N-CSR 1 f25650d1.htm COLUMBIA FUNDS SERIES TRUST Columbia Funds Series Trust

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

  

FORM N-CSR 

  

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

  

Investment Company Act file number 811-09645 

  

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, 2023 

  

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, 2023 
Columbia Short Term 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 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, is available on columbiathreadneedleus.com/investor/ or 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 2023

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, 2023)
    Inception 1 Year 5 Years 10 Years  
Class A Excluding sales charges 10/02/92 -0.31 1.25 0.87  
  Including sales charges   -1.32 1.04 0.77  
Advisor Class 11/08/12 -0.07 1.50 1.14  
Class C Excluding sales charges 10/02/92 -0.86 0.67 0.32  
  Including sales charges   -1.84 0.67 0.32  
Institutional Class 09/30/92 -0.07 1.52 1.14  
Institutional 2 Class 11/08/12 0.01 1.60 1.22  
Institutional 3 Class 07/15/09 0.06 1.63 1.27  
Class R 09/27/10 -0.56 0.99 0.62  
Bloomberg 1-3 Year Government/Credit Index   0.26 1.26 1.01  
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 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.
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 2023
3

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (March 31, 2013 — March 31, 2023)
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, 2023)
Asset-Backed Securities — Non-Agency 22.1
Commercial Mortgage-Backed Securities - Non-Agency 13.1
Corporate Bonds & Notes 33.0
Foreign Government Obligations 0.1
Money Market Funds 1.5
Residential Mortgage-Backed Securities - Agency 0.7
Residential Mortgage-Backed Securities - Non-Agency 28.5
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, 2023)
AAA rating 25.7
AA rating 10.8
A rating 21.1
BBB rating 22.8
BB rating 3.6
B rating 3.4
CCC rating 0.2
CC rating 0.0(a)
Not rated 12.4
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 2023

Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended March 31, 2023, Class A shares of Columbia Short Term Bond Fund returned -0.31% excluding sales charges. The Fund underperformed its benchmark, the Bloomberg 1-3 Year Government/Credit Index, which returned 0.26% for the same time period.
Market overview
Investor sentiment during the 12-month period ended March 31, 2023 was largely driven by the U.S. Federal Reserve (Fed) and its fight against elevated inflation, which it sought to tame by dampening economic growth and tightening the labor market. The Fed increased its policy rate from a range of 0.25%-0.50% at the start of the annual period to 4.75%-5.00% by the end of the annual period. Housing-related economic indicators and manufacturing and services business surveys have weakened significantly. The labor market remained strong, however, although momentum eased throughout the period. Inflation has retreated from the peak but is still well above the Fed’s 2% target.
March 2023 brought about the failure of three U.S. banks and the collapse of European giant Credit Suisse, raising the prospect of a financial crisis and widening credit spreads. The Fed responded by initiating the Bank Term Funding Program to support liquidity, while the market began to price in multiple Fed rate cuts before year end. The Fed’s most recent projections now indicate the central bank is likely to hike rates once more to a range of 5.00%-5.25% before pausing. In sum, relative to March 2022, interest rates increased, the yield curve flattened and credit spreads widened. Given the environment of higher yields and wider spreads over the period, performance was mixed across spread sectors with regard to both total returns and excess, relative to U.S. Treasuries. On balance, short-term U.S. Treasury yields moved sharply higher over the 12 months, while longer term yields also rose, albeit to a lesser degree. BBB rated corporate securities outperformed higher quality corporate securities on an excess return basis. Shorter duration bonds outperformed longer duration bonds.
The Fund’s notable detractors during the period
The Fund’s positioning in non-agency collateralized mortgage obligations (CMOs) and commercial mortgage-backed securities (CMBS) detracted from performance. The Fund was overweight to non-agency mortgage CMOs and CMBS, both of which were out-of-benchmark sectors, and both contributed negatively to performance during the reporting period.
While CMO performance remains very strong, the non-agency mortgages were negatively impacted by the large extent of rate hikes during the year and the direct impact that had on their average lives extending.
The Fund’s CMBS exposure, meanwhile, was hurt by broader economic concerns within the commercial real estate space, and to office properties more specifically.
The Fund was underweight in the investment-grade corporate sector, which marginally detracted from relative performance as the sector modestly outperformed the benchmark. Investment-grade corporates represented the Fund’s largest sector underweight, excluding Treasuries.
The Fund was underweight in U.S. Treasury and agency securities in lieu of higher yielding spread sectors. While performance was mixed for non-government sectors, the net impact was slightly negative as spreads in general were wider over the course of the reporting period.
The Fund was long duration, relative to the benchmark, as we believed that the Fed’s rapid pace of interest rate hikes increased the probability of recession. The level of interest rates moved up significantly during the year, leading to negative contribution to relative performance from duration and yield curve positioning.
The Fund’s notable contributors during the period
Within the Fund, investment-grade corporates performed best, followed by asset-backed securities (ABS) and high-yield corporates.
The Fund was overweight to ABS and high-yield corporates, which were both out-of-benchmark sectors, and both contributed positively to performance during the reporting period.
The floating rate notes within ABS particularly benefited, as their coupons reset higher as short-term rates rose.
Columbia Short Term Bond Fund  | Annual Report 2023
5

Manager Discussion of Fund Performance  (continued)
(Unaudited)
While spreads in the high-yield corporate sector did widen, their absolute level of yields was high enough to more than offset the negative impact on their prices.
Security selection within the investment-grade corporate sector was particularly additive to performance, as the Fund avoided the names most negatively impacted by the regional banking crisis.
Derivatives usage
The Fund employed Treasury futures during the period in an effort to help maintain its targeted duration and yield curve exposures. On a stand-alone basis, the net impact of these derivatives on Fund performance was negative.
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 2023

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
October 1, 2022 — March 31, 2023
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,029.40 1,021.39 3.59 3.58 0.71
Advisor Class 1,000.00 1,000.00 1,031.80 1,022.64 2.33 2.32 0.46
Class C 1,000.00 1,000.00 1,027.70 1,018.65 6.37 6.34 1.26
Institutional Class 1,000.00 1,000.00 1,031.80 1,022.64 2.33 2.32 0.46
Institutional 2 Class 1,000.00 1,000.00 1,032.20 1,023.09 1.87 1.87 0.37
Institutional 3 Class 1,000.00 1,000.00 1,031.40 1,023.34 1.62 1.61 0.32
Class R 1,000.00 1,000.00 1,029.20 1,020.14 4.86 4.84 0.96
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 2023
7

