UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09645
Columbia Funds Series Trust
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: March 31
Date of reporting period: March 31, 2024
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.
Columbia Short Term Bond Fund
Annual Report
March 31, 2024
In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule,
"Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company
Advertisements." The rule and form amendments will, among other things, require the Fund to transmit concise and
visually engaging shareholder reports that highlight key information. The amendments will require that funds tag
information in a structured data format and that certain more in-depth information be made available online and available
for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is
an 18-month transition period after the effective date of the amendments.
Each Tailored Shareholder Report will be share-class specific and will highlight key
fund information the SEC believes is most relevant to investors in assessing their investment in the Fund. Much of the information, including a Fund’s financial statements, that is currently disclosed in a Fund’s shareholder reports will instead be made available on the Fund’s website and filed on Form N-CSR on an annual and semiannual basis. This information will be delivered to investors free of charge upon request. Columbia Fund reports will follow the Tailored
Shareholder Report approach beginning with reports covering the period ending May 31, 2024.
The new rule also requires the Fund to mail a printed version of the Tailored Shareholder
Report to all shareholders who have not elected to receive shareholder reports electronically. Rather than receiving
a postcard notifying investors that the shareholder report for Funds in which they invest is available online, investors
will begin receiving the Tailored Shareholder Report in the mail unless they have elected to receive their Fund documents
electronically.
Table of Contents
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3
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5
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7
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8
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24
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26
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27
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30
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34
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47
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48
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48
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54
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If you elect to receive the shareholder report for Columbia Short Term Bond Fund (the
Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder
elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive
reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports
will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which
the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You
may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st
for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first
and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday
from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Short Term Bond Fund | Annual Report 2024
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks current income, consistent with minimal fluctuation of principal.
Portfolio management
Gregory Liechty
Co-Portfolio Manager
Managed Fund since 2010
Ronald Stahl, CFA
Co-Portfolio Manager
Managed Fund since 2006
Returns for Class A shares are shown with and without the maximum initial sales charge
of 1.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge
for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on
differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions
during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions
or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers
or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates.
Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee
of future results. The investment return and principal value of your investment will fluctuate so that your
shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or
higher than the performance information shown. You may obtain performance information current to the most recent
month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
The Bloomberg 1-3 Year Government/Credit Index consists of Treasury or government
agency securities and investment-grade corporate debt securities with maturities of one to three years.
Indices are not available for investment, are not professionally managed and do not
reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund
may not match those in an index.
Columbia Short Term Bond Fund | Annual Report 2024
3
Fund at a Glance (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (March 31, 2014 — March 31, 2024)
The chart above shows the change in value of a hypothetical $10,000 investment in
Class A shares of Columbia Short Term Bond Fund during the stated time period, and
does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or
on the redemption of Fund shares.
|
Portfolio breakdown (%) (at March 31, 2024)
|
|
|
Asset-Backed Securities - Non-Agency
|
24.5
|
|
Commercial Mortgage-Backed Securities - Non-Agency
|
10.2
|
|
Corporate Bonds & Notes
|
30.7
|
|
Foreign Government Obligations
|
0.1
|
|
Money Market Funds
|
4.3
|
|
Residential Mortgage-Backed Securities - Agency
|
0.6
|
|
Residential Mortgage-Backed Securities - Non-Agency
|
28.6
|
|
U.S. Treasury Obligations
|
1.0
|
|
Total
|
100.0
|
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
|
Quality breakdown (%) (at March 31, 2024)
|
|
|
AA rating
|
47.9
|
|
A rating
|
16.4
|
|
BBB rating
|
18.1
|
|
BB rating
|
3.5
|
|
B rating
|
3.0
|
|
CCC rating
|
0.1
|
|
CC rating
|
0.0
(a)
|
|
Not rated
|
11.0
|
|
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 Short Term Bond Fund | Annual Report 2024
Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended March 31, 2024, Class A shares of Columbia Short
Term Bond Fund returned 5.93% excluding sales charges. The Fund’s benchmark, the Bloomberg 1-3 Year Government/Credit Index, returned 3.49% for the same time period.
Market overview
Investor sentiment during the 12-month period ended March 31, 2024 was largely driven
by the U.S. Federal Reserve (Fed) and its ongoing fight against historically elevated inflation, which it sought to
tame by dampening economic growth and tightening the labor market. The Fed increased its targeted federal funds rate from
a range of 4.75%-5.00% at the end of March 2023 to 5.25%-5.50% in July 2023 and then kept it at this level for five consecutive
meetings, most recently in March 2024. While the federal funds rate had likely reached its peak for this tightening
cycle, questions remained at the end of the annual period about the precise timing and extent of potential 2024 rate cuts, even
as the Fed penciled in three 25 basis point cuts by the end of 2024, which would be the first reductions since the early
days of the COVID pandemic in March 2020. (A basis point is 1/100th of a percentage point.)
Hiring and inflation slowed throughout most of 2023 but then showed surprising strength
in the first quarter of 2024, which delayed consensus expectations for when the Fed may begin to cut interest rates. Along
with that, the Personal Consumption Expenditures Price Index (PCE) cooled throughout 2023, giving hope for the Fed’s 2% inflation target. However, stronger than consensus expected prices, as measured by the Consumer Price Index and Producer Price
Index, during the first quarter of 2024 showed inflation should still be a worry for the Fed. The Fed has indicated it
would hold interest rates steady until it has seen convincing data on the state of inflation and the labor market.
Amid this backdrop, interest rates rose across the U.S. Treasury yield curve, or spectrum
of maturities; the yield curve steepened as yields on longer-term maturities rose more than those on shorter-term
maturities; and credit spreads tightened. Overall, spread, or non-government bond, sectors outperformed U.S. Treasuries, and
shorter duration bonds outperformed longer duration bonds.
The Fund’s notable contributors during the period
•
The Fund benefited most on a relative basis from having exposure to residential mortgage-backed
securities, asset-backed securities, commercial mortgage-backed securities and high-yield corporate
bonds, which are all out-of-benchmark sectors and which all outperformed the Bloomberg 1-3 Year Government/Credit
Index during the annual period.
○
Floating rate notes within the asset-backed securities sector particularly added value,
as their coupons reset higher as short-term interest rates rose.
○
Spreads, or yield differentials to duration-equivalent U.S. Treasuries, in the high-yield
corporate bond sector materially tightened, which positively impacted their prices.
•
Security selection within the investment-grade corporate bond sector was additive to the Fund’s relative performance. The Fund’s effective selection, especially within the industrials sub-sector, more than offset the detracting effect of being underweight the strongly performing sector.
•
Yield curve positioning boosted the Fund’s relative results during the annual period.
The Fund’s notable detractors during the period
•
The Fund was underweight the investment-grade corporate bond sector, which detracted
modestly from its relative performance, as the sector outperformed the Bloomberg 1-3 Year Government/Credit Index
during the annual period. Investment-grade corporate bonds represented the Fund’s largest sector underweight, excluding U.S. Treasuries.
•
The Fund had a slightly longer duration than that of the Bloomberg 1-3 Year Government/Credit
Index, which hurt relative performance, as interest rates rose during the annual period.
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,
Columbia Short Term Bond Fund | Annual Report 2024
5
Manager Discussion of Fund Performance (continued)
(Unaudited)
negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities.
Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate
when interest rates rise which may reduce investment opportunities and potential returns. Investing in derivatives is a specialized activity that involves special risks, which may result in significant
losses. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties
who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are
difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time
based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied
on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication
of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6
Columbia Short Term Bond Fund | Annual Report 2024
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.
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 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its
investment in underlying funds, including affiliated and non-affiliated pooled investment
vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates
not waived/reimbursed certain fees and expenses, account value at the end of the period
would have been reduced.
Columbia Short Term Bond Fund | Annual Report 2024
7
Portfolio of Investments
March 31, 2024
(Percentages represent value of investments compared to net assets)
Investments in securities
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Short Term Bond Fund | Annual Report 2024
Portfolio of Investments (continued)
March 31, 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
9
Portfolio of Investments (continued)
March 31, 2024
|
Commercial Mortgage-Backed Securities - Non-Agency (continued)
|
||||
|
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
|
DBJPM Mortgage Trust
|
||||
|
Series 2016-C3 Class A5
|
||||
|
08/10/2049
|
2.890%
|
|
3,800,000
|
3,568,883
|
|
Extended Stay America Trust(a),(b)
|
||||
|
Series 2021-ESH Class B
|
||||
|
1-month Term SOFR + 1.494%
Floor 1.380%
07/15/2038
|
6.820%
|
|
6,399,790
|
6,400,997
|
|
GS Mortgage Securities Corp. II(a),(d)
|
||||
|
Series 2023-SHIP Class A
|
||||
|
09/10/2038
|
4.322%
|
|
1,850,000
|
1,794,261
|
|
Morgan Stanley Capital I Trust(a),(d)
|
||||
|
Series 2019-MEAD Class D
|
||||
|
11/10/2036
|
3.283%
|
|
3,675,000
|
3,244,409
|
|
One New York Plaza Trust(a),(b)
|
||||
|
Subordinated Series 2020-1NYP Class C
|
||||
|
1-month Term SOFR + 2.314%
Floor 2.200%
01/15/2036
|
7.640%
|
|
3,000,000
|
2,761,676
|
|
Subordinated Series 2020-1NYP Class D
|
||||
|
1-month Term SOFR + 2.864%
Floor 2.750%
01/15/2036
|
8.190%
|
|
1,125,000
|
927,805
|
|
Progress Residential Trust(a)
|
||||
|
Series 2020-SFR1 Class C
|
||||
|
04/17/2037
|
2.183%
|
|
1,000,000
|
961,755
|
|
Series 2020-SFR1 Class D
|
||||
|
04/17/2037
|
2.383%
|
|
2,025,000
|
1,947,504
|
|
Series 2020-SFR2 Class A
|
||||
|
06/17/2037
|
2.078%
|
|
1,195,969
|
1,144,946
|
|
Subordinated Series 2020-SFR2 Class C
|
||||
|
06/17/2037
|
3.077%
|
|
300,000
|
289,373
|
|
Subordinated Series 2020-SFR2 Class D
|
||||
|
06/17/2037
|
3.874%
|
|
350,000
|
339,534
|
|
SPGN TFLM Mortgage Trust(a),(b)
|
||||
|
Series 2022 Class A
|
||||
|
1-month Term SOFR + 1.550%
Floor 1.550%
02/15/2039
|
6.875%
|
|
14,125,000
|
13,883,793
|
|
Wells Fargo Commercial Mortgage Trust(a),(b)
|
||||
|
Series 2017-SMP Class A
|
||||
|
1-month Term SOFR + 1.047%
Floor 0.875%
12/15/2034
|
6.372%
|
|
16,055,000
|
15,179,911
|
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Short Term Bond Fund | Annual Report 2024
Portfolio of Investments (continued)
March 31, 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
11
Portfolio of Investments (continued)
March 31, 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Short Term Bond Fund | Annual Report 2024
Portfolio of Investments (continued)
March 31, 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
13
Portfolio of Investments (continued)
March 31, 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Short Term Bond Fund | Annual Report 2024
Portfolio of Investments (continued)
March 31, 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
15
Portfolio of Investments (continued)
March 31, 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Short Term Bond Fund | Annual Report 2024
Portfolio of Investments (continued)
March 31, 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
17
Portfolio of Investments (continued)
March 31, 2024
|
Residential Mortgage-Backed Securities - Agency 0.6%
|
||||
|
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
|
Federal Home Loan Mortgage Corp.
