N-CSR 1 f12560d1.htm COLUMBIA FUNDS SERIES TRUST Columbia Funds Series Trust

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number811-09645 

Columbia Funds Series Trust 

(Exact name of registrant as specified in charter) 

290 Congress Street 

Boston, MA 02210

(Address of principal executive offices) (Zip code)
 

  

Daniel J. Beckman 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

  

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 


(Name and address of agent for service) 

Registrant's telephone number, including area code:   (800) 345-6611 

Date of fiscal year end:  March 31 

Date of reporting period:  March 31, 2022 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Item 1. Reports to Stockholders. 


Annual Report
March 31, 2022 
Columbia Short Term Bond Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Short Term Bond Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Short Term Bond Fund  |  Annual Report 2022

Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks current income, consistent with minimal fluctuation of principal.
Portfolio management
Gregory Liechty
Co-Portfolio Manager
Managed Fund since 2010
Ronald Stahl, CFA
Co-Portfolio Manager
Managed Fund since 2006
Average annual total returns (%) (for the period ended March 31, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 10/02/92 -2.33 1.34 1.08
  Including sales charges   -3.28 1.14 0.98
Advisor Class* 11/08/12 -2.09 1.59 1.34
Class C Excluding sales charges 10/02/92 -2.77 0.75 0.56
  Including sales charges   -3.74 0.75 0.56
Institutional Class 09/30/92 -1.99 1.59 1.34
Institutional 2 Class* 11/08/12 -1.92 1.68 1.41
Institutional 3 Class 07/15/09 -1.97 1.73 1.48
Class R 09/27/10 -2.57 1.07 0.82
Bloomberg 1-3 Year Government/Credit Index   -2.91 1.26 1.09
Returns for Class A shares are shown with and without the maximum initial sales charge of 1.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg 1-3 Year Government/Credit Index consists of Treasury or government agency securities and investment-grade corporate debt securities with maturities of one to three years. Effective August 24, 2021, the Bloomberg Barclays 1-3 Year Government/Credit Index was re-branded as the Bloomberg 1-3 Year Government/Credit Index.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Short Term Bond Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (March 31, 2012 — March 31, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Short Term Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at March 31, 2022)
Asset-Backed Securities — Non-Agency 24.4
Commercial Mortgage-Backed Securities - Non-Agency 10.8
Corporate Bonds & Notes 34.1
Foreign Government Obligations 0.1
Money Market Funds 3.2
Residential Mortgage-Backed Securities - Agency 0.2
Residential Mortgage-Backed Securities - Non-Agency 26.2
U.S. Treasury Obligations 1.0
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Quality breakdown (%) (at March 31, 2022)
AAA rating 19.8
AA rating 9.4
A rating 21.9
BBB rating 25.7
BB rating 4.7
B rating 3.5
CCC rating 0.3
CC rating 0.0(a)
Not rated 14.7
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, 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 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. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
 
4 Columbia Short Term Bond Fund  | Annual Report 2022

Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended March 31, 2022, the Fund’s Class A shares returned -2.33% excluding sales charges. The Fund outperformed its benchmark, the Bloomberg 1-3 Year Government/Credit Index, which returned -2.91% for the same time period.
Market overview
Investor sentiment in 2021 was supported by accommodative monetary and fiscal policy, healthy consumer balance sheets, strong corporate financial results and above-trend economic growth. As 2022 approached, persistent and accelerating inflation prompted the Federal Reserve (the Fed) to shift its policy stance to be less accommodative. The Fed communicated its plan of tapering asset purchases then raising interest rates to dampen demand and curb inflation. Relative to March 2021, interest rates rose and credit spreads widened as markets adjusted to the Fed’s new policy stance.
Credit-related sectors produced negative absolute returns and negative excess returns relative to Treasuries over the 12-month period that ended March 31, 2022. On an excess returns basis, agency mortgage-backed securities (MBS) performed the worst, followed by corporates, asset-backed securities (ABS) then commercial mortgage-backed securities (CMBS). Shorter dated securities outperformed longer dated securities.
The Fed maintained an accommodative monetary policy for the majority of the reporting period, but pivoted to a more hawkish stance later in the period. This was anticipated by the market, including the likelihood of two or more increases in the Fed’s benchmark overnight lending rate by the end of 2022. Expectations regarding the number of Fed rate hikes began to increase as the first quarter of 2022 progressed, given continued historically high inflation readouts. An already challenging inflation outlook was exacerbated by Russia’s late-February invasion of Ukraine, which led to a spike in prices for oil and other commodities. As expected, the Fed implemented a quarter-point increase in the fed funds target rate at its mid-March 2022 meeting, the first such upward move since December of 2018. In addition, the Fed ended the bond purchase program that it had used to keep longer term borrowing costs low. By the end of the quarter, the markets were pricing in at least seven Fed rate hikes for 2022. Given the shift in the likely trajectory of the fed funds target rate, short-term U.S. Treasury yields moved sharply higher over the quarter, while longer term yields also rose, albeit to a lesser degree.
Within the short-term investment-grade corporate market, lower rated securities outperformed higher quality securities over the last year. BBB-rated corporates generated marginal positive excess returns relative to Treasuries, whereas higher rated corporates underperformed Treasuries. High-yield corporates also outperformed investment-grade corporates and Treasuries during the period.
The Fund’s notable contributors during the period
The Fund’s outperformance of its benchmark was primarily attributable to sector allocation decisions. The Fund had allocations to out-of-benchmark sectors such as ABS, non-agency collateralized mortgage obligations (CMOs), non-agency CMBS and high-yield corporates, all of which were additive to relative performance as the sectors outperformed the benchmark.
Sector weightings were continuously evaluated throughout the period and fine-tuned according to our outlook. For instance, we exited the Fund’s allocations to agency passthrough securities as we expected the Fed to announce the end of their asset purchase program. We also increased the Fund’s allocation to investment-grade corporates as we saw attractive opportunities arise in the first quarter of 2022.
The Fund maintained a relatively neutral duration versus the benchmark and was underweight shorter securities while being overweight longer securities. Compared to March 31, 2021, the two-year Treasury yield increased 217 basis points (bps; a basis point is 1/100 of a percent) from 0.16% to 2.33%, while the five-year Treasury yield rose 152 bps from 0.94% to 2.46%. The net impact from duration and yield curve positioning was additive to relative performance.
The Fund’s notable detractors during the period
Security selection within the investment-grade corporate sector was the largest detractor from relative performance during the period.
The Fund was also underweight the investment-grade corporate sector, which detracted from relative performance as the sector modestly outperformed the benchmark.
Columbia Short Term Bond Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
(Unaudited)
Investment-grade corporates represented the Fund’s largest sector underweight, excluding Treasuries. The underweight position was slightly reduced in the first quarter of 2022 as spreads widened and attractive opportunities were found.
Derivatives usage
The Fund used Treasury futures to help maintain its targeted duration, as well as the Fund’s yield curve exposures. On a stand-alone basis, utilizing these derivatives had a negative net impact on performance.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Short Term Bond Fund  | Annual Report 2022

