Fund, Class I Shares

 

 

10,874,535

 

(784,312

)

(386

)

10,089,837

 

 

284,064

 

9,831,865

 

Columbia Multi-Asset Income Fund, Class I Shares

 

 

14,265,548

 

 

 

14,265,548

 

 

438,548

 

13,513,010

 

Columbia Overseas Value Fund, Class I Shares

 

30,566,410

 

435,052

 

(3,655,411

)

49,944

 

27,395,995

 

 

 

26,894,218

 

Columbia Pacific/Asia Fund, Class I Shares

 

3,791,988

 

315,389

 

(2,489,515

)

140,728

 

1,758,590

 

 

11,461

 

1,827,019

 

Columbia Select Large Cap Equity Fund, Class I Shares

 

 

14,364,558

 

 

 

14,364,558

 

194,528

 

65,143

 

13,777,405

 

Columbia Short-Term Cash Fund

 

81,183,164

 

55,269,454

 

(93,324,613

)

 

43,128,005

 

 

60,511

 

43,128,005

 

Columbia Small Cap Core Fund, Class I Shares

 

10,656,827

 

282,776

 

(837,856

)

101,904

 

10,203,651

 

 

 

10,652,396

 

Columbia U.S. Government Mortgage Fund, Class I Shares

 

102,602,529

 

2,901,411

 

(8,543,721

)

(39,740

)

96,920,479

 

 

2,272,095

 

95,809,853

 

Columbia U.S. Treasury Index Fund, Class I Shares

 

11,194,137

 

24,723,960

 

(753,102

)

(36,744

)

35,128,251

 

 

116,814

 

34,659,636

 

Total

 

659,594,202

 

157,622,467

 

(192,529,199

)

6,701,640

 

631,389,110

 

194,528

 

8,971,871

 

642,536,865

 

 

(b)                                     Non-income producing investment.

(c)                                     The rate shown is the seven-day current annualized yield at October 31, 2015.

(d)                                     At October 31, 2015, the cost of securities for federal income tax purposes was approximately $640,917,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

 

Unrealized Appreciation

 

$

24,625,000

 

Unrealized Depreciation

 

(13,256,000

)

Net Unrealized Appreciation

 

$

11,369,000

 

 

(e)                                     Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

 

Currency Legend

 

 

AUD                         Australian Dollar

CHF                         Swiss Franc

EUR                         Euro

GBP                         British Pound

ILS                                Israeli Shekel

JPY                            Japanese Yen

NOK                        Norwegian Krone

SEK                           Swedish Krona

USD                         US Dollar

 

Fair Value Measurements

 

 


 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available.  Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in 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.

 

Fair value inputs are summarized in the three broad levels listed below:

 

·                                           Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds).  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).

 

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.

 

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2.  The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 of the Notes to Financial Statements in the most recent shareholder report.

 

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.

 

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

 

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.

 

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions.  The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value.  This data is also used to corroborate, when available, information received from approved pricing vendors and brokers.  Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

 

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2015:

 


 

 

 

Level 1
Quoted Prices in
Active Markets for
Identical Assets ($)

 

Level 2
Other Significant
Observable
Inputs ($)

 

Level 3
Significant
Unobservable
Inputs ($)

 

Total ($)

 

Investments

 

 

 

 

 

 

 

 

 

Equity Funds

 

201,415,271

 

 

 

201,415,271

 

Fixed-Income Funds

 

363,461,622

 

 

 

363,461,622

 

Alternative Investment Funds

 

34,531,967

 

 

 

34,531,967

 

Common Stocks

 

 

 

 

 

 

 

 

 

Consumer Discretionary

 

552,867

 

765,250

 

 

1,318,117

 

Consumer Staples

 

139,638

 

689,435

 

 

829,073

 

Energy

 

106,076

 

291,628

 

 

397,704

 

Financials

 

996,081

 

1,536,980

 

 

2,533,061

 

Health Care

 

598,205

 

699,064

 

 

1,297,269

 

Industrials

 

461,901

 

749,611

 

 

1,211,512

 

Information Technology

 

705,924

 

255,067

 

 

960,991

 

Materials

 

138,627

 

384,146

 

 

522,773

 

Telecommunication Services

 

43,972

 

253,745

 

