N-CSR 1 f12660d1.htm COLUMBIA FUNDS SERIES TRUST I Columbia Funds 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:  April 30 

Date of reporting period:  April 30, 2022 

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

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

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Item 1. Reports to Stockholders. 


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

Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks current income, consistent with minimal fluctuation of principal.
Portfolio management
Jason Callan
Lead Portfolio Manager
Managed Fund since 2016
Gene Tannuzzo, CFA
Portfolio Manager
Managed Fund since 2017
Alex Christensen, CFA
Portfolio Manager
Managed Fund since March 2021
Average annual total returns (%) (for the period ended April 30, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/31/08 -10.02 1.32 1.70
  Including sales charges   -14.29 0.35 1.20
Advisor Class* 11/08/12 -9.81 1.57 1.95
Class C Excluding sales charges 03/31/08 -10.71 0.56 0.97
  Including sales charges   -11.60 0.56 0.97
Institutional Class 01/09/86 -9.80 1.57 1.95
Institutional 2 Class* 11/08/12 -9.74 1.68 2.04
Institutional 3 Class 07/15/09 -9.70 1.73 2.11
Class R 11/16/11 -10.28 1.06 1.44
Class V Excluding sales charges 03/07/11 -9.93 1.41 1.80
  Including sales charges   -14.20 0.43 1.30
Bloomberg U.S. Aggregate Bond Index   -8.51 1.20 1.73
Returns for Class A and Class V shares are shown with and without the maximum initial sales charge of 4.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charges 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 U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities. Effective August 24, 2021, the Bloomberg Barclays U.S. Aggregate Bond Index was re-branded as the Bloomberg U.S. Aggregate Bond Index.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Bond Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (April 30, 2012 — April 30, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia 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 April 30, 2022)
Asset-Backed Securities — Non-Agency 15.0
Commercial Mortgage-Backed Securities - Agency 0.5
Commercial Mortgage-Backed Securities - Non-Agency 15.7
Common Stocks 0.0(a)
Corporate Bonds & Notes 15.8
Money Market Funds 3.9
Options Purchased Calls 0.0(a)
Options Purchased Puts 0.7
Residential Mortgage-Backed Securities - Agency 19.6
Residential Mortgage-Backed Securities - Non-Agency 28.6
U.S. Treasury Obligations 0.2
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Quality breakdown (%) (at April 30, 2022)
AAA rating 18.8
AA rating 13.9
A rating 21.2
BBB rating 22.1
BB rating 0.0(a)
Not rated 24.0
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 Bond Fund  | Annual Report 2022

Manager Discussion of Fund Performance
(Unaudited)
At April 30, 2022, approximately 49.68% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.
For the 12-month period that ended April 30, 2022, Class A shares of Columbia Bond Fund returned -10.02% excluding sales charges. The Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -8.51% for the same period.
Market overview
Entering the period, risk sentiment continued to be supported by the dovish posture of the U.S. Federal Reserve (Fed). The central bank’s messaging indicated that it viewed increases in inflation above the traditional 2% target as “transitory” and largely driven by pandemic-related supply chain issues. As such, the Fed felt justified in maintaining accommodative policies, including keeping the fed funds target rate, the benchmark overnight lending rate, near zero and engaging in bond purchases to keep longer term borrowing costs low as well. Against this backdrop, credit-oriented areas of the bond markets outperformed as investors sought yield in a low-rate environment.
November of 2021 witnessed a shift in the Fed’s messaging to acknowledge that inflation had become more entrenched than previously believed. The Fed began to taper its bond purchases and signaled that it would begin to raise short-term rates in 2022.
Inflation readouts remained historically high entering the new year. These concerns were compounded as Russia’s late-February invasion of Ukraine exacerbated global supply chain issues and led to a spike in already high prices for oil and other commodities. As a result, expectations for the pace of Fed tightening for the remainder of the year increased, leading market interest rates higher and weakening credit sentiment.
As signaled, in mid-March 2022, the Fed implemented a quarter-point hike in short-term rates, the first such increase since December 2018. The Fed also formally ended its quantitative easing program and signaled it would soon begin reducing its holdings of Treasuries and agency mortgage-backed securities by reinvesting a lower proportion of the proceeds from maturing securities. March saw China launch a new round of COVID-related lockdowns, leading to a further deterioration in the global outlook for both growth and inflation.
For the 12-month period, yields rose along the length of the U.S. Treasury curve and the curve flattened as increases were most significant for shorter maturities. To illustrate, the two-year Treasury yield rose 254 basis points from 0.16% to 2.70%, the 10-year yield rose 124 basis points from 1.65% to 2.89%, and the 30-year yield rose 66 basis points from 2.30% to 2.96%. (A basis point is 1/100 of a percent.)
The Fund’s notable detractors during the period
In broad terms, the Fund’s approach to balancing risk exposures across credit-oriented sectors and between credit risk and interest rate risk was less effective than we have seen historically as interest rates moved sharply higher and credit sentiment weakened in early 2022.
The Fund’s underperformance relative to the benchmark was largely the result of positioning with respect to interest rates. Specifically, the Fund had an above-benchmark stance with respect to duration and corresponding interest rate sensitivity as Treasury yields spiked in the first quarter of 2022. In addition, the Fund was overweight the front end of the curve which was most impacted by rising yields.
From an asset allocation perspective, the Fund’s underweight to Treasuries weighed on relative performance as investor risk aversion increased entering 2022.
Security selection within investment-grade corporates detracted as a tilt toward longer maturities had a negative impact as credit spreads widened in early 2022.
Columbia Bond Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
(Unaudited)
The Fund’s notable contributors during the period
Overall sector allocation had a positive impact on performance relative to the benchmark. Most notably, the Fund’s exposure to non-agency mortgage-backed securities benefited return as the segment continued to be supported by a strong housing market and resilient consumer demand.
While security selection had an essentially neutral impact on performance overall, selection was positive within asset-backed securities where a focus on high quality collateralized loan obligations proved beneficial.
Derivative usage
The Fund invested in highly-liquid, widely traded Treasury futures and interest rate swap contracts to help manage portfolio duration. We believe that these enable us to efficiently implement our yield curve opinions and offset unintended yield curve impacts from other investments in the portfolio. We also used indexed exposure to credit default swaps to manage the Fund’s overall level of credit risk. On a standalone basis, the Fund’s use of derivatives had a net negative impact on performance.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated 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 that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. 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 Bond Fund  | Annual Report 2022

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2021 — April 30, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 898.20 1,021.09 3.64 3.88 0.77
Advisor Class 1,000.00 1,000.00 899.20 1,022.34 2.46 2.62 0.52
Class C 1,000.00 1,000.00 894.70 1,017.35 7.18 7.64 1.52
Institutional Class 1,000.00 1,000.00 899.30 1,022.34 2.46 2.62 0.52
Institutional 2 Class 1,000.00 1,000.00 899.60 1,022.69 2.13 2.27 0.45
Institutional 3 Class 1,000.00 1,000.00 899.80 1,022.94 1.89 2.02 0.40
Class R 1,000.00 1,000.00 896.80 1,019.85 4.82 5.14 1.02
Class V 1,000.00 1,000.00 898.70 1,021.59 3.17 3.38 0.67
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 Bond Fund  | Annual Report 2022
7

