• CMG ULTRA-SHORT TERM BOND

  • CMGUX
  • NAV
    $9.00
    as of 04/22/2014
  • Daily $ Change / % Change
    0.00 (0.00%)

Investment Objective

The CMG Ultra Short Term Bond Fund seeks a high level of current income consistent with the maintenance of liquidity and the preservation of capital. The fund employs fair value analysis to capitalize on the market pricing anomalies combined with a top-down and bottom-up approach to finding value. The fund's average duration is typically between 0.40 and 0.80 years, with a maximum of one year. The fund seeks to outperform the Barclays Short Term Government/Corporate Index.

Investment Process

The fund typically invests more than 80% of its assets in investment-grade domestic debt securities ranging from government and agency issues to corporate, mortgage-backed and asset-backed securities. The maximum average duration of the fund is 1.00 years. The fund's average maturity is expected to be two years or less.
The CMG Ultra Short Term Bond Fund seeks to capitalize on pricing anomalies at the short end of the yield curve using high-quality issues and diverse fixed-income assets consistent with preserving capital, diversifying risk and meeting cash flow needs.
Our top-down/bottom-up approach emphasizes high-quality, highly marketable securities in all major domestic fixed-income sectors. Regression analysis and modeling techniques evaluate whether securities or sectors are rich or cheap relative to historic norms. Additional portfolio modeling and sensitivity analysis guides broad portfolio strategy and the determination of target characteristics, including relative quality, yield and duration.
Fundamentals and outlooks are monitored constantly with tracking error targets closely followed. Securities are typically sold when relative values, fundamentals or outlooks deteriorate, better investment opportunities arise, or portfolio sector weights, duration or quality targets change.

Total Return Performance (%)

 
Cumulative
Average Annual
  YTD
04/22/2014
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.
03/08/2004*
NAV 0.20 0.03 0.18 0.18 0.50 0.78 1.46 1.91 1.90
Barclays Short-Term Government/Corporate Index - 0.03 0.07 0.07 0.25 0.31 0.57 - -
Lipper Category: Ultra-Short Obligations Funds - 0.05 0.22 0.22 0.45 0.81 1.53 1.94 -
 
Cumulative
Average Annual
  YTD
04/22/2014
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.
03/08/2004*
NAV 0.20 0.03 0.18 0.18 0.50 0.78 1.46 1.91 1.90
Barclays Short-Term Government/Corporate Index - 0.03 0.07 0.07 0.25 0.31 0.57 - -
Lipper Category: Ultra-Short Obligations Funds - 0.05 0.22 0.22 0.45 0.81 1.53 1.94 -

Top Holdings (% of Net Assets) as of 03/31/2014

FFCB 0.206 02/24/2016 1.90
FFCB 0.205 10/26/2015 1.90
Treasury Note 0.250 01/31/2015 1.63
Treasury Note 0.375 03/15/2015 1.47
Treasury Note 0.375 03/31/2016 1.32

View more holdings. Fund holdings are as of the date given, are subject to change at any time and are not recommendations to buy or sell a security. Except as otherwise displayed, the top-ten and full holdings shown do not reflect futures, forward contracts and other derivative instruments. For this information regarding these instruments held by a fund, 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.

Fund Facts

30-day SEC Yield as of 03/31/2014 0.82%
30-day SEC Yield - Unsubsidized as of 03/31/2014 0.81%
Total Net Assets as of 03/31/2014 $1,847,000,000
Lipper Category Ultra-Short Obligations Funds
Minimum Investment See prospectus
Distribution Schedule Monthly
Fund Number 951
CUSIP 19765E823

Investment Risk

Please see the Fund's prospectus for a description of risks associated with the Fund.

Portfolio Characteristics as of 03/31/2014

# of issues 254
Turnover rate (fiscal year-end %) 67.00
Average Effective Duration 0.67
Weighted Average Life (Years) 1.17
Average Coupon (%) 1.87

Credit Rating (% of Net Assets) as of 03/31/2014

Treasury 7.98
Agency 7.32
AAA 30.78
AA 11.12
A 26.09
BBB 14.27
Cash and Cash Equivalents 2.32
Not Rated 0.11

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
04/22/2014
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.
03/08/2004*
NAV 0.20 0.03 0.18 0.18 0.50 0.78 1.46 1.91 1.90
Barclays Short-Term Government/Corporate Index - 0.03 0.07 0.07 0.25 0.31 0.57 - -
Lipper Category: Ultra-Short Obligations Funds - 0.05 0.22 0.22 0.45 0.81 1.53 1.94 -
 