Portfolio of Investments
March 31, 2023
(Percentages represent value of investments compared to net assets)
Investments in securities
Asset-Backed Securities — Non-Agency 22.1%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
ACM Auto Trust(a)
Subordinated Series 2022-1A Class B
04/20/2029 4.470%   7,233,029 7,215,774
Affirm Asset Securitization Trust(a)
Subordinated Series 2022-A Class C
05/17/2027 4.890%   7,780,000 7,348,696
American Credit Acceptance Receivables Trust(a)
Series 2020-2 Class D
05/13/2026 5.650%   2,800,000 2,783,118
Subordinated Series 2021-2 Class E
07/13/2027 2.540%   1,550,000 1,441,757
ARES XLVII CLO Ltd.(a),(b)
Series 2018-47A Class B
3-month USD LIBOR + 1.450%
Floor 1.450%
04/15/2030
6.242%   4,000,000 3,873,200
Avant Loans Funding Trust(a)
Subordinated Series 2021-REV1 Class C
07/15/2030 2.300%   950,000 877,352
Barings CLO Ltd.(a),(b)
Series 2018-4A Class B
3-month USD LIBOR + 1.700%
Floor 1.700%
10/15/2030
6.492%   10,800,000 10,551,578
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
6.212%   5,000,000 4,759,655
Carlyle US CLO Ltd.(a),(b)
Series 2016-4A Class A2R
3-month USD LIBOR + 1.450%
Floor 1.450%
10/20/2027
6.258%   3,000,000 2,944,224
Series 2017-5A Class A1B
3-month USD LIBOR + 1.250%
01/20/2030
6.058%   8,000,000 7,701,608
Cascade Funding Mortgage Trust(a)
CMO Series 2021-GRN1 Class A
03/20/2041 1.100%   1,292,774 1,192,773
Credito Real USA Auto Receivables Trust(a)
Series 2021-1A Class A
02/16/2027 1.350%   479,433 470,388
Dext ABS LLC(a)
Subordinated Series 2020-1 Class B
11/15/2027 1.920%   3,500,000 3,384,643
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Drive Auto Receivables Trust
Subordinated Series 2020-2 Class D
05/15/2028 3.050%   650,000 635,563
Dryden Senior Loan Fund(a),(b)
Series 2016-42A Class BR
3-month USD LIBOR + 1.550%
07/15/2030
6.342%   3,025,000 2,927,305
First Investors Auto Owner Trust(a)
Series 2021-1A Class A
03/16/2026 0.450%   53,683 53,300
Foundation Finance Trust(a)
Series 2019-1A Class A
11/15/2034 3.860%   542,460 532,657
FREED ABS Trust(a)
Subordinated Series 2021-1CP Class B
03/20/2028 1.410%   93,941 93,709
Subordinated Series 2021-2 Class C
06/19/2028 1.940%   10,756,582 10,515,930
GLS Auto Receivables Issuer Trust(a)
Subordinated Series 2020-4A Class D
10/15/2026 1.640%   1,600,000 1,532,187
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
5.908%   4,150,000 4,047,566
Hertz Vehicle Financing LLC(a)
Series 2021-1A Class C
12/26/2025 2.050%   3,000,000 2,797,971
Jay Park CLO Ltd.(a),(b)
Series 2016-1A Class A2R
3-month USD LIBOR + 1.450%
10/20/2027
6.258%   5,500,000 5,408,392
Lendbuzz Securitization Trust(a)
Series 2022-1A Class A
05/17/2027 4.220%   3,979,433 3,836,485
LL ABS Trust(a)
Series 2021-1A Class A
05/15/2029 1.070%   717,196 695,070
Madison Park Funding XLVIII Ltd.(a),(b)
Series 2021-48A Class A
3-month USD LIBOR + 1.150%
Floor 1.150%
04/19/2033
5.948%   1,250,000 1,235,221
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Short Term Bond Fund  | Annual Report 2023

Portfolio of Investments  (continued)
March 31, 2023
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Madison Park Funding XXXIII Ltd.(a),(b)
Series 2019-33A Class BR
3-month Term SOFR + 1.800%
Floor 1.800%
10/15/2032
6.458%   5,550,000 5,355,356
MMAF Equipment Finance LLC(a)
Series 2020-A Class A3
04/09/2027 0.970%   2,010,000 1,882,305
MVW LLC(a)
Series 2019-2A Class A
10/20/2038 2.220%   1,483,803 1,389,947
MVW Owner Trust(a)
Series 2017-1A Class A
12/20/2034 2.420%   969,191 954,619
NMEF Funding LLC(a)
Series 2021-A Class A2
12/15/2027 0.810%   328,338 325,612
Octagon Investment Partners 39 Ltd.(a),(b)
Series 2018-3A Class B
3-month USD LIBOR + 1.850%
Floor 1.650%
10/20/2030
6.658%   11,200,000 10,879,635
OHA Credit Partners VII Ltd.(a),(b)
Series 2012-7A Class AR3
3-month USD LIBOR + 1.070%
Floor 1.070%
02/20/2034
5.985%   5,000,000 4,881,700
OneMain Financial Issuance Trust(a)
Series 2022-2A Class A
10/14/2034 4.890%   11,000,000 10,837,058
Oportun Issuance Trust(a)
Series 2022-3 Class A
01/08/2030 7.451%   4,062,793 4,072,471
Pagaya AI Debt Selection Trust(a)
Series 2021-1 Class A
11/15/2027 1.180%   511,059 506,475
Series 2021-2 Class NOTE
01/25/2029 3.000%   3,139,780 2,971,635
Series 2021-3 Class A
05/15/2029 1.150%   2,257,757 2,219,619
Series 2021-5 Class A
08/15/2029 1.530%   1,871,963 1,825,200
Series 2021-HG1 Class A
01/16/2029 1.220%   4,531,261 4,298,092
Subordinated Series 2021-HG1 Class B
01/16/2029 1.820%   716,783 686,955
Pagaya AI Debt Trust(a)
Series 2022-5 Class A
06/17/2030 8.096%   10,385,480 10,451,006
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Palmer Square Loan Funding Ltd.(a),(b)
Series 2020-1A Class A1
3-month USD LIBOR + 0.800%
Floor 0.800%
02/20/2028
5.715%   2,610,979 2,599,031
Race Point CLO Ltd.(a),(b)
Series 2013-8A Class AR2
3-month USD LIBOR + 1.040%
Floor 1.040%
02/20/2030
5.955%   2,683,194 2,647,978
Race Point IX CLO Ltd.(a),(b)
Series 2015-9A Class A2R
3-month USD LIBOR + 0.450%
Floor 1.450%
10/15/2030
6.242%   4,975,000 4,732,449
Research-Driven Pagaya Motor Asset Trust IV(a)
Series 2021-2A Class A
03/25/2030 2.650%   2,132,303 1,895,000
RR 3 Ltd.(a),(b)
Series 2014-14A Class A2R2
3-month USD LIBOR + 1.400%
Floor 1.400%
01/15/2030
6.192%   10,000,000 9,729,730
Santander Drive Auto Receivables Trust
Subordinated Series 2019-2 Class D
07/15/2025 3.220%   361,181 358,593
SCF Equipment Leasing LLC(a)
Series 2019-2A Class B
08/20/2026 2.760%   4,000,000 3,878,158
Subordinated Series 2020-1A Class B
03/20/2028 2.020%   4,900,000 4,700,739
Sierra Timeshare Receivables Funding LLC(a)
Series 2018-2A Class A
06/20/2035 3.500%   608,024 603,906
Series 2018-3A Class A
09/20/2035 3.690%   234,340 232,903
Series 2021-1A Class A
11/20/2037 0.990%   840,369 783,338
Upstart Pass-Through Trust(a)
Series 2020-ST4 Class A
11/20/2026 3.250%   1,516,552 1,460,268
Series 2020-ST6 Class A
01/20/2027 3.000%   1,384,946 1,322,751
Series 2021-ST10 Class A
01/20/2030 2.250%   4,765,180 4,569,567
Series 2021-ST3 Class A
05/20/2027 2.000%   1,309,365 1,232,782
Upstart Securitization Trust(a)
Series 2020-2 Class A
11/20/2030 2.309%   658,809 645,446
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2023
9