Portfolio of Investments
April 30, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Asset-Backed Securities — Non-Agency 18.1%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
ACM Auto Trust(a)
Subordinated Series 2022-1A Class C
04/20/2029 5.480%   3,750,000 3,752,649
American Credit Acceptance Receivables Trust(a)
Subordinated Series 2022-2 Class C
06/13/2028 4.410%   5,000,000 5,014,871
Ares LVIII CLO Ltd.(a),(b)
Series 2020-58A Class DR
3-month Term SOFR + 3.200%
Floor 3.200%
01/15/2035
4.046%   3,000,000 2,974,233
Avant Loans Funding Trust(a)
Subordinated Series 2021-REV1 Class B
07/15/2030 1.640%   3,950,000 3,774,759
Bain Capital Credit CLO Ltd.(a),(b)
Series 2018-1A Class B
3-month USD LIBOR + 1.400%
04/23/2031
2.584%   2,000,000 1,955,150
Series 2020-5A Class A1
3-month USD LIBOR + 1.220%
Floor 1.220%
01/20/2032
2.283%   10,000,000 9,940,260
Series 2020-5A Class C
3-month USD LIBOR + 2.350%
Floor 2.350%
01/20/2032
3.413%   4,480,000 4,365,469
Carlyle Group LP(a),(b)
Series 2017-5A Class A2
3-month USD LIBOR + 1.400%
01/20/2030
2.463%   2,000,000 1,953,126
Carlyle US CLO Ltd.(a),(b)
Series 2020-2A Class CR
3-month USD LIBOR + 3.200%
Floor 3.200%
01/25/2035
3.458%   1,850,000 1,817,978
Cent CLO Ltd.(a),(b)
Series 2018-C17A Class A2R
3-month USD LIBOR + 1.600%
Floor 1.600%
04/30/2031
1.899%   1,800,000 1,776,478
Consumer Loan Underlying Bond CLUB Credit Trust(a)
Subordinated Series 2020-P1 Class B
03/15/2028 2.920%   64,733 64,748
Consumer Underlying Bond Securitization(a)
Series 2018-1 Class A
02/17/2026 4.790%   175,466 175,535
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Dryden 83 CLO Ltd.(a),(b)
Series 2020-83A Class C
3-month USD LIBOR + 2.150%
Floor 2.150%
01/18/2032
3.194%   5,000,000 4,965,410
Dryden 86 CLO Ltd.(a),(b)
Series 2020-86A Class BR
3-month USD LIBOR + 1.700%
Floor 1.700%
07/17/2034
2.744%   1,250,000 1,228,597
Dryden CLO Ltd.(a),(b)
Series 2018-57A Class B
3-month USD LIBOR + 1.350%
Floor 1.350%
05/15/2031
1.856%   1,250,000 1,230,027
GLS Auto Receivables Issuer Trust(a)
Subordinated Series 2020-3A Class C
05/15/2025 1.920%   3,000,000 2,985,393
LendingPoint Asset Securitization Trust(a)
Series 2021-1 Class A
04/15/2027 1.750%   514,750 514,709
Series 2021-A Class A
12/15/2028 1.000%   4,201,453 4,176,600
Series 2021-B Class A
02/15/2029 1.110%   3,248,232 3,192,432
LendingPoint Pass-Through Trust(a)
Series 2022-ST1 Class A
03/15/2028 2.500%   3,711,564 3,611,754
LL ABS Trust(a)
Series 2021-1A Class A
05/15/2029 1.070%   1,464,357 1,399,063
Lucali CLO Ltd.(a),(b)
Series 2020-1A Class C
3-month USD LIBOR + 2.200%
Floor 2.200%
01/15/2033
2.441%   6,500,000 6,444,522
Series 2020-1A Class D
3-month USD LIBOR + 3.600%
Floor 3.600%
01/15/2033
3.841%   1,500,000 1,471,125
Madison Park Funding XXIV Ltd.(a),(b)
Series 2016-24A Class BR
3-month USD LIBOR + 1.750%
10/20/2029
2.813%   5,000,000 4,998,230
Madison Park Funding XXVII Ltd.(a),(b)
Series 2018-27A Class A2
3-month USD LIBOR + 1.350%
04/20/2030
2.413%   3,700,000 3,644,896
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Marlette Funding Trust(a)
Series 2021-1A Class B
06/16/2031 1.000%   1,800,000 1,764,861
Subordinated Series 2019-4A Class B
12/17/2029 2.950%   2,882,922 2,882,620
Octagon Investment Partners 35 Ltd.(a),(b)
Series 2018-1A Class A2
3-month USD LIBOR + 1.400%
Floor 1.400%
01/20/2031
2.463%   1,820,000 1,794,802
Octagon Investment Partners XXII Ltd.(a),(b)
Series 2014-1A Class BRR
3-month USD LIBOR + 1.450%
Floor 1.450%
01/22/2030
2.586%   4,000,000 3,964,080
Octane Receivables Trust(a)
Series 2019-1A Class A
09/20/2023 3.160%   3,258 3,260
OneMain Financial Issuance Trust(a)
Series 2018-1A Class A
03/14/2029 3.300%   156,618 156,719
Oportun Issuance Trust(a)
Series 2021-B Class A
05/08/2031 1.470%   6,800,000 6,574,803
OZLM XXI(a),(b)
Series 2017-21A Class A1
3-month USD LIBOR + 1.150%
01/20/2031
2.213%   7,500,000 7,462,492
Pagaya AI Debt Selection Trust(a)
Series 2019-3 Class A
11/16/2026 3.821%   282,240 282,512
Series 2020-3 Class B
05/17/2027 3.220%   3,000,000 2,991,467
Series 2021-1 Class A
11/15/2027 1.180%   7,469,023 7,344,572
Series 2021-3 Class A
05/15/2029 1.150%   6,191,146 6,064,314
Series 2021-5 Class A
08/15/2029 1.530%   4,352,860 4,241,919
Pagaya AI Debt Trust(a)
Subordinated Series 2022-1 Class B
10/15/2029 3.344%   2,200,000 2,073,806
Research-Driven Pagaya Motor Asset Trust IV(a)
Series 2021-2A Class A
03/25/2030 2.650%   2,507,684 2,395,892
RR 1 LLC(a),(b)
Series 2017-1A Class A2B
3-month USD LIBOR + 1.600%
Floor 1.600%
07/15/2035
2.644%   10,000,000 9,849,490
Asset-Backed Securities — Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
RR 3 Ltd.(a),(b)
Series 2014-14A Class A1R2
3-month USD LIBOR + 1.090%
Floor 1.090%
01/15/2030
2.134%   4,500,000 4,480,546
Theorem Funding Trust(a)
Series 2021-1A Class A
12/15/2027 1.210%   3,770,463 3,708,183
Series 2022-1A Class A
02/15/2028 1.850%   1,807,709 1,784,040
Upstart Pass-Through Trust(a),(c)
Series 2020-ST4 Class A
11/20/2026 3.250%   1,194,672 1,196,352
Series 2021-ST10 Class A
01/20/2030 2.250%   5,464,797 5,347,659
Upstart Pass-Through Trust(a)
Series 2021-ST1 Class A
02/20/2027 2.750%   1,251,540 1,223,043
Series 2021-ST6 Class A
08/20/2027 1.850%   4,303,349 4,133,283
Series 2021-ST9 Class A
11/20/2029 1.700%   2,584,570 2,471,915
Upstart Securitization Trust(a)
Series 2021-1 Class B
03/20/2031 1.890%   4,250,000 4,131,467
Series 2021-3 Class A
07/20/2031 0.830%   6,263,164 6,139,726
Series 2021-4 Class A
09/20/2031 0.840%   4,225,011 4,094,633
Subordinated Series 2020-3 Class B
11/20/2030 3.014%   4,000,000 3,916,827
Subordinated Series 2021-5 Class B
11/20/2031 2.490%   5,000,000 4,602,271
Total Asset-Backed Securities — Non-Agency
(Cost $187,965,281)
184,505,568
Commercial Mortgage-Backed Securities - Agency 0.6%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates(d)
Series 2017-K070 Class A2
11/25/2027 3.303%   1,000,000 1,003,168
Federal National Mortgage Association(d)
Series 2017-M15 Class ATS2
11/25/2027 3.209%   4,491,079 4,434,652
Government National Mortgage Association(d),(e)