 

297,717

 

Utilities

 

157,109

 

223,515

 

 

380,624

 

Total Common Stocks

 

3,900,400

 

5,848,441

 

 

9,748,841

 

Money Market Funds

 

 

43,128,005

 

 

43,128,005

 

Total Investments

 

603,309,260

 

48,976,446

 

 

652,285,706

 

Derivatives

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Forward Foreign Currency Exchange Contracts

 

 

4,934

 

 

4,934

 

Futures Contracts

 

1,238,610

 

 

 

1,238,610

 

Liabilities

 

 

 

 

 

 

 

 

 

Forward Foreign Currency Exchange Contracts

 

 

(4,819

)

 

(4,819

)

Futures Contracts

 

(176,775

)

 

 

(176,775

)

Total

 

604,371,095

 

48,976,561

 

 

653,347,656

 

 

See the Portfolio of Investments for all investment classifications not indicated in the table.

 

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 and/or fund per share market values which are not considered publically available.  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.

 

Derivative instruments are valued at unrealized appreciation (depreciation).

 

Financial assets were transferred from Level 1 to Level 2 as the market for these assets is not considered publicly available. Fund per share market values were obtained using observable market inputs.

 

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

 

Transfers In

 

Transfers Out

Level 1 ($)

 

Level 2 ($)

 

Level 1 ($)

 

Level 2 ($)

 

81,183,164

 

81,183,164

 

 

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

 

There were no transfers of financial assets between Levels 2 and 3 during the period.

 


 

Portfolio of Investments

Columbia Global Strategic Equity Fund

October 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)


 

 

 

Shares

 

Value

 

 

 

 

 

 

 

Equity Funds 86.1%

 

 

 

 

 

Dividend Income 13.3%

 

 

 

 

Columbia Dividend Income Fund, Class I Shares (a)

1,641,769

 

$

31,013,005

 

Columbia Global Dividend Opportunity Fund, Class I Shares (a)

3,845,133

 

65,751,776

 

Total

 

 

 

96,764,781

 

International 51.8%

 

 

 

 

 

Columbia Asia Pacific ex-Japan Fund, Class I Shares (a)

 

1,185,263

 

15,396,565

 

Columbia Emerging Markets Fund, Class I Shares (a)

 

4,275,064

 

39,373,337

 

Columbia European Equity Fund, Class I Shares (a)

 

9,088,772

 

63,530,515

 

Columbia Global Energy and Natural Resources Fund, Class I Shares (a)(b)

 

2,192,284

 

36,128,836

 

Columbia Global Equity Value Fund, Class I Shares (a)

 

1,842,553

 

21,521,021

 

Columbia Global Infrastructure Fund, Class I Shares (a)

 

1,861,312

 

29,110,929

 

Columbia Global Technology Growth Fund, Class I Shares (a)(b)

 

2,565,088

 

54,944,189

 

Columbia International Opportunities Fund, Class I Shares (a)(b)

 

2,159,524

 

29,909,413

 

Columbia Overseas Value Fund, Class I Shares (a)

 

2,556,251

 

21,830,381

 

Columbia Select Global Equity Fund, Class I Shares (a)

 

6,514,051

 

65,596,492

 

Total

 

 

 

377,341,678

 

U.S. Large Cap 17.1%

 

 

 

 

 

Columbia Contrarian Core Fund, Class I Shares (a)

 

1,911,334

 

42,813,883

 

Columbia Large Cap Growth Fund, Class I Shares (a)

 

1,054,418

 

39,951,905

 

Columbia Disciplined Core Fund, Class I Shares (a)

 

2,501,689

 

25,016,887

 

Columbia Select Large Cap Growth Fund, Class I Shares (a)(b)

 

927,853

 

16,757,032

 

Total

 

 

 

124,539,707

 

U.S. Small Cap 3.9%

 

 

 

 

 

Columbia Small Cap Growth Fund I, Class I Shares (a)(b)

 

1,040,468

 

28,727,322

 

Total Equity Funds
(Cost: $642,597,707)

 

 

 

$

627,373,488

 

 

 

 

 

Shares

 

Value

 

 

 

 

 

 

 

Fixed-Income Funds 3.9%

 

 

 

 

 

Convertible 3.9%

 