Portfolio of Investments  (continued)
March 31, 2023
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Series 2021-2 Class A
06/20/2031 0.910%   785,852 779,477
Subordinated Series 2021-2 Class B
06/20/2031 1.750%   1,150,000 1,095,072
Subordinated Series 2021-3 Class B
07/20/2031 1.660%   1,250,000 1,179,026
Volkswagen Auto Loan Enhanced Trust
Series 2020-1 Class A4
08/20/2026 1.260%   700,000 681,054
Westlake Automobile Receivables Trust(a)
Subordinated Series 2021-2A Class D
12/15/2026 1.230%   9,625,000 8,912,428
Total Asset-Backed Securities — Non-Agency
(Cost $213,036,611)
206,433,503
Commercial Mortgage-Backed Securities - Non-Agency 13.1%
Ashford Hospitality Trust(a),(b)
Series 2018-KEYS Class B
1-month USD LIBOR + 1.450%
Floor 1.450%
05/15/2035
6.134%   9,100,000 8,882,918
BAMLL Commercial Mortgage Securities Trust(a),(b)
Series 2018-DSNY Class C
1-month USD LIBOR + 1.350%
Floor 1.350%
09/15/2034
6.035%   11,500,000 11,040,446
BBCMS Trust(a),(b)
Subordinated Series 2018-BXH Class B
1-month USD LIBOR + 1.250%
Floor 1.250%
10/15/2037
5.934%   3,650,000 3,497,157
Subordinated Series 2018-BXH Class C
1-month USD LIBOR + 1.500%
Floor 1.500%
10/15/2037
6.184%   1,975,000 1,870,696
BHMS Mortgage Trust(a),(b)
Series 2018-ATLS Class A
1-month USD LIBOR + 1.250%
Floor 1.250%
07/15/2035
5.935%   13,500,000 13,057,285
BX Commercial Mortgage Trust(a),(c)
Series 2019-XL Class C
10/15/2036 6.192%   6,188,000 6,050,894
BX Mortgage Trust(a),(b)
Series 2021-PAC Class D
1-month USD LIBOR + 1.298%
Floor 1.298%
10/15/2036
5.983%   6,350,000 5,846,255
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
BX Trust(a),(b)
Series 2019-ATL Class C
1-month USD LIBOR + 1.587%
Floor 1.587%, Cap 1.587%
10/15/2036
6.271%   2,180,000 2,087,443
Subordinated Series 2019-ATL Class D
1-month USD LIBOR + 1.887%
Floor 1.887%
10/15/2036
6.571%   1,931,000 1,810,432
CIM Retail Portfolio Trust(a),(b)
Series 2021-RETL Class D
1-month USD LIBOR + 3.050%
Floor 3.050%
08/15/2036
7.734%   3,263,231 3,196,616
CLNY Trust(a),(b)
Subordinated Series 2019-IKPR Class D
1-month USD LIBOR + 2.025%
Floor 2.025%
11/15/2038
6.967%   5,900,000 5,412,993
Extended Stay America Trust(a),(b)
Series 2021-ESH Class E
1-month USD LIBOR + 2.850%
Floor 2.850%
07/15/2038
7.534%   854,168 807,166
GS Mortgage Securities Corp. Trust(a),(b)
Series 2022-SHIP Class A
1-month Term SOFR + 0.731%
Floor 0.731%
08/15/2036
4.525%   5,150,000 5,087,271
KKR Industrial Portfolio Trust(a),(b)
Subordinated Series 2021-KDIP Class D
1-month Term SOFR + 1.364%
Floor 1.250%
12/15/2037
6.192%   975,000 921,182
Morgan Stanley Capital I Trust(a),(c)
Series 2019-MEAD Class D
11/10/2036 3.283%   3,675,000 3,220,359
One New York Plaza Trust(a),(b)
Subordinated Series 2020-1NYP Class C
1-month USD LIBOR + 2.200%
Floor 2.200%
01/15/2036
6.884%   3,000,000 2,645,211
Subordinated Series 2020-1NYP Class D
1-month USD LIBOR + 2.750%
Floor 2.750%
01/15/2036
7.434%   1,125,000 958,635
Progress Residential Trust(a)
Series 2020-SFR1 Class C
04/17/2037 2.183%   1,000,000 932,461
Series 2020-SFR1 Class D
04/17/2037 2.383%   2,025,000 1,879,414
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Short Term Bond Fund  | Annual Report 2023

Portfolio of Investments  (continued)
March 31, 2023
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Series 2020-SFR2 Class A
06/17/2037 2.078%   1,198,520 1,115,661
Subordinated Series 2020-SFR2 Class C
06/17/2037 3.077%   300,000 282,396
Subordinated Series 2020-SFR2 Class D
06/17/2037 3.874%   350,000 333,374
RBS Commercial Funding, Inc., Trust(a),(c)
Series 2013-GSP Class A
01/15/2032 3.834%   8,200,000 7,937,634
SPGN TFLM Mortgage Trust(a),(b)
Series 2022 Class A
1-month Term SOFR + 1.550%
Floor 1.550%
02/15/2039
6.377%   14,125,000 13,489,807
Wells Fargo Commercial Mortgage Trust(a),(b)
Series 2017-SMP Class A
1-month USD LIBOR + 0.875%
Floor 0.875%
12/15/2034
5.559%   16,055,000 15,112,626
Series 2020-SDAL Class D
1-month USD LIBOR + 2.090%
Floor 2.090%, Cap 4.500%
02/15/2037
6.774%   1,600,000 1,523,630
Series 2021-FCMT Class A
1-month USD LIBOR + 1.200%
Floor 1.200%
05/15/2031
5.884%   1,900,000 1,790,477
Series 2021-FCMT Class D
1-month USD LIBOR + 3.500%
Floor 3.500%
05/15/2031
8.184%   1,575,000 1,434,965
Total Commercial Mortgage-Backed Securities - Non-Agency
(Cost $128,632,278)
122,225,404
Corporate Bonds & Notes 33.0%
Aerospace & Defense 1.5%
BAE Systems Holdings, Inc.(a)
12/15/2025 3.850%   3,500,000 3,422,612
Boeing Co. (The)
02/01/2027 2.700%   4,000,000 3,689,529
General Dynamics Corp.
05/15/2028 3.750%   2,000,000 1,954,750
L3Harris Technologies, Inc.
12/15/2026 3.850%   1,075,000 1,049,190
Northrop Grumman Corp.
02/01/2027 3.200%   2,000,000 1,914,190
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
TransDigm, Inc.(a)
12/15/2025 8.000%   816,000 832,114
03/15/2026 6.250%   883,000 883,693
08/15/2028 6.750%   112,000 113,120
TransDigm, Inc.
06/15/2026 6.375%   216,000 212,317
Total 14,071,515
Airlines 0.2%
Air Canada(a)
08/15/2026 3.875%   313,000 284,331
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
04/20/2026 5.500%   770,000 758,749
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a)
01/20/2026 5.750%   444,673 422,411
United Airlines, Inc.(a)
04/15/2026 4.375%   618,000 592,601
Total 2,058,092
Automotive 0.5%
American Axle & Manufacturing, Inc.
03/15/2026 6.250%   95,000 91,603
Clarios Global LP(a)
05/15/2025 6.750%   741,000 748,072
Ford Motor Credit Co. LLC
11/17/2023 3.370%   200,000 196,260
03/18/2024 5.584%   978,000 968,496
11/13/2025 3.375%   309,000 286,651
05/28/2027 4.950%   140,000 133,528
IHO Verwaltungs GmbH(a),(d)
09/15/2026 4.750%   522,603 466,395
KAR Auction Services, Inc.(a)
06/01/2025 5.125%   1,303,000 1,286,932
ZF North America Capital, Inc.(a)
04/29/2025 4.750%   191,000 187,748
Total 4,365,685
Banking 8.9%
American Express Co.
11/05/2027 5.850%   3,000,000 3,150,523
Bank of America Corp.(e)
03/11/2027 1.658%   11,000,000 9,951,363
Bank of Montreal
06/07/2025 3.700%   2,500,000 2,430,307
Bank of New York Mellon Corp. (The)(e)
06/13/2028 3.992%   2,500,000 2,431,031
Bank of Nova Scotia (The)
02/02/2026 4.750%   3,000,000 2,982,626
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2023
11