Series 2019-147 Class IO
06/16/2061 0.419%   5,918,583 265,190
Total Commercial Mortgage-Backed Securities - Agency
(Cost $6,114,860)
5,703,010
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Bond Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
April 30, 2022
Commercial Mortgage-Backed Securities - Non-Agency 18.8%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
American Homes 4 Rent Trust(a)
Series 2014-SFR2 Class A
10/17/2036 3.786%   2,366,930 2,349,637
Series 2014-SFR3 Class A
12/17/2036 3.678%   2,942,798 2,900,492
BAMLL Commercial Mortgage Securities Trust(a),(d)
Series 2013-WBRK Class A
03/10/2037 3.652%   1,350,000 1,315,828
BAMLL Commercial Mortgage Securities Trust(a),(b)
Series 2018-DSNY Class A
1-month USD LIBOR + 0.850%
Floor 0.850%
09/15/2034
1.405%   4,500,000 4,409,744
Series 2019-RLJ Class D
1-month USD LIBOR + 1.950%
Floor 1.950%
04/15/2036
2.504%   1,300,000 1,251,681
Subordinated Series 2018-DSNY Class B
1-month USD LIBOR + 1.150%
Floor 1.150%
09/15/2034
1.705%   9,325,000 9,044,498
Subordinated Series 2018-DSNY Class D
1-month USD LIBOR + 1.700%
Floor 1.700%
09/15/2034
2.255%   1,000,000 957,393
BBCMS Trust(a),(b)
Series 2018-BXH Class A
1-month USD LIBOR + 1.000%
Floor 1.000%
10/15/2037
1.554%   2,503,753 2,453,589
Subordinated Series 2018-BXH Class D
1-month USD LIBOR + 2.000%
Floor 2.000%
10/15/2037
2.554%   2,000,000 1,928,321
BFLD Trust(a),(b)
Series 2019-DPLO Class A
1-month USD LIBOR + 1.090%
Floor 1.091%
10/15/2034
1.644%   3,000,000 2,966,472
BHMS Mortgage Trust(a),(b)
Series 2018-ATLS Class A
1-month USD LIBOR + 1.250%
Floor 1.250%
07/15/2035
1.805%   3,000,000 2,947,849
Braemar Hotels & Resorts Trust(a),(b)
Series 2018-PRME Class A
1-month USD LIBOR + 0.820%
Floor 0.820%
06/15/2035
1.375%   8,000,000 7,845,660
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
BX Commercial Mortgage Trust(a)
Series 2020-VIV4 Class A
03/09/2044 2.843%   7,500,000 6,724,878
BX Trust(a),(b)
Series 2018-GW Class A
1-month USD LIBOR + 0.800%
Floor 0.800%
05/15/2035
1.354%   5,950,000 5,837,837
Series 2019-ATL Class C
1-month USD LIBOR + 1.587%
Floor 1.587%, Cap 1.587%
10/15/2036
2.141%   823,000 798,471
Subordinated Series 2019-ATL Class D
1-month USD LIBOR + 1.887%
Floor 1.887%
10/15/2036
2.441%   747,000 721,025
BX Trust(a)
Series 2019-OC11 Class A
12/09/2041 3.202%   3,400,000 3,162,662
CHT Mortgage Trust(a),(b)
Series 2017-CSMO Class B
1-month USD LIBOR + 1.400%
Floor 1.200%
11/15/2036
1.954%   8,450,000 8,406,101
Series 2017-CSMO Class C
1-month USD LIBOR + 1.500%
Floor 1.350%
11/15/2036
2.054%   1,600,000 1,592,215
Series 2017-CSMO Class D
1-month USD LIBOR + 2.250%
Floor 2.100%
11/15/2036
2.804%   2,000,000 1,988,492
Citigroup Commercial Mortgage Trust(a),(d)
Subordinated Series 2020-420K Class D
11/10/2042 3.422%   2,250,000 1,842,718
CLNY Trust(a),(b)
Series 2019-IKPR Class A
1-month USD LIBOR + 1.129%
Floor 1.129%
11/15/2038
1.683%   1,000,000 980,102
COMM Mortgage Trust(a),(d)
Series 2020-CBM Class D
02/10/2037 3.754%   1,750,000 1,649,450
Corevest American Finance Trust(a)
Series 2020-4 Class A
12/15/2052 1.174%   17,718,312 16,158,387
Credit Suisse Mortgage Capital Certificates OA LLC(a)
Series 2014-USA Class A2
09/15/2037 3.953%   6,220,000 6,018,046
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Extended Stay America Trust(a),(b)
Series 2021-ESH Class C
1-month USD LIBOR + 1.700%
Floor 1.700%
07/15/2038
2.097%   10,659,397 10,505,013
Hilton USA Trust(a),(d)
Subordinated Series 2016-HHV Class C
11/05/2038 4.333%   1,700,000 1,641,867
Hilton USA Trust(a)
Subordinated Series 2016-SFP Class D
11/05/2035 4.927%   1,646,000 1,618,217
Independence Plaza Trust(a)
Series 2018-INDP Class B
07/10/2035 3.911%   4,000,000 3,890,439
Invitation Homes Trust(a),(b)
Series 2018-SFR2 Class A
1-month USD LIBOR + 0.900%
Floor 0.900%
06/17/2037
1.091%   582,144 581,608
Series 2018-SFR2 Class C
1-month USD LIBOR + 1.280%
Floor 1.280%
06/17/2037
1.471%   370,767 368,972
Subordinated Series 2018-SFR4 Class C
1-month USD LIBOR + 1.400%
Floor 1.400%
01/17/2038
1.954%   1,999,908 1,991,096
JPMorgan Chase Commercial Mortgage Securities Trust(a),(d)
Subordinated Series 2021-2NU Class C
01/05/2040 2.146%   1,750,000 1,494,862
Morgan Stanley Capital I Trust(a),(d)
Series 2019-MEAD Class D
11/10/2036 3.283%   1,200,000 1,107,297
New Residential Mortgage Loan Trust(a)
Series 2022-SFR1 Class A
02/17/2039 2.400%   6,200,000 5,775,983
One New York Plaza Trust(a),(b)
Subordinated Series 2020-1NYP Class B
1-month USD LIBOR + 1.500%
Floor 1.500%
01/15/2036
2.054%   15,000,000 14,769,781
Subordinated Series 2020-1NYP Class C
1-month USD LIBOR + 2.200%
Floor 2.200%
01/15/2036
2.754%   5,000,000 4,935,058
Progress Residential Trust(a)
Series 2020-SFR1 Class E
04/17/2037 3.032%   1,800,000 1,689,296
Series 2020-SFR3 Class B
10/17/2027 1.495%   4,000,000 3,605,328
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Series 2020-SFR3 Class C
10/17/2027 1.695%   6,250,000 5,652,767
Series 2022-SFR1 Class A
02/17/2041 2.709%   3,000,000 2,749,940
Progress Residential Trust(a),(c),(f)
Subordinated Series 2022-SFR4 Class B
05/17/2041 4.788%   6,000,000 5,960,625
SFO Commercial Mortgage Trust(a),(b)
Series 2021-555 Class A
1-month USD LIBOR + 1.150%
Floor 1.150%
05/15/2038
1.704%   8,000,000 7,830,497
Tricon American Homes(a)
Series 2020-SFR1 Class C
07/17/2038 2.249%   7,000,000 6,356,314
UBS Commercial Mortgage Trust(a),(b)
Series 2018-NYCH Class A
1-month USD LIBOR + 0.850%
Floor 0.851%
02/15/2032
1.404%   1,737,226 1,720,781
Series 2018-NYCH Class B
1-month USD LIBOR + 1.250%
Floor 1.250%
02/15/2032
1.804%   900,000 891,039
Wells Fargo Commercial Mortgage Trust(a),(b)
Series 2017-SMP Class A
1-month USD LIBOR + 0.875%
Floor 0.875%
12/15/2034
1.429%   4,720,000 4,662,196
Series 2020-SDAL Class D
1-month USD LIBOR + 2.090%
Floor 2.090%, Cap 4.500%
02/15/2037
2.644%   5,600,000 5,380,048
Subordinated Series 2017-SMP Class C
1-month USD LIBOR + 1.325%
Floor 1.200%
12/15/2034
1.879%   800,000 787,448
Total Commercial Mortgage-Backed Securities - Non-Agency
(Cost $199,500,930)
192,218,020
    