 

 

 

 

Columbia Convertible Securities Fund, Class I Shares (a)

 

1,608,998

 

$

28,978,053

 

Total Fixed-Income Funds
(Cost: $23,952,394)

 

 

 

$

28,978,053

 

 

 

 

 

 

 

Exchange-Traded Funds 2.2%

 

Financial Select Sector SPDR Fund

 

623,746

 

15,019,804

 

WisdomTree Japan Hedged Equity Fund

 

15,757

 

839,690

 

Total Exchange-Traded Funds
(Cost: $16,361,231)

 

 

 

$

15,859,494

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks 7.6%

 

 

 

 

 

CONSUMER DISCRETIONARY 1.6%

 

 

 

 

 

Automobiles 0.9%

 

 

 

 

 

Fuji Heavy Industries Ltd.

 

67,400

 

2,606,602

 

Mazda Motor Corp.

 

53,100

 

1,042,315

 

Toyota Motor Corp.

 

51,700

 

3,167,372

 

Total

 

 

 

6,816,289

 

Household Durables 0.3%

 

 

 

 

 

Sony Corp.

 

69,600

 

1,978,410

 

Leisure Products 0.2%

 

 

 

 

 

Shimano, Inc.

 

6,400

 

1,008,439

 

Media 0.2%

 

 

 

 

 

Daiichikosho Co., Ltd.

 

51,200

 

1,707,624

 

TOTAL CONSUMER DISCRETIONARY

 

 

 

11,510,762

 

CONSUMER STAPLES 0.5%

 

 

 

 

 

Food & Staples Retailing 0.4%

 

 

 

 

 

San-A Co., Ltd.

 

34,600

 

1,469,313

 

Tsuruha Holdings, Inc.

 

21,200

 

1,679,550

 

Total

 

 

 

3,148,863

 

Personal Products 0.1%

 

 

 

 

 

Kao Corp.

 

15,800

 

811,162

 

TOTAL CONSUMER STAPLES

 

 

 

3,960,025

 


 


 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

 

 

FINANCIALS 1.7%

 

 

 

 

 

Banks 0.9%

 

 

 

 

 

Aozora Bank Ltd.

 

401,000

 

$

1,465,678

 

Japan Post Bank Co., Ltd. (c)

 

34,400

 

441,866

 

Japan Post Holdings Co., Ltd. (c)

 

52,900

 

642,235

 

Mitsubishi UFJ Financial Group, Inc.

 

424,200

 

2,743,528

 

Sumitomo Mitsui Financial Group, Inc.

 

37,500

 

1,496,013

 

Total

 

 

 

6,789,320

 

Diversified Financial Services 0.3%

 

 

 

 

 

ORIX Corp.

 

149,100

 

2,177,424

 

Insurance 0.2%

 

 

 

 

 

Japan Post Insurance Co., Ltd. (c)

 

26,200

 

503,721

 

Tokio Marine Holdings, Inc.

 

26,200

 

1,009,530

 

Total

 

 

 

1,513,251

 

Real Estate Investment Trusts (REITs) 0.1%

 

 

 

Invincible Investment Corp.

 

1,560

 

924,978

 

Real Estate Management & Development 0.2%

 

 

 

Relo Holdings, Inc. (b)

 

12,100

 

1,301,050

 

TOTAL FINANCIALS

 

 

 

12,706,023

 

HEALTH CARE 0.8%

 

 

 

 

 

Biotechnology 0.1%

 

 

 

 

 

PeptiDream, Inc. (b)

 

20,300

 

479,472

 

Health Care Equipment & Supplies 0.5%

 

 

 

Hoya Corp.

 

46,600

 

1,923,032

 

Nakanishi, Inc.

 

18,300

 

623,965

 

Sysmex Corp.

 

17,200

 

983,131

 

Total

 

 

 

3,530,128

 

Health Care Technology 0.1%

 

 

 

 

 

M3, Inc.

 

35,300

 

684,189

 

Pharmaceuticals 0.1%

 

 

 

 

 

Astellas Pharma, Inc.