|
||||
|
05/01/2024-
10/01/2024
|
4.500%
|
|
377
|
375
|
|
03/01/2025-
04/01/2026
|
4.000%
|
|
2,359
|
2,336
|
|
11/01/2025
|
3.500%
|
|
488
|
480
|
|
Federal Home Loan Mortgage Corp.(b)
|
||||
|
1-year CMT + 2.222%
Cap 9.291%
03/01/2034
|
6.383%
|
|
84,682
|
83,989
|
|
12-month Term SOFR + 1.735%
Cap 10.860%
07/01/2036
|
5.985%
|
|
1,473
|
1,458
|
|
12-month Term SOFR + 1.703%
Cap 11.242%
08/01/2036
|
5.839%
|
|
15,296
|
15,690
|
|
Federal National Mortgage Association
|
||||
|
04/01/2024-
06/01/2026
|
4.000%
|
|
1,633
|
1,611
|
|
12/01/2025-
09/01/2026
|
3.500%
|
|
10,735
|
10,528
|
|
Federal National Mortgage Association(d)
|
||||
|
CMO Series 2003-W11 Class A1
|
||||
|
06/25/2033
|
6.720%
|
|
4,956
|
4,985
|
|
Government National Mortgage Association(b)
|
||||
|
1-year CMT + 1.500%
Floor 1.000%, Cap 11.000%
03/20/2030
|
3.625%
|
|
4,134
|
4,065
|
|
Government National Mortgage Association
|
||||
|
08/15/2037
|
7.500%
|
|
10,585
|
10,558
|
|
Uniform Mortgage-Backed Security TBA(c)
|
||||
|
04/16/2039
|
4.500%
|
|
5,250,000
|
5,168,557
|
|
Total Residential Mortgage-Backed Securities - Agency
(Cost $5,302,022)
|
5,304,632
|
|||
|
|
||||
|
Residential Mortgage-Backed Securities - Non-Agency 29.5%
|
||||
|
|
|
|
|
|
|
510 Asset Backed Trust(a),(d)
|
||||
|
CMO Series 2021-NPL2 Class A1
|
||||
|
06/25/2061
|
2.116%
|
|
2,477,984
|
2,406,109
|
|
Angel Oak Mortgage Trust(a),(d)
|
||||
|
CMO Series 2020-6 Class A3
|
||||
|
05/25/2065
|
1.775%
|
|
323,925
|
285,990
|
|
CMO Series 2020-6 Class M1
|
||||
|
05/25/2065
|
2.805%
|
|
1,225,000
|
992,907
|
|
CMO Series 2021-8 Class A1
|
||||
|
11/25/2066
|
1.820%
|
|
6,725,951
|
5,796,448
|
|
Banc of America Funding Trust
|
||||
|
CMO Series 2005-5 Class 2A1
|
||||
|
09/25/2035
|
5.500%
|
|
76,592
|
73,177
|
|
Residential Mortgage-Backed Securities - Non-Agency (continued)
|
||||
|
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
|
Banc of America Funding Trust(d)
|
||||
|
CMO Series 2007-C Class 1A3
|
||||
|
05/20/2036
|
4.806%
|
|
44,949
|
38,764
|
|
BRAVO Residential Funding Trust(a),(d)
|
||||
|
CMO Series 2020-NQM1 Class A1
|
||||
|
05/25/2060
|
1.449%
|
|
371,345
|
353,029
|
|
CMO Series 2021-NQM1 Class A1
|
||||
|
02/25/2049
|
0.941%
|
|
2,780,709
|
2,427,538
|
|
CMO Series 2023-NQM8 Class A1
|
||||
|
10/25/2063
|
6.394%
|
|
4,823,584
|
4,848,112
|
|
CMO Series 2024-NQM3 Class A1
|
||||
|
03/25/2064
|
6.219%
|
|
10,000,000
|
10,034,071
|
|
CFMT LLC(a),(d)
|
||||
|
CMO Series 2021-EBO1 Class A
|
||||
|
11/25/2050
|
0.985%
|
|
1,012,771
|
958,118
|
|
Chase Mortgage Finance Trust
|
||||
|
CMO Series 2005-S2 Class A1
|
||||
|
10/25/2035
|
5.500%
|
|
59,085
|
55,007
|
|
CMO Series 2006-S4 Class A3
|
||||
|
12/25/2036
|
6.000%
|
|
147,412
|
62,739
|
|
CHNGE Mortgage Trust(a),(d)
|
||||
|
CMO Series 2022-1 Class A1
|
||||
|
01/25/2067
|
3.007%
|
|
5,638,570
|
5,121,100
|
|
CMO Series 2022-NQM1 Class A1
|
||||
|
06/25/2067
|
5.189%
|
|
1,950,108
|
1,908,580
|
|
CIM Trust(a),(d)
|
||||
|
CMO Series 2021-NR1 Class A1
|
||||
|
07/25/2055
|
2.569%
|
|
1,240,245
|
1,220,978
|
|
COLT Mortgage Loan Trust(a),(d)
|
||||
|
CMO Series 2024-1 Class A1
|
||||
|
02/25/2069
|
5.835%
|
|
2,720,913
|
2,713,552
|
|
Credit Suisse Mortgage Trust(a),(d)
|
||||
|
CMO Series 2021-AFC1 Class A1
|
||||
|
03/25/2056
|
0.830%
|
|
1,602,078
|
1,257,255
|
|
CMO Series 2021-RPL1 Class A1
|
||||
|
09/27/2060
|
4.036%
|
|
3,737,525
|
3,609,228
|
|
CMO Series 2022-JR1 Class A1
|
||||
|
10/25/2066
|
4.267%
|
|
9,349,082
|
9,182,898
|
|
Cross Mortgage Trust(a),(d)
|
||||
|
CMO Series 2024-H2 Class A1
|
||||
|
04/25/2069
|
6.093%
|
|
1,850,000
|
1,852,146
|
|
CSMC Trust(a)
|
||||
|
CMO Series 2019-AFC1 Class A1
|
||||
|
07/25/2049
|
3.573%
|
|
1,087,982
|
1,007,476
|
|
CSMC Trust(a),(d)
|
||||
|
CMO Series 2021-RPL4 Class A1
|
||||
|
12/27/2060
|
1.796%
|
|
2,864,431
|
2,760,913
|
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Short Term Bond Fund | Annual Report 2024
Portfolio of Investments (continued)
March 31, 2024
|
Residential Mortgage-Backed Securities - Non-Agency (continued)
|
||||
|
Issuer
|
Coupon
Rate
|
|
Principal
Amount ($)
|
Value ($)
|
|
CMO Series 2023-NQM4 Class A1
|
||||
|
12/25/2068
|
6.105%
|
|
4,239,950
|
4,239,298
|
|
Morgan Stanley Mortgage Loan Trust(d)
|
||||
|
CMO Series 2004-10AR Class 2A2
|
||||
|
11/25/2034
|
6.173%
|
|
25,879
|
24,151
|
|
New Residential Mortgage Loan Trust(a),(d)
|
||||
|
CMO Series 2019-NQM4 Class A2
|
||||
|
09/25/2059
|
2.644%
|
|
1,143,201
|
1,054,274
|
|
NRZ Excess Spread-Collateralized Notes(a)
|
||||
|
Series 2020-PLS1 Class A
|
||||
|
12/25/2025
|
3.844%
|
|
813,330
|
779,606
|
|
OBX Trust(a),(d)
|
||||
|
CMO Series 2019-EXP2 Class 1A3
|
||||
|
06/25/2059
|
4.000%
|
|
392,992
|
365,134
|
|
CMO Series 2023-NQM8 Class A1
|
||||
|
09/25/2063
|
7.045%
|
|
2,669,768
|
2,717,932
|
|
CMO Series 2024-NQM1 Class A1
|
||||
|
11/25/2063
|
5.928%
|
|
9,776,284
|
9,757,947
|
|
OBX Trust(a),(h)
|
||||
|
CMO Series 2022-NQM7 Class A1
|
||||
|
08/25/2062
|
5.110%
|
|
4,232,887
|
4,233,847
|
|
Oceanview Mortgage Loan Trust(a)
|
||||
|
CMO Series 2020-1 Class A1A
|
||||
|
05/28/2050
|
1.733%
|
|
717,459
|
645,506
|
|
Preston Ridge Partners Mortgage(a),(d)
|
||||
|
CMO Series 2021-4 Class A1
|
||||
|
04/25/2026
|
1.867%
|
|
5,755,126
|
5,612,699
|
|
Preston Ridge Partners Mortgage Trust(a),(d)
|
||||
|
CMO Series 2021-10 Class A1
|
||||
|
10/25/2026
|
2.487%
|
|
2,997,846
|
2,892,077
|
|
CMO Series 2021-2 Class A1
|
||||
|
03/25/2026
|
2.115%
|
|
1,543,337
|
1,516,172
|
|
CMO Series 2021-3 Class A1
|
||||
|
04/25/2026
|
1.867%
|
|
2,353,214
|
2,292,864
|
|
CMO Series 2021-9 Class A1
|
||||
|
10/25/2026
|
2.363%
|
|
4,949,478
|
4,823,183
|
|
PRET LLC(a),(d),(e),(f)
|
||||
|
CMO Series 2024-RN1 Class A1
|
||||
|
03/25/2054
|
7.143%
|
|
6,000,000
|
5,999,996
|
|
Pretium Mortgage Credit Partners I LLC(a),(d)
|
||||
|
CMO Series 2021-NPL1 Class A1
|
||||
|
09/27/2060
|
2.240%
|
|
1,284,973
|
1,265,042
|
|
CMO Series 2021-NPL2 Class A1
|
||||
|
06/27/2060
|
1.992%
|
|
1,459,812
|
1,414,832
|
|
Pretium Mortgage Credit Partners LLC(a),(d)
|
||||
|
CMO Series 2021-NPL3 Class A1
|
||||
|
07/25/2051
|
1.868%
|
|
7,082,900
|
6,846,108
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
19
Portfolio of Investments (continued)
March 31, 2024
The accompanying Notes to Financial Statements are an integral part of this statement.