Common Stocks 0.0%
Issuer Shares Value ($)
Consumer Staples 0.0%
Beverages 0.0%
Crimson Wine Group Ltd.(g) 3 24
Total Consumer Staples 24
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Bond Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
April 30, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Financials 0.0%
Capital Markets 0.0%
Jefferies Financial Group, Inc. 39 1,199
Total Financials 1,199
Total Common Stocks
(Cost $—)
1,223
    
Corporate Bonds & Notes 19.0%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Aerospace & Defense 0.7%
Boeing Co. (The)
08/01/2059 3.950%   1,690,000 1,257,944
05/01/2060 5.930%   3,050,000 3,030,456
Lockheed Martin Corp.(f)
06/15/2053 4.150%   274,000 265,912
06/15/2062 4.300%   955,000 932,860
Northrop Grumman Corp.
01/15/2028 3.250%   1,720,000 1,652,882
Total 7,140,054
Banking 6.1%
Bank of America Corp.(h)
07/23/2031 1.898%   7,130,000 5,819,869
10/24/2031 1.922%   2,300,000 1,870,182
10/20/2032 2.572%   2,220,000 1,875,403
02/04/2033 2.972%   5,600,000 4,883,291
Citigroup, Inc.(h)
06/03/2031 2.572%   864,000 742,311
01/25/2033 3.057%   5,541,000 4,845,692
Goldman Sachs Group, Inc. (The)(h)
07/21/2032 2.383%   3,506,000 2,904,103
02/24/2033 3.102%   5,160,000 4,510,581
HSBC Holdings PLC(h)
05/24/2032 2.804%   2,260,000 1,898,689
11/22/2032 2.871%   4,402,000 3,673,367
JPMorgan Chase & Co.(h)
10/15/2030 2.739%   1,812,000 1,608,424
04/22/2032 2.580%   8,049,000 6,926,921
11/08/2032 2.545%   6,592,000 5,593,679
Morgan Stanley(h)
07/21/2032 2.239%   2,124,000 1,758,548
10/20/2032 2.511%   2,858,000 2,406,981
Subordinated
04/20/2037 5.297%   1,720,000 1,724,343
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Wells Fargo & Co.(h)
10/30/2030 2.879%   593,000 532,160
02/11/2031 2.572%   7,892,000 6,921,161
03/02/2033 3.350%   1,385,000 1,258,853
Total 61,754,558
Cable and Satellite 0.7%
Charter Communications Operating LLC/Capital
05/01/2047 5.375%   610,000 544,714
12/01/2061 4.400%   1,230,000 918,969
06/30/2062 3.950%   3,642,000 2,515,165
04/01/2063 5.500%   3,365,000 2,935,282
Total 6,914,130
Diversified Manufacturing 0.9%
Carrier Global Corp.
04/05/2050 3.577%   4,718,000 3,780,633
GE Capital International Funding Co. Unlimited Co.
11/15/2035 4.418%   2,735,000 2,672,959
General Electric Co.(b)
Junior Subordinated
3-month USD LIBOR + 3.330%
12/31/2049
4.156%   2,395,000 2,269,940
Total 8,723,532
Electric 2.0%
AEP Texas, Inc.
01/15/2050 3.450%   2,980,000 2,362,329
DTE Energy Co.
10/01/2026 2.850%   4,075,000 3,889,346
Duke Energy Corp.
09/01/2046 3.750%   3,035,000 2,511,895
Emera US Finance LP
06/15/2046 4.750%   2,910,000 2,728,533
Exelon Corp.(a)
03/15/2052 4.100%   410,000 365,342
Georgia Power Co.
03/15/2042 4.300%   2,450,000 2,234,194
Pacific Gas and Electric Co.
07/01/2050 4.950%   3,660,000 3,055,190
Southern Co. (The)
07/01/2046 4.400%   1,059,000 966,542
Xcel Energy, Inc.
06/01/2030 3.400%   2,425,000 2,269,326
Total 20,382,697
Food and Beverage 1.4%
Anheuser-Busch Companies LLC/InBev Worldwide, Inc.
02/01/2046 4.900%   6,417,000 6,328,492
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Bacardi Ltd.(a)
05/15/2048 5.300%   3,445,000 3,450,678
Kraft Heinz Foods Co.
06/01/2046 4.375%   5,644,000 4,946,255
Total 14,725,425
Health Care 1.1%
Becton Dickinson and Co.(b)
3-month USD LIBOR + 1.030%
06/06/2022
1.613%   533,000 533,147
Becton Dickinson and Co.
06/06/2027 3.700%   2,345,000 2,307,913
02/11/2031 1.957%   505,000 416,236
Cigna Corp.
03/15/2051 3.400%   2,470,000 1,935,300
CVS Health Corp.
03/25/2048 5.050%   2,730,000 2,743,729
HCA, Inc.(a)
03/15/2052 4.625%   4,309,000 3,769,686
Total 11,706,011
Integrated Energy 0.1%
Cenovus Energy, Inc.
02/15/2052 3.750%   840,000 672,911
Life Insurance 0.3%
Guardian Life Insurance Co. of America (The)(a)
Subordinated
06/19/2064 4.875%   1,000,000 1,014,099
Massachusetts Mutual Life Insurance Co.(a)
Subordinated
12/01/2061 3.200%   1,190,000 869,770
10/15/2070 3.729%   357,000 278,633
Peachtree Corners Funding Trust(a)
02/15/2025 3.976%   335,000 335,298
Teachers Insurance & Annuity Association of America(a)
Subordinated
09/15/2044 4.900%   475,000 485,459
Total 2,983,259
Media and Entertainment 0.5%
Magallanes, Inc.(a)
03/15/2062 5.391%   6,042,000 5,379,589
Midstream 0.9%
Enterprise Products Operating LLC
01/31/2060 3.950%   1,275,000 1,034,155
Kinder Morgan Energy Partners LP
03/01/2043 5.000%   54,000 50,312
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Kinder Morgan, Inc.
02/15/2046 5.050%   2,651,000 2,511,805
Plains All American Pipeline LP/Finance Corp.
06/15/2044 4.700%   4,576,000 3,815,792
Western Gas Partners LP
08/15/2048 5.500%   550,000 483,396
Williams Companies, Inc. (The)
09/15/2045 5.100%   821,000 799,244
10/15/2051 3.500%   917,000 704,929
Total 9,399,633
Natural Gas 0.5%
NiSource, Inc.
09/01/2029 2.950%   1,000,000 902,018
05/01/2030 3.600%   1,535,000 1,431,843
02/15/2043 5.250%   455,000 450,064
05/15/2047 4.375%   2,380,000 2,145,333
Total 4,929,258
Pharmaceuticals 0.8%
AbbVie, Inc.
06/15/2044 4.850%   2,780,000 2,765,963
Amgen, Inc.
02/22/2062 4.400%   4,037,000 3,609,548
Bristol-Myers Squibb Co.
03/15/2062 3.900%   2,000,000 1,753,852
Total 8,129,363
Property & Casualty 0.4%
Berkshire Hathaway Finance Corp.
03/15/2052 3.850%   5,107,000 4,547,634
Retailers 0.4%
Lowe’s Companies, Inc.
10/15/2050 3.000%   2,360,000 1,729,547
04/01/2062 4.450%   2,217,000 1,980,207
Total 3,709,754
Technology 0.7%
Broadcom, Inc.(a)
04/15/2034 3.469%   2,096,000 1,778,421
11/15/2036 3.187%   876,000 693,421
NXP BV/Funding LLC/USA, Inc.(a)
05/01/2030 3.400%   200,000 182,176
02/15/2042 3.125%   1,128,000 864,957
Oracle Corp.
04/01/2050 3.600%   3,945,000 2,832,338
03/25/2061 4.100%   1,305,000 967,048
Total 7,318,361
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Bond Fund  | Annual Report 2022
13