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
October 1, 2021 — March 31, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 970.60 1,021.24 3.64 3.73 0.74
Advisor Class 1,000.00 1,000.00 971.80 1,022.49 2.41 2.47 0.49
Class C 1,000.00 1,000.00 967.90 1,018.50 6.33 6.49 1.29
Institutional Class 1,000.00 1,000.00 971.80 1,022.49 2.41 2.47 0.49
Institutional 2 Class 1,000.00 1,000.00 972.10 1,022.89 2.02 2.07 0.41
Institutional 3 Class 1,000.00 1,000.00 972.40 1,023.14 1.77 1.82 0.36
Class R 1,000.00 1,000.00 969.40 1,020.00 4.86 4.99 0.99
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Short Term Bond Fund  | Annual Report 2022
7

Portfolio of Investments
March 31, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Asset-Backed Securities — Non-Agency 24.3%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Affirm Asset Securitization Trust(a)
Subordinated Series 2021-A Class B
08/15/2025 1.060%   13,120,000 12,939,428
American Credit Acceptance Receivables Trust(a)
Series 2020-1 Class D
03/13/2026 2.390%   18,625,000 18,560,408
Series 2020-2 Class D
05/13/2026 5.650%   2,800,000 2,877,535
Subordinated Series 2021-2 Class E
07/13/2027 2.540%   1,550,000 1,478,284
ARES XLVII CLO Ltd.(a),(b)
Series 2018-47A Class B
3-month USD LIBOR + 1.450%
Floor 1.450%
04/15/2030
1.691%   4,000,000 3,955,056
Avant Loans Funding Trust(a)
Subordinated Series 2021-REV1 Class C
07/15/2030 2.300%   950,000 898,406
Barings CLO Ltd.(a),(b)
Series 2018-4A Class B
3-month USD LIBOR + 1.700%
Floor 1.700%
10/15/2030
1.941%   10,800,000 10,718,622
BMW Vehicle Lease Trust
Series 2021-1 Class A3
01/25/2024 0.290%   500,000 495,157
Carlyle Global Market Strategies CLO Ltd.(a),(b)
Series 2013-4A Class BRR
3-month USD LIBOR + 1.420%
Floor 1.420%
01/15/2031
1.661%   5,000,000 4,922,465
Carlyle US CLO Ltd.(a),(b)
Series 2016-4A Class A2R
3-month USD LIBOR + 1.450%
Floor 1.450%
10/20/2027
1.704%   8,000,000 7,918,120
Series 2017-5A Class A1B
3-month USD LIBOR + 1.250%
01/20/2030
1.504%   8,000,000 7,886,688
Cascade Funding Mortgage Trust(a)
CMO Series 2021-GRN1 Class A
03/20/2041 1.100%   2,181,985 2,102,597
Chesapeake Funding II LLC(a)
Series 2019-2A Class A1
09/15/2031 1.950%   254,013 254,522
Consumer Loan Underlying Bond CLUB Credit Trust(a)
Subordinated Series 2020-P1 Class B
03/15/2028 2.920%   1,136,801 1,137,322
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Credito Real USA Auto Receivables Trust(a)
Series 2021-1A Class A
02/16/2027 1.350%   1,333,202 1,307,992
Dext ABS LLC(a)
Subordinated Series 2020-1 Class B
11/15/2027 1.920%   3,500,000 3,437,033
Drive Auto Receivables Trust
Subordinated Series 2018-5 Class C
01/15/2025 3.990%   31,047 31,083
Subordinated Series 2020-2 Class D
05/15/2028 3.050%   650,000 651,233
Dryden Senior Loan Fund(a),(b)
Series 2016-42A Class BR
3-month USD LIBOR + 1.550%
07/15/2030
1.791%   3,025,000 3,004,442
DT Auto Owner Trust(a)
Series 2019-3A Class D
04/15/2025 2.960%   4,900,000 4,909,866
Subordinated Series 2020-1A Class D
11/17/2025 2.550%   6,050,000 5,974,842
Exeter Automobile Receivables Trust
Subordinated Series 2021-1A Class C
01/15/2026 0.740%   2,400,000 2,354,685
First Investors Auto Owner Trust(a)
Series 2021-1A Class A
03/16/2026 0.450%   303,139 300,508
Foundation Finance Trust(a)
Series 2019-1A Class A
11/15/2034 3.860%   1,115,670 1,126,515
FREED ABS Trust(a)
Subordinated Series 2021-1CP Class B
03/20/2028 1.410%   1,625,000 1,609,773
Subordinated Series 2021-2 Class C
06/19/2028 1.940%   12,250,000 12,008,827
GLS Auto Receivables Issuer Trust(a)
Subordinated Series 2020-1A Class C
11/17/2025 2.720%   4,850,000 4,828,935
Subordinated Series 2020-4A Class D
10/15/2026 1.640%   1,600,000 1,555,004
GoldentTree Loan Management US CLO 1 Ltd.(a),(b)
Series 2021-10A Class A
3-month USD LIBOR + 1.100%
Floor 1.100%
07/20/2034
1.354%   4,150,000 4,124,183
Hertz Vehicle Financing LLC(a)
Series 2021-1A Class C
12/26/2025 2.050%   3,000,000 2,834,120
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Short Term Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
March 31, 2022
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Jay Park CLO Ltd.(a),(b)
Series 2016-1A Class A2R
3-month USD LIBOR + 1.450%
10/20/2027
1.704%   5,500,000 5,500,225
LL ABS Trust(a)
Series 2021-1A Class A
05/15/2029 1.070%   1,837,030 1,760,951
Madison Park Funding XLVIII Ltd.(a),(b)
Series 2021-48A Class A
3-month USD LIBOR + 1.150%
Floor 1.150%
04/19/2033
1.398%   1,250,000 1,240,116
Madison Park Funding XXXIII Ltd.(a),(b)
Series 2019-33A Class BR
3-month Term SOFR + 1.800%
Floor 1.800%
10/15/2032
1.959%   5,550,000 5,509,857
Marlette Funding Trust(a)
Series 2020-2A Class B
09/16/2030 1.830%   2,648,946 2,645,045
Subordinated Series 2019-2A Class B
07/16/2029 3.530%   2,506 2,507
MMAF Equipment Finance LLC(a)
