N-CSR 1 f10613d1.htm COLUMBIA FUND SERIES TRUST I Columbia Fund Series Trust I

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number811-04367 

Columbia Funds Series Trust I 

(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:  October 31 

Date of reporting period:  October 31, 2021 

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
October 31, 2021
Columbia Strategic California Municipal Income Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one are no longer sent by mail, unless you specifically requested paper copies of the reports. Instead, the reports are made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Strategic California Municipal Income 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 Strategic California Municipal Income Fund  |  Annual Report 2021

Fund at a Glance
Investment objective
The Fund seeks total return, with a focus on income exempt from federal income tax and California individual income tax and capital appreciation.
Portfolio management
Douglas White, CFA
Lead Portfolio Manager
Managed Fund since 2018
Catherine Stienstra
Portfolio Manager
Managed Fund since 2010
Anders Myhran, CFA
Portfolio Manager
Managed Fund since 2016
Average annual total returns (%) (for the period ended October 31, 2021)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 06/16/86 3.61 3.24 4.54
  Including sales charges   0.51 2.60 4.22
Advisor Class* 03/19/13 3.82 3.51 4.77
Class C Excluding sales charges 08/01/97 3.09 2.77 4.07
  Including sales charges   2.09 2.77 4.07
Institutional Class 09/19/05 3.78 3.50 4.80
Institutional 2 Class* 03/01/16 3.83 3.52 4.69
Institutional 3 Class* 03/01/17 3.88 3.54 4.70
Bloomberg California Municipal Bond Index   2.09 3.32 4.16
Bloomberg Municipal Bond Index   2.64 3.41 3.88
Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. 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 California Municipal Bond Index is a subset of the Bloomberg Municipal Bond Index consisting solely of bonds issued by obligors located in the state of California. Effective August 24, 2021, the Bloomberg Barclays California Municipal Bond Index was re-branded as the Bloomberg California Municipal Bond Index.
The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Effective August 24, 2021, the Bloomberg Barclays Municipal Bond Index was re-branded as the Bloomberg 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.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (October 31, 2011 — October 31, 2021)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Strategic California Municipal Income 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 October 31, 2021)
AAA rating 1.8
AA rating 39.0
A rating 23.8
BBB rating 16.5
BB rating 1.1
D rating 0.6
Not rated 17.2
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.
4 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Manager Discussion of Fund Performance
For the 12-month period that ended October 31, 2021, the Fund’s Class A shares returned 3.61% excluding sales charges. Institutional Class shares of the Fund returned 3.78%. For the same time period, the Fund’s benchmark, the Bloomberg California Municipal Bond Index, returned 2.09%, and the national municipal bond market, as measured by the Bloomberg Municipal Bond Index, returned 2.64%.
Market overview
As the period began, there was a significant increase in municipal bond issuance ahead of the November election. The resulting excess supply and upward rate pressure pushed municipal total returns into negative territory. A renewed bid for risk assets, including municipal bonds, was spurred as election volatility failed to materialize and positive COVID-19 vaccination news emerged. Following the pre-election flood of supply, municipal investors were left with limited new issuance to meet demand in November and December, a dynamic that helped end 2020 on a positive note.
The strong municipal performance that closed 2020 continued into the new year. Despite the gradual upward march of U.S. Treasury yields, municipal performance held positive through the first month of the year, as lighter supply and tighter spreads produced positive excess returns versus Treasuries. By mid-February, however, municipals succumbed to the upward pull of Treasury yields, as municipal yields repriced higher, between 20 and 40 basis points (bps) across much of the curve, with only the shortest maturities avoiding substantial yield spikes. (A basis point is 1/100 of a percent.) However, negative total returns brought on by higher yields did not spark an outflow cycle. Rather, municipal investors took the opportunity to put cash to work at higher yield levels, and by the end of March 2021, yields had retraced lower by 3–6 bps, reviving outperformance versus Treasuries and closing the first quarter on a positive note.
Federal stimulus via the $1.9 trillion American Rescue Plan provided some measure of indirect support for portions of the municipal market. While rates markets focused on the possible inflationary effects of such a large stimulus package, municipal investors chose to weigh the positive credit impacts. Stimulus, combined with tax revenues that have broadly surprised to the upside, continued to support improvement in municipal credit fundamentals.
By mid-2021, credit concerns that arose during COVID-19 shutdowns had diminished, and lower quality segments of the market led positive performance. Though pockets of value remained in certain sectors or issuers, the dramatic post-COVID-19 recovery had driven valuations to relatively full levels across much of the market. With the COVID-19 shutdowns lifted, it was evident that most states’ expectations of massive revenue gaps failed to materialize. Tax revenue performance was rather strong even through the depths of the pandemic, with projected deficits turning into actual surpluses for many state and local governments. Surprise revenue outperformance, coupled with direct federal support via the American Rescue Plan, bolstered credit fundamentals for most issuers.
A Delta-variant-driven resurgence in COVID-19 cases weighed on investors’ minds as the third quarter of 2021 began. Initially, the expectation of slower growth pushed Treasury yields lower with 10-year Treasury yields reaching a low of 1.17% in early August. Undeterred by Delta, the Federal Reserve indicated that the tapering of asset purchases would likely begin soon but gave no timeline for the start of interest rate hikes. Supply chain disruptions, energy shortages and transportation bottlenecks all pressured inflation and interest rates higher. Interest rate volatility led most fixed-income sectors to negative returns during the third quarter of 2021. However, despite a negative third quarter, municipal performance remained one of the few positive corners of the domestic fixed-income landscape on a year-to-date basis. Post-COVID-19 tax revenue performance in most locales continued to outpace expectations, improving credit fundamentals and leaving many municipal issuers in healthy fiscal positions.
In the final month of the period, a weaker tone and the continuation of upward rate pressure weighed on municipal returns, as the national muni market ended with another month of negative total returns. Policy negotiations in Washington remained fluid, but by period-end had taken a turn towards removing tax proposals that would have been stimulative for municipal demand. Despite negative returns in the last few months of the reporting period, both the California and the national municipal bond market returned positive results for the 12-month period that ended October 31, 2021.
Within the state of California, the pace of improvement in California’s labor market slowed through the second quarter of 2021 into the third quarter, slowing from the initial surge seen in the first quarter of 2021 when service industry businesses re-opened. California has only regained slightly over 50% of the jobs lost from the onset of the COVID-19 pandemic. Notably, this compares to the national average of employment recovery where 70% of the jobs lost following the pandemic have been
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
5