 

85,200

 

1,236,634

 

TOTAL HEALTH CARE

 

 

 

5,930,423

 

INDUSTRIALS 1.5%

 

 

 

 

 

Construction & Engineering 0.2%

 

 

 

 

 

Raito Kogyo Co., Ltd. (b)

 

140,400

 

1,342,708

 

Electrical Equipment 0.1%

 

 

 

 

 

Nidec Corp.

 

9,200

 

693,276

 

 

 

Issuer

 

Shares

 

Value

 

 

 

 

 

 

 

Common Stocks (continued)

 

 

 

INDUSTRIALS (CONTINUED)

 

 

 

 

 

Machinery 0.4%

 

 

 

 

 

Hoshizaki Electric Co., Ltd.

 

24,000

 

$

1,735,399

 

Shinmaywa Industries Ltd. (b)

 

82,000

 

895,180

 

Total

 

 

 

2,630,579

 

Professional Services 0.4%

 

 

 

 

 

Nihon M&A Center, Inc.

 

25,900

 

1,068,332

 

Tanseisha Co., Ltd.

 

105,700

 

778,939

 

Temp Holdings Co., Ltd.

 

88,400

 

1,319,797

 

Total

 

 

 

3,167,068

 

Road & Rail 0.1%

 

 

 

 

 

Central Japan Railway Co.

 

6,400

 

1,167,445

 

Trading Companies & Distributors 0.3%

 

 

 

ITOCHU Corp.

 

172,000

 

2,152,233

 

TOTAL INDUSTRIALS

 

 

 

11,153,309

 

INFORMATION TECHNOLOGY 0.6%

 

 

 

 

 

Electronic Equipment, Instruments & Components 0.6%

 

 

 

Alps Electric Co., Ltd.

 

54,900

 

1,704,051

 

Keyence Corp.

 

4,400

 

2,290,677

 

Total

 

 

 

3,994,728

 

IT Services —%

 

 

 

 

 

Otsuka Corp.

 

5,900

 

285,205

 

TOTAL INFORMATION TECHNOLOGY

 

 

 

4,279,933

 

MATERIALS 0.2%

 

 

 

 

 

Chemicals 0.2%

 

 

 

 

 

Nitto Denko Corp.

 

17,200

 

1,102,940

 

TOTAL MATERIALS

 

 

 

1,102,940

 

TELECOMMUNICATION SERVICES 0.7%

 

 

 

Diversified Telecommunication Services 0.3%

 

 

 

Nippon Telegraph & Telephone Corp.

 

62,200

 

2,280,339

 

Wireless Telecommunication Services 0.4%

 

 

 

KDDI Corp.

 

100,900

 

2,441,612

 

SoftBank Group Corp.

 

5,800

 

324,962

 

Total

 

 

 

2,766,574

 

TOTAL TELECOMMUNICATION SERVICES

 

5,046,913

 

Total Common Stocks
(Cost: $56,252,196)

 

 

 

$

55,690,328

 


 


 


 

 

 

Shares

 

Value

 

 

 

 

 

 

 

Money Market Funds 0.4%

 

 

 

 

 

Columbia Short-Term Cash Fund, 0.159% (a)(d)

2,731,701

 

$

2,731,701

 

Total Money Market Funds
(Cost: $2,731,701)

 

 

 

$

2,731,701

 

 

 

Total Investments
(Cost: $741,895,229) (e)

 

 

 

$

730,633,064(f)

 

Other Assets & Liabilities, Net

 

 

 

(1,789,503)

 

Net Assets

 

 

 

$

728,843,561

 


 

Notes to Portfolio of Investments

 

 

(a)

As defined in the Investment Company Act of 1940, 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. Holdings and transactions in these affiliated companies during the period ended October 31, 2015 are as follows:

 

Issuer

 

Beginning
Cost ($)

 

Purchase
Cost ($)

 

Proceeds from
Sales ($)

 

Realized
Gain (Loss)
($)

 

Ending Cost
($)

 

Capital Gain
Distributions
($)

 

Dividends
- Affiliated
Issuers ($)

 

Value ($)

 

Columbia Asia Pacific ex-Japan Fund, Class I Shares

 

 

18,430,643

 

(1,266,685

)

(92,115

)

17,071,843

 

 

 

15,396,565

 

Columbia Contrarian Core Fund, Class I Shares

 

58,147,811

 

2

 

(34,822,202

)

15,343,435

 

38,669,046

 

