• CMG ULTRA-SHORT TERM BOND

  • CMGUX
  • NAV
    $9.01
    as of 05/05/2016
  • Daily $ Change / % Change
    0.00 (0.00%)

Investment Objective

The fund seeks a high level of current income consistent with the maintenance of liquidity and the preservation of capital.

Investment Approach

The CMG Ultra Short Term Bond Fund combines a top-down sector allocation approach along with bottom up security selection process that seeks to capitalize on relative value opportunities at the short end of the yield curve. The fund invests in high-quality issues and diverse fixed-income assets consistent with preserving capital and diversifying risk to provide cash flow to investors. The fund has maximum one year duration; however, average duration is typically between 0.40 and 0.80 years. The fund is benchmarked against the Barclays Short Term Government/Corporate Index.

Investment Process

Our investment process begins with an analysis of the current economic and financial market environment, incorporating the perspectives of both domestic and global markets. The focus of this macro assessment is to determine potential impacts on sector and industry fundamentals. 

Current and historical yield relationships between broad sectors are then reviewed and both absolute and relative yield levels are considered. The result of this analysis is a framework for portfolio construction through the development of target characteristics, which includes duration relative to the benchmark, exposure to spread risk, and positioning along the yield curve. Our goal is to minimize volatility (absolute and relative) through diversification of sectors and individual credits. Credit and structure risk can be minimized through both diversification and disciplined fundamental and quantitative analysis.

The Fund emphasizes investment grade, highly marketable securities in all major domestic fixed-income sectors. Historical statistical analysis and modeling techniques evaluate whether securities or sectors are rich or cheap relative to historic norms and helps identify relative value opportunities. Our sell discipline compares relative values, fundamentals and security outlooks to identify better investment opportunities that may arrive or portfolio sector weights, duration or quality target changes made by the investment team.

Total Return Performance (%)

 
Cumulative
Average Annual
  YTD
05/05/2016
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.
03/08/2004*
NAV 0.60 0.07 0.31 0.48 0.51 0.42 0.60 1.58 1.65
 
Cumulative
Average Annual
  YTD
05/05/2016
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.
03/08/2004*
NAV 0.60 0.18 0.41 0.41 0.49 0.46 0.65 1.60 1.66
Barclays Short-Term Government/Corporate Index - 0.11 0.26 0.26 0.43 0.29 0.31 1.66 -
Morningstar Category: Ultrashort Bond - 0.27 0.18 0.18 0.13 0.33 0.65 1.66 -
Lipper Category: Ultra-Short Obligations Funds - 0.25 0.13 0.13 0.06 0.30 0.62 1.77 -

Top Holdings (% of Net Assets) as of 03/31/2016

Treasury Note 0.375 10/31/2016 3.33
FHLMC 1.000 03/08/2017 2.95
Treasury Note 2.625 04/30/2016 2.81
Treasury Note 0.500 06/15/2016 1.71
FFCB 0.706 02/25/2019 1.69

View more holdings. Fund holdings information shown is based on effective date (trade date plus one), are subject to change at any time, and are not recommendations to buy or sell a security. Holdings shown do not reflect derivatives instruments. For information relating to a fund’s investments in these instruments, please consult the fund's annual and semi-annual reports and filings on Form N-Q, by visiting sec.gov., or by clicking the link to the fund's most recent annual and semi-annual reports available on this website or by calling us for a printed copy/additional information. Holdings information reported to the Securities and Exchange Commission (SEC) is based on trade date (not trade date plus one as is reported on this website). Because there is a one day difference, there could be variations in the holdings information shown here and that filed with the SEC.

Fund Facts

30-day SEC Yield as of 03/31/2016 0.88%
30-day SEC Yield - Unsubsidized as of 03/31/2016 0.88%
Total Net Assets as of 03/31/2016 $1,463,000,000
Lipper Category Ultra-Short Obligations Funds
Minimum Investment See prospectus
Distribution Schedule Monthly
Fund Number 951
CUSIP 19765E823

Investment Risk

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 (debt) instruments held by the fund, negatively affecting its performance and NAV. Falling rates may result in the fund investing in lower yielding debt instruments, lowering the fund’s income and yield. Debt instruments with longer maturity and duration have greater sensitivity to interest rate changes. Interest rates can change due to local government and banking regulation changes. Prepayment and extension risk exists as a loan, bond or other investment may be called, prepaid or redeemed before maturity and that similar yielding investments may not be available for purchase. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. Market or other environments (e.g., interest rate or credit) may adversely affect the liquidity of fund investments. Generally, the less liquid the market at the time the fund sells a holding, the greater the risk of loss or decline of value to the fund. Price volatility, liquidity and other factors can lead to increased fund redemptions and negatively affect fund performance and NAV.