Manager Discussion of Fund Performance  (continued)
regained. The state’s unemployment rate remains among the highest in the nation at 7.8% and well above the pre-pandemic rate of 4.3%. A bright spot for California’s economy has been the state’s above median wealth levels, thriving technology sector and surging housing values bolstering many resident’s balance sheets and wealth further. However, the rapid rise in housing costs in a state already viewed as pressing up against reasonable affordability metrics pre-COVID-19, represented a serious economic headwind for the state’s outlook as the cost of living has made it more difficult for the state to appeal to new residents and increase its labor pool. With the rise of remote work arrangements during the pandemic, California lost population as many knowledge-based workers opted to leave the state for more affordable living situations. Many of California’s major metropolitan areas, namely San Francisco, Los Angeles, and San Diego, ranked among the lowest in the nation in ‘Return to Office’ indexes. As a result of the uncertainty surrounding these conflicting factors, the California municipal bond index underperformed the national index for the year.
The broad theme for the California municipal market for the 12-month period that ended October 31, 2021 was the outperformance by longer maturities and medium to lower quality bonds, and by revenue bonds versus general obligation bonds.
The Fund’s notable contributors during the period
The primary factors that contributed to the Fund’s performance during the period were sector and maturity security selection, as well as the Fund’s overweight, relative to the benchmark, to medium and lower quality bonds.
The Fund’s selections in the hospital, education, state general obligation and special tax sectors, along with those in the 12 to 17 and 25 to 30-year maturity ranges, outperformed those in the benchmark.
The Fund’s overweights in the BBB and non-rated categories also contributed positively.
The Fund’s duration was longer than that of the benchmark throughout the period, which was also a positive contributor.
The Fund’s notable detractors during the period
Detractors from Fund performance, relative to the benchmark, during the reporting period included security selection in BBB rated issues and in housing bonds.
An underweighting of toll roads and an overweight to IDR/PCRs (corporate backed bonds) versus the benchmark also weighed on Fund performance during the period.
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. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. 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. 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. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state or local taxes. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. 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 Strategic California Municipal Income Fund  | Annual Report 2021

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
May 1, 2021 — October 31, 2021
  Account value at the
beginning of the
period ($)
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 1,000.00 999.50 1,021.24 3.69 3.73 0.74
Advisor Class 1,000.00 1,000.00 1,000.90 1,022.24 2.69 2.72 0.54
Class C 1,000.00 1,000.00 997.00 1,018.75 6.17 6.24 1.24
Institutional Class 1,000.00 1,000.00 1,000.50 1,022.24 2.69 2.72 0.54
Institutional 2 Class 1,000.00 1,000.00 1,001.00 1,022.34 2.59 2.62 0.52
Institutional 3 Class 1,000.00 1,000.00 1,001.30 1,022.59 2.35 2.37 0.47
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 Strategic California Municipal Income Fund  | Annual Report 2021
7

Portfolio of Investments
October 31, 2021
(Percentages represent value of investments compared to net assets)
Investments in securities
Commercial Mortgage-Backed Securities - Agency 0.4%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Freddie Mac Multifamily Certificates
Series ML10 Class ACA (FHLMC)
06/25/2038 2.046%   2,495,126 2,534,131
Total Commercial Mortgage-Backed Securities - Agency
(Cost $2,592,957)
2,534,131
Floating Rate Notes 0.0%
Issue Description Yield   Principal
Amount ($)
Value ($)
Variable Rate Demand Notes 0.0%
State of California(a),(b)
Unlimited General Obligation Bonds
Kindergarten
Series 2013A2 (State Street)
05/01/2034 0.010%   100,000 100,000
Total Floating Rate Notes
(Cost $100,000)
100,000
Municipal Bonds 93.3%
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Airport 6.6%
City of Fresno Airport(c)
Refunding Revenue Bonds
Series 2013B (BAM)
07/01/2028 5.000%   500,000 536,104
07/01/2030 5.125%   1,050,000 1,127,986
City of Los Angeles Department of Airports(c)
Refunding Revenue Bonds
Subordinated Series 2019A
05/15/2049 5.000%   5,000,000 6,032,605
Revenue Bonds
Los Angeles International Airport
Subordinated Series 2017
05/15/2041 5.000%   1,500,000 1,750,154
Subordinated Series 2018
05/15/2048 5.250%   3,000,000 3,654,616
Senior Series 2020C
05/15/2031 5.000%   1,880,000 2,393,847
05/15/2050 4.000%   4,000,000 4,527,156
Subordinated Series 2018C
05/15/2044 5.000%   2,000,000 2,416,280
County of Sacramento Airport System
Refunding Revenue Bonds
Subordinated Series 2016B
07/01/2041 5.000%   5,500,000 6,436,835
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Norman Y Mineta San Jose International Airport SJC(c)
Refunding Revenue Bonds
Series 2021A (BAM)
03/01/2032 5.000%   2,000,000 2,548,780
03/01/2033 5.000%   1,300,000 1,652,522
Norman Y. Mineta San Jose International Airport(c)
Refunding Revenue Bonds
Series 2017A
03/01/2047 5.000%   3,000,000 3,527,891
San Francisco City & County Airport Commission - San Francisco International Airport(c)
Refunding Revenue Bonds
Series 2021A
05/01/2035 5.000%   3,000,000 3,831,077
SFO Fuel Co., LLC
Series 2019
01/01/2047 5.000%   1,000,000 1,197,968
Revenue Bonds
San Francisco International Airport
Series 2016
05/01/2041 5.000%   1,305,000 1,523,942
Unrefunded Revenue Bonds
Series 2014A
05/01/2044 5.000%   6,000,000 6,605,732
Total 49,763,495
Charter Schools 4.6%
California Infrastructure & Economic Development Bank(d)
Revenue Bonds
WFCS Portfolio Project
Series 2021
01/01/2056 5.000%   1,300,000 1,435,589
Wonderful Foundations Charter School Portfolio Projects
Series 2020
01/01/2055 5.000%   2,300,000 2,530,538
California Infrastructure & Economic Development Bank(d),(e)
Revenue Bonds
WFCS Portfolio Project
Subordinated Series 2021
01/01/2061 0.000%   40,000,000 3,063,988
California Public Finance Authority
Revenue Bonds
Laverne Elementary Prep Academy Project
Series 2019
06/15/2039 5.000%   870,000 892,828
06/15/2049 5.000%   1,400,000 1,432,285
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
California School Finance Authority(d)
Refunding Revenue Bonds
Aspire Public School
Series 2016
08/01/2041 5.000%   1,600,000 1,792,686
Revenue Bonds
Alliance College-Ready Public Schools
Series 2015
07/01/2035 5.000%   3,010,000 3,368,741
07/01/2045 5.000%   1,705,000 1,890,115
Aspire Public Schools
Series 2020A
08/01/2059 5.000%   3,120,000 3,622,040
Girls Athletic Leadership School
Series 2021
06/01/2051 4.000%   1,000,000 1,007,901
06/01/2061 4.000%   2,890,000 2,867,144
Green Dot Public School Project
Series 2015A
08/01/2035 5.000%   1,510,000 1,678,708
Series 2018
08/01/2048 5.000%   1,750,000 2,026,207
KIPP Los Angeles Projects
Series 2014A
07/01/2044 5.125%   1,000,000 1,086,826
Series 2015A
07/01/2045 5.000%   1,000,000 1,109,321
Kipp SoCal Public Schools
Series 2019A
07/01/2049 5.000%   1,000,000 1,189,421
River Springs Charter School Project
Series 2015
07/01/2046 6.375%   1,000,000 1,125,106
07/01/2046 6.375%   155,000 174,391
Santa Clarita Valley International School Project
Series 2021
06/01/2051 4.000%   750,000 785,697
06/01/2061 4.000%   1,175,000 1,218,274
Total 34,297,806
Disposal 1.3%
California Municipal Finance Authority(c)
Revenue Bonds
Waste Management, Inc. Project
Series 2019A (Mandatory Put 10/01/29)
10/01/2044 2.400%   9,000,000 9,504,278
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Health Services 0.7%
California Municipal Finance Authority
Revenue Bonds
Clincas Del Camino Real, Inc.
Series 2020
03/01/2050 4.000%   5,000,000 5,552,273
Higher Education 5.3%
California Educational Facilities Authority
Refunding Revenue Bonds
Loma Linda University
Series 2017A
04/01/2047 5.000%   4,250,000 4,922,874
Series 2018-A
12/01/2044 5.000%   2,000,000 2,383,678
University of the Pacific
Series 2015
11/01/2036 5.000%   2,000,000 2,308,959
Revenue Bonds
Chapman University
Series 2015
04/01/2040 5.000%   2,500,000 2,819,788
California Municipal Finance Authority
Refunding Revenue Bonds
Biola University
Series 2017
10/01/2039 5.000%   1,000,000 1,170,769
California Lutheran University
Series 2018
10/01/2038 5.000%   300,000 361,082
Revenue Bonds
Biola University
Series 2013
10/01/2038 5.000%   1,000,000 1,065,208
10/01/2042 5.000%   2,360,000 2,506,644
National University
Series 2019A
04/01/2040 5.000%   1,000,000 1,215,983
04/01/2041 5.000%   2,000,000 2,426,769
California Public Finance Authority(d)
Revenue Bonds
California University of Science and Medicine
Series 2019
07/01/2054 6.250%   3,000,000 3,434,414
California State University
Revenue Bonds
Series 2019A
11/01/2049 5.000%   5,000,000 6,292,499
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
9