20
Columbia Short Term Bond Fund | Annual Report 2024
Portfolio of Investments (continued)
March 31, 2024
|
Money Market Funds 4.4%
|
||
|
|
Shares
|
Value ($)
|
|
Columbia Short-Term Cash Fund, 5.543%(j),(k)
|
37,422,095
|
37,414,611
|
|
Total Money Market Funds
(Cost $37,411,269)
|
37,414,611
|
|
|
Total Investments in Securities
(Cost: $893,534,957)
|
876,863,004
|
|
|
Other Assets & Liabilities, Net
|
|
(25,493,005
)
|
|
Net Assets
|
851,369,999
|
|
At March 31, 2024, securities and/or cash totaling $1,450,500 were pledged as collateral.
Investments in derivatives
|
Short futures contracts
|
||||||
|
Description
|
Number of
contracts
|
Expiration
date
|
Trading
currency
|
Notional
amount
|
Value/Unrealized
appreciation ($)
|
Value/Unrealized
depreciation ($)
|
|
U.S. Treasury 5-Year Note
|
(968)
|
06/2024
|
USD
|
(103,591,125
)
|
—
|
(162,046
)
|
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 March 31, 2024, the total value of these securities amounted
to $611,853,458, which represents 71.87% of total net assets.
|
|
(b)
|
Variable rate security. The interest rate shown was the current rate as of March 31,
2024.
|
|
(c)
|
Represents a security purchased on a when-issued basis.
|
|
(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 March 31, 2024.
|
|
(e)
|
Represents fair value as determined in good faith under procedures approved by the
Board of Trustees. At March 31, 2024, the total value of these securities amounted
to $7,449,985, which represents 0.88% of total net assets.
|
|
(f)
|
Valuation based on significant unobservable inputs.
|
|
(g)
|
Payment-in-kind security. Interest can be paid by issuing additional par of the security
or in cash.
|
|
(h)
|
Represents a variable rate security with a step coupon where the rate adjusts according
to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as
of March 31, 2024.
|
|
(i)
|
Principal and interest may not be guaranteed by a governmental entity.
|
|
(j)
|
The rate shown is the seven-day current annualized yield at March 31, 2024.
|
|
(k)
|
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of
the holdings and transactions in these affiliated companies during the year ended
March 31, 2024 are as follows:
|
|
Affiliated issuers
|
Beginning
of period($)
|
Purchases($)
|
Sales($)
|
Net change in
unrealized
appreciation
(depreciation)($)
|
End of
period($)
|
Realized gain
(loss)($)
|
Dividends($)
|
End of
period shares
|
|
Columbia Short-Term Cash Fund, 5.543%
|
||||||||
|
|
14,430,292
|
366,310,815
|
(343,329,250
)
|
2,754
|
37,414,611
|
(5,777
)
|
1,087,695
|
37,422,095
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
21
Portfolio of Investments (continued)
March 31, 2024
Abbreviation Legend
|
CMO
|
Collateralized Mortgage Obligation
|
|
CMT
|
Constant Maturity Treasury
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
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.).
■
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.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily
available using 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 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. Representatives of Columbia Management
Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings
to discuss valuation matters and actions during the period, similar to those described
earlier.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2024:
|
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Total ($)
|
|
Investments in Securities
|
|
|
|
|
|
Asset-Backed Securities - Non-Agency
|
—
|
213,489,036
|
1,449,989
|
214,939,025
|
|
Commercial Mortgage-Backed Securities - Non-Agency
|
—
|
89,749,244
|
—
|
89,749,244
|
|
Corporate Bonds & Notes
|
—
|
269,659,698
|
—
|
269,659,698
|
|
Foreign Government Obligations
|
—
|
514,893
|
—
|
514,893
|
|
Residential Mortgage-Backed Securities - Agency
|
—
|
5,304,632
|
—
|
5,304,632
|
|
Residential Mortgage-Backed Securities - Non-Agency
|
—
|
244,842,350
|
5,999,996
|
250,842,346
|
|
U.S. Treasury Obligations
|
—
|
8,438,555
|
—
|
8,438,555
|
|
Money Market Funds
|
37,414,611
|
—
|
—
|
37,414,611
|
|
Total Investments in Securities
|
37,414,611
|
831,998,408
|
7,449,985
|
876,863,004
|
|
Investments in Derivatives
|
|
|
|
|
The accompanying Notes to Financial Statements are an integral part of this statement.
22
Columbia Short Term Bond Fund | Annual Report 2024
Portfolio of Investments (continued)
March 31, 2024
Fair value measurements (continued)
|
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Total ($)
|
|
Liability
|
|
|
|
|
|
Futures Contracts
|
(413,294
)
|
—
|
—
|
(413,294
)
|
|
Total
|
37,001,317
|
831,998,408
|
7,449,985
|
876,449,710
|
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 Fund does not hold any significant investments (greater than one percent of net
assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
23
Statement of Assets and Liabilities
March 31, 2024
|
Assets
|
|
|
Investments in securities, at value
|
|
|
Unaffiliated issuers (cost $856,123,688)
|
$839,448,393
|
|
Affiliated issuers (cost $37,411,269)
|
37,414,611
|
|
Margin deposits on:
|
|
|
Futures contracts
|
1,450,500
|
|
Receivable for:
|
|
|
Investments sold
|
581,944
|
|
Investments sold on a delayed delivery basis
|
11,083
|
|
Capital shares sold
|
6,193,464
|
|
Dividends
|
164,395
|
|
Interest
|
4,910,774
|
|
Foreign tax reclaims
|
890
|
|
Variation margin for futures contracts
|
113,438
|
|
Expense reimbursement due from Investment Manager
|
3,511
|
|
Prepaid expenses
|
7,002
|
|
Total assets
|
890,300,005
|
|
Liabilities
|
|
|
Due to custodian
|
33,235
|
|
Payable for:
|
|
|
Investments purchased
|
14,171,283
|
|
Investments purchased on a delayed delivery basis
|
16,995,555
|
|
Capital shares redeemed
|
4,209,669
|
|
Distributions to shareholders
|
2,939,087
|
|
Variation margin for futures contracts
|
193,577
|
|
Management services fees
|
9,912
|
|
Distribution and/or service fees
|
1,689
|
|
Transfer agent fees
|
55,996
|
|
Compensation of chief compliance officer
|
1
|
|
Compensation of board members
|
2,197
|
|
Other expenses
|
49,100
|
|
Deferred compensation of board members
|
268,705
|
|
Total liabilities
|
38,930,006
|
|
Net assets applicable to outstanding capital stock
|
$851,369,999
|
|
Represented by
|
|
|
Paid in capital
|
911,362,606
|
|
Total distributable earnings (loss)
|
(59,992,607
)
|
|
Total - representing net assets applicable to outstanding capital stock
|
$851,369,999
|
The accompanying Notes to Financial Statements are an integral part of this statement.
24
Columbia Short Term Bond Fund | Annual Report 2024
Statement of Assets and Liabilities (continued)
March 31, 2024
|
Class A
|
|
|
Net assets
|
$216,784,847
|
|
Shares outstanding
|
22,453,758
|
|
Net asset value per share
|
$9.65
|
|
Maximum sales charge
|
1.00%
|
|
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)
|
$9.75
|
|
Advisor Class
|
|
|
Net assets
|
$43,360,527
|
|
Shares outstanding
|
4,497,456
|
|
Net asset value per share
|
$9.64
|
|
Class C
|
|
|
Net assets
|
$9,619,240
|
|
Shares outstanding
|
998,609
|
|
Net asset value per share
|
$9.63
|
|
Institutional Class
|
|
|
Net assets
|
$283,666,695
|
|
Shares outstanding
|
29,422,356
|
|
Net asset value per share
|
$9.64
|
|
Institutional 2 Class
|
|
|
Net assets
|
$33,417,120
|
|
Shares outstanding
|
3,470,952
|
|
Net asset value per share
|
$9.63
|
|
Institutional 3 Class
|
|
|
Net assets
|
$264,306,507
|
|
Shares outstanding
|
27,430,762
|
|
Net asset value per share
|
$9.64
|
|
Class R
|
|
|
Net assets
|
$215,063
|
|
Shares outstanding
|
22,282
|
|
Net asset value per share
|
$9.65
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
25
Statement of Operations
Year Ended March 31, 2024
|
Net investment income
|
|
|
Income:
|
|
|
Dividends — affiliated issuers
|
$1,087,695
|
|
Interest
|
34,030,204
|
|
Interfund lending
|
2,814
|
|
Total income
|
35,120,713
|
|
Expenses:
|
|
|
Management services fees
|
3,328,547
|
|
Distribution and/or service fees
|
|
|
Class A
|
516,966
|
|
Class C
|
76,117
|
|
Class R
|
5,855
|
|
Transfer agent fees
|
|
|
Class A
|
269,889
|
|
Advisor Class
|
53,459
|
|
Class C
|
12,433
|
|
Institutional Class
|
261,751
|
|
Institutional 2 Class
|
14,567
|
|
Institutional 3 Class
|
16,525
|
|
Class R
|
1,536
|
|
Custodian fees
|
18,128
|
|
Printing and postage fees
|
62,823
|
|
Registration fees
|
136,153
|
|
Accounting services fees
|
41,499
|
|
Legal fees
|
21,759
|
|
Compensation of chief compliance officer
|
146
|
|
Compensation of board members
|
20,172
|
|
Deferred compensation of board members
|
47,362
|
|
Other
|
23,728
|
|
Total expenses
|
4,929,415
|
|
Fees waived or expenses reimbursed by Investment Manager and its affiliates
|
(1,217,899
)
|
|
Fees waived by transfer agent
|
|
|
Institutional 2 Class
|
(1,645
)
|
|
Institutional 3 Class
|
(16,525
)
|
|
Expense reduction
|
(1,255
)
|
|
Total net expenses
|
3,692,091
|
|
Net investment income
|
31,428,622
|
|
Realized and unrealized gain (loss) — net
|
|
|
Net realized gain (loss) on:
|
|
|
Investments — unaffiliated issuers
|
(9,519,514
)
|
|
Investments — affiliated issuers
|
(5,777
)
|
|
Futures contracts
|
(2,062,229
)
|
|
Net realized loss
|
(11,587,520
)
|
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
Investments — unaffiliated issuers
|
27,856,664
|
|
Investments — affiliated issuers
|
2,754
|
|
Futures contracts
|
(1,053,067
)
|
|
Net change in unrealized appreciation (depreciation)
|
26,806,351
|
|
Net realized and unrealized gain
|
15,218,831
|
|
Net increase in net assets resulting from operations
|
$46,647,453
|
The accompanying Notes to Financial Statements are an integral part of this statement.