 

 

42,813,883

 

Columbia Convertible Securities Fund, Class I Shares

 

40,390,970

 

2,159,481

 

(25,464,618

)

6,866,561

 

23,952,394

 

1,103,592

 

1,055,646

 

28,978,053

 

Columbia Dividend Income Fund, Class I Shares

 

71,248,036

 

1,565,099

 

(68,675,591

)

21,685,632

 

25,823,176

 

 

1,564,657

 

31,013,005

 

Columbia Dividend Opportunity Fund, Class I Shares

 

56,281,445

 

1,182,473

 

(64,973,739

)

7,509,821

 

 

 

1,175,202

 

 

Columbia Emerging Markets Fund, Class I Shares

 

37,956,119

 

6,079,189

 

(1,237,277

)

(75,708

)

42,722,323

 

 

 

39,373,337

 

Columbia European Equity Fund, Class I Shares

 

 

71,143,000

 

(4,721,683

)

(68,754

)

66,352,563

 

 

 

63,530,515

 

Columbia Flexible Capital Income Fund, Class I Shares

 

43,272,274

 

933,960

 

(48,849,562

)

4,643,328

 

 

 

914,486

 

 

Columbia Global Dividend Opportunity Fund, Class I Shares

 

60,079,324

 

19,162,130

 

(6,121,224

)

(956,965

)

72,163,265

 

 

1,464,083

 

65,751,776

 

Columbia Global Energy and Natural Resources Fund, Class I Shares

 

37,672,603

 

7,800,172

 

(770,955

)

(198,991

)

44,502,829

 

 

 

36,128,836

 

Columbia Global Equity Value Fund, Class I Shares

 

 

23,873,272

 

(1,368,254

)

(62,138

)

22,442,880

 

 

127,271

 

21,521,021

 

Columbia Global Infrastructure Fund, Class I Shares

 

41,606,420

 

 

(4,460,380

)

(1,180,961

)

35,965,079

 

 

 

29,110,929

 

Columbia Global Technology Growth Fund, Class I Shares

 

 

55,228,802

 

(3,109,547

)

(4,081

)

52,115,174

 

 

 

54,944,189

 

Columbia International Opportunities Fund, Class I Shares

 

 

34,110,561

 

(2,503,917

)

(77,870

)

31,528,774

 

 

 

29,909,413

 

Columbia Large Cap Growth Fund, Class I Shares

 

18,786,735

 

18,772,002

 

(5,476,810

)

1,680,109

 

33,762,036

 

 

 

39,951,905

 

Columbia Disciplined Core Fund, Class I Shares

 

10,013,902

 

11,297,014

 

(3,261,717

)

1,355,068

 

19,404,267

 

 

 

25,016,887

 

Columbia Disciplined Growth Fund, Class I Shares

 

34,931,708

 

2,646

 

(38,859,534

)

3,925,180

 

 

 

 

 

Columbia Mid Cap Growth Fund, Class I Shares

 

50,713,121

 

17,724

 

(53,560,620

)

2,829,775

 

 

 

 

 

Columbia Overseas Value Fund, Class I Shares

 

 

47,506,000

 

(22,939,576

)

(1,766,508

)

22,799,916

 

 

 

21,830,381

 

Columbia Pacific/Asia Fund, Class I Shares

 

12,792,594

 

104,254

 

(16,195,078

)

3,298,230

 

 

41,554

 

51,874

 

 

Columbia Real Estate Equity Fund, Class I Shares

 

26,170,810

 

1,301,644

 

(29,933,757

)

2,461,303

 

 

979,351

 

322,294

 

 

Columbia Select Global Equity Fund, Class I Shares

 

 

70,952,322

 

(4,584,008

)

(60,842

)

66,307,472

 

 

 

65,596,492

 

Columbia Select Large Cap Equity Fund, Class I Shares

 

26,594,087

 

2,344,634

 

(26,259,515

)

(2,679,206

)

 

2,056,864

 

274,901

 

 

 


 

Issuer

 

Beginning
Cost ($)

 

Purchase
Cost ($)

 

Proceeds from
Sales ($)

 

Realized
Gain (Loss)
($)

 

Ending Cost
($)

 

Capital Gain
Distributions
($)

 

