N-CSR 1 f12667d1.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:  April 30 

Date of reporting period:  April 30, 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
April 30, 2022 
Columbia Short Term Municipal Bond Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Short Term Municipal 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 Municipal Bond Fund  |  Annual Report 2022

Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks current income exempt from federal income tax, consistent with minimal fluctuation of principal.
Portfolio management
Douglas Rangel, CFA
Lead Portfolio Manager
Managed the Fund since June 2022
Catherine Stienstra
Portfolio Manager
Managed Fund since 2012
Anders Myhran, CFA*
Portfolio Manager
Managed Fund since 2015
* Anders Myhran has announced that he plans to retire from the Investment Manager effective September 30, 2022. Until then, Mr. Myhran will continue to serve as Portfolio Manager of the Fund.
Average annual total returns (%) (for the period ended April 30, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 11/02/93 -3.68 0.47 0.49
  Including sales charges   -4.69 0.28 0.39
Advisor Class* 03/19/13 -3.53 0.74 0.75
Class C Excluding sales charges 05/19/94 -4.48 -0.28 -0.26
  Including sales charges   -5.43 -0.28 -0.26
Institutional Class 10/07/93 -3.44 0.72 0.74
Institutional 2 Class* 11/08/12 -3.40 0.79 0.81
Institutional 3 Class* 03/01/17 -3.36 0.81 0.79
Bloomberg 1-3 Year Municipal Bond Index   -2.91 0.82 0.85
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 Municipal Bond Index is an unmanaged index which consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to three years. Effective August 24, 2021, the Bloomberg Barclays 1-3 Year Municipal Bond Index was re-branded as the Bloomberg 1-3 Year Municipal Bond 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 Municipal Bond Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (April 30, 2012 — April 30, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Short Term Municipal 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.
Quality breakdown (%) (at April 30, 2022)
AAA rating 5.6
AA rating 18.6
A rating 35.4
BBB rating 19.7
BB rating 1.5
B rating 0.4
Not rated 18.8
Total 100.0
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.
Top Ten States/Territories (%)
(at April 30, 2022)
New York 18.8
Illinois 9.3
Massachusetts 7.2
New Jersey 6.1
Pennsylvania 6.0
California 3.7
Kentucky 3.3
Texas 2.8
Georgia 2.8
Florida 2.7
Percentages indicated are based upon total investments excluding Money Market Funds and investments in derivatives, if any.
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
 
4 Columbia Short Term Municipal Bond Fund  | Annual Report 2022

Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended April 30, 2022, Class A shares of Columbia Short Term Municipal Bond Fund returned -3.68% excluding sales charges. Institutional shares of the Fund returned -3.44%. The Fund underperformed its benchmark, the Bloomberg 1-3 Year Municipal Bond Index, which returned -2.91% for the same period.
Market overview
As the annual period began in May 2021, municipal bonds were one of the few bright spots for U.S. fixed income. Upward pressure on U.S. Treasury yields, driven by fears of inflation, pressured most other sectors. However, municipal bond performance was supported by record inflows, improving credit fundamentals and substantial fiscal stimulus from the federal government. Notably, tax revenue performance was rather strong, with projected deficits turning into actual surpluses for many state and local governments. Interest rate volatility led most fixed-income sectors to negative returns for the third quarter of 2021, but municipal bond performance remained one of the few positive corners of the U.S. fixed-income market.
The year 2021 ended with yet another new COVID-19 variant emerging, but despite higher transmissibility, the Omicron variant appeared to be less severe than originally feared. With economic growth and employment seemingly on track, the U.S. Federal Reserve (Fed) began tapering its asset purchases while acknowledging conditions pushing inflation higher could persist. This served to elevate interest rate volatility for the fourth calendar quarter of 2021. Congressional passage of an infrastructure spending plan provided support to the municipal bond sector via federal spending, though movement toward higher individual tax rates, which could have boosted demand, was left out of the final bill. However, entering 2022 with relatively full valuations and low absolute yields left little margin for error within the municipal bond market, and as messaging from the Fed grew increasingly hawkish, municipal bonds could no longer remain immune from rising interest rates. (Hawkish tends to suggest higher interest rates; opposite of dovish.)
The first quarter of 2022 closed with the benchmark down in the worst drawdown since the COVID-19 sell-off and the worst first quarter return since 1980. As is often the case with municipal bonds, negative returns precipitated outflows, which, in turn, led to more negative returns. Long and intermediate national funds, as well as high-yield funds, experienced the heaviest pressure. A silver lining to the sell-off was that credit fundamentals were not a concern, as evidenced by the modest differential between below-investment-grade and investment-grade returns. A lack of high-yield supply helped to keep those returns relatively tight, and lower new issue supply avoided exacerbating the returns. Conditions persisted into the last month of the annual period, with the Bloomberg Municipal Bond Index posting a return of -2.77% in April 2022, and municipal bonds underperforming U.S. Treasuries for the month. However, rising interest rates coupled with outflows had a positive side effect for the municipal bond market. Excluding the brief COVID-19 sell-off, tax-exempt yields had not seen the levels of the first months of 2022 since early 2019. Indeed, versus other fixed-income sectors, taxable equivalent yields were attractive enough to begin enticing even bank and insurance buyers back into the municipal market. Buyers of municipal credit were also drawn in by the solid fundamentals underpinning state and local governments, which on the back of record tax collections, substantial federal aid and a growing economy, remained rather healthy. Credit upgrades outpaced downgrades, and defaults remained exceptionally low.
For the annual period as a whole, the short-term municipal bond market significantly outperformed the broader municipal bond market. The short-term municipal bond market also outperformed U.S. Treasuries and the broad U.S. fixed-income market for the annual period. While absolute returns were disappointing, the benchmark returned -2.91% as compared to a -7.88% return for the Bloomberg Municipal Bond Index, a -7.35% return for the Bloomberg Treasury Index and a -8.51% return for the Bloomberg U.S. Aggregate Bond Index for the annual period.
The Fund’s notable detractors during the period
The Fund’s duration positioning detracted most from its relative results. The Fund had a longer duration profile than that of the benchmark, which hurt as municipal yields rose significantly during the annual period.
The Fund’s exposure to securities with greater than three-year maturities, which are not components of the benchmark and which underperformed the benchmark during the annual period, further dampened the Fund’s relative results.
Having an overweight to the prepaid gas sector, which underperformed the benchmark during the annual period, hurt.
Security selection among A-rated and BBB-rated bonds detracted, as did security selection within the transportation sector.
Columbia Short Term Municipal Bond Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
(Unaudited)
The Fund’s notable contributors during the period
Exposure to municipal bonds with maturities of less than one year, which are not components of the benchmark, proved beneficial, as shorter maturity municipal bonds outperformed those with longer maturities during the annual period.
Security selection among AA-rated bonds boosted the Fund’s results. Higher quality bonds overall outperformed those with lower credit ratings during the annual period, as it was generally a “risk off” time in the market.
From a sector perspective, security selection among hospital bonds added value.
From a states perspective, exposure to New York and Massachusetts local general obligation notes, which generally outperformed the benchmark during the annual period, contributed positively.