Portfolio of Investments  (continued)
April 30, 2022
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Wireless 0.6%
American Tower Corp.
08/15/2029 3.800%   2,461,000 2,303,721
06/15/2030 2.100%   685,000 561,771
T-Mobile USA, Inc.(a)
10/15/2052 3.400%   2,731,000 2,068,322
11/15/2060 3.600%   1,025,000 765,269
Total 5,699,083
Wirelines 0.9%
AT&T, Inc.
09/15/2055 3.550%   3,193,000 2,472,958
12/01/2057 3.800%   5,189,000 4,164,450
Verizon Communications, Inc.
03/22/2061 3.700%   3,702,000 2,963,114
Total 9,600,522
Total Corporate Bonds & Notes
(Cost $227,788,578)
193,715,774
Residential Mortgage-Backed Securities - Agency 23.6%
Federal Home Loan Mortgage Corp.(i)
06/01/2043 4.000%   1,357,609 1,380,848
Federal Home Loan Mortgage Corp.(b),(e)
CMO Series 4903 Class SA
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
08/25/2049
5.382%   2,365,041 359,452
Federal Home Loan Mortgage Corp.(e)
CMO Series 5162 Class IA
11/25/2051 3.000%   8,931,621 1,503,783
Federal National Mortgage Association
08/01/2029-
09/01/2045
3.000%   2,087,653 2,069,869
05/01/2043-
10/01/2045
3.500%   2,801,559 2,768,665
02/01/2048 4.000%   764,435 769,444
Federal National Mortgage Association(i)
07/01/2038 6.000%   655,333 724,712
01/01/2040 5.500%   769,689 821,969
08/01/2040 4.500%   1,213,852 1,249,461
10/01/2042 3.000%   1,674,408 1,616,285
07/01/2045-
02/01/2046
3.500%   2,064,592 2,037,868
11/01/2045 4.000%   646,258 648,177
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Federal National Mortgage Association(b),(e)
CMO Series 2016-53 Class KS
-1.0 x 1-month USD LIBOR + 6.000%
Cap 6.000%
08/25/2046
5.332%   787,998 126,823
CMO Series 2016-57 Class SA
-1.0 x 1-month USD LIBOR + 6.000%
Cap 6.000%
08/25/2046
5.332%   2,054,783 323,243
CMO Series 2016-93 Class SL
-1.0 x 1-month USD LIBOR + 6.650%
Cap 6.650%
12/25/2046
5.982%   3,104,983 358,491
CMO Series 2017-109 Class SA
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
01/25/2048
5.482%   1,009,831 164,866
CMO Series 2017-20 Class SA
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
04/25/2047
5.432%   845,567 140,224
CMO Series 2017-54 Class SN
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
07/25/2047
5.482%   1,627,056 310,239
CMO Series 2018-66 Class SM
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
09/25/2048
5.532%   1,147,428 209,137
CMO Series 2018-74 Class SA
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
10/25/2048
5.482%   1,473,612 225,231
CMO Series 2019-33 Class SB
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
07/25/2049
5.382%   3,564,174 524,161
CMO Series 2019-60 Class SH
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
10/25/2049
5.382%   1,325,250 216,610
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
CMO Series 2019-67 Class SE
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
11/25/2049
5.382%   2,064,506 412,266
Federal National Mortgage Association(e)
CMO Series 2021-3 Class TI
02/25/2051 2.500%   23,483,934 4,083,462
Freddie Mac REMICS(e)
CMO Series 5152 Class XI
11/25/2050 2.500%   16,001,216 2,270,776
Government National Mortgage Association(b)
1-year CMT + 1.500%
Floor 1.500%, Cap 11.500%
07/20/2022
1.625%   207 207
1-year CMT + 1.500%
Cap 10.000%
04/20/2028
1.875%   1,373 1,392
Government National Mortgage Association(i)
04/20/2048 4.500%   899,612 930,287
Government National Mortgage Association(b),(e)
CMO Series 2017-112 Class SJ
-1.0 x 1-month USD LIBOR + 5.660%
Cap 5.660%
07/20/2047
5.066%   3,056,390 355,838
CMO Series 2017-130 Class HS
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
08/20/2047
5.606%   976,334 144,137
CMO Series 2017-149 Class BS
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
10/20/2047
5.606%   1,280,120 180,665
CMO Series 2017-163 Class SA
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
11/20/2047
5.606%   560,523 77,166
CMO Series 2017-37 Class SB
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
03/20/2047
5.556%   780,178 104,705
CMO Series 2018-103 Class SA
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
08/20/2048
5.606%   752,646 89,182
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
CMO Series 2018-112 Class LS
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
08/20/2048
5.606%   925,629 117,738
CMO Series 2018-125 Class SK
-1.0 x 1-month USD LIBOR + 6.250%
Cap 6.250%
09/20/2048
5.656%   1,194,436 153,768
CMO Series 2018-134 Class KS
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
10/20/2048
5.606%   963,762 124,918
CMO Series 2018-148 Class SB
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
01/20/2048
5.606%   1,806,474 247,971
CMO Series 2018-151 Class SA
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
11/20/2048
5.556%   1,557,399 196,511
CMO Series 2018-89 Class MS
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
06/20/2048
5.606%   1,002,573 131,580
CMO Series 2018-91 Class DS
-1.0 x 1-month USD LIBOR + 6.200%
Cap 6.200%
07/20/2048
5.606%   1,088,368 137,236
CMO Series 2019-20 Class JS
-1.0 x 1-month USD LIBOR + 6.000%
Cap 6.000%
02/20/2049
5.406%   1,487,816 189,025
CMO Series 2019-5 Class SH
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
01/20/2049
5.556%   1,084,882 144,657
CMO Series 2019-56 Class SG
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
05/20/2049
5.556%   1,125,926 137,644
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Bond Fund  | Annual Report 2022
15