Series 2017-B Class A4
11/15/2024 2.410%   743,091 744,634
Series 2020-A Class A3
04/09/2027 0.970%   2,010,000 1,916,652
MVW LLC(a)
Series 2019-2A Class A
10/20/2038 2.220%   2,135,022 2,076,480
MVW Owner Trust(a)
Series 2017-1A Class A
12/20/2034 2.420%   1,480,920 1,474,696
NMEF Funding LLC(a)
Series 2021-A Class A2
12/15/2027 0.810%   1,656,891 1,635,088
NRZ Advance Receivables Trust(a)
Series 2020-T3 Class AT3
10/15/2052 1.317%   3,270,000 3,252,526
Octagon Investment Partners 35 Ltd.(a),(b)
Series 2018-1A Class A1A
3-month USD LIBOR + 1.060%
Floor 1.060%
01/20/2031
1.314%   7,550,000 7,523,273
Octagon Investment Partners 39 Ltd.(a),(b)
Series 2018-3A Class B
3-month USD LIBOR + 1.850%
Floor 1.650%
10/20/2030
2.104%   11,200,000 11,108,496
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Octane Receivables Trust(a)
Series 2019-1A Class A
09/20/2023 3.160%   70,199 70,259
OHA Credit Partners VII Ltd.(a),(b)
Series 2012-7A Class AR3
3-month USD LIBOR + 1.070%
Floor 1.070%
02/20/2034
1.230%   5,000,000 4,965,485
Pagaya AI Debt Selection Trust(a)
Series 2021-1 Class A
11/15/2027 1.180%   2,756,671 2,717,811
Series 2021-2 Class NOTE
01/25/2029 3.000%   6,473,956 6,319,791
Series 2021-3 Class A
05/15/2029 1.150%   7,556,539 7,412,669
Series 2021-5 Class A
08/15/2029 1.530%   4,711,850 4,605,699
Series 2021-HG1 Class A
01/16/2029 1.220%   8,557,084 8,305,810
Subordinated Series 2021-HG1 Class B
01/16/2029 1.820%   1,353,612 1,323,814
Palmer Square Loan Funding Ltd.(a),(b)
Series 2020-1A Class A1
3-month USD LIBOR + 0.800%
Floor 0.800%
02/20/2028
1.280%   5,213,672 5,224,809
Series 2021-4A Class A1
3-month USD LIBOR + 0.800%
Floor 0.800%
10/15/2029
0.928%   6,000,000 5,971,620
Pawnee Equipment Receivables LLC(a)
Series 2019-1 Class A2
10/15/2024 2.290%   423,284 423,764
Race Point CLO Ltd.(a),(b)
Series 2013-8A Class AR2
3-month USD LIBOR + 1.040%
Floor 1.040%
02/20/2030
1.520%   2,961,982 2,959,517
Race Point IX CLO Ltd.(a),(b)
Series 2015-9A Class A2R
3-month USD LIBOR + 0.450%
Floor 1.450%
10/15/2030
0.691%   4,975,000 4,904,529
Research-Driven Pagaya Motor Asset Trust IV(a)
Series 2021-2A Class A
03/25/2030 2.650%   3,070,353 2,956,751
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
March 31, 2022
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Rockland Park CLO Ltd.(a),(b)
Series 2021-1A Class A
3-month USD LIBOR + 1.120%
Floor 1.120%
04/20/2034
1.374%   7,500,000 7,444,350
RR 3 Ltd.(a),(b)
Series 2014-14A Class A2R2
3-month USD LIBOR + 1.400%
Floor 1.400%
01/15/2030
1.641%   10,000,000 9,899,070
Santander Drive Auto Receivables Trust
Series 2019-3 Class C
10/15/2025 2.490%   174,547 174,729
Subordinated Series 2019-2 Class D
07/15/2025 3.220%   1,075,000 1,079,319
Subordinated Series 2020-4 Class C
01/15/2026 1.010%   1,500,000 1,482,389
SCF Equipment Leasing LLC(a)
Series 2019-2A Class B
08/20/2026 2.760%   4,000,000 3,935,297
Subordinated Series 2020-1A Class B
03/20/2028 2.020%   4,900,000 4,804,103
Sierra Timeshare Receivables Funding LLC(a)
Series 2018-2A Class A
06/20/2035 3.500%   962,443 973,906
Series 2018-3A Class A
09/20/2035 3.690%   379,060 382,420
Series 2021-1A Class A
11/20/2037 0.990%   1,411,583 1,348,509
Upstart Pass-Through Trust(a),(c)
Series 2020-ST4 Class A
11/20/2026 3.250%   3,083,646 3,087,983
Series 2021-ST10 Class A
01/20/2030 2.250%   8,892,403 8,710,386
Upstart Pass-Through Trust(a)
Series 2020-ST6 Class A
01/20/2027 3.000%   2,788,725 2,730,062
Series 2021-ST3 Class A
05/20/2027 2.000%   2,515,129 2,442,291
Upstart Securitization Trust(a)
Series 2020-2 Class A
11/20/2030 2.309%   1,627,670 1,609,580
Series 2021-2 Class A
06/20/2031 0.910%   4,351,681 4,275,389
Subordinated Series 2021-2 Class B
06/20/2031 1.750%   1,150,000 1,110,154
Subordinated Series 2021-3 Class B
07/20/2031 1.660%   1,250,000 1,196,041
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Volkswagen Auto Loan Enhanced Trust
Series 2020-1 Class A4
08/20/2026 1.260%   700,000 686,552
Westlake Automobile Receivables Trust(a)
Series 2020-2A Class D
01/15/2026 2.760%   1,570,000 1,563,654
Subordinated Series 2021-2A Class D
12/15/2026 1.230%   9,625,000 9,140,818
Total Asset-Backed Securities — Non-Agency
(Cost $303,331,177)
298,833,527
Commercial Mortgage-Backed Securities - Non-Agency 10.7%
Ashford Hospitality Trust(a),(b)
Series 2018-KEYS Class B
1-month USD LIBOR + 1.450%
Floor 1.450%
05/15/2035
1.847%   9,100,000 9,032,339
BAMLL Commercial Mortgage Securities Trust(a),(b)
Series 2018-DSNY Class C
1-month USD LIBOR + 1.350%
Floor 1.350%
09/15/2034
1.747%   11,500,000 11,241,346
BBCMS Trust(a),(b)
Subordinated Series 2018-BXH Class B
1-month USD LIBOR + 1.250%
Floor 1.250%
10/15/2037
1.647%   3,650,000 3,570,294
Subordinated Series 2018-BXH Class C
1-month USD LIBOR + 1.500%
Floor 1.500%
10/15/2037