Fixed-income securities present issuer default risk. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. 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. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. 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. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state, local or alternative minimum taxes. 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 Municipal 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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2021 — April 30, 2022
  Account value at the
beginning of the
period ($)
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 1,000.00 963.80 1,021.64 3.23 3.33 0.66
Advisor Class 1,000.00 1,000.00 965.10 1,022.89 2.01 2.07 0.41
Class C 1,000.00 1,000.00 960.60 1,017.90 6.89 7.09 1.41
Institutional Class 1,000.00 1,000.00 965.00 1,022.89 2.01 2.07 0.41
Institutional 2 Class 1,000.00 1,000.00 966.10 1,023.14 1.76 1.82 0.36
Institutional 3 Class 1,000.00 1,000.00 966.40 1,023.39 1.52 1.56 0.31
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 Municipal Bond Fund  | Annual Report 2022
7

Portfolio of Investments
April 30, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Fixed Income Funds 0.6%
  Shares Value ($)
Municipal 0.6%
Nuveen AMT-Free Quality Municipal Income Fund, Preferred Shares 5,000,000 5,000,000
Total Fixed Income Funds
(Cost $5,000,000)
5,000,000
    
Floating Rate Notes 1.5%
Issue Description Yield   Principal
Amount ($)
Value ($)
Florida 0.2%
County of Martin(a)
Revenue Bonds
Series 2000
07/15/2022 0.400%   700,000 700,000
JEA Electric System(a),(b)
Revenue Bonds
Series 2011 (US Bank NA)
10/01/2038 0.370%   700,000 700,000
Total 1,400,000
New York 1.3%
City of New York(a),(b)
Unlimited General Obligation Bonds
Fiscal 2015
Subordinated Series 2015 (JPMorgan Chase Bank)
06/01/2044 0.330%   3,600,000 3,600,000
Series 2015 (Barclays Bank PLC)
06/01/2044 0.350%   800,000 800,000
New York City Transitional Finance Authority(a),(b)
Revenue Bonds
Future Tax Secured
Subordinated Series 2015 (JPMorgan Chase Bank)
02/01/2045 0.330%   5,700,000 5,700,000
Total 10,100,000
Total Floating Rate Notes
(Cost $11,500,000)
11,500,000
Municipal Bonds 86.7%
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Alabama 2.6%
Black Belt Energy Gas District
Revenue Bonds
Project No. 4
Series 2019A-1
06/01/2023 4.000%   1,000,000 1,011,550
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Project No. 7
Series 2021
12/01/2024 4.000%   2,570,000 2,612,868
Series 2017-A (Mandatory Put 07/01/22)
08/01/2047 4.000%   2,500,000 2,510,042
Series 2018A (Mandatory Put 12/01/23)
12/01/2048 4.000%   4,970,000 5,030,006
Black Belt Energy Gas District(c)
Revenue Bonds
Series 2018B-1 (Mandatory Put 12/01/23)
0.7 x 1-month USD LIBOR + 0.900%
12/01/2048
1.204%   1,000,000 994,466
Series 2018B-2 (Mandatory Put 12/01/23)
Muni Swap Index Yield + 0.620%
12/01/2048
1.060%   5,000,000 4,973,746
Industrial Development Board of the City of Mobile
Senior Revenue Bonds
Alabama Power Co. - Barry Plant Project
Series 2020 (Mandatory Put 06/26/25)
06/01/2034 1.000%   1,150,000 1,082,882
Lower Alabama Gas District (The)
Revenue Bonds
Gas Project
Series 2020 (Mandatory Put 12/01/25)
12/01/2050 4.000%   600,000 611,496
Southeast Energy Authority A Cooperative District
Revenue Bonds
Project #2
Series 2021B
06/01/2026 4.000%   1,265,000 1,305,059
Total 20,132,115
Alaska 0.6%
Alaska Industrial Development & Export Authority
Refunding Revenue Bonds
Greater Fairbanks Community Hospital Foundation Project
Series 2019
04/01/2023 5.000%   1,870,000 1,917,990
04/01/2024 5.000%   1,800,000 1,877,203
Alaska Municipal Bond Bank Authority
Refunding Revenue Bonds
Series 2020-1
12/01/2022 5.000%   700,000 712,524
Total 4,507,717
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Short Term Municipal Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Arizona 1.1%
Arizona Industrial Development Authority
Revenue Bonds
Lincoln South Beltway Project
Series 2020
02/01/2023 5.000%   1,250,000 1,275,567
05/01/2023 5.000%   1,000,000 1,026,808
Chandler Industrial Development Authority(d)
Revenue Bonds
Intel Corp.
Series 2019 (Mandatory Put 06/03/24)
06/01/2049 5.000%   1,450,000 1,514,905
City of Phoenix Civic Improvement Corp.(d)
Revenue Bonds
Junior Lien - Airport
Series 2019B
07/01/2026 5.000%   990,000 1,060,859
Coconino County Pollution Control Corp.(d)
Refunding Revenue Bonds
Nevada Power Co.
Series 2020 (Mandatory Put 03/31/23)
09/01/2032 1.875%   1,500,000 1,494,963
Maricopa County Industrial Development Authority(c)
Refunding Revenue Bonds
Banner Health Obligation
Series 2019 (Mandatory Put 10/18/24)
Muni Swap Index Yield + 0.570%
01/01/2035
1.010%   1,375,000 1,380,529
Maricopa County Pollution Control Corp.
Refunding Revenue Bonds
Palo Verde Project
Series 2021 (Mandatory Put 10/01/26)
06/01/2043 0.875%   1,000,000 898,373
Total 8,652,004
California 3.0%
Bay Area Toll Authority(c)
Revenue Bonds
San Francisco Bay Area Toll Bridge
Series 2012 (Mandatory Put 04/01/24)
Muni Swap Index Yield + 1.100%
04/01/2045
1.540%   500,000 502,386
California Community Choice Financing Authority
Revenue Bonds
Green Bonds - Clean Energy Project
Series 2021 (Mandatory Put 12/01/27)
10/01/2052 4.000%   1,000,000 1,025,108
California County Tobacco Securitization Agency
Refunding Revenue Bonds
Series 2020A
06/01/2022 4.000%   300,000 300,555
06/01/2023 4.000%   400,000 404,843
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
California Public Finance Authority
Refunding Revenue Bonds
Henry Mayo Newhall Hospital
Series 2017
10/15/2022 5.000%   300,000 304,198
Series 2021
10/15/2024 4.000%   380,000 390,908
10/15/2025 4.000%   400,000 415,034
10/15/2026 4.000%   415,000 433,995
California Public Finance Authority(e)
Revenue Bonds
Enso Village Project - TEMPS 50
Series 2021
11/15/2027 2.125%   3,000,000 2,843,485
City of Los Angeles Department of Airports(d)
Refunding Revenue Bonds
Los Angeles International Airport
Subordinated Series 2022
05/15/2025 5.000%   1,930,000 2,039,345
City of Vernon Electric System(f)
Refunding Revenue Bonds
Series 2022A
08/01/2025 5.000%   500,000 524,010
08/01/2026 5.000%   600,000 634,540
Corona-Norco Unified School District(g)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2002D (AGM)
09/01/2027 0.000%   2,000,000 1,692,956
County of Sacramento Airport System(d)
Refunding Revenue Bonds
Series 2018C
07/01/2029 5.000%   1,585,000 1,721,277
Golden State Tobacco Securitization Corp.