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
California Statewide Communities Development Authority(d)
Revenue Bonds
California Baptist University
Series 2014A
11/01/2043 6.375%   3,000,000 3,276,745
Lancer Plaza Project
Series 2013
11/01/2033 5.625%   1,400,000 1,512,057
11/01/2043 5.875%   1,875,000 2,020,772
University of California
Refunding Revenue Bonds
Series 2020BE
05/15/2047 4.000%   2,000,000 2,326,464
Total 40,044,705
Hospital 13.0%
California Health Facilities Financing Authority
Refunding Revenue Bonds
El Camino Hospital
Series 2015A
02/01/2040 5.000%   5,000,000 5,668,115
Marshal Medical Center
Series 2020
11/01/2040 4.000%   1,000,000 1,161,019
11/01/2050 5.000%   2,000,000 2,457,766
PIH Health
Series 2020A
06/01/2050 4.000%   4,500,000 5,159,973
Revenue Bonds
City of Hope Obligated Group
Series 2019
11/15/2045 4.000%   8,000,000 9,190,901
El Camino Hospital
Series 2017
02/01/2047 5.000%   4,000,000 4,764,444
Kaiser Permanente
Subordinated Series 2017A-2
11/01/2044 4.000%   7,000,000 8,020,568
Subordinated Series 2020A-2
11/01/2051 4.000%   5,195,000 5,888,788
St. Joseph Health System
Series 2013A
07/01/2037 5.000%   2,000,000 2,153,096
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2015A
02/01/2040 5.000%   2,000,000 2,268,625
Series 2017A
02/01/2042 4.000%   2,000,000 2,220,784
02/01/2047 5.000%   2,000,000 2,363,241
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
California Public Finance Authority
Refunding Revenue Bonds
Henry Mayo Newhall Memorial Hospital
Series 2017
10/15/2047 5.000%   4,000,000 4,626,948
California Statewide Communities Development Authority
Refunding Revenue Bonds
Adventist Health System
Series 2018
03/01/2042 4.000%   5,000,000 5,656,477
03/01/2048 5.000%   5,000,000 5,960,580
Adventist Health System West
Series 2015
03/01/2035 5.000%   3,850,000 4,489,042
Huntington Memorial Hospital
Series 2014B
07/01/2044 5.000%   1,000,000 1,110,236
John Muir Health
Series 2018A
12/01/2053 5.000%   700,000 836,390
Redlands Community Hospital OB
Series 2016
10/01/2046 5.000%   1,000,000 1,147,608
Revenue Bonds
Emanate Health
Series 2020A
04/01/2045 4.000%   1,000,000 1,143,623
Green - Marin General Hospital Project
Series 2018
08/01/2038 5.000%   475,000 560,450
08/01/2045 4.000%   1,000,000 1,028,983
Loma Linda University Medical Center
Series 2014
12/01/2054 5.500%   2,660,000 3,008,173
Methodist Hospital of Southern California
Series 2018
01/01/2048 5.000%   7,500,000 8,785,470
California Statewide Communities Development Authority(d)
Revenue Bonds
Loma Linda University Medical Center
Series 2018
12/01/2058 5.500%   3,000,000 3,639,853
City of Upland
Refunding Certificate of Participation
San Antonio Regional Hospital
Series 2017
01/01/2042 4.000%   3,000,000 3,310,295
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Washington Township Health Care District
Refunding Revenue Bonds
Series 2019A
07/01/2036 5.000%   500,000 609,888
07/01/2048 4.000%   500,000 554,671
Total 97,786,007
Human Service Provider 0.8%
California Municipal Finance Authority
Refunding Revenue Bonds
Harbor Regional Center Project
Series 2015
11/01/2039 5.000%   2,000,000 2,303,994
Inland Regional Center Project
Series 2015
06/15/2045 5.000%   3,500,000 3,957,440
Total 6,261,434
Joint Power Authority 0.5%
Southern California Public Power Authority
Refunding Revenue Bonds
Milford Wind Corridor Phase II Project Green Bonds
Series 2021
07/01/2029 5.000%   600,000 777,090
07/01/2030 5.000%   800,000 1,054,378
07/01/2031 5.000%   1,200,000 1,610,572
Total 3,442,040
Local Appropriation 1.3%
City of Modesto
Certificate of Participation
Community Center Refinancing Project
Series 1993A (AMBAC)
11/01/2023 5.000%   840,000 845,108
Los Angeles County Public Works Financing Authority
Revenue Bonds
Green Bonds - LACMA Building for the Permanent Collection Project
Series 2020A
12/01/2043 4.000%   1,500,000 1,765,256
12/01/2045 5.000%   4,000,000 5,042,398
Sacramento City Schools Joint Powers Financing Authority
Refunding Revenue Bonds
Series 2006A (BAM)
03/01/2040 5.000%   2,000,000 2,172,829
Total 9,825,591
Local General Obligation 12.8%
Alameda Unified School District-Alameda County
Unlimited General Obligation Bonds
Election of 2014
Series 2019C
08/01/2042 3.000%   1,000,000 1,052,560
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Carlsbad Unified School District
Unlimited General Obligation Bonds
Election of 2018
Series 2019A
08/01/2048 3.125%   2,750,000 2,914,620
Series 2021B
08/01/2046 3.000%   3,175,000 3,372,633
08/01/2050 2.375%   3,000,000 2,863,106
Cerritos Community College District
Unlimited General Obligation Bonds
Series 2019C
08/01/2044 3.000%   5,000,000 5,289,720
Chaffey Joint Union High School District(e)
Unlimited General Obligation Bonds
Series 2019D
08/01/2034 0.000%   500,000 365,125
08/01/2035 0.000%   660,000 463,800
08/01/2036 0.000%   1,000,000 675,511
Chino Valley Unified School District
Limited General Obligation Bonds
Series 2020B
08/01/2055 5.000%   1,000,000 1,257,720
Chula Vista Elementary School District(e)
Unlimited General Obligation Bonds
BAN Series 2019
08/01/2023 0.000%   1,600,000 1,588,140
Coast Community College District(e)
Unlimited General Obligation Bonds
Election of 2012
Series 2019F
08/01/2041 0.000%   2,125,000 1,240,774
08/01/2043 0.000%   7,250,000 3,922,177
Compton Unified School District(e)
Unlimited General Obligation Bonds
Compton Unified School District
Series 2019B (BAM)
06/01/2036 0.000%   2,750,000 1,858,808
Conejo Valley Unified School District(e)
Unlimited General Obligation Bonds
Series 2015A (AGM)
08/01/2029 0.000%   1,650,000 1,300,694
08/01/2030 0.000%   1,000,000 746,186
Corona-Norco Unified School District
Unlimited General Obligation Bonds
Series 2019C
08/01/2049 4.000%   1,500,000 1,710,741
East Side Union High School District
Unlimited General Obligation Refunding Bonds
Series 2003B (NPFGC)
08/01/2026 5.250%   2,010,000 2,180,623
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
11

