Annual Shareholder Report | March 31, 2025
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $ | % |
Management's Discussion of Fund Performance
The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Allocations
| The Fund benefited most on a relative basis from having exposure to residential mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Structured asset sectors are all out-of-benchmark sectors, which contributed to the Fund’s outperformance of the benchmark during the annual period. High-yield corporates also contributed to the Fund’s outperformance as an out-of-benchmark allocation.Security selection
| Security selection within the investment-grade corporate bond sector was additive to the Fund’s performance. Selection within the industrials and financials sub-sectors more than offset the detracting effect of being slightly underweight within the sector.Top Performance Detractors
Allocations
| The Fund was underweight within the investment-grade corporate bond sector, which detracted modestly from its relative performance, as the sector outperformed the benchmark during the annual period. Investment-grade corporate bonds represented the Fund’s largest sector underweight, excluding U.S. Treasuries.Duration and curve positioning
| The combination of duration and yield curve positioning had a negative impact on the Fund’s relative performance during the annual period. The U.S. Federal Reserve began easing monetary policy during the period causing the inverted yield curve to reverse. However, the easing was halted, and the federal funds target rate has remained unchanged in 2025 due to sticky inflation and economic uncertainty.Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class A shares of the Fund during the stated time period.
Growth of $10,000
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
Index (a) | ( ) |
(a) |
The Fund's past performance is not a good predictor of the Fund's future performance.
columbiathreadneedleus.com/investment-products/mutual-funds
for more recent performance information.Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Management services fees (represents 0.42% of Fund average net assets) | $ |
| Portfolio turnover for the reporting period |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the t
abl
es unless otherwise noted. The Fund's portfolio composition is subject to change.Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower
rating
is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratin
gs, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.Top Holdings
| VCAT LLC 09/25/2054 5.977% | % |
| Progress Residential Trust 04/17/2042 3.305% | % |
| Affirm Master Trust 02/15/2033 4.990% | % |
| JPMorgan Chase & Co. 07/22/2030 4.995% | % |
| Progress Residential Trust 07/20/2039 4.451% | % |
| Bain Capital Credit CLO 10/17/2032 5.220% | % |
| Wells Fargo Commercial Mortgage Trust 12/15/2034 5.242% | % |
| Bank of America Corp. 01/24/2031 5.162% | % |
| U.S. Treasury 08/31/2025 0.250% | % |
| Angel Oak Mortgage Trust 08/25/2069 5.700% | % |
Asset Categories
Credit Quality
Certain Fund Changes
This is a summary of certain changes to the Fund during the reporting period. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611 .
Effective August 1, 2024, the maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lower of the original purchase price or current net asset value) of Class A shares was imposed on certain investments of $500,000 or more redeemed with
in
12 months after purchase, with certain limited exceptions.Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