Portfolio of Investments  (continued)
March 31, 2023
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
5.814%   2,500,000 2,499,161
Citigroup, Inc.
Subordinated
03/09/2026 4.600%   7,000,000 6,868,119
Discover Bank
09/12/2024 2.450%   2,000,000 1,895,264
Goldman Sachs Group, Inc. (The)(e)
08/23/2028 4.482%   7,000,000 6,848,263
HSBC Holdings PLC(e)
03/09/2029 6.161%   4,840,000 4,975,373
JPMorgan Chase & Co.(e)
07/25/2028 4.851%   10,000,000 9,983,914
Morgan Stanley(e)
10/16/2026 6.138%   7,250,000 7,417,074
PNC Financial Services Group, Inc. (The)(e)
12/02/2028 5.354%   2,000,000 2,012,003
Royal Bank of Canada
04/27/2026 1.200%   3,000,000 2,692,425
Toronto-Dominion Bank (The)
06/03/2026 1.200%   3,500,000 3,117,654
Truist Financial Corp.(e)
06/06/2028 4.123%   3,000,000 2,852,734
US Bancorp(e)
07/22/2028 4.548%   2,000,000 1,946,837
Wells Fargo & Co.
Subordinated
06/03/2026 4.100%   7,000,000 6,778,811
Westpac Banking Corp.
11/18/2027 5.457%   2,460,000 2,557,157
Total 83,390,639
Brokerage/Asset Managers/Exchanges 0.0%
AG TTMT Escrow Issuer LLC(a)
09/30/2027 8.625%   190,000 191,186
Building Materials 0.1%
Beacon Roofing Supply, Inc.(a)
11/15/2026 4.500%   842,000 797,450
Standard Industries, Inc.(a)
02/15/2027 5.000%   470,000 447,733
Total 1,245,183
Cable and Satellite 0.8%
CCO Holdings LLC/Capital Corp.(a)
05/01/2026 5.500%   77,000 74,969
05/01/2027 5.125%   794,000 749,971
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Charter Communications Operating LLC/Capital
01/15/2029 2.250%   3,500,000 2,918,738
CSC Holdings LLC
06/01/2024 5.250%   496,000 478,684
CSC Holdings LLC(a)
04/15/2027 5.500%   653,000 549,836
DISH DBS Corp.(a)
12/01/2026 5.250%   566,000 452,197
DISH Network Corp.(a)
11/15/2027 11.750%   346,000 332,697
Radiate Holdco LLC/Finance, Inc.(a)
09/15/2026 4.500%   755,000 590,329
Sirius XM Radio, Inc.(a)
09/01/2026 3.125%   436,000 393,245
Videotron Ltd.(a)
04/15/2027 5.125%   512,000 494,136
Ziggo Bond Finance BV(a)
01/15/2027 6.000%   655,000 603,238
Total 7,638,040
Chemicals 0.2%
Avient Corp.(a)
05/15/2025 5.750%   95,000 94,398
Axalta Coating Systems LLC/Dutch Holding B BV(a)
06/15/2027 4.750%   255,000 242,489
INEOS Quattro Finance 2 Plc(a)
01/15/2026 3.375%   633,000 581,754
LYB International Finance III LLC
10/01/2025 1.250%   1,000,000 906,645
WR Grace Holdings LLC(a)
06/15/2027 4.875%   195,000 187,897
Total 2,013,183
Construction Machinery 0.3%
Caterpillar Financial Services Corp.
01/06/2026 4.800%   1,000,000 1,016,235
Herc Holdings, Inc.(a)
07/15/2027 5.500%   490,000 472,790
John Deere Capital Corp.
01/09/2026 4.800%   1,000,000 1,015,207
Ritchie Bros Holdings, Inc.(a)
03/15/2028 6.750%   88,000 90,615
Total 2,594,847
Consumer Cyclical Services 0.2%
Match Group, Inc.(a)
12/15/2027 5.000%   104,000 98,418
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Short Term Bond Fund  | Annual Report 2023