Portfolio of Investments  (continued)
April 30, 2022
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
CMO Series 2019-59 Class KS
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
05/20/2049
5.456%   1,152,425 127,147
CMO Series 2019-85 Class SC
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
07/20/2049
5.556%   1,104,327 163,696
CMO Series 2019-90 Class SD
-1.0 x 1-month USD LIBOR + 6.150%
07/20/2049
5.556%   2,551,761 350,703
CMO Series 2019-92 Class SD
-1.0 x 1-month USD LIBOR + 6.100%
Cap 6.100%
07/20/2049
5.506%   6,313,471 797,050
CMO Series 2020-188 Class SA
1-month USD LIBOR + 6.300%
Cap 6.300%
12/20/2050
5.706%   13,294,747 2,419,641
CMO Series 2020-21 Class VS
-1.0 x 1-month USD LIBOR + 6.050%
Cap 6.050%
02/20/2050
5.456%   840,102 114,147
CMO Series 2020-62 Class SG
-1.0 x 1-month USD LIBOR + 6.150%
Cap 6.150%
05/20/2050
5.556%   1,516,129 194,417
Government National Mortgage Association(e)
CMO Series 2020-164 Class CI
11/20/2050 3.000%   8,440,354 1,263,603
CMO Series 2020-175 Class KI
11/20/2050 2.500%   22,715,649 3,373,681
CMO Series 2020-191 Class UG
12/20/2050 3.500%   8,638,099 1,386,006
CMO Series 2021-119 Class QI
07/20/2051 3.000%   8,931,562 1,233,278
CMO Series 2021-139 Class IC
08/20/2051 3.000%   21,659,321 3,413,095
CMO Series 2021-16 Class KI
01/20/2051 2.500%   10,582,317 1,594,076
CMO Series 2021-9 Class MI
01/20/2051 2.500%   10,363,474 1,396,844
Government National Mortgage Association TBA(f)
05/19/2052 4.000%   18,000,000 18,045,352
Residential Mortgage-Backed Securities - Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Uniform Mortgage-Backed Security TBA(f)
05/17/2037 2.000%   10,000,000 9,373,633
05/17/2037 2.500%   4,100,000 3,925,269
05/17/2037-
05/12/2052
3.000%   61,478,000 58,119,690
05/17/2037-
05/12/2052
3.500%   39,000,000 37,986,249
05/12/2052 4.000%   67,000,000 66,689,863
Total Residential Mortgage-Backed Securities - Agency
(Cost $244,604,251)
240,748,129
Residential Mortgage-Backed Securities - Non-Agency 34.4%
510 Asset Backed Trust(a),(d)
CMO Series 2021-NPL2 Class A1
06/25/2061 2.116%   4,014,354 3,818,162
American Mortgage Trust(c),(d),(j)
CMO Series 2093-3 Class 3A
07/27/2023 8.188%   54 33
Angel Oak Mortgage Trust(a),(d)
CMO Series 2020-1 Class M1
12/25/2059 3.161%   3,000,000 2,914,482
CMO Series 2020-3 Class A1
04/25/2065 1.691%   2,941,338 2,880,996
CMO Series 2021-5 Class A2
07/25/2066 1.208%   5,436,261 5,024,998
Angel Oak Mortgage Trust I LLC(a),(d)
CMO Series 2018-3 Class M1
09/25/2048 4.421%   960,000 953,804
Arroyo Mortgage Trust(a),(d)
CMO Series 2019-2 Class A3
04/25/2049 3.800%   238,929 231,795
Bayview Opportunity Master Fund IVb Trust(a)
CMO Series 2017-SPL3 Class A
11/28/2053 4.000%   1,215,643 1,193,252
Bellemeade Re Ltd.(a),(b)
CMO Series 2018-1A Class M2
1-month USD LIBOR + 2.900%
04/25/2028
3.568%   4,098,717 4,084,702
CMO Series 2019-2A Class M1C
1-month USD LIBOR + 2.000%
Floor 2.000%
04/25/2029
2.668%   4,250,000 4,236,535
CMO Series 2019-3A Class M1B
1-month USD LIBOR + 1.600%
Floor 1.600%
07/25/2029
2.268%   1,700,280 1,698,774
CMO Series 2019-3A Class M1C
1-month USD LIBOR + 1.950%
Floor 1.950%
07/25/2029
2.407%   3,500,000 3,480,075
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
CMO Series 2021-2A Class M1A
30-day Average SOFR + 1.200%
Floor 1.200%
06/25/2031
1.489%   3,838,074 3,801,930
CMO Series 2021-2A Class M1B
30-day Average SOFR + 1.500%
Floor 1.500%
06/25/2031
1.789%   2,000,000 1,949,122
CMO Series 2022-1 Class M1A
30-day Average SOFR + 1.750%
Floor 1.750%
01/26/2032
1.856%   4,900,000 4,878,540
BRAVO Residential Funding Trust(a),(d)
CMO Series 2019-NQM2 Class A1
11/25/2059 2.748%   156,419 153,421
CMO Series 2019-NQM2 Class A3
11/25/2059 3.108%   67,037 65,423
CMO Series 2019-NQM2 Class M1
11/25/2059 3.451%   300,000 283,593
CMO Series 2020-NQM1 Class M1
05/25/2060 3.181%   2,500,000 2,464,146
CMO Series 2020-RPL2 Class A1
05/25/2059 2.000%   2,184,150 2,047,321
Bunker Hill Loan Depositary Trust(a),(d)
CMO Series 2019-3 Class A2
11/25/2059 2.981%   1,281,682 1,262,556
CMO Series 2019-3 Class A3
11/25/2059 3.135%   1,867,593 1,841,337
CMO Series 2020-1 Class A1
02/25/2055 1.724%   4,375,863 4,254,025
BVRT Financing Trust(a),(b),(c)
CMO Series 2021-3F Class M1
30-day Average SOFR + 1.750%
Floor 1.750%
07/12/2033
1.976%   5,087,549 5,087,549
CMO Series 2021-3F Class M2
30-day Average SOFR + 2.900%
Floor 2.900%
07/12/2033
3.126%   6,000,000 6,000,000
BVRT Financing Trust(a),(b),(c),(j)
CMO Series 2021-CRT1 Class M2
1-month USD LIBOR + 2.250%
Floor 2.250%
01/10/2033
2.345%   380,085 375,465
CHNGE Mortgage Trust(a),(d)
CMO Series 2022-1 Class A1
01/25/2067 3.007%   5,621,130 5,455,874
CMO Series 2022-2 Class A1
03/25/2067 3.757%   4,588,436 4,489,289
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
CIM Trust(a),(b)
CMO Series 2018-R6 Class A1
1-month USD LIBOR + 1.076%
Floor 1.076%
09/25/2058
1.876%   832,541 813,475
COLT Mortgage Loan Trust(a),(d)
CMO Series 2020-2 Class A2
03/25/2065 3.094%   350,000 347,546
CMO Series 2021-3 Class A1
09/27/2066 0.956%   3,203,374 2,911,136
CMO Series 2021-5 Class A2
11/26/2066 2.606%   4,270,000 3,670,755
Connecticut Avenue Securities Trust(a),(b)
CMO Series 2022-R01 Class 1M2
30-day Average SOFR + 1.900%
12/25/2041
2.189%   2,650,000 2,556,621
CMO Series 2022-R04 Class 1M2
30-day Average SOFR + 3.100%
03/25/2042
3.389%   4,000,000 4,019,959
Credit Suisse Mortgage Capital Certificates(a),(d)
CMO Series 2020-SPT1 Class A1
04/25/2065 1.616%   614,441 608,989
Credit Suisse Mortgage Trust(a),(d)
CMO Series 2021-RPL2 Class A1A
01/25/2060 1.115%   3,729,572 3,388,717
CSMC Trust(a),(d)
CMO Series 2020-RPL2 Class A12
02/25/2060 3.410%   979,453 940,254
CMO Series 2020-RPL6 Class A1
03/25/2059 2.688%   10,112,363 9,855,055
Subordinated CMO Series 2020-RPL3 Class A1
03/25/2060 2.691%   2,971,327 2,898,299
Deephaven Residential Mortgage Trust(a),(d)
CMO Series 2021-1 Class A2
05/25/2065 0.973%   856,620 830,450
Eagle Re Ltd.(a),(b)
CMO Series 2018-1 Class M1
1-month USD LIBOR + 1.700%
Floor 1.700%
11/25/2028
2.157%   275,303 274,775
CMO Series 2021-1 Class M1A
30-day Average SOFR + 1.700%
Floor 1.700%
10/25/2033
1.989%   4,492,414 4,490,820
Subordinated CMO Series 2020-1 Class M1B
1-month USD LIBOR + 1.450%
01/25/2030
1.907%   3,100,000 3,067,139
Ellington Financial Mortgage Trust(a),(d)
CMO Series 2020-1 Class A3
05/25/2065 3.999%   550,000 534,257
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Bond Fund  | Annual Report 2022
17