1.897%   1,975,000 1,928,783
BHMS Mortgage Trust(a),(b)
Series 2018-ATLS Class A
1-month USD LIBOR + 1.250%
Floor 1.250%
07/15/2035
1.647%   13,500,000 13,348,148
BX Commercial Mortgage Trust(a),(b)
Series 2019-XL Class C
1-month USD LIBOR + 1.250%
Floor 1.250%
10/15/2036
1.647%   6,188,000 6,132,218
BX Mortgage Trust(a),(b)
Series 2021-PAC Class D
1-month USD LIBOR + 1.298%
Floor 1.298%
10/15/2036
1.408%   6,350,000 6,064,257
BX Trust(a),(b)
Series 2019-ATL Class C
1-month USD LIBOR + 1.587%
Floor 1.587%, Cap 1.587%
10/15/2036
1.984%   2,180,000 2,131,180
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Short Term Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
March 31, 2022
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Subordinated Series 2019-ATL Class D
1-month USD LIBOR + 1.887%
Floor 1.887%
10/15/2036
2.284%   1,931,000 1,873,170
CIM Retail Portfolio Trust(a),(b)
Series 2021-RETL Class D
1-month USD LIBOR + 3.050%
Floor 3.050%
08/15/2036
3.447%   4,406,250 4,304,696
CLNY Trust(a),(b)
Series 2019-IKPR Class D
1-month USD LIBOR + 2.025%
Floor 2.025%
11/15/2038
2.422%   5,900,000 5,752,495
Extended Stay America Trust(a),(b)
Series 2021-ESH Class E
1-month USD LIBOR + 2.850%
Floor 2.850%
07/15/2038
3.247%   869,648 854,445
Invitation Homes Trust(a),(b)
Series 2018-SFR1 Class A
1-month USD LIBOR + 0.700%
03/17/2037
1.141%   8,464,036 8,376,478
KKR Industrial Portfolio Trust(a),(b)
Subordinated Series 2021-KDIP Class D
1-month USD LIBOR + 1.250%
Floor 1.250%
12/15/2037
1.647%   975,000 950,506
Morgan Stanley Capital I Trust(a),(d)
Series 2019-MEAD Class D
11/10/2036 3.283%   3,675,000 3,424,546
One New York Plaza Trust(a),(b)
Subordinated Series 2020-1NYP Class C
1-month USD LIBOR + 2.200%
Floor 2.200%
01/15/2026
2.597%   3,000,000 2,955,629
Subordinated Series 2020-1NYP Class D
1-month USD LIBOR + 2.750%
Floor 2.750%
01/15/2026
3.147%   1,125,000 1,108,361
Progress Residential Trust(a)
Series 2020-SFR1 Class C
04/17/2037 2.183%   1,000,000 944,389
Series 2020-SFR1 Class D
04/17/2037 2.383%   2,025,000 1,906,151
Series 2020-SFR2 Class A
06/17/2037 2.078%   1,200,000 1,157,805
Subordinated Series 2020-SFR2 Class C
06/18/2037 3.077%   300,000 291,654
Subordinated Series 2020-SFR2 Class D
06/18/2037 3.874%   350,000 344,876
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
RBS Commercial Funding, Inc., Trust(a),(d)
Series 2013-GSP Class A
01/15/2032 3.834%   8,200,000 8,226,592
SPGN TFLM Mortgage Trust(a),(b)
Series 2022 Class A
1-month Term SOFR + 1.550%
Floor 1.550%
02/15/2039
1.600%   14,125,000 14,027,842
Wells Fargo Commercial Mortgage Trust(a),(b)
Series 2017-SMP Class A
1-month USD LIBOR + 0.875%
Floor 0.875%
12/15/2034
1.272%   16,055,000 15,833,370
Series 2020-SDAL Class D
1-month USD LIBOR + 2.090%
Floor 2.090%, Cap 4.500%
02/15/2037
2.531%   1,600,000 1,536,198
Series 2021-FCMT Class A
1-month USD LIBOR + 1.200%
Floor 1.200%
05/15/2031
1.597%   1,900,000 1,878,634
Series 2021-FCMT Class D
1-month USD LIBOR + 3.500%
Floor 3.500%
05/15/2031
3.897%   1,575,000 1,544,987
WF-RBS Commercial Mortgage Trust
Series 2013-C18 Class ASB
12/15/2046 3.676%   683,981 690,748
Total Commercial Mortgage-Backed Securities - Non-Agency
(Cost $133,673,678)
131,432,137
Corporate Bonds & Notes 33.9%
Aerospace & Defense 1.5%
BAE Systems Holdings, Inc.(a)
12/15/2025 3.850%   4,000,000 4,014,084
Boeing Co. (The)
02/01/2027 2.700%   5,500,000 5,282,178
General Dynamics Corp.
06/01/2026 1.150%   2,500,000 2,324,904
L3Harris Technologies, Inc.
12/15/2026 3.850%   3,000,000 3,052,654
Northrop Grumman Corp.
02/01/2027 3.200%   2,000,000 2,006,150
TransDigm, Inc.(a)
12/15/2025 8.000%   701,000 731,117
03/15/2026 6.250%   990,000 1,019,367
TransDigm, Inc.
06/15/2026 6.375%   216,000 218,016
Total 18,648,470
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
March 31, 2022
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Airlines 0.2%
Air Canada(a)
08/15/2026 3.875%   203,000 191,837
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
04/20/2026 5.500%   770,000 769,425
Delta Air Lines, Inc./SkyMiles IP Ltd.(a)
10/20/2025 4.500%   387,000 389,752
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a)
01/20/2026 5.750%   714,673 715,140
United Airlines, Inc.(a)
04/15/2026 4.375%   618,000 608,483
Total 2,674,637
Automotive 0.5%
American Axle & Manufacturing, Inc.
03/15/2026 6.250%   95,000 96,189
Clarios Global LP(a)
05/15/2025 6.750%   741,000 767,177
Ford Motor Credit Co. LLC
01/09/2023 3.087%   214,000 214,267
11/17/2023 3.370%   200,000 199,632
03/18/2024 5.584%   1,215,000 1,250,899
11/13/2025 3.375%   309,000 302,138
05/28/2027 4.950%   140,000 142,337
IAA Spinco, Inc.(a)
06/15/2027 5.500%   595,000 597,902
IHO Verwaltungs GmbH(a),(e)
09/15/2026 4.750%   781,819 764,903
KAR Auction Services, Inc.(a)