Portfolio Characteristics as of 03/31/2016

# of issues 245
Turnover rate (fiscal year-end %) 62.00
Average Effective Duration 0.53
Weighted Average Life (Years) 0.90
Average Coupon (%) 1.70

Credit Rating (% of Net Assets) as of 03/31/2016

Treasury 7.86
Agency 6.85
AAA 27.88
AA 10.59
A 25.22
BBB 18.98
Cash and Cash Equivalents 2.63

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the middle rating of Moody’s, S&P, and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by one of these agencies, it is designated as Not Rated. Holdings of the fund other than bonds are categorized under Other. Credit ratings are subjective opinions and not statements of fact.

View the XBRL version of the prospectus and supplements.

Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown.

Returns shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance for different share classes varies based on differences in sales charges and expenses associated with each class. Not all Funds offer every class of shares.

Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC). If they were included, returns would be lower.

Shares of the CMG Ultra Short Term Bond Fund are sold only at NAV. Only eligible investors may purchase shares of the Fund. See the prospectus for eligibility requirements and other important information.

Gross expense ratio: Fund expense ratios are calculated based on the Fund's average net assets during the Fund's most recently completed fiscal year (or based on estimated amounts for funds that have been in existence less than one year), and have not been adjusted for current asset levels. If adjusted for any decrease or increase in assets, expense ratios would be higher or lower, respectively, than the numbers shown above. Please see the Fund's prospectus for additional details.

Net expense ratio: A dash indicates that there is no fee waiver/expense cap in effect for the fund. Otherwise, the investment manager and certain of its affiliates have contractually and/or voluntarily agreed to waive certain fees and/or to reimburse certain expenses of the Fund, as described in the Fund's prospectus, unless sooner terminated at the sole discretion of the Fund's board. Net expense ratios reflect fee waivers in effect, if any. Fee waivers/expense caps would limit the impact that any decrease in assets would have on net expense ratios in the current fiscal year. Voluntary waivers/reimbursement arrangements, if any, may be discontinued at any time. Without such waivers/reimbursements, the Fund’s returns would be lower. Please see the Fund's prospectus for additional details.

*Fund inception date.

It is not possible to invest directly in an index. For index descriptions, click here.

Portfolio characteristics are subject to change periodically and may not be representative of current characteristics.

Definitions:

Price-to-Book Ratio is a stock's price divided by its book value, and may help determine if the stock is valued fairly.

Price-to-Earnings Ratio is a stock's price divided by after-tax earnings over a trailing 12-month period, which serves as an indicator of value based on earnings.

30-day SEC Yield:The SEC yield should be regarded as an estimate of the fund's rate of investment income reflecting an estimated yield to maturity (assuming all current portfolio holdings are held to maturity), and it may not equal the fund's actual income distribution rate or the income paid to a shareholder's account. The yield shown reflects fee waivers in effect, if any. In the absence of such waivers, yields would be reduced. The fund may own treasury inflation protected securities (TIPS) or other inflation indexed securities. If so, the yield will reflect an inflation adjustment that is attributable to these securities. This adjustment and the resulting yield can be positive (in the case of inflation) or negative (in the case of deflation) during the period shown.

30-day SEC Yield-Unsubsidized:The unsubsidized yield shown is the SEC yield adjusted to reflect the gross expense ratio applicable to the class of shares shown and without regard to the contractual reimbursements and fee waivers required of the fund's investment manager.