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
El Monte Union High School District
Unlimited General Obligation Bonds
Series 2019A
06/01/2044 4.000%   2,750,000 3,113,124
El Monte Union High School District(e)
Unlimited General Obligation Bonds
Series 2021E
06/01/2046 0.000%   2,765,000 1,415,075
Fremont Union High School District
Unlimited General Obligation Bonds
Series 2021A
08/01/2037 3.000%   2,045,000 2,238,748
08/01/2038 3.000%   5,615,000 6,126,011
Fresno Unified School District
Unlimited General Obligation Bonds
Series 2021A
08/01/2045 4.000%   1,000,000 1,156,326
Glendale Community College District(e)
Unlimited General Obligation Bonds
Series 2020B
08/01/2044 0.000%   1,550,000 802,804
02/01/2045 0.000%   1,250,000 635,173
Glendale Unified School District(e)
Unlimited General Obligation Refunding Bonds
Series 2015B
09/01/2031 0.000%   1,900,000 1,420,532
09/01/2032 0.000%   1,000,000 711,757
Long Beach Community College District
Unlimited General Obligation Bonds
Series 2019C
08/01/2045 4.000%   725,000 833,524
Long Beach Unified School District(e)
Unlimited General Obligation Bonds
Series 2015D-1
08/01/2032 0.000%   1,500,000 1,067,951
Los Angeles Unified School District
Unlimited General Obligation Bonds
Series 2020RYQ
07/01/2035 5.000%   1,250,000 1,610,655
07/01/2044 4.000%   6,000,000 6,974,612
Unlimited General Obligation Refunding Bonds
Series 2021A
07/01/2032 4.000%   6,000,000 7,357,447
Manteca Unified School District(e)
Unlimited General Obligation Bonds
Capital Appreciation-Election of 2004
Series 2006 (NPFGC)
08/01/2032 0.000%   5,440,000 4,356,233
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Monterey Peninsula Community College District(e)
Unlimited General Obligation Refunding Bonds
Series 2016
08/01/2032 0.000%   3,500,000 2,694,205
08/01/2033 0.000%   2,000,000 1,480,802
Mount San Antonio Community College District(e)
Unlimited General Obligation Bonds
Election 2008
Series 2021E
08/01/2046 0.000%   8,230,000 4,296,514
Pomona Unified School District(e)
Unlimited General Obligation Bonds
Series 2016G (AGM)
08/01/2033 0.000%   1,000,000 726,029
08/01/2034 0.000%   1,610,000 1,118,171
Poway Unified School District(e)
Unlimited General Obligation Bonds
Improvement District No. 2007-1-A
Series 2009
08/01/2030 0.000%   2,295,000 1,987,070
San Diego Unified School District(e)
Unlimited General Obligation Bonds
Capital Appreciation Bonds
Series 2016I
07/01/2034 0.000%   5,000,000 3,350,115
San Diego Unified School District
Unlimited General Obligation Bonds
Series 2019B
07/01/2048 3.250%   5,000,000 5,353,841
Sierra Kings Health Care District
Unlimited General Obligation Refunding Bonds
Series 2015
08/01/2037 5.000%   1,500,000 1,670,261
Simi Valley Unified School District
Refunding Certificate of Participation
Capital Improvement Projects
Series 1998 (AMBAC)
08/01/2022 5.250%   235,000 239,305
Val Verde Unified School District
Unlimited General Obligation Bonds
Series 2020A (BAM)
08/01/2046 4.000%   700,000 796,759
Total 96,335,982
Multi-Family 7.4%
California Community Housing Agency(d)
Revenue Bonds
Junior Bonds
Series 2021A-2
02/01/2043 4.000%   3,000,000 3,148,153
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Mira Vista Hills Apartments
Series 2021
02/01/2056 4.000%   4,000,000 4,147,047
The Arbors
Series 2020A
08/01/2050 5.000%   3,500,000 3,900,846
California Housing Finance
Revenue Bonds
Series 2019-2 Class A
03/20/2033 4.000%   4,664,239 5,461,072
California Housing Finance Agency
Revenue Bonds
Series 2021-1A
11/20/2035 3.500%   6,500,483 7,491,537
California Municipal Finance Authority
Refunding Revenue Bonds
Caritas Projects
Series 2017A
08/15/2042 4.000%   1,000,000 1,081,082
Revenue Bonds
Bowles Hall Foundation
Series 2015A
06/01/2050 5.000%   1,250,000 1,391,305
Caritas Affordable Housing
Series 2014
08/15/2049 5.250%   3,500,000 3,761,206
Subordinated Series 2014
08/15/2049 5.875%   1,000,000 1,061,372
California Statewide Communities Development Authority
Revenue Bonds
Lancer Educational Student Housing Project
Series 2019
06/01/2051 5.000%   1,440,000 1,680,676
CMFA Special Finance Agency VIII(d)
Revenue Bonds
Elan Huntington Beach
Series 2021
08/01/2047 4.000%   2,000,000 2,066,852
CSCDA Community Improvement Authority(d)
Revenue Bonds
Jefferson-Anaheim Social Bonds
Series 2021
08/01/2056 3.125%   2,500,000 2,292,250
Parallel-Anaheim Social Bonds
Series 2021
08/01/2056 4.000%   1,760,000 1,831,112
Pasadena Portfolio Social Bonds
Series 2021
12/01/2056 4.000%   1,000,000 1,031,832
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Social Bonds
Series 2021A-2
10/01/2056 4.000%   3,000,000 3,106,838
The Link - Glendale Social Bonds
Subordinated Series 2021
07/01/2056 4.000%   3,500,000 3,604,551
Union South Bay Social Bonds
Series 2021
07/01/2056 4.000%   2,000,000 2,064,731
CSCDA Community Improvement Authority
Revenue Bonds
Pasadena Portfolio Social Bonds
Series 2021
12/01/2056 3.000%   2,000,000 1,848,372
Hastings Campus Housing Finance Authority
Revenue Bonds
Green Bonds
Series 2020A
07/01/2061 5.000%   4,000,000 4,579,949
Total 55,550,783
Municipal Power 1.6%
City of Vernon Electric System
Revenue Bonds
Series 2012A
08/01/2030 5.000%   1,000,000 1,025,100
Puerto Rico Electric Power Authority(f),(g)
Revenue Bonds
Series 2012A
07/01/2042 0.000%   4,250,000 4,154,375
Turlock Irrigation District
Refunding Revenue Bonds
Series 2020
01/01/2039 5.000%   2,000,000 2,534,138
01/01/2041 5.000%   3,130,000 3,949,425
Total 11,663,038
Other Bond Issue 0.9%
City of Long Beach Marina System
Revenue Bonds
Series 2015
05/15/2040 5.000%   2,000,000 2,189,015
Federal Home Loan Mortgage Corp. Multifamily ML Certificates
Series 2019-ML05
11/25/2033 3.350%   3,881,223 4,318,976
Total 6,507,991
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
13