Refunding Revenue Bonds
Series 2017A-1 Escrowed to Maturity
06/01/2022 5.000%   1,000,000 1,003,442
Palomar Health
Refunding Revenue Bonds
Series 2016
11/01/2022 5.000%   375,000 380,411
Pittsburg Successor Agency Redevelopment Agency(g)
Tax Allocation Bonds
Los Medanos Community Development Project
Series 1999 (AMBAC)
08/01/2024 0.000%   2,000,000 1,880,484
Port of Oakland(d)
Refunding Revenue Bonds
Intermediate Lien
Junior Subordinated Series 2021
05/01/2026 5.000%   4,125,000 4,436,440
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Sacramento Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Subordinated Series 2015A (BAM)
12/01/2022 5.000%   385,000 392,000
San Francisco City & County Airport Commission - San Francisco International Airport(d)
Refunding Revenue Bonds
Series 2019
01/01/2026 5.000%   1,500,000 1,596,421
Total 22,921,838
Colorado 1.5%
City & County of Denver Airport System(d)
Refunding Revenue Bonds
Series 2017A
11/15/2030 5.000%   1,925,000 2,062,800
System
Subordinated Series 2018A
12/01/2026 5.000%   1,500,000 1,613,236
Colorado Health Facilities Authority
Refunding Revenue Bonds
CommonSpirit Health
Series 2019B (Mandatory Put 08/01/26)
08/01/2049 5.000%   2,000,000 2,141,286
CommonSpirit Health Services
Series 2019B (Mandatory Put 08/01/25)
08/01/2049 5.000%   1,000,000 1,054,680
Evangelical Lutheran Good Samaritan Society Project (The)
Series 2017 Escrowed to Maturity
06/01/2022 5.000%   250,000 250,839
Revenue Bonds
Aberdeen Ridge
Series 2021B
05/15/2028 2.125%   1,750,000 1,631,936
E-470 Public Highway Authority(c)
Refunding Revenue Bonds
Series 2021B (Mandatory Put 09/01/24)
0.7 x SOFR + 0.350%
09/01/2039
0.538%   1,000,000 979,885
University of Colorado
Refunding Revenue Bonds
University Enterprise
Series 2021 (Mandatory Put 10/15/25)
06/01/2051 2.000%   1,750,000 1,691,468
Total 11,426,130
Connecticut 0.8%
City of New Haven
Unlimited General Obligation Bonds
Series 2019A (AGM)
08/01/2024 5.000%   1,000,000 1,053,429
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Connecticut Housing Finance Authority(d)
Refunding Revenue Bonds
Housing Mortgage Finance Program
Series 2021
05/15/2023 0.350%   350,000 343,495
11/15/2023 0.400%   300,000 291,131
Subordinated Series 2018A-2
05/15/2022 2.375%   1,460,000 1,460,699
South Central Connecticut Regional Water Authority(f)
Refunding Revenue Bonds
Thirty Sixth Series 2022B-1
08/01/2024 4.000%   2,325,000 2,399,854
State of Connecticut
Revenue Bonds
Special Tax Obligation Bonds
Series 2020A
05/01/2022 5.000%   400,000 400,095
Total 5,948,703
District of Columbia 0.4%
District of Columbia
Revenue Bonds
Federal Highway Grant Anticipation
Series 2011
12/01/2023 5.250%   1,750,000 1,754,163
Metropolitan Washington Airports Authority Aviation(d)
Refunding Revenue Bonds
Airport System
Series 2019A
10/01/2024 5.000%   1,000,000 1,049,577
Total 2,803,740
Florida 2.5%
City of Jacksonville(f)
Refunding Revenue Bonds
Series 2022A
10/01/2025 5.000%   700,000 742,883
City of Pompano Beach
Revenue Bonds
John Knox Village Project
Series 2021
01/01/2027 1.450%   2,000,000 1,804,905
City of Port St. Lucie
Special Assessment Refunding Revenue Bonds
Series 2016
07/01/2026 2.250%   1,750,000 1,704,332
County of Lee Airport(d)
Refunding Revenue Bonds
Series 2021A
10/01/2025 5.000%   2,130,000 2,258,824
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Short Term Municipal Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
County of Lee Solid Waste System(d)
Refunding Revenue Bonds
Series 2016 (NPFGC)
10/01/2022 5.000%   3,100,000 3,135,103
Florida Development Finance Corp.(e)
Revenue Bonds
Mayflower Retirement Community Center - TEMPS 50
Series 2021
06/01/2026 1.750%   1,020,000 949,015
Greater Orlando Aviation Authority(d)
Refunding Revenue Bonds
Subordinated Series 2016A
10/01/2027 5.000%   1,000,000 1,082,054
Hillsborough County Aviation Authority(d)
Prerefunded 10/01/24 Revenue Bonds
Tampa International Airport
Subordinated Series 2015B
10/01/2040 5.000%   3,000,000 3,148,729
Jacksonville Port Authority(d)
Prerefunded 11/01/22 Revenue Bonds
Series 2012
11/01/2038 5.000%   1,545,000 1,567,370
Seminole County Industrial Development Authority
Refunding Revenue Bonds
Legacy Pointe at UCF Project
Series 2019
11/15/2025 3.750%   2,000,000 1,895,713
St. Johns County Industrial Development Authority
Refunding Revenue Bonds
Vicar’s Landing Project
Series 2021
12/15/2024 4.000%   145,000 146,287
12/15/2025 4.000%   180,000 180,958
12/15/2026 4.000%   185,000 185,148
Village Community Development District No. 13
Special Assessment Bonds
Series 2021
05/01/2026 1.800%   500,000 465,434
Total 19,266,755
Georgia 2.8%
Bartow County Development Authority(a)
Revenue Bonds
Georgia Power Co. Plant
Series 2019 (Mandatory Put 08/19/22)
08/01/2043 1.550%   500,000 498,844
Burke County Development Authority
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 05/25/23)
10/01/2032 2.250%   1,000,000 994,208
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Development Authority of Burke County (The)
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 03/12/24)
11/01/2048 2.925%   1,250,000 1,245,704
Georgia State Road & Tollway Authority(e),(g)
Revenue Bonds
I-75 S Express Lanes Project
Series 2014 Escrowed to Maturity
06/01/2024 0.000%   735,000 677,112
Main Street Natural Gas, Inc.(e)
Revenue Bonds
Gas Supply
Series 2022C (Mandatory Put 11/01/27)
08/01/2052 4.000%   3,000,000 2,991,190
Main Street Natural Gas, Inc.(c)
Revenue Bonds
Series 2018B (Mandatory Put 09/01/23)
0.7 x 1-month USD LIBOR + 0.750%
04/01/2048
1.054%   1,500,000 1,491,607
Main Street Natural Gas, Inc.