26
Columbia Short Term Bond Fund | Annual Report 2024
Statement of Changes in Net Assets
|
|
Year Ended
March 31, 2024
|
Year Ended
March 31, 2023
|
|
Operations
|
|
|
|
Net investment income
|
$31,428,622
|
$29,767,270
|
|
Net realized loss
|
(11,587,520
)
|
(23,597,586
)
|
|
Net change in unrealized appreciation (depreciation)
|
26,806,351
|
(11,501,044
)
|
|
Net increase (decrease) in net assets resulting from operations
|
46,647,453
|
(5,331,360
)
|
|
Distributions to shareholders
|
|
|
|
Net investment income and net realized gains
|
|
|
|
Class A
|
(8,091,732
)
|
(5,640,936
)
|
|
Advisor Class
|
(1,706,768
)
|
(1,392,720
)
|
|
Class C
|
(319,587
)
|
(237,899
)
|
|
Institutional Class
|
(8,439,933
)
|
(5,380,133
)
|
|
Institutional 2 Class
|
(1,103,797
)
|
(558,766
)
|
|
Institutional 3 Class
|
(12,512,394
)
|
(16,057,156
)
|
|
Class R
|
(42,333
)
|
(27,079
)
|
|
Total distributions to shareholders
|
(32,216,544
)
|
(29,294,689
)
|
|
Decrease in net assets from capital stock activity
|
(98,608,423
)
|
(260,425,518
)
|
|
Total decrease in net assets
|
(84,177,514
)
|
(295,051,567
)
|
|
Net assets at beginning of year
|
935,547,513
|
1,230,599,080
|
|
Net assets at end of year
|
$851,369,999
|
$935,547,513
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
27
Statement of Changes in Net Assets (continued)
|
|
Year Ended
|
Year Ended
|
||
|
|
March 31, 2024
|
March 31, 2023
|
||
|
|
Shares
|
Dollars ($)
|
Shares
|
Dollars ($)
|
|
Capital stock activity
|
||||
|
Class A
|
|
|
|
|
|
Shares sold
|
6,362,569
|
60,581,182
|
5,346,913
|
50,626,672
|
|
Distributions reinvested
|
784,121
|
7,453,702
|
547,091
|
5,167,767
|
|
Shares redeemed
|
(7,157,235
)
|
(67,995,859
)
|
(7,311,267
)
|
(69,275,307
)
|
|
Net increase (decrease)
|
(10,545
)
|
39,025
|
(1,417,263
)
|
(13,480,868
)
|
|
Advisor Class
|
|
|
|
|
|
Shares sold
|
1,706,901
|
16,202,967
|
966,576
|
9,108,579
|
|
Distributions reinvested
|
117,749
|
1,118,427
|
91,815
|
866,267
|
|
Shares redeemed
|
(1,617,670
)
|
(15,355,307
)
|
(3,856,273
)
|
(36,685,755
)
|
|
Net increase (decrease)
|
206,980
|
1,966,087
|
(2,797,882
)
|
(26,710,909
)
|
|
Class C
|
|
|
|
|
|
Shares sold
|
334,475
|
3,171,322
|
594,842
|
5,635,677
|
|
Distributions reinvested
|
33,063
|
313,506
|
24,643
|
232,066
|
|
Shares redeemed
|
(455,614
)
|
(4,308,821
)
|
(893,344
)
|
(8,449,569
)
|
|
Net decrease
|
(88,076
)
|
(823,993
)
|
(273,859
)
|
(2,581,826
)
|
|
Institutional Class
|
|
|
|
|
|
Shares sold
|
22,039,295
|
210,242,129
|
7,629,513
|
72,315,387
|
|
Distributions reinvested
|
749,026
|
7,116,676
|
484,176
|
4,567,393
|
|
Shares redeemed
|
(13,151,844
)
|
(125,123,287
)
|
(8,725,765
)
|
(82,551,906
)
|
|
Net increase (decrease)
|
9,636,477
|
92,235,518
|
(612,076
)
|
(5,669,126
)
|
|
Institutional 2 Class
|
|
|
|
|
|
Shares sold
|
1,572,152
|
14,967,842
|
1,075,507
|
10,121,264
|
|
Distributions reinvested
|
116,264
|
1,103,742
|
59,227
|
558,742
|
|
Shares redeemed
|
(533,585
)
|
(5,067,127
)
|
(1,570,307
)
|
(14,854,347
)
|
|
Net increase (decrease)
|
1,154,831
|
11,004,457
|
(435,573
)
|
(4,174,341
)
|
|
Institutional 3 Class
|
|
|
|
|
|
Shares sold
|
6,841,866
|
64,789,807
|
19,241,095
|
181,647,534
|
|
Distributions reinvested
|
153,124
|
1,452,844
|
614,422
|
5,797,426
|
|
Shares redeemed
|
(28,389,273
)
|
(268,249,022
)
|
(41,808,162
)
|
(395,344,994
)
|
|
Net decrease
|
(21,394,283
)
|
(202,006,371
)
|
(21,952,645
)
|
(207,900,034
)
|
|
Class R
|
|
|
|
|
|
Shares sold
|
9,128
|
86,723
|
82,097
|
791,081
|
|
Distributions reinvested
|
4,141
|
39,304
|
2,649
|
25,002
|
|
Shares redeemed
|
(119,198
)
|
(1,149,173
)
|
(75,109
)
|
(724,497
)
|
|
Net increase (decrease)
|
(105,929
)
|
(1,023,146
)
|
9,637
|
91,586
|
|
Total net decrease
|
(10,600,545
)
|
(98,608,423
)
|
(27,479,661
)
|
(260,425,518
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
28
Columbia Short Term Bond Fund | Annual Report 2024
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment
income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes
reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if
any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment
income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase
and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
|
|
Net asset value,
beginning of
period
|
Net
investment
income
|
Net
realized
and
unrealized
gain (loss)
|
Total from
investment
operations
|
Distributions
from net
investment
income
|
Total
distributions to
shareholders
|
|
Class A
|
||||||
|
Year Ended 3/31/2024
|
$9.47
|
0.36
|
0.19
|
0.55
|
(0.37
)
|
(0.37
)
|
|
Year Ended 3/31/2023
|
$9.75
|
0.25
|
(0.28
)
|
(0.03
)
|
(0.25
)
|
(0.25
)
|
|
Year Ended 3/31/2022
|
$10.11
|
0.12
|
(0.35
)
|
(0.23
)
|
(0.13
)
|
(0.13
)
|
|
Year Ended 3/31/2021
|
$9.37
|
0.18
|
0.73
|
0.91
|
(0.17
)
|
(0.17
)
|
|
Year Ended 3/31/2020
|
$9.98
|
0.26
|
(0.54
)
|
(0.28
)
|
(0.33
)
|
(0.33
)
|
|
Advisor Class
|
||||||
|
Year Ended 3/31/2024
|
$9.46
|
0.38
|
0.19
|
0.57
|
(0.39
)
|
(0.39
)
|
|
Year Ended 3/31/2023
|
$9.74
|
0.26
|
(0.27
)
|
(0.01
)
|
(0.27
)
|
(0.27
)
|
|
Year Ended 3/31/2022
|
$10.10
|
0.14
|
(0.35
)
|
(0.21
)
|
(0.15
)
|
(0.15
)
|
|
Year Ended 3/31/2021
|
$9.36
|
0.20
|
0.74
|
0.94
|
(0.20
)
|
(0.20
)
|
|
Year Ended 3/31/2020
|
$9.96
|
0.29
|
(0.53
)
|
(0.24
)
|
(0.36
)
|
(0.36
)
|
|
Class C
|
||||||
|
Year Ended 3/31/2024
|
$9.45
|
0.31
|
0.19
|
0.50
|
(0.32
)
|
(0.32
)
|
|
Year Ended 3/31/2023
|
$9.73
|
0.19
|
(0.28
)
|
(0.09
)
|
(0.19
)
|
(0.19
)
|
|
Year Ended 3/31/2022
|
$10.08
|
0.07
|
(0.35
)
|
(0.28
)
|
(0.07
)
|
(0.07
)
|
|
Year Ended 3/31/2021
|
$9.35
|
0.12
|
0.72
|
0.84
|
(0.11
)
|
(0.11
)
|
|
Year Ended 3/31/2020
|
$9.96
|
0.20
|
(0.54
)
|
(0.34
)
|
(0.27
)
|
(0.27
)
|
|
Institutional Class
|
||||||
|
Year Ended 3/31/2024
|
$9.46
|
0.39
|
0.18
|
0.57
|
(0.39
)
|
(0.39
)
|
|
Year Ended 3/31/2023
|
$9.74
|
0.27
|
(0.28
)
|
(0.01
)
|
(0.27
)
|
(0.27
)
|
|
Year Ended 3/31/2022
|
$10.09
|
0.15
|
(0.35
)
|
(0.20
)
|
(0.15
)
|
(0.15
)
|
|
Year Ended 3/31/2021
|
$9.36
|
0.20
|
0.73
|
0.93
|
(0.20
)
|
(0.20
)
|
|
Year Ended 3/31/2020
|
$9.96
|
0.29
|
(0.53
)
|
(0.24
)
|
(0.36
)
|
(0.36
)
|
|
Institutional 2 Class
|
||||||
|
Year Ended 3/31/2024
|
$9.45
|
0.39
|
0.19
|
0.58
|
(0.40
)
|
(0.40
)
|
|
Year Ended 3/31/2023
|
$9.73
|
0.27
|
(0.27
)
|
0.00
|
(0.28
)
|
(0.28
)
|
|
Year Ended 3/31/2022
|
$10.08
|
0.16
|
(0.35
)
|
(0.19
)
|
(0.16
)
|
(0.16
)
|
|
Year Ended 3/31/2021
|
$9.35
|
0.21
|
0.72
|
0.93
|
(0.20
)
|
(0.20
)
|
|
Year Ended 3/31/2020
|
$9.95
|
0.29
|
(0.52
)
|
(0.23
)
|
(0.37
)
|
(0.37
)
|
The accompanying Notes to Financial Statements are an integral part of this statement.