Portfolio of Investments  (continued)
March 31, 2023
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Prime Security Services Borrower LLC/Finance, Inc.(a)
04/15/2024 5.250%   377,000 373,952
Uber Technologies, Inc.(a)
05/15/2025 7.500%   1,033,000 1,045,719
Total 1,518,089
Consumer Products 0.2%
CD&R Smokey Buyer, Inc.(a)
07/15/2025 6.750%   991,000 850,129
Newell Brands, Inc.
06/01/2025 4.875%   145,000 141,989
09/15/2027 6.375%   78,000 78,711
Newell, Inc.
04/01/2026 4.450%   195,000 187,736
Spectrum Brands, Inc.
07/15/2025 5.750%   222,000 220,286
Total 1,478,851
Diversified Manufacturing 0.6%
Carrier Global Corp.
02/15/2027 2.493%   2,000,000 1,854,866
Gates Global LLC/Co.(a)
01/15/2026 6.250%   962,000 949,499
Siemens Financieringsmaatschappij NV(a)
03/11/2026 1.200%   1,500,000 1,366,232
Vertical US Newco, Inc.(a)
07/15/2027 5.250%   250,000 235,897
WESCO Distribution, Inc.(a)
06/15/2025 7.125%   996,000 1,012,749
Total 5,419,243
Electric 3.0%
American Electric Power Co., Inc.
11/01/2027 5.750%   2,000,000 2,078,730
Calpine Corp.(a)
06/01/2026 5.250%   144,000 140,276
CenterPoint Energy, Inc.
06/01/2026 1.450%   2,250,000 2,037,216
Dominion Energy, Inc.
10/01/2025 3.900%   2,000,000 1,954,192
DTE Energy Co.
06/01/2025 1.050%   1,750,000 1,607,403
Duke Energy Corp.
03/15/2028 4.300%   2,110,000 2,068,677
Emera US Finance LP
06/15/2026 3.550%   2,000,000 1,907,469
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Eversource Energy
03/01/2028 5.450%   2,600,000 2,694,212
FirstEnergy Corp.
01/15/2026 1.600%   2,750,000 2,513,835
NextEra Energy Capital Holdings, Inc.
07/15/2027 4.625%   2,500,000 2,493,959
NextEra Energy Operating Partners LP(a)
07/15/2024 4.250%   618,000 609,838
10/15/2026 3.875%   166,000 155,104
PPL Capital Funding, Inc.
05/15/2026 3.100%   2,500,000 2,370,922
Southern Co. (The)
03/15/2028 1.750%   3,500,000 3,025,645
Vistra Operations Co. LLC(a)
09/01/2026 5.500%   274,000 266,281
02/15/2027 5.625%   511,000 497,833
WEC Energy Group, Inc.
01/15/2028 4.750%   2,000,000 2,000,352
Total 28,421,944
Environmental 0.1%
GFL Environmental, Inc.(a)
06/01/2025 4.250%   417,000 406,775
12/15/2026 5.125%   166,000 162,412
Waste Pro USA, Inc.(a)
02/15/2026 5.500%   583,000 536,374
Total 1,105,561
Finance Companies 0.2%
Navient Corp.
10/25/2024 5.875%   149,000 145,068
06/25/2025 6.750%   159,000 155,815
Provident Funding Associates LP/Finance Corp.(a)
06/15/2025 6.375%   215,000 190,013
Rocket Mortgage LLC/Co-Issuer, Inc.(a)
10/15/2026 2.875%   1,077,000 960,066
Springleaf Finance Corp.
03/15/2024 6.125%   522,000 508,581
Total 1,959,543
Food and Beverage 1.3%
Bacardi Ltd.(a)
05/15/2025 4.450%   4,100,000 4,036,593
Diageo Capital PLC
10/24/2027 5.300%   2,275,000 2,365,610
FAGE International SA/USA Dairy Industry, Inc.(a)
08/15/2026 5.625%   264,000 247,025
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2023
13

Portfolio of Investments  (continued)
March 31, 2023
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Kraft Heinz Foods Co.
05/15/2027 3.875%   2,000,000 1,952,214
Mondelez International, Inc.
03/17/2027 2.625%   1,500,000 1,401,133
Pilgrim’s Pride Corp.(a)
09/30/2027 5.875%   325,000 322,963
Post Holdings, Inc.(a)
03/01/2027 5.750%   357,000 350,454
Tyson Foods, Inc.
03/01/2026 4.000%   1,000,000 982,304
US Foods, Inc.(a)
04/15/2025 6.250%   882,000 890,350
Total 12,548,646
Gaming 0.5%
Churchill Downs, Inc.(a)
04/01/2027 5.500%   128,000 125,301
Colt Merger Sub, Inc.(a)
07/01/2025 5.750%   1,120,000 1,124,868
07/01/2025 6.250%   1,227,000 1,227,384
International Game Technology PLC(a)
02/15/2025 6.500%   468,000 472,589
04/15/2026 4.125%   257,000 248,822
VICI Properties LP/Note Co., Inc.(a)
05/01/2024 5.625%   511,000 506,994
02/15/2025 3.500%   377,000 357,180
06/15/2025 4.625%   121,000 116,969
12/01/2026 4.250%   273,000 255,764
Wynn Las Vegas LLC/Capital Corp.(a)
03/01/2025 5.500%   219,000 214,522
Total 4,650,393
Health Care 1.8%
Becton Dickinson and Co.
02/13/2028 4.693%   2,000,000 2,008,878
CHS/Community Health Systems, Inc.(a)
03/15/2026 8.000%   235,000 227,219
Cigna Corp.
03/01/2027 3.400%   2,085,000 1,995,114
CVS Health Corp.
06/01/2026 2.875%   2,000,000 1,900,461
GE Healthcare Holding LLC(a)
11/15/2027 5.650%   3,400,000 3,515,437
HCA, Inc.
02/15/2026 5.875%   3,000,000 3,043,772
HealthSouth Corp.
09/15/2025 5.750%   145,000 144,220
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
IQVIA, Inc.(a)
10/15/2026 5.000%   435,000 425,910
05/15/2027 5.000%   180,000 176,322
Select Medical Corp.(a)
08/15/2026 6.250%   1,323,000 1,283,399
Tenet Healthcare Corp.
07/15/2024 4.625%   382,000 376,835
09/01/2024 4.625%   767,000 756,227
01/01/2026 4.875%   417,000 408,803
02/01/2027 6.250%   589,000 579,375
Total 16,841,972
Healthcare Insurance 0.5%
Anthem, Inc.
03/15/2026 1.500%   2,175,000 1,983,013
UnitedHealth Group, Inc.
10/15/2027 2.950%   3,000,000 2,836,022
Total 4,819,035
Home Construction 0.0%
Taylor Morrison Communities, Inc./Holdings II(a)
03/01/2024 5.625%   183,000 183,090
TRI Pointe Group, Inc./Homes
06/15/2024 5.875%   154,000 153,483
Total 336,573
Independent Energy 0.5%
Canadian Natural Resources Ltd.
02/01/2025 3.900%   2,000,000 1,957,928
CrownRock LP/Finance, Inc.(a)
10/15/2025 5.625%   568,000 557,382
Woodside Finance Ltd.(a)
03/05/2025 3.650%   2,200,000 2,141,465
Total 4,656,775
Leisure 0.6%
Carnival Corp.(a)
03/01/2026 7.625%   224,000 204,370
03/01/2027 5.750%   462,000 379,376
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(a)
05/01/2025 5.500%   428,000 427,655
Cinemark USA, Inc.(a)
05/01/2025 8.750%   367,000 374,483
03/15/2026 5.875%   312,000 293,828
Live Nation Entertainment, Inc.(a)
11/01/2024 4.875%   855,000 838,140
03/15/2026 5.625%   335,000 325,252
05/15/2027 6.500%   265,000 267,570
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Short Term Bond Fund  | Annual Report 2023