Revenue Bonds
Series 2019A
05/15/2024 5.000%   1,250,000 1,288,735
Series 2019B (Mandatory Put 12/02/24)
08/01/2049 4.000%   3,925,000 4,021,853
Series 2019C
09/01/2024 5.000%   1,500,000 1,560,710
Series 2019C (Mandatory Put 09/01/26)
03/01/2050 4.000%   4,500,000 4,586,602
Series 2021C
12/01/2027 4.000%   1,225,000 1,255,559
Municipal Electric Authority of Georgia
Refunding Revenue Bonds
Power
Series 2018HH
01/01/2023 5.000%   875,000 893,072
Total 21,505,196
Guam 0.4%
Guam Power Authority(f),(h)
Refunding Revenue Bonds
Series 2022A
10/01/2025 5.000%   2,375,000 2,492,801
Territory of Guam(h)
Refunding Revenue Bonds
Section 30
Series 2016A
12/01/2022 5.000%   500,000 508,364
Total 3,001,165
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Idaho 0.6%
Idaho Health Facilities Authority
Prerefunded 10/01/24 Revenue Bonds
Terraces of Boise Project
Series 2014A
10/01/2044 8.000%   3,700,000 4,158,672
Idaho Housing & Finance Association
Revenue Bonds
Sunset Landing Apartment Project
Series 2021
07/01/2024 0.700%   820,000 786,322
Total 4,944,994
Illinois 9.3%
Chicago Board of Education
Unlimited General Obligation Refunding Bonds
Series 2021B
12/01/2022 5.000%   400,000 406,643
Chicago Housing Authority
Revenue Bonds
Series 2018A (HUD)
01/01/2023 5.000%   1,000,000 1,016,398
Chicago Midway International Airport(d)
Refunding Revenue Bonds
Junior 2nd Lien
Series 2014A
01/01/2027 5.000%   2,885,000 2,974,033
Series 2016A
01/01/2024 5.000%   2,000,000 2,071,067
Chicago O’Hare International Airport(d)
Refunding Revenue Bonds
Series 2015A
01/01/2028 5.000%   2,515,000 2,623,608
City of Chicago
Unlimited General Obligation Refunding Bonds
Series 2020A
01/01/2024 5.000%   340,000 351,298
Series 2021A
01/01/2029 5.000%   2,000,000 2,138,007
City of Chicago Wastewater Transmission
Refunding Revenue Bonds
2nd Lien
Series 2008
01/01/2024 5.000%   2,200,000 2,286,915
City of Chicago Waterworks
Refunding Revenue Bonds
Series 2016
11/01/2022 5.000%   3,220,000 3,270,466
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Cook County Community College District No. 535 Oakton
Prerefunded 12/01/24 Limited General Obligation Bonds
Limited Tax
Series 2014
12/01/2027 4.000%   200,000 207,601
Cook County School District No. 99 Cicero
Unlimited General Obligation Refunding Bonds
Series 2019
12/01/2023 5.000%   575,000 595,393
County of Cook Sales Tax
Revenue Bonds
Series 2012
11/15/2024 5.000%   810,000 823,384
Illinois Development Finance Authority(g)
Revenue Bonds
Regency Park
Series 1991 Escrowed to Maturity
07/15/2025 0.000%   2,010,000 1,847,265
Zero Regency Park
Series 1991 Escrowed to Maturity
07/15/2023 0.000%   2,395,000 2,331,056
Illinois Finance Authority
Improvement Refunding Bonds
Chicago International
Series 2017
12/01/2022 5.000%   290,000 293,743
Refunding Revenue Bonds
American Water Capital Corp. Project
Series 2020 (Mandatory Put 09/01/23)
05/01/2040 0.700%   2,000,000 1,951,224
Lifespace Communities
Series 2015
05/15/2023 5.000%   250,000 254,842
05/15/2024 5.000%   450,000 465,548
OSF Healthcare System
Series 2015A
11/15/2022 5.000%   555,000 564,737
Illinois Finance Authority(c)
Refunding Revenue Bonds
Presbyterian Homes
Series 2021 (Mandatory Put 05/01/26)
Muni Swap Index Yield + 0.700%
05/01/2042
1.140%   1,250,000 1,252,607
Illinois Housing Development Authority
Revenue Bonds
Senior
Series 2016A
10/01/2031 3.125%   1,325,000 1,312,653
Series 2021C (FHA)
07/01/2026 0.800%   1,000,000 921,947
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Short Term Municipal Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Kane Cook & DuPage Counties School District No. U-46 Elgin(g)
Unrefunded Unlimited General Obligation Bonds
Series 2003B (AMBAC)
01/01/2023 0.000%   2,000,000 1,972,068
Kendall Kane & Will Counties Community Unit School District No. 308
Unlimited General Obligation Refunding Bonds
Series 2011A
02/01/2023 5.500%   2,000,000 2,051,522
Metropolitan Pier & Exposition Authority
Refunding Revenue Bonds
McCormick Place Expansion
Series 2022
06/15/2024 3.000%   2,250,000 2,249,039
06/15/2025 3.000%   2,000,000 1,988,768
Northern Illinois University
Refunding Revenue Bonds
Northern University of Illinois
Series 2020B (BAM)
04/01/2025 5.000%   400,000 423,359
Revenue Bonds
Board of Trustees
Series 2021 (BAM)
10/01/2025 5.000%   310,000 330,820
10/01/2026 5.000%   250,000 270,360
Railsplitter Tobacco Settlement Authority
Revenue Bonds
Series 2017
06/01/2023 5.000%   2,415,000 2,477,407
06/01/2024 5.000%   3,000,000 3,126,565
Sales Tax Securitization Corp.