The Columbia Inflation Protection Securities Fund and certain other funds own treasury inflation protected securities (TIPS) or other inflation indexed securities. For a fund that owns TIPS or other inflation indexed securities, the SEC Yield, when shown, will reflect an inflation adjustment that is attributable to these types of securities. This adjustment as well as the resulting yield can be positive (in the case of inflation) or negative (in the case of deflation) during the period shown. Absent the inflation adjustment, the yield shown may be materially different and may vary significantly from month to month, especially for a fund such as Columbia Inflation Protection Securities Fund which invests substantially in TIPS and other inflation indexed securities. In periods when the SEC yield is exceptionally high due to a rise in the inflation rate, it is important to bear in mind that the adjustment in the yield from the inflation rate may not be repeated.

Turnover Rate (fiscal year end %) measures the percentage of holdings that has been "turned over" or replaced, in the past year.

Total Return Performance (%)

 
Cumulative
Average Annual
  YTD
05/05/2016
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.
03/08/2004*
NAV 0.60 0.07 0.31 0.48 0.51 0.42 0.60 1.58 1.65
 
Cumulative
Average Annual
  YTD
05/05/2016
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.
03/08/2004*
NAV 0.60 0.18 0.41 0.41 0.49 0.46 0.65 1.60 1.66
Barclays Short-Term Government/Corporate Index - 0.11 0.26 0.26 0.43 0.29 0.31 1.66 -
Morningstar Category: Ultrashort Bond - 0.27 0.18 0.18 0.13 0.33 0.65 1.66 -
Lipper Category: Ultra-Short Obligations Funds - 0.25 0.13 0.13 0.06 0.30 0.62 1.77 -

Calendar Year Returns (%) as of 03/31/2016

YTD Cummulative 2015 2014 2013 2012 2011
CMG Ultra-Short Term Bond  Class A 0.41 0.30 0.36 0.35 1.38 0.78
Barclays Short-Term Government/Corporate Index 0.26 0.26 0.18 0.25 0.36 0.37
Morningstar Category: Ultrashort Bond 0.18 0.17 0.34 0.49 1.99 0.25
Lipper Category: Ultra-Short Obligations Funds 0.13 0.14 0.40 0.44 1.72 0.38

Calendar Year Distributions (%) as of 03/31/2016

YTD Cummulative 2015 2014 2013 2012 2011
Dividends ($) 0.017 0.037 0.032 0.052 0.084 0.150
Capital Gains ($) 0.000 0.000 0.000 0.000 0.000 0.000

Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown.

Returns shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance for different share classes varies based on differences in sales charges and expenses associated with each class. Not all Funds offer every class of shares.

Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC). If they were included, returns would be lower.

Shares of the CMG Ultra Short Term Bond Fund are sold only at NAV. Only eligible investors may purchase shares of the Fund. See the prospectus for eligibility requirements and other important information.

Gross expense ratio: Fund expense ratios are calculated based on the Fund's average net assets during the Fund's most recently completed fiscal year (or based on estimated amounts for funds that have been in existence less than one year), and have not been adjusted for current asset levels. If adjusted for any decrease or increase in assets, expense ratios would be higher or lower, respectively, than the numbers shown above. Please see the Fund's prospectus for additional details. 

Net expense ratio: A dash indicates that there is no fee waiver/expense cap in effect for the fund. Otherwise, the investment manager and certain of its affiliates have contractually and/or voluntarily agreed to waive certain fees and/or to reimburse certain expenses of the Fund, as described in the Fund's prospectus, unless sooner terminated at the sole discretion of the Fund's board. Net expense ratios reflect fee waivers in effect, if any. Fee waivers/expense caps would limit the impact that any decrease in assets would have on net expense ratios in the current fiscal year. Voluntary waivers/reimbursement arrangements, if any, may be discontinued at any time. Without such waivers/reimbursements, the Fund’s returns would be lower. Please see the Fund's prospectus for additional details. 

*Fund inception date.

It is not possible to invest directly in an index. For index descriptions, click here.

Portfolio characteristics are subject to change periodically and may not be representative of current characteristics.