Portfolio of Investments  (continued)
March 31, 2023
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Royal Caribbean Cruises Ltd.(a)
06/01/2025 11.500%   233,000 248,475
07/01/2026 4.250%   400,000 358,978
08/31/2026 5.500%   275,000 255,609
Six Flags Entertainment Corp.(a)
07/31/2024 4.875%   400,000 396,680
04/15/2027 5.500%   368,000 355,606
Six Flags Theme Parks, Inc.(a)
07/01/2025 7.000%   69,000 69,753
Vail Resorts, Inc.(a)
05/15/2025 6.250%   436,000 438,080
Total 5,233,855
Life Insurance 1.5%
CoreBridge Financial, Inc.(a)
04/05/2027 3.650%   3,200,000 3,000,235
Five Corners Funding Trust(a)
11/15/2023 4.419%   2,000,000 1,983,355
Metropolitan Life Global Funding I(a)
06/30/2027 4.400%   3,500,000 3,433,375
Peachtree Corners Funding Trust(a)
02/15/2025 3.976%   3,547,000 3,445,340
Principal Life Global Funding II(a)
11/17/2026 1.500%   2,500,000 2,196,486
Total 14,058,791
Lodging 0.0%
Hilton Domestic Operating Co., Inc.(a)
05/01/2025 5.375%   380,000 379,166
Media and Entertainment 0.7%
Clear Channel Worldwide Holdings, Inc.(a)
08/15/2027 5.125%   380,000 340,939
iHeartCommunications, Inc.
05/01/2026 6.375%   1,203,000 1,061,647
Magallanes, Inc.(a)
03/15/2027 3.755%   3,900,000 3,674,110
Netflix, Inc.
03/01/2024 5.750%   272,000 274,120
Netflix, Inc.(a)
06/15/2025 3.625%   124,000 120,551
Outfront Media Capital LLC/Corp.(a)
06/15/2025 6.250%   858,000 856,044
Univision Communications, Inc.(a)
02/15/2025 5.125%   290,000 284,767
Total 6,612,178
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Metals and Mining 0.2%
Constellium NV(a)
02/15/2026 5.875%   783,000 783,427
Hudbay Minerals, Inc.(a)
04/01/2026 4.500%   905,000 841,839
Novelis Corp.(a)
11/15/2026 3.250%   432,000 394,534
Total 2,019,800
Midstream 2.1%
Enbridge, Inc.
12/01/2026 4.250%   2,152,000 2,113,831
Enterprise Products Operating LLC
02/15/2025 3.750%   2,000,000 1,967,930
EQM Midstream Partners LP
08/01/2024 4.000%   70,000 67,521
12/01/2026 4.125%   327,000 296,446
EQM Midstream Partners LP(a)
07/01/2025 6.000%   332,000 328,408
06/01/2027 7.500%   140,000 140,512
Holly Energy Partners LP/Finance Corp.(a)
04/15/2027 6.375%   241,000 239,057
Kinder Morgan, Inc.
11/15/2026 1.750%   2,250,000 2,027,203
MPLX LP
03/15/2028 4.000%   3,000,000 2,871,307
NuStar Logistics LP
10/01/2025 5.750%   680,000 663,574
06/01/2026 6.000%   497,000 485,533
Plains All American Pipeline LP/Finance Corp.
12/15/2026 4.500%   3,500,000 3,421,939
Western Midstream Operating LP
02/01/2025 3.350%   1,649,000 1,576,592
Williams Companies, Inc. (The)
06/15/2027 3.750%   3,500,000 3,360,382
Total 19,560,235
Natural Gas 0.3%
NiSource, Inc.
03/30/2028 5.250%   3,175,000 3,230,975
Other Industry 0.0%
Picasso Finance Sub, Inc.(a)
06/15/2025 6.125%   438,000 435,329
Other REIT 0.2%
Blackstone Mortgage Trust, Inc.(a)
01/15/2027 3.750%   281,000 221,578
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2023
15

Portfolio of Investments  (continued)
March 31, 2023
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Ladder Capital Finance Holdings LLLP/Corp.(a)
10/01/2025 5.250%   75,000 66,263
02/01/2027 4.250%   769,000 607,299
Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer(a)
06/01/2025 7.500%   599,000 602,595
RLJ Lodging Trust LP(a)
07/01/2026 3.750%   618,000 569,479
Total 2,067,214
Packaging 0.3%
Ardagh Metal Packaging Finance USA LLC/PLC(a)
06/15/2027 6.000%   335,000 331,976
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)
04/30/2025 5.250%   341,000 337,213
Berry Global, Inc.(a)
02/15/2026 4.500%   448,000 436,173
CANPACK SA/Eastern PA Land Investment Holding LLC(a)
11/01/2025 3.125%   380,000 345,483
Sealed Air Corp.(a)
02/01/2028 6.125%   25,000 25,297
Trivium Packaging Finance BV(a)
08/15/2026 5.500%   921,000 882,099
Total 2,358,241
Pharmaceuticals 1.0%
AbbVie, Inc.
05/14/2026 3.200%   3,000,000 2,896,219
Amgen, Inc.
08/15/2028 1.650%   3,400,000 2,952,556
Astrazeneca Finance LLC
03/03/2028 4.875%   2,075,000 2,135,048
Bausch Health Companies, Inc.(a)
11/01/2025 5.500%   186,000 155,132
Bristol Myers Squibb Co.
06/15/2026 3.200%   1,000,000 967,035
Total 9,105,990
Property & Casualty 0.2%
Alliant Holdings Intermediate LLC/Co-Issuer(a)
04/15/2028 6.750%   304,000 303,478
American International Group, Inc.
04/01/2026 3.900%   1,221,000 1,188,482
Radian Group, Inc.
10/01/2024 4.500%   285,000 276,591
03/15/2025 6.625%   423,000 420,649
03/15/2027 4.875%   107,000 101,190
Total 2,290,390
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Railroads 0.2%
CSX Corp.
11/01/2025 3.350%   1,628,000 1,579,132
Refining 0.2%
Phillips 66
12/01/2027 4.950%   2,000,000 2,008,992
Restaurants 0.2%
1011778 BC ULC/New Red Finance, Inc.(a)
04/15/2025 5.750%   526,000 528,117
IRB Holding Corp.(a)
06/15/2025 7.000%   1,300,000 1,303,694
Total 1,831,811
Retailers 0.4%
Lowe’s Companies, Inc.
05/03/2027 3.100%   3,500,000 3,324,032
Supermarkets 0.1%
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2026 7.500%   307,000 317,484
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2026 3.250%   305,000 287,052
Total 604,536
Technology 1.8%
Block, Inc.
06/01/2026 2.750%   577,000 526,210
Boxer Parent Co., Inc.(a)
10/02/2025 7.125%   353,000 355,130
Broadcom Corp./Cayman Finance Ltd.
01/15/2027 3.875%   3,750,000 3,625,916
Camelot Finance SA(a)
11/01/2026 4.500%   586,000 553,487
CommScope Finance LLC(a)
03/01/2026 6.000%   274,000 264,148
Entegris, Inc.(a)
04/15/2028 4.375%   105,000 95,251
Iron Mountain, Inc.(a)
09/15/2027 4.875%   255,000 240,858
Microchip Technology, Inc.
02/15/2024 0.972%   2,500,000 2,399,964
NCR Corp.(a)
09/01/2027 5.750%   250,000 245,434
NXP BV/Funding LLC/USA, Inc.
05/01/2027 3.150%   3,800,000 3,523,332
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Short Term Bond Fund  | Annual Report 2023