Cumulative
Average Annual
  YTD
04/22/2014
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.
03/08/2004*
NAV 0.20 0.03 0.18 0.18 0.50 0.78 1.46 1.91 1.90
Barclays Short-Term Government/Corporate Index - 0.03 0.07 0.07 0.25 0.31 0.57 - -
Lipper Category: Ultra-Short Obligations Funds - 0.05 0.22 0.22 0.45 0.81 1.53 1.94 -

Calendar Year Returns (%) as of 03/31/2014

YTD Cummulative 2013 2012 2011 2010 2009
CMG Ultra-Short Term Bond  Class A 0.18 0.35 1.38 0.78 1.60 4.18
Barclays Short-Term Government/Corporate Index 0.07 0.25 0.36 0.37 0.68 1.47
Lipper Category: Ultra-Short Obligations Funds 0.22 0.44 1.72 0.38 1.39 5.28

Calendar Year Distributions (%) as of 03/31/2014

YTD Cummulative 2013 2012 2011 2010 2009
Dividends ($) 0.006 0.052 0.084 0.150 0.245 0.274
Capital Gains ($) 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 03/31/2014

Fund
# of issues 254
Turnover rate (fiscal year-end %) 67.00
Average Effective Duration 0.67
Weighted Average Life (Years) 1.17
Average Coupon (%) 1.87

Top Holdings (% of Net Assets)

View Holdings as of  
Holding Fund  
FFCB 0.216 10/26/2015 1.79  
FFCB 0.216 02/24/2016 1.79  
Treasury Note 0.25 01/31/2015 1.54  
Treasury Note 0.25 02/28/2014 1.54  
Treasury Note 0.375 03/15/2015 1.39  
FORDF_10-3 4.200 02/15/2017 1.03  
FFCB 0.196 10/26/2015 1.03  
Inter-American Development Bank 0.210 02/11/2016 1.02  
JPMCC_05-Cb11 5.335 08/12/2037 0.95  
US TII (TIPS) 1.250 04/15/2014 0.81  
Holding Fund  
FFCB 0.215 10/26/2015 1.77  
FFCB 0.214 02/24/2016 1.77  
Treasury Note 0.25 02/28/2014 1.52  
Treasury Note 0.25 01/31/2015 1.52  
Treasury Note 0.375 03/15/2015 1.37  
Treasury Note 0.125 04/30/2015 1.27  
FFCB 0.195 10/26/2015 1.01  
Inter-American Development Bank 0.210 02/11/2016 1.01  
FORDF_10-3 4.200 02/15/2017 1.01  
JPMCC_05-Cb11 5.335 08/12/2037 0.94  
Holding Fund  
FFCB 0.208 10/26/2015 1.84  
FFCB 0.208 02/24/2016 1.84  
Treasury Note 0.25 01/31/2015 1.58  
Treasury Note 0.375 03/15/2015 1.42  
FFCB 0.188 10/26/2015 1.05  
Inter-American Development Bank 0.195 02/11/2016 1.05  
FORDF_10-3 4.200 02/15/2017 1.05  
JPMCC_05-Cb11 5.335 08/12/2037 0.97  
GSMS_05-GG4 4.751 07/10/2039 0.84  
US TII (TIPS) 1.250 04/15/2014 0.83  
Holding Fund  
FFCB 0.206 02/24/2016 1.90  
FFCB 0.205 10/26/2015 1.90  
Treasury Note 0.250 01/31/2015 1.63  
Treasury Note 0.375 03/15/2015 1.47  
Treasury Note 0.375 03/31/2016 1.32  
FFCB 0.185 10/26/2015 1.08  
Inter-American Development Bank 0.195 02/11/2016 1.08  
FORDF_10-3 4.200 02/15/2017 1.08  
JPMCC_05-Cb11 5.335 08/12/2037 1.00  
GSMS_05-GG4 4.751 07/10/2039 0.86  

View full holdings. Fund holdings are as of the date given, are subject to change at any time and are not recommendations to buy or sell a security. Except as otherwise displayed, the top-ten and full holdings shown do not reflect futures, forward contracts and other derivative instruments. For this information regarding these instruments held by a fund, 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.

Credit Rating (% of Net Assets) as of 03/31/2014

Treasury 7.98
Agency 7.32
AAA 30.78
AA 11.12
A 26.09
BBB 14.27
Cash and Cash Equivalents 2.32
Not Rated 0.11

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 03/31/2014

Portfolio Allocation

 

Domestic Bonds 79.75

 

Foreign Bonds 17.93

 

Cash and Cash Equivalents 2.32

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
  • Mary K. Werler, CFA
    Portfolio Manager

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.