06/01/2025 5.125%   1,267,000 1,282,818
ZF North America Capital, Inc.(a)
04/29/2025 4.750%   191,000 191,661
Total 5,809,923
Banking 7.9%
American Express Co.
03/04/2027 2.550%   2,875,000 2,794,115
Bank of America Corp.(f)
03/11/2027 1.658%   13,000,000 12,142,227
Bank of Montreal
01/10/2025 1.500%   2,725,000 2,611,166
03/08/2027 2.650%   1,025,000 991,494
Bank of New York Mellon Corp. (The)
04/24/2025 1.600%   3,000,000 2,896,727
Bank of Nova Scotia (The)
01/10/2025 1.450%   3,000,000 2,882,148
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Canadian Imperial Bank of Commerce(b)
3-month USD LIBOR + 0.660%
09/13/2023
1.463%   3,000,000 3,000,552
Citigroup, Inc.
Subordinated
03/09/2026 4.600%   7,500,000 7,784,047
Discover Bank
09/12/2024 2.450%   3,000,000 2,949,022
Goldman Sachs Group, Inc. (The)(f)
03/08/2024 0.673%   9,000,000 8,823,096
HSBC Holdings PLC(f)
03/10/2026 2.999%   5,300,000 5,197,704
JPMorgan Chase & Co.(f)
02/24/2028 2.947%   12,275,000 11,978,521
Morgan Stanley(f)
01/25/2024 0.529%   9,000,000 8,854,692
PNC Bank NA
02/23/2025 2.950%   2,500,000 2,503,842
Royal Bank of Canada
01/21/2025 1.600%   2,630,000 2,534,987
Toronto-Dominion Bank (The)
01/10/2025 1.450%   3,500,000 3,359,592
Truist Financial Corp.(f)
03/02/2027 1.267%   3,174,000 2,947,173
US Bancorp(f)
01/27/2028 2.215%   1,500,000 1,435,750
Wells Fargo & Co.
Subordinated
06/03/2026 4.100%   8,500,000 8,718,582
Westpac Banking Corp.
11/18/2024 1.019%   2,800,000 2,679,308
Total 97,084,745
Building Materials 0.1%
Beacon Roofing Supply, Inc.(a)
11/15/2026 4.500%   1,032,000 1,026,226
JELD-WEN, Inc.(a)
05/15/2025 6.250%   294,000 302,610
Standard Industries, Inc.(a)
02/15/2027 5.000%   310,000 307,840
Total 1,636,676
Cable and Satellite 1.0%
CCO Holdings LLC/Capital Corp.(a)
03/01/2023 4.000%   352,000 352,000
05/01/2026 5.500%   77,000 78,263
05/01/2027 5.125%   794,000 795,457
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Short Term Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
March 31, 2022
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Charter Communications Operating LLC/Capital
02/01/2024 4.500%   2,500,000 2,561,414
Comcast Corp.
04/15/2024 3.700%   2,500,000 2,554,447
CSC Holdings LLC
06/01/2024 5.250%   1,016,000 1,018,146
CSC Holdings LLC(a)
04/15/2027 5.500%   1,026,000 1,017,170
DISH DBS Corp.
07/15/2022 5.875%   267,000 268,517
03/15/2023 5.000%   151,000 151,455
DISH DBS Corp.(a)
12/01/2026 5.250%   825,000 787,189
Radiate Holdco LLC/Finance, Inc.(a)
09/15/2026 4.500%   1,065,000 1,027,482
Sirius XM Radio, Inc.(a)
09/01/2026 3.125%   662,000 626,134
Videotron Ltd.(a)
04/15/2027 5.125%   512,000 517,668
Ziggo Bond Finance BV(a)
01/15/2027 6.000%   445,000 448,398
Total 12,203,740
Chemicals 0.8%
Axalta Coating Systems LLC/Dutch Holding B BV(a)
06/15/2027 4.750%   255,000 245,337
Dow Chemical Co. (The)
05/15/2026 3.625%   3,000,000 3,040,344
INEOS Quattro Finance 2 Plc(a)
01/15/2026 3.375%   633,000 585,909
Ingevity Corp.(a)
02/01/2026 4.500%   780,000 753,305
LYB International Finance III LLC
10/01/2025 1.250%   3,443,000 3,188,932
SPCM SA(a)
03/15/2027 3.125%   541,000 497,891
WR Grace Holdings LLC(a)
10/01/2024 5.625%   740,000 750,552
06/15/2027 4.875%   195,000 190,732
Total 9,253,002
Construction Machinery 0.3%
Caterpillar Financial Services Corp.
09/13/2024 0.600%   1,150,000 1,096,268
Herc Holdings, Inc.(a)
07/15/2027 5.500%   490,000 496,773
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
John Deere Capital Corp.
03/07/2025 2.125%   1,425,000 1,401,744
Ritchie Bros. Auctioneers, Inc.(a)
01/15/2025 5.375%   802,000 813,551
Total 3,808,336
Consumer Cyclical Services 0.1%
Uber Technologies, Inc.(a)
05/15/2025 7.500%   1,033,000 1,077,831
Consumer Products 0.1%
CD&R Smokey Buyer, Inc.(a)
07/15/2025 6.750%   991,000 1,022,928
Mattel, Inc.(a)
04/01/2026 3.375%   105,000 102,967
Spectrum Brands, Inc.
07/15/2025 5.750%   222,000 226,069
Total 1,351,964
Diversified Manufacturing 0.8%
Carrier Global Corp.
02/15/2027 2.493%   4,500,000 4,295,985
CFX Escrow Corp.(a)
02/15/2026 6.375%   615,000 634,645
Gates Global LLC/Co.(a)
01/15/2026 6.250%   694,000 695,270
Siemens Financieringsmaatschappij NV(a)
03/11/2026 1.200%   3,000,000 2,785,273
Stevens Holding Co., Inc.(a)
10/01/2026 6.125%   649,000 669,959
Vertical US Newco, Inc.(a)
07/15/2027 5.250%   250,000 248,103
WESCO Distribution, Inc.(a)
06/15/2025 7.125%   996,000 1,035,744
Total 10,364,979
Electric 3.5%
American Electric Power Co., Inc.
11/01/2025 1.000%   3,000,000 2,776,015
Calpine Corp.(a)
06/01/2026 5.250%   144,000 145,132
CenterPoint Energy, Inc.
06/01/2026 1.450%   2,500,000 2,323,528
Dominion Energy, Inc.
10/01/2025 3.900%   3,000,000 3,070,480
DTE Energy Co.
06/01/2025 1.050%   3,500,000 3,277,175
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2022
13