Portfolio of Investments  (continued)
March 31, 2023
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Oracle Corp.
05/06/2028 4.500%   2,500,000 2,470,574
PTC, Inc.(a)
02/15/2025 3.625%   237,000 228,519
Shift4 Payments LLC/Finance Sub, Inc.(a)
11/01/2026 4.625%   870,000 817,312
Symantec Corp.(a)
04/15/2025 5.000%   402,000 395,042
Tempo Acquisition LLC/Finance Corp.(a)
06/01/2025 5.750%   755,000 756,560
Total 16,497,737
Transportation Services 0.3%
ERAC USA Finance LLC(a)
11/01/2025 3.800%   2,500,000 2,417,306
Wireless 0.7%
Altice France SA(a)
02/01/2027 8.125%   734,000 677,423
American Tower Corp.
01/31/2028 1.500%   2,500,000 2,128,078
SBA Communications Corp.
02/15/2027 3.875%   230,000 217,128
Sprint Corp.
09/15/2023 7.875%   548,000 552,459
06/15/2024 7.125%   207,000 210,647
T-Mobile US, Inc.
04/15/2029 3.375%   3,000,000 2,734,907
Total 6,520,642
Wirelines 0.6%
AT&T, Inc.
02/01/2028 1.650%   2,250,000 1,975,783
Front Range BidCo, Inc.(a)
03/01/2027 4.000%   113,000 85,709
Iliad Holding SAS(a)
10/15/2026 6.500%   1,127,000 1,077,023
Verizon Communications, Inc.
03/16/2027 4.125%   2,000,000 1,983,735
Total 5,122,250
Total Corporate Bonds & Notes
(Cost $320,399,460)
308,583,597
Foreign Government Obligations(f) 0.1%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Canada 0.1%
NOVA Chemicals Corp.(a)
06/01/2024 4.875%   240,000 236,248
05/01/2025 5.000%   105,000 100,217
06/01/2027 5.250%   504,000 459,433
Total 795,898
Morocco 0.0%
Morocco Government AID Bond(b),(g),(h)
6-month USD LIBOR + 0.000%
05/01/2023
5.250%   42,500 42,446
Total Foreign Government Obligations
(Cost $913,447)
838,344
Residential Mortgage-Backed Securities - Agency 0.7%
Federal Home Loan Mortgage Corp.
04/01/2023-
10/01/2024
4.500%   2,966 2,973
01/01/2024 5.000%   1,637 1,650
03/01/2025-
04/01/2026
4.000%   5,378 5,353
11/01/2025 3.500%   1,034 1,017
Federal Home Loan Mortgage Corp.(b)
1-year CMT + 2.219%
Cap 9.386%
03/01/2034
4.344%   94,919 92,877
12-month USD LIBOR + 1.735%
Cap 10.860%
07/01/2036
3.985%   1,552 1,522
12-month USD LIBOR + 1.708%
Cap 11.198%
08/01/2036
3.825%   21,504 21,701
Federal National Mortgage Association
03/01/2024-
06/01/2026
4.000%   6,031 6,010
12/01/2025-
09/01/2026
3.500%   19,478 19,119
Federal National Mortgage Association(c)
CMO Series 2003-W11 Class A1
06/25/2033 4.720%   5,317 5,368
Government National Mortgage Association(b)
1-year CMT + 1.500%
Floor 1.000%, Cap 11.000%
03/20/2030
2.625%   5,595 5,475
Government National Mortgage Association
08/15/2037 7.500%   11,113 11,143
Uniform Mortgage-Backed Security TBA(i)
04/17/2038 4.000%   7,000,000 6,888,985
Total Residential Mortgage-Backed Securities - Agency
(Cost $7,114,168)
7,063,193
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2023
17

Portfolio of Investments  (continued)
March 31, 2023
Residential Mortgage-Backed Securities - Non-Agency 28.5%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
510 Asset Backed Trust(a),(c)
CMO Series 2021-NPL2 Class A1
06/25/2061 2.116%   3,696,764 3,332,188
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
5.325%   1,269 1,274
Angel Oak Mortgage Trust(a),(c)
CMO Series 2020-6 Class A3
05/25/2065 1.775%   380,673 335,309
CMO Series 2020-6 Class M1
05/25/2065 2.805%   1,225,000 945,510
CMO Series 2021-8 Class A1
11/25/2066 1.820%   7,709,864 6,549,673
Banc of America Funding Trust
CMO Series 2005-5 Class 2A1
09/25/2035 5.500%   79,778 77,673
Banc of America Funding Trust(c)
CMO Series 2007-C Class 1A3
05/20/2036 3.945%   48,059 41,281
Bellemeade Re Ltd.(a),(b)
CMO Series 2021-1A Class M1B
30-day Average SOFR + 2.200%
Floor 2.200%
03/25/2031
6.760%   3,000,000 2,969,753
CMO Series 2022-1 Class M1B
30-day Average SOFR + 2.150%
Floor 2.150%
01/26/2032
6.718%   5,284,000 5,164,744
BRAVO Residential Funding Trust(a),(c)
CMO Series 2020-NQM1 Class A1
05/25/2060 1.449%   552,366 516,495
CMO Series 2021-NQM1 Class A1
02/25/2049 0.941%   3,421,024 3,020,912
CFMT LLC(a),(c)
CMO Series 2021-EBO1 Class A
11/25/2050 0.985%   2,341,239 2,205,985
Chase Mortgage Finance Trust
CMO Series 2005-S2 Class A1
10/25/2035 5.500%   62,712 59,862
CMO Series 2006-S4 Class A3
12/25/2036 6.000%   147,412 71,633
CHNGE Mortgage Trust(a),(c)
CMO Series 2022-1 Class A1
01/25/2067 3.007%   6,713,705 6,235,767
CMO Series 2022-NQM1 Class A1
06/25/2067 5.528%   2,267,684 2,222,534
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
CIM Trust(a),(c)
CMO Series 2021-NR1 Class A1
07/25/2055 2.569%   2,060,070 1,960,361
Credit Suisse Mortgage Trust(a),(c)
CMO Series 2021-AFC1 Class A1
03/25/2056 0.830%   1,746,977 1,346,532
CMO Series 2021-RPL1 Class A1
09/27/2060 1.668%   4,258,225 4,060,172
CMO Series 2022-JR1 Class A1
10/25/2066 4.267%   13,775,820 13,148,265
CSMC Trust(a)
CMO Series 2019-AFC1 Class A1
07/25/2049 2.573%   1,271,754 1,167,778
CSMC Trust(a),(c)
CMO Series 2021-RPL4 Class A1
12/27/2060 1.796%   3,167,466 2,901,638
CMO Series 2022-NQM5 Class A1
05/25/2067 5.169%   3,921,782 3,937,194
Subordinated CMO Series 2020-RPL3 Class A1
03/25/2060 2.691%   2,384,250 2,351,246
Subordinated CMO Series 2020-RPL4 Class A1
01/25/2060 2.000%   5,856,989 5,099,376
Deephaven Residential Mortgage Trust(a),(c)
CMO Series 2022-1 Class A1
01/25/2067 2.205%   15,823,924 13,865,829
Eagle Re Ltd.(a),(b)
CMO Series 2021-2 Class M1B
30-day Average SOFR + 2.050%
Floor 2.050%
04/25/2034
6.610%   5,100,000 5,054,395
Freddie Mac STACR REMIC Trust(a),(b)
CMO Series 2020-DNA1 Class M2
1-month USD LIBOR + 1.700%
01/25/2050
6.545%   541,252 538,503
CMO Series 2021-DNA5 Class M2
30-day Average SOFR + 1.650%
01/25/2034
6.210%   1,292,083 1,264,626
CMO Series 2021-HQA1 Class M1
30-day Average SOFR + 0.700%
08/25/2033
5.260%   15,614 15,608
CMO Series 2021-HQA4 Class M1
30-day Average SOFR + 0.950%
12/25/2041
5.510%   3,231,410 3,112,679
CMO Series 2022-DNA3 Class M1A
30-day Average SOFR + 2.000%
04/25/2042
6.560%   7,652,018 7,651,975
GCAT LLC(a),(c)
CMO Series 2020-3 Class A1
09/25/2025 2.981%   2,902,693 2,821,432
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Short Term Bond Fund  | Annual Report 2023