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Ports 0.7%
Port of Los Angeles(c)
Refunding Revenue Bonds
Series 2014A
08/01/2044 5.000%   5,000,000 5,495,769
Prepaid Gas 0.2%
M-S-R Energy Authority
Revenue Bonds
Series 2009B
11/01/2034 7.000%   1,000,000 1,499,189
Recreation 0.2%
California Infrastructure & Economic Development Bank
Refunding Revenue Bonds
Los Angeles County Museum of Natural History
Series 2020
07/01/2050 4.000%   1,500,000 1,702,858
Refunded / Escrowed 4.0%
California School Finance Authority(d)
Prerefunded 08/01/25 Revenue Bonds
Aspire Public School
Series 2016
08/01/2041 5.000%   150,000 174,976
California State Public Works Board
Prerefunded 11/01/22 Revenue Bonds
Various Capital Projects
Series 2012G
11/01/2037 5.000%   6,825,000 7,153,218
Prerefunded 11/13/21 Revenue Bonds
Various Capital Projects
Series 2011A
10/01/2031 5.125%   5,000,000 5,007,501
California Statewide Communities Development Authority
Prerefunded 10/01/24 Revenue Bonds
Henry Mayo Newhall Memorial Hospital
Series 2014A (AGM)
10/01/2043 5.250%   3,120,000 3,543,858
Prerefunded 12/01/23 Revenue Bonds
Covenant Retirement Communities, Inc.
Series 2013
12/01/2036 5.625%   2,000,000 2,217,324
Chino Public Financing Authority
Prerefunded 09/01/22 Special Tax Bonds
Series 2012
09/01/2030 5.000%   2,500,000 2,597,750
09/01/2038 5.000%   625,000 649,437
City of La Verne
Prerefunded 05/15/22 Certificate of Participation
Brethren Hillcrest Homes
Series 2014
05/15/2036 5.000%   1,100,000 1,139,075
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Pomona
Refunding Revenue Bonds
Series 1990B Escrowed to Maturity (GNMA / FHLMC)
08/01/2023 7.500%   220,000 235,368
City of Redding Electric System(h)
Revenue Bonds
Series 1992 Escrowed to Maturity (NPFGC)
07/01/2022 12.310%   55,000 59,271
Corona-Norco Unified School District
Prerefunded 09/01/23 Special Tax Bonds
Community Facilities District #98-1
Series 2013
09/01/2032 5.000%   1,300,000 1,412,594
Oakland Unified School District/Alameda County
Prerefunded 08/01/25 Unlimited General Obligation Bonds
Series 2015A
08/01/2040 5.000%   1,000,000 1,165,535
Riverside Community College District(e)
Prerefunded 02/01/25 Unlimited General Obligation Bonds
Election of 2004
Series 2015E
08/01/2030 0.000%   600,000 460,578
08/01/2031 0.000%   1,000,000 728,606
Riverside County Transportation Commission
Prerefunded 06/01/23 Revenue Bonds
Senior Lien
Series 2013A
06/01/2048 5.750%   1,500,000 1,627,453
Union City Community Redevelopment Agency
Prerefunded 12/01/21 Tax Allocation Bonds
Lien-Community Redevelopment Project
Subordinated Series 2011
12/01/2033 6.875%   1,500,000 1,508,009
Total 29,680,553
Resource Recovery 0.0%
California Municipal Finance Authority(c),(d),(g)
Revenue Bonds
UTS Renewable Energy-Waste Water Facilities
Series 2011
12/01/2032 0.000%   2,745,000 54,900
Retirement Communities 3.8%
California Health Facilities Financing Authority
Refunding Revenue Bonds
Northern California Presbyterian Homes
Series 2015
07/01/2039 5.000%   2,565,000 2,898,508
07/01/2044 5.000%   700,000 788,007
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
California Municipal Finance Authority
Refunding Revenue Bonds
HumanGood Obligation Group
Series 2019A
10/01/2044 4.000%   2,500,000 2,778,338
Revenue Bonds
HumanGood California Obligated Group
Series 2021
10/01/2046 4.000%   2,000,000 2,302,940
10/01/2049 4.000%   2,500,000 2,862,736
Paradise Vally Estates Project
Series 2019
01/01/2043 5.000%   3,000,000 3,621,637
California Public Finance Authority(d)
Revenue Bonds
Enso Village Project - Green Bonds
Series 2021
11/15/2046 5.000%   1,000,000 1,133,744
11/15/2056 5.000%   1,000,000 1,128,436
California Statewide Communities Development Authority(d)
Refunding Revenue Bonds
899 Charleston Project
Series 2014A
11/01/2049 5.375%   1,885,000 2,006,284
California Statewide Communities Development Authority
Refunding Revenue Bonds
American Baptist Homes West
Series 2015
10/01/2045 5.000%   3,155,000 3,499,945
Front Porch Communities & Services
Series 2017
04/01/2047 4.000%   1,750,000 1,914,810
04/01/2047 5.000%   250,000 291,822
Series 2021
04/01/2046 3.000%   1,000,000 1,021,949
04/01/2051 3.000%   1,250,000 1,267,244
Revenue Bonds
Eskaton Properties, Inc.
Series 2012
11/15/2034 5.250%   1,250,000 1,290,920
Total 28,807,320
Sales Tax 3.0%
Orange County Local Transportation Authority
Refunding Revenue Bonds
Series 2019
02/15/2035 5.000%   4,000,000 5,026,210
Puerto Rico Sales Tax Financing Corp.(e),(f)
Revenue Bonds
Series 2018A-1
07/01/2046 0.000%   22,400,000 7,274,355
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Puerto Rico Sales Tax Financing Corp.(f)
Revenue Bonds
Series 2019A1
07/01/2058 5.000%   6,000,000 6,773,686
San Francisco Bay Area Rapid Transit District
Revenue Bonds
Sales Tax
Series 2019A
07/01/2039 4.000%   1,250,000 1,430,002
San Joaquin County Transportation Authority
Revenue Bonds
Measure K
Series 2019
03/01/2039 5.000%   1,500,000 1,870,177
Total 22,374,430
Special Non Property Tax 0.3%
Puerto Rico Highway & Transportation Authority(f),(g)
Revenue Bonds
Series 2007M
07/01/2046 0.000%   555,000 309,412
Unrefunded Revenue Bonds
Series 2003G
07/01/2042 0.000%   2,780,000 1,549,850
Total 1,859,262
Special Property Tax 5.1%
Bakersfield Redevelopment Agency
Tax Allocation Bonds
Old Town Kern Pioneer
Series 2009A
08/01/2029 7.500%   1,145,000 1,149,554
Southeast Bakersfield
Series 2009B
08/01/2029 7.250%   535,000 537,116
Carson Public Financing Authority
Revenue Bonds
Series 2019
09/02/2030 5.000%   1,000,000 1,265,605
Cerritos Public Financing Authority
Tax Allocation Bonds
Los Coyotes Redevelopment Project Loan
Series 1993A (AMBAC)
11/01/2023 6.500%   2,000,000 2,208,745
Chula Vista Municipal Financing Authority
Refunding Special Tax Bonds
Series 2015A
09/01/2035 5.000%   2,460,000 2,786,393
09/01/2036 5.000%   2,435,000 2,754,550
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
15