Refunding Revenue Bonds
Series 2018C
01/01/2023 5.000%   1,000,000 1,021,254
State of Illinois
Unlimited General Obligation Bonds
Senior
Series 2014
05/01/2026 5.000%   2,000,000 2,073,394
05/01/2027 5.000%   1,500,000 1,553,394
Series 2017D
11/01/2022 5.000%   2,000,000 2,028,375
11/01/2028 5.000%   4,775,000 5,127,722
Series 2020B
10/01/2026 5.000%   1,000,000 1,070,924
Series 2020C
05/01/2022 5.125%   500,000 500,114
05/01/2023 5.375%   250,000 256,849
Series 2020D
10/01/2022 5.000%   500,000 506,057
10/01/2024 5.000%   2,000,000 2,093,079
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Series 2021A
03/01/2024 5.000%   1,250,000 1,297,639
03/01/2025 5.000%   500,000 525,926
03/01/2028 5.000%   2,500,000 2,701,505
Series 2021B
03/01/2023 5.000%   2,500,000 2,552,446
Unlimited General Obligation Refunding Bonds
Series 2018A
10/01/2023 5.000%   2,300,000 2,372,867
Series 2021C
03/01/2024 4.000%   1,000,000 1,020,430
Village of Bolingbrook
Refunding Special Tax Bonds
Series 2018 (AGM)
03/01/2023 4.000%   510,000 518,225
Total 72,070,543
Indiana 2.6%
City of Whiting(d)
Refunding Revenue Bonds
BP Products North America
Series 2019 (Mandatory Put 06/05/26)
12/01/2044 5.000%   1,000,000 1,065,288
Indiana Finance Authority(d)
Prerefunded 07/01/23 Revenue Bonds
Ohio River Bridges East End Crossing Project
Series 2013
07/01/2044 5.000%   3,000,000 3,083,186
Private Activity - Ohio River Bridges East End Crossing Project
Series 2013
01/01/2051 5.250%   11,500,000 11,851,548
Indiana Finance Authority
Refunding Revenue Bonds
Indianapolis Power & Light Co. Project
Series 2021
08/01/2025 0.650%   1,500,000 1,356,206
Indianapolis Local Public Improvement Bond Bank(d)
Refunding Revenue Bonds
Series 2021
01/01/2026 5.000%   2,750,000 2,837,148
Total 20,193,376
Iowa 1.1%
City of Waverly
Revenue Bonds
Waverly Health Center Project
BAN Series 2019
12/31/2022 2.500%   500,000 497,495
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2022
13

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Iowa Finance Authority
Prerefunded 07/01/23 Revenue Bonds
Genesis Health System
Series 2013
07/01/2025 5.000%   2,500,000 2,579,510
Iowa Student Loan Liquidity Corp.(d)
Refunding Revenue Bonds
Series 2019B
12/01/2022 5.000%   400,000 407,249
12/01/2023 5.000%   1,880,000 1,953,786
Revenue Bonds
Series 2015A
12/01/2022 5.000%   2,000,000 2,036,248
PEFA, Inc.
Revenue Bonds
Series 2019 (Mandatory Put 09/01/26)
09/01/2049 5.000%   1,045,000 1,102,780
Total 8,577,068
Kansas 0.3%
City of Eudora
Unlimited General Obligation Bonds
Temporary Notes
Series 2021A
09/01/2023 3.000%   2,485,000 2,512,791
Kentucky 2.9%
City of Henderson(d),(e)
Revenue Bonds
Pratt Paper LLC Project
Series 2022
01/01/2032 3.700%   1,000,000 976,899
County of Owen
Refunding Revenue Bonds
Kentucky-American Water Co. Project
Series 2020 (Mandatory Put 09/01/23)
06/01/2040 0.700%   1,250,000 1,219,515
Kenton County School District Finance Corp.
Refunding Revenue Bonds
Series 2015B
10/01/2025 3.000%   1,995,000 2,010,704
Kentucky Asset Liability Commission
Revenue Bonds
Project Notes - Federal Highway Trust Fund
Series 2015
09/01/2023 5.000%   500,000 518,408
Kentucky Economic Development Finance Authority
Refunding Revenue Bonds
Owensboro Health System
Series 2017A
06/01/2022 5.000%   1,000,000 1,003,081
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Kentucky Interlocal School Transportation Association
Refunding Certificate of Participation
Series 2021
03/01/2025 1.250%   1,485,000 1,388,477
03/01/2026 1.250%   1,210,000 1,103,600
Kentucky Public Energy Authority
Revenue Bonds
Series 2018A (Mandatory Put 04/01/24)
04/01/2048 4.000%   2,780,000 2,819,416
Series 2018B
07/01/2023 4.000%   750,000 761,412
Series 2019A-1 (Mandatory Put 06/01/25)
12/01/2049 4.000%   5,000,000 5,071,161
Series 2020A (Mandatory Put 06/01/26)
12/01/2050 4.000%   1,355,000 1,387,462
Kentucky Public Energy Authority(c)
Revenue Bonds
Series 2019A-2 (Mandatory Put 06/01/25)
0.7 x 1-month USD LIBOR + 1.120%
12/01/2049
1.424%   1,000,000 992,392
Louisville Regional Airport Authority(d)
Refunding Revenue Bonds
Series 2014-A
07/01/2022 5.000%   1,625,000 1,633,592
Louisville/Jefferson County Metropolitan Government
Unrefunded Revenue Bonds
Norton Healthcare, Inc.
Series 2020 (Mandatory Put 10/01/23)
10/01/2047 5.000%   1,125,000 1,163,324
Total 22,049,443
Louisiana 1.1%
Lake Charles Harbor & Terminal District(a),(d)
Revenue Bonds
Big Lake Fuels LLC Project
Series 2021 (Mandatory Put 12/01/24)
12/01/2051 1.000%   5,000,000 4,662,428
Louisiana Housing Corp.
Refunding Revenue Bonds
Section 8 Assisted - 202 Elderly Projects
Series 2013
12/01/2031 2.500%   5,000 5,000
Louisiana Local Government Environmental Facilities & Community Development Authority
Refunding Revenue Bonds
Entergy Louisiana LLC Project
Series 2021
06/01/2030 2.000%   1,250,000 1,089,968
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Short Term Municipal Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Louisiana Offshore Terminal Authority
Refunding Revenue Bonds
Loop LLC Project
Series 2019 (Mandatory Put 12/01/23)
09/01/2027 1.650%   1,000,000 986,959
Parish of St. Charles
Revenue Bonds
Valero Energy Corp.