30
Columbia Short Term Bond Fund | Annual Report 2024
Financial Highlights (continued)
|
|
Net
asset
value,
end of
period
|
Total
return
|
Total gross
expense
ratio to
average
net assets(a)
|
Total net
expense
ratio to
average
net assets(a),(b)
|
Net investment
income
ratio to
average
net assets
|
Portfolio
turnover
|
Net
assets,
end of
period
(000’s)
|
|
Class A
|
|||||||
|
Year Ended 3/31/2024
|
$9.65
|
5.93%
|
0.86%
|
0.70%
(c)
|
3.83%
|
81%
|
$216,785
|
|
Year Ended 3/31/2023
|
$9.47
|
(0.31%
)
|
0.84%
|
0.72%
(c)
|
2.61%
|
35%
|
$212,800
|
|
Year Ended 3/31/2022
|
$9.75
|
(2.33%
)
|
0.84%
|
0.74%
(c)
|
1.22%
|
96%
|
$232,895
|
|
Year Ended 3/31/2021
|
$10.11
|
9.77%
|
0.85%
|
0.77%
(c)
|
1.77%
|
173%
|
$240,561
|
|
Year Ended 3/31/2020
|
$9.37
|
(2.94%
)
|
0.85%
|
0.78%
(c)
|
2.61%
|
169%
|
$216,266
|
|
Advisor Class
|
|||||||
|
Year Ended 3/31/2024
|
$9.64
|
6.20%
|
0.61%
|
0.45%
(c)
|
4.08%
|
81%
|
$43,361
|
|
Year Ended 3/31/2023
|
$9.46
|
(0.07%
)
|
0.59%
|
0.47%
(c)
|
2.79%
|
35%
|
$40,585
|
|
Year Ended 3/31/2022
|
$9.74
|
(2.09%
)
|
0.59%
|
0.49%
(c)
|
1.43%
|
96%
|
$69,029
|
|
Year Ended 3/31/2021
|
$10.10
|
10.06%
|
0.60%
|
0.52%
(c)
|
2.03%
|
173%
|
$7,409
|
|
Year Ended 3/31/2020
|
$9.36
|
(2.60%
)
|
0.60%
|
0.53%
(c)
|
2.87%
|
169%
|
$7,103
|
|
Class C
|
|||||||
|
Year Ended 3/31/2024
|
$9.63
|
5.35%
|
1.41%
|
1.25%
(c)
|
3.27%
|
81%
|
$9,619
|
|
Year Ended 3/31/2023
|
$9.45
|
(0.86%
)
|
1.39%
|
1.27%
(c)
|
2.02%
|
35%
|
$10,270
|
|
Year Ended 3/31/2022
|
$9.73
|
(2.77%
)
|
1.46%
|
1.29%
(c)
|
0.68%
|
96%
|
$13,238
|
|
Year Ended 3/31/2021
|
$10.08
|
9.06%
|
1.60%
|
1.34%
(c),(d)
|
1.22%
|
173%
|
$16,981
|
|
Year Ended 3/31/2020
|
$9.35
|
(3.53%
)
|
1.60%
|
1.38%
(c),(d)
|
2.02%
|
169%
|
$21,157
|
|
Institutional Class
|
|||||||
|
Year Ended 3/31/2024
|
$9.64
|
6.20%
|
0.61%
|
0.45%
(c)
|
4.11%
|
81%
|
$283,667
|
|
Year Ended 3/31/2023
|
$9.46
|
(0.07%
)
|
0.59%
|
0.47%
(c)
|
2.86%
|
35%
|
$187,176
|
|
Year Ended 3/31/2022
|
$9.74
|
(1.99%
)
|
0.59%
|
0.49%
(c)
|
1.47%
|
96%
|
$198,640
|
|
Year Ended 3/31/2021
|
$10.09
|
9.95%
|
0.60%
|
0.52%
(c)
|
2.03%
|
173%
|
$189,774
|
|
Year Ended 3/31/2020
|
$9.36
|
(2.60%
)
|
0.60%
|
0.53%
(c)
|
2.87%
|
169%
|
$167,429
|
|
Institutional 2 Class
|
|||||||
|
Year Ended 3/31/2024
|
$9.63
|
6.28%
|
0.54%
|
0.37%
|
4.19%
|
81%
|
$33,417
|
|
Year Ended 3/31/2023
|
$9.45
|
0.01%
|
0.51%
|
0.39%
|
2.88%
|
35%
|
$21,879
|
|
Year Ended 3/31/2022
|
$9.73
|
(1.92%
)
|
0.52%
|
0.42%
|
1.57%
|
96%
|
$26,761
|
|
Year Ended 3/31/2021
|
$10.08
|
10.04%
|
0.52%
|
0.44%
|
2.08%
|
173%
|
$11,814
|
|
Year Ended 3/31/2020
|
$9.35
|
(2.52%
)
|
0.51%
|
0.44%
|
2.94%
|
169%
|
$22,420
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
31
Financial Highlights (continued)
|
|
Net asset value,
beginning of
period
|
Net
investment
income
|
Net
realized
and
unrealized
gain (loss)
|
Total from
investment
operations
|
Distributions
from net
investment
income
|
Total
distributions to
shareholders
|
|
Institutional 3 Class
|
||||||
|
Year Ended 3/31/2024
|
$9.45
|
0.39
|
0.20
|
0.59
|
(0.40
)
|
(0.40
)
|
|
Year Ended 3/31/2023
|
$9.73
|
0.28
|
(0.28
)
|
0.00
|
(0.28
)
|
(0.28
)
|
|
Year Ended 3/31/2022
|
$10.09
|
0.16
|
(0.35
)
|
(0.19
)
|
(0.17
)
|
(0.17
)
|
|
Year Ended 3/31/2021
|
$9.36
|
0.21
|
0.73
|
0.94
|
(0.21
)
|
(0.21
)
|
|
Year Ended 3/31/2020
|
$9.96
|
0.30
|
(0.53
)
|
(0.23
)
|
(0.37
)
|
(0.37
)
|
|
Class R
|
||||||
|
Year Ended 3/31/2024
|
$9.47
|
0.33
|
0.19
|
0.52
|
(0.34
)
|
(0.34
)
|
|
Year Ended 3/31/2023
|
$9.75
|
0.23
|
(0.29
)
|
(0.06
)
|
(0.22
)
|
(0.22
)
|
|
Year Ended 3/31/2022
|
$10.11
|
0.10
|
(0.36
)
|
(0.26
)
|
(0.10
)
|
(0.10
)
|
|
Year Ended 3/31/2021
|
$9.37
|
0.15
|
0.74
|
0.89
|
(0.15
)
|
(0.15
)
|
|
Year Ended 3/31/2020
|
$9.98
|
0.24
|
(0.54
)
|
(0.30
)
|
(0.31
)
|
(0.31
)
|
|
Notes to Financial Highlights
|
|
|
(a)
|
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly
bears a pro rata share of the fees and expenses of any other funds in which it invests.
Such indirect expenses are not included in the Fund’s reported expense ratios.
|
|
(b)
|
Total net expenses include the impact of certain fee waivers/expense reimbursements
made by the Investment Manager and certain of its affiliates, if applicable.
|
|
(c)
|
The benefits derived from expense reductions had an impact of less than 0.01%.
|
|
(d)
|
Ratios include the impact of voluntary waivers paid by the Investment Manager. For
the periods indicated below, if the Investment Manager had not paid these voluntary
waivers, the Fund’s net expense ratio would increase by:
|
|
|
3/31/2021
|
3/31/2020
|
|
Class C
|
0.06%
|
0.15%
|
The accompanying Notes to Financial Statements are an integral part of this statement.
32
Columbia Short Term Bond Fund | Annual Report 2024
Financial Highlights (continued)
|
|
Net
asset
value,
end of
period
|
Total
return
|
Total gross
expense
ratio to
average
net assets(a)
|
Total net
expense
ratio to
average
net assets(a),(b)
|
Net investment
income
ratio to
average
net assets
|
Portfolio
turnover
|
Net
assets,
end of
period
(000’s)
|
|
Institutional 3 Class
|
|||||||
|
Year Ended 3/31/2024
|
$9.64
|
6.45%
|
0.48%
|
0.32%
|
4.18%
|
81%
|
$264,307
|
|
Year Ended 3/31/2023
|
$9.45
|
0.06%
|
0.46%
|
0.34%
|
2.93%
|
35%
|
$461,623
|
|
Year Ended 3/31/2022
|
$9.73
|
(1.97%
)
|
0.46%
|
0.37%
|
1.60%
|
96%
|
$688,879
|
|
Year Ended 3/31/2021
|
$10.09
|
10.09%
|
0.47%
|
0.39%
|
2.16%
|
173%
|
$547,413
|
|
Year Ended 3/31/2020
|
$9.36
|
(2.47%
)
|
0.46%
|
0.39%
|
3.00%
|
169%
|
$514,116
|
|
Class R
|
|||||||
|
Year Ended 3/31/2024
|
$9.65
|
5.65%
|
1.11%
|
0.95%
(c)
|
3.55%
|
81%
|
$215
|
|
Year Ended 3/31/2023
|
$9.47
|
(0.56%
)
|
1.09%
|
0.97%
(c)
|
2.39%
|
35%
|
$1,214
|
|
Year Ended 3/31/2022
|
$9.75
|
(2.57%
)
|
1.09%
|
0.99%
(c)
|
0.98%
|
96%
|
$1,156
|
|
Year Ended 3/31/2021
|
$10.11
|
9.50%
|
1.10%
|
1.02%
(c)
|
1.54%
|
173%
|
$1,216
|
|
Year Ended 3/31/2020
|
$9.37
|
(3.18%
)
|
1.10%
|
1.03%
(c)
|
2.37%
|
169%
|
$1,966
|
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Bond Fund | Annual Report 2024
33
Notes to Financial Statements
March 31, 2024
Note 1. Organization
Columbia Short Term Bond Fund (the Fund), a series of Columbia Funds Series Trust
(the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940
Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers
each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have
identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different
minimum initial investment amounts and pay different net investment income distribution amounts to the extent
the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional
to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional
Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment
professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
The Fund’s Board of Trustees approved a proposal to liquidate Class R shares of the Fund. Effective on March 11, 2024, Class R shares of the Fund were closed to new and existing investors and effective
on April 19, 2024, Class R shares of the Fund were liquidated. For federal tax purposes, this liquidation was treated as a
redemption of fund shares.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance
in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting
principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund
in the preparation of its financial statements.
Security valuation
Debt securities generally are valued based on prices obtained from pricing services,
which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The
services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate,
maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities
for which quotations are not readily available or not believed to be reflective of market value may also be valued
based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued
primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair
value.
Asset- and mortgage-backed securities are generally valued by pricing services, which
utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities.
Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage,
prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for
which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved
independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value,
unless this method results in a valuation that management believes does not approximate fair value.