Portfolio of Investments  (continued)
April 30, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes(b)
CMO Series 2014-DN3 Class M3
1-month USD LIBOR + 4.000%
08/25/2024
4.668%   1,324,607 1,337,995
Freddie Mac STACR REMIC Trust(a),(b)
CMO Series 2020-DNA4 Class M2
1-month USD LIBOR + 3.750%
Floor 3.750%
08/25/2050
4.418%   130,104 130,568
CMO Series 2021-DNA3 Class M1
30-day Average SOFR + 0.750%
10/25/2033
1.039%   5,630,590 5,584,052
CMO Series 2022-DNA1 Class M1B
30-day Average SOFR + 1.850%
01/25/2042
2.139%   3,000,000 2,858,107
Freddie Mac Structured Agency Credit Risk Debt Notes(b)
CMO Series 2014-DN4 Class M3
1-month USD LIBOR + 4.550%
10/25/2024
5.218%   1,653,932 1,681,025
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(d)
CMO Series 2022-DNA2 Class M1B
02/25/2042 2.689%   3,800,000 3,731,996
FWD Securitization Trust(a),(d)
CMO Series 2020-INV1 Class M1
01/25/2050 2.850%   3,500,000 3,376,232
GCAT LLC(a),(d)
CMO Series 2021-CM1 Class A1
04/25/2065 1.469%   3,586,989 3,494,100
GCAT Trust(a),(d)
CMO Series 2021-CM2 Class A1
08/25/2066 2.352%   4,089,669 3,955,152
CMO Series 2022-NQM2 Class A3
02/25/2067 4.210%   5,300,000 5,161,611
GS Mortgage-Backed Securities Corp. Trust(a),(d)
CMO Series 2021-NQM1 Class A1
07/25/2061 1.017%   3,137,337 2,946,342
Home Re Ltd.(a),(b)
Subordinated CMO Series 2022-1 Class M1A
30-day Average SOFR + 2.850%
10/25/2034
3.125%   2,700,000 2,699,976
Imperial Fund Mortgage Trust(a),(d)
CMO Series 2021-NQM4 Class A2
01/25/2057 2.296%   1,950,648 1,724,304
Legacy Mortgage Asset Trust(a),(d)
CMO Series 2021-GS2 Class A1
04/25/2061 1.750%   2,340,580 2,217,315
CMO Series 2021-SL2 Class A
10/25/2068 1.875%   3,483,144 3,350,036
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Loan Revolving Advance Investment Trust(a),(b),(c),(j)
CMO Series 2021-2 Class A1X
1-month USD LIBOR + 2.750%
Floor 2.750%
06/30/2023
3.301%   4,000,000 4,000,000
Mello Warehouse Securitization Trust(a),(b)
CMO Series 2020-2 Class B
1-month USD LIBOR + 1.100%
Floor 1.100%
11/25/2053
1.557%   10,800,000 10,750,725
CMO Series 2020-2 Class C
1-month USD LIBOR + 1.300%
Floor 1.300%
11/25/2053
1.757%   4,200,000 4,187,096
MFA Trust(a),(d)
CMO Series 2020-NQM2 Class M1
04/25/2065 3.034%   3,500,000 3,362,296
CMO Series 2020-NQM3 Class A1
01/26/2065 1.014%   7,229,424 6,964,472
CMO Series 2020-NQM3 Class A2
01/26/2065 1.324%   2,891,770 2,766,263
CMO Series 2020-NQM3 Class A3
01/26/2065 1.632%   2,168,827 2,079,501
CMO Series 2021-INV2 Class A3
11/25/2056 2.264%   2,740,659 2,525,193
MFRA Trust(a),(d)
CMO Series 2021-INV1 Class A2
01/25/2056 1.057%   508,257 484,550
CMO Series 2021-INV1 Class A3
01/25/2056 1.262%   792,373 753,907
New Residential Mortgage Loan Trust(a),(d)
CMO Series 2018-1A Class A1A
12/25/2057 4.000%   7,819,930 7,672,265
NRZ Excess Spread-Collateralized Notes(a)
Series 2020-PLS1 Class A
12/25/2025 3.844%   4,432,945 4,278,049
Oaktown Re II Ltd.(a),(b)
CMO Series 2018-1A Class M1
1-month USD LIBOR + 1.550%
07/25/2028
2.218%   413,106 411,933
Oaktown Re III Ltd.(a),(b)
CMO Series 2019-1A Class M1A
1-month USD LIBOR + 1.400%
Floor 1.400%
07/25/2029
2.068%   25,204 25,088
CMO Series 2019-1A Class M1B
1-month USD LIBOR + 1.950%
Floor 1.950%
07/25/2029
2.618%   1,500,000 1,498,246
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Oaktown Re VI Ltd.(a),(b)
CMO Series 2021-1A Class M1A
30-day Average SOFR + 1.650%
Floor 1.650%
10/25/2033
1.939%   5,036,875 5,029,928
PMT Credit Risk Transfer Trust(a),(b)
Series 2019-2R Class A
1-month USD LIBOR + 2.750%
Floor 2.750%
05/27/2023
3.448%   497,015 473,765
PNMAC GMSR Issuer Trust(a),(b)
CMO Series 2018-FT1 Class A
1-month USD LIBOR + 2.350%
04/25/2023
3.018%   2,500,000 2,469,979
CMO Series 2018-GT1 Class A
1-month USD LIBOR + 2.850%
Floor 2.850%
02/25/2023
3.518%   10,700,000 10,657,877
CMO Series 2018-GT2 Class A
1-month USD LIBOR + 2.650%
08/25/2025
3.318%   3,950,000 3,913,254
Preston Ridge Partners Mortgage Trust(a),(d)
CMO Series 2020-6 Class A1
11/25/2025 2.363%   9,430,696 9,137,017
CMO Series 2021-1 Class A1
01/25/2026 2.115%   6,594,327 6,315,379
CMO Series 2021-2 Class A1
03/25/2026 2.115%   2,736,451 2,628,251
CMO Series 2021-3 Class A1
04/25/2026 1.867%   2,439,962 2,311,873
CMO Series 2021-8 Class A1
09/25/2026 1.743%   1,729,351 1,639,406
Pretium Mortgage Credit Partners(a),(d)
CMO Series 2022-NPL1 Class A1
01/25/2052 2.981%   4,722,298 4,536,957
PRKCM Trust(a),(d)
CMO Series 2021-AFC1 Class A3
08/25/2056 2.069%   6,084,898 5,417,003
PRPM LLC(a),(d)
CMO Series 2021-RPL1 Class A1
07/25/2051 1.319%   4,746,700 4,479,577
Radnor Re Ltd.(a),(b)
CMO Series 2019-2 Class M1B
1-month USD LIBOR + 1.750%
Floor 1.750%
06/25/2029
2.418%   772,425 765,693
CMO Series 2020-1 Class M1A
1-month USD LIBOR + 0.950%
Floor 0.950%
02/25/2030
1.407%   3,250,000 3,191,578
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Residential Mortgage Loan Trust(a),(d)
CMO Series 2019-3 Class A3
09/25/2059 3.044%   56,288 55,282
Stanwich Mortgage Loan Co. LLC(a),(d)
CMO Series 2021-NPB1 Class A1
10/16/2026 2.735%   3,082,353 2,976,357
Starwood Mortgage Residential Trust(a),(d)
CMO Series 2019-INV1 Class A3
09/27/2049 2.916%   3,305,327 3,266,257
CMO Series 2020-2 Class A3
04/25/2060 3.000%   8,250,000 8,183,223
CMO Series 2020-3 Class A3
04/25/2065 2.591%   5,000,000 4,623,449
CMO Series 2020-3 Class M1
04/25/2065 3.544%   2,800,000 2,728,807
CMO Series 2020-INV1 Class A2
11/25/2055 1.439%   5,226,901 5,050,162
CMO Series 2020-INV1 Class A3
11/25/2055 1.593%   1,978,425 1,909,780
CMO Series 2021-3 Class A1
06/25/2056 1.127%   1,070,275 1,002,684
Stonnington Mortgage Trust(a),(c),(d),(j)
CMO Series 2020-1 Class A
07/28/2024 3.500%   3,159,626 3,159,626
Toorak Mortgage Corp., Ltd.(d)
CMO Series 2019-2 Class A1
09/25/2022 3.721%   782,490 782,065
Towd Point Mortgage Trust(a),(d)
CMO Series 2016-2 Class A1
08/25/2055 3.000%   25,141 25,124
CMO Series 2019-4 Class M1B
10/25/2059 3.000%   10,000,000 8,922,381
Triangle Re Ltd.(a),(b)
CMO Series 2021-2 Class M1A
1-month USD LIBOR + 2.050%
Floor 2.050%
10/25/2033
2.718%   6,000,000 6,001,093
TRK Trust(a),(d)
CMO Series 2021-INV2 Class A1
11/25/2056 1.966%   6,684,329 6,331,403
Vendee Mortgage Trust(d),(e)
CMO Series 1998-1 Class 2IO
03/15/2028 0.000%   591,372 1
CMO Series 1998-3 Class IO
03/15/2029 0.000%   721,724 1
Verus Securitization Trust(a),(d)
CMO Series 2019-INV3 Class A3
11/25/2059 3.100%   490,446 483,132
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Bond Fund  | Annual Report 2022
19