Portfolio of Investments  (continued)
March 31, 2023
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
GCAT Trust(a),(c)
CMO Series 2021-CM2 Class A1
08/25/2066 2.352%   3,592,418 3,251,637
CMO Series 2022-NQM4 Class A1
08/25/2067 5.269%   3,813,064 3,807,993
Genworth Mortgage Insurance Corp.(a),(b)
CMO Series 2021-3 Class M1A
30-day Average SOFR + 1.900%
Floor 1.900%
02/25/2034
6.384%   6,826,590 6,787,202
GS Mortgage-Backed Securities Trust(a),(c)
CMO Series 2020-NQM1 Class A1
09/27/2060 1.382%   1,090,206 987,162
Home Re Ltd.(a),(b)
CMO Series 2021-1 Class M1B
1-month USD LIBOR + 1.550%
07/25/2033
6.395%   1,715,115 1,712,131
Homeward Opportunities Fund Trust(a),(e)
CMO Series 2020-BPL1 Class A1
08/25/2025 3.228%   656,433 645,615
CMO Series 2022-1 Class A1
07/25/2067 5.055%   6,654,723 6,590,846
Imperial Fund Mortgage Trust(a),(c)
CMO Series 2021-NQM2 Class A3
09/25/2056 1.516%   2,596,922 2,052,276
JPMorgan Mortgage Trust
CMO Series 2005-S3 Class 2A2
07/25/2023 5.500%   7,196 5,280
JPMorgan Mortgage Trust(c)
CMO Series 2007-A2 Class 3A1
04/25/2037 3.722%   4,640 3,683
Legacy Mortgage Asset Trust(a),(c)
CMO Series 2021-GS1 Class A1
10/25/2066 1.892%   3,043,988 2,807,344
CMO Series 2021-GS2 Class A1
04/25/2061 1.750%   5,780,698 5,394,997
MFA Trust(a),(c)
CMO Series 2020-NQM1 Class A1
03/25/2065 1.479%   1,028,449 936,537
CMO Series 2023-INV1 Class A1
02/25/2058 5.920%   5,831,385 5,847,189
Morgan Stanley Mortgage Loan Trust(c)
CMO Series 2004-10AR Class 2A2
11/25/2034 4.830%   37,213 34,392
New Residential Mortgage Loan Trust(a),(c)
CMO Series 2019-NQM4 Class A2
09/25/2059 2.644%   1,370,502 1,253,162
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
NRZ Excess Spread-Collateralized Notes(a)
Series 2020-PLS1 Class A
12/25/2025 3.844%   1,120,720 1,046,081
Oaktown Re VI Ltd.(a),(b)
CMO Series 2021-1A Class M1A
30-day Average SOFR + 1.650%
Floor 1.650%
10/25/2033
6.210%   352,719 352,212
OBX Trust(a),(c)
CMO Series 2019-EXP2 Class 1A3
06/25/2059 4.000%   468,426 435,855
OBX Trust(a),(e)
CMO Series 2022-NQM7 Class A1
08/25/2062 5.110%   4,654,738 4,612,081
Oceanview Mortgage Loan Trust(a)
CMO Series 2020-1 Class A1A
05/28/2050 1.733%   884,232 791,948
Preston Ridge Partners Mortgage(a),(c)
CMO Series 2021-4 Class A1
04/25/2026 1.867%   6,548,432 6,232,839
Preston Ridge Partners Mortgage Trust(a),(c)
CMO Series 2021-10 Class A1
10/25/2026 2.487%   3,600,669 3,319,338
CMO Series 2021-2 Class A1
03/25/2026 2.115%   2,030,397 1,925,572
CMO Series 2021-3 Class A1
04/25/2026 1.867%   3,384,931 3,145,167
CMO Series 2021-9 Class A1
10/25/2026 2.363%   5,944,080 5,612,220
Pretium Mortgage Credit Partners I LLC(a),(c)
CMO Series 2021-NPL1 Class A1
09/27/2060 2.240%   1,719,889 1,632,020
CMO Series 2021-NPL2 Class A1
06/27/2060 1.992%   1,731,057 1,613,939
Pretium Mortgage Credit Partners LLC(a),(c)
CMO Series 2021-NPL3 Class A1
07/25/2051 1.868%   8,498,280 7,909,586
CMO Series 2021-NPL6 Class A1
07/25/2051 2.487%   8,758,723 8,244,823
PRKCM Trust(a),(c)
CMO Series 2021-AFC2 Class A1
11/25/2056 2.071%   13,050,387 11,040,436
PRPM LLC(a),(c)
CMO Series 2021-RPL1 Class A1
07/25/2051 1.319%   1,700,129 1,493,377
PRPM Trust(a),(c)
CMO Series 2023-NQM1 Class A1
01/25/2068 6.234%   2,560,871 2,571,833
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund  | Annual Report 2023
19

Portfolio of Investments  (continued)
March 31, 2023
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Sequoia Mortgage Trust(a),(c)
CMO Series 2016-3 Class A1
11/25/2046 3.500%   645,865 578,043
Starwood Mortgage Residential Trust(a),(c)
CMO Series 2019-INV1 Class A3
09/27/2049 2.916%   1,735,297 1,648,469
CMO Series 2020-INV1 Class A3
11/25/2055 1.593%   417,617 377,159
Towd Point HE Trust(a),(c)
CMO Series 2021-HE1 Class M2
02/25/2063 2.500%   1,150,000 1,008,748
Towd Point Mortgage Trust(a),(c)
CMO Series 2021-SJ2 Class A1A
12/25/2061 2.250%   4,850,282 4,436,985
VCAT Asset Securitization LLC(a),(c)
CMO Series 2021-NPL6 Class A1