34
Columbia Short Term Bond Fund | Annual Report 2024
Notes to Financial Statements (continued)
March 31, 2024
Investments in open-end investment companies (other than exchange-traded funds (ETFs)),
are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price
at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest
quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations
which management believes are not reflective of market value or reliable, are valued at fair value as determined
in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities)
is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine
fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums.
Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure
fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major
category. This information is disclosed following the Fund’s Portfolio of Investments.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking
to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole
or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives
may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure
to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue
higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign
currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential
inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary
market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements
which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.
The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract
decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also
occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral
held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts.
With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the
clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse
or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse
or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or
centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes
insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing
broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically
allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help
the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master
Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is
an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward
contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default
and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single
net payment. The provisions of the
Columbia Short Term Bond Fund | Annual Report 2024
35
Notes to Financial Statements (continued)
March 31, 2024
ISDA Master Agreement typically permit a single net payment in the event of default
(close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency
laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting
in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements
are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers
can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives
are subject to regulatory requirements to exchange variation margin with trading counterparties and may have
contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral
requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and
comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally,
the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before
a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized,
contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest
expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The
Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the
financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives
transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which
would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination
rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such
termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result
in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative
liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase
or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the
duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These
instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears
risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks
include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract
or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the
broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The
initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin
is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated
in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day.
The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin
receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on
its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve,
to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect
of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location
of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period
in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following
the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of
the period, if any.
36
Columbia Short Term Bond Fund | Annual Report 2024
Notes to Financial Statements (continued)
March 31, 2024
The following table is a summary of the fair value of derivative instruments (not
considered to be hedging instruments for accounting disclosure purposes) at March 31, 2024:
|
|
Liability derivatives
|
|
|
Risk exposure
category
|
Statement
of assets and liabilities
location
|
Fair value ($)
|
|
Interest rate risk
|
Component of total distributable earnings (loss) — unrealized depreciation on futures contracts
|
413,294
*
|
|
*
|
Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of
Assets and Liabilities.
|
The following table indicates the effect of derivative instruments (not considered
to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended March 31, 2024:
The following table is a summary of the average daily outstanding volume by derivative
instrument for the year ended March 31, 2024:
|
Derivative instrument
|
Average notional
amounts ($)
|
|
Futures contracts — long
|
224,336,524
|
|
Futures contracts — short
|
97,260,229
|
Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates
shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment
activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset
may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased
prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates
presented are fixed rates.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities
purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous
prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery
transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the
particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.
Columbia Short Term Bond Fund | Annual Report 2024
37
Notes to Financial Statements (continued)
March 31, 2024
In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used
to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs,
between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation,
payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.
Mortgage dollar roll transactions
The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not
identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund’s portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities
sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price
for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date
of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward
roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss
due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the
use of this technique may diminish the investment performance of the Fund compared to what the performance would have been
without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities
the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.
All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies
cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar
rolls that are accounted for as financing transactions.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and
gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including
original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all
debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed
securities as adjustments to interest income.
The Fund may place a debt security on non-accrual status and reduce related interest
income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be
reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected
and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes
interest payments or when collectability of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
The value of additional securities received as an income payment through a payment-in-kind,
if any, is recorded as interest income and increases the cost basis of such securities.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust
based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses
directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares
are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that
share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class
of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value
of each class.
38
Columbia Short Term Bond Fund | Annual Report 2024
Notes to Financial Statements (continued)
March 31, 2024
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter
M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable
income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the
Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain
other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise
tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency
repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based
upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level,
based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate
rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly.
Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions
are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against
the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncements and regulatory updates
Tailored Shareholder Reports
In October 2022, the Securities and Exchange Commission adopted a final rule, "Tailored
Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements."
The rule and form amendments will, among other things, require the Fund to transmit concise and visually
engaging shareholder reports that highlight key information. The amendments will require that funds tag information
in a structured data format and that certain more in-depth information be made available online and available for delivery free
of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period
after the effective date of the amendments.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment
Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).
Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well
as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.43% to 0.28% as the Fund’s net assets increase. The effective management services fee rate for the year ended March 31, 2024 was 0.43% of the Fund’s average daily net assets.
Columbia Short Term Bond Fund | Annual Report 2024
39
Notes to Financial Statements (continued)
March 31, 2024
Compensation of Board members
Members of the Board of Trustees who are not officers or employees of the Investment
Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations.
Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer
payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had
been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts
payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members"
in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance
with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment
companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment
Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise
Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted
with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services
as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception
of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number
or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a
fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established
by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder
services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and
Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average
daily net assets attributable to each share class. In addition, effective through July 31, 2024, Institutional 2 Class shares
are subject to a contractual transfer agency fee annual limitation of not more than 0.05% and Institutional 3 Class shares
are subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets
attributable to each share class.
For the year ended March 31, 2024, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
40
Columbia Short Term Bond Fund | Annual Report 2024
Notes to Financial Statements (continued)
March 31, 2024
An annual minimum account balance fee of $20 may apply to certain accounts with a
value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense
reductions in the Statement of Operations. For the year ended March 31, 2024, these minimum account balance fees
reduced total expenses of the Fund by $1,255.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors,
Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial,
for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution
and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service
fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or
servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to
the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the
Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the
average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the
maximum annual rates of 0.55% and 0.50% of the average daily net assets attributable to Class C and Class R shares of
the Fund, respectively.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs),
received by the Distributor for distributing Fund shares for the year ended March 31, 2024, if any, are listed below:
|
|
Front End (%)
|
CDSC (%)
|
Amount ($)
|
|
Class A
|
1.00
|
0.50 - 1.00
(a)
|
291,632
|
|
Class C
|
—
|
1.00
(b)
|
603
|
|
(a)
|
This charge is imposed on certain investments of between $1 million and $50 million
redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12
months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after
purchase, with certain limited exceptions.
|
|
(b)
|
This charge applies to redemptions within 12 months after purchase, with certain limited
exceptions.
|
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to
waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed
below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
|
|
|
|
Class A
|
0.71
%
|
|
Advisor Class
|
0.46
|
|
Class C
|
1.26
|
|
Institutional Class
|
0.46
|
|
Institutional 2 Class
|
0.37
|
|
Institutional 3 Class
|
0.32
|
|
Class R
|
0.96
|
In addition, the Investment Manager and certain of its affiliates have contractually
agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) through July 31, 2024, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits
and/or overdraft charges from the
Columbia Short Term Bond Fund | Annual Report 2024
41
Notes to Financial Statements (continued)
March 31, 2024
Fund’s custodian, will not exceed the annual rates of 0.74% for Class A, 0.49% for Advisor Class, 1.29% for Class C, 0.49% for Institutional Class, 0.42% for Institutional 2 Class, 0.37% for Institutional
3 Class and 0.99% for Class R as a percentage of the classes’ average daily net assets. Effective July 31, 2023, this arrangement was terminated and an updated agreement with lower annual expense cap rates as reflected in the table above has
been implemented.
Under the agreement governing these fee waivers and/or expense reimbursement arrangements,
the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will
be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with
investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction
costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated
with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed
money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses
the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or
amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual
agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse
Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable
to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement
may be revised or discontinued at any time. Reflected in the contractual cap commitments, effective December 11, 2021 through
July 31, 2024, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable
to each share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or
expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager
or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At March 31, 2024, these differences were primarily due to differing treatment for
deferral/reversal of wash sale losses, derivative investments, tax straddles, principal and/or interest from fixed income
securities, capital loss carryforwards, trustees’ deferred compensation and distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
|
Undistributed net
investment
income ($)
|
Accumulated
net realized
(loss) ($)
|
Paid in
capital ($)
|
|
104,445
|
(104,445
)
|
—
|
Net investment income (loss) and net realized gains (losses), as disclosed in the
Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
|
Year Ended March 31, 2024
|
Year Ended March 31, 2023
|
||||
|
Ordinary
income ($)
|
Long-term
capital gains ($)
|
Total ($)
|
Ordinary
income ($)
|
Long-term
capital gains ($)
|
Total ($)
|
|
32,216,544
|
—
|
32,216,544
|
29,294,689
|
—
|
29,294,689
|
Short-term capital gain distributions, if any, are considered ordinary income distributions
for tax purposes.
42
Columbia Short Term Bond Fund | Annual Report 2024
Notes to Financial Statements (continued)
March 31, 2024
At March 31, 2024, the components of distributable earnings on a tax basis were as
follows:
|
Undistributed
ordinary income ($)
|
Undistributed
long-term
capital gains ($)
|
Capital loss
carryforwards ($)
|
Net unrealized
(depreciation) ($)
|
|
3,239,242
|
—
|
(42,665,261
)
|
(17,358,796
)
|
At March 31, 2024, the cost of all investments for federal income tax purposes along
with the aggregate gross unrealized appreciation and depreciation based on that cost was:
|
Federal
tax cost ($)
|
Gross unrealized
appreciation ($)
|
Gross unrealized
(depreciation) ($)
|
Net unrealized
(depreciation) ($)
|
|
893,808,506
|
2,995,864
|
(20,354,660
)
|
(17,358,796
)
|
Tax cost of investments and unrealized appreciation/(depreciation) may also include
timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at March 31, 2024, may be available
to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition,
for the year ended March 31, 2024, capital loss carryforwards utilized, if any, were as follows:
|
No expiration
short-term ($)
|
No expiration
long-term ($)
|
Total ($)
|
Utilized ($)
|
|
(12,401,041
)
|
(30,264,220
)
|
(42,665,261
)
|
—
|
Management of the Fund has concluded that there are no significant uncertain tax positions
in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations,
and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term
investments and derivatives, if any, aggregated to $630,078,924 and $730,910,058, respectively, for the year ended March
31, 2024, of which $192,370,744 and $195,182,406, respectively, were U.S. government securities. The amount of purchase
and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund
established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund
from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund,
the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares
with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules
requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity
fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and, by October
2, 2024, to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission,
the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating
Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other
Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program
are subject to certain restrictions.
Columbia Short Term Bond Fund | Annual Report 2024
43
Notes to Financial Statements (continued)
March 31, 2024
Interfund loans are subject to the risk that the borrowing fund could be unable to
repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional
lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the year ended March 31, 2024 was as follows:
|
Borrower or lender
|
Average loan
balance ($)
|
Weighted average
interest rate (%)
|
Number of days
with outstanding loans
|
|
Lender
|
3,460,000
|
5.86
|
5
|
Interest income earned by the Fund is recorded as Interfund lending in the Statement
of Operations. The Fund had no outstanding interfund loans at March 31, 2024.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by
JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of
shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement,
the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager
or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million.
Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the
federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus,
in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The
Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15%
per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in
October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a
revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A.
which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings
at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10%
and (iii) the overnight bank funding rate plus, in each case, 1.00%.
The Fund had no borrowings during the year ended March 31, 2024.
Note 9. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling,
to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings
to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present
increased credit risk as compared to higher-rated debt instruments.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates.
In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments
tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates.
Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively
affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in
interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
44
Columbia Short Term Bond Fund | Annual Report 2024
Notes to Financial Statements (continued)
March 31, 2024
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments
which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions
or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another,
more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment,
the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions,
which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is
forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in
which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things,
political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact
issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely
interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As
a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks
and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions
and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity
markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to
predict but could continue to be significant. Market disruption caused by the Russian military action, and any countermeasures or
responses thereto (including international sanctions, a downgrade in a country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue
to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for
oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of
global supply chains, increased risk of inflation, restricted cross-border payments and limited access to investments and/or
assets in certain international markets and/or issuers. These developments and other related events could negatively impact
Fund performance.
Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized
debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in:
interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other
assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed
securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a
particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed
by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings
and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers)
may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities
are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies
in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect
the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities
holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed
securities, making their prices more volatile and more sensitive to changes in interest rates.
Columbia Short Term Bond Fund | Annual Report 2024
45
Notes to Financial Statements (continued)
March 31, 2024
Shareholder concentration risk
At March 31, 2024, one unaffiliated shareholder of record owned 23.8% of the outstanding
shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was
owned beneficially. Affiliated shareholders of record owned 26.3% of the outstanding shares of the Fund in one or
more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations
of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including
its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions.
Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund
shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the
date the financial statements were issued. Other than as noted in Note 1 above, there were no items requiring adjustment
of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course
of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions
concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm.
Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates
are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect
on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise
Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange
Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies
of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated
with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the
Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability
of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties
and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in
one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could
have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial
or one or more of its affiliates that provide services to the Fund.
46
Columbia Short Term Bond Fund | Annual Report 2024
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia
Short Term Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the
portfolio of investments, of Columbia Short Term Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred
to hereafter as the "Fund") as of March 31, 2024, the related statement of operations for the year ended March 31, 2024,
the statement of changes in net assets for each of the two years in the period ended March 31, 2024, including the
related notes, and the financial highlights for each of the five years in the period ended March 31, 2024 (collectively referred
to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Fund as of March 31, 2024, the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period ended March 31, 2024 and the financial highlights for each of the five years
in the period ended March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent
with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement
of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned
as of March 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from
brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
May 23, 2024
We have served as the auditor of one or more investment companies within the Columbia
Funds Complex since 1977.
Columbia Short Term Bond Fund | Annual Report 2024
47
Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended
March 31, 2024. Shareholders will be notified in early 2025 of the amounts for use in preparing 2024 income tax returns.
|
Section
163(j)
Interest
Dividends
|
|
|
99.84%
|
|
Section 163(j) Interest Dividends. The percentage of ordinary income distributed during
the fiscal year that shareholders may treat as interest income for purposes of IRC Section 163(j), subject to holding period
requirements and other limitations.
(Unaudited)
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past
five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of
Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently
in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until
December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
|
Name,
address,
year of birth
|
Position held
with the Columbia
Funds and
length of service
|
Principal occupation(s)
during past five years
and other relevant
professional experience
|
Number of
Funds in the
Columbia Funds
Complex*
overseen
|
Other directorships
held by Trustee
during the past five years
and other relevant Board
experience
|
|
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
|
Trustee since 2017
|
Executive Vice President, Global Head of Technology
and Operations, Janus Capital Group, Inc.,
2010-2016
|
161
|
Former Chairman of the Board,
NICSA (National Investment
Company Services Association)
(Executive Committee,
Nominating Committee and
Governance Committee),
2014-2016; former Director,
Intech Investment
Management, 2011-2016;
former Board Member, Metro
Denver Chamber of Commerce,
2015-2016; former Advisory
Board Member, University of
Colorado Business School,
2015-2018; former Board
Member, Chase Bank
International, 1993-1994
|
48
Columbia Short Term Bond Fund | Annual Report 2024
TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)
|
Name,
address,
year of birth
|
Position held
with the Columbia
Funds and
length of service
|
Principal occupation(s)
during past five years
and other relevant
professional experience
|
Number of
Funds in the
Columbia Funds
Complex*
overseen
|
Other directorships
held by Trustee
during the past five years
and other relevant Board
experience
|
|
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
|
Trustee since 2006
|
Attorney, specializing in arbitration and mediation;
Trustee of Gerald Rauenhorst 1982 Trusts, since
2020; Chief Justice, Minnesota Supreme Court,
1998-2006; Associate Justice, Minnesota Supreme
Court, 1996-1998; Fourth Judicial District Court
Judge, Hennepin County, 1994-1996; Attorney in
private practice and public service, 1984-1993; State
Representative, Minnesota House of Representatives,
1979-1993, which included service on the Tax and
Financial Institutions and Insurance Committees;
Member and Interim Chair, Minnesota Sports Facilities
Authority, January-July 2017; Interim President and
Chief Executive Officer, Blue Cross and Blue Shield of
Minnesota (health care insurance), February-July
2018, April-October 2021
|
161
|
Former Trustee, Blue Cross and
Blue Shield of Minnesota,
2009-2021 (Chair of the
Business Development
Committee, 2014-2017; Chair
of the Governance Committee,
2017-2019); former Member
and Chair of the Board,
Minnesota Sports Facilities
Authority, January 2017-July
2017; former Director, Robina
Foundation, 2009-2020
(Chair, 2014-2020); Director,
Richard M. Schulze Family
Foundation, since 2021
|
|
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
|
Chair since 2023;
Trustee since 2007
|
President, Springboard – Partners in Cross Cultural
Leadership (consulting company), since 2003;
Managing Director of US Equity Research, JP Morgan
Chase, 1999-2003; Director of US Equity Research,
Chase Asset Management, 1996-1999; Co-Director
Latin America Research, 1993-1996, COO Global
Research, 1992-1996, Co-Director of US Research,
1991-1992, Investment Banker, 1982-1991, Morgan
Stanley; Attorney, Cleary Gottlieb Steen &
Hamilton LLP, 1980-1982
|
161
|
Trustee, New York Presbyterian
Hospital Board, since 1996;
Director, DR Bank (Audit
Committee, since 2017 and
Audit Committee Chair, since
November 2023); Director,
Evercore Inc. (Audit
Committee, Nominating and
Governance Committee)
(financial services company),
since 2019; Director, Apollo
Commercial Real Estate
Finance, Inc. (Chair,
Nominating and Governance
Committee), since 2021; the
Governing Council of the
Independent Directors Council
(IDC), since 2021
|
|
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
|
Trustee since 1996
|
Senior Vice President, General Counsel and Corporate
Secretary, ConocoPhillips (independent energy
company), September 2007-October 2018
|
161
|
Director, EQT Corporation
(natural gas producer), since
2019; former Director, Whiting
Petroleum Corporation
(independent oil and gas
company), 2020-2022
|
|
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
|
Trustee since 2020
|
CEO and President, RhodeWay Financial (non-profit
financial planning firm), since December 2022;
Member, FINRA National Adjudicatory Council, January
2020-December 2023; Adjunct Professor of Finance,
Bentley University January 2018-April 2023;
Consultant to Independent Trustees of CFVIT and CFST
I from March 2016 to June 2020 with respect to CFVIT
and to December 2020 with respect to CFST I;
Managing Director and General Manager of Mutual
Fund Products, Columbia Management Investment
Advisers, LLC, May 2010-February 2015; President,
Columbia Funds, 2008-2015; and senior officer of
Columbia Funds and affiliated funds, 2003-2015
|
159
|
Former Director, The Autism
Project, March
2015-December 2021; former
Member of the Investment
Committee, St. Michael’s
College, November
2015-February 2020; former
Trustee, St. Michael’s College,
June 2017-September 2019;
former Trustee, New Century
Portfolios (former mutual fund
complex), January
2015-December 2017
|
Columbia Short Term Bond Fund | Annual Report 2024
49
TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)
|
Name,
address,
year of birth
|
Position held
with the Columbia
Funds and
length of service
|
Principal occupation(s)
during past five years
and other relevant
professional experience
|
Number of
Funds in the
Columbia Funds
Complex*
overseen
|
Other directorships
held by Trustee
during the past five years
and other relevant Board
experience
|
|
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
|
Trustee since 2020
|
Managing Director of Darragh Inc. (strategy and talent
management consulting firm), since 2010; Founder
and CEO, Zolio, Inc. (investment management talent
identification platform), since 2004; Consultant to
Independent Trustees of CFVIT and CFST I from June
2019 to June 2020 with respect to CFVIT and to
December 2020 with respect to CFST I; Partner, Tudor
Investments, 2004-2010; Senior Partner, McKinsey &
Company (consulting), 1990-2004; Touche Ross CPA,
1985-1988
|
159
|
Treasurer, Edinburgh University
US Trust Board, since January
2023; Member, HBS
Community Action Partners
Board, since September 2022;
former Director, University of
Edinburgh Business School
(Member of US Board),
2004-2019; former Director,
Boston Public Library
Foundation, 2008-2017
|
|
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
|
Trustee since 2004
|
Professor Emeritus of Economics and Management,
Bentley University, since 2023; Professor of
Economics and Management, Bentley University,
1976-2023; Dean, McCallum Graduate School of
Business, Bentley University, 1992-2002
|
161
|
Former Trustee, MA Taxpayers
Foundation, 1997-2022;
former Director, The MA
Business Roundtable,
2003-2019; former
Chairperson, Innovation Index
Advisory Committee, MA
Technology Collaborative,
1997-2020
|
|
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
|
Trustee since 2017
|
Retired; Partner with Deloitte & Touche LLP and its
predecessors, 1977-2016
|
161
|
Trustee, Catholic Schools
Foundation, since 2004
|
|
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
|
Trustee since 1996
|
Independent business executive, since May 2006;
Executive Vice President – Strategy of United Airlines,
December 2002 - May 2006; President of UAL Loyalty
Services (airline marketing company), September
2001-December 2002; Executive Vice President and
Chief Financial Officer of United Airlines, July
1999-September 2001
|
161
|
Director, SpartanNash
Company (food distributor),
since November 2013 (Chair
of the Board, since May
2021); Director, Aircastle
Limited (aircraft leasing), since
August 2006 (Chair of Audit
Committee); former Director,
Nash Finch Company (food
distributor), 2005-2013;
former Director, SeaCube
Container Leasing Ltd.