Series 2010 (Mandatory Put 06/01/22)
12/01/2040 4.000%   2,015,000 2,018,126
Total 8,762,481
Maryland 1.5%
City of Rockville
Refunding Revenue Bonds
Ingelside at King Farm Project
Series 2017
11/01/2022 5.000%   500,000 503,178
Maryland Community Development Administration
Refunding Revenue Bonds
Social Bonds
Series 2021C
03/01/2029 1.550%   3,240,000 2,910,567
Revenue Bonds
Series 2021B
03/01/2027 0.900%   860,000 774,443
Maryland Economic Development Corp.(d)
Revenue Bonds
Green Bonds - Purple Line Light Rail Project
Series 2022
11/12/2028 5.000%   2,000,000 2,098,810
Maryland Health & Higher Educational Facilities Authority
Prerefunded 07/01/24 Revenue Bonds
Western Maryland Health System
Series 2014
07/01/2025 5.250%   2,500,000 2,647,024
Refunding Revenue Bonds
University of Maryland Medical System
Series 2020 (Mandatory Put 07/01/25)
07/01/2045 5.000%   1,500,000 1,590,950
State of Maryland Department of Transportation(f)
Refunding Revenue Bonds
Series 2022B
12/01/2027 5.000%   1,205,000 1,319,287
Total 11,844,259
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Massachusetts 2.4%
Boston Housing Authority
Refunding Revenue Bonds
Series 2020A
10/01/2022 0.600%   535,000 531,463
04/01/2023 0.650%   590,000 578,358
10/01/2023 0.700%   470,000 453,723
City of Lynn
Limited General Obligation Notes
BAN Series 2021
09/01/2022 1.250%   5,000,000 4,994,682
Massachusetts Development Finance Agency(e)
Prerefunded 11/15/23 Revenue Bonds
North Hill Communities
Series 2013A
11/15/2033 6.250%   2,245,000 2,381,971
11/15/2043 6.500%   5,000,000 5,319,893
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Boston Medical Center
Series 2016E
07/01/2022 5.000%   315,000 316,645
Series 2019A
07/01/2024 5.000%   260,000 271,636
Massachusetts Educational Financing Authority(d)
Revenue Bonds
Education Loan
Series 2021
07/01/2025 5.000%   750,000 795,914
07/01/2026 5.000%   1,120,000 1,206,964
Senior Revenue Bonds
Series 2019B
07/01/2023 5.000%   500,000 515,552
Massachusetts Housing Finance Agency
Revenue Bonds
Series 2021A-2 (HUD)
06/01/2024 0.400%   500,000 474,174
Massachusetts Port Authority(d)
Refunding Revenue Bonds
BosFuel Project
Series 2019A
07/01/2026 5.000%   885,000 948,344
Total 18,789,319
Michigan 2.2%
Great Lakes Water Authority Water Supply System
Refunding Revenue Bonds
Senior Lien
Subordinated Series 2018A
07/01/2023 5.000%   800,000 825,350
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2022
15

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Michigan Finance Authority
Refunding Revenue Bonds
McLaren Health Care
Series 2021D-1
10/15/2026 0.900%   2,495,000 2,306,280
10/15/2027 1.100%   1,650,000 1,442,219
Revenue Bonds
Variable Bronson Health Care Group
Series 2019 (Mandatory Put 11/15/22)
11/15/2044 3.500%   1,000,000 1,009,029
Michigan Finance Authority(d)
Refunding Revenue Bonds
Student Loan
Series 2014-25A
11/01/2023 3.500%   3,165,000 3,186,810
Michigan State Housing Development Authority
Revenue Bonds
Series 2021A
04/01/2025 0.550%   1,000,000 943,068
Michigan Strategic Fund(d)
Revenue Bonds
Consumers Energy Co. Project
Series 2021 (Mandatory Put 10/08/26)
04/01/2035 0.875%   1,335,000 1,204,885
Green Bonds
Series 2021 (Mandatory Put 10/01/26)
10/01/2061 4.000%   2,000,000 2,042,139
Wayne County Airport Authority(d)
Refunding Revenue Bonds
Junior Lien
Series 2017B
12/01/2022 5.000%   1,100,000 1,118,336
Series 2015F
12/01/2027 5.000%   2,810,000 2,982,248
Total 17,060,364
Minnesota 0.7%
City of Maple Grove
Refunding Revenue Bonds
Maple Grove Hospital Corp.
Series 2017
05/01/2022 4.000%   500,000 500,086
City of Wayzata
Refunding Revenue Bonds
Folkstone Senior Living Co.
Series 2019
08/01/2022 3.000%   100,000 99,904
08/01/2023 3.000%   200,000 198,930
08/01/2024 3.000%   100,000 98,884
08/01/2025 3.000%   200,000 196,169
08/01/2026 3.000%   250,000 242,601
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Hastings Independent School District No. 200(g)
Unlimited General Obligation Bonds
Student Credit Enhancement Program School Building
Series 2018A
02/01/2023 0.000%   800,000 789,213
Minnesota Housing Finance Agency(d)
Refunding Revenue Bonds
Series 2021C (GNMA)
07/01/2023 0.450%   240,000 234,489
01/01/2024 0.600%   380,000 367,279
Revenue Bonds
Series 2020A
07/01/2022 1.300%   155,000 154,923
07/01/2023 1.350%   200,000 197,297
Series 2020A (GNMA)
07/01/2024 1.450%   125,000 121,335
Series 2020D (GNMA)
07/01/2026 1.650%   380,000 354,392
Series 2020H
01/01/2023 0.550%   190,000 188,287
07/01/2023 0.600%   215,000 210,816
01/01/2024 0.650%   180,000 174,604
07/01/2024 0.700%   190,000 182,196
01/01/2025 0.800%   345,000 327,382
07/01/2025 0.850%   365,000 343,017
Total 4,981,804
Mississippi 0.4%
County of Warren(d)
Refunding Revenue Bonds
International Paper Co. Project
Series 2020 (Mandatory Put 06/16/25)
08/01/2027 1.600%   1,000,000 955,537
Mississippi Business Finance Corp.(d)
Revenue Bonds
Waste Management, Inc. Project
Series 2019 (Mandatory Put 06/03/24)
03/01/2027 2.200%   1,250,000 1,222,519
State of Mississippi Gaming Tax
Revenue Bonds
Series 2019A
10/15/2024 5.000%   750,000 790,448
Total 2,968,504
Missouri 0.1%
Missouri Development Finance Board
Refunding Revenue Bonds
Crackerneck Creek Project
Series 2021
03/01/2025 5.000%   425,000 441,225
03/01/2026 5.000%   300,000 313,633
Total 754,858
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Short Term Municipal Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Nebraska 0.8%
Central Plains Energy Project
Refunding Revenue Bonds
Project #3
Series 2017A
09/01/2026 5.000%   680,000 729,378
Revenue Bonds
Project No. 4
Series 2018 (Mandatory Put 01/01/24)
03/01/2050 5.000%   1,000,000 1,026,143
Nebraska Investment Finance Authority
Refunding Revenue Bonds
Social Bonds
Series 2021C (FNMA)
03/01/2024 5.000%   1,520,000 1,585,333
Revenue Bonds
Series 2018C
09/01/2023 2.250%   1,920,000 1,914,241
Nebraska Public Power District
Refunding Revenue Bonds
Series 2021A
01/01/2023 5.000%   1,135,000 1,158,745
Total 6,413,840
Nevada 1.3%
City of Carson City
Refunding Revenue Bonds
Tahoe Regional Medical Center
Series 2017
09/01/2022 5.000%   500,000 505,610
City of North Las Vegas
Limited General Obligation Refunding Bonds
Building
Series 2018 (AGM)
06/01/2023 5.000%   1,000,000 1,028,648
City of Sparks(e)
Refunding Revenue Bonds
Sales Tax
Series 2019A
06/15/2024 2.500%   345,000 338,842
County of Clark Department of Aviation(d)
Refunding Revenue Bonds
Junior Subordinated Series 2021B
07/01/2025 5.000%   2,590,000 2,736,517
Las Vegas McCarran International Airport
Series 2017
07/01/2022 5.000%   2,240,000 2,252,028
Subordinated Series 2017A-1
07/01/2022 5.000%   3,000,000 3,016,108
Total 9,877,753
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
New Hampshire 0.5%
New Hampshire Business Finance Authority
Refunding Revenue Bonds
Springpoint Senior Living
Series 2021
01/01/2025 4.000%   290,000 295,640
01/01/2026 4.000%   265,000 270,879
New Hampshire Business Finance Authority(c),(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2018 (Mandatory Put 07/01/24)
Muni Swap Index Yield + 0.375%
10/01/2033
0.815%   2,000,000 1,989,969
New Hampshire Business Finance Authority(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2019 (Mandatory Put 07/01/24)
07/01/2027 2.150%   1,000,000 976,183
Total 3,532,671
New Jersey 6.1%
City of Newark
Unlimited General Obligation Refunding Bonds
School Bond Reserve Fund
Series 2020B
10/01/2022 5.000%   400,000 405,010
Garden State Preservation Trust(g)
Revenue Bonds
Capital Appreciation
Series 2003B (AGM)
11/01/2022 0.000%   5,000,000 4,947,611
New Jersey Economic Development Authority(d)
Refunding Revenue Bonds
American Water Co.