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Carson
Special Assessment Bonds
Assessment District No. 92-1
Series 1992
09/02/2022 7.375%   15,000 15,297
City of Dublin
Special Tax Bonds
Improvement Area No. 3
Series 2021
09/01/2045 4.000%   850,000 945,429
09/01/2051 4.000%   865,000 956,824
City of Irvine
Special Tax Bonds
Community Facilities District 2013-3
Series 2014
09/01/2039 5.000%   750,000 824,654
09/01/2044 5.000%   1,025,000 1,126,354
City of Yucaipa
Refunding Special Tax Bonds
Community Facilities District No. 98-1
Series 2011
09/01/2030 5.375%   1,500,000 1,510,107
Elk Grove Unified School District
Refunding Special Tax Bonds
Community Facilities District No. 1
Series 1995 (AMBAC)
12/01/2024 6.500%   1,700,000 1,852,951
Inglewood Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Merged Redevelopment Project
Series 1998A (AMBAC)
05/01/2023 5.250%   530,000 561,854
Inland Valley Development Agency
Refunding Tax Allocation Bonds
Series 2014A
09/01/2044 5.000%   5,000,000 5,425,327
Irvine Unified School District
Special Tax Bonds
Community Facilities District Number 09-1
Series 2019A
09/01/2038 4.000%   275,000 317,281
09/01/2040 4.000%   690,000 792,421
Jurupa Public Financing Authority
Refunding Special Tax Bonds
Series 2014A
09/01/2042 5.000%   1,000,000 1,109,086
Mountain View Shoreline Regional Park Community
Tax Allocation Bonds
Series 2011A
08/01/2035 5.625%   1,300,000 1,304,536
08/01/2040 5.750%   2,000,000 2,007,073
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Pittsburg Successor Agency Redevelopment Agency(e)
Tax Allocation Bonds
Los Medanos Community Development Project
Series 1999 (AMBAC)
08/01/2024 0.000%   2,100,000 2,067,628
Poway Unified School District Public Financing Authority
Special Tax Refunding Bonds
Series 2015B (BAM)
09/01/2035 5.000%   1,400,000 1,618,746
San Francisco City & County Redevelopment Agency
Tax Allocation Bonds
Mission Bay South Redevelopment Project
Series 2014A
08/01/2043 5.000%   1,000,000 1,106,873
Santa Monica Redevelopment Agency
Tax Allocation Bonds
Earthquake Recovery Redevelopment
Series 2011
07/01/2036 5.875%   1,250,000 1,261,379
Transbay Joint Powers Authority
Senior Tax Allocation Bonds
Green Bonds
Series 2020A
10/01/2045 5.000%   1,000,000 1,237,658
10/01/2049 5.000%   1,000,000 1,232,936
Total 37,976,377
State Appropriated 2.0%
California State Public Works Board(i)
Refunding Revenue Bonds
Various Purpose
Series 2022A
08/01/2035 5.000%   3,750,000 4,815,520
California State Public Works Board
Revenue Bonds
Judicial Council Projects
Series 2013A
03/01/2038 5.000%   2,500,000 2,648,789
Series 2014B
10/01/2039 5.000%   1,000,000 1,120,963
Various Capital Projects
Series 2020B
03/01/2045 4.000%   1,875,000 2,155,733
Various Correctional Facilities
Series 2014A
09/01/2039 5.000%   3,895,000 4,352,570
Total 15,093,575
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
State General Obligation 7.3%
Commonwealth of Puerto Rico(f),(g)
Unlimited General Obligation Refunding & Public Improvement Bonds
Series 2014A
07/01/2035 0.000%   4,000,000 3,520,000
State of California
Unlimited General Obligation Bonds
Construction Bonds
Series 2019
10/01/2049 5.000%   2,000,000 2,503,455
Series 2019
11/01/2029 5.000%   8,000,000 10,360,116
04/01/2045 3.250%   3,650,000 3,922,061
Various Purpose
Series 2020
03/01/2036 5.000%   1,000,000 1,279,045
03/01/2046 4.000%   1,000,000 1,155,753
Various Purpose - Bid Group A
Series 2018
10/01/2048 5.000%   10,000,000 12,299,592
Unlimited General Obligation Refunding Bonds
Series 2019
04/01/2028 5.000%   4,000,000 5,018,787
Series 2020
03/01/2035 5.000%   2,000,000 2,566,282
Series 2021
12/01/2028 5.000%   600,000 764,582
12/01/2029 5.000%   1,500,000 1,945,829
Various Purpose
Series 2019
04/01/2032 5.000%   7,000,000 9,461,420
Unrefunded Unlimited General Obligation Bonds
Series 2004
04/01/2029 5.300%   2,000 2,008
Total 54,798,930
Tobacco 3.6%
California County Tobacco Securitization Agency(e)
Refunding Revenue Bonds
Capital Allocation
Subordinated Series 2020B-2
06/01/2055 0.000%   17,780,000 3,392,885
Sonoma County Securitization Corp.
Series 2020
06/01/2055 0.000%   10,000,000 2,382,644
Golden State Tobacco Securitization Corp.
Refunding Revenue Bonds
Series 2018A-1
06/01/2047 5.000%   4,000,000 4,095,813
06/01/2047 5.250%   1,500,000 1,538,559
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Series 2018A-2
06/01/2047 5.000%   6,900,000 7,065,269
Tobacco Securitization Authority of Northern California(e)
Refunding Revenue Bonds
Sacramento County Tobacco Securitization Corp. Senior Bonds
Series 2021
06/01/2060 0.000%   5,000,000 1,103,479
Tobacco Securitization Authority of Southern California
Refunding Revenue Bonds
San Diego County Tobacco Asset Securitization Corp.
Series 2019
06/01/2048 5.000%   4,890,000 5,850,260
Tobacco Securitization Authority of Southern California(e)
Refunding Revenue Bonds
San Diego County Tobacco Asset Securitization Corp.
Series 2019
06/01/2054 0.000%   7,000,000 1,309,893
Total 26,738,802
Turnpike / Bridge / Toll Road 3.3%
Foothill-Eastern Transportation Corridor Agency
Refunding Revenue Bonds
Senior Lien
Series 2021A
01/15/2046 4.000%   2,914,000 3,308,759
Subordinated Series 2019B-2
01/15/2053 3.500%   5,000,000 5,461,156
Foothill-Eastern Transportation Corridor Agency(e)
Refunding Revenue Bonds
Series 2015
01/15/2033 0.000%   5,000,000 3,738,472
Riverside County Transportation Commission
Refunding Revenue Bonds
RCTC 91 Express Lanes
Series 2021
06/01/2046 4.000%   525,000 603,103
Riverside County Transportation Commission(e)
Revenue Bonds
Capital Appreciation-Senior Lien
Series 2013B
06/01/2032 0.000%   2,055,000 1,636,820
06/01/2033 0.000%   2,940,000 2,278,750
Senior Lien
Series 2013B
06/01/2029 0.000%   2,500,000 2,172,494
San Joaquin Hills Transportation Corridor Agency
Refunding Revenue Bonds
Senior Lien
Series 2014A
01/15/2044 5.000%   5,000,000 5,567,952
Total 24,767,506
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
17