Dividends
- Affiliated
Issuers ($)

 

Value ($)

 

Columbia Select Large Cap Growth Fund, Class I Shares

 

56,635,538

 

4,060,914

 

(63,796,304

)

19,863,662

 

16,763,810

 

4,011,844

 

 

16,757,032

 

Columbia Short-Term Cash Fund

 

 

66,218,900

 

(63,487,199

)

 

2,731,701

 

 

1,085

 

2,731,701

 

Columbia Small Cap Growth Fund I, Class I Shares

 

47,276,556

 

38,179

 

(12,946,195

)

(165,286

)

34,203,254

 

 

 

28,727,322

 

Total

 

730,570,053

 

464,285,017

 

(609,645,947

)

84,072,679

 

669,281,802

 

8,193,205

 

6,951,499

 

659,083,242

 

 

(b)

 

Non-income producing investment.

(c)

 

Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At October 31, 2015, the value of these securities amounted to $1,587,822, which represents 0.22% of net assets.

(d)

 

The rate shown is the seven-day current annualized yield at October 31, 2015.

(e)

 

At October 31, 2015, the cost of securities for federal income tax purposes was approximately $741,895,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

 

Unrealized Appreciation

 

$

30,354,000

 

Unrealized Depreciation

 

(41,616,000

)

Net Unrealized Depreciation

 

$

(11,262,000

)

 

(f)

 

Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

 

Fair Value Measurements

 

 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available.  Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in 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.

 

Fair value inputs are summarized in the three broad levels listed below:

 

·                                           Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds).  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).

 

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.

 

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2.  The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 of the Notes to Financial Statements in the most recent shareholder report.

 

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.

 

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

 


 

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.

 

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions.  The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value.  This data is also used to corroborate, when available, information received from approved pricing vendors and brokers.  Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

 

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2015:

 

 

 

Level 1
Quoted Prices in
Active Markets for
Identical Assets ($)

 

Level 2
Other Significant
Observable
Inputs ($)

 

Level 3
Significant
Unobservable
Inputs ($)

 

Total ($)

 

Investments

 

 

 

 

 

 

 

 

 

Equity Funds

 

627,373,488

 

 

 

627,373,488

 

Fixed-Income Funds

 

28,978,053

 

 

 

28,978,053

 

Exchange-Traded Funds

 

15,859,494

 

 

 

15,859,494

 

Common Stocks

 

 

 

 

 

 

 

 

 

Consumer Discretionary

 

 

11,510,762

 

 

11,510,762

 

Consumer Staples

 

 

3,960,025

 

 

3,960,025

 

Financials

 

 

11,118,201

 

1,587,822

 

12,706,023

 

Health Care

 

 

5,930,423

 

 

5,930,423

 

Industrials

 

 

11,153,309

 

 

11,153,309

 

Information Technology

 

 

4,279,933

 

 

4,279,933

 

Materials

 

 

1,102,940

 

 

1,102,940

 

Telecommunication Services

 

 

5,046,913

 

 

5,046,913

 

Total Common Stocks

 

 

54,102,506

 

1,587,822

 

55,690,328

 

Money Market Funds

 

 

2,731,701

 

 

2,731,701

 

Total Investments

 

672,211,035

 

56,834,207

 

1,587,822

 

730,633,064

 

 

See the Portfolio of Investments for all investment classifications not indicated in the table.

 

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 and/or fund per share market values which are not considered publicly available.  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.

 

There were no transfers of financial assets between levels during the period.

 

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

 

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances.  Certain common stocks classified as Level 3 securities are valued using the market approach.  To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt or offer price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the position of the security within the respective company’s capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. 


 

Item  2. Controls and Procedures.

 

(a)         The registrant’s principal executive officer and principal financial officers, 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-Q 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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(registrant)

 

Columbia Funds Series Trust

 

 

By (Signature and Title)

 

/s/ Christopher O. Petersen

 

Christopher O. Petersen, President and Principal Executive Officer

 

Date

 

December 22, 2015

 

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/ Christopher O. Petersen

 

Christopher O. Petersen, President and Principal Executive Officer

 

Date

 

December 22, 2015

 

 

By (Signature and Title)

 

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Treasurer and Chief Financial Officer

 

Date

 

December 22, 2015