Portfolio of Investments  (continued)
March 31, 2022
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Duke Energy Corp.
09/15/2025 0.900%   3,000,000 2,779,857
Emera US Finance LP
06/15/2026 3.550%   2,500,000 2,500,266
Eversource Energy
03/01/2027 2.900%   4,000,000 3,923,101
Exelon Corp.
06/15/2025 3.950%   4,000,000 4,090,958
FirstEnergy Corp.
01/15/2026 1.600%   3,000,000 2,813,471
NextEra Energy Capital Holdings, Inc.
01/15/2027 1.875%   3,225,000 3,027,417
NextEra Energy Operating Partners LP(a)
07/15/2024 4.250%   1,122,000 1,136,155
10/15/2026 3.875%   166,000 164,083
PPL Capital Funding, Inc.
05/15/2026 3.100%   3,000,000 2,959,578
Southern Co. (The)
03/15/2028 1.750%   4,000,000 3,603,793
TerraForm Power Operating LLC(a)
01/31/2023 4.250%   897,000 899,928
Vistra Operations Co. LLC(a)
09/01/2026 5.500%   274,000 275,413
02/15/2027 5.625%   511,000 510,739
WEC Energy Group, Inc.
10/15/2027 1.375%   3,000,000 2,696,880
Total 42,973,969
Environmental 0.2%
GFL Environmental, Inc.(a)
06/01/2025 4.250%   1,223,000 1,212,777
12/15/2026 5.125%   303,000 305,676
Waste Pro USA, Inc.(a)
02/15/2026 5.500%   583,000 550,365
Total 2,068,818
Finance Companies 0.2%
Navient Corp.
01/25/2023 5.500%   318,000 323,393
10/25/2024 5.875%   149,000 152,001
06/25/2025 6.750%   159,000 163,457
Provident Funding Associates LP/Finance Corp.(a)
06/15/2025 6.375%   253,000 248,677
Rocket Mortgage LLC/Co-Issuer, Inc.(a)
10/15/2026 2.875%   1,077,000 990,411
SLM Corp.
10/29/2025 4.200%   192,000 190,523
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Springleaf Finance Corp.
03/15/2024 6.125%   522,000 534,835
Total 2,603,297
Food and Beverage 1.8%
Anheuser-Busch InBev Worldwide, Inc.
04/13/2028 4.000%   3,850,000 3,996,594
Bacardi Ltd.(a)
05/15/2025 4.450%   4,400,000 4,502,595
Conagra Brands, Inc.
11/01/2027 1.375%   1,800,000 1,600,111
Diageo Capital PLC
09/29/2025 1.375%   2,500,000 2,369,110
FAGE International SA/USA Dairy Industry, Inc.(a)
08/15/2026 5.625%   264,000 262,036
Kraft Heinz Foods Co.
05/15/2027 3.875%   3,000,000 3,046,568
Mondelez International, Inc.
03/17/2027 2.625%   2,750,000 2,684,367
Performance Food Group, Inc.(a)
05/01/2025 6.875%   419,000 433,499
Post Holdings, Inc.(a)
03/01/2027 5.750%   357,000 359,282
Tyson Foods, Inc.
08/15/2024 3.950%   2,300,000 2,344,343
US Foods, Inc.(a)
04/15/2025 6.250%   882,000 907,763
Total 22,506,268
Gaming 0.5%
Boyd Gaming Corp.(a)
06/01/2025 8.625%   397,000 417,523
Colt Merger Sub, Inc.(a)
07/01/2025 5.750%   760,000 777,649
07/01/2025 6.250%   992,000 1,025,306
GLP Capital LP/Financing II, Inc.
11/01/2023 5.375%   231,000 237,171
International Game Technology PLC(a)
02/15/2025 6.500%   403,000 422,939
04/15/2026 4.125%   362,000 357,463
MGM Growth Properties Operating Partnership LP/Finance Co-Issuer, Inc.
05/01/2024 5.625%   511,000 526,384
MGM Growth Properties Operating Partnership LP/Finance Co-Issuer, Inc.(a)
06/15/2025 4.625%   321,000 324,451
MGM Resorts International
03/15/2023 6.000%   364,000 372,439
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Short Term Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
March 31, 2022
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Scientific Games International, Inc.(a)
10/15/2025 5.000%   1,169,000 1,198,225
VICI Properties LP/Note Co., Inc.(a)
02/15/2025 3.500%   377,000 371,307
12/01/2026 4.250%   273,000 272,128
Wynn Las Vegas LLC/Capital Corp.(a)
05/30/2023 4.250%   187,000 186,397
03/01/2025 5.500%   219,000 219,088
Total 6,708,470
Health Care 1.4%
Becton Dickinson and Co.
06/06/2024 3.363%   4,500,000 4,540,002
Change Healthcare Holdings LLC/Finance, Inc.(a)
03/01/2025 5.750%   831,000 830,870
Cigna Corp.
03/01/2027 3.400%   2,285,000 2,304,707
CVS Health Corp.
06/01/2026 2.875%   3,000,000 2,976,152
HCA, Inc.
02/01/2025 5.375%   638,000 665,010
02/15/2026 5.875%   250,000 265,927
Indigo Merger Sub, Inc.(a)
07/15/2026 2.875%   930,000 885,484
IQVIA, Inc.(a)
10/15/2026 5.000%   310,000 315,687
05/15/2027 5.000%   180,000 182,094
Ortho-Clinical Diagnostics, Inc./SA(a)
06/01/2025 7.375%   645,000 665,493
Select Medical Corp.(a)
08/15/2026 6.250%   1,498,000 1,547,297
Tenet Healthcare Corp.
07/15/2024 4.625%   382,000 383,753
Tenet Healthcare Corp.(a)
09/01/2024 4.625%   597,000 601,359
01/01/2026 4.875%   785,000 794,344
02/01/2027 6.250%   450,000 462,179
Total 17,420,358
Healthcare Insurance 0.3%
Anthem, Inc.
01/15/2025 2.375%   3,200,000 3,157,354
Home Construction 0.1%
Lennar Corp.
11/15/2024 5.875%   197,000 207,741
Taylor Morrison Communities, Inc./Holdings II(a)
04/15/2023 5.875%   377,000 382,717
03/01/2024 5.625%   360,000 370,169
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
TRI Pointe Group, Inc./Homes
06/15/2024 5.875%   154,000 159,952
Total 1,120,579
Independent Energy 0.6%
Canadian Natural Resources Ltd.
02/01/2025 3.900%   2,000,000 2,026,013
CrownRock LP/Finance, Inc.(a)
10/15/2025 5.625%   568,000 578,938
Devon Energy Corp.
09/15/2024 5.250%   491,000 513,175
Endeavor Energy Resources LP/Finance, Inc.(a)
07/15/2025 6.625%   587,000 611,094
EQT Corp.(a)
05/15/2026 3.125%   277,000 268,595
Occidental Petroleum Corp.
12/01/2025 5.500%   643,000 677,023
03/15/2026 5.550%   235,000 249,605
04/15/2026 3.400%   157,000 156,050
08/15/2026 3.200%   130,000 127,602
Woodside Finance Ltd.(a)
03/05/2025 3.650%   2,200,000 2,207,168
Total 7,415,263
Integrated Energy 0.3%
BP Capital Markets PLC
02/10/2024 3.814%   1,220,000 1,244,592
Cenovus Energy, Inc.
04/15/2027 4.250%   2,850,000 2,944,708
Total 4,189,300
Leisure 0.5%
Carnival Corp.(a)
03/01/2026 7.625%   376,000 378,541
03/01/2027 5.750%   532,000 507,088
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(a)
05/01/2025 5.500%   428,000 439,624
Cinemark USA, Inc.(a)
05/01/2025 8.750%   367,000 383,702
03/15/2026 5.875%   312,000 302,967
Live Nation Entertainment, Inc.(a)
11/01/2024 4.875%   855,000 859,475
03/15/2026 5.625%   335,000 341,173
05/15/2027 6.500%   265,000 282,052
Royal Caribbean Cruises Ltd.(a)
06/01/2025 11.500%   233,000 255,935
07/01/2026 4.250%   400,000 372,384
08/31/2026 5.500%   275,000 267,225
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2022
15