Portfolio of Investments  (continued)
October 31, 2021
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Water & Sewer 3.0%
City of Riverside Sewer
Refunding Revenue Bonds
Series 2015A
08/01/2040 5.000%   3,185,000 3,655,897
City of Tulare Sewer
Refunding Revenue Bonds
Series 2015 (AGM)
11/15/2041 5.000%   2,000,000 2,314,119
Los Angeles Department of Water & Power Water System
Refunding Revenue Bonds
Series 2021B
07/01/2046 5.000%   5,000,000 6,402,469
Mountain House Public Financing Authority
Revenue Bonds
Green Bonds
Series 2020A (BAM)
12/01/2055 4.000%   4,500,000 5,103,175
State of California Department of Water Resources
Revenue Bonds
Central Valley Project Water System
Series 2021
12/01/2035 4.000%   4,000,000 4,944,036
Total 22,419,696
Total Municipal Bonds
(Cost $662,847,833)
699,804,590
Money Market Funds 5.9%
  Shares Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.010%(j) 262,837 262,810
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.006%(j) 43,924,777 43,924,777
Total Money Market Funds
(Cost $44,187,604)
44,187,587
Total Investments in Securities
(Cost: $709,728,394)
746,626,308
Other Assets & Liabilities, Net   3,223,416
Net Assets 749,849,724
 
At October 31, 2021, securities and/or cash totaling $532,000 were pledged as collateral.
Investments in derivatives
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
U.S. Treasury 10-Year Note (180) 12/2021 USD (23,526,563) 67,203
U.S. Treasury 10-Year Note (200) 12/2021 USD (26,140,625) (47,275)
Total         67,203 (47,275)
Notes to Portfolio of Investments
(a) The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b) Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of October 31, 2021.
(c) Income from this security may be subject to alternative minimum tax.
(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At October 31, 2021, the total value of these securities amounted to $77,549,086, which represents 10.34% of total net assets.
(e) Zero coupon bond.
(f) Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At October 31, 2021, the total value of these securities amounted to $23,581,678, which represents 3.14% of total net assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Portfolio of Investments  (continued)
October 31, 2021
Notes to Portfolio of Investments  (continued)
(g) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At October 31, 2021, the total value of these securities amounted to $9,588,537, which represents 1.28% of total net assets.
(h) Inverse floating rate security issued by a tender option bond (TOB) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. The interest rate shown was the current rate as of October 31, 2021.
(i) Represents a security purchased on a when-issued basis.
(j) The rate shown is the seven-day current annualized yield at October 31, 2021.
Abbreviation Legend
ACA ACA Financial Guaranty Corporation
AGM Assured Guaranty Municipal Corporation
AMBAC Ambac Assurance Corporation
BAM Build America Mutual Assurance Co.
BAN Bond Anticipation Note
FHLMC Federal Home Loan Mortgage Corporation
GNMA Government National Mortgage Association
NPFGC National Public Finance Guarantee Corporation
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
19