Series 2020B (Mandatory Put 06/01/23)
11/01/2034 1.200%   3,000,000 2,960,589
New Jersey-American Water Company, Inc. Project
Series 2020
12/01/2025 0.850%   2,750,000 2,501,245
New Jersey Economic Development Authority
Refunding Revenue Bonds
School Facilities Construction
Series 2013
03/01/2023 5.000%   2,520,000 2,582,262
Series 2015XX
06/15/2026 4.250%   2,355,000 2,443,503
Series 2017B
11/01/2022 5.000%   2,285,000 2,322,520
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2022
17

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Revenue Bonds
Self-Designated Social Bonds
Series 2021
06/15/2022 5.000%   200,000 200,917
06/15/2023 5.000%   220,000 226,741
06/15/2024 5.000%   600,000 626,693
New Jersey Health Care Facilities Financing Authority
Refunding Revenue Bonds
Hackensack Meridian Health
Series 2017
07/01/2022 5.000%   790,000 794,735
Hospital Asset Transformation Program
Series 2017
10/01/2031 5.000%   2,000,000 2,149,929
Hospital Asset Transformation Project
Series 2017
10/01/2026 5.000%   650,000 701,208
New Jersey Higher Education Student Assistance Authority
Refunding Revenue Bonds
Series 2019A
12/01/2029 2.375%   140,000 138,176
New Jersey Higher Education Student Assistance Authority(d)
Refunding Revenue Bonds
Series 2020A
12/01/2022 5.000%   1,000,000 1,018,124
Revenue Bonds
Senior Series 2016-1A
12/01/2025 5.000%   1,000,000 1,073,554
12/01/2026 5.000%   1,000,000 1,069,332
Series 2015-1A
12/01/2027 4.000%   2,040,000 2,058,678
Series 2017-1A
12/01/2023 5.000%   4,125,000 4,283,641
Series 2020B
12/01/2022 5.000%   1,150,000 1,170,843
New Jersey Higher Education Student Assistance Authority(d),(f)
Senior Revenue Bonds
Series 2022B
12/01/2024 5.000%   885,000 928,514
New Jersey Housing & Mortgage Finance Agency(d)
Refunding Revenue Bonds
Series 2020F (HUD)
04/01/2026 1.500%   3,220,000 3,002,462
New Jersey Transportation Trust Fund Authority
Refunding Revenue Bonds
Series 2021A
06/15/2026 5.000%   250,000 268,613
Series 2022AA
06/15/2027 5.000%   3,185,000 3,453,998
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Transportation System
Series 2018A
12/15/2023 5.000%   250,000 259,229
Revenue Bonds
Transportation System
Series 2010D
12/15/2023 5.000%   2,375,000 2,462,679
State of New Jersey
Unlimited General Obligation Bonds
COVID-19 Emergency Bonds
Series 2020
06/01/2023 4.000%   1,000,000 1,017,529
Tobacco Settlement Financing Corp.
Refunding Revenue Bonds
Series 2018A
06/01/2022 5.000%   2,000,000 2,005,390
Total 47,073,725
New Mexico 0.6%
City of Farmington(d)
Refunding Revenue Bonds
Public Service Co. of New Mexico San Juan Project
Series 2020 (Mandatory Put 06/01/22)
06/01/2040 1.200%   1,500,000 1,498,495
City of Farmington
Refunding Revenue Bonds
Public Service Co. of New Mexico San Juan Project
Series 2020 (Mandatory Put 06/01/24)
06/01/2040 1.150%   2,000,000 1,916,565
New Mexico Hospital Equipment Loan Council
Revenue Bonds
La Vida Expansion Project
Series 2019
07/01/2024 2.375%   1,000,000 978,794
Total 4,393,854
New York 12.8%
Chautauqua County Capital Resource Corp.
Refunding Revenue Bonds
NRG Energy Project
Series 2020 (Mandatory Put 04/03/23)
04/01/2042 1.300%   5,000,000 4,917,632
City of Schenectady(f)
Limited General Obligation Notes
BAN Series 2022
05/05/2023 3.500%   4,985,778 5,034,040
County of Madison
Limited General Obligation Notes
BAN Series 2021
11/23/2022 1.500%   2,680,000 2,674,867
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Short Term Municipal Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
County of Montgomery
Limited General Obligation Notes
BAN Series 2021
08/04/2022 1.000%   5,050,000 5,044,012
East Ramapo Central School District
Unlimited General Obligation Notes
Series 2021
05/05/2022 1.250%   600,000 600,057
Huntington Local Development Corp.
Revenue Bonds
Fountaingate Garden Project
Series 2021
07/01/2025 3.000%   1,725,000 1,638,259
Series 2021B
07/01/2027 4.000%   1,000,000 963,757
Keene Central School District
Unlimited General Obligation Notes
BAN Series 2021
11/18/2022 1.500%   7,600,000 7,587,296
Long Island Power Authority(c)
Refunding Revenue Bonds
Series 2018C (Mandatory Put 10/01/23)
0.7 x 1-month USD LIBOR + 0.750%
05/01/2033
1.068%   1,000,000 995,120
Metropolitan Transportation Authority
Refunding Revenue Bonds
Transportation
Subordinated Series 2021 (AGM) (Mandatory Put 04/01/24)
11/01/2032 0.737%   500,000 499,628
Revenue Bonds
BAN Series 2019D-1
09/01/2022 5.000%   1,500,000 1,515,431
Green Bonds
Subordinated Series 2019A (Mandatory Put 11/15/24)
11/15/2048 5.000%   1,000,000 1,048,279
Series 2020A-1
02/01/2023 5.000%   5,750,000 5,851,678
New York City Housing Development Corp.
Revenue Bonds
Sustainability Bonds
Series 2020 (FHA) (Mandatory Put 05/01/25)
11/01/2060 0.700%   4,680,000 4,348,575
Sustainable Development
Series 2021 (FHA) (Mandatory Put 07/01/25)
05/01/2061 0.600%   4,000,000 3,688,988
New York Liberty Development Corp.
Refunding Revenue Bonds
Green Bonds - 4 World Trade Center Project
Series 2021
11/15/2031 1.900%   950,000 769,160
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
New York State Dormitory Authority(e)
Refunding Revenue Bonds
Garnet Health Medical Center
Series 2017
12/01/2022 5.000%   600,000 610,979
New York Transportation Development Corp.(d)
Refunding Revenue Bonds
American Airlines, Inc. Project
Series 2021
08/01/2026 2.250%   2,500,000 2,335,799
Terminal 4 John F. Kennedy International Airport Project
Series 2020
12/01/2023 5.000%   3,450,000 3,543,774
12/01/2025 5.000%   1,400,000 1,465,522
Revenue Bonds
Terminal 4 John F. Kennedy International Airport Project
Series 2022
12/01/2026 5.000%   2,500,000 2,631,022
New York Transportation Development Corp.