Portfolio of Investments  (continued)
March 31, 2022
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Six Flags Entertainment Corp.(a)
07/31/2024 4.875%   730,000 731,888
04/15/2027 5.500%   368,000 367,552
Six Flags Theme Parks, Inc.(a)
07/01/2025 7.000%   139,000 145,507
Vail Resorts, Inc.(a)
05/15/2025 6.250%   374,000 387,041
Total 6,022,154
Life Insurance 1.4%
CoreBridge Financial, Inc.(a),(g)
04/04/2025 3.500%   2,900,000 2,897,709
Five Corners Funding Trust(a)
11/15/2023 4.419%   2,000,000 2,045,385
Met Tower Global Funding(a)
09/14/2026 1.250%   4,000,000 3,693,024
Peachtree Corners Funding Trust(a)
02/15/2025 3.976%   4,547,000 4,610,284
Principal Life Global Funding II(a)
11/17/2026 1.500%   4,000,000 3,681,189
Total 16,927,591
Lodging 0.1%
Hilton Domestic Operating Co., Inc.(a)
05/01/2025 5.375%   593,000 606,684
Media and Entertainment 0.7%
Clear Channel Worldwide Holdings, Inc.(a)
08/15/2027 5.125%   250,000 247,437
iHeartCommunications, Inc.
05/01/2026 6.375%   1,203,000 1,238,487
Magallanes, Inc.(a)
03/15/2027 3.755%   5,500,000 5,492,018
Netflix, Inc.
03/01/2024 5.750%   272,000 284,928
Netflix, Inc.(a)
06/15/2025 3.625%   124,000 124,450
Outfront Media Capital LLC/Corp.(a)
06/15/2025 6.250%   858,000 881,115
Univision Communications, Inc.(a)
05/01/2025 9.500%   315,000 331,375
Total 8,599,810
Metals and Mining 0.1%
Commercial Metals Co.
05/15/2023 4.875%   215,000 218,210
Constellium NV(a)
02/15/2026 5.875%   373,000 373,889
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Hudbay Minerals, Inc.(a)
04/01/2026 4.500%   905,000 879,584
Novelis Corp.(a)
11/15/2026 3.250%   346,000 330,555
Total 1,802,238
Midstream 2.1%
Buckeye Partners LP
07/01/2023 4.150%   114,000 114,419
Cheniere Corpus Christi Holdings LLC
06/30/2024 7.000%   209,000 222,476
DCP Midstream Operating LP
03/15/2023 3.875%   518,000 517,915
Enbridge, Inc.
12/01/2026 4.250%   2,152,000 2,222,917
Enterprise Products Operating LLC
02/15/2025 3.750%   2,410,000 2,455,118
EQM Midstream Partners LP
07/15/2023 4.750%   245,000 246,802
12/01/2026 4.125%   327,000 314,095
EQM Midstream Partners LP(a)
07/01/2025 6.000%   332,000 338,856
Kinder Morgan, Inc.
11/15/2026 1.750%   3,300,000 3,067,689
MPLX LP
03/01/2026 1.750%   3,000,000 2,815,356
NuStar Logistics LP
10/01/2025 5.750%   680,000 694,496
06/01/2026 6.000%   497,000 502,925
Plains All American Pipeline LP/Finance Corp.
12/15/2026 4.500%   3,300,000 3,388,154
Rockpoint Gas Storage Canada Ltd.(a)
03/31/2023 7.000%   86,000 85,943
Southern Natural Gas Co. LLC(a)
04/28/2023 0.625%   2,300,000 2,251,753
Targa Resources Partners LP/Finance Corp.
04/15/2026 5.875%   438,000 451,775
Western Midstream Operating LP
02/01/2025 3.600%   1,998,000 1,984,368
Williams Companies, Inc. (The)
06/15/2027 3.750%   4,000,000 4,050,481
Total 25,725,538
Natural Gas 0.3%
NiSource Finance Corp.
05/15/2027 3.490%   4,000,000 3,990,538
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Short Term Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
March 31, 2022
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Oil Field Services 0.0%
Apergy Corp.
05/01/2026 6.375%   43,000 43,911
Transocean Guardian Ltd.(a)
01/15/2024 5.875%   84,895 82,134
Total 126,045
Other Industry 0.1%
Hillenbrand, Inc.
06/15/2025 5.750%   358,000 368,287
Picasso Finance Sub, Inc.(a)
06/15/2025 6.125%   438,000 446,304
Total 814,591
Other REIT 0.2%
Blackstone Mortgage Trust, Inc.(a)
01/15/2027 3.750%   431,000 401,241
Hospitality Properties Trust
06/15/2023 4.500%   265,000 261,916
Ladder Capital Finance Holdings LLLP/Corp.(a)
10/01/2025 5.250%   75,000 74,574
02/01/2027 4.250%   769,000 737,831
Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer(a)
06/01/2025 7.500%   579,000 604,187
RLJ Lodging Trust LP(a)
07/01/2026 3.750%   801,000 761,155
Total 2,840,904
Packaging 0.2%
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)
04/30/2025 5.250%   863,000 862,625
Berry Global, Inc.(a)
02/15/2026 4.500%   448,000 448,203
BWAY Holding Co.(a)
04/15/2024 5.500%   245,000 244,160
CANPACK SA/Eastern PA Land Investment Holding LLC(a)
11/01/2025 3.125%   380,000 351,862
Trivium Packaging Finance BV(a)
08/15/2026 5.500%   921,000 920,064
Total 2,826,914
Pharmaceuticals 1.2%
AbbVie, Inc.
05/14/2026 3.200%   6,000,000 6,016,206
Amgen, Inc.
05/01/2025 3.125%   3,330,000 3,353,179
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
AstraZeneca Finance LLC
05/28/2026 1.200%   2,500,000 2,328,961
Bausch Health Companies, Inc.(a)
04/15/2025 6.125%   473,000 476,696
11/01/2025 5.500%   186,000 185,599
12/15/2025 9.000%   230,000 238,325
04/01/2026 9.250%   439,000 449,696
Bristol Myers Squibb Co.
07/26/2024 2.900%   1,238,000 1,247,084
Total 14,295,746
Property & Casualty 0.3%
American International Group, Inc.
04/01/2026 3.900%   3,000,000 3,076,051
Radian Group, Inc.
10/01/2024 4.500%   160,000 160,440
03/15/2025 6.625%   423,000 444,835
Total 3,681,326
Railroads 0.2%
CSX Corp.
08/01/2024 3.400%   3,000,000 3,039,048
Refining 0.3%
Phillips 66
02/15/2026 1.300%   3,500,000 3,272,417
Restaurants 0.2%
1011778 BC ULC/New Red Finance, Inc.(a)
04/15/2025 5.750%   1,173,000 1,208,668
IRB Holding Corp.(a)
06/15/2025 7.000%   1,300,000 1,357,127
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(a)
06/01/2027 4.750%   290,000 294,341
Yum! Brands, Inc.(a)
04/01/2025 7.750%   171,000 177,626
Total 3,037,762
Retailers 0.1%
Lowe’s Companies, Inc.
09/15/2024 3.125%   1,000,000 1,003,708
Penske Automotive Group, Inc.
09/01/2025 3.500%   338,000 335,422
Total 1,339,130
Supermarkets 0.1%
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2026 7.500%   307,000 324,903
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2022
17