Portfolio Characteristics as of 03/31/2016

Fund
# of issues 245
Turnover rate (fiscal year-end %) 62.00
Average Effective Duration 0.53
Weighted Average Life (Years) 0.90
Average Coupon (%) 1.70

Top Holdings (% of Net Assets)

View Holdings as of  
Holding Fund  
Treasury Note 0.375 10/31/2016 3.33  
FHLMC 1.000 03/08/2017 2.95  
Treasury Note 2.625 04/30/2016 2.81  
Treasury Note 0.500 06/15/2016 1.71  
FFCB 0.706 02/25/2019 1.69  
FFCB 0.493 10/22/2018 1.14  
General Electric Capital Corp 0.896 01/09/2017 0.96  
Bank of America 1.694 03/22/2018 0.89  
California Auto Receivables Trust_15-3 1.140 07/16/2018 0.76  
California Republic Auto Receivables_16-3 1.500 12/17/2018 0.75  
Holding Fund  
Treasury Note 0.375 10/31/2016 3.42  
FHLMC 1.000 03/08/2017 3.04  
Treasury Note 2.625 04/30/2016 2.88  
Treasury Note 0.500 06/15/2016 1.76  
FFCB 02/25/2019 1.74  
FFCB 0.497 10/22/2018 1.17  
General Electric Capital Corp 0.896 01/09/2017 0.98  
Bank of America 1.656 03/22/2018 0.92  
California Auto Receivables Trust_15-3 1.140 07/16/2018 0.78  
Ontario (Province Of) 3.150 12/15/2017 0.73  
Holding Fund  
Treasury Note 0.375 10/31/2016 3.38  
FHLMC 1.000 03/08/2017 3.01  
Treasury Note 2.625 04/30/2016 2.86  
FFCB 0.477 02/24/2016 2.43  
Treasury Note 0.500 06/15/2016 1.74  
FFCB 0.490 10/22/2018 1.16  
General Electric Capital Corp 0.896 01/09/2017 0.97  
Bank of America 1.656 03/22/2018 0.91  
California Auto Receivables Trust_15-3 1.140 07/16/2018 0.77  
Ontario (Province Of) 3.150 12/15/2017 0.72  
Holding Fund  
Treasury Note 0.375 10/31/2016 3.36  
FHLMC 1.000 03/08/2017 2.98  
Treasury Note 2.625 04/30/2016 2.84  
FFCB 0.468 02/24/2016 2.42  
Treasury Note 0.500 06/15/2016 1.73  
FFCB 0.478 10/22/2018 1.15  
Bank of America 1.250 01/11/2016 0.83  
California Auto Receivables Trust_15-3 1.140 07/16/2018 0.77  
Santander Drive Auto Receivables Trust_15-4 1.200 12/17/2018 0.72  
Travelers Companies 6.250 06/20/2016 0.71  

View holdings. Fund holdings information shown is based on effective date (trade date plus one), are subject to change at any time, and are not recommendations to buy or sell a security. Holdings shown do not reflect derivatives instruments. For information relating to a fund’s investments in these instruments, please consult the fund's annual and semi-annual reports and filings on Form N-Q, by visiting sec.gov., or by clicking the link to the fund's most recent annual and semi-annual reports available on this website or by calling us for a printed copy/additional information. Holdings information reported to the Securities and Exchange Commission (SEC) is based on trade date (not trade date plus one as is reported on this website). Because there is a one day difference, there could be variations in the holdings information shown here and that filed with the SEC.

Credit Rating (% of Net Assets) as of 03/31/2016

Treasury 7.86
Agency 6.85
AAA 27.88
AA 10.59
A 25.22
BBB 18.98
Cash and Cash Equivalents 2.63

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the middle rating of Moody’s, S&P, and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by one of these agencies, it is designated as Not Rated. Holdings of the fund other than bonds are categorized under Other. Credit ratings are subjective opinions and not statements of fact.

Asset Allocation (% of Net Assets) as of 03/31/2016

Portfolio Allocation

 

Domestic Bonds 85.79

 

Foreign Bonds 11.59

 

Cash and Cash Equivalents 2.63

Portfolio characteristics are subject to change periodically and may not be representative of current characteristics.

Shares of the CMG Ultra Short Term Bond Fund are sold only at NAV. Only eligible investors may purchase shares of the Fund. See the prospectus for eligibility requirements and other important information.

Portfolio Management

  • Leonard A. Aplet, CFA
  • Ronald B. Stahl, CFA
  • Gregory S. Liechty

Investment Management

Columbia Management Investment Advisers, LLC (CMIA) is the investment advisor for the Ultra Short Term strategy and is also responsible for the strategy's day-to-day portfolio management. Portfolio managers are supported by a number of traders and research analysts who leverage Columbia Management's proprietary fixed income research teams.