Refunding Revenue Bonds
Terminal 4 John F. Kennedy International Airport Project
Series 2020
12/01/2024 5.000%   2,025,000 2,119,125
Port Authority of New York & New Jersey(d)
Refunding Revenue Bonds
Series 2021-226
10/15/2026 5.000%   2,670,000 2,878,625
10/15/2027 5.000%   1,625,000 1,770,790
10/15/2028 5.000%   1,750,000 1,923,578
State of New York Mortgage Agency(d)
Refunding Revenue Bonds
Series 2019-221
04/01/2024 1.800%   2,000,000 1,955,675
Social Bonds
Series 2021-232
10/01/2023 5.000%   460,000 474,892
04/01/2024 5.000%   355,000 369,080
10/01/2024 5.000%   370,000 387,462
Series 2021-235
04/01/2026 1.050%   1,275,000 1,171,092
10/01/2026 1.150%   1,335,000 1,217,348
04/01/2027 1.300%   2,705,000 2,490,458
Revenue Bonds
Social Bonds
Series 2021-240
04/01/2024 0.750%   1,595,000 1,528,778
10/01/2024 0.850%   1,970,000 1,867,492
04/01/2025 0.950%   2,485,000 2,329,230
10/01/2025 1.050%   1,000,000 929,610
04/01/2026 1.200%   1,220,000 1,127,238
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2022
19

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Triborough Bridge & Tunnel Authority(c)
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2021 (Mandatory Put 02/01/24)
0.7 x SOFR + 0.380%
01/01/2032
0.568%   1,958,988 1,954,771
Village of Fishkill
Limited General Obligation Notes
BAN Series 2021
10/21/2022 0.750%   6,000,000 5,972,293
Watervliet City School District
Unlimited General Obligation Notes
BAN Series 2022
04/26/2023 3.250%   5,000,000 5,048,163
Windsor Central School District
Unlimited General Obligation Notes
BAN Series 2021
11/01/2022 1.500%   3,950,000 3,944,535
Total 99,224,110
North Carolina 1.2%
North Carolina Eastern Municipal Power Agency(i)
Revenue Bonds
Series 1993 (FGIC)
01/01/2025 3.100%   600,000 592,687
North Carolina Housing Finance Agency
Revenue Bonds
Home Ownership
Series 2021-47 (GNMA)
01/01/2028 1.050%   1,580,000 1,416,819
North Carolina Medical Care Commission
Prerefunded 09/01/23 Revenue Bonds
United Church Homes and Services
Series 2017
09/01/2041 5.000%   2,120,000 2,257,231
Refunding Revenue Bonds
United Methodist Retirement Homes (The)
Series 2017 Escrowed to Maturity
10/01/2022 5.000%   350,000 354,762
North Carolina Turnpike Authority
Refunding Revenue Bonds
Senior Lien
Series 2017
01/01/2025 5.000%   1,500,000 1,572,015
Series 2018
01/01/2025 5.000%   1,110,000 1,163,291
Revenue Bonds
BAN Series 2020
02/01/2024 5.000%   1,500,000 1,557,051
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
North Carolina Turnpike Authority(g)
Refunding Revenue Bonds
Series 2016C
07/01/2026 0.000%   780,000 665,818
Total 9,579,674
North Dakota 0.6%
North Dakota Housing Finance Agency(d)
Refunding Revenue Bonds
Social Bonds
Series 2021C
01/01/2024 0.700%   1,800,000 1,744,354
07/01/2024 0.800%   1,685,000 1,615,541
01/01/2025 0.950%   975,000 926,525
Total 4,286,420
Ohio 1.5%
City of Cleveland Airport System(d)
Refunding Revenue Bonds
Series 2019B
01/01/2024 5.000%   1,200,000 1,240,068
Hillsdale Local School District
Certificate of Participation
Ohio School Facilities Project
Series 2020 (BAM)
12/01/2022 4.000%   600,000 607,722
12/01/2023 4.000%   670,000 687,039
Ohio Air Quality Development Authority(d)
Refunding Revenue Bonds
American Electric Power Co. Project
Series 2019 (Mandatory Put 10/01/24)
07/01/2028 2.100%   6,000,000 5,818,591
Ohio Turnpike & Infrastructure Commission(f)
Refunding Revenue Bonds
Junior Lien - Infrastructure Projects
Series 2022
02/15/2026 5.000%   1,250,000 1,332,576
02/15/2027 5.000%   1,000,000 1,082,239
Port of Greater Cincinnati Development Authority
Revenue Bonds
Convention Center Hotel Acquisition and Demolition Project
Series 2020A
05/01/2023 3.000%   1,000,000 994,323
Total 11,762,558
Oklahoma 0.9%
Oklahoma Development Finance Authority(d)
Revenue Bonds
Gilcrease Expressway West Project
Series 2020
07/06/2023 1.625%   4,600,000 4,522,602
 
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Short Term Municipal Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Tulsa Airports Improvement Trust(d)
Prerefunded 06/01/24 Revenue Bonds
Series 2015A (BAM)
06/01/2035 5.000%   1,000,000 1,046,518
06/01/2045 5.000%   1,280,000 1,339,544
Total 6,908,664
Pennsylvania 6.0%
Allegheny County Airport Authority(d)
Revenue Bonds
Series 2021A
01/01/2027 5.000%   1,155,000 1,240,303
City of Philadelphia Airport(d)
Refunding Revenue Bonds
Private Activity
Series 2021
07/01/2027 5.000%   4,000,000 4,318,253
Series 2017B
07/01/2022 5.000%   500,000 502,562
07/01/2026 5.000%   3,360,000 3,595,075
Series 2020C
07/01/2023 5.000%   4,460,000 4,578,502
07/01/2025 5.000%   2,450,000 2,588,597
Commonwealth Financing Authority
Revenue Bonds
Tobacco Master Settlement Payment
Series 2018
06/01/2022 5.000%   1,000,000 1,003,115
Montgomery County Industrial Development Authority
Refunding Revenue Bonds
Meadowood Senior Living Project
Series 2018
12/01/2022 4.000%   250,000 251,703
12/01/2023 5.000%   320,000 330,484
Northampton County General Purpose Authority(c)
Revenue Bonds
St. Luke’s University Health Network
Series 2018 (Mandatory Put 08/15/24)
0.7 x 1-month USD LIBOR + 1.040%
08/15/2048
1.358%   1,000,000 1,002,354
Pennsylvania Economic Development Financing Authority(d)
Revenue Bonds
PA Bridges Finco
Series 2015
12/31/2029 5.000%   5,000,000 5,274,433
PA Bridges Finco LP
Series 2015
06/30/2022 5.000%   5,000,000 5,027,676
Pennsylvania Bridges Finco LP - P3 Project
Series 2015
12/31/2024 5.000%   2,450,000 2,561,238
Municipal Bonds (continued)