Portfolio of Investments  (continued)
March 31, 2022
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
02/15/2023 3.500%   185,000 185,172
03/15/2026 3.250%   568,000 536,591
01/15/2027 4.625%   110,000 106,464
Total 1,153,130
Technology 1.9%
Boxer Parent Co., Inc.(a)
10/02/2025 7.125%   503,000 521,150
Broadcom Corp./Cayman Finance Ltd.
01/15/2027 3.875%   3,500,000 3,523,592
Camelot Finance SA(a)
11/01/2026 4.500%   586,000 572,280
CDK Global, Inc.
06/01/2027 4.875%   345,000 348,680
CommScope Finance LLC(a)
03/01/2026 6.000%   509,000 514,710
Fidelity National Information Services, Inc.
03/01/2026 1.150%   3,000,000 2,756,749
Microchip Technology, Inc.
02/15/2024 0.972%   3,500,000 3,357,955
09/01/2025 4.250%   351,000 355,538
NCR Corp.(a)
09/01/2027 5.750%   125,000 125,291
NXP BV/Funding LLC/USA, Inc.(a)
05/01/2027 3.150%   3,500,000 3,393,312
Oracle Corp.
05/15/2025 2.950%   3,465,000 3,419,053
PTC, Inc.(a)
02/15/2025 3.625%   237,000 234,493
RELX Capital, Inc.
03/16/2023 3.500%   1,500,000 1,512,920
Shift4 Payments LLC/Finance Sub, Inc.(a)
11/01/2026 4.625%   1,033,000 1,003,710
Square, Inc.(a)
06/01/2026 2.750%   577,000 545,643
Symantec Corp.(a)
04/15/2025 5.000%   402,000 401,618
Tempo Acquisition LLC/Finance Corp.(a)
06/01/2025 5.750%   755,000 763,709
Total 23,350,403
Transportation Services 0.3%
ERAC USA Finance LLC(a)
11/01/2025 3.800%   3,000,000 3,051,171
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Wireless 0.6%
Altice France SA(a)
02/01/2027 8.125%   764,000 787,501
American Tower Corp.
01/31/2028 1.500%   4,200,000 3,712,771
SBA Communications Corp.
02/15/2027 3.875%   230,000 224,474
Sprint Communications, Inc.
11/15/2022 6.000%   255,000 261,006
Sprint Corp.
09/15/2023 7.875%   755,000 802,618
06/15/2024 7.125%   442,000 474,203
T-Mobile USA, Inc.
02/15/2026 2.250%   213,000 200,764
04/15/2026 2.625%   322,000 308,045
T-Mobile USA, Inc.(a)
02/15/2026 2.250%   285,000 269,362
Total 7,040,744
Wirelines 0.8%
AT&T, Inc.
02/01/2028 1.650%   4,500,000 4,098,779
CenturyLink, Inc.
04/01/2024 7.500%   126,000 133,067
04/01/2025 5.625%   404,000 407,345
Front Range BidCo, Inc.(a)
03/01/2027 4.000%   540,000 496,972
Iliad Holding SAS(a)
10/15/2026 6.500%   1,127,000 1,130,374
Verizon Communications, Inc.
03/22/2028 2.100%   3,500,000 3,267,235
Total 9,533,772
Total Corporate Bonds & Notes
(Cost $433,796,526)
417,155,635
Foreign Government Obligations(h) 0.0%
Canada 0.0%
NOVA Chemicals Corp.(a)
05/01/2025 5.000%   105,000 105,145
06/01/2027 5.250%   504,000 502,352
Total 607,497
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Short Term Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
March 31, 2022
Foreign Government Obligations(h) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Morocco 0.0%
Morocco Government AID Bond(b),(c),(i)
6-month USD LIBOR + 0.000%
05/01/2023
0.938%   127,500 126,225
Total Foreign Government Obligations
(Cost $764,714)
733,722
Residential Mortgage-Backed Securities - Agency 0.2%
Federal Home Loan Mortgage Corp.
01/01/2023-
10/01/2024
4.500%   11,024 11,319
01/01/2024 5.000%   11,175 11,413
03/01/2025-
04/01/2026
4.000%   12,786 13,179
11/01/2025-
07/01/2026
3.500%   4,013 4,105
Federal Home Loan Mortgage Corp.(b)
1-year CMT + 2.218%
Cap 9.475%
03/01/2034
2.441%   106,724 106,746
12-month USD LIBOR + 1.735%
Cap 10.860%
07/01/2036
1.985%   1,640 1,642
12-month USD LIBOR + 1.710%
Cap 11.096%
08/01/2036
1.970%   27,273 28,421
12-month USD LIBOR + 1.765%
Cap 11.140%
12/01/2036
2.015%   5,079 5,075
Federal National Mortgage Association
03/01/2023 5.000%   60 61
03/01/2024-
11/01/2031
4.000%   174,610 180,971
12/01/2025-
09/01/2026
3.500%   31,246 31,929
04/01/2031 1.500%   1,841,132 1,782,222
11/01/2033-
08/01/2037
5.500%   171,957 187,136
12/01/2040 2.000%   440,129 413,319
Federal National Mortgage Association(d)
CMO Series 2003-W11 Class A1
06/25/2033 2.993%   5,691 5,751
Government National Mortgage Association(b)
1-year CMT + 1.500%
Floor 1.000%, Cap 11.000%
03/20/2030
2.000%   8,065 8,266
Government National Mortgage Association
08/15/2037 7.500%   11,611 11,883
Total Residential Mortgage-Backed Securities - Agency
(Cost $2,937,345)
2,803,438
Residential Mortgage-Backed Securities - Non-Agency 26.1%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
510 Asset Backed Trust(a),(d)
CMO Series 2021-NPL2 Class A1
06/25/2061 2.116%   5,059,849 4,851,321
AMRESCO Residential Securities Corp. Mortgage Loan Trust(b)
CMO Series 1998-3 Class A7
1-month USD LIBOR + 0.480%
Floor 0.480%
07/25/2028
0.937%   6,681 6,671
Angel Oak Mortgage Trust(a),(d)
CMO Series 2020-6 Class A3
05/25/2065 1.775%   489,518 479,006
CMO Series 2020-6 Class M1
05/25/2065 2.805%   1,225,000 1,188,259
CMO Series 2021-8 Class A1
11/25/2066 1.820%   9,225,882 8,729,143
Angel Oak Mortgage Trust I LLC(a),(d)
CMO Series 2018-3 Class A3
09/25/2048 3.853%   414,577 414,546
CMO Series 2019-2 Class A3
03/25/2049 3.833%   350,281 350,087
Banc of America Funding Trust
CMO Series 2005-5 Class 2A1
09/25/2035 5.500%   105,102 106,846
Banc of America Funding Trust(d)
CMO Series 2007-C Class 1A3
05/20/2036 2.994%   57,762 57,379
Bellemeade Re Ltd.(a),(b)
CMO Series 2020-3A Class M1B
1-month USD LIBOR + 2.850%
Floor 2.850%
10/25/2030
3.037%   1,899,406 1,901,712
CMO Series 2021-1A Class M1B
30-day Average SOFR + 2.200%
Floor 2.200%
03/25/2031
2.210%   3,000,000 2,982,040
CMO Series 2022-1 Class M1B
30-day Average SOFR + 2.150%
Floor 2.150%
01/26/2032
2.200%   5,284,000 5,248,477
BRAVO Residential Funding Trust(a),(d)
CMO Series 2020-NQM1 Class A1
05/25/2060 1.449%   1,022,044 1,015,139
CMO Series 2021-NQM1 Class A1
02/25/2049 0.941%   4,762,081 4,533,126
CFMT LLC(a),(d)
CMO Series 2021-EBO1 Class A
11/25/2050 0.985%   4,129,771 4,066,418
Chase Mortgage Finance Trust
CMO Series 2005-S2 Class A1
10/25/2035 5.500%   68,639 68,042
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2022