Portfolio of Investments  (continued)
April 30, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
CMO Series 2020-1 Class A3
01/25/2060 2.724%   1,185,339 1,162,249
CMO Series 2020-4 Class A3
05/25/2065 2.321%   2,060,996 2,005,757
CMO Series 2021-4 Class A2
07/25/2066 1.247%   4,764,416 4,263,028
Verus Securitization Trust(a)
CMO Series 2020-INV1 Class A2
03/25/2060 3.035%   4,000,000 3,913,278
CMO Series 2020-INV1 Class A3
03/25/2060 3.889%   2,800,000 2,727,484
Visio Trust(a)
CMO Series 2020-1R Class A3
11/25/2055 1.873%   2,079,144 2,014,712
CMO Series 2021-1R Class A1
05/25/2056 1.280%   3,237,979 3,053,107
ZH Trust(a)
CMO Series 2021-1 Class A
02/18/2027 2.253%   1,360,864 1,331,330
Total Residential Mortgage-Backed Securities - Non-Agency
(Cost $363,704,810)
351,083,150
U.S. Treasury Obligations 0.2%
U.S. Treasury
08/15/2048 3.000%   530,000 521,056
U.S. Treasury Obligations (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
U.S. Treasury(k)
STRIPS
02/15/2040 0.000%   3,461,000 1,971,824
Total U.S. Treasury Obligations
(Cost $2,835,198)
2,492,880
    
Options Purchased Calls 0.0%
        Value ($)
(Cost $127,500) 48
Options Purchased Puts 0.8%
(Cost $1,689,480) 8,195,530
    
Money Market Funds 4.7%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.462%(l),(m) 48,472,874 48,458,332
Total Money Market Funds
(Cost $48,453,144)
48,458,332
Total Investments in Securities
(Cost: $1,282,784,032)
1,227,121,664
Other Assets & Liabilities, Net   (205,982,974)
Net Assets 1,021,138,690
 
At April 30, 2022, securities and/or cash totaling $12,978,960 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
U.S. Treasury 10-Year Note 3,134 06/2022 USD 373,435,688 (17,732,395)
U.S. Ultra Treasury Bond 280 06/2022 USD 44,922,500 (5,377,158)
Total         (23,109,553)
    
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
U.S. Treasury 5-Year Note (1,120) 06/2022 USD (126,192,500) 2,365,519
    
Call option contracts purchased
Description Counterparty Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Cost ($) Value ($)
10-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA Citi USD 12,500,000 12,500,000 1.00 07/08/2022 127,500 48
    
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Bond Fund  | Annual Report 2022

Portfolio of Investments  (continued)
April 30, 2022
Put option contracts purchased
Description Counterparty Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Cost ($) Value ($)
10-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate Morgan Stanley USD 72,200,000 72,200,000 1.75 11/09/2022 1,689,480 8,195,530
    
Put option contracts written
Description Counterparty Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Premium
received ($)
Value ($)
2-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA Citi USD (48,000,000) (48,000,000) 1.10 05/03/2022 (204,000) (1,802,678)
2-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA Citi USD (48,700,000) (48,700,000) 1.25 05/23/2022 (180,190) (1,757,700)
2-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay 3-Month USD LIBOR BBA Morgan Stanley USD (48,700,000) (48,700,000) 1.25 05/23/2022 (192,365) (1,757,700)
5-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay 3-Month USD LIBOR BBA Morgan Stanley USD (69,100,000) (69,100,000) 1.85 07/07/2022 (587,350) (3,972,538)
Total             (1,163,905) (9,290,616)
Notes to Portfolio of Investments
(a) 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 April 30, 2022, the total value of these securities amounted to $746,306,738, which represents 73.09% of total net assets.
(b) Variable rate security. The interest rate shown was the current rate as of April 30, 2022.
(c) Valuation based on significant unobservable inputs.
(d) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of April 30, 2022.
(e) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.
(f) Represents a security purchased on a when-issued basis.
(g) Non-income producing investment.
(h) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2022.
(i) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(j) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At April 30, 2022, the total value of these securities amounted to $7,535,124, which represents 0.74% of total net assets.
(k) Zero coupon bond.
(l) The rate shown is the seven-day current annualized yield at April 30, 2022.
(m) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended April 30, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.462%
  54,158,560 529,071,322 (534,774,699) 3,149 48,458,332 (9,210) 61,471 48,472,874
Abbreviation Legend
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Treasury
LIBOR London Interbank Offered Rate
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Bond Fund  | Annual Report 2022
21

Portfolio of Investments  (continued)
April 30, 2022
Abbreviation Legend  (continued)
SOFR Secured Overnight Financing Rate
STRIPS Separate Trading of Registered Interest and Principal Securities
TBA To Be Announced
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.).