Portfolio of Investments  (continued)
October 31, 2021
Fair value measurements  (continued)
The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2021:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Commercial Mortgage-Backed Securities - Agency 2,534,131 2,534,131
Floating Rate Notes 100,000 100,000
Municipal Bonds 699,804,590 699,804,590
Money Market Funds 44,187,587 44,187,587
Total Investments in Securities 44,187,587 702,438,721 746,626,308
Investments in Derivatives        
Asset        
Futures Contracts 67,203 67,203
Liability        
Futures Contracts (47,275) (47,275)
Total 44,207,515 702,438,721 746,646,236
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Statement of Assets and Liabilities
October 31, 2021
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $709,728,394) $746,626,308
Cash 39,012
Margin deposits on:  
Futures contracts 532,000
Receivable for:  
Investments sold 5,123
Capital shares sold 2,289,095
Interest 7,242,323
Variation margin for futures contracts 17,812
Expense reimbursement due from Investment Manager 127
Prepaid expenses 8,772
Trustees’ deferred compensation plan 144,359
Total assets 756,904,931
Liabilities  
Payable for:  
Investments purchased on a delayed delivery basis 4,663,500
Capital shares purchased 651,648
Distributions to shareholders 1,473,176
Management services fees 9,229
Distribution and/or service fees 2,271
Transfer agent fees 43,962
Compensation of board members 40,761
Compensation of chief compliance officer 13
Other expenses 26,288
Trustees’ deferred compensation plan 144,359
Total liabilities 7,055,207
Net assets applicable to outstanding capital stock $749,849,724
Represented by  
Paid in capital 714,236,557
Total distributable earnings (loss) 35,613,167
Total - representing net assets applicable to outstanding capital stock $749,849,724
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
21

Statement of Assets and Liabilities  (continued)
October 31, 2021
Class A  
Net assets $346,280,150
Shares outstanding 11,141,150
Net asset value per share $31.08
Maximum sales charge 3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $32.04
Advisor Class  
Net assets $6,418,458
Shares outstanding 206,338
Net asset value per share $31.11
Class C  
Net assets $19,828,206
Shares outstanding 637,924
Net asset value per share $31.08
Institutional Class  
Net assets $363,917,146
Shares outstanding 11,704,074
Net asset value per share $31.09
Institutional 2 Class  
Net assets $2,764,957
Shares outstanding 88,803
Net asset value per share $31.14
Institutional 3 Class  
Net assets $10,640,807
Shares outstanding 340,439
Net asset value per share $31.26
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Statement of Operations
Year Ended October 31, 2021
Net investment income  
Income:  
Dividends — unaffiliated issuers $2,682
Interest 21,171,807
Total income 21,174,489
Expenses:  
Management services fees 3,108,218
Distribution and/or service fees  
Class A 852,859
Class C 220,622
Transfer agent fees  
Class A 259,057
Advisor Class 4,259
Class C 16,739
Institutional Class 231,914
Institutional 2 Class 1,526
Institutional 3 Class 664
Compensation of board members 31,229
Custodian fees 10,309
Printing and postage fees 26,125
Registration fees 17,979
Audit fees 29,500
Legal fees 17,684
Compensation of chief compliance officer 181
Other 23,496
Total expenses 4,852,361
Fees waived or expenses reimbursed by Investment Manager and its affiliates (103,310)
Fees waived by distributor  
Class A (170,633)
Class C (66,210)
Expense reduction (260)
Total net expenses 4,511,948
Net investment income 16,662,541
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 1,556,389
Futures contracts (1,941,932)
Net realized loss (385,543)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 6,148,716
Futures contracts 10,723
Net change in unrealized appreciation (depreciation) 6,159,439
Net realized and unrealized gain 5,773,896
Net increase in net assets resulting from operations $22,436,437
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021
23

Statement of Changes in Net Assets
  Year Ended
October 31, 2021
Year Ended
October 31, 2020
Operations    
Net investment income $16,662,541 $16,338,244
Net realized gain (loss) (385,543) 2,626,362
Net change in unrealized appreciation (depreciation) 6,159,439 (4,868,297)
Net increase in net assets resulting from operations 22,436,437 14,096,309
Distributions to shareholders    
Net investment income and net realized gains    
Class A (9,312,102) (12,245,624)
Advisor Class (166,820) (208,014)
Class C (504,032) (937,701)
Institutional Class (8,784,913) (8,232,710)
Institutional 2 Class (75,158) (127,101)
Institutional 3 Class (280,494) (287,563)
Total distributions to shareholders (19,123,519) (22,038,713)
Increase in net assets from capital stock activity 117,508,991 49,494,870
Total increase in net assets 120,821,909 41,552,466
Net assets at beginning of year 629,027,815 587,475,349
Net assets at end of year $749,849,724 $629,027,815
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Strategic California Municipal Income Fund  | Annual Report 2021

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  October 31, 2021 October 31, 2020
  Shares Dollars ($) Shares(a) Dollars ($)
Capital stock activity
Class A        
Subscriptions 1,669,589 52,579,109 1,166,360 36,105,850
Distributions reinvested 249,597 7,839,033 331,128 10,203,525
Redemptions (1,471,663) (46,235,237) (1,982,048) (60,373,410)
Net increase (decrease) 447,523 14,182,905 (484,560) (14,064,035)
Advisor Class        
Subscriptions 152,743 4,820,360 97,249 3,005,338
Distributions reinvested 5,297 166,515 6,721 207,624
Redemptions (97,724) (3,075,946) (157,248) (4,473,630)
Net increase (decrease) 60,316 1,910,929 (53,278) (1,260,668)
Class C        
Subscriptions 80,679 2,533,992 205,489 6,325,231
Distributions reinvested 14,047 441,031 21,835 672,864
Redemptions (228,115) (7,181,925) (465,276) (14,280,915)
Net decrease (133,389) (4,206,902) (237,952) (7,282,820)
Institutional Class        
Subscriptions 4,891,749 154,009,974 4,262,955 131,703,795
Distributions reinvested 163,010 5,122,037 167,277 5,157,922
Redemptions (1,794,004) (56,291,837) (2,156,268) (65,475,173)
Net increase 3,260,755 102,840,174 2,273,964 71,386,544
Institutional 2 Class        
Subscriptions 30,507 955,518 16,612 511,648
Distributions reinvested 2,379 74,866 4,106 126,727
Redemptions (17,998) (566,540) (52,707) (1,656,606)
Net increase (decrease) 14,888 463,844 (31,989) (1,018,231)
Institutional 3 Class        
Subscriptions 121,159 3,832,501 108,450 3,356,620
Distributions reinvested 8,867 280,073 9,252 286,718
Redemptions (56,741) (1,794,533) (63,021) (1,909,258)
Net increase 73,285 2,318,041 54,681 1,734,080
Total net increase 3,723,378 117,508,991 1,520,866 49,494,870
    
(a) Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Strategic California Municipal Income Fund  | Annual Report 2021