(container leasing),
2010-2013; and former
Director, Travelport Worldwide
Limited (travel information
technology), 2014-2019
|
|
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
|
Trustee since 2011
|
Senior Vice President, Partner and Director of
Marketing, Wellington Management Company, LLP
(investment adviser), 1997-2010; Chair, Wellington
Management Portfolios (commingled non-U.S.
investment pools), 2007-2010; Director, Wellington
Trust Company, NA and other Wellington affiliates,
1997-2010
|
159
|
None
|
50
Columbia Short Term Bond Fund | Annual Report 2024
TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)
|
Name,
address,
year of birth
|
Position held
with the Columbia
Funds and
length of service
|
Principal occupation(s)
during past five years
and other relevant
professional experience
|
Number of
Funds in the
Columbia Funds
Complex*
overseen
|
Other directorships
held by Trustee
during the past five years
and other relevant Board
experience
|
|
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
|
Trustee since 2011
|
Retired; former Chief Executive Officer of Freddie Mac
and Chief Financial Officer of U.S. Bank
|
161
|
Director, CSX Corporation
(transportation suppliers);
Director, PayPal Holdings Inc.
(payment and data processing
services); former Director,
eBay Inc. (online trading
community), 2007-2015; and
former Director, CIT Bank, CIT
Group Inc. (commercial and
consumer finance),
2010-2016; former Senior
Adviser to The Carlyle Group
(financial services), March
2008-September 2008; former
Governance Consultant to
Bridgewater Associates,
January 2013-December 2015
|
|
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
|
Trustee since 2004
|
Director, Enterprise Asset Management, Inc. (private
real estate and asset management company), since
September 1998; Managing Director and Partner,
Interlaken Capital, Inc., 1989-1997; Vice President,
1982-1985, Principal, 1985-1987, Managing
Director, 1987-1989, Morgan Stanley; Vice President,
Investment Banking, 1980-1982, Associate,
Investment Banking, 1976-1980, Dean Witter
Reynolds, Inc.
|
161
|
Director, Valmont Industries,
Inc. (irrigation systems
manufacturer), since 2012;
Trustee, Carleton College (on
the Investment Committee),
since 1987; Trustee, Carnegie
Endowment for International
Peace (on the Investment
Committee), since 2009
|
|
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
|
Trustee since 2020
|
Chief Executive Officer, Millennial Portfolio
Solutions LLC (asset management and consulting
services), January 2016-January 2021; Non-executive
Member of the Investment Committee and Valuation
Committee, Sarona Asset Management Inc. (private
equity firm) since September 2019; Advisor, Horizon
Investments (asset management and consulting
services), August 2018-January 2022; Advisor,
Paradigm Asset Management, November
2016-January 2022; Consultant to Independent
Trustees of CFVIT and CFST I from September 2016 to
June 2020 with respect to CFVIT and to December
2020 with respect to CFST I; Director of
Investments/Consultant, Casey Family Programs, April
2016-November 2016; Senior Vice President and
Chief Investment Officer, Calvert Investments, August
2008-January 2016; Section Head and Portfolio
Manager, General Motors Asset Management, June
1997-August 2008
|
159
|
Independent Director,
Investment Committee, Health
Services for Children with
Special Needs, Inc.,
2010-2021; Independent
Director, (Executive Committee
and Chair, Audit Committee),
Consumer Credit Counseling
Services (formerly Guidewell
Financial Solutions), since
2016; Independent Director,
(Investment Committee),
Sarona Asset Management,
since 2019
|
|
Sandra L. Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
|
Trustee since 2017
|
Retired; President and founder, Hanoverian Capital,
LLC (SEC registered investment advisor firm),
2008-2016; Managing Director, DuPont Capital,
2006-2008; Managing Director, Morgan Stanley
Investment Management, 2004-2006; Senior Vice
President, Alliance Bernstein, 1990-2004
|
161
|
Former Director, NAPE
(National Alliance for
Partnerships in Equity)
Education Foundation, October
2016-October 2020; Advisory
Board, Jennersville YMCA, June
2022-June 2023
|
Columbia Short Term Bond Fund | Annual Report 2024
51
TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)
Interested trustee affiliated with Investment Manager**
|
Name,
address,
year of birth
|
Position held with
the Columbia
Funds and length
of service
|
Principal occupation(s) during the
past five years and other relevant
professional experience
|
Number of
Funds in the
Columbia Funds
Complex*
overseen
|
Other directorships
held by Trustee
during the past
five years and
other relevant Board
experience
|
|
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
|
Trustee since
November 2021 and
President since June
2021
|
President and Principal Executive Officer of the
Columbia Funds, since June 2021; Vice President,
Columbia Management Investment Advisers, LLC,
since April 2015; formerly, Vice President – Head of
North America Product, Columbia Management
Investment Advisers, LLC, April 2015 – December
2023; President and Principal Executive Officer,
Columbia Acorn/Wanger Funds, since July 2021
|
161
|
Director, Ameriprise
Trust Company, since October
2016; Director, Columbia
Management Investment
Distributors, Inc., since
November 2018; Board of
Governors, Columbia Wanger
Asset Management, LLC, since
January 2022
|
|
*
|
The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series
Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II),
Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST
II). Messrs. Batejan, Beckman, Gallagher, Hacker and Moffett and Mses. Blatz, Carlton,
Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology
Growth Fund and Tri-Continental Corporation.
|
|
**
|
Interested person (as defined under the 1940 Act) by reason of being an officer, director,
security holder and/or employee of the Investment Manager or Ameriprise Financial.
|
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
The Board has appointed officers who are responsible for day-to-day business decisions
based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic
information about the Officers of the Fund as of the printing of this report, including principal occupations during the past
five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
|
Name,
address and
year of birth
|
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
|
Principal occupation(s) during past five years
|
|
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
|
Chief Financial Officer and
Principal Financial Officer
(2009); Senior Vice President
(2019); Treasurer and Chief
Accounting Officer (Principal
Accounting Officer) (2024) for
CFST, CFST I, CFST II, CFVIT
and CFVST II
|
Senior Vice President and North America Head of Operations & Investor Services, Columbia
Management
Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head
of Global
Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of
Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 -
May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director,
Ameriprise Trust
Company, since June 2023.
|
52
Columbia Short Term Bond Fund | Annual Report 2024
TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)
|
Name,
address and
year of birth
|
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
|
Principal occupation(s) during past five years
|
|
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
|
Treasurer and Chief
Accounting Officer (Principal
Accounting Officer) and
Principal Financial Officer
(2020) for CET I and CET II;
Assistant Treasurer, CFST,
CFST I, CFST II, CFVIT and
CFVST II
|
Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC,
since May 2017.
|
|
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
|
Senior Vice President (2001)
|
Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001
- January 1,
2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc.,
since September
2012; Chairman of the Board and President, Columbia Management Investment Advisers,
LLC, since July
2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer,
Columbia
Management Investment Distributors, Inc., since November 2008 and February 2012, respectively;
Chairman of the Board and Director, TAM UK International Holdings Limited, since July
2021; formerly
Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, March 2013 –
December 2022 and December 2008 – December 2022, respectively; senior executive of various entities
affiliated with Columbia Threadneedle Investments.
|
|
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
|
Senior Vice President and
Assistant Secretary (2021)
|
Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020
- November 22,
2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc.,
since September
2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021);
formerly,
President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer
of Columbia Funds
and affiliated funds, since 2007.
|
|
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
|
Senior Vice President and
Chief Compliance Officer
(2012)
|
Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief
Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief
Compliance
Officer, Ameriprise Certificate Company, September 2010 – September 2020.
|
|
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
|
Senior Vice President (2017),
Chief Legal Officer (2017),
and Secretary (2015)
|
Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously
Vice President
and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger
Funds,
since September 2020; officer of Columbia Funds and affiliated funds, since 2005.
|
|
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
|
Vice President (2011) and
Assistant Secretary (2010)
|
Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice
President, Chief Legal
Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since
October 2021
(previously Vice President and Assistant Secretary, May 2010 – September 2021).
|
|
Lyn Kephart-Strong
5903 Ameriprise Financial Center
Minneapolis, MN 55474
1960
|
Vice President (2015)
|
Vice President, Global Investment Operations Services, Columbia Management Investment
Advisers, LLC,
since 2010; President, Columbia Management Investment Services Corp., since October
2014; President,
Ameriprise Trust Company, since January 2017.
|
Columbia Short Term Bond Fund | Annual Report 2024
53
Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management
program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee
(the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing
the operations of the program and assessing its adequacy and effectiveness of implementation for the period January
1, 2023, through December 31, 2023, including:
•
the Fund had sufficient liquidity to both meet redemptions and operate effectively
on behalf of shareholders;
•
there were no material changes to the Program during the period;
•
the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
54
Columbia Short Term Bond Fund | Annual Report 2024
Columbia Short Term Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for
any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information
about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name
of the Columbia and Threadneedle group of companies. All rights reserved.
© 2024 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN222_03_P01_(05/24)
Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the “Code”) that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, Sandra L. Yeager, and Douglas A. Hacker, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, Ms. Yeager, and Mr. Hacker are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the series of the relevant registrant whose reports to shareholders are included in this annual filing.
(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
|
2024 |
2023 |
|
$41,500 |
$40,300 |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
|
2024 |
2023 |
|
$0 |
$0 |
Audit-Related Fees, if any, include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.
During the fiscal years ended March 31, 2024 and March 31, 2023, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
|
2024 |
2023 |
|
$12,900 |
$13,200 |
Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended March 31, 2024 and March 31, 2023, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
|
2024 |
2023 |
|
$0 |
$0 |
All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
|
2024 |
2023 |
|
$570,000 |
$557,000 |
In fiscal years 2024 and 2023, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
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(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
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2024 |
2023 |
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$582,900 |
$570,200 |
(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
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(a) |
The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR. |
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(b) |
Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
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(a) |
The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. |
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(b) |
There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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(registrant) |
Columbia Funds Series Trust |
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By (Signature and Title) |
/s/ Daniel J. Beckman |
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Daniel J. Beckman, President and Principal Executive Officer |
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Date |
May 23, 2024 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By (Signature and Title) |
/s/ Daniel J. Beckman |
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Daniel J. Beckman, President and Principal Executive Officer |
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Date |
May 23, 2024 |
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By (Signature and Title) |
/s/ Michael G. Clarke |
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Michael G. Clarke, Chief Financial Officer, |
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Treasurer, Chief Accounting Officer, Principal Financial Officer and Senior Vice President |
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Date |
May 23